Artisan Partners Funds, Inc.

Code of Ethics for Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1)

Certifications of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)

Certification of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

N-CSR 1 d647379dncsr.htm ARTISAN PARTNERS FUNDS, INC. Artisan Partners Funds, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)


Sarah A. Johnson		John M. Loder
Artisan Partners Funds, Inc.		Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800		Prudential Tower, 800 Boylston Street
Milwaukee, Wisconsin 53202		Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (414) 390-6100

Date of fiscal year end: 9/30

Date of reporting period: 9/30/18

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

LOGO

ARTISAN PARTNERS FUNDS


	Share Class
	Investor	Advisor	Institutional
Artisan Developing World Fund	ARTYX	APDYX	APHYX
Artisan Emerging Markets Fund	ARTZX	N/A	APHEX
Artisan Global Discovery Fund	APFDX	N/A	N/A
Artisan Global Equity Fund	ARTHX	N/A	APHHX
Artisan Global Opportunities Fund	ARTRX	APDRX	APHRX
Artisan Global Value Fund	ARTGX	APDGX	APHGX
Artisan High Income Fund	ARTFX	APDFX	APHFX
Artisan International Fund	ARTIX	APDIX	APHIX
Artisan International Small Cap Fund	ARTJX	N/A	APHJX
Artisan International Value Fund	ARTKX	APDKX	APHKX
Artisan Mid Cap Fund	ARTMX	APDMX	APHMX
Artisan Mid Cap Value Fund	ARTQX	APDQX	APHQX
Artisan Small Cap Fund	ARTSX	APDSX	APHSX
Artisan Thematic Fund	ARTTX	APDTX	N/A
Artisan Value Fund	ARTLX	APDLX	APHLX

TABLE OF CONTENTS


					MANAGEMENT’S DISCUSSIONS ON FUND PERFORMANCE
		2			Artisan Developing World Fund
		4			Artisan Emerging Markets Fund
		6			Artisan Global Discovery Fund
		8			Artisan Global Equity Fund
		10			Artisan Global Opportunities Fund
		12			Artisan Global Value Fund
		14			Artisan High Income Fund
		16			Artisan International Fund
		18			Artisan International Small Cap Fund
		20			Artisan International Value Fund
		22			Artisan Mid Cap Fund
		24			Artisan Mid Cap Value Fund
		26			Artisan Small Cap Fund
		28			Artisan Thematic Fund
		30			Artisan Value Fund

					SCHEDULES OF INVESTMENTS
		32			Artisan Developing World Fund
		34			Artisan Emerging Markets Fund
		37			Artisan Global Discovery Fund
		39			Artisan Global Equity Fund
		42			Artisan Global Opportunities Fund
		44			Artisan Global Value Fund
		46			Artisan High Income Fund
		53			Artisan International Fund
		56			Artisan International Small Cap Fund
		58			Artisan International Value Fund
		60			Artisan Mid Cap Fund
		63			Artisan Mid Cap Value Fund
		65			Artisan Small Cap Fund
		67			Artisan Thematic Fund
		70			Artisan Value Fund

		72			STATEMENTS OF ASSETS AND LIABILITIES

		76			STATEMENTS OF OPERATIONS

		80			STATEMENTS OF CHANGES IN NET ASSETS

		88			FINANCIAL HIGHLIGHTS

		103			NOTES TO FINANCIAL STATEMENTS

		141			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

		144			SHAREHOLDER EXPENSE EXAMPLE

		149			FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

		155			NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

		158			PROXY VOTING POLICIES AND PROCEDURES

		158			INFORMATION ABOUT PORTFOLIO SECURITIES

		159			DIRECTORS AND OFFICERS

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

This report and the audited financial statements contained herein are provided for the general information of the shareholders of Artisan Partners Funds. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For a prospectus or summary prospectus, which contain that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanpartners.com. Read it carefully before you invest or send money.

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2018. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes.

Artisan Partners Funds offered through Artisan Partners Distributors LLC, member FINRA.

ARTISAN DEVELOPING WORLD FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/29/2015 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Developing World Fund – Investor Shares (6/29/2015)		-9.99	%		11.43	%		4.69	%
Artisan Developing World Fund – Advisor Shares (6/29/2015)		-9.87			11.66			4.88
Artisan Developing World Fund – Institutional Shares (6/29/2015)		-9.80			11.77			4.98
MSCI Emerging Markets Index		-0.81			12.36			5.23	*

As of Investor, Advisor and Institutional Shares inception date.


2		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2018, global equities were broadly positive. Though emerging and developed European markets finished in slightly negative territory, US markets delivered strong results. Concerns around escalating trade wars along with a strengthening US dollar hampered international results while the US corporate tax cut helped to propel domestic equities.

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		14.3	%
Consumer Discretionary		21.4			29.6
Consumer Staples		13.9			15.7
Financials		11.4			19.1
Health Care		10.5			0.8
Industrials		5.5			5.2
Information Technology		23.1			9.5
Materials		1.8			–
Real Estate		1.7			1.0
Telecommunication Services		2.5			–
Other assets less liabilities		8.2			4.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Chinese airport operator Shanghai International Airport, Hong Kong-based insurance and financials services group AIA Group, Chinese spirits manufacturer Kweichow Moutai, US-based retail electronic payments network provider Visa and Argentinian online trading site for Latin American markets MercadoLibre. Bottom contributors during the period included: Argentinian financial services holding company Galicia Financial Group, Russian food retailer Magnit, Brazilian education company Kroton Educacional, Brazilian electronic payment solutions company Cielo and Argentine commercial banking company Grupo Supervielle.

REGION ALLOCATION


Region	9/30/2017			9/30/2018
Emerging Asia		35.0	%		46.4	%
Developed Markets		26.0			28.7
Latin America		18.0			13.3
Europe, Middle East & Africa		12.8			6.8

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Chinese hotel operator and franchisor Huazhu Group, Netherlands-based semiconductor manufacturing equipment company ASML Holding, Thai convenience store operator CP ALL, Brazilian banking services provider Itau Unibanco and UK-based alcoholic beverage producer Diageo. We funded these purchases in part through exiting our positions in Magnit, Reckitt Benckiser Group, Kroton Educational, China Biologic Products and Cielo.


Artisan Partners Funds		3

ARTISAN EMERGING MARKETS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Emerging Markets Fund – Investor Shares (6/2/2008)		-2.70	%		15.66	%		4.72	%		3.87	%		-0.64	%
Artisan Emerging Markets Fund – Institutional Shares (6/26/2006)		-2.57			15.68			4.81			4.02			4.59
MSCI Emerging Markets Index		-0.81			12.36			3.61			5.40			5.83	*

As of Institutional Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners Limited Partnership’s (the “Adviser” or “Artisan Partners”) contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


4		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		9.6	%
Consumer Discretionary		14.0			14.0
Consumer Staples		2.5			1.6
Energy		7.1			7.8
Financials		21.2			19.8
Health Care		7.4			8.9
Industrials		8.8			8.9
Information Technology		27.5			17.4
Materials		6.8			6.6
Real Estate		–			1.4
Telecommunication Services		0.7			–
Utilities		1.5			1.3
Other assets less liabilities		2.5			2.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing, Indian petrochemical and refining company Reliance Industries, Korean manufacturer of bio-healthcare products Samsung Biologics, Chinese pharmaceutical company Sino Biopharmaceutical and Brazilian iron ore producer Vale. Bottom contributors during the period included: Argentine commercial banking company Grupo Supervielle, Turkish private investment and development bank Turkiye Sinai Kalkinma Bankasi, Turkish private bank Akbank, Indian ceramic tile company Kajaria Ceramics and Russian food retailer Magnit.

REGION ALLOCATION


Region	9/30/2017			9/30/2018
Emerging Asia		54.7	%		61.3	%
Europe, Middle East & Africa		17.8			17.9
Latin America		17.6			13.5
Developed Markets		7.4			4.6

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Russian mining company Polyus, Chinese video entertainment provider iQIYI, Chinese online travel agency service provider Ctrip.com International, Indonesian telecom provider Telekomunikasi Indonesia Persero and UAE-based real estate development company Emaar Properties. We funded these purchases in part through exiting our positions in Hon Hai Precision Industry, Randgold Resources, YPF, NMC Health and Detsky Mir.


Artisan Partners Funds		5

ARTISAN GLOBAL DISCOVERY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (8/21/2017 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			Since Inception
Artisan Global Discovery Fund – Investor Shares (8/21/2017)		20.90	%		22.07	%
MSCI ACWI Index		9.77			12.23	*

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


6		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		5.9	%
Consumer Discretionary		11.2			11.7
Consumer Staples		9.6			4.4
Energy		4.5			3.8
Financials		7.5			11.4
Health Care		10.0			11.7
Industrials		21.0			20.4
Information Technology		27.8			27.7
Other assets less liabilities		8.4			3.0
		100	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based provider of electronic components used in marine, environmental and industrial applications Teledyne, US-based electronic transaction processing provider Global Payments, US-based cloud computing company Veeva, Japanese cosmetic and toiletry products manufacturer Shiseido, and UK-based beverage company Fevertree Drinks. Bottom contributors during the period included: US-based automative parts and equipment provider Delphi Technologies, US-based biopharmaceutical company Regeneron, Chinese online direct sales company JD.com, US-based automotive cockpit electronics supplier Visteon and US-based consumer products retailer Newell Brands.

REGION ALLOCATION


Region	9/30/2017			9/30/2018
Americas		55.3	%		61.0	%
Europe		20.2			22.4
Pacific Basin		9.7			8.6
Emerging Markets		6.4			5.0

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Hong Kong-based power tools and equipment manufacturer Techtronic Industries, US-based energy exploration and production company Noble Energy, US-based vacuum systems manufacturer Gardner Denver Holdings, US-based insurance holding company Progressive, and Spanish transaction processor for the global travel industry Amadeus IT Group. We funded these purchases in part through exiting our positions in Gartner, Regeneron, Bid Corp, Intertek Group and Aramark.


Artisan Partners Funds		7

ARTISAN GLOBAL EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		16.38	%		13.99	%		9.88	%		12.44	%
Artisan Global Equity Fund – Institutional Shares (10/15/2015)		16.73			n/a			n/a			12.79
MSCI ACWI Index		9.77			13.40			8.67			8.74	*

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


8		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		5.2	%
Consumer Discretionary		3.4			0.1
Consumer Staples		5.1			8.4
Energy		0.2			3.5
Financials		21.1			18.4
Health Care		9.2			14.2
Industrials		10.4			16.0
Information Technology		42.1			24.3
Materials		5.4			5.9
Telecommunication Services		1.1			–
Utilities		2.0			0.6
Other assets less liabilities		0.0	^†		3.4
		100.0	%		100.0	%

^†

Amount rounds to less than 0.1%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, Japanese cosmetic company Kose, US-based biopharmaceutical company PTC, US-based financial transaction processing service provider Mastercard and US-based online retailer Amazon.com. Bottom contributors during the period included: US-based biopharmaceutical firm Celgene, Netherlands-based diversified financial services provider ING, Indian investment services provider ICICI, Chilean electricity utility company Enel Americas and Denmark-based biotechnology company Genmab.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Americas		54.5	%		47.2	%
Europe		28.7			40.8
Emerging Markets		12.2			5.0
Pacific Basin		4.6			3.6

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based packaged food and beverage company Mondelez International, French airplane and military equipment manufacturer Airbus, Swedish producer of advanced medical products Elekta, US-based developer of health care products and services Abbott Laboratories, and US-based health care product manufacturer and service provider Johnson & Johnson. We funded these purchases in part through exiting our positions in Applied Materials, Celgene Corp, ServiceNow, Alibaba and PTC.


Artisan Partners Funds		9

ARTISAN GLOBAL OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		12.19	%		16.57	%		11.53	%		12.57	%		11.75	%
Artisan Global Opportunities Fund – Advisor Shares (4/1/2015)		12.32			16.70			n/a			n/a			12.79
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		12.48			16.85			11.80			n/a			12.22
MSCI ACWI Index		9.77			13.40			8.67			8.19			7.44	*

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


10		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2018, global equities were broadly positive. Though emerging and developed European markets finished slightly negative, US markets delivered strong results. Concerns around escalating trade wars, along with a strengthening US dollar, hampered international results while the US corporate tax cut helped to propel domestic equities.

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		10.5	%
Consumer Discretionary		11.1			14.8
Consumer Staples		9.7			7.1
Energy		3.2			5.3
Financials		12.2			11.8
Health Care		13.4			13.3
Industrials		11.6			9.0
Information Technology		29.1			22.8
Materials		3.2			1.2
Other assets less liabilities		6.5			4.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based retail electronic payments network provider Visa, Japanese cosmetic and toiletry products manufacturer Shiseido, US-based processing and technology services company IHS Markit, Swiss integrated software solutions company Temenos and UK-based beverage company Fevertree Drinks. Bottom contributors during the period included: Denmark-based biotechnology company Genmab, Netherlands-based diversified financial services provider ING, Chinese online direct sales company JD.com, US-based biopharmaceutical company Regeneron and Brazilian electronic payment solutions company Cielo.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Americas		49.0	%		49.7	%
Europe		21.4			25.6
Pacific Basin		16.4			15.1
Emerging Markets		6.7			5.4

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Hong Kong-based power tools and equipment manufacturer Techtronic Industries, UK-based pharmaceutical company AstraZeneca, US-based insurance holding company Progressive, French digital entertainment provider Vivendi and US-based home improvement retailer Lowe’s. We funded these purchases in part through exiting our positions in Facebook, Intertek, Regeneron, Bid Corp and SAP.


Artisan Partners Funds		11

ARTISAN GLOBAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		4.16	%		11.80	%		8.17	%		10.59	%		7.91	%
Artisan Global Value Fund – Advisor Shares (4/1/2015)		4.27			11.96			n/a			n/a			7.85
Artisan Global Value Fund – Institutional Shares (7/17/2012)		4.40			12.08			8.43			n/a			12.12
MSCI ACWI Index		9.77			13.40			8.67			8.19			4.36	*

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


12		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		10.8	%
Consumer Discretionary		4.3			8.6
Consumer Staples		6.9			6.0
Energy		2.8			2.2
Financials		34.5			30.6
Health Care		5.5			9.8
Industrials		9.2			8.9
Information Technology		23.0			13.1
Materials		0.3			1.5
Telecommunication Services		3.0			–
Other assets less liabilities		10.5			8.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based auto parts and accessories retailer Advance Auto Parts, US-based wireless communications equipment manufacturer QUALCOMM, US-based medical device manufacturer Medtronic, US-based insurance holding company Progressive and US-based software provider Microsoft. Bottom contributors during the period included: Brazilian telecommunications company Telefonica Brasil, Netherlands-based diversified financial services provider ING, Japanese Internet company Yahoo Japan, UK-based bank Lloyds Banking Group and US-based insurance company Arch Capital Group.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Americas		46.5	%		47.5	%
Europe		28.3			29.1
Emerging Markets		12.9			13.5
Pacific Basin		1.8			1.4

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based dental supply manufacturer DENTSPLY SIRONA, US-based online travel company Expedia Group, French on-site service solution provider Sodexo, UK-based pharmaceutical company GlaxoSmithKline and US-based specialty pharmaceuticals company Allergan. We funded these purchases in part through exiting our positions in Microsoft, Citizens Financial Group, Cisco Systems, TE Connectivity and Diageo.


Artisan Partners Funds		13

ARTISAN HIGH INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			Since Inception
Artisan High Income Fund – Investor Shares (3/19/2014)		4.66	%		8.67	%		6.54	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		4.83			8.86			6.71
Artisan High Income Fund – Institutional Shares (10/3/2016)		5.02			n/a			7.48
ICE BofAML U.S. High Yield Master II Total Return Index		2.94			8.19			4.70	*

As of Investor and Advisor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


14		Artisan Partners Funds

INVESTING ENVIRONMENT

Non-investment grade credit markets posted broadly positive returns during the 12-month period ended September 30, 2018 despite yield spreads anchored near post-crisis lows. Credit markets were supported by a combination of strong fundamentals, favorable technicals and overarching positive sentiment for risk assets.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based apparel product provider J. Crew, US-based omni-channel luxury fashion retailer Neiman Marcus, US-based on-shore and natural gas exploration and production company EPEnergy, US-based real estate development provider HUB Holdings and US-based provider of weight-control programs Weight Watchers. Bottom contributors during the period included: US-based apparel provider FullBeauty Brands, Netherlands-based telecommunications and media services provider Ziggo, US-based real estate investment trust VEREIT, US-based holding company that provides television broadcasting services Univision Communications, and US-based insurance and services provider Acrisure.

PORTFOLIO COMPOSITION


Sector	9/30/2017			9/30/2018
Corporate Bonds		70.9	%		71.0	%
Bank Loans		21.8			22.5
Convertible Debentures		0.4			0.5
Preferred Stocks		0.3			0.2
Common Stock		0.0	^†		0.1
Other assets less liabilities		6.6			5.7
		100.0	%		100.0	%

^†

Amount rounds to less than 0.1%

PORTFOLIO CHANGES

During the period, we identified several new investment opportunities for the portfolio, including US-based enterprise software solutions provider Vertafore, US-based distributor of propane and other natural gas liquid Ferrellgas, US-based national wireless carrier T-Mobile, US-based health care services provider HCA, and US-based packaging and consumer goods company Crown Holdings. We funded these purchases in part through exiting our positions in Gates Global, Kronos, CF Industries, Frontier Communications and Scientific Games.


Artisan Partners Funds		15

ARTISAN INTERNATIONAL FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		4.45	%		8.30	%		3.99	%		6.64	%		8.92	%
Artisan International Fund – Advisor Shares (4/1/2015)		4.58			8.46			n/a			n/a			2.83
Artisan International Fund – Institutional Shares (7/1/1997)		4.67			8.54			4.23			6.88			7.88
MSCI EAFE Index		2.74			9.23			4.42			5.38			4.88	*
MSCI ACWI ex USA Index^†		1.76			9.97			4.12			5.18			5.28	*

As of Investor Shares inception date.

^†

The performance of the Index represents linked performance data for the MSCI ACWI ex USA (Gross) Index from inception to 12/31/2000 and the MSCI ACWI ex USA (Net) Index from 1/1/2001 forward.


16		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		0.2	%
Consumer Discretionary		5.2			–
Consumer Staples		14.4			10.9
Energy		0.3			3.2
Financials		25.5			27.5
Health Care		6.1			9.5
Industrials		18.3			22.0
Information Technology		17.5			7.8
Materials		8.8			13.0
Telecommunication Services		2.5			–
Utilities		–			0.8
Other assets less liabilities		1.4			5.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, Germany-based European exchange operator Deutsche Boerse, US-based online retailer Amazon.com, German gases and engineering company Linde, and US-based medical device manufacturer Medtronic. Bottom contributors during the period included: Netherlands-based diversified financial services provider ING, German mail delivery provider Deutsche Post, Italian banking and financial services company Intesa Sanpaolo, Italian commercial banking company UniCredit and Ireland-based low-cost airline Ryanair Holdings.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Europe		57.0	%		72.0	%
Americas		17.9			10.3
Emerging Markets		13.0			7.2
Pacific Basin		10.7			5.4

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: French airplane and military equipment manufacturer Airbus, French producer of industrial and healthcare gases Air Liquide, Belgian alcoholic beverage manufacturer Anheuser-Busch, Indian housing loan provider Housing Development Finance Corp, and Brazilian oil and natural gas supplier Petrobras. We funded these purchases in part through exiting our positions in Alibaba, Liberty Global, Coca-Cola European Partners, Japan Tobacco and Samsung Electronics.


Artisan Partners Funds		17

ARTISAN INTERNATIONAL SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small Cap Fund – Investor Shares (12/21/2001)		8.70	%		8.01	%		4.80	%		9.46	%		11.70	%
Artisan International Small Cap Fund – Institutional Shares (4/12/2016)		8.94			n/a			n/a			n/a			10.15
MSCI EAFE Index		2.74			9.23			4.42			5.38			6.18	*
MSCI EAFE Small Cap Index		3.73			12.39			7.96			9.68			10.33	*

As of Investor Shares inception date.


18		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		6.4	%
Consumer Discretionary		18.2			11.5
Consumer Staples		3.7			1.6
Financials		13.6			18.2
Health Care		14.4			14.8
Industrials		12.5			13.2
Information Technology		20.8			17.0
Materials		4.1			2.4
Real Estate		1.3			4.4
Telecommunication Services		3.6			–
Utilities		1.2			–
Other assets less liabilities		6.6			10.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, UK-based electronic markets and post-trade business NEX Group, Dutch provider of carrier and cloud-neutral colocation data center services InterXion, Dutch producer and marketer of life-saving equipment Ambu, and Swedish developer of digital-cell morphology solutions Cellavision. Bottom contributors during the period included: German cable-service provider Tele Columbus, Swiss medical product manufacturer Comet Holding, German carbon and graphite materials producer SGL Carbon, UK-based funeral services provider Dignity and Indian investment services provider ICICI.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Europe		79.8	%		69.8	%
Pacific Basin		3.9			9.0
Americas		2.5			6.9
Emerging Markets		7.2			3.8

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Swedish developer of digital-cell morphology solutions Cellavision, Japanese online delivery service Yume No Machi, Spanish real estate developer Aedas Homes, Swedish brake and air suspension manufacturer for heavy vehicles Haldex, and US-based radiation therapy technology developer ViewRay. We funded these purchases in part through exiting our positions in Comet Holdings, Takkt, Banco del Bajio, NKT and Buzzi Unicem.


Artisan Partners Funds		19

ARTISAN INTERNATIONAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		-1.99	%		8.70	%		5.45	%		9.24	%		12.38	%
Artisan International Value Fund – Advisor Shares (4/1/2015)		-1.87			8.85			n/a			n/a			4.98
Artisan International Value Fund – Institutional Shares (10/1/2006)		-1.79			8.94			5.69			9.46			7.08
MSCI EAFE Index		2.74			9.23			4.42			5.38			7.92	*
MSCI ACWI ex USA Index		1.76			9.97			4.12			5.18			8.41	*
MSCI EAFE Value Index^†		-0.36			8.12			3.14			4.49			7.67	*

As of Investor Shares inception date.

^†

Effective 1/31/2018, the Fund’s secondary benchmark was changed from the MSCI EAFE Value Index to the MSCI ACWI ex USA Index, which will provide an appropriate comparison in light of the Fund’s investment strategy.


20		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		10.7	%
Consumer Discretionary		10.6			9.7
Consumer Staples		8.0			7.7
Energy		3.1			3.2
Financials		23.7			22.3
Health Care		5.4			8.7
Industrials		13.5			11.0
Information Technology		18.0			11.3
Materials		0.3			2.3
Telecommunication Services		2.9			–
Other assets less liabilities		14.5			13.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based medical device manufacturer Medtronic, UK-based food retailer Tesco, Swedish telecommunications company Telefonaktiebolaget LM Ericsson, Japanese industrial electronics manufacturer Tokyo Electron and UK-based catering service provider Compass Group. Bottom contributors during the period included: Netherlands-based diversified financial services provider ING, Brazilian telecommunications company Telefonica Brasil, Japanese Internet company Yahoo Japan, US-based insurance company Arch Capital Group, and German-based healthcare and agricultural product manufacturer Bayer.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Europe		51.6	%		55.5	%
Emerging Markets		14.9			16.4
Americas		14.4			13.6
Pacific Basin		4.6			1.4

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Swiss building material provider LafargeHolcim, Swiss multinational packaged food provider Nestle, UK-based pharmaceutical company GlaxoSmithKline, Spanish banking service provider Bankia and Danish global semiconductor manufacturer NXP Semiconductors. We funded these purchases in part through exiting our positions in Tokyo Electron, Stanley Electric, Accenture, Philips and Unilever.


Artisan Partners Funds		21

ARTISAN MID CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		21.12	%		13.67	%		9.95	%		13.22	%		13.55	%
Artisan Mid Cap Fund – Advisor Shares (4/1/2015)		21.26			13.81			n/a			n/a			10.05
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		21.37			13.92			10.21			13.51			8.65
Russell Midcap^® Index		13.98			14.52			11.65			12.31			9.98	*
Russell Midcap^® Growth Index		21.10			16.65			13.00			13.46			8.99	*

*	As of Investor Shares inception date.


22		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2018, US stock returns advanced across the market-cap spectrum. The implementation of tax cuts along with strong corporate profits that lead to an increase in stock buyback programs drove domestic markets higher. From a style standpoint, growth stocks outperformed value, while performance across the market-cap spectrum remained relatively undifferentiated.

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		3.9	%
Consumer Discretionary		15.6			10.9
Consumer Staples		3.4			1.5
Energy		3.7			2.3
Financials		11.7			9.6
Health Care		17.7			17.4
Industrials		19.4			17.2
Information Technology		24.1			32.5
Materials		1.2			2.0
Other assets less liabilities		3.2			2.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: enterprise software designer and developer Atlassian, cloud computing company Veeva, electronic transaction processing provider Global Payments, insurance holding company Progressive and analytics software provider Tableau. Bottom contributors during the period included: automotive parts and equipment provider Delphi Technologies, Denmark-based biotechnology company Genmab, biopharmaceutical company Regeneron, medical services and solutions provider Envision Healthcare, and auto parts provider LKQ.

REGION ALLOCATION


Sector	9/30/2017			9/30/2018
Americas		92.4	%		92.4	%
Europe		2.1			2.9
Pacific Basin		1.5			1.0
Emerging Markets		0.8			1.0

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: global power tool provider Stanley Black & Decker, entertainment software developer Take-Two Interactive Software, athletic clothing retailer lululemon athletica, biopharmaceutical company Alexion Pharmaceuticals, and thermal imaging and broadcast camera company Flir. We funded these purchases in part through exiting our positions in S&P Global, Cigna, Regeneron, Waste Connections and Becton Dickinson.


Artisan Partners Funds		23

ARTISAN MID CAP VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		8.55	%		12.54	%		6.94	%		9.94	%		10.52	%
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015)		8.68			12.67			n/a			n/a			6.97
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		8.75			12.77			7.17			n/a			9.98
Russell Midcap^® Index		13.98			14.52			11.65			12.31			9.99	*
Russell Midcap^® Value Index		8.81			13.09			10.72			11.29			10.18	*

*	As of Investor Shares inception date.


24		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		13.6	%
Consumer Discretionary		15.4			13.7
Consumer Staples		1.9			3.0
Energy		13.3			10.7
Financials		22.4			21.3
Health Care		1.8			1.1
Industrials		13.0			15.7
Information Technology		11.6			4.5
Materials		9.9			7.7
Real Estate		1.9			2.7
Utilities		1.2			–
Other assets less liabilities		7.6			6.0
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: media and Internet company IAC/InterActive, oil and gas company Hess, refiner and marketer of petroleum products Andeavor, food retailer Kroger, and engineering and construction firm Fluor. Bottom contributors during the period included: aviation, marine and ground transportation services company World Fuel Services, automotive parts and equipment provider Delphi Technologies, automotive company AutoNation, oil and gas company Cimarex Energy, and lease and rental company Ryder System.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: moving and storage solutions provider AMERCO, broadcasting and television company CBS, consumer financial services company Synchrony Financial, media marketing company GCI Liberty and Canadian crop inputs and services provider Nutrien. We funded these purchases in part through exiting our positions in Goldcorp, Avnet, Allstate, Cars.com and Kinross Gold.


Artisan Partners Funds		25

ARTISAN SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		34.71	%		20.81	%		12.73	%		14.41	%		9.88	%
Artisan Small Cap Fund – Advisor Shares (2/1/2017)		34.89			n/a			n/a			n/a			30.31
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		34.94			21.06			12.96			n/a			16.08
Russell 2000^® Index		15.24			17.12			11.07			11.11			9.77	*
Russell 2000^® Growth Index		21.06			17.98			12.14			12.65			8.37	*

As of Investor Shares inception date.


26		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		2.2	%
Consumer Discretionary		11.4			13.8
Consumer Staples		0.7			–
Energy		2.4			1.6
Financials		6.7			3.6
Health Care		16.0			19.8
Industrials		23.2			20.3
Information Technology		35.3			35.7
Materials		–			1.2
Other assets less liabilities		4.3			1.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: medical device firm DexCom, cloud computing company Veeva, enterprise software designer and developer Atlassian, Canadian premium outerwear brand Canada Goose Holdings, and provider of electronic components used in marine, environmental and industrial applications Teledyne. Bottom contributors during the period included: automative parts and equipment provider Delphi Technologies, automotive cockpit electronics supplier Visteon, molecular diagnostic company GenMark Diagnostics, lighting fixture supplier Acuity Brands and medical device company Nevro.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: analytics software provider Tableau Software, precision components manufacturer Curtiss-Wright, online educational platform Chegg, public relations softwire provider Cision and power management solutions manufacturer Monolithic Power Systems. We funded these purchases in part through exiting our positions in Take-Two Interactive Software, Acuity Brands, IDEX Corp, CBOE Global Markets and LKQ Corp.


Artisan Partners Funds		27

ARTISAN THEMATIC FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/24/2017 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			Since Inception
Artisan Thematic Fund – Investor Shares (4/24/2017)		34.31	%		37.82	%
Artisan Thematic Fund – Advisor Shares (7/31/2018)		n/a			4.12	⁽¹⁾
S&P 500^® Index		17.91			17.63	*

⁽¹⁾

For the period from commencement of operations 7/31/2018 through 9/30/2018; not annualized.

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


28		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communications		–	%		3.8	%
Consumer Discretionary		20.6			–
Consumer Staples		5.3			4.1
Financials		11.7			27.1
Health Care		1.0			9.4
Industrials		11.6			11.8
Information Technology		45.2			–
Materials		4.0			–
Technology		–			26.9
Other assets less liabilities		0.6			16.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION*

Top contributors within the portfolio during the period included: US-based CRM software provider Salesforce.com, US-based producer and supplier of frozen potato products Lamb Weston, US-based retail electronic payments network provider Visa, US-based communications equipment company Harris and Japanese video game company Nintendo. Bottom contributors during the period included: US-based distributor of refined petroleum products and ammonia Magellan Midstream Partners, US-based oilfield services provider TechnipFMC, US-based auto parts provider LKQ, US-based airport facilities provider Hudson and US-based cable telecommunications company Charter Communications.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based REIT Equinix, US-based data provider IHS Markit, US-based wireless communications infrastructure owner and operator SBA Communications, US-based operator of global commodity and financial markets Intercontinental Exchange and US -based industrial supply provider Danaher. We funded these purchases in part through exiting our positions in CDK Global, Comcast, Cable One, Salesforce.com and Facebook.

For options, exposures have been delta-adjusted to determine contribution to return.


Artisan Partners Funds		29

ARTISAN VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2018)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2018)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		9.32	%		16.87	%		9.42	%		9.81	%		7.35	%
Artisan Value Fund – Advisor Shares (4/1/2015)		9.43			17.01			n/a			n/a			9.69
Artisan Value Fund – Institutional Shares (7/26/2011)		9.56			17.10			9.65			n/a			10.49
Russell 1000^® Index		17.76			17.07			13.67			12.09			8.99	*
Russell 1000^® Value Index		9.45			13.55			10.72			9.79			7.12	*

As of Investor Shares inception date.


30		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017			9/30/2018
Communication Services		–	%		13.6	%
Consumer Discretionary		13.9			10.8
Energy		14.4			11.6
Financials		18.9			19.9
Health Care		7.7			7.0
Industrials		5.8			5.5
Information Technology		16.7			13.7
Materials		15.2			9.6
Real Estate		2.0			2.0
Other assets less liabilities		5.4			6.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: technology designer and manufacturer Apple, oil and gas company Hess, oil and gas company Occidental Petroleum, provider of communications networking solutions Cisco Systems and Internet search engine operator Alphabet. Bottom contributors during the period included: French auto parts manufacturer Cie Generale des Etablissements Michelin, provider of health care products and services Cardinal Health, consumer financial services company Synchrony Financial, automotive company AutoNation and provider of e-commerce services Qurate Retail.

REGION ALLOCATION


Region	9/30/2017			9/30/2018
Americas		87.9	%		87.0	%
Europe		3.5			4.2
Emerging Markets		3.2			2.5

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: media and television broadcasting company Comcast, consumer financial services company Synchrony Financial, social networking website operator Facebook, provider of e-commerce services Qurate Retail and global investment management firm Oaktree Capital Group. We funded these purchases in part through exiting our positions in Goldcorp, Kinross Gold, Alleghany Corp, Express Scripts and Cognizant Technology Solutions.


Artisan Partners Funds		31

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 93.1%

ARGENTINA - 0.6%
Grupo Financiero Galicia S.A. (DR)		524,501		$	13,338

BRAZIL - 7.4%
BK Brasil Operacao e Assessoria a Restaurantes S.A.⁽¹⁾		7,113,809			23,692
Hypera S.A.		2,558,900			18,071
Lojas Renner S.A.		2,534,800			19,457
Magazine Luiza S.A.		648,900			19,681
Pagseguro Digital Ltd., Class A⁽¹⁾		1,452,071			40,179
Rumo S.A.⁽¹⁾		11,163,100			41,406

					162,486
CHINA - 30.7%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		619,032			101,992
Baidu, Inc. (DR)⁽¹⁾		302,532			69,183
China Literature Ltd.⁽¹⁾		3,473,944			21,833
Han’s Laser Technology Industry Group Co., Ltd.		3,960,229			24,387
Hangzhou Hikvision Digital Technology Co., Ltd.		16,435,716			68,651
Huazhu Group Ltd. (DR)		2,058,477			66,489
Kweichow Moutai Co., Ltd., Class A		944,902			100,250
Shanghai International Airport Co., Ltd., Class A		5,608,124			47,901
TAL Education Group (DR)⁽¹⁾		2,781,132			71,503
Tencent Holdings Ltd.		2,424,100			100,081

					672,270
FRANCE - 1.0%
LVMH Moet Hennessy Louis Vuitton SE		61,656			21,805

HONG KONG - 7.6%
AIA Group Ltd.		11,258,900			100,532
Galaxy Entertainment Group Ltd.		10,353,000			65,662

					166,194
INDIA - 12.3%
Dish TV India Ltd.⁽¹⁾		19,660,925			15,731
Eicher Motors Ltd.		145,815			48,778
HDFC Bank Ltd. (DR)		1,100,555			103,562
ICICI Bank Ltd.		5,165,790			21,806
ICICI Bank Ltd. (DR)⁽²⁾		2,551,008			21,658
PVR Ltd.		1,129,890			18,732
Titan Co., Ltd.		3,528,119			39,136

					269,403
MEXICO - 1.0%
Banco del Bajio S.A.		8,890,653			21,949

NETHERLANDS - 7.2%
ASML Holding N.V. (DR)		299,672			56,344
Unilever N.V. (DR)		1,838,603			102,392

					158,736
PERU - 2.2%
Credicorp Ltd.		211,812			47,251

PHILIPPINES - 0.9%
Puregold Price Club, Inc.		24,983,820			20,808

POLAND - 0.8%
Dino Polska S.A.⁽¹⁾		682,986			18,451

RUSSIA - 5.0%
Sberbank of Russia PJSC (DR)		3,300,726			41,853
Yandex N.V., Class A⁽¹⁾		2,026,018			66,636

					108,489
THAILAND - 2.5%
CP ALL PCL⁽³⁾		25,734,900			54,907

UNITED ARAB EMIRATES - 1.0%
Emaar Properties PJSC⁽³⁾		15,904,889			21,445

UNITED KINGDOM - 2.1%
Diageo plc		1,296,572			45,950

UNITED STATES - 10.8%
Aptiv plc		669,522			56,173
Facebook, Inc., Class A⁽¹⁾		133,165			21,900
MercadoLibre, Inc.		211,447			71,992
Starbucks Corp.		748,915			42,568
Visa, Inc., Class A		289,694			43,480

					236,113

Total common stocks (Cost $1,855,586)					2,039,595

PREFERRED STOCK - 2.1%

BRAZIL - 2.1%
Itau Unibanco Holding S.A., 0.36%⁽²⁾		4,237,200			46,301

Total preferred stock (Cost $45,613)					46,301


32		Artisan Partners Funds


	Shares Held		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.9%

MONEY MARKET FUNDS - 3.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		28,116,919		$	28,117
Federated Treasury Obligations Fund - Institutional Class, 2.06%		28,116,919			28,117
Fidelity Treasury Fund - Institutional Class, 1.97%		28,111,020			28,111

Total short-term investments (cash equivalents) (Cost $84,345)					84,345

Total investments - 99.1% (Cost $1,985,544)					2,170,241

Other assets less liabilities - 0.9%					20,734


Total net assets - 100.0%⁽⁴⁾				$	2,190,975

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $76,352, or 3.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	314,096		14.5	%
Consumer Discretionary			648,928		29.9
Consumer Staples			342,758		15.8
Financials			418,250		19.3
Health Care			18,071		0.8
Industrials			113,694		5.2
Information Technology			208,654		9.6
Real Estate			21,445		1.0
Short-term investments			84,345		3.9

Total investments		$	2,170,241		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	168,608		7.8	%
British pound			45,950		2.1
Chinese yuan renminbi offshore			241,189		11.1
Euro			124,197		5.7
Hong Kong dollar			288,108		13.3
Indian rupee			144,183		6.6
Mexican peso			21,949		1.0
Philippine peso			20,808		1.0
Polish zloty			18,451		0.9
Thai baht			54,907		2.5
U.S. dollar			1,020,446		47.0
UAE dirham			21,445		1.0

Total investments		$	2,170,241		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
HDFC Bank Ltd.	India		4.7	%
Unilever N.V.	Netherlands		4.7
Alibaba Group Holding Ltd.	China		4.7
AIA Group Ltd.	Hong Kong		4.6
Kweichow Moutai Co., Ltd.	China		4.6
Tencent Holdings Ltd.	China		4.6
MercadoLibre, Inc.	United States		3.3
TAL Education Group	China		3.3
Baidu, Inc.	China		3.2
Hangzhou Hikvision Digital Technology Co., Ltd.	China		3.1

Total			40.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		33

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.3%

ARGENTINA - 1.4%
Grupo Supervielle S.A. (DR)		56,884		$	436
Pampa Energia S.A. (DR)⁽¹⁾		10,750			334

					770
BRAZIL - 4.7%
Anima Holding S.A.		54,400			184
CVC Brasil Operadora e Agencia de Viagens S.A.		29,163			313
Linx S.A.		115,500			468
Petroleo Brasileiro S.A.		99,989			600
Vale S.A.		71,213			1,055

					2,620
CHILE - 1.9%
Empresa Nacional de Telecomunicaciones S.A.		59,403			504
SACI Falabella		66,877			544

					1,048
CHINA - 22.7%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		18,956			3,123
Baidu, Inc. (DR)⁽¹⁾		4,902			1,121
China High Precision Automation Group Ltd.^(1)(2)(3)		9,066,000			–
China Life Insurance Co., Ltd., Class H		293,800			667
China Petroleum & Chemical Corp., Class H		1,039,453			1,041
China Traditional Chinese Medicine Holdings Co., Ltd.		1,048,000			712
Ctrip.com International Ltd. (DR)⁽¹⁾		14,020			521
Digital China Holdings Ltd.⁽¹⁾		1,108,460			593
iQIYI, Inc. (DR)⁽¹⁾		19,861			538
Noah Holdings Ltd. (DR)⁽¹⁾		22,145			933
Sino Biopharmaceutical Ltd.		1,130,500			1,054
Sinopharm Group Co., Ltd., Class H		192,900			944
Zhuzhou CRRC Times Electric Co., Ltd., Class H		234,615			1,340

					12,587
CZECH REPUBLIC - 1.0%
Moneta Money Bank AS⁽³⁾		153,179			564

GREECE - 1.6%
Alpha Bank AE⁽¹⁾		160,648			231
JUMBO S.A.		42,392			630

					861
HONG KONG - 1.6%
AIA Group Ltd.		101,065			902

INDIA - 7.7%
Godrej Consumer Products Ltd.		38,808			414
INDIA (CONTINUED)
Havells India Ltd.		52,795			432
ICICI Bank Ltd.		217,451			918
Kajaria Ceramics Ltd.		73,541			371
Phoenix Mills Ltd.		31,636			245
Reliance Industries Ltd.		86,128			1,490
Westlife Development Ltd.⁽¹⁾		85,408			422

					4,292
INDONESIA - 3.8%
Astra International Tbk PT		1,119,370			552
Bank Rakyat Indonesia Persero Tbk PT		2,501,100			529
Indofood CBP Sukses Makmur Tbk PT		838,600			497
Telekomunikasi Indonesia Persero Tbk PT		2,123,100			518

					2,096
KOREA - 14.5%
Kia Motors Corp.		17,847			565
LG Chem Ltd.		1,846			608
Medy-Tox, Inc.		1,313			733
Naver Corp.		729			470
Samsung Biologics Co., Ltd.⁽¹⁾		2,388			1,150
Samsung Electronics Co., Ltd.		87,853			3,679
Shinhan Financial Group Co., Ltd.		19,776			802

					8,007
MALAYSIA - 0.7%
AirAsia Group Bhd		500,300			382

MEXICO - 1.1%
Cemex S.A.B. de C.V., UNIT⁽¹⁾		830,918			585

NIGERIA - 0.5%
Ecobank Transnational, Inc.⁽¹⁾		5,083,446			250

PERU - 1.5%
Credicorp Ltd.		2,392			534
Grana y Montero S.A.A. (DR)⁽¹⁾		117,067			316

					850
POLAND - 0.5%
PLAY Communications S.A.		51,743			282

RUSSIA - 5.5%
Lukoil PJSC (DR)		15,379			1,180
MMC Norilsk Nickel PJSC (DR)		40,989			709
Polyus PJSC (DR)		21,690			681
Yandex N.V., Class A⁽¹⁾		13,653			449

					3,019


34		Artisan Partners Funds


	Shares Held		Value
SOUTH AFRICA - 5.0%
FirstRand Ltd.		120,591		$	579
Foschini Group Ltd.		60,913			747
Naspers Ltd., Class N		6,692			1,444

					2,770
TAIWAN - 10.6%
E Ink Holdings, Inc.		776,000			796
MediaTek, Inc.		83,794			676
Sunny Friend Environmental Technology Co., Ltd.		133,000			971
Taiwan Semiconductor Manufacturing Co., Ltd.		397,647			3,419

					5,862
THAILAND - 0.8%
Bangkok Bank PCL (DR)⁽⁴⁾		70,800			460

TURKEY - 0.9%
Turkiye Sinai Kalkinma Bankasi AS		3,521,127			502

UNITED ARAB EMIRATES - 0.9%
Emaar Development PJSC⁽¹⁾⁽³⁾		355,628			507

UNITED KINGDOM - 2.1%
Georgia Healthcare Group plc⁽¹⁾		124,346			357
Global Ports Holding plc		118,178			824

					1,181
UNITED STATES - 0.8%
Copa Holdings S.A., Class A⁽⁴⁾		3,847			307
MercadoLibre, Inc.		467			159

					466
VIETNAM - 0.5%
Vietnam Technological & Commercial Joint Stock Bank⁽¹⁾		230,090			287

Total common stocks (Cost $47,156)					51,150

PREFERRED STOCKS - 5.0%

BRAZIL - 2.2%
Cia Energetica de Minas Gerais, 4.93%⁽⁴⁾		224,800			399
Itau Unibanco Holding S.A., 0.36%⁽⁴⁾		74,435			813

					1,212
COLOMBIA - 0.7%
Banco Davivienda S.A., 2.41%⁽⁴⁾		35,537			410

RUSSIA - 2.1%
Sberbank of Russia PJSC, 4.35%⁽³⁾⁽⁴⁾		443,842			1,159

Total preferred stocks (Cost $2,337)					2,781

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.4%

MONEY MARKET FUNDS - 2.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		441,116		$	441
Federated Treasury Obligations Fund - Institutional Class, 2.06%		441,116			441
Fidelity Treasury Fund - Institutional Class, 1.97%		441,163			441

Total short-term investments (cash equivalents) (Cost $1,323)					1,323

Total investments - 99.7% (Cost $50,816)					55,254

Other assets less liabilities - 0.3%					150


Total net assets - 100.0%⁽⁵⁾				$	55,404

⁽¹⁾

Non-income producing security.

⁽²⁾

Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds.

⁽³⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,230, or 4.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁴⁾

Non-voting shares.

⁽⁵⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	5,326		9.6	%
Consumer Discretionary			7,760		14.0
Consumer Staples			911		1.7
Energy			4,311		7.8
Financials			10,976		19.9
Health Care			4,950		9.0
Industrials			4,943		8.9
Information Technology			9,631		17.4
Materials			3,638		6.6
Real Estate			752		1.4
Utilities			733		1.3
Short-term investments			1,323		2.4

Total investments		$	55,254		100.0	%


Artisan Partners Funds		35


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	3,832		6.9	%
British pound			1,181		2.1
Chilean peso			1,048		1.9
Colombian peso			410		0.8
Czech koruna			564		1.0
Euro			861		1.6
Hong Kong dollar			7,253		13.1
Indian rupee			4,292		7.8
Indonesian rupiah			2,096		3.8
Korean won			8,007		14.5
Malaysian ringgit			382		0.7
Mexican peso			585		1.1
Nigerian naira			250		0.5
Polish zloty			282		0.5
South African rand			2,770		5.0
Taiwan dollar			5,862		10.6
Thai baht			460		0.8
Turkish lira			502		0.9
U.S. dollar			13,823		25.0
UAE dirham			507		0.9
Vietnamese dong			287		0.5

Total investments		$	55,254		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country		Percentage of Total Net Assets
Samsung Electronics Co., Ltd.		Korea		6.6	%
Taiwan Semiconductor Manufacturing Co., Ltd.		Taiwan		6.2
Alibaba Group Holding Ltd.		China		5.6
Reliance Industries Ltd.		India		2.7
Naspers Ltd.		South Africa		2.6
Zhuzhou CRRC Times Electric Co., Ltd.		China		2.4
Lukoil PJSC		Russia		2.1
Sberbank of Russia PJSC		Russia		2.1
Samsung Biologics Co., Ltd.		Korea		2.1
Baidu, Inc.		China		2.0

Total				34.4	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


36		Artisan Partners Funds

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.1%

AUSTRALIA - 1.9%
Treasury Wine Estates Ltd.		112,357		$	1,421

BRAZIL - 2.0%
Notre Dame Intermedica Participacoes S.A.⁽¹⁾		126,700			827
Pagseguro Digital Ltd., Class A⁽¹⁾		23,772			658

					1,485
CANADA - 2.4%
BlackBerry Ltd.⁽¹⁾		75,589			860
Canada Goose Holdings, Inc.⁽¹⁾		14,429			932

					1,792
CHINA - 0.8%
Kingdee International Software Group Co., Ltd.		582,000			633

DENMARK - 1.5%
Genmab AS⁽¹⁾		7,124			1,120

FRANCE - 2.4%
Orpea		4,829			625
Vivendi S.A.		46,367			1,193

					1,818
GERMANY - 2.0%
Puma SE		1,512			746
Varta AG⁽¹⁾		22,657			745

					1,491
HONG KONG - 3.5%
Techtronic Industries Co., Ltd.		409,900			2,618

INDIA - 2.2%
Eicher Motors Ltd.		979			327
HDFC Bank Ltd. (DR)		14,066			1,324

					1,651
JAPAN - 3.2%
Nintendo Co., Ltd.		4,100			1,496
Shiseido Co., Ltd.		12,000			929

					2,425
NETHERLANDS - 6.7%
Adyen N.V.⁽¹⁾		692			565
ASML Holding N.V.		9,199			1,719
IMCD N.V.		27,349			2,129
Takeaway.com N.V.⁽¹⁾		10,195			659

					5,072
SPAIN - 1.9%
Amadeus IT Group S.A.		15,395			1,430

SWITZERLAND - 1.3%
Temenos AG⁽¹⁾		6,013			975

UNITED KINGDOM - 5.6%
B&M European Value Retail S.A.		245,426			1,237
Farfetch Ltd., Class A⁽¹⁾		27,126			739
Fevertree Drinks plc		21,125			993
Halma plc		46,971			885
Standard Chartered plc		48,904			406

					4,260
UNITED STATES - 58.7%
Alexion Pharmaceuticals, Inc.⁽¹⁾		8,448			1,174
Boston Scientific Corp.⁽¹⁾		64,661			2,489
BWX Technologies, Inc.		45,340			2,836
Cintas Corp.		5,135			1,016
Cision Ltd.⁽¹⁾		33,870			569
Coherent, Inc.⁽¹⁾		2,547			439
Cree, Inc.⁽¹⁾		26,737			1,013
Delphi Technologies plc		23,243			729
Diamondback Energy, Inc.		8,588			1,161
First Republic Bank		20,225			1,942
FLIR Systems, Inc.		21,613			1,329
Gardner Denver Holdings, Inc.⁽¹⁾		58,446			1,656
Global Payments, Inc.		28,979			3,692
Guidewire Software, Inc.⁽¹⁾		29,522			2,982
IHS Markit Ltd.⁽¹⁾		39,121			2,111
New York Times Co., Class A		35,560			823
Noble Energy, Inc.		55,001			1,715
Novanta, Inc.⁽¹⁾		13,764			941
Progressive Corp.		22,881			1,625
Tableau Software, Inc., Class A⁽¹⁾		19,560			2,186
TD Ameritrade Holding Corp.		21,915			1,158
Teledyne Technologies, Inc.⁽¹⁾		16,782			4,140
Veeva Systems, Inc., Class A⁽¹⁾		17,266			1,880
Visteon Corp.⁽¹⁾		8,512			791
Wabtec Corp.		7,250			760
Webster Financial Corp.		35,741			2,107
Zynga, Inc., Class A⁽¹⁾		233,411			936

					44,200

Total common stocks (Cost $66,184)					72,391


Artisan Partners Funds		37


	Shares Held		Value
PREFERRED STOCK - 0.9%

GERMANY - 0.9%
Sartorius AG, 0.40%⁽²⁾		4,341		$	705

Total preferred stock (Cost $556)					705

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.3%

MONEY MARKET FUNDS - 3.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		815,424			815
Federated Treasury Obligations Fund - Institutional Class, 2.06%		815,424			815
Fidelity Treasury Fund - Institutional Class, 1.97%		815,527			816

Total short-term investments (cash equivalents) (Cost $2,446)					2,446

Total investments - 100.3% (Cost $69,186)					75,542

Other assets less liabilities - (0.3)%					(221	)


Total net assets - 100.0%⁽³⁾				$	75,321

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	4,448		5.9	%
Consumer Discretionary			8,778		11.6
Consumer Staples			3,343		4.4
Energy			2,876		3.8
Financials			8,562		11.3
Health Care			8,820		11.7
Industrials			15,393		20.4
Information Technology			20,876		27.6
Short-term investments			2,446		3.3

Total investments		$	75,542		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	1,421		1.9	%
Brazilian real			827		1.1
British pound			3,521		4.7
Danish krone			1,120		1.5
Euro			10,516		13.9
Hong Kong dollar			3,251		4.3
Indian rupee			327		0.4
Japanese yen			2,425		3.2
Swiss franc			975		1.3
U.S. dollar			51,159		67.7

Total investments		$	75,542		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country		Percentage of Total Net Assets
Teledyne Technologies, Inc.		United States		5.5	%
Global Payments, Inc.		United States		4.9
Guidewire Software, Inc.		United States		4.0
BWX Technologies, Inc.		United States		3.8
Techtronic Industries Co., Ltd.		Hong Kong		3.5
Boston Scientific Corp.		United States		3.3
Tableau Software, Inc.		United States		2.9
IMCD N.V.		Netherlands		2.8
IHS Markit Ltd.		United States		2.8
Webster Financial Corp.		United States		2.8

Total				36.3	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


38		Artisan Partners Funds

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.4%

BELGIUM - 0.7%
Anheuser-Busch InBev S.A.		26,234		$	2,291

BRAZIL - 1.4%
Petroleo Brasileiro S.A. (DR)		362,174			4,371

CANADA - 1.8%
CAE, Inc.		128,175			2,602
Canadian Pacific Railway Ltd.		14,894			3,156

					5,758
CHINA - 0.2%
Kweichow Moutai Co., Ltd., Class A		5,899			626

DENMARK - 0.9%
Genmab AS⁽¹⁾		19,172			3,015

FINLAND - 0.6%
Fortum Oyj		81,371			2,040

FRANCE - 8.1%
Air Liquide S.A.		44,255			5,822
Airbus SE		74,160			9,315
BNP Paribas S.A.		60,401			3,696
Ipsen S.A.		13,107			2,203
Safran S.A.		18,008			2,524
Vinci S.A.		24,378			2,321

					25,881
GERMANY - 14.3%
Deutsche Boerse AG		103,374			13,851
Linde AG		5,092			1,053
Linde AG, Tender Shares		50,222			11,878
Wirecard AG		88,189			19,116

					45,898
HONG KONG - 1.0%
AIA Group Ltd.		365,795			3,266

INDIA - 2.3%
Housing Development Finance Corp., Ltd.		226,632			5,471
ICICI Securities Ltd.		495,512			1,971

					7,442
ITALY - 1.0%
Intesa Sanpaolo S.p.A.		1,191,198			3,044

JAPAN - 2.6%
Calbee, Inc.		76,800			2,528
GMO Payment Gateway, Inc.		54,800			3,396
Obic Co., Ltd.		23,700			2,242

					8,166
NETHERLANDS - 5.3%
ASM International N.V.		1,476			76
ING Groep N.V.		580,644			7,540
InterXion Holding N.V.⁽¹⁾		137,920			9,282

					16,898
SWEDEN - 2.4%
Elekta AB, Class B		582,691			7,838

SWITZERLAND - 4.4%
Idorsia Ltd.⁽¹⁾		17,930			452
Lonza Group AG⁽¹⁾		18,364			6,268
Nestle S.A.		49,534			4,130
Sonova Holding AG		15,496			3,084

					13,934
UNITED KINGDOM - 3.0%
Ferguson plc		40,529			3,441
HSBC Holdings plc		230,236			2,010
London Stock Exchange Group plc		41,218			2,464
Rentokil Initial plc		377,858			1,568

					9,483
UNITED STATES - 45.4%
Abbott Laboratories		94,873			6,960
Alphabet, Inc., Class A⁽¹⁾		4,964			5,992
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		5,256			6,273
Anthem, Inc.		5,925			1,624
Apptio, Inc., Class A⁽¹⁾		84,438			3,121
Atlassian Corp. plc, Class A⁽¹⁾		47,560			4,572
Bio-Rad Laboratories, Inc.⁽¹⁾		5,537			1,733
Citizens Financial Group, Inc.		104,741			4,040
CME Group, Inc.		15,659			2,665
Dolby Laboratories, Inc., Class A		54,768			3,832
Elanco Animal Health, Inc.⁽¹⁾		4,607			161
Facebook, Inc., Class A⁽¹⁾		22,238			3,657
Fidelity National Information Services, Inc.		54,173			5,909
Flexion Therapeutics, Inc.⁽¹⁾		80,359			1,504
Harris Corp.		64,281			10,877
IHS Markit Ltd.⁽¹⁾		96,745			5,220
Intercontinental Exchange, Inc.		118,518			8,876
Johnson & Johnson		46,001			6,356
Lamb Weston Holdings, Inc.		106,823			7,114
Marathon Petroleum Corp.		38,471			3,077


Artisan Partners Funds		39


	Shares Held		Value
UNITED STATES (CONTINUED)
MasterCard, Inc., Class A		42,973		$	9,566
Mondelez International, Inc., Class A		234,308			10,066
PayPal Holdings, Inc.⁽¹⁾		66,713			5,860
Q2 Holdings, Inc.⁽¹⁾		50,047			3,030
Raytheon Co.		49,931			10,319
Roku, Inc.⁽¹⁾		4,389			321
Spotify Technology S.A.⁽¹⁾		3,373			610
Tableau Software, Inc., Class A⁽¹⁾		42,509			4,750
ViewRay, Inc.⁽¹⁾		466,175			4,363
Worldpay, Inc., Class A⁽¹⁾		28,235			2,858

					145,306

Total common stocks (Cost $243,381)					305,257

PREFERRED STOCK - 1.2%

BRAZIL - 1.2%
Petroleo Brasileiro S.A., 0.38%⁽²⁾		704,478			3,679

Total preferred stock (Cost $4,218)					3,679

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.7%

MONEY MARKET FUNDS - 2.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		2,924,811			2,925
Federated Treasury Obligations Fund - Institutional Class, 2.06%		2,924,811			2,925
Fidelity Treasury Fund - Institutional Class, 1.97%		2,925,689			2,926

Total short-term investments (cash equivalents) (Cost $8,776)					8,776

Total investments - 99.3% (Cost $256,375)					317,712

Other assets less liabilities - 0.7%					2,315


Total net assets - 100.0%⁽³⁾				$	320,027

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	16,532		5.2	%
Consumer Discretionary			321		0.1
Consumer Staples			26,755		8.4
Energy			11,127		3.5
Financials			58,894		18.5
Health Care			45,561		14.3
Industrials			51,343		16.2
Information Technology			77,610		24.4
Materials			18,753		5.9
Utilities			2,040		0.7
Short-term investments			8,776		2.8

Total investments		$	317,712		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	3,679		1.2	%
British pound			9,483		3.0
Canadian dollar			2,602		0.8
Chinese yuan renminbi offshore			626		0.2
Danish krone			3,015		0.9
Euro			86,770		27.3
Hong Kong dollar			3,266		1.0
Indian rupee			7,442		2.3
Japanese yen			8,166		2.6
Swedish krona			7,838		2.5
Swiss franc			13,934		4.4
U.S. dollar			170,891		53.8

Total investments		$	317,712		100.0	%


40		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		6.0	%
Deutsche Boerse AG	Germany		4.3
Linde AG	Germany		4.0
Alphabet, Inc.	United States		3.8
Harris Corp.	United States		3.4
Raytheon Co.	United States		3.2
Mondelez International, Inc.	United States		3.2
MasterCard, Inc.	United States		3.0
Airbus SE	France		2.9
InterXion Holding N.V.	Netherlands		2.9

Total			36.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		41

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.8%

AUSTRALIA - 1.9%
Treasury Wine Estates Ltd.		5,188,255		$	65,593

BELGIUM - 1.2%
Umicore S.A.		721,616			40,358

BRAZIL - 0.9%
Pagseguro Digital Ltd., Class A⁽¹⁾		1,157,141			32,018

CHINA - 2.5%
Tencent Holdings Ltd.		1,632,817			67,412
Xiaomi Corp., Class B⁽¹⁾		8,012,200			15,864

					83,276
DENMARK - 2.0%
Genmab AS⁽¹⁾		440,484			69,266

FRANCE - 2.0%
Vivendi S.A.		2,637,814			67,899

GERMANY - 1.6%
Adidas AG		225,757			55,280

HONG KONG - 5.2%
Sands China Ltd.		11,690,889			52,941
Techtronic Industries Co., Ltd.		19,178,745			122,496

					175,437
INDIA - 2.0%
HDFC Bank Ltd. (DR)		712,868			67,081

JAPAN - 8.0%
Daifuku Co., Ltd.		1,005,900			51,260
Keyence Corp.		70,200			40,766
Nintendo Co., Ltd.		240,526			87,768
Shiseido Co., Ltd.		1,198,018			92,777

					272,571
NETHERLANDS - 3.5%
ASML Holding N.V. (DR)		415,814			78,181
ING Groep N.V.		3,048,833			39,590

					117,771
SPAIN - 2.6%
Amadeus IT Group S.A.		963,943			89,557

SWITZERLAND - 5.3%
Lonza Group AG⁽¹⁾		245,135			83,677
Temenos AG⁽¹⁾		591,571			95,963

					179,640
UNITED KINGDOM - 7.4%
AstraZeneca plc		1,091,075			84,800
Burberry Group plc		597,431			15,691
Fevertree Drinks plc		1,805,738			84,918
London Stock Exchange Group plc		1,118,417			66,852

					252,261
UNITED STATES - 49.7%
Activision Blizzard, Inc.		532,904			44,332
Alphabet, Inc., Class A⁽¹⁾		75,064			90,608
Anthem, Inc.		377,150			103,358
Aptiv plc		1,003,541			84,197
Atlassian Corp. plc, Class A⁽¹⁾		484,657			46,595
Bank of America Corp.		4,159,069			122,526
Booking Holdings, Inc.⁽¹⁾		21,636			42,926
Boston Scientific Corp.⁽¹⁾		2,860,188			110,117
Cree, Inc.⁽¹⁾		430,955			16,320
Fortive Corp.		339,189			28,560
IHS Markit Ltd.⁽¹⁾		4,198,682			226,561
LKQ Corp.⁽¹⁾		2,008,581			63,612
Lowe’s Cos., Inc.		583,427			66,989
Noble Energy, Inc.		2,640,702			82,363
Pioneer Natural Resources Co.		555,581			96,777
Progressive Corp.		1,125,435			79,951
S&P Global, Inc.		83,047			16,227
salesforce.com, Inc.⁽¹⁾		421,509			67,033
State Street Corp.		125,111			10,482
Visa, Inc., Class A		1,548,088			232,352
Worldpay, Inc., Class A⁽¹⁾		604,858			61,254

					1,693,140

Total common stocks (Cost $2,434,573)					3,261,148

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.7%

MONEY MARKET FUNDS - 3.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		42,463,907			42,464
Federated Treasury Obligations Fund - Institutional Class, 2.06%		42,463,907			42,464


42		Artisan Partners Funds


	Shares Held		Value
MONEY MARKET FUNDS (CONTINUED)
Fidelity Treasury Fund - Institutional Class, 1.97%		42,462,357		$	42,462

Total short-term investments (cash equivalents) (Cost $127,390)					127,390

Total investments - 99.5% (Cost $2,561,963)					3,388,538

Other assets less liabilities - 0.5%					16,548


Total net assets - 100.0%⁽²⁾				$	3,405,086

⁽¹⁾

Non-income producing security.

⁽²⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	358,019		10.6	%
Consumer Discretionary			504,132		14.9
Consumer Staples			243,288		7.2
Energy			179,140		5.3
Financials			402,709		11.9
Health Care			451,218		13.3
Industrials			306,381		9.0
Information Technology			775,903		22.9
Materials			40,358		1.2
Short-term investments			127,390		3.7

Total investments		$	3,388,538		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	65,593		1.9	%
British pound			252,261		7.5
Danish krone			69,266		2.1
Euro			292,684		8.6
Hong Kong dollar			258,713		7.6
Japanese yen			272,571		8.0
Swiss franc			179,640		5.3
U.S. dollar			1,997,810		59.0

Total investments		$	3,388,538		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Visa, Inc.	United States		6.8	%
IHS Markit Ltd.	United States		6.7
Bank of America Corp.	United States		3.6
Techtronic Industries Co., Ltd.	Hong Kong		3.6
Boston Scientific Corp.	United States		3.2
Anthem, Inc.	United States		3.0
Pioneer Natural Resources Co.	United States		2.8
Temenos AG	Switzerland		2.8
Shiseido Co., Ltd.	Japan		2.7
Alphabet, Inc.	United States		2.7

Total			37.9	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		43

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.4%

BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.		611,730		$	64,136

BRAZIL - 2.3%
Telefonica Brasil S.A. (DR)		8,948,560			87,070

CANADA - 2.2%
Imperial Oil Ltd.		2,537,164			82,107

CHINA - 3.2%
Baidu, Inc. (DR)⁽¹⁾		519,714			118,848

DENMARK - 1.9%
Carlsberg AS, Class B		136,604			16,385
ISS AS		1,520,031			53,485

					69,870
FRANCE - 1.7%
Sodexo S.A.		603,217			63,971

INDIA - 1.0%
Bharti Infratel Ltd.		10,182,186			36,830

JAPAN - 1.4%
Yahoo Japan Corp.		14,347,300			51,646

KOREA - 6.9%
Hyundai Motor Co.		247,706			28,918
KT&G Corp.		350,970			32,906
Naver Corp.		33,638			21,713
Samsung Electronics Co., Ltd.		4,119,175			172,491

					256,028
NETHERLANDS - 3.1%
ING Groep N.V.		4,295,475			55,778
NXP Semiconductors N.V.		677,815			57,953

					113,731
NORWAY - 0.4%
Orkla ASA		1,992,635			16,835

SPAIN - 1.1%
Bankia S.A.		10,723,502			42,045

SWITZERLAND - 9.9%
ABB Ltd.		4,575,994			108,129
Cie Financiere Richemont S.A.		638,367			52,037
SWITZERLAND (CONTINUED)
LafargeHolcim Ltd.⁽¹⁾		1,137,852			56,174
Nestle S.A.		701,054			58,447
UBS Group AG⁽¹⁾		5,826,881			92,028

					366,815
UNITED KINGDOM - 9.3%
GlaxoSmithKline plc		3,188,003			63,858
IMI plc		1,287,396			18,407
Lloyds Banking Group plc		125,165,903			96,694
Royal Bank of Scotland Group plc		20,698,959			67,447
Tesco plc		32,061,097			100,209

					346,615
UNITED STATES - 45.3%
Advance Auto Parts, Inc.		564,478			95,019
Allergan plc		312,903			59,602
Alphabet, Inc., Class A⁽¹⁾		45,314			54,698
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		26,818			32,006
American Express Co.		918,857			97,849
Aon plc		393,740			60,549
Arch Capital Group Ltd.⁽¹⁾		3,885,187			115,817
Bank of New York Mellon Corp.		2,559,220			130,495
Citigroup, Inc.		1,776,425			127,441
DENTSPLY SIRONA, Inc.		2,004,355			75,644
Expedia Group, Inc.		562,668			73,417
FedEx Corp.		236,678			56,990
Fluor Corp.		574,565			33,381
Johnson & Johnson		440,632			60,882
Marsh & McLennan Cos., Inc.		1,451,203			120,044
Medtronic plc		1,071,701			105,423
Oracle Corp.		2,581,375			133,096
Progressive Corp.		928,249			65,943
QUALCOMM, Inc.		1,726,338			124,348
United Technologies Corp.		441,138			61,675

					1,684,319

Total common stocks (Cost $2,845,420)					3,400,866

PREFERRED STOCK - 0.1%

KOREA - 0.1%
Hyundai Motor Co., 5.11%⁽²⁾		59,646			4,554

Total preferred stock (Cost $5,443)					4,554


44		Artisan Partners Funds


	Shares Held		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.1%

MONEY MARKET FUNDS - 8.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		100,178,531		$	100,179
Federated Treasury Obligations Fund - Institutional Class, 2.06%		100,178,531			100,179
Fidelity Treasury Fund - Institutional Class, 1.97%		100,169,665			100,170

Total short-term investments (cash equivalents) (Cost $300,528)					300,528

Total investments - 99.6% (Cost $3,151,391)					3,705,948

Other assets less liabilities - 0.4%					14,202


Total net assets - 100.0%⁽³⁾				$	3,720,150

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	402,811		10.9	%
Consumer Discretionary			317,916		8.6
Consumer Staples			224,782		6.1
Energy			82,107		2.2
Financials			1,136,266		30.7
Health Care			365,409		9.8
Industrials			332,067		8.9
Information Technology			487,888		13.2
Materials			56,174		1.5
Short-term investments			300,528		8.1

Total investments		$	3,705,948		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	346,615		9.3	%
Canadian dollar			82,107		2.2
Danish krone			69,870		1.9
Euro			225,930		6.1
Indian rupee			36,830		1.0
Japanese yen			51,646		1.4
Korean won			260,582		7.0
Norwegian krone			16,835		0.5
Swiss franc			366,815		9.9
U.S. dollar			2,248,718		60.7

Total investments		$	3,705,948		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS -
September 30, 2018

Values in thousands

Contract
Settlement
Date

Contract Amount

Unrealized
Depreciation

Counterparty

Deliver

Receive

JPMorgan Chase Bank N.A.

11/7/2018

CNH

663,945

USD

96,252

(138

)

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		4.6	%
Oracle Corp.	United States		3.6
Bank of New York Mellon Corp.	United States		3.5
Citigroup, Inc.	United States		3.4
QUALCOMM, Inc.	United States		3.3
Marsh & McLennan Cos., Inc.	United States		3.2
Baidu, Inc.	China		3.2
Arch Capital Group Ltd.	United States		3.1
ABB Ltd.	Switzerland		2.9
Medtronic plc	United States		2.8

Total			33.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		45

ARTISAN HIGH INCOME FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Principal Amount			Value
CORPORATE BONDS - 71.0%

AGRICULTURE - 0.4%
Pinnacle Operating Corp., 9.00%, 5/15/2023^(1)(2)(3)		$	13,301		$	11,838

BUILDING MATERIALS - 0.4%
Jeld-Wen, Inc., 4.63%, 12/15/2025⁽⁴⁾			15,232			14,052

CHEMICALS - 0.9%
Alpha 2 BV, 8.75% Cash, 9.50% PIK, 6/1/2023⁽⁴⁾⁽⁵⁾			9,950			10,099
OCI N.V., 6.63%, 4/15/2023⁽⁴⁾⁽⁵⁾			15,200			15,732
Starfruit Finco BV / Starfruit US Holdco LLC, 8.00%, 10/1/2026⁽⁴⁾⁽⁵⁾			2,350			2,383

						28,214
COMMERCIAL SERVICES - 2.4%
Great Lakes Dredge & Dock Corp., 8.00%, 5/15/2022			28,620			29,407
Laureate Education, Inc., 8.25%, 5/1/2025⁽⁴⁾			14,453			15,477
ServiceMaster Co., LLC, 5.13%, 11/15/2024⁽⁴⁾			32,732			32,318

						77,202
DIVERSIFIED FINANCIAL SERVICES - 5.1%
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.50%, 4/15/2021⁽⁴⁾			18,612			19,031
NFP Corp., 6.88%, 7/15/2025⁽⁴⁾			61,848			61,848
Quicken Loans, Inc., 5.25%, 1/15/2028⁽⁴⁾			20,000			18,575
Springleaf Finance Corp., 7.13%, 3/15/2026			32,000			31,940
Werner FinCo L.P. / Werner FinCo, Inc., 8.75%, 7/15/2025⁽⁴⁾			35,865			34,609

						166,003
ENGINEERING & CONSTRUCTION - 2.8%
Frontdoor, Inc., 6.75%, 8/15/2026⁽⁴⁾			28,500			29,355
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/1/2022⁽⁴⁾			9,515			10,187
Tutor Perini Corp., 6.88%, 5/1/2025⁽⁴⁾			50,260			51,642

						91,184
GAS - 0.2%
AmeriGas Partners L.P. / AmeriGas Finance Corp., 5.63%, 5/20/2024			6,500			6,451

HEALTHCARE-SERVICES - 3.5%
Eagle Holding Co., II LLC, 7.63% Cash, 8.38% PIK, 5/15/2022⁽⁴⁾			24,486			24,792
Hadrian Merger Sub, Inc., 8.50%, 5/1/2026⁽⁴⁾			20,500			19,578
HCA, Inc.,
5.25%, 4/15/2025			20,000			20,625
5.38%, 2/1/2025			9,000			9,180
5.38%, 9/1/2026			5,000			5,060
5.50%, 6/15/2047			30,000			30,412
5.63%, 9/1/2028			5,000			5,025

						114,672
INSURANCE - 4.6%
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/2025⁽⁴⁾			45,075			42,018
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 8.25%, 8/1/2023⁽⁴⁾			4,515			4,673
Ardonagh Midco 3 plc, 8.63%, 7/15/2023⁽⁴⁾⁽⁵⁾			46,050			45,474
AssuredPartners, Inc., 7.00%, 8/15/2025⁽⁴⁾			10,996			10,886
HUB International Ltd., 7.00%, 5/1/2026⁽⁴⁾			28,554			28,592
York Risk Services Holding Corp., 8.50%, 10/1/2022⁽⁴⁾			18,727			16,433

						148,076
INVESTMENT COMPANIES - 1.2%
Compass Group Diversified Holdings LLC, 8.00%, 5/1/2026⁽⁴⁾			39,000			40,170

MACHINERY-DIVERSIFIED - 1.2%
SPX FLOW, Inc.,
5.63%, 8/15/2024⁽⁴⁾			22,025			22,133
5.88%, 8/15/2026⁽⁴⁾			15,600			15,678

						37,811
MEDIA - 14.1%
Altice Luxembourg S.A.,
7.63%, 2/15/2025⁽⁴⁾⁽⁵⁾			35,000			31,719
7.75%, 5/15/2022⁽⁴⁾⁽⁵⁾			5,000			4,866
Cablevision Systems Corp.,
5.88%, 9/15/2022			69,077			70,415
8.00%, 4/15/2020			4,767			5,023


46		Artisan Partners Funds


	Principal Amount			Value
MEDIA (CONTINUED)
CCO Holdings LLC / CCO Holdings Capital Corp.,
5.00%, 2/1/2028⁽⁴⁾		$	22,000		$	20,678
5.13%, 5/1/2027⁽⁴⁾			46,000			43,613
5.50%, 5/1/2026⁽⁴⁾			108,580			107,358
5.75%, 2/15/2026⁽⁴⁾			25,000			25,094
5.88%, 5/1/2027⁽⁴⁾			4,000			3,965
Cequel Communications Holdings I LLC / Cequel Capital Corp., 7.50%, 4/1/2028⁽⁴⁾			20,000			20,950
CSC Holdings LLC, 6.75%, 11/15/2021			23,000			24,236
Virgin Media Secured Finance plc,
5.25%, 1/15/2026⁽⁴⁾⁽⁵⁾			12,000			11,734
5.50%, 8/15/2026⁽⁴⁾⁽⁵⁾			45,999			45,539
Ziggo Bond Finance BV, 6.00%, 1/15/2027⁽⁴⁾⁽⁵⁾			30,966			28,218
Ziggo BV, 5.50%, 1/15/2027⁽⁴⁾⁽⁵⁾			15,000			14,074

						457,482
MISCELLANEOUS MANUFACTURING - 0.5%
FXI Holdings, Inc., 7.88%, 11/1/2024⁽⁴⁾			16,600			15,832

OIL & GAS - 10.7%
Callon Petroleum Co., 6.13%, 10/1/2024			25,745			26,196
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/2023			24,000			24,510
8.25%, 7/15/2025			17,810			19,146
CrownRock L.P. / CrownRock Finance, Inc., 5.63%, 10/15/2025⁽⁴⁾			27,310			26,730
Endeavor Energy Resources L.P. / EER Finance, Inc.,
5.50%, 1/30/2026⁽⁴⁾			36,212			36,212
5.75%, 1/30/2028⁽⁴⁾			30,700			30,700
EP Energy LLC / Everest Acquisition Finance, Inc.,
8.00%, 2/15/2025⁽⁴⁾			101,684			77,788
9.38%, 5/1/2020			10,251			10,174
Laredo Petroleum, Inc., 6.25%, 3/15/2023			7,000			7,000
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/2026⁽⁴⁾			21,000			20,974
Seven Generations Energy Ltd.,
5.38%, 9/30/2025⁽⁴⁾⁽⁵⁾			9,623			9,358
6.75%, 5/1/2023⁽⁴⁾⁽⁵⁾			42,170			43,435
6.88%, 6/30/2023⁽⁴⁾⁽⁵⁾			15,440			15,980

						348,203
PACKAGING & CONTAINERS - 3.2%
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/2026			30,397			27,813
PACKAGING & CONTAINERS (CONTINUED)
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/2026⁽⁴⁾			23,083			22,102
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026			5,126			5,574
Multi-Color Corp., 4.88%, 11/1/2025⁽⁴⁾			33,036			30,889
W/S Packaging Holdings, Inc., 9.00%, 4/15/2023⁽⁴⁾			15,405			15,925

						102,303
PHARMACEUTICALS - 0.5%
Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.75%, 11/1/2024⁽⁴⁾			12,530			13,376
NVA Holdings, Inc., 6.88%, 4/1/2026⁽⁴⁾			4,000			3,990

						17,366
PIPELINES - 0.9%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.38%, 9/15/2024			28,850			29,029

REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.0%
Iron Mountain US Holdings, Inc., 5.38%, 6/1/2026⁽⁴⁾			5,580			5,256
Iron Mountain, Inc., 5.75%, 8/15/2024			36,609			36,225
Vereit Operating Partnership L.P.,
4.60%, 2/6/2024			17,216			17,305
4.88%, 6/1/2026			69,785			70,388

						129,174
RETAIL - 8.8%
Beacon Roofing Supply, Inc., 4.88%, 11/1/2025⁽⁴⁾			66,500			61,263
Carvana Co., 8.88%, 10/1/2023⁽⁴⁾			8,000			8,040
Ferrellgas L.P. / Ferrellgas Finance Corp.,
6.50%, 5/1/2021			72,075			64,507
6.75%, 6/15/2023			3,816			3,186
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp.,
8.63%, 6/15/2020			6,128			5,822
8.63%, 6/15/2020			23,748			22,561
Group 1 Automotive, Inc., 5.25%, 12/15/2023⁽⁴⁾			19,905			19,606
J Crew Brand LLC / J Crew Brand Corp., 13.00%, 9/15/2021⁽⁴⁾			35,835			42,464
Penske Automotive Group, Inc., 5.38%, 12/1/2024			12,452			12,203
Sonic Automotive, Inc., 5.00%, 5/15/2023			49,502			46,656

						286,308


Artisan Partners Funds		47


	Principal Amount			Value
SOFTWARE - 3.0%
First Data Corp., 5.75%, 1/15/2024⁽⁴⁾		$	66,320		$	67,166
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/2024⁽⁴⁾			27,489			30,122

						97,288
TELECOMMUNICATIONS - 2.6%
T-Mobile USA, Inc.,
4.50%, 2/1/2026			21,900			20,876
4.75%, 2/1/2028			17,640			16,604
6.50%, 1/15/2026			45,750			47,932

						85,412

Total corporate bonds (Cost $2,317,977)						2,304,070

BANK LOANS - 22.5%⁽⁶⁾

ADVERTISING - 0.7%
Red Ventures LLC First Lien Term Loan B, 1 Month LIBOR + 4.00%, 6.24%, 11/8/2024			5,723			5,785
Red Ventures LLC Second Lien Term Loan, 1 Month LIBOR + 8.00%, 10.24%, 11/8/2025			15,031			15,313

						21,098
AEROSPACE/DEFENSE - 1.0%
Jazz Acquisition, Inc. First Lien Term Loan, 3 Month LIBOR + 3.50%, 5.89%, 6/19/2021			25,129			24,428
Jazz Acquisition, Inc. Second Lien Term Loan, 3 Month LIBOR + 6.75%, 9.14%, 6/19/2022			7,000			6,650

						31,078
AGRICULTURE - 0.3%
Pinnacle Operating Corp. First Lien Term Loan B, 1 Month LIBOR + 7.25%, 9.49%, 11/15/2021⁽¹⁾			9,247			8,276

APPAREL - 0.0%^†
Fullbeauty Brands Holdings Corp. Second Lien Term Loan, 1 Month LIBOR + 9.00%, 11.34%, 10/13/2023			1,000			71

CHEMICALS - 0.6%
Starfruit US Holldco LLC First Lien Term Loan B, 1 Month LIBOR + 3.25%, 5.51%, 9/20/2025⁽⁵⁾⁽⁷⁾			20,000			20,076
COMMERCIAL SERVICES - 0.7%
Boing US Holdco, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.25%, 5.59%, 10/3/2024			6,948			6,977
Weight Watchers International, Inc. First Lien Term Loan B,
1 Month LIBOR + 4.75%, 6.86%, 11/29/2024			2,639			2,669
3 Month LIBOR + 4.75%, 7.09%, 11/29/2024			14,205			14,364

						24,010
DIVERSIFIED FINANCIAL SERVICES - 0.5%
Werner FinCo L.P. First Lien Term Loan B, 3 Month LIBOR + 4.00%, 6.10%, 7/24/2024⁽¹⁾			16,884			16,862

ENGINEERING & CONSTRUCTION - 0.5%
Pisces Midco, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.75%, 6.09%, 4/12/2025			9,975			10,063
Verra Mobility Corp. First Lien Term Loan B, 1 Month LIBOR + 3.75%, 5.99%, 2/28/2025			7,463			7,490

						17,553
FOOD - 0.2%
Chobani LLC First Lien Term Loan B, 1 Month LIBOR 3.50%, 5.76%, 10/7/2023⁽⁷⁾			7,830			7,634

HEALTHCARE-SERVICES - 2.9%
CCS-CMGC Holdings, Inc. First Lien Term Loan, 1 Month LIBOR 5.50%, 7.76%, 9/25/2025⁽⁷⁾			12,000			12,000
Community Health Systems, Inc. First Lien Term Loan H, 3 Month LIBOR + 3.25%, 5.56%, 1/27/2021			36,165			35,672
DentalCorp Perfect Smile ULC First Lien Delayed Draw Term Loan, 5.99%, 6/6/2025^(1)(5)(7)			1,099			1,109
DentalCorp Perfect Smile ULC Second Lien Delayed Draw Term Loan, 9.74%, 6/6/2026^(1)(5)(7)			561			565
DentalCorp Perfect Smile ULC First Lien Term Loan, 1 Month LIBOR + 3.75%, 5.99%, 6/6/2025⁽¹⁾⁽⁵⁾			17,556			17,710
DentalCorp Perfect Smile ULC Second Lien Term Loan, 1 Month LIBOR + 7.50%, 9.74%, 6/6/2026⁽¹⁾⁽⁵⁾			8,840			8,906


48		Artisan Partners Funds


	Principal Amount			Value
HEALTHCARE-SERVICES (CONTINUED)
Heartland Dental LLC First Lien Term Loan, 1 Month LIBOR + 3.75%, 5.99%, 4/30/2025		$	17,348		$	17,348

						93,310
INSURANCE - 3.5%
AssuredPartners, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.25%, 5.47%, 10/22/2024			19,802			19,843
Hub International Limited Term Loan B, 2 Month LIBOR + 3.00%, 5.34%, 4/25/2025			6,983			6,995
USI, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.00%, 5.39%, 5/16/2024			57,711			57,725
York Risk Services Holding Corp. First Lien Term Loan B, 1 Month LIBOR + 3.75%, 5.99%, 10/1/2021			31,710			30,647

						115,210
INTERNET - 0.7%
Ancestry.com Operations, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.25%, 5.50%, 10/19/2023			21,994			22,063

INVESTMENT COMPANIES - 1.7%
TKC Holdings, Inc. First Lien Term Loan, 2 Month LIBOR + 3.75%, 6.00%, 2/1/2023			29,861			29,880
TKC Holdings, Inc. Second Lien Term Loan, 3 Month LIBOR + 8.00%, 10.25%, 2/1/2024			25,000			25,167

						55,047
MACHINERY-DIVERSIFIED - 0.3%
STS Operating, Inc. 2017 Term Loan, 1 Month LIBOR + 4.25%, 6.49%, 12/11/2024			9,962			9,937

PACKAGING & CONTAINERS - 0.1%
Crown Americas, LLC 2018 Term Loan B, 1 Month LIBOR + 2.00%, 4.16%, 4/3/2025			2,993			3,006

PHARMACEUTICALS - 0.3%
Pearl Intermediate Parent LLC Delayed Draw Term Loan, 4.92%, 2/14/2025⁽⁷⁾			628			621
Pearl Intermediate Parent LLC First Lien Term Loan, 1 Month LIBOR + 2.75%, 4.92%, 2/14/2025			7,689			7,607

						8,228
RETAIL - 1.9%
J. Crew Group, Inc. First Lien Term Loan B,
1 Month LIBOR + 3.22%, 5.45%, 3/5/2021			11,248			10,226
1 Month LIBOR + 3.22%, 5.46%, 3/5/2021			8,054			7,321
J. Crew Group, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.22%, 5.61%, 3/5/2021			29,641			26,946
Neiman Marcus Group Ltd. LLC First Lien Term Loan, 1 Month LIBOR + 3.25%, 5.37%, 10/25/2020			18,724			17,371

						61,864
SOFTWARE - 4.9%
Applied Systems, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.00%, 5.39%, 9/19/2024			7,413			7,450
Renaissance Holding Corp. First Lien Term Loan, 3 Month LIBOR + 3.25%, 5.49%, 5/30/2025			10,973			10,945
Renaissance Holding Corp. Second Lien Term Loan, 3 Month LIBOR + 7.00%, 9.24%, 5/29/2026			22,617			22,504
Vertafore, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.25%, 5.49%, 7/2/2025			50,000			50,200
Vertafore, Inc. Second Lien Term Loan, 1 Month LIBOR + 7.25%, 9.49%, 7/2/2026			67,000			67,461

						158,560
TELECOMMUNICATIONS - 0.4%
Intelsat Jackson Holdings S.A. First Lien Term Loan B3, 3 Month LIBOR + 3.75%, 5.98%, 11/27/2023⁽⁵⁾			14,369			14,419

TRANSPORTATION - 1.3%
SIRVA Worldwide, Inc. 2018 First Lien Term Loan, 1 Month LIBOR + 5.50%, 7.74%, 7/20/2025⁽¹⁾			14,000			14,000
SIRVA Worldwide, Inc. 2018 First Lien Term Loan, 2 Month LIBOR + 5.50%, 7.70%, 7/20/2025⁽¹⁾			14,000			14,000
SIRVA Worldwide, Inc. 2018 First Lien Term Loan, 3 Month LIBOR + 5.50%, 7.81%, 7/20/2025⁽¹⁾			14,000			14,000

						42,000

Total bank loans (Cost $713,116)						730,302


Artisan Partners Funds		49


	Principal Amount			Value
CONVERTIBLE DEBENTURE - 0.5%

MEDIA - 0.5%
DISH Network Corp., 2.38%, 3/15/2024		$	19,200		$	17,018

Total convertible debenture (Cost $16,094)						17,018

	Shares Held
PREFERRED STOCKS - 0.3%

AGRICULTURE - 0.2%
Pinnacle Agriculture Holdings LLC^{(1)(3)(8)(9)(10)}			9,263			4,308

RETAIL - 0.1%
Chinos Holdings, Inc., 7.00% Cash, 8.50% PIK^(4)(9)(11)			4,540			3,359

Total preferred stocks (Cost $8,231)						7,667

COMMON STOCK - 0.0%^†

RETAIL - 0.0%^†
Chinos Holdings, Inc., Class A^(1)(10)			406			1,218

Total common stock (Cost $–)						1,218

	Principal Amount
CORPORATE BOND ESCROWS - 0.0%

CHEMICALS - 0.0%
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020^{(1)(8)(9)(10)}		$	2,000			–

OIL & GAS - 0.0%
Midstates Petroleum Co., Inc. / Midstates Petroleum Co., LLC, escrow, 10.00%, 6/1/2020^{(1)(8)(9)(10)}			13,300			–

Total corporate bond escrows (Cost $–)						–

	Shares Held
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%

MONEY MARKET FUNDS - 5.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%			58,531,907			58,532
MONEY MARKET FUNDS (CONTINUED)
Federated Treasury Obligations Fund - Institutional Class, 2.06%			58,531,907			58,532
Fidelity Treasury Fund - Institutional Class, 1.97%			58,527,638			58,528

Total short-term investments (cash equivalents) (Cost $175,592)						175,592

Total investments - 99.7% (Cost $3,231,010)						3,235,867

Other assets less liabilities - 0.3%						10,086


Total net assets - 100.0%⁽¹²⁾					$	3,245,953

^†

Amount rounds to less than 0.1%.

⁽¹⁾

Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $112,792, or 3.5% of total net assets.

⁽²⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A Security”). May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽³⁾

Security was deemed restricted as of September 30, 2018.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Pinnacle Operating Corp. 9.00%, 5/15/2023		3/28/2014- 3/24/2017		$	15,521		$	11,838		0.4	%
Pinnacle Agriculture Holdings LLC		3/10/2017			6,546			4,308		0.1	%

⁽⁴⁾

Rule 144A Security has been deemed liquid under procedures established by the board of directors of Artisan Partners Funds.

⁽⁵⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Alpha 2 BV, 8.75%, 6/1/2023	Netherlands	U.S. dollar
Altice Luxembourg S.A. 7.63%, 2/15/2025	Luxembourg	U.S. dollar
7.75%, 5/15/2022	Luxembourg	U.S. dollar
Ardonagh Midco 3 plc, 8.63%, 7/15/2023	United Kingdom	U.S. dollar


50		Artisan Partners Funds


Security	Country	Trading Currency
DentalCorp Perfect Smile ULC,
First Lien Delayed Draw Term Loan, 5.99%, 6/6/2025	Canada	U.S. dollar
Second Lien Delayed Draw Term Loan, 9.74%, 6/6/2026	Canada	U.S. dollar
First Lien Term Loan, 1 Month LIBOR + 3.75%, 5.99%, 6/6/2025	Canada	U.S. dollar
Second Lien Term Loan, 1 Month LIBOR + 7.50%, 9.74%, 6/6/2026	Canada	U.S. dollar
Intelsat Jackson Holdings S.A., First Lien Term Loan B3, 3 Month LIBOR + 3.75%, 5.98%, 11/27/2023	Luxembourg	U.S. dollar
OCI N.V., 6.63%, 4/15/2023	Netherlands	U.S. dollar
Seven Generations Energy Ltd. 5.38%, 9/30/2025	Canada	U.S. dollar
6.75%, 5/1/2023	Canada	U.S. dollar
6.88%, 6/30/2023	Canada	U.S. dollar
Starfruit Finco BV / Starfruit US Holdco LLC, 8.00%, 10/1/2026	Netherlands	U.S. dollar
Starfruit US Holldco LLC, First Lien Term Loan B, 1 Month LIBOR + 3.25%, 5.51%, 9/20/2025	Netherlands	U.S. dollar
Virgin Media Secured Finance plc 5.25%, 1/15/2026	United Kingdom	U.S. dollar
5.50%, 8/15/2026	United Kingdom	U.S. dollar
Ziggo Bond Finance BV, 6.00%, 1/15/2027	Netherlands	U.S. dollar
Ziggo BV, 5.50%, 1/15/2027	Netherlands	U.S. dollar

⁽⁶⁾

Floating rate instruments, unless otherwise noted, the rate disclosed was as of September 30, 2018.

⁽⁷⁾

Estimated interest rate is shown. Effective interest rate is determined on the settlement date.

⁽⁸⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $4,308, or 0.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁹⁾

Non-voting shares.

⁽¹⁰⁾

Non-income producing security.

⁽¹¹⁾

Perpetual – Security does not have a predetermined maturity date. Rate for this security is fixed for a period of time, after which it reverts to a floating rate. Interest rate in effect is as of September 30, 2018.

⁽¹²⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(LIBOR) London Interbank Offered Rate

(PIK) Payment-in-kind security, may pay interest/dividend in additional par/shares.

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $9,223 or 0.3% of the total net assets as of September 30, 2018, which could be drawn at the option of the borrower:


Borrower	Unfunded Commitment Amount			Unfunded Value			Unrealized Appreciation (Depreciation)
DentalCorp Perfect Smile ULC First Lien Delayed Draw Term Loan		$	3,298		$	3,327		$	29
DentalCorp Perfect Smile ULC Second Lien Delayed Draw Term Loan			1,649			1,661			12
Heartland Dental LLC Delayed Draw Term Loan			2,609			2,609			–
Pearl Intermediate Parent LLC Delayed Draw Term Loan			1,644			1,626			(18	)

		$	9,200		$	9,223		$	23


FUTURES CONTRACT - September 30, 2018
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Notional Amount			Notional Value			Unrealized Appreciation
Short position contract:
U.S. Treasury 20 year Long Bond		(196	)		12/19/2018		$	19,600		$	27,538		$	417


CREDIT DIVERSIFICATION - September 30, 2018
	Percentage of Total Net Assets
BBB		4.4	%
BB		26.7
B		43.6
CCC		19.6
C		0.0	^†
Unrated		0.3

^†

Amount rounds to less than 0.1%.

Credit quality ratings apply to the underlying holdings of the Fund and not the Fund itself. The credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s or Moody’s Investor Services


Artisan Partners Funds		51

(shown using the rating scale of Standard & Poor’s). Investments designated as unrated are not rated by either rating agency. Credit Diversification excludes short-term investments, equity securities and other assets less liabilities. Credit quality ratings are subjective opinions, not statements of fact, and are subject to change.


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
CCO Holdings LLC / CCO Holdings Capital Corp.	United States		6.2	%
Vertafore, Inc.	United States		3.6
EP Energy LLC / Everest Acquisition Finance, Inc.	United States		2.7
Vereit Operating Partnership L.P.	United States		2.7
T-Mobile USA, Inc.	United States		2.6
Cablevision Systems Corp.	United States		2.3
HCA, Inc.	United States		2.2
Seven Generations Energy Ltd.	Canada		2.1
Ferrellgas L.P. / Ferrellgas Finance Corp.	United States		2.1
First Data Corp.	United States		2.1

Total			28.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


52		Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.6%

BELGIUM - 1.9%
Anheuser-Busch InBev S.A.		2,811,521		$	245,542

BRAZIL - 1.9%
B3 S.A. - Brasil Bolsa Balcao		5,212,112			30,200
Petroleo Brasileiro S.A. (DR)		17,700,870			213,649

					243,849
CANADA - 3.4%
Canadian National Railway Co.		1,371,959			123,202
Canadian Pacific Railway Ltd.		1,475,569			312,732

					435,934
CHINA - 0.2%
Kweichow Moutai Co., Ltd., Class A		250,673			26,595

DENMARK - 1.3%
Genmab AS⁽¹⁾		1,047,170			164,667

FINLAND - 0.8%
Fortum Oyj		4,231,613			106,074

FRANCE - 12.3%
Air Liquide S.A.		2,173,401			285,904
Airbus SE		4,284,647			538,162
BNP Paribas S.A.		2,938,126			179,810
Eiffage S.A.		1,579,186			176,311
Safran S.A.		1,071,632			150,177
Schneider Electric SE		1,056,821			85,033
Vinci S.A.		1,891,496			180,126

					1,595,523
GERMANY - 26.4%
Allianz SE		1,300,697			289,954
Beiersdorf AG		2,071,706			233,752
Deutsche Boerse AG		5,683,658			761,526
Deutsche Post AG		12,584,180			448,700
Linde AG, Tender Shares		3,068,426			725,701
Linde AG		27,812			5,750
SAP SE		439,292			54,064
Symrise AG		1,191,685			108,779
Wirecard AG		3,581,711			776,401

					3,404,627
HONG KONG - 3.0%
AIA Group Ltd.		43,162,308			385,400
INDIA - 1.9%
Housing Development Finance Corp., Ltd.		9,976,623			240,848

INDONESIA - 0.6%
Bank Rakyat Indonesia Persero Tbk PT		357,463,015			75,563

IRELAND - 1.7%
Ryanair Holdings plc, Equity-Linked Security^{(1)(2)(3)(4)(5)}		14,149,638			215,541

ITALY - 3.4%
Assicurazioni Generali S.p.A.		14,581,881			251,923
Intesa Sanpaolo S.p.A.		74,940,315			191,508

					443,431
JAPAN - 2.4%
Calbee, Inc.		4,685,076			154,218
Japan Exchange Group, Inc.		3,400,700			59,262
Nippon Shinyaku Co., Ltd.		207,300			13,593
Rohm Co., Ltd.		968,052			70,546
Taiyo Nippon Sanso Corp.		700,700			10,484

					308,103
NETHERLANDS - 5.7%
Akzo Nobel N.V.		868,246			81,191
ASML Holding N.V.		598,953			111,892
ING Groep N.V.		29,903,296			388,300
Koninklijke DSM N.V.		1,409,476			149,312

					730,695
RUSSIA - 1.1%
MMC Norilsk Nickel PJSC (DR)		8,486,221			146,812

SWITZERLAND - 6.7%
Credit Suisse Group AG⁽¹⁾		4,590,550			68,994
Idorsia Ltd.⁽¹⁾		1,196,374			30,135
Lonza Group AG⁽¹⁾		443,500			151,388
Nestle S.A.		5,228,023			435,864
Sonova Holding AG		911,535			181,397

					867,778
UNITED KINGDOM - 10.0%
British American Tobacco plc		1,775,849			82,968
ConvaTec Group plc		59,529,562			180,321
Experian plc		5,644,283			144,965
Ferguson plc		3,451,686			293,105
Glencore plc⁽¹⁾		36,871,803			159,411
HSBC Holdings plc		16,864,351			147,229
London Stock Exchange Group plc		2,279,027			136,226


Artisan Partners Funds		53


	Shares Held		Value
UNITED KINGDOM (CONTINUED)
Rentokil Initial plc		25,935,641		$	107,634
Standard Chartered plc		5,608,485			46,522

					1,298,381
UNITED STATES - 6.9%
Aon plc		1,941,813			298,612
Medtronic plc		5,149,533			506,560
Spotify Technology S.A.⁽¹⁾		138,030			24,960
WABCO Holdings, Inc.⁽¹⁾		546,806			64,489

					894,621

Total common stocks and equity-linked security (Cost $9,152,690)					11,829,984

PREFERRED STOCKS - 3.3%

BRAZIL - 1.5%
Petroleo Brasileiro S.A., 0.38%⁽³⁾		37,754,772			197,162

GERMANY - 1.8%
Henkel AG & Co., KGaA, 1.80%⁽³⁾		1,961,398			230,119

Total preferred stocks (Cost $403,792)					427,281

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.9%

MONEY MARKET FUNDS - 3.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		167,899,835			167,900
Federated Treasury Obligations Fund - Institutional Class, 2.06%		167,899,835			167,900
Fidelity Treasury Fund - Institutional Class, 1.97%		167,888,918			167,889

Total Short-Term Investments (Cash Equivalents) (Cost $503,689)					503,689

Total investments - 98.8% (Cost $10,060,171)					12,760,954

Other assets less liabilities - 1.2%					155,893


Total net assets - 100.0%⁽⁶⁾				$	12,916,847

⁽¹⁾

Non-income producing security.

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $215,541, or 1.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

Non-voting shares.

⁽⁴⁾

Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 9/28/2018		$	132,381		$	215,541		1.7	%

⁽⁵⁾

Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁶⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	24,960		0.2	%
Consumer Staples			1,409,058		11.1
Energy			410,811		3.2
Financials			3,551,877		27.8
Health Care			1,228,061		9.6
Industrials			2,840,177		22.3
Information Technology			1,012,903		7.9
Materials			1,673,344		13.1
Utilities			106,074		0.8
Short-term investments			503,689		4.0

Total investments		$	12,760,954		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	227,362		1.8	%
British pound			1,298,381		10.2
Chinese yuan renminbi offshore			26,595		0.2
Danish krone			164,667		1.3
Euro			6,756,011		52.9
Hong Kong dollar			385,400		3.0
Indian rupee			240,848		1.9
Indonesian rupiah			75,563		0.6
Japanese yen			308,103		2.4
Swiss franc			867,778		6.8
U.S. dollar			2,410,246		18.9

Total investments		$	12,760,954		100.0	%


54		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		6.0	%
Deutsche Boerse AG	Germany		5.9
Linde AG	Germany		5.7
Airbus SE	France		4.2
Medtronic plc	United States		3.9
Deutsche Post AG	Germany		3.5
Nestle S.A.	Switzerland		3.4
Petroleo Brasileiro S.A.	Brazil		3.2
ING Groep N.V.	Netherlands		3.0
AIA Group Ltd.	Hong Kong		3.0

Total			41.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		55

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 89.5%

ARGENTINA - 0.1%
Bolsas y Mercados Argentinos SA		61,116		$	533

CANADA - 2.9%
Morneau Shepell, Inc.		266,000			5,575
Theratechnologies, Inc.⁽¹⁾		933,890			6,276

					11,851
DENMARK - 0.9%
Nilfisk Holding AS⁽¹⁾		69,544			3,546

FINLAND - 1.4%
Cramo Oyj		255,484			5,763

FRANCE - 5.9%
Euronext N.V.		254,384			16,732
Virbac S.A.⁽¹⁾		42,071			6,985

					23,717
GERMANY - 10.6%
BRAIN Biotechnology Research & Information Network AG⁽¹⁾		140,556			2,889
PVA TePla AG⁽¹⁾		199,084			3,236
RIB Software SE		231,699			4,915
SGL Carbon SE⁽¹⁾		390,946			4,278
Tele Columbus AG⁽¹⁾		1,161,151			3,350
Wirecard AG		111,351			24,137

					42,805
HONG KONG - 0.9%
Chow Tai Fook Jewellery Group Ltd.		3,599,000			3,701

INDIA - 2.0%
Care Ratings Ltd.		325,937			5,328
ICICI Securities Ltd.		690,147			2,744

					8,072
IRELAND - 3.8%
Dalata Hotel Group plc		1,028,619			8,181
Hibernia REIT plc		4,382,672			7,225

					15,406
ITALY - 5.9%
Banca Generali S.p.A.		237,775			6,151
Davide Campari-Milano S.p.A.⁽²⁾		752,606			6,410
Enav S.p.A.		1,693,526			8,254
Servizi Italia S.p.A.		624,044			2,927

					23,742
JAPAN - 8.1%
Azbil Corp.		198,200			4,312
Nichiban Co., Ltd.		165,900			3,992
OBIC Business Consultants Co., Ltd.		43,900			3,918
Yume No Machi Souzou Iinkai Co., Ltd.		359,900			11,593
Zenkoku Hosho Co., Ltd.		220,125			8,806

					32,621
NETHERLANDS - 6.9%
InterXion Holding N.V.⁽¹⁾		416,730			28,046

POLAND - 1.7%
AmRest Holdings SE⁽¹⁾		55,197			6,730

PORTUGAL - 3.9%
Banco Comercial Portugues S.A.⁽¹⁾		28,169,586			8,340
NOS SGPS S.A.		1,244,817			7,458

					15,798
SPAIN - 6.4%
Aedas Homes SAU⁽¹⁾		330,778			10,454
Cellnex Telecom S.A.		578,072			15,188

					25,642
SWEDEN - 14.6%
Ahlsell AB		969,741			5,429
Cellavision AB		406,227			12,387
Dometic Group AB		720,316			6,318
Haldex AB		988,782			9,702
Loomis AB, Class B		99,451			3,203
RaySearch Laboratories AB⁽¹⁾		634,068			8,725
SyntheticMR AB⁽¹⁾⁽³⁾		298,702			13,242

					59,006
UNITED KINGDOM - 9.5%
Domino’s Pizza Group plc		1,317,363			4,797
HomeServe plc		268,187			3,583
NEX Group plc		1,924,047			24,928
Superdry plc		361,173			5,112

					38,420
UNITED STATES - 4.0%
GCP Applied Technologies, Inc.⁽¹⁾		256,672			6,815
ViewRay, Inc.⁽¹⁾		1,006,412			9,420

					16,235

Total common stocks (Cost $293,247)					361,634


56		Artisan Partners Funds


	Shares Held		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.8%

MONEY MARKET FUNDS - 9.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		13,162,925		$	13,163
Federated Treasury Obligations Fund - Institutional Class, 2.06%		13,162,924			13,163
Fidelity Treasury Fund - Institutional Class, 1.97%		13,161,135			13,161

Total short-term investments (cash equivalents) (Cost $39,487)					39,487

Total investments - 99.3% (Cost $332,734)					401,121

Other assets less liabilities - 0.7%					3,004


Total net assets - 100.0%⁽⁴⁾				$	404,125

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	25,996		6.5	%
Consumer Discretionary			46,432		11.6
Consumer Staples			6,410		1.6
Financials			73,562		18.3
Health Care			59,962		15.0
Industrials			53,325		13.3
Information Technology			68,564		17.1
Materials			9,704		2.4
Real Estate			17,679		4.4
Short-term investments			39,487		9.8

Total investments		$	401,121		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	38,420		9.6	%
Canadian dollar			11,851		3.0
Danish krone			3,546		0.9
Euro			152,873		38.1
Hong Kong dollar			3,701		0.9
Indian rupee			8,072		2.0
Japanese yen			32,621		8.1
Polish zloty			6,730		1.7
Swedish krona			59,006		14.7
U.S. dollar			84,301		21.0

Total investments		$	401,121		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
InterXion Holding N.V.	Netherlands		6.9	%
NEX Group plc	United Kingdom		6.2
Wirecard AG	Germany		6.0
Euronext N.V.	France		4.1
Cellnex Telecom S.A.	Spain		3.8
SyntheticMR AB	Sweden		3.3
Cellavision AB	Sweden		3.1
Yume No Machi Souzou Iinkai Co., Ltd.	Japan		2.9
Aedas Homes SAU	Spain		2.6
Haldex AB	Sweden		2.4

Total			41.3	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		57

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 86.2%

BELGIUM - 2.5%
Groupe Bruxelles Lambert S.A.		3,685,378		$	386,386

BRAZIL - 2.2%
Telefonica Brasil S.A. (DR)		35,384,257			344,289

CANADA - 2.4%
Imperial Oil Ltd.		11,323,306			366,441

CHINA - 3.3%
Baidu, Inc. (DR)⁽¹⁾		2,184,977			499,661

DENMARK - 2.1%
Carlsberg AS, Class B		1,433,971			171,999
ISS AS		4,239,621			149,178

					321,177
FRANCE - 4.0%
Sodexo S.A.		3,393,515			359,884
Vivendi S.A.		10,042,045			258,487

					618,371
INDIA - 2.9%
Bharti Infratel Ltd.		41,294,845			149,365
HCL Technologies Ltd.		20,233,624			303,114

					452,479
JAPAN - 1.4%
Yahoo Japan Corp.		60,825,100			218,953

KOREA - 7.3%
Hyundai Motor Co.		920,139			107,422
KT&G Corp.		444,208			41,648
Naver Corp.		276,056			178,189
Samsung Electronics Co., Ltd.		18,825,449			788,318

					1,115,577
NETHERLANDS - 5.0%
Akzo Nobel N.V.		410,229			38,361
ING Groep N.V.		40,929,188			531,473
NXP Semiconductors N.V.		2,392,552			204,563

					774,397
NORWAY - 0.4%
Orkla ASA		7,215,292			60,958

SPAIN - 1.4%
Bankia S.A.		54,629,270			214,194

SWEDEN - 0.8%
Telefonaktiebolaget LM Ericsson, Class B		14,245,678			126,437

SWITZERLAND - 19.7%
ABB Ltd.		24,045,128			568,174
Cie Financiere Richemont S.A.		4,002,651			326,281
LafargeHolcim Ltd.⁽¹⁾		6,528,485			322,300
Nestle S.A.		3,661,933			305,298
Novartis AG		5,637,069			484,786
Panalpina Welttransport Holding AG⁽²⁾		2,295,359			334,457
Pargesa Holding S.A.		1,265,602			101,684
UBS Group AG⁽¹⁾		36,728,937			580,088

					3,023,068
UNITED KINGDOM - 19.6%
Compass Group plc		30,022,900			667,590
Diageo plc		4,220,136			149,559
GlaxoSmithKline plc		13,060,343			261,607
IMI plc		6,728,030			96,199
John Wood Group plc		12,351,725			124,222
Lloyds Banking Group plc		432,398,029			334,039
RELX plc		21,166,185			445,822
RELX plc⁽¹⁾		4,194,764			88,129
Royal Bank of Scotland Group plc		117,952,372			384,348
Tesco plc		143,403,433			448,215

					2,999,730
UNITED STATES - 11.2%
Allergan plc		813,353			154,927
Aon plc		1,808,491			278,110
Arch Capital Group Ltd.⁽¹⁾⁽²⁾		20,447,091			609,528
Medtronic plc		4,393,627			432,201
TE Connectivity Ltd.		2,705,620			237,905

					1,712,671
Total common stocks (Cost $10,828,619)					13,234,789

PREFERRED STOCKS - 0.7%

KOREA - 0.7%
Hyundai Motor Co., 5.11%⁽³⁾		266,479			20,348
Samsung Electronics Co., Ltd., 3.56%⁽³⁾		2,295,250			78,319

					98,667

Total preferred stocks (Cost $69,053)					98,667


58		Artisan Partners Funds


	Shares Held		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.3%

MONEY MARKET FUNDS - 12.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		630,363,824		$	630,364
Federated Treasury Obligations Fund - Institutional Class, 2.06%		630,363,824			630,364
Fidelity Treasury Fund - Institutional Class, 1.97%		630,368,028			630,368

Total short-term investments (cash equivalents) (Cost $1,891,096)					1,891,096

Total investments - 99.2% (Cost $12,788,768)					15,224,552

Other assets less liabilities - 0.8%					126,144


Total net assets - 100.0%⁽⁴⁾				$	15,350,696

⁽¹⁾

Non-income producing security.

⁽²⁾

Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾

Non-voting shares.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,648,944		10.8	%
Consumer Discretionary			1,481,525		9.7
Consumer Staples			1,177,677		7.7
Energy			490,663		3.2
Financials			3,419,850		22.5
Health Care			1,333,521		8.8
Industrials			1,681,959		11.1
Information Technology			1,738,656		11.4
Materials			360,661		2.4
Short-term investments			1,891,096		12.4

Total investments		$	15,224,552		100.0	%


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	2,911,601		19.1	%
Canadian dollar			366,441		2.4
Danish krone			321,177		2.1
Euro			1,876,914		12.3
Indian rupee			452,479		3.0
Japanese yen			218,953		1.4
Korean won			1,214,244		8.0
Norwegian krone			60,958		0.4
Swedish krona			126,437		0.8
Swiss franc			3,023,068		19.9
U.S. dollar			4,652,280		30.6

Total investments		$	15,224,552		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS -
September 30, 2018

Dollar values in thousands

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation/
(Depreciation)

Counterparty

Deliver

Receive

JPMorgan Chase Bank N.A.

10/25/2018

JPY

21,285,675

USD

188,852

1,199

JPMorgan Chase Bank N.A.

11/7/2018

CNH

2,770,487

USD

401,638

(577

)

622

JPY - Japanese yen

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.7	%
Compass Group plc	United Kingdom		4.4
Arch Capital Group Ltd.	United States		4.0
UBS Group AG	Switzerland		3.8
ABB Ltd.	Switzerland		3.7
RELX plc	United Kingdom		3.5
ING Groep N.V.	Netherlands		3.5
Baidu, Inc.	China		3.3
Novartis AG	Switzerland		3.2
Tesco plc	United Kingdom		2.9

Total			38.0	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		59

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 97.3%

COMMUNICATION SERVICES - 3.9%
Entertainment - 2.6%
Take-Two Interactive Software, Inc.⁽¹⁾		710,322		$	98,017
Zynga, Inc., Class A⁽¹⁾		16,497,207			66,154

					164,171
Interactive Media & Services - 0.5%
Twitter, Inc.⁽¹⁾		1,103,449			31,404

Media - 0.8%
New York Times Co., Class A		2,032,935			47,063

CONSUMER DISCRETIONARY - 10.9%
Auto Components - 2.6%
Aptiv plc		1,277,114			107,150
Delphi Technologies plc		1,621,824			50,860

					158,010
Distributors - 0.9%
LKQ Corp.⁽¹⁾		1,772,216			56,126

Hotels, Restaurants & Leisure - 0.5%
Chipotle Mexican Grill, Inc.⁽¹⁾		61,903			28,136

Internet & Direct Marketing Retail - 3.0%
Expedia Group, Inc.		776,042			101,258
Wayfair, Inc., Class A⁽¹⁾		578,891			85,485

					186,743
Specialty Retail - 0.5%
Tiffany & Co.		248,177			32,008

Textiles, Apparel & Luxury Goods - 3.4%
Canada Goose Holdings, Inc.⁽¹⁾⁽²⁾		1,241,062			80,098
Lululemon Athletica, Inc.⁽¹⁾		597,444			97,079
Under Armour, Inc., Class A⁽¹⁾		1,445,873			30,681

					207,858
CONSUMER STAPLES - 1.5%
Beverages - 1.0%
Treasury Wine Estates Ltd.⁽²⁾		4,767,192			60,270

Food Products - 0.5%
Kellogg Co.		455,823			31,917

ENERGY - 2.3%
Oil, Gas & Consumable Fuels - 2.3%
Concho Resources, Inc.⁽¹⁾		930,092			142,071

FINANCIALS - 9.6%
Banks - 3.6%
First Republic Bank		1,193,378			114,564
SVB Financial Group⁽¹⁾		337,448			104,889

					219,453
Capital Markets - 2.3%
MarketAxess Holdings, Inc.		131,324			23,440
TD Ameritrade Holding Corp.		2,268,610			119,851

					143,291
Insurance - 3.7%
Progressive Corp.		3,202,838			227,529

HEALTH CARE - 17.4%
Biotechnology - 5.5%
Alexion Pharmaceuticals, Inc.⁽¹⁾		691,248			96,090
Exact Sciences Corp.⁽¹⁾		1,029,765			81,269
Genmab AS⁽¹⁾⁽²⁾		493,424			77,591
Neurocrine Biosciences, Inc.⁽¹⁾		674,514			82,932

					337,882
Health Care Equipment & Supplies - 8.1%
Align Technology, Inc.⁽¹⁾		165,712			64,830
Boston Scientific Corp.⁽¹⁾		5,074,393			195,364
Edwards Lifesciences Corp.⁽¹⁾		834,384			145,266
Insulet Corp.⁽¹⁾		292,311			30,970
West Pharmaceutical Services, Inc.		532,467			65,744

					502,174
Health Care Technology - 3.3%
Veeva Systems, Inc., Class A⁽¹⁾		1,865,558			203,103

Life Sciences Tools & Services - 0.5%
Lonza Group AG⁽¹⁾⁽²⁾		89,128			30,424

INDUSTRIALS - 17.2%
Aerospace & Defense - 3.2%
BWX Technologies, Inc.		1,235,267			77,254
Harris Corp.		711,220			120,345

					197,599
Commercial Services & Supplies - 1.3%
Cintas Corp.		387,875			76,725


60		Artisan Partners Funds


	Shares Held		Value
Industrial Conglomerates - 2.0%
Roper Technologies, Inc.		417,309		$	123,611

Machinery - 5.2%
Fortive Corp.		373,682			31,464
Gardner Denver Holdings, Inc.⁽¹⁾		3,926,227			111,269
Stanley Black & Decker, Inc.		806,848			118,155
Wabtec Corp.		590,623			61,945

					322,833
Professional Services - 5.5%
IHS Markit Ltd.⁽¹⁾		4,162,040			224,584
TransUnion		1,537,609			113,137

					337,721
INFORMATION TECHNOLOGY - 32.5%
Communications Equipment - 2.0%
Motorola Solutions, Inc.		947,767			123,342

Electronic Equipment, Instruments & Components - 3.0%
Cognex Corp.		554,475			30,951
Coherent, Inc.⁽¹⁾		192,845			33,206
FLIR Systems, Inc.		1,445,628			88,863
Trimble, Inc.⁽¹⁾		744,274			32,346

					185,366
IT Services - 8.3%
Global Payments, Inc.		2,356,854			300,263
Pagseguro Digital Ltd., Class A⁽¹⁾⁽²⁾		2,139,717			59,206
Worldpay, Inc., Class A⁽¹⁾		1,522,028			154,136

					513,605
Semiconductors & Semiconductor Equipment - 5.5%
Advanced Micro Devices, Inc.⁽¹⁾		2,691,629			83,144
Cree, Inc.⁽¹⁾		1,881,145			71,239
Lam Research Corp.		466,321			70,741
Maxim Integrated Products, Inc.		1,331,942			75,108
Microchip Technology, Inc.		475,071			37,488

					337,720
Software - 13.7%
Atlassian Corp. plc, Class A⁽¹⁾		3,106,631			298,672
Box, Inc., Class A⁽¹⁾		2,403,333			57,464
Guidewire Software, Inc.⁽¹⁾		1,396,642			141,075
HubSpot, Inc.⁽¹⁾		293,847			44,356
Proofpoint, Inc.⁽¹⁾		508,652			54,085
Tableau Software, Inc., Class A⁽¹⁾		1,601,065			178,903
Temenos AG⁽¹⁾⁽²⁾		437,866			71,029

					845,584
MATERIALS - 2.0%
Chemicals - 1.1%
Albemarle Corp.		705,686			70,414

Construction Materials - 0.9%
Vulcan Materials Co.		485,677			54,006

Total common stocks (Cost $4,167,966)					5,998,159

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.6%

MONEY MARKET FUNDS - 2.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		53,370,503			53,371
Federated Treasury Obligations Fund - Institutional Class, 2.06%		53,370,503			53,371
Fidelity Treasury Fund - Institutional Class, 1.97%		53,376,834			53,377

Total short-term investments (cash equivalents) (Cost $160,119)					160,119

Total investments - 99.9% (Cost $4,328,085)					6,158,278

Other assets less liabilities - 0.1%					6,413


Total net assets - 100.0%⁽³⁾				$	6,164,691

⁽¹⁾

Non-income producing security.

⁽²⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Canada Goose Holdings, Inc.	Canada	U.S. dollar
Genmab AS	Denmark	Danish krone
Lonza Group AG	Switzerland	Swiss franc
Pagseguro Digital Ltd., Class A	Brazil	U.S. dollar
Temenos AG	Switzerland	Swiss franc
Treasury Wine Estates Ltd.	Australia	Australian dollar

⁽³⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


Artisan Partners Funds		61


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	60,270		1.0	%
Danish krone			77,591		1.3
Swiss franc			101,453		1.6
U.S. dollar			5,918,964		96.1

Total investments		$	6,158,278		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		4.9	%
Atlassian Corp. plc	United States		4.8
Progressive Corp.	United States		3.7
IHS Markit Ltd.	United States		3.6
Veeva Systems, Inc.	United States		3.3
Boston Scientific Corp.	United States		3.2
Tableau Software, Inc.	United States		2.9
Worldpay, Inc.	United States		2.5
Edwards Lifesciences Corp.	United States		2.4
Concho Resources, Inc.	United States		2.3

Total			33.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


62		Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.0%

COMMUNICATION SERVICES - 13.6%
Interactive Media & Services - 5.4%
IAC/InterActiveCorp⁽¹⁾		546,240		$	118,381
TripAdvisor, Inc.⁽¹⁾		1,172,999			59,905

					178,286
Media - 8.2%
CBS Corp., Class B⁽²⁾		1,369,659			78,687
GCI Liberty, Inc., Class A⁽¹⁾		1,361,069			69,414
News Corp., Class A⁽²⁾		4,267,996			56,295
Omnicom Group, Inc.		961,935			65,431

					269,827
CONSUMER DISCRETIONARY - 13.7%
Auto Components - 3.9%
Delphi Technologies plc		1,785,071			55,980
Gentex Corp.		3,458,032			74,209

					130,189
Diversified Consumer Services - 2.1%
H&R Block, Inc.		2,662,954			68,571

Internet & Direct Marketing Retail - 5.0%
Expedia Group, Inc.		301,789			39,378
Liberty Expedia Holdings, Inc., Class A⁽¹⁾		862,970			40,594
Qurate Retail, Inc.⁽¹⁾		3,905,506			86,741

					166,713
Specialty Retail - 2.7%
AutoNation, Inc.⁽¹⁾		2,124,740			88,283

CONSUMER STAPLES - 3.0%
Food & Staples Retailing - 3.0%
Kroger Co.		3,397,681			98,906

ENERGY - 10.7%
Oil, Gas & Consumable Fuels - 10.7%
Andeavor		447,623			68,710
Apache Corp.		1,090,454			51,982
Cimarex Energy Co.		776,258			72,145
Devon Energy Corp.		1,866,817			74,561
Hess Corp.		1,195,378			85,565

					352,963
FINANCIALS - 21.3%
Banks - 5.9%
Fifth Third Bancorp		2,947,829			82,303
M&T Bank Corp.		437,072			71,916
Pinnacle Financial Partners, Inc.		693,981			41,743

					195,962
Capital Markets - 1.6%
Intercontinental Exchange, Inc.		691,595			51,794

Consumer Finance - 2.1%
Synchrony Financial		2,235,754			69,487

Insurance - 11.7%
Alleghany Corp.		64,997			42,412
Aon plc		398,917			61,345
Arch Capital Group Ltd.⁽¹⁾		2,419,044			72,112
Fairfax Financial Holdings Ltd.⁽³⁾		34,441			18,702
Loews Corp.		982,335			49,343
Progressive Corp.		760,117			53,999
Torchmark Corp.		1,026,017			88,945

					386,858
HEALTH CARE - 1.1%
Health Care Providers & Services - 1.1%
AmerisourceBergen Corp.		386,950			35,685

INDUSTRIALS - 15.7%
Aerospace & Defense - 1.3%
Rockwell Collins, Inc.		294,671			41,392

Construction & Engineering - 4.2%
Fluor Corp.		1,271,171			73,855
Jacobs Engineering Group, Inc.		868,066			66,407

					140,262
Marine - 2.4%
Kirby Corp.⁽¹⁾		979,594			80,572

Road & Rail - 4.6%
AMERCO		229,975			82,021
Ryder System, Inc.		959,466			70,108

					152,129
Trading Companies & Distributors - 3.2%
Air Lease Corp.		2,313,224			106,131

INFORMATION TECHNOLOGY - 4.5%
Electronic Equipment, Instruments & Components - 2.1%
Arrow Electronics, Inc.⁽¹⁾		929,502			68,523

Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.		851,337			78,715


Artisan Partners Funds		63


	Shares Held		Value
MATERIALS - 7.7%
Chemicals - 7.7%
Axalta Coating Systems Ltd.⁽¹⁾		2,285,220		$	66,637
Celanese Corp., Series A		1,060,335			120,878
Nutrien Ltd.⁽³⁾		1,147,392			66,205

					253,720
REAL ESTATE - 2.7%
Equity Real Estate Investment Trusts (REITs) - 2.7%
Equity Commonwealth⁽¹⁾		2,021,317			64,864
STORE Capital Corp.		921,879			25,619

					90,483

Total common stocks (Cost $1,992,176)					3,105,451

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.9%

MONEY MARKET FUNDS - 5.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		64,579,154			64,579
Federated Treasury Obligations Fund - Institutional Class, 2.06%		64,579,154			64,579
Fidelity Treasury Fund - Institutional Class, 1.97%		64,569,802			64,570

Total short-term investments (cash equivalents) (Cost $193,728)					193,728

Total investments - 99.9% (Cost $2,185,904)					3,299,179

Other assets less liabilities - 0.1%					4,759


Total net assets - 100.0%⁽⁴⁾				$	3,303,938

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Fairfax Financial Holdings Ltd.	Canada	U.S. dollar
Nutrien Ltd.	Canada	U.S. dollar

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Celanese Corp.	United States		3.7	%
IAC/InterActiveCorp	United States		3.6
Air Lease Corp.	United States		3.2
Kroger Co.	United States		3.0
Torchmark Corp.	United States		2.7
AutoNation, Inc.	United States		2.7
Qurate Retail, Inc.	United States		2.6
Hess Corp.	United States		2.6
Fifth Third Bancorp	United States		2.5
AMERCO	United States		2.5

Total			29.1	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


64		Artisan Partners Funds

ARTISAN SMALL CAP FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 98.2%

COMMUNICATION SERVICES - 2.2%
Entertainment - 1.3%
Zynga, Inc., Class A⁽¹⁾		6,031,855		$	24,188

Media - 0.9%
New York Times Co., Class A		693,787			16,061

CONSUMER DISCRETIONARY - 13.8%
Auto Components - 2.9%
Delphi Technologies plc		495,170			15,528
Visteon Corp.⁽¹⁾		396,457			36,831

					52,359
Diversified Consumer Services - 4.0%
Bright Horizons Family Solutions, Inc.⁽¹⁾		324,115			38,193
Chegg, Inc.⁽¹⁾		1,176,353			33,444

					71,637
Multiline Retail - 2.5%
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾		464,524			44,641

Specialty Retail - 1.6%
Burlington Stores, Inc.⁽¹⁾		111,824			18,219
Floor & Decor Holdings, Inc., Class A⁽¹⁾		363,021			10,952

					29,171
Textiles, Apparel & Luxury Goods - 2.8%
Canada Goose Holdings, Inc.⁽¹⁾⁽²⁾		787,651			50,835

ENERGY - 1.6%
Oil, Gas & Consumable Fuels - 1.6%
Antero Midstream GP L.P.		703,647			11,906
Callon Petroleum Co.⁽¹⁾		1,502,000			18,009

					29,915
FINANCIALS - 3.6%
Banks - 2.5%
Webster Financial Corp.		774,288			45,652

Capital Markets - 1.1%
Virtu Financial, Inc., Class A		940,195			19,227

HEALTH CARE - 19.8%
Biotechnology - 5.6%
Acceleron Pharma, Inc.⁽¹⁾		297,209			17,009
Argenx SE (DR)⁽¹⁾⁽²⁾		135,028			10,240
Ascendis Pharma AS (DR)⁽¹⁾⁽²⁾		134,362			9,521
Halozyme Therapeutics, Inc.⁽¹⁾		1,254,142			22,788
Neurocrine Biosciences, Inc.⁽¹⁾		272,953			33,560
Radius Health, Inc.⁽¹⁾		426,895			7,599

					100,717
Health Care Equipment & Supplies - 5.7%
DexCom, Inc.⁽¹⁾		410,117			58,663
Glaukos Corp.⁽¹⁾		453,943			29,461
Insulet Corp.⁽¹⁾		102,508			10,861
Tactile Systems Technology, Inc.⁽¹⁾		66,289			4,710

					103,695
Health Care Providers & Services - 1.8%
HealthEquity, Inc.⁽¹⁾		338,491			31,957

Health Care Technology - 5.9%
Tabula Rasa HealthCare, Inc.⁽¹⁾		110,158			8,944
Teladoc Health, Inc.⁽¹⁾		183,221			15,821
Veeva Systems, Inc., Class A⁽¹⁾		750,001			81,652

					106,417
Life Sciences Tools & Services - 0.8%
NeoGenomics, Inc.⁽¹⁾		912,727			14,010

INDUSTRIALS - 20.3%
Aerospace & Defense - 11.4%
BWX Technologies, Inc.		786,673			49,199
Cubic Corp.		230,137			16,812
Curtiss-Wright Corp.		262,022			36,007
HEICO Corp.		326,125			30,202
Teledyne Technologies, Inc.⁽¹⁾		299,874			73,973

					206,193
Machinery - 7.4%
Donaldson Co., Inc.		801,049			46,669
Gardner Denver Holdings, Inc.⁽¹⁾		1,278,740			36,239
John Bean Technologies Corp.		428,706			51,145

					134,053
Trading Companies & Distributors - 1.5%
MRC Global, Inc.⁽¹⁾		819,624			15,384
SiteOne Landscape Supply, Inc.⁽¹⁾		137,591			10,366

					25,750
INFORMATION TECHNOLOGY - 35.7%
Electronic Equipment, Instruments & Components - 4.5%
Cognex Corp.		285,932			15,961
Coherent, Inc.⁽¹⁾		72,903			12,553
Novanta, Inc.⁽¹⁾		475,063			32,495
Rogers Corp.⁽¹⁾		142,861			21,046

					82,055
IT Services - 0.1%
Eventbrite, Inc., Class A⁽¹⁾		43,203			1,640


Artisan Partners Funds		65


	Shares Held		Value
Semiconductors & Semiconductor Equipment - 3.3%
Ambarella, Inc.⁽¹⁾		283,148		$	10,952
Cree, Inc.⁽¹⁾		628,818			23,813
Monolithic Power Systems, Inc.		190,031			23,855

					58,620
Software - 27.8%
ACI Worldwide, Inc.⁽¹⁾		1,372,981			38,636
Benefitfocus, Inc.⁽¹⁾		741,578			29,997
BlackBerry Ltd.⁽¹⁾⁽²⁾		1,277,254			14,535
Blackline, Inc.⁽¹⁾		712,777			40,251
Box, Inc., Class A⁽¹⁾		964,110			23,052
Cision Ltd.⁽¹⁾		1,468,296			24,667
Ellie Mae, Inc.⁽¹⁾		285,455			27,053
Guidewire Software, Inc.⁽¹⁾		594,830			60,084
HubSpot, Inc.⁽¹⁾		223,945			33,804
Proofpoint, Inc.⁽¹⁾		481,887			51,239
Q2 Holdings, Inc.⁽¹⁾		1,050,759			63,623
Tableau Software, Inc., Class A⁽¹⁾		392,159			43,820
Tyler Technologies, Inc.⁽¹⁾		173,400			42,493
Zuora, Inc., Class A⁽¹⁾		407,123			9,409

					502,663
MATERIALS - 1.2%
Chemicals - 1.2%
Ingevity Corp.⁽¹⁾		212,604			21,659

Total common stocks (Cost $1,129,155)					1,773,115

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.8%

MONEY MARKET FUNDS - 1.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		11,142,832			11,143
Federated Treasury Obligations Fund - Institutional Class, 2.06%		11,142,832			11,143
Fidelity Treasury Fund - Institutional Class, 1.97%		11,140,713			11,141

Total short-term investments (cash equivalents) (Cost $33,427)					33,427

Total investments - 100.0% (Cost $1,162,582)					1,806,542

Other assets less liabilities - (0.0)%^†					(663	)


Total net assets - 100.0%⁽³⁾				$	1,805,879

^†

Amount rounds to less than 0.1%.

⁽¹⁾

Non-income producing security.

⁽²⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Argenx SE (DR)	Belgium	U.S. dollar
Ascendis Pharma AS (DR)	Denmark	U.S. dollar
BlackBerry Ltd.	Canada	U.S. dollar
Canada Goose Holdings, Inc.	Canada	U.S. dollar

⁽³⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Veeva Systems, Inc.	United States		4.5	%
Teledyne Technologies, Inc.	United States		4.1
Q2 Holdings, Inc.	United States		3.5
Guidewire Software, Inc.	United States		3.3
DexCom, Inc.	United States		3.3
Proofpoint, Inc.	United States		2.8
John Bean Technologies Corp.	United States		2.8
Canada Goose Holdings, Inc.	Canada		2.8
BWX Technologies, Inc.	United States		2.7
Donaldson Co., Inc.	United States		2.6

Total			32.4	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


66		Artisan Partners Funds

ARTISAN THEMATIC FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 83.1%

COMMUNICATIONS - 3.8%
Internet Media - 3.3%
Spotify Technology S.A.⁽¹⁾		21,243		$	3,841

Publishing & Broadcasting - 0.5%
Ocean Outdoor Ltd.^(1)(2)(3)(4)		61,658			639

CONSUMER STAPLES - 4.1%
Packaged Food - 4.1%
Lamb Weston Holdings, Inc.		71,732			4,777

FINANCIALS - 27.1%
Consumer Finance - 3.0%
Visa, Inc., Class A		23,417			3,516

REIT - 15.0%
CoreSite Realty Corp.		26,778			2,976
Crown Castle International Corp.		20,716			2,306
Equinix, Inc.		16,856			7,297
SBA Communications Corp.⁽¹⁾		32,071			5,152

					17,731
Security & Commodity Exchanges - 9.1%
CME Group, Inc.⁽⁵⁾		33,383			5,682
Intercontinental Exchange, Inc.		67,446			5,051

					10,733
HEALTH CARE - 9.4%
Life Science Equipment - 9.4%
Agilent Technologies, Inc.		52,616			3,711
Danaher Corp.		45,829			4,980
Thermo Fisher Scientific, Inc.		9,602			2,344

					11,035

INDUSTRIALS - 11.8%
Aircraft & Parts - 9.9%
Airbus SE⁽²⁾		37,556			4,717
Boeing Co.		4,492			1,670
Harris Corp.		15,860			2,684
L3 Technologies, Inc.		12,454			2,648

					11,719
Commercial & Residential Building Equipment & Services - 0.9%
Acuity Brands, Inc.		6,747			1,061

INDUSTRIALS (CONTINUED)
Defense Primes - 1.0%
Northrop Grumman Corp.		3,692			1,172

TECHNOLOGY - 26.9%
Application Software - 8.0%
Bottomline Technologies de, Inc.⁽¹⁾		29,192			2,122
Tableau Software, Inc., Class A⁽¹⁾		34,908			3,901
Ubisoft Entertainment S.A.⁽¹⁾⁽²⁾		31,341			3,400

					9,423
Information Services - 4.9%
IHS Markit Ltd.⁽¹⁾		107,842			5,819

Infrastructure Software - 10.0%
InterXion Holding N.V.⁽¹⁾⁽²⁾		59,767			4,022
Microsoft Corp.		41,006			4,690
Splunk, Inc.⁽¹⁾		24,911			3,012

					11,724
Payment & Data Processors - 4.0%
Automatic Data Processing, Inc.		31,280			4,713

Total common stocks (Cost $92,159)					97,903

PURCHASED OPTION CONTRACTS - 2.1%
(Cost $2,329)					2,481

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 15.3%

MONEY MARKET FUNDS - 15.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		5,986,017			5,986
Federated Treasury Obligations Fund - Institutional Class, 2.06%		5,986,018			5,986
Fidelity Treasury Fund - Institutional Class, 1.97%		5,987,301			5,987

Total short-term investments (cash equivalents) (Cost $17,959)					17,959

Total investments - 100.5% (Cost $112,447)					118,343


Artisan Partners Funds		67


	Value
WRITTEN OPTION CONTRACTS - (0.0%)^†
(PREMIUMS RECEIVED $(15))		$	(19	)

Other assets less liabilities - (0.5)%			(516	)


Total net assets - 100.0%⁽⁶⁾		$	117,808

^†

Amount rounds to less than 0.1%.

⁽¹⁾

Non-income producing security.

⁽²⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Airbus SE	France	Euro
InterXion Holding N.V.	Netherlands	U.S. dollar
Ocean Outdoor Ltd.	United Kingdom	U.S. dollar
Ubisoft Entertainment S.A.	France	Euro

⁽³⁾

Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $639, or 0.5% of total net assets.

⁽⁴⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $639, or 0.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁵⁾

At September 30, 2018, all or a portion of this security was pledged to cover collateral requirements for options.

⁽⁶⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(REIT) Real Estate Investment Trust.


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	8,117		6.9	%
U.S. dollar			110,226		93.1

Total investments		$	118,343		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS -
September 30, 2018

Values in thousands

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation

Counterparty

Deliver

Receive

JPMorgan Chase Bank N.A.

12/14/2018

EUR

5,473

USD

6,468

EUR - Euro

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Equinix, Inc.	United States		6.2	%
IHS Markit Ltd.	United States		4.9
CME Group, Inc.	United States		4.8
SBA Communications Corp.	United States		4.4
Intercontinental Exchange, Inc.	United States		4.3
Danaher Corp.	United States		4.2
Lamb Weston Holdings, Inc.	United States		4.1
Airbus SE	France		4.0
Automatic Data Processing, Inc.	United States		4.0
Microsoft Corp.	United States		4.0

Total			44.9	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


68		Artisan Partners Funds


PURCHASED OPTION CONTRACTS - September 30, 2018
Description	Exercise Price			Expiration Date		Number of Contracts		Notional Amount		Value (000’s)			Premiums Paid by Fund (000’s)			Unrealized Appreciation/ (Depreciation) (000’s)
Calls
Agilent Technologies, Inc.		$	50.00		11/16/2018		250		25,000		$	514		$	513		$	1
Boeing Co.		$	275.00		11/16/2018		85		8,500			831			690			141
DowDuPont, Inc.		$	72.50		1/18/2019		1,050		105,000			54			211			(157	)
Harris Corp.		$	170.00		2/15/2019		390		39,000			329			274			55
L3 Technologies, Inc.		$	220.00		4/18/2019		70		7,000			66			66			–	⁽¹⁾
Northrop Grumman Corp.		$	315.00		2/15/2019		290		29,000			525			396			129

Total Calls											$	2,319		$	2,150		$	169


Puts
Invesco QQQ Trust Series 1		$	183.00		12/21/2018		195		19,500		$	85		$	108		$	(23	)
SPDR S&P 500 ETF Trust		$	289.00		12/21/2018		145		14,500			77			71			6

Total puts											$	162		$	179		$	(17	)

Total purchased option contracts											$	2,481		$	2,329		$	152

⁽¹⁾

Amount rounds to less than $1.


WRITTEN OPTION CONTRACTS - September 30, 2018
Description	Exercise Price			Expiration Date		Number of Contracts			Notional Amount			Value (000’s)				Premiums (Received) by Fund (000’s)				Unrealized Appreciation/ (Depreciation) (000’s)
Calls
Bottomline Technologies de, Inc.		$	75.00		10/19/2018		(155	)		(15,500	)		$	(15	)		$	(7	)		$	(8	)

Total Calls													$	(15	)		$	(7	)		$	(8	)


Puts
Northrop Grumman Corp.		$	280.00		11/16/2018		(35	)		(3,500	)		$	(4	)		$	(8	)		$	4

Total Puts													$	(4	)		$	(8	)		$	4

Total written option contracts													$	(19	)		$	(15	)		$	(4	)


Artisan Partners Funds		69

ARTISAN VALUE FUND

Schedule of Investments – September 30, 2018

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.1%

COMMUNICATION SERVICES - 13.6%
Interactive Media & Services - 7.1%
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		19,516		$	23,292
Facebook, Inc., Class A⁽¹⁾		75,708			12,451

					35,743
Media - 6.5%
CBS Corp., Class B⁽²⁾		246,375			14,154
Comcast Corp., Class A		390,646			13,833
GCI Liberty, Inc., Class A⁽¹⁾		84,895			4,330

					32,317
CONSUMER DISCRETIONARY - 10.8%
Auto Components - 3.1%
Cie Generale des Etablissements Michelin SCA⁽³⁾		128,736			15,388

Internet & Direct Marketing Retail - 5.3%
Expedia Group, Inc.		65,501			8,547
Liberty Expedia Holdings, Inc., Class A⁽¹⁾		125,679			5,912
Qurate Retail, Inc.⁽¹⁾		540,496			12,004

					26,463
Specialty Retail - 2.4%
AutoNation, Inc.⁽¹⁾		296,909			12,336

ENERGY - 11.6%
Oil, Gas & Consumable Fuels - 11.6%
Apache Corp.		212,493			10,130
Devon Energy Corp.		283,351			11,317
EOG Resources, Inc.		77,425			9,877
Hess Corp.		180,537			12,923
Occidental Petroleum Corp.		167,732			13,782

					58,029
FINANCIALS - 19.9%
Banks - 6.5%
Citigroup, Inc.		269,562			19,338
Wells Fargo & Co.		251,454			13,217

					32,555
Capital Markets - 4.4%
Goldman Sachs Group, Inc.		47,686			10,693
Oaktree Capital Group LLC		268,613			11,120

					21,813
Consumer Finance - 2.7%
Synchrony Financial		434,420			13,502

Diversified Financial Services - 4.2%
Berkshire Hathaway, Inc., Class B⁽¹⁾		98,458			21,081

Insurance - 2.1%
Chubb Ltd.		78,795			10,530

HEALTH CARE - 7.0%
Health Care Equipment & Supplies - 2.4%
Medtronic plc		124,074			12,205

Health Care Providers & Services - 1.8%
Cardinal Health, Inc.		168,163			9,081

Pharmaceuticals - 2.8%
Allergan plc		72,769			13,861

INDUSTRIALS - 5.5%
Construction & Engineering - 2.0%
Jacobs Engineering Group, Inc.		129,997			9,945

Trading Companies & Distributors - 3.5%
Air Lease Corp.		380,584			17,461

INFORMATION TECHNOLOGY - 11.1%
Communications Equipment - 2.8%
Cisco Systems, Inc.		289,466			14,083

Semiconductors & Semiconductor Equipment - 1.1%
NXP Semiconductors N.V.⁽³⁾		63,885			5,462

Software - 3.2%
Oracle Corp.		314,768			16,229

Technology Hardware, Storage & Peripherals - 4.0%
Apple, Inc.		88,251			19,922

MATERIALS - 9.6%
Chemicals - 9.6%
Celanese Corp., Series A		73,521			8,381
DowDuPont, Inc.		168,163			10,814
LyondellBasell Industries N.V., Class A		106,308			10,898
Nutrien Ltd.⁽³⁾		314,987			18,175

					48,268


70		Artisan Partners Funds


	Shares Held		Value
REAL ESTATE - 2.0%
Equity Real Estate Investment Trusts (REITs) - 2.0%
Simon Property Group, Inc.		56,703		$	10,022

Total common stocks (Cost $327,271)					456,296

PREFERRED STOCK - 2.6%

INFORMATION TECHNOLOGY - 2.6%
Technology Hardware, Storage & Peripherals - 2.6%
Samsung Electronics Co., Ltd., 3.56%⁽²⁾⁽³⁾		388,750			13,265

Total preferred stock (Cost $4,623)					13,265

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.3%

MONEY MARKET FUNDS - 4.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.04%		7,120,947			7,121
Federated Treasury Obligations Fund - Institutional Class, 2.06%		7,120,947			7,121
Fidelity Treasury Fund - Institutional Class, 1.97%		7,120,070			7,120


Total short-term investments (cash equivalents) (Cost $21,362)					21,362

Total investments - 98.0% (Cost $353,256)					490,923

Other assets less liabilities - 2.0%					9,803


Total net assets - 100.0%⁽⁴⁾				$	500,726

⁽¹⁾

Non-income producing security.

⁽²⁾

Non-voting shares.

⁽³⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Cie Generale des Etablissements Michelin SCA	France	Euro
Nutrien Ltd.	Canada	U.S. dollar
NXP Semiconductors N.V.	Netherlands	U.S. dollar
Samsung Electronics Co., Ltd.,	Korea	Korean won

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


TRADING CURRENCIES - September 30, 2018
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	15,388		3.1	%
Korean won			13,265		2.7
U.S. dollar			462,270		94.2

Total investments		$	490,923		100.0	%


TOP TEN HOLDINGS - September 30, 2018
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		4.7	%
Berkshire Hathaway, Inc.	United States		4.2
Apple, Inc.	United States		4.0
Citigroup, Inc.	United States		3.9
Nutrien Ltd.	Canada		3.6
Air Lease Corp.	United States		3.5
Oracle Corp.	United States		3.2
Cie Generale des Etablissements Michelin SCA	France		3.1
CBS Corp.	United States		2.8
Cisco Systems, Inc.	United States		2.8

Total			35.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		71

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2018

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL DISCOVERY				GLOBAL EQUITY
ASSETS:
Investments in securities, unaffiliated, at value		$	2,085,896			$	53,931			$	73,096			$	308,936
Short-term investments (money market funds), at value			84,345				1,323				2,446				8,776
Total investments			2,170,241				55,254				75,542				317,712
Cash			–	⁽¹⁾			–				–				23
Foreign currency			16,700				19				–	⁽¹⁾			22
Receivable from investments sold			15,297				–				128				3,899
Receivable from fund shares sold			6,652				118				1				198
Dividends and interest receivable			1,821				174				27				340
Other assets			38				6				3				10
Total assets			2,210,749				55,571				75,701				322,204
LIABILITIES:
Payable for investments purchased			16,927				–				337				2,046
Payable for fund shares redeemed			2,238				–	⁽¹⁾			–				6
Payable for operating expenses			485				91				40				112
Payable for deferred director’s compensation			36				6				2				9
Payable for foreign taxes			88				70	⁽²⁾			1				4
Total liabilities			19,774				167				380				2,177
Total net assets		$	2,190,975			$	55,404			$	75,321			$	320,027
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,108,377			$	184,706			$	69,144			$	219,151
Total distributable earnings (loss)			82,598				(129,302	)			6,177				100,876
Total net assets		$	2,190,975			$	55,404			$	75,321			$	320,027
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	477,908			$	49,562			$	75,321			$	123,225
Advisor Shares		$	1,031,825
Institutional Shares		$	681,242			$	5,842							$	196,802
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			42,792,524				3,286,352				6,073,950				5,436,800
Advisor Shares			92,033,719
Institutional Shares			60,640,410				388,775								8,632,694
Net asset value per share
Investor Shares		$	11.17			$	15.08			$	12.40			$	22.66
Advisor Shares		$	11.21
Institutional Shares		$	11.23			$	15.03							$	22.80
Cost of securities of unaffiliated issuers held		$	1,985,544			$	50,816			$	69,186			$	256,375
Cost of foreign currency held		$	16,716			$	19			$	–	⁽¹⁾		$	22

⁽¹⁾Amount rounds to less than $1
⁽²⁾Including foreign taxes on unrealized gains		$	–			$	31			$	–			$	–

The accompanying notes are an integral part of the financial statements.


72		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2018 (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES				GLOBAL VALUE			HIGH INCOME			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value		$	3,261,148			$	3,405,420		$	3,060,275		$	12,257,265
Short-term investments (money market funds), at value			127,390				300,528			175,592			503,689
Total investments			3,388,538				3,705,948			3,235,867			12,760,954
Cash			–				7,761			2,908			2,117
Unrealized gain on unfunded loan commitments			–				–			23			–
Due from broker			–				–			496			–
Foreign currency			–	⁽¹⁾			1,753			–			17,753
Receivable from investments sold			10,541				15,442			30,507			137,376
Receivable for variation margin on futures contracts			–				–			31			–
Receivable from fund shares sold			22,831				4,443			6,395			6,003
Dividends and interest receivable			1,757				13,950			48,122			43,198
Other assets			69				81			57			512
Total assets			3,423,736				3,749,378			3,324,406			12,967,913
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				138			–			–
Dividends payable			–				–			2,902			–
Payable for investments purchased			17,088				495			69,098			32,182
Payable for fund shares redeemed			917				27,260			5,757			14,307
Payable for operating expenses			531				537			639			2,792
Payable for deferred director’s compensation			66				79			57			503
Payable for foreign taxes			48				719			–			1,282
Total liabilities			18,650				29,228			78,453			51,066
Total net assets		$	3,405,086			$	3,720,150		$	3,245,953		$	12,916,847
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,390,690			$	3,021,006		$	3,230,035		$	9,358,227
Total distributable earnings			1,014,396				699,144			15,918			3,558,620
Total net assets		$	3,405,086			$	3,720,150		$	3,245,953		$	12,916,847
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,176,471			$	724,848		$	986,645		$	4,733,866
Advisor Shares		$	583,463			$	851,738		$	1,970,272		$	2,367,026
Institutional Shares		$	1,645,152			$	2,143,564		$	289,036		$	5,815,955
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			42,533,226				39,734,346			99,983,847			141,349,542
Advisor Shares			21,014,990				46,749,056			199,672,169			70,754,835
Institutional Shares			58,777,791				117,304,175			29,299,140			172,512,897
Net asset value per share
Investor Shares		$	27.66			$	18.24		$	9.87		$	33.49
Advisor Shares		$	27.76			$	18.22		$	9.87		$	33.45
Institutional Shares		$	27.99			$	18.27		$	9.87		$	33.71
Cost of securities of unaffiliated issuers held		$	2,561,963			$	3,151,391		$	3,231,010		$	10,060,171
Cost of foreign currency held		$	–	⁽¹⁾		$	1,772		$	–		$	18,714

⁽¹⁾Amount rounds to less than $1

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		73

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2018 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE			MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	348,392			$	12,389,471		$	5,998,159			$	3,105,451
Investments in securities, affiliated, at value			13,242				943,985			–				–
Short-term investments (money market funds), at value			39,487				1,891,096			160,119				193,728
Total investments			401,121				15,224,552			6,158,278				3,299,179
Cash			–				36,413			–	⁽¹⁾			–
Foreign currency			–	⁽¹⁾			6,031			–				–
Unrealized gain on foreign currency forward contracts			–				1,199			–				–
Receivable from investments sold			3,025				1,835			45,247				4,971
Receivable from fund shares sold			98				39,646			3,252				1,869
Dividends and interest receivable			1,009				73,391			1,668				4,319
Other assets			23				417			252				178
Total assets			405,276				15,383,484			6,208,697				3,310,516
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				577			–				–
Payable for investments purchased			812				15,290			26,955				3,170
Payable for fund shares redeemed			139				11,235			15,582				2,182
Payable for operating expenses			169				2,416			1,221				982
Payable for deferred director’s compensation			23				407			248				175
Payable for foreign taxes			8				2,863			–				69
Total liabilities			1,151				32,788			44,006				6,578
Total net assets		$	404,125			$	15,350,696		$	6,164,691			$	3,303,938
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	264,372			$	12,351,459		$	3,372,466			$	1,855,141
Total distributable earnings			139,753				2,999,237			2,792,225				1,448,797
Total net assets		$	404,125			$	15,350,696		$	6,164,691			$	3,303,938
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	228,317			$	3,371,735		$	2,003,621			$	1,294,179
Advisor Shares						$	4,683,702		$	644,777			$	951,667
Institutional Shares		$	175,808			$	7,295,259		$	3,516,293			$	1,058,092
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			9,728,666				91,508,675			44,688,800				54,937,741
Advisor Shares							127,105,226			14,296,297				40,441,760
Institutional Shares			7,452,943				197,065,368			71,919,191				44,905,302
Net asset value per share
Investor Shares		$	23.47			$	36.85		$	44.83			$	23.56
Advisor Shares						$	36.85		$	45.10			$	23.53
Institutional Shares		$	23.59			$	37.02		$	48.89			$	23.56
Cost of securities of unaffiliated issuers held		$	321,237			$	12,351,038		$	4,328,085			$	2,185,904
Cost of securities of affiliated issuers held		$	11,497			$	437,730		$	–			$	–
Cost of foreign currency held		$	–	⁽¹⁾		$	6,098		$	–			$	–

⁽¹⁾Amount rounds to less than $1

The accompanying notes are an integral part of the financial statements.


74		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2018 (Continued)

Dollar values in thousands


	SMALL CAP			THEMATIC				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	1,773,115		$	100,384			$	469,561
Short-term investments (money market funds), at value			33,427			17,959				21,362
Total investments			1,806,542			118,343				490,923
Cash			–			–	⁽¹⁾			–
Unrealized gain on foreign currency forward contracts			–			75				–
Receivable from investments sold			454			91				10,250
Receivable from fund shares sold			1,883			511				384
Dividends and interest receivable			156			76				612
Other assets			45			2				28
Total assets			1,809,080			119,098				502,197
LIABILITIES:
Written options, at value			–			19	⁽²⁾			–
Payable for investments purchased			1,930			1,196				979
Payable for fund shares redeemed			856			21				260
Payable for operating expenses			372			52				186
Payable for deferred director’s compensation			43			2				27
Payable for foreign taxes			–			–				19
Total liabilities			3,201			1,290				1,471
Total net assets		$	1,805,879		$	117,808			$	500,726
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	920,396		$	106,098			$	311,409
Total distributable earnings			885,483			11,710				189,317
Total net assets		$	1,805,879		$	117,808			$	500,726
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	495,803		$	79,673			$	184,869
Advisor Shares		$	495,650		$	38,135			$	130,949
Institutional Shares		$	814,426						$	184,908
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			12,723,954			5,536,432				12,245,520
Advisor Shares			12,692,138			2,649,396				8,706,066
Institutional Shares			20,595,473							12,264,290
Net asset value per share
Investor Shares		$	38.97		$	14.39			$	15.10
Advisor Shares		$	39.05		$	14.39			$	15.04
Institutional Shares		$	39.54						$	15.08
Cost of securities of unaffiliated issuers held		$	1,162,582		$	112,447			$	353,256

⁽¹⁾Amount rounds to less than $1
⁽²⁾Written options, premiums received $15

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		75

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2018

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL DISCOVERY				GLOBAL EQUITY
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	30,707			$	1,312			$	270			$	4,913
Interest			554				5				7				22
Total investment income			31,261				1,317				277				4,935
EXPENSES:
Management fees			23,467				576				359				3,236
Transfer agent fees
Investor Shares			1,386				166				92				358
Advisor Shares			820
Institutional Shares			35				30								29
Custodian fees			587				50				33				65
Accounting fees			74				70				44				73
Professional fees			168				91				43				71
Offering fees			–				–				24				–
Registration fees
Investor Shares			46				21				26				24
Advisor Shares			87
Institutional Shares			28				19								20
Director’s fees			89				6				6				13
Other operating expenses			215				18				3				26
Total operating expenses			27,002				1,047				630				3,915
Less amounts waived or paid by the Adviser			–				(242	)			(77	)			–
Net expenses			27,002				805				553				3,915
Net investment income (loss)			4,259				512				(276	)			1,020
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽³⁾			(87,813	)			2,784				194				45,074
Foreign currency related transactions			(1,989	)			(22	)			(1	)			(51	)
Total realized gain (loss)			(89,802	)			2,762				193				45,023
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁴⁾			(170,497	)			(5,284	)			5,981				1,987
Foreign currency related transactions			7				–	⁽¹⁾			–				(3	)
Total increase (decrease) in unrealized appreciation or depreciation			(170,490	)			(5,284	)			5,981				1,984
Net gain (loss) on investments and foreign currency related transactions			(260,292	)			(2,522	)			6,174				47,007
Net increase (decrease) in net assets resulting from operations		$	(256,033	)		$	(2,010	)		$	5,898			$	48,027

⁽¹⁾Amount rounds to less than $1
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	2,414			$	176			$	13			$	396
⁽³⁾Net of foreign taxes on realized gains			–				1				–				–
⁽⁴⁾Net of decrease in foreign taxes on unrealized gains			–				(96	)			–				–

The accompanying notes are an integral part of the financial statements.


76		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2018 (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	30,892			$	79,839			$	1,274			$	315,545
Interest			560				1,356				186,988				1,348
Total investment income			31,452				81,195				188,262				316,893
EXPENSES:
Management fees			27,190				34,850				19,270				128,233
Transfer agent fees
Investor Shares			2,578				1,856				2,015				12,518
Advisor Shares			431				718				1,489				2,158
Institutional Shares			35				36				34				104
Custodian fees			212				285				64				1,073
Accounting fees			72				74				111				73
Professional fees			143				164				153				461
Registration fees
Investor Shares			45				44				79				99
Advisor Shares			43				85				154				61
Institutional Shares			46				73				22				166
Director’s fees			118				136				105				549
Other operating expenses			172				144				214				661
Total operating expenses			31,085				38,465				23,710				146,156
Net investment income			367				42,730				164,552				170,737
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			204,821				170,655				17,617				1,199,635
Foreign currency forward contracts			–				(9,307	)			–				–
Foreign currency related transactions			(224	)			7,163				–				(3,737	)
Futures contracts			–				–				1,241				–
Total realized gain			204,597				168,511				18,858				1,195,898
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			138,235				(90,039	)			(49,777	)			(716,021	)
Foreign currency forward contracts			–				3,929				–				–
Foreign currency related transactions			45				(112	)			–				(857	)
Futures contracts			–				–				(1	)			–
Unfunded loan commitments			–				–				23				–
Total increase (decrease) in unrealized appreciation or depreciation			138,280				(86,222	)			(49,755	)			(716,878	)
Net gain (loss) on investments and foreign currency related transactions			342,877				82,289				(30,897	)			479,020
Net increase in net assets resulting from operations		$	343,244			$	125,019			$	133,655			$	649,757

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,523			$	5,651				–			$	34,080

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		77

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2018 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	5,343			$	343,487			$	36,035			$	46,068
Dividends, from affiliated issuers⁽²⁾			–				7,524				–				–
Interest			92				7,707				544				973
Total investment income			5,435				358,718				36,579				47,041
EXPENSES:
Management fees			5,954				143,160				60,794				34,672
Transfer agent fees
Investor Shares			608				8,972				4,813				3,768
Advisor Shares							3,693				466				643
Institutional Shares			30				87				52				36
Custodian fees			130				1,324				196				71
Accounting fees			73				74				44				41
Professional fees			82				527				228				174
Registration fees
Investor Shares			20				206				48				46
Advisor Shares							137				43				63
Institutional Shares			19				93				64				54
Director’s fees			20				605				260				149
Other operating expenses			29				1,027				387				637
Total operating expenses			6,965				159,905				67,395				40,354
Net investment income (loss)			(1,530	)			198,813				(30,816	)			6,687
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽³⁾			102,246				710,473				1,325,617				436,692
Investments, from affiliated issuers			(77	)			1,181				–				–
Foreign currency forward contracts			–				(57,057	)			–				–
Foreign currency related transactions			(107	)			32,857				(167	)			–
Total realized gain			102,062				687,454				1,325,450				436,692
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁴⁾			(61,878	)			(1,597,541	)			(53,709	)			(130,183	)
Investments, from affiliated issuers			2,772				391,080				–				–
Foreign currency forward contracts			–				17,891				–				–
Foreign currency related transactions			(19	)			(471	)			15				–
Total decrease in unrealized appreciation or depreciation			(59,125	)			(1,189,041	)			(53,694	)			(130,183	)
Net gain (loss) on investments and foreign currency related transactions			42,937				(501,587	)			1,271,756				306,509
Net increase (decrease) in net assets resulting from operations		$	41,407			$	(302,774	)		$	1,240,940			$	313,196

⁽¹⁾Net of foreign taxes withheld on dividends, unaffiliated issuers		$	580			$	32,073			$	101			$	413
⁽²⁾ Net of foreign taxes withheld on dividends, affiliated issuers			–				1,328				–				–
⁽³⁾Net of foreign taxes on realized gains			–				35				–				–
⁽⁴⁾Net of decrease in foreign taxes on unrealized gains			–				(18	)			–				–

The accompanying notes are an integral part of the financial statements.


78		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2018 (Continued)

Dollar values in thousands


	SMALL CAP				THEMATIC				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	4,384			$	566			$	9,725
Interest			209				16				128
Total investment income			4,593				582				9,853
EXPENSES:
Management fees			14,541				464				4,137
Transfer agent fees
Investor Shares			994				118				485
Advisor Shares			204				3				147
Institutional Shares			34								32
Custodian fees			47				29				32
Accounting fees			41				30				40
Dividends on securities sold short			–				2				–
Professional fees			81				74				63
Offering fees			–				14				–
Registration fees
Investor Shares			22				33				22
Advisor Shares			31				19				22
Institutional Shares			102								26
Director’s fees			57				6				24
Other operating expenses			143				14				85
Total operating expenses			16,297				806				5,115
Less amounts waived or paid by the Adviser			–				(108	)			(14	)
Net expenses			16,297				698				5,101
Net investment income (loss)			(11,704	)			(116	)			4,752
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			307,089				9,387				80,018
Foreign currency forward contracts			–				15				–
Foreign currency related transactions			–				(6	)			20
Written options			–				(2,417	)			–
Securities sold short			–				29				–
Total realized gain			307,089				7,008				80,038
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			156,773				4,866				(29,587	)
Foreign currency forward contracts			–				69				–
Foreign currency related transactions			–				–	⁽¹⁾			–	⁽¹⁾
Written options			–				(2	)			–
Total increase (decrease) in unrealized appreciation or depreciation			156,773				4,933				(29,587	)
Net gain on investments and foreign currency related transactions			463,862				11,941				50,451
Net increase in net assets resulting from operations		$	452,158			$	11,825			$	55,203

⁽¹⁾Amount rounds to less than $1
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	–			$	5			$	257

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		79

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	DEVELOPING WORLD								EMERGING MARKETS
	Year Ended 9/30/2018				Year Ended 9/30/2017				Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income		$	4,259			$	5,224			$	512			$	256
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(87,813	)			54,080				2,784				1,665
Foreign currency related transactions			(1,989	)			(243	)			(22	)			(1	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(170,497	)			238,939				(5,284	)			7,503
Foreign currency related transactions			7				(69	)			–	⁽¹⁾			(1	)
Net increase (decrease) in net assets resulting from operations			(256,033	)			297,931				(2,010	)			9,422
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(17,577	)			(1,258	)⁽²⁾			(238	)			(288	)⁽²⁾
Advisor Shares			(26,894	)			(2,162	)⁽²⁾
Institutional Shares			(25,296	)			(1,987	)⁽²⁾			(44	)			(47	)⁽²⁾
Total distributions paid to shareholders			(69,767	)			(5,407	)			(282	)			(335	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			548,203				791,404				6,558				5,361
Total increase in net assets			222,403				1,083,928				4,266				14,448
Net assets, beginning of period			1,968,572				884,644				51,138				36,690
Net assets, end of period		$	2,190,975			$	1,968,572	⁽²⁾		$	55,404			$	51,138	⁽²⁾

⁽¹⁾ Amount rounds to less than $1
⁽²⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income at September 30, 2017 were as follows:
	Developing World								Emerging Markets
Distribution paid to shareholders
Investor Shares
Net investment income		$	(171	)						$	(288	)
Net realized gains			(1,087	)							–
Advisor Shares
Net investment income			(753	)
Net realized gains			(1,409	)
Institutional Shares
Net investment income			(827	)							(47	)
Net realized gains			(1,160	)							–

Accumulated undistributed net investment income		$	4,433							$	15

The accompanying notes are an integral part of the financial statements.


80		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL DISCOVERY								GLOBAL EQUITY
	Year Ended 9/30/2018				Period Ended 9/30/2017⁽¹⁾				Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(276	)		$	(10	)		$	1,020			$	(220	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			194				(25	)			45,074				20,120
Foreign currency related transactions			(1	)			(1	)			(51	)			(89	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			5,981				375				1,987				25,918
Foreign currency related transactions			–				–				(3	)			11
Net increase in net assets resulting from operations			5,898				339				48,027				45,740
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(90	)			–				(912	)
Institutional Shares											(1,168	)			(186	)⁽²⁾
Total distributions paid to shareholders			(90	)			–				(2,080	)			(186	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			56,352				12,822				(17,298	)			(11,750	)
Total increase in net assets			62,160				13,161				28,649				33,804
Net assets, beginning of period			13,161				–				291,378				257,574
Net assets, end of period		$	75,321			$	13,161	⁽²⁾		$	320,027			$	291,378	⁽²⁾

⁽¹⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.
⁽²⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income/(loss) at September 30, 2017 were as follows:
	Global Discovery								Global Equity
Distribution paid to shareholders
Investor Shares
Net investment income		$	–							$	–
Net realized gains			–								–
Institutional Shares
Net investment income											(186	)
Net realized gains											–

Accumulated undistributed net investment income/(loss)		$	6							$	(28	)

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		81

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES								GLOBAL VALUE
	Year Ended 9/30/2018				Year Ended 9/30/2017				Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	367			$	(4,619	)		$	42,730			$	19,522
Net realized gain (loss) on:
Investments, from unaffiliated issuers			204,821				128,629				170,655				18,452
Foreign currency forward contracts			–				6,592				(9,307	)			1,761
Foreign currency related transactions			(224	)			66				7,163				(321	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			138,235				251,517				(90,039	)			452,558
Foreign currency forward contracts			–				94				3,929				(4,493	)
Foreign currency related transactions			45				47				(112	)			149
Net increase in net assets resulting from operations			343,244				382,326				125,019				487,628
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(41,081	)			(1,289	)⁽¹⁾			(16,006	)			(19,504	)⁽¹⁾
Advisor Shares			(17,255	)			(311	)⁽¹⁾			(17,624	)			(11,287	)⁽¹⁾
Institutional Shares			(56,726	)			(1,335	)⁽¹⁾			(34,390	)			(28,378	)⁽¹⁾
Total distributions paid to shareholders			(115,062	)			(2,935	)			(68,020	)			(59,169	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			473,489				486,587				583,045				582,380
Total increase in net assets			701,671				865,978				640,044				1,010,839
Net assets, beginning of period			2,703,415				1,837,437				3,080,106				2,069,267
Net assets, end of period		$	3,405,086			$	2,703,415	⁽¹⁾		$	3,720,150			$	3,080,106	⁽¹⁾

⁽¹⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income/(loss) at September 30, 2017 were as follows:
	Global Opportunities								Global Value
Distribution paid to shareholders
Investor Shares
Net investment income		$	–							$	(4,872	)
Net realized gains			(1,289	)							(14,632	)
Advisor Shares
Net investment income			–								(3,108	)
Net realized gains			(311	)							(8,179	)
Institutional Shares
Net investment income			–								(8,504	)
Net realized gains			(1,335	)							(19,874	)

Accumulated undistributed net investment income/(loss)		$	(64	)						$	15,538

The accompanying notes are an integral part of the financial statements.


82		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	HIGH INCOME								INTERNATIONAL
	Year Ended 9/30/2018				Year Ended 9/30/2017				Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income		$	164,552			$	125,960			$	170,737			$	120,147
Net realized gain (loss) on:
Investments, from unaffiliated issuers			17,617				60,042				1,199,635				193,492
Investments, from affiliated issuers			–				–				–				9,897
Foreign currency forward contracts			–				92				–				–
Foreign currency related transactions			–				(36	)			(3,737	)			(6,091	)
Futures contracts			1,241				–				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(49,777	)			17,379				(716,021	)			1,592,736
Investments, from affiliated issuers			–				–				–				(49,388	)
Foreign currency related transactions			–				–				(857	)			2,325
Futures contracts			(1	)			418				–				–
Unfunded loan commitments			23				–				–				–
Net increase in net assets resulting from operations			133,655				203,855				649,757				1,863,118
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(60,684	)			(33,850	)⁽¹⁾			(38,619	)			(77,560	)⁽¹⁾
Advisor Shares			(130,761	)			(89,135	)⁽¹⁾			(20,271	)			(38,758	)⁽¹⁾
Institutional Shares			(21,787	)			(7,387	)⁽¹⁾			(54,804	)			(70,935	)⁽¹⁾
Total distributions paid to shareholders			(213,232	)			(130,372	)			(113,694	)			(187,253	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			881,988				581,058				(1,653,643	)			(3,626,913	)
Total increase (decrease) in net assets			802,411				654,541				(1,117,580	)			(1,951,048	)
Net assets, beginning of period			2,443,542				1,789,001				14,034,427				15,985,475
Net assets, end of period		$	3,245,953			$	2,443,542	⁽¹⁾		$	12,916,847			$	14,034,427	⁽¹⁾

⁽¹⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income/(loss) at September 30, 2017 were as follows:
	High Income								International
Distribution paid to shareholders
Investor Shares
Net investment income		$	(32,485	)						$	(77,560	)
Net realized gains			(1,365	)							–
Advisor Shares
Net investment income			(86,094	)							(38,758	)
Net realized gains			(3,041	)							–
Institutional Shares
Net investment income			(7,381	)							(70,935	)
Net realized gains			(6	)							–

Accumulated undistributed net investment income/(loss)		$	(1,756	)						$	113,442

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		83

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP								INTERNATIONAL VALUE
	Year Ended 9/30/2018				Year Ended 9/30/2017				Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(1,530	)		$	44			$	198,813			$	123,652
Net realized gain (loss) on:
Investments, from unaffiliated issuers			102,246				82,584				710,473				230,217
Investments, from affiliated issuers			(77	)			(2	)			1,181				58,638
Foreign currency forward contracts			–				–				(57,057	)			29,315
Foreign currency related transactions			(107	)			(187	)			32,857				1,051
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(61,878	)			(22,061	)			(1,597,541	)			2,431,151
Investments, from affiliated issuers			2,772				(1,027	)			391,080				(395,257	)
Foreign currency forward contracts			–				–				17,891				(20,377	)
Foreign currency related transactions			(19	)			82				(471	)			1,405
Net increase (decrease) in net assets resulting from operations			41,407				59,433				(302,774	)			2,459,795
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(36,616	)			(27,861	)⁽¹⁾			(164,573	)			(162,843	)⁽¹⁾
Advisor Shares											(173,254	)			(113,072	)⁽¹⁾
Institutional Shares			(26,081	)			(10,687	)⁽¹⁾			(267,787	)			(98,213	)⁽¹⁾
Total distributions paid to shareholders			(62,697	)			(38,548	)			(605,614	)			(374,128	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(137,518	)			(252,488	)			1,303,172				794,380
Total increase (decrease) in net assets			(158,808	)			(231,603	)			394,784				2,880,047
Net assets, beginning of period			562,933				794,536				14,955,912				12,075,865
Net assets, end of period		$	404,125			$	562,933	⁽¹⁾		$	15,350,696			$	14,955,912	⁽¹⁾

⁽¹⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income/(loss) at September 30, 2017 were as follows:
	International Small Cap								International Value
Distribution paid to shareholders
Investor Shares
Net investment income		$	–							$	(42,007	)
Net realized gains			(27,861	)							(120,836	)
Advisor Shares
Net investment income											(33,270	)
Net realized gains											(79,802	)
Institutional Shares
Net investment income			–								(30,068	)
Net realized gains			(10,687	)							(68,145	)

Accumulated undistributed net investment income/(loss)		$	(363	)						$	108,768

The accompanying notes are an integral part of the financial statements.


84		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP								MID CAP VALUE
	Year Ended 9/30/2018				Year Ended 9/30/2017				Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(30,816	)		$	(39,654	)		$	6,687			$	14,344
Net realized gain (loss) on:
Investments, from unaffiliated issuers			1,325,617				1,022,279				436,692				453,327
Foreign currency related transactions			(167	)			69				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(53,709	)			(150,163	)			(130,183	)			125,836
Foreign currency related transactions			15				(11	)			–				–
Net increase in net assets resulting from operations			1,240,940				832,520				313,196				593,507
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(292,322	))			(243,702	)⁽¹⁾			(177,746	)			(65,205	)⁽¹⁾
Advisor Shares			(76,242	)			(41,123	)⁽¹⁾			(102,557	)			(29,075	)⁽¹⁾
Institutional Shares			(500,170	)			(325,841	)⁽¹⁾			(99,593	)			(22,284	)⁽¹⁾
Total distributions paid to shareholders			(868,734	)			(610,666	)			(379,896	)			(116,564	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(1,188,104	)			(1,308,554	)			(681,308	)			(608,599	)
Total decrease in net assets			(815,898	)			(1,086,700	)			(748,008	)			(131,656	)
Net assets, beginning of period			6,980,589				8,067,289				4,051,946				4,183,602
Net assets, end of period		$	6,164,691			$	6,980,589	⁽¹⁾		$	3,303,938			$	4,051,946	⁽¹⁾

⁽¹⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income/(loss) at September 30, 2017 were as follows:
	Mid Cap								Mid Cap Value
Distribution paid to shareholders
Investor Shares
Net investment income		$	–							$	(17,209	)
Net realized gains			(243,702	)							(47,996	)
Advisor Shares
Net investment income			–								(8,466	)
Net realized gains			(41,123	)							(20,609	)
Institutional Shares
Net investment income			–								(7,041	)
Net realized gains			(325,841	)							(15,243	)

Accumulated undistributed net investment income/(loss)		$	(13,653	)						$	5,224

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		85

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SMALL CAP								THEMATIC
	Year Ended 9/30/2018				Year Ended 9/30/2017				Year Ended 9/30/2018				Period Ended 9/30/2017⁽¹⁾
OPERATIONS:
Net investment loss		$	(11,704	)		$	(10,786	)		$	(116	)		$	(27	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			307,089				190,509				9,387				1,172
Foreign currency forward contracts			–				–				15				(21	)
Foreign currency related transactions			–				–				(6	)			(3	)
Written options			–				–				(2,417	)			(55	)
Securities sold short			–				–				29				–	⁽²⁾
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			156,773				(19,498	)			4,866				1,030
Foreign currency forward contracts			–				–				69				6
Foreign currency related transactions			–				–				–	⁽²⁾			–
Written options			–				–				(2	)			(2	)
Net increase in net assets resulting from operations			452,158				160,225				11,825				2,100
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(63,823	)			(8,357	)⁽³⁾			(1,606	)			–
Advisor Shares			(47,808	)							–				–
Institutional Shares			(75,707	)			(5,632	)⁽³⁾			–				–
Total distributions paid to shareholders			(187,338	)			(13,989	)			(1,606	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			256,968				(144,667	)			92,296				13,193
Total increase in net assets			521,788				1,569				102,515				15,293
Net assets, beginning of period			1,284,091				1,282,522				15,293				–
Net assets, end of period		$	1,805,879			$	1,284,091	⁽³⁾		$	117,808			$	15,293	⁽³⁾

⁽¹⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.
⁽²⁾ Amount rounds to less than $1.
⁽³⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income/(loss) at September 30, 2017 were as follows:
	Small Cap								Thematic
Distribution paid to shareholders
Investor Shares
Net investment income		$	–							$	–
Net realized gains			(8,357	)							–
Institutional Shares
Net investment income			–
Net realized gains			(5,632	)

Accumulated undistributed net investment income/(loss)		$	(7,896	)						$	(6	)

The accompanying notes are an integral part of the financial statements.


86		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	VALUE
	Year Ended 9/30/2018				Year Ended 9/30/2017
OPERATIONS:
Net investment income		$	4,752			$	4,919
Net realized gain (loss) on:
Investments, from unaffiliated issuers			80,018				113,069
Foreign currency related transactions			20				(12	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(29,587	)			7,112
Foreign currency related transactions			–	⁽¹⁾			30
Net increase in net assets resulting from operations			55,203				125,118
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(20,140	)			(3,087	)⁽²⁾
Advisor Shares			(17,636	)			(1,699	)⁽²⁾
Institutional Shares			(23,446	)			(761	)⁽²⁾
Total distributions paid to shareholders			(61,222	)			(5,547	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(145,445	)			(274,994	)
Total decrease in net assets			(151,464	)			(155,423	)
Net assets, beginning of period			652,190				807,613
Net assets, end of period		$	500,726			$	652,190	⁽²⁾

⁽¹⁾ Amount rounds to less than $1
⁽²⁾ The following information was previously reported in the September 30, 2017 financial statements. The distributions information for the year ended September 30, 2017, presented on the Statement of Change in Net Assets is presented for comparative purposes to the September 30, 2018 financial statements which conform to the SEC Final Rule on Disclosure Update and Simplification described in Note 14 to the Financial Statements. Distributions paid to shareholders from net investment income and net realized gains on investment transactions during the year ended September 30, 2017, and accumulated undistributed net investment income at September 30, 2017 were as follows:
	Value
Distribution paid to shareholders
Investor Shares
Net investment income		$	(3,087	)
Net realized gains			–
Advisor Shares
Net investment income			(1,699	)
Net realized gains			–
Institutional Shares
Net investment income			(761	)
Net realized gains			–

Accumulated undistributed net investment income		$	3,216

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		87

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

The financial highlights tables are intended to help you understand the Fund’s financial performance for the past 5 years or, if shorter, the period of a Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
9/30/2018	$	12.83		—	⁽⁵⁾		(1.23	)		(1.23	)		(0.02	)		(0.41	)		(0.43	)	$	11.17
9/30/2017	$	10.51		0.03			2.34			2.37			(0.01	)		(0.04	)		(0.05	)	$	12.83
9/30/2016	$	8.39		0.02			2.10			2.12			—			—			—		$	10.51
9/30/2015⁽⁶⁾	$	10.00		—	⁽⁵⁾		(1.61	)		(1.61	)		—			—			—		$	8.39
Advisor Shares
9/30/2018	$	12.87		0.03			(1.25	)		(1.22	)		(0.03	)		(0.41	)		(0.44	)	$	11.21
9/30/2017	$	10.54		0.05			2.35			2.40			(0.03	)		(0.04	)		(0.07	)	$	12.87
9/30/2016	$	8.39		0.03			2.12			2.15			—			—			—		$	10.54
9/30/2015⁽⁶⁾	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
Institutional Shares
9/30/2018	$	12.89		0.04			(1.25	)		(1.21	)		(0.04	)		(0.41	)		(0.45	)	$	11.23
9/30/2017	$	10.56		0.06			2.34			2.40			(0.03	)		(0.04	)		(0.07	)	$	12.89
9/30/2016	$	8.39		0.04			2.13			2.17			—			—			—		$	10.56
9/30/2015⁽⁶⁾	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
EMERGING MARKETS FUND
Investor Shares
9/30/2018	$	15.58		0.15			(0.56	)		(0.41	)		(0.09	)		—			(0.09	)	$	15.08
9/30/2017	$	12.75		0.08			2.87			2.95			(0.12	)		—			(0.12	)	$	15.58
9/30/2016⁽¹⁹⁾	$	9.90		0.19			2.66			2.85			—			—			—		$	12.75
9/30/2015	$	12.54		0.02			(2.56	)		(2.54	)		(0.10	)		—			(0.10	)	$	9.90
9/30/2014⁽⁷⁾	$	12.32		0.08			0.20			0.28			(0.06	)		—			(0.06	)	$	12.54
Institutional Shares
9/30/2018	$	15.50		0.14			(0.53	)		(0.39	)		(0.08	)		—			(0.08	)	$	15.03
9/30/2017	$	12.65		0.08			2.86			2.94			(0.09	)		—			(0.09	)	$	15.50
9/30/2016⁽¹⁹⁾	$	9.83		0.03			2.79			2.82			—			—			—		$	12.65
9/30/2015	$	12.52		0.02			(2.53	)		(2.51	)		(0.18	)		—			(0.18	)	$	9.83
9/30/2014	$	12.32		0.12			0.20			0.32			(0.12	)		—			(0.12	)	$	12.52

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


88		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
DEVELOPING WORLD FUND
Investor Shares
9/30/2018		(9.99	)%	$	477,908		1.36	%		n/a			(0.02	)%		121.12	%
9/30/2017		22.70	%	$	520,406		1.40	%		n/a			0.26	%		45.04	%
9/30/2016		25.27	%	$	266,122		1.50	%		1.52	%		0.25	%		47.59	%
9/30/2015⁽⁶⁾		(16.10	)%	$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Advisor Shares
9/30/2018		(9.87	)%	$	1,031,825		1.18	%		n/a			0.22	%		121.12	%
9/30/2017		22.94	%	$	763,998		1.21	%		n/a			0.47	%		45.04	%
9/30/2016		25.63	%	$	340,831		1.25	%		n/a			0.28	%		47.59	%
9/30/2015⁽⁶⁾		(16.10	)%	$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
Institutional Shares
9/30/2018		(9.80	)%	$	681,242		1.08	%		n/a			0.29	%		121.12	%
9/30/2017		22.99	%	$	684,168		1.12	%		n/a			0.50	%		45.04	%
9/30/2016		25.86	%	$	277,691		1.15	%		n/a			0.44	%		47.59	%
9/30/2015⁽⁶⁾		(16.10	)%	$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
EMERGING MARKETS FUND
Investor Shares
9/30/2018		(2.70	)%	$	49,562		1.41	%*		1.78	%		0.89	%		35.24	%
9/30/2017		23.47	%	$	42,429		1.50	%		2.19	%		0.61	%		26.22	%
9/30/2016⁽¹⁹⁾		28.79	%	$	30,135		0.94	%		1.85	%		1.68	%		45.79	%
9/30/2015		(20.44	)%	$	22,842		1.50	%		1.79	%		0.16	%		28.03	%
9/30/2014⁽⁷⁾		2.29	%	$	67,065		1.50	%		1.51	%		0.64	%		32.26	%
Institutional Shares
9/30/2018		(2.57	)%	$	5,842		1.33	%*		2.00	%		0.87	%		35.24	%
9/30/2017		23.47	%	$	8,709		1.50	%		2.23	%		0.57	%		26.22	%
9/30/2016⁽¹⁹⁾		28.69	%	$	6,555		1.26	%		1.79	%		0.29	%		45.79	%
9/30/2015		(20.43	)%	$	27,961		1.36	%		n/a			0.16	%		28.03	%
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		89

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2018	$	10.32		(0.09	)		2.23			2.14			—	⁽⁵⁾		(0.06	)		(0.06	)	$	12.40
9/30/2017⁽⁸⁾	$	10.00		(0.01	)		0.33			0.32			—			—			—		$	10.32
GLOBAL EQUITY FUND
Investor Shares
9/30/2018	$	19.60		0.03			3.17			3.20			—			(0.14	)		(0.14	)	$	22.66
9/30/2017	$	16.54		(0.03	)		3.09			3.06			—			—			—		$	19.60
9/30/2016	$	15.73		(0.01	)		1.17			1.16			—			(0.35	)		(0.35	)	$	16.54
9/30/2015	$	16.18		(0.03	)		0.07			0.04			—			(0.49	)		(0.49	)	$	15.73
9/30/2014	$	15.72		(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)	$	16.18
Institutional Shares
9/30/2018	$	19.66		0.10			3.18			3.28			—			(0.14	)		(0.14	)	$	22.80
9/30/2017	$	16.58		0.01			3.10			3.11			(0.03	)		—			(0.03	)	$	19.66
9/30/2016⁽⁹⁾	$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)	$	16.58
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2018	$	25.69		(0.03	)		3.07			3.04			—			(1.07	)		(1.07	)	$	27.66
9/30/2017	$	21.74		(0.08	)		4.06			3.98			—			(0.03	)		(0.03	)	$	25.69
9/30/2016	$	18.35		(0.06	)		3.59			3.53			(0.02	)		(0.12	)		(0.14	)	$	21.74
9/30/2015	$	18.92		0.01			(0.09	)		(0.08	)		(0.06	)		(0.43	)		(0.49	)	$	18.35
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—		$	18.92
Advisor Shares
9/30/2018	$	25.75		0.01			3.07			3.08			—			(1.07	)		(1.07	)	$	27.76
9/30/2017	$	21.76		(0.05	)		4.07			4.02			—			(0.03	)		(0.03	)	$	25.75
9/30/2016	$	18.37		(0.03	)		3.58			3.55			(0.04	)		(0.12	)		(0.16	)	$	21.76
9/30/2015⁽¹⁰⁾	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—		$	18.37
Institutional Shares
9/30/2018	$	25.92		0.03			3.11			3.14			—			(1.07	)		(1.07	)	$	27.99
9/30/2017	$	21.89		(0.03	)		4.09			4.06			—			(0.03	)		(0.03	)	$	25.92
9/30/2016	$	18.46		(0.01	)		3.61			3.60			(0.05	)		(0.12	)		(0.17	)	$	21.89
9/30/2015	$	19.04		0.07			(0.11	)		(0.04	)		(0.11	)		(0.43	)		(0.54	)	$	18.46
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—		$	19.04

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


90		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2018		20.90	%	$	75,321		1.50	%		1.71	%		(0.75	)%		38.71	%
9/30/2017⁽⁸⁾		3.20	%	$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%
GLOBAL EQUITY FUND
Investor Shares
9/30/2018		16.38	%	$	123,225		1.36	%		n/a			0.13	%		120.14	%
9/30/2017		18.50	%	$	131,813		1.40	%		n/a			(0.20	)%		109.89	%
9/30/2016		7.40	%	$	145,817		1.37	%		n/a			(0.09	)%		96.23	%
9/30/2015		0.20	%	$	296,380		1.37	%		n/a			(0.19	)%		78.44	%
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
Institutional Shares
9/30/2018		16.73	%	$	196,802		1.10	%		n/a			0.45	%		120.14	%
9/30/2017		18.78	%	$	159,565		1.16	%		n/a			0.03	%		109.89	%
9/30/2016⁽⁹⁾		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2018		12.19	%	$	1,176,471		1.15	%		n/a			(0.13	)%		44.27	%
9/30/2017		18.36	%	$	974,286		1.15	%		n/a			(0.35	)%		34.13	%
9/30/2016		19.29	%	$	781,877		1.17	%		n/a			(0.33	)%		34.62	%
9/30/2015		(0.46	)%	$	669,846		1.19	%		n/a			0.07	%		55.53	%
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
Advisor Shares
9/30/2018		12.32	%	$	583,463		1.00	%		n/a			0.03	%		44.27	%
9/30/2017		18.53	%	$	398,375		1.03	%		n/a			(0.20	)%		34.13	%
9/30/2016		19.37	%	$	193,230		1.08	%		n/a			(0.16	)%		34.62	%
9/30/2015⁽¹⁰⁾		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
9/30/2018		12.48	%	$	1,645,152		0.91	%		n/a			0.11	%		44.27	%
9/30/2017		18.60	%	$	1,330,754		0.93	%		n/a			(0.11	)%		34.13	%
9/30/2016		19.60	%	$	862,330		0.92	%		n/a			(0.07	)%		34.62	%
9/30/2015		(0.23	)%	$	631,904		0.95	%		n/a			0.36	%		55.53	%
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		91

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees^		Net Asset Value, End of Period
GLOBAL VALUE FUND
Investor Shares
9/30/2018	$	17.87		0.18		0.55			0.73			(0.12	)		(0.24	)		(0.36	)		—	$	18.24
9/30/2017	$	15.30		0.10		2.88			2.98			(0.11	)		(0.30	)		(0.41	)		—	$	17.87
9/30/2016	$	14.47		0.10		1.58			1.68			(0.05	)		(0.80	)		(0.85	)		—	$	15.30
9/30/2015	$	15.63		0.07		(0.71	)		(0.64	)		(0.08	)		(0.44	)		(0.52	)		—	$	14.47
9/30/2014	$	14.44		0.09		1.45			1.54			(0.09	)		(0.26	)		(0.35	)		—	$	15.63
Advisor Shares
9/30/2018	$	17.86		0.21		0.54			0.75			(0.15	)		(0.24	)		(0.39	)		—	$	18.22
9/30/2017	$	15.28		0.13		2.87			3.00			(0.12	)		(0.30	)		(0.42	)		—	$	17.86
9/30/2016	$	14.48		0.13		1.57			1.70			(0.10	)		(0.80	)		(0.90	)		—	$	15.28
9/30/2015⁽¹⁰⁾	$	15.60		0.05		(1.17	)		(1.12	)		—			—			—			—	$	14.48
Institutional Shares
9/30/2018	$	17.90		0.24		0.54			0.78			(0.17	)		(0.24	)		(0.41	)		—	$	18.27
9/30/2017	$	15.32		0.14		2.87			3.01			(0.13	)		(0.30	)		(0.43	)		—	$	17.90
9/30/2016	$	14.50		0.14		1.59			1.73			(0.11	)		(0.80	)		(0.91	)		—	$	15.32
9/30/2015	$	15.67		0.11		(0.73	)		(0.62	)		(0.11	)		(0.44	)		(0.55	)		—	$	14.50
9/30/2014	$	14.46		0.13		1.45			1.58			(0.11	)		(0.26	)		(0.37	)		—	$	15.67
HIGH INCOME FUND
Investor Shares
9/30/2018	$	10.20		0.58		(0.13	)		0.45			(0.58	)		(0.20	)		(0.78	)		—	$	9.87
9/30/2017	$	9.85		0.59		0.37			0.96			(0.59	)		(0.02	)		(0.61	)		—	$	10.20
9/30/2016	$	9.49		0.63		0.40			1.03			(0.63	)		(0.04	)		(0.67	)		—	$	9.85
9/30/2015	$	9.97		0.61		(0.44	)		0.17			(0.61	)		(0.04	)		(0.65	)		—	$	9.49
9/30/2014⁽¹¹⁾	$	10.00		0.27		(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
9/30/2018	$	10.20		0.60		(0.13	)		0.47			(0.60	)		(0.20	)		(0.80	)		—	$	9.87
9/30/2017	$	9.85		0.60		0.38			0.98			(0.61	)		(0.02	)		(0.63	)		—	$	10.20
9/30/2016	$	9.49		0.64		0.41			1.05			(0.65	)		(0.04	)		(0.69	)		—	$	9.85
9/30/2015	$	9.97		0.63		(0.44	)		0.19			(0.63	)		(0.04	)		(0.67	)		—	$	9.49
9/30/2014⁽¹¹⁾	$	10.00		0.28		(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Institutional Shares
9/30/2018	$	10.19		0.61		(0.12	)		0.49			(0.61	)		(0.20	)		(0.81	)		—	$	9.87
9/30/2017⁽¹²⁾	$	9.85		0.59		0.36			0.95			(0.59	)		(0.02	)		(0.61	)		—	$	10.19

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


92		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL VALUE FUND
Investor Shares
9/30/2018		4.16	%	$	724,848		1.25	%		n/a			1.00	%		27.98	%
9/30/2017		19.95	%	$	811,771		1.25	%		n/a			0.59	%		12.67	%
9/30/2016		11.86	%	$	748,254		1.26	%		n/a			0.70	%		20.52	%
9/30/2015		(4.32	)%	$	826,965		1.28	%		n/a			0.46	%		19.41	%
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
Advisor Shares
9/30/2018		4.27	%	$	851,738		1.10	%		n/a			1.14	%		27.98	%
9/30/2017		20.16	%	$	796,869		1.10	%		n/a			0.78	%		12.67	%
9/30/2016		12.00	%	$	403,036		1.14	%		n/a			0.88	%		20.52	%
9/30/2015⁽¹⁰⁾		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
9/30/2018		4.40	%	$	2,143,564		1.01	%		n/a			1.31	%		27.98	%
9/30/2017		20.23	%	$	1,471,466		1.02	%		n/a			0.84	%		12.67	%
9/30/2016		12.18	%	$	917,977		1.03	%		n/a			0.97	%		20.52	%
9/30/2015		(4.16	)%	$	512,600		1.03	%		n/a			0.73	%		19.41	%
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
HIGH INCOME FUND
Investor Shares
9/30/2018		4.66	%	$	986,645		0.99	%		n/a			5.88	%		79.10	%
9/30/2017		10.07	%	$	632,387		1.00	%		n/a			5.88	%		92.44	%
9/30/2016		11.40	%	$	544,969		1.03	%		n/a			6.66	%		69.41	%
9/30/2015		1.73	%	$	424,685		1.09	%		n/a			6.20	%		91.33	%
9/30/2014⁽¹¹⁾		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
9/30/2018		4.83	%	$	1,970,272		0.82	%		n/a			6.03	%		79.10	%
9/30/2017		10.27	%	$	1,548,786		0.82	%		n/a			6.04	%		92.44	%
9/30/2016		11.61	%	$	1,244,032		0.84	%		n/a			6.81	%		69.41	%
9/30/2015		1.88	%	$	489,374		0.93	%		n/a			6.38	%		91.33	%
9/30/2014⁽¹¹⁾		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
Institutional Shares
9/30/2018		5.02	%	$	289,036		0.74	%		n/a			6.13	%		79.10	%
9/30/2017⁽¹²⁾		9.94	%	$	262,369		0.78	%		n/a			5.94	%		92.44	%

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		93

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL FUND
Investor Shares
9/30/2018	$	32.28		0.35			1.08			1.43			(0.22	)		—			(0.22	)	$	33.49
9/30/2017	$	28.30		0.20			4.08			4.28			(0.30	)		—			(0.30	)	$	32.28
9/30/2016	$	26.97		0.27			1.19			1.46			(0.13	)		—			(0.13	)	$	28.30
9/30/2015	$	30.04		0.17			(3.01	)		(2.84	)		(0.23	)		—			(0.23	)	$	26.97
9/30/2014	$	28.66		0.26			1.41			1.67			(0.29	)		—			(0.29	)	$	30.04
Advisor Shares
9/30/2018	$	32.25		0.43			1.05			1.48			(0.28	)		—			(0.28	)	$	33.45
9/30/2017	$	28.31		0.23			4.08			4.31			(0.37	)		—			(0.37	)	$	32.25
9/30/2016	$	27.00		0.34			1.17			1.51			(0.20	)		—			(0.20	)	$	28.31
9/30/2015⁽¹⁰⁾	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—		$	27.00
Institutional Shares
9/30/2018	$	32.50		0.46			1.05			1.51			(0.30	)		—			(0.30	)	$	33.71
9/30/2017	$	28.51		0.30			4.08			4.38			(0.39	)		—			(0.39	)	$	32.50
9/30/2016	$	27.19		0.36			1.17			1.53			(0.21	)		—			(0.21	)	$	28.51
9/30/2015	$	30.27		0.21			(3.00	)		(2.79	)		(0.29	)		—			(0.29	)	$	27.19
9/30/2014	$	28.86		0.32			1.43			1.75			(0.34	)		—			(0.34	)	$	30.27
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2018	$	24.69		(0.10	)		2.05			1.95			—			(3.17	)		(3.17	)	$	23.47
9/30/2017	$	23.17		(0.03	)		2.75			2.72			—			(1.20	)		(1.20	)	$	24.69
9/30/2016	$	23.37		(0.02	)		0.63			0.61			(0.03	)		(0.78	)		(0.81	)	$	23.17
9/30/2015	$	24.30		0.03			0.42			0.45			—			(1.38	)		(1.38	)	$	23.37
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)	$	24.30
Institutional Shares
9/30/2018	$	24.75		(0.04	)		2.05			2.01			—			(3.17	)		(3.17	)	$	23.59
9/30/2017	$	23.18		0.06			2.71			2.77			—			(1.20	)		(1.20	)	$	24.75
9/30/2016⁽¹³⁾	$	22.54		0.04			0.60			0.64			—			—			—		$	23.18

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


94		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL FUND
Investor Shares
9/30/2018		4.45	%	$	4,733,866		1.18	%		n/a			1.06	%		55.16	%
9/30/2017		15.39	%	$	5,808,005		1.18	%		n/a			0.70	%		57.60	%
9/30/2016		5.39	%	$	7,930,361		1.19	%		n/a			0.98	%		64.65	%
9/30/2015		(9.55	)%	$	10,156,292		1.17	%		n/a			0.54	%		45.02	%
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a			0.85	%		46.49	%
Advisor Shares
9/30/2018		4.58	%	$	2,367,026		1.04	%		n/a			1.29	%		55.16	%
9/30/2017		15.56	%	$	2,357,528		1.04	%		n/a			0.82	%		57.60	%
9/30/2016		5.58	%	$	2,782,189		1.01	%		n/a			1.23	%		64.65	%
9/30/2015⁽¹⁰⁾		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
9/30/2018		4.67	%	$	5,815,955		0.95	%		n/a			1.36	%		55.16	%
9/30/2017		15.66	%	$	5,868,894		0.96	%		n/a			1.05	%		57.60	%
9/30/2016		5.64	%	$	5,272,925		0.95	%		n/a			1.27	%		64.65	%
9/30/2015		(9.34	)%	$	4,973,656		0.95	%		n/a			0.70	%		45.02	%
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a			1.05	%		46.49	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2018		8.70	%	$	228,317		1.55	%		n/a			(0.44	)%		59.53	%
9/30/2017		13.09	%	$	307,580		1.57	%		n/a			(0.16	)%		79.09	%
9/30/2016		2.50	%	$	585,000		1.51	%		n/a			(0.07	)%		69.82	%
9/30/2015		2.02	%	$	961,035		1.52	%		n/a			0.13	%		43.84	%
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a			(0.05	)%		57.94	%
Institutional Shares
9/30/2018		8.94	%	$	175,808		1.35	%		n/a			(0.17	)%		59.53	%
9/30/2017		13.31	%	$	255,353		1.37	%		n/a			0.29	%		79.09	%
9/30/2016⁽¹³⁾		2.84	%	$	209,536		1.37	%		n/a			0.41	%		69.82	%

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		95

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2018	$	39.08		0.42			(1.14	)		(0.72	)		(0.41	)		(1.10	)		(1.51	)	$	36.85
9/30/2017	$	33.55		0.27			6.27			6.54			(0.26	)		(0.75	)		(1.01	)	$	39.08
9/30/2016	$	32.62		0.32			2.57			2.89			(0.28	)		(1.68	)		(1.96	)	$	33.55
9/30/2015	$	36.56		0.21			(1.79	)		(1.58	)		(0.55	)		(1.81	)		(2.36	)	$	32.62
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)	$	36.56
Advisor Shares
9/30/2018	$	39.11		0.48			(1.16	)		(0.68	)		(0.48	)		(1.10	)		(1.58	)	$	36.85
9/30/2017	$	33.57		0.33			6.27			6.60			(0.31	)		(0.75	)		(1.06	)	$	39.11
9/30/2016	$	32.66		0.39			2.54			2.93			(0.34	)		(1.68	)		(2.02	)	$	33.57
9/30/2015⁽¹⁰⁾	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—		$	32.66
Institutional Shares
9/30/2018	$	39.28		0.53			(1.18	)		(0.65	)		(0.51	)		(1.10	)		(1.61	)	$	37.02
9/30/2017	$	33.71		0.42			6.23			6.65			(0.33	)		(0.75	)		(1.08	)	$	39.28
9/30/2016	$	32.77		0.40			2.57			2.97			(0.35	)		(1.68	)		(2.03	)	$	33.71
9/30/2015	$	36.71		0.30			(1.81	)		(1.51	)		(0.62	)		(1.81	)		(2.43	)	$	32.77
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)	$	36.71
MID CAP FUND
Investor Shares
9/30/2018	$	42.58		(0.26	)		8.21			7.95			—			(5.70	)		(5.70	)	$	44.83
9/30/2017	$	41.34		(0.27	)		4.85			4.58			—			(3.34	)		(3.34	)	$	42.58
9/30/2016	$	44.42		(0.30	)		3.78			3.48			—			(6.56	)		(6.56	)	$	41.34
9/30/2015	$	47.67		(0.36	)		1.99			1.63			—			(4.88	)		(4.88	)	$	44.42
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)	$	47.67
Advisor Shares
9/30/2018	$	42.75		(0.20	)		8.25			8.05			—			(5.70	)		(5.70	)	$	45.10
9/30/2017	$	41.43		(0.22	)		4.88			4.66			—			(3.34	)		(3.34	)	$	42.75
9/30/2016	$	44.46		(0.24	)		3.77			3.53			—			(6.56	)		(6.56	)	$	41.43
9/30/2015⁽¹⁰⁾	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—		$	44.46
Institutional Shares
9/30/2018	$	45.84		(0.18	)		8.93			8.75			—			(5.70	)		(5.70	)	$	48.89
9/30/2017	$	44.15		(0.19	)		5.22			5.03			—			(3.34	)		(3.34	)	$	45.84
9/30/2016	$	46.92		(0.22	)		4.01			3.79			—			(6.56	)		(6.56	)	$	44.15
9/30/2015	$	49.98		(0.26	)		2.08			1.82			—			(4.88	)		(4.88	)	$	46.92
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)	$	49.98

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


96		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2018		(1.99	)%	$	3,371,735		1.18	%		n/a			1.11	%		21.55	%
9/30/2017		20.19	%	$	4,350,119		1.19	%		n/a			0.78	%		11.67	%
9/30/2016		9.02	%	$	5,500,119		1.18	%		n/a			0.98	%		17.79	%
9/30/2015		(4.67	)%	$	5,229,869		1.17	%		n/a			0.60	%		23.74	%
9/30/2014		6.50	%	$	8,953,691		1.16	%		n/a			0.86	%		20.45	%
Advisor Shares
9/30/2018		(1.87	)%	$	4,683,702		1.04	%		n/a			1.27	%		21.55	%
9/30/2017		20.41	%	$	4,323,659		1.04	%		n/a			0.93	%		11.67	%
9/30/2016		9.17	%	$	3,537,587		1.02	%		n/a			1.21	%		17.79	%
9/30/2015⁽¹⁰⁾		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
9/30/2018		(1.79	)%	$	7,295,259		0.95	%		n/a			1.41	%		21.55	%
9/30/2017		20.48	%	$	6,282,134		0.97	%		n/a			1.18	%		11.67	%
9/30/2016		9.27	%	$	3,038,159		0.96	%		n/a			1.26	%		17.79	%
9/30/2015		(4.44	)%	$	2,606,468		0.96	%		n/a			0.86	%		23.74	%
9/30/2014		6.73	%	$	2,456,145		0.96	%		n/a			1.09	%		20.45	%
MID CAP FUND
Investor Shares
9/30/2018		21.12	%	$	2,003,621		1.18	%		n/a			(0.62	)%		49.83	%
9/30/2017		12.19	%	$	2,277,750		1.18	%		n/a			(0.68	)%		42.59	%
9/30/2016		8.08	%	$	3,232,399		1.18	%		n/a			(0.75	)%		40.35	%
9/30/2015		3.20	%	$	3,909,986		1.19	%		n/a			(0.76	)%		51.39	%
9/30/2014		6.04	%	$	5,220,973		1.20	%		n/a			(0.74	)%		55.19	%
Advisor Shares
9/30/2018		21.26	%	$	644,777		1.04	%		n/a			(0.48	)%		49.83	%
9/30/2017		12.36	%	$	583,658		1.05	%		n/a			(0.54	)%		42.59	%
9/30/2016		8.19	%	$	445,648		1.05	%		n/a			(0.62	)%		40.35	%
9/30/2015⁽¹⁰⁾		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
9/30/2018		21.37	%	$	3,516,293		0.95	%		n/a			(0.39	)%		49.83	%
9/30/2017		12.45	%	$	4,119,181		0.95	%		n/a			(0.45	)%		42.59	%
9/30/2016		8.33	%	$	4,389,242		0.95	%		n/a			(0.52	)%		40.35	%
9/30/2015		3.45	%	$	4,482,164		0.95	%		n/a			(0.53	)%		51.39	%
9/30/2014		6.30	%	$	4,280,444		0.95	%		n/a			(0.49	)%		55.19	%

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		97

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
9/30/2018	$	23.98		0.02			1.86			1.88			(0.02	)		(2.28	)		(2.30	)	$	23.56
9/30/2017	$	21.41		0.06			3.11			3.17			(0.16	)		(0.44	)		(0.60	)	$	23.98
9/30/2016	$	22.22		0.12			2.70			2.82			(0.09	)		(3.54	)		(3.63	)	$	21.41
9/30/2015	$	27.00		0.20			(2.21	)		(2.01	)		(0.17	)		(2.60	)		(2.77	)	$	22.22
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)	$	27.00
Advisor Shares
9/30/2018	$	23.94		0.05			1.85			1.90			(0.03	)		(2.28	)		(2.31	)	$	23.53
9/30/2017	$	21.37		0.09			3.10			3.19			(0.18	)		(0.44	)		(0.62	)	$	23.94
9/30/2016	$	22.23		0.14			2.70			2.84			(0.16	)		(3.54	)		(3.70	)	$	21.37
9/30/2015⁽¹⁰⁾	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
Institutional Shares
9/30/2018	$	23.98		0.07			1.85			1.92			(0.06	)		(2.28	)		(2.34	)	$	23.56
9/30/2017	$	21.40		0.11			3.11			3.22			(0.20	)		(0.44	)		(0.64	)	$	23.98
9/30/2016	$	22.25		0.16			2.70			2.86			(0.17	)		(3.54	)		(3.71	)	$	21.40
9/30/2015	$	27.05		0.26			(2.22	)		(1.96	)		(0.24	)		(2.60	)		(2.84	)	$	22.25
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)	$	27.05
SMALL CAP FUND
Investor Shares
9/30/2018	$	33.61		(0.31	)		10.64			10.33			—			(4.97	)		(4.97	)	$	38.97
9/30/2017	$	29.93		(0.29	)		4.30			4.01			—			(0.33	)		(0.33	)	$	33.61
9/30/2016	$	28.55		(0.27	)		4.36			4.09			—			(2.71	)		(2.71	)	$	29.93
9/30/2015	$	26.76		(0.30	)		2.09			1.79			—			—			—		$	28.55
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—		$	26.76
Advisor Shares
9/30/2018	$	33.63		(0.26	)		10.65			10.39			—			(4.97	)		(4.97	)	$	39.05
9/30/2017⁽¹⁴⁾	$	29.23		(0.18	)		4.58			4.40			—			—			—		$	33.63
Institutional Shares
9/30/2018	$	33.98		(0.24	)		10.77			10.53			—			(4.97	)		(4.97	)	$	39.54
9/30/2017	$	30.19		(0.23	)		4.35			4.12			—			(0.33	)		(0.33	)	$	33.98
9/30/2016	$	28.72		(0.20	)		4.38			4.18			—			(2.71	)		(2.71	)	$	30.19
9/30/2015	$	26.85		(0.24	)		2.11			1.87			—			—			—		$	28.72
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—		$	26.85

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


98		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
MID CAP VALUE FUND
Investor Shares
9/30/2018		8.55	%	$	1,294,179		1.19	%		n/a			0.07	%		19.15	%
9/30/2017		15.08	%	$	1,957,786		1.17	%		n/a			0.25	%		23.92	%
9/30/2016		14.10	%	$	2,416,461		1.16	%		1.16	%		0.59	%		26.62	%
9/30/2015		(8.45	)%	$	4,345,131		1.19	%		n/a			0.81	%		31.18	%
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a			0.46	%		25.67	%
Advisor Shares
9/30/2018		8.68	%	$	951,667		1.05	%		n/a			0.24	%		19.15	%
9/30/2017		15.23	%	$	1,053,640		1.06	%		n/a			0.40	%		23.92	%
9/30/2016		14.22	%	$	1,025,855		1.05	%		1.06	%		0.70	%		26.62	%
9/30/2015⁽¹⁰⁾		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
9/30/2018		8.75	%	$	1,058,092		0.98	%		n/a			0.30	%		19.15	%
9/30/2017		15.37	%	$	1,040,520		0.97	%		n/a			0.48	%		23.92	%
9/30/2016		14.29	%	$	741,286		0.95	%		0.95	%		0.81	%		26.62	%
9/30/2015		(8.25	)%	$	1,236,240		0.96	%		n/a			1.03	%		31.18	%
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a			0.72	%		25.67	%
SMALL CAP FUND
Investor Shares
9/30/2018		34.71	%	$	495,803		1.20	%		n/a			(0.90	)%		43.85	%
9/30/2017		13.56	%	$	461,398		1.21	%		n/a			(0.96	)%		35.37	%
9/30/2016		15.27	%	$	764,298		1.25	%		n/a			(1.00	)%		27.00	%
9/30/2015		6.69	%	$	863,536		1.23	%		n/a			(1.01	)%		45.31	%
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a			(1.09	)%		38.67	%
Advisor Shares
9/30/2018		34.89	%	$	495,650		1.06	%		n/a			(0.75	)%		43.85	%
9/30/2017⁽¹⁴⁾		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
9/30/2018		34.94	%	$	814,426		1.01	%		n/a			(0.70	)%		43.85	%
9/30/2017		13.81	%	$	497,931		1.01	%		n/a			(0.75	)%		35.37	%
9/30/2016		15.51	%	$	518,224		1.01	%		n/a			(0.76	)%		27.00	%
9/30/2015		6.96	%	$	389,724		1.02	%		n/a			(0.79	)%		45.31	%
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a			(0.88	)%		38.67	%

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		99

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
THEMATIC FUND
Investor Shares
9/30/2018	$	11.79		(0.04	)		3.82			3.78			—			(1.18	)		(1.18	)	$	14.39
9/30/2017⁽¹⁵⁾	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
Advisor Shares
9/30/2018⁽¹⁶⁾	$	13.82		—	⁽⁵⁾		0.57			0.57			—			—			—		$	14.39
VALUE FUND
Investor Shares
9/30/2018	$	15.25		0.11			1.19			1.30			(0.05	)		(1.40	)		(1.45	)	$	15.10
9/30/2017	$	13.10		0.07			2.17			2.24			(0.09	)		—			(0.09	)	$	15.25
9/30/2016	$	11.56		0.09			2.61			2.70			(0.06	)		(1.10	)		(1.16	)	$	13.10
9/30/2015	$	14.14		0.11			(1.66	)		(1.55	)		(0.11	)		(0.92	)		(1.03	)	$	11.56
9/30/2014	$	13.38		0.15			1.35			1.50			(0.09	)		(0.65	)		(0.74	)	$	14.14
Advisor Shares
9/30/2018	$	15.22		0.12			1.19			1.31			(0.09	)		(1.40	)		(1.49	)	$	15.04
9/30/2017	$	13.05		0.10			2.15			2.25			(0.08	)		—			(0.08	)	$	15.22
9/30/2016	$	11.57		0.10			2.61			2.71			(0.13	)		(1.10	)		(1.23	)	$	13.05
9/30/2015⁽¹⁰⁾	$	13.41		0.07			(1.91	)		(1.84	)		—			—			—		$	11.57
Institutional Shares
9/30/2018	$	15.26		0.14			1.19			1.33			(0.11	)		(1.40	)		(1.51	)	$	15.08
9/30/2017	$	13.09		0.12			2.15			2.27			(0.10	)		—			(0.10	)	$	15.26
9/30/2016	$	11.60		0.11			2.61			2.72			(0.13	)		(1.10	)		(1.23	)	$	13.09
9/30/2015	$	14.19		0.14			(1.66	)		(1.52	)		(0.15	)		(0.92	)		(1.07	)	$	11.60
9/30/2014	$	13.42		0.18			1.35			1.53			(0.11	)		(0.65	)		(0.76	)	$	14.19

Footnotes are presented on Pages 101-102.

The accompanying notes are an integral part of the financial statements.


100		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
THEMATIC FUND
Investor Shares
9/30/2018		34.31	%	$	79,673		1.51	%⁽¹⁷⁾		1.70	%⁽¹⁷⁾		(0.27	)%		355.37	%⁽¹⁸⁾
9/30/2017⁽¹⁵⁾		18.00	%	$	15,293		1.52	%⁽¹⁷⁾		2.70	%⁽¹⁷⁾		(0.49	)%		170.19	%
Advisor Shares
9/30/2018⁽¹⁶⁾		4.12	%	$	38,135		1.40	%⁽¹⁷⁾		2.74	%⁽¹⁷⁾		0.16	%		355.37	%⁽¹⁸⁾
VALUE FUND
Investor Shares
9/30/2018		9.32	%	$	184,869		1.01	%		n/a			0.72	%		24.53	%
9/30/2017		17.16	%	$	216,981		1.01	%		n/a			0.50	%		44.17	%
9/30/2016		24.64	%	$	457,969		0.96	%		n/a			0.75	%		52.05	%
9/30/2015		(11.90	)%	$	341,852		1.00	%		n/a			0.78	%		74.07	%
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a			1.06	%		53.36	%
Advisor Shares
9/30/2018		9.43	%	$	130,949		0.88	%		0.89	%		0.83	%		24.53	%
9/30/2017		17.37	%	$	181,340		0.85	%		n/a			0.71	%		44.17	%
9/30/2016		24.73	%	$	251,643		0.84	%		n/a			0.89	%		52.05	%
9/30/2015⁽¹⁰⁾		(13.72	)%	$	466,702		0.86	%		n/a			1.12	%		74.07	%
Institutional Shares
9/30/2018		9.56	%	$	184,908		0.80	%		n/a			0.94	%		24.53	%
9/30/2017		17.46	%	$	253,869		0.80	%		n/a			0.82	%		44.17	%
9/30/2016		24.78	%	$	98,001		0.77	%		n/a			0.95	%		52.05	%
9/30/2015		(11.69	)%	$	180,143		0.75	%		n/a			1.07	%		74.07	%
9/30/2014		11.77	%	$	304,091		0.74	%		n/a			1.31	%		53.36	%

Unless otherwise indicated, amount rounds to less than $0.01 per share, if applicable.

Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018 to 1.35% for Investor Shares and 1.20% for Institutional Shares.

⁽¹⁾

Computed based on average shares outstanding.

⁽²⁾

Periods less than twelve months (where applicable) are not annualized.

⁽³⁾

Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾

Includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁵⁾

Amount is between $0.005 and $(0.005) per share.

⁽⁶⁾

For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽⁷⁾

Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁸⁾

For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽⁹⁾

For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽¹⁰⁾

For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽¹¹⁾

For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽¹²⁾

For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽¹³⁾

For the period from commencement of operations (April 12, 2016) through September 30, 2016.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		101

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

⁽¹⁴⁾

For the period from commencement of operations (February 1, 2017) through September 30, 2017.

⁽¹⁵⁾

For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽¹⁶⁾

For the period from commencement of operations (July 31, 2018) through September 30, 2018.

⁽¹⁷⁾

Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below.


	Ratio of Expenses to Average Net Assets^@ (annualized)		Ratio of Expenses to Average Net Assets Excluding Waivers (annualized)
THEMATIC FUND
Investor Shares
9/30/2018		1.50%		1.69%
9/30/2017^#		1.50%		2.69%
Advisor Shares
9/30/2018^&		1.40%		2.74%

Includes the effect of expenses waived or paid by the Adviser, if applicable.

For the period from commencement of operations (April 24, 2017) through September 30, 2017.

For the period from commencement of operations (July 31, 2018) through September 30, 2018.

⁽¹⁸⁾

Portfolio Turnover Rate calculation excludes purchased options expiring within one year of purchase date. Had these transactions been included, the Portfolio Turnover Rate for the fiscal year ended September 30, 2018 would have been 390.18%.

⁽¹⁹⁾

In the fiscal year ended September 30, 2016, Emerging Markets Fund recognized a non-recurring reimbursement from the Fund’s former custodian of approximately $172,000 in connection with certain out-of-pocket expenses the custodian charged the Fund between 1998 and 2015. The reimbursement represented 0.5% of the Fund’s net assets of September 30, 2016. The impact of the reimbursement is as follows for the September 30, 2016 Net Investment Income per share, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets:


	Impact On Net Investment Income			Impact On Total Return		Impact On Ratio of Expenses to Average Net Assets			Impact On Ratio of Expenses to Average Net Assets Excluding Waivers			Impact On Ratio of Net Investment Income to Average Net Assets
Emerging Markets Fund
Investor Shares		$	0.07		0.61%		(0.56	)%		(0.56	)%		0.56%
Institutional Shares		$	0.03		0.61%		(0.24	)%		(0.25	)%		0.24%

The accompanying notes are an integral part of the financial statements.


102		Artisan Partners Funds

ARTISAN FUNDS

NOTES TO FINANCIAL STATEMENTS – September 30, 2018

(1)

Organization:

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995, as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of September 30, 2018, Artisan Partners Funds is a series company comprised of fifteen series and follows specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name

Investor Shares

Inception Date

Advisor Shares

Inception Date

Institutional Shares

Inception Date

Artisan Developing World Fund (“Developing World Fund”)

June 29, 2015

Artisan Emerging Markets Fund (“Emerging Markets Fund”)

June 2, 2008

N/A

June 26, 2006

Artisan Global Discovery Fund (“Global Discovery Fund”)

August 21, 2017

N/A

Artisan Global Equity Fund (“Global Equity Fund”)

March 29, 2010

N/A

October 15, 2015

Artisan Global Opportunities Fund (“Global Opportunities Fund”)

September 22, 2008

April 1, 2015

July 26, 2011

Artisan Global Value Fund (“Global Value Fund”)

December 10, 2007

April 1, 2015

July 17, 2012

Artisan High Income Fund (“High Income Fund”)

March 19, 2014

October 3, 2016

Artisan International Fund (“International Fund”)

December 28, 1995

April 1, 2015

July 1, 1997

Artisan International Small Cap Fund (“International Small Cap Fund”)

December 21, 2001

N/A

April 12, 2016

Artisan International Value Fund (“International Value Fund”)

September 23, 2002

April 1, 2015

October 1, 2006

Artisan Mid Cap Fund (“Mid Cap Fund”)

June 27, 1997

April 1, 2015

July 1, 2000

Artisan Mid Cap Value Fund (“Mid Cap Value Fund”)

March 28, 2001

April 1, 2015

February 1, 2012

Artisan Small Cap Fund (“Small Cap Fund”)

March 28, 1995

February 1, 2017

May 7, 2012

Artisan Thematic Fund (“Thematic Fund”)

April 24, 2017

July 31, 2018

N/A

Artisan Value Fund (“Value Fund”)

March 27, 2006

April 1, 2015

July 26, 2011

Each Fund is an open-end, diversified mutual fund except Thematic Fund, which is an open-end, non-diversified mutual fund. The investment objective of each Fund (except Developing World Fund, High Income Fund and Thematic Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Thematic Fund’s investment objective is to seek maximum long-term capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.


Artisan Partners Funds		103

NOTES TO FINANCIAL STATEMENTS

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

(2)

Summary of significant accounting policies:

The following is a summary of significant accounting policies of the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

(a)

Valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security. Exchange traded option contracts were valued at the mid price (average of the bid price and ask price) as provided by the pricing


104		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange. Shares of open-end investment companies, including money market funds, were valued at the latest net asset value reported by the investment company.

Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

Securities or other assets for which market quotations were not readily available were valued by the Funds’ valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors of the Funds. A market quotation was considered to be not readily available, and a Fund therefore used fair value pricing, if, among other things, there were no quotations, pricing data was not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security or asset, or the value of the security or asset might have been materially affected by events occurring after the close of the market in which the security or asset was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event could include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, ETFs or other financial instruments in the U.S. or other markets. The Funds monitored for subsequent events using several tools. In fair valuing non-U.S. equity securities and equity-linked securities, the Funds have used adjustment factors provided by a third party research service when there were subsequent events or expected or unexpected market closures. The third party research service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair values utilized by the Funds as described above could differ in the future from the value realized on the sale of those securities or assets and the differences could be material to the NAV of the applicable Fund.

(b)

Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2015 through 2018) and have concluded that, as of September 30, 2018, no provision for income tax would be required in the Funds’


Artisan Partners Funds		105

NOTES TO FINANCIAL STATEMENTS

financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and Wisconsin Department of Revenue.

As of and during the year ended September 30, 2018, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2018, the Funds did not incur any interest or penalties.

The Funds may be subject to taxes imposed on realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. The foreign tax expense, if any, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(c)	Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(d)

Restricted securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through U.S. dollar denominated


106		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

As of September 30, 2018, Global Value Fund, International Value Fund and Thematic Fund had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed on the Schedules of Investments but are included in other assets less liabilities.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)	Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(g)

Equity-linked securities – Developing World Fund, Emerging Markets Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Thematic Fund and Value Fund may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked securities and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(h)	Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(i)

Indemnifications – The Funds indemnify its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds may also enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of September 30, 2018, no claim has been made for indemnification pursuant to any such agreement of the Funds.


Artisan Partners Funds		107

NOTES TO FINANCIAL STATEMENTS

(j)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will hold liquid investments in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(k)

Unfunded Commitments – Pursuant to the terms of certain term loan agreements, High Income Fund is obligated to fund term loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating liquid assets. Unfunded commitments were recorded at market value and unrealized gains and losses are presented seperately on the Statement of Assets and Liabilities.

(l)

Redemption Fees – Artisan High Income Fund generally imposes a 2% redemption fee on shares owned for 90 days or less. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. The Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Fund also waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Fund’s prospectus.

(m)

Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.

In order to terminate the short sale the Funds are obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Funds will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Funds terminate the short sale. This loss may be unlimited. The Funds will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Funds may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds generally must segregate cash or other liquid assets for the benefit of its


108		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

counterparty to secure the Funds’ obligation to purchase the security, so that the total of the amounts segregated is equal to the market value of the securities sold short.

Artisan Partners Funds had an agreement with State Street Bank and Trust Company (“SSB”), the Fund’s custodian, in order to execute short sales. The Funds incur expenses as a result of executing short sales.

During the year ended September 30, 2018, only Thematic Fund engaged in short sales and paid dividends on securities sold short, as shown in the Statements of Operations. For the year ended September 30, 2018, Thematic Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statements of Operations. As of September 30, 2018, there were no open short sale positions for any of the Funds.

(n)

Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Funds on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

(3)

Risks:

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including


Artisan Partners Funds		109

NOTES TO FINANCIAL STATEMENTS

less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

The risks of foreign securities typically are greater in emerging and less developed markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the values of debt securities fall in response to increases in interest rates. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the U.S. and outside the U.S. may affect the Fund’s debt investments unfavorably. Given the low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities in which a Fund invests may be rated below investment grade by the major rating agencies, or may be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or


110		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally, and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Because there is typically limited public information available regarding loan investments, High Income Fund is particularly dependent on the analytical abilities of the Adviser. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which High Income Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial period after the sale of the loans. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to certain loans and other forms of direct indebtedness.

As a non-diversified fund, Thematic Fund may invest a larger portion of its assets in securities of a smaller number of issues than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

See the Funds’ prospectus and statement of additional information regarding the risks of investing in shares of the Funds.

(4)

Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the


Artisan Partners Funds		111

NOTES TO FINANCIAL STATEMENTS

reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – unadjusted quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the U.S. where the applicable trading market was closed or factors were applied to prices as a result of significant market movements following the close of local trading)

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques for the Funds’ major classes of assets are found in Note 2(a). A description of the fair value leveling techniques are described below:

Equity securities, money market funds, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, equity-linked securities and foreign currency forward contracts are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of September 30, 2018 (in thousands):


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Developing World
Common Stocks⁽¹⁾
Developed Markets		$	628,798		$	-		$	-		$	628,798
Emerging Asia			962,481			54,907			-			1,017,388
Europe, Middle East & Africa			126,940			21,445			-			148,385
Latin America			245,024			-			-			245,024
Preferred Stock⁽¹⁾
Latin America			46,301			-			-			46,301
Money Market Funds			84,345			-			-			84,345
Total Investments		$	2,093,889		$	76,352		$	-		$	2,170,241


112		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs				Total
Emerging Markets
Common Stocks⁽¹⁾
Developed Markets		$	2,549		$	-		$	-			$	2,549
Emerging Asia			33,973			-			-	⁽³⁾			33,973
Europe, Middle East & Africa			7,684			1,071			-				8,755
Latin America			5,873			-			-				5,873
Preferred Stocks⁽¹⁾
Europe, Middle East & Africa			1,159			-			-				1,159
Latin America			1,622			-			-				1,622
Money Market Funds			1,323			-			-				1,323
Total Investments		$	54,183		$	1,071		$	-	⁽³⁾		$	55,254
Global Discovery
Common Stocks⁽¹⁾
Americas		$	45,992		$	-		$	-			$	45,992
Emerging Markets			3,769			-			-				3,769
Europe			16,166			-			-				16,166
Pacific Basin			6,464			-			-				6,464
Preferred Stock⁽¹⁾
Europe			705			-			-				705
Money Market Funds			2,446			-			-				2,446
Total Investments		$	75,542		$	-		$	-			$	75,542
Global Equity
Common Stocks⁽¹⁾
Americas		$	151,064		$	-		$	-			$	151,064
Emerging Markets			12,439			-			-				12,439
Europe			130,322			-			-				130,322
Pacific Basin			11,432			-			-				11,432
Preferred Stock⁽¹⁾
Emerging Markets			3,679			-			-				3,679
Money Market Funds			8,776			-			-				8,776
Total Investments		$	317,712		$	-		$	-			$	317,712
Global Opportunities
Common Stocks⁽¹⁾
Americas		$	1,693,140		$	-		$	-			$	1,693,140
Emerging Markets			182,375			-			-				182,375
Europe			872,032			-			-				872,032
Pacific Basin			513,601			-			-				513,601
Money Market Funds			127,390			-			-				127,390
Total Investments		$	3,388,538		$	-		$	-			$	3,388,538


Artisan Partners Funds		113

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Global Value
Common Stocks⁽¹⁾
Americas		$	1,766,426		$	-			$	-			$	1,766,426
Emerging Markets			498,776			-				-				498,776
Europe			1,084,018			-				-				1,084,018
Pacific Basin			51,646			-				-				51,646
Preferred Stock⁽¹⁾
Emerging Markets			4,554			-				-				4,554
Money Market Funds			300,528			-				-				300,528
Total Investments			3,705,948			-				-				3,705,948
Foreign Currency Forward Contracts⁽²⁾			-			(138	)			-				(138	)
Total		$	3,705,948		$	(138	)		$	-			$	3,705,810
High Income
Corporate Bonds⁽¹⁾		$	-		$	2,304,070			$	-			$	2,304,070
Bank Loans⁽¹⁾			-			730,302				-				730,302
Convertible Debenture⁽¹⁾			-			17,018				-				17,018
Preferred Stocks⁽¹⁾			-			3,359				4,308				7,667
Common Stock⁽¹⁾			-			1,218				-				1,218
Corporate Bond Escrows⁽¹⁾			-			-				-	⁽⁴⁾			-	⁽⁴⁾
Money Market Funds			175,592			-				-				175,592
Total Investments			175,592			3,055,967				4,308				3,235,867
Futures Contracts⁽²⁾			417			-				-				417
Total		$	176,009		$	3,055,967			$	4,308			$	3,236,284
International
Common Stocks⁽¹⁾
Americas		$	1,330,555		$	-			$	-			$	1,330,555
Emerging Markets			733,667			-				-				733,667
Europe			8,856,718			-				-				8,856,718
Pacific Basin			693,503			-				-				693,503
Equity-Linked Security⁽¹⁾
Europe			-			215,541				-				215,541
Preferred Stocks⁽¹⁾
Emerging Markets			197,162			-				-				197,162
Europe			230,119			-				-				230,119
Money Market Funds			503,689			-				-				503,689
Total Investments		$	12,545,413		$	215,541			$	-			$	12,760,954


114		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
International Small Cap
Common Stocks⁽¹⁾
Americas		$	28,086		$	-		$	-		$	28,086
Emerging Markets			15,335			-			-			15,335
Europe			281,891			-			-			281,891
Pacific Basin			36,322			-			-			36,322
Money Market Funds			39,487			-			-			39,487
Total Investments		$	401,121		$	-		$	-		$	401,121
International Value
Common Stocks⁽¹⁾
Americas		$	2,079,112		$	-		$	-		$	2,079,112
Emerging Markets			2,412,006			-			-			2,412,006
Europe			8,524,718			-			-			8,524,718
Pacific Basin			218,953			-			-			218,953
Preferred Stocks⁽¹⁾
Emerging Markets			98,667			-			-			98,667
Money Market Funds			1,891,096			-			-			1,891,096
Total Investments			15,224,552			-			-			15,224,552
Foreign Currency Forward Contracts⁽²⁾			-			622			-			622
Total		$	15,224,552		$	622		$	-		$	15,225,174
Mid Cap
Common Stocks⁽¹⁾
Americas		$	5,699,639		$	-		$	-		$	5,699,639
Emerging Markets			59,206			-			-			59,206
Europe			179,044			-			-			179,044
Pacific Basin			60,270			-			-			60,270
Money Market Funds			160,119			-			-			160,119
Total Investments		$	6,158,278		$	-		$	-		$	6,158,278
Mid Cap Value
Common Stocks⁽¹⁾		$	3,105,451		$	-		$	-		$	3,105,451
Money Market Funds			193,728			-			-			193,728
Total Investments		$	3,299,179		$	-		$	-		$	3,299,179
Small Cap
Common Stocks⁽¹⁾		$	1,773,115		$	-		$	-		$	1,773,115
Money Market Funds			33,427			-			-			33,427
Total Investments		$	1,806,542		$	-		$	-		$	1,806,542


Artisan Partners Funds		115

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Thematic
Common Stocks⁽¹⁾		$	97,264			$	-		$	639		$	97,903
Purchased Option Contracts			2,481				-			-			2,481
Money Market Funds			17,959				-			-			17,959
Total Investments			117,704				-			639			118,343
Foreign Currency Forward Contracts⁽²⁾			-				75			-			75
Written Option Contracts			(19	)			-			-			(19	)
Total		$	117,685			$	75		$	639		$	118,399
Value
Common Stocks⁽¹⁾
Americas		$	435,446			$	-		$	-		$	435,446
Europe			20,850				-			-			20,850
Preferred Stock⁽¹⁾
Emerging Markets			13,265				-			-			13,265
Money Market Funds			21,362				-			-			21,362
Total Investments		$	490,923			$	-		$	-		$	490,923

⁽¹⁾See the Fund’s Schedule of Investments for sector or country classifications. ⁽²⁾Foreign currency forward contracts and futures contracts are valued at unrealized appreciation (depreciation). ⁽³⁾Common stock, valued at $0. ⁽⁴⁾Corporate bond escrows, valued at $0.

Information about Level 3 fair value measurements (dollar values in thousands):


Assets	Fair Value at September 30, 2018				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
Emerging Markets Fund
Common Stock		$	-	⁽¹⁾	Last quote in inactive market less 100% discount	N/A
High Income Fund
Corporate Bond Escrows		$	-	⁽¹⁾	Last quote in inactive market less 100% discount	N/A
Preferred Stock		$	4,308	⁽²⁾	Enterprise Value/Earnings before interest, taxes, depreciation and amortization multiple of 11.10x determined from comparable companies less 25% discount	Valuation decrease as discount increased


116		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Assets	Fair Value at September 30, 2018				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
Thematic Fund
Common Stock		$	639	⁽²⁾	Enterprise Value/Earnings before interest, taxes, depreciation and amortization multiple of 14.24x and Enterprise Value/Revenue multiple range of 3.38x - 5.10x determined from comparable companies	Increase

⁽¹⁾Includes one or more securities valued at $0. ⁽²⁾The inputs used by management in estimating the fair value include pro-forma EBITDA amounts and EBITDA multiples for comparable companies. Increases or decreases in these inputs would impact the estimated value directly. In certain instances, management has also adjusted the value to reflect illiquidity or non-transferability of assets. Increases in those discounts would reduce the value of the investments.

As of September 30, 2018, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):


	Emerging Markets Fund				High Income Fund				Thematic Fund
Balance as of September 30, 2017		$	-	⁽¹⁾		$	4,863	⁽¹⁾		$	-
Transfers into Level 3			-				-				639	⁽²⁾
Net change in unrealized appreciation (depreciation)			-				(555	)			-
Purchases			-				-				-
Sales			-				-				-
Realized Gain/Loss			-				-				-
Transfers out of Level 3			-				-				-

Balance as of September 30, 2018		$	-	⁽¹⁾		$	4,308	⁽¹⁾		$	639

Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2018		$	-			$	(555	)		$	-


⁽¹⁾Includes one or more securities valued at $0.
⁽²⁾Security was deemed Level 3 after trading suspended for an extended period of time.

(5)

Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. For Investor Shares and Advisor Shares of the Funds, some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees,


Artisan Partners Funds		117

NOTES TO FINANCIAL STATEMENTS

which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred during the period was paid by the Adviser. Institutional Shares of the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2018 (in thousands):


	Year Ended 9/30/2018
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Developing World Fund - Investor Shares		$	55		$	1,331		$	1,386
Artisan Developing World Fund - Advisor Shares			49			771			820
Artisan Developing World Fund - Institutional Shares			35			-			35
Artisan Emerging Markets Fund - Investor Shares			47			119			166
Artisan Emerging Markets Fund - Institutional Shares			30			-			30
Artisan Global Discovery Fund - Investor Shares			38			54			92
Artisan Global Equity Fund - Investor Shares			54			304			358
Artisan Global Equity Fund - Institutional Shares			29			-			29
Artisan Global Opportunities Fund - Investor Shares			86			2,492			2,578
Artisan Global Opportunities Fund - Advisor Shares			48			383			431
Artisan Global Opportunities Fund - Institutional Shares			35			-			35
Artisan Global Value Fund - Investor Shares			81			1,775			1,856
Artisan Global Value Fund - Advisor Shares			51			667			718
Artisan Global Value Fund - Institutional Shares			36			-			36
Artisan High Income Fund - Investor Shares			55			1,960			2,015
Artisan High Income Fund - Advisor Shares			59			1,430			1,489
Artisan High Income Fund - Institutional Shares			34			-			34
Artisan International Fund - Investor Shares			315			12,203			12,518
Artisan International Fund - Advisor Shares			69			2,089			2,158
Artisan International Fund - Institutional Shares			104			-			104
Artisan International Small Cap Fund - Investor Shares			68			540			608
Artisan International Small Cap Fund - Institutional Shares			30			-			30
Artisan International Value Fund - Investor Shares			130			8,842			8,972
Artisan International Value Fund - Advisor Shares			68			3,625			3,693
Artisan International Value Fund - Institutional Shares			87			-			87
Artisan Mid Cap Fund - Investor Shares			143			4,670			4,813
Artisan Mid Cap Fund - Advisor Shares			51			415			466
Artisan Mid Cap Fund - Institutional Shares			52			-			52


118		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2018
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Mid Cap Value Fund - Investor Shares		$	151		$	3,617		$	3,768
Artisan Mid Cap Value Fund - Advisor Shares			59			584			643
Artisan Mid Cap Value Fund - Institutional Shares			36			-			36
Artisan Small Cap Fund - Investor Shares			116			878			994
Artisan Small Cap Fund - Advisor Shares			46			158			204
Artisan Small Cap Fund - Institutional Shares			34			-			34
Artisan Thematic Fund - Investor Shares			46			72			118
Artisan Thematic Fund - Advisor Shares⁽¹⁾			3			-			3
Artisan Value Fund - Investor Shares			64			421			485
Artisan Value Fund - Advisor Shares			48			99			147
Artisan Value Fund - Institutional Shares			32			-			32

⁽¹⁾For the period from commencement of operations (July 31, 2018) through September 30, 2018.

(6)

Commission recapture:

Each Fund except High Income Fund has the ability to direct transactions in equity securities to various brokers that have agreed to rebate a portion of the commissions generated. During the period, such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the year ended September 30, 2018 as follows (in thousands):


Developing World	$	39
Emerging Markets		1
Global Equity		-	⁽¹⁾
Global Opportunities		5
Global Value		1
International Small Cap		1
International Value		22
Mid Cap		30
Mid Cap Value		82
Small Cap		5
Value		22

⁽¹⁾Amount rounds to less than $1

(7)

Derivative Transactions:

A Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.


Artisan Partners Funds		119

NOTES TO FINANCIAL STATEMENTS

Foreign Currency Forward Contracts

Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in U.S. dollar or foreign currencies). A Fund may not engage in speculative currency exchange transactions.

At the maturity of a forward contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency. The Fund will earmark or segregate liquid assets to cover any unrealized losses.

Futures Transactions

A Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as due from broker in the Statements of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

When a Fund invests in futures contracts, it will cover its position by earmarking or segregating an amount of liquid assets equal to the market value of the futures positions held less margin deposits, and that amount will be marked-to-market on a daily basis.

Options Transactions

A Fund may purchase and write (sell) put options and call options on securities or indexes.

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of


120		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. When a Fund writes options, it will cover its obligation by earmarking or segregating liquid assets.

If an option written expires, a Fund realizes a gain equal to the premium received at the time the option was written. If an option purchased expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2018 was as follows (in thousands):


Fund	Risk Exposure Category	Derivative Instrument	Statements of Assets and Liabilities Location	Value
Global Value	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(138	)
High Income	Interest rate	Futures contracts	Total distributable earnings		$	417
International Value	Foreign currency	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	1,199
	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(577	)
Thematic	Foreign currency	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	75
	Equity	Purchased options contracts	Investments, at value		$	2,481
	Equity	Written options contracts	Written options, at value		$	(19	)

The effect of derivative instruments in the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on the Statements of Operations for the year ended September 30, 2018 was as follows (in thousands):

Fund

Risk Exposure
Category

Derivative
Instrument

Statements of
Operations Location

Net Realized
Gain (Loss)

Statements of
Operations Location

Unrealized
Appreciation
(Depreciation)

Global Value

Foreign currency

Foreign currency forward contracts

Net realized loss on foreign currency forward contracts

(9,307

)

Net increase in unrealized appreciation or depreciation on foreign currency forward contracts

3,929


Artisan Partners Funds		121

NOTES TO FINANCIAL STATEMENTS


Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Unrealized Appreciation (Depreciation)
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	1,241		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(1	)
International Value	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(57,057	)	Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	17,891
Thematic	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	15		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	69
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	1,821		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	161
	Equity	Written options contracts	Net realized gain loss on written options		$	(2,417	)	Net decrease in unrealized appreciation or depreciation on written options		$	(2	)

The average monthly amount outstanding for each derivative type as of September 30, 2018 was as follows (dollar value in thousands):

Volume of derivative activity


Fund	Derivative Type	Average Monthly Principal Amount
Global Value	Foreign currency forward contracts		$	96,704
International Value	Foreign currency forward contracts		$	947,070
Thematic	Foreign currency forward contracts		$	3,925

Fund	Derivative Type	Average Monthly Notional Amount
High Income	Futures contracts		$	5,508

Fund	Derivative Type	Average Monthly Notional Amount
Thematic	Purchased options contracts			77,000
	Written options contracts			17,000

Master Netting Agreements

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.


122		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts:


	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Received			Net Amount (Not Less Than $0)
International Value	JPMorgan Chase Bank N.A.		$	1,199		$	(577	)		$	-		$	622
Thematic	JPMorgan Chase Bank N.A.			75			-				-			75

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Liability Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Pledged			Net Amount (Not Less Than $0)
Global Value	JPMorgan Chase Bank N.A.		$	138		$	-			$	-		$	138
International Value	JPMorgan Chase Bank N.A.			577			(577	)		$	-			-

(8)

Related Party Transactions:

(a)

Investment Advisory Agreement – The Adviser, with which the officers and a director of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the year ended September 30, 2018. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows:

Developing World Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Emerging Markets Fund and Thematic Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $2 billion		0.975
$2 billion to $3.5 billion		0.950
$3.5 billion to $5 billion		0.925
Greater than $5 billion		0.900

Global Discovery Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.975	%
$1 billion to $2 billion		0.950
$2 billion to $3.5 billion		0.925
$3.5 billion to $5 billion		0.900
Greater than $5 billion		0.875


Artisan Partners Funds		123

NOTES TO FINANCIAL STATEMENTS

Global Equity Fund and Global Value Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900

Global Opportunities Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $4 billion		0.875
$4 billion to $8 billion		0.850
$8 billion to $12 billion		0.825
Greater than $12 billion		0.800

High Income Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.725	%
$1 billion to $2 billion		0.700
$2 billion to $3.5 billion		0.675
$3.5 billion to $10 billion		0.650
Greater than $10 billion		0.625

International Fund


Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
$1 billion to $12 billion		0.925
Greater than $12 billion		0.900

International Small Cap Fund


Average Daily Net Assets	Annual Rate
All		1.250	%

International Value Fund, Mid Cap Fund, Mid Cap Value Fund, and Small Cap Fund


Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
Greater than $1 billion		0.925


124		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Value Fund


Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

(b)

Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. This contract continues through the date shown on the table below at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the year ended September 30, 2018 (dollar values in thousands):

For the year ended September 30, 2018, no operating expenses were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser as of September 30, 2018.


Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived			Continues Through
Artisan Developing World Fund - Investor Shares		1.50	%		$	-	January 31, 2019
Artisan Developing World Fund - Advisor Shares		1.40	%			-	January 31, 2019
Artisan Developing World Fund - Institutional Shares		1.40	%			-	January 31, 2019
Artisan Emerging Markets Fund - Investor Shares⁽¹⁾		1.35	%			55	January 31, 2020
Artisan Emerging Markets Fund - Institutional Shares⁽¹⁾		1.20	%			187	January 31, 2020
Artisan Global Discovery Fund - Investor Shares		1.50	%			77	January 31, 2020
Artisan Global Equity Fund - Investor Shares		1.50	%			-	January 31, 2019
Artisan Global Equity Fund - Institutional Shares		1.50	%			-	January 31, 2019
Artisan Global Opportunities Fund - Advisor Shares		1.10	%			-	January 31, 2019
Artisan Global Value Fund - Advisor Shares		1.20	%			-	January 31, 2019
Artisan High Income Fund - Investor Shares		1.25	%			-	January 31, 2019
Artisan High Income Fund - Advisor Shares		1.25	%			-	January 31, 2019
Artisan High Income Fund - Institutional Shares		1.25	%			-	January 31, 2019
Artisan International Fund - Advisor Shares		1.07	%			-	January 31, 2019
Artisan International Value Fund - Advisor Shares		1.06	%			-	January 31, 2019
Artisan Mid Cap Fund - Advisor Shares		1.10	%			-	January 31, 2019
Artisan Mid Cap Value Fund - Advisor Shares		1.09	%			-	January 31, 2019


Artisan Partners Funds		125

NOTES TO FINANCIAL STATEMENTS


Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived			Continues Through
Artisan Small Cap Fund - Advisor Shares		1.15	%		$	-	January 31, 2019
Artisan Thematic Fund - Investor Shares		1.50	%			84	January 31, 2020
Artisan Thematic Fund - Advisor Shares		1.40	%			24	January 31, 2020
Artisan Value Fund - Advisor Shares		0.88	%			14	January 31, 2020

⁽¹⁾Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018.

(c)

Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the year ended September 30, 2018, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of $270,000 through March 31, 2018. Effective April 1, 2018, annual fee increased to $275,000 subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Partners Funds and a decrease of $10,000 for any terminated series of Artisan Partners Funds.

In addition, the independent chair and each committee chair receives an annual supplemental retainer as follows:


	Amount
Independent board chair		$	60,000
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000

If more than seven in-person meetings or four telephonic meetings are held in a calendar year, each director is paid an additional meeting attendance fee of $5,000 for each such in-person meeting and $1,000 for each such telephonic meeting. These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statements of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

(d)	Distribution – Shares of the Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.


126		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(9)

Line of credit arrangement:

Prior to June 13, 2018, Artisan Partners Funds was a party to a line of credit agreement with a syndicate of financial institutions, including SSB, as lenders and SSB as administrative agent. Effective June 13, 2018, Artisan Partners Funds was a party to a line of credit agreement with a syndicate of lenders, led by J.P. Morgan Chase Bank N.A., as lender and administrative agent that expires on June 12, 2019. Under each line of credit, each Fund could borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds did not exceed $200 million ($150 million prior to June 13, 2018). The Funds paid a commitment fee at the annual rate of 0.15% (0.20% prior to June 13, 2018) on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.00%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% (prior to June 13, 2018, at the higher of (i) the current overnight Federal Funds rate (but, in any event, not less than 0.00%) plus 1.25% or (ii) the one month LIBOR rate (but, in any event, not less than 0.00%) plus 1.25%). The Funds also paid an agent’s fee, an up-front fee to the lenders and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the period ended September 30, 2018, there were no borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund and International Small Cap Fund, which had maximum borrowings of approximately $1,300,000 and $11,000,000, respectively. Fees and interest expense, if any, related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at September 30, 2018.

(10)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the year ended September 30, 2018 were as follows (in thousands):


Fund	Security Purchases			Security Sales
Developing World		$	3,076,381		$	2,536,853
Emerging Markets			26,518			19,818
Global Discovery			68,921			14,055
Global Equity			377,916			407,416
Global Opportunities			1,675,767			1,285,757
Global Value			1,447,530			878,486


Artisan Partners Funds		127

NOTES TO FINANCIAL STATEMENTS


Fund	Security Purchases				Security Sales
High Income		$	2,862,145			$	2,071,601
International			7,359,633				9,282,916
International Small Cap			267,152				474,661
International Value			3,877,690				2,847,957
Mid Cap			3,148,658				5,119,486
Mid Cap Value			652,966				1,597,692
Small Cap			716,274				636,452
Thematic			228,027	⁽¹⁾			157,503	⁽¹⁾
Value			132,359				330,015

⁽¹⁾

Investment transactions excludes purchased options expiring within one year of purchase date. Had these transactions been included, security purchases and security sales would have been $248,057 and $174,886, respectively.

(11)

Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the year ended September 30, 2018 (dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the year ended September 30, 2018.


		As of 9/30/2017								Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)							As of 9/30/2018
Fund	Security	Share Balance		Purchase Cost			Sales Proceeds			Net Realized Gain (Loss)								Dividend Income^@			Share Balance		Value
International Small Cap
	SyntheticMR AB		235,564		$	3,272		$	822		$	(77	)		$	2,772			$	-		298,702		$	13,242
	Total				$	3,272		$	822		$	(77	)		$	2,772			$	-				$	13,242
International Value
	Arch Capital Group Ltd.^†		6,295,616		$	47,322		$	2,139		$	(143	)		$	(55,629	)		$	-		20,447,091		$	609,528
	Panalpina Welttransport Holding AG		2,385,384			6,339			21,365			1,324				(1,391	)			7,524		2,295,359			334,457
	Total				$	53,661		$	23,504		$	1,181			$	(57,020	)		$	7,524				$	943,985

Net of foreign taxes withheld, if any.

^†

Issuer was not an affiliate as of September 30, 2017.


128		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(12)

Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of September 30, 2018 was as follows (in thousands):


Fund	Cost of Investments				Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation on Investments
Developing World		$	2,025,103			$	242,832		$	(97,750	)		$	145,082
Emerging Markets			52,638				13,816			(11,235	)			2,581
Global Discovery			69,221				8,000			(1,679	)			6,321
Global Equity			257,828				66,975			(7,089	)			59,886
Global Opportunities			2,567,555				847,855			(26,875	)			820,980
Global Value			3,199,111				619,016			(112,314	)			506,702
High Income			3,232,455				41,932			(40,749	)			1,183
International			10,109,969				3,006,579			(356,388	)			2,650,191
International Small Cap			337,520				90,441			(26,821	)			63,620
International Value			12,935,844				2,927,981			(638,478	)			2,289,503
Mid Cap			4,354,634				1,941,839			(138,191	)			1,803,648
Mid Cap Value			2,217,494				1,123,085			(41,400	)			1,081,685
Small Cap			1,165,974				670,883			(30,315	)			640,568
Thematic			113,147	⁽¹⁾			5,819			(567	)			5,252
Value			355,793				141,415			(6,285	)			135,130

⁽¹⁾

Net of premiums received on written options contracts.

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions).

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2018 and the year ended September 30, 2017 were as follows (in thousands):


	Year Ended 9/30/2018						Year Ended 9/30/2017
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends				Long-Term Capital Gain Distributions
Developing World		$	50,440		$	19,327		$	5,339			$	68
Emerging Markets			282			-			335				-
Global Discovery			90			-			-	⁽¹⁾			-	⁽¹⁾
Global Equity			865			1,215			186				-
Global Opportunities			2,036			113,026			-				2,935


Artisan Partners Funds		129

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2018						Year Ended 9/30/2017
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends				Long-Term Capital Gain Distributions
Global Value		$	45,330		$	22,690		$	25,778			$	33,391
High Income			204,540			8,692			130,372				-
International			113,694			-			187,253				-
International Small Cap			577			62,120			-				38,548
International Value			215,160			390,454			133,521				240,607
Mid Cap			-			868,734			-				610,666
Mid Cap Value			29,409			350,487			39,080				77,484
Small Cap			-			187,338			-				13,989
Thematic			1,606			-			-	⁽²⁾			-	⁽²⁾
Value			14,966			46,256			5,547				-

⁽¹⁾

For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾

For the period from commencement of operations (April 24, 2017) through September 30, 2017.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and qualified late year ordinary losses.

Gains on redemptions in-kind for International Fund and Mid Cap Fund of approximately $55,368,000 and $22,211,000, respectively, were included in net realized gain on investments in the Statements of Operations for the year ended September 30, 2018, and were not recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and will be reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities as part of the annual process.

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, Section 988 currency gains and losses, PFIC gains and losses, and utilization of earnings and profits distributed to shareholders on redemption of shares. These reclassifications have no impact on the net asset values of the Funds.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the


130		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Funds’ fiscal year, September 30, 2018. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2018.

Additional tax information as of and for the year ended September 30, 2018 follows (in thousands):


Fund	Undistributed Ordinary Income			Undistributed Long-Term Gain			Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)⁽¹⁾
Developing World		$	-		$	-		$	60,644		$	1,808		$	(32	)
Emerging Markets			483			-			-			-			(5	)
Global Discovery			-			-			-			142			(2	)
Global Equity			19,424			21,574			-			-			(8	)
Global Opportunities			160			193,312			-			-			(56	)
Global Value			57,226			135,283			-			-			(67	)
High Income			8,580			9,107			-			-			(2,952	)
International			155,265			753,567			-			-			(403	)
International Small Cap			24,198			51,953			-			-			(18	)
International Value			192,080			517,993			-			-			(339	)
Mid Cap			49,923			938,853			-			-			(199	)
Mid Cap Value			3,366			363,883			-			-			(137	)
Small Cap			3,057			241,894			-			-			(36	)
Thematic			6,485			-			-			-			(27	)
Value			6,168			48,039			-			-			(20	)

⁽¹⁾

Other deferred gains and losses relate to (a) distribution payable at year end and (b) other items.

As of September 30, 2018, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.


Fund	Unexpiring –ST				Unexpiring –LT				Utilized in CY
Emerging Markets		$	5,939	⁽¹⁾		$	126,422	⁽¹⁾		$	3,497
International			-				-				307,753

⁽¹⁾

Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $1,323, pursuant to IRC Section 382-383.


Artisan Partners Funds		131

NOTES TO FINANCIAL STATEMENTS

(13)

Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):


	DEVELOPING WORLD
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		10,059,119			$	125,081			26,428,621			$	295,803
Advisor Shares		46,099,312				578,570			34,103,097				378,816
Institutional Shares		18,120,657				230,737			28,946,054				345,202
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,377,040				17,447			128,759				1,248
Advisor Shares		2,095,611				26,615			220,529				2,139
Institutional Shares		1,263,067				16,066			180,951				1,757
Cost of shares redeemed
Investor Shares		(9,211,887	)			(112,853	)		(11,306,434	)			(126,690	)
Advisor Shares		(15,546,970	)			(189,227	)		(7,275,937	)			(80,966	)
Institutional Shares		(11,837,626	)			(144,233	)		(2,339,986	)			(25,905	)
Net increase from fund share transactions
Investor Shares		2,224,272				29,675			15,250,946				170,361
Advisor Shares		32,647,953				415,958			27,047,689				299,989
Institutional Shares		7,546,098				102,570			26,787,019				321,054

	EMERGING MARKETS
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,266,888			$	20,884			822,001			$	10,978
Institutional Shares		97,462				1,556			66,831				917
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		14,393				236			24,100				285
Institutional Shares		2,697				44			4,031				47
Cost of shares redeemed
Investor Shares		(718,712	)			(11,786	)		(485,152	)			(6,515	)
Institutional Shares		(273,245	)			(4,376	)		(27,023	)			(351	)
Net increase (decrease) from fund share transactions
Investor Shares		562,569				9,334			360,949				4,748
Institutional Shares		(173,086	)			(2,776	)		43,839				613

Footnotes are presented on Page 139.


132		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	GLOBAL DISCOVERY
	Year Ended 9/30/2018							Period Ended 9/30/2017⁽¹⁾
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,921,088			$	57,769			1,275,281			$	12,822
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		8,470				90			-				-
Cost of shares redeemed
Investor Shares		(130,889	)			(1,507	)		-				-
Net increase from fund share transactions
Investor Shares		4,798,669				56,352			1,275,281				12,822

	GLOBAL EQUITY
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		894,923			$	19,211			1,713,058			$	28,866
Institutional Shares		2,446,487				52,725			1,649,836				29,365
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		43,999				905			-				-
Institutional Shares		43,773				904			11,717				186
Cost of shares redeemed
Investor Shares		(2,227,243	)			(47,781	)		(3,802,085	)			(65,048	)
Institutional Shares		(1,972,458	)			(43,262	)		(285,675	)			(5,119	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,288,321	)			(27,665	)		(2,089,027	)			(36,182	)
Institutional Shares		517,802				10,367			1,375,878				24,432

Footnotes are presented on Page 139.


Artisan Partners Funds		133

NOTES TO FINANCIAL STATEMENTS


	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		13,726,994			$	367,897			14,705,328			$	335,539
Advisor Shares		8,769,136				236,035			8,685,957				203,202
Institutional Shares		15,967,423				430,512			18,475,484				441,676
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,584,555				40,295			59,403				1,240
Advisor Shares		568,901				14,501			10,718				224
Institutional Shares		2,083,657				53,509			59,918				1,259
Cost of shares redeemed
Investor Shares		(10,703,492	)			(285,816	)		(12,802,431	)			(292,540	)
Advisor Shares		(3,796,036	)			(101,634	)		(2,102,757	)			(47,039	)
Institutional Shares		(10,606,879	)			(281,810	)		(6,596,250	)			(156,974	)
Net increase from fund share transactions
Investor Shares		4,608,057				122,376			1,962,300				44,239
Advisor Shares		5,542,001				148,902			6,593,918				156,387
Institutional Shares		7,444,201				202,211			11,939,152				285,961

	GLOBAL VALUE
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		8,171,141			$	148,960			13,715,916			$	220,919
Advisor Shares		16,504,741				299,868			27,522,474				444,152
Institutional Shares		47,575,164				874,432			34,106,980				548,575
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		862,022				15,430			1,261,399				18,946
Advisor Shares		878,354				15,687			671,815				10,064
Institutional Shares		1,801,378				32,227			1,697,055				25,473
Cost of shares redeemed
Investor Shares		(14,714,980	)			(267,531	)		(18,466,031	)			(298,989	)
Advisor Shares		(15,263,386	)			(277,204	)		(9,948,250	)			(163,074	)
Institutional Shares		(14,264,894	)			(258,824	)		(13,540,853	)			(223,686	)
Net increase (decrease) from fund share transactions
Investor Shares		(5,681,817	)			(103,141	)		(3,488,716	)			(59,124	)
Advisor Shares		2,119,709				38,351			18,246,039				291,142
Institutional Shares		35,111,648				647,835			22,263,182				350,362

Footnotes are presented on Page 139.


134		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	HIGH INCOME
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		52,982,023			$	525,563			42,750,361			$	429,384
Advisor Shares		90,626,264				894,455			94,508,740				945,535
Institutional Shares⁽²⁾		14,181,878				140,330			28,879,132				289,662
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,054,891				59,913			3,339,763				33,454
Advisor Shares		10,210,062				101,122			7,194,728				72,133
Institutional Shares⁽²⁾		1,479,716				14,633			390,775				3,959
Cost of shares redeemed⁽³⁾
Investor Shares		(21,064,786	)			(208,470	)		(39,383,067	)			(394,655	)
Advisor Shares		(53,046,958	)			(525,731	)		(76,090,116	)			(762,796	)
Institutional Shares⁽²⁾		(12,099,222	)			(119,827	)		(3,533,139	)			(35,618	)
Net increase from fund share transactions
Investor Shares		37,972,128				377,006			6,707,057				68,183
Advisor Shares		47,789,368				469,846			25,613,352				254,872
Institutional Shares⁽²⁾		3,562,372				35,136			25,736,768				258,003
Redemption Fee
Investor Shares						66							43
Advisor Shares						135							112
Institutional Shares⁽²⁾						22							11

	INTERNATIONAL
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		12,231,661			$	410,685			21,460,122			$	602,069
Advisor Shares		19,209,481				645,784			48,914,988				1,363,187
Institutional Shares		42,106,834				1,418,636			59,879,249				1,705,624
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,064,716				35,370			2,689,359				69,278
Advisor Shares		488,021				16,173			932,992				23,987
Institutional Shares		1,481,697				49,444			2,196,282				56,840
Cost of shares redeemed
Investor Shares		(51,871,032	)			(1,741,579	)		(124,488,489	)			(3,442,647	)
Advisor Shares		(22,045,534	)			(739,129	)		(75,036,265	)			(2,087,702	)
Institutional Shares		(51,674,141	)			(1,749,027	)		(66,398,817	)			(1,917,549	)
Net increase (decrease) from fund share transactions
Investor Shares		(38,574,655	)			(1,295,524	)		(100,339,008	)			(2,771,300	)
Advisor Shares		(2,348,032	)			(77,172	)		(25,188,285	)			(700,528	)
Institutional Shares		(8,085,610	)			(280,947	)		(4,323,286	)			(155,085	)

Footnotes are presented on Page 139.


Artisan Partners Funds		135

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL SMALL CAP
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		537,522			$	12,628			3,045,315			$	63,754
Institutional Shares		2,344,430				56,281			2,832,343				59,117
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,564,424				34,589			1,265,034				24,719
Institutional Shares		1,019,667				22,627			546,362				10,687
Cost of shares redeemed
Investor Shares		(4,833,359	)			(114,365	)		(17,100,158	)			(363,478	)
Institutional Shares		(6,227,618	)			(149,278	)		(2,100,506	)			(47,287	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,731,413	)			(67,148	)		(12,789,809	)			(275,005	)
Institutional Shares		(2,863,521	)			(70,370	)		1,278,199				22,517

	INTERNATIONAL VALUE
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		16,174,770			$	615,911			19,331,747			$	667,997
Advisor Shares		46,636,344				1,755,719			75,231,098				2,647,867
Institutional Shares		50,015,872				1,924,457			78,788,196				2,852,869
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,852,996				146,915			4,757,493				150,527
Advisor Shares		4,179,121				159,141			2,574,951				81,420
Institutional Shares		6,596,633				252,189			2,800,424				88,857
Cost of shares redeemed
Investor Shares		(39,825,069	)			(1,504,667	)		(76,719,390	)			(2,672,357	)
Advisor Shares		(34,270,041	)			(1,307,775	)		(72,611,034	)			(2,602,777	)
Institutional Shares		(19,495,925	)			(738,718	)		(11,769,461	)			(420,023	)
Net increase (decrease) from fund share transactions
Investor Shares		(19,797,303	)			(741,841	)		(52,630,150	)			(1,853,833	)
Advisor Shares		16,545,424				607,085			5,195,015				126,510
Institutional Shares		37,116,580				1,437,928			69,819,159				2,521,703

Footnotes are presented on Page 139.


136		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	MID CAP
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		9,266,909			$	385,999			7,198,026			$	285,411
Advisor Shares		4,935,883				202,980			9,871,483				388,631
Institutional Shares		12,754,032				567,882			14,114,027				605,273
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,652,678				290,725			6,401,868				239,878
Advisor Shares		1,953,425				74,562			1,065,775				40,052
Institutional Shares		9,741,704				402,820			6,589,481				265,293
Cost of shares redeemed
Investor Shares		(25,721,010	)			(1,058,185	)		(38,304,423	)			(1,515,448	)
Advisor Shares		(6,245,937	)			(256,861	)		(8,039,927	)			(323,763	)
Institutional Shares		(40,436,435	)			(1,798,026	)		(30,271,026	)			(1,293,881	)
Net increase (decrease) from fund share transactions
Investor Shares		(8,801,423	)			(381,461	)		(24,704,529	)			(990,159	)
Advisor Shares		643,371				20,681			2,897,331				104,920
Institutional Shares		(17,940,699	)			(827,324	)		(9,567,518	)			(423,315	)

	MID CAP VALUE
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		6,708,755			$	154,486			10,156,070			$	230,379
Advisor Shares		12,606,232				291,525			33,907,058				770,303
Institutional Shares		11,481,376				267,039			20,798,443				484,986
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,240,181				158,850			2,721,981				59,258
Advisor Shares		4,486,111				98,201			1,278,251				27,751
Institutional Shares		4,163,714				91,185			930,551				20,221
Cost of shares redeemed
Investor Shares		(40,643,257	)			(938,576	)		(44,130,457	)			(999,637	)
Advisor Shares		(20,657,441	)			(479,704	)		(39,182,800	)			(907,931	)
Institutional Shares		(14,128,650	)			(324,314	)		(12,971,915	)			(293,929	)
Net increase (decrease) from fund share transactions
Investor Shares		(26,694,321	)			(625,240	)		(31,252,406	)			(710,000	)
Advisor Shares		(3,565,098	)			(89,978	)		(3,997,491	)			(109,877	)
Institutional Shares		1,516,440				33,910			8,757,079				211,278

Footnotes are presented on Page 139.


Artisan Partners Funds		137

NOTES TO FINANCIAL STATEMENTS


	SMALL CAP
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,412,985			$	48,605			2,312,058			$	69,074
Advisor Shares⁽⁴⁾		3,692,268				126,758			10,516,823				323,387
Institutional Shares		7,818,442				266,957			3,521,581				107,985
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,026,759				62,201			281,769				8,225
Advisor Shares⁽⁴⁾		1,554,204				47,745			-				-
Institutional Shares		1,925,549				59,885			146,960				4,329
Cost of shares redeemed
Investor Shares		(4,443,679	)			(148,652	)		(14,402,774	)			(437,740	)
Advisor Shares⁽⁴⁾		(2,211,217	)			(76,903	)		(859,940	)			(27,209	)
Institutional Shares		(3,802,704	)			(129,628	)		(6,178,690	)			(192,718	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,003,935	)			(37,846	)		(11,808,947	)			(360,441	)
Advisor Shares⁽⁴⁾		3,035,255				97,600			9,656,883				296,178
Institutional Shares		5,941,287				197,214			(2,510,149	)			(80,404	)

	THEMATIC
	Year Ended 9/30/2018							Period Ended 9/30/2017⁽⁵⁾
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,383,091			$	98,926			1,369,142			$	14,004
Advisor Shares⁽⁶⁾		2,705,885				38,552
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		137,916				1,605			-				-
Advisor Shares⁽⁶⁾		-				-
Cost of shares redeemed
Investor Shares		(3,281,368	)			(45,978	)		(72,349	)			(811	)
Advisor Shares⁽⁶⁾		(56,489	)			(809	)
Net increase from fund share transactions
Investor Shares		4,239,639				54,553			1,296,793				13,193
Advisor Shares⁽⁶⁾		2,649,396				37,743

Footnotes are presented on Page 139.


138		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	VALUE
	Year Ended 9/30/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		924,217			$	13,504			7,349,205			$	101,689
Advisor Shares		1,850,689				26,816			10,448,919				146,805
Institutional Shares		1,600,865				23,342			10,575,755				157,421
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,403,230				19,631			227,083				3,036
Advisor Shares		1,258,181				17,514			126,771				1,690
Institutional Shares		1,608,478				22,438			51,982				694
Cost of shares redeemed
Investor Shares		(4,310,747	)			(63,167	)		(28,312,024	)			(403,666	)
Advisor Shares		(6,318,388	)			(93,599	)		(17,941,677	)			(261,653	)
Institutional Shares		(7,579,995	)			(111,924	)		(1,478,593	)			(21,010	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,983,300	)			(30,032	)		(20,735,736	)			(298,941	)
Advisor Shares		(3,209,518	)			(49,269	)		(7,365,987	)			(113,158	)
Institutional Shares		(4,370,652	)			(66,144	)		9,149,144				137,105

⁽¹⁾

For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾

For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽³⁾

Net of redemption fees.

⁽⁴⁾

For the period from commencement of operations (February 1, 2017) through September 30, 2017.

⁽⁵⁾

For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽⁶⁾

For the period from commencement of operations (July 31, 2018) through September 30, 2018.

(14)

Accounting Pronouncements:

In August 2018, FASB issued Accounting Standards Update 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements, which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. Compliance is effective for interim and annual reporting periods in fiscal years that begin after December 19, 2019. Management evaluated the impact and has elected to early adopt this standard effective September 30, 2018. The impact of adoption was limited to changes in the financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.

In August 2018, the Securities and Exchange Commission (“SEC’’) released its Final Rule on Disclosure Update and Simplification that eliminates or amends disclosure requirements that are redundant or outdated in light of changes in SEC requirements, US GAAP, IFRS or changes in technology or the business environment. in part, the Amendments require an investment company to present distributable earnings in total, rather than showing the three separate components of distributable earnings. Distributions in the statement of changes are also presented in total rather than separately reporting amounts relating to net investment income and net realized gains. In addition, disclosure of the undistributed net investment income (loss) balance at the end of the period is no longer required to be included in the statement of changes in net assets. The compliance date for the


Artisan Partners Funds		139

NOTES TO FINANCIAL STATEMENTS

Amendments is for all filings on or after November 5, 2018 and management has adopted the ammendments and included the required disclosures in the September 30, 2018 financial statements.

(15)

Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

(16)

Additional Information:

Effective October 1, 2018, the Funds transitioned custody and fund accounting services from State Street Bank and Trust Company to JP Morgan Chase Bank, N.A.

Effective December 1, 2018, International Small Cap Fund will pay a monthly management fee to the Adviser as follows:


Average Daily Net Assets	Annual Rate
Less than $2 billion		1.050	%
$2 billion to $3 billion		1.025
$3 billion to $4 billion		1.000
$4 billion to $5 billion		0.975
Greater than $5 billion		0.950

Effective December 1, 2018, Artisan Partners contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.50% of the average daily net assets of International Small Cap Fund – Investor Shares and 1.35% of the average daily net assets of International Small Cap Fund – Institutional Shares. This contract continues through 31 January 2020.


140		Artisan Partners Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Artisan Partners Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Artisan Partners Funds, Inc. (comprising Artisan Developing World Fund, Artisan Emerging Markets Fund, Artisan Global Discovery Fund, Artisan Global Equity Fund, Artisan Global Opportunities Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Small Cap Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Small Cap Fund, Artisan Thematic Fund, and Artisan Value Fund (each a “Fund” and collectively referred to as the “Funds”)), including the schedules of investments, as of September 30, 2018, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Artisan Partners Funds, Inc. at September 30, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Funds comprising Artisan Partners Funds, Inc.	Statements of operations	Statements of changes in net assets	Financial highlights
Artisan Emerging Markets Fund Artisan Global Equity Fund Artisan Global Opportunities Fund Artisan Global Value Fund Artisan International Fund Artisan International Small Cap Fund Artisan International Value Fund Artisan Mid Cap Fund Artisan Mid Cap Value Fund Artisan Small Cap Fund Artisan Value Fund	For the year ended September 30, 2018	For each of the two years in the period ended September 30, 2018	For each of the five years in the period ended September 30, 2018
Artisan High Income Fund	For the year ended September 30, 2018	For each of the two years in the period ended September 30, 2018	For each of the four years in the period ended September 30, 2018, and the period from March 19, 2014 (commencement of operations) through September 30, 2014
Artisan Developing World Fund	For the year ended September 30, 2018	For each of the two years in the period ended September 30, 2018	For each of the three years in the period ended September 30, 2018, and the period from June 29, 2015 (commencement of operations) through September 30, 2015


Artisan Partners Funds		141


Funds comprising Artisan Partners Funds, Inc.	Statements of operations	Statements of changes in net assets	Financial highlights
Artisan Thematic Fund	For the year ended September 30, 2018	For the year ended September 30, 2018 and the period from April 24, 2017 (commencement of operations) through September 30, 2017
Artisan Global Discovery Fund	For the year ended September 30, 2018	For the year ended September 30, 2018 and the period from August 21, 2017 (commencement of operations) through September 30, 2017

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on each of the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians, brokers, and agent banks or by other appropriate auditing procedures where replies from brokers and agent banks were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more Artisan Partners Funds investment companies since 2003.

Minneapolis, Minnesota

November 26, 2018


142		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):

The Internal Revenue Code requires that shareholders be notified of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Funds.

Each Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the year ended September 30, 2018 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the year ended September 30, 2018 that are eligible for the dividends received deduction available to certain corporate shareholders.


Fund	Long-Term Capital Gains			Qualified Dividend Income			Dividends Received Deduction
Developing World		$	19,329		37.44	%		4.27	%
Emerging Markets			-		100.00			N/A
Global Discovery			-		100.00			93.18
Global Equity			4,717		22.02			5.50
Global Opportunities			125,872		100.00			100.00
Global Value			31,834		40.27			100.00
High Income			11,179		N/A			N/A
International			81,500		100.00			N/A
International Small Cap			73,326		17.85			N/A
International Value			434,758		100.00			N/A
Mid Cap			1,013,553		N/A			N/A
Mid Cap Value			402,968		97.95			90.25
Small Cap			201,222		N/A			N/A
Thematic			107		3.94			4.01
Value			54,540		69.33			42.87


Artisan Partners Funds		143

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of Artisan Partners Funds, you may incur transaction costs, including redemption fees, and you will incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2018 to September 30, 2018.

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended September 30, 2018 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.


	Beginning Account Value 4/1/2018			Ending Account Value 9/30/2018			Expenses Paid During Period 4/1/2018-9/30/2018⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	872.70		$	6.48		1.38	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.15		$	6.98		1.38	%
Advisor Shares
Actual		$	1,000.00		$	873.10		$	5.59		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	6.02		1.19	%
Institutional Shares
Actual		$	1,000.00		$	873.30		$	5.12		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.52		1.09	%


144		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2018			Ending Account Value 9/30/2018			Expenses Paid During Period 4/1/2018-9/30/2018⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	876.70		$	6.35		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35	%
Institutional Shares
Actual		$	1,000.00		$	877.40		$	5.65		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.07		1.20	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	1,102.20		$	7.90		1.50	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.55		$	7.59		1.50	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,064.30		$	7.04		1.36	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.25		$	6.88		1.36	%
Institutional Shares
Actual		$	1,000.00		$	1,066.40		$	5.70		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,042.20		$	5.99		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17	%
Advisor Shares
Actual		$	1,000.00		$	1,042.80		$	5.17		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.11		1.01	%
Institutional Shares
Actual		$	1,000.00		$	1,043.20		$	4.66		0.91	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.51		$	4.61		0.91	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,023.60		$	6.34		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.33		1.25	%
Advisor Shares
Actual		$	1,000.00		$	1,024.70		$	5.68		1.12	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.67		1.12	%
Institutional Shares
Actual		$	1,000.00		$	1,025.30		$	5.13		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.11		1.01	%


Artisan Partners Funds		145

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2018			Ending Account Value 9/30/2018			Expenses Paid During Period 4/1/2018-9/30/2018⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,034.10		$	5.15		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.11		1.01	%
Advisor Shares
Actual		$	1,000.00		$	1,036.10		$	4.24		0.83	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.91		$	4.20		0.83	%
Institutional Shares
Actual		$	1,000.00		$	1,036.60		$	3.78		0.74	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.36		$	3.75		0.74	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,001.80		$	5.92		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.97		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,002.40		$	5.22		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,003.00		$	4.82		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.26		$	4.86		0.96	%
Artisan International Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	999.60		$	7.72		1.54	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.35		$	7.79		1.54	%
Institutional Shares
Actual		$	1,000.00		$	1,000.40		$	6.77		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	985.60		$	5.87		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.97		1.18	%
Advisor Shares
Actual		$	1,000.00		$	986.10		$	5.23		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Institutional Shares
Actual		$	1,000.00		$	986.70		$	4.78		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.26		$	4.86		0.96	%


146		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2018			Ending Account Value 9/30/2018			Expenses Paid During Period 4/1/2018-9/30/2018⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,131.80		$	6.25		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17	%
Advisor Shares
Actual		$	1,000.00		$	1,132.30		$	5.56		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,132.80		$	5.13		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.26		$	4.86		0.96	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	1,061.70		$	6.10		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.97		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,062.30		$	5.38		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,062.70		$	5.07		0.98	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.16		$	4.96		0.98	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,185.60		$	6.47		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.97		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,186.20		$	5.70		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,186.30		$	5.48		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.05		$	5.06		1.00	%
Artisan Thematic Fund
Investor Shares
Actual		$	1,000.00		$	1,141.20		$	8.05		1.50	%⁽⁴⁾
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.55		$	7.59		1.50	%⁽⁴⁾
Advisor Shares⁽⁵⁾
Actual		$	1,000.00		$	1,041.20		$	2.39		1.40	%⁽⁴⁾
Hypothetical (5% return before expenses)		$	1,000.00		$	1,006.02		$	2.35		1.40	%⁽⁴⁾


Artisan Partners Funds		147

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2018			Ending Account Value 9/30/2018			Expenses Paid During Period 4/1/2018-9/30/2018⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,087.90		$	5.18		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.10		$	5.01		0.99	%
Advisor Shares
Actual		$	1,000.00		$	1,088.30		$	4.61		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.66		$	4.46		0.88	%
Institutional Shares
Actual		$	1,000.00		$	1,088.80		$	4.19		0.80	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.06		$	4.05		0.80	%

⁽¹⁾

Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2018, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

⁽²⁾

Annualized ratio of expenses to average net assets for the six-month period ended September 30, 2018.

⁽³⁾

Expense ratio includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁴⁾

Includes interest expense and dividend payments for securities sold short.

⁽⁵⁾

The account value and the expenses paid for Artisan Thematic Fund – Advisor Shares have been presented for the period from commencement of operations (July 31, 2018) through September 30, 2018. Assuming a six-month period, and the actual account values as of September 30, 2018, and the expenses paid during the period 4/1/2018-9/30/2018 would have been as follows:


	Beginning Account Value 4/1/2018			Ending Account Value 9/30/2018			Expenses Paid During Period 4/1/2018-9/30/2018
Artisan Thematic Fund
Advisor Shares
Actual		$	1,000.00		$	1,041.20		$	7.16
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.05		$	7.08


148		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners is responsible for management of the Funds’ (as defined below) investment portfolios and for overall management of the Funds’ business and affairs pursuant to an investment advisory agreement (the “Advisory Agreement”) between Artisan Partners Funds and Artisan Partners. With respect to each Fund, the Advisory Agreement, after an initial two-year term, may be continued from year to year only so long as the continuation is approved at least annually (a) by the vote of a majority of the directors of Artisan Partners Funds who are not “interested persons” of Artisan Partners Funds or Artisan Partners (the “independent directors”) cast in person at a meeting called for the purpose of voting on such approval, and (b) by the board of directors or by the vote of a majority (as defined in the 1940 Act) of the outstanding shares of the Fund.

The directors of Artisan Partners Funds held a meeting on May 15-16, 2018 (the “May 15-16 Meeting”), at which they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to each of the series of Artisan Partners Funds other than Artisan Global Discovery Fund (for purpose of this discussion, the “Funds”) for the period from July 1, 2018 through June 30, 2019. The primary purpose of the May 15-16 Meeting was to allow the directors ample opportunity to consider matters they deemed relevant in connection with the continuation of the Advisory Agreement (in addition to materials they review at meetings throughout the year), and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

At their regular quarterly meeting held on May 30-31, 2018 (the “May 30-31 Meeting”), the directors, including the independent directors, considered and unanimously approved the continuation through June 30, 2019 of the Advisory Agreement with respect to each of the Funds. The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the contract review meetings.

Prior to the May 15-16 Meeting, independent counsel to the independent directors sent to Artisan Partners requests for information to be provided to the directors in connection with their consideration of the Advisory Agreement. Artisan Partners provided materials to the directors in response to those requests as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement. Artisan Partners provided reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of investment company data, that included information relating to each Fund’s performance, expenses and fees compared to the performance, expenses and fees of a relatively small peer group and a larger peer universe of mutual funds selected by Broadridge (the “Broadridge Peer Groups”). Artisan Partners also provided additional reports prepared by Broadridge comparing the performance and expenses of certain of the Funds to peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification used by Broadridge to compile the Broadridge Peer Groups (the “Supplemental Peer Universes”). These supplemental reports were provided for Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Value Fund, Mid Cap Fund, Thematic Fund and Value Fund.


Artisan Partners Funds		149

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement. The directors recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the independent directors and Artisan Partners, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

In evaluating the Advisory Agreement, the directors reviewed the available information and discussed with representatives of Artisan Partners each Fund’s operations; the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Funds; the management fees and total expense ratios of each class of shares of the Funds; possible economies of scale; and other benefits (in addition to advisory fee revenues) derived or potentially derived by Artisan Partners from its relationship with the Funds. In addition to the third-party reports by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the May 15-16 Meeting and the May 30-31 Meeting, concerning, among other things, the following:

•

Artisan Partners’ organization and operations, financial condition and stability and ownership structure;

•

Artisan Partners’ personnel, business and financial model, and methods, including Artisan Partners’ assessment of its ability to attract and retain capable personnel and Artisan Partners’ succession planning processes with respect to the leadership of the Funds’ portfolio management teams and senior management of Artisan Partners; Artisan Partners’ research and decision-making processes; the adequacy and sophistication of technology and systems with respect to investment and administrative matters; Artisan Partners’ liquidity management tools, policies and procedures; and steps taken or expected to be taken to comply with regulatory changes related to liquidity risk management;

•

The terms of the Advisory Agreement, including the scope of services performed by Artisan Partners; and how the services performed by Artisan Partners under the Advisory Agreement differ from those performed for other investment companies and accounts;

•

Each Fund’s short- and long-term investment performance (including past 1-, 3-, 5- and 10-year and since-inception periods, as applicable), including comparisons for various time periods with (a) other Artisan Partners client accounts managed with similar investment objectives, (b) other mutual funds having similar investment objectives, and (c) appropriate market indices;

•

The Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available;

•

Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities;

•

Information regarding fee arrangements, including a comparison of the total expense ratio of each share class of each Fund with other mutual funds; the structure of the


150		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

advisory fees, including the method of computing fees and the frequency of payment of fees and Artisan Partners’ process for determining proposed advisory fee rates for new funds; a comparison of the advisory fees with fees charged by other advisory organizations for managing mutual funds with similar investment objectives; and information regarding expense limitation arrangements, effective annual fee rates and the expenses other than advisory fees that the Funds bear, either at the level of the Fund as a whole or on a class-specific basis;

•

Artisan Partners’ assessment of whether it is realizing economies of scale in providing services to the Funds and, if so, whether, how and, if quantifiable, to what extent the economies of scale are shared with the Funds, and the adequacy of existing breakpoints (reduced fee levels on assets in excess of stated thresholds) in advisory fees and whether further breakpoints are appropriate;

•

A comparison of the fee arrangements for the Funds with fees charged by Artisan Partners for subadvising other U.S. mutual funds and for managing other accounts, and trends in fees charged by Artisan Partners for such services;

•

Information regarding third-party intermediary and service arrangements and related payments by the Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2017, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

•

Potential “fall-out” benefits to Artisan Partners or its affiliates from their relationships with the Funds, in addition to advisory fees, including any benefits to Artisan Partners or its affiliates in selling other products, and the method of estimating the value of any such benefits;

•

Matters relating to brokerage and portfolio transactions, including Artisan Partners’ practices regarding selection of brokers and dealers to execute portfolio transactions and regarding negotiation of commission rates and allocation of brokerage for research and other services;

•

The estimated profitability to Artisan Partners of its relationship with each Fund on both a pre-tax and post-tax basis for calendar 2015, 2016 and 2017; and the assumptions and allocation methodologies utilized for such profitability analysis;

•

Potential for conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest;

•

Compliance and related matters, including Artisan Partners’ programs for monitoring compliance with federal and state securities and other applicable laws and regulations, the investment policies and restrictions of registered investment company clients and Subchapter M of the Internal Revenue Code; and information regarding personnel who perform significant compliance and legal services for the Funds; and

•

Artisan Partners’ risk assessment and risk management processes.


Artisan Partners Funds		151

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Following the May 15-16 Meeting and executive sessions with their independent counsel, the independent directors requested certain follow-up information from Artisan Partners. Artisan Partners provided this follow-up information prior to the May 30-31 Meeting. At the May 30-31 Meeting, Artisan Partners presented certain additional information to the directors regarding the Funds, and the independent directors and their independent counsel reviewed with the full board the information discussed at the May 15-16 Meeting and during their executive sessions. The directors then considered whether any further discussion or review was necessary, concluding that the May 15-16 Meeting and the information reviewed by the independent directors prior to and at the May 30-31 Meeting provided a sufficient basis for taking action on the continuation of the Advisory Agreement with respect to each Fund for an additional year. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds were appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreement. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.

The investment performance of each Fund. With respect to each Fund, the directors concluded that the Fund’s performance (including absolute performance and, where applicable, outperformance of peers and relevant benchmarks over long-term periods) or other relevant factors supported continuation of the Fund’s advisory arrangements under the Advisory Agreement. In the case of each Fund that had performance that lagged that of a relevant peer group or benchmark for certain (although not necessarily all) periods, the directors concluded that other factors relevant to performance supported continuation of the advisory arrangements. These factors included either or both of the following: (1) that underperformance was attributable, to a significant extent, to investment decisions (such as security selection, sector allocation or risk mitigation) by Artisan Partners that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups. With respect to Mid Cap Fund, Mid Cap Value Fund, Global Equity Fund, International Fund and International Small Cap Fund, following extensive discussion, the directors determined that the Funds’ performance supported renewal of the Funds’ advisory arrangements, but that the board would continue to monitor the performance of the Funds closely. The directors noted that, in addition to meeting with members of each Fund’s portfolio management team on a regular basis during the prior year to discuss Fund performance and related matters, they had held additional meetings with members of the portfolio management teams for each of Mid Cap Fund and Mid Cap Value Fund who discussed in additional detail steps intended to help improve performance and responded to related questions. The directors noted that Artisan Partners had provided thorough and thoughtful analysis regarding its continued confidence in the Funds’ investment teams. The directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance.

The costs of the services and profitability of Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the estimated profitability it realizes, are reasonable in relation to the nature and quality of services provided with


152		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

respect to each Fund, based on the assumptions and methodology for calculating such costs and profitability presented to the directors by Artisan Partners.

Comparisons of the services rendered and the amounts payable under the Advisory Agreement with those under other investment advisory agreements. The directors concluded that the fees payable by the Funds to Artisan Partners are reasonable in relation to the nature and quality of the services provided. In reaching this conclusion, the directors compared the fees payable by the Funds to the fees paid by other mutual funds that are in the same Broadridge Peer Groups and Supplemental Peer Universes. The directors also considered the fees Artisan Partners receives from, and the scope of services it provides to, other Artisan Partners clients, including its separate account clients and UCITS funds, and the U.S. mutual funds and collective investment trusts for which it serves as sub-adviser, noting the significantly broader scope of services that Artisan Partners provides to the Funds as compared to the other types of clients. In reaching their conclusion, the directors also took into account the costs and risks assumed by Artisan Partners in connection with launching and maintaining publicly-offered mutual funds, and how those costs and risks differ from those associated with other components of Artisan Partners’ business. In addition, the directors noted that Artisan Partners has contractually agreed to maintain certain expense limitations through January 31, 2020 for Emerging Markets Fund, Thematic Fund and Value Fund (Advisor Shares).

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of Developing World Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund and Value Fund have appropriately benefited from economies of scale under the management fee structures of their advisory arrangements. The directors concluded that the shareholders of each of Emerging Markets Fund, Global Equity Fund and Thematic Fund would likely benefit from economies of scale if the Fund’s assets reach the level at which it will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreement. They also concluded that Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund because the Fund closed to new investors at a relatively modest asset level.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, in addition to the services provided by Artisan Partners pursuant to the Advisory Agreement and the management fees to be paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded the primary fall-out benefits include (1) the potential conversion of Fund shareholders to separate account clients of Artisan Partners, and the ability otherwise to attract new clients and investment talent to Artisan Partners, (2) the acquisition of research products and services by Artisan Partners, for the benefit of its clients including the Funds, in return for brokerage commissions paid by the Funds (“soft dollars”) and (3) reputational benefits as a result of its association with the Funds. The directors concluded that, although Artisan Partners may derive such additional benefits, the Funds also could benefit from potential institutional shareholders who might choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds


Artisan Partners Funds		153

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

benefit from Artisan Partners’ use of research obtained through soft dollars generated with respect to its other clients, and from reputational benefits as a result of their association with Artisan Partners.

At the conclusion of the foregoing discussions, the board approved the Advisory Agreement for the period from July 1, 2018 through June 30, 2019 for each Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


154		Artisan Partners Funds

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of September 30, 2018. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”).

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgment may consider an issuer to be from a country other than the country designated by the securities information vendors. A vendor’s criteria may include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources (except for Artisan Thematic Fund, the Adviser uses Bloomberg Industry Classification Systems (BICS) developed by Bloomberg Finance L.P.) and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Definition of Portfolio Statistic

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

Descriptions of Indices

Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the markets in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.


Artisan Partners Funds		155

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The indices to which the Funds are compared are:

Artisan Developing World and Artisan Emerging Markets Funds – Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets) is a market-weighted index of companies in emerging markets.

Artisan Global Discovery, Artisan Global Equity, Artisan Global Opportunities and Artisan Global Value Funds – Morgan Stanley Capital International All Country World Index (MSCI ACWI) is a market-weighted index of global developed and emerging markets.

Artisan High Income Fund – ICE BofAML U.S. High Yield Master II Total Return Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Effective October 2017, the Index was renamed ICE BofAML U.S. High Yield Master II Total Return Index from BofA Merrill Lynch U.S. High Yield Master II Total Return Index.

Artisan International, Artisan International Small Cap and Artisan International Value Funds – Morgan Stanley Capital International EAFE Index (MSCI EAFE) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International and Artisan International Value Funds – Morgan Stanley Capital All Country World Index ex USA (MSCI ACWI ex USA) is a market-weighted index of global developed and emerging markets, excluding the U.S.

Artisan International Small Cap Fund – Morgan Stanley Capital International EAFE Small Cap Index (MSCI EAFE Small Cap) is a market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

Artisan International Value Fund – Morgan Stanley Capital International EAFE Value Index (MSCI EAFE Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibits value investment style characteristics according to MSCI’s methodology.

Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Mid Cap Fund – Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap Fund – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.

Artisan Small Cap Fund – Russell 2000^® Growth Index is a market-weighted index of those small companies included in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values.


156		Artisan Partners Funds

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

Artisan Thematic Fund – S&P 500^® Index – The S&P 500^® is a market-cap-weighted index that measures the performance of 500 U.S. companies focused on the Large-cap sector of the market.

Artisan Value Fund – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies.

Artisan Value Fund – Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by the Adviser. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

For the ICE BofAML U.S. High Yield Master II Total Return Index the source is ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofAML indices and related data on an “as is” basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML indices or any data included in, related to, or derived there from, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Artisan Partners, or any of its products or services.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.


Artisan Partners Funds		157

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright ^© 2018 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Partners Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Partners Funds’ statement of additional information, which is available without charge, on Artisan Partners Funds’ website at www.artisanpartners.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on Artisan Partners Funds’ website at www.artisanpartners.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Partners Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.


158		Artisan Partners Funds

DIRECTORS AND OFFICERS

The board of directors has overall responsibility for the conduct of the affairs of Artisan Partners Funds. Each director serves an indefinite term of unlimited duration until the next annual meeting of shareholders and until the election and qualification of his or her successor or until he or she retires, resigns or is removed from office. Artisan Partners Funds’ bylaws further provide that each director must retire by the end of the calendar year in which he or she attains the age of 72, provided, however, that each director who is a director as of August 17, 2018 and who shall have attained the age of 72 on or before December 31, 2018 shall retire as a director as of the end of the calendar year in which he or she attains the age of 75. The board of directors may fill any vacancy on the board provided that after such appointment at least two-thirds of the directors have been elected by the shareholders. The shareholders may remove a director by a vote of a majority of the outstanding shares of the Funds at any meeting of shareholders called for the purpose of removing such director.

The board of directors elects the officers of Artisan Partners Funds. Each officer serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed or disqualified. The board of directors may remove any officer with or without cause at any time.

The names and ages of the directors and officers as of November 15, 2018, the position each holds with the Funds, the date each was first elected to office, their principal business occupations and other directorships they have held during at least the last five years are shown below. Each director oversees all fifteen series of Artisan Partners Funds.



Name and Age at 11/15/18	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Directors who are not “interested persons” of Artisan Partners Funds:
Coleen Downs Dinneen – 57	Director	1/1/18	Retired; until 2016 Executive Vice President and General Counsel, Natixis Global Asset Management – U.S. Distribution; Chief Legal Officer and Secretary, Natixis/Loomis Funds	None.
David A. Erne – 75	Director	3/27/95	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	None.
Gail L. Hanson – 62	Director	1/1/12	Retired; from February 2011 to April 2018, Chief Financial Officer, Aurora Health Care (not for profit health care provider); from September 2004 to February 2011, Deputy Executive Director, State of Wisconsin Investment Board.	Director, Northwestern Mutual Series Fund, Inc. (investment company) (27 portfolios).


Artisan Partners Funds		159

DIRECTORS AND OFFICERS



Name and Age at 11/15/18	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Thomas R. Hefty – 71	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 1/1/15	Retired; from January 2007 to February 2008, President, Kern Family Foundation (private, grant-making organization); until December 2006, of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI; until December 2006, Adjunct Professor, Department of Business and Economics, Ripon College; until December 2002, Chairman of the Board and Chief Executive Officer of Cobalt Corporation (provider of managed care and specialty business services).	None.
Bonnie L. Howard – 65	Director	3/9/18	Director, BMO Financial Corp and BMO Harris Bank, N.A. (September 2013 to April 2018); until December2011, Chief Auditor and Global Head of Emerging Risk, Citigroup, Inc.	Director, Assured Guaranty Ltd (insurance company).
Peter M. Lebovitz – 63	Director	7/1/14	Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms).	Director and Chair, Weiss Strategic Interval Fund (closed-end fund).
Patrick S. Pittard – 72	Director	8/9/01	Chairman, PatrickPittard Advisors, LLC (consulting firm); since July 2018, Owner and Chief Executive Officer of BDI DataLynk, LLC (fiber optics training company); from November 2016 to May 2018, Chairman and Chief Executive Officer of Southern Fiber Company (fiber network company); Distinguished Executive in Residence (teaching position), University of Georgia.	Director, Lincoln National Corporation (insurance and investment management company) and Lincoln New York (an affiliate of Lincoln National Corporation).
Director who is an “interested person” of Artisan Partners Funds and Officer:
Eric R. Colson – 49*	Director, President and Chief Executive Officer	President and Chief Executive Officer since 2/9/10; Director since 11/12/13	President, Chief Executive Officer and Director of Artisan Partners Asset Management Inc. (since March 2013) and Chairman (since August 2015); Managing Director, Chief Executive Officer and since April 2013 President of Artisan Partners; President and Chief Executive Officer of Artisan Investments GP LLC; President and Chief Executive Officer of Artisan Partners Holdings LP (since March 2013); prior thereto, Managing Director and Chief Operating Officer – Investment Operations of Artisan Partners.	None.

Mr. Colson is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is President and Chief Executive Officer of Artisan Partners Funds and holds various positions with Artisan Partners and its affiliates.


160		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/15/18	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Officers:
Brooke J. Billick – 64	Chief Compliance Officer	8/19/04	Chief Compliance Officer – U.S. Mutual Funds and Associate Counsel of Artisan Partners; Chief Compliance Officer of Artisan Partners Distributors LLC.	None.
Gregory K. Ramirez – 48	Chief Financial Officer, Vice President and Treasurer	2/8/11	Managing Director and since April 2013, Vice President and Assistant Treasurer of Artisan Partners; Senior Vice President (since October 2013) of Artisan Partners Asset Management Inc.; Chairman and President of Artisan Partners Distributors LLC; prior thereto, Vice President, Treasurer and Chief Financial Officer of Artisan Partners Distributors LLC; Director of Artisan Partners Global Funds plc.; Director of Artisan Credit Opportunities Offshore Fund Ltd (since October 2016); Director of Artisan Thematic Offshore Fund Ltd (since July 2017).	None.
Sarah A. Johnson – 46	General Counsel, Vice President and Secretary	2/8/11	Managing Director, Vice President (since April 2013), Secretary (since October 2013), Chief Compliance Officer (January 2012 – September 2013) and General Counsel (since October 2013) of Artisan Partners; prior thereto Associate Counsel of Artisan Partners; Executive Vice President, Chief Legal Officer and Secretary (since October 2013) of Artisan Partners Asset Management Inc.; Vice President and Secretary of Artisan Partners Distributors, LLC.	None.
Laura E. Simpson – 42	Vice President and Assistant Secretary	2/10/15	Deputy General Counsel (since January 2015) of Artisan Partners; prior thereto, Associate Counsel; Director (since January 2018) of Artisan Partners Global Funds plc.	None.
Shannon K. Jagodinski – 41	Vice President and Assistant Treasurer	Vice President since 2/10/15; Assistant Treasurer since 2/14/12	Director (since January 2016) of Vehicle Administration of Artisan Partners; prior thereto, Senior Manager.	None.
Blake A. Rigel – 47	Assistant Treasurer	2/9/16	Director of Global Taxation of Artisan Partners since September 2015; until September 2015, Special Tax Counsel, Kramer, Levin, Naftalis & Frankel.	None.


Artisan Partners Funds		161

DIRECTORS AND OFFICERS

The business address of the officers and the director affiliated with Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The address of the other directors is c/o Artisan Partners Funds, 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

Artisan Partners Funds’ statement of additional information (SAI) contains further information about the directors. Please call 800.344.1770 or visit our website at www.artisanpartners.com for a free copy of the SAI.


162		Artisan Partners Funds

LOGO

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

LOGO

Item 2. Code of Ethics.

(a) Registrant has adopted a code of ethics (the “Code”) that applies to its principal executive officer, principal financial officer and principal accounting officer (the “Covered Officers”).

(b) No disclosures are required pursuant to this Item 2(b).

(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.

(e) Not applicable.

(f) A copy of the Code is filed as Exhibit (a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of directors has determined that Gail L. Hanson, member and chairman of the registrant’s audit committee, Thomas R. Hefty, member of the registrant’s audit committee, Peter M. Lebovitz, member of the registrant’s audit committee, and Bonnie Howard, member of the registrant’s audit committee, each qualify as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Ms. Hanson, Mr. Hefty, Mr. Lebovitz and Ms. Howard are “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including, without limitation, for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP, are summarized in the tables below. The tables summarize fees billed (or to be billed) by the registrant’s principal accountant for work performed relating to each applicable period identified below.

Fees:


	Fiscal Year Ended September 30, 2018		Fiscal Year Ended September 30, 2017
Audit Fees (a)	$	435,340	$	404,700
Audit-Related Fees (b)	$	78,580	$	71,000
Tax Fees (c)	$	323,911	$	616,826
All Other Fees (d)	$	—		—

(a) “Audit Fees” include amounts for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements, including for 2018, portions of which have not been billed at the time of this filing and fees billed for consents issued in conjunction with the registrant’s post-

effective amendments to the Funds’ registration statements filed for each of the last two fiscal years. The fees billed during the fiscal year ended September 30, 2018 also include consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Advisor Shares and Institutional Shares of Artisan Thematic Fund. The fees billed during the fiscal year ended September 30, 2017 also include consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Artisan Thematic Fund and Artisan Global Discovery Fund and in conjunction with the initial offering of Advisor Shares of Artisan Small Cap Fund.

(b) “Audit-Related Fees” include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements. Audit-related fees have not been reported under the item “audit fees” in the chart above.

The fees billed by Ernst & Young LLP during the fiscal years ended September 30, 2018 and September 30, 2017 include fees incurred for services for review procedures performed in conjunction with the semiannual reports to shareholders as of March 31, 2018 and March 31, 2017.

(c) “Tax Fees” include amounts for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning.

The fees shown in the table above for the fiscal year ended September 30, 2018 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2018, which have not been billed as of the time of this filing; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2018, which also have not yet been billed as of the time of this filing; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2017 and the excise year ended December 31, 2017, and the semiannual period ended March 31, 2018; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2017; and (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2018.

The fees shown in the table above for the fiscal year ended September 30, 2017 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2017; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2017; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2016 and the excise year ended December 31, 2016, and the semiannual period ended March 31, 2017; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2016; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2017; and (6) the filing of reclaims of tax amounts withheld by European Union member countries.

(d) None.

(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chairman to exercise that authority in the intervals between meetings; and the chairman presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees for the fiscal years ended September 30, 2018 and September 30, 2017 by the registrant’s principal accountant for non-audit services rendered to the registrant are shown in the tables above and described under Items 4(b) – (d) above. For the registrant’s fiscal years ended September 30, 2018 and September 30, 2017, Ernst & Young LLP served as the registrant’s principal accountant and provided no services and billed no fees for non-audit services rendered to the registrant’s adviser or entities controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant.

(h) The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. The provisions of Rule 2-01(c)(7) were effective on May 6, 2003. No such services were rendered on or after May 6, 2003.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of September 30, 2018 are included as part of the annual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Artisan Partners Funds, Inc.

By:		/s/ Eric R. Colson
		Eric R. Colson
		Principal Executive Officer

Date:		December 3, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Eric R. Colson
		Eric R. Colson
		Principal Executive Officer

Date:		December 3, 2018

By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Financial Officer

Date:		December 3, 2018