Artisan Partners Funds, Inc.

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

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

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

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2017. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes.

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

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners Limited Partnership’s (the “Adviser” or “Artisan Partners”) contractual agreement to limit the Fund’s expenses to no more than 1.50%, of the average daily net assets of Investor Shares, 1.40% of the average daily net assets of Advisor Shares and 1.40% of the average daily net assets of Institutional Shares, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

During the one-year period ended September 30, 2017, global equities were broadly positive. Though emerging markets led, European and US markets were also solidly in the black. Headlines were dominated by geopolitics, natural disasters and monetary policy – though markets shrugged off most headlines as economic fundamentals and corporate earnings remained sound overall.

Top contributors within the portfolio during the period included: Chinese e-commerce company Alibaba, Brazilian insurance company Qualicorp, Brazilian education company Kroton, Russian Internet search engine operator Yandex and Chinese Internet company Tencent. Bottom contributors during the period included: Indonesian retailer Matahari Department Store, Chinese biopharmaceutical company China Biologic Products, Danish pharmaceutical company Novo Nordisk, Indian television service company Dish TV India and Indian antibiotic manufacturer and marketer Aurobindo Pharma.

During the period, we identified the following new investment opportunities for the portfolio: UK-based consumer goods company Reckitt Benckiser, Brazilian electronic payment solutions company Cielo, Russian commercial bank Sberbank, Russian Internet search engine operator Yandex and US-based athletic retailer Nike. We funded these purchases in part through exiting our positions in Sands China, SK Hynix, Novo Nordisk, The Siam Commercial Bank and Ambev.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets for each share class, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, Chinese e-commerce company Alibaba, Russian commercial bank Sberbank, Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co and Brazilian iron ore producer Vale. Bottom contributors during the period included: Chinese IT services company Digital China, Chinese media company Wisdom Sports, Turkish provider of port and harbor services Global Ports, Korean car company Kia Motors and Indian antibiotic manufacturer and marketer Aurobindo Pharma.

During the period, we identified the following new investment opportunities for the portfolio: Argentine commercial banking company Grupo Supervielle, Turkish provider of port and harbor services Global Ports, Argentine integrated oil and gas exploration and production company YPF, Korean manufacturer of bio-healthcare products Samsung Biologics and Russian retailer Detsky Mir. We funded these purchases in part through exiting our positions in Galicia Financial Group, Pampa Energia, Aurobindo Pharma, Bank Negara Indonesia and Copa Holdings.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index. The growth of $10,000 chart has been omitted due to the Fund’s short performance history.

The following commentary reflects the period since the Fund’s August 21, 2017 inception through September 30, 2017.

Top contributors within the portfolio during the period included: US-based provider of electronic components used in marine, environmental and industrial applications Teledyne, US-based oil and gas company Diamondback Energy, US-based insurance software company Guidewire, Netherlands-based semiconductor manufacturing equipment company ASML and US-based minimally invasive medical devices manufacturer Boston Scientific. Bottom contributors during the period included: US-based medical device firm DexCom, US-based consumer products retailer Newell Brands, US-based biopharmaceutical company Regeneron, US-based processing and technology services company IHS Markit and US-based cloud computing company Veeva.

During the period, we identified the following new investment opportunities for the portfolio: US-based electronic transaction processing provider Global Payments, US-based provider of electronic components used in marine, environmental and industrial applications Teledyne, US-based supplier of nuclear components and fuel to the US government BWX Technologies, US-based minimally invasive medical devices manufacturer Boston Scientific and US-based insurance software company Guidewire.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets for each share class, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, US-based financial transaction processing service provider Mastercard, Chinese e-commerce company Alibaba, US-based Internet search engine operator Alphabet and US-based biopharmaceutical firm Celgene. Bottom contributors during the period included: US-based medical device manufacturer Medtronic, Taiwanese contact lens developer Ginko International, France-based manufacturing company Vallourec, US-based brewing company Molson Coors and Japanese tobacco product company Japan Tobacco.

During the period, we identified the following new investment opportunities for the portfolio: US semiconductor equipment provider Applied Materials, Netherlands-based diversified financial services provider ING, US-based communications equipment company Harris Corp, US-based provider of enterprise IT management software ServiceNow and US-based biopharmaceutical company PTC. We funded these purchases in part through exiting our positions in Medtronic, Dollar General, Molson Coors, Liberty Global and Dollar Tree.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement, in effect from the inception of the Investor Shares through January 31, 2014, to limit the Investor Shares’ expenses to no more than 1.50% of average daily net assets, which had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

Top contributors within the portfolio during the period included: US-based processing and technology services company IHS Markit, US-based retail electronic payments network provider Visa, US-based Internet search engine operator Alphabet, Netherlands-based semiconductor manufacturing equipment company ASML and Japanese cosmetic and toiletry products manufacturer Shiseido. Bottom contributors during the period included: US-based medical device firm DexCom, Korean beauty brand Amorepacific, US-based provider of enterprise cloud-based applications Workday, US-based energy exploration and production company Noble Energy and US-based oil and gas exploration and production company Pioneer Natural Resources.

During the period, we identified the following new investment opportunities for the portfolio: US-based financial services company State Street, US-based commercial bank Bank of America, South African foodservice company Bid Corp, Indian banking and financial services provider HDFC Bank and Netherlands-based diversified financial services provider ING. We funded these purchases in part through exiting our positions in Electronic Arts, Workday, ASOS, Direct Line Insurance and Amorepacific.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement, in effect from the inception of the Investor Shares through January 31, 2014, to limit the expenses to no more than 1.50% of average daily net assets, which had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, US-based financial services holding company Citigroup, US-based global financial services company The Bank of New York Mellon, Netherlands-based diversified financial services provider ING and UK-based commercial bank Royal Bank of Scotland. Bottom contributors during the period included: US-based wireless communications equipment manufacturer Qualcomm, US-based medical device manufacturer Medtronic, Korean car company Kia Motors, UK-based engineering project services provider Amec Foster Wheeler and Korean tobacco company KT&G.

During the period, we identified the following new investment opportunities for the portfolio: Japanese Internet company Yahoo Japan, US-based auto parts and accessories retailer Advance Auto Parts, Korean tobacco company KT&G, Netherlands-based health technology company Philips and US-based engineering and construction firm Fluor. We funded these purchases in part through exiting our positions in Adecco, Bridgestone and HCL Technologies.

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

The non-investment grade credit markets advanced during the 12-month period ended September 30, 2017 as yields and spreads approached their lowest levels in three years. Credit markets benefitted from a backdrop of synchronized global growth that helped propel risk assets to all-time highs.

Top contributors within the portfolio during the period included: US-based risk management provider York Risk Services, US-based gaming products and services provider Scientific Games, US-based health care services company Opal Acquisitions, US-based real estate investment trust VEREIT and Luxembourg-based cable operator Altice. Bottom contributors during the period included: US telecommunications company Frontier Communications, US-based luxury retailer Neiman Marcus, US-based apparel and home goods holding company FullBeauty Brands, US-based cyber security solutions provider Optiv Security and US-based health services provider Community Health Systems.

During the period, we identified several new investment opportunities for the portfolio during the period, including US-based energy exploration and production company Carrizo Oil & Gas, UK-based insurance intermediary group Ardonagh Midco 3, US-based online-genealogy company Ancestry.com, US-based automotive retailer Sonic Automotive and Dutch cable operator Ziggo. We funded these purchases in part through exiting our positions in Gardner Denver, Active Network, Platform Specialty Products, Cloud Crane and NFP.

Top contributors within the portfolio during the period included: Chinese e-commerce company Alibaba, German insurance and financial services company Allianz, German Internet payment and processing services provider Wirecard, Germany-based European exchange operator Deutsche Boerse and Netherlands-based diversified financial services provider ING. Bottom contributors during the period included: Japanese tobacco product company Japan Tobacco, US-based medical device manufacturer Medtronic, UK-based consumer goods company Unilever, Japanese mobile communication services and devices provider KDDI and UK-based tobacco company British American Tobacco.

During the period, we identified the following new investment opportunities for the portfolio: Netherlands-based diversified financial services provider ING, Korean electronic products and solutions manufacturer Samsung Electronics, Japanese video game company Nintendo, Italian banking and financial services company Intesa Sanpaolo and Italian insurance company Assicurazioni Generali. We funded these purchases in part through exiting our positions in Unilever, Danone, KDDI, Nippon Telegraph & Telephone and British American Tobacco.

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, Swiss medical product manufacturer Comet, French medical product developer and manufacturer Advanced Accelerator Applications, Dutch provider of carrier and cloud-neutral colocation data center services InterXion and pan-European stock exchange Euronext. Bottom contributors during the period included: Danish beverage company Royal Unibrew, Taiwanese contact lens developer Ginko International, UK-based provider of automobile insurance and breakdown coverage AA, Japanese employment agency company Dip and UK-based funeral services provider Dignity.

During the period, we identified the following new investment opportunities for the portfolio: French medical product developer and manufacturer Advanced Accelerator Applications, UK-based business focused on electronic markets and post trade business NEX Group, Swedish provider of air condition equipment for the automotive and marine markets Dometic Group, German cable service provider Tele Columbus and Mexican commercial banking company Banco del Bajio. We funded these purchases in part through exiting our positions in Royal Unibrew, Cloetta, Scandinavian Tobacco, Babcock International and Elis.

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, Netherlands-based diversified financial services provider ING, UK-based commercial bank Royal Bank of Scotland, Swiss financial services provider UBS and Chinese Internet search engine operator Baidu. Bottom contributors during the period included: US-based medical device manufacturer Medtronic, Korean car company Kia Motors, UK-based engineering project services provider Amec Foster Wheeler, Norwegian conglomerate focused on branded consumer goods with several ancillary assets Orkla and Denmark-based facility services provider ISS.

During the period, we identified the following new investment opportunities for the portfolio: Japanese Internet company Yahoo Japan, Netherlands-based health technology company Philips, Korean tobacco company KT&G, Netherlands-based chemical company Akzo Nobel and Swedish telecommunications company Ericsson. We funded these purchases in part through exiting our positions in Credit Saison, QinetiQ Group and Aker Solutions.

During the one-year period ended September 30, 2017, US stock returns advanced across the market-cap spectrum. Optimism surrounding the potential for tax cuts, regulatory reform and expansionary infrastructure spending at the hands of the new US administration buoyed stocks. From a style standpoint, growth stocks outperformed value, while performance across market caps remained relatively undifferentiated.

Top contributors within the portfolio during the period included: technology company NVIDIA, health insurance provider Cigna, Canadian waste collection company Waste Connections, electronic transaction processing provider Global Payments and processing and technology services company IHS Markit. Bottom contributors during the period included: medical device firm DexCom, lighting fixture supplier Acuity, auto parts and accessories retailer Advance Auto Parts, surgery center management company Amsurg and consumer products retailer Newell Brands.

During the period, we identified the following new investment opportunities for the portfolio: insurance holding company Progressive, banking company First Republic Bank, analytics software provider Tableau, online travel company Expedia and oil and gas company Diamondback Energy. We funded these purchases in part through exiting our positions in RPM International, NVIDIA, Dollar Tree, Seattle Genetics and Palo Alto Networks.

Top contributors within the portfolio during the period included: aircraft leasing company Air Lease, media and Internet company InterActiveCorp, chemicals producer Celanese, financial services company Fifth Third and video and Internet commerce business stake-holder Liberty Ventures. Bottom contributors during the period included: oil and gas company Apache, oil and gas company Devon Energy, Canadian gold miner Goldcorp, energy-based holding company SCANA and engineering and construction firm Fluor.

During the period, we identified the following new investment opportunities for the portfolio: oil and gas company Cimarex Energy, food retailer Kroger, real estate investment trust Equity Commonwealth, aviation, marine and ground transportation services company World Fuel Services and manufacturer, marketer and distributor of coating systems Axalta Coating Systems. We funded these purchases in part through exiting our positions in Keysight Technologies, Harley-Davidson, The Mosaic Co, OGE Energy and Nucor.

Top contributors within the portfolio during the period included: maker of machine vision systems Cognex, entertainment software developer Take-Two, provider of electronic components used in marine, environmental and industrial applications Teledyne, automotive cockpit electronics supplier Visteon and technology solutions provider John Bean. Bottom contributors during the period included: lighting fixture supplier Acuity, medical device firm DexCom, Internet radio company Pandora, security systems developer and manufacturer Axon and electronic mortgage originator Ellie Mae.

During the period, we identified the following new investment opportunities for the portfolio: bank holding company Webster Financial, aerospace and electronics company HEICO, biopharmaceutical company Halozyme Therapeutics, social gaming operator Zynga and biopharmaceutical company Neurocrine Biosciences. We funded these purchases in part through exiting our positions in Cepheid, UnitedHealth Group (which had fully acquired our holding in Surgical Care Affiliates), Pandora, Seattle Genetics, and Dunkin’ Brands.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

The following commentary reflects the period since the Fund’s April 24, 2017 inception through September 30, 2017.

Top contributors within the portfolio during the period included: Chinese Internet company Tencent, US-based entertainment software developer Take-Two, US-based provider of enterprise IT management software ServiceNow, Japanese video game company Nintendo and US-based security company Northrop Grumman. Bottom contributors during the period included: US-based supplier of aggregates and heavy building materials Martin Marietta Materials, US-based shipbuilding company Huntington Ingalls, US-based producer of construction aggregates Vulcan Materials, US-based telecommunications company Charter and US-based technology manufacturer Flex.

During the period, we identified the following new investment opportunities for the portfolio: US-based technology and marketing company for the automotive retail industry CDK Global, US-based security company Northrop Grumman, US-based media and television broadcasting company Comcast, US-based cable company Cable One and US-based producer and supplier of frozen potato products Lamb Weston. We funded these purchases in part through exiting our positions in Vulcan Materials, Take-Two, General Dynamics, Welbilt and Mastercard.

Top contributors within the portfolio during the period included: financial services holding company Citigroup, aircraft leasing company Air Lease, global investment banking and securities firm Goldman Sachs, Korean electronic products and solutions manufacturer Samsung Electronics and chemicals producer Celanese. Bottom contributors during the period included: oil and gas company Devon Energy, Canadian gold miner Goldcorp, oil and gas company Apache, oil and gas company Hess and wireless communications equipment manufacturer Qualcomm.

During the period, we identified the following new investment opportunities for the portfolio: oil and gas company Occidental Petroleum, automotive company AutoNation, pharmacy benefit management company Express Scripts, real estate investment trust Simon Property and manufacturer of specialty pharmaceuticals Allergan. We funded these purchases in part through exiting our positions in Time Warner, Arrow Electronics, The Mosaic Co, Qualcomm and Gilead Sciences.

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