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: 3/31/16

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.

ARTISAN PARTNERS FUNDS

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

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Developing World Fund
5	Artisan Emerging Markets Fund
8	Artisan Global Equity Fund
10	Artisan Global Opportunities Fund
12	Artisan Global Small Cap Fund
14	Artisan Global Value Fund
16	Artisan High Income Fund
21	Artisan International Fund
24	Artisan International Small Cap Fund
26	Artisan International Value Fund
28	Artisan Mid Cap Fund
31	Artisan Mid Cap Value Fund
34	Artisan Small Cap Fund
37	Artisan Small Cap Value Fund
40	Artisan Value Fund
42	STATEMENTS OF ASSETS AND LIABILITIES
46	STATEMENTS OF OPERATIONS
51	STATEMENTS OF CHANGES IN NET ASSETS
60	FINANCIAL HIGHLIGHTS
72	NOTES TO FINANCIAL STATEMENTS
106	SHAREHOLDER EXPENSE EXAMPLE
111	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
112	PROXY VOTING POLICIES AND PROCEDURES
112	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 or summary prospectus, which contain that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanpartners.com. Read it carefully before you invest or send money.

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

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 87.7%
BRAZIL - 6.6%
Cielo S.A.		568,300	$	5,527
Kroton Educacional S.A.		5,441,400		17,373
Lojas Renner S.A.		1,515,013		8,760
Qualicorp S.A.		1,551,100		6,414
				38,074
CHINA - 17.5%
Alibaba Group Holding Ltd. (DR)(1)		215,440		17,026
Baidu, Inc. (DR)(1)		81,039		15,469
China Life Insurance Co., Ltd., Class H		4,514,500		11,139
Kweichow Moutai Co., Ltd., Class A		396,371		15,178
Sinopharm Group Co., Ltd., Class H		3,083,600		13,853
Tencent Holdings Ltd.		1,083,400		22,136
Vipshop Holdings Ltd. (DR)(1)		438,899		5,653
				100,454
EGYPT - 0.9%
Commercial International Bank Egypt S.A.E.		775,013		3,354
Commercial International Bank Egypt S.A.E. (DR)		483,908		1,718
				5,072
FRANCE - 1.0%
LVMH Moet Hennessy Louis Vuitton SE		34,065		5,834
HONG KONG - 6.6%
AIA Group Ltd.		4,245,200		24,052
Sands China Ltd.		3,448,000		14,023
				38,075
INDIA - 12.4%
Ajanta Pharma Ltd.		130,369		2,821
Aurobindo Pharma Ltd.		561,592		6,318
Bharti Infratel Ltd.		1,735,688		10,274
Dish TV India Ltd.(1)		11,454,475		15,221
Eicher Motors Ltd.		29,466		8,543
HDFC Bank Ltd. (DR)		375,171		23,122
PVR Ltd.		467,131		5,185
				71,484
INDONESIA - 2.4%
Bank Mandiri Persero Tbk PT		6,672,400		5,183
Matahari Department Store Tbk PT		4,230,400		5,854
Media Nusantara Citra Tbk PT		17,423,600		2,865
				13,902
KOREA - 2.1%
SK Hynix, Inc.		482,705		11,882
MALAYSIA - 0.6%
My EG Services Bhd		5,712,700		3,133
MEXICO - 3.3%
Grupo Televisa S.A.B. (DR)		700,583		19,238
NETHERLANDS - 2.3%
Unilever N.V. (DR)		296,656		13,295
PERU - 2.2%
Credicorp Ltd.		98,000		12,839
PHILIPPINES - 1.4%
Puregold Price Club, Inc.		7,198,200		5,690
Universal Robina Corp.		502,620		2,367
				8,057
RUSSIA - 4.2%
Magnit PJSC (DR)		431,819		17,251
QIWI plc (DR)		480,613		6,964
				24,215
SAUDI ARABIA - 0.8%
Al Tayyar Travel Group, Equity-Linked Security(1)(2)(3)(4)(5)		509,338		4,767
SOUTH AFRICA - 3.2%
Clicks Group Ltd.		662,608		4,362
Mr Price Group Ltd.		1,170,097		14,062
				18,424
TAIWAN - 2.0%
Eclat Textile Co., Ltd.		231,000		3,040
Largan Precision Co., Ltd.		78,000		6,047
Tung Thih Electronic Co., Ltd.		152,000		2,503
				11,590
THAILAND - 1.7%
Siam Commercial Bank PCL(2)		2,418,100		9,692
UNITED ARAB EMIRATES - 1.7%
Emaar Properties PJSC		5,956,775		9,763
UNITED KINGDOM - 2.0%
Diageo plc		425,905		11,509

2 Artisan Partners Funds

	Shares Held		Value
UNITED STATES - 12.8%
Delphi Automotive plc		245,912	$	18,449
EPAM Systems, Inc.(1)		77,638		5,797
Facebook, Inc., Class A(1)		163,612		18,668
Kansas City Southern		119,151		10,182
MercadoLibre, Inc.		101,165		11,922
Visa, Inc., Class A		111,863		8,555
				73,573
Total common stocks and equity-linked securities (Cost $481,773)				504,872
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 17.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $102,699 (Cost $102,699)(6)	$	102,699	$	102,699
Total investments - 105.6% (Cost $584,472)				607,571
Other assets less liabilities - (5.6)%				(32,177	)
Total net assets - 100.0%(7)			$	575,394

⁽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 $14,459, or 2.5% 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 under 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		Cost		Value		Percentage of Total Net Assets
Al Tayyar Travel Group		7/9/2015- 3/30/2016	$	8,291	$	4,767		0.8	%

⁽⁵⁾  Non-voting shares.

⁽⁶⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.250	%		11/15/2024	$	104,754

⁽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, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	142,827		23.5	%
Consumer Staples		69,652		11.5
Financials		100,862		16.6
Health Care		29,406		4.8
Industrials		18,725		3.1
Information Technology		133,126		21.9
Telecommunication Services		10,274		1.7
Short-term investments		102,699		16.9
Total investments	$	607,571		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	38,074		6.3	%
British pound		11,509		1.9
Chinese Yuan renminbi		15,178		2.5
Egyptian pound		3,354		0.6
Euro		19,129		3.1
Hong Kong dollar		85,203		14.0
Indian rupee		48,362		8.0
Indonesian rupiah		13,902		2.3
Korean won		11,882		2.0
Malaysian ringgit		3,133		0.5
Philippine peso		8,057		1.3
South African rand		18,424		3.0
Taiwan dollar		11,590		1.9
Thai baht		9,692		1.6
U.S. dollar		300,319		49.4
UAE dirham		9,763		1.6
Total investments	$	607,571		100.0	%

Artisan Partners Funds 3

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
AIA Group Ltd.	Hong Kong		4.2	%
HDFC Bank Ltd.	India		4.0
Tencent Holdings Ltd.	China		3.9
Grupo Televisa S.A.B.	Mexico		3.3
Facebook, Inc.	United States		3.2
Delphi Automotive plc	United States		3.2
Kroton Educacional S.A.	Brazil		3.0
Magnit PJSC	Russia		3.0
Alibaba Group Holding Ltd.	China		3.0
Baidu, Inc.	China		2.7
Total			33.5	%

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 EMERGING MARKETS FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 88.9%
ARGENTINA - 3.6%
Globant S.A.(1)		4,869	$	150
Grupo Financiero Galicia S.A. (DR)		13,762		390
Pampa Energia S.A. (DR)(1)		8,442		181
YPF S.A. (DR)		17,948		321
				1,042
BRAZIL - 4.6%
Cosan S.A. Industria e Comercio		17,600		154
GAEC Educacao S.A.		50,800		140
Hypermarcas S.A.(1)		40,138		314
Linx S.A.		17,000		227
Petroleo Brasileiro S.A.(1)		98,589		291
Vale S.A.		55,113		232
				1,358
CHILE - 1.9%
Empresa Nacional de Telecomunicaciones S.A.		19,834		175
SACI Falabella		54,402		379
				554
CHINA - 18.5%
Ajisen China Holdings Ltd.		409,913		152
Alibaba Group Holding Ltd. (DR)(1)		6,847		541
Baidu, Inc. (DR)(1)		2,114		404
China High Precision Automation Group Ltd.(1)(2)(3)		9,066,000		14
China Life Insurance Co., Ltd., Class H		119,800		296
China Petroleum & Chemical Corp., Class H		595,453		391
China Unicom Hong Kong Ltd.		207,500		274
Digital China Holdings Ltd.		379,460		508
GOME Electrical Appliances Holding Ltd.		1,425,288		204
Huabao International Holdings Ltd. (1)		636,322		240
Noah Holdings Ltd. (DR)(1)		18,471		460
PW Medtech Group Ltd.(1)		614,000		137
Sino Biopharmaceutical Ltd.		434,000		325
Sinopharm Group Co., Ltd., Class H		112,500		505
Sinotrans Ltd.		313,341		137
Wisdom Sports Group		343,839		114
Zhuzhou CRRC Times Electric Co., Ltd., Class H		127,015		740
				5,442
EGYPT - 0.6%
Integrated Diagnostics Holdings plc(1)		32,943		161
GERMANY - 0.6%
Rocket Internet SE(1)		6,760		189
GREECE - 1.0%
JUMBO S.A.(1)		21,559	$	292
HONG KONG - 1.4%
AIA Group Ltd.		73,665		417
INDIA - 8.5%
Aurobindo Pharma Ltd.		26,045		293
Dr Reddy’s Laboratories Ltd.		1,744		80
Godrej Consumer Products Ltd.		12,001		250
Havells India Ltd.		32,518		159
ICICI Bank Ltd.		162,139		575
Kajaria Ceramics Ltd.		13,135		191
Reliance Industries Ltd.		34,625		546
Tata Motors Ltd. (1)		38,591		227
Tech Mahindra Ltd.		23,213		167
				2,488
INDONESIA - 3.9%
Astra International Tbk PT		658,570		360
Bank Negara Indonesia Persero Tbk PT		778,018		305
Hanjaya Mandala Sampoerna Tbk PT		18,890		140
Indofood CBP Sukses Makmur Tbk PT		303,200		348
				1,153
KAZAKHSTAN - 0.4%
KCell JSC (DR)		32,664		118
KENYA - 0.6%
Safaricom Ltd.		1,100,100		182
KOREA - 6.5%
E-Mart, Inc.		858		132
KB Financial Group, Inc.		11,426		318
Kia Motors Corp.		11,663		493
Korea Electric Power Corp.		5,195		273
LG Chem Ltd.		1,090		312
Shinhan Financial Group Co., Ltd.		10,956		388
				1,916
MALAYSIA - 0.6%
AirAsia BHD		378,000		177
MEXICO - 3.4%
Alsea S.A.B. de C.V.		65,852		247
Cemex S.A.B. de C.V., UNIT(1)		465,619		338
Grupo Televisa S.A.B., Series CPO		45,707		252
Infraestructura Energetica Nova S.A.B. de C.V.		36,460		148
				985

Artisan Partners Funds 5

	Shares Held		Value
PAKISTAN - 0.6%
Habib Bank Ltd., Equity-Linked Security(3)(4)(5)(6)		104,400	$	171
PANAMA - 0.7%
Copa Holdings S.A., Class A(6)		3,242		220
PERU - 1.7%
Credicorp Ltd.		2,931		384
Grana y Montero S.A. (DR)		29,239		118
				502
RUSSIA - 7.1%
Lukoil PJSC (DR)		9,375		360
Magnit PJSC(3)		1,728		272
MMC Norilsk Nickel PJSC (DR)		21,712		280
Mobile Telesystems OJSC(3)		37,504		134
Moscow Exchange MICEX-RTS PJSC(3)		163,301		255
Sberbank of Russia PJSC(3)		401,082		656
Yandex N.V., Class A(1)		8,827		135
				2,092
SOUTH AFRICA - 4.1%
FirstRand Ltd.		61,219		201
Naspers Ltd., Class N		4,898		684
Woolworths Holdings Ltd.		51,419		312
				1,197
SWITZERLAND - 0.9%
Dufry AG(1)		2,085		257
TAIWAN - 11.3%
CTBC Financial Holding Co., Ltd.		849,370		449
E Ink Holdings, Inc.(1)		226,000		131
Hon Hai Precision Industry Co., Ltd.		214,099		564
MediaTek, Inc.		48,794		374
Taiwan Fertilizer Co., Ltd.		91,000		138
Taiwan Semiconductor Manufacturing Co., Ltd.		329,647		1,659
				3,315
THAILAND - 1.0%
Bangkok Bank PCL (DR)		57,000		292
TURKEY - 1.9%
Ford Otomotiv Sanayi AS		22,079		291
Turkiye Sinai Kalkinma Bankasi AS		449,872		263
				554
UNITED ARAB EMIRATES - 0.9%
Emaar Malls Group PJSC(1)		332,659		261
UNITED KINGDOM - 2.6%
Mediclinic International plc(1)		23,277		299
Randgold Resources Ltd.		4,959		454
				753
Total common stocks and equity-linked securities (Cost $26,891)				26,088
PREFERRED STOCKS - 7.6%
BRAZIL - 1.4%
Itau Unibanco Holding S.A.(6)		47,205	$	410
KOREA - 6.2%
Samsung Electronics Co., Ltd.(6)		1,881		1,821
Total preferred stocks (Cost $2,096)				2,231
	Principal Amount
CONVERTIBLE DEBENTURES - 0.0%
BRAZIL - 0.0%
PDG Realty S.A. Empreendimentos e Participacoes (0.0%, 9/19/16)(1)(2)(3)	$	372	$	–
Total convertible debentures (Cost $127)				–
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $1,047 (Cost $1,047)(7)		1,047		1,047
Total investments - 100.1% (Cost $30,161)				29,366
Other assets less liabilities - (0.1)%				(21	)
Total net assets - 100.0%(8)			$	29,345

⁽¹⁾ Non-income producing security.

⁽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 $14, or less than 0.1% of total net assets.

⁽³⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,502, or 5.1% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾ Security is restricted. The security was acquired in a transaction pursuant to Rule 144A under 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		Cost		Value		Percentage of Total Net Assets
Habib Bank Ltd.		4/13/2015- 10/16/2015	$	174	$	171		0.6	%

6 Artisan Partners Funds

⁽⁵⁾  Security is an equity-linked participation certificate issued by Deutsche Bank AG London. 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.

⁽⁶⁾  Non-voting shares.

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.500	%		3/31/2023	$	1,070

⁽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.

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	4,404		15.0	%
Consumer Staples		1,456		5.0
Energy		2,063		7.0
Financials		6,491		22.1
Health Care		1,800		6.1
Industrials		1,742		5.9
Information Technology		6,884		23.4
Materials		1,994		6.8
Telecommunication Services		883		3.0
Utilities		602		2.1
Short-term investments		1,047		3.6
Total investments	$	29,366		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	1,768		6.0	%
British pound		454		1.5
Chilean peso		554		1.9
Euro		481		1.6
Hong Kong dollar		4,454		15.2
Indian rupee		2,488		8.5
Indonesian rupiah		1,153		3.9
Kenyan shilling		182		0.6
Korean won		3,737		12.7
Malaysian ringgit		177		0.6
Mexican peso		985		3.4
South African rand		1,496		5.1
Swiss franc		257		0.9
Taiwan dollar		3,315		11.3
Thai baht		292		1.0
Turkish lira		554		1.9
U.S. dollar		6,758		23.0
UAE dirham		261		0.9
Total investments	$	29,366		100.0	%

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.2	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.7
Zhuzhou CRRC Times Electric Co., Ltd.	China		2.5
Naspers Ltd.	South Africa		2.3
Sberbank of Russia PJSC	Russia		2.2
ICICI Bank Ltd.	India		2.0
Hon Hai Precision Industry Co., Ltd.	Taiwan		1.9
Reliance Industries Ltd.	India		1.9
Alibaba Group Holding Ltd.	China		1.8
Digital China Holdings Ltd.	China		1.7
Total			28.2	%

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.

Artisan Partners Funds 7

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.8%
CANADA - 1.3%
Canadian Pacific Railway Ltd.		25,614	$	3,399
DENMARK - 1.5%
ISS AS(1)		100,934		4,052
FINLAND - 3.9%
Huhtamaki Oyj		282,465		10,488
FRANCE - 2.4%
Elis S.A.		339,805		6,596
GERMANY - 8.9%
Bayer AG		42,263		4,968
Deutsche Boerse AG		73,260		6,251
Telefonica Deutschland Holding AG		707,031		3,830
Vonovia SE		152,797		5,499
Wirecard AG(1)		93,910		3,559
				24,107
HONG KONG - 1.8%
AIA Group Ltd.		837,995		4,748
ITALY - 0.7%
Mediaset S.p.A.		483,497		1,995
JAPAN - 3.1%
Japan Tobacco, Inc.		92,700		3,863
Nitori Holdings Co., Ltd.		9,078		832
NTT DOCOMO, Inc.		167,968		3,809
				8,504
SWITZERLAND - 3.1%
Nestle S.A.		94,479		7,060
Roche Holding AG(2)		4,929		1,213
				8,273
TAIWAN - 3.4%
Ginko International Co., Ltd.(1)		679,000		6,772
Taiwan Semiconductor Manufacturing Co., Ltd.		502,000		2,527
				9,299
UNITED KINGDOM - 1.3%
Lloyds Banking Group plc		3,674,897		3,590
UNITED STATES - 67.4%
Advance Auto Parts, Inc.		38,280		6,138
Alphabet, Inc., Class A(3)		5,616		4,284
Alphabet, Inc., Class C(2)(3)		10,818		8,059
Amazon.com, Inc.(3)		10,036		5,958
UNITED STATES (CONTINUED)
Aon plc		45,847		4,789
Boston Scientific Corp.(3)		297,792		5,602
Bristol-Myers Squibb Co.		60,406		3,859
Celgene Corp.(3)		65,769		6,583
Charter Communications, Inc., Class A(3)		22,962		4,648
Cognizant Technology Solutions Corp., Class A(3)		76,848		4,818
Comcast Corp., Class A		123,665		7,554
CSX Corp.		197,869		5,095
Delphi Automotive plc		71,304		5,349
Dollar General Corp.		112,108		9,596
Dollar Tree, Inc.(3)		89,812		7,406
General Mills, Inc.		113,883		7,215
HCA Holdings, Inc.(3)		55,348		4,320
JPMorgan Chase & Co.		90,209		5,342
Liberty Global plc, Class A(3)		106,920		4,116
Liberty Global plc, Series C(2)(3)		124,140		4,663
Live Nation Entertainment, Inc.(3)		57,847		1,291
MasterCard, Inc., Class A		109,507		10,348
Medivation, Inc.(3)		127,935		5,882
Medtronic plc		147,230		11,042
Molson Coors Brewing Co., Class B		114,872		11,048
Mondelez International, Inc.		129,772		5,207
Monster Beverage Corp.(3)		16,224		2,164
Nektar Therapeutics(3)		182,201		2,505
NewMarket Corp.		3,596		1,425
PepsiCo, Inc.		56,284		5,768
Thermo Fisher Scientific, Inc.		47,434		6,716
Williams-Sonoma, Inc.		72,029		3,943
				182,733
Total common stocks (Cost $244,077)				267,784
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $2,216 (Cost $2,216)(4)		$2,216	$	2,216
Total investments - 99.6% (Cost $246,293)				270,000
Other assets less liabilities - 0.4%				973
Total net assets - 100.0%(5)			$	270,973

8 Artisan Partners Funds

⁽¹⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽²⁾ Non-voting shares.

⁽³⁾ Non-income producing security.

⁽⁴⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		3.625	%		2/15/2044	$	2,264

⁽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.

PORTFOLIO DIVERSIFICATION - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	63,489		23.5	%
Consumer Staples		42,325		15.7
Financials		30,219		11.2
Health Care		59,462		22.0
Industrials		19,142		7.1
Information Technology		33,595		12.5
Materials		11,913		4.4
Telecommunication Services		7,639		2.8
Short-term investments		2,216		0.8
Total investments	$	270,000		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	3,590		1.3	%
Danish krone		4,052		1.5
Euro		43,186		16.0
Hong Kong dollar		4,748		1.8
Japanese yen		8,504		3.1
Swiss franc		8,273		3.1
Taiwan dollar		9,299		3.4
U.S. dollar		188,348		69.8
Total investments	$	270,000		100.0	%

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		4.6	%
Molson Coors Brewing Co.	United States		4.1
Medtronic plc	United States		4.1
Huhtamaki Oyj	Finland		3.9
MasterCard, Inc.	United States		3.8
Dollar General Corp.	United States		3.5
Liberty Global plc	United States		3.2
Comcast Corp.	United States		2.8
Dollar Tree, Inc.	United States		2.7
General Mills, 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.

Artisan Partners Funds 9

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.1%
AUSTRALIA - 3.4%
James Hardie Industries plc (DR)		2,382,580	$	32,619
Treasury Wine Estates Ltd.		2,619,245		19,355
				51,974
BRAZIL - 1.7%
Raia Drogasil S.A.		1,724,100		25,030
CHINA - 3.7%
Tencent Holdings Ltd.		2,757,400		56,340
DENMARK - 3.0%
Genmab AS(1)		328,237		45,487
FRANCE - 2.1%
Eurofins Scientific SE		88,429		32,436
GERMANY - 3.1%
Brenntag AG		525,240		30,003
Zalando SE(1)		506,360		16,623
				46,626
HONG KONG - 1.6%
Hong Kong Exchanges and Clearing Ltd.		572,577		13,773
Sands China Ltd.		2,573,200		10,466
				24,239
ITALY - 0.7%
Moncler S.p.A.		611,292		10,329
JAPAN - 8.1%
FANUC Corp.		211,302		32,828
Harmonic Drive Systems, Inc.		593,982		15,194
Nintendo Co., Ltd.		165,142		23,477
Shiseido Co., Ltd.		1,269,922		28,345
Stanley Electric Co., Ltd.(2)		993,000		22,455
				122,299
KOREA - 1.3%
Amorepacific Corp.		58,497		19,770
MEXICO - 1.2%
Infraestructura Energetica Nova S.A.B. de C.V.		4,485,860		18,227
SWEDEN - 0.7%
Hexagon AB, Class B		271,442		10,566
TAIWAN - 0.8%
Hermes Microvision, Inc.		411,000		11,749
UNITED KINGDOM - 11.4%
ASOS plc(1)		569,653		26,590
Associated British Foods plc		369,386		17,767
Auto Trader Group plc		1,148,924		6,436
Direct Line Insurance Group plc		7,967,376		42,362
Intertek Group plc		382,890		17,416
Markit Ltd.(1)		1,726,041		61,016
				171,587
UNITED STATES - 49.3%
Abbott Laboratories		1,042,495		43,608
Adobe Systems, Inc.(1)		154,387		14,482
Alphabet, Inc., Class A(1)		80,902		61,720
Alphabet, Inc., Class C(1)(3)		51,881		38,649
Anthem, Inc.		144,732		20,116
Boston Scientific Corp.(1)		2,181,786		41,039
Broadcom Ltd.		163,585		25,274
Chipotle Mexican Grill, Inc.(1)		26,836		12,639
Ecolab, Inc.		67,803		7,561
Electronic Arts, Inc.(1)		558,102		36,896
Facebook, Inc., Class A(1)		565,902		64,569
IHS, Inc., Class A(1)(2)		604,139		75,010
LKQ Corp.(1)		1,169,116		37,330
McGraw Hill Financial, Inc.		511,850		50,663
Noble Energy, Inc.		234,579		7,368
Priceline Group, Inc.(1)		5,522		7,118
Regeneron Pharmaceuticals, Inc.(1)		119,471		43,062
Salesforce.com, Inc.(1)		297,982		22,000
Schlumberger Ltd.		182,601		13,467
Starbucks Corp.		411,990		24,596
Visa, Inc., Class A		1,020,027		78,012
Workday, Inc., Class A(1)		259,337		19,927
				745,106
Total common stocks (Cost $1,123,950)				1,391,765

10 Artisan Partners Funds

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $113,393 (Cost $113,393)(4)	$	113,393	$	113,393
Total investments - 99.6% (Cost $1,237,343)				1,505,158
Other assets less liabilities - 0.4%				6,578
Total net assets - 100.0%(5)			$	1,511,736

⁽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		1.500	%		3/31/2023	$	115,664

⁽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, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	168,146		11.2	%
Consumer Staples		110,267		7.3
Energy		20,835		1.4
Financials		167,814		11.2
Health Care		225,748		15.0
Industrials		170,451		11.3
Information Technology		470,097		31.2
Materials		40,180		2.7
Utilities		18,227		1.2
Short-term investments		113,393		7.5
Total investments	$	1,505,158		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	51,974		3.5	%
Brazilian real		25,030		1.7
British pound		110,571		7.3
Danish krone		45,487		3.0
Euro		89,391		5.9
Hong Kong dollar		80,579		5.4
Japanese yen		122,299		8.1
Korean won		19,770		1.3
Mexican peso		18,227		1.2
Swedish krona		10,566		0.7
Taiwan dollar		11,749		0.8
U.S. dollar		919,515		61.1
Total investments	$	1,505,158		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2016 (Unaudited)
Dollar values in thousands
Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	8/10/2016	JPY	4,701,179		USD	40,979	$	(964	)

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		6.6	%
Visa, Inc.	United States		5.2
IHS, Inc.	United States		5.0
Facebook, Inc.	United States		4.3
Markit Ltd.	United Kingdom		4.0
Tencent Holdings Ltd.	China		3.7
McGraw Hill Financial, Inc.	United States		3.4
Genmab AS	Denmark		3.0
Abbott Laboratories	United States		2.9
Regeneron Pharmaceuticals, Inc.	United States		2.8
Total			40.9	%

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

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

Artisan Partners Funds 11

ARTISAN GLOBAL SMALL CAP FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.4%
CANADA - 4.1%
Cogeco Communications, Inc.		95,571	$	5,097
DENMARK - 3.4%
Scandinavian Tobacco Group AS(1)		258,255		4,149
FINLAND - 6.0%
Huhtamaki Oyj		198,365		7,365
FRANCE - 3.9%
Elis S.A.		248,604		4,826
GERMANY - 8.5%
Gerresheimer AG		32,585		2,556
Tele Columbus AG(1)		784,748		8,021
				10,577
GREECE - 2.0%
JUMBO S.A.(1)		179,618		2,432
INDIA - 0.6%
Credit Analysis & Research Ltd.		54,376		775
ITALY - 12.5%
Banca Sistema S.p.A.(1)		484,529		1,547
Ei Towers S.p.A.		81,210		4,526
Infrastrutture Wireless Italiane S.p.A.(1)		866,282		4,343
RAI Way S.p.A.		938,895		5,043
				15,459
JAPAN - 1.2%
Seria Co., Ltd.		23,900		1,442
NETHERLANDS - 3.5%
Intertrust N.V. (1)		195,147		4,352
SPAIN - 12.8%
Cellnex Telecom SAU		224,696		3,593
Ebro Foods S.A.		174,349		3,806
Euskaltel S.A.(1)		270,055		2,953
Inmobiliaria Colonial S.A.(1)		5,343,420		3,958
Melia Hotels International S.A.		130,633		1,537
				15,847
SWEDEN - 7.3%
Cloetta AB, Class B(1)		1,396,309		4,438
Com Hem Holding AB		493,836		4,553
				8,991
TAIWAN - 3.6%
Ginko International Co., Ltd.(2)		445,000		4,438
THAILAND - 0.1%
Big C Supercenter PCL(3)		11,400		82
Big C Supercenter PCL (DR)		11,100		79
				161
UNITED KINGDOM - 11.9%
B&M European Value Retail S.A.		50,836		194
Britvic plc		181,859		1,856
Domino’s Pizza Group plc		93,524		1,354
Essentra plc		222,246		2,641
Mitchells & Butlers plc		634,943		2,534
Rathbone Brothers plc		91,804		2,785
Virgin Money Holdings UK plc		640,115		3,392
				14,756
UNITED STATES - 11.0%
Allegion plc		5,827		371
Buffalo Wild Wings, Inc.(1)		7,521		1,114
Cable One, Inc.		9,776		4,274
Interpublic Group of Cos., Inc.		94,246		2,163
Nektar Therapeutics(1)		224,172		3,082
Snyder’s-Lance, Inc.		83,645		2,633
				13,637
Total common stocks (Cost $109,419)				114,304
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $9,266 (Cost $9,266)(4)		$9,266	$	9,266
Total investments - 99.9% (Cost $118,685)				123,570
Other assets less liabilities - 0.1%				82
Total net assets - 100.0%(5)			$	123,652

⁽¹⁾  Non-income producing security.

12 Artisan Partners Funds

⁽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⁾  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 $82, or 0.1% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		3.625	%		2/15/2044	$	9,455

⁽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, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	35,205		28.5	%
Consumer Staples		17,043		13.8
Financials		16,809		13.6
Health Care		10,076		8.1
Industrials		5,197		4.2
Information Technology		4,526		3.7
Materials		10,006		8.1
Telecommunication Services		15,442		12.5
Short-term investments		9,266		7.5
Total investments	$	123,570		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	14,756		11.9	%
Canadian dollar		5,097		4.1
Danish krone		4,149		3.4
Euro		60,858		49.3
Indian rupee		775		0.6
Japanese yen		1,442		1.2
Swedish krona		8,991		7.3
Taiwan dollar		4,438		3.6
Thai baht		161		0.1
U.S. dollar		22,903		18.5
Total investments	$	123,570		100.0	%

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Tele Columbus AG	Germany		6.5	%
Huhtamaki Oyj	Finland		6.0
Cogeco Communications, Inc.	Canada		4.1
RAI Way S.p.A.	Italy		4.1
Elis S.A.	France		3.9
Com Hem Holding AB	Sweden		3.7
Ei Towers S.p.A.	Italy		3.7
Ginko International Co., Ltd.	Taiwan		3.6
Cloetta AB	Sweden		3.6
Intertrust N.V.	Netherlands		3.5
Total			42.7	%

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 13

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 90.5%
BELGIUM - 1.8%
Groupe Bruxelles Lambert S.A.		370,349	$	30,557
BRAZIL - 2.9%
Telefonica Brasil S.A. (DR)		3,969,604		49,580
CANADA - 1.7%
Imperial Oil Ltd.		897,114		29,972
CHINA - 3.8%
Baidu, Inc. (DR)(1)		210,728		40,224
New Oriental Education & Technology Group, Inc. (DR)		739,056		25,564
				65,788
DENMARK - 4.8%
Carlsberg AS, Class B		363,144		34,604
ISS AS(2)		1,195,523		47,996
				82,600
KOREA - 4.7%
Kia Motors Corp.		550,391		23,246
Samsung Electronics Co., Ltd.		50,838		58,324
				81,570
NETHERLANDS - 1.9%
ING Groep N.V. (DR)		2,741,840		33,165
NORWAY - 1.2%
Orkla ASA		2,254,710		20,422
SWITZERLAND - 5.6%
ABB Ltd. (1)		2,773,480		54,053
Adecco S.A.(1)		20,964		1,366
Pargesa Holding S.A.		2,453		156
UBS Group AG		2,551,038		41,096
				96,671
UNITED KINGDOM - 11.2%
Amec Foster Wheeler plc		2,160,210		13,962
Compass Group plc		1,384,537		24,419
Diageo plc		708,210		19,138
IMI plc		374,891		5,129
Lloyds Banking Group plc		29,688,489		29,004
Royal Bank of Scotland Group plc(1)		15,583,280		49,843
Tesco plc(1)		18,392,136		50,665
				192,160
UNITED STATES - 50.9%
Alphabet, Inc., Class A(1)		27,242	$	20,783
Alphabet, Inc., Class C(1)(3)		18,774		13,986
American Express Co.		561,775		34,493
Aon plc		273,996		28,619
Applied Materials, Inc.		1,783,348		37,771
Arch Capital Group Ltd.(1)(2)		880,166		62,580
Bank of New York Mellon Corp.		1,748,589		64,400
Cisco Systems, Inc.		1,747,524		49,752
Citigroup, Inc.		1,289,022		53,817
Citizens Financial Group, Inc.		1,258,742		26,371
FedEx Corp.		120,849		19,664
Johnson & Johnson		564,981		61,131
Joy Global, Inc.		625,910		10,058
Marsh & McLennan Cos., Inc.		864,670		52,563
Medtronic plc		756,863		56,765
Microsoft Corp.		1,272,544		70,283
Oracle Corp.		2,147,662		87,861
Progressive Corp.		757,757		26,628
QUALCOMM, Inc.		942,827		48,216
TE Connectivity Ltd.		387,210		23,976
United Technologies Corp.		286,164		28,645
				878,362
Total common stocks (Cost $1,446,504)				1,560,847
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $157,021 (Cost $157,021)(4)		$157,021	$	157,021
Total investments - 99.6% (Cost $1,603,525)				1,717,868
Other assets less liabilities - 0.4%				7,250
Total net assets - 100.0%(5)			$	1,725,118

⁽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.

14 Artisan Partners Funds

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		3.625	%		8/15/2043	$	160,162

⁽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, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	73,229		4.3	%
Consumer Staples		124,829		7.3
Energy		43,934		2.5
Financials		533,292		31.0
Health Care		117,896		6.9
Industrials		166,911		9.7
Information Technology		451,176		26.3
Telecommunication Services		49,580		2.9
Short-term investments		157,021		9.1
Total investments	$	1,717,868		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	192,160		11.2	%
Canadian dollar		29,972		1.7
Danish krone		82,600		4.8
Euro		63,722		3.7
Korean won		81,570		4.8
Norwegian krone		20,422		1.2
Swiss franc		96,671		5.6
U.S. dollar		1,150,751		67.0
Total investments	$	1,717,868		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2016 (Unaudited)
Dollar values in thousands
Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	5/17/2016	CNH	269,967		USD	41,343	$	(351	)
State Street Bank and Trust Company	5/17/2016	CNH	60,488		USD	9,340		(2	)
State Street Bank and Trust Company	5/17/2016	CNH	35,875		USD	5,437		(104	)
							$	(457	)

CNH - Yuan Renminbi offshore

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		5.1	%
Microsoft Corp.	United States		4.1
Bank of New York Mellon Corp.	United States		3.7
Arch Capital Group Ltd.	United States		3.6
Johnson & Johnson	United States		3.5
Samsung Electronics Co., Ltd.	Korea		3.4
Medtronic plc	United States		3.3
ABB Ltd.	Switzerland		3.1
Citigroup, Inc.	United States		3.1
Marsh & McLennan Cos., Inc.	United States		3.1
Total			36.0	%

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

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

Artisan Partners Funds 15

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Principal Amount		Value
CORPORATE BONDS - 72.9%
AGRICULTURE - 1.1%
Pinnacle Operating Corp., 9.00%, 11/15/2020(1)	$	17,859	$	15,403
BIOTECHNOLOGY - 1.6%
Concordia Healthcare Corp., 7.00%, 4/15/2023(1)(2)		3,000		2,573
9.50%, 10/21/2022(1)(2)		20,000		19,300
				21,873
BUILDING MATERIALS - 1.3%
GCP Applied Technologies, Inc., 9.50%, 2/1/2023(1)		12,250		13,291
Ply Gem Industries, Inc., 6.50%, 2/1/2022		4,000		3,920
				17,211
CHEMICALS - 3.2%
A Schulman, Inc., 6.88%, 6/1/2023(1)		12,000		11,820
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020(3)(4)(5)		2,000		–
Platform Specialty Products Corp., 6.50%, 2/1/2022(1)		27,175		22,929
10.38%, 5/1/2021(1)		1,000		968
TPC Group, Inc., 8.75%, 12/15/2020(1)		10,735		7,514
				43,231
DISTRIBUTION/WHOLESALE - 0.8%
HD Supply, Inc., 5.75%, 4/15/2024(1)(6)		11,000		11,303
DIVERSIFIED FINANCIAL SERVICES - 6.0%
Alliance Data Systems Corp., 5.38%, 8/1/2022(1)		3,193		2,993
6.38%, 4/1/2020(1)		9,000		9,158
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022(1)		35,880		30,857
National Financial Partners Corp., 9.00%, 7/15/2021(1)		29,240		28,070
Quicken Loans, Inc., 5.75%, 5/1/2025(1)		10,000		9,700
				80,778
HEALTHCARE-SERVICES - 1.9%
Acadia Healthcare Co., Inc., 6.50%, 3/1/2024(1)		5,000		5,200
Centene Escrow Corp., 5.63%, 2/15/2021(1)		2,000		2,085
6.13%, 2/15/2024(1)		4,277		4,502
HEALTHCARE-SERVICES (CONTINUED)
HCA, Inc., 5.25%, 6/15/2026	$	2,000	$	2,050
5.38%, 2/1/2025		12,000		12,131
				25,968
HOLDING COMPANIES-DIVERSIFIED - 2.6%
Opal Acquisition, Inc., 8.88%, 12/15/2021(1)		50,815		35,443
INSURANCE - 8.6%
Hub Holdings LLC / Hub Holdings Finance, Inc., PIK, 8.13%, 7/15/2019(1)		9,654		8,930
USI, Inc., 7.75%, 1/15/2021(1)		75,572		75,572
Wayne Merger Sub LLC, 8.25%, 8/1/2023(1)		6,250		6,219
York Risk Services Holding Corp., 8.50%, 10/1/2022(1)		38,850		24,864
				115,585
MACHINERY-DIVERSIFIED - 2.0%
Gardner Denver, Inc., 6.88%, 8/15/2021(1)		32,975		26,957
MEDIA - 7.9%
Altice Financing S.A., 6.63%, 2/15/2023(1)(2)		1,000		1,003
Altice Finco S.A., 7.63%, 2/15/2025(1)(2)		4,040		3,868
Altice US Finance I Corp., 5.38%, 7/15/2023(1)(2)		3,000		3,081
Altice US Finance S.A., 7.75%, 7/15/2025(1)(2)		2,000		1,955
Cablevision Systems Corp., 5.88%, 9/15/2022		5,000		4,213
8.00%, 4/15/2020		7,500		7,275
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 5/1/2023(1)		5,000		5,088
5.25%, 9/30/2022		5,500		5,665
5.88%, 4/1/2024(1)		5,000		5,237
CCO Safari II LLC, 4.46%, 7/23/2022(1)		5,500		5,762
4.91%, 7/23/2025(1)		6,000		6,331
DISH DBS Corp., 5.00%, 3/15/2023		2,000		1,780
5.88%, 11/15/2024		4,000		3,665

16 Artisan Partners Funds

	Principal Amount		Value
MEDIA (CONTINUED)
5.88%, 7/15/2022	$	9,000	$	8,527
6.75%, 6/1/2021		1,000		1,033
Neptune Finco Corp., 10.13%, 1/15/2023(1)		7,000		7,490
10.88%, 10/15/2025(1)		14,000		15,295
Time Warner Cable, Inc., 4.50%, 9/15/2042		10,000		8,879
Univision Communications, Inc., 5.13%, 2/15/2025(1)		11,000		10,862
				107,009
MISCELLANEOUS MANUFACTURING - 1.2%
Gates Global LLC / Gates Global Co., 6.00%, 7/15/2022(1)		18,550		15,860
OIL & GAS - 7.6%
Clayton Williams Energy, Inc., 7.75%, 4/1/2019		16,470		8,235
Encana Corp., 6.50%, 5/15/2019(2)		6,250		6,219
Endeavor Energy Resources L.P. / EER Finance, Inc., 7.00%, 8/15/2021(1)		5,610		5,245
Energen Corp., 4.63%, 9/1/2021		1,750		1,531
Laredo Petroleum, Inc., 5.63%, 1/15/2022		10,862		9,070
7.38%, 5/1/2022		11,223		9,722
Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.00%, 6/1/2020		13,300		4,954
Paramount Resources Ltd., 6.88%, 6/30/2023(1)(2)		6,000		4,358
Parsley Energy LLC / Parsley Finance Corp., 7.50%, 2/15/2022(1)		10,218		10,167
Seven Generations Energy Ltd., 6.75%, 5/1/2023(1)(2)		29,000		27,477
8.25%, 5/15/2020(1)(2)		5,500		5,514
Whiting Petroleum Corp., 5.00%, 3/15/2019		14,000		9,695
				102,187
PHARMACEUTICALS - 4.3%
Valeant Pharmaceuticals International, Inc., 5.88%, 5/15/2023(1)		51,500		40,363
6.13%, 4/15/2025(1)		13,000		10,010
6.38%, 10/15/2020(1)		8,500		7,055
				57,428
PIPELINES - 3.5%
Kinder Morgan Energy Partners L.P., 4.25%, 9/1/2024		17,700		16,769
Williams Partners L.P. / ACMP Finance Corp., 4.88%, 5/15/2023		21,208		18,420
4.88%, 3/15/2024		13,000		11,348
				46,537
REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.6%
Vereit Operating Partnership L.P., 4.60%, 2/6/2024	$	35,100	$	34,925
RETAIL - 3.1%
Dollar Tree, Inc., 5.75%, 3/1/2023 (1)		10,000		10,594
Group 1 Automotive, Inc., 5.00%, 6/1/2022		21,160		20,948
Yum! Brands, Inc., 3.75%, 11/1/2021		5,000		4,750
3.88%, 11/1/2020		5,000		4,900
3.88%, 11/1/2023		1,000		925
				42,117
SEMICONDUCTORS - 0.7%
Microsemi Corp., 9.13%, 4/15/2023(1)		9,000		9,878
SOFTWARE - 7.3%
First Data Corp., 5.75%, 1/15/2024(1)		13,000		12,998
7.00%, 12/1/2023(1)		38,500		38,885
Infor Software Parent LLC / Infor Software Parent, Inc., PIK, 7.13%, 5/1/2021(1)		18,500		13,829
Infor US, Inc., 6.50%, 5/15/2022		7,000		6,370
Informatica LLC, 7.13%, 7/15/2023(1)		18,490		17,843
Solera LLC, 10.50%, 3/1/2024(1)		8,400		8,442
				98,367
TELECOMMUNICATIONS - 5.6%
Frontier Communications Corp., 8.88%, 9/15/2020(1)		2,000		2,088
10.50%, 9/15/2022(1)		4,000		4,100
11.00%, 9/15/2025(1)		15,000		15,075
T-Mobile USA, Inc.,
6.00%, 4/15/2024(6)		5,000		5,062
6.13%, 1/15/2022		8,000		8,260
6.38%, 3/1/2025		4,500		4,607
6.50%, 1/15/2024		9,000		9,360
6.50%, 1/15/2026		8,000		8,310
Virgin Media Secured Finance plc, 5.25%, 1/15/2026(1)(2)		18,000		18,000
				74,862
Total Corporate Bonds (Cost $1,031,698)				982,922
BANK LOANS - 12.7%(7)
AEROSPACE/DEFENSE - 0.4%
Jazz Acquisition, Inc. Second Lien Term Loan, 7.75%, 6/19/2022(3)		7,000		4,900
AUTO PARTS & EQUIPMENT - 0.4%
BBB Industries US Holdings, Inc. Second Lien Term Loan, 9.75%, 11/3/2022(3)		6,500		6,013

Artisan Partners Funds 17

	Principal Amount		Value
BIOTECHNOLOGY - 0.2%
Concordia Healthcare Corp. Term Loan, 5.25%, 10/21/2021(2)	$	2,993	$	2,908
CHEMICALS - 0.2%
MacDermid, Inc. Term Loan B2, 5.50%, 6/7/2020		3,000		2,893
COMMERCIAL SERVICES - 0.5%
MJ Acquisition Corp. Second Lien Term Loan, 9.00%, 6/1/2023(3)		7,000		6,790
DIVERSIFIED FINANCIAL SERVICES - 1.4%
LBM Borrower LLC Second Lien Term Loan, 10.25%, 8/20/2023		10,000		9,250
TransFirst, Inc. Second Lien Term Loan, 10.50%, 11/12/2022		10,000		9,994
				19,244
HEALTHCARE-PRODUCTS - 0.4%
Immucor, Inc. Refi Term Loan B2, 5.00%, 8/17/2018		4,987		4,796
INSURANCE - 0.9%
AssuredPartners, Inc. Second Lien Term Loan, 10.00%, 10/20/2023		13,000		12,350
INTERNET - 1.0%
iParadigms Holdings LLC Second Lien Term Loan, 8.25%, 7/29/2022(3)		8,768		8,505
The Active Network, Inc. Second Lien Term Loan, 9.50%, 11/15/2021		5,467		4,701
				13,206
MACHINERY-DIVERSIFIED - 1.3%
Gardner Denver, Inc. Term Loan, 4.25%, 7/30/2020		19,949		18,153
MISCELLANEOUS MANUFACTURING - 0.1%
Ascend Performance Materials Operations LLC Term Loan B, 6.75%, 4/10/2018		705		643
OIL & GAS - 1.7%
Callon Petroleum Co. Second Lien Term Loan, 8.50%, 10/8/2021		24,500		23,520
OIL & GAS SERVICES - 0.4%
Cactus Wellhead LLC Term Loan, 7.00%, 7/31/2020(3)		7,880		2,758
RGL Reservoir Operations, Inc. First Lien Term Loan, 6.00%, 8/14/2021(2)(3)		8,865		2,083
				4,841
SOFTWARE - 3.8%
Ascend Learning LLC Second Lien Term Loan, 9.50%, 11/30/2020	$	15,642	$	14,390
Renaissance Learning, Inc. Second Lien Term Loan, 8.00%, 4/11/2022		41,035		36,316
				50,706
Total Bank Loans (Cost $190,245)				170,963
CONVERTIBLE DEBENTURES - 2.6%
REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.6%
VEREIT, Inc., 3.00%, 8/1/2018		6,000		5,827
VEREIT, Inc., 3.75%, 12/15/2020		31,000		29,644
Total convertible debentures (Cost $35,139)				35,471
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 11.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $153,733 (Cost $153,733)(8)		153,733		153,733
Total investments - 99.6% (Cost $1,410,815)				1,343,089
Other assets less liabilities - 0.4%				5,936
Total net assets - 100.0%(9)			$	1,349,025

⁽¹⁾  Security is restricted. The security was acquired in a transaction pursuant to Rule 144A under 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
A Schulman, Inc. 6.88% 6/1/2023		5/7/15- 11/6/15	$	12,099	$	11,820		0.9	%
Acadia Healthcare Co., Inc. 6.50% 3/1/2024		2/4/16		5,000		5,200		0.4
Alliance Data Systems Corp. 5.38% 8/1/2022		7/24/14- 3/21/16		3,024		2,993		0.2
6.38% 4/1/2020		8/14/14- 3/24/15		9,319		9,158		0.7

18 Artisan Partners Funds

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Altice Financing S.A. 6.63% 2/15/2023		1/30/15	$	1,000	$	1,003		0.1	%
Altice Finco S.A. 7.63% 2/15/2025		1/30/15- 4/1/15		4,139		3,868		0.3
Altice US Finance I Corp. 5.38% 7/15/2023		5/29/15		3,000		3,081		0.2
Altice US Finance S.A. 7.75% 7/15/2025		5/29/15		1,965		1,955		0.1
CCO Holdings LLC / CCO Holdings Capital Corp. 5.13% 5/1/2023		4/13/15- 9/29/15		4,769		5,088		0.4
5.88% 4/1/2024		2/4/16		5,000		5,237		0.4
CCO Safari II LLC
4.46% 7/23/2022		7/9/15- 1/6/16		5,501		5,762		0.4
4.91% 7/23/2025		7/9/15- 7/13/15		5,958		6,331		0.5
Centene Escrow Corp. 5.63% 2/15/2021		1/28/16		2,000		2,085		0.2
6.13% 2/15/2024		1/28/16- 3/31/16		4,389		4,502		0.3
Concordia Healthcare Corp.
7.00% 4/15/2023		10/26/15- 10/29/15		2,628		2,573		0.2
9.50% 10/21/2022		10/19/15		20,000		19,300		1.4
Dollar Tree, Inc. 5.75% 3/1/2023		2/6/15- 1/8/16		10,000		10,594		0.8
Endeavor Energy Resources L.P. / EER Finance, Inc. 7.00% 8/15/2021		8/28/15- 1/5/16		5,227		5,245		0.4
First Data Corp. 5.75% 1/15/2024		11/5/15- 1/28/16		12,956		12,998		1.0
7.00% 12/1/2023		10/29/15- 3/16/16		38,064		38,885		2.9
Frontier Communications Corp. 8.88% 9/15/2020		9/11/15		2,000		2,088		0.2
10.50%9/15/2022		9/11/15		4,000		4,100		0.3
11.00% 9/15/2025		9/11/15- 1/19/16		14,775		15,075		1.1
Gardner Denver, Inc. 6.88% 8/15/2021		7/31/15- 3/16/16		28,307		26,957		2.0
Gates Global LLC / Gates Global Co. 6.00% 7/15/2022		7/28/15- 11/2/15		15,303		15,860		1.2
GCP Applied Technologies, Inc. 9.50% 2/1/2023		1/22/16- 2/19/16		12,593		13,291		1.0
HD Supply, Inc. 5.75% 4/15/2024		3/28/16- 3/30/16		11,113		11,303		0.8
Hub Holdings LLC / Hub Holdings Finance, Inc. 8.13% 7/15/2019		3/1/16- 3/31/16	$	8,336	$	8,930		0.7
Infinity Acquisition LLC / Infinity Acquisition Finance Corp. 7.25% 8/1/2022		7/15/14- 11/18/15	$	33,473	$	30,857		2.3	%
Infor Software Parent LLC / Infor Software Parent, Inc. 7.13% 5/1/2021		4/3/14- 11/23/15		17,532		13,829		1.0
Informatica LLC 7.13% 7/15/2023		6/2/15- 3/30/16		18,137		17,843		1.3
Microsemi Corp. 9.13% 4/15/2023		1/7/16- 1/12/16		9,260		9,878		0.7
National Financial Partners Corp. 9.00% 7/15/2021		5/12/15- 3/31/16		28,872		28,070		2.1
Neptune Finco Corp. 10.13% 1/15/2023		9/25/15		7,000		7,490		0.6
10.88% 10/15/2025		9/25/15- 9/30/15		14,000		15,295		1.1
Opal Acquisition, Inc. 8.88% 12/15/2021		4/15/14- 11/5/15		51,749		35,443		2.6
Paramount Resources Ltd. 6.88% 6/30/2023		5/21/15- 6/3/15		6,008		4,358		0.3
Parsley Energy LLC / Parsley Finance Corp. 7.50% 2/15/2022		1/15/15- 9/18/15		10,284		10,167		0.8
Pinnacle Operating Corp. 9.00% 11/15/2020		3/28/14- 6/22/15		18,340		15,403		1.1
Platform Specialty Products Corp. 6.50% 2/1/2022		9/9/15- 3/30/16		24,700		22,929		1.7
10.38% 5/1/2021		11/3/15		1,000		968		0.1
Quicken Loans, Inc. 5.75% 5/1/2025		5/1/15- 3/31/16		9,895		9,700		0.7
Seven Generations Energy Ltd. 6.75% 5/1/2023		10/7/15- 3/8/16		25,582		27,477		2.0
8.25% 5/15/2020		3/8/16- 3/21/16		5,541		5,514		0.4
Solera LLC 10.50% 3/1/2024		2/29/16- 3/30/16		8,298		8,442		0.6
TPC Group, Inc. 8.75% 12/15/2020		7/15/15- 12/1/15		9,248		7,514		0.5
Univision Communications, Inc. 5.13% 2/15/2025		2/2/16- 2/4/16		10,317		10,862		0.8
USI, Inc. 7.75% 1/15/2021		3/20/14- 3/30/16		74,958		75,572		5.6
Valeant Pharmaceuticals International, Inc. 5.88% 5/15/2023		3/13/15- 3/30/16		44,172		40,363		3.0
6.13% 4/15/2025		3/13/15- 10/23/15		12,268		10,010		0.8
6.38% 10/15/2020		4/29/14- 5/11/15		8,849		7,055		0.5

Artisan Partners Funds 19

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Virgin Media Secured Finance plc 5.25% 1/15/2026		3/17/15- 1/21/16	$	17,576	$	18,000		1.3	%
Wayne Merger Sub LLC 8.25% 8/1/2023		7/30/15- 8/5/15		6,248		6,219		0.5
York Risk Services Holding Corp. 8.50% 10/1/2022		9/17/14- 12/1/15		36,423		24,864		1.8
Total					$	719,404		53.3	%

⁽²⁾  The Fund considers the Issuer 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.

Issuer	Country	Trading Currency
Altice S.A.	Luxembourg		U.S. dollar
Concordia Healthcare Corp.	Canada		U.S. dollar
Encana Corp.	Canada		U.S. dollar
Paramount Resources Ltd.	Canada		U.S. dollar
RGL Reservoir Operations, Inc.	Canada		U.S. dollar
Seven Generations Energy Ltd.	Canada		U.S. dollar
Virgin Media Secured Finance plc	United Kingdom		U.S. dollar

⁽³⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $31,049, or 2.3% of total net assets.

⁽⁴⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁵⁾  Represents escrow for past due interest.

⁽⁶⁾  When-Issued security.

⁽⁷⁾  Floating rate instruments, the rate disclosed was as of March 31, 2016.

⁽⁸⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.750	%		11/15/2023	$	156,813

⁽⁹⁾  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.

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

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $25,000 or 1.9% of the total net assets as of March 31, 2016, which could be extended at the option of the borrower:

Borrower	Unfunded Principal Amount		Unrealized Appreciation (Depreciation)
Beacon Roofing Supply, Inc. Bridge Term Loan	$	25,000		–

CREDIT DIVERSIFICATION - March 31, 2016 (Unaudited)
	Percentage of Total Investments
BBB		5.6	%
BB		15.5
B		32.1
CCC		30.0
Unrated		5.4
Short-term investments		11.4
		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 (shown using the rating scale of Standard & Poor’s). 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.

High yield securities are speculative, have a higher degree of default risk than higher-rate bonds and may increase the Fund’s volatility. The Fund may invest a significant portion of its assets in high-yield securities that are rated in the lower rating categories by one or more nationally recognized statistical rating organization (for example, CCC or lower by Standard & Poor’s or Fitch Ratings Inc. or Caa or lower by Moody’s) or, if unrated, are determined by the Adviser to be of comparable quality.

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Issuer	Country	Percentage of Total Net Assets
USI, Inc.	United States		5.6	%
VEREIT, Inc.	United States		5.2
Valeant Pharmaceuticals International, Inc.	United States		4.3
First Data Corp.	United States		3.8
Gardner Denver, Inc.	United States		3.3
Renaissance Learning, Inc.	United States		2.7
T-Mobile USA, Inc.	United States		2.6
Opal Acquisition, Inc.	United States		2.6
Seven Generations Energy Ltd.	Canada		2.4
Altice SA	Luxembourg		2.4
Total			34.9	%

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.

20 Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 94.7%
BELGIUM - 2.2%
Anheuser-Busch InBev N.V.		959,281	$	119,254
Telenet Group Holding N.V.(1)		2,748,358		139,120
UCB S.A.		1,550,778		118,654
				377,028
CANADA - 1.3%
Canadian Pacific Railway Ltd.		1,637,487		217,278
CHINA - 2.2%
Baidu, Inc. (DR)(1)		1,245,216		237,687
Tencent Holdings Ltd.		6,590,477		134,658
				372,345
DENMARK - 0.2%
ISS AS(2)		751,841		30,184
FRANCE - 8.1%
Danone S.A.		5,214,340		370,897
L’Oreal S.A.		1,012,091		181,329
LVMH Moet Hennessy Louis Vuitton SE		832,453		142,561
Orange S.A.		11,586,135		202,965
Pernod Ricard S.A.		1,656,850		184,762
Zodiac Aerospace(2)		14,690,410		294,372
				1,376,886
GERMANY - 15.4%
Allianz SE		1,416,153		230,355
Bayer AG		7,001,803		823,027
Beiersdorf AG		3,147,686		284,176
Deutsche Boerse AG		5,068,767		432,524
Linde AG		2,742,842		399,654
Vonovia SE		6,201,924		223,183
Wirecard AG(2)		6,337,538		240,143
				2,633,062
HONG KONG - 3.2%
AIA Group Ltd.		95,897,732		543,318
IRELAND - 1.4%
Ryanair Holdings plc, Equity-Linked Security(3)(4)(5)(6)		14,236,891		229,475
ITALY - 0.6%
Mediaset S.p.A.		26,535,428		109,486
JAPAN - 10.5%
Japan Tobacco, Inc.		15,170,883		632,204
NGK Insulators Ltd.		10,963,861		202,531
NTT DOCOMO, Inc.		10,801,133		244,968
Olympus Corp.		7,711,213		299,761
Ono Pharmaceutical Co., Ltd.		5,175,380		219,118
Toyota Motor Corp.		3,708,681		196,136
				1,794,718
KOREA - 0.0%†
Orion Corp.		2,079		1,661
MEXICO - 1.0%
Grupo Televisa S.A.B. (DR)		6,278,367		172,404
SPAIN - 1.5%
Grifols S.A.		5,172,874		115,193
Grifols S.A. (DR)		9,528,665		147,409
				262,602
SWEDEN - 1.0%
Swedbank AB, Class A		7,800,548		168,055
SWITZERLAND - 9.9%
Actelion Ltd.(1)		1,974,695		295,111
Nestle S.A.		9,787,084		731,321
Roche Holding AG(3)		1,196,505		294,538
Syngenta AG		887,916		369,368
				1,690,338
TAIWAN - 1.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		39,234,000		197,486
UNITED KINGDOM - 14.9%
Babcock International Group plc		6,453,557		88,008
British American Tobacco plc		2,513,750		147,664
BT Group plc		18,940,274		119,829
Carnival plc		2,029,909		109,388
Croda International plc		1,669,157		72,855
Diageo plc		2,970,595		80,274
Imperial Brands plc		5,106,101		283,298
InterContinental Hotels Group plc		4,550,435		187,636
International Consolidated Airlines Group S.A.		33,781,988		268,555
Johnson Matthey plc		4,232,306		166,798
Lloyds Banking Group plc		255,339,988		249,451
Unilever plc		8,289,313		375,322
Worldpay Group plc(1)		32,554,872		128,628
WPP plc		11,580,543		270,612
				2,548,318

Artisan Partners Funds 21

	Shares Held		Value
UNITED STATES - 20.1%
Allegion plc		244,500	$	15,577
Allergan plc(1)		486,218		130,321
Aon plc		4,089,570		427,156
Autoliv, Inc. (DR)		1,118,837		132,994
Cognizant Technology Solutions Corp., Class A(1)		6,855,748		429,855
Delphi Automotive plc		4,776,212		358,311
Liberty Global plc, Class A(1)		8,552,921		329,288
Liberty Global plc, Series C(1)(3)		13,074,923		491,094
Medtronic plc		11,186,129		838,960
Royal Caribbean Cruises Ltd.		1,555,775		127,807
WABCO Holdings, Inc.(1)		1,307,867		139,837
				3,421,200
Total common stocks and equity-linked securities (Cost $14,365,451)				16,145,844
PREFERRED STOCKS - 0.9%
GERMANY - 0.9%
Henkel AG & Co. KGaA(3)		1,463,427		161,361
Total preferred stocks (Cost $102,660)				161,361
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $696,516 (Cost $696,515)(7)		$696,515	$	696,515
Total investments - 99.7% (Cost $15,164,626)				17,003,720
Other assets less liabilities - 0.3%				52,302
Total net assets - 100.0%(8)			$	17,056,022

^†  Amount rounds to less than 0.1%.

⁽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⁾  Security is restricted. The security was acquired in a transaction pursuant to Rule 144A under 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		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 3/31/2016	$	130,447	$	229,475		1.4	%

⁽⁵⁾  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 $229,475, or 1.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁶⁾  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.

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		5/15/2024	$	92,832
U.S. Treasury Note		2.750	%		11/15/2023		445,235
U.S. Treasury Bond		3.625	%		8/15/2043		87,673
U.S. Treasury Bond		3.625	%		2/15/2044		84,708
						$	710,448

⁽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.

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	2,766,837		16.3	%
Consumer Staples		3,553,523		20.9
Financials		2,274,042		13.4
Health Care		3,282,092		19.3
Industrials		1,485,817		8.7
Information Technology		1,368,457		8.1
Materials		1,008,675		5.9
Telecommunication Services		567,762		3.3
Short-term investments		696,515		4.1
Total investments	$	17,003,720		100.0	%

22 Artisan Partners Funds

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,548,318		15.0	%
Danish krone		30,184		0.2
Euro		4,773,016		28.1
Hong Kong dollar		677,976		4.0
Japanese yen		1,794,718		10.5
Korean won		1,661		—	(1)
Swedish krona		301,049		1.8
Swiss franc		1,690,338		9.9
Taiwan dollar		197,486		1.2
U.S. dollar		4,988,974		29.3
Total investments	$	17,003,720		100.0	%

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

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Medtronic plc	United States		5.0	%
Bayer AG	Germany		4.8
Liberty Global plc	United States		4.8
Nestle S.A.	Switzerland		4.3
Japan Tobacco, Inc.	Japan		3.7
AIA Group Ltd.	Hong Kong		3.2
Deutsche Boerse AG	Germany		2.5
Cognizant Technology Solutions Corp.	United States		2.5
Aon plc	United States		2.5
Linde AG	Germany		2.3
Total			35.6	%

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 23

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.4%
CANADA - 2.7%
Manitoba Telecom Services, Inc.		1,011,063	$	25,137
DENMARK - 7.4%
Royal Unibrew AS		821,254		39,630
Scandinavian Tobacco Group AS(1)		1,791,657		28,782
				68,412
FINLAND - 3.5%
Huhtamaki Oyj		864,582		32,102
FRANCE - 4.6%
Bonduelle SCA		311,424		9,168
Elis S.A.		1,728,284		33,550
				42,718
GERMANY - 11.0%
Gerresheimer AG		243,090		19,067
Takkt AG		1,554,537		29,859
Wirecard AG(2)		1,396,421		52,913
				101,839
GREECE - 1.8%
JUMBO S.A.(1)		1,215,835		16,464
ITALY - 13.0%
Azimut Holding S.p.A.		126,260		2,909
Davide Campari-Milano S.p.A.		1,612,413		16,119
Ei Towers S.p.A.		564,658		31,471
Hera S.p.A.		3,410,839		10,192
Infrastrutture Wireless Italiane S.p.A.(1)		6,922,456		34,706
RAI Way S.p.A.		4,685,890		25,167
				120,564
JAPAN - 7.4%
Cosmos Pharmaceutical Corp.		121,357		20,175
Matsumotokiyoshi Holdings Co., Ltd.		350,900		18,364
Sugi Holdings Co., Ltd.		577,000		30,454
				68,993
NETHERLANDS - 3.6%
Intertrust N.V.(1)		1,484,333		33,105
SPAIN - 11.8%
Almirall S.A.		813,453		13,671
Cellnex Telecom SAU		1,900,526		30,385
Ebro Foods S.A.		1,070,953		23,379
Euskaltel S.A.(1)		2,692,763		29,446
SPAIN (CONTINUED)
Melia Hotels International S.A.		1,046,733	$	12,316
				109,197
SWEDEN - 3.5%
Cloetta AB, Class B(1)		10,357,686		32,917
SWITZERLAND - 2.9%
Comet Holding AG (1)(2)		40,085		26,972
TAIWAN - 4.2%
Ginko International Co., Ltd.(2)		3,860,000		38,499
UNITED KINGDOM - 16.0%
B&M European Value Retail S.A.		373,991		1,426
Babcock International Group plc		2,287,357		31,193
Britvic plc		1,590,745		16,233
Dignity plc		907,790		32,321
Domino’s Pizza Group plc		686,516		9,939
Essentra plc		1,615,286		19,198
Hays plc		10,744,455		18,672
Rathbone Brothers plc		624,902		18,956
				147,938
Total common stocks (Cost $752,500)				864,857
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $58,866 (Cost $58,866)(3)		$58,866	$	58,866
Total investments - 99.8% (Cost $811,366)				923,723
Other assets less liabilities - 0.2%				2,201
Total net assets - 100.0%(4)			$	925,924

⁽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.

24 Artisan Partners Funds

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	60,046

⁽⁴⁾  Percentages for the various classifications relate to total net assets.

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

PORTFOLIO DIVERSIFICATION - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	127,492		13.8	%
Consumer Staples		235,221		25.5
Financials		54,970		5.9
Health Care		71,237		7.7
Industrials		83,415		9.0
Information Technology		111,356		12.1
Materials		51,300		5.5
Telecommunication Services		119,674		13.0
Utilities		10,192		1.1
Short-term investments		58,866		6.4
Total investments	$	923,723		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value	Percentage of Total Investments
British pound	$147,938		16.0	%
Canadian dollar	25,137		2.7
Danish krone	68,412		7.4
Euro	455,989		49.4
Japanese yen	68,993		7.5
Swedish krona	32,917		3.5
Swiss franc	26,972		2.9
Taiwan dollar	38,499		4.2
U.S. dollar	58,866		6.4
Total investments	$923,723		100.0	%

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		5.7	%
Royal Unibrew AS	Denmark		4.3
Ginko International Co., Ltd.	Taiwan		4.2
Infrastrutture Wireless Italiane S.p.A.	Italy		3.7
Elis S.A.	France		3.6
Intertrust N.V.	Netherlands		3.6
Cloetta AB	Sweden		3.5
Dignity plc	United Kingdom		3.5
Huhtamaki Oyj	Finland		3.5
Ei Towers S.p.A.	Italy		3.4
Total			39.0	%

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

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

Artisan Partners Funds 25

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 89.3%
BELGIUM - 2.4%
Groupe Bruxelles Lambert S.A.		3,166,865	$	261,295
BRAZIL - 2.7%
Telefonica Brasil S.A. (DR)		24,066,121		300,586
CANADA - 2.0%
Imperial Oil Ltd.		6,467,795		216,083
CHINA - 5.2%
Baidu, Inc. (DR)(1)		2,068,265		394,790
New Oriental Education & Technology Group, Inc. (DR)		5,214,394		180,366
				575,156
DENMARK - 5.5%
Carlsberg AS, Class B		2,737,567		260,860
ISS AS(2)		8,680,598		348,496
				609,356
FRANCE - 1.9%
Sodexo S.A.		867,833		93,556
Vivendi S.A.		5,508,600		115,837
				209,393
JAPAN - 4.9%
Credit Saison Co., Ltd.		4,637,447		80,721
Stanley Electric Co., Ltd.(2)		9,330,204		210,986
Tokyo Electron Ltd.		3,889,735		253,544
				545,251
KOREA - 5.9%
Kia Motors Corp.		3,272,187		138,201
Samsung Electronics Co., Ltd.		450,444		516,774
				654,975
NETHERLANDS - 5.6%
ING Groep N.V. (DR)		30,796,210		372,507
RELX N.V.		3,757,534		65,611
TNT Express N.V.		20,596,839		184,825
				622,943
NORWAY - 1.8%
Aker Solutions ASA(2)		18,619,729		59,855
Orkla ASA		15,956,483		144,530
				204,385
SWITZERLAND - 15.8%
ABB Ltd.(1)		22,294,730		434,510
Adecco S.A.(1)		2,116,718		137,915
SWITZERLAND (CONTINUED)
Cie Financiere Richemont S.A.		2,418,314		159,830
Novartis AG		2,915,774		211,356
Panalpina Welttransport Holding AG(2)		2,117,228		236,483
Pargesa Holding S.A.		1,265,602		80,618
UBS Group AG		30,172,876		486,067
				1,746,779
UNITED KINGDOM - 22.6%
Amec Foster Wheeler plc		15,369,304		99,334
Compass Group plc		31,967,783		563,820
Diageo plc		5,002,107		135,172
IMI plc		2,406,822		32,926
Lloyds Banking Group plc		244,589,568		238,948
QinetiQ Group plc		25,117,500		82,251
RELX plc		21,295,481		395,778
Royal Bank of Scotland Group plc(1)		113,027,851		361,523
Tesco plc(1)		123,089,673		339,078
Unilever plc (DR)		2,633,887		118,999
Vesuvius plc(2)		27,429,191		130,674
				2,498,503
UNITED STATES - 13.0%
Accenture plc, Class A		1,285,839		148,386
Aon plc		1,889,032		197,309
Arch Capital Group Ltd.(1)(2)		6,184,882		439,745
Medtronic plc		4,694,351		352,076
TE Connectivity Ltd.		4,858,391		300,832
				1,438,348
Total common stocks (Cost $8,585,970)				9,883,053
PREFERRED STOCKS - 0.4%
KOREA - 0.4%
Samsung Electronics Co., Ltd.(3)		41,061		39,747
Total preferred stocks (Cost $36,032)				39,747

26 Artisan Partners Funds

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $1,114,507 (Cost $1,114,506)(4)	$	1,114,506	$	1,114,506
Total investments - 99.8% (Cost $9,736,508)				11,037,306
Other assets less liabilities - 0.2%				26,774
Total net assets - 100.0%(5)			$	11,064,080

⁽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		1.500	%		3/31/2023	$	967,180
U.S. Treasury Note		1.750	%		1/31/2023		93,898
U.S. Treasury Note		2.000	%		2/15/2023		75,719
						$	1,136,797

⁽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, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of  Total Investments
Consumer Discretionary	$	1,923,985		17.4	%
Consumer Staples		998,639		9.1
Energy		375,272		3.4
Financials		2,518,733		22.8
Health Care		563,432		5.1
Industrials		1,588,080		14.4
Information Technology		1,654,073		15.0
Telecommunication Services		300,586		2.7
Short-term investments		1,114,506		10.1
Total investments	$	11,037,306		100.0	%

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of  Total Investments
British pound	$	2,379,504		21.6	%
Canadian dollar		216,083		2.0
Danish krone		609,356		5.5
Euro		1,093,631		9.9
Japanese yen		545,251		4.9
Korean won		694,722		6.3
Norwegian krone		204,385		1.9
Swiss franc		1,746,779		15.8
U.S. dollar		3,547,595		32.1
Total investments	$	11,037,306		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2016 (Unaudited)
Dollar values in thousands
Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	5/17/2016	CNH	2,783,099		USD	426,208	$	(3,623	)
State Street Bank and Trust Company	8/10/2016	JPY	23,841,252		USD	207,819		(4,889	)
State Street Bank and Trust Company	5/17/2016	CNH	409,060		USD	63,165		(12	)
							$	(8,524	)

JPY - Japanese yen

CNH - Yuan Renminbi offshore

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group plc	United Kingdom		5.1	%
Samsung Electronics Co., Ltd.	Korea		5.0
UBS Group AG	Switzerland		4.4
Arch Capital Group Ltd.	United States		4.0
ABB Ltd.	Switzerland		3.9
RELX plc	United Kingdom		3.6
Baidu, Inc.	China		3.6
ING Groep N.V.	Netherlands		3.3
Royal Bank of Scotland Group plc	United Kingdom		3.3
Medtronic plc	United States		3.2
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 27

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.2%
CONSUMER DISCRETIONARY - 20.7%
Auto Components - 0.5%
Delphi Automotive plc		572,177	$	42,925
Distributors - 4.7%
LKQ Corp.(1)		11,977,853		382,453
Hotels, Restaurants & Leisure - 2.0%
Aramark		1,717,383		56,879
Chipotle Mexican Grill, Inc.(1)		151,763		71,476
Norwegian Cruise Line Holdings Ltd.(1)		552,305		30,537
				158,892
Household Durables - 0.9%
Harman International Industries, Inc.		357,267		31,811
Newell Rubbermaid, Inc.		904,264		40,050
				71,861
Internet & Catalog Retail - 1.7%
Ctrip.com International Ltd. (DR)(1)(2)		1,763,017		78,031
JD.com, Inc. (DR)(1)(2)		2,393,489		63,427
				141,458
Media - 1.2%
CBS Corp., Class B(3)		1,840,475		101,392
Multiline Retail - 1.3%
Dollar Tree, Inc.(1)		1,319,136		108,776
Specialty Retail - 7.7%
Advance Auto Parts, Inc.		248,335		39,818
Michaels Cos., Inc.(1)		3,847,426		107,613
O’Reilly Automotive, Inc.(1)		140,354		38,409
Signet Jewelers Ltd.		940,853		116,694
Tractor Supply Co.		2,095,466		189,556
Ulta Salon Cosmetics & Fragrance, Inc.(1)		686,162		132,937
				625,027
Textiles, Apparel & Luxury Goods - 0.7%
Lululemon Athletica, Inc.(1)		822,314		55,679
CONSUMER STAPLES - 3.6%
Beverages - 1.6%
Monster Beverage Corp.(1)		968,273		129,148
Food Products - 2.0%
WhiteWave Foods Co., Class A(1)		4,156,457		168,919
ENERGY - 2.0%
Oil, Gas & Consumable Fuels - 2.0%
Cimarex Energy Co.		647,283	$	62,961
Concho Resources, Inc.(1)		594,644		60,083
Noble Energy, Inc.		1,239,776		38,941
				161,985
FINANCIALS - 6.8%
Banks - 0.5%
PacWest Bancorp		189,949		7,057
SVB Financial Group(1)		336,870		34,377
				41,434
Capital Markets - 1.6%
TD Ameritrade Holding Corp.		4,120,536		129,921
Diversified Financial Services - 4.7%
Intercontinental Exchange, Inc.		333,749		78,478
Markit Ltd.(1)(2)		332,402		11,750
McGraw Hill Financial, Inc.		2,964,015		293,378
				383,606
HEALTH CARE - 19.3%
Biotechnology - 5.0%
Cepheid, Inc.(1)		2,458,988		82,032
Regeneron Pharmaceuticals, Inc.(1)		686,813		247,555
Seattle Genetics, Inc.(1)		2,178,278		76,435
				406,022
Health Care Equipment & Supplies - 8.1%
Becton Dickinson & Co.		1,084,060		164,582
Boston Scientific Corp.(1)		16,736,461		314,813
DexCom, Inc.(1)		1,860,527		126,348
Intuitive Surgical, Inc.(1)		101,926		61,263
				667,006
Health Care Providers & Services - 3.3%
Cigna Corp.		1,377,179		189,004
Envision Healthcare Holdings, Inc.(1)		3,873,095		79,011
				268,015
Health Care Technology - 2.5%
athenahealth, Inc.(1)		961,418		133,426
Cerner Corp.(1)		1,343,154		71,133
				204,559
Life Sciences Tools & Services - 0.4%
Illumina, Inc.(1)		204,402		33,136

28 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS - 19.0%
Aerospace & Defense - 1.0%
Textron, Inc.		2,201,245	$	80,257
Building Products - 3.3%
Fortune Brands Home & Security, Inc.		4,786,087		268,212
Commercial Services & Supplies - 2.3%
Waste Connections, Inc.		2,910,025		187,959
Electrical Equipment - 4.9%
Acuity Brands, Inc.		422,465		92,157
AMETEK, Inc.		5,276,751		263,732
Hubbell, Inc.		391,392		41,460
				397,349
Industrial Conglomerates - 0.6%
Roper Technologies, Inc.		263,897		48,232
Machinery - 0.3%
Middleby Corp.(1)		261,417		27,912
Professional Services - 5.6%
IHS, Inc., Class A(1)(4)		2,809,245		348,796
Verisk Analytics, Inc., Class A(1)		1,358,365		108,560
				457,356
Trading Companies & Distributors - 1.0%
HD Supply Holdings, Inc.(1)		2,495,515		82,527
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 3.3%
Harris Corp.		509,430		39,664
Motorola Solutions, Inc.		1,096,519		83,006
Palo Alto Networks, Inc.(1)		893,017		145,687
				268,357
Electronic Equipment, Instruments & Components - 0.2%
Trimble Navigation Ltd.(1)		805,545		19,978
IT Services - 6.1%
Fidelity National Information Services, Inc.		825,216		52,244
Gartner, Inc.(1)		1,408,002		125,805
Global Payments, Inc.		4,093,209		267,287
Vantiv, Inc., Class A(1)		960,417		51,747
				497,083
Semiconductors & Semiconductor Equipment - 2.3%
NVIDIA Corp.		2,366,268		84,310
NXP Semiconductors N.V.(1)(2)		1,265,546		102,598
				186,908
Software - 8.7%
Activision Blizzard, Inc.		1,857,588		62,861
INFORMATION TECHNOLOGY (CONTINUED)
Software (Continued)
Aspen Technology, Inc.(1)		1,150,560	$	41,570
Atlassian Corp. plc, Class A(1)		816,626		20,538
Electronic Arts, Inc.(1)		3,097,652		204,786
Guidewire Software, Inc.(1)		2,044,728		111,397
Intuit, Inc.		588,840		61,245
Mobileye N.V.(1)(2)		909,129		33,901
ServiceNow, Inc.(1)		202,560		12,393
Workday, Inc., Class A(1)		2,118,233		162,765
				711,456
MATERIALS - 1.5%
Chemicals - 1.5%
RPM International, Inc.		2,562,765		121,296
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.7%
Level 3 Communications, Inc.(1)		2,566,118		135,619
Total common stocks (Cost $6,181,263)				7,772,715
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $349,022 (Cost $349,022)(5)		$349,022	$	349,022
Total investments - 99.5% (Cost $6,530,285)				8,121,737
Other assets less liabilities - 0.5%				41,835
Total net assets - 100.0%(6)			$	8,163,572

⁽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
Ctrip.com International Ltd. (DR)	China		U.S. dollar
JD.com, Inc. (DR)	China		U.S. dollar
Markit Ltd.	United Kingdom		U.S. dollar
Mobileye N.V.	Israel		U.S. dollar
NXP Semiconductors N.V.	Netherlands		U.S. dollar

Artisan Partners Funds 29

⁽³⁾  Non-voting shares.

⁽⁴⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	83,413
U.S. Treasury Note		2.750	%		11/15/2023		72,715
U.S. Treasury Note		6.250	%		8/15/2023		199,875
						$	356,003

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

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

(DR) Depositary Receipt, voting rights may vary.

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
LKQ Corp.	United States		4.7	%
IHS, Inc.	United States		4.3
Boston Scientific Corp.	United States		3.9
McGraw Hill Financial, Inc.	United States		3.6
Fortune Brands Home & Security, Inc.	United States		3.3
Global Payments, Inc.	United States		3.3
AMETEK, Inc.	United States		3.3
Regeneron Pharmaceuticals, Inc.	United States		3.0
Electronic Arts, Inc.	United States		2.5
Tractor Supply Co.	United States		2.3
Total			34.2	%

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.

30 Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.0%
CONSUMER DISCRETIONARY - 17.1%
Auto Components - 1.6%
Gentex Corp.		5,043,941	$	79,139
Automobiles - 1.9%
Harley-Davidson, Inc.		1,731,727		88,890
Diversified Consumer Services - 1.3%
H&R Block, Inc.		2,409,393		63,656
Internet & Catalog Retail - 4.1%
Liberty Interactive Corp. QVC Group, Class A(1)		3,994,630		100,864
Liberty Ventures, Class A(1)		2,487,794		97,323
				198,187
Media - 3.4%
Omnicom Group, Inc.		1,384,476		115,230
TEGNA, Inc.		2,177,876		51,093
				166,323
Multiline Retail - 0.6%
Nordstrom, Inc.		505,044		28,894
Specialty Retail - 2.6%
AutoNation, Inc.(1)		1,482,162		69,187
Bed Bath & Beyond, Inc.(1)		1,152,672		57,219
				126,406
Textiles, Apparel & Luxury Goods - 1.6%
Coach, Inc.		1,907,058		76,454
ENERGY - 9.7%
Energy Equipment & Services - 1.7%
Helmerich & Payne, Inc.		967,440		56,808
McDermott International, Inc.(1)		5,955,164		24,357
				81,165
Oil, Gas & Consumable Fuels - 8.0%
Apache Corp.		2,736,634		133,575
Devon Energy Corp.		4,840,102		132,812
Hess Corp.		2,355,248		124,004
				390,391
FINANCIALS - 21.7%
Banks - 3.7%
Fifth Third Bancorp		6,068,714		101,287
M&T Bank Corp.		699,891		77,688
				178,975
Diversified Financial Services - 1.2%
Intercontinental Exchange, Inc.		247,428		58,180
Insurance - 14.7%
Alleghany Corp.(1)		291,352		144,569
Allied World Assurance Co. Holdings AG		1,959,497		68,465
Allstate Corp.		1,398,729		94,232
Aon plc		882,221		92,148
Arch Capital Group Ltd.(1)(2)		1,447,006		102,882
Loews Corp.		1,759,245		67,309
Progressive Corp.		1,355,825		47,644
Torchmark Corp.		1,814,633		98,280
				715,529
Real Estate Investment Trusts (REITs) - 2.1%
American Capital Agency Corp.		3,038,765		56,612
Hatteras Financial Corp.		3,084,125		44,103
				100,715
INDUSTRIALS - 17.0%
Aerospace & Defense - 2.0%
Rockwell Collins, Inc.		1,024,470		94,467
Construction & Engineering - 5.9%
Fluor Corp.		1,959,863		105,245
Jacobs Engineering Group, Inc. (1)		2,527,487		110,072
Quanta Services, Inc.(1)		3,219,661		72,635
				287,952
Electrical Equipment - 1.2%
Hubbell, Inc.		548,825		58,137
Machinery - 2.1%
Joy Global, Inc.		2,943,152		47,297
Kennametal, Inc.		2,519,626		56,666
				103,963
Professional Services - 0.9%
ManpowerGroup, Inc.		526,201		42,843
Road & Rail - 1.8%
Ryder System, Inc.		1,336,199		86,559

Artisan Partners Funds 31

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Trading Companies & Distributors - 3.1%
Air Lease Corp.(2)		4,601,889	$	147,813
INFORMATION TECHNOLOGY - 15.2%
Electronic Equipment, Instruments & Components - 9.3%
Arrow Electronics, Inc.(1)		2,379,738		153,279
Avnet, Inc.		3,449,296		152,804
FLIR Systems, Inc.		1,818,731		59,927
Keysight Technologies, Inc.(1)		3,043,405		84,424
				450,434
Internet Software & Services - 1.6%
IAC/InterActiveCorp		1,617,045		76,130
IT Services - 0.9%
Teradata Corp.(1)		1,754,008		46,025
Semiconductors & Semiconductor Equipment - 1.9%
Analog Devices, Inc.		1,546,590		91,543
Software - 1.5%
Synopsys, Inc.(1)		1,524,955		73,869
MATERIALS - 9.8%
Chemicals - 4.9%
Celanese Corp., Class A		1,627,504		106,602
Mosaic Co.		4,937,980		133,325
				239,927
Metals & Mining - 4.9%
Goldcorp, Inc.(3)		6,506,094		105,594
Kinross Gold Corp.(1)(3)		13,749,499		46,748
Nucor Corp.		1,750,126		82,781
				235,123
UTILITIES - 1.5%
Electric Utilities - 1.5%
OGE Energy Corp.		2,434,934		69,712
Total common stocks (Cost $3,652,372)				4,457,401
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $505,406 (Cost $505,406)(4)	$	505,406	$	505,406
Total investments - 102.4% (Cost $4,157,778)				4,962,807
Other assets less liabilities - (2.4)%				(116,049	)
Total net assets - 100.0%(5)			$	4,846,758

⁽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		1.500	%		3/31/2023	$	392,413
U.S. Treasury Note		2.500	%		8/15/2023		123,104
						$	515,517

⁽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.

32 Artisan Partners Funds

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country		Percentage of Total Net Assets
Arrow Electronics, Inc.		United States		3.2	%
Avnet, Inc.		United States		3.2
Air Lease Corp.		United States		3.1
Alleghany Corp.		United States		3.0
Apache Corp.		United States		2.7
Mosaic Co.		United States		2.7
Devon Energy Corp.		United States		2.7
Hess Corp.		United States		2.6
Omnicom Group, Inc.		United States		2.4
Jacobs Engineering Group, Inc.		United States		2.2
Total				27.8	%

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

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

Artisan Partners Funds 33

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.1%
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 2.0%
Gentherm, Inc.(1)		436,176	$	18,141
Visteon Corp.		60,314		4,800
				22,941
Distributors - 2.5%
LKQ Corp.(1)		906,419		28,942
Diversified Consumer Services - 2.5%
Bright Horizons Family Solutions, Inc.(1)		442,593		28,671
Hotels, Restaurants & Leisure - 3.5%
Buffalo Wild Wings, Inc.(1)		31,495		4,665
Dunkin’ Brands Group, Inc.		770,878		36,362
				41,027
Internet & Catalog Retail - 0.5%
MakeMyTrip Ltd.(1)(2)		306,824		5,550
Media - 0.6%
Imax Corp.(1)		234,978		7,306
Specialty Retail - 1.7%
Boot Barn Holdings, Inc.(1)		407,131		3,827
Burlington Stores, Inc.(1)		284,325		15,991
				19,818
Textiles, Apparel & Luxury Goods - 1.0%
Deckers Outdoor Corp.(1)		189,871		11,375
CONSUMER STAPLES - 1.1%
Food & Staples Retailing - 1.1%
PriceSmart, Inc.		151,180		12,787
ENERGY - 1.2%
Oil, Gas & Consumable Fuels - 1.2%
Diamondback Energy, Inc.(1)		116,043		8,956
RSP Permian, Inc.(1)		152,212		4,420
				13,376
FINANCIALS - 0.4%
Banks - 0.4%
SVB Financial Group(1)		47,462		4,843
HEALTH CARE - 19.5%
Biotechnology - 5.9%
Agios Pharmaceuticals, Inc.(1)		35,480		1,440
HEALTH CARE (CONTINUED)
Biotechnology (Continued)
Alnylam Pharmaceuticals, Inc.(1)		129,081	$	8,102
Bluebird Bio, Inc.(1)		52,769		2,243
Cepheid, Inc.(1)		782,193		26,094
DBV Technologies S.A. (DR)(1)(2)		319,224		10,391
Exact Sciences Corp.(1)		776,695		5,235
Ionis Pharmaceuticals, Inc.(1)		76,193		3,086
Seattle Genetics, Inc.(1)		336,911		11,822
				68,413
Health Care Equipment & Supplies - 7.2%
DexCom, Inc.(1)		757,038		51,411
GenMark Diagnostics, Inc.(1)		1,204,244		6,346
Integra LifeSciences Holdings Corp.(1)		87,089		5,866
Nevro Corp.(1)		316,113		17,785
NuVasive, Inc.(1)		37,494		1,824
				83,232
Health Care Providers & Services - 1.7%
Surgical Care Affiliates, Inc.(1)		419,606		19,419
Health Care Technology - 3.7%
athenahealth, Inc.(1)		310,239		43,055
Life Sciences Tools & Services - 1.0%
NeoGenomics, Inc.(1)		1,638,930		11,047
INDUSTRIALS - 19.6%
Aerospace & Defense - 5.4%
Astronics Corp.(1)		52,776		2,013
Taser International, Inc.(1)		1,620,278		31,806
Teledyne Technologies, Inc.(1)		327,428		28,860
				62,679
Air Freight & Logistics - 1.0%
Forward Air Corp.		249,853		11,323
Commercial Services & Supplies - 0.6%
Brady Corp., Class A(3)		245,985		6,602
Electrical Equipment - 6.9%
Acuity Brands, Inc.		337,030		73,520
Generac Holdings, Inc.(1)		153,683		5,723
				79,243

34 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS CONTINUED)
Machinery - 5.7%
IDEX Corp.		313,382	$	25,973
John Bean Technologies Corp.		460,790		25,993
Proto Labs, Inc.(1)		182,339		14,057
				66,023
INFORMATION TECHNOLOGY - 39.0%
Electronic Equipment, Instruments & Components - 4.4%
Cognex Corp.		910,049		35,447
FEI Co.		89,050		7,926
National Instruments Corp.		244,107		7,350
				50,723
Internet Software & Services - 11.7%
Benefitfocus, Inc.(1)		587,907		19,607
CoStar Group, Inc.(1)		217,725		40,969
Demandware, Inc.(1)		401,810		15,711
MercadoLibre, Inc.		150,356		17,719
Pandora Media, Inc.(1)		1,321,592		11,828
Q2 Holdings, Inc.(1)		855,802		20,574
SPS Commerce, Inc.(1)		210,128		9,023
				135,431
IT Services - 2.0%
Acxiom Corp.(1)		478,879		10,267
WEX, Inc.(1)		153,271		12,777
				23,044
Semiconductors & Semiconductor Equipment - 1.2%
Cavium, Inc.(1)		230,614		14,104
Software - 19.7%
ACI Worldwide, Inc.(1)		513,765		10,681
Aspen Technology, Inc.(1)		161,898		5,849
Atlassian Corp. plc, Class A(1)		419,942		10,562
Blackbaud, Inc.		325,770		20,488
Ellie Mae, Inc.(1)		268,989		24,381
Guidewire Software, Inc.(1)		719,245		39,184
HubSpot, Inc.(1)		90,463		3,946
Paylocity Holding Corp.(1)		151,758		4,969
Proofpoint, Inc.(1)		434,468		23,366
Take-Two Interactive Software, Inc.(1)		467,282		17,603
Textura Corp.(1)		54,813		1,021
Tyler Technologies, Inc.(1)		180,813		23,254
Ultimate Software Group, Inc.(1)		219,297		42,434
				227,738
Total common stocks (Cost $777,868)				1,098,712
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $63,921 (Cost $63,921)(4)	$	63,921	$	63,921
Total investments - 100.6% (Cost $841,789)				1,162,633
Other assets less liabilities - (0.6)%				(7,192	)
Total net assets - 100.0%(5)			$	1,155,441

⁽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
DBV Technologies S.A. (DR)	France		U.S. dollar
MakeMyTrip Ltd.	India		U.S. dollar

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.750	%		11/15/2023	$	65,202

⁽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.

Artisan Partners Funds 35

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Acuity Brands, Inc.	United States		6.4	%
DexCom, Inc.	United States		4.5
athenahealth, Inc.	United States		3.7
Ultimate Software Group, Inc.	United States		3.7
CoStar Group, Inc.	United States		3.5
Guidewire Software, Inc.	United States		3.4
Dunkin’ Brands Group, Inc.	United States		3.1
Cognex Corp.	United States		3.1
Taser International, Inc.	United States		2.7
LKQ Corp.	United States		2.5
Total			36.6	%

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.

36 Artisan Partners Funds

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 82.0%
CONSUMER DISCRETIONARY - 7.1%
Household Durables - 0.1%
NACCO Industries, Inc., Class A		6,875	$	394
Internet & Catalog Retail - 1.5%
HSN, Inc.		100,741		5,270
Media - 2.4%
DreamWorks Animation SKG, Inc., Class A(1)		101,534		2,533
Starz, Class A(1)		142,300		3,747
Tribune Media Co.		55,879		2,143
				8,423
Specialty Retail - 3.1%
America’s Car-Mart, Inc.(1)		77,999		1,950
Finish Line, Inc., Class A		88,120		1,860
Guess?, Inc.		107,098		2,010
Rent-A-Center, Inc.		323,804		5,132
				10,952
CONSUMER STAPLES - 1.4%
Food Products - 1.4%
Sanderson Farms, Inc.		55,931		5,044
ENERGY - 7.5%
Energy Equipment & Services - 3.9%
Era Group, Inc.(1)		66,120		620
McDermott International, Inc.(1)		460,985		1,885
Newpark Resources, Inc.(1)		444,123		1,919
Patterson-UTI Energy, Inc.		215,720		3,801
Superior Energy Services, Inc.		236,717		3,170
Unit Corp.(1)		290,446		2,559
				13,954
Oil, Gas & Consumable Fuels - 3.6%
World Fuel Services Corp.		262,136		12,734
FINANCIALS - 10.8%
Banks - 1.4%
Berkshire Hills Bancorp, Inc.		51,418		1,382
Great Western Bancorp, Inc.		129,654		3,536
				4,918
Capital Markets - 0.2%
Capital Southwest Corp.		25,212		350
Manning & Napier, Inc.		43,466		351
				701
FINANCIALS (CONTINUED)
Diversified Financial Services - 0.9%
FNFV Group(1)		265,089		2,876
PICO Holdings, Inc.(1)		36,020		369
				3,245
Insurance - 4.1%
Allied World Assurance Co. Holdings AG		152,535		5,329
Enstar Group Ltd.(1)		20,186		3,282
RenaissanceRe Holdings Ltd.		47,731		5,720
				14,331
Real Estate Investment Trusts (REITs) - 3.8%
Anworth Mortgage Asset Corp.		595,877		2,777
CYS Investments, Inc.		406,019		3,305
Hatteras Financial Corp.		225,587		3,226
Post Properties, Inc.		39,902		2,384
Potlatch Corp.		59,031		1,859
				13,551
Thrifts & Mortgage Finance - 0.4%
Dime Community Bancshares, Inc.		51,917		915
Oritani Financial Corp.		35,855		608
				1,523
HEALTH CARE - 2.1%
Health Care Providers & Services - 1.1%
Owens & Minor, Inc.		96,835		3,914
Health Care Technology - 1.0%
Omnicell, Inc.(1)		72,263		2,014
Vocera Communications, Inc.(1)		114,880		1,465
				3,479
INDUSTRIALS - 32.2%
Aerospace & Defense - 0.6%
Cubic Corp.		51,924		2,075
Building Products - 0.3%
CSW Industrials, Inc.(1)		30,840		971
Commercial Services & Supplies - 2.7%
ABM Industries, Inc.		37,056		1,197
Quad/Graphics, Inc.		138,496		1,792
Team, Inc.(1)		45,605		1,386
Tetra Tech, Inc.		179,684		5,358
				9,733

Artisan Partners Funds 37

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Construction & Engineering - 5.8%
Aegion Corp.(1)		77,205	$	1,628
EMCOR Group, Inc.		229,821		11,169
MYR Group, Inc.(1)		44,112		1,108
Valmont Industries, Inc.		55,022		6,814
				20,719
Electrical Equipment - 3.6%
AZZ, Inc.		95,611		5,412
Encore Wire Corp.		20,095		782
Franklin Electric Co., Inc.		149,444		4,808
Powell Industries, Inc.		59,460		1,772
				12,774
Machinery - 8.1%
CLARCOR, Inc.		92,839		5,365
Dynamic Materials Corp.		42,612		276
Kennametal, Inc.		213,535		4,802
Mueller Industries, Inc.		86,180		2,536
Oshkosh Corp.		143,846		5,879
Timken Co.		205,042		6,867
Woodward, Inc.		60,588		3,152
				28,877
Marine - 2.3%
Kirby Corp.(1)	��	134,229		8,093
Road & Rail - 2.8%
Ryder System, Inc.		150,273		9,735
Trading Companies & Distributors - 6.0%
Air Lease Corp.(2)		358,527		11,516
Kaman Corp.		41,026		1,751
MSC Industrial Direct Co., Inc.		51,258		3,912
NOW, Inc.(1)		236,595		4,192
				21,371
INFORMATION TECHNOLOGY - 12.7%
Electronic Equipment, Instruments & Components - 9.3%
Arrow Electronics, Inc.(1)		185,255		11,932
Benchmark Electronics, Inc.(1)		97,155		2,239
Dolby Laboratories, Inc., Class A		145,920		6,342
FARO Technologies, Inc.(1)		87,639		2,823
Knowles Corp.(1)		74,556		983
Tech Data Corp.(1)		115,181		8,842
				33,161
Internet Software & Services - 0.2%
EarthLink Holdings Corp.		108,386		615
Semiconductors & Semiconductor Equipment - 2.0%
MKS Instruments, Inc.		149,074		5,613
INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment (Continued)
Nanometrics, Inc.(1)		44,419		703
Ultratech, Inc.(1)		35,792		782
				7,098
Software - 1.2%
MicroStrategy, Inc., Class A(1)		24,250		4,358
MATERIALS - 5.8%
Chemicals - 3.4%
American Vanguard Corp.		115,999		1,830
HB Fuller Co.		241,223		10,240
				12,070
Metals & Mining - 2.4%
Alamos Gold, Inc., Class A(3)		657,141		3,476
Carpenter Technology Corp.		56,839		1,946
Ferroglobe plc		163,515		1,441
TimkenSteel Corp.		190,547		1,734
				8,597
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Atlantic Tele-Network, Inc.		45,266		3,432
UTILITIES - 1.4%
Electric Utilities - 1.4%
ALLETE, Inc.		43,240		2,424
Portland General Electric Co.		60,920		2,406
				4,830
Total common stocks (Cost $241,965)				290,942
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 18.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $66,470 (Cost $66,470)(4)		$66,470	$	66,470
Total investments - 100.7% (Cost $308,435)				357,412
Other assets less liabilities - (0.7)%				(2,555	)
Total net assets - 100.0%(5)			$	354,857

⁽¹⁾ Non-income producing security.

38 Artisan Partners Funds

⁽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., Class A		Canada		U.S. dollar

⁽⁴⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.750	%		11/15/2023	$	67,805

⁽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, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
World Fuel Services Corp.	United States		3.6	%
Arrow Electronics, Inc.	United States		3.3
Air Lease Corp.	United States		3.2
EMCOR Group, Inc.	United States		3.1
HB Fuller Co.	United States		2.9
Ryder System, Inc.	United States		2.8
Tech Data Corp.	United States		2.5
Kirby Corp.	United States		2.3
Timken Co.	United States		1.9
Valmont Industries, Inc.	United States		1.9
Total			27.5	%

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 39

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2016 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 85.7%
CONSUMER DISCRETIONARY - 11.4%
Auto Components - 2.5%
Cie Generale des Etablissements Michelin(1)		233,714	$	23,916
Internet & Catalog Retail - 2.4%
Liberty Interactive Corp. QVC Group, Class A(2)		894,634		22,590
Media - 6.5%
CBS Corp., Class B(3)		509,992		28,095
Time Warner, Inc.		469,917		34,093
				62,188
ENERGY - 13.3%
Oil, Gas & Consumable Fuels -13.3%
Apache Corp.		821,179		40,082
Devon Energy Corp.		1,260,959		34,601
EOG Resources, Inc.		330,831		24,011
Hess Corp.		540,736		28,470
				127,164
FINANCIALS - 19.0%
Banks - 3.1%
Citigroup, Inc.		717,952		29,974
Capital Markets - 3.0%
Goldman Sachs Group, Inc.		185,448		29,112
Diversified Financial Services - 4.1%
Berkshire Hathaway, Inc., Class B(2)		276,644		39,250
Insurance - 5.8%
Alleghany Corp.(2)		50,368		24,993
Allstate Corp.		130,309		8,779
Chubb Ltd.		178,198		21,232
				55,004
Real Estate Investment Trusts (REITs) - 3.0%
American Capital Agency Corp.		1,025,529		19,106
Annaly Capital Management, Inc.		907,051		9,306
				28,412
INDUSTRIALS - 11.4%
Construction & Engineering - 3.0%
Jacobs Engineering Group, Inc.(2)		667,971	$	29,090
Machinery - 2.2%
Joy Global, Inc.		1,295,030		20,811
Road & Rail - 4.1%
CSX Corp.		695,629		17,913
Union Pacific Corp.		264,050		21,005
				38,918
Trading Companies & Distributors - 2.1%
Air Lease Corp.(4)		624,276		20,052
INFORMATION TECHNOLOGY - 16.3%
Communications Equipment - 2.2%
Cisco Systems, Inc.		756,625		21,541
Electronic Equipment, Instruments & Components - 4.3%
Arrow Electronics, Inc.(2)		309,659		19,945
Avnet, Inc.		474,886		21,038
				40,983
Internet Software & Services - 1.8%
Alphabet, Inc., Class C(2)(3)		23,275		17,339
Semiconductors & Semiconductor Equipment - 2.7%
QUALCOMM, Inc.		503,883		25,768
Software - 3.0%
Oracle Corp.		691,444		28,287
Technology Hardware, Storage & Peripherals - 2.3%
Apple, Inc.		201,442		21,955
MATERIALS - 14.3%
Chemicals - 6.1%
Celanese Corp., Class A		280,274		18,358
Mosaic Co.		1,483,229		40,047
				58,405

40 Artisan Partners Funds

	Shares Held		Value
MATERIALS (CONTINUED)
Metals & Mining - 8.2%
Goldcorp, Inc.(1)		2,391,222	$	38,809
Kinross Gold Corp.(1)(2)		5,661,053		19,248
Nucor Corp.		422,028		19,962
				78,019
Total common stocks (Cost $763,116)				818,778
PREFERRED STOCKS - 5.7%
INFORMATION TECHNOLOGY - 5.7%
Technology Hardware, Storage & Peripherals - 5.7%
Samsung Electronics Co., Ltd.(1)(3)		56,090		54,295
Total preferred stocks (Cost $36,419)				54,295
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 3/31/16, due 4/1/16, maturity value $71,208 (Cost $71,208)(5)		$71,208	$	71,208
Total investments - 98.8% (Cost $870,743)				944,281
Other assets less liabilities - 1.2%				11,677
Total net assets - 100.0%(6)			$	955,958

⁽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⁾  Non-income producing security.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.500	%		3/31/2023	$	16,164
U.S. Treasury Note		2.000	%		2/15/2025		4,003
U.S. Treasury Note		2.250	%		11/15/2024		48,070
U.S. Treasury Bond		3.750	%		11/15/2043		2,377
U.S. Treasury Bond		3.750	%		8/15/2041		2,021
						$	72,635

⁽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.

TRADING CURRENCIES - March 31, 2016 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Euro	$	23,916		2.5	%
Korean won		54,295		5.8
U.S. dollar		866,070		91.7
Total investments	$	944,281		100.0	%

TOP TEN HOLDINGS - March 31, 2016 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.7	%
Apache Corp.	United States		4.2
Mosaic Co.	United States		4.2
Berkshire Hathaway, Inc.	United States		4.1
Goldcorp, Inc.	Canada		4.1
Devon Energy Corp.	United States		3.6
Time Warner, Inc.	United States		3.6
Citigroup, Inc.	United States		3.1
Goldman Sachs Group, Inc.	United States		3.0
Jacobs Engineering Group, Inc.	United States		3.0
Total			38.6	%

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 41

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2016 (Unaudited)

Dollar values in thousands (except per share amounts)

	DEVELOPING WORLD			EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value	$	504,872		$	28,319		$	253,401		$	1,294,300
Investments in securities, affiliated, at value		–			–			14,383			97,465
Short-term investments (repurchase agreements), at value		102,699			1,047			2,216			113,393
Total investments		607,571			29,366			270,000			1,505,158
Cash		–	(1)		–	(1)		–	(1)		–	(1)
Foreign currency		7,845			10			563			97
Receivable from investments sold		36			92			516			7,771
Receivable from fund shares sold		35,400			2			6,023			893
Dividends and interest receivable		631			204			333			4,205
Prepaid offering costs		21			–			–			–
Other assets		3			2			3			19
Total assets		651,507			29,676			277,438			1,518,143
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			–			–			964
Payable for investments purchased		75,377			71			6,214			4,212
Payable for fund shares redeemed		593			91			104			704
Payable for operating expenses		95			110			139			386
Payable for deferred director’s compensation		1			1			2			9
Payable for foreign taxes		47			58			6			132
Total liabilities		76,113			331			6,465			6,407
Total net assets	$	575,394		$	29,345		$	270,973		$	1,511,736
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	553,768		$	169,728		$	280,093		$	1,266,748
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		23,050			(795	)		23,703			266,773
Accumulated undistributed net investment loss		(183	)		(434	)		(627	)		(246	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(1,241	)		(139,154	)		(32,196	)		(21,539	)
Total net assets	$	575,394		$	29,345		$	270,973		$	1,511,736
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	160,387		$	24,749		$	162,665		$	695,056
Institutional Shares	$	225,871		$	4,596			108,308		$	689,190
Advisor Shares	$	189,136								$	127,490
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		17,356,402			2,201,076			10,722,802			35,698,577
Institutional Shares		24,383,506			411,960			7,131,876			35,200,321
Advisor Shares		20,437,877									6,544,084
Net asset value per share
Investor Shares	$	9.24		$	11.24		$	15.17		$	19.47
Institutional Shares	$	9.26		$	11.16		$	15.19		$	19.58
Advisor Shares	$	9.25								$	19.48
Cost of securities of unaffiliated issuers held	$	584,472		$	30,161		$	230,881		$	1,150,639
Cost of securities of affiliated issuers held	$	–		$	–		$	15,412		$	86,704
Cost of foreign currency	$	7,849		$	10		$	563		$	96

⁽¹⁾ 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, 2016 (Unaudited) (Continued)

Dollar values in thousands (except per share amounts)

	GLOBAL SMALL CAP			GLOBAL VALUE			HIGH INCOME			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	109,866		$	1,450,271		$	1,189,356		$	15,742,506
Investments in securities, affiliated, at value		4,438			110,576			–			564,699
Short-term investments (repurchase agreements), at value		9,266			157,021			153,733			696,515
Total investments		123,570			1,717,868			1,343,089			17,003,720
Cash		–	(1)		–	(1)		755			–	(1)
Foreign currency		–			365			–			26,569
Receivable from investments sold		–			–			10,987			174,406
Receivable from fund shares sold		469			5,513			26,618			46,663
Dividends and interest receivable		120			3,849			23,515			53,392
Other assets		–	(1)		20			13			241
Total assets		124,159			1,727,615			1,404,977			17,304,991
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			457			–			–
Dividends declared		–			–			1,245			–
Payable for investments purchased		313			461			51,728			215,795
Payable for fund shares redeemed		64			799			2,624			27,492
Payable for operating expenses		128			419			349			4,797
Payable for deferred director’s compensation		1			12			6			130
Payable for foreign taxes		1			349			–			755
Total liabilities		507			2,497			55,952			248,969
Total net assets	$	123,652		$	1,725,118		$	1,349,025		$	17,056,022
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	143,778		$	1,598,132		$	1,425,073		$	15,949,327
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		4,881			113,899			(67,726	)		1,837,594
Accumulated undistributed net investment income (loss)		(1,006	)		1,828			(2	)		21,649
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(24,001	)		11,259			(8,320	)		(752,548	)
Total net assets	$	123,652		$	1,725,118		$	1,349,025		$	17,056,022
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	123,652		$	760,341		$	475,145		$	9,074,589
Institutional Shares				$	635,284					$	5,265,312
Advisor Shares				$	329,493		$	873,880		$	2,716,121
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		12,060,374			52,640,614			51,897,436			328,287,878
Institutional Shares					43,988,664						189,256,707
Advisor Shares					22,861,399			95,465,417			98,312,290
Net asset value per share
Investor Shares	$	10.25		$	14.44		$	9.16		$	27.64
Institutional Shares				$	14.44					$	27.82
Advisor Shares				$	14.41		$	9.15		$	27.63
Cost of securities of unaffiliated issuers held	$	112,320		$	1,524,573		$	1,410,815		$	14,505,864
Cost of securities of affiliated issuers held	$	6,365		$	78,952		$	–		$	658,762
Cost of foreign currency	$	–		$	360		$	–		$	26,582

⁽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, 2016 (Unaudited) (Continued)

Dollar values in thousands (except per share amounts)

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE		MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	746,473		$	8,496,561	$	7,423,919		$	4,206,706
Investments in securities, affiliated, at value		118,384			1,426,239		348,796			250,695
Short-term investments (repurchase agreements), at value		58,866			1,114,506		349,022			505,406
Total investments		923,723			11,037,306		8,121,737			4,962,807
Cash		1			1		–	(1)		–	(1)
Foreign currency		39			3,294		–			–
Receivable from investments sold		–			9		147,911			113,198
Receivable from fund shares sold		1,927			21,388		7,534			5,993
Dividends and interest receivable		1,559			45,661		884			6,730
Other assets		4			145		118			78
Total assets		927,253			11,107,804		8,278,184			5,088,806
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			8,524		–			–
Payable for investments purchased		49			19,605		102,174			175
Payable for fund shares redeemed		899			9,681		10,553			239,299
Payable for operating expenses		309			2,525		1,820			2,520
Payable for deferred director’s compensation		7			78		65			54
Payable for foreign taxes		65			3,311		–			–
Total liabilities		1,329			43,724		114,612			242,048
Total net assets	$	925,924		$	11,064,080	$	8,163,572		$	4,846,758
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	770,328		$	9,710,346	$	6,446,173		$	4,016,196
Net unrealized appreciation on investments and foreign currency related transactions		112,325			1,291,721		1,591,452			805,029
Accumulated undistributed net investment income (loss)		(5,446	)		7,128		(73,301	)		21,139
Accumulated undistributed net realized gains on investments and foreign currency related transactions		48,717			54,885		199,248			4,394
Total net assets	$	925,924		$	11,064,080	$	8,163,572		$	4,846,758
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	925,924		$	5,072,076	$	3,415,092		$	3,132,761
Institutional Shares				$	2,894,046	$	4,365,865		$	901,272
Advisor Shares				$	3,097,958	$	382,615		$	812,725
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		40,876,172			158,687,687		90,454,805			157,361,050
Institutional Shares					90,224,254		108,412,080			45,316,168
Advisor Shares					96,931,527		10,116,328			40,900,536
Net asset value per share
Investor Shares	$	22.65		$	31.96	$	37.75		$	19.91
Institutional Shares				$	32.08	$	40.27		$	19.89
Advisor Shares				$	31.96	$	37.82		$	19.87
Cost of securities of unaffiliated issuers held	$	720,159		$	8,646,884	$	6,310,692		$	4,004,007
Cost of securities of affiliated issuers held	$	91,207		$	1,089,624	$	219,593		$	153,771
Cost of foreign currency	$	39		$	3,251	$	–		$	–

⁽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 Assets and Liabilities – March 31, 2016 (Unaudited) (Continued)

Dollar values in thousands (except per share amounts)

	SMALL CAP			SMALL CAP VALUE			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	1,098,712		$	279,426		$	853,021
Investments in securities, affiliated, at value		–			11,516			20,052
Short-term investments (repurchase agreements), at value		63,921			66,470			71,208
Total investments		1,162,633			357,412			944,281
Cash		–	(1)		1			1
Foreign currency		–			–			–	(1)
Receivable from investments sold		482			–			10,354
Receivable from fund shares sold		712			181			3,182
Dividends and interest receivable		23			467			2,274
Other assets		17			9			13
Total assets		1,163,867			358,070			960,105
LIABILITIES:
Payable for investments purchased		6,113			–			2
Payable for fund shares redeemed		1,929			2,831			3,561
Payable for operating expenses		374			377			405
Payable for deferred director’s compensation		10			5			8
Payable for foreign taxes		–			–			171
Total liabilities		8,426			3,213			4,147
Total net assets	$	1,155,441		$	354,857		$	955,958
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	884,026		$	324,902		$	936,918
Net unrealized appreciation on investments and foreign currency related transactions		320,844			48,977			73,531
Accumulated undistributed net investment income (loss)		(15,271	)		(624	)		3,116
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(34,158	)		(18,398	)		(57,607	)
Total net assets	$	1,155,441		$	354,857		$	955,958
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	692,432		$	330,556		$	294,854
Institutional Shares	$	463,009		$	24,301		$	133,443
Advisor Shares							$	527,661
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		27,549,785			31,143,651			25,122,296
Institutional Shares		18,287,863			2,279,802			11,386,946
Advisor Shares								45,156,000
Net asset value per share
Investor Shares	$	25.13		$	10.61		$	11.74
Institutional Shares	$	25.32		$	10.66		$	11.72
Advisor Shares							$	11.69
Cost of securities of unaffiliated issuers held	$	841,789		$	297,801		$	854,991
Cost of securities of affiliated issuers held	$	–		$	10,634		$	15,752
Cost of foreign currency	$	–		$	–		$	–	(1)

⁽¹⁾ Amount rounds to less than $1.

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, 2016 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	1,859		$	323		$	1,381		$	5,862
Dividends, from affiliated issuers(3)		–			–			–			134
Interest		3			–	(1)		–	(1)		9
Total investment income		1,862			323			1,381			6,005
EXPENSES:
Management fees		1,690			232			1,506			6,439
Transfer agent fees
Investor Shares		56			59			309			845
Institutional Shares		9			10			8			10
Advisor Shares		65									40
Shareholder communications
Investor Shares		5			5			13			60
Institutional Shares		4			4			6			4
Advisor Shares		5									1
Custodian fees		58			56			50			101
Accounting fees		23			45			37			44
Professional fees		16			30			24			31
Offering fees		21			–			–			–
Registration fees
Investor Shares		13			11			36			20
Institutional Shares		12			12			10			8
Advisor Shares		21									22
Director’s fees		5			3			5			24
Other operating expenses		8			3			3			15
Total operating expenses		2,011			470			2,007			7,664
Less amounts waived or paid by the Adviser		(14	)		(138	)		–			–
Net expenses		1,997			332			2,007			7,664
Net investment loss		(135	)		(9	)		(626	)		(1,659	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(4)		323			(2,463	)		(30,592	)		(8,535	)
Investments, from affiliated issuers		–			–			(1,119	)		(216	)
Foreign currency related transactions		(115	)		(58	)		10			(3,067	)
Total realized gain (loss)		208			(2,521	)		(31,701	)		(11,818	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(5)		31,867			5,144			22,282			96,319
Investments, from affiliated issuers		–			–			2,061			7,310
Foreign currency related transactions		(41	)		8			3			573
Total increase in unrealized appreciation or depreciation		31,826			5,152			24,346			104,202
Net gain (loss) on investments and foreign currency related transactions		32,034			2,631			(7,355	)		92,384
Net increase (decrease) in net assets resulting from operations	$	31,899		$	2,622		$	(7,981	)	$	90,725
(1) Amount rounds to less than $1.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	143		$	44		$	37		$	(97	)
(3) Net of foreign taxes withheld on dividends, affiliated issuers		–			–			–			15
(4) Net of foreign taxes on realized gains		–			–	(1)		–			–
(5) Net of decrease in foreign taxes on unrealized gains		–			(26	)		–			–

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, 2016 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL SMALL CAP			GLOBAL VALUE			HIGH INCOME			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	275		$	11,292		$	–		$	113,055
Dividends, from affiliated issuers		–			12			–			5,127
Interest		1			13			41,968			63
Total investment income		276			11,317			41,968			118,245
EXPENSES:
Management fees		647			7,818			3,780			81,225
Transfer agent fees
Investor Shares		183			818			545			11,081
Institutional Shares					11						15
Advisor Shares					93			227			748
Shareholder communications
Investor Shares		19			62			27			669
Institutional Shares					4						15
Advisor Shares					2			7			8
Custodian fees		44			107			10			1,603
Accounting fees		44			44			55			45
Professional fees		25			38			108			200
Registration fees
Investor Shares		22			37			19			102
Institutional Shares					16						22
Advisor Shares					21			36			(9	)
Director’s fees		3			27			15			303
Other operating expenses		4			19			9			181
Total operating expenses		991			9,117			4,838			96,208
Less amounts waived or paid by the Adviser		(20	)		–			–			–
Net expenses		971			9,117			4,838			96,208
Net investment income (loss)		(695	)		2,200			37,130			22,037
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(16,722	)		26,088			(7,301	)		(395,056	)
Investments, from affiliated issuers		(206	)		(3	)		–			(2,829	)
Foreign currency related transactions		19			66			–			(1,127	)
Total realized gain (loss)		(16,909	)		26,151			(7,301	)		(399,012	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		12,590			47,412			(19,841	)		1,009,192
Investments, from affiliated issuers		103			19,049			–			(94,063	)
Foreign currency related transactions		2			(388	)		–			763
Total increase (decrease) in unrealized appreciation or depreciation		12,695			66,073			(19,841	)		915,892
Net gain (loss) on investments and foreign currency related transactions		(4,214	)		92,224			(27,142	)		516,880
Net increase (decrease) in net assets resulting from operations	$	(4,909	)	$	94,424		$	9,988		$	538,917
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	15		$	393		$	–		$	5,791

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, 2016 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	2,111		$	59,535		$	19,000
Dividends, from affiliated issuers(2)		–			1,259			–
Interest		7			99			38
Total investment income		2,118			60,893			19,038
EXPENSES:
Management fees		5,985			49,697			39,108
Transfer agent fees
Investor Shares		957			5,142			4,069
Institutional Shares					12			17
Advisor Shares					773			117
Shareholder communications
Investor Shares		32			214			266
Institutional Shares					6			43
Advisor Shares					22			5
Custodian fees		153			920			123
Accounting fees		35			44			30
Professional fees		36			118			104
Registration fees
Investor Shares		37			53			57
Institutional Shares					3			38
Advisor Shares					(27	)		22
Director’s fees		16			179			148
Other operating expenses		11			109			93
Total operating expenses		7,262			57,265			44,240
Net investment income (loss)		(5,144	)		3,628			(25,202	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		43,894			106,305			416,333
Investments, from affiliated issuers		7,797			(2,127	)		2,079
Foreign currency related transactions		307			(18,287	)		–
Total realized gain		51,998			85,891			418,412
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(85,720	)		289,862			(502,789	)
Investments, from affiliated issuers		42,097			61,100			21,673
Foreign currency related transactions		22			1,572			–
Total increase (decrease) in unrealized appreciation or depreciation		(43,601	)		352,534			(481,116	)
Net gain (loss) on investments and foreign currency related transactions		8,397			438,425			(62,704	)
Net increase (decrease) in net assets resulting from operations	$	3,253		$	442,053		$	(87,906	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	139		$	4,783		$	–
(2) Net of foreign taxes withheld on dividends, affiliated issuers		–			140			–

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

48 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2016 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP VALUE		SMALL CAP			SMALL CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	52,853	$	1,554		$	3,085
Dividends, from affiliated issuers		356		–			28
Interest		19		5			4
Total investment income		53,228		1,559			3,117
EXPENSES:
Management fees		26,137		5,789			2,058
Transfer agent fees
Investor Shares		3,730		683			471
Institutional Shares		12		10			9
Advisor Shares		225
Shareholder communications
Investor Shares		528		105			68
Institutional Shares		15		7			6
Advisor Shares		16
Custodian fees		70		18			19
Accounting fees		31		30			31
Professional fees		122		37			29
Registration fees
Investor Shares		55		27			20
Institutional Shares		35		13			13
Advisor Shares		22
Director’s fees		107		21			8
Other operating expenses		88		16			12
Total operating expenses		31,193		6,756			2,744
Less amounts waived or paid by the Adviser		–		–			(34	)
Net expenses		31,193		6,756			2,710
Net investment income (loss)		22,035		(5,197	)		407
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		113,924		(19,996	)		(3,100	)
Investments, from affiliated issuers		6,161		–			(15	)
Total realized gain (loss)		120,085		(19,996	)		(3,115	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		101,407		(13,432	)		28,492
Investments, from affiliated issuers		74,863		–			882
Foreign currency related transactions		–		–			–
Total increase (decrease) in unrealized appreciation or depreciation		176,270		(13,432	)		29,374
Net gain (loss) on investments and foreign currency related transactions		296,355		(33,428	)		26,259
Net increase (decrease) in net assets resulting from operations	$	318,390	$	(38,625)		$	26,666
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	145	$	–		$	1

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2016 (Unaudited) (Continued)

Dollar values in thousands

	VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	8,619
Dividends, from affiliated issuers		62
Interest		2
Total investment income		8,683
EXPENSES:
Management fees		3,361
Transfer agent fees
Investor Shares		276
Institutional Shares		10
Advisor Shares		183
Shareholder communications
Investor Shares		46
Institutional Shares		4
Advisor Shares		8
Custodian fees		45
Accounting fees		29
Professional fees		32
Registration fees
Investor Shares		21
Institutional Shares		14
Advisor Shares		13
Director’s fees		17
Other operating expenses		14
Total operating expenses		4,073
Net investment income		4,610
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(44,654	)
Investments, from affiliated issuers		7,034
Foreign currency related transactions		(18	)
Total realized loss		(37,638	)
Net increase in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		122,664
Investments, from affiliated issuers		17,819
Foreign currency related transactions		24
Total increase in unrealized appreciation or depreciation		140,507
Net gain on investments and foreign currency related transactions		102,869
Net increase in net assets resulting from operations	$	107,479
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	223

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

50 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD								EMERGING MARKETS
	Six Months Ended 3/31/2016(1)				Year Ended 9/30/2015(2)				Six Months Ended 3/31/2016(1)				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	(135	)		$	(48	)		$	(9	)		$	242
Net realized gain (loss) on:
Investments, from unaffiliated issuers			323				(1,448	)			(2,463	)			19,178
Foreign currency related transactions			(115	)			(1	)			(58	)			(532	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			31,867				(8,768	)			5,144				(38,593	)
Foreign currency related transactions			(41	)			(8	)			8				3
Net increase (decrease) in net assets resulting from operations			31,899				(10,273	)			2,622				(19,702	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				–				(405	)
Institutional Shares			–				–				–				(3,071	)
Total distributions paid to shareholders			–				–				–				(3,476	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			424,664				129,104				(24,080	)			(331,370	)
Total increase (decrease) in net assets			456,563				118,831				(21,458	)			(354,548	)
Net assets, beginning of period			118,831				–				50,803				405,351
Net assets, end of period		$	575,394			$	118,831			$	29,345			$	50,803
Accumulated undistributed net investment loss		$	(183	)		$	(48	)		$	(434	)		$	(425	)

⁽¹⁾  Unaudited.

⁽²⁾  For the period from commencement of operations (June 29, 2015) through September 30, 2015.

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

	GLOBAL EQUITY						GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015			Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)	$	(626	)	$	(518	)	$	(1,659	)	$	2,579
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(30,592	)		10,712			(8,535	)		6,414
Investments, from affiliated issuers		(1,119	)		(2,210	)		(216	)		(500	)
Foreign currency related transactions		10			(51	)		(3,067	)		4,037
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		22,282			(12,053	)		96,319			(24,156	)
Investments, from affiliated issuers		2,061			(2,496	)		7,310			(5,162	)
Foreign currency related transactions		3			10			573			(2,924	)
Net increase (decrease) in net assets resulting from operations		(7,981	)		(6,606	)		90,725			(19,712	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(686	)		(2,108	)
Institutional Shares		–			–			(1,743	)		(2,576	)
Advisor Shares								(106	)		–
Net realized gains on investment transactions:
Investor Shares		(4,572	)		(7,233	)		(4,507	)		(16,250	)
Institutional Shares		(2,290	)					(3,956	)		(10,211	)
Advisor Shares								(360	)		–
Total distributions paid to shareholders		(6,862	)		(7,233	)		(11,358	)		(31,145	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(10,564	)		73,949			76,447			247,071
Total increase (decrease) in net assets		(25,407	)		60,110			155,814			196,214
Net assets, beginning of period		296,380			236,270			1,355,922			1,159,708
Net assets, end of period	$	270,973		$	296,380		$	1,511,736		$	1,355,922
Accumulated undistributed net investment income (loss)	$	(627	)	$	(1	)	$	(246	)	$	3,948

⁽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

	GLOBAL SMALL CAP						GLOBAL VALUE
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015			Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)	$	(695	)	$	(507	)	$	2,200		$	10,111
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(16,722	)		(3,750	)		26,088			87,706
Investments, from affiliated issuers		(206	)		(3,309	)		(3	)		(4,067	)
Foreign currency related transactions		19			(53	)		66			3,022
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		12,590			3,374			47,412			(166,279	)
Investments, from affiliated issuers		103			(1,259	)		19,049			7,112
Foreign currency related transactions		2			2			(388	)		(1,437	)
Net increase (decrease) in net assets resulting from operations		(4,909	)		(5,502	)		94,424			(63,832	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			(250	)		(2,818	)		(6,402	)
Institutional Shares								(3,594	)		(3,909	)
Advisor Shares								(1,461	)		–
Net realized gains on investment transactions:
Investor Shares		–			(2,100	)		(43,889	)		(35,854	)
Institutional Shares								(26,885	)		(15,333	)
Advisor Shares								(11,719	)		–
Total distributions paid to shareholders		–			(2,350	)		(90,366	)		(61,498	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(1,534	)		(28,165	)		195,754			(216,544	)
Total increase (decrease) in net assets		(6,443	)		(36,017	)		199,812			(341,874	)
Net assets, beginning of period		130,095			166,112			1,525,306			1,867,180
Net assets, end of period	$	123,652		$	130,095		$	1,725,118		$	1,525,306
Accumulated undistributed net investment income (loss)	$	(1,006	)	$	(311	)	$	1,828		$	7,501

⁽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

	HIGH INCOME						INTERNATIONAL
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015			Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income	$	37,130		$	41,650		$	22,037		$	109,203
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(7,301	)		4,468			(395,056	)		(102,009	)
Investments, from affiliated issuers		–			–			(2,829	)		56,701
Foreign currency related transactions		–			(216	)		(1,127	)		(5,379	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(19,841	)		(40,918	)		1,009,192			(1,738,726	)
Investments, from affiliated issuers		–			–			(94,063	)		(260,710	)
Foreign currency related transactions		–			(222	)		763			(672	)
Net increase (decrease) in net assets resulting from operations		9,988			4,762			538,917			(1,941,592	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(15,385	)		(24,905	)		(47,225	)		(104,597	)
Institutional Shares								(38,522	)		(35,466	)
Advisor Shares		(21,744	)		(16,745	)		(18,156	)		–
Net realized gains on investment transactions:
Investor Shares		(1,721	)		(1,377	)		–			–
Advisor Shares		(2,208	)		(1,005	)		–			–
Total distributions paid to shareholders		(41,058	)		(44,032	)		(103,903	)		(140,063	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		466,036			447,338			(974,075	)		2,142,912
Total increase (decrease) in net assets		434,966			408,068			(539,061	)		61,257
Net assets, beginning of period		914,059			505,991			17,595,083			17,533,826
Net assets, end of period	$	1,349,025		$	914,059		$	17,056,022		$	17,595,083
Accumulated undistributed net investment income (loss)	$	(2	)	$	(3	)	$	21,649		$	103,515

⁽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

	INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015			Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)	$	(5,144	)	$	1,360		$	3,628		$	78,562
Net realized gain (loss) on:
Investments, from unaffiliated issuers		43,894			58,434			106,305			812,186
Investments, from affiliated issuers		7,797			(16,392	)		(2,127	)		(16,011	)
Foreign currency related transactions		307			(293	)		(18,287	)		117,893
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(85,720	)		(12,675	)		289,862			(1,369,714	)
Investments, from affiliated issuers		42,097			(11,030	)		61,100			(71,468	)
Foreign currency related transactions		22			44			1,572			(56,314	)
Net increase (decrease) in net assets resulting from operations		3,253			19,448			442,053			(504,866	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(1,285	)		–			(43,281	)		(132,953	)
Institutional Shares								(27,773	)		(44,007	)
Advisor Shares								(29,338	)		–
Net realized gains on investment transactions:
Investor Shares		(31,795	)		(59,359	)		(263,808	)		(440,577	)
Institutional Shares								(132,236	)		(128,108	)
Advisor Shares								(144,431	)		–
Total distributions paid to shareholders		(33,080	)		(59,359	)		(640,867	)		(745,645	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(5,284	)		(89,145	)		643,905			459,664
Total increase (decrease) in net assets		(35,111	)		(129,056	)		445,091			(790,847	)
Net assets, beginning of period		961,035			1,090,091			10,618,989			11,409,836
Net assets, end of period	$	925,924		$	961,035		$	11,064,080		$	10,618,989
Accumulated undistributed net investment income (loss)	$	(5,446	)	$	983		$	7,128		$	103,892

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 55

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP						MID CAP VALUE
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015			Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)	$	(25,202	)	$	(62,414	)	$	22,035		$	78,150
Net realized gain (loss) on:
Investments, from unaffiliated issuers		416,333			1,278,012			113,924			1,364,322
Investments, from affiliated issuers		2,079			8,468			6,161			(107,549	)
Foreign currency related transactions		–			–			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(502,789	)		(824,223	)		101,407			(1,696,969	)
Investments, from affiliated issuers		21,673			(47,458	)		74,863			(201,469	)
Foreign currency related transactions		–			–			–			–
Net increase (decrease) in net assets resulting from operations		(87,906	)		352,385			318,390			(563,515	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(16,855	)		(56,887	)
Institutional Shares		–			–			(8,894	)		(15,736	)
Advisor Shares		–			–			(6,131	)		–
Net realized gains on investment transactions:
Investor Shares		(558,234	)		(525,174	)		(633,415	)		(856,469	)
Institutional Shares		(615,647	)		(429,114	)		(185,540	)		(163,097	)
Advisor Shares		(60,916	)		–			(132,262	)		–
Total distributions paid to shareholders		(1,234,797	)		(954,288	)		(983,097	)		(1,092,189	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		662,467			(75,706	)		(1,008,295	)		(2,832,587	)
Total increase (decrease) in net assets		(660,236	)		(677,609	)		(1,673,002	)		(4,488,291	)
Net assets, beginning of period		8,823,808			9,501,417			6,519,760			11,008,051
Net assets, end of period	$	8,163,572		$	8,823,808		$	4,846,758		$	6,519,760
Accumulated undistributed net investment income (loss)	$	(73,301	)	$	(48,099	)	$	21,139		$	30,984

⁽¹⁾  Unaudited.

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

56 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP						SMALL CAP VALUE
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015			Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)	$	(5,197	)	$	(13,975	)	$	407		$	5,034
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(19,996	)		190,485			(3,100	)		127,678
Investments, from affiliated issuers		–			(5,281	)		(15	)		13,451
Foreign currency related transactions		–			–			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(13,432	)		(55,269	)		28,492			(175,970	)
Investments, from affiliated issuers		–			3,813			882			(31,263	)
Foreign currency related transactions		–			–			–			–
Net increase (decrease) in net assets resulting from operations		(38,625	)		119,773			26,666			(61,070	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(4,937	)		–
Institutional Shares		–			–			(525	)		–
Net realized gains on investment transactions:
Investor Shares		(81,079	)		–			(72,355	)		(210,711	)
Institutional Shares		(36,970	)		–			(6,199	)		(50,568	)
Total distributions paid to shareholders		(118,049	)		–			(84,016	)		(261,279	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		58,855			(326,206	)		(80,979	)		(770,621	)
Total decrease in net assets		(97,819	)		(206,433	)		(138,329	)		(1,092,970	)
Net assets, beginning of period		1,253,260			1,459,693			493,186			1,586,156
Net assets, end of period	$	1,155,441		$	1,253,260		$	354,857		$	493,186
Accumulated undistributed net investment income (loss)	$	(15,271	)	$	(10,074	)	$	(624	)	$	4,431

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE
	Six Months Ended 3/31/2016(1)			Year Ended 9/30/2015
OPERATIONS:
Net investment income	$	4,610		$	11,433
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(44,654	)		144,073
Investments, from affiliated issuers		7,034			(11,716	)
Foreign currency related transactions		(18	)		(109	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		122,664			(241,201	)
Investments, from affiliated issuers		17,819			(32,727	)
Foreign currency related transactions		24			(16	)
Net increase (decrease) in net assets resulting from operations		107,479			(130,263	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(1,731	)		(9,207	)
Institutional Shares		(1,725	)		(3,246	)
Advisor Shares		(5,135	)		–
Net realized gains on investment transactions:
Investor Shares		(30,415	)		(74,612	)
Institutional Shares		(14,645	)		(19,962	)
Advisor Shares		(44,468	)		–
Total distributions paid to shareholders		(98,119	)		(107,027	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(42,099	)		(250,633	)
Total decrease in net assets		(32,739	)		(487,923	)
Net assets, beginning of period		988,697			1,476,620
Net assets, end of period	$	955,958		$	988,697
Accumulated undistributed net investment income	$	3,116		$	7,097

⁽¹⁾  Unaudited.

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

58 Artisan Partners Funds

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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			Redemption^ Fees		Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
3/31/2016(5)	$	8.39			(0.02	)		0.87			0.85			—			—			—			—	$	9.24
9/30/2015(6)	$	10.00			—	(7)		(1.61	)		(1.61	)		—			—			—			—	$	8.39
Institutional Shares
3/31/2016(5)	$	8.39			—	(7)		0.87			0.87			—			—			—			—	$	9.26
9/30/2015(6)	$	10.00			(0.01	)		(1.60	)		(1.61	)		—			—			—			—	$	8.39
Advisor Shares
3/31/2016(5)	$	8.39			—	(7)		0.86			0.86			—			—			—			—	$	9.25
9/30/2015(6)	$	10.00			(0.01	)		(1.60	)		(1.61	)		—			—			—			—	$	8.39
EMERGING MARKETS FUND
Investor Shares(8)
3/31/2016(5)	$	9.90			0.02			1.32			1.34			—			—			—			—	$	11.24
9/30/2015	$	12.54			0.02			(2.56	)		(2.54	)		(0.10	)		—			(0.10	)		—	$	9.90
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
Institutional Shares
3/31/2016(5)	$	9.83			(0.02	)		1.35			1.33			—			—			—			—	$	11.16
9/30/2015	$	12.52			0.02			(2.53	)		(2.51	)		(0.18	)		—			(0.18	)		—	$	9.83
9/30/2014	$	12.32	��		0.12			0.20			0.32			(0.12	)		—			(0.12	)		—	$	12.52
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
GLOBAL EQUITY FUND
Investor Shares
3/31/2016(5)	$	15.73			(0.04	)		(0.17	)		(0.21	)		—			(0.35	)		(0.35	)		—	$	15.17
9/30/2015	$	16.18			(0.03	)		0.07			0.04			—			(0.49	)		(0.49	)		—	$	15.73
9/30/2014	$	15.72			(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)		—	$	16.18
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
Institutional Shares
3/31/2016(5)(9)	$	16.44			(0.01	)		(0.89	)		(0.90	)		—			(0.35	)		(0.35	)		—	$	15.19

Footnotes are presented on Page 71.

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)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
DEVELOPING WORLD FUND
Investor Shares
3/31/2016(5)		10.13	%	$	160,387		1.50	%		1.57	%		(0.36	)%		28.90	%
9/30/2015(6)		(16.10	)%	$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Institutional Shares
3/31/2016(5)		10.37	%	$	225,871		1.16	%		n/a			0.01	%		28.90	%
9/30/2015(6)		(16.10	)%	$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
Advisor Shares
3/31/2016(5)		10.25	%	$	189,136		1.26	%		n/a			(0.11	)%		28.90	%
9/30/2015(6)		(16.10	)%	$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
EMERGING MARKETS FUND
Investor Shares(8)
3/31/2016(5)		13.54	%	$	24,749		1.50	%		2.39	%		0.30	%		20.22	%
9/30/2015		(20.44	)%	$	22,842		1.50	%		1.79	%		0.16	%		28.03	%
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	%
Institutional Shares
3/31/2016(5)		13.53	%	$	4,596		1.50	%		1.83	%		(0.41	)%		20.22	%
9/30/2015		(20.43	)%	$	27,961		1.36	%		n/a			0.16	%		28.03	%
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%
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	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2016(5)		(1.50	)%	$	162,665		1.40	%		n/a			(0.52	)%		58.97	%
9/30/2015		0.20	%	$	296,380		1.37	%		n/a			(0.19	)%		78.44	%
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
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	%
Institutional Shares
3/31/2016(5)(9)		(5.63	)%	$	108,308		1.14	%		n/a			(0.13	)%		58.97	%

Footnotes are presented on Page 71.

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			Redemption^ Fees		Net Asset Value, End of Period
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2016(5)	$	18.35		(0.04	)		1.30			1.26			(0.02	)		(0.12	)		(0.14	)		—	$	19.47
9/30/2015	$	18.92		0.01			(0.09	)		(0.08	)		(0.06	)		(0.43	)		(0.49	)		—	$	18.35
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—			—	$	18.92
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
Institutional Shares
3/31/2016(5)	$	18.46		(0.01	)		1.30			1.29			(0.05	)		(0.12	)		(0.17	)		—	$	19.58
9/30/2015	$	19.04		0.07			(0.11	)		(0.04	)		(0.11	)		(0.43	)		(0.54	)		—	$	18.46
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—			—	$	19.04
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(10)	$	13.38		(0.02	)		(2.48	)		(2.50	)		—			—			—			—	$	10.88
Advisor Shares
3/31/2016(5)	$	18.37		—	(7)		1.27			1.27			(0.04	)		(0.12	)		(0.16	)		—	$	19.48
9/30/2015(11)	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—			—	$	18.37
GLOBAL SMALL CAP FUND
Investor Shares
3/31/2016(5)	$	10.63		(0.06	)		(0.32	)		(0.38	)		—			—			—			—	$	10.25
9/30/2015	$	11.07		(0.04	)		(0.24	)		(0.28	)		(0.02	)		(0.14	)		(0.16	)		—	$	10.63
9/30/2014	$	10.61		0.01			0.48			0.49			(0.01	)		(0.02	)		(0.03	)		—	$	11.07
9/30/2013(12)	$	10.00		0.01			0.60			0.61			—			—			—			—	$	10.61
GLOBAL VALUE FUND
Investor Shares
3/31/2016(5)	$	14.47		0.01			0.81			0.82			(0.05	)		(0.80	)		(0.85	)		—	$	14.44
9/30/2015	$	15.63		0.07			(0.71	)		(0.64	)		(0.08	)		(0.44	)		(0.52	)		—	$	14.47
9/30/2014	$	14.44		0.09			1.45			1.54			(0.09	)		(0.26	)		(0.35	)		—	$	15.63
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
Institutional Shares
3/31/2016(5)	$	14.50		0.03			0.82			0.85			(0.11	)		(0.80	)		(0.91	)		—	$	14.44
9/30/2015	$	15.67		0.11			(0.73	)		(0.62	)		(0.11	)		(0.44	)		(0.55	)		—	$	14.50
9/30/2014	$	14.46		0.13			1.45			1.58			(0.11	)		(0.26	)		(0.37	)		—	$	15.67
9/30/2013	$	11.58		0.07			2.91			2.98			(0.07	)		(0.03	)		(0.10	)		—	$	14.46
9/30/2012(13)	$	10.75		0.01			0.82			0.83			—			—			—			—	$	11.58
Advisor Shares
3/31/2016(5)	$	14.48		0.02			0.81			0.83			(0.10	)		(0.80	)		(0.90	)		—	$	14.41
9/30/2015(11)	$	15.60		0.05			(1.17	)		(1.12	)		—			—			—			—	$	14.48

Footnotes are presented on Page 71.

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)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2016(5)		6.83	%	$	695,056		1.18	%		n/a			(0.38	)%		19.46	%
9/30/2015		(0.46	)%	$	669,846		1.19	%		n/a			0.07	%		55.53	%
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
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	%
Institutional Shares
3/31/2016(5)		6.98	%	$	689,190		0.93	%		n/a			(0.09	)%		19.46	%
9/30/2015		(0.23	)%	$	631,904		0.95	%		n/a			0.36	%		55.53	%
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%
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(10)		(18.68	)%	$	12,969		1.50	%		2.22	%		(1.42	)%		76.18	%
Advisor Shares
3/31/2016(5)		6.86	%	$	127,490		1.08	%		n/a			(0.05	)%		19.46	%
9/30/2015(11)		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
GLOBAL SMALL CAP FUND
Investor Shares
3/31/2016(5)		(3.57	)%	$	123,652		1.50	%		1.53	%		(1.07	)%		57.39	%
9/30/2015		(2.56	)%	$	130,095		1.50	%		1.53	%		(0.36	)%		89.66	%
9/30/2014		4.62	%	$	166,112		1.50	%		1.55	%		0.09	%		72.15	%
9/30/2013(12)		6.10	%	$	39,578		1.50	%		2.51	%		0.37	%		9.98	%
GLOBAL VALUE FUND
Investor Shares
3/31/2016(5)		5.57	%	$	760,341		1.25	%		n/a			0.18	%		12.96	%
9/30/2015		(4.32	)%	$	826,965		1.28	%		n/a			0.46	%		19.41	%
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
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	%
Institutional Shares
3/31/2016(5)		5.73	%	$	635,284		1.03	%		n/a			0.41	%		12.96	%
9/30/2015		(4.16	)%	$	512,600		1.03	%		n/a			0.73	%		19.41	%
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012(13)		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%
Advisor Shares
3/31/2016(5)		5.62	%	$	329,493		1.12	%		n/a			0.31	%		12.96	%
9/30/2015(11)		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%

Footnotes are presented on Page 71.

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			Redemption^ Fees		Net Asset Value, End of Period
HIGH INCOME FUND
Investor Shares
3/31/2016(5)	$	9.49		0.32			(0.29	)		0.03			(0.32	)		(0.04	)		(0.36	)		—	$	9.16
9/30/2015	$	9.97		0.61			(0.44	)		0.17			(0.61	)		(0.04	)		(0.65	)		—	$	9.49
9/30/2014(14)	$	10.00		0.27			(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
3/31/2016(5)	$	9.49		0.33			(0.30	)		0.03			(0.33	)		(0.04	)		(0.37	)		—	$	9.15
9/30/2015	$	9.97		0.63			(0.44	)		0.19			(0.63	)		(0.04	)		(0.67	)		—	$	9.49
9/30/2014(14)	$	10.00		0.28			(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
INTERNATIONAL FUND
Investor Shares
3/31/2016(5)	$	26.97		0.02			0.78			0.80			(0.13	)		—			(0.13	)		—	$	27.64
9/30/2015	$	30.04		0.17			(3.01	)		(2.84	)		(0.23	)		—			(0.23	)		—	$	26.97
9/30/2014	$	28.66		0.26			1.41			1.67			(0.29	)		—			(0.29	)		—	$	30.04
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
Institutional Shares
3/31/2016(5)	$	27.19		0.06			0.78			0.84			(0.21	)		—			(0.21	)		—	$	27.82
9/30/2015	$	30.27		0.21			(3.00	)		(2.79	)		(0.29	)		—			(0.29	)		—	$	27.19
9/30/2014	$	28.86		0.32			1.43			1.75			(0.34	)		—			(0.34	)		—	$	30.27
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
Advisor Shares
3/31/2016(5)	$	27.00		0.05			0.78			0.83			(0.20	)		—			(0.20	)		—	$	27.63
9/30/2015(11)	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—			—	$	27.00
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2016(5)	$	23.37		(0.12	)		0.21			0.09			(0.03	)		(0.78	)		(0.81	)		—	$	22.65
9/30/2015	$	24.30		0.03			0.42			0.45			—			(1.38	)		(1.38	)		—	$	23.37
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)		—	$	24.30
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

Footnotes are presented on Page 71.

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)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
HIGH INCOME FUND
Investor Shares
3/31/2016(5)		0.36	%	$	475,145		1.03	%		n/a			6.98	%		30.83	%
9/30/2015		1.73	%	$	424,685		1.09	%		n/a			6.20	%		91.33	%
9/30/2014(14)		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
3/31/2016(5)		0.35	%	$	873,880		0.85	%		n/a			7.20	%		30.83	%
9/30/2015		1.88	%	$	489,374		0.93	%		n/a			6.38	%		91.33	%
9/30/2014(14)		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
INTERNATIONAL FUND
Investor Shares
3/31/2016(5)		2.93	%	$	9,074,589		1.18	%		n/a			0.15	%		31.42	%
9/30/2015		(9.55	)%	$	10,156,292		1.17	%		n/a			0.54	%		45.02	%
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a			0.85	%		46.49	%
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	%
Institutional Shares
3/31/2016(5)		3.05	%	$	5,265,312		0.95	%		n/a			0.40	%		31.42	%
9/30/2015		(9.34	)%	$	4,973,656		0.95	%		n/a			0.70	%		45.02	%
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a			1.05	%		46.49	%
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	%
Advisor Shares
3/31/2016(5)		3.04	%	$	2,716,121		1.01	%		n/a			0.34	%		31.42	%
9/30/2015(11)		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2016(5)		0.20	%	$	925,924		1.52	%		n/a			(1.07	)%		43.35	%
9/30/2015		2.02	%	$	961,035		1.52	%		n/a			0.13	%		43.84	%
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a			(0.05	)%		57.94	%
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	%

Footnotes are presented on Page 71.

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			Redemption^ Fees		Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2016(5)	$	32.62		(0.01	)		1.31			1.30			(0.28	)		(1.68	)		(1.96	)		—	$	31.96
9/30/2015	$	36.56		0.21			(1.79	)		(1.58	)		(0.55	)		(1.81	)		(2.36	)		—	$	32.62
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)		—	$	36.56
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
Institutional Shares
3/31/2016(5)	$	32.77		0.03			1.31			1.34			(0.35	)		(1.68	)		(2.03	)		—	$	32.08
9/30/2015	$	36.71		0.30			(1.81	)		(1.51	)		(0.62	)		(1.81	)		(2.43	)		—	$	32.77
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)		—	$	36.71
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
Advisor Shares
3/31/2016(5)	$	32.66		0.02			1.30			1.32			(0.34	)		(1.68	)		(2.02	)		—	$	31.96
9/30/2015(11)	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—			—	$	32.66
MID CAP FUND
Investor Shares
3/31/2016(5)	$	44.42		(0.14	)		0.03			(0.11	)		—			(6.56	)		(6.56	)		—	$	37.75
9/30/2015	$	47.67		(0.36	)		1.99			1.63			—			(4.88	)		(4.88	)		—	$	44.42
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)		—	$	47.67
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
Institutional Shares
3/31/2016(5)	$	46.92		(0.10	)		0.01			(0.09	)		—			(6.56	)		(6.56	)		—	$	40.27
9/30/2015	$	49.98		(0.26	)		2.08			1.82			—			(4.88	)		(4.88	)		—	$	46.92
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)		—	$	49.98
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
Advisor Shares
3/31/2016(5)	$	44.46		(0.11	)		0.03			(0.08	)		—			(6.56	)		(6.56	)		—	$	37.82
9/30/2015(11)	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—			—	$	44.46

Footnotes are presented on Page 71.

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)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2016(5)			3.86	%	$	5,072,076		1.17	%		n/a			(0.04	)%		8.78	%
9/30/2015			(4.67	)%	$	5,229,869		1.17	%		n/a			0.60	%		23.74	%
9/30/2014			6.50	%	$	8,953,691		1.16	%		n/a			0.86	%		20.45	%
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	%
Institutional Shares
3/31/2016(5)			3.98	%	$	2,894,046		0.96	%		n/a			0.19	%		8.78	%
9/30/2015			(4.44	)%	$	2,606,468		0.96	%		n/a			0.86	%		23.74	%
9/30/2014			6.73	%	$	2,456,145		0.96	%		n/a			1.09	%		20.45	%
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	%
Advisor Shares
3/31/2016(5)			3.93	%	$	3,097,958		1.01	%		n/a			0.14	%		8.78	%
9/30/2015(11)			(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
MID CAP FUND
Investor Shares
3/31/2016(5)			(1.31	)%	$	3,415,092		1.18	%		n/a			(0.73	)%		24.00	%
9/30/2015			3.20	%	$	3,909,986		1.19	%		n/a			(0.76	)%		51.39	%
9/30/2014			6.04	%	$	5,220,973		1.20	%		n/a			(0.74	)%		55.19	%
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	%
Institutional Shares
3/31/2016(5)			(1.19	)%	$	4,365,865		0.95	%		n/a			(0.49	)%		24.00	%
9/30/2015			3.45	%	$	4,482,164		0.95	%		n/a			(0.53	)%		51.39	%
9/30/2014			6.30	%	$	4,280,444		0.95	%		n/a			(0.49	)%		55.19	%
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	%
Advisor Shares
3/31/2016(5)			(1.23	)%	$	382,615		1.02	%		n/a			(0.56	)%		24.00	%
9/30/2015(11)			(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%

Footnotes are presented on Page 71.

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

Artisan Partners Funds 67

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
3/31/2016(5)	$	22.22		0.07			1.25			1.32			(0.09	)		(3.54	)		(3.63	)	$	19.91
9/30/2015	$	27.00		0.20			(2.21	)		(2.01	)		(0.17	)		(2.60	)		(2.77	)	$	22.22
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)	$	27.00
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
Institutional Shares
3/31/2016(5)	$	22.25		0.09			1.26			1.35			(0.17	)		(3.54	)		(3.71	)	$	19.89
9/30/2015	$	27.05		0.26			(2.22	)		(1.96	)		(0.24	)		(2.60	)		(2.84	)	$	22.25
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)	$	27.05
9/30/2013	$	21.15		0.21			6.23			6.44			(0.18	)		(1.03	)		(1.21	)	$	26.38
9/30/2012(15)	$	20.93		0.21			0.01			0.22			—			—			—		$	21.15
Advisor Shares
3/31/2016(5)	$	22.23		0.09			1.25			1.34			(0.16	)		(3.54	)		(3.70	)	$	19.87
9/30/2015(11)	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
SMALL CAP FUND
Investor Shares
3/31/2016(5)	$	28.55		(0.12	)		(0.59	)		(0.71	)		—			(2.71	)		(2.71	)	$	25.13
9/30/2015	$	26.76		(0.30	)		2.09			1.79			—			—			—		$	28.55
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—		$	26.76
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
Institutional Shares
3/31/2016(5)	$	28.72		(0.10	)		(0.59	)		(0.69	)		—			(2.71	)		(2.71	)	$	25.32
9/30/2015	$	26.85		(0.24	)		2.11			1.87			—			—			—		$	28.72
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—		$	26.85
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—		$	27.70
9/30/2012(16)	$	19.62		(0.18	)		1.45			1.27			—			—			—		$	20.89
SMALL CAP VALUE FUND
Investor Shares
3/31/2016(5)	$	12.19		0.01			0.78			0.79			(0.15	)		(2.22	)		(2.37	)	$	10.61
9/30/2015	$	16.99		0.07			(1.64	)		(1.57	)		—			(3.23	)		(3.23	)	$	12.19
9/30/2014	$	18.06		—	(7)		(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
Institutional Shares
3/31/2016(5)	$	12.26		0.02			0.79			0.81			(0.19	)		(2.22	)		(2.41	)	$	10.66
9/30/2015	$	17.04		0.10			(1.65	)		(1.55	)		—			(3.23	)		(3.23	)	$	12.26
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(15)	$	16.16		0.06			(0.96	)		(0.90	)		—			—			—		$	15.26

Footnotes are presented on Page 71.

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

68 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
MID CAP VALUE FUND
Investor Shares
3/31/2016(5)		6.11	%	$	3,132,761		1.19	%		n/a			0.71	%		15.50	%
9/30/2015		(8.45	)%	$	4,345,131		1.19	%		n/a			0.81	%		31.18	%
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a			0.46	%		25.67	%
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	%
Institutional Shares
3/31/2016(5)		6.23	%	$	901,272		0.96	%		n/a			0.95	%		15.50	%
9/30/2015		(8.25	)%	$	1,236,240		0.96	%		n/a			1.03	%		31.18	%
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a			0.72	%		25.67	%
9/30/2013		31.97	%	$	1,366,366		0.98	%		n/a			0.86	%		25.73	%
9/30/2012(15)		1.05	%	$	275,727		1.01	%		n/a			1.04	%		27.86	%
Advisor Shares
3/31/2016(5)		6.20	%	$	812,725		1.01	%		n/a			0.91	%		15.50	%
9/30/2015(11)		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
SMALL CAP FUND
Investor Shares
3/31/2016(5)		(3.22	)%	$	692,432		1.20	%		n/a			(0.94	)%		13.68	%
9/30/2015		6.69	%	$	863,536		1.23	%		n/a			(1.01	)%		45.31	%
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a			(1.09	)%		38.67	%
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	%
Institutional Shares
3/31/2016(5)		(3.12	)%	$	463,009		1.01	%		n/a			(0.75	)%		13.68	%
9/30/2015		6.96	%	$	389,724		1.02	%		n/a			(0.79	)%		45.31	%
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a			(0.88	)%		38.67	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a			(0.74	)%		42.43	%
9/30/2012(16)		6.47	%	$	50,754		1.42	%		n/a			(0.93	)%		69.56	%
SMALL CAP VALUE FUND
Investor Shares
3/31/2016(5)		6.52	%	$	330,556		1.32	%		1.34	%		0.19	%		15.61	%
9/30/2015		(11.76	)%	$	458,673		1.26	%		n/a			0.48	%		39.79	%
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	%
Institutional Shares
3/31/2016(5)		6.64	%	$	24,301		1.22	%		1.24	%		0.30	%		15.61	%
9/30/2015		(11.59	)%	$	34,513		1.05	%		n/a			0.70	%		39.79	%
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(15)		(5.57	)%	$	306,223		1.00	%		n/a			0.56	%		28.17	%

Footnotes are presented on Page 71.

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

Artisan Partners Funds 69

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
3/31/2016(5)	$	11.56		0.05		1.29			1.34			(0.06	)		(1.10	)		(1.16	)	$	11.74
9/30/2015	$	14.14		0.11		(1.66	)		(1.55	)		(0.11	)		(0.92	)		(1.03	)	$	11.56
9/30/2014	$	13.38		0.15		1.35			1.50			(0.09	)		(0.65	)		(0.74	)	$	14.14
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
Institutional Shares
3/31/2016(5)	$	11.60		0.06		1.29			1.35			(0.13	)		(1.10	)		(1.23	)	$	11.72
9/30/2015	$	14.19		0.14		(1.66	)		(1.52	)		(0.15	)		(0.92	)		(1.07	)	$	11.60
9/30/2014	$	13.42		0.18		1.35			1.53			(0.11	)		(0.65	)		(0.76	)	$	14.19
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(10)	$	10.60		0.02		(1.50	)		(1.48	)		—			—			—		$	9.12
Advisor Shares
3/31/2016(5)	$	11.57		0.06		1.29			1.35			(0.13	)		(1.10	)		(1.23	)	$	11.69
9/30/2015(11)	$	13.41		0.07		(1.91	)		(1.84	)		—			—			—		$	11.57

Footnotes are presented on Page 71.

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

70 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
VALUE FUND
Investor Shares
3/31/2016(5)		11.70	%	$	294,854		0.95	%		n/a		0.85	%		30.53	%
9/30/2015		(11.90	)%	$	341,852		1.00	%		n/a		0.78	%		74.07	%
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a		1.06	%		53.36	%
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	%
Institutional Shares
3/31/2016(5)		11.72	%	$	133,443		0.77	%		n/a		1.01	%		30.53	%
9/30/2015		(11.69	)%	$	180,143		0.75	%		n/a		1.07	%		74.07	%
9/30/2014		11.77	%	$	304,091		0.74	%		n/a		1.31	%		53.36	%
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(10)		(13.96	)%	$	53,515		1.09	%		n/a		1.02	%		78.36	%
Advisor Shares
3/31/2016(5)		11.73	%	$	527,661		0.82	%		n/a		1.04	%		30.53	%
9/30/2015(11)		(13.72	)%	$	466,702		0.86	%		n/a		1.12	%		74.07	%

⁽¹⁾   Computed based on average shares outstanding.

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

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

⁽⁴⁾   Includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁵⁾   Unaudited. For the six months ended March 31, 2016.

⁽⁶⁾   For the period from commencement of operations (June 29, 2015) through September 30, 2015.

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

⁽⁸⁾   Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁹⁾   For the period from commencement of operations (October 15, 2015) through March 31, 2016.

⁽¹⁰⁾  For the period from commencement of operations (July 26, 2011) through September 30, 2011.

⁽¹¹⁾  For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽¹²⁾  For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽¹³⁾  For the period from commencement of operations (July 17, 2012) through September 30, 2012.

⁽¹⁴⁾  For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽¹⁵⁾  For the period from commencement of operations (February 1, 2012) through September 30, 2012.

⁽¹⁶⁾  For the period from commencement of operations (May 7, 2012) through September 30, 2012.

^{^}  Unless otherwise indicated, amount rounds to less than 0.01, if applicable.

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

Artisan Partners Funds 71

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2016 (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 fifteen 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 Developing World Fund (“Developing World Fund” or “Developing World”)		June 29, 2015		June 29, 2015		June 29, 2015
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		October 15, 2015		oN/A
Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)		September 22, 2008		July 26, 2011		April 1, 2015
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		April 1, 2015
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		April 1, 2015
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		April 1, 2015
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997		July 1, 2000		April 1, 2015
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001		February 1, 2012		April 1, 2015
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		April 1, 2015

The investment objective of each Fund (except Developing World Fund, High Income Fund and Small Cap Value Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Small Cap Value Fund’s investment objective is to seek long-term capital growth. 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 designed for certain employee benefit plans as well as institutional and other investors meeting certain minimum investment requirements. Advisor Shares are designed for employee benefit plans, clients of financial

72 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

advisors, clients of sponsored fee-based programs and other investors that meet the minimum investment requirements.

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 and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular 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 the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

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

In determining each Fund’s NAV, 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 an equity 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 vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer

Artisan Partners Funds 73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

Securities or other assets for which (i) market quotations were not readily available, (ii) no approved pricing vendor price quotation was available or (iii) the Funds’ valuation committee (the “valuation committee”) believed that such quotations were not reliable indications of market value or fair value, 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 of the Funds. A market quotation was considered to be not readily available, and a Fund may therefore have used fair value pricing, if, among other things, there were no quotations, pricing data was not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security or asset, or the value of the security or asset might have been materially affected by events occurring after the close of the market in which the security or asset was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event might include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. The 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 or assets 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 or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair values utilized by the Funds as described above may differ from the value realized on the sale of those securities or assets 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

74 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

standards; lack of uniform accounting, auditing and financial 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 change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the values of debt securities fall in response to increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the U.S. and outside the U.S. may affect the Fund’s debt investments unfavorably.

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 in which a Fund invests may be rated below investment grade by the major rating agencies, or unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or 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

Artisan Partners Funds 75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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 2012 through 2015) and have concluded that, as of March 31, 2016, 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, 2016, 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

76 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Statements of Operations. During the period ended March 31, 2016, the Funds did not incur any interest or penalties.

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, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through U.S. dollar denominated depositary receipts and participation certificates). 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, 2016, Global Opportunities Fund, Global Value Fund and International Value Fund 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

Artisan Partners Funds 77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f) 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, 2016, 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 – Developing World Fund, 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

78 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 the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. 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.

Prior to February 1, 2016, Developing World Fund, 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. Effective, February 1, 2016, the board of directors of the Funds approved eliminating the redemption fee for all Funds except High Income Fund. 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) Unfunded Commitments – Pursuant to the terms of certain term loan agreements, High Income Fund held unfunded loan commitments as of March 31, 2016. 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/or other liquid assets. As of March 31, 2016 the total amount segregated in connection with unfunded commitments was $25,000,000.

(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 79

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 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the U.S. 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.

80 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 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 events, 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, 2016 (in thousands):

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other  Significant Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Developing World
Common Stocks(1)
Developed Markets	$	142,286	$	-	$	-	$	142,286
Emerging Asia		220,502		9,692		-		230,194
Europe, Middle East & Africa		57,474		-		-		57,474
Latin America		70,151		-		-		70,151
Equity-Linked Securities(1)
Europe, Middle East & Africa		-		4,767		-		4,767
Repurchase Agreement		-		102,699		-		102,699
Total Investments	$	490,413	$	117,158	$	-	$	607,571
Emerging Markets
Common Stocks(1)
Developed Markets	$	1,616	$	-	$	-	$	1,616
Emerging Asia		14,769		-		14		14,783
Europe, Middle East & Africa		4,857		-		-		4,857
Latin America		4,661		-		-		4,661
Equity-Linked Securities(1)
Emerging Asia		-		171		-		171
Preferred Stocks(1)
Emerging Asia		1,821		-		-		1,821
Latin America		410		-		-		410
Convertible Debentures(1)
Latin America		-		-		-		-
Repurchase Agreement		-		1,047		-		1,047
Total Investments	$	28,134	$	1,218	$	14	$	29,366

Artisan Partners Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other  Significant Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
Global Equity
Common Stocks(1)
Americas	$	186,132	$	-		$	-	$	186,132
Emerging Markets		9,299		-			-		9,299
Europe		59,101		-			-		59,101
Pacific Basin		13,252		-			-		13,252
Repurchase Agreement		-		2,216			-		2,216
Total Investments	$	267,784	$	2,216		$	-	$	270,000
Global Opportunities
Common Stocks(1)
Americas	$	745,106	$	-		$	-	$	745,106
Emerging Markets		131,116		-			-		131,116
Europe		317,031		-			-		317,031
Pacific Basin		198,512		-			-		198,512
Repurchase Agreement		-		113,393			-		113,393
Total Investments		1,391,765		113,393			-		1,505,158
Foreign Currency Forward Contracts(2)		-		(964	)		-		(964	)
Total	$	1,391,765	$	112,429		$	-	$	1,504,194
Global Small Cap
Common Stocks(1)
Americas	$	18,734	$	-		$	-	$	18,734
Emerging Markets		7,724		82			-		7,806
Europe		86,322		-			-		86,322
Pacific Basin		1,442		-			-		1,442
Repurchase Agreement		-		9,266			-		9,266
Total Investments	$	114,222	$	9,348		$	-	$	123,570
Global Value
Common Stocks(1)
Americas	$	908,334	$	-		$	-	$	908,334
Emerging Markets		196,938		-			-		196,938
Europe		455,575		-			-		455,575
Repurchase Agreement		-		157,021			-		157,021
Total Investments		1,560,847		157,021			-		1,717,868
Foreign Currency Forward Contracts(2)		-		(457	)		-		(457	)
Total	$	1,560,847	$	156,564		$	-	$	1,717,411

82 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other  Significant Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
High Income
Corporate Bonds(1)	$	-	$	982,922		$	-	$	982,922
Bank Loans(1)		-		170,963			-		170,963
Convertible Debentures(1)		-		35,471			-		35,471
Repurchase Agreement		-		153,733			-		153,733
Total Investments	$	-	$	1,343,089		$	-	$	1,343,089
International
Common Stocks(1)
Americas	$	3,638,478	$	-		$	-	$	3,638,478
Emerging Markets		743,896		-			-		743,896
Europe		9,195,959		-			-		9,195,959
Pacific Basin		2,338,036		-			-		2,338,036
Equity-Linked Securities(1)
Europe		-		229,475			-		229,475
Preferred Stocks(1)
Europe		161,361		-			-		161,361
Repurchase Agreement		-		696,515			-		696,515
Total Investments	$	16,077,730	$	925,990		$	-	$	17,003,720
International Small Cap
Common Stocks(1)
Americas	$	25,137	$	-		$	-	$	25,137
Emerging Markets		54,963		-			-		54,963
Europe		715,764		-			-		715,764
Pacific Basin		68,993		-			-		68,993
Repurchase Agreement		-		58,866			-		58,866
Total Investments	$	864,857	$	58,866		$	-	$	923,723
International Value
Common Stocks(1)
Americas	$	1,654,431	$	-		$	-	$	1,654,431
Emerging Markets		1,530,717		-			-		1,530,717
Europe		6,152,654		-			-		6,152,654
Pacific Basin		545,251		-			-		545,251
Preferred Stocks(1)
Emerging Markets		39,747		-			-		39,747
Repurchase Agreement		-		1,114,506			-		1,114,506
Total Investments		9,922,800		1,114,506			-		11,037,306
Foreign Currency Forward Contracts(2)		-		(8,524	)		-		(8,524	)
Total	$	9,922,800	$	1,105,982		$	-	$	11,028,782

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other  Significant Observable Inputs		Level 3 - Significant Unobservable  Inputs			Total
Mid Cap
Common Stocks(1)	$	7,772,715	$	-	$	-		$	7,772,715
Repurchase Agreement		-		349,022		-			349,022
Total Investments	$	7,772,715	$	349,022	$	-		$	8,121,737
Mid Cap Value
Common Stocks(1)	$	4,457,401	$	-	$	-		$	4,457,401
Repurchase Agreement		-		505,406		-			505,406
Total Investments	$	4,457,401	$	505,406	$	-		$	4,962,807
Small Cap
Common Stocks(1)	$	1,098,712	$	-	$	-		$	1,098,712
Repurchase Agreement		-		63,921		-			63,921
Total Investments	$	1,098,712	$	63,921	$	-		$	1,162,633
Small Cap Value
Common Stocks(1)	$	290,942	$	-	$	-		$	290,942
Repurchase Agreement		-		66,470		-			66,470
Total Investments	$	290,942	$	66,470	$	-	��	$	357,412
Value
Common Stocks(1)	$	818,778	$	-	$	-		$	818,778
Preferred Stocks(1)		54,295		-		-			54,295
Repurchase Agreement		-		71,208		-			71,208
Total Investments	$	873,073	$	71,208	$	-		$	944,281
(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, 2016, 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, which resulted in their Level 2 classification. There were no transfers from Level 1 to Level 2 during the period. There were securities classified at Level 2 at September 30, 2015 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. There were no such developments at March 31, 2016, which resulted in transfers from Level 2 to Level 1. The following table summarizes security transfers from Level 2 to Level 1 for each applicable Fund as of March 31, 2016 (in thousands):

Fund	Transfers from Level 2 to Level 1
Developing World	$	248,025
Emerging Markets		20,155
Global Equity		61,149
Global Opportunities		488,715

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Transfers from Level 2 to Level 1
Global Small Cap	$	72,080
Global Value		532,017
International		9,288,072
International Small Cap		621,247
International Value		7,080,873
Value		78,211

Information about Level 3 fair value measurements (dollar values in thousands):

Assets	Fair Value at March 31, 2016		Valuation Technique(s)	Unobservable Input(s)	Impact to Fair Value from an Increase in Input
Emerging Markets Fund
Common Stocks		$14	Discounts for illiquidity and uncertainty	Last trade in inactive market less 99% discount	Decrease
Convertible Debentures		-	Last trade	Last trade in inactive market less 100% discount	N/A
High Income Fund
Corporate Bonds		-	Discounts for uncertainty of collectability	Last quote in inactive market less 100% discount	N/A

As of March 31, 2016, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows (in thousands):

	Emerging Markets Fund			High Income Fund
Balance as of September 30, 2015		$   74			$  -
Transfers into Level 3		-			-
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2016		(60	)		-
Purchases		-			-
Sales		-			-
Realized Gain/Loss		-			-
Transfers out of Level 3		-			-
Balance as of March 31, 2016		$   14			$  -

(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

Artisan Partners Funds 85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

The following table presents 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	$	964	$	-	$	-	$	964
Global Value		State Street Bank and Trust Company		457		-		-		457
International Value		State Street Bank and Trust Company		8,524		-		-		8,524

(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 for Investor Shares and Advisor Shares, as applicable, on the Funds’ behalf. Many authorized agents charged a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of March 31, 2016 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 were 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, 2016 (in thousands):

	Six Months Ended 3/31/2016
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Developing World Fund - Investor Shares	$	21	$	35	$	56
Artisan Developing World Fund - Institutional Shares		9		-		9
Artisan Developing World Fund - Advisor Shares		20		45		65
Artisan Emerging Markets Fund - Investor Shares		31		28		59

86 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2016
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Emerging Markets Fund - Institutional Shares	$	10	$	-	$	10
Artisan Global Equity Fund - Investor Shares		35		274		309
Artisan Global Equity Fund - Institutional Shares(1)		8		-		8
Artisan Global Opportunities Fund - Investor Shares		40		805		845
Artisan Global Opportunities Fund - Institutional Shares		10		-		10
Artisan Global Opportunities Fund - Advisor Shares		23		17		40
Artisan Global Small Cap Fund - Investor Shares		34		149		183
Artisan Global Value Fund - Investor Shares		42		776		818
Artisan Global Value Fund - Institutional Shares		11		-		11
Artisan Global Value Fund - Advisor Shares		23		70		93
Artisan High Income Fund - Investor Shares		34		511		545
Artisan High Income Fund - Advisor Shares		32		195		227
Artisan International Fund - Investor Shares		214		10,867		11,081
Artisan International Fund - Institutional Shares		15		-		15
Artisan International Fund - Advisor Shares		122		626		748
Artisan International Small Cap Fund - Investor Shares		43		914		957
Artisan International Value Fund - Investor Shares		69		5,073		5,142
Artisan International Value Fund - Institutional Shares		12		-		12
Artisan International Value Fund - Advisor Shares		109		664		773
Artisan Mid Cap Fund - Investor Shares		63		4,006		4,069
Artisan Mid Cap Fund - Institutional Shares		17		-		17
Artisan Mid Cap Fund - Advisor Shares		24		93		117
Artisan Mid Cap Value Fund - Investor Shares		102		3,628		3,730
Artisan Mid Cap Value Fund - Institutional Shares		12		-		12
Artisan Mid Cap Value Fund - Advisor Shares		25		200		225
Artisan Small Cap Fund - Investor Shares		50		633		683
Artisan Small Cap Fund - Institutional Shares		10		-		10
Artisan Small Cap Value Fund - Investor Shares		39		432		471
Artisan Small Cap Value Fund - Institutional Shares		9		-		9
Artisan Value Fund - Investor Shares		38		238		276
Artisan Value Fund - Institutional Shares		10		-		10
Artisan Value Fund - Advisor Shares		24		159		183

⁽¹⁾ For the period from commencement of operations (October 15, 2015) through March 31, 2016.

(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

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

generated. During the period, such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the period ended March 31, 2016 as follows (in thousands):

Emerging Markets	$	2
Global Equity		-	(1)
Global Opportunities		16
Global Small Cap		-	(1)
Global Value		2
International		35
International Small Cap		1
International Value		13
Mid Cap		96
Mid Cap Value		122
Small Cap		6
Small Cap Value		17
Value		25
(1) Amount rounds to less than $1.

(7) Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2016 was as follows (in thousands):

Fund	Risk Exposure Category	Statements of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(964	)
Global Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(457	)
International Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(8,524	)

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2016 was as follows (in thousands):

Amount of Realized Loss on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statements of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	(2,941	)
International Value	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	(18,010	)

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Fund	Risk Exposure Category	Statements of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	496
Global Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(457	)
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	743

Volume of derivative activity

Fund	Contracts  Closed(1)		Contracts  Opened(1)		Contracts Open at March 31, 2016
Global Opportunities		2		2		1
Global Value		-		3		3
International Value		1		3		3

⁽¹⁾  During the period ended March 31, 2016.

(8) Transactions with affiliates:

The Adviser, with which the officers and a director of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the period ended March 31, 2016. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Developing World Fund and 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

Artisan Partners Funds 89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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 bear certain expenses and waive its management fees to the extent necessary to cause annualized ordinary 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, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. This contract continues through January 31, 2017, at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the

90 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended March 31, 2016 (dollar values in thousands):

Fund	Expense Limit as a % of Average Daily Net  Assets			Waived Management Fees
Developing World Fund - Investor Shares		1.50	%	$	14
Developing World Fund - Institutional Shares		1.40	%		-
Developing World Fund - Advisor Shares		1.40	%		-
Emerging Markets Fund - Investor Shares		1.50	%		104
Emerging Markets Fund - Institutional Shares		1.50	%		34
Global Equity Fund - Investor Shares		1.50	%		-
Global Equity Fund - Institutional Shares		1.50	%		-
Global Opportunities Fund - Advisor Shares		1.10	%		-
Global Small Cap Fund		1.50	%		20
Global Value Fund - Advisor Shares		1.20	%		-
High Income Fund - Investor Shares		1.25	%		-
High Income Fund - Advisor Shares		1.25	%		-
International Fund - Advisor Shares		1.07	%		-
International Value Fund - Advisor Shares		1.06	%		-
Mid Cap Fund - Advisor Shares		1.10	%		-
Mid Cap Value Fund - Advisor Shares		1.09	%		-
Value Fund - Advisor Shares		0.88	%		-

For the period ended March 31, 2016, the Adviser voluntarily waived $34,146 of its management fee from Small Cap Value Fund. The Funds had no material receivables from or payables to the Adviser as of March 31, 2016.

The officers and director of the Funds who are affiliated with the Adviser receive no compensation from the Funds. The compensation paid to directors of the Funds who are not affiliated persons of the Adviser for their services as such is based on an annual fee of $270,000, payable quarterly, subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Partners Funds and a decrease of $10,000 for any terminated series of Artisan Partners Funds. In addition, the independent chair 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 education committee (effective February 9, 2016) and the independent chair of the governance and nominating committee each receives an additional $30,000 annually, payable quarterly. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds. These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability.

Artisan Partners Funds 91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

(9) Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of financial institutions, including State Street Bank and Trust Company (“SSB”), as lenders and SSB as administrative agent, that expires in June 2016. Under the line of credit, each Fund can borrow an amount that shall 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 the Funds may not exceed $150 million. The Funds paid a commitment fee at the annual rate of 0.125% on the unused portion of the line of credit 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, 2016, there were no borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund, which had maximum borrowings of approximately $1,750,000.

(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, 2016 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Developing World	$	454,351	$	87,362
Emerging Markets		8,528		31,906
Global Equity		172,314		184,793
Global Opportunities		308,411		261,126
Global Small Cap		70,396		68,755
Global Value		280,118		185,803
High Income		654,293		301,114
International		5,337,186		6,505,098
International Small Cap		380,356		398,221
International Value		1,122,418		821,351
Mid Cap		1,931,567		2,401,898

92 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Security Purchases		Security Sales
Mid Cap Value	$	814,717	$	2,801,531
Small Cap		156,019		211,892
Small Cap Value		57,889		257,488
Value		278,785		462,863

(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, 2016 (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, 2016.

		As of 9/30/15						Net Realized Gain (Loss)					As of 3/31/16
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds					Dividend Income@		Share Balance		Value
Global Equity
	Ginko International Co., Ltd.		791,000	$	581	$	1,644	$	(1,038	)	$	-		679,000	$	6,772
	ISS AS†		-		3,633		-		-			-		100,934		4,052
	Wirecard AG†		98,055		380		488		(81	)		-		93,910		3,559
	Total#			$	4,594	$	2,132	$	(1,119	)	$	-			$	14,383
Global Opportunities
	IHS, Inc., Class A		581,487	$	3,586	$	744	$	(216	)	$	-		604,139	$	75,010
	Stanley Electric Co., Ltd.		686,400		6,326		-		-			134		993,000		22,455
	Total#			$	9,912	$	744	$	(216	)	$	134			$	97,465
Global Small Cap
	Ginko International Co., Ltd.		444,000	$	309	$	262	$	(206	)	$	-		445,000	$	4,438
	Total#			$	309	$	262	$	(206	)	$	-			$	4,438
Global Value
	Arch Capital Group Ltd.		824,053	$	7,378	$	3,592	$	819		$	-		880,166	$	62,580
	ISS AS		1,159,246		5,391		4,040		340			-		1,195,523		47,996
	Joy Global, Inc.§		603,577		850		722		(1,162	)		12		625,910		10,058
	Total#			$	13,619	$	8,354	$	(3	)	$	12			$	110,576
International
	ISS AS†		-	$	27,730	$	-	$	-		$	-		751,841	$	30,184
	Wirecard AG†		657,781		251,487		574		(24	)		-		6,337,538		240,143
	Zodiac Aerospace†		12,663,986		57,986		7,552		(2,805	)		5,127		14,690,410		294,372
	Total#			$	337,203	$	8,126	$	(2,829	)	$	5,127			$	564,699

Artisan Partners Funds 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/15						Net Realized Gain (Loss)					As of 3/31/16
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds					Dividend Income@		Share Balance		Value
International Small Cap
	Comet Holding AG		40,085	$	-	$	-	$	-		$	-		40,085	$	26,972
	Ginko International Co., Ltd.		4,043,000		-		1,846		(1,379	)		-		3,860,000		38,499
	Wirecard AG†		1,621,708		-		11,184		9,176			-		1,396,421		52,913
	Total#			$	-	$	13,030	$	7,797		$	-			$	118,384
International Value
	Aker Solutions ASA		17,389,284	$	5,169	$	2,406	$	(4,362	)	$	-		18,619,729	$	59,855
	Arch Capital Group Ltd.		6,225,338		14,956		19,517		3,341			-		6,184,882		439,745
	ISS AS		8,567,470		11,291		7,350		194			-		8,680,598		348,496
	Panalpina Welttransport Holding AG		1,988,088		15,631		2,362		(1,220	)		-		2,117,228		236,483
	Stanley Electric Co., Ltd.		9,306,804		958		417		(80	)		1,259		9,330,204		210,986
	Vesuvius plc		23,945,533		16,854		-		-			-		27,429,191		130,674
	Total#			$	64,859	$	32,052	$	(2,127	)	$	1,259			$	1,426,239
Mid Cap
	IHS, Inc., Class A		3,101,243	$	-	$	34,700	$	2,079		$	-		2,809,245	$	348,796
	Total#			$	-	$	34,700	$	2,079		$	-			$	348,796
Mid Cap Value
	Air Lease Corp.†		-	$	147,997	$	15,705	$	(1,639	)	$	289		4,601,889	$	147,813
	Arch Capital Group Ltd.		2,442,126		-		71,347		51,778			-		1,447,006		102,882
	Joy Global, Inc.§		4,199,074		-		17,822		(43,978	)		67		2,943,152		47,297
	Total#			$	147,997	$	104,874	$	6,161		$	356			$	250,695
Small Cap Value
	Air Lease Corp.†		245,061	$	4,489	$	1,869	$	(15	)	$	28		358,527	$	11,516
	Total#			$	4,489	$	1,869	$	(15	)	$	28			$	11,516
Value
	Air Lease Corp.†		-	$	16,004	$	299	$	47		$	32		624,276	$	20,052
	Arch Capital Group Ltd.§		361,651		-		24,576		16,403			-		-		-
	Joy Global, Inc.§		1,677,990		-		5,668		(9,416	)		30		1,295,030		20,811
	Total#			$	16,004	$	30,543	$	7,034		$	62			$	20,052

@	Net of foreign taxes withheld, if any.
#	Total value as of March 31, 2016 is presented for only those issuers that were affiliates as of March 31, 2016.
§	Issuer was no longer an affiliate as of March 31, 2016.
†	Issuer was not an affiliate as of September 30, 2015.

(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, 2016 was as follows (in thousands):

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Developing World	$	586,791	$	33,799	$	(13,019	)	$	20,780
Emerging Markets		32,544		6,580		(9,758	)		(3,178	)
Global Equity		248,131		29,088		(7,219	)		21,869
Global Opportunities		1,243,792		282,390		(21,024	)		261,366
Global Small Cap		119,226		9,306		(4,962	)		4,344
Global Value		1,622,988		233,232		(138,352	)		94,880
High Income		1,411,186		23,594		(91,691	)		(68,097	)
International		15,211,023		2,154,007		(361,310	)		1,792,697
International Small Cap		812,232		140,488		(28,997	)		111,491
International Value		9,803,860		2,097,977		(864,531	)		1,233,446
Mid Cap		6,555,078		1,739,343		(172,684	)		1,566,659
Mid Cap Value		4,249,102		1,071,802		(358,097	)		713,705
Small Cap		851,848		362,120		(51,335	)		310,785
Small Cap Value		316,054		66,833		(25,475	)		41,358
Value		906,027		123,818		(85,564	)		38,254

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

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2016 and the year ended September 30, 2015 were as follows (in thousands):

	Six Months Ended 3/31/2016				Year or Period Ended 9/30/2015
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World	$	-	$	-	$	-	(1)	$	-	(1)
Emerging Markets		-		-		3,476			-
Global Equity		5,312		1,550		5,271			1,962
Global Opportunities		2,536		8,822		4,684			26,461
Global Small Cap		-		-		1,155			1,195
Global Value		10,008		80,358		44,958			16,540
High Income		40,841		217		44,032			-
International		103,903		-		140,063			-
International Small Cap		2,611		30,469		249			59,110

Artisan Partners Funds 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2016				Year or Period Ended 9/30/2015
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
International Value	$	100,391	$	540,476	$	303,204	$	442,441
Mid Cap		-		1,234,797		-		954,288
Mid Cap Value		31,880		951,217		163,488		928,701
Small Cap		-		118,049		-		-
Small Cap Value		5,593		78,423		22,246		239,033
Value		8,721		89,398		38,081		68,946

⁽¹⁾  For the period from commencement of operations (June 29, 2015) through September 30, 2015.

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 Mid Cap Fund of approximately $20,673,000 were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2016, 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, 2015. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2015.

Additional tax information as of and for the year ended September 30, 2015 follows (in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)(1)
Developing World	$	-	$	-	$	-	(2)	$	36	(2)	$	(21	)(2)
Emerging Markets		-		-		-			-			(113	)
Global Equity		5,311		1,549		-			-			(8	)
Global Opportunities		2,530		6,359		-			-			(198	)

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses		Qualified Late Year Ordinary Losses		Other Deferred Gains (Losses)(1)
Global Small Cap	$	-	$	-	$	-	$	61	$	(7	)
Global Value		9,880		73,133		-		-		(98	)
High Income		2,918		208		-		-		-
International		103,869		-		314,412		-		(20,298	)
International Small Cap		1,274		29,223		-		-		(58	)
International Value		100,376		540,443		-		-		(1,430	)
Mid Cap		-		1,028,802		-		48,061		(38	)
Mid Cap Value		31,021		906,191		-		-		(701	)
Small Cap		-		115,267		-		10,068		(6	)
Small Cap Value		4,435		74,731		-		-		(4	)
Value		7,103		89,395		-		-		(36	)

⁽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, 2015 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 (June 29, 2015) through September 30, 2015.

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.

As of September 30, 2015, 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
	Unlimited – ST		Unlimited – LT
Developing World	$	954	$	-
Emerging Markets		4,286		128,955	(1)
Global Small Cap		6,276		-

⁽¹⁾  Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $1,815, pursuant to IRC Section 382-383.

Artisan Partners Funds 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(13) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2016						Period Ended(1) 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		15,189,797		$	137,821			2,482,172		$	24,067
Institutional Shares		20,455,565			178,804			4,770,304			42,512
Advisor Shares		15,026,490			131,873			7,039,240			63,619
Cost of shares redeemed(2)
Investor Shares		(294,361	)		(2,522	)		(21,206	)		(187	)
Institutional Shares		(838,033	)		(7,670	)		(4,330	)		(41	)
Advisor Shares		(1,526,987	)		(13,642	)		(100,866	)		(866	)
Net increase from fund share transactions
Investor Shares		14,895,436			135,299			2,460,966			23,880
Institutional Shares		19,617,532			171,134			4,765,974			42,471
Advisor Shares		13,499,503			118,231			6,938,374			62,753
Redemption Fee
Investor Shares					3						-
Institutional Shares					8						1
Advisor Shares					11						1

	EMERGING MARKETS
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		193,536		$	2,034			725,726		$	8,420
Institutional Shares		330,235			3,579			192,586			2,260
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-			-			26,044			323
Institutional Shares		-			-			246,662			3,036
Cost of shares redeemed(2)
Investor Shares		(299,845	)		(3,104	)		(3,793,631	)		(46,053	)
Institutional Shares		(2,764,033	)		(26,589	)		(24,604,592	)		(299,356	)
Net decrease from fund share transactions
Investor Shares		(106,309	)		(1,070	)		(3,041,861	)		(37,310	)
Institutional Shares		(2,433,798	)		(23,010	)		(24,165,344	)		(294,060	)
Redemption Fee
Investor Shares					-						1
Institutional Shares					-						1

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL EQUITY
	Period Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		2,741,711		$	43,930			5,990,024		$	103,286
Institutional Shares(3)		7,036,393			115,004
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		279,484			4,536			426,772			6,888
Institutional Shares(3)		125,405			2,035
Cost of shares redeemed(2)
Investor Shares		(11,137,065	)		(175,587	)		(2,177,979	)		(36,225	)
Institutional Shares(3)		(29,922	)		(482	)
Net increase (decrease) from fund share transactions
Investor Shares		(8,115,870	)		(127,121	)		4,238,817			73,949
Institutional Shares(3)		7,131,876			116,557
Redemption Fee
Investor Shares					15						15
Institutional Shares(3)					3

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		6,510,738		$	124,043			11,483,092		$	222,023
Institutional Shares		2,355,160			45,222			15,093,830			291,773
Advisor Shares(4)		4,671,962			84,699			3,060,198			60,686
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		234,399			4,660			870,398			16,233
Institutional Shares		261,064			5,213			663,613			12,423
Advisor Shares(4)		19,955			397			-			-
Cost of shares redeemed(2)
Investor Shares		(7,546,657	)		(136,463	)		(14,131,841	)		(268,712	)
Institutional Shares		(1,643,750	)		(32,197	)		(4,405,311	)		(85,275	)
Advisor Shares(4)		(1,096,847	)		(19,127	)		(111,184	)		(2,080	)
Net increase (decrease) from fund share transactions
Investor Shares		(801,520	)		(7,760	)		(1,778,351	)		(30,456	)
Institutional Shares		972,474			18,238			11,352,132			218,921
Advisor Shares(4)		3,595,070			65,969			2,949,014			58,606
Redemption Fee
Investor Shares					18						47
Institutional Shares					17						37
Advisor Shares(4)					2						1

Artisan Partners Funds 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL SMALL CAP
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		1,283,170		$	13,434			3,486,318		$	39,736
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-			-			207,315			2,258
Cost of shares redeemed(2)
Investor Shares		(1,456,388	)		(14,968	)		(6,469,894	)		(70,159	)
Net decrease from fund share transactions
Investor Shares		(173,218	)		(1,534	)		(2,776,261	)		(28,165	)
Redemption Fee
Investor Shares					1						23

	GLOBAL VALUE
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,831,065		$	139,588			13,065,129		$	203,547
Institutional Shares		13,073,131			182,821			6,841,958			107,154
Advisor Shares(4)		13,209,439			182,740			15,119,397			239,218
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,899,237			42,416			2,495,215			38,676
Institutional Shares		1,850,984			27,061			1,142,541			17,709
Advisor Shares(4)		898,964			13,116			-			-
Cost of shares redeemed(2)
Investor Shares		(17,245,070	)		(242,799	)		(42,080,729	)		(660,169	)
Institutional Shares		(6,277,091	)		(91,605	)		(8,334,147	)		(127,347	)
Advisor Shares(4)		(4,078,347	)		(57,584	)		(2,288,054	)		(35,332	)
Net increase (decrease) from fund share transactions
Investor Shares		(4,514,768	)		(60,795	)		(26,520,385	)		(417,946	)
Institutional Shares		8,647,024			118,277			(349,648	)		(2,484	)
Advisor Shares(4)		10,030,056			138,272			12,831,343			203,886
Redemption Fee
Investor Shares					10						22
Institutional Shares					7						10
Advisor Shares(4)					3						1

100 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	HIGH INCOME
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		35,968,508		$	329,581			36,305,325		$	357,528
Advisor Shares		54,729,571			500,699			34,913,905			340,359
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,653,081			15,241			2,462,806			24,265
Advisor Shares		2,100,488			19,376			1,718,353			16,903
Cost of shares redeemed(2)
Investor Shares		(30,485,320	)		(280,004	)		(21,933,691	)		(214,101	)
Advisor Shares		(12,952,784	)		(118,857	)		(7,881,274	)		(77,616	)
Net increase from fund share transactions
Investor Shares		7,136,269			64,818			16,834,440			167,692
Advisor Shares		43,877,275			401,218			28,750,984			279,646
Redemption Fee
Investor Shares					33						55
Advisor Shares					43						37

	INTERNATIONAL
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		35,493,166		$	986,031			147,055,771		$	4,507,517
Institutional Shares		19,638,602			550,092			77,326,034			2,444,786
Advisor Shares(4)		29,095,888			790,519			96,826,212			2,962,302
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,401,879			41,103			2,544,638			77,510
Institutional Shares		993,447			29,297			1,100,365			33,727
Advisor Shares(4)		345,252			10,112			-			-
Cost of shares redeemed(2)
Investor Shares		(85,124,871	)		(2,353,344	)		(226,093,060	)		(6,957,199	)
Institutional Shares		(14,287,999	)		(401,422	)		(25,232,697	)		(764,161	)
Advisor Shares(4)		(22,415,070	)		(626,463	)		(5,539,992	)		(161,570	)
Net increase (decrease) from fund share transactions
Investor Shares		(48,229,826	)		(1,326,210	)		(76,492,651	)		(2,372,172	)
Institutional Shares		6,344,050			177,967			53,193,702			1,714,352
Advisor Shares(4)		7,026,070			174,168			91,286,220			2,800,732
Redemption Fee
Investor Shares					207						632
Institutional Shares					109						221
Advisor Shares(4)					56						48

Artisan Partners Funds 101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		3,307,562		$	76,362			9,139,826		$	216,914
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,255,016			30,070			2,307,280			52,352
Cost of shares redeemed(2)
Investor Shares		(4,815,064	)		(111,716	)		(15,184,996	)		(358,411	)
Net decrease from fund share transactions
Investor Shares		(252,486	)		(5,284	)		(3,737,890	)		(89,145	)
Redemption Fee
Investor Shares					8						100

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		20,875,075		$	643,778			31,255,164		$	1,094,030
Institutional Shares		11,988,630			369,382			13,743,888			488,598
Advisor Shares(4)		16,860,750			531,370			88,342,651			3,201,754
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		8,459,988			275,965			12,755,664			439,815
Institutional Shares		4,580,121			149,816			4,718,738			163,127
Advisor Shares(4)		3,361,638			109,589			-			-
Cost of shares redeemed(2)
Investor Shares		(30,949,898	)		(979,160	)		(128,639,622	)		(4,610,540	)
Institutional Shares		(5,877,690	)		(189,327	)		(5,839,111	)		(206,519	)
Advisor Shares(4)		(8,491,732	)		(267,508	)		(3,141,780	)		(110,601	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,614,835	)		(59,417	)		(84,628,794	)		(3,076,695	)
Institutional Shares		10,691,061			329,871			12,623,515			445,206
Advisor Shares(4)		11,730,656			373,451			85,200,871			3,091,153
Redemption Fee
Investor Shares					50						258
Institutional Shares					26						84
Advisor Shares(4)					29						17

102 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		7,123,236		$	278,671			15,426,811		$	725,344
Institutional Shares		12,159,659			496,729			22,831,337			1,139,342
Advisor Shares(4)		2,916,022			110,290			10,165,671			477,696
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		13,498,668			548,721			11,374,388			516,511
Institutional Shares		11,820,328			512,175			7,427,509			355,555
Advisor Shares(4)		1,454,647			59,204			-			-
Cost of shares redeemed
Investor Shares		(18,182,889	)		(714,407	)		(48,310,957	)		(2,268,772	)
Institutional Shares		(11,090,983	)		(473,334	)		(20,378,837	)		(999,829	)
Advisor Shares(4)		(3,963,653	)		(155,582	)		(456,359	)		(21,553	)
Net increase (decrease) from fund share transactions
Investor Shares		2,439,015			112,985			(21,509,758	)		(1,026,917	)
Institutional Shares		12,889,004			535,570			9,880,009			495,068
Advisor Shares(4)		407,016			13,912			9,709,312			456,143

	MID CAP VALUE
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		12,379,204		$	242,464			31,813,156		$	793,122
Institutional Shares		3,181,243			62,674			12,667,895			316,894
Advisor Shares(4)		12,034,762			232,895			45,158,916			1,089,164
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		30,822,218			608,122			34,608,529			856,326
Institutional Shares		9,166,146			180,573			6,672,374			165,029
Advisor Shares(4)		6,940,383			136,656			-			-
Cost of shares redeemed
Investor Shares		(81,391,712	)		(1,618,346	)		(215,480,203	)		(5,321,117	)
Institutional Shares		(22,588,296	)		(448,755	)		(26,713,793	)		(662,487	)
Advisor Shares(4)		(20,278,403	)		(404,578	)		(2,955,122	)		(69,518	)
Net increase (decrease) from fund share transactions
Investor Shares		(38,190,290	)		(767,760	)		(149,058,518	)		(3,671,669	)
Institutional Shares		(10,240,907	)		(205,508	)		(7,373,524	)		(180,564	)
Advisor Shares(4)		(1,303,258	)		(35,027	)		42,203,794			1,019,646

Artisan Partners Funds 103

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	SMALL CAP
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		2,063,435		$	53,305			7,647,814		$	224,751
Institutional Shares		5,183,622			136,179			6,778,115			212,353
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,914,671			79,454			-			-
Institutional Shares		975,362			26,764			-			-
Cost of shares redeemed
Investor Shares		(7,670,111	)		(198,960	)		(23,445,692	)		(712,457	)
Institutional Shares		(1,441,496	)		(37,887	)		(1,689,913	)		(50,853	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,692,005	)		(66,201	)		(15,797,878	)		(487,706	)
Institutional Shares		4,717,488			125,056			5,088,202			161,500

	SMALL CAP VALUE
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		3,434,146		$	35,691			5,542,831		$	81,276
Institutional Shares		71,242			743			2,913,322			41,639
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,025,629			74,542			14,560,067			204,423
Institutional Shares		220,182			2,345			3,567,563			50,338
Cost of shares redeemed
Investor Shares		(16,947,513	)		(185,781	)		(57,782,501	)		(834,924	)
Institutional Shares		(826,826	)		(8,519	)		(21,658,338	)		(313,373	)
Net decrease from fund share transactions
Investor Shares		(6,487,738	)		(75,548	)		(37,679,603	)		(549,225	)
Institutional Shares		(535,402	)		(5,431	)		(15,177,453	)		(221,396	)

104 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	VALUE
	Six Months Ended 3/31/2016						Year Ended 9/30/2015
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		2,287,427		$	25,899			11,665,383		$	156,568
Institutional Shares		1,111,688			11,938			2,476,950			33,068
Advisor Shares(4)		6,706,787			72,460			42,917,968			586,042
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,697,248			31,342			6,223,025			82,455
Institutional Shares		1,334,487			15,480			1,579,906			20,950
Advisor Shares(4)		4,281,589			49,538			-			-
Cost of shares redeemed
Investor Shares		(9,429,710	)		(106,033	)		(71,220,630	)		(963,970	)
Institutional Shares		(6,591,173	)		(73,895	)		(9,955,117	)		(132,456	)
Advisor Shares(4)		(6,177,539	)		(68,828	)		(2,572,805	)		(33,290	)
Net increase (decrease) from fund share transactions
Investor Shares		(4,445,035	)		(48,792	)		(53,332,222	)		(724,947	)
Institutional Shares		(4,144,998	)		(46,477	)		(5,898,261	)		(78,438	)
Advisor Shares(4)		4,810,837			53,170			40,345,163			552,752

⁽¹⁾  For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽²⁾  Net of redemption fees.

⁽³⁾  For the period from commencement of operations (October 15, 2015) through March 31, 2016.

⁽⁴⁾  For the period from commencement of operations (April 1, 2015) through September 30, 2015

(14) Subsequent Events:

On February 22, 2016, the board of directors approved a proposal to merge Small Cap Value Fund into Mid Cap Value Fund on a tax-free basis. The merger is expected to be completed on or about May 23, 2016. Small Cap Value Fund will remain open to purchases and redemptions from existing shareholders until on or about May 20, 2016.

On May 20, 2016, State Street Bank, the Funds’ custodian, provided the Funds with estimates of amounts by which it had incorrectly billed the Funds for certain out-of-pocket costs between 1998 and 2015, and for which it intends to reimburse the Funds. Based on the information provided by State Street Bank, the Funds believe the impact of these errors is immaterial for each Fund except Emerging Markets Fund. State Street Bank estimates that the amount of error for Emerging Markets Fund is approximately $172,000, representing 0.6% of net assets at May 20, 2016. The Funds continue to review the information provided by State Street Bank in anticipation of settling the matter.

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.

Artisan Partners Funds 105

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, 2015 to March 31, 2016.

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, 2016 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 10/1/2015	Ending Account Value 3/31/2016	Expenses Paid During Period 10/1/2015-3/31/2016(1)	Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual	$1,000.00	$1,101.30	$7.88	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%
Institutional Shares
Actual	$1,000.00	$1,103.70	$6.10	1.16%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.86	1.16%
Advisor Shares
Actual	$1,000.00	$1,102.50	$6.62	1.26%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	$6.36	1.26%

106 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2015	Ending Account Value 3/31/2016	Expenses Paid During Period 10/1/2015-3/31/2016(1)	Expense Ratio(2)(3)
Artisan Emerging Markets Fund
Investor Shares
Actual	$1,000.00	$1,135.40	$8.01	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%
Institutional Shares
Actual	$1,000.00	$1,135.30	$8.01	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%
Artisan Global Equity Fund
Investor Shares
Actual	$1,000.00	$985.00	$6.95	1.40%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.00	$7.06	1.40%
Institutional Shares(4)
Actual	$1,000.00	$943.70	$5.09	1.14%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.72	$5.28	1.14%
Artisan Global Opportunities Fund
Investor Shares
Actual	$1,000.00	$1,068.30	$6.10	1.18%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$5.96	1.18%
Institutional Shares
Actual	$1,000.00	$1,069.80	$4.81	0.93%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.35	$4.70	0.93%
Advisor Shares
Actual	$1,000.00	$1,068.60	$5.59	1.08%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.60	$5.45	1.08%
Artisan Global Small Cap Fund
Investor Shares
Actual	$1,000.00	$964.30	$7.37	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%
Artisan Global Value Fund
Investor Shares
Actual	$1,000.00	$1,055.70	$6.42	1.25%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.75	$6.31	1.25%
Institutional Shares
Actual	$1,000.00	$1,057.30	$5.30	1.03%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.85	$5.20	1.03%
Advisor Shares
Actual	$1,000.00	$1,056.20	$5.76	1.12%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.40	$5.65	1.12%

Artisan Partners Funds 107

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2015	Ending Account Value 3/31/2016	Expenses Paid During Period 10/1/2015-3/31/2016(1)	Expense Ratio(2)(3)
Artisan High Income Fund
Investor Shares
Actual	$1,000.00	$1,003.60	$5.16	1.03%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.85	$5.20	1.03%
Advisor Shares
Actual	$1,000.00	$1,003.50	$4.26	0.85%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.75	$4.29	0.85%
Artisan International Fund
Investor Shares
Actual	$1,000.00	$1,029.30	$5.99	1.18%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$5.96	1.18%
Institutional Shares
Actual	$1,000.00	$1,030.50	$4.82	0.95%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.25	$4.80	0.95%
Advisor Shares
Actual	$1,000.00	$1,030.40	$5.13	1.01%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.10	1.01%
Artisan International Small Cap Fund
Investor Shares
Actual	$1,000.00	$1,002.00	$7.61	1.52%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.40	$7.67	1.52%
Artisan International Value Fund
Investor Shares
Actual	$1,000.00	$1,038.60	$5.96	1.17%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.15	$5.91	1.17%
Institutional Shares
Actual	$1,000.00	$1,039.80	$4.90	0.96%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.20	$4.85	0.96%
Advisor Shares
Actual	$1,000.00	$1,039.30	$5.15	1.01%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.10	1.01%
Artisan Mid Cap Fund
Investor Shares
Actual	$1,000.00	$986.90	$5.86	1.18%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$5.96	1.18%
Institutional Shares
Actual	$1,000.00	$988.10	$4.72	0.95%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.25	$4.80	0.95%

108 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2015	Ending Account Value 3/31/2016	Expenses Paid During Period 10/1/2015-3/31/2016(1)	Expense Ratio(2)(3)
Advisor Shares
Actual	$1,000.00	$987.70	$5.07	1.02%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.90	$5.15	1.02%
Artisan Mid Cap Value Fund
Investor Shares
Actual	$1,000.00	$1,061.10	$6.13	1.19%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.05	$6.01	1.19%
Institutional Shares
Actual	$1,000.00	$1,062.30	$4.95	0.96%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.20	$4.85	0.96%
Advisor Shares
Actual	$1,000.00	$1,062.00	$5.21	1.01%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.10	1.01%
Artisan Small Cap Fund
Investor Shares
Actual	$1,000.00	$967.80	$5.90	1.20%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.00	$6.06	1.20%
Institutional Shares
Actual	$1,000.00	$968.80	$4.97	1.01%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.10	1.01%
Artisan Small Cap Value Fund
Investor Shares
Actual	$1,000.00	$1,065.20	$6.82	1.32%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.40	$6.66	1.32%
Institutional Shares
Actual	$1,000.00	$1,066.40	$6.30	1.22%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.90	$6.16	1.22%
Artisan Value Fund
Investor Shares
Actual	$1,000.00	$1,117.00	$5.03	0.95%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.25	$4.80	0.95%
Institutional Shares
Actual	$1,000.00	$1,117.20	$4.08	0.77%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.15	$3.89	0.77%
Advisor Shares
Actual	$1,000.00	$1,117.30	$4.34	0.82%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.90	$4.14	0.82%

Artisan Partners Funds 109

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2016, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

⁽²⁾  Annualized ratio of expenses to average net assets for the six-month period ended March 31, 2016.

⁽³⁾  Expense ratio includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁴⁾  The account value and the expenses paid for Global Equity Fund – Institutional Shares have been presented for the period from commencement of operations (October 15, 2015) through March 31, 2016. Assuming a six-month period, and the actual account values as of March 31, 2016, and the expenses paid during the period 10/1/2015 - 3/31/2016 would have been as follows:

	Beginning Account Value 10/1/2015	Ending Account Value 3/31/2016	Expenses Paid  During Period 10/1/2015-3/31/2016
Artisan Global Equity Fund
Institutional Shares
Actual	$1,000.00	$943.70	$5.54
Hypothetical (5% return before expenses)	$1,000.00	$1,019.30	$5.76

110 Artisan Partners Funds

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

For the purposes of assigning portfolio securities to a particular country in this report, an issuer generally is deemed to be from a particular country as designated by the Adviser’s 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, equity securities are assigned 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. Debt securities are assigned in accordance with the industry groups developed by Bloomberg Finance L.P. In the event the 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 111

PROXY VOTING POLICIES AND PROCEDURES

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

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

INFORMATION ABOUT PORTFOLIO SECURITIES

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

112 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.    Investments.

(a) The Schedules of Investments in securities of unaffiliated issuers as of March 31, 2016 are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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).
	(3)	Not applicable.
(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:	May 26, 2016

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:	May 26, 2016
By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	May 26, 2016