Artisan Small Cap Fund Inv Shs (ARTSX) 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: 3/31/20

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	APDDX	APHDX
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 Select Equity Fund	ARTNX	APDNX	APHNX
Artisan Small Cap Fund	ARTSX	APDSX	APHSX
Artisan Sustainable Emerging Markets Fund	ARTZX	N/A	APHEX
Artisan Thematic Fund	ARTTX	APDTX	APHTX
Artisan Value Fund	ARTLX	APDLX	APHLX

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
18	Artisan International Fund
21	Artisan International Small-Mid Fund
24	Artisan International Value Fund
27	Artisan Mid Cap Fund
30	Artisan Mid Cap Value Fund
32	Artisan Select Equity Fund
34	Artisan Small Cap Fund
36	Artisan Sustainable Emerging Markets Fund
39	Artisan Thematic Fund
42	Artisan Value Fund
44	STATEMENTS OF ASSETS AND LIABILITIES
48	STATEMENTS OF OPERATIONS
52	STATEMENTS OF CHANGES IN NET ASSETS
60	FINANCIAL HIGHLIGHTS
78	NOTES TO FINANCIAL STATEMENTS
115	SHAREHOLDER EXPENSE EXAMPLE
120	FACTORS CONSIDERED IN APPROVING AN AMENDMENT TO ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENT
122	FACTORS CONSIDERED IN APPROVING ARTISAN SELECT EQUITY FUND’S ADVISORY AGREEMENT
126	STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
127	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
128	SHAREHOLDER MEETING RESULTS
128	PROXY VOTING POLICIES AND PROCEDURES
128	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, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.5%
ARGENTINA - 5.2%
MercadoLibre, Inc.*		338		$	165,191
BRAZIL - 4.2%
Arco Platform Ltd., Class A*		806			34,043
Raia Drogasil SA		1,004			19,571
StoneCo Ltd., Class A*		3,742			81,462
					135,076
CHINA - 35.2%
Aier Eye Hospital Group Co. Ltd., Class A(1)		6,520			36,364
Alibaba Group Holding Ltd., ADR*		1,111			216,164
Foshan Haitian Flavouring & Food Co. Ltd., Class A(1)		2,116			37,427
Huazhu Group Ltd., ADR		1,216			34,949
Jiangsu Hengrui Medicine Co. Ltd., Class A*(1)		5,628			73,240
Kweichow Moutai Co. Ltd., Class A(1)		880			138,404
Meituan Dianping, Class B*(1)		11,401			136,817
Shenzhen MindrayBio-Medical Electronics Co. Ltd., Class A(1)		892			32,828
TAL Education Group, ADR*		2,809			149,594
Tencent Holdings Ltd.(1)		2,802			136,630
Wuxi Biologics Cayman, Inc.*(1)		5,272			67,964
Yifeng Pharmacy Chain Co. Ltd., Class A(1)		2,137			27,984
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A(1)		2,072			36,183
					1,124,548
FRANCE - 4.2%
Hermes International(1)		48			33,009
LVMH Moet Hennessy Louis Vuitton SE(1)		270			100,384
					133,393
HONG KONG - 4.4%
AIA Group Ltd.(1)		15,810			142,229
INDIA - 5.4%
HDFC Bank Ltd., ADR		3,797			146,031
Titan Co. Ltd.(1)		2,145			26,269
					172,300
NETHERLANDS - 6.7%
Adyen NV*(1)		169			143,088
ASML Holding NV, NYRS		276			72,192
					215,280
RUSSIA - 2.7%
Yandex NV, Class A*		2,518			85,742
TAIWAN - 5.2%
Sea Ltd., ADR*		3,744			165,917
UNITED STATES - 25.3%
Estee Lauder Cos., Inc. (The), Class A		625			99,522
Netflix, Inc.*		265			99,633
NIKE, Inc., Class B		372			30,780
NVIDIA Corp.		554			146,101
Uber Technologies, Inc.*		3,073			85,811
Veeva Systems, Inc., Class A*		851			133,135
Visa, Inc., Class A		1,329			214,163
					809,145
Total common stocks (Cost $2,511,392)					3,148,821
SHORT-TERM INVESTMENTS - 0.6%
INVESTMENT COMPANIES - 0.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		6,937			6,937
Federated Treasury Obligations Fund - Institutional Class, 0.27%		6,733			6,733
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		6,732			6,732
Total short-term investments (Cost $20,402)					20,402
Total investments - 99.1% (Cost $2,531,794)					3,169,223
Other assets less liabilities - 0.9%					28,045
Total net assets - 100.0%(2)				$	3,197,268

* 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 $1,168,820, or 36.6% 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

2 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	487,922		15.4	%
Consumer Discretionary			927,200		29.3
Consumer Staples			322,908		10.2
Financials			288,260		9.1
Health Care			379,714		12.0
Industrials			85,811		2.7
Information Technology			657,006		20.7
Short-Term Investments			20,402		0.6
Total investments		$	3,169,223		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	19,571		0.6	%
Chinese yuan renminbi offshore			382,430		12.1
Euro			276,481		8.7
Hong Kong dollar			483,640		15.3
Indian rupee			26,269		0.8
U.S. dollar			1,980,832		62.5
Total investments		$	3,169,223		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alibaba Group Holding Ltd.	China		6.8	%
Visa, Inc.	United States		6.7
Sea Ltd.	Taiwan		5.2
MercadoLibre, Inc.	Argentina		5.2
TAL Education Group	China		4.7
NVIDIA Corp.	United States		4.6
HDFC Bank Ltd.	India		4.6
Adyen NV	Netherlands		4.5
AIA Group Ltd.	Hong Kong		4.4
Kweichow Moutai Co. Ltd.	China		4.3
Total			51.0	%

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

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

Artisan Partners Funds 3

Artisan Global Discovery Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.4%
BRAZIL - 2.1%
Notre Dame Intermedica Participacoes SA		229		$	1,971
Pagseguro Digital Ltd., Class A*		37			718
					2,689
CHINA - 1.1%
Li Ning Co. Ltd.(1)		458			1,329
DENMARK - 6.3%
Ascendis Pharma A/S, ADR*		22			2,511
Genmab A/S*(1)		13			2,738
Vestas Wind Systems A/S(1)		34			2,802
					8,051
GERMANY - 3.5%
E.ON SE(1)		122			1,279
Puma SE(1)		33			1,948
Varta AG*(1)		17			1,260
					4,487
HONG KONG - 2.3%
Techtronic Industries Co. Ltd.(1)		448			2,885
JAPAN - 2.3%
Hoya Corp.(1)		23			1,948
Obic Co. Ltd.(1)		8			1,032
					2,980
LUXEMBOURG - 1.6%
Eurofins Scientific SE(1)		4			1,967
NETHERLANDS - 4.2%
Adyen NV*(1)		1			1,142
IMCD NV(1)		13			945
Koninklijke DSM NV(1)		29			3,305
					5,392
PORTUGAL - 1.1%
EDP - Energias de Portugal SA(1)		360			1,445
SWITZERLAND - 3.8%
Aluflexpack AG*(1)		48			965
Lonza Group AG*(1)		8			3,210
Zur Rose Group AG*(1)		5			628
					4,803
UNITED KINGDOM - 6.5%
Burberry Group plc(1)		99			1,613
Clarivate Analytics plc*		147			3,056
UNITED KINGDOM (CONTINUED)
London Stock Exchange Group plc(1)		40			3,593
					8,262
UNITED STATES - 59.6%
Advanced Micro Devices, Inc.*		55			2,482
Alexion Pharmaceuticals, Inc.*		16			1,439
Ameren Corp.		17			1,259
Arista Networks, Inc.*		11			2,185
Atlassian Corp. plc, Class A*		25			3,391
Blackline, Inc.*		23			1,201
Boston Scientific Corp.*		87			2,845
Burlington Stores, Inc.*		9			1,388
Centene Corp.*		36			2,150
Ceridian HCM Holding, Inc.*		34			1,691
Cintas Corp.		5			902
Cognex Corp.		35			1,492
Cree, Inc.*		16			568
DexCom, Inc.*		7			1,797
First Republic Bank		18			1,449
Fortive Corp.		40			2,227
Global Payments, Inc.		47			6,717
Guidewire Software, Inc.*		34			2,671
Halozyme Therapeutics, Inc.*		146			2,634
IHS Markit Ltd.		63			3,805
Ingersoll Rand, Inc.*		80			1,993
Lattice Semiconductor Corp.*		80			1,432
New York Times Co. (The), Class A		67			2,067
Novanta, Inc.*		21			1,661
Ollie’s Bargain Outlet Holdings, Inc.*		35			1,627
RealPage, Inc.*		23			1,239
Skyworks Solutions, Inc.		22			1,960
Take-Two Interactive Software, Inc.*		14			1,684
Teledyne Technologies, Inc.*		16			4,849
Tradeweb Markets, Inc., Class A		14			597
Veeva Systems, Inc., Class A*		28			4,442
Zoom Video Communications, Inc., Class A*		21			3,062
Zscaler, Inc.*		24			1,486
Zynga, Inc., Class A*		492			3,371
					75,763
Total common stocks (Cost $110,924)					120,053

4 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 5.7%
INVESTMENT COMPANIES - 5.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		2,465		$	2,465
Federated Treasury Obligations Fund - Institutional Class, 0.27%		2,392			2,392
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		2,392			2,392
Total short-term investments (Cost $7,249)					7,249
Total investments - 100.1% (Cost $118,173)					127,302
Other assets less liabilities - (0.1)%					(75	)
Total net assets - 100.0%(2)				$	127,227

* 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 $36,034, or 28.3% 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.

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	7,122		5.6	%
Consumer Discretionary			7,905		6.2
Consumer Staples			628		0.5
Financials			5,639		4.4
Health Care			29,652		23.3
Industrials			24,724		19.4
Information Technology			36,130		28.4
Materials			4,270		3.4
Utilities			3,983		3.1
Short-Term Investments			7,249		5.7
Total investments		$	127,302		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	1,971		1.6	%
British pound			5,206		4.1
Danish krone			5,540		4.4
Euro			13,291		10.4
Hong Kong dollar			4,214		3.3
Japanese yen			2,980		2.3
Swiss franc			4,803		3.8
U.S. dollar			89,297		70.1
Total investments		$	127,302		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		5.3	%
Teledyne Technologies, Inc.	United States		3.8
Veeva Systems, Inc.	United States		3.5
IHS Markit Ltd.	United States		3.0
London Stock Exchange Group plc	United Kingdom		2.8
Atlassian Corp. plc	United States		2.7
Zynga, Inc.	United States		2.6
Koninklijke DSM NV	Netherlands		2.6
Lonza Group AG	Switzerland		2.5
Zoom Video Communications, Inc.	United States		2.4
Total			31.2	%

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

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

Artisan Partners Funds 5

Artisan Global Equity Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 97.6%
BRAZIL - 0.8%
Petroleo Brasileiro SA (Preference)		455			$	1,221
CANADA - 2.7%
GFL Environmental, Inc.*		36				536
Kinaxis, Inc.*		16				1,238
TMX Group Ltd.		34				2,557
						4,331
CHINA - 2.9%
Alibaba Group Holding Ltd., ADR*		10				1,913
Midea Group Co. Ltd., Class A(1)		105				720
Wuliangye Yibin Co. Ltd., Class A(1)		125				2,032
						4,665
DENMARK - 2.2%
Genmab A/S*(1)		17				3,487
FRANCE - 5.7%
Air Liquide SA(1)		29				3,739
Airbus SE(1)		25				1,625
La Francaise des Jeux SAEM*(1)		148				3,689
Vinci SA(1)		2				183
						9,236
GERMANY - 10.6%
adidas AG(1)		1				335
Allianz SE(1)		10				1,799
Deutsche Boerse AG(1)		47				6,512
Deutsche Telekom AG(1)		144				1,910
E.ON SE(1)		40				421
MorphoSys AG*(1)		15				1,534
Scout24 AG(1)		22				1,348
Wirecard AG(1)		28				3,224
						17,083
HONG KONG - 1.4%
AIA Group Ltd.(1)		261				2,346
IRELAND - 0.3%
Amarin Corp. plc, ADR*		120				480
ITALY - 0.6%
UniCredit SpA(1)		122				957
JAPAN - 6.4%
Daikin Industries Ltd.(1)		–	(2)			12
Hennge KK*(1)		33				799
Jeol Ltd.(1)		136				3,310
JAPAN (CONTINUED)
OBIC Business Consultants Co. Ltd.(1)		52				2,092
Obic Co. Ltd.(1)		16				2,025
Recruit Holdings Co. Ltd.(1)		23				598
Sony Corp.(1)		25				1,480
						10,316
NETHERLANDS - 1.7%
ING Groep NV(1)		187				982
uniQure NV*		38				1,796
						2,778
PORTUGAL - 0.7%
EDP - Energias de Portugal SA(1)		295				1,187
SWEDEN - 0.8%
Nibe Industrier AB, Class B(1)		89				1,299
SWITZERLAND - 7.6%
Idorsia Ltd.*(1)		53				1,379
Lonza Group AG*(1)		11				4,681
Medacta Group SA*(1)		36				2,094
Nestle SA(1)		25				2,543
Temenos AG*(1)		6				752
Zur Rose Group AG*(1)		7				912
						12,361
UNITED KINGDOM - 7.0%
AVEVA Group plc(1)		58				2,494
Clarivate Analytics plc*		102				2,109
Coca-Cola European Partners plc		2				89
Linde plc(1)		37				6,648
						11,340
UNITED STATES - 46.2%
ACADIA Pharmaceuticals, Inc.*		87				3,680
Alphabet, Inc., Class A*		2				2,607
Alphabet, Inc., Class C*		2				1,926
Amazon.com, Inc.*		3				6,105
Aon plc		1				125
Bandwidth, Inc., Class A*		26				1,717
Bio-Rad Laboratories, Inc., Class A*		4				1,441
Boston Scientific Corp.*		44				1,442
Cigna Corp.		16				2,798
Dollar Tree, Inc.*		38				2,760
Eidos Therapeutics, Inc.*		34				1,684
Facebook, Inc., Class A*		10				1,646
Fidelity National Information Services, Inc.		50				6,108
Halozyme Therapeutics, Inc.*		227				4,078
IHS Markit Ltd.		42				2,501

6 Artisan Partners Funds

	Shares Held		Value
UNITED STATES (CONTINUED)
Intercontinental Exchange, Inc.		35		$	2,864
L3Harris Technologies, Inc.		18			3,228
Lamb Weston Holdings, Inc.		28			1,603
Mastercard, Inc., Class A		15			3,690
Microsoft Corp.		21			3,335
Mondelez International, Inc., Class A		43			2,172
Morningstar, Inc.		8			876
Quanta Services, Inc.		44			1,409
Raytheon Co.		14			1,789
Smartsheet, Inc., Class A*		15			608
Synopsys, Inc.*		17			2,200
TJX Cos., Inc. (The)		12			569
T-Mobile US, Inc.*		19			1,557
Trane Technologies plc		21			1,743
Varonis Systems, Inc.*		26			1,645
Vertiv Holdings Co., Class A*		257			2,222
ViewRay, Inc.*		520			1,299
WEX, Inc.*		11			1,179
					74,606
Total common stocks (Cost $142,534)					157,693
SHORT-TERM INVESTMENTS - 3.3%
INVESTMENT COMPANIES - 3.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		1,808			1,808
Federated Treasury Obligations Fund - Institutional Class, 0.27%		1,754			1,754
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		1,754			1,754
Total short-term investments (Cost $5,316)					5,316
Total investments - 100.9% (Cost $147,850)					163,009
Other assets less liabilities - (0.9)%					(1,379	)
Total net assets - 100.0%(3)				$	161,630

* 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 $71,148, or 44.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Amount less than one.

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

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

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		$	12,711		7.8	%
Consumer Discretionary			17,571		10.8
Consumer Staples			9,351		5.7
Energy			1,221		0.7
Financials			19,018		11.7
Health Care			35,183		21.6
Industrials			19,254		11.8
Information Technology			31,389		19.2
Materials			10,387		6.4
Utilities			1,608		1.0
Short-Term Investments			5,316		3.3
Total investments		$	163,009		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	1,221		0.8	%
British pound			2,494		1.5
Canadian dollar			3,795		2.3
Chinese yuan renminbi offshore			2,752		1.7
Danish krone			3,487		2.2
Euro			36,093		22.1
Hong Kong dollar			2,346		1.4
Japanese yen			10,316		6.3
Swedish krona			1,299		0.8
Swiss franc			12,361		7.6
U.S. dollar			86,845		53.3
Total investments		$	163,009		100.0	%

Artisan Partners Funds 7

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Linde plc	United Kingdom		4.1	%
Deutsche Boerse AG	Germany		4.0
Fidelity National Information Services, Inc.	United States		3.8
Amazon.com, Inc.	United States		3.8
Lonza Group AG	Switzerland		2.9
Alphabet, Inc.	United States		2.8
Halozyme Therapeutics, Inc.	United States		2.5
Air Liquide SA	France		2.3
Mastercard, Inc.	United States		2.3
La Francaise des Jeux SAEM	France		2.3
Total			30.8	%

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.

8 Artisan Partners Funds

Artisan Global Opportunities Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.0%
BRAZIL - 1.5%
Notre Dame Intermedica Participacoes SA		2,230		$	19,167
Pagseguro Digital Ltd., Class A*		1,340			25,902
					45,069
CHINA - 1.0%
Tencent Holdings Ltd.(1)		628			30,599
DENMARK - 6.2%
Genmab A/S*(1)		426			86,564
Orsted A/S(1)		412			40,504
Vestas Wind Systems A/S(1)		784			63,841
					190,909
GERMANY - 1.6%
adidas AG(1)		220			50,715
HONG KONG - 4.7%
AIA Group Ltd.(1)		3,508			31,563
Techtronic Industries Co. Ltd.(1)		17,431			112,291
					143,854
JAPAN - 3.8%
Hoya Corp.(1)		514			43,686
Keyence Corp.(1)		226			72,837
					116,523
NETHERLANDS - 4.5%
Adyen NV*(1)		40			33,814
Koninklijke DSM NV(1)		613			69,691
Koninklijke Philips NV(1)		908			36,755
					140,260
SPAIN - 2.0%
Iberdrola SA(1)		6,383			63,024
SWEDEN - 1.9%
Hexagon AB, Class B(1)		488			20,830
Telefonaktiebolaget LM Ericsson, Class B*(1)		4,561			37,222
					58,052
SWITZERLAND - 4.6%
Lonza Group AG*(1)		337			140,276
UNITED KINGDOM - 8.8%
AstraZeneca plc(1)		1,602			143,140
Burberry Group plc(1)		2,384			39,006
London Stock Exchange Group plc(1)		984			88,678
					270,824
UNITED STATES - 56.4%
Activision Blizzard, Inc.*		1,364			81,126
Advanced Micro Devices, Inc.*		1,983			90,169
UNITED STATES (CONTINUED)
Agilent Technologies, Inc.		722			51,709
Alphabet, Inc., Class A*		58			67,792
Aptiv plc		749			36,873
Arista Networks, Inc.*		299			60,591
Atlassian Corp. plc, Class A*		258			35,353
Bank of America Corp.		2,981			63,277
Boston Scientific Corp.*		1,596			52,090
Ceridian HCM Holding, Inc.*		874			43,777
Danaher Corp.		328			45,378
Fidelity National Information Services, Inc.		1,027			124,948
Fortive Corp.		922			50,908
IHS Markit Ltd.		2,565			153,907
Illumina, Inc.*		229			62,516
L3Harris Technologies, Inc.		584			105,222
Lowe’s Cos., Inc.		1,238			106,539
Microsoft Corp.		1,042			164,260
NextEra Energy, Inc.		309			74,354
Spotify Technology SA*		178			21,628
Starbucks Corp.		298			19,610
Veeva Systems, Inc., Class A*		640			100,152
Visa, Inc., Class A		110			17,737
Zoom Video Communications, Inc., Class A*		753			110,040
					1,739,956
Total common stocks (Cost $2,550,362)					2,990,061
SHORT-TERM INVESTMENTS - 3.2%
INVESTMENT COMPANIES - 3.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		33,759			33,759
Federated Treasury Obligations Fund - Institutional Class, 0.27%		32,767			32,767
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		32,766			32,766
Total short-term investments (Cost $99,292)					99,292
Total investments - 100.2% (Cost $2,649,654)					3,089,353
Other assets less liabilities - (0.2)%					(5,920	)
Total net assets - 100.0%(2)				$	3,083,433

* Non-income producing security.

Artisan Partners Funds 9

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,205,036, or 39.1% 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.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	201,145		6.5	%
Consumer Discretionary			252,743		8.2
Financials			183,518		5.9
Health Care			781,433		25.3
Industrials			486,169		15.7
Information Technology			837,480		27.1
Materials			69,691		2.3
Utilities			177,882		5.8
Short-Term Investments			99,292		3.2
Total investments		$	3,089,353		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	19,167		0.6	%
British pound			270,824		8.8
Danish krone			190,909		6.2
Euro			253,999		8.2
Hong Kong dollar			174,453		5.6
Japanese yen			116,523		3.8
Swedish krona			58,052		1.9
Swiss franc			140,276		4.5
U.S. dollar			1,865,150		60.4
Total investments		$	3,089,353		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Microsoft Corp.	United States		5.3	%
IHS Markit Ltd.	United States		5.0
AstraZeneca plc	United Kingdom		4.6
Lonza Group AG	Switzerland		4.6
Fidelity National Information Services, Inc.	United States		4.1
Techtronic Industries Co. Ltd.	Hong Kong		3.6
Zoom Video Communications, Inc.	United States		3.6
Lowe’s Cos., Inc.	United States		3.5
L3Harris Technologies, Inc.	United States		3.4
Veeva Systems, Inc.	United States		3.1
Total			40.8	%

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.

10 Artisan Partners Funds

Artisan Global Value Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.6%
BELGIUM - 2.0%
Groupe Bruxelles Lambert SA(1)		519		$	40,807
BRAZIL - 2.8%
Telefonica Brasil SA, ADR		5,934			56,551
CANADA - 0.9%
Imperial Oil Ltd.		1,713			19,364
CHINA - 2.0%
Baidu, Inc., ADR*		410			41,332
FRANCE - 1.2%
Sodexo SA(1)		355			24,065
GERMANY - 2.5%
HeidelbergCement AG(1)		1,171			51,089
NETHERLANDS - 4.5%
ING Groep NV(1)		4,268			22,358
NXP Semiconductors NV		847			70,220
					92,578
SOUTH KOREA - 5.1%
Samsung Electronics Co. Ltd.(1)		2,672			103,843
SWITZERLAND - 11.0%
ABB Ltd.(1)		4,162			73,183
Cie Financiere Richemont SA(1)		1,385			75,877
UBS Group AG*(1)		8,284			77,426
					226,486
UNITED KINGDOM - 10.2%
BAE Systems plc(1)		9,431			60,856
Compass Group plc(1)		2,500			39,066
IMI plc(1)		1,892			17,502
Lloyds Banking Group plc(1)		118,586			46,764
Tesco plc(1)		16,324			46,226
					210,414
UNITED STATES - 56.4%
Advance Auto Parts, Inc.		253			23,653
Alphabet, Inc., Class A*		62			71,630
Alphabet, Inc., Class C*		28			32,877
American Express Co.		754			64,534
Anthem, Inc.		205			46,449
Arch Capital Group Ltd.*		367			10,442
UNITED STATES (CONTINUED)
Bank of New York Mellon Corp. (The)		2,268			76,389
Berkshire Hathaway, Inc., Class B*		96			17,587
Booking Holdings, Inc.*		49			66,344
Citigroup, Inc.		1,408			59,319
Cognizant Technology Solutions Corp., Class A		1,587			73,740
DENTSPLY SIRONA, Inc.		1,545			59,984
Expedia Group, Inc.		943			53,069
Facebook, Inc., Class A*		565			94,246
FedEx Corp.		653			79,164
Marsh & McLennan Cos., Inc.		752			65,016
Oracle Corp.		1,616			78,096
Progressive Corp. (The)		730			53,880
Southwest Airlines Co.		1,631			58,071
United Technologies Corp.		301			28,354
Visa, Inc., Class A		126			20,380
Wells Fargo & Co.		832			23,876
					1,157,100
Total common stocks (Cost $2,248,973)					2,023,629
SHORT-TERM INVESTMENTS - 0.8%
INVESTMENT COMPANIES - 0.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		5,509			5,509
Federated Treasury Obligations Fund - Institutional Class, 0.27%		5,346			5,346
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		5,347			5,347
Total short-term investments (Cost $16,202)					16,202
Total investments - 99.4% (Cost $2,265,175)					2,039,831
Other assets less liabilities - 0.6%					12,850
Total net assets - 100.0%(2)				$	2,052,681

* 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 $679,062, or 33.1% 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.

Artisan Partners Funds 11

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

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

USD  53,949

CNH 379,686

JPM

5/14/2020

$

440

Total unrealized appreciation

440

CNH

129,367

USD 18,474

JPM

5/14/2020

(242

)

Total unrealized depreciation

(242

)

Net unrealized appreciation

$

198

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar

JPM - JPMorgan Chase Bank, N.A.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	296,636		14.5	%
Consumer Discretionary			282,074		13.8
Consumer Staples			46,226		2.3
Energy			19,364		0.9
Financials			558,398		27.4
Health Care			106,433		5.2
Industrials			317,130		15.6
Information Technology			346,279		17.0
Materials			51,089		2.5
Short-Term Investments			16,202		0.8
Total investments		$	2,039,831		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	210,414		10.3	%
Canadian dollar			19,364		0.9
Euro			138,319		6.8
Korean won			103,843		5.1
Swiss franc			226,486		11.1
U.S. dollar			1,341,405		65.8
Total investments		$	2,039,831		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		5.1	%
Samsung Electronics Co. Ltd.	South Korea		5.1
Facebook, Inc.	United States		4.6
FedEx Corp.	United States		3.9
Oracle Corp.	United States		3.8
UBS Group AG	Switzerland		3.8
Bank of New York Mellon Corp. (The)	United States		3.8
Cie Financiere Richemont SA	Switzerland		3.7
Cognizant Technology Solutions Corp.	United States		3.6
ABB Ltd.	Switzerland		3.5
Total			40.9	%

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

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

12 Artisan Partners Funds

Artisan High Income Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Principal Amount			Value
CORPORATE BONDS - 67.1%
ADVERTISING - 1.4%
Terrier Media Buyer, Inc. 8.88%, 12/15/2027(1)		$	55,644		$	46,741
AIRLINES - 1.4%
American Airlines Group, Inc. 5.00%, 6/1/2022(1)			10,165			8,182
3.75%, 3/1/2025(1)			13,300			9,310
Delta Air Lines, Inc. 2.90%, 10/28/2024			20,000			16,008
4.38%, 4/19/2028			11,088			8,899
3.75%, 10/28/2029			4,750			3,828
						46,227
AUTO MANUFACTURERS - 1.1%
Tesla, Inc. 5.30%, 8/15/2025(1)			37,000			34,688
CHEMICALS - 0.2%
NOVA Chemicals Corp. 5.25%, 6/1/2027(1)(2)			8,000			6,740
DISTRIBUTION/WHOLESALE - 0.6%
Core & Main Holdings LP 8.63% Cash, 9.38% PIK, 9/15/2024(1)(3)			20,971			19,188
DIVERSIFIED FINANCIAL SERVICES - 5.9%
AG Issuer LLC 6.25%, 3/1/2028(1)			27,635			23,213
NFP Corp. 6.88%, 7/15/2025(1)			110,398			108,742
8.00%, 7/15/2025(1)			33,593			30,738
Springleaf Finance Corp. 7.13%, 3/15/2026			31,250			30,586
						193,279
ENGINEERING & CONSTRUCTION - 3.4%
Great Lakes Dredge & Dock Corp. 8.00%, 5/15/2022			30,120			29,480
New Enterprise Stone & Lime Co., Inc. 10.13%, 4/1/2022(1)			21,262			21,209
Tutor Perini Corp. 6.88%, 5/1/2025(1)			73,821			61,271
						111,960
FOOD - 1.1%
H-Food Holdings LLC 8.50%, 6/1/2026(1)			45,008			35,556
GAS - 0.1%
AmeriGas Partners LP 5.75%, 5/20/2027			1,925			1,790
HAND/MACHINE TOOLS - 1.3%
Werner FinCo LP 8.75%, 7/15/2025(1)			47,583			41,873
HEALTHCARE-PRODUCTS - 0.0%(4)
Thermo Fisher Scientific, Inc. 4.50%, 3/25/2030			490			552
HEALTHCARE-SERVICES - 1.7%
HCA, Inc. 5.38%, 2/1/2025			5,000			5,088
5.50%, 6/15/2047			10,000			10,890
Polaris Intermediate Corp. 8.50% Cash, 9.25% PIK, 12/1/2022(1)(3)			15,200			11,780
Surgery Center Holdings, Inc. 6.75%, 7/1/2025(1)			4,825			3,474
10.00%, 4/15/2027(1)			31,220			21,854
						53,086
HOLDING COMPANIES-DIVERSIFIED - 1.6%
VistaJet Malta Finance plc 10.50%, 6/1/2024(1)(2)			64,328			52,025
HOME BUILDERS - 1.0%
PulteGroup, Inc. 7.88%, 6/15/2032			29,000			31,900
INSURANCE - 10.5%
Acrisure LLC 7.00%, 11/15/2025(1)			69,816			60,042
10.13%, 8/1/2026(1)			36,511			35,233
Aon Corp. 8.21%, 1/1/2027			23,954			25,870
Ardonagh Midco 3 plc 8.63%, 7/15/2023(1)(2)			132,908			118,288
8.63%, 7/15/2023(1)(2)			55,290			49,208
AssuredPartners, Inc. 7.00%, 8/15/2025(1)			25,552			22,997
GTCR AP Finance, Inc. 8.00%, 5/15/2027(1)			35,360			32,531
						344,169
INTERNET - 0.4%
Expedia Group, Inc. 3.25%, 2/15/2030			14,933			12,173
LODGING - 1.0%
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030			1,950			1,657
Hyatt Hotels Corp. 4.85%, 3/15/2026			1,000			988
4.38%, 9/15/2028			2,005			1,832
Marriott International, Inc. 2.13%, 10/3/2022			7,500			6,748
3.60%, 4/15/2024			3,085			2,868

Artisan Partners Funds 13

	Principal Amount			Value
LODGING (CONTINUED)
Series R, 3.13%, 6/15/2026		$	10,000		$	9,184
Series AA, 4.65%, 12/1/2028			2,933			2,581
Station Casinos LLC 5.00%, 10/1/2025(1)			12,350			10,285
						36,143
MEDIA - 5.7%
Cablevision Systems Corp. 5.88%, 9/15/2022			45,077			45,528
CCO Holdings LLC 5.50%, 5/1/2026(1)			49,580			50,205
Charter Communications Operating LLC 6.38%, 10/23/2035			40,408			48,029
Ziggo BV 5.50%, 1/15/2027(1)(2)			43,870			43,870
						187,632
MINING - 1.4%
Compass Minerals International, Inc. 4.88%, 7/15/2024(1)			7,935			7,459
6.75%, 12/1/2027(1)			42,140			38,042
						45,501
MISCELLANEOUS MANUFACTURING - 8.9%
Foxtrot Escrow Issuer LLC 12.25%, 11/15/2026(1)			20,370			15,889
FXI Holdings, Inc. 7.88%, 11/1/2024(1)			5,175			3,495
Gates Global LLC 6.25%, 1/15/2026(1)			35,000			30,975
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021(5)(6)			24,477			20,194
6.75%, 3/15/2032			143,917			174,445
6.88%, 1/10/2039			38,671			48,245
						293,243
OIL & GAS - 5.9%
Comstock Resources, Inc. 7.50%, 5/15/2025(1)			8,582			6,008
9.75%, 8/15/2026			17,551			12,461
Endeavor Energy Resources LP 5.50%, 1/30/2026(1)			15,565			10,743
5.75%, 1/30/2028(1)			38,200			25,976
EP Energy LLC 7.75%, 5/15/2026(1)(7)			40,841			4,901
EQT Corp. 6.13%, 2/1/2025			14,134			10,884
3.90%, 10/1/2027			15,866			10,943
Laredo Petroleum, Inc. 9.50%, 1/15/2025			29,250			11,700
10.13%, 1/15/2028			34,250			13,015
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026(1)			17,000			4,930
Northern Oil and Gas, Inc. 8.50% Cash, 9.50% PIK, 5/15/2023(3)			5,167			3,514
Parsley Energy LLC 4.13%, 2/15/2028(1)			10,000			6,800
QEP Resources, Inc. 5.25%, 5/1/2023			8,643			3,198
5.63%, 3/1/2026			19,358			7,066
OIL & GAS (CONTINUED)
Range Resources Corp. 5.00%, 8/15/2022			9,500			7,122
5.00%, 3/15/2023			5,000			3,701
9.25%, 2/1/2026(1)			26,768			16,061
Seven Generations Energy Ltd. 6.75%, 5/1/2023(1)(2)			37,774			26,442
6.88%, 6/30/2023(1)(2)			11,222			7,697
						193,162
OIL & GAS SERVICES - 0.6%
FTS International, Inc. 6.25%, 5/1/2022			54,659			18,994
PACKAGING & CONTAINERS - 2.1%
LABL Escrow Issuer LLC 6.75%, 7/15/2026(1)			22,786			20,963
10.50%, 7/15/2027(1)			35,678			33,270
Plastipak Holdings, Inc. 6.25%, 10/15/2025(1)			16,320			14,606
						68,839
REAL ESTATE - 2.2%
Realogy Group LLC 4.88%, 6/1/2023(1)			66,475			55,839
9.38%, 4/1/2027(1)			20,000			16,856
						72,695
REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2%
Host Hotels & Resorts LP
Series D, 3.75%, 10/15/2023			1,145			1,005
Uniti Group LP 7.13%, 12/15/2024(1)			31,971			23,750
7.88%, 2/15/2025(1)			16,700			15,531
						40,286
RETAIL - 3.4%
Asbury Automotive Group, Inc. 4.50%, 3/1/2028(1)			24,545			20,863
4.75%, 3/1/2030(1)			24,545			20,863
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025(1)			53,936			48,677
Michaels Stores, Inc. 8.00%, 7/15/2027(1)			24,990			18,493
Artisan High Income Fund
Yum! Brands, Inc. 7.75%, 4/1/2025(1)(8)			490			515
						109,411
SOFTWARE - 1.7%
Ascend Learning LLC 6.88%, 8/1/2025(1)			23,313			22,614
6.88%, 8/1/2025(1)			6,063			5,881
Castle US Holding Corp. 9.50%, 2/15/2028(1)			28,500			27,075
						55,570
TELECOMMUNICATIONS - 1.3%
Altice France Holding SA 6.00%, 2/15/2028(1)(2)			10,667			9,384

14 Artisan Partners Funds

	Principal Amount			Value
TELECOMMUNICATIONS (CONTINUED)
Cincinnati Bell, Inc. 8.00%, 10/15/2025(1)		$	14,000		$	14,350
Sprint Capital Corp. 8.75%, 3/15/2032			5,000			6,613
T-Mobile USA, Inc. 4.50%, 2/1/2026			11,852			12,059
						42,406
Total corporate bonds (Cost $2,468,971)						2,195,829
BANK LOANS - 25.2%
AEROSPACE/DEFENSE - 0.5%
Jazz Acquisition, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.24%, 6/19/2026(6)			19,900			16,169
CHEMICALS - 1.3%
Emerald Performance Materials LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 7/30/2021(6)			48,821			41,335
COMMERCIAL SERVICES - 2.3%
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 6.45%, 5/21/2026(6)			21,835			18,560
Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.02%, 8/18/2021(6)			72,058			55,935
USS Ultimate Holdings, Inc., First Lien Term Loan B (ICE LIBOR USD 6 Month + 3.75%), 5.67%, 8/25/2024(6)			997			858
						75,353
DISTRIBUTION/WHOLESALE - 0.2%
Core & Main LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.33%, 8/1/2024(6)			9,000			7,897
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Advisor Group Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.99%, 7/31/2026(6)			10,474			7,707
ENTERTAINMENT - 0.7%
Playtika Holding Corp., First Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.07%, 12/10/2024(6)			24,070			22,345
FOOD - 1.5%
Shearer’s Foods LLC, First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/31/2022(6)			47,600			43,494
Shearer’s Foods LLC, Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 7.75%, 6/30/2022(6)			7,000			6,457
						49,951
FOOD SERVICE - 3.1%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/1/2023(6)			77,672			61,904
TKC Holdings, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 8.00%), 9.00%, 2/1/2024(6)			50,174			37,756
						99,660
HEALTHCARE-SERVICES - 2.1%
Cambrex Corp., First Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 6.00%, 11/20/2026(6)			13,965			11,661
Dental Corp. of Canada, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 8.50%, 6/1/2026(2)(6)			10,674			8,326
Heartland Dental LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.74%, 4/30/2025(6)			31,552			24,085
Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 9/2/2024(6)			32,282			24,599
						68,671
INSURANCE - 2.0%
Hub International Ltd., First Lien Term Loan B (ICE LIBOR USD 6 Month + 2.75%), 4.55%, 4/25/2025(6)			44,798			41,617
USI, Inc., First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.99%, 5/16/2024(6)			25,943			23,608
						65,225
LEISURE TIME - 0.3%
Topgolf International, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.50%), 6.39%, 2/9/2026(6)			11,444			9,175
LODGING - 0.3%
Hilton Worldwide Finance LLC First Lien Term Loan B2 (ICE LIBOR USD 1 Month + 1.75%), 2.70%, 6/22/2026(6)			11,000			10,395
MACHINERY-DIVERSIFIED - 0.2%
STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 12/11/2024(6)			9,812			7,849
METAL FABRICATE/HARDWARE - 0.7%
Anvil International LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 6.08%, 5/28/2026(6)			32,338			23,445
MISCELLANEOUS MANUFACTURING - 0.4%
UTEX Industries, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 5.00%, 5/21/2021(6)			42,671			13,228

Artisan Partners Funds 15

	Principal Amount			Value
PACKAGING & CONTAINERS - 0.6%
Kloeckner Pentaplast of America, Inc., First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 6/30/2022(6)		$	27,180		$	18,735
PHARMACEUTICALS - 0.5%
Lanai Holdings III, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 6.53%, 8/29/2022(6)			21,732			15,520
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
RHP Hotel Properties LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.99%, 5/11/2024(6)			4,984			4,411
RETAIL - 0.3%
PetSmart, Inc., First Lien Term Loan B2 (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2022(6)			10,000			9,564
SOFTWARE - 6.5%
Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.74%, 1/29/2027(6)			5,000			3,966
Infor US, Inc. First Lien Term Loan B6 (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/1/2022(6)			6,982			6,692
Informatica LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.24%, 2/25/2027(6)			7,500			6,463
Informatica LLC Second Lien Term Loan 7.13%, 2/25/2025			24,545			21,600
Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.24%, 5/24/2025(6)			35,176			29,049
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.99%, 5/25/2026(6)			22,617			17,415
TIBCO Software, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.25%), 8.24%, 3/3/2028(6)			6,875			6,394
Vertafore, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.24%, 7/2/2025(6)			66,282			58,057
Vertafore, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.25%), 8.24%, 7/2/2026(6)			75,000			63,900
						213,536
TELECOMMUNICATIONS - 0.5%
Altice France SA First Lien Term Loan B11 (ICE LIBOR USD 1 Month + 2.75%), 3.74%, 7/31/2025(6)			17,000			15,597
TRANSPORTATION - 0.9%
SIRVA Worldwide, Inc. First Lien Term Loan (ICE LIBOR USD 1 MONTH + 5.5%), 6.49.28%, 8/4/2025(6)			26,552			19,117
(ICE LIBOR USD 3 MONTH + 5.5%), 6.95, 8/4/2025(6)			136			98
(ICE LIBOR USD 3 MONTH + 5.5%), 7.11%, 8/4/2025(6)			7,048			5,075
(ICE LIBOR USD 3 MONTH + 5.5%), 7.28%, 8/4/2025(6)			6,952			5,005
						29,295
Total bank loans (Cost $1,001,179)						825,063
CONVERTIBLE BONDS - 0.1%
DIVERSIFIED FINANCIAL SERVICES - 0.0%(4)
EZCORP, Inc. 2.88%, 7/1/2024			875			679
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
Uniti Fiber Holdings, Inc. 4.00%, 6/15/2024(1)			4,625			3,692
Total convertible bonds (Cost $5,217)						4,371
	Shares Held
PREFERRED STOCKS - 0.1%
AGRICULTURE - 0.0%
Pinnacle Agriculture Holdings LLC*(9)(10)(11)			25			–
APPAREL - 0.1%
Chinos Holdings, Inc. 5.00% Cash, 2.00% Capitalization(1)(3)(5)(11)			2,543			1,142
Total preferred stocks (Cost $953)						1,142
COMMON STOCK - 0.0%(4)
RETAIL - 0.0%(4)
Chinos Holdings, Inc., Class A*(11)			406			183
Total common stock (Cost $—)						183
SHORT-TERM INVESTMENTS - 8.8%
INVESTMENT COMPANIES - 8.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%			98,104			98,104
Federated Treasury Obligations Fund - Institutional Class, 0.27%			95,218			95,218

16 Artisan Partners Funds

	Shares Held
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		$	95,219	$	95,219
Total short-term investments (Cost $288,541)					288,541
Total investments - 101.3% (Cost $3,764,861)					3,315,129
Other assets less liabilities - (1.3%)					(43,274	)
Total net assets - 100.0%(12)				$	3,271,855

 * 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⁾ 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
Ardonagh Midco 3 plc, 8.63%, 7/15/2023	United Kingdom	U.S. dollar
Ardonagh Midco 3 plc, 8.63%, 7/15/2023	United Kingdom	U.S. dollar
Dental Corp. of Canada, Inc. Second Lien Term Loan 8.50%, 6/1/2026	Canada	U.S. dollar
NOVA Chemicals Corp., 5.25%, 6/1/2027	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
VistaJet Malta Finance plc, 10.50%, 6/1/2024	Switzerland	U.S. dollar
Ypso Finance Bis SA, 6.00%, 2/15/2028	Luxembourg	U.S. dollar
Ziggo BV, 5.50%, 1/15/2027	Netherlands	U.S. dollar

 ⁽³⁾ Paymentin-kind security.

 ⁽⁴⁾ Amount rounds to less than 0.1%.

 ⁽⁵⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2020. The maturity date reflects the next call date.

 ⁽⁶⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2020.

 ⁽⁷⁾ Defaulted securities.

 ⁽⁸⁾ When-issued security.

 ⁽⁹⁾ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽¹⁰) 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
Pinnacle Agriculture Holdings LLC		3/26/2020		$	–		$	–		0.0%

⁽¹¹⁾ 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 $1,325, or 0.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽¹²⁾ 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

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		(2,230	)		6/19/2020		USD		$	223,000		$	(309,273	)		$	(12,632	)
U.S. Treasury Long Bond		(245	)		6/19/2020		USD			24,500			(43,870	)			(3,266	)
																$	(15,898	)

USD - U.S. Dollar

The Fund has recorded an asset of $719 as of March 31, 2020, related to the current day’s variation margin related to these contracts.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
General Electric Co.	United States		7.4	%
Ardonagh Midco 3 plc	United Kingdom		5.1
NFP Corp.	United States		4.3
Acrisure LLC	United States		2.9
Realogy Group LLC	United States		2.2
Vertafore, Inc. Second Lien Term Loan	United States		2.0
TKC Holdings, Inc. First Lien Term Loan	United States		1.9
Tutor Perini Corp.	United States		1.9
Vertafore, Inc. First Lien Term Loan B	United States		1.8
Midas Intermediate Holdco II LLC First Lien Term Loan B	United States		1.7
Total			31.2	%

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

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

Artisan Partners Funds 17

Artisan International Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.2%
BRAZIL - 1.4%
Petroleo Brasileiro SA, ADR*		5,691		$	31,298
Petroleo Brasileiro SA (Preference)		32,592			87,501
					118,799
CANADA - 1.3%
GFL Environmental, Inc.*		1,733			26,075
TMX Group Ltd.		1,150			85,626
					111,701
CHINA - 3.5%
Alibaba Group Holding Ltd., ADR*		801			155,745
Midea Group Co. Ltd., Class A(1)		5,058			34,646
Wuliangye Yibin Co. Ltd., Class A(1)		6,379			104,102
					294,493
DENMARK - 3.6%
DSV Panalpina A/S(1)		161			14,682
Genmab A/S*(1)		1,021			207,333
Novo Nordisk A/S, Class B(1)		1,309			78,931
					300,946
FRANCE - 11.4%
Air Liquide SA(1)		3,047			390,601
Airbus SE(1)		2,851			184,989
Amundi SA(1)		1,367			80,905
Eiffage SA(1)		1,155			81,780
Safran SA*(1)		694			61,011
Schneider Electric SE(1)		488			42,059
Vinci SA(1)		1,241			102,724
					944,069
GERMANY - 16.9%
adidas AG(1)		72			16,644
Allianz SE(1)		1,207			208,139
Deutsche Boerse AG(1)		3,779			519,063
Deutsche Post AG(1)		7,287			201,061
Deutsche Telekom AG(1)		8,140			107,775
E.ON SE(1)		2,076			21,832
Symrise AG(1)		938			88,836
Wirecard AG(1)		2,083			239,247
					1,402,597
HONG KONG - 3.8%
AIA Group Ltd.(1)		35,065			315,453
INDIA - 1.7%
Housing Development Finance Corp. Ltd.(1)		6,548			139,850
IRELAND - 2.1%
Amarin Corp. plc, ADR*		6,616			26,465
Ryanair Holdings plc, Equity- Linked Security*(1)(2)(3)		14,701			149,503
					175,968
ISRAEL - 1.2%
Nice Ltd., ADR*		674			96,747
ITALY - 3.0%
Assicurazioni Generali SpA(1)		7,873			107,256
Intesa Sanpaolo SpA(1)		55,765			91,023
UniCredit SpA(1)		6,807			53,296
					251,575
JAPAN - 5.4%
Daikin Industries Ltd.(1)		12			1,509
Nippon Shinyaku Co. Ltd.(1)		2,664			209,349
Recruit Holdings Co. Ltd.(1)		1,295			33,452
Sony Corp.(1)		1,385			82,353
Taiyo Nippon Sanso Corp.(1)		7,937			117,562
					444,225
MACAU - 0.6%
Wynn Macau Ltd.(1)		30,185			45,656
NETHERLANDS - 2.4%
ING Groep NV(1)		13,118			68,712
Koninklijke DSM NV(1)		1,156			131,381
					200,093
PORTUGAL - 0.7%
EDP - Energias de Portugal SA(1)		14,923			59,964
SWITZERLAND - 11.9%
Idorsia Ltd.*(1)		2,344			61,014
Lonza Group AG*(1)		414			172,230
Medacta Group SA*(1)		451			26,557
Nestle SA(1)		3,582			369,224
Roche Holding AG(1)		512			166,427
Temenos AG*(1)		332			43,584
UBS Group AG*(1)		16,366			152,961
					991,997
UNITED KINGDOM - 10.5%
AVEVA Group plc(1)		1,961			84,661
Coca-Cola European Partners plc		122			4,575
Diageo plc(1)		4,935			158,048
Linde plc(1)		2,984			538,430
RELX plc(1)		3,888			83,342
					869,056

18 Artisan Partners Funds

	Shares Held			Value
UNITED STATES - 14.8%
Alphabet, Inc., Class A*		96			$	111,209
Alphabet, Inc., Class C*		73				85,389
Amazon.com, Inc.*		123				240,297
Aon plc		1,747				288,244
Intercontinental Exchange, Inc.		1,555				125,564
Medtronic plc		2,367				213,452
Willis Towers Watson plc		984				167,142
						1,231,297
Total common stocks and equity-linked security (Cost $7,204,795)						7,994,486
SHORT-TERM INVESTMENTS - 3.2%
INVESTMENT COMPANIES - 3.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		90,595				90,595
Federated Treasury Obligations Fund - Institutional Class, 0.27%		87,930				87,930
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		87,931				87,931
Total short-term investments (Cost $266,456)						266,456
Total investments - 99.4% (Cost $7,471,251)						8,260,942
Other assets less liabilities - 0.6%						51,441
			��
Total net assets - 100.0%(4)					$	8,312,383

* 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 $6,249,157, or 75.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ 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 02/25/2020	-		$	194,223		$	149,503		1.8	%

⁽³⁾ Security is an equity-linked security issued by HSBC Bank plc. Equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽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		$	304,373		3.7	%
Consumer Discretionary			575,341		7.0
Consumer Staples			635,949		7.7
Energy			118,799		1.4
Financials			2,552,737		30.9
Health Care			1,161,758		14.1
Industrials			832,684		10.1
Information Technology			464,239		5.6
Materials			1,266,810		15.3
Utilities			81,796		1.0
Short-Term Investments			266,456		3.2
Total investments		$	8,260,942		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	87,501		1.1	%
British pound			326,051		3.9
Canadian dollar			85,626		1.0
Chinese yuan renminbi offshore			138,748		1.7
Danish krone			300,946		3.6
Euro			3,396,728		41.1
Hong Kong dollar			361,109		4.4
Indian rupee			139,850		1.7
Japanese yen			444,225		5.4
Swiss franc			991,997		12.0
U.S. dollar			1,988,161		24.1
Total investments		$	8,260,942		100.0	%

Artisan Partners Funds 19

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Linde plc	United Kingdom		6.5	%
Deutsche Boerse AG	Germany		6.2
Air Liquide SA	France		4.7
Nestle SA	Switzerland		4.4
AIA Group Ltd.	Hong Kong		3.8
Aon plc	United States		3.5
Amazon.com, Inc.	United States		2.9
Wirecard AG	Germany		2.9
Medtronic plc	United States		2.6
Nippon Shinyaku Co. Ltd.	Japan		2.5
Total			40.0	%

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

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

20 Artisan Partners Funds

Artisan InternationalSmall-Mid Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.9%
BELGIUM - 0.0%(1)
Biocartis NV*(2)		62		$	237
BRAZIL - 2.6%
Afya Ltd., Class A*		734			13,983
Notre Dame Intermedica Participacoes SA		794			6,824
Petrobras Distribuidora SA		2,204			6,676
Rumo SA*		3,637			13,776
					41,259
CANADA - 3.4%
Altus Group Ltd.		691			17,915
BlackBerry Ltd.*		1,541			6,318
CAE, Inc.		943			11,923
Descartes Systems Group, Inc. (The)*		244			8,407
Kinaxis, Inc.*		122			9,463
					54,026
CHINA - 0.3%
I-Mab, ADR*		303			3,940
DENMARK - 5.4%
ALK-Abello A/S*(2)		41			9,355
Ambu A/S, Class B(2)		775			18,878
Carlsberg A/S, Class B(2)		126			14,333
DSV Panalpina A/S(2)		149			13,581
Genmab A/S*(2)		64			13,016
SimCorp A/S(2)		107			9,035
Vestas Wind Systems A/S(2)		91			7,418
					85,616
FINLAND - 2.4%
Metso OYJ(2)		919			21,924
Vaisala OYJ, Class A*(2)		515			15,356
					37,280
FRANCE - 1.4%
Atos SE(2)		129			8,723
DBV Technologies SA, ADR*		643			2,522
Lectra(2)		721			11,435
					22,680
GERMANY - 7.1%
AIXTRON SE*(2)		2,061			18,099
Basler AG(2)		108			4,453
Carl Zeiss Meditec AG(2)		123			11,921
Gerresheimer AG(2)		6			368
Hypoport AG*(2)		43			12,755
GERMANY (CONTINUED)
Jenoptik AG(2)		89			1,453
MorphoSys AG*(2)		384			38,310
New Work SE(2)		37			7,981
Symrise AG(2)		172			16,333
					111,673
ICELAND - 0.9%
Ossur HF(2)		2,508			14,851
IRELAND - 0.1%
Amarin Corp. plc, ADR*		459			1,837
ISRAEL - 6.8%
Kornit Digital Ltd.*		520			12,947
Nice Ltd., ADR*		350			50,208
Radware Ltd.*		934			19,682
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(2)		99			5,502
Tel Aviv Stock Exchange Ltd.*(2)		3,486			11,764
Teva Pharmaceutical Industries Ltd., ADR*		930			8,351
					108,454
ITALY - 1.2%
Davide Campari-Milano SpA(2)		2,331			16,771
Salvatore Ferragamo SpA(2)		190			2,524
					19,295
JAPAN - 21.3%
Ariake Japan Co. Ltd.(2)		123			7,733
Azbil Corp.(2)		1,261			32,755
eSOL Co. Ltd.(2)		270			2,423
Fuji Soft, Inc.(2)		443			14,237
Fujitec Co. Ltd.(2)		1,529			19,699
Harmonic Drive Systems, Inc.(2)		225			9,839
Hennge KK*(2)		551			13,295
JCR Pharmaceuticals Co. Ltd.(2)		112			9,779
Jeol Ltd.(2)		965			23,508
Kobe Bussan Co. Ltd.(2)		580			22,901
Morinaga & Co. Ltd.(2)		643			26,347
Nippon Shinyaku Co. Ltd.(2)		175			13,758
OBIC Business Consultants Co. Ltd.(2)		423			17,195
Obic Co. Ltd.(2)		221			28,923
Rakus Co. Ltd.(2)		494			7,296
Rohm Co. Ltd.(2)		244			13,335
Rohto Pharmaceutical Co. Ltd.(2)		238			6,535
Sagami Rubber Industries Co. Ltd.(2)		324			4,165
SCSK Corp.(2)		100			4,476
SG Holdings Co. Ltd.(2)		1,443			34,434

Artisan Partners Funds 21

	Shares Held		Value
JAPAN (CONTINUED)
Shimadzu Corp.(2)		148		$	3,894
Temairazu, Inc.(2)		96			3,335
Yamaha Corp.(2)		289			11,277
Yokogawa Electric Corp.(2)		546			6,574
					337,713
NETHERLANDS - 3.4%
Argenx SE*(2)		121			16,338
IMCD NV(2)		222			15,820
Koninklijke DSM NV(2)		192			21,830
					53,988
SINGAPORE - 0.4%
XP Power Ltd.(2)		206			6,668
SPAIN - 1.4%
Almirall SA(2)		1,659			19,223
Grupo Catalana Occidente SA(2)		167			3,353
					22,576
SWEDEN - 3.9%
Aprea Therapeutics, Inc.*		170			5,922
Beijer Ref AB(2)		317			5,708
Cellavision AB(2)		263			6,504
Elekta AB, Class B(2)		1,771			14,651
Fortnox AB(2)		410			6,782
MIPS AB(2)		585			13,209
Thule Group AB(2)		507			8,820
					61,596
SWITZERLAND - 8.0%
Alcon, Inc.*(2)		52			2,667
Baloise Holding AG(2)		157			20,596
Belimo Holding AG(2)		4			23,367
Burckhardt Compression Holding AG(2)		36			7,255
Lonza Group AG*(2)		50			20,805
Siegfried Holding AG*(2)		20			7,887
Tecan Group AG(2)		134			40,213
Ypsomed Holding AG*(2)		30			3,918
					126,708
UNITED KINGDOM - 13.1%
Abcam plc(2)		556			7,943
ASOS plc*(2)		137			2,028
Aston Martin Lagonda Global
Holdings plc*(2)		514			1,260
Auto Trader Group plc(2)		1,246			6,771
AVEVA Group plc(2)		386			16,675
B&M European Value Retail SA(2)		3,465			11,831
boohoo Group plc*(2)		4,873			11,504
Britvic plc(2)		1,648			14,316
Codemasters Group Holdings plc*(2)		3,861			11,497
ConvaTec Group plc(2)		8,916			20,748
Electrocomponents plc(2)		2,247			14,348
Future plc(2)		253			3,132
UNITED KINGDOM (CONTINUED)
HomeServe plc(2)		847			11,093
Howden Joinery Group plc(2)		2,326			14,731
JD Sports Fashion plc(2)		2,061			11,863
Oxford Biomedica plc*(2)		340			2,267
Rotork plc(2)		2,064			5,560
Spirax-Sarco Engineering plc(2)		90			9,142
SSP Group plc(2)		2,929			11,132
St James’s Place plc(2)		702			6,688
YouGov plc(2)		1,585			12,277
					206,806
UNITED STATES - 12.8%
ACADIA Pharmaceuticals, Inc.*		331			13,968
Agios Pharmaceuticals, Inc.*		126			4,474
Alkermes plc*		474			6,831
Alnylam Pharmaceuticals, Inc.*		79			8,582
Applied Therapeutics, Inc.*		137			4,485
Cognex Corp.		160			6,738
Cree, Inc.*		697			24,720
Flexion Therapeutics, Inc.*		901			7,088
Heron Therapeutics, Inc.*		836			9,814
Hookipa Pharma, Inc.*		106			874
Ingersoll Rand, Inc.*		679			16,839
Insmed, Inc.*		386			6,191
Inspire Medical Systems, Inc.*		77			4,637
Intersect ENT, Inc.*		904			10,710
Model N, Inc.*		770			17,109
NanoString Technologies, Inc.*		268			6,452
Quotient Ltd.*		987			3,899
SolarEdge Technologies, Inc.*		150			12,307
STAAR Surgical Co.*		277			8,934
UroGen Pharma Ltd.*		228			4,060
ViewRay, Inc.*		2,968			7,419
Zscaler, Inc.*		270			16,435
					202,566
Total common stocks (Cost $1,653,378)					1,519,769

22 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 3.3%
INVESTMENT COMPANIES - 3.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		17,796		$	17,796
Federated Treasury Obligations Fund - Institutional Class, 0.27%		17,272			17,272
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		17,272			17,272
Total short-term investments (Cost $52,340)					52,340
Total investments - 99.2% (Cost $1,705,718)					1,572,109
Other assets less liabilities - 0.8%					13,255
Total net assets - 100.0%(3)				$	1,585,364

* Non-income producing security.

⁽¹⁾ Amount rounds to less than 0.1%.

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,116,509, or 70.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

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

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	41,658		2.7	%
Consumer Discretionary			109,442		7.0
Consumer Staples			118,603		7.5
Financials			55,156		3.5
Health Care			454,959		29.0
Industrials			261,724		16.6
Information Technology			422,149		26.9
Materials			38,163		2.4
Real Estate			17,915		1.1
Short-Term Investments			52,340		3.3
Total investments		$	1,572,109		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	27,276		1.7	%
British pound			213,474		13.6
Canadian dollar			54,026		3.4
Danish krone			100,467		6.4
Euro			265,207		16.9
Israel new shekel			17,266		1.1
Japanese yen			337,713		21.5
Swedish krona			55,674		3.5
Swiss franc			126,708		8.1
U.S. dollar			374,298		23.8
Total investments		$	1,572,109		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Nice Ltd.	Israel		3.2	%
Tecan Group AG	Switzerland		2.5
MorphoSys AG	Germany		2.4
SG Holdings Co. Ltd.	Japan		2.2
Azbil Corp.	Japan		2.1
Obic Co. Ltd.	Japan		1.8
Morinaga & Co. Ltd.	Japan		1.7
Cree, Inc.	United States		1.6
Jeol Ltd.	Japan		1.5
Belimo Holding AG	Switzerland		1.5
Total			20.5	%

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 23

Artisan International Value Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 97.1%
BELGIUM - 2.3%
Groupe Bruxelles Lambert SA(1)		3,203		$	252,042
BRAZIL - 2.4%
Telefonica Brasil SA, ADR		27,241			259,610
CANADA - 2.9%
Imperial Oil Ltd.		13,757			155,532
Suncor Energy, Inc.		9,658			154,137
					309,669
CHINA - 7.7%
Alibaba Group Holding Ltd., ADR*		1,394			271,144
Baidu, Inc., ADR*		3,302			332,838
Trip.com Group Ltd., ADR*		9,986			234,180
					838,162
DENMARK - 2.9%
DSV Panalpina A/S(1)		3,424			311,725
FRANCE - 4.4%
Danone SA(1)		1,742			112,367
Sodexo SA(1)		2,831			191,832
Vivendi SA(1)		7,896			169,432
					473,631
GERMANY - 4.1%
Fresenius Medical Care AG & Co. KGaA(1)		5,817			388,038
Hella GmbH & Co. KGaA(1)		2,096			61,222
					449,260
INDIA - 3.1%
Bharti Infratel Ltd.(1)		51,081			106,999
HCL Technologies Ltd.(1)		40,384			231,354
					338,353
IRELAND - 3.4%
CRH plc(1)		9,079			247,478
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		11,578			117,742
					365,220
JAPAN - 2.6%
Seven & i Holdings Co. Ltd.(1)		4,356			143,852
Sony Corp.(1)		2,401			142,735
					286,587
LUXEMBOURG - 1.2%
Tenaris SA(1)		16,408			100,370
Tenaris SA, ADR		2,674			32,220
					132,590
NETHERLANDS - 4.6%
ING Groep NV(1)		48,190			252,424
NXP Semiconductors NV		2,942			244,001
					496,425
SOUTH KOREA - 10.8%
NAVER Corp.(1)		2,976			409,342
Samsung Electronics Co. Ltd.(1)		17,727			688,936
Samsung Electronics Co. Ltd. (Preference)(1)		2,449			79,956
					1,178,234
SPAIN - 1.0%
Bankia SA(1)		96,857			108,133
SWITZERLAND - 19.4%
ABB Ltd.(1)		31,463			553,208
Cie Financiere Richemont SA(1)		6,560			359,501
LafargeHolcim Ltd.*(1)		7,370			269,430
Novartis AG(1)		4,897			404,704
Pargesa Holding SA(1)		1,344			89,225
UBS Group AG*(1)		46,535			434,939
					2,111,007
UNITED KINGDOM - 15.7%
CNH Industrial NV(1)		11,017			63,036
CNH Industrial NV		3,945			22,129
Compass Group plc(1)		32,726			511,332
IMI plc(1)		9,175			84,863
John Wood Group plc(1)		12,120			23,263
Lloyds Banking Group plc(1)		516,693			203,755
RELX plc(1)		16,309			349,615
RELX plc(1)		3,942			84,827
Rolls-Royce Holdings plc*(1)		11,704			49,254
Royal Bank of Scotland Group plc(1)		52,964			73,877
Tesco plc(1)		85,545			242,244
					1,708,195
UNITED STATES - 8.6%
Arch Capital Group Ltd.*		17,627			501,661
Schlumberger Ltd.		18,496			249,516
Willis Towers Watson plc		1,047			177,767
					928,944
Total common stocks and equity-linked security (Cost $11,403,061)					10,547,787

24 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 1.5%
INVESTMENT COMPANIES - 1.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		55,207		$	55,207
Federated Treasury Obligations Fund - Institutional Class, 0.27%		53,583			53,583
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		53,584			53,584
Total short-term investments (Cost $162,374)					162,374
Total investments - 98.6% (Cost $11,565,435)					10,710,161
Other assets less liabilities - 1.4%					151,278
Total net assets - 100.0%(4)				$	10,861,439

* 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 $7,913,052, or 72.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ 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 03/31/2020	-		$	113,902		$	117,742		1.1	%

⁽³⁾ Security is an equity-linked security issued by HSBC Bank plc. Equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽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.

FOREIGN CURRENCY FORWARD CONTRACTS Values in thousands
Currency Purchased			Currency Sold			Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
	USD	21,932		JPY	2,291,246	JPM					4/28/2020	$	593
	USD	592,572		CNH	4,156,632	JPM					5/14/2020		6,779
		Total unrealized appreciation							7,372
	JPY	2,270,916		USD	21,198	JPM					4/28/2020		(49	)
	USD	159,771		JPY	17,455,831	JPM					4/28/2020		(2,795	)
	CNH	395,081		USD	56,366	JPM					5/14/2020		(687	)
		Total unrealized depreciation							(3,531	)
		Net unrealized appreciation						$	3,841

CNH - Chinese yuan renminbi offshore

JPY - Japanese yen

USD - U.S. dollar

JPM - JPMorgan Chase Bank, N.A.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,278,221		11.9	%
Consumer Discretionary			1,771,946		16.5
Consumer Staples			498,463		4.7
Energy			715,038		6.7
Financials			2,211,565		20.7
Health Care			792,742		7.4
Industrials			1,518,657		14.2
Information Technology			1,244,247		11.6
Materials			516,908		4.8
Short-Term Investments			162,374		1.5
Total investments		$	10,710,161		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	1,538,203		14.4	%
Canadian dollar			309,669		2.9
Danish krone			311,725		2.9
Euro			2,031,201		19.0
Indian rupee			338,353		3.2
Japanese yen			286,587		2.7
Korean won			1,178,234		11.0
Swiss franc			2,111,007		19.7
U.S. dollar			2,605,182		24.2
Total investments		$	10,710,161		100.0	%

Artisan Partners Funds 25

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co. Ltd.	South Korea		6.3	%
ABB Ltd.	Switzerland		5.1
Compass Group plc	United Kingdom		4.7
Arch Capital Group Ltd.	United States		4.6
UBS Group AG	Switzerland		4.0
RELX plc	United Kingdom		4.0
NAVER Corp.	South Korea		3.8
Novartis AG	Switzerland		3.7
Fresenius Medical Care AG & Co. KGaA	Germany		3.6
Cie Financiere Richemont SA	Switzerland		3.3
Total			43.1	%

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

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

26 Artisan Partners Funds

Artisan Mid Cap Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.2%
AEROSPACE & DEFENSE - 3.8%
L3Harris Technologies, Inc.		763		$	137,348
Teledyne Technologies, Inc.*		94			27,898
					165,246
AUTO COMPONENTS - 0.9%
Aptiv plc		814			40,089
BIOTECHNOLOGY - 10.1%
Alexion Pharmaceuticals, Inc.*		454			40,797
Argenx SE, ADR*(1)		476			62,678
Ascendis Pharma A/S, ADR*(1)		824			92,771
Exact Sciences Corp.*		1,066			61,812
Genmab A/S*(1)(2)		524			106,408
Halozyme Therapeutics, Inc.*		2,345			42,195
Sage Therapeutics, Inc.*		288			8,264
Sarepta Therapeutics, Inc.*		238			23,313
					438,238
BUILDING PRODUCTS - 1.3%
Masco Corp.		1,098			37,957
Trane Technologies plc		238			19,653
					57,610
CAPITAL MARKETS - 2.3%
MSCI, Inc.		169			48,965
Tradeweb Markets, Inc., Class A		1,220			51,278
					100,243
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Cintas Corp.		188			32,508
COMMUNICATIONS EQUIPMENT - 3.9%
Arista Networks, Inc.*		368			74,493
Motorola Solutions, Inc.		714			94,909
					169,402
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.4%
Cognex Corp.		1,207			50,969
Trimble, Inc.*		1,670			53,147
					104,116
ENTERTAINMENT - 4.6%
Spotify Technology SA*		254			30,860
Take-Two Interactive Software, Inc.*		406			48,106
Zynga, Inc., Class A*		17,860			122,340
					201,306
FOOD PRODUCTS - 0.3%
Beyond Meat, Inc.*		167			11,092
HEALTH CARE EQUIPMENT & SUPPLIES - 6.3%
Boston Scientific Corp.*		1,326			43,259
DexCom, Inc.*		550			148,107
West Pharmaceutical Services, Inc.		548			83,437
					274,803
HEALTH CARE PROVIDERS & SERVICES - 2.1%
Centene Corp.*		1,525			90,586
HEALTH CARE TECHNOLOGY - 4.2%
Veeva Systems, Inc., Class A*		1,172			183,291
HOTELS, RESTAURANTS & LEISURE - 1.2%
Chipotle Mexican Grill, Inc.*		77			50,331
INDUSTRIAL CONGLOMERATES - 2.2%
Roper Technologies, Inc.		311			97,017
INTERACTIVE MEDIA & SERVICES - 0.6%
Match Group, Inc.*		382			25,226
IT SERVICES - 10.1%
Adyen NV*(1)(2)		52			43,644
Fidelity National Information Services, Inc.		882			107,307
Global Payments, Inc.		1,513			218,188
Pagseguro Digital Ltd., Class A*(1)		1,782			34,439
Square, Inc., Class A*		668			34,965
					438,543
LIFE SCIENCES TOOLS & SERVICES - 4.2%
Adaptive Biotechnologies Corp.*		593			16,487
Agilent Technologies, Inc.		728			52,143
Lonza Group AG*(1)(2)		276			114,732
					183,362
MACHINERY - 2.4%
Fortive Corp.		1,251			69,028
Ingersoll Rand, Inc.*		1,413			35,033
					104,061
MEDIA - 1.7%
New York Times Co. (The), Class A		2,404			73,817
MULTILINE RETAIL - 1.1%
Ollie’s Bargain Outlet Holdings, Inc.*		1,053			48,779
MULTI-UTILITIES - 2.5%
Ameren Corp.		744			54,186
CMS Energy Corp.		942			55,355
					109,541

Artisan Partners Funds 27

	Shares Held		Value
PHARMACEUTICALS - 2.0%
Catalent, Inc.*		1,714		$	89,036
PROFESSIONAL SERVICES - 5.0%
IHS Markit Ltd.		1,882			112,947
TransUnion		800			52,931
Verisk Analytics, Inc.		358			49,926
					215,804
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%
Advanced Micro Devices, Inc.*		2,594			117,969
Lattice Semiconductor Corp.*		753			13,419
Skyworks Solutions, Inc.		608			54,338
					185,726
SOFTWARE - 16.2%
Aspen Technology, Inc.*		236			22,437
Atlassian Corp. plc, Class A*		1,365			187,403
Ceridian HCM Holding, Inc.*		1,186			59,380
Datadog, Inc., Class A*		909			32,706
Guidewire Software, Inc.*		1,360			107,850
HubSpot, Inc.*		514			68,517
Zoom Video Communications, Inc.,
Class A*		1,039			151,873
Zscaler, Inc.*		1,248			75,965
					706,131
SPECIALTY RETAIL - 1.2%
Burlington Stores, Inc.*		342			54,215
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Lululemon Athletica, Inc.*		104			19,759
Total common stocks (Cost $3,263,891)					4,269,878
SHORT-TERM INVESTMENTS - 2.1%
INVESTMENT COMPANIES - 2.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		31,357			31,357
Federated Treasury Obligations Fund - Institutional Class, 0.27%		30,435			30,435
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		30,435			30,435
Total short-term investments (Cost $92,227)					92,227
Total investments - 100.3% (Cost $3,356,118)					4,362,105
Other assets less liabilities - (0.3%)					(12,512	)
Total net assets - 100.0%(3)				$	4,349,593

* 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
Adyen NV	Netherlands	Euro
Argenx SE	Netherlands	U.S. dollar
Ascendis Pharma A/S	Denmark	U.S. dollar
Genmab A/S	Denmark	Danish krone
Lonza Group AG	Switzerland	Swiss franc
Pagseguro Digital Ltd.	Brazil	U.S. dollar

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $264,784, or 6.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

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

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	300,349		6.9	%
Consumer Discretionary			213,173		4.9
Consumer Staples			11,092		0.2
Financials			100,243		2.3
Health Care			1,259,316		28.9
Industrials			672,246		15.4
Information Technology			1,603,918		36.8
Utilities			109,541		2.5
Short-Term Investments			92,227		2.1
Total investments		$	4,362,105		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Danish krone		$	106,408		2.5	%
Euro			43,644		1.0
Swiss franc			114,732		2.6
U.S. dollar			4,097,321		93.9
Total investments		$	4,362,105		100.0	%

28 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		5.0	%
Atlassian Corp. plc	United States		4.3
Veeva Systems, Inc.	United States		4.2
Zoom Video Communications, Inc.	United States		3.5
DexCom, Inc.	United States		3.4
L3Harris Technologies, Inc.	United States		3.2
Zynga, Inc.	United States		2.8
Advanced Micro Devices, Inc.	United States		2.7
Lonza Group AG	Switzerland		2.6
IHS Markit Ltd.	United States		2.6
Total			34.3	%

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

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

Artisan Partners Funds 29

Artisan Mid Cap Value Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.6%
AEROSPACE & DEFENSE - 1.1%
Spirit AeroSystems Holdings, Inc., Class A		645		$	15,439
AIR FREIGHT & LOGISTICS - 1.7%
Expeditors International of Washington, Inc.		384			25,608
AUTO COMPONENTS - 5.6%
BorgWarner, Inc.		1,349			32,869
Gentex Corp.		2,229			49,402
					82,271
AUTOMOBILES - 3.3%
Thor Industries, Inc.		1,157			48,799
BANKS - 8.7%
BOK Financial Corp.		658			28,021
Fifth Third Bancorp		2,252			33,446
M&T Bank Corp.		369			38,190
Pinnacle Financial Partners, Inc.		768			28,819
					128,476
CAPITAL MARKETS - 3.7%
E*TRADE Financial Corp.		495			16,982
Moelis & Co., Class A		1,343			37,744
					54,726
CHEMICALS - 6.7%
Axalta Coating Systems Ltd.*		1,745			30,129
Celanese Corp.		504			37,021
Corteva, Inc.		1,015			23,847
Nutrien Ltd.(1)		207			7,040
					98,037
CONSUMER FINANCE - 1.8%
Synchrony Financial		1,653			26,602
DIVERSIFIED CONSUMER SERVICES - 1.8%
H&R Block, Inc.		1,868			26,296
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.0%
GCI Liberty, Inc., Class A*		269			15,307
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.7%
Arrow Electronics, Inc.*		468			24,295
ENTERTAINMENT - 1.1%
Lions Gate Entertainment Corp., Class A*		1,381			8,395
Lions Gate Entertainment Corp., Class B*		1,495			8,343
					16,738
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.6%
Equity Commonwealth		610			19,327
Lamar Advertising Co., Class A		677			34,711
STORE Capital Corp.		750			13,596
Weyerhaeuser Co.		830			14,070
					81,704
FOOD & STAPLES RETAILING - 4.1%
Kroger Co. (The)		1,211			36,487
Sysco Corp.		518			23,651
					60,138
HEALTH CARE EQUIPMENT & SUPPLIES - 2.8%
DENTSPLY SIRONA, Inc.		1,076			41,788
HEALTH CARE PROVIDERS & SERVICES - 2.4%
AmerisourceBergen Corp.		390			34,511
HOTELS, RESTAURANTS & LEISURE - 3.6%
Marriott International, Inc., Class A		412			30,824
Vail Resorts, Inc.		147			21,655
					52,479
INSURANCE - 13.3%
Aon plc		199			32,881
Arch Capital Group Ltd.*		1,647			46,883
Globe Life, Inc.		700			50,394
Loews Corp.		646			22,500
Progressive Corp. (The)		570			42,078
					194,736
INTERACTIVE MEDIA & SERVICES - 2.9%
IAC/InterActiveCorp*		237			42,445
INTERNET & DIRECT MARKETING RETAIL - 2.4%
Expedia Group, Inc.		629			35,388
MARINE - 2.0%
Kirby Corp.*		671			29,174
MEDIA - 5.2%
News Corp., Class A		2,872			25,774
Omnicom Group, Inc.		663			36,405
ViacomCBS, Inc.		967			13,542
					75,721

30 Artisan Partners Funds

	Shares Held		Value
OIL, GAS & CONSUMABLE FUELS - 0.5%
Marathon Petroleum Corp.		309		$	7,290
ROAD & RAIL - 3.3%
AMERCO		156			45,197
Ryder System, Inc.		147			3,879
					49,076
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
Analog Devices, Inc.		606			54,324
SPECIALTY RETAIL - 2.8%
AutoNation, Inc.*		1,488			41,753
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.0%
NetApp, Inc.		718			29,926
TRADING COMPANIES & DISTRIBUTORS - 2.8%
Air Lease Corp.		1,889			41,817
Total common stocks (Cost $1,480,072)					1,434,864
SHORT-TERM INVESTMENTS - 2.3%
INVESTMENT COMPANIES - 2.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		11,559			11,559
Federated Treasury Obligations Fund - Institutional Class, 0.27%		11,220			11,220
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		11,220			11,220
Total short-term investments (Cost $33,999)					33,999
Total investments - 99.9% (Cost $1,514,071)					1,468,863
Other assets less liabilities - 0.1%					1,198
Total net assets - 100.0%(2)				$	1,470,061

* 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
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		$	150,211		10.2	%
Consumer Discretionary			286,986		19.5
Consumer Staples			60,138		4.1
Energy			7,290		0.5
Financials			404,540		27.5
Health Care			76,299		5.2
Industrials			161,114		11.0
Information Technology			108,545		7.4
Materials			98,037		6.7
Real Estate			81,704		5.6
Short-Term Investments			33,999		2.3
Total investments		$	1,468,863		100.0	%

TOP TEN HOLDINGS
Company  Name	Country	Percentage of Total Net Assets
Analog Devices, Inc.	United States		3.7	%
Globe Life, Inc.	United States		3.4
Gentex Corp.	United States		3.4
Thor Industries, Inc.	United States		3.3
Arch Capital Group Ltd.	United States		3.2
AMERCO	United States		3.1
IAC/InterActiveCorp	United States		2.9
Progressive Corp. (The)	United States		2.9
Air Lease Corp.	United States		2.8
DENTSPLY SIRONA, Inc.	United States		2.8
Total			31.5	%

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 31

Artisan Select Equity Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 95.7%
AEROSPACE & DEFENSE - 2.6%
BAE Systems plc(1)(2)		42			$	273
AIR FREIGHT & LOGISTICS - 3.6%
FedEx Corp.		3				370
AIRLINES - 2.9%
Southwest Airlines Co.		8				297
BANKS - 6.5%
Citigroup, Inc.		10				405
Wells Fargo & Co.		9				270
						675
CAPITAL MARKETS - 4.1%
Bank of New York Mellon Corp. (The)		13				422
CONSTRUCTION MATERIALS - 3.1%
HeidelbergCement AG(1)(2)		7				326
CONSUMER FINANCE - 5.7%
American Express Co.		7				586
DIVERSIFIED FINANCIAL SERVICES - 3.5%
Berkshire Hathaway, Inc., Class B*		2				361
HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%
DENTSPLY SIRONA, Inc.		15				595
HEALTH CARE PROVIDERS & SERVICES - 5.0%
Anthem, Inc.		2				517
INSURANCE - 7.6%
Marsh & McLennan Cos., Inc.		4				335
Progressive Corp. (The)		6				457
						792
INTERACTIVE MEDIA & SERVICES - 11.2%
Alphabet, Inc., Class A*		–	(3)			579
Facebook, Inc., Class A*		3				579
						1,158
INTERNET & DIRECT MARKETING RETAIL - 8.5%
Booking Holdings, Inc.*		–	(3)			556
Expedia Group, Inc.		6				327
						883
	Shares Held			Value
IT SERVICES - 8.7%
Cognizant Technology Solutions Corp., Class A		11				500
Visa, Inc., Class A		2				398
						898
SOFTWARE - 5.8%
Oracle Corp.		12				602
SPECIALTY RETAIL - 3.5%
Advance Auto Parts, Inc.		4				361
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.4%
Samsung Electronics Co. Ltd.(1)(2)		12				459
TEXTILES, APPAREL & LUXURY GOODS - 3.3%
Cie Financiere Richemont SA(1)(2)		6				337
Total common stocks (Cost $11,763)						9,912
SHORT-TERM INVESTMENTS - 3.8%
INVESTMENT COMPANIES - 3.8%
BlackRock Liquidity Funds TreasuryTrust Fund - Institutional Class, 0.20%		134				134
Federated Treasury Obligations Fund - Institutional Class, 0.27%		131				131
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		130				130
Total short-term investments (Cost $395)						395
Total Investments - 99.5% (Cost $12,158)						10,307
Other assets less liabilities - 0.5%						53
Total net assets - 100.0%(4)					$	10,360

* 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
BAE Systems plc	United Kingdom	British pound
Cie Financiere Richemont SA	Switzerland	Swiss franc
HeidelbergCement AG	Germany	Euro
Samsung Electronics Co. Ltd.	South Korea	Korean won

32 Artisan Partners Funds

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,395, or 13.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ Amount less than one.

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

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

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,158		11.2	%
Consumer Discretionary			1,582		15.4
Financials			2,835		27.5
Health Care			1,112		10.8
Industrials			940		9.1
Information Technology			1,959		19.0
Materials			326		3.2
Short-Term Investments			395		3.8
Total investments		$	10,307		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	273		2.6	%
Euro			326		3.2
Korean won			459		4.4
Swiss franc			337		3.3
U.S. dollar			8,912		86.5
Total investments		$	10,307		100.0	%

TOP TEN HOLDINGS
Company  Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		5.8	%
DENTSPLY SIRONA, Inc.	United States		5.7
American Express Co.	United States		5.7
Facebook, Inc.	United States		5.6
Alphabet, Inc.	United States		5.6
Booking Holdings, Inc.	United States		5.4
Anthem, Inc.	United States		5.0
Cognizant Technology Solutions Corp.	United States		4.8
Samsung Electronics Co. Ltd.	South Korea		4.4
Progressive Corp. (The)	United States		4.4
Total			52.4	%

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 33

Artisan Small Cap Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.3%
AEROSPACE & DEFENSE - 6.2%
BWX Technologies, Inc.		415		$	20,227
Cubic Corp.		414			17,106
Teledyne Technologies, Inc.*		230			68,401
					105,734
BANKS - 0.2%
Webster Financial Corp.		159			3,633
BIOTECHNOLOGY - 14.8%
Acceleron Pharma, Inc.*		273			24,505
Argenx SE, ADR*(1)		258			33,977
Ascendis Pharma A/S, ADR*(1)		358			40,296
Halozyme Therapeutics, Inc.*		3,275			58,912
Iovance Biotherapeutics, Inc.*		964			28,860
Orchard Therapeutics plc, ADR*(1)		1,339			10,085
Radius Health, Inc.*		638			8,291
Sage Therapeutics, Inc.*		112			3,220
Veracyte, Inc.*		1,447			35,180
Y-mAbs Therapeutics, Inc.*		292			7,626
					250,952
BUILDING PRODUCTS - 0.5%
Trex Co., Inc.*		103			8,252
CAPITAL MARKETS - 0.9%
Morningstar, Inc.		129			15,002
CHEMICALS - 0.2%
Ingevity Corp.*		87			3,063
DIVERSIFIED CONSUMER SERVICES - 4.8%
Bright Horizons Family Solutions, Inc.*		225			22,957
Chegg, Inc.*		1,617			57,868
					80,825
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.4%
Cognex Corp.		276			11,647
Coherent, Inc.*		69			7,336
Novanta, Inc.*		486			38,839
					57,822
ENTERTAINMENT - 3.7%
Zynga, Inc., Class A*		9,254			63,387
FOOD & STAPLES RETAILING - 0.7%
Casey’s General Stores, Inc.		92			12,205
HEALTH CARE EQUIPMENT & SUPPLIES - 5.4%
DexCom, Inc.*		205			55,306
Glaukos Corp.*		644			19,859
iRhythm Technologies, Inc.*		71			5,789
Mesa Laboratories, Inc.		48			10,808
					91,762
HEALTH CARE PROVIDERS & SERVICES - 1.1%
HealthEquity, Inc.*		354			17,893
HEALTH CARE TECHNOLOGY - 2.8%
Tabula Rasa HealthCare, Inc.*		622			32,503
Teladoc Health, Inc.*		97			15,051
					47,554
HOTELS, RESTAURANTS & LEISURE - 0.9%
Papa John’s International, Inc.		193			10,313
Wingstop, Inc.		58			4,629
					14,942
IT SERVICES - 0.9%
Evo Payments, Inc., Class A*		253			3,872
LiveRamp Holdings, Inc.*		355			11,686
					15,558
LIFE SCIENCES TOOLS & SERVICES - 3.6%
Adaptive Biotechnologies Corp.*		329			9,127
NeoGenomics, Inc.*		1,769			48,833
Repligen Corp.*		41			3,959
					61,919
MACHINERY - 5.5%
Donaldson Co., Inc.		490			18,925
Ingersoll Rand, Inc.*		1,437			35,633
John Bean Technologies Corp.		518			38,467
					93,025
MEDIA - 1.5%
New York Times Co. (The), Class A		818			25,106
MULTILINE RETAIL - 1.6%
Ollie’s Bargain Outlet Holdings, Inc.*		586			27,158
PHARMACEUTICALS - 0.3%
Tricida, Inc.*		228			5,014
PROFESSIONAL SERVICES - 2.5%
Clarivate Analytics plc*(1)		2,036			42,252
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.6%
Ambarella, Inc.*		268			13,013
Cree, Inc.*		680			24,106

34 Artisan Partners Funds

	Shares Held		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (CONTINUED)
Lattice Semiconductor Corp.*		1,196		$	21,312
Monolithic Power Systems, Inc.		221			37,044
					95,475
SOFTWARE - 27.3%
ACI Worldwide, Inc.*		1,299			31,363
Altair Engineering, Inc., Class A*		187			4,944
Aspen Technology, Inc.*		91			8,664
Avalara, Inc.*		378			28,201
Blackline, Inc.*		1,006			52,901
Coupa Software, Inc.*		294			41,033
Guidewire Software, Inc.*		566			44,915
HubSpot, Inc.*		327			43,575
LivePerson, Inc.*		1,482			33,716
Paylocity Holding Corp.*		40			3,538
PROS Holdings, Inc.*		382			11,856
Q2 Holdings, Inc.*		996			58,805
RealPage, Inc.*		363			19,188
Tyler Technologies, Inc.*		150			44,515
Zscaler, Inc.*		596			36,251
					463,465
SPECIALTY RETAIL - 0.9%
Floor & Decor Holdings, Inc., Class A*		453			14,545
Total common stocks (Cost $1,251,852)					1,616,543
SHORT-TERM INVESTMENTS - 2.5%
INVESTMENT COMPANIES - 2.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		14,596			14,596
Federated Treasury Obligations Fund - Institutional Class, 0.27%		14,167			14,167
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		14,167			14,167
Total short-term investments (Cost $42,930)					42,930
Total investments - 97.8% (Cost $1,294,782)					1,659,473
Other assets less liabilities - 2.2%					37,746
Total net assets - 100.0%(2)				$	1,697,219

* 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
Clarivate Analytics plc		United Kingdom	U.S. dollar
Orchard Therapeutics plc	��	United Kingdom	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		$	88,493		5.3	%
Consumer Discretionary			137,470		8.3
Consumer Staples			12,205		0.8
Financials			18,635		1.1
Health Care			475,094		28.6
Industrials			249,263		15.0
Information Technology			632,320		38.1
Materials			3,063		0.2
Short-Term Investments			42,930		2.6
Total investments		$	1,659,473		100.0	%

TOP TEN HOLDINGS
Company  Name	Country	Percentage of Total Net Assets
Teledyne Technologies, Inc.	United States		4.0	%
Zynga, Inc.	United States		3.7
Halozyme Therapeutics, Inc.	United States		3.5
Q2 Holdings, Inc.	United States		3.5
Chegg, Inc.	United States		3.4
DexCom, Inc.	United States		3.3
Blackline, Inc.	United States		3.1
NeoGenomics, Inc.	United States		2.9
Guidewire Software, Inc.	United States		2.6
Tyler Technologies, Inc.	United States		2.6
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 35

Artisan Sustainable Emerging Markets Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.3%
ARGENTINA - 2.6%
Globant SA*		3		$	295
MercadoLibre, Inc.*		2			778
					1,073
BRAZIL - 5.9%
Arco Platform Ltd., Class A*		10			424
Cia Energetica de Minas Gerais (Preference)		166			285
Grupo SBF SA*		46			212
Itau Unibanco Holding SA (Preference)		121			541
Linx SA		68			221
Petroleo Brasileiro SA*		103			280
Vale SA*		53			440
					2,403
CHILE - 0.8%
Empresa Nacional de Telecomunicaciones SA*		77			324
CHINA - 28.2%
Alibaba Group Holding Ltd., ADR*		19			3,739
Alibaba Group Holding Ltd.*(1)		17			393
Baidu, Inc., ADR*		5			522
Baozun, Inc., ADR*		14			378
China Life Insurance Co. Ltd., Class H(1)		279			547
China Traditional Chinese Medicine Holdings Co. Ltd.(1)		1,524			692
Estun Automation Co. Ltd., Class A(1)		314			408
Haier Smart Home Co. Ltd., Class A(1)		161			328
iQIYI, Inc., ADR*		20			348
Noah Holdings Ltd., ADR*		21			548
Prosus NV*(1)		19			1,349
Sinopharm Group Co. Ltd., Class H(1)		208			466
Tencent Music Entertainment Group, ADR*		21			214
Trip.com Group Ltd., ADR*		23			534
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A(1)		35			390
Zhuzhou CRRC Times Electric Co. Ltd., Class H(1)		203			600
					11,456
COLOMBIA - 1.0%
Banco Davivienda SA (Preference)		53			401
GREECE - 1.6%
Alpha Bank AE*(1)		265			207
JUMBO SA(1)		33			452
					659
HONG KONG - 4.9%
AIA Group Ltd.(1)		96			862
China High Precision Automation Group Ltd.*(1)(2)		9,066			–
Sino Biopharmaceutical Ltd.(1)		866			1,135
					1,997
INDIA - 9.7%
Havells India Ltd.(1)		63			399
ICICI Bank Ltd.(1)		175			767
Kajaria Ceramics Ltd.(1)		104			510
Metropolis Healthcare Ltd.(1)		20			342
Phoenix Mills Ltd. (The)(1)		69			515
Reliance Industries Ltd.(1)		72			1,061
Westlife Development Ltd.*(1)		84			353
					3,947
INDONESIA - 3.9%
Astra International Tbk. PT(1)		1,074			256
Bank Rakyat Indonesia Persero Tbk. PT(1)		2,434			448
Indofood CBP Sukses Makmur Tbk. PT(1)		642			401
Telekomunikasi Indonesia Persero Tbk. PT(1)		2,473			478
					1,583
MEXICO - 0.5%
Cemex SAB de CV		1,003			210
Panama - 0.8%
Copa Holdings SA, Class A		7			327
PERU - 1.4%
Credicorp Ltd.		4			568
RUSSIA - 9.7%
LSR Group PJSC, GDR(1)		170			239
Lukoil PJSC, ADR(1)		13			804
MMC Norilsk Nickel PJSC, ADR(1)		31			777
Polyus PJSC, GDR(1)		16			1,052
Sberbank of Russia PJSC(1)		312			742
Yandex NV, Class A*		10			330
					3,944
SAUDI ARABIA - 0.5%
Leejam Sports Co. JSC(1)		13			183
SOUTH AFRICA - 1.2%
FirstRand Ltd.(1)		117			262
Foschini Group Ltd. (The)(1)		59			222
					484

36 Artisan Partners Funds

	Shares Held			Value
SOUTH KOREA - 11.4%
BGF retail Co. Ltd.(1)		5			$	521
Medy-Tox, Inc.(1)		–	(3)			8
Samsung Biologics Co. Ltd.*(1)		2				698
Samsung Electronics Co. Ltd.(1)		76				2,946
Shinhan Financial Group Co. Ltd.(1)		19				442
						4,615
TAIWAN - 12.9%
E Ink Holdings, Inc.(1)		744				597
MediaTek, Inc.(1)		73				775
Sunny Friend Environmental Technology Co. Ltd.(1)		126				964
Taiwan Semiconductor Manufacturing Co. Ltd.(1)		327				2,916
						5,252
THAILAND - 0.5%
Bangkok Bank PCL, NVDR(1)		69				213
TURKEY - 0.8%
Global Ports Holding plc(1)		90				66
Turkiye Sinai Kalkinma Bankasi A/S*(1)		1,997				278
						344
Total common stocks (Cost $43,485)						39,983
SHORT-TERM INVESTMENTS - 1.8%
INVESTMENT COMPANIES - 1.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		250				250
Federated Treasury Obligations Fund - Institutional Class, 0.27%		242				242
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		242				242
Total short-term investments (Cost $734)						734
Total investments - 100.1% (Cost $44,219)						40,717
Other assets less liabilities - (0.1)%						(53	)
Total net assets - 100.0%(4)					$	40,664

* 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 $28,064, or 69.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

⁽³⁾ Amount less than one.

⁽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		$	2,216		5.4	%
Consumer Discretionary			9,601		23.6
Consumer Staples			922		2.3
Energy			2,145		5.3
Financials			6,826		16.8
Health Care			3,341		8.2
Industrials			3,274		8.0
Information Technology			8,140		20.0
Materials			2,479		6.1
Real Estate			754		1.8
Utilities			285		0.7
Short-Term Investments			734		1.8
Total investments		$	40,717		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	1,979		4.9	%
British pound			66		0.2
Chilean peso			324		0.8
Chinese yuan renminbi offshore			1,126		2.8
Colombian peso			401		1.0
Euro			2,008		4.9
Hong Kong dollar			4,695		11.5
Indian rupee			3,947		9.7
Indonesian rupiah			1,583		3.9
Korean won			4,615		11.3
Mexican peso			210		0.5
New Taiwan dollar			5,252		12.9
Saudi riyal			183		0.4
South African rand			484		1.2
Thai baht			213		0.5
Turkish lira			278		0.7
U.S. dollar			13,353		32.8
Total investments		$	40,717		100.0	%

Artisan Partners Funds 37

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Alibaba Group Holding Ltd.		China		10.2	%
Samsung Electronics Co. Ltd.		South Korea		7.2
Taiwan Semiconductor Manufacturing Co. Ltd.		Taiwan		7.2
Prosus NV		China		3.3
Sino Biopharmaceutical Ltd.		Hong Kong		2.8
Reliance Industries Ltd.		India		2.6
Polyus PJSC		Russia		2.6
Sunny Friend Environmental Technology Co. Ltd.		Taiwan		2.4
AIA Group Ltd.		Hong Kong		2.1
Lukoil PJSC		Russia		2.0
Total				42.4	%

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

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

38 Artisan Partners Funds

Artisan Thematic Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 78.8%
CAPITAL MARKETS - 17.3%
BlackRock, Inc.		99		$	43,514
Blackstone Group, Inc. (The), Class A		494			22,489
Intercontinental Exchange, Inc.		441			35,613
Moody’s Corp.		143			30,303
S&P Global, Inc.		105			25,787
					157,706
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 6.2%
American Tower Corp.		79			17,140
Equinix, Inc.		28			17,780
SBA Communications Corp.		80			21,674
					56,594
INSURANCE - 3.5%
Aon plc		142			23,370
Willis Towers Watson plc		48			8,135
					31,505
INTERACTIVE MEDIA & SERVICES - 5.8%
Tencent Holdings Ltd.(1)(2)		1,078			52,570
INTERNET & DIRECT MARKETING RETAIL - 9.1%
Amazon.com, Inc.*		28			55,103
JD.com, Inc., ADR*(1)		681			27,598
					82,701
IT SERVICES - 8.1%
Fidelity National Information Services, Inc.		378			45,981
VeriSign, Inc.*		155			27,830
					73,811
MEDIA - 3.4%
Charter Communications, Inc., Class A*		72			31,396
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.6%
Advanced Micro Devices, Inc.*		490			22,268
Micron Technology, Inc.*		432			18,151
NVIDIA Corp.		143			37,603
					78,022
SOFTWARE - 5.1%
Microsoft Corp.(3)		297			46,816
SPECIALTY RETAIL - 7.0%
O’Reilly Automotive, Inc.*		87			26,306
TJX Cos., Inc. (The)		784			37,465
					63,771
WIRELESS TELECOMMUNICATION SERVICES - 4.7%
T-Mobile US, Inc.*		506			42,495
Total common stocks (Cost $680,256)					717,387
	No. of Contracts‡		Value
OPTIONS PURCHASED - 5.0%
CALL OPTION - 4.8%
EQUITY FUNDS - 4.8%
SPDR S&P 500 ETF Trust 5/15/2020 at USD 110.00; Notional Amount: USD 67,287		2,957			43,367
Total call option					43,367
PUT OPTIONS - 0.2%
INTERNET & DIRECT MARKETING RETAIL - 0.1%
Amazon.com, Inc. 4/17/2020 at USD 1,850.00; Notional Amount: USD 61,611		316			1,111
SOFTWARE - 0.1%
Microsoft Corp. 4/17/2020 at USD 150.00; Notional Amount: USD 44,947		2,850			1,233
Total put options					2,344
Total options purchased (Cost $38,795)					45,711
	Shares Held
SHORT-TERM INVESTMENTS - 7.0%
INVESTMENT COMPANIES - 7.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		21,809			21,809
Federated Treasury Obligations Fund - Institutional Class, 0.27%		21,168			21,168
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		21,168			21,168
Total short-term investments (Cost $64,145)					64,145
Total investments - 90.8% (Cost $783,196)				$	827,243
WRITTEN OPTION CONTRACTS - (0.1)%
(Premiums received $(1,207))					(1,090	)
Other assets less liabilities - 9.3%					85,151
Total net assets - 100.0%(4)				$	911,304

Artisan Partners Funds 39

* 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
JD.com, Inc.	China	U.S. dollar
Tencent Holdings Ltd.	China	Hong Kong dollar

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $52,570, or 5.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ At March 31, 2020, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽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

ETF - Exchange Traded Fund

SPDR - Standard & Poor’s Depository Receipts

USD - U.S. dollar

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	126,461		15.3	%
Consumer Discretionary			146,472		17.7
Financials			189,211		22.9
Information Technology			198,649		24.0
Real Estate			56,594		6.8
Options Purchased			45,711		5.5
Short-Term Investments			64,145		7.8
Total investments		$	827,243		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Hong Kong dollar		$	52,570		6.4	%
U.S. dollar			774,673		93.6
Total investments		$	827,243		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Amazon.com, Inc.	United States			6.2	%
Tencent Holdings Ltd.	China			5.8
Microsoft Corp.	United States			5.2
Fidelity National Information Services, Inc.	United States			5.0
BlackRock, Inc.	United States			4.8
SPDR S&P 500 ETF Trust	United States			4.8
T-Mobile US, Inc.	United States		��	4.7
NVIDIA Corp.	United States			4.2
TJX Cos., Inc. (The)	United States			4.1
Intercontinental Exchange, Inc.	United States			3.9
Total				48.7	%

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.

40 Artisan Partners Funds

FOREIGN CURRENCY FORWARD CONTRACTS Dollar values in thousands
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CNH	137,134	USD	19,275	JPM		5/6/2020	$	53
USD	28,222	CAD	37,468	JPM		5/6/2020		1,587
USD	170,748	CNH	1,196,829	JPM		5/6/2020		2,064
	Total unrealized appreciation							3,704
CAD	37,468	USD	27,415	JPM		5/6/2020		(780	)
CNH	1,011,474	USD	144,577	JPM		5/6/2020		(2,017	)
USD	69,138	CNH	493,733	JPM		5/6/2020		(451	)
	Total unrealized depreciation							(3,248	)
	Net unrealized appreciation						$	456

CAD - Canadian dollar

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar

JPM - JPMorgan Chase Bank, N.A.

WRITTEN OPTION CONTRACTS
Call Options Dollar value in thousands
Number of Contracts		Description	Exercise Price		Notional Amount			Expiration Date		Premiums (Received) by Fund			Market Value			Unrealized Appreciation/ (Depreciation)
	316	Amazon.com, Inc.	$	2,070.00	$	(61,611	)		04/17/20	$	(633	)	$	(506	)	$	127
	2,850	Microsoft Corp.		170.00		(44,947	)		04/17/20		(574	)		(584	)		(10	)
	Total written option contracts									$	(1,207	)	$	(1,090	)	$	117

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

Artisan Partners Funds 41

Artisan Value Fund

Schedule of Investments – March 31, 2020 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.1%
AEROSPACE & DEFENSE - 5.7%
Airbus SE(1)(2)		82		$	5,340
Raytheon Co.		64			8,361
United Technologies Corp.		53			4,964
					18,665
AIR FREIGHT & LOGISTICS - 3.3%
FedEx Corp.		90			10,863
AUTO COMPONENTS - 2.0%
Cie Generale des Etablissements Michelin SCA(1)(2)		74			6,567
BANKS - 4.1%
Citigroup, Inc.		244			10,278
Truist Financial Corp.		100			3,086
					13,364
CAPITAL MARKETS - 4.8%
E*TRADE Financial Corp.		215			7,370
Goldman Sachs Group, Inc. (The)		53			8,177
					15,547
CHEMICALS - 3.0%
Celanese Corp.		73			5,364
DuPont de Nemours, Inc.		124			4,240
					9,604
COMMUNICATIONS EQUIPMENT - 3.5%
Cisco Systems, Inc.		287			11,277
CONSUMER FINANCE - 2.6%
Synchrony Financial		526			8,460
DIVERSIFIED FINANCIAL SERVICES - 5.5%
Berkshire Hathaway, Inc., Class B*		97			17,735
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
GCI Liberty, Inc., Class A*		13			725
HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%
Medtronic plc		80			7,199
HEALTH CARE PROVIDERS & SERVICES - 3.3%
Fresenius Medical Care AG & Co. KGaA(1)(2)		161			10,714
HOTELS, RESTAURANTS & LEISURE - 2.3%
Marriott International, Inc., Class A		99			7,400
INSURANCE - 2.2%
Arch Capital Group Ltd.*		249			7,093
INTERACTIVE MEDIA & SERVICES - 10.1%
Alphabet, Inc., Class C*		18			20,449
Facebook, Inc., Class A*		73			12,238
					32,687
INTERNET & DIRECT MARKETING RETAIL - 4.3%
Booking Holdings, Inc.*		10			13,862
MEDIA - 5.1%
Comcast Corp., Class A		390			13,401
ViacomCBS, Inc.		218			3,052
					16,453
OIL, GAS & CONSUMABLE FUELS - 1.0%
EOG Resources, Inc.		92			3,287
PHARMACEUTICALS - 7.4%
Allergan plc		66			11,655
Sanofi(1)(2)		140			12,302
					23,957
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
NXP Semiconductors NV(1)		81			6,700
SOFTWARE - 1.8%
Oracle Corp.		122			5,877
SPECIALTY RETAIL - 2.3%
AutoNation, Inc.*		269			7,545
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.0%
Apple, Inc.		38			9,608
Samsung Electronics Co. Ltd. (Preference)(1)(2)		308			10,051
					19,659
TOBACCO - 8.3%
Altria Group, Inc.		272			10,504
Philip Morris International, Inc.		136			9,924
Swedish Match AB(1)(2)		116			6,617
					27,045
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Air Lease Corp.		436			9,646
Total common stocks (Cost $312,386)					311,931

42 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 3.5%
INVESTMENT COMPANIES - 3.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.20%		3,825		$	3,825
Federated Treasury Obligations Fund - Institutional Class, 0.27%		3,713			3,713
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.29%		3,713			3,713
Total short-term investments (Cost $11,251)					11,251
Total investments - 99.6% (Cost $323,637)					323,182
Other assets less liabilities - 0.4%					1,316
Total net assets - 100.0%(3)				$	324,498

* 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
Airbus SE	France	Euro
Cie Generale des Etablissements Michelin SCA	France	Euro
Fresenius Medical Care AG & Co. KGaA	Germany	Euro
NXP Semiconductors NV	Netherlands	U.S. dollar
Samsung Electronics Co. Ltd. (Preference)	South Korea	Korean won
Sanofi	France	Euro
Swedish Match AB	Sweden	Swedish krona

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $51,591, or 15.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

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

ABBREVIATION

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		$	49,865		15.4	%
Consumer Discretionary			35,374		10.9
Consumer Staples			27,045		8.4
Energy			3,287		1.0
Financials			62,199		19.2
Health Care			41,870		13.0
Industrials			39,174		12.1
Information Technology			43,513		13.5
Materials			9,604		3.0
Short-Term Investments			11,251		3.5
Total investments		$	323,182		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	34,923		10.8	%
Korean won			10,051		3.1
Swedish krona			6,617		2.1
U.S. dollar			271,591		84.0
Total investments		$	323,182		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		6.3	%
Berkshire Hathaway, Inc.	United States		5.5
Booking Holdings, Inc.	United States		4.3
Comcast Corp.	United States		4.1
Sanofi	France		3.8
Facebook, Inc.	United States		3.8
Allergan plc	United States		3.6
Cisco Systems, Inc.	United States		3.5
FedEx Corp.	United States		3.3
Fresenius Medical Care AG & Co. KGaA	Germany		3.3
Total			41.5	%

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 43

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2020 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			GLOBAL DISCOVERY			GLOBAL EQUITY				GLOBAL OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value		$	3,148,821		$	120,053		$	157,693			$	2,990,061
Short-term investments (investment companies), at value			20,402			7,249			5,316				99,292
Total investments			3,169,223			127,302			163,009				3,089,353
Cash			–			–			–	(1)			–	(1)
Foreign currency			16,736			3			5				3,040
Receivable from investments sold			77,026			831			3,184				15,187
Receivable from fund shares sold			27,857			114			224				5,093
Receivable from the Adviser			–			6			–				–
Dividends and interest receivable			315			30			298				1,262
Other assets			121			9			20				172
Total assets			3,291,278			128,295			166,740				3,114,107
LIABILITIES:
Payable for investments purchased			90,654			858			4,893				26,972
Payable for fund shares redeemed			2,308			129			75				2,697
Payable for operating expenses			521			59			109				512
Payable for management fees			445			17			20				370
Payable for deferred director’s compensation			82			5			13				123
Total liabilities			94,010			1,068			5,110				30,674
Total net assets		$	3,197,268		$	127,227		$	161,630			$	3,083,433
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,650,768		$	121,027		$	127,992			$	2,560,609
Total distributable earnings			546,500			6,200			33,638				522,824
Total net assets		$	3,197,268		$	127,227		$	161,630			$	3,083,433
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	294,693		$	85,616		$	105,426			$	932,164
Advisor Shares		$	1,822,197		$	7,150						$	604,979
Institutional Shares		$	1,080,378		$	34,461		$	56,204			$	1,546,290
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			21,087,045			6,780,290			6,180,774				38,887,616
Advisor Shares			129,621,770			566,306							25,099,873
Institutional Shares			76,580,812			2,729,406			3,273,328				63,510,500
Net asset value per share
Investor Shares		$	13.98		$	12.63		$	17.06			$	23.97
Advisor Shares		$	14.06		$	12.63						$	24.10
Institutional Shares		$	14.11		$	12.63		$	17.17			$	24.35
Cost of total investments		$	2,531,794		$	118,173		$	147,850			$	2,649,654
Cost of foreign currency held		$	16,714		$	3		$	14			$	3,040

⁽¹⁾ Amount rounds to less than $1

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

44 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2020 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE				HIGH INCOME				INTERNATIONAL				INTERNATIONAL SMALL-MID
ASSETS:
Investments in securities, unaffiliated, at value		$	2,023,629			$	3,026,588			$	7,994,486			$	1,519,769
Short-term investments (investment companies), at value			16,202				288,541				266,456				52,340
Total investments			2,039,831				3,315,129				8,260,942				1,572,109
Cash			–	(1)			–				–	(1)			6
Due from broker			–				6,290				–				–
Foreign currency			–	(1)			–				5,923				405
Unrealized appreciation on foreign currency forward contracts			440				–				–				–
Receivable from investments sold			8,897				35,720				93,112				24,289
Receivable from fund shares sold			10,586				32,009				15,390				14,599
Receivable for variation margin on futures contracts			–				719				–				–
Dividends and interest receivable			14,222				47,125				30,628				4,522
Other assets			194				193				712				123
Total assets			2,074,170				3,437,185				8,406,707				1,616,053
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			242				–				–				–
Due to Custodian			–				15,350				–				–
Payable for fund shares redeemed			12,411				13,617				13,001				3,272
Payable for investments purchased			8,026				131,580				77,384				26,888
Dividends payable			–				3,710				–				–
Payable for operating expenses			397				651				2,261				268
Payable for management fees			281				303				1,062				225
Payable for deferred director’s compensation			132				119				616				36
Total liabilities			21,489				165,330				94,324				30,689
Total net assets		$	2,052,681			$	3,271,855			$	8,312,383			$	1,585,364
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,361,934			$	3,839,718			$	7,286,125			$	1,748,075
Total distributable earnings (loss)			(309,253	)			(567,863	)			1,026,258				(162,711	)
Total net assets		$	2,052,681			$	3,271,855			$	8,312,383			$	1,585,364
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	304,277			$	691,816			$	2,786,280			$	256,104
Advisor Shares		$	316,972			$	1,659,281			$	1,717,592			$	668,872
Institutional Shares		$	1,431,432			$	920,758			$	3,808,511			$	660,388
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			23,734,099				83,294,764				106,382,486				21,213,578
Advisor Shares			24,785,322				199,867,716				65,757,188				55,370,873
Institutional Shares			111,631,261				110,932,159				144,626,515				54,095,188
Net asset value per share
Investor Shares		$	12.82			$	8.31			$	26.19			$	12.07
Advisor Shares		$	12.79			$	8.30			$	26.12			$	12.08
Institutional Shares		$	12.82			$	8.30			$	26.33			$	12.21
Cost of total investments		$	2,265,175			$	3,764,861			$	7,471,251			$	1,705,718
Cost of foreign currency held		$	–	(1)		$	–			$	6,941			$	403

⁽¹⁾ Amount rounds to less than $1

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

Artisan Partners Funds 45

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2020 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE				MID CAP				MID CAP VALUE				SELECT EQUITY
ASSETS:
Investments in securities, unaffiliated, at value		$	10,547,787			$	4,269,878			$	1,434,864			$	9,912
Short-term investments (investment companies), at value			162,374				92,227				33,999				395
Total investments			10,710,161				4,362,105				1,468,863				10,307
Cash			–	(1)			–				–	(1)			–	(1)
Foreign currency			24				–	(1)			–				–
Unrealized appreciation on foreign currency forward contracts			7,372				–				–				–
Receivable from investments sold			2,542				10,431				24,491				–
Receivable from fund shares sold			80,580				7,655				10,851				1
Receivable from the Adviser			–				–				–				2
Dividends and interest receivable			108,831				683				2,760				5
Other assets			742				358				232				57
Total assets			10,910,252				4,381,232				1,507,197				10,372
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			3,531				–				–				–
Payable for fund shares redeemed			34,942				5,933				2,402				–
Payable for investments purchased			6,425				23,910				33,631				–
Payable for operating expenses			1,919				942				724				11
Payable for management fees			1,374				557				195				1
Payable for deferred director’s compensation			622				297				184				–
Total liabilities			48,813				31,639				37,136				12
Total net assets		$	10,861,439			$	4,349,593			$	1,470,061			$	10,360
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	12,159,672			$	3,269,117			$	1,424,365			$	12,568
Total distributable earnings (loss)			(1,298,233	)			1,080,476				45,696				(2,208	)
Total net assets		$	10,861,439			$	4,349,593			$	1,470,061			$	10,360
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,668,071			$	1,377,697			$	476,932			$	401
Advisor Shares		$	3,425,992			$	382,774			$	455,938			$	1,204
Institutional Shares		$	5,767,376			$	2,589,122			$	537,191			$	8,755
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			62,262,844				44,325,871				38,807,760				49,974
Advisor Shares			128,117,611				12,175,058				37,213,155				150,230
Institutional Shares			214,728,071				73,398,406				43,811,241				1,091,756
Net asset value per share
Investor Shares		$	26.79			$	31.08			$	12.29			$	8.02
Advisor Shares		$	26.74			$	31.44			$	12.25			$	8.02
Institutional Shares		$	26.86			$	35.27			$	12.26			$	8.02
Cost of total investments		$	11,565,435			$	3,356,118			$	1,514,071			$	12,158
Cost of foreign currency held		$	2			$	–	(1)		$	–			$	–

⁽¹⁾ 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 Assets and Liabilities – March 31, 2020 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP			SUSTAINABLE EMERGING MARKETS				THEMATIC				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	1,616,543		$	39,983			$	763,098			$	311,931
Short-term investments (investment companies), at value			42,930			734				64,145				11,251
Total investments			1,659,473			40,717				827,243				323,182
Cash			–			–	(1)			–	(1)			–	(1)
Foreign currency			–			48				–	(1)			–	(1)
Unrealized appreciation on foreign currency forward contracts			–			–				3,704				–
Receivable from investments sold			10,487			–				176,840				–
Receivable from fund shares sold			32,664			19				6,801				1,665
Receivable from the Adviser			–			4				–				2
Dividends and interest receivable			161			102				191				814
Other assets			121			14				53				47
Total assets			1,702,906			40,904				1,014,832				325,710
LIABILITIES:
Written options, at value			–			–				1,090	(2)			–
Unrealized depreciation on foreign currency forward contracts			–			–				3,248				–
Payable for investments purchased			3,426			–				98,538				–
Payable for fund shares redeemed			1,567			64				346				976
Payable for operating expenses			405			133				170				174
Payable for management fees			218			6				124				33
Payable for deferred director’s compensation			71			8				12				29
Payable for foreign taxes			–			29				–				–
Total liabilities			5,687			240				103,528				1,212
Total net assets		$	1,697,219		$	40,664			$	911,304			$	324,498
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	1,290,588		$	180,030			$	952,978			$	315,305
Total distributable earnings (loss)			406,631			(139,366	)			(41,674	)			9,193
Total net assets		$	1,697,219		$	40,664			$	911,304			$	324,498
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	530,783		$	35,750			$	187,031			$	100,340
Advisor Shares		$	559,438						$	440,028			$	83,873
Institutional Shares		$	606,998		$	4,914			$	284,245			$	140,285
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			18,481,617			2,946,774				13,456,904				10,435,508
Advisor Shares			19,383,332							31,656,900				8,760,620
Institutional Shares			20,662,065			401,396				20,440,126				14,627,546
Net asset value per share
Investor Shares		$	28.72		$	12.13			$	13.90			$	9.62
Advisor Shares		$	28.86						$	13.90			$	9.57
Institutional Shares		$	29.38		$	12.24			$	13.91			$	9.59
Cost of total investments		$	1,294,782		$	44,219			$	783,196			$	323,637
Cost of foreign currency held		$	–		$	54			$	–	(1)		$	–	(1)

⁽¹⁾ Amount rounds to less than $1

⁽²⁾ Written options, premiums received $1,207

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, 2020 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				GLOBAL DISCOVERY				GLOBAL EQUITY				GLOBAL OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	3,778			$	191			$	809			$	14,471
Total investment income			3,778				191				809				14,471
EXPENSES:
Management fees			15,900				589				1,135				15,668
Transfer agent fees
Investor Shares			392				110				149				1,316
Advisor Shares			844				5								335
Institutional Shares			20				5				17				20
Custodian fees			166				17				19				68
Accounting fees			34				35				34				34
Professional fees			81				25				33				69
Registration fees
Investor Shares			11				8				6				21
Advisor Shares			23				1								15
Institutional Shares			14				1				8				12
Director’s fees			62				3				6				76
Other operating expenses			140				11				14				117
Total operating expenses			17,687				810				1,421				17,751
Less amounts waived or paid by the Adviser			–				(17	)			–				–
Net expenses			17,687				793				1,421				17,751
Net investment (loss)			(13,909	)			(602	)			(612	)			(3,280	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(2)			10,287				(877	)			30,492				117,516
Foreign currency related transactions			(1,593	)			(7	)			(63	)			(351	)
Total realized gain (loss)			8,694				(884	)			30,429				117,165
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			92,195				(6,456	)			(41,649	)			(296,348	)
Foreign currency related transactions			1,056				–	(3)			46				45
Total increase (decrease) in unrealized appreciation or depreciation			93,251				(6,456	)			(41,603	)			(296,303	)
Net gain (loss) on investments and foreign currency related transactions			101,945				(7,340	)			(11,174	)			(179,138	)
Net increase (decrease) in net assets resulting from operations		$	88,036			$	(7,942	)		$	(11,786	)		$	(182,418	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	123			$	4			$	20			$	198
(2) Net of foreign taxes on realized gains		$	–			$	(7	)		$	–			$	–
(3) Amount rounds to less than $1

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, 2020 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE				HIGH INCOME				INTERNATIONAL				INTERNATIONAL SMALL-MID
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	23,534			$	1,339			$	36,509			$	6,740
Interest			–				132,707				–				–
Total investment income			23,534				134,046				36,509				6,740
EXPENSES:
Management fees			14,628				12,791				48,665				8,207
Transfer agent fees
Investor Shares			564				1,029				4,452				281
Advisor Shares			282				1,102				869				319
Institutional Shares			20				20				27				18
Custodian fees			76				18				458				70
Accounting fees			34				69				34				34
Professional fees			72				84				220				48
Registration fees
Investor Shares			16				22				34				21
Advisor Shares			16				34				16				47
Institutional Shares			17				17				33				13
Director’s fees			67				79				231				30
Other operating expenses			105				175				423				56
Total operating expenses			15,897				15,440				55,462				9,144
Net investment income (loss)			7,637				118,606				(18,953	)			(2,404	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			28,493				(28,339	)			428,673				(8,820	)
Foreign currency forward contracts			1,863				–				–				–
Foreign currency related transactions			(57	)			–				(1,400	)			(118	)
Futures contracts			–				(4,401	)			–				–
Total realized gain (loss)			30,299				(32,740	)			427,273				(8,938	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(688,030	)			(464,224	)			(1,883,638	)			(230,614	)
Foreign currency forward contracts			(2,436	)			–				–				–
Foreign currency related transactions			112				–				966				39
Futures contracts			–				(17,895	)			–				–
Unfunded loan commitments			–				10				–				–
Total decrease in unrealized appreciation or depreciation			(690,354	)			(482,109	)			(1,882,672	)			(230,575	)
Net loss on investments and foreign currency related transactions			(660,055	)			(514,849	)			(1,455,399	)			(239,513	)
Net decrease in net assets resulting from operations		$	(652,418	)		$	(396,243	)		$	(1,474,352	)		$	(241,917	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,209			$	–			$	1,783			$	468

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2020 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE				MID CAP				MID CAP VALUE				SELECT EQUITY(1)
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	122,971			$	11,373			$	25,016			$	10
Total investment income			122,971				11,373				25,016				10
EXPENSES:
Management fees			66,798				23,775				9,944				6
Transfer agent fees
Investor Shares			3,084				1,910				874				3
Advisor Shares			2,076				189				201				3
Institutional Shares			26				27				19				3
Custodian fees			576				39				15				–	(3)
Accounting fees			34				22				26				–	(3)
Professional fees			246				109				74				2
Registration fees
Investor Shares			32				14				14				2
Advisor Shares			41				14				9				2
Institutional Shares			34				28				16				2
Director’s fees			315				111				48				–	(3)
Other operating expenses			543				231				215				1
Total operating expenses			73,805				26,469				11,455				24
Less amounts waived or paid by the Adviser			–				–				–				(15	)
Net expenses			73,805				26,469				11,455				9
Net investment income (loss)			49,166				(15,096	)			13,561				1
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(287,305	)			246,872				103,209				(351	)
Foreign currency forward contracts			15,527				–				–				–
Foreign currency related transactions			127				8				–				(7	)
Total realized gain (loss)			(271,651	)			246,880				103,209				(358	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(2,722,640	)			(451,154	)			(724,932	)			(1,851	)
Foreign currency forward contracts			(14,435	)			–				–				–
Foreign currency related transactions			827				–	(3)			–				–
Total decrease in unrealized appreciation or depreciation			(2,736,248	)			(451,154	)			(724,932	)			(1,851	)
Net loss on investments and foreign currency related transactions			(3,007,899	)			(204,274	)			(621,723	)			(2,209	)
Net decrease in net assets resulting from operations		$	(2,958,733	)		$	(219,370	)		$	(608,162	)		$	(2,208	)
(1) For the period from commencement of operations (February 28, 2020) through March 31, 2020.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	13,903			$	–			$	121			$	–
(3) 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 Operations – For the Six Months Ended March 31, 2020 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP				SUSTAINABLE EMERGING MARKETS				THEMATIC				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	2,131			$	988			$	4,327			$	3,498
Interest			–				–	(2)			–				–
Total investment income			2,131				988				4,327				3,498
EXPENSES:
Management fees			9,248				270				4,063				1,532
Transfer agent fees
Investor Shares			751				75				256				180
Advisor Shares			328								301				59
Institutional Shares			18				17				5				18
Custodian fees			12				16				14				6
Accounting fees			26				34				34				24
Professional fees			46				42				28				29
Registration fees
Investor Shares			8				4				13				6
Advisor Shares			16								19				4
Institutional Shares			8				4				1				8
Director’s fees			41				2				16				9
Other operating expenses			99				11				26				44
Total operating expenses			10,601				475				4,776				1,919
Less amounts waived or paid by the Adviser			–				(116	)			–				(17	)
Net expenses			10,601				359				4,776				1,902
Net investment income (loss)			(8,470	)			629				(449	)			1,596
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)			71,467				(926	)			(77,991	)			17,424
Foreign currency forward contracts			–				–				87				–
Foreign currency related transactions			–				–	(2)			(4	)			1
Written options			–				–				1,016				–
Total realized gain (loss)			71,467				(926	)			(76,892	)			17,425
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)			(174,550	)			(9,344	)			(1,365	)			(107,801	)
Foreign currency forward contracts			–				–				(92	)			–
Foreign currency related transactions			–				(4	)			–	(2)			(2	)
Written options			–				–				117				–
Total decrease in unrealized appreciation or depreciation			(174,550	)			(9,348	)			(1,340	)			(107,803	)
Net loss on investments and foreign currency related transactions			(103,083	)			(10,274	)			(78,232	)			(90,378	)
Net decrease in net assets resulting from operations		$	(111,553	)		$	(9,645	)		$	(78,681	)		$	(88,782	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	–			$	50			$	39			$	59
(2) Amount rounds to less than $1
(3) Net of foreign taxes on realized gains		$	–			$	4			$	–			$	–
(4) Net of increase in foreign taxes on unrealized gains		$	–			$	127			$	–			$	–

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

Artisan Partners Funds 51

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD								GLOBAL DISCOVERY
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment loss		$	(13,909	)		$	(5,801	)		$	(602	)		$	(533	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			10,287				17,101				(877	)			(1,024	)
Foreign currency related transactions			(1,593	)			220				(7	)			1
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			92,195				360,537				(6,456	)			9,229
Foreign currency related transactions			1,056				(995	)			–	(2)			–	(2)
Net increase (decrease) in net assets resulting from operations			88,036				371,062				(7,942	)			7,673
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(45	)			–				–
Advisor Shares			–				(609	)			–
Institutional Shares			(56	)			(230	)			–
Total distributions to shareholders			(56	)			(884	)			–				–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			447,513				100,622				27,846				24,329
Total increase in net assets			535,493				470,800				19,904				32,002
Net assets, beginning of period			2,661,775				2,190,975				107,323				75,321
Net assets, end of period		$	3,197,268			$	2,661,775			$	127,227			$	107,323

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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

52 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL EQUITY								GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(612	)		$	25			$	(3,280	)		$	3,941
Net realized gain (loss) on:
Investments, from unaffiliated issuers			30,492				13,230				117,516				222,938
Foreign currency related transactions			(63	)			(14	)			(351	)			(30	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(41,649	)			(4,529	)			(296,348	)			(90,528	)
Foreign currency related transactions			46				(63	)			45				(23	)
Net increase (decrease) in net assets resulting from operations			(11,786	)			8,649				(182,418	)			136,298
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(10,288	)			(16,503	)			(74,481	)			(68,096	)
Advisor Shares											(43,758	)			(31,641	)
Institutional Shares			(11,682	)			(24,802	)			(123,621	)			(93,750	)
Total distributions to shareholders			(21,970	)			(41,305	)			(241,860	)			(193,487	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(59,569	)			(32,416	)			112,760				47,054
Total decrease in net assets			(93,325	)			(65,072	)			(311,518	)			(10,135	)
Net assets, beginning of period			254,955				320,027				3,394,951				3,405,086
Net assets, end of period		$	161,630			$	254,955			$	3,083,433			$	3,394,951

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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

	GLOBAL VALUE								HIGH INCOME
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment income		$	7,637			$	47,082			$	118,606			$	220,558
Net realized gain (loss) on:
Investments, from unaffiliated issuers			28,493				(765	)	��		(28,339	)			(48,346	)
Foreign currency forward contracts			1,863				(1,519	)			–				–
Foreign currency related transactions			(57	)			(180	)			–				–
Futures contracts			–				–				(4,401	)			(15,310	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(688,030	)			(91,871	)			(464,224	)			6,849
Foreign currency forward contracts			(2,436	)			2,772				–				–
Foreign currency related transactions			112				(108	)			–				–
Futures contracts			–				–				(17,895	)			1,580
Unfunded loan commitments			–				–				10				(33	)
Net increase (decrease) in net assets resulting from operations			(652,418	)			(44,589	)			(396,243	)			165,298
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(6,704	)			(36,013	)			(25,387	)			(69,933	)
Advisor Shares			(9,262	)			(44,524	)			(67,157	)			(131,657	)
Institutional Shares			(32,160	)			(118,223	)			(26,678	)			(32,024	)
Total distributions to shareholders			(48,126	)			(198,760	)			(119,222	)			(233,614	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(322,653	)			(400,923	)			(992	)			610,675
Total increase (decrease) in net assets			(1,023,197	)			(644,272	)			(516,457	)			542,359
Net assets, beginning of period			3,075,878				3,720,150				3,788,312				3,245,953
Net assets, end of period		$	2,052,681			$	3,075,878			$	3,271,855			$	3,788,312

⁽¹⁾ Unaudited.

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

54 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL								INTERNATIONALSMALL-MID
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(18,953	)		$	117,234			$	(2,404	)		$	529
Net realized gain (loss) on:
Investments, from unaffiliated issuers			428,673				450,782				(8,820	)			21,077
Investments, from affiliated issuers			–				–				–				(1,952	)
Foreign currency related transactions			(1,400	)			(753	)			(118	)			(266	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,883,638	)			(27,454	)			(230,614	)			30,363
Investments, from affiliated issuers			–				–				–				(1,745	)
Foreign currency related transactions			966				(1,749	)			39				(46	)
Net increase (decrease) in net assets resulting from operations			(1,474,352	)			538,060				(241,917	)			47,960
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(205,368	)			(359,809	)			(343	)			(74,416	)
Advisor Shares			(115,091	)			(186,300	)			(1,296	)			–
Institutional Shares			(245,714	)			(449,372	)			(1,966	)			(30,412	)
Total distributions to shareholders			(566,173	)			(995,481	)			(3,605	)			(104,828	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(206,200	)			(1,900,318	)			609,878				873,751
Total increase (decrease) in net assets			(2,246,725	)			(2,357,739	)			364,356				816,883
Net assets, beginning of period			10,559,108				12,916,847				1,221,008				404,125
Net assets, end of period		$	8,312,383			$	10,559,108			$	1,585,364			$	1,221,008

⁽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

	INTERNATIONAL VALUE								MID CAP
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	49,166			$	271,113			$	(15,096	)		$	(25,283	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(287,305	)			259,418				246,872				537,218
Investments, from affiliated issuers			–				29,177				–				–
Foreign currency forward contracts			15,527				(11,337	)			–				–
Foreign currency related transactions			127				(1,525	)			8				(9	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(2,722,640	)			(665,619	)			(451,154	)			(373,052	)
Investments, from affiliated issuers			–				97,201				–				–
Foreign currency forward contracts			(14,435	)			17,654				–				–
Foreign currency related transactions			827				(891	)			–	(2)			(4	)
Net increase (decrease) in net assets resulting from operations			(2,958,733	)			(4,809	)			(219,370	)			138,870
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(81,523	)			(170,987	)			(191,072	)			(345,115	)
Advisor Shares			(136,062	)			(253,519	)			(51,336	)			(106,197	)
Institutional Shares			(226,033	)			(416,576	)			(326,991	)			(557,303	)
Total distributions to shareholders			(443,618	)			(841,082	)			(569,399	)			(1,008,615	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(4,320	)			(236,695	)			79,890				(236,474	)
Total decrease in net assets			(3,406,671	)			(1,082,586	)			(708,879	)			(1,106,219	)
Net assets, beginning of period			14,268,110				15,350,696				5,058,472				6,164,691
Net assets, end of period		$	10,861,439			$	14,268,110			$	4,349,593			$	5,058,472

⁽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

	MID CAP VALUE								SELECT EQUITY
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Period Ended 3/31/2020(1)(2)
OPERATIONS:
Net investment income		$	13,561			$	16,125			$	1
Net realized gain (loss) on:
Investments, from unaffiliated issuers			103,209				287,026				(351	)
Foreign currency related transactions			–				–				(7	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(724,932	)			(433,551	)			(1,851	)
Foreign currency related transactions			–				1				–
Net decrease in net assets resulting from operations			(608,162	)			(130,399	)			(2,208	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(80,183	)			(148,246	)			–
Advisor Shares			(62,696	)			(116,973	)			–
Institutional Shares			(78,963	)			(131,142	)			–
Total distributions to shareholders			(221,842	)			(396,361	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			30,488				(507,601	)			12,568
Total increase (decrease) in net assets			(799,516	)			(1,034,361	)			10,360
Net assets, beginning of period			2,269,577				3,303,938				–
Net assets, end of period		$	1,470,061			$	2,269,577			$	10,360

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (February 28, 2020) through March 31, 2020.

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP								SUSTAINABLE EMERGING MARKETS
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(8,470	)		$	(13,358	)		$	629			$	658
Net realized gain (loss) on:
Investments, from unaffiliated issuers			71,467				146,505				(926	)			(1,098	)
Foreign currency related transactions			–				–				–	(2)			(38	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(174,550	)			(104,719	)			(9,344	)			1,435
Foreign currency related transactions			–				–				(4	)			(6	)
Net increase (decrease) in net assets resulting from operations			(111,553	)			28,428				(9,645	)			951
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(47,579	)			(67,769	)			(815	)			(449	)
Advisor Shares			(47,497	)			(68,313	)
Institutional Shares			(50,532	)			(108,871	)			(72	)			(34	)
Total distributions to shareholders			(145,608	)			(244,953	)			(887	)			(483	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			117,412				247,614				(836	)			(3,840	)
Total increase (decrease) in net assets			(139,749	)			31,089				(11,368	)			(3,372	)
Net assets, beginning of period			1,836,968				1,805,879				52,032				55,404
Net assets, end of period		$	1,697,219			$	1,836,968			$	40,664			$	52,032

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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

58 Artisan Partners Funds

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Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	THEMATIC								VALUE
	Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019				Six Months Ended 3/31/2020(1)				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(449	)		$	(16	)		$	1,596			$	4,208
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(77,991	)			20,511				17,424				12,405
Foreign currency forward contracts			87				2,980				–				–
Foreign currency related transactions			(4	)			(7	)			1				1
Written options			1,016				(2,175	)			–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,365	)			39,516				(107,801	)			(30,321	)
Foreign currency forward contracts			(92	)			473				–				–
Foreign currency related transactions			–	(2)			–	(2)			(2	)			–
Written options			117				4				–				–
Net increase (decrease) in net assets resulting from operations			(78,681	)			61,286				(88,782	)			(13,707	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(6,980	)			(4,461	)			(6,095	)			(20,958	)
Advisor Shares			(21,727	)			(2,027	)			(4,595	)			(15,288	)
Institutional Shares			–								(7,269	)			(21,766	)
Total distributions to shareholders			(28,707	)			(6,488	)			(17,959	)			(58,012	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			327,213				518,873				22,941				(20,709	)
Total increase (decrease) in net assets			219,825				573,671				(83,800	)			(92,428	)
Net assets, beginning of period			691,479				117,808				408,298				500,726
Net assets, end of period		$	911,304			$	691,479			$	324,498			$	408,298

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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
DEVELOPING WORLD FUND
Investor Shares
3/31/2020(5)	$	13.44		(0.08	)		0.62			0.54			—			—			—		$	13.98
9/30/2019	$	11.17		(0.07	)		2.34			2.27			—	(6)		—			—	(6)	$	13.44
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
3/31/2020(5)	$	13.51		(0.07	)		0.62			0.55			—			—			—		$	14.06
9/30/2019	$	11.21		(0.03	)		2.34			2.31			(0.01	)		—			(0.01	)	$	13.51
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
3/31/2020(5)	$	13.55		(0.06	)		0.62			0.56			—	(6)		—			—	(6)	$	14.11
9/30/2019	$	11.23		(0.02	)		2.34			2.32			—	(6)		—			—	(6)	$	13.55
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
3/31/2020(5)	$	13.39		(0.07	)		(0.69	)		(0.76	)		—			—			—		$	12.63
9/30/2019	$	12.40		(0.08	)		1.07			0.99			—			—			—		$	13.39
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
Advisor Shares
3/31/2020(5),(9)	$	14.96		(0.01	)		(2.32	)		(2.33	)		—			—			—		$	12.63
Institutional Shares
3/31/2020(5),(9)	$	14.96		(0.02	)		(2.31	)		(2.33	)		—			—			—		$	12.63

Footnotes are presented on Pages 76-77.

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

60 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
DEVELOPING WORLD FUND
Investor Shares
3/31/2020(5)		4.02	%	$	294,693		1.35	%		n/a			(1.10	)%		93.82	%
9/30/2019		20.33	%	$	255,336		1.35	%		n/a			(0.56	)%		159.86	%
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
3/31/2020(5)		4.07	%	$	1,822,197		1.15	%		n/a			(0.91	)%		93.82	%
9/30/2019		20.59	%	$	1,585,519		1.18	%		n/a			(0.23	)%		159.86	%
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
3/31/2020(5)		4.14	%	$	1,080,378		1.06	%		n/a			(0.81	)%		93.82	%
9/30/2019		20.71	%	$	820,920		1.08	%		n/a			(0.15	)%		159.86	%
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
3/31/2020(5)		(5.68	)%	$	85,616		1.32	%		1.33	%		(1.00	)%		25.33	%
9/30/2019		7.98	%	$	107,323		1.40	%		n/a			(0.62	)%		52.30	%
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	%
Advisor Shares
3/31/2020(5),(9)		(15.57	)%	$	7,150		1.30	%		4.35	%		(0.77	)%		25.33	%
Institutional Shares
3/31/2020(5),(9)		(15.57	)%	$	34,461		1.25	%		1.32	%		(0.93	)%		25.33	%

Footnotes are presented on Pages 76-77.

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

Artisan Partners Funds 61

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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
3/31/2020(5)	$	20.60		(0.06	)		(1.70	)		(1.76	)		—			(1.78	)		(1.78	)	$	17.06
9/30/2019	$	22.66		(0.02	)		1.02			1.00			(0.03	)		(3.03	)		(3.06	)	$	20.60
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
Institutional Shares
3/31/2020(5)	$	20.71		(0.04	)		(1.71	)		(1.75	)		(0.01	)		(1.78	)		(1.79	)	$	17.17
9/30/2019	$	22.80		0.02			1.01			1.03			(0.09	)		(3.03	)		(3.12	)	$	20.71
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(10)	$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)	$	16.58
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2020(5)	$	27.06		(0.05	)		(1.13	)		(1.18	)		—			(1.91	)		(1.91	)	$	23.97
9/30/2019	$	27.66		(0.01	)		1.01			1.00			—			(1.60	)		(1.60	)	$	27.06
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
Advisor Shares
3/31/2020(5)	$	27.21		(0.03	)		(1.14	)		(1.17	)		(0.03	)		(1.91	)		(1.94	)	$	24.10
9/30/2019	$	27.76		0.03			1.02			1.05			—			(1.60	)		(1.60	)	$	27.21
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(11)	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—		$	18.37
Institutional Shares
3/31/2020(5)	$	27.47		(0.01	)		(1.15	)		(1.16	)		(0.05	)		(1.91	)		(1.96	)	$	24.35
9/30/2019	$	27.99		0.06			1.02			1.08			—	(6)		(1.60	)		(1.60	)	$	27.47
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

Footnotes are presented on Pages 76-77.

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 EQUITY FUND
Investor Shares
3/31/2020(5)		(9.70	)%	$	105,426		1.27	%		n/a			(0.60	)%		71.62	%
9/30/2019		6.90	%	$	118,936		1.38	%		n/a			(0.09	)%		91.33	%
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	%
Institutional Shares
3/31/2020(5)		(9.63	)%	$	56,204		1.06	%		n/a			(0.40	)%		71.62	%
9/30/2019		7.10	%	$	136,019		1.16	%		n/a			0.09	%		91.33	%
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(10)		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2020(5)		(4.94	)%	$	932,164		1.15	%		n/a			(0.34	)%		27.93	%
9/30/2019		4.85	%	$	1,052,916		1.15	%		n/a			(0.02	)%		48.64	%
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	%
Advisor Shares
3/31/2020(5)		(4.89	)%	$	604,979		1.01	%		n/a			(0.19	)%		27.93	%
9/30/2019		5.03	%	$	615,920		1.01	%		n/a			0.11	%		48.64	%
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(11)		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
3/31/2020(5)		(4.80	)%	$	1,546,290		0.91	%		n/a			(0.09	)%		27.93	%
9/30/2019		5.11	%	$	1,726,115		0.91	%		n/a			0.23	%		48.64	%
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	%

Footnotes are presented on Pages 76-77.

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
GLOBAL VALUE FUND
Investor Shares
3/31/2020(5)	$	17.12		0.03		(4.09	)		(4.06	)		(0.24	)		—			(0.24	)	$	12.82
9/30/2019	$	18.24		0.21		(0.38	)		(0.17	)		(0.15	)		(0.80	)		(0.95	)	$	17.12
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
Advisor Shares
3/31/2020(5)	$	17.09		0.04		(4.08	)		(4.04	)		(0.26	)		—			(0.26	)	$	12.79
9/30/2019	$	18.22		0.23		(0.39	)		(0.16	)		(0.17	)		(0.80	)		(0.97	)	$	17.09
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(11)	$	15.60		0.05		(1.17	)		(1.12	)		—			—			—		$	14.48
Institutional Shares
3/31/2020(5)	$	17.14		0.05		(4.09	)		(4.04	)		(0.28	)		—			(0.28	)	$	12.82
9/30/2019	$	18.27		0.26		(0.40	)		(0.14	)		(0.19	)		(0.80	)		(0.99	)	$	17.14
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
HIGH INCOME FUND
Investor Shares
3/31/2020(5)	$	9.66		0.30		(1.35	)		(1.05	)		(0.30	)		—			(0.30	)	$	8.31
9/30/2019	$	9.87		0.61		(0.17	)		0.44			(0.60	)		(0.05	)		(0.65	)	$	9.66
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
Advisor Shares
3/31/2020(5)	$	9.66		0.31		(1.36	)		(1.05	)		(0.31	)		—			(0.31	)	$	8.30
9/30/2019	$	9.87		0.63		(0.17	)		0.46			(0.62	)		(0.05	)		(0.67	)	$	9.66
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
Institutional Shares
3/31/2020(5)	$	9.66		0.31		(1.35	)		(1.04	)		(0.32	)		—			(0.32	)	$	8.30
9/30/2019	$	9.87		0.64		(0.17	)		0.47			(0.63	)		(0.05	)		(0.68	)	$	9.66
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 76-77.

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

64 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
GLOBAL VALUE FUND
Investor Shares
3/31/2020(5)		(24.10	)%	$	304,277		1.26	%		n/a			0.32	%		22.99	%
9/30/2019		(0.50	)%	$	506,067		1.25	%		n/a			1.25	%		31.18	%
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	%
Advisor Shares
3/31/2020(5)		(24.02	)%	$	316,972		1.12	%		n/a			0.45	%		22.99	%
9/30/2019		(0.40	)%	$	599,418		1.10	%		n/a			1.38	%		31.18	%
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(11)		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
3/31/2020(5)		(23.99	)%	$	1,431,432		1.01	%		n/a			0.58	%		22.99	%
9/30/2019		(0.30	)%	$	1,970,393		1.01	%		n/a			1.54	%		31.18	%
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	%
HIGH INCOME FUND
Investor Shares
3/31/2020(5)		(11.17	)%	$	691,816		0.99	%		n/a			6.30	%		39.43	%
9/30/2019		4.81	%	$	873,574		0.98	%		n/a			6.41	%		74.82	%
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	%
Advisor Shares
3/31/2020(5)		(11.21	)%	$	1,659,281		0.83	%		n/a			6.46	%		39.43	%
9/30/2019		4.98	%	$	2,194,146		0.82	%		n/a			6.56	%		74.82	%
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	%
Institutional Shares
3/31/2020(5)		(11.16	)%	$	920,758		0.72	%		n/a			6.57	%		39.43	%
9/30/2019		5.08	%	$	720,592		0.73	%		n/a			6.64	%		74.82	%
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 76-77.

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

Artisan Partners Funds 65

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL FUND
Investor Shares
3/31/2020(5)	$	32.52		(0.08	)		(4.51	)		(4.59	)		(0.30	)		(1.44	)		(1.74	)	$	26.19
9/30/2019	$	33.49		0.29			1.38			1.67			(0.37	)		(2.27	)		(2.64	)	$	32.52
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
Advisor Shares
3/31/2020(5)	$	32.46		(0.05	)		(4.50	)		(4.55	)		(0.35	)		(1.44	)		(1.79	)	$	26.12
9/30/2019	$	33.45		0.34			1.37			1.71			(0.43	)		(2.27	)		(2.70	)	$	32.46
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(11)	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—		$	27.00
Institutional Shares
3/31/2020(5)	$	32.72		(0.04	)		(4.53	)		(4.57	)		(0.38	)		(1.44	)		(1.82	)	$	26.33
9/30/2019	$	33.71		0.35			1.39			1.74			(0.46	)		(2.27	)		(2.73	)	$	32.72
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
INTERNATIONALSMALL-MID FUND
Investor Shares
3/31/2020(5)	$	13.61		(0.03	)		(1.49	)		(1.52	)		(0.02	)		—			(0.02	)	$	12.07
9/30/2019	$	23.47		(0.03	)		(1.56	)		(1.59	)		—			(8.27	)		(8.27	)	$	13.61
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
Advisor Shares
3/31/2020(5)	$	13.62		(0.02	)		(1.48	)		(1.50	)		(0.04	)		—			(0.04	)	$	12.08
9/30/2019(13)	$	11.91		0.01			1.70			1.71			—			—			—		$	13.62
Institutional Shares
3/31/2020(5)	$	13.76		(0.02	)		(1.49	)		(1.51	)		(0.04	)		—			(0.04	)	$	12.21
9/30/2019	$	23.59		0.03			(1.59	)		(1.56	)		—			(8.27	)		(8.27	)	$	13.76
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 76-77.

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

66 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
INTERNATIONAL FUND
Investor Shares
3/31/2020(5)		(15.10	)%	$	2,786,280		1.20	%		n/a			(0.51	)%		24.33	%
9/30/2019		6.29	%	$	3,903,758		1.19	%		n/a			0.95	%		41.01	%
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	%
Advisor Shares
3/31/2020(5)		(15.02	)%	$	1,717,592		1.04	%		n/a			(0.34	)%		24.33	%
9/30/2019		6.46	%	$	2,141,985		1.04	%		n/a			1.11	%		41.01	%
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(11)		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
3/31/2020(5)		(14.99	)%	$	3,808,511		0.96	%		n/a			(0.26	)%		24.33	%
9/30/2019		6.52	%	$	4,513,365		0.96	%		n/a			1.15	%		41.01	%
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	%
INTERNATIONALSMALL-MID FUND
Investor Shares
3/31/2020(5)		(11.18	)%	$	256,104		1.34	%		n/a			(0.46	)%		12.72	%
9/30/2019		(1.38	)%	$	177,807		1.43	%		n/a			(0.24	)%		55.98	%
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	%
Advisor Shares
3/31/2020(5)		(11.09	)%	$	668,872		1.20	%		n/a			(0.30	)%		12.72	%
9/30/2019(13)		14.36	%	$	434,784		1.25	%		n/a			0.13	%		55.98	%
Institutional Shares
3/31/2020(5)		(11.00	)%	$	660,388		1.09	%		n/a			(0.26	)%		12.72	%
9/30/2019		(1.18	)%	$	608,417		1.16	%		n/a			0.20	%		55.98	%
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 76-77.

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

Artisan Partners Funds 67

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2020(5)	$	34.87		0.07			(7.09	)		(7.02	)		(0.23	)		(0.83	)		(1.06	)	$	26.79
9/30/2019	$	36.85		0.61			(0.64	)		(0.03	)		(0.65	)		(1.30	)		(1.95	)	$	34.87
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
Advisor Shares
3/31/2020(5)	$	34.81		0.12			(7.10	)		(6.98	)		(0.26	)		(0.83	)		(1.09	)	$	26.74
9/30/2019	$	36.85		0.65			(0.63	)		0.02			(0.76	)		(1.30	)		(2.06	)	$	34.81
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(11)	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—		$	32.66
Institutional Shares
3/31/2020(5)	$	34.96		0.14			(7.14	)		(7.00	)		(0.27	)		(0.83	)		(1.10	)	$	26.86
9/30/2019	$	37.02		0.69			(0.64	)		0.05			(0.81	)		(1.30	)		(2.11	)	$	34.96
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
MID CAP FUND
Investor Shares
3/31/2020(5)	$	37.16		(0.13	)		(1.42	)		(1.55	)		—			(4.53	)		(4.53	)	$	31.08
9/30/2019	$	44.83		(0.23	)		0.53			0.30			—			(7.97	)		(7.97	)	$	37.16
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
Advisor Shares
3/31/2020(5)	$	37.52		(0.11	)		(1.44	)		(1.55	)		—			(4.53	)		(4.53	)	$	31.44
9/30/2019	$	45.10		(0.17	)		0.56			0.39			—			(7.97	)		(7.97	)	$	37.52
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(11)	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—		$	44.46
Institutional Shares
3/31/2020(5)	$	41.54		(0.10	)		(1.64	)		(1.74	)		—			(4.53	)		(4.53	)	$	35.27
9/30/2019	$	48.89		(0.16	)		0.78			0.62			—			(7.97	)		(7.97	)	$	41.54
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

Footnotes are presented on Pages 76-77.

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

68 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2020(5)		(20.81	)%	$	1,668,071		1.19	%		n/a			0.42	%		14.25	%
9/30/2019		0.38	%	$	2,761,826		1.19	%		n/a			1.80	%		23.69	%
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	%
Advisor Shares
3/31/2020(5)		(20.77	)%	$	3,425,992		1.05	%		n/a			0.68	%		14.25	%
9/30/2019		0.52	%	$	4,336,510		1.05	%		n/a			1.93	%		23.69	%
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(11)		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
3/31/2020(5)		(20.74	)%	$	5,767,376		0.95	%		n/a			0.78	%		14.25	%
9/30/2019		0.63	%	$	7,169,774		0.95	%		n/a			2.03	%		23.69	%
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	%
MID CAP FUND
Investor Shares
3/31/2020(5)		(5.19	)%	$	1,377,697		1.20	%		n/a			(0.75	)%		21.97	%
9/30/2019		5.11	%	$	1,599,647		1.19	%		n/a			(0.63	)%		47.96	%
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	%
Advisor Shares
3/31/2020(5)		(5.13	)%	$	382,774		1.06	%		n/a			(0.61	)%		21.97	%
9/30/2019		5.36	%	$	429,052		1.04	%		n/a			(0.48	)%		47.96	%
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(11)		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
3/31/2020(5)		(5.09	)%	$	2,589,122		0.96	%		n/a			(0.51	)%		21.97	%
9/30/2019		5.41	%	$	3,029,773		0.96	%		n/a			(0.41	)%		47.96	%
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	%

Footnotes are presented on Pages 76-77.

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

Artisan Partners Funds 69

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
3/31/2020(5)	$	19.81		0.11			(5.64	)		(5.53	)		(0.12	)		(1.87	)		(1.99	)	$	12.29
9/30/2019	$	23.56		0.10			(0.90	)		(0.80	)		(0.05	)		(2.90	)		(2.95	)	$	19.81
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
Advisor Shares
3/31/2020(5)	$	19.77		0.12			(5.63	)		(5.51	)		(0.14	)		(1.87	)		(2.01	)	$	12.25
9/30/2019	$	23.53		0.13			(0.90	)		(0.77	)		(0.09	)		(2.90	)		(2.99	)	$	19.77
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(11)	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
Institutional Shares
3/31/2020(5)	$	19.80		0.13			(5.64	)		(5.51	)		(0.16	)		(1.87	)		(2.03	)	$	12.26
9/30/2019	$	23.56		0.14			(0.89	)		(0.75	)		(0.11	)		(2.90	)		(3.01	)	$	19.80
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
SELECT EQUITY FUND
Investor Shares
3/31/2020(5),(15)	$	10.00		—	(6)		(1.98	)		(1.98	)		—			—			—		$	8.02
Advisor Shares
3/31/2020(5),(15)	$	10.00		—	(6)		(1.98	)		(1.98	)		—			—			—		$	8.02
Institutional Shares
3/31/2020(5),(15)	$	10.00		—	(6)		(1.98	)		(1.98	)		—			—			—		$	8.02

Footnotes are presented on Pages 76-77.

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

70 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)				Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
MID CAP VALUE FUND
Investor Shares
3/31/2020(5)		(31.17	)%		$	476,932		1.22	%		n/a			1.18	%		25.10	%
9/30/2019		(2.49	)%		$	842,896		1.20	%		n/a			0.52	%		19.18	%
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	%
Advisor Shares
3/31/2020(5)		(31.13	)%		$	455,938		1.07	%		n/a			1.33	%		25.10	%
9/30/2019		(2.32	)%		$	630,296		1.06	%		n/a			0.66	%		19.18	%
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(11)		(11.50	)%		$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
3/31/2020(5)		(31.12	)%		$	537,191		1.00	%		n/a			1.41	%		25.10	%
9/30/2019		(2.22	)%		$	796,385		0.98	%		n/a			0.72	%		19.18	%
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	%
SELECT EQUITY FUND
Investor Shares
3/31/2020(5),(15)		(19.80	)%		$	401		1.25	%		22.74	%		(0.20	)%		12.47	%
Advisor Shares
3/31/2020(5),(15)		(19.80	)%		$	1,204		1.15	%		7.46	%		(0.02	)%		12.47	%
Institutional Shares
3/31/2020(5),(15)		(19.80	)%		$	8,755		1.10	%		1.75	%		0.11	%		12.47	%

Footnotes are presented on Pages 76-77.

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
SMALL CAP FUND
Investor Shares
3/31/2020(5)	$	33.17		(0.17	)		(1.63	)		(1.80	)		—			(2.65	)		(2.65	)	$	28.72
9/30/2019	$	38.97		(0.29	)		(0.08	)		(0.37	)		—			(5.43	)		(5.43	)	$	33.17
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
Advisor Shares
3/31/2020(5)	$	33.30		(0.15	)		(1.64	)		(1.79	)		—			(2.65	)		(2.65	)	$	28.86
9/30/2019	$	39.05		(0.25	)		(0.07	)		(0.32	)		—			(5.43	)		(5.43	)	$	33.30
9/30/2018	$	33.63		(0.26	)		10.65			10.39			—			(4.97	)		(4.97	)	$	39.05
9/30/2017(16)	$	29.23		(0.18	)		4.58			4.40			—			—			—		$	33.63
Institutional Shares
3/31/2020(5)	$	33.83		(0.13	)		(1.67	)		(1.80	)		—			(2.65	)		(2.65	)	$	29.38
9/30/2019	$	39.54		(0.23	)		(0.05	)		(0.28	)		—			(5.43	)		(5.43	)	$	33.83
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
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2020(5)	$	15.22		0.18			(3.00	)		(2.82	)		(0.27	)		—			(0.27	)	$	12.13
9/30/2019	$	15.08		0.18			0.10			0.28			(0.14	)		—			(0.14	)	$	15.22
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(17)	$	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
Institutional Shares
3/31/2020(5)	$	15.25		0.19			(3.03	)		(2.84	)		(0.17	)		—			(0.17	)	$	12.24
9/30/2019	$	15.03		0.20			0.10			0.30			(0.08	)		—			(0.08	)	$	15.25
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(17)	$	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

Footnotes are presented on Pages 76-77.

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)
SMALL CAP FUND
Investor Shares
3/31/2020(5)		(6.39	)%	$	530,783		1.22	%		n/a			(1.00	)%		20.70	%
9/30/2019		2.02	%	$	611,745		1.20	%		n/a			(0.88	)%		47.32	%
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	%
Advisor Shares
3/31/2020(5)		(6.33	)%	$	559,438		1.09	%		n/a			(0.87	)%		20.70	%
9/30/2019		2.16	%	$	589,147		1.08	%		n/a			(0.77	)%		47.32	%
9/30/2018		34.89	%	$	495,650		1.06	%		n/a			(0.75	)%		43.85	%
9/30/2017(16)		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
3/31/2020(5)		(6.26	)%	$	606,998		0.98	%		n/a			(0.76	)%		20.70	%
9/30/2019		2.25	%	$	636,076		0.99	%		n/a			(0.69	)%		47.32	%
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	%
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2020(5)		(18.90	)%	$	35,750		1.35	%		1.72	%		2.32	%		13.70	%
9/30/2019		1.91	%	$	45,717		1.35	%		1.93	%		1.19	%		30.58	%
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(17)		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	%
Institutional Shares
3/31/2020(5)		(18.85	)%	$	4,914		1.20	%		2.08	%		2.47	%		13.70	%
9/30/2019		2.04	%	$	6,315		1.20	%		2.47	%		1.34	%		30.58	%
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(17)		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	%

Footnotes are presented on Pages 76-77.

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

Artisan Partners Funds 73

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
THEMATIC FUND
Investor Shares
3/31/2020(5)	$	15.63		(0.02	)		(1.13	)		(1.15	)		(0.04	)		(0.54	)		(0.58	)	$	13.90
9/30/2019	$	14.39		(0.01	)		1.70			1.69			—	(6)		(0.45	)		(0.45	)	$	15.63
9/30/2018	$	11.79		(0.04	)		3.82			3.78			—			(1.18	)		(1.18	)	$	14.39
9/30/2017(19)	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
Advisor Shares
3/31/2020(5)	$	15.66		(0.01	)		(1.14	)		(1.15	)		(0.07	)		(0.54	)		(0.61	)	$	13.90
9/30/2019	$	14.39		0.01			1.71			1.72			—			(0.45	)		(0.45	)	$	15.66
9/30/2018(20)	$	13.82		—	(6)		0.57			0.57			—			—			—		$	14.39
Institutional Shares
3/31/2020(5),(9)	$	16.37		0.02			(2.48	)		(2.46	)		—			—			—		$	13.91
VALUE FUND
Investor Shares
3/31/2020(5)	$	12.88		0.04			(2.76	)		(2.72	)		(0.11	)		(0.43	)		(0.54	)	$	9.62
9/30/2019	$	15.10		0.11			(0.56	)		(0.45	)		(0.10	)		(1.67	)		(1.77	)	$	12.88
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
Advisor Shares
3/31/2020(5)	$	12.83		0.05			(2.76	)		(2.71	)		(0.12	)		(0.43	)		(0.55	)	$	9.57
9/30/2019	$	15.04		0.13			(0.55	)		(0.42	)		(0.12	)		(1.67	)		(1.79	)	$	12.83
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(11)	$	13.41		0.07			(1.91	)		(1.84	)		—			—			—		$	11.57
Institutional Shares
3/31/2020(5)	$	12.86		0.06			(2.77	)		(2.71	)		(0.13	)		(0.43	)		(0.56	)	$	9.59
9/30/2019	$	15.08		0.14			(0.56	)		(0.42	)		(0.13	)		(1.67	)		(1.80	)	$	12.86
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

Footnotes are presented on Pages 76-77.

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

74 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
THEMATIC FUND
Investor Shares
3/31/2020(5)		(7.85	)%	$	187,031		1.31	%		n/a			(0.24	)%		229.46	%
9/30/2019		12.35	%	$	170,186		1.37	%		n/a			(0.07	)%		368.38	%
9/30/2018		34.31	%	$	79,673		1.51	%(18)		1.70	%(18)		(0.27	)%		355.37	%
9/30/2017(19)		18.00	%	$	15,293		1.52	%(18)		2.70	%(18)		(0.49	)%		170.19	%
Advisor Shares
3/31/2020(5)		(7.79	)%	$	440,028		1.14	%		n/a			(0.15	)%		229.46	%
9/30/2019		12.49	%	$	521,293		1.17	%		n/a			0.04	%		368.38	%
9/30/2018(20)		4.12	%	$	38,135		1.40	%(18)		2.74	%(18)		0.16	%		355.37	%
Institutional Shares
3/31/2020(5),(9)		(15.15	)%	$	284,245		1.06	%		n/a			0.69	%		229.46	%
VALUE FUND
Investor Shares
3/31/2020(5)		(22.21	)%	$	100,340		1.06	%		n/a			0.61	%		23.51	%
9/30/2019		(1.80	)%	$	131,134		1.06	%		n/a			0.87	%		28.36	%
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	%
Advisor Shares
3/31/2020(5)		(22.22	)%	$	83,873		0.88	%		0.91	%		0.80	%		23.51	%
9/30/2019		(1.59	)%	$	108,557		0.88	%		0.93	%		1.06	%		28.36	%
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(11)		(13.72	)%	$	466,702		0.86	%		n/a			1.12	%		74.07	%
Institutional Shares
3/31/2020(5)		(22.16	)%	$	140,285		0.82	%		n/a			0.87	%		23.51	%
9/30/2019		(1.57	)%	$	168,607		0.84	%		n/a			1.09	%		28.36	%
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	%

Footnotes are presented on Pages 76-77.

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

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ARTISAN PARTNERS FUNDS

Financial Highlights – continued

* 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, 2020.

⁽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 (February 3, 2020) through March 31, 2020.

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

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

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

⁽¹³⁾ For the period from commencement of operations (December 5, 2018) through September 30, 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 28, 2020) through March 31, 2020.

⁽¹⁶⁾ For the period from commencement of operations (February 1, 2017) through September 30, 2017.

⁽¹⁷⁾ In the fiscal 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%

⁽¹⁸⁾ Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below. Refer to 2(m) in Notes to Financial Statements for additional information.

	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%

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

76 Artisan Partners Funds

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Financial Highlights – continued

^@  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.

⁽¹⁹⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽²⁰⁾ 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.

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ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2020 (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, 2020, Artisan Partners Funds is a series company comprised of sixteen series and follows specialized accounting and reporting under FASB 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	February 3, 2020	February 3, 2020
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 Select Equity Fund (“Select Equity Fund”)	February 28, 2020	February 28, 2020	February 28, 2020
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	February 3, 2020
Artisan Value Fund (“Value Fund”)	March 27, 2006	April 1, 2015	July 26, 2011

Each Fund is anopen-end, diversified mutual fund except Select Equity Fund and Thematic Fund, which are open-end,non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, High Income Fund and Thematic Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Thematic Fund’s investment objective is to seek maximum long-term capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that

78 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 secondary exchange or in theover-the-counter market. Equity-linked securities, such

Artisan Partners Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

as participation certificates, participation notes or access notes, are valued by referencing the underlying security if market quotations are not readily available. 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 US or other markets. The Funds monitored for subsequent events using several tools. In fair valuingnon-US equity securities and equity-linked securities, the Funds have used adjustment factors provided by a third party valuation service when there were subsequent events or expected or unexpected market closures. The third party valuation 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 from the value realized on the sale of those securities or assets in the future 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 utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

80 Artisan Partners Funds

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 2016 through 2019) and have concluded that, as of March 31, 2020, 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, 2020, 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, 2020, the Funds did not incur any material interest or penalties.

The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds’ understanding of the applicable country’s tax rules and rates. ’The foreign tax imposed on realized and unrealized gains, 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“, as applicable, 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 US 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 US 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.

Artisan Partners Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US 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 and included in other assets less liabilities in the Schedule of Investments. 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.

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 US 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 – Each Fund, except Mid Cap Value Fund and Small Cap 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 – Artisan Partners Funds indemnifies 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 2020, no claim has been made for indemnification pursuant to any such agreement of the Funds.

82 Artisan Partners Funds

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 assets 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. During the period, High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses would be presented separately on the Statement of Assets and Liabilities. As of March 31, 2020, there were no unfunded commitments.

(l) Redemption Fees – Artisan High Income Fund generally imposes a 2% redemption fee on the redemption or exchange of 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 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 Fund that borrowed the security is 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 Fund 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 Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale.

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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. Each Fund generally must segregate cash or other liquid assets for the benefit of its counterparty to secure its obligation to purchase the security, so that the total of the amounts segregated is equal to the market value of the securities sold short. The Funds incur expenses as a result of executing short sales.

During the period ended March 31, 2020, no Funds engaged in short sales.

(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 or may have been revised or canceled after the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded, revised or canceled 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.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers’ business functions and affect fund performance. For example, the recent global outbreak of the 2019 novel coronavirus (“COVID-19”), together with resulting voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets. Although the long-term economic fallout of COVID-19 is difficult to predict, it has had and is expected to continue to have ongoing material adverse effects across many, if not all, aspects of the regional, national and global economy.

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

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

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the values of debt securities fall in response to increases in interest rates. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US 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.

Artisan Partners Funds 85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

Asnon-diversified funds, Select Equity Fund and Thematic Fund may invest a larger portion of their 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

86 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

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

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the US 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, 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, 2020 (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		$	881,337		$	418,710		$	-		$	1,300,047
Emerging Asia			712,655			750,110			-			1,462,765
Europe, Middle East & Africa			85,742			-			-			85,742
Latin America			300,267			-			-			300,267
Investment Companies			20,402			-			-			20,402
Total Investments		$	2,000,403		$	1,168,820		$	-		$	3,169,223

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Global Discovery
Common Stocks(1)
Americas		$	75,763		$	-		$	-		$	75,763
Emerging Markets			2,689			1,329			-			4,018
Europe			5,567			28,840			-			34,407
Pacific Basin			0			5,865			-			5,865
Investment Companies			7,249			-			-			7,249
Total Investments		$	91,268		$	36,034		$	-		$	127,302
Global Equity
Common Stocks(1)
Americas		$	78,937		$	-		$	-		$	78,937
Emerging Markets			3,134			2,752			-			5,886
Europe			4,474			55,734			-			60,208
Pacific Basin			0			12,662			-			12,662
Investment Companies			5,316			-			-			5,316
Total Investments		$	91,861		$	71,148		$	-		$	163,009
Global Opportunities
Common Stocks(1)
Americas		$	1,739,956		$	-		$	-		$	1,739,956
Emerging Markets			45,069			30,599			-			75,668
Europe			0			914,060			-			914,060
Pacific Basin			0			260,377			-			260,377
Investment Companies			99,292			-			-			99,292
Total Investments		$	1,884,317		$	1,205,036		$	-		$	3,089,353
Global Value
Common Stocks(1)
Americas		$	1,176,464		$	-		$	-		$	1,176,464
Emerging Markets			97,883			103,843			-			201,726
Europe			70,220			575,219			-			645,439
Investment Companies			16,202			-			-			16,202
Total Investments			1,360,769			679,062			-			2,039,831
Foreign Currency Forward Contracts(2)			-			198			-			198
Total		$	1,360,769		$	679,260		$	-		$	2,040,029

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
High Income
Corporate Bonds(1)		$	-			$	2,195,829		$	-		$	2,195,829
Loan Participations(1)			-				825,063			-			825,063
Convertibale Bonds(1)							4,371			-			4,371
Preferred Stocks(1)			-				1,142			-			1,142
Common Stock(1)			-				183			-			183
Investment Companies			288,541				-			-			288,541
Total Investments			288,541				3,026,588			-			3,315,129
Futures(2)			(15,898	)			-			-			(15,898	)
Total		$	272,643			$	3,026,588		$	-		$	3,299,231
International
Common Stocks(1)
Americas		$	1,342,998			$	-		$	-		$	1,342,998
Emerging Markets			274,544				324,254			-			598,798
Europe			31,040				5,165,225			-			5,196,265
Middle East			96,747				-			-			96,747
Pacific Basin			0				759,678			-			759,678
Investment Companies			266,456				-			-			266,456
Total Investments		$	2,011,785			$	6,249,157		$	-		$	8,260,942
InternationalSmall-Mid
Common Stocks(1)
Americas		$	256,592			$	-		$	-		$	256,592
Emerging Markets			45,199				14,851			-			60,050
Europe			10,281				740,011			-			750,292
Middle East			91,188				17,266			-			108,454
Pacific Basin			0				344,381			-			344,381
Investment Companies			52,340				-			-			52,340
Total Investments		$	455,600			$	1,116,509		$	-		$	1,572,109
International Value
Common Stocks(1)
Americas		$	1,238,613			$	-		$	-		$	1,238,613
Emerging Markets			1,097,772				1,516,587			-			2,614,359
Europe			298,350				6,109,878			-			6,408,228
Pacific Basin			-				286,587			-			286,587
Investment Companies			162,374				-			-			162,374
Total Investments			2,797,109				7,913,052			-			10,710,161
Foreign Currency Forward Contracts(2)			-				3,841			-			3,841
Total		$	2,797,109			$	7,916,893		$	-		$	10,714,002

Artisan Partners Funds 89

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)		$	4,005,094			$	264,784		$	-			$	4,269,878
Investment Companies			92,227				-			-				92,227
Total Investments		$	4,097,321			$	264,784		$	-			$	4,362,105
Mid Cap Value
Common Stocks(1)		$	1,434,864			$	-		$	-			$	1,434,864
Investment Companies			33,999				-			-				33,999
Total Investments		$	1,468,863			$	-		$	-			$	1,468,863
Select Equity
Common Stocks(1)		$	8,517			$	1,395		$	-			$	9,912
Investment Companies			395				-			-				395
Total Investments		$	8,912			$	1,395		$	-			$	10,307
Small Cap
Common Stocks(1)		$	1,616,543			$	-		$	-			$	1,616,543
Investment Companies			42,930				-			-				42,930
Total Investments		$	1,659,473			$	-		$	-			$	1,659,473
Sustainable Emerging Markets
Common Stocks(1)
Developed Markets		$	-			$	1,997			-	(3)		$	1,997
Emerging Asia			6,283				20,783			-				27,066
Europe, Middle East & Africa			330				5,284			-				5,614
Latin America			5,306				-			-				5,306
Investment Companies			734				-			-				734
Total Investments		$	12,653			$	28,064		$	-			$	40,717
Thematic
Common Stocks(1)		$	664,817			$	52,570		$	-			$	717,387
Options Purchased			45,711				-			-				45,711
Investment Companies			64,145				-			-				64,145
Total Investments			774,673				52,570			-				827,243
Foreign Currency Forward Contracts(2)			-				456			-				456
Written Option Contract			(1,090	)										(1,090	)
Total		$	773,583			$	53,026		$	-			$	826,609

90 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
Value
Common Stocks(1)		$	260,340		$	51,591		$	-		$	311,931
Investment Companies			11,251			-			-			11,251
Total Investments		$	271,591		$	51,591		$	-		$	323,182
(1)See the Fund’s Schedule of Investments for industry or country classifications. (2)Foreign currency forward contracts are valued at unrealized appreciation (depreciation). (3)Common stock, valued at $0.

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

Assets	Fair Value at March 31, 2020				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
High Income Fund
Preferred Stock		$	-	(1)	Estimated liquidation value	N/A
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.

As of March 31, 2020, 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
Balance as of September 30, 2019		$	322	(1)		$	-	(1)
Transfers into Level 3			-				-
Net change in unrealized appreciation (depreciation)			6,224				-
Purchases			-	(1)			-
Sales			-	(1)			-
Realized Gain/Loss			(6,546	)			-
Transfers out of Level 3			-				-
Balance as of March 31, 2020		$	-	(1)		$	-	(1)
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2020		$	6,546			$	-
(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. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund

Artisan Partners Funds 91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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. For Investor Shares and Advisor Shares, each Fund paid all or 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. For Institutional Shares, 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. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. See the Funds’ prospectus and statement of additional information about authorized agents. 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, 2020 (in thousands):

	Six Months Ended 3/31/2020
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Developing World Fund - Investor Shares		$	24		$	368			$	392
Artisan Developing World Fund - Advisor Shares			20			824				844
Artisan Developing World Fund - Institutional Shares			20			-				20
Artisan Global Discovery Fund - Investor Shares			19			91				110
Artisan Global Discovery Fund - Advisor Shares(1)			5			-	(2)			5
Artisan Global Discovery Fund - Institutional Shares(1)			5			-				5
Artisan Global Equity Fund - Investor Shares			21			128				149
Artisan Global Equity Fund - Institutional Shares			17			-				17
Artisan Global Opportunities Fund - Investor Shares			38			1,278				1,316
Artisan Global Opportunities Fund - Advisor Shares			19			316				335
Artisan Global Opportunities Fund - Institutional Shares			20			-				20
Artisan Global Value Fund - Investor Shares			32			532				564
Artisan Global Value Fund - Advisor Shares			18			264				282
Artisan Global Value Fund - Institutional Shares			20			-				20
Artisan High Income Fund - Investor Shares			24			1,005				1,029
Artisan High Income Fund - Advisor Shares			26			1,076				1,102
Artisan High Income Fund - Institutional Shares			20			-				20
Artisan International Fund - Investor Shares			124			4,328				4,452
Artisan International Fund - Advisor Shares			22			847				869
Artisan International Fund - Institutional Shares			27			-				27
Artisan InternationalSmall-Mid Fund - Investor Shares			28			253				281

92 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2020
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan InternationalSmall-Mid Fund - Advisor Shares		$	19		$	300		$	319
Artisan InternationalSmall-Mid Fund - Institutional Shares			18			-			18
Artisan International Value Fund - Investor Shares			55			3,029			3,084
Artisan International Value Fund - Advisor Shares			25			2,051			2,076
Artisan International Value Fund - Institutional Shares			26			-			26
Artisan Mid Cap Fund - Investor Shares			62			1,848			1,910
Artisan Mid Cap Fund - Advisor Shares			19			170			189
Artisan Mid Cap Fund - Institutional Shares			27			-			27
Artisan Mid Cap Value Fund - Investor Shares			63			811			874
Artisan Mid Cap Value Fund - Advisor Shares			22			179			201
Artisan Mid Cap Value Fund - Institutional Shares			19			-			19
Artisan Select Equity Fund Fund - Investor Shares(3)			3			-			3
Artisan Select Equity Fund Fund - Advisor Shares(3)			3			-			3
Artisan Select Equity Fund Fund - Institutional Shares(3)			3			-			3
Artisan Small Cap Fund - Investor Shares			53			698			751
Artisan Small Cap Fund - Advisor Shares			18			310			328
Artisan Small Cap Fund - Institutional Shares			18			-			18
Artisan Sustainable Emerging Markets Fund - Investor Shares			19			56			75
Artisan Sustainable Emerging Markets Fund - Institutional Shares			17			-			17
Artisan Thematic Fund - Investor Shares			21			235			256
Artisan Thematic Fund - Advisor Shares			17			284			301
Artisan Thematic Fund - Institutional Shares(1)			5			-			5
Artisan Value Fund - Investor Shares			27			153			180
Artisan Value Fund - Advisor Shares			17			42			59
Artisan Value Fund - Institutional Shares			18			-			18
(1)For the period from commencement of operations (February 3, 2020) through March 31, 2020. (2)Amount rounds to less than $1 (3)For the period from commencement of operations (February 28, 2020) through March 31, 2020.

(6) 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

Artisan Partners Funds 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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. Forward 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 US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Global Value Fund, International Value Fund and Thematic Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2020.

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. High Income Fund used futures contracts to manage duration exposure during the period ended March 31, 2020.

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.

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

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 a purchased option 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 writing 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. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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, 2020, Thematic Fund used options transactions to enhance alpha and minimize downside market risk.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2020 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 appreciation on foreign currency forward contracts		$	440
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(242	)
High Income	Interest rate	Futures contracts	Due from broker		$	6,290
			Receivable for variation margin on futures contracts			719
International Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	7,372
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(3,531	)
Thematic	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	3,704
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(3,248	)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	45,711
	Equity	Written options contracts	Written options, at value		$	(1,090	)

Artisan Partners Funds 95

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, 2020 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 gain on foreign currency forward contracts		$	1,863		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(2,436	)
High Income	Interest rate	Futures contracts	Net realized loss on futures contracts		$	(4,401	)	Net decrease in unrealized appreciation or depreciation on futures contracts		$	(17,895	)
International Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	15,527		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(14,435	)
Thematic	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	87		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(92	)
	Equity	Purchased options contracts	Net realized loss on investments, from unaffiliated issuers		$	(12,876	)	Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	7,269
	Equity	Written options contracts	Net realized gain on written options		$	1,016		Net increase in unrealized appreciation or depreciation on written options		$	117

⁽¹⁾ Amount rounds to less than $1

The average monthly amount outstanding for each derivative type for the period ending March 31, 2020 was as follows (dollar value in thousands):

Fund	Derivative Type	Average Monthly Notional Amount
Global Value	Foreign currency forward contracts		$	66,985
International Value	Foreign currency forward contracts		$	590,820
Thematic	Foreign currency forward contracts		$	213,145
Fund	Derivative Type	Average Monthly Notional Amount
High Income	Futures contracts		$	269,575
Fund	Derivative Type	Average Monthly Notional Amount
Thematic	Purchased options contracts		$	16,698
	Written options contracts		$	186

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Master Netting Agreements

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other. Exchange traded options and exchange traded futures are not subject to master netting agreements.

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts as of March 31, 2020:

	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.		$	440		$	(242	)		$	-		$	198
International Value	JPMorgan Chase Bank, N.A.			7,372			(3,531	)			-			3,841
Thematic	JPMorgan Chase Bank, N.A.			3,704			(3,248	)			-			456
	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Liability Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Pledged			Net Amount (Not Less Than $0)
Global Value	JPMorgan Chase Bank, N.A.		$	242		$	(242	)		$	-		$	-
International Value	JPMorgan Chase Bank, N.A.			3,531			(3,531	)			-			-
Thematic	JPMorgan Chase Bank, N.A.			3,248			(3,248	)			-			-

(7) Related Party Transactions:

(a) Investment Advisory Agreement – The Adviser, with which the officers and two directors of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the period ended March 31, 2020. 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

Artisan Partners Funds 97

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 (Prior to November 15, 2019) 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 Equity Fund (Effective November 15, 2019):

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $2 billion		0.875
$2 billion to $3.5 billion		0.850
$3.5 billion to $5 billion		0.825
Greater than $5 billion		0.800

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

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

InternationalSmall-Mid Fund

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

Select Equity Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.750	%
$1 billion to $2 billion		0.725
$2 billion to $3.5 billion		0.700
$3.5 billion to $5 billion		0.675
Greater than $5 billion		0.650

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 or voluntarily 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. The contractual limits continue through the date shown

Artisan Partners Funds 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

on the table below at which time Artisan Partners will determine whether to renew, revise or discontinue it. The voluntary limits were in effect from February 3, 2020 through March 31, 2020 and will continue until terminated by Artisan Partners. The table below shows the current expense limits as a percent of average daily net assets and amounts waived by the Adviser during the period ended March 31, 2020 (dollar values in thousands):

For the period ended March 31, 2020, no operating expenses were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at March 31, 2020.

Fund	Contractual Expense Limit as % of Average Daily Net Assets			Contractual Expense Limit Continues Through	Voluntary Expense Limit as a % of Average Daily Net Assets			Expenses Waived
Artisan Global Discovery Fund - Investor Shares		1.50	%	January 31, 2021		1.40	%		$	6
Artisan Global Discovery Fund - Advisor Shares		1.40	%	January 31, 2021		1.30	%			8
Artisan Global Discovery Fund - Institutional Shares		1.35	%	January 31, 2021		1.25	%			3
Artisan Select Equity Fund - Investor Shares(1)		1.25	%	February 28, 2021						5
Artisan Select Equity Fund - Advisor Shares(1)		1.15	%	February 28, 2021						5
Artisan Select Equity Fund - Institutional Shares(1)		1.10	%	February 28, 2021						5
Artisan Sustainable Emerging Markets Fund - Investor Shares		1.35	%	January 31, 2021						87
Artisan Sustainable Emerging Markets Fund - Institutional Shares		1.20	%	January 31, 2021						29
Artisan Thematic Fund - Investor Shares		1.50	%	January 31, 2021						-
Artisan Thematic Fund - Advisor Shares		1.40	%	January 31, 2021						-
Artisan Thematic Fund - Institutional Shares		1.40	%	January 31, 2021		1.10	%			-
Artisan Value Fund - Advisor Shares		0.88	%	January 31, 2021						17
(1)Effective February 28, 2020.

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, 2020, 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.

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

100 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 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.

(c) 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.

(8) Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement (the “Agreement”) with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 10, 2020. 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, as defined in the Agreement, 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

Artisan Partners Funds 101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2020, there were borrowings under the line of credit by Global Equity Fund, Global Value Fund and International Value Fund which had average borrowings of $9,156,000, $6,650,000, and 30,450,000, respectively, with corresponding average borrowing rates of 2.55% 1.61%, and 1.75%, 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, 2020.

(9) 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, 2020 were as follows (in thousands):

Fund	Security Purchases			Security Sales
Developing World		$	3,319,609		$	2,777,567
Global Discovery			55,732			28,275
Global Equity			167,570			246,219
Global Opportunities			919,130			931,166
Global Value			627,288			761,373
High Income			1,372,671			1,372,718
International			2,424,212			3,126,013
InternationalSmall-Mid			765,539			186,902
International Value			3,172,355			1,760,145
Mid Cap			1,069,464			1,489,912
Mid Cap Value			499,415			613,484
Select Equity(1)			12,810			697
Small Cap			383,007			429,641
Sustainable Emerging Markets			6,965			7,763
Thematic			1,736,465			1,567,344
Value			98,020			92,151

⁽¹⁾ For the period from commencement of operations (February 28, 2020) through March 31, 2020.

(10) Transactions in securities of affiliates:

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, 2020. The Funds did not have any affiliates during the period ended March 31, 2020.

102 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(11) 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, 2020 was as follows (in thousands):

Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation) on Investments
Developing World		$	2,531,794		$	667,406		$	(29,977	)		$	637,429
Global Discovery			118,173			14,458			(5,329	)			9,129
Global Equity			147,850			31,279			(16,120	)			15,159
Global Opportunities			2,649,654			592,865			(153,166	)			439,699
Global Value			2,265,175			216,876			(442,022	)			(225,146	)
High Income			3,764,861			43,912			(509,542	)			(465,630	)
International			7,471,251			1,661,843			(872,152	)			789,691
InternationalSmall-Mid			1,705,718			110,755			(244,364	)			(133,609	)
International Value			11,565,435			1,535,618			(2,387,051	)			(851,433	)
Mid Cap			3,356,118			1,228,954			(222,967	)			1,005,987
Mid Cap Value			1,514,071			272,056			(317,264	)			(45,208	)
Select Equity			12,158			35			(1,886	)			(1,851	)
Small Cap			1,294,782			473,100			(108,409	)			364,691
Sustainable Emerging Markets			44,219			10,324			(13,826	)			(3,502	)
Thematic			781,989			55,082			(10,462	)			44,620
Value			323,637			47,136			(47,591	)			(455	)

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, 2020.

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

Artisan Partners Funds 103

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2020 and the year ended September 30, 2019 were as follows (in thousands):

	Six Months Ended 3/31/2020						Year Ended 9/30/2019
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	56		$	-		$	884		$	-
Global Discovery			-			-			-			-
Global Equity			34			21,936			19,425			21,880
Global Opportunities			3,683			238,177			164			193,323
Global Value			48,126			-			58,023			140,737
High Income			119,222			-			224,141			9,473
International			108,905			457,268			155,282			840,199
InternationalSmall-Mid			3,605			-			24,199			80,629
International Value			105,940			337,678			323,055			518,027
Mid Cap			-			569,399			49,923			958,692
Mid Cap Value			15,568			206,274			11,916			384,445
Select Equity(1)			-			-
Small Cap			-			145,608			3,057			241,896
Sustainable Emerging Markets			887			-			483			-
Thematic			3,118			25,589			6,488			-
Value			3,967			13,992			7,316			50,696
(1)For the period from commencement of operations (February 28, 2020) through March 31, 2020.

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 Global Value Fund and International Fund of approximately $19,312,000 and $24,160,000, respectively, were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2020, and were not recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and have been reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.

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

104 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2019. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2019.

Additional tax information as of and for the year ended September 30, 2019 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		$	-		$	-		$	-		$	2,544		$	(70	)
Global Discovery			-			-			-			379			(4	)
Global Equity			34			11,916			-			-			(12	)
Global Opportunities			3,683			215,306			-			-			(109	)
Global Value			39,947			-			38,940			-			(122	)
High Income			-			-			57,085			-			(104	)
International			108,895			356,783			-			-			(590	)
International Small-Mid			980			-			13,040			-			(29	)
International Value			95,784			326,940			-			-			(573	)
Mid Cap			-			458,474			-			18,249			(286	)
Mid Cap Value			9,591			203,824			-			-			(181	)
Small Cap			-			145,607			-			10,283			(64	)
Sustainable Emerging Markets			602			-			-			-			(7	)
Thematic			28,700			-			-			-			(3,980	)
Value			4,009			6,883			-			-			(28	)

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

Artisan Partners Funds 105

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of September 30, 2019, 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				Utilized in CY
Developing World		$	15,081			$	-			$	-
Global Discovery			752				-				-
Sustainable Emerging Markets			6152	(1)			126,933	(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 IRC Section 382-383.

(12) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		8,400,798			$	123,894			10,823,456			$	137,819
Advisor Shares		35,943,296				526,587			55,107,662				703,128
Institutional Shares		22,857,120				339,875			23,125,642				305,820
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			4,176				45
Advisor Shares		-				-			54,828				587
Institutional Shares		2,228				32			15,022				161
Cost of shares redeemed
Investor Shares		(6,313,076	)			(92,107	)		(34,620,833	)			(419,240	)
Advisor Shares		(23,721,464	)			(348,436	)		(29,796,271	)			(357,426	)
Institutional Shares		(6,871,934	)			(102,332	)		(23,187,676	)			(270,272	)
Net increase (decrease) from fund share transactions
Investor Shares		2,087,722				31,787			(23,793,201	)			(281,376	)
Advisor Shares		12,221,832				178,151			25,366,219				346,289
Institutional Shares		15,987,414				237,575			(47,012	)			35,709

106 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL DISCOVERY
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,764,071			$	24,115			2,378,587			$	29,701
Advisor Shares(1)		566,310				6,710			-				-
Institutional Shares(1)		2,729,406				41,040			-				-
Cost of shares redeemed
Investor Shares		(3,001,263	)			(44,019	)		(435,055	)			(5,372	)
Advisor Shares(1)		(4	)			-	*		-				-
Net increase (decrease) from fund share transactions
Investor Shares		(1,237,192	)			(19,904	)		1,943,532				24,329
Advisor Shares(1)		566,306				6,710			-				-
Institutional Shares(1)		2,729,406				41,040			-				-
*  Amount rounds to less than $1
	GLOBAL EQUITY
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		527,281			$	10,084			731,933			$	14,016
Institutional Shares		881,636				15,311			171,143				3,413
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		519,668				10,232			941,420				16,381
Institutional Shares		589,702				11,682			1,202,762				21,000
Cost of shares redeemed
Investor Shares		(640,296	)			(11,814	)		(1,336,032	)			(25,358	)
Institutional Shares		(4,766,947	)			(95,064	)		(3,437,662	)			(61,868	)
Net increase (decrease) from fund share transactions
Investor Shares		406,653				8,502			337,321				5,039
Institutional Shares		(3,295,609	)			(68,071	)		(2,063,757	)			(37,455	)

Artisan Partners Funds 107

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,471,557			$	118,679			10,488,574			$	261,783
Advisor Shares		5,129,349				136,498			10,439,536				260,719
Institutional Shares		4,590,171				118,074			7,224,185				185,549
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,781,996				72,721			2,997,356				66,661
Advisor Shares		1,482,208				38,938			1,201,182				26,822
Institutional Shares		4,425,287				117,403			3,965,498				89,343
Cost of shares redeemed
Investor Shares		(7,277,362	)			(183,904	)		(17,107,731	)			(425,648	)
Advisor Shares		(4,151,528	)			(104,695	)		(10,015,864	)			(239,082	)
Institutional Shares		(8,342,795	)			(200,954	)		(7,129,637	)			(179,093	)
Net increase (decrease) from fund share transactions
Investor Shares		(23,809	)			7,496			(3,621,801	)			(97,204	)
Advisor Shares		2,460,029				70,741			1,624,854				48,459
Institutional Shares		672,663				34,523			4,060,046				95,799
	GLOBAL VALUE
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,153,085			$	18,207			4,783,247			$	78,302
Advisor Shares		4,498,034				68,730			13,166,159				215,279
Institutional Shares		16,786,480				275,254			26,324,214				444,741
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		370,478				6,439			2,203,257				34,745
Advisor Shares		461,191				7,992			2,494,520				39,239
Institutional Shares		1,760,345				30,560			7,205,226				113,554
Cost of shares redeemed
Investor Shares		(7,354,222	)			(118,429	)		(17,156,092	)			(282,202	)
Advisor Shares		(15,243,013	)			(254,698	)		(27,340,625	)			(438,508	)
Institutional Shares		(21,844,543	)			(356,708	)		(35,904,636	)			(606,073	)
Net increase (decrease) from fund share transactions
Investor Shares		(5,830,659	)			(93,783	)		(10,169,588	)			(169,155	)
Advisor Shares		(10,283,788	)			(177,976	)		(11,679,946	)			(183,990	)
Institutional Shares		(3,297,718	)			(50,894	)		(2,375,196	)			(47,778	)

108 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	HIGH INCOME
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		20,298,099			$	187,690			40,068,585			$	383,620
Advisor Shares		50,401,980				470,290			101,573,843				975,734
Institutional Shares		58,087,563				529,478			54,800,505				525,586
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,590,640				24,423			7,166,820				68,535
Advisor Shares		6,258,603				59,064			11,187,807				106,928
Institutional Shares		1,318,204				12,390			1,939,438				18,549
Cost of shares redeemed(2)
Investor Shares		(29,998,121	)			(278,989	)		(56,815,106	)			(545,615	)
Advisor Shares		(83,894,757	)			(791,738	)		(85,331,929	)			(813,883	)
Institutional Shares		(23,070,440	)			(213,600	)		(11,442,251	)			(108,779	)
Net increase (decrease) from fund share transactions
Investor Shares		(7,109,382	)			(66,876	)		(9,579,701	)			(93,460	)
Advisor Shares		(27,234,174	)			(262,384	)		27,429,721				268,779
Institutional Shares		36,335,327				328,268			45,297,692				435,356
Redemption Fees
Investor Shares						251							182
Advisor Shares						120							60
Institutional Shares						96							51
	INTERNATIONAL
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,622,486			$	171,079			10,706,655			$	317,165
Advisor Shares		9,651,813				299,678			15,483,004				460,976
Institutional Shares		18,187,671				580,137			23,207,787				699,493
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		5,767,002				185,294			11,600,621				323,778
Advisor Shares		3,081,126				98,688			5,691,388				158,391
Institutional Shares		6,956,215				224,547			14,686,471				411,662
Cost of shares redeemed
Investor Shares		(25,057,069	)			(798,250	)		(43,606,751	)			(1,300,908	)
Advisor Shares		(12,964,607	)			(395,669	)		(25,940,371	)			(771,962	)
Institutional Shares		(18,450,342	)			(571,704	)		(72,474,184	)			(2,198,913	)
Net increase (decrease) from fund share transactions
Investor Shares		(13,667,581	)			(441,877	)		(21,299,475	)			(659,965	)
Advisor Shares		(231,668	)			2,697			(4,765,979	)			(152,595	)
Institutional Shares		6,693,544				232,980			(34,579,926	)			(1,087,758	)

Artisan Partners Funds 109

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONALSMALL-MID
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		11,613,984			$	169,151			19,570,891			$	259,647
Advisor Shares(3)		30,806,305				425,084			34,266,775				445,781
Institutional Shares		15,880,307				229,276			44,341,958				568,478
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		23,024				335			6,042,101				71,297
Advisor Shares(3)		76,500				1,112			-				-
Institutional Shares		107,692				1,581			2,321,129				27,645
Cost of shares redeemed
Investor Shares		(3,492,100	)			(44,190	)		(22,272,988	)			(303,209	)
Advisor Shares(3)		(7,440,288	)			(94,480	)		(2,338,419	)			(30,810	)
Institutional Shares		(6,106,542	)			(77,991	)		(9,902,299	)			(165,078	)
Net increase (decrease) from fund share transactions
Investor Shares		8,144,908				125,296			3,340,004				27,735
Advisor Shares(3)		23,442,517				331,716			31,928,356				414,971
Institutional Shares		9,881,457				152,866			36,760,788				431,045
	INTERNATIONAL VALUE
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,716,576			$	120,167			17,181,741			$	566,870
Advisor Shares		25,918,791				824,220			55,930,382				1,883,823
Institutional Shares		28,488,907				958,062			53,977,435				1,838,927
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,087,367				73,496			4,667,506				151,018
Advisor Shares		3,406,663				119,676			6,951,902				224,468
Institutional Shares		6,040,646				213,054			11,815,554				383,339
Cost of shares redeemed
Investor Shares		(22,743,494	)			(725,999	)		(34,155,527	)			(1,142,463	)
Advisor Shares		(25,770,974	)			(785,468	)		(65,424,379	)			(2,193,737	)
Institutional Shares		(24,890,458	)			(801,528	)		(57,769,381	)			(1,948,940	)
Net increase (decrease) from fund share transactions
Investor Shares		(16,939,551	)			(532,336	)		(12,306,280	)			(424,575	)
Advisor Shares		3,554,480				158,428			(2,542,095	)			(85,446	)
Institutional Shares		9,639,095				369,588			8,023,608				273,326

110 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,059,319			$	142,149			7,019,704			$	246,165
Advisor Shares		1,861,613				65,209			4,547,679				156,900
Institutional Shares		5,815,402				229,079			15,492,066				609,991
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,931,025				167,112			10,474,763				310,996
Advisor Shares		1,473,158				50,470			3,462,860				103,539
Institutional Shares		7,223,028				277,581			13,653,184				452,057
Cost of shares redeemed
Investor Shares		(7,707,321	)			(268,735	)		(19,140,419	)			(652,918	)
Advisor Shares		(2,595,511	)			(91,506	)		(10,871,038	)			(385,708	)
Institutional Shares		(12,572,939	)			(491,469	)		(28,131,526	)			(1,077,496	)
Net increase from fund share transactions
Investor Shares		1,283,023				40,526			(1,645,952	)			(95,757	)
Advisor Shares		739,260				24,173			(2,860,499	)			(125,269	)
Institutional Shares		465,491				15,191			1,013,724				(15,448	)
	MID CAP VALUE
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,413,473			$	41,432			4,118,149			$	78,810
Advisor Shares		9,545,898				126,953			6,129,279				115,969
Institutional Shares		7,049,106				99,645			7,859,752				147,544
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,635,759				65,807			6,988,947				128,812
Advisor Shares		3,443,389				62,084			6,302,400				115,775
Institutional Shares		4,065,374				73,339			6,423,116				118,057
Cost of shares redeemed
Investor Shares		(9,786,851	)			(173,465	)		(23,499,458	)			(454,175	)
Advisor Shares		(7,656,154	)			(130,590	)		(20,993,417	)			(397,077	)
Institutional Shares		(7,531,210	)			(134,717	)		(18,960,199	)			(361,316	)
Net increase from fund share transactions
Investor Shares		(3,737,619	)			(66,226	)		(12,392,362	)			(246,553	)
Advisor Shares		5,333,133				58,447			(8,561,738	)			(165,333	)
Institutional Shares		3,583,270				38,267			(4,677,331	)			(95,715	)

Artisan Partners Funds 111

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	SELECT EQUITY
	Period Ended 3/31/2020(4)
	Shares			Amount
Proceeds from shares issued
Investor Shares		50,173			$	455
Advisor Shares		150,230				1,407
Institutional Shares		1,091,756				10,708
Cost of shares redeemed
Investor Shares		(199	)			(2	)
Net increase from fund share transactions
Investor Shares		49,974				453
Advisor Shares		150,230				1,407
Institutional Shares		1,091,756				10,708
	SMALL CAP
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,306,600			$	42,736			7,446,889			$	230,298
Advisor Shares		2,768,475				90,675			9,266,354				302,352
Institutional Shares		4,823,194				157,667			5,187,271				170,869
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,439,366				46,923			2,430,870				66,436
Advisor Shares		1,439,531				47,130			2,463,339				67,520
Institutional Shares		1,057,382				35,221			2,991,395				83,221
Cost of shares redeemed
Investor Shares		(2,707,943	)			(87,292	)		(4,158,119	)			(129,235	)
Advisor Shares		(2,516,730	)			(81,612	)		(6,729,775	)			(216,222	)
Institutional Shares		(4,018,916	)			(134,036	)		(9,973,734	)			(327,625	)
Net increase (decrease) from fund share transactions
Investor Shares		38,023				2,367			5,719,640				167,499
Advisor Shares		1,691,276				56,193			4,999,918				153,650
Institutional Shares		1,861,660				58,852			(1,795,068	)			(73,535	)

112 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	SUSTAINABLE EMERGING MARKETS
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		249,565			$	3,899			791,333			$	11,736
Institutional Shares		5,559				78			174,596				2,502
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		52,440				812			31,799				448
Institutional Shares		4,610				72			2,423				34
Cost of shares redeemed
Investor Shares		(359,182	)			(5,361	)		(1,105,533	)			(16,326	)
Institutional Shares		(22,919	)			(336	)		(151,648	)			(2,234	)
Net increase (decrease) from fund share transactions
Investor Shares		(57,177	)			(650	)		(282,401	)			(4,142	)
Institutional Shares		(12,750	)			(186	)		25,371				302
	THEMATIC
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,276,912			$	82,342			13,144,592			$	182,276
Advisor Shares		18,096,838				274,179			32,450,161				471,224
Institutional Shares(1)		20,565,498				336,570			-				-
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		446,570				6,931			330,654				4,341
Advisor Shares		1,004,649				15,582			154,349				2,027
Cost of shares redeemed
Investor Shares		(3,151,889	)			(46,894	)		(8,126,367	)			(113,951	)
Advisor Shares		(20,739,780	)			(339,719	)		(1,958,713	)			(27,044	)
Institutional Shares(1)		(125,372	)			(1,778	)		-				-
Net increase (decrease) from fund share transactions
Investor Shares		2,571,593				42,379			5,348,879				72,666
Advisor Shares		(1,638,293	)			(49,958	)		30,645,797				446,207
Institutional Shares(1)		20,440,126				334,792			-				-

Artisan Partners Funds 113

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	VALUE
	Six Months Ended 3/31/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,931,314			$	24,620			839,973			$	10,378
Advisor Shares		1,325,110				15,441			1,923,105				23,461
Institutional Shares		2,408,014				25,535			2,222,289				26,576
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		465,759				6,022			1,770,989				20,721
Advisor Shares		323,866				4,168			1,301,934				15,155
Institutional Shares		535,289				6,895			1,764,071				20,569
Cost of shares redeemed
Investor Shares		(2,141,383	)			(26,123	)		(4,676,664	)			(57,055	)
Advisor Shares		(1,349,509	)			(16,279	)		(3,469,952	)			(42,251	)
Institutional Shares		(1,427,314	)			(17,338	)		(3,139,093	)			(38,263	)
Net increase from fund share transactions
Investor Shares		255,690				4,519			(2,065,702	)			(25,956	)
Advisor Shares		299,467				3,330			(244,913	)			(3,635	)
Institutional Shares		1,515,989				15,092			847,267				8,882

⁽¹⁾ For the period from commencement of operations (February 3, 2020) through March 31, 2020.

⁽²⁾ Net of redemption fees.

⁽³⁾ For the period from commencement of operations (December 4, 2018) through September 30, 2019.

⁽⁴⁾ For the period from commencement of operations (February 28, 2020) through March 31, 2020.

(13) 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.

114 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, 2019 to March 31, 2020.

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, 2020 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 10/1/2019			Ending Account Value 3/31/2020			Expenses Paid During Period 10/1/2019-3/31/2020(1)			Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,040.20		$	6.89		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.25		$	6.81		1.35	%
Advisor Shares
Actual		$	1,000.00		$	1,040.70		$	5.87		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.81		1.15	%
Institutional Shares
Actual		$	1,000.00		$	1,041.40		$	5.41		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.35		1.06	%

Artisan Partners Funds 115

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2019			Ending Account Value 3/31/2020			Expenses Paid During Period 10/1/2019-3/31/2020(1)			Expense Ratio(2)(3)
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	943.20		$	6.41		1.32	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.40		$	6.66		1.32	%
Advisor Shares
Actual(4)		$	1,000.00		$	844.30		$	1.87		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.56		1.30	%
Institutional Shares
Actual(4)		$	1,000.00		$	844.30		$	1.80		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.31		1.25	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	903.00		$	6.04		1.27	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.41		1.27	%
Institutional Shares
Actual		$	1,000.00		$	903.70		$	5.04		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.35		1.06	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	950.60		$	5.61		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.81		1.15	%
Advisor Shares
Actual		$	1,000.00		$	951.10		$	4.93		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.10		1.01	%
Institutional Shares
Actual		$	1,000.00		$	952.00		$	4.44		0.91	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.45		$	4.60		0.91	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	759.00		$	5.54		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.36		1.26	%
Advisor Shares
Actual		$	1,000.00		$	759.80		$	4.93		1.12	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.65		1.12	%
Institutional Shares
Actual		$	1,000.00		$	760.10		$	4.44		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.10		1.01	%

116 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2019			Ending Account Value 3/31/2020			Expenses Paid During Period 10/1/2019-3/31/2020(1)			Expense Ratio(2)(3)
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	888.30		$	4.67		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.05		$	5.00		0.99	%
Advisor Shares
Actual		$	1,000.00		$	887.90		$	3.92		0.83	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.85		$	4.19		0.83	%
Institutional Shares
Actual		$	1,000.00		$	888.40		$	3.40		0.72	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.40		$	3.64		0.72	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	849.00		$	5.55		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	6.06		1.20	%
Advisor Shares
Actual		$	1,000.00		$	849.80		$	4.81		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.25		1.04	%
Institutional Shares
Actual		$	1,000.00		$	850.10		$	4.44		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.20		$	4.85		0.96	%
Artisan International Small-Mid Fund
Investor Shares
Actual		$	1,000.00		$	888.20		$	6.33		1.34	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.30		$	6.76		1.34	%
Advisor Shares
Actual		$	1,000.00		$	889.10		$	5.67		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	6.06		1.20	%
Institutional Shares
Actual		$	1,000.00		$	890.00		$	5.15		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.50		1.09	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	791.90		$	5.33		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.01		1.19	%
Advisor Shares
Actual		$	1,000.00		$	792.30		$	4.70		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.30		1.05	%
Institutional Shares
Actual		$	1,000.00		$	792.60		$	4.26		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.25		$	4.80		0.95	%

Artisan Partners Funds 117

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2019			Ending Account Value 3/31/2020			Expenses Paid During Period 10/1/2019-3/31/2020(1)			Expense Ratio(2)(3)
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	948.10		$	5.84		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	6.06		1.20	%
Advisor Shares
Actual		$	1,000.00		$	948.70		$	5.16		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.35		1.06	%
Institutional Shares
Actual		$	1,000.00		$	949.10		$	4.68		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.20		$	4.85		0.96	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	688.30		$	5.15		1.22	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.90		$	6.16		1.22	%
Advisor Shares
Actual		$	1,000.00		$	688.70		$	4.52		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.40		1.07	%
Institutional Shares
Actual		$	1,000.00		$	688.80		$	4.22		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.05		1.00	%
Artisan Select Equity Fund
Investor Shares
Actual(5)		$	1,000.00		$	802.00		$	0.92		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.31		1.25	%
Advisor Shares
Actual(5)		$	1,000.00		$	802.00		$	0.85		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.81		1.15	%
Institutional Shares
Actual(5)		$	1,000.00		$	802.00		$	0.81		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.55		1.10	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	936.10		$	5.91		1.22	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.90		$	6.16		1.22	%
Advisor Shares
Actual		$	1,000.00		$	936.70		$	5.28		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.50		1.09	%
Institutional Shares
Actual		$	1,000.00		$	937.40		$	4.75		0.98	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.10		$	4.95		0.98	%

118 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2019			Ending Account Value 3/31/2020			Expenses Paid During Period 10/1/2019-3/31/2020(1)			Expense Ratio(2)(3)
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	811.00		$	6.11		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.25		$	6.81		1.35	%
Institutional Shares
Actual		$	1,000.00		$	811.50		$	5.43		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	6.06		1.20	%
Artisan Thematic Fund
Investor Shares
Actual		$	1,000.00		$	921.50		$	6.29		1.31	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.45		$	6.61		1.31	%
Advisor Shares
Actual		$	1,000.00		$	922.10		$	5.48		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.76		1.14	%
Institutional Shares
Actual(4)		$	1,000.00		$	848.50		$	1.53		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.35		1.06	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	777.90		$	4.71		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.35		1.06	%
Advisor Shares
Actual		$	1,000.00		$	777.80		$	3.91		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.60		$	4.45		0.88	%
Institutional Shares
Actual		$	1,000.00		$	778.40		$	3.65		0.82	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.90		$	4.14		0.82	%

⁽¹⁾ Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2020, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

⁽²⁾ Annualized ratio of expenses to average net assets for the six-month period ended March 31, 2020.

⁽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 Global Discovery Fund – Advisor Shares, Artisan Global Discovery Fund – Institutional Shares and Artisan Thematic Fund – Institutional Shares have been presented for the period from commencement of operations (February 3, 2020) through March 31, 2020.

⁽⁵⁾ The actual account value and expenses paid for Artisan Select Equity Fund – Investor Shares, Advisor Shares and Institutional Shares have been presented for the period from commencement of operations (February 28, 2020) through March 31, 2020.

Artisan Partners Funds 119

FACTORS CONSIDERED IN APPROVING AN AMENDMENT TO ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENT

At their regular quarterly meeting held on November 13, 2019 (the “Meeting”), the board of directors of Artisan Partners Funds, Inc. (“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 Global Equity Fund (for purposes of this discussion, the “Fund”), and Artisan Partners Limited Partnership (“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 (a)(i) 1.000% annually of the Fund’s average daily net assets up to $1 billion, 0.975% of the Fund’s average daily net assets of $1 billion up to $4 billion, 0.950% of the Fund’s average daily net assets of $4 billion up to $8 billion, 0.925% of the Fund’s average daily net assets of $8 billion up to $12 billion and 0.900% of average daily net assets of over $12 billion to (b)(i) 0.900% of the Fund’s average daily net assets up to $1 billion, 0.875% of the Fund’s average daily net assets of $1 billion up to $2 billion, 0.850% of the Fund’s average daily net assets of $2 billion up to $3.5 billion, 0.825% of the Fund’s average daily net assets of $3.5 billion up to $5 billion and 0.800% of the Fund’s average daily net assets of over $5 billion. 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 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 2019 (the “2019 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 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.

At the Meeting, after discussion and consideration of the information presented, the independent directors and their independent counsel reviewed with the full board the information discussed at the Meeting. Based on all of the information provided, the board concluded that the revised management fee schedule was reasonable and appropriate in

120 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING AN AMENDMENT TO ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENT

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 2019 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 121

FACTORS CONSIDERED IN APPROVING ARTISAN SELECT EQUITY FUND’S ADVISORY AGREEMENT

At their regular quarterly meeting held on February 12, 2020 (the “Meeting”), the board of directors of Artisan Partners Funds, including a quorum of the independent directors, formally considered the approval of an initial investment advisory agreement between Artisan Partners Funds, on behalf of Artisan Select Equity Fund (for purposes of this discussion, the “Fund”), and Artisan Partners, dated February 12, 2020, for an initialtwo-year term from February 12, 2020 through February 12, 2022 (for purposes of this discussion, the “Advisory Agreement”). The independent directors were assisted in their evaluation of the Advisory Agreement 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 initial approval of the Advisory Agreement. 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 Advisory Agreement and an extensive 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 Advisory Agreement.

In evaluating the Advisory Agreement, the directors also reviewed information provided in response to requests for information in connection with the board’s consideration in 2019 (the “2019 Requests”) of the continuation of the Investment Advisory Agreement (the “Current Agreement”) between Artisan Partners Funds and Artisan Partners with respect to then-existing series of Artisan Partners Funds (the “Current Funds”). The directors discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund, 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 might potentially derive from its relationship with the Fund. In addition to the third-party report by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to the Meeting concerning, among other things, the following:

• The terms of the Advisory Agreement, including the scope of services to be provided by Artisan Partners;

• Information on Artisan Partners’ advisory personnel and methods, including differences between the Fund and the Current Funds;

• Information regarding the performance of any other accounts of Artisan Partners and/or other mutual funds having similar investment objectives to the Fund, together with a comparison to the appropriate market indices since inception (or 10 years, if shorter);

• Information on potential limits on the growth of the Fund or Artisan Partners’ ability to manage the Fund due to limited availability of investments, market liquidity, limits on its ability to hire and train personnel or other factors;

122 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN SELECT EQUITY FUND’S ADVISORY AGREEMENT

• A comparison of the total projected expenses and total projected expense ratio of each share class of the Fund with other mutual funds; a comparison of the management fees with fees charged by other advisory organizations for managing mutual funds with investment goals similar to the Fund’s; information regarding the adequacy of proposed management fee breakpoints and whether further breakpoints are appropriate; and Artisan Partners’ agreement to waive a portion of its advisory fee and/or bear certain other expenses of the Fund for the initial period of the Fund’s operations in order to limit Fund operating expenses during that period, and the relationship of expected fees/expenses to the limitation; and

• Information relating to (1) material resource needs (facilities, personnel, information systems etc.), (2) any trading, operational, valuation, compliance or liquidity challenges and (3) conflicts of interest (including but not limited to any considerations relating to allocations of investment opportunities between the Fund and other accounts managed by the same investment team) associated with the anticipated operations of the Fund.

The directors also reviewed information provided in response to the 2019 Requests, which included, among other things, the following:

• Artisan Partners’ personnel and business and financial model and methods, including Artisan Partners’ assessment of its ability to attract and retain capable personnel and Artisan Partners’ succession planning processes with respect to the leadership of the Current Funds’ portfolio management teams and senior management of Artisan Partners; Artisan Partners’ research and decision-making processes; the adequacy and sophistication of technology and systems with respect to investment and administrative matters; and Artisan Partners’ liquidity management tools and the Current Funds’ liquidity risk management program;

• Matters relating to brokerage and portfolio transactions, including Artisan Partners’ practices regarding selection of brokers and dealers to execute portfolio transactions and regarding negotiation of commission rates and allocation of brokerage for research and other services;

• Artisan Partners’ organization and operations, financial condition and stability and ownership structure;

• Information regarding the profitability, performance, fees and expenses of the Current Funds;

• The Current Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available;

• Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities since January 1, 2018;

• Information regarding third-party intermediary and service arrangements and related payments by the Current Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2018, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

Artisan Partners Funds 123

FACTORS CONSIDERED IN APPROVING ARTISAN SELECT EQUITY FUND’S ADVISORY AGREEMENT

• Potential“fall-out” benefits to Artisan Partners or its affiliates from their relationships with the Current Funds, in addition to advisory fees, including any benefits to Artisan Partners or its affiliates in selling other products, and the method of estimating the value of any such benefits;

• Compliance and related matters, including Artisan Partners’ programs for monitoring compliance with federal and state securities and other applicable laws and regulations, the investment policies and restrictions of registered investment company clients and Subchapter M of the Internal Revenue Code; and information regarding personnel who perform significant compliance and legal services for the Current Funds.

The board noted that, because the Fund had not yet commenced operations, Artisan Partners had not yet derived any profits from its relationship to the Fund and was not expected to do so until the Fund has achieved a meaningful level of assets.

At the Meeting, the directors discussed and considered the information presented. The independent counsel to the independent directors then reviewed with the full board the information presented and discussed at the Meeting. The directors then considered whether any further discussion or review was necessary. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ proposed services.The directors concluded that the nature and extent of Artisan Partners’ services proposed to be provided to the Fund would be appropriate and consistent with, and in some cases more advantageous to the Fund than, the terms of the Advisory Agreement. The directors noted that the Fund’s proposed portfolio management team provides services for Artisan Global Value Fund. The directors considered that Artisan Partners contemplates providing the same service level for the Fund as it provides for the Current Funds. The directors concluded that Artisan Partners has sufficient and well-qualified personnel, with appropriate education and experience, to serve the Fund effectively and that key personnel would not be undesirably overextended in assuming management responsibilities for the Fund.

Investment performance. The directors noted that, because the Fund was not yet in operation, it had no performance history. However, the directors reviewed the performance of the other Current Funds managed by the Fund’s proposed portfolio managers, and noted that the proposed portfolio managers had produced successful results using an investment process similar to that proposed for the Fund.

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to the Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Broadridge to be within the same peer group or universe as the Fund. The directors also noted that the Fund’s proposed advisory fee was set at a level consistent with Artisan Partners’ approach to advisory fees for the Current Funds. In addition, the directors considered that Artisan Partners has contractually agreed to limit certain expenses through February 28, 2021. The directors also noted that the proposed management fee schedule includes breakpoints (reduced fee levels on assets above stated thresholds) at $1 billion, $2 billion, $3.5 billion and $5 billion of Fund net assets. The directors concluded that these breakpoints will result in a sharing, as between the Fund and

124 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN SELECT EQUITY FUND’S ADVISORY AGREEMENT

Artisan Partners, of possible future economies of scale as and if the Fund’s assets grow to substantial levels.

Other benefits derived by the Fund or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the proposed Advisory Agreement and the proposed management fees to be paid in return, the Fund and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded that potentialfall-out benefits would include: (1) the potential conversion of Fund shareholders to separate account clients, and the ability otherwise to attract new clients and investment talent, (2) the acquisition of research products and services in return for brokerage commissions paid by the Fund (“soft dollars”) and (3) reputational benefits as a result of its association with the Fund. The directors concluded that, although Artisan Partners may derive such additional benefits, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors noted that the Fund might benefit in the future from Artisan Partners’ use of research obtained through soft dollars generated with respect to its other clients, and from reputational benefits as a result of its association with Artisan Partners.

Following those discussions, the board approved the Fund’s Advisory Agreement by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.

Artisan Partners Funds 125

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Consistent with Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), effective December 1, 2018, the Funds adopted and implemented a liquidity risk management program to assess and manage each Fund’s liquidity risk (the “Program”). Liquidity risk is the risk that a Fund would not be able to meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The board of directors of Artisan Partners Funds has appointed the Funds’ liquidity committee, consisting solely of Fund officers, as the liquidity risk management program administrator. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including under Artisan Partners Funds’ line of credit.

Under the Program, the liquidity committee is responsible for, among other duties, (i) overseeing the Funds’ liquidity risk monitoring and risk management activities and (ii) reviewing the Program at least annually and providing the board with an annual written report that addresses the operation of the Program for each Fund, assesses the Program’s adequacy and effectiveness and addresses any material changes to the Program (the “Liquidity Report”). In accordance with the Program, no Fund will acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

In February 2020, the board of directors of Artisan Partners Funds reviewed the Liquidity Report prepared by the Funds’ liquidity committee regarding the operation and effectiveness of the Program for the fiscal year ended September 30, 2019. No significant liquidity events or risks impacting any of the Funds were noted in the Liquidity Report, and there were not any material changes to the operation of the Program. In addition, the liquidity committee provided its assessment that the Program had been adequately managed and effective in managing each Fund’s liquidity risk.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding each Fund’s exposure to liquidity risk and other risks to which it may be subject.

126 Artisan Partners Funds

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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

For the purposes of assigning portfolio securities to a particular sector and industry 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 ofnon-English names.

Trademarks

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

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

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

Artisan Partners Funds 127

SHAREHOLDER MEETING RESULTS (UNAUDITED)

A special meeting of shareholders of Artisan Partners Funds was held on December 6, 2019. The proposal and results of the votes are summarized below.

Election of Directors	For		Withheld
Eric R. Colson		1,300,254,590		18,913,738
Coleen Downs Dinneen		1,269,656,023		49,512,305
Gail L. Hanson		1,269,571,863		49,596,465
Bonnie L. Howard		1,269,136,508		50,031,820
William J. Kelly		1,300,815,776		18,352,552
Peter M. Lebovitz		1,269,624,619		49,543,709
Patrick S. Pittard		1,259,251,496		59,916,832
Gregory K. Ramirez		1,170,913,299		148,255,029
Peter E. Sundman		1,300,286,287		18,882,041

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 SEC’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 SEC’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Effective for reporting periods on or after March 31, 2019, each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Prior to March 1, 2019, the Funds filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. You can find SEC filings on the SEC’s website at www.sec.gov.

128 Artisan Partners Funds

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, 2020 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 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 Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, 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 Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, 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/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Executive Officer
Date:	June 4, 2020

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/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Executive Officer
Date:	June 4, 2020

By:	/s/ Shannon K. Jagodinski
	Shannon K. Jagodinski
	Principal Financial Officer
Date:	June 4, 2020