MONTHLY Commentary A r t i s a n G l o b a l O p p o r t u n i t i e s F u n d A s o f 3 0 S e p t e m b e r 2 0 1 8 I n v e s t o r C l a s s : A R T R X | A d v i s o r C l a s s : A P D R X C o m m e n t a r y D e v e l o p e d m a r k e t s n o t c h e d a p o s i t i v e Q 3 , l e d b y U S e q u i t i e s . E m e r g i n g m a r k e t s w e r e i n t h e r e d i n Q 3 , w i t h C h i n a t h e b i g g e s t d r a g a s i n v e s t o r s w e i g h e d o n g o i n g g l o b a l t r a d e t e n s i o n s ’ p o t e n t i a l i m p a c t . A h a n d f u l o f E u r o p e a n c o u n t r i e s w e r e a l s o d o w n a s d e b t c o n c e r n s r e s u r f a c e d , w h i l e t h e U K f a c e d B r e x i t - r e l a t e d h e a d w i n d s . T h e U S F e d r a i s e d r a t e s i n S e p t e m b e r a s e x p e c t e d , w h i l e m o s t m a j o r d e v e l o p e d - w o r l d c e n t r a l b a n k s s t o o d p a t . H e a l t h c a r e a n d t e c h n o l o g y s t o c k s l e d i n Q 3 , w i t h r e a l e s t a t e a n d m a t e r i a l s t r a i l i n g , w h i l e g r o w t h a g a i n o u t p e r f o r m e d v a l u e . O u r p o r t f o l i o t r a i l e d t h e M S C I A C W o r l d I n d e x i n Q 3 b u t r e m a i n s a h e a d Y T D . A m o n g o u r b o t t o m Q 3 c o n t r i b u t o r s w e r e J D . c o m a n d T e n c e n t . J D . c o m , o n e o f C h i n a ’ s l a r g e s t e - t a i l e r s , h a s f a c e d a n i n c r e a s i n g l y c o m p e t i t i v e l a n d s c a p e a s i t s b i g g e s t r i v a l , A l i b a b a , h a s f o c u s e d i n t e n s e l y o n g o o d s t r a d i t i o n a l l y i n J D . c o m ’ s w h e e l h o u s e w h i l e s i m u l t a n e o u s l y a t t e m p t i n g t o u n d e r c u t J D . c o m ’ s p r i c i n g . C o m p o u n d i n g t h e s e c h a l l e n g e s w e r e a l l e g a t i o n s s u r r o u n d i n g t h e c o m p a n y ’ s C E O . G i v e n t h e s e h e a d w i n d s , w e e x i t e d o u r p o s i t i o n i n f a v o r o f b e t t e r o p p o r t u n i t i e s e l s e w h e r e . S h a r e s o f T e n c e n t h a v e b e e n p r e s s u r e d a s t h e c o m p a n y a w a i t s g o v e r n m e n t a p p r o v a l t o m o n e t i z e r e c e n t l y l a u n c h e d g a m e s . W h i l e l a r g e l y a f o r m a l i t y , w e l a c k v i s i b i l i t y i n t o w h e n t h e a p p r o v a l s w i l l c o m e t h r o u g h . T h i s n e a r - t e r m h e a d w i n d a s i d e , w e b e l i e v e t h e c o m p a n y r e m a i n s w e l l - p o s i t i o n e d w i t h i t s l e a d i n g p a y m e n t s p l a t f o r m a n d a n e w e c o s y s t e m o f l o c a l s e r v i c e s i t i s b u i l d i n g ( f o o d d e l i v e r y , p a y m e n t s , r i d e h a i l i n g , m u s i c , e t c . ) , w h i c h s h o u l d s u p p o r t h i g h u s e r e n g a g e m e n t i n t h e l o n g t e r m . A m o n g o u r t o p Q 3 c o n t r i b u t o r s w e r e V i s a a n d L o n z a . A g a i n s t a n i n c r e a s i n g l y u n c e r t a i n m a c r o b a c k d r o p , V i s a i s d r i v i n g a t t r a c t i v e l e v e l s o f h i g h l y p r e d i c t a b l e , r e c u r r i n g t o p - l i n e g r o w t h a n d f r e e c a s h f l o w . T h e g l o b a l s e c u l a r t r e n d t o w a r d d i g i t a l p a y m e n t s r e m a i n s a w a y s f r o m f u l l m a t u r i t y , a n d w e b e l i e v e V i s a c a p a b l e o f b r o a d e n i n g i t s g r o w t h r u n w a y a s m i c r o t r a n s a c t i o n s g a i n t r a c t i o n , i n t u r n d r i v i n g m e a n i n g f u l t r a n s a c t i o n v o l u m e g r o w t h . W h i l e w e a r e m o n i t o r i n g V i s a ’ s v a l u a t i o n , w e b e l i e v e t h e p r o f i t c y c l e r e m a i n s i n t a c t . L o n z a G r o u p , a l e a d i n g s u p p l i e r t o t h e b i o t e c h n o l o g y , p h a r m a c e u t i c a l a n d s p e c i a l t y i n g r e d i e n t s m a r k e t , i s w e l l - p o s i t i o n e d i n o u r v i e w t o c a p i t a l i z e o n t h e p r o l i f e r a t i o n o f s m a l l b i o t e c h c o m p a n i e s t h a t l a c k t h e i n f r a s t r u c t u r e t o r u n t h e i r o w n c l i n i c a l t r i a l s o r m a n u f a c t u r e a p p r o v e d d r u g s . W i t h i t s g l o b a l s c a l e , L o n z a w o r k s w i t h t h e s e c o m p a n i e s f r o m t h e e a r l y s t a g e s o f t r i a l s a l l t h e w a y t h r o u g h i n i t i a l m a n u f a c t u r i n g . I m p o r t a n t l y , L o n z a i s a d d i n g g l o b a l c a p a c i t y , w h i c h s h o u l d e n a b l e i t t o d r i v e o n g o i n g g r o w t h . W e w i l l c o m m e n t f u r t h e r o n t h e s e a n d o t h e r h o l d i n g s i n o u r f o r t h c o m i n g q u a r t e r l y l e t t e r . O u r p r o c e s s i s f o c u s e d o n i d e n t i f y i n g f r a n c h i s e s e x p o s e d t o a c c e l e r a t i n g p r o f i t c y c l e s w i t h r e a s o n a b l e v a l u a t i o n s . I t i s o u r b e l i e f t h a t o w n i n g c o m p a n i e s w i t h t h e s e c h a r a c t e r i s t i c s s h o u l d l e a d t o o u t p e r f o r m a n c e o v e r f u l l m a r k e t c y c l e s . W e w i l l c o n t i n u e t o b e d i s c i p l i n e d a n d m e t h o d i c a l i n o u r a p p r o a c h . P o r t f o l i o D e t a i l s 1 . 0 3 % 1 . 1 5 % P r o s p e c t u s 3 0 S e p 2 0 1 7 2 0 . 9 9 % 1 . 1 3 % S e m i - A n n u a l R e p o r t 3 1 M a r 2 0 1 8 1 E x p e n s e R a t i o s 1 A p r 2 0 1 5 2 2 S e p 2 0 0 8 I n c e p t i o n $ 2 7 . 7 6 $ 2 7 . 6 6 N e t A s s e t V a l u e ( N A V ) A P D R X A R T R X 1 U n a u d i t e d , a n n u a l i z e d f o r t h e s i x - m o n t h p e r i o d . 2 S e e p r o s p e c t u s f o r f u r t h e r d e t a i l s . T o p 1 0 H o l d i n g s ( % o f t o t a l p o r t f o l i o ) 3 8 . 2 % T O T A L 2 . 7 A l p h a b e t I n c ( U n i t e d S t a t e s ) 2 . 7 S h i s e i d o C o L t d ( J a p a n ) 2 . 8 T e m e n o s A G ( S w i t z e r l a n d ) 2 . 9 P i o n e e r N a t u r a l R e s o u r c e s C o ( U n i t e d S t a t e s ) 3 . 1 A n t h e m I n c ( U n i t e d S t a t e s ) 3 . 3 B o s t o n S c i e n t i f i c C o r p ( U n i t e d S t a t e s ) 3 . 6 T e c h t r o n i c I n d u s t r i e s C o L t d ( H o n g K o n g ) 3 . 6 B a n k o f A m e r i c a C o r p ( U n i t e d S t a t e s ) 6 . 7 I H S M a r k i t L t d ( U n i t e d S t a t e s ) 6 . 9 V i s a I n c ( U n i t e d S t a t e s ) S o u r c e : A r t i s a n P a r t n e r s / F a c t S e t ( M S C I ) . S e c t o r D i v e r s i f i c a t i o n ( % o f t o t a l p o r t f o l i o e q u i t i e s ) 1 0 0 . 0 % 1 0 0 . 0 % T O T A L 2 . 9 0 . 0 U t i l i t i e s 2 . 9 0 . 0 R e a l E s t a t e 5 . 0 1 . 2 M a t e r i a l s 1 5 . 7 2 3 . 8 I n f o r m a t i o n T e c h n o l o g y 1 0 . 7 9 . 4 I n d u s t r i a l s 1 1 . 8 1 3 . 8 H e a l t h C a r e 1 7 . 1 1 2 . 3 F i n a n c i a l s 6 . 7 5 . 5 E n e r g y 7 . 9 7 . 5 C o n s u m e r S t a p l e s 1 0 . 8 1 5 . 5 C o n s u m e r D i s c r e t i o n a r y 8 . 5 1 1 . 0 C o m m u n i c a t i o n S e r v i c e s A C W I 1 F u n d S o u r c e : A r t i s a n P a r t n e r s / F a c t S e t ( G I C S ) / M S C I . C a s h a n d c a s h e q u i v a l e n t s r e p r e s e n t e d 3 . 7 % o f t h e t o t a l p o r t f o l i o . 1 M S C I A l l C o u n t r y W o r l d I n d e x . I n v e s t m e n t R e s u l t s ( % ) A v e r a g e A n n u a l T o t a l R e t u r n s 7 . 4 4 8 . 1 9 8 . 6 7 1 3 . 4 0 9 . 7 7 3 . 8 3 4 . 2 8 0 . 4 4 M S C I A l l C o u n t r y W o r l d I n d e x 1 1 . 8 0 1 2 . 6 2 1 1 . 6 3 1 6 . 7 0 1 2 . 3 2 7 . 6 4 3 . 5 0 - 0 . 5 7 A d v i s o r C l a s s : A P D R X 1 1 . 7 5 1 2 . 5 7 1 1 . 5 3 1 6 . 5 7 1 2 . 1 9 7 . 5 4 3 . 4 8 - 0 . 5 8 I n v e s t o r C l a s s : A R T R X I n c e p t i o n 1 0 Y r 5 Y r 3 Y r 1 Y r Y T D Q T D M T D A s o f 3 0 S e p t e m b e r 2 0 1 8 S o u r c e : A r t i s a n P a r t n e r s / M S C I . R e t u r n s f o r p e r i o d s l e s s t h a n o n e y e a r a r e n o t a n n u a l i z e d . C l a s s i n c e p t i o n : I n v e s t o r ( 2 2 S e p t e m b e r 2 0 0 8 ) ; A d v i s o r ( 1 A p r i l 2 0 1 5 ) . F o r t h e p e r i o d p r i o r t o i n c e p t i o n , A d v i s o r C l a s s p e r f o r m a n c e i s t h e I n v e s t o r C l a s s ’ s r e t u r n f o r t h a t p e r i o d ( “ L i n k e d P e r f o r m a n c e ” ) . L i n k e d P e r f o r m a n c e h a s n o t b e e n r e s t a t e d t o r e f l e c t e x p e n s e s o f t h e A d v i s o r C l a s s a n d t h e s h a r e c l a s s ' s r e t u r n s d u r i n g t h a t p e r i o d w o u l d b e d i f f e r e n t i f s u c h e x p e n s e s w e r e r e f l e c t e d . P a s t p e r f o r m a n c e d o e s n o t g u a r a n t e e a n d i s n o t a r e l i a b l e i n d i c a t o r o f f u t u r e r e s u l t s . I n v e s t m e n t r e t u r n s a n d p r i n c i p a l v a l u e s w i l l f l u c t u a t e s o t h a t a n i n v e s t o r ' s s h a r e s , w h e n r e d e e m e d , m a y b e w o r t h m o r e o r l e s s t h a n t h e i r o r i g i n a l c o s t . C u r r e n t p e r f o r m a n c e m a y b e l o w e r o r h i g h e r t h a n t h a t s h o w n . C a l l 8 8 8 . 4 5 4 . 1 7 7 0 f o r c u r r e n t t o m o s t r e c e n t m o n t h - e n d p e r f o r m a n c e . P e r f o r m a n c e m a y r e f l e c t a g r e e m e n t s t o l i m i t a F u n d ’ s e x p e n s e s , w h i c h w o u l d r e d u c e p e r f o r m a n c e i f n o t i n e f f e c t .
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MONTHLY CommentaryArtisan Global Opportunities Fund
As of 30 September 2018Investor Class: ARTRX | Advisor Class: APDRX
Commentary
Developed markets notched a positive Q3, led by US equities. Emerging markets were in the redin Q3, with China the biggest drag as investors weighed ongoing global trade tensions’ potentialimpact. A handful of European countries were also down as debt concerns resurfaced, while theUK faced Brexit-related headwinds. The US Fed raised rates in September as expected, whilemost major developed-world central banks stood pat. Health care and technology stocks led inQ3, with real estate and materials trailing, while growth again outperformed value.
Our portfolio trailed the MSCI AC World Index in Q3 but remains ahead YTD. Among our bottomQ3 contributors were JD.com and Tencent. JD.com, one of China’s largest e-tailers, has faced anincreasingly competitive landscape as its biggest rival, Alibaba, has focused intensely on goodstraditionally in JD.com’s wheelhouse while simultaneously attempting to undercut JD.com’spricing. Compounding these challenges were allegations surrounding the company’s CEO. Giventhese headwinds, we exited our position in favor of better opportunities elsewhere.
Shares of Tencent have been pressured as the company awaits government approval tomonetize recently launched games. While largely a formality, we lack visibility into when theapprovals will come through. This near-term headwind aside, we believe the company remainswell-positioned with its leading payments platform and a new ecosystem of local services it isbuilding (food delivery, payments, ride hailing, music, etc.), which should support high userengagement in the long term.
Among our top Q3 contributors were Visa and Lonza. Against an increasingly uncertain macrobackdrop, Visa is driving attractive levels of highly predictable, recurring top-line growth andfree cash flow. The global secular trend toward digital payments remains a ways from fullmaturity, and we believe Visa capable of broadening its growth runway as microtransactionsgain traction, in turn driving meaningful transaction volume growth. While we are monitoringVisa’s valuation, we believe the profit cycle remains intact.
Lonza Group, a leading supplier to the biotechnology, pharmaceutical and specialty ingredientsmarket, is well-positioned in our view to capitalize on the proliferation of small biotechcompanies that lack the infrastructure to run their own clinical trials or manufacture approveddrugs. With its global scale, Lonza works with these companies from the early stages of trials allthe way through initial manufacturing. Importantly, Lonza is adding global capacity, whichshould enable it to drive ongoing growth.
We will comment further on these and other holdings in our forthcoming quarterly letter.
Our process is focused on identifying franchises exposed to accelerating profit cycles withreasonable valuations. It is our belief that owning companies with these characteristics shouldlead to outperformance over full market cycles. We will continue to be disciplined andmethodical in our approach.
Portfolio Details
1.03%1.15%Prospectus 30 Sep 20172
0.99%1.13%Semi-Annual Report 31 Mar 20181
Expense Ratios
1 Apr 201522 Sep 2008Inception
$27.76$27.66Net Asset Value (NAV)APDRXARTRX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
38.2%TOTAL2.7Alphabet Inc (United States)
2.7Shiseido Co Ltd (Japan)
2.8Temenos AG (Switzerland)
2.9Pioneer Natural Resources Co (United States)
3.1Anthem Inc (United States)
3.3Boston Scientific Corp (United States)
3.6Techtronic Industries Co Ltd (Hong Kong)
3.6Bank of America Corp (United States)
6.7IHS Markit Ltd (United States)
6.9Visa Inc (United States)
Source: Artisan Partners/FactSet (MSCI).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL2.90.0Utilities
2.90.0Real Estate
5.01.2Materials
15.723.8Information Technology
10.79.4Industrials
11.813.8Health Care
17.112.3Financials
6.75.5Energy
7.97.5Consumer Staples
10.815.5Consumer Discretionary
8.511.0Communication Services
ACWI1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 3.7% of the total portfolio. 1MSCI All Country World Index.
Investment Results (%) Average Annual Total Returns
7.448.198.6713.409.773.834.280.44MSCI All Country World Index
11.7512.5711.5316.5712.197.543.48-0.58Investor Class: ARTRXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized. Class inception: Investor (22 September 2008); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the InvestorClass’s return for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance. Performance may reflect agreements to limit a Fund’sexpenses, which would reduce performance if not in effect.
Artisan Global Opportunities Fund Investor Class: ARTRX | Advisor Class: APDRX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
0.2—MIDDLE EAST
0.71.0Brazil
0.92.1India
3.42.6China
11.15.6EMERGING MARKETS
2.12.0Australia
1.15.4Hong Kong
7.68.4Japan
11.215.7PACIFIC BASIN
0.31.2Belgium
2.91.7Germany
3.52.1France
0.52.1Denmark
0.92.7Spain
1.03.6Netherlands
2.55.5Switzerland
5.47.7United Kingdom
19.526.7EUROPE
55.151.9United States
58.151.9AMERICASACWI1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI All Country World Index. Countriesheld in the index, but not held in the portfolio, are not listed.
Team Leadership (Pictured left to right)
Portfolio Managers Years of Investment Experience
18Jason L. White, CFA
29Craigh A. Cepukenas, CFA
18Matthew H. Kamm, CFA
21James D. Hamel, CFA (Lead)
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
MSCI All Country World Index measures the performance of developed and emerging markets. The index(es) are unmanaged; include netreinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Lonza Group AG 2.5%; Tencent Holdings Ltd 2.0%. Securities named in the Commentary, but notlisted as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views and portfolioholdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Our capital allocation process is designed to build position size according to our conviction. Portfolio holdings develop through three stages:GardenSM, CropSM and HarvestSM. GardenSM investments are situations where we believe we are right, but there is not clear evidence that the profitcycle has taken hold, so positions are small. CropSM investments are holdings where we have gained conviction in the company’s profit cycle, sopositions are larger. HarvestSM investments are holdings that have exceeded our estimate of intrinsic value or holdings where there is a decelerationin the company’s profit cycle. HarvestSM investments are generally being reduced or sold from the portfolios.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTRX_Mcomm_vIS
MONTHLY CommentaryArtisan Global Discovery Fund
As of 30 September 2018Investor Class: APFDX
Commentary
Developed markets notched a positive Q3, led by US equities. Emerging markets were in the redin Q3, with China the biggest drag as investors weighed ongoing global trade tensions’ potentialimpact. A handful of European countries were also down as debt concerns resurfaced, while theUK faced Brexit-related headwinds. The US Fed raised rates in September as expected, whilemost major developed-world central banks stood pat. Health care and technology stocks led inQ3, with real estate and materials trailing, while growth again outperformed value.
Our portfolio outperformed the MSCI AC World Index in Q3 and remains ahead YTD. Among ourtop Q3 contributors were Teledyne Technologies and Veeva Systems. Teledyne Technologies isreaping the rewards of its efforts to reposition itself into higher growth, higher margin areas,including instrumentation, digital imaging and defense electronics. These areas are growing at afaster clip than the company’s legacy businesses and are bringing higher margins—in turncontributing to a higher share price. We maintain our conviction in the ongoing development ofour thesis.
Veeva Systems’ Vault applications continue to be rapidly adopted by life sciences customerslooking to enhance their clinical, regulatory, manufacturing and commercial operations byintroducing modern cloud-based software tools. Importantly, Veeva is adding new productswhich should broaden its growth runway in the period ahead.
Among our bottom Q3 contributors were Delphi Technologies and JD.com. Delphi Technologieswas caught up alongside many auto-related companies in ongoing trade concerns. Furtherweighing on shares was China’s recent slowdown—an important market for Delphi’s products.We believe the long-term story surrounding the accelerating uptake in electric vehicles (EVs) isintact. However, we are monitoring these and other near-term headwinds.
JD.com, one of China’s largest e-tailers, has faced an increasingly competitive landscape as itsbiggest rival, Alibaba, has focused intensely on goods traditionally in JD.com’s wheelhouse whilesimultaneously attempting to undercut JD.com’s pricing. Compounding these challenges wereallegations surrounding the company’s CEO. Given these headwinds, we exited our position infavor of better opportunities elsewhere.
We will comment further on these and other holdings in our forthcoming quarterly letter.
Our process is focused on identifying franchises exposed to accelerating profit cycles withreasonable valuations. It is our belief that owning companies with these characteristics shouldlead to outperformance over full market cycles. We will continue to be disciplined andmethodical in our approach.
Portfolio Details
1.50%2.08%Prospectus 30 Sep 20173,4
1.50%1.99%Semi-Annual Report 31 Mar 20182
Net1GrossExpense Ratios
21 August 2017APFDX Inception
$12.40Net Asset Value (NAV)
1Reflects a contractual expense limitation agreement in effect through 31 Jan 2019.2Unaudited, annualized for the six-month period. 3Includes estimated expenses forthe current fiscal year. 4See prospectus for further details.
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL2.90.0Utilities
2.90.0Real Estate
5.00.0Materials
15.728.6Information Technology
10.721.1Industrials
11.812.1Health Care
17.111.7Financials
6.73.9Energy
7.94.6Consumer Staples
10.812.0Consumer Discretionary
8.56.1Communication Services
ACWI1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 2.9% of the total portfolio. 1MSCI All Country World Index.
Investment Results (%) Average Annual Total Returns
12.239.773.834.280.44MSCI All Country World Index
22.07———20.9016.005.53-1.04Investor Class: APFDXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance. Performance may reflect agreements to limit a Fund’sexpenses, which would reduce performance if not in effect. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to asmall portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future.
Artisan Global Discovery Fund Investor Class: APFDX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
0.2—MIDDLE EAST
3.40.9China
0.72.0Brazil
0.92.3India
11.15.2EMERGING MARKETS
2.11.9Australia
7.63.3Japan
1.13.6Hong Kong
11.28.8PACIFIC BASIN
2.51.3Switzerland
0.51.5Denmark
0.92.0Spain
3.52.5France
2.93.0Germany
5.45.8United Kingdom
1.06.9Netherlands
19.523.1EUROPE
3.02.5Canada
55.160.5United States
58.162.9AMERICASACWI1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI All Country World Index. Countriesheld in the index, but not held in the portfolio, are not listed.
Team Leadership (Pictured left to right)
Portfolio Managers Years of Investment Experience
29Craigh A. Cepukenas, CFA
18Matthew H. Kamm, CFA
21James D. Hamel, CFA
18Jason L. White, CFA (Lead)
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
MSCI All Country World Index measures the performance of developed and emerging markets. The index(es) are unmanaged; include netreinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund's total net assets as of 30 Sep 2018: Delphi Technologies PLC 1.0%; Veeva Systems Inc 2.5%. Securities named in the Commentary,but not listed as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views andportfolio holdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Our capital allocation process is designed to build position size according to our conviction. Portfolio holdings develop through three stages:GardenSM, CropSM and HarvestSM. GardenSM investments are situations where we believe we are right, but there is not clear evidence that the profitcycle has taken hold, so positions are small. CropSM investments are holdings where we have gained conviction in the company’s profit cycle, sopositions are larger. HarvestSM investments are holdings that have exceeded our estimate of intrinsic value or holdings where there is a decelerationin the company’s profit cycle. HarvestSM investments are generally being reduced or sold from the portfolios.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISAPFDX_Mcomm_vIS
MONTHLY CommentaryArtisan Mid Cap Fund
As of 30 September 2018Investor Class: ARTMX | Advisor Class: APDMX
Commentary
Developed markets notched a positive Q3, led by US equities. Emerging markets were in the redin Q3, with China the biggest drag as investors weighed ongoing global trade tensions’ potentialimpact. A handful of European countries were also down as debt concerns resurfaced, while theUK faced Brexit-related headwinds. The US Fed raised rates in September as expected, whilemost major developed-world central banks stood pat. Health care and technology stocks led inQ3, with real estate and materials trailing, while growth again outperformed value.
Our portfolio outperformed the Russell Midcap® and Russell Midcap® Growth Indices in Q3 andremains ahead YTD. Among our top Q3 contributors were Atlassian and Veeva Systems. Atlassiannotched another solid quarter as it announced its new Jira Ops product and related bolt-onacquisition for IT operations management. Jira is used extensively for software development. JiraOps can be used to manage the operation of that same software in the cloud. We believe this is agood illustration of the flexibility and adaptability of Atlassian’s low-cost tools—and highlightseffectively the broad runway that remains ahead of the company.
Veeva Systems’ Vault applications continue to be rapidly adopted by life sciences customerslooking to enhance their clinical, regulatory, manufacturing and commercial operations byintroducing modern cloud-based software tools. Importantly, Veeva is adding new productswhich should broaden its growth runway in the period ahead.
Among our bottom Q3 contributors were Delphi Technologies and Zalando. DelphiTechnologies was caught up alongside many auto-related companies in ongoing tradeconcerns. Further weighing on shares was China’s recent slowdown—an important market forDelphi’s products. We believe the long-term story surrounding the accelerating uptake inelectric vehicles (EVs) is intact. However, we are monitoring these and othernear-term headwinds.
Shares of Zalando were pressured in the quarter partly due to weather, but also partly due tostructural changes in the business—factors which resulted in disappointing top- and bottom-line results. Among these structural changes are a shift toward lower GDP new markets acrossEurope, the shift toward fast fashion and heavy investments in rapid shipping and fulfillment. Webelieve Zalando is a unique platform with strong brand relationships; however, we exited in Q3in favor of better opportunities as we anticipate these dynamics could weigh on earnings overthe next year.
We will comment further on these and other holdings in our forthcoming quarterly letter.
Our process is focused on identifying franchises exposed to accelerating profit cycles withreasonable valuations. It is our belief that owning companies with these characteristics shouldlead to outperformance over full market cycles. We will continue to be disciplined andmethodical in our approach.
Portfolio Details
1.05%1.18%Prospectus 30 Sep 20172
1.05%1.19%Semi-Annual Report 31 Mar 20181
Expense Ratios
1 Apr 201527 Jun 1997Inception
$45.10$44.84Net Asset Value (NAV)APDMXARTMX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
33.5%TOTAL2.3Concho Resources Inc (Energy)
2.4Edwards Lifesciences Corp (Health Care)
2.5Worldpay Inc (Information Technology)
2.9Tableau Software Inc (Information Technology)
3.2Boston Scientific Corp (Health Care)
3.3Veeva Systems Inc (Health Care)
3.6IHS Markit Ltd (Industrials)
3.7The Progressive Corp (Financials)
4.8Atlassian Corp PLC (Information Technology)
4.9Global Payments Inc (Information Technology)
Source: Artisan Partners/FactSet (GICS).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL0.00.0Utilities
2.00.0Real Estate
3.62.1Materials
31.233.4Information Technology
16.517.6Industrials
15.317.9Health Care
6.79.8Financials
1.72.4Energy
2.91.5Consumer Staples
16.411.2Consumer Discretionary
3.84.0Communication Services
RMCG1Fund
Source: Artisan Partners/FactSet (GICS)/Russell. Cash and cash equivalentsrepresented 2.9% of the total portfolio. 1Russell Midcap® Growth Index.
Investment Results (%) Average Annual Total Returns
9.9812.3111.6514.5213.987.465.00-0.64Russell Midcap® Index
8.9913.4613.0016.6521.1013.387.57-0.43Russell Midcap® Growth Index
13.5513.229.9513.6721.1217.669.310.47Investor Class: ARTMXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/Russell. Returns for periods less than one year are not annualized. Class inception: Investor (27 June 1997); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the Investor Class’sreturn for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan Mid Cap Fund Investor Class: ARTMX | Advisor Class: APDMX
Market Cap Distribution (% of total portfolio equities)
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
Russell Midcap® Growth Index measures the performance of US mid-cap companies with higher price/book ratios and forecasted growth values.Russell Midcap® Index measures the performance of roughly 800 US mid-cap companies. The index(es) are unmanaged; include net reinvesteddividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Delphi Technologies PLC 0.8%. Securities named in the Commentary, but not listed as a Top TenHolding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views and portfolio holdings are subject tochange and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
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 RussellIndexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying datacontained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does notpromote, sponsor or endorse the content of this communication.
Sector exposure percentages reflect sector designations as currently classified by GICS.
Our capital allocation process is designed to build position size according to our conviction. Portfolio holdings develop through three stages:GardenSM, CropSM and HarvestSM. GardenSM investments are situations where we believe we are right, but there is not clear evidence that the profitcycle has taken hold, so positions are small. CropSM investments are holdings where we have gained conviction in the company’s profit cycle, sopositions are larger. HarvestSM investments are holdings that have exceeded our estimate of intrinsic value or holdings where there is a decelerationin the company’s profit cycle. HarvestSM investments are generally being reduced or sold from the portfolios.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTMX_Mcomm_vIS
MONTHLY CommentaryArtisan Small Cap Fund
As of 30 September 2018Investor Class: ARTSX | Advisor Class: APDSX
Commentary
Developed markets notched a positive Q3, led by US equities. Emerging markets were in the redin Q3, with China the biggest drag as investors weighed ongoing global trade tensions’ potentialimpact. A handful of European countries were also down as debt concerns resurfaced, while theUK faced Brexit-related headwinds. The US Fed raised rates in September as expected, whilemost major developed-world central banks stood pat. Health care and technology stocks led inQ3, with real estate and materials trailing, while growth again outperformed value.
Our portfolio outperformed the Russell 2000® Growth and Russell 2000® Indices in Q3 andremains ahead YTD. Among our top Q3 contributors were Veeva Systems and DexCom. VeevaSystems’ Vault applications continue to be rapidly adopted by life sciences customers looking toenhance their clinical, regulatory, manufacturing and commercial operations by introducingmodern cloud-based software tools. Importantly, Veeva is adding new products which shouldbroaden its growth runway in the period ahead.
Since competitive pressures intensified in late 2017 and early 2018, DexCom has capitalized ongrowing patient awareness about continuous glucose monitors (CGM)—as well as the fact thatDexCom’s CGM is covered by Medicare—to drive increased uptake. Growth has been broad-based across patients, payors and geographies, while innovation is proceeding at a rapid pace.We maintain our conviction in the profit cycle potential ahead of DexCom as it seeks to continuetaking share in a significant global market.
Among our bottom Q3 contributors were Visteon and Floor & Décor Holdings, both of whichwere pressured by trade-related concerns. For Visteon, trade pressures have dented China’sauto-related demand, in turn slowing sales for Visteon (and other similarly exposed autosuppliers). Floor & Décor faces headwinds tied to rising cost of goods, as much flooring isimported from China. However, we believe there remain attractive company-specific drivers foreach of these companies and are remaining patient for now.
We will comment further on these and other holdings in our forthcoming quarterly letter.
Our process is focused on identifying franchises exposed to accelerating profit cycles withreasonable valuations. It is our belief that owning companies with these characteristics shouldlead to outperformance over full market cycles. We will continue to be disciplined andmethodical in our approach.
Portfolio Details
1.12%1.21%Prospectus 30 Sep 20172
1.07%1.22%Semi-Annual Report 31 Mar 20181
Expense Ratios
1 Feb 201728 Mar 1995Inception
$39.05$38.97Net Asset Value (NAV)APDSXARTSX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
9.8814.4112.7320.8134.7127.5610.24-1.64Investor Class: ARTSXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/Russell. Returns for periods less than one year are not annualized. Class inception: Investor (28 March 1995); Advisor (1 February 2017). For the period prior to inception, Advisor Class performance is the InvestorClass’s return for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan Small Cap Fund Investor Class: ARTSX | Advisor Class: APDSX
Market Cap Distribution (% of total portfolio equities)
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
Russell 2000® Growth Index measures the performance of US small-cap companies with higher price/book ratios and forecasted growth values.Russell 2000® Index measures the performance of roughly 2,000 US small-cap companies. The index(es) are unmanaged; include net reinvesteddividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Floor & Decor Holdings Inc 0.6%; Visteon Corp 2.0%. Securities named in the Commentary, butnot listed as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views and portfolioholdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
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 RussellIndexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying datacontained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does notpromote, sponsor or endorse the content of this communication.
Sector exposure percentages reflect sector designations as currently classified by GICS.
Our capital allocation process is designed to build position size according to our conviction. Portfolio holdings develop through three stages:GardenSM, CropSM and HarvestSM. GardenSM investments are situations where we believe we are right, but there is not clear evidence that the profitcycle has taken hold, so positions are small. CropSM investments are holdings where we have gained conviction in the company’s profit cycle, sopositions are larger. HarvestSM investments are holdings that have exceeded our estimate of intrinsic value or holdings where there is a decelerationin the company’s profit cycle. HarvestSM investments are generally being reduced or sold from the portfolios.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTSX_Mcomm_vIS
MONTHLY CommentaryArtisan Global Equity Fund
As of 30 September 2018Investor Class: ARTHX
Commentary
Global equities advanced in Q3, lifted by US equities’ surge to fresh all-time highs and bestquarterly gain since 2013 (based on the S&P 500® Index). Strong earnings growth and continuedglobal expansion supported share-price gains generally, although there were notable pockets ofweakness geographically. Chinese stocks finished down as an escalating trade war with the USand signs of slowing growth took their toll. Additionally, Turkey was a key flashpoint as thecountry’s longstanding economic imbalances and lack of an adequate policy responseculminated in a plunging Turkish lira and stock market. By sector, returns were led bytechnology, health care and industrials as investors sought out areas of growth, both secular andcyclical. Rate-sensitive sectors with higher dividend yields, such as utilities and real estate, werelaggards amid rising interest rates.
Our portfolio modestly outperformed the MSCI AC World Index in Q3, extending its sizable YTDperformance advantage. Q3 outperformance was driven by our technology holdings, namelypayments processor Wirecard and enterprise software provider Atlassian. Wirecard is deliveringrobust organic growth, as transaction volumes rise on the back of momentum in mobile and e-commerce. The new business pipeline is also quite strong. Even after strong stock priceappreciation over the past 12 months, Wirecard’s valuation remains reasonable against our long-term earnings estimates.
Atlassian is a provider of collaboration and productivity software tools—a large, structurallygrowing addressable market that is expanding from the core software developer market to amuch larger “knowledge worker” market in the fields of finance, legal and marketing, amongothers. The company’s disruptive low-touch sales model and best-in-class unit economics arekey differentiators. Recent billings growth showed impressive acceleration.
On the down side, Facebook, a leading social media company, and Enel Americas (ENIA), a SouthAmerican electric utility, were among our weakest performers in Q3. Facebook’s shares fell dueto concerns the EU’s recently implemented data-protection and privacy regulations wouldnegatively impact the company’s targeted-advertising business. Notwithstanding newregulation, which will likely reduce earnings growth, we still view Facebook as a prime long-termbeneficiary of the secular shift toward digital advertising. Facebook has over two billion activeusers on its eponymous platform and over two billion additional users of its social networkingsubsidiaries Instagram and WhatsApp, which have yet to be fully monetized.
Shares of ENIA were pressured by weakness in Latin American currencies, particularly theBrazilian real and Argentine peso, and the recent pricey bidding war won by ENIA for Brazilianpower distributor AES Eletropaulo. Although we continue to believe the turnaround of itsBrazilian Celg power-distribution business remains on track, we sold our position in favor ofbetter opportunities.
Portfolio Details
1.40%Prospectus 30 Sep 20172
1.36%Semi-Annual Report 31 Mar 20181
Expense Ratios
29 March 2010ARTHX Inception
$22.66Net Asset Value (NAV)
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
36.7%TOTAL2.9InterXion Holding NV (Netherlands)
2.9Airbus SE (France)
3.0Mastercard Inc (United States)
3.1Mondelez International Inc (United States)
3.2Raytheon Co (United States)
3.4Harris Corp (United States)
3.8Alphabet Inc (United States)
4.0Linde AG (Germany)
4.3Deutsche Boerse AG (Germany)
6.0Wirecard AG (Germany)
Source: Artisan Partners/FactSet (MSCI).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL2.90.7Utilities
2.90.0Real Estate
5.06.1Materials
15.725.1Information Technology
10.716.6Industrials
11.814.7Health Care
17.119.1Financials
6.73.6Energy
7.98.7Consumer Staples
10.80.1Consumer Discretionary
8.55.4Communication Services
ACWI1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 3.4% of the total portfolio. 1MSCI All Country World Index.
Investment Results (%) Average Annual Total Returns
8.748.6713.409.773.834.280.44MSCI All Country World Index
12.44—9.8813.9916.3810.274.52-0.09Investor Class: ARTHXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance. Performance may reflect agreements to limit a Fund’sexpenses, which would reduce performance if not in effect. The Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments may not be available inthe future.
Artisan Global Equity Fund Investor Class: ARTHX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
0.2—MIDDLE EAST
1.11.1Hong Kong
7.62.6Japan
11.23.7PACIFIC BASIN
3.40.2China
0.92.4India
0.72.6Brazil
11.15.2EMERGING MARKETS
0.30.7Finland
0.30.7Belgium
0.51.0Denmark
0.71.0Italy
0.82.5Sweden
5.43.1United Kingdom
2.54.5Switzerland
1.05.5Netherlands
3.58.4France
2.914.9Germany
19.542.2EUROPE
3.01.9Canada
55.147.0United States
58.148.9AMERICASACWI1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI All Country World Index. Countriesheld in the index, but not held in the portfolio, are not listed.
Team Leadership (Pictured left to right)
Portfolio Managers Years of Investment Experience
14Andrew J. Euretig
28Charles-Henri Hamker
38Mark L. Yockey, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
MSCI All Country World Index measures the performance of developed and emerging markets. The index(es) are unmanaged; include netreinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Atlassian Corp PLC 1.4%; Facebook Inc 1.1%. Securities named in the Commentary, but notlisted as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views and portfolioholdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTHX_Mcomm_vIS
MONTHLY CommentaryArtisan International Fund
As of 30 September 2018Investor Class: ARTIX | Advisor Class: APDIX
Commentary
Global equities advanced in Q3, lifted by US equities’ surge to fresh all-time highs and bestquarterly gain since 2013 (based on the S&P 500® Index). Non-US equities generated positivereturns in Q3 but failed to keep pace with their US peers. Strong earnings growth and continuedglobal expansion supported share price gains generally, although there were notable pockets ofweakness geographically. Chinese stocks finished down as an escalating trade war with the USand signs of slowing growth took their toll. Additionally, Turkey was a key flashpoint as thecountry’s longstanding economic imbalances and lack of an adequate policy responseculminated in a plunging Turkish lira and stock market. By sector, returns were led by healthcare, communication services and energy. Rate-sensitive sectors with higher dividend yields,such as utilities, real estate and consumer staples, were laggards amid rising interest rates.
Our portfolio outpaced the MSCI EAFE Index in Q3 and remains ahead YTD. Outperformance wasdriven by stock selection among our technology and health care holdings. Individual standoutswere Wirecard and Medtronic. Wirecard, a payments processor, is delivering robust organicgrowth, as transaction volumes rise on the back of momentum in mobile and e-commerce. Thenew business pipeline is also quite strong. Even after strong stock price appreciation over thepast 12 months, Wirecard’s valuation remains reasonable against our long-termearnings estimates.
Medtronic, one of the largest medical devices companies, is benefiting from several new productcycles driving top-line growth, including the MiniMedTM 670G automated insulin delivery systemused to treat diabetes. We believe Medtronic should be able to generate attractive rates ofgrowth over the next few years and remain attracted to its diversified product set—particularlyin the key areas of cardiac and vascular, minimally invasive therapies, diabetes andneurovascular & neurosurgery.
On the down side, Ryanair, Europe’s largest low-cost airline, and Calbee, a Japan-based maker ofsnack foods, were among our biggest detractors in Q3. Higher labor costs, reduced bookings dueto strikes and increased fuel costs squeezing margins have dented Ryanair’s near-term profitoutlook. It may be several months before the labor strife resolves, but much of the earnings riskappears already discounted in Ryanair’s stock price, which is trading at a valuation discountbased on earnings relative to its history and the European airlines industry. Despite near-termheadwinds, we believe the company is well-positioned long term given its best-in-class unitcosts and strong cash generation.
Calbee’s profit growth rose sharply on the back of strong potato chip sales in the company’sdomestic market following the prior year’s potato shortage. However, sales of other snacks,including its Frugra-branded granola cereal, were uninspiring. Calbee has plans in place to targetadditional customer segments with new cereal products later this fiscal year. Besides productintroductions, we believe cost reductions and expansion into overseas markets are importantearnings-growth drivers for the company.
Portfolio Details
1.04%1.18%Prospectus 30 Sep 20172
1.03%1.18%Semi-Annual Report 31 Mar 20181
Expense Ratios
1 Apr 201528 Dec 1995Inception
$33.45$33.49Net Asset Value (NAV)APDIXARTIX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
41.6%TOTAL3.0AIA Group Ltd (Hong Kong)
3.0ING Groep NV (Netherlands)
3.2Petroleo Brasileiro SA (Brazil)
3.4Nestle SA (Switzerland)
3.5Deutsche Post AG (Germany)
3.9Medtronic PLC (United States)
4.2Airbus SE (France)
5.7Linde AG (Germany)
5.9Deutsche Boerse AG (Germany)
6.0Wirecard AG (Germany)
Source: Artisan Partners/FactSet (MSCI).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL3.20.9Utilities
3.40.0Real Estate
8.113.7Materials
6.28.3Information Technology
14.523.2Industrials
11.110.0Health Care
19.729.0Financials
6.23.4Energy
11.211.5Consumer Staples
11.00.0Consumer Discretionary
5.50.2Communication Services
EAFE1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 5.2% of the total portfolio. 1MSCI EAFE Index.
Investment Results (%) Average Annual Total Returns
5.285.184.129.971.76-3.090.710.46MSCI All Country World ex USA Index1
8.926.643.998.304.450.482.860.27Investor Class: ARTIXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized. 1Performance represents the MSCI ACWI ex USA (Gross) Index from inception to 31 Dec 2000 and the MSCI ACWI ex USA (Net) Index from 1 Jan 2001forward. Class inception: Investor (28 December 1995); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the Investor Class’s return for that period (“Linked Performance”). Linked Performance has not beenrestated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan International Fund Investor Class: ARTIX | Advisor Class: APDIX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
0.5—MIDDLE EAST
24.62.5Japan
3.53.1Hong Kong
36.35.7PACIFIC BASIN
—0.2China
—0.6Indonesia
—1.2Russia
—2.0India
—3.6Brazil
—7.6EMERGING MARKETS
—3.6Canada
—7.3United States
—10.9AMERICAS
1.10.9Finland
1.71.3Denmark
0.51.8Ireland
1.02.0Belgium
2.33.6Italy
3.36.0Netherlands
8.37.1Switzerland
17.510.6United Kingdom
11.213.0France
9.429.7Germany
63.175.9EUROPEEAFE1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI EAFE Index. Countries held in theindex, but not held in the portfolio, are not listed.
Team Leadership (Pictured left to right)
Portfolio Manager Years of Investment Experience
38Mark L. Yockey, CFA
Associate Portfolio Managers
14Andrew J. Euretig
28Charles-Henri Hamker
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI All Country World ex USA Index measuresthe performance of developed and emerging markets, excluding the US. The index(es) are unmanaged; include net reinvested dividends; do notreflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Calbee Inc 1.2%; Ryanair Holdings PLC P-Cert 1.7%. Securities named in the Commentary, butnot listed as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views and portfolioholdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTIX_Mcomm_vIS
MONTHLY CommentaryArtisan International Small Cap Fund
As of 30 September 2018Investor Class: ARTJX
Commentary
In Q3, non-US small-cap stocks finished slightly positive in local terms but were down about 1%in USD terms due to US dollar strength versus the Japanese yen, British pound and Australiandollar. Solid earnings growth and continued global expansion supported equity marketsgenerally, although there were notable pockets of weakness geographically. Chinese stocksfinished down as an escalating trade war with the US and signs of slowing growth took their toll.Additionally, Turkey was a key flashpoint as the country’s longstanding economic imbalancesand lack of an adequate policy response culminated in a plunging Turkish lira and stock market.Most sectors finished lower in Q3; energy and health care were bright spots.
Our portfolio outpaced the MSCI EAFE Small Cap Index in Q3, contributing to its YTD lead.Relative performance was driven by our technology and health care holdings. In the technologysector, payments processor Wirecard is delivering robust organic growth, as transaction volumesrise on the back of momentum in mobile and e-commerce. The new business pipeline is alsoquite strong. Even after strong stock-price appreciation over the past 12 months, Wirecard’svaluation remains reasonable against our long-term earnings estimates.
In the health care sector, we had strong contributions from several names, including Q2purchases CellaVision and ViewRay. CellaVision is a leading developer of digital cell morphologysolutions for medical microscopy in hematology, which replaces manual analysis by a technician.CellaVision’s product is now the standard in the US and Canada. We believe that as CellaVisionmachines become the global standard over the next decade, sales should grow at a high-teensCAGR. Strengthening our thesis, recent sales growth was led by the company’s Asia Pacificbusiness as local sales and marketing initiatives bore fruit.
ViewRay develops magnetic resonance imaging (MRI) systems. The company’s MRIdian MR-LINAC system is a leading platform for real-time visualization of soft-tissue cancer, improving thesafety and efficacy of radiation therapy. The company installed three units in its fiscal Q2 versusconsensus expectations of two units, putting it on pace to meet full-year numbers. We believethere is a multi-year growth opportunity as MR-LINAC becomes the standard LINAC over thenext five years, which is not currently appreciated by the consensus.
Our biggest detractors in Q3 were Tele Columbus and Theratechnologies. Tele Columbus, aGerman cable operator, has experienced disappointing broadband subscriber additions. Weremain attracted to the company’s competitive advantage in cable infrastructure and thepotential for upselling existing customers to higher margin broadband and telephony services.
Shares of specialty pharmaceuticals company Theratechnologies—one of our top contributors inQ2—consolidated gains as investors took profits. We are not too concerned with the stock’spullback and remain positive on the company’s fundamental outlook. Its new HIV medicationIbalizumab (branded as TrogarzoTM)—approved by the FDA in March and launched in April—is akey catalyst for earnings growth.
Portfolio Details
1.57%Prospectus 30 Sep 20172
1.56%Semi-Annual Report 31 Mar 20181
Expense Ratios
21 December 2001ARTJX Inception
$23.47Net Asset Value (NAV)
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
41.2%TOTAL2.4Haldex AB (Sweden)
2.6Aedas Homes SAU (Spain)
2.9Yume No Machi Souzou Iinkai Co Ltd (Japan)
3.1Cellavision AB (Sweden)
3.3SyntheticMR AB (Sweden)
3.8Cellnex Telecom SA (Spain)
4.1Euronext NV (France)
6.0Wirecard AG (Germany)
6.2NEX Group PLC (United Kingdom)
6.9InterXion Holding NV (Netherlands)
Source: Artisan Partners/FactSet (MSCI).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL2.00.0Utilities
10.84.9Real Estate
8.72.7Materials
9.819.0Information Technology
21.914.7Industrials
7.516.6Health Care
11.820.3Financials
3.10.0Energy
6.71.8Consumer Staples
13.012.8Consumer Discretionary
4.67.2Communication Services
EAFE SC1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 10.5% of the total portfolio. 1MSCI EAFE Small Cap Index.
Investment Results (%) Average Annual Total Returns
6.185.384.429.232.74-1.431.350.87MSCI EAFE Index
10.339.687.9612.393.73-2.19-0.88-0.72MSCI EAFE Small Cap Index
11.709.464.808.018.701.651.91-1.51Investor Class: ARTJXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan International Small Cap Fund Investor Class: ARTJX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
2.0—MIDDLE EAST
—0.1Argentina
—1.9Poland
—2.2India
—4.2EMERGING MARKETS
—3.3Canada
—4.5United States
—7.8AMERICAS
1.91.0Hong Kong
31.19.0Japan
42.510.0PACIFIC BASIN
1.81.0Denmark
1.51.6Finland
0.84.3Ireland
0.44.4Portugal
3.76.6France
3.76.6Italy
2.67.1Spain
2.67.8Netherlands
18.210.6United Kingdom
5.911.8Germany
5.416.3Sweden
55.577.9EUROPEEAFE SC1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI EAFE Small Cap Index. Countriesheld in the index, but not held in the portfolio, are not listed.
Team Leadership (Pictured left to right)
Portfolio Managers Years of Investment Experience
28Charles-Henri Hamker
38Mark L. Yockey, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Growth securities may underperform other asset types during a given period.
MSCI EAFE Small Cap Index measures the performance of small-cap companies in developed markets, excluding the US and Canada. MSCI EAFEIndex measures the performance of developed markets, excluding the US and Canada. The index(es) are unmanaged; include net reinvesteddividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Tele Columbus AG 0.8%; Theratechnologies Inc 1.6%; ViewRay Inc 2.3%. Securities named inthe Commentary, but not listed as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfoliomanagers’ views and portfolio holdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTJX_Mcomm_vIS
MONTHLY
SummaryArtisan International Value Fund
As of 30 September 2018Investor Class: ARTKX | Advisor Class: APDKX
Month-to-date Contribution to Return
Top Contributors
Compass Group PLCNovartis AGRoyal Bank of Scotland Group PLCAon PLCImperial Oil Ltd
Bottom Contributors
Samsung Electronics Co LtdRELX PLCING Groep NVNXP Semiconductors NVCie Financiere Richemont SA
Portfolio Details
1.09%1.24%Prospectus 30 Sep 20173
1.03%1.17%Semi-Annual Report 31 Mar 20181,2,3
Expense Ratios
1 Apr 201523 Sep 2002Inception
$36.85$36.85Net Asset Value (NAV)APDKXARTKX
1Excludes Acquired Fund Fees & Expenses as described in the prospectus.2Unaudited, annualized for the six-month period. 3See prospectus for further details.
Top 10 Holdings (% of total portfolio)
37.8%TOTAL2.9Tesco PLC (United Kingdom)
3.2Novartis AG (Switzerland)
3.3Baidu Inc (China)
3.5ING Groep NV (Netherlands)
3.5RELX PLC (United Kingdom)
3.7ABB Ltd (Switzerland)
3.8UBS Group AG (Switzerland)
4.0Arch Capital Group Ltd (United States)
4.4Compass Group PLC (United Kingdom)
5.7Samsung Electronics Co Ltd (Korea)
Source: Artisan Partners/FactSet (MSCI).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL3.20.0Utilities
3.40.0Real Estate
8.12.7Materials
6.213.0Information Technology
14.512.6Industrials
11.110.0Health Care
19.725.6Financials
6.23.7Energy
11.28.8Consumer Staples
11.011.1Consumer Discretionary
5.512.4Communication Services
EAFE1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 13.0% of the total portfolio. 1MSCI EAFE Index.
Investment Results (%) Average Annual Total Returns
8.415.184.129.971.76-3.090.710.46MSCI All Country World ex USA Index
12.389.245.458.70-1.99-4.581.26-0.38Investor Class: ARTKXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized. Class inception: Investor (23 September 2002); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the InvestorClass’s return for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan International Value Fund Investor Class: ARTKX | Advisor Class: APDKX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
0.5—MIDDLE EAST
24.61.6Japan
36.31.6PACIFIC BASIN
—2.7Canada
—12.8United States
—15.6AMERICAS
—2.6Brazil
—3.4India
—3.7China
—9.1Korea
—18.8EMERGING MARKETS
0.80.5Norway
2.70.9Sweden
3.01.6Spain
1.72.4Denmark
1.02.9Belgium
11.24.6France
3.35.8Netherlands
17.522.5United Kingdom
8.322.7Switzerland
63.163.9EUROPEEAFE1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI EAFE Index. Countries held in theindex, but not held in the portfolio, are not listed. Stocks classified as U.S. areincorporated outside of the U.S.
Team Leadership (Pictured left to right)
Portfolio Manager Years of Investment Experience
25N. David Samra (Lead)
Co-Portfolio Managers
20Joseph Vari
20Ian P. McGonigle, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Value securities may underperform other asset types during a given period.
MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI All Country World ex USA Index measuresthe performance of developed and emerging markets, excluding the US. The index(es) are unmanaged; include net reinvested dividends; do notreflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Aon PLC 1.8%; Cie Financiere Richemont SA 2.1%; Imperial Oil Ltd 2.4%; NXP SemiconductorsNV 1.3%; Royal Bank of Scotland Group PLC 2.5%. Securities mentioned that are not listed here or as a Top 10 Holding are no longer held in theportfolio as of the period end. The portfolio managers’ views and portfolio holdings are subject to change and the Fund disclaims any obligation toadvise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Source: Artisan Partners/FactSet. Contribution to Return includes the securities with the highest positive and negative contribution to the portfolio'sreturn and is calculated by multiplying a security’s portfolio weight by its in-portfolio return for the period. Purchases/sales are accounted for byusing end of the day prices, which may or may not reflect the actual purchase/sale price realized by the portfolio. Contribution to return is notexact, but should be considered an approximation.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Samsung Electronics Co LtdNXP Semiconductors NVBharti Infratel LtdDENTSPLY SIRONA IncCie Financiere Richemont SA
Portfolio Details
1.12%1.27%Prospectus 30 Sep 20173
1.09%1.24%Semi-Annual Report 31 Mar 20181,2,3
Expense Ratios
1 Apr 201510 Dec 2007Inception
$18.22$18.24Net Asset Value (NAV)APDGXARTGX
1Excludes Acquired Fund Fees & Expenses as described in the prospectus.2Unaudited, annualized for the six-month period. 3See prospectus for further details.
Top 10 Holdings (% of total portfolio)
33.5%TOTAL2.8Medtronic PLC (United States)
2.9ABB Ltd (Switzerland)
3.1Arch Capital Group Ltd (United States)
3.2Baidu Inc (China)
3.2Marsh & McLennan Cos Inc (United States)
3.3QUALCOMM Inc (United States)
3.4Citigroup Inc (United States)
3.5The Bank of New York Mellon Corp (United States)
3.6Oracle Corp (United States)
4.6Samsung Electronics Co Ltd (Korea)
Source: Artisan Partners/FactSet (MSCI).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL2.90.0Utilities
2.90.0Real Estate
5.01.6Materials
15.714.3Information Technology
10.79.8Industrials
11.810.7Health Care
17.133.4Financials
6.72.4Energy
7.96.6Consumer Staples
10.89.3Consumer Discretionary
8.511.8Communication Services
ACWI1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 9.1% of the total portfolio. 1MSCI All Country World Index.
Investment Results (%) Average Annual Total Returns
4.368.198.6713.409.773.834.280.44MSCI All Country World Index
7.9110.598.1711.804.160.393.580.16Investor Class: ARTGXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized. Class inception: Investor (10 December 2007); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the Investor Class’sreturn for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance. Performance may reflect agreements to limit a Fund’sexpenses, which would reduce performance if not in effect.
Artisan Global Value Fund Investor Class: ARTGX | Advisor Class: APDGX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
0.2—MIDDLE EAST
7.61.5Japan
11.21.5PACIFIC BASIN
0.91.1India
0.72.6Brazil
3.43.5China
1.67.7Korea
11.114.8EMERGING MARKETS
0.20.5Norway
0.91.2Spain
3.51.9France
0.31.9Belgium
0.52.1Denmark
1.03.3Netherlands
5.410.2United Kingdom
2.510.8Switzerland
19.531.8EUROPE
3.02.4Canada
55.149.5United States
58.151.9AMERICASACWI1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI All Country World Index. Countriesheld in the index, but not held in the portfolio, are not listed.
Team Leadership (Pictured left to right)
Portfolio Manager Years of Investment Experience
25Daniel J. O'Keefe (Lead)
Co-Portfolio Managers
15Michael J. McKinnon, CFA
14Justin V. Bandy, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Value securities may underperform other asset types during a given period.
MSCI All Country World Index measures the performance of developed and emerging markets. The index(es) are unmanaged; include netreinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund's total net assets as of 30 Sep 2018: Aon PLC 1.6%; Bharti Infratel Ltd 1.0%; Cie Financiere Richemont SA 1.4%; DENTSPLY SIRONAInc 2.0%; NXP Semiconductors NV 1.6%; The Progressive Corp 1.8%; United Technologies Corp 1.7%. Securities mentioned that are not listed hereor as a Top 10 Holding are no longer held in the portfolio as of the period end. The portfolio managers’ views and portfolio holdings are subject tochange and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Source: Artisan Partners/FactSet. Contribution to Return includes the securities with the highest positive and negative contribution to the portfolio'sreturn and is calculated by multiplying a security’s portfolio weight by its in-portfolio return for the period. Purchases/sales are accounted for byusing end of the day prices, which may or may not reflect the actual purchase/sale price realized by the portfolio. Contribution to return is notexact, but should be considered an approximation.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTGX_Mcomm_vIS
MONTHLY CommentaryArtisan Value Fund
As of 30 September 2018Investor Class: ARTLX | Advisor Class: APDLX
Commentary
Our portfolio trailed the Russell 1000® Value Index QTD. While our stock selection overall wasadditive to results, notably in the IT and industrials sectors, above-benchmark exposure to theconsumer discretionary sector and below-benchmark exposure to the health care sector werecontributing factors in underperformance. Stock selection in the communications services sectoralso detracted.
Our top QTD detractor was Facebook, whose stock price has yet to recover fully from a toughsecond quarter. Facebook is a dominant social media platform with a robust net cash positionand consistent free cash flow. It’s likely to face persistent negative headlines for some time, withcontinued fallout from the 2016 election, intensifying focus on “fake news” and other bad actorsusing the platform, and the transition from the traditional Facebook model to “stories” as a newsocial media feature. We expect revenue growth for 2018 and 2019 will be slower thanpreviously forecast. Former growth or momentum investors may be upset with higher expenseguidance, but we believe the company’s focus on protecting its community and enhancing theuser experience will preserve and potentially expand an already dominant market position,driving long-term shareholder value. We are under no illusions that Facebook’s path will be asmooth one, so we maintain our disciplined cash-flow-based valuation framework.
AutoNation was another notable detractor. Auto-related businesses have been weak in the faceof cyclical pressures, weakening US auto sales and the potential negative effects of tariffs.Despite policy uncertainty and weaker-than-expected Q2 earnings, AutoNation continues to bea highly profitable, well-financed, cash-generating business, with management engaged increating per-share value for shareholders. When considering a range of outcomes in earningspower and a variety of macroeconomic scenarios, the business looks attractively valued. Webelieve this is an opportunity to own a quality franchise at an undemanding valuation.
Top contributors included Apple and Berkshire Hathaway. Each continue benefiting from goodexecution and positive sentiment from earlier in the quarter. Of course, Apple’s recent productlaunches have been well received. Jacobs Engineering, a technical and construction services firmto industrial and commercial clients across the globe, has been a strong contributor as well. Byservicing downstream petrochemical facilities, Jacobs has benefited from improving execution,rising backlogs and better target profitability. We have trimmed our position on some ofthis strength.
Portfolio Details
0.85%1.01%Prospectus 30 Sep 20172
0.88%1.04%Semi-Annual Report 31 Mar 20181
Expense Ratios
1 Apr 201527 Mar 2006Inception
$15.04$15.10Net Asset Value (NAV)APDLXARTLX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
35.8%TOTAL2.8Cisco Systems Inc (Information Technology)
2.8CBS Corp (Communication Services)
3.1Cie Generale des Etablissements Michelin SCA(Consumer Discretionary)
3.2Oracle Corp (Information Technology)
3.5Air Lease Corp (Industrials)
3.6Nutrien Ltd (Materials)
3.9Citigroup Inc (Financials)
4.0Apple Inc (Information Technology)
4.2Berkshire Hathaway Inc (Financials)
4.7Alphabet Inc (Communication Services)
Source: Artisan Partners/FactSet (GICS).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL5.60.0Utilities
4.62.1Real Estate
3.910.3Materials
9.814.7Information Technology
8.15.8Industrials
15.27.5Health Care
22.821.2Financials
10.812.4Energy
7.20.0Consumer Staples
5.311.5Consumer Discretionary
6.814.5Communication Services
R1V1Fund
Source: Artisan Partners/FactSet (GICS)/Russell. Cash and cash equivalentsrepresented 6.3% of the total portfolio. 1Russell 1000® Value Index.
Investment Results (%) Average Annual Total Returns
8.9912.0913.6717.0717.7610.497.420.38Russell 1000® Index
7.129.7910.7213.559.453.925.700.20Russell 1000® Value Index
7.359.819.4216.879.323.714.35-0.26Investor Class: ARTLXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/Russell. Returns for periods less than one year are not annualized. Class inception: Investor (27 March 2006); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the Investor Class’sreturn for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan Value Fund Investor Class: ARTLX | Advisor Class: APDLX
Market Cap Distribution (% of total portfolio equities)
R1V1Fund$ in billions
100.0%100.0%TOTAL18.115.60.0–15.0
20.427.115.0–40.0
20.617.040.0–100.0
20.318.4100.0–230.0
20.722.0230.0+
Source: Artisan Partners/FactSet/Russell. 1Russell 1000® Value Index.
Team Leadership (Pictured left to right)
Portfolio Managers Years of Investment Experience
20Daniel L. Kane, CFA
19Thomas A. Reynolds IV
29James C. Kieffer, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- andmedium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformedsecurities of large companies during some periods. Value securities may underperform other asset types during a given period.
Russell 1000® Value Index measures the performance of US large-cap companies with lower price/book ratios and forecasted growth values.Russell 1000® Index measures the performance of roughly 1,000 US large-cap companies. The index(es) are unmanaged; include net reinvesteddividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: AutoNation Inc 2.5%; Facebook Inc 2.5%; Jacobs Engineering Group Inc 2.0%. Securities namedin the Commentary, but not listed as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfoliomanagers’ views and portfolio holdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
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 RussellIndexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying datacontained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does notpromote, sponsor or endorse the content of this communication.
Sector exposure percentages reflect sector designations as currently classified by GICS.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTLX_Mcomm_vIS
MONTHLY CommentaryArtisan Mid Cap Value Fund
As of 30 September 2018Investor Class: ARTQX | Advisor Class: APDQX
Commentary
QTD our portfolio trailed the Russell Midcap® Value Index, as poor performance among a fewconsumer discretionary and traditional media names weighed on results. Below-benchmarkexposure to a robust health care sector also detracted from relative returns. Conversely, stockselection among financials and our off-benchmark exposure to interactive mediawere beneficial.
Among our top detractors QTD was Delphi Technologies, an automotive parts and equipmentmanufacturer. Cyclical pressures along with the changing trade policy landscape has made lifedifficult for auto-sector manufacturers in general, and Delphi’s challenges have beencompounded by headwinds in the Chinese and European markets. This is a new name in theportfolio this quarter, and consistent with our philosophy and approach, we invest in solidcompanies when the market price is dislocated from fundamentals. In this case, we were addingto this position as the discount continued widening in September. We believe Delphi isexecuting well in a challenging backdrop and remains poised to benefit from the trend towardelectric vehicles.
Among our top QTD contributors was IAC/InterActive Corp, whose stock price reached a recordhigh in September. We have been trimming our position in IAC during the quarter, on our beliefthat portions of the business—namely Match.com and Angie’s List—are aggressively valued.Even still, we believe management’s track record of unlocking value for shareholders makes itworth holding while remaining mindful of our margin of safety.
Fluor, an engineering and construction company, was a top contributor as well, as its rising stockprice reflects an increase in awarded contracts and a rising backlog of work. Prices recoveredsharply into quarter end, reaching a fair level as we continued to trim holdings on strength.Andeavor, a refiner and marketer of petroleum products, was another top QTD contributor, stilltrading largely in sync with its merger partner Marathon Petroleum as crude oil pricesremained strong.
Portfolio Details
1.06%1.17%Prospectus 30 Sep 20172
1.06%1.20%Semi-Annual Report 31 Mar 20181
Expense Ratios
1 Apr 201528 Mar 2001Inception
$23.53$23.56Net Asset Value (NAV)APDQXARTQX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Top 10 Holdings (% of total portfolio)
29.0%TOTAL2.5AMERCO (Industrials)
2.5Fifth Third Bancorp (Financials)
2.6Hess Corp (Energy)
2.6Qurate Retail Inc (Consumer Discretionary)
2.7AutoNation Inc (Consumer Discretionary)
2.7Torchmark Corp (Financials)
3.0The Kroger Co (Consumer Staples)
3.2Air Lease Corp (Industrials)
3.6IAC/InterActiveCorp (Communication Services)
3.7Celanese Corp (Materials)
Source: Artisan Partners/FactSet (GICS).
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL10.10.0Utilities
12.72.9Real Estate
6.18.2Materials
9.14.7Information Technology
12.616.8Industrials
6.81.1Health Care
17.522.7Financials
7.911.4Energy
4.93.2Consumer Staples
9.014.6Consumer Discretionary
3.314.4Communication Services
RMCV1Fund
Source: Artisan Partners/FactSet (GICS)/Russell. Cash and cash equivalentsrepresented 6.0% of the total portfolio. 1Russell Midcap® Value Index.
Investment Results (%) Average Annual Total Returns
9.9912.3111.6514.5213.987.465.00-0.64Russell Midcap® Index
10.1811.2910.7213.098.813.133.30-0.79Russell Midcap® Value Index
10.529.946.9412.548.553.652.39-0.97Investor Class: ARTQXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/Russell. Returns for periods less than one year are not annualized. Class inception: Investor (28 March 2001); Advisor (1 April 2015). For the period prior to inception, Advisor Class performance is the Investor Class’sreturn for that period (“Linked Performance”). Linked Performance has not been restated to reflect expenses of the Advisor Class and the share class's returns during that period would be different if such expenses were reflected.Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance.
Artisan Mid Cap Value Fund Investor Class: ARTQX | Advisor Class: APDQX
Market Cap Distribution (% of total portfolio equities)
RMCV1Fund$ in billions
100.0%100.0%TOTAL18.127.50–6.5
20.922.46.5–11.0
20.110.511.0–16.0
22.218.216.0–23.0
18.721.323.0+
Source: Artisan Partners/FactSet/Russell. 1Russell Midcap® Value Index.
Team Leadership (Pictured left to right)
Portfolio Managers Years of Investment Experience
20Daniel L. Kane, CFA
19Thomas A. Reynolds IV
29James C. Kieffer, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and mayhave underperformed securities of large companies during some periods. Value securities may underperform other asset types during agiven period.
Russell Midcap® Value Index measures the performance of US mid-cap companies with lower price/book ratios and forecasted growth values.Russell Midcap® Index measures the performance of roughly 800 US mid-cap companies. The index(es) are unmanaged; include net reinvesteddividends; do not reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Andeavor 2.1%; Delphi Technologies PLC 1.7%; Fluor Corp 2.2%. Securities named in theCommentary, but not listed as a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’views and portfolio holdings are subject to change and the Fund disclaims any obligation to advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
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 RussellIndexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying datacontained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does notpromote, sponsor or endorse the content of this communication.
Sector exposure percentages reflect sector designations as currently classified by GICS.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTQX_Mcomm_vIS
MONTHLY CommentaryArtisan Emerging Markets Fund
As of 30 September 2018Investor Class: ARTZX
Commentary
September may have been relatively less volatile than August, but it remained a difficult quarterfor emerging markets. On a total return basis, Turkey, Greece and China were the worst QTDperformers in the MSCI EM Index.
Our portfolio trailed the MSCI Emerging Markets Index over the third quarter. At the sector level,financials were the most notable drag on relative performance. Ex-index positions in Turkishbank Turkiye Sinai Kalkinma Bankasi and Argentine bank Grupo Supervielle were among thelargest negative relative contributors as the financial sector often suffers first from sharpmacro dislocations.
In the face of potential tax increases, Chinese wealth manager Noah Holdings sold off, weighingon our relative returns. We continue to like this firm’s up side as it remains a well-branded,market-leading provider of financial services to China’s rising high net worth families, and weadded to the position on the weakness.
Also among our bottom individual relative contributors QTD was health care company SinoBiopharm. The stock sold off sharply, in line with the sector, as the government announced apilot program aimed at lowering costs through a single-payer approach. The market expectsdrug companies may face significant top line pressures as a result. But, they may also be able tolower their selling costs, which we believe may mean the bottom line could be less affected thanthe market assumes.
The portfolio benefited from our exposure in communication services and technology QTD, bothin terms of what we owned as well as what we didn’t—namely, Tencent, which has declined onthe back of ongoing macroeconomic, trade-related and regulatory concerns in China. Ourexposure to Taiwan Semiconductor was a top relative contributor QTD.
Also among our top individual relative contributors was Zhuzhou, a manufacturer of train-borneelectrical systems for China’s railway industry, which benefited from renewed commitments bystate planners to build and improve rail infrastructure.
Volatility is to be expected when investing in emerging markets—it’s a natural part of what webelieve is a superior growth opportunity over longer periods. As such, we will continue with ourdisciplined process and closely monitor positions—including on-the-ground visits to affectedcountries—to adjust valuations with updated country-risk assessments.
Portfolio Details
1.35%2.15%Prospectus 30 Sep 20173
1.46%1.77%Semi-Annual Report 31 Mar 20182,3
Net1GrossExpense Ratios
2 June 2008ARTZX Inception
$15.08Net Asset Value (NAV)
1Reflects a contractual expense limitation agreement in effect through 31 Jan 2019.2Unaudited, annualized for the six-month period and reflects a change in the Fund’smanagement fee and expense limit, 1.50% lowered to 1.35%, effective 21 Feb2018. 3See prospectus for further details.
Top 10 Holdings (% of total portfolio)
34.5%TOTAL2.0Baidu Inc (China)
2.1Samsung Biologics Co Ltd (Korea)
2.1Sberbank of Russia PJSC (Russia)
2.1LUKOIL PJSC (Russia)
2.4Zhuzhou CRRC Times Electric Co Ltd (China)
2.6Naspers Ltd (South Africa)
2.7Reliance Industries Ltd (India)
5.6Alibaba Group Holding Ltd (China)
6.2Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)
6.6Samsung Electronics Co Ltd (Korea)
Source: Artisan Partners. Portfolio country classifications are defined by theinvestment team.
Sector Diversification (% of total portfolio equities)
100.0%100.0%TOTAL2.41.4Utilities
2.81.4Real Estate
7.96.7Materials
15.817.9Information Technology
5.49.2Industrials
3.09.2Health Care
23.220.4Financials
8.28.0Energy
6.61.7Consumer Staples
10.614.4Consumer Discretionary
14.19.9Communication Services
MSCI EM1Fund
Source: Artisan Partners/FactSet (GICS)/MSCI. Cash and cash equivalentsrepresented 2.7% of the total portfolio. 1MSCI Emerging Markets Index.
Investment Results (%) Average Annual Total Returns
5.831.065.403.6112.36-0.81-7.68-1.09-0.53MSCI Emerging Markets Index
4.47Linked Institutional and Investor Class1
-0.643.874.7215.66-2.70-10.18-2.77-1.05Investor Class: ARTZXLinked Inception2Inception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized. 1Linked performance data shown relates to the Investor Shares from 2 June 2008 forward and for Institutional Shares prior to 2 June 2008. 2InstitutionalClass inception: 26 June 2006.
Performance of the Institutional Shares does not reflect higher expenses associated with the Investor Shares, and if reflected, would reduce the performance quoted. Past performance does not guarantee and is not areliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may belower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance. Performance may reflect agreements to limit a Fund’s expenses, which would reduce performance if notin effect.
Artisan Emerging Markets Fund Investor Class: ARTZX
Region/Country Allocation (% of total portfolio equities)
100.0%100.0%TOTAL
—1.7Hong Kong
—1.7DEVELOPED MARKETS
—0.6Panama
0.50.8Colombia
3.21.1Mexico
0.41.6Peru
—1.7Argentina
1.11.9Chile
6.27.1Brazil
11.314.8LATIN AMERICA
—0.5Nigeria
1.20.5Poland
—0.7Georgia
0.70.9United Arab Emirates
0.21.0Czech Republic
0.31.6Greece
0.62.5Turkey
6.15.1South Africa
3.77.7Russia
14.120.6EUROPE, MIDDLE EAST AND AFRICA
—0.5Vietnam
2.40.7Malaysia
2.50.9Thailand
2.03.9Indonesia
8.58.0India
12.310.9Taiwan
14.914.8Korea
31.023.3China
74.663.0EMERGING ASIAMSCI EM1FundREGION
Source: Artisan Partners/FactSet (MSCI). 1MSCI Emerging Markets Index. Countriesheld in the index, but not held in the portfolio, are not listed. Portfolio countryclassifications are defined by the investment team and may differ substantially fromMSCI classifications; Index country classifications reflect MSCI methodology. For theportfolio’s country breakdown according to MSCI methodology, refer to the Fund’smost recent portfolio holdings at www.sec.gov.
Team Leadership
Portfolio Manager Years of Investment Experience
27Maria Negrete-Gruson, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economicand political systems, and higher transaction costs. These risks typically are greater in emerging markets. Such risks include new andrapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihoodof high levels of inflation, deflation or currency devaluations. Securities of small- and medium-sized companies tend to have a shorterhistory of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods.
MSCI Emerging Markets Index measures the performance of emerging markets. The index(es) are unmanaged; include net reinvested dividends; donot reflect fees or expenses; and are not available for direct investment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentagesof the Fund’s total net assets as of 30 Sep 2018: Grupo Supervielle SA 0.8%; Noah Holdings Ltd 1.7%; Sino Biopharmaceutical Ltd 1.9%; TurkiyeSinai Kalkinma Bankasi AS 0.9%. Securities named in the Commentary, but not listed as a Top Ten Holding or not listed here are not held in theFund as of the date of this report. The portfolio managers’ views and portfolio holdings are subject to change and the Fund disclaims any obligationto advise investors of such changes.
Unless otherwise indicated, all information in this report includes all classes of shares, except performance and expense ratio information, and is asof the date shown in the upper right hand corner. Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s FinancialServices, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations orwarranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, includingwarranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data containedherein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.
Country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflectcountry designations as of the date the report was generated. Sector exposure percentages reflect sector designations as currentlyclassified by GICS.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
Not FDIC Insured | No Bank Guarantee | May Lose Value
For Financial Advisor Use Only. Not for Distribution to the Public.10/4/2018 A18723L_vISARTZX_Mcomm_vIS
MONTHLY CommentaryArtisan High Income Fund
As of 30 September 2018Investor Class: ARTFX | Advisor Class: APDFX
Commentary
High yield bonds continued their quiet ascent in September as positive developments on tradeand a multi-month high in oil prices provided a friendly backdrop for credit markets. The ICEBofAML US High Yield Index returned a modest 0.6% to finish up 2.4% on the quarter. Similarly,leveraged loans (JPMorgan Leveraged Loan Index) returned 0.7% for the month and 2.0% for thequarter—the strongest quarterly performance since late 2016. Our portfolio performed in-linewith the benchmark during the month but remains more than 120bps ahead YTD. Portfoliogains during the month can be attributed to notable credit selection among our retail, servicesand energy holdings.
Credit spreads, which have traded in a narrow range throughout the year, touched a YTD andcyclical low intra-month as improving investor sentiment pushed the 10-year Treasury north of3% and within 5bps of the multi-year high. High yield bond spreads finished 22bps lower to338bps while leveraged loans contracted 10bps to 382bps. Yields across bonds and loans werelargely unchanged, ending the period at 6.3% and 6.8%.
Across the credit quality strata, lower rated bonds led the market higher for yet another monthas interest rate pressures weighed on higher rated segments. CCCs returned 1.1%, followed byBs at 0.7% and BBs at 0.3%. Year to date, this higher beta cohort has meaningfully outperformedwith CCCs outpacing BBs by 6.4%. All sectors finished the month in positive territory except forautomotive (-0.5%). Telecom (1.2%) led on the up side, followed by health care (0.8%) andenergy (0.8%).
Default volumes remain particularly quiet with just one default during the month totaling $1.7billion in bonds and loans. Over the last two quarters, total default activity has encompassed justfive defaults for a total $3.8 billion in bonds and loans—the lightest six-month stretch since June2011. The light activity has kept the par-weighted default rate in check at 2.0%, but up 58bpsfrom levels to start the year. Despite signs of late-cycle behavior, we expect defaults to remainmuted for the remainder of the year and well into 2019.
As we move into the latter stages of this historically long credit cycle, strong fundamentals andpositive technicals suggest the risk of a major drawdown is unlikely in the near term, but we’reaware tail risks are rising. Accordingly, we remain focused on idiosyncratic and credit-specificopportunities and believe our high-conviction approach will serve our investors well over a fullmarket cycle.
Portfolio Details
0.82%1.00%Prospectus 30 Sep 20172
0.82%0.97%Semi-Annual Report 31 Mar 20181
Expense Ratios
5.88%5.77%30-Day SEC Yield
19 Mar 201419 Mar 2014Inception
$9.87$9.87Net Asset Value (NAV)APDFXARTFX
1Unaudited, annualized for the six-month period. 2See prospectus for further details.
Portfolio Statistics Fund
85Number of Issuers
136Number of Holdings
Source: Artisan Partners.
Top 10 Holdings (% of total portfolio)
32.2%TOTAL2.2Seven Generations Energy Ltd
2.2HCA Inc
2.7T-Mobile USA Inc
2.7VEREIT Inc
2.8EPEnergy LLC
2.8J Crew Group Inc
3.1Ferrellgas LP
3.6Vertafore
3.8Altice USA Inc
6.3Charter Communications Inc
Source: Artisan Partners/Bloomberg. For the purpose of determining the portfolio’sholdings, securities of the same issuer are aggregated to determine the weight in theportfolio.
Portfolio Composition (% of total portfolio)
100.0%TOTAL3.9Cash and Cash Equivalents
0.2Equities
22.9Bank Loans
73.0Corporate Bonds
Source: Artisan Partners/Bloomberg. Negative cash weightings and portfoliocomposition greater than 100% may be due to unsettled transactions or investmentin derivative instruments. Treasury futures represented net notional exposure of-0.85% of net assets.
Investment Results (%) Average Annual Total Returns
4.708.192.942.522.440.58ICE BofAML US High Yield Master II Index
6.71——8.864.834.012.230.59Advisor Class: APDFX
6.54——8.674.663.772.190.58Investor Class: ARTFXInception10 Yr5 Yr3 Yr1 YrYTDQTDMTDAs of 30 September 2018
Source: Artisan Partners/ICE BofA Merrill Lynch. Returns for periods less than one year are not annualized.
Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or lessthan their original cost. Current performance may be lower or higher than that shown. Call 888.454.1770 for current to most recent month-end performance. The performance information shown does not reflect thededuction 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 High Income Fund may hold loans and othersecurity types. At times, this causes material differences in relative performance.
Artisan High Income Fund Investor Class: ARTFX | Advisor Class: APDFX
Ratings Distribution (%)
100.0%TOTAL0.1Unrated
20.8CCC
46.2B
28.3BB
4.6BBB
Source: S&P/Moody's.
Maturity Distribution (%)
100.0%TOTAL1.110+ years
36.57 - <10 years
36.25 - <7 years
16.73 - <5 years
9.51 - <3 years
0.0< 1 Year
Source: Artisan Partners/Bloomberg. Percentages shown are of total fixed incomesecurities in the portfolio.
Portfolio ConstructionThe team generally determines the amount of assets investedin each issuer based on conviction, valuation and availabilityof supply. Based on the team’s analysis it divides the portfoliointo three parts. Core investments are generally positions withstable to improving credit profiles and lower loan to valueratios. Spread investments are those where the team has anout-of-consensus view about a company’s creditimprovement potential. Opportunistic investments are drivenby market dislocations that have created a unique investmentopportunity. Allocations to each group will vary over timebased on market conditions.
Team Leadership
Portfolio Manager Years of Investment Experience
18Bryan C. Krug, CFA
Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information iscontained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888.454.1770. Read carefullybefore investing.Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value.In general, when interest rates rise, fixed income values fall. High income securities (junk bonds) are speculative, experience greater pricevolatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. The portfolio typically invests asignificant portion of its assets in lower-rated high income securities (e.g., CCC). Loans carry risks including insolvency of the borrower,lending bank or other intermediary. Loans may be secured, unsecured, or not fully collateralized, trade infrequently, experience delayedsettlement, and be subject to resale restrictions. Private placement and restricted securities may not be easily sold due to resale restrictionsand are more difficult to value. The use of derivatives in a portfolio may create investment leverage and increase the likelihood ofvolatility and risk of loss in excess of the amount invested. International investments involve special risks, including currency fluctuation,lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically aregreater in emerging markets.
ICE BofAML US High Yield Master II Index measures the performance of below investment grade $US-denominated corporate bonds publicly issuedin the US market. J.P. Morgan Leveraged Loan Index is designed to mirror the investable universe of the USD-denominated institutional leveragedloan market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for directinvestment.
For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Thediscussion of portfolio holdings does not constitute a recommendation of any individual security. Securities named in the Commentary, but not listedas a Top Ten Holding or not listed here are not held in the Fund as of the date of this report. The portfolio managers’ views and portfolio holdingsare subject to change and the Fund disclaims any obligation to advise investors of such changes.
All information in this report includes all classes of shares, except performance and expense ratio information and as otherwise indicated, and is asof the date shown in the upper right hand corner unless otherwise indicated. Artisan Partners may exclude outliers when calculating portfoliostatistics. If certain information is unavailable for a particular security Artisan Partners may use data from a related security to calculate portfoliocharacteristics. Portfolio statistics include accrued interest unless otherwise stated and may vary from the official books and records of the Fund.Totals may not sum due to rounding.
This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed asinvestment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before makinginvestments in order to determine the appropriateness of any investment product discussed herein.
Source 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 ICEBofAML indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and doesnot sponsor, endorse, or recommend Artisan Partners or any of its products or services.
30-Day SEC Yield is based on a formula specified by the SEC that calculates a fund's hypothetical annualized income, as a percentage of its assets.This hypothetical yield will differ from the fund's actual experience and as a result, income distributions from the fund may be higher or lower.Credit Quality ratings are from S&P and/or Moody's. Ratings typically range from AAA (highest) to D (lowest) and are subject to change. Theratings apply to underlying holdings of the portfolio and not the portfolio itself. If securities are rated by both agencies, the higher rating was used.Securities not rated by S&P or Moody's are categorized as Unrated/Not Rated. Maturity Distribution represents the weighted average of thematurity dates of the securities held in the portfolio.
Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealersubsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.
