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

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-08932

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: 3/31/19

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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 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-Mid Fund*	ARTJX	APDJX	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 Sustainable Emerging Markets Fund**	ARTZX	N/A	APHEX
Artisan Thematic Fund	ARTTX	APDTX	N/A
Artisan Value Fund	ARTLX	APDLX	APHLX

* Effective December 4, 2018, Artisan International Small Cap Fund changed its name to Artisan International Small-Mid Fund.

** Effective April 1, 2019, Artisan Emerging Markets Fund changed its name to Artisan Sustainable Emerging Markets Fund.

Beginning on 31 March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available online at http://hosted.rightprospectus.com/Artisan, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you invest directly with a Fund, by calling 800.344.1770 or by enrolling on the Funds’ website at www.artisanpartners.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 800.344.1770 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with a Fund.

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Developing World Fund
4	Artisan Global Discovery Fund
6	Artisan Global Equity Fund
9	Artisan Global Opportunities Fund
11	Artisan Global Value Fund
13	Artisan High Income Fund
19	Artisan International Fund
22	Artisan International Small-Mid Fund
25	Artisan International Value Fund
27	Artisan Mid Cap Fund
30	Artisan Mid Cap Value Fund
32	Artisan Small Cap Fund
34	Artisan Sustainable Emerging Markets Fund
37	Artisan Thematic Fund
40	Artisan Value Fund
42	STATEMENTS OF ASSETS AND LIABILITIES
46	STATEMENTS OF OPERATIONS
50	STATEMENTS OF CHANGES IN NET ASSETS
58	FINANCIAL HIGHLIGHTS
75	NOTES TO FINANCIAL STATEMENTS
111	SHAREHOLDER EXPENSE EXAMPLE
116	FACTORS CONSIDERED IN APPROVING ARTISAN INTERNATIONAL SMALL-MID FUND’S ADVISORY AGREEMENT
118	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
119	PROXY VOTING POLICIES AND PROCEDURES
119	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

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 call800.344.1770 or visit our website atwww.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, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.2%
ARGENTINA - 4.2%
MercadoLibre, Inc.*		174		$	88,236
BRAZIL - 9.0%
B3 SA - Brasil Bolsa Balcao		7,685			62,574
BK Brasil Operacao e Assessoria a Restaurantes SA		2,490			14,042
Lojas Renner SA		2,161			24,034
Raia Drogasil SA*		2,766			45,939
StoneCo Ltd., Class A*		1,034			42,513
					189,102
CHINA - 28.9%
Alibaba Group Holding Ltd., ADR*		565			103,156
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,931			24,916
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		12,604			65,774
Han’s Laser Technology Industry Group Co. Ltd., Class A		2,537			15,930
Huazhu Group Ltd., ADR		1,001			42,203
Jiangsu Hengrui Medicine Co. Ltd., Class A		4,534			44,139
Kweichow Moutai Co. Ltd., Class A		756			96,067
Shanghai International Airport Co. Ltd., Class A		2,178			20,141
TAL Education Group, ADR*		2,876			103,751
Tencent Holdings Ltd.		1,912			87,905
					603,982
FRANCE - 3.9%
LVMH Moet Hennessy Louis Vuitton SE		161			59,144
Remy Cointreau SA		163			21,674
					80,818
HONG KONG - 4.4%
AIA Group Ltd.		9,143			91,022
INDIA - 11.7%
Eicher Motors Ltd.		156			46,417
HDFC Bank Ltd., ADR		841			97,447
ICICI Bank Ltd., ADR		1,545			17,709
ICICI Bank Ltd.		3,073			17,764
PVR Ltd.		716			17,014
Titan Co. Ltd.		2,930			48,302
					244,653
MACAU - 3.2%
Galaxy Entertainment Group Ltd.		9,690			65,979
MEXICO - 0.8%
Wal-Mart de Mexico SAB de CV		6,630			17,725
NETHERLANDS - 2.7%
ASML Holding NV, NYRS		300			56,339
PERU - 1.8%
Credicorp Ltd.		154			37,036
PHILIPPINES - 0.9%
Puregold Price Club, Inc.		21,226			19,444
POLAND - 0.8%
Dino Polska SA*		539			16,996
RUSSIA - 4.2%
Sberbank of Russia PJSC, ADR		1,591			21,101
Yandex NV, Class A*		1,925			66,088
					87,189
THAILAND - 5.5%
CP ALL PCL(1)		18,505			43,588
Sea Ltd., ADR*		3,027			71,189
					114,777
UNITED KINGDOM - 1.8%
Diageo plc		930			38,003
UNITED STATES - 10.4%
NVIDIA Corp.		550			98,799
Tiffany & Co.		226			23,821
Visa, Inc., Class A		608			95,008
					217,628
Total common stocks (Cost $1,440,285)					1,968,929
SHORT-TERM INVESTMENTS - 5.5%
INVESTMENT COMPANIES - 5.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		39,252			39,252
Federated Treasury Obligations Fund - Institutional Class, 2.39%		38,097			38,097
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		38,098			38,098
Total short-term investments (Cost $115,447)					115,447

2 Artisan Partners Funds

	Value
Total investments - 99.7% (Cost $1,555,732)		$	2,084,376
Other assets less liabilities - 0.3%			7,253
Total net assets - 100.0%(2)		$	2,091,629
				��

* Non-income producing security.

⁽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 $43,588, or 2.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ 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.

ABBREVIATIONS

ADR - American Depositary Receipt

NYRS - New York Registry Shares

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	242,196		11.6	%
Consumer Discretionary			619,087		29.7
Consumer Staples			324,351		15.6
Financials			344,652		16.6
Health Care			44,139		2.1
Industrials			36,071		1.7
Information Technology			358,433		17.2
Short-term investments			115,447		5.5
Total investments		$	2,084,376		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	146,589		7.0	%
British pound			38,003		1.8
Chinese yuan renminbi offshore			266,967		12.8
Euro			80,818		3.9
Hong Kong dollar			244,906		11.8
Indian rupee			129,497		6.2
Mexican peso			17,725		0.9
Philippine peso			19,444		0.9
Polish zloty			16,996		0.8
Thai baht			43,588		2.1
U.S. dollar			1,079,843		51.8
Total investments		$	2,084,376		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
TAL Education Group	China		5.0	%
Alibaba Group Holding Ltd.	China		4.9
NVIDIA Corp.	United States		4.7
HDFC Bank Ltd.	India		4.7
Kweichow Moutai Co. Ltd.	China		4.6
Visa, Inc.	United States		4.5
AIA Group Ltd.	Hong Kong		4.4
MercadoLibre, Inc.	Argentina		4.2
Tencent Holdings Ltd.	China		4.2
Sea Ltd.	Thailand		3.4
Total			44.6	%

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 3

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.2%
AUSTRALIA - 1.5%
Treasury Wine Estates Ltd.		117		$	1,237
BRAZIL - 2.2%
Notre Dame Intermedica Participacoes SA		158			1,320
Pagseguro Digital Ltd., Class A*		20			588
					1,908
CANADA - 1.9%
CAE, Inc.		23			514
Canada Goose Holdings, Inc.*		22			1,069
					1,583
DENMARK - 3.6%
Ascendis Pharma A/S, ADR*		6			655
Genmab A/S*		9			1,566
Vestas Wind Systems A/S		10			846
					3,067
FRANCE - 2.5%
Orpea		8			949
Vivendi SA		39			1,142
					2,091
GERMANY - 2.8%
Puma SE		2			1,086
Varta AG*		31			1,333
					2,419
HONG KONG - 3.6%
Techtronic Industries Co. Ltd.		457			3,070
INDIA - 2.2%
HDFC Bank Ltd., ADR		16			1,832
JAPAN - 1.1%
Nintendo Co. Ltd.		3			940
LUXEMBOURG - 0.8%
Eurofins Scientific SE		2			646
MALTA - 0.5%
Kambi Group plc*		25			431
NETHERLANDS - 5.1%
ASML Holding NV		6			1,218
IMCD NV		33			2,514
Takeaway.com NV*		8			629
					4,361
SPAIN - 1.6%
Amadeus IT Group SA		17			1,385
SWITZERLAND - 1.2%
Lonza Group AG*		3			989
UNITED KINGDOM - 5.6%
B&M European Value Retail SA		303			1,475
Burberry Group plc		41			1,055
Fevertree Drinks plc		28			1,119
London Stock Exchange Group plc		18			1,105
					4,754
UNITED STATES - 56.0%
Alexion Pharmaceuticals, Inc.*		13			1,729
Atlassian Corp. plc, Class A*		6			671
Boston Scientific Corp.*		73			2,788
BWX Technologies, Inc.		29			1,430
Cintas Corp.		6			1,175
Cision Ltd.*		45			618
Cognex Corp.		12			590
Coherent, Inc.*		3			394
Cree, Inc.*		32			1,859
First Republic Bank		23			2,283
First Solar, Inc.*		17			888
FLIR Systems, Inc.		21			994
Fortive Corp.		12			969
Gardner Denver Holdings, Inc.*		66			1,825
Global Payments, Inc.		32			4,428
Guidewire Software, Inc.*		27			2,668
HealthEquity, Inc.*		7			492
IHS Markit Ltd.*		44			2,401
New York Times Co. (The), Class A		43			1,417
Novanta, Inc.*		13			1,111
Progressive Corp. (The)		32			2,338
RealPage, Inc.*		10			593
ServiceMaster Global Holdings, Inc.*		9			399
Skyworks Solutions, Inc.		9			725
Tableau Software, Inc., Class A*		14			1,770
Take-Two Interactive Software, Inc.*		11			1,061
TD Ameritrade Holding Corp.		21			1,046
Teledyne Technologies, Inc.*		14			3,378
Veeva Systems, Inc., Class A*		21			2,608
Visteon Corp.*		10			643
WellCare Health Plans, Inc.*		3			773

4 Artisan Partners Funds

	Shares Held		Value
UNITED STATES (CONTINUED)
Zynga, Inc., Class A*		267		$	1,422
					47,486
Total common stocks (Cost $69,919)					78,199
SHORT-TERM INVESTMENTS - 7.8%
INVESTMENT COMPANIES - 7.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		2,252			2,252
Federated Treasury Obligations Fund - Institutional Class, 2.39%		2,186			2,186
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		2,185			2,185
Total short-term investments (Cost $6,623)					6,623
Total investments - 100.0% (Cost $76,542)					84,822
Other assets less liabilities - 0.0%(1)					(17	)
Total net assets - 100.0%(2)				$	84,805

* Non-income producing security.

⁽¹⁾ Amount rounds to less than 0.1%.

⁽²⁾ 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.

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	5,983		7.1	%
Consumer Discretionary			9,857		11.6
Consumer Staples			2,356		2.8
Financials			8,603		10.1
Health Care			14,515		17.1
Industrials			16,385		19.3
Information Technology			20,500		24.2
Short-term investments			6,623		7.8
Total investments		$	84,822		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	1,237		1.5	%
Brazilian real			1,320		1.6
British pound			4,754		5.6
Canadian dollar			514		0.6
Danish krone			2,411		2.8
Euro			10,902		12.8
Hong Kong dollar			3,070		3.6
Japanese yen			940		1.1
Swedish krona			431		0.5
Swiss franc			989		1.2
U.S. dollar			58,254		68.7
Total investments		$	84,822		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		5.2	%
Teledyne Technologies, Inc.	United States		4.0
Techtronic Industries Co. Ltd.	Hong Kong		3.6
Boston Scientific Corp.	United States		3.3
Guidewire Software, Inc.	United States		3.1
Veeva Systems, Inc.	United States		3.1
IMCD NV	Netherlands		3.0
IHS Markit Ltd.	United States		2.8
Progressive Corp. (The)	United States		2.8
First Republic Bank	United States		2.7
Total			33.6	%

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

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

Artisan Partners Funds 5

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.1%
BELGIUM - 0.1%
Anheuser-Busch InBev SA		3		$	242
BRAZIL - 3.7%
Petroleo Brasileiro SA, ADR*		288			4,592
Petroleo Brasileiro SA (Preference)		602			4,277
					8,869
CANADA - 1.6%
CAE, Inc.		95			2,104
Canada Goose Holdings, Inc.*		11			533
Dollarama, Inc.		27			723
Fortis, Inc.		16			607
					3,967
CHINA - 0.6%
Kweichow Moutai Co. Ltd., Class A		11			1,363
DENMARK - 1.8%
Genmab A/S*		25			4,300
FRANCE - 8.1%
Air Liquide SA		43			5,465
Airbus SE		51			6,742
BNP Paribas SA		44			2,081
Danone SA		31			2,403
Ipsen SA		11			1,513
Safran SA		10			1,410
					19,614
GERMANY - 9.5%
Adidas AG		6			1,515
Deutsche Boerse AG		82			10,498
MorphoSys AG*		11			980
Nemetschek SE		5			788
Wirecard AG		74			9,278
					23,059
GREECE - 0.7%
JUMBO SA		105			1,750
HONG KONG - 1.5%
AIA Group Ltd.		373			3,711
IRELAND - 0.3%
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		58			752
ITALY - 2.5%
Davide Campari-Milano SpA		308			3,020
Intesa Sanpaolo SpA		1,193			2,905
					5,925
JAPAN - 3.1%
Japan Exchange Group, Inc.		71			1,269
Jeol Ltd.		64			1,154
OBIC Business Consultants Co. Ltd.		67			2,740
Obic Co. Ltd.		23			2,296
					7,459
MACAU - 0.6%
Wynn Macau Ltd.		659			1,554
NETHERLANDS - 5.6%
ING Groep NV		496			5,995
InterXion Holding NV*		111			7,428
					13,423
SWITZERLAND - 4.5%
Idorsia Ltd.*		51			900
Lonza Group AG*		18			5,515
Nestle SA		40			3,805
Novartis AG		6			605
					10,825
UNITED KINGDOM - 7.2%
AVEVA Group plc		60			2,541
Linde plc		66			11,519
London Stock Exchange Group plc		53			3,275
					17,335
UNITED STATES - 44.7%
Abbott Laboratories		79			6,306
ACADIA Pharmaceuticals, Inc.*		137			3,680
Adobe, Inc.*		7			1,839
Alphabet, Inc., Class A*		3			3,773
Alphabet, Inc., Class C*		3			4,008
Amazon.com, Inc.*		3			4,778
Aon plc		4			654
Bio-Rad Laboratories, Inc., Class A*		11			3,491
Bristol-Myers Squibb Co.		113			5,373
CME Group, Inc.		7			1,110
Danaher Corp.		27			3,573
Dolby Laboratories, Inc., Class A		45			2,854
Facebook, Inc., Class A*		20			3,284
Fidelity National Information Services, Inc.		17			1,884
Harris Corp.		60			9,522
IHS Markit Ltd.*		78			4,229
Intercontinental Exchange, Inc.		101			7,659

6 Artisan Partners Funds

	Shares Held		Value
UNITED STATES (CONTINUED)
Levi Strauss & Co., Class A*		5		$	113
LiveRamp Holdings, Inc.*		41			2,220
Mastercard, Inc., Class A		28			6,671
Norfolk Southern Corp.		18			3,275
PayPal Holdings, Inc.*		61			6,303
PerkinElmer, Inc.		38			3,702
PTC, Inc.*		42			3,914
ServiceNow, Inc.*		9			2,290
SS&C Technologies Holdings, Inc.		4			272
Trade Desk, Inc. (The), Class A*		9			1,803
Varonis Systems, Inc.*		55			3,301
ViewRay, Inc.*		386			2,856
WEX, Inc.*		17			3,272
					108,009
Total common stocks and equity-linked security (Cost $184,054)					232,157
SHORT-TERM INVESTMENTS - 4.4%
INVESTMENT COMPANIES - 4.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		3,603			3,603
Federated Treasury Obligations Fund - Institutional Class, 2.39%		3,497			3,497
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		3,497			3,497
Total short-term investments (Cost $10,597)					10,597
Total investments - 100.5% (Cost $194,651)					242,754
Other assets less liabilities - (0.5)%					(1,160	)
Total net assets - 100.0%(4)				$	241,594

* Non-income producing security.

⁽¹⁾ 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 2/11/2019	-		$	729		$	752		0.3%

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

⁽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 $752, or 0.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽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.

ABBREVIATIONS

ADR - American Depositary Receipt

Preference - A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	11,065		4.6	%
Consumer Discretionary			10,964		4.5
Consumer Staples			10,833		4.5
Energy			8,869		3.7
Financials			39,158		16.1
Health Care			43,949		18.1
Industrials			28,035		11.5
Information Technology			61,693		25.4
Materials			16,984		7.0
Utilities			607		0.2
Short-term investments			10,597		4.4
Total investments		$	242,754		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	4,277		1.8	%
British pound			5,815		2.4
Canadian dollar			3,434		1.4
Chinese yuan renminbi offshore			1,363		0.5
Danish krone			4,300		1.8
Euro			68,104		28.1
Hong Kong dollar			5,265		2.2
Japanese yen			7,459		3.1
Swiss franc			10,825		4.4
U.S. dollar			131,912		54.3
Total investments		$	242,754		100.0	%

Artisan Partners Funds 7

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Linde plc	United Kingdom		4.8	%
Deutsche Boerse AG	Germany		4.3
Harris Corp.	United States		3.9
Wirecard AG	Germany		3.8
Petroleo Brasileiro SA	Brazil		3.7
Alphabet, Inc.	United States		3.2
Intercontinental Exchange, Inc.	United States		3.2
InterXion Holding NV	Netherlands		3.1
Airbus SE	France		2.8
Mastercard, Inc.	United States		2.8
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.

8 Artisan Partners Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.5%
AUSTRALIA - 1.5%
Treasury Wine Estates Ltd.		4,490		$	47,599
BELGIUM - 1.2%
Umicore SA		872			38,718
BRAZIL - 1.1%
Pagseguro Digital Ltd., Class A*		1,111			33,153
CHINA - 2.8%
Tencent Holdings Ltd.		1,925			88,518
DENMARK - 4.1%
Genmab A/S*		457			79,328
Vestas Wind Systems A/S		616			51,810
					131,138
FRANCE - 1.6%
Vivendi SA		1,762			51,063
GERMANY - 1.7%
Adidas AG		214			52,096
HONG KONG - 3.9%
Techtronic Industries Co. Ltd.		18,461			124,052
INDIA - 2.5%
HDFC Bank Ltd., ADR		673			77,997
JAPAN - 3.0%
Daifuku Co. Ltd.		322			16,719
Keyence Corp.		67			41,508
Nintendo Co. Ltd.		133			37,852
					96,079
MACAU - 1.4%
Sands China Ltd.		9,080			45,630
NETHERLANDS - 1.1%
ASML Holding NV, NYRS		191			35,995
SPAIN - 1.5%
Amadeus IT Group SA		609			48,805
SWITZERLAND - 5.3%
Lonza Group AG*		286			88,628
SWITZERLAND (CONTINUED)
Temenos AG		541			79,805
					168,433
UNITED KINGDOM - 9.2%
AstraZeneca plc		1,399			111,757
Burberry Group plc		1,761			44,832
Fevertree Drinks plc		1,738			68,343
London Stock Exchange Group plc		1,096			67,832
					292,764
UNITED STATES - 53.6%
Activision Blizzard, Inc.		947			43,114
Advanced Micro Devices, Inc.*		1,678			42,825
Agilent Technologies, Inc.		703			56,544
Alexion Pharmaceuticals, Inc.*		473			63,899
Alphabet, Inc., Class A*		71			83,390
Amazon.com, Inc.*		28			49,594
Anthem, Inc.		304			87,350
Aptiv plc		1,032			82,038
Atlassian Corp. plc, Class A*		423			47,554
Bank of America Corp.		3,926			108,316
Boston Scientific Corp.*		2,700			103,620
Cree, Inc.*		815			46,660
Fortive Corp.		599			50,277
Harris Corp.		456			72,853
IHS Markit Ltd.*		3,640			197,933
Lowe’s Cos., Inc.		698			76,406
Microsoft Corp.		537			63,279
Pioneer Natural Resources Co.		326			49,616
Progressive Corp. (The)		1,108			79,886
Tiffany & Co.		163			17,185
Veeva Systems, Inc., Class A*		274			34,705
Visa, Inc., Class A		876			136,804
Worldpay, Inc., Class A*		914			103,702
					1,697,550
Total common stocks (Cost $2,316,000)					3,029,590
SHORT-TERM INVESTMENTS - 3.8%
INVESTMENT COMPANIES - 3.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		40,739			40,739
Federated Treasury Obligations Fund - Institutional Class, 2.39%		39,541			39,541

Artisan Partners Funds 9

	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		39,541		$	39,541
Total short-term investments (Cost $119,821)					119,821
Total investments - 99.3% (Cost $2,435,821)					3,149,411
Other assets less liabilities - 0.7%					20,974
Total net assets - 100.0%(1)				$	3,170,385

* Non-income producing security.

⁽¹⁾ 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.

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	303,936		9.6	%
Consumer Discretionary			491,834		15.6
Consumer Staples			115,943		3.7
Energy			49,616		1.6
Financials			334,031		10.6
Health Care			625,832		19.9
Industrials			389,591		12.4
Information Technology			680,089		21.6
Materials			38,718		1.2
Short-term investments			119,821		3.8
Total investments		$	3,149,411		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	47,599		1.5	%
British pound			292,764		9.3
Danish krone			131,138		4.2
Euro			190,682		6.1
Hong Kong dollar			258,200		8.2
Japanese yen			96,079		3.0
Swiss franc			168,433		5.3
U.S. dollar			1,964,516		62.4
Total investments		$	3,149,411		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		6.2	%
Visa, Inc.	United States		4.3
Techtronic Industries Co. Ltd.	Hong Kong		3.9
AstraZeneca plc	United Kingdom		3.5
Bank of America Corp.	United States		3.4
Worldpay, Inc.	United States		3.3
Boston Scientific Corp.	United States		3.3
Lonza Group AG	Switzerland		2.8
Tencent Holdings Ltd.	China		2.8
Anthem, Inc.	United States		2.8
Total			36.3	%

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.

10 Artisan Partners Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.4%
BELGIUM - 1.8%
Groupe Bruxelles Lambert SA		607		$	59,013
BRAZIL - 3.1%
Telefonica Brasil SA, ADR		8,386			101,224
CANADA - 1.7%
Imperial Oil Ltd.		2,040			55,687
CHINA - 2.6%
Baidu, Inc., ADR*		509			83,911
DENMARK - 0.6%
ISS A/S		621			18,880
FRANCE - 1.3%
Sodexo SA		386			42,481
INDIA - 1.1%
Bharti Infratel Ltd.		8,024			36,301
JAPAN - 0.6%
Yahoo Japan Corp.		7,787			19,039
NETHERLANDS - 5.0%
ING Groep NV		4,841			58,566
NXP Semiconductors NV		1,171			103,466
					162,032
SOUTH KOREA - 6.3%
Hyundai Motor Co.		222			23,348
Hyundai Motor Co. (Preference)		51			3,403
KT&G Corp.		321			29,304
Samsung Electronics Co. Ltd.		3,831			150,708
					206,763
SPAIN - 0.8%
Bankia SA		10,042			26,021
SWITZERLAND - 10.5%
ABB Ltd.		4,896			91,986
Cie Financiere Richemont SA		1,305			95,105
Nestle SA		654			62,373
SWITZERLAND (CONTINUED)
UBS Group AG*		7,795			94,490
					343,954
UNITED KINGDOM - 10.6%
BAE Systems plc		9,030			56,738
IMI plc		2,568			32,046
Lloyds Banking Group plc		127,137			102,897
Royal Bank of Scotland Group plc		19,532			62,836
Tesco plc		29,879			90,323
					344,840
UNITED STATES - 47.4%
Advance Auto Parts, Inc.		295			50,262
Allergan plc		619			90,667
Alphabet, Inc., Class A*		51			60,331
Alphabet, Inc., Class C*		30			35,662
American Express Co.		745			81,464
Aon plc		338			57,698
Arch Capital Group Ltd.*		3,591			116,073
Bank of New York Mellon Corp. (The)		2,332			117,582
Citigroup, Inc.		1,696			105,538
DENTSPLY SIRONA, Inc.		2,291			113,610
Expedia Group, Inc.		816			97,155
Facebook, Inc., Class A*		646			107,723
FedEx Corp.		426			77,233
Fluor Corp.		549			20,185
Marsh & McLennan Cos., Inc.		1,257			117,990
Medtronic plc		839			76,373
Oracle Corp.		1,872			100,568
Progressive Corp. (The)		844			60,848
United Technologies Corp.		446			57,430
					1,544,392
Total common stocks (Cost $2,616,816)					3,044,538
SHORT-TERM INVESTMENTS - 6.1%
INVESTMENT COMPANIES - 6.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		67,670			67,670
Federated Treasury Obligations Fund - Institutional Class, 2.39%		65,680			65,680

Artisan Partners Funds 11

	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		65,680		$	65,680
Total short-term investments (Cost $199,030)					199,030
Total investments - 99.5% (Cost $2,815,846)					3,243,568
Other assets less liabilities - 0.5%					17,606
Total net assets - 100.0%(1)				$	3,261,174

* Non-income producing security.

⁽¹⁾ 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.

ABBREVIATIONS

ADR - American Depositary Receipt

Preference - A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

FOREIGN CURRENCY FORWARD CONTRACTS
Dollar values in thousands
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CNH	102,514	USD	14,874	JPMorgan Chase Bank N.A.		5/9/2019	$	373
	Total unrealized appreciation							373
USD	85,254	CNH	592,031	JPMorgan Chase Bank N.A.		5/9/2019		(2,801	)
	Total unrealized depreciation							(2,801	)
	Net unrealized depreciation						$	(2,428	)

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	444,191		13.7	%
Consumer Discretionary			311,754		9.6
Consumer Staples			181,999		5.6
Energy			55,687		1.7
Financials			1,061,017		32.7
Health Care			280,650		8.7
Industrials			354,498		10.9
Information Technology			354,742		11.0
Short-term investments			199,030		6.1
Total investments		$	3,243,568		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	344,840		10.6	%
Canadian dollar			55,687		1.7
Danish krone			18,880		0.6
Euro			186,081		5.7
Indian rupee			36,301		1.1
Japanese yen			19,039		0.6
Korean won			206,763		6.4
Swiss franc			343,954		10.6
U.S. dollar			2,032,023		62.7
Total investments		$	3,243,568		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co. Ltd.	South Korea		4.6	%
Marsh & McLennan Cos., Inc.	United States		3.6
Bank of New York Mellon Corp. (The)	United States		3.6
Arch Capital Group Ltd.	United States		3.6
DENTSPLY SIRONA, Inc.	United States		3.5
Facebook, Inc.	United States		3.3
Citigroup, Inc.	United States		3.2
NXP Semiconductors NV	Netherlands		3.2
Lloyds Banking Group plc	United Kingdom		3.2
Telefonica Brasil SA	Brazil		3.1
Total			34.9	%

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

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

12 Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Principal Amount			Value
CORPORATE BONDS - 72.0%
AGRICULTURE - 0.2%
Pinnacle Operating Corp. 9.00%, 5/15/2023(1)(2)(3)		$	13,301		$	6,916
AUTO MANUFACTURERS - 1.0%
Tesla, Inc. 5.30%, 8/15/2025(1)			39,500			34,217
CHEMICALS - 0.1%
Starfruit Finco BV 8.00%, 10/1/2026(1)(4)			3,000			3,030
DIVERSIFIED FINANCIAL SERVICES - 6.6%
Jefferies Finance LLC
7.50%, 4/15/2021(1)			15,112			15,339
6.88%, 4/15/2022(1)			19,895			19,994
NFP Corp. 6.88%, 7/15/2025(1)			70,898			67,708
Quicken Loans, Inc. 5.25%, 1/15/2028(1)			15,000			14,044
Springleaf Finance Corp. 7.13%, 3/15/2026			57,000			58,033
TMX Finance LLC 11.13%, 4/1/2023(1)			9,500			8,930
Werner FinCo LP 8.75%, 7/15/2025(1)			40,680			35,050
						219,098
ENGINEERING & CONSTRUCTION - 4.0%
Frontdoor, Inc. 6.75%, 8/15/2026(1)			31,780			32,495
Great Lakes Dredge & Dock Corp. 8.00%, 5/15/2022			30,120			31,588
New Enterprise Stone & Lime Co., Inc. 10.13%, 4/1/2022(1)			15,255			15,446
Tutor Perini Corp. 6.88%, 5/1/2025(1)			50,260			50,078
						129,607
FOOD - 0.4%
KeHE Distributors LLC 7.63%, 8/15/2021(1)			14,580			14,434
HEALTHCARE-SERVICES - 5.4%
Acadia Healthcare Co., Inc.
5.13%, 7/1/2022			4,500			4,511
5.63%, 2/15/2023			16,285			16,387
6.50%, 3/1/2024			6,365			6,524
Community Health Systems, Inc. 8.00%, 3/15/2026(1)			19,630			18,782
Eagle Holding Co. II LLC 7.63% Cash, 8.38% PIK, 5/15/2022(1)(5)			31,288			31,562
HEALTHCARE-SERVICES (CONTINUED)
Hadrian Merger Sub, Inc. 8.50%, 5/1/2026(1)			20,500			18,937
HCA, Inc.
5.38%, 9/1/2026			5,000			5,262
5.63%, 9/1/2028			20,000			21,150
5.50%, 6/15/2047			30,000			32,014
Surgery Center Holdings, Inc. 10.00%, 4/15/2027(1)			24,250			24,614
						179,743
INSURANCE - 5.9%
Acrisure LLC 7.00%, 11/15/2025(1)			59,575			53,618
Aon Corp. 8.21%, 1/1/2027			23,398			27,493
Ardonagh Midco 3 plc
8.63%, 7/15/2023(1)(4)			46,050			39,373
8.63%, 7/15/2023(1)(4)			13,500			11,542
AssuredPartners, Inc. 7.00%, 8/15/2025(1)			51,051			47,222
HUB International Ltd. 7.00%, 5/1/2026(1)			20,064			19,863
						199,111
MACHINERY-DIVERSIFIED - 0.9%
SPX FLOW, Inc. 5.63%, 8/15/2024(1)			29,250			29,396
MEDIA - 11.6%
Altice Luxembourg SA
7.75%, 5/15/2022(1)(4)			5,000			4,994
7.63%, 2/15/2025(1)(4)			35,000			30,669
Cablevision Systems Corp. 5.88%, 9/15/2022			44,077			46,060
CCO Holdings LLC
5.75%, 2/15/2026(1)			5,000			5,237
5.50%, 5/1/2026(1)			88,580			91,459
5.13%, 5/1/2027(1)			64,000			64,400
CSC Holdings LLC 7.50%, 4/1/2028(1)			20,000			21,431
Virgin Media Secured Finance plc 5.50%, 8/15/2026(1)(4)			45,999			46,804
Walt Disney Co. (The) 6.20%, 12/15/2034(1)			31,184			40,751
Ziggo BV 5.50%, 1/15/2027(1)(4)			35,966			35,606
						387,411
MINING - 0.2%
Compass Minerals International, Inc. 4.88%, 7/15/2024(1)			7,935			7,419
MISCELLANEOUS MANUFACTURING - 6.3%
FXI Holdings, Inc. 7.88%, 11/1/2024(1)			23,000			21,390

Artisan Partners Funds 13

	Principal Amount			Value
MISCELLANEOUS MANUFACTURING (CONTINUED)
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021(6)(7)		$	34,268		$	31,939
6.75%, 3/15/2032			112,917			130,549
6.88%, 1/10/2039			21,774			25,783
						209,661
OIL & GAS - 7.9%
Callon Petroleum Co. 6.13%, 10/1/2024			25,545			25,673
Carrizo Oil & Gas, Inc. 8.25%, 7/15/2025			13,810			14,293
Endeavor Energy Resources LP
5.50%, 1/30/2026(1)			15,065			15,479
5.75%, 1/30/2028(1)			32,700			34,335
EP Energy LLC
9.38%, 5/1/2020(3)			14,501			6,526
8.00%, 2/15/2025(1)(3)			96,824			33,404
Halcon Resources Corp. 6.75%, 2/15/2025			12,375			7,425
Laredo Petroleum, Inc. 6.25%, 3/15/2023			33,281			29,703
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026(1)			21,000			19,373
Northern Oil and Gas, Inc. 8.50% Cash, 9.50% PIK, 5/15/2023(5)			5,013			5,182
Seven Generations Energy Ltd.
6.75%, 5/1/2023(1)(4)			39,170			40,296
6.88%, 6/30/2023(1)(4)			15,440			15,903
5.38%, 9/30/2025(1)(4)			13,618			13,312
						260,904
OIL & GAS SERVICES - 1.1%
FTS International, Inc. 6.25%, 5/1/2022			38,909			37,644
PACKAGING & CONTAINERS - 1.4%
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026			5,126			5,690
Multi-Color Corp. 4.88%, 11/1/2025(1)			38,286			39,530
						45,220
PHARMACEUTICALS - 0.6%
Horizon Pharma USA, Inc. 8.75%, 11/1/2024(1)			12,530			13,611
Perrigo Finance Unlimited Co. 4.38%, 3/15/2026			7,310			7,128
						20,739
PIPELINES - 0.8%
Antero Midstream Partners LP 5.38%, 9/15/2024			18,850			18,997
5.75%, 3/1/2027(1)			7,000			7,105
						26,102
REAL ESTATE - 2.0%
Realogy Group LLC
4.88%, 6/1/2023(1)			54,475			50,662
9.38%, 4/1/2027(1)			17,000			17,404
						68,066
REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.0%
Iron Mountain US Holdings, Inc. 5.38%, 6/1/2026(1)			5,580			5,496
Iron Mountain, Inc.
5.75%, 8/15/2024			25,125			25,376
4.88%, 9/15/2027(1)			5,000			4,800
5.25%, 3/15/2028(1)			14,423			13,991
Uniti Group LP 7.13%, 12/15/2024(1)			20,071			17,261
VEREIT Operating Partnership LP 4.88%, 6/1/2026			65,097			67,828
						134,752
RETAIL - 7.4%
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025(1)			51,500			48,925
Carvana Co. 8.88%, 10/1/2023(1)			14,317			14,639
Ferrellgas LP
6.50%, 5/1/2021			72,075			63,156
6.75%, 6/15/2023			3,816			3,329
Ferrellgas Partners LP
8.63%, 6/15/2020			23,748			17,930
8.63%, 6/15/2020			7,316			5,523
J. Crew Brand LLC 13.00%, 9/15/2021(1)			35,835			37,627
Sonic Automotive, Inc. 5.00%, 5/15/2023			57,224			54,935
						246,064
SOFTWARE - 1.2%
Ascend Learning LLC 6.88%, 8/1/2025(1)			18,263			18,149
First Data Corp. 5.75%, 1/15/2024(1)			21,000			21,593
						39,742
TELECOMMUNICATIONS - 3.0%
Altice France SA 6.25%, 5/15/2024(1)(4)			10,000			10,075
CommScope Finance LLC 8.25%, 3/1/2027(1)			11,765			12,206
T-Mobile USA, Inc.
6.50%, 1/15/2026			35,750			38,163
4.50%, 2/1/2026			39,540			39,519
						99,963
Total corporate bonds (Cost $2,441,419)						2,399,239
BANK LOANS - 22.3%
AEROSPACE/DEFENSE - 0.7%
Jazz Acquisition, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 6/19/2021(7)			15,422			15,036
Jazz Acquisition, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 6.75%), 9.35%, 6/19/2022(7)			8,220			7,631
						22,667

14 Artisan Partners Funds

	Principal Amount			Value
AGRICULTURE - 0.2%
Pinnacle Operating Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 7.25%), 8.00%, 11/15/2021(7)		$	9,329		$	7,318
AIRLINES - 0.7%
XO Management Holding Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.75%), 8.49%, 12/6/2021(7)			25,600			24,704
AUTO PARTS & EQUIPMENT - 0.4%
Panther BF Aggregator 2 LP First Lien Term Loan B (ICE LIBOR USD 6 Month + 3.50%), 6.12%, 3/18/2026(7)			14,500			14,328
CHEMICALS - 0.3%
Starfruit US Holdco LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 10/1/2025(7)			10,000			9,844
COMMERCIAL SERVICES - 1.1%
Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 8/18/2021(7)			37,938			36,863
DIVERSIFIED FINANCIAL SERVICES - 0.5%
Werner FinCo L.P. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 7/24/2024(7)			16,756			16,149
FOOD - 0.2%
Chobani LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 6.00%, 10/10/2023(7)			7,790			7,449
HEALTHCARE-SERVICES - 1.4%
CCS-CMGC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 8.00%, 10/1/2025(7)			4,988			4,763
DentalCorp Perfect Smile ULC First Lien Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 5/31/2025(4)(7)			2,337			2,276
DentalCorp Perfect Smile ULC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 5/31/2025(4)(7)			12,688			12,355
DentalCorp Perfect Smile ULC Second Lien Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 7.50%), 10.00%, 6/1/2026(4)(7)			1,640			1,615
HEALTHCARE-SERVICES (CONTINUED)
DentalCorp Perfect Smile ULC Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 10.00%, 6/1/2026(4)(7)			8,840			8,708
Heartland Dental LLC First Lien Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.16%, 4/18/2025(7)			365			354
Heartland Dental LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 4/30/2025(7)			19,063			18,473
						48,544
INSURANCE - 3.5%
Acrisure LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.88%, 11/22/2023(7)			13,965			13,857
AssuredPartners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 10/22/2024(7)			19,688			19,024
USI, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 5/16/2024(7)			55,455			53,699
York Risk Services Holding Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 10/1/2021(7)			31,545			29,416
						115,996
INTERNET - 0.4%
Ancestry.com Operations, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 10/19/2023(7)			14,420			14,317
INVESTMENT COMPANIES - 2.0%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 2/1/2023(7)			32,694			32,017
TKC Holdings, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 8.00%), 10.50%, 2/1/2024(7)			34,109			33,118
						65,135
LEISURE TIME - 0.4%
Topgolf International, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.50%), 8.00%, 12/31/2100(7)			11,560			11,589
MACHINERY-DIVERSIFIED - 0.3%
STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.75%, 12/11/2024(7)			9,912			9,702

Artisan Partners Funds 15

	Principal Amount			Value
MEDIA - 0.4%
Virgin Media Bristol LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 1/15/2026(7)		$	12,000		$	11,863
MISCELLANEOUS MANUFACTURING - 0.6%
Utex Industries, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 6.50%, 5/21/2021(7)			20,945			20,081
REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.1%
Uniti Group LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.50%, 10/24/2022(7)			38,613			37,680
RETAIL - 1.8%
Neiman Marcus Group Ltd. LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 10/25/2020(7)			36,408			33,768
PetSmart, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.49%, 3/11/2022(7)			14,462			12,953
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 6 Month + 4.50%), 7.10%, 8/2/2021(7)			577			575
SRS Distribution, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 5/23/2025(7)			14,875			14,171
						61,467
SOFTWARE - 4.6%
First Data Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 7/8/2022(7)			9,508			9,484
Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 5/24/2025(7)			10,918			10,445
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.50%, 5/25/2026(7)			22,617			20,657
Vertafore, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.75%, 7/2/2025(7)			39,900			39,130
Vertafore, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.25%), 9.75%, 7/2/2026(7)			75,000			73,875
						153,591
TELECOMMUNICATIONS - 0.5%
CommScope, Inc. First Lien Term Loan B2 (ICE LIBOR USD 3 Month + 3.25%), 5.84%, 2/6/2026(7)			15,000			14,975
TRANSPORTATION - 1.2%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 8.00%, 8/4/2025(7)			26,552			25,822
(ICE LIBOR USD 3 Month + 5.50%), 8.10%, 8/4/2025(7)			1,186			1,153
(ICE LIBOR USD 3 Month + 5.50%), 8.13%, 8/4/2025(7)			7,048			6,854
(ICE LIBOR USD 3 Month + 5.50%), 8.24%, 8/4/2025(7)			6,952			6,761
Total bank loans (Cost $751,303)						744,852
	Shares Held
PREFERRED STOCKS - 0.1%
AGRICULTURE - 0.1%
Pinnacle Agriculture Enterprises LLC*(2)(3)(8)(9)			9,263			1,598
APPAREL - 0.0%(11)
Chinos Holdings, Inc. 5.00% Cash, 2.00% Capitalization(1)(3)(5)(6)			4,585			1,142
Total preferred stocks (Cost $8,281)						2,740
COMMON STOCK - 0.0%(10)
RETAIL - 0.0%(10)
Chinos Holdings, Inc. Class A (Cost $– )*(3)			406			541
	Principal Amount
CORPORATE BOND ESCROWS - 0.0%
CHEMICALS - 0.0%
Momentive Performance Materials, Inc. (escrow shares) 10.00%, 10/15/2020(3)(8)(9)		$	2,000			–
OIL & GAS - 0.0%
Midstates Petroleum Co., Inc. (escrow shares) 10.00%, 6/1/2020(3)(8)(9)			13,300			–
Total corporate bond escrows (Cost $–)						–

16 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 7.8%
INVESTMENT COMPANIES - 7.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		87,821		$	87,821
Federated Treasury Obligations Fund - Institutional Class, 2.39%		85,239			85,239
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		85,239			85,239
Total short-term investments (Cost $258,299)					258,299
Total investments - 102.2% (Cost $3,459,302)					3,405,671
Other assets less liabilities - (2.2%)					(73,115	)
Total net assets - 100.0%(11)				$	3,332,556

  * Non-income producing security.

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

  ⁽²⁾ Security was deemed restricted as of March 31, 2019.

Security	Acquisition Date			Cost			Value			Percentage of Total Net Assets
Pinnacle Operating Corp., 9.00%, 5/15/2023		3/28/2014 3/24/2017	-		$	15,295		$	6,916		0.2	%
Pinnacle Agriculture Holdings LLC		3/10/2017				6,546			1,598		0.1	%

  ⁽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 $50,127, or 1.5% of total net assets.

  ⁽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
Altice France SA, 6.25%, 5/15/2024	France	U.S. dollar
Altice Luxembourg SA, 7.63%, 2/15/2025	Luxembourg	U.S. dollar
Altice Luxembourg SA, 7.75%, 5/15/2022	Luxembourg	U.S. dollar
Ardonagh Midco 3 plc, 8.63%, 7/15/2023	United Kingdom	U.S. dollar
DentalCorp Perfect Smile ULC First Lien Delayed Draw Term Loan, 6.25%, 5/31/2025	Canada	U.S. dollar
DentalCorp Perfect Smile ULC First Lien Term Loan, 6.25%, 5/31/2025	Canada	U.S. dollar
Dentalcorp Perfect Smile ULC Second Lien Delayed Draw Term Loan, 10.00%, 6/1/2026	Canada	U.S. dollar
Dentalcorp Perfect Smile ULC Second Lien Term Loan, 10.00%, 6/1/2026	Canada	U.S. dollar
Seven Generations Energy Ltd., 5.38%, 9/30/2025	Canada	U.S. dollar
Seven Generations Energy Ltd., 6.88%, 6/30/2023	Canada	U.S. dollar
Seven Generations Energy Ltd., 6.75%, 5/1/2023	Canada	U.S. dollar
Starfruit Finco BV, 8.00%, 10/1/2026	Netherlands	U.S. dollar
Virgin Media Secured Finance plc, 5.50%, 8/15/2026	United Kingdom	U.S. dollar
Ziggo BV, 5.50%, 1/15/2027	Netherlands	U.S. dollar

  ⁽⁵⁾ Paymentin-kind security.

  ⁽⁶⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2019. The maturity date reflects the next call date.

  ⁽⁷⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2019.

  ⁽⁸⁾ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

  ⁽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 $1,598, or 0.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽¹⁰⁾ Amount rounds to less than 0.1%.

⁽¹¹⁾ Percentages for the various classifications relate to total net assets.

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

ABBREVIATIONS

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

USD - U.S. dollar

Artisan Partners Funds 17

UNFUNDED LOAN COMMITMENTS

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $1,851 or 0.1% of the total net assets as of March 31, 2019, which could be drawn at the option of the borrower:

Borrower	Unfunded Commitment Amount			Unfunded Value			Unrealized (Depreciation)
DentalCorp Perfect Smile ULC First Lien Delayed Draw Term Loan		$	846		$	824		$	(22	)
Dentalcorp Perfect Smile ULC Second Lien Delayed Draw Term Loan			570			561			(9	)
Heartland Dental LLC Delayed Draw Term Loan			435			422			(13	)
		$	1,851		$	1,807		$	(44	)

FUTURES CONTRACTS
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount			Notional Value				Unrealized (Depreciation)
Short Positions Contracts
U.S. Treasury 10 Year Note		(1,268	)		6/19/2019		USD		$	126,800		$	(157,509	)		$	(2,041	)
U.S. Treasury Long Bond		(241	)		6/19/2019		USD			24,100			(36,067	)			(905	)
																$	(2,946	)

USD - U.S. dollar

CREDIT DIVERSIFICATION - March 31, 2019
	Percentage of Total Net Assets
A		1.2	%
BBB		9.7
BB		19.2
B		41.9
CCC		21.2
CC		1.2
Unrated		0.0	†

^†  Amount rounds to less than 0.1%.

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

TOP TEN HOLDINGS
Company  Name	Country	Percentage of Total Net Assets
General Electric Co.	United States		5.6	%
CCO Holdings LLC	United States		4.8
T-Mobile USA, Inc.	United States		2.3
Vertafore, Inc. Second Lien Term Loan	United States		2.2
Seven Generations Energy Ltd.	Canada		2.1
Realogy Group LLC	United States		2.0
VEREIT Operating Partnership LP	United States		2.0
NFP Corp.	United States		2.0
Ferrellgas LP	United States		2.0
HCA, Inc.	United States		1.8
Total			26.8	%

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.

18 Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 97.9%
BELGIUM - 0.8%
Anheuser-Busch InBev SA		1,072		$	89,913
BRAZIL - 4.9%
B3 SA - Brasil Bolsa Balcao		4,964			40,415
Petroleo Brasileiro SA, ADR*		15,242			242,651
Petroleo Brasileiro SA (Preference)		34,935			248,314
					531,380
CANADA - 1.5%
Canadian National Railway Co.		529			47,310
Canadian Pacific Railway Ltd.		260			53,580
Dollarama, Inc.		1,177			31,394
Fortis, Inc.		740			27,359
					159,643
CHINA - 0.5%
Kweichow Moutai Co. Ltd., Class A		455			57,875
DENMARK - 1.9%
Genmab A/S*		1,197			207,756
FINLAND - 1.0%
Fortum OYJ		5,018			102,606
FRANCE - 13.0%
Air Liquide SA		2,071			263,345
Airbus SE		3,349			442,862
Amundi SA		462			29,100
BNP Paribas SA		3,685			176,111
Danone SA		1,002			77,240
Eiffage SA		1,393			133,865
Safran SA		642			88,032
Schneider Electric SE		478			37,501
Vinci SA		1,683			163,732
					1,411,788
GERMANY - 18.8%
Adidas AG		287			69,636
Allianz SE		1,231			273,698
Beiersdorf AG		1,028			106,932
Deutsche Boerse AG		4,882			625,896
Deutsche Post AG		11,500			374,116
Symrise AG		1,417			127,652
Wirecard AG		3,659			458,521
					2,036,451
HONG KONG - 3.7%
AIA Group Ltd.		39,686			395,094
INDIA - 2.0%
Housing Development Finance Corp. Ltd.		7,560			214,785
INDONESIA - 0.6%
Bank Rakyat Indonesia Persero Tbk. PT		234,831			67,943
IRELAND - 1.9%
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		15,909			208,167
ISRAEL - 0.1%
Nice Ltd., ADR*		103			12,612
ITALY - 2.8%
Assicurazioni Generali SpA		6,203			114,814
Intesa Sanpaolo SpA		76,496			186,292
					301,106
JAPAN - 3.7%
Calbee, Inc.		1,739			46,797
Japan Exchange Group, Inc.		5,458			97,160
Nippon Shinyaku Co. Ltd.		2,190			159,299
Taiyo Nippon Sanso Corp.		6,719			102,210
					405,466
MACAU - 0.7%
Wynn Macau Ltd.		30,745			72,456
NETHERLANDS - 6.4%
Adyen NV*		139			108,716
Akzo Nobel NV		631			55,936
ASML Holding NV		246			46,117
ING Groep NV		26,192			316,842
Koninklijke DSM NV		1,463			159,402
					687,013
RUSSIA - 1.2%
MMC Norilsk Nickel PJSC, ADR		6,145			129,779
SWITZERLAND - 6.8%
Idorsia Ltd.*		1,833			32,244
Lonza Group AG*		523			162,107
Nestle SA		4,481			427,064
Novartis AG		273			26,301
Sonova Holding AG		423			83,666
					731,382

Artisan Partners Funds 19

	Shares Held		Value
UNITED KINGDOM - 11.2%
AVEVA Group plc		1,030		$	43,263
ConvaTec Group plc		2,557			4,715
Experian plc		4,892			132,465
Linde plc		4,064			711,246
London Stock Exchange Group plc		2,964			183,432
RELX plc		2,253			48,162
Rentokil Initial plc		20,252			93,190
					1,216,473
UNITED STATES - 14.4%
Alphabet, Inc., Class A*		97			114,077
Alphabet, Inc., Class C*		98			114,428
Amazon.com, Inc.*		97			173,271
Aon plc		1,976			337,247
Ferguson plc		2,205			140,285
Intercontinental Exchange, Inc.		1,506			114,697
Medtronic plc		4,069			370,565
Willis Towers Watson plc		1,088			191,101
					1,555,671
Total common stocks and equity-linked security (Cost $8,289,761)					10,595,359
SHORT-TERM INVESTMENTS - 2.1%
INVESTMENT COMPANIES - 2.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		77,177			77,177
Federated Treasury Obligations Fund - Institutional Class, 2.39%		74,907			74,907
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		74,908			74,908
Total short-term investments (Cost $226,992)					226,992
Total investments - 100.0% (Cost $8,516,753)					10,822,351
Other assets less liabilities - 0.0%(4)					4,632
Total net assets - 100.0%(5)				$	10,826,983

* Non-income producing security.

⁽¹⁾ 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 2/20/2019	-		$	220,288		$	208,167		1.9	%

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

⁽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 $208,167, or 1.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁴⁾ Amount rounds to less than 0.1%.

⁽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.

ABBREVIATIONS

ADR - American Depositary Receipt

Preference - A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	228,506		2.1	%
Consumer Discretionary			346,757		3.2
Consumer Staples			805,821		7.5
Energy			490,965		4.5
Financials			3,364,626		31.1
Health Care			1,046,653		9.7
Industrials			1,963,267		18.1
Information Technology			669,229		6.2
Materials			1,549,570		14.3
Utilities			129,965		1.2
Short-term investments			226,992		2.1
Total investments		$	10,822,351		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	288,729		2.7	%
British pound			645,512		5.9
Canadian dollar			58,753		0.6
Chinese yuan renminbi offshore			57,875		0.5
Danish krone			207,756		1.9
Euro			4,628,877		42.8
Hong Kong dollar			467,550		4.4
Indian rupee			214,785		2.0
Indonesian rupiah			67,943		0.6
Japanese yen			405,466		3.7
Swiss franc			731,382		6.8
U.S. dollar			3,047,723		28.1
Total investments		$	10,822,351		100.0	%

20 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Linde plc	United Kingdom		6.6	%
Deutsche Boerse AG	Germany		5.8
Petroleo Brasileiro SA	Brazil		4.5
Wirecard AG	Germany		4.2
Airbus SE	France		4.1
Nestle SA	Switzerland		3.9
AIA Group Ltd.	Hong Kong		3.7
Deutsche Post AG	Germany		3.4
Medtronic plc	United States		3.4
Aon plc	United States		3.1
Total			42.7	%

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

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

Artisan Partners Funds 21

ARTISAN INTERNATIONALSMALL-MID FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.5%
AUSTRALIA - 1.1%
Treasury Wine Estates Ltd.		681		$	7,222
BELGIUM - 0.1%
Galapagos NV*		6			694
BRAZIL - 2.4%
BK Brasil Operacao e Assessoria a Restaurantes SA		1,084			6,113
Notre Dame Intermedica Participacoes SA		477			3,978
Rumo SA*		1,228			5,967
					16,058
CANADA - 4.2%
Altus Group Ltd.		192			3,752
BlackBerry Ltd.*		491			4,949
CAE, Inc.		393			8,701
Descartes Systems Group, Inc. (The)*		127			4,613
Morneau Shepell, Inc.		319			6,533
					28,548
DENMARK - 4.1%
Ascendis Pharma A/S, ADR*		9			1,081
Carlsberg A/S, Class B		58			7,249
Genmab A/S*		33			5,722
H Lundbeck A/S		118			5,088
SimCorp A/S		62			6,002
Vestas Wind Systems A/S		35			2,959
					28,101
FINLAND - 1.8%
Metso OYJ		259			8,896
Wartsila OYJ Abp		227			3,660
					12,556
FRANCE - 0.5%
Lectra		129			3,107
GERMANY - 7.5%
AIXTRON SE*		482			4,331
Basler AG		21			3,506
Carl Zeiss Meditec AG		80			6,679
Gerresheimer AG		54			4,042
Hypoport AG*		18			3,689
InflaRx NV*		41			1,536
Jenoptik AG		227			8,464
MorphoSys AG*		38			3,497
Symrise AG		85			7,700
GERMANY (CONTINUED)
XING SE		23			7,815
					51,259
ICELAND - 0.9%
Ossur HF		1,278			6,393
INDIA - 0.8%
Tech Mahindra Ltd.		456			5,109
IRELAND - 0.2%
Amarin Corp. plc, ADR*		76			1,583
ISRAEL - 4.7%
Nice Ltd., ADR*		153			18,797
Radware Ltd.*		195			5,095
Teva Pharmaceutical Industries Ltd., ADR*		492			7,708
					31,600
ITALY - 1.9%
Davide Campari-Milano SpA		1,083			10,631
Salvatore Ferragamo SpA		116			2,485
					13,116
JAPAN - 19.9%
Ariake Japan Co. Ltd.		78			4,180
Azbil Corp.		486			11,351
Fuji Soft, Inc.		172			6,804
Harmonic Drive Systems, Inc.		108			3,697
JCR Pharmaceuticals Co. Ltd.		58			3,426
Jeol Ltd.		390			7,016
Kobe Bussan Co. Ltd.		147			5,576
MonotaRO Co. Ltd.		75			1,674
Morinaga & Co. Ltd.		152			6,568
Nippon Shinyaku Co. Ltd.		80			5,782
NuFlare Technology, Inc.		42			2,305
OBIC Business Consultants Co. Ltd.		173			7,107
Obic Co. Ltd.		120			12,073
Rakus Co. Ltd.		291			5,306
Rohm Co. Ltd.		111			6,898
Rohto Pharmaceutical Co. Ltd.		174			4,457
Sagami Rubber Industries Co. Ltd.		168			3,026
SCSK Corp.		171			7,619
SG Holdings Co. Ltd.		488			14,209
Yamaha Corp.		183			9,141
Yokogawa Electric Corp.		334			6,896
					135,111
NETHERLANDS - 3.6%
Argenx SE*		43			5,313

22 Artisan Partners Funds

	Shares Held		Value
NETHERLANDS (CONTINUED)
IMCD NV		105		$	7,981
Koninklijke DSM NV		101			10,968
					24,262
SPAIN - 2.0%
Almirall SA		341			5,814
Cellnex Telecom SA		117			3,434
Grupo Catalana Occidente SA		118			4,204
					13,452
SWEDEN - 5.4%
Beijer Ref AB	��	353			5,682
Biotage AB		396			5,046
Boozt AB*		371			2,675
Cellavision AB		218			6,536
Elekta AB, Class B		393			4,883
Fortnox AB(1)		115			1,160
MIPS AB*		260			3,752
Thule Group AB		306			6,913
					36,647
SWITZERLAND - 7.6%
AC Immune SA*		141			710
Baloise Holding AG		53			8,762
Belimo Holding AG		2			9,493
Burckhardt Compression Holding AG		18			4,927
Lonza Group AG*		25			7,685
Panalpina Welttransport Holding AG		24			3,994
Tecan Group AG		67			15,881
					51,452
UNITED KINGDOM - 18.3%
Abcam plc		281			4,151
ASOS plc*		99			4,114
Aston Martin Lagonda Global Holdings plc*		315			4,146
Auto Trader Group plc		793			5,390
AVEVA Group plc		201			8,430
B&M European Value Retail SA		1,829			8,898
Blue Prism Group plc*		123			2,651
boohoo Group plc*		2,244			5,523
Britvic plc		829			10,285
ConvaTec Group plc		2,769			5,106
Electrocomponents plc		1,114			8,154
HomeServe plc		401			5,358
Howden Joinery Group plc		1,153			7,289
IMI plc		447			5,578
JD Sports Fashion plc		770			5,043
Joules Group plc		569			2,135
Metro Bank plc*		88			873
Moneysupermarket.com Group plc		447			2,166
Oxford Biomedica plc*		203			1,887
Rotork plc		856			3,151
Spirax-Sarco Engineering plc		47			4,414
UNITED KINGDOM (CONTINUED)
SSP Group plc		1,114			10,046
St James’s Place plc		369			4,934
YouGov plc		774			4,815
					124,537
UNITED STATES - 10.5%
ACADIA Pharmaceuticals, Inc.*		264			7,078
Cognex Corp.		90			4,557
Cree, Inc.*		220			12,572
Fluidigm Corp.*		202			2,690
Gardner Denver Holdings, Inc.*		285			7,931
Intersect ENT, Inc.*		175			5,628
IPG Photonics Corp.*		16			2,438
LivaNova plc*		56			5,403
Mellanox Technologies Ltd.*		27			3,175
NanoString Technologies, Inc.*		177			4,229
Quotient Ltd.*		291			2,626
SolarEdge Technologies, Inc.*		156			5,894
Vericel Corp.*		173			3,031
ViewRay, Inc.*		535			3,950
					71,202
Total common stocks (Cost $597,389)					662,009
SHORT-TERM INVESTMENTS - 2.2%
INVESTMENT COMPANIES - 2.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		5,138			5,138
Federated Treasury Obligations Fund - Institutional Class, 2.39%		4,986			4,986
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		4,986			4,986
Total short-term investments (Cost $15,110)					15,110
Total investments - 99.7% (Cost $612,499)					677,119
Other assets less liabilities - 0.3%					2,104
Total net assets - 100.0%(2)				$	679,223

* Non-income producing security.

⁽¹⁾ 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 $1,160, or 0.2% of total net assets.

⁽²⁾ 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 23

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	21,454		3.2	%
Consumer Discretionary			73,149		10.8
Consumer Staples			54,738		8.1
Financials			22,462		3.3
Health Care			166,328		24.6
Industrials			122,092		18.0
Information Technology			179,365		26.5
Materials			18,669		2.8
Real Estate			3,752		0.5
Short-term investments			15,110		2.2
Total investments		$	677,119		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	7,222		1.1	%
Brazilian real			16,058		2.4
British pound			124,537		18.4
Canadian dollar			28,548		4.2
Danish krone			33,413		4.9
Euro			116,910		17.3
Indian rupee			5,109		0.8
Japanese yen			135,111		19.9
Swedish krona			36,647		5.4
Swiss franc			50,742		7.5
U.S. dollar			122,822		18.1
Total investments		$	677,119		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Nice Ltd.	Israel		2.8	%
Tecan Group AG	Switzerland		2.3
SG Holdings Co. Ltd.	Japan		2.1
Cree, Inc.	United States		1.9
Obic Co. Ltd.	Japan		1.8
Azbil Corp.	Japan		1.7
Koninklijke DSM NV	Netherlands		1.6
Davide Campari-Milano SpA	Italy		1.6
Britvic plc	United Kingdom		1.5
SSP Group plc	United Kingdom		1.5
Total			18.8	%

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.

24 Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 90.5%
BELGIUM - 2.4%
Groupe Bruxelles Lambert SA		3,487		$	338,850
BRAZIL - 2.9%
Telefonica Brasil SA, ADR		34,151			412,207
CANADA - 2.1%
Imperial Oil Ltd.		10,888			297,214
CHINA - 3.3%
Baidu, Inc., ADR*		2,814			463,919
DENMARK - 0.8%
ISS A/S		3,564			108,440
FRANCE - 4.5%
Sodexo SA		3,042			334,912
Vivendi SA		10,212			295,886
					630,798
GERMANY - 0.3%
Fresenius Medical Care AG & Co. KGaA, ADR		1			43
Fresenius Medical Care AG & Co. KGaA		81			6,509
Hella GmbH & Co. KGaA		813			35,740
					42,292
INDIA - 3.7%
Bharti Infratel Ltd.		43,355			196,138
HCL Technologies Ltd.		20,618			323,649
					519,787
JAPAN - 1.1%
Yahoo Japan Corp.		64,263			157,135
NETHERLANDS - 6.1%
Akzo Nobel NV		1,097			97,178
ING Groep NV		41,017			496,185
NXP Semiconductors NV		2,979			263,284
					856,647
NORWAY - 0.2%
Orkla ASA		3,133			24,051
SOUTH KOREA - 9.8%
Hyundai Motor Co.		1,339			141,002
Hyundai Motor Co. (Preference)		266			17,912
KT&G Corp.		388			35,381
NAVER Corp.		2,699			294,820
SOUTH KOREA (CONTINUED)
Samsung Electronics Co. Ltd.		20,377			801,564
Samsung Electronics Co. Ltd. (Preference)		2,295			73,300
					1,363,979
SPAIN - 1.4%
Bankia SA		75,119			194,651
SWITZERLAND - 21.4%
ABB Ltd.		26,638			500,519
Cie Financiere Richemont SA		5,349			389,699
LafargeHolcim Ltd.*		7,883			389,438
Nestle SA		3,709			353,480
Novartis AG		4,274			411,128
Panalpina Welttransport Holding AG(1)		1,942			323,362
Pargesa Holding SA		1,306			102,311
UBS Group AG*		43,268			524,469
					2,994,406
UNITED KINGDOM - 20.7%
Compass Group plc		28,206			662,908
GlaxoSmithKline plc		10,992			228,605
IMI plc		10,109			126,136
John Wood Group plc		14,991			99,071
Lloyds Banking Group plc		438,351			354,776
Reckitt Benckiser Group plc		1,651			137,205
RELX plc		19,527			417,477
RELX plc		4,063			86,822
Royal Bank of Scotland Group plc		100,495			323,299
Tesco plc		149,802			452,849
					2,889,148
UNITED STATES - 9.8%
Allergan plc		2,043			299,045
Arch Capital Group Ltd.*		19,710			637,029
TE Connectivity Ltd.		2,597			209,734
Willis Towers Watson plc		1,270			223,108
					1,368,916
Total common stocks (Cost $10,973,733)					12,662,440
SHORT-TERM INVESTMENTS - 9.0%
INVESTMENT COMPANIES - 9.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		426,721			426,721
Federated Treasury Obligations Fund - Institutional Class, 2.39%		414,171			414,171

Artisan Partners Funds 25

	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		414,171		$	414,171
Total short-term investments (Cost $1,255,063)					1,255,063
Total investments - 99.5% (Cost $12,228,796)					13,917,503
Other assets less liabilities - 0.5%					72,397
Total net assets - 100.0%(2)				$	13,989,900

* Non-income producing security.

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

⁽²⁾ 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.

ABBREVIATIONS

ADR - American Depositary Receipt

Preference - A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

FOREIGN CURRENCY FORWARD CONTRACTS Dollar values in thousands
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	139,722	JPY	15,150,488	JPMorgan Chase Bank N.A.		4/25/2019	$	2,741
	Total unrealized appreciation							2,741
USD	398,958	CNH	2,770,487	JPMorgan Chase Bank N.A.		5/9/2019		(13,105	)
	Total unrealized depreciation							(13,105	)
	Net unrealized depreciation						$	(10,364	)

CNH - Chinese yuan renminbi offshore

JPY - Japanese yen

USD - U.S. dollar

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,820,105		13.1	%
Consumer Discretionary			1,582,174		11.4
Consumer Staples			1,002,965		7.2
Energy			396,284		2.8
Financials			3,194,679		23.0
Health Care			945,330		6.8
Industrials			1,562,756		11.2
Information Technology			1,671,531		12.0
Materials			486,616		3.5
Short-term investments			1,255,063		9.0
Total investments		$	13,917,503		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	2,802,326		20.1	%
Canadian dollar			297,214		2.1
Danish krone			108,440		0.8
Euro			1,886,733		13.6
Indian rupee			519,787		3.7
Japanese yen			157,135		1.1
Korean won			1,363,979		9.8
Norwegian krone			24,051		0.2
Swiss franc			2,994,406		21.5
U.S. dollar			3,763,432		27.1
Total investments		$	13,917,503		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co. Ltd.	South Korea		6.3	%
Compass Group plc	United Kingdom		4.7
Arch Capital Group Ltd.	United States		4.6
UBS Group AG	Switzerland		3.7
RELX plc	United Kingdom		3.6
ABB Ltd.	Switzerland		3.6
ING Groep NV	Netherlands		3.5
Baidu, Inc.	China		3.3
Tesco plc	United Kingdom		3.2
Telefonica Brasil SA	Brazil		2.9
Total			39.4	%

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

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

26 Artisan Partners Funds

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.0%
AEROSPACE & DEFENSE - 2.5%
Harris Corp.		789		$	126,054
AUTO COMPONENTS - 1.5%
Aptiv plc		990			78,704
BANKS - 2.7%
First Republic Bank		1,006			101,016
SVB Financial Group*		160			35,554
					136,570
BIOTECHNOLOGY - 7.4%
Alexion Pharmaceuticals, Inc.*		794			107,329
Argenx SE, ADR*(1)		192			23,977
Ascendis Pharma A/S, ADR*(1)		321			37,760
Exact Sciences Corp.*		868			75,158
Genmab A/S*(1)		587			101,879
Sage Therapeutics, Inc.*		220			34,963
					381,066
CAPITAL MARKETS - 1.6%
MarketAxess Holdings, Inc.		111			27,227
MSCI, Inc.		66			13,173
TD Ameritrade Holding Corp.		855			42,733
					83,133
CHEMICALS - 1.1%
Albemarle Corp.		712			58,348
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Cintas Corp.		327			66,053
COMMUNICATIONS EQUIPMENT - 3.5%
Arista Networks, Inc.*		203			63,918
Motorola Solutions, Inc.		832			116,819
					180,737
DIVERSIFIED CONSUMER SERVICES - 0.9%
ServiceMaster Global Holdings, Inc.*		1,045			48,798
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.1%
Cognex Corp.		961			48,873
FLIR Systems, Inc.		228			10,841
Trimble, Inc.*		1,253			50,611
					110,325
ENTERTAINMENT - 2.8%
Take-Two Interactive Software, Inc.*		539			50,907
ENTERTAINMENT (CONTINUED)
Zynga, Inc., Class A*		17,339			92,416
					143,323
HEALTH CARE EQUIPMENT & SUPPLIES - 8.4%
ABIOMED, Inc.*		159			45,430
Align Technology, Inc.*		103			29,389
Boston Scientific Corp.*		4,276			164,101
DexCom, Inc.*		219			26,090
Edwards Lifesciences Corp.*		330			63,098
Insulet Corp.*		489			46,500
West Pharmaceutical Services, Inc.		498			54,904
					429,512
HEALTH CARE PROVIDERS & SERVICES - 1.0%
WellCare Health Plans, Inc.*		199			53,713
HEALTH CARE TECHNOLOGY - 3.9%
Veeva Systems, Inc., Class A*		1,582			200,660
HOTELS, RESTAURANTS & LEISURE - 0.7%
Chipotle Mexican Grill, Inc.*		52			37,043
INDUSTRIAL CONGLOMERATES - 2.7%
Roper Technologies, Inc.		408			139,438
INSURANCE - 3.5%
Progressive Corp. (The)		2,475			178,423
INTERNET & DIRECT MARKETING RETAIL - 3.9%
Ctrip.com International Ltd., ADR*(1)		851			37,200
Expedia Group, Inc.		741			88,178
Wayfair, Inc., Class A*		496			73,625
					199,003
IT SERVICES - 10.3%
Broadridge Financial Solutions, Inc.		503			52,167
Global Payments, Inc.		1,977			269,939
Pagseguro Digital Ltd., Class A*(1)		1,136			33,903
Worldpay, Inc., Class A*		1,515			172,007
					528,016
LEISURE PRODUCTS - 0.8%
Hasbro, Inc.		463			39,338
LIFE SCIENCES TOOLS & SERVICES - 2.9%
Agilent Technologies, Inc.		848			68,184
Lonza Group AG*(1)		264			81,820
					150,004

Artisan Partners Funds 27

	Shares Held		Value
MACHINERY - 3.2%
Fortive Corp.		706		$	59,206
Gardner Denver Holdings, Inc.*		3,758			104,516
					163,722
MEDIA - 1.2%
New York Times Co. (The), Class A		1,823			59,892
MULTILINE RETAIL - 0.5%
Ollie’s Bargain Outlet Holdings, Inc.*		300			25,589
PROFESSIONAL SERVICES - 5.4%
IHS Markit Ltd.*		3,507			190,707
TransUnion		1,306			87,324
					278,031
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7%
Advanced Micro Devices, Inc.*		2,897			73,928
Cree, Inc.*		1,793			102,623
First Solar, Inc.*		485			25,653
Skyworks Solutions, Inc.		466			38,430
					240,634
SOFTWARE - 14.2%
Atlassian Corp. plc, Class A*		1,959			220,156
Ceridian HCM Holding, Inc.*		513			26,293
DocuSign, Inc.*		572			29,644
Guidewire Software, Inc.*		1,177			114,338
HubSpot, Inc.*		444			73,737
Tableau Software, Inc., Class A*		1,234			157,115
Temenos AG(1)		390			57,485
Trade Desk, Inc. (The), Class A*		197			38,933
Zscaler, Inc.*		197			13,974
					731,675
TEXTILES, APPAREL & LUXURY GOODS - 3.3%
Canada Goose Holdings, Inc.*(1)		1,494			71,720
Lululemon Athletica, Inc.*		390			63,857
Under Armour, Inc., Class A*		1,529			32,328
					167,905
Total common stocks (Cost $3,456,914)					5,035,709
SHORT-TERM INVESTMENTS - 2.1%
INVESTMENT COMPANIES - 2.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		36,324			36,324
Federated Treasury Obligations Fund - Institutional Class, 2.39%		35,256			35,256
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		35,255			35,255
Total short-term investments (Cost $106,835)					106,835
Total investments - 100.1% (Cost $3,563,749)					5,142,544
Other assets less liabilities - (0.1%)					(5,967	)
Total net assets - 100.0%(2)				$	5,136,577

* Non-income producing security.

⁽¹⁾ 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
Argenx SE	Netherlands	U.S. dollar
Ascendis Pharma A/S	Denmark	U.S. dollar
Canada Goose Holdings, Inc.	Canada	U.S. dollar
Ctrip.com International Ltd.	China	U.S. dollar
Genmab A/S	Denmark	Danish krone
Lonza Group AG	Switzerland	Swiss franc
Pagseguro Digital Ltd.	Brazil	U.S. dollar
Temenos AG	Switzerland	Swiss franc

⁽²⁾ 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.

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	203,215		4.0	%
Consumer Discretionary			596,380		11.6
Financials			398,126		7.8
Health Care			1,214,954		23.6
Industrials			773,297		15.0
Information Technology			1,791,389		34.8
Materials			58,348		1.1
Short-term investments			106,835		2.1
Total investments		$	5,142,544		100.0	%

28 Artisan Partners Funds

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Danish krone		$	101,879		2.0	%
Swiss franc			139,305		2.7
U.S. dollar			4,901,360		95.3
Total investments		$	5,142,544		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		5.3	%
Atlassian Corp. plc	United States		4.3
Veeva Systems, Inc.	United States		3.9
IHS Markit Ltd.	United States		3.7
Progressive Corp. (The)	United States		3.5
Worldpay, Inc.	United States		3.3
Boston Scientific Corp.	United States		3.2
Tableau Software, Inc.	United States		3.1
Roper Technologies, Inc.	United States		2.7
Harris Corp.	United States		2.5
Total			35.5	%

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 29

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.6%
AUTO COMPONENTS - 3.8%
Delphi Technologies plc		2,008		$	38,669
Gentex Corp.		2,784			57,578
					96,247
BANKS - 9.2%
BOK Financial Corp.		489			39,886
Fifth Third Bancorp		1,736			43,772
M&T Bank Corp.		444			69,761
Pinnacle Financial Partners, Inc.		725			39,656
SunTrust Banks, Inc.		635			37,616
					230,691
CAPITAL MARKETS - 1.3%
Intercontinental Exchange, Inc.		414			31,555
CHEMICALS - 7.5%
Axalta Coating Systems Ltd.*		1,992			50,227
Celanese Corp.		885			87,265
Nutrien Ltd.(1)		955			50,388
					187,880
CONSTRUCTION & ENGINEERING - 4.0%
Fluor Corp.		1,046			38,484
Jacobs Engineering Group, Inc.		805			60,520
					99,004
CONSUMER FINANCE - 2.4%
Synchrony Financial		1,864			59,447
DIVERSIFIED CONSUMER SERVICES - 2.1%
H&R Block, Inc.		2,222			53,183
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.0%
Arrow Electronics, Inc.*		654			50,418
ENTERTAINMENT - 1.6%
Lions Gate Entertainment Corp., Class A		1,605			25,097
Lions Gate Entertainment Corp., Class B		990			14,942
					40,039
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) - 3.2%
Equity Commonwealth		1,683			55,014
STORE Capital Corp.		778			26,074
					81,088
FOOD & STAPLES RETAILING - 2.8%
Kroger Co. (The)		2,831			69,647
HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%
DENTSPLY SIRONA, Inc.		1,355			67,208
HEALTH CARE PROVIDERS & SERVICES - 1.8%
AmerisourceBergen Corp.		561			44,644
INSURANCE - 12.2%
Alleghany Corp.*		27			16,271
Aon plc		334			57,012
Arch Capital Group Ltd.*		2,014			65,085
Fairfax Financial Holdings Ltd.(1)		28			13,050
Loews Corp.		818			39,201
Progressive Corp. (The)		633			45,616
Torchmark Corp.		854			69,998
					306,233
INTERACTIVE MEDIA & SERVICES - 2.6%
IAC/InterActiveCorp*		307			64,600
INTERNET & DIRECT MARKETING RETAIL - 3.5%
Expedia Group, Inc.		253			30,161
Liberty Expedia Holdings, Inc., Class A*		725			31,038
Qurate Retail, Inc.*		1,659			26,512
					87,711
MARINE - 2.4%
Kirby Corp.*		812			60,962
MEDIA - 8.8%
CBS Corp., Class B		1,148			54,565
GCI Liberty, Inc., Class A*		1,143			63,538
News Corp., Class A		3,554			44,214
Omnicom Group, Inc.		806			58,838
					221,155
OIL, GAS & CONSUMABLE FUELS - 5.0%
Apache Corp.		521			18,048
Cimarex Energy Co.		395			27,609
Devon Energy Corp.		909			28,683
Hess Corp.		478			28,814
Marathon Petroleum Corp.		357			21,352
					124,506
ROAD & RAIL - 5.3%
AMERCO		192			71,229
Ryder System, Inc.		978			60,647
					131,876

30 Artisan Partners Funds

	Shares Held		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
Analog Devices, Inc.		709		$	74,622
SPECIALTY RETAIL - 2.5%
AutoNation, Inc.*		1,784			63,737
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.1%
NetApp, Inc.		399			27,683
TRADING COMPANIES & DISTRIBUTORS - 2.8%
Air Lease Corp.		2,041			70,123
Total common stocks (Cost $1,680,856)					2,344,259
SHORT-TERM INVESTMENTS - 6.2%
INVESTMENT COMPANIES - 6.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		52,815			52,815
Federated Treasury Obligations Fund - Institutional Class, 2.39%		51,261			51,261
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		51,261			51,261
Total short-term investments (Cost $155,337)					155,337
Total investments - 99.8% (Cost $1,836,193)					2,499,596
Other assets less liabilities - 0.2%					5,410
Total net assets - 100.0%(2)				$	2,505,006

* Non-income producing security.

⁽¹⁾ 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

⁽²⁾ 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
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	325,794		13.0	%
Consumer Discretionary			300,879		12.0
Consumer Staples			69,647		2.8
Energy			124,505		5.0
Financials			627,927		25.1
Health Care			111,852		4.5
Industrials			361,964		14.5
Information Technology			152,723		6.1
Materials			187,880		7.5
Real Estate			81,088		3.3
Short-term investments			155,337		6.2
Total investments		$	2,499,596		100.0	%

TOP TEN HOLDINGS
Company  Name	Country	Percentage of Total Net Assets
Celanese Corp.	United States		3.5	%
Analog Devices, Inc.	United States		3.0
AMERCO	United States		2.8
Air Lease Corp.	United States		2.8
Torchmark Corp.	United States		2.8
M&T Bank Corp.	United States		2.8
Kroger Co. (The)	United States		2.8
DENTSPLY SIRONA, Inc.	United States		2.7
Arch Capital Group Ltd.	United States		2.6
IAC/InterActiveCorp	United States		2.6
Total			28.4	%

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

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

Artisan Partners Funds 31

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.2%
AEROSPACE & DEFENSE - 9.0%
BWX Technologies, Inc.		640		$	31,726
Cubic Corp.		325			18,291
Curtiss-Wright Corp.		228			25,887
HEICO Corp.		153			14,479
Teledyne Technologies, Inc.*		309			73,224
					163,607
AUTO COMPONENTS - 1.5%
Visteon Corp.*		404			27,227
BANKS - 2.3%
Webster Financial Corp.		833			42,218
BIOTECHNOLOGY - 7.6%
Acceleron Pharma, Inc.*		369			17,167
Agios Pharmaceuticals, Inc.*		110			7,449
Argenx SE, ADR*(1)		214			26,778
Ascendis Pharma A/S, ADR*(1)		264			31,123
Halozyme Therapeutics, Inc.*		1,280			20,606
Neurocrine Biosciences, Inc.*		176			15,490
Radius Health, Inc.*		440			8,781
Sage Therapeutics, Inc.*		68			10,746
					138,140
CAPITAL MARKETS - 1.4%
Morningstar, Inc.		20			2,540
Virtu Financial, Inc., Class A		959			22,781
					25,321
CHEMICALS - 1.5%
Ingevity Corp.*		253			26,672
DIVERSIFIED CONSUMER SERVICES - 4.9%
Bright Horizons Family Solutions, Inc.*		242			30,771
Chegg, Inc.*		1,320			50,310
ServiceMaster Global Holdings, Inc.*		189			8,803
					89,884
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.6%
Cognex Corp.		295			14,981
Coherent, Inc.*		75			10,653
Novanta, Inc.*		484			41,046
					66,680
ENTERTAINMENT - 2.9%
World Wrestling Entertainment, Inc., Class A		141			12,234
ENTERTAINMENT (CONTINUED)
Zynga, Inc., Class A*		7,550			40,242
					52,476
HEALTH CARE EQUIPMENT & SUPPLIES - 6.5%
DexCom, Inc.*		426			50,714
Glaukos Corp.*		522			40,890
Insulet Corp.*		201			19,148
Tactile Systems Technology, Inc.*		163			8,611
					119,363
HEALTH CARE PROVIDERS & SERVICES - 1.5%
HealthEquity, Inc.*		383			28,328
HEALTH CARE TECHNOLOGY - 7.4%
Tabula Rasa HealthCare, Inc.*		279			15,768
Teladoc Health, Inc.*		364			20,229
Veeva Systems, Inc., Class A*		778			98,722
					134,719
HOUSEHOLD DURABLES - 0.9%
Roku, Inc.*		243			15,682
LIFE SCIENCES TOOLS & SERVICES - 1.0%
NeoGenomics, Inc.*		925			18,926
MACHINERY - 6.5%
Donaldson Co., Inc.		713			35,676
Gardner Denver Holdings, Inc.*		1,546			42,985
John Bean Technologies Corp.		437			40,174
					118,835
MEDIA - 1.3%
New York Times Co. (The), Class A		710			23,317
MULTILINE RETAIL - 1.6%
Ollie’s Bargain Outlet Holdings, Inc.*		351			29,916
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8%
Ambarella, Inc.*		291			12,567
Cree, Inc.*		731			41,804
First Solar, Inc.*		366			19,354
Monolithic Power Systems, Inc.		238			32,262
					105,987
SOFTWARE - 27.8%
ACI Worldwide, Inc.*		1,400			46,028
Avalara, Inc.*		89			4,963
Benefitfocus, Inc.*		756			37,450
Blackline, Inc.*		825			38,229
Cision Ltd.*		1,497			20,610

32 Artisan Partners Funds

	Shares Held		Value
SOFTWARE (CONTINUED)
Coupa Software, Inc.*		205		$	18,614
Guidewire Software, Inc.*		611			59,332
HubSpot, Inc.*		284			47,274
LivePerson, Inc.*		937			27,191
Proofpoint, Inc.*		97			11,763
Q2 Holdings, Inc.*		1,072			74,224
RealPage, Inc.*		326			19,811
Tableau Software, Inc., Class A*		407			51,827
Trade Desk, Inc. (The), Class A*		70			13,843
Tyler Technologies, Inc.*		180			36,761
					507,920
SPECIALTY RETAIL - 1.1%
Floor & Decor Holdings, Inc., Class A*		491			20,222
TEXTILES, APPAREL & LUXURY GOODS - 2.1%
Canada Goose Holdings, Inc.*(1)		816			39,180
Total common stocks (Cost $1,178,136)					1,794,620
SHORT-TERM INVESTMENTS - 2.4%
INVESTMENT COMPANIES - 2.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		14,751			14,751
Federated Treasury Obligations Fund - Institutional Class, 2.39%		14,318			14,318
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		14,318			14,318
Total short-term investments (Cost $43,387)					43,387
Total investments - 100.6% (Cost $1,221,523)					1,838,007
Other assets less liabilities - (0.6%)					(10,604	)
Total net assets - 100.0%(2)				$	1,827,403

* Non-income producing security.

⁽¹⁾ 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
Argenx SE	Netherlands	U.S. dollar
Ascendis Pharma A/S	Denmark	U.S. dollar
Canada Goose Holdings, Inc.	Canada	U.S. dollar

⁽²⁾ 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.

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	75,793		4.1	%
Consumer Discretionary			222,110		12.1
Financials			67,540		3.7
Health Care			439,476		23.9
Industrials			282,442		15.4
Information Technology			680,587		37.0
Materials			26,672		1.4
Short-term investments			43,387		2.4
Total investments		$	1,838,007		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Veeva Systems, Inc.	United States		5.4	%
Q2 Holdings, Inc.	United States		4.1
Teledyne Technologies, Inc.	United States		4.0
Guidewire Software, Inc.	United States		3.2
Tableau Software, Inc.	United States		2.8
DexCom, Inc.	United States		2.8
Chegg, Inc.	United States		2.8
HubSpot, Inc.	United States		2.6
ACI Worldwide, Inc.	United States		2.5
Gardner Denver Holdings, Inc.	United States		2.4
Total			32.6	%

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 33

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.5%
ARGENTINA - 2.8%
Grupo Financiero Galicia SA, ADR		18		$	453
MercadoLibre, Inc.*		1			705
Pampa Energia SA, ADR*		16			438
					1,596
BRAZIL - 8.2%
Arco Platform Ltd., Class A*		17			552
Cia Energetica de Minas Gerais (Preference)		168			593
CVC Brasil Operadora e Agencia de Viagens SA		33			462
Itau Unibanco Holding SA (Preference)		119			1,036
Linx SA		63			593
Petroleo Brasileiro SA		100			793
Vale SA		48			631
					4,660
CHILE - 1.6%
Empresa Nacional de Telecomunicaciones SA		39			402
SACI Falabella		66			490
					892
CHINA - 20.0%
Alibaba Group Holding Ltd., ADR*		19			3,464
Baidu, Inc., ADR*		5			796
China Life Insurance Co. Ltd., Class H		285			765
China Petroleum & Chemical Corp., Class H		1,211			955
China Traditional Chinese Medicine Holdings Co. Ltd.		1,590			946
Ctrip.com International Ltd., ADR*		17			764
iQIYI, Inc., ADR*		19			458
Noah Holdings Ltd., ADR*		22			1,069
Sinopharm Group Co. Ltd., Class H		217			903
Tencent Music Entertainment Group, ADR*		13			235
Zhuzhou CRRC Times Electric Co. Ltd., Class H		185			1,094
					11,449
COLOMBIA - 0.7%
Banco Davivienda SA (Preference)		32			377
CZECH REPUBLIC - 0.9%
Moneta Money Bank A/S		148			511
GEORGIA - 0.6%
Georgia Healthcare Group plc*		121			316
GREECE - 1.9%
Alpha Bank AE*		234			324
JUMBO SA		45			752
					1,076
HONG KONG - 4.3%
AIA Group Ltd.		97			971
China High Precision Automation Group Ltd.*(1)(2)(3)		9,066			–
Sino Biopharmaceutical Ltd.		1,619			1,476
					2,447
INDIA - 10.2%
Godrej Consumer Products Ltd.		38			378
Havells India Ltd.		52			580
ICICI Bank Ltd.		214			1,237
Kajaria Ceramics Ltd.		105			896
Phoenix Mills Ltd. (The)		57			537
Reliance Industries Ltd.		85			1,668
Westlife Development Ltd.*		84			520
					5,816
INDONESIA - 4.3%
Astra International Tbk. PT		1,087			559
Bank Rakyat Indonesia Persero Tbk. PT		2,462			712
Indofood CBP Sukses Makmur Tbk. PT		825			541
Telekomunikasi Indonesia Persero Tbk. PT		2,272			630
					2,442
MALAYSIA - 0.5%
AirAsia Group Bhd.		482			314
MEXICO - 0.8%
Cemex SAB de CV*		996			465
PANAMA - 1.0%
Copa Holdings SA, Class A		7			552
PERU - 1.6%
Credicorp Ltd.		2			510
Grana y Montero SAA, ADR*		113			395
					905
POLAND - 0.7%
PLAY Communications SA		68			416
RUSSIA - 8.0%
Lukoil PJSC, ADR		14			1,213
MMC Norilsk Nickel PJSC, ADR		40			843
Polyus PJSC, GDR		21			877
Sberbank of Russia PJSC(3)		369			1,206
Yandex NV, Class A*		13			461
					4,600
SOUTH AFRICA - 4.8%
FirstRand Ltd.		119			518

34 Artisan Partners Funds

	Shares Held			Value
SOUTH AFRICA (CONTINUED)
Foschini Group Ltd. (The)		60			$	677
Naspers Ltd., Class N		7				1,549
						2,744
SOUTH KOREA - 11.4%
Kia Motors Corp.		14				433
LG Chem Ltd.		2				593
Medy-Tox, Inc.		2				805
Samsung Biologics Co. Ltd.*		2				564
Samsung Electronics Co. Ltd.		87				3,407
Shinhan Financial Group Co. Ltd.		20				723
						6,525
TAIWAN - 10.1%
E Ink Holdings, Inc.		770	��			862
MediaTek, Inc.		99				906
Sunny Friend Environmental Technology Co. Ltd.		132				1,032
Taiwan Semiconductor Manufacturing Co. Ltd.		373				2,968
						5,768
THAILAND - 0.8%
Bangkok Bank PCL, NVDR		70				455
TURKEY - 1.9%
Global Ports Holding plc		128				634
Turkiye Sinai Kalkinma Bankasi A/S*		3,466				472
						1,106
VIETNAM - 0.4%
Vietnam Technological & Commercial Joint Stock Bank*		230				254
Total common stocks (Cost $47,739)						55,686
SHORT-TERM INVESTMENTS - 3.0%
INVESTMENT COMPANIES - 3.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		577				577
Federated Treasury Obligations Fund - Institutional Class, 2.39%		561				561
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		561				561
Total short-term investments (Cost $1,699)						1,699
Total investments - 100.5% (Cost $49,438)						57,385
Other assets less liabilities - (0.5)%						(264	)
Total net assets - 100.0%(4)					$	57,121

* Non-income producing security.

⁽¹⁾ 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 $0, or 0.0% of total net assets.

⁽²⁾ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽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 $1,206, or 2.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽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.

ABBREVIATIONS

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR -Non-Voting Depositary Receipt

Preference - A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	3,399		5.9	%
Consumer Discretionary			10,927		19.0
Consumer Staples			1,235		2.2
Energy			4,629		8.1
Financials			11,594		20.2
Health Care			4,694		8.2
Industrials			5,496		9.6
Information Technology			8,736		15.2
Materials			3,408		5.9
Real Estate			537		0.9
Utilities			1,031		1.8
Short-term investments			1,699		3.0
Total investments		$	57,385		100.0	%

Artisan Partners Funds 35

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	4,108		7.2	%
British pound			950		1.7
Chilean peso			892		1.5
Colombian peso			377		0.7
Czech koruna			511		0.9
Euro			1,076		1.9
Hong Kong dollar			7,110		12.4
Indian rupee			5,816		10.1
Indonesian rupiah			2,442		4.3
Korean won			6,525		11.4
Malaysian ringgit			314		0.5
Mexican peso			465		0.8
New Taiwan dollar			5,768		10.0
Polish zloty			416		0.7
South African rand			2,744		4.8
Thai baht			455		0.8
Turkish lira			472		0.8
U.S. dollar			16,690		29.1
Vietnamese dong			254		0.4
Total investments		$	57,385		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alibaba Group Holding Ltd.	China		6.1	%
Samsung Electronics Co. Ltd.	South Korea		6.0
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan		5.2
Reliance Industries Ltd.	India		2.9
Naspers Ltd.	South Africa		2.7
Sino Biopharmaceutical Ltd.	Hong Kong		2.6
ICICI Bank Ltd.	India		2.2
Lukoil PJSC	Russia		2.1
Sberbank of Russia PJSC	Russia		2.1
Zhuzhou CRRC Times Electric Co. Ltd.	China		1.9
Total			33.8	%

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.

36 Artisan Partners Funds

ARTISAN THEMATIC FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.8%
AEROSPACE & DEFENSE - 7.6%
Airbus SE(1)		93		$	12,287
Harris Corp.		53			8,536
Safran SA(1)		64			8,728
					29,551
CHEMICALS - 9.8%
Air Liquide SA(1)		137			17,423
Air Products & Chemicals, Inc.		36			6,809
Linde plc(1)		78			13,743
					37,975
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) - 3.9%
Equinix, Inc.		33			14,945
HEALTH CARE EQUIPMENT & SUPPLIES - 2.4%
Medtronic plc		100			9,115
INTERACTIVE MEDIA & SERVICES - 8.2%
Alphabet, Inc., Class A*		10			11,411
Facebook, Inc., Class A*		63			10,437
Tencent Holdings Ltd.(1)		211			9,722
					31,570
INTERNET & DIRECT MARKETING RETAIL - 3.9%
Alibaba Group Holding Ltd., ADR*(1)		84			15,237
IT SERVICES - 22.3%
Automatic Data Processing, Inc.(2)		50			7,993
Fidelity National Information Services, Inc.		122			13,784
Fiserv, Inc.*		153			13,516
InterXion Holding NV*(1)		96			6,411
Total System Services, Inc.		124			11,761
Visa, Inc., Class A(2)		49			7,675
Worldpay, Inc., Class A*		221			25,046
					86,186
LIFE SCIENCES TOOLS & SERVICES - 5.7%
Agilent Technologies, Inc.		95			7,672
PerkinElmer, Inc.		68			6,534
Thermo Fisher Scientific, Inc.		28			7,778
					21,984
PROFESSIONAL SERVICES - 5.0%
IHS Markit Ltd.*		359			19,518
ROAD & RAIL - 4.6%
Canadian Pacific Railway Ltd.(1)		47			9,625
Norfolk Southern Corp.		43			7,979
					17,604
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
Analog Devices, Inc.		63			6,632
Texas Instruments, Inc.		62			6,602
					13,234
SOFTWARE - 16.0%
Adobe, Inc.*		58			15,498
Microsoft Corp.		65			7,665
salesforce.com, Inc.*		24			3,837
Splunk, Inc.*		66			8,212
Tableau Software, Inc., Class A*		125			15,927
VMware, Inc., Class A		61			10,952
					62,091
Total common stocks (Cost $328,085)					359,010
	No. of Contracts‡
OPTIONS PURCHASED - 1.2%
CALL OPTIONS - 1.2%
Aerospace & Defense - 0.1%
Safran SA (Germany) 5/17/2019 at EUR 120.00; Notional Amount: USD 333,440		580			333
Health Care Equipment & Supplies - 0.0%(3)
Medtronic plc 6/21/2019 at USD 92.50; Notional Amount: USD 109,768		415			110
Interactive Media & Services - 0.1%
Facebook, Inc. 4/26/2019 at USD 170.00; Notional Amount: USD 307,125		675			307
IT Services - 0.3%
Fidelity National Information Services, Inc. 4/18/2019 at USD 70.00; Notional Amount: USD 1,009,913		235			1,010
Road & Rail - 0.7%
Norfolk Southern Corp. 4/18/2019 at USD 100.00; Notional Amount: USD 2,593,500		300			2,594
Total call options					4,354

Artisan Partners Funds 37

	No. of Contracts‡		Value
PUT OPTION - 0.0%(3)
IT Services - 0.0%(3)
Automatic Data Processing, Inc. 4/18/2019 at USD 152.50; Notional Amount: USD 23,038		485		$	23
Total put option					23
Total options purchased (Cost $4,117)					4,377
SHORT-TERM INVESTMENTS - 9.7%
INVESTMENT COMPANIES - 9.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		12,821			12,821
Federated Treasury Obligations Fund - Institutional Class, 2.39%		12,443			12,443
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		12,443			12,443
Total short-term investments (Cost $37,707)					37,707
Total investments - 103.7% (Cost $369,909)					401,094
WRITTEN OPTIONS CONTRACTS - (0.0)%(3)
(Premiums received $(76))					(87	)
Other assets less liabilities - (3.7%)					(14,120	)
Total net assets - 100.0%(4)				$	386,887

* Non-income producing security.

^‡  One contract is equal to 100 shares.

⁽¹⁾ 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
Air Liquide SA	France	Euro
Airbus SE	France	Euro
Alibaba Group Holding Ltd.	China	U.S. dollar
Canadian Pacific Railway Ltd.	Canada	U.S. dollar
InterXion Holding NV	Netherlands	U.S. dollar
Linde plc	United Kingdom	U.S. dollar
Safran SA	Germany	Euro
Safran SA	France	Euro
Tencent Holdings Ltd.	China	Hong Kong dollar

⁽²⁾ At March 31, 2019, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽³⁾ Amount rounds to less than 0.1%

⁽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.

ABBREVIATIONS

ADR - American Depositary Receipt

EUR - Euro

USD - U.S. dollar

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	31,570		7.9	%
Consumer Discretionary			15,237		3.8
Health Care			31,099		7.7
Industrials			66,673		16.6
Information Technology			161,511		40.3
Materials			37,975		9.5
Real Estate			14,945		3.7
Options Purchased			4,377		1.1
Short-term investments			37,707		9.4
Total investments		$	401,094		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	38,771		9.7	%
Hong Kong dollar			9,722		2.4
U.S. dollar			352,601		87.9
Total investments		$	401,094		100.0	%

TOP TEN HOLDINGS
Company  Name	Country	Percentage of Total Net Assets
Worldpay, Inc.	United States		6.5	%
IHS Markit Ltd.	United States		5.0
Air Liquide SA	France		4.5
Tableau Software, Inc.	United States		4.1
Adobe, Inc.	United States		4.0
Alibaba Group Holding Ltd.	China		3.9
Equinix, Inc.	United States		3.9
Fidelity National Information Services, Inc.	United States		3.6
Linde plc	United Kingdom		3.6
Fiserv, Inc.	United States		3.5
Total			42.6	%

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.

38 Artisan Partners Funds

FOREIGN CURRENCY FORWARD CONTRACTS Dollar values in thousands
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	9,207	CAD	12,216	JPMorgan Chase Bank N.A.		6/14/2019	$	49
USD	51,358	EUR	45,034	JPMorgan Chase Bank N.A.		6/14/2019		523
	Total unrealized appreciation							572
CAD	1,459	USD	1,097	JPMorgan Chase Bank N.A.		6/14/2019		(3	)
EUR	1,987	USD	2,269	JPMorgan Chase Bank N.A.		6/14/2019		(27	)
	Total unrealized depreciation							(30	)
	Net unrealized appreciation						$	542

CAD - Canadian dollar

EUR - Euro

USD - U.S. dollar

WRITTEN OPTION CONTRACTS
Call Options
Number of Contracts	Description	Exercise Price		Notional Amount			Expiration Date		Premiums (Received) by Fund			Market Value			Unrealized (Depreciation)
420	Air Liquide SA		EUR 116.00	$	(63	)		05/17/19	$	(50	)	$	(63	)	$	(13	)
Put Options
Number of Contracts	Description	Exercise Price		Notional Amount			Expiration Date		Premiums (Received) by Fund			Market Value			Unrealized Appreciation
415	Medtronic plc	$	85.00	$	(24	)		05/17/19	$	(26	)	$	(24	)	$	2
Total written option contracts									$	(76	)	$	(87	)	$	(11	)

EUR - Euro

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

Artisan Partners Funds 39

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2019 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.7%
AEROSPACE & DEFENSE - 2.6%
Raytheon Co.		59		$	10,683
AIR FREIGHT & LOGISTICS - 2.8%
FedEx Corp.		64			11,641
AUTO COMPONENTS - 2.9%
Cie Generale des Etablissements Michelin(1)		103			12,126
BANKS - 6.9%
Citigroup, Inc.		234			14,572
SunTrust Banks, Inc.		106			6,273
Wells Fargo & Co.		157			7,601
					28,446
CAPITAL MARKETS - 5.1%
Goldman Sachs Group, Inc. (The)		48			9,243
Oaktree Capital Group LLC		233			11,587
					20,830
CHEMICALS - 7.4%
Celanese Corp.		92			9,110
DowDuPont, Inc.		214			11,387
Nutrien Ltd.(1)		190			9,998
					30,495
COMMUNICATIONS EQUIPMENT - 3.3%
Cisco Systems, Inc.		251			13,577
CONSTRUCTION & ENGINEERING - 2.4%
Jacobs Engineering Group, Inc.		129			9,685
CONSUMER FINANCE - 3.0%
Synchrony Financial		393			12,541
DIVERSIFIED FINANCIAL SERVICES - 4.4%
Berkshire Hathaway, Inc., Class B*		90			18,092
HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%
Medtronic plc		113			10,295
HEALTH CARE PROVIDERS & SERVICES - 1.7%
Cardinal Health, Inc.		146			7,038
INSURANCE - 2.3%
Chubb Ltd.		69			9,595
INTERACTIVE MEDIA & SERVICES - 7.7%
Alphabet, Inc., Class C*		17			19,828
Facebook, Inc., Class A*		71			11,906
					31,734
INTERNET & DIRECT MARKETING RETAIL - 4.0%
Booking Holdings, Inc.*		7			12,096
Qurate Retail, Inc.*		269			4,305
					16,401
MEDIA - 6.8%
CBS Corp., Class B		214			10,174
Comcast Corp., Class A		339			13,570
GCI Liberty, Inc., Class A*		74			4,102
					27,846
OIL, GAS & CONSUMABLE FUELS - 5.5%
Apache Corp.		110			3,808
Devon Energy Corp.		143			4,527
EOG Resources, Inc.		67			6,398
Hess Corp.		54			3,266
Occidental Petroleum Corp.		73			4,825
					22,824
PHARMACEUTICALS - 4.8%
Allergan plc		63			9,248
Sanofi(1)		119			10,507
					19,755
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
NXP Semiconductors NV(1)		148			13,125
SOFTWARE - 1.5%
Oracle Corp.		117			6,269
SPECIALTY RETAIL - 2.2%
AutoNation, Inc.*		258			9,216
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.7%
Apple, Inc.		88			16,750
Samsung Electronics Co. Ltd. (Preference)(1)		338			10,804
					27,554
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Air Lease Corp.		366			12,557
Total common stocks (Cost $297,843)					382,325

40 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 7.1%
INVESTMENT COMPANIES - 7.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.50%		9,967		$	9,967
Federated Treasury Obligations Fund - Institutional Class, 2.39%		9,674			9,674
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.37%		9,674			9,674
Total short-term investments (Cost $29,315)					29,315
Total investments - 99.8% (Cost $327,158)					411,640
Other assets less liabilities - 0.2%					873
Total net assets - 100.0%(2)				$	412,513

* Non-income producing security.

⁽¹⁾ 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	France	Euro
Nutrien Ltd.	Canada	U.S. dollar
NXP Semiconductors NV	Netherlands	U.S. dollar
Samsung Electronics Co. Ltd. (Preference)	South Korea	Korean won
Sanofi	France	Euro

⁽²⁾ 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.

ABBREVIATIONS

Preference - A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	59,581		14.5	%
Consumer Discretionary			37,743		9.2
Energy			22,824		5.6
Financials			89,504		21.7
Health Care			37,087		9.0
Industrials			44,566		10.8
Information Technology			60,525		14.7
Materials			30,495		7.4
Short-term investments			29,315		7.1
Total investments		$	411,640		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	22,633		5.5	%
Korean won			10,804		2.6
U.S. dollar			378,203		91.9
Total investments		$	411,640		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		4.8	%
Berkshire Hathaway, Inc.	United States		4.4
Apple, Inc.	United States		4.1
Citigroup, Inc.	United States		3.5
Cisco Systems, Inc.	United States		3.3
Comcast Corp.	United States		3.3
NXP Semiconductors NV	Netherlands		3.2
Air Lease Corp.	United States		3.0
Synchrony Financial	United States		3.0
Cie Generale des Etablissements Michelin	France		2.9
Total			35.5	%

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 41

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2019 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			GLOBAL DISCOVERY				GLOBAL EQUITY				GLOBAL OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value		$	1,968,929		$	78,199			$	232,157			$	3,029,590
Short-term investments (investment companies), at value			115,447			6,623				10,597				119,821
Total investments			2,084,376			84,822				242,754				3,149,411
Cash			–			–	(1)			–	(1)			–
Foreign currency			16,411			1				184				2,582
Receivable from investments sold			25,792			384				1,138				40,317
Receivable from fund shares sold			3,252			912				162				2,344
Dividends and interest receivable			2,270			45				411				2,389
Other assets			66			5				14				116
Total assets			2,132,167			86,169				244,663				3,197,159
LIABILITIES:
Payable for investments purchased			35,314			1,263				2,654				21,035
Payable for fund shares redeemed			4,298			–				227				4,625
Payable for operating expenses			848			98				177				1,021
Payable for deferred director’s compensation			55			3				11				93
Payable for foreign taxes			23			–				–				–
Total liabilities			40,538			1,364				3,069				26,774
Total net assets		$	2,091,629		$	84,805			$	241,594			$	3,170,385
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	1,673,987		$	78,986			$	192,744			$	2,420,346
Total distributable earnings			417,642			5,819				48,850				750,039
Total net assets		$	2,091,629		$	84,805			$	241,594			$	3,170,385
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	205,910		$	84,805			$	113,315			$	1,081,302
Advisor Shares		$	1,236,216										$	494,438
Institutional Shares		$	649,503						$	128,279			$	1,594,645
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			15,602,862			6,899,871				5,945,152				42,546,941
Advisor Shares			93,260,000											19,365,684
Institutional Shares			48,868,613							6,701,839				61,882,790
Net asset value per share
Investor Shares		$	13.20		$	12.29			$	19.06			$	25.41
Advisor Shares		$	13.26										$	25.53
Institutional Shares		$	13.29						$	19.14			$	25.77
Cost of securities of unaffiliated issuers held		$	1,555,732		$	76,542			$	194,651			$	2,435,821
Cost of foreign currency held		$	15,833		$	1			$	179			$	2,587
(1) Amount rounds to less than $1

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

42 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2019 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE				HIGH INCOME				INTERNATIONAL			INTERNATIONAL SMALL-MID
ASSETS:
Investments in securities, unaffiliated, at value		$	3,044,538			$	3,147,372			$	10,595,359		$	662,009
Short-term investments (investment companies), at value			199,030				258,299				226,992			15,110
Total investments			3,243,568				3,405,671				10,822,351			677,119
Cash			–	(1)			3,800				–			–	(1)
Due from broker			–				2,280				–			–
Foreign currency			–	(1)			–				7,628			374
Unrealized gain on foreign currency forward contracts			373				–				–			–
Receivable from investments sold			15,508				31,903				62,779			7,478
Receivable from fund shares sold			2,352				5,487				7,576			2,104
Receivable for variation margin on futures contracts			–				447				–			–
Dividends and interest receivable			17,610				41,994				38,994			1,725
Other assets			136				110				514			29
Total assets			3,279,547				3,491,692				10,939,842			688,829
LIABILITIES:
Unrealized loss on unfunded loan commitments			–				44				–			–
Unrealized loss on foreign currency forward contracts			2,801				–				–			–
Payable for investments purchased			12,736				147,494				89,498			8,630
Payable for fund shares redeemed			1,592				7,380				18,548			727
Dividends payable			–				3,049				–			–
Payable for operating expenses			1,135				1,085				4,215			222
Payable for deferred director’s compensation			109				84				598			27
Total liabilities			18,373				159,136				112,859			9,606
Total net assets		$	3,261,174			$	3,332,556			$	10,826,983		$	679,223
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,908,414			$	3,409,578			$	8,628,646		$	630,620
Total distributable earnings (loss)			352,760				(77,022	)			2,198,337			48,603
Total net assets		$	3,261,174			$	3,332,556			$	10,826,983		$	679,223
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	558,741			$	1,061,070			$	3,915,461		$	156,581
Advisor Shares		$	624,377			$	1,831,135			$	2,040,653		$	165,759
Institutional Shares		$	2,078,056			$	440,351			$	4,870,869		$	356,883
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			33,658,408				110,605,243				130,795,024			12,042,380
Advisor Shares			37,695,595				190,909,488				68,343,635			12,747,944
Institutional Shares			125,121,086				45,918,319				161,881,386			27,178,043
Net asset value per share
Investor Shares		$	16.60			$	9.59			$	29.94		$	13.00
Advisor Shares		$	16.56			$	9.59			$	29.86		$	13.00
Institutional Shares		$	16.61			$	9.59			$	30.09		$	13.13
Cost of securities of unaffiliated issuers held		$	2,815,846			$	3,459,302			$	8,516,753		$	612,499
Cost of foreign currency held		$	–	(1)		$	–			$	7,550		$	374
(1) Amount rounds to less than $1

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

Artisan Partners Funds 43

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2019 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE				MID CAP			MID CAP VALUE			SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value		$	12,339,079			$	5,035,709		$	2,344,259		$	1,794,620
Investments in securities, affiliated, at value			323,362				–			–			–
Short-term investments (investment companies), at value			1,255,063				106,835			155,337			43,387
Total investments			13,917,504				5,142,544			2,499,596			1,838,007
Cash			–	(1)			–			–			–
Foreign currency			234				–			–			–
Unrealized gain on foreign currency forward contracts			2,741				–			–			–
Receivable from investments sold			44,058				5,324			4,141			–
Receivable from fund shares sold			17,974				3,754			2,088			1,633
Dividends and interest receivable			95,084				1,400			3,669			227
Other assets			632				324			214			68
Total assets			14,078,227				5,153,346			2,509,708			1,839,935
LIABILITIES:
Unrealized loss on foreign currency forward contracts			13,105				–			–			–
Payable for investments purchased			33,552				3,506			249			9,918
Payable for fund shares redeemed			33,218				11,096			2,921			1,904
Payable for operating expenses			4,234				1,876			1,335			654
Payable for deferred director’s compensation			530				291			197			56
Payable for foreign taxes			3,688	(2)			–			–			–
Total liabilities			88,327				16,769			4,702			12,532
Total net assets		$	13,989,900			$	5,136,577		$	2,505,006		$	1,827,403
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	12,165,195			$	3,531,168		$	1,689,449		$	1,219,646
Total distributable earnings			1,824,705				1,605,409			815,557			607,757
Total net assets		$	13,989,900			$	5,136,577		$	2,505,006		$	1,827,403
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	3,008,288			$	1,623,795		$	925,452		$	501,681
Advisor Shares		$	4,216,508			$	511,646		$	722,044		$	622,566
Institutional Shares		$	6,765,104			$	3,001,136		$	857,510		$	703,156
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			88,295,214				46,284,455			48,791,195			15,646,380
Advisor Shares			123,928,239				14,470,237			38,177,056			19,347,599
Institutional Shares			197,966,138				76,615,458			45,295,552			21,524,013
Net asset value per share
Investor Shares		$	34.07			$	35.08		$	18.97		$	32.06
Advisor Shares		$	34.02			$	35.36		$	18.91		$	32.18
Institutional Shares		$	34.17			$	39.17		$	18.93		$	32.67
Cost of securities of unaffiliated issuers held		$	12,053,468			$	3,563,749		$	1,836,193		$	1,221,523
Cost of securities of affiliated issuers held		$	175,328			$	–		$	–		$	–
Cost of foreign currency held		$	233			$	–		$	–		$	–
(1) Amount rounds to less than $1
(2) Including foreign taxes on unrealized gains		$	3,677			$	–		$	–		$	–

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, 2019 (Unaudited) (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS				THEMATIC				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	55,686			$	363,387			$	382,325
Short-term investments (investment companies), at value			1,699				37,707				29,315
Total investments			57,385				401,094				411,640
Cash			–	(1)			–	(1)			–
Foreign currency			9				–				–
Unrealized gain on foreign currency forward contracts			–				572				–
Receivable from investments sold			–				6,761				573
Receivable from fund shares sold			14				1,535				1,023
Dividends and interest receivable			103				276				616
Other assets			13				6				33
Total assets			57,524				410,244				413,885
LIABILITIES:
Written options, at value			–				87	(3)			–
Unrealized loss on foreign currency forward contracts			–				30				–
Payable for investments purchased			–				22,943				571
Payable for fund shares redeemed			53				126				515
Payable for operating expenses			175				167				256
Payable for deferred director’s compensation			7				4				30
Payable for foreign taxes			168	(2)			–				–
Total liabilities			403				23,357				1,372
Total net assets		$	57,121			$	386,887			$	412,513
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	184,723			$	358,865			$	317,927
Total distributable earnings (loss)			(127,602	)			28,022				94,586
Total net assets		$	57,121			$	386,887			$	412,513
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	50,459			$	162,709			$	140,268
Advisor Shares						$	224,178			$	110,110
Institutional Shares		$	6,662							$	162,135
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			3,243,294				11,313,620				11,502,366
Advisor Shares							15,580,641				9,074,001
Institutional Shares			427,731								13,332,967
Net asset value per share
Investor Shares		$	15.56			$	14.38			$	12.19
Advisor Shares						$	14.39			$	12.13
Institutional Shares		$	15.58							$	12.16
Cost of securities of unaffiliated issuers held		$	49,438			$	369,909			$	327,158
Cost of foreign currency held		$	9			$	–			$	–
(1) Amount rounds to less than $1
(2) Including foreign taxes on unrealized gains		$	143			$	–			$	–
(3) Written options, premiums received $76

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

Artisan Partners Funds 45

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2019 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				GLOBAL DISCOVERY				GLOBAL EQUITY				GLOBAL OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	6,127			$	259			$	1,172			$	15,116
Total investment income			6,127				259				1,172				15,116
EXPENSES:
Management fees			10,574				347				1,281				13,233
Transfer agent fees
Investor Shares			582				58				134				1,231
Advisor Shares			431												258
Institutional Shares			19								16				19
Custodian fees			161				21				41				101
Accounting fees			39				41				39				39
Professional fees			77				18				35				70
Registration fees
Investor Shares			22				15				12				28
Advisor Shares			43												26
Institutional Shares			14								18				27
Director’s fees			48				3				7				71
Other operating expenses			96				6				13				78
Total operating expenses			12,106				509				1,596				15,181
Net investment (loss)			(5,979	)			(250	)			(424	)			(65	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(2,741	)			(2,038	)			2,976				42,079
Foreign currency related transactions			24				6				(35	)			113
Total realized gain (loss)			(2,717	)			(2,032	)			2,941				42,192
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			343,947				1,924				(13,236	)			(112,937	)
Foreign currency related transactions			677				–	(2)			(2	)			(60	)
Total increase (decrease) in unrealized appreciation or depreciation			344,624				1,924				(13,238	)			(112,997	)
Net gain (loss) on investments and foreign currency related transactions			341,907				(108	)			(10,297	)			(70,805	)
Net increase (decrease) in net assets resulting from operations		$	335,928			$	(358	)		$	(10,721	)		$	(70,870	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	305			$	3			$	19			$	179
(2) Amount rounds to less than $1

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, 2019 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE				HIGH INCOME				INTERNATIONAL				INTERNATIONAL SMALL-MID
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	29,312			$	1,776			$	59,046			$	2,394
Interest			–				111,126				–				–
Total investment income			29,312				112,902				59,046				2,394
EXPENSES:
Management fees			16,322				10,807				51,565				2,453
Transfer agent fees
Investor Shares			787				1,195				4,696				201
Advisor Shares			383				939				908				20
Institutional Shares			20				18				34				16
Custodian fees			87				37				651				69
Accounting fees			39				81				39				39
Professional fees			77				77				231				55
Registration fees
Investor Shares			25				41				64				17
Advisor Shares			45				68				33				17
Institutional Shares			44				15				94				12
Director’s fees			80				71				271				8
Other operating expenses			82				97				333				16
Total operating expenses			17,991				13,446				58,919				2,923
Net investment income (loss)			11,321				99,456				127				(529	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(29,969	)			(13,645	)			30,944				20,063
Investments, from affiliated issuers			–				–				–				(1,952	)
Foreign currency forward contracts			168				–				–				–
Foreign currency related transactions			107				–				(1,082	)			(114	)
Unfunded loan commitments			–				(2	)			–				–
Futures contracts			–				(2,430	)			–				–
Total realized gain (loss)			(29,694	)			(16,077	)			29,862				17,997
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(126,835	)			(58,488	)			(395,185	)			(2,022	)
Investments, from affiliated issuers			–				–				–				(1,745	)
Foreign currency forward contracts			(2,290	)			–				–				–
Foreign currency related transactions			(126	)			2,277				394				(23	)
Futures contracts			–				(3,363	)			–				–
Unfunded loan commitments			–				(67	)			–				–
Total decrease in unrealized appreciation or depreciation			(129,251	)			(59,641	)			(394,791	)			(3,790	)
Net loss on investments and foreign currency related transactions			(158,946	)			(75,718	)			(364,929	)			14,207
Net increase (decrease) in net assets resulting from operations		$	(147,624	)		$	23,738			$	(364,802	)		$	13,678
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,272			$	–			$	2,753			$	220

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, 2019 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE				MID CAP				MID CAP VALUE				SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	126,113			$	17,841			$	25,985			$	2,331
Total investment income			126,113				17,841				25,985				2,331
EXPENSES:
Management fees			64,132				23,436				12,803				7,648
Transfer agent fees
Investor Shares			3,374				1,913				1,177				515
Advisor Shares			1,872				300				344				121
Institutional Shares			30				27				19
Custodian fees			465				46				28				18
Accounting fees			39				38				25				25
Professional fees			250				114				85				43
Registration fees
Investor Shares			86				25				27				13
Advisor Shares			87				22				30				19
Institutional Shares			59				45				36
Director’s fees			325				125				69				37
Other operating expenses			472				191				262				54
Total operating expenses			71,191				26,282				14,905				8,552
Net investment income (loss)			54,922				(8,441	)			11,080				(6,221	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(2)			237,751				81,666				201,907				924
Investments, from affiliated issuers			8,337				–				–				–
Foreign currency forward contracts			(2,502	)			–				–				–
Foreign currency related transactions			(258	)			(24	)			–				–
Total realized gain			243,328				81,642				201,907				924
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(3)			(836,131	)			(251,398	)			(449,872	)			(27,476	)
Investments, from affiliated issuers			85,379				–				–				–
Foreign currency forward contracts			(10,986	)			–				–				–
Foreign currency related transactions			(913	)			(4	)							–
Total decrease in unrealized appreciation or depreciation			(762,651	)			(251,402	)			(449,872	)			(27,476	)
Net gain (loss) on investments and foreign currency related transactions			(519,323	)			(169,760	)			(247,965	)			(26,552	)
Net increase (decrease) in net assets resulting from operations		$	(464,401	)		$	(178,201	)		$	(236,885	)		$	(32,773	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	9,138			$	–			$	240			$	–
(2) Net of foreign taxes on realized gains			11				–				–				–
(3) Net of increase in foreign taxes on unrealized gains			3,677				–				–				–

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, 2019 (Unaudited) (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS				THEMATIC				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	357			$	1,685			$	3,781
Total investment income			357				1,685				3,781
EXPENSES:
Management fees			269				1,252				1,553
Transfer agent fees
Investor Shares			83				182				191
Advisor Shares							57				63
Institutional Shares			16				18				17
Custodian fees			36				15				12
Accounting fees			39				38				37
Professional fees			43				33				32
Registration fees
Investor Shares			10				25				12
Advisor Shares							26				11
Institutional Shares			10				41				14
Director’s fees			3				4				10
Other operating expenses			11				10				41
Total operating expenses			520				1,642				1,993
Less amounts waived or paid by the Adviser			(161	)			–				(33	)
Total operating expenses			359				1,642				1,960
Net investment income (loss)			(2	)			43				1,821
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(2)			(1,184	)			(1,916	)			14,639
Foreign currency forward contracts			–				206				–
Foreign currency related transactions			(30	)			(14	)			7
Written options			–				(1,266	)			–
Total realized gain (loss)			(1,214	)			(2,990	)			14,646
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(3)			3,397				25,289				(53,185	)
Foreign currency forward contracts			–				467				–
Foreign currency related transactions			2				(2	)			(1	)
Written Options			–				(7	)			–
Total increase (decrease) in unrealized appreciation or depreciation			3,399				25,747				(53,186	)
Net gain (loss) on investments and foreign currency related transactions			2,185				22,757				(38,540	)
Net increase (decrease) in net assets resulting from operations		$	2,183			$	22,800			$	(36,719	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	28			$	5			$	82
(2) Net of foreign taxes on realized gains			1
(3) Net of increase in foreign taxes on unrealized gains			112

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD								GLOBAL DISCOVERY
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income (loss)		$	(5,979	)		$	4,259			$	(250	)		$	(276	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(2,741	)			(87,813	)			(2,038	)			194
Foreign currency related transactions			24				(1,989	)			6				(1	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			343,947				(170,497	)			1,924				5,981
Foreign currency related transactions			677				7				–	(2)			–
Net increase (decrease) in net assets resulting from operations			335,928				(256,033	)			(358	)			5,898
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(45	)			(17,577	)							(90	)
Advisor Shares			(609	)			(26,894	)
Institutional Shares			(230	)			(25,296	)
Total distributions paid to shareholders			(884	)			(69,767	)			–				(90	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(434,390	)			548,203				9,842				56,352
Total increase (decrease) in net assets			(99,346	)			222,403				9,484				62,160
Net assets, beginning of period			2,190,975				1,968,572				75,321				13,161
Net assets, end of period		$	2,091,629			$	2,190,975			$	84,805			$	75,321
(1) Unaudited.
(2) Amount rounds to less than $1

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

50 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL EQUITY								GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income (loss)		$	(424	)		$	1,020			$	(65	)		$	367
Net realized gain (loss) on:
Investments, from unaffiliated issuers			2,976				45,074				42,079				204,821
Foreign currency related transactions			(35	)			(51	)			113				(224	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(13,236	)			1,987				(112,937	)			138,235
Foreign currency related transactions			(2	)			(3	)			(60	)			45
Net increase (decrease) in net assets resulting from operations			(10,721	)			48,027				(70,870	)			343,244
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(16,503	)			(912	)			(68,096	)			(41,081	)
Advisor Shares											(31,641	)			(17,255	)
Institutional Shares			(24,802	)			(1,168	)			(93,750	)			(56,726	)
Total distributions paid to shareholders			(41,305	)			(2,080	)			(193,487	)			(115,062	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(26,407	)			(17,298	)			29,656				473,489
Total increase (decrease) in net assets			(78,433	)			28,649				(234,701	)			701,671
Net assets, beginning of period			320,027				291,378				3,405,086				2,703,415
Net assets, end of period		$	241,594			$	320,027			$	3,170,385			$	3,405,086
(1) Unaudited.

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

Artisan Partners Funds 51

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL VALUE								HIGH INCOME
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income		$	11,322			$	42,730			$	99,456			$	164,552
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(29,970	)			170,655				(13,645	)			17,617
Foreign currency forward contracts			168				(9,307	)			–				–
Foreign currency related transactions			107				7,163				–				–
Futures contracts			–				–				(2,430	)			1,241
Unfunded loan commitments			–				–				(2	)			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(126,835	)			(90,039	)			(58,488	)			(49,777	)
Foreign currency forward contracts			(2,290	)			3,929				–				–
Foreign currency related transactions			(126	)			(112	)			2,277				–
Futures contracts			–				–				(3,363	)			(1	)
Unfunded loan commitments			–				–				(67	)			23
Net increase (decrease) in net assets resulting from operations			(147,624	)			125,019				23,738				133,655
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(36,013	)			(16,006	)			(35,404	)			(60,684	)
Advisor Shares			(44,524	)			(17,624	)			(69,063	)			(130,761	)
Institutional Shares			(118,223	)			(34,390	)			(12,211	)			(21,787	)
Total distributions paid to shareholders			(198,760	)			(68,020	)			(116,678	)			(213,232	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(112,592	)			583,045				179,543				881,988
Total increase (decrease) in net assets			(458,976	)			640,044				86,603				802,411
Net assets, beginning of period			3,720,150				3,080,106				3,245,953				2,443,542
Net assets, end of period		$	3,261,174			$	3,720,150			$	3,332,556			$	3,245,953
(1) Unaudited.

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

52 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL								INTERNATIONALSMALL-MID
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income (loss)		$	127			$	170,737			$	(529	)		$	(1,530	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			30,944				1,199,635				20,063				102,246
Investments, from affiliated issuers			–				–				(1,952	)			(77	)
Foreign currency related transactions			(1,082	)			(3,737	)			(114	)			(107	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(395,185	)			(716,021	)			(2,022	)			(61,878	)
Investments, from affiliated issuers			–				–				(1,745	)			2,772
Foreign currency related transactions			394				(857	)			(23	)			(19	)
Net increase (decrease) in net assets resulting from operations			(364,802	)			649,757				13,678				41,407
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(359,809	)			(38,619	)			(74,416	)			(36,616	)
Advisor Shares			(186,300	)			(20,271	)
Institutional Shares			(449,372	)			(54,804	)			(30,412	)			(26,081	)
Total distributions paid to shareholders			(995,481	)			(113,694	)			(104,828	)			(62,697	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(729,581	)			(1,653,643	)			366,248				(137,518	)
Total increase (decrease) in net assets			(2,089,864	)			(1,117,580	)			275,098				(158,808	)
Net assets, beginning of period			12,916,847				14,034,427				404,125				562,933
Net assets, end of period		$	10,826,983			$	12,916,847			$	679,223			$	404,125
(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

	INTERNATIONAL VALUE								MID CAP
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income (loss)		$	54,922			$	198,813			$	(8,441	)		$	(30,816	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			237,751				710,473				81,666				1,325,617
Investments, from affiliated issuers			8,337				1,181				–				–
Foreign currency forward contracts			(2,502	)			(57,057	)			–				–
Foreign currency related transactions			(258	)			32,857				(24	)			(167	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(833,269	)			(1,597,541	)			(251,398	)			(53,709	)
Investments, from affiliated issuers			85,379				391,080				–				–
Foreign currency forward contracts			(10,986	)			17,891				–				–
Foreign currency related transactions			(3,775	)			(471	)			(4	)			15
Net increase (decrease) in net assets resulting from operations			(464,401	)			(302,774	)			(178,201	)			1,240,940
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(146,244	)			(164,573	)			(345,115	)			(292,322	)
Advisor Shares			(215,491	)			(173,254	)			(106,197	)			(76,242	)
Institutional Shares			(348,396	)			(267,787	)			(557,303	)			(500,170	)
Total distributions paid to shareholders			(710,131	)			(605,614	)			(1,008,615	)			(868,734	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(186,264	)			1,303,172				158,702				(1,188,104	)
Total increase (decrease) in net assets			(1,360,796	)			394,784				(1,028,114	)			(815,898	)
Net assets, beginning of period			15,350,696				14,955,912				6,164,691				6,980,589
Net assets, end of period		$	13,989,900			$	15,350,696			$	5,136,577			$	6,164,691
(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

	MID CAP VALUE								SMALL CAP
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income (loss)		$	11,080			$	6,687			$	(6,221	)		$	(11,704	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			201,907				436,692				924				307,089
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(449,872	)			(130,183	)			(27,476	)			156,773
Net increase (decrease) in net assets resulting from operations			(236,885	)			313,196				(32,773	)			452,158
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(148,240	)			(177,746	)			(67,769	)			(63,823	)
Advisor Shares			(116,973	)			(102,557	)			(68,313	)			(47,808	)
Institutional Shares			(131,142	)			(99,593	)			(108,871	)			(75,707	)
Total distributions paid to shareholders			(396,355	)			(379,896	)			(244,953	)			(187,338	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(165,692	)			(681,308	)			299,250				256,968
Total increase (decrease) in net assets			(798,932	)			(748,008	)			21,524				521,788
Net assets, beginning of period			3,303,938				4,051,946				1,805,879				1,284,091
Net assets, end of period		$	2,505,006			$	3,303,938			$	1,827,403			$	1,805,879
(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

	SUSTAINABLE EMERGING MARKETS								THEMATIC
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018				Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income (loss)		$	(2	)		$	512			$	43			$	(116	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(1,184	)			2,784				(1,916	)			9,387
Foreign currency forward contracts			–				–				206				15
Foreign currency related transactions			(30	)			(22	)			(14	)			(6	)
Written options			–				–				(1,266	)			(2,417	)
Securities sold short			–				–				–				29
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			3,397				(5,284	)			25,289				4,866
Foreign currency forward contracts			–				–				467				69
Foreign currency related transactions			2				–	(2)			(2	)			–	(2)
Written options			–				–				(7	)			(2	)
Net increase (decrease) in net assets resulting from operations			2,183				(2,010	)			22,800				11,825
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(449	)			(238	)			(4,461	)			(1,606	)
Advisor Shares											(2,027	)			–
Institutional Shares			(34	)			(44	)
Total distributions paid to shareholders			(483	)			(282	)			(6,488	)			(1,606	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			17				6,558				252,767				92,296
Total increase in net assets			1,717				4,266				269,079				102,515
Net assets, beginning of period			55,404				51,138				117,808				15,293
Net assets, end of period		$	57,121			$	55,404			$	386,887			$	117,808
(1) Unaudited.
(2) Amount rounds to less than $1

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

	VALUE
	Six Months Ended 3/31/2019(1)				Year Ended 9/30/2018
OPERATIONS:
Net investment income		$	1,821			$	4,752
Net realized gain (loss) on:
Investments, from unaffiliated issuers			14,639				80,018
Foreign currency related transactions			7				20
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(53,185	)			(29,587	)
Foreign currency related transactions			(1	)			–	(2)
Net increase (decrease) in net assets resulting from operations			(36,719	)			55,203
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Investor Shares			(20,958	)			(20,140	)
Advisor Shares			(15,288	)			(17,636	)
Institutional Shares			(21,766	)			(23,446	)
Total distributions paid to shareholders			(58,012	)			(61,222	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			6,518				(145,445	)
Total decrease in net assets			(88,213	)			(151,464	)
Net assets, beginning of period			500,726				652,190
Net assets, end of period		$	412,513			$	500,726
(1) Unaudited.
(2) Amount rounds to less than $1

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

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

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
3/31/2019(5)	$	11.17		(0.05	)		2.08			2.03			—	(6)		—			—	(6)	$	13.20
9/30/2018	$	12.83		—	(6)		(1.23	)		(1.23	)		(0.02	)		(0.41	)		(0.43	)	$	11.17
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(7)	$	10.00		—	(6)		(1.61	)		(1.61	)		—			—			—		$	8.39
Advisor Shares
3/31/2019(5)	$	11.21		(0.03	)		2.09			2.06			(0.01	)		—			(0.01	)	$	13.26
9/30/2018	$	12.87		0.03			(1.25	)		(1.22	)		(0.03	)		(0.41	)		(0.44	)	$	11.21
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(7)	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
Institutional Shares
3/31/2019(5)	$	11.23		(0.03	)		2.09			2.06			—	(6)		—			—	(6)	$	13.29
9/30/2018	$	12.89		0.04			(1.25	)		(1.21	)		(0.04	)		(0.41	)		(0.45	)	$	11.23
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(7)	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2019(5)	$	12.40		(0.04	)		(0.07	)		(0.11	)		—			—			—		$	12.29
9/30/2018	$	10.32		(0.09	)		2.23			2.14			—	(6)		(0.06	)		(0.06	)	$	12.40
9/30/2017(8)	$	10.00		(0.01	)		0.33			0.32			—			—			—		$	10.32

Footnotes are presented on Pages 73-74.

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

58 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
DEVELOPING WORLD FUND
Investor Shares
3/31/2019(5)		18.19	%	$	205,910		1.40	%		n/a			(0.83	)%		82.54	%
9/30/2018		(9.99	)%	$	477,908		1.36	%		n/a			(0.02	)%		121.12	%
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(7)		(16.10	)%	$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Advisor Shares
3/31/2019(5)		18.36	%	$	1,236,216		1.16	%		n/a			(0.55	)%		82.54	%
9/30/2018		(9.87	)%	$	1,031,825		1.18	%		n/a			0.22	%		121.12	%
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(7)		(16.10	)%	$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
Institutional Shares
3/31/2019(5)		18.39	%	$	649,503		1.08	%		n/a			(0.48	)%		82.54	%
9/30/2018		(9.80	)%	$	681,242		1.08	%		n/a			0.29	%		121.12	%
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(7)		(16.10	)%	$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2019(5)		(0.89	)%	$	84,805		1.43	%		n/a			(0.70	)%		25.56	%
9/30/2018		20.90	%	$	75,321		1.50	%		1.71	%		(0.75	)%		38.71	%
9/30/2017(8)		3.20	%	$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%

Footnotes are presented on Pages 73-74.

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

Artisan Partners Funds 59

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL EQUITY FUND
Investor Shares
3/31/2019(5)	$	22.66		(0.04	)		(0.50	)		(0.54	)		(0.03	)		(3.03	)		(3.06	)	$	19.06
9/30/2018	$	19.60		0.03			3.17			3.20			—			(0.14	)		(0.14	)	$	22.66
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
Institutional Shares
3/31/2019(5)	$	22.80		(0.02	)		(0.52	)		(0.54	)		(0.09	)		(3.03	)		(3.12	)	$	19.14
9/30/2018	$	19.66		0.10			3.18			3.28			—			(0.14	)		(0.14	)	$	22.80
9/30/2017	$	16.58		0.01			3.10			3.11			(0.03	)		—			(0.03	)	$	19.66
9/30/2016(9)	$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)	$	16.58
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2019(5)	$	27.66		(0.02	)		(0.63	)		(0.65	)		—			(1.60	)		(1.60	)	$	25.41
9/30/2018	$	25.69		(0.03	)		3.07			3.04			—			(1.07	)		(1.07	)	$	27.66
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
Advisor Shares
3/31/2019(5)	$	27.76		—	(6)		(0.63	)		(0.63	)		—			(1.60	)		(1.60	)	$	25.53
9/30/2018	$	25.75		0.01			3.07			3.08			—			(1.07	)		(1.07	)	$	27.76
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(10)	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—		$	18.37
Institutional Shares
3/31/2019(5)	$	27.99		0.01			(0.63	)		(0.62	)		—	(6)		(1.60	)		(1.60	)	$	25.77
9/30/2018	$	25.92		0.03			3.11			3.14			—			(1.07	)		(1.07	)	$	27.99
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

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)
GLOBAL EQUITY FUND
Investor Shares
3/31/2019(5)		(1.10	)%	$	113,315		1.37	%		n/a			(0.47	)%		50.04	%
9/30/2018		16.38	%	$	123,225		1.36	%		n/a			0.13	%		120.14	%
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	%
Institutional Shares
3/31/2019(5)		(1.02	)%	$	128,279		1.15	%		n/a			(0.23	)%		50.04	%
9/30/2018		16.73	%	$	196,802		1.10	%		n/a			0.45	%		120.14	%
9/30/2017		18.78	%	$	159,565		1.16	%		n/a			0.03	%		109.89	%
9/30/2016(9)		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2019(5)		(1.54	)%	$	1,081,302		1.16	%		n/a			(0.15	)%		24.42	%
9/30/2018		12.19	%	$	1,176,471		1.15	%		n/a			(0.13	)%		44.27	%
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	%
Advisor Shares
3/31/2019(5)		(1.46	)%	$	494,438		1.02	%		n/a			(0.03	)%		24.42	%
9/30/2018		12.32	%	$	583,463		1.00	%		n/a			0.03	%		44.27	%
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(10)		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
3/31/2019(5)		(1.40	)%	$	1,594,645		0.91	%		n/a			0.11	%		24.42	%
9/30/2018		12.48	%	$	1,645,152		0.91	%		n/a			0.11	%		44.27	%
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	%

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			Redemption Fees^		Net Asset Value, End of Period
GLOBAL VALUE FUND
Investor Shares
3/31/2019(5)	$	18.24		0.04		(0.73	)		(0.69	)		(0.15	)		(0.80	)		(0.95	)			$	16.60
9/30/2018	$	17.87		0.18		0.55			0.73			(0.12	)		(0.24	)		(0.36	)			$	18.24
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
Advisor Shares
3/31/2019(5)	$	18.22		0.05		(0.74	)		(0.69	)		(0.17	)		(0.80	)		(0.97	)			$	16.56
9/30/2018	$	17.86		0.21		0.54			0.75			(0.15	)		(0.24	)		(0.39	)			$	18.22
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(10)	$	15.60		0.05		(1.17	)		(1.12	)		—			—			—				$	14.48
Institutional Shares
3/31/2019(5)	$	18.27		0.06		(0.73	)		(0.67	)		(0.19	)		(0.80	)		(0.99	)			$	16.61
9/30/2018	$	17.90		0.24		0.54			0.78			(0.17	)		(0.24	)		(0.41	)			$	18.27
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
HIGH INCOME FUND
Investor Shares
3/31/2019(5)	$	9.87		0.30		(0.23	)		0.07			(0.30	)		(0.05	)		(0.35	)		—	$	9.59
9/30/2018	$	10.20		0.58		(0.13	)		0.45			(0.58	)		(0.20	)		(0.78	)		—	$	9.87
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(11)	$	10.00		0.27		(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
3/31/2019(5)	$	9.87		0.31		(0.23	)		0.08			(0.31	)		(0.05	)		(0.36	)		—	$	9.59
9/30/2018	$	10.20		0.60		(0.13	)		0.47			(0.60	)		(0.20	)		(0.80	)		—	$	9.87
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(11)	$	10.00		0.28		(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Institutional Shares
3/31/2019(5)	$	9.87		0.31		(0.23	)		0.08			(0.31	)		(0.05	)		(0.36	)		—	$	9.59
9/30/2018	$	10.19		0.61		(0.12	)		0.49			(0.61	)		(0.20	)		(0.81	)		—	$	9.87
9/30/2017(12)	$	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.

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 VALUE FUND
Investor Shares
3/31/2019(5)		(3.53	)%	$	558,741		1.28	%		n/a			0.48	%		18.34	%
9/30/2018		4.16	%	$	724,848		1.25	%		n/a			1.00	%		27.98	%
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	%
Advisor Shares
3/31/2019(5)		(3.49	)%	$	624,377		1.13	%		n/a			0.62	%		18.34	%
9/30/2018		4.27	%	$	851,738		1.10	%		n/a			1.14	%		27.98	%
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(10)		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
3/31/2019(5)		(3.38	)%	$	2,078,056		1.01	%		n/a			0.76	%		18.34	%
9/30/2018		4.40	%	$	2,143,564		1.01	%		n/a			1.31	%		27.98	%
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	%
HIGH INCOME FUND
Investor Shares
3/31/2019(5)		0.84	%	$	1,061,070		0.98	%		n/a			6.32	%		43.87	%
9/30/2018		4.66	%	$	986,645		0.99	%		n/a			5.88	%		79.10	%
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(11)		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
3/31/2019(5)		0.92	%	$	1,831,135		0.83	%		n/a			6.47	%		43.87	%
9/30/2018		4.83	%	$	1,970,272		0.82	%		n/a			6.03	%		79.10	%
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(11)		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
Institutional Shares
3/31/2019(5)		0.97	%	$	440,351		0.74	%		n/a			6.57	%		43.87	%
9/30/2018		5.02	%	$	289,036		0.74	%		n/a			6.13	%		79.10	%
9/30/2017(12)		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 63

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL FUND
Investor Shares
3/31/2019(5)	$	33.49		(0.02	)		(0.89	)		(0.91	)		(0.37	)		(2.27	)		(2.64	)	$	29.94
9/30/2018	$	32.28		0.35			1.08			1.43			(0.22	)		—			(0.22	)	$	33.49
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
Advisor Shares
3/31/2019(5)	$	33.45		—	(6)		(0.89	)		(0.89	)		(0.43	)		(2.27	)		(2.70	)	$	29.86
9/30/2018	$	32.25		0.43			1.05			1.48			(0.28	)		—			(0.28	)	$	33.45
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(10)	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—		$	27.00
Institutional Shares
3/31/2019(5)	$	33.71		0.02			(0.91	)		(0.89	)		(0.46	)		(2.27	)		(2.73	)	$	30.09
9/30/2018	$	32.50		0.46			1.05			1.51			(0.30	)		—			(0.30	)	$	33.71
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
INTERNATIONALSMALL-MID FUND
Investor Shares
3/31/2019(5)	$	23.47		(0.04	)		(2.16	)		(2.20	)		—			(8.27	)		(8.27	)	$	13.00
9/30/2018	$	24.69		(0.10	)		2.05			1.95			—			(3.17	)		(3.17	)	$	23.47
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
Advisor Shares
3/31/2019(13)	$	11.91		0.01			1.08			1.09			—			—			—		$	13.00
Institutional Shares
3/31/2019(5)	$	23.59		—	(6)		(2.19	)		(2.19	)		—			(8.27	)		(8.27	)	$	13.13
9/30/2018	$	24.75		(0.04	)		2.05			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.

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)
INTERNATIONAL FUND
Investor Shares
3/31/2019(5)		(2.14	)%	$	3,915,461		1.19	%		n/a			(0.13	)%		22.39	%
9/30/2018		4.45	%	$	4,733,866		1.18	%		n/a			1.06	%		55.16	%
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	%
Advisor Shares
3/31/2019(5)		(2.07	)%	$	2,040,653		1.05	%		n/a			0.02	%		22.39	%
9/30/2018		4.58	%	$	2,367,026		1.04	%		n/a			1.29	%		55.16	%
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(10)		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
3/31/2019(5)		(2.04	)%	$	4,870,869		0.96	%		n/a			0.10	%		22.39	%
9/30/2018		4.67	%	$	5,815,955		0.95	%		n/a			1.36	%		55.16	%
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	%
INTERNATIONALSMALL-MID FUND
Investor Shares
3/31/2019(5)		(5.80	)%	$	156,581		1.43	%		n/a			(0.55	)%		74.75	%
9/30/2018		8.70	%	$	228,317		1.55	%		n/a			(0.44	)%		59.53	%
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	%
Advisor Shares
3/31/2019(13)		9.15	%	$	165,759		1.26	%		n/a			0.21	%		74.75	%
Institutional Shares
3/31/2019(5)		(5.70	)%	$	356,883		1.20	%		n/a			(0.04	)%		74.75	%
9/30/2018		8.94	%	$	175,808		1.35	%		n/a			(0.17	)%		59.53	%
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 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 VALUE FUND
Investor Shares
3/31/2019(5)	$	36.85		0.11			(1.23	)		(1.12	)		(0.36	)		(1.30	)		(1.66	)	$	34.07
9/30/2018	$	39.08		0.42			(1.14	)		(0.72	)		(0.41	)		(1.10	)		(1.51	)	$	36.85
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
Advisor Shares
3/31/2019(5)	$	36.85		0.13			(1.22	)		(1.09	)		(0.44	)		(1.30	)		(1.74	)	$	34.02
9/30/2018	$	39.11		0.48			(1.16	)		(0.68	)		(0.48	)		(1.10	)		(1.58	)	$	36.85
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(10)	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—		$	32.66
Institutional Shares
3/31/2019(5)	$	37.02		0.15			(1.23	)		(1.08	)		(0.47	)		(1.30	)		(1.77	)	$	34.17
9/30/2018	$	39.28		0.53			(1.18	)		(0.65	)		(0.51	)		(1.10	)		(1.61	)	$	37.02
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
MID CAP FUND
Investor Shares
3/31/2019(5)	$	44.83		(0.08	)		(1.70	)		(1.78	)		—			(7.97	)		(7.97	)	$	35.08
9/30/2018	$	42.58		(0.26	)		8.21			7.95			—			(5.70	)		(5.70	)	$	44.83
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
Advisor Shares
3/31/2019(5)	$	45.10		(0.06	)		(1.71	)		(1.77	)		—			(7.97	)		(7.97	)	$	35.36
9/30/2018	$	42.75		(0.20	)		8.25			8.05			—			(5.70	)		(5.70	)	$	45.10
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(10)	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—		$	44.46
Institutional Shares
3/31/2019(5)	$	48.89		(0.05	)		(1.70	)		(1.75	)		—			(7.97	)		(7.97	)	$	39.17
9/30/2018	$	45.84		(0.18	)		8.93			8.75			—			(5.70	)		(5.70	)	$	48.89
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

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 VALUE FUND
Investor Shares
3/31/2019(5)		(2.75	)%	$	3,008,288		1.18	%		n/a			0.64	%		14.64	%
9/30/2018		(1.99	)%	$	3,371,735		1.18	%		n/a			1.11	%		21.55	%
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	%
Advisor Shares
3/31/2019(5)		(2.68	)%	$	4,216,508		1.05	%		n/a			0.77	%		14.64	%
9/30/2018		(1.87	)%	$	4,683,702		1.04	%		n/a			1.27	%		21.55	%
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(10)		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
3/31/2019(5)		(2.63	)%	$	6,765,104		0.95	%		n/a			0.88	%		14.64	%
9/30/2018		(1.79	)%	$	7,295,259		0.95	%		n/a			1.41	%		21.55	%
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	%
MID CAP FUND
Investor Shares
3/31/2019(5)		(0.77	)%	$	1,623,795		1.20	%		n/a			(0.48	)%		25.92	%
9/30/2018		21.12	%	$	2,003,621		1.18	%		n/a			(0.62	)%		49.83	%
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	%
Advisor Shares
3/31/2019(5)		(0.70	)%	$	511,646		1.08	%		n/a			(0.36	)%		25.92	%
9/30/2018		21.26	%	$	644,777		1.04	%		n/a			(0.48	)%		49.83	%
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(10)		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
3/31/2019(5)		(0.60	)%	$	3,001,136		0.96	%		n/a			(0.25	)%		25.92	%
9/30/2018		21.37	%	$	3,516,293		0.95	%		n/a			(0.39	)%		49.83	%
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	%

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
MID CAP VALUE FUND
Investor Shares
3/31/2019(5)	$	23.56		0.07			(1.71	)		(1.64	)		(0.05	)		(2.90	)		(2.95	)	$	18.97
9/30/2018	$	23.98		0.02			1.86			1.88			(0.02	)		(2.28	)		(2.30	)	$	23.56
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
Advisor Shares
3/31/2019(5)	$	23.53		0.08			(1.71	)		(1.63	)		(0.09	)		(2.90	)		(2.99	)	$	18.91
9/30/2018	$	23.94		0.05			1.85			1.90			(0.03	)		(2.28	)		(2.31	)	$	23.53
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(10)	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
Institutional Shares
3/31/2019(5)	$	23.56		0.09			(1.71	)		(1.62	)		(0.11	)		(2.90	)		(3.01	)	$	18.93
9/30/2018	$	23.98		0.07			1.85			1.92			(0.06	)		(2.28	)		(2.34	)	$	23.56
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
SMALL CAP FUND
Investor Shares
3/31/2019(5)	$	38.97		(0.14	)		(1.34	)		(1.48	)		—			(5.43	)		(5.43	)	$	32.06
9/30/2018	$	33.61		(0.31	)		10.64			10.33			—			(4.97	)		(4.97	)	$	38.97
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
Advisor Shares
3/31/2019(5)	$	39.05		(0.12	)		(1.32	)		(1.44	)		—			(5.43	)		(5.43	)	$	32.18
9/30/2018	$	33.63		(0.26	)		10.65			10.39			—			(4.97	)		(4.97	)	$	39.05
9/30/2017(15)	$	29.23		(0.18	)		4.58			4.40			—			—			—		$	33.63
Institutional Shares
3/31/2019(5)	$	39.54		(0.11	)		(1.33	)		(1.44	)		—			(5.43	)		(5.43	)	$	32.67
9/30/2018	$	33.98		(0.24	)		10.77			10.53			—			(4.97	)		(4.97	)	$	39.54
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

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)
MID CAP VALUE FUND
Investor Shares
3/31/2019(5)		(6.63	)%	$	925,452		1.21	%		n/a			0.71	%		10.09	%
9/30/2018		8.55	%	$	1,294,179		1.19	%		n/a			0.07	%		19.15	%
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	%
Advisor Shares
3/31/2019(5)		(6.57	)%	$	722,044		1.09	%		n/a			0.84	%		10.09	%
9/30/2018		8.68	%	$	951,667		1.05	%		n/a			0.24	%		19.15	%
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(10)		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
3/31/2019(5)		(6.52	)%	$	857,510		0.99	%		n/a			0.93	%		10.09	%
9/30/2018		8.75	%	$	1,058,092		0.98	%		n/a			0.30	%		19.15	%
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	%
SMALL CAP FUND
Investor Shares
3/31/2019(5)		(1.39	)%	$	501,681		1.21	%		n/a			(0.92	)%		22.98	%
9/30/2018		34.71	%	$	495,803		1.20	%		n/a			(0.90	)%		43.85	%
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	%
Advisor Shares
3/31/2019(5)		(1.27	)%	$	622,566		1.05	%		n/a			(0.75	)%		22.98	%
9/30/2018		34.89	%	$	495,650		1.06	%		n/a			(0.75	)%		43.85	%
9/30/2017(15)		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
3/31/2019(5)		(1.25	)%	$	703,156		1.00	%		n/a			(0.71	)%		22.98	%
9/30/2018		34.94	%	$	814,426		1.01	%		n/a			(0.70	)%		43.85	%
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	%

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
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2019(5)	$	15.08		—	(6)		0.62			0.62			(0.14	)		—			(0.14	)	$	15.56
9/30/2018	$	15.58		0.15			(0.56	)		(0.41	)		(0.09	)		—			(0.09	)	$	15.08
9/30/2017	$	12.75		0.08			2.87			2.95			(0.12	)		—			(0.12	)	$	15.58
9/30/2016(16)	$	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(17)	$	12.32		0.08			0.20			0.28			(0.06	)		—			(0.06	)	$	12.54
Institutional Shares
3/31/2019(5)	$	15.03		0.01			0.62			0.63			(0.08	)		—			(0.08	)	$	15.58
9/30/2018	$	15.50		0.14			(0.53	)		(0.39	)		(0.08	)		—			(0.08	)	$	15.03
9/30/2017	$	12.65		0.08			2.86			2.94			(0.09	)		—			(0.09	)	$	15.50
9/30/2016(16)	$	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
THEMATIC FUND
Investor Shares
3/31/2019(5)	$	14.39		—	(6)		0.44			0.44			—	(6)		(0.45	)		(0.45	)	$	14.38
9/30/2018	$	11.79		(0.04	)		3.82			3.78			—			(1.18	)		(1.18	)	$	14.39
9/30/2017(21)	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
Advisor Shares
3/31/2019(5)	$	14.39		—	(6)		0.45			0.45			—			(0.45	)		(0.45	)	$	14.39
9/30/2018(22)	$	13.82		—	(6)		0.57			0.57			—			—			—		$	14.39

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)
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2019(5)		4.19	%	$	50,459		1.35	%		1.87	%		(0.02	)%		18.16	%
9/30/2018		(2.70	)%	$	49,562		1.41	%*		1.78	%		0.89	%		35.24	%
9/30/2017		23.47	%	$	42,429		1.50	%		2.19	%		0.61	%		26.22	%
9/30/2016(16)		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(17)		2.29	%	$	67,065		1.50	%		1.51	%		0.64	%		32.26	%
Institutional Shares
3/31/2019(5)		4.24	%	$	6,662		1.20	%		2.39	%		0.11	%		18.16	%
9/30/2018		(2.57	)%	$	5,842		1.33	%*		2.00	%		0.87	%		35.24	%
9/30/2017		23.47	%	$	8,709		1.50	%		2.23	%		0.57	%		26.22	%
9/30/2016(16)		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	%
THEMATIC FUND
Investor Shares
3/31/2019(5)		3.36	%	$	162,709		1.38	%		n/a			0.01	%		172.59	%(18)
9/30/2018		34.31	%	$	79,673		1.51	%(19)		1.70	%(19)		(0.27	)%		355.37	%(20)
9/30/2017(21)		18.00	%	$	15,293		1.52	%(19)		2.70	%(19)		(0.49	)%		170.19	%
Advisor Shares
3/31/2019(5)		3.43	%	$	224,178		1.23	%		n/a			0.06	%		172.59	%(18)
9/30/2018(22)		4.12	%	$	38,135		1.40	%(19)		2.74	%(19)		0.16	%		355.37	%(20)

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
VALUE FUND
Investor Shares
3/31/2019(5)	$	15.10		0.04		(1.18	)		(1.14	)		(0.10	)		(1.67	)		(1.77	)	$	12.19
9/30/2018	$	15.25		0.11		1.19			1.30			(0.05	)		(1.40	)		(1.45	)	$	15.10
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
Advisor Shares
3/31/2019(5)	$	15.04		0.06		(1.18	)		(1.12	)		(0.12	)		(1.67	)		(1.79	)	$	12.13
9/30/2018	$	15.22		0.12		1.19			1.31			(0.09	)		(1.40	)		(1.49	)	$	15.04
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(10)	$	13.41		0.07		(1.91	)		(1.84	)		—			—			—		$	11.57
Institutional Shares
3/31/2019(5)	$	15.08		0.06		(1.18	)		(1.12	)		(0.13	)		(1.67	)		(1.80	)	$	12.16
9/30/2018	$	15.26		0.14		1.19			1.33			(0.11	)		(1.40	)		(1.51	)	$	15.08
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

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)
VALUE FUND
Investor Shares
3/31/2019(5)		(7.06	)%	$	140,268		1.06	%		n/a			0.73	%		18.19	%
9/30/2018		9.32	%	$	184,869		1.01	%		n/a			0.72	%		24.53	%
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	%
Advisor Shares
3/31/2019(5)		(6.96	)%	$	110,110		0.88	%		0.94	%		0.91	%		18.19	%
9/30/2018		9.43	%	$	130,949		0.88	%		0.89	%		0.83	%		24.53	%
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(10)		(13.72	)%	$	466,702		0.86	%		n/a			1.12	%		74.07	%
Institutional Shares
3/31/2019(5)		(6.92	)%	$	162,135		0.84	%		n/a			0.95	%		18.19	%
9/30/2018		9.56	%	$	184,908		0.80	%		n/a			0.94	%		24.53	%
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	%

^{^}  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 to 1.35% for Investor Shares and 1.20% for Institutional Shares.

⁽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, 2019.

⁽⁶⁾  Amount is between $0.005 and $(0.005) per share.

⁽⁷⁾  For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽⁸⁾  For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽⁹⁾  For the period from commencement of operations (October 15, 2015) through September 30, 2016.

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

⁽¹¹⁾ For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽¹²⁾ For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽¹³⁾ Unaudited. For the period from commencement of operations (December 4, 2018) through March 31, 2019.

⁽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.

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

Artisan Partners Funds 73

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

⁽¹⁶⁾ In the year ended September 30, 2016, Sustainable Emerging Markets Fund recognized anon-recurring reimbursement from the Fund’s former custodian of approximately $172,000 in connection with certainout-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
Sustainable 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%

⁽¹⁷⁾ Effective February 14, 2014, the Sustainable Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽¹⁸⁾ Portfolio Turnover Rate calculation excludes purchased options expiring within one year of purchase date. Had these transactions been included, the Portfolio Turnover Rate for the six months ended March 31, 2019 would have been 195.66%.

⁽¹⁹⁾ 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
9/30/2018		1.50	%		1.69	%
9/30/2017#		1.50	%		2.69	%
Advisor Shares
9/30/2018&		1.40	%		2.74	%

^@  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.

^&  For the period from commencement of operations (July 31, 2018) through September 30, 2018.

⁽²⁰⁾ Portfolio Turnover Rate calculation excludes purchased options expiring within one year of purchase date. Had these transactions been included, the Portfolio Turnover Rate for the year ended September 30, 2018 would have been 390.18%.

⁽²¹⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽²²⁾ For the period from commencement of operations (July 31, 2018) through September 30, 2018.    

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

74 Artisan Partners Funds

ARTISAN FUNDS

Notes to Financial Statements – March 31, 2019 (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, 2019, 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 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 InternationalSmall-Mid Fund* (“InternationalSmall-Mid Fund”)	December 21, 2001	December 4, 2018	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 Sustainable Emerging Markets Fund** (“Sustainable Emerging Markets Fund”)	June 2, 2008	N/A	June 26, 2006
Artisan Thematic Fund (“Thematic Fund”)	April 24, 2017	July 31, 2018	N/A
Artisan Value Fund (“Value Fund”)	March 27, 2006	April 1, 2015	July 26, 2011

* Effective December 4, 2018, Artisan International Small Cap Fund changed its name to Artisan International Small-Mid Fund.

** Effective April 1, 2019, Artisan Emerging Markets Fund changed its name to Artisan Sustainable Emerging Markets Fund.

Each Fund is anopen-end, diversified mutual fund except Thematic Fund, which is anopen-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

Artisan Partners Funds 75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with 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, orover-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

76 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

secondary exchange or in theover-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 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 ofopen-end investment companies 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, ETFs or other financial instruments in the U.S. or other markets. The Funds monitored for subsequent events using several tools. In fair valuingnon-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 2015 through 2018) and have concluded that, as of March 31, 2019, 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, 2019, 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, 2019, the Funds did not incur any material 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 ofnon-U.S. securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign

78 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2019, 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 on the Schedules of Investments but are included in other assets less liabilities.

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, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, InternationalSmall-Mid Fund, International Value Fund, Sustainable Emerging Markets 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 nooff-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 liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of March 31, 2019, no claim has been made for indemnification pursuant to any such agreement of the Funds.

Artisan Partners Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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 segregate 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 commitments were recorded at market value and unrealized gains and losses are presented separately on the Statement of Assets and Liabilities.

(l) Redemption Fees – Artisan High Income Fund generally imposes 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 increasingpaid-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 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

80 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

counterparty to secure the Funds’ obligation to purchase the security, so that the total of the amounts segregated is equal to the market value of the securities sold short.

Artisan Partners Funds had an agreement with JPMorgan Chase Bank N.A, 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, 2019, no Funds engaged in short sales. As of March 31, 2019, 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 theex-dividend date. In some cases, the information was not available to the Funds on theex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after theex-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 theex-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.

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.

Artisan Partners Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

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 thanhigher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest

82 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. 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 anon-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 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

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 Note 2(a). A description of the fair value leveling techniques are described below:

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, equity-linked securities, foreign currency forward contracts and foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. 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.

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, 2019 (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		$	483,810		$	-		$	-		$	483,810
Emerging Asia			1,005,247			43,588			-			1,048,835
Europe, Middle East & Africa			104,185			-			-			104,185
Latin America			332,099			-			-			332,099
Investments Companies			115,447			-			-			115,447
Total Investments		$	2,040,788		$	43,588		$	-		$	2,084,376

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total
Global Discovery
Common Stocks(1)
Americas		$	49,069		$	-			$	-		$	49,069
Emerging Markets			4,171			-				-			4,171
Europe			19,712			-				-			19,712
Pacific Basin			5,247			-				-			5,247
Investments Companies			6,623			-				-			6,623
Total Investments		$	84,822		$	-			$	-		$	84,822
Global Equity
Common Stocks(1)
Americas		$	111,976		$	-			$	-		$	111,976
Emerging Markets			13,536			-				-			13,536
Europe			94,723			752				-			95,475
Pacific Basin			11,170			-				-			11,170
Investments Companies			10,597			-				-			10,597
Total Investments		$	242,002		$	752			$	-		$	242,754
Global Opportunities
Common Stocks(1)
Americas		$	1,697,550		$	-			$	-		$	1,697,550
Emerging Markets			245,298			-				-			245,298
Europe			819,012			-				-			819,012
Pacific Basin			267,730			-				-			267,730
Investments Companies			119,821			-				-			119,821
Total Investments		$	3,149,411		$	-			$	-		$	3,149,411
Global Value
Common Stocks(1)
Americas		$	1,600,079		$	-			$	-		$	1,600,079
Emerging Markets			428,199			-				-			428,199
Europe			997,221			-				-			997,221
Pacific Basin			19,039			-				-			19,039
Investments Companies			199,030			-				-			199,030
Total Investments			3,243,568			-				-			3,243,568
Foreign Currency Forward Contracts(2)			-			(2,428	)			-			(2,428	)
Total		$	3,243,568		$	(2,428	)		$	-		$	3,241,140

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
High Income
Corporate Bonds(1)		$	-			$	2,399,239			$	-				$	2,399,239
Bank Loans(1)			-				744,852				-		��			744,852
Preferred Stocks(1)			-				1,142				1,598					2,740
Common Stock(1)			-				541				-					541
Corporate Bond Escrows(1)			-				-				-	(4)				-
Investments Companies			258,299				-				-					258,299
Total Investments			258,299				3,145,774				1,598					3,405,671
Futures(2)			(2,946	)			-				-					(2,946	)
Total		$	255,353			$	3,145,774			$	1,598				$	3,402,725
International
Common Stocks(1)
Americas		$	1,715,314			$	-			$	-				$	1,715,314
Emerging Markets			1,074,218				-				-					1,074,218
Europe			6,784,488				208,167				-					6,992,655
Middle East			12,612				-				-					12,612
Pacific Basin			800,560				-				-					800,560
Investments Companies			226,992				-				-					226,992
Total Investments		$	10,614,184			$	208,167			$	-				$	10,822,351
InternationalSmall-Mid
Common Stocks(1)
Americas		$	99,750			$	-			$	-				$	99,750
Emerging Markets			27,560				-				-					27,560
Europe			360,766				-				-					360,766
Middle East			31,600				-				-					31,600
Pacific Basin			142,333				-				-					142,333
Investments Companies			15,110				-				-					15,110
Total Investments		$	677,119			$	-			$	-				$	677,119
International Value
Common Stocks(1)
Americas		$	1,666,130			$	-			$	-				$	1,666,130
Emerging Markets			2,759,892				-				-					2,759,892
Europe			8,079,283				-				-					8,079,283
Pacific Basin			157,135				-				-					157,135
Investments Companies			1,255,063				-				-					1,255,063
Total Investments			13,917,503				-				-					13,917,503
Foreign Currency Forward Contracts(2)			-				(10,364	)			-					(10,364	)
Total		$	13,917,503			$	(10,364	)		$	-				$	13,907,139

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
Mid Cap
Common Stocks(1)		$	5,035,709			$	-		$	-			$	5,035,709
Investment Companies			106,835				-			-				106,835
Total Investments		$	5,142,544			$	-		$	-			$	5,142,544
Mid Cap Value
Common Stocks(1)		$	2,344,259			$	-		$	-			$	2,344,259
Investment Companies			155,337				-			-				155,337
Total Investments		$	2,499,596			$	-		$	-			$	2,499,596
Small Cap
Common Stocks(1)		$	1,794,620			$	-		$	-			$	1,794,620
Investment Companies			43,387				-			-				43,387
Total Investments		$	1,838,007			$	-		$	-			$	1,838,007
Sustainable Emerging Markets
Common Stocks(1)
Developed Markets		$	2,447			$	-		$	-			$	2,447
Emerging Asia			33,023				-			-	(3)			33,023
Europe, Middle East & Africa			10,769				-			-				10,769
Latin America			9,447				-			-				9,447
Investments Companies			1,699				-			-				1,699
Total Investments		$	57,385			$	-		$	-			$	57,385
Thematic
Common Stocks(1)		$	359,010			$	-		$	-			$	359,010
Purchased Option Contracts			4,377				-			-				4,377
Investment Companies			37,707				-			-				37,707
Total Investments			401,094				-			-				401,094
Foreign Currency Forward Contracts(2)			-				542			-				542
Written Option Contracts			(87	)			-			-				(87	)
Total		$	401,007			$	542		$	-			$	401,549
Value
Common Stocks(1)		$	382,325			$	-		$	-			$	382,325
Investment Companies			29,315				-			-				29,315
Total Investments		$	411,640			$	-		$	-			$	411,640
(1)See the Fund’s Schedule of Investments for industry or country classifications. (2)Foreign currency forward contracts and futures contracts are valued at unrealized appreciation (depreciation). (3)Common stock, valued at $0. (4)Corporate bond escrows, valued at $0.

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Assets	Fair Value at March 31, 2019				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
High Income Fund
Corporate Bond Escrows		$	-	(1)	Last quote in inactive market less 100% discount	N/A
Preferred Stock		$	1,598	(2)	Enterprise Value/ Earnings before interest, taxes, depreciation and amortization multiple of 10.12x determined from comparable companies less 25% discount	Valuation decrease as discount increased
Sustainable Emerging Markets Fund
Common Stock		$	-	(1)	Last quote in inactive market less 100% discount	N/A
(1)Includes one or more securities valued at $0. (2)The inputs used by management in estimating the fair value includepro-forma EBITDA amounts and EBITDA multiples for comparable companies. Increases or decreases in these inputs would impact the estimated value directly. In certain instances, management has also adjusted the value to reflect illiquidity ornon-transferability of assets. Increases in those discounts would reduce the value of the investments.

As of March 31, 2019, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

	High Income Fund				Sustainable Emerging Markets Fund				Thematic Fund
Balance as of September 30, 2018		$	4,308	(1)		$	-	(1)		$	639
Transfers into Level 3			-				-				-
Net change in unrealized appreciation (depreciation)			(2,710	)			-				-
Purchases			-				-				-
Sales			-				-				(639	)
Realized Gain/Loss			-				-				-
Transfers out of Level 3			-				-				-
Balance as of March 31, 2019		$	1,598	(1)		$	-	(1)		$	-
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2019		$	(2,710	)		$	-			$	-
(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

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 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 at its own expense. 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, 2019 (in thousands):

	Six Months Ended 3/31/2019
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Developing World Fund - Investor Shares		$	22		$	560		$	582
Artisan Developing World Fund - Advisor Shares			19			412			431
Artisan Developing World Fund - Institutional Shares			19			-			19
Artisan Global Discovery Fund - Investor Shares			17			41			58
Artisan Global Equity Fund - Investor Shares			21			113			134
Artisan Global Equity Fund - Institutional Shares			16			-			16
Artisan Global Opportunities Fund - Investor Shares			37			1,194			1,231
Artisan Global Opportunities Fund - Advisor Shares			19			239			258
Artisan Global Opportunities Fund - Institutional Shares			19			-			19
Artisan Global Value Fund - Investor Shares			34			753			787
Artisan Global Value Fund - Advisor Shares			19			364			383
Artisan Global Value Fund - Institutional Shares			20			-			20
Artisan High Income Fund - Investor Shares			23			1,172			1,195
Artisan High Income Fund - Advisor Shares			25			914			939
Artisan High Income Fund - Institutional Shares			18			-			18
Artisan International Fund - Investor Shares			140			4,556			4,696
Artisan International Fund - Advisor Shares			29			879			908
Artisan International Fund - Institutional Shares			34			-			34
Artisan InternationalSmall-Mid Fund - Investor Shares			28			173			201
Artisan InternationalSmall-Mid Fund - Advisor Shares(1)			4			16			20
Artisan InternationalSmall-Mid Fund - Institutional Shares			16			-			16
Artisan International Value Fund - Investor Shares			59			3,315			3,374

Artisan Partners Funds 89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2019
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan International Value Fund - Advisor Shares		$	31		$	1,841		$	1,872
Artisan International Value Fund - Institutional Shares			30			-			30
Artisan Mid Cap Fund - Investor Shares			65			1,848			1,913
Artisan Mid Cap Fund - Advisor Shares			19			281			300
Artisan Mid Cap Fund - Institutional Shares			27			-			27
Artisan Mid Cap Value Fund - Investor Shares			68			1,109			1,177
Artisan Mid Cap Value Fund - Advisor Shares			23			321			344
Artisan Mid Cap Value Fund - Institutional Shares			19			-			19
Artisan Small Cap Fund - Investor Shares			53			462			515
Artisan Small Cap Fund - Advisor Shares			17			104			121
Artisan Small Cap Fund - Institutional Shares			18			-			18
Artisan Sustainable Emerging Markets Fund - Investor Shares			18			65			83
Artisan Sustainable Emerging Markets Fund - Institutional Shares			16			-			16
Artisan Thematic Fund - Investor Shares			18			164			182
Artisan Thematic Fund - Advisor Shares			14			43			57
Artisan Value Fund - Investor Shares			28			163			191
Artisan Value Fund - Advisor Shares			18			45			63
Artisan Value Fund - Institutional Shares			17			-			17
(1)For the period from commencement of operations (December 4, 2018) through March 31, 2019.

(6) Commission recapture:

Effective March 1, 2019, the board of directors of Artisan Partners Funds terminated the commission recapture program. Prior to March 1, 2019, each Fund except High Income Fund had 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, 2019 as follows (in thousands):

Developing World	$	41
Global Equity		-	(1)
Global Opportunities		2
Mid Cap		10
Mid Cap Value		25
Small Cap		4
Sustainable Emerging Markets		1
Value		3
(1)Amount rounds to less than $1

90 Artisan Partners Funds

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. During the period ended March 31, 2019, there were no foreign currency forward contracts used by the Funds except Global Value Fund, International Value Fund and Thematic Fund each used them for hedging currency exposure.

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. The Fund will earmark or segregate liquid assets to cover any unrealized losses.

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. During the period ended March 31, 2019, there were no futures transactions used by the Funds except High Income Fund used them to manage its duration exposure.

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 due from broker 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 liquid assets equal to the market value of the futures positions held less margin deposits, and that amount will bemarked-to-market on a daily basis.

Artisan Partners Funds 91

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 in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. When a Fund writes options, it will cover its obligation by earmarking or segregating liquid assets.

If a written option 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. During the period ended March 31, 2019, there were no options transactions used by the Funds except Thematic Fund used options transactions to magnify alpha and minimize downside.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2019 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 gain on foreign currency forward contracts		$	373
	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(2,801	)
High Income	Interest rate	Futures contracts	Total distributable earnings (loss)		$	(2,946	)
International Value	Foreign currency	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	2,741
	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(13,105	)
Thematic	Foreign currency	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	572
	Foreign currency	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(30	)
	Equity	Purchased options contracts	Investments, at value		$	4,377
	Equity	Written options contracts	Written options, at value		$	(87	)

92 Artisan Partners Funds

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, 2019 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		$	168		Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts		$	(2,290	)
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	(2,430	)	Net increase (decrease) in unrealized appreciation or depreciation on futures contracts		$	(3,363	)
International Value	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(2,502	)	Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts		$	(10,986	)
Thematic	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	206		Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts		$	467
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	(1,176	)	Net increase (decrease) in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	108
	Equity	Written options contracts	Net realized gain loss on written options		$	(1,266	)	Net increase (decrease) in unrealized appreciation or depreciation on written options		$	(7	)

The average monthly amount outstanding for each derivative for the period ended March 31, 2019 was as follows (dollar value in thousands):

Fund	Derivative Type	Average Monthly Principal Amount
Global Value	Foreign currency forward contracts		$	678,273
International Value	Foreign currency forward contracts		$	566,005
Thematic	Foreign currency forward contracts		$	44,644
Fund	Derivative Type	Average Monthly Notional Amount
High Income	Futures contracts		$	103,088
Fund	Derivative Type	Average Monthly Notional Amount
Thematic	Purchased options contracts		$	6,373
	Written options contracts		$	288

Artisan Partners Funds 93

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)
Global Value	JPMorgan Chase Bank N.A.		$	373			$	(373	)		$	-		$	-
International Value	JPMorgan Chase Bank N.A.			2,741				(2,741	)			-			-
Thematic	JPMorgan Chase Bank N.A.			572				(30	)			-			542
	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)
Global Value	JPMorgan Chase Bank N.A.		$	(2,801	)		$	373			$	-		$	(2,428	)
International Value	JPMorgan Chase Bank N.A.			(13,105	)			2,741				-			(10,364	)
Thematic	JPMorgan Chase Bank N.A.			(30	)			30				-			-

(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, 2019. In exchange for those services, each Fund paid 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

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

InternationalSmall-Mid Fund – (Prior to December 1, 2018):

Average Daily Net Assets	Annual Rate
All		1.250	%

Artisan Partners Funds 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

International Small-Mid Fund – (Effective December 1, 2018):

Average Daily Net Assets	Annual Rate
Less than $2 billion		1.050	%
$2 billion to $3 billion		1.025
$3 billion to $4 billion		1.000
$4 billion to $5 billion		0.975
Greater than $5 billion		0.950

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

Sustainable 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

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 the date shown on the table below 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, 2019 (dollar values in thousands):

For the period ended March 31, 2019, no operating expenses were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser as of March 31, 2019.

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Expense Limit as a % of Average Daily Net Assets			Management Fees Waived			Continues Through
Artisan Global Discovery Fund - Investor Shares		1.50	%		$	-		January 31, 2020
Artisan InternationalSmall-Mid Fund - Investor Shares(1)		1.50	%			-		January 31, 2020
Artisan InternationalSmall-Mid Fund - Advisor Shares(1)		1.40	%			-		January 31, 2020
Artisan InternationalSmall-Mid Fund - Institutional Shares(1)		1.35	%			-		January 31, 2020
Artisan Sustainable Emerging Markets Fund - Investor Shares		1.35	%			125		January 31, 2020
Artisan Sustainable Emerging Markets Fund - Institutional Shares		1.20	%			36		January 31, 2020
Artisan Thematic Fund - Investor Shares		1.50	%			-		January 31, 2020
Artisan Thematic Fund - Advisor Shares		1.40	%			-		January 31, 2020
Artisan Value Fund - Advisor Shares		0.88	%			33		January 31, 2020
(1)Effective December 1, 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, 2019, 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 $275,000, 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 an annual supplemental retainer as follows:

	Amount
Independent board chair		$	85,000	*
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000
*  Prior to January 1, 2019, Independent board chair received an annual supplemental retainer of $60,000.

If more than sevenin-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 suchin-person meeting and $1,000 for each such telephonic meeting. 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. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds.

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

Artisan Partners Funds 97

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 lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 12, 2019. Under the line of credit, each Fund can borrow an amount that would 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 was a party; provided that the aggregate borrowings by all the Funds may not exceed $200 million. The Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for aone-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.00%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00%. The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent 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, 2019, there were no borrowings under the line of credit for any of the Funds, except for the Global Equity Fund and Sustainable Emerging Markets Fund which had average borrowings of $6,100,000 and $1,410,000 respectively. Average borrowing rates of 3.52% and 3.52% respectively. All fees and interest expense, 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, 2019.

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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, 2019 were as follows (in thousands):

Fund	Security Purchases				Security Sales
Developing World		$	1,619,345			$	2,079,470
Global Discovery			22,966				17,697
Global Equity			127,342				194,838
Global Opportunities			710,842				863,983
Global Value			572,191				778,288
High Income			1,438,067				1,293,966
International			2,448,339				3,758,679
InternationalSmall-Mid			604,878				320,691
International Value			1,892,810				2,049,438
Mid Cap			1,300,026				2,092,594
Mid Cap Value			261,076				772,421
Small Cap			421,087				372,526
Sustainable Emerging Markets			9,651				10,222
Thematic			610,782	(1)			373,536	(1)
Value			75,065				123,865

⁽¹⁾ Investment transactions excludes purchased options expiring within one year of purchase date. Had these transactions been included, security purchases and security sales would have been $676,161 and $435,951, respectively.

(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, 2019 (shares and 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, 2019.

Artisan Partners Funds 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/2018												Net Realized Gain/(Loss)				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)							As of 3/31/2019
Fund	Security	Share Balance		Value			Purchases Cost			Sales Proceeds												Dividend Income@			Share Balance		Value
InternationalSmall-Mid Fund
	SyntheticMR AB†		299		$	13,242		$	-		$	(9,545	)		$	(1,952	)		$	(1,745	)		$	-		-		$	-
	Total#				$	13,242		$	-		$	(9,545	)		$	(1,952	)		$	(1,745	)		$	-		-		$	-
International Value
	Arch Capital Group Ltd.†*		20,447		$	609,528		$	1,467		$	(22,722	)		$	(2,373	)		$	51,129			$	-		19,710		$	637,029
	Panalpina Welttransport Holding AG		2,295			334,457						(56,055	)			10,710				34,250				-		1,942			323,362
	Total#				$	943,985		$	1,467		$	(78,777	)		$	8,337			$	85,379			$	-				$	323,362

^@ Net of foreign taxes withheld, if any.

^†  Issuer was not an affiliate as of March 31, 2019.

^#  Total value as of March 31, 2019 is presented only for those issuers that were affiliates as of March 31, 2019.

* Non-income producing security.

(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, 2019 was as follows (in thousands):

Fund	Cost of Investments				Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation on Investments
Developing World		$	1,555,732			$	532,882		$	(4,238	)		$	528,644
Global Discovery			76,542				10,266			(1,986	)			8,280
Global Equity			194,651				51,387			(3,284	)			48,103
Global Opportunities			2,435,821				748,079			(34,489	)			713,590
Global Value			2,815,846				550,746			(125,452	)			425,294
High Income			3,459,302				70,162			(126,739	)			(56,577	)
International			8,516,753				2,474,903			(169,305	)			2,305,598
InternationalSmall-Mid			612,499				76,046			(11,426	)			64,620
International Value			12,228,795				2,581,387			(903,043	)			1,678,344
Mid Cap			3,563,749				1,639,954			(61,159	)			1,578,795
Mid Cap Value			1,836,193				748,430			(85,027	)			663,403
Small Cap			1,221,523				642,921			(26,437	)			616,484
Sustainable Emerging Markets			49,438				17,176			(9,229	)			7,947
Thematic			369,833	(1)			32,467			(751	)			31,716
Value			327,158				96,676			(12,194	)			84,482

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

100 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2019.

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, 2019 and the year ended September 30, 2018 were as follows (in thousands):

	Six Months Ended 3/31/2019						Year Ended 9/30/2018
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	884		$	-		$	50,440		$	19,327
Global Discovery			-			-			90			-
Global Equity			884			40,421			865			1,215
Global Opportunities			164			193,323			2,036			113,026
Global Value			36,058			162,702			45,330			22,690
High Income			98,931			17,747			204,540			8,692
International			155,282			840,199			113,694			-
InternationalSmall-Mid			-			104,828			577			62,120
International Value			178,113			532,018			215,160			390,454
Mid Cap			-			1,008,615			-			868,734
Mid Cap Value			10,477			385,884			29,409			350,487
Small Cap			-			244,953			-			187,338
Sustainable Emerging Markets			483			-			282			-
Thematic			7			6,481			1,606			-
Value			3,716			54,296			14,966			46,256

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 redemptionsin-kind for International Fund and Mid Cap Fund of approximately $12,658,000 and $4,956,000, respectively, were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2019, 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 at the end of the Funds’ fiscal year.

Artisan Partners Funds 101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 recorded 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 Fund shares. These reclassifications have no impact on the net asset values of the Funds.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2018. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2018.

Additional tax information as of and for the year ended September 30, 2018 follows (in thousands):

Fund	Undistributed Ordinary Income			Undistributed Long-Term Gain			Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)(1)
Developing World		$	-		$	-		$	60,644		$	1,808		$	(32	)
Global Discovery			-			-			-			142			(2	)
Global Equity			19,424			21,574			-			-			(8	)
Global Opportunities			160			193,312			-			-			(56	)
Global Value			57,226			135,283			-			-			(67	)
High Income			8,580			9,107			-			-			(2,952	)
International			155,265			753,567			-			-			(403	)
InternationalSmall-Mid			24,198			51,953			-			-			(18	)
International Value			192,080			517,993			-			-			(339	)
Mid Cap			49,923			938,853			-			-			(199	)
Mid Cap Value			3,366			363,883			-			-			(137	)
Small Cap			3,057			241,894			-			-			(36	)
Sustainable Emerging Markets			483			-			-			-			(5	)
Thematic			6,485			-			-			-			(27	)
Value			6,168			48,039			-			-			(20	)

⁽¹⁾ Other deferred gains and losses relate to (a) distribution payable at year end and (b) other items.

102 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of September 30, 2018, 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	Unexpiring – ST				Unexpiring – LT
International		$	-			$	-
Sustainable Emerging Markets			5,939	(1)			126,422	(1)

⁽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 $1,323, pursuant to IRCSection 382-383.

(13) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,168,058			$	46,891			10,059,119			$	125,081
Advisor Shares		20,593,231				233,190			46,099,312				578,570
Institutional Shares		5,090,586				59,856			18,120,657				230,737
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,176				45			1,377,040				17,447
Advisor Shares		54,828				587			2,095,611				26,615
Institutional Shares		15,022				161			1,263,067				16,066
Cost of shares redeemed
Investor Shares		(31,361,896	)			(375,258	)		(9,211,887	)			(112,853	)
Advisor Shares		(19,421,778	)			(215,211	)		(15,546,970	)			(189,227	)
Institutional Shares		(16,877,405	)			(184,651	)		(11,837,626	)			(144,233	)
Net increase (decrease) from fund share transactions
Investor Shares		(27,189,662	)			(328,322	)		2,224,272				29,675
Advisor Shares		1,226,281				18,566			32,647,953				415,958
Institutional Shares		(11,771,797	)			(124,634	)		7,546,098				102,570
	GLOBAL DISCOVERY
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,007,328			$	11,793			4,921,088			$	57,769
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			8,470				90
Cost of shares redeemed
Investor Shares		(181,407	)			(1,951	)		(130,889	)			(1,507	)
Net increase from fund share transactions
Investor Shares		825,921				9,842			4,798,669				56,352
Footnotes are presented on Page 110.

Artisan Partners Funds 103

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL EQUITY
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		374,747			$	6,749			894,923			$	19,211
Institutional Shares		28,205				485			2,446,487				52,725
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		941,420				16,381			43,999				905
Institutional Shares		1,202,762				21,000			43,773				904
Cost of shares redeemed
Investor Shares		(807,815	)			(14,597	)		(2,227,243	)			(47,781	)
Institutional Shares		(3,161,822	)			(56,425	)		(1,972,458	)			(43,262	)
Net increase (decrease) from fund share transactions
Investor Shares		508,352				8,533			(1,288,321	)			(27,665	)
Institutional Shares		(1,930,855	)			(34,940	)		517,802				10,367
	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		6,645,722			$	159,132			13,726,994			$	367,897
Advisor Shares		5,503,650				129,115			8,769,136				236,035
Institutional Shares		3,378,272				81,599			15,967,423				430,512
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,997,356				66,661			1,584,555				40,295
Advisor Shares		1,201,182				26,822			568,901				14,501
Institutional Shares		3,965,498				89,343			2,083,657				53,509
Cost of shares redeemed
Investor Shares		(9,629,363	)			(227,125	)		(10,703,492	)			(285,816	)
Advisor Shares		(8,354,138	)			(194,689	)		(3,796,036	)			(101,634	)
Institutional Shares		(4,238,771	)			(101,202	)		(10,606,879	)			(281,810	)
Net increase (decrease) from fund share transactions
Investor Shares		13,715				(1,332	)		4,608,057				122,376
Advisor Shares		(1,649,306	)			(38,752	)		5,542,001				148,902
Institutional Shares		3,104,999				69,740			7,444,201				202,211
Footnotes are presented on Page 110.

104 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL VALUE
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,306,798			$	53,384			8,171,141			$	148,960
Advisor Shares		9,540,637				153,737			16,504,741				299,868
Institutional Shares		10,488,248				175,951			47,575,164				874,432
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,203,257				34,745			862,022				15,430
Advisor Shares		2,494,520				39,239			878,354				15,687
Institutional Shares		7,205,226				113,554			1,801,378				32,227
Cost of shares redeemed
Investor Shares		(11,585,993	)			(187,875	)		(14,714,980	)			(267,531	)
Advisor Shares		(21,088,618	)			(333,068	)		(15,263,386	)			(277,204	)
Institutional Shares		(9,876,563	)			(162,259	)		(14,264,894	)			(258,824	)
Net increase (decrease) from fund share transactions
Investor Shares		(6,075,938	)			(99,746	)		(5,681,817	)			(103,141	)
Advisor Shares		(9,053,461	)			(140,092	)		2,119,709				38,351
Institutional Shares		7,816,911				127,246			35,111,648				647,835
	HIGH INCOME
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		25,230,573			$	240,683			52,982,023			$	525,563
Advisor Shares		37,780,733				359,675			90,626,264				894,455
Institutional Shares		21,634,783				205,261			14,181,878				140,330
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,665,172				34,767			6,054,891				59,913
Advisor Shares		5,750,397				54,502			10,210,062				101,122
Institutional Shares		916,288				8,686			1,479,716				14,633
Cost of shares redeemed(1)
Investor Shares		(18,274,349	)			(173,293	)		(21,064,786	)			(208,470	)
Advisor Shares		(52,293,811	)			(494,986	)		(53,046,958	)			(525,731	)
Institutional Shares		(5,931,892	)			(55,752	)		(12,099,222	)			(119,827	)
Net increase (decrease) from fund share transactions
Investor Shares		10,621,396				102,157			37,972,128				377,006
Advisor Shares		(8,762,681	)			(80,809	)		47,789,368				469,846
Institutional Shares		16,619,179				158,195			3,562,372				35,136
Redemption Fees
Investor Shares						107							66
Advisor Shares						37							135
Institutional Shares						30							22
Footnotes are presented on Page 110.

Artisan Partners Funds 105

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,426,209			$	212,881			12,231,661			$	410,685
Advisor Shares		10,209,837				295,071			19,209,481				645,784
Institutional Shares		15,943,002				469,360			42,106,834				1,418,636
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		11,600,621				323,778			1,064,716				35,370
Advisor Shares		5,691,388				158,391			488,021				16,173
Institutional Shares		14,686,471				411,662			1,481,697				49,444
Cost of shares redeemed
Investor Shares		(29,581,348	)			(857,007	)		(51,871,032	)			(1,741,579	)
Advisor Shares		(18,312,425	)			(530,543	)		(22,045,534	)			(739,129	)
Institutional Shares		(41,260,984	)			(1,213,174	)		(51,674,141	)			(1,749,027	)
Net decrease from fund share transactions
Investor Shares		(10,554,518	)			(320,348	)		(38,574,655	)			(1,295,524	)
Advisor Shares		(2,411,200	)			(77,081	)		(2,348,032	)			(77,172	)
Institutional Shares		(10,631,511	)			(332,152	)		(8,085,610	)			(280,947	)
	INTERNATIONALSMALL-MID
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		14,411,047			$	189,440			537,522			$	12,628
Advisor Shares(2)		13,691,608				166,496
Institutional Shares		23,681,197				285,935			2,344,430				56,281
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,042,101				71,297			1,564,424				34,589
Institutional Shares		2,321,129				27,645			1,019,667				22,627
Cost of shares redeemed
Investor Shares		(18,139,434	)			(247,473	)		(4,833,359	)			(114,365	)
Advisor Shares(2)		(943,664	)			(11,754	)
Institutional Shares		(6,277,227	)			(115,338	)		(6,227,618	)			(149,278	)
Net increase (decrease) from fund share transactions
Investor Shares		2,313,714				13,264			(2,731,413	)			(67,148	)
Advisor Shares(2)		12,747,944				154,742
Institutional Shares		19,725,099				198,242			(2,863,521	)			(70,370	)
Footnotes are presented on Page 110.

106 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		12,592,489			$	407,956			16,174,770			$	615,911
Advisor Shares		34,368,718				1,138,692			46,636,344				1,755,719
Institutional Shares		26,565,447				888,408			50,015,872				1,924,457
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,015,409				128,814			3,852,996				146,915
Advisor Shares		5,998,928				192,086			4,179,121				159,141
Institutional Shares		10,054,628				323,256			6,596,633				252,189
Cost of shares redeemed
Investor Shares		(19,821,359	)			(646,735	)		(39,825,069	)			(1,504,667	)
Advisor Shares		(43,544,633	)			(1,435,218	)		(34,270,041	)			(1,307,775	)
Institutional Shares		(35,719,305	)			(1,183,523	)		(19,495,925	)			(738,718	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,213,461	)			(109,965	)		(19,797,303	)			(741,841	)
Advisor Shares		(3,176,987	)			(104,440	)		16,545,424				607,085
Institutional Shares		900,770				28,141			37,116,580				1,437,928
	MID CAP
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,779,867			$	123,345			9,266,909			$	385,999
Advisor Shares		2,801,542				90,329			4,935,883				202,980
Institutional Shares		9,181,833				343,476			12,754,032				567,882
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		10,474,763				310,996			7,652,678				290,725
Advisor Shares		3,462,860				103,539			1,953,425				74,562
Institutional Shares		13,653,184				452,057			9,741,704				402,820
Cost of shares redeemed
Investor Shares		(12,658,975	)			(407,466	)		(25,721,010	)			(1,058,185	)
Advisor Shares		(6,090,462	)			(202,476	)		(6,245,937	)			(256,861	)
Institutional Shares		(18,138,750	)			(655,098	)		(40,436,435	)			(1,798,026	)
Net increase (decrease) from fund share transactions
Investor Shares		1,595,655				26,875			(8,801,423	)			(381,461	)
Advisor Shares		173,940				(8,608	)		643,371				20,681
Institutional Shares		4,696,267				140,435			(17,940,699	)			(827,324	)
Footnotes are presented on Page 110.

Artisan Partners Funds 107

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,721,082			$	51,506			6,708,755			$	154,486
Advisor Shares		3,884,515				72,208			12,606,232				291,525
Institutional Shares		3,501,535				63,256			11,481,376				267,039
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,988,947				128,806			7,240,181				158,850
Advisor Shares		6,302,400				115,775			4,486,111				98,201
Institutional Shares		6,423,116				118,057			4,163,714				91,185
Cost of shares redeemed
Investor Shares		(15,856,575	)			(304,325	)		(40,643,257	)			(938,576	)
Advisor Shares		(12,451,619	)			(230,258	)		(20,657,441	)			(479,704	)
Institutional Shares		(9,534,401	)			(180,717	)		(14,128,650	)			(324,314	)
Net increase (decrease) from fund share transactions
Investor Shares		(6,146,546	)			(124,013	)		(26,694,321	)			(625,240	)
Advisor Shares		(2,264,704	)			(42,275	)		(3,565,098	)			(89,978	)
Institutional Shares		390,250				596			1,516,440				33,910
	SMALL CAP
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,945,701			$	79,590			1,412,985			$	48,605
Advisor Shares		6,656,404				213,612			3,692,268				126,758
Institutional Shares		2,090,157				63,472			7,818,442				266,957
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,430,870				66,436			2,026,759				62,201
Advisor Shares		2,463,339				67,520			1,554,204				47,745
Institutional Shares		2,991,395				83,221			1,925,549				59,885
Cost of shares redeemed
Investor Shares		(2,454,145	)			(71,893	)		(4,443,679	)			(148,652	)
Advisor Shares		(2,464,282	)			(73,817	)		(2,211,217	)			(76,903	)
Institutional Shares		(4,153,012	)			(128,891	)		(3,802,704	)			(129,628	)
Net increase (decrease) from fund share transactions
Investor Shares		2,922,426				74,133			(1,003,935	)			(37,846	)
Advisor Shares		6,655,461				207,315			3,035,255				97,600
Institutional Shares		928,540				17,802			5,941,287				197,214
Footnotes are presented on Page 110.

108 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	SUSTAINABLE EMERGING MARKETS
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		460,170			$	6,724			1,266,888			$	20,884
Institutional Shares		172,333				2,467			97,462				1,556
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		31,799				448			14,393				236
Institutional Shares		2,423				34			2,697				44
Cost of shares redeemed
Investor Shares		(535,027	)			(7,670	)		(718,712	)			(11,786	)
Institutional Shares		(135,800	)			(1,986	)		(273,245	)			(4,376	)
Net increase (decrease) from fund share transactions
Investor Shares		(43,058	)			(498	)		562,569				9,334
Institutional Shares		38,956				515			(173,086	)			(2,776	)
	THEMATIC
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		10,356,765			$	139,980			7,383,091			$	98,926
Advisor Shares(3)		14,085,752				189,607			2,705,885				38,552
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		330,654				4,341			137,916				1,605
Advisor Shares(3)		154,349				2,027			-				-
Cost of shares redeemed
Investor Shares		(4,910,231	)			(66,053	)		(3,281,368	)			(45,978	)
Advisor Shares(3)		(1,308,856	)			(17,135	)		(56,489	)			(809	)
Net increase from fund share transactions
Investor Shares		5,777,188				78,268			4,239,639				54,553
Advisor Shares(3)		12,931,245				174,499			2,649,396				37,743
Footnotes are presented on Page 110.

Artisan Partners Funds 109

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	VALUE
	Six Months Ended 3/31/2019							Year Ended 9/30/2018
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		493,934			$	5,969			924,217			$	13,504
Advisor Shares		1,043,894				12,495			1,850,689				26,816
Institutional Shares		1,212,870				13,945			1,600,865				23,342
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,770,989				20,721			1,403,230				19,631
Advisor Shares		1,301,934				15,155			1,258,181				17,514
Institutional Shares		1,764,071				20,569			1,608,478				22,438
Cost of shares redeemed
Investor Shares		(3,008,077	)			(36,067	)		(4,310,747	)			(63,167	)
Advisor Shares		(1,977,893	)			(23,474	)		(6,318,388	)			(93,599	)
Institutional Shares		(1,908,264	)			(22,795	)		(7,579,995	)			(111,924	)
Net increase (decrease) from fund share transactions
Investor Shares		(743,154	)			(9,377	)		(1,983,300	)			(30,032	)
Advisor Shares		367,935				4,176			(3,209,518	)			(49,269	)
Institutional Shares		1,068,677				11,719			(4,370,652	)			(66,144	)

⁽¹⁾ Net of redemption fees.

⁽²⁾ For the period from commencement of operations (December 4, 2018) through March 31, 2019.

⁽³⁾ For the period from commencement of operations (July 31, 2018) through September 30, 2018.

(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, 2018 to March 31, 2019.

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, 2019 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 10/1/2018			Ending Account Value 3/31/2019			Expenses Paid During Period 10/1/2018-3/31/2019(1)			Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,181.90		$	7.62		1.40	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.95		$	7.04		1.40	%
Advisor Shares
Actual		$	1,000.00		$	1,183.60		$	6.32		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.84		1.16	%
Institutional Shares
Actual		$	1,000.00		$	1,183.90		$	5.88		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 10/1/2018			Ending Account Value 3/31/2019			Expenses Paid During Period 10/1/2018-3/31/2019(1)			Expense Ratio(2)(3)
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	991.10		$	7.10		1.43	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.80		$	7.19		1.43	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	989.00		$	6.79		1.37	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.10		$	6.89		1.37	%
Institutional Shares
Actual		$	1,000.00		$	989.80		$	5.71		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.79		1.15	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	984.60		$	5.74		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.84		1.16	%
Advisor Shares
Actual		$	1,000.00		$	985.40		$	5.05		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.14		1.02	%
Institutional Shares
Actual		$	1,000.00		$	986.00		$	4.51		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		$	964.70		$	6.27		1.28	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.55		$	6.44		1.28	%
Advisor Shares
Actual		$	1,000.00		$	965.10		$	5.54		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.69		1.13	%
Institutional Shares
Actual		$	1,000.00		$	966.20		$	4.95		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,008.40		$	4.91		0.98	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.04		$	4.94		0.98	%
Advisor Shares
Actual		$	1,000.00		$	1,009.20		$	4.16		0.83	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.79		$	4.18		0.83	%
Institutional Shares
Actual		$	1,000.00		$	1,009.70		$	3.71		0.74	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.24		$	3.73		0.74	%

112 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2018			Ending Account Value 3/31/2019			Expenses Paid During Period 10/1/2018-3/31/2019(1)			Expense Ratio(2)(3)
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	978.60		$	5.87		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	5.99		1.19	%
Advisor Shares
Actual		$	1,000.00		$	979.30		$	5.18		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	979.60		$	4.74		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%
Artisan InternationalSmall-Mid Fund
Investor Shares
Actual		$	1,000.00		$	942.00		$	6.92		1.43	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.80		$	7.19		1.43	%
Advisor Shares
Actual(4)		$	1,000.00		$	1,091.50		$	4.19		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Institutional Shares
Actual		$	1,000.00		$	943.00		$	5.81		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	972.50		$	5.80		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	973.20		$	5.17		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	973.70		$	4.67		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	992.30		$	5.96		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	993.00		$	5.37		1.08	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.44		1.08	%
Institutional Shares
Actual		$	1,000.00		$	994.00		$	4.77		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%

Artisan Partners Funds 113

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2018			Ending Account Value 3/31/2019			Expenses Paid During Period 10/1/2018-3/31/2019(1)			Expense Ratio(2)(3)
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	933.70		$	5.83		1.21	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.90		$	6.09		1.21	%
Advisor Shares
Actual		$	1,000.00		$	934.30		$	5.26		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.49		1.09	%
Institutional Shares
Actual		$	1,000.00		$	934.80		$	4.78		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	986.10		$	5.99		1.21	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.90		$	6.09		1.21	%
Advisor Shares
Actual		$	1,000.00		$	987.30		$	5.20		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	987.50		$	4.96		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.04		1.00	%
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,041.90		$	6.87		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.20		$	6.79		1.35	%
Institutional Shares
Actual		$	1,000.00		$	1,042.40		$	6.11		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Artisan Thematic Fund
Investor Shares
Actual		$	1,000.00		$	1,033.60		$	7.00		1.38	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.05		$	6.94		1.38	%
Advisor Shares
Actual		$	1,000.00		$	1,034.30		$	6.24		1.23	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.19		1.23	%

114 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2018			Ending Account Value 3/31/2019			Expenses Paid During Period 10/1/2018-3/31/2019(1)			Expense Ratio(2)(3)
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	929.40		$	5.10		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.34		1.06	%
Advisor Shares
Actual		$	1,000.00		$	930.40		$	4.24		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.54		$	4.43		0.88	%
Institutional Shares
Actual		$	1,000.00		$	930.80		$	4.04		0.84	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.74		$	4.23		0.84	%

⁽¹⁾ Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2019, multiplied by the average account value over the period, multiplied by 182/365 (to reflect theone-half year period).

⁽²⁾ Annualized ratio of expenses to average net assets for thesix-month period ended March 31, 2019.

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

⁽⁴⁾ The actual account value and expenses paid for Artisan International Small-Mid Fund – Advisor Shares have been presented for the period from commencement of operations (December 4, 2018) through March 31, 2019.

Artisan Partners Funds 115

FACTORS CONSIDERED IN APPROVING ARTISAN INTERNATIONAL  SMALL-MID FUND’S ADVISORY AGREEMENT

At their regular quarterly meeting held on November 13, 2018 (the “Meeting”), the board of directors of Artisan Partners Funds, including the independent directors, considered and unanimously approved an amendment (for purposes of this discussion, the “Amendment”) to the investment advisory agreement between Artisan Partners Funds, on behalf of Artisan InternationalSmall-Mid Fund (for purposes of this discussion, the “Fund”), and Artisan Partners, dated May 12, 2015 (for purposes of this discussion, the “Advisory Agreement”). The purpose of the Amendment was to reduce the Fund’s management fee from 1.25% annually of the Fund’s average daily net assets to 1.050% of average daily net assets up to $2 billion, 1.025% of average daily net assets of $2 billion up to $3 billion, 1.000% of average daily net assets of $3 billion up to $4 billion, 0.975% of average daily net assets of $4 billion up to $5 billion and 0.950% of average daily net assets of over $5 billion. The proposed reduction in management fee was being made in connection with proposed changes to the Fund’s investment strategies, including, among other changes, providing the Fund greater flexibility to invest in small- andmid-capitalization companies. The independent directors were assisted in their evaluation of the Amendment and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the Meeting.

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the approval of the Amendment. Artisan Partners provided materials to the directors in response to that request as well as other information Artisan Partners believed was useful in evaluating the approval of the Amendment, including the rationale for proposing the management fee reduction and investment strategy changes, and a report prepared by Broadridge, an independent source of investment company data, which included information relating to the Fund’s proposed management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Broadridge to be comparable to the Fund. The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Amendment. In evaluating the Amendment, the directors also reviewed information previously provided to the board in response to requests for information in connection with the board’s annual consideration of the continuation of the Advisory Agreement in May 2018 (the “2018 Contract Renewal”).

The directors considered the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund following the management fee reduction, the prospect for achievement of economies of scale if the Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners derives from its relationship with the Fund. The directors also considered that Artisan Partners had contractually agreed to limit operating expenses, including its management fee, to no more than 1.50%, 1.40% and 1.35% annually of average daily net assets of Investor Shares, Advisor Shares and Institutional Shares of the Fund, respectively. The directors further considered that, with the exception of the revised management fee schedule, the terms of and scope of services provided under the Advisory Agreement would remain the same.

116 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN INTERNATIONAL SMALL-MID  FUND’S ADVISORY AGREEMENT

At the Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials. The independent directors and their independent counsel reviewed with the full board the information discussed at the Meeting and during the executive session. Based on all of the information provided, the board concluded that the revised management fee schedule was reasonable and appropriate in light of the nature, quality and extent of services provided by Artisan Partners and that the conclusions the board had reached in connection with the 2018 Contract Renewal had not changed. The board approved the Amendment by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.

Artisan Partners Funds 117

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 in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the classifications 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 Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. 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.

118 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

Prior to March 31, 2019, Artisan Partners Funds filed 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) onForm N-Q. Disclosure of the Funds’ complete holdings going forward will be made on FormN-PORT beginning with the month ending March 31, 2019, with every third month made available to the public by the SEC 60 days after the end of the Funds’ fiscal quarter. Artisan Partners first public filing will be for the month ending June 30, 2019. You can find SEC filings on the SEC’s website, https://www.sec.gov.

Artisan Partners Funds 119

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

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, 2019 are included as part of the semiannual reports to shareholders filed under Item 1 of this FormN-CSR.

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

Not applicable.

Item 8.  Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities byClosed-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 Rule30a-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 FormN-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 Rule30a-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 Activitiesfor 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 Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-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 7, 2019

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 7, 2019

By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 7, 2019