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: 3/31/18

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 Discovery Fund	APFDX	N/A	N/A
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 Thematic Fund	ARTTX	N/A	N/A
Artisan Value Fund	ARTLX	APDLX	APHLX

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Developing World Fund
4	Artisan Emerging Markets Fund
7	Artisan Global Discovery Fund
9	Artisan Global Equity Fund
12	Artisan Global Opportunities Fund
14	Artisan Global Value Fund
17	Artisan High Income Fund
23	Artisan International Fund
26	Artisan International Small Cap Fund
29	Artisan International Value Fund
32	Artisan Mid Cap Fund
35	Artisan Mid Cap Value Fund
37	Artisan Small Cap Fund
39	Artisan Thematic Fund
41	Artisan Value Fund
43	STATEMENTS OF ASSETS AND LIABILITIES
47	STATEMENTS OF OPERATIONS
51	STATEMENTS OF CHANGES IN NET ASSETS
60	FINANCIAL HIGHLIGHTS
75	NOTES TO FINANCIAL STATEMENTS
111	SHAREHOLDER EXPENSE EXAMPLE
116	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
117	PROXY VOTING POLICIES AND PROCEDURES
117	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, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.6%
ARGENTINA - 3.1%
Grupo Financiero Galicia S.A. (DR)		529,269		$	34,805
Grupo Supervielle S.A. (DR)		1,323,142			40,144
					74,949
BRAZIL - 8.3%
BK Brasil Operacao e Assessoria a Restaurantes S.A.(1)		4,334,499			21,006
Cielo S.A.		12,201,020			76,463
Hypera S.A.		3,542,100			38,796
Kroton Educacional S.A.		6,524,500			26,877
Pagseguro Digital Ltd., Class A(1)		293,992			11,266
Rumo S.A.(1)		6,586,100			26,233
					200,641
CHINA - 28.0%
Alibaba Group Holding Ltd. (DR)(1)		596,763			109,530
Baidu, Inc. (DR)(1)		308,674			68,893
China Lodging Group Ltd. (DR)		232,708			30,650
Hangzhou Hikvision Digital Technology Co., Ltd.(2)		7,984,534			53,274
Kweichow Moutai Co., Ltd., Class A(2)		491,751			54,397
Shanghai International Airport Co., Ltd., Class A(2)		13,110,764			99,784
Sinopharm Group Co., Ltd., Class H(2)		12,533,900			63,051
TAL Education Group (DR)		1,304,714			48,392
Tencent Holdings Ltd.(2)		1,499,900			79,842
Yum China Holdings, Inc.		1,632,377			67,744
					675,557
FRANCE - 0.9%
LVMH Moet Hennessy Louis Vuitton SE(2)		71,590			22,078
HONG KONG - 7.5%
AIA Group Ltd.(2)		13,149,700			112,257
Galaxy Entertainment Group Ltd.(2)		7,379,000			67,642
					179,899
INDIA - 13.6%
Dish TV India Ltd.(1)(2)		43,088,125			47,628
Eicher Motors Ltd.(2)		77,300			33,882
HDFC Bank Ltd. (DR)		1,176,037			116,157
ICICI Bank Ltd.(2)		7,016,289			30,209
ICICI Bank Ltd. (DR)		3,524,569			31,192
PVR Ltd.(2)		1,257,510			23,538
UPL Ltd.(2)		4,041,747			45,387
					327,993
INDONESIA - 0.9%
Matahari Department Store Tbk PT(2)		26,140,900			20,893
MALAYSIA - 0.3%
My EG Services Bhd		11,163,300			8,370
MEXICO - 1.7%
Banco del Bajio S.A.(1)(2)		19,383,468			41,654
NETHERLANDS - 4.4%
ASML Holding N.V. (DR)		120,525			23,931
Unilever N.V. (DR)(2)		1,446,173			81,750
					105,681
PERU - 0.5%
Credicorp Ltd.		54,004			12,261
PHILIPPINES - 1.0%
Puregold Price Club, Inc.(2)		23,947,670			24,179
RUSSIA - 6.7%
Sberbank of Russia PJSC (DR)(2)		3,342,331			62,422
X5 Retail Group N.V. (DR)(1)(2)		1,050,155			35,349
Yandex N.V., Class A(1)		1,617,842			63,824
					161,595
SOUTH AFRICA - 1.0%
Mr Price Group Ltd.(2)		976,992			23,552
UNITED ARAB EMIRATES - 1.6%
Emaar Properties PJSC(2)		24,802,578			39,270
UNITED KINGDOM - 1.1%
Diageo plc(2)		755,655			25,564
UNITED STATES - 12.0%
Aptiv plc		611,080			51,923
China Biologic Products Holdings, Inc.(1)		295,003			23,895
Copa Holdings S.A., Class A(3)		184,243			23,699
EPAM Systems, Inc.(1)		124,377			14,244
Facebook, Inc., Class A(1)		352,034			56,252
MercadoLibre, Inc.		78,161			27,856
NIKE, Inc., Class B		281,129			18,678
Starbucks Corp.		418,478			24,226
Visa, Inc., Class A		409,078			48,934
					289,707
Total common stocks (Cost $1,817,118)					2,233,843

2 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.3%
MONEY MARKET FUNDS - 7.3%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		44,337,560		$	44,338
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		44,337,560			44,337
Federated Treasury Obligations Fund – Institutional Class, 1.60%		44,337,560			44,337
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		44,337,560			44,338
Total short-term investments (cash equivalents) (Cost $177,350)					177,350
Total investments - 99.9% (Cost $1,994,468)					2,411,193
Other assets less liabilities - 0.1%					2,257
Total net assets - 100.0%(4)				$	2,413,450

⁽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 $1,087,602, or 45.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ Non-voting shares.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	494,827		20.5	%
Consumer Staples			221,239		9.2
Financials			481,101		20.0
Health Care			125,742		5.2
Industrials			183,598		7.6
Information Technology			642,679		26.7
Materials			45,387		1.9
Real Estate			39,270		1.6
Short-term investments			177,350		7.3
Total investments		$	2,411,193		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	189,375		7.9	%
British pound			25,564		1.1
Chinese yuan renminbi offshore			207,455		8.6
Euro			103,828		4.3
Hong Kong dollar			322,792		13.4
Indian rupee			180,644		7.5
Indonesian rupiah			20,893		0.9
Malaysian ringgit			8,370		0.3
Mexican peso			41,654		1.7
Philippine peso			24,179		1.0
South African rand			23,552		1.0
U.S. dollar			1,223,617		50.7
UAE dirham			39,270		1.6
Total investments		$	2,411,193		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
HDFC Bank Ltd.	India		4.8	%
AIA Group Ltd.	Hong Kong		4.7
Alibaba Group Holding Ltd.	China		4.5
Shanghai International Airport Co., Ltd.	China		4.1
Unilever N.V.	Netherlands		3.4
Tencent Holdings Ltd.	China		3.3
Cielo S.A.	Brazil		3.2
Baidu, Inc.	China		2.9
Yum China Holdings, Inc.	China		2.8
Galaxy Entertainment Group Ltd.	Hong Kong		2.8
Total			36.5	%

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

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

Artisan Partners Funds 3

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.9%
ARGENTINA - 3.0%
Grupo Supervielle S.A. (DR)		41,089		$	1,247
YPF S.A. (DR)		27,084			585
					1,832
BRAZIL - 6.1%
Anima Holding S.A.		52,400			402
CVC Brasil Operadora e Agencia de Viagens S.A.		24,763			455
Hypera S.A.		39,938			437
Linx S.A.		102,600			629
Petroleo Brasileiro S.A.(1)		129,689			918
Vale S.A.		70,513			901
					3,742
CHILE - 2.1%
Empresa Nacional de Telecomunicaciones S.A.		41,652			483
SACI Falabella		87,220			836
					1,319
CHINA - 21.9%
Ajisen China Holdings Ltd.(2)		615,913			292
Alibaba Group Holding Ltd. (DR)(1)		18,699			3,432
Baidu, Inc. (DR)(1)		4,813			1,074
China High Precision Automation Group Ltd.(1)(2)(3)		9,066,000			–
China Life Insurance Co., Ltd., Class H(2)		289,800			805
China Petroleum & Chemical Corp., Class H(2)		1,027,453			911
China Traditional Chinese Medicine Holdings Co., Ltd.(2)		918,000			681
Ctrip.com International Ltd. (DR)(1)		13,809			644
Digital China Holdings Ltd.(1)(2)		558,460			309
iQIYI, Inc. (DR)(1)		21,074			328
Noah Holdings Ltd. (DR)(1)		24,011			1,134
Sino Biopharmaceutical Ltd.(2)		807,000			1,608
Sinopharm Group Co., Ltd., Class H(2)		151,700			763
Sinotrans Ltd., Class H(2)		796,341			442
Zhuzhou CRRC Times Electric Co., Ltd., Class H(2)		228,715			1,116
					13,539
CZECH REPUBLIC - 1.0%
Moneta Money Bank AS(2)		149,131			619
GREECE - 0.9%
JUMBO S.A.(2)		31,813			570
HONG KONG - 1.2%
AIA Group Ltd.(2)		90,465			772
INDIA - 6.1%
Godrej Consumer Products Ltd.(2)		26,843			455
Havells India Ltd.(2)		54,449			410
ICICI Bank Ltd.(2)		211,281			910
Kajaria Ceramics Ltd.(2)		45,390			405
Reliance Industries Ltd.(2)		85,693			1,164
Westlife Development Ltd.(1)(2)		88,318			451
					3,795
INDONESIA - 3.6%
Astra International Tbk PT(2)		1,106,170			589
Bank Rakyat Indonesia Persero Tbk PT(1)(2)		2,439,700			640
Indofood CBP Sukses Makmur Tbk PT(2)		842,800			508
Telekomunikasi Indonesia Persero Tbk PT(2)		1,862,000			489
					2,226
KENYA - 1.1%
Equity Group Holdings Ltd.(2)		1,268,500			690
KOREA - 14.3%
Hanssem Co., Ltd.		2,395			347
KB Financial Group, Inc.		9,406			536
Kia Motors Corp.		14,599			425
LG Chem Ltd.		1,822			659
Medy-Tox, Inc.		846			581
Naver Corp.		723			537
Samsung Biologics Co., Ltd.(1)		2,341			1,069
Samsung Electronics Co., Ltd.		1,825			4,214
Shinhan Financial Group Co., Ltd.		11,002			472
					8,840
MALAYSIA - 0.8%
AirAsia BHD		484,500			492
MEXICO - 0.9%
Cemex S.A.B. de C.V., UNIT(1)(2)		821,218			545
PERU - 1.7%
Credicorp Ltd.		2,816			639
Grana y Montero S.A.A. (DR)(1)		131,513			400
					1,039
POLAND - 1.6%
PLAY Communications S.A.(1)(2)		52,422			509
Warsaw Stock Exchange(2)		41,564			502
					1,011
RUSSIA - 4.5%
Lukoil PJSC (DR)(2)		12,511			863
MMC Norilsk Nickel PJSC (DR)(2)		35,578			660
Polyus PJSC (DR)(2)		17,799			696

4 Artisan Partners Funds

	Shares Held		Value
RUSSIA (CONTINUED)
Yandex N.V., Class A(1)		13,578		$	536
					2,755
SOUTH AFRICA - 5.4%
FirstRand Ltd.(2)		107,029			606
Foschini Group Ltd.(2)		58,714			1,111
Naspers Ltd., Class N(2)		6,597			1,616
					3,333
SWITZERLAND - 0.6%
Dufry AG(1)(2)		2,618			343
TAIWAN - 10.6%
E Ink Holdings, Inc.		292,000			499
Hon Hai Precision Industry Co., Ltd.		296,508			900
MediaTek, Inc.		63,794			745
Sunny Friend Environmental Technology Co., Ltd.		132,000			1,039
Taiwan Semiconductor Manufacturing Co., Ltd.		394,647			3,350
					6,533
THAILAND - 0.6%
Bangkok Bank PCL (DR)		63,400			399
TURKEY - 1.7%
Akbank Turk AS		208,166			504
Turkiye Sinai Kalkinma Bankasi AS		1,439,805			562
					1,066
UNITED ARAB EMIRATES - 0.9%
Emaar Development PJSC(1)(2)		360,118			531
UNITED KINGDOM - 2.0%
Georgia Healthcare Group plc(1)(2)		120,650			523
Global Ports Holding plc(2)		118,253			705
					1,228
UNITED STATES - 0.3%
MercadoLibre, Inc.		475			169
Total common stocks (Cost $45,626)					57,388
PREFERRED STOCKS - 5.0%
BRAZIL - 2.7%
Cia Energetica de Minas Gerais, 6.08%(4)		225,100			584
Itau Unibanco Holding S.A., 0.35%(4)		67,635			1,051
					1,635
RUSSIA - 2.3%
Sberbank of Russia PJSC(1)(2)(4)		378,980			1,417
Total preferred stocks (Cost $1,706)					3,052
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.5%
MONEY MARKET FUNDS - 2.5%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		391,304			392
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		391,304			391
Federated Treasury Obligations Fund – Institutional Class, 1.60%		391,304			391
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		391,304			391
Total short-term investments (cash equivalents) (Cost $1,565)					1,565
Total investments - 100.4% (Cost $48,897)					62,005
Other assets less liabilities - (0.4)%					(254	)
Total net assets - 100.0%(5)				$	61,751

⁽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 $26,226, or 42.5% 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⁾ 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 5

PORTFOLIO DIVERSIFICATION - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	8,409		13.6	%
Consumer Staples			963		1.5
Energy			4,441		7.2
Financials			13,505		21.8
Health Care			5,662		9.1
Industrials			5,009		8.1
Information Technology			16,394		26.4
Materials			3,461		5.6
Real Estate			531		0.9
Telecommunication Services			1,481		2.4
Utilities			584		0.9
Short-term investments			1,565		2.5
Total investments		$	62,005		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	5,377		8.7	%
British pound			1,228		2.0
Chilean peso			1,319		2.1
Czech koruna			619		1.0
Euro			570		0.9
Hong Kong dollar			7,699		12.4
Indian rupee			3,795		6.1
Indonesian rupiah			2,226		3.6
Kenyan shilling			690		1.1
Korean won			8,840		14.3
Malaysian ringgit			492		0.8
Mexican peso			545		0.9
Polish zloty			1,011		1.6
South African rand			3,333		5.4
Swiss franc			343		0.6
Taiwan dollar			6,533		10.5
Thai baht			399		0.6
Turkish lira			1,066		1.7
U.S. dollar			15,389		24.8
UAE dirham			531		0.9
Total investments		$	62,005		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.8	%
Alibaba Group Holding Ltd.	China		5.6
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.4
Naspers Ltd.	South Africa		2.6
Sino Biopharmaceutical Ltd.	China		2.6
Sberbank of Russia PJSC	Russia		2.3
Grupo Supervielle S.A.	Argentina		2.0
Reliance Industries Ltd.	India		1.9
Noah Holdings Ltd.	China		1.8
Zhuzhou CRRC Times Electric Co., Ltd.	China		1.8
Total			32.8	%

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

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

6 Artisan Partners Funds

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.7%
AUSTRALIA - 2.8%
Treasury Wine Estates Ltd.(1)		76,265		$	996
BRAZIL - 2.5%
Hypera S.A.		34,900			382
Linx S.A.		79,300			486
					868
CANADA - 0.5%
BlackBerry Ltd.(2)		14,079			162
CHINA - 2.2%
JD.com, Inc. (DR)(2)		12,525			507
Kingdee International Software Group Co., Ltd.(1)(2)		254,000			259
					766
DENMARK - 1.8%
Genmab AS(1)(2)		3,011			648
FRANCE - 5.3%
Dassault Systemes SE(1)		4,089			556
Maisons du Monde S.A.(1)		10,397			380
Orpea(1)		2,536			323
Vivendi S.A.(1)		24,352			630
					1,889
HONG KONG - 2.0%
Techtronic Industries Co., Ltd.(1)		121,000			715
INDIA - 2.1%
HDFC Bank Ltd. (DR)		7,388			730
JAPAN - 3.6%
Nintendo Co., Ltd.		1,500			661
Shiseido Co., Ltd.		9,500			608
					1,269
NETHERLANDS - 5.6%
ASML Holding N.V.(1)		4,786			947
IMCD Group N.V.(1)		13,661			841
Takeaway.com N.V.(1)(2)		3,486			185
					1,973
SOUTH AFRICA - 1.3%
Bid Corp., Ltd.(1)		21,100			460
SPAIN - 1.5%
Amadeus IT Group S.A.(1)		7,324			541
SWITZERLAND - 1.2%
Temenos Group AG(1)(2)		3,479			418
UNITED KINGDOM - 8.6%
B&M European Value Retail S.A.(1)		123,209			677
Fevertree Drinks plc(1)		23,148			856
Halma plc(1)		47,831			792
Intertek Group plc(1)		7,193			471
Standard Chartered plc(1)		25,685			257
					3,053
UNITED STATES - 56.7%
Alexion Pharmaceuticals, Inc.(2)		2,060			230
AO Smith Corp.		10,812			688
Boston Scientific Corp.(2)		36,991			1,011
Box, Inc., Class A(2)		7,546			155
BWX Technologies, Inc.		23,804			1,512
Cintas Corp.		5,992			1,022
Cree, Inc.(2)		9,481			382
Delphi Technologies plc		11,130			530
Diamondback Energy, Inc.(2)		7,037			890
First Republic Bank		8,785			814
FLIR Systems, Inc.		5,420			271
Gardner Denver Holdings, Inc.(2)		5,766			177
Gartner, Inc.(2)		2,985			351
Global Payments, Inc.		15,218			1,697
Guidewire Software, Inc.(2)		15,500			1,253
IHS Markit Ltd.(2)		20,540			991
New York Times Co., Class A		7,770			187
Noble Energy, Inc.		28,889			875
Novanta, Inc.(2)		8,085			422
Ollie’s Bargain Outlet Holdings, Inc.(2)		5,578			336
Progressive Corp.		8,180			498
Tableau Software, Inc., Class A(2)		10,273			830
TD Ameritrade Holding Corp.		11,510			682
Teledyne Technologies, Inc.(2)		8,812			1,649
Veeva Systems, Inc., Class A(2)		9,065			662
Wabtec Corp.		5,578			454
Webster Financial Corp.		18,765			1,040
Zynga, Inc., Class A(2)		122,544			449
					20,058
Total common stocks (Cost $32,998)					34,546

Artisan Partners Funds 7

	Shares Held		Value
PREFERRED STOCK - 1.1%
GERMANY - 1.1%
Sartorius AG, 0.40%(1)(3)		2,694		$	376
Total preferred stock (Cost $292)					376
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.0%
MONEY MARKET FUNDS - 2.0%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		177,095			177
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		177,095			177
Federated Treasury Obligations Fund – Institutional Class, 1.60%		177,095			177
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		177,095			177
Total short-term investments (cash equivalents) (Cost $708)					708
Total investments - 100.8% (Cost $33,998)					35,630
Other assets less liabilities - (0.8)%					(287	)
Total net assets - 100.0%(4)				$	35,343

⁽¹⁾ 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 $11,328, or 32.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Non-income producing security.

⁽³⁾ Non-voting shares.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	3,962		11.1	%
Consumer Staples			2,920		8.2
Energy			1,765		4.9
Financials			4,021		11.3
Health Care			3,632		10.2
Industrials			7,805		21.9
Information Technology			10,817		30.4
Short-term investments			708		2.0
Total investments		$	35,630		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	996		2.8	%
Brazilian real			868		2.4
British pound			3,053		8.6
Danish krone			648		1.8
Euro			4,779		13.4
Hong Kong dollar			974		2.7
Japanese yen			1,269		3.6
South African rand			460		1.3
Swiss franc			418		1.2
U.S. dollar			22,165		62.2
Total investments		$	35,630		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		4.8	%
Teledyne Technologies, Inc.	United States		4.7
BWX Technologies, Inc.	United States		4.3
Guidewire Software, Inc.	United States		3.5
Webster Financial Corp.	United States		2.9
Cintas Corp.	United States		2.9
Boston Scientific Corp.	United States		2.9
Treasury Wine Estates Ltd.	Australia		2.8
IHS Markit Ltd.	United States		2.8
ASML Holding N.V.	Netherlands		2.7
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.

8 Artisan Partners Funds

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 95.1%
BRAZIL - 1.7%
B3 S.A. - Brasil Bolsa Balcao		97,515		$	788
Petroleo Brasileiro S.A. (DR)(1)		324,321			4,586
					5,374
CANADA - 3.2%
CAE, Inc.		147,656			2,748
Canadian Pacific Railway Ltd.		18,727			3,305
First Quantum Minerals Ltd.		271,300			3,810
					9,863
CHILE - 2.6%
Enel Americas S.A. (DR)		700,661			8,142
CHINA - 1.7%
China Literature Ltd.(1)(2)		1,984			19
Kweichow Moutai Co., Ltd., Class A(2)		5,699			630
Ping An Insurance Group Co. of China Ltd., Class H(2)		435,500			4,481
					5,130
DENMARK - 0.5%
Genmab AS(1)(2)		7,203			1,551
FRANCE - 4.5%
Airbus SE(2)		66,183			7,658
BNP Paribas S.A.(2)		40,471			3,001
Safran S.A.(2)		11,838			1,254
Vinci S.A.(2)		14,194			1,397
Worldline S.A.(1)(2)		15,114			769
					14,079
GERMANY - 12.0%
Deutsche Boerse AG(2)		107,315			14,619
LANXESS AG(2)		1,368			105
Linde AG, Tender Shares(1)(2)		44,637			9,397
Linde AG(2)		3,157			634
Wirecard AG(2)		105,748			12,500
					37,255
HONG KONG - 3.1%
AIA Group Ltd.(2)		281,195			2,401
Sands China Ltd.(2)		92,800			504
Techtronic Industries Co., Ltd.(2)		1,146,000			6,769
					9,674
INDIA - 2.8%
Housing Development Finance Corp., Ltd.(2)		193,653			5,433
ICICI Securities Ltd.(1)(2)(3)(4)		398,552			3,177
					8,610
IRELAND - 0.6%
Ryanair Holdings plc, Equity-Linked Security(1)(2)(3)(5)(6)		86,600			1,708
ITALY - 1.5%
Intesa Sanpaolo S.p.A.(2)		1,236,942			4,511
JAPAN - 4.4%
Calbee, Inc.		79,300			2,623
Japan Exchange Group, Inc.		64,800			1,200
Kose Corp.		39,826			8,335
Obic Co., Ltd.		19,800			1,647
					13,805
NETHERLANDS - 7.9%
ASM International N.V.(2)		80,804			5,907
ING Groep N.V.(2)		528,005			8,918
InterXion Holding N.V.(1)		143,768			8,929
Randstad Holding N.V.(2)		13,095			863
					24,617
RUSSIA - 1.0%
Yandex N.V., Class A(1)		76,130			3,003
SWITZERLAND - 2.5%
Idorsia Ltd.(1)(2)		4,584			110
Lonza Group AG(1)(2)		18,443			4,351
Nestle S.A.(2)		43,073			3,410
					7,871
UNITED KINGDOM - 5.3%
Ferguson plc(2)		40,477			3,045
Glencore plc(1)(2)		591,397			2,943
HSBC Holdings plc(2)		162,529			1,519
London Stock Exchange Group plc(2)		40,149			2,327
Prudential plc(2)		162,901			4,072
Rentokil Initial plc(2)		281,801			1,075
Standard Chartered plc(2)		151,119			1,513
					16,494
UNITED STATES - 39.8%
Albemarle Corp.		22,148			2,054
Alphabet, Inc., Class A(1)		2,956			3,066
Alphabet, Inc., Class C(1)(5)		3,966			4,092
Amazon.com, Inc.(1)		2,793			4,042
Applied Materials, Inc.		52,860			2,940

Artisan Partners Funds 9

	Shares Held		Value
UNITED STATES (CONTINUED)
Celgene Corp.(1)		65,023		$	5,801
Citigroup, Inc.		47,185			3,185
Citizens Financial Group, Inc.		108,841			4,569
CME Group, Inc.		15,962			2,582
DaVita, Inc.(1)		65,222			4,301
DowDuPont, Inc.		72,270			4,604
Equifax, Inc.		34,670			4,084
Express Scripts Holding Co.(1)		22,307			1,541
Facebook, Inc., Class A(1)		39,960			6,385
Fidelity National Information Services, Inc.		57,091			5,498
Fiserv, Inc.(1)		21,804			1,555
Harris Corp.		56,237			9,070
IHS Markit Ltd.(1)		68,468			3,303
Intercontinental Exchange, Inc.		122,991			8,919
Lamb Weston Holdings, Inc.		90,701			5,281
MasterCard, Inc., Class A		44,663			7,823
Nevro Corp.(1)		40,820			3,538
PayPal Holdings, Inc.(1)		28,398			2,155
PTC, Inc.(1)		64,831			5,057
Raytheon Co.		44,330			9,567
Wells Fargo & Co.		102,774			5,386
World Wrestling Entertainment, Inc., Class A		86,863			3,128
					123,526
Total common stocks and equity-linked security (Cost $239,918)					295,213
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.9%
MONEY MARKET FUNDS - 4.9%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		3,837,809			3,838
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		3,837,809			3,837
Federated Treasury Obligations Fund – Institutional Class, 1.60%		3,837,809			3,838
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		3,837,809			3,838
Total short-term investments (cash equivalents) (Cost $15,351)					15,351
Total investments - 100.0% (Cost $255,269)					310,564
Other assets less liabilities - 0.0%†					2
Total net assets - 100.0%(7)				$	310,566

 ^† Amount rounds to less than 0.1%.

⁽¹⁾ Non-income producing security.

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $122,571, or 39.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ Security is restricted. 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
ICICI Securities Ltd.		3/21/2018		$	3,178		$	3,177		1.0	%
Ryanair Holdings plc		4/5/2017- 3/29/2018			1,502			1,708		0.6	%

⁽⁴⁾ 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 $3,177, or 1.0% of total net assets.

⁽⁵⁾ Non-voting shares.

⁽⁶⁾ 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.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	14,462		4.7	%
Consumer Staples			20,279		6.5
Energy			4,586		1.5
Financials			82,601		26.6
Health Care			21,193		6.8
Industrials			49,077		15.8
Information Technology			71,326		23.0
Materials			23,547		7.6
Utilities			8,142		2.6
Short-term investments			15,351		4.9
Total investments		$	310,564		100.0	%

10 Artisan Partners Funds

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	788		0.3	%
British pound			16,494		5.3
Canadian dollar			6,558		2.1
Chinese yuan renminbi offshore			630		0.2
Danish krone			1,551		0.5
Euro			71,533		23.0
Hong Kong dollar			14,174		4.6
Indian rupee			8,610		2.8
Japanese yen			13,805		4.4
Swiss franc			7,871		2.5
U.S. dollar			168,550		54.3
Total investments		$	310,564		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Deutsche Boerse AG	Germany		4.7	%
Wirecard AG	Germany		4.0
Linde AG	Germany		3.2
Raytheon Co.	United States		3.1
Harris Corp.	United States		2.9
InterXion Holding N.V.	Netherlands		2.9
Intercontinental Exchange, Inc.	United States		2.9
ING Groep N.V.	Netherlands		2.8
Kose Corp.	Japan		2.7
Enel Americas S.A.	Chile		2.6
Total			31.8	%

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

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

Artisan Partners Funds 11

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.0%
AUSTRALIA - 4.7%
James Hardie Industries plc (DR)(1)		3,244,335		$	57,317
Treasury Wine Estates Ltd.(1)		6,757,530			88,251
					145,568
BRAZIL - 0.9%
Cielo S.A.		4,280,000			26,822
CHINA - 3.6%
JD.com, Inc. (DR)(2)		1,075,192			43,534
Tencent Holdings Ltd.(1)		1,291,817			68,765
					112,299
DENMARK - 3.5%
Genmab AS(1)(2)		501,804			108,031
FRANCE - 2.1%
Eurofins Scientific SE(1)		7,369			3,895
Vivendi S.A.(1)		2,353,785			60,922
					64,817
GERMANY - 3.4%
Adidas AG(1)		204,022			49,410
Axel Springer SE(1)		302,787			25,349
Brenntag AG(1)		522,971			31,123
					105,882
HONG KONG - 4.9%
Samsonite International S.A.(1)		6,807,100			31,126
Sands China Ltd.(1)		10,247,289			55,643
Techtronic Industries Co., Ltd.(1)		10,895,700			64,361
					151,130
INDIA - 2.1%
HDFC Bank Ltd. (DR)		645,863			63,792
JAPAN - 8.7%
Daifuku Co., Ltd.		798,200			47,785
Keyence Corp.		78,500			48,721
Nintendo Co., Ltd.		177,626			78,225
Shiseido Co., Ltd.		1,470,918			94,181
					268,912
NETHERLANDS - 4.9%
ASML Holding N.V. (DR)		426,569			84,700
ING Groep N.V.(1)		4,047,730			68,365
					153,065
SOUTH AFRICA - 1.7%
Bid Corp., Ltd.(1)		2,456,884			53,524
SPAIN - 1.9%
Amadeus IT Group S.A.(1)		812,252			60,048
SWITZERLAND - 3.1%
Lonza Group AG(1)(2)		149,509			35,268
Temenos Group AG(1)(2)		493,554			59,223
					94,491
UNITED KINGDOM - 5.3%
AstraZeneca plc(1)		457,500			31,468
Fevertree Drinks plc(1)		1,729,435			63,942
Intertek Group plc(1)		816,431			53,439
London Stock Exchange Group plc(1)		262,153			15,190
					164,039
UNITED STATES - 44.2%
Alphabet, Inc., Class A(2)		71,456			74,110
Anthem, Inc.		242,593			53,298
Aptiv plc		827,405			70,305
Bank of America Corp.		3,452,451			103,539
Booking Holdings, Inc.(2)		20,603			42,862
Boston Scientific Corp.(2)		2,702,078			73,821
Broadcom Ltd.		224,961			53,012
Facebook, Inc., Class A(2)		278,783			44,547
IHS Markit Ltd.(2)		3,996,611			192,796
LKQ Corp.(2)		2,138,800			81,167
Noble Energy, Inc.		2,424,173			73,452
Pioneer Natural Resources Co.		426,302			73,230
Progressive Corp.		513,074			31,262
S&P Global, Inc.		406,025			77,575
salesforce.com, Inc.(2)		401,389			46,682
State Street Corp.		1,012,036			100,930
Visa, Inc., Class A		1,473,582			176,270
					1,368,858
Total common stocks (Cost $2,153,708)					2,941,278
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
MONEY MARKET FUNDS - 5.4%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		41,927,415			41,927
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		41,927,415			41,927
Federated Treasury Obligations Fund – Institutional Class, 1.60%		41,927,415			41,928

12 Artisan Partners Funds

	Shares Held		Value
MONEY MARKET FUNDS (CONTINUED)
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		41,927,415		$	41,928
Total short-term investments (cash equivalents) (Cost $167,710)					167,710
Total investments - 100.4% (Cost $2,321,418)					3,108,988
Other assets less liabilities - (0.4)%					(13,234	)
Total net assets - 100.0%(3)				$	3,095,754

⁽¹⁾ 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 $1,084,660, or 35.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Non-income producing security.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	524,679		16.9	%
Consumer Staples			299,898		9.7
Energy			146,682		4.7
Financials			460,653		14.8
Health Care			305,781		9.8
Industrials			325,143		10.5
Information Technology			821,125		26.4
Materials			57,317		1.8
Short-term investments			167,710		5.4
Total investments		$	3,108,988		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	145,568		4.7	%
Brazilian real			26,822		0.9
British pound			164,039		5.3
Danish krone			108,031		3.5
Euro			299,112		9.6
Hong Kong dollar			219,895		7.1
Japanese yen			268,912		8.6
South African rand			53,524		1.7
Swiss franc			94,491		3.0
U.S. dollar			1,728,594		55.6
Total investments		$	3,108,988		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		6.2	%
Visa, Inc.	United States		5.7
Genmab AS	Denmark		3.5
Bank of America Corp.	United States		3.3
State Street Corp.	United States		3.3
Shiseido Co., Ltd.	Japan		3.0
Treasury Wine Estates Ltd.	Australia		2.8
ASML Holding N.V.	Netherlands		2.7
LKQ Corp.	United States		2.6
Nintendo Co., Ltd.	Japan		2.5
Total			35.6	%

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

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

Artisan Partners Funds 13

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 88.4%
BELGIUM - 1.9%
Groupe Bruxelles Lambert S.A.(1)		606,774		$	69,383
BRAZIL - 3.0%
Telefonica Brasil S.A. (DR)		7,041,595			108,159
CANADA - 1.9%
Imperial Oil Ltd.		2,600,634			68,874
CHINA - 3.0%
Baidu, Inc. (DR)(2)		497,210			110,972
DENMARK - 3.4%
Carlsberg AS, Class B(1)		489,066			58,443
ISS AS(1)		1,811,640			67,227
					125,670
INDIA - 0.8%
Bharti Infratel Ltd.(1)		5,366,994			27,718
JAPAN - 1.9%
Sugi Holdings Co., Ltd.		77,700			4,301
Yahoo Japan Corp.		14,381,000			66,766
					71,067
KOREA - 6.4%
Hyundai Motor Co.		183,452			24,698
Kia Motors Corp.		293,127			8,525
KT&G Corp.		344,652			32,335
Samsung Electronics Co., Ltd.		74,044			170,956
					236,514
NETHERLANDS - 3.8%
Akzo Nobel N.V.(1)		96,523			9,125
ING Groep N.V.(1)		5,566,792			94,022
Koninklijke Philips N.V.(1)		969,465			37,256
					140,403
NORWAY - 0.8%
Orkla ASA(1)		2,646,979			28,455
SPAIN - 0.9%
Bankia S.A.(1)(2)		7,608,234			34,096
SWEDEN - 1.0%
Telefonaktiebolaget LM Ericsson, Class B(1)		4,493,289			28,514
Telefonaktiebolaget LM Ericsson (DR)		1,197,717			7,665
					36,179
SWITZERLAND - 7.9%
ABB Ltd.(1)		4,587,070			109,238
Cie Financiere Richemont S.A.(1)		624,554			56,104
LafargeHolcim Ltd.(1)(2)		462,745			25,345
UBS Group AG(1)(2)		5,559,370			97,890
					288,577
UNITED KINGDOM - 11.8%
Barclays plc(1)		6,454,553			18,850
Diageo plc(1)		1,150,259			38,913
GlaxoSmithKline plc(1)		3,156,065			61,316
IMI plc(1)		1,245,783			18,909
John Wood Group plc(1)		3,041,867			23,075
Lloyds Banking Group plc(1)		110,086,576			100,036
Rolls-Royce Holdings plc(1)(2)		272,042			3,332
Royal Bank of Scotland Group plc(1)(2)		20,642,596			75,122
Tesco plc(1)		32,056,108			92,627
					432,180
UNITED STATES - 39.9%
Advance Auto Parts, Inc.		672,845			79,766
Alphabet, Inc., Class A(2)		41,055			42,580
Alphabet, Inc., Class C(2)(3)		26,811			27,663
American Express Co.		905,495			84,465
Aon plc		447,119			62,744
Arch Capital Group Ltd.(2)		1,291,989			110,581
Bank of New York Mellon Corp.		2,487,812			128,197
Citigroup, Inc.		1,791,944			120,956
Citizens Financial Group, Inc.		361,563			15,178
FedEx Corp.		232,464			55,817
Fluor Corp.		487,123			27,873
Johnson & Johnson		439,129			56,274
Marsh & McLennan Cos., Inc.		1,435,948			118,595
Medtronic plc		1,228,490			98,549
Microsoft Corp.		521,316			47,581
Oracle Corp.		2,487,828			113,818
Progressive Corp.		1,039,021			63,308
QUALCOMM, Inc.		2,011,385			111,451
TE Connectivity Ltd.		448,535			44,809
TechnipFMC plc		47,407			1,396
United Technologies Corp.		436,091			54,869
					1,466,470
Total common stocks (Cost $2,654,986)					3,244,717

14 Artisan Partners Funds

	Shares Held		Value
PREFERRED STOCK - 0.1%
KOREA - 0.1%
Hyundai Motor Co., 4.18%(3)		52,116		$	4,552
Total preferred stock (Cost $4,853)					4,552
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 11.4%
MONEY MARKET FUNDS - 11.4%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		104,696,631			104,697
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		104,693,631			104,693
Federated Treasury Obligations Fund – Institutional Class, 1.60%		104,696,631			104,696
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		104,696,631			104,697
Total short-term investments (cash equivalents) (Cost $418,783)					418,783
Total investments - 99.9% (Cost $3,078,622)					3,668,052
Other assets less liabilities - 0.1%					5,353
Total net assets - 100.0%(4)				$	3,673,405

⁽¹⁾ 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 $1,174,996, or 32.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Non-income producing security.

⁽³⁾ Non-voting shares.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	173,645		4.7	%
Consumer Staples			255,074		7.0
Energy			93,345		2.6
Financials			1,193,423		32.5
Health Care			253,395		6.9
Industrials			337,265		9.2
Information Technology			772,775		21.1
Materials			34,470		0.9
Telecommunication Services			135,877		3.7
Short-term investments			418,783		11.4
Total investments		$	3,668,052		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	432,180		11.8	%
Canadian dollar			68,874		1.9
Danish krone			125,670		3.4
Euro			243,882		6.6
Indian rupee			27,718		0.7
Japanese yen			71,067		1.9
Korean won			241,066		6.6
Norwegian krone			28,455		0.8
Swedish krona			28,514		0.8
Swiss franc			288,577		7.9
U.S. dollar			2,112,049		57.6
Total investments		$	3,668,052		100.0	%

FOREIGN CURRENCY FORWARD CONTRACT - March 31, 2018 (Unaudited)

Values in thousands

Counterparty

Contract Settlement Date

Contract Amount

Unrealized Depreciation

Deliver

Receive

State Street Bank and Trust Company

5/11/2018

CNH

598,258

USD

88,785

$

(6,439

)

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar

Artisan Partners Funds 15

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		4.6	%
Bank of New York Mellon Corp.	United States		3.5
Citigroup, Inc.	United States		3.3
Marsh & McLennan Cos., Inc.	United States		3.2
Oracle Corp.	United States		3.1
QUALCOMM, Inc.	United States		3.0
Baidu, Inc.	China		3.0
Arch Capital Group Ltd.	United States		3.0
ABB Ltd.	Switzerland		3.0
Telefonica Brasil S.A.	Brazil		3.0
Total			32.7	%

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

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

16 Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Principal Amount			Value
CORPORATE BONDS - 75.9%
AGRICULTURE - 0.5%
Pinnacle Operating Corp., 9.00%, 5/15/2023(1)(2)(3)		$	13,301		$	12,503
AUTO MANUFACTURERS - 0.6%
Wabash National Corp., 5.50%, 10/1/2025(4)			15,000			14,625
BUILDING MATERIALS - 0.5%
Jeld-Wen, Inc., 4.63%, 12/15/2025(4)			10,732			10,303
4.88%, 12/15/2027(4)			3,500			3,307
						13,610
COMMERCIAL SERVICES - 2.5%
Laureate Education, Inc., 8.25%, 5/1/2025(4)			45,980			49,314
Weight Watchers International, Inc., 8.63%, 12/1/2025(4)			16,494			17,566
						66,880
DISTRIBUTION/WHOLESALE - 0.7%
HD Supply, Inc., 5.75%, 4/15/2024(4)			16,495			17,377
DIVERSIFIED FINANCIAL SERVICES - 4.9%
Alliance Data Systems Corp., 5.38%, 8/1/2022(4)			4,227			4,227
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022(4)			30,575			30,346
NFP Corp., 6.88%, 7/15/2025(4)			51,050			50,667
Quicken Loans, Inc., 5.25%, 1/15/2028(4)			15,000			14,025
Werner FinCo L.P. / Werner FinCo, Inc., 8.75%, 7/15/2025(4)			27,750			28,374
						127,639
ENGINEERING & CONSTRUCTION - 2.7%
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026(4)			8,000			8,010
10.13%, 4/1/2022(4)			13,000			13,942
Pisces Midco, Inc., 8.00%, 4/15/2026(4)(5)			9,600			9,600
Tutor Perini Corp., 6.88%, 5/1/2025(4)			38,520			39,676
						71,228
FOOD - 0.5%
Lamb Weston Holdings, Inc., 4.63%, 11/1/2024(4)			13,620			13,501
GAS - 0.2%
AmeriGas Partners L.P. / AmeriGas Finance Corp., 5.63%, 5/20/2024			5,000			4,969
HEALTHCARE-SERVICES - 1.7%
Charles River Laboratories International, Inc., 5.50%, 4/1/2026(4)			3,000			3,049
Eagle Holding Co., II LLC, 7.63% Cash, 8.38% PIK, 5/15/2022(4)			24,486			24,669
HCA, Inc., 5.38%, 2/1/2025			18,000			18,045
						45,763
INSURANCE - 10.4%
Acrisure LLC / Acrisure Finance, Inc., 7.00%, 11/15/2025(4)			50,750			48,720
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 8.25%, 8/1/2023(4)			39,271			40,449
Ardonagh Midco 3 plc, 8.63%, 7/15/2023(4)(6)			48,800			50,386
AssuredPartners, Inc., 7.00%, 8/15/2025(4)			7,277			7,186
HUB International Ltd., 7.88%, 10/1/2021(4)			83,343			86,260
York Risk Services Holding Corp., 8.50%, 10/1/2022(4)			42,597			39,828
						272,829
MACHINERY-DIVERSIFIED - 1.2%
SPX FLOW, Inc., 5.63%, 8/15/2024(4)			14,025			14,270
5.88%, 8/15/2026(4)			15,600			16,029
						30,299
MEDIA - 13.9%
Altice Luxembourg S.A., 7.63%, 2/15/2025(4)(6)			35,000			29,925
Cablevision Systems Corp., 5.88%, 9/15/2022			69,077			68,538
8.00%, 4/15/2020			4,767			5,026

Artisan Partners Funds 17

	Principal Amount			Value
MEDIA (CONTINUED)
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/2028(4)		$	57,000		$	53,438
5.13%, 5/1/2027(4)			46,000			43,672
5.50%, 5/1/2026(4)			58,580			57,335
5.88%, 5/1/2027(4)			4,000			4,000
Cequel Communications Holdings I LLC / Cequel Capital Corp., 7.50%, 4/1/2028(4)(5)			15,000			15,338
CSC Holdings LLC, 6.75%, 11/15/2021			23,000			23,949
Virgin Media Secured Finance plc, 5.50%, 8/15/2026(4)(6)			21,675			21,065
Ziggo Bond Finance BV, 6.00%, 1/15/2027(4)(6)			30,966			28,876
Ziggo Secured Finance BV, 5.50%, 1/15/2027(4)(6)			15,000			14,096
						365,258
MISCELLANEOUS MANUFACTURING - 0.4%
FXI Holdings, Inc., 7.88%, 11/1/2024(4)			11,600			11,361
OIL & GAS - 12.0%
Callon Petroleum Co., 6.13%, 10/1/2024			16,050			16,416
Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023			24,000			24,000
7.50%, 9/15/2020			7,584			7,698
8.25%, 7/15/2025			17,810			18,700
CrownRock L.P. / CrownRock Finance, Inc., 5.63%, 10/15/2025(4)			19,000			18,810
Endeavor Energy Resources L.P. / EER Finance, Inc., 5.50%, 1/30/2026(4)			26,000			25,870
5.75%, 1/30/2028(4)			30,700			30,585
EP Energy LLC / Everest Acquisition Finance, Inc., 8.00%, 2/15/2025(4)			102,460			68,392
Laredo Petroleum, Inc., 6.25%, 3/15/2023			5,000			5,012
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/2026(4)			6,000			6,051
Seven Generations Energy Ltd., 5.38%, 9/30/2025(4)(6)			35,000			33,425
6.75%, 5/1/2023(4)(6)			42,170			43,646
6.88%, 6/30/2023(4)(6)			15,440			16,019
						314,624
PACKAGING & CONTAINERS - 2.0%
ARD Securities Finance SARL, 8.75% Cash or PIK, 1/31/2023(4)(6)			12,800			13,408
Ball Corp., 4.88%, 3/15/2026			5,000			5,013
PACKAGING & CONTAINERS (CONTINUED)
Crown Americas LLC / Crown Americas Capital Corp., 4.75%, 2/1/2026(4)			5,000			4,838
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026			5,126			5,715
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Luxembourg) S.A., 5.13%, 7/15/2023(4)			7,000			7,068
W/S Packaging Holdings, Inc., 9.00%, 4/15/2023(4)(5)			17,600			17,864
						53,906
PHARMACEUTICALS - 0.7%
Horizon Pharma, Inc., 6.63%, 5/1/2023			6,000			5,970
Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.75%, 11/1/2024(4)			8,955			9,537
NVA Holdings, Inc., 6.88%, 4/1/2026(4)			4,000			4,030
						19,537
PIPELINES - 1.7%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.38%, 9/15/2024			28,850			29,066
Energy Transfer Equity L.P., 4.25%, 3/15/2023			15,000			14,588
						43,654
REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.5%
Vereit Operating Partnership L.P., 3.95%, 8/15/2027			10,000			9,385
4.60%, 2/6/2024			29,216			29,582
4.88%, 6/1/2026			79,565			80,295
						119,262
RETAIL - 7.4%
Ferrellgas L.P. / Ferrellgas Finance Corp., 6.50%, 5/1/2021			24,645			23,598
6.75%, 6/15/2023			4,691			4,269
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.63%, 6/15/2020			11,825			10,849
8.63%, 6/15/2020			18,030			16,542
IRB Holding Corp., 6.75%, 2/15/2026(4)			24,135			23,655
J Crew Brand LLC / J Crew Brand Corp., 13.00%, 9/15/2021(4)			35,835			42,285
Neiman Marcus Group LLC, 7.13%, 6/1/2028			1,500			1,200
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021(4)			29,250			18,501
Penske Automotive Group, Inc., 5.38%, 12/1/2024			5,452			5,479

18 Artisan Partners Funds

	Principal Amount			Value
RETAIL (CONTINUED)
Sonic Automotive, Inc., 5.00%, 5/15/2023		$	49,502		$	47,027
						193,405
SOFTWARE - 4.2%
First Data Corp., 5.75%, 1/15/2024(4)			13,624			13,709
7.00%, 12/1/2023(4)			60,000			63,075
Quintiles IMS, Inc., 5.00%, 10/15/2026(4)			2,000			1,989
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/2024(4)			27,489			30,582
						109,355
TELECOMMUNICATIONS - 2.7%
T-Mobile USA, Inc., 4.50%, 2/1/2026			16,900			16,224
4.75%, 2/1/2028			12,000			11,535
6.00%, 4/15/2024			5,750			5,989
6.50%, 1/15/2026			35,000			37,188
						70,936
Total corporate bonds (Cost $2,012,409)						1,992,521
BANK LOANS - 18.9%(7)
ADVERTISING - 0.9%
Red Ventures LLC First Lien Term Loan B, 1 Month LIBOR + 4.00%, 5.88%, 11/8/2024			6,965			7,019
Red Ventures LLC Second Lien Term Loan, 1 Month LIBOR + 8.00%, 9.88%, 11/8/2025			17,436			17,687
						24,706
AEROSPACE/DEFENSE - 1.2%
Jazz Acquisition, Inc. First Lien Term Loan, 3 Month LIBOR + 3.50%, 5.80%, 6/19/2021			25,256			24,562
Jazz Acquisition, Inc. Second Lien Term Loan, 3 Month LIBOR + 6.75%, 9.05%, 6/19/2022			7,000			6,580
						31,142
AGRICULTURE - 0.3%
Pinnacle Operating Corp. First Lien Term Loan B, 1 Month LIBOR + 7.25%, 9.13%, 11/15/2021(3)			9,165			8,604
APPAREL - 0.4%
Fullbeauty Brands Holdings Corp. First Lien Term Loan B, 1 Month LIBOR + 4.75%, 6.63%, 10/14/2022			18,822			10,634
APPAREL (CONTINUED)
Fullbeauty Brands Holdings Corp. Second Lien Term Loan, 1 Month LIBOR + 9.00%, 10.88%, 10/13/2023			1,000			262
						10,896
COMMERCIAL SERVICES - 0.9%
Boing US Holdco, Inc. First Lien Term Loan, 3 Month LIBOR + 3.50%, 5.29%, 10/3/2024			6,983			6,996
Weight Watchers International, Inc. First Lien Term Loan B, 1 Month LIBOR + 4.75%, 6.43%, 11/29/2024			3,077			3,110
Weight Watchers International, Inc. First Lien Term Loan B, 3 Month LIBOR + 4.75%, 6.45%, 11/29/2024			14,205			14,360
						24,466
DIVERSIFIED FINANCIAL SERVICES - 0.7%
NFP Corp. First Lien Term Loan B, 1 Month LIBOR + 3.00%, 4.88%, 1/8/2024			1,028			1,030
Werner FinCo L.P. First Lien Term Loan B, 1 Month LIBOR + 4.00%, 5.88%, 7/24/2024(3)			16,926			17,011
3 Month LIBOR + 4.00%, 7.75%, 7/24/2024(3)			43			43
						18,084
ENGINEERING & CONSTRUCTION - 0.9%
ATS Consolidated, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.75%, 5.40%, 2/28/2025			7,500			7,561
Pisces Midco, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.75%, 5.20%, 3/29/2025(8)			15,000			15,000
						22,561
ENVIRONMENTAL CONTROL - 0.2%
Core & Main LP First Lien Term Loan B, 3 Month LIBOR + 3.00%, 5.01%, 8/1/2024			2,326			2,337
6 Month LIBOR + 3.00%, 5.21%, 8/1/2024			2,662			2,675
						5,012
FOOD - 0.1%
Sigma US Corp. First Lien Term Loan B, 3 Month LIBOR + 3.00%, 9.70%, 3/7/2025(8)			2,000			1,997
HEALTHCARE-SERVICES - 1.1%
Community Health Systems, Inc. First Lien Term Loan H, 3 Month LIBOR + 3.00%, 5.20%, 1/27/2021(8)			29,958			28,755

Artisan Partners Funds 19

	Principal Amount			Value
INSURANCE - 3.4%
AssuredPartners, Inc. First Lien Term Loan B, 1 Month		$	5,000		$	5,007
LIBOR + 3.25%, 4.95%, 10/22/2024(8)
LIBOR + 3.50%, 5.38%, 10/22/2024			14,901			14,924
USI, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.00%, 5.30%, 5/16/2024			38,295			38,359
York Risk Services Holding Corp. First Lien Term Loan B, 1 Month LIBOR + 3.75%, 5.63%, 10/1/2021			31,875			31,158
						89,448
INTERNET - 0.8%
Ancestry.com Operations, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.25%, 5.13%, 10/19/2023			22,106			22,200
INVESTMENT COMPANIES - 1.0%
TKC Holdings, Inc. Second Lien Term Loan, 3 Month LIBOR + 8.00%, 9.78%, 2/1/2024			25,000			25,187
MACHINERY-DIVERSIFIED - 0.7%
Engineered Machinery Holdings, Inc. First Lien Term Loan, 3 Month LIBOR + 3.25%, 5.55%, 7/19/2024			4,988			4,983
Zodiac Pool Solutions LLC First Lien Term Loan, 3 Month LIBOR + 4.00%, 6.30%, 12/20/2023			8,858			8,864
Zodiac Pool Solutions LLC Second Lien Term Loan, 3 Month LIBOR + 9.00%, 11.30%, 12/20/2024			4,000			4,040
						17,887
OIL & GAS - 0.2%
Medallion Midland Acquisition LLC First Lien Term Loan, 1 Month LIBOR + 3.25%, 5.13%, 10/30/2024			3,990			3,980
PACKAGING & CONTAINERS - 0.1%
Crown Americas LLC First Lien Term Loan B, 1 Month LIBOR + 2.00%, 5.25%, 4/3/2025(8)			3,000			3,026
PHARMACEUTICALS - 0.5%
PharMerica Corp. First Lien Term Loan B, 1 Month LIBOR + 3.50%, 5.21%, 12/6/2024			6,000			6,017
PHARMACEUTICALS (CONTINUED)
Romulus Merger Sub LLC First Lien Term Loan, 1 Month LIBOR + 2.75%, 4.53%, 2/14/2025			7,727			7,636
						13,653
RETAIL - 2.5%
IRB Holding Corp. First Lien Term Loan B, 1 Month LIBOR + 3.25%, 4.94%, 2/5/2025			7,500			7,577
J. Crew Group, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.22%, 5.07%, 3/5/2021			11,017			7,936
LIBOR + 3.22%, 5.10%, 3/5/2021			8,160			5,878
J. Crew Group, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.22%, 5.52%, 3/5/2021			29,030			20,912
Neiman Marcus Group Ltd. LLC First Lien Term Loan, 1 Month LIBOR + 3.25%, 4.94%, 10/25/2020			18,822			16,221
NPC International, Inc. Second Lien Term Loan, 1 Month LIBOR + 7.50%, 9.38%, 4/18/2025			7,000			7,140
						65,664
SOFTWARE - 2.4%
Applied Systems, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.25%, 5.55%, 9/19/2024			7,450			7,502
Applied Systems, Inc. Second Lien Term Loan, 3 Month LIBOR + 7.00%, 9.30%, 9/19/2025			2,500			2,580
Renaissance Learning, Inc. Second Lien Term Loan, 3 Month LIBOR + 7.00%, 9.30%, 4/11/2022			44,035			44,108
SS&C Technologies Holdings Europe SARL First Lien Term Loan B4, 1 Month LIBOR + 2.50%, 8.70%, 3/9/2025(6)(8)			2,629			2,641
SS&C Technologies, Inc. First Lien Term Loan B3, 1 Month LIBOR + 2.50%, 4.70%, 3/9/2025(8)			7,371			7,404
						64,235
TELECOMMUNICATIONS - 0.6%
Intelsat Jackson Holdings S.A. First Lien Term Loan B3, 3 Month LIBOR + 3.75%, 5.71%, 11/27/2023(6)			14,369			14,369
Total bank loans (Cost $495,842)						495,872

20 Artisan Partners Funds

	Principal Amount			Value
CONVERTIBLE DEBENTURE - 1.7%
PHARMACEUTICALS - 1.7%
Impax Laboratories, Inc., 2.00%, 6/15/2022		$	44,050		$	43,624
Total convertible debenture (Cost $41,745)						43,624
	Shares Held
PREFERRED STOCKS - 0.3%
AGRICULTURE - 0.2%
Pinnacle Agriculture Holdings LLC(2)(3)(9)(10)(11)			9,263			6,948
RETAIL - 0.1%
Chinos Holdings, Inc., 7.00% Cash, 8.50% PIK (4)(10)(12)			4,495			2,247
Total preferred stocks (Cost $8,231)						9,195
COMMON STOCK - 0.0%†
RETAIL - 0.0%†
Chinos Holdings, Inc., Class A (3)(11)			406			406
Total common stock (Cost $–)						406
	Principal Amount
CORPORATE BOND ESCROWS - 0.0%†
CHEMICALS - 0.0%†
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020(3)(9)(10)(11)		$	2,000			–
OIL & GAS - 0.0%†
Midstates Petroleum Co., Inc. / Midstates Petroleum Co., LLC, escrow, 10.00%, 6/1/2020 (3)(9)(10)(11)			13,300			-–
Total corporate bond escrows (Cost $ - )						–
	Shares Held			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.0%
MONEY MARKET FUNDS - 6.0%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%			39,617,780			39,617
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%			39,617,780			39,618
Federated Treasury Obligations Fund – Institutional Class, 1.60%			39,617,780			39,618
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%			39,617,780			39,618
Total short-term investments (cash equivalents) (Cost $158,471)						158,471
Total investments - 102.8% (Cost $2,716,698)						2,700,089
Other assets less liabilities - (2.8)%						(73,532	)
Total net assets - 100.0%(13)					$	2,626,557

 ^† Amount rounds to less than 0.1%.

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

⁽²⁾  Security was deemed restricted as of March 31, 2018.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Pinnacle Operating Corp. 9.00%, 5/15/2023		3/28/14- 3/24/17		$	15,743		$	12,503		0.5	%
Pinnacle Agriculture Holdings LLC		3/10/17			6,546			6,948		0.2	%

⁽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 $45,515, or 1.7% of total net assets.

⁽⁴⁾ Rule 144A Security has been deemed liquid under procedures established by the board of directors of Artisan Partners Funds.

⁽⁵⁾ When-Issued security.

⁽⁶⁾ The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.

Artisan Partners Funds 21

Security	Country	Trading Currency
Altice Luxembourg S.A., 7.63%, 2/15/2025	Luxembourg	U.S. dollar
ARD Securities Finance SARL, 8.75%, 1/31/2023	Luxembourg	U.S. dollar
Ardonagh Midco 3 plc, 8.63%, 7/15/2023	United Kingdom	U.S. dollar
Intelsat Jackson Holdings S.A. First Lien Term Loan B3, 3 Month LIBOR + 3.75%, 5.71%, 11/27/2023	Luxembourg	U.S. dollar
Seven Generations Energy Ltd.
5.38%, 9/30/2025	Canada	U.S. dollar
6.75%, 5/1/2023	Canada	U.S. dollar
6.88%, 6/30/2023	Canada	U.S. dollar
SS&C Technologies Holdings Europe SARL First Lien Term Loan B4, 1 Month LIBOR + 2.50%, 8.70%, 3/9/2025	Luxembourg	U.S. dollar
Virgin Media Secured Finance plc, 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

⁽⁷⁾ Floating rate instruments, unless otherwise noted, the rate disclosed was as of March 31, 2018.

⁽⁸⁾ Estimated interest rate is shown. Effective interest rate is determined on the settlement date.

⁽⁹⁾ 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 $6,948, or 0.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽¹⁰⁾ Non-voting shares.

⁽¹¹⁾ Non-income producing security.

⁽¹²⁾ Perpetual – Security does not have a predetermined maturity date. Rate for this security is fixed for a period of time, after which it reverts to a floating rate. Interest rate in effect is as of March 31, 2018.

⁽¹³⁾ 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.

(LIBOR) London Interbank Offered Rate

(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 $117,773 or 4.5% of the total net assets as of March 31, 2018, which could be drawn at the option of the borrower:

Borrower	Unfunded Principal Amount			Unrealized Appreciation (Depreciation)
Heartland Dental LLC Bridge Term Loan		$	43,500		–
Pisces Midco, Inc. Bridge Term Loan			72,000		–
Romulus Merger Sub LLC Delayed Draw Term Loan			2,273		–
		$	117,773		–

CREDIT DIVERSIFICATION - March 31, 2018 (Unaudited)
	Percentage of Total Net Assets
BBB		4.7	%
BB		23.6
B		40.1
CCC		27.7
Unrated		0.7

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 Diversification excludes short-term investments, equity securities and other assets less liabilities. Credit quality ratings are subjective opinions, not statements of fact, and are subject to change.

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
CCO Holdings LLC / CCO Holdings Capital Corp.	United States		6.0	%
Vereit Operating Partnership L.P.	United States		4.5
Seven Generations Energy Ltd.	Canada		3.5
HUB International Ltd.	United States		3.3
First Data Corp.	United States		2.9
Cablevision Systems Corp.	United States		2.8
York Risk Services Holding Corp.	United States		2.7
T-Mobile USA, Inc.	United States		2.7
EP Energy LLC / Everest Acquisition Finance, Inc.	United States		2.6
Endeavor Energy Resources L.P. / EER Finance, Inc.	United States		2.2
Total			33.2	%

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

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

22 Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 94.0%
BRAZIL - 2.2%
Ambev S.A. (DR)		6,286,467		$	45,703
B3 S.A. - Brasil Bolsa Balcao		4,327,612			34,986
Petroleo Brasileiro S.A. (DR)(1)		16,272,098			230,087
					310,776
CANADA - 2.1%
Canadian Pacific Railway Ltd.		1,631,163			287,900
CHINA - 3.7%
Alibaba Group Holding Ltd. (DR)(1)		591,976			108,651
China Literature Ltd.(1)(2)		92,593			864
Kweichow Moutai Co., Ltd., Class A(2)		250,673			27,729
NetEase, Inc. (DR)		576,503			161,646
Ping An Insurance Group Co. of China Ltd., Class H(2)		20,419,717			210,111
					509,001
DENMARK - 0.6%
Genmab AS(1)(2)		394,640			84,960
FRANCE - 7.5%
Airbus SE(2)		3,482,062			402,887
Atos SE(2)		319,085			43,688
BNP Paribas S.A.(2)		2,061,283			152,835
Eiffage S.A.(2)		1,609,043			183,296
Safran S.A.(2)		517,618			54,852
Schneider Electric SE(2)		1,411,143			124,125
Vinci S.A.(2)		769,143			75,731
					1,037,414
GERMANY - 24.5%
Allianz SE(2)		2,252,431			509,037
Beiersdorf AG(2)		2,148,138			243,253
Deutsche Boerse AG(2)		5,792,490			789,085
Deutsche Post AG(2)		9,418,206			411,852
Deutsche Telekom AG(2)		9,712,642			158,444
LANXESS AG(2)		59,836			4,588
Linde AG, Tender Shares(1)(2)		3,003,376			632,264
Linde AG(2)		27,812			5,584
SAP SE(2)		1,037,614			108,582
Wirecard AG(2)		4,428,719			523,511
					3,386,200
HONG KONG - 2.9%
AIA Group Ltd.(2)		43,978,508			375,439
Sands China Ltd.(2)		4,046,873			21,974
					397,413
INDIA - 1.7%
Housing Development Finance Corp., Ltd.(2)		8,587,965			240,936
INDONESIA - 0.7%
Bank Rakyat Indonesia Persero Tbk PT(1)(2)		368,576,515			96,740
IRELAND - 2.5%
Ryanair Holdings plc, Equity-Linked Security(1)(2)(3)(4)(5)		17,894,938			352,874
ITALY - 5.6%
Assicurazioni Generali S.p.A.(2)		14,876,489			286,811
Intesa Sanpaolo S.p.A.(2)		76,775,992			279,985
UniCredit S.p.A.(1)(2)		10,219,985			214,437
					781,233
JAPAN - 7.4%
Calbee, Inc.		4,775,176			157,968
Japan Exchange Group, Inc.		2,892,600			53,554
Japan Tobacco, Inc.		6,600,019			190,176
Mitsubishi UFJ Financial Group, Inc.		17,229,949			112,864
Nintendo Co., Ltd.		580,466			255,633
Rohm Co., Ltd.		1,157,952			110,240
Sumitomo Metal Mining Co., Ltd.		3,419,930			143,990
					1,024,425
NETHERLANDS - 8.0%
Akzo Nobel N.V.(2)		1,723,480			162,933
ASML Holding N.V.(2)		1,133,403			224,241
Coca-Cola European Partners plc		5,293,572			220,530
ING Groep N.V.(2)		27,544,798			465,224
Randstad Holding N.V.(2)		580,999			38,281
					1,111,209
RUSSIA - 1.2%
MMC Norilsk Nickel PJSC (DR)(2)		8,646,634			160,468
SPAIN - 0.2%
Grifols S.A. (DR)		1,214,732			25,752
SWITZERLAND - 4.4%
Credit Suisse Group AG(1)(2)		4,736,243			79,472
Idorsia Ltd.(1)(2)		689,748			16,612

Artisan Partners Funds 23

	Shares Held		Value
SWITZERLAND (CONTINUED)
Lonza Group AG(1)(2)		398,126		$	93,914
Nestle S.A.(2)		5,236,735			414,573
					604,571
UNITED KINGDOM - 10.5%
BAE Systems plc(2)		11,452,623			93,550
ConvaTec Group plc(2)		49,083,183			137,338
Experian plc(2)		5,178,697			111,870
Ferguson plc(2)		3,541,355			266,379
Glencore plc(1)(2)		50,906,079			253,299
HSBC Holdings plc(2)		8,604,754			80,436
London Stock Exchange Group plc(2)		2,086,801			120,917
Prudential plc(2)		9,787,141			244,652
Rentokil Initial plc(2)		15,894,997			60,657
Standard Chartered plc(2)		8,039,920			80,507
					1,449,605
UNITED STATES - 8.3%
Amazon.com, Inc.(1)		111,830			161,856
Aon plc		1,826,509			256,314
Liberty Global plc, Class A(1)		2,823,207			88,394
Liberty Global plc, Series C(1)(3)		5,338,536			162,452
Medtronic plc		4,363,933			350,075
WABCO Holdings, Inc.(1)		931,283			124,671
					1,143,762
Total common stocks and equity-linked security (Cost $9,977,965)					13,005,239
PREFERRED STOCK - 1.5%
GERMANY - 1.5%
Henkel AG & Co., KGaA, 1.74%(2)(3)		1,626,191			213,847
Total preferred stock (Cost $129,069)					213,847
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.0%
MONEY MARKET FUNDS - 6.0%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		207,655,031			207,655
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		207,655,031			207,655
Federated Treasury Obligations Fund – Institutional Class, 1.60%		207,655,031			207,655
MONEY MARKET FUNDS (CONTINUED)
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		207,655,031			207,655
Total short-term investments (cash equivalents) (Cost $830,620)					830,620
Total investments - 101.5% (Cost $10,937,654)					14,049,706
Other assets less liabilities - (1.5)%					(210,580	)
Total net assets - 100.0%(6)				$	13,839,126

⁽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 $9,935,644, or 71.8% 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. 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- 3/29/2018		$	179,489		$	352,874		2.5	%

⁽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⁾ 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.

24 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	435,540		3.1	%
Consumer Staples			1,513,779		10.8
Energy			230,087		1.6
Financials			4,684,342		33.4
Health Care			708,651		5.1
Industrials			2,588,925		18.4
Information Technology			1,536,192		10.9
Materials			1,363,126		9.7
Telecommunication Services			158,444		1.1
Short-term investments			830,620		5.9
Total investments		$	14,049,706		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	34,986		0.3	%
British pound			1,449,605		10.3
Chinese yuan renminbi offshore			27,729		0.2
Danish krone			84,960		0.6
Euro			6,309,373		44.9
Hong Kong dollar			608,388		4.3
Indian rupee			240,936		1.7
Indonesian rupiah			96,740		0.7
Japanese yen			1,024,425		7.3
Swiss franc			604,571		4.3
U.S. dollar			3,567,993		25.4
Total investments		$	14,049,706		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Deutsche Boerse AG	Germany		5.7	%
Linde AG	Germany		4.6
Wirecard AG	Germany		3.8
Allianz SE	Germany		3.7
ING Groep N.V.	Netherlands		3.3
Nestle S.A.	Switzerland		3.0
Deutsche Post AG	Germany		3.0
Airbus SE	France		2.9
AIA Group Ltd.	Hong Kong		2.7
Ryanair Holdings plc	Ireland		2.5
Total			35.2	%

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

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

Artisan Partners Funds 25

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.0%
AUSTRALIA - 1.1%
Western Areas Ltd.(1)		2,200,325		$	5,333
CANADA - 2.9%
Laurentian Bank of Canada		38,900			1,430
Morneau Shepell, Inc.		400,700			8,040
Theratechnologies, Inc.(2)		670,694			4,857
					14,327
DENMARK - 4.7%
Ambu AS, Class B(1)		515,456			11,692
Nilfisk Holding AS(1)(2)		103,627			4,863
Ossur HF(1)		1,552,028			7,106
					23,661
FINLAND - 1.3%
Cramo Oyj(1)		311,611			6,510
FRANCE - 6.2%
Euronext N.V.(1)		321,963			23,563
Virbac S.A.(1)(2)		51,348			7,549
					31,112
GERMANY - 13.4%
BRAIN Biotechnology Research & Information Network AG(1)(2)		148,371			4,333
Nemetschek SE(1)		90,480			10,151
RIB Software SE(1)		71,048			1,515
SGL Carbon SE(1)(2)		541,042			7,631
Takkt AG(1)		281,747			6,419
Tele Columbus AG(1)(2)		1,289,089			13,926
Wirecard AG(1)		191,618			22,651
					66,626
HONG KONG - 1.0%
Chow Tai Fook Jewellery Group Ltd.(1)		4,476,400			5,127
INDIA - 1.9%
Care Ratings Ltd.(1)		238,235			4,446
ICICI Securities Ltd.(1)(2)(3)(4)		630,420			5,026
					9,472
IRELAND - 3.5%
Dalata Hotel Group plc(1)(2)		1,246,871			9,532
Hibernia REIT plc(1)		4,552,673			8,088
					17,620
ITALY - 5.5%
Buzzi Unicem S.p.A.(1)		192,159			4,503
Davide Campari-Milano S.p.A.(1)(5)		914,693			6,933
ITALY (CONTINUED)
Enav S.p.A.(1)		2,049,435			10,942
Servizi Italia S.p.A.(1)		770,077			4,978
					27,356
JAPAN - 7.4%
LIFULL Co., Ltd.		1,069,100			9,635
Nichiban Co., Ltd.		205,600			6,744
OBIC Business Consultants Co., Ltd.		53,700			3,437
Sanwa Holdings Corp.		211,500			2,729
Uzabase, Inc.(2)		73,800			1,528
Yume No Machi Souzou Iinkai Co., Ltd.		95,000			1,929
Zenkoku Hosho Co., Ltd.		243,025			10,666
					36,668
MEXICO - 1.7%
Banco del Bajio S.A.(1)(2)		4,023,736			8,647
NETHERLANDS - 6.6%
InterXion Holding N.V.(2)		532,224			33,056
POLAND - 1.5%
AmRest Holdings SE(1)(2)		59,389			7,617
PORTUGAL - 4.1%
Banco Comercial Portugues S.A.(1)(2)		34,476,284			11,564
NOS SGPS S.A.(1)		1,511,002			8,925
					20,489
SPAIN - 6.6%
Aedas Homes SAU(1)(2)		300,189			11,052
Bolsas y Mercados Espanoles SHMSF S.A.(1)		73,394			2,486
Cellnex Telecom S.A.(1)		721,004			19,273
					32,811
SWEDEN - 10.0%
Ahlsell AB(1)		1,346,576			8,481
Dometic Group AB(1)		1,189,136			10,872
Haldex AB(1)(2)		599,386			6,148
Loomis AB, Class B(1)		124,490			4,484
RaySearch Laboratories AB(1)(2)		654,433			9,661
SyntheticMR AB(1)(2)(6)		263,329			10,186
					49,832
SWITZERLAND - 3.4%
Comet Holding AG(1)(2)		120,642			16,701
UNITED KINGDOM - 10.9%
Domino’s Pizza Group plc(1)		1,491,163			6,919
HomeServe plc(1)		839,227			8,700

26 Artisan Partners Funds

	Shares Held		Value
UNITED KINGDOM (CONTINUED)
NEX Group plc(1)		2,404,360		$	33,130
Superdry plc(1)		249,285			5,478
					54,227
UNITED STATES - 1.3%
GCP Applied Technologies, Inc.(2)		225,682			6,556
Total common stocks (Cost $358,230)					473,748
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.4%
MONEY MARKET FUNDS - 4.4%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		5,446,920			5,447
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		5,446,920			5,447
Federated Treasury Obligations Fund – Institutional Class, 1.60%		5,446,920			5,447
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		5,446,920			5,447
Total short-term investments (cash  equivalents) (Cost $21,788)					21,788
Total investments - 99.4% (Cost $380,018)					495,536
Other assets less liabilities - 0.6%					2,869
Total net assets - 100.0%(7)				$	498,405

⁽¹⁾ 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 $383,141, or 76.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Non-income producing security.

⁽³⁾ Security is restricted. 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
ICICI Securities Ltd.		3/21/2018		$	5,027		$	5,026		1.0%

⁽⁴⁾ 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 $5,026, or 1.0% of total net assets.

⁽⁵⁾ Non-voting shares.

⁽⁶⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽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.

PORTFOLIO DIVERSIFICATION - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	86,379		17.4	%
Consumer Staples			6,933		1.4
Financials			102,486		20.7
Health Care			56,029		11.3
Industrials			75,272		15.2
Information Technology			87,511		17.6
Materials			20,725		4.2
Real Estate			19,140		3.9
Telecommunication Services			19,273		3.9
Short-term investments			21,788		4.4
Total investments		$	495,536		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	5,333		1.1	%
British pound			54,227		10.9
Canadian dollar			14,327		2.9
Danish krone			23,661		4.8
Euro			202,524		40.9
Hong Kong dollar			5,127		1.0
Indian rupee			9,472		1.9
Japanese yen			36,668		7.4
Mexican peso			8,647		1.7
Polish zloty			7,617		1.5
Swedish krona			49,832		10.1
Swiss franc			16,701		3.4
U.S. dollar			61,400		12.4
Total investments		$	495,536		100.0	%

Artisan Partners Funds 27

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
NEX Group plc	United Kingdom		6.6	%
InterXion Holding N.V.	Netherlands		6.6
Euronext N.V.	France		4.7
Wirecard AG	Germany		4.5
Cellnex Telecom S.A.	Spain		3.9
Comet Holding AG	Switzerland		3.4
Tele Columbus AG	Germany		2.8
Ambu AS	Denmark		2.3
Banco Comercial Portugues S.A.	Portugal		2.3
Aedas Homes SAU	Spain		2.2
Total			39.3	%

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.

28 Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 84.2%
BELGIUM - 2.7%
Groupe Bruxelles Lambert S.A.(1)		3,636,415		$	415,816
BRAZIL - 2.9%
Telefonica Brasil S.A. (DR)		28,916,190			444,153
CANADA - 1.9%
Imperial Oil Ltd.		11,156,809			295,471
CHINA - 3.0%
Baidu, Inc. (DR)(2)		2,094,002			467,360
DENMARK - 4.5%
Carlsberg AS, Class B(1)		2,951,572			352,710
ISS AS(1)(2)		8,980,859			333,264
					685,974
FRANCE - 2.5%
Sodexo S.A.(1)		1,247,808			125,894
Vivendi S.A.(1)		9,915,626			256,641
					382,535
INDIA - 2.8%
Bharti Infratel Ltd.(1)		22,773,093			117,611
HCL Technologies Ltd.(1)		20,600,398			307,427
					425,038
JAPAN - 2.7%
Stanley Electric Co., Ltd.		2,188,098			80,816
Sugi Holdings Co., Ltd.		1,047,400			57,978
Yahoo Japan Corp.		60,825,100			282,389
					421,183
KOREA - 6.1%
Hyundai Motor Co.		826,262			111,238
Kia Motors Corp.		85,970			2,500
KT&G Corp.		444,208			41,675
Samsung Electronics Co., Ltd.		340,498			786,158
					941,571
NETHERLANDS - 5.8%
Akzo Nobel N.V.(1)		400,165			37,830
ING Groep N.V.(1)		36,336,044			613,706
Koninklijke Philips N.V.(1)		3,983,204			153,075
RELX N.V.(1)		4,194,764			87,025
					891,636
NORWAY - 0.8%
Orkla ASA(1)		10,780,806			115,892
SPAIN - 0.9%
Bankia S.A.(1)(2)		31,502,948			141,180
SWEDEN - 1.0%
Telefonaktiebolaget LM Ericsson, Class B(1)		18,772,157			119,126
Telefonaktiebolaget LM Ericsson (DR)(2)		5,051,984			32,333
					151,459
SWITZERLAND - 15.8%
ABB Ltd.(1)		22,892,244			545,163
Cie Financiere Richemont S.A.(1)		3,973,345			356,927
LafargeHolcim Ltd.(1)(2)		1,930,045			105,709
Novartis AG(1)		4,894,732			395,994
Panalpina Welttransport Holding AG(1)(3)		2,360,124			298,103
Pargesa Holding S.A.(1)		1,265,602			112,301
UBS Group AG(1)(2)		34,853,209			613,702
					2,427,899
UNITED KINGDOM - 19.6%
Barclays plc(1)		28,268,324			82,557
Compass Group plc(1)		29,759,862			608,119
Diageo plc(1)		4,950,211			167,466
GlaxoSmithKline plc(1)		12,908,581			250,787
IMI plc(1)		6,728,030			102,121
John Wood Group plc(1)		15,695,708			119,062
Lloyds Banking Group plc(1)		418,990,361			380,736
RELX plc(1)		20,899,724			430,023
Rolls-Royce Holdings plc(1)(2)		2,253,187			27,598
Royal Bank of Scotland Group plc(1)(2)		114,485,113			416,633
Tesco plc(1)		146,084,456			422,115
					3,007,217
UNITED STATES - 11.2%
Aon plc		1,791,312			251,375
Arch Capital Group Ltd.(2)		6,739,911			576,869
Medtronic plc		4,959,372			397,841
TE Connectivity Ltd.		4,838,335			483,350
TechnipFMC plc		527,454			15,533
					1,724,968
Total common stocks (Cost $9,877,026)					12,939,352

Artisan Partners Funds 29

	Shares Held		Value
PREFERRED STOCKS - 0.7%
KOREA - 0.7%
Hyundai Motor Co., 4.18%(4)		266,479		$	23,275
Samsung Electronics Co., Ltd., 2.09%(4)		45,905			87,857
					111,132
Total preferred stocks (Cost $69,053)					111,132
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 15.1%
MONEY MARKET FUNDS - 15.1%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		581,576,800			581,577
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		581,576,800			581,576
Federated Treasury Obligations Fund – Institutional Class, 1.60%		581,576,800			581,577
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		581,576,800			581,577
Total short-term investments (cash equivalents) (Cost $2,326,307)					2,326,307
Total investments - 100.0% (Cost $12,272,386)					15,376,791
Other assets less liabilities - 0.0%†					3,468
Total net assets - 100.0%(5)				$	15,380,259

^† Amount rounds to less than 0.1%.

⁽¹⁾ 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 $8,612,313, or 56.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Non-income producing security.

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

⁽⁴⁾ Non-voting shares.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	1,565,410		10.2	%
Consumer Staples			1,157,836		7.5
Energy			430,066		2.8
Financials			3,604,875		23.4
Health Care			1,197,697		7.8
Industrials			1,823,297		11.9
Information Technology			2,566,000		16.7
Materials			143,539		0.9
Telecommunication Services			561,764		3.7
Short-term investments			2,326,307		15.1
Total investments		$	15,376,791		100.0	%

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	3,007,217		19.6	%
Canadian dollar			295,471		1.9
Danish krone			685,974		4.5
Euro			1,831,167		11.9
Indian rupee			425,038		2.8
Japanese yen			421,183		2.7
Korean won			1,052,703		6.8
Norwegian krone			115,892		0.7
Swedish krona			119,126		0.8
Swiss franc			2,427,899		15.8
U.S. dollar			4,995,121		32.5
Total investments		$	15,376,791		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2018 (Unaudited)
Values in thousands
	Contract Settlement Date		Contract Amount						Unrealized Appreciation/ (Depreciation)
Counterparty			Deliver			Receive
State Street Bank and Trust Company		5/11/2018		USD	158,863		CNH	1,006,395		$	1,323
State Street Bank and Trust Company		4/27/2018		USD	185,589		JPY	19,840,986			1,130
State Street Bank and Trust Company		4/27/2018		JPY	53,517,978		USD	494,344			(9,300	)
State Street Bank and Trust Company		5/11/2018		CNH	3,581,755		USD	531,552			(38,551	)
										$	(45,398	)

CNH - Chinese yuan renminbi offshore

JPY - Japanese yen

USD - U.S. dollar

30 Artisan Partners Funds

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.7	%
ING Groep N.V.	Netherlands		4.0
UBS Group AG	Switzerland		4.0
Compass Group plc	United Kingdom		4.0
Arch Capital Group Ltd.	United States		3.7
ABB Ltd.	Switzerland		3.5
TE Connectivity Ltd.	United States		3.1
Baidu, Inc.	China		3.0
Telefonica Brasil S.A.	Brazil		2.9
RELX plc	United Kingdom		2.8
Total			36.7	%

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

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

Artisan Partners Funds 31

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.3%
CONSUMER DISCRETIONARY - 11.8%
Auto Components - 2.8%
Aptiv plc		1,515,072		$	128,736
Delphi Technologies plc		1,085,522			51,725
					180,461
Distributors - 4.3%
LKQ Corp.(1)		7,218,405			273,938
Internet & Direct Marketing Retail - 2.7%
Expedia Group, Inc.		620,655			68,526
Wayfair, Inc., Class A(1)		611,192			41,274
Zalando SE(1)(2)(3)		1,173,586			64,024
					173,824
Leisure Equipment & Products - 0.5%
Polaris Industries, Inc.		273,042			31,269
Media - 0.3%
New York Times Co., Class A		705,417			17,000
Textiles, Apparel & Luxury Goods - 1.2%
Skechers U.S.A., Inc., Class A(1)		2,052,393			79,818
CONSUMER STAPLES - 2.9%
Beverages - 2.9%
Monster Beverage Corp.(1)		1,466,461			83,896
Treasury Wine Estates Ltd.(2)(3)		7,702,856			100,596
					184,492
ENERGY - 4.9%
Oil, Gas & Consumable Fuels - 4.9%
Concho Resources, Inc.(1)		1,001,588			150,569
Diamondback Energy, Inc.(1)		940,268			118,962
Noble Energy, Inc.		1,538,209			46,608
					316,139
FINANCIALS - 14.0%
Banks - 3.5%
First Republic Bank		1,341,716			124,256
SVB Financial Group(1)		399,973			95,998
					220,254
Capital Markets - 5.7%
Cboe Global Markets, Inc.		450,374			51,388
S&P Global, Inc.		833,909			159,327
TD Ameritrade Holding Corp.		2,588,812			153,335
					364,050
FINANCIALS (CONTINUED)
Consumer Finance - 1.2%
Discover Financial Services		1,090,846			78,464
Insurance - 3.6%
Progressive Corp.		3,796,288			231,308
HEALTH CARE - 15.5%
Biotechnology - 4.3%
Alexion Pharmaceuticals, Inc.(1)		547,635			61,039
Exact Sciences Corp.(1)		794,313			32,035
Genmab AS(1)(2)(3)		526,275			113,299
Neurocrine Biosciences, Inc.(1)		799,493			66,302
					272,675
Health Care Equipment & Supplies - 7.4%
Align Technology, Inc.(1)		153,029			38,430
Becton Dickinson & Co.		303,318			65,729
Boston Scientific Corp.(1)		6,494,566			177,432
Edwards Lifesciences Corp.(1)		988,986			137,983
West Pharmaceutical Services, Inc.		631,128			55,722
					475,296
Health Care Providers & Services - 1.3%
Cigna Corp.		485,413			81,423
Health Care Technology - 2.5%
Veeva Systems, Inc., Class A(1)		2,211,225			161,464
INDUSTRIALS - 19.4%
Aerospace & Defense - 4.1%
BWX Technologies, Inc.		1,464,148			93,017
Harris Corp.		799,531			128,948
Hexcel Corp.		628,758			40,612
					262,577
Building Products - 0.8%
AO Smith Corp.		852,711			54,224
Commercial Services & Supplies - 3.2%
Cintas Corp.		777,012			132,542
Waste Connections, Inc.		1,003,440			71,987
					204,529
Industrial Conglomerates - 2.1%
Roper Technologies, Inc.		469,567			131,803

32 Artisan Partners Funds

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 3.9%
Gardner Denver Holdings, Inc.(1)		3,022,666		$	92,735
Stanley Black & Decker, Inc.		502,545			76,990
Wabtec Corp.		1,011,077			82,302
					252,027
Professional Services - 5.3%
IHS Markit Ltd.(1)		4,933,220			237,979
TransUnion(1)		1,720,821			97,708
					335,687
INFORMATION TECHNOLOGY - 28.0%
Communications Equipment - 1.6%
Motorola Solutions, Inc.		990,631			104,314
Electronic Equipment, Instruments & Components - 1.3%
Coherent, Inc.(1)		198,679			37,232
FLIR Systems, Inc.		835,969			41,807
					79,039
Internet Software & Services - 2.3%
Box, Inc., Class A(1)		2,863,397			58,843
Match Group, Inc.(1)		1,387,668			61,668
Twitter, Inc.(1)		992,641			28,796
					149,307
IT Services - 7.5%
Gartner, Inc.(1)		465,811			54,789
Global Payments, Inc.		2,793,553			311,537
Worldpay, Inc., Class A(1)		1,380,788			113,556
					479,882
Semiconductors & Semiconductor Equipment - 2.7%
Lam Research Corp.		362,653			73,677
Maxim Integrated Products, Inc.		1,578,736			95,071
					168,748
Software - 12.6%
Atlassian Corp. plc, Class A(1)		3,626,235			195,527
Guidewire Software, Inc.(1)		1,655,424			133,808
HubSpot, Inc.(1)		348,293			37,720
Proofpoint, Inc.(1)		1,108,482			125,979
Tableau Software, Inc., Class A(1)		1,897,725			153,374
Temenos Group AG(1)(2)(3)		350,106			42,010
Workday, Inc., Class A(1)		482,200			61,293
Zynga, Inc., Class A(1)		15,419,516			56,435
					806,146
MATERIALS - 1.8%
Chemicals - 1.1%
Albemarle Corp.		768,115			71,235
MATERIALS (CONTINUED)
Construction Materials - 0.7%
Vulcan Materials Co.		392,353			44,795
Total common stocks (Cost $4,584,684)					6,286,188
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.2%
MONEY MARKET FUNDS - 1.2%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		19,645,878			19,646
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		19,645,878			19,646
Federated Treasury Obligations Fund – Institutional Class, 1.60%		19,645,878			19,646
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		19,645,878			19,646
Total short-term investments (cash equivalents) (Cost $78,584)					78,584
Total investments - 99.5% (Cost $4,663,268)					6,364,772
Other assets less liabilities - 0.5%					29,931
Total net assets - 100.0%(4)				$	6,394,703

⁽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 $319,929, or 5.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ The Fund considers the company to be from outside 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
Genmab AS	Denmark	Danish krone
Temenos Group AG	Switzerland	Swiss franc
Treasury Wine Estates Ltd.	Australia	Australian dollar
Zalando SE	Germany	Euro

⁽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.

Artisan Partners Funds 33

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	100,596		1.6	%
Danish krone			113,299		1.8
Euro			64,024		1.0
Swiss franc			42,010		0.6
U.S. dollar			6,044,843		95.0
Total investments		$	6,364,772		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		4.9	%
LKQ Corp.	United States		4.3
IHS Markit Ltd.	United States		3.7
Progressive Corp.	United States		3.6
Atlassian Corp. plc	United States		3.0
Boston Scientific Corp.	United States		2.8
Veeva Systems, Inc.	United States		2.5
S&P Global, Inc.	United States		2.5
Tableau Software, Inc.	United States		2.4
TD Ameritrade Holding Corp.	United States		2.4
Total			32.1	%

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.

34 Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.3%
CONSUMER DISCRETIONARY - 19.2%
Auto Components - 2.5%
Gentex Corp.		3,779,248		$	86,998
Diversified Consumer Services - 1.2%
H&R Block, Inc.		1,653,050			42,004
Internet & Direct Marketing Retail - 5.7%
Expedia Group, Inc.		43,031			4,751
Liberty Expedia Holdings, Inc., Class A(1)		689,133			27,069
Liberty Interactive Corp. QVC Group, Class A(1)		3,788,523			95,357
TripAdvisor, Inc.(1)		1,823,905			74,580
					201,757
Media - 6.8%
CBS Corp., Class B(2)		795,526			40,882
GCI Liberty, Inc., Class A(1)		666,708			35,242
News Corp., Class A(2)		4,670,508			73,794
Omnicom Group, Inc.		967,476			70,307
TEGNA, Inc.		1,795,827			20,454
					240,679
Specialty Retail - 3.0%
AutoNation, Inc.(1)		2,240,679			104,819
CONSUMER STAPLES - 2.5%
Food & Staples Retailing - 2.5%
Kroger Co.		3,720,797			89,076
ENERGY - 12.7%
Oil, Gas & Consumable Fuels - 12.7%
Andeavor		781,702			78,608
Apache Corp.		1,451,305			55,846
Cimarex Energy Co.		709,972			66,382
Devon Energy Corp.		3,022,664			96,090
Hess Corp.		2,101,752			106,391
World Fuel Services Corp.		1,857,376			45,599
					448,916
FINANCIALS - 23.4%
Banks - 5.4%
Fifth Third Bancorp		3,224,724			102,385
M&T Bank Corp.		477,695			88,068
					190,453
FINANCIALS (CONTINUED)
Capital Markets - 1.6%
Intercontinental Exchange, Inc.		755,710			54,804
Insurance - 15.9%
Alleghany Corp.		175,036			107,549
Allstate Corp.		707,306			67,053
Aon plc		535,232			75,109
Arch Capital Group Ltd.(1)		882,228			75,510
Fairfax Financial Holdings Ltd.(3)		76,031			38,700
Loews Corp.		1,073,493			53,385
Progressive Corp.		831,503			50,663
Torchmark Corp.		1,121,960			94,435
					562,404
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
AGNC Investment Corp.		1,020,831			19,314
HEALTH CARE - 1.5%
Health Care Providers & Services - 1.5%
AmerisourceBergen Corp.		628,155			54,153
INDUSTRIALS - 15.3%
Aerospace & Defense - 1.2%
Rockwell Collins, Inc.		321,796			43,394
Construction & Engineering - 4.6%
Fluor Corp.		1,608,033			92,012
Jacobs Engineering Group, Inc.		1,200,761			71,025
					163,037
Marine - 2.2%
Kirby Corp.(1)		985,046			75,799
Road & Rail - 4.2%
AMERCO		208,761			72,043
Ryder System, Inc.		1,051,103			76,510
					148,553
Trading Companies & Distributors - 3.1%
Air Lease Corp.		2,546,301			108,524
INFORMATION TECHNOLOGY - 9.1%
Electronic Equipment, Instruments & Components - 3.5%
Arrow Electronics, Inc.(1)		1,019,982			78,559

Artisan Partners Funds 35

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment, Instruments & Components (Continued)
Avnet, Inc.		1,057,957		$	44,181
					122,740
Internet Software & Services - 3.2%
IAC/InterActiveCorp(1)		728,221			113,879
Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.		930,286			84,777
MATERIALS - 7.0%
Chemicals - 7.0%
Axalta Coating Systems Ltd.(1)		2,402,350			72,527
Celanese Corp., Series A		1,160,729			116,317
Nutrien Ltd.(3)		1,257,868			59,447
					248,291
REAL ESTATE - 2.6%
Equity Real Estate Investment Trusts (REITs) - 2.6%
Equity Commonwealth(1)		2,216,259			67,973
STORE Capital Corp.		990,112			24,574
					92,547
Total common stocks (Cost $2,138,125)					3,296,918
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.3%
MONEY MARKET FUNDS - 6.3%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		55,252,473			55,253
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		55,252,473			55,252
Federated Treasury Obligations Fund – Institutional Class, 1.60%		55,252,473			55,252
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		55,252,473			55,253
Total short-term investments (cash equivalents) (Cost $221,010)					221,010
Total investments - 99.6% (Cost $2,359,135)					3,517,928
Other assets less liabilities - 0.4%					15,170
Total net assets - 100.0%(4)				$	3,533,098

⁽¹⁾ Non-income producing security.

⁽²⁾ Non-voting shares.

⁽³⁾ The Fund considers the company to be from outside 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
Fairfax Financial Holdings Ltd.	Canada	U.S. dollar
Nutrien Ltd.	Canada	U.S. dollar

⁽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.

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Celanese Corp.	United States		3.3	%
IAC/InterActiveCorp	United States		3.2
Air Lease Corp.	United States		3.1
Alleghany Corp.	United States		3.1
Hess Corp.	United States		3.0
AutoNation, Inc.	United States		3.0
Fifth Third Bancorp	United States		2.9
Devon Energy Corp.	United States		2.7
Liberty Interactive Corp. QVC Group	United States		2.7
Torchmark Corp.	United States		2.7
Total			29.7	%

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

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

36 Artisan Partners Funds

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.6%
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 3.9%
Delphi Technologies plc		444,643		$	21,187
Visteon Corp.(1)		322,217			35,521
					56,708
Diversified Consumer Services - 3.4%
Bright Horizons Family Solutions, Inc.(1)		309,653			30,879
Chegg, Inc.(1)		883,077			18,244
					49,123
Media - 0.3%
New York Times Co., Class A		159,990			3,856
Multiline Retail - 2.1%
Ollie’s Bargain Outlet Holdings, Inc.(1)		500,623			30,188
Specialty Retail - 2.1%
Burlington Stores, Inc. (1)		173,819			23,144
Floor & Decor Holdings, Inc., Class A(1)		150,612			7,850
					30,994
Textiles, Apparel & Luxury Goods - 1.5%
Canada Goose Holdings, Inc.(1)(2)		626,628			20,942
CONSUMER STAPLES - 0.6%
Food & Staples Retailing - 0.6%
PriceSmart, Inc.		100,842			8,426
ENERGY - 3.9%
Oil, Gas & Consumable Fuels - 3.9%
Antero Midstream GP L.P.		672,339			10,751
Callon Petroleum Co.(1)		1,084,791			14,362
RSP Permian, Inc.(1)		681,735			31,960
					57,073
FINANCIALS - 6.1%
Banks - 4.6%
SVB Financial Group(1)		107,063			25,696
Webster Financial Corp.		739,856			40,988
					66,684
Capital Markets - 1.5%
Virtu Financial, Inc., Class A		637,848			21,049
HEALTH CARE - 13.2%
Biotechnology - 3.5%
Acceleron Pharma, Inc.(1)		211,542			8,271
HEALTH CARE (CONTINUED)
Biotechnology (continued)
Halozyme Therapeutics, Inc.(1)		1,020,080			19,983
Neurocrine Biosciences, Inc.(1)		265,304			22,002
					50,256
Health Care Equipment & Supplies - 4.0%
DexCom, Inc.(1)		398,932			29,585
Glaukos Corp.(1)		254,084			7,833
Nevro Corp.(1)		240,851			20,875
					58,293
Health Care Providers & Services - 1.4%
HealthEquity, Inc.(1)		323,433			19,581
Health Care Technology - 3.6%
Veeva Systems, Inc., Class A(1)		723,322			52,817
Life Sciences Tools & Services - 0.7%
NeoGenomics, Inc.(1)		1,295,174			10,568
INDUSTRIALS - 22.0%
Aerospace & Defense - 11.4%
BWX Technologies, Inc.		745,750			47,378
Cubic Corp.		190,070			12,088
Curtiss-Wright Corp.		216,861			29,291
HEICO Corp.		251,008			21,790
Teledyne Technologies, Inc.(1)		287,180			53,752
					164,299
Electrical Equipment - 1.0%
Acuity Brands, Inc.		108,165			15,055
Machinery - 8.4%
Donaldson Co., Inc.		698,539			31,469
Gardner Denver Holdings, Inc.(1)		694,226			21,299
IDEX Corp.		160,354			22,852
John Bean Technologies Corp.		406,405			46,086
					121,706
Trading Companies & Distributors - 1.2%
MRC Global, Inc. (1)		597,628			9,825
SiteOne Landscape Supply, Inc.(1)		92,868			7,155
					16,980

Artisan Partners Funds 37

	Shares Held		Value
INFORMATION TECHNOLOGY - 38.5%
Electronic Equipment, Instruments & Components - 4.2%
Cognex Corp.		273,889		$	14,239
Coherent, Inc.(1)		32,606			6,110
Novanta, Inc.(1)		453,953			23,674
Rogers Corp.(1)		136,532			16,321
					60,344
Internet Software & Services - 9.3%
Benefitfocus, Inc.(1)		612,342			14,941
Box, Inc., Class A(1)		783,571			16,103
Match Group, Inc.(1)		620,831			27,590
MuleSoft, Inc.(1)		702,393			30,891
Q2 Holdings, Inc.(1)		996,319			45,382
					134,907
Semiconductors & Semiconductor Equipment - 2.7%
Ambarella, Inc.(1)		270,563			13,255
Cree, Inc.(1)		374,625			15,101
Monolithic Power Systems, Inc.		97,060			11,237
					39,593
Software - 22.3%
ACI Worldwide, Inc.(1)		1,061,928			25,189
Atlassian Corp. plc, Class A(1)		633,825			34,176
Blackline, Inc.(1)		501,586			19,667
Ellie Mae, Inc.(1)		257,047			23,633
Guidewire Software, Inc.(1)		563,984			45,587
HubSpot, Inc.(1)		213,923			23,168
Paylocity Holding Corp.(1)		372,244			19,070
Proofpoint, Inc.(1)		456,810			51,917
Tableau Software, Inc., Class A(1)		313,850			25,365
Tyler Technologies, Inc.(1)		167,284			35,290
Zynga, Inc., Class A(1)		5,313,400			19,447
					322,509
Total common stocks (Cost $906,487)					1,411,951
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.7%
MONEY MARKET FUNDS - 2.7%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		9,699,543			9,699
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		9,699,543			9,699
Federated Treasury Obligations Fund – Institutional Class, 1.60%		9,699,543			9,700
MONEY MARKET FUNDS (CONTINUED)
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		9,699,543			9,700
Total short-term investments (cash equivalents) (Cost $38,798)					38,798
Total investments - 100.3% (Cost $945,285)					1,450,749
Other assets less liabilities - (0.3)%					(3,954	)
Total net assets - 100.0%(3)				$	1,446,795

⁽¹⁾ Non-income producing security.

⁽²⁾ The Fund considers the company to be from outside 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

⁽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.

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Teledyne Technologies, Inc.	United States		3.7	%
Veeva Systems, Inc.	United States		3.6
Proofpoint, Inc.	United States		3.6
BWX Technologies, Inc.	United States		3.3
John Bean Technologies Corp.	United States		3.2
Guidewire Software, Inc.	United States		3.2
Q2 Holdings, Inc.	United States		3.2
Webster Financial Corp.	United States		2.8
Visteon Corp.	United States		2.4
Tyler Technologies, Inc.	United States		2.4
Total			31.4	%

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

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

38 Artisan Partners Funds

ARTISAN THEMATIC FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.0%
CONSUMER DISCRETIONARY - 2.1%
Distributors - 2.1%
LKQ Corp.(1)		18,675		$	709
CONSUMER STAPLES - 7.2%
Food Products - 7.2%
Lamb Weston Holdings, Inc.		42,813			2,492
FINANCIALS - 18.2%
Banks - 6.4%
BB&T Corp.		19,481			1,014
Citizens Financial Group, Inc.		8,079			339
JPMorgan Chase & Co.		7,732			850
					2,203
Capital Markets - 11.8%
CME Group, Inc.		13,868			2,243
Goldman Sachs Group, Inc.		2,765			697
Intercontinental Exchange, Inc.		7,257			526
Ocelot Partners Ltd.(1)(2)(3)(4)		61,658			590
					4,056
HEALTH CARE - 0.0%†
Biotechnology - 0.0%†
Homology Medicines, Inc.(1)		229			4
INDUSTRIALS - 35.2%
Aerospace & Defense - 28.8%
Airbus SE(3)(4)		10,301			1,192
Harris Corp.		24,441			3,942
L3 Technologies, Inc.		4,408			917
Northrop Grumman Corp.		4,745			1,656
Raytheon Co.		10,169			2,195
					9,902
Professional Services - 6.4%
IHS Markit Ltd.(1)		10,632			513
Verisk Analytics, Inc.(1)		16,172			1,682
					2,195
INFORMATION TECHNOLOGY - 35.3%
Internet Software & Services - 2.2%
NetEase, Inc. (DR)(4)		2,691			755
IT Services - 6.2%
Visa, Inc., Class A		17,909			2,142
INFORMATION TECHNOLOGY (CONTINUED)
Software - 26.9%
Atlassian Corp. plc, Class A(1)		14,850			801
CDK Global, Inc.(5)		16,276			1,031
Electronic Arts, Inc.(1)		11,232			1,362
Nintendo Co., Ltd.(4)		3,600			1,585
salesforce.com, Inc.(1)		20,109			2,339
Splunk, Inc.(1)		10,705			1,053
Take-Two Interactive Software, Inc.(1)		10,791			1,055
					9,226
Total common stocks (Cost $31,530)					33,684

PURCHASED OPTION CONTRACTS - 0.4% (COST $125)			144
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
MONEY MARKET FUNDS - 3.2%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%	275,116		275
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%	275,116		275
Federated Treasury Obligations Fund – Institutional Class, 1.60%	275,116		275
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%	275,116		275
Total short-term investments (cash equivalents) (Cost $1,100)			1,100
Total investments - 101.6% (Cost $32,755)			34,928
WRITTEN OPTION CONTRACTS - (0.0)%† (PREMIUMS RECEIVED $8)			(11	)
Other assets less liabilities - (1.6)%			(535	)
Total net assets - 100.0%(6)		$	34,382

 ^† Amount rounds to less than 0.1%.

⁽¹⁾ Non-income producing security.

Artisan Partners Funds 39

⁽²⁾ Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $590, or 1.7% of total net assets.

⁽³⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,782, or 5.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁴⁾ The Fund considers the company to be from outside 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
Airbus SE	France	Euro
NetEase, Inc. (DR)	China	U.S. dollar
Nintendo Co., Ltd.	Japan	Japanese yen
Ocelot Partners Ltd.	United Kingdom	U.S. dollar

⁽⁵⁾ At March 31, 2018, all or a portion of this security was pledged to cover collateral requirements for options.

⁽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.

TRADING CURRENCIES - March 31, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	1,192		3.4	%
Japanese yen			1,585		4.6
U.S. dollar			32,151		92.0
Total investments		$	34,928		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2018 (Unaudited)
Values in thousands
	Contract Settlement Date		Contract Amount						Unrealized Appreciation/ (Depreciation)
Counterparty			Deliver			Receive
State Street Bank and Trust Company		5/14/2018		USD	368		JPY	39,279		$	1
State Street Bank and Trust Company		5/14/2018		JPY	62,375		USD	586			(1	)
State Street Bank and Trust Company		5/14/2018		JPY	136,066		USD	1,259			(23	)
										$	(23	)

JPY - Japanese yen

USD - U.S. dollar

PURCHASED OPTION CONTRACTS - March 31, 2018 (Unaudited)
Dollar values in thousands
Description	Exercise Price			Expiration Date		Number of Contracts		Notional Amount		Market Value				Premiums Paid by Fund			Unrealized Appreciation/ (Depreciation)
Calls
Harris Corp.		$	165.00		8/17/2018		130		13,000		$	98			$	67		$	31
NetEase, Inc.		$	340.00		4/20/2018		18		1,800			–	(1)			12			(12	)
Total calls											$	98			$	79		$	19
Puts
Industrial Select Sector SPDR Fund		$	73.00		5/18/2018		92		9,200		$	15			$	15		$	–	(1)
Technology Select Sector SPDR Fund		$	60.00		5/18/2018		107		10,700			9				14			(5	)
Technology Select Sector SPDR Fund		$	64.00		5/18/2018		126		12,600			22				17			5
Total puts											$	46			$	46		$	–	(1)
Total purchased option contracts											$	144			$	125		$	19

⁽¹⁾ Amount rounds to less than $1.

WRITTEN OPTION CONTRACTS - March 31, 2018 (Unaudited)
Dollar values in thousands
Description	Exercise Price			Expiration Date		Number of Contracts			Notional Amount			Market Value				Premiums (Received) by Fund				Unrealized Appreciation/ (Depreciation)
Puts
Industrial Select Sector SPDR Fund		$	65.00		5/18/2018		(92	)		(9,200	)		$	(4	)		$	(3	)		$	(1	)
Technology Select Sector SPDR Fund		$	58.00		5/18/2018		(126	)		(12,600	)			(7	)			(5	)			(2	)
Total puts													$	(11	)		$	(8	)		$	(3	)
Total written option contracts													$	(11	)		$	(8	)		$	(3	)

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Harris Corp.	United States		11.5	%
Lamb Weston Holdings, Inc.	United States		7.2
salesforce.com, Inc.	United States		6.8
CME Group, Inc.	United States		6.5
Raytheon Co.	United States		6.4
Visa, Inc.	United States		6.2
Verisk Analytics, Inc.	United States		4.9
Northrop Grumman Corp.	United States		4.8
Nintendo Co., Ltd.	Japan		4.6
Electronic Arts, Inc.	United States		4.0
Total			62.9	%

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.

40 Artisan Partners Funds

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2018 (Unaudited)

Dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 93.5%
CONSUMER DISCRETIONARY - 14.6%
Auto Components - 3.4%
Cie Generale des Etablissements Michelin SCA(1)(2)		126,257			$	18,662
Internet & Direct Marketing Retail - 3.8%
Expedia Group, Inc.		9,836				1,086
Liberty Expedia Holdings, Inc., Class A(3)		108,346				4,256
Liberty Interactive Corp. QVC Group, Class A(3)		599,887				15,099
						20,441
Media - 5.0%
CBS Corp., Class B(4)		221,876				11,402
GCI Liberty, Inc., Class A(3)		97,070				5,131
News Corp., Class A(4)		659,163				10,415
						26,948
Specialty Retail - 2.4%
AutoNation, Inc.(3)		275,628				12,894
ENERGY - 14.0%
Oil, Gas & Consumable Fuels - 14.0%
Apache Corp.		242,758				9,341
Devon Energy Corp.		558,485				17,754
EOG Resources, Inc.		115,681				12,178
Hess Corp.		391,398				19,813
Occidental Petroleum Corp.		252,843				16,425
						75,511
FINANCIALS - 23.4%
Banks - 6.8%
Citigroup, Inc.		320,235				21,616
Wells Fargo & Co.		291,230				15,263
						36,879
Capital Markets - 4.7%
Goldman Sachs Group, Inc.		54,602				13,752
Oaktree Capital Group LLC		292,941				11,601
						25,353
Consumer Finance - 2.9%
Synchrony Financial		456,352				15,301
Diversified Financial Services - 4.3%
Berkshire Hathaway, Inc., Class B(3)		116,665				23,272
FINANCIALS (CONTINUED)
Insurance - 4.7%
Alleghany Corp.		21,070				12,946
Chubb Ltd.		90,184				12,335
						25,281
HEALTH CARE - 9.8%
Health Care Equipment & Supplies - 2.1%
Medtronic plc		141,834				11,378
Health Care Providers & Services - 5.1%
Cardinal Health, Inc.		192,255				12,051
Express Scripts Holding Co.(3)		219,065				15,133
						27,184
Pharmaceuticals - 2.6%
Allergan plc		83,297				14,018
INDUSTRIALS - 5.5%
Construction & Engineering - 2.0%
Jacobs Engineering Group, Inc.		185,985				11,001
Trading Companies & Distributors - 3.5%
Air Lease Corp.		443,427				18,899
			��
INFORMATION TECHNOLOGY - 13.6%
Communications Equipment - 2.6%
Cisco Systems, Inc.		330,811				14,188
Internet Software & Services - 4.2%
Alphabet, Inc., Class C(3)(4)		22,162				22,867
Software - 3.0%
Oracle Corp.		356,619				16,315
Technology Hardware, Storage & Peripherals - 3.8%
Apple, Inc.		120,436				20,207
MATERIALS - 10.7%
Chemicals - 10.7%
Celanese Corp., Series A		91,905				9,210
DowDuPont, Inc.		183,726				11,705
LyondellBasell Industries N.V., Class A		178,333				18,846
Nutrien Ltd.(2)		377,789				17,855
						57,616

Artisan Partners Funds 41

	Shares Held		Value
REAL ESTATE - 1.9%
Equity Real Estate Investment Trusts (REITs) - 1.9%
Simon Property Group, Inc.		64,932		$	10,022
Total common stocks (Cost $383,919)					504,237
PREFERRED STOCK - 3.2%
INFORMATION TECHNOLOGY - 3.2%
Technology Hardware, Storage & Peripherals - 3.2%
Samsung Electronics Co., Ltd. 2.09%(2)(4)		9,182			17,573
Total preferred stock (Cost $5,476)					17,573
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
MONEY MARKET FUNDS - 3.6%
BlackRock Liquidity Funds Treasury Trust Fund – Institutional Class, 1.56%		4,870,388			4,870
Dreyfus Treasury Securities Cash Management – Institutional Class, 1.46%		4,870,388			4,871
Federated Treasury Obligations Fund – Institutional Class, 1.60%		4,870,388			4,870
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class, 1.50%		4,870,388			4,870
Total short-term investments (cash equivalents) (Cost $19,481)					19,481
Total investments - 100.3% (Cost $408,876)					541,291
Other assets less liabilities - (0.3)%					(1,784	)
Total net assets - 100.0%(5)				$	539,507

⁽¹⁾ 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 $18,662, or 3.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ The Fund considers the company to be from outside 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
Cie Generale des Etablissements Michelin SCA	France	Euro
Nutrien Ltd.	Canada	U.S. dollar
Samsung Electronics Co., Ltd.	Korea	Korean won

⁽³⁾ Non-income producing security.

⁽⁴⁾ Non-voting shares.

⁽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, 2018 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	18,662		3.4	%
Korean won			17,573		3.2
U.S. dollar			505,056		93.4
Total investments		$	541,291		100.0	%

TOP TEN HOLDINGS - March 31, 2018 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Berkshire Hathaway, Inc.	United States		4.3	%
Alphabet, Inc.	United States		4.2
Citigroup, Inc.	United States		4.0
Apple, Inc.	United States		3.8
Hess Corp.	United States		3.7
Air Lease Corp.	United States		3.5
LyondellBasell Industries N.V.	United States		3.5
Cie Generale des Etablissements Michelin SCA	France		3.4
Nutrien Ltd.	Canada		3.3
Devon Energy Corp.	United States		3.3
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.

42 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2018 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL DISCOVERY				GLOBAL EQUITY
ASSETS:
Investments in securities, unaffiliated, at value		$	2,233,843			$	60,440			$	34,922			$	295,213
Short-term investments (money market funds), at value			177,350				1,565				708				15,351
Total investments			2,411,193				62,005				35,630				310,564
Cash			1,051				–				–	(1)			31
Foreign currency			8,437				33				5				3,563
Receivable from investments sold			9,277				95				6				6,383
Receivable from fund shares sold			7,333				272				12				24
Dividends and interest receivable			1,080				127				16				534
Prepaid offering costs			–				–				10				–
Other assets			31				4				3				9
Total assets			2,438,402				62,536				35,682				321,108
LIABILITIES:
Payable for investments purchased			24,444				458				304				10,356
Payable for fund shares redeemed			11				–	(1)			–				23
Payable for operating expenses			466				132				33				135
Payable for deferred director’s compensation			18				4				1				7
Payable for foreign taxes			13				191	(2)			1				21
Total liabilities			24,952				785				339				10,542
Total net assets		$	2,413,450			$	61,751			$	35,343			$	310,566
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,011,720			$	183,495			$	33,752			$	224,284
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			416,725				12,961				1,632				55,295
Foreign currency transactions			(24	)			(4	)			–				9
Accumulated undistributed net investment loss			(2,881	)			(366	)			(87	)			(814	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions			(12,090	)			(134,335	)			46				31,792
Total net assets		$	2,413,450			$	61,751			$	35,343			$	310,566
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	557,640			$	52,914			$	35,343			$	137,997
Advisor Shares		$	1,004,630
Institutional Shares		$	851,180			$	8,837							$	172,569
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			43,558,387				3,079,927				3,142,559				6,486,511
Advisor Shares			78,245,311
Institutional Shares			66,192,468				516,641								8,075,213
Net asset value per share
Investor Shares		$	12.80			$	17.18			$	11.25			$	21.27
Advisor Shares		$	12.84
Institutional Shares		$	12.86			$	17.10							$	21.37
Cost of securities of unaffiliated issuers held		$	1,994,468			$	48,897			$	33,998			$	255,269
Cost of foreign currency held		$	8,450			$	32			$	5			$	3,580
(1) Amount rounds to less than $1
(2) Including foreign taxes on unrealized gains						$	147

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

Artisan Partners Funds 43

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2018 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value		$	2,941,278			$	3,249,269			$	2,541,618			$	13,219,086
Short-term investments (money market funds), at value			167,710				418,783				158,471				830,620
Total investments			3,108,988				3,668,052				2,700,089				14,049,706
Cash			406				33				2,416				–
Foreign currency			1,285				355				–				23,722
Receivable from investments sold			8,860				2,705				8,807				20,538
Receivable from fund shares sold			6,793				6,982				7,883				22,932
Dividends and interest receivable			2,595				12,663				42,561				42,577
Other assets			61				73				52				487
Total assets			3,128,988				3,690,863				2,761,808				14,159,962
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				6,439				–				–
Dividends payable			–				–				3,015				–
Payable for investments purchased			17,223				4,611				124,766				297,078
Payable for fund shares redeemed			15,408				4,738				7,067				18,382
Payable for operating expenses			451				439				368				3,208
Payable for deferred director’s compensation			42				50				35				388
Payable for foreign taxes			110				1,181				–				1,780
Total liabilities			33,234				17,458				135,251				320,836
Total net assets		$	3,095,754			$	3,673,405			$	2,626,557			$	13,839,126
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,205,039			$	3,055,076			$	2,622,467			$	10,169,682
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			787,570				589,430				(16,609	)			3,112,052
Foreign currency forward contracts			–				(6,439	)			–				–
Foreign currency transactions			8				163				–				1,223
Accumulated undistributed net investment loss			(3,984	)			(3,666	)			(1,756	)			(15,037	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions			107,121				38,841				22,455				571,206
Total net assets		$	3,095,754			$	3,673,405			$	2,626,557			$	13,839,126
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,097,367			$	781,437			$	830,940			$	5,228,432
Advisor Shares		$	484,636			$	828,793			$	1,518,042			$	2,554,925
Institutional Shares		$	1,513,751			$	2,063,175			$	277,575			$	6,055,769
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			41,368,285				43,892,776				84,569,463				156,456,235
Advisor Shares			18,215,218				46,644,243				154,509,094				76,590,825
Institutional Shares			56,466,386				115,834,393				28,259,680				180,220,491
Net asset value per share
Investor Shares		$	26.53			$	17.80			$	9.83			$	33.42
Advisor Shares		$	26.61			$	17.77			$	9.82			$	33.36
Institutional Shares		$	26.81			$	17.81			$	9.82			$	33.60
Cost of securities of unaffiliated issuers held		$	2,321,418			$	3,078,622			$	2,716,698			$	10,937,654
Cost of foreign currency held		$	1,283			$	357							$	23,219

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

44 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2018 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	463,562			$	12,752,381			$	6,286,188			$	3,296,918
Investments in securities, affiliated, at value			10,186				298,103				–				–
Short-term investments (money market funds), at value			21,788				2,326,307				78,584				221,010
Total investments			495,536				15,376,791				6,364,772				3,517,928
Cash			–				–				464				367
Foreign currency			5,053				8,054				–	(1)			–
Unrealized gain on foreign currency forward contracts			–				2,453				–				–
Receivable from investments sold			1,574				24,900				57,304				41,162
Receivable from fund shares sold			126				14,114				4,379				2,880
Dividends and interest receivable			1,575				64,712				1,792				4,667
Other assets			22				391				243				171
Total assets			503,886				15,491,415				6,428,954				3,567,175
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				47,851				–				–
Payable for investments purchased			5,033				47,857				21,419				27,755
Payable for fund shares redeemed			103				7,101				11,222				4,970
Payable for operating expenses			241				2,252				1,402				1,134
Payable for deferred director’s compensation			19				286				195				143
Payable for foreign taxes			85				5,809	(2)			13				75
Total liabilities			5,481				111,156				34,251				34,077
Total net assets		$	498,405			$	15,380,259			$	6,394,703			$	3,533,098
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	344,619			$	12,122,704			$	4,204,824			$	2,242,119
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			115,361				3,035,231				1,701,504				1,158,793
Investments, from affiliated issuers			157				68,372				–				–
Foreign currency forward contracts			–				(45,398	)			–				–
Foreign currency transactions			35				1,144				(13	)			–
Accumulated undistributed net investment income (loss)			(2,616	)			(58,351	)			(27,801	)			4,443
Accumulated undistributed net realized gains on investments and foreign currency related transactions			40,849				256,557				516,189				127,743
Total net assets		$	498,405			$	15,380,259			$	6,394,703			$	3,533,098
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	274,292			$	4,021,303			$	2,000,346			$	1,623,337
Advisor Shares						$	4,301,110			$	599,827			$	1,006,264
Institutional Shares		$	224,113			$	7,057,846			$	3,794,530			$	903,497
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			11,676,066				107,660,298				50,485,275				73,149,755
Advisor Shares							115,219,108				15,058,889				45,424,583
Institutional Shares			9,500,128				188,281,741				87,913,386				40,744,100
Net asset value per share
Investor Shares		$	23.49			$	37.35			$	39.62			$	22.19
Advisor Shares						$	37.33			$	39.83			$	22.15
Institutional Shares		$	23.59			$	37.49			$	43.16			$	22.17
Cost of securities of unaffiliated issuers held		$	369,989			$	12,042,655			$	4,663,268			$	2,359,135
Cost of securities of affiliated issuers held		$	10,029			$	229,731
Cost of foreign currency held		$	5,085			$	8,124			$	–	(1)
(1) Amount rounds to less than $1
(2) Including foreign taxes on unrealized gains						$	802

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

Artisan Partners Funds 45

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2018 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP				THEMATIC				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	1,411,951			$	33,828			$	521,810
Short-term investments (money market funds), at value			38,798				1,100				19,481
Total investments			1,450,749				34,928				541,291
Cash			–				9				–
Foreign currency			–				–				–	(1)
Unrealized gain on foreign currency forward contracts			–				1				–
Receivable from investments sold			–				519				–	(1)
Receivable from fund shares sold			4,153				1,054				2,448
Dividends and interest receivable			108				19				944
Prepaid offering costs			–				2				–
Other assets			40				36				26
Total assets			1,455,050				36,568				544,709
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				24				–
Written options, at value			–				11	(2)			–
Payable for investments purchased			6,490				2,117				4,510
Payable for fund shares redeemed			1,353				–				372
Payable for operating expenses			380				31				240
Payable for deferred director’s compensation			32				1				22
Payable for foreign taxes			–				2				58
Total liabilities			8,255				2,186				5,202
Total net assets		$	1,446,795			$	34,382			$	539,507
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	824,912			$	30,300			$	387,009
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			505,464				2,173				132,415
Written options			–				(3	)			–
Foreign currency forward contracts			–				(23	)			–
Foreign currency transactions			–				3				1
Accumulated undistributed net investment income (loss)			(13,462	)			(9	)			1,761
Accumulated undistributed net realized gains on investments and foreign currency related transactions			129,881				1,941				18,321
Total net assets		$	1,446,795			$	34,382			$	539,507
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	436,892			$	34,382			$	186,978
Advisor Shares		$	391,253							$	127,553
Institutional Shares		$	618,650							$	224,976
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			13,289,762				2,728,171				13,477,533
Advisor Shares			11,883,709								9,233,139
Institutional Shares			18,560,765								16,252,186
Net asset value per share
Investor Shares		$	32.87			$	12.60			$	13.87
Advisor Shares		$	32.92							$	13.81
Institutional Shares		$	33.33							$	13.84
Cost of securities of unaffiliated issuers held		$	945,285			$	32,755			$	408,876
Cost of foreign currency held											–	(1)
(1) Amount rounds to less than $1
(2) Written options, premiums received $8

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

46 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2018 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL DISCOVERY				GLOBAL EQUITY
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	9,604			$	315			$	67			$	1,108
Interest			357				3				4				12
Total investment income			9,961				318				71				1,120
EXPENSES:
Management fees			11,268				285				102				1,565
Transfer agent fees
Investor Shares			659				75				33				175
Advisor Shares			310
Institutional Shares			16				15								15
Custodian fees			259				20				16				28
Accounting fees			53				48				10				44
Professional fees			57				40				14				34
Offering fees			–				–				13				–
Registration fees
Investor Shares			28				13				16				16
Advisor Shares			32
Institutional Shares			11				10								14
Director’s fees			36				3				3				5
Other operating expenses			90				6				1				10
Total operating expenses			12,819				515				208				1,906
Less amounts waived or paid by the Adviser			–				(98	)			(51	)			–
Net expenses			12,819				417				157				1,906
Net investment loss			(2,858	)			(99	)			(86	)			(786	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			4,379				2,376				150				33,253
Foreign currency related transactions			8				–	(1)			4				(13	)
Total realized gain			4,387				2,376				154				33,240
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(3)			61,531				3,270				1,257				(4,055	)
Foreign currency related transactions			39				1				–				4
Total increase in unrealized appreciation or depreciation			61,570				3,271				1,257				(4,051	)
Net gain on investments and foreign currency related transactions			65,957				5,647				1,411				29,189
Net increase in net assets resulting from operations		$	63,099			$	5,548			$	1,325			$	28,403
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	459			$	46			$	3			$	29
(3) Net of increase in foreign taxes on unrealized gains							20

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

Artisan Partners Funds 47

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2018 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	10,386			$	24,515			$	254			$	59,581
Interest			319				717				86,193				345
Total investment income			10,705				25,232				86,447				59,926
EXPENSES:
Management fees			12,894				16,499				8,923				65,464
Transfer agent fees
Investor Shares			1,136				937				808				6,719
Advisor Shares			175				326				643				1,034
Institutional Shares			16				17				16				65
Custodian fees			93				106				31				513
Accounting fees			53				53				73				54
Professional fees			53				57				60				199
Registration fees
Investor Shares			24				26				33				51
Advisor Shares			20				29				63				40
Institutional Shares			43				18				12				47
Director’s fees			50				56				44				254
Other operating expenses			68				50				90				271
Total operating expenses			14,625				18,174				10,796				74,711
Net investment income (loss)			(3,920	)			7,058				75,651				(14,785	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			111,351				84,653				22,286				931,257
Foreign currency forward contracts			–				(4,086	)			–				–
Foreign currency related transactions			(12	)			(67	)			–				(731	)
Futures contracts			–				–				1,241				–
Total realized gain			111,339				80,500				23,527				930,526
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			99,230				(55,166	)			(68,966	)			(304,752	)
Foreign currency forward contracts			–				(2,372	)			–				–
Foreign currency related transactions			56				48				–				1,161
Futures contracts			–				–				(418	)			–
Total increase in unrealized appreciation or depreciation			99,286				(57,490	)			(69,384	)			(303,591	)
Net gain (loss) on investments and foreign currency related transactions			210,625				23,010				(45,857	)			626,935
Net increase in net assets resulting from operations		$	206,705			$	30,068			$	29,794			$	612,150
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	303			$	1,876							$	4,992

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

48 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2018 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	1,392			$	90,394			$	20,544			$	25,376
Interest			43				4,613				359				591
Total investment income			1,435				95,007				20,903				25,967
EXPENSES:
Management fees			3,144				71,438				31,532				18,211
Transfer agent fees
Investor Shares			325				4,814				2,635				2,179
Advisor Shares							1,678				237				370
Institutional Shares			15				55				22				17
Custodian fees			70				587				99				37
Accounting fees			44				53				39				38
Professional fees			33				190				105				86
Registration fees
Investor Shares			24				95				31				31
Advisor Shares							74				23				43
Institutional Shares			11				39				38				23
Director’s fees			10				270				123				72
Other operating expenses			12				432				167				307
Total operating expenses			3,688				79,725				35,051				21,414
Net investment income (loss)			(2,253	)			15,282				(14,148	)			4,553
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			56,720				477,733				664,741				182,585
Investments, from affiliated issuers			(11	)			864				–				–
Foreign currency forward contracts			–				(30,228	)			–				–
Foreign currency related transactions			(109	)			(638	)			(103	)			–
Total realized gain			56,600				447,731				664,638				182,585
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(2)			(13,159	)			(491,839	)			(182,398	)			(84,665	)
Investments, from affiliated issuers			1,184				(46,803	)			–				–
Foreign currency forward contracts			–				(28,129	)			–				–
Foreign currency related transactions			(3	)			500				(2	)			–
Total decrease in unrealized appreciation or depreciation			(11,978	)			(566,271	)			(182,400	)			(84,665	)
Net gain (loss) on investments and foreign currency related transactions			44,622				(118,540	)			482,238				97,920
Net increase (decrease) in net assets resulting from operations		$	42,369			$	(103,258	)		$	468,090			$	102,473
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	126			$	11,147			$	84			$	272
(2) Net of increase in foreign taxes on unrealized gains							784

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2018 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP				THEMATIC				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	1,759			$	191			$	4,825
Interest			100				1				75
Total investment income			1,859				192				4,900
EXPENSES:
Management fees			6,551				128				2,197
Transfer agent fees
Investor Shares			502				38				273
Advisor Shares			93								87
Institutional Shares			16								15
Custodian fees			36				11				17
Accounting fees			38				10				38
Dividends on securities sold short			–				2				–
Professional fees			38				28				33
Offering fees			–				12				–
Registration fees
Investor Shares			14				13				17
Advisor Shares			17								16
Institutional Shares			33								15
Director’s fees			24				3				12
Other operating expenses			63				3				39
Total operating expenses			7,425				248				2,759
Less amounts waived or paid by the Adviser			–				(53	)			(15	)
Net expenses			7,425				195				2,744
Net investment income (loss)			(5,566	)			(3	)			2,156
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			161,733				3,215				42,184
Foreign currency forward contracts			–				(47	)			–
Foreign currency related transactions			–				(8	)			19
Written options			–				(694	)			–
Securities sold short			–				(1	)			–
Total realized gain			161,733				2,465				42,203
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			18,277				1,143				(34,839	)
Foreign currency forward contracts			–				(29	)			–
Foreign currency related transactions			–				3				1
Written options			–				(1	)			–
Total increase (decrease) in unrealized appreciation or depreciation			18,277				1,116				(34,838	)
Net gain on investments and foreign currency related transactions			180,010				3,581				7,365
Net increase in net assets resulting from operations		$	174,444			$	3,578			$	9,521
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers						$	2			$	95

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

50 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD								EMERGING MARKETS
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017				Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(2,858	)		$	5,224			$	(99	)		$	256
Net realized gain (loss) on:
Investments, from unaffiliated issuers			4,379				54,080				2,376				1,665
Foreign currency related transactions			8				(243	)			–	(2)			(1	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			61,531				238,939				3,270				7,503
Foreign currency related transactions			39				(69	)			1				(1	)
Net increase in net assets resulting from operations			63,099				297,931				5,548				9,422
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(668	)			(171	)			(238	)			(288	)
Advisor Shares			(1,759	)			(753	)
Institutional Shares			(2,029	)			(827	)			(44	)			(47	)
Net realized gains on investment transactions:
Investor Shares			(16,909	)			(1,087	)			–				–
Advisor Shares			(25,135	)			(1,409	)
Institutional Shares			(23,267	)			(1,160	)			–				–
Total distributions paid to shareholders			(69,767	)			(5,407	)			(282	)			(335	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			451,546				791,404				5,347				5,361
Total increase in net assets			444,878				1,083,928				10,613				14,448
Net assets, beginning of period			1,968,572				884,644				51,138				36,690
Net assets, end of period		$	2,413,450			$	1,968,572			$	61,751			$	51,138
Accumulated undistributed net investment income (loss)		$	(2,881	)		$	4,433			$	(366	)		$	15

⁽¹⁾ Unaudited

⁽²⁾ Amount rounds to less than $1

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

Artisan Partners Funds 51

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY								GLOBAL EQUITY
	Six Months Ended 3/31/2018(1)				Period Ended 9/30/2017(2)				Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment loss		$	(86	)		$	(10	)		$	(786	)		$	(220	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			150				(25	)			33,253				20,120
Foreign currency related transactions			4				(1	)			(13	)			(89	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,257				375				(4,055	)			25,918
Foreign currency related transactions			–				–				4				11
Net increase in net assets resulting from operations			1,325				339				28,403				45,740
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(7	)			–				–				–
Institutional Shares											–				(186	)
Net realized gains on investment transactions:
Investor Shares			(83	)			–				(912	)			–
Institutional Shares											(1,168	)			–
Total distributions paid to shareholders			(90	)			–				(2,080	)			(186	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			20,947				12,822				(7,135	)			(11,750	)
Total increase in net assets			22,182				13,161				19,188				33,804
Net assets, beginning of period			13,161				–				291,378				257,574
Net assets, end of period		$	35,343			$	13,161			$	310,566			$	291,378
Accumulated undistributed net investment income (loss)		$	(87	)		$	6			$	(814	)		$	(28	)

⁽¹⁾ Unaudited

⁽²⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.

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

52 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES								GLOBAL VALUE
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017				Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(3,920	)		$	(4,619	)		$	7,058			$	19,522
Net realized gain (loss) on:
Investments, from unaffiliated issuers			111,351				128,629				84,653				18,452
Foreign currency forward contracts			–				6,592				(4,086	)			1,761
Foreign currency related transactions			(12	)			66				(67	)			(321	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			99,230				251,517				(55,166	)			452,558
Foreign currency forward contracts			–				94				(2,372	)			(4,493	)
Foreign currency related transactions			56				47				48				149
Net increase in net assets resulting from operations			206,705				382,326				30,068				487,628
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(5,420	)			(4,872	)
Advisor Shares			–				–				(6,840	)			(3,108	)
Institutional Shares			–				–				(14,002	)			(8,504	)
Net realized gains on investment transactions:
Investor Shares			(41,081	)			(1,289	)			(10,586	)			(14,632	)
Advisor Shares			(17,255	)			(311	)			(10,784	)			(8,179	)
Institutional Shares			(56,726	)			(1,335	)			(20,388	)			(19,874	)
Total distributions paid to shareholders			(115,062	)			(2,935	)			(68,020	)			(59,169	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			300,696				486,587				631,251				582,380
Total increase in net assets			392,339				865,978				593,299				1,010,839
Net assets, beginning of period			2,703,415				1,837,437				3,080,106				2,069,267
Net assets, end of period		$	3,095,754			$	2,703,415			$	3,673,405			$	3,080,106
Accumulated undistributed net investment income (loss)		$	(3,984	)		$	(64	)		$	(3,666	)		$	15,538

⁽¹⁾ Unaudited

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

Artisan Partners Funds 53

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	HIGH INCOME								INTERNATIONAL
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017				Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	75,651			$	125,960			$	(14,785	)		$	120,147
Net realized gain (loss) on:
Investments, from unaffiliated issuers			22,286				60,042				931,257				193,492
Investments, from affiliated issuers			–				–				–				9,897
Foreign currency forward contracts			–				92				–				–
Foreign currency related transactions			–				(36	)			(731	)			(6,091	)
Futures contracts			1,241				–				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(68,966	)			17,379				(304,752	)			1,592,736
Investments, from affiliated issuers			–				–				–				(49,388	)
Foreign currency related transactions			–				–				1,161				2,325
Futures contracts			(418	)			418				–				–
Net increase in net assets resulting from operations			29,794				203,855				612,150				1,863,118
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(21,454	)			(32,485	)			(38,619	)			(77,560	)
Advisor Shares			(46,378	)			(86,094	)			(20,271	)			(38,758	)
Institutional Shares			(7,819	)			(7,381	)			(54,804	)			(70,935	)
Net realized gains on investment transactions:
Investor Shares			(13,250	)			(1,365	)			–				–
Advisor Shares			(30,308	)			(3,041	)			–				–
Institutional Shares			(5,122	)			(6	)			–				–
Total distributions paid to shareholders			(124,331	)			(130,372	)			(113,694	)			(187,253	)
FUND SHARE ACTIVITIES:	��
Net increase (decrease) in net assets resulting from fund share activities			277,552				581,058				(693,757	)			(3,626,913	)
Total increase (decrease) in net assets			183,015				654,541				(195,301	)			(1,951,048	)
Net assets, beginning of period			2,443,542				1,789,001				14,034,427				15,985,475
Net assets, end of period		$	2,626,557			$	2,443,542			$	13,839,126			$	14,034,427
Accumulated undistributed net investment income (loss)		$	(1,756	)		$	(1,756	)		$	(15,037	)		$	113,442

⁽¹⁾ Unaudited

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

54 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP								INTERNATIONAL VALUE
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017				Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(2,253	)		$	44			$	15,282			$	123,652
Net realized gain (loss) on:
Investments, from unaffiliated issuers			56,720				82,584				477,733				230,217
Investments, from affiliated issuers			(11	)			(2	)			864				58,638
Foreign currency forward contracts			–				–				(30,228	)			29,315
Foreign currency related transactions			(109	)			(187	)			(638	)			1,051
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(13,159	)			(22,061	)			(491,839	)			2,431,151
Investments, from affiliated issuers			1,184				(1,027	)			(46,803	)			(395,257	)
Foreign currency forward contracts			–				–				(28,129	)			(20,377	)
Foreign currency related transactions			(3	)			82				500				1,405
Net increase (decrease) in net assets resulting from operations			42,369				59,433				(103,258	)			2,459,795
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(44,557	)			(42,007	)
Advisor Shares											(52,848	)			(33,270	)
Institutional Shares			–				–				(84,996	)			(30,068	)
Net realized gains on investment transactions:
Investor Shares			(36,616	)			(27,861	)			(120,016	)			(120,836	)
Advisor Shares											(120,406	)			(79,802	)
Institutional Shares			(26,081	)			(10,687	)			(182,791	)			(68,145	)
Total distributions paid to shareholders			(62,697	)			(38,548	)			(605,614	)			(374,128	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(44,200	)			(252,488	)			1,133,219				794,380
Total increase (decrease) in net assets			(64,528	)			(231,603	)			424,347				2,880,047
Net assets, beginning of period			562,933				794,536				14,955,912				12,075,865
Net assets, end of period		$	498,405			$	562,933			$	15,380,259			$	14,955,912
Accumulated undistributed net investment income (loss)		$	(2,616	)		$	(363	)		$	(58,351	)		$	108,768

⁽¹⁾ Unaudited

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

Artisan Partners Funds 55

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP								MID CAP VALUE
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017				Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment income (loss)		$	(14,148	)		$	(39,654	)		$	4,553			$	14,344
Net realized gain (loss) on:
Investments, from unaffiliated issuers			664,741				1,022,279				182,585				453,327
Foreign currency related transactions			(103	)			69				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(182,398	)			(150,163	)			(84,665	)			125,836
Foreign currency related transactions			(2	)			(11	)			–				–
Net increase in net assets resulting from operations			468,090				832,520				102,473				593,507
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(1,391	)			(17,209	)
Advisor Shares			–				–				(1,475	)			(8,466	)
Institutional Shares			–				–				(2,468	)			(7,041	)
Net realized gains on investment transactions:
Investor Shares			(292,322	)			(243,702	)			(176,355	)			(47,996	)
Advisor Shares			(76,242	)			(41,123	)			(101,082	)			(20,609	)
Institutional Shares			(500,170	)			(325,841	)			(97,125	)			(15,243	)
Total distributions paid to shareholders			(868,734	)			(610,666	)			(379,896	)			(116,564	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(185,242	)			(1,308,554	)			(241,425	)			(608,599	)
Total decrease in net assets			(585,886	)			(1,086,700	)			(518,848	)			(131,656	)
Net assets, beginning of period			6,980,589				8,067,289				4,051,946				4,183,602
Net assets, end of period		$	6,394,703			$	6,980,589			$	3,533,098			$	4,051,946
Accumulated undistributed net investment income (loss)		$	(27,801	)		$	(13,653	)		$	4,443			$	5,224

⁽¹⁾ Unaudited

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

56 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP								THEMATIC
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017				Six Months Ended 3/31/2018(1)				Period Ended 9/30/2017(2)
OPERATIONS:
Net investment loss		$	(5,566	)		$	(10,786	)		$	(3	)		$	(27	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			161,733				190,509				3,215				1,172
Foreign currency forward contracts			–				–				(47	)			(21	)
Foreign currency related transactions			–				–				(8	)			(3	)
Written options			–				–				(694	)			(55	)
Securities sold short			–				–				(1	)			–	(3)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			18,277				(19,498	)			1,143				1,030
Foreign currency forward contracts			–				–				(29	)			6
Foreign currency related transactions			–				–				3				–
Written options			–				–				(1	)			(2	)
Net increase in net assets resulting from operations			174,444				160,225				3,578				2,100
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net realized gains on investment transactions:
Investor Shares			(63,823	)			(8,357	)			(1,606	)			–
Advisor Shares			(47,808	)			–
Institutional Shares			(75,707	)			(5,632	)
Total distributions paid to shareholders			(187,338	)			(13,989	)			(1,606	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			175,598				(144,667	)			17,117				13,193
Total increase in net assets			162,704				1,569				19,089				15,293
Net assets, beginning of period			1,284,091				1,282,522				15,293				–
Net assets, end of period		$	1,446,795			$	1,284,091			$	34,382			$	15,293
Accumulated undistributed net investment loss		$	(13,462	)		$	(7,896	)		$	(9	)		$	(6	)

⁽¹⁾ Unaudited

⁽²⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽³⁾ Amount rounds to less than $1

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE
	Six Months Ended 3/31/2018(1)				Year Ended 9/30/2017
OPERATIONS:
Net investment income		$	2,156			$	4,919
Net realized gain (loss) on:
Investments, from unaffiliated issuers			42,184				113,069
Foreign currency related transactions			19				(12	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(34,839	)			7,112
Foreign currency related transactions			1				30
Net increase in net assets resulting from operations			9,521				125,118
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(750	)			(3,087	)
Advisor Shares			(1,096	)			(1,699	)
Institutional Shares			(1,765	)			(761	)
Net realized gains on investment transactions:
Investor Shares			(19,390	)			–
Advisor Shares			(16,540	)			–
Institutional Shares			(21,681	)			–
Total distributions paid to shareholders			(61,222	)			(5,547	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(60,982	)			(274,994	)
Total decrease in net assets			(112,683	)			(155,423	)
Net assets, beginning of period			652,190				807,613
Net assets, end of period		$	539,507			$	652,190
Accumulated undistributed net investment income		$	1,761			$	3,216

⁽¹⁾ Unaudited

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

58 Artisan Partners Funds

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ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

The financial highlights tables are intended to help you understand the Fund’s financial performance for the past five 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
3/31/2018(5)	$	12.83		(0.03	)		0.43			0.40			(0.02	)		(0.41	)		(0.43	)	$	12.80
9/30/2017	$	10.51		0.03			2.34			2.37			(0.01	)		(0.04	)		(0.05	)	$	12.83
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
3/31/2018(5)	$	12.87		(0.02	)		0.43			0.41			(0.03	)		(0.41	)		(0.44	)	$	12.84
9/30/2017	$	10.54		0.05			2.35			2.40			(0.03	)		(0.04	)		(0.07	)	$	12.87
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
3/31/2018(5)	$	12.89		(0.01	)		0.43			0.42			(0.04	)		(0.41	)		(0.45	)	$	12.86
9/30/2017	$	10.56		0.06			2.34			2.40			(0.03	)		(0.04	)		(0.07	)	$	12.89
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)
3/31/2018(5)	$	15.58		(0.03	)		1.72			1.69			(0.09	)		—			(0.09	)	$	17.18
9/30/2017	$	12.75		0.08			2.87			2.95			(0.12	)		—			(0.12	)	$	15.58
9/30/2016(18)	$	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
Institutional Shares
3/31/2018(5)	$	15.50		(0.03	)		1.71			1.68			(0.08	)		—			(0.08	)	$	17.10
9/30/2017	$	12.65		0.08			2.86			2.94			(0.09	)		—			(0.09	)	$	15.50
9/30/2016(18)	$	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

Footnotes are presented on Pages 73-74.

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

60 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
DEVELOPING WORLD FUND
Investor Shares
3/31/2018(5)		3.15	%	$	557,640		1.34	%		n/a			(0.44	)%		43.16	%
9/30/2017		22.70	%	$	520,406		1.40	%		n/a			0.26	%		45.04	%
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
3/31/2018(5)		3.24	%	$	1,004,630		1.16	%		n/a			(0.24	)%		43.16	%
9/30/2017		22.94	%	$	763,998		1.21	%		n/a			0.47	%		45.04	%
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
3/31/2018(5)		3.29	%	$	851,180		1.08	%		n/a			(0.16	)%		43.16	%
9/30/2017		22.99	%	$	684,168		1.12	%		n/a			0.50	%		45.04	%
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)
3/31/2018(5)		10.97	%	$	52,914		1.46	%*		1.77	%		(0.35	)%		17.50	%
9/30/2017		23.47	%	$	42,429		1.50	%		2.19	%		0.61	%		26.22	%
9/30/2016(18)		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	%
Institutional Shares
3/31/2018(5)		11.05	%	$	8,837		1.44	%*		1.97	%		(0.34	)%		17.50	%
9/30/2017		23.47	%	$	8,709		1.50	%		2.23	%		0.57	%		26.22	%
9/30/2016(18)		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	%

Footnotes are presented on Pages 73-74.

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
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2018(5)	$	10.32		(0.05	)		1.04			0.99			—	(7)		(0.06	)		(0.06	)	$	11.25
9/30/2017(9)	$	10.00		(0.01	)		0.33			0.32			—			—			—		$	10.32
GLOBAL EQUITY FUND
Investor Shares
3/31/2018(5)	$	19.60		(0.07	)		1.88			1.81			—			(0.14	)		(0.14	)	$	21.27
9/30/2017	$	16.54		(0.03	)		3.09			3.06			—			—			—		$	19.60
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
Institutional Shares
3/31/2018(5)	$	19.66		(0.04	)		1.89			1.85			—			(0.14	)		(0.14	)	$	21.37
9/30/2017	$	16.58		0.01			3.10			3.11			(0.03	)		—			(0.03	)	$	19.66
9/30/2016(10)	$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)	$	16.58
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2018(5)	$	25.69		(0.05	)		1.96			1.91			—			(1.07	)		(1.07	)	$	26.53
9/30/2017	$	21.74		(0.08	)		4.06			3.98			—			(0.03	)		(0.03	)	$	25.69
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
Advisor Shares
3/31/2018(5)	$	25.75		(0.03	)		1.96			1.93			—			(1.07	)		(1.07	)	$	26.61
9/30/2017	$	21.76		(0.05	)		4.07			4.02			—			(0.03	)		(0.03	)	$	25.75
9/30/2016	$	18.37		(0.03	)		3.58			3.55			(0.04	)		(0.12	)		(0.16	)	$	21.76
9/30/2015(11)	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—		$	18.37
Institutional Shares
3/31/2018(5)	$	25.92		(0.02	)		1.98			1.96			—			(1.07	)		(1.07	)	$	26.81
9/30/2017	$	21.89		(0.03	)		4.09			4.06			—			(0.03	)		(0.03	)	$	25.92
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

Footnotes are presented on Pages 73-74.

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

62 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2018(5)		9.69	%	$	35,343		1.50	%		1.99	%		(0.83	)%		24.88	%
9/30/2017(9)		3.20	%	$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2018(5)		9.34	%	$	137,997		1.36	%		n/a			(0.64	)%		58.03	%
9/30/2017		18.50	%	$	131,813		1.40	%		n/a			(0.20	)%		109.89	%
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	%
Institutional Shares
3/31/2018(5)		9.46	%	$	172,569		1.11	%		n/a			(0.39	)%		58.03	%
9/30/2017		18.78	%	$	159,565		1.16	%		n/a			0.03	%		109.89	%
9/30/2016(10)		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2018(5)		7.65	%	$	1,097,367		1.13	%		n/a			(0.40	)%		21.62	%
9/30/2017		18.36	%	$	974,286		1.15	%		n/a			(0.35	)%		34.13	%
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	%
Advisor Shares
3/31/2018(5)		7.71	%	$	484,636		0.99	%		n/a			(0.25	)%		21.62	%
9/30/2017		18.53	%	$	398,375		1.03	%		n/a			(0.20	)%		34.13	%
9/30/2016		19.37	%	$	193,230		1.08	%		n/a			(0.16	)%		34.62	%
9/30/2015(11)		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
3/31/2018(5)		7.82	%	$	1,513,751		0.91	%		n/a			(0.18	)%		21.62	%
9/30/2017		18.60	%	$	1,330,754		0.93	%		n/a			(0.11	)%		34.13	%
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	%

Footnotes are presented on Pages 73-74.

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

Artisan Partners Funds 63

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees^		Net Asset Value, End of Period
GLOBAL VALUE FUND
Investor Shares
3/31/2018(5)	$	17.87		0.02		0.27			0.29			(0.12	)		(0.24	)		(0.36	)		—	$	17.80
9/30/2017	$	15.30		0.10		2.88			2.98			(0.11	)		(0.30	)		(0.41	)		—	$	17.87
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
Advisor Shares
3/31/2018(5)	$	17.86		0.04		0.26			0.30			(0.15	)		(0.24	)		(0.39	)		—	$	17.77
9/30/2017	$	15.28		0.13		2.87			3.00			(0.12	)		(0.30	)		(0.42	)		—	$	17.86
9/30/2016	$	14.48		0.13		1.57			1.70			(0.10	)		(0.80	)		(0.90	)		—	$	15.28
9/30/2015(11)	$	15.60		0.05		(1.17	)		(1.12	)		—			—			—			—	$	14.48
Institutional Shares
3/31/2018(5)	$	17.90		0.05		0.27			0.32			(0.17	)		(0.24	)		(0.41	)		—	$	17.81
9/30/2017	$	15.32		0.14		2.87			3.01			(0.13	)		(0.30	)		(0.43	)		—	$	17.90
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
HIGH INCOME FUND
Investor Shares
3/31/2018(5)	$	10.20		0.29		(0.17	)		0.12			(0.29	)		(0.20	)		(0.49	)		—	$	9.83
9/30/2017	$	9.85		0.59		0.37			0.96			(0.59	)		(0.02	)		(0.61	)		—	$	10.20
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
3/31/2018(5)	$	10.20		0.30		(0.18	)		0.12			(0.30	)		(0.20	)		(0.50	)		—	$	9.82
9/30/2017	$	9.85		0.60		0.38			0.98			(0.61	)		(0.02	)		(0.63	)		—	$	10.20
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
3/31/2018(5)	$	10.19		0.30		(0.17	)		0.13			(0.30	)		(0.20	)		(0.50	)		—	$	9.82
9/30/2017(13)	$	9.85		0.59		0.36			0.95			(0.59	)		(0.02	)		(0.61	)		—	$	10.19

Footnotes are presented on Pages 73-74.

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)
GLOBAL VALUE FUND
Investor Shares
3/31/2018(5)		1.76	%	$	781,437		1.24	%		n/a			0.25	%		10.15	%
9/30/2017		19.95	%	$	811,771		1.25	%		n/a			0.59	%		12.67	%
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	%
Advisor Shares
3/31/2018(5)		1.76	%	$	828,793		1.09	%		n/a			0.41	%		10.15	%
9/30/2017		20.16	%	$	796,869		1.10	%		n/a			0.78	%		12.67	%
9/30/2016		12.00	%	$	403,036		1.14	%		n/a			0.88	%		20.52	%
9/30/2015(11)		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
3/31/2018(5)		1.82	%	$	2,063,175		1.01	%		n/a			0.51	%		10.15	%
9/30/2017		20.23	%	$	1,471,466		1.02	%		n/a			0.84	%		12.67	%
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	%
HIGH INCOME FUND
Investor Shares
3/31/2018(5)		1.20	%	$	830,940		0.97	%		n/a			5.88	%		43.10	%
9/30/2017		10.07	%	$	632,387		1.00	%		n/a			5.88	%		92.44	%
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
3/31/2018(5)		1.17	%	$	1,518,042		0.82	%		n/a			6.00	%		43.10	%
9/30/2017		10.27	%	$	1,548,786		0.82	%		n/a			6.04	%		92.44	%
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
3/31/2018(5)		1.31	%	$	277,575		0.74	%		n/a			6.07	%		43.10	%
9/30/2017(13)		9.94	%	$	262,369		0.78	%		n/a			5.94	%		92.44	%

Footnotes are presented on Pages 73-74.

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

Artisan Partners Funds 65

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL FUND
Investor Shares
3/31/2018(5)	$	32.28		(0.06	)		1.42			1.36			(0.22	)		—			(0.22	)	$	33.42
9/30/2017	$	28.30		0.20			4.08			4.28			(0.30	)		—			(0.30	)	$	32.28
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
Advisor Shares
3/31/2018(5)	$	32.25		(0.03	)		1.42			1.39			(0.28	)		—			(0.28	)	$	33.36
9/30/2017	$	28.31		0.23			4.08			4.31			(0.37	)		—			(0.37	)	$	32.25
9/30/2016	$	27.00		0.34			1.17			1.51			(0.20	)		—			(0.20	)	$	28.31
9/30/2015(11)	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—		$	27.00
Institutional Shares
3/31/2018(5)	$	32.50		(0.02	)		1.42			1.40			(0.30	)		—			(0.30	)	$	33.60
9/30/2017	$	28.51		0.30			4.08			4.38			(0.39	)		—			(0.39	)	$	32.50
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
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2018(5)	$	24.69		(0.12	)		2.09			1.97			—			(3.17	)		(3.17	)	$	23.49
9/30/2017	$	23.17		(0.03	)		2.75			2.72			—			(1.20	)		(1.20	)	$	24.69
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
Institutional Shares
3/31/2018(5)	$	24.75		(0.09	)		2.10			2.01			—			(3.17	)		(3.17	)	$	23.59
9/30/2017	$	23.18		0.06			2.71			2.77			—			(1.20	)		(1.20	)	$	24.75
9/30/2016(14)	$	22.54		0.04			0.60			0.64			—			—			—		$	23.18

Footnotes are presented on Pages 73-74.

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

66 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

		Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
INTERNATIONAL FUND
Investor Shares
3/31/2018(5)			4.26	%	$	5,228,432		1.18	%		n/a			(0.34	)%		28.72	%
9/30/2017			15.39	%	$	5,808,005		1.18	%		n/a			0.70	%		57.60	%
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	%
Advisor Shares
3/31/2018(5)			4.33	%	$	2,554,925		1.03	%		n/a			(0.18	)%		28.72	%
9/30/2017			15.56	%	$	2,357,528		1.04	%		n/a			0.82	%		57.60	%
9/30/2016			5.58	%	$	2,782,189		1.01	%		n/a			1.23	%		64.65	%
9/30/2015(11)			(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
3/31/2018(5)			4.36	%	$	6,055,769		0.95	%		n/a			(0.10	)%		28.72	%
9/30/2017			15.66	%	$	5,868,894		0.96	%		n/a			1.05	%		57.60	%
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	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2018(5)	��		8.75	%	$	274,292		1.56	%		n/a			(1.00	)%		35.30	%
9/30/2017			13.09	%	$	307,580		1.57	%		n/a			(0.16	)%		79.09	%
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	%
Institutional Shares
3/31/2018(5)			8.90	%	$	224,113		1.34	%		n/a			(0.76	)%		35.30	%
9/30/2017			13.31	%	$	255,353		1.37	%		n/a			0.29	%		79.09	%
9/30/2016(14)			2.84	%	$	209,536		1.37	%		n/a			0.41	%		69.82	%

Footnotes are presented on Pages 73-74.

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

Artisan Partners Funds 67

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2018(5)	$	39.08		0.01			(0.23	)		(0.22	)		(0.41	)		(1.10	)		(1.51	)	$	37.35
9/30/2017	$	33.55		0.27			6.27			6.54			(0.26	)		(0.75	)		(1.01	)	$	39.08
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
Advisor Shares
3/31/2018(5)	$	39.11		0.04			(0.24	)		(0.20	)		(0.48	)		(1.10	)		(1.58	)	$	37.33
9/30/2017	$	33.57		0.33			6.27			6.60			(0.31	)		(0.75	)		(1.06	)	$	39.11
9/30/2016	$	32.66		0.39			2.54			2.93			(0.34	)		(1.68	)		(2.02	)	$	33.57
9/30/2015(11)	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—		$	32.66
Institutional Shares
3/31/2018(5)	$	39.28		0.06			(0.24	)		(0.18	)		(0.51	)		(1.10	)		(1.61	)	$	37.49
9/30/2017	$	33.71		0.42			6.23			6.65			(0.33	)		(0.75	)		(1.08	)	$	39.28
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
MID CAP FUND
Investor Shares
3/31/2018(5)	$	42.58		(0.12	)		2.86			2.74			—			(5.70	)		(5.70	)	$	39.62
9/30/2017	$	41.34		(0.27	)		4.85			4.58			—			(3.34	)		(3.34	)	$	42.58
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
Advisor Shares
3/31/2018(5)	$	42.75		(0.09	)		2.87			2.78			—			(5.70	)		(5.70	)	$	39.83
9/30/2017	$	41.43		(0.22	)		4.88			4.66			—			(3.34	)		(3.34	)	$	42.75
9/30/2016	$	44.46		(0.24	)		3.77			3.53			—			(6.56	)		(6.56	)	$	41.43
9/30/2015(11)	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—		$	44.46
Institutional Shares
3/31/2018(5)	$	45.84		(0.07	)		3.09			3.02			—			(5.70	)		(5.70	)	$	43.16
9/30/2017	$	44.15		(0.19	)		5.22			5.03			—			(3.34	)		(3.34	)	$	45.84
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

Footnotes are presented on Pages 73-74.

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

68 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2018(5)		(0.55	)%	$	4,021,303		1.17	%		n/a			0.04	%		10.98	%
9/30/2017		20.19	%	$	4,350,119		1.19	%		n/a			0.78	%		11.67	%
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	%
Advisor Shares
3/31/2018(5)		(0.49	)%	$	4,301,110		1.03	%		n/a			0.20	%		10.98	%
9/30/2017		20.41	%	$	4,323,659		1.04	%		n/a			0.93	%		11.67	%
9/30/2016		9.17	%	$	3,537,587		1.02	%		n/a			1.21	%		17.79	%
9/30/2015(11)		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
3/31/2018(5)		(0.47	)%	$	7,057,846		0.95	%		n/a			0.30	%		10.98	%
9/30/2017		20.48	%	$	6,282,134		0.97	%		n/a			1.18	%		11.67	%
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	%
MID CAP FUND
Investor Shares
3/31/2018(5)		7.02	%	$	2,000,346		1.19	%		n/a			(0.57	)%		26.57	%
9/30/2017		12.19	%	$	2,277,750		1.18	%		n/a			(0.68	)%		42.59	%
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	%
Advisor Shares
3/31/2018(5)		7.09	%	$	599,827		1.05	%		n/a			(0.42	)%		26.57	%
9/30/2017		12.36	%	$	583,658		1.05	%		n/a			(0.54	)%		42.59	%
9/30/2016		8.19	%	$	445,648		1.05	%		n/a			(0.62	)%		40.35	%
9/30/2015(11)		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
3/31/2018(5)		7.14	%	$	3,794,530		0.95	%		n/a			(0.33	)%		26.57	%
9/30/2017		12.45	%	$	4,119,181		0.95	%		n/a			(0.45	)%		42.59	%
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	%

Footnotes are presented on Pages 73-74.

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

Artisan Partners Funds 69

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
3/31/2018(5)	$	23.98		0.02			0.49			0.51			(0.02	)		(2.28	)		(2.30	)	$	22.19
9/30/2017	$	21.41		0.06			3.11			3.17			(0.16	)		(0.44	)		(0.60	)	$	23.98
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
Advisor Shares
3/31/2018(5)	$	23.94		0.03			0.49			0.52			(0.03	)		(2.28	)		(2.31	)	$	22.15
9/30/2017	$	21.37		0.09			3.10			3.19			(0.18	)		(0.44	)		(0.62	)	$	23.94
9/30/2016	$	22.23		0.14			2.70			2.84			(0.16	)		(3.54	)		(3.70	)	$	21.37
9/30/2015(11)	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
Institutional Shares
3/31/2018(5)	$	23.98		0.04			0.49			0.53			(0.06	)		(2.28	)		(2.34	)	$	22.17
9/30/2017	$	21.40		0.11			3.11			3.22			(0.20	)		(0.44	)		(0.64	)	$	23.98
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
SMALL CAP FUND
Investor Shares
3/31/2018(5)	$	33.61		(0.15	)		4.38			4.23			—			(4.97	)		(4.97	)	$	32.87
9/30/2017	$	29.93		(0.29	)		4.30			4.01			—			(0.33	)		(0.33	)	$	33.61
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
Advisor Shares
3/31/2018(5)	$	33.63		(0.13	)		4.39			4.26			—			(4.97	)		(4.97	)	$	32.92
9/30/2017(15)	$	29.23		(0.18	)		4.58			4.40			—			—			—		$	33.63
Institutional Shares
3/31/2018(5)	$	33.98		(0.12	)		4.44			4.32			—			(4.97	)		(4.97	)	$	33.33
9/30/2017	$	30.19		(0.23	)		4.35			4.12			—			(0.33	)		(0.33	)	$	33.98
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

Footnotes are presented on Pages 73-74.

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

70 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net  Assets(3)(4)			Ratio of Expenses to Average Net  Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
MID CAP VALUE FUND
Investor Shares
3/31/2018(5)		2.24	%	$	1,623,337		1.20	%		n/a			0.13	%		7.79	%
9/30/2017		15.08	%	$	1,957,786		1.17	%		n/a			0.25	%		23.92	%
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	%
Advisor Shares
3/31/2018(5)		2.31	%	$	1,006,264		1.06	%		n/a			0.30	%		7.79	%
9/30/2017		15.23	%	$	1,053,640		1.06	%		n/a			0.40	%		23.92	%
9/30/2016		14.22	%	$	1,025,855		1.05	%		1.06	%		0.70	%		26.62	%
9/30/2015(11)		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
3/31/2018(5)		2.33	%	$	903,497		0.98	%		n/a			0.36	%		7.79	%
9/30/2017		15.37	%	$	1,040,520		0.97	%		n/a			0.48	%		23.92	%
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	%
SMALL CAP FUND
Investor Shares
3/31/2018(5)		13.62	%	$	436,892		1.22	%		n/a			(0.95	)%		26.49	%
9/30/2017		13.56	%	$	461,398		1.21	%		n/a			(0.96	)%		35.37	%
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	%
Advisor Shares
3/31/2018(5)		13.71	%	$	391,253		1.07	%		n/a			(0.80	)%		26.49	%
9/30/2017(15)		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
3/31/2018(5)		13.75	%	$	618,650		1.01	%		n/a			(0.74	)%		26.49	%
9/30/2017		13.81	%	$	497,931		1.01	%		n/a			(0.75	)%		35.37	%
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	%

Footnotes are presented on Pages 73-74.

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

Artisan Partners Funds 71

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
THEMATIC FUND
Investor Shares
3/31/2018(5)	$	11.79		—	(7)		1.99			1.99			—			(1.18	)		(1.18	)	$	12.60
9/30/2017(16)	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
VALUE FUND
Investor Shares
3/31/2018(5)	$	15.25		0.04			0.03			0.07			(0.05	)		(1.40	)		(1.45	)	$	13.87
9/30/2017	$	13.10		0.07			2.17			2.24			(0.09	)		—			(0.09	)	$	15.25
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
Advisor Shares
3/31/2018(5)	$	15.22		0.05			0.03			0.08			(0.09	)		(1.40	)		(1.49	)	$	13.81
9/30/2017	$	13.05		0.10			2.15			2.25			(0.08	)		—			(0.08	)	$	15.22
9/30/2016	$	11.57		0.10			2.61			2.71			(0.13	)		(1.10	)		(1.23	)	$	13.05
9/30/2015(11)	$	13.41		0.07			(1.91	)		(1.84	)		—			—			—		$	11.57
Institutional Shares
3/31/2018(5)	$	15.26		0.06			0.03			0.09			(0.11	)		(1.40	)		(1.51	)	$	13.84
9/30/2017	$	13.09		0.12			2.15			2.27			(0.10	)		—			(0.10	)	$	15.26
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

Footnotes are presented on Pages 73-74.

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

72 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)
THEMATIC FUND
Investor Shares
3/31/2018(5)		17.70	%	$	34,382		1.53	%(17)		1.95	%(17)		(0.03	)%		296.03	%
9/30/2017(16)		18.00	%	$	15,293		1.52	%(17)		2.70	%(17)		(0.49	)%		170.19	%
VALUE FUND
Investor Shares
3/31/2018(5)		0.49	%	$	186,978		1.04	%		n/a			0.58	%		13.92	%
9/30/2017		17.16	%	$	216,981		1.01	%		n/a			0.50	%		44.17	%
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	%
Advisor Shares
3/31/2018(5)		0.55	%	$	127,553		0.88	%		0.90	%		0.70	%		13.92	%
9/30/2017		17.37	%	$	181,340		0.85	%		n/a			0.71	%		44.17	%
9/30/2016		24.73	%	$	251,643		0.84	%		n/a			0.89	%		52.05	%
9/30/2015(11)		(13.72	)%	$	466,702		0.86	%		n/a			1.12	%		74.07	%
Institutional Shares
3/31/2018(5)		0.62	%	$	224,976		0.80	%		n/a			0.83	%		13.92	%
9/30/2017		17.46	%	$	253,869		0.80	%		n/a			0.82	%		44.17	%
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	%

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

*   Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018.

⁽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, 2018.

⁽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 (August 21, 2017) through September 30, 2017.

⁽¹⁰⁾ For the period from commencement of operations (October 15, 2015) through September 30, 2016.

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

⁽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 September 30, 2017.

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

Artisan Partners Funds 73

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

⁽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, 2017) through September 30, 2017.

⁽¹⁶⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽¹⁷⁾ Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below.

	Ratio of Expenses to Average Net Assets@ (annualized)		Ratio of Expenses to Average Net Assets Excluding Waivers (annualized)
THEMATIC FUND
Investor Shares
3/31/2018(5)		1.50%		1.92%
9/30/2017#		1.50%		2.69%

  ^@ Includes the effect of expenses waived or paid by the Adviser, if applicable.

  ^# For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽¹⁸⁾ 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.

74 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2018 (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, 2018, Artisan Partners Funds is a series company comprised of fifteen series and 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”)		June 29, 2015		June 29, 2015		June 29, 2015
Artisan Emerging Markets Fund (“Emerging Markets Fund”)		June 2, 2008		N/A		June 26, 2006
Artisan Global Discovery Fund (“Global Discovery Fund”)		August 21, 2017		N/A		N/A
Artisan Global Equity Fund (“Global Equity Fund”)		March 29, 2010		N/A		October 15, 2015
Artisan Global Opportunities Fund (“Global Opportunities Fund”)		September 22, 2008		April 1, 2015		July 26, 2011
Artisan Global Value Fund (“Global Value Fund”)		December 10, 2007		April 1, 2015		July 17, 2012
Artisan High Income Fund (“High Income Fund”)		March 19, 2014		March 19, 2014		October 3, 2016
Artisan International Fund (“International Fund”)		December 28, 1995		April 1, 2015		July 1, 1997
Artisan International Small Cap Fund (“International Small Cap Fund”)		December 21, 2001		N/A		April 12, 2016
Artisan International Value Fund (“International Value Fund”)		September 23, 2002		April 1, 2015		October 1, 2006
Artisan Mid Cap Fund (“Mid Cap Fund”)		June 27, 1997		April 1, 2015		July 1, 2000
Artisan Mid Cap Value Fund (“Mid Cap Value Fund”)		March 28, 2001		April 1, 2015		February 1, 2012
Artisan Small Cap Fund (“Small Cap Fund”)		March 28, 1995		February 1, 2017		May 7, 2012
Artisan Thematic Fund (“Thematic Fund”)		April 24, 2017		N/A		N/A
Artisan Value Fund (“Value Fund”)		March 27, 2006		April 1, 2015		July 26, 2011

Each Fund is an open-end, diversified mutual fund except Thematic Fund, which is an open-end, non-diversified mutual fund. The investment objective of each Fund (except Developing World Fund, High Income Fund and Thematic 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. Thematic Fund’s investment objective is to seek maximum long-term 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.

Artisan Partners Funds 75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. 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 managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

(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 for financial reporting purposes, each equity security and exchange traded fund (“ETF”) 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. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security. Exchange traded option contracts were valued at

76 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

the mid price (average of the bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange. Shares of open-end investment companies, including money market funds, were valued at the latest net asset value reported by the investment company.

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 Funds’ valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors of the Funds. A market quotation was considered to be not readily available, and a Fund 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 and equity-linked 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.

Artisan Partners Funds 77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2014 through 2017) and have concluded that, as of March 31, 2018, 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 Wisconsin Department of Revenue.

As of and during the period ended March 31, 2018, the Funds did not have any liabilities for 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, 2018, the Funds did not incur any interest or penalties.

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

(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 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 the footnotes to each Fund’s Schedule of Investments.

(e) Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign 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

78 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on 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, 2018, Global Value Fund, International Value Fund and Thematic 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 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 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) 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.

(g) Equity-linked securities – Developing World Fund, Emerging Markets Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Thematic 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.

(h) 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.

(i) Indemnifications – The Funds indemnify its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds may also enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or

Artisan Partners Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of March 31, 2018, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(j) 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 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.

(k) 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 liquid assets. Unfunded loan commitments do not constitute an investment and, as such, were treated as off-balance-sheet instruments. High Income Fund had unfunded loan commitments during the period, and the total amount it segregated in connection with unfunded commitments was $117,773,000 as of March 31, 2018.

(l) Redemption Fees – Artisan High Income Fund generally imposed a 2% redemption fee on shares owned for 90 days or less. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. The 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 Fund also waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Fund’s prospectus.

(m) Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.

In order to terminate the short sale the Funds are obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Funds will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Funds terminate the short sale. This loss may be unlimited. The Funds will realize a gain if the security declines in price

80 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Funds may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds generally must segregate cash or other liquid assets for the benefit of its custodian to secure the Funds’ obligation to replace the security, so that the total of the amounts segregated is equal to the market value of the securities sold short.

Artisan Partners Funds has an agreement with State Street Bank and Trust Company (“SSB”), the Fund’s custodian, in order to execute short sales. The Funds incur expenses as a result of executing short sales.

During the period ended March 31, 2018, only Thematic Fund engaged in short sales and paid dividends on securities sold short, as shown in the Statements of Operations. For the period ended March 31, 2018, Thematic Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statements of Operations. As of March 31, 2018, there were no open short sale positions for any of the Funds.

(n) Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Funds 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.

(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 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.

Artisan Partners Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 equity-linked securities) 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 of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s 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.

82 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

As a non-diversified fund, Thematic Fund may invest a larger portion of its assets in securities of a smaller number of issues than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

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

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the U.S. where the applicable trading market was closed or factors were applied to prices 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 for the Funds’ major classes of assets are found in footnote 2(a). A description of the fair value leveling techniques are described below:

Equity securities, money market funds, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, 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, equity-linked securities and foreign currency forward contracts are generally categorized as Level 2. 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.

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2018 (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		$	313,638		$	309,291		$	-			$	622,929
Emerging Asia			480,928			576,064			-				1,056,992
Europe, Middle East & Africa			63,824			160,593			-				224,417
Latin America			287,851			41,654			-				329,505
Money Market Funds			177,350			-			-				177,350
Total Investments		$	1,323,591		$	1,087,602		$	-			$	2,411,193
Emerging Markets
Common Stocks(1)
Developed Markets		$	169		$	2,343		$	-			$	2,512
Emerging Asia			22,876			12,948			-	(3)			35,824
Europe, Middle East & Africa			1,602			8,973			-				10,575
Latin America			7,932			545			-				8,477
Preferred Stocks(1)
Europe, Middle East & Africa			1,417			-			-				1,417
Latin America			1,635			-			-				1,635
Money Market Funds			1,565			-			-				1,565
Total Investments		$	37,196		$	24,809		$	-	(3)		$	62,005
Global Discovery
Common Stocks(1)
Americas		$	20,220		$	-		$	-			$	20,220
Emerging Markets			2,105			719			-				2,824
Europe			-			8,522			-				8,522
Pacific Basin			1,269			1,711			-				2,980
Preferred Stock(1)
Europe			-			376			-				376
Money Market Funds			708			-			-				708
Total Investments		$	24,302		$	11,328		$	-			$	35,630
Global Equity
Common Stocks(1)
Americas		$	133,389		$	-		$	-			$	133,389
Emerging Markets			16,519			13,740			-				30,259
Europe			8,929			97,449			-				106,378
Pacific Basin			13,805			9,674			-				23,479
Equity-Linked Security(1)
Europe			-			1,708			-				1,708
Money Market Funds			15,351			-			-				15,351
Total Investments		$	187,993		$	122,571		$	-			$	310,564

Artisan Partners Funds 85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Global Opportunities
Common Stocks(1)
Americas		$	1,368,858		$	-			$	-			$	1,368,858
Emerging Markets			134,148			122,289				-				256,437
Europe			84,700			665,673				-				750,373
Pacific Basin			268,912			296,698				-				565,610
Money Market Funds			167,710			-				-				167,710
Total Investments		$	2,024,328		$	1,084,660			$	-			$	3,108,988
Global Value
Common Stocks(1)
Americas		$	1,535,344		$	-			$	-			$	1,535,344
Emerging Markets			455,645			27,718				-				483,363
Europe			7,665			1,147,278				-				1,154,943
Pacific Basin			71,067			-				-				71,067
Preferred Stock(1)
Emerging Markets			4,552			-				-				4,552
Money Market Funds			418,783			-				-				418,783
Total Investments			2,493,056			1,174,996				-				3,668,052
Foreign Currency Forward Contract(2)			-			(6,439	)			-				(6,439	)
Total		$	2,493,056		$	1,168,557			$	-			$	3,661,613
High Income
Corporate Bonds(1)		$	-		$	1,992,521			$	-			$	1,992,521
Bank Loans(1)			-			495,872				-				495,872
Convertible Debenture(1)			-			43,624				-				43,624
Preferred Stocks(1)			-			2,247				6,948				9,195
Common Stock(1)			-			406				-				406
Corporate Bond Escrows(1)			-			-				-	(4)			-	(4)
Money Market Funds			158,471			-				-				158,471
Total Investments		$	158,471		$	2,534,670			$	6,948			$	2,700,089
International
Common Stocks(1)
Americas		$	1,431,662		$	-			$	-			$	1,431,662
Emerging Markets			581,073			736,848				-				1,317,921
Europe			246,282			8,234,662				-				8,480,944
Pacific Basin			1,024,425			397,413				-				1,421,838
Equity-Linked Security(1)
Europe			-			352,874				-				352,874
Preferred Stock(1)
Europe			-			213,847				-				213,847
Money Market Funds			830,620			-				-				830,620
Total Investments		$	4,114,062		$	9,935,644			$	-			$	14,049,706

86 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
International Small Cap
Common Stocks(1)
Americas		$	20,883		$	-			$	-		$	20,883
Emerging Markets			-			25,736				-			25,736
Europe			33,056			346,945				-			380,001
Pacific Basin			36,668			10,460				-			47,128
Money Market Funds			21,788			-				-			21,788
Total Investments		$	112,395		$	383,141			$	-		$	495,536
International Value
Common Stocks(1)
Americas		$	2,020,439		$	-			$	-		$	2,020,439
Emerging Markets			1,853,084			425,038				-			2,278,122
Europe			32,333			8,187,275				-			8,219,608
Pacific Basin			421,183			-				-			421,183
Preferred Stocks(1)
Emerging Markets			111,132			-				-			111,132
Money Market Funds			2,326,307			-				-			2,326,307
Total Investments			6,764,478			8,612,313				-			15,376,791
Foreign Currency Forward Contracts(2)			-			(45,398	)			-			(45,398	)
Total		$	6,764,478		$	8,566,915			$	-		$	15,331,393
Mid Cap
Common Stocks(1)
Americas		$	5,966,259		$	-			$	-		$	5,966,259
Europe			-			219,333				-			219,333
Pacific Basin			-			100,596				-			100,596
Money Market Funds			78,584			-				-			78,584
Total Investments		$	6,044,843		$	319,929			$	-		$	6,364,772
Mid Cap Value
Common Stocks(1)		$	3,296,918		$	-			$	-		$	3,296,918
Money Market Funds			221,010			-				-			221,010
Total Investments		$	3,517,928		$	-			$	-		$	3,517,928
Small Cap
Common Stocks(1)		$	1,411,951		$	-			$	-		$	1,411,951
Money Market Funds			38,798			-				-			38,798
Total Investments		$	1,450,749		$	-			$	-		$	1,450,749

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total
Thematic
Common Stocks(1)		$	31,902			$	1,782			$	-		$	33,684
Purchased Option Contracts			144				-				-			144
Money Market Funds			1,100				-				-			1,100
Total Investments			33,146				1,782				-			34,928
Foreign Currency Forward Contracts(2)			-				(23	)			-			(23	)
Written Option Contracts			(11	)			-				-			(11	)
Total		$	33,135			$	1,759			$	-		$	34,894
Value
Common Stocks(1)
Americas		$	485,575			$	-			$	-		$	485,575
Europe			-				18,662				-			18,662
Preferred Stock(1)
Emerging Markets			17,573				-				-			17,573
Money Market Funds			19,481				-				-			19,481
Total Investments		$	522,629			$	18,662			$	-		$	541,291
(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 September 30, 2017 and March 31, 2018, 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. The following table summarizes security transfers from Level 1 to Level 2 for each applicable Fund as of March 31, 2018 (in thousands):

	Transfers from Level 1 to Level 2
Developing World		$	957,210
Emerging Markets			22,061
Global Discovery			8,305
Global Equity			79,307
Global Opportunities			887,370
Global Value			984,596
International			8,270,670
International Small Cap			310,872
International Value			7,795,407
Mid Cap			277,919
Thematic			590
Value			18,662

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Assets	Fair Value at March 31, 2018				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 Bond Escrows		$	-	(1)	Discounts for uncertainty of collectability	Last quote in inactive market less 100% discount	N/A
Preferred Stock		$	6,948		Market multiples approach with discount for uncertainty of collectability	Enterprise Value/Earnings before interest, taxes, depreciation and amortization multiple of 9.19x determined from comparable companies less 25% discount	Valuation decrease as discount increased
(1)Includes one or more securities valued at $0.

As of March 31, 2018, 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, 2017		$	-	(1)		$	4,863	(1)
Transfers into Level 3			-				-
Net change in unrealized appreciation			-				2,085
Purchases			-				-
Sales			-				-
Realized Gain/Loss			-				-
Transfers out of Level 3			-				-
Balance as of March 31, 2018		$	-	(1)		$	6,948	(1)
Net change in unrealized appreciation for investments held as of March 31, 2018		$	-			$	2,085
(1)Includes one or more securities valued at $0.

(5) Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. For Investor Shares and 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 of the average value of Fund shares held in such accounts. Each Fund paid a

Artisan Partners Funds 89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2018 (in thousands):

	Six Months Ended 3/31/2018
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Developing World Fund - Investor Shares		$	26		$	633		$	659
Artisan Developing World Fund - Advisor Shares			24			286			310
Artisan Developing World Fund - Institutional Shares		��	16			-			16
Artisan Emerging Markets Fund - Investor Shares			23			52			75
Artisan Emerging Markets Fund - Institutional Shares			15			-			15
Artisan Global Discovery Fund - Investor Shares			19			14			33
Artisan Global Equity Fund - Investor Shares			27			148			175
Artisan Global Equity Fund - Institutional Shares			15			-			15
Artisan Global Opportunities Fund - Investor Shares			40			1,096			1,136
Artisan Global Opportunities Fund - Advisor Shares			23			152			175
Artisan Global Opportunities Fund - Institutional Shares			16			-			16
Artisan Global Value Fund - Investor Shares			36			901			937
Artisan Global Value Fund - Advisor Shares			24			302			326
Artisan Global Value Fund - Institutional Shares			17			-			17
Artisan High Income Fund - Investor Shares			26			782			808
Artisan High Income Fund - Advisor Shares			27			616			643
Artisan High Income Fund - Institutional Shares			16			-			16
Artisan International Fund - Investor Shares			161			6,558			6,719
Artisan International Fund - Advisor Shares			58			976			1,034
Artisan International Fund - Institutional Shares			65			-			65
Artisan International Small Cap Fund - Investor Shares			34			291			325
Artisan International Small Cap Fund - Institutional Shares			15			-			15
Artisan International Value Fund - Investor Shares			63			4,751			4,814
Artisan International Value Fund - Advisor Shares			52			1,626			1,678
Artisan International Value Fund - Institutional Shares			55			-			55
Artisan Mid Cap Fund - Investor Shares			70			2,565			2,635

90 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2018
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Mid Cap Fund - Advisor Shares		$	25		$	212		$	237
Artisan Mid Cap Fund - Institutional Shares			22			-			22
Artisan Mid Cap Value Fund - Investor Shares			77			2,102			2,179
Artisan Mid Cap Value Fund - Advisor Shares			30			340			370
Artisan Mid Cap Value Fund - Institutional Shares			17			-			17
Artisan Small Cap Fund - Investor Shares			56			446			502
Artisan Small Cap Fund - Advisor Shares			23			70			93
Artisan Small Cap Fund - Institutional Shares			16			-			16
Artisan Thematic Fund - Investor Shares			22			16			38
Artisan Value Fund - Investor Shares			32			241			273
Artisan Value Fund - Advisor Shares			25			62			87
Artisan Value Fund - Institutional Shares			15			-			15

(6) Commission recapture:

Each Fund except High Income Fund has the ability to direct transactions in equity securities to various brokers that have agreed to rebate a portion of the commissions generated. During the period, such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the period ended March 31, 2018 as follows (in thousands):

Developing World	$	20
Emerging Markets		-	(1)
Global Discovery		-
Global Equity		-	(1)
Global Opportunities		3
Global Value		1
International		-
International Small Cap		-
International Value		22
Mid Cap		15
Mid Cap Value		58
Small Cap		2
Thematic		-
Value		14
(1)Amount rounds to less than $1

Artisan Partners Funds 91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(7) Derivative Transactions:

A Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

Foreign Currency Forward Contracts

Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in U.S. dollar or foreign currencies). A Fund may not engage in speculative currency exchange transactions.

At the maturity of a forward contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

Futures Transactions

A Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as unrealized gain on futures contracts in the Statements of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

When a Fund invests in futures contracts, it will cover its position by earmarking or segregating an amount of cash or liquid securities, equal to the market value of the futures positions held less margin deposits, and that amount will be marked-to-market on a daily basis.

92 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Options Transactions

A Fund may purchase and write (sell) put options and call options on securities or indexes.

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments, at value and written options, at value, respectively, in the Statements of Assets and Liabilities.

If an option written expires, a Fund realizes a gain equal to the premium received at the time the option was written. If an option purchased expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2018 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statements of Assets and Liabilities location	Value
Global Value	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contract		$	(6,439	)
International Value	Foreign currency	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	2,453
	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(47,851	)
Thematic	Foreign currency	Foreign currency forward contracts	Unrealized gain on foreign currency forward contract		$	1
	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(24	)
	Equity	Purchased options contracts	Investments, at value		$	144
	Equity	Written options contracts	Written options, at value		$	(11	)

Artisan Partners Funds 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The effect of derivative instruments in the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on the Statements of Operations for the period ended March 31, 2018 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations location	Net Realized Gain (Loss)				Statements of Operations location	Unrealized Appreciation (Depreciation)
Global Value	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(4,086	)	Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(2,372	)
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	1,241		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(418	)
International Value	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(30,228	)	Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(28,129	)
Thematic	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(47	)	Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(29	)
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	900		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	28
	Equity	Written options contracts	Net realized loss on written options		$	(694	)	Net decrease in unrealized appreciation or depreciation on written options		$	(1	)

The average monthly amount outstanding for each derivative type as of March 31, 2018 was as follows (dollar value in thousands):

Volume of derivative activity

Fund	Derivative Type	Average Monthly Principal Amount
Global Value	Foreign currency forward contracts		$	87,857
International Value	Foreign currency forward contracts		$	1,266,086
Thematic	Foreign currency forward contracts		$	2,227
Fund	Derivative Type	Average Monthly Notional Amount
High Income	Futures contracts		$	7,750
Fund	Derivative Type	Average Monthly Notional Amount
Thematic	Purchased options contracts			58,000
	Written options contracts			18,000

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Master Netting Agreements

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.

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Received			Net Amount (Not Less Than $0)
International Value	State Street Bank and Trust Company		$	2,453		$	(2,453	)		$	-		$	-
Thematic	State Street Bank and Trust Company			1			(1	)			-			-
	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Liability Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Pledged			Net Amount (Not Less Than $0)
Global Value	State Street Bank and Trust Company		$	6,439		$	-			$	-		$	6,439
International Value	State Street Bank and Trust Company			47,851			(2,453	)			-			45,398
Thematic	State Street Bank and Trust Company			24			(1	)			-			23

(8) 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, 2018. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Developing World 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

Artisan Partners Funds 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Emerging Markets Fund and Thematic Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $2 billion		0.975
$2 billion to $3.5 billion		0.950
$3.5 billion to $5 billion		0.925
Greater than $5 billion		0.900

Global Discovery Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.975	%
$1 billion to $2 billion		0.950
$2 billion to $3.5 billion		0.925
$3.5 billion to $5 billion		0.900
Greater than $5 billion		0.875

Global Equity Fund and Global Value Fund

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

Global Opportunities Fund

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

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

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

(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 total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, 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, 2019, 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, 2018 (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)		1.35	%			74
Artisan Emerging Markets Fund - Institutional Shares(1)		1.20	%			24
Artisan Global Discovery Fund - Investor Shares		1.50	%			51
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 Partners Funds 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived
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	%			-
Artisan Thematic Fund - Investor Shares		1.50	%			53
Artisan Value Fund - Advisor Shares		0.88	%			15
(1)Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018.

For the period ended March 31, 2018, no operating expenses were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser as of March 31, 2018.

(c) Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the period ended March 31, 2018, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of $270,000, 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 and each committee chair receives additional compensation based on an annual fee as follows:

	Amount
Independent board chair		$	60,000
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000

If more than seven in-person meetings or four telephonic meetings are held in a calendar year, each director is paid 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

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

deferred compensation liability. Such assets were included as a component of “Other assets” on the Statements 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.

(9) Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of financial institutions, including SSB, as lenders and SSB as administrative agent, that expires in June 2018. 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 0.20% 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 average 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, 2018, there were no borrowings under the line of credit for any of the Funds, except for International Small Cap Fund, which had maximum borrowings of approximately $11,000,000. Fees and interest expense, if any, related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at March 31, 2018.

(10) Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the period ended March 31, 2018 were as follows (in thousands):

Fund	Security Purchases			Security Sales
Developing World		$	1,229,161		$	865,926
Emerging Markets			14,735			9,790
Global Discovery			26,627			5,164
Global Equity			176,113			201,427
Global Opportunities			794,191			591,578

Artisan Partners Funds 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Security Purchases			Security Sales
Global Value		$	768,747		$	304,713
High Income			1,333,742			1,039,223
International			3,982,493			5,076,933
International Small Cap			171,288			268,337
International Value			1,759,662			1,444,568
Mid Cap			1,740,642			2,634,011
Mid Cap Value			278,573			823,268
Small Cap			349,861			347,386
Thematic			91,707			76,648
Value			80,206			182,543

(11) 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, 2018 (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, 2018.

		As of 9/30/2017								Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)							As of 3/31/2018
Fund	Security	Share Balance		Purchase Cost			Sales Proceeds											Dividend Income@			Share Balance		Value
International Small Cap
	SyntheticMR AB		235,564		$	1,038		$	122		$	(11	)		$	1,184			$	-		263,329		$	10,186
	Total				$	1,038		$	122		$	(11	)		$	1,184			$	-				$	10,186
International Value
	Panalpina Welttransport Holding AG		2,385,384		$	6,339		$	11,847		$	864			$	(46,803	)		$	-		2,360,124		$	298,103
	Total				$	6,339		$	11,847		$	864			$	(46,803	)		$	-				$	298,103

^@ Net of foreign taxes withheld, if any.

100 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(12) Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of March 31, 2018 was as follows (in thousands):

Fund	Cost of Investments				Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation) on Investments
Developing World		$	1,994,468			$	465,359		$	(48,634	)		$	416,725
Emerging Markets			48,897				21,142			(8,034	)			13,108
Global Discovery			33,998				2,046			(414	)			1,632
Global Equity			255,269				58,318			(3,023	)			55,295
Global Opportunities			2,321,418				809,722			(22,152	)			787,570
Global Value			3,078,622				659,557			(76,566	)			582,991
High Income			2,716,698				49,386			(65,995	)			(16,609	)
International			10,937,654				3,271,539			(159,487	)			3,112,052
International Small Cap			380,018				124,985			(9,467	)			115,518
International Value			12,272,386				3,542,938			(483,931	)			3,059,007
Mid Cap			4,663,268				1,781,878			(80,374	)			1,701,504
Mid Cap Value			2,359,135				1,206,886			(48,093	)			1,158,793
Small Cap			945,285				522,867			(17,403	)			505,464
Thematic			32,747	(1)			2,540			(393	)			2,147
Value			408,876				139,707			(7,292	)			132,415

⁽¹⁾ Net of premiums received on written options contracts.

The Funds’ tax-basis capital gains and losses are determined only at the end of each fiscal year. Accordingly, the table above does not include tax adjustments and reflects the aggregate book cost as of March 31, 2018.

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, 2018 and the year ended September 30, 2017 were as follows (in thousands):

	Six Months Ended 3/31/2018						Year Ended 9/30/2017
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	50,437		$	19,330		$	5,339		$	68

Artisan Partners Funds 101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2018						Year Ended 9/30/2017
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends				Long-Term Capital Gain Distributions
Emerging Markets		$	282		$	-		$	335			$	-
Global Discovery			90			-			-	(1)			-	(1)
Global Equity			865			1,215			186				-
Global Opportunities			2,046			113,016			-				2,935
Global Value			45,330			22,690			25,778				33,391
High Income			115,639			8,692			130,372				-
International			113,694			-			187,253				-
International Small Cap			577			62,120			-				38,548
International Value			215,161			390,453			133,521				240,607
Mid Cap			-			868,734			-				610,666
Mid Cap Value			30,331			349,565			39,080				77,484
Small Cap			-			187,338			-				13,989
Thematic			1,606			-			-	(2)			-	(2)
Value			14,965			46,257			5,547				-

⁽¹⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

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

Gains on redemptions in-kind for International Fund and Mid Cap Fund of approximately $55,368,000 and $22,211,000, respectively, were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2018, and were not recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and will be reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities as part of the annual process.

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

102 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2017. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2017.

Additional tax information as of and for the year ended September 30, 2017 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		$	39,667		$	17,858		$	-			$	-			$	(79	)
Emerging Markets			282			-			-				-				(135	)
Global Discovery			7			-			13	(2)			-	(2)			(1	)(2)
Global Equity			-			1,214			-				24				(17	)
Global Opportunities			2,036			113,007			-				-				(75	)
Global Value			39,342			13,491			-				-				82
High Income			39,979			8,687			-				-				(1,756	)
International			113,664			-			-				-				(21,666	)
International Small Cap			-			49,362			-				151				(5	)
International Value			214,632			255,803			-				-				493
Mid Cap			-			731,325			-				13,517				(166	)
Mid Cap Value			30,310			349,551			-				-				(200	)
Small Cap			-			160,032			-				7,875				(21	)
Thematic			1,188			-			-	(3)			-	(3)			(34	)(3)
Value			14,239			42,358			-				-				(23	)

⁽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, 2017 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

⁽²⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽³⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

As of September 30, 2017, 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.

Fund	Unlimited – ST			Unlimited – LT				Unlimited – LT
Emerging Markets		$	5,799		$	129,588	(1)		$	1,608
Global Equity			-			-				2,336
International			307,753			-				216,245

⁽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 103

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(13) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,103,431			$	65,999			26,428,621			$	295,803
Advisor Shares		21,122,882				274,818			34,103,097				378,816
Institutional Shares		14,219,900				183,341			28,946,054				345,202
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,377,040				17,447			128,759				1,248
Advisor Shares		2,095,611				26,614			220,529				2,139
Institutional Shares		1,263,067				16,066			180,951				1,757
Cost of shares redeemed
Investor Shares		(3,490,336	)			(45,232	)		(11,306,434	)			(126,690	)
Advisor Shares		(4,358,948	)			(56,115	)		(7,275,937	)			(80,966	)
Institutional Shares		(2,384,811	)			(31,392	)		(2,339,986	)			(25,905	)
Net increase from fund share transactions
Investor Shares		2,990,135				38,214			15,250,946				170,361
Advisor Shares		18,859,545				245,317			27,047,689				299,989
Institutional Shares		13,098,156				168,015			26,787,019				321,054
	EMERGING MARKETS
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		643,939			$	10,981			822,001			$	10,978
Institutional Shares		40,572				660			66,831				917
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		14,393				236			24,100				285
Institutional Shares		2,697				44			4,031				47
Cost of shares redeemed
Investor Shares		(302,188	)			(5,145	)		(485,152	)			(6,515	)
Institutional Shares		(88,489	)			(1,429	)		(27,023	)			(351	)
Net increase (decrease) from fund share transactions
Investor Shares		356,144				6,072			360,949				4,748
Institutional Shares		(45,220	)			(725	)		43,839				613
Footnotes are presented on Page 110.

104 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL DISCOVERY
	Six Months Ended 3/31/2018							Period Ended 9/30/2017(1)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,912,481			$	21,429			1,275,281			$	12,822
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		8,470				90			-				-
Cost of shares redeemed
Investor Shares		(53,673	)			(572	)		-				-
Net increase from fund share transactions
Investor Shares		1,867,278				20,947			1,275,281				12,822
	GLOBAL EQUITY
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		453,264			$	9,482			1,713,058			$	28,866
Institutional Shares		711,805				14,638			1,649,836				29,365
Net asset value of shares issued in reinvestment of dividends and distributions											��
Investor Shares		43,999				905			-				-
Institutional Shares		43,773				903			11,717				186
Cost of shares redeemed
Investor Shares		(735,873	)			(15,426	)		(3,802,085	)			(65,048	)
Institutional Shares		(795,257	)			(17,637	)		(285,675	)			(5,119	)
Net increase (decrease) from fund share transactions
Investor Shares		(238,610	)			(5,039	)		(2,089,027	)			(36,182	)
Institutional Shares		(39,679	)			(2,096	)		1,375,878				24,432
	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,118,107			$	188,559			14,705,328			$	335,539
Advisor Shares		4,422,305				117,634			8,685,957				203,202
Institutional Shares		7,812,080				208,449			18,475,484				441,676
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,584,556				40,295			59,403				1,240
Advisor Shares		568,901				14,501			10,718				224
Institutional Shares		2,083,656				53,508			59,918				1,259
Cost of shares redeemed
Investor Shares		(5,259,547	)			(138,192	)		(12,802,431	)			(292,540	)
Advisor Shares		(2,248,977	)			(59,525	)		(2,102,757	)			(47,039	)
Institutional Shares		(4,762,940	)			(124,533	)		(6,596,250	)			(156,974	)
Net increase from fund share transactions
Investor Shares		3,443,116				90,662			1,962,300				44,239
Advisor Shares		2,742,229				72,610			6,593,918				156,387
Institutional Shares		5,132,796				137,424			11,939,152				285,961
Footnotes are presented on Page 110.

Artisan Partners Funds 105

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL VALUE
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,125,873			$	94,075			13,715,916			$	220,919
Advisor Shares		9,174,093				168,156			27,522,474				444,152
Institutional Shares		36,237,234				670,165			34,106,980				548,575
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		862,022				15,430			1,261,399				18,946
Advisor Shares		878,354				15,687			671,815				10,064
Institutional Shares		1,801,378				32,227			1,697,055				25,473
Cost of shares redeemed
Investor Shares		(7,511,282	)			(137,613	)		(18,466,031	)			(298,989	)
Advisor Shares		(8,037,551	)			(147,061	)		(9,948,250	)			(163,074	)
Institutional Shares		(4,396,746	)			(79,815	)		(13,540,853	)			(223,686	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,523,387	)			(28,108	)		(3,488,716	)			(59,124	)
Advisor Shares		2,014,896				36,782			18,246,039				291,142
Institutional Shares		33,641,866				622,577			22,263,182				350,362
	HIGH INCOME
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		28,187,999			$	281,881			42,750,361			$	429,384
Advisor Shares		30,270,770				302,425			94,508,740				945,535
Institutional Shares(2)		9,902,759				98,266			28,879,132				289,662
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,451,928				34,323			3,339,763				33,454
Advisor Shares		6,283,928				62,521			7,194,728				72,133
Institutional Shares(2)		820,386				8,156			390,775				3,959
Cost of shares redeemed(3)
Investor Shares		(9,082,183	)			(90,589	)		(39,383,067	)			(394,655	)
Advisor Shares		(33,928,405	)			(337,892	)		(76,090,116	)			(762,796	)
Institutional Shares(2)		(8,200,233	)			(81,539	)		(3,533,139	)			(35,618	)
Net increase from fund share transactions
Investor Shares		22,557,744				225,615			6,707,057				68,183
Advisor Shares		2,626,293				27,054			25,613,352				254,872
Institutional Shares(2)		2,522,912				24,883			25,736,768				258,003
Redemption Fee
Investor Shares		-				29			-				43
Advisor Shares		-				60			-				112
Institutional Shares(2)		-				10			-				11
Footnotes are presented on Page 110.

106 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,495,203			$	252,527			21,460,122			$	602,069
Advisor Shares		12,029,920				405,903			48,914,988				1,363,187
Institutional Shares		25,593,393				863,065			59,879,249				1,705,624
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,064,716				35,370			2,689,359				69,278
Advisor Shares		488,021				16,173			932,992				23,987
Institutional Shares		1,481,697				49,444			2,196,282				56,840
Cost of shares redeemed
Investor Shares		(32,027,881	)			(1,078,667	)		(124,488,489	)			(3,442,647	)
Advisor Shares		(9,029,983	)			(303,506	)		(75,036,265	)			(2,087,702	)
Institutional Shares		(27,453,106	)			(934,066	)		(66,398,817	)			(1,917,549	)
Net increase (decrease) from fund share transactions
Investor Shares		(23,467,962	)			(790,770	)		(100,339,008	)			(2,771,300	)
Advisor Shares		3,487,958				118,570			(25,188,285	)			(700,528	)
Institutional Shares		(378,016	)			(21,557	)		(4,323,286	)			(155,085	)
	INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		364,018			$	8,532			3,045,315			$	63,754
Institutional Shares		1,425,324				34,377			2,832,343				59,117
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,564,423				34,589			1,265,034				24,719
Institutional Shares		1,019,667				22,626			546,362				10,687
Cost of shares redeemed
Investor Shares		(2,712,454	)			(64,202	)		(17,100,158	)			(363,478	)
Institutional Shares		(3,261,327	)			(80,122	)		(2,100,506	)			(47,287	)
Net increase (decrease) from fund share transactions
Investor Shares		(784,013	)			(21,081	)		(12,789,809	)			(275,005	)
Institutional Shares		(816,336	)			(23,119	)		1,278,199				22,517
Footnotes are presented on Page 110.

Artisan Partners Funds 107

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		10,195,101			$	394,957			19,331,747			$	667,997
Advisor Shares		19,074,836				737,188			75,231,098				2,647,867
Institutional Shares		30,395,588				1,193,022			78,788,196				2,852,869
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,852,996				146,915			4,757,493				150,527
Advisor Shares		4,179,121				159,141			2,574,951				81,420
Institutional Shares		6,596,633				252,189			2,800,424				88,857
Cost of shares redeemed
Investor Shares		(17,693,777	)			(688,862	)		(76,719,390	)			(2,672,357	)
Advisor Shares		(18,594,651	)			(725,447	)		(72,611,034	)			(2,602,777	)
Institutional Shares		(8,659,268	)			(335,884	)		(11,769,461	)			(420,023	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,645,680	)			(146,990	)		(52,630,150	)			(1,853,833	)
Advisor Shares		4,659,306				170,882			5,195,015				126,510
Institutional Shares		28,332,953				1,109,327			69,819,159				2,521,703
	MID CAP
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,255,254			$	90,840			7,198,026			$	285,411
Advisor Shares		3,185,785				128,756			9,871,483				388,631
Institutional Shares		7,784,139				338,821			14,114,027				605,273
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,652,678				290,725			6,401,868				239,878
Advisor Shares		1,953,424				74,562			1,065,775				40,052
Institutional Shares		9,741,705				402,819			6,589,481				265,293
Cost of shares redeemed
Investor Shares		(12,912,880	)			(519,093	)		(38,304,423	)			(1,515,448	)
Advisor Shares		(3,733,246	)			(150,809	)		(8,039,927	)			(323,763	)
Institutional Shares		(19,472,348	)			(841,863	)		(30,271,026	)			(1,293,881	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,004,948	)			(137,528	)		(24,704,529	)			(990,159	)
Advisor Shares		1,405,963				52,509			2,897,331				104,920
Institutional Shares		(1,946,504	)			(100,223	)		(9,567,518	)			(423,315	)
Footnotes are presented on Page 110.

108 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,811,024			$	110,672			10,156,070			$	230,379
Advisor Shares		6,072,601				140,260			33,907,058				770,303
Institutional Shares		3,629,515				83,982			20,798,443				484,986
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,240,181				158,850			2,721,981				59,258
Advisor Shares		4,486,111				98,201			1,278,251				27,751
Institutional Shares		4,163,714				91,185			930,551				20,221
Cost of shares redeemed
Investor Shares		(20,533,512	)			(474,545	)		(44,130,457	)			(999,637	)
Advisor Shares		(9,140,987	)			(210,919	)		(39,182,800	)			(907,931	)
Institutional Shares		(10,437,991	)			(239,111	)		(12,971,915	)			(293,929	)
Net increase (decrease) from fund share transactions
Investor Shares		(8,482,307	)			(205,023	)		(31,252,406	)			(710,000	)
Advisor Shares		1,417,725				27,542			(3,997,491	)			(109,877	)
Institutional Shares		(2,644,762	)			(63,944	)		8,757,079				211,278
	SMALL CAP
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		576,417			$	18,518			2,312,058			$	69,074
Advisor Shares(4)		1,745,095				55,837			10,516,823				323,387
Institutional Shares		4,544,962				148,460			3,521,581				107,985
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,026,759				62,201			281,769				8,225
Advisor Shares(4)		1,554,204				47,745			-				-
Institutional Shares		1,925,548				59,885			146,960				4,329
Cost of shares redeemed
Investor Shares		(3,041,303	)			(97,880	)		(14,402,774	)			(437,740	)
Advisor Shares(4)		(1,072,473	)			(35,301	)		(859,940	)			(27,209	)
Institutional Shares		(2,563,931	)			(83,867	)		(6,178,690	)			(192,718	)
Net increase (decrease) from fund share transactions
Investor Shares		(438,127	)			(17,161	)		(11,808,947	)			(360,441	)
Advisor Shares(4)		2,226,826				68,281			9,656,883				296,178
Institutional Shares		3,906,579				124,478			(2,510,149	)			(80,404	)
Footnotes are presented on Page 110.

Artisan Partners Funds 109

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	THEMATIC
	Six Months Ended 3/31/2018							Period Ended 9/30/2017(5)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,512,861			$	18,275			1,369,142			$	14,004
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		137,916				1,605			-				-
Cost of shares redeemed
Investor Shares		(219,399	)			(2,763	)		(72,349	)			(811	)
Net increase from fund share transactions
Investor Shares		1,431,378				17,117			1,296,793				13,193
	VALUE
	Six Months Ended 3/31/2018							Year Ended 9/30/2017
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		654,291			$	9,588			7,349,205			$	101,689
Advisor Shares		1,123,088				16,214			10,448,919				146,805
Institutional Shares		1,193,109				17,452			10,575,755				157,421
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,403,230				19,631			227,083				3,036
Advisor Shares		1,258,181				17,514			126,771				1,690
Institutional Shares		1,608,478				22,438			51,982				694
Cost of shares redeemed
Investor Shares		(2,808,808	)			(41,158	)		(28,312,024	)			(403,666	)
Advisor Shares		(5,063,714	)			(75,280	)		(17,941,677	)			(261,653	)
Institutional Shares		(3,184,343	)			(47,381	)		(1,478,593	)			(21,010	)
Net increase (decrease) from fund share transactions
Investor Shares		(751,287	)			(11,939	)		(20,735,736	)			(298,941	)
Advisor Shares		(2,682,445	)			(41,552	)		(7,365,987	)			(113,158	)
Institutional Shares		(382,756	)			(7,491	)		9,149,144				137,105

⁽¹⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾ For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽³⁾ Net of redemption fees.

⁽⁴⁾ For the period from commencement of operations (February 1, 2017) through September 30, 2017.

⁽⁵⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

(14) 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.

110 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2017 to March 31, 2018.

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, 2018 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 10/1/2017			Ending Account Value 3/31/2018			Expenses Paid During Period 10/1/2017-3/31/2018(1)			Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,031.50		$	6.79		1.34	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.25		$	6.74		1.34	%
Advisor Shares
Actual		$	1,000.00		$	1,032.40		$	5.88		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.84		1.16	%
Institutional Shares
Actual		$	1,000.00		$	1,032.90		$	5.47		1.08	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.44		1.08	%

Artisan Partners Funds 111

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2017			Ending Account Value 3/31/2018			Expenses Paid During Period 10/1/2017-3/31/2018(1)			Expense Ratio(2)(3)
Artisan Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,109.70		$	7.68		1.46	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.65		$	7.34		1.46	%
Institutional Shares
Actual		$	1,000.00		$	1,110.50		$	7.58		1.44	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.75		$	7.24		1.44	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	1,096.90		$	7.84		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		$	1,093.40		$	7.10		1.36	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.15		$	6.84		1.36	%
Institutional Shares
Actual		$	1,000.00		$	1,094.60		$	5.80		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.59		1.11	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,076.50		$	5.85		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.69		1.13	%
Advisor Shares
Actual		$	1,000.00		$	1,077.10		$	5.13		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%
Institutional Shares
Actual		$	1,000.00		$	1,078.20		$	4.71		0.91	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.39		$	4.58		0.91	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,017.60		$	6.24		1.24	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.24		1.24	%
Advisor Shares
Actual		$	1,000.00		$	1,017.60		$	5.48		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.49		1.09	%
Institutional Shares
Actual		$	1,000.00		$	1,018.20		$	5.08		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%

112 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2017			Ending Account Value 3/31/2018			Expenses Paid During Period 10/1/2017-3/31/2018(1)			Expense Ratio(2)(3)
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,012.00		$	4.87		0.97	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.09		$	4.89		0.97	%
Advisor Shares
Actual		$	1,000.00		$	1,011.70		$	4.11		0.82	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.84		$	4.13		0.82	%
Institutional Shares
Actual		$	1,000.00		$	1,013.10		$	3.71		0.74	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.24		$	3.73		0.74	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,042.60		$	6.01		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,043.30		$	5.25		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.19		1.03	%
Institutional Shares
Actual		$	1,000.00		$	1,043.60		$	4.84		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%
Artisan International Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,087.50		$	8.12		1.56	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.15		$	7.85		1.56	%
Institutional Shares
Actual		$	1,000.00		$	1,089.00		$	6.98		1.34	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.25		$	6.74		1.34	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	994.50		$	5.82		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	5.89		1.17	%
Advisor Shares
Actual		$	1,000.00		$	995.10		$	5.12		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.19		1.03	%
Institutional Shares
Actual		$	1,000.00		$	995.30		$	4.73		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%

Artisan Partners Funds 113

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2017			Ending Account Value 3/31/2018			Expenses Paid During Period 10/1/2017-3/31/2018(1)			Expense Ratio(2)(3)
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,070.20		$	6.14		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	5.99		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,070.90		$	5.42		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,071.40		$	4.91		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		$	1,022.40		$	6.05		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	1,023.10		$	5.35		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.34		1.06	%
Institutional Shares
Actual		$	1,000.00		$	1,023.30		$	4.94		0.98	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.04		$	4.94		0.98	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,136.20		$	6.50		1.22	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.85		$	6.14		1.22	%
Advisor Shares
Actual		$	1,000.00		$	1,137.10		$	5.70		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Institutional Shares
Actual		$	1,000.00		$	1,137.50		$	5.38		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Artisan Thematic Fund
Investor Shares
Actual		$	1,000.00		$	1,177.00		$	8.30		1.53	%(4)
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.30		$	7.70		1.53	%(4)

114 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2017			Ending Account Value 3/31/2018			Expenses Paid During Period 10/1/2017-3/31/2018(1)			Expense Ratio(2)(3)
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,004.90		$	5.20		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.24		1.04	%
Advisor Shares
Actual		$	1,000.00		$	1,005.50		$	4.40		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.54		$	4.43		0.88	%
Institutional Shares
Actual		$	1,000.00		$	1,006.20		$	4.00		0.80	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.94		$	4.03		0.80	%

⁽¹⁾ Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2018, 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, 2018.

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

⁽⁴⁾ Includes interest expense and dividend payments for securities sold short.

Artisan Partners Funds 115

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 (except for Thematic Fund, the Adviser uses Bloomberg Industry Classification Systems (BICS) developed by Bloomberg Finance L.P.) 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.

116 Artisan Partners Funds

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.

Artisan Partners Funds 117

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, 2018 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.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.     Exhibits.

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

SIGNATURES

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

Artisan Partners Funds, Inc.
By:	/s/ Eric R. Colson
	Eric R. Colson
	Principal Executive Officer
Date:	June 8, 2018

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 8, 2018
By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 8, 2018