Artisan International Fund Inv Shs (ARTIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)

Sarah A. Johnson	Nathan Briggs
Artisan Partners Funds, Inc.	Simpson Thacher & Bartlett LLP
875 East Wisconsin Avenue, Suite 800	900 G Street, N.W.
Milwaukee, Wisconsin 53202	Washington, D.C. 20001

(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: 3/31/22

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 Floating Rate Fund	ARTUX	APDUX	APHUX
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 Unconstrained Fund	APFPX	APDPX	APHPX
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
Artisan Value Income Fund	APFWX	APDWX	APHWX

As permitted by regulations adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Funds’ annual and semi-annual shareholder reports are no longer being 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 are made available online at https://connect.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
3	Artisan Developing World Fund
4	Artisan Floating Rate Fund
7	Artisan Focus Fund
9	Artisan Global Discovery Fund
11	Artisan Global Equity Fund
13	Artisan Global Opportunities Fund
15	Artisan Global Unconstrained Fund
17	Artisan Global Value Fund
19	Artisan High Income Fund
24	Artisan International Fund
26	Artisan International Small-Mid Fund
29	Artisan International Value Fund
31	Artisan Mid Cap Fund
33	Artisan Mid Cap Value Fund
35	Artisan Select Equity Fund
37	Artisan Small Cap Fund
39	Artisan Sustainable Emerging Markets Fund
41	Artisan Value Fund
43	Artisan Value Income Fund
46	STATEMENTS OF ASSETS AND LIABILITIES
51	STATEMENTS OF OPERATIONS
56	STATEMENTS OF CHANGES IN NET ASSETS
66	FINANCIAL HIGHLIGHTS
83	NOTES TO FINANCIAL STATEMENTS
114	SHAREHOLDER EXPENSE EXAMPLE
120	STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
121	FACTORS CONSIDERED IN APPROVING ARTISAN FLOATING RATE FUND’S ADVISORY AGREEMENT
123	FACTORS CONSIDERED IN APPROVING ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND, ARTISAN GLOBAL UNCONSTRAINED FUND AND ARTISAN VALUE INCOME FUND’S ADVISORY AGREEMENT
126	FACTORS CONSIDERED IN APPROVING AN AMENDMENT TO ARTISAN SUSTAINABLE EMERGING MARKETS FUND’S ADVISORY AGREEMENT
127	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
127	PROXY VOTING POLICIES AND PROCEDURES
127	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 PARTNERS FUNDS, INC

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments

Investment Footnotes

*	Non-income producing security
#	Percentages for the various classifications relate to total net assets
^	Amount rounds to less than $1 or 0.1%

Investment

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

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.

Investment abbreviations

ADR BUBOR GDR ICE JPM LIBOR NYRS PIK	American Depositary Receipt Budapest Interbank Offered Rate Global Depositary Receipt Intercontinental Exchange JPMorganChase Bank, N.A. London Interbank Offered Rate New York Registry Shares Payment-In-Kind
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 liquidatio preference.
PRIBOR SCB SOFR	Prague Interbank Offered Rate Standard Chartered Bank Secured Overnight Financing Rate

Currency abbreviations

CAD   Canadian dollar CHF   Swiss franc CZK   Czech republic koruna EUR Euro HUF   Hungarian forint ISK   Icelandic krona JPY  Japanese yen KES  Kenyan shilling KZT   Kazakhstani tenge PLN  Polish zloty UGX   Ugandan shilling USD   U.S. dollar UZS Uzbekistani som ZAR South African rand

2 Artisan Partners Funds

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.6%
BRAZIL - 6.3%
MercadoLibre, Inc.*		302		$	359,794
CHINA - 24.2%
Aier Eye Hospital Group Co. Ltd., Class A(1)		19,267			94,930
Bilibili, Inc., ADR*		4,949			126,599
China Tourism Group Duty Free Corp. Ltd., Class A(1)		2,072			53,199
JD Health International, Inc.*(1)		16,248			98,860
Kweichow Moutai Co. Ltd., Class A(1)		683			184,272
Meituan, Class B*(1)		14,619			288,083
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A(1)		2,508			121,086
Tencent Holdings Ltd.(1)		4,481			211,388
Wuxi Biologics Cayman, Inc.*(1)		17,580			142,610
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A(1)		1,274			63,315
					1,384,342
FRANCE - 4.5%
Hermes International(1)		47			66,620
LVMH Moet Hennessy Louis Vuitton SE(1)		266			189,068
					255,688
INDIA - 3.2%
HDFC Bank Ltd., ADR		3,010			184,629
NETHERLANDS - 8.1%
Adyen NV*(1)		140			276,771
ASML Holding NV, NYRS		281			187,535
					464,306
RUSSIA - 0.0%
Yandex NV, Class A*(1)(2)		1,677			–
TAIWAN - 6.2%
Sea Ltd., ADR*		2,944			352,675
UNITED STATES - 45.1%
Airbnb, Inc., Class A*		2,211			379,692
Align Technology, Inc.*		152			66,398
Crowdstrike Holdings, Inc., Class A*		1,251			284,154
Estee Lauder Cos., Inc. (The), Class A		478			130,082
Mastercard, Inc., Class A		178			63,579
Netflix, Inc.*		497			186,073
NVIDIA Corp.		1,348			367,839
Snap, Inc., Class A*		7,924			285,190
Unity Software, Inc.*		2,878			285,507
Veeva Systems, Inc., Class A*		1,212			257,587
Visa, Inc., Class A		1,234			273,653
					2,579,754
Total common stocks (Cost $4,328,155)					5,581,188
SHORT-TERM INVESTMENT - 1.0%
INVESTMENT COMPANY - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $56,349)		56,349			56,349
Total investments - 98.6% (Cost $4,384,504)					5,637,537
Other assets less liabilities - 1.4%					79,837
Total net assets - 100.0%#				$	5,717,374

⁽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 $1,790,202, or 31.3% 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.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,161,925		20.6	%
Consumer Discretionary			1,435,316		25.5
Consumer Staples			314,354		5.6
Financials			184,629		3.3
Health Care			745,926		13.2
Information Technology			1,739,038		30.8
Short-Term Investment			56,349		1.0
Total investments		$	5,637,537		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Chinese yuan renminbi offshore		$	516,802		9.2	%
Euro			532,459		9.4
Hong Kong dollar			740,941		13.2
U.S. dollar			3,847,335		68.2
Total investments		$	5,637,537		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Airbnb, Inc.	United States		6.6	%
NVIDIA Corp.	United States		6.4
MercadoLibre, Inc.	Brazil		6.3
Sea Ltd.	Taiwan		6.2
Meituan	China		5.0
Unity Software, Inc.	United States		5.0
Snap, Inc.	United States		5.0
Crowdstrike Holdings, Inc.	United States		5.0
Adyen NV	Netherlands		4.8
Visa, Inc.	United States		4.8
Total			55.1	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

Artisan Partners Funds 3

ARTISAN FLOATING RATE FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

	Principal Amount			Value
BANK LOANS - 90.1%
ADVERTISING - 0.2%
Terrier Media Buyer, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.96%, 12/17/2026(1)		$	119		$	117
AEROSPACE/DEFENSE - 3.0%
Jazz Acquisition, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.71%, 6/19/2026(1)			468			453
TransDigm, Inc. First Lien Term Loan G (ICE LIBOR USD 1 Month + 2.25%), 2.71%, 8/22/2024(1)			1,106			1,089
						1,542
APPAREL - 0.5%
Birkenstock US BidCo, Inc. First Lien Term Loan B (ICE LIBOR USD 6 Month + 3.25%), 3.75%, 4/28/2028(1)(2)			234			231
AUTO PARTS & EQUIPMENT - 0.6%
Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028(1)			333			317
BEVERAGES - 1.9%
Naked Juice LLC First Lien Term Loan (SOFR + 3.25%), 3.75%, 1/24/2029(1)			1,000			982
BUILDING MATERIALS - 1.8%
ACProducts Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 5/17/2028(1)			119			107
CP Atlas Buyer, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 11/23/2027(1)			413			401
Icebox Holdco III, Inc. Second Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 7.76%, 12/21/2029(1)			156			153
PHRG Intermediate LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 6.00%), 6.75%, 12/16/2026(1)			250			247
						908
CHEMICALS - 0.6%
CPC Acquisition Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.76%, 12/29/2027(1)			60			58
Diamond BC BV First Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 9/29/2028(1)			120			117
Geon Performance Solutions LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 5.50%, 8/18/2028(1)			60			59
WR Grace Holdings LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.81%, 9/22/2028(1)			60			59
						293
COMMERCIAL SERVICES - 16.1%
Ankura Consulting Group LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 3/17/2028(1)			1,556			1,539
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.75%, 12/21/2028(1)			580			568
Employbridge Holding Co. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 5.76%, 7/19/2028(1)			1,007			994
KUEHG Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.76%, 2/21/2025(1)			2,424			2,384
Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 12/22/2025(1)			516			477
National Intergovernmental Purchasing Alliance Co. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 5/23/2025(1)			365			358
National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 8.51%, 5/22/2026(1)			315			309
PECF USS Intermediate Holding III Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.76%, 12/15/2028(1)			175			173
COMMERCIAL SERVICES (CONTINUED)
Safe Fleet Holdings LLC First Lien Term Loan (SOFR + 3.75%), 4.27%, 2/23/2029(1)			1,000			983
Spin Holdco, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028(1)			175			173
VT Topco, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.76%, 8/1/2025(1)			233			229
						8,187
DIVERSIFIED FINANCIAL SERVICES - 3.9%
Advisor Group Holdings, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 4.50%), 4.96%, 7/31/2026(1)			119			119
Edelman Financial Engines Center LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/7/2028(1)			643			634
Edelman Financial Engines Center LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 7.21%, 7/20/2026(1)			1,250			1,230
						1,983
ENGINEERING & CONSTRUCTION - 0.5%
KKR Apple Bidco LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.50%, 9/22/2028(1)			274			270
ENTERTAINMENT - 2.8%
J&J Ventures Gaming LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 4/26/2028(1)			174			172
Lucky Bucks LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.50%), 6.25%, 7/30/2027(1)			58			57
(ICE LIBOR USD 3 Month + 5.50%), 6.51%, 7/30/2027(1)			1			1
Scientific Games Corp. First Lien Term Loan (SOFR + 3.50%), 4.18%, 4/4/2029(1)			1,250			1,237
						1,467
FOOD - 0.3%
Shearer’s Foods LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 9/23/2027(1)			119			116
Sovos Brands Intermediate, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 6/8/2028			60			59
						175
FOOD SERVICE - 2.9%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 7.00%, 5/15/2028(1)			1,228			1,208
TKC Midco 1 LLC First Lien Term Loan, 12.00%, 2/15/2027			187			185
						1,393
HEALTHCARE-PRODUCTS - 0.8%
Mozart Borrower LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 10/23/2028(1)			425			421
HEALTHCARE-SERVICES - 0.7%
Cambrex Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 12/4/2026(1)			60			59
Mamba Purchaser, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 9/29/2028(1)			60			59
Radnet Management, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.75%, 4/23/2028(1)			60			59
Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/31/2026(1)			204			202
						379
HOUSEHOLD PRODUCTS/WARES - 2.0%
VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 7/21/2028(1)			1,057			1,020

4 Artisan Partners Funds

	Principal Amount			Value
INSURANCE - 11.2%
Acrisure LLC, First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.75%, 2/15/2027(1)		$	234		$	233
Alliant Holdings Intermediate LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.71%, 5/9/2025(1)			842			832
AssuredPartners, Inc. First Lien Term Loan (SOFR + 3.50%), 4.00%, 2/12/2027(1)			1,250			1,234
AssuredPartners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.96%, 2/12/2027(1)			577			570
BroadStreet Partners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.46%, 1/27/2027(1)			742			728
Hub International Ltd. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.27%, 4/25/2025(1)			857			846
IMA Financial Group, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 11/1/2028(1)			274			271
USI, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.01%, 5/16/2024(1)			1,011			1,004
						5,718
INTERNET - 1.6%
Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(1)			802			788
INVESTMENT COMPANIES - 2.4%
Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 6.75%, 11/5/2029(1)			1,211			1,196
LEISURE TIME - 3.2%
Carnival Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 10/18/2028(1)			584			570
MajorDrive Holdings IV LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.56%, 6/1/2028(1)			119			117
NCL Corp., Ltd. First Lien Term Loan A (ICE LIBOR USD 3 Month + 1.75%), 2.76%, 1/2/2024(1)			986			946
						1,633
LODGING - 0.1%
Jack Ohio Finance LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 5.50%, 10/4/2028(1)			60			59
MACHINERY-DIVERSIFIED - 0.1%
STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 12/11/2024(1)			60			59
MEDIA - 2.4%
MJH Healthcare Holdings LLC First Lien Term Loan B (SOFR + 3.50%), 4.10%, 1/28/2029(1)			1,250			1,238
MUNICIPAL - 0.5%
Lakeshore Intermediate LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 9/29/2028(1)			280			275
PACKAGING & CONTAINERS - 1.1%
Clydesdale Acquisition Holdings, Inc. Term Loan (SOFR + 4.25%), 4.78%, 3/30/2029(1)			577			567
PHARMACEUTICALS - 0.5%
Sharp Midco LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.01%, 12/31/2028(1)			245			243
RETAIL - 4.5%
Fogo De Chao, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 4/7/2025(1)			863			841
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 6.50%, 9/6/2024(1)			119			119
SRS Distribution, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 6/2/2028(1)			1			1
(ICE LIBOR USD 3 Month + 3.50%), 4.02%, 6/2/2028(1)			333			329
RETAIL (CONTINUED)
SRS Distribution, Inc. Term Loan (SOFR + 3.50%), 4.00%, 6/2/2028(1)			1,000			986
						2,276
SOFTWARE - 16.8%
Applied Systems, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.01%, 9/19/2024(1)			232			230
(ICE LIBOR USD 3 Month + 2.00%), 5.50%, 9/19/2024(1)			3			3
Applied Systems, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.51%, 9/19/2025(1)			120			119
AthenaHealth Group, Inc. First Lien Term Loan B (SOFR + 3.50%), 4.00%, 2/15/2029(1)			1,197			1,182
CommerceHub, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.01%, 12/29/2027(1)			499			483
CommerceHub, Inc. Second Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.01%, 12/29/2028(1)			60			55
Epicor Software Corp. First Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 7/30/2027(1)			583			577
Finastra USA, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024(1)			204			202
Ivanti Software, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.00%, 12/1/2027(1)			295			290
Loyalty Ventures, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 5.00%, 11/3/2027(1)			397			387
Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 5.75%, 3/1/2029(1)			929			910
Orchid Finco LLC First Lien Term Loan B (SOFR + 4.75%), 5.33%, 7/27/2027(1)			850			812
RealPage, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 4/24/2028(1)			433			427
Renaissance Holdings Corp. First Lien Term Loan
(SOFR + 4.50%), 5.00%, 3/30/2029(1)			1,000			994
(ICE LIBOR USD 1 Month + 3.25%), 3.71%, 5/30/2025(1)			234			231
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.46%, 5/29/2026(1)			120			119
UKG, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 5/4/2026(1)			284			282
UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 5.75%, 5/3/2027(1)			285			282
Virgin Pulse, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 4/6/2028(1)			994			981
						8,566
TELECOMMUNICATIONS - 4.8%
Delta Topco, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/1/2027(1)			204			201
Delta Topco, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 8.00%, 12/1/2028(1)			75			73
Gridiron Fiber Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 5.51%, 10/4/2028(1)			2,200			2,144
						2,418
TRANSPORTATION - 2.3%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 5.80%, 8/4/2025(1)			200			184
(ICE LIBOR USD 3 Month + 5.50%), 5.96%, 8/4/2025(1)			887			817
(ICE LIBOR USD 3 Month + 5.50%), 6.01%, 8/4/2025(1)			190			175
(ICE LIBOR USD 3 Month + 5.50%), 6.51%, 8/4/2025(1)			12			11
						1,187
Total bank loans (Cost $46,452)						45,908
CORPORATE BONDS - 3.1%
BANKS - 1.1%
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%, 4.00% Floor), 4.00%, 5/2/2022(1)(3)			720			576

Artisan Partners Funds 5

	Principal Amount			Value
MISCELLANEOUS MANUFACTURING - 2.0%
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 4.16%, 6/15/2022(1)(3)		$	1,060		$	1,016
Total corporate bonds (Cost $1,745)						1,592
	Shares Held
SHORT-TERM INVESTMENTS - 16.9%
INVESTMENT COMPANIES - 16.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23%			2,931			2,931
Federated Treasury Obligations Fund - Institutional Class, 0.15%			2,845			2,845
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.19%			2,845			2,845
Total short-term investments (Cost $8,621)						8,621
Total investments - 110.1% (Cost $56,818)						56,121
Other assets less liabilities - (10.1%)						(5,139	)
Total net assets - 100.0%#					$	50,982

⁽¹⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.

⁽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
Birkenstock US BidCo, Inc. First Lien Term Loan B, 3.75%, 4/28/2028	Germany	U.S. dollar

⁽³⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2022. The maturity date reflects the next call date.

UNFUNDED LOAN COMMITMENTS

Values in thousands

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $218 or 0.4% of the total net assets as of March 31, 2022, which could be drawn at the option of the borrower:

Borrower	Unfunded Commitment Amount			Unfunded Value			Unrealized (Depreciation)
AthenaHealth Group, Inc. First Lien Term Loan B, delayed-draw		$	203		$	200		$	(3	)
VT Topco, Inc. First Lien Term Loan, delayed-draw			15			15			–	^
		$	218		$	215		$	(3	)

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
KUEHG Corp.	United States		4.7	%
Gridiron Fiber Corp.	United States		4.2
Ankura Consulting Group LLC	United States		3.0
MJH Healthcare Holdings LLC	United States		2.4
Scientific Games Corp.	United States		2.4
AssuredPartners, Inc.	United States		2.4
Edelman Financial Engines Center LLC	United States		2.4
Renaissance Holdings Corp.	United States		2.4
TKC Holdings, Inc.	United States		2.4
Nexus Buyer LLC	United States		2.4
Total			28.7	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

6 Artisan Partners Funds

ARTISAN FOCUS FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.7%
AEROSPACE & DEFENSE - 2.6%
TransDigm Group, Inc.*		86		$	56,150
BUILDING PRODUCTS - 5.1%
Johnson Controls International plc		1,665			109,186
CAPITAL MARKETS - 6.7%
BlackRock, Inc.		80			61,078
S&P Global, Inc.		201			82,396
					143,474
CHEMICALS - 6.6%
Linde plc(1)		445			142,285
COMMERCIAL SERVICES & SUPPLIES - 2.3%
Cintas Corp.		114			48,348
COMMUNICATIONS EQUIPMENT - 2.5%
Motorola Solutions, Inc.		223			53,965
CONSTRUCTION MATERIALS - 5.0%
Martin Marietta Materials, Inc.		186			71,740
Vulcan Materials Co.		191			35,003
					106,743
ELECTRIC UTILITIES - 3.3%
NextEra Energy, Inc.		840			71,183
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.0%
SBA Communications Corp.		186			64,026
HOTELS, RESTAURANTS & LEISURE - 4.3%
Hilton Worldwide Holdings, Inc.*		607			92,090
INSURANCE - 8.1%
Aon plc, Class A(2)		351			114,406
Arthur J Gallagher & Co.		341			59,475
					173,881
IT SERVICES - 6.0%
Accenture plc, Class A		343			115,571
Visa, Inc., Class A		58			12,784
					128,355
LIFE SCIENCES TOOLS & SERVICES - 3.4%
Danaher Corp.		251			73,749
MULTILINE RETAIL - 1.7%
Dollar Tree, Inc.*		229			36,625
PHARMACEUTICALS - 3.6%
Zoetis, Inc.		413			77,947
PROFESSIONAL SERVICES - 0.5%
Verisk Analytics, Inc.		52			11,205
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.9%
CBRE Group, Inc., Class A*		668			61,162
ROAD & RAIL - 7.1%
Canadian Pacific Railway Ltd.(1)		778			64,205
Union Pacific Corp.		324			88,649
					152,854
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
Analog Devices, Inc.		544			89,910
SOFTWARE - 13.6%
Intuit, Inc.		148			70,988
Microsoft Corp.(2)		720			221,865
					292,853
WIRELESS TELECOMMUNICATION SERVICES - 4.2%
T-Mobile US, Inc.*		701			89,993
Total common stocks (Cost $1,758,197)					2,075,984
	No. of Contracts‡
OPTIONS PURCHASED - 2.7%
CALL OPTIONS - 2.7%
HEALTH CARE PROVIDERS & SERVICES - 2.2%
UnitedHealth Group, Inc. 6/17/2022 at USD 250.00; Notional Amount: USD 91,540		1,795			47,015
IT SERVICES - 0.5%
Visa, Inc. 1/20/2023 at USD 135.00; Notional Amount: USD 28,653		1,292			11,625
Total Call Options					58,640
Total Options Purchased (Cost $43,151)					58,640
	Shares Held
SHORT-TERM INVESTMENT - 1.6%
INVESTMENT COMPANY - 1.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $33,926)		33,926			33,926
Total investments - 101.0% (Cost $1,835,274)					2,168,550
WRITTEN OPTION CONTRACTS - (0.8)% (Premiums received $(20,406))					(18,122	)
Other assets less liabilities - (0.2%)					(4,352	)
Total net assets - 100.0%#				$	2,146,076

^‡ 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
Canadian Pacific Railway Ltd.	Canada	U.S. dollar
Linde plc	United Kingdom	U.S. dollar

⁽²⁾  At March 31, 2022, all or a portion of this security was pledged to cover collateral requirements for written options.

Artisan Partners Funds 7

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	89,993		4.1	%
Consumer Discretionary			128,715		5.9
Financials			317,355		14.6
Health Care			198,711		9.2
Industrials			377,743		17.4
Information Technology			576,708		26.6
Materials			249,028		11.5
Real Estate			125,188		5.8
Utilities			71,183		3.3
Short-Term Investment			33,926		1.6
Total investments		$	2,168,550		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,819		CAD	3,519		JPM		5/19/2022		$	4
Total unrealized appreciation											4
USD	48,308		CAD	61,809		JPM		5/19/2022			(1,126	)
Total unrealized depreciation											(1,126	)
Net unrealized depreciation										$	(1,122	)

WRITTEN OPTION CONTRACTS
Call Options
	Dollar values in thousands except exercise price
Number of Contracts‡		Description	Exercise Price		Notional Amount		Expiration Date	Premiums (Received) by Fund			Market Value			Unrealized Appreciation/ (Depreciation)
	5,443	Analog Devices, Inc.	$	150.00	$	89,907	01/20/23	$	(13,517	)	$	(14,614	)	$	(1,097	)
	799	BlackRock, Inc.		760.00		61,057	07/15/22		(6,889	)		(3,508	)		3,381
	Total written option contracts							$	(20,406	)	$	(18,122	)	$	2,284

‡ One contract is equal to 100 shares.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Microsoft Corp.	United States		10.3	%
Linde plc	United Kingdom		6.6
Accenture plc	United States		5.4
Aon plc	United States		5.3
Johnson Controls International plc	United States		5.1
Hilton Worldwide Holdings, Inc.	United States		4.3
T-Mobile US, Inc.	United States		4.2
Analog Devices, Inc.	United States		4.2
Union Pacific Corp.	United States		4.1
S&P Global, Inc.	United States		3.8
Total			53.3	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

8 Artisan Partners Funds

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.0%
BRAZIL - 1.9%
Hapvida Participacoes e Investimentos SA		1,760		$	4,406
Magazine Luiza SA*		1,333			1,918
					6,324
CANADA - 2.5%
Altus Group Ltd.		101			4,088
CAE, Inc.*		168			4,377
					8,465
CHINA - 0.6%
Chervon Holdings Ltd.*(1)		282			1,948
DENMARK - 5.4%
Ascendis Pharma A/S, ADR*		80			9,388
Genmab A/S*(1)		12			4,497
Vestas Wind Systems A/S(1)		151			4,467
					18,352
FINLAND - 1.2%
Metso Outotec OYJ(1)		482			4,068
GERMANY - 5.1%
CTS Eventim AG & Co. KGaA*(1)		53			3,653
Gerresheimer AG(1)		103			7,535
Puma SE(1)		73			6,255
					17,443
HONG KONG - 3.3%
Techtronic Industries Co. Ltd.(1)		696			11,211
JAPAN - 1.8%
Obic Co. Ltd.(1)		41			6,113
LUXEMBOURG - 1.7%
Eurofins Scientific SE(1)		59			5,886
NETHERLANDS - 3.5%
Argenx SE, ADR*		18			5,703
Koninklijke DSM NV(1)		33			5,976
					11,679
NORWAY - 1.0%
Nordic Semiconductor ASA*(1)		136			3,488
SPAIN - 1.5%
Banco Bilbao Vizcaya Argentaria SA(1)		883			5,048
UNITED KINGDOM - 4.1%
CNH Industrial NV(1)		475			7,514
London Stock Exchange Group plc(1)		60			6,290
					13,804
UNITED STATES - 60.4%
Advanced Micro Devices, Inc.*		114			12,469
Arista Networks, Inc.*		41			5,657
Atlassian Corp. plc, Class A*		33			9,601
Azenta, Inc.		38			3,170
Bentley Systems, Inc., Class B		117			5,153
Boston Scientific Corp.*		99			4,376
Burlington Stores, Inc.*		28			5,040
Catalent, Inc.*		71			7,929
Ceridian HCM Holding, Inc.*		63			4,273
Chegg, Inc.*		87			3,166
UNITED STATES (CONTINUED)
Cognex Corp.		34			2,588
Datadog, Inc., Class A*		28			4,166
First Republic Bank		52			8,437
Fortive Corp.		68			4,130
Global Payments, Inc.		56			7,688
HubSpot, Inc.*		16			7,440
Ingersoll Rand, Inc.		187			9,421
iRhythm Technologies, Inc.*		10			1,534
Lattice Semiconductor Corp.*		102			6,198
Lyft, Inc., Class A*		54			2,063
Morningstar, Inc.		21			5,613
Nasdaq, Inc.		44			7,880
Novanta, Inc.*		19			2,749
ON Semiconductor Corp.*		92			5,735
S&P Global, Inc.		12			4,998
SVB Financial Group*		13			7,138
Teledyne Technologies, Inc.*		20			9,594
Tradeweb Markets, Inc., Class A		73			6,424
Valmont Industries, Inc.		38			9,071
Veeva Systems, Inc., Class A*		60			12,716
Wolfspeed, Inc.*		33			3,738
Workiva, Inc.*		38			4,434
Zscaler, Inc.*		16			3,834
Zynga, Inc., Class A*		713			6,589
					205,012
Total common stocks (Cost $267,098)					318,841
SHORT-TERM INVESTMENT - 5.3%
INVESTMENT COMPANY - 5.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $18,102)		18,102			18,102
Total investments - 99.3% (Cost $285,200)					336,943
Other assets less liabilities - 0.7%					2,278
Total net assets - 100.0%#				$	339,221

⁽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 $83,949, or 24.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

Artisan Partners Funds 9

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	10,242		3.0	%
Consumer Discretionary			18,326		5.4
Financials			51,827		15.4
Health Care			67,138		19.9
Industrials			56,323		16.7
Information Technology			104,921		31.2
Materials			5,976		1.8
Real Estate			4,088		1.2
Short-Term Investment			18,102		5.4
Total investments		$	336,943		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	6,324		1.9	%
British pound			6,290		1.9
Canadian dollar			8,465		2.5
Danish krone			8,964		2.7
Euro			45,935		13.6
Hong Kong dollar			13,159		3.9
Japanese yen			6,113		1.8
Norwegian krone			3,488		1.0
U.S. dollar			238,205		70.7
Total investments		$	336,943		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Veeva Systems, Inc.	United States		3.7	%
Advanced Micro Devices, Inc.	United States		3.7
Techtronic Industries Co. Ltd.	Hong Kong		3.3
Atlassian Corp. plc	United States		2.8
Teledyne Technologies, Inc.	United States		2.8
Ingersoll Rand, Inc.	United States		2.8
Ascendis Pharma A/S	Denmark		2.8
Valmont Industries, Inc.	United States		2.7
First Republic Bank	United States		2.5
Catalent, Inc.	United States		2.3
Total			29.4	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

10 Artisan Partners Funds

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 99.8%
BELGIUM - 2.0%
UCB SA(1)		37		$	4,477
BRAZIL - 0.7%
Vale SA		76			1,525
CANADA - 7.1%
Anaergia, Inc.*		124			1,209
Canadian National Railway Co.		20			2,662
Canadian Pacific Railway Ltd.		90			7,412
Descartes Systems Group, Inc. (The)*		27			1,947
Kinaxis, Inc.*		24			3,128
					16,358
CHINA - 3.3%
CGN Power Co. Ltd., Class H(1)		6,373			1,663
China Longyuan Power Group Corp. Ltd., Class H(1)		1,635			3,706
New Horizon Health Ltd.*(1)		739			2,132
					7,501
DENMARK - 2.6%
Ascendis Pharma A/S, ADR*		30			3,475
ROCKWOOL International A/S, Class B(1)		8			2,587
					6,062
FRANCE - 3.5%
Airbus SE*(1)		18			2,132
BNP Paribas SA(1)		43			2,452
Capgemini SE(1)		11			2,466
LVMH Moet Hennessy Louis Vuitton SE(1)		1			925
					7,975
GERMANY - 5.4%
Allianz SE(1)		17			3,971
Brenntag SE(1)		40			3,267
Deutsche Post AG(1)		109			5,218
					12,456
INDIA - 1.2%
Reliance Industries Ltd.(1)		81			2,788
ITALY - 1.7%
BFF Bank SpA(1)		524			3,886
JAPAN - 3.6%
Azbil Corp.(1)		143			4,746
Hoya Corp.(1)		14			1,626
Toyota Industries Corp.(1)		28			1,925
					8,297
LUXEMBOURG - 1.7%
Majorel Group Luxembourg SA*(1)		122			3,980
NETHERLANDS - 7.4%
Argenx SE, ADR*		19			5,990
Argenx SE*(1)		1			270
ING Groep NV(1)		404			4,224
Shell plc(1)		231			6,335
Shell plc, ADR		3			141
					16,960
NORWAY - 0.9%
Volue ASA*(1)		425			2,152
RUSSIA - 0.0%
MMC Norilsk Nickel PJSC, ADR(1)(2)		136			–
Sberbank of Russia PJSC, ADR(1)(2)		284			–
					–
SPAIN - 1.5%
Ferrovial SA(1)		127			3,351
SWEDEN - 2.9%
Nibe Industrier AB, Class B(1)		413			4,551
Nordic Entertainment Group AB, Class B*(1)		54			2,158
					6,709
SWITZERLAND - 1.6%
Barry Callebaut AG(1)		1			2,032
Medacta Group SA*(1)		13			1,522
					3,554
TAIWAN - 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd.(1)		56			1,158
UNITED KINGDOM - 3.2%
Barclays plc(1)		1,351			2,625
Ideagen plc(1)		1,013			2,890
Linde plc(1)		5			1,734
					7,249
UNITED STATES - 49.0%
ACADIA Pharmaceuticals, Inc.*		118			2,868
Alphabet, Inc., Class A*		2			5,574
Alphabet, Inc., Class C*		1			3,153
Altair Engineering, Inc., Class A*		82			5,294
Amazon.com, Inc.*		3			8,730
American Software, Inc., Class A		171			3,567
Aon plc, Class A		11			3,435
Booking Holdings, Inc.*		3			6,963
Crown Holdings, Inc.		38			4,781
Darling Ingredients, Inc.*		61			4,911
EQT Corp.		149			5,135
Halozyme Therapeutics, Inc.*		223			8,908
Horizon Therapeutics plc*		25			2,616
Johnson Controls International plc		48			3,180
L3Harris Technologies, Inc.		13			3,217
Microsoft Corp.		26			8,168
Natera, Inc.*		80			3,247
NOV, Inc.		223			4,380
Schlumberger NV		170			7,007
Stryker Corp.		13			3,563
TJX Cos., Inc. (The)		56			3,366
T-Mobile US, Inc.*		43			5,578
Vertiv Holdings Co.		185			2,585
ViewRay, Inc.*		256			1,004
Workiva, Inc.*		9			1,083
					112,313
Total common stocks (Cost $215,653)					228,751

Artisan Partners Funds 11

	Shares Held		Value
SHORT-TERM INVESTMENT - 0.0%^
INVESTMENT COMPANY - 0.0%^
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $19)		19		$	19
Total investments - 99.8% (Cost $215,672)					228,770
Other assets less liabilities - 0.2%					450
Total net assets - 100.0%#				$	229,220

⁽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 $88,949, or 38.8% 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.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	16,463		7.2	%
Consumer Discretionary			19,984		8.8
Consumer Staples			6,943		3.0
Energy			25,786		11.3
Financials			20,593		9.0
Health Care			41,698		18.2
Industrials			43,296		18.9
Information Technology			40,579		17.8
Materials			8,040		3.5
Utilities			5,369		2.3
Short-Term Investment			19		–	^
Total investments		$	228,770		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	1,525		0.7	%
British pound			11,850		5.2
Canadian dollar			16,358		7.2
Danish krone			2,587		1.1
Euro			42,353		18.5
Hong Kong dollar			7,501		3.3
Indian rupee			2,788		1.2
Japanese yen			8,297		3.6
New Taiwan dollar			1,158		0.5
Norwegian krone			2,152		0.9
Swedish krona			6,709		2.9
Swiss franc			3,554		1.6
U.S. dollar			121,938		53.3
Total investments		$	228,770		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Halozyme Therapeutics, Inc.		United States		3.9	%
Amazon.com, Inc.		United States		3.8
Alphabet, Inc.		United States		3.8
Microsoft Corp.		United States		3.6
Canadian Pacific Railway Ltd.		Canada		3.2
Schlumberger NV		United States		3.1
Booking Holdings, Inc.		United States		3.0
Shell plc		Netherlands		2.8
Argenx SE		Netherlands		2.7
T-Mobile US, Inc.		United States		2.4
Total				32.3	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

12 Artisan Partners Funds

Artisan Global Opportunities Fund

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.9%
BRAZIL - 0.6%
NU Holdings Ltd., Class A*		3,605		$	27,831
CANADA - 1.5%
Shopify, Inc., Class A*		101			68,032
DENMARK - 3.6%
Genmab A/S*(1)		203			73,620
Novo Nordisk A/S, Class B(1)		288			31,944
Vestas Wind Systems A/S(1)		2,106			62,193
					167,757
GERMANY - 1.5%
Volkswagen AG (Preference)(1)		410			70,977
HONG KONG - 6.8%
AIA Group Ltd.(1)		7,235			75,750
Techtronic Industries Co. Ltd.(1)		15,227			245,300
					321,050
JAPAN - 3.0%
Hoya Corp.(1)		559			63,743
Keyence Corp.(1)		164			76,388
					140,131
NETHERLANDS - 1.8%
Koninklijke DSM NV(1)		461			82,369
SPAIN - 1.8%
Banco Bilbao Vizcaya Argentaria SA(1)		14,942			85,433
SWEDEN - 4.4%
Hexagon AB, Class B(1)		6,817			95,641
Telefonaktiebolaget LM Ericsson, Class B(1)		12,293			112,477
					208,118
SWITZERLAND - 8.7%
Cie Financiere Richemont SA(1)		567			71,896
Lonza Group AG(1)		204			147,796
UBS Group AG(1)		9,804			191,535
					411,227
UNITED KINGDOM - 6.3%
AstraZeneca plc(1)		783			103,821
CNH Industrial NV(1)		7,024			111,218
London Stock Exchange Group plc(1)		792			82,741
					297,780
UNITED STATES - 54.9%
Advanced Micro Devices, Inc.*		2,337			255,498
Airbnb, Inc., Class A*		611			104,925
Alphabet, Inc., Class A*		56			155,463
Aptiv plc*		886			106,034
Arista Networks, Inc.*		554			77,033
Atlassian Corp. plc, Class A*		431			126,708
Boston Scientific Corp.*		3,410			151,029
Burlington Stores, Inc.*		303			55,263
Charles Schwab Corp. (The)		1,686			142,165
Chipotle Mexican Grill, Inc.*		15			24,088
Danaher Corp.		398			116,739
Fidelity National Information Services, Inc.		1,110			111,465
Fortive Corp.		383			23,346
HubSpot, Inc.*		141			66,843
Ingersoll Rand, Inc.		1,899			95,612
UNITED STATES (CONTINUED)
Lowe’s Cos., Inc.		460			92,913
Lululemon Athletica, Inc.*		238			86,893
Microsoft Corp.		311			95,927
Netflix, Inc.*		184			68,990
NextEra Energy, Inc.		2,319			196,476
ON Semiconductor Corp.*		1,247			78,100
Progressive Corp. (The)		542			61,771
S&P Global, Inc.		232			95,102
Tesla, Inc.*		26			27,681
Veeva Systems, Inc., Class A*		799			169,804
					2,585,868
Total common stocks (Cost $3,131,642)					4,466,573
SHORT-TERM INVESTMENT - 4.2%
INVESTMENT COMPANY - 4.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $197,184)		197,184			197,184
Total investments - 99.1% (Cost $3,328,826)					4,663,757
Other assets less liabilities - 0.9%					44,080
Total net assets - 100.0%#				$	4,707,837

⁽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 $1,784,842, or 37.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	224,453		4.8	%
Consumer Discretionary			640,672		13.7
Financials			762,328		16.4
Health Care			858,496		18.4
Industrials			537,669		11.5
Information Technology			1,164,110		25.0
Materials			82,369		1.8
Utilities			196,476		4.2
Short-Term Investment			197,184		4.2
Total investments		$	4,663,757		100.0	%

Artisan Partners Funds 13

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	186,562		4.0	%
Danish krone			167,757		3.6
Euro			349,997		7.5
Hong Kong dollar			321,050		6.9
Japanese yen			140,131		3.0
Swedish krona			208,118		4.5
Swiss franc			411,227		8.8
U.S. dollar			2,878,915		61.7
Total investments		$	4,663,757		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Advanced Micro Devices, Inc.		United States		5.4	%
Techtronic Industries Co. Ltd.		Hong Kong		5.2
NextEra Energy, Inc.		United States		4.2
UBS Group AG		Switzerland		4.1
Veeva Systems, Inc.		United States		3.6
Alphabet, Inc.		United States		3.3
Boston Scientific Corp.		United States		3.2
Lonza Group AG		Switzerland		3.1
Charles Schwab Corp. (The)		United States		3.0
Atlassian Corp. plc		United States		2.7
Total				37.8	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

14 Artisan Partners Funds

Artisan Global Unconstrained Fund

Schedule of Investments – March 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

	Principal Amount			Value
SOVEREIGN GOVERNMENT BONDS - 13.3%
ALBANIA - 2.2%
Republic of Albania 3.50%, 10/9/2025		EUR	200		$	220
CAMEROON - 2.1%
Republic of Cameroon 9.50%, 11/19/2025			USD    200			210
EGYPT - 2.0%
Arab Republic of Egypt 4.75%, 4/16/2026		EUR	200			204
KENYA - 1.9%
Republic of Kenya 7.00%, 5/22/2027			USD    200			192
ROMANIA - 2.9%
Romanian Government International Bond 3.62%, 5/26/2030		EUR	270			292
SERBIA - 2.2%
Republic of Serbia 3.13%, 5/15/2027		EUR	200			215
Total sovereign government bonds (Cost $1,341)						1,333
SHORT-TERM INVESTMENTS - 105.1%
SOVEREIGN GOVERNMENT TREASURY BILL - 5.0% (Cost $502)
Republic of Iceland 0.00%, 7/20/2022		ISK	65,000			501
	Shares Held
INVESTMENT COMPANIES - 100.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23%			3,400			3,400
Federated Treasury Obligations Fund - Institutional Class, 0.15%			3,300			3,300
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.19%			3,300			3,300
Total investment companies (Cost $10,000)						10,000
Total short-term investments (Cost $10,502)						10,501
Total investments - 118.4% (Cost $11,843)						11,834
Other assets less liabilities - (18.4)%						(1,838	)
Total net assets - 100.0%#					$	9,996

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	304		ZAR	4,435	JPM		4/29/2022		$	2
HUF	103,000		EUR	277	SCB		5/4/2022			2
PLN	645		EUR	138	SCB		5/4/2022			1
USD	217		EUR	195	SCB		6/1/2022			1
USD	223		EUR	201	SCB		6/2/2022			1
USD	304		EUR	274	SCB		6/3/2022			1
USD	225		EUR	202	SCB		6/6/2022			1
USD	505		EUR	455	SCB		6/7/2022			1
KES	23,400		USD	194	JPM**		7/5/2022			4
UGX	1,127,000		USD	303	SCB**		10/4/2022			1
Total unrealized appreciation										15
CZK	3,376		EUR	138	SCB		4/29/2022			–	^
KZT	104,000		USD	219	JPM**		5/3/2022			(3	)
UZS	2,800,000		USD	236	JPM**		7/5/2022			(2	)
Total unrealized depreciation										(5	)
Net unrealized appreciation									$	10

** Non-deliverable forward.

FUTURES CONTRACTS
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount				Notional Value				Unrealized Appreciation/ (Depreciation)
Short Positions Contracts
Euro-Bobl		(6	)		6/8/2022		EUR		$	(600	)		$	(855	)		$	–	^
Euro-Schatz		(3	)		6/8/2022		EUR			(300	)			(368	)			–	^
U.S. Treasury 2 Year Note		(1	)		6/30/2022		USD			(100	)			(212	)			–	^
U.S. Treasury 5 Year Note		(1	)		6/30/2022		USD			(100	)			(115	)			–	^
Net unrealized appreciation																	$	–	^

The Fund has recorded a liability of less than $1 as of March 31, 2022, related to the current day’s variation margin related to these contracts.

Artisan Partners Funds 15

Centrally Cleared Credit Default Swaps-Buy Protection (Dollar values in thousands)
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Termination Date	Implied Credit Spread (%)	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Republic of South Africa	1.00	Quarterly	6/20/2032	2.76	USD  600	85	–	85
Kingdom of Spain	1.00	Quarterly	6/20/2032	0.67	USD  300	(8)	–	(8)
Total						77	–	77

Centrally Cleared Interest Rate Swaps (Values in thousands)
Floating Rate Index	Annual Fixed Rate (%)	Fund Pays/ Receives Floating Rate	Termination Date	Notional Amount	Upfront Payments (Receipts) ($)	Unrealized Appreciation (Depreciation) ($)	Value ($)
6 month PRIBOR semi-annually	3.86	Receives	4/4/2032	CZK    2,710	–^	–^	–^
6 month BUBOR semi-annually	5.77	Receives	4/4/2032	HUF  46,500	–^	–^	–^
Total					–^	–^	–^

The Fund has recorded a receivable of $9 as of March 31, 2022, related to the current day’s variation margin related to these contracts.

TOP TEN HOLDINGS EXCLUDING SHORT-TERM INVESTMENTS
Company Name	Country	Percentage of Total Net Assets
Romanian Government International Bond	Romania		2.9	%
Republic of Albania	Albania		2.2
Republic of Serbia	Serbia		2.2
Republic of Cameroon	Cameroon		2.1
Arab Republic of Egypt	Egypt		2.0
Republic of Kenya	Kenya		1.9
Total			13.3	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

16 Artisan Partners Funds

Artisan Global Value Fund

Schedule of Investments – March 31, 2022 (Unaudited)

Shares, warrants and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.6%
BELGIUM - 1.7%
Groupe Bruxelles Lambert SA(1)		387	$	40,156
BRAZIL - 1.9%
Telefonica Brasil SA, ADR		3,847		43,275
CANADA - 2.0%
Imperial Oil Ltd.		986		47,713
CHINA - 2.5%
Alibaba Group Holding Ltd.*(1)		2,892		39,584
Alibaba Group Holding Ltd., ADR*		171		18,597
				58,181
FRANCE - 4.9%
Danone SA(1)		1,773		97,676
Sodexo SA(1)		215		17,437
				115,113
GERMANY - 2.9%
HeidelbergCement AG(1)		1,196		68,409
JAPAN - 2.9%
Nintendo Co. Ltd.(1)		136		68,671
NETHERLANDS - 6.0%
ING Groep NV(1)		2,732		28,551
Koninklijke Philips NV(1)		2,329		71,257
Shell plc(1)		1,515		41,571
				141,379
SOUTH KOREA - 4.8%
Samsung Electronics Co. Ltd.(1)		1,953		111,569
SWITZERLAND - 12.5%
Cie Financiere Richemont SA(1)		564		71,532
Novartis AG(1)		1,336		117,178
Swatch Group AG (The)(1)		14		3,897
UBS Group AG(1)		5,211		101,809
				294,416
UNITED KINGDOM - 8.6%
BAE Systems plc(1)		7,655		72,161
Compass Group plc(1)		4,151		89,449
Lloyds Banking Group plc(1)		65,942		40,369
				201,979
UNITED STATES - 44.9%
Advance Auto Parts, Inc.		136		28,140
Alphabet, Inc., Class A*		35		97,739
American Express Co.		432		80,746
Anthem, Inc.		300		147,365
Bank of New York Mellon Corp. (The)		1,685		83,615
Berkshire Hathaway, Inc., Class B*		273		96,282
Booking Holdings, Inc.*		10		23,379
Citigroup, Inc.		1,271		67,872
DENTSPLY SIRONA, Inc.		894		44,010
Expedia Group, Inc.*		381		74,540
GlaxoSmithKline plc(1)		1,113		24,004
Marsh & McLennan Cos., Inc.		357		60,772
Meta Platforms, Inc., Class A*		413		91,939
Progressive Corp. (The)		537		61,183
Southwest Airlines Co.*		1,060		48,560
UNITED STATES (CONTINUED)
Willis Towers Watson plc		111		26,109
				1,056,255
Total common stocks (Cost $1,662,865)				2,247,116
SHORT-TERM INVESTMENT - 3.4%
INVESTMENT COMPANY - 3.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $78,830)		78,830		78,830
	No. of Warrants
WARRANTS - 0.0%^
SWITZERLAND - 0.0%^
Cie Financiere Richemont SA, expiring 11/22/2023, strike price CHF 67 (Cost $7)*(1)		1,873		1,479
Total investments - 99.0% (Cost $1,741,702)				2,327,425
Other assets less liabilities - 1.0%				23,755
Total net assets - 100.0%#			$	2,351,180

⁽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 $1,106,759, or 47.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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	$	301,624		13.0	%
Consumer Discretionary		368,034		15.8
Consumer Staples		97,676		4.2
Energy		89,284		3.8
Financials		687,464		29.5
Health Care		403,814		17.4
Industrials		120,721		5.2
Information Technology		111,569		4.8
Materials		68,409		2.9
Short-Term Investment		78,830		3.4
Total investments	$	2,327,425		100.0	%

Artisan Partners Funds 17

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	267,554		11.5	%
Canadian dollar			47,713		2.0
Euro			323,486		13.9
Hong Kong dollar			39,584		1.7
Japanese yen			68,671		3.0
Korean won			111,569		4.8
Swiss franc			295,895		12.7
U.S. dollar			1,172,953		50.4
Total investments		$	2,327,425		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Anthem, Inc.		United States		6.3	%
Novartis AG		Switzerland		5.0
Samsung Electronics Co. Ltd.		South Korea		4.7
UBS Group AG		Switzerland		4.3
Alphabet, Inc.		United States		4.2
Danone SA		France		4.2
Berkshire Hathaway, Inc.		United States		4.1
Meta Platforms, Inc.		United States		3.9
Compass Group plc		United Kingdom		3.8
Bank of New York Mellon Corp. (The)		United States		3.6
Total				44.1	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

18 Artisan Partners Funds

Artisan High Income Fund

Schedule of Investments – March 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

	Principal Amount			Value
CORPORATE BONDS - 67.9%
ADVERTISING - 0.2%
Terrier Media Buyer, Inc. 8.88%, 12/15/2027(1)		$	15,947		$	16,226
AEROSPACE/DEFENSE - 0.9%
Bombardier, Inc.
6.00%, 2/15/2028(1)(2)			34,644			32,470
7.13%, 6/15/2026(1)(2)			8,689			8,515
7.88%, 4/15/2027(1)(2)			24,741			24,224
TransDigm, Inc. 4.63%, 1/15/2029			470			439
						65,648
AIRLINES - 1.5%
Delta Air Lines, Inc.
3.75%, 10/28/2029			47,512			43,391
4.38%, 4/19/2028			9,849			9,446
7.38%, 1/15/2026			47,394			51,469
						104,306
BUILDING MATERIALS - 0.7%
Eco Material Technologies, Inc. 7.88%, 1/31/2027(1)			21,037			20,920
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(1)			4,361			4,193
9.75%, 7/15/2028(1)			14,000			14,122
Victors Merger Corp. 6.38%, 5/15/2029(1)			5,551			4,544
						43,779
CHEMICALS - 2.4%
Consolidated Energy Finance SA 5.63%, 10/15/2028(1)(2)			17,085			15,804
EverArc Escrow SARL 5.00%, 10/30/2029(1)			31,571			28,848
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029(1)			8,542			7,947
Methanex Corp.
5.13%, 10/15/2027(2)			28,114			28,255
5.25%, 12/15/2029(2)			79,014			80,199
5.65%, 12/1/2044(2)			4,854			4,441
						165,494
COMMERCIAL SERVICES - 0.2%
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029(1)			16,154			15,589
DISTRIBUTION/WHOLESALE - 0.1%
American Builders & Contractors Supply Co., Inc. 3.88%, 11/15/2029(1)			3,705			3,455
DIVERSIFIED FINANCIAL SERVICES - 5.2%
AG Issuer LLC 6.25%, 3/1/2028(1)			44,996			44,996
NFP Corp.
4.88%, 8/15/2028(1)			26,065			24,892
6.88%, 8/15/2028(1)			205,579			196,328
VistaJet Malta Finance plc 6.38%, 2/1/2030(1)(2)			85,703			80,635
						346,851
ENGINEERING & CONSTRUCTION - 0.5%
Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028(1)			32,372			31,967
ENTERTAINMENT - 0.9%
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030(1)(8)			12,781			12,909
Jacobs Entertainment, Inc. 6.75%, 2/15/2029(1)			24,293			24,414
Magallanes, Inc.
4.28%, 3/15/2032(1)			420			422
5.14%, 3/15/2052(1)			1,678			1,717
Penn National Gaming, Inc. 4.13%, 7/1/2029(1)			22,574			20,208
						59,670
FOOD - 1.1%
H-Food Holdings LLC 8.50%, 6/1/2026(1)			79,212			75,845
FOOD SERVICE - 1.2%
TKC Holdings, Inc.
6.88%, 5/15/2028(1)			16,184			15,737
10.50%, 5/15/2029(1)			65,171			66,474
						82,211
FOREST PRODUCTS & PAPER - 0.2%
Ahlstrom-Munksjo Holding 3 Oy 4.88%, 2/4/2028(1)(2)			17,834			16,434
HAND/MACHINE TOOLS - 0.7%
Werner FinCo LP 8.75%, 7/15/2025(1)			46,856			48,262
HEALTHCARE-PRODUCTS - 2.1%
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(1)			139,265			128,820
5.25%, 10/1/2029(1)			12,842			11,939
						140,759
HEALTHCARE-SERVICES - 1.0%
HCA, Inc. 3.50%, 9/1/2030			12,810			12,375
Surgery Center Holdings, Inc.
6.75%, 7/1/2025(1)			8,955			8,922
10.00%, 4/15/2027(1)			41,565			43,643
						64,940
INSURANCE - 9.1%
Acrisure LLC
4.25%, 2/15/2029(1)			20,140			18,296
6.00%, 8/1/2029(1)			79,070			73,110
7.00%, 11/15/2025(1)			92,952			92,924
10.13%, 8/1/2026(1)			48,540			51,695
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(1)			2,569			2,471
5.88%, 11/1/2029(1)			15,595			14,991
6.75%, 10/15/2027(1)			10,008			9,887
Ardonagh Midco 2 plc 11.50% Cash, 12.75% PIK, 1/15/2027(1)(2)(3)			126,265			130,368
AssuredPartners, Inc. 7.00%, 8/15/2025(1)			33,750			33,539
BroadStreet Partners, Inc. 5.88%, 4/15/2029(1)			59,428			55,417
GTCR AP Finance, Inc. 8.00%, 5/15/2027(1)			62,677			63,407
Highlands Holdings Bond Issuer Ltd. 7.63%, 10/15/2025(1)(2)			16,874			16,944
HUB International Ltd. 7.00%, 5/1/2026(1)			41,266			41,743
Ryan Specialty Group LLC 4.38%, 2/1/2030(1)			6,905			6,525
						611,317
INTERNET - 0.4%
Cars.com, Inc. 6.38%, 11/1/2028(1)			17,239			17,116
Millennium Escrow Corp. 6.63%, 8/1/2026(1)			9,223			8,757
						25,873
IRON/STEEL - 0.6%
Big River Steel LLC 6.63%, 1/31/2029(1)			36,266			38,051
Commercial Metals Co. 3.88%, 2/15/2031			2,637			2,395
						40,446
LEISURE TIME - 7.4%
Carnival Corp.
4.00%, 8/1/2028(1)			13,445			12,504
5.75%, 3/1/2027(1)			110,287			105,177
6.00%, 5/1/2029(1)			83,290			78,488
7.63%, 3/1/2026(1)			7,882			7,933
Lindblad Expeditions LLC 6.75%, 2/15/2027(1)(4)			25,838			25,903
MajorDrive Holdings IV LLC 6.38%, 6/1/2029(1)			13,223			11,702
NCL Corp. Ltd.
3.63%, 12/15/2024(1)			17,414			16,413
5.88%, 3/15/2026(1)			47,354			44,994
5.88%, 2/15/2027(1)			6,824			6,721
7.75%, 2/15/2029(1)			33,284			33,515

Artisan Partners Funds 19

	Principal Amount			Value
LEISURE TIME (CONTINUED)
NCL Finance Ltd. 6.13%, 3/15/2028(1)		$	73,123		$	67,810
Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026(1)			17,804			16,561
5.38%, 7/15/2027(1)			8,553			8,218
5.50%, 8/31/2026(1)			26,365			25,621
5.50%, 4/1/2028(1)			35,497			33,840
						495,400
LODGING - 0.6%
Boyd Gaming Corp. 4.75%, 6/15/2031(1)			9,302			8,965
Full House Resorts, Inc. 8.25%, 2/15/2028(1)			12,921			13,212
MGM Resorts International
4.63%, 9/1/2026			4,248			4,185
4.75%, 10/15/2028			13,235			12,809
5.50%, 4/15/2027			2,223			2,245
						41,416
MEDIA - 7.8%
CCO Holdings LLC
4.25%, 2/1/2031(1)			42,817			38,857
4.25%, 1/15/2034(1)			4,409			3,829
4.50%, 8/15/2030(1)			64,599			60,613
4.50%, 5/1/2032			54,492			49,844
4.75%, 3/1/2030(1)			31,605			30,348
CSC Holdings LLC
4.50%, 11/15/2031(1)			8,967			8,037
4.63%, 12/1/2030(1)			78,174			65,376
5.25%, 6/1/2024			15,676			15,696
5.38%, 2/1/2028(1)			6,632			6,437
6.50%, 2/1/2029(1)			12,161			12,257
7.50%, 4/1/2028(1)			16,441			16,153
Sinclair Television Group, Inc.
5.13%, 2/15/2027(1)			18,823			17,082
5.50%, 3/1/2030(1)			57,038			49,364
5.88%, 3/15/2026(1)			7,138			6,958
Virgin Media Finance plc 5.00%, 7/15/2030(1)(2)			43,443			41,032
Virgin Media Secured Finance plc
4.50%, 8/15/2030(1)(2)			19,597			18,274
5.50%, 5/15/2029(1)(2)			27,393			27,188
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028(1)(2)			8,823			8,470
Ziggo Bond Co. BV
5.13%, 2/28/2030(1)(2)			7,967			7,415
6.00%, 1/15/2027(1)(2)			27,070			27,239
Ziggo BV 4.88%, 1/15/2030(1)(2)			17,024			16,032
						526,501
MINING - 0.9%
Compass Minerals International, Inc.
4.88%, 7/15/2024(1)			10,392			10,275
6.75%, 12/1/2027(1)			52,402			53,062
						63,337
MISCELLANEOUS MANUFACTURING - 1.2%
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 4.16%, 6/15/2022(5)(6)			86,258			82,700
OIL & GAS - 7.4%
Callon Petroleum Co.
6.13%, 10/1/2024			23,142			23,026
8.00%, 8/1/2028(1)			118,846			125,284
8.25%, 7/15/2025			3,046			3,077
Comstock Resources, Inc. 7.50%, 5/15/2025(1)			11,113			11,280
CrownRock LP 5.00%, 5/1/2029(1)			25,257			25,257
Endeavor Energy Resources LP 5.75%, 1/30/2028(1)			33,200			34,320
Laredo Petroleum, Inc.
7.75%, 7/31/2029(1)			89,440			90,003
10.13%, 1/15/2028			8,612			9,255
Matador Resources Co. 5.88%, 9/15/2026			55,779			56,800
MEG Energy Corp. 5.88%, 2/1/2029(1)(2)			33,922			34,389
OIL & GAS (CONTINUED)
Range Resources Corp.
5.00%, 8/15/2022			9,500			9,500
5.00%, 3/15/2023			5,000			5,035
SM Energy Co.
5.63%, 6/1/2025			8,964			8,953
6.50%, 7/15/2028			19,447			20,068
6.63%, 1/15/2027			4,218			4,324
Strathcona Resources Ltd. 6.88%, 8/1/2026(1)(2)			33,591			33,843
Tap Rock Resources LLC 7.00%, 10/1/2026(1)			3,307			3,423
						497,837
PACKAGING & CONTAINERS - 0.4%
Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029(1)(8)			6,725			6,801
8.75%, 4/15/2030(1)(8)			20,692			19,476
						26,277
PHARMACEUTICALS - 0.9%
BellRing Brands, Inc. 7.00%, 3/15/2030(1)			56,194			57,388
REAL ESTATE - 1.2%
Realogy Group LLC
4.88%, 6/1/2023(1)			55,335			55,681
5.75%, 1/15/2029(1)			26,972			25,421
						81,102
REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%
American Finance Trust, Inc. 4.50%, 9/30/2028(1)			30,346			27,315
Global Net Lease, Inc. 3.75%, 12/15/2027(1)			47,508			43,706
Iron Mountain, Inc.
5.00%, 7/15/2028(1)			1,919			1,871
5.25%, 7/15/2030(1)			14,936			14,637
Park Intermediate Holdings LLC 5.88%, 10/1/2028(1)			12,161			12,150
Uniti Group LP 4.75%, 4/15/2028(1)			17,806			16,805
XHR LP 4.88%, 6/1/2029(1)			22,647			22,000
						138,484
RETAIL - 4.9%
Asbury Automotive Group, Inc. 4.63%, 11/15/2029(1)			17,053			15,881
Brinker International, Inc.
3.88%, 5/15/2023			1,000			1,002
5.00%, 10/1/2024(1)			25,349			25,286
Dave & Buster’s, Inc. 7.63%, 11/1/2025(1)			35,423			37,270
LCM Investments Holdings II LLC 4.88%, 5/1/2029(1)			26,332			24,870
Nordstrom, Inc.
4.00%, 3/15/2027			16,561			15,952
4.38%, 4/1/2030			48,672			45,475
5.00%, 1/15/2044			98,226			87,951
SRS Distribution, Inc.
6.00%, 12/1/2029(1)			48,122			44,513
6.13%, 7/1/2029(1)			2,803			2,586
Superior Plus LP 4.25%, 5/18/2028(1)(2)		CAD	6,705			5,055
Yum! Brands, Inc. 5.38%, 4/1/2032(8)			17,057			17,095
						322,936
SOFTWARE - 0.4%
Castle US Holding Corp. 9.50%, 2/15/2028(1)			25,953			25,764
TELECOMMUNICATIONS - 3.8%
Altice France Holding SA
6.00%, 2/15/2028(1)(2)			62,105			53,565
10.50%, 5/15/2027(1)(2)			25,971			27,179
Altice France SA
5.13%, 7/15/2029(1)(2)			8,550			7,663
5.50%, 1/15/2028(1)(2)			7,974			7,390
5.50%, 10/15/2029(1)(2)			72,936			65,444
Level 3 Financing, Inc. 3.75%, 7/15/2029(1)			1,710			1,515
Sprint Capital Corp. 8.75%, 3/15/2032			8,536			11,498
Vmed O2 UK Financing I plc 4.25%, 1/31/2031(1)(2)			38,598			35,302

20 Artisan Partners Funds

	Principal Amount			Value
TELECOMMUNICATIONS (CONTINUED)
Zayo Group Holdings, Inc.
4.00%, 3/1/2027(1)		$	19,804		$	18,224
6.13%, 3/1/2028(1)			35,262			31,560
						259,340
Total corporate bonds (Cost $4,636,309)						4,577,554
BANK LOANS - 22.2%
ADVERTISING - 0.4%
Terrier Media Buyer, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.96%, 12/17/2026(6)			25,875			25,451
AEROSPACE/DEFENSE - 0.5%
Dynasty Acquisition Co., Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 4/6/2026(6)			6,328			6,207
Jazz Acquisition, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.71%, 6/19/2026(6)			27,368			26,454
Standard Aero Ltd. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 4/6/2026(6)			3,402			3,337
						35,998
APPAREL - 0.5%
Birkenstock US BidCo, Inc. First Lien Term Loan B (ICE LIBOR USD 6 Month + 3.25%), 3.75%, 4/28/2028(2)(6)			34,893			34,486
AUTO PARTS & EQUIPMENT - 0.8%
Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028(6)			57,914			55,100
BUILDING MATERIALS - 0.5%
ACProducts Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 5/17/2028(6)			26,613			23,937
Icebox Holdco III, Inc. Second Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 7.76%, 12/21/2029(6)			8,493			8,302
						32,239
CHEMICALS - 0.7%
CPC Acquisition Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.76%, 12/29/2027(6)			38,296			37,147
Geon Performance Solutions LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 5.50%, 8/18/2028(6)			7,826			7,792
						44,939
COMMERCIAL SERVICES - 2.7%
Ankura Consulting Group LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 3/17/2028(6)			9,820			9,709
Ankura Consulting Group LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), 8.75%, 3/19/2029(6)			17,830			17,563
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.75%, 12/21/2028(6)			29,200			28,616
Employbridge Holding Co. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 5.76%, 7/19/2028(6)			52,615			51,936
Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 12/22/2025(6)			66,899			61,913
National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 8.51%, 5/22/2026(6)			7,321			7,174
PECF USS Intermediate Holding III Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.76%, 12/15/2028(6)			4,316			4,270
						181,181
ENTERTAINMENT - 0.7%
J&J Ventures Gaming LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 4/26/2028(6)			27,328			27,020
Lucky Bucks LLC First Lien Term Loan B
(ICE LIBOR USD 3 Month + 5.50%), 6.25%, 7/30/2027(6)			19,766			19,321
(ICE LIBOR USD 3 Month + 5.50%), 6.51%, 7/30/27(6)			258			252
						46,593
FOOD SERVICE - 1.3%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 7.00%, 5/15/2028(6)			69,382			68,237
TKC Midco 1 LLC First Lien Term Loan, 12.00%, 2/15/2027			18,035			17,855
						86,092
HEALTHCARE-SERVICES - 0.5%
Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/31/2026(6)			33,530			33,232
HOUSEHOLD PRODUCTS/WARES - 0.0%(7)
VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.51%, 7/21/2028(6)			2,981			2,877
INSURANCE - 0.3%
AssuredPartners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.96%, 2/12/2027(6)			13,775			13,590
BroadStreet Partners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.46%, 1/27/2027(6)			8,868			8,693
						22,283
INTERNET - 1.3%
Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(6)			52,213			51,271
Barracuda Networks, Inc. Second Lien Term Loan B (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 10/30/2028(6)			33,815			33,604
						84,875
INVESTMENT COMPANIES - 0.9%
Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 6.75%, 11/5/2029(6)			59,570			58,850
LEISURE TIME - 1.0%
Carnival Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 10/18/2028(6)			8,639			8,434
NCL Corp., Ltd. First Lien Term Loan A (ICE LIBOR USD 3 Month + 1.75%), 2.76%, 1/2/2024(6)			13,020			12,499
Topgolf International, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 6.25%), 7.00%, 2/9/2026(6)			43,307			43,740
						64,673
LODGING - 0.3%
Jack Ohio Finance LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 5.50%, 10/4/2028(6)			17,895			17,671
MACHINERY-DIVERSIFIED - 0.1%
STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 12/11/2024(6)			3,763			3,704
PACKAGING & CONTAINERS - 0.2%
Clydesdale Acquisition Holdings, Inc. Term Loan (SOFR + 4.25%), 4.78%, 3/30/2029(6)			12,289			12,084
PHARMACEUTICALS - 0.1%
Sharp Midco LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.01%, 12/31/2028(6)			4,101			4,070
RETAIL - 0.8%
Fogo De Chao, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 4/7/2025(6)			17,216			16,769
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 6.50%, 9/6/2024(6)			43,945			43,651
						60,420
SOFTWARE - 7.3%
Applied Systems, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.51%, 9/19/2025(6)			28,494			28,293
Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.21%, 1/29/2027(6)			4,917			4,745

Artisan Partners Funds 21

	Principal Amount			Value
SOFTWARE (CONTINUED)
CommerceHub, Inc. Second Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.01%, 12/29/2028(6)		$	10,610		$	9,735
Constant Contact, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 8.25%, 2/12/2029(6)			28,018			27,388
Ivanti Software, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 12/1/2027(6)			13,247			12,985
(ICE LIBOR USD 3 Month + 4.25%), 5.00%, 12/1/2027(6)			29,651			29,192
Ivanti Software, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 7.77%, 12/1/2028(6)			6,435			6,338
Loyalty Ventures, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 5.00%, 11/3/2027(6)			14,350			13,979
Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 5.75%, 3/1/2029(6)			26,512			25,982
Orchid Finco LLC First Lien Term Loan B (SOFR + 4.75%), 5.33%, 7/27/2027(6)			25,540			24,391
RealPage, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 4/24/2028(6)			54,100			53,419
Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.71%, 5/30/2025(6)			70,271			69,349
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.46%, 5/29/2026(6)			36,536			36,125
UKG, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 5/4/2026(6)			28,197			27,941
UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 5.75%, 5/3/2027(6)			91,718			90,872
Virgin Pulse, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 4/6/2028(6)			36,981			36,488
						497,222
TELECOMMUNICATIONS - 0.8%
Delta Topco, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 8.00%, 12/1/2028(6)			35,575			34,804
Gridiron Fiber Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 5.51%, 10/4/2028(6)			23,845			23,234
						58,038
TRANSPORTATION - 0.5%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 5.80%, 8/4/2025(6)			5,986			5,507
(ICE LIBOR USD 3 Month + 5.50%), 5.96%, 8/4/2025(6)			26,552			24,428
(ICE LIBOR USD 3 Month + 5.50%), 6.01%, 8/4/2025(6)			5,694			5,238
(ICE LIBOR USD 3 Month + 5.50%), 6.51%, 8/4/2025(6)			356			328
						35,501
Total bank loans (Cost $1,512,729)						1,497,579
	Shares Held
COMMON STOCK - 0.3%
MISCELLANEOUS MANUFACTURING - 0.3%
Utex Equity (Cost $10,178)*(4)(9)			364			22,566
SHORT-TERM INVESTMENT - 6.2%
INVESTMENT COMPANY - 6.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $417,998)			417,998			417,998
Total investments - 96.6% (Cost $6,577,214)						6,515,697
Other assets less liabilities - 3.4%						225,220
Total net assets - 100.0%#					$	6,740,917

  ⁽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
Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 2/4/2028	Finland	U.S. dollar
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, 5.50%, 10/15/2029	France	U.S. dollar
Altice France SA, 5.13%, 7/15/2029	France	U.S. dollar
Altice France SA, 5.50%, 1/15/2028	France	U.S. dollar
Ardonagh Midco 2 plc, 11.50%, 1/15/2027	United Kingdom	U.S. dollar
Birkenstock US BidCo, Inc. First Lien Term Loan B, 3.75%, 4/28/2028	Germany	U.S. dollar
Bombardier, Inc., 6.00%, 2/15/2028	Canada	U.S. dollar
Bombardier, Inc., 7.88%, 4/15/2027	Canada	U.S. dollar
Bombardier, Inc., 7.13%, 6/15/2026	Canada	U.S. dollar
Consolidated Energy Finance SA, 5.63%, 10/15/2028	Switzerland	U.S. dollar
Highlands Holdings Bond Issuer Ltd., 7.63%, 10/15/2025	Bermuda	U.S. dollar
MEG Energy Corp., 5.88%, 2/1/2029	Canada	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
Strathcona Resources Ltd., 6.88%, 8/1/2026	Canada	U.S. dollar
Superior Plus LP, 4.25%, 5/18/2028	Canada	Canadian dollar
Virgin Media Finance plc, 5.00%, 7/15/2030	United Kingdom	U.S. dollar
Virgin Media Secured Finance plc, 4.50%, 8/15/2030	United Kingdom	U.S. dollar
Virgin Media Secured Finance plc, 5.50%, 5/15/2029	United Kingdom	U.S. dollar
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028	United Kingdom	U.S. dollar
VistaJet Malta Finance plc, 6.38%, 2/1/2030	Switzerland	U.S. dollar
Vmed O2 UK Financing I plc, 4.25%, 1/31/2031	United Kingdom	U.S. dollar
Ziggo Bond Co. BV, 5.13%, 2/28/2030	Netherlands	U.S. dollar
Ziggo Bond Co. BV, 6.00%, 1/15/2027	Netherlands	U.S. dollar
Ziggo BV, 4.88%, 1/15/2030	Netherlands	U.S. dollar

  ⁽³⁾ Payment in-kind security.

  ⁽⁴⁾ Defaulted securities.

  ⁽⁵⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2022. The maturity date reflects the next call date.

  ⁽⁶⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.

  ⁽⁷⁾ Amount rounds to less than 0.1%.

  ⁽⁸⁾ When-issued security.

  ⁽⁹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $22,567, or 0.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized (Depreciation)
USD	5,175		CAD	6,590	JPM		9/23/2022		$	(93	)

22 Artisan Partners Funds

FUTURES CONTRACTS
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount			Notional Value				Unrealized Appreciation
Short Position Contracts
U.S. Treasury 10 Year Note		(105	)		6/21/2022		USD		$	10,500		$	(12,902	)		$	290
U.S. Treasury Long Bond		(450	)		6/21/2022		USD			45,000			(67,528	)			2,041
Net unrealized appreciation																$	2,331

The Fund has recorded a liability of $307 as of March 31, 2022, related to the current day’s variation margin related to these contracts.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Acrisure LLC	United States		3.5	%
NFP Corp.	United States		3.3
Carnival Corp.	United States		3.0
CCO Holdings LLC	United States		2.7
Callon Petroleum Co.	United States		2.2
Nordstrom, Inc.	United States		2.2
Mozart Debt Merger Sub, Inc.	United States		2.1
Ardonagh Midco 2 plc	United Kingdom		1.9
CSC Holdings LLC	United States		1.8
Methanex Corp.	Canada		1.7
Total			24.4	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

Artisan Partners Funds 23

ARTISAN International FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 98.1%
BELGIUM - 2.8%
UCB SA(1)		1,709		$	204,580
BRAZIL - 1.1%
Vale SA		3,935			78,947
CANADA - 6.5%
Canadian National Railway Co.		765			102,577
Canadian Pacific Railway Ltd.		3,583			295,722
Kinaxis, Inc.*		665			87,072
					485,371
DENMARK - 1.7%
Ascendis Pharma A/S, ADR*		1,086			127,464
FRANCE - 12.9%
Air Liquide SA(1)		1,418			248,065
Airbus SE*(1)		855			103,371
BNP Paribas SA(1)		4,891			278,503
Capgemini SE(1)		1,286			286,049
LVMH Moet Hennessy Louis Vuitton SE(1)		55			39,321
					955,309
GERMANY - 17.8%
Allianz SE(1)		936			223,619
Bayerische Motoren Werke AG(1)		908			78,647
Brenntag SE(1)		1,836			148,456
Deutsche Boerse AG(1)		1,701			305,598
Deutsche Post AG(1)		4,192			201,275
Deutsche Telekom AG(1)		10,516			196,408
Porsche Automobil Holding SE (Preference)(1)		227			21,998
Volkswagen AG (Preference)(1)		809			139,850
					1,315,851
INDIA - 1.6%
Reliance Industries Ltd.(1)		3,403			117,774
IRELAND - 2.4%
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		12,163			181,514
ISRAEL - 1.9%
Nice Ltd., ADR*		626			137,174
ITALY - 1.9%
Intesa Sanpaolo SpA(1)		61,962			141,627
JAPAN - 2.4%
Hoya Corp.(1)		595			67,841
Sony Group Corp.(1)		537			55,416
Toyota Industries Corp.(1)		777			53,447
					176,704
NETHERLANDS - 12.4%
Argenx SE, ADR*		634			200,061
Argenx SE*(1)		20			6,181
ING Groep NV(1)		16,013			167,346
Koninklijke DSM NV(1)		1,395			249,337
Shell plc(1)		10,212			280,246
Shell plc, ADR		353			19,416
					922,587
RUSSIA - 0.0%
MMC Norilsk Nickel PJSC, ADR(1)(4)		4,881			–
Sberbank of Russia PJSC, ADR(1)(4)		9,611			–
					–
SPAIN - 1.1%
Ferrovial SA(1)		2,981			78,927
SWITZERLAND - 6.8%
Alcon, Inc.(1)		1,122			88,592
Barry Callebaut AG(1)		30			70,657
Medacta Group SA*(1)		434			51,731
Nestle SA(1)		1,239			160,811
Roche Holding AG(1)		336			132,884
					504,675
TAIWAN - 2.0%
Taiwan Semiconductor Manufacturing Co. Ltd.(1)		7,140			147,615
UNITED KINGDOM - 9.4%
Barclays plc(1)		107,389			208,615
Diageo plc(1)		1,380			69,750
Experian plc(1)		734			28,317
International Consolidated Airlines Group SA*(1)		33,867			62,509
Linde plc(1)		1,027			330,993
					700,184
UNITED STATES - 13.4%
Alphabet, Inc., Class A*		69			191,674
Alphabet, Inc., Class C*		34			95,666
Amazon.com, Inc.*		83			270,778
Aon plc, Class A		683			222,449
Schlumberger NV		5,095			210,464
					991,031
Total common stocks and equity-linked security (Cost $6,278,343)					7,267,334
SHORT-TERM INVESTMENT - 0.8%
INVESTMENT COMPANY - 0.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $61,862)		61,862			61,862
Total investments - 98.9% (Cost $6,340,205)					7,329,196
Other assets less liabilities - 1.1%					83,376
Total net assets - 100.0%#				$	7,412,572

⁽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 $5,227,870, or 70.5% 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		11/14/2013- 02/24/2022		$	225,903		$	181,514		2.4	%

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

24 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	483,748		6.6	%
Consumer Discretionary			606,010		8.3
Consumer Staples			301,218		4.1
Energy			627,900		8.6
Financials			1,729,271		23.6
Health Care			879,334		12.0
Industrials			1,074,601		14.7
Information Technology			657,910		9.0
Materials			907,342		12.3
Short-Term Investment			61,862		0.8
Total investments		$	7,329,196		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	78,947		1.1	%
British pound			649,437		8.9
Canadian dollar			485,371		6.6
Euro			3,450,151		47.1
Indian rupee			117,774		1.6
Japanese yen			176,704		2.4
New Taiwan dollar			147,615		2.0
Swiss franc			504,675		6.9
U.S. dollar			1,718,522		23.4
Total investments		$	7,329,196		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Linde plc		United Kingdom		4.5	%
Deutsche Boerse AG		Germany		4.1
Shell plc		Netherlands		4.0
Canadian Pacific Railway Ltd.		Canada		4.0
Alphabet, Inc.		United States		3.9
Capgemini SE		France		3.9
BNP Paribas SA		France		3.8
Amazon.com, Inc.		United States		3.7
Koninklijke DSM NV		Netherlands		3.4
Air Liquide SA		France		3.3
Total				38.6	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

Artisan Partners Funds 25

ARTISAN International Small-Mid FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.8%
AUSTRALIA - 0.1%
Telix Pharmaceuticals Ltd.*(1)		1,702		$	5,241
BELGIUM - 0.1%
Azelis Group NV*(1)		229			5,524
BRAZIL - 2.5%
Afya Ltd., Class A*		1,086			15,645
Hapvida Participacoes e Investimentos SA		16,998			42,556
Rumo SA*		7,594			29,636
Vibra Energia SA		9,570			46,834
					134,671
CANADA - 4.8%
Altus Group Ltd.		1,720			69,484
CAE, Inc.*		3,542			92,202
Descartes Systems Group, Inc. (The)*		631			46,233
Kinaxis, Inc.*		384			50,245
TECSYS, Inc.		30			756
					258,920
CHINA - 0.2%
I-Mab, ADR*		621			10,084
Jacobio Pharmaceuticals Group Co. Ltd.*(1)		2,506			2,516
					12,600
COSTA RICA - 0.3%
Establishment Labs Holdings, Inc.*		197			13,258
DENMARK - 4.4%
ALK-Abello A/S*(1)		1,406			30,958
Ambu A/S, Class B(1)		1,771			26,011
Carlsberg A/S, Class B(1)		205			25,021
DSV A/S(1)		251			48,049
Genmab A/S*(1)		175			63,412
Vestas Wind Systems A/S(1)		1,401			41,358
					234,809
FINLAND - 2.1%
BasWare OYJ*(1)		110			2,588
Metso Outotec OYJ(1)		10,988			92,699
Revenio Group OYJ*(1)		186			9,756
Vaisala OYJ, Class A(1)		167			7,957
					113,000
FRANCE - 3.4%
Gaztransport Et Technigaz SA(1)		746			83,595
Lectra(1)		1,647			78,233
Ubisoft Entertainment SA*(1)		412			18,144
					179,972
GERMANY - 3.9%
AIXTRON SE(1)		2,754			60,968
Carl Zeiss Meditec AG(1)		92			14,960
Gerresheimer AG(1)		589			43,080
Hamburger Hafen und Logistik AG(1)		1,308			23,334
MorphoSys AG*(1)		477			13,075
Symrise AG(1)		467			56,075
					211,492
ICELAND - 0.5%
Ossur HF*(1)		4,683			27,335
INDIA - 1.9%
IndiaMart InterMesh Ltd.(1)		499			28,279
WNS Holdings Ltd., ADR*		880			75,268
					103,547
ISRAEL - 8.5%
Compugen Ltd.*		525			1,690
Kornit Digital Ltd.*		1,553			128,383
Max Stock Ltd.(1)		4,636			12,325
Nice Ltd., ADR*		913			199,846
Radware Ltd.*(2)		2,368			75,708
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(1)		222			17,720
Tel Aviv Stock Exchange Ltd.(1)		3,931			20,121
					455,793
ITALY - 1.2%
Davide Campari-Milano NV(1)		3,350			38,966
Moncler SpA(1)		419			23,312
					62,278
JAPAN - 14.3%
Azbil Corp.(1)		2,647			88,149
Carenet, Inc.(1)(2)		3,544			24,776
CKD Corp.(1)(2)		4,277			65,422
Daikokutenbussan Co. Ltd.(1)(2)		934			39,645
en-japan, Inc.(1)		666			15,994
Fujitec Co. Ltd.(1)		3,144			80,851
GMO Financial Gate, Inc.(1)		129			16,170
Jeol Ltd.(1)		658			36,445
Kobe Bussan Co. Ltd.(1)		698			21,448
Money Forward, Inc.*(1)		852			37,687
Morinaga Milk Industry Co. Ltd.(1)		893			38,187
Obic Co. Ltd.(1)		162			24,199
Plus Alpha Consulting Co. Ltd.(1)		304			6,570
Raccoon Holdings, Inc.(1)(2)		2,214			22,763
Rohm Co. Ltd.(1)		618			48,019
SG Holdings Co. Ltd.(1)		4,595			86,601
Temairazu, Inc.(1)(2)		344			13,290
Toshiba Corp.(1)		2,128			80,766
Ubicom Holdings, Inc.(1)(2)		893			18,006
					764,988
NETHERLANDS - 2.6%
Argenx SE*(1)		47			14,889
IMCD NV(1)		417			70,985
Koninklijke DSM NV(1)		305			54,584
					140,458
SPAIN - 0.7%
Almirall SA(1)		3,101			39,322
SWEDEN - 3.5%
AAK AB(1)		2,121			39,327
Elekta AB, Class B(1)		1,111			8,717
Fortnox AB(1)		13,600			74,529
Swedish Orphan Biovitrum AB*(1)		2,825			66,788
					189,361
SWITZERLAND - 7.8%
Alcon, Inc.(1)		1,397			110,388
Baloise Holding AG(1)		330			58,800
Barry Callebaut AG(1)		26			60,279
Belimo Holding AG(1)		103			54,447
Burckhardt Compression Holding AG(1)		66			34,848
Comet Holding AG(1)		131			37,899
Siegfried Holding AG*(1)		43			35,161
Tecan Group AG(1)		66			25,974
					417,796

26 Artisan Partners Funds

	Shares Held		Value
THAILAND - 1.3%
Fabrinet*		663		$	69,658
UNITED KINGDOM - 16.2%
Alphawave IP Group plc*(1)		8,240			18,957
ASOS plc*(1)		1,023			21,547
B&M European Value Retail SA(1)		5,558			38,940
Balfour Beatty plc(1)		6,670			22,454
boohoo Group plc*(1)		20,741			23,983
Britvic plc(1)		3,392			35,828
ConvaTec Group plc(1)		38,067			107,218
Electrocomponents plc(1)		7,146			101,046
Ergomed plc*(1)		1,203			21,279
HomeServe plc(1)		2,729			30,070
Howden Joinery Group plc(1)		6,602			66,218
JD Sports Fashion plc(1)		15,269			29,568
JET2 plc*(1)		6,280			94,116
Moonpig Group plc*(1)		2,770			8,119
Orchard Therapeutics plc, ADR*		2,126			1,514
Oxford Biomedica plc*(1)		1,774			15,695
Rotork plc(1)		19,605			83,497
Smiths Group plc(1)		1,329			25,189
St. James’s Place plc(1)		3,092			58,300
THG plc*(1)		2,046			2,447
Trainline plc*(1)		8,005			26,153
YouGov plc(1)		1,926			34,485
					866,623
UNITED STATES - 16.5%
Agilysys, Inc.*		917			36,577
Alkermes plc*		1,669			43,899
Alnylam Pharmaceuticals, Inc.*		77			12,501
BioCryst Pharmaceuticals, Inc.*		1,837			29,864
CyberArk Software Ltd.*		609			102,726
Envista Holdings Corp.*		1,071			52,186
Glaukos Corp.*		1,282			74,145
Ingersoll Rand, Inc.		1,206			60,738
Inspire Medical Systems, Inc.*		112			28,687
Lantheus Holdings, Inc.*		1,103			61,027
Legend Biotech Corp., ADR*		1,162			42,236
Madrigal Pharmaceuticals, Inc.*		146			14,278
MaxCyte, Inc.*		835			5,834
Model N, Inc.*(2)		2,111			56,786
Myriad Genetics, Inc.*		1,516			38,203
NanoString Technologies, Inc.*		220			7,636
Nevro Corp.*		241			17,397
Quotient Ltd.*		311			373
Relay Therapeutics, Inc.*		201			6,005
STAAR Surgical Co.*		193			15,412
Varex Imaging Corp.*		1,058			22,530
Verastem, Inc.*		1,246			1,757
ViewRay, Inc.*(2)		11,627			45,579
Wolfspeed, Inc.*		954			108,598
					884,974
Total common stocks (Cost $4,530,290)					5,191,620
SHORT-TERM INVESTMENT - 2.0%
INVESTMENT COMPANY - 2.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $109,311)		109,311			109,311
Total investments - 98.8% (Cost $4,639,601)					5,300,931
Other assets less liabilities - 1.2%					64,705
Total net assets - 100.0%#				$	5,365,636

⁽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 $3,337,646, or 62.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	52,629		1.0	%
Consumer Discretionary			284,926		5.4
Consumer Staples			316,419		6.0
Energy			83,595		1.5
Financials			137,221		2.6
Health Care			1,331,644		25.1
Industrials			1,462,709		27.6
Information Technology			1,342,334		25.3
Materials			110,659		2.1
Real Estate			69,484		1.3
Short-Term Investment			109,311		2.1
Total investments		$	5,300,931		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	5,241		0.1	%
Brazilian real			119,026		2.3
British pound			865,109		16.3
Canadian dollar			258,920		4.9
Danish krone			262,144		4.9
Euro			752,046		14.2
Hong Kong dollar			2,516		0.1
Indian rupee			28,279		0.5
Israel new shekel			50,166		0.9
Japanese yen			764,988		14.4
Swedish krona			189,361		3.6
Swiss franc			417,796		7.9
U.S. dollar			1,585,339		29.9
Total investments		$	5,300,931		100.0	%

Artisan Partners Funds 27

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Nice Ltd.		Israel		3.7	%
Kornit Digital Ltd.		Israel		2.4
Alcon, Inc.		Switzerland		2.1
Wolfspeed, Inc.		United States		2.0
ConvaTec Group plc		United Kingdom		2.0
CyberArk Software Ltd.		United States		1.9
Electrocomponents plc		United Kingdom		1.9
JET2 plc		United Kingdom		1.8
Metso Outotec OYJ		Finland		1.7
CAE, Inc.		Canada		1.7
Total				21.2	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

28 Artisan Partners Funds

ARTISAN International Value FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.0%
BELGIUM - 2.5%
Groupe Bruxelles Lambert SA(1)		5,868		$	608,570
BRAZIL - 1.4%
Telefonica Brasil SA, ADR		29,870			336,037
CANADA - 5.9%
Alimentation Couche-Tard, Inc.		22,638			1,019,835
Suncor Energy, Inc.		12,862			418,736
					1,438,571
CHINA - 6.3%
Alibaba Group Holding Ltd.*(1)		42,555			582,466
Anhui Conch Cement Co. Ltd., Class H(1)		48,002			246,009
Hengan International Group Co. Ltd.(1)		52,981			244,563
Trip.com Group Ltd.*(1)		19,012			447,846
					1,520,884
FINLAND - 1.4%
Nokia OYJ, ADR*		51,471			281,031
Nokia OYJ*(1)		10,963			60,352
					341,383
FRANCE - 8.1%
Danone SA(1)		16,704			920,173
Safran SA(1)		4,674			549,299
Sodexo SA(1)		5,266			427,505
Sodexo SA (Registered Shares)*(1)(2)		737			59,854
					1,956,831
GERMANY - 2.3%
Fresenius Medical Care AG & Co. KGaA(1)		8,293			556,117
INDIA - 4.0%
HCL Technologies Ltd.(1)		51,415			785,074
Indus Towers Ltd.*(1)		64,901			188,122
					973,196
IRELAND - 2.2%
CRH plc(1)		6,419			257,016
Ryanair Holdings plc*(1)		1,846			27,543
Ryanair Holdings plc, Equity-Linked Security*(1)(3)(4)		16,410			244,899
					529,458
ITALY - 0.1%
Iveco Group NV*(1)		4,104			26,670
JAPAN - 1.7%
Nintendo Co. Ltd.(1)		223			112,618
Seven & i Holdings Co. Ltd.(1)		6,234			296,608
					409,226
MEXICO - 0.8%
Gruma SAB de CV, Class B		15,690			196,728
NETHERLANDS - 2.9%
ING Groep NV(1)		48,020			501,843
Universal Music Group NV(1)		7,949			211,035
					712,878
SOUTH KOREA - 8.0%
NAVER Corp.(1)		2,012			562,646
Samsung Electronics Co. Ltd.(1)		16,441			939,249
Samsung Electronics Co. Ltd. (Preference)(1)		8,612			445,435
					1,947,330
SPAIN - 1.1%
CaixaBank SA(1)		81,608			275,051
SWITZERLAND - 15.2%
ABB Ltd.(1)		25,200			815,304
Cie Financiere Richemont SA(1)		3,538			448,812
Credit Suisse Group AG(1)		39,311			310,170
Holcim Ltd.*(1)		11,428			557,937
Novartis AG(1)		11,542			1,012,281
UBS Group AG(1)		27,202			531,453
					3,675,957
UNITED KINGDOM - 14.7%
Associated British Foods plc(1)		11,568			251,224
Berkeley Group Holdings plc*(1)		4,547			221,331
CNH Industrial NV(1)		18,878			298,920
Compass Group plc(1)		45,440			979,284
Inchcape plc(1)		9,080			79,265
Liberty Global plc, Class A*		8,003			204,153
Liberty Global plc, Class C*		6,771			175,440
Lloyds Banking Group plc(1)		770,021			471,405
RELX plc(1)		26,296			819,066
RELX plc(1)		2,406			74,910
					3,574,998
UNITED STATES - 12.4%
Arch Capital Group Ltd.*(5)		22,337			1,081,564
Garmin Ltd.		3,341			396,243
GlaxoSmithKline plc(1)		10,996			237,125
Sensata Technologies Holding plc*(5)		8,280			421,025
Tenaris SA(1)		11,751			177,103
Tenaris SA, ADR		1,713			51,516
White Mountains Insurance Group Ltd.		87			99,321
Willis Towers Watson plc		2,288			540,576
					3,004,473
Total common stocks and equity-linked security (Cost $18,364,787)					22,084,358
SHORT-TERM INVESTMENT - 7.5%
INVESTMENT COMPANY - 7.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $1,815,209)		1,815,209			1,815,209
Total investments - 98.5% (Cost $20,179,996)					23,899,567
Other assets less liabilities - 1.5%					370,104
Total net assets - 100.0%#				$	24,269,671

⁽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 $16,862,153, or 69.5% 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		$	59,854		0.2	%

⁽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.

Artisan Partners Funds 29

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 03/22/2022		$	294,586		$	244,899		1.0	%

⁽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.

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased	Currency Sold			Counterparty		Settlement     Date		Unrealized     Appreciation
USD  301,399		JPY	34,449,167		JPM		4/21/2022		$	18,335

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,790,051		7.5	%
Consumer Discretionary			3,642,606		15.2
Consumer Staples			2,929,131		12.3
Energy			647,355		2.7
Financials			4,664,852		19.5
Health Care			1,805,523		7.6
Industrials			3,032,737		12.7
Information Technology			2,511,141		10.5
Materials			1,060,962		4.4
Short-Term Investment			1,815,209		7.6
Total investments		$	23,899,567		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	3,058,700		12.8	%
Canadian dollar			1,438,571		6.0
Euro			5,031,961		21.1
Hong Kong dollar			1,520,884		6.4
Indian rupee			973,196		4.1
Japanese yen			409,226		1.7
Korean won			1,947,330		8.1
Mexican peso			196,728		0.8
Swiss franc			3,675,957		15.4
U.S. dollar			5,647,014		23.6
Total investments		$	23,899,567		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Samsung Electronics Co. Ltd.		South Korea		5.7	%
Arch Capital Group Ltd.		United States		4.5
Alimentation Couche-Tard, Inc.		Canada		4.2
Novartis AG		Switzerland		4.2
Compass Group plc		United Kingdom		4.0
Danone SA		France		3.8
RELX plc		United Kingdom		3.7
ABB Ltd.		Switzerland		3.4
HCL Technologies Ltd.		India		3.2
Groupe Bruxelles Lambert SA		Belgium		2.5
Total				39.2	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

30 Artisan Partners Funds

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.2%
AUTO COMPONENTS - 1.5%
Aptiv plc*		753		$	90,104
BANKS - 4.6%
First Republic Bank		548			88,825
NU Holdings Ltd., Class A*(1)		3,757			29,007
SVB Financial Group*		282			157,719
					275,551
BIOTECHNOLOGY - 7.5%
Argenx SE, ADR*(1)		418			131,854
Ascendis Pharma A/S, ADR*(1)		1,414			165,923
BioNTech SE, ADR*(1)		174			29,659
Exact Sciences Corp.*		445			31,085
Genmab A/S*(1)(2)		255			92,331
					450,852
BUILDING PRODUCTS - 2.0%
Advanced Drainage Systems, Inc.		673			79,906
Trex Co., Inc.*		636			41,529
					121,435
CAPITAL MARKETS - 8.3%
LPL Financial Holdings, Inc.		629			114,908
MSCI, Inc.		230			115,493
Nasdaq, Inc.		742			132,179
Tradeweb Markets, Inc., Class A		1,505			132,239
					494,819
COMMUNICATIONS EQUIPMENT - 2.1%
Arista Networks, Inc.*		901			125,250
CONTAINERS & PACKAGING - 1.4%
Ball Corp.		944			84,993
DIVERSIFIED CONSUMER SERVICES - 0.6%
Chegg, Inc.*		963			34,954
ELECTRICAL EQUIPMENT - 1.8%
Generac Holdings, Inc.*		363			107,840
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.3%
Cognex Corp.		725			55,953
Teledyne Technologies, Inc.*		258			121,917
Trimble, Inc.*		1,065			76,838
					254,708
ENTERTAINMENT - 2.5%
Roku, Inc.*		225			28,168
Zynga, Inc., Class A*		13,210			122,060
					150,228
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
Cooper Cos., Inc. (The)		72			30,129
Dexcom, Inc.*		187			95,788
Envista Holdings Corp.*		620			30,210
					156,127
HEALTH CARE TECHNOLOGY - 3.3%
Veeva Systems, Inc., Class A*		919			195,231
HOTELS, RESTAURANTS & LEISURE - 2.2%
Chipotle Mexican Grill, Inc.*		83			131,399
INTERACTIVE MEDIA & SERVICES - 3.9%
Match Group, Inc.*		1,056			114,826
ZoomInfo Technologies, Inc.*		1,928			115,160
					229,986
INTERNET & DIRECT MARKETING RETAIL - 0.8%
Global-e Online Ltd.*(1)		1,496			50,523
IT SERVICES - 3.0%
Global Payments, Inc.		1,294			177,128
LEISURE PRODUCTS - 0.7%
YETI Holdings, Inc.*		694			41,645
LIFE SCIENCES TOOLS & SERVICES - 5.0%
Agilent Technologies, Inc.		639			84,624
Azenta, Inc.		881			73,040
Evotec SE*(1)(2)		1,195			36,113
NeoGenomics, Inc.*		887			10,776
West Pharmaceutical Services, Inc.		225			92,483
					297,036
MACHINERY - 5.1%
CNH Industrial NV(1)		3,832			60,770
Fortive Corp.		1,499			91,330
Ingersoll Rand, Inc.		3,042			153,152
					305,252
MEDIA - 1.2%
New York Times Co. (The), Class A		1,621			74,292
PHARMACEUTICALS - 3.0%
Catalent, Inc.*		1,616			179,214
PROFESSIONAL SERVICES - 1.7%
TransUnion		983			101,545
ROAD & RAIL - 1.1%
Lyft, Inc., Class A*		1,783			68,456
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6%
Entegris, Inc.		715			93,821
Lattice Semiconductor Corp.*		2,078			126,636
Monolithic Power Systems, Inc.		152			73,780
ON Semiconductor Corp.*		1,547			96,868
					391,105
SOFTWARE - 17.2%
Atlassian Corp. plc, Class A*		640			187,938
Bill.com Holdings, Inc.*		312			70,793
Ceridian HCM Holding, Inc.*		1,050			71,777
Datadog, Inc., Class A*		803			121,702
HubSpot, Inc.*		519			246,575
Synopsys, Inc.*	365		121,573
Tyler Technologies, Inc.*		156			69,549
Zscaler, Inc.*		576			138,994
					1,028,901
SPECIALTY RETAIL - 1.6%
Burlington Stores, Inc.*		511			93,080

Artisan Partners Funds 31

	Shares Held		Value
TEXTILES, APPAREL & LUXURY GOODS - 1.6%
Lululemon Athletica, Inc.*		188		$	68,494
Under Armour, Inc., Class A*		1,697			28,891
					97,385
Total common stocks (Cost $3,753,990)					5,809,039
SHORT-TERM INVESTMENT - 1.7%
INVESTMENT COMPANY - 1.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $99,783)		99,783			99,783
Total investments - 98.9% (Cost $3,853,773)					5,908,822
Other assets less liabilities - 1.1%					68,562
Total net assets - 100.0%#				$	5,977,384

⁽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
CNH Industrial NV	United Kingdom	U.S. dollar
Evotec SE	Germany	Euro
Genmab A/S	Denmark	Danish krone
Global-e Online Ltd.	Israel	U.S. dollar
NU Holdings Ltd.	Brazil	U.S. dollar

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $128,444, or 2.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	454,506		7.8	%
Consumer Discretionary			539,090		9.1
Financials			770,370		13.0
Health Care			1,278,460		21.6
Industrials			704,528		11.9
Information Technology			1,977,092		33.5
Materials			84,993		1.4
Short-Term Investment			99,783		1.7
Total investments		$	5,908,822		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Danish krone		$	92,331		1.6	%
Euro			36,113		0.6
U.S. dollar			5,780,378		97.8
Total investments		$	5,908,822		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
HubSpot, Inc.	United States		4.1	%
Veeva Systems, Inc.	United States		3.3
Atlassian Corp. plc	United States		3.1
Catalent, Inc.	United States		3.0
Global Payments, Inc.	United States		3.0
Ascendis Pharma A/S	Denmark		2.8
SVB Financial Group	United States		2.6
Ingersoll Rand, Inc.	United States		2.6
Zscaler, Inc.	United States		2.3
Tradeweb Markets, Inc.	United States		2.2
Total			29.0	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

32 Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.0%
AIR FREIGHT & LOGISTICS - 0.8%
Expeditors International of Washington, Inc.		141		$	14,545
AUTO COMPONENTS - 3.9%
BorgWarner, Inc.		944			36,715
Gentex Corp.		1,243			36,251
					72,966
BANKS - 1.7%
M&T Bank Corp.		192			32,555
CAPITAL MARKETS - 5.7%
Carlyle Group, Inc. (The)		638			31,202
Moelis & Co., Class A		749			35,153
Northern Trust Corp.		348			40,525
					106,880
CHEMICALS - 4.2%
Celanese Corp.		212			30,308
Corteva, Inc.		855			49,139
					79,447
CONSUMER FINANCE - 2.1%
Synchrony Financial		1,154			40,164
DIVERSIFIED CONSUMER SERVICES - 1.8%
H&R Block, Inc.		1,307			34,032
ELECTRIC UTILITIES - 2.6%
OGE Energy Corp.		1,202			49,025
ELECTRICAL EQUIPMENT - 2.6%
nVent Electric plc		1,431			49,753
ENERGY EQUIPMENT & SERVICES - 2.7%
NOV, Inc.		2,581			50,622
ENTERTAINMENT - 3.0%
Electronic Arts, Inc.		256			32,390
Lions Gate Entertainment Corp., Class A*		479			7,784
Lions Gate Entertainment Corp., Class B*		1,046			15,726
					55,900
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 6.6%
Lamar Advertising Co., Class A		485			56,309
PS Business Parks, Inc.		125			21,014
Public Storage		81			31,631
STORE Capital Corp.		525			15,345
					124,299
FOOD & STAPLES RETAILING - 3.9%
Kroger Co. (The)		777			44,598
Sysco Corp.		363			29,612
					74,210
FOOD PRODUCTS - 2.5%
Tyson Foods, Inc., Class A		537			48,160
HEALTH CARE EQUIPMENT & SUPPLIES - 2.0%
DENTSPLY SIRONA, Inc.		753			37,074
HEALTH CARE PROVIDERS & SERVICES - 4.5%
AmerisourceBergen Corp.		253			39,193
Centene Corp.*		553			46,562
					85,755
HOTELS, RESTAURANTS & LEISURE - 8.8%
Expedia Group, Inc.*		389			76,167
Marriott International, Inc., Class A*		288			50,665
Vail Resorts, Inc.		148			38,618
					165,450
INSURANCE - 7.3%
Arch Capital Group Ltd.*		1,091			52,840
Globe Life, Inc.		490			49,293
Progressive Corp. (The)		320			36,437
					138,570
INTERACTIVE MEDIA & SERVICES - 2.0%
IAC/InterActiveCorp*		349			34,966
Vimeo, Inc.*		196			2,333
					37,299
MACHINERY - 1.3%
Otis Worldwide Corp.		327			25,162
MARINE - 1.8%
Kirby Corp.*		470			33,904
MEDIA - 7.2%
Liberty Broadband Corp., Class C*		109			14,748
Liberty Media Corp.-Liberty SiriusXM, Class A*		404			18,477
Liberty Media Corp.-Liberty SiriusXM, Class C*		402			18,374
News Corp., Class A		2,010			44,515
Omnicom Group, Inc.		464			39,384
					135,498
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.8%
Jones Lang LaSalle, Inc.*		141			33,758
ROAD & RAIL - 3.3%
AMERCO		106			63,291
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
Analog Devices, Inc.		424			70,037
SOFTWARE - 2.1%
Check Point Software Technologies Ltd.*(1)		281			38,916
SPECIALTY RETAIL - 2.5%
AutoNation, Inc.*		471			46,883
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.7%
NetApp, Inc.		388			32,242
TRADING COMPANIES & DISTRIBUTORS - 1.9%
Air Lease Corp.		814			36,337
Total common stocks (Cost $977,841)					1,812,734
SHORT-TERM INVESTMENT - 3.6%
INVESTMENT COMPANY - 3.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $68,878)		68,878			68,878
Total investments - 99.6% (Cost $1,046,719)					1,881,612
Other assets less liabilities - 0.4%					8,212
Total net assets - 100.0%#				$	1,889,824

Artisan Partners Funds 33

⁽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

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	228,697		12.2	%
Consumer Discretionary			319,331		17.0
Consumer Staples			122,370		6.5
Energy			50,622		2.7
Financials			318,169		16.9
Health Care			122,829		6.5
Industrials			222,992		11.8
Information Technology			141,195		7.5
Materials			79,447		4.2
Real Estate			158,057		8.4
Utilities			49,025		2.6
Short-Term Investment			68,878		3.7
Total investments		$	1,881,612		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Expedia Group, Inc.	United States		4.0	%
Analog Devices, Inc.	United States		3.7
AMERCO	United States		3.3
Lamar Advertising Co.	United States		3.0
Arch Capital Group Ltd.	United States		2.8
Marriott International, Inc.	United States		2.7
NOV, Inc.	United States		2.7
nVent Electric plc	United States		2.6
Globe Life, Inc.	United States		2.6
Corteva, Inc.	United States		2.6
Total			30.0	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

34 Artisan Partners Funds

ARTISAN SELECT EQUITY FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 93.5%
AEROSPACE & DEFENSE - 2.0%
BAE Systems plc(1)(2)		65			$	617
AIR FREIGHT & LOGISTICS - 1.5%
FedEx Corp.		2				457
AIRLINES - 2.1%
Southwest Airlines Co.*		14				631
AUTOMOBILES - 4.7%
Harley-Davidson, Inc.		37				1,441
BANKS - 4.1%
Citigroup, Inc.		23				1,251
CAPITAL MARKETS - 4.4%
Bank of New York Mellon Corp. (The)		27				1,339
CHEMICALS - 4.9%
Axalta Coating Systems Ltd.*		61				1,509
CONSTRUCTION MATERIALS - 4.0%
HeidelbergCement AG(1)(2)		21				1,222
CONSUMER FINANCE - 5.3%
American Express Co.		9				1,620
DIVERSIFIED FINANCIAL SERVICES - 7.0%
Berkshire Hathaway, Inc., Class B*		6				2,128
FOOD & STAPLES RETAILING - 1.3%
Sprouts Farmers Market, Inc.*		12				383
FOOD PRODUCTS - 4.2%
Danone SA(1)(2)		23				1,284
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%
DENTSPLY SIRONA, Inc.		29				1,424
HEALTH CARE PROVIDERS & SERVICES - 6.7%
Anthem, Inc.		4				2,051
HOTELS, RESTAURANTS & LEISURE - 5.2%
Booking Holdings, Inc.*		–	(3)			348
Expedia Group, Inc.*		6				1,229
						1,577
INSURANCE - 10.3%
Alleghany Corp.*		1				889
Marsh & McLennan Cos., Inc.		5				810
Progressive Corp. (The)		13				1,448
						3,147
INTERACTIVE MEDIA & SERVICES - 10.0%
Alphabet, Inc., Class A*		1				1,502
Meta Platforms, Inc., Class A*		7				1,560
						3,062
INTERNET & DIRECT MARKETING RETAIL - 3.7%
Alibaba Group Holding Ltd., ADR*(1)		10				1,140
SPECIALTY RETAIL - 2.9%
Advance Auto Parts, Inc.		4				900
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.5%
Samsung Electronics Co. Ltd.(1)(2)		24				1,364
Total common stocks (Cost $25,047)						28,547
SHORT-TERM INVESTMENT - 6.1%
INVESTMENT COMPANY - 6.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $1,864)		1,864				1,864
Total investments - 99.6% (Cost $26,911)						30,411
Other assets less liabilities - 0.4%						119
Total net assets - 100.0%#					$	30,530

⁽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
Alibaba Group Holding Ltd.	China	U.S. dollar
BAE Systems plc	United Kingdom	British pound
Danone SA	France	Euro
HeidelbergCement AG	Germany	Euro
Samsung Electronics Co. Ltd.	South Korea	Korean won

⁽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 $4,487, or 14.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ Amount rounds to less than one.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	3,062		10.1	%
Consumer Discretionary			5,058		16.6
Consumer Staples			1,667		5.5
Financials			9,485		31.2
Health Care			3,475		11.4
Industrials			1,705		5.6
Information Technology			1,364		4.5
Materials			2,731		9.0
Short-Term Investment			1,864		6.1
Total investments		$	30,411		100.0	%

Artisan Partners Funds 35

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	617		2.0	%
Euro			2,506		8.3
Korean won			1,364		4.5
U.S. dollar			25,924		85.2
Total investments		$	30,411		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Berkshire Hathaway, Inc.		United States		7.0	%
Anthem, Inc.		United States		6.7
American Express Co.		United States		5.3
Meta Platforms, Inc.		United States		5.1
Axalta Coating Systems Ltd.		United States		4.9
Alphabet, Inc.		United States		4.9
Progressive Corp. (The)		United States		4.7
Harley-Davidson, Inc.		United States		4.7
DENTSPLY SIRONA, Inc.		United States		4.7
Samsung Electronics Co. Ltd.		South Korea		4.5
Total				52.5	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

36 Artisan Partners Funds

ARTISAN Small Cap FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.2%
BANKS - 2.5%
Live Oak Bancshares, Inc.		582		$	29,607
Silvergate Capital Corp., Class A*		292			44,003
					73,610
BIOTECHNOLOGY - 18.3%
Argenx SE, ADR*(1)		348			109,632
Ascendis Pharma A/S, ADR*(1)		945			110,963
Avid Bioservices, Inc.*		857			17,467
Denali Therapeutics, Inc.*		336			10,795
Halozyme Therapeutics, Inc.*		4,565			182,069
Iovance Biotherapeutics, Inc.*		1,732			28,845
Orchard Therapeutics plc, ADR*(1)		1,466			1,044
Veracyte, Inc.*		2,876			79,283
					540,098
BUILDING PRODUCTS - 3.0%
Advanced Drainage Systems, Inc.		508			60,346
AZEK Co., Inc. (The)*		449			11,155
Trex Co., Inc.*		256			16,746
					88,247
CAPITAL MARKETS - 1.7%
Morningstar, Inc.		179			48,870
CONSTRUCTION & ENGINEERING - 3.3%
Valmont Industries, Inc.		406			96,903
DIVERSIFIED CONSUMER SERVICES - 3.5%
Bright Horizons Family Solutions, Inc.*		225			29,829
Chegg, Inc.*		2,067			75,005
					104,834
ELECTRICAL EQUIPMENT - 0.6%
Shoals Technologies Group, Inc., Class A*		1,068			18,199
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.1%
Novanta, Inc.*		646			91,943
ENTERTAINMENT - 1.7%
Zynga, Inc., Class A*		5,543			51,215
FOOD PRODUCTS - 0.9%
Freshpet, Inc.*		262			26,937
HEALTH CARE EQUIPMENT & SUPPLIES - 4.9%
iRhythm Technologies, Inc.*		172			27,129
Shockwave Medical, Inc.*		489			101,497
Vapotherm, Inc.*		1,268			17,627
					146,253
HEALTH CARE PROVIDERS & SERVICES - 0.8%
Option Care Health, Inc.*		856			24,452
HEALTH CARE TECHNOLOGY - 0.7%
OptimizeRx Corp.*		529			19,941
HOTELS, RESTAURANTS & LEISURE - 3.9%
Papa John’s International, Inc.		546			57,440
Wingstop, Inc.		481			56,456
					113,896
HOUSEHOLD DURABLES - 0.3%
Traeger, Inc.*		1,222			9,089
INTERACTIVE MEDIA & SERVICES - 1.5%
Cargurus, Inc.*		157			6,647
Eventbrite, Inc., Class A*		1,949			28,787
Genius Sports Ltd.*(1)		1,628			7,488
					42,922
INTERNET & DIRECT MARKETING RETAIL - 1.2%
Global-e Online Ltd.*(1)		537			18,125
ThredUp, Inc., Class A*		2,187			16,841
					34,966
IT SERVICES - 0.9%
BigCommerce Holdings, Inc., Series 1*		1,256			27,529
LEISURE PRODUCTS - 0.9%
YETI Holdings, Inc.*		451			27,049
LIFE SCIENCES TOOLS & SERVICES - 3.1%
Azenta, Inc.		527			43,671
NeoGenomics, Inc.*		1,875			22,778
Repligen Corp.*		102			19,094
Seer, Inc.*		393			5,993
					91,536
MACHINERY - 3.0%
Ingersoll Rand, Inc.		1,746			87,915
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
Compass, Inc., Class A*		2,882			22,655
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 13.3%
Allegro MicroSystems, Inc.*(1)		1,365			38,755
Ambarella, Inc.*		199			20,907
Lattice Semiconductor Corp.*		2,529			154,155
Monolithic Power Systems, Inc.		268			130,352
Wolfspeed, Inc.*		422			48,030
					392,199
SOFTWARE - 22.1%
Avalara, Inc.*		459			45,671
Bentley Systems, Inc., Class B		831			36,735
Blackline, Inc.*		1,335			97,745
BTRS Holdings, Inc., Class A*		1,682			12,581
DoubleVerify Holdings, Inc.*		804			20,233
Freshworks, Inc., Class A*		1,057			18,935
Guidewire Software, Inc.*		767			72,583
HubSpot, Inc.*		111			52,918
Olo, Inc., Class A*		1,233			16,336
Paycor HCM, Inc.*		857			24,955
Procore Technologies, Inc.*		165			9,568
Q2 Holdings, Inc.*		1,322			81,473
Sprout Social, Inc., Class A*		152			12,170
Tyler Technologies, Inc.*		156			69,294
Workiva, Inc.*		702			82,810
					654,007
SPECIALTY RETAIL - 2.2%
Floor & Decor Holdings, Inc., Class A*		552			44,698
Leslie’s, Inc.*		1,077			20,853
					65,551
Total common stocks (Cost $2,281,826)					2,900,816

Artisan Partners Funds 37

	Shares Held		Value
SHORT-TERM INVESTMENT - 0.3%
INVESTMENT COMPANY - 0.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $8,522)		8,522		$	8,522
Total investments - 98.5% (Cost $2,290,348)					2,909,338
Other assets less liabilities - 1.5%					43,025
Total net assets - 100.0%#				$	2,952,363

⁽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
Allegro MicroSystems, Inc.	Japan	U.S. dollar
Argenx SE	Netherlands	U.S. dollar
Ascendis Pharma A/S	Denmark	U.S. dollar
Genius Sports Ltd.	United Kingdom	U.S. dollar
Global-e Online Ltd.	Israel	U.S. dollar
Orchard Therapeutics plc	United Kingdom	U.S. dollar

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	94,137		3.2	%
Consumer Discretionary			355,385		12.2
Consumer Staples			26,937		0.9
Financials			122,480		4.2
Health Care			822,280		28.3
Industrials			291,264		10.0
Information Technology			1,165,678		40.1
Real Estate			22,655		0.8
Short-Term Investment			8,522		0.3
Total investments		$	2,909,338		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Halozyme Therapeutics, Inc.		United States		6.2	%
Lattice Semiconductor Corp.		United States		5.2
Monolithic Power Systems, Inc.		United States		4.4
Ascendis Pharma A/S		Denmark		3.8
Argenx SE		Netherlands		3.7
Shockwave Medical, Inc.		United States		3.4
Blackline, Inc.		United States		3.3
Valmont Industries, Inc.		United States		3.3
Novanta, Inc.		United States		3.1
Ingersoll Rand, Inc.		United States		3.0
Total				39.4	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

38 Artisan Partners Funds

ARTISAN Sustainable Emerging Markets Fund

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held			Value
COMMON STOCKS - 95.0%
ARGENTINA - 2.9%
Despegar.com Corp.*		132			$	1,609
Grupo Financiero Galicia SA, ADR		61				655
						2,264
BRAZIL - 10.1%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		650				799
GPS Participacoes e Empreendimentos SA		316				1,150
Itau Unibanco Holding SA (Preference)*		239				1,378
Lojas Renner SA		88				511
MercadoLibre, Inc.*		2				2,317
Vale SA		92				1,846
						8,001
CHILE - 1.8%
Empresa Nacional de Telecomunicaciones SA		170				744
Vina Concha y Toro SA		441				711
						1,455
CHINA - 19.7%
Alibaba Group Holding Ltd.*(1)		240	��			3,284
Baidu, Inc., Class A*(1)		66				1,101
Baozun, Inc., ADR*		18				151
China Traditional Chinese Medicine Holdings Co. Ltd.(1)		2,056				1,072
Estun Automation Co. Ltd., Class A(1)		806				2,536
Kingsoft Cloud Holdings Ltd., ADR*		42				257
NIO, Inc., ADR*		34				713
Noah Holdings Ltd., ADR*		29				671
Prosus NV*(1)		27				1,408
Tongwei Co. Ltd., Class A(1)		96				639
Trip.com Group Ltd.*(1)		29				691
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A(1)		153				940
Zhuzhou CRRC Times Electric Co. Ltd.(1)		533				2,071
						15,534
GREECE - 2.8%
Alpha Services & Holdings SA*(1)		1,007				1,235
Mytilineos SA(1)		57				934
						2,169
HONG KONG - 4.1%
AIA Group Ltd.(1)		128				1,339
China High Precision Automation Group Ltd.*(1)(2)		9,066				–
Sino Biopharmaceutical Ltd.(1)		3,059				1,897
						3,236
INDIA - 8.1%
Havells India Ltd.(1)		85				1,281
ICICI Bank Ltd.(1)		226				2,164
Metropolis Healthcare Ltd.(1)		28				746
Reliance Industries Ltd.(1)		64				2,210
						6,401
INDONESIA - 1.9%
Bank Rakyat Indonesia Persero Tbk. PT(1)		3,291				1,060
Indofood CBP Sukses Makmur Tbk. PT(1)		842				430
						1,490
KAZAKHSTAN - 1.3%
Kaspi.KZ JSC, GDR(1)		20				987
MALAYSIA - 1.3%
Public Bank Bhd.(1)		958				1,062
MEXICO - 3.1%
Cemex SAB de CV*		1,043				557
MEXICO (CONTINUED)
Corp. Inmobiliaria Vesta SAB de CV		503				961
Fomento Economico Mexicano SAB de CV		110				909
						2,427
PERU - 1.4%
Credicorp Ltd.		7				1,136
RUSSIA - 0.0%
LUKOIL PJSC, ADR(1)(2)		19				–
MMC Norilsk Nickel PJSC, ADR(1)(2)		39				–
Ozon Holdings plc, ADR*(1)(2)		25				–
Polyus PJSC, GDR(1)(2)		24				–
Sberbank of Russia PJSC(1)(2)		265				–
Yandex NV, Class A*(1)(2)		14				–
						–
SOUTH AFRICA - 1.9%
FirstRand Ltd.(1)		281				1,484
SOUTH KOREA - 13.0%
HYBE Co. Ltd.*(1)		5				1,260
Kakao Pay Corp.*(1)		5				633
Samsung Biologics Co. Ltd.*(1)		2				1,465
Samsung Electronics Co. Ltd.(1)		105				5,985
Shinhan Financial Group Co. Ltd.(1)		26				902
						10,245
TAIWAN - 19.2%
E Ink Holdings, Inc.(1)		462				2,931
MediaTek, Inc.(1)		67				2,083
Sea Ltd., ADR*		4				521
Sunny Friend Environmental Technology Co. Ltd.(1)		172				1,232
Taiwan Semiconductor Manufacturing Co. Ltd.(1)		407				8,407
						15,174
THAILAND - 0.7%
Bangkok Bank PCL(1)		127				518
TURKEY - 0.4%
Turkiye Sinai Kalkinma Bankasi A/S*(1)		3,323				328
UNITED STATES - 1.3%
Globant SA*		4				1,037
Total common stocks (Cost $71,231)						74,948
SHORT-TERM INVESTMENT - 4.2%
INVESTMENT COMPANY - 4.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $3,295)		3,295				3,295
Total investments - 99.2% (Cost $74,526)						78,243
Other assets less liabilities - 0.8%						615
Total net assets - 100.0%#					$	78,858

⁽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 $56,315, or 71.4% 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.

Artisan Partners Funds 39

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	3,626		4.6	%
Consumer Discretionary			10,684		13.7
Consumer Staples			2,689		3.4
Energy			2,210		2.8
Financials			14,919		19.1
Health Care			5,180		6.6
Industrials			10,003		12.8
Information Technology			22,273		28.5
Materials			2,403		3.1
Real Estate			961		1.2
Short-Term Investment			3,295		4.2
Total investments		$	78,243		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	5,684		7.3	%
Chilean peso			1,455		1.9
Chinese yuan renminbi offshore			4,115		5.2
Euro			3,577		4.6
Hong Kong dollar			11,455		14.6
Indian rupee			6,401		8.2
Indonesian rupiah			1,490		1.9
Korean won			10,245		13.1
Malaysian ringgit			1,062		1.3
Mexican peso			2,427		3.1
New Taiwan dollar			14,653		18.7
South African rand			1,484		1.9
Thai baht			518		0.7
Turkish lira			328		0.4
U.S. dollar			13,349		17.1
Total investments		$	78,243		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.		Taiwan		10.7	%
Samsung Electronics Co. Ltd.		South Korea		7.6
Alibaba Group Holding Ltd.		China		4.2
E Ink Holdings, Inc.		Taiwan		3.7
Estun Automation Co. Ltd.		China		3.2
MercadoLibre, Inc.		Brazil		2.9
Reliance Industries Ltd.		India		2.8
ICICI Bank Ltd.		India		2.7
MediaTek, Inc.		Taiwan		2.6
Zhuzhou CRRC Times Electric Co. Ltd.		China		2.6
Total				43.0	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

40 Artisan Partners Funds

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2022 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.3%
AEROSPACE & DEFENSE - 9.0%
Airbus SE*(1)(2)		64		$	7,786
Northrop Grumman Corp.		17			7,534
Raytheon Technologies Corp.		58			5,783
Safran SA(1)(2)		55			6,442
					27,545
AIR FREIGHT & LOGISTICS - 3.4%
FedEx Corp.		45			10,480
AUTO COMPONENTS - 1.3%
Cie Generale des Etablissements Michelin SCA(1)(2)		30			4,037
BIOTECHNOLOGY - 3.0%
Vertex Pharmaceuticals, Inc.*		35			9,250
CAPITAL MARKETS - 8.7%
Blackstone, Inc.		55			6,948
CME Group, Inc.		21			5,031
Goldman Sachs Group, Inc. (The)		22			7,146
Morgan Stanley		86			7,548
					26,673
COMMUNICATIONS EQUIPMENT - 1.8%
Cisco Systems, Inc.		99			5,504
CONSUMER FINANCE - 2.1%
Synchrony Financial		183			6,387
DIVERSIFIED FINANCIAL SERVICES - 3.0%
Berkshire Hathaway, Inc., Class B*		27			9,362
ENERGY EQUIPMENT & SERVICES - 3.0%
Schlumberger NV		220			9,098
ENTERTAINMENT - 5.3%
Electronic Arts, Inc.		46			5,796
Netflix, Inc.*		14			5,190
Walt Disney Co. (The)*		38			5,258
					16,244
HEALTH CARE EQUIPMENT & SUPPLIES - 4.3%
Koninklijke Philips NV(1)(2)		246			7,535
Medtronic plc		52			5,776
					13,311
HEALTH CARE PROVIDERS & SERVICES - 3.8%
Cigna Corp.		28			6,685
Fresenius Medical Care AG & Co. KGaA(1)(2)		76			5,086
					11,771
HOTELS, RESTAURANTS & LEISURE - 9.0%
Booking Holdings, Inc.*		5			10,993
Compass Group plc(1)(2)		400			8,626
Marriott International, Inc., Class A*		45			7,891
					27,510
INSURANCE - 2.8%
Arch Capital Group Ltd.*		181			8,745
INTERACTIVE MEDIA & SERVICES - 8.9%
Alphabet, Inc., Class C*		6			17,032
Meta Platforms, Inc., Class A*		46			10,320
					27,352
IT SERVICES - 2.5%
Visa, Inc., Class A		35			7,778
MEDIA - 4.9%
Comcast Corp., Class A		193			9,030
Discovery, Inc., Class C*		237			5,925
					14,955
OIL, GAS & CONSUMABLE FUELS - 3.9%
EOG Resources, Inc.		101			12,024
PHARMACEUTICALS - 2.4%
Merck & Co., Inc.		89			7,293
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
NXP Semiconductors NV(1)		31			5,742
SPECIALTY RETAIL - 1.9%
AutoNation, Inc.*		60			5,963
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.8%
Samsung Electronics Co. Ltd. (Preference)(1)(2)		166			8,588
TOBACCO - 6.7%
Altria Group, Inc.		157			8,209
Philip Morris International, Inc.		87			8,206
Swedish Match AB(1)(2)		545			4,100
					20,515
TRADING COMPANIES & DISTRIBUTORS - 1.9%
Air Lease Corp.		131			5,841
Total common stocks (Cost $197,912)					301,968
SHORT-TERM INVESTMENT - 0.7%
INVESTMENT COMPANY - 0.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23% (Cost $2,168)		2,168			2,168
Total investments - 99.0% (Cost $200,080)					304,136
Other assets less liabilities - 1.0%					2,970
Total net assets - 100.0%#				$	307,106

⁽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.

Artisan Partners Funds 41

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
Koninklijke Philips NV	Netherlands	Euro
NXP Semiconductors NV	China	U.S. dollar
Safran SA	France	Euro
Samsung Electronics Co. Ltd.	South Korea	Korean won
Swedish Match AB	Sweden	Swedish krona

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $52,200, or 17.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	58,551		19.3	%
Consumer Discretionary			37,510		12.3
Consumer Staples			20,515		6.8
Energy			21,122		6.9
Financials			51,167		16.8
Health Care			41,625		13.7
Industrials			43,866		14.4
Information Technology			27,612		9.1
Short-Term Investment			2,168		0.7
Total investments		$	304,136		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	8,626		2.8	%
Euro			30,886		10.2
Korean won			8,588		2.8
Swedish krona			4,100		1.4
U.S. dollar			251,936		82.8
Total investments		$	304,136		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Alphabet, Inc.		United States		5.5	%
EOG Resources, Inc.		United States		3.9
Booking Holdings, Inc.		United States		3.6
FedEx Corp.		United States		3.4
Meta Platforms, Inc.		United States		3.4
Berkshire Hathaway, Inc.		United States		3.0
Vertex Pharmaceuticals, Inc.		United States		3.0
Schlumberger NV		United States		3.0
Comcast Corp.		United States		2.9
Arch Capital Group Ltd.		United States		2.8
Total				34.5	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

42 Artisan Partners Funds

Artisan Value Income Fund

Schedule of Investments – March 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

	Shares Held				Value
COMMON STOCKS - 94.7%
AEROSPACE & DEFENSE - 5.0%
Airbus SE*(1)(2)			1			$	145
Raytheon Technologies Corp.			2				218
Safran SA(1)(2)			1				147
							510
AUTO COMPONENTS - 1.7%
Cie Generale des Etablissements Michelin SCA(1)(2)			1				171
BANKS - 2.0%
Bank of Hawaii Corp.			3				211
BEVERAGES - 3.8%
Coca - Cola Co. (The)			3				187
Heineken Holding NV(1)(2)			3				201
							388
CAPITAL MARKETS - 16.8%
Blackstone, Inc.			2				239
Carlyle Group, Inc. (The)			4				181
CME Group, Inc.			1				163
Cohen & Steers, Inc.			3				233
GCM Grosvenor, Inc., Class A			17				165
Goldman Sachs Group, Inc. (The)			–	(3)			109
Moelis & Co., Class A			5				249
Morgan Stanley			1				117
Northern Trust Corp.			2				271
							1,727
COMMUNICATIONS EQUIPMENT - 2.3%
Cisco Systems, Inc.			4				238
CONSUMER FINANCE - 1.8%
Synchrony Financial			5				184
DIVERSIFIED CONSUMER SERVICES - 1.6%
H&R Block, Inc.			6				164
ELECTRIC UTILITIES - 6.3%
IDACORP, Inc.			1				115
OGE Energy Corp.			6				229
Portland General Electric Co.			3				141
PPL Corp.			6				167
							652
ELECTRICAL EQUIPMENT - 2.6%
nVent Electric plc			8				268
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 9.7%
Camden Property Trust			1				129
Lamar Advertising Co., Class A			3				375
PS Business Parks, Inc.			1				103
Public Storage			1				248
STORE Capital Corp.			5				146
							1,001
FOOD & STAPLES RETAILING - 1.3%
Sysco Corp.(4)			2				136
FOOD PRODUCTS - 2.3%
Tyson Foods, Inc., Class A			3				237
GAS UTILITIES - 1.7%
Atmos Energy Corp.			1				171
HEALTH CARE EQUIPMENT & SUPPLIES - 4.1%
Koninklijke Philips NV(1)(2)			7			$	202
Medtronic plc			2				220
							422
HEALTH CARE PROVIDERS & SERVICES - 1.3%
Fresenius Medical Care AG & Co. KGaA(1)(2)			2				137
HOTELS, RESTAURANTS & LEISURE - 1.9%
Compass Group plc(1)(2)			9				196
INTERACTIVE MEDIA & SERVICES - 0.4%
Twitter, Inc.*			1				38
IT SERVICES - 1.6%
Visa, Inc., Class A			1				161
MACHINERY - 2.0%
Otis Worldwide Corp.			3				204
MEDIA - 4.1%
Comcast Corp., Class A			5				246
Omnicom Group, Inc.			2				176
							422
OIL, GAS & CONSUMABLE FUELS - 2.8%
EOG Resources, Inc.			2				290
PHARMACEUTICALS - 2.1%
Merck & Co., Inc.			3				212
PROFESSIONAL SERVICES - 1.7%
Applus Services SA(1)(2)			21				175
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.6%
NetApp, Inc.			3				217
Samsung Electronics Co. Ltd. (Preference)(1)(2)			5				258
							475
TOBACCO - 8.4%
Altria Group, Inc.			7				370
Philip Morris International, Inc.			3				300
Swedish Match AB(1)(2)			26				196
							866
TRADING COMPANIES & DISTRIBUTORS - 0.8%
Air Lease Corp.			2				78
Total common stocks (Cost $9,713)							9,734
	Principal Amount
CORPORATE BONDS - 1.9%
DIVERSIFIED FINANCIAL SERVICES - 1.0%
Air Lease Corp. Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.15%), 4.12%, 12/15/2026(5)(6)		$	120				102
INTERNET - 0.9%
Twitter, Inc. 3.88%, 12/15/2027(7)			102				99
Total corporate bonds (Cost $213)							201

Artisan Partners Funds 43

	Shares Held			Value
CONVERTIBLE PREFERRED STOCK - 1.5%
HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
Boston Scientific Corp. Series A, 5.50%, 6/1/2023 (Cost $152)			1		$	152
	Principal Amount
CONVERTIBLE BOND - 0.4%
INTERNET - 0.4%
Twitter, Inc. Zero Coupon, 3/15/2026 (Cost $40)		$	46			39
	Shares Held
SHORT-TERM INVESTMENTS - 0.8%
INVESTMENT COMPANIES - 0.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.23%			28			28
Federated Treasury Obligations Fund - Institutional Class, 0.15%			28			28
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.19%			27			27
Total short-term investments (Cost $83)						83
Total investments - 99.3% (Cost $10,201)						10,209
Written Option Contracts - 0.0%(3) (Premium received $–(3))						–	(3)
Other assets less liabilities - 0.7%						70
Total net assets - 100.0%#					$	10,279

⁽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
Applus Services SA	Spain	Euro
Cie Generale des Etablissements Michelin SCA	France	Euro
Compass Group plc	United Kingdom	British pound
Fresenius Medical Care AG & Co. KGaA	Germany	Euro
Heineken Holding NV	Netherlands	Euro
Koninklijke Philips NV	Netherlands	Euro
Safran SA	France	Euro
Samsung Electronics Co. Ltd.	South Korea	Korean won
Swedish Match AB	Sweden	Swedish krona

⁽²⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,828, or 17.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾  Amount rounds to less than one.

⁽⁴⁾  At March 31, 2022, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽⁵⁾  Perpetual security. The rate reflected was the rate in effect on March 31, 2022. The maturity date reflects the next call date.

⁽⁶⁾  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.

⁽⁷⁾  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.

WRITTEN OPTION CONTRACTS
Call Option
	Dollar values in thousands except exercise price
Number of Contracts‡		Description	Exercise Price		Notional Amount		Expiration Date	Premiums (Received) by Fund			Market Value			Unrealized Appreciation
	2	Sysco Corp.	$	95.00	$	16	08/19/22	$	(1	)	$	–	(1)	$	1
		Total written option contracts						$	(1	)	$	–	(1)	$	1

^‡  One contract is equal to 100 shares.

⁽¹⁾ Amount rounds to less than one.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	598		5.9	%
Consumer Discretionary			531		5.2
Consumer Staples			1,627		16.1
Energy			290		2.9
Financials			2,122		21.0
Health Care			923		9.1
Industrials			1,337		13.2
Information Technology			874		8.6
Real Estate			1,001		9.9
Utilities			823		8.1
		$	10,126		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	196		1.9	%
Euro			1,178		11.6
Korean won			258		2.6
Swedish krona			196		1.9
U.S. dollar			8,298		82.0
		$	10,126		100.0	%

44 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Lamar Advertising Co.	United States		3.6	%
Altria Group, Inc.	United States		3.6
Philip Morris International, Inc.	United States		2.9
EOG Resources, Inc.	United States		2.8
Northern Trust Corp.	United States		2.6
nVent Electric plc	United States		2.6
Samsung Electronics Co. Ltd.	South Korea		2.5
Moelis & Co.	United States		2.4
Public Storage	United States		2.4
Comcast Corp.	United States		2.4
Total			27.8	%

Definitions of Abbreviations and Footnotes are detailed on page 2.

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

Artisan Partners Funds 45

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2022 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			FLOATING RATE				FOCUS				GLOBAL DISCOVERY
ASSETS:
Investments in securities, unaffiliated, at value		$	5,581,188		$	47,500			$	2,134,624			$	318,841
Short-term investments, at value			56,349			8,621				33,926				18,102
Total investments			5,637,537			56,121				2,168,550				336,943
Cash			52,520			230				14,715				1,928
Foreign currency			23,415			–				–				15
Unrealized appreciation on foreign currency forward contracts			–			–				4				–
Receivable from investments sold			52,517			291				26,992				294
Receivable from fund shares sold			12,002			203				2,543				126
Receivable from the Adviser			–			40				–				–
Dividends and interest receivable			323			65				745				133
Other assets			376			11				84				15
Total assets			5,778,690			56,961				2,213,633				339,454
LIABILITIES:
Written options, at value			–			–				18,122	(1)			–
Unrealized depreciation on unfunded loan commitments			–			3				–				–
Unrealized depreciation on foreign currency forward contracts			–			–				1,126				–
Payable for investments purchased			50,031			5,673				46,333				16
Payable for fund shares redeemed			9,554			200				1,409				54
Payable for operating expenses			951			102				325				133
Payable for management fees			478			–				176				17
Payable for deferred director’s compensation			302			1				66				13
Total liabilities			61,316			5,979				67,557				233
Total net assets		$	5,717,374		$	50,982			$	2,146,076			$	339,221
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	4,944,027		$	51,685			$	1,871,366			$	287,402
Total distributable earnings (loss)			773,347			(703	)			274,710				51,819
Total net assets		$	5,717,374		$	50,982			$	2,146,076			$	339,221
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	621,806		$	1,300			$	301,240			$	52,122
Advisor Shares		$	3,057,424		$	18,955			$	1,184,847			$	24,102
Institutional Shares		$	2,038,144		$	30,727			$	659,989			$	262,997
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			35,262,404			132,339				15,674,022				2,764,024
Advisor Shares			171,644,730			1,929,465				61,429,143				1,276,156
Institutional Shares			113,736,423			3,127,905				34,127,567				13,870,849
Net asset value per share
Investor Shares		$	17.63		$	9.82			$	19.22			$	18.86
Advisor Shares		$	17.81		$	9.82			$	19.29			$	18.89
Institutional Shares		$	17.92		$	9.82			$	19.34			$	18.96
Cost of total investments		$	4,384,504		$	56,818			$	1,835,274			$	285,200
Cost of foreign currency held		$	22,771		$	–			$	–			$	14
(1) Written options, premiums received $20,406

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

46 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2022 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL UNCONSTRAINED				GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	228,751		$	4,466,573		$	1,333			$	2,248,595
Short-term investments, at value			19			197,184			10,501				78,830
Total investments			228,770			4,663,757			11,834				2,327,425
Cash			2,025			33,479			–				14,747
Foreign currency			12			1,741			–				387
Unrealized appreciation on foreign currency forward contracts			–			–			15				–
Receivable from investments sold			1,110			7,862			2,009				–
Receivable from fund shares sold			5			4,036			–				2,731
Centrally Cleared Credit Default Swaps, at value			–			–			77				–
Centrally Cleared Interest Rate Swaps, at value			–			–			–	(1)			–
Receivable for variation margin on centrally cleared credit default swap contracts			–			–			9				–
Dividends and interest receivable			496			3,282			–				7,994
Other assets			24			336			1				239
Total assets			232,442			4,714,493			13,945				2,353,523
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			–			–			5				–
Payable for investments purchased			1,343			3,047			3,944				–
Payable for fund shares redeemed			1,640			2,154			–				982
Payable for variation margin on futures contracts			–			–			–	(1)			–
Payable for operating expenses			200			823			–				950
Payable for management fees			17			346			–				193
Payable for deferred director’s compensation			22			286			–				218
Total liabilities			3,222			6,656			3,949				2,343
Total net assets		$	229,220		$	4,707,837		$	9,996			$	2,351,180
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	213,337		$	3,275,894		$	10,000			$	1,786,885
Total distributable earnings (loss)			15,883			1,431,943			(4	)			564,295
Total net assets		$	229,220		$	4,707,837		$	9,996			$	2,351,180
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	97,844		$	1,271,890		$	1			$	277,172
Advisor Shares		$	4,199		$	1,031,450		$	250			$	334,882
Institutional Shares		$	127,177		$	2,404,497		$	9,745			$	1,739,126
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			5,533,017			39,814,843			100				13,859,774
Advisor Shares			237,367			31,980,897			25,000				16,766,848
Institutional Shares			7,091,366			73,507,279			974,900				86,841,507
Net asset value per share
Investor Shares		$	17.68		$	31.95		$	10.00			$	20.00
Advisor Shares		$	17.69		$	32.25		$	10.00			$	19.97
Institutional Shares		$	17.93		$	32.71		$	10.00			$	20.03
Cost of total investments		$	215,672		$	3,328,826		$	11,843			$	1,741,702
Cost of foreign currency held		$	12		$	1,737		$	–			$	385
(1) Amount rounds to less than $1

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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	HIGH INCOME				INTERNATIONAL			INTERNATIONAL SMALL-MID			INTERNATIONAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	6,097,699			$	7,267,334		$	4,829,645		$	20,581,769
Investments in securities, affiliated, at value			–				–			361,975			1,502,589
Short-term investments, at value			417,998				61,862			109,311			1,815,209
Total investments			6,515,697				7,329,196			5,300,931			23,899,567
Cash			49,728				58,068			37,128			127,369
Due from broker			1,917				–			–			–
Foreign currency			–				3,710			280			19,084
Unrealized appreciation on foreign currency forward contracts			–				–			–			18,335
Receivable from investments sold			183,075				23,806			37,449			343,759
Receivable from fund shares sold			27,722				4,469			16,880			67,937
Dividends and interest receivable			83,088				27,873			13,363			82,684
Other assets			357				1,020			219			1,385
Total assets			6,861,584				7,448,142			5,406,250			24,560,120
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			93				–			–			–
Due to custodian			–				2,088			–			–
Dividends payable			5,567				–			–			–
Payable for investments purchased			101,338				20,123			36,927			168,696
Payable for fund shares redeemed			11,721				9,902			2,583			79,772
Payable for variation margin on futures contracts			307				–			–			–
Payable for operating expenses			969				1,940			486			9,760
Payable for management fees			371				576			451			1,875
Payable for deferred director’s compensation			301				941			167			1,198
Payable for foreign taxes on unrealized gains			–				–			–			29,148
Total liabilities			120,667				35,570			40,614			290,449
Total net assets		$	6,740,917			$	7,412,572		$	5,365,636		$	24,269,671
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	6,770,568			$	6,179,985		$	4,724,628		$	20,322,270
Total distributable earnings (loss)			(29,651	)			1,232,587			641,008			3,947,401
Total net assets		$	6,740,917			$	7,412,572		$	5,365,636		$	24,269,671
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,206,021			$	2,328,252		$	428,808		$	2,711,657
Advisor Shares		$	3,027,793			$	1,268,542		$	1,579,495		$	5,549,155
Institutional Shares		$	2,507,103			$	3,815,778		$	3,357,333		$	16,008,859
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			124,388,030				87,667,960			24,006,650			66,185,925
Advisor Shares			312,498,850				47,954,000			88,175,839			135,667,255
Institutional Shares			258,787,838				142,781,284			185,207,383			389,530,583
Net asset value per share
Investor Shares		$	9.70			$	26.56		$	17.86		$	40.97
Advisor Shares		$	9.69			$	26.45		$	17.91		$	40.90
Institutional Shares		$	9.69			$	26.72		$	18.13		$	41.10
Cost of total investments excluding affiliated issuers		$	6,577,214			$	6,340,205		$	4,209,748		$	19,391,742
Cost of securities of affiliated issuers held		$	–			$	–		$	429,853		$	788,254
Cost of foreign currency held		$	–			$	3,686		$	205		$	19,084

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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP				MID CAP VALUE			SELECT EQUITY			SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value		$	5,809,039			$	1,812,734		$	28,547		$	2,900,816
Short-term investments, at value			99,783				68,878			1,864			8,522
Total investments			5,908,822				1,881,612			30,411			2,909,338
Cash			44,359				12,018			147			23,983
Foreign currency			–	(1)			–			–			–
Receivable from investments sold			27,813				253			–			14,361
Receivable from fund shares sold			13,253				1,330			–			4,976
Receivable from the Adviser			–				–			26			–
Dividends and interest receivable			214				2,086			26			2,421
Other assets			576				256			6			211
Total assets			5,995,037				1,897,555			30,616			2,955,290
LIABILITIES:
Payable for investments purchased			11,658				–			–			–
Payable for fund shares redeemed			3,895				6,737			–			1,858
Payable for operating expenses			1,122				604			80			659
Payable for management fees			466				150			–			233
Payable for deferred director’s compensation			512				240			6			177
Total liabilities			17,653				7,731			86			2,927
Total net assets		$	5,977,384			$	1,889,824		$	30,530		$	2,952,363
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	3,917,157			$	916,272		$	26,945		$	2,479,345
Total distributable earnings			2,060,227				973,552			3,585			473,018
Total net assets		$	5,977,384			$	1,889,824		$	30,530		$	2,952,363
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,904,234			$	682,503		$	3,115		$	756,276
Advisor Shares		$	788,599			$	519,717		$	1,766		$	962,515
Institutional Shares		$	3,284,551			$	687,604		$	25,649		$	1,233,572
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			50,626,336				32,342,503			245,064			22,025,235
Advisor Shares			20,569,583				24,712,977			138,683			27,790,622
Institutional Shares			73,196,254				32,669,499			2,025,209			34,805,892
Net asset value per share
Investor Shares		$	37.61			$	21.10		$	12.71		$	34.34
Advisor Shares		$	38.34			$	21.03		$	12.74		$	34.63
Institutional Shares		$	44.87			$	21.05		$	12.66		$	35.44
Cost of total investments		$	3,853,773			$	1,046,719		$	26,911		$	2,290,348
Cost of foreign currency held		$	–	(1)		$	–		$	–		$	–
(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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS				VALUE				VALUE INCOME
ASSETS:
Investments in securities, unaffiliated, at value		$	74,948			$	301,968			$	10,126
Short-term investments, at value			3,295				2,168				83
Total investments			78,243				304,136				10,209
Cash			434				2,199				–
Foreign currency			127				–	(1)			–
Receivable from investments sold			415				860				–
Receivable from fund shares sold			247				166				10
Receivable from the Adviser			–				–				57
Dividends and interest receivable			190				584				27
Other assets			13				43				–	(1)
Total assets			79,669				307,988				10,303
LIABILITIES:
Written options, at value			–				–				–	(1),(2)
Payable for investments purchased			208				429				–
Payable for fund shares redeemed			18				186				–
Payable for operating expenses			236				214				24
Payable for management fees			1				13				–
Payable for deferred director’s compensation			14				40				–
Payable for foreign taxes on unrealized gains			334				–				–
Total liabilities			811				882				24
Total net assets		$	78,858			$	307,106			$	10,279
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	209,042			$	164,853			$	10,267
Total distributable earnings (loss)			(130,184	)			142,253				12
Total net assets		$	78,858			$	307,106			$	10,279
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	57,105			$	104,489			$	622
Advisor Shares						$	92,874			$	963
Institutional Shares		$	21,753			$	109,743			$	8,694
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			3,516,560				6,996,532				62,159
Advisor Shares							6,248,604				96,285
Institutional Shares			1,315,819				7,378,078				869,402
Net asset value per share
Investor Shares		$	16.24			$	14.93			$	10.00
Advisor Shares						$	14.86			$	10.00
Institutional Shares		$	16.53			$	14.87			$	10.00
Cost of total investments		$	74,526			$	200,080			$	10,201
Cost of foreign currency held		$	99			$	–	(1)		$	–

⁽¹⁾ Amount rounds to less than $1

⁽²⁾ Written options, premiums received $1

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

50 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2022 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				FLOATING RATE(2)				FOCUS				GLOBAL DISCOVERY
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	3,726			$	1			$	9,450			$	269
Income from non-cash dividends			7,970				–				–				–
Interest			–				404				–				–
Total investment income			11,696				405				9,450				269
EXPENSES:
Management fees			36,383				75				11,221				1,763
Transfer agent fees
Investor Shares			959				12				373				87
Advisor Shares			1,669				15				561				27
Institutional Shares			21				12				15				14
Shareholder Communications
Investor Shares			16				3				9				4
Advisor Shares			70				2				10				6
Institutional Shares			6				1				4				4
Custodian fees			214				–				30				16
Accounting fees			39				79				36				39
Professional fees			128				9				40				27
Registration fees
Investor Shares			28				24				14				7
Advisor Shares			43				28				23				22
Institutional Shares			21				22				15				18
Director’s fees			103				2				29				5
Other operating expenses			107				–				30				9
Total operating expenses			39,807				284				12,410				2,048
Less amounts waived or paid by the Adviser			–				(166	)			–				(21	)
Net expenses			39,807				118				12,410				2,027
Net investment income (loss)			(28,111	)			287				(2,960	)			(1,758	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(178,078	)			(5	)			(29,972	)			2,624
Foreign currency forward contracts			–				–				2,221				–
Foreign currency related transactions			(979	)			–				(46	)			47
Written options			–				–				7,620				–
Total realized gain (loss)			(179,057	)			(5	)			(20,177	)			2,671
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,802,634	)			(697	)			42,680				(46,922	)
Foreign currency forward contracts			–				–				(1,601	)			–
Foreign currency related transactions			616				–				(1	)			(2	)
Written options			–				–				2,057				–
Unfunded loan commitments			–				(3	)			–				–
Total increase (decrease) in unrealized appreciation or depreciation			(1,802,018	)			(700	)			43,135				(46,924	)
Net gain (loss) on investments and foreign currency related transactions			(1,981,075	)			(705	)			22,958				(44,253	)
Net increase (decrease) in net assets resulting from operations		$	(2,009,186	)		$	(418	)		$	19,998			$	(46,011	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	251			$	–			$	15			$	270
(2) For the period from commencement of operations (December 1, 2021) through March 31, 2022.

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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL EQUITY				GLOBAL OPPORTUNITIES				GLOBAL UNCONSTRAINED(1)				GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	1,474			$	10,810			$	–			$	18,183
Total investment income			1,474				10,810				–				18,183
EXPENSES:
Management fees			1,288				23,978				–				12,053
Transfer agent fees
Investor Shares			164				1,724				–				331
Advisor Shares			19				549				–				143
Institutional Shares			14				18				–				17
Shareholder Communications
Investor Shares			6				35				–				13
Advisor Shares			7				11				–				7
Institutional Shares			4				9				–				9
Custodian fees			38				137				–				67
Accounting fees			39				39				–				39
Professional fees			39				85				–				64
Registration fees
Investor Shares			15				19				–				17
Advisor Shares			6				39				–				13
Institutional Shares			12				11				–				13
Director’s fees			4				66				–				26
Other operating expenses			9				73				–				35
Total operating expenses			1,664				26,793				–				12,847
Less amounts waived or paid by the Adviser			(16	)			–				–				–
Net expenses			1,648				26,793				–				12,847
Net investment income (loss)			(174	)			(15,983	)			–				5,336
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			8,363				124,638				–				71,747
Foreign currency related transactions			(32	)			185				–				(108	)
Total realized gain			8,331				124,823				–				71,639
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)			(51,247	)			(619,680	)			(9	)			(39,452	)
Foreign currency forward contracts			–				–				10				–
Foreign currency related transactions			(12	)			(33	)			(5	)			(35	)
Futures contracts			–				–				–	(3)			–
Swap contracts			–				–				–	(3)			–
Total decrease in unrealized appreciation or depreciation			(51,259	)			(619,713	)			(4	)			(39,487	)
Net gain (loss) on investments and foreign currency related transactions			(42,928	)			(494,890	)			(4	)			32,152
Net increase (decrease) in net assets resulting from operations		$	(43,102	)		$	(510,873	)		$	(4	)		$	37,488
(1)For the period from commencement of operations (March 31, 2022) through March 31, 2022. No income or expenses were recorded to the fund for the one day of operations during the period.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	172			$	546			$	–			$	1,668
(3) Amount rounds to less than $1
(4) Net of decrease in foreign taxes on unrealized gains			140				–				–				–

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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	HIGH INCOME				INTERNATIONAL				INTERNATIONAL SMALL-MID				INTERNATIONAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	42			$	58,323			$	19,183			$	186,112
Dividends, from affiliated issuers			–				–				1,521				–
Interest			208,177				–				–				–
Total investment income			208,219				58,323				20,704				186,112
EXPENSES:
Management fees			23,165				40,663				29,797				108,742
Transfer agent fees
Investor Shares			1,616				3,197				579				3,225
Advisor Shares			1,396				672				780				2,515
Institutional Shares			24				23				20				29
Shareholder Communications
Investor Shares			28				67				14				34
Advisor Shares			70				26				17				110
Institutional Shares			12				31				48				121
Custodian fees			28				442				306				1,063
Accounting fees			105				39				39				39
Professional fees			100				212				105				278
Registration fees
Investor Shares			37				26				30				17
Advisor Shares			63				14				29				72
Institutional Shares			62				32				106				135
Director’s fees			85				98				77				274
Other operating expenses			88				135				76				268
Total operating expenses			26,879				45,677				32,023				116,922
Net investment income (loss)			181,340				12,646				(11,319	)			69,190
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			85,310				356,363				19,857				616,500
Investments, from affiliated issuers			–				–				(5,231	)			4,309
Foreign currency forward contracts			697				–				–				11,899
Foreign currency related transactions			(248	)			(794	)			(46	)			2,842
Futures contracts			6,932				–				–				–
Total realized gain			92,691				355,569				14,580				635,550
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(2)			(341,714	)			(1,242,255	)			(712,108	)			(670,886	)
Investments, from affiliated issuers			–				–				(136,714	)			188,891
Foreign currency forward contracts			(104	)			–				–				12,525
Foreign currency related transactions			2				(1,015	)			(139	)			(1,007	)
Futures contracts			(1,517	)			–				–				–
Unfunded loan commitments			7				–				–				–
Total decrease in unrealized appreciation or depreciation			(343,326	)			(1,243,270	)			(848,961	)			(470,477	)
Net gain (loss) on investments and foreign currency related transactions			(250,635	)			(887,701	)			(834,381	)			165,073
Net increase (decrease) in net assets resulting from operations		$	(69,295	)		$	(875,055	)		$	(845,700	)		$	234,263
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	–			$	7,026			$	1,611			$	27,707
(2) Net of decrease in foreign taxes on unrealized gains			–				–				2,211				23,606

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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP				MID CAP VALUE				SELECT EQUITY				SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	5,278			$	18,190			$	122			$	3,876
Total investment income			5,278				18,190				122				3,876
EXPENSES:
Management fees			31,435				9,631				102				16,136
Transfer agent fees
Investor Shares			2,682				783				23				1,060
Advisor Shares			384				155				14				536
Institutional Shares			26				16				14				19
Shareholder Communications
Investor Shares			30				26				2				22
Advisor Shares			31				43				2				40
Institutional Shares			33				39				3				28
Custodian fees			49				12				6				24
Accounting fees			29				29				29				29
Professional fees			103				50				17				66
Registration fees
Investor Shares			31				18				14				25
Advisor Shares			20				12				14				38
Institutional Shares			36				18				14				63
Director’s fees			85				23				3				48
Other operating expenses			97				33				4				51
Total operating expenses			35,071				10,888				261				18,185
Less amounts waived or paid by the Adviser			–				–				(110	)			–
Net expenses			35,071				10,888				151				18,185
Net investment income (loss)			(29,793	)			7,302				(29	)			(14,309	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			129,848				149,717				391				(72,705	)
Investments, from affiliated issuers			–				–				–				(1,468	)
Foreign currency related transactions			17				–				2				–	(2)
Total realized gain (loss)			129,865				149,717				393				(74,173	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,237,777	)			(66,108	)			(635	)			(817,617	)
Investments, from affiliated issuers			–				–				–				(9,172	)
Foreign currency related transactions			1				–				–	(2)			–
Total decrease in unrealized appreciation or depreciation			(1,237,776	)			(66,108	)			(635	)			(826,789	)
Net gain (loss) on investments and foreign currency related transactions			(1,107,911	)			83,609				(242	)			(900,962	)
Net increase (decrease) in net assets resulting from operations		$	(1,137,704	)		$	90,911			$	(271	)		$	(915,271	)
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	–			$	–			$	2			$	–
(2) Amount rounds to less than $1

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, 2022 (Unaudited) (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS				VALUE				VALUE INCOME(5)
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	619			$	2,731			$	35
Income from non-cash dividends			156				–				–
Total investment income			775				2,731				35
EXPENSES:
Management fees			392				1,243				6
Transfer agent fees
Investor Shares			88				128				3
Advisor Shares							60				3
Institutional Shares			14				15				3
Shareholder Communications
Investor Shares			5				7				1
Advisor Shares							9				1
Institutional Shares			3				7				1
Custodian fees			22				7				–	(2)
Accounting fees			39				29				4
Professional fees			44				28				5
Registration fees
Investor Shares			8				16				20
Advisor Shares							14				21
Institutional Shares			8				10				20
Director’s fees			3				4				1
Other operating expenses			6				7				–
Total operating expenses			632				1,584				89
Less amounts waived or paid by the Adviser			(115	)			(37	)			(80	)
Net expenses			517				1,547				9
Net investment income			258				1,184				26
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)			1,026				42,267				–
Foreign currency related transactions			(30	)			(28	)			–	(2)
Total realized gain			996				42,239				–	(2)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)			(14,462	)			(30,200	)			8
Foreign currency related transactions			3				(2	)			–
Written options			–				–				1
Total increase (decrease) in unrealized appreciation or depreciation			(14,459	)			(30,202	)			9
Net gain (loss) on investments and foreign currency related transactions			(13,463	)			12,037				9
Net increase (decrease) in net assets resulting from operations		$	(13,205	)		$	13,221			$	35
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	114			$	24			$	–
(2) Amount rounds to less than $1
(3) Net of foreign taxes on realized gains			90				–				–
(4) Net of decrease in foreign taxes on unrealized gains			163				–				–
(5) For the period from commencement of operations (February 28, 2022) through March 31, 2022.

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								FLOATING RATE
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Period Ended 3/31/2022(1)(2)
OPERATIONS:
Net investment income (loss)		$	(28,111	)		$	(77,931	)		$	287
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(178,078	)			757,078				(5	)
Foreign currency related transactions			(979	)			3,120				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,802,634	)			341,566				(697	)
Foreign currency related transactions			616				(3,194	)			–
Unfunded loan commitments			–				–				(3	)
Net increase (decrease) in net assets resulting from operations			(2,009,186	)			1,020,639				(418	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(71,898	)			(29,722	)			(7	)
Advisor Shares			(366,044	)			(174,796	)			(103	)
Institutional Shares			(246,476	)			(119,146	)			(175	)
Total distributions to shareholders			(684,418	)			(323,664	)			(285	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(315,212	)			1,396,872				51,685
Total increase (decrease) in net assets			(3,008,816	)			2,093,847				50,982
Net assets, beginning of period			8,726,190				6,632,343				–
Net assets, end of period		$	5,717,374			$	8,726,190			$	50,982
(1) Unaudited.
(2) For the period from commencement of operations (December 1, 2021) through March 31, 2022.

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

	FOCUS								GLOBAL DISCOVERY
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment loss		$	(2,960	)		$	(7,216	)		$	(1,758	)		$	(2,078	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(29,972	)			432,160				2,624				31,521
Foreign currency forward contracts			2,221				2,000				–				–
Foreign currency related transactions			(46	)			(300	)			47				(8	)
Written options			7,620				(32,598	)			–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			42,680				8,541				(46,922	)			34,557
Foreign currency forward contracts			(1,601	)			(515	)			–				–
Foreign currency related transactions			(1	)			–	(2)			(2	)			(3	)
Written options			2,057				4,698				–				–
Net increase (decrease) in net assets resulting from operations			19,998				406,770				(46,011	)			63,989
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(52,159	)			(9,433	)			(4,800	)			(1,150	)
Advisor Shares			(188,039	)			(28,018	)			(1,618	)			(419	)
Institutional Shares			(114,170	)			(15,917	)			(20,198	)			(3,295	)
Total distributions to shareholders			(354,368	)			(53,368	)			(26,616	)			(4,864	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			182,071				508,908				57,707				84,571
Total increase (decrease) in net assets			(152,299	)			862,310				(14,920	)			143,696
Net assets, beginning of period			2,298,375				1,436,065				354,141				210,445
Net assets, end of period		$	2,146,076			$	2,298,375			$	339,221			$	354,141
(1) Unaudited.
(2) Amount rounds to less than $1

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL EQUITY								GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment loss		$	(174	)		$	(1,147	)		$	(15,983	)		$	(6,112	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			8,363				54,538				124,638				641,893
Foreign currency related transactions			(32	)			(17	)			185				(798	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(51,247	)			(1,162	)			(619,680	)			311,786
Foreign currency related transactions			(12	)			(89	)			(33	)			(63	)
Net increase (decrease) in net assets resulting from operations			(43,102	)			52,123				(510,873	)			946,706
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(22,537	)			(16,265	)			(152,763	)			(93,589	)
Advisor Shares			(2,161	)			(1,575	)			(124,592	)			(67,331	)
Institutional Shares			(23,620	)			(13,513	)			(303,744	)			(162,441	)
Total distributions to shareholders			(48,318	)			(31,353	)			(581,099	)			(323,361	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(13,098	)			56,071				60,296				333,575
Total increase (decrease) in net assets			(104,518	)			76,841				(1,031,676	)			956,920
Net assets, beginning of period			333,738				256,897				5,739,513				4,782,593
Net assets, end of period		$	229,220			$	333,738			$	4,707,837			$	5,739,513

⁽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

	GLOBAL UNCONSTRAINED				GLOBAL VALUE
	Period Ended 3/31/2022(1)(2)				Six Months Ended 3/31/2022(2)				Year Ended 9/30/2021
OPERATIONS:
Net investment income		$	–			$	5,336			$	22,922
Net realized gain (loss) on:
Investments, from unaffiliated issuers			–				71,747				222,175
Foreign currency forward contracts			–				–				(3,193	)
Foreign currency related transactions			–				(108	)			122
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(9	)			(39,452	)			390,320
Foreign currency forward contracts			10				–				2,416
Foreign currency related transactions			(5	)			(35	)			(189	)
Futures contracts			–	(3)			–				–
Swap Contracts			–	(3)
Net increase (decrease) in net assets resulting from operations			(4	)			37,488				634,573
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(24,940	)			(147	)
Advisor Shares			–				(29,976	)			(256	)
Institutional Shares			–				(171,531	)			(3,054	)
Total distributions to shareholders			–				(226,447	)			(3,457	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			10,000				64,710				20,553
Total increase (decrease) in net assets			9,996				(124,249	)			651,669
Net assets, beginning of period			–				2,475,429				1,823,760
Net assets, end of period		$	9,996			$	2,351,180			$	2,475,429

⁽¹⁾ For the period from commencement of operations (March 31, 2022) through March 31, 2022. No income or expenses were recorded to the fund for the one day of operations during the period.

⁽²⁾ Unaudited.

⁽³⁾ Amount rounds to less than $1

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

	HIGH INCOME								INTERNATIONAL
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment income		$	181,340			$	339,717			$	12,646			$	83,649
Net realized gain (loss) on:
Investments, from unaffiliated issuers			85,310				204,321				356,363				1,941,342
Foreign currency forward contracts			697				3				–				–
Foreign currency related transactions			(248	)			110				(794	)			(1,274	)
Futures contracts			6,932				5,070				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(341,714	)			184,555				(1,242,255	)			(579,432	)
Foreign currency forward contracts			(104	)			(131	)			–				–
Foreign currency related transactions			2				(5	)			(1,015	)			(3,031	)
Futures contracts			(1,517	)			4,510				–				–
Unfunded loan commitments			7				(7	)			–				–
Net increase (decrease) in net assets resulting from operations			(69,295	)			738,143				(875,055	)			1,441,254
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(63,467	)			(75,911	)			(570,026	)			(104,497	)
Advisor Shares			(153,005	)			(158,181	)			(322,303	)			(63,660	)
Institutional Shares			(118,463	)			(100,079	)			(947,348	)			(168,146	)
Total distributions to shareholders			(334,935	)			(334,171	)			(1,839,677	)			(336,303	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			73,064				1,851,345				469,282				(1,107,669	)
Total increase (decrease) in net assets			(331,166	)			2,255,317				(2,245,450	)			(2,718	)
Net assets, beginning of period			7,072,083				4,816,766				9,658,022				9,660,740
Net assets, end of period		$	6,740,917			$	7,072,083			$	7,412,572			$	9,658,022

⁽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

	INTERNATIONAL SMALL-MID								INTERNATIONAL VALUE
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	(11,319	)		$	(12,316	)		$	69,190			$	505,655
Net realized gain (loss) on:
Investments, from unaffiliated issuers			19,857				141,847				616,500				1,828,500
Investments, from affiliated issuers			(5,231	)			83,170				4,309				7,423
Foreign currency forward contracts			–				–				11,899				(63,027	)
Foreign currency related transactions			(46	)			249				2,842				(2,501	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(712,108	)			687,694				(670,886	)			2,526,055
Investments, from affiliated issuers			(136,714	)			91,612				188,891				159,408
Foreign currency forward contracts			–				–				12,525				39,364
Foreign currency related transactions			(139	)			(82	)			(1,007	)			(843	)
Net increase (decrease) in net assets resulting from operations			(845,700	)			992,174				234,263				5,000,034
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(14,628	)			(2,495	)			(249,953	)			(20,240	)
Advisor Shares			(51,584	)			(9,783	)			(474,401	)			(36,329	)
Institutional Shares			(107,479	)			(19,767	)			(1,415,519	)			(96,592	)
Total distributions to shareholders			(173,691	)			(32,045	)			(2,139,873	)			(153,161	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			99,171				1,865,301				4,069,453				3,685,045
Total increase (decrease) in net assets			(920,220	)			2,825,430				2,163,843				8,531,918
Net assets, beginning of period			6,285,856				3,460,426				22,105,828				13,573,910
Net assets, end of period		$	5,365,636			$	6,285,856			$	24,269,671			$	22,105,828

⁽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

	MID CAP								MID CAP VALUE
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	(29,793	)		$	(63,185	)		$	7,302			$	14,076
Net realized gain (loss) on:
Investments, from unaffiliated issuers			129,848				1,502,334				149,717				280,087
Foreign currency related transactions			17				35				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,237,777	)			502,468				(66,108	)			418,731
Foreign currency related transactions			1				(1	)			–				–
Net increase (decrease) in net assets resulting from operations			(1,137,704	)			1,941,651				90,911				712,894
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(396,844	)			(315,691	)			(90,957	)			(11,628	)
Advisor Shares			(143,826	)			(102,605	)			(71,587	)			(11,843	)
Institutional Shares			(550,241	)			(523,547	)			(101,879	)			(14,906	)
Total distributions to shareholders			(1,090,911	)			(941,843	)			(264,423	)			(38,377	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			786,979				(370,460	)			34,990				(324,932	)
Total increase (decrease) in net assets			(1,441,636	)			629,348				(138,522	)			349,585
Net assets, beginning of period			7,419,020				6,789,672				2,028,346				1,678,761
Net assets, end of period		$	5,977,384			$	7,419,020			$	1,889,824			$	2,028,346

⁽¹⁾ Unaudited.

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

	SELECT EQUITY								SMALL CAP
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	(29	)		$	26			$	(14,309	)		$	(37,217	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			391				1,323				(72,705	)			450,902
Investments, from affiliated issuers			–				–				(1,468	)			(718	)
Foreign currency related transactions			2				(1	)			–	(2)			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(635	)			3,092				(817,617	)			328,802
Investments, from affiliated issuers			–				–				(9,172	)			(8,310	)
Foreign currency related transactions			–	(2)			–	(2)			–				–
Net increase (decrease) in net assets resulting from operations			(271	)			4,440				(915,271	)			733,459
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(142	)			–				(106,454	)			(58,000	)
Advisor Shares			(86	)			–				(131,362	)			(63,020	)
Institutional Shares			(987	)			(67	)			(157,712	)			(72,018	)
Total distributions to shareholders			(1,215	)			(67	)			(395,528	)			(193,038	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			7,410				7,206				215,107				505,642
Total increase (decrease) in net assets			5,924				11,579				(1,095,692	)			1,046,063
Net assets, beginning of period			24,606				13,027				4,048,055				3,001,992
Net assets, end of period		$	30,530			$	24,606			$	2,952,363			$	4,048,055
(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

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS								VALUE
	Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021				Six Months Ended 3/31/2022(1)				Year Ended 9/30/2021
OPERATIONS:
Net investment income		$	258			$	265			$	1,184			$	2,788
Net realized gain (loss) on:
Investments, from unaffiliated issuers			1,026				2,303				42,267				42,350
Foreign currency related transactions			(30	)			(5	)			(28	)			(16	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(14,462	)			7,333				(30,200	)			66,645
Foreign currency related transactions			3				(7	)			(2	)			(2	)
Net increase (decrease) in net assets resulting from operations			(13,205	)			9,889				13,221				111,765
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(659	)			(900	)			(12,565	)			(6,500	)
Advisor Shares											(11,837	)			(7,059	)
Institutional Shares			(89	)			(92	)			(19,119	)			(10,777	)
Total distributions to shareholders			(748	)			(992	)			(43,521	)			(24,336	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			21,042				9,636				(33,860	)			(2,355	)
Total increase (decrease) in net assets			7,089				18,533				(64,160	)			85,074
Net assets, beginning of period			71,769				53,236				371,266				286,192
Net assets, end of period		$	78,858			$	71,769			$	307,106			$	371,266

⁽¹⁾ Unaudited.

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

64 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE INCOME
	Period Ended 3/31/2022(1)(2)
OPERATIONS:
Net investment income		$	26
Net realized gain (loss) on:
Investments, from unaffiliated issuers			–	(3)
Foreign currency related transactions			–	(3)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			8
Written options			1
Net increase in net assets resulting from operations			35
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(1	)
Advisor Shares			(2	)
Institutional Shares			(20	)
Total distributions to shareholders			(23	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			10,267
Total increase in net assets			10,279
Net assets, beginning of period			–
Net assets, end of period		$	10,279

⁽¹⁾ For the period from commencement of operations (February 28, 2022) through March 31, 2022.

⁽²⁾ Unaudited.

⁽³⁾ Amount rounds to less than $1

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
DEVELOPING WORLD FUND
Investor Shares
3/31/2022(5)	$	25.55		(0.10	)		(5.75	)		(5.85	)		—			(2.07	)		(2.07	)	$	17.63
9/30/2021	$	22.98		(0.29	)		3.97			3.68			—			(1.11	)		(1.11	)	$	25.55
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
Advisor Shares
3/31/2022(5)	$	25.77		(0.09	)		(5.80	)		(5.89	)		—			(2.07	)		(2.07	)	$	17.81
9/30/2021	$	23.13		(0.24	)		3.99			3.75			—			(1.11	)		(1.11	)	$	25.77
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
Institutional Shares
3/31/2022(5)	$	25.90		(0.08	)		(5.83	)		(5.91	)		—			(2.07	)		(2.07	)	$	17.92
9/30/2021	$	23.22		(0.22	)		4.01			3.79			—			(1.11	)		(1.11	)	$	25.90
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
FLOATING RATE FUND
Investor Shares
3/31/2022(5),(7)	$	10.00		0.08			(0.20	)		(0.12	)		(0.06	)		—			(0.06	)	$	9.82
Advisor Shares
3/31/2022(5),(7)	$	10.00		0.09			(0.20	)		(0.11	)		(0.07	)		—			(0.07	)	$	9.82
Institutional Shares
3/31/2022(5),(7)	$	10.00		0.08			(0.20	)		(0.12	)		(0.06	)		—			(0.06	)	$	9.82
FOCUS FUND
Investor Shares
3/31/2022(5)	$	22.30		(0.04	)		0.40			0.36			—			(3.44	)		(3.44	)	$	19.22
9/30/2021	$	18.34		(0.11	)		4.73			4.62			—			(0.66	)		(0.66	)	$	22.30
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(9)	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
Advisor Shares
3/31/2022(5)	$	22.36		(0.03	)		0.40			0.37			—			(3.44	)		(3.44	)	$	19.29
9/30/2021	$	18.36		(0.08	)		4.74			4.66			—			(0.66	)		(0.66	)	$	22.36
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(10)	$	13.82		—	(6)		0.57			0.57			—			—			—		$	14.39
Institutional Shares
3/31/2022(5)	$	22.40		(0.02	)		0.40			0.38			—			(3.44	)		(3.44	)	$	19.34
9/30/2021	$	18.37		(0.06	)		4.75			4.69			—			(0.66	)		(0.66	)	$	22.40
9/30/2020(11)	$	16.37		(0.01	)		2.01			2.00			—			—			—		$	18.37

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

66 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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
3/31/2022(5)		(24.93	)%	$	621,806		1.27	%		n/a			(0.95	)%		48.42	%
9/30/2021		16.15	%	$	899,701		1.26	%		n/a			(1.09	)%		126.20	%
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	%
Advisor Shares
3/31/2022(5)		(24.86	)%	$	3,057,424		1.10	%		n/a			(0.78	)%		48.42	%
9/30/2021		16.35	%	$	4,648,125		1.09	%		n/a			(0.92	)%		126.20	%
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	%
Institutional Shares
3/31/2022(5)		(24.82	)%	$	2,038,144		1.01	%		n/a			(0.69	)%		48.42	%
9/30/2021		16.46	%	$	3,178,364		1.00	%		n/a			(0.83	)%		126.20	%
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	%
FLOATING RATE FUND
Investor Shares
3/31/2022(5),(7)		(1.18	)%	$	1,300		1.20	%		14.76	%		2.41	%		3.91	%
Advisor Shares
3/31/2022(5),(7)		(1.15	)%	$	18,955		1.10	%		2.56	%		2.79	%		3.91	%
Institutional Shares
3/31/2022(5),(7)		(1.16	)%	$	30,727		1.05	%		2.04	%		2.50	%		3.91	%
FOCUS FUND
Investor Shares
3/31/2022(5)		0.33	%	$	301,240		1.24	%		n/a			(0.41	)%		108.88	%
9/30/2021		25.70	%	$	340,450		1.25	%		n/a			(0.52	)%		316.74	%
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	%(8)		1.70	%(8)		(0.27	)%		355.37	%
9/30/2017(9)		18.00	%	$	15,293		1.52	%(8)		2.70	%(8)		(0.49	)%		170.19	%
Advisor Shares
3/31/2022(5)		0.43	%	$	1,184,847		1.09	%		n/a			(0.27	)%		108.88	%
9/30/2021		25.84	%	$	1,219,909		1.10	%		n/a			(0.36	)%		316.74	%
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(10)		4.12	%	$	38,135		1.40	%(8)		2.74	%(8)		0.16	%		355.37	%
Institutional Shares
3/31/2022(5)		0.48	%	$	659,989		1.01	%		n/a			(0.18	)%		108.88	%
9/30/2021		25.93	%	$	738,016		1.01	%		n/a			(0.27	)%		316.74	%
9/30/2020(11)		12.28	%	$	437,948		1.04	%		n/a			(0.14	)%		285.25	%

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 DISCOVERY FUND
Investor Shares
3/31/2022(5)	$	23.07		(0.13	)		(2.35	)		(2.48	)		—			(1.73	)		(1.73	)	$	18.86
9/30/2021	$	18.40		(0.20	)		5.27			5.07			—			(0.40	)		(0.40	)	$	23.07
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(12)	$	10.00		(0.01	)		0.33			0.32			—			—			—		$	10.32
Advisor Shares
3/31/2022(5)	$	23.09		(0.12	)		(2.35	)		(2.47	)		—			(1.73	)		(1.73	)	$	18.89
9/30/2021	$	18.41		(0.19	)		5.27			5.08			—			(0.40	)		(0.40	)	$	23.09
9/30/2020(11)	$	14.96		(0.08	)		3.53			3.45			—			—			—		$	18.41
Institutional Shares
3/31/2022(5)	$	23.15		(0.10	)		(2.36	)		(2.46	)		—			(1.73	)		(1.73	)	$	18.96
9/30/2021	$	18.41		(0.14	)		5.28			5.14			—			(0.40	)		(0.40	)	$	23.15
9/30/2020(11)	$	14.96		(0.07	)		3.52			3.45			—			—			—		$	18.41
GLOBAL EQUITY FUND
Investor Shares
3/31/2022(5)	$	24.46		(0.03	)		(3.01	)		(3.04	)		—			(3.74	)		(3.74	)	$	17.68
9/30/2021	$	23.03		(0.11	)		4.33			4.22			—			(2.79	)		(2.79	)	$	24.46
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
Advisor Shares
3/31/2022(5)	$	24.46		(0.02	)		(3.01	)		(3.03	)		—			(3.74	)		(3.74	)	$	17.69
9/30/2021	$	23.04		(0.11	)		4.32			4.21			—			(2.79	)		(2.79	)	$	24.46
9/30/2020(13)	$	22.81		(0.02	)		0.25			0.23			—			—			—		$	23.04
Institutional Shares
3/31/2022(5)	$	24.72		—	(6)		(3.05	)		(3.05	)		—			(3.74	)		(3.74	)	$	17.93
9/30/2021	$	23.21		(0.06	)		4.36			4.30			—			(2.79	)		(2.79	)	$	24.72
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

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

68 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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
3/31/2022(5)		(11.81	)%	$	52,122		1.36	%		n/a			(1.21	)%		27.27	%
9/30/2021		27.93	%	$	63,547		1.38	%		n/a			(0.96	)%		47.02	%
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(12)		3.20	%	$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%
Advisor Shares
3/31/2022(5)		(11.75	)%	$	24,102		1.30	%		1.47	%		(1.15	)%		27.27	%
9/30/2021		27.97	%	$	19,954		1.30	%		1.40	%		(0.88	)%		47.02	%
9/30/2020(11)		23.06	%	$	19,698		1.30	%		1.74	%		(0.73	)%		40.44	%
Institutional Shares
3/31/2022(5)		(11.67	)%	$	262,997		1.06	%		n/a			(0.91	)%		27.27	%
9/30/2021		28.30	%	$	270,640		1.08	%		n/a			(0.63	)%		47.02	%
9/30/2020(11)		23.06	%	$	84,267		1.20	%		n/a			(0.62	)%		40.44	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2022(5)		(14.62	)%	$	97,844		1.28	%		n/a			(0.25	)%		49.66	%
9/30/2021		19.70	%	$	151,122		1.26	%		n/a			(0.47	)%		119.10	%
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	%
Advisor Shares
3/31/2022(5)		(14.58	)%	$	4,199		1.25	%		1.50	%		(0.23	)%		49.66	%
9/30/2021		19.64	%	$	14,273		1.25	%		1.62	%		(0.46	)%		119.10	%
9/30/2020(13)		1.01	%	$	13,092		1.25	%		2.51	%		(0.53	)%		137.93	%
Institutional Shares
3/31/2022(5)		(14.50	)%	$	127,177		1.03	%		n/a			—	(21)		49.66	%
9/30/2021		19.91	%	$	168,343		1.05	%		n/a			(0.24	)%		119.10	%
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	%

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 OPPORTUNITIES FUND
Investor Shares
3/31/2022(5)	$	39.09		(0.13	)		(3.03	)		(3.16	)		—			(3.98	)		(3.98	)	$	31.95
9/30/2021	$	34.89		(0.10	)		6.70			6.60			—			(2.40	)		(2.40	)	$	39.09
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
Advisor Shares
3/31/2022(5)	$	39.40		(0.11	)		(3.06	)		(3.17	)		—			(3.98	)		(3.98	)	$	32.25
9/30/2021	$	35.10		(0.05	)		6.75			6.70			—			(2.40	)		(2.40	)	$	39.40
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
Institutional Shares
3/31/2022(5)	$	39.89		(0.09	)		(3.11	)		(3.20	)		—			(3.98	)		(3.98	)	$	32.71
9/30/2021	$	35.47		(0.01	)		6.83			6.82			—			(2.40	)		(2.40	)	$	39.89
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
GLOBAL UNCONSTRAINED FUND
Investor Shares
3/31/2022(5),(14)	$	10.00		—			—	(6)		—	(6)		—			—			—		$	10.00
Advisor Shares
3/31/2022(5),(14)	$	10.00		—			—	(6)		—	(6)		—			—			—		$	10.00
Institutional Shares
3/31/2022(5),(14)	$	10.00		—			—	(6)		—	(6)		—			—			—		$	10.00
GLOBAL VALUE FUND
Investor Shares
3/31/2022(5)	$	21.58		0.02			0.32			0.34			(0.19	)		(1.73	)		(1.92	)	$	20.00
9/30/2021	$	15.94		0.17			5.48			5.65			(0.01	)		—			(0.01	)	$	21.58
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
Advisor Shares
3/31/2022(5)	$	21.57		0.04			0.31			0.35			(0.22	)		(1.73	)		(1.95	)	$	19.97
9/30/2021	$	15.91		0.19			5.49			5.68			(0.02	)		—			(0.02	)	$	21.57
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
Institutional Shares
3/31/2022(5)	$	21.63		0.05			0.32			0.37			(0.24	)		(1.73	)		(1.97	)	$	20.03
9/30/2021	$	15.96		0.21			5.50			5.71			(0.04	)		—			(0.04	)	$	21.63
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

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

70 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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
3/31/2022(5)		(9.52	)%	$	1,271,890		1.13	%		n/a		(0.74	)%		18.48	%
9/30/2021		19.89	%	$	1,514,576		1.13	%		n/a		(0.27	)%		44.44	%
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	%
Advisor Shares
3/31/2022(5)		(9.47	)%	$	1,031,450		0.99	%		n/a		(0.59	)%		18.48	%
9/30/2021		20.07	%	$	1,253,950		0.99	%		n/a		(0.12	)%		44.44	%
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	%
Institutional Shares
3/31/2022(5)		(9.42	)%	$	2,404,497		0.89	%		n/a		(0.50	)%		18.48	%
9/30/2021		20.20	%	$	2,970,987		0.89	%		n/a		(0.03	)%		44.44	%
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	%
GLOBAL UNCONSTRAINED FUND
Investor Shares
3/31/2022(5),(14)		—		$	1		—			—		—			0.00	%
Advisor Shares
3/31/2022(5),(14)		—		$	250		—			—		—			0.00	%
Institutional Shares
3/31/2022(5),(14)		—		$	9,745		—			—		—			0.00	%
GLOBAL VALUE FUND
Investor Shares
3/31/2022(5)		1.41	%	$	277,172		1.26	%		n/a		0.24	%		9.60	%
9/30/2021		35.46	%	$	287,469		1.24	%		n/a		0.80	%		39.62	%
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	%
Advisor Shares
3/31/2022(5)		1.45	%	$	334,882		1.10	%		n/a		0.39	%		9.60	%
9/30/2021		35.70	%	$	324,013		1.10	%		n/a		0.95	%		39.62	%
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	%
Institutional Shares
3/31/2022(5)		1.53	%	$	1,739,126		1.01	%		n/a		0.48	%		9.60	%
9/30/2021		35.80	%	$	1,863,947		1.01	%		n/a		1.01	%		39.62	%
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	%

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
3/31/2022(5)	$	10.28		0.25		(0.35	)		(0.10	)		(0.26	)		(0.22	)		(0.48	)	$	9.70
9/30/2021	$	9.53		0.55		0.74			1.29			(0.54	)		—			(0.54	)	$	10.28
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
Advisor Shares
3/31/2022(5)	$	10.27		0.26		(0.36	)		(0.10	)		(0.26	)		(0.22	)		(0.48	)	$	9.69
9/30/2021	$	9.53		0.56		0.74			1.30			(0.56	)		—			(0.56	)	$	10.27
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
Institutional Shares
3/31/2022(5)	$	10.27		0.27		(0.36	)		(0.09	)		(0.27	)		(0.22	)		(0.49	)	$	9.69
9/30/2021	$	9.53		0.57		0.74			1.31			(0.57	)		—			(0.57	)	$	10.27
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(15)	$	9.85		0.59		0.36			0.95			(0.59	)		(0.02	)		(0.61	)	$	10.19
INTERNATIONAL FUND
Investor Shares
3/31/2022(5)	$	36.66		0.02		(3.01	)		(2.99	)		(0.24	)		(6.87	)		(7.11	)	$	26.56
9/30/2021	$	32.86		0.24		4.68			4.92			(0.08	)		(1.04	)		(1.12	)	$	36.66
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
Advisor Shares
3/31/2022(5)	$	36.58		0.05		(3.01	)		(2.96	)		(0.30	)		(6.87	)		(7.17	)	$	26.45
9/30/2021	$	32.80		0.30		4.65			4.95			(0.13	)		(1.04	)		(1.17	)	$	36.58
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
Institutional Shares
3/31/2022(5)	$	36.90		0.06		(3.03	)		(2.97	)		(0.34	)		(6.87	)		(7.21	)	$	26.72
9/30/2021	$	33.08		0.33		4.69			5.02			(0.16	)		(1.04	)		(1.20	)	$	36.90
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

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

72 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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
3/31/2022(5)		(1.01	)%	$	1,206,021		0.94	%		n/a		5.11	%		36.80	%
9/30/2021		13.79	%	$	1,436,340		0.95	%		n/a		5.42	%		58.10	%
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	%
Advisor Shares
3/31/2022(5)		(0.93	)%	$	3,027,793		0.78	%		n/a		5.27	%		36.80	%
9/30/2021		13.86	%	$	3,263,582		0.79	%		n/a		5.56	%		58.10	%
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	%
Institutional Shares
3/31/2022(5)		(0.89	)%	$	2,507,103		0.69	%		n/a		5.36	%		36.80	%
9/30/2021		13.97	%	$	2,372,161		0.70	%		n/a		5.63	%		58.10	%
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(15)		9.94	%	$	262,369		0.78	%		n/a		5.94	%		92.44	%
INTERNATIONAL FUND
Investor Shares
3/31/2022(5)		(10.31	)%	$	2,328,252		1.20	%		n/a		0.14	%		29.68	%
9/30/2021		15.32	%	$	3,019,360		1.18	%		n/a		0.69	%		67.41	%
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	%
Advisor Shares
3/31/2022(5)		(10.28	)%	$	1,268,542		1.05	%		n/a		0.30	%		29.68	%
9/30/2021		15.47	%	$	1,718,258		1.04	%		n/a		0.84	%		67.41	%
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	%
Institutional Shares
3/31/2022(5)		(10.20	)%	$	3,815,778		0.96	%		n/a		0.38	%		29.68	%
9/30/2021		15.56	%	$	4,920,404		0.95	%		n/a		0.93	%		67.41	%
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	%

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 SMALL-MID FUND
Investor Shares
3/31/2022(5)	$	21.19		(0.06	)		(2.69	)		(2.75	)			—			(0.58	)		(0.58	)	$	17.86
9/30/2021	$	17.33		(0.09	)		4.06			3.97				(0.11	)		—			(0.11	)	$	21.19
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
Advisor Shares
3/31/2022(5)	$	21.23		(0.04	)		(2.70	)		(2.74	)	��		—			(0.58	)		(0.58	)	$	17.91
9/30/2021	$	17.35		(0.05	)		4.06			4.01				(0.13	)		—			(0.13	)	$	21.23
9/30/2020	$	13.62		0.20			3.57			3.77				(0.04	)		—			(0.04	)	$	17.35
9/30/2019(16)	$	11.91		0.01			1.70			1.71				—			—			—		$	13.62
Institutional Shares
3/31/2022(5)	$	21.47		(0.03	)		(2.73	)		(2.76	)			—			(0.58	)		(0.58	)	$	18.13
9/30/2021	$	17.54		(0.04	)		4.11			4.07				(0.14	)		—			(0.14	)	$	21.47
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
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2022(5)	$	44.49		0.13			0.46			0.59				(1.07	)		(3.04	)		(4.11	)	$	40.97
9/30/2021	$	32.94		1.01			10.88			11.89				(0.09	)		(0.25	)		(0.34	)	$	44.49
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
Advisor Shares
3/31/2022(5)	$	44.46		0.17			0.46			0.63				(1.15	)		(3.04	)		(4.19	)	$	40.90
9/30/2021	$	32.90		1.14			10.78			11.92				(0.11	)		(0.25	)		(0.36	)	$	44.46
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
Institutional Shares
3/31/2022(5)	$	44.69		0.17			0.48			0.65				(1.20	)		(3.04	)		(4.24	)	$	41.10
9/30/2021	$	33.06		1.16			10.86			12.02				(0.14	)		(0.25	)		(0.39	)	$	44.69
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

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

74 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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
3/31/2022(5)		(13.31	)%	$	428,808		1.29	%		n/a		(0.59	)%		12.29	%
9/30/2021		22.99	%	$	531,882		1.30	%		n/a		(0.42	)%		28.29	%
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	%
Advisor Shares
3/31/2022(5)		(13.24	)%	$	1,579,495		1.13	%		n/a		(0.42	)%		12.29	%
9/30/2021		23.20	%	$	1,856,538		1.14	%		n/a		(0.26	)%		28.29	%
9/30/2020		27.70	%	$	1,223,773		1.18	%		n/a		1.32	%		27.84	%
9/30/2019(16)		14.36	%	$	434,784		1.25	%		n/a		0.13	%		55.98	%
Institutional Shares
3/31/2022(5)		(13.18	)%	$	3,357,333		1.04	%		n/a		(0.34	)%		12.29	%
9/30/2021		23.30	%	$	3,897,436		1.06	%		n/a		(0.17	)%		28.29	%
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	%
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2022(5)		1.17	%	$	2,711,657		1.18	%		n/a		0.61	%		14.65	%
9/30/2021		36.13	%	$	2,728,996		1.18	%		n/a		2.39	%		32.90	%
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	%
Advisor Shares
3/31/2022(5)		1.25	%	$	5,549,155		1.04	%		n/a		0.81	%		14.65	%
9/30/2021		36.31	%	$	6,072,617		1.04	%		n/a		2.70	%		32.90	%
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	%
Institutional Shares
3/31/2022(5)		1.29	%	$	16,008,859		0.95	%		n/a		0.81	%		14.65	%
9/30/2021		36.45	%	$	13,304,215		0.95	%		n/a		2.72	%		32.90	%
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	%

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
MID CAP FUND
Investor Shares
3/31/2022(5)	$	53.28		(0.23	)		(6.85	)		(7.08	)		–			(8.59	)		(8.59	)	$	37.61
9/30/2021	$	47.75		(0.49	)		13.20			12.71			–			(7.18	)		(7.18	)	$	53.28
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
Advisor Shares
3/31/2022(5)	$	54.11		(0.20	)		(6.98	)		(7.18	)		–			(8.59	)		(8.59	)	$	38.34
9/30/2021	$	48.33		(0.43	)		13.39			12.96			–			(7.18	)		(7.18	)	$	54.11
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
Institutional Shares
3/31/2022(5)	$	61.87		(0.21	)		(8.20	)		(8.41	)		–			(8.59	)		(8.59	)	$	44.87
9/30/2021	$	54.25		(0.43	)		15.23			14.80			–			(7.18	)		(7.18	)	$	61.87
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
MID CAP VALUE FUND
Investor Shares
3/31/2022(5)	$	23.12		0.07			0.97			1.04			(0.04	)		(3.02	)		(3.06	)	$	21.10
9/30/2021	$	16.26		0.12			7.10			7.22			(0.09	)		(0.27	)		(0.36	)	$	23.12
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
Advisor Shares
3/31/2022(5)	$	23.07		0.08			0.97			1.05			(0.07	)		(3.02	)		(3.09	)	$	21.03
9/30/2021	$	16.23		0.16			7.07			7.23			(0.12	)		(0.27	)		(0.39	)	$	23.07
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
Institutional Shares
3/31/2022(5)	$	23.09		0.09			0.98			1.07			(0.09	)		(3.02	)		(3.11	)	$	21.05
9/30/2021	$	16.24		0.17			7.08			7.25			(0.13	)		(0.27	)		(0.40	)	$	23.09
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

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

76 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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
3/31/2022(5)		(16.13	)%	$	1,904,234		1.19	%		n/a		(1.04	)%		16.50	%
9/30/2021		29.84	%	$	2,495,355		1.18	%		n/a		(0.98	)%		40.72	%
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	%
Advisor Shares
3/31/2022(5)		(16.05	)%	$	788,599		1.05	%		n/a		(0.89	)%		16.50	%
9/30/2021		30.02	%	$	923,543		1.04	%		n/a		(0.85	)%		40.72	%
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	%
Institutional Shares
3/31/2022(5)		(16.03	)%	$	3,284,551		0.95	%		n/a		(0.79	)%		16.50	%
9/30/2021		30.15	%	$	4,000,122		0.95	%		n/a		(0.75	)%		40.72	%
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	%
MID CAP VALUE FUND
Investor Shares
3/31/2022(5)		4.35	%	$	682,503		1.20	%		n/a		0.60	%		3.14	%
9/30/2021		44.94	%	$	693,149		1.20	%		n/a		0.56	%		16.04	%
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	%
Advisor Shares
3/31/2022(5)		4.42	%	$	519,717		1.05	%		n/a		0.75	%		3.14	%
9/30/2021		45.12	%	$	551,822		1.05	%		n/a		0.73	%		16.04	%
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	%
Institutional Shares
3/31/2022(5)		4.50	%	$	687,604		0.99	%		n/a		0.81	%		3.14	%
9/30/2021		45.22	%	$	783,375		0.98	%		n/a		0.79	%		16.04	%
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	%

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
SELECT EQUITY FUND
Investor Shares
3/31/2022(5)	$	13.48		(0.02	)		(0.10	)		(0.12	)		–			(0.65	)		(0.65	)	$	12.71
9/30/2021	$	10.17		(0.01	)		3.32			3.31			–			–			–		$	13.48
9/30/2020(17)	$	10.00		–	(6)		0.17			0.17			–			–			–		$	10.17
Advisor Shares
3/31/2022(5)	$	13.49		(0.02	)		(0.08	)		(0.10	)		–			(0.65	)		(0.65	)	$	12.74
9/30/2021	$	10.18		0.01			3.30			3.31			–			–			–		$	13.49
9/30/2020(17)	$	10.00		0.01			0.17			0.18			–			–			–		$	10.18
Institutional Shares
3/31/2022(5)	$	13.44		(0.01	)		(0.10	)		(0.11	)		(0.02	)		(0.65	)		(0.67	)	$	12.66
9/30/2021	$	10.18		0.02			3.30			3.32			(0.06	)		–			(0.06	)	$	13.44
9/30/2020(17)	$	10.00		0.01			0.17			0.18			–			–			–		$	10.18
SMALL CAP FUND
Investor Shares
3/31/2022(5)	$	50.34		(0.20	)		(10.73	)		(10.93	)		–			(5.07	)		(5.07	)	$	34.34
9/30/2021	$	42.80		(0.53	)		10.77			10.24			–			(2.70	)		(2.70	)	$	50.34
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
Advisor Shares
3/31/2022(5)	$	50.70		(0.17	)		(10.83	)		(11.00	)		–			(5.07	)		(5.07	)	$	34.63
9/30/2021	$	43.03		(0.47	)		10.84			10.37			–			(2.70	)		(2.70	)	$	50.70
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
3/31/2022(5)	$	51.74		(0.16	)		(11.07	)		(11.23	)		–			(5.07	)		(5.07	)	$	35.44
9/30/2021	$	43.82		(0.43	)		11.05			10.62			–			(2.70	)		(2.70	)	$	51.74
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

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

78 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			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)
SELECT EQUITY FUND
Investor Shares
3/31/2022(5)		(1.10	)%	$	3,115		1.25	%		3.73	%		(0.34	)%		11.39	%
9/30/2021		32.55	%	$	2,919		1.25	%		4.34	%		(0.05	)%		34.69	%
9/30/2020(17)		1.70	%	$	983		1.25	%		17.96	%		0.03	%		26.96	%
Advisor Shares
3/31/2022(5)		(0.94	)%	$	1,766		1.15	%		4.57	%		(0.24	)%		11.39	%
9/30/2021		32.51	%	$	1,784		1.15	%		4.83	%		0.05	%		34.69	%
9/30/2020(17)		1.80	%	$	778		1.15	%		9.66	%		0.15	%		26.96	%
Institutional Shares
3/31/2022(5)		(1.06	)%	$	25,649		1.10	%		1.46	%		(0.20	)%		11.39	%
9/30/2021		32.71	%	$	19,903		1.10	%		1.56	%		0.16	%		34.69	%
9/30/2020(17)		1.80	%	$	11,266		1.10	%		2.36	%		0.20	%		26.96	%
SMALL CAP FUND
Investor Shares
3/31/2022(5)		(23.77	)%	$	756,276		1.20	%		n/a			(0.98	)%		19.19	%
9/30/2021		24.45	%	$	1,089,099		1.19	%		n/a			(1.06	)%		39.79	%
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	%
Advisor Shares
3/31/2022(5)		(23.74	)%	$	962,515		1.06	%		n/a			(0.84	)%		19.19	%
9/30/2021		24.63	%	$	1,325,015		1.06	%		n/a			(0.93	)%		39.79	%
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
3/31/2022(5)		(23.70	)%	$	1,233,572		0.97	%		n/a			(0.74	)%		19.19	%
9/30/2021		24.76	%	$	1,633,941		0.96	%		n/a			(0.83	)%		39.79	%
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	%

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
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2022(5)	$	19.25		0.06		(2.87	)		(2.81	)		(0.20	)		—			(0.20	)	$	16.24
9/30/2021	$	16.39		0.07		3.11			3.18			(0.32	)		—			(0.32	)	$	19.25
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
Institutional Shares
3/31/2022(5)	$	19.55		0.05		(2.90	)		(2.85	)		(0.17	)		—			(0.17	)	$	16.53
9/30/2021	$	16.56		0.10		3.14			3.24			(0.25	)		—			(0.25	)	$	19.55
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
VALUE FUND
Investor Shares
3/31/2022(5)	$	16.28		0.04		0.56			0.60			(0.16	)		(1.79	)		(1.95	)	$	14.93
9/30/2021	$	12.41		0.10		4.82			4.92			(0.06	)		(0.99	)		(1.05	)	$	16.28
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
Advisor Shares
3/31/2022(5)	$	16.21		0.06		0.56			0.62			(0.18	)		(1.79	)		(1.97	)	$	14.86
9/30/2021	$	12.37		0.13		4.79			4.92			(0.09	)		(0.99	)		(1.08	)	$	16.21
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
Institutional Shares
3/31/2022(5)	$	16.24		0.06		0.55			0.61			(0.19	)		(1.79	)		(1.98	)	$	14.87
9/30/2021	$	12.40		0.13		4.80			4.93			(0.10	)		(0.99	)		(1.09	)	$	16.24
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
VALUE INCOME FUND
Investor Shares
3/31/2022(5),(19)	$	10.00		0.03		(0.01	)		0.02			(0.02	)		—			(0.02	)	$	10.00
Advisor Shares
3/31/2022(5),(19)	$	10.00		0.03		(0.01	)		0.02			(0.02	)		—			(0.02	)	$	10.00
Institutional Shares
3/31/2022(5),(19)	$	10.00		0.03		(0.01	)		0.02			(0.02	)		—			(0.02	)	$	10.00

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

80 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(20)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2022(5)		(14.78	)%	$	57,105		1.32	%**		1.58	%		0.66	%		11.81	%
9/30/2021		19.50	%	$	61,975		1.35	%		1.75	%		0.36	%		23.22	%
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	%
Institutional Shares
3/31/2022(5)		(14.76	)%	$	21,753		1.16	%**		1.53	%		0.59	%		11.81	%
9/30/2021		19.74	%	$	9,794		1.20	%		1.89	%		0.51	%		23.22	%
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	%
VALUE FUND
Investor Shares
3/31/2022(5)		3.72	%	$	104,489		1.07	%		n/a			0.58	%		17.65	%
9/30/2021		41.36	%	$	108,551		1.05	%		n/a			0.67	%		25.99	%
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	%
Advisor Shares
3/31/2022(5)		3.85	%	$	92,874		0.88	%		0.96	%		0.77	%		17.65	%
9/30/2021		41.53	%	$	99,646		0.88	%		0.95	%		0.84	%		25.99	%
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	%
Institutional Shares
3/31/2022(5)		3.84	%	$	109,743		0.83	%		n/a			0.75	%		17.65	%
9/30/2021		41.61	%	$	163,069		0.83	%		n/a			0.88	%		25.99	%
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	%
VALUE INCOME FUND
Investor Shares
3/31/2022(5),(19)		2.35	%	$	622		1.19	%		80.50	%		3.44	%		0.21	%
Advisor Shares
3/31/2022(5),(19)		2.38	%	$	963		1.07	%		32.61	%		3.16	%		0.21	%
Institutional Shares
3/31/2022(5),(19)		2.38	%	$	8,694		1.02	%		5.35	%		3.40	%		0.21	%

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

** Expense limit from October 1, 2021 to February 28, 2022 was 1.35% for Investor Shares and 1.20% for Institutional Shares. Expense limit was lowered effective March 1, 2022 to 1.15% for Investor Shares and 1.00% for Institutional Shares.

* 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, 2022.

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

(7) For the period from commencement of operations (December 1, 2021) through March 31, 2022.

(8) 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.

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

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

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

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

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

(14) For the period from commencement of operations (March 31, 2022) through March 31, 2022. No income or expenses were recorded to the fund for the one day of operations during the period.

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

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

(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.

(19) For the period from commencement of operations (February 28, 2022) through March 31, 2022.

(20) The net asset value for financial statement purposes includes the impact of investment transactions and other items reflected on trade date, while the daily dealing net asset value may include the impact of investment transactions and other items on the following day. Total return is based on daily dealing net asset value.

(21) Amount rounds to less than 0.01%.

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

82 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2022     

(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, 2022, Artisan Partners Funds is a series company comprised of twenty-one series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies. As of March 31, 2022, two series were unlaunched. 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 Floating Rate Fund (“Floating Rate Fund”)	December 1, 2021	December 1, 2021	December 1, 2021
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 Unconstrained Fund (“Global Unconstrained Fund”)	March 31, 2022	March 31, 2022	March 31, 2022
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
Artisan Value Income Fund (“Value Income Fund”)	February 28, 2022	February 28, 2022	February 28, 2022

During the reporting period, each Fund operated as an open-end, diversified mutual fund except Focus Fund, Global Unconstrained Fund, Select Equity Fund and Sustainable Emerging Markets Fund, which are open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Global Unconstrained Fund, Floating Rate Fund, Focus Fund, High Income Fund and Value 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. Global Unconstrained Fund’s, Floating Rate Fund’s and High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Value Income Fund’s investment objective is to seek to provide total return through a combination of income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Investor Shares of the Funds are generally available to members of the general public. 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.

Artisan Partners Funds 83

NOTES TO FINANCIAL STATEMENTS

(2) Summary of significant accounting policies:

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

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

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security if market quotations are not readily available. Repurchase agreements are valued at cost plus accrued interest. 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. Over-the-counter derivatives (including total return swaps, over-the-counter options on total return swaps, and certain other derivatives) are valued using prices provided by the Funds’ pricing vendors. Prices obtained from independent pricing services may use various observable and unobservable inputs, including, but not limited to, information provided by broker-dealers, pricing formulas, estimates of market values obtained from data relating to investments or securities with similar characteristics and/or discounted cash flow or spread curve models that might be applicable. 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.

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.

84 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2018 through 2021) and have concluded that, as of September 30, 2021, 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, 2022, 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, 2022, 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 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.

(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.

Artisan Partners Funds 85

NOTES TO FINANCIAL STATEMENTS

(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, 2022, 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 other than Global Unconstrained 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, Floating Rate Fund and High Income Fund are obligated to fund term loan commitments at the borrower’s discretion. Floating Rate Fund and High Income Fund reserve against such contingent obligations by segregating liquid assets. During the period, Floating Rate Fund and High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses are presented separately on the Statement of Operations. As of March 31, 2022, Floating Rate Fund had unfunded loan commitments in the amount of $218,000.

The Funds may acquire PIPEs and are contractually required to make investment commitments as part of the conditions for entering into these investments. The Funds reserve against such contingent obligations by segregating liquid assets at least equal to the unfunded commitment amount. During the period, none of the Funds had unfunded commitments related to PIPEs.

(l) Redemption Fees – Floating Rate Fund, Global Unconstrained Fund and High Income Fund generally impose 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. Each Fund reserves 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. During the period ended March 31, 2022, Floating Rate Fund and High Income Fund waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ 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 other than Global Unconstrained 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, 2022, no Funds engaged in short sales.

(n) Securities Lending – In order to generate incremental revenue, the Funds may participate in a securities lending program, in which securities from its portfolio may be loaned to third parties. Securities loans by the Funds are made to broker-dealers or other financial institutions pursuant to agreements requiring that the loans be continuously secured by collateral consisting of cash or short-term debt obligations at least equal at all times to the value of the securities on loan, “marked-to-market” daily. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. If a borrower defaults, the value of the collateral may decline before a Fund can dispose of it. The borrower pays to a participating Fund an amount equal to any dividends or interest received on securities lent (known as “manufactured payments” or “substitute payments”). Manufactured payments for dividends or interest received by a participating Fund while its securities are loaned out will not be considered qualified dividend income and will have other tax implications. To the extent that a Fund makes a distribution of income received by the Fund pursuant to loans of its portfolio securities, such income will not constitute qualified dividend income to noncorporate shareholders and will not be

86 Artisan Partners Funds

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eligible for the dividends-received deduction for corporate shareholders. A participating Fund retains all or a portion of the interest received on investment of the cash collateral and/or receives a fee from the borrower. The Funds will typically invest cash collateral in government money market funds. A participating Fund bears the risk of any loss on the investment of the collateral; any such loss may exceed, potentially by a substantial amount, any profit to the Fund from its securities lending activities. A participating Fund may recall loaned securities on demand.

Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (“GSAL”), currently serves as the securities lending agent for the Funds. GSAL receives as compensation for its services a portion of the amount earned by each Fund for lending securities.

Income from the securities lending program is recorded when earned or as soon as reliable information became available from the lending agent. Net income for each Fund is reflected in the Statements of Operations under “Income from securities lending.” During the period ended March 31, 2022, none of the Funds participated in the securities lending program.

(o) 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.

(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.

The success of a Fund is dependent on such Fund’s investment team’s investment decisions, which are based, in part, on the research process employed by the Fund’s investment team. The portfolio securities selected by the investment team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. To the extent an investment team considers environmental, social and governance factors in its research process, such Fund may forgo certain investment opportunities and underperform funds that do no consider environmental, social and governance factors.

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

Artisan Partners Funds 87

NOTES TO FINANCIAL STATEMENTS

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. 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. Each Fund that may invest in fixed income securities 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 each 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 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, Global Unconstrained 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.

Operational failures, cyber-attacks or other disruptions that affect the Funds’ service providers, the Funds’ counterparties, other market participants or the issuers of securities held by the Funds may adversely affect the Funds and their shareholders, including by causing losses for the Funds or impairing Fund operations.

88 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The Funds’ use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments. Investments in derivatives are subject to the risk that such investments will not perform as anticipated by the Funds, cannot be closed out at a favorable time or price, or will increase the volatility in an account. The use of derivatives may create investment leverage. In addition, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment. Derivatives may be difficult to value and highly illiquid, and there is a risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract.

For example, on October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), however, would not be subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 will not be required until August 2022. Only Global Unconstrained Fund has early adopted the derivatives risk management program in compliance with Rule 18f-4. As other the Funds come into compliance, certain of the Funds’ approaches to asset segregation and coverage requirements will be impacted. In addition, Rule 18f-4 could restrict certain of the Funds’ abilities to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of certain of the Funds.

Global Unconstrained Fund’s investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt.

(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

• 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 and discounts for lack of marketability)

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, treasury bills, other derivatives, 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.

Artisan Partners Funds 89

NOTES TO FINANCIAL STATEMENTS

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, 2022 (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		$	2,767,289			$	532,459			$	-			$	3,299,748
Emerging Asia			663,903				1,257,743				-				1,921,646
Europe, Middle East & Africa			-				-				-	(3)			-
Latin America			359,794				-				-				359,794
Investment Company			56,349				-				-				56,349
Total Investments		$	3,847,335			$	1,790,202			$	-	(3)		$	5,637,537
Floating Rate
Bank Loans(1)		$	-			$	45,908			$	-			$	45,908
Corporate Bonds(1)			-				1,592				-				1,592
Investment Companies			8,621				-				-				8,621
Total Investments		$	8,621			$	47,500			$	-			$	56,121
Focus
Common Stocks(1)		$	2,075,984			$	-			$	-			$	2,075,984
Option Purchased			58,640				-				-				58,640
Investment Company			33,926				-				-				33,926
Total Investments			2,168,550				-				-				2,168,550
Foreign Currency Forward Contracts(2)			-				(1,122	)			-				(1,122	)
Written Option Contracts			(18,122	)			-				-				(18,122	)
Total		$	2,150,428			$	(1,122	)		$	-			$	2,149,306
Global Discovery
Common Stocks(1)
Americas		$	213,477			$	-			$	-			$	213,477
Emerging Markets			6,324				1,948				-				8,272
Europe			15,091				64,677				-				79,768
Pacific Basin			-				17,324				-				17,324
Investment Company			18,102				-				-				18,102
Total Investments		$	252,994			$	83,949			$	-			$	336,943
Global Equity
Common Stocks(1)
Americas		$	128,671			$	-			$	-			$	128,671
Emerging Markets			1,525				11,447				-	(3)			12,972
Europe			9,606				69,205				-				78,811
Pacific Basin			-				8,297				-				8,297
Investment Company			19				-				-				19
Total Investments		$	139,821			$	88,949			$	-	(3)		$	228,770
Global Opportunities
Common Stocks(1)
Americas		$	2,653,900			$	-			$	-			$	2,653,900
Emerging Markets			27,831				-				-				27,831
Europe			-				1,323,661				-				1,323,661
Pacific Basin			-				461,181				-				461,181
Investment Company			197,184				-				-				197,184
Total Investments		$	2,878,915			$	1,784,842			$	-			$	4,663,757
Global Unconstrained
Sovereign Government Bonds(1)		$	-			$	1,333			$	-			$	1,333
Sovereign Government Treasury Bill			-				501				-				501

90 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
Investment Companies		$	10,000			$	-			$	-			$	10,000
Total Investments			10,000				1,834				-				11,834
Foreign Currency Forward Contracts(2)			-				10				-				10
Futures(2)			-	(4)			-				-				-	(4)
Centrally Cleared Credit Default Swaps(2)			-				-	(3)			-				-	(3)
Centrally Cleared Interest Rate Swaps(2)			-				-	(3)			-				-	(3)
Total		$	10,000			$	1,844			$	-			$	11,844
Global Value
Common Stocks(1)
Americas		$	1,079,964			$	24,004			$	-			$	1,103,968
Emerging Markets			61,872				151,153				-				213,025
Europe			-				861,452				-				861,452
Pacific Basin			-				68,671				-				68,671
Warrant
Europe			-				1,479				-				1,479
Investment Company			78,830				-				-				78,830
Total Investments		$	1,220,666			$	1,106,759			$	-			$	2,327,425
High Income
Corporate Bonds(1)		$	-			$	4,577,554			$	-			$	4,577,554
Bank Loans(1)			-				1,497,579				-				1,497,579
Common Stock(1)			-				22,566				-				22,566
Investment Company			417,998				-				-				417,998
Total Investments			417,998				6,097,699				-				6,515,697
Foreign Currency Forward Contracts(2)			-				(93	)			-				(93	)
Futures(2)			2,331				-				-				2,331
Total		$	420,329			$	6,097,606			$	-			$	6,517,935
International
Common Stocks and Equity-Linked Security(1)
Americas		$	1,476,402			$	-			$	-			$	1,476,402
Emerging Markets			78,947				265,389				-	(3)			344,336
Europe			346,941				4,785,777				-				5,132,718
Middle East			137,174				-				-				137,174
Pacific Basin			-				176,704				-				176,704
Investment Company			61,862				-				-				61,862
Total Investments		$	2,101,326			$	5,227,870			$	-	(3)		$	7,329,196
International Small-Mid
Common Stocks(1)
Americas		$	1,143,894			$	-			$	-			$	1,143,894
Emerging Markets			302,939				58,130				-				361,069
Europe			1,514				2,459,121				-				2,460,635
Middle East			405,627				50,166				-				455,793
Pacific Basin			-				770,229				-				770,229
Investment Company			109,311				-				-				109,311
Total Investments		$	1,963,285			$	3,337,646			$	-			$	5,300,931
International Value
Common Stocks and Equity-Linked Security(1)
Americas		$	4,028,816			$	414,228			$	-			$	4,443,044
Emerging Markets			532,765				4,441,410				-				4,974,175
Europe			660,624				11,597,289				-				12,257,913
Pacific Basin			-				409,226				-				409,226

Artisan Partners Funds 91

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs				Total
Investment Company		$	1,815,209			$	-		$	-			$	1,815,209
Total Investments			7,037,414				16,862,153			-				23,899,567
Foreign Currency Forward Contracts(2)			-				18,335			-				18,335
Total		$	7,037,414			$	16,880,488		$	-			$	23,917,902
Mid Cap
Common Stocks(1)		$	5,680,595			$	128,444		$	-			$	5,809,039
Investment Company			99,783				-			-				99,783
Total Investments		$	5,780,378			$	128,444		$	-			$	5,908,822
Mid Cap Value
Common Stocks(1)		$	1,812,734			$	-		$	-			$	1,812,734
Investment Company			68,878				-			-				68,878
Total Investments		$	1,881,612			$	-		$	-			$	1,881,612
Select Equity
Common Stocks(1)		$	24,060			$	4,487		$	-			$	28,547
Investment Company			1,864				-			-				1,864
Total Investments		$	25,924			$	4,487		$	-			$	30,411
Small Cap
Common Stocks(1)		$	2,900,816			$	-		$	-			$	2,900,816
Investment Company			8,522				-			-				8,522
Total Investments		$	2,909,338			$	-		$	-			$	2,909,338
Sustainable Emerging Markets
Common Stocks(1)
Developed Markets		$	1,037			$	3,236		$	-	(3)		$	4,273
Emerging Asia			2,313				48,111			-				50,424
Europe, Middle East & Africa			-				4,968			-	(3)			4,968
Latin America			15,283				-			-				15,283
Investment Company			3,295				-			-				3,295
Total Investments		$	21,928			$	56,315		$	-	(3)		$	78,243
Value
Common Stocks(1)		$	249,768			$	52,200		$	-			$	301,968
Investment Company			2,168				-			-				2,168
Total Investments		$	251,936			$	52,200		$	-			$	304,136
Value Income
Common Stocks(1)		$	7,906			$	1,828		$	-			$	9,734
Corporate Bonds(1)			-				201			-				201
Convertible Preferred Stock(1)			152				-			-				152
Convertible Bond(1)			-				39			-				39
Investment Companies			83				-			-				83
Total Investments			8,141				2,068			-				10,209
Written Option Contract			-	(4)			-			-				-	(4)
Total		$	8,141			$	2,068		$	-			$	10,209
(1)See the Fund’s Schedule of Investments for industry or country classifications. (2)Foreign currency forward contracts, futures contracts and centrally cleared swaps 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. (4)Rounds to less than $1.

92 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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

Assets	Fair Value at March 31, 2022				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
Developing World Fund
Common Stock		$	-	(1)	Last quote in inactive market less 100% discount	N/A
Global Equity Fund
Common Stocks		$	-	(1)	Last quote in inactive market less 100% discount	N/A
International Fund
Common Stocks		$	-	(1)	Last quote in inactive market less 100% discount	N/A
Sustainable Emerging Markets Fund
Common Stocks		$	-	(1)	Last quote in inactive market less 100% discount	N/A
(1)Includes one or more securities valued at $0.

As of March 31, 2022, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

	Developing World Fund				Global Equity Fund				International Fund				Sustainable Emerging Markets Fund
Balance as of September 30, 2021		$	-			$	-			$	-			$	-	(1)
Transfers into Level 3			97,770				7,177				242,177				6,589
Net change in unrealized appreciation (depreciation)			(121,031	)			(8,762	)			(303,947	)			(8,186	)
Purchases			48,497				2,861				95,640				2,075
Sales			(25,474	)			(1,083	)			(28,299	)			(413	)
Realized Gain/(Loss)			238				(193	)			(5,571	)			(65	)
Transfers out of Level 3			-				-				-				-
Balance as of March 31, 2022		$	-	(1)		$	-	(1)		$	-	(1)		$	-	(1)
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2022		$	(121,031	)		$	(8,762	)		$	(303,947	)		$	(8,186	)
(1)Includes one or more securities valued at $0.

(5) Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund 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, 2022 (in thousands):

Artisan Partners Funds 93

NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2022
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Developing World Fund - Investor Shares		$	31		$	928			$	959
Artisan Developing World Fund - Advisor Shares			25			1,644				1,669
Artisan Developing World Fund - Institutional Shares			21			-				21
Artisan Floating Rate Fund - Investor Shares(2)			12			-	(1)			12
Artisan Floating Rate Fund - Advisor Shares(2)			11			4				15
Artisan Floating Rate Fund - Institutional Shares(2)			12			-				12
Artisan Focus Fund - Investor Shares			29			344				373
Artisan Focus Fund - Advisor Shares			16			545				561
Artisan Focus Fund - Institutional Shares			15			-				15
Artisan Global Discovery Fund - Investor Shares			18			69				87
Artisan Global Discovery Fund - Advisor Shares			14			13				27
Artisan Global Discovery Fund - Institutional Shares			14			-				14
Artisan Global Equity Fund - Investor Shares			19			145				164
Artisan Global Equity Fund - Advisor Shares			14			5				19
Artisan Global Equity Fund - Institutional Shares			14			-				14
Artisan Global Opportunities Fund - Investor Shares			37			1,687				1,724
Artisan Global Opportunities Fund - Advisor Shares			17			532				549
Artisan Global Opportunities Fund - Institutional Shares			18			-				18
Artisan Global Unconstrained Fund - Investor Shares(3)			-			-				-
Artisan Global Unconstrained Fund - Advisor Shares(3)			-			-				-
Artisan Global Unconstrained Fund - Institutional Shares(3)			-			-				-
Artisan Global Value Fund - Investor Shares			25			306				331
Artisan Global Value Fund - Advisor Shares			15			128				143
Artisan Global Value Fund - Institutional Shares			17			-				17
Artisan High Income Fund - Investor Shares			22			1,594				1,616
Artisan High Income Fund - Advisor Shares			25			1,371				1,396
Artisan High Income Fund - Institutional Shares			24			-				24
Artisan International Fund - Investor Shares			107			3,090				3,197
Artisan International Fund - Advisor Shares			18			654				672
Artisan International Fund - Institutional Shares			23			-				23
Artisan International Small-Mid Fund - Investor Shares			28			551				579
Artisan International Small-Mid Fund - Advisor Shares			18			762				780
Artisan International Small-Mid Fund - Institutional Shares			20			-				20
Artisan International Value Fund - Investor Shares			47			3,178				3,225
Artisan International Value Fund - Advisor Shares			22			2,493				2,515
Artisan International Value Fund - Institutional Shares			29			-				29
Artisan Mid Cap Fund - Investor Shares			63			2,619				2,682
Artisan Mid Cap Fund - Advisor Shares			17			367				384
Artisan Mid Cap Fund - Institutional Shares			26			-				26
Artisan Mid Cap Value Fund - Investor Shares			49			734				783
Artisan Mid Cap Value Fund - Advisor Shares			18			137				155
Artisan Mid Cap Value Fund - Institutional Shares			16			-				16
Artisan Select Equity Fund - Investor Shares			14			9				23
Artisan Select Equity Fund - Advisor Shares			14			-	(1)			14
Artisan Select Equity Fund - Institutional Shares			14			-				14
Artisan Small Cap Fund - Investor Shares			54			1,006				1,060
Artisan Small Cap Fund - Advisor Shares			17			519				536
Artisan Small Cap Fund - Institutional Shares			19			-				19

94 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2022
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Sustainable Emerging Markets Fund - Investor Shares		$	16		$	72		$	88
Artisan Sustainable Emerging Markets Fund - Institutional Shares			14			-			14
Artisan Value Fund - Investor Shares			22			106			128
Artisan Value Fund - Advisor Shares			15			45			60
Artisan Value Fund - Institutional Shares			15			-			15
Artisan Value Income Fund - Investor Shares(4)			3			-			3
Artisan Value Income Fund - Advisor Shares(4)			3			-			3
Artisan Value Income Fund - Institutional Shares(4)			3			-			3
(1)Amount rounds to less than $1 (2)For the period from commencement of operations (December 1, 2021) through March 31, 2022. (3)For the period from commencement of operations (March 31, 2022) through March 31, 2022. No income or expenses were recorded to the fund for the one day of operations during the period. (4)For the period from commencement of operations (February 28, 2022) through March 31, 2022.

(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.

In connection with Rule 18f-4 under the 1940 Act, Global Unconstrained Fund has adopted a derivative risk management program that takes into account how its derivatives use affects its investment in portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management. The Fund’s derivative risk management program limits its derivative exposure through a value-at-risk test and may restrict its ability to engage in certain derivatives transactions.

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 Unconstrained Fund, High Income Fund and International Value Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2022.

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. Each Fund other than Global Unconstrained 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. Global Unconstrained Fund and High Income Fund used futures contracts to manage duration exposure during the period ended March 31, 2022.

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.

Artisan Partners Funds 95

NOTES TO FINANCIAL STATEMENTS

When a Fund other than Global Unconstrained 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.

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 other than Global Unconstrained Fund writes options, it will cover its obligation by earmarking or segregating liquid assets. Focus Fund and Value Income Fund held option contracts during the period ended March 31, 2022.

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, 2022, Focus Fund and Value Income Fund used options transactions to enhance alpha and minimize downside market risk.

Swap Agreements

Global Unconstrained Fund may enter into swap agreements and other types of over-the-counter transactions such as caps, floors and collars with broker-dealers or other financial institutions for hedging or investment purposes. An example of one type of swap involves the exchange by the Fund with another party of their respective commitments to pay or receive cash flows, for example, an exchange of floating rate payments for fixed-rate payments. The purchase of a cap entitles the purchaser, to the extent that a specified index or other underlying financial measure exceeds a predetermined value on a predetermined date or dates, to receive payments on a notional principal amount from the party selling the cap. The purchase of a floor entitles the purchaser, to the extent that a specified index or other underlying financial measure falls or other underlying measure below a predetermined value on a predetermined date or dates, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of a cap and a floor.

Swap agreements and similar transactions can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structures, swap agreements may increase or decrease a Fund’s exposure to long-or short-term interest rates (in the United States or abroad), foreign currency values, mortgage securities, mortgage rates, corporate borrowing rates, or other factors such as security prices, inflation rates or the volatility of an index or one or more securities. For example, if a Fund agrees to exchange payments in US dollars for payments in a non-US currency, the swap agreement would tend to decrease a Fund’s exposure to US interest rates and increase its exposure to that non-US currency and interest rates.

A Fund’s ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to a Fund. If a counterparty’s creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of a counterparty’s insolvency.

Under certain circumstances, suitable transactions may not be available to a Fund, or a Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. Swaps carry counterparty risks that cannot be fully anticipated. Also, because swap transactions typically involve a contract between the two parties, such swap investments can be extremely illiquid, as it is uncertain as to whether another counterparty would wish to take assignment of the rights under the swap contract at a price acceptable to a Fund.

A credit default swap on a bond is an agreement between a Fund and a counterparty that enables a Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors (for example, the Nth default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other

96 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a US or non-US corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

Each Fund may enter into credit default swap contracts as protection buyer in order to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s) (also known as buying credit protection).

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2022 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		$	4
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(1,126	)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	58,640
	Equity	Written options contracts	Written options, at value		$	(18,122	)
Global Unconstrained	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	15
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(5	)
	Interest rate	Futures contracts	Payable for variation margin on futures contracts		$	-    (2)
	Credit	Centrally cleared credit default swaps	Receivable for variation margin on centrally cleared swap contracts		$	-    (2)
	Interest rate	Centrally cleared interest rate swaps	Receivable for variation margin on centrally cleared swap contracts		$	-    (2)
High Income	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(93	)
	Interest rate	Futures contracts	Payable for variation margin on futures contracts(1)		$	(307	)
International Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	18,335
Value Income	Equity	Written options contracts	Written options, at value		$	-    (2)
(1)Payable is the daily change in the margin requirement. As of March 31, 2022, total net unrealized appreciation was $2,331.
(2)Amount rounds to less than $1

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, 2022 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Unrealized Appreciation (Depreciation)
Focus	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	2,221		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(1,601	)
	Equity	Purchased options contracts	Net realized loss on investments, from unaffiliated issuers		$	(22,985	)	Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	15,901
	Equity	Written options contracts	Net realized gain on written options		$	7,620		Net increase in unrealized appreciation or depreciation on written options		$	2,057
Global Unconstrained	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	-		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	10
	Interest rate	Futures contracts	Net realized gain on futures contracts		$	-		Net decrease in unrealized appreciation or depreciation on futures contracts		$	-	(1)
	Credit	Centrally cleared credit default swaps	Net realized gain on swap contracts		$	-		Net increase in unrealized apprectiation or deprectiation on swap contracts		$	-	(1)
	Interest rate	Centrally cleared interest rate swaps	Net realized gain on swap contracts		$	-		Net increase in unrealized apprectiation or deprectiation on swap contracts		$	-	(1)
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	6,932		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(1,517	)
	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	697		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(104	)
International Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	11,899		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	12,525
Value Income	Equity	Written options contracts	Net realized gain on written options		$	-		Net increase in unrealized appreciation or depreciation on written options		$	1

⁽¹⁾ Amount rounds to less than $1

Artisan Partners Funds 97

NOTES TO FINANCIAL STATEMENTS

The average monthly amount outstanding for each derivative type for the period ended March 31, 2022 was as follows (dollar value in thousands):

Fund	Derivative Type	Average Monthly Notional Amount
Focus	Foreign currency forward contracts		$	89,938
	Purchased options contracts		$	83,310
	Written options contracts		$	12,148
Global Unconstrained	Centrally cleared credit default swaps		$	900
	Centrally cleared interest rate swaps		$	263
	Foreign currency forward contracts		$	3,346
	Futures contracts		$	1,550
High Income	Foreign currency forward contracts		$	23,409
	Futures contracts		$	101,986
International Value	Foreign currency forward contracts		$	262,379
Value Income	Written options contracts		$	-	(1)
(1)Amount rounds to less than $1

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, 2022:

	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.		$	4		$	(4	)		$	-		$	-
Global Unconstrained	JPMorgan Chase Bank, N.A.			6			(5	)			-			1
Global Unconstrained	Standard Chartered Bank			9			-				-			9
International Value	JPMorgan Chase Bank, N.A.			18,335			-				-			18,335
	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.		$	1,126		$	(4	)		$	-		$	1,122
Global Unconstrained	JPMorgan Chase Bank, N.A.			5			(5	)			-			-
High Income	JPMorgan Chase Bank, N.A.			93			-				-			93

(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, 2022. 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

98 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Floating Rate Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.680	%
$1 billion to $2 billion		0.660
$2 billion to $3.5 billion		0.640
$3.5 billion to $10 billion		0.620
Greater than $10 billion		0.600

Focus Fund

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

Global Discovery Fund

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

Global Equity Fund:

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

Global Unconstrained Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.950	%
$1 billion to $2 billion		0.925
$2 billion to $3.5 billion		0.900
$3.5 billion to $5 billion		0.875
Greater than $5 billion		0.850

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

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

Artisan Partners Funds 99

NOTES TO FINANCIAL STATEMENTS

International Fund

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

International Small-Mid Fund

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

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

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

Select Equity Fund

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

Sustainable Emerging Markets Fund (Prior to March 1, 2022)

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

Sustainable Emerging Markets Fund (Effective March 1, 2022)

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.850	%
$1 billion to $2 billion		0.825
$2 billion to $3.5 billion		0.800
$3.5 billion to $5 billion		0.775
Greater than $5 billion		0.750

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

Value Income Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.700	%
$1 billion to $2 billion		0.675
$2 billion to $3.5 billion		0.650
$3.5 billion to $5 billion		0.625
Greater than $5 billion		0.600

100 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(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 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, 2022 (dollar values in thousands).

For the period ended March 31, 2022, Floating Rate Fund, Select Equity Fund, and Value Income Fund incurred operating expenses of approximately $91,000, $8,000, and $74,000, respectively, that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at March 31, 2022.

Fund	Expense Limit as a % of Average Daily Net Assets			Contractual Expense Limit Continues Through		Expenses Waived
Floating Rate Fund - Investor Shares		1.20	%		January 31, 2023		$	40	(1)
Floating Rate Fund - Advisor Shares		1.10	%		January 31, 2023			55	(1)
Floating Rate Fund - Institutional Shares		1.05	%		January 31, 2023			71	(1)
Global Discovery Fund - Investor Shares		1.40	%		January 31, 2023			-
Global Discovery Fund - Advisor Shares		1.30	%		January 31, 2023			21
Global Discovery Fund - Institutional Shares		1.25	%		January 31, 2023			-
Global Equity Fund - Investor Shares		1.35	%		January 31, 2023			-
Global Equity Fund - Advisor Shares		1.25	%		January 31, 2023			16
Global Unconstrained Fund - Investor Shares		1.45	%		January 31, 2024			-	(2)
Global Unconstrained Fund - Advisor Shares		1.35	%		January 31, 2024			-	(2)
Global Unconstrained Fund - Institutional Shares		1.30	%		January 31, 2024			-	(2)
Select Equity Fund - Investor Shares		1.25	%		January 31, 2023			39
Select Equity Fund - Advisor Shares		1.15	%		January 31, 2023			31
Select Equity Fund - Institutional Shares		1.10	%		January 31, 2023			40
Sustainable Emerging Markets Fund - Investor Shares*		1.15	%		January 31, 2024			82
Sustainable Emerging Markets Fund - Institutional Shares*		1.00	%		January 31, 2024			33
Value Fund - Advisor Shares		0.88	%		January 31, 2023			37
Value Income Fund - Investor Shares		1.20	%		January 31, 2024			25	(3)
Value Income Fund - Advisor Shares		1.10	%		January 31, 2024			25	(3)
Value Income Fund - Institutional Shares		1.05	%		January 31, 2024			30	(3)
*  Prior to March 1, 2022, expense limit, as a % of average daily net assets, was 1.35% and 1.20% for Investor Shares and Institutional Shares, respectively. (1)For the period from commencement of operations (December 1, 2021) through March 31, 2022. (2)For the period from commencement of operations (March 31, 2022) through March 31, 2022. No income or expenses were recorded to the fund for the one day of operations during the period. (3)For the period from commencement of operations (February 28, 2022) through March 31, 2022.

(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, 2022, 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 $290,000 prior to January 1, 2022 and $300,000 thereafter.

In addition, the independent chair and each committee chair receives an annual supplemental retainer as follows:

	Amount
Independent board chair		$	100,000	*
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000
*  Prior to January 1, 2022, amount was $85,000.

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

Artisan Partners Funds 101

NOTES TO FINANCIAL STATEMENTS

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 8, 2022. 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 $300 million. The Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.00%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% . The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes.

During the period ended March 31, 2022, there were borrowings under the line of credit as follows:

Fund	Average Borrowings			Average Borrowing Rates
Global Equity		$	2,091,667		1.21	%
International			9,650,000		1.32	%
Small Cap			150,000		1.09	%
Value			275,000		1.11	%

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, 2022.

(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, 2022 were as follows (in thousands):

Fund	Security Purchases			Security Sales
Developing World		$	3,525,814		$	4,605,624
Floating Rate(1)			49,621			1,214
Focus			2,325,843			2,440,152
Global Discovery			118,731			94,441
Global Equity			140,250			190,721
Global Opportunities			963,528			1,418,865
Global Unconstrained(2)			1,341			-
Global Value			218,948			323,538
High Income			2,377,653			2,704,174
International			2,519,295			3,654,664
International Small-Mid			695,006			714,144
International Value			5,624,873			3,069,840
Mid Cap			1,093,052			1,391,661
Mid Cap Value			61,157			339,413
Select Equity			8,802			2,813
Small Cap			660,832			844,509
Sustainable Emerging Markets			28,061			9,105
Value			58,316			130,773
Value Income(3)			10,130			13
(1)For the period from commencement of operations (December 1, 2021) through March 31, 2022.
(2)For the period from commencement of operations (March 31, 2022) through March 31,2022.
(3)For the period from commencement of operations (February 28, 2022) through March 31, 2022.

102 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(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, 2022 (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, 2022.

Transactions in securities of affiliates:

	As of 09/30/2021								Proceeds from Sales				Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation or Depreciation				As of 03/31/2022
Funds	Shares Balance		Value			Purchases at Cost															Share Balance		Value			Dividend Income@
International Small-Mid Fund
Carenet, Inc.(1)		3,666		$	45,772		$	-		$	(725	)		$	(1,153	)		$	(19,118	)		3,544		$	24,776		$	172
CKD Corp.(1)		4,443			94,824			-			(2,848	)			(1,272	)			(25,282	)		4,277			65,422			1,081
Daikokutenbussan Co. Ltd.(1)		965			56,662			-			(1,266	)			(1,167	)			(14,584	)		934			39,645			-
Model N, Inc.*		2,194			73,484			-			(2,116	)			(1,414	)			(13,168	)		2,111			56,786			-
Raccoon Holdings, Inc.(1)		2,214			31,135			-			-				-				(8,372	)		2,214			22,763			175
Radware Ltd.*		2,736			92,248			1,358			(13,193	)			1,665				(6,370	)		2,368			75,708			-
Temairazu, Inc.(1)		363			20,866			-			(939	)			(271	)			(6,366	)		344			13,290			34
Ubicom Holdings, Inc.(1)		928			24,206			-			(617	)			(706	)			(4,877	)		893			18,006			59
ViewRay, Inc.*		12,082			87,112			-			(2,043	)			(913	)			(38,577	)		11,627			45,579			-
Total				$	526,309		$	1,358		$	(23,747	)		$	(5,231	)		$	(136,714	)				$	361,975		$	1,521
International Value Fund
Arch Capital Group Ltd.*		22,709		$	867,017		$	41,460		$	(60,077	)		$	4,309			$	228,855			22,337		$	1,081,564		$	-
Sensata Technologies Holding plc*		-			-			460,989			-				-				(39,964	)		8,280			421,025			-
Total				$	867,017		$	502,449		$	(60,077	)		$	4,309			$	188,891					$	1,502,589		$	-
Small Cap Fund
Vapotherm, Inc.*†		1,323		$	29,455		$	666		$	(1,854	)		$	(1,468	)		$	(9,172	)		1,268		$	17,627		$	-
Total#				$	29,455		$	666		$	(1,854	)		$	(1,468	)		$	(9,172	)				$	-		$	-
@  Net of foreign taxes withheld, if any. † Issuer was not an affiliate as of March 31, 2022. *  Non-income producing security. # Total value as of March 31, 2022 is presented only for those issuers that were affiliates as of March 31, 2022. (1)  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(a) and 4 in Notes to  Financial Statements for additional information.

(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, 2022 was as follows (in thousands):

Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation on Investments
Developing World		$	4,384,504		$	1,789,565		$	(536,532	)		$	1,253,033
Floating Rate			56,818			33			(730	)			(697	)
Focus			1,835,274			354,472			(4,544	)			349,928
Global Discovery			285,200			67,693			(15,950	)			51,743
Global Equity			215,672			40,818			(27,720	)			13,098
Global Opportunities			3,328,826			1,502,266			(167,335	)			1,334,931
Global Unconstrained			11,843			16			(15	)			1
Global Value			1,741,702			704,284			(118,561	)			585,723
High Income			6,577,214			113,381			(172,661	)			(59,280	)
International			6,340,205			1,643,610			(654,619	)			988,991
International Small-Mid			4,639,601			1,085,864			(424,534	)			661,330
International Value			20,179,996			4,960,262			(1,240,691	)			3,719,571
Mid Cap			3,853,773			2,225,272			(170,223	)			2,055,049

Artisan Partners Funds 103

NOTES TO FINANCIAL STATEMENTS

Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation on Investments
Mid Cap Value		$	1,046,719		$	835,844		$	(950	)		$	834,894
Select Equity			26,911			5,030			(1,530	)			3,500
Small Cap			2,290,348			946,906			(327,916	)			618,990
Sustainable Emerging Markets			74,526			21,352			(17,635	)			3,717
Value			200,080			106,709			(2,653	)			104,056
Value Income			10,201			224			(216	)			8

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, 2022.

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, 2022 and the year ended September 30, 2021 were as follows (in thousands):

	Six Months Ended 3/31/2022						Year Ended 9/30/2021
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	-		$	684,418		$	152,905		$	170,759
Floating Rate(1)			285			-
Focus			-			354,368			53,368			-
Global Discovery			-			26,616			3,590			1,274
Global Equity			-			48,318			14,871			16,482
Global Opportunities			-			581,099			124,967			198,394
Global Unconstrained(2)			-			-
Global Value			199,758			26,689			3,457			-
High Income			182,144			152,791			334,171			-
International			76,920			1,762,757			84,981			251,322
International Small-Mid			-			173,691			32,045			-
International Value			597,019			1,542,854			150,230			2,931
Mid Cap			-			1,090,911			169,210			772,633
Mid Cap Value			5,915			258,508			11,961			26,416
Select Equity			25			1,190			67			-
Small Cap			-			395,528			-			193,038
Sustainable Emerging Markets			748			-			992			-
Value			3,957			39,564			1,976			22,360
Value Income(3)			-			-

⁽¹⁾ For the period from commencement of operations (December 1, 2021) through March 31, 2022.

⁽²⁾ For the period from commencement of operations (March 31, 2022) through March 31,2022.

⁽³⁾ For the period from commencement of operations (February 28, 2022) through March 31, 2022.

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

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were 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, non-deductible offering costs and utilization of earnings and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.

104 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at September 30, 2021 as follows:

Fund	Undistributed Net Investment Income(Loss) (a)				Accumulated Net Realized Gain(Loss) (a)				Fund shares issued and outstanding
Developing World		$	77,836			$	(179,026	)		$	101,190
Focus			7,705				(31,600	)			23,895
Global Discovery			2,074				(3,427	)			1,353
Global Equity			1,143				(4,643	)			3,500
Global Opportunities			6,042				(50,304	)			44,262
Global Value			(5,041	)			(7,658	)			12,699
High Income			(6,042	)			2,896				3,146
International			(7,049	)			(189,134	)			196,183
International Small-Mid			14,159				(27,266	)			13,107
International Value			(103,890	)			(48,606	)			152,496
Mid Cap			63,084				(183,219	)			120,135
Mid Cap Value			(4,014	)			(25,263	)			29,277
Select Equity			(3	)			(4	)			7
Small Cap			52,126				(94,641	)			42,515
Sustainable Emerging Markets			192				(192	)			0
Value			(238	)			(4,028	)			4,266

^(a) These components of net assets are included in Total distributable earnings(loss) in the Statement of Assets and Liabilities.

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, 2021. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2021.

Additional tax information as of and for the year ended September 30, 2021 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)				Tax Components of Net Assets Appreciation			Total Distributable Earnings
Developing World		$	294,539		$	385,580		$	-		$	-		$	(247	)		$	2,787,079		$	3,466,951
Focus			334,223			20,134			-			-			(50	)			254,773			609,080
Global Discovery			7,395			19,220			-			-			(11	)			97,842			124,446
Global Equity			19,458			26,261			-			-			(20	)			61,604			107,303
Global Opportunities			27,681			553,394			-			-			(244	)			1,943,084			2,523,915
Global Value			26,165			179,801			-			-			(199	)			547,487			753,254
High Income			110,220			-			-			-			(4,999	)			269,358			374,579
International			429,667			1,310,239			-			-			(903	)			2,208,316			3,947,319
International Small-Mid			44,465			114,369			-			-			(130	)			1,501,695			1,660,399
International Value			1,071,211			1,001,968			-			-			(1,055	)			3,780,887			5,853,011
Mid Cap			28,991			993,790			-			-			(481	)			3,266,542			4,288,842
Mid Cap Value			33,155			218,971			-			-			(237	)			895,175			1,147,064
Select Equity			450			669			-			-			(4	)			3,956			5,071
Small Cap			23,598			334,741			-			-			(152	)			1,425,630			1,783,817
Sustainable Emerging Markets			748			-			-			-			(133,232	)			16,253			(116,231	)
Value			4,396			35,351			-			-			(40	)			132,846			172,553

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

Artisan Partners Funds 105

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2021, 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
Global Value		$	-		$	-			$	21,879
High Income			-			-				109,016
International Small-Mid			-			-				39,329
Select Equity			-			-				222
Sustainable Emerging Martkets			5,310			127,910	(1)			1,604

⁽¹⁾ Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $1,323, pursuant to IRC Section 382-383.    

(12) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,351,808			$	111,537			24,456,112			$	652,612
Advisor Shares		45,520,387				940,673			78,124,393				2,091,300
Institutional Shares		14,354,977				293,240			35,190,326				944,978
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,902,230				68,136			1,144,414				28,164
Advisor Shares		14,263,543				338,006			6,563,174				162,701
Institutional Shares		7,092,177				169,058			3,125,063				77,783
Cost of shares redeemed
Investor Shares		(8,201,001	)			(173,328	)		(18,370,697	)			(478,325	)
Advisor Shares		(68,506,842	)			(1,430,508	)		(56,204,034	)			(1,491,291	)
Institutional Shares		(30,422,639	)			(632,026	)		(22,206,741	)			(591,050	)
Net increase (decrease) from fund share transactions
Investor Shares		53,037				6,345			7,229,829				202,451
Advisor Shares		(8,722,912	)			(151,829	)		28,483,533				762,710
Institutional Shares		(8,975,485	)			(169,728	)		16,108,648				431,711
	FLOATING RATE
	Period Ended 3/31/2022(1)
	Shares			Amount
Proceeds from shares issued
Investor Shares		138,812			$	1,378
Advisor Shares		2,003,025				19,919
Institutional Shares		3,138,579				31,278
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		714				7
Advisor Shares		10,478				103
Institutional Shares		17,784				175
Cost of shares redeemed
Investor Shares		(7,187	)			(71	)
Advisor Shares		(84,038	)			(824	)
Institutional Shares		(28,458	)			(280	)
Net increase from fund share transactions
Investor Shares		132,339				1,314
Advisor Shares		1,929,465				19,198
Institutional Shares		3,127,905				31,173

106 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	FOCUS
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,674,432			$	33,900			6,066,488			$	124,647
Advisor Shares		9,041,881				182,580			23,956,675				501,871
Institutional Shares		2,520,350				51,568			9,893,353				218,902
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,442,848				51,056			469,765				9,245
Advisor Shares		8,143,796				170,694			1,300,655				25,636
Institutional Shares		1,731,756				36,384			176,767				3,488
Cost of shares redeemed
Investor Shares		(3,707,209	)			(75,340	)		(5,571,574	)			(117,026	)
Advisor Shares		(10,316,844	)			(207,892	)		(10,783,293	)			(237,296	)
Institutional Shares		(3,070,680	)			(60,879	)		(958,295	)			(20,559	)
Net increase from fund share transactions
Investor Shares		410,071				9,616			964,679				16,866
Advisor Shares		6,868,833				145,382			14,474,037				290,211
Institutional Shares		1,181,426				27,073			9,111,825				201,831
	GLOBAL DISCOVERY
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		295,096			$	6,344			835,410			$	17,733
Advisor Shares		604,788				13,161			260,651				5,428
Institutional Shares		1,887,486				39,360			7,220,727				149,718
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		213,639				4,734			58,724				1,141
Advisor Shares		71,423				1,585			21,563				419
Institutional Shares		907,373				20,198			169,415				3,295
Cost of shares redeemed
Investor Shares		(499,553	)			(10,222	)		(3,926,010	)			(77,149	)
Advisor Shares		(264,145	)			(5,160	)		(488,202	)			(10,055	)
Institutional Shares		(614,807	)			(12,293	)		(275,487	)			(5,959	)
Net increase from fund share transactions
Investor Shares		9,182				856			(3,031,876	)			(58,275	)
Advisor Shares		412,066				9,586			(205,988	)			(4,208	)
Institutional Shares		2,180,052				47,265			7,114,655				147,054
	GLOBAL EQUITY
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		299,010			$	5,905			904,092			$	21,779
Advisor Shares		183,568				3,294			83,022				1,987
Institutional Shares		230,346				4,180			2,694,888				63,930
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,087,193				22,418			732,806				16,107
Advisor Shares		104,739				2,161			71,608				1,575
Institutional Shares		1,026,998				21,464			564,180				12,514
Cost of shares redeemed
Investor Shares		(2,032,358	)			(39,051	)		(1,297,221	)			(31,024	)
Advisor Shares		(634,427	)			(10,832	)		(139,489	)			(3,403	)
Institutional Shares		(975,339	)			(22,637	)		(1,159,022	)			(27,394	)
Net increase (decrease) from fund share transactions
Investor Shares		(646,155	)			(10,728	)		339,677				6,862
Advisor Shares		(346,120	)			(5,377	)		15,141				159
Institutional Shares		282,005				3,007			2,100,046				49,050

Artisan Partners Funds 107

NOTES TO FINANCIAL STATEMENTS

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,383,748			$	84,937			7,534,061			$	276,699
Advisor Shares		3,234,591				116,249			10,297,748				382,378
Institutional Shares		6,500,575				238,957			13,722,463				522,472
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,998,126				148,890			2,661,867				91,169
Advisor Shares		3,000,905				112,776			1,779,172				61,346
Institutional Shares		7,348,834				279,991			4,344,622				151,540
Cost of shares redeemed
Investor Shares		(5,313,131	)			(185,837	)		(10,400,955	)			(382,405	)
Advisor Shares		(6,078,919	)			(216,272	)		(7,521,324	)			(279,779	)
Institutional Shares		(14,820,023	)			(519,395	)		(13,122,821	)			(489,845	)
Net increase from fund share transactions
Investor Shares		1,068,743				47,990			(205,027	)			(14,537	)
Advisor Shares		156,577				12,753			4,555,596				163,945
Institutional Shares		(970,614	)			(447	)		4,944,264				184,167
	GLOBAL UNCONSTRAINED
	Period Ended 3/31/2022(2)
	Shares			Amount
Proceeds from shares issued
Investor Shares		100			$	1
Advisor Shares		25,000				250
Institutional Shares		974,900				9,749
Net increase from fund share transactions
Investor Shares		100				1
Advisor Shares		25,000				250
Institutional Shares		974,900				9,749
	GLOBAL VALUE
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		962,295			$	19,725			1,479,158			$	31,253
Advisor Shares		2,066,087				43,001			2,543,546				53,069
Institutional Shares		7,024,688				146,914			23,752,376				495,788
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,169,733				23,816			7,554				141
Advisor Shares		1,363,221				27,701			12,545				233
Institutional Shares		7,107,819				144,786			157,821				2,943
Cost of shares redeemed
Investor Shares		(1,590,257	)			(33,176	)		(3,400,424	)			(66,559	)
Advisor Shares		(1,684,224	)			(34,125	)		(3,869,572	)			(74,325	)
Institutional Shares		(13,461,172	)			(273,932	)		(20,531,693	)			(421,990	)
Net increase from fund share transactions
Investor Shares		541,771				10,365			(1,913,712	)			(35,165	)
Advisor Shares		1,745,084				36,577			(1,313,481	)			(21,023	)
Institutional Shares		671,335				17,768			3,378,504				76,741

108 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	HIGH INCOME
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		13,646,643			$	135,614			55,384,551			$	557,458
Advisor Shares		49,549,990				491,389			127,925,837				1,292,736
Institutional Shares		51,571,458				511,276			120,431,802				1,227,065
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,130,177				60,899			7,267,322				73,712
Advisor Shares		13,824,319				137,203			14,085,012				142,815
Institutional Shares		7,951,814				78,907			6,575,203				66,709
Cost of shares redeemed(3)
Investor Shares		(35,116,774	)			(348,534	)		(43,489,922	)			(440,258	)
Advisor Shares		(68,564,775	)			(680,027	)		(63,765,017	)			(647,748	)
Institutional Shares		(31,681,966	)			(313,663	)		(41,517,109	)			(421,144	)
Net increase from fund share transactions
Investor Shares		(15,339,954	)			(152,021	)		19,161,951				190,912
Advisor Shares		(5,190,466	)			(51,435	)		78,245,832				787,803
Institutional Shares		27,841,306				276,520			85,489,896				872,630
Redemption Fees
Investor Shares						61							141
Advisor Shares						101							100
Institutional Shares						13							57
	INTERNATIONAL
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,160,989			$	93,848			5,462,779			$	194,169
Advisor Shares		5,223,111				154,222			7,454,600				265,316
Institutional Shares		14,472,963				430,024			17,719,715				642,154
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		18,624,924				557,072			3,066,146				101,796
Advisor Shares		9,803,061				291,935			1,673,800				55,369
Institutional Shares		25,644,328				771,381			4,262,711				142,161
Cost of shares redeemed
Investor Shares		(16,477,296	)			(496,649	)		(21,775,860	)			(777,322	)
Advisor Shares		(14,048,593	)			(426,332	)		(17,032,578	)			(613,734	)
Institutional Shares		(30,674,612	)			(906,219	)		(31,289,891	)			(1,117,578	)
Net increase (decrease) from fund share transactions
Investor Shares		5,308,617				154,271			(13,246,935	)			(481,357	)
Advisor Shares		977,579				19,825			(7,904,178	)			(293,049	)
Institutional Shares		9,442,679				295,186			(9,307,465	)			(333,263	)
	INTERNATIONAL SMALL-MID
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,129,801			$	40,880			7,655,492			$	155,986
Advisor Shares		11,540,959				219,078			35,223,112				704,592
Institutional Shares		23,331,572				452,430			108,981,913				2,173,232
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		688,580				14,109			131,370				2,441
Advisor Shares		2,266,734				46,559			462,919				8,606
Institutional Shares		4,721,866				98,120			913,605				17,158
Cost of shares redeemed
Investor Shares		(3,914,733	)			(74,314	)		(5,792,240	)			(117,810	)
Advisor Shares		(13,082,640	)			(241,538	)		(18,750,530	)			(387,229	)
Institutional Shares		(24,394,707	)			(456,153	)		(33,013,409	)			(691,675	)
Net increase from fund share transactions
Investor Shares		(1,096,352	)			(19,325	)		1,994,622				40,617
Advisor Shares		725,053				24,099			16,935,501				325,969
Institutional Shares		3,658,731				94,397			76,882,109				1,498,715

Artisan Partners Funds 109

NOTES TO FINANCIAL STATEMENTS

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,273,311			$	177,624			10,029,416			$	425,123
Advisor Shares		32,688,148				1,367,970			60,101,745				2,587,653
Institutional Shares		93,367,100				4,074,107			101,375,505				4,247,502
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		5,813,522				245,390			531,957				19,709
Advisor Shares		10,623,692				447,470			930,063				34,394
Institutional Shares		29,164,646				1,233,665			2,304,030				85,572
Cost of shares redeemed
Investor Shares		(5,240,671	)			(221,547	)		(9,439,061	)			(393,232	)
Advisor Shares		(44,238,793	)			(1,964,103	)		(35,243,375	)			(1,383,978	)
Institutional Shares		(30,727,643	)			(1,291,123	)		(46,260,265	)			(1,937,698	)
Net increase from fund share transactions
Investor Shares		4,846,162				201,467			1,122,312				51,600
Advisor Shares		(926,953	)			(148,663	)		25,788,433				1,238,069
Institutional Shares		91,804,103				4,016,649			57,419,270				2,395,376
	MID CAP
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,342,497			$	191,369			9,025,373			$	438,653
Advisor Shares		4,328,110				182,012			6,642,387				333,096
Institutional Shares		8,239,698				417,582			13,788,210				786,484
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,472,214				341,032			6,218,417				272,802
Advisor Shares		3,050,814				141,832			2,257,342				100,452
Institutional Shares		8,489,882				461,850			8,473,419				430,789
Cost of shares redeemed
Investor Shares		(8,021,112	)			(349,488	)		(12,533,182	)			(619,596	)
Advisor Shares		(3,877,209	)			(171,121	)		(5,633,184	)			(284,582	)
Institutional Shares		(8,187,739	)			(428,089	)		(31,623,027	)			(1,828,558	)
Net increase (decrease) from fund share transactions
Investor Shares		3,793,599				182,913			2,710,608				91,859
Advisor Shares		3,501,715				152,723			3,266,545				148,966
Institutional Shares		8,541,841				451,343			(9,361,398	)			(611,285	)
	MID CAP VALUE
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,614,446			$	57,109			3,967,470			$	86,121
Advisor Shares		1,451,936				31,048			2,469,192				52,725
Institutional Shares		1,212,115				26,306			2,813,174				59,986
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,275,188				69,860			488,090				9,191
Advisor Shares		3,337,333				70,918			627,069				11,764
Institutional Shares		4,507,359				95,826			746,328				14,009
Cost of shares redeemed
Investor Shares		(3,527,417	)			(77,256	)		(7,757,410	)			(161,521	)
Advisor Shares		(3,998,767	)			(87,040	)		(11,106,520	)			(234,773	)
Institutional Shares		(6,971,244	)			(151,781	)		(7,759,522	)			(162,434	)
Net increase (decrease) from fund share transactions
Investor Shares		2,362,217				49,713			(3,301,850	)			(66,209	)
Advisor Shares		790,502				14,926			(8,010,259	)			(170,284	)
Institutional Shares		(1,251,770	)			(29,649	)		(4,200,020	)			(88,439	)

110 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	SELECT EQUITY
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		29,555			$	385			164,281			$	2,119
Advisor Shares		435				6			62,236				862
Institutional Shares		491,944				6,255			370,623				4,840
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		10,699				142			-				-
Advisor Shares		6,464				86			-				-
Institutional Shares		74,662				987			5,760				67
Cost of shares redeemed
Investor Shares		(11,841	)			(157	)		(44,311	)			(578	)
Advisor Shares		(392	)			(5	)		(6,471	)			(83	)
Institutional Shares		(22,623	)			(289	)		(1,685	)			(21	)
Net increase from fund share transactions
Investor Shares		28,413				370			119,970				1,541
Advisor Shares		6,507				87			55,765				779
Institutional Shares		543,983				6,953			374,698				4,886
	SMALL CAP
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,062,709			$	83,201			6,975,309			$	353,733
Advisor Shares		5,168,041				202,505			12,032,064				616,553
Institutional Shares		7,452,960				283,278			11,886,909				607,621
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,406,177				104,067			1,229,720				57,034
Advisor Shares		2,969,408				129,466			1,341,078				62,575
Institutional Shares		2,704,864				120,637			1,135,482				54,015
Cost of shares redeemed
Investor Shares		(4,076,864	)			(166,382	)		(7,514,944	)			(375,163	)
Advisor Shares		(6,479,221	)			(255,719	)		(10,460,652	)			(528,644	)
Institutional Shares		(6,931,487	)			(285,946	)		(6,692,828	)			(342,082	)
Net increase from fund share transactions
Investor Shares		392,022				20,886			690,085				35,604
Advisor Shares		1,658,228				76,252			2,912,490				150,484
Institutional Shares		3,226,337				117,969			6,329,563				319,554
	SUSTAINABLE EMERGING MARKETS
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		459,740			$	8,497			657,786			$	13,258
Institutional Shares		836,143				15,976			267,808				5,414
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		33,599				659			48,964				898
Institutional Shares		4,462				89			4,929				92
Cost of shares redeemed
Investor Shares		(195,936	)			(3,704	)		(326,496	)			(6,341	)
Institutional Shares		(25,633	)			(475	)		(176,300	)			(3,685	)
Net increase from fund share transactions
Investor Shares		297,403				5,452			380,254				7,815
Institutional Shares		814,972				15,590			96,437				1,821

Artisan Partners Funds 111

NOTES TO FINANCIAL STATEMENTS

	VALUE
	Six Months Ended 3/31/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		314,479			$	4,856			1,006,655			$	15,999
Advisor Shares		449,593				6,949			1,277,534				19,493
Institutional Shares		1,512,614				22,313			2,938,692				44,584
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		825,284				12,297			471,369				6,359
Advisor Shares		783,355				11,601			523,044				7,019
Institutional Shares		1,198,806				17,766			661,645				8,886
Cost of shares redeemed
Investor Shares		(811,834	)			(12,631	)		(1,151,218	)			(17,262	)
Advisor Shares		(1,130,881	)			(17,273	)		(2,447,377	)			(36,532	)
Institutional Shares		(5,375,456	)			(79,738	)		(3,514,364	)			(50,901	)
Net increase (decrease) from fund share transactions
Investor Shares		327,929				4,522			326,806				5,096
Advisor Shares		102,067				1,277			(646,799	)			(10,020	)
Institutional Shares		(2,664,036	)			(39,659	)		85,973				2,569

	VALUE INCOME
	Period Ended 3/31/2022(4)
	Shares			Amount
Proceeds from shares issued
Investor Shares		62,081			$	610
Advisor Shares		96,085				961
Institutional Shares		868,559				8,685
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		120				1
Advisor Shares		220				2
Institutional Shares		1,985				20
Cost of shares redeemed
Investor Shares		(42	)			-
Advisor Shares		(20	)			-
Institutional Shares		(1,142	)			(12	)
Net increase from fund share transactions
Investor Shares		62,159				611
Advisor Shares		96,285				963
Institutional Shares		869,402				8,693

⁽¹⁾ For the period from commencement of operations (December 1, 2021) through March 31, 2022.

⁽²⁾ For the period from commencement of operations (March 31, 2022) through March 31, 2022.

⁽³⁾ Net of redemption fees.

⁽⁴⁾ For the period from commencement of operations (February 28, 2022) through March 31, 2022.

(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 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.

112 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(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.

Artisan Partners Funds 113

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, 2021 to March 31, 2022.

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, 2022 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 10/1/2021			Ending Account Value 3/31/2022			Expenses Paid  During Period 10/1/2021-3/31/2022(1)			Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	750.70		$	5.54		1.27	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.60		$	6.39		1.27	%
Advisor Shares
Actual		$	1,000.00		$	751.40		$	4.80		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%
Institutional Shares
Actual		$	1,000.00		$	751.80		$	4.41		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Artisan Floating Rate Fund
Investor Shares
Actual(4)		$	1,000.00		$	988.20		$	3.92		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual(4)		$	1,000.00		$	988.50		$	3.60		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.54		1.10	%
Institutional Shares
Actual(4)		$	1,000.00		$	988.40		$	3.43		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%

114 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2021			Ending Account Value 3/31/2022			Expenses Paid  During Period 10/1/2021-3/31/2022(1)			Expense Ratio(2)(3)
Artisan Focus Fund
Investor Shares
Actual		$	1,000.00		$	1,003.30		$	6.19		1.24	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.24		1.24	%
Advisor Shares
Actual		$	1,000.00		$	1,004.30		$	5.45		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.49		1.09	%
Institutional Shares
Actual		$	1,000.00		$	1,004.80		$	5.05		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	881.90		$	6.38		1.36	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.15		$	6.84		1.36	%
Advisor Shares
Actual		$	1,000.00		$	882.50		$	6.10		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.45		$	6.54		1.30	%
Institutional Shares
Actual		$	1,000.00		$	883.30		$	4.98		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.34		1.06	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	853.80		$	5.92		1.28	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.55		$	6.44		1.28	%
Advisor Shares
Actual		$	1,000.00		$	854.20		$	5.78		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.29		1.25	%
Institutional Shares
Actual		$	1,000.00		$	855.00		$	4.76		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.19		1.03	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	904.80		$	5.37		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.69		1.13	%
Advisor Shares
Actual		$	1,000.00		$	905.30		$	4.70		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%
Institutional Shares
Actual		$	1,000.00		$	905.80		$	4.23		0.89	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.49		$	4.48		0.89	%

Artisan Partners Funds 115

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2021			Ending Account Value 3/31/2022			Expenses Paid  During Period 10/1/2021-3/31/2022(1)			Expense Ratio(2)(3)
Artisan Global Unconstrained Fund
Investor Shares
Actual(5)		$	1,000.00		$	1,000.00		$	-		-	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,024.93		$	-		-	%
Advisor Shares
Actual(5)		$	1,000.00		$	1,000.00		$	-		-	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,024.93		$	-		-	%
Institutional Shares
Actual(5)		$	1,000.00		$	1,000.00		$	-		-	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,024.93		$	-		-	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,014.10		$	6.33		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,014.50		$	5.52		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%
Institutional Shares
Actual		$	1,000.00		$	1,015.30		$	5.07		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		$	989.90		$	4.66		0.94	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.24		$	4.73		0.94	%
Advisor Shares
Actual		$	1,000.00		$	990.70		$	3.87		0.78	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.04		$	3.93		0.78	%
Institutional Shares
Actual		$	1,000.00		$	991.10		$	3.43		0.69	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.49		$	3.48		0.69	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	896.90		$	5.68		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	897.20		$	4.97		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	898.00		$	4.54		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%

116 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2021			Ending Account Value 3/31/2022			Expenses Paid  During Period 10/1/2021-3/31/2022(1)			Expense Ratio(2)(3)
Artisan International Small-Mid Fund
Investor Shares
Actual		$	1,000.00		$	866.90		$	6.00		1.29	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.49		1.29	%
Advisor Shares
Actual		$	1,000.00		$	867.60		$	5.26		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.69		1.13	%
Institutional Shares
Actual		$	1,000.00		$	868.20		$	4.84		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.24		1.04	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	1,011.70		$	5.92		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,012.50		$	5.22		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.24		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,012.90		$	4.77		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		$	838.70		$	5.46		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	5.99		1.19	%
Advisor Shares
Actual		$	1,000.00		$	839.50		$	4.82		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	839.70		$	4.36		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		$	1,043.50		$	6.11		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	1,044.20		$	5.35		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,045.00		$	5.05		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%

Artisan Partners Funds 117

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2021			Ending Account Value 3/31/2022			Expenses Paid  During Period 10/1/2021-3/31/2022(1)			Expense Ratio(2)(3)
Artisan Select Equity Fund
Investor Shares
Actual		$	1,000.00		$	989.00		$	6.20		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.29		1.25	%
Advisor Shares
Actual		$	1,000.00		$	990.60		$	5.71		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.79		1.15	%
Institutional Shares
Actual		$	1,000.00		$	989.40		$	5.46		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.54		1.10	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	762.30		$	5.27		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	762.60		$	4.66		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.34		1.06	%
Institutional Shares
Actual		$	1,000.00		$	763.00		$	4.26		0.97	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.09		$	4.89		0.97	%
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	852.20		$	6.10		1.32	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.35		$	6.64		1.32	%
Institutional Shares
Actual		$	1,000.00		$	852.40		$	5.36		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.84		1.16	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,037.20		$	5.43		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Advisor Shares
Actual		$	1,000.00		$	1,038.50		$	4.47		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.54		$	4.43		0.88	%
Institutional Shares
Actual		$	1,000.00		$	1,038.40		$	4.22		0.83	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.79		$	4.18		0.83	%

118 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2021			Ending Account Value 3/31/2022			Expenses Paid  During Period 10/1/2021-3/31/2022(1)			Expense Ratio(2)(3)
Artisan Value Income Fund
Investor Shares
Actual(6)		$	1,000.00		$	1,023.50		$	1.02		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	5.99		1.19	%
Advisor Shares
Actual(6)		$	1,000.00		$	1,023.80		$	0.92		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Institutional Shares
Actual(6)		$	1,000.00		$	1,023.80		$	0.88		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.14		1.02	%

⁽¹⁾ Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2022, 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, 2022.

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

⁽⁴⁾ The actual account value and expenses paid for Artisan Floating Rate Fund – Investor Shares, Advisor Shares and Institutional Shares have been presented for the period from commencement of operations (December 1, 2021) through March 31, 2022.

⁽⁵⁾ The actual account value and expenses paid for Artisan Global Unconstrained Fund – Investor Shares, Advisor Shares and Institutional Shares have been presented for the period from commencement of operations (March 31, 2022) through March 31, 2022. No income or expenses were recorded to the fund for the one day of operations during the period.

⁽⁶⁾ The actual account value and expenses paid for Artisan Value Income Fund – Investor Shares, Advisor Shares and Institutional Shares have been presented for the period from commencement of operations (February 28, 2022) through March 31, 2022.

Artisan Partners Funds 119

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 2022, 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, 2021. 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.

120 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN FLOATING RATE FUND’S ADVISORY AGREEMENT

At its regular quarterly meeting held on November 10, 2021 (the “Meeting”), the board of directors of Artisan Partners Funds, including a quorum of the independent directors, formally considered the approval of an initial investment advisory agreement between Artisan Partners Funds, on behalf of Artisan Floating Rate Fund (for purposes of this discussion, the “Fund”), and Artisan Partners, dated November 10, 2021, for an initial two-year term from November 10, 2021 through November 10, 2023 (for purposes of this discussion, the “Advisory Agreement”). The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the meeting.

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the initial approval of the Advisory Agreement. Artisan Partners provided materials to the directors in response to that request as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement and an extensive report prepared by Broadridge, an independent source of investment company data, which included information relating to the Fund’s proposed management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Broadridge to be comparable to the Fund. The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement.

In evaluating the Advisory Agreement, the directors also reviewed information provided in response to requests for information in connection with the Board’s consideration earlier in 2021 (the “2021 Requests”) of the continuation of the Investment Advisory Agreement (the “Current Agreement”) between Artisan Partners Funds and Artisan Partners with respect to then-existing series of Artisan Partners Funds (the “Current Funds”). The directors discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund, the prospect for achievement of economies of scale if the Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners might potentially derive from its relationship with the Fund. In addition to the third-party report by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to the Meeting concerning, among other things, the following:

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

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

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

• Information on potential limits on the growth of the Fund or Artisan Partners’ ability to manage the Fund due to limited availability of investments, market liquidity, limits on its ability to hire and train personnel or other factors, including any issues that have arisen in light of the COVID-19 pandemic;

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

• Information relating to (1) material resource needs, (2) any trading, operational, valuation, compliance or liquidity challenges, (3) conflicts of interest (including but not limited to any considerations relating to allocations of investment opportunities between the Fund and other accounts managed by the same investment team) associated with the anticipated operations of the Fund and (4) Artisan Partners’ analysis supporting the conclusion that the Fund’s investment strategy is appropriate for an open-end fund, and its plans regarding the establishment of a “highly liquid investment minimum” as part of the liquidity risk management program for the Fund.

The directors also reviewed information provided in response to the 2021 Requests, which included, among other things, the following:

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

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

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

Artisan Partners Funds 121

FACTORS CONSIDERED IN APPROVING ARTISAN FLOATING RATE FUND’S ADVISORY AGREEMENT

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

• The Current Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available, and Artisan Partners’ views regarding the potential effects of regulatory developments related to fair valuation practices on the Current Funds’ or Artisan Partners’ operations;

• Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities since January 1, 2020;

• Information regarding third-party intermediary and service arrangements and related payments by the Current Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2020, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

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

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

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

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

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

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

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to the Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Broadridge to be within the same peer group or universe as the Fund. The directors also noted that the Fund’s proposed advisory fee was set at a level consistent with Artisan Partners’ approach to advisory fees for the Current Funds. In addition, the directors considered that Artisan Partners has contractually agreed to limit certain Fund expenses through January 31, 2023. The directors also noted that the proposed management fee schedule includes breakpoints (reduced fee levels on assets above stated thresholds) at $1 billion, $2 billion, $3.5 billion and $10 billion of Fund net assets. The directors concluded that these breakpoints will result in a sharing, as between the Fund and Artisan Partners, of possible future economies of scale as and if the Fund’s assets grow to substantial levels.

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

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

122 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND, ARTISAN GLOBAL UNCONSTRAINED FUND AND ARTISAN VALUE INCOME FUND’S ADVISORY AGREEMENT

At its regular quarterly meeting held on February 17, 2022 (the “Meeting”), the board of directors of Artisan Partners Funds, Inc. (“Artisan Partners Funds”), including the independent directors, formally considered and unanimously approved an initial investment advisory agreement between Artisan Partners Funds, on behalf of Artisan Emerging Markets Debt Opportunities Fund, Artisan Global Unconstrained Fund and Artisan Value Income Fund (for purposes of this discussion, each a “Fund” and together, the “Funds”), and Artisan Partners Limited Partnership (“Artisan Partners”), dated February 17, 2022, for an initial two-year term (for purposes of this discussion, the “Advisory Agreement”). The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the Meeting.

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the approval of the Advisory Agreement. Artisan Partners provided materials to the directors in response to that request as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement and an extensive report prepared by Broadridge, an independent source of investment company data, which included information relating to each Fund’s proposed management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Broadridge to be comparable to the Fund. The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement.

In evaluating the Advisory Agreement, the directors also reviewed information provided in response to requests for information (the “2021 Requests”) in connection with the Board’s consideration in 2021 of the continuation of the Investment Advisory Agreement (the “Current Agreement”) between Artisan Partners Funds and Artisan Partners with respect to then-existing series of Artisan Partners Funds (the “2021 Contract Renewal”) and with respect to the initial approval of the Investment Advisory Agreement for Artisan Floating Rate Fund (together, the “Current Funds”). For each Fund, the directors discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of each share class of the Fund, the prospect for achievement of economies of scale if the Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners might potentially derive from its relationship with the Fund. In addition to the third-party report by Broadridge and the memorandum from independent counsel, the directors considered information presented at the Meeting by the proposed portfolio management team for Artisan Emerging Markets Debt Opportunities Fund and Artisan Global Unconstrained Fund and reviewed information provided prior to the Meeting concerning, among other things, the following:

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

• The composition, qualifications and experience of the investment teams that will manage the Funds; the operational, administrative, legal, compliance and other resources that will support the investment teams and the operation of the Funds; and any differences in the resource needs of the Funds as compared to the Current Funds;

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

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

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

• Information relating to (1) material resource needs, (2) any trading, operational, valuation, compliance or liquidity challenges (including but not limited to matters related to trading in emerging market debt and currencies), (3) conflicts of interest (including but not limited to any considerations relating to allocations of investment opportunities between a Fund and other accounts managed by the same investment team) associated with the anticipated operations of the Funds and (4) Artisan Partners’ analysis supporting the conclusion that each Fund’s investment strategy is appropriate for an open-end fund.

The directors also reviewed information provided in response to the 2021 Requests, which included, among other things, the following:

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

Artisan Partners Funds 123

FACTORS CONSIDERED IN APPROVING ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND, ARTISAN GLOBAL UNCONSTRAINED FUND AND ARTISAN VALUE INCOME FUND’S ADVISORY AGREEMENT

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

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

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

• The Current Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available, and Artisan Partners’ views regarding the potential effects of regulatory developments related to fair valuation practices on the Current Funds’ or Artisan Partners’ operations;

• Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities since January 1, 2020;

• Information regarding third-party intermediary and service arrangements and related payments by the Current Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2020, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

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

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

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

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

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

Investment performance. The directors noted that, because the Funds were not yet in operation, they had no performance history. However, the directors noted that the Funds’ proposed portfolio managers had produced successful results managing other mutual funds, using investment processes similar to those proposed for the Funds.

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to each Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Broadridge to be within the same peer group or universe as a Fund. The directors also noted that each Fund’s proposed advisory fee was set at a level consistent with Artisan Partners’ approach to advisory fees for the Current Funds. In addition, the directors considered that Artisan Partners has contractually agreed to limit certain Fund expenses through January 31, 2024. The directors also noted that the proposed management fee schedule includes breakpoints (reduced fee levels on assets above stated thresholds) at $1 billion, $2 billion, $3.5 billion and $5 billion of each Fund’s net assets. The directors concluded that these breakpoints will result in a sharing, as between the Funds and Artisan Partners, of possible future economies of scale as and if a Fund’s assets grow to substantial levels.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the proposed Advisory Agreement and the proposed management fees to be paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded that potential fall-out benefits would include: (1) the potential conversion of Fund shareholders to separate account clients, and the ability otherwise to attract new clients and investment talent, (2) the acquisition of research products and services in return for brokerage commissions paid by the Funds (“soft dollars”) and (3) reputational benefits as a result of its association with the Funds. The directors concluded that, although Artisan Partners may derive such additional benefits, the Funds also could benefit from potential

124 Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND, ARTISAN GLOBAL UNCONSTRAINED FUND AND ARTISAN VALUE INCOME FUND’S ADVISORY AGREEMENT

institutional shareholders who might choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors noted that the Funds might benefit in the future from Artisan Partners’ use of research obtained through soft dollars generated with respect to its other clients, and from reputational benefits as a result of its association with Artisan Partners.

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

Artisan Partners Funds 125

FACTORS CONSIDERED IN APPROVING AN AMENDMENT TO ARTISAN SUSTAINABLE EMERGING MARKETS FUND’S ADVISORY AGREEMENT

Separately, the board considered an amendment (for purposes of this discussion, the “Amendment”) to the investment advisory agreement between Artisan Partners Funds, on behalf of Artisan Sustainable Emerging Markets Fund (for purposes of this discussion, the “SEM Fund”), and Artisan Partners Limited Partnership (“Artisan Partners”), dated March 12, 2014 (for purposes of this discussion, the “SEM Fund’s Advisory Agreement”). The purpose of the Amendment was to reduce the SEM Fund’s management fee from (a)(i) 1.000% annually of the SEM Fund’s average daily net assets up to $1 billion, 0.975% of the SEM Fund’s average daily net assets of $1 billion up to $2 billion, 0.950% of the SEM Fund’s average daily net assets of $2 billion up to $3.5 billion, 0.925% of the SEM Fund’s average daily net assets of $3.5 billion up to $5 billion and 0.900% of average daily net assets of over $5 billion to (b)(i) 0.850% of the SEM Fund’s average daily net assets up to $1 billion, 0.825% of the SEM Fund’s average daily net assets of $1 billion up to $2 billion, 0.800% of the SEM Fund’s average daily net assets of $2 billion up to $3.5 billion, 0.775% of the SEM Fund’s average daily net assets of $3.5 billion up to $5 billion and 0.750% of the SEM Fund’s average daily net assets of over $5 billion. The independent directors were assisted in their evaluation of the Amendment and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the Meeting.

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the approval of the Amendment. Artisan Partners provided materials to the directors in response to that request as well as other information Artisan Partners believed was useful in evaluating the approval of the Amendment, including the rationale for proposing the management fee reduction and a report prepared by Broadridge, an independent source of investment company data, which included information relating to the SEM Fund’s proposed management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Broadridge to be comparable to the SEM Fund. The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Amendment. In evaluating the Amendment, the directors also reviewed information previously provided to the board in response to the 2021 Requests in connection with the board’s annual consideration of the continuation of the Current Agreement between Artisan Partners and Artisan Partners Funds with respect to the Current Funds.

The directors considered the nature, extent and quality of the advisory and other services provided by Artisan Partners to the SEM Fund, the anticipated overall expense ratio of each share class of the SEM Fund following the management fee reduction, the prospect for achievement of economies of scale if the SEM Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners derives from its relationship with the SEM Fund. The directors further considered that, with the exception of the revised management fee schedule, the terms of and scope of services provided under the Advisory Agreement would remain the same.

At the Meeting, after discussion and consideration of the information presented, the independent directors and their independent counsel reviewed with the full board the information discussed at the Meeting. Based on all of the information provided, the board concluded that the revised management fee schedule was reasonable and appropriate in light of the nature, quality and extent of services provided by Artisan Partners and that the conclusions the board had reached in connection with the 2021 Contract Renewal for the SEM Fund had not changed. The board approved the Amendment by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.

126 Artisan Partners Funds

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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

For the purposes of assigning portfolio securities to a particular sector and industry in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources for most Funds and FactSet (to the extent available) as a secondary source for this information. The Adviser uses the Sustainable Industry Classification System (“SICS^®”), developed by the Sustainability Accounting Standards Board (“SASB”), as the primary source with respect to Sustainable Emerging Markets Fund. 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.

Definition of Portfolio Statistic

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

Trademarks

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

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

The Sustainable Industry Classification System (SICS^®) is the exclusive intellectual property of Sustainability Accounting Standards Board (SASB). SICS is intended to group companies based on their shared sustainability-related risks and opportunities.

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.

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 the Funds’ 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 Securities and Exchange Commission 60 days after the end of the Funds’ fiscal quarter. You can find Securities and Exchange Commission filings on the Securities and Exchange Commission’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.

Artisan Partners Funds 127

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, 2022 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 3, 2022

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 3, 2022
By:	/s/ Shannon K. Jagodinski
	Shannon K. Jagodinski
	Principal Financial Officer
Date:	June 3, 2022