Artisan International Fund Inv Shs (ARTIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)

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

(Name and address of agents for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 3/31/15

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

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

Item 1.    Report to Shareholders.

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Emerging Markets Fund
5	Artisan Global Equity Fund
8	Artisan Global Opportunities Fund
10	Artisan Global Small Cap Fund
13	Artisan Global Value Fund
15	Artisan High Income Fund
20	Artisan International Fund
23	Artisan International Small Cap Fund
25	Artisan International Value Fund
27	Artisan Mid Cap Fund
30	Artisan Mid Cap Value Fund
33	Artisan Small Cap Fund
36	Artisan Small Cap Value Fund
39	Artisan Value Fund
41	STATEMENTS OF ASSETS AND LIABILITIES
45	STATEMENTS OF OPERATIONS
49	STATEMENTS OF CHANGES IN NET ASSETS
56	FINANCIAL HIGHLIGHTS
68	NOTES TO FINANCIAL STATEMENTS
101	SHAREHOLDER EXPENSE EXAMPLE
105	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
106	PROXY VOTING POLICIES AND PROCEDURES
106	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited 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, which contains that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanfunds.com. Read it carefully before you invest or send money.

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

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 89.1%
ARGENTINA - 1.6%
Grupo Financiero Galicia S.A. (DR)		23,467	$	543
YPF S.A. (DR)		18,962		521
				1,064
BRAZIL - 4.7%
BR Properties S.A.		86,520		354
Cosan S.A. Industria e Comercio		28,900		252
GAEC Educacao S.A.(1)(2)		35,800		171
Hypermarcas S.A.(3)		114,638		708
Petroleo Brasileiro S.A.		229,989		690
Raia Drogasil S.A.		49,100		441
Vale S.A.		101,413		570
				3,186
CHILE - 1.8%
ENTEL Chile S.A.		35,510		361
SACI Falabella		115,450		883
				1,244
CHINA - 19.3%
Ajisen China Holdings Ltd.		865,913		495
Alibaba Group Holding Ltd. (DR)(3)		10,057		837
Baidu, Inc. (DR)(3)		3,730		777
China High Precision Automation Group Ltd.(2)(3)(4)		9,066,000		73
China Huishan Dairy Holdings Co., Ltd.		1,442,000		255
China Life Insurance Co., Ltd., Class H		212,800		931
China Petroleum & Chemical Corp., Class H		1,259,453		1,002
China Unicom Hong Kong Ltd.		441,500		672
Digital China Holdings Ltd.		458,460		501
GOME Electrical Appliances Holding Ltd.		4,414,288		643
Huabao International Holdings Ltd.		1,342,322		1,004
Mindray Medical International Ltd. (DR)		18,779		514
Noah Holdings Ltd. (DR)(3)		32,000		748
PW Medtech Group Ltd.(3)		1,080,000		408
Sino Biopharmaceutical Ltd.		436,000		443
Sinopharm Group Co., Ltd., Class H		238,900		974
Zhuzhou CSR Times Electric Co., Ltd., Class H		436,515		2,849
				13,126
EGYPT - 1.0%
Commercial International Bank Egypt S.A.E.		89,381		665
GREECE - 1.1%
Alpha Bank AE(3)		838,414		248
JUMBO S.A.		50,683		527
				775
HONG KONG - 1.5%
AIA Group Ltd.		156,465		984
INDIA - 8.5%
Aurobindo Pharma Ltd.		67,856		1,320
Godrej Consumer Products Ltd.		25,327		420
Hindalco Industries Ltd.		243,573		501
ICICI Bank Ltd.		257,196		1,294
Reliance Industries Ltd.		68,189		897
Tech Mahindra Ltd.		134,064		1,353
				5,785
INDONESIA - 3.9%
Astra International Tbk PT		1,302,870		855
Bank Negara Indonesia Persero Tbk PT		1,947,818		1,076
Indofood CBP Sukses Makmur Tbk PT		643,400		722
				2,653
ITALY - 0.6%
Tenaris S.A. (DR)		15,039		421
KENYA - 0.8%
Safaricom Ltd.		2,851,200		531
KOREA - 7.7%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		22,226		363
E-Mart Co., Ltd.		3,307		694
KB Financial Group, Inc.		32,263		1,143
Kia Motors Corp.		24,750		1,008
LG Chem Ltd.		1,893		386
Samsung Heavy Industries Co., Ltd.		23,030		375
Shinhan Financial Group Co., Ltd.		33,985		1,285
				5,254
MALAYSIA - 0.6%
AirAsia BHD		642,900		413
MEXICO - 4.0%
Alsea S.A.B. de C.V.(3)		201,652		590
Cemex S.A.B. de C.V., UNIT(3)		498,684		473
Grupo Televisa S.A.B., Series CPO(3)		104,215		688
Infraestructura Energetica Nova S.A.B. de C.V.		92,858		507
OHL Mexico S.A.B. de C.V.(3)		242,717		459
				2,717
PANAMA - 1.0%
Copa Holdings S.A., Class A(5)		6,678		674
PERU - 1.3%
Credicorp Ltd.		4,542		639

2 Artisan Partners Funds

	Shares Held		Value
PERU (CONTINUED)
Grana y Montero S.A. (DR)		34,837	$	263
				902
RUSSIA - 5.3%
Alrosa AO(3)(4)		579,316		717
DIXY Group OJSC(3)(4)		44,435		370
Lukoil OAO (DR)		21,011		973
MMC Norilsk Nickel OJSC (DR)		44,414		789
Sberbank of Russia(4)		405,930		439
Yandex N.V., Class A(3)		20,010		303
				3,591
SOUTH AFRICA - 5.9%
FirstRand Ltd.		136,531		629
Impala Platinum Holdings Ltd.(3)		89,187		433
Mota-Engil Africa N.V.(3)		47,994		402
Naspers Ltd., Class N		12,021		1,853
Woolworths Holdings Ltd.		100,699		715
				4,032
SWITZERLAND - 1.1%
Dufry AG(3)		4,873		724
TAIWAN - 12.3%
CTBC Financial Holding Co., Ltd.		2,030,653		1,350
E Ink Holdings, Inc.(3)		514,000		236
Hon Hai Precision Industry Co., Ltd.		545,238		1,596
MediaTek, Inc.		88,794		1,202
Taiwan Fertilizer Co., Ltd.		274,000		475
Taiwan Semiconductor Manufacturing Co., Ltd.		755,647		3,514
				8,373
THAILAND - 1.1%
Bangkok Bank PCL (DR)		125,400		711
TURKEY - 1.8%
Ford Otomotiv Sanayi AS		36,989		477
Turkiye Sinai Kalkinma Bankasi AS		928,574		711
				1,188
UNITED ARAB EMIRATES - 0.8%
Emaar Malls Group PJSC(3)		703,419		559
UNITED KINGDOM - 1.4%
Al Noor Hospitals Group plc		29,682		447
Randgold Resources Ltd.		6,880		479
				926
Total common stocks (Cost $53,337)				60,498
PREFERRED STOCKS - 8.2%
BRAZIL - 1.3%
Itau Unibanco Holding S.A.(5)		76,414		845
KOREA - 6.9%
Samsung Electronics Co., Ltd.(5)		4,735		4,712
Total preferred stocks (Cost $5,266)				5,557
	Principal Amount
CONVERTIBLE DEBENTURES - 0.0%†
BRAZIL - 0.0%†
PDG Realty S.A. Empreendimentos e Participacoes (0.0%, 9/19/16)(2)(3)(4)	$	372	$	1
Total convertible debentures (Cost $127)				1
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $1,522 (Cost $1,522)(6)		1,522		1,522
Total investments - 99.6% (Cost $60,252)				67,578
Other assets less liabilities - 0.4%				294
Total net assets - 100.0%(7)			$	67,872

 ^† Amount rounds to less than 0.1%.

⁽¹⁾ Security was acquired in a private placement. The shares are freely tradable outside the United States where the Fund expects to trade them.

Security	Acquisition Date		Cost		Value		Percentage of Total Net Assets
GAEC Educacao S.A.		10/25/2013	$	303	$	171		0.3	%

⁽²⁾ Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $245, or 0.4% of total net assets.

⁽³⁾ Non-income producing security.

⁽⁴⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,600, or 2.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁵⁾ Non-voting shares.

⁽⁶⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	1,557

⁽⁷⁾ Percentages for the various classifications relate to total net assets.

Artisan Partners Funds 3

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	9,630		14.3	%
Consumer Staples		3,610		5.3
Energy		4,756		7.0
Financials		15,154		22.4
Health Care		4,106		6.1
Industrials		5,798		8.6
Information Technology		15,104		22.3
Materials		5,827		8.6
Telecommunication Services		1,564		2.3
Utilities		507		0.8
Short-term investments		1,522		2.3
Total investments	$	67,578		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	4,032		6.0	%
British pound		926		1.4
Chilean peso		1,244		1.8
Egyptian pound		665		1.0
Euro		1,177		1.7
Hong Kong dollar		11,234		16.6
Indian rupee		5,785		8.6
Indonesian rupiah		2,653		3.9
Kenyan shilling		531		0.8
Korean won		9,966		14.7
Malaysian ringgit		413		0.6
Mexican peso		2,717		4.0
South African rand		3,630		5.4
Swiss franc		724		1.1
Taiwan dollar		8,373		12.4
Thai baht		711		1.1
Turkish lira		1,188		1.8
U.S. dollar		11,050		16.3
UAE dirham		559		0.8
Total investments	$	67,578		100.0	%

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.9	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.2
Zhuzhou CSR Times Electric Co., Ltd.	China		4.2
Naspers Ltd.	South Africa		2.7
Hon Hai Precision Industry Co., Ltd.	Taiwan		2.4
Tech Mahindra Ltd.	India		2.0
CTBC Financial Holding Co., Ltd.	Taiwan		2.0
Aurobindo Pharma Ltd.	India		1.9
ICICI Bank Ltd.	India		1.9
Shinhan Financial Group Co., Ltd.	Korea		1.9
Total			31.1	%

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

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

4 Artisan Partners Funds

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.1%
CAMBODIA - 1.2%
NagaCorp Ltd.		4,828,000	$	3,201
CHINA - 9.1%
Alibaba Group Holding Ltd. (DR)(1)		13,184		1,098
Baidu, Inc. (DR)(1)		27,347		5,699
Beijing Enterprises Water Group Ltd.(1)		6,574,000		4,494
China Everbright International Ltd.		2,683,000		4,430
China Oil & Gas Group Ltd.(2)		40,738,000		4,992
Labixiaoxin Snacks Group Ltd.(1)		4,241,000		394
Ping An Insurance Group Co. of China Ltd., Class H		236,629		2,852
				23,959
FINLAND - 3.0%
Huhtamaki Oyj		256,113		7,972
FRANCE - 1.4%
Elis S.A.(1)		232,059		3,848
GERMANY - 4.7%
Bayer AG		5,514		830
CTS Eventim AG & Co., KGaA		131,755		4,151
Telefonica Deutschland Holding AG(1)		672,644		3,888
Wirecard AG		85,646		3,625
				12,494
HONG KONG - 2.4%
AIA Group Ltd.		1,000,595		6,292
INDIA - 1.0%
Housing Development Finance Corp. Ltd.		121,475		2,554
ITALY - 0.7%
Telecom Italia S.p.A.(1)		1,507,576		1,770
JAPAN - 2.0%
Toyota Motor Corp.		74,600		5,214
MEXICO - 2.0%
Grupo Televisa S.A.B. (DR)(1)		161,955		5,346
NETHERLANDS - 2.2%
ASML Holding N.V.		57,315		5,842
SPAIN - 0.7%
Telefonica S.A.		133,831		1,908
Telefonica S.A. Rights Exp. 4/16/2015(1)(3)		152,055		25
				1,933
SWEDEN - 0.9%
Swedbank AB, Class A		96,507		2,309
SWITZERLAND - 4.5%
Adecco S.A.(1)		14,527		1,211
Cembra Money Bank AG(1)		54,284		3,329
Nestle S.A.		27,113		2,048
Novartis AG		14,365		1,421
Zurich Insurance Group AG(1)		11,489		3,893
				11,902
TAIWAN - 3.3%
Ginko International Co., Ltd.(2)		750,000		8,629
UNITED KINGDOM - 4.8%
Diageo plc		17,648		487
Johnson Matthey plc		49,601		2,491
Lloyds Banking Group plc(1)		2,417,477		2,807
SABMiller plc		61,185		3,213
Synergy Health plc		107,533		3,709
				12,707
UNITED STATES - 52.2%
Advance Auto Parts, Inc.		20,743		3,105
Alkermes plc(1)		76,760		4,680
American Express Co.		87,800		6,859
Biogen, Inc.(1)		8,953		3,780
Celgene Corp.(1)		42,562		4,907
Charter Communications, Inc., Class A(1)		14,317		2,765
Cognizant Technology Solutions Corp., Class A(1)		60,101		3,750
Comcast Corp., Class A		140,048		7,908
Cooper Cos., Inc.		15,139		2,837
CSX Corp.		99,602		3,299
Delphi Automotive plc		45,072		3,594
Energizer Holdings, Inc.		18,917		2,611
Envision Healthcare Holdings, Inc.(1)		87,645		3,361
Gilead Sciences, Inc.(1)		94,088		9,233
Google, Inc. Class A(1)		5,134		2,848
Google, Inc. Class C(1)(3)		14,167		7,763
Incyte Corp.(1)		46,117		4,227
Intercept Pharmaceuticals, Inc.(1)		20,189		5,694
JPMorgan Chase & Co.		100,260		6,074

Artisan Partners Funds 5

	Shares Held		Value
UNITED STATES (CONTINUED)
Liberty Global plc, Class A(1)		69,459	$	3,575
Liberty Global plc, Series C(1)(3)		85,297		4,249
Marsh & McLennan Cos., Inc.		136,581		7,661
Mastercard, Inc., Class A		83,071		7,176
Medivation, Inc.(1)		35,871		4,630
Medtronic plc		87,503		6,824
Nektar Therapeutics(1)		168,912		1,858
NewMarket Corp.		1,416		677
Portola Pharmaceuticals, Inc.(1)		35,750		1,357
PTC Therapeutics, Inc.(1)		57,412		3,494
Tempur Sealy International, Inc.(1)		35,605		2,056
Thermo Fisher Scientific, Inc.		19,426		2,610
Vertex Pharmaceuticals, Inc.(1)		21,483		2,534
				137,996
Total common stocks (Cost $225,961)				253,968
PREFERRED STOCKS - 2.5%
GERMANY - 2.5%
Porsche Automobil Holding SE(3)		62,178		6,115
Sartorius AG(3)		4,575		584
				6,699
Total preferred stocks (Cost $6,167)				6,699
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $2,429 (Cost $2,429)(4)	$	2,429	$	2,429
Total investments - 99.5% (Cost $234,557)				263,096
Other assets less liabilities - 0.5%				1,309
Total net assets - 100.0%(5)			$	264,405

⁽¹⁾ Non-income producing security.

⁽²⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾ Non-voting shares.

⁽⁴⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.750	%		11/15/2023	$	2,479

⁽⁵⁾ Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	51,279		19.5	%
Consumer Staples		8,753		3.3
Financials		44,630		17.0
Health Care		77,199		29.3
Industrials		12,788		4.9
Information Technology		37,801		14.4
Materials		11,140		4.2
Telecommunication Services		7,591		2.9
Utilities		9,486		3.6
Short-term investments		2,429		0.9
Total investments	$	263,096		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	12,707		4.8	%
Euro		40,558		15.4
Hong Kong dollar		26,655		10.1
Indian rupee		2,554		1.0
Japanese yen		5,214		2.0
Swedish krona		2,309		0.9
Swiss franc		11,902		4.5
Taiwan dollar		8,629		3.3
U.S. dollar		152,568		58.0
Total investments	$	263,096		100.0	%

6 Artisan Partners Funds

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		4.0	%
Gilead Sciences, Inc.	United States		3.5
Ginko International Co., Ltd.	Taiwan		3.3
Huhtamaki Oyj	Finland		3.0
Comcast Corp.	United States		3.0
Liberty Global plc	United States		3.0
Marsh & McLennan Cos., Inc.	United States		2.9
Mastercard, Inc.	United States		2.7
American Express Co.	United States		2.6
Medtronic plc	United States		2.6
Total			30.6	%

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

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

Artisan Partners Funds 7

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.3%
AUSTRALIA - 1.9%
James Hardie Industries plc (DR)		1,980,609	$	23,020
BRAZIL - 1.4%
Raia Drogasil S.A.		1,871,400		16,793
CHINA - 5.6%
Alibaba Group Holding Ltd. (DR)(1)		236,940		19,723
Baidu, Inc. (DR)(1)		59,218		12,341
Tencent Holdings Ltd.		1,887,100		35,855
				67,919
DENMARK - 2.3%
Genmab AS(1)		376,177		28,314
FRANCE - 1.5%
Eurofins Scientific SE		69,936		18,856
GERMANY - 0.9%
Zalando SE(1)		430,369		10,764
HONG KONG - 2.2%
Hong Kong Exchanges and Clearing Ltd.		866,677		21,229
Sands China Ltd.		1,374,000		5,698
				26,927
ITALY - 1.0%
Moncler S.p.A.		748,742		12,567
JAPAN - 3.0%
FANUC Corp.		155,802		34,100
Harmonic Drive Systems, Inc.		121,882		2,693
				36,793
KOREA - 1.6%
Amorepacific Corp.		6,595		19,944
MEXICO - 2.7%
Infraestructura Energetica Nova S.A.B. de C.V.		4,026,173		21,990
PLA Administradora Industrial S de RL de C.V.(1)		5,175,118		10,483
				32,473
SWEDEN - 5.2%
Electrolux AB, Class B		204,916		5,882
Hexagon AB, Class B		1,614,241		57,468
				63,350
TAIWAN - 1.9%
Hermes Microvision, Inc.		398,000		22,959
UNITED KINGDOM - 10.4%
ASOS plc(1)		418,457		22,527
Associated British Foods plc		229,821		9,607
Burberry Group plc		455,025		11,698
Direct Line Insurance Group plc		6,926,211		32,775
Markit Ltd.(1)		1,067,541		28,717
Rotork plc		320,776		11,791
Weir Group plc		365,327		9,218
				126,333
UNITED STATES - 51.7%
Abbott Laboratories		602,927		27,933
Anadarko Petroleum Corp.		126,809		10,501
Apple, Inc.		312,278		38,857
Applied Materials, Inc.		2,674,570		60,338
Biogen, Inc.(1)		98,357		41,530
Chipotle Mexican Grill, Inc.(1)		21,574		14,035
Electronic Arts, Inc.(1)		292,235		17,188
EQT Corp.		152,319		12,623
Facebook, Inc., Class A(1)		481,674		39,601
Google, Inc. Class A(1)		67,254		37,306
Google, Inc. Class C(1)(2)		43,015		23,572
IHS, Inc., Class A(1)(3)		502,212		57,132
Illumina, Inc.(1)		173,544		32,217
Keurig Green Mountain, Inc.		128,983		14,411
McGraw Hill Financial, Inc.		149,796		15,489
Monsanto Co.		79,443		8,940
Regeneron Pharmaceuticals, Inc.(1)		108,964		49,195
Starbucks Corp.		327,611		31,025
Visa, Inc., Class A		612,464		40,061
Walt Disney Co.		240,452		25,221
Workday, Inc., Class A(1)		405,530		34,231
				631,406
Total common stocks (Cost $900,787)				1,138,418

8 Artisan Partners Funds

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $75,051 (Cost $75,051)(4)	$	75,051	$	75,051
Total investments - 99.4% (Cost $975,838)				1,213,469
Other assets less liabilities - 0.6%				6,712
Total net assets - 100.0%(5)			$	1,220,181

⁽¹⁾ Non-income producing security.

⁽²⁾ Non-voting shares.

⁽³⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	76,556

⁽⁵⁾ Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	168,134		13.9	%
Consumer Staples		60,755		5.0
Energy		23,124		1.9
Financials		79,976		6.6
Health Care		198,045		16.3
Industrials		114,934		9.5
Information Technology		439,500		36.2
Materials		31,960		2.6
Utilities		21,990		1.8
Short-term investments		75,051		6.2
Total investments	$	1,213,469		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	23,020		1.9	%
Brazilian real		16,793		1.4
British pound		97,616		8.1
Danish krone		28,314		2.3
Euro		42,187		3.5
Hong Kong dollar		62,782		5.2
Japanese yen*		36,793		3.0
Korean won		19,944		1.6
Mexican peso		32,473		2.7
Swedish krona		63,350		5.2
Taiwan dollar		22,959		1.9
U.S. dollar		767,238		63.2
Total investments	$	1,213,469		100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below (in thousands):

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	8/13/2015	JPY	2,132,687		USD	17,769	$	(49	)

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		5.0	%
Applied Materials, Inc.	United States		4.9
Hexagon AB	Sweden		4.7
IHS, Inc.	United States		4.7
Regeneron Pharmaceuticals, Inc.	United States		4.0
Biogen, Inc.	United States		3.4
Visa, Inc.	United States		3.3
Facebook, Inc.	United States		3.3
Apple, Inc.	United States		3.2
Tencent Holdings Ltd.	China		2.9
Total			39.4	%

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

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

Artisan Partners Funds 9

ARTISAN GLOBAL SMALL CAP FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.1%
CAMBODIA - 2.3%
NagaCorp Ltd.		4,252,000	$	2,819
CANADA - 2.8%
Cogeco Cable, Inc.		64,471		3,457
CHINA - 15.2%
21Vianet Group, Inc. (DR)(1)		306,429		5,412
Beijing Enterprises Water Group Ltd.(1)		2,636,000		1,802
Biostime International Holdings Ltd.		760,500		3,183
China Aircraft Leasing Group Holdings Ltd.(1)		906,000		1,255
China Oil & Gas Group Ltd.(2)		29,480,000		3,613
CT Environmental Group Ltd.		2,114,630		2,280
iKang Healthcare Group, Inc. (DR)(1)		59,391		963
Labixiaoxin Snacks Group Ltd.(1)		5,183,000		481
				18,989
FINLAND - 4.3%
Huhtamaki Oyj		175,080		5,450
FRANCE - 5.4%
Akka Technologies S.A.		28,836		931
Elis S.A.(1)		229,273		3,801
Innate Pharma S.A.(1)		231,088		2,000
				6,732
GERMANY - 9.8%
Bertrandt AG		22,134		3,227
Stroeer Media SE		163,931		5,620
Tele Columbus AG(1)		229,381		3,379
				12,226
GREECE - 1.4%
JUMBO S.A.		169,364		1,763
HONG KONG - 0.7%
HKBN Ltd.(1)		750,000		934
INDIA - 3.2%
Cera Sanitaryware Ltd.		89,848		3,578
Credit Analysis & Research Ltd.		10,200		242
Vinati Organics Ltd.		29,336		248
				4,068
ITALY - 4.0%
Ei Towers S.p.A.(1)		39,442		2,103
FinecoBank Banca Fineco S.p.A.(1)		190,931		1,319
RAI Way S.p.A.(1)		370,444		1,593
				5,015
SINGAPORE - 6.2%
Overseas Education Ltd.		2,588,100		1,546
SIIC Environment Holdings Ltd.(1)		49,703,800		6,230
				7,776
SPAIN - 5.4%
Atresmedia Corp. de Medios de Comunicacion S.A.		118,928		1,799
Ebro Foods S.A.		104,301		1,947
Inmobiliaria Colonial S.A.(1)		4,498,796		3,038
				6,784
SWEDEN - 2.4%
Cloetta AB, Class B(1)		505,147		1,484
Meda AB, Class A		98,930		1,568
				3,052
SWITZERLAND - 4.3%
ams AG		69,235		3,324
Cembra Money Bank AG(1)		28,612		1,755
Tecan Group AG		2,251		295
				5,374
TAIWAN - 4.3%
Ginko International Co., Ltd.(2)		468,000		5,384
THAILAND - 0.1%
Big C Supercenter PCL (DR)		22,500		159
UNITED KINGDOM - 14.9%
Cambian Group plc(1)		1,124,204		3,886
Essentra plc		166,037		2,447
Rathbone Brothers plc		77,880		2,396
Synergy Health plc		105,593		3,642
Victrex plc		146,694		4,080
Virgin Money Holdings UK plc(1)		368,502		2,175
				18,626
UNITED STATES - 8.4%
Interpublic Group of Cos., Inc.		115,215		2,549
Nektar Therapeutics(1)		145,924		1,605
Otonomy, Inc.(1)		55,879		1,976
Portola Pharmaceuticals, Inc.(1)		17,753		674

10 Artisan Partners Funds

	Shares Held		Value
UNITED STATES (CONTINUED)
PTC Therapeutics, Inc.(1)		27,188	$	1,654
SLM Corp.(1)		222,380		2,064
				10,522
Total common stocks (Cost $117,760)				119,130
PREFERRED STOCKS - 1.6%
GERMANY - 1.6%
Biotest AG(3)		4,360		486
Sartorius AG(3)		11,940		1,522
				2,008
Total preferred stocks (Cost $2,032)				2,008
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $4,569 (Cost $4,569)(4)	$	4,569	$	4,569
Total investments - 100.3% (Cost $124,361)				125,707
Other assets less liabilities - (0.3)%				(384	)
Total net assets - 100.0%(5)			$	125,323

⁽¹⁾ Non-income producing security.

⁽²⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾ Non-voting shares.

⁽⁴⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	4,661

⁽⁵⁾ Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	28,411		22.7	%
Consumer Staples		7,254		5.8
Financials		12,989		10.3
Health Care		21,769		17.3
Industrials		12,792		10.2
Information Technology		10,839		8.6
Materials		12,225		9.7
Telecommunication Services		934		0.7
Utilities		13,925		11.1
Short-term investments		4,569		3.6
Total investments	$	125,707		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	18,626		14.8	%
Canadian dollar		3,457		2.8
Euro		39,978		31.8
Hong Kong dollar		16,367		13.0
Indian rupee		4,068		3.2
Singapore dollar		7,776		6.2
Swedish krona		3,052		2.4
Swiss franc		5,374		4.3
Taiwan dollar		5,384		4.3
Thai baht		159		0.1
U.S. dollar		21,466		17.1
Total investments	$	125,707		100.0	%

Artisan Partners Funds 11

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
SIIC Environment Holdings Ltd.	Singapore		5.0	%
Stroeer Media SE	Germany		4.5
Huhtamaki Oyj	Finland		4.3
21Vianet Group, Inc.	China		4.3
Ginko International Co., Ltd.	Taiwan		4.3
Victrex plc	United Kingdom		3.3
Cambian Group plc	United Kingdom		3.1
Elis S.A.	France		3.0
Synergy Health plc	United Kingdom		2.9
China Oil & Gas Group Ltd.	China		2.9
Total			37.6	%

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

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

12 Artisan Partners Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 87.3%
BELGIUM - 1.5%
Groupe Bruxelles Lambert S.A.		338,839	$	28,109
CANADA - 2.0%
Imperial Oil Ltd.		933,459		37,256
DENMARK - 3.9%
Carlsberg AS, Class B		383,208		31,655
ISS AS(1)(2)		1,247,896		39,330
				70,985
FRANCE - 0.9%
Vivendi S.A.(1)		701,793		17,450
JAPAN - 0.1%
Tokyo Electron Ltd.		30,800		2,152
KOREA - 4.4%
Kia Motors Corp.		572,804		23,337
Samsung Electronics Co., Ltd.		43,679		56,732
				80,069
NETHERLANDS - 2.6%
ING Groep N.V. (DR)(1)		2,781,383		40,808
TNT Express N.V.		1,133,947		7,219
				48,027
NORWAY - 1.1%
Orkla ASA		2,596,692		19,647
SWITZERLAND - 6.7%
ABB Ltd.(1)		1,948,018		41,354
Adecco S.A.(1)		452,924		37,751
Novartis AG		434,573		42,997
Pargesa Holding S.A.		7,583		533
				122,635
UNITED KINGDOM - 11.9%
Amec Foster Wheeler plc		1,542,785		20,723
Compass Group plc		1,667,901		28,997
Diageo plc		741,792		20,462
Lloyds Banking Group plc(1)		27,423,067		31,844
Royal Bank of Scotland Group plc(1)		11,116,207		56,065
Serco Group plc		1,879,142		3,844
Serco Group plc Rights Exp. 4/16/2015(1)		1,879,142		1,143
TESCO plc		15,739,195		56,466
				219,544
UNITED STATES - 52.2%
Accenture plc, Class A		139,298		13,051
American Express Co.		477,293		37,286
Aon plc		276,663		26,593
Applied Materials, Inc.		1,793,205		40,455
Arch Capital Group Ltd.(1)(2)		906,423		55,836
Bank of New York Mellon Corp.		1,803,244		72,563
Chubb Corp.		423,030		42,768
Cisco Systems, Inc.		1,992,171		54,834
Citigroup, Inc.		1,201,886		61,921
Citizens Financial Group, Inc.		1,252,397		30,220
Flextronics International Ltd.(1)		1,305,873		16,552
Google, Inc. Class A(1)		28,422		15,766
Google, Inc. Class C(1)(3)		19,507		10,690
Johnson & Johnson		485,078		48,799
Marsh & McLennan Cos., Inc.		912,396		51,176
Mastercard, Inc., Class A		411,859		35,580
Medtronic plc		793,583		61,892
Microsoft Corp.		1,317,431		53,560
Oracle Corp.		2,172,285		93,734
Progressive Corp.		1,080,250		29,383
QUALCOMM, Inc.		798,916		55,397
TE Connectivity Ltd.		740,373		53,025
				961,081
Total common stocks (Cost $1,382,341)				1,606,955
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $229,803 (Cost $229,803)(4)	$	229,803	$	229,803
Total investments - 99.8% (Cost $1,612,144)				1,836,758
Other assets less liabilities - 0.2%				4,453
Total net assets - 100.0%(5)			$	1,841,211

⁽¹⁾  Non-income producing security.

Artisan Partners Funds 13

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	234,403

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	69,784		3.8	%
Consumer Staples		128,230		7.0
Energy		57,979		3.2
Financials		565,105		30.7
Health Care		153,688		8.4
Industrials		130,641		7.1
Information Technology		501,528		27.3
Short-term investments		229,803		12.5
Total investments	$	1,836,758		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	219,544		11.9	%
Canadian dollar		37,256		2.0
Danish krone		70,985		3.9
Euro		93,586		5.1
Japanese yen*		2,152		0.1
Korean won		80,069		4.4
Norwegian krone		19,647		1.1
Swiss franc		122,635		6.7
U.S. dollar		1,190,884		64.8
Total investments	$	1,836,758		100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below (in thousands):

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	8/13/2015	JPY	229,185		USD	1,909	$	(5	)

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		5.1	%
Bank of New York Mellon Corp.	United States		3.9
Citigroup, Inc.	United States		3.4
Medtronic plc	United States		3.4
Samsung Electronics Co., Ltd.	Korea		3.1
TESCO plc	United Kingdom		3.1
Royal Bank of Scotland Group plc	United Kingdom		3.0
Arch Capital Group Ltd.	United States		3.0
QUALCOMM, Inc.	United States		3.0
Cisco Systems, Inc.	United States		3.0
Total			34.0	%

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

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

14 Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Principal Amount (000s)		Value
CORPORATE BONDS - 60.9%
AGRICULTURE - 1.0%
Pinnacle Operating Corp., 9.00%, 11/15/2020(1)	$	6,600	$	6,666
AUTO PARTS & EQUIPMENT - 2.0%
Schaeffler Finance BV, 4.75%, 5/15/2023(1)		2,000		2,015
Schaeffler Holding Finance BV, PIK 6.25%, 11/15/2019(1)		3,000		3,172
6.75%, 11/15/2022(1)		7,500		8,100
				13,287
BEVERAGES - 1.0%
Constellation Brands, Inc., 6.00%, 5/1/2022		6,000		6,840
BUILDING MATERIALS - 3.1%
Ply Gem Industries, Inc., 6.50%, 2/1/2022		3,500		3,413
6.50%, 2/1/2022		4,000		3,800
Roofing Supply Group LLC / Roofing Supply Finance, Inc., 10.00%, 6/1/2020(1)		13,000		12,707
USG Corp., 5.50%, 3/1/2025(1)		1,100		1,122
				21,042
CHEMICALS - 1.5%
Momentive Performance Materials, Inc., 3.88%, 10/24/2021(2)		4,850		4,292
4.69%, 4/24/2022		2,000		1,590
10.00%, 10/15/2020, escrow(3)		2,000		–
Rentech Nitrogen Partners L.P. / Rentech Nitrogen Finance Corp., 6.50%, 4/15/2021(1)		4,184		4,059
				9,941
COMMERCIAL SERVICES - 5.2%
Acosta, Inc., 7.75%, 10/1/2022(1)		2,000		2,068
Alliance Data Systems Corp., 5.38%, 8/1/2022(1)		7,000		6,982
6.38%, 4/1/2020(1)		9,000		9,315
Cimpress N.V., 7.00%, 4/1/2022(1)		4,000		4,050
Hertz Corp., 6.25%, 10/15/2022		7,000		7,236
Truven Health Analytics, Inc., 10.63%, 6/1/2020		5,000		5,250
				34,901
COMPUTERS - 0.3%
IHS, Inc., 5.00%, 11/1/2022(1)		2,000		2,009
DIVERSIFIED FINANCIAL SERVICES - 2.9%
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022(1)		21,385		19,995
ELECTRONICS - 1.0%
Zebra Technologies Corp., 7.25%, 10/15/2022(1)		6,500		7,004
FOOD - 0.6%
Simmons Foods, Inc., 7.88%, 10/1/2021(1)		4,000		3,950
HEALTHCARE-SERVICES - 1.1%
MedImpact Holdings, Inc., 10.50%, 2/1/2018(1)		7,000		7,368
HOLDING COMPANIES-DIVERSIFIED - 5.7%
Opal Acquisition, Inc., 8.88%, 12/15/2021(1)		37,815		38,477
INSURANCE - 8.6%
HUB International Ltd., 7.88%, 10/1/2021(1)		5,000		5,125
USI, Inc., 7.75%, 1/15/2021(1)		28,505		29,218
York Risk Services Holding Corp., 8.50%, 10/1/2022(1)		25,000		23,625
				57,968
INTERNET - 0.7%
TIBCO Software, Inc., 11.38%, 12/1/2021(1)		5,000		5,063
MEDIA - 6.9%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 3/15/2021		8,500		8,702
5.75%, 9/1/2023		3,020		3,156
6.50%, 4/30/2021		2,000		2,100
Clear Channel Worldwide Holdings, Inc., Series B, 7.63%, 3/15/2020		2,000		2,105
DISH DBS Corp., 4.25%, 4/1/2018		4,000		4,020
5.00%, 3/15/2023		4,000		3,889
5.88%, 7/15/2022		5,000		5,081
5.88%, 11/15/2024		4,000		4,005
6.75%, 6/1/2021		1,000		1,065
7.88%, 9/1/2019		1,000		1,118
Numericable-SFR SAS, 4.88%, 5/15/2019(1)		2,000		1,990
6.00%, 5/15/2022(1)		3,000		3,045

Artisan Partners Funds 15

	Principal Amount (000s)			Value
MEDIA (CONTINUED)
Unitymedia KabelBW GmbH, 6.13%, 1/15/2025(1)	$	2,000		$	2,115
Univision Communications, Inc., 5.13%, 5/15/2023(1)		2,000			2,030
5.13%, 2/15/2025(1)		2,000			2,042
					46,463
OIL & GAS - 4.3%
California Resources Corp., 5.50%, 9/15/2021(1)		2,500			2,228
Chesapeake Energy Corp., 5.75%, 3/15/2023		3,000			2,925
Clayton Williams Energy, Inc., 7.75%, 4/1/2019		3,150			2,929
Oasis Petroleum, Inc., 6.88%, 3/15/2022		2,000			1,950
Parsley Energy LLC / Parsley Finance Corp., 7.50%, 2/15/2022(1)		2,500			2,525
Rice Energy, Inc., 6.25%, 5/1/2022		7,000			6,825
7.25%, 5/1/2023(1)		1,000			1,000
Warren Resources, Inc., 9.00%, 8/1/2022(1)(4)		4,000			2,360
Whiting Petroleum Corp., 6.25%, 4/1/2023(1)		5,000			4,972
6.50%, 10/1/2018		1,500			1,500
					29,214
PHARMACEUTICALS - 2.5%
Valeant Pharmaceuticals International, 6.38%, 10/15/2020(1)		10,000			10,388
VRX Escrow Corp., 4.50%, 5/15/2023(1)	EUR	3,500			3,787
5.88%, 5/15/2023(1)	$	2,000			2,050
6.13%, 4/15/2025(1)		1,000			1,036
					17,261
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
American Realty Capital Properties, Inc., 3.75%, 12/15/2020		4,000			3,907
ARC Properties Operating Partnership L.P., 4.60%, 2/6/2024		1,000			973
					4,880
RETAIL - 4.3%
Family Tree Escrow LLC, 5.25%, 3/1/2020(1)		3,000			3,142
5.75%, 3/1/2023(1)		20,000			21,000
Nathan’s Famous, Inc., 10.00%, 3/15/2020(1)		2,500			2,625
Rite Aid Corp., 6.13%, 4/1/2023(1)		2,000			2,050
					28,817
SOFTWARE - 3.7%
Infor Software Parent LLC / Infor Software Parent, Inc., PIK, 7.13%, 5/1/2021(1)		20,500			20,301
Infor US, Inc., 6.50%, 5/15/2022(1)		5,000			5,125
					25,426
TELECOMMUNICATIONS - 3.8%			��
Altice Financing S.A., 6.63%, 2/15/2023(1)		1,000			1,030
Altice Finco S.A., 7.63%, 2/15/2025(1)		1,000			1,025
Altice S.A., 7.63%, 2/15/2025(1)		2,000			2,004
7.75%, 5/15/2022(1)		6,500			6,614
Intelsat Jackson Holdings S.A., 5.50%, 8/1/2023		1,500			1,417
T-Mobile USA, Inc., 6.00%, 3/1/2023		2,000			2,049
6.25%, 4/1/2021		2,000			2,080
6.38%, 3/1/2025		4,500			4,644
Virgin Media Secured Finance plc, 5.25%, 1/15/2026(1)		5,000			5,100
					25,963
Total Corporate Bonds (Cost $412,392)					412,535
BANK LOANS - 33.7%(5)
AEROSPACE/DEFENSE - 1.0%
Jazz Acquisition, Inc. Second Lien Term Loan, 7.75%, 6/19/2022(6)		7,000			6,825
AUTO PARTS & EQUIPMENT - 0.9%
BBB Industries U.S. Holdings, Inc. Second Lien Term Loan, 9.75%, 11/3/2022(6)		6,500			6,159
CHEMICALS - 1.3%
Emerald Performance Materials, LLC Second Lien Term Loan, 7.75%, 8/1/2022		2,000			1,960
Vertellus Specialties, Inc. New Term Loan B, 10.50%, 10/31/2019		7,960			7,025
					8,985
COMMERCIAL SERVICES - 1.4%
Envision Acquisition Co., LLC Second Lien Term Loan, 9.75%, 11/4/2021		4,000			4,130
Laureate Education, Inc., 5.00%, 6/16/2016(6)		5,712			5,137
					9,267
DIVERSIFIED FINANCIAL SERVICES - 5.9%
Dollar Tree, Inc. Term Loan B, 4.25%, 3/9/2022		7,500			7,576
TransFirst Holdings, Inc. Second Lien Term Loan, 9.00%, 11/12/2022		10,000			10,013
WP Mustang Holdings LLC Second Lien Term Loan B, 8.50%, 5/29/2022		22,645			22,036
					39,625
ENGINEERING & CONSTRUCTION - 1.5%
Pike Corp. Second Lien Term Loan, 9.50%, 6/22/2022		10,000			9,908

16 Artisan Partners Funds

	Principal Amount (000s)		Value
HEALTHCARE-PRODUCTS - 2.1%
Pantheon Merger Corp. Second Lien Term Loan, 8.25%, 6/16/2022(6)	$	7,000	$	6,773
Tecomet Inc. First Lien Term Loan, 5.75%, 12/5/2021(6)		7,481		7,294
				14,067
HEALTHCARE-SERVICES - 1.8%
CDRH Parent, Inc. Second Lien Term Loan, 9.00%, 7/1/2022		5,000		4,791
Heartland Dental, LLC Second Lien Term Loan, 9.75%, 6/21/2019		7,755		7,710
				12,501
INTERNET - 3.0%
iParadigms Holdings, LLC Second Lien Term Loan, 8.25%, 7/31/2022(6)		8,972		8,815
Websense, Inc. Second Lien Term Loan, 8.25%, 12/24/2020		11,683		11,668
				20,483
INVESTMENT COMPANIES - 0.9%
AssuredPartners Capital, Inc. Second Lien Term Loan, 7.75%, 4/2/2022(6)		6,075		5,832
OIL & GAS - 3.5%
Callon Petroleum Co. Second Lien Term Loan, 8.50%, 10/8/2021		17,500		16,997
RGL Reservoir Operations, Inc. First Lien Term Loan, 6.00%, 8/14/2021		8,955		6,710
				23,707
OIL & GAS SERVICES - 0.7%
Cactus Wellhead, LLC Term Loan, 7.00%, 7/31/2020(6)		7,960		4,856
PACKAGING & CONTAINERS - 0.4%
CD&R Millennium Holdco 6 S.a.r.l. Second Lien Term Loan, 8.25%, 7/31/2022		3,000		2,920
PHARMACEUTICALS - 0.8%
PharMedium Healthcare Corp. Second Lien Term Loan, 7.75%, 1/28/2022		5,360		5,347
RETAIL - 1.1%
TGI Friday’s, Inc. Second Lien Term Loan, 9.25%, 7/15/2021(6)		7,500		7,509
SOFTWARE - 7.4%
Ascend Learning, LLC Second Lien Term Loan, 9.50%, 11/30/2020		8,490		8,426
Renaissance Learning, Inc. Second Lien Term Loan, 8.00%, 4/11/2022		34,550		33,456
TIBCO Software, Inc. Term Loan B, 6.50%, 12/4/2020		8,000		7,993
				49,875
Total Bank Loans (Cost $233,515)				227,866
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $40,655 (Cost $40,655)(7)		40,655		40,655
Total investments - 100.6% (Cost $686,562)				681,056
Other assets less liabilities - (0.6)%				(4,327	)
Total net assets - 100.0%(8)			$	676,729

⁽¹⁾  Security is restricted. The security was acquired in a transaction pursuant to Rule 144A of the Securities Act of 1933 on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Acosta, Inc. 7.75% 10/1/2022		9/15/14	$	2,000	$	2,068		0.3	%
Alliance Data Systems Corp. 5.38% 8/1/2022		7/24/14- 1/28/15		6,897		6,982		1.0
6.38% 4/1/2020		8/14/14- 3/25/15		9,383		9,315		1.4
Altice Financing S.A. 6.63% 2/15/2023		1/30/15		1,000		1,030		0.1
Altice Finco S.A. 7.63% 2/15/2025		1/30/15		1,000		1,025		0.1
Altice S.A. 7.63% 2/15/2025		1/30/15		2,000		2,004		0.3
7.75% 2/15/2022		4/23/14- 12/17/14		6,444		6,614		1.0
California Resources Corp. 5.50% 9/15/2021		12/17/14- 1/8/15		2,072		2,228		0.3
Cimpress N.V. 7.00% 4/1/2022		3/13/15		4,000		4,050		0.6
Family Tree Escrow LLC 5.25% 3/1/2020		2/6/15		3,000		3,142		0.5
5.75% 3/1/2023		2/6/15		20,000		21,000		3.1
HUB International Ltd. 7.88% 10/1/2021		12/3/14		5,075		5,125		0.8
IHS, Inc. 5.00% 11/1/2022		10/21/14		2,000		2,009		0.3
Infinity Acquisition LLC / Infinity Acquisition Finance Corp. 7.25% 8/1/2022		7/15/14- 3/25/15		20,244		19,995		2.9

Artisan Partners Funds 17

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Infor Software Parent LLC / Infor Software Parent, Inc., PIK, 7.13% 5/1/2021		4/3/14- 3/5/15	$	20,532	$	20,301		3.0	%
Infor US, Inc. 6.50% 5/15/2022		3/18/15		5,000		5,125		0.7
MedImpact Holdings, Inc. 10.50% 2/1/2018		7/24/14		7,464		7,368		1.1
Nathan’s Famous, Inc. 10.00% 3/15/2020		2/27/15		2,500		2,625		0.4
Numericable-SFR SAS 4.88% 5/15/2019		4/23/14		2,000		1,990		0.3
6.00% 5/15/2022		12/23/14		3,030		3,045		0.4
Opal Acquisition, Inc. 8.88% 12/15/2021		4/15/14- 2/5/15		39,162		38,477		5.7
Parsley Energy LLC / Parsley Finance Corp. 7.50% 2/15/2022		1/15/15		2,457		2,525		0.4
Pinnacle Operating Corp. 9.00% 11/15/2020		3/28/14- 3/12/15		7,054		6,666		1.0
Rentech Nitrogen Partners L.P. / Rentech Nitrogen Finance Corp. 6.50% 4/15/2021		2/5/15- 3/12/15		3,778		4,059		0.6
Rice Energy, Inc. 7.25% 5/1/2023		3/23/15		992		1,000		0.2
Rite Aid Corp. 6.13% 4/1/2023		3/19/15		2,000		2,050		0.3
Roofing Supply Group LLC / Roofing Supply Finance, Inc. 10.00% 6/1/2020		6/10/14- 3/16/15		13,662		12,707		1.9
Schaeffler Finance BV 4.75% 5/15/2023		3/27/15		2,000		2,015		0.3
Schaeffler Holding Finance BV, PIK 6.25% 11/15/2019		10/21/14		3,000		3,172		0.5
6.75% 11/15/2022		10/21/14- 12/19/14		7,713		8,100		1.2
Simmons Foods, Inc. 7.88% 10/1/2021		9/18/14		4,000		3,950		0.6
TIBCO Software, Inc. 11.38% 12/1/2021		11/24/14		4,859		5,063		0.7
Unitymedia KabelBW GmbH 6.13% 1/15/2025		10/7/14		2,000		2,115		0.3
Univision Communications, Inc. 5.13% 5/15/2023		2/10/15		2,060		2,030		0.3
5.13% 2/15/2025		2/10/15		2,000		2,042		0.3
USG Corp. 5.50% 3/1/2025		2/17/15		1,100		1,122		0.2
USI, Inc. 7.75% 1/15/2021		3/24/14- 3/3/15		28,485		29,218		4.3
Valeant Pharmaceuticals International 6.38% 10/15/2020		4/29/14- 3/24/15		10,510		10,388		1.5
Virgin Media Secured Finance plc 5.25% 1/15/2026		3/17/15		5,000		5,100		0.8
VRX Escrow Corp. 4.50% 5/15/2023		3/13/15		3,668		3,787		0.6
5.88% 5/15/2023		3/13/15		2,000		2,050		0.3
6.13% 4/15/2025		3/13/15		1,000		1,036		0.1
Warren Resources, Inc. 9.00% 8/1/2022		8/6/14		3,945		2,360		0.4
Whiting Petroleum Corp. 6.25% 4/1/2023		3/24/15		5,000		4,972		0.7
York Risk Services Holding Corp. 8.50% 10/1/2022		9/17/14- 12/30/14		25,049		23,625		3.5
Zebra Technologies Corp. 7.25% 10/15/2022		9/30/14		6,500		7,004		1.0
Total					$	313,674		46.3	%

⁽²⁾  Value includes escrow representing past due interest.

⁽³⁾  Represents escrow for past due interest of $3, which is included in other assets and liabilities.

⁽⁴⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,360, or 0.3% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁵⁾  Floating rate instruments, the rate disclosed was as of March 31, 2015.

⁽⁶⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $59,200, or 8.7% of total net assets.

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.625	%		11/15/2022	$	41,472

⁽⁸⁾  Percentages for the various classifications relate to total net assets.

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

Principal amounts are denominated in the indicated currency, where applicable. (EUR - Euro currency)

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

18 Artisan Partners Funds

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $26,288 or 3.9% of the total net assets as of March 31, 2015, which could be extended at the option of the borrower:

Borrower	Unfunded Principal Amount		Unrealized Depreciation
A Shulman, Inc. Bridge Term Loan	$	15,000	$	–
Laureate Education, Inc. Extended Revolver		1,288		(63	)
Rite Aid Corp. Bridge Term Loan		10,000		–
	$	26,288	$	(63	)

CREDIT DIVERSIFICATION - March 31, 2015 (Unaudited)
	Percentage of Total Investments
BB		21.9	%
B		17.8
CCC		48.9
Unrated		5.4
Short-term investments		6.0
		100.0	%

Credit quality ratings apply to the underlying holdings of the Fund and not the Fund itself. The credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s or Moody’s Investor Services. Investments designated as unrated are not rated by either rating agency. Credit quality ratings are subjective opinions, not statements of fact, and are subject to change.

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Euro*	$	3,787		0.6	%
U.S. dollar		677,269		99.4
Total investments	$	681,056		100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below (in thousands):

Counterparty	Contract Settlement Date	Contract Amount				Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	4/17/2015	EUR	3,430		3,596	$	(93	)

EUR - Euro currency

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Opal Acquisition, Inc.	United States		5.7	%
Renaissance Learning, Inc.	United States		5.0
Dollar Tree, Inc.	United States		4.7
USI, Inc.	United States		4.3
Infor Software Parent LLC / Infor Software Parent, Inc.	United States		3.8
York Risk Services Holding Corp.	United States		3.5
WP Mustang Holdings LLC	United States		3.3
Infinity Acquisition LLC / Infinity Acquisition Finance Corp.	United States		3.0
DISH DBS Corp.	United States		2.8
Valeant Pharmaceuticals International	United States		2.6
Total			38.7	%

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

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

Artisan Partners Funds 19

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 91.2%
BELGIUM - 3.7%
Anheuser-Busch InBev N.V.		3,448,736	$	422,000
Telenet Group Holding N.V.(1)		2,702,681		148,703
UCB S.A.		2,104,630		152,413
				723,116
BRAZIL - 0.1%
AMBEV S.A. (DR)		4,972,670		28,643
CHINA - 9.3%
Alibaba Group Holding Ltd. (DR)(1)		983,944		81,904
Baidu, Inc. (DR)(1)		4,617,223		962,229
Beijing Enterprises Holdings Ltd.		15,251,900		120,400
Ping An Insurance Group Co. of China Ltd., Class H		17,819,189		214,791
Tencent Holdings Ltd.		23,069,483		438,319
				1,817,643
FRANCE - 5.6%
L’Oreal S.A.		804,841		148,287
LVMH Moet Hennessy Louis Vuitton SE		821,002		144,909
Orange S.A.		10,885,978		175,168
Pernod Ricard SA		1,152,080		136,451
Schneider Electric SE		3,031,499		235,833
Zodiac Aerospace		7,911,850		262,278
				1,102,926
GERMANY - 12.0%
Allianz SE		1,081,398		188,195
Bayer AG		5,538,761		833,480
Bayerische Motoren Werke AG		2,158,347		270,253
Beiersdorf AG		2,813,310		244,724
Deutsche Post AG		5,736,786		179,472
Linde AG		2,881,252		587,548
Merck KGaA		216,590		24,348
MTU Aero Engines AG		175,235		17,207
				2,345,227
HONG KONG - 3.7%
AIA Group Ltd.		116,577,498		733,059
INDIA - 1.1%
Housing Development Finance Corp. Ltd.		9,787,316		205,814
IRELAND - 0.9%
Ryanair Holdings plc, Equity-Linked Security(2)(3)(4)(5)		14,261,034		170,669
ITALY - 0.7%
Telecom Italia S.p.A.(1)		115,014,957		135,048
JAPAN - 10.3%
IHI Corp.		66,818,615		313,661
LIXIL Group Corp.		7,368,790		174,919
NGK Insulators Ltd.		13,790,590		294,934
Olympus Corp.(1)		13,570,827		505,221
Ono Pharmaceutical Co., Ltd.		163,600		18,524
Toyota Motor Corp.		10,132,796		708,244
				2,015,503
KOREA - 0.0%†
Orion Corp.		2,079		2,170
MEXICO - 2.9%
Grupo Televisa S.A.B. (DR)(1)		16,996,729		561,062
NETHERLANDS - 3.3%
ASML Holding N.V.		5,704,109		581,380
Unilever N.V. (DR)		1,592,574		66,638
				648,018
SPAIN - 1.9%
Grifols S.A.		2,536,576		109,044
Grifols S.A. (DR)		2,495,642		81,882
Telefonica S.A.		11,926,146		170,041
Telefonica S.A. Rights Exp. 4/16/2015(1)(5)		13,232,657		2,134
				363,101
SWEDEN - 0.9%
Swedbank AB, Class A		7,671,878		183,598
SWITZERLAND - 10.2%
Actelion Ltd.(1)		2,127,089		246,460
Adecco S.A.(1)		1,481,795		123,508
Nestle S.A.		6,895,281		520,800
Novartis AG		2,038,505		201,690
Roche Holding AG(5)		1,543,517		425,825
Syngenta AG		356,614		121,355
Zurich Insurance Group AG(1)		1,050,992		356,135
				1,995,773
UNITED KINGDOM - 12.6%
Babcock International Group plc		5,799,307		84,693
BT Group plc		31,552,061		205,003
Croda International plc		6,412,540		260,544
Diageo plc		205,141		5,659
InterContinental Hotels Group plc		4,475,376		174,865

20 Artisan Partners Funds

	Shares Held		Value
UNITED KINGDOM (CONTINUED)
International Consolidated Airlines Group S.A.(1)		16,932,792	$	151,462
Johnson Matthey plc		8,500,470		426,961
Lloyds Banking Group plc(1)		183,775,514		213,401
Prudential plc		9,595,270		237,986
SABMiller plc		7,249,306		380,678
WPP plc		14,436,042		327,855
				2,469,107
UNITED STATES - 12.0%
Autoliv, Inc. (DR)		811,185		96,357
Cognizant Technology Solutions Corp., Class A (1)		4,687,654		292,463
Delphi Automotive plc		3,323,936		265,051
Liberty Global plc, Class A(1)		6,636,462		341,579
Liberty Global plc, Series C(1)(5)		11,023,868		549,099
Medtronic plc		8,227,941		641,697
Schlumberger Ltd.		1,470,712		122,716
WABCO Holdings, Inc.(1)		376,299		46,239
				2,355,201
Total common stocks and equity-linked securities (Cost $14,303,038)				17,855,678
PREFERRED STOCKS - 3.7%
GERMANY - 3.7%
Henkel AG & Co. KGaA(5)		1,625,242		191,443
Porsche Automobil Holding SE		3,312,700		325,815
Volkswagen AG(5)		762,884		203,309
				720,567
Total preferred stocks (Cost $605,315)				720,567
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $886,839 (Cost $886,839)(6)	$	886,839	$	886,839
Total investments - 99.4% (Cost $15,795,192)				19,463,084
Other assets less liabilities - 0.6%				113,312
Total net assets - 100.0%(7)			$	19,576,396

 ^† Amount rounds to less than 0.1%.

⁽¹⁾  Non-income producing security.

⁽²⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $170,669, or 0.9% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾  Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁴⁾  Security is restricted. The security was acquired in a transaction pursuant to Rule 144A of the Securities Act of 1933 on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Dates	Cost		Value		Percentage of Total Net Assets
Ryanair Holdings plc	11/14/2013- 3/23/2015	$	124,801	$	170,669		0.9	%
				$	170,669		0.9	%

⁽⁵⁾  Non-voting shares.

⁽⁶⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	904,579

⁽⁷⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	4,117,101		21.2	%
Consumer Staples		2,147,493		11.0
Energy		122,716		0.6
Financials		2,332,979		12.0
Health Care		3,240,584		16.6
Industrials		2,175,275		11.2
Information Technology		2,356,295		12.1
Materials		1,396,408		7.2
Telecommunication Services		687,394		3.5
Short-term investments		886,839		4.6
Total investments	$	19,463,084		100.0	%

Artisan Partners Funds 21

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,469,107		12.7	%
Euro		5,956,121		30.6
Hong Kong dollar		1,506,569		7.7
Indian rupee		205,814		1.1
Japanese yen		2,015,503		10.4
Korean won		2,170		–	(1)
Swedish krona		279,955		1.4
Swiss franc		1,995,773		10.2
U.S. dollar		5,032,072		25.9
Total investments	$	19,463,084		100.0	%

⁽¹⁾  Represents less than 0.1% of total investments.

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Baidu, Inc.	China		4.9	%
Liberty Global plc	United States		4.6
Bayer AG	Germany		4.2
AIA Group Ltd.	Hong Kong		3.7
Toyota Motor Corp.	Japan		3.6
Medtronic plc	United States		3.3
Linde AG	Germany		3.0
ASML Holding N.V.	Netherlands		3.0
Grupo Televisa S.A.B.	Mexico		2.9
Nestle S.A.	Switzerland		2.7
Total			35.9	%

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

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

22 Artisan Partners Funds

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.2%
CANADA - 3.0%
CAE, Inc.		2,499,616	$	29,169
CHINA - 26.3%
21Vianet Group, Inc. (DR)(1)		2,381,808		42,063
Beijing Enterprises Water Group Ltd.(1)		112,810,000		77,121
Biostime International Holdings Ltd.		5,429,500		22,726
China Everbright International Ltd.		33,717,000		55,668
China Oil & Gas Group Ltd.(2)		244,020,000		29,902
CT Environmental Group Ltd.		12,828,000		13,833
Labixiaoxin Snacks Group Ltd.(1)		30,951,000		2,874
Yingde Gases Group Co., Ltd.		19,119,500		14,107
				258,294
DENMARK - 2.7%
Royal Unibrew(1)		159,946		26,839
FINLAND - 2.4%
Huhtamaki Oyj		764,429		23,796
FRANCE - 3.1%
Elis S.A.(1)		1,822,833		30,223
GERMANY - 12.4%
Bertrandt AG		146,252		21,324
CompuGroup Medical AG		258,108		7,474
CTS Eventim AG & Co., KGaA		133,822		4,216
Norma Group SE		228,341		11,507
Stroeer Media SE		169,791		5,821
Wirecard AG		1,690,280		71,536
				121,878
GREECE - 1.4%
JUMBO S.A.		1,321,361		13,753
IRELAND - 3.1%
Glanbia plc		1,672,291		31,045
ITALY - 2.9%
Davide Campari-Milano S.p.A.		1,612,413		11,261
Ei Towers S.p.A.(1)		308,435		16,443
RAI Way S.p.A.(1)		160,642		691
				28,395
JAPAN - 1.1%
Sugi Holdings Co., Ltd.		218,800		10,836
SINGAPORE - 2.0%
Petra Foods Ltd.		7,215,000		20,083
SPAIN - 6.0%
Almirall S.A.(1)		1,452,236		26,733
Atresmedia Corp. de Medios de Comunicacion S.A.		932,452		14,107
Ebro Foods S.A.		966,977		18,050
				58,890
SWEDEN - 2.0%
Cloetta AB, Class B(1)		5,019,778		14,747
Meda AB, Class A		306,393		4,856
				19,603
SWITZERLAND - 8.0%
Cembra Money Bank AG(1)		493,822		30,286
Comet Holding AG(1)		36,258		29,214
Tecan Group AG		144,123		18,909
				78,409
TAIWAN - 5.1%
Ginko International Co., Ltd.(2)		4,325,000		49,760
UNITED KINGDOM - 15.7%
Babcock International Group plc		2,287,357		33,405
Cable & Wireless Communications plc		16,655,086		15,058
Dignity plc		498,058		13,476
Essentra plc		1,462,380		21,552
Hays plc		10,744,455		24,322
Rathbone Brothers plc		559,329		17,208
Synergy Health plc		343,745		11,856
Victrex plc		614,588		17,094
				153,971
Total common stocks (Cost $785,450)				954,944
PREFERRED STOCKS - 1.8%
GERMANY - 1.8%
Biotest AG(3)		49,457		5,509
Sartorius AG(3)		93,728		11,953
				17,462
Total preferred stocks (Cost $17,632)				17,462

Artisan Partners Funds 23

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $11,456 (Cost $11,456)(4)	$	11,456	$	11,456
Total investments - 100.1% (Cost $814,538)				983,862
Other assets less liabilities - (0.1)%				(1,330	)
Total net assets - 100.0%(5)			$	982,532

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	11,690

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	52,064		5.3	%
Consumer Staples		158,461		16.1
Financials		47,494		4.8
Health Care		137,050		13.9
Industrials		205,618		20.9
Information Technology		159,256		16.2
Materials		76,549		7.8
Telecommunication Services		15,058		1.5
Utilities		120,856		12.3
Short-term investments		11,456		1.2
Total investments	$	983,862		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	153,971		15.6	%
Canadian dollar		29,169		3.0
Danish krone		26,839		2.7
Euro		325,442		33.1
Hong Kong dollar		216,231		22.0
Japanese yen		10,836		1.1
Singapore dollar		20,083		2.0
Swedish krona		19,603		2.0
Swiss franc		78,409		8.0
Taiwan dollar		49,760		5.1
U.S. dollar		53,519		5.4
Total investments	$	983,862		100.0	%

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Beijing Enterprises Water Group Ltd.	China		7.8	%
Wirecard AG	Germany		7.3
China Everbright International Ltd.	China		5.7
Ginko International Co., Ltd.	Taiwan		5.1
21Vianet Group, Inc.	China		4.3
Babcock International Group plc	United Kingdom		3.4
Glanbia plc	Ireland		3.1
Cembra Money Bank AG	Switzerland		3.1
Elis S.A.	France		3.1
China Oil & Gas Group Ltd.	China		3.0
Total			45.9	%

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

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

24 Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 84.5%
BELGIUM - 2.1%
Groupe Bruxelles Lambert S.A.		2,992,756	$	248,266
CANADA - 2.2%
Imperial Oil Ltd.		6,280,475		250,664
CHINA - 2.8%
Baidu, Inc. (DR)(1)		1,481,120		308,665
New Oriental Education & Technology Group, Inc. (DR)(1)		699,413		15,506
				324,171
DENMARK - 4.3%
Carlsberg AS, Class B		2,726,271		225,206
ISS AS(1)(2)		8,551,665		269,522
				494,728
FRANCE - 3.0%
Societe Television Francaise 1		9,731,132		172,646
Sodexo SA		586,533		57,258
Vivendi S.A.(1)		4,960,135		123,335
				353,239
GERMANY - 1.4%
Deutsche Boerse AG		1,974,108		161,450
JAPAN - 5.1%
Credit Saison Co., Ltd.		7,470,363		134,415
Kao Corp.		4,270,021		213,617
Nifco, Inc.		591,200		20,432
Stanley Electric Co., Ltd.(2)		9,327,300		211,300
Tokyo Electron Ltd.		190,954		13,345
				593,109
KOREA - 5.2%
Kia Motors Corp.		3,282,069		133,715
Samsung Electronics Co., Ltd.		358,153		465,184
				598,899
NETHERLANDS - 5.7%
ING Groep N.V. (DR)(1)		31,818,798		466,839
Reed Elsevier N.V.		2,464,593		61,455
TNT Express N.V.		20,085,817		127,877
				656,171
NORWAY - 2.1%
Akastor ASA(2)		14,103,594		28,380
Aker Solutions ASA(1)(2)		16,661,775		86,807
Orkla ASA		16,956,578		128,295
				243,482
SWITZERLAND - 11.6%
ABB Ltd.(1)		11,796,621		250,426
Adecco S.A.(1)		2,174,384		181,236
Novartis AG		2,940,973		290,980
Panalpina Welttransport Holding AG(2)		1,950,139		284,755
Pargesa Holding S.A.		1,338,069		94,111
UBS Group AG(1)		12,533,926		236,285
				1,337,793
UNITED KINGDOM - 23.9%
Alent plc(2)		17,948,145		99,735
Amec Foster Wheeler plc		8,126,062		109,151
Compass Group plc		32,019,097		556,666
Diageo plc		4,914,672		135,565
Lloyds Banking Group plc(1)		205,170,800		238,245
QinetiQ Group plc		23,193,470		65,680
Reed Elsevier plc		25,624,047		440,544
Royal Bank of Scotland Group plc(1)		72,023,017		363,252
Savills plc		1,539,944		18,549
Serco Group plc		24,817,030		50,766
Serco Group plc Rights Exp. 4/16/2015(1)		24,817,030		15,094
TESCO plc		102,976,742		369,440
Unilever plc (DR)		3,606,140		150,412
Vesuvius plc(2)		21,510,067		156,700
				2,769,799
UNITED STATES - 15.1%
Accenture plc, Class A		1,178,830		110,445
Applied Materials, Inc.		13,966,454		315,083
Arch Capital Group Ltd.(1)(2)		6,077,669		374,384
Flextronics International Ltd.(1)		18,680,919		236,781
Medtronic plc		4,600,915		358,825
TE Connectivity Ltd.		4,947,636		354,350
				1,749,868
Total common stocks (Cost $7,622,250)				9,781,639
PREFERRED STOCKS - 0.3%
KOREA - 0.3%
Samsung Electronics Co., Ltd.(3)		34,364		34,195
Total preferred stocks (Cost $29,898)				34,195

Artisan Partners Funds 25

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 14.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $1,726,512 (Cost $1,726,512)(4)	$	1,726,512	$	1,726,512
Total investments - 99.7% (Cost $9,378,660)				11,542,346
Other assets less liabilities - 0.3%				36,697
Total net assets - 100.0%(5)			$	11,579,043

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.375	%		3/31/2020	$	285,543
U.S. Treasury Note		1.500	%		1/31/2022		253,278
U.S. Treasury Note		2.000	%		5/31/2021		277,763
U.S. Treasury Note		2.125	%		12/31/2021		889,762
U.S. Treasury Bond		7.875	%		2/15/2021		54,700
						$	1,761,046

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	1,792,857		15.5	%
Consumer Staples		1,222,535		10.6
Energy		475,002		4.1
Financials		2,335,796		20.3
Health Care		649,805		5.6
Industrials		1,402,056		12.1
Information Technology		1,838,048		15.9
Materials		99,735		0.9
Short-term investments		1,726,512		15.0
Total investments	$	11,542,346		100.0	%

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,619,387		22.7	%
Canadian dollar		250,664		2.2
Danish krone		494,728		4.3
Euro		1,419,126		12.3
Japanese yen*		593,109		5.1
Korean won		633,094		5.5
Norwegian krone		243,482		2.1
Swiss franc		1,337,793		11.6
U.S. dollar		3,950,963		34.2
Total investments	$	11,542,346		100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below ( in thousands):

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	8/13/2015	JPY	61,531,892		USD	512,655	$	(1,421	)

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group plc	United Kingdom		4.8	%
Samsung Electronics Co., Ltd.	Korea		4.3
ING Groep N.V.	Netherlands		4.0
Reed Elsevier plc	United Kingdom		3.8
Arch Capital Group Ltd.	United States		3.2
TESCO plc	United Kingdom		3.2
Royal Bank of Scotland Group plc	United Kingdom		3.2
Medtronic plc	United States		3.1
TE Connectivity Ltd.	United States		3.1
Applied Materials, Inc.	United States		2.7
Total			35.4	%

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

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

26 Artisan Partners Funds

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.7%
CONSUMER DISCRETIONARY - 19.4%
Auto Components - 0.5%
BorgWarner, Inc.		772,485	$	46,720
Distributors - 3.0%
LKQ Corp.(1)		11,490,627		293,701
Hotels, Restaurants & Leisure - 2.8%
Chipotle Mexican Grill, Inc.(1)		345,294		224,628
Panera Bread Co., Class A(1)		310,275		49,642
				274,270
Internet & Catalog Retail - 2.7%
JD.com, Inc. (DR)(1)(2)		4,955,541		145,594
Netflix, Inc.(1)		146,480		61,036
TripAdvisor, Inc.(1)		727,556		60,511
				267,141
Media - 0.6%
Lions Gate Entertainment Corp.		1,607,437		54,524
Multiline Retail - 0.5%
Dollar Tree, Inc.(1)		598,489		48,564
Specialty Retail - 5.8%
Signet Jewelers Ltd.		1,439,722		199,819
Tractor Supply Co.		2,189,794		186,264
Ulta Salon Cosmetics & Fragrance, Inc.(1)		763,466		115,169
Williams-Sonoma, Inc.		743,646		59,276
				560,528
Textiles, Apparel & Luxury Goods - 3.5%
Coach, Inc.		1,138,490		47,168
Kate Spade & Co.(1)		3,035,435		101,353
Lululemon Athletica, Inc.(1)		1,681,416		107,644
Under Armour, Inc., Class A(1)		1,000,190		80,766
				336,931
CONSUMER STAPLES - 4.4%
Beverages - 0.8%
Monster Beverage Corp.(1)		595,774		82,452
Food & Staples Retailing - 1.1%
Sprouts Farmers Market, Inc.(1)		2,912,110		102,593
CONSUMER STAPLES (CONTINUED)
Food Products - 2.5%
Keurig Green Mountain, Inc.		1,025,270		114,554
WhiteWave Foods Co., Class A(1)		2,944,797		130,572
				245,126
ENERGY - 1.5%
Oil, Gas & Consumable Fuels - 1.5%
Cimarex Energy Co.		806,113		92,776
Concho Resources, Inc.(1)		425,354		49,307
				142,083
FINANCIALS - 6.9%
Banks - 1.1%
PacWest Bancorp		2,271,802		106,525
Capital Markets - 2.1%
TD Ameritrade Holding Corp.		5,618,960		209,362
Consumer Finance - 1.0%
Discover Financial Services		1,686,373		95,027
Diversified Financial Services - 2.7%
Intercontinental Exchange, Inc.		234,668		54,741
McGraw Hill Financial, Inc.		1,985,065		205,256
				259,997
HEALTH CARE - 19.3%
Biotechnology - 8.7%
Alkermes plc(1)		1,663,724		101,437
Alnylam Pharmaceuticals, Inc.(1)		466,999		48,764
Cepheid, Inc.(1)		2,305,486		131,182
Incyte Corp.(1)		1,684,380		154,391
Regeneron Pharmaceuticals, Inc.(1)		906,013		409,047
				844,821
Health Care Equipment & Supplies - 0.1%
DexCom, Inc.(1)		177,162		11,044
Health Care Providers & Services - 3.4%
Catamaran Corp.(1)(2)		1,464,599		87,202
Cigna Corp.		1,862,817		241,123
				328,325
Health Care Technology - 3.9%
athenahealth, Inc.(1)		1,390,696		166,035
Cerner Corp.(1)		2,968,505		217,473
				383,508
Life Sciences Tools & Services - 3.2%
Illumina, Inc.(1)		1,673,801		310,724

Artisan Partners Funds 27

	Shares Held		Value
INDUSTRIALS - 17.6%
Aerospace & Defense - 1.0%
Textron, Inc.		2,108,509	$	93,470
Air Freight & Logistics - 1.0%
CH Robinson Worldwide, Inc.		1,341,368		98,215
Building Products - 2.5%
Fortune Brands Home & Security, Inc.		5,107,032		242,482
Commercial Services & Supplies - 1.5%
Waste Connections, Inc.		3,021,461		145,453
Electrical Equipment - 5.4%
AMETEK, Inc.		6,210,280		326,288
Sensata Technologies Holding N.V.(1)		3,551,483		204,033
				530,321
Machinery - 1.4%
Pall Corp.		1,326,670		133,184
Professional Services - 4.8%
IHS, Inc., Class A(1)(3)		3,230,909		367,548
Verisk Analytics, Inc., Class A(1)		1,356,623		96,863
				464,411
INFORMATION TECHNOLOGY - 24.9%
Communications Equipment - 0.8%
Palo Alto Networks, Inc.(1)		503,855		73,603	��
Electronic Equipment, Instruments & Components - 1.9%
FLIR Systems, Inc.(3)		3,268,879		102,251
IPG Photonics Corp.(1)		646,661		59,945
Trimble Navigation Ltd.(1)		1,036,177		26,112
				188,308
Internet Software & Services - 4.6%
LinkedIn Corp., Class A(1)		902,986		225,620
Pandora Media, Inc.(1)		4,203,155		68,133
Twitter, Inc.(1)		2,980,206		149,249
				443,002
IT Services - 1.8%
Gartner, Inc.(1)		1,902,513		159,526
Global Payments, Inc.		174,041		15,956
				175,482
Semiconductors & Semiconductor Equipment - 4.8%
Applied Materials, Inc.		14,217,514		320,747
Freescale Semiconductor Ltd.(1)		1,893,159		77,165
NXP Semiconductors N.V.(1)		689,827		69,231
				467,143
INFORMATION TECHNOLOGY (CONTINUED)
Software - 11.0%
Aspen Technology, Inc.(1)		3,143,221		120,982
Autodesk, Inc.(1)		3,502,490		205,386
Electronic Arts, Inc.(1)		4,218,242		248,096
Guidewire Software, Inc.(1)		1,534,893		80,751
Mobileye N.V.(1)(2)		1,226,289		51,541
ServiceNow, Inc.(1)		991,453		78,107
Workday, Inc., Class A(1)		3,388,969		286,063
				1,070,926
MATERIALS - 1.1%
Chemicals - 1.1%
RPM International, Inc.		2,244,678		107,722
TELECOMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 1.6%
Level 3 Communications, Inc.(1)		1,542,799		83,064
Zayo Group Holdings, Inc.(1)		2,548,454		71,255
				154,319
Total common stocks (Cost $6,395,884)				9,392,007
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $320,700 (Cost $320,700)(4)	$	320,700	$	320,700
Total investments - 100.0% (Cost $6,716,584)				9,712,707
Other assets less liabilities - (0.0)%†				2,190
Total net assets - 100.0%(5)			$	9,714,897

^†  Amount rounds to less than 0.1%.

⁽¹⁾  Non-income producing security.

⁽²⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.

Security	Country	Trading Currency
Catamaran Corp.	Canada	U.S. dollar
JD.com, Inc. (DR)	China	U.S. dollar
Mobileye N.V.	Israel	U.S. dollar

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

28 Artisan Partners Funds

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.375	%		3/31/2020	$	327,116

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		4.2	%
IHS, Inc.	United States		3.8
AMETEK, Inc.	United States		3.4
Applied Materials, Inc.	United States		3.3
Illumina, Inc.	United States		3.2
LKQ Corp.	United States		3.0
Workday, Inc.	United States		2.9
Electronic Arts, Inc.	United States		2.6
Fortune Brands Home & Security, Inc.	United States		2.5
Cigna Corp.	United States		2.5
Total			31.4	%

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

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

Artisan Partners Funds 29

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.3%
CONSUMER DISCRETIONARY - 14.6%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		5,949,484	$	190,800
Internet & Catalog Retail - 2.6%
Liberty Interactive Corp., Class A(1)		5,071,747		148,044
Liberty Ventures, Class A(1)		2,245,442		94,331
				242,375
Leisure Equipment & Products - 1.2%
Mattel, Inc.		4,711,910		107,667
Media - 4.0%
Gannett Co., Inc.		5,094,986		188,922
Omnicom Group, Inc.		2,366,422		184,534
				373,456
Multiline Retail - 1.0%
Nordstrom, Inc.		1,219,222		97,928
Specialty Retail - 2.2%
Bed Bath & Beyond, Inc.(1)		2,750,512		211,170
Textiles, Apparel & Luxury Goods - 1.6%
Coach, Inc.		3,597,171		149,031
CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 2.6%
Kroger Co.		3,142,810		240,928
ENERGY - 6.8%
Energy Equipment & Services - 2.3%
Ensco plc, Class A		4,970,030		104,718
Helmerich & Payne, Inc.		1,031,096		70,187
McDermott International, Inc.(1)		11,232,965		43,135
				218,040
Oil, Gas & Consumable Fuels - 4.5%
Denbury Resources, Inc.(2)		16,371,662		119,349
Hess Corp.		623,213		42,298
SM Energy Co.		2,907,007		150,234
Southwestern Energy Co.(1)		4,683,783		108,617
				420,498
FINANCIALS - 21.1%
Banks - 1.2%
M&T Bank Corp.		919,788		116,813
FINANCIALS (CONTINUED)
Diversified Financial Services - 1.6%
Intercontinental Exchange, Inc.		626,164		146,065
Insurance - 16.5%
Alleghany Corp.(1)		563,363		274,358
Allied World Assurance Co. Holdings AG		3,679,061		148,634
Allstate Corp.		3,387,097		241,060
Aon plc		2,068,002		198,776
Arch Capital Group Ltd.(1)(2)		3,219,167		198,301
Loews Corp.		3,318,302		135,486
Progressive Corp.		6,280,456		170,829
Torchmark Corp.		3,408,123		187,174
				1,554,618
Real Estate Investment Trusts (REITs) - 1.8%
American Capital Agency Corp.		3,921,424		83,644
Hatteras Financial Corp.(2)		4,915,375		89,263
				172,907
HEALTH CARE - 2.6%
Health Care Providers & Services - 2.6%
Cigna Corp.		1,914,418		247,802
INDUSTRIALS - 16.0%
Aerospace & Defense - 2.8%
L-3 Communications Holdings, Inc.		582,545		73,279
Rockwell Collins, Inc.		1,917,133		185,099
				258,378
Commercial Services & Supplies - 1.3%
Republic Services, Inc.		2,952,471		119,752
Construction & Engineering - 4.6%
Fluor Corp.		2,759,826		157,752
Jacobs Engineering Group, Inc.(1)		4,533,190		204,719
Quanta Services, Inc.(1)		2,565,626		73,197
				435,668
Electrical Equipment - 1.2%
Hubbell, Inc., Class B		1,030,543		112,968
Machinery - 3.5%
Joy Global, Inc.(2)		4,311,359		168,919
Kennametal, Inc.(2)		4,730,169		159,359
				328,278
Professional Services - 2.0%
Manpowergroup, Inc.		2,195,541		189,146

30 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Road & Rail - 0.6%
Ryder System, Inc.		633,985	$	60,159
INFORMATION TECHNOLOGY - 18.8%
Electronic Equipment, Instruments & Components - 8.9%
Arrow Electronics, Inc.(1)(2)		4,453,237		272,315
Avnet, Inc.(2)		5,851,086		260,373
FLIR Systems, Inc.(2)		6,679,855		208,946
Keysight Technologies, Inc.(1)		2,632,047		97,781
				839,415
Internet Software & Services - 1.6%
IAC/InterActiveCorp		2,206,791		148,892
IT Services - 2.8%
NeuStar, Inc., Class A(1)(2)		3,011,534		74,144
Teradata Corp.(1)		4,166,437		183,907
				258,051
Semiconductors & Semiconductor Equipment - 4.2%
Analog Devices, Inc.		4,448,637		280,264
KLA-Tencor Corp.		1,181,782		68,886
Lam Research Corp.		655,617		46,047
				395,197
Software - 1.3%
Synopsys, Inc.(1)		2,705,971		125,341
MATERIALS - 5.8%
Chemicals - 1.7%
Celanese Corp., Class A		2,953,478		164,981
Metals & Mining - 4.1%
Goldcorp, Inc.(3)		9,753,317		176,730
Kinross Gold Corp.(1)(3)		28,512,796		63,869
Nucor Corp.		3,023,423		143,703
				384,302
UTILITIES - 5.0%
Electric Utilities - 3.4%
Edison International		2,574,463		160,827
Xcel Energy, Inc.		4,674,746		162,728
				323,555
Multi-Utilities - 1.6%
SCANA Corp.		2,769,328		152,285
Total common stocks (Cost $6,717,578)				8,786,466
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $583,496 (Cost $583,496)(4)	$	583,496	$	583,496
Total investments - 99.5% (Cost $7,301,074)				9,369,962
Other assets less liabilities - 0.5%				46,950
Total net assets - 100.0%(5)			$	9,416,912

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.

Security	Country	Trading Currency
Goldcorp, Inc.	Canada	U.S. dollar
Kinross Gold Corp.	Canada	U.S. dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	595,168

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

Artisan Partners Funds 31

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Analog Devices, Inc.	United States		3.0	%
Alleghany Corp.	United States		2.9
Arrow Electronics, Inc.	United States		2.9
Avnet, Inc.	United States		2.8
Cigna Corp.	United States		2.6
Allstate Corp.	United States		2.6
Kroger Co.	United States		2.5
Bed Bath & Beyond, Inc.	United States		2.2
FLIR Systems, Inc.	United States		2.2
Jacobs Engineering Group, Inc.	United States		2.2
Total			25.9	%

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

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

32 Artisan Partners Funds

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.0%
CONSUMER DISCRETIONARY - 16.4%
Auto Components - 2.2%
Gentherm, Inc.(1)		632,340	$	31,940
Distributors - 1.5%
LKQ Corp.(1)		864,330		22,092
Diversified Consumer Services - 2.8%
Bright Horizons Family Solutions, Inc.(1)		311,103		15,950
LifeLock, Inc.(1)		1,748,485		24,671
				40,621
Hotels, Restaurants & Leisure - 3.7%
Dunkin’ Brands Group, Inc.		895,321		42,581
Noodles & Co(1)		409,174		7,136
Zoe’s Kitchen, Inc.(1)		91,047		3,031
				52,748
Internet & Catalog Retail - 1.5%
Jumei International Holding Ltd. (DR)(1)		761,741		12,051
MakeMyTrip Ltd. (1)(2)		456,692		10,029
				22,080
Media - 0.6%
Imax Corp.(1)(2)		249,147		8,399
Specialty Retail - 1.1%
Restoration Hardware Holdings, Inc.(1)		162,204		16,089
Textiles, Apparel & Luxury Goods - 3.0%
Deckers Outdoor Corp.(1)		381,355		27,789
Tumi Holdings, Inc.(1)		645,381		15,786
				43,575
CONSUMER STAPLES - 1.0%
Food & Staples Retailing - 1.0%
PriceSmart, Inc.		168,813		14,346
ENERGY - 2.6%
Oil, Gas & Consumable Fuels - 2.6%
Diamondback Energy, Inc.(1)		113,855		8,749
Oasis Petroleum, Inc.(1)		546,177		7,767
Rosetta Resources, Inc.(1)		473,408		8,057
SemGroup Corp., Class A		165,804		13,486
				38,059
HEALTH CARE - 22.7%
Biotechnology - 8.8%
Agios Pharmaceuticals, Inc.(1)		41,102		3,876
Alnylam Pharmaceuticals, Inc.(1)		149,919		15,654
Bluebird Bio, Inc.(1)		40,962		4,947
Cepheid, Inc.(1)		838,324		47,701
Exact Sciences Corp.(1)		900,708		19,834
Incyte Corp.(1)		307,831		28,216
Isis Pharmaceuticals, Inc.(1)		114,833		7,311
				127,539
Health Care Equipment & Supplies - 8.1%
DexCom, Inc.(1)		1,313,520		81,885
GenMark Diagnostics, Inc.(1)		1,224,903		15,899
K2M Group Holdings, Inc.(1)		70,012		1,544
NuVasive, Inc. (1)		398,776		18,340
				117,668
Health Care Providers & Services - 2.1%
AAC Holdings, Inc.(1)		162,600		4,972
Surgical Care Affiliates, Inc.(1)		322,092		11,057
Team Health Holdings, Inc.(1)		238,448		13,952
				29,981
Health Care Technology - 3.1%
athenahealth, Inc.(1)		311,343		37,171
Inovalon Holdings, Inc., Class A(1)		259,003		7,825
				44,996
Life Sciences Tools & Services - 0.6%
NeoGenomics, Inc.(1)		1,871,328		8,739
INDUSTRIALS - 16.2%
Aerospace & Defense - 5.2%
Taser International, Inc.(1)		1,655,727		39,919
Teledyne Technologies, Inc.(1)		336,052		35,867
				75,786
Air Freight & Logistics - 1.6%
Forward Air Corp.		414,083		22,485
Commercial Services & Supplies - 0.4%
Brady Corp., Class A(3)		198,273		5,609
Electrical Equipment - 5.1%
Acuity Brands, Inc.		434,928		73,138

Artisan Partners Funds 33

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 2.9%
IDEX Corp.		363,971	$	27,600
John Bean Technologies Corp.		209,609		7,487
Proto Labs, Inc.(1)		106,038		7,423
				42,510
Trading Companies & Distributors - 1.0%
Beacon Roofing Supply, Inc.(1)		464,584		14,541
INFORMATION TECHNOLOGY - 35.6%
Electronic Equipment, Instruments & Components - 6.5%
Cognex Corp.(1)		1,033,999		51,276
FEI Co.		262,503		20,040
Hollysys Automation Technologies Ltd.		179,219		3,561
IPG Photonics Corp.(1)		129,061		11,964
National Instruments Corp.		230,039		7,370
				94,211
Internet Software & Services - 13.2%
Benefitfocus, Inc.(1)		299,560		11,021
CoStar Group, Inc.(1)		252,873		50,026
Demandware, Inc.(1)		382,664		23,304
GrubHub, Inc.(1)		95,946		4,355
HomeAway, Inc.(1)		651,007		19,641
MercadoLibre, Inc.		174,628		21,396
Pandora Media, Inc.(1)		1,534,936		24,881
SPS Commerce, Inc.(1)		253,880		17,035
Textura Corp.(1)		691,640		18,799
				190,458
IT Services - 1.5%
Acxiom Corp.(1)		556,185		10,284
WEX, Inc.(1)		106,277		11,410
				21,694
Semiconductors & Semiconductor Equipment - 1.6%
Cavium, Inc.(1)		229,183		16,231
Ultratech, Inc.(1)		390,046		6,763
				22,994
Software - 12.8%
ACI Worldwide, Inc.(1)		358,017		7,754
Blackbaud, Inc.		234,168		11,095
Guidewire Software, Inc.(1)		835,353		43,948
Informatica Corp.(1)		292,184		12,814
Interactive Intelligence Group, Inc.(1)		187,052		7,703
Solera Holdings, Inc.		195,851		10,117
Tableau Software, Inc., Class A(1)		194,756		18,019
Tyler Technologies, Inc.(1)		230,731		27,810
Ultimate Software Group, Inc.(1)		236,345		40,168
Zendesk, Inc.(1)		246,941		5,603
				185,031
MATERIALS - 0.5%
Chemicals - 0.5%
Zep, Inc.		413,218		7,037
Total common stocks (Cost $915,601)				1,374,366
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $60,942 (Cost $60,942)(4)	$	60,942	$	60,942
Total investments - 99.2% (Cost $976,543)				1,435,308
Other assets less liabilities - 0.8%				12,061
Total net assets - 100.0%(5)			$	1,447,369

⁽¹⁾  Non-income producing security.

⁽²⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.

Security	Country	Trading Currency
Imax Corp.	Canada	U.S. dollar
MakeMyTrip Ltd.	India	U.S. dollar

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	62,163

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

34 Artisan Partners Funds

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
DexCom, Inc.	United States		5.7	%
Acuity Brands, Inc.	United States		5.0
Cognex Corp.	United States		3.5
CoStar Group, Inc.	United States		3.5
Cepheid, Inc.	United States		3.3
Guidewire Software, Inc.	United States		3.0
Dunkin’ Brands Group, Inc.	United States		2.9
Ultimate Software Group, Inc.	United States		2.8
Taser International, Inc.	United States		2.8
athenahealth, Inc.	United States		2.6
Total			35.1	%

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

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

Artisan Partners Funds 35

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 91.9%
CONSUMER DISCRETIONARY - 6.7%
Auto Components - 0.9%
Remy International, Inc.		355,405	$	7,894
Household Durables - 0.6%
NACCO Industries, Inc., Class A		99,336		5,264
Media - 1.5%
DreamWorks Animation SKG, Inc., Class A(1)		366,939		8,880
Starz, Class A(1)		129,558		4,458
				13,338
Specialty Retail - 3.7%
America’s Car-Mart, Inc.(1)		163,909		8,892
American Eagle Outfitters, Inc.		327,270		5,590
Rent-A-Center, Inc.		661,208		18,143
				32,625
CONSUMER STAPLES - 2.4%
Food Products - 1.8%
Dean Foods Co.		397,043		6,563
Fresh Del Monte Produce, Inc.		240,287		9,350
				15,913
Tobacco - 0.6%
Universal Corp.		107,366		5,063
ENERGY - 11.6%
Energy Equipment & Services - 6.7%
Era Group, Inc.(1)		473,988		9,878
Gulfmark Offshore, Inc., Class A		257,644		3,360
McDermott International, Inc.(1)		370,678		1,423
Mitcham Industries, Inc.(1)		315,475		1,451
Newpark Resources, Inc.(1)		907,119		8,264
Patterson-UTI Energy, Inc.		771,150		14,478
Superior Energy Services, Inc.		395,166		8,828
Tesco Corp.		180,499		2,052
Tidewater, Inc.		137,492		2,632
Unit Corp.(1)		237,462		6,644
				59,010
Oil, Gas & Consumable Fuels - 4.9%
Cloud Peak Energy, Inc.(1)		912,897		5,313
World Fuel Services Corp.		648,886		37,298
				42,611
FINANCIALS - 12.6%
Capital Markets - 1.1%
Capital Southwest Corp.		98,534		4,574
Manning & Napier, Inc.		385,612		5,017
				9,591
Diversified Financial Services - 1.8%
FNFV Group(1)		604,555		8,524
PICO Holdings, Inc.(1)		450,936		7,310
				15,834
Insurance - 3.0%
Allied World Assurance Co. Holdings AG		261,376		10,560
Enstar Group Ltd.(1)		46,316		6,570
RenaissanceRe Holdings Ltd.		97,503		9,724
				26,854
Real Estate Investment Trusts (REITs) - 4.4%
Anworth Mortgage Asset Corp.		1,045,060		5,319
Campus Crest Communities, Inc.		942,412		6,748
CYS Investments, Inc.		487,546		4,344
Hatteras Financial Corp.(2)		464,184		8,429
STORE Capital Corp.		604,268		14,110
				38,950
Thrifts & Mortgage Finance - 2.3%
Berkshire Hills Bancorp, Inc.		300,916		8,336
Dime Community Bancshares, Inc.		343,002		5,522
Oritani Financial Corp.		416,077		6,054
				19,912
HEALTH CARE - 1.9%
Health Care Equipment & Supplies - 0.5%
ICU Medical, Inc.(1)		45,303		4,219
Health Care Providers & Services - 0.6%
Owens & Minor, Inc.		157,174		5,319
Health Care Technology - 0.8%
Vocera Communications, Inc.(1)		697,259		6,917
INDUSTRIALS - 30.1%
Aerospace & Defense - 2.7%
Cubic Corp.		452,209		23,411
Building Products - 1.6%
Quanex Building Products Corp.		725,898		14,329
Commercial Services & Supplies - 2.6%
ABM Industries, Inc.		75,665		2,411
Civeo Corp.		543,927		1,381

36 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Commercial Services & Supplies (Continued)
Quad/Graphics, Inc.		58,942	$	1,354
Team, Inc.(1)		231,573		9,027
Tetra Tech, Inc.		367,108		8,818
				22,991
Construction & Engineering - 7.1%
Aegion Corp.(1)		249,054		4,496
Comfort Systems USA, Inc.		422,517		8,890
EMCOR Group, Inc.		820,619		38,134
MYR Group, Inc.(1)		203,618		6,381
Orion Marine Group, Inc.(1)		174,537		1,546
Tutor Perini Corp.(1)		125,193		2,923
				62,370
Electrical Equipment - 4.1%
AZZ, Inc.		268,272		12,499
Encore Wire Corp.		278,650		10,555
Franklin Electric Co., Inc.		109,748		4,186
Powell Industries, Inc.		262,222		8,855
				36,095
Machinery - 4.4%
Dynamic Materials Corp.		237,108		3,028
Global Brass & Copper Holdings, Inc.		273,005		4,218
Kennametal, Inc.(2)		304,478		10,258
TriMas Corp.(1)		55,409		1,706
Valmont Industries, Inc.		72,184		8,870
Woodward, Inc.		202,662		10,338
				38,418
Professional Services - 1.3%
FTI Consulting, Inc.(1)		216,690		8,117
TrueBlue, Inc.(1)		151,485		3,689
				11,806
Road & Rail - 2.4%
Celadon Group, Inc.		302,101		8,223
Ryder System, Inc.		131,277		12,457
				20,680
Trading Companies & Distributors - 3.9%
Air Lease Corp.		232,560		8,777
Applied Industrial Technologies, Inc.		76,137		3,452
Kaman Corp.		377,861		16,033
NOW, Inc.(1)		262,717		5,685
				33,947
INFORMATION TECHNOLOGY - 16.7%
Communications Equipment - 1.2%
ADTRAN, Inc.		581,539		10,857
Electronic Equipment, Instruments & Components - 8.5%
Anixter International, Inc.(1)		109,649		8,347
Arrow Electronics, Inc.(1)(2)		345,799		21,146
INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment, Instruments & Components (Continued)
Benchmark Electronics, Inc.(1)		204,825		4,922
Knowles Corp.(1)		342,024		6,591
Park Electrochemical Corp.		631,266		13,610
Tech Data Corp.(1)		345,041		19,933
				74,549
Internet Software & Services - 1.4%
Blucora, Inc.(1)		184,599		2,522
EarthLink Holdings Corp.		2,085,719		9,260
				11,782
Semiconductors & Semiconductor Equipment - 4.2%
MKS Instruments, Inc.		337,872		11,423
Nanometrics, Inc.(1)		602,597		10,136
Rudolph Technologies, Inc.(1)		251,704		2,774
Ultratech, Inc.(1)		730,440		12,666
				36,999
Software - 1.4%
MicroStrategy, Inc., Class A(1)		73,368		12,413
MATERIALS - 8.4%
Chemicals - 5.6%
American Vanguard Corp.		442,339		4,698
HB Fuller Co.		660,391		28,311
Intrepid Potash, Inc.(1)		83,165		960
Rayonier Advanced Materials Inc.		403,829		6,017
Sensient Technologies Corp.		127,423		8,777
				48,763
Metals & Mining - 2.8%
Alamos Gold, Inc.(3)		779,806		4,570
AuRico Gold, Inc.(3)		1,114,543		3,087
Carpenter Technology Corp.		116,007		4,510
Globe Specialty Metals, Inc.		269,612		5,101
Schnitzer Steel Industries, Inc., Class A		472,722		7,498
				24,766
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.2%
Atlantic Tele-Network, Inc.		159,346		11,030
UTILITIES - 0.3%
Multi-Utilities - 0.3%
NorthWestern Corp.		45,636		2,455
Total common stocks (Cost $659,641)				806,975

Artisan Partners Funds 37

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $61,175 (Cost $61,175)(4)	$	61,175	$	61,175
Total investments - 98.9% (Cost $720,816)				868,150
Other assets less liabilities - 1.1%				10,009
Total net assets - 100.0%(5)			$	878,159

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.

Security	Country	Trading Currency
Alamos Gold, Inc.	Canada	U.S. dollar
AuRico Gold, Inc.	Canada	U.S. dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	62,403

⁽⁵⁾  Percentages for the various classifications relate to total net assets.

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

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
EMCOR Group, Inc.	United States		4.3	%
World Fuel Services Corp.	United States		4.2
HB Fuller Co.	United States		3.2
Cubic Corp.	United States		2.7
Arrow Electronics, Inc.	United States		2.4
Tech Data Corp.	United States		2.3
Rent-A-Center, Inc.	United States		2.1
Kaman Corp.	United States		1.8
Patterson-UTI Energy, Inc.	United States		1.7
Quanex Building Products Corp.	United States		1.6
Total			26.3	%

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

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

38 Artisan Partners Funds

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2015 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 88.2%
CONSUMER DISCRETIONARY - 5.3%
Auto Components - 3.3%
Cie Generale des Etablissements Michelin(1)		427,036	$	42,524
Hotels, Restaurants & Leisure - 2.0%
Las Vegas Sands Corp.		473,624		26,068
ENERGY - 16.0%
Energy Equipment & Services - 2.0%
Noble Corp. plc		1,806,633		25,799
Oil, Gas & Consumable Fuels - 14.0%
Apache Corp.		627,547		37,860
Denbury Resources, Inc.(2)		4,815,896		35,108
Devon Energy Corp.		905,779		54,627
EOG Resources, Inc.		298,962		27,412
Phillips 66		345,353		27,145
				182,152
FINANCIALS - 19.2%
Capital Markets - 1.9%
Goldman Sachs Group, Inc.		135,271		25,427
Diversified Financial Services - 2.7%
Berkshire Hathaway, Inc., Class B(3)		242,742		35,033
Insurance - 12.1%
Alleghany Corp.(3)		95,283		46,403
Allstate Corp.		361,573		25,733
Arch Capital Group Ltd.(2)(3)		414,295		25,520
Chubb Corp.		358,055		36,199
Progressive Corp.		850,242		23,127
				156,982
Real Estate Investment Trusts (REITs) - 2.5%
American Capital Agency Corp.		753,200		16,066
Annaly Capital Management, Inc.		1,535,771		15,972
				32,038
HEALTH CARE - 5.9%
Health Care Providers & Services - 5.9%
Cigna Corp.		284,873		36,874
Express Scripts Holding Co.(3)		455,840		39,553
				76,427
INDUSTRIALS - 8.9%
Aerospace & Defense - 2.5%
Precision Castparts Corp.		156,584		32,883
Construction & Engineering - 4.2%
Jacobs Engineering Group, Inc.(3)		1,208,532		54,577
Machinery - 2.2%
Joy Global, Inc.(2)		727,784		28,514
INFORMATION TECHNOLOGY - 20.4%
Communications Equipment - 2.5%
Cisco Systems, Inc.		1,188,834		32,723
Electronic Equipment, Instruments & Components - 3.7%
Avnet, Inc.(2)		1,080,302		48,074
Internet Software & Services - 2.5%
Google, Inc. Class C(3)(4)		58,741		32,190
IT Services - 2.2%
International Business Machines Corp.		177,240		28,447
Software - 3.7%
Oracle Corp.		1,113,796		48,060
Technology Hardware, Storage & Peripherals - 5.8%
Apple, Inc.		332,958		41,430
EMC Corp./MA		1,354,465		34,620
				76,050
MATERIALS - 12.5%
Chemicals - 5.3%
LyondellBasell Industries N.V., Class A		380,723		33,427
Mosaic Co.		761,740		35,086
				68,513
Metals & Mining - 7.2%
Goldcorp, Inc.(1)		2,433,780		44,100
Kinross Gold Corp.(1)(3)		10,369,573		23,228
Nucor Corp.		559,354		26,586
				93,914
Total common stocks (Cost $1,018,765)				1,146,395

Artisan Partners Funds 39

	Shares Held		Value
PREFERRED STOCKS - 5.0%
INFORMATION TECHNOLOGY - 5.0%
Technology Hardware, Storage & Peripherals - 5.0%
Samsung Electronics Co., Ltd.(1)(4)		64,975	$	64,656
Total preferred stocks (Cost $44,981)				64,656
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/15, due 4/1/15, maturity value $94,017 (Cost $94,017)(5)	$	94,017	$	94,017
Total investments - 100.4% (Cost $1,157,763)				1,305,068
Other assets less liabilities - (0.4)%				(5,443	)
Total net assets - 100.0%(6)			$	1,299,625

⁽¹⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.

Security	Country	Trading Currency
Cie Generale des Etablissements Michelin	France	Euro
Goldcorp, Inc.	Canada	U.S. dollar
Kinross Gold Corp.	Canada	U.S. dollar
Samsung Electronics Co., Ltd.	Korea	Korean won

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Non-income producing security.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		3/31/2022	$	58,167
U.S. Treasury Note		2.375	%		8/15/2024		437
U.S. Treasury Note		2.750	%		11/15/2023		37,298
						$	95,902

⁽⁶⁾  Percentages for the various classifications relate to total net assets.

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

CURRENCY EXPOSURE - March 31, 2015 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Euro	$	42,524		3.3	%
Korean won		64,656		4.9
U.S. dollar		1,197,888		91.8
Total investments	$	1,305,068		100.0	%

TOP TEN HOLDINGS - March 31, 2015 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.0	%
Devon Energy Corp.	United States		4.2
Jacobs Engineering Group, Inc.	United States		4.2
Avnet, Inc.	United States		3.7
Oracle Corp.	United States		3.7
Alleghany Corp.	United States		3.5
Goldcorp, Inc.	Canada		3.4
Cie Generale des Etablissements Michelin	France		3.3
Apple, Inc.	United States		3.2
Express Scripts Holding Co.	United States		3.0
Total			37.2	%

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

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

40 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2015 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	66,056		$	247,046		$	1,081,286		$	112,141
Investments in securities, affiliated, at value		–			13,621			57,132			8,997
Short-term investments (repurchase agreements), at value		1,522			2,429			75,051			4,569
Total investments		67,578			263,096			1,213,469			125,707
Cash		7			1			1			–	(1)
Foreign currency		23			14			32			–	(1)
Receivable from investments sold		–			4,407			11,749			614
Receivable from fund shares sold		27			323			2,064			353
Dividends and interest receivable		736			349			2,444			71
Other assets		1			2			8			1
Total assets		68,372			268,192			1,229,767			126,746
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			–			49			–
Payable for investments purchased		–			3,574			8,882			1,037
Payable for fund shares redeemed		75			80			336			100
Payable for operating expenses		205			126			253			120
Payable for deferred director’s compensation		–	(1)		–	(1)		2			–	(1)
Payable for foreign taxes*		220			7			64			166
Total liabilities		500			3,787			9,586			1,423
Total net assets	$	67,872		$	264,405		$	1,220,181		$	125,323
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	200,718		$	231,515		$	985,147		$	133,895
Net unrealized appreciation on investments and foreign currency related transactions		7,236			28,537			237,421			1,175
Accumulated undistributed net investment loss		(1,797	)		(704	)		(3,117	)		(818	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(138,285	)		5,057			730			(8,929	)
Total net assets	$	67,872		$	264,405		$	1,220,181		$	125,323
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	28,931		$	264,405		$	674,194		$	125,323
Institutional Shares	$	38,941					$	545,987
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		2,405,358			15,511,124			35,087,090			11,247,669
Institutional Shares		3,260,309						28,283,906
Net asset value per share
Investor Shares	$	12.03		$	17.05		$	19.21		$	11.14
Institutional Shares	$	11.94					$	19.30
Cost of securities of unaffiliated issuers held	$	60,252		$	216,662		$	922,118		$	112,512
Cost of securities of affiliated issuers held	$	–		$	17,895		$	53,720		$	11,849
Cost of foreign currency	$	23		$	15		$	32		$	–	(1)
*Including foreign taxes on unrealized gains	$	71		$	–		$	–		$	166

⁽¹⁾  Amount rounds to less than $1.

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

Artisan Partners Funds 41

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2015 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL			INTERNATIONAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	1,511,789		$	640,401		$	18,576,245		$	892,744
Investments in securities, affiliated, at value		95,166			–			–			79,662
Short-term investments (repurchase agreements), at value		229,803			40,655			886,839			11,456
Total investments		1,836,758			681,056			19,463,084			983,862
Cash		1			193	(1)		1			–	(2)
Foreign currency		377			–			1,726			133
Receivable from investments sold		–			2,063			127,065			767
Receivable from fund shares sold		3,186			2,232			78,603			1,702
Dividends and interest receivable		3,454			11,369			56,007			1,158
Other assets		13			102			125			6
Total assets		1,843,789			697,015			19,726,611			987,628
LIABILITIES:
Unrealized loss on foreign currency forward contracts		5			93			–			–
Unrealized loss on unfunded loan commitments		–			63			–			–
Dividends declared		–			257			–			–
Payable for investments purchased		–			16,148			129,411			4,150
Payable for fund shares redeemed		1,773			2,107			15,151			498
Payable for operating expenses		537			53			3,935			396
Payable for deferred director’s compensation		3			1			25			1
Payable for foreign taxes		260			–			1,693			51
Due to custodian		–			1,564			–			–
Total liabilities		2,578			20,286			150,215			5,096
Total net assets	$	1,841,211		$	676,729		$	19,576,396		$	982,532
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,584,880		$	684,115		$	16,016,653		$	786,718
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		224,525			(5,662	)		3,664,644			169,242
Accumulated undistributed net investment income (loss)		(2,782	)		110			4,295			(2,636	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		34,588			(1,834	)		(109,196	)		29,208
Total net assets	$	1,841,211		$	676,729		$	19,576,396		$	982,532
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	1,249,640		$	423,259		$	15,336,994		$	982,532
Institutional Shares	$	591,571					$	4,239,402
Advisor Shares				$	253,470
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		80,179,694			42,697,498			491,127,907			41,761,095
Institutional Shares		37,911,808						134,836,387
Advisor Shares					25,568,948
Net asset value per share
Investor Shares	$	15.59		$	9.91		$	31.23		$	23.53
Institutional Shares	$	15.60					$	31.44
Advisor Shares				$	9.91
Cost of securities of unaffiliated issuers held	$	1,531,851		$	686,562		$	15,795,192		$	712,019
Cost of securities of affiliated issuers held	$	80,293		$	–		$	–		$	102,519
Cost of foreign currency	$	379		$	–		$	1,742		$	133

⁽¹⁾  Includes $193 for segregated cash used as collateral for unfunded loan commitments.

⁽²⁾  Amount rounds to less than $1.

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

42 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2015 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	8,304,251		$	8,922,208		$	7,235,497
Investments in securities, affiliated, at value		1,511,583			469,799			1,550,969
Short-term investments (repurchase agreements), at value		1,726,512			320,700			583,496
Total investments		11,542,346			9,712,707			9,369,962
Cash		–	(1)		1			1
Foreign currency		4,218			–			–
Receivable from investments sold		–			61,271			53,600
Receivable from fund shares sold		15,638			7,292			7,744
Dividends and interest receivable		30,194			564			15,436
Other assets		75			66			64
Total assets		11,592,471			9,781,901			9,446,807
LIABILITIES:
Unrealized loss on foreign currency forward contracts		1,421			–			–
Payable for investments purchased		–			46,736			8,763
Payable for fund shares redeemed		6,576			18,107			17,259
Payable for operating expenses		3,173			2,131			3,859
Payable for deferred director’s compensation		15			13			14
Payable for foreign taxes		2,243			17			–
Total liabilities		13,428			67,004			29,895
Total net assets	$	11,579,043		$	9,714,897		$	9,416,912
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	8,934,247		$	6,021,296		$	6,718,341
Net unrealized appreciation on investments and foreign currency related transactions		2,160,573			2,996,123			2,068,888
Accumulated undistributed net investment income (loss)		(92,301	)		(73,982	)		26,003
Accumulated undistributed net realized gains on investments and foreign currency related transactions		576,524			771,460			603,680
Total net assets	$	11,579,043		$	9,714,897		$	9,416,912
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	8,830,719		$	5,026,004		$	7,750,675
Institutional Shares	$	2,748,324		$	4,688,893		$	1,666,237
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		249,002,394			106,548,103			308,262,677
Institutional Shares		77,239,908			94,222,435			66,247,097
Net asset value per share
Investor Shares	$	35.46		$	47.17		$	25.14
Institutional Shares	$	35.58		$	49.76		$	25.15
Cost of securities of unaffiliated issuers held	$	8,205,630		$	6,360,864		$	5,916,584
Cost of securities of affiliated issuers held	$	1,173,030		$	355,720		$	1,384,490
Cost of foreign currency	$	4,237		$	–		$	–

⁽¹⁾  Amount rounds to less than $1.

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

Artisan Partners Funds 43

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2015 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP			SMALL CAP VALUE			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	1,374,366		$	767,142		$	1,073,835
Investments in securities, affiliated, at value		–			39,833			137,216
Short-term investments (repurchase agreements), at value		60,942			61,175			94,017
Total investments		1,435,308			868,150			1,305,068
Cash		1			–	(1)		1
Foreign currency		–			–			–	(1)
Receivable from investments sold		14,224			16,801			–
Receivable from fund shares sold		478			215			2,285
Dividends and interest receivable		18			1,327			2,720
Other assets		10			4			8
Total assets		1,450,039			886,497			1,310,082
LIABILITIES:
Payable for investments purchased		1,432			5,718			8,301
Payable for fund shares redeemed		788			1,950			1,466
Payable for operating expenses		448			667			520
Payable for deferred director’s compensation		2			2			2
Payable for foreign taxes		–			1			168
Total liabilities		2,670			8,338			10,457
Total net assets	$	1,447,369		$	878,159		$	1,299,625
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	963,862		$	687,176		$	1,104,098
Net unrealized appreciation on investments and foreign currency related transactions		458,765			147,334			147,254
Accumulated undistributed net investment income (loss)		(20,540	)		4,439			3,911
Accumulated undistributed net realized gains on investments and foreign currency related transactions		45,282			39,210			44,362
Total net assets	$	1,447,369		$	878,159		$	1,299,625
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	1,183,135		$	681,378		$	1,052,628
Institutional Shares	$	264,234		$	196,781		$	246,997
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		39,333,291			48,988,470			78,576,982
Institutional Shares		8,744,256			14,076,650			18,402,085
Net asset value per share
Investor Shares	$	30.08		$	13.91		$	13.40
Institutional Shares	$	30.22		$	13.98		$	13.42
Cost of securities of unaffiliated issuers held	$	976,543		$	694,063		$	1,014,584
Cost of securities of affiliated issuers held	$	–		$	26,753		$	143,179
Cost of foreign currency	$	–		$	–		$	–	(1)

⁽¹⁾  Amount rounds to less than $1.

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

44 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2015 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	1,691		$	977		$	5,793		$	484
Interest		–			–			–	(1)		–
Total investment income		1,691			977			5,793			484
EXPENSES:
Management fees		1,299			1,232			5,215			716
Transfer agent fees
Investor Shares		66			297			792			214
Institutional Shares		10						10
Shareholder communications
Investor Shares		7			11			47			12
Institutional Shares		9						4
Custodian fees		168			46			89			46
Accounting fees		44			35			44			39
Professional fees		49			25			34			16
Registration fees
Investor Shares		13			29			29			36
Institutional Shares		20						32
Directors’ fees		5			3			16			3
Other operating expenses		10			3			11			1
Total operating expenses		1,700			1,681			6,323			1,083
Less amounts waived or paid by the Adviser		(39	)		–			–			(9	)
Net expenses		1,661			1,681			6,323			1,074
Net investment income (loss)		30			(704	)		(530	)		(590	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)		16,877			6,485			4,313			(6,735	)
Investments, from affiliated issuers		–			(272	)		(500	)		(2,128	)
Foreign currency related transactions		(503	)		(29	)		2,981			(61	)
Total realized gain (loss)		16,374			6,184			6,794			(8,924	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)		(25,398	)		18,306			49,328			13,184
Investments, from affiliated issuers		–			(3,680	)		(5,201	)		(2,081	)
Foreign currency related transactions		(9	)		15			(1,519	)		3
Total increase (decrease) in unrealized appreciation or depreciation		(25,407	)		14,641			42,608			11,106
Net gain (loss) on investments and foreign currency related transactions		(9,033	)		20,825			49,402			2,182
Net increase (decrease) in net assets resulting from operations	$	(9,003	)	$	20,121		$	48,872		$	1,592
(1) Amount rounds to less than $1.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	253		$	12		$	7		$	28
(3) Net of foreign taxes on realized gains		243			30			–			4
(4) Net of increase (decrease) in foreign taxes on unrealized gains		(639	)		(16	)		–			166

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

Artisan Partners Funds 45

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2015 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL			INTERNATIONAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	13,284		$	–		$	103,951		$	4,999
Dividends, from affiliated issuers(3)		–			–			2,868			–
Interest		–	(1)		20,696			–			–	(1)
Total investment income		13,284			20,696			106,819			4,999
EXPENSES:
Management fees		9,122			2,068			83,388			6,237
Transfer agent fees
Investor Shares		1,481			370			13,630			1,023
Institutional Shares		10						12
Advisor Shares					101
Shareholder communications
Investor Shares		71			17			445			29
Institutional Shares		4						17
Advisor Shares					10
Custodian fees		109			6			1,649			203
Accounting fees		44			28			45			35
Professional fees		55			67			232			44
Offering fees		–			19			–			–
Registration fees
Investor Shares		57			27			239			31
Institutional Shares		25						31
Advisor Shares					30
Directors’ fees		26			7			249			15
Other operating expenses		13			2			113			10
Total operating expenses		11,017			2,752			100,050			7,627
Net investment income (loss)		2,267			17,944			6,769			(2,628	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		34,064			(623	)		75,639			43,680
Investments, from affiliated issuers		(590	)		–			29,114			(5,212	)
Foreign currency related transactions		2,797			(216	)		(3,536	)		(376	)
Total realized gain (loss)		36,271			(839	)		101,217			38,092
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		8,155			1,398			1,005,201			8,606
Investments, from affiliated issuers		9,410			–			(260,710	)		(18,967	)
Foreign currency related transactions		(1,470	)		(315	)		(1,656	)		16
Total increase (decrease) in unrealized appreciation or depreciation		16,095			1,083			742,835			(10,345	)
Net gain on investments and foreign currency related transactions		52,366			244			844,052			27,747
Net increase in net assets resulting from operations	$	54,633		$	18,188		$	850,821		$	25,119
(1) Amount rounds to less than $1.
(2) Net of foreign taxes withheld on dividends,  unaffiliated issuers	$	535		$	–		$	7,187		$	245
(3) Net of foreign taxes withheld on dividends, affiliated issuers		–			–			319			–

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

46 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2015 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	54,701		$	22,720		$	103,397
Dividends, from affiliated issuers(3)		1,127			683			14,555
Interest		–	(1)		–			–
Total investment income		55,828			23,403			117,952
EXPENSES:
Management fees		52,512			45,063			47,043
Transfer agent fees
Investor Shares		8,688			5,861			9,767
Institutional Shares		11			16			12
Shareholder communications
Investor Shares		297			286			1,012
Institutional Shares		6			43			33
Custodian fees		891			130			96
Accounting fees		44			30			29
Professional fees		161			126			171
Registration fees
Investor Shares		103			63			60
Institutional Shares		25			85			40
Directors’ fees		162			136			155
Other operating expenses		85			72			88
Total operating expenses		62,985			51,911			58,506
Net investment income (loss)		(7,157	)		(28,508	)		59,446
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		605,974			871,686			772,009
Investments, from affiliated issuers		(6,625	)		911			(23,205	)
Foreign currency related transactions		96,643			–			–
Total realized gain		695,992			872,597			748,804
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(218,902	)		92,783			(401,258	)
Investments, from affiliated issuers		(8,430	)		(40,909	)		(57,051	)
Foreign currency related transactions		(48,777	)		–			–
Total increase (decrease) in unrealized appreciation or depreciation		(276,109	)		51,874			(458,309	)
Net gain on investments and foreign currency related transactions		419,883			924,471			290,495
Net increase in net assets resulting from operations	$	412,726		$	895,963		$	349,941
(1) Amount rounds to less than $1.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	4,238		$	44		$	396
(3) Net of foreign taxes withheld on dividends, affiliated issuers		125			–			–

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

Artisan Partners Funds 47

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2015 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP			SMALL CAP VALUE			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	1,410		$	11,203		$	12,114
Dividends, from affiliated issuers		–			770			981
Interest		–			–			–	(1)
Total investment income		1,410			11,973			13,095
EXPENSES:
Management fees		7,274			5,956			4,811
Transfer agent fees
Investor Shares		1,303			1,110			1,258
Institutional Shares		9			9			9
Shareholder communications
Investor Shares		127			235			132
Institutional Shares		9			15			5
Custodian fees		20			33			53
Accounting fees		30			32			29
Professional fees		42			54			37
Registration fees
Investor Shares		29			29			34
Institutional Shares		15			16			17
Directors’ fees		21			23			20
Other operating expenses		14			22			13
Total operating expenses		8,893			7,534			6,418
Net investment income (loss)		(7,483	)		4,439			6,677
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		112,261			74,634			86,440
Investments, from affiliated issuers		(868	)		7,982			(6,015	)
Foreign currency related transactions		–			–			(178	)
Total realized gain		111,393			82,616			80,247
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		69,220			(61,319	)		(34,507	)
Investments, from affiliated issuers		3,813			(18,183	)		(25,171	)
Foreign currency related transactions		–			–			(36	)
Total increase (decrease) in unrealized appreciation or depreciation		73,033			(79,502	)		(59,714	)
Net gain on investments and foreign currency related transactions		184,426			3,114			20,533
Net increase in net assets resulting from operations	$	176,943		$	7,553		$	27,210
(1) Amount rounds to less than $1.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	–		$	31		$	278

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

48 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	EMERGING MARKETS						GLOBAL EQUITY
	Six Months Ended 3/31/2015(2)			Year Ended 9/30/2014(1)			Six Months Ended 3/31/2015(2)			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	30		$	4,955		$	(704	)	$	(297	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		16,877			(40,579	)		6,485			7,333
Investments, from affiliated issuers		–			–			(272	)		(34	)
Foreign currency related transactions		(503	)		(154	)		(29	)		(35	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(25,398	)		53,274			18,306			6,496
Investments, from affiliated issuers		–			–			(3,680	)		(594	)
Foreign currency related transactions		(9	)		10			15			(15	)
Net increase (decrease) in net assets resulting from operations		(9,003	)		17,506			20,121			12,854
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(405	)		(1,021	)		–			–
Institutional Shares		(3,071	)		(4,377	)
Net realized gains on investment transactions:
Investor Shares		–			–			(7,233	)		(7,484	)
Total distributions paid to shareholders		(3,476	)		(5,398	)		(7,233	)		(7,484	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(325,000	)		(269,148	)		15,247			74,809
Total increase (decrease) in net assets		(337,479	)		(257,040	)		28,135			80,179
Net assets, beginning of period		405,351			662,391			236,270			156,091
Net assets, end of period	$	67,872		$	405,351		$	264,405		$	236,270
Accumulated undistributed net investment income (loss)	$	(1,797	)	$	1,649		$	(704	)	$	–

⁽¹⁾  Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽²⁾  Unaudited.

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES						GLOBAL SMALL CAP
	Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014			Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	(530	)	$	1,598		$	(590	)	$	108
Net realized gain (loss) on:
Investments, from unaffiliated issuers		4,313			28,167			(6,735	)		2,895
Investments, from affiliated issuers		(500	)		(1	)		(2,128	)		(763	)
Foreign currency related transactions		2,981			841			(61	)		(67	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		49,328			42,635			13,184			(9,918	)
Investments, from affiliated issuers		(5,201	)		8,613		��	(2,081	)		(771	)
Foreign currency related transactions		(1,519	)		1,318			3			(7	)
Net increase (decrease) in net assets resulting from operations		48,872			83,171			1,592			(8,523	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(2,108	)		–			(250	)		(38	)
Institutional Shares		(2,576	)		–
Net realized gains on investment transactions:
Investor Shares		(16,250	)		–			(2,100	)		(85	)
Institutional Shares		(10,211	)		–
Total distributions paid to shareholders		(31,145	)		–			(2,350	)		(123	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		42,746			322,388			(40,031	)		135,180
Total increase (decrease) in net assets		60,473			405,559			(40,789	)		126,534
Net assets, beginning of period		1,159,708			754,149			166,112			39,578
Net assets, end of period	$	1,220,181		$	1,159,708		$	125,323		$	166,112
Accumulated undistributed net investment income (loss)	$	(3,117	)	$	2,097		$	(818	)	$	22

⁽¹⁾  Unaudited.

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

50 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL VALUE						HIGH INCOME
	Six Months Ended 3/31/2015(2)			Year Ended 9/30/2014			Six Months Ended 3/31/2015(2)			Period Ended 9/30/2014(1)
OPERATIONS:
Net investment income	$	2,267		$	10,935		$	17,944		$	8,296
Net realized gain (loss) on:
Investments, from unaffiliated issuers		34,064			58,251			(623	)		1,286
Investments, from affiliated issuers		(590	)		–			–			–
Foreign currency related transactions		2,797			717			(216	)		288
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		8,155			74,560			1,398			(6,967	)
Investments, from affiliated issuers		9,410			(248	)		–			–
Foreign currency related transactions		(1,470	)		1,348			(315	)		222
Net increase in net assets resulting from operations		54,633			145,563			18,188			3,125
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(6,402	)		(5,322	)		(10,718	)		(4,561	)
Institutional Shares		(3,909	)		(3,036	)
Advisor Shares								(7,226	)		(3,737	)
Net realized gains on investment transactions:
Investor Shares		(35,854	)		(15,793	)		(1,377	)		–
Institutional Shares		(15,333	)		(7,056	)
Advisor Shares								(1,005	)		–
Total distributions paid to shareholders		(61,498	)		(31,207	)		(20,326	)		(8,298	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(19,104	)		608,003			172,876			511,164
Total increase (decrease) in net assets		(25,969	)		722,359			170,738			505,991
Net assets, beginning of period		1,867,180			1,144,821			505,991			–
Net assets, end of period	$	1,841,211		$	1,867,180		$	676,729		$	505,991
Accumulated undistributed net investment income (loss)	$	(2,782	)	$	5,262		$	110		$	110

⁽¹⁾  For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽²⁾  Unaudited.

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

Artisan Partners Funds 51

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL						INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014			Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	6,769		$	144,872		$	(2,628	)	$	(535	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		75,639			944,468			43,680			78,161
Investments, from affiliated issuers		29,114			12,235			(5,212	)		(735	)
Foreign currency related transactions		(3,536	)		(3,296	)		(376	)		(430	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		1,005,201			(551,682	)		8,606			(100,813	)
Investments, from affiliated issuers		(260,710	)		260,710			(18,967	)		(3,890	)
Foreign currency related transactions		(1,656	)		(2,425	)		16			(114	)
Net increase (decrease) in net assets resulting from operations		850,821			804,882			25,119			(28,356	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(104,597	)		(104,230	)		–			(4,981	)
Institutional Shares		(35,466	)		(42,531	)
Net realized gains on investment transactions:
Investor Shares		–			–			(59,359	)		(64,140	)
Total distributions paid to shareholders		(140,063	)		(146,761	)		(59,359	)		(69,121	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		1,331,812			3,454,481			(73,319	)		191,418
Total increase (decrease) in net assets		2,042,570			4,112,602			(107,559	)		93,941
Net assets, beginning of period		17,533,826			13,421,224			1,090,091			996,150
Net assets, end of period	$	19,576,396		$	17,533,826		$	982,532		$	1,090,091
Accumulated undistributed net investment income (loss)	$	4,295		$	137,589		$	(2,636	)	$	(8	)

⁽¹⁾  Unaudited.

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

52 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE						MID CAP
	Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014			Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	(7,157	)	$	105,165		$	(28,508	)	$	(61,306	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		605,974			516,896			871,686			1,172,744
Investments, from affiliated issuers		(6,625	)		51,690			911			49,467
Foreign currency related transactions		96,643			24,383			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(218,902	)		68,965			92,783			(519,345	)
Investments, from affiliated issuers		(8,430	)		(114,770	)		(40,909	)		(94,153	)
Foreign currency related transactions		(48,777	)		45,286			–			–
Net increase in net assets resulting from operations		412,726			697,615			895,963			547,407
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(132,953	)		(141,848	)		–			–
Institutional Shares		(44,007	)		(41,492	)		–			–
Net realized gains on investment transactions:
Investor Shares		(440,577	)		(484,885	)		(525,174	)		(435,868	)
Institutional Shares		(128,108	)		(132,447	)		(429,113	)		(268,248	)
Total distributions paid to shareholders		(745,645	)		(800,672	)		(954,287	)		(704,116	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		502,126			1,062,751			271,804			581,357
Total increase in net assets		169,207			959,694			213,480			424,648
Net assets, beginning of period		11,409,836			10,450,142			9,501,417			9,076,769
Net assets, end of period	$	11,579,043		$	11,409,836		$	9,714,897		$	9,501,417
Accumulated undistributed net investment income (loss)	$	(92,301	)	$	91,816		$	(73,982	)	$	(45,474	)

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 53

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP VALUE						SMALL CAP
	Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014			Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	59,446		$	57,588		$	(7,483	)	$	(17,290	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		772,009			841,487			112,261			19,466
Investments, from affiliated issuers		(23,205	)		186,104			(868	)		10,002
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(401,258	)		(93,241	)		69,220			(9,486	)
Investments, from affiliated issuers		(57,051	)		(180,216	)		3,813			(63,278	)
Net increase (decrease) in net assets resulting from operations		349,941			811,722			176,943			(60,586	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(56,887	)		(40,163	)		–			–
Institutional Shares		(15,736	)		(9,155	)		–			–
Net realized gains on investment transactions:
Investor Shares		(856,469	)		(400,451	)		–			–
Institutional Shares		(163,097	)		(60,467	)		–			–
Total distributions paid to shareholders		(1,092,189	)		(510,236	)		–			–
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(848,891	)		(89,475	)		(189,267	)		(34,679	)
Total increase (decrease) in net assets		(1,591,139	)		212,011			(12,324	)		(95,265	)
Net assets, beginning of period		11,008,051			10,796,040			1,459,693			1,554,958	��
Net assets, end of period	$	9,416,912		$	11,008,051		$	1,447,369		$	1,459,693
Accumulated undistributed net investment income (loss)	$	26,003		$	39,180		$	(20,540	)	$	(13,057	)

⁽¹⁾  Unaudited.

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

54 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP VALUE						VALUE
	Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014			Six Months Ended 3/31/2015(1)			Year Ended 9/30/2014
OPERATIONS:
Net investment income	$	4,439		$	1,541		$	6,677		$	15,700
Net realized gain (loss) on:
Investments, from unaffiliated issuers		74,634			288,938			86,440			95,846
Investments, from affiliated issuers		7,982			81,839			(6,015	)		279
Foreign currency related transactions		–			–	(2)		(178	)		(46	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(61,319	)		(287,537	)		(34,507	)		38,694
Investments, from affiliated issuers		(18,183	)		(53,385	)		(25,171	)		(84	)
Foreign currency related transactions		–			–	(2)		(36	)		(15	)
Net increase in net assets resulting from operations		7,553			31,396			27,210			150,374
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			(5,806	)		(9,207	)		(7,502	)
Institutional Shares		–			(1,030	)		(3,246	)		(2,037	)
Net realized gains on investment transactions:
Investor Shares		(210,711	)		(86,756	)		(74,612	)		(56,730	)
Institutional Shares		(50,568	)		(12,496	)		(19,962	)		(11,945	)
Total distributions paid to shareholders		(261,279	)		(106,088	)		(107,027	)		(78,214	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(454,271	)		(1,103,295	)		(97,178	)		(9,170	)
Total increase (decrease) in net assets		(707,997	)		(1,177,987	)		(176,995	)		62,990
Net assets, beginning of period		1,586,156			2,764,143			1,476,620			1,413,630
Net assets, end of period	$	878,159		$	1,586,156		$	1,299,625		$	1,476,620
Accumulated undistributed net investment income	$	4,439		$	–		$	3,911		$	9,687

⁽¹⁾  Unaudited.

⁽²⁾  Amount rounds to less than $1.

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

Artisan Partners Funds 55

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

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

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
EMERGING MARKETS FUND
Investor Shares(5)
3/31/2015(6)	$	12.54		(0.01	)		(0.40	)		(0.41	)		(0.10	)		—			(0.10	)	$	12.03
9/30/2014	$	12.32		0.08			0.20			0.28			(0.06	)		—			(0.06	)	$	12.54
9/30/2013	$	12.76		0.10			(0.38	)		(0.28	)		(0.16	)		—			(0.16	)	$	12.32
9/30/2012	$	11.38		0.10			1.38			1.48			(0.07	)		(0.03	)		(0.10	)	$	12.76
9/30/2011	$	15.24		0.18			(3.94	)		(3.76	)		(0.10	)		—			(0.10	)	$	11.38
9/30/2010	$	13.03		0.18			2.12			2.30			(0.09	)		—			(0.09	)	$	15.24
Institutional Shares
3/31/2015(6)	$	12.52		—	(7)		(0.40	)		(0.40	)		(0.18	)		—			(0.18	)	$	11.94
9/30/2014	$	12.32		0.12			0.20			0.32			(0.12	)		—			(0.12	)	$	12.52
9/30/2013	$	12.75		0.14			(0.37	)		(0.23	)		(0.20	)		—			(0.20	)	$	12.32
9/30/2012	$	11.37		0.15			1.36			1.51			(0.10	)		(0.03	)		(0.13	)	$	12.75
9/30/2011	$	15.23		0.21			(3.93	)		(3.72	)		(0.14	)		—			(0.14	)	$	11.37
9/30/2010	$	13.02		0.17			2.15			2.32			(0.11	)		—			(0.11	)	$	15.23
GLOBAL EQUITY FUND
Investor Shares
3/31/2015(6)	$	16.18		(0.05	)		1.41			1.36			—			(0.49	)		(0.49	)	$	17.05
9/30/2014	$	15.72		(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)	$	16.18
9/30/2013	$	13.05		(0.01	)		3.23			3.22			(0.03	)		(0.52	)		(0.55	)	$	15.72
9/30/2012	$	9.83		0.05			3.38			3.43			(0.03	)		(0.18	)		(0.21	)	$	13.05
9/30/2011	$	10.23		(0.03	)		(0.23	)		(0.26	)		(0.06	)		(0.08	)		(0.14	)	$	9.83
9/30/2010(8)	$	10.00		0.03			0.20			0.23			—			—			—		$	10.23
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2015(6)	$	18.92		(0.02	)		0.80			0.78			(0.06	)		(0.43	)		(0.49	)	$	19.21
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—		$	18.92
9/30/2013	$	14.27		(0.05	)		3.07			3.02			—			—			—		$	17.29
9/30/2012	$	10.90		(0.06	)		3.54			3.48			—			(0.11	)		(0.11	)	$	14.27
9/30/2011	$	10.99		(0.09	)		0.13			0.04			—			(0.13	)		(0.13	)	$	10.90
9/30/2010	$	9.14		(0.09	)		1.94			1.85			—			—			—		$	10.99

Footnotes are presented on Page 67.

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

56 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)(4)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
EMERGING MARKETS FUND
Investor Shares(5)
3/31/2015(6)		(3.32	)%	$	28,931		1.50	%		1.67	%		(0.18	)%		13.29	%
9/30/2014		2.29	%	$	67,065		1.50	%		1.51	%		0.64	%		32.26	%
9/30/2013		(2.25	)%	$	199,920		1.48	%		n/a			0.76	%		35.89	%
9/30/2012		13.10	%	$	292,420		1.48	%		n/a			0.85	%		38.19	%
9/30/2011		(24.86	)%	$	317,186		1.47	%		n/a			1.19	%		30.86	%
9/30/2010		17.75	%	$	235,609		1.50	%		1.73	%		1.28	%		25.89	%
Institutional Shares
3/31/2015(6)		(3.34	)%	$	38,941		1.31	%		n/a			0.07	%		13.29	%
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%
9/30/2013		(1.91	)%	$	462,471		1.18	%		n/a			1.15	%		35.89	%
9/30/2012		13.47	%	$	494,836		1.16	%		n/a			1.25	%		38.19	%
9/30/2011		(24.67	)%	$	352,093		1.19	%		n/a			1.41	%		30.86	%
9/30/2010		17.94	%	$	284,187		1.31	%		n/a			1.25	%		25.89	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2015(6)		8.60	%	$	264,405		1.37	%		n/a			(0.57	)%		48.08	%
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
9/30/2013		25.51	%	$	156,091		1.50	%		1.77	%		(0.08	)%		126.40	%
9/30/2012		35.43	%	$	15,538		1.50	%		3.05	%		0.43	%		98.03	%
9/30/2011		(2.66	)%	$	10,908		1.50	%		3.12	%		0.28	%		150.01	%
9/30/2010(8)		2.30	%	$	10,469		1.50	%		3.66	%		0.69	%		60.81	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2015(6)		4.21	%	$	674,194		1.18	%		n/a			(0.20	)%		31.12	%
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
9/30/2013		21.16	%	$	542,242		1.28	%		n/a			(0.29	)%		41.76	%
9/30/2012		32.37	%	$	228,090		1.34	%		n/a			(0.46	)%		43.30	%
9/30/2011		0.14	%	$	142,758		1.40	%		n/a			(0.73	)%		76.18	%
9/30/2010		20.24	%	$	72,458		1.50	%		1.54	%		(0.91	)%		79.99	%

Footnotes are presented on Page 67.

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees		Net Asset Value, End of Period
GLOBAL OPPORTUNITIES FUND
Institutional Shares
3/31/2015(6)	$	19.04		0.01			0.79			0.80			(0.11	)		(0.43	)		(0.54	)		—	$	19.30
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—			—	$	19.04
9/30/2013	$	14.29		(0.01	)		3.07			3.06			—			—			—			—	$	17.35
9/30/2012	$	10.88		0.01			3.51			3.52			—			(0.11	)		(0.11	)		—	$	14.29
9/30/2011(9)	$	13.38		(0.02	)		(2.48	)		(2.50	)		—			—			—			—	$	10.88
GLOBAL SMALL CAP FUND
Investor Shares
3/31/2015(6)	$	11.07		(0.04	)		0.27			0.23			(0.02	)		(0.14	)		(0.16	)		—	$	11.14
9/30/2014	$	10.61		0.01			0.48			0.49			(0.01	)		(0.02	)		(0.03	)		—	$	11.07
9/30/2013(10)	$	10.00		0.01			0.60			0.61			—			—			—			—	$	10.61
GLOBAL VALUE FUND
Investor Shares
3/31/2015(6)	$	15.63		0.01			0.47			0.48			(0.08	)		(0.44	)		(0.52	)		—	$	15.59
9/30/2014	$	14.44		0.09			1.45			1.54			(0.09	)		(0.26	)		(0.35	)		—	$	15.63
9/30/2013	$	11.58		0.06			2.89			2.95			(0.06	)		(0.03	)		(0.09	)		—	$	14.44
9/30/2012	$	9.28		0.05			2.42			2.47			—			(0.17	)		(0.17	)		—	$	11.58
9/30/2011	$	9.37		0.06			(0.07	)		(0.01	)		(0.08	)		—			(0.08	)		—	$	9.28
9/30/2010	$	8.64		0.06			0.87			0.93			(0.20	)		—			(0.20	)		—	$	9.37
Institutional Shares
3/31/2015(6)	$	15.67		0.03			0.45			0.48			(0.11	)		(0.44	)		(0.55	)		—	$	15.60
9/30/2014	$	14.46		0.13			1.45			1.58			(0.11	)		(0.26	)		(0.37	)		—	$	15.67
9/30/2013	$	11.58		0.07			2.91			2.98			(0.07	)		(0.03	)		(0.10	)		—	$	14.46
9/30/2012(11)	$	10.75		0.01			0.82			0.83			—			—			—			—	$	11.58
HIGH INCOME FUND
Investor Shares
3/31/2015(6)	$	9.97		0.31			(0.02	)		0.29			(0.31	)		(0.04	)		(0.35	)		—	$	9.91
9/30/2014(12)	$	10.00		0.27			(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
3/31/2015(6)	$	9.97		0.31			(0.02	)		0.29			(0.31	)		(0.04	)		(0.35	)		—	$	9.91
9/30/2014(12)	$	10.00		0.28			(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97

Footnotes are presented on Page 67.

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

58 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net  Assets Excluding Waivers(3)(4)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
GLOBAL OPPORTUNITIES FUND
Institutional Shares
3/31/2015(6)		4.31	%	$	545,987		0.95	%		n/a			0.07	%		31.12	%
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%
9/30/2013		21.41	%	$	211,907		1.03	%		n/a			(0.05	)%		41.76	%
9/30/2012		32.68	%	$	84,183		1.08	%		n/a			0.07	%		43.30	%
9/30/2011(9)		(18.68	)%	$	12,969		1.50	%		2.22	%		(1.42	)%		76.18	%
GLOBAL SMALL CAP FUND
Investor Shares
3/31/2015(6)		2.12	%	$	125,323		1.50	%		1.51	%		(0.82	)%		49.23	%
9/30/2014		4.62	%	$	166,112		1.50	%		1.55	%		0.09	%		72.15	%
9/30/2013(10)		6.10	%	$	39,578		1.50	%		2.51	%		0.37	%		9.98	%
GLOBAL VALUE FUND
Investor Shares
3/31/2015(6)		3.09	%	$	1,249,640		1.27	%		n/a			0.17	%		5.63	%
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
9/30/2013		25.68	%	$	783,265		1.37	%		n/a			0.45	%		30.79	%
9/30/2012		26.90	%	$	217,057		1.50	%		1.51	%		0.50	%		22.34	%
9/30/2011		(0.23	)%	$	65,666		1.50	%		1.72	%		0.56	%		32.32	%
9/30/2010		10.98	%	$	34,754		1.50	%		1.96	%		0.71	%		34.52	%
Institutional Shares
3/31/2015(6)		3.11	%	$	591,571		1.03	%		n/a			0.42	%		5.63	%
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012(11)		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%
HIGH INCOME FUND
Investor Shares
3/31/2015(6)		2.97	%	$	423,259		1.01	%		n/a			6.26	%		48.80	%
9/30/2014(12)		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
3/31/2015(6)		3.03	%	$	253,470		0.89	%		n/a			6.34	%		48.80	%
9/30/2014(12)		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%

Footnotes are presented on Page 67.

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

Artisan Partners Funds 59

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL FUND
Investor Shares
3/31/2015(6)	$	30.04		0.01			1.41			1.42			(0.23	)		—			(0.23	)	$	31.23
9/30/2014	$	28.66		0.26			1.41			1.67			(0.29	)		—			(0.29	)	$	30.04
9/30/2013	$	23.54		0.31			5.08			5.39			(0.27	)		—			(0.27	)	$	28.66
9/30/2012	$	18.37		0.28			5.17			5.45			(0.28	)		—			(0.28	)	$	23.54
9/30/2011	$	20.57		0.26			(2.28	)		(2.02	)		(0.18	)		—			(0.18	)	$	18.37
9/30/2010	$	20.16		0.17			0.49			0.66			(0.25	)		—			(0.25	)	$	20.57
Institutional Shares
3/31/2015(6)	$	30.27		0.03			1.43			1.46			(0.29	)		—			(0.29	)	$	31.44
9/30/2014	$	28.86		0.32			1.43			1.75			(0.34	)		—			(0.34	)	$	30.27
9/30/2013	$	23.70		0.38			5.10			5.48			(0.32	)		—			(0.32	)	$	28.86
9/30/2012	$	18.50		0.33			5.21			5.54			(0.34	)		—			(0.34	)	$	23.70
9/30/2011	$	20.72		0.32			(2.31	)		(1.99	)		(0.23	)		—			(0.23	)	$	18.50
9/30/2010	$	20.29		0.22			0.49			0.71			(0.28	)		—			(0.28	)	$	20.72
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2015(6)	$	24.30		(0.06	)		0.67			0.61			—			(1.38	)		(1.38	)	$	23.53
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)	$	24.30
9/30/2013	$	20.75		0.05			5.82			5.87			(0.23	)		—			(0.23	)	$	26.39
9/30/2012	$	16.44		0.24			4.14			4.38			(0.07	)		—			(0.07	)	$	20.75
9/30/2011	$	18.63		0.07			(2.25	)		(2.18	)		(0.01	)		—			(0.01	)	$	16.44
9/30/2010	$	16.66		0.02			2.07			2.09			(0.12	)		—			(0.12	)	$	18.63
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2015(6)	$	36.56		(0.03	)		1.29			1.26			(0.55	)		(1.81	)		(2.36	)	$	35.46
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)	$	36.56
9/30/2013	$	28.72		0.28			8.44			8.72			(0.29	)		(0.14	)		(0.43	)	$	37.01
9/30/2012	$	23.44		0.29			5.07			5.36			(0.01	)		(0.07	)		(0.08	)	$	28.72
9/30/2011	$	24.74		0.30			(1.25	)		(0.95	)		(0.35	)		—			(0.35	)	$	23.44
9/30/2010	$	22.83		0.31			2.02			2.33			(0.42	)		—			(0.42	)	$	24.74

Footnotes are presented on Page 67.

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

60 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net  Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
INTERNATIONAL FUND
Investor Shares
3/31/2015(6)		4.74	%	$	15,336,994		1.15	%		n/a		0.03	%		25.81	%
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a		0.85	%		46.49	%
9/30/2013		23.11	%	$	9,829,540		1.20	%		n/a		1.21	%		42.00	%
9/30/2012		30.05	%	$	6,877,615		1.19	%		n/a		1.32	%		55.39	%
9/30/2011		(9.95	)%	$	5,837,067		1.22	%		n/a		1.18	%		70.36	%
9/30/2010		3.27	%	$	7,294,721		1.23	%		n/a		0.86	%		70.51	%
Institutional Shares
3/31/2015(6)		4.84	%	$	4,239,402		0.95	%		n/a		0.22	%		25.81	%
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a		1.05	%		46.49	%
9/30/2013		23.35	%	$	3,591,684		0.97	%		n/a		1.43	%		42.00	%
9/30/2012		30.37	%	$	2,772,675		0.98	%		n/a		1.52	%		55.39	%
9/30/2011		(9.76	)%	$	1,989,341		0.99	%		n/a		1.42	%		70.36	%
9/30/2010		3.54	%	$	2,353,948		0.98	%		n/a		1.10	%		70.51	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2015(6)		2.72	%	$	982,532		1.53	%		n/a		(0.53	)%		26.07	%
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a		(0.05	)%		57.94	%
9/30/2013		28.50	%	$	996,150		1.51	%		n/a		0.19	%		59.47	%
9/30/2012		26.77	%	$	716,049		1.50	%		n/a		1.27	%		42.01	%
9/30/2011		(11.70	)%	$	554,726		1.50	%		n/a		0.35	%		44.76	%
9/30/2010		12.60	%	$	797,393		1.50	%		n/a		0.14	%		73.90	%
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2015(6)		3.63	%	$	8,830,719		1.16	%		n/a		(0.18	)%		9.17	%
9/30/2014		6.50	%	$	8,953,691		1.16	%		n/a		0.86	%		20.45	%
9/30/2013		30.71	%	$	8,158,057		1.16	%		n/a		0.85	%		32.99	%
9/30/2012		22.94	%	$	5,081,735		1.17	%		n/a		1.08	%		20.42	%
9/30/2011		(4.01	)%	$	3,232,649		1.18	%		n/a		1.10	%		30.90	%
9/30/2010		10.39	%	$	2,688,156		1.21	%		n/a		1.34	%		21.02	%

Footnotes are presented on Page 67.

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

Artisan Partners Funds 61

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Institutional Shares
3/31/2015(6)	$	36.71		0.01			1.29			1.30			(0.62	)		(1.81	)		(2.43	)	$	35.58
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)	$	36.71
9/30/2013	$	28.80		0.34			8.46			8.80			(0.34	)		(0.14	)		(0.48	)	$	37.12
9/30/2012	$	23.47		0.34			5.09			5.43			(0.03	)		(0.07	)		(0.10	)	$	28.80
9/30/2011	$	24.76		0.35			(1.24	)		(0.89	)		(0.40	)		—			(0.40	)	$	23.47
9/30/2010	$	22.83		0.36			2.02			2.38			(0.45	)		—			(0.45	)	$	24.76
MID CAP FUND
Investor Shares
3/31/2015(6)	$	47.67		(0.16	)		4.54			4.38			—			(4.88	)		(4.88	)	$	47.17
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)	$	47.67
9/30/2013	$	38.80		(0.26	)		11.97			11.71			—			(1.82	)		(1.82	)	$	48.69
9/30/2012	$	31.14		(0.28	)		7.94			7.66			—			—			—		$	38.80
9/30/2011	$	29.55		(0.26	)		1.85			1.59			—			—			—		$	31.14
9/30/2010	$	24.28		(0.20	)		5.47			5.27			—			—			—		$	29.55
Institutional Shares
3/31/2015(6)	$	49.98		(0.11	)		4.77			4.66			—			(4.88	)		(4.88	)	$	49.76
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)	$	49.98
9/30/2013	$	40.27		(0.17	)		12.47			12.30			—			(1.82	)		(1.82	)	$	50.75
9/30/2012	$	32.23		(0.20	)		8.24			8.04			—			—			—		$	40.27
9/30/2011	$	30.50		(0.16	)		1.89			1.73			—			—			—		$	32.23
9/30/2010	$	25.00		(0.14	)		5.64			5.50			—			—			—		$	30.50
MID CAP VALUE FUND
Investor Shares
3/31/2015(6)	$	27.00		0.14			0.77			0.91			(0.17	)		(2.60	)		(2.77	)	$	25.14
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)	$	27.00
9/30/2013	$	21.12		0.15			6.22			6.37			(0.12	)		(1.03	)		(1.15	)	$	26.34
9/30/2012	$	18.88		0.14			3.72			3.86			(0.13	)		(1.49	)		(1.62	)	$	21.12
9/30/2011	$	18.86		0.14			0.36			0.50			(0.16	)		(0.32	)		(0.48	)	$	18.88
9/30/2010	$	16.85		0.11			1.97			2.08			(0.07	)		—			(0.07	)	$	18.86

Footnotes are presented on Page 67.

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

62 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net  Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
INTERNATIONAL VALUE FUND
Institutional Shares
3/31/2015(6)		3.75	%	$	2,748,324		0.96	%		n/a		0.04	%		9.17	%
9/30/2014		6.73	%	$	2,456,145		0.96	%		n/a		1.09	%		20.45	%
9/30/2013		30.92	%	$	2,292,085		0.97	%		n/a		1.03	%		32.99	%
9/30/2012		23.19	%	$	1,557,500		0.98	%		n/a		1.29	%		20.42	%
9/30/2011		(3.84	)%	$	1,042,833		0.99	%		n/a		1.30	%		30.90	%
9/30/2010		10.66	%	$	649,558		1.01	%		n/a		1.57	%		21.02	%
MID CAP FUND
Investor Shares
3/31/2015(6)		9.59	%	$	5,026,004		1.18	%		n/a		(0.70	)%		29.07	%
9/30/2014		6.04	%	$	5,220,973		1.20	%		n/a		(0.74	)%		55.19	%
9/30/2013		31.53	%	$	5,525,387		1.22	%		n/a		(0.64	)%		43.72	%
9/30/2012		24.63	%	$	5,115,836		1.22	%		n/a		(0.78	)%		46.21	%
9/30/2011		5.38	%	$	4,500,786		1.24	%		n/a		(0.75	)%		62.87	%
9/30/2010		21.71	%	$	4,375,235		1.23	%		n/a		(0.77	)%		63.46	%
Institutional Shares
3/31/2015(6)		9.72	%	$	4,688,893		0.95	%		n/a		(0.46	)%		29.07	%
9/30/2014		6.30	%	$	4,280,444		0.95	%		n/a		(0.49	)%		55.19	%
9/30/2013		31.89	%	$	3,551,382		0.96	%		n/a		(0.39	)%		43.72	%
9/30/2012		24.95	%	$	1,602,109		0.97	%		n/a		(0.51	)%		46.21	%
9/30/2011		5.67	%	$	509,970		0.96	%		n/a		(0.47	)%		62.87	%
9/30/2010		22.00	%	$	502,446		0.96	%		n/a		(0.51	)%		63.46	%
MID CAP VALUE FUND
Investor Shares
3/31/2015(6)		3.58	%	$	7,750,675		1.20	%		n/a		1.14	%		14.46	%
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a		0.46	%		25.67	%
9/30/2013		31.64	%	$	9,429,674		1.20	%		n/a		0.65	%		25.73	%
9/30/2012		21.35	%	$	7,753,814		1.20	%		n/a		0.67	%		27.86	%
9/30/2011		2.51	%	$	6,200,464		1.20	%		n/a		0.68	%		31.85	%
9/30/2010		12.35	%	$	5,739,627		1.21	%		n/a		0.60	%		37.71	%

Footnotes are presented on Page 67.

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

Artisan Partners Funds 63

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Institutional Shares
3/31/2015(6)	$	27.05		0.17			0.77			0.94			(0.24	)		(2.60	)		(2.84	)	$	25.15
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)	$	27.05
9/30/2013	$	21.15		0.21			6.23			6.44			(0.18	)		(1.03	)		(1.21	)	$	26.38
9/30/2012(13)	$	20.93		0.21			0.01			0.22			—			—			—		$	21.15
SMALL CAP FUND
Investor Shares
3/31/2015(6)	$	26.76		(0.15	)		3.47			3.32			—			—			—		$	30.08
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—		$	26.76
9/30/2013	$	20.90		(0.20	)		6.95			6.75			—			—			—		$	27.65
9/30/2012	$	16.01		(0.15	)		5.04			4.89			—			—			—		$	20.90
9/30/2011	$	14.40		(0.13	)		1.74			1.61			—			—			—		$	16.01
9/30/2010	$	12.88		(0.09	)		1.61			1.52			—			—			—		$	14.40
Institutional Shares
3/31/2015(6)	$	26.85		(0.12	)		3.49			3.37			—			—			—		$	30.22
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—		$	26.85
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—		$	27.70
9/30/2012(14)	$	19.62		(0.18	)		1.45			1.27			—			—			—		$	20.89
SMALL CAP VALUE FUND
Investor Shares
3/31/2015(6)	$	16.99		0.05			0.10			0.15			—			(3.23	)		(3.23	)	$	13.91
9/30/2014	$	18.06		—			(0.37	)		(0.37	)		(0.04	)		(0.66	)		(0.70	)	$	16.99
9/30/2013	$	15.24		0.08			3.23			3.31			(0.13	)		(0.36	)		(0.49	)	$	18.06
9/30/2012	$	14.30		0.05			2.25			2.30			(0.01	)		(1.35	)		(1.36	)	$	15.24
9/30/2011	$	14.85		0.01			(0.54	)		(0.53	)		(0.02	)		—			(0.02	)	$	14.30
9/30/2010	$	13.56		0.02			1.29			1.31			(0.02	)		—			(0.02	)	$	14.85
Institutional Shares
3/31/2015(6)	$	17.04		0.08			0.09			0.17			—			(3.23	)		(3.23	)	$	13.98
9/30/2014	$	18.08		0.05			(0.38	)		(0.33	)		(0.05	)		(0.66	)		(0.71	)	$	17.04
9/30/2013	$	15.26		0.11			3.24			3.35			(0.17	)		(0.36	)		(0.53	)	$	18.08
9/30/2012(13)	$	16.16		0.06			(0.96	)		(0.90	)		—			—			—		$	15.26

Footnotes are presented on Page 67.

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

64 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net  Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
MID CAP VALUE FUND
Institutional Shares
3/31/2015(6)		3.71	%	$	1,666,237		0.95	%		n/a		1.38	%		14.46	%
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a		0.72	%		25.67	%
9/30/2013		31.97	%	$	1,366,366		0.98	%		n/a		0.86	%		25.73	%
9/30/2012(13)		1.05	%	$	275,727		1.01	%		n/a		1.04	%		27.86	%
SMALL CAP FUND
Investor Shares
3/31/2015(6)		12.41	%	$	1,183,135		1.21	%		n/a		(1.02	)%		20.87	%
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a		(1.09	)%		38.67	%
9/30/2013		32.30	%	$	1,330,188		1.25	%		n/a		(0.88	)%		42.43	%
9/30/2012		30.54	%	$	676,139		1.28	%		n/a		(0.77	)%		69.56	%
9/30/2011		11.18	%	$	326,700		1.29	%		n/a		(0.73	)%		80.26	%
9/30/2010		11.80	%	$	322,730		1.31	%		n/a		(0.67	)%		62.67	%
Institutional Shares
3/31/2015(6)		12.55	%	$	264,234		1.01	%		n/a		(0.82	)%		20.87	%
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a		(0.88	)%		38.67	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a		(0.74	)%		42.43	%
9/30/2012(14)		6.47	%	$	50,754		1.42	%		n/a		(0.93	)%		69.56	%
SMALL CAP VALUE FUND
Investor Shares
3/31/2015(6)		0.70	%	$	681,378		1.28	%		n/a		0.65	%		18.98	%
9/30/2014		(2.33	)%	$	1,279,518		1.23	%		n/a		0.02	%		30.72	%
9/30/2013		22.24	%	$	2,421,658		1.24	%		n/a		0.46	%		26.66	%
9/30/2012		16.54	%	$	2,348,847		1.22	%		n/a		0.31	%		28.17	%
9/30/2011		(3.61	)%	$	2,607,263		1.20	%		n/a		0.06	%		47.45	%
9/30/2010		9.64	%	$	2,690,416		1.22	%		n/a		0.11	%		37.14	%
Institutional Shares
3/31/2015(6)		0.81	%	$	196,781		1.03	%		n/a		1.02	%		18.98	%
9/30/2014		(2.11	)%	$	306,638		0.99	%		n/a		0.30	%		30.72	%
9/30/2013		22.54	%	$	342,485		1.00	%		n/a		0.70	%		26.66	%
9/30/2012(13)		(5.57	)%	$	306,223		1.00	%		n/a		0.56	%		28.17	%

Footnotes are presented on Page 67.

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

Artisan Partners Funds 65

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
VALUE FUND
Investor Shares
3/31/2015(6)	$	14.14		0.06		0.23			0.29			(0.11	)		(0.92	)		(1.03	)	$	13.40
9/30/2014	$	13.38		0.15		1.35			1.50			(0.09	)		(0.65	)		(0.74	)	$	14.14
9/30/2013	$	11.32		0.12		2.02			2.14			(0.08	)		—			(0.08	)	$	13.38
9/30/2012	$	9.11		0.08		2.21			2.29			(0.08	)		—			(0.08	)	$	11.32
9/30/2011	$	8.91		0.09		0.19			0.28			(0.08	)		—			(0.08	)	$	9.11
9/30/2010	$	8.12		0.07		0.76			0.83			(0.04	)		—			(0.04	)	$	8.91
Institutional Shares
3/31/2015(6)	$	14.19		0.08		0.22			0.30			(0.15	)		(0.92	)		(1.07	)	$	13.42
9/30/2014	$	13.42		0.18		1.35			1.53			(0.11	)		(0.65	)		(0.76	)	$	14.19
9/30/2013	$	11.35		0.15		2.03			2.18			(0.11	)		—			(0.11	)	$	13.42
9/30/2012	$	9.12		0.11		2.21			2.32			(0.09	)		—			(0.09	)	$	11.35
9/30/2011(9)	$	10.60		0.02		(1.50	)		(1.48	)		—			—			—		$	9.12

Footnotes are presented on Page 67.

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

66 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net  Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
VALUE FUND
Investor Shares
3/31/2015(6)		2.12	%	$	1,052,628		0.98	%		n/a		0.93	%		39.77	%
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a		1.06	%		53.36	%
9/30/2013		18.97	%	$	1,164,460		1.04	%		n/a		0.94	%		57.90	%
9/30/2012		25.42	%	$	677,753		1.06	%		n/a		0.74	%		66.13	%
9/30/2011		3.10	%	$	408,647		1.10	%		n/a		0.95	%		78.36	%
9/30/2010		10.19	%	$	266,373		1.27	%		n/a		0.86	%		70.69	%
Institutional Shares
3/31/2015(6)		2.17	%	$	246,997		0.74	%		n/a		1.15	%		39.77	%
9/30/2014		11.77	%	$	304,091		0.74	%		n/a		1.31	%		53.36	%
9/30/2013		19.43	%	$	249,170		0.76	%		n/a		1.21	%		57.90	%
9/30/2012		25.64	%	$	157,727		0.79	%		n/a		1.02	%		66.13	%
9/30/2011(9)		(13.96	)%	$	53,515		1.09	%		n/a		1.02	%		78.36	%

⁽¹⁾   Computed based on average shares outstanding.

⁽²⁾   Periods less than twelve months (where applicable) are not annualized.

⁽³⁾   Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾   The ratios exclude expenses waived or paid by Artisan Partners Limited Partnership.

⁽⁵⁾   Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁶⁾   Unaudited. For the six months ended March 31, 2015.

⁽⁷⁾   Amount is between $0.005 and $(0.005) per share.

⁽⁸⁾   For the period from commencement of operations (March 29, 2010) through September 30, 2010.

⁽⁹⁾   For the period from commencement of operations (July 26, 2011) through September 30, 2011.

⁽¹⁰⁾   For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽¹¹⁾   For the period from commencement of operations (July 17, 2012) through September 30, 2012.

⁽¹²⁾   For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽¹³⁾   For the period from commencement of operations (February 1, 2012) through September 30, 2012.

⁽¹⁴⁾   For the period from commencement of operations (May 7, 2012) through September 30, 2012.

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

Artisan Partners Funds 67

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2015 (Unaudited)

(1) Organization:

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

Fund Name	Investor Shares Inception Date			Institutional Shares Inception Date		Advisor Shares Inception Date
Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)		June 2, 2008	*		June 26, 2006	N/A
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010			N/A	N/A
Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)		September 22, 2008			July 26, 2011	N/A
Artisan Global Small Cap Fund (“Global Small Cap Fund” or “Global Small Cap”)		June 25, 2013			N/A	N/A
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007			July 17, 2012	N/A
Artisan High Income Fund (“High Income Fund” or “High Income”)		March 19, 2014			N/A	March 19, 2014
Artisan International Fund (“International Fund” or “International”)		December 28, 1995			July 1, 1997	N/A
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)		December 21, 2001			N/A	N/A
Artisan International Value Fund (“International Value Fund” or “International Value”)		September 23, 2002			October 1, 2006	N/A
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997			July 1, 2000	N/A
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001			February 1, 2012	N/A
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)		March 28, 1995			May 7, 2012	N/A
Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)		September 29, 1997			February 1, 2012	N/A
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006			July 26, 2011	N/A

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

The investment objective of each Fund (except High Income Fund) is to seek long-term capital growth. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Institutional Shares and Advisor Shares, as applicable, since the inception dates listed above. Institutional Shares are sold to investors meeting certain minimum investment requirements. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored fee-based programs and other investors that meet the minimum investment requirements.

68 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class.

Income, expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular class of shares, such as transfer agency fees, shareholder communication expenses and registration fees, were allocated directly to that class.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”).

(2) Summary of significant accounting policies:

The following is a summary of significant accounting policies of Artisan Partners Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

(a) Valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining NAV, each equity security traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price as of the time of valuation on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing services, which may consider the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to securities with similar characteristics and/or discounted cash flow models that might be applicable. Securities that cannot be priced by the Funds’ pricing vendors may be valued using quotes from dealers that make markets in the securities or

Artisan Partners Funds 69

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

pricing models as approved by Artisan Partners Funds’ valuation committee (the “valuation committee”) under procedures established by and under general supervision of Artisan Partners Funds’ board of directors (the “board of directors”).

Securities for which market quotations were not readily available were valued by the valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors. A market quotation was considered to be not available, and a Fund may therefore have used fair value pricing, if, among other things, there are no quotations, pricing data is not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security or asset, or the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event might have included a company-specific development, a development that might have affected an entire market or region, a potentially global development or a significant change in values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Partners Funds monitored for subsequent events using several tools, including for equity securities, the use of a third party research service to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value. An indication by any of those tools of a potential material change in the value of securities resulted in either a meeting of the valuation committee, which considered whether a subsequent event had occurred and whether local market closing prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by the third party research service.

When fair value pricing is employed, the value of a security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Estimates of fair values utilized by the Funds as described above may differ from the value realized on the sale of those securities and the differences may have been material to the NAV of the applicable Fund.

(b) Risks – Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depository receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial

70 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

The risks of foreign securities typically are greater in emerging and less developed markets. For example, in addition to the risks associated with investments in any foreign country political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities held by a Fund may fall in response to increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. Given the current historically low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities rated below investment grade, or unrated securities that are determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest

Artisan Partners Funds 71

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

rate sensitivity, negative perceptions of junk bonds generally, and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Because there is typically limited public information available regarding loan investments, High Income Fund is particularly dependent on the analytical abilities of the Adviser. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the senior loans in which High Income Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial period after the sale of the loans.

See the Funds’ Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Funds.

(c) Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2008 through 2014) and have concluded that, as of March 31, 2015, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and each state’s department of revenue.

As of and during the period ended March 31, 2015, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2015, the Funds did not incur any interest or penalties.

72 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The Funds may be subject to taxes imposed on realized and unrealized gains on securities of certain foreign countries in which the Funds invest. The foreign tax expense, if any, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(d) Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(e) Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks on non-U.S. dollar denominated investment securities. The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and recorded in the Statements of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

As of March 31, 2015, Global Opportunities, Global Value, High Income and International Value had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized

Artisan Partners Funds 73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f) Repurchase agreements – Each Fund may enter into repurchase agreements with institutions that the Adviser determines are creditworthy pursuant to criteria adopted by the board of directors. Repurchase agreements were recorded at repurchase price plus accrued interest and were collateralized in an amount greater than or equal to the repurchase price plus accrued interest. Collateral (in the form of U.S. government securities) was held by the Funds’ custodian and, in the event of default on the obligation of the counterparty to repurchase, the Funds had the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

Repurchase agreements shown on the Schedules of Investments are presented at gross value. At March 31, 2015, the value of the related collateral exceeded the value of the repurchase agreements, reducing the net settlement amount to zero. Details of the collateral are included within the Schedules of Investments.

(g) Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(h) Equity-linked participation certificates – Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund and Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked participation certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(i) Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(j) Indemnifications – In the normal course of business, the Funds may enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k) When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a

74 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

purchase transaction on a when-issued or delayed delivery basis, the Fund will hold liquid investments in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(l) Other – Dividend income less foreign taxes withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Fund on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to Artisan Partners Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, High Income Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ Prospectus.

(m) Pursuant to the terms of certain term loan agreements, High Income Fund held unfunded loan commitments as of March 31, 2015. High Income Fund is obligated to fund these loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating cash and liquid assets. As of March 31, 2015, the total amount segregated in connection with unfunded commitments was $26,288,000.

(3) Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this

Artisan Partners Funds 75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading)

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques and fair value leveling applied to the Funds’ major classes of assets are as follows:

Bank Loans & Corporate Bonds – Prices obtained from pricing vendors may use various observable and unobservable inputs, including, but not limited to, recent trading activity, broker-dealers quotations, pricing formulas, estimates of market values obtained from yield data relating to investments with similar characteristics and/or discounted cash flow models that might be applicable. When the approved pricing vendors do not provide an evaluated price, or the provided price is determined by the valuation committee to not represent a fair value, securities may be valued using quotes from dealers that make markets in the securities or pricing models as approved by the valuation committee, or the valuation committee will determine a fair value in accordance with the Funds’ fair value procedures. Bank loans and corporate bonds are generally categorized as Level 2 of the fair value hierarchy unless key inputs are unobservable, in which case they would be categorized as Level 3.

Equity Securities – Exchange-traded equity securities are valued using the last reported trade on the primary exchange in which the security trades. Absent a current trade price, the securities are valued using the closing price from another exchange on which the security is traded or the most recent bid quotation on the principal exchange. If the valuation committee determines the resulting price does not represent a fair value, the valuation committee will determine a fair value based on the information available.

Foreign equity securities prices may be adjusted for significant events such as company-specific news, regional events or significant market movement subsequent to the close of

76 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

the local exchange on which the security is traded. The Funds utilize a third party research service to assist in determining fair values of foreign equity securities. Equity securities valued at a current day reported last trade or bid quotation are generally categorized as Level 1 of the fair value hierarchy. Foreign equity securities in which the last trade or bid quotation are adjusted for significant market movement, or local market holidays, are generally categorized as Level 2. Equity securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

Other Instruments – Foreign currency forward contracts are valued based upon forward currency exchange rates as of the close of regular session trading on the NYSE. Repurchase agreements are valued at cost plus accrued interest. Foreign currency forward contracts and repurchase agreements are generally categorized as Level 2.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of March 31, 2015 (in thousands):

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Common Stocks(1)
Developed Markets	$	3,055	$	-	$	-	$	3,055
Emerging Asia		36,242		-		73		36,315
Europe, Middle East & Africa		11,341		-		-		11,341
Latin America		9,787		-		-		9,787
Preferred Stocks(1)
Emerging Asia		4,712		-		-		4,712
Latin America		845		-		-		845
Convertible Debentures(1)
Latin America		-		-		1		1
Repurchase Agreement		-		1,522		-		1,522
Total Investments	$	65,982	$	1,522	$	74	$	67,578
Global Equity
Common Stocks(1)
Americas	$	137,996	$	-	$	-	$	137,996
Emerging Markets		43,689		-		-		43,689
Europe		60,777		-		-		60,777
Pacific Basin		11,506		-		-		11,506
Preferred Stocks(1)
Europe		6,699		-		-		6,699
Repurchase Agreement		-		2,429		-		2,429
Total Investments	$	260,667	$	2,429	$	-	$	263,096

Artisan Partners Funds 77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Global Opportunities
Common Stocks(1)
Americas	$	631,406	$	-		$	-	$	631,406
Emerging Markets		160,088		-			-		160,088
Europe		260,184		-			-		260,184
Pacific Basin		86,740		-			-		86,740
Repurchase Agreement		-		75,051			-		75,051
Total Investments		1,138,418		75,051			-		1,213,469
Foreign Currency Forward Contracts(2)		-		(49	)		-		(49	)
Total	$	1,138,418	$	75,002		$	-	$	1,213,420
Global Small Cap
Common Stocks(1)
Americas	$	13,979	$	-		$	-	$	13,979
Emerging Markets		33,182		-			-		33,182
Europe		63,259		-			-		63,259
Pacific Basin		8,710		-			-		8,710
Preferred Stocks(1)
Europe		2,008		-			-		2,008
Repurchase Agreement		-		4,569			-		4,569
Total Investments	$	121,138	$	4,569		$	-	$	125,707
Global Value
Common Stocks(1)
Americas	$	998,337	$	-		$	-	$	998,337
Emerging Markets		80,069		-			-		80,069
Europe		526,397		-			-		526,397
Pacific Basin		2,152		-			-		2,152
Repurchase Agreement		-		229,803			-		229,803
Total Investments		1,606,955		229,803			-		1,836,758
Foreign Currency Forward Contracts(2)		-		(5	)		-		(5	)
Total	$	1,606,955	$	229,798		$	-	$	1,836,753
High Income
Corporate Bonds(1)	$	-	$	412,535		$	-	$	412,535
Bank Loans(1)		-		227,866			-		227,866
Repurchase Agreement		-		40,655			-		40,655
Total Investments		-		681,056			-		681,056
Foreign Currency Forward Contracts(2)		-		(93	)		-		(93	)
Total	$	-	$	680,963		$	-	$	680,963

78 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
International
Common Stocks(1)
Americas	$	2,355,201	$	-		$	-	$	2,355,201
Emerging Markets		2,615,332		-			-		2,615,332
Europe		9,965,914		-			-		9,965,914
Pacific Basin		2,748,562		-			-		2,748,562
Equity-Linked Securities(1)
Europe		-		170,669			-		170,669
Preferred Stocks(1)
Europe		720,567		-			-		720,567
Repurchase Agreement		-		886,839			-		886,839
Total Investments	$	18,405,576	$	1,057,508		$	-	$	19,463,084
International Small Cap
Common Stocks(1)
Americas	$	29,169	$	-		$	-	$	29,169
Emerging Markets		321,807		-			-		321,807
Europe		573,049		-			-		573,049
Pacific Basin		30,919		-			-		30,919
Preferred Stocks(1)
Europe		17,462		-			-		17,462
Repurchase Agreement		-		11,456			-		11,456
Total Investments	$	972,406	$	11,456		$	-	$	983,862
International Value
Common Stocks(1)
Americas	$	2,000,532	$	-		$	-	$	2,000,532
Emerging Markets		923,070		-			-		923,070
Europe		6,264,928		-			-		6,264,928
Pacific Basin		593,109		-			-		593,109
Preferred Stocks(1)
Emerging Markets		34,195		-			-		34,195
Repurchase Agreement		-		1,726,512			-		1,726,512
Total Investments		9,815,834		1,726,512			-		11,542,346
Foreign Currency Forward Contracts(2)		-		(1,421	)		-		(1,421	)
Total	$	9,815,834	$	1,725,091		$	-	$	11,540,925
Mid Cap
Common Stocks(1)	$	9,392,007	$	-		$	-	$	9,392,007
Repurchase Agreement		-		320,700			-		320,700
Total Investments	$	9,392,007	$	320,700		$	-	$	9,712,707

Artisan Partners Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Mid Cap Value
Common Stocks(1)	$	8,786,466	$	-	$	-	$	8,786,466
Repurchase Agreement		-		583,496		-		583,496
Total Investments	$	8,786,466	$	583,496	$	-	$	9,369,962
Small Cap
Common Stocks(1)	$	1,374,366	$	-	$	-	$	1,374,366
Repurchase Agreement		-		60,942		-		60,942
Total Investments	$	1,374,366	$	60,942	$	-	$	1,435,308
Small Cap Value
Common Stocks(1)	$	806,975	$	-	$	-	$	806,975
Repurchase Agreement		-		61,175		-		61,175
Total Investments	$	806,975	$	61,175	$	-	$	868,150
Value
Common Stocks(1)	$	1,146,395	$	-	$	-	$	1,146,395
Preferred Stocks(1)		64,656		-		-		64,656
Repurchase Agreement		-		94,017		-		94,017
Total Investments	$	1,211,051	$	94,017	$	-	$	1,305,068
(1) See the Fund’s Schedule of Investments for sector or country classifications. (2) Foreign currency forward contracts are valued at unrealized appreciation (depreciation).

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between the levels as of the end of the period. At March 31, 2015, the fair value of certain securities was determined based on other observable inputs, such as quoted prices for securities of the same issuer that trade on a different exchange, or were adjusted due to developments that occurred between the time of the close of foreign markets on which they trade and the close of regular session trading on the NYSE, which resulted in their Level 2 classification. There were no transfers from Level 1 to Level 2 during the period. The following table summarizes security transfers from Level 2 to Level 1 for each applicable Fund as of March 31, 2015 (in thousands):

	Transfers from Level 2 to Level 1
Emerging Markets	$	929
Global Opportunities		10,764

At September 30, 2014, two securities held in Emerging Markets Fund were classified as Level 3 due to halts in trading. As of March 31, 2015, one security was still held by the Fund and continues to be classified as Level 3 due to trading halts. Fair market value was determined in good faith by the valuation committee using various inputs, including unobservable inputs of discounts for illiquidity and uncertainty of 95%. At September 30, 2014, Emerging Markets Fund also held one security classified as Level 3 due to illiquidity. As of March 31, 2015, that security was still held by the Fund and continues to be classified as Level 3 due to illiquidity. Fair market value was determined in good faith by the valuation

80 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

committee using various inputs, including an unobservable input of a last trade price in an inactive market. Increasing or decreasing the discounts for illiquidity and uncertainty would decrease or increase the calculated fair market value for these prices, respectively. At September 30, 2014, one security held by Global Value Fund and International Value Fund was classified as Level 3 due to a halt in trading. As of March 31, 2015, Global Value Fund and International Value Fund no longer held this security. As of March 31, 2015, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows (in thousands):

	Emerging Markets Fund(1)			Global Value Fund(2)
Balance as of September 30, 2014	$	93		$	7,116
Transfers into Level 3		-			-
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2015		9,426			1,667
Purchases		-			-
Sales		(1,000	)		(5,454	)
Realized Gain/Loss		(8,445	)		(3,329	)
Transfers out of Level 3		-			-
Balance as of March 31, 2015	$	74		$	-

	International Value Fund(2)
Balance as of September 30, 2014	$	44,852
Transfers into Level 3		-
Net change in unrealized appreciation (depreciation) for investments held as of  March 31, 2015		10,504
Purchases		-
Sales		(34,347	)
Realized Gain/Loss		(21,009	)
Transfers out of Level 3		-
Balance as of March 31, 2015	$	-
(1) Two of the Level 3 securities in Emerging Markets Fund were equity securities with a regional classification of Emerging Asia and one was a convertible debenture with a regional classification of Latin America. (2) The Level 3 security in Global Value Fund and International Value Fund was an equity security with a regional classification of Emerging Asia.

(4) Offsetting:

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.

Artisan Partners Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands):

Foreign currency forward contracts
	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Portfolio	Counterparty	Gross Liability Amounts Presented in Statement of Assets and Liabilities		Financial Instrument		Collateral Pledged		Net Amount (Not Less Than $0)
Global Opportunities	State Street Bank and Trust Company	$	49	$	-	$	-	$	49
Global Value	State Street Bank and Trust Company		5		-		-		5
High Income	State Street Bank and Trust Company		93		-		-		93
International Value	State Street Bank and Trust Company		1,421		-		-		1,421

(5) Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Many authorized agents charged a fee for accounting and shareholder services that such agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of March 31, 2015, up to 0.40% annually for Investor Shares and 0.15% annually for Advisor Shares) of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred during the period was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the period ended March 31, 2015 (in thousands):

	Six Months Ended 3/31/2015
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Emerging Markets Fund - Investor Shares	$	31	$	35	$	66
Artisan Emerging Markets Fund - Institutional Shares		10		-		10
Artisan Global Equity Fund - Investor Shares		33		264		297
Artisan Global Opportunities Fund - Investor Shares		37		755		792
Artisan Global Opportunities Fund - Institutional Shares		10		-		10

82 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2015
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Global Small Cap Fund - Investor Shares	$	32	$	182	$	214
Artisan Global Value Fund - Investor Shares		40		1,441		1,481
Artisan Global Value Fund - Institutional Shares		10		-		10
Artisan High Income Fund - Investor Shares		25		345		370
Artisan High Income Fund - Advisor Shares		24		77		101
Artisan International Fund - Investor Shares		439		13,191		13,630
Artisan International Fund - Institutional Shares		12		-		12
Artisan International Small Cap Fund - Investor Shares		42		981		1,023
Artisan International Value Fund - Investor Shares		174		8,514		8,688
Artisan International Value Fund - Institutional Shares		11		-		11
Artisan Mid Cap Fund - Investor Shares		57		5,804		5,861
Artisan Mid Cap Fund - Institutional Shares		16		-		16
Artisan Mid Cap Value Fund - Investor Shares		178		9,589		9,767
Artisan Mid Cap Value Fund - Institutional Shares		12		-		12
Artisan Small Cap Fund - Investor Shares		57		1,246		1,303
Artisan Small Cap Fund - Institutional Shares		9		-		9
Artisan Small Cap Value Fund - Investor Shares		39		1,071		1,110
Artisan Small Cap Value Fund - Institutional Shares		9		-		9
Artisan Value Fund - Investor Shares		38		1,220		1,258
Artisan Value Fund - Institutional Shares		9		-		9

(6) Commission recapture:

Each Fund except High Income Fund has the ability to direct transactions in equity securities to various brokers that have agreed to rebate a portion of the commissions generated. During the period, such cash rebates were made directly to the applicable Fund and are included in net realized gain or loss on investments in the Statements of Operations for the period ended March 31, 2015 as follows (in thousands):

Emerging Markets	$	25
Global Equity		1
Global Opportunities		14
Global Value		-	(1)
International		60
Mid Cap		48
Mid Cap Value		102
Small Cap		22
Small Cap Value		82
Value		50
(1) Amount rounds to less than $1.

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(7) Derivative transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2015 was as follows (in thousands):

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(49	)
Global Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(5	)
High Income	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(93	)
International Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(1,421	)

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2015 was as follows (in thousands):

Amount of Realized Gain on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	3,030
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	2,897
High Income	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	1,245
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	97,354

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(1,391	)
Global Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(1,434	)
High Income	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(318	)
International Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(47,910	)

Volume of derivative activity

Fund	Contracts Closed(1)		Contracts Opened(1)		Contracts Open at March 31, 2015
Global Opportunities		2		1		1
Global Value		4		1		1
High Income		1		1		1
International Value		2		1		1

⁽¹⁾  During the period ended March 31, 2015.

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(8) Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Partners Funds are affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Emerging Markets Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Global Equity Fund and Global Value Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900

Global Opportunities Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $4 billion		0.875
$4 billion to $8 billion		0.850
$8 billion to $12 billion		0.825
Greater than $12 billion		0.800

Global Small Cap Fund

Average Daily Net Assets	Annual Rate
All		1.000	%

High Income Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.725	%
$1 billion to $2 billion		0.700
$2 billion to $3.5 billion		0.675
$3.5 billion to $10 billion		0.650
Greater than $10 billion		0.625

Artisan Partners Funds 85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

International Fund

Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
$1 billion to $12 billion		0.925
Greater than $12 billion		0.900

International Small Cap Fund

Average Daily Net Assets	Annual Rate
All		1.250	%

International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund

Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
Greater than $1 billion		0.925

Value Fund

Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

The Adviser has contractually agreed to reimburse the Funds for their management fees and any other ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs) as follows:

Fund	Expense Limit as a % of Average Daily Net Assets			Expiration Date
High Income Fund		1.25	%		February 1, 2016
Emerging Markets Fund		1.50	%		February 1, 2016
Global Equity Fund		1.50	%		February 1, 2016
Global Small Cap Fund		1.50	%		February 1, 2016

For the period ended March 31, 2015, the Adviser waived management fees of approximately $39,000 and $9,000 for Emerging Markets Fund and Global Small Cap Fund, respectively. For the period ended March 31, 2015, no operating expenses were reimbursed by the Adviser. The Funds had no receivables from or payables to the Adviser as of March 31, 2015.

86 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The officers and director of Artisan Partners Funds who are affiliated with the Adviser receive no compensation from the Funds. The compensation paid to the directors of Artisan Partners Funds who are not affiliated persons of the Adviser for their services as such is based on an annual fee of $260,000, payable quarterly, subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Partners Funds. In addition, the independent chair of the board of directors receives an additional $60,000 annually, payable quarterly, the independent chair of the audit committee receives an additional $45,000 annually, payable quarterly and the independent chair of the governance and nominating committee receives an additional $30,000 annually, payable quarterly. (Prior to January 1, 2014, each director who was not an affiliated person of Artisan Partners received an annual retainer of $210,000, the independent chair of the board of directors received $60,000 annually, and the independent chair of the audit and governance and nominating committees received an additional $30,000 annually. The directors received a base annual retainer of $250,000 from January 1, 2014, until the commencement of operations for High Income Fund on March 19, 2014.) These fees were generally allocated to each of the Artisan Partners Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of Artisan Partners Funds as selected by the individual directors. Each Fund purchased shares of Artisan Partners Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statement of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

Shares of Artisan Partners Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

(9) Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with State Street Bank and Trust Company (“SSB”), which expires in September 2015, under which each Fund may borrow up to $75 million, provided that such borrowing does not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s Prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund is a party; provided that the aggregate borrowings by all Artisan Partners Funds may not exceed $100 million. Artisan Partners Funds paid a commitment fee at the annual rate of 0.125% on the unused portion of the line of credit

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

and interest was charged on any borrowings at the higher of the current Federal Funds or overnight LIBOR rates plus 1.25%. The commitment fee is allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the period ended March 31, 2015, there were no borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund, Global Equity Fund and Global Small Cap Fund, which had maximum borrowings of approximately $43,168,000, $4,095,000 and $3,457,000, respectively.

(10) Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the period ended March 31, 2015 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Emerging Markets	$	32,273	$	355,369
Global Equity		130,218		116,979
Global Opportunities		341,572		343,566
Global Small Cap		66,901		97,435
Global Value		93,647		217,133
High Income		425,814		271,100
International		5,984,509		4,600,296
International Small Cap		251,424		296,095
International Value		899,178		1,212,917
Mid Cap		2,720,645		3,303,322
Mid Cap Value		1,366,551		2,999,475
Small Cap		298,804		497,296
Small Cap Value		213,970		864,812
Value		506,006		667,522

(11) Transactions in securities of affiliates:

The table below shows information about securities of the Funds’ “affiliates” (as defined below) that were held by the Funds, purchased or sold by the Funds, or from which dividends were received by the Funds during the period ended March 31, 2015 (dollar values in thousands). The Funds identify a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the period ended March 31, 2015.

		As of 9/30/14						Net Realized Gain (Loss)					As of 3/31/15
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds					Dividend Income@		Share Balance		Value
Global Equity
	China Oil & Gas Group Ltd.		44,698,000	$	-	$	505	$	(272	)	$	-		40,738,000	$	4,992
	Ginko International Co., Ltd.†		602,000		1,704		-		-			-		750,000		8,629
	Total#			$	1,704	$	505	$	(272	)	$	-			$	13,621

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/14						Net Realized Gain (Loss)					As of 3/31/15
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds					Dividend Income@		Share Balance		Value
Global Opportunities
	IHS, Inc., Class A		496,795	$	4,986	$	4,347	$	(500	)	$	-		502,212	$	57,132
	Total#			$	4,986	$	4,347	$	(500	)	$	-			$	57,132
Global Small Cap
	China Oil & Gas Group Ltd.		39,460,000	$	-	$	1,302	$	(518	)	$	-		29,480,000	$	3,613
	Ginko International Co., Ltd.†		494,000		683		906		(649	)		-		468,000		5,384
	Oldtown Bhd§		4,636,475		-		1,967		(961	)		-		-		-
	Total#			$	683	$	4,175	$	(2,128	)	$	-			$	8,997
Global Value
	Arch Capital Group Ltd.		958,157	$	-	$	2,953	$	(87	)	$	-		906,423	$	55,836
	ISS AS†		984,056		8,485		1,495		(256	)		-		1,247,896		39,330
	Serco Group plc§†		1,395,590		1,553		340		(247	)		-		1,879,142		3,844
	Total#			$	10,038	$	4,788	$	(590	)	$	-			$	95,166
International
	IHI Corp.§		81,032,963	$	40,018	$	104,903	$	2,868		$	1,514		66,818,615	$	313,661
	NGK Insulators Ltd.§		17,247,482		33,391		110,994		26,246			1,354		13,790,590		294,934
	Total#			$	73,409	$	215,897	$	29,114		$	2,868			$	-
International Small Cap
	China Oil & Gas Group Ltd.		261,120,000	$	-	$	2,432	$	(765	)	$	-		244,020,000	$	29,902
	Ginko International Co., Ltd.†		3,349,000		11,379		144		(84	)		-		4,325,000		49,760
	Oldtown Bhd§		20,419,525		-		8,916		(4,363	)		-		-		-
	Total#			$	11,379	$	11,492	$	(5,212	)	$	-			$	79,662
International Value
	Akastor ASA		14,415,446	$	-	$	792	$	(622	)	$	-		14,103,594	$	28,380
	Aker Solutions ASA†		14,415,446		19,334		2,143		(2,849	)		-		16,661,775		86,807
	Alent plc		18,377,001		430		2,762		(436	)		-		17,948,145		99,735
	Arch Capital Group Ltd.		6,031,602		9,194		6,554		224			-		6,077,669		374,384
	ISS AS†		6,841,635		52,750		7,121		(933	)		-		8,551,665		269,522
	Panalpina Welttransport Holding AG		1,722,398		28,182		-		-			-		1,950,139		284,755
	Serco Group plc§†		13,333,597		50,310		3,338		(2,729	)		-		24,817,030		50,766
	Societe Television Francaise 1§†		9,831,366		10,853		15,367		(212	)		-		9,731,132		172,646
	Stanley Electric Co., Ltd.		9,993,200		1,679		16,606		1,457			1,127		9,327,300		211,300
	Vesuvius plc		20,662,360		9,558		3,892		(525	)		-		21,510,067		156,700
	Total#			$	182,290	$	58,575	$	(6,625	)	$	1,127			$	1,511,583
Mid Cap
	FLIR Systems, Inc.		2,753,836	$	24,062	$	6,736	$	(270	)	$	683		3,268,879	$	102,251
	IHS, Inc., Class A		3,450,813		2,926		28,767		1,181			-		3,230,909		367,548
	Total#			$	26,988	$	35,503	$	911		$	683			$	469,799

Artisan Partners Funds 89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/14						Net Realized Gain (Loss)					As of 3/31/15
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds					Dividend Income@		Share Balance		Value
Mid Cap Value
	Arch Capital Group Ltd.		3,818,624	$	-	$	35,238	$	18,356		$	-		3,219,167	$	198,301
	Arrow Electronics, Inc.		5,282,526		-		48,279		15,462			-		4,453,237		272,315
	Avnet, Inc.		6,940,710		-		47,543		11,178			2,025		5,851,086		260,373
	Denbury Resources, Inc.†		13,918,877		43,450		17,080		(17,540	)		2,042		16,371,662		119,349
	FLIR Systems, Inc.		7,923,855		-		39,747		8,796			1,530		6,679,855		208,946
	Hatteras Financial Corp.		7,662,175		-		50,131		(24,414	)		6,071		4,915,375		89,263
	Joy Global, Inc.†		2,759,243		74,116		8,780		(1,560	)		1,272		4,311,359		168,919
	Kennametal, Inc.†		3,128,658		74,241		16,107		(3,800	)		1,615		4,730,169		159,359
	McDermott International, Inc.§		13,345,344		-		6,395		(17,657	)		-		11,232,965		43,135
	NeuStar, Inc., Class A		3,539,006		-		13,977		(12,026	)		-		3,011,534		74,144
	Total#			$	191,821	$	283,277	$	(23,205	)	$	14,555			$	1,550,969
Small Cap
	Ultratech, Inc.§		440,409	$	-	$	930	$	(868	)	$	-		390,046	$	6,763
	Total#			$	-	$	930	$	(868	)	$	-			$	-
Small Cap Value
	Arrow Electronics, Inc.		629,017	$	-	$	16,188	$	11,488		$	-		345,799	$	21,146
	Hatteras Financial Corp.		1,215,213		-		13,854		(5,791	)		715		464,184		8,429
	Kennametal, Inc.†		-		14,057		2,675		(517	)		55		304,478		10,258
	McDermott International, Inc.§		549,697		-		473		(891	)		-		370,678		1,423
	Ultratech, Inc.§		1,328,650		-		10,836		3,693			-		730,440		12,666
	Total#			$	14,057	$	44,026	$	7,982		$	770			$	39,833
Value
	Arch Capital Group Ltd.		476,794	$	-	$	3,672	$	235		$	-		414,295	$	25,520
	Avnet, Inc.		988,293		9,539		7,282		210			370		1,080,302		48,074
	Denbury Resources, Inc.†		3,025,951		28,277		5,314		(6,460	)		611		4,815,896		35,108
	Joy Global, Inc.†		-		28,516		-		-			-		727,784		28,514
	Total#			$	66,332	$	16,268	$	(6,015	)	$	981			$	137,216

^@  Net of foreign taxes withheld, if any.

^#  Total value as of March 31, 2015 is presented for only those issuers that were affiliates as of March 31, 2015.

^§  Issuer was no longer an affiliate as of March 31, 2015.

^†  Issuer was not an affiliate as of September 30, 2014.

90 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(12) Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of March 31, 2015 was as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Emerging Markets	$	66,011	$	18,355	$	(16,788	)	$	1,567
Global Equity		234,811		37,124		(8,839	)		28,285
Global Opportunities		983,665		247,176		(17,372	)		229,804
Global Small Cap		124,950		12,281		(11,524	)		757
Global Value		1,617,416		272,257		(52,915	)		219,342
High Income		686,834		22,345		(28,123	)		(5,778	)
International		15,828,751		3,768,546		(134,213	)		3,634,333
International Small Cap		815,901		237,675		(69,714	)		167,961
International Value		9,430,239		2,581,737		(469,630	)		2,112,107
Mid Cap		6,731,558		3,012,122		(30,973	)		2,981,149
Mid Cap Value		7,351,619		2,731,395		(713,052	)		2,018,343
Small Cap		987,304		505,503		(57,499	)		448,004
Small Cap Value		738,656		205,735		(76,241	)		129,494
Value		1,174,498		230,292		(99,722	)		130,570

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions).

Artisan Partners Funds 91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2015 and the year ended September 30, 2014 were as follows (in thousands):

	Six Months Ended 3/31/2015				Year or Period Ended 9/30/2014
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends			Long-Term Capital Gain Distributions
Emerging Markets	$	3,476	$	-	$	5,398		$	-
Global Equity		5,271		1,962		5,757			1,727
Global Opportunities		4,684		26,461		-			-
Global Small Cap		1,155		1,195		123			-
Global Value		44,958		16,540		17,231			13,976
High Income		20,326		-		8,298	(1)		-	(1)
International		140,063		-		146,761			-
International Small Cap		249		59,110		4,979			64,142
International Value		303,223		442,422		270,940			529,732
Mid Cap		-		954,287		-			704,116
Mid Cap Value		163,688		928,501		99,168			411,068
Small Cap		-		-		-			-
Small Cap Value		22,979		238,300		28,513			77,575
Value		38,552		68,475		23,724			54,490

⁽¹⁾  For the period from commencement of operations (March 19, 2014) through September 30, 2014.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and qualified late year ordinary losses.

Gains on redemptions in-kind for International Fund, Mid Cap Fund and Mid Cap Value Fund of approximately $86,877,000, $32,607,000 and $15,209,000, respectively, are included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2015, and were not recognized for Federal income tax purposes. These net realized gains represented permanent book/tax differences and were reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2014. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2014.

92 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Additional tax information as of and for the year ended September 30, 2014 follows (in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses			Late Year Ordinary Losses			Other Deferred Gains (Losses)(1)
Emerging Markets	$	3,475	$	-	$	-		$	-		$	(714	)
Global Equity		5,270		1,700		-			-			(32	)
Global Opportunities		4,173		22,533		-			-			(34	)
Global Small Cap		1,155		1,194		-			-			(10	)
Global Value		44,941		16,529		-			-			(38	)
High Income		1,814		-		-	(2)		-	(2)		(54	)(2)
International		140,021		-		86,513			-			(1,927	)
International Small Cap		-		52,937		-			-			(97	)
International Value		303,197		353,837		-			-			(850	)
Mid Cap		-		885,904		20,771			45,474			-
Mid Cap Value		130,003		818,653		-			-			-
Small Cap		-		-		-			13,057			-
Small Cap Value		22,978		217,826		-			-			(8	)
Value		35,315		42,164		-			-			(15	)

⁽¹⁾  Other deferred gains and losses relate to (a) gains or losses on transactions that occurred subsequent to year end that affected the distributable earnings at September 30, 2014 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

⁽²⁾  For the period from commencement of operations (March 19, 2014) through September 30, 2014.

Under the Regulated Investment Company Modernization Act of 2010, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years must be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term, as permitted under previous law. Thus, such losses must be used first to offset gains of the same character; for example, long-term carryforward losses will first offset long-term gains, before they can be used to offset short-term gains.

Artisan Partners Funds 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of September 30, 2014, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.

	Expiration Dates
	2018		Unlimited – ST		Unlimited – LT
Emerging Markets	$	-	$	-	$	128,955	(1)
International		96,085		-		-
Small Cap		55,398		-		-

⁽¹⁾  Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $16,639, pursuant to IRC Section 382-383.

(13) Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):

	EMERGING MARKETS
	Six Months Ended 3/31/2015						Year Ended 9/30/2014(2)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		310,984		$	3,770			2,090,983		$	26,121
Institutional Shares		103,462			1,222			994,491			12,292
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		26,044			323			67,766			858
Institutional Shares		246,662			3,036			344,914			4,349
Cost of shares redeemed(1)
Investor Shares		(3,280,916	)		(39,861	)		(13,039,229	)		(165,880	)
Institutional Shares		(24,100,917	)		(293,490	)		(11,878,205	)		(146,888	)
Net increase from fund share transactions
Investor Shares		(2,943,888	)		(35,768	)		(10,880,480	)		(138,901	)
Institutional Shares		(23,750,793	)		(289,232	)		(10,538,800	)		(130,247	)
Redemption Fee
Investor Shares		-	(3)		-			-			9
Institutional Shares		-			1			-			24

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL EQUITY
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		1,692,839		$	28,197			6,864,248		$	110,666
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		426,772			6,888			485,266			7,468
Cost of shares redeemed(1)
Investor Shares		(1,208,342	)		(19,838	)		(2,680,996	)		(43,325	)
Net increase from fund share transactions
Investor Shares		911,269			15,247			4,668,518			74,809
Redemption Fee
Investor Shares		-			2			-			41
	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		5,494,818		$	103,117			15,513,993		$	284,419
Institutional Shares		7,498,193			141,423			11,119,747			204,278
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		870,398			16,233			-			-
Institutional Shares		663,613			12,423			-			-
Cost of shares redeemed(1)
Investor Shares		(9,556,574	)		(178,400	)		(8,601,254	)		(157,661	)
Institutional Shares		(2,753,615	)		(52,050	)		(457,683	)		(8,648	)
Net increase from fund share transactions
Investor Shares		(3,191,358	)		(59,050	)		6,912,739			126,758
Institutional Shares		5,408,191			101,796			10,662,064			195,630
Redemption Fee
Investor Shares		-			28			-			76
Institutional Shares		-			20			-			37
	GLOBAL SMALL CAP
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		1,745,169		$	18,988			13,020,988		$	155,869
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		207,315			2,258			11,178			123
Cost of shares redeemed(1)
Investor Shares		(5,714,668	)		(61,277	)		(1,751,458	)		(20,812	)
Net increase from fund share transactions
Investor Shares		(3,762,184	)		(40,031	)		11,280,708			135,180
Redemption Fee
Investor Shares		-			18			-			19

Artisan Partners Funds 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL VALUE
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,131,089		$	141,793			46,332,675		$	705,527
Institutional Shares		3,820,227			59,170			15,616,060			240,343
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,495,215			38,676			1,261,422			18,720
Institutional Shares		1,142,541			17,709			662,757			9,835
Cost of shares redeemed(1)
Investor Shares		(15,122,377	)		(234,474	)		(18,148,152	)		(281,898	)
Institutional Shares		(2,742,248	)		(41,978	)		(5,592,616	)		(84,524	)
Net increase from fund share transactions
Investor Shares		(3,496,073	)		(54,005	)		29,445,945			442,349
Institutional Shares		2,220,520			34,901			10,686,201			165,654
Redemption Fee
Investor Shares		-			16			-			170
Institutional Shares		-			7			-			69
	HIGH INCOME
	Six Months Ended 3/31/2015						Period Ended 9/30/2014(4)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		18,052,681		$	178,117			28,784,054		$	289,469
Advisor Shares		5,663,767			56,033			24,356,075			245,301
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,144,061			11,348			426,571			4,295
Advisor Shares		787,670			7,818			347,182			3,494
Cost of shares redeemed(1)
Investor Shares		(4,425,971	)		(43,665	)		(1,283,898	)		(12,808	)
Advisor Shares		(3,719,647	)		(36,775	)		(1,866,099	)		(18,587	)
Net increase from fund share transactions
Investor Shares		14,770,771			145,800			27,926,727			280,956
Advisor Shares		2,731,790			27,076			22,837,158			230,208
Redemption Fee
Investor Shares		-			37			-			147
Advisor Shares		-			25			-			138

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		86,861,825		$	2,646,854			172,830,197		$	5,193,412
Institutional Shares		18,974,658			581,011			31,933,961			974,844
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,544,638			77,510			2,776,776			81,887
Institutional Shares		1,100,365			33,726			1,387,270			41,146
Cost of shares redeemed(1)
Investor Shares		(51,288,911	)		(1,559,061	)		(65,605,440	)		(1,979,559	)
Institutional Shares		(14,957,591	)		(448,228	)		(28,044,503	)		(857,249	)
Net increase from fund share transactions
Investor Shares		38,117,552			1,165,303			110,001,533			3,295,740
Institutional Shares		5,117,432			166,509			5,276,728			158,741
Redemption Fee
Investor Shares		-			312			-			565
Institutional Shares		-			86			-			185
	INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		5,321,432		$	121,717			13,167,082		$	354,804
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,307,280			52,352			2,422,159			61,717
Cost of shares redeemed(1)
Investor Shares		(10,734,165	)		(247,388	)		(8,468,727	)		(225,103	)
Net increase from fund share transactions
Investor Shares		(3,105,453	)		(73,319	)		7,120,514			191,418
Redemption Fee
Investor Shares		-			78			-			30

Artisan Partners Funds 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		19,268,461		$	673,325			48,279,252		$	1,788,517
Institutional Shares		7,921,334			279,960			13,233,553			490,586
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		12,755,664			439,815			13,168,838			468,812
Institutional Shares		4,718,738			163,127			4,702,044			167,768
Cost of shares redeemed(1)
Investor Shares		(27,953,047	)		(973,176	)		(36,953,384	)		(1,376,242	)
Institutional Shares		(2,309,842	)		(80,925	)		(12,766,282	)		(476,690	)
Net increase from fund share transactions
Investor Shares		4,071,078			139,964			24,494,706			881,087
Institutional Shares		10,330,230			362,162			5,169,315			181,664
Redemption Fee
Investor Shares		-			206			-			305
Institutional Shares		-			62			-			86
	MID CAP
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		8,883,832		$	413,869			25,145,236		$	1,211,460
Institutional Shares		12,456,442			615,873			25,449,982			1,278,426
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		11,374,388			516,511			9,388,265			429,325
Institutional Shares		7,427,509			355,555			4,662,566			223,057
Cost of shares redeemed(1)
Investor Shares		(23,235,665	)		(1,078,996	)		(38,479,395	)		(1,839,289	)
Institutional Shares		(11,304,583	)		(551,008	)		(14,443,759	)		(721,622	)
Net increase from fund share transactions
Investor Shares		(2,977,445	)		(148,616	)		(3,945,894	)		(198,504	)
Institutional Shares		8,579,368			420,420			15,668,789			779,861

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		20,002,343		$	503,376			65,185,071		$	1,761,179
Institutional Shares		9,244,048			232,407			20,369,732			552,567
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		34,608,529			856,326			15,817,357			417,104
Institutional Shares		6,672,374			165,029			2,374,000			62,602
Cost of shares redeemed(1)
Investor Shares		(90,958,053	)		(2,287,429	)		(94,345,667	)		(2,565,756	)
Institutional Shares		(12,599,924	)		(318,600	)		(11,604,357	)		(317,171	)
Net increase from fund share transactions
Investor Shares		(36,347,181	)		(927,727	)		(13,343,239	)		(387,473	)
Institutional Shares		3,316,498			78,836			11,139,375			297,998
	SMALL CAP
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		2,709,500		$	77,409			15,199,873		$	439,604
Institutional Shares		1,146,067			33,368			2,431,667			69,700
Cost of shares redeemed(1)
Investor Shares		(9,415,877	)		(274,377	)		(17,260,935	)		(483,655	)
Institutional Shares		(883,984	)		(25,667	)		(2,065,389	)		(60,328	)
Net increase from fund share transactions
Investor Shares		(6,706,377	)		(196,968	)		(2,061,062	)		(44,051	)
Institutional Shares		262,083			7,701			366,278			9,372
	SMALL CAP VALUE
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		4,002,246		$	60,299			15,636,504		$	288,653
Institutional Shares		476,238			7,057			3,549,900			65,892
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		14,560,067			204,423			4,883,076			89,751
Institutional Shares		3,567,563			50,338			691,272			12,719
Cost of shares redeemed(1)
Investor Shares		(44,884,835	)		(657,521	)		(79,323,221	)		(1,464,478	)
Institutional Shares		(7,959,808	)		(118,867	)		(5,195,121	)		(95,832	)
Net increase from fund share transactions
Investor Shares		(26,322,522	)		(392,799	)		(58,803,641	)		(1,086,074	)
Institutional Shares		(3,916,007	)		(61,472	)		(953,949	)		(17,221	)

Artisan Partners Funds 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	VALUE
	Six Months Ended 3/31/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		8,939,576		$	120,420			25,923,680		$	361,086
Institutional Shares		1,941,227			26,056			6,611,778			94,116
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,223,025			82,455			4,735,743			62,843
Institutional Shares		1,579,906			20,950			974,463			12,941
Cost of shares redeemed(1)
Investor Shares		(19,485,172	)		(260,792	)		(34,775,011	)		(475,888	)
Institutional Shares		(6,549,253	)		(86,267	)		(4,729,262	)		(64,268	)
Net increase from fund share transactions
Investor Shares		(4,322,571	)		(57,917	)		(4,115,588	)		(51,959	)
Institutional Shares		(3,028,120	)		(39,261	)		2,856,979			42,789

⁽¹⁾  Net of redemption fees.

⁽²⁾  Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽³⁾  Amount rounds to less than $1.

⁽⁴⁾  For the period from commencement of operations (March 19, 2014) through September 30, 2014.

(14) Subsequent events:

The Funds have evaluated all other subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

100 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of Artisan Partners Funds, you may incur transaction costs, including redemption fees, and you will incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended March 31, 2015 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period 10/1/2014-3/31/2015(1)		Expense Ratio(2)
Artisan Emerging Markets Fund
Investor Shares(3)
Actual	$	1,000.00	$	966.80	$	7.36		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Institutional Shares
Actual	$	1,000.00	$	966.60	$	6.42		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.59		1.31	%

Artisan Partners Funds 101

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period 10/1/2014-3/31/2015(1)		Expense Ratio(2)
Artisan Global Equity Fund
Investor Shares
Actual	$	1,000.00	$	1,086.00	$	7.12		1.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.89		1.37	%
Artisan Global Opportunities Fund
Investor Shares
Actual	$	1,000.00	$	1,042.10	$	6.01		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Institutional Shares
Actual	$	1,000.00	$	1,043.10	$	4.84		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Artisan Global Small Cap Fund
Investor Shares(3)
Actual	$	1,000.00	$	1,021.20	$	7.56		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Artisan Global Value Fund
Investor Shares
Actual	$	1,000.00	$	1,030.90	$	6.43		1.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.39		1.27	%
Institutional Shares
Actual	$	1,000.00	$	1,031.10	$	5.22		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Artisan High Income Fund
Investor Shares
Actual	$	1,000.00	$	1,029.70	$	5.11		1.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.09		1.01	%
Advisor Shares
Actual	$	1,000.00	$	1,030.30	$	4.51		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.49	$	4.48		0.89	%
Artisan International Fund
Investor Shares
Actual	$	1,000.00	$	1,047.40	$	5.87		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Institutional Shares
Actual	$	1,000.00	$	1,048.40	$	4.85		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%

102 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period 10/1/2014-3/31/2015(1)		Expense Ratio(2)
Artisan International Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,027.20	$	7.73		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.30	$	7.70		1.53	%
Artisan International Value Fund
Investor Shares
Actual	$	1,000.00	$	1,036.30	$	5.89		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.84		1.16	%
Institutional Shares
Actual	$	1,000.00	$	1,037.50	$	4.88		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.84		0.96	%
Artisan Mid Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,095.90	$	6.17		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Institutional Shares
Actual	$	1,000.00	$	1,097.20	$	4.97		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Artisan Mid Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,035.80	$	6.09		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Shares
Actual	$	1,000.00	$	1,037.10	$	4.82		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Artisan Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,124.10	$	6.41		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Institutional Shares
Actual	$	1,000.00	$	1,125.50	$	5.35		1.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.09		1.01	%

Artisan Partners Funds 103

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period 10/1/2014-3/31/2015(1)		Expense Ratio(2)
Artisan Small Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,007.00	$	6.40		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44		1.28	%
Institutional Shares
Actual	$	1,000.00	$	1,008.10	$	5.16		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Artisan Value Fund
Investor Shares
Actual	$	1,000.00	$	1,021.20	$	4.94		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94		0.98	%
Institutional Shares
Actual	$	1,000.00	$	1,021.70	$	3.73		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.24	$	3.73		0.74	%

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2015, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

⁽²⁾  Annualized ratio of expenses to average net assets for the six-month period ended March 31, 2015.

⁽³⁾  The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

104 Artisan Partners Funds

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgment may consider an issuer to be from a country other than the country designated by the securities information vendors. A vendor’s criteria may include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the industry groups developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by the Adviser. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

Artisan Partners Funds 105

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Partners Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Partners Funds’ Statement of Additional Information, which is available without charge, on Artisan Partners Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on Artisan Partners Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Partners Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.

106 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

Item 2.    Code of Ethics.

Not applicable for semiannual reports.

Item 3.    Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4.    Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5.    Audit Committee of Listed Registrants.

Not applicable.

Item 6.    Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of March 31, 2015 are included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.    Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.    Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Exhibits.

(a)	(1)	Not applicable for semiannual reports.
	(2)	Certifications of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)
(b)		Certification of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Artisan Partners Funds, Inc.
By:	/s/ Eric R. Colson
	Eric R. Colson
	Principal Executive Officer
Date:	June 4, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Eric R. Colson
	Eric R. Colson
	Principal Executive Officer
Date:	June 4, 2015

By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 4, 2015