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: 3/31/17

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

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Developing World Fund
5	Artisan Emerging Markets Fund
8	Artisan Global Equity Fund
11	Artisan Global Opportunities Fund
13	Artisan Global Value Fund
15	Artisan High Income Fund
20	Artisan International Fund
23	Artisan International Small Cap Fund
25	Artisan International Value Fund
28	Artisan Mid Cap Fund
31	Artisan Mid Cap Value Fund
34	Artisan Small Cap Fund
36	Artisan Value Fund
38	STATEMENTS OF ASSETS AND LIABILITIES
42	STATEMENTS OF OPERATIONS
46	STATEMENTS OF CHANGES IN NET ASSETS
54	FINANCIAL HIGHLIGHTS
67	NOTES TO FINANCIAL STATEMENTS
100	SHAREHOLDER EXPENSE EXAMPLE
105	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
106	PROXY VOTING POLICIES AND PROCEDURES
106	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of Artisan Partners Funds. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For a prospectus 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, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.7%
ARGENTINA - 0.6%
Grupo Supervielle S.A. (DR)(1)		409,640	$	6,964
BRAZIL - 12.7%
Cielo S.A.		3,083,100		27,880
Hypermarcas S.A.		3,675,300		34,046
Kroton Educacional S.A.		12,257,800		51,998
Lojas Renner S.A.		1,240,113		11,012
Qualicorp S.A.		4,316,400		28,472
				153,408
CHINA - 21.0%
Alibaba Group Holding Ltd. (DR)(1)		484,962		52,293
Baidu, Inc. (DR)(1)		123,890		21,373
Hangzhou Hikvision Digital Technology Co., Ltd.		4,298,332		19,896
Kweichow Moutai Co., Ltd., Class A		433,289		24,293
Shanghai International Airport Co., Ltd., Class A		7,710,798		33,543
Sinopharm Group Co., Ltd., Class H		6,729,100		31,215
Tencent Holdings Ltd.		1,555,200		44,586
Yum China Holdings, Inc.(1)		1,008,046		27,419
				254,618
EGYPT - 0.3%
Commercial International Bank Egypt S.A.E. (2)		775,013		3,225
FRANCE - 0.9%
LVMH Moet Hennessy Louis Vuitton SE		51,957		11,410
HONG KONG - 6.4%
AIA Group Ltd.		7,923,700		49,959
Sands China Ltd.		6,086,100		28,193
				78,152
INDIA - 9.5%
Aurobindo Pharma Ltd.		1,382,035		14,366
Dish TV India Ltd.(1)		18,148,452		29,975
Eicher Motors Ltd.		43,321		16,992
HDFC Bank Ltd. (DR)		524,071		39,421
PVR Ltd.		652,769		14,364
				115,118
INDONESIA - 1.8%
Matahari Department Store Tbk PT		14,047,300		13,889
Media Nusantara Citra Tbk PT		59,203,400		8,219
				22,108
KOREA - 0.5%
Cosmax, Inc.		54,411		6,617
MALAYSIA - 0.4%
My EG Services Bhd		11,163,300		4,667
MEXICO - 2.9%
Grupo Televisa S.A.B. (DR)		1,349,730		35,012
NETHERLANDS - 1.9%
Unilever N.V. (DR)		460,271		22,867
PANAMA - 0.8%
Copa Holdings S.A., Class A(3)		85,808		9,632
PERU - 1.4%
Credicorp Ltd.		101,960		16,650
PHILIPPINES - 1.0%
Puregold Price Club, Inc.		13,628,100		11,869
RUSSIA - 7.6%
Magnit PJSC (DR)		1,444,959		55,197
Sberbank of Russia PJSC (DR)		1,127,363		13,010
Yandex N.V., Class A(1)		1,082,728		23,744
				91,951
SAUDI ARABIA - 0.6%
Al Tayyar Travel Group, Equity-Linked Security(1)(2)(3)(4)(5)		891,788		7,305
SOUTH AFRICA - 2.1%
Mr Price Group Ltd.		1,726,647		20,579
Pioneer Foods Group Ltd.		415,417		5,468
				26,047
TAIWAN - 0.8%
Largan Precision Co., Ltd.		64,300		10,129
THAILAND - 2.1%
Siam Commercial Bank PCL(2)		5,429,600		25,756
UNITED ARAB EMIRATES - 1.8%
Emaar Properties PJSC(2)		11,253,040		22,412
UNITED KINGDOM - 2.1%
Reckitt Benckiser Group plc		277,276		25,312

2 Artisan Partners Funds

		Shares Held		Value
UNITED STATES - 12.5%
China Biologic Products, Inc.(1)			370,153	$	37,063
Delphi Automotive plc			96,646		7,779
EPAM Systems, Inc.(1)			150,076		11,334
Facebook, Inc., Class A(1)			310,227		44,068
Kansas City Southern			218,575		18,745
MercadoLibre, Inc.			51,600		10,912
Visa, Inc., Class A			242,060		21,512
					151,413
Total common stocks and equity-linked security (Cost $948,985)					1,112,642
		Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $91,602 (Cost $91,601)(6)			$91,601	$	91,601
Total investments - 99.3% (Cost $1,040,586)					1,204,243
Other assets less liabilities - 0.7%					8,840
Total net assets - 100.0%(7)				$	1,213,083
	��

⁽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 $58,698, or 4.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Security is restricted. The security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

Security	Acquisition Date		Cost		Value		Percentage of Total Net Assets
Al Tayyar Travel Group		7/9/2015- 2/28/2017	$	9,440	$	7,305		0.6	%

⁽⁵⁾  Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁶⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		5/15/2045	$	93,435

⁽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, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	267,154		22.2	%
Consumer Staples		151,623		12.6
Financials		154,985		12.9
Health Care		145,162		12.0
Industrials		78,912		6.5
Information Technology		292,394		24.3
Real Estate		22,412		1.9
Short-term investments		91,601		7.6
Total investments	$	1,204,243		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	153,408		12.7	%
British pound		25,312		2.1
Chinese yuan renminbi offshore		77,732		6.5
Egyptian pound		3,225		0.3
Euro		34,277		2.8
Hong Kong dollar		153,953		12.8
Indian rupee		75,697		6.3
Indonesian rupiah		22,108		1.8
Korean won		6,617		0.5
Malaysian ringgit		4,667		0.4
Philippine peso		11,869		1.0
South African rand		26,047		2.2
Taiwan dollar		10,129		0.8
Thai baht		25,756		2.1
U.S. dollar		551,034		45.8
UAE dirham		22,412		1.9
Total investments	$	1,204,243		100.0	%

Artisan Partners Funds 3

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Magnit PJSC	Russia		4.6	%
Alibaba Group Holding Ltd.	China		4.3
Kroton Educacional S.A.	Brazil		4.3
AIA Group Ltd.	Hong Kong		4.1
Tencent Holdings Ltd.	China		3.7
Facebook, Inc.	United States		3.6
HDFC Bank Ltd.	India		3.2
China Biologic Products, Inc.	United States		3.1
Grupo Televisa S.A.B.	Mexico		2.9
Hypermarcas S.A.	Brazil		2.8
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.

4 Artisan Partners Funds

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 85.3%
ARGENTINA - 4.3%
Grupo Supervielle S.A. (DR)(1)		40,059	$	681
Pampa Energia S.A. (DR)(1)		11,279		612
YPF S.A. (DR)		22,532		547
				1,840
BRAZIL - 6.4%
Cosan S.A. Industria e Comercio		20,500		255
CVC Brasil Operadora e Agencia de Viagens S.A.		39,663		366
GAEC Educacao S.A.		58,700		251
Hypermarcas S.A.		41,638		386
Linx S.A.		70,400		373
Petroleo Brasileiro S.A.(1)		92,789		449
Vale S.A.		64,613		615
				2,695
CHILE - 2.1%
Empresa Nacional de Telecomunicaciones S.A.(1)		29,014		352
SACI Falabella		62,360		520
				872
CHINA - 17.8%
Ajisen China Holdings Ltd.		560,913		218
Alibaba Group Holding Ltd. (DR)(1)		14,593		1,573
Baidu, Inc. (DR)(1)		4,225		729
China High Precision Automation Group Ltd.(1)(2)(3)		9,066,000		–
China Life Insurance Co., Ltd., Class H		162,800		500
China Petroleum & Chemical Corp., Class H		649,453		526
China Traditional Chinese Medicine Holdings Co., Ltd.		590,000		325
Digital China Holdings Ltd.		502,460		441
GOME Electrical Appliances Holding Ltd.		1,639,288		224
Noah Holdings Ltd. (DR)(1)		20,977		532
Sino Biopharmaceutical Ltd.		821,000		676
Sinopharm Group Co., Ltd., Class H		122,900		570
Sinotrans Ltd., Class H		565,341		264
Wisdom Sports Group(1)		801,839		190
Zhuzhou CRRC Times Electric Co., Ltd., Class H		142,015		755
				7,523
CZECH REPUBLIC - 0.9%
Moneta Money Bank AS(1)		111,952		379
GERMANY - 0.3%
Rocket Internet SE(1)		7,792		133
GREECE - 0.8%
JUMBO S.A.		20,692		326
HONG KONG - 1.2%
AIA Group Ltd.		80,665		509
INDIA - 6.9%
Aurobindo Pharma Ltd.		26,831		279
Dr Reddy’s Laboratories Ltd.		2,551		103
Godrej Consumer Products Ltd.		12,468		323
Havells India Ltd.		49,397		353
ICICI Bank Ltd.		170,720		727
Kajaria Ceramics Ltd.		41,665		375
Reliance Industries Ltd.(1)		37,295		758
				2,918
INDONESIA - 4.4%
Astra International Tbk PT		794,170		514
Bank Negara Indonesia Persero Tbk PT		894,718		435
Cikarang Listrindo Tbk PT		3,064,700		299
Hanjaya Mandala Sampoerna Tbk PT		639,450		187
Indofood CBP Sukses Makmur Tbk PT		691,000		423
				1,858
KAZAKHSTAN - 0.4%
KCell JSC (DR)		52,986		191
KENYA - 0.8%
Equity Group Holdings Ltd.		1,097,700		351
KOREA - 6.9%
Hanssem Co., Ltd.		1,353		266
KB Financial Group, Inc.		8,374		367
Kia Motors Corp.		13,016		431
Korea Electric Power Corp.		5,968		248
LG Chem Ltd.		1,598		420
Medy-Tox, Inc.		552		228
Naver Corp.		290		222
Samsung Biologics Co., Ltd.(1)		2,098		325
Shinhan Financial Group Co., Ltd.		9,656		402
				2,909
MALAYSIA - 0.7%
AirAsia BHD		435,500		309
MEXICO - 3.0%
Alsea S.A.B. de C.V.		114,352		382
Cemex S.A.B. de C.V., UNIT(1)		689,344		625
Controladora Vuela Cia de Aviacion S.A.B. de C.V., Class A(1)		199,600		279
				1,286

Artisan Partners Funds 5

	Shares Held		Value
PERU - 1.6%
Credicorp Ltd.		2,768	$	452
Grana y Montero S.A. (DR)		69,173		217
				669
POLAND - 0.6%
Eurocash S.A.		33,453		269
RUSSIA - 5.5%
Detsky Mir PJSC		279,549		437
Lukoil PJSC (DR)		8,554		453
Magnit PJSC(2)		3,146		517
MMC Norilsk Nickel PJSC (DR)		26,782		421
Moscow Exchange MICEX-RTS PJSC(2)		108,880		216
Yandex N.V., Class A(1)		12,170		267
				2,311
SOUTH AFRICA - 4.1%
FirstRand Ltd.		122,509		424
Naspers Ltd., Class N		5,802		1,001
Woolworths Holdings Ltd.		59,540		310
				1,735
SWITZERLAND - 0.8%
Dufry AG(1)		2,128		324
TAIWAN - 9.8%
E Ink Holdings, Inc.		261,000		227
Hon Hai Precision Industry Co., Ltd.		265,508		796
MediaTek, Inc.		54,794		388
Sunny Friend Environmental Technology Co., Ltd.		118,000		568
Taiwan Semiconductor Manufacturing Co., Ltd.		350,647		2,184
				4,163
THAILAND - 0.8%
Bangkok Bank PCL (DR)		62,000		327
TURKEY - 2.1%
Akbank TAS		211,323		496
Turkiye Sinai Kalkinma Bankasi AS		980,643		372
				868
UNITED ARAB EMIRATES - 1.4%
NMC Health plc		25,936		575
UNITED KINGDOM - 1.7%
Randgold Resources Ltd.		8,079		705
Total common stocks (Cost $33,364)				36,045
PREFERRED STOCKS - 12.1%
BRAZIL - 2.5%
Cia Energetica de Minas Gerais(4)		114,600		378
Itau Unibanco Holding S.A.(4)		56,835		688
				1,066
COLOMBIA - 0.8%
Bancolombia S.A.(4)		33,990		339
KOREA - 6.8%
Samsung Electronics Co., Ltd.(4)		2,002		2,870
RUSSIA - 2.0%
Sberbank of Russia PJSC(2)(4)		391,671		841
Total preferred stocks (Cost $3,353)				5,116
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $1,580 (Cost $1,580)(5)		$1,580	$	1,580
Total investments - 101.1% (Cost $38,297)				42,741
Other assets less liabilities - (1.1)%				(482	)
Total net assets - 100.0%(6)			$	42,259

⁽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 $1,574, or 3.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		11/15/2044	$	1,613

⁽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.

6 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	5,760		13.5	%
Consumer Staples		1,719		4.0
Energy		2,988		7.0
Financials		9,038		21.1
Health Care		3,467		8.1
Industrials		3,120		7.3
Information Technology		10,203		23.9
Materials		2,786		6.5
Telecommunication Services		543		1.3
Utilities		1,537		3.6
Short-term investments		1,580		3.7
Total investments	$	42,741		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	3,761		8.8	%
British pound		1,280		3.0
Chilean peso		872		2.0
Colombian peso		339		0.8
Czech koruna		379		0.9
Euro		459		1.1
Hong Kong dollar		5,198		12.2
Indian rupee		2,918		6.8
Indonesian rupiah		1,858		4.4
Kenyan shilling		351		0.8
Korean won		5,779		13.5
Malaysian ringgit		309		0.7
Mexican peso		1,286		3.0
Polish zloty		269		0.6
South African rand		1,735		4.1
Swiss franc		324		0.8
Taiwan dollar		4,163		9.7
Thai baht		327		0.8
Turkish lira		868		2.0
U.S. dollar		10,266		24.0
Total investments	$	42,741		100.0	%

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.8	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.2
Alibaba Group Holding Ltd.	China		3.7
Naspers Ltd.	South Africa		2.4
Sberbank of Russia PJSC	Russia		2.0
Hon Hai Precision Industry Co., Ltd.	Taiwan		1.9
Reliance Industries Ltd.	India		1.8
Zhuzhou CRRC Times Electric Co., Ltd.	China		1.8
Baidu, Inc.	China		1.7
ICICI Bank Ltd.	India		1.7
Total			29.0	%

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 7

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.2%
AUSTRALIA - 1.3%
Westpac Banking Corp.		124,183	$	3,326
CANADA - 2.8%
Canadian Pacific Railway Ltd.		48,629		7,144
CHILE - 1.2%
Enel Americas S.A. (DR)		285,049		2,962
CHINA - 2.3%
Alibaba Group Holding Ltd. (DR)(1)		41,153		4,438
Yum China Holdings, Inc.(1)		53,400		1,452
				5,890
DENMARK - 1.8%
Genmab AS(1)		14,361		2,766
ISS AS		49,539		1,873
				4,639
FRANCE - 5.3%
AXA S.A.		144,124		3,729
Natixis S.A.		550,581		3,393
Vallourec S.A.(1)		956,529		6,351
				13,473
GERMANY - 12.3%
Commerzbank AG		454,222		4,108
Deutsche Boerse AG		93,201		8,542
Linde AG		21,015		3,500
SAP SE		5,141		504
Vonovia SE		135,287		4,767
Wirecard AG		177,499		9,827
				31,248
HONG KONG - 0.8%
AIA Group Ltd.		337,995		2,131
ITALY - 1.8%
Intesa Sanpaolo S.p.A.		1,081,421		2,937
Poste Italiane S.p.A.		186,324		1,243
UniCredit S.p.A.		29,325		452
				4,632
JAPAN - 5.0%
Calbee, Inc.		47,500		1,619
Japan Tobacco, Inc.		94,800		3,081
Nitori Holdings Co., Ltd.		25,478		3,220
Nomura Holdings, Inc.		473,500		2,943
Sumitomo Mitsui Financial Group, Inc.		47,100		1,711
				12,574
KOREA - 1.5%
Samsung SDI Co., Ltd.		30,677	$	3,786
MEXICO - 0.6%
Becle S.A.B. de C.V.(1)		787,800		1,397
Wal-Mart de Mexico S.A.B. de C.V.		81,500		188
				1,585
NETHERLANDS - 5.6%
ING Groep N.V.		512,432		7,746
InterXion Holding N.V.(1)		164,595		6,512
				14,258
SWITZERLAND - 1.5%
Nestle S.A.		48,987		3,758
TAIWAN - 3.9%
Ginko International Co., Ltd.		546,000		5,002
Taiwan Semiconductor Manufacturing Co., Ltd.		780,000		4,859
				9,861
THAILAND - 0.2%
Thai Beverage PCL		545,000		366
UNITED STATES - 50.3%
Adobe Systems, Inc.(1)		17,150		2,232
Aetna, Inc.		46,247		5,899
Albemarle Corp.		2,379		251
Alphabet, Inc., Class A(1)		4,630		3,925
Alphabet, Inc., Class C(1)(2)		8,875		7,362
Amazon.com, Inc.(1)		10,220		9,060
Aon plc		37,604		4,463
CDK Global, Inc.		43,009		2,796
Celgene Corp.(1)		63,464		7,897
Comcast Corp., Class A		185,265		6,964
Dollar Tree, Inc.(1)		36,930		2,898
Facebook, Inc., Class A(1)		46,897		6,662
Fidelity National Information Services, Inc.		52,051		4,144
FleetCor Technologies, Inc.(1)		24,662		3,735
Harris Corp.		34,172		3,802
Home Depot, Inc.		43,892		6,445
Intercontinental Exchange, Inc.		43,289		2,592
Lowe’s Cos., Inc.		50,913		4,186
M&T Bank Corp.		33,069		5,117
MasterCard, Inc., Class A		90,524		10,181
Monster Beverage Corp.(1)		50,576		2,335
Pandora Media, Inc.(1)		134,670		1,590
Priceline Group, Inc.(1)		2,208		3,930
Sealed Air Corp.		49,297		2,148

8 Artisan Partners Funds

	Shares Held		Value
UNITED STATES (CONTINUED)
ServiceNow, Inc.(1)		57,593	$	5,038
Sherwin-Williams Co.		8,850		2,745
Synchrony Financial		102,332		3,510
Wells Fargo & Co.		102,854		5,725
				127,632
Total common stocks (Cost $216,103)				249,265
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $4,732 (Cost $4,732)(3)		$4,732	$	4,732
Total investments - 100.1% (Cost $220,835)				253,997
Other assets less liabilities - (0.1)%				(225	)
Total net assets - 100.0%(4)			$	253,772

⁽¹⁾  Non-income producing security.

⁽²⁾  Non-voting shares.

⁽³⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		5/15/2045	$	4,829

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	38,155		15.0	%
Consumer Staples		12,744		5.0
Energy		6,351		2.5
Financials		63,668		25.1
Health Care		21,564		8.5
Industrials		9,017		3.5
Information Technology		81,393		32.0
Materials		8,644		3.4
Real Estate		4,767		1.9
Utilities		2,962		1.2
Short-term investments		4,732		1.9
Total investments	$	253,997		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	3,326		1.3	%
Danish krone		4,639		1.8
Euro		57,099		22.5
Hong Kong dollar		2,131		0.8
Japanese yen		12,574		5.0
Korean won		3,786		1.5
Mexican peso		1,585		0.6
Singapore dollar		366		0.1
Swiss franc		3,758		1.5
Taiwan dollar		9,861		3.9
U.S. dollar		154,872		61.0
Total investments	$	253,997		100.0	%

Artisan Partners Funds 9

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		4.5	%
MasterCard, Inc.	United States		4.0
Wirecard AG	Germany		3.9
Amazon.com, Inc.	United States		3.6
Deutsche Boerse AG	Germany		3.4
Celgene Corp.	United States		3.1
ING Groep N.V.	Netherlands		3.0
Canadian Pacific Railway Ltd.	Canada		2.8
Comcast Corp.	United States		2.7
Facebook, Inc.	United States		2.6
Total			33.6	%

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

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

10 Artisan Partners Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.5%
AUSTRALIA - 4.8%
James Hardie Industries plc (DR)		2,783,979	$	43,751
Treasury Wine Estates Ltd.		5,977,898		55,856
				99,607
BRAZIL - 0.5%
Kroton Educacional S.A.		2,336,500		9,912
CHINA - 2.2%
Tencent Holdings Ltd.		1,557,417		44,649
DENMARK - 3.3%
Genmab AS (1)		349,161		67,243
FRANCE - 1.7%
Eurofins Scientific SE		78,606		34,201
GERMANY - 2.8%
Brenntag AG		760,712		42,646
SAP SE		158,116		15,515
				58,161
HONG KONG - 2.6%
Hong Kong Exchanges and Clearing Ltd.		668,558		16,827
Sands China Ltd.		7,776,889		36,025
				52,852
INDIA - 1.3%
HDFC Bank Ltd. (DR)		351,723		26,457
JAPAN - 7.7%
Keyence Corp.		68,300		27,350
Lion Corp.		1,374,000		24,708
Nintendo Co., Ltd.		145,026		33,654
Shiseido Co., Ltd.		1,509,618		39,730
Stanley Electric Co., Ltd.		1,204,746		34,358
				159,800
MEXICO - 1.0%
Fomento Economico Mexicano S.A.B. de C.V. (DR)		238,706		21,130
NETHERLANDS - 2.3%
ASML Holding N.V. (DR)		359,255		47,709
SOUTH AFRICA - 1.3%
Bid Corp. Ltd.		1,356,407		26,256
SWITZERLAND - 0.5%
Temenos Group AG(1)		142,335	$	11,311
UNITED KINGDOM - 5.3%
ASOS plc(1)		407,398		30,855
Auto Trader Group plc		5,871,403		28,859
Direct Line Insurance Group plc		1,915,565		8,338
Intertek Group plc		843,455		41,573
				109,625
UNITED STATES - 57.2%
Alphabet, Inc., Class A(1)		94,611		80,211
Alphabet, Inc., Class C(1)(2)		60,669		50,329
Anthem, Inc.		255,124		42,192
Bank of America Corp.		1,784,359		42,093
Boston Scientific Corp.(1)		3,045,499		75,742
Broadcom Ltd.		192,233		42,091
DexCom, Inc.(1)		340,195		28,825
Ecolab, Inc.		333,447		41,794
Electronic Arts, Inc.(1)		346,671		31,034
Facebook, Inc., Class A(1)		474,039		67,337
Helmerich & Payne, Inc.		185,621		12,357
IHS Markit Ltd.(1)		4,531,163		190,082
LKQ Corp.(1)		1,771,834		51,862
Noble Energy, Inc.		1,135,883		39,006
Pioneer Natural Resources Co.		230,177		42,866
Priceline Group, Inc.(1)		23,715		42,212
Regeneron Pharmaceuticals, Inc.(1)		158,019		61,234
S&P Global, Inc.		511,096		66,821
salesforce.com, Inc.(1)		374,325		30,878
State Street Corp.		399,524		31,806
Visa, Inc., Class A		1,211,583		107,673
				1,178,445
Total common stocks (Cost $1,478,565)				1,947,358

Artisan Partners Funds 11

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $94,402 (Cost $94,401)(3)	$	94,401	$	94,401
Total investments - 99.1% (Cost $1,572,966)				2,041,759
Other assets less liabilities - 0.9%				19,296
Total net assets - 100.0%(4)			$	2,061,055

⁽¹⁾  Non-income producing security.

⁽²⁾  Non-voting shares.

⁽³⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		5/15/2045	$	3,178
U.S. Treasury Bond		3.125	%		8/15/2044		93,120
						$	96,298

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	205,224		10.1	%
Consumer Staples		167,680		8.2
Energy		94,229		4.6
Financials		192,342		9.4
Health Care		309,437		15.2
Industrials		274,301		13.4
Information Technology		618,600		30.3
Materials		85,545		4.2
Short-term investments		94,401		4.6
Total investments	$	2,041,759		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	99,607		4.9	%
Brazilian real		9,912		0.5
British pound		109,625		5.4
Danish krone		67,243		3.3
Euro		92,362		4.5
Hong Kong dollar		97,501		4.8
Japanese yen		159,800		7.8
South African rand		26,256		1.3
Swiss franc		11,311		0.5
U.S. dollar		1,368,142		67.0
Total investments	$	2,041,759		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2017 (Unaudited)
Dollar values in thousands
Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	8/1/2017	JPY	3,511,455		USD	31,114	$	(584	)

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		9.2	%
Alphabet, Inc.	United States		6.3
Visa, Inc.	United States		5.2
Boston Scientific Corp.	United States		3.7
Facebook, Inc.	United States		3.3
Genmab AS	Denmark		3.3
S&P Global, Inc.	United States		3.2
Regeneron Pharmaceuticals, Inc.	United States		3.0
Treasury Wine Estates Ltd.	Australia		2.7
LKQ Corp.	United States		2.5
Total			42.4	%

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.

12 Artisan Partners Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 86.9%
BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.		510,773	$	46,370
BRAZIL - 2.9%
Telefonica Brasil S.A. (DR)		5,377,050		79,849
CANADA - 1.4%
Imperial Oil Ltd.		1,253,656		38,199
CHINA - 3.1%
Baidu, Inc. (DR)(1)		483,435		83,402
DENMARK - 3.9%
Carlsberg AS, Class B		501,942		46,353
ISS AS		1,544,157		58,391
				104,744
JAPAN - 0.3%
Sugi Holdings Co., Ltd.		160,400		7,362
KOREA - 5.6%
Kia Motors Corp.		741,694		24,573
Samsung Electronics Co., Ltd.		68,539		126,254
				150,827
NETHERLANDS - 3.6%
Akzo Nobel N.V.		67,415		5,590
ING Groep N.V.		4,651,309		70,312
Koninklijke Philips N.V.		465,679		14,968
Unilever N.V. (DR)		155,904		7,746
				98,616
NORWAY - 1.0%
Orkla ASA		2,889,174		25,876
SWITZERLAND - 7.5%
ABB Ltd.(1)		3,812,544		89,181
Cie Financiere Richemont S.A.		527,054		41,674
Pargesa Holding S.A.		2,453		173
UBS Group AG		4,501,660		72,043
				203,071
UNITED KINGDOM - 10.9%
Amec Foster Wheeler plc		3,091,367		20,586
Compass Group plc		1,334,455		25,179
Diageo plc		962,774		27,545
IMI plc		1,261,286		18,853
Lloyds Banking Group plc		79,367,194		65,948
UNITED KINGDOM (CONTINUED)
Royal Bank of Scotland Group plc (1)		24,780,829	$	75,167
Tesco plc(1)		25,919,117		60,272
Unilever plc		28,906		1,427
				294,977
UNITED STATES - 45.0%
Alphabet, Inc., Class A(1)		36,831		31,225
Alphabet, Inc., Class C(1)(2)		25,216		20,918
American Express Co.		777,235		61,487
Aon plc		379,244		45,013
Arch Capital Group Ltd.(1)		1,078,376		102,198
Bank of New York Mellon Corp.		2,081,764		98,322
Cisco Systems, Inc.		1,711,729		57,856
Citigroup, Inc.		1,691,874		101,208
Citizens Financial Group, Inc.		1,416,881		48,953
FedEx Corp.		194,878		38,031
Johnson & Johnson		552,477		68,811
Marsh & McLennan Cos., Inc.		1,190,707		87,981
Medtronic plc		1,025,319		82,600
Microsoft Corp.		1,189,598		78,347
Oracle Corp.		2,070,536		92,367
Progressive Corp.		1,037,676		40,656
QUALCOMM, Inc.		1,380,500		79,158
TE Connectivity Ltd.		533,416		39,766
United Technologies Corp.		391,983		43,984
				1,218,881
Total common stocks (Cost $1,976,153)				2,352,174
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $345,012 (Cost $345,009)(3)		$345,009	$	345,009
Total investments - 99.7% (Cost $2,321,162)				2,697,183
Other assets less liabilities - 0.3%				9,053
Total net assets - 100.0%(4)			$	2,706,236

⁽¹⁾  Non-income producing security.

Artisan Partners Funds 13

⁽²⁾  Non-voting shares.

⁽³⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		5/15/2045	$	7,129
U.S. Treasury Bond		3.375	%		5/15/2044		344,784
						$	351,913

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	91,426		3.4	%
Consumer Staples		176,581		6.5
Energy		58,785		2.2
Financials		915,831		33.9
Health Care		151,411		5.6
Industrials		263,408		9.8
Information Technology		609,293		22.6
Materials		5,590		0.2
Telecommunication Services		79,849		3.0
Short-term investments		345,009		12.8
Total investments	$	2,697,183		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	294,977		10.9	%
Canadian dollar		38,199		1.4
Danish krone		104,744		3.9
Euro		144,986		5.4
Japanese yen		7,362		0.3
Korean won		150,827		5.6
Norwegian krone		25,876		1.0
Swiss franc		203,071		7.5
U.S. dollar		1,727,141		64.0
Total investments	$	2,697,183		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2017 (Unaudited)
Dollar values in thousands
Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	5/15/2017	CNH	334,600		USD	47,962	$	(568	)
State Street Bank and Trust Company	5/15/2017	CNH	76,779		USD	10,989		(147	)
State Street Bank and Trust Company	5/15/2017	CNH	75,260		USD	10,910		(6	)
							$	(721	)

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		4.7	%
Arch Capital Group Ltd.	United States		3.8
Citigroup, Inc.	United States		3.7
Bank of New York Mellon Corp.	United States		3.6
Oracle Corp.	United States		3.4
ABB Ltd.	Switzerland		3.3
Marsh & McLennan Cos., Inc.	United States		3.3
Baidu, Inc.	China		3.1
Medtronic plc	United States		3.1
Telefonica Brasil S.A.	Brazil		2.9
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.

14 Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Principal Amount		Value
CORPORATE BONDS - 73.1%
AGRICULTURE - 0.6%
Pinnacle Operating Corp., 9.00%, 5/15/2023(1)(2)(3)	$	13,301	$	13,234
BUILDING MATERIALS - 1.2%
Ply Gem Industries, Inc., 6.50%, 2/1/2022		19,165		20,062
6.50%, 2/1/2022		6,050		6,272
				26,334
CHEMICALS - 1.9%
CF Industries, Inc., 3.45%, 6/1/2023		16,945		16,013
5.38%, 3/15/2044		28,500		24,866
				40,879
COMMERCIAL SERVICES - 1.4%
Gartner, Inc., 5.13%, 4/1/2025(4)		9,600		9,780
IHS Markit Ltd., 4.75%, 2/15/2025(4)		7,000		7,210
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/2025(4)(5)		13,513		13,817
				30,807
DISTRIBUTION/WHOLESALE - 2.4%
HD Supply, Inc., 5.75%, 4/15/2024(4)		48,200		50,697
DIVERSIFIED FINANCIAL SERVICES - 4.7%
Alliance Data Systems Corp., 5.38%, 8/1/2022(4)		15,925		16,045
6.38%, 4/1/2020(4)		14,306		14,556
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022(4)		35,830		32,785
NFP Corp., 9.00%, 7/15/2021(4)		26,340		27,837
Quicken Loans, Inc., 5.75%, 5/1/2025(4)		10,000		9,825
				101,048
ENGINEERING & CONSTRUCTION - 0.5%
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/1/2022(4)		10,000		10,575
ENTERTAINMENT - 1.5%
Scientific Games International, Inc., 6.25%, 9/1/2020		11,300		10,707
10.00%, 12/1/2022		20,000		21,325
				32,032
FOOD - 1.2%
Lamb Weston Holdings, Inc., 4.63%, 11/1/2024(4)		11,000		11,220
FOOD (CONTINUED)
4.88%, 11/1/2026(4)	$	15,200	$	15,504
				26,724
HEALTHCARE-SERVICES - 3.7%
HCA, Inc., 5.25%, 6/15/2026		15,000		15,714
5.38%, 2/1/2025		17,000		17,680
MEDNAX, Inc., 5.25%, 12/1/2023(4)		9,000		9,180
Opal Acquisition, Inc., 8.88%, 12/15/2021(4)		41,715		36,292
				78,866
INSURANCE - 10.0%
Alliant Holdings Intermediate LLC, 8.25%, 8/1/2023(4)		11,250		11,805
Hub Holdings LLC / Hub Holdings Finance, Inc., PIK, 8.13%, 7/15/2019(4)		26,926		26,926
HUB International Ltd., 7.88%, 10/1/2021(4)		38,723		40,369
USI, Inc., 7.75%, 1/15/2021(4)		95,191		96,857
York Risk Services Holding Corp., 8.50%, 10/1/2022(4)		42,097		39,361
				215,318
MACHINERY-DIVERSIFIED - 1.3%
Cloud Crane LLC, 10.13%, 8/1/2024(4)		7,066		7,543
SPX FLOW, Inc., 5.63%, 8/15/2024(4)		10,000		10,087
5.88%, 8/15/2026(4)		10,000		10,088
				27,718
MEDIA - 10.6%
Altice Financing S.A., 6.63%, 2/15/2023(4)(5)		1,000		1,040
Altice Finco S.A., 7.63%, 2/15/2025(4)(5)		4,040		4,151
Cablevision Systems Corp., 5.88%, 9/15/2022		15,000		15,131
8.00%, 4/15/2020		20,767		22,999
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 5/1/2027(4)		17,000		17,117
5.50%, 5/1/2026(4)		63,080		65,288
5.88%, 4/1/2024(4)		5,000		5,275
Cequel Communications Holdings I LLC / Cequel Capital Corp., 7.75%, 7/15/2025(4)		2,000		2,211
CSC Holdings LLC, 5.50%, 4/15/2027(4)		10,000		10,163
Radio One, Inc., 9.25%, 2/15/2020(4)		6,000		5,790
Univision Communications, Inc., 5.13%, 2/15/2025(4)		28,321		27,861
Virgin Media Secured Finance plc, 5.25%, 1/15/2026(4)(5)		17,917		18,029
5.50%, 8/15/2026(4)(5)		15,555		15,788
Ziggo Bond Finance BV, 6.00%, 1/15/2027(4)(5)		13,000		12,935

Artisan Partners Funds 15

	Principal Amount		Value
MEDIA (CONTINUED)
Ziggo Secured Finance BV, 5.50%, 1/15/2027(4)(5)	$	5,000	$	5,000
				228,778
MISCELLANEOUS MANUFACTURING - 0.9%
Gates Global LLC / Gates Global Co., 6.00%, 7/15/2022(4)		18,400		18,722
OIL & GAS - 7.4%
Callon Petroleum Co., 6.13%, 10/1/2024(4)		18,500		19,240
Endeavor Energy Resources L.P. / EER Finance, Inc., 7.00%, 8/15/2021(4)		36,387		38,024
8.13%, 9/15/2023(4)		42,000		44,625
Laredo Petroleum, Inc., 6.25%, 3/15/2023		5,000		5,075
7.38%, 5/1/2022		7,223		7,494
Range Resources Corp., 5.00%, 3/15/2023(4)		8,500		8,372
Seven Generations Energy Ltd., 6.75%, 5/1/2023(4)(5)		31,670		33,095
6.88%, 6/30/2023(4)(5)		2,745		2,869
				158,794
PACKAGING & CONTAINERS - 0.4%
Sealed Air Corp., 5.50%, 9/15/2025(4)		8,000		8,480
PIPELINES - 5.3%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.38%, 9/15/2024(4)		23,850		24,208
Energy Transfer Equity L.P., 5.88%, 1/15/2024		10,000		10,625
Kinder Morgan Energy Partners L.P., 4.25%, 9/1/2024		22,724		23,008
Williams Partners L.P. / ACMP Finance Corp., 4.88%, 5/15/2023		30,904		31,833
4.88%, 3/15/2024		22,886		23,538
				113,212
REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.9%
Vereit Operating Partnership L.P., 4.60%, 2/6/2024		56,393		58,085
4.88%, 6/1/2026		67,200		69,972
				128,057
RETAIL - 4.0%
Chinos Intermediate Holdings A, Inc., PIK, 7.75%, 5/1/2019(4)		7,888		3,490
Group 1 Automotive, Inc., 5.00%, 6/1/2022		24,892		25,079
5.25%, 12/15/2023(4)		2,553		2,578
Neiman Marcus Group LLC, 7.13%, 6/1/2028		1,500		1,149
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021(4)		13,000		7,828
RETAIL (CONTINUED)
Penske Automotive Group, Inc., 5.38%, 12/1/2024	$	4,058	$	4,068
5.50%, 5/15/2026		16,500		16,170
Sonic Automotive, Inc., 5.00%, 5/15/2023		26,150		25,415
				85,777
SOFTWARE - 4.8%
First Data Corp., 5.75%, 1/15/2024(4)		30,000		30,945
7.00%, 12/1/2023(4)		27,500		29,494
Informatica LLC, 7.13%, 7/15/2023(4)		16,790		16,328
Solera LLC / Solera Finance Inc., 10.50%, 3/1/2024(4)		22,489		25,686
				102,453
TELECOMMUNICATIONS - 3.4%
CenturyLink, Inc., 6.45%, 6/15/2021		12,000		12,749
Frontier Communications Corp., 8.88%, 9/15/2020		17,000		17,935
T-Mobile USA, Inc., 6.00%, 4/15/2024		26,000		27,723
West Corp., 5.38%, 7/15/2022(4)		15,120		14,855
				73,262
Total Corporate Bonds (Cost $1,525,373)				1,571,767
BANK LOANS - 20.2%(6)
AEROSPACE/DEFENSE - 1.2%
Jazz Acquisition, Inc. First Lien Term Loan, 4.65%, 6/19/2021		19,555		18,981
Jazz Acquisition, Inc. Second Lien Term Loan, 7.90%, 6/19/2022		7,000		6,160
				25,141
AGRICULTURE - 0.4%
Pinnacle Operating Corp. First Lien Term Loan B, 8.25%, 11/15/2021(3)		9,005		8,194
APPAREL - 0.4%
Fullbeauty Brands Holdings Corp. First Lien Term Loan B, 5.75%, 10/14/2022		9,975		8,279
Fullbeauty Brands Holdings Corp. Second Lien Term Loan, 10.00%, 10/14/2022		1,000		700
				8,979
CHEMICALS - 0.1%
Avantor Performance Materials Holdings, LLC Second Lien Delayed Draw Term Loan, 9.25%, 3/10/2025		126		127
Avantor Performance Materials Holdings, LLC Second Lien Term Loan, 9.25%, 3/10/2025		2,874		2,888
				3,015

16 Artisan Partners Funds

	Principal Amount		Value
COAL - 0.2%
Foresight Energy, LLC First Lien Term Loan B, 6.75%, 3/28/2022	$	5,000	$	4,863
COMPUTERS - 0.6%
Optiv Security, Inc. First Lien Term Loan, 4.25%, 2/1/2024		2,500		2,511
Optiv Security, Inc. Second Lien Term Loan, 8.25%, 2/1/2025		10,000		10,150
				12,661
DIVERSIFIED FINANCIAL SERVICES - 0.6%
LBM Borrower LLC Second Lien Term Loan, 10.30%, 8/20/2023		6,472		6,222
10.40%, 8/20/2023		3,528		3,391
NFP Corp. First Lien Term Loan B, 4.65%, 1/8/2024		2,993		3,022
				12,635
HEALTHCARE-PRODUCTS - 0.2%
Immucor, Inc. First Lien Term Loan B2, 5.00%, 8/17/2018		4,936		4,870
HEALTHCARE-SERVICES - 0.6%
Opal Acquisition, Inc. First Lien Term Loan B, 5.00%, 11/27/2020		5,499		5,137
5.15%, 11/27/2020		8,184		7,645
				12,782
INSURANCE - 2.0%
AssuredPartners, Inc. First Lien Term Loan, 5.25%, 10/21/2022		4,987		5,020
AssuredPartners, Inc. Second Lien Term Loan, 10.00%, 10/20/2023		13,000		13,091
York Risk Services Holding Corp. First Lien Term Loan B, 4.90%, 10/1/2021		26,206		25,452
				43,563
INTERNET - 2.2%
Ancestry.com Operations, Inc. First Lien Term Loan B, 4.25%, 10/19/2023		22,275		22,428
Ancestry.com Operations, Inc. Second Lien Term Loan B, 9.27%, 10/19/2024		20,000		20,475
iParadigms Holdings LLC Second Lien Term Loan, 8.40%, 7/29/2022(3)		3,768		3,623
				46,526
INVESTMENT COMPANIES - 0.9%
TKC Holdings, Inc. First Lien Term Loan, 4.75%, 2/1/2023		10,000		10,092
TKC Holdings, Inc. Second Lien Term Loan, 8.50%, 2/1/2024		10,000		10,006
				20,098
MACHINERY-DIVERSIFIED - 0.7%
Zodiac Pool Solutions First Lien Term Loan, 5.65%, 12/20/2023		11,970		12,040
MACHINERY-DIVERSIFIED (CONTINUED)
Zodiac Pool Solutions Second Lien Term Loan, 10.15%, 12/20/2024	$	4,000	$	3,963
				16,003
METAL FABRICATE/HARDWARE - 0.5%
WireCo WorldGroup, Inc. First Lien Term Loan, 6.50%, 9/30/2023		9,950		10,012
OIL & GAS - 0.3%
Chesapeake Energy Corp. First Lien Term Loan, 8.55%, 8/23/2021		5,000		5,319
OIL & GAS SERVICES - 0.1%
RGL Reservoir Operations, Inc. First Lien Term Loan, 6.00%, 8/14/2021(3)(5)		8,775		2,106
PACKAGING & CONTAINERS - 0.1%
Flex Acquisition Company, Inc. First Lien Term Loan, 4.25%, 12/29/2023		2,000		2,011
RETAIL - 2.9%
Interior Logic Group, Inc. First Lien Term Loan B, 7.00%, 3/1/2024		12,500		12,234
J. Crew Group, Inc. First Lien Term Loan B, 4.00%, 3/5/2021		46,773		28,340
Men’s Wearhouse, Inc. (The) First Lien Term Loan B1, 5.00%, 6/18/2021		8,000		7,520
Neiman Marcus Group Ltd. LLC First Lien Term Loan, 4.25%, 10/25/2020		10,000		8,021
NPC International, Inc. Second Lien Term Loan, 8.50%, 3/31/2025		7,000		7,053
				63,168
SOFTWARE - 4.9%
Ascend Learning LLC Second Lien Term Loan, 9.65%, 11/30/2020		15,642		15,681
Kronos Incorporated First Lien Term Loan B, 5.03%, 11/1/2023		3,990		4,010
Kronos Incorporated Second Lien Term Loan, 9.28%, 11/1/2024		39,500		40,710
Renaissance Learning, Inc. Second Lien Term Loan, 8.15%, 4/11/2022		44,035		43,815
				104,216
TELECOMMUNICATIONS - 1.3%
Intelsat Jackson Holdings S.A. First Lien Term Loan B2, 3.89%, 6/30/2019(5)		29,000		28,364
Total Bank Loans (Cost $443,358)				434,526

Artisan Partners Funds 17

	Shares Held		Value
COMMON STOCKS - 0.4%
OIL & GAS - 0.4%
Midstates Petroleum Co., Inc.(7)		512,050	$	9,447
Total common stocks (Cost $12,206)				9,447
PREFERRED STOCKS - 0.2%
AGRICULTURE - 0.2%
Pinnacle Agriculture Holdings LLC(3)(7)(8)(9)		9,263,304		4,948
Total preferred stocks (Cost $6,546)				4,948
	Principal Amount
CORPORATE BONDS ESCROW - 0.0%
CHEMICALS - 0.0%
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020(3)(7)(8)		$2,000	$	–
OIL & GAS - 0.0%
Midstates Petroleum Co., Inc. / Midstates Petroleum Co., LLC, escrow, 10.00%, 6/1/2020(3)(7)(8)		13,300		–
Total Corporate Bonds Escrow (Cost $–)				–
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $110,175 (Cost $110,174)(10)		110,174		110,174
Total investments - 99.0% (Cost $2,097,657)				2,130,862
Other assets less liabilities - 1.0%				20,639
Total net assets - 100.0%(11)			$	2,151,501

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽²⁾  Security was deemed restricted as of March 31, 2017.

Security	Acquisition Date		Cost		Value		Percentage of Total Net Assets
Pinnacle Operating Corp. 9.00%, 5/15/2023		3/28/14- 3/24/17	$	16,177	$	13,234		0.6	%

⁽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 $32,105, or 1.5% of total net assets.

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid under procedures established by the board of directors of Artisan Partners Funds and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁵⁾  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 country classifications.

Security	Country	Trading Currency
Altice Financing S.A., 6.63%, 2/15/2023	Luxembourg		U.S. dollar
Altice Finco S.A., 7.63%, 2/15/2025	Luxembourg		U.S. dollar
Intelsat Jackson Holdings S.A., First Lien Term Loan B2, 3.89%, 6/30/2019	Luxembourg		U.S. dollar
RGL Reservoir Operations, Inc., First Lien Term Loan, 6.00%, 8/14/2021	Canada		U.S. dollar
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/2025	Canada		U.S. dollar
Seven Generations Energy Ltd.
6.75%, 5/1/2023	Canada		U.S. dollar
6.88%, 6/30/2023	Canada		U.S. dollar
Virgin Media Secured Finance plc
5.25%, 1/15/2026	United Kingdom		U.S. dollar
5.50%, 8/15/2026	United Kingdom		U.S. dollar
Ziggo Bond Finance BV, 6.00%, 1/15/2027	Netherlands		U.S. dollar
Ziggo Secured Finance BV, 5.50%, 1/15/2027	Netherlands		U.S. dollar

⁽⁶⁾  Floating rate instruments, the rate disclosed was as of March 31, 2017.

⁽⁷⁾  Non-income producing security.

⁽⁸⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $4,948, or 0.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁹⁾  Non-voting shares.

18 Artisan Partners Funds

⁽¹⁰⁾ Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		2.750	%		8/15/2042	$	112,385

⁽¹¹⁾ 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 $115,000 or 5.3% of the total net assets as of March 31, 2017, which could be extended at the option of the borrower:

Borrower	Unfunded Principal Amount		Unrealized Appreciation (Depreciation)
BWAY Corp. Bridge Term Loan	$	15,000		–
Onex USI Holdings Bridge Term Loan		100,000		–
	$	115,000		–

CREDIT DIVERSIFICATION - March 31, 2017 (Unaudited)
	Percentage of Total Investments
BBB		10.9	%
BB		21.5
B		30.7
CCC		29.5
CC		0.2
Unrated		1.3
Short Term		5.2
Equity		0.7
Total		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-rated securities 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 Artisan Partners Limited Partnership to be of comparable quality.

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country		Percentage of Total Net Assets
Vereit, Inc.		United States		6.0	%
USI, Inc.		United States		4.5
Charter Communications, Inc.		United States		4.1
Endeavor Energy Resources L.P.		United States		3.8
Hub Holdings LLC		United States		3.1
York Risk Services Holding Corp.		United States		3.0
First Data Corp.		United States		2.8
Altice SA		Luxembourg		2.6
Williams Cos., Inc.		United States		2.6
HD Supply Holdings, Inc.		United States		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.

Artisan Partners Funds 19

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 94.4%
AUSTRALIA - 1.3%
Westpac Banking Corp.		6,615,891	$	177,212
BELGIUM - 0.6%
Telenet Group Holding N.V.(1)		1,324,471		78,772
BRAZIL - 0.2%
Ambev S.A. (DR)		4,727,920		27,233
CANADA - 3.5%
Canadian Pacific Railway Ltd.		3,065,644		450,405
Rogers Communications, Inc., Class B(2)		559,020		24,717
				475,122
CHINA - 3.7%
Alibaba Group Holding Ltd. (DR)(1)		4,015,424		432,983
China Mobile Ltd.		7,074,000		77,417
				510,400
DENMARK - 0.4%
ISS AS		1,602,283		60,589
FRANCE - 5.0%
AXA S.A.		9,365,988		242,347
BNP Paribas S.A.		211,856		14,110
Schneider Electric SE		1,874,535		137,243
Vallourec S.A.(1)		8,757,931		58,150
Zodiac Aerospace		9,073,147		226,978
				678,828
GERMANY - 19.6%
Allianz SE		2,806,473		519,899
Beiersdorf AG		2,660,838		251,867
Deutsche Boerse AG		6,317,281		578,971
Deutsche Post AG		5,497,619		188,291
Linde AG		3,278,449		545,952
RTL Group S.A.		621,159		50,030
SAP SE		655,210		64,292
Vonovia SE		5,061,269		178,341
Wirecard AG		5,400,205		298,993
				2,676,636
HONG KONG - 2.5%
AIA Group Ltd.		54,587,332		344,178
INDONESIA - 0.4%
Bank Rakyat Indonesia Persero Tbk PT		51,240,900		49,893
IRELAND - 2.3%
Ryanair Holdings plc, Equity-Linked Security(1)(2)(3)(4)(5)		20,816,626		322,559
ITALY - 5.3%
Assicurazioni Generali S.p.A.		14,105,956		224,219
Atlantia S.p.A.		5,233,132		135,101
Intesa Sanpaolo S.p.A.		77,598,683		210,764
Tenaris S.A. (DR)		2,554,056		87,195
UniCredit S.p.A.		4,395,784		67,762
				725,041
JAPAN - 11.5%
Bridgestone Corp.		2,827,700		114,373
Calbee, Inc.		3,426,700		116,809
Japan Tobacco, Inc.		13,412,383		435,875
KDDI Corp.		2,796,000		73,385
Nippon Telegraph & Telephone Corp.		4,955,100		211,503
Nomura Holdings, Inc.		33,205,000		206,364
NTT DOCOMO, Inc.		14,218,633		331,104
Sumitomo Mitsui Financial Group, Inc.		2,463,800		89,518
				1,578,931
KOREA - 1.6%
LG Household & Health Care Ltd.		57,433		41,651
Orion Corp.		2,053		1,230
Samsung Electronics Co., Ltd.		92,642		170,654
				213,535
MEXICO - 0.1%
Wal-Mart de Mexico S.A.B. de C.V.		4,313,198		9,952
NETHERLANDS - 6.5%
Akzo Nobel N.V.		1,683,184		139,574
ASML Holding N.V.		1,359,382		180,403
Heineken N.V.		589,792		50,209
ING Groep N.V.		29,765,591		449,953
Unilever N.V. (DR)		1,281,233		63,653
				883,792
RUSSIA - 0.6%
MMC Norilsk Nickel PJSC (DR)		5,508,435		86,593
SPAIN - 1.6%
Grifols S.A.		3,906,558		95,811
Grifols S.A. (DR)		6,672,159		125,937
				221,748
SWEDEN - 0.9%
Swedbank AB, Class A		5,098,721		118,127

20 Artisan Partners Funds

	Shares Held		Value
SWITZERLAND - 5.9%
Actelion Ltd.(1)		425,596	$	119,905
LafargeHolcim Ltd.(1)		2,538,600		150,038
Nestle S.A.		6,265,119		480,681
Swatch Group AG		157,647		56,455
				807,079
TAIWAN - 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		45,615,000		284,131
THAILAND - 0.1%
Thai Beverage PCL		30,045,600		20,190
UNITED KINGDOM - 3.5%
ConvaTec Group plc(1)		50,757,048		177,426
Imperial Brands plc		1,485,555		71,975
St James’s Place plc		1,768,147		23,527
Wolseley plc		3,282,128		206,431
				479,359
UNITED STATES - 15.2%
Allegion plc		729,685		55,237
Amazon.com, Inc.(1)		216,622		192,044
Aon plc		3,469,663		411,814
Coca-Cola European Partners plc		8,097,212		305,184
Liberty Global plc, Class A(1)		5,960,326		213,797
Liberty Global plc, Series C(1)(2)		9,523,151		333,691
Medtronic plc		5,307,036		427,535
WABCO Holdings, Inc.(1)		1,139,469		133,797
				2,073,099
Total common stocks and equity-linked security (Cost $11,105,133)				12,902,999
PREFERRED STOCKS - 1.5%
GERMANY - 1.5%
Henkel AG & Co. KGaA (2)		1,598,634		204,821
Total preferred stocks (Cost $118,889)				204,821
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $512,881 (Cost $512,877)(6)		$512,877	$	512,877
Total investments - 99.6% (Cost $11,736,899)				13,620,697
Other assets less liabilities - 0.4%				52,869
Total net assets - 100.0%(7)			$	13,673,566

⁽¹⁾  Non-income producing security.

⁽²⁾  Non-voting shares.

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

⁽⁴⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $322,559, or 2.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁵⁾  Security is restricted. The security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

Security	Acquisition Date		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 3/22/2017	$	225,559	$	322,559		2.3	%

⁽⁶⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		5/15/2045	$	523,137

⁽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.

Artisan Partners Funds 21

PORTFOLIO DIVERSIFICATION - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	1,039,162		7.6	%
Consumer Staples		2,081,330		15.3
Energy		145,345		1.1
Financials		3,728,658		27.4
Health Care		946,614		6.9
Industrials		1,916,631		14.1
Information Technology		1,431,456		10.5
Materials		922,157		6.8
Real Estate		178,341		1.3
Telecommunication Services		718,126		5.3
Short-term investments		512,877		3.7
Total investments	$	13,620,697		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	177,212		1.3	%
British pound		479,359		3.5
Canadian dollar		24,717		0.2
Danish krone		60,589		0.4
Euro		5,256,506		38.6
Hong Kong dollar		421,595		3.1
Indonesian rupiah		49,893		0.4
Japanese yen		1,578,931		11.6
Korean won		213,535		1.6
Mexican peso		9,952		0.1
Singapore dollar		20,190		0.1
Swedish krona		118,127		0.9
Swiss franc		807,079		5.9
Taiwan dollar		284,131		2.1
U.S. dollar		4,118,881		30.2
Total investments	$	13,620,697		100.0	%

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Deutsche Boerse AG	Germany		4.2	%
Liberty Global plc	United States		4.0
Linde AG	Germany		4.0
Allianz SE	Germany		3.8
Nestle S.A.	Switzerland		3.5
Canadian Pacific Railway Ltd.	Canada		3.3
ING Groep N.V.	Netherlands		3.3
Japan Tobacco, Inc.	Japan		3.2
Alibaba Group Holding Ltd.	China		3.2
Medtronic plc	United States		3.1
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.

22 Artisan Partners Funds

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.4%
CANADA - 1.4%
Morneau Shepell, Inc.		225,600	$	3,388
Winpak Ltd.		121,000		4,831
				8,219
DENMARK - 4.8%
NKT Holding AS		178,862		13,119
Sydbank AS		457,679		15,863
				28,982
FRANCE - 11.4%
Advanced Accelerator Applications S.A. (DR)(1)		309,407		12,333
Elis S.A.		878,742		17,268
Euronext N.V.		375,247		16,375
Vallourec S.A.(1)		1,630,102		10,823
Virbac S.A.(1)		73,423		11,495
				68,294
GERMANY - 16.3%
Aareal Bank AG		502,386		19,401
Gerresheimer AG		195,574		15,489
Takkt AG		1,049,338		24,342
Tele Columbus AG(1)		572,732		4,888
Wirecard AG		598,634		33,145
				97,265
HONG KONG - 1.1%
Chow Tai Fook Jewellery Group Ltd.		7,021,600		6,821
ITALY - 9.5%
Buzzi Unicem S.p.A.		615,316		15,754
Davide Campari-Milano S.p.A.		976,431		11,323
Enav S.p.A.(1)		4,936,108		20,073
Hera S.p.A.		3,068,227		8,536
RAI Way S.p.A.		259,238		1,350
				57,036
JAPAN - 2.0%
Sugi Holdings Co., Ltd.		140,200		6,435
Zenkoku Hosho Co., Ltd.		165,625		5,638
				12,073
KOREA - 6.3%
Cosmax, Inc.		134,719		16,384
Doosan Bobcat, Inc.		655,087		21,498
				37,882
NETHERLANDS - 4.9%
InterXion Holding N.V.(1)		741,901		29,350
SINGAPORE - 2.5%
SATS Ltd.		4,361,300	$	15,215
SPAIN - 5.0%
Cellnex Telecom SAU		1,024,164		16,908
Ebro Foods S.A.		512,340		10,357
Euskaltel S.A.		248,772		2,548
				29,813
SWEDEN - 4.0%
Dometic Group AB(1)		1,859,383		13,830
Loomis AB, Class B		315,871		9,997
				23,827
SWITZERLAND - 5.3%
Comet Holding AG(1)		25,906		31,605
TAIWAN - 3.9%
Ginko International Co., Ltd.		2,573,000		23,574
UNITED KINGDOM - 16.0%
AA plc		5,093,322		16,949
BCA Marketplace plc		3,034,253		6,919
Berendsen plc		1,353,763		12,433
Dignity plc		698,383		20,816
Domino’s Pizza Group plc		2,203,262		8,524
HomeServe plc		2,321,858		16,436
NEX Group plc		1,882,759		13,411
				95,488
UNITED STATES - 2.0%
GCP Applied Technologies, Inc.(1)		358,283		11,698
Total common stocks (Cost $509,255)				577,142
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $21,971 (Cost $21,971)(2)		$21,971	$	21,971
Total investments - 100.1% (Cost $531,226)				599,113
Other assets less liabilities - (0.1)%				(736	)
Total net assets - 100.0%(3)			$	598,377

Artisan Partners Funds 23

⁽¹⁾  Non-income producing security.

⁽²⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.125	%		8/15/2044	$	22,414

⁽³⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	104,439		17.4	%
Consumer Staples		44,499		7.4
Energy		10,823		1.8
Financials		70,688		11.8
Health Care		62,891		10.5
Industrials		129,427		21.6
Information Technology		94,100		15.7
Materials		32,283		5.4
Telecommunication Services		19,456		3.3
Utilities		8,536		1.4
Short-term investments		21,971		3.7
Total investments	$	599,113		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value	Percentage of Total Investments
British pound	$95,488		15.9	%
Canadian dollar	8,219		1.4
Danish krone	28,982		4.8
Euro	240,075		40.1
Hong Kong dollar	6,821		1.1
Japanese yen	12,073		2.0
Korean won	37,882		6.3
Singapore dollar	15,215		2.6
Swedish krona	23,827		4.0
Swiss franc	31,605		5.3
Taiwan dollar	23,574		3.9
U.S. dollar	75,352		12.6
Total investments	$599,113		100.0	%

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		5.5	%
Comet Holding AG	Switzerland		5.3
InterXion Holding N.V.	Netherlands		4.9
Takkt AG	Germany		4.1
Ginko International Co., Ltd.	Taiwan		3.9
Doosan Bobcat, Inc.	Korea		3.6
Dignity plc	United Kingdom		3.5
Enav S.p.A.	Italy		3.4
Aareal Bank AG	Germany		3.2
Elis S.A.	France		2.9
Total			40.3	%

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

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

24 Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 86.9%
BELGIUM - 2.4%
Groupe Bruxelles Lambert S.A.		3,448,708	$	313,090
BRAZIL - 2.9%
Telefonica Brasil S.A. (DR)		25,107,932		372,853
CANADA - 1.5%
Imperial Oil Ltd.		6,485,356		197,606
CHINA - 4.0%
Baidu, Inc. (DR)(1)		2,991,823		516,149
DENMARK - 4.5%
Carlsberg AS, Class B		2,772,550		256,040
ISS AS		8,516,017		322,025
				578,065
FRANCE - 2.3%
Sodexo S.A.		906,726		106,644
Vivendi S.A.		9,455,952		183,847
				290,491
INDIA - 1.7%
HCL Technologies Ltd.		15,749,743		212,471
JAPAN - 4.5%
Credit Saison Co., Ltd.		3,633,647		64,820
Stanley Electric Co., Ltd.		6,806,804		194,122
Sugi Holdings Co., Ltd.		2,076,900		95,329
Tokyo Electron Ltd.		2,088,835		228,059
				582,330
KOREA - 5.8%
Hyundai Motor Co.		17,145		2,415
Kia Motors Corp.		2,036,467		67,469
Samsung Electronics Co., Ltd.		363,561		669,709
				739,593
NETHERLANDS - 5.4%
Akzo Nobel N.V.		316,591		26,253
ING Groep N.V.		34,076,710		515,122
Koninklijke Philips N.V.		2,211,203		71,074
RELX N.V.		3,925,931		72,707
				685,156
NORWAY - 1.1%
Orkla ASA		14,601,510		130,774
TGS Nopec Geophysical Co. ASA		562,673		11,927
				142,701
SWITZERLAND - 17.5%
ABB Ltd.(1)		21,835,266	$	510,757
Adecco Group AG		2,707,421		192,316
Cie Financiere Richemont S.A.		3,765,832		297,763
Novartis AG		3,782,741		280,783
Panalpina Welttransport Holding AG(2)		2,345,615		283,118
Pargesa Holding S.A.		1,265,602		89,457
UBS Group AG		36,789,550		588,765
				2,242,959
UNITED KINGDOM - 20.1%
Amec Foster Wheeler plc		16,236,800		108,124
Compass Group plc		29,051,224		548,158
Diageo plc		4,686,319		134,075
IMI plc		7,431,427		111,078
Lloyds Banking Group plc		364,017,963		302,471
QinetiQ Group plc		8,843,106		30,912
RELX plc		19,714,810		386,319
Royal Bank of Scotland Group plc(1)		140,683,433		426,731
Tesco plc(1)		134,283,151		312,260
Unilever plc (DR)		2,443,679		120,571
Vesuvius plc(2)		13,851,722		90,332
				2,571,031
UNITED STATES - 13.2%
Accenture plc, Class A		1,021,703		122,482
Aon plc		1,939,584		230,209
Arch Capital Group Ltd. (1)		6,147,386		582,588
Medtronic plc		4,666,276		375,915
TE Connectivity Ltd.		5,044,507		376,068
				1,687,262
Total common stocks (Cost $8,794,894)				11,131,757
PREFERRED STOCKS - 0.5%
KOREA - 0.5%
Hyundai Motor Co.(3)		14,087		1,304
Samsung Electronics Co., Ltd.(3)		42,024		60,238
				61,542
Total preferred stocks (Cost $38,261)				61,542

Artisan Partners Funds 25

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $1,594,302 (Cost $1,594,290)(4)	$	1,594,290	$	1,594,290
Total investments - 99.8% (Cost $10,427,445)				12,787,589
Other assets less liabilities - 0.2%				26,730
Total net assets - 100.0%(5)			$	12,814,319

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 12 in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		2.750	%		11/15/2042	$	498,422
U.S. Treasury Bond		3.000	%		5/15/2045		68,626
U.S. Treasury Bond		3.125	%		2/15/2043		51,102
U.S. Treasury Bond		3.125	%		8/15/2044		204
U.S. Treasury Bond		3.375	%		5/15/2044		62,831
U.S. Treasury Bond		3.625	%		8/15/2043		781,256
U.S. Treasury Bond		3.625	%		2/15/2044		163,738
						$	1,626,179

⁽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, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	1,401,722		11.0	%
Consumer Staples		1,049,049		8.2
Energy		317,657		2.5
Financials		3,113,253		24.3
Health Care		656,698		5.1
Industrials		2,070,638		16.2
Information Technology		2,185,176		17.1
Materials		26,253		0.2
Telecommunication Services		372,853		2.9
Short-term investments		1,594,290		12.5
Total investments	$	12,787,589		100.0	%

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,450,460		19.2	%
Canadian dollar		197,606		1.5
Danish krone		578,065		4.5
Euro		1,288,737		10.1
Indian rupee		212,471		1.7
Japanese yen		582,330		4.5
Korean won		801,135		6.3
Norwegian krone		142,701		1.1
Swiss franc		2,242,959		17.5
U.S. dollar		4,291,125		33.6
Total investments	$	12,787,589		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2017 (Unaudited)
Dollar values in thousands
Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	5/15/2017	CNH	2,652,559		USD	380,224	$	(4,501	)
State Street Bank and Trust Company	8/1/2017	JPY	28,197,980		USD	249,858		(4,690	)
State Street Bank and Trust Company	5/15/2017	CNH	298,391		USD	42,706		(572	)
							$	(9,763	)

JPY - Japanese yen

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar

26 Artisan Partners Funds

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.7	%
UBS Group AG	Switzerland		4.6
Arch Capital Group Ltd.	United States		4.6
Compass Group plc	United Kingdom		4.3
Baidu, Inc.	China		4.0
ING Groep N.V.	Netherlands		4.0
ABB Ltd.	Switzerland		4.0
Royal Bank of Scotland Group plc	United Kingdom		3.3
RELX plc	United Kingdom		3.0
TE Connectivity Ltd.	United States		2.9
Total			40.4	%

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, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.7%
CONSUMER DISCRETIONARY - 17.8%
Auto Components - 1.8%
Delphi Automotive plc		1,590,618	$	128,029
Distributors - 3.8%
LKQ Corp.(1)		9,443,844		276,421
Hotels, Restaurants & Leisure - 2.7%
Aramark		2,885,730		106,397
Chipotle Mexican Grill, Inc.(1)		100,379		44,721
Panera Bread Co., Class A(1)		175,548		45,970
				197,088
Household Durables - 1.5%
Newell Brands, Inc.		2,352,781		110,981
Internet & Direct Marketing Retail - 2.2%
Ctrip.com International Ltd. (DR)(1)(2)		1,961,688		96,417
Expedia, Inc.		473,668		59,763
				156,180
Media - 1.6%
CBS Corp., Class B(3)		1,632,138		113,205
Multiline Retail - 1.0%
Dollar Tree, Inc.(1)		899,956		70,611
Specialty Retail - 3.2%
Advance Auto Parts, Inc.		600,060		88,965
Ulta Beauty, Inc.(1)		500,776		142,836
				231,801
CONSUMER STAPLES - 2.8%
Beverages - 2.4%
Monster Beverage Corp.(1)		2,537,958		117,178
Treasury Wine Estates Ltd.(2)		5,814,829		54,332
				171,510
Food Products - 0.4%
Blue Buffalo Pet Products, Inc.(1)		1,433,302		32,966
ENERGY - 4.2%
Energy Equipment & Services - 0.6%
Helmerich & Payne, Inc.		650,401		43,297
Oil, Gas & Consumable Fuels - 3.6%
Cimarex Energy Co.		834,515		99,716
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (Continued)
Concho Resources, Inc.(1)		1,229,607	$	157,808
				257,524
FINANCIALS - 11.1%
Banks - 2.0%
SVB Financial Group(1)		791,125		147,221
Capital Markets - 9.1%
CBOE Holdings, Inc.		673,582		54,607
Intercontinental Exchange, Inc.		2,082,284		124,666
Northern Trust Corp.		1,270,366		109,988
S&P Global, Inc.		2,171,750		283,935
TD Ameritrade Holding Corp.		2,066,827		80,317
				653,513
HEALTH CARE - 19.8%
Biotechnology - 3.4%
Regeneron Pharmaceuticals, Inc.(1)		538,405		208,637
Seattle Genetics, Inc.(1)		589,371		37,048
				245,685
Health Care Equipment & Supplies - 9.4%
Becton Dickinson & Co.		849,895		155,905
Boston Scientific Corp.(1)		13,128,311		326,501
DexCom, Inc.(1)		1,906,601		161,546
Edwards Lifesciences Corp.(1)		357,730		33,652
				677,604
Health Care Providers & Services - 4.2%
Cigna Corp.		1,272,330		186,384
Envision Healthcare Corp.(1)		1,828,963		112,152
				298,536
Health Care Technology - 2.8%
athenahealth, Inc.(1)		561,894		63,320
Veeva Systems, Inc., Class A(1)		2,720,409		139,502
				202,822
INDUSTRIALS - 19.9%
Building Products - 2.8%
AO Smith Corp.		741,157		37,918
Fortune Brands Home & Security, Inc.		2,692,146		163,817
				201,735
Commercial Services & Supplies - 4.1%
Cintas Corp.		692,966		87,688
Waste Connections, Inc.		2,327,796		205,358
				293,046

28 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Electrical Equipment - 2.0%
Acuity Brands, Inc.		519,653	$	106,009
AMETEK, Inc.		727,617		39,350
				145,359
Industrial Conglomerates - 1.5%
Roper Technologies, Inc.		513,131		105,956
Machinery - 2.2%
Middleby Corp.(1)		665,509		90,809
Wabtec Corp.		922,473		71,953
				162,762
Professional Services - 5.8%
IHS Markit Ltd.(1)		9,142,943		383,546
Verisk Analytics, Inc.(1)		445,896		36,180
				419,726
Trading Companies & Distributors - 1.5%
HD Supply Holdings, Inc.(1)		2,673,565		109,950
INFORMATION TECHNOLOGY -20.5%
Communications Equipment - 2.7%
Harris Corp.		850,967		94,687
Motorola Solutions, Inc.		1,181,892		101,903
				196,590
IT Services - 8.1%
Fidelity National Information Services, Inc.		1,463,157		116,497
Gartner, Inc.(1)		641,221		69,245
Global Payments, Inc.		3,551,704		286,551
Vantiv, Inc., Class A(1)		1,695,635		108,724
				581,017
Semiconductors & Semiconductor Equipment - 1.4%
NVIDIA Corp.		946,197		103,069
Software - 8.3%
Activision Blizzard, Inc.		2,447,621		122,038
Atlassian Corp. plc, Class A(1)		2,564,932		76,820
Electronic Arts, Inc.(1)		1,218,214		109,055
Guidewire Software, Inc.(1)		2,012,784		113,380
Intuit, Inc.		461,638		53,545
Proofpoint, Inc.(1)		768,421		57,140
Workday, Inc., Class A(1)		779,260		64,897
				596,875
MATERIALS - 1.6%
Chemicals - 1.2%
RPM International, Inc.		1,550,758		85,338
Containers & Packaging - 0.4%
Sealed Air Corp.		727,222		31,693
Total common stocks (Cost $5,186,563)				7,048,110
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $167,104 (Cost $167,103)(4)		$167,103	$	167,103
Total investments - 100.0% (Cost $5,353,666)				7,215,213
Other assets less liabilities - (0.0)%†				(2,520	)
Total net assets - 100.0%(5)			$	7,212,693

^†  Amount rounds to less than 0.1%.

⁽¹⁾  Non-income producing security.

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

Security	Country		Trading Currency
Ctrip.com International Ltd. (DR)		China	U.S. dollar
Treasury Wine Estates Ltd.		Australia	Australian dollar

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.125	%		8/15/2044	$	170,446

⁽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.

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	54,332		0.8	%
U.S. dollar		7,160,881		99.2
Total investments	$	7,215,213		100.0	%

Artisan Partners Funds 29

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		5.3	%
Boston Scientific Corp.	United States		4.5
Global Payments, Inc.	United States		4.0
S&P Global, Inc.	United States		4.0
LKQ Corp.	United States		3.8
Regeneron Pharmaceuticals, Inc.	United States		2.9
Waste Connections, Inc.	United States		2.8
Cigna Corp.	United States		2.6
Fortune Brands Home & Security, Inc.	United States		2.3
DexCom, Inc.	United States		2.2
Total			34.4	%

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

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

30 Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 91.9%
CONSUMER DISCRETIONARY - 17.6%
Auto Components - 2.1%
Gentex Corp.		4,259,876	$	90,863
Automobiles - 1.2%
Harley-Davidson, Inc.		862,094		52,157
Diversified Consumer Services - 1.6%
H&R Block, Inc.		2,977,076		69,217
Internet & Direct Marketing Retail - 5.0%
Liberty Expedia Holdings, Inc., Class A(1)		823,449		37,450
Liberty Interactive Corp. QVC Group, Class A(1)		4,637,039		92,834
Liberty Ventures, Series A(1)		1,940,384		86,308
				216,592
Media - 4.8%
News Corp., Class A(2)		5,721,389		74,378
Omnicom Group, Inc.		1,038,126		89,497
TEGNA, Inc.		1,633,030		41,838
				205,713
Specialty Retail - 1.8%
AutoNation, Inc.(1)		1,859,900		78,655
Textiles, Apparel & Luxury Goods - 1.1%
Coach, Inc.		1,115,401		46,100
ENERGY - 11.5%
Oil, Gas & Consumable Fuels - 11.5%
Apache Corp.		2,046,178		105,153
Devon Energy Corp.		3,623,758		151,183
Hess Corp.		2,098,456		101,167
Tesoro Corp.		931,246		75,487
World Fuel Services Corp.		1,719,016		62,314
				495,304
FINANCIALS - 23.2%
Banks - 4.4%
Fifth Third Bancorp		3,954,349		100,441
M&T Bank Corp.		587,035		90,832
				191,273
Capital Markets - 1.3%
Intercontinental Exchange, Inc.		929,267		55,635
FINANCIALS (CONTINUED)
Insurance - 16.0%
Alleghany Corp.(1)		218,460		134,279
Allied World Assurance Co. Holdings AG		1,590,621		84,462
Allstate Corp.		1,047,419		85,354
Aon plc		661,507		78,514
Arch Capital Group Ltd.(1)		1,083,415		102,675
Loews Corp.		1,319,134		61,696
Progressive Corp.		1,015,128		39,773
Torchmark Corp.		1,360,663		104,825
				691,578
Mortgage Real Estate Investment Trusts (REITs) - 1.5%
AGNC Investment Corp.		3,284,842		65,336
HEALTH CARE - 1.8%
Health Care Providers & Services - 1.8%
AmerisourceBergen Corp.		901,682		79,799
INDUSTRIALS - 13.3%
Aerospace & Defense - 1.5%
Rockwell Collins, Inc.		686,364		66,687
Construction & Engineering - 3.7%
Fluor Corp.		1,685,047		88,667
Jacobs Engineering Group, Inc.		1,280,211		70,770
				159,437
Electrical Equipment - 0.4%
Hubbell, Inc.		164,061		19,695
Marine - 1.9%
Kirby Corp.(1)		1,141,530		80,535
Road & Rail - 2.0%
Ryder System, Inc.		1,125,379		84,899
Trading Companies & Distributors - 3.8%
Air Lease Corp.		4,224,206		163,688
INFORMATION TECHNOLOGY - 12.9%
Electronic Equipment, Instruments & Components - 7.1%
Arrow Electronics, Inc.(1)		1,576,480		115,730
Avnet, Inc.		2,360,206		108,003

Artisan Partners Funds 31

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment, Instruments & Components (Continued)
FLIR Systems, Inc.		1,361,554	$	49,397
Keysight Technologies, Inc.(1)		956,003		34,550
				307,680
Internet Software & Services - 2.1%
IAC/InterActiveCorp(1)		1,210,676		89,251
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc.		1,148,194		94,095
Software - 1.5%
Synopsys, Inc.(1)		935,538		67,480
MATERIALS - 8.0%
Chemicals - 4.4%
Agrium, Inc.(3)		641,672		61,311
Celanese Corp., Series A		1,419,831		127,572
				188,883
Metals & Mining - 3.6%
Goldcorp, Inc.(3)		6,423,371		93,717
Kinross Gold Corp.(1)(3)		17,622,429		61,855
				155,572
REAL ESTATE - 2.2%
Equity Real Estate Investment Trusts (REITs) - 1.3%
Equity Commonwealth(1)		1,847,067		57,665
Real Estate Management & Development - 0.9%
Jones Lang LaSalle, Inc.		331,319		36,926
UTILITIES - 1.4%
Electric Utilities - 0.0%
OGE Energy Corp.		54,377		1,902
Multi-Utilities - 1.4%
SCANA Corp.		895,322		58,509
Total common stocks (Cost $2,627,753)				3,971,126
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $380,702 (Cost $380,699)(4)		$380,699	$	380,699
Total investments - 100.7% (Cost $3,008,452)				4,351,825
Other assets less liabilities - (0.7)%				(28,480	)
Total net assets - 100.0%(5)			$	4,323,345

⁽¹⁾  Non-income producing security.

⁽²⁾  Non-voting shares.

⁽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 country classifications.

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

⁽⁴⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		0.750	%		2/15/2045	$	97,638
U.S. Treasury Bond		2.500	%		2/15/2045		89,992
U.S. Treasury Bond		3.000	%		11/15/2044		122,953
U.S. Treasury Bond		3.000	%		5/15/2045		77,732
						$	388,315

⁽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, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Air Lease Corp.	United States		3.8	%
Devon Energy Corp.	United States		3.5
Alleghany Corp.	United States		3.1
Celanese Corp.	United States		3.0
Arrow Electronics, Inc.	United States		2.7
Avnet, Inc.	United States		2.5
Apache Corp.	United States		2.4
Torchmark Corp.	United States		2.4
Arch Capital Group Ltd.	United States		2.4
Hess Corp.	United States		2.3
Total			28.1	%

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

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

Artisan Partners Funds 33

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.5%
CONSUMER DISCRETIONARY - 10.9%
Auto Components - 2.4%
Visteon Corp.(1)		299,638	$	29,350
Distributors - 1.8%
LKQ Corp. (1)		774,593		22,672
Diversified Consumer Services - 1.9%
Bright Horizons Family Solutions, Inc.(1)		334,851		24,273
Hotels, Restaurants & Leisure - 0.5%
Dunkin’ Brands Group, Inc.		106,564		5,827
Multiline Retail - 1.8%
Ollie’s Bargain Outlet Holdings, Inc.(1)		655,699		21,966
Specialty Retail - 2.2%
Burlington Stores, Inc.(1)		285,254		27,752
Textiles, Apparel & Luxury Goods - 0.3%
Canada Goose Holdings, Inc.(1)(2)		200,445		3,199
CONSUMER STAPLES - 1.4%
Food & Staples Retailing - 0.8%
PriceSmart, Inc.		109,048		10,054
Food Products - 0.6%
Blue Buffalo Pet Products, Inc.(1)		333,036		7,660
ENERGY - 0.8%
Oil, Gas & Consumable Fuels - 0.8%
Diamondback Energy, Inc.(1)		99,166		10,285
FINANCIALS - 5.3%
Banks - 3.3%
SVB Financial Group(1)		132,592		24,674
Webster Financial Corp.		330,555		16,541
				41,215
Capital Markets - 2.0%
CBOE Holdings, Inc.		300,749		24,382
HEALTH CARE - 18.7%
Biotechnology - 1.9%
DBV Technologies S.A. (DR)(1)(2)		272,797		9,608
HEALTH CARE (CONTINUED)
Biotechnology (Continued)
Halozyme Therapeutics, Inc.(1)		591,615	$	7,667
Seattle Genetics, Inc.(1)		98,203		6,173
				23,448
Health Care Equipment & Supplies - 9.3%
DexCom, Inc.(1)		646,937		54,815
GenMark Diagnostics, Inc.(1)		1,027,543		13,173
Glaukos Corp.(1)		200,675		10,295
Integra LifeSciences Holdings Corp.(1)		204,260		8,606
Nevro Corp.(1)		227,025		21,272
Penumbra, Inc.(1)		84,690		7,067
				115,228
Health Care Providers & Services - 1.9%
Envision Healthcare Corp.(1)		221,089		13,557
HealthEquity, Inc.(1)		232,119		9,854
				23,411
Health Care Technology - 4.7%
athenahealth, Inc.(1)		165,341		18,632
Veeva Systems, Inc., Class A(1)		788,291		40,424
				59,056
Life Sciences Tools & Services - 0.9%
NeoGenomics, Inc.(1)		1,400,572		11,050
INDUSTRIALS - 22.8%
Aerospace & Defense - 8.9%
BWX Technologies, Inc.		795,932		37,887
Cubic Corp.		118,430		6,253
HEICO Corp.		104,510		9,113
Taser International, Inc.(1)		796,108		18,143
Teledyne Technologies, Inc.(1)		312,975		39,579
				110,975
Building Products - 1.4%
Masonite International Corp.(1)		216,874		17,187
Commercial Services & Supplies - 0.8%
Brady Corp., Class A(3)		259,534		10,031
Electrical Equipment - 4.4%
Acuity Brands, Inc.		269,092		54,895

34 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS CONTINUED)
Machinery - 7.3%
Donaldson Co., Inc.		589,060	$	26,814
IDEX Corp.		267,805		25,042
John Bean Technologies Corp.		442,909		38,954
				90,810
INFORMATION TECHNOLOGY - 33.6%
Electronic Equipment, Instruments & Components - 5.0%
Cognex Corp.		624,783		52,450
National Instruments Corp.		286,171		9,318
				61,768
Internet Software & Services - 8.2%
Benefitfocus, Inc.(1)		536,824		15,004
CoStar Group, Inc.(1)		129,795		26,896
Match Group, Inc.(1)		344,020		5,618
MercadoLibre, Inc.		43,595		9,219
Pandora Media, Inc.(1)		1,129,386		13,338
Q2 Holdings, Inc.(1)		931,868		32,476
				102,551
Software - 20.4%
ACI Worldwide, Inc.(1)		685,726		14,668
Atlassian Corp. plc, Class A(1)		690,755		20,688
Blackbaud, Inc.		184,226		14,125
Ellie Mae, Inc.(1)		240,872		24,152
Guidewire Software, Inc.(1)		614,642		34,623
HubSpot, Inc.(1)		162,063		9,813
Paylocity Holding Corp.(1)		404,723		15,634
Proofpoint, Inc.(1)		494,422		36,765
Take-Two Interactive Software, Inc.(1)		399,323		23,668
Tyler Technologies, Inc.(1)		148,290		22,920
Ultimate Software Group, Inc.(1)		187,403		36,583
				253,639
Total common stocks (Cost $694,952)				1,162,684
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $83,054 (Cost $83,053)(4)		$83,053	$	83,053
Total investments - 100.2% (Cost $778,005)				1,245,737
Other assets less liabilities - (0.2)%				(1,866	)
Total net assets - 100.0%(5)			$	1,243,871

⁽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 country classifications.

Security	Country	Trading Currency
Canada Goose Holdings, Inc.	Canada		U.S. dollar
DBV Technologies S.A. (DR)	France		U.S. dollar

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		5/15/2045	$	84,715

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

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

(DR) Depositary Receipt, voting rights may vary.

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Acuity Brands, Inc.	United States		4.4	%
DexCom, Inc.	United States		4.4
Cognex Corp.	United States		4.2
Veeva Systems, Inc.	United States		3.3
Teledyne Technologies, Inc.	United States		3.2
John Bean Technologies Corp.	United States		3.1
BWX Technologies, Inc.	United States		3.0
Proofpoint, Inc.	United States		3.0
Ultimate Software Group, Inc.	United States		2.9
Guidewire Software, Inc.	United States		2.8
Total			34.3	%

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

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

Artisan Partners Funds 35

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2017 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 90.9%
CONSUMER DISCRETIONARY - 12.5%
Auto Components - 3.0%
Cie Generale des Etablissements Michelin(1)		230,502	$	27,996
Internet & Direct Marketing Retail - 5.6%
Liberty Expedia Holdings, Inc., Class A(2)		197,971		9,004
Liberty Interactive Corp. QVC Group, Class A(2)		1,093,491		21,891
Liberty Ventures, Series A(2)		459,896		20,456
				51,351
Media - 3.9%
CBS Corp., Class B(3)		286,818		19,894
News Corp., Class A(3)		1,201,574		15,620
				35,514
ENERGY - 15.2%
Oil, Gas & Consumable Fuels - 15.2%
Apache Corp.		436,627		22,438
Devon Energy Corp.		1,018,230		42,481
EOG Resources, Inc.		190,932		18,625
Hess Corp.		568,336		27,400
Occidental Petroleum Corp.		446,366		28,282
				139,226
FINANCIALS - 19.4%
Banks - 5.8%
Citigroup, Inc.		583,846		34,926
Wells Fargo & Co.		320,503		17,839
				52,765
Capital Markets - 2.5%
Goldman Sachs Group, Inc.		100,144		23,005
Diversified Financial Services - 3.9%
Berkshire Hathaway, Inc., Class B(2)		213,190		35,534
Insurance - 5.1%
Alleghany Corp.(2)		39,080		24,021
Chubb Ltd.		164,858		22,462
				46,483
Mortgage Real Estate Investment Trusts (REITs) - 2.1%
AGNC Investment Corp.		990,072		19,693
HEALTH CARE - 7.4%
Biotechnology - 1.9%
Gilead Sciences, Inc.		258,191		17,536
HEALTH CARE (CONTINUED)
Health Care Equipment & Supplies - 2.0%
Medtronic plc		232,040	$	18,693
Health Care Providers & Services - 2.0%
Express Scripts Holding Co.(2)		270,473		17,827
Pharmaceuticals - 1.5%
Allergan plc		55,322		13,218
INDUSTRIALS - 5.6%
Construction & Engineering - 1.2%
Jacobs Engineering Group, Inc.		202,925		11,218
Trading Companies & Distributors - 4.4%
Air Lease Corp.		1,032,417		40,006
INFORMATION TECHNOLOGY - 15.8%
Electronic Equipment, Instruments & Components - 2.6%
Arrow Electronics, Inc.(2)		112,464		8,256
Avnet, Inc.		342,384		15,668
				23,924
Internet Software & Services - 3.4%
Alphabet, Inc., Class C(2)(3)		37,700		31,274
IT Services - 3.0%
Cognizant Technology Solutions Corp., Class A(2)		457,035		27,203
Semiconductors & Semiconductor Equipment - 1.5%
QUALCOMM, Inc.		236,610		13,567
Software - 1.8%
Oracle Corp.		378,546		16,887
Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc.		219,833		31,581

36 Artisan Partners Funds

	Shares Held		Value
MATERIALS - 14.0%
Chemicals - 8.3%
Agrium, Inc.(1)		215,620	$	20,602
Celanese Corp., Series A		246,105		22,113
LyondellBasell Industries N.V., Class A		367,033		33,470
				76,185
Metals & Mining - 5.7%
Goldcorp, Inc.(1)		2,280,193		33,268
Kinross Gold Corp.(1)(2)		5,439,149		19,091
				52,359
REAL ESTATE - 1.0%
Real Estate Management & Development - 1.0%
Jones Lang LaSalle, Inc.		84,962		9,469
Total common stocks (Cost $663,857)				832,514
PREFERRED STOCKS – 2.8%
INFORMATION TECHNOLOGY - 2.8%
Technology Hardware, Storage & Peripherals - 2.8%
Samsung Electronics Co., Ltd.(1)(3)		18,202		26,091
Total preferred stocks (Cost $10,986)				26,091
		Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.09%, dated 3/31/17, due 4/3/17, maturity value $55,879 (Cost $55,879)(4)		$55,879	$	55,879
Total investments - 99.8% (Cost $730,722)				914,484
Other assets less liabilities - 0.2%				1,817
Total net assets - 100.0%(5)			$	916,301

⁽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 country classifications.

Security	Country	Trading Currency
Agrium, Inc.	Canada	U.S. dollar
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⁾  Collateralized by:

Security	Rate			Maturity		Value
U.S. Treasury Bond		3.000	%		11/15/2044	$	31,561
U.S. Treasury Bond		3.125	%		8/15/2044		25,438
						$	56,999

⁽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.

TRADING CURRENCIES - March 31, 2017 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Euro	$	27,996		3.1	%
Korean won		26,091		2.8
U.S. dollar		860,397		94.1
Total investments	$	914,484		100.0	%

TOP TEN HOLDINGS - March 31, 2017 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Devon Energy Corp.	United States		4.6	%
Air Lease Corp.	United States		4.4
Berkshire Hathaway, Inc.	United States		3.9
Citigroup, Inc.	United States		3.8
LyondellBasell Industries N.V.	United States		3.7
Goldcorp, Inc.	Canada		3.6
Apple, Inc.	United States		3.5
Alphabet, Inc.	United States		3.4
Occidental Petroleum Corp.	United States		3.1
Cie Generale des Etablissements Michelin	France		3.0
Total			37.0	%

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 37

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2017 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value	$	1,112,642		$	41,161		$	249,265		$	1,947,358
Short-term investments (repurchase agreements), at value		91,601			1,580			4,732			94,401
Total investments		1,204,243			42,741			253,997			2,041,759
Cash		1			1			1			1
Foreign currency		6,719			13			71			360
Receivable from investments sold		1,404			15			613			3,496
Receivable from fund shares sold		2,213			31			57			33,559
Dividends and interest receivable		729			174			333			2,919
Other assets		15			7			6			38
Total assets		1,215,324			42,982			255,078			2,082,132
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			–			–			584
Payable for investments purchased		720			547			1,068			19,490
Payable for fund shares redeemed		428			3			91			509
Payable for operating expenses		180			110			124			327
Payable for deferred director’s compensation		7			3			4			22
Payable for foreign taxes		906	*		60	*		19			145
Total liabilities		2,241			723			1,306			21,077
Total net assets	$	1,213,083		$	42,259		$	253,772		$	2,061,055
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,040,933		$	176,018		$	235,120		$	1,558,449
Net unrealized appreciation on investments and foreign currency related transactions		162,828			4,436			33,150			468,166
Accumulated undistributed net investment loss		(1,613	)		(277	)		(870	)		(11,707	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		10,935			(137,918	)		(13,628	)		46,147
Total net assets	$	1,213,083		$	42,259		$	253,772		$	2,061,055
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	348,506		$	35,138		$	136,195		$	850,565
Advisor Shares	$	520,443								$	242,413
Institutional Shares	$	344,134		$	7,121		$	117,577		$	968,077
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		31,951,082			2,604,501			8,077,035			37,723,608
Advisor Shares		47,619,993									10,735,224
Institutional Shares		31,451,968			530,516			6,958,550			42,596,869
Net asset value per share
Investor Shares	$	10.91		$	13.49		$	16.86		$	22.55
Advisor Shares	$	10.93								$	22.58
Institutional Shares	$	10.94		$	13.42		$	16.90		$	22.73
Cost of securities of unaffiliated issuers held	$	1,040,586		$	38,297		$	220,835		$	1,572,966
Cost of foreign currency	$	6,721		$	13		$	71		$	382
*Including foreign taxes on unrealized gains	$	850		$	10

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

38 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2017 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	2,352,174		$	2,020,688		$	13,107,820
Short-term investments (repurchase agreements), at value		345,009			110,174			512,877
Total investments		2,697,183			2,130,862			13,620,697
Cash		–	(1)		123			–	(1)
Foreign currency		21			–			12,013
Receivable from investments sold		4			47,797			64,512
Receivable from fund shares sold		6,334			3,983			18,221
Dividends and interest receivable		8,264			30,648			60,905
Other assets		46			35			355
Total assets		2,711,852			2,213,448			13,776,703
LIABILITIES:
Unrealized loss on foreign currency forward contracts		721			–			–
Dividends payable		–			1,551			–
Payable for investments purchased		1,720			55,919			59,098
Payable for fund shares redeemed		1,660			4,058			35,910
Payable for operating expenses		463			401			4,679
Payable for deferred director’s compensation		27			18			258
Payable for foreign taxes		1,025			–			3,192
Total liabilities		5,616			61,947			103,137
Total net assets	$	2,706,236		$	2,151,501		$	13,673,566
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,343,318		$	2,082,845		$	12,525,514
Net unrealized appreciation on investments and foreign currency related transactions		375,401			33,205			1,881,803
Accumulated undistributed net investment loss		(317	)		(1,610	)		(20,416	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(12,166	)		37,061			(713,335	)
Total net assets	$	2,706,236		$	2,151,501		$	13,673,566
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	786,007		$	518,508		$	5,857,848
Advisor Shares	$	633,225		$	1,560,745		$	2,775,422
Institutional Shares	$	1,287,004		$	72,248		$	5,040,296
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		48,732,770			51,756,102			209,852,396
Advisor Shares		39,331,728			155,819,058			99,576,251
Institutional Shares		79,764,229			7,213,809			179,532,369
Net asset value per share
Investor Shares	$	16.13		$	10.02		$	27.91
Advisor Shares	$	16.10		$	10.02		$	27.87
Institutional Shares	$	16.14		$	10.02		$	28.07
Cost of securities of unaffiliated issuers held	$	2,321,162		$	2,097,657		$	11,736,899
Cost of foreign currency	$	21		$	–		$	12,019

⁽¹⁾  Amount rounds to less than $1.

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

Artisan Partners Funds 39

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2017 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	577,142		$	10,819,849		$	7,048,110
Investments in securities, affiliated, at value		–			373,450			–
Short-term investments (repurchase agreements), at value		21,971			1,594,290			167,103
Total investments		599,113			12,787,589			7,215,213
Cash		1			–	(1)		1
Foreign currency		522			110			–
Receivable from investments sold		217			3,554			8,125
Receivable from fund shares sold		451			12,592			10,877
Dividends and interest receivable		1,271			58,911			2,181
Other assets		21			267			186
Total assets		601,596			12,863,023			7,236,583
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			9,763			–
Payable for investments purchased		2,505			1,504			7,367
Payable for fund shares redeemed		387			23,442			14,647
Payable for operating expenses		253			2,395			1,747
Payable for deferred director’s compensation		13			169			129
Payable for foreign taxes		61			11,431	*		–
Total liabilities		3,219			48,704			23,890
Total net assets	$	598,377		$	12,814,319		$	7,212,693
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	512,182		$	10,525,110		$	5,140,802
Net unrealized appreciation on investments and foreign currency related transactions		67,836			2,345,442			1,861,547
Accumulated undistributed net investment loss		(3,218	)		(31,942	)		(57,093	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		21,577			(24,291	)		267,437
Total net assets	$	598,377		$	12,814,319		$	7,212,693
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	359,947		$	4,794,644		$	2,553,070
Advisor Shares				$	4,581,067		$	601,473
Institutional Shares	$	238,430		$	3,438,608		$	4,058,150
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		17,163,622			138,727,151			65,037,526
Advisor Shares					132,551,460			15,270,260
Institutional Shares		11,350,383			99,110,005			96,135,165
Net asset value per share
Investor Shares	$	20.97		$	34.56		$	39.26
Advisor Shares				$	34.56		$	39.39
Institutional Shares	$	21.01		$	34.69		$	42.21
Cost of securities of unaffiliated issuers held	$	531,226		$	10,135,148		$	5,353,666
Cost of securities of affiliated issuers held	$	–		$	292,297		$	–
Cost of foreign currency	$	531		$	109		$	–
(1) Amount rounds to less than $1.
*  Including foreign taxes on unrealized gains				$	5,184

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

40 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2017 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP VALUE			SMALL CAP			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	3,971,126		$	1,162,684		$	858,605
Short-term investments (repurchase agreements), at value		380,699			83,053			55,879
Total investments		4,351,825			1,245,737			914,484
Cash		–	(1)		1			–	(1)
Receivable from investments sold		7,569			–			1,128
Receivable from fund shares sold		10,107			4,715			634
Dividends and interest receivable		5,406			7			1,904
Other assets		133			29			22
Total assets		4,375,040			1,250,489			918,172
LIABILITIES:
Payable for investments purchased		37,480			4,282			–
Payable for fund shares redeemed		12,678			1,850			1,416
Payable for operating expenses		1,352			467			287
Payable for deferred director’s compensation		101			19			15
Payable for foreign taxes		84			–			153
Total liabilities		51,695			6,618			1,871
Total net assets	$	4,323,345		$	1,243,871		$	916,301
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,889,125		$	717,690		$	727,473
Net unrealized appreciation on investments and foreign currency related transactions		1,343,373			467,732			183,810
Accumulated undistributed net investment income (loss)		1,687			(13,480	)		1,818
Accumulated undistributed net realized gains on investments and foreign currency related transactions		89,160			71,929			3,200
Total net assets	$	4,323,345		$	1,243,871		$	916,301
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	2,175,618		$	459,344		$	456,730
Advisor Shares	$	1,403,623		$	272,811		$	361,432
Institutional Shares	$	744,104		$	511,716		$	98,139
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		94,719,612			14,979,864			31,792,175
Advisor Shares		61,239,218			8,894,609			25,230,449
Institutional Shares		32,430,495			16,521,878			6,835,470
Net asset value per share
Investor Shares	$	22.97		$	30.66		$	14.37
Advisor Shares	$	22.92		$	30.67		$	14.33
Institutional Shares	$	22.94		$	30.97		$	14.36
Cost of securities of unaffiliated issuers held	$	3,008,452		$	778,005		$	730,722

⁽¹⁾  Amount rounds to less than $1.

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

Artisan Partners Funds 41

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2017 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	4,531		$	243		$	707		$	5,895
Interest		15			–	(2)		1			16
Total investment income		4,546			243			708			5,911
EXPENSES:
Management fees		5,105			196			1,216			8,291
Transfer agent fees
Investor Shares		343			66			189			874
Advisor Shares		147									97
Institutional Shares		10			10			9			10
Custodian fees		131			31			33			109
Accounting fees		38			51			42			50
Professional fees		43			40			36			44
Registration fees
Investor Shares		39			11			18			24
Advisor Shares		29									24
Institutional Shares		12			9			15			16
Director’s fees		14			3			4			30
Other operating expenses		50			4			11			24
Total operating expenses		5,961			421			1,573			9,593
Less amounts waived or paid by the Adviser		–			(141	)		–			–
Net expenses		5,961			280			1,573			9,593
Net investment loss		(1,415	)		(37	)		(865	)		(3,682	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)		14,307			463			5,611			43,612
Foreign currency related transactions		(298	)		(6	)		(64	)		6,705
Total realized gain		14,009			457			5,547			50,317
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)		46,552			2,246			(270	)		31,970
Foreign currency related transactions		15			6			(6	)		(438	)
Total increase (decrease) in unrealized appreciation or depreciation		46,567			2,252			(276	)		31,532
Net gain on investments and foreign currency related transactions		60,576			2,709			5,271			81,849
Net increase in net assets resulting from operations	$	59,161		$	2,672		$	4,406		$	78,167
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	266		$	42		$	50		$	690
(2) Amount rounds to less than $1.
(3) Net of foreign taxes on realized gains		–			(1	)		–			–
(4) Net of increase (decrease) in foreign taxes on unrealized gains		(649	)		5			–			–

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

42 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2017 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	16,395		$	–		$	56,584
Interest		55			67,408			47
Total investment income		16,450			67,408			56,631
EXPENSES:
Management fees		11,530			6,815			64,823
Transfer agent fees
Investor Shares		868			678			8,329
Advisor Shares		179			474			1,016
Institutional Shares		11			7			14
Custodian fees		117			16			1,293
Accounting fees		50			61			51
Professional fees		46			71			222
Registration fees
Investor Shares		28			42			59
Advisor Shares		32			58			67
Institutional Shares		39			21			35
Director’s fees		34			29			275
Other operating expenses		31			53			249
Total operating expenses		12,965			8,325			76,433
Net investment income (loss)		3,485			59,083			(19,802	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(2)		3,338			39,087			(139,846	)
Investments, from affiliated issuers		–			–			(5,058	)
Foreign currency related transactions		1,703			–			(5,722	)
Total realized gain (loss)		5,041			39,087			(150,626	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		183,983			(1,773	)		59,730
Investments, from affiliated issuers		–			–			(49,388	)
Foreign currency related transactions		(1,012	)		–			268
Total increase (decrease) in unrealized appreciation or depreciation		182,971			(1,773	)		10,610
Net gain (loss) on investments and foreign currency related transactions		188,012			37,314			(140,016	)
Net increase (decrease) in net assets resulting from operations	$	191,497		$	96,397		$	(159,818	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	1,394		$	–		$	23,262
(2) Net of foreign taxes on realized gains		1			–			–

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

Artisan Partners Funds 43

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2017 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	2,035		$	63,920		$	18,700
Dividends, from affiliated issuers(2)		–			1,075			–
Interest		6			279			47
Total investment income		2,041			65,274			18,747
EXPENSES:
Management fees		4,091			56,468			34,784
Transfer agent fees
Investor Shares		519			5,879			3,569
Advisor Shares					1,135			181
Institutional Shares		6			12			15
Custodian fees		130			992			79
Accounting fees		43			50			36
Professional fees		40			154			108
Registration fees
Investor Shares		13			73			33
Advisor Shares					51			22
Institutional Shares		18			17			37
Director’s fees		14			201			138
Other operating expenses		9			272			174
Total operating expenses		4,883			65,304			39,176
Net investment loss		(2,842	)		(30	)		(20,429	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		48,746			(22,458	)		430,352
Investments, from affiliated issuers		–			14,059			–
Foreign currency related transactions		(285	)		37,575			58
Total realized gain		48,461			29,176			430,410
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(3)		(82,694	)		1,177,888			(172,518	)
Investments, from affiliated issuers		–			(429,279	)		–
Foreign currency related transactions		(7	)		(11,865	)		–
Total increase (decrease) in unrealized appreciation or depreciation		(82,701	)		736,744			(172,518	)
Net gain (loss) on investments and foreign currency related transactions		(34,240	)		765,920			257,892
Net increase (decrease) in net assets resulting from operations	$	(37,082	)	$	765,890		$	237,463
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	403		$	18,291		$	136
(2) Net of foreign taxes withheld on dividends, affiliated issuers		–			119			–
(3) Net of increase in foreign taxes on unrealized gains		–			3,045			–

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

44 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2017 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP VALUE		SMALL CAP			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	28,174	$	1,475		$	6,567
Interest		60		12			10
Total investment income		28,234		1,487			6,577
EXPENSES:
Management fees		19,828		5,983			3,127
Transfer agent fees
Investor Shares		2,667		821			551
Advisor Shares		382		6			122
Institutional Shares		10		10			10
Custodian fees		43		15			32
Accounting fees		39		32			35
Professional fees		95		34			34
Registration fees
Investor Shares		32		18			28
Advisor Shares		31		6			18
Institutional Shares		17		32			10
Director’s fees		74		22			14
Other operating expenses		288		29			12
Total operating expenses		23,506		7,008			3,993
Less amounts waived or paid by the Adviser		–		(6	)		–
Net expenses		23,506		7,002			3,993
Net investment income (loss)		4,728		(5,515	)		2,584
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		182,137		88,077			60,300
Foreign currency related transactions		–		–			(57	)
Total realized gain		182,137		88,077			60,243
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		225,751		(38,953	)		23,620
Foreign currency related transactions		–		–			78
Total increase (decrease) in unrealized appreciation or depreciation		225,751		(38,953	)		23,698
Net gain on investments and foreign currency related transactions		407,888		49,124			83,941
Net increase in net assets resulting from operations	$	412,616	$	43,609		$	86,525
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	209	$	–		$	623

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

Artisan Partners Funds 45

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD						EMERGING MARKETS
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016			Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)	$	(1,415	)	$	1,745		$	(37	)	$	461
Net realized gain (loss) on:
Investments, from unaffiliated issuers		14,307			2,068			463			(1,612	)
Foreign currency related transactions		(298	)		(27	)		(6	)		(71	)
Net increase in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		46,552			125,023			2,246			8,127
Foreign currency related transactions		15			14			6			4
Net increase in net assets resulting from operations		59,161			128,823			2,672			6,909
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(171	)		–			(288	)		–
Advisor Shares		(753	)		–
Institutional Shares		(827	)		–			(47	)		–
Net realized gains on investment transactions:
Investor Shares		(1,087	)		–			–			–
Advisor Shares		(1,409	)		–
Institutional Shares		(1,160	)		–			–			–
Total distributions paid to shareholders		(5,407	)		–			(335	)		–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		274,685			636,990			3,232			(21,022	)
Total increase (decrease) in net assets		328,439			765,813			5,569			(14,113	)
Net assets, beginning of period		884,644			118,831			36,690			50,803
Net assets, end of period	$	1,213,083		$	884,644		$	42,259		$	36,690
Accumulated undistributed net investment income (loss)	$	(1,613	)	$	1,553		$	(277	)	$	95

⁽¹⁾  Unaudited.

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

46 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL EQUITY						GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016			Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)	$	(865	)	$	180		$	(3,682	)	$	(3,044	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		5,611			(17,343	)		43,612			13,619
Investments, from affiliated issuers		–			(1,339	)		–			4,396
Foreign currency related transactions		(64	)		4			6,705			(8,581	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(270	)		30,978			31,970			276,088
Investments, from affiliated issuers		–			3,090			–			(3,451	)
Foreign currency related transactions		(6	)		1			(438	)		1,426
Net increase in net assets resulting from operations		4,406			15,571			78,167			280,453
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			–			(686	)
Advisor Shares								–			(106	)
Institutional Shares		(186	)		–			–			(1,743	)
Net realized gains on investment transactions:
Investor Shares		–			(4,572	)		(1,289	)		(4,507	)
Advisor Shares								(311	)		(360	)
Institutional Shares		–			(2,290	)		(1,335	)		(3,955	)
Total distributions paid to shareholders		(186	)		(6,862	)		(2,935	)		(11,357	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(8,022	)		(47,515	)		148,386			212,419
Total increase (decrease) in net assets		(3,802	)		(38,806	)		223,618			481,515
Net assets, beginning of period		257,574			296,380			1,837,437			1,355,922
Net assets, end of period	$	253,772		$	257,574		$	2,061,055		$	1,837,437
Accumulated undistributed net investment income (loss)	$	(870	)	$	181		$	(11,707	)	$	(8,025	)

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 47

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL VALUE						HIGH INCOME
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016			Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income	$	3,485		$	14,221		$	59,083		$	88,731
Net realized gain (loss) on:
Investments, from unaffiliated issuers		3,338			49,170			39,087			1,980
Investments, from affiliated issuers		–			(4,125	)		–			–
Foreign currency related transactions		1,703			71			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		183,983			156,731			(1,773	)		82,863
Investments, from affiliated issuers		–			(12,575	)		–			–
Foreign currency related transactions		(1,012	)		448			–			–
Net increase in net assets resulting from operations		191,497			203,941			96,397			173,574
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(4,872	)		(2,818	)		(16,282	)		(31,811	)
Advisor Shares		(3,108	)		(1,461	)		(42,305	)		(56,920	)
Institutional Shares		(8,504	)		(3,594	)		(496	)
Net realized gains on investment transactions:
Investor Shares		(14,632	)		(43,889	)		(1,365	)		(1,721	)
Advisor Shares		(8,179	)		(11,719	)		(3,041	)		(2,208	)
Institutional Shares		(19,874	)		(26,885	)		(6	)
Total distributions paid to shareholders		(59,169	)		(90,366	)		(63,495	)		(92,660	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		504,641			430,386			329,598			794,028
Total increase in net assets		636,969			543,961			362,500			874,942
Net assets, beginning of period		2,069,267			1,525,306			1,789,001			914,059
Net assets, end of period	$	2,706,236		$	2,069,267		$	2,151,501		$	1,789,001
Accumulated undistributed net investment income (loss)	$	(317	)	$	12,682		$	(1,610	)	$	(1,610	)

⁽¹⁾  Unaudited.

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

48 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL						INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016			Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)	$	(19,802	)	$	189,354		$	(2,842	)	$	(318	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(139,846	)		(194,516	)		48,746			14,861
Investments, from affiliated issuers		(5,058	)		(14,393	)		–			12,247
Foreign currency related transactions		(5,722	)		(2,591	)		(285	)		244
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		59,730			900,103			(82,694	)		(20,319	)
Investments, from affiliated issuers		(49,388	)		49,388			–			14,920
Foreign currency related transactions		268			–			(7	)		10
Net increase (decrease) in net assets resulting from operations		(159,818	)		927,345			(37,082	)		21,645
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(77,560	)		(47,225	)		–			(1,285	)
Advisor Shares		(38,758	)		(18,156	)
Institutional Shares		(70,935	)		(38,522	)		–			–
Net realized gains on investment transactions:
Investor Shares		–			–			(27,861	)		(31,795	)
Institutional Shares		–			–			(10,687	)		–
Total distributions paid to shareholders		(187,253	)		(103,903	)		(38,548	)		(33,080	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(1,964,838	)		(2,433,050	)		(120,529	)		(155,064	)
Total decrease in net assets		(2,311,909	)		(1,609,608	)		(196,159	)		(166,499	)
Net assets, beginning of period		15,985,475			17,595,083			794,536			961,035
Net assets, end of period	$	13,673,566		$	15,985,475		$	598,377		$	794,536
Accumulated undistributed net investment income (loss)	$	(20,416	)	$	186,639		$	(3,218	)	$	(376	)

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE						MID CAP
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016			Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)	$	(30	)	$	123,528		$	(20,429	)	$	(51,450	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(22,458	)		323,011			430,352			628,623
Investments, from affiliated issuers		14,059			(58,105	)		–			112,227
Foreign currency related transactions		37,575			(45,667	)		58			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		1,177,888			421,598			(172,518	)		69,027
Investments, from affiliated issuers		(429,279	)		234,917			–			(107,530	)
Foreign currency related transactions		(11,865	)		12,996			–			–
Net increase in net assets resulting from operations		765,890			1,012,278			237,463			650,897
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(42,007	)		(43,280	)		–			–
Advisor Shares		(33,270	)		(29,338	)		–			–
Institutional Shares		(30,068	)		(27,773	)		–			–
Net realized gains on investment transactions:
Investor Shares		(120,836	)		(263,808	)		(243,702	)		(558,234	)
Advisor Shares		(79,802	)		(144,431	)		(41,123	)		(60,916	)
Institutional Shares		(68,145	)		(132,236	)		(325,841	)		(615,647	)
Total distributions paid to shareholders		(374,128	)		(640,866	)		(610,666	)		(1,234,797	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		346,692			1,085,464			(481,393	)		(172,619	)
Total increase (decrease) in net assets		738,454			1,456,876			(854,596	)		(756,519	)
Net assets, beginning of period		12,075,865			10,618,989			8,067,289			8,823,808
Net assets, end of period	$	12,814,319		$	12,075,865		$	7,212,693		$	8,067,289
Accumulated undistributed net investment income (loss)	$	(31,942	)	$	73,433		$	(57,093	)	$	(36,664	)

⁽¹⁾  Unaudited.

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

50 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP VALUE						SMALL CAP
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016			Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)	$	4,728		$	33,034		$	(5,515	)	$	(10,961	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		182,137			187,060			88,077			12,003
Investments, from affiliated issuers		–			(19,253	)		–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		225,751			481,001			(38,953	)		172,409
Investments, from affiliated issuers		–			(22,061	)		–			–
Net increase in net assets resulting from operations		412,616			659,781			43,609			173,451
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(17,209	)		(16,855	)		–			–
Advisor Shares		(8,466	)		(6,131	)		–
Institutional Shares		(7,041	)		(8,894	)		–			–
Net realized gains on investment transactions:
Investor Shares		(47,996	)		(633,415	)		(8,357	)		(81,079	)
Advisor Shares		(20,609	)		(132,262	)		–
Institutional Shares		(15,243	)		(185,540	)		(5,632	)		(36,970	)
Total distributions paid to shareholders		(116,564	)		(983,097	)		(13,989	)		(118,049	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(156,309	)		(2,012,842	)		(68,271	)		(26,140	)
Total increase (decrease) in net assets		139,743			(2,336,158	)		(38,651	)		29,262
Net assets, beginning of period		4,183,602			6,519,760			1,282,522			1,253,260
Net assets, end of period	$	4,323,345		$	4,183,602		$	1,243,871		$	1,282,522
Accumulated undistributed net investment income (loss)	$	1,687		$	29,675		$	(13,480	)	$	(7,965	)

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 51

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE
	Six Months Ended 3/31/2017(1)			Year Ended 9/30/2016
OPERATIONS:
Net investment income	$	2,584		$	7,541
Net realized gain (loss) on:
Investments, from unaffiliated issuers		60,300			(33,155	)
Investments, from affiliated issuers		–			(4,698	)
Foreign currency related transactions		(57	)		(59	)
Net increase in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		23,620			213,568
Investments, from affiliated issuers		–			13,519
Foreign currency related transactions		78			1
Net increase in net assets resulting from operations		86,525			196,717
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(3,087	)		(1,731	)
Advisor Shares		(1,699	)		(5,135	)
Institutional Shares		(761	)		(1,725	)
Net realized gains on investment transactions:
Investor Shares		–			(30,415	)
Advisor Shares		–			(44,468	)
Institutional Shares		–			(14,645	)
Total distributions paid to shareholders		(5,547	)		(98,119	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		27,710			(279,682	)
Total increase (decrease) in net assets		108,688			(181,084	)
Net assets, beginning of period		807,613			988,697
Net assets, end of period	$	916,301		$	807,613
Accumulated undistributed net investment income	$	1,818		$	4,781

⁽¹⁾  Unaudited.

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

52 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			Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
3/31/2017(5)	$	10.51		(0.02	)		0.47			0.45			(0.01	)		(0.04	)		(0.05	)	$	10.91
9/30/2016	$	8.39		0.02			2.10			2.12			—			—			—		$	10.51
9/30/2015(6)	$	10.00		—	(7)		(1.61	)		(1.61	)		—			—			—		$	8.39
Advisor Shares
3/31/2017(5)	$	10.54		(0.01	)		0.47			0.46			(0.03	)		(0.04	)		(0.07	)	$	10.93
9/30/2016	$	8.39		0.03			2.12			2.15			—			—			—		$	10.54
9/30/2015(6)	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
Institutional Shares
3/31/2017(5)	$	10.56		(0.01	)		0.46			0.45			(0.03	)		(0.04	)		(0.07	)	$	10.94
9/30/2016	$	8.39		0.04			2.13			2.17			—			—			—		$	10.56
9/30/2015(6)	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
EMERGING MARKETS FUND
Investor Shares(8)
3/31/2017(5)	$	12.75		(0.01	)		0.87			0.86			(0.12	)		—			(0.12	)	$	13.49
9/30/2016*	$	9.90		0.19			2.66			2.85			—			—			—		$	12.75
9/30/2015	$	12.54		0.02			(2.56	)		(2.54	)		(0.10	)		—			(0.10	)	$	9.90
9/30/2014	$	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
Institutional Shares
3/31/2017(5)	$	12.65		(0.01	)		0.87			0.86			(0.09	)		—			(0.09	)	$	13.42
9/30/2016*	$	9.83		0.03			2.79			2.82			—			—			—		$	12.65
9/30/2015	$	12.52		0.02			(2.53	)		(2.51	)		(0.18	)		—			(0.18	)	$	9.83
9/30/2014	$	12.32		0.12			0.20			0.32			(0.12	)		—			(0.12	)	$	12.52
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
GLOBAL EQUITY FUND
Investor Shares
3/31/2017(5)	$	16.54		(0.07	)		0.39			0.32			—			—			—		$	16.86
9/30/2016	$	15.73		(0.01	)		1.17			1.16			—			(0.35	)		(0.35	)	$	16.54
9/30/2015	$	16.18		(0.03	)		0.07			0.04			—			(0.49	)		(0.49	)	$	15.73
9/30/2014	$	15.72		(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)	$	16.18
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
Institutional Shares
3/31/2017(5)	$	16.58		(0.05	)		0.40			0.35			(0.03	)		—			(0.03	)	$	16.90
9/30/2016(9)	$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)	$	16.58

Footnotes are presented on Page 65.

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

54 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
3/31/2017(5)		4.34	%	$	348,506		1.38	%		n/a			(0.43	)%		27.92	%
9/30/2016		25.27	%	$	266,122		1.50	%		1.52	%		0.25	%		47.59	%
9/30/2015(6)		(16.10	)%	$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Advisor Shares
3/31/2017(5)		4.41	%	$	520,443		1.20	%		n/a			(0.26	)%		27.92	%
9/30/2016		25.63	%	$	340,831		1.25	%		n/a			0.28	%		47.59	%
9/30/2015(6)		(16.10	)%	$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
Institutional Shares
3/31/2017(5)		4.39	%	$	344,134		1.11	%		n/a			(0.18	)%		27.92	%
9/30/2016		25.86	%	$	277,691		1.15	%		n/a			0.44	%		47.59	%
9/30/2015(6)		(16.10	)%	$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
EMERGING MARKETS FUND
Investor Shares(8)
3/31/2017(5)		6.91	%	$	35,138		1.50	%		2.24	%		(0.19	)%		13.90	%
9/30/2016*		28.79	%	$	30,135		0.94	%		1.85	%		1.68	%		45.79	%
9/30/2015		(20.44	)%	$	22,842		1.50	%		1.79	%		0.16	%		28.03	%
9/30/2014		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	%
Institutional Shares
3/31/2017(5)		6.90	%	$	7,121		1.50	%		2.31	%		(0.22	)%		13.90	%
9/30/2016*		28.69	%	$	6,555		1.26	%		1.79	%		0.29	%		45.79	%
9/30/2015		(20.43	)%	$	27,961		1.36	%		n/a			0.16	%		28.03	%
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%
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	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2017(5)		1.93	%	$	136,195		1.42	%		n/a			(0.84	)%		57.56	%
9/30/2016		7.40	%	$	145,817		1.37	%		n/a			(0.09	)%		96.23	%
9/30/2015		0.20	%	$	296,380		1.37	%		n/a			(0.19	)%		78.44	%
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
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	%
Institutional Shares
3/31/2017(5)		2.10	%	$	117,577		1.15	%		n/a			(0.56	)%		57.56	%
9/30/2016(9)		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%

Footnotes are presented on Page 65.

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

Artisan Partners Funds 55

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2017(5)	$	21.74		(0.05	)		0.89			0.84			—			(0.03	)		(0.03	)	$	22.55
9/30/2016	$	18.35		(0.06	)		3.59			3.53			(0.02	)		(0.12	)		(0.14	)	$	21.74
9/30/2015	$	18.92		0.01			(0.09	)		(0.08	)		(0.06	)		(0.43	)		(0.49	)	$	18.35
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—		$	18.92
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
Advisor Shares
3/31/2017(5)	$	21.76		(0.04	)		0.89			0.85			—			(0.03	)		(0.03	)	$	22.58
9/30/2016	$	18.37		(0.03	)		3.58			3.55			(0.04	)		(0.12	)		(0.16	)	$	21.76
9/30/2015(10)	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—		$	18.37
Institutional Shares
3/31/2017(5)	$	21.89		(0.03	)		0.90			0.87			—			(0.03	)		(0.03	)	$	22.73
9/30/2016	$	18.46		(0.01	)		3.61			3.60			(0.05	)		(0.12	)		(0.17	)	$	21.89
9/30/2015	$	19.04		0.07			(0.11	)		(0.04	)		(0.11	)		(0.43	)		(0.54	)	$	18.46
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—		$	19.04
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
GLOBAL VALUE FUND
Investor Shares
3/31/2017(5)	$	15.30		0.01			1.23			1.24			(0.11	)		(0.30	)		(0.41	)	$	16.13
9/30/2016	$	14.47		0.10			1.58			1.68			(0.05	)		(0.80	)		(0.85	)	$	15.30
9/30/2015	$	15.63		0.07			(0.71	)		(0.64	)		(0.08	)		(0.44	)		(0.52	)	$	14.47
9/30/2014	$	14.44		0.09			1.45			1.54			(0.09	)		(0.26	)		(0.35	)	$	15.63
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
Advisor Shares
3/31/2017(5)	$	15.28		0.03			1.21			1.24			(0.12	)		(0.30	)		(0.42	)	$	16.10
9/30/2016	$	14.48		0.13			1.57			1.70			(0.10	)		(0.80	)		(0.90	)	$	15.28
9/30/2015(10)	$	15.60		0.05			(1.17	)		(1.12	)		—			—			—		$	14.48
Institutional Shares
3/31/2017(5)	$	15.32		0.03			1.22			1.25			(0.13	)		(0.30	)		(0.43	)	$	16.14
9/30/2016	$	14.50		0.14			1.59			1.73			(0.11	)		(0.80	)		(0.91	)	$	15.32
9/30/2015	$	15.67		0.11			(0.73	)		(0.62	)		(0.11	)		(0.44	)		(0.55	)	$	14.50
9/30/2014	$	14.46		0.13			1.45			1.58			(0.11	)		(0.26	)		(0.37	)	$	15.67
9/30/2013	$	11.58		0.07			2.91			2.98			(0.07	)		(0.03	)		(0.10	)	$	14.46
9/30/2012(11)	$	10.75		0.01			0.82			0.83			—			—			—		$	11.58

Footnotes are presented on Page 65.

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

56 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(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
3/31/2017(5)		3.90	%	$	850,565		1.14	%		n/a			(0.51	)%		16.83	%
9/30/2016		19.29	%	$	781,877		1.17	%		n/a			(0.33	)%		34.62	%
9/30/2015		(0.46	)%	$	669,846		1.19	%		n/a			0.07	%		55.53	%
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
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	%
Advisor Shares
3/31/2017(5)		3.94	%	$	242,413		1.03	%		n/a			(0.38	)%		16.83	%
9/30/2016		19.37	%	$	193,230		1.08	%		n/a			(0.16	)%		34.62	%
9/30/2015(10)		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
3/31/2017(5)		4.01	%	$	968,077		0.92	%		n/a			(0.29	)%		16.83	%
9/30/2016		19.60	%	$	862,330		0.92	%		n/a			(0.07	)%		34.62	%
9/30/2015		(0.23	)%	$	631,904		0.95	%		n/a			0.36	%		55.53	%
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%
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	%
GLOBAL VALUE FUND
Investor Shares
3/31/2017(5)		8.27	%	$	786,007		1.24	%		n/a			0.15	%		4.92	%
9/30/2016		11.86	%	$	748,254		1.26	%		n/a			0.70	%		20.52	%
9/30/2015		(4.32	)%	$	826,965		1.28	%		n/a			0.46	%		19.41	%
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
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	%
Advisor Shares
3/31/2017(5)		8.32	%	$	633,225		1.10	%		n/a			0.33	%		4.92	%
9/30/2016		12.00	%	$	403,036		1.14	%		n/a			0.88	%		20.52	%
9/30/2015(10)		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
3/31/2017(5)		8.40	%	$	1,287,004		1.02	%		n/a			0.39	%		4.92	%
9/30/2016		12.18	%	$	917,977		1.03	%		n/a			0.97	%		20.52	%
9/30/2015		(4.16	)%	$	512,600		1.03	%		n/a			0.73	%		19.41	%
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012(11)		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%

Footnotes are presented on Page 65.

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees^		Net Asset Value, End of Period
HIGH INCOME FUND
Investor Shares
3/31/2017(5)	$	9.85		0.30			0.19			0.49			(0.30	)		(0.02	)		(0.32	)		—	$	10.02
9/30/2016	$	9.49		0.63			0.40			1.03			(0.63	)		(0.04	)		(0.67	)		—	$	9.85
9/30/2015	$	9.97		0.61			(0.44	)		0.17			(0.61	)		(0.04	)		(0.65	)		—	$	9.49
9/30/2014(12)	$	10.00		0.27			(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
3/31/2017(5)	$	9.85		0.31			0.19			0.50			(0.31	)		(0.02	)		(0.33	)		—	$	10.02
9/30/2016	$	9.49		0.64			0.41			1.05			(0.65	)		(0.04	)		(0.69	)		—	$	9.85
9/30/2015	$	9.97		0.63			(0.44	)		0.19			(0.63	)		(0.04	)		(0.67	)		—	$	9.49
9/30/2014(12)	$	10.00		0.28			(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Institutional Shares
3/31/2017(5)(13)	$	9.85		0.28			0.20			0.48			(0.29	)		(0.02	)		(0.31	)		—	$	10.02
INTERNATIONAL FUND
Investor Shares
3/31/2017(5)	$	28.30		(0.06	)		(0.03	)		(0.09	)		(0.30	)		—			(0.30	)		—	$	27.91
9/30/2016	$	26.97		0.27			1.19			1.46			(0.13	)		—			(0.13	)		—	$	28.30
9/30/2015	$	30.04		0.17			(3.01	)		(2.84	)		(0.23	)		—			(0.23	)		—	$	26.97
9/30/2014	$	28.66		0.26			1.41			1.67			(0.29	)		—			(0.29	)		—	$	30.04
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
Advisor Shares
3/31/2017(5)	$	28.31		(0.03	)		(0.04	)		(0.07	)		(0.37	)		—			(0.37	)		—	$	27.87
9/30/2016	$	27.00		0.34			1.17			1.51			(0.20	)		—			(0.20	)		—	$	28.31
9/30/2015(10)	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—			—	$	27.00
Institutional Shares
3/31/2017(5)	$	28.51		(0.02	)		(0.03	)		(0.05	)		(0.39	)		—			(0.39	)		—	$	28.07
9/30/2016	$	27.19		0.36			1.17			1.53			(0.21	)		—			(0.21	)		—	$	28.51
9/30/2015	$	30.27		0.21			(3.00	)		(2.79	)		(0.29	)		—			(0.29	)		—	$	27.19
9/30/2014	$	28.86		0.32			1.43			1.75			(0.34	)		—			(0.34	)		—	$	30.27
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
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2017(5)	$	23.17		(0.10	)		(0.90	)		(1.00	)		—			(1.20	)		(1.20	)		—	$	20.97
9/30/2016	$	23.37		(0.02	)		0.63			0.61			(0.03	)		(0.78	)		(0.81	)		—	$	23.17
9/30/2015	$	24.30		0.03			0.42			0.45			—			(1.38	)		(1.38	)		—	$	23.37
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)		—	$	24.30
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
Institutional Shares
3/31/2017(5)	$	23.18		(0.07	)		(0.90	)		(0.97	)		—			(1.20	)		(1.20	)		—	$	21.01
9/30/2016(14)	$	22.54		0.04			0.60			0.64			—			—			—			—	$	23.18

Footnotes are presented on Page 65.

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

58 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(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
3/31/2017(5)		5.09	%	$	518,508		1.01	%		n/a			6.06	%		42.38	%
9/30/2016		11.40	%	$	544,969		1.03	%		n/a			6.66	%		69.41	%
9/30/2015		1.73	%	$	424,685		1.09	%		n/a			6.20	%		91.33	%
9/30/2014(12)		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
3/31/2017(5)		5.19	%	$	1,560,745		0.81	%		n/a			6.23	%		42.38	%
9/30/2016		11.61	%	$	1,244,032		0.84	%		n/a			6.81	%		69.41	%
9/30/2015		1.88	%	$	489,374		0.93	%		n/a			6.38	%		91.33	%
9/30/2014(12)		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
Institutional Shares
3/31/2017(5)(13)		4.95	%	$	72,248		1.11	%		n/a			5.97	%		42.38	%
INTERNATIONAL FUND
Investor Shares
3/31/2017(5)		(0.23	)%	$	5,857,848		1.22	%		n/a			(0.43	)%		32.96	%
9/30/2016		5.39	%	$	7,930,361		1.19	%		n/a			0.98	%		64.65	%
9/30/2015		(9.55	)%	$	10,156,292		1.17	%		n/a			0.54	%		45.02	%
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a			0.85	%		46.49	%
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	%
Advisor Shares
3/31/2017(5)		(0.14	)%	$	2,775,422		1.04	%		n/a			(0.21	)%		32.96	%
9/30/2016		5.58	%	$	2,782,189		1.01	%		n/a			1.23	%		64.65	%
9/30/2015(10)		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
3/31/2017(5)		(0.11	)%	$	5,040,296		0.96	%		n/a			(0.13	)%		32.96	%
9/30/2016		5.64	%	$	5,272,925		0.95	%		n/a			1.27	%		64.65	%
9/30/2015		(9.34	)%	$	4,973,656		0.95	%		n/a			0.70	%		45.02	%
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a			1.05	%		46.49	%
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	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2017(5)		(3.95	)%	$	359,947		1.55	%		n/a			(0.96	)%		46.12	%
9/30/2016		2.50	%	$	585,000		1.51	%		n/a			(0.07	)%		69.82	%
9/30/2015		2.02	%	$	961,035		1.52	%		n/a			0.13	%		43.84	%
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a			(0.05	)%		57.94	%
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	%
Institutional Shares
3/31/2017(5)		(3.81	)%	$	238,430		1.35	%		n/a			(0.67	)%		46.12	%
9/30/2016(14)		2.84	%	$	209,536		1.37	%		n/a			0.41	%		69.82	%

Footnotes are presented on Page 65.

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

Artisan Partners Funds 59

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2017(5)	$	33.55		(0.03	)		2.05			2.02			(0.26	)		(0.75	)		(1.01	)	$	34.56
9/30/2016	$	32.62		0.32			2.57			2.89			(0.28	)		(1.68	)		(1.96	)	$	33.55
9/30/2015	$	36.56		0.21			(1.79	)		(1.58	)		(0.55	)		(1.81	)		(2.36	)	$	32.62
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)	$	36.56
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
Advisor Shares
3/31/2017(5)	$	33.57		0.02			2.03			2.05			(0.31	)		(0.75	)		(1.06	)	$	34.56
9/30/2016	$	32.66		0.39			2.54			2.93			(0.34	)		(1.68	)		(2.02	)	$	33.57
9/30/2015(10)	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—		$	32.66
Institutional Shares
3/31/2017(5)	$	33.71		0.02			2.04			2.06			(0.33	)		(0.75	)		(1.08	)	$	34.69
9/30/2016	$	32.77		0.40			2.57			2.97			(0.35	)		(1.68	)		(2.03	)	$	33.71
9/30/2015	$	36.71		0.30			(1.81	)		(1.51	)		(0.62	)		(1.81	)		(2.43	)	$	32.77
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)	$	36.71
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
MID CAP FUND
Investor Shares
3/31/2017(5)	$	41.34		(0.13	)		1.39			1.26			—			(3.34	)		(3.34	)	$	39.26
9/30/2016	$	44.42		(0.30	)		3.78			3.48			—			(6.56	)		(6.56	)	$	41.34
9/30/2015	$	47.67		(0.36	)		1.99			1.63			—			(4.88	)		(4.88	)	$	44.42
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)	$	47.67
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
Advisor Shares
3/31/2017(5)	$	41.43		(0.10	)		1.40			1.30			—			(3.34	)		(3.34	)	$	39.39
9/30/2016	$	44.46		(0.24	)		3.77			3.53			—			(6.56	)		(6.56	)	$	41.43
9/30/2015(10)	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—		$	44.46
Institutional Shares
3/31/2017(5)	$	44.15		(0.09	)		1.49			1.40			—			(3.34	)		(3.34	)	$	42.21
9/30/2016	$	46.92		(0.22	)		4.01			3.79			—			(6.56	)		(6.56	)	$	44.15
9/30/2015	$	49.98		(0.26	)		2.08			1.82			—			(4.88	)		(4.88	)	$	46.92
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)	$	49.98
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

Footnotes are presented on Page 65.

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)
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2017(5)		6.29	%	$	4,794,644		1.19	%		n/a			(0.17	)%		4.75	%
9/30/2016		9.02	%	$	5,500,119		1.18	%		n/a			0.98	%		17.79	%
9/30/2015		(4.67	)%	$	5,229,869		1.17	%		n/a			0.60	%		23.74	%
9/30/2014		6.50	%	$	8,953,691		1.16	%		n/a			0.86	%		20.45	%
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	%
Advisor Shares
3/31/2017(5)		6.40	%	$	4,581,067		1.02	%		n/a			0.11	%		4.75	%
9/30/2016		9.17	%	$	3,537,587		1.02	%		n/a			1.21	%		17.79	%
9/30/2015(10)		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
3/31/2017(5)		6.40	%	$	3,438,608		0.96	%		n/a			0.13	%		4.75	%
9/30/2016		9.27	%	$	3,038,159		0.96	%		n/a			1.26	%		17.79	%
9/30/2015		(4.44	)%	$	2,606,468		0.96	%		n/a			0.86	%		23.74	%
9/30/2014		6.73	%	$	2,456,145		0.96	%		n/a			1.09	%		20.45	%
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	%
MID CAP FUND
Investor Shares
3/31/2017(5)		3.44	%	$	2,553,070		1.20	%		n/a			(0.70	)%		19.36	%
9/30/2016		8.08	%	$	3,232,399		1.18	%		n/a			(0.75	)%		40.35	%
9/30/2015		3.20	%	$	3,909,986		1.19	%		n/a			(0.76	)%		51.39	%
9/30/2014		6.04	%	$	5,220,973		1.20	%		n/a			(0.74	)%		55.19	%
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	%
Advisor Shares
3/31/2017(5)		3.53	%	$	601,473		1.04	%		n/a			(0.52	)%		19.36	%
9/30/2016		8.19	%	$	445,648		1.05	%		n/a			(0.62	)%		40.35	%
9/30/2015(10)		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
3/31/2017(5)		3.54	%	$	4,058,150		0.95	%		n/a			(0.45	)%		19.36	%
9/30/2016		8.33	%	$	4,389,242		0.95	%		n/a			(0.52	)%		40.35	%
9/30/2015		3.45	%	$	4,482,164		0.95	%		n/a			(0.53	)%		51.39	%
9/30/2014		6.30	%	$	4,280,444		0.95	%		n/a			(0.49	)%		55.19	%
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	%

Footnotes are presented on Page 65.

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

Artisan Partners Funds 61

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
3/31/2017(5)	$	21.41		0.02			2.14			2.16			(0.16	)		(0.44	)		(0.60	)	$	22.97
9/30/2016	$	22.22		0.12			2.70			2.82			(0.09	)		(3.54	)		(3.63	)	$	21.41
9/30/2015	$	27.00		0.20			(2.21	)		(2.01	)		(0.17	)		(2.60	)		(2.77	)	$	22.22
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)	$	27.00
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
Advisor Shares
3/31/2017(5)	$	21.37		0.03			2.14			2.17			(0.18	)		(0.44	)		(0.62	)	$	22.92
9/30/2016	$	22.23		0.14			2.70			2.84			(0.16	)		(3.54	)		(3.70	)	$	21.37
9/30/2015(10)	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
Institutional Shares
3/31/2017(5)	$	21.40		0.04			2.14			2.18			(0.20	)		(0.44	)		(0.64	)	$	22.94
9/30/2016	$	22.25		0.16			2.70			2.86			(0.17	)		(3.54	)		(3.71	)	$	21.40
9/30/2015	$	27.05		0.26			(2.22	)		(1.96	)		(0.24	)		(2.60	)		(2.84	)	$	22.25
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)	$	27.05
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
SMALL CAP FUND
Investor Shares
3/31/2017(5)	$	29.93		(0.14	)		1.20			1.06			—			(0.33	)		(0.33	)	$	30.66
9/30/2016	$	28.55		(0.27	)		4.36			4.09			—			(2.71	)		(2.71	)	$	29.93
9/30/2015	$	26.76		(0.30	)		2.09			1.79			—			—			—		$	28.55
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—		$	26.76
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
Advisor Shares
3/31/2017(5)(16)	$	29.23		(0.04	)		1.48			1.44			—			—			—		$	30.67
Institutional Shares
3/31/2017(5)	$	30.19		(0.11	)		1.22			1.11			—			(0.33	)		(0.33	)	$	30.97
9/30/2016	$	28.72		(0.20	)		4.38			4.18			—			(2.71	)		(2.71	)	$	30.19
9/30/2015	$	26.85		(0.24	)		2.11			1.87			—			—			—		$	28.72
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—		$	26.85
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—		$	27.70
9/30/2012(17)	$	19.62		(0.18	)		1.45			1.27			—			—			—		$	20.89

Footnotes are presented on Page 65.

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)
MID CAP VALUE FUND
Investor Shares
3/31/2017(5)		10.23	%	$	2,175,618		1.19	%		n/a			0.14	%		11.99	%
9/30/2016		14.10	%	$	2,416,461		1.16	%		1.16	%		0.59	%		26.62	%
9/30/2015		(8.45	)%	$	4,345,131		1.19	%		n/a			0.81	%		31.18	%
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a			0.46	%		25.67	%
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	%
Advisor Shares
3/31/2017(5)		10.32	%	$	1,403,623		1.06	%		n/a			0.30	%		11.99	%
9/30/2016		14.22	%	$	1,025,855		1.05	%		1.06	%		0.70	%		26.62	%
9/30/2015(10)		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
3/31/2017(5)		10.37	%	$	744,104		0.97	%		n/a			0.37	%		11.99	%
9/30/2016		14.29	%	$	741,286		0.95	%		0.95	%		0.81	%		26.62	%
9/30/2015		(8.25	)%	$	1,236,240		0.96	%		n/a			1.03	%		31.18	%
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a			0.72	%		25.67	%
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	%
SMALL CAP FUND
Investor Shares
3/31/2017(5)		3.59	%	$	459,344		1.23	%		n/a			(0.98	)%		18.63	%
9/30/2016		15.27	%	$	764,298		1.25	%		n/a			(1.00	)%		27.00	%
9/30/2015		6.69	%	$	863,536		1.23	%		n/a			(1.01	)%		45.31	%
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a			(1.09	)%		38.67	%
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	%
Advisor Shares
3/31/2017(5)(16)		4.93	%	$	272,811		1.15	%		1.18	%		(0.93	)%		18.63	%
Institutional Shares
3/31/2017(5)		3.73	%	$	511,716		1.01	%		n/a			(0.77	)%		18.63	%
9/30/2016		15.51	%	$	518,224		1.01	%		n/a			(0.76	)%		27.00	%
9/30/2015		6.96	%	$	389,724		1.02	%		n/a			(0.79	)%		45.31	%
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a			(0.88	)%		38.67	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a			(0.74	)%		42.43	%
9/30/2012(17)		6.47	%	$	50,754		1.42	%		n/a			(0.93	)%		69.56	%

Footnotes are presented on Page 65.

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

Artisan Partners Funds 63

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
VALUE FUND
Investor Shares
3/31/2017(5)	$	13.10		0.03		1.33			1.36			(0.09	)		—			(0.09	)	$	14.37
9/30/2016	$	11.56		0.09		2.61			2.70			(0.06	)		(1.10	)		(1.16	)	$	13.10
9/30/2015	$	14.14		0.11		(1.66	)		(1.55	)		(0.11	)		(0.92	)		(1.03	)	$	11.56
9/30/2014	$	13.38		0.15		1.35			1.50			(0.09	)		(0.65	)		(0.74	)	$	14.14
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
Advisor Shares
3/31/2017(5)	$	13.05		0.05		1.31			1.36			(0.08	)		—			(0.08	)	$	14.33
9/30/2016	$	11.57		0.10		2.61			2.71			(0.13	)		(1.10	)		(1.23	)	$	13.05
9/30/2015(10)	$	13.41		0.07		(1.91	)		(1.84	)		—			—			—		$	11.57
Institutional Shares
3/31/2017(5)	$	13.09		0.05		1.32			1.37			(0.10	)		—			(0.10	)	$	14.36
9/30/2016	$	11.60		0.11		2.61			2.72			(0.13	)		(1.10	)		(1.23	)	$	13.09
9/30/2015	$	14.19		0.14		(1.66	)		(1.52	)		(0.15	)		(0.92	)		(1.07	)	$	11.60
9/30/2014	$	13.42		0.18		1.35			1.53			(0.11	)		(0.65	)		(0.76	)	$	14.19
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

Footnotes are presented on Page 65.

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)
VALUE FUND
Investor Shares
3/31/2017(5)		10.40	%	$	456,730		0.97	%		n/a		0.50	%		28.73	%
9/30/2016		24.64	%	$	457,969		0.96	%		n/a		0.75	%		52.05	%
9/30/2015		(11.90	)%	$	341,852		1.00	%		n/a		0.78	%		74.07	%
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a		1.06	%		53.36	%
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	%
Advisor Shares
3/31/2017(5)		10.51	%	$	361,432		0.84	%		n/a		0.69	%		28.73	%
9/30/2016		24.73	%	$	251,643		0.84	%		n/a		0.89	%		52.05	%
9/30/2015(10)		(13.72	)%	$	466,702		0.86	%		n/a		1.12	%		74.07	%
Institutional Shares
3/31/2017(5)		10.53	%	$	98,139		0.78	%		n/a		0.70	%		28.73	%
9/30/2016		24.78	%	$	98,001		0.77	%		n/a		0.95	%		52.05	%
9/30/2015		(11.69	)%	$	180,143		0.75	%		n/a		1.07	%		74.07	%
9/30/2014		11.77	%	$	304,091		0.74	%		n/a		1.31	%		53.36	%
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	%

⁽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, 2017.

⁽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 September 30, 2016.

⁽¹⁰⁾  For the period from commencement of operations (April 1, 2015) through September 30, 2015.

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

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

⁽¹³⁾  For the period from commencement of operations (October 3, 2016) through March 31, 2017.

⁽¹⁴⁾  For the period from commencement of operations (April 12, 2016) through September 30, 2016.

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

⁽¹⁶⁾  For the period from commencement of operations (February 1, 2017) through March 31, 2017.

⁽¹⁷⁾  For the period from commencement of operations (May 7, 2012) through September 30, 2012.

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

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

Artisan Partners Funds 65

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)

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

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

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

66 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2017 (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”). As of March 31, 2017, Artisan Partners Funds is a series company comprised of thirteen 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		Advisor Shares Inception Date	Institutional 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	N/A		June 26, 2006
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010	N/A		October 15, 2015
Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)		September 22, 2008	April 1, 2015		July 26, 2011
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007	April 1, 2015		July 17, 2012
Artisan High Income Fund (“High Income Fund” or “High Income”)		March 19, 2014	March 19, 2014		October 3, 2016
Artisan International Fund (“International Fund” or “International”)		December 28, 1995	April 1, 2015		July 1, 1997
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)		December 21, 2001	N/A		April 12, 2016
Artisan International Value Fund (“International Value Fund” or “International Value”)		September 23, 2002	April 1, 2015		October 1, 2006
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997	April 1, 2015		July 1, 2000
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001	April 1, 2015		February 1, 2012
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)		March 28, 1995	February 1, 2017		May 7, 2012
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006	April 1, 2015		July 26, 2011

The investment objective of each Fund (except Developing World Fund and High Income 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. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

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

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is 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 on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market.

Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

Securities or other assets for which market quotations were not readily available were valued by the Fund’s 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,

68 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

and a Fund therefore used fair value pricing, if, among other things, there were no quotations, pricing data was not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security or asset, or the value of the security or asset might have been materially affected by events occurring after the close of the market in which the security or asset was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event could include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. The Funds monitored for subsequent events using several tools. In fair valuing non-U.S. equity securities, the Funds have used adjustment factors provided by a third party research service when there were subsequent events or expected or unexpected market closures. The third party research service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

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

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

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2013 through 2016) and have concluded that, as of March 31, 2017, 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, 2017, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2017, 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

Artisan Partners Funds 69

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

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

(d) Restricted securities – The Funds may invest in securities that are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Fund’s Schedule of Investments footnotes.

(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, 2017, 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 accrued on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized

70 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

Repurchase agreements shown on the Schedules of Investments are presented at gross value. At March 31, 2017, 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 securities – Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund and Value Fund may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked securities and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(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 March 31, 2017, 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 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

Artisan Partners Funds 71

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

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

Prior to February 1, 2016, Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities 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 is obligated to fund term loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating cash and/or other liquid assets. Unfunded bridge loan commitments do not constitute an investment and, as such, will be treated as off-balance-sheet instruments. During the period, High Income Fund had unfunded loan commitments and at March 31, 2017 the total amount segregated in connection with unfunded commitments was $115,000,000.

(3) Risks:

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience

72 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial 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 generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the U.S. and outside the U.S. may affect the Fund’s debt investments unfavorably. Given the low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty,

Artisan Partners Funds 73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities in which a Fund invests may be rated below investment grade by the major rating agencies, or may be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally, and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.

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

See the Funds’ prospectus and statement of additional information regarding the risks of investing in shares of the Funds.

(4) Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to

74 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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. where the applicable trading market was closed or 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 – Evaluated 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 closing price on the principal exchange in which the security trades. Absent a current closing price, the securities are valued using the closing price from another exchange on which the security is traded or the most recent bid quotation on the principal exchange. If the valuation committee determines the resulting price does not represent a fair value, the valuation committee will determine a fair value based on the information available.

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

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

valued at a current day closing price or bid quotation are generally categorized as Level 1 of the fair value hierarchy. Foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, 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.

Equity-Linked Securities – Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security. Equity-linked securities are generally categorized as Level 2.

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, 2017 (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		$   289,154		$        -		$    -			$   289,154
Emerging Asia		425,126		25,756		-			450,882
Europe, Middle East & Africa		117,998		25,637		-			143,635
Latin America		221,666		-		-			221,666
Equity-Linked Securities(1)
Europe, Middle East & Africa		-		7,305		-			7,305
Repurchase Agreement		-		91,601		-			91,601
Total Investments		$1,053,944		$150,299		$    -			$1,204,243
Emerging Markets
Common Stocks(1)
Developed Markets		$       1,671		$        -		$    -			$       1,671
Emerging Asia		20,007		-		-	(3)		20,007
Europe, Middle East & Africa		7,005		-		-			7,005
Latin America		7,362		-		-			7,362
Preferred Stocks(1)
Emerging Asia		2,870		-		-			2,870
Europe, Middle East & Africa		841		-		-			841
Latin America		1,405		-		-			1,405
Repurchase Agreement		-		1,580		-			1,580
Total Investments		$     41,161		$    1,580		$    -	(3)		$     42,741

76 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
Global Equity
Common Stocks(1)
Americas		$   134,776		$          -			$    -			$134,776
Emerging Markets		24,450		-			-			24,450
Europe		72,008		-			-			72,008
Pacific Basin		18,031		-			-			18,031
Repurchase Agreement		-		4,732			-			4,732
Total Investments		$   249,265		$       4,732			$    -			$253,997
Global Opportunities
Common Stocks(1)
Americas		$1,178,445		$          -			$   -			$1,178,445
Emerging Markets		128,404		-			-			128,404
Europe		328,250		-			-			328,250
Pacific Basin		312,259		-			-			312,259
Repurchase Agreement		-		94,401			-			94,401
Total Investments		1,947,358		94,401			-			2,041,759
Foreign Currency Forward Contracts(2)		-		(584	)		-			(584	)
Total		$1,947,358		$     93,817			$   -			$2,041,175
Global Value
Common Stocks(1)
Americas		$1,257,080		$-			$   -			$1,257,080
Emerging Markets		314,078		-			-			314,078
Europe		773,654		-			-			773,654
Pacific Basin		7,362		-			-			7,362
Repurchase Agreement		-		345,009			-			345,009
Total Investments		2,352,174		345,009			-			2,697,183
Foreign Currency Forward Contracts(2)		-		(721	)		-			(721	)
Total		$2,352,174		$   344,288			$   -			$2,696,462
High Income
Corporate Bonds(1)		$          -		$1,571,767			$   -			$1,571,767
Bank Loans(1)		-		434,526			-			434,526
Common Stocks(1)		9,447		-			-			9,447
Preferred Stocks(1)		-		-			4,948			4,948
Corporate Bonds Escrow(1)		-		-			-	(4)		-	(4)
Repurchase Agreement		-		110,174			-			110,174
Total Investments		$       9,447		$2,116,467			$4,948			$2,130,862

Artisan Partners Funds 77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other  Significant Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
International
Common Stocks(1)
Americas		$  2,548,221		$          -			$    -		$2,548,221
Emerging Markets		1,201,927		-			-		1,201,927
Europe		6,729,971		-			-		6,729,971
Pacific Basin		2,100,321		-			-		2,100,321
Equity-Linked Securities(1)
Europe		-		322,559			-		322,559
Preferred Stocks(1)
Europe		204,821		-			-		204,821
Repurchase Agreement		-		512,877			-		512,877
Total Investments		$12,785,261		$   835,436			$    -		$13,620,697
International Small Cap
Common Stocks(1)
Americas		$19,917		$          -			$    -		$19,917
Emerging Markets		61,456		-			-		61,456
Europe		461,660		-			-		461,660
Pacific Basin		34,109		-			-		34,109
Repurchase Agreement		-		21,971			-		21,971
Total Investments		$     577,142		$     21,971			$    -		$599,113
International Value
Common Stocks(1)
Americas		$  1,884,868		$          -			$    -		$1,884,868
Emerging Markets		1,841,066		-			-		1,841,066
Europe		6,823,493		-			-		6,823,493
Pacific Basin		582,330		-			-		582,330
Preferred Stocks(1)
Emerging Markets		61,542		-			-		61,542
Repurchase Agreement		-		1,594,290			-		1,594,290
Total Investments		11,193,299		1,594,290			-		12,787,589
Foreign Currency Forward Contracts(2)		-		(9,763	)		-		(9,763	)
Total		$11,193,299		$1,584,527			$    -		$12,777,826
Mid Cap
Common Stocks(1)		$  7,048,110		$          -			$    -		$7,048,110
Repurchase Agreement		-		167,103			-		167,103
Total Investments		$  7,048,110		$   167,103			$    -		$7,215,213

78 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
Mid Cap Value
Common Stocks(1)		$3,971,126		$         -		$    -		$3,971,126
Repurchase Agreement		-		380,699		-		380,699
Total Investments		$3,971,126		$ 380,699		$    -		$4,351,825
Small Cap
Common Stocks(1)		$1,162,684		$         -		$    -		$1,162,684
Repurchase Agreement		-		83,053		-		83,053
Total Investments		$1,162,684		$   83,053		$    -		$1,245,737
Value
Common Stocks(1)		$   832,514		$         -		$    -		$   832,514
Preferred Stocks(1)		26,091		-		-		26,091
Repurchase Agreement		-		55,879		-		55,879
Total Investments		$   858,605		$   55,879		$    -		$   914,484
(1) See the Fund’s Schedule of Investments for sector or country classifications.
(2) Foreign currency forward contracts are valued at unrealized appreciation (depreciation).
(3) Common stock, valued at $0.
(4) Corporate bonds escrow, valued at $0.

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, 2017, the fair value of certain securities was determined based on other observable inputs, such as quoted prices for securities of the same issuer that trade on a different exchange, or were adjusted due to local market holidays, which resulted in their Level 2 classification. There were securities classified as Level 2 at September 30, 2016 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, 2017, 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, 2017 (in thousands):

	Transfers from Level 2 to Level 1
Developing World		$      451,780
Emerging Markets		26,885
Global Equity		58,704
Global Opportunities		610,623
Global Value		902,112
International		6,611,389
International Small Cap		342,258
International Value		8,197,812
Value		54,087

Artisan Partners Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Assets	��	Fair Value at March 31, 2017		Valuation Technique(s)	Unobservable Input(s)	Impact to Fair Value from an Increase in Input
Emerging Markets Fund
Common Stock			$     -(1)	Discounts for illiquidity and uncertainty	Last quote in inactive market less 100% discount		N/A
High Income Fund
Corporate Bonds Escrow			$    -(1)	Discounts for uncertainty of collectability	Last quote in inactive market less 100% discount		N/A
Preferred Stock			$4,948	Intrinsic value post reorganization	N/A		N/A
(1)Includes one or more securities valued at $0.

As of March 31, 2017, 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, 2016		$    -	(1)		$  -	(1)
Transfers into Level 3		-			-
Net change in unrealized appreciation (depreciation)		-			(1,598	)
Purchases		-			6,546	(2)
Sales		-			-
Realized Gain/Loss		-			-
Transfers out of Level 3		-			-
Balance as of March 31, 2017		$    -	(1)		$4,948	(1)
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2017		$    -			$(1,598	)

⁽¹⁾ Includes one or more securities valued at $0.

⁽²⁾ Includes escrow shares received at cost of $0.

(5) Offsetting:

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

80 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	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		$    584		$    -		$    -		$    584
Global Value		State Street Bank and Trust Company		721		-		-		721
International Value		State Street Bank and Trust Company		9,763		-		-		9,763

(6) Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. For Investor Shares or Advisor Shares of the Funds, some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of March 31, 2017 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. Institutional Shares of the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the period ended March 31, 2017 (in thousands):

	Six Months Ended 3/31/2017
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Developing World Fund - Investor Shares		$  33		$  310		$  343
Artisan Developing World Fund - Advisor Shares		31		116		147
Artisan Developing World Fund - Institutional Shares		10		-		10
Artisan Emerging Markets Fund - Investor Shares		31		35		66
Artisan Emerging Markets Fund - Institutional Shares		10		-		10

Artisan Partners Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2017
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Global Equity Fund - Investor Shares		$  34		$  155		$  189
Artisan Global Equity Fund - Institutional Shares		9		-		9
Artisan Global Opportunities Fund - Investor Shares		40		834		874
Artisan Global Opportunities Fund - Advisor Shares		31		66		97
Artisan Global Opportunities Fund - Institutional Shares		10		-		10
Artisan Global Value Fund - Investor Shares		43		825		868
Artisan Global Value Fund - Advisor Shares		32		147		179
Artisan Global Value Fund - Institutional Shares		11		-		11
Artisan High Income Fund - Investor Shares		33		645		678
Artisan High Income Fund - Advisor Shares		34		440		474
Artisan High Income Fund - Institutional Shares		7		-		7
Artisan International Fund - Investor Shares		148		8,181		8,329
Artisan International Fund - Advisor Shares		138		878		1,016
Artisan International Fund - Institutional Shares		14		-		14
Artisan International Small Cap Fund - Investor Shares		40		479		519
Artisan International Small Cap Fund - Institutional Shares		6		-		6
Artisan International Value Fund - Investor Shares		54		5,825		5,879
Artisan International Value Fund - Advisor Shares		105		1,030		1,135
Artisan International Value Fund - Institutional Shares		12		-		12
Artisan Mid Cap Fund - Investor Shares		59		3,510		3,569
Artisan Mid Cap Fund - Advisor Shares		32		149		181
Artisan Mid Cap Fund - Institutional Shares		15		-		15
Artisan Mid Cap Value Fund - Investor Shares		73		2,594		2,667
Artisan Mid Cap Value Fund - Advisor Shares		35		347		382
Artisan Mid Cap Value Fund - Institutional Shares		10		-		10
Artisan Small Cap Fund - Investor Shares		49		772		821
Artisan Small Cap Fund - Advisor Shares		6		-		6
Artisan Small Cap Fund - Institutional Shares		10		-		10
Artisan Value Fund - Investor Shares		38		513		551
Artisan Value Fund - Advisor Shares		32		90		122
Artisan Value Fund - Institutional Shares		10		-		10

(7) Commission recapture:

Each Fund except High Income Fund has the ability to direct transactions in equity securities to various brokers that have agreed to rebate a portion of the commissions generated. During the period, such cash rebates were made directly to the applicable Fund

82 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

and were included in net realized gain or loss on investments in the Statements of Operations for the period ended March 31, 2017 as follows (in thousands):

Developing World	$	3
Emerging Markets		-	(1)
Global Equity		1
Global Opportunities		19
Global Value		-
International		35
International Small Cap		1
International Value		-
Mid Cap		26
Mid Cap Value		71
Small Cap		4
Value		15
(1) Amount rounds to less than $1.

(8) Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2017 was as follows (in thousands):

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(584	)
Global Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(721	)
International Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(9,763	)

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2017 was as follows (in thousands):

Amount of Realized Gain on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	6,686
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	1,761
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	38,407

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Change in Unrealized Depreciation on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(490	)
Global Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(1,147	)
International Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(12,871)

Volume of derivative activity

Fund	Contracts  Closed(1)		Contracts  Opened(1)		Contracts Open at March 31, 2017
Global Opportunities		1		1		1
Global Value		3		3		3
International Value		5		4		3

⁽¹⁾  During the period ended March 31, 2017.

(9) Related Party Transactions:

(a) Investment Advisory Agreement—The Adviser, with which the officers and a director of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the period ended March 31, 2017. 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

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Global Opportunities Fund

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

High Income Fund

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

International Fund

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

International Small Cap Fund

Average Daily Net Assets	Annual Rate
All		1.250	%

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

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

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

Artisan Partners Funds 85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(b) Expense Waivers and Reimbursements—The Adviser has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause 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, 2018, at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended March 31, 2017 (dollar values in thousands):

Fund	Expense Limit as a % of Average Daily Net  Assets			Expenses Waived
Artisan Developing World Fund - Investor Shares		1.50	%	$	-
Artisan Developing World Fund - Advisor Shares		1.40	%		-
Artisan Developing World Fund - Institutional Shares		1.40	%		-
Artisan Emerging Markets Fund - Investor Shares		1.50	%		114
Artisan Emerging Markets Fund - Institutional Shares		1.50	%		27
Artisan Global Equity Fund - Investor Shares		1.50	%		-
Artisan Global Equity Fund - Institutional Shares		1.50	%		-
Artisan Global Opportunities Fund - Advisor Shares		1.10	%		-
Artisan Global Value Fund - Advisor Shares		1.20	%		-
Artisan High Income Fund - Investor Shares		1.25	%		-
Artisan High Income Fund - Advisor Shares		1.25	%		-
Artisan High Income Fund - Institutional Shares		1.25	%		-
Artisan International Fund - Advisor Shares		1.07	%		-
Artisan International Value Fund - Advisor Shares		1.06	%		-
Artisan Mid Cap Fund - Advisor Shares		1.10	%		-
Artisan Mid Cap Value Fund - Advisor Shares		1.09	%		-
Artisan Small Cap Fund - Advisor Shares		1.15	%		6
Artisan Value Fund - Advisor Shares		0.88	%		-

For the period ended March 31, 2017, no operating expenses were reimbursed by the Adviser. The Funds had no receivables from or payables to the Adviser as of March 31, 2017.

(c) Officers and Directors - The officers and directors 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 $260,000, 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 and the independent chair of the governance and nominating committee each receives an

86 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

additional $30,000 annually, payable quarterly. If more than seven in-person meetings or four telephonic meetings are held in a calendar year, the board will pay each director an additional meeting attendance fee of $5,000 for each such in-person meeting and $1,000 for each such telephonic meeting. 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. 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.

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

(10) 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 2017. 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 0.180% on the unused portion of the line of credit and interest was charged on any borrowings at the higher of (i) the current overnight Federal Funds rate (but, in any event, not less than 0.00%) plus 1.25% or (ii) the one month LIBOR rate (but, in any event, not less than 0.00%) plus 1.25%. The Funds also paid an agent’s fee to SSB, an up-front fee to the lenders and the Funds’ and SSB’s legal expenses in connection with the line of credit, each as incurred. The fees are 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, 2017, there were no borrowings under the line of credit for any of the Funds, except for Global Equity Fund, International Fund and International Small Cap Fund, which had maximum borrowings of approximately $2,850,000, $1,050,000

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

and $5,300,000, respectively. Fees and interest expense, if any, related to the line of credit are included in other operating expenses in the Statement of Operations.

(11) 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, 2017 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Developing World		$   492,702		$   254,003
Emerging Markets		7,321		5,141
Global Equity		139,059		147,908
Global Opportunities		482,356		299,626
Global Value		425,649		100,728
High Income		1,077,049		768,369
International		4,522,502		6,984,876
International Small Cap		286,757		447,753
International Value		502,411		643,290
Mid Cap		1,388,992		2,306,842
Mid Cap Value		467,381		813,128
Small Cap		216,520		265,205
Value		246,397		236,268

(12) Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended March 31, 2017 (dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the period ended March 31, 2017.

		As of 9/30/16						Net Realized Gain (Loss)					As of 3/31/17
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds					Dividend Income@		Share Balance		Value
International
	Wirecard AG§		6,298,195	$	7,447	$	47,137	$	(5,058	)	$	-		5,400,205	$	298,993
	Total#			$	7,447	$	47,137	$	(5,058	)	$	-			$	-
International Value
	Arch Capital Group Ltd.§		6,462,064	$	7,966	$	35,543	$	3,593		$	-		6,147,386	$	582,588
	Panalpina Welttransport Holding AG		2,261,132		12,481		2,290		(754	)		-		2,345,615		283,118
	Stanley Electric Co., Ltd.§		9,167,804		-		66,412		26,620			1,075		6,806,804		194,122
	Vesuvius plc		28,706,714		-		73,692		(15,400	)		-		13,851,722		90,332
	Total#			$	20,447	$	177,937	$	14,059		$	1,075			$	373,450

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

@	Net of foreign taxes withheld, if any.
#	Total value as of March 31, 2017 is presented for only those issuers that were affiliates as of March 31, 2017.
§	Issuer was no longer an affiliate as of March 31, 2017.

(13) 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, 2017 was as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Developing World		$   1,044,413		$   170,301		$   (10,471	)		$   159,830
Emerging Markets		39,885		11,346		(8,490	)		2,856
Global Equity		221,797		36,785		(4,585	)		32,200
Global Opportunities		1,576,796		473,553		(8,590	)		464,963
Global Value		2,345,896		471,439		(120,152	)		351,287
High Income		2,098,337		63,066		(30,541	)		32,525
International		11,784,893		1,957,825		(122,021	)		1,835,804
International Small Cap		534,743		89,379		(25,009	)		64,370
International Value		10,527,968		2,965,983		(706,362	)		2,259,621
Mid Cap		5,369,671		1,882,442		(36,900	)		1,845,542
Mid Cap Value		3,066,851		1,326,979		(42,005	)		1,284,974
Small Cap		783,666		469,076		(7,005	)		462,071
Value		754,738		180,771		(21,025	)		159,746

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, 2017 and the year ended September 30, 2016 were as follows (in thousands):

	Six Months Ended 3/31/2017				Year Ended 9/30/2016
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Developing World		$5,340		$  67		$    -		$    -
Emerging Markets		335		-		-		-
Global Equity		186		-		5,313		1,549

Artisan Partners Funds 89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	��	Six Months Ended 3/31/2017				Year Ended 9/30/2016
Fund		Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Global Opportunities		$	-	$	2,935	$	2,530	$	8,827
Global Value			25,778		33,391		10,008		80,358
High Income			63,495		-		92,447		213
International			187,253		-		103,903		-
International Small Cap			-		38,548		1,554		31,526
International Value			133,521		240,607		100,391		540,475
Mid Cap			-		610,666		-		1,234,797
Mid Cap Value			39,080		77,484		31,880		951,217
Small Cap			-		13,989		-		118,049
Value			5,547		-		8,634		89,485

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.

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, Section 988 currency gains and losses, PFIC gains and losses, and utilization of earnings and profits distributed to shareholders on redemption of shares. These reclassifications have no impact on the net asset values of the Funds.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2016. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2016.

90 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Additional tax information as of and for the year ended September 30, 2016 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		$    5,144		$      -		$      -		$     -		$(1,496	)
Emerging Markets		335		-		-		-		(10	)
Global Equity		186		-		15,762		-		(12	)
Global Opportunities		-		2,928		-		8,062		(115	)
Global Value		25,478		33,377		-		-		(53	)
High Income		2,679		-		-		-		(1,608	)
International		187,214		-		-		-		(2,838	)
International Small Cap		-		13,080		-		350		(109	)
International Value		133,491		240,580		-		-		(3,012	)
Mid Cap		-		468,063		-		36,574		(90	)
Mid Cap Value		29,750		67,617		-		-		(223	)
Small Cap		-		4,959		-		7,951		(13	)
Value		4,792		-		26,493		-		(425	)

⁽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, 2016 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

As of September 30, 2016, 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. Developing World Fund utilized previous year capital loss carryovers of $954.

Fund	Unlimited – ST		Unlimited –LT
Emerging Markets		$    6,324		$130,671	(1)
Global Equity		2,336		-
International		523,998		-

⁽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 91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(14) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		10,552,658		$	106,093			25,510,958		$	235,668
Advisor Shares		18,744,451			190,990			27,577,662			257,536
Institutional Shares		6,505,189			67,531			23,398,700			207,318
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		128,759			1,248			-			-
Advisor Shares		220,530			2,139			-			-
Institutional Shares		180,951			1,757			-			-
Cost of shares redeemed(1)
Investor Shares		(4,047,641	)		(41,553	)		(2,654,618	)		(25,741	)
Advisor Shares		(3,683,065	)		(37,231	)		(2,177,959	)		(20,029	)
Institutional Shares		(1,541,465	)		(16,289	)		(1,857,381	)		(17,762	)
Net increase from fund share transactions
Investor Shares		6,633,776			65,788			22,856,340			209,927
Advisor Shares		15,281,916			155,898			25,399,703			237,507
Institutional Shares		5,144,675			52,999			21,541,319			189,556
Redemption Fee(2)
Investor Shares		-			-			-			3
Advisor Shares		-			-			-			11
Institutional Shares		-			-			-			8

	EMERGING MARKETS
	Six Months  Ended 3/31/2017						Year  Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		507,441		$	6,448			556,699		$	6,394
Institutional Shares		28,343			359			442,477			4,804
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		24,100			285			-			-
Institutional Shares		4,031			47			-			-
Cost of shares redeemed(1)
Investor Shares		(289,874	)		(3,661	)		(501,250	)		(5,560	)
Institutional Shares		(19,880	)		(246	)		(2,770,213	)		(26,660	)
Net increase (decrease) from fund share transactions
Investor Shares		241,667			3,072			55,449			834
Institutional Shares		12,494			160			(2,327,736	)		(21,856	)
Redemption Fee(2)
Investor Shares		-			-			-			-	(3)
Institutional Shares		-			-			-			-	(3)

92 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL EQUITY
	Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		1,196,019		$	19,564			3,634,815		$	57,870
Institutional Shares(4)		209,787			3,402			7,405,905			121,004
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-			-			279,484			4,536
Institutional Shares(4)		11,717			186			125,405			2,035
Cost of shares redeemed(1)
Investor Shares		(1,933,132	)		(31,143	)		(13,938,823	)		(220,239	)
Institutional Shares(4)		(1,968	)		(31	)		(792,296	)		(12,721	)
Net increase (decrease) from fund share transactions
Investor Shares		(737,113	)		(11,579	)		(10,024,524	)		(157,833	)
Institutional Shares(4)		219,536			3,557			6,739,014			110,318
Redemption Fee(2)
Investor Shares		-			-			-			15
Institutional Shares(5)		-			-			-			3

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		8,082,987		$	173,415			11,034,782		$	216,158
Advisor Shares		3,284,304			70,353			8,125,784			153,704
Institutional Shares		6,206,176			135,995			8,347,726			165,431
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		59,404			1,240			234,399			4,660
Advisor Shares		10,718			224			19,955			397
Institutional Shares		59,918			1,259			261,065			5,213
Cost of shares redeemed(1)
Investor Shares		(6,381,652	)		(135,920	)		(11,806,409	)		(222,635	)
Advisor Shares		(1,438,869	)		(30,728	)		(2,215,682	)		(41,703	)
Institutional Shares		(3,063,663	)		(67,452	)		(3,442,200	)		(68,806	)
Net increase (decrease) from fund share transactions
Investor Shares		1,760,739			38,735			(537,228	)		(1,817	)
Advisor Shares		1,856,153			39,849			5,930,057			112,398
Institutional Shares		3,202,431			69,802			5,166,591			101,838
Redemption Fee(2)
Investor Shares		-			-			-			18
Advisor Shares		-			-			-			2
Institutional Shares		-			-			-			17

Artisan Partners Funds 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL VALUE
	Six Months  Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		8,644,057		$	134,571			16,731,457		$	240,631
Advisor Shares		16,850,071			262,209			19,177,721			270,051
Institutional Shares		22,372,502			347,322			30,026,308			435,264
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,261,399			18,946			2,899,237			42,416
Advisor Shares		671,815			10,064			898,964			13,116
Institutional Shares		1,697,055			25,473			1,850,984			27,061
Cost of shares redeemed(1)
Investor Shares		(10,077,565	)		(156,164	)		(27,881,197	)		(398,314	)
Advisor Shares		(4,573,466	)		(71,485	)		(6,524,720	)		(93,401	)
Institutional Shares		(4,234,673	)		(66,295	)		(7,289,587	)		(106,438	)
Net increase (decrease) from fund share transactions
Investor Shares		(172,109	)		(2,647	)		(8,250,503	)		(115,267	)
Advisor Shares		12,948,420			200,788			13,551,965			189,766
Institutional Shares		19,834,884			306,500			24,587,705			355,887
Redemption Fee(2)
Investor Shares		-			-			-			11
Advisor Shares		-			-			-			3
Institutional Shares		-			-			-			7

	HIGH INCOME
	Six Months  Ended 3/31/2017						Year  Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		14,489,421		$	143,657			49,101,971		$	455,138
Advisor Shares		56,655,924			562,334			92,250,798			860,209
Institutional Shares(6)		7,705,847			76,305
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,760,596			17,438			3,331,270			31,441
Advisor Shares		3,593,409			35,618			4,836,987			45,817
Institutional Shares(6)		17,473			174			-			-
Cost of shares redeemed(1)
Investor Shares		(19,798,577	)		(196,309	)		(41,889,746	)		(389,022	)
Advisor Shares		(30,699,724	)		(304,584	)		(22,406,478	)		(209,555	)
Institutional Shares(6)		(509,511	)		(5,035	)		-			-
Net increase (decrease) from fund share transactions
Investor Shares		(3,548,560	)		(35,214	)		10,543,495			97,557
Advisor Shares		29,549,609			293,368			74,681,307			696,471
Institutional Shares(6)		7,213,809			71,444
Redemption Fee(2)
Investor Shares		-			19			-			48
Advisor Shares		-			50			-			75
Institutional Shares(6)		-			1			-			-

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL
	Six Months  Ended 3/31/2017						Year  Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		13,370,401		$	356,201			51,661,914		$	1,434,057
Advisor Shares		33,699,871			900,014			47,637,297			1,305,844
Institutional Shares		19,751,855			528,164			33,419,767			935,902
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,689,359			69,278			1,401,879			41,103
Advisor Shares		932,992			23,987			345,252			10,112
Institutional Shares		2,196,282			56,840			993,447			29,297
Cost of shares redeemed(1)
Investor Shares		(86,470,569	)		(2,288,586	)		(149,318,292	)		(4,137,577	)
Advisor Shares		(33,347,764	)		(874,962	)		(40,977,617	)		(1,140,807	)
Institutional Shares		(27,337,561	)		(735,774	)		(32,404,078	)		(910,981	)
Net increase (decrease) from fund share transactions
Investor Shares		(70,410,809	)		(1,863,107	)		(96,254,499	)		(2,662,417	)
Advisor Shares		1,285,099			49,039			7,004,932			175,149
Institutional Shares		(5,389,424	)		(150,770	)		2,009,136			54,218
Redemption Fee(2)
Investor Shares		-			-			-			207
Advisor Shares		-			-			-			56
Institutional Shares		-			-			-			110

	INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2017						Year Ended(7) 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		2,474,666		$	50,509			5,051,377		$	115,977
Institutional Shares		2,411,136			49,406			9,341,916			214,450
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,265,034			24,719			1,255,016			30,070
Institutional Shares		546,362			10,687			-			-
Cost of shares redeemed(1)
Investor Shares		(11,825,966	)		(242,668	)		(22,185,163	)		(508,625	)
Institutional Shares		(645,380	)		(13,182	)		(303,651	)		(6,936	)
Net increase (decrease) from fund share transactions
Investor Shares		(8,086,266	)		(167,440	)		(15,878,770	)		(362,578	)
Institutional Shares		2,312,118			46,911			9,038,265			207,514
Redemption Fee(2)
Investor Shares		-			-			-			8

Artisan Partners Funds 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		11,770,211		$	388,280			47,088,149		$	1,500,660
Advisor Shares		35,833,374			1,177,500			35,011,493			1,121,238
Institutional Shares		10,767,535			356,774			17,411,794			545,932
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,757,493			150,527			8,459,988			275,965
Advisor Shares		2,574,951			81,420			3,361,638			109,589
Institutional Shares		2,800,424			88,857			4,580,121			149,816
Cost of shares redeemed(1)
Investor Shares		(41,736,681	)		(1,374,538	)		(51,914,531	)		(1,660,103	)
Advisor Shares		(11,221,652	)		(370,108	)		(18,209,215	)		(584,652	)
Institutional Shares		(4,587,583	)		(152,020	)		(11,395,479	)		(372,981	)
Net increase (decrease) from fund share transactions
Investor Shares		(25,208,977	)		(835,731	)		3,633,606			116,522
Advisor Shares		27,186,673			888,812			20,163,916			646,175
Institutional Shares		8,980,376			293,611			10,596,436			322,767
Redemption Fee(2)
Investor Shares		-			-			-			51
Advisor Shares		-			-			-			29
Institutional Shares		-			-			-			26

	MID CAP
	Six Months  Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		4,114,356		$	158,298			12,274,626		$	483,930
Advisor Shares		7,142,247			275,329			5,531,740			215,168
Institutional Shares		7,265,427			302,127			20,866,664			865,759
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,401,868			239,878			13,498,668			548,721
Advisor Shares		1,065,775			40,052			1,454,647			59,204
Institutional Shares		6,589,481			265,293			11,820,328			512,175
Cost of shares redeemed
Investor Shares		(23,673,450	)		(912,295	)		(35,594,332	)		(1,405,056	)
Advisor Shares		(3,693,357	)		(142,072	)		(5,940,104	)		(233,998	)
Institutional Shares		(17,147,151	)		(708,003	)		(28,782,660	)		(1,218,522	)
Net increase (decrease) from fund share transactions
Investor Shares		(13,157,226	)		(514,119	)		(9,821,038	)		(372,405	)
Advisor Shares		4,514,665			173,309			1,046,283			40,374
Institutional Shares		(3,292,243	)		(140,583	)		3,904,332			159,412

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE
	Six Months  Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		6,901,801		$	155,087			21,012,810		$	421,158
Advisor Shares		22,240,636			502,204			31,045,727			624,233
Institutional Shares		4,401,092			98,860			9,468,071			192,098
Net assets of shares issued in connection with reorganization (Note 15)
Investor Shares		-			-			7,811,036			158,252
Advisor Shares		-			-			-			-
Institutional Shares		-			-			1,132,957			22,942
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,721,981			59,258			30,822,218			608,122
Advisor Shares		1,278,251			27,751			6,940,383			136,656
Institutional Shares		930,551			20,221			9,166,146			180,573
Cost of shares redeemed
Investor Shares		(27,788,638	)		(621,405	)		(142,312,936	)		(2,880,371	)
Advisor Shares		(10,284,018	)		(229,956	)		(32,185,555	)		(652,584	)
Institutional Shares		(7,532,931	)		(168,329	)		(40,692,466	)		(823,921	)
Net increase (decrease) from fund share transactions
Investor Shares		(18,164,856	)		(407,060	)		(82,666,872	)		(1,692,839	)
Advisor Shares		13,234,869			299,999			5,800,555			108,305
Institutional Shares		(2,201,288	)		(49,248	)		(20,925,292	)		(428,308	)

	SMALL CAP
	Six Months  Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		1,803,843		$	52,675			3,529,128		$	93,275
Advisor Shares(8)		9,144,343			279,037			-			-
Institutional Shares		2,534,902			75,930			6,619,254			176,255
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		281,769			8,225			2,914,671			79,454
Advisor Shares(8)		-			-			-			-
Institutional Shares		146,960			4,329			975,362			26,764
Cost of shares redeemed
Investor Shares		(12,642,584	)		(381,038	)		(11,148,753	)		(294,375	)
Advisor Shares(8)		(249,734	)		(7,572	)		-			-
Institutional Shares		(3,324,319	)		(99,857	)		(4,000,656	)		(107,513	)
Net increase (decrease) from fund share transactions
Investor Shares		(10,556,972	)		(320,138	)		(4,704,954	)		(121,646	)
Advisor Shares(8)		8,894,609			271,465			-			-
Institutional Shares		(642,457	)		(19,598	)		3,593,960			95,506

Artisan Partners Funds 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	VALUE
	Six Months  Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		6,714,527		$	92,488			18,521,071		$	226,573
Advisor Shares		8,504,870			118,703			10,882,442			123,696
Institutional Shares		368,072			4,979			1,408,356			15,603
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		227,084			3,036			2,697,247			31,342
Advisor Shares		126,771			1,690			4,281,589			49,538
Institutional Shares		51,982			694			1,334,487			15,480
Cost of shares redeemed
Investor Shares		(10,113,992	)		(141,759	)		(15,821,093	)		(185,610	)
Advisor Shares		(2,682,763	)		(37,167	)		(36,227,623	)		(430,315	)
Institutional Shares		(1,070,382	)		(14,954	)		(10,788,989	)		(125,989	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,172,381	)		(46,235	)		5,397,225			72,305
Advisor Shares		5,948,878			83,226			(21,063,592	)		(257,081	)
Institutional Shares		(650,328	)		(9,281	)		(8,046,146	)		(94,906	)

⁽¹⁾  Net of redemption fees.

⁽²⁾  Effective, February 1, 2016, the board of directors of the Funds approved eliminating the redemption fee for all Funds except High Income Fund.

⁽³⁾  Amount rounds to less than $1.

⁽⁴⁾  For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽⁵⁾  For the period from commencement of operations (October 15, 2015) through January 31, 2016. See footnote (2) above.

⁽⁶⁾  For the period from commencement of operations (October 3, 2016) through March 31, 2017.

⁽⁷⁾  For the period from commencement of operations (April 12, 2016) through September 30, 2016.

⁽⁸⁾  For the period from commencement of operations (February 1, 2017) through March 31, 2017.

(15) Accounting Pronouncements:

In December 2016, FASB issued Accounting Standards update 2016-19 – Technical Corrections and Improvements (“ASU 2016-19”), which is effective for interim periods for all entities beginning after December 15, 2016. ASU 2016-19 includes an amendment to Topic 820, Fair Value Measurement, which clarifies the difference between a valuation approach and a valuation technique when applying the guidance in that Topic. That amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The transition guidance for the amendment must be applied prospectively because it could potentially involve the use of hindsight that includes fair value measurements. Although still evaluating the potential impacts of ASU 2016-19 to the Fund, management expects that the impact of the Fund’s adoption will be limited to additional financial statement disclosures.

In October 2016, the Securities and Exchange Commission (“SEC”) issued a new rule, Investment Company Reporting Modernization, which, among other provisions, amends Regulation S-X to require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Compliance with the guidance is effective for financial statements filed with the SEC on or after August 1, 2017; adoption will have no effect on the Fund’s net assets or results of operations. Although still evaluating the potential impacts of the Investment Company Reporting Modernization to the Fund,

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

management expects that the impact of the Fund’s adoption will be limited to additional financial statement disclosures.

(16) Subsequent Events:

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

Artisan Partners Funds 99

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, 2016 to March 31, 2017.

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, 2017 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 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid  During Period 10/1/2016-3/31/2017(1)		Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$1,000.00		$1,043.40		$7.03		1.38%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$6.94		1.38%
Advisor Shares
Actual		$1,000.00		$1,044.10		$6.12		1.20%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.95		$6.04		1.20%
Institutional Shares
Actual		$1,000.00		$1,043.90		$5.66		1.11%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.40		$5.59		1.11%

100 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid  During Period 10/1/2016-3/31/2017(1)		Expense Ratio(2)(3)
Artisan Emerging Markets Fund
Investor Shares
Actual		$1,000.00		$1,069.10		$7.74		1.50%
Hypothetical (5% return before expenses)		$1,000.00		$1,017.45		$7.54		1.50%
Institutional Shares
Actual		$1,000.00		$1,069.00		$7.74		1.50%
Hypothetical (5% return before expenses)		$1,000.00		$1,017.45		$7.54		1.50%
Artisan Global Equity Fund
Investor Shares
Actual		$1,000.00		$1,019.30		$7.15		1.42%
Hypothetical (5% return before expenses)		$1,000.00		$1,017.85		$7.14		1.42%
Institutional Shares
Actual		$1,000.00		$1,021.00		$5.79		1.15%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79		1.15%
Artisan Global Opportunities Fund
Investor Shares
Actual		$1,000.00		$1,039.00		$5.80		1.14%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.25		$5.74		1.14%
Advisor Shares
Actual		$1,000.00		$1,039.40		$5.24		1.03%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.80		$5.19		1.03%
Institutional Shares
Actual		$1,000.00		$1,040.10		$4.68		0.92%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63		0.92%
Artisan Global Value Fund
Investor Shares
Actual		$1,000.00		$1,082.70		$6.44		1.24%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.75		$6.24		1.24%
Advisor Shares
Actual		$1,000.00		$1,083.20		$5.71		1.10%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.45		$5.54		1.10%
Institutional Shares
Actual		$1,000.00		$1,084.00		$5.30		1.02%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.85		$5.14		1.02%
Artisan High Income Fund
Investor Shares
Actual		$1,000.00		$1,050.90		$5.16		1.01%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.90		$5.09		1.01%

Artisan Partners Funds 101

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid  During Period 10/1/2016-3/31/2017(1)		Expense Ratio(2)(3)
Advisor Shares
Actual		$1,000.00		$1,051.90		$4.14		0.81%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.89		$4.08		0.81%
Institutional Shares(4)
Actual		$1,000.00		$1,049.50		$5.58		1.11%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.08		$5.50		1.11%
Artisan International Fund
Investor Shares
Actual		$1,000.00		$997.70		$6.08		1.22%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.85		$6.14		1.22%
Advisor Shares
Actual		$1,000.00		$998.60		$5.18		1.04%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.75		$5.24		1.04%
Institutional Shares
Actual		$1,000.00		$998.90		$4.78		0.96%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.14		$4.84		0.96%
Artisan International Small Cap Fund
Investor Shares
Actual		$1,000.00		$960.50		$7.58		1.55%
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80		1.55%
Institutional Shares
Actual		$1,000.00		$961.90		$6.60		1.35%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.20		$6.79		1.35%
Artisan International Value Fund
Investor Shares
Actual		$1,000.00		$1,062.90		$6.12		1.19%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99		1.19%
Advisor Shares
Actual		$1,000.00		$1,064.00		$5.25		1.02%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.85		$5.14		1.02%
Institutional Shares
Actual		$1,000.00		$1,064.00		$4.94		0.96%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.14		$4.84		0.96%
Artisan Mid Cap Fund
Investor Shares
Actual		$1,000.00		$1,034.40		$6.09		1.20%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.95		$6.04		1.20%

102 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid  During Period 10/1/2016-3/31/2017(1)		Expense Ratio(2)(3)
Advisor Shares
Actual		$1,000.00		$1,035.30		$5.28		1.04%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.75		$5.24		1.04%
Institutional Shares
Actual		$1,000.00		$1,035.40		$4.82		0.95%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19		$4.78		0.95%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$1,000.00		$1,102.30		$6.24		1.19%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99		1.19%
Advisor Shares
Actual		$1,000.00		$1,103.20		$5.56		1.06%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.65		$5.34		1.06%
Institutional Shares
Actual		$1,000.00		$1,103.70		$5.09		0.97%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.09		$4.89		0.97%
Artisan Small Cap Fund
Investor Shares
Actual		$1,000.00		$1,035.90		$6.24		1.23%
Hypothetical (5% return before expenses)		$1,000.00		$1,018.80		$6.19		1.23%
Advisor Shares(5)
Actual		$1,000.00		$1,049.30		$1.87		1.15%
Hypothetical (5% return before expenses)		$1,000.00		$1,006.12		$1.83		1.15%
Institutional Shares
Actual		$1,000.00		$1,037.30		$5.13		1.01%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.90		$5.09		1.01%
Artisan Value Fund
Investor Shares
Actual		$1,000.00		$1,104.00		$5.09		0.97%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.09		$4.89		0.97%
Advisor Shares
Actual		$1,000.00		$1,105.10		$4.41		0.84%
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.23		0.84%
Institutional Shares
Actual		$1,000.00		$1,105.30		$4.09		0.78%
Hypothetical (5% return before expenses)		$1,000.00		$1,021.04		$3.93		0.78%

Artisan Partners Funds 103

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, 2017, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

⁽²⁾  Annualized ratio of expenses to average net assets for the six-month period ended March 31, 2017.

⁽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 High Income Fund – Institutional Shares have been presented for the period from commencement of operations (October 3, 2016) through March 31, 2017. Assuming a six-month period, and the actual account values as of March 31, 2017, and the expenses paid during the period 10/1/2016-3/31/2017 would have been as follows:

	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid  During Period 10/1/2016-3/31/2017
Artisan High Income Fund
Institutional Shares
Actual		$1,000.00		$1,049.50		$5.67
Hypothetical (5% return before expenses)		$1,000.00		$1,019.40		$5.59

⁽⁵⁾  The account value and the expenses paid for Small Cap Fund – Advisor Shares have been presented for the period from commencement of operations (February 1, 2017) through March 31, 2017. Assuming a six-month period, and the actual account values as of March 31, 2017, and the expenses paid during the period 10/1/2016-3/31/2017 would have been as follows:

	Beginning Account Value 10/01/2016		Ending Account Value 3/31/2017		Expenses Paid  During Period 10/01/2016-3/31/2017
Artisan Small Cap Fund
Advisor Shares
Actual		$1,000.00		$1,049.30		$5.88
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79

104 Artisan Partners Funds

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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

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

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

Trademarks

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

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

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

Artisan Partners Funds 105

PROXY VOTING POLICIES AND PROCEDURES

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

106 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

Item 2.    Code of Ethics.

Not applicable for semiannual reports.

Item 3.    Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4.    Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5.    Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.    Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of March 31, 2017 are included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes to report.

Item 11.    Controls and Procedures.

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

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

Item 12.    Exhibits.

(a)	(1)	Not applicable for semiannual reports.
	(2)	Certifications of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)
	(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:	June 2, 2017

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

By:	/s/ Eric R. Colson
	Eric R. Colson
	Principal Executive Officer
Date:	June 2, 2017
By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 2, 2017