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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)

Sarah A. Johnson	John M. Loder
Artisan Partners Funds, Inc.	Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800	Prudential Tower, 800 Boylston Street
Milwaukee, Wisconsin 53202	Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (414) 390-6100

Date of fiscal year end: 9/30

Date of reporting period: 3/31/21

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 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 Focus Fund	ARTTX	APDTX	APHTX
Artisan Global Discovery Fund	APFDX	APDDX	APHDX
Artisan Global Equity Fund	ARTHX	APDHX	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 Value Fund	ARTLX	APDLX	APHLX

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 Focus Fund
8	Artisan Global Discovery Fund
10	Artisan Global Equity Fund
13	Artisan Global Opportunities Fund
15	Artisan Global Value Fund
17	Artisan High Income Fund
24	Artisan International Fund
27	Artisan International Small-Mid Fund
30	Artisan International Value Fund
33	Artisan Mid Cap Fund
36	Artisan Mid Cap Value Fund
38	Artisan Select Equity Fund
40	Artisan Small Cap Fund
43	Artisan Sustainable Emerging Markets Fund
46	Artisan Value Fund
48	STATEMENTS OF ASSETS AND LIABILITIES
52	STATEMENTS OF OPERATIONS
56	STATEMENTS OF CHANGES IN NET ASSETS
64	FINANCIAL HIGHLIGHTS
90	NOTES TO FINANCIAL STATEMENTS
129	SHAREHOLDER EXPENSE EXAMPLE
134	STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
135	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
136	SHAREHOLDER MEETING RESULTS
136	PROXY VOTING POLICIES AND PROCEDURES
136	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 call 800.344.1770 or visit our website at www.artisanpartners.com. Read it carefully before you invest or send money.

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

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 99.2%
ARGENTINA - 5.2%
MercadoLibre, Inc.*		303		$	446,441
BRAZIL - 2.3%
StoneCo Ltd., Class A*		3,308			202,540
CHINA - 36.5%
Aier Eye Hospital Group Co. Ltd., Class A		21,653			195,719
Alibaba Group Holding Ltd., ADR*		2,023			458,603
Bilibili, Inc., ADR*		2,704			289,459
JD Health International, Inc.*		6,798			97,503
KE Holdings, Inc., ADR*		2,980			169,800
Kweichow Moutai Co. Ltd., Class A		881			270,050
Meituan, Class B*		9,870			378,583
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,271			199,146
TAL Education Group, ADR*		5,065			272,738
Tencent Holdings Ltd.		4,597			360,738
Wuxi Biologics Cayman, Inc.*		30,217			378,384
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		2,258			98,849
					3,169,572
FRANCE - 3.7%
Hermes International		76			83,726
LVMH Moet Hennessy Louis Vuitton SE		354			235,631
					319,357
INDIA - 2.9%
HDFC Bank Ltd., ADR*		3,267			253,802
NETHERLANDS - 7.1%
Adyen NV*		163			363,229
ASML Holding NV, NYRS		405			250,146
					613,375
RUSSIA - 1.0%
Yandex NV, Class A*		1,357			86,928
TAIWAN - 6.5%
Sea Ltd., ADR*		2,542			567,342
UNITED KINGDOM - 2.7%
Farfetch Ltd., Class A*		4,445			235,696
UNITED STATES - 31.3%
Airbnb, Inc., Class A*		1,528			287,192
UNITED STATES (CONTINUED)
Estee Lauder Cos., Inc. (The), Class A		807			234,838
Netflix, Inc.*		463			241,506
NVIDIA Corp.		718			383,555
Uber Technologies, Inc.*		6,832			372,439
Unity Software, Inc.*		3,794			380,621
Veeva Systems, Inc., Class A*		1,368			357,455
Visa, Inc., Class A		2,170			459,551
					2,717,157
Total common stocks (Cost $5,436,593)					8,612,210
SHORT-TERM INVESTMENTS - 0.6%
INVESTMENT COMPANIES - 0.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		17,073			17,073
Federated Treasury Obligations Fund - Institutional Class, 0.01%		16,570			16,570
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		16,570			16,570
Total short-term investments (Cost $50,213)					50,213
Total investments - 99.8% (Cost $5,486,806)					8,662,423
Other assets less liabilities - 0.2%					13,689
Total net assets - 100.0%(1)				$	8,676,112

* Non-income producing security.

⁽¹⁾ Percentages for the various classifications relate to total net assets.

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

ABBREVIATIONS

ADR - American Depositary Receipt

NYRS - New York Registry Shares

2 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,545,973		17.8	%
Consumer Discretionary			2,496,113		28.8
Consumer Staples			504,888		5.8
Financials			253,802		2.9
Health Care			1,229,553		14.2
Industrials			372,439		4.3
Information Technology			2,039,642		23.6
Real Estate			169,800		2.0
Short-Term Investments			50,213		0.6
Total investments		$	8,662,423		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Chinese yuan renminbi offshore		$	763,764		8.8	%
Euro			682,586		7.9
Hong Kong dollar			1,215,208		14.0
U.S. dollar			6,000,865		69.3
Total investments		$	8,662,423		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Sea Ltd.	Taiwan		6.5	%
Visa, Inc.	United States		5.3
Alibaba Group Holding Ltd.	China		5.3
MercadoLibre, Inc.	Argentina		5.2
NVIDIA Corp.	United States		4.4
Unity Software, Inc.	United States		4.4
Meituan	China		4.4
Wuxi Biologics Cayman, Inc.	China		4.4
Uber Technologies, Inc.	United States		4.3
Adyen NV	Netherlands		4.2
Total			48.4	%

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 3

ARTISAN FOCUS FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 66.4%
AEROSPACE & DEFENSE - 4.6%
Airbus SE*(1)		805		$	91,142
AIRLINES - 2.1%
Alaska Air Group, Inc.*		597			41,308
CAPITAL MARKETS - 4.5%
BlackRock, Inc.		80			60,343
Blackstone Group, Inc. (The)		384			28,644
					88,987
CHEMICALS - 2.0%
Linde plc(1)		142			39,768
CONSTRUCTION MATERIALS - 4.8%
Martin Marietta Materials, Inc.		169			56,794
Vulcan Materials Co.		229			38,661
					95,455
ELECTRICAL EQUIPMENT - 1.0%
AMETEK, Inc.		155			19,818
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.6%
CDW Corp.		194			32,113
HOTELS, RESTAURANTS & LEISURE - 3.4%
Darden Restaurants, Inc.		128			18,162
Hilton Worldwide Holdings, Inc.*		403			48,743
					66,905
INSURANCE - 3.6%
Aon plc, Class A(2)		310			71,382
INTERNET & DIRECT MARKETING RETAIL - 4.6%
Booking Holdings, Inc.*		39			91,213
IT SERVICES - 2.1%
Fidelity National Information Services, Inc.		299			42,020
PROFESSIONAL SERVICES - 3.4%
IHS Markit Ltd.		708			68,503
ROAD & RAIL - 9.2%
Canadian Pacific Railway Ltd.(1)		107			40,716
Norfolk Southern Corp.		258			69,310
Old Dominion Freight Line, Inc.		127			30,538
ROAD & RAIL (CONTINUED)
Union Pacific Corp.		193			42,639
					183,203
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.7%
Advanced Micro Devices, Inc.*		325			25,514
Analog Devices, Inc.		936			145,152
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(1)		344			40,717
					211,383
SOFTWARE - 5.0%
Cloudflare, Inc., Class A*		180			12,649
Microsoft Corp.(2)		364			85,928
					98,577
SPECIALTY RETAIL - 3.8%
Ulta Beauty, Inc.*		243			75,053
Total common stocks (Cost $1,131,519)					1,316,830
	No. of Contracts‡
OPTIONS PURCHASED - 14.0%
CALL OPTIONS - 13.5%
AEROSPACE & DEFENSE - 1.6%
Boeing Co. (The) 8/20/2021 at USD 250.00; Notional Amount: USD 66,864		2,625			7,823
TransDigm Group, Inc. 5/21/2021 at USD 360.00; Notional Amount: USD 59,321		1,009			23,313
					31,136
BANKS - 2.0%
JPMorgan Chase & Co. 1/21/2022 at USD 85.00; Notional Amount: USD 88,080		5,786			39,113
ENTERTAINMENT - 2.6%
Walt Disney Co. (The) 1/21/2022 at USD 60.00; Notional Amount: USD 77,092		4,178			52,246
INTERACTIVE MEDIA & SERVICES - 3.0%
Alphabet, Inc. 8/20/2021 at USD 2,100.00; Notional Amount: USD 94,051		456			5,802

4 Artisan Partners Funds

	No. of Contracts‡		Value
INTERACTIVE MEDIA & SERVICES (CONTINUED)
Facebook, Inc. 1/21/2022 at USD 145.00; Notional Amount: USD 106,001		3,599		$	54,768
					60,570
MACHINERY - 0.4%
Caterpillar, Inc. 6/18/2021 at USD 230.00; Notional Amount: USD 118,880		5,127			7,165
ROAD & RAIL - 0.4%
Union Pacific Corp. 8/20/2021 at USD 210.00; Notional Amount: USD 86,775		3,937		$	7,933
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
Analog Devices, Inc. 9/17/2021 at USD 150.00; Notional Amount: USD 34,490		2,224			3,258
Micron Technology, Inc. 6/18/2021 at USD 25.00; Notional Amount: USD 78,842		8,938			56,555
					59,813
SPECIALTY RETAIL - 0.2%
TJX Cos., Inc. (The) 7/16/2021 at USD 67.50; Notional Amount: USD 65,621		9,920			3,422
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.3%
Western Digital Corp. 7/16/2021 at USD 67.50; Notional Amount: USD 56,904		8,525			5,840
Total call options					267,238
PUT OPTIONS - 0.5%
ENTERTAINMENT - 0.1%
Walt Disney Co. (The) 5/21/2021 at USD 180.00; Notional Amount: USD 31,295		1,696			1,094
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Advanced Micro Devices, Inc. 5/21/2021 at USD 80.00; Notional Amount: USD 36,589		4,661			2,540
Taiwan Semiconductor Manufacturing Co. Ltd. 6/18/2021 at USD 110.00; Notional Amount: USD 52,481		4,437			1,764
					4,304
SOFTWARE - 0.2%
Cloudflare, Inc. 5/21/2021 at USD 70.00; Notional Amount: USD 18,914		2,692			1,683
Microsoft Corp. 5/21/2021 at USD 230.00; Notional Amount: USD 85,915		3,644			2,423
					4,106
Total put options					9,504
Total options purchased (Cost $216,534)					276,742
	Shares Held		Value
SHORT-TERM INVESTMENTS - 22.0%
INVESTMENT COMPANIES - 22.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		148,234			148,234
Federated Treasury Obligations Fund - Institutional Class, 0.01%		143,875			143,875
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		143,875			143,875
Total short-term investments (Cost $435,984)					435,984
Total investments - 102.4% (Cost $1,784,037)					2,029,556
WRITTEN OPTION CONTRACTS - (1.1)% (Premiums received $(17,922))					(21,254	)
Other assets less liabilities - (1.3%)					(26,988	)
Total net assets - 100.0%(3)				$	1,981,314

^*  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
Airbus SE	France	Euro
Canadian Pacific Railway Ltd.	Canada	Canadian dollar
Linde plc	United Kingdom	U.S. dollar
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	U.S. dollar

⁽²⁾  At March 31, 2021, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽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

USD - U.S. dollar

Artisan Partners Funds 5

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	113,910		5.6	%
Consumer Discretionary			236,594		11.6
Financials			199,482		9.8
Industrials			450,207		22.2
Information Technology			458,156		22.6
Materials			135,223		6.7
Short-Term Investments			435,984		21.5
Total investments		$	2,029,556		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Canadian dollar		$	40,716		2.0	%
Euro			91,142		4.5
U.S. dollar			1,897,698		93.5
Total investments		$	2,029,556		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased	Currency Sold		Counterparty Settlement Date			Unrealized Appreciation (Depreciation)
USD		87,372		EUR  72,258	JPM  5/20/2021		$	2,554
Total unrealized appreciation								2,554
USD		38,504		CAD  48,386	JPM  6/24/2021			(2	)
Total unrealized depreciation								(2	)
Net unrealized appreciation							$	2,552

CAD - Canadian dollar

EUR - Euro

USD - U.S. dollar

JPM - JPMorgan Chase Bank, N.A.

WRITTEN OPTION CONTRACTS
CALL OPTIONS
Dollar value in thousands except exercise price
Number of Contracts‡	Description	Exercise Price					Notional Amount					Expiration Date					Premiums (Received) by Fund				Market Value				Unrealized Appreciation/ (Depreciation)
3,644	Microsoft Corp.		$	245				$	85,915					05/21/21				$	(1,679	)		$	(1,822	)		$	(143	)
1,961				S&P Global, Inc.				270					69,198					04/16/21				(13,687	)			(16,257	)		(2,570	)
3,440				Taiwan Semiconductor Manufacturing Co. Ltd.				120					40,688					06/18/21				(1,714	)			(2,374	)		(660	)
1,696				Walt Disney Co. (The)				195					31,295					05/21/21				(842	)			(801	)		41
Total written option contracts					$	(17,922	)			$	(21,254	)			$	(3,332	)

^‡  One contract is equal to 100 shares.

6 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Analog Devices, Inc.		United States		7.5	%
Booking Holdings, Inc.		United States		4.6
Airbus SE		France		4.6
Microsoft Corp.		United States		4.5
Ulta Beauty, Inc.		United States		3.8
Aon plc		United States		3.6
Norfolk Southern Corp.		United States		3.5
IHS Markit Ltd.		United States		3.4
BlackRock, Inc.		United States		3.0
Martin Marietta Materials, Inc.		United States		2.9
Total				41.4	%

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 7

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 97.5%
BRAZIL - 2.3%
Magazine Luiza SA		529			$	1,888
Notre Dame Intermedica Participacoes SA*		300				4,415
						6,303
CANADA - 0.7%
Altus Group Ltd.		43				2,049
CHINA - 2.0%
Li Ning Co. Ltd.		865				5,616
DENMARK - 5.7%
Ascendis Pharma A/S, ADR*		48				6,132
Genmab A/S*		14				4,489
Vestas Wind Systems A/S		25				5,072
						15,693
GERMANY - 7.7%
CTS Eventim AG & Co. KGaA*		68				3,949
E.ON SE		334				3,885
Evotec SE*		48				1,741
Gerresheimer AG		67				6,689
Puma SE*		51				5,014
						21,278
HONG KONG - 3.1%
Techtronic Industries Co. Ltd.		505				8,638
Japan - 3.7%
Hoya Corp.		38				4,428
Obic Co. Ltd.		31				5,682
						10,110
LUXEMBOURG - 2.3%
Eurofins Scientific SE		66				6,298
NETHERLANDS - 2.4%
Koninklijke DSM NV		40				6,704
SPAIN - 1.2%
Banco Bilbao Vizcaya Argentaria SA		633				3,286
SWITZERLAND - 2.7%
Aluflexpack AG*		49				1,741
Belimo Holding AG		-	(1)			2,797
Lonza Group AG		5				3,050
						7,588
UNITED KINGDOM - 2.2%
London Stock Exchange Group plc		42				4,035
Meggitt plc*		320				2,108
						6,143
UNITED STATES - 61.5%
Advanced Micro Devices, Inc.*		85				6,660
Arista Networks, Inc.*		15				4,613
Atlassian Corp. plc, Class A*		33				6,931
Bentley Systems, Inc., Class B		81				3,789
Blackline, Inc.*		39				4,241
Boston Beer Co., Inc. (The), Class A*		2				2,306
Boston Scientific Corp.*		239				9,235
Burlington Stores, Inc.*		17				5,132
Centene Corp.*		55				3,521
Ceridian HCM Holding, Inc.*		28				2,387
Chegg, Inc.*		37				3,131
Cognex Corp.		27				2,276
Coupa Software, Inc.*		11				2,771
Cree, Inc.*		15				1,625
Datadog, Inc., Class A*		37				3,052
Dexcom, Inc.*		9				3,218
First Republic Bank		43				7,104
Fortive Corp.		101				7,158
Global Payments, Inc.		62				12,538
IHS Markit Ltd.		49				4,702
Ingersoll Rand, Inc.*		111				5,460
IPG Photonics Corp.*		14				2,966
iRhythm Technologies, Inc.*		6				774
Lattice Semiconductor Corp.*		116				5,230
Morningstar, Inc.		12				2,630
Nasdaq, Inc.		25				3,717
New York Times Co. (The), Class A		89				4,492
Novanta, Inc.*		27				3,556
Skyworks Solutions, Inc.		32				5,788
SVB Financial Group*		6				3,132
Teledyne Technologies, Inc.*		18				7,420
Tradeweb Markets, Inc., Class A		58				4,294
Valmont Industries, Inc.		18				4,337
Veeva Systems, Inc., Class A*		30				7,727
Veracyte, Inc.*		32				1,725
Zscaler, Inc.*		15				2,584
Zynga, Inc., Class A*		777				7,936
						170,158
Total common stocks (Cost $195,568)						269,864

8 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENTS - 1.7%
INVESTMENT COMPANIES - 1.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		1,577		$	1,577
Federated Treasury Obligations Fund - Institutional Class, 0.01%		1,531			1,531
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		1,531			1,531
Total short-term investments (Cost $4,639)					4,639
Total investments - 99.2% (Cost $200,207)					274,503
Other assets less liabilities - 0.8%					2,224
Total net assets - 100.0%(2)				$	276,727

^*  Non-income producing security.

⁽¹⁾ Amount rounds to less than one.

⁽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		$	16,377		6.0	%
Consumer Discretionary			20,781		7.5
Consumer Staples			2,306		0.8
Financials			28,198		10.3
Health Care			63,442		23.1
Industrials			47,692		17.4
Information Technology			76,689		28.0
Materials			8,445		3.1
Real Estate			2,049		0.7
Utilities			3,885		1.4
Short-Term Investments			4,639		1.7
Total investments		$	274,503		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	6,303		2.3	%
British pound			6,143		2.2
Canadian dollar			2,049		0.7
Danish krone			9,561		3.5
Euro			37,566		13.7
Hong Kong dollar			14,254		5.2
Japanese yen			10,110		3.7
Swiss franc			7,588		2.8
U.S. dollar			180,929		65.9
Total investments		$	274,503		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		4.5	%
Boston Scientific Corp.	United States		3.3
Techtronic Industries Co. Ltd.	Hong Kong		3.1
Zynga, Inc.	United States		2.9
Veeva Systems, Inc.	United States		2.8
Teledyne Technologies, Inc.	United States		2.7
Fortive Corp.	United States		2.6
First Republic Bank	United States		2.6
Atlassian Corp. plc	United States		2.5
Koninklijke DSM NV	Netherlands		2.4
Total			29.4	%

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

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

Artisan Partners Funds 9

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.1%
ARGENTINA - 0.3%
MercadoLibre, Inc.*		1		$	1,051
BELGIUM - 1.1%
UCB SA		37			3,527
BRAZIL - 0.7%
Azul SA (Preference)*		347			2,333
CANADA - 1.5%
Canadian Pacific Railway Ltd.		10			3,743
Kinaxis, Inc.*		10			1,190
					4,933
CHINA - 4.4%
China International Capital Corp. Ltd., Class H*		1,763			4,273
Chindata Group Holdings Ltd., ADR*		126			2,082
iClick Interactive Asia Group Ltd., ADR*		100			1,178
Midea Group Co. Ltd., Class A		155			1,945
NavInfo Co. Ltd., Class A		1,137			2,528
RLX Technology, Inc., ADR*		27			279
Tencent Holdings Ltd.		22			1,711
Zai Lab Ltd., ADR*		4			470
					14,466
DENMARK - 1.4%
Ascendis Pharma A/S, ADR*		25			3,195
Genmab A/S*		4			1,352
					4,547
FRANCE - 0.9%
Adevinta ASA*		34			505
BNP Paribas SA*		42			2,575
					3,080
GERMANY - 12.1%
AIXTRON SE*		233			5,289
Allianz SE		31			7,815
Auto1 Group SE*		16			879
Bayerische Motoren Werke AG		16			1,679
Brenntag SE		29			2,463
Delivery Hero SE*		17			2,252
Deutsche Boerse AG		10			1,671
Deutsche Post AG		47			2,558
GERMANY (CONTINUED)
MTU Aero Engines AG		14			3,301
Porsche Automobil Holding SE (Preference)		28			3,018
Scout24 AG		28			2,153
Siemens AG		24			3,939
Siemens Energy AG*		69			2,484
Wacker Neuson SE*		9			206
					39,707
GREECE - 0.7%
JUMBO SA		119			2,185
HONG KONG - 2.1%
AIA Group Ltd.		292			3,544
China Youzan Ltd.*		10,236			3,345
					6,889
INDIA - 1.0%
Reliance Industries Ltd.		113			3,094
IRELAND - 2.1%
CRH plc		108			5,041
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		88			1,700
					6,741
ISRAEL - 0.6%
Tremor International Ltd.*		211			2,035
ITALY - 1.0%
Intesa Sanpaolo SpA*		1,174			3,182
JAPAN - 3.9%
Hoya Corp.		28			3,247
Jeol Ltd.		171			6,784
OBIC Business Consultants Co. Ltd.		20			1,058
TeamSpirit, Inc.*		85			1,589
					12,678
NETHERLANDS - 4.5%
Argenx SE, ADR*		18			5,002
CM.com NV*		156			4,709
ING Groep NV		306			3,749
uniQure NV*		40			1,336
					14,796

10 Artisan Partners Funds

	Shares Held		Value
PORTUGAL - 0.9%
EDP - Energias de Portugal SA		508		$	2,904
RUSSIA - 1.2%
MMC Norilsk Nickel PJSC, ADR		130			4,043
SOUTH KOREA - 1.1%
Coupang, Inc.*		9			448
Samsung Electronics Co. Ltd.		43			3,123
					3,571
SWEDEN - 2.4%
Nibe Industrier AB, Class B		111			3,436
Sandvik AB*		160			4,378
					7,814
SWITZERLAND - 4.8%
Adecco Group AG		31			2,109
Idorsia Ltd.*		84			2,260
LafargeHolcim Ltd.*		64			3,757
Medacta Group SA*		43			4,579
Roche Holding AG		10			3,112
					15,817
UNITED KINGDOM - 4.5%
AVEVA Group plc		92			4,342
Clarivate plc*		172			4,529
HSBC Holdings plc		608			3,556
Linde plc		8			2,266
					14,693
UNITED STATES - 42.9%
ACADIA Pharmaceuticals, Inc.*		170			4,390
Alphabet, Inc., Class A*		3			5,763
Alphabet, Inc., Class C*		1			2,869
Altair Engineering, Inc., Class A*		66			4,120
Amazon.com, Inc.*		3			9,539
American Software, Inc., Class A		102			2,118
AtriCure, Inc.*		70			4,570
Blueprint Medicines Corp.*		36			3,483
Booking Holdings, Inc.*		4			9,222
Carrier Global Corp.		149			6,280
Colfax Corp.*		93			4,053
Cornerstone Building Brands, Inc.*		39			544
Halozyme Therapeutics, Inc.*		296			12,327
Horizon Therapeutics plc*		53			4,892
Insmed, Inc.*		61			2,082
Johnson Controls International plc		171			10,188
Mastercard, Inc., Class A		13			4,526
Micron Technology, Inc.*		28			2,460
Microsoft Corp.		40			9,494
UNITED STATES (CONTINUED)
PayPal Holdings, Inc.*		1			298
SVMK, Inc.*		163			2,984
Synopsys, Inc.*		25			6,130
T-Mobile US, Inc.*		49			6,153
Ulta Beauty, Inc.*		8			2,444
Vertiv Holdings Co.		463			9,268
Vesper Healthcare Acquisition Corp., Class A*		87			944
ViewRay, Inc.*		757			3,295
Walt Disney Co. (The)*		32			5,862
					140,298
Total common stocks and equity-linked security (Cost $257,686)					314,384
SHORT-TERM INVESTMENTS - 2.7%
INVESTMENT COMPANIES - 2.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		3,025			3,025
Federated Treasury Obligations Fund - Institutional Class, 0.01%		2,936			2,936
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		2,937			2,937
Total short-term investments (Cost $8,898)					8,898
Total investments - 98.8% (Cost $266,584)					323,282
Other assets less liabilities - 1.2%					3,941
Total net assets - 100.0%(4)				$	327,223

* 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 $1,700, or 0.5% 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		03/29/2021- 03/31/2021		$	1,688		$	1,700		0.5%

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

Artisan Partners Funds 11

⁽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		$	28,229		8.7	%
Consumer Discretionary			37,190		11.5
Consumer Staples			279		0.1
Energy			3,094		1.0
Financials			33,009		10.2
Health Care			69,903		21.6
Industrials			65,812		20.4
Information Technology			58,857		18.2
Materials			15,107		4.7
Utilities			2,904		0.9
Short-Term Investments			8,898		2.7
Total investments		$	323,282		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	2,333		0.7	%
British pound			6,377		2.0
Canadian dollar			4,933		1.5
Chinese yuan renminbi offshore			4,473		1.3
Danish krone			1,352		0.4
Euro			69,845		21.6
Hong Kong dollar			16,429		5.1
Indian rupee			3,094		1.0
Japanese yen			12,678		3.9
Korean won			3,123		1.0
Norwegian krone			505		0.2
Swedish krona			7,814		2.4
Swiss franc			15,817		4.9
U.S. dollar			174,509		54.0
Total investments		$	323,282		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Halozyme Therapeutics, Inc.	United States		3.8	%
Johnson Controls International plc	United States		3.1
Amazon.com, Inc.	United States		2.9
Microsoft Corp.	United States		2.9
Vertiv Holdings Co.	United States		2.8
Booking Holdings, Inc.	United States		2.8
Alphabet, Inc.	United States		2.6
Allianz SE	Germany		2.4
Jeol Ltd.	Japan		2.1
Carrier Global Corp.	United States		1.9
Total			27.3	%

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.

12 Artisan Partners Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.0%
BRAZIL - 1.8%
Magazine Luiza SA		9,819		$	35,030
Notre Dame Intermedica Participacoes SA*		3,970			58,469
					93,499
CANADA - 1.3%
Shopify, Inc., Class A*		62			68,065
DENMARK - 5.0%
Genmab A/S*		307			100,944
Orsted A/S		404			65,299
Vestas Wind Systems A/S		436			89,570
					255,813
GERMANY - 0.7%
Volkswagen AG (Preference)		132			36,912
HONG KONG - 6.8%
AIA Group Ltd.		5,838			70,818
Techtronic Industries Co. Ltd.		16,272			278,387
					349,205
JAPAN - 3.0%
Hoya Corp.		734			86,199
Keyence Corp.		148			67,238
					153,437
NETHERLANDS - 3.9%
Koninklijke DSM NV		665			112,461
Koninklijke Philips NV*		1,511			86,247
					198,708
SOUTH KOREA - 1.7%
LG Chem Ltd.		124			88,286
SPAIN - 3.7%
Banco Bilbao Vizcaya Argentaria SA		12,181			63,226
Iberdrola SA		9,621			123,933
					187,159
SWEDEN - 4.8%
Hexagon AB, Class B		1,019			93,995
Telefonaktiebolaget LM Ericsson, Class B		11,421			151,109
					245,104
SWITZERLAND - 5.1%
Lonza Group AG		278			155,570
UBS Group AG		6,585			101,967
					257,537
UNITED KINGDOM - 6.2%
AstraZeneca plc		2,096			209,371
London Stock Exchange Group plc		770			73,682
Reckitt Benckiser Group plc		386			34,564
					317,617
UNITED STATES - 54.0%
Activision Blizzard, Inc.		1,962			182,470
Advanced Micro Devices, Inc.*		2,127			166,970
Alphabet, Inc., Class A*		61			124,809
Aptiv plc*		885			121,984
Arista Networks, Inc.*		275			82,911
Atlassian Corp. plc, Class A*		467			98,439
Boston Scientific Corp.*		4,296			166,044
Charles Schwab Corp. (The)		1,511			98,510
Danaher Corp.		654			147,093
Dexcom, Inc.*		171			61,410
Fidelity National Information Services, Inc.		1,190			167,340
Fortive Corp.		1,947			137,515
IHS Markit Ltd.		1,631			157,810
Lowe’s Cos., Inc.		800			152,199
Lululemon Athletica, Inc.*		133			40,919
Microsoft Corp.		593			139,722
Netflix, Inc.*		200			104,487
NextEra Energy, Inc.		2,133			161,255
S&P Global, Inc.		113			40,023
Starbucks Corp.		648			70,830
TJX Cos., Inc. (The)		1,151			76,123
Uber Technologies, Inc.*		1,302			70,977
Veeva Systems, Inc., Class A*		528			137,807
Zoom Video Communications, Inc., Class A*		162			52,017
					2,759,664
Total common stocks (Cost $3,361,087)					5,011,006
SHORT-TERM INVESTMENTS - 0.3%
INVESTMENT COMPANIES - 0.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		5,006			5,006

Artisan Partners Funds 13

	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Federated Treasury Obligations Fund - Institutional Class, 0.01%		4,859		$	4,859
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		4,859			4,859
Total short-term investments (Cost $14,724)					14,724
Total investments - 98.3% (Cost $3,375,811)					5,025,730
Other assets less liabilities - 1.7%					86,980
Total net assets - 100.0%(1)				$	5,112,710

* Non-income producing security.

⁽¹⁾ Percentages for the various classifications relate to total net assets.

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

Abbreviation

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		$	411,766		8.2	%
Consumer Discretionary			533,997		10.6
Consumer Staples			34,564		0.7
Financials			448,226		8.9
Health Care			1,209,154		24.0
Industrials			734,259		14.6
Information Technology			1,087,806		21.7
Materials			200,747		4.0
Utilities			350,487		7.0
Short-Term Investments			14,724		0.3
Total investments		$	5,025,730		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	93,499		1.9	%
British pound			317,617		6.3
Danish krone			255,813		5.1
Euro			422,779		8.4
Hong Kong dollar			349,205		6.9
Japanese yen			153,437		3.0
Korean won			88,286		1.8
Swedish krona			245,104		4.9
Swiss franc			257,537		5.1
U.S. dollar			2,842,453		56.6
Total investments		$	5,025,730		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Techtronic Industries Co. Ltd.		Hong Kong		5.4	%
AstraZeneca plc		United Kingdom		4.1
Activision Blizzard, Inc.		United States		3.6
Fidelity National Information Services, Inc.		United States		3.3
Advanced Micro Devices, Inc.		United States		3.3
Boston Scientific Corp.		United States		3.2
NextEra Energy, Inc.		United States		3.2
IHS Markit Ltd.		United States		3.1
Lonza Group AG		Switzerland		3.0
Lowe’s Cos., Inc.		United States		3.0
Total				35.2	%

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

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

14 Artisan Partners Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares, warrants and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.0%
BELGIUM - 1.8%
Groupe Bruxelles Lambert SA		402		$	41,655
BRAZIL - 1.3%
Telefonica Brasil SA, ADR		3,975			31,282
CANADA - 1.2%
Imperial Oil Ltd.		1,152			27,912
FRANCE - 4.5%
Danone SA		1,189			81,540
Sodexo SA*		225			21,538
					103,078
GERMANY - 3.8%
HeidelbergCement AG		974			88,457
NETHERLANDS - 4.5%
ING Groep NV		2,836			34,699
NXP Semiconductors NV		343			69,143
					103,842
SOUTH KOREA - 5.5%
Samsung Electronics Co. Ltd.		1,784			128,332
SWITZERLAND - 11.6%
Cie Financiere Richemont SA		843			80,980
Novartis AG		1,229			105,019
UBS Group AG		5,363			83,047
					269,046
UNITED KINGDOM - 8.9%
BAE Systems plc		7,586			52,813
Compass Group plc*		4,183			84,280
Lloyds Banking Group plc*		68,463			40,146
Tesco plc		8,848			27,915
					205,154
UNITED STATES - 50.9%
Advance Auto Parts, Inc.		167			30,733
Alphabet, Inc., Class A*		40			82,664
Alphabet, Inc., Class C*		7			13,632
American Express Co.		555			78,446
Anthem, Inc.		319			114,356
Bank of New York Mellon Corp. (The)		1,876			88,694
Berkshire Hathaway, Inc., Class B*		282			72,021
Booking Holdings, Inc.*		30			68,973
Citigroup, Inc.		1,122			81,640
UNITED STATES (CONTINUED)
Cognizant Technology Solutions Corp., Class A		1,118			87,377
DENTSPLY SIRONA, Inc.		1,258			80,282
Expedia Group, Inc.*		468			80,545
Facebook, Inc., Class A*		298			87,767
FedEx Corp.		113			32,048
Marsh & McLennan Cos., Inc.		474			57,703
Progressive Corp. (The)		512			48,980
Southwest Airlines Co.*		881			53,802
Visa, Inc., Class A		87			18,341
					1,178,004
Total common stocks (COST $1,469,143)					2,176,762
SHORT-TERM INVESTMENTS - 5.2%
INVESTMENT COMPANIES - 5.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		40,871			40,871
Federated Treasury Obligations Fund - Institutional Class, 0.01%		39,669			39,669
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		39,669			39,669
Total short-term investments (Cost $120,209)					120,209
	No. of Warrants
WARRANTS - 0.0%(1)
SWITZERLAND - 0.0%(1)
Cie Financiere Richemont SA, expiring 11/22/2023, strike price CHF 67 (Cost $7)*		1,873			713
Total investments - 99.2% (Cost $1,589,359)					2,297,684
Other assets less liabilities - 0.8%					17,832
Total net assets - 100.0%(2)				$	2,315,516

* Non-income producing security.

⁽¹⁾ Amount rounds to less than 0.1%.

⁽²⁾ Percentages for the various classifications relate to total net assets.

Artisan Partners Funds 15

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

CHF - Swiss franc

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	215,345		9.4	%
Consumer Discretionary			367,762		16.0
Consumer Staples			109,455		4.8
Energy			27,912		1.2
Financials			627,031		27.3
Health Care			299,657		13.0
Industrials			138,663		6.0
Information Technology			303,193		13.2
Materials			88,457		3.9
Short-Term Investments			120,209		5.2
Total investments		$	2,297,684		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	205,154		8.9	%
Canadian dollar			27,912		1.2
Euro			267,889		11.7
Korean won			128,332		5.6
Swiss franc			269,759		11.7
U.S. dollar			1,398,638		60.9
Total investments		$	2,297,684		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Samsung Electronics Co. Ltd.		South Korea		5.5	%
Anthem, Inc.		United States		4.9
Novartis AG		Switzerland		4.5
Alphabet, Inc.		United States		4.2
Bank of New York Mellon Corp. (The)		United States		3.8
HeidelbergCement AG		Germany		3.8
Facebook, Inc.		United States		3.8
Cognizant Technology Solutions Corp.		United States		3.8
Compass Group plc		United Kingdom		3.6
UBS Group AG		Switzerland		3.6
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.

16 Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Principal amount, shares and dollar values in thousands

	Principal Amount			Value
CORPORATE BONDS - 64.4%
ADVERTISING - 0.3%
Terrier Media Buyer, Inc. 8.88%, 12/15/2027(1)		$	15,947		$	17,160
AEROSPACE/DEFENSE - 0.5%
Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028(1)			32,372			32,920
AIRLINES - 1.7%
Delta Air Lines, Inc.
2.90%, 10/28/2024			14,049			14,048
7.38%, 1/15/2026			25,381			29,678
4.38%, 4/19/2028			11,088			11,447
3.75%, 10/28/2029			48,403			47,194
						102,367
AUTO MANUFACTURERS - 0.8%
Tesla, Inc. 5.30%, 8/15/2025(1)			46,417			48,162
CHEMICALS - 0.7%
Methanex Corp.
5.13%, 10/15/2027(2)			16,277			16,643
5.25%, 12/15/2029(2)			21,552			22,229
5.65%, 12/1/2044(2)			4,854			4,830
						43,702
COMMERCIAL SERVICES - 0.3%
Capitol Investment Merger Sub 2 LLC 10.00%, 8/1/2024(1)			17,496			18,913
DISTRIBUTION/WHOLESALE - 0.8%
Core & Main Holdings LP
8.63% Cash, 9.38% PIK, 9/15/2024(1)(3)			20,971			21,286
Core & Main LP 6.13%, 8/15/2025(1)			30,000			30,790
						52,076
DIVERSIFIED FINANCIAL SERVICES - 6.4%
AG Issuer LLC 6.25%, 3/1/2028(1)			40,713			42,596
Alliance Data Systems Corp. 7.00%, 1/15/2026(1)			30,480			32,620
NFP Corp. 6.88%, 8/15/2028(1)			156,755			162,633
VistaJet Malta Finance plc 10.50%, 6/1/2024(1)(2)			149,977			163,475
						401,324
ENGINEERING & CONSTRUCTION - 1.9%
Great Lakes Dredge & Dock Corp. 8.00%, 5/15/2022			31,265			31,539
New Enterprise Stone & Lime Co., Inc. 9.75%, 7/15/2028(1)			14,000			15,680
Tutor Perini Corp. 6.88%, 5/1/2025(1)			68,769			71,111
						118,330
ENTERTAINMENT - 0.1%
SeaWorld Parks & Entertainment, Inc. 9.50%, 8/1/2025(1)			3,754			4,080
FOOD - 1.1%
H-Food Holdings LLC 8.50%, 6/1/2026(1)			67,451			68,969
FOREST PRODUCTS & PAPER - 0.3%
SpA Holdings 3 Oy 4.88%, 2/4/2028(1)(2)			17,834			17,878
HAND/MACHINE TOOLS - 0.8%
Werner FinCo. LP 8.75%, 7/15/2025(1)			46,856			48,965
HEALTHCARE-SERVICES - 1.3%
Surgery Center Holdings, Inc.
6.75%, 7/1/2025(1)			8,955			9,154
10.00%, 4/15/2027(1)			64,776			71,415
						80,569
HOME BUILDERS - 0.7%
PulteGroup, Inc. 7.88%, 6/15/2032			29,000			40,801
INSURANCE - 6.8%
Acrisure LLC
7.00%, 11/15/2025(1)			77,212			79,721
10.13%, 8/1/2026(1)			64,367			74,165
Aon Corp. 8.21%, 1/1/2027			29,945			39,298
Ardonagh Midco 2 plc
11.50% Cash, 12.75% PIK, 1/15/2027(1)(2)(3)			105,950			110,515
AssuredPartners, Inc. 7.00%, 8/15/2025(1)			29,143			30,122
GTCR AP Finance, Inc. 8.00%, 5/15/2027(1)			46,257			49,668
Highlands Holdings Bond Issuer Ltd.
7.63% Cash, 8.38% PIK, 10/15/2025(1)(2)(3)			16,196			17,370
HUB International Ltd. 7.00%, 5/1/2026(1)			19,244			19,983
						420,842
INTERNET - 1.0%
Cars.com, Inc. 6.38%, 11/1/2028(1)			19,420			20,245

Artisan Partners Funds 17

	Principal Amount			Value
INTERNET (CONTINUED)
Expedia Group, Inc.
6.25%, 5/1/2025(1)		$	19,492		$	22,547
4.63%, 8/1/2027(1)			3,000			3,338
3.25%, 2/15/2030			18,196			18,313
						64,443
IRON/STEEL - 0.9%
Big River Steel LLC 6.63%, 1/31/2029(1)			52,671			57,369
LEISURE TIME - 5.4%
Carnival Corp.
11.50%, 4/1/2023(1)			44,233			50,702
10.50%, 2/1/2026(1)			44,000			51,755
7.63%, 3/1/2026(1)			38,650			41,522
5.75%, 3/1/2027(1)			43,824			44,974
NCL Corp. Ltd.
12.25%, 5/15/2024(1)			38,134			46,195
3.63%, 12/15/2024(1)			879			830
5.88%, 3/15/2026(1)			47,354			47,827
NCL Finance Ltd. 6.13%, 3/15/2028(1)			12,724			12,963
Royal Caribbean Cruises Ltd. 5.50%, 4/1/2028(1)			35,497			35,674
Viking Cruises Ltd. 7.00%, 2/15/2029(1)			2,697			2,777
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029(1)			2,697			2,725
						337,944
LODGING - 2.0%
Boyd Gaming Corp.
8.63%, 6/1/2025(1)			18,541			20,618
6.38%, 4/1/2026			31,481			32,504
6.00%, 8/15/2026			7,414			7,719
Full House Resorts, Inc. 8.25%, 2/15/2028(1)			4,679			4,985
Marriott International, Inc. Series X, 4.00%, 4/15/2028			12,213			13,005
Series AA, 4.65%, 12/1/2028			27,973			31,197
4.50%, 10/1/2034			9,000			9,577
						119,605
MEDIA - 3.6%
CCO Holdings LLC
5.50%, 5/1/2026(1)			30,580			31,537
4.25%, 2/1/2031(1)			14,000			14,031
Charter Communications Operating LLC 6.38%, 10/23/2035			40,408			52,328
CSC Holdings LLC
5.88%, 9/15/2022			47,077			49,709
5.25%, 6/1/2024			15,676			16,910
Sinclair Television Group, Inc.
5.88%, 3/15/2026(1)			7,138			7,263
5.50%, 3/1/2030(1)			10,046			9,770
Ziggo BV 5.50%, 1/15/2027(1)(2)			41,620			43,337
						224,885
MINING - 1.1%
Compass Minerals International, Inc.
4.88%, 7/15/2024(1)			10,392			10,771
6.75%, 12/1/2027(1)			52,402			56,070
						66,841
MISCELLANEOUS MANUFACTURING - 5.3%
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 3.51%, 6/15/2021(4)(5)			87,996			83,156
6.75%, 3/15/2032			143,917			192,758
6.88%, 1/10/2039			38,671			54,385
						330,299
OFFICE FURNISHINGS - 0.1%
Interface, Inc.
5.50%, 12/1/2028(1)			8,845			9,144
OIL & GAS - 5.1%
Centennial Resource Production LLC
5.38%, 1/15/2026(1)			17,826			15,687
6.88%, 4/1/2027(1)			6,845			6,092
Chesapeake Energy Corp.
5.50%, 2/1/2026(1)			4,451			4,633
5.88%, 2/1/2029(1)			223			236
Comstock Resources, Inc.
7.50%, 5/15/2025(1)			11,113			11,530
9.75%, 8/15/2026			31,431			34,181
6.75%, 3/1/2029(1)			40,253			41,259
Endeavor Energy Resources LP
6.63%, 7/15/2025(1)			6,885			7,358
5.50%, 1/30/2026(1)			8,288			8,601
5.75%, 1/30/2028(1)			33,200			35,070
EQT Corp.
7.63%, 2/1/2025			12,860			14,800
3.90%, 10/1/2027			11,956			12,195
Laredo Petroleum, Inc.
9.50%, 1/15/2025			29,250			28,155
10.13%, 1/15/2028			34,250			32,829
Matador Resources Co. 5.88%, 9/15/2026			49,765			48,459
Range Resources Corp.
5.00%, 8/15/2022			9,500			9,668
5.00%, 3/15/2023			5,000			5,081
						315,834
PACKAGING & CONTAINERS - 1.2%
LABL Escrow Issuer LLC
6.75%, 7/15/2026(1)			18,786			20,125
10.50%, 7/15/2027(1)			26,533			29,547
Plastipak Holdings, Inc. 6.25%, 10/15/2025(1)			25,924			26,669
						76,341

18 Artisan Partners Funds

	Principal Amount			Value
REAL ESTATE - 2.4%
Realogy Group LLC
4.88%, 6/1/2023(1)		$	71,475		$	73,441
7.63%, 6/15/2025(1)			19,776			21,591
9.38%, 4/1/2027(1)			37,796			41,858
5.75%, 1/15/2029(1)			13,307			13,124
						150,014
REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.2%
Host Hotels & Resorts LP
Series F, 4.50%, 2/1/2026			19,405			21,008
Series H, 3.38%, 12/15/2029			44,500			44,156
Series I, 3.50%, 9/15/2030			20,500			20,581
Park Intermediate Holdings LLC 7.50%, 6/1/2025(1)			29,071			31,773
5.88%, 10/1/2028(1)			20,000			21,205
RHP Hotel Properties LP 4.75%, 10/15/2027			6,534			6,688
Uniti Group LP 7.13%, 12/15/2024(1)			57,971			59,638
7.88%, 2/15/2025(1)			16,700			18,048
XHR LP 6.38%, 8/15/2025(1)			26,395			27,880
						250,977
RETAIL - 6.2%
Asbury Automotive Group, Inc. 4.50%, 3/1/2028			11,681			11,949
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025(1)			66,652			68,152
Brinker International, Inc. 3.88%, 5/15/2023			1,000			1,015
5.00%, 10/1/2024(1)			23,010			24,017
Dave & Buster’s, Inc. 7.63%, 11/1/2025(1)			45,698			48,840
Michaels Stores, Inc. 8.00%, 7/15/2027(1)			19,691			21,759
Nordstrom, Inc.
4.00%, 3/15/2027			17,331			17,766
4.38%, 4/1/2030			55,622			56,942
4.25%, 8/1/2031(1)(6)			9,037			9,030
5.00%, 1/15/2044			98,226			95,403
Specialty Building Products Holdings LLC 6.38%, 9/30/2026(1)			13,406			13,842
Yum! Brands, Inc.(6) 4.63%, 1/31/2032			10,701			10,915
						379,630
SOFTWARE - 0.8%
Ascend Learning LLC 6.88%, 8/1/2025(1)			20,719			21,237
Castle US Holding Corp. 9.50%, 2/15/2028(1)			28,500			29,070
						50,307
TELECOMMUNICATIONS - 0.6%
Altice France Holding SA 10.50%, 5/15/2027(1)(2)			4,564			5,133
TELECOMMUNICATIONS (CONTINUED)
6.00%, 2/15/2028(1)(2)			29,473			29,040
						34,173
Total corporate bonds (Cost $3,643,066)						3,984,864
BANK LOANS - 29.0%
ADVERTISING - 0.2%
Terrier Media Buyer, Inc. First Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 3.61%, 12/17/2026(5)			15,286			15,135
AEROSPACE/DEFENSE - 0.6%
Dynasty Acquisition Co., Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 3.70%, 4/6/2026(5)			6,393			6,186
Jazz Acquisition, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 6/19/2026(5)			25,532			24,252
Standard Aero Ltd. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 3.70%, 4/6/2026(5)			3,437			3,325
						33,763
BEVERAGES - 0.3%
City Brewing Co. LLC Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 4/5/2028(5)			18,270			18,224
BUILDING MATERIALS - 0.0%(7)
MI Windows and Doors, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/18/2027(5)			2,943			2,952
CHEMICALS - 0.6%
CPC Acquisition Corp. First Lien Term Loan (ICE LIBOR + 3.75%), 4.50%, 12/29/2027(5)			23,472			23,453
Emerald Performance Materials LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 5.00%, 8/12/2025(5)			14,925			14,925
						38,378
COMMERCIAL SERVICES - 3.8%
Ankura Consulting Group LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 3/17/2028(5)			44,573			44,183
Ankura Consulting Group LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 8.00%), 8.75%, 3/12/2029(5)			17,830			17,830

Artisan Partners Funds 19

	Principal Amount			Value
COMMERCIAL SERVICES (CONTINUED)
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.20%, 5/21/2026(5)		$	27,555		$	26,957
Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 12/22/2025(5)			65,396			66,949
Spin Holdco, Inc. Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028(5)			62,460			61,880
USS Ultimate Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 8/25/2024(5)			19,731			19,729
						237,528
DISTRIBUTION/WHOLESALE - 0.3%
Core & Main LP First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 8/1/2024(5)			18,052			17,965
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Advisor Group Holdings, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 4.50%), 4.61%, 7/31/2026(5)			12,261			12,246
ENTERTAINMENT - 0.1%
SeaWorld Parks & Entertainment, Inc. First Lien Term Loan B5 (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 4/1/2024(5)			6,458			6,342
FOOD - 1.3%
Shearer’s Foods LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 9/23/2027(5)			79,613			79,401
FOOD SERVICE - 2.5%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 2/1/2023(5)			90,104			87,915
TKC Holdings, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), 9.00%, 2/1/2024(5)			70,932			65,597
						153,512
FOREST PRODUCTS & PAPER - 0.1%
Spa Holdings 3 Oy Term Loan B (ICE LIBOR USD 6 Month + 4.00%), 4.75%, 2/4/2028(5)			8,919			8,897
HEALTHCARE-SERVICES - 1.8%
Cambrex Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 12/4/2026(5)			16,384			16,363
HEALTHCARE-SERVICES (CONTINUED)
Heartland Dental LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 4/30/2025(5)			31,231			30,660
Surgery Center Holdings, Inc. First Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 4.25%, 9/3/2024(5)			47,588			47,075
(ICE LIBOR USD 1 Month + 8.00%), 9.00%, 9/3/2024(5)			12,111			12,345
						106,443
INSURANCE - 0.5%
Acrisure LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.70%, 2/15/2027(5)			19,779			19,516
Asurion LLC First Lien Term Loan B9 (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 7/31/2027(5)			13,560			13,455
						32,971
INTERNET - 1.7%
Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(5)			58,124			57,659
Barracuda Networks, Inc. Second Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 10/30/2028(5)			33,815			34,364
CNT Holdings I Corp. Second Lien Term Loan (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 11/6/2028(5)			12,878			13,007
						105,030
LEISURE TIME - 1.3%
Carnival Corp., First Lien Term Loan B (ICE LIBOR USD 1 Month + 7.50%), 8.50%, 6/30/2025(5)			48,553			50,010
Topgolf International, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 6.25%), 7.00%, 2/9/2026(5)			33,739			34,102
						84,112
MACHINERY-DIVERSIFIED - 0.3%
STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 12/11/2024(5)			16,105			15,645
METAL FABRICATE/HARDWARE - 0.1%
US Tailwind Smith Cooper Intermediate Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 5.11%, 5/28/2026(5)			7,169			6,995

20 Artisan Partners Funds

	Principal Amount			Value
MISCELLANEOUS MANUFACTURING - 0.1%
Utex Industries, Inc.
(ICE LIBOR USD 1 Month + 7.00%), 8.50%, 12/3/2024(5)(8)		$	3,706		$	3,706
(ICE LIBOR USD 1 Month + 3.75%), 5.25%, 12/3/2025(5)(8)			2,347			2,253
						5,959
PHARMACEUTICALS - 0.5%
Lanai Holdings III, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 5.75%, 8/29/2022(5)			34,065			33,810
RETAIL - 1.8%
Fogo De Chao, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 4/7/2025(5)			17,216			16,125
LBM Acquisition LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027(5)			25,993			25,868
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024(5)			44,395			44,160
Zaxby’s Operating Co., LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/28/2027(5)			15,305			15,278
Zaxby’s Operating Co., LP Second Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 7.25%, 12/28/2028(5)			8,865			8,954
						110,385
SOFTWARE - 8.8%
Applied Systems, Inc. First Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.00%), 3.50%, 9/19/2024(5)			21,959			21,860
(ICE LIBOR USD 3 Month + 3.00%), 5.25%, 9/19/2024(5)			306			305
Applied Systems, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 6.25%, 9/19/2025(5)			35,110			35,286
AQA Acquisition Holding, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 3/3/2028(5)			9,710			9,716
athenahealth, Inc. First Lien Term Loan B1 (ICE LIBOR USD 3 Month + 4.25%), 4.45%, 2/11/2026(5)			3,163			3,166
Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.95%, 1/29/2027(5)			4,958			4,896
CommerceHub, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/29/2027(5)			22,658			22,672
SOFTWARE (CONTINUED)
CommerceHub, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.75%, 12/29/2028(5)			10,610			10,835
Constant Contact, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 8.25%, 2/12/2029(5)			28,018			27,598
Epicor Software Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 7/30/2027(5)			39,800			39,654
Epicor Software Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 8.75%, 7/31/2028(5)			9,250			9,539
Finastra USA, Inc. First Lien Term Loan B (ICE LIBOR USD 6 Month + 3.50%), 4.50%, 6/13/2024(5)			46,645			45,667
Informatica LLC Second Lien Term Loan 7.13%, 2/25/2025			27,490			28,057
Ivanti Software, Inc. First Lien Term Loan B
(ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/1/2027(5)			48,550			48,692
(ICE LIBOR USD 3 Month + 4.00%), 4.75%, 12/1/2027(5)			13,381			13,307
Omnitracs LLC First Lien Term Loan
(ICE LIBOR USD 1 Month + 4.25%), 4.36%, 3/21/2025(5)			26,583			26,340
Renaissance Holdings Corp. First Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 3.36%, 5/30/2025(5)			70,820			68,990
Renaissance Holdings Corp. Second Lien Term Loan
(ICE LIBOR USD 1 Month + 7.00%), 7.11%, 5/29/2026(5)			36,536			36,390
UKG, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(5)			44,547			44,547
UKG, Inc. Second Lien Term Loan
(ICE LIBOR USD 3 Month + 6.75%), 7.50%, 5/3/2027(5)			17,980			18,385
Virgin Pulse, Inc. Term Loan
(ICE LIBOR USD 3 Month + 4.00%), 4.75%, 4/6/2028(5)			29,446			29,225
						545,127
TELECOMMUNICATIONS - 1.5%
Altice France SA First Lien Term Loan B11
(ICE LIBOR USD 1 Month + 2.75%), 2.86%, 7/31/2025(2)(5)			21,774			21,327
Delta Topco, Inc. First Lien Term Loan B
(ICE LIBOR USD 6 Month + 3.75%), 4.50%, 12/1/2027(5)			37,915			37,834

Artisan Partners Funds 21

	Principal Amount			Value
TELECOMMUNICATIONS (CONTINUED)
Delta Topco, Inc. Second Lien Term Loan
(ICE LIBOR USD 3 Month + 7.25%), 8.00%, 12/1/2028(5)		$	31,739		$	32,414
						91,575
TRANSPORTATION - 0.6%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 5.61%, 8/4/2025(5)			26,552			24,428
(ICE LIBOR USD 3 Month + 5.50%), 5.69%, 8/4/2025(5)			6,659			6,127
(ICE LIBOR USD 3 Month + 5.50%), 5.70%, 8/4/2025(5)			441			405
(ICE LIBOR USD 3 Month + 5.50%), 5.71%, 8/4/2025(5)			5,986			5,507
						36,467
Total bank loans (Cost $1,779,899)						1,798,862
	Shares Held
COMMON STOCKS - 0.8%
MISCELLANEOUS MANUFACTURING - 0.3%
Utex Equity*(8)(9)			364			14,923
OIL, GAS & CONSUMABLE FUELS - 0.5%
EP Energy Corp.*(8)(9)			449			32,683
Total common stocks (Cost $19,112)						47,606
	Principal Amount
CONVERTIBLE BONDS - 0.1%
DIVERSIFIED FINANCIAL SERVICES - 0.0%(7)
EZCORP, Inc. 2.88%, 7/1/2024		$	875			802
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
Uniti Fiber Holdings, Inc. 4.00%, 6/15/2024(1)			4,625			5,582
Total convertible bonds (Cost $5,284)						6,384
	Shares Held
SHORT-TERM INVESTMENTS - 5.8%
INVESTMENT COMPANIES - 5.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%			122,801			122,801
Federated Treasury Obligations Fund - Institutional Class, 0.01%			119,189			119,189
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%			119,189			119,189
Total short-term investments (Cost $361,179)						361,179
Total investments - 100.1% (Cost $5,808,540)						6,198,895
Other assets less liabilities - (0.1%)						(8,104	)
Total net assets - 100.0%(10)					$	6,190,791

  * 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
Altice France Holding SA, 6.00%, 2/15/2028	Luxembourg	U.S. dollar
Altice France Holding SA, 10.50%, 5/15/2027	Luxembourg	U.S. dollar
Altice France SA First Lien Term Loan B11, 2.86%, 7/31/2025	France	U.S. dollar
Ardonagh Midco 2 plc, 11.50%, 1/15/2027	United Kingdom	U.S. dollar
Highlands Holdings Bond Issuer Ltd., 7.63%, 10/15/2025	Bermuda	U.S. dollar
Methanex Corp., 5.65%, 12/1/2044	Canada	U.S. dollar
Methanex Corp., 5.25%, 12/15/2029	Canada	U.S. dollar
Methanex Corp., 5.13%, 10/15/2027	Canada	U.S. dollar
SpA Holdings 3 Oy, 4.88%, 2/4/2028	Finland	U.S. dollar
VistaJet Malta Finance plc, 10.50%, 6/1/2024	Switzerland	U.S. dollar
Ziggo BV, 5.50%, 1/15/2027	Netherlands	U.S. dollar

  ⁽³⁾ Payment in-kind security.

  ⁽⁴⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2021. The maturity date reflects the next call date.

22 Artisan Partners Funds

  ⁽⁵⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021.

  ⁽⁶⁾ When-issued security.

  ⁽⁷⁾ Amount rounds to less than 0.1%.

  ⁽⁸⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $53,565, or 0.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

  ⁽⁹⁾ Defaulted securities.

⁽¹⁰⁾ 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

UNFUNDED LOAN COMMITMENTS

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $5,780 or 0.1% of the total net assets as of March 31, 2021, which could be drawn at the option of the borrower:

Borrower	Unfunded Commitment Amount			Unfunded Value			Unrealized (Depreciation)
LBM Acquisition LLC First Lien Term Loan		$	5,780		$	5,748		$	(32	)
		$	5,780		$	5,748		$	(32	)

FUTURES CONTRACTS
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount			Notional Value				Unrealized Appreciation
Short Positions Contracts
U.S. Treasury 10 Year Note		(2,104	)		6/21/2021		USD		$	210,400		$	(275,493	)		$	10,348
U.S. Treasury Long Bond		(293	)		6/21/2021		USD			29,300			(45,296	)			3,314
																$	13,662

USD - U.S. Dollar

The Fund has recorded an asset of $654 as of March 31, 2021, 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		5.3	%
Carnival Corp.	United States		3.1
Nordstrom, Inc.	United States		2.9
VistaJet Malta Finance plc	Switzerland		2.6
NFP Corp.	United States		2.6
Acrisure LLC	United States		2.5
TKC Holdings, Inc.	United States		2.5
Realogy Group LLC	United States		2.4
Surgery Center Holdings, Inc.	United States		2.3
Ardonagh Midco 2 plc	United Kingdom		1.8
Total			28.0	%

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 23

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 99.5%
ARGENTINA - 0.3%
MercadoLibre, Inc.*		22		$	33,036
BELGIUM - 1.6%
UCB SA		1,639			155,871
BRAZIL - 0.7%
Azul SA (Preference)*		10,612			71,455
CANADA - 2.1%
Canadian Pacific Railway Ltd.		435			166,050
Kinaxis, Inc.*		318			37,134
					203,184
CHINA - 4.9%
Alibaba Group Holding Ltd., ADR*		543			123,047
China International Capital Corp. Ltd., Class H*		32,675			79,185
Midea Group Co. Ltd., Class A		8,574			107,555
Prosus NV*		73			8,076
RLX Technology, Inc., ADR*		780			8,079
Tencent Holdings Ltd.		1,732			135,877
Zai Lab Ltd., ADR*		105			14,068
					475,887
DENMARK - 4.5%
Ascendis Pharma A/S, ADR*		851			109,641
DSV Panalpina A/S		592			116,152
Genmab A/S*		648			213,348
					439,141
FRANCE - 6.8%
Adevinta ASA*		1,165			17,153
Air Liquide SA		1,654			270,230
BNP Paribas SA*		4,426			269,246
Capgemini SE		624			106,227
					662,856
GERMANY - 20.5%
Allianz SE		967			246,100
Auto1 Group SE*		476			26,961
Bayerische Motoren Werke AG		511			52,965
Brenntag SE		1,010			86,249
Delivery Hero SE*		679			88,026
Deutsche Boerse AG		2,228			370,148
Deutsche Post AG		1,484			81,287
Deutsche Telekom AG		13,913			280,148
MTU Aero Engines AG		520			122,346
Porsche Automobil Holding SE (Preference)		659			69,905
GERMANY (CONTINUED)
Siemens AG		1,402			230,182
Siemens Energy AG*		2,480			89,023
Volkswagen AG (Preference)		881			246,514
					1,989,854
HONG KONG - 3.9%
AIA Group Ltd.		31,269			379,290
INDIA - 1.2%
Reliance Industries Ltd.		4,290			117,528
IRELAND - 4.7%
CRH plc		3,664			171,728
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		14,674			284,710
					456,438
ISRAEL - 2.9%
Nice Ltd., ADR*		1,297			282,637
ITALY - 1.0%
Intesa Sanpaolo SpA*		36,387			98,590
JAPAN - 3.1%
Hoya Corp.		1,068			125,469
Sony Group Corp.		1,696			177,554
					303,023
NETHERLANDS - 5.3%
Argenx SE, ADR*		460			126,790
ING Groep NV		9,720			118,913
Koninklijke DSM NV		1,580			267,299
					513,002
PORTUGAL - 1.1%
EDP - Energias de Portugal SA		18,573			106,073
RUSSIA - 1.5%
MMC Norilsk Nickel PJSC, ADR		4,685			146,071
SOUTH KOREA - 2.3%
Coupang, Inc.*		273			13,459
Samsung Electronics Co. Ltd.		2,896			208,260
					221,719
SWEDEN - 1.5%
Sandvik AB*		5,140			140,428
SWITZERLAND - 10.1%
Adecco Group AG		1,218			82,033

24 Artisan Partners Funds

	Shares Held		Value
SWITZERLAND (CONTINUED)
Idorsia Ltd.*		2,794		$	74,895
LafargeHolcim Ltd.*		2,314			136,000
Lonza Group AG		165			92,194
Medacta Group SA*		548			58,870
Nestle SA		1,686			187,929
Roche Holding AG		1,012			326,942
Temenos AG		172			24,816
					983,679
TAIWAN - 2.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		9,340			192,149
UNITED KINGDOM - 9.5%
AVEVA Group plc		2,999			141,501
Barclays plc		78,959			202,378
HSBC Holdings plc		18,984			111,109
International Consolidated Airlines Group SA*		33,302			91,040
Linde plc		1,353			378,952
					924,980
UNITED STATES - 8.0%
Accenture plc, Class A		310			85,735
Alphabet, Inc., Class A*		86			177,616
Alphabet, Inc., Class C*		39			80,801
Amazon.com, Inc.*		80			247,421
Aon plc, Class A		827			190,298
					781,871
Total common stocks and equity-linked security (Cost $7,205,697)					9,678,762
SHORT-TERM INVESTMENTS - 0.1%
INVESTMENT COMPANIES - 0.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		3,138			3,138
Federated Treasury Obligations Fund - Institutional Class, 0.01%		3,045			3,045
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		3,045			3,045
Total short-term investments (Cost $9,228)					9,228
Total investments - 99.6% (Cost $7,214,925)					9,687,990
Other assets less liabilities - 0.4%					34,697
Total net assets - 100.0%(4)				$	9,722,687

  * 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 $284,710, or 2.9% 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- 03/31/2021		$	231,012		$	284,710		2.9	%

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

  ⁽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		$	691,595		7.1	%
Consumer Discretionary			1,194,519		12.4
Consumer Staples			196,008		2.0
Energy			117,528		1.2
Financials			2,349,967		24.3
Health Care			1,298,088		13.4
Industrials			1,276,245		13.2
Information Technology			1,078,459		11.1
Materials			1,370,280		14.1
Utilities			106,073		1.1
Short-Term Investments			9,228		0.1
Total investments		$	9,687,990		100.0	%

Artisan Partners Funds 25

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	71,455		0.7	%
British pound			434,919		4.5
Canadian dollar			203,184		2.1
Chinese yuan renminbi offshore			107,555		1.1
Danish krone			329,500		3.4
Euro			3,941,059		40.7
Hong Kong dollar			705,461		7.3
Indian rupee			117,528		1.2
Japanese yen			303,023		3.1
Korean won			208,260		2.1
New Taiwan dollar			192,149		2.0
Norwegian krone			17,153		0.2
Swedish krona			140,428		1.4
Swiss franc			983,679		10.2
U.S. dollar			1,932,637		20.0
Total investments		$	9,687,990		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
AIA Group Ltd.		Hong Kong		3.9	%
Linde plc		United Kingdom		3.9
Deutsche Boerse AG		Germany		3.8
Roche Holding AG		Switzerland		3.4
Ryanair Holdings plc		Ireland		2.9
Nice Ltd.		Israel		2.9
Deutsche Telekom AG		Germany		2.9
Air Liquide SA		France		2.8
BNP Paribas SA		France		2.8
Koninklijke DSM NV		Netherlands		2.7
Total				32.0	%

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.

26 Artisan Partners Funds

ARTISAN INTERNATIONAL SMALL-MID FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.9%
BRAZIL - 1.7%
Afya Ltd., Class A*		1,238		$	23,023
Notre Dame Intermedica Participacoes SA*		1,170			17,225
Petrobras Distribuidora SA		7,941			31,037
Rumo SA*		6,372			22,811
					94,096
CANADA - 3.8%
Altus Group Ltd.		1,242			59,738
CAE, Inc.*		2,829			80,600
Descartes Systems Group, Inc. (The)*		641			39,093
Kinaxis, Inc.*		296			34,556
					213,987
CHINA - 0.5%
I-Mab, ADR*		598			29,002
COSTA RICA - 0.3%
Establishment Labs Holdings, Inc.*		252			15,751
DENMARK - 5.5%
ALK-Abello A/S*		72			27,300
Ambu A/S, Class B		1,442			67,701
Carlsberg A/S, Class B		185			28,480
DSV Panalpina A/S		356			69,938
Genmab A/S*		162			53,357
SimCorp A/S		172			21,243
Vestas Wind Systems A/S		198			40,700
					308,719
FINLAND - 3.3%
BasWare OYJ*		487			20,926
Metso Outotec OYJ*		11,029			122,933
Revenio Group OYJ		232			13,744
Vaisala OYJ, Class A		678			25,314
					182,917
FRANCE - 1.8%
Atos SE		605			47,212
Lectra		1,684			55,691
					102,903
GERMANY - 6.6%
AIXTRON SE*(1)		5,083			115,488
Carl Zeiss Meditec AG		143			21,529
Hamburger Hafen und Logistik AG		1,192			26,390
Hypoport SE*		55			29,369
KION Group AG		328			32,387
MorphoSys AG*		1,067			92,939
GERMANY (CONTINUED)
New Work SE		36			9,233
Symrise AG		331			40,156
					367,491
ICELAND - 0.6%
Ossur HF*		4,710			32,563
INDIA - 1.9%
IndiaMart InterMesh Ltd.*		510			53,938
WNS Holdings Ltd., ADR*		697			50,504
					104,442
ISRAEL - 6.8%
Compugen Ltd.*		525			4,509
Kornit Digital Ltd.*		1,216			120,514
Max Stock Ltd.*		4,823			19,403
Nice Ltd., ADR*		659			143,541
Radware Ltd.*		2,177			56,775
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		208			13,525
Tel Aviv Stock Exchange Ltd.		3,931			24,291
					382,558
ITALY - 0.7%
Davide Campari-Milano NV		3,423			38,346
JAPAN - 16.1%
Azbil Corp.		2,147			92,387
Carenet, Inc.(1)		777			33,911
CKD Corp.		3,331			69,402
Daikokutenbussan Co. Ltd.		400			26,293
en-japan, Inc.		141			4,346
eSOL Co. Ltd.		356			4,045
Fujitec Co. Ltd.		2,525			53,773
Hennge KK*		501			33,464
Jeol Ltd.		1,135			44,999
Kitanotatsujin Corp.		2,732			15,718
Kobe Bussan Co. Ltd.		1,094			29,282
MedPeer, Inc.*		549			32,427
Morinaga & Co. Ltd.		867			30,969
Morinaga Milk Industry Co. Ltd.		511			26,874
OBIC Business Consultants Co. Ltd.		207			10,827
Obic Co. Ltd.		194			35,353
Raccoon Holdings, Inc.(1)		2,084			50,881
Rohm Co. Ltd.		466			45,495
Roland Corp.		828			29,875
Sagami Rubber Industries Co. Ltd.		437			4,437
SG Holdings Co. Ltd.		4,763			109,131

Artisan Partners Funds 27

	Shares Held		Value
JAPAN (CONTINUED)
TechMatrix Corp.		1,811		$	32,167
Temairazu, Inc.(1)		350			16,695
Toshiba Corp.		1,731			58,471
Ubicom Holdings, Inc.		379			10,537
					901,759
NETHERLANDS - 2.4%
Argenx SE*		85			23,490
IMCD NV		406			56,420
Koninklijke DSM NV		312			52,811
					132,721
SINGAPORE - 0.4%
XP Power Ltd.		345			22,364
SPAIN - 0.9%
Almirall SA		3,153			47,803
SWEDEN - 3.1%
AAK AB		2,348			53,142
Cantargia AB*		113			400
Elekta AB, Class B		3,968			51,453
Fortnox AB		1,055			46,970
Oncopeptides AB*		1,469			24,388
					176,353
SWITZERLAND - 7.1%
Alcon, Inc.*		1,310			91,737
Baloise Holding AG		337			57,387
Barry Callebaut AG		16			37,215
Belimo Holding AG		5			42,389
Burckhardt Compression Holding AG		61			20,352
Comet Holding AG		153			35,173
Lonza Group AG		43			24,181
Siegfried Holding AG*		59			48,769
Tecan Group AG		96			42,686
					399,889
THAILAND - 1.0%
Fabrinet*		643			58,106
UNITED KINGDOM - 19.1%
ASOS plc*		1,045			79,753
AVEVA Group plc		1,134			53,500
B&M European Value Retail SA		5,431			39,514
Balfour Beatty plc*		6,768			27,542
boohoo Group plc*		15,117			70,856
Britvic plc		3,188			36,811
ConvaTec Group plc		30,737			83,097
Electrocomponents plc		6,467			88,531
Ergomed plc*		1,211			20,042
Fevertree Drinks plc		955			28,186
HomeServe plc		2,776			45,956
Howden Joinery Group plc*		6,222			62,876
UNITED KINGDOM (CONTINUED)
JD Sports Fashion plc*		4,443			50,511
JET2 plc*		5,095			89,061
Orchard Therapeutics plc, ADR*		895			6,495
Orchard Therapeutics plc*(2)(3)(4)		3,497			23,749
Oxford Biomedica plc*		1,755			23,027
Rotork plc		19,434			95,539
SSP Group plc*		3,184			16,348
St James’s Place plc		3,161			55,514
Trainline plc*		6,915			43,759
YouGov plc		1,944			26,866
					1,067,533
UNITED STATES - 14.3%
Acceleron Pharma, Inc.*		167			22,662
Agilysys, Inc.*		699			33,502
Alkermes plc*		2,033			37,984
Alnylam Pharmaceuticals, Inc.*		155			21,894
BioCryst Pharmaceuticals, Inc.*		2,061			20,957
Cree, Inc.*		808			87,412
CyberArk Software Ltd.*		296			38,305
Flexion Therapeutics, Inc.*		2,138			19,135
Glaukos Corp.*		653			54,773
Global Blood Therapeutics, Inc.*		802			32,681
Ingersoll Rand, Inc.*		1,233			60,692
Insmed, Inc.*		825			28,100
Inspire Medical Systems, Inc.*		127			26,324
Intersect ENT, Inc.*(1)		2,567			53,606
Lantheus Holdings, Inc.*		723			15,449
Legend Biotech Corp., ADR*		574			16,670
Madrigal Pharmaceuticals, Inc.*		146			17,066
MaxCyte, Inc.*		2,830			34,334
Model N, Inc.*(1)		1,902			66,992
Protara Therapeutics, Inc.*		264			4,163
Quotient Ltd.*		2,240			8,244
Reata Pharmaceuticals, Inc., Class A*		75			7,466
STAAR Surgical Co.*		326			34,321
ViewRay, Inc.*(1)		9,409			40,928
Zogenix, Inc.*		891			17,392
					801,052
Total common stocks (Cost $4,239,862)					5,480,355
SHORT-TERM INVESTMENTS - 1.4%
INVESTMENT COMPANIES - 1.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		25,926			25,926
Federated Treasury Obligations Fund - Institutional Class, 0.01%		25,164			25,164

28 Artisan Partners Funds

	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		25,164		$	25,164
Total short-term investments (Cost $76,254)					76,254
Total investments - 99.3% (Cost $4,316,116)					5,556,609
Other assets less liabilities - 0.7%					37,772
Total net assets - 100.0%(5)				$	5,594,381

  * Non-income producing security.

  ⁽¹⁾ Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

  ⁽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 $23,749, or 0.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

  ⁽³⁾ Security is restricted. Security was acquired in a PIPE – Private Investment in Public Equity, on the date noted below.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Orchard Therapeutics plc		02/04/2021		$	21,750		$	23,749		0.4	%

⁽⁴⁾ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

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

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	36,099		0.6	%
Consumer Discretionary			471,655		8.5
Consumer Staples			369,278		6.6
Financials			166,561		3.0
Health Care			1,512,423		27.2
Industrials			1,477,056		26.6
Information Technology			1,294,578		23.3
Materials			92,967		1.7
Real Estate			59,738		1.1
Short-Term Investments			76,254		1.4
Total investments		$	5,556,609		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	71,073		1.3	%
British pound			1,117,736		20.1
Canadian dollar			213,987		3.9
Danish krone			341,282		6.1
Euro			872,181		15.7
Indian rupee			53,938		1.0
Israel new shekel			57,219		1.0
Japanese yen			901,759		16.2
Swedish krona			176,353		3.2
Swiss franc			399,889		7.2
U.S. dollar			1,351,192		24.3
Total investments		$	5,556,609		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Nice Ltd.		Israel		2.6	%
Metso Outotec OYJ		Finland		2.2
Kornit Digital Ltd.		Israel		2.2
AIXTRON SE		Germany		2.1
SG Holdings Co. Ltd.		Japan		2.0
Rotork plc		United Kingdom		1.7
MorphoSys AG		Germany		1.7
Azbil Corp.		Japan		1.7
Alcon, Inc.		Switzerland		1.6
JET2 plc		United Kingdom		1.6
Total				19.4	%

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 29

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares, warrants and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 84.6%
BELGIUM - 2.7%
Groupe Bruxelles Lambert SA		5,030		$	520,591
BRAZIL - 1.2%
Telefonica Brasil SA, ADR		29,455			231,814
CANADA - 6.6%
Alimentation Couche-Tard, Inc., Class B		18,867			608,335
Imperial Oil Ltd.		14,180			343,476
Suncor Energy, Inc.		15,701			328,209
					1,280,020
CHINA - 1.1%
Hengan International Group Co. Ltd.		33,499			220,193
DENMARK - 1.1%
DSV Panalpina A/S		1,046			205,183
FRANCE - 7.9%
Danone SA		9,655			662,379
Safran SA		1,677			228,267
Sodexo SA*		2,960			283,881
Sodexo SA (Registered Shares)*(1)(2)		737			70,707
Vivendi SE		8,538			280,338
					1,525,572
GERMANY - 3.3%
Fresenius Medical Care AG & Co. KGaA		6,747			496,284
Hella GmbH & Co. KGaA*		2,672			149,823
					646,107
INDIA - 4.0%
HCL Technologies Ltd.		42,410			569,994
Indus Towers Ltd.		59,734			200,166
					770,160
IRELAND - 3.3%
CRH plc		8,261			387,199
Ryanair Holdings plc*		1,846			35,809
Ryanair Holdings plc, Equity-Linked Security*(1)(3)(4)		11,445			222,059
					645,067
JAPAN - 1.0%
Seven & i Holdings Co. Ltd.		4,548			183,309
MEXICO - 0.5%
Gruma SAB de CV, Class B		7,906			93,600
NETHERLANDS - 3.6%
ING Groep NV		57,512			703,580
SOUTH KOREA - 10.4%
NAVER Corp.		1,950			649,623
Samsung Electronics Co. Ltd.		14,801			1,064,566
Samsung Electronics Co. Ltd. (Preference)		4,467			288,127
					2,002,316
SPAIN - 1.1%
CaixaBank SA		67,973			210,361
SWITZERLAND - 16.8%
ABB Ltd.		28,071			848,236
Cie Financiere Richemont SA		4,877			468,235
Credit Suisse Group AG		16,839			176,412
LafargeHolcim Ltd.*		7,487			439,976
Novartis AG		8,927			762,898
UBS Group AG		35,162			544,466
					3,240,223
UNITED KINGDOM - 13.9%
Berkeley Group Holdings plc		955			58,466
CNH Industrial NV		14,035			217,172
Compass Group plc*		47,732			961,715
Inchcape plc*		5,168			53,652
Lloyds Banking Group plc*		641,257			376,025
Natwest Group plc		56,727			153,474
RELX plc		21,900			549,185
RELX plc		4,189			105,215
Tesco plc		66,802			210,756
					2,685,660
UNITED STATES - 6.1%
Arch Capital Group Ltd.*(5)		21,376			820,206
Tenaris SA		23,266			262,258
Tenaris SA, ADR		2,266			51,423
White Mountains Insurance Group Ltd.		37			41,501
					1,175,388
Total common stocks and equity-linked security (Cost $12,096,195)					16,339,144
SHORT-TERM INVESTMENTS - 15.1%
INVESTMENT COMPANIES - 15.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		993,654			993,654
Federated Treasury Obligations Fund - Institutional Class, 0.01%		964,429			964,429

30 Artisan Partners Funds

	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		964,429		$	964,429
Total short-term investments (Cost $2,922,512)					2,922,512
	No. of Warrants
WARRANTS - 0.1%
SWITZERLAND - 0.1%
Cie Financiere Richemont SA, expiring 11/22/2023, strike price CHF 67 (Cost $189)*		14,052			5,352
Total investments - 99.8% (Cost $15,018,896)					19,267,008
Other assets less liabilities - 0.2%					46,267
Total net assets - 100.0%(6)				$	19,313,275

* 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 $292,766, or 1.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Security is restricted.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Sodexo SA (Registered Shares)		09/01/2020		$	63,852		$	70,707		0.4	%

⁽³⁾ Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 02/03/2021		$	176,496		$	222,059		1.1	%

⁽⁴⁾ Security is an equity-linked security issued by HSBC Bank plc. As described in 2(g) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁵⁾ Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

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

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

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.

CHF - Swiss franc

FOREIGN CURRENCY FORWARD CONTRACTS Values in thousands
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation
USD	147,743	JPY	15,533,549	JPM		4/22/2021	$	7,427
	Net unrealized appreciation						$	7,427

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		$	1,361,941		7.1	%
Consumer Discretionary			2,051,831		10.6
Consumer Staples			1,978,572		10.3
Energy			985,366		5.1
Financials			3,768,675		19.5
Health Care			1,259,182		6.5
Industrials			2,189,067		11.4
Information Technology			1,922,687		10.0
Materials			827,175		4.3
Short-Term Investments			2,922,512		15.2
Total investments		$	19,267,008		100.0	%

Artisan Partners Funds 31

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	2,363,273		12.3	%
Canadian dollar			1,280,020		6.6
Danish krone			205,183		1.1
Euro			4,613,864		23.9
Hong Kong dollar			220,193		1.1
Indian rupee			770,160		4.0
Japanese yen			183,309		1.0
Korean won			2,002,316		10.4
Mexican peso			93,600		0.5
Swiss franc			3,245,575		16.8
U.S. dollar			4,289,515		22.3
Total investments		$	19,267,008		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Samsung Electronics Co. Ltd.		South Korea		7.0	%
Compass Group plc		United Kingdom		5.0
ABB Ltd.		Switzerland		4.4
Arch Capital Group Ltd.		United States		4.2
Novartis AG		Switzerland		4.0
ING Groep NV		Netherlands		3.6
Danone SA		France		3.4
RELX plc		United Kingdom		3.4
NAVER Corp.		South Korea		3.4
Alimentation Couche-Tard, Inc.		Canada		3.1
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.

32 Artisan Partners Funds

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.1%
AEROSPACE & DEFENSE - 1.4%
Teledyne Technologies, Inc.*		247		$	102,178
AUTO COMPONENTS - 1.6%
Aptiv plc*		872			120,263
BANKS - 2.9%
First Republic Bank		540			90,098
SVB Financial Group*		247			121,886
					211,984
BEVERAGES - 1.4%
Boston Beer Co., Inc. (The), Class A*		87			104,441
BIOTECHNOLOGY - 9.4%
Argenx SE, ADR*(1)		475			130,839
Ascendis Pharma A/S, ADR*(1)		1,122			144,599
BioNTech SE, ADR*(1)		705			76,974
Exact Sciences Corp.*		1,205			158,825
Genmab A/S*(1)		428			140,953
Sage Therapeutics, Inc.*		508			38,013
					690,203
CAPITAL MARKETS - 5.0%
MSCI, Inc.		312			130,661
Nasdaq, Inc.		750			110,579
Tradeweb Markets, Inc., Class A		1,726			127,697
					368,937
COMMUNICATIONS EQUIPMENT - 1.6%
Arista Networks, Inc.*		379			114,526
CONTAINERS & PACKAGING - 1.2%
Ball Corp.		1,063			90,099
DIVERSIFIED CONSUMER SERVICES - 2.7%
Bright Horizons Family Solutions, Inc.*		193			33,036
Chegg, Inc.*		1,897			162,469
					195,505
ELECTRICAL EQUIPMENT - 1.9%
Generac Holdings, Inc.*		436			142,711
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%
Cognex Corp.		848			70,383
IPG Photonics Corp.*		347			73,292
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (CONTINUED)
Trimble, Inc.*		1,941			151,028
					294,703
ENTERTAINMENT - 4.7%
Roku, Inc.*		308			100,467
Zynga, Inc., Class A*		23,918			244,206
					344,673
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%
Dexcom, Inc.*		466			167,389
iRhythm Technologies, Inc.*		185			25,728
West Pharmaceutical Services, Inc.		540			152,299
					345,416
HEALTH CARE PROVIDERS & SERVICES - 1.3%
Centene Corp.*		1,531			97,858
HEALTH CARE TECHNOLOGY - 3.2%
Veeva Systems, Inc., Class A*		905			236,307
HOTELS, RESTAURANTS & LEISURE - 2.1%
Chipotle Mexican Grill, Inc.*		90			128,304
DraftKings, Inc., Class A*		370			22,697
					151,001
INTERACTIVE MEDIA & SERVICES - 2.9%
Match Group, Inc.*		1,329			182,533
ZoomInfo Technologies, Inc., Class A*		698			34,114
					216,647
INTERNET & DIRECT MARKETING RETAIL - 2.5%
Chewy, Inc., Class A*		573			48,578
Wayfair, Inc., Class A*		419			132,028
					180,606
IT SERVICES - 8.0%
BigCommerce Holdings, Inc., Series 1*		535			30,935
Fidelity National Information Services, Inc.		445			62,513
Global Payments, Inc.		1,847			372,308
Okta, Inc.*		209			46,064
Pagseguro Digital Ltd., Class A*(1)		1,594			73,823
					585,643
LEISURE PRODUCTS - 1.8%
Peloton Interactive, Inc., Class A*		800			89,963
YETI Holdings, Inc.*		549			39,653
					129,616
LIFE SCIENCES TOOLS & SERVICES - 1.7%
Agilent Technologies, Inc.		692			87,937

Artisan Partners Funds 33

	Shares Held		Value
LIFE SCIENCES TOOLS & SERVICES (CONTINUED)
Evotec SE*(1)		1,086		$	39,144
					127,081
MACHINERY - 4.6%
Fortive Corp.		1,992			140,711
IDEX Corp.		313			65,511
Ingersoll Rand, Inc.*		2,608			128,329
					334,551
MEDIA - 1.8%
New York Times Co. (The), Class A		2,653			134,285
PHARMACEUTICALS - 2.4%
Catalent, Inc.*		1,689			177,902
PROFESSIONAL SERVICES - 1.0%
TransUnion		853			76,768
ROAD & RAIL - 1.3%
Lyft, Inc., Class A*		1,504			95,007
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
Lattice Semiconductor Corp.*		2,426			109,226
Skyworks Solutions, Inc.		697			127,955
					237,181
SOFTWARE - 15.9%
Atlassian Corp. plc, Class A*		1,148			241,872
Ceridian HCM Holding, Inc.*		1,021			86,067
Coupa Software, Inc.*		422			107,504
Datadog, Inc., Class A*		1,291			107,573
HubSpot, Inc.*		524			238,031
JFrog Ltd.*(1)		858			38,053
Nuance Communications, Inc.*		1,299			56,703
Synopsys, Inc.*		401			99,243
Tyler Technologies, Inc.*		183			77,665
Zscaler, Inc.*		653			112,100
					1,164,811
SPECIALTY RETAIL - 1.9%
Burlington Stores, Inc.*		462			138,184
Total common stocks (Cost $4,344,346)					7,209,087
SHORT-TERM INVESTMENTS - 1.8%
INVESTMENT COMPANIES - 1.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		44,302			44,302
Federated Treasury Obligations Fund - Institutional Class, 0.01%		42,999			42,999
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		42,999			42,999
Total short-term investments (Cost $130,300)					130,300
Total investments - 99.9% (Cost $4,474,646)					7,339,387
Other assets less liabilities - 0.1%					4,757
Total net assets - 100.0%(2)				$	7,344,144

* 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
BioNTech SE	Germany	U.S. dollar
Evotec SE	Germany	Euro
Genmab A/S	Denmark	Danish krone
JFrog Ltd.	Israel	U.S. dollar
Pagseguro Digital Ltd.	Brazil	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		$	695,605		9.5	%
Consumer Discretionary			915,175		12.5
Consumer Staples			104,441		1.4
Financials			580,921		7.9
Health Care			1,674,767		22.8
Industrials			751,215		10.2
Information Technology			2,396,864		32.7
Materials			90,099		1.2
Short-Term Investments			130,300		1.8
Total investments		$	7,339,387		100.0	%

34 Artisan Partners Funds

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Danish krone		$	140,953		1.9	%
Euro			39,144		0.5
U.S. dollar			7,159,290		97.6
Total investments		$	7,339,387		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		5.1	%
Zynga, Inc.	United States		3.3
Atlassian Corp. plc	United States		3.3
HubSpot, Inc.	United States		3.2
Veeva Systems, Inc.	United States		3.2
Match Group, Inc.	United States		2.5
Catalent, Inc.	United States		2.4
Dexcom, Inc.	United States		2.3
Chegg, Inc.	United States		2.2
Exact Sciences Corp.	United States		2.2
Total			29.7	%

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

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

Artisan Partners Funds 35

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.4%
AIR FREIGHT & LOGISTICS - 2.0%
Expeditors International of Washington, Inc.		394		$	42,442
AUTO COMPONENTS - 4.8%
BorgWarner, Inc.		1,080			50,056
Gentex Corp.		1,422			50,710
					100,766
AUTOMOBILES - 2.4%
Thor Industries, Inc.		378			50,970
BANKS - 3.8%
Fifth Third Bancorp		1,080			40,431
M&T Bank Corp.		255			38,722
					79,153
CAPITAL MARKETS - 4.4%
Moelis & Co., Class A		943			51,741
Northern Trust Corp.		398			41,851
					93,592
CHEMICALS - 3.9%
Celanese Corp.		243			36,367
Corteva, Inc.		978			45,591
					81,958
CONSUMER FINANCE - 2.5%
Synchrony Financial		1,320			53,669
DIVERSIFIED CONSUMER SERVICES - 1.5%
H&R Block, Inc.		1,495			32,593
ELECTRIC UTILITIES - 2.1%
OGE Energy Corp.		1,375			44,501
ELECTRICAL EQUIPMENT - 2.2%
nVent Electric plc		1,636			45,673
ENTERTAINMENT - 2.6%
Electronic Arts, Inc.		222			30,115
Lions Gate Entertainment Corp., Class A*		572			8,558
Lions Gate Entertainment Corp., Class B*		1,197			15,440
					54,113
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) - 6.9%
Equity Commonwealth		1,017			28,279
Lamar Advertising Co., Class A		548			51,482
PS Business Parks, Inc.		143			22,118
Public Storage		93			22,898
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) (CONTINUED)
STORE Capital Corp.		601			20,122
					144,899
FOOD & STAPLES RETAILING - 3.2%
Kroger Co. (The)		965			34,741
Sysco Corp.		415			32,673
					67,414
FOOD PRODUCTS - 2.2%
Tyson Foods, Inc., Class A		615			45,670
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
DENTSPLY SIRONA, Inc.		862			54,985
HEALTH CARE PROVIDERS & SERVICES - 3.7%
AmerisourceBergen Corp.		325			38,330
Centene Corp.*		633			40,434
					78,764
HOTELS, RESTAURANTS & LEISURE - 4.3%
Marriott International, Inc., Class A*		330			48,854
Vail Resorts, Inc.*		142			41,357
					90,211
INSURANCE - 7.0%
Arch Capital Group Ltd.*		1,312			50,335
Globe Life, Inc.		561			54,165
Progressive Corp. (The)		456			43,616
					148,116
INTERACTIVE MEDIA & SERVICES - 2.6%
IAC/InterActiveCorp*		255			55,259
INTERNET & DIRECT MARKETING RETAIL - 3.6%
Expedia Group, Inc.*		445			76,655
MACHINERY - 1.2%
Otis Worldwide Corp.		374			25,607
MARINE - 1.5%
Kirby Corp.*		537			32,387
MEDIA - 7.4%
Liberty Broadband Corp., Class C*		125			18,731
Liberty Media Corp-Liberty SiriusXM, Class A*		462			20,387
Liberty Media Corp-Liberty SiriusXM, Class C*		460			20,276
News Corp., Class A		2,299			58,462
Omnicom Group, Inc.		531			39,362
					157,218

36 Artisan Partners Funds

	Shares Held		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
Jones Lang LaSalle, Inc.*		161		$	28,884
ROAD & RAIL - 3.5%
AMERCO		121			74,323
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%
Analog Devices, Inc.		485			75,228
SOFTWARE - 1.6%
Check Point Software Technologies Ltd.*(1)		302			33,864
SPECIALTY RETAIL - 2.4%
AutoNation, Inc.*		539			50,212
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.8%
NetApp, Inc.		516			37,487
TRADING COMPANIES & DISTRIBUTORS - 2.7%
Air Lease Corp.		1,181			57,885
Total common stocks (Cost $1,130,818)					2,014,498
SHORT-TERM INVESTMENTS - 4.2%
INVESTMENT COMPANIES - 4.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		30,149			30,149
Federated Treasury Obligations Fund - Institutional Class, 0.01%		29,263			29,263
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		29,262			29,262
Total short-term investments (Cost $88,674)					88,674
Total investments - 99.6% (Cost $1,219,492)					2,103,172
Other assets less liabilities - 0.4%					8,265
Total net assets - 100.0%(2)				$	2,111,437

* 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
Check Point Software Technologies Ltd.	Israel	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		$	266,590		12.7	%
Consumer Discretionary			401,407		19.1
Consumer Staples			113,084		5.4
Financials			374,530		17.8
Health Care			133,749		6.4
Industrials			278,317		13.2
Information Technology			146,579		7.0
Materials			81,958		3.9
Real Estate			173,783		8.2
Utilities			44,501		2.1
Short-Term Investments			88,674		4.2
Total investments		$	2,103,172		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Expedia Group, Inc.	United States		3.6	%
Analog Devices, Inc.	United States		3.6
AMERCO	United States		3.5
News Corp.	United States		2.8
Air Lease Corp.	United States		2.7
IAC/InterActiveCorp	United States		2.6
DENTSPLY SIRONA, Inc.	United States		2.6
Globe Life, Inc.	United States		2.6
Synchrony Financial	United States		2.5
Moelis & Co.	United States		2.5
Total			29.0	%

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

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

Artisan Partners Funds 37

ARTISAN SELECT EQUITY FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares, warrants and dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 94.9%
AEROSPACE & DEFENSE - 1.8%
BAE Systems plc(1)		53			$	366
AIR FREIGHT & LOGISTICS - 2.2%
FedEx Corp.		2				465
AIRLINES - 2.2%
Southwest Airlines Co.*		8				462
AUTOMOBILES - 1.7%
Harley-Davidson, Inc.		9				353
BANKS - 4.9%
Citigroup, Inc.		14				1,025
CAPITAL MARKETS - 4.9%
Bank of New York Mellon Corp. (The)		22				1,034
CONSTRUCTION MATERIALS - 4.9%
HeidelbergCement AG(1)		11				1,024
CONSUMER FINANCE - 5.2%
American Express Co.		8				1,088
DIVERSIFIED FINANCIAL SERVICES - 5.1%
Berkshire Hathaway, Inc., Class B*		4				1,057
HEALTH CARE EQUIPMENT & SUPPLIES - 5.2%
DENTSPLY SIRONA, Inc.		17				1,079
HEALTH CARE PROVIDERS & SERVICES - 6.2%
Anthem, Inc.		4				1,285
INSURANCE - 6.6%
Marsh & McLennan Cos., Inc.		5				636
Progressive Corp. (The)		8				745
						1,381
INTERACTIVE MEDIA & SERVICES - 9.6%
Alphabet, Inc., Class A*		–	(2)			1,011
Facebook, Inc., Class A*		3				983
						1,994
INTERNET & DIRECT MARKETING RETAIL - 9.5%
Booking Holdings, Inc.*		–	(2)			1,002
Expedia Group, Inc.*		6				980
						1,982
IT SERVICES - 8.1%
Cognizant Technology Solutions Corp., Class A		13				1,050
Visa, Inc., Class A		3				636
						1,686
PHARMACEUTICALS - 2.9%
Novartis AG, ADR(1)		7				602
SPECIALTY RETAIL - 4.3%
Advance Auto Parts, Inc.		5				900
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.3%
Samsung Electronics Co. Ltd.(1)		15				1,107
TEXTILES, APPAREL & LUXURY GOODS - 4.3%
Cie Financiere Richemont SA(1)		9				900
Total common stocks (Cost $15,018)						19,790
	No. of Warrants
WARRANTS - 0.0%(3)
TEXTILES, APPAREL & LUXURY GOODS - 0.0%(3)
Cie Financiere Richemont SA, expiring 11/22/2023, strike price CHF 67 (Cost $–)*(1)		17				6
	Shares Held
SHORT-TERM INVESTMENTS - 5.0%
INVESTMENT COMPANIES - 5.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		355				355
Federated Treasury Obligations Fund - Institutional Class, 0.01%		345				345
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		345				345
Total short-term investments (Cost $1,045)						1,045
Total investments - 99.9% (Cost $16,063)						20,841
Other assets less liabilities - 0.1%						20
Total net assets - 100.0%(4)					$	20,861

38 Artisan Partners Funds

* 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
Cie Financiere Richemont SA (Warrant)	Switzerland	Swiss franc
HeidelbergCement AG	Germany	Euro
Novartis AG	Switzerland	U.S. dollar
Samsung Electronics Co. Ltd.	South Korea	Korean won

⁽²⁾ Amount rounds to less than one.

⁽³⁾ Amount rounds to less than 0.1%.

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

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

ABBREVIATIONS

ADR - American Depositary Receipt

CHF - Swiss franc

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,994		9.6	%
Consumer Discretionary			4,141		19.9
Financials			5,585		26.8
Health Care			2,966		14.2
Industrials			1,293		6.2
Information Technology			2,793		13.4
Materials			1,024		4.9
Short-Term Investments			1,045		5.0
Total investments		$	20,841		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	366		1.8	%
Euro			1,024		4.9
Korean won			1,107		5.3
Swiss franc			906		4.3
U.S. dollar			17,438		83.7
Total investments		$	20,841		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Anthem, Inc.		United States		6.2	%
Samsung Electronics Co. Ltd.		South Korea		5.3
American Express Co.		United States		5.2
DENTSPLY SIRONA, Inc.		United States		5.2
Berkshire Hathaway, Inc.		United States		5.1
Cognizant Technology Solutions Corp.		United States		5.0
Bank of New York Mellon Corp. (The)		United States		4.9
Citigroup, Inc.		United States		4.9
HeidelbergCement AG		Germany		4.9
Alphabet, Inc.		United States		4.8
Total				51.5	%

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

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

Artisan Partners Funds 39

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.9%
BIOTECHNOLOGY - 21.3%
Acceleron Pharma, Inc.*		465		$	62,998
Argenx SE, ADR*(1)		382			105,254
Ascendis Pharma A/S, ADR*(1)		692			89,174
Denali Therapeutics, Inc.*		360			20,548
Halozyme Therapeutics, Inc.*		5,030			209,685
Invitae Corp.*		581			22,183
Iovance Biotherapeutics, Inc.*		1,894			59,967
Orchard Therapeutics plc, ADR*(1)		5,012			36,390
Radius Health, Inc.*		1,026			21,400
Sage Therapeutics, Inc.*		266			19,918
Twist Bioscience Corp.*		63			7,747
Veracyte, Inc.*		2,840			152,647
Vericel Corp.*		611			33,960
Y-mAbs Therapeutics, Inc.*		841			25,422
					867,293
BUILDING PRODUCTS - 1.7%
Advanced Drainage Systems, Inc.		426			44,041
Trex Co., Inc.*		281			25,742
					69,783
CAPITAL MARKETS - 2.0%
Aspirational Consumer Lifestyle Corp.*(1)(2)(3)(4)		1,000			9,683
Aspirational Consumer Lifestyle Corp., Class A*(1)		1,032			10,334
dMY Technology Group, Inc. II, Class A*		506			7,446
Morningstar, Inc.		198			44,460
One*(2)(3)(4)		500			5,222
One, Class A*		302			3,496
					80,641
CONSTRUCTION & ENGINEERING - 1.6%
Valmont Industries, Inc.		273			64,898
DISTRIBUTORS - 0.3%
ThredUp, Inc., Class A*		488			11,378
DIVERSIFIED CONSUMER SERVICES - 6.2%
Bright Horizons Family Solutions, Inc.*		346			59,306
Chegg, Inc.*		2,273			194,742
					254,048
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
Bandwidth, Inc., Class A*		76			9,687
ELECTRICAL EQUIPMENT - 1.5%
Array Technologies, Inc.*		803			23,955
Shoals Technologies Group, Inc., Class A*		1,076			37,410
					61,365
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.0%
Cognex Corp.		374			31,068
Novanta, Inc.*		681			89,833
					120,901
ENTERTAINMENT - 3.7%
Zynga, Inc., Class A*		14,771			150,807
FOOD & STAPLES RETAILING - 1.9%
Casey’s General Stores, Inc.		358			77,476
HEALTH CARE EQUIPMENT & SUPPLIES - 5.1%
Glaukos Corp.*		863			72,454
iRhythm Technologies, Inc.*		204			28,321
Shockwave Medical, Inc.*		553			72,010
Vapotherm, Inc.*(5)		1,379			33,135
					205,920
HEALTH CARE TECHNOLOGY - 0.6%
OptimizeRx Corp.*		492			23,985
HOTELS, RESTAURANTS & LEISURE - 2.6%
Papa John’s International, Inc.		511			45,320
Wingstop, Inc.		477			60,688
					106,008
IT SERVICES - 4.1%
BigCommerce Holdings, Inc., Series 1*		884			51,073
Evo Payments, Inc., Class A*		2,163			59,534
LiveRamp Holdings, Inc.*		1,054			54,659
					165,266
LEISURE PRODUCTS - 1.4%
YETI Holdings, Inc.*		781			56,430
LIFE SCIENCES TOOLS & SERVICES - 4.7%
NeoGenomics, Inc.*		3,084			148,743
Repligen Corp.*		110			21,460
Seer, Inc.*		430			21,518
					191,721
MACHINERY - 4.3%
Colfax Corp.*		1,031			45,169
Ingersoll Rand, Inc.*		1,919			94,442
John Bean Technologies Corp.		262			34,871
					174,482

40 Artisan Partners Funds

	Shares Held		Value
MEDIA - 1.4%
New York Times Co. (The), Class A		1,092		$	55,274
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
Cree, Inc.*		336			36,280
Lattice Semiconductor Corp.*		2,702			121,646
Monolithic Power Systems, Inc.		295			104,279
					262,205
SOFTWARE - 23.5%
Avalara, Inc.*		506			67,507
Bentley Systems, Inc., Class B		835			39,187
Blackline, Inc.*		1,468			159,132
BTRS Holdings, Inc.*		1,053			15,241
Guidewire Software, Inc.*		756			76,858
HubSpot, Inc.*		437			198,433
JFrog Ltd.*(1)		990			43,947
LivePerson, Inc.*		2,122			111,935
Q2 Holdings, Inc.*		1,376			137,839
Smartsheet, Inc., Class A*		481			30,743
Tyler Technologies, Inc.*		172			73,005
					953,827
Specialty Retail - 1.4%
Floor & Decor Holdings, Inc., Class A*		608			58,083
Total common stocks (Cost $2,589,994)					4,021,478
SHORT-TERM INVESTMENTS - 1.8%
INVESTMENT COMPANIES - 1.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		24,547			24,547
Federated Treasury Obligations Fund - Institutional Class, 0.01%		23,826			23,826
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		23,826			23,826
Total short-term investments (Cost $72,199)					72,199
Total investments - 100.7% (Cost $2,662,193)					4,093,677
Other assets less liabilities - (0.7%)					(29,212	)
Total net assets - 100.0%(6)				$	4,064,465

* 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
Aspirational Consumer Lifestyle Corp.	Singapore	U.S. dollar
JFrog Ltd.	Israel	U.S. dollar
Orchard Therapeutics plc	United Kingdom	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 $14,905, or 0.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ Security is restricted. In total, securities restricted were $14,905, or 0.3% of total net assets. Security was acquired in a PIPE  – Private Investment in Public Equity, on the date noted below.

Security	Acquisition Date		Unfunded Amount			Value			Percentage of Total Net Assets
Aspirational Consumer Lifestyle Corp.		01/29/2021		$	10,000		$	9,683		0.2	%
One		02/23/2021			5,000			5,222		0.1	%

⁽⁴⁾ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁵⁾ Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

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

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

ABBREVIATION

ADR - American Depositary Receipt

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	215,768		5.3	%
Consumer Discretionary			485,947		11.9
Consumer Staples			77,476		1.9
Financials			80,641		2.0
Health Care			1,288,919		31.5
Industrials			370,528		9.0
Information Technology			1,502,199		36.7
Short-Term Investments			72,199		1.7
Total investments		$	4,093,677		100.0	%

Artisan Partners Funds 41

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Halozyme Therapeutics, Inc.	United States		5.2	%
HubSpot, Inc.	United States		4.9
Chegg, Inc.	United States		4.8
Blackline, Inc.	United States		3.9
Veracyte, Inc.	United States		3.8
Zynga, Inc.	United States		3.7
NeoGenomics, Inc.	United States		3.7
Q2 Holdings, Inc.	United States		3.4
Lattice Semiconductor Corp.	United States		3.0
LivePerson, Inc.	United States		2.8
Total			39.2	%

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.

42 Artisan Partners Funds

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.3%
ARGENTINA - 4.0%
Globant SA*		3		$	608
MercadoLibre, Inc.*		1			2,130
					2,738
BRAZIL - 5.8%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA*		496			779
Focus Energia Holding Participacoes SA*		430			1,125
Hidrovias do Brasil SA*		424			446
Itau Unibanco Holding SA (Preference)		152			756
Vale SA		53			915
					4,021
CAMBODIA - 0.5%
NagaCorp Ltd.		282			333
CHILE - 1.7%
Empresa Nacional de Telecomunicaciones SA		100			630
Vina Concha y Toro SA		300			516
					1,146
CHINA - 24.4%
Alibaba Group Holding Ltd., ADR*		19			4,258
Alibaba Group Holding Ltd.*		35			988
Baidu, Inc., ADR*		5			1,128
Baidu, Inc., Class A*		9			242
Baozun, Inc., ADR*		14			531
China Traditional Chinese Medicine Holdings Co. Ltd.		1,534			957
Estun Automation Co. Ltd., Class A*		315			1,244
Kingsoft Cloud Holdings Ltd., ADR*		12			475
Kuaishou Technology*		3			87
Noah Holdings Ltd., ADR*		22			966
Prosus NV*		20			2,253
Sinopharm Group Co. Ltd., Class H		204			493
Tongwei Co. Ltd., Class A		73			365
Trip.com Group Ltd., ADR*		23			923
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A		53			662
Zhuzhou CRRC Times Electric Co. Ltd., Class H		338			1,260
					16,832
COLOMBIA - 0.6%
Banco Davivienda SA (Preference)		50			407
EGYPT - 0.5%
Commercial International Bank Egypt SAE		95			351
GREECE - 2.2%
Alpha Bank AE*		538		$	579
JUMBO SA		50			917
					1,496
HONG KONG - 3.6%
AIA Group Ltd.		96			1,160
China High Precision Automation Group Ltd.*(1)(2)		9,066			–
Sino Biopharmaceutical Ltd.		1,347			1,348
					2,508
INDIA - 8.5%
Havells India Ltd.		64			916
ICICI Bank Ltd.*		174			1,386
Kajaria Ceramics Ltd.		105			1,328
Metropolis Healthcare Ltd.		21			646
Reliance Industries Ltd.		49			1,351
Westlife Development Ltd.*		35			217
					5,844
INDONESIA - 1.7%
Bank Rakyat Indonesia Persero Tbk. PT*		2,427			735
Indofood CBP Sukses Makmur Tbk. PT		638			404
					1,139
MALAYSIA - 1.0%
Public Bank Bhd.		699			708
MEXICO - 1.8%
Cemex SAB de CV*		794			559
Fomento Economico Mexicano SAB de CV		94			708
					1,267
PANAMA - 0.7%
Copa Holdings SA, Class A*		6			450
PERU - 0.9%
Credicorp Ltd.		4			607
POLAND - 0.5%
CCC SA*		16			362
RUSSIA - 8.6%
LUKOIL PJSC, ADR		15			1,192
MMC Norilsk Nickel PJSC, ADR		30			941
Ozon Holdings plc, ADR*		8			450
Polyus PJSC, GDR		18			1,659
Sberbank of Russia PJSC		287			1,101
Yandex NV, Class A*		10			613
					5,956

Artisan Partners Funds 43

	Shares Held		Value
SOUTH AFRICA - 2.3%
FirstRand Ltd.		215		$	751
Mr Price Group Ltd.		63			821
					1,572
SOUTH KOREA - 11.8%
Big Hit Entertainment Co. Ltd.*		3			749
Samsung Biologics Co. Ltd.*		2			1,063
Samsung Electronics Co. Ltd.		79			5,657
Shinhan Financial Group Co. Ltd.		20			661
					8,130
TAIWAN - 16.8%
E Ink Holdings, Inc.		749			1,446
MediaTek, Inc.		61			2,065
Sea Ltd., ADR*		3			677
Sunny Friend Environmental Technology Co. Ltd.		130			1,037
Taiwan Semiconductor Manufacturing Co. Ltd.		308			6,329
					11,554
THAILAND - 0.4%
Bangkok Bank PCL(1)		69			279
Total common stocks (Cost $46,512)					67,700
SHORT-TERM INVESTMENTS - 1.6%
INVESTMENT COMPANIES - 1.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		387			387
Federated Treasury Obligations Fund - Institutional Class, 0.01%		375			375
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		375			375
Total short-term investments (Cost $1,137)					1,137
Total investments - 99.9% (Cost $47,649)					68,837
Other assets less liabilities - 0.1%					86
Total net assets - 100.0%(3)				$	68,923

* 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 $279, or 0.4% 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⁾ 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

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		$	4,126		6.0	%
Consumer Discretionary			14,183		20.6
Consumer Staples			1,993		2.9
Energy			2,543		3.7
Financials			10,447		15.2
Health Care			4,507		6.5
Industrials			7,460		10.8
Information Technology			17,242		25.1
Materials			4,074		5.9
Utilities			1,125		1.6
Short-Term Investments			1,137		1.7
Total investments		$	68,837		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	4,021		5.8	%
Chilean peso			1,146		1.7
Chinese yuan renminbi offshore			2,271		3.3
Colombian peso			407		0.6
Egyptian pound			351		0.5
Euro			3,749		5.5
Hong Kong dollar			6,868		10.0
Indian rupee			5,844		8.5
Indonesian rupiah			1,139		1.7
Korean won			8,130		11.8
Malaysian ringgit			708		1.0
Mexican peso			1,267		1.8
New Taiwan dollar			10,877		15.8
Polish zloty			362		0.5
South African rand			1,572		2.3
Thai baht			279		0.4
U.S. dollar			19,846		28.8
Total investments		$	68,837		100.0	%

44 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan		9.2	%
Samsung Electronics Co. Ltd.	South Korea		8.2
Alibaba Group Holding Ltd.	China		7.6
Prosus NV	China		3.3
MercadoLibre, Inc.	Argentina		3.1
MediaTek, Inc.	Taiwan		3.0
Polyus PJSC	Russia		2.4
E Ink Holdings, Inc.	Taiwan		2.1
ICICI Bank Ltd.	India		2.0
Baidu, Inc.	China		2.0
Total			42.9	%

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

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

Artisan Partners Funds 45

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2021 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.5%
AEROSPACE & DEFENSE - 7.6%
Airbus SE*(1)		82		$	9,297
Northrop Grumman Corp.		25			7,970
Raytheon Technologies Corp.		113			8,732
					25,999
AIR FREIGHT & LOGISTICS - 4.0%
FedEx Corp.		49			13,856
AUTO COMPONENTS - 1.9%
Cie Generale des Etablissements Michelin SCA(1)		43			6,381
BIOTECHNOLOGY - 1.3%
AbbVie, Inc.		42			4,531
CAPITAL MARKETS - 11.0%
Blackstone Group, Inc. (The)		95			7,102
CME Group, Inc.		34			6,964
Goldman Sachs Group, Inc. (The)		36			11,851
Morgan Stanley		154			11,953
					37,870
CHEMICALS - 1.5%
Celanese Corp.		34			5,019
COMMUNICATIONS EQUIPMENT - 2.7%
Cisco Systems, Inc.		179			9,242
CONSUMER FINANCE - 2.7%
Synchrony Financial		231			9,397
DIVERSIFIED FINANCIAL SERVICES - 3.9%
Berkshire Hathaway, Inc., Class B*		52			13,377
ENERGY EQUIPMENT & SERVICES - 2.2%
Schlumberger NV		277			7,544
ENTERTAINMENT - 1.6%
Electronic Arts, Inc.		40			5,424
HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%
Medtronic plc		65			7,620
HEALTH CARE PROVIDERS & SERVICES - 3.4%
Cigna Corp.		19			4,511
Fresenius Medical Care AG & Co. KGaA(1)		96			7,029
					11,540
HOTELS, RESTAURANTS & LEISURE - 5.8%
Compass Group plc*(1)		541			10,908
Marriott International, Inc., Class A*		61			9,105
					20,013
INSURANCE - 2.8%
Arch Capital Group Ltd.*		250			9,595
INTERACTIVE MEDIA & SERVICES - 7.4%
Alphabet, Inc., Class C*		10			20,182
Facebook, Inc., Class A*		18			5,356
					25,538
INTERNET & DIRECT MARKETING RETAIL - 3.8%
Booking Holdings, Inc.*		6			13,091
MACHINERY - 0.8%
Otis Worldwide Corp.		38			2,587
MEDIA - 3.8%
Comcast Corp., Class A		243			13,146
OIL, GAS & CONSUMABLE FUELS - 2.3%
EOG Resources, Inc.		109			7,887
PHARMACEUTICALS - 4.1%
Merck & Co., Inc.		90			6,964
Sanofi(1)		71			7,028
					13,992
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
NXP Semiconductors NV(1)		47			9,364
SOFTWARE - 1.9%
Oracle Corp.		94			6,600
SPECIALTY RETAIL - 2.3%
AutoNation, Inc.*		84			7,851
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.4%
Samsung Electronics Co. Ltd. (Preference)(1)		180			11,629
TOBACCO - 7.4%
Altria Group, Inc.		197			10,101
Philip Morris International, Inc.		110			9,743
Swedish Match AB(1)		69			5,398
					25,242

46 Artisan Partners Funds

	Shares Held		Value
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Air Lease Corp.		207		$	10,135
Total common stocks (Cost $202,896)					334,470
SHORT-TERM INVESTMENTS - 2.4%
INVESTMENT COMPANIES - 2.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.03%		2,830			2,830
Federated Treasury Obligations Fund - Institutional Class, 0.01%		2,746			2,746
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.01%		2,746			2,746
Total short-term investments (Cost $8,322)					8,322
Total investments - 99.9% (Cost $211,218)					342,792
Other assets less liabilities - 0.1%					331
Total net assets - 100.0%(2)				$	343,123

* 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
Compass Group plc	United Kingdom	British pound
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⁾ 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		$	44,108		12.9	%
Consumer Discretionary			47,336		13.8
Consumer Staples			25,242		7.4
Energy			15,431		4.5
Financials			70,239		20.5
Health Care			37,683		11.0
Industrials			52,577		15.3
Information Technology			36,835		10.7
Materials			5,019		1.5
Short-Term Investments			8,322		2.4
Total investments		$	342,792		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	10,908		3.2	%
Euro			29,735		8.7
Korean won			11,629		3.4
Swedish krona			5,398		1.5
U.S. dollar			285,122		83.2
Total investments		$	342,792		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		5.9	%
FedEx Corp.	United States		4.0
Berkshire Hathaway, Inc.	United States		3.9
Comcast Corp.	United States		3.8
Booking Holdings, Inc.	United States		3.8
Morgan Stanley	United States		3.5
Goldman Sachs Group, Inc. (The)	United States		3.5
Samsung Electronics Co. Ltd. (Preference)	South Korea		3.4
Compass Group plc	United Kingdom		3.2
Air Lease Corp.	United States		3.0
Total			38.0	%

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 47

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2021 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			FOCUS				GLOBAL DISCOVERY				GLOBAL EQUITY
ASSETS:
Investments in securities, unaffiliated, at value		$	8,612,210		$	1,593,572			$	269,864			$	314,384
Short-term investments (investment companies), at value			50,213			435,984				4,639				8,898
Total investments			8,662,423			2,029,556				274,503				323,282
Foreign currency			31,494			–	(1)			12				1,197
Unrealized appreciation on foreign currency forward contracts			–			2,554				–				–
Receivable from investments sold			75,032			158,533				3,240				3,194
Receivable from fund shares sold			32,957			4,762				138				20,199
Dividends and interest receivable			26			306				121				579
Other assets			291			58				12				22
Total assets			8,802,223			2,195,769				278,026				348,473
LIABILITIES:
Written options, at value			–			21,254	(2)			–				–
Unrealized depreciation on foreign currency forward contracts			–			2				–				–
Payable for investments purchased			114,387			190,871				890				20,958
Payable for fund shares redeemed			9,419			1,778				258				29
Payable for operating expenses			918			236				106				155
Payable for management fees			1,152			269				34				28
Payable for deferred director’s compensation			235			45				11				22
Payable for foreign taxes on unrealized gains			–			–				–				58
Total liabilities			126,111			214,455				1,299				21,250
Total net assets		$	8,676,112		$	1,981,314			$	276,727			$	327,223
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	5,044,365		$	1,498,491			$	186,974			$	237,439
Total distributable earnings			3,631,747			482,823				89,753				89,784
Total net assets		$	8,676,112		$	1,981,314			$	276,727			$	327,223
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	804,779		$	324,756			$	56,805			$	150,169
Advisor Shares		$	4,765,148		$	1,109,254			$	18,428			$	14,960
Institutional Shares		$	3,106,185		$	547,304			$	201,494			$	162,094
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			31,279,030			15,630,850				2,792,477				6,521,803
Advisor Shares			183,794,208			53,296,750				905,277				649,549
Institutional Shares			119,257,916			26,259,544				9,885,187				6,971,736
Net asset value per share
Investor Shares		$	25.73		$	20.78			$	20.34			$	23.03
Advisor Shares		$	25.93		$	20.81			$	20.36			$	23.03
Institutional Shares		$	26.05		$	20.84			$	20.38			$	23.25
Cost of total investments		$	5,486,806		$	1,784,037			$	200,207			$	266,584
Cost of foreign currency held		$	27,579		$	–	(1)		$	(34	)		$	862

⁽¹⁾ Amount rounds to less than $1

⁽²⁾ Written options, premiums received $17,922

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

48 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2021 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES			GLOBAL VALUE				HIGH INCOME			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value		$	5,011,006		$	2,177,475			$	5,837,716		$	9,678,762
Short-term investments (investment companies), at value			14,724			120,209				361,179			9,228
Total investments			5,025,730			2,297,684				6,198,895			9,687,990
Cash			–			–				4,265			–
Due from broker			–			–				4,529			–
Foreign currency			3,992			–	(1)			–			10,443
Receivable from investments sold			100,696			28,369				37,795			203,999
Receivable from fund shares sold			8,768			1,628				22,543			7,270
Receivable for variation margin on futures contracts			–			–				654			–
Dividends and interest receivable			3,118			10,902				73,585			37,338
Other assets			307			254				310			1,056
Total assets			5,142,611			2,338,837				6,342,576			9,948,096
LIABILITIES:
Unrealized depreciation on unfunded loan commitments			–			–				32			–
Payable for investments purchased			26,543			8,006				133,626			139,438
Payable for fund shares redeemed			1,757			13,918				12,111			80,748
Dividends payable			–			–				4,275			–
Payable for operating expenses			722			847				907			2,932
Payable for management fees			615			318				570			1,250
Payable for deferred director’s compensation			264			232				264			1,041
Total liabilities			29,901			23,321				151,785			225,409
Total net assets		$	5,112,710		$	2,315,516			$	6,190,791		$	9,722,687
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	3,094,243		$	1,588,238			$	5,859,065		$	6,143,834
Total distributable earnings			2,018,467			727,278				331,726			3,578,853
Total net assets		$	5,112,710		$	2,315,516			$	6,190,791		$	9,722,687
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,423,753		$	282,399			$	1,507,010		$	3,129,312
Advisor Shares		$	1,113,035		$	309,218			$	2,919,367		$	1,826,355
Institutional Shares		$	2,575,922		$	1,723,899			$	1,764,414		$	4,767,020
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			40,305,545			13,313,292				147,694,354			90,157,436
Advisor Shares			31,280,779			14,598,508				286,288,756			52,776,828
Institutional Shares			71,542,627			81,192,770				173,047,607			136,604,477
Net asset value per share
Investor Shares		$	35.32		$	21.21			$	10.20		$	34.71
Advisor Shares		$	35.58		$	21.18			$	10.20		$	34.61
Institutional Shares		$	36.01		$	21.23			$	10.20		$	34.90
Cost of total investments		$	3,375,811		$	1,589,359			$	5,808,540		$	7,214,925
Cost of foreign currency held		$	3,986		$	–	(1)		$	–		$	(3,756	)

⁽¹⁾ Amount rounds to less than $1

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

Artisan Partners Funds 49

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2021 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID			INTERNATIONAL VALUE			MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	5,217,342		$	15,524,290		$	7,209,087			$	2,014,498
Investments in securities, affiliated, at value			263,013			820,206			–				–
Short-term investments (investment companies), at value			76,254			2,922,512			130,300				88,674
Total investments			5,556,609			19,267,008			7,339,387				2,103,172
Foreign currency			487			18,044			–	(1)			–
Unrealized appreciation on foreign currency forward contracts			–			7,427			–				–
Receivable from investments sold			10,202			211,655			12,612				7,465
Receivable from fund shares sold			41,412			52,509			14,430				1,796
Dividends and interest receivable			8,288			107,926			82				2,423
Other assets			144			1,291			593				296
Total assets			5,617,142			19,665,860			7,367,104				2,115,152
LIABILITIES:
Payable for investments purchased			15,559			296,755			15,284				–
Payable for fund shares redeemed			3,017			23,868			5,039				2,591
Payable for operating expenses			403			7,960			1,177				567
Payable for management fees			767			2,467			927				277
Payable for deferred director’s compensation			112			1,158			533				280
Payable for foreign taxes on unrealized gains			2,903			20,377			–				–
Total liabilities			22,761			352,585			22,960				3,715
Total net assets		$	5,594,381		$	19,313,275		$	7,344,144			$	2,111,437
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	4,254,397		$	13,909,838		$	3,918,968			$	999,464
Total distributable earnings			1,339,984			5,403,437			3,425,176				1,111,973
Total net assets		$	5,594,381		$	19,313,275		$	7,344,144			$	2,111,437
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	504,458		$	2,586,561		$	2,357,331			$	695,279
Advisor Shares		$	1,758,608		$	4,711,577		$	820,957			$	620,625
Institutional Shares		$	3,331,315		$	12,015,137		$	4,165,856			$	795,533
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			25,198,052			60,060,586			50,357,793				30,962,461
Advisor Shares			87,736,419			109,541,016			17,281,140				27,723,718
Institutional Shares			164,420,315			278,081,010			76,728,245				35,508,244
Net asset value per share
Investor Shares		$	20.02		$	43.07		$	46.81			$	22.46
Advisor Shares		$	20.04		$	43.01		$	47.51			$	22.39
Institutional Shares		$	20.26		$	43.21		$	54.29			$	22.40
Cost of total investments		$	4,091,976		$	14,732,950		$	4,474,646			$	1,219,492
Cost of securities of affiliated issuers held		$	224,140		$	285,946		$	–			$	–
Cost of foreign currency held		$	487		$	18,035		$	–	(1)		$	–

⁽¹⁾ 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 Assets and Liabilities – March 31, 2021 (Unaudited) (Continued)

Dollar values in thousands

	SELECT EQUITY				SMALL CAP			SUSTAINABLE EMERGING MARKETS				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	19,796			$	3,988,343		$	67,700			$	334,470
Investments in securities, affiliated, at value			–				33,135			–				–
Short-term investments (investment companies), at value			1,045				72,199			1,137				8,322
Total investments			20,841				4,093,677			68,837				342,792
Foreign currency			–	(1)			–			21				–	(1)
Receivable from investments sold			19				9,606			–				–
Receivable from fund shares sold			47				13,517			296				390
Receivable from the Adviser			16				–			–				–
Dividends and interest receivable			33				312			201				847
Other assets			1				184			15				50
Total assets			20,957				4,117,296			69,370				344,079
LIABILITIES:
Payable for investments purchased			37				48,270			–				–
Payable for fund shares redeemed			–				3,170			–	(1)			694
Payable for operating expenses			56				726			89				188
Payable for management fees			–				509			7				28
Payable for deferred director’s compensation			3				156			14				46
Payable for foreign taxes			–				–			337	(2)			–
Total liabilities			96				52,831			447				956
Total net assets		$	20,861			$	4,064,465		$	68,923			$	343,123
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	16,135			$	2,366,561		$	182,902			$	188,173
Total distributable earnings (loss)			4,726				1,697,904			(113,979	)			154,950
Total net assets		$	20,861			$	4,064,465		$	68,923			$	343,123
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	2,729			$	1,187,918		$	58,497			$	99,621
Advisor Shares		$	1,071			$	1,326,380						$	100,412
Institutional Shares		$	17,061			$	1,550,167		$	10,426			$	143,090
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			207,008				24,335,071			2,954,396				6,507,465
Advisor Shares			81,160				26,996,909							6,591,575
Institutional Shares			1,298,904				30,934,874			518,847				9,380,206
Net asset value per share
Investor Shares		$	13.18			$	48.82		$	19.80			$	15.31
Advisor Shares		$	13.19			$	49.13						$	15.23
Institutional Shares		$	13.14			$	50.11		$	20.09			$	15.25
Cost of total investments		$	16,063			$	2,621,748		$	47,649			$	211,218
Cost of securities of affiliated issuers held		$	–			$	40,445		$	–			$	–
Cost of foreign currency held		$	–	(1)		$	–		$	13			$	–	(1)

⁽¹⁾ Amount rounds to less than $1

⁽²⁾ Including foreign taxes on unrealized gains $311

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

Artisan Partners Funds 51

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2021 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				FOCUS				GLOBAL DISCOVERY				GLOBAL EQUITY
INVESTMENT INCOME:
Dividends, from unaffiliated issuers (1)		$	4,628			$	5,825			$	353			$	842
Total investment income			4,628				5,825				353				842
EXPENSES:
Management fees			40,154				8,567				1,278				1,311
Transfer agent fees
Investor Shares			964				366				95				177
Advisor Shares			1,989				437				27				18
Institutional Shares			19				15				14				14
Shareholder communications
Investor Shares			19				9				4				6
Advisor Shares			64				10				6				6
Institutional Shares			6				4				4				4
Custodian fees			173				28				23				51
Accounting fees			39				36				39				39
Professional fees			128				53				28				34
Registration fees
Investor Shares			26				9				3				14
Advisor Shares			91				17				13				27
Institutional Shares			15				15				20				30
Director’s fees			104				23				4				4
Other operating expenses			92				22				12				8
Total operating expenses			43,883				9,611				1,570				1,743
Less amounts waived or paid by the Adviser			–				–				(19	)			(32	)
Net expenses			43,883				9,611				1,551				1,711
Net investment (loss)			(39,255	)			(3,786	)			(1,198	)			(869	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			662,820				301,463				18,951				40,898
Foreign currency forward contracts			–				307				–				–
Foreign currency related transactions			(1,549	)			(31	)			(42	)			(305	)
Written options			–				(7,475	)			–				–
Total realized gain			661,271				294,264				18,909				40,593
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers (2)			461,516				(36,536	)			10,188				(8,867	)
Foreign currency forward contracts			–				1,558				–				–
Foreign currency related transactions			713				(21	)			44				247
Written options			–				1,139				–				–
Total increase (decrease) in unrealized appreciation or depreciation			462,229				(33,860	)			10,232				(8,620	)
Net gain on investments and foreign currency related transactions			1,123,500				260,404				29,141				31,973
Net increase in net assets resulting from operations		$	1,084,245			$	256,618			$	27,943			$	31,104
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	286			$	116			$	14			$	57
(2) Net of decrease in foreign taxes on unrealized gains			–				–				–				(52	)

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

52 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2021 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers (1)		$	18,189			$	27,026			$	23			$	40,155
Interest			–				–				189,298				–
Total investment income			18,189				27,026				189,321				40,155
EXPENSES:
Management fees			22,337				10,442				18,797				45,998
Transfer agent fees
Investor Shares			1,759				280				1,714				3,672
Advisor Shares			526				102				1,222				793
Institutional Shares			18				17				23				24
Shareholder communications
Investor Shares			32				13				30				75
Advisor Shares			9				7				67				25
Institutional Shares			9				9				10				47
Custodian fees			145				18				26				322
Accounting fees			39				39				79				39
Professional fees			95				56				117				152
Registration fees
Investor Shares			26				17				37				29
Advisor Shares			13				16				66				24
Institutional Shares			11				13				36				92
Director’s fees			79				39				81				173
Other operating expenses			70				43				72				171
Total operating expenses			25,168				11,111				22,377				51,636
Net investment income (loss)			(6,979	)			15,915				166,944				(11,481	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			397,499				107,413				37,850				1,229,540
Foreign currency forward contracts			–				(3,193	)			(113	)			–
Foreign currency related transactions			(617	)			26				6				(15,424	)
Futures contracts			–				–				6,749				–
Total realized gain			396,882				104,246				44,492				1,214,116
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			7,094				473,470				294,713				(337,613	)
Foreign currency forward contracts			–				2,416				(142	)			–
Foreign currency related transactions			(1	)			(148	)			(4	)			11,551
Futures contracts			–				–				14,324				–
Unfunded loan commitments			–				–				(32	)			–
Total increase (decrease) in unrealized appreciation or depreciation			7,093				475,738				308,859				(326,062	)
Net gain on investments and foreign currency related transactions			403,975				579,984				353,351				888,054
Net increase in net assets resulting from operations		$	396,996			$	595,899			$	520,295			$	876,573
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	491			$	1,465			$	–			$	2,233

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

Artisan Partners Funds 53

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2021 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers (1)		$	14,559			$	212,784			$	9,055			$	19,829
Dividends, from affiliated issuers (2)			162				–				–				–
Total investment income			14,721				212,784				9,055				19,829
EXPENSES:
Management fees			24,794				76,159				34,824				9,115
Transfer agent fees
Investor Shares			548				2,702				2,762				664
Advisor Shares			740				1,603				366				166
Institutional Shares			19				25				26				16
Shareholder communications
Investor Shares			20				43				31				29
Advisor Shares			14				136				33				51
Institutional Shares			35				107				40				41
Custodian fees			326				588				57				8
Accounting fees			39				39				29				29
Professional fees			83				234				93				35
Registration fees
Investor Shares			42				13				26				20
Advisor Shares			29				107				29				17
Institutional Shares			99				65				50				21
Director’s fees			55				242				113				33
Other operating expenses			52				241				103				40
Total operating expenses			26,895				82,304				38,582				10,285
Net investment income (loss)			(12,174	)			130,480				(29,527	)			9,544
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			159,165				1,553,136				912,960				237,571
Investments, from affiliated issuers			4,887				3,040				–				–
Foreign currency forward contracts			–				(66,786	)			–				–
Foreign currency related transactions			90				(2,366	)			36				–
Total realized gain			164,142				1,487,024				912,996				237,571
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers (3)			431,840				2,572,556				74,383				401,410
Investments, from affiliated issuers			74,904				168,224				–				–
Foreign currency forward contracts			–				40,981				–				–
Foreign currency related transactions			(60	)			(1,301	)			(2	)			–
Total increase in unrealized appreciation or depreciation			506,684				2,780,460				74,381				401,410
Net gain on investments and foreign currency related transactions			670,826				4,267,484				987,377				638,981
Net increase in net assets resulting from operations		$	658,652			$	4,397,964			$	957,850			$	648,525
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,248			$	22,565			$	–			$	–
(2) Net of foreign taxes withheld on dividends, affiliated issuers			18				–				–				–
(3) Net of increase in foreign taxes on unrealized gains			2,903				18,697				–				–

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

54 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2021 (Unaudited) (Continued)

Dollar values in thousands

	SELECT EQUITY				SMALL CAP				SUSTAINABLE EMERGING MARKETS				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers (1)		$	126			$	3,303			$	444			$	2,697
Total investment income			126				3,303				444				2,697
EXPENSES:
Management fees			59				18,091				320				1,165
Transfer agent fees
Investor Shares			22				1,324				82				88
Advisor Shares			14				607								56
Institutional Shares			14				17				14				15
Shareholder communications
Investor Shares			5				23				7				7
Advisor Shares			4				47								8
Institutional Shares			3				30				–	(2)			8
Custodian fees			4				25				6				6
Accounting fees			5				29				39				29
Professional fees			14				64				54				26
Registration fees
Investor Shares			8				40				2				18
Advisor Shares			8				90								16
Institutional Shares			8				10				2				8
Director’s fees			2				49				3				6
Other operating expenses			–	(2)			46				8				11
Total operating expenses			170				20,492				537				1,467
Less amounts waived or paid by the Adviser			(82	)			–				(110	)			(37	)
Net expenses			88				20,492				427				1,430
Net investment income (loss)			38				(17,189	)			17				1,267
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers (3)			315				316,023				1,788				24,672
Foreign currency related transactions			–	(2)			–				(1	)			(4	)
Total realized gain			315				316,023				1,787				24,668
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers (4)			3,735				312,964				10,339				63,963
Investments, from affiliated issuers			–				(6,767	)			–				–
Foreign currency related transactions			–	(2)			–				(2	)			(3	)
Total increase in unrealized appreciation or depreciation			3,735				306,197				10,337				63,960
Net gain on investments and foreign currency related transactions			4,050				622,220				12,124				88,628
Net increase in net assets resulting from operations		$	4,088			$	605,031			$	12,141			$	89,895
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	11			$	–			$	63			$	61
(2) Amount rounds to less than $1 (3) Net of foreign taxes on realized gains			–				–				(34	)			–
(4) Net of increase in foreign taxes on unrealized gains			–				–				129				–

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

Artisan Partners Funds 55

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD								FOCUS
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment loss		$	(39,255	)		$	(32,341	)		$	(3,786	)		$	(2,692	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			662,820				300,242				301,463				7,059
Foreign currency forward contracts			—				–				307				(6,344	)
Foreign currency related transactions			(1,549	)			(2,668	)			(31	)			(43	)
Written options			–				–				(7,475	)			14,253
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			461,516				2,168,867				(36,536	)			236,643
Foreign currency forward contracts			–				–				1,558				446
Foreign currency related transactions			713				4,241				(21	)			–	(2)
Written options			–				–				1,139				(4,471	)
Net increase in net assets resulting from operations			1,084,245				2,438,341				256,618				244,851
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(29,722	)			–				(9,433	)			(6,980	)
Advisor Shares			(174,796	)			–				(28,018	)			(21,727	)
Institutional Shares			(119,146	)			(56	)			(15,917	)			–
Total distributions to shareholders			(323,664	)			(56	)			(53,368	)			(28,707	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			1,283,188				1,532,283				341,999				528,442
Total increase in net assets			2,043,769				3,970,568				545,249				744,586
Net assets, beginning of period			6,632,343				2,661,775				1,436,065				691,479
Net assets, end of period		$	8,676,112			$	6,632,343			$	1,981,314			$	1,436,065

⁽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

	GLOBAL DISCOVERY								GLOBAL EQUITY
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment loss		$	(1,198	)		$	(1,202	)		$	(869	)		$	(474	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			18,951				5,224				40,898				43,064
Foreign currency related transactions			(42	)			(5	)			(305	)			(129	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			10,188				48,523				(8,867	)			8,699
Foreign currency related transactions			44				4				247				151
Net increase in net assets resulting from operations			27,943				52,544				31,104				51,311
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(1,150	)			–				(16,265	)			(10,288	)
Advisor Shares			(419	)			–				(1,575	)			–
Institutional Shares			(3,295	)			–				(13,513	)			(11,682	)
Total distributions to shareholders			(4,864	)			–				(31,353	)			(21,970	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			43,203				50,578				70,575				(27,399	)
Total increase in net assets			66,282				103,122				70,326				1,942
Net assets, beginning of period			210,445				107,323				256,897				254,955
Net assets, end of period		$	276,727			$	210,445			$	327,223			$	256,897

⁽¹⁾ Unaudited.

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES								GLOBAL VALUE
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment income (loss)		$	(6,979	)		$	(3,040	)		$	15,915			$	15,456
Net realized gain (loss) on:
Investments, from unaffiliated issuers			397,499				360,424				107,413				25,411
Foreign currency forward contracts			–				–				(3,193	)			2,072
Foreign currency related transactions			(617	)			(354	)			26				90
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			7,094				906,778				473,470				(227,831	)
Foreign currency forward contracts			–				–				2,416				(5,050	)
Foreign currency related transactions			(1	)			50				(148	)			287
Net increase (decrease) in net assets resulting from operations			396,996				1,263,858				595,899				(189,565	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(93,589	)			(74,481	)			(148	)			(6,704	)
Advisor Shares			(67,331	)			(43,758	)			(256	)			(9,262	)
Institutional Shares			(162,441	)			(123,621	)			(3,054	)			(32,160	)
Total distributions to shareholders			(323,361	)			(241,860	)			(3,458	)			(48,126	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			256,482				365,644				(100,685	)			(1,014,427	)
Total increase (decrease) in net assets			330,117				1,387,642				491,756				(1,252,118	)
Net assets, beginning of period			4,782,593				3,394,951				1,823,760				3,075,878
Net assets, end of period		$	5,112,710			$	4,782,593			$	2,315,516			$	1,823,760

⁽¹⁾ Unaudited.

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

58 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	HIGH INCOME								INTERNATIONAL
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment income (loss)		$	166,944			$	258,173			$	(11,481	)		$	43,500
Net realized gain (loss) on:
Investments, from unaffiliated issuers			37,850				(26,236	)			1,229,540				411,903
Foreign currency forward contracts			(113	)			(302	)			—				—
Foreign currency related transactions			6				(69	)			(15,424	)			(4,388	)
Futures contracts			6,749				(22,172	)			—				—
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			294,713				81,150				(337,613	)			137,349
Foreign currency forward contracts			(142	)			142				—				—
Foreign currency related transactions			(4	)			4				11,551				5,532
Futures contracts			14,324				(2,659	)			—				—
Unfunded loan commitments			(32	)			10				—				—
Net increase in net assets resulting from operations			520,295				288,041				876,573				593,896
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(37,800	)			(54,034	)			(104,497	)			(205,368	)
Advisor Shares			(77,679	)			(134,063	)			(63,660	)			(115,091	)
Institutional Shares			(47,072	)			(68,979	)			(168,146	)			(245,714	)
Total distributions to shareholders			(162,551	)			(257,076	)			(336,303	)			(566,173	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			1,016,281				997,489				(478,323	)			(926,091	)
Total increase (decrease) in net assets			1,374,025				1,028,454				61,947				(898,368	)
Net assets, beginning of period			4,816,766				3,788,312				9,660,740				10,559,108
Net assets, end of period		$	6,190,791			$	4,816,766			$	9,722,687			$	9,660,740

⁽¹⁾ Unaudited.

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

Artisan Partners Funds 59

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID								INTERNATIONAL VALUE
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment income (loss)		$	(12,174	)		$	28,533			$	130,480			$	107,187
Net realized gain (loss) on:
Investments, from unaffiliated issuers			159,165				(30,545	)			1,553,136				(142,784	)
Investments, from affiliated issuers			4,887				4,119				3,040				—
Foreign currency forward contracts			—				—				(66,786	)			19,737
Foreign currency related transactions			90				(1,911	)			(2,366	)			495
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			431,840				622,948				2,572,556				(380,411	)
Investments, from affiliated issuers			74,904				10,893				168,224				—
Foreign currency forward contracts			—				—				40,981				(51,830	)
Foreign currency related transactions			(60	)			134				(1,301	)			1,975
Net increase (decrease) in net assets resulting from operations			658,652				634,171				4,397,964				(445,631	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(2,495	)			(343	)			(20,240	)			(81,523	)
Advisor Shares			(9,783	)			(1,296	)			(36,329	)			(136,062	)
Institutional Shares			(19,767	)			(1,966	)			(96,592	)			(226,033	)
Total distributions to shareholders			(32,045	)			(3,605	)			(153,161	)			(443,618	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			1,507,348				1,608,852				1,494,562				195,049
Total increase (decrease) in net assets			2,133,955				2,239,418				5,739,365				(694,200	)
Net assets, beginning of period			3,460,426				1,221,008				13,573,910				14,268,110
Net assets, end of period		$	5,594,381			$	3,460,426			$	19,313,275			$	13,573,910

⁽¹⁾ Unaudited.

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

60 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP								MID CAP VALUE
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment income (loss)		$	(29,527	)		$	(36,526	)		$	9,544			$	18,887
Net realized gain (loss) on:
Investments, from unaffiliated issuers			912,960				844,620				237,571				45,143
Foreign currency related transactions			36				(4	)			—				—
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			74,383				1,333,217				401,410				(197,454	)
Foreign currency related transactions			(2	)			4				—				—
Net increase (decrease) in net assets resulting from operations			957,850				2,141,311				648,525				(133,424	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(315,691	)			(191,072	)			(11,628	)			(80,183	)
Advisor Shares			(102,605	)			(51,336	)			(11,843	)			(62,696	)
Institutional Shares			(523,547	)			(326,991	)			(14,905	)			(78,963	)
Total distributions to shareholders			(941,843	)			(569,399	)			(38,376	)			(221,842	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			538,465				159,288				(177,473	)			(235,550	)
Total increase (decrease) in net assets			554,472				1,731,200				432,676				(590,816	)
Net assets, beginning of period			6,789,672				5,058,472				1,678,761				2,269,577
Net assets, end of period		$	7,344,144			$	6,789,672			$	2,111,437			$	1,678,761

⁽¹⁾ Unaudited.

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

Artisan Partners Funds 61

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SELECT EQUITY								SMALL CAP
	Six Months Ended 3/31/2021(1)				Period Ended 9/30/2020(2)				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment income (loss)		$	38			$	13			$	(17,189	)		$	(20,921	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			315				(402	)			316,023				219,364
Foreign currency related transactions			—	(3)			(8	)			—				—
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			3,735				1,043				312,964				586,046
Investments, from affiliated issuers			—				—				(6,767	)			—
Foreign currency related transactions			—	(3)			—	(3)			—				—
Net increase in net assets resulting from operations			4,088				646				605,031				784,489
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			—				—				(58,000	)			(47,579	)
Advisor Shares			—				—				(63,020	)			(47,497	)
Institutional Shares			(67	)			—				(72,018	)			(50,532	)
Total distributions to shareholders			(67	)			—				(193,038	)			(145,608	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			3,813				12,381				650,480				526,143
Total increase in net assets			7,834				13,027				1,062,473				1,165,024
Net assets, beginning of period			13,027				—				3,001,992				1,836,968
Net assets, end of period		$	20,861			$	13,027			$	4,064,465			$	3,001,992

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (February 28, 2020) through September 30, 2020.

⁽³⁾ Amount rounds to less than $1

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

62 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS								VALUE
	Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020				Six Months Ended 3/31/2021(1)				Year Ended 9/30/2020
OPERATIONS:
Net investment income		$	17			$	828			$	1,267			$	3,361
Net realized gain (loss) on:
Investments, from unaffiliated issuers			1,788				(931	)			24,672				33,844
Foreign currency related transactions			(1	)			(17	)			(4	)			3
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			10,339				4,696				63,963				(39,735	)
Foreign currency related transactions			(2	)			17				(3	)			—	(2)
Net increase (decrease) in net assets resulting from operations			12,141				4,593				89,895				(2,527	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(900	)			(815	)			(6,500	)			(6,095	)
Advisor Shares											(7,058	)			(4,595	)
Institutional Shares			(92	)			(72	)			(10,777	)			(7,269	)
Total distributions to shareholders			(992	)			(887	)			(24,335	)			(17,959	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			4,538				(2,502	)			(8,629	)			(101,620	)
Total increase (decrease) in net assets			15,687				1,204				56,931				(122,106	)
Net assets, beginning of period			53,236				52,032				286,192				408,298
Net assets, end of period		$	68,923			$	53,236			$	343,123			$	286,192

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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
DEVELOPING WORLD FUND
Investor Shares
3/31/2021(5)	$	22.98		(0.15	)		4.01			3.86			—			(1.11	)		(1.11	)	$	25.73
9/30/2020	$	13.44		(0.17	)		9.71			9.54			—			—			—		$	22.98
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
Advisor Shares
3/31/2021(5)	$	23.13		(0.13	)		4.04			3.91			—			(1.11	)		(1.11	)	$	25.93
9/30/2020	$	13.51		(0.14	)		9.76			9.62			—			—			—		$	23.13
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
Institutional Shares
3/31/2021(5)	$	23.22		(0.12	)		4.06			3.94			—			(1.11	)		(1.11	)	$	26.05
9/30/2020	$	13.55		(0.13	)		9.80			9.67			—	(6)		—			—	(6)	$	23.22
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
FOCUS FUND
Investor Shares
3/31/2021(5)	$	18.34		(0.06	)		3.16			3.10			—			(0.66	)		(0.66	)	$	20.78
9/30/2020	$	15.63		(0.06	)		3.35			3.29			(0.04	)		(0.54	)		(0.58	)	$	18.34
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(8)	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
Advisor Shares
3/31/2021(5)	$	18.36		(0.04	)		3.15			3.11			—			(0.66	)		(0.66	)	$	20.81
9/30/2020	$	15.66		(0.04	)		3.35			3.31			(0.07	)		(0.54	)		(0.61	)	$	18.36
9/30/2019	$	14.39		0.01			1.71			1.72			—			(0.45	)		(0.45	)	$	15.66
9/30/2018(9)	$	13.82		—	(6)		0.57			0.57			—			—			—		$	14.39
Institutional Shares
3/31/2021(5)	$	18.37		(0.03	)		3.16			3.13			—			(0.66	)		(0.66	)	$	20.84
9/30/2020(10)	$	16.37		(0.01	)		2.01			2.00			—			—			—		$	18.37

Footnotes are presented on Pages 88-89

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)
DEVELOPING WORLD FUND
Investor Shares
3/31/2021(5)		16.96	%	$	804,779		1.26	%		n/a			(1.15	)%		76.07	%
9/30/2020		71.06	%	$	643,044		1.28	%		n/a			(0.96	)%		138.63	%
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	%
Advisor Shares
3/31/2021(5)		17.07	%	$	4,765,148		1.09	%		n/a			(0.98	)%		76.07	%
9/30/2020		71.28	%	$	3,513,504		1.13	%		n/a			(0.81	)%		138.63	%
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	%
Institutional Shares
3/31/2021(5)		17.14	%	$	3,106,185		1.00	%		n/a			(0.89	)%		76.07	%
9/30/2020		71.45	%	$	2,475,795		1.04	%		n/a			(0.72	)%		138.63	%
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	%
FOCUS FUND
Investor Shares
3/31/2021(5)		17.08	%	$	324,756		1.26	%		n/a			(0.59	)%		135.65	%
9/30/2020		21.76	%	$	262,246		1.30	%		n/a			(0.39	)%		285.25	%
9/30/2019		12.35	%	$	170,186		1.37	%		n/a			(0.07	)%		368.38	%
9/30/2018		34.31	%	$	79,673		1.51	%(7)		1.70	%(7)		(0.27	)%		355.37	%
9/30/2017(8)		18.00	%	$	15,293		1.52	%(7)		2.70	%(7)		(0.49	)%		170.19	%
Advisor Shares
3/31/2021(5)		17.12	%	$	1,109,254		1.11	%		n/a			(0.43	)%		135.65	%
9/30/2020		21.98	%	$	735,871		1.13	%		n/a			(0.26	)%		285.25	%
9/30/2019		12.49	%	$	521,293		1.17	%		n/a			0.04	%		368.38	%
9/30/2018(9)		4.12	%	$	38,135		1.40	%(7)		2.74	%(7)		0.16	%		355.37	%
Institutional Shares
3/31/2021(5)		17.16	%	$	547,304		1.02	%		n/a			(0.35	)%		135.65	%
9/30/2020(10)		12.28	%	$	437,948		1.04	%		n/a			(0.14	)%		285.25	%

Footnotes are presented on Pages 88-89

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
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2021(5)	$	18.40		(0.11	)		2.45		2.34		—			(0.40	)		(0.40	)	$	20.34
9/30/2020	$	13.39		(0.13	)		5.14		5.01		—			—			—		$	18.40
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(11)	$	10.00		(0.01	)		0.33		0.32		—			—			—		$	10.32
Advisor Shares
3/31/2021(5)	$	18.41		(0.11	)		2.46		2.35		—			(0.40	)		(0.40	)	$	20.36
9/30/2020(10)	$	14.96		(0.08	)		3.53		3.45		—			—			—		$	18.41
Institutional Shares
3/31/2021(5)	$	18.41		(0.08	)		2.45		2.37		—			(0.40	)		(0.40	)	$	20.38
9/30/2020(10)	$	14.96		(0.07	)		3.52		3.45		—			—			—		$	18.41
GLOBAL EQUITY FUND
Investor Shares
3/31/2021(5)	$	23.03		(0.08	)		2.87		2.79		—			(2.79	)		(2.79	)	$	23.03
9/30/2020	$	20.60		(0.05	)		4.26		4.21		—			(1.78	)		(1.78	)	$	23.03
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
Advisor Shares
3/31/2021(5)	$	23.04		(0.08	)		2.86		2.78		—			(2.79	)		(2.79	)	$	23.03
9/30/2020(12)	$	22.81		(0.02	)		0.25		0.23		—			—			—		$	23.04
Institutional Shares
3/31/2021(5)	$	23.21		(0.06	)		2.89		2.83		—			(2.79	)		(2.79	)	$	23.25
9/30/2020	$	20.71		(0.03	)		4.32		4.29		(0.01	)		(1.78	)		(1.79	)	$	23.21
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(13)	$	16.44		0.06			0.43		0.49		—			(0.35	)		(0.35	)	$	16.58

Footnotes are presented on Pages 88-89

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)
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2021(5)		12.79	%	$	56,805		1.37	%		n/a			(1.12	)%		28.05	%
9/30/2020		37.42	%	$	106,480		1.35	%		n/a			(0.89	)%		40.44	%
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(11)		3.20	%	$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%
Advisor Shares
3/31/2021(5)		12.84	%	$	18,428		1.30	%		1.48	%		(1.04	)%		28.05	%
9/30/2020(10)		23.06	%	$	19,698		1.30	%		1.74	%		(0.73	)%		40.44	%
Institutional Shares
3/31/2021(5)		12.95	%	$	201,494		1.10	%		n/a			(0.82	)%		28.05	%
9/30/2020(10)		23.06	%	$	84,267		1.20	%		n/a			(0.62	)%		40.44	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2021(5)		12.70	%	$	150,169		1.26	%		n/a			(0.68	)%		66.16	%
9/30/2020		21.90	%	$	134,498		1.26	%		n/a			(0.27	)%		137.93	%
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	%
Advisor Shares
3/31/2021(5)		12.64	%	$	14,960		1.25	%		1.69	%		(0.68	)%		66.16	%
9/30/2020(12)		1.01	%	$	13,092		1.25	%		2.51	%		(0.53	)%		137.93	%
Institutional Shares
3/31/2021(5)		12.78	%	$	162,094		1.07	%		n/a			(0.49	)%		66.16	%
9/30/2020		22.17	%	$	109,307		1.05	%		n/a			(0.12	)%		137.93	%
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(13)		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%

Footnotes are presented on Pages 88-89

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
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2021(5)	$	34.89		(0.08	)		2.91		2.83		—			(2.40	)		(2.40	)	$	35.32
9/30/2020	$	27.06		(0.06	)		9.80		9.74		—			(1.91	)		(1.91	)	$	34.89
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
Advisor Shares
3/31/2021(5)	$	35.10		(0.05	)		2.93		2.88		—			(2.40	)		(2.40	)	$	35.58
9/30/2020	$	27.21		(0.03	)		9.86		9.83		(0.03	)		(1.91	)		(1.94	)	$	35.10
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
Institutional Shares
3/31/2021(5)	$	35.47		(0.03	)		2.97		2.94		—			(2.40	)		(2.40	)	$	36.01
9/30/2020	$	27.47		—	(6)		9.96		9.96		(0.05	)		(1.91	)		(1.96	)	$	35.47
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

Footnotes are presented on Pages 88-89

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)
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2021(5)		8.33	%	$	1,423,753		1.14	%		n/a		(0.43	)%		27.97	%
9/30/2020		38.37	%	$	1,358,867		1.14	%		n/a		(0.23	)%		44.27	%
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	%
Advisor Shares
3/31/2021(5)		8.43	%	$	1,113,035		0.99	%		n/a		(0.28	)%		27.97	%
9/30/2020		38.52	%	$	957,127		1.01	%		n/a		(0.09	)%		44.27	%
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	%
Institutional Shares
3/31/2021(5)		8.51	%	$	2,575,922		0.89	%		n/a		(0.18	)%		27.97	%
9/30/2020		38.67	%	$	2,466,599		0.90	%		n/a		0.01	%		44.27	%
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	%

Footnotes are presented on Pages 88-89

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
GLOBAL VALUE FUND
Investor Shares
3/31/2021(5)	$	15.94		0.12		5.16			5.28			(0.01	)		—			(0.01	)	$	21.21
9/30/2020	$	17.12		0.07		(1.01	)		(0.94	)		(0.24	)		—			(0.24	)	$	15.94
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
Advisor Shares
3/31/2021(5)	$	15.91		0.13		5.16			5.29			(0.02	)		—			(0.02	)	$	21.18
9/30/2020	$	17.09		0.09		(1.01	)		(0.92	)		(0.26	)		—			(0.26	)	$	15.91
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
Institutional Shares
3/31/2021(5)	$	15.96		0.15		5.16			5.31			(0.04	)		—			(0.04	)	$	21.23
9/30/2020	$	17.14		0.11		(1.01	)		(0.90	)		(0.28	)		—			(0.28	)	$	15.96
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

Footnotes are presented on Pages 88-89

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)
GLOBAL VALUE FUND
Investor Shares
3/31/2021(5)		33.13	%	$	282,399		1.24	%		n/a		1.27	%		14.99	%
9/30/2020		(5.63	)%	$	242,744		1.26	%		n/a		0.42	%		37.09	%
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	%
Advisor Shares
3/31/2021(5)		33.24	%	$	309,218		1.09	%		n/a		1.43	%		14.99	%
9/30/2020		(5.48	)%	$	259,859		1.12	%		n/a		0.54	%		37.09	%
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	%
Institutional Shares
3/31/2021(5)		33.29	%	$	1,723,899		1.01	%		n/a		1.55	%		14.99	%
9/30/2020		(5.37	)%	$	1,321,157		1.02	%		n/a		0.67	%		37.09	%
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	%

Footnotes are presented on Pages 88-89

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
HIGH INCOME FUND
Investor Shares
3/31/2021(5)	$	9.53		0.29		0.67			0.96		(0.29	)		—			(0.29	)	$	10.20
9/30/2020	$	9.66		0.60		(0.13	)		0.47		(0.60	)		—			(0.60	)	$	9.53
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
Advisor Shares
3/31/2021(5)	$	9.53		0.30		0.66			0.96		(0.29	)		—			(0.29	)	$	10.20
9/30/2020	$	9.66		0.61		(0.13	)		0.48		(0.61	)		—			(0.61	)	$	9.53
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
Institutional Shares
3/31/2021(5)	$	9.53		0.31		0.66			0.97		(0.30	)		—			(0.30	)	$	10.20
9/30/2020	$	9.66		0.62		(0.13	)		0.49		(0.62	)		—			(0.62	)	$	9.53
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(14)	$	9.85		0.59		0.36			0.95		(0.59	)		(0.02	)		(0.61	)	$	10.19

Footnotes are presented on Pages 88-89

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)
HIGH INCOME FUND
Investor Shares
3/31/2021(5)		10.12	%		$	1,507,010		0.96	%		n/a		5.87	%		25.98	%
9/30/2020		5.14	%		$	1,149,422		0.96	%		n/a		6.43	%		71.78	%
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	%
Advisor Shares
3/31/2021(5)		10.21	%		$	2,919,367		0.79	%		n/a		6.04	%		25.98	%
9/30/2020		5.29	%		$	2,281,480		0.82	%		n/a		6.57	%		71.78	%
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	%
Institutional Shares
3/31/2021(5)		10.26	%		$	1,764,414		0.70	%		n/a		6.13	%		25.98	%
9/30/2020		5.40	%		$	1,385,864		0.72	%		n/a		6.67	%		71.78	%
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(14)		9.94	%		$	262,369		0.78	%		n/a		5.94	%		92.44	%

Footnotes are presented on Pages 88-89

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
INTERNATIONAL FUND
Investor Shares
3/31/2021(5)	$	32.86		(0.06	)		3.03		2.97		(0.08	)		(1.04	)		(1.12	)	$	34.71
9/30/2020	$	32.52		0.08			2.00		2.08		(0.30	)		(1.44	)		(1.74	)	$	32.86
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
Advisor Shares
3/31/2021(5)	$	32.80		(0.04	)		3.02		2.98		(0.13	)		(1.04	)		(1.17	)	$	34.61
9/30/2020	$	32.46		0.15			1.98		2.13		(0.35	)		(1.44	)		(1.79	)	$	32.80
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
Institutional Shares
3/31/2021(5)	$	33.08		(0.02	)		3.04		3.02		(0.16	)		(1.04	)		(1.20	)	$	34.90
9/30/2020	$	32.72		0.17			2.01		2.18		(0.38	)		(1.44	)		(1.82	)	$	33.08
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

Footnotes are presented on Pages 88-89

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)
INTERNATIONAL FUND
Investor Shares
3/31/2021(5)		9.18	%	$	3,129,312		1.18	%		n/a		(0.37	)%		46.16	%
9/30/2020		6.52	%	$	3,142,072		1.19	%		n/a		0.27	%		53.82	%
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	%
Advisor Shares
3/31/2021(5)		9.22	%	$	1,826,355		1.04	%		n/a		(0.23	)%		46.16	%
9/30/2020		6.71	%	$	1,799,962		1.04	%		n/a		0.48	%		53.82	%
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	%
Institutional Shares
3/31/2021(5)		9.30	%	$	4,767,020		0.95	%		n/a		(0.14	)%		46.16	%
9/30/2020		6.80	%	$	4,718,706		0.96	%		n/a		0.55	%		53.82	%
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	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 75

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 SMALL-MID FUND
Investor Shares
3/31/2021(5)	$	17.33		(0.07	)		2.87			2.80			(0.11	)		—			(0.11	)	$	20.02
9/30/2020	$	13.61		0.16			3.58			3.74			(0.02	)		—			(0.02	)	$	17.33
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
Advisor Shares
3/31/2021(5)	$	17.35		(0.05	)		2.87			2.82			(0.13	)		—			(0.13	)	$	20.04
9/30/2020	$	13.62		0.20			3.57			3.77			(0.04	)		—			(0.04	)	$	17.35
9/30/2019(15)	$	11.91		0.01			1.70			1.71			—			—			—		$	13.62
Institutional Shares
3/31/2021(5)	$	17.54		(0.04	)		2.90			2.86			(0.14	)		—			(0.14	)	$	20.26
9/30/2020	$	13.76		0.23			3.59			3.82			(0.04	)		—			(0.04	)	$	17.54
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(16)	$	22.54		0.04			0.60			0.64			—			—			—		$	23.18

Footnotes are presented on Pages 88-89

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

76 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 SMALL-MID FUND
Investor Shares
3/31/2021(5)		16.20	%	$	504,458		1.31	%		n/a		(0.71	)%		13.30	%
9/30/2020		27.52	%	$	400,490		1.33	%		n/a		1.06	%		27.84	%
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	%
Advisor Shares
3/31/2021(5)		16.29	%	$	1,758,608		1.14	%		n/a		(0.54	)%		13.30	%
9/30/2020		27.70	%	$	1,223,773		1.18	%		n/a		1.32	%		27.84	%
9/30/2019(15)		14.36	%	$	434,784		1.25	%		n/a		0.13	%		55.98	%
Institutional Shares
3/31/2021(5)		16.35	%	$	3,331,315		1.05	%		n/a		(0.44	)%		13.30	%
9/30/2020		27.85	%	$	1,836,163		1.09	%		n/a		1.49	%		27.84	%
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(16)		2.84	%	$	209,536		1.37	%		n/a		0.41	%		69.82	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 77

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
3/31/2021(5)	$	32.94		0.27		10.20			10.47			(0.09	)		(0.25	)		(0.34	)	$	43.07
9/30/2020	$	34.87		0.19		(1.06	)		(0.87	)		(0.23	)		(0.83	)		(1.06	)	$	32.94
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
Advisor Shares
3/31/2021(5)	$	32.90		0.29		10.18			10.47			(0.11	)		(0.25	)		(0.36	)	$	43.01
9/30/2020	$	34.81		0.27		(1.09	)		(0.82	)		(0.26	)		(0.83	)		(1.09	)	$	32.90
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
Institutional Shares
3/31/2021(5)	$	33.06		0.33		10.21			10.54			(0.14	)		(0.25	)		(0.39	)	$	43.21
9/30/2020	$	34.96		0.28		(1.08	)		(0.80	)		(0.27	)		(0.83	)		(1.10	)	$	33.06
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

Footnotes are presented on Pages 88-89

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

78 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
3/31/2021(5)		31.94	%	$	2,586,561		1.18	%		n/a		1.37	%		27.05	%
9/30/2020		(2.71	)%	$	1,983,618		1.19	%		n/a		0.57	%		28.06	%
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	%
Advisor Shares
3/31/2021(5)		32.01	%	$	4,711,577		1.03	%		n/a		1.52	%		27.05	%
9/30/2020		(2.56	)%	$	3,645,568		1.05	%		n/a		0.81	%		28.06	%
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	%
Institutional Shares
3/31/2021(5)		32.08	%	$	12,015,137		0.95	%		n/a		1.67	%		27.05	%
9/30/2020		(2.48	)%	$	7,944,724		0.96	%		n/a		0.85	%		28.06	%
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	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 79

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 FUND
Investor Shares
3/31/2021(5)	$	47.75		(0.23	)		6.47		6.24		—		(7.18	)		(7.18	)	$	46.81
9/30/2020	$	37.16		(0.31	)		15.43		15.12		—		(4.53	)		(4.53	)	$	47.75
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
Advisor Shares
3/31/2021(5)	$	48.33		(0.20	)		6.56		6.36		—		(7.18	)		(7.18	)	$	47.51
9/30/2020	$	37.52		(0.27	)		15.61		15.34		—		(4.53	)		(4.53	)	$	48.33
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
Institutional Shares
3/31/2021(5)	$	54.25		(0.20	)		7.42		7.22		—		(7.18	)		(7.18	)	$	54.29
9/30/2020	$	41.54		(0.26	)		17.50		17.24		—		(4.53	)		(4.53	)	$	54.25
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

Footnotes are presented on Pages 88-89

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

80 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 FUND
Investor Shares
3/31/2021(5)		14.07	%	$	2,357,331		1.18	%		n/a		(0.94	)%		26.43	%
9/30/2020		45.66	%	$	2,106,948		1.18	%		n/a		(0.81	)%		44.52	%
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	%
Advisor Shares
3/31/2021(5)		14.16	%	$	820,957		1.05	%		n/a		(0.81	)%		26.43	%
9/30/2020		45.83	%	$	667,057		1.05	%		n/a		(0.68	)%		44.52	%
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	%
Institutional Shares
3/31/2021(5)		14.20	%	$	4,165,856		0.95	%		n/a		(0.70	)%		26.43	%
9/30/2020		45.98	%	$	4,015,667		0.95	%		n/a		(0.59	)%		44.52	%
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	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 81

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
3/31/2021(5)	$	16.26		0.08			6.48			6.56			(0.09	)		(0.27	)		(0.36	)	$	22.46
9/30/2020	$	19.81		0.15			(1.71	)		(1.56	)		(0.12	)		(1.87	)		(1.99	)	$	16.26
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
Advisor Shares
3/31/2021(5)	$	16.23		0.10			6.45			6.55			(0.12	)		(0.27	)		(0.39	)	$	22.39
9/30/2020	$	19.77		0.17			(1.70	)		(1.53	)		(0.14	)		(1.87	)		(2.01	)	$	16.23
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
Institutional Shares
3/31/2021(5)	$	16.24		0.11			6.45			6.56			(0.13	)		(0.27	)		(0.40	)	$	22.40
9/30/2020	$	19.80		0.18			(1.71	)		(1.53	)		(0.16	)		(1.87	)		(2.03	)	$	16.24
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
SELECT EQUITY FUND
Investor Shares
3/31/2021(5)	$	10.17		0.02			2.99			3.01			—			—			—		$	13.18
9/30/2020(17)	$	10.00		—	(6)		0.17			0.17			—			—			—		$	10.17
Advisor Shares
3/31/2021(5)	$	10.18		0.03			2.98			3.01			—			—			—		$	13.19
9/30/2020(17)	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18
Institutional Shares
3/31/2021(5)	$	10.18		0.03			2.99			3.02			(0.06	)		—			(0.06	)	$	13.14
9/30/2020(17)	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18

Footnotes are presented on Pages 88-89

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

82 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
3/31/2021(5)		40.80	%	$	695,279		1.20	%		n/a			0.87	%		12.91	%
9/30/2020		(8.93	)%	$	541,320		1.21	%		n/a			0.90	%		43.12	%
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	%
Advisor Shares
3/31/2021(5)		40.84	%	$	620,625		1.05	%		n/a			1.02	%		12.91	%
9/30/2020		(8.76	)%	$	518,198		1.06	%		n/a			1.02	%		43.12	%
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	%
Institutional Shares
3/31/2021(5)		40.89	%	$	795,533		0.99	%		n/a			1.08	%		12.91	%
9/30/2020		(8.76	)%	$	619,243		1.00	%		n/a			1.08	%		43.12	%
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	%
SELECT EQUITY FUND
Investor Shares
3/31/2021(5)		29.60	%	$	2,729		1.25	%		6.54	%		0.35	%		9.14	%
9/30/2020(17)		1.70	%	$	983		1.25	%		17.96	%		0.03	%		26.96	%
Advisor Shares
3/31/2021(5)		29.57	%	$	1,071		1.15	%		6.70	%		0.45	%		9.14	%
9/30/2020(17)		1.80	%	$	778		1.15	%		9.66	%		0.15	%		26.96	%
Institutional Shares
3/31/2021(5)		29.74	%	$	17,061		1.10	%		1.44	%		0.50	%		9.14	%
9/30/2020(17)		1.80	%	$	11,266		1.10	%		2.36	%		0.20	%		26.96	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 83

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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
SMALL CAP FUND
Investor Shares
3/31/2021(5)	$	42.80		(0.26	)		8.98			8.72			—			(2.70	)		(2.70	)	$	48.82
9/30/2020	$	33.17		(0.38	)		12.66			12.28			—			(2.65	)		(2.65	)	$	42.80
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
Advisor Shares
3/31/2021(5)	$	43.03		(0.23	)		9.03			8.80			—			(2.70	)		(2.70	)	$	49.13
9/30/2020	$	33.30		(0.34	)		12.72			12.38			—			(2.65	)		(2.65	)	$	43.03
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(18)	$	29.23		(0.18	)		4.58			4.40			—			—			—		$	33.63
Institutional Shares
3/31/2021(5)	$	43.82		(0.20	)		9.19			8.99			—			(2.70	)		(2.70	)	$	50.11
9/30/2020	$	33.83		(0.31	)		12.95			12.64			—			(2.65	)		(2.65	)	$	43.82
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
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2021(5)	$	16.39		—	(6)		3.73			3.73			(0.32	)		—			(0.32	)	$	19.80
9/30/2020	$	15.22		0.24			1.20			1.44			(0.27	)		—			(0.27	)	$	16.39
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(19)	$	9.90		0.19			2.66			2.85			—			—			—		$	12.75
Institutional Shares
3/31/2021(5)	$	16.56		0.02			3.76			3.78			(0.25	)		—			(0.25	)	$	20.09
9/30/2020	$	15.25		0.27			1.21			1.48			(0.17	)		—			(0.17	)	$	16.56
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(19)	$	9.83		0.03			2.79			2.82			—			—			—		$	12.65

Footnotes are presented on Pages 88-89

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

84 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
3/31/2021(5)		20.69	%	$	1,187,918		1.19	%		n/a			(1.02	)%		22.03	%
9/30/2020		39.51	%	$	896,297		1.20	%		n/a			(1.05	)%		40.59	%
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	%
Advisor Shares
3/31/2021(5)		20.79	%	$	1,326,380		1.07	%		n/a			(0.90	)%		22.03	%
9/30/2020		39.66	%	$	999,213		1.08	%		n/a			(0.94	)%		40.59	%
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(18)		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
3/31/2021(5)		20.86	%	$	1,550,167		0.96	%		n/a			(0.78	)%		22.03	%
9/30/2020		39.82	%	$	1,106,482		0.99	%		n/a			(0.84	)%		40.59	%
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	%
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2021(5)		22.91	%	$	58,497		1.35	%		1.66	%		0.03	%		15.39	%
9/30/2020		9.58	%	$	46,541		1.35	%		1.73	%		1.59	%		21.57	%
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(19)		28.79	%	$	30,135		0.94	%		1.85	%		1.68	%		45.79	%
Institutional Shares
3/31/2021(5)		22.99	%	$	10,426		1.20	%		1.76	%		0.20	%		15.39	%
9/30/2020		9.73	%	$	6,695		1.20	%		2.29	%		1.72	%		21.57	%
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(19)		28.69	%	$	6,555		1.26	%		1.79	%		0.29	%		45.79	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 85

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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
VALUE FUND
Investor Shares
3/31/2021(5)	$	12.41		0.05		3.90			3.95			(0.06	)		(0.99	)		(1.05	)	$	15.31
9/30/2020	$	12.88		0.09		(0.02	)		0.07			(0.11	)		(0.43	)		(0.54	)	$	12.41
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
Advisor Shares
3/31/2021(5)	$	12.37		0.06		3.88			3.94			(0.09	)		(0.99	)		(1.08	)	$	15.23
9/30/2020	$	12.83		0.11		(0.02	)		0.09			(0.12	)		(0.43	)		(0.55	)	$	12.37
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
Institutional Shares
3/31/2021(5)	$	12.40		0.06		3.88			3.94			(0.10	)		(0.99	)		(1.09	)	$	15.25
9/30/2020	$	12.86		0.12		(0.02	)		0.10			(0.13	)		(0.43	)		(0.56	)	$	12.40
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

Footnotes are presented on Pages 88-89

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

86 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
VALUE FUND
Investor Shares
3/31/2021(5)		32.93	%	$	99,621		1.04	%		n/a			0.67	%		13.89	%
9/30/2020		0.35	%	$	78,717		1.08	%		n/a			0.73	%		39.07	%
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	%
Advisor Shares
3/31/2021(5)		32.97	%	$	100,412		0.88	%		0.96	%		0.83	%		13.89	%
9/30/2020		0.54	%	$	84,035		0.88	%		0.92	%		0.94	%		39.07	%
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	%
Institutional Shares
3/31/2021(5)		32.97	%	$	143,090		0.83	%		n/a			0.87	%		13.89	%
9/30/2020		0.64	%	$	123,440		0.82	%		n/a			1.02	%		39.07	%
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	%

Footnotes are presented on Pages 88-89

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

Artisan Partners Funds 87

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

* 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, 2021.

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

⁽⁷⁾  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)
FOCUS FUND
Investor Shares
9/30/2018		1.50%		1.69%
9/30/2017#		1.50%		2.69%
Advisor Shares
9/30/2018&		1.40%		2.74%

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

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

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

⁽⁸⁾  For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽⁹⁾  For the period from commencement of operations (July 31, 2018) through September 30, 2018.

⁽¹⁰⁾ For the period from commencement of operations (February 3, 2020) through September 30, 2020.

⁽¹¹⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽¹²⁾ For the period from commencement of operations (August 5, 2020) through September 30, 2020.

⁽¹³⁾ For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽¹⁴⁾ For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽¹⁵⁾ For the period from commencement of operations (December 5, 2018) through September 30, 2019.

⁽¹⁶⁾ For the period from commencement of operations (April 12, 2016) through September 30, 2016.

⁽¹⁷⁾ For the period from commencement of operations (February 28, 2020) through September 30, 2020.

⁽¹⁸⁾ For the period from commencement of operations (February 1, 2017) through September 30, 2017.

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

88 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

⁽¹⁹⁾ In the fiscal year ended September 30, 2016, Sustainable Emerging Markets Fund recognized a non-recurring reimbursement from the Fund’s former custodian of approximately $172,000 in connection with certain out-of-pocket expenses the custodian charged the Fund between 1998 and 2015. The reimbursement represented 0.5% of the Fund’s net assets of September 30, 2016. The impact of the reimbursement is as follows for the September 30, 2016 Net Investment Income per share, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets:

	Impact On 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		0.61%		(0.56	)%		(0.56	)%		0.56%
Institutional Shares		0.61%		(0.24	)%		(0.25	)%		0.24%

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

Artisan Partners Funds 89

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2021

(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, 2021, 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 Focus Fund (“Focus Fund”)	April 24, 2017	July 31, 2018	February 3, 2020
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	August 5, 2020	October 15, 2015
Artisan Global Opportunities Fund (“Global Opportunities Fund”)	September 22, 2008	April 1, 2015	July 26, 2011
Artisan Global Value Fund (“Global Value Fund”)	December 10, 2007	April 1, 2015	July 17, 2012
Artisan High Income Fund (“High Income Fund”)	March 19, 2014	March 19, 2014	October 3, 2016
Artisan International Fund (“International Fund”)	December 28, 1995	April 1, 2015	July 1, 1997
Artisan International Small-Mid Fund (“International Small-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 Value Fund (“Value Fund”)	March 27, 2006	April 1, 2015	July 26, 2011

During the reporting period, each Fund operated as an open-end, diversified mutual fund except Focus Fund, Select Equity Fund and Sustainable Emerging Markets Fund, which are open-end, non-diversified mutual funds. At a special meeting of shareholders of Sustainable Emerging Markets Fund held on November 10, 2020, shareholders approved a change in the sub-classification of Sustainable Emerging Markets Fund from “diversified” to “non-diversified” for purposes of Section 5(b) of the 1940 Act and the elimination of a related fundamental investment restriction, which took effect on November 12, 2020. See “Shareholder Meeting Results” for more information. The investment objective of each Fund (except Developing World Fund, Focus Fund and High Income Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. Focus Fund’s investment objective is to seek maximum 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.

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

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with 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 organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

(2) Summary of significant accounting policies:

The following is a summary of significant accounting policies of the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

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

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing

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auction price or other information, depending on exchange or market convention. Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security 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 of open-end investment companies were valued at the latest net asset value reported by the investment company. Equity securities acquired in private investments in public equity (“PIPEs”) are generally restricted as to resale and not freely tradeable by the Funds. The securities were generally valued at the common share market price adjusted by a percentage discount due to the restrictions when such securities are unregistered common shares or otherwise convertible into the publicly traded common shares (applying any applicable conversion factors).

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 valuation 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 valuation events using several tools. In fair valuing non-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.

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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.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2017 through 2020) and have concluded that, as of September 30, 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, 2021, 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, 2021, 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. Foreign taxes imposed on realized and unrealized gains was based on the Funds’ understanding of the applicable country’s tax rules and rates and, if applicable, 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

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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.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-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 no off-balance sheet risk associated with the equity-linked securities that the Funds typically purchase and, in those cases, 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.

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(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 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, 2021, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(j) When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when- issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will 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 Operations. As of March 31, 2021, High Income Fund had unfunded loan commitments in the amount of $5,780,000.

The Funds may make private investments in public equity securities. The Funds are contractually required to make investment commitments as part of the conditions for entering into these investments. During the period, International Small-Mid Fund and Small Cap Fund had unfunded commitments, which were recorded at market value. The Funds reserve against such contingent obligations by segregating liquid assets. As of March 31, 2021, Small Cap Fund had unfunded commitments in the amount of $15,000,000.

(l) Redemption Fees – 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 increasing paid-in capital. The Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short- term trading. The Fund waived the redemption fee for

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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.

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 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, 2021, no Funds engaged in short sales.

(n) Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Funds on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded, revised or canceled as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

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

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(3) Risks:

Like all mutual funds, the Funds take investment risks and it is possible for you to lose money by investing in a Fund. Investors in each Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. This section describes certain of the principal risks associated with investing in each Fund, but is not a complete list of every risk involved in investing in each Fund and the Fund may be exposed to additional risks not listed below. See the Funds’ prospectus and statement of additional information regarding the risks of investing in shares of the Funds. An investment in a Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

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, intervention and/or policies, 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 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, notwithstanding widespread COVID-19 vaccination efforts, ongoing material adverse effects across many, if not all, aspects of regional, national and global economies.

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.

Investment risks typically are greater in emerging and developing 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. The 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.

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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 value of a debt security may fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the investment. 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.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities in which a Fund invests may be rated below investment grade or 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.

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 secured loan. Uncollateralized (i.e., non-secured) loans are subject to

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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 certain loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation.

The London Interbank Offered Rate (“LIBOR”) is expected to cease to be available, or appropriate for use, by June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments (including, for example, loans that reference LIBOR) and may result in costs incurred in connection with closing out positions and entering into new trades. Regulators and market participants are working together to identify or develop a replacement rate. For instance, the US Federal Reserve based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace US dollar LIBOR. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate including but not limited to SOFR, may also adversely affect the Fund’s performance and/or NAV. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined and may vary depending on factors that include but are not limited to existing fallback or termination provisions in individual contracts.

As non-diversified funds, Focus Fund, Select Equity Fund, and Sustainable Emerging Markets 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.

(4) Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of 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

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• 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. PIPE investments are generally categorized as Level 3. 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, 2021 (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		$	3,885,585			$	-		$	-		$	3,885,585
Emerging Asia			3,990,716				-			-			3,990,716
Europe, Middle East & Africa			86,928				-			-			86,928
Latin America			648,981				-			-			648,981
Investment Companies			50,213				-			-			50,213
Total Investments		$	8,662,423			$	-		$	-		$	8,662,423
Focus
Common Stocks(1)		$	1,316,830			$	-		$	-		$	1,316,830
Options Purchased			276,742				-			-			276,742
Investment Companies			435,984				-			-			435,984
Total Investments			2,029,556				-			-			2,029,556
Foreign Currency Forward Contracts(2)			-				2,552			-			2,552
Written Option Contracts			(21,254	)									(21,254	)
Total		$	2,008,302			$	2,552		$	-		$	2,010,854

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Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Global Discovery
Common Stocks(1)
Americas		$	172,207		$	-		$	-		$	172,207
Emerging Markets			11,919			-			-			11,919
Europe			66,990			-			-			66,990
Pacific Basin			18,748			-			-			18,748
Investment Companies			4,639			-			-			4,639
Total Investments		$	274,503		$	-		$	-		$	274,503
Global Equity
Common Stocks and Equity-Linked Security(1)
Americas		$	145,231		$	-		$	-		$	145,231
Emerging Markets			30,743			-			-			30,743
Europe			115,108			1,700			-			116,808
Middle East			2,035			-			-			2,035
Pacific Basin			19,567			-			-			19,567
Investment Companies			8,898			-			-			8,898
Total Investments		$	321,582		$	1,700		$	-		$	323,282
Global Opportunities
Common Stocks(1)
Americas		$	2,827,729		$	-		$	-		$	2,827,729
Emerging Markets			181,785			-			-			181,785
Europe			1,498,850			-			-			1,498,850
Pacific Basin			502,642			-			-			502,642
Investment Companies			14,724			-			-			14,724
Total Investments		$	5,025,730		$	-		$	-		$	5,025,730
Global Value
Common Stocks(1)
Americas		$	1,205,916		$	-		$	-		$	1,205,916
Emerging Markets			159,614			-			-			159,614
Europe			811,232			-			-			811,232
Warrant
Europe			713			-			-			713
Investment Companies			120,209			-			-			120,209
Total Investments			2,297,684			-			-			2,297,684
High Income
Corporate Bonds(1)		$	-		$	3,984,864		$	-		$	3,984,864
Bank Loans(1)			-			1,798,862			-			1,798,862

Artisan Partners Funds 101

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Common Stocks(1)			-			47,606			-			47,606
Convertible Bonds(1)			-			6,384			-			6,384
Investment Companies			361,179			-			-			361,179
Total Investments			361,179			5,837,716			-			6,198,895
Futures(2)			13,662			-			-			13,662
Total		$	374,841		$	5,837,716		$	-		$	6,212,557
International
Common Stocks and Equity-Linked Security(1)
Americas		$	985,055		$	-		$	-		$	985,055
Emerging Markets			1,257,845			-			-			1,257,845
Europe			6,186,202			284,710			-			6,470,912
Middle East			282,637			-			-			282,637
Pacific Basin			682,313			-			-			682,313
Investment Companies			9,228			-			-			9,228
Total Investments		$	9,403,280		$	284,710		$	-		$	9,687,990
International Small-Mid
Common Stocks(1)
Americas		$	1,015,039		$	-		$	-		$	1,015,039
Emerging Markets			333,960			-			-			333,960
Europe			2,800,926			-			23,749			2,824,675
Middle East			382,558			-			-			382,558
Pacific Basin			924,123			-			-			924,123
Investment Companies			76,254			-			-			76,254
Total Investments		$	5,532,860		$	-		$	23,749		$	5,556,609
International Value
Common Stocks and Equity-Linked Security(1)
Americas		$	2,455,408		$	-		$	-		$	2,455,408
Emerging Markets			3,318,083			-			-			3,318,083
Europe			10,089,578			292,766			-			10,382,344
Pacific Basin			183,309.00			-			-			183,309
Warrant
Europe			5,352			-			-			5,352
Investment Companies			2,922,512			-			-			2,922,512
Total Investments			18,974,242			292,766			-			19,267,008
Foreign Currency Forward Contracts(2)			-			7,427			-			7,427
Total		$	18,974,242		$	300,193		$	-		$	19,274,435

102 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs				Total
Mid Cap
Common Stocks(1)		$	7,209,087		$	-		$	-			$	7,209,087
Investment Companies			130,300			-			-				130,300
Total Investments		$	7,339,387		$	-		$	-			$	7,339,387
Mid Cap Value
Common Stocks(1)		$	2,014,498		$	-		$	-			$	2,014,498
Investment Companies			88,674			-			-				88,674
Total Investments		$	2,103,172		$	-		$	-			$	2,103,172
Select Equity
Common Stocks(1)		$	19,790		$	-		$	-			$	19,790
Warrant			6.00			-			-				6
Investment Companies			1,045			-			-				1,045
Total Investments		$	20,841		$	-		$	-			$	20,841
Small Cap
Common Stocks(1)		$	4,006,573		$	-		$	14,905			$	4,021,478
Investment Companies			72,199			-			-				72,199
Total Investments		$	4,078,772		$	-		$	14,905			$	4,093,677
Sustainable Emerging Markets
Common Stocks(1)
Developed Markets		$	2,508		$	-		$	-	(3)		$	2,508
Emerging Asia			44,540			279			-				44,819
Europe, Middle East & Africa			9,737			-			-				9,737
Latin America			10,636			-			-				10,636
Investment Companies			1,137			-			-				1,137
Total Investments		$	68,558		$	279		$	-	(3)		$	68,837
Value
Common Stocks(1)		$	334,470		$	-		$	-			$	334,470
Investment Companies			8,322			-			-				8,322
Total Investments		$	342,792		$	-		$	-			$	342,792
(1)See the Fund’s Schedule of Investments for industry or country classifications. (2)Foreign currency forward contracts are valued at unrealized appreciation (depreciation). Amounts shown above are shown as net unrealized appreciation (depreciation). See the Fund’s Schedule of Investments for additional detail. (3)Valued at $0.

Artisan Partners Funds 103

NOTES TO FINANCIAL STATEMENTS

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

Assets	Fair Value at March 31, 2021				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
High Income Fund
Preferred Stock		$	-	(1)	100% discount for lack of expected recovery	N/A
International Small-Mid Fund
Common Stock		$	23,749		Discount for lack of marketability (range of 6.45%-10.00%, weighted average of 8.23%)	Decrease
Small Cap Fund
Common Stock		$	14,905		Discount for lack of marketability (range of 3.27%-11.50%, weighted average of 6.33%)	Decrease
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, 2021, 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				International Small-Mid Fund			Small Cap Fund				Sustainable Emerging Markets Fund
Balance as of September 30, 2020		$	-	(1)		$	-		$	-			$	-	(1)
Transfers into Level 3			-				-			-				-
Net change in unrealized appreciation (depreciation)			957				1,999			(95	)			-
Purchases			-				21,750			15,000				-
Sales			-				-			-				-
Accrued Amortization			-				-			-				-
Realized Gain/(Loss)			(957	)			-			-				-
Transfers out of Level 3			-				-			-				-
Balance as of March 31, 2021		$	-	(1)		$	23,749		$	14,905			$	-	(1)
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2021		$	-			$	1,999		$	(95	)		$	-
(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

104 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 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 of the Funds, 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, 2021 (in thousands):

	Six Months Ended 3/31/2021
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Developing World Fund - Investor Shares		$	27		$	937		$	964
Artisan Developing World Fund - Advisor Shares			23			1,966			1,989
Artisan Developing World Fund - Institutional Shares			19			-			19
Artisan Focus Fund - Investor Shares			22			344			366
Artisan Focus Fund - Advisor Shares			16			421			437
Artisan Focus Fund - Institutional Shares			15			-			15
Artisan Global Discovery Fund - Investor Shares			17			78			95
Artisan Global Discovery Fund - Advisor Shares			14			13			27
Artisan Global Discovery Fund - Institutional Shares			14			-			14
Artisan Global Equity Fund - Investor Shares			20			157			177
Artisan Global Equity Fund - Advisor Shares			12			6			18
Artisan Global Equity Fund - Institutional Shares			14			-			14
Artisan Global Opportunities Fund - Investor Shares			37			1,722			1,759
Artisan Global Opportunities Fund - Advisor Shares			17			509			526
Artisan Global Opportunities Fund - Institutional Shares			18			-			18
Artisan Global Value Fund - Investor Shares			27			253			280
Artisan Global Value Fund - Advisor Shares			16			86			102
Artisan Global Value Fund - Institutional Shares			17			-			17
Artisan High Income Fund - Investor Shares			21			1,693			1,714
Artisan High Income Fund - Advisor Shares			26			1,196			1,222

Artisan Partners Funds 105

NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2021
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan High Income Fund - Institutional Shares		$	23		$	-			$	23
Artisan International Fund - Investor Shares			118			3,554				3,672
Artisan International Fund - Advisor Shares			18			775				793
Artisan International Fund - Institutional Shares			24			-				24
Artisan International Small-Mid Fund - Investor Shares			28			520				548
Artisan International Small-Mid Fund - Advisor Shares			17			723				740
Artisan International Small-Mid Fund - Institutional Shares			19			-				19
Artisan International Value Fund - Investor Shares			50			2,652				2,702
Artisan International Value Fund - Advisor Shares			22			1,581				1,603
Artisan International Value Fund - Institutional Shares			25			-				25
Artisan Mid Cap Fund - Investor Shares			63			2,699				2,762
Artisan Mid Cap Fund - Advisor Shares			17			349				366
Artisan Mid Cap Fund - Institutional Shares			26			-				26
Artisan Mid Cap Value Fund - Investor Shares			55			609				664
Artisan Mid Cap Value Fund - Advisor Shares			18			148				166
Artisan Mid Cap Value Fund - Institutional Shares			16			-				16
Artisan Select Equity Fund - Investor Shares			14			8				22
Artisan Select Equity Fund - Advisor Shares			14			-	(1)			14
Artisan Select Equity Fund - Institutional Shares			14			-				14
Artisan Small Cap Fund - Investor Shares			54			1,270				1,324
Artisan Small Cap Fund - Advisor Shares			17			590				607
Artisan Small Cap Fund - Institutional Shares			17			-				17
Artisan Sustainable Emerging Markets Fund - Investor Shares			16			66				82
Artisan Sustainable Emerging Markets Fund - Institutional Shares			14			-				14
Artisan Value Fund - Investor Shares			23			65				88
Artisan Value Fund - Advisor Shares			15			41				56
Artisan Value Fund - Institutional Shares			15			-				15
(1)Amount rounds to less than $1.

(6) Derivative Transactions:

Each 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.

106 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Foreign Currency Forward Contracts

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

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. 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. Focus Fund, Global Value Fund, High Income Fund and International Value Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2021.

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

Each 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, 2021.

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 be marked-to-market on a daily basis.

Options Transactions

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

Artisan Partners Funds 107

NOTES TO FINANCIAL STATEMENTS

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

If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If 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, 2021, Focus 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, 2021 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statements of Assets and Liabilities Location	Value
Focus	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	2,554
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(2	)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	276,742
	Equity	Written options contracts	Written options, at value		$	(21,254	)
High Income	Interest rate	Futures contracts	Due from broker		$	4,529
			Receivable for variation margin on futures contracts(1)			654
International Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	7,427

⁽¹⁾ Receivable is the daily change in the margin requirement. As of March 31, 2021, total net unrealized appreciation was $13,662.

108 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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, 2021 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Net Unrealized Appreciation (Depreciation)
Focus	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	307		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	1,558
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	30,993		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	55,133
	Equity	Written options contracts	Net realized loss on written options		$	(7,475	)	Net increase in unrealized appreciation or depreciation on written options		$	1,139
Global Value	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(3,193	)	Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	2,416
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	6,749		Net increase in unrealized appreciation or depreciation on futures contracts		$	14,324
	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(113	)	Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(142	)
International Value	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(66,786	)	Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	40,981

The average monthly amount outstanding for each derivative type for the period ended March 31, 2021 was as follows (dollar value in thousands):

Fund	Derivative Type	Average Monthly Notional Amount
Focus	Foreign currency forward contracts		$	49,704
	Purchased options contracts		$	263,675
	Written options contracts		$	22,044
Global Value	Foreign currency forward contracts		$	11,247
High Income	Foreign currency forward contracts		$	7,825
	Futures contracts		$	315,305
International Value	Foreign currency forward contracts		$	745,077

Artisan Partners Funds 109

NOTES TO FINANCIAL STATEMENTS

Master Netting Agreements

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

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts as of March 31, 2021:

	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)
Focus	JPMorgan Chase Bank, N.A.		$	2,554		$	(2	)		$	-		$	2,552
International Value	JPMorgan Chase Bank, N.A.			7,427			-				-			7,427
	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)
Focus	JPMorgan Chase Bank, N.A.		$	2		$	(2	)		$	-		$	-

(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, 2021. 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

110 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 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

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

Artisan Partners Funds 111

NOTES TO FINANCIAL STATEMENTS

International Small-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

Focus Fund and Sustainable Emerging Markets Fund

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

Value Fund

Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

(b) Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, 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

112 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

indicated below. These contractual limits continue through the date shown on the table below at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended March 31, 2021 (dollar values in thousands).

For the period ended March 31, 2021, Select Equity Fund incurred operating expenses of approximately $51,000 that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at March 31, 2021.

Fund	Expense Limit as a % of Average Daily Net Assets			Contractual Expense Limit Continues Through	Expenses Waived
Artisan Focus Fund - Investor Shares		1.50	%	January 31, 2021(1)		$	-
Artisan Focus Fund - Advisor Shares		1.40	%	January 31, 2021(1)			-
Artisan Focus Fund - Institutional Shares		1.40	%	January 31, 2021(1)			-
Artisan Global Discovery Fund - Investor Shares		1.40	%	January 31, 2022			19
Artisan Global Discovery Fund - Advisor Shares		1.30	%	January 31, 2022			-
Artisan Global Discovery Fund - Institutional Shares		1.25	%	January 31, 2022			-
Artisan Global Equity Fund - Investor Shares		1.35	%	January 31, 2022			-
Artisan Global Equity Fund - Advisor Shares		1.25	%	January 31, 2022			32
Artisan Select Equity Fund - Investor Shares		1.25	%	January 31, 2022			34
Artisan Select Equity Fund - Advisor Shares		1.15	%	January 31, 2022			25
Artisan Select Equity Fund - Institutional Shares		1.10	%	January 31, 2022			23
Artisan Sustainable Emerging Markets Fund - Investor Shares		1.35	%	January 31, 2022			84
Artisan Sustainable Emerging Markets Fund - Institutional Shares		1.20	%	January 31, 2022			26
Artisan Value Fund - Advisor Shares		0.88	%	January 31, 2022			37
(1)Expense cap expired on February 1, 2021

(c) Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the period ended March 31, 2021, 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 prior to January 1, 2021 and $290,000 thereafter.

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

Artisan Partners Funds 113

NOTES TO FINANCIAL STATEMENTS

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.

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

(8) Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 9, 2021. 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 0.20% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.25%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.25% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.25%. The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the period ended March 31, 2021, there were borrowings under the line of credit for the Developing World Fund and Global Equity Fund which had average borrowings of $9,450,000 and $2,116,667, respectively, with corresponding borrowing rates of 1.40% and

114 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

1.39%, 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, 2021.

(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, 2021 were as follows (in thousands):

Fund	Security Purchases			Security Sales
Developing World		$	7,015,610		$	5,992,514
Focus			1,839,031			1,851,273
Global Discovery			104,899			69,719
Global Equity			217,591			186,806
Global Opportunities			1,364,161			1,396,385
Global Value			291,397			426,676
High Income			2,204,560			1,379,470
International			4,423,432			4,968,603
International Small-Mid			2,142,044			610,217
International Value			3,910,611			4,112,232
Mid Cap			1,891,867			2,323,360
Mid Cap Value			235,385			511,222
Select Equity			4,921			1,180
Small Cap			1,251,423			806,922
Sustainable Emerging Markets			12,219			9,487
Value			41,878			69,092

(10) Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended March 31, 2021 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the period ended March 31, 2021.

Artisan Partners Funds 115

NOTES TO FINANCIAL STATEMENTS

Transactions in securities of affiliates:

		As of 09/30/2020												Net Realized Gain (Loss)			Net Increase (Decrease) in Unrealized Appreciation or Depreciation				As of 03/31/2021
Funds	Security	Shares Balance		Value			Purchases at Cost			Proceeds from Sales											Share Balance		Value			Dividend Income@
International Small-Mid Fund
	AIXTRON SE*†‡		4,264		$	51,485		$	22,263		$	(17,256	)		$	4,887		$	54,109			5,083		$	115,488		$	-
	Carenet, Inc.‡		-			-			31,710			-				-			2,201			777			33,911			21
	Intersect ENT, Inc*‡		1,256			20,484			27,792			-				-			5,330			2,567			53,606			-
	Model N, Inc.*‡		979			34,539			33,861			-				-			(1,408	)		1,902			66,992			-
	Raccoon Holdings, Inc.		1,361			27,433			13,835			-				-			9,613			2,084			50,881			103
	Temairazu, Inc.‡		271			14,479			4,164			-				-			(1,948	)		350			16,695			38
	ViewRay, Inc.*‡		6,024			21,083			12,838			-				-			7,007			9,409			40,928			-
	Total#				$	169,503		$	146,463		$	(17,256	)		$	4,887		$	74,904					$	263,013		$	162
International Value Fund
	Arch Capital Group Ltd.*‡		17,661		$	516,594		$	135,869		$	(3,521	)		$	3,040		$	168,224			21,376		$	820,206		$	-
	Total				$	516,594		$	135,869		$	(3,521	)		$	3,040		$	168,224					$	820,206		$	-
Small Cap Fund
	Vapotherm, Inc.*‡		934		$	27,091		$	12,811		$	-			$	-		$	(6,767	)		1,379			33,135		$	-
	Total				$	27,091		$	12,811		$	-			$	-		$	(6,767	)					33,135		$	-

^@ Net of foreign taxes withheld, if any.

^†  Issuer was not an affiliate as of March 31, 2021.

^‡  Issuer was not an affiliate as of September 30, 2020.

* Non-income producing security.

^#  Total value as of March 31, 2021 is presented only for those issuers that were affiliates as of March 31, 2021.

(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, 2021 was as follows (in thousands):

Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation) on Investments
Developing World		$	4,082,836		$	2,567,856		$	-			$	2,567,856
Focus			1,168,014			274,488			(13,350	)			261,138
Global Discovery			147,107			64,155			(883	)			63,272
Global Equity			193,030			64,972			(2,174	)			62,798
Global Opportunities			3,154,328			1,650,107			(24,284	)			1,625,823
Global Value			1,668,185			305,278			(149,982	)			155,296
High Income			4,660,845			234,743			(142,665	)			92,078

116 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation) on Investments
International		$	6,885,807		$	2,871,979		$	(94,229	)		$	2,777,750
International Small-Mid			2,741,410			804,206			(83,346	)			720,860
International Value			12,387,610			2,806,123			(1,677,296	)			1,128,827
Mid Cap			4,034,915			2,800,744			(37,101	)			2,763,643
Mid Cap Value			1,213,908			496,471			(27,160	)			469,311
Select Equity			12,249			1,263			(400	)			863
Small Cap			1,917,525			1,163,501			(55,563	)			1,107,938
Sustainable Emerging Markets			44,335			19,900			(11,013	)			8,887
Value			220,355			72,660			(6,883	)			65,777

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, 2021.

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

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2021 and the year ended September 30, 2020 were as follows (in thousands):

	Six Months Ended 3/31/2021						Year Ended 9/30/2020
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	-		$	323,664		$	56		$	-
Focus			-			53,368			28,707			-
Global Discovery			-			4,864			-			-
Global Equity			-			31,353			774			21,196
Global Opportunities			-			323,361			3,683			238,177
Global Value			3,458			-			48,126			-
High Income(a)			162,551			-			257,076			-
International			36,554			299,749			108,905			457,268
International Small-Mid			32,045			-			3,605			-
International Value			51,691			101,470			105,941			337,677
Mid Cap			-			941,843			-			569,399
Mid Cap Value			11,415			26,961			18,012			203,830

Artisan Partners Funds 117

NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2021						Year Ended 9/30/2020
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Select Equity		$	67		$	-		$	-		$	-
Small Cap			-			193,038			-			145,608
Sustainable Emerging Markets			992			-			887			-
Value			1,975			22,360			5,833			12,126

^(a) Included in High Income Fund’s Ordinary Income Dividends for the year ended 9/30/20 is a tax return of capital in the amount of $250 (in thousands).

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

Gains on redemptions in-kind for International Fund and International Value Fund of approximately $26,225,000 and $24,095,000, respectively, were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2021, 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 and utilization of earnings, non-deductible offering costs 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, 2020. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2020.

118 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Additional tax information as of and for the year ended September 30, 2020 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		$	129,936		$	170,317		$	-		$	-			$	(135	)
Focus			50,164			-			-			-				(31,728	)
Global Discovery			2,779			627			-			-				(7	)
Global Equity			12,705			14,567			-			-				(16	)
Global Opportunities			124,967			194,190			-			-				(174	)
Global Value			1,409			-			-			-				(169	)
High Income			-			-			-			(229	)			(4,022	)
International			36,542			222,038			-			-				(768	)
International Small-Mid			31,800			-			-			-				(61	)
International Value			51,680			-			20,634			-				(817	)
Mid Cap			62,641			583,261			-			-				(380	)
Mid Cap Value			6,311			26,412			-			-				(211	)
Select Equity			66			-			-			-				(1	)
Small Cap			-			193,033			-			14,961				(101	)
Sustainable Emerging Markets			992			-			-			-				(10	)
Value			1,460			22,186			-			-				(35	)

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

As of September 30, 2020, 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
Global Value			21,879			-			-
High Income			-			109,016			-
International Small-Mid			30,991			8,338			-
Select Equity			222			-			-
Sustainable Emerging Martkets			6,273			128,550			-

Artisan Partners Funds 119

NOTES TO FINANCIAL STATEMENTS

(12) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		11,959,162			$	317,991			21,495,815			$	372,378
Advisor Shares		51,661,287				1,383,240			89,357,615				1,520,568
Institutional Shares		18,795,077				506,146			63,307,872				1,100,922
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,144,414				28,164			-				-
Advisor Shares		6,563,174				162,701			-				-
Institutional Shares		3,125,063				77,783			2,228				32
Cost of shares redeemed
Investor Shares		(9,804,084	)			(252,670	)		(12,515,600	)			(209,752	)
Advisor Shares		(26,314,362	)			(698,527	)		(54,873,444	)			(960,015	)
Institutional Shares		(9,265,484	)			(241,640	)		(17,300,238	)			(291,850	)
Net increase (decrease) from fund share transactions
Investor Shares		3,299,492				93,485			8,980,215				162,626
Advisor Shares		31,910,099				847,414			34,484,171				560,553
Institutional Shares		12,654,656				342,289			46,009,862				809,104
	FOCUS
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,573,177			$	91,660			7,785,951			$	123,437
Advisor Shares		15,338,218				310,746			30,498,391				476,768
Institutional Shares(1)		2,640,271				53,786			24,736,531				401,316
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		469,765				9,245			446,570				6,931
Advisor Shares		1,300,655				25,636			1,004,649				15,582
Institutional Shares(1)		176,767				3,488			-				-
Cost of shares redeemed
Investor Shares		(3,711,364	)			(75,408	)		(4,818,560	)			(74,379	)
Advisor Shares		(3,428,396	)			(69,258	)		(24,711,960	)			(406,737	)
Institutional Shares(1)		(391,810	)			(7,896	)		(902,215	)			(14,476	)
Net increase (decrease) from fund share transactions
Investor Shares		1,331,578				25,497			3,413,961				55,989
Advisor Shares		13,210,477				267,124			6,791,080				85,613
Institutional Shares(1)		2,425,228				49,378			23,834,316				386,840

Footnotes are presented on Page 127.

120 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	GLOBAL DISCOVERY
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		557,848			$	11,444			2,665,655			$	37,879
Advisor Shares(1)		171,432				3,442			1,127,624				16,053
Institutional Shares(1)		5,222,193				102,505			4,679,259				71,361
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		58,724				1,141			-				-
Advisor Shares(1)		21,563				419			-				-
Institutional Shares(1)		169,415				3,295			-				-
Cost of shares redeemed
Investor Shares		(3,610,813	)			(70,278	)		(4,896,419	)			(72,479	)
Advisor Shares(1)		(357,796	)			(7,163	)		(57,546	)			(906	)
Institutional Shares(1)		(82,563	)			(1,602	)		(103,117	)			(1,330	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,994,241	)			(57,693	)		(2,230,764	)			(34,600	)
Advisor Shares(1)		(164,801	)			(3,302	)		1,070,078				15,147
Institutional Shares(1)		5,309,045				104,198			4,576,142				70,031
	GLOBAL EQUITY
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		649,854			$	15,536			1,641,661			$	32,053
Advisor Shares(2)		52,761				1,231			568,879				13,058
Institutional Shares		2,372,290				56,030			3,359,592				64,387
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		732,806				16,107			519,668				10,232
Advisor Shares(2)		71,608				1,575			-				-
Institutional Shares		564,180				12,514			589,702				11,682
Cost of shares redeemed
Investor Shares		(700,352	)			(16,099	)		(2,095,955	)			(43,688	)
Advisor Shares(2)		(43,166	)			(999	)		(533	)			(12	)
Institutional Shares		(674,049	)			(15,320	)		(5,808,916	)			(115,111	)
Net increase from fund share transactions
Investor Shares		682,308				15,544			65,374				(1,403	)
Advisor Shares(2)		81,203				1,807			568,346				13,046
Institutional Shares		2,262,421				53,224			(1,859,622	)			(39,042	)

Footnotes are presented on Page 127.

Artisan Partners Funds 121

NOTES TO FINANCIAL STATEMENTS

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,998,193			$	179,515			9,970,960			$	285,782
Advisor Shares		6,400,879				231,335			12,039,374				341,280
Institutional Shares		6,339,740				230,973			16,612,824				482,956
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,661,867				91,169			2,781,996				72,721
Advisor Shares		1,779,172				61,346			1,482,208				38,938
Institutional Shares		4,344,622				151,540			4,425,287				117,403
Cost of shares redeemed
Investor Shares		(6,305,642	)			(225,748	)		(12,713,254	)			(344,238	)
Advisor Shares		(4,167,996	)			(149,750	)		(8,892,702	)			(243,928	)
Institutional Shares		(8,675,364	)			(313,898	)		(14,342,319	)			(385,270	)
Net increase (decrease) from fund share transactions
Investor Shares		1,354,418				44,936			39,702				14,265
Advisor Shares		4,012,055				142,931			4,628,880				136,290
Institutional Shares		2,008,998				68,615			6,695,792				215,089
	GLOBAL VALUE
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		646,524			$	12,810			1,959,434			$	29,755
Advisor Shares		1,291,967				25,283			5,987,558				90,503
Institutional Shares		10,336,564				194,767			25,379,124				397,957
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,554				141			370,478				6,439
Advisor Shares		12,545				233			461,191				7,992
Institutional Shares		157,821				2,943			1,760,345				30,560
Cost of shares redeemed
Investor Shares		(2,572,501	)			(48,188	)		(16,662,955	)			(252,929	)
Advisor Shares		(3,041,249	)			(55,957	)		(25,182,614	)			(399,457	)
Institutional Shares		(12,093,283	)			(232,717	)		(59,276,780	)			(925,247	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,918,423	)			(35,237	)		(14,333,043	)			(216,735	)
Advisor Shares		(1,736,737	)			(30,441	)		(18,733,865	)			(300,962	)
Institutional Shares		(1,598,898	)			(35,007	)		(32,137,311	)			(496,730	)

Footnotes are presented on Page 127.

122 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	HIGH INCOME
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		40,762,651			$	407,419			65,783,259			$	610,473
Advisor Shares		72,701,777				726,444			125,448,800				1,142,682
Institutional Shares		48,763,832				490,933			124,959,869				1,122,536
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,677,523				36,826			5,595,181				52,270
Advisor Shares		7,014,638				70,213			12,838,481				119,846
Institutional Shares		3,108,853				31,123			4,060,947				37,792
Cost of shares redeemed(3)
Investor Shares		(17,311,853	)			(171,479	)		(41,216,553	)			(381,783	)
Advisor Shares		(32,871,143	)			(330,739	)		(125,945,687	)			(1,170,346	)
Institutional Shares		(24,281,714	)			(244,459	)		(58,161,012	)			(535,981	)
Net increase (decrease) from fund share transactions
Investor Shares		27,128,321				272,766			30,161,887				280,960
Advisor Shares		46,845,272				465,918			12,341,594				92,182
Institutional Shares		27,590,971				277,597			70,859,804				624,347
Redemption Fees
Investor Shares						79							364
Advisor Shares						55							231
Institutional Shares						13							316
	INTERNATIONAL
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,011,515			$	103,416			10,552,180			$	317,900
Advisor Shares		3,577,765				122,620			17,262,466				525,522
Institutional Shares		8,016,064				279,341			28,116,979				877,178
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,066,146				101,796			5,767,002				185,294
Advisor Shares		1,673,800				55,369			3,081,126				98,688
Institutional Shares		4,262,711				142,161			6,956,215				224,547
Cost of shares redeemed
Investor Shares		(11,526,503	)			(396,604	)		(40,762,971	)			(1,268,785	)
Advisor Shares		(7,355,336	)			(254,126	)		(31,451,849	)			(957,107	)
Institutional Shares		(18,320,368	)			(632,296	)		(30,360,095	)			(929,328	)
Net increase (decrease) from fund share transactions
Investor Shares		(5,448,842	)			(191,392	)		(24,443,789	)			(765,591	)
Advisor Shares		(2,103,771	)			(76,137	)		(11,108,257	)			(332,897	)
Institutional Shares		(6,041,593	)			(210,794	)		4,713,099				172,397

Footnotes are presented on Page 127.

Artisan Partners Funds 123

NOTES TO FINANCIAL STATEMENTS

	INTERNATIONAL SMALL-MID
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,837,663			$	95,847			18,961,021			$	280,491
Advisor Shares		24,077,447				466,799			54,020,986				771,595
Institutional Shares		73,688,192				1,409,352			74,321,786				1,092,852
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		131,370				2,441			23,024				335
Advisor Shares		462,919				8,606			76,500				1,112
Institutional Shares		913,605				17,158			107,692				1,581
Cost of shares redeemed
Investor Shares		(2,879,361	)			(55,777	)		(8,944,335	)			(129,575	)
Advisor Shares		(7,319,232	)			(142,895	)		(15,510,557	)			(211,683	)
Institutional Shares		(14,848,025	)			(294,183	)		(13,976,666	)			(197,856	)
Net increase (decrease) from fund share transactions
Investor Shares		2,089,672				42,511			10,039,710				151,251
Advisor Shares		17,221,134				332,510			38,586,929				561,024
Institutional Shares		59,753,772				1,132,327			60,452,812				896,577
	INTERNATIONAL VALUE
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,433,636			$	170,087			12,741,584			$	399,666
Advisor Shares		26,220,710				1,046,096			51,567,652				1,602,580
Institutional Shares		61,835,996				2,437,955			98,869,635				3,148,657
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		531,957				19,709			2,087,367				73,496
Advisor Shares		930,063				34,394			3,406,663				119,676
Institutional Shares		2,304,030				85,572			6,040,646				213,054
Cost of shares redeemed
Investor Shares		(5,122,458	)			(198,004	)		(33,813,895	)			(1,057,581	)
Advisor Shares		(28,415,532	)			(1,073,533	)		(68,731,671	)			(2,119,478	)
Institutional Shares		(26,366,226	)			(1,027,714	)		(69,692,047	)			(2,185,021	)
Net increase (decrease) from fund share transactions
Investor Shares		(156,865	)			(8,208	)		(18,984,944	)			(584,419	)
Advisor Shares		(1,264,759	)			6,957			(13,757,356	)			(397,222	)
Institutional Shares		37,773,800				1,495,813			35,218,234				1,176,690

Footnotes are presented on Page 127.

124 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	MID CAP
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		6,820,508			$	325,798			9,113,794			$	353,144
Advisor Shares		3,931,030				193,274			5,326,995				209,507
Institutional Shares		9,130,918				507,703			15,658,179				689,641
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,218,417				272,802			4,931,025				167,112
Advisor Shares		2,257,342				100,452			1,473,158				50,470
Institutional Shares		8,473,419				430,789			7,223,028				277,581
Cost of shares redeemed
Investor Shares		(6,803,261	)			(327,818	)		(12,965,538	)			(487,349	)
Advisor Shares		(2,708,555	)			(131,282	)		(4,434,628	)			(168,551	)
Institutional Shares		(14,891,903	)			(833,253	)		(21,798,311	)			(932,267	)
Net increase (decrease) from fund share transactions
Investor Shares		6,235,664				270,782			1,079,281				32,907
Advisor Shares		3,479,817				162,444			2,365,525				91,426
Institutional Shares		2,712,434				105,239			1,082,896				34,955
	MID CAP VALUE
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,841,888			$	36,690			4,020,064			$	65,338
Advisor Shares		1,354,542				26,869			12,507,287				168,407
Institutional Shares		1,491,678				29,282			12,226,637				165,806
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		488,090				9,191			3,635,759				65,807
Advisor Shares		627,069				11,764			3,443,389				62,084
Institutional Shares		746,328				14,009			4,065,374				73,339
Cost of shares redeemed
Investor Shares		(4,649,653	)			(89,261	)		(16,919,066	)			(281,615	)
Advisor Shares		(6,190,627	)			(121,157	)		(15,897,964	)			(252,917	)
Institutional Shares		(4,851,051	)			(94,860	)		(18,398,693	)			(301,799	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,319,675	)			(43,380	)		(9,263,243	)			(150,470	)
Advisor Shares		(4,209,016	)			(82,524	)		52,712				(22,426	)
Institutional Shares		(2,613,045	)			(51,569	)		(2,106,682	)			(62,654	)

Footnotes are presented on Page 127.

Artisan Partners Funds 125

NOTES TO FINANCIAL STATEMENTS

	SELECT EQUITY
	Six Months Ended 3/31/2021							Period Ended 9/30/2020(4)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		137,534			$	1,745			110,655			$	1,014
Advisor Shares		8,119				99			161,499				1,495
Institutional Shares		188,014				2,299			1,130,925				11,059
Net asset value of shares issued in reinvestment of dividends and distributions
Institutional Shares		5,760				67			-				-
Cost of shares redeemed
Investor Shares		(27,207	)			(340	)		(13,974	)			(128	)
Advisor Shares		(3,370	)			(40	)		(85,088	)			(810	)
Institutional Shares		(1,398	)			(17	)		(24,397	)			(249	)
Net increase (decrease) from fund share transactions
Investor Shares		110,327				1,405			96,681				886
Advisor Shares		4,749				59			76,411				685
Institutional Shares		192,376				2,349			1,106,528				10,810
	SMALL CAP
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,654,703			$	287,787			5,956,558			$	219,332
Advisor Shares		8,175,084				423,322			9,570,439				345,031
Institutional Shares		8,086,849				413,736			13,264,607				478,866
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,229,720				57,034			1,439,366				46,923
Advisor Shares		1,341,078				62,575			1,439,531				47,130
Institutional Shares		1,135,482				54,015			1,057,382				35,221
Cost of shares redeemed
Investor Shares		(3,492,480	)			(175,738	)		(4,896,390	)			(168,988	)
Advisor Shares		(5,739,157	)			(291,060	)		(5,482,122	)			(194,880	)
Institutional Shares		(3,537,449	)			(181,191	)		(7,872,402	)			(282,492	)
Net increase (decrease) from fund share transactions
Investor Shares		3,391,943				169,083			2,499,534				97,267
Advisor Shares		3,777,005				194,837			5,527,848				197,281
Institutional Shares		5,684,882				286,560			6,449,587				231,595

Footnotes are presented on Page 127.

126 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	SUSTAINABLE EMERGING MARKETS
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		289,136			$	5,615			457,861			$	6,831
Institutional Shares		147,183				2,830			23,785				360
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		48,964				898			52,440				812
Institutional Shares		4,929				92			4,610				72
Cost of shares redeemed
Investor Shares		(222,607	)			(4,219	)		(675,349	)			(10,009	)
Institutional Shares		(37,675	)			(678	)		(38,131	)			(568	)
Net increase from fund share transactions
Investor Shares		115,493				2,294			(165,048	)			(2,366	)
Institutional Shares		114,437				2,244			(9,736	)			(136	)
	VALUE
	Six Months Ended 3/31/2021							Year Ended 9/30/2020
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		326,493			$	4,681			2,191,730			$	27,580
Advisor Shares		593,966				8,265			4,389,901				50,352
Institutional Shares		1,494,891				20,892			4,054,619				43,910
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		471,369				6,359			465,759				6,022
Advisor Shares		523,044				7,019			323,866				4,168
Institutional Shares		661,645				8,886			535,289				6,895
Cost of shares redeemed
Investor Shares		(632,194	)			(8,696	)		(6,495,510	)			(75,676	)
Advisor Shares		(1,318,771	)			(17,929	)		(6,381,584	)			(76,790	)
Institutional Shares		(2,732,471	)			(38,106	)		(7,745,324	)			(88,081	)
Net increase (decrease) from fund share transactions
Investor Shares		165,668				2,344			(3,838,021	)			(42,074	)
Advisor Shares		(201,761	)			(2,645	)		(1,667,817	)			(22,270	)
Institutional Shares		(575,935	)			(8,328	)		(3,155,416	)			(37,276	)

⁽¹⁾ For the period from commencement of operations (February 3, 2020) through September 30, 2020.

⁽²⁾ For the period from commencement of operations (August 5, 2020) through September 30, 2020.

⁽³⁾ Net of redemption fees.

⁽⁴⁾ For the period from commencement of operations (February 28, 2020) through September 30, 2020.

(13) Accounting Pronouncements:

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule is March 8, 2021. The SEC

Artisan Partners Funds 127

NOTES TO FINANCIAL STATEMENTS

adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. At this time, management is evaluating the implications of these changes on the financial statements.

In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of certain tenors of the London Interbank Offered Rate (LIBOR) and other LIBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.

(14) Subsequent Events:

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

128 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, 2020 to March 31, 2021.

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, 2021 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 10/1/2020			Ending Account Value 3/31/2021			Expenses Paid During Period 10/1/2020-3/31/2021(1)			Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,169.60		$	6.82		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,170.70		$	5.90		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.49		1.09	%
Institutional Shares
Actual		$	1,000.00		$	1,171.40		$	5.41		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.04		1.00	%

Artisan Partners Funds 129

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2020			Ending Account Value 3/31/2021			Expenses Paid During Period 10/1/2020-3/31/2021(1)			Expense Ratio(2)(3)
Artisan Focus Fund
Investor Shares
Actual		$	1,000.00		$	1,170.80		$	6.82		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,171.20		$	6.01		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.59		1.11	%
Institutional Shares
Actual		$	1,000.00		$	1,171.60		$	5.52		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.14		1.02	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	1,127.90		$	7.27		1.37	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.10		$	6.89		1.37	%
Advisor Shares
Actual		$	1,000.00		$	1,128.40		$	6.90		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.45		$	6.54		1.30	%
Institutional Shares
Actual		$	1,000.00		$	1,129.50		$	5.84		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,127.00		$	6.68		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,126.40		$	6.63		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.29		1.25	%
Institutional Shares
Actual		$	1,000.00		$	1,127.80		$	5.68		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,083.30		$	5.92		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.74		1.14	%
Advisor Shares
Actual		$	1,000.00		$	1,084.30		$	5.14		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%
Institutional Shares
Actual		$	1,000.00		$	1,085.10		$	4.63		0.89	%

130 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2020			Ending Account Value 3/31/2021			Expenses Paid During Period 10/1/2020-3/31/2021(1)			Expense Ratio(2)(3)
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.49		$	4.48		0.89	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,331.30		$	7.21		1.24	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.24		1.24	%
Advisor Shares
Actual		$	1,000.00		$	1,332.40		$	6.34		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.49		1.09	%
Institutional Shares
Actual		$	1,000.00		$	1,332.90		$	5.87		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,101.20		$	5.03		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%
Advisor Shares
Actual		$	1,000.00		$	1,102.10		$	4.14		0.79	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.99		$	3.98		0.79	%
Institutional Shares
Actual		$	1,000.00		$	1,102.60		$	3.67		0.70	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.44		$	3.53		0.70	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,091.80		$	6.15		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,092.20		$	5.42		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.24		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,093.00		$	4.96		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%
Artisan International Small-Mid Fund
Investor Shares
Actual		$	1,000.00		$	1,162.00		$	7.06		1.31	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.40		$	6.59		1.31	%
Advisor Shares
Actual		$	1,000.00		$	1,162.90		$	6.15		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.74		1.14	%
Institutional Shares

Artisan Partners Funds 131

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2020			Ending Account Value 3/31/2021			Expenses Paid During Period 10/1/2020-3/31/2021(1)			Expense Ratio(2)(3)
Actual		$	1,000.00		$	1,163.50		$	5.66		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	1,319.40		$	6.82		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,320.10		$	5.96		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.19		1.03	%
Institutional Shares
Actual		$	1,000.00		$	1,320.80		$	5.50		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,140.70		$	6.30		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,141.60		$	5.61		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,142.00		$	5.07		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	1,408.00		$	7.20		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	1,408.40		$	6.30		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,408.90		$	5.95		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%
Artisan Select Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,296.00		$	7.16		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.29		1.25	%
Advisor Shares
Actual		$	1,000.00		$	1,295.70		$	6.58		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.79		1.15	%

132 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2020			Ending Account Value 3/31/2021			Expenses Paid During Period 10/1/2020-3/31/2021(1)			Expense Ratio(2)(3)
Institutional Shares
Actual		$	1,000.00		$	1,297.40		$	6.30		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,206.90		$	6.55		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	5.99		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,207.90		$	5.89		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Institutional Shares
Actual		$	1,000.00		$	1,208.60		$	5.29		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,229.10		$	7.50		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.20		$	6.79		1.35	%
Institutional Shares
Actual		$	1,000.00		$	1,229.90		$	6.67		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,329.30		$	6.04		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.24		1.04	%
Advisor Shares
Actual		$	1,000.00		$	1,329.70		$	5.11		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.54		$	4.43		0.88	%
Institutional Shares
Actual		$	1,000.00		$	1,329.70		$	4.82		0.83	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.79		$	4.18		0.83	%

(1) Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2021, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

(2) Annualized ratio of expenses to average net assets for the six-month period ended March 31, 2021.

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

Artisan Partners Funds 133

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Consistent with Rule 22e-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 (including with respect to any highly liquid investment minimum (HLIM) thresholds), 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 2021, 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, 2020. 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.

134 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 of non-English names.

Trademarks

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

The Global Industry Classification Standard (GICS^®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified 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 135

SHAREHOLDER MEETING RESULTS (UNAUDITED)

A special meeting of shareholders of Artisan Sustainable Emerging Markets Fund (the “Fund”) was held on November 10, 2020 (the “Meeting”), at which shareholders of the Fund approved a change in the sub-classification of the Fund from “diversified” to “non-diversified” for purposes of Section 5(b) of the 1940 Act and the elimination of a related fundamental investment restriction (the “Proposal”). As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers 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. The changes took effect on November 12, 2020.

The results of the votes are summarized below.

	For		Withheld		Against
Proposal		1,637,410		6,459		13,025

PROXY VOTING POLICIES AND PROCEDURES

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

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

INFORMATION ABOUT PORTFOLIO SECURITIES

Disclosure of each Fund’s complete schedule of portfolio holdings is also required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. You can find SEC filings on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings is also made available at https://connect.rightprospectus.com/Artisan, and will be made available, upon request, by calling (toll-free) 800-344-1770. The schedule of portfolio holdings for the second and fourth quarter of each Fund’s fiscal year are included in the semi-annual report and annual report, respectively.

136 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, 2021 are included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes to report.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1)	Not applicable for semiannual reports.
	(2)	Certifications of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)
(b)		Certification of 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, 2021

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, 2021
By:	/s/ Shannon K. Jagodinski
	Shannon K. Jagodinski
	Principal Financial Officer
Date:	June 4, 2021