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: 3/31/23

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 Emerging Markets Debt Opportunities Fund	APFOX	APDOX	APHOX
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 Explorer Fund	N/A	ARDBX	ARHBX
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	APDEX	APHEX
Artisan Value Fund	ARTLX	APDLX	APHLX
Artisan Value Income Fund	APFWX	APDWX	APHWX

As currently permitted by regulations previously adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports are not currently 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
4	Artisan Developing World Fund
6	Artisan Emerging Markets Debt Opportunities Fund
10	Artisan Floating Rate Fund
12	Artisan Focus Fund
14	Artisan Global Discovery Fund
16	Artisan Global Equity Fund
18	Artisan Global Opportunities Fund
20	Artisan Global Unconstrained Fund
26	Artisan Global Value Fund
28	Artisan High Income Fund
32	Artisan International Fund
34	Artisan International Explorer Fund
36	Artisan International Small-Mid Fund
38	Artisan International Value Fund
40	Artisan Mid Cap Fund
42	Artisan Mid Cap Value Fund
44	Artisan Select Equity Fund
46	Artisan Small Cap Fund
48	Artisan Sustainable Emerging Markets Fund
50	Artisan Value Fund
52	Artisan Value Income Fund
55	STATEMENTS OF ASSETS AND LIABILITIES
61	STATEMENTS OF OPERATIONS
67	STATEMENTS OF CHANGES IN NET ASSETS
78	FINANCIAL HIGHLIGHTS
97	NOTES TO FINANCIAL STATEMENTS
133	SHAREHOLDER EXPENSE EXAMPLE
138	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
139	PROXY VOTING POLICIES AND PROCEDURES
139	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%

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

Investment abbreviations

ADR BOA BUBOR CDI CITI ETF GDR ICE JIBAR JPM KLIBOR LIBOR PIK	American Depositary Receipt Bank of America Budapest Interbank Offered Rate Certificate of Interbank Deposit Citibank, N.A. Exchange Traded Fund Global Depositary Receipt Intercontinental Exchange Johannesburg Interbank Average Rate JPMorganChase Bank, N.A. Kuala Lumpur Interbank Offered Rate London Interbank Offered Rate 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 liquidation preference.
PRIBOR SCB SOFR SPDR TIIE THOR TONAR WIBOR	Prague Interbank Offered Rate Standard Chartered Bank Secured Overnight Financing Rate Standard & Poor’s Depository Receipts Mexican Interbank Equilibrium Interest Rate Thai Overnight Repurchase Rate Tokyo Overnight Average Rate Warsaw Interbank Offer Rate

2 Artisan Partners Funds

Currency abbreviations

AED United Arab Emirates dirham AUD   Australian dollar BRL   Brazilian real CAD   Canadian dollar CHF   Swiss franc CLP  Chilean peso CNY   Chinese yuan CZK   Czech koruna DKK   Danish krone DOP   Dominican peso EUR Euro GBP  British pound HKD  Hong Kong dollar HUF   Hungarian forint IDR   Indonesian rupiah ILS   Israel new shekel INR   Indian rupee ISK   Iceland krona JPY  Japanese yen KRW  Korean won KZT   Kazakhstan tenge MXN  Mexican peso MYR   Malaysia ringgit NOK  Norwegian krone PEN  Peruvian nuevo sol PLN  Polish zloty RON  Romanian leu RSD  Serbian dinar RUB  Russian ruble SEK  Swedish krona SGD   Singapore dollar THB Thailand baht TWD New Taiwan dollar UGX   Ugandan shilling USD   U.S. dollar UYU   Uruguayan peso UZS Uzbekistani som VND  Vietnamese dong ZAR South African rand

Artisan Partners Funds 3

Artisan Developing World Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.6%
BRAZIL - 8.9%
MercadoLibre, Inc.*		159		$	209,689
NU Holdings Ltd., Class A*		17,001			80,923
					290,612
CHINA - 21.5%
Bilibili, Inc., ADR*		3,361			78,986
JD Health International, Inc.*(1)(2)		9,235			68,227
Kanzhun Ltd., ADR*		1,875			35,675
KE Holdings, Inc., ADR*		3,918			73,808
Kweichow Moutai Co. Ltd., Class A(1)		365			96,528
Meituan, Class B*(1)(2)		6,679			121,323
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A(1)		1,501			68,395
Tencent Holdings Ltd.(1)		1,276			62,340
Wuxi Biologics Cayman, Inc.*(1)(2)		11,229			69,452
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A(1)		734			30,473
					705,207
FRANCE - 5.4%
Hermes International(1)		18			37,192
LVMH Moet Hennessy Louis Vuitton SE(1)		113			103,821
Sartorius Stedim Biotech(1)		112			34,267
					175,280
INDIA - 4.2%
Apollo Hospitals Enterprise Ltd.(1)		697			36,655
HDFC Bank Ltd., ADR		1,538			102,524
					139,179
NETHERLANDS - 7.7%
Adyen NV*(1)(2)		94			149,757
ASML Holding NV, ADR		151			102,970
					252,727
RUSSIA - 0.0%
Yandex NV, Class A*(1)(3)(4)		1,677			–
SINGAPORE - 7.8%
Grab Holdings Ltd., Class A*		12,036			36,230
Sea Ltd., ADR*		2,518			217,909
					254,139
UNITED STATES - 42.1%
Airbnb, Inc., Class A*		1,588			197,485
Align Technology, Inc.*		195			65,316
Crowdstrike Holdings, Inc., Class A*		1,118			153,472
Estee Lauder Cos., Inc. (The), Class A		412			101,482
Mastercard, Inc., Class A		101			36,559
Netflix, Inc.*		295			101,752
NVIDIA Corp.		769			213,693
Snap, Inc., Class A*		6,948			77,887
Snowflake, Inc., Class A*		560			86,326
Unity Software, Inc.*		2,583			83,799
Veeva Systems, Inc., Class A*		540			99,235
Visa, Inc., Class A		720			162,219
					1,379,225
Total common stocks (Cost $2,190,020)					3,196,369
SHORT-TERM INVESTMENT - 0.8%
INVESTMENT COMPANY - 0.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $26,050)		26,050			26,050
Total investments - 98.4% (Cost $2,216,070)					3,222,419
Other assets less liabilities - 1.6%					52,365
Total net assets - 100.0%#				$	3,274,784

⁽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 $878,430, or 26.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $408,759 or 12.5% of net assets.

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

⁽⁴⁾ Security is restricted.

Security	Acquisition Date	Cost	Value	Percentage of Total Net Assets
Yandex NV, Class A	10/13/2016 - 01/25/2022	$48,814	$–	0.0%

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value			Percentage of Total Investments
Communication Services		$	574,549		17.8	%
Consumer Discretionary			669,510		20.8
Consumer Staples			266,237		8.3
Financials			531,982		16.5
Health Care			403,793		12.5
Industrials			36,230		1.1
Information Technology			640,260		19.9
Real Estate			73,808		2.3
Short-Term Investment			26,050		0.8
Total investments		$	3,222,419		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CNY		$	195,396		6.1	%
EUR			325,037		10.1
HKD			321,342		10.0
INR			36,655		1.1
USD			2,343,989		72.7
Total investments		$	3,222,419		100.0	%

4 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Sea Ltd.		Singapore		6.7	%
NVIDIA Corp.		United States		6.5
MercadoLibre, Inc.		Brazil		6.4
Airbnb, Inc.		United States		6.0
Visa, Inc.		United States		5.0
Crowdstrike Holdings, Inc.		United States		4.7
Adyen NV		Netherlands		4.6
Meituan		China		3.7
LVMH Moet Hennessy Louis Vuitton SE		France		3.2
ASML Holding NV		Netherlands		3.1
Total				49.9	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 5

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments – March 31, 2023 (Unaudited)

Principal amount, shares and values in thousands and reported in USD unless otherwise stated

	Principal Amount			Value
SOVEREIGN GOVERNMENT BONDS - 62.3%
ALBANIA - 1.2%
Republic of Albania 3.50%, 10/9/2025(1)		EUR	300		$	306
ANGOLA - 2.2%
Republic of Angola (ICE LIBOR USD 6 Month + 7.50%), 12.64%, 7/3/2023(1)(2)			415			416
6.93%, 2/19/2027(1)			166			152
						568
BAHAMAS - 2.0%
Commonwealth of the Bahamas 5.75%, 1/16/2024(1)			540			508
BENIN - 2.9%
Benin Government Bond 4.88%, 1/19/2032(1)		EUR	930			757
CAMEROON - 2.9%
Republic of Cameroon 9.50%, 11/19/2025(1)			800			769
DOMINICAN REPUBLIC - 3.0%
Dominican Republic Government Bond
6.88%, 1/29/2026(1)			300			304
4.88%, 9/23/2032(1)			300			254
5.30%, 1/21/2041(1)			150			117
5.88%, 1/30/2060(1)			150			115
						790
EGYPT - 0.6%
Arab Republic of Egypt 7.50%, 2/16/2061(1)			300			162
INDONESIA - 4.8%
Republic of Indonesia
6.38%, 4/15/2032		IDR	4,100,000			268
8.25%, 5/15/2036		IDR	9,854,000			725
7.13%, 6/15/2042		IDR	3,800,000			256
						1,249
IRAQ - 4.0%
Republic of Iraq 5.80%, 1/15/2028(1)			1,134			1,055
IVORY COAST - 1.5%
Republic of Cote d’Ivoire 5.25%, 3/22/2030(1)		EUR	445			395
KENYA - 1.9%
Republic of Kenya 6.88%, 6/24/2024(1)			530			489
MACEDONIA - 5.0%
Republic of North Macedonia
5.63%, 7/26/2023(1)		EUR	748			811
2.75%, 1/18/2025(1)		EUR	120			122
6.96%, 3/13/2027(1)		EUR	340			370
						1,303
MONGOLIA - 1.6%
State of Mongolia 8.75%, 3/9/2024(1)			415			415
NIGERIA - 3.3%
Federal Republic of Nigeria
7.63%, 11/21/2025(3)			521			473
9.25%, 1/21/2049(1)			232			168
8.25%, 9/28/2051(1)			325			214
						855
PAPUA NEW GUINEA - 2.0%
Papua New Guinea Government International Bond 8.38%, 10/4/2028(1)			575			524
PERU - 4.3%
Bonos de la Tesoreria 6.15%, 8/12/2032		PEN	4,650			1,129
ROMANIA - 7.4%
Romania Government Bond
2.88%, 5/26/2028(1)		EUR	280			267
8.75%, 10/30/2028		RON	325			75
6.63%, 9/27/2029(3)		EUR	190			210
3.62%, 5/26/2030(1)		EUR	660			605
Series 10Y, 8.25%, 9/29/2032		RON	2,710			621
4.63%, 4/3/2049(1)		EUR	200			161
						1,939
SERBIA - 7.0%
Republic of Serbia
2.00%, 4/6/2023		RSD	89,800			830
1.50%, 6/26/2029(1)		EUR	195			161
6.50%, 9/26/2033(1)			620			615
2.05%, 9/23/2036(1)		EUR	350			229
						1,835
SOUTH AFRICA - 1.4%
Republic of South Africa 8.00%, 1/31/2030		ZAR	7,000			358
UZBEKISTAN - 3.3%
Republic of Uzbekistan 14.50%, 11/25/2023(1)		UZS	10,000,000			870
Total sovereign government bonds (Cost $16,010)						16,276
CORPORATE BONDS - 17.4%
BRAZIL - 1.8%
MC Brazil Downstream Trading SARL 7.25%, 6/30/2031(1)			290			228
Unigel Luxembourg SA 8.75%, 10/1/2026(1)			253			234
						462
COLOMBIA - 2.7%
Aris Mining Corp. 6.88%, 8/9/2026(1)			277			226
EnfraGen Energia Sur SA 5.38%, 12/30/2030(1)			400			240
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(1)			275			233
						699
CZECH REPUBLIC - 1.3%
Energo-Pro A/S
4.50%, 5/4/2024(1)		EUR	100			104
8.50%, 2/4/2027(1)			250			240
						344
DOMINICAN REPUBLIC - 5.9%
Banco Central de la Republica Dominicana
13.00%, 12/5/2025(1)		DOP	81,900			1,487
13.00%, 1/30/2026(1)		DOP	3,000			54
						1,541
GEORGIA - 0.8%
Georgia Capital JSC 6.13%, 3/9/2024(1)			225			218
NIGERIA - 0.8%
SEPLAT Energy plc 7.75%, 4/1/2026(1)			285			222

6 Artisan Partners Funds

	Principal Amount		Value
PERU - 3.2%
Auna SAA 6.50%, 11/20/2025(1)		500	$	410
Inkia Energy Ltd. 5.88%, 11/9/2027(1)		457		421
				831
TANZANIA - 0.9%
HTA Group Ltd. 7.00%, 12/18/2025(3)		240		227
Total corporate bonds (Cost $4,555)				4,544
SHORT-TERM INVESTMENTS - 14.9%
SOVEREIGN GOVERNMENT TREASURY BILLS - 3.0%
Banco Central del Uruguay 9.36%, 04/19/2023(4)	UYU	27,888		715
Banco Central del Uruguay 11.54%, 02/02/2024(4)	UYU	3,050		72
Total sovereign government treasury bills (Cost $765)				787
U.S. TREASURY OBLIGATIONS - 8.4%
U.S. Treasury Bills 3.80%, 04/18/2023(4)		1,600		1,597
U.S. Treasury Bills 3.99%, 04/25/2023(4)		600		598
Total U.S. treasury obligations (Cost $2,195)				2,195
	Shares Held
INVESTMENT COMPANIES - 3.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%		310		310
Federated Treasury Obligations Fund - Institutional Class, 4.67%		301		301
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%		301		301
Total investment companies (Cost $912)				912
Total short-term investments (Cost $3,872)				3,894
Total investments - 94.6% (Cost $24,437)				24,714
Other assets less liabilities - 5.4%				1,418
Total net assets - 100.0%#			$	26,132

⁽¹⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $15,648 or 59.9% of net assets.

⁽²⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

⁽³⁾ 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.

⁽⁴⁾ Yield to maturity.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value		Percentage of Total Investments
Energy	$	1,027		4.1	%
Financials		1,759		7.1
Foreign Government Securities		16,276		65.9
Health Care		410		1.7
Industrials		227		0.9
Materials		460		1.9
Utilities		661		2.7
Short-Term Investments		3,894		15.7
Total investments	$	24,714		100.0	%

TRADING CURRENCIES
Dollar Values in thousands
	Value			Percentage of Total Investments
DOP		$	1,541		6.2	%
EUR			4,498		18.2
IDR			1,249		5.1
PEN			1,129		4.6
RON			696		2.8
RSD			830		3.4
USD			12,756		51.6
UYU			787		3.2
UZS			870		3.5
ZAR			358		1.4
Total investments		$	24,714		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold				Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CLP**	101,000		USD		124	CITI		4/3/2023	$	3
HUF	654,634		EUR		1,588	SCB		4/3/2023		146
PEN**	1,630		USD		428	CITI		4/3/2023		5
BRL**	6,106		USD		1,180	CITI		4/4/2023		25
KZT**	226,445		USD		489	CITI		4/10/2023		6
UZS**	3,650,000		USD		316	CITI		4/17/2023		3
CZK	17,300		EUR		717	SCB		4/20/2023		21
RSD	38,442		EUR		321	JPM		4/28/2023		6
BRL**	6,106		USD		1,183	CITI		5/3/2023		15
UZS**	567,859		USD		49	JPM		5/4/2023		1
MXN	6,200		USD		328	SCB		5/8/2023		13
KZT**	226,445		USD		485	CITI		5/10/2023		3
PEN**	350		USD		92	CITI		6/7/2023		1
EUR	691		USD		742	SCB		6/21/2023		10
HUF	654,634		EUR		1,660	SCB		7/3/2023		6
UZS**	3,650,000		USD		308	CITI		7/17/2023		3
USD	46		KES	**	6,200	SCB		7/20/2023		2
IDR**	2,300,000		USD		150	CITI		9/6/2023		3
UZS**	3,650,000		USD		299	CITI		10/17/2023		4
USD	162		KES	**	23,300	SCB		12/6/2023		5
Total unrealized appreciation										281
EUR	1,716		HUF		654,634	SCB		4/3/2023		(8	)
USD	125		CLP	**	101,000	CITI		4/3/2023		(2	)
USD	1,073		PEN	**	4,091	CITI		4/3/2023		(13	)
USD	1,015		BRL	**	5,156	CITI		4/4/2023		(2	)
USD	352		ZAR		6,407	CITI		4/6/2023		(8	)
KZT**	230,000		USD		522	SCB		4/10/2023		(19	)
USD	686		RON		3,209	JPM		4/10/2023		(17	)
RON	9,660		EUR		1,959	JPM		4/18/2023		(10	)
USD	208		MXN		3,800	SCB		5/8/2023		(1	)
KZT**	24,000		USD		52	CITI		5/10/2023		–	^
KZT**	127,600		USD		279	SCB		5/10/2023		(4	)
USD	268		IDR	**	4,200,000	CITI		5/23/2023		(13	)
USD	650		PEN	**	2,461	CITI		6/7/2023		(1	)
USD	6,205		EUR		5,743	SCB		6/21/2023		(51	)
USD	254		IDR	**	4,013,621	CITI		6/30/2023		(14	)
UZS**	2,250,000		USD		192	CITI		7/17/2023		(1	)
KES**	6,200		USD		48	JPM		7/20/2023		(4	)
KES**	123,000		USD		901	SCB		12/6/2023		(70	)
USD	637		KES	**	99,700	SCB		12/6/2023		(36	)
Total unrealized depreciation										(274	)
Net unrealized appreciation									$	7

** Non-deliverable.

Artisan Partners Funds 7

FUTURES CONTRACTS
Values in thousands
Description	No. of Contracts			Expiration Date		Trading Currency		Notional Amount				Notional Value				Unrealized Appreciation/ (Depreciation)
Short Positions Contracts
Euro-Bobl		(18	)		6/8/2023		EUR		$	(1,800	)		$	(2,301	)		$	(48	)
Euro-Bund		(8	)		6/8/2023		EUR			(800	)			(1,179	)			(44	)
Euro-Schatz		(4	)		6/8/2023		EUR			(400	)			(459	)			(4	)
U.S. Treasury 2 Year Note		(23	)		6/30/2023		USD			(4,600	)			(4,748	)			(58	)
U.S. Treasury 5 Year Note		(7	)		6/30/2023		USD			(700	)			(767	)			(8	)
U.S. Treasury 10 Year Note		(16	)		6/21/2023		USD			(1,600	)			(1,839	)			(34	)
U.S. Treasury 10 Year Ultra Note		(1	)		6/21/2023		USD			(100	)			(121	)			2
U.S. Treasury Long Bond		(2	)		6/21/2023		USD			(200	)			(262	)			(12	)
Net unrealized depreciation																	$	(206	)

The Fund has recorded a liability of $24 as of March 31, 2023, related to the current day’s variation margin related to these contracts.

Centrally Cleared Credit Default Swap-Sell Protection
Values in thousands
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Republic of South Africa	1.00	Quarterly	6/20/2023	USD  205	(1)	1	–^
Total					(1)	1	–^

Centrally Cleared Interest Rate Swaps
Values in thousands
Floating Rate Index (Frequency)	Fixed Rate (%) (Frequency)	Fund Pays/ Receives Floating Rate	Termination Date	Notional Amount				Upfront Payments (Receipts) ($)		Unrealized Appreciation (Depreciation) ($)	Value ($)
4 week TIIE monthly	8.65 monthly	Pay	5/17/2032	MXN	5,490	–	5		5
4 week TIIE monthly	8.72 monthly	Pay	9/1/2032	MXN	15,800	(12)	31		19
1 day CDI at termination	12.70 at termination	Pay	1/3/2028	BRL	2,100	–	9		9
1 day CDI at termination	12.86 at termination	Pay	1/3/2033	BRL	850	–	4		4
Total unrealized appreciation						(12)	49		37
3 month JIBAR quarterly	8.93 quarterly	Pay	11/30/2032	ZAR	4,550	–	(1)		(1)
4 week TIIE monthly	9.87 monthly	Pay	3/21/2025	MXN	76,000	–	(15)		(15)
1 day CDI at termination	11.39 at termination	Pay	1/2/2032	BRL	640	–	(15)		(15)
1 day CDI at termination	11.29 at termination	Pay	1/2/2032	BRL	750	–	(18)		(18)
1 day CDI at termination	11.41 at termination	Pay	1/2/2026	BRL	3,950	–	(17)		(17)
1 day CDI at termination	11.44 at termination	Pay	1/3/2028	BRL	2,400	–	(19)		(19)
Total unrealized depreciation						–	(85)		(85)
Total						(12)	(36)		(48)

The Fund has recorded an asset of $43 as of March 31, 2023, related to the current day’s variation margin related to these contracts.

OTC Credit Default Swap-Sell Protection
Values in thousands
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Counterparty	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Republic of South Africa	1.00	Quarterly	CITI	6/20/2024	USD  260	–^	–^	–^
Total						–^	–^	–^

8 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Romania Government Bond	Romania		7.4	%
Republic of Serbia	Serbia		7.0
Banco Central de la Republica Dominicana	Dominican Republic		5.9
Republic of North Macedonia	Macedonia		5.0
Republic of Indonesia	Indonesia		4.8
Bonos de la Tesoreria	Peru		4.3
Republic of Iraq	Iraq		4.0
Republic of Uzbekistan	Uzbekistan		3.3
Federal Republic of Nigeria	Nigeria		3.3
Dominican Republic Government Bond	Dominican Republic		3.0
Total			48.0	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 9

Artisan Floating Rate Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

	Principal Amount			Value
BANK LOANS - 89.2%
AEROSPACE & DEFENSE - 3.5%
Jazz Acquisition, Inc. First Lien Term Loan (SOFR + 4.00%), 8.91%, 6/19/2026(1)		$	634		$	619
Maxar Technologies, Inc. First Lien Term Loan (SOFR + 4.25%), 9.16%, 6/14/2029(1)			993			992
						1,611
AUTOMOBILE COMPONENTS - 0.5%
Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.32%, 5/11/2028(1)			342			240
BUILDING PRODUCTS - 0.8%
CP Atlas Buyer, Inc. Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 8.41%, 11/23/2027(1)			409			362
CAPITAL MARKETS - 3.5%
Aretec Group, Inc. Term Loan TBD, 3/8/2030(1)			488			479
Edelman Financial Engines Center LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 11.59%, 7/20/2026(1)			1,250			1,166
						1,645
CHEMICALS - 0.9%
Iris Holding, Inc. First Lien Term Loan (SOFR + 4.75%), 9.53%, 6/28/2028(1)			499			426
COMMERCIAL SERVICES - 5.3%
Digital Room Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.25%), 10.09%, 12/21/2028(1)			574			510
Employbridge Holding Co. Term Loan B
(ICE LIBOR USD 3 Month + 4.75%), 9.91%, 7/19/2028(1)			11			9
(ICE LIBOR USD 3 Month + 4.75%), 9.93%, 7/19/2028(1)			1,480			1,231
National Intergovernmental Purchasing Alliance Co. First Lien Term Loan (SOFR + 3.50%), 8.40%, 5/23/2025(1)			362			356
National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (SOFR + 7.50%), 12.08%, 5/26/2026(1)			315			309
						2,415
COMMERCIAL SERVICES & SUPPLIES - 3.6%
Neptune BidCo US, Inc. First Lien Term Loan B (SOFR + 5.00%), 9.74%, 4/11/2029(1)			1,152			1,034
Spin Holdco, Inc. Term Loan (ICE LIBOR USD 3 Month + 4.00%), 8.99%, 3/4/2028(1)			748			625
						1,659
CONSTRUCTION & ENGINEERING - 2.6%
CD&R Hydra Buyer, Inc. Term Loan (ICE LIBOR USD 1 Month + 4.25%), 9.09%, 12/11/2024(1)			1,228			1,211
DIVERSIFIED CONSUMER SERVICES - 5.1%
KUEHG Corp. Term Loan B3 (ICE LIBOR USD 3 Month + 3.75%), 8.91%, 2/21/2025(1)			2,399			2,352
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Zayo Group Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 3/9/2027(1)			173			140
ELECTRICAL EQUIPMENT - 0.6%
Indicor LLC First Lien Term Loan (SOFR + 4.50%), 8.93%, 11/22/2029(1)			285			282
FINANCIAL SERVICES - 1.6%
Trans Union LLC Term Loan B5 (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 11/16/2026(1)			741			735
FOOD - 1.2%
Chefs’ Warehouse, Inc. Term Loan (SOFR + 4.75%), 9.66%, 8/23/2029(1)			545			542
FOOD PRODUCTS - 2.6%
B&G Foods, Inc. Term Loan B4 (ICE LIBOR USD 1 Month + 2.50%), 7.34%, 10/10/2026(1)			1,079			1,048
Shearer’s Foods LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 9/23/2027(1)			118			115
						1,163
FOOD SERVICE - 2.5%
TKC Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 5.50%), 10.34%, 5/15/2028(1)			1,207			1,015
TKC Midco 1 LLC Term Loan 12.00% Cash, 13.50% PIK, 2/15/2027			199			114
						1,129
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
Medline Borrower LP Term Loan (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 10/23/2028(1)			1,252			1,219
HEALTHCARE-SERVICES - 0.4%
Surgery Center Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.46%, 8/31/2026(1)			182			181
HOUSEHOLD PRODUCTS/WARES - 2.2%
VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 7/21/2028(1)			1,047			990
INSURANCE - 11.6%
Acrisure LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 9.09%, 2/15/2027(1)			232			227
Amynta Agency Borrower, Inc. Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 9.99%, 2/28/2028(1)			1,500			1,436
AssuredPartners, Inc. Term Loan
(SOFR + 3.50%), 8.31%, 2/12/2027(1)			765			755
(ICE LIBOR USD 1 Month + 3.50%), 8.34%, 2/12/2027(1)			572			565
BroadStreet Partners, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 1/27/2027(1)			1,135			1,109
Hub International Ltd. Term Loan (SOFR + 4.00%), 8.73%, 11/10/2029(1)			499			497
USI, Inc. Term Loan (SOFR + 3.75%), 8.65%, 11/22/2029(1)			800			796
						5,385
INVESTMENT COMPANIES - 4.3%
Nexus Buyer LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 11/9/2026(1)			997			900
Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 11.09%, 11/5/2029(1)			1,211			1,060
						1,960
IT SERVICES - 1.6%
Arches Buyer, Inc. Term Loan (SOFR + 3.25%), 8.16%, 12/6/2027(1)			794			746
PHARMACEUTICALS - 1.0%
CVET Midco 2 LP First Lien Term Loan (SOFR + 5.00%), 9.90%, 10/13/2029(1)			500			471
SOFTWARE - 24.0%
Applied Systems, Inc. First Lien Term Loan (SOFR + 4.50%), 9.40%, 9/18/2026(1)			232			231
Applied Systems, Inc. Second Lien Term Loan (SOFR + 6.75%), 11.65%, 9/17/2027(1)			118			118
Central Parent, Inc. First Lien Term Loan (SOFR + 4.25%), 9.15%, 7/6/2029(1)			499			497
CommerceHub, Inc. First Lien Term Loan (SOFR + 4.00%), 8.78%, 12/29/2027(1)			710			660
CommerceHub, Inc. Second Lien Term Loan (SOFR + 7.00%), 11.78%, 12/29/2028(1)			60			48
Epicor Software Corp. Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 7/30/2027(1)			1,049			1,029
Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 10.06%, 3/1/2029(1)			922			725
Orchid Merger Sub II LLC Term Loan (SOFR + 4.75%), 9.80%, 7/27/2027(1)			808			654

10 Artisan Partners Funds

	Principal Amount			Value
SOFTWARE (CONTINUED)
Renaissance Holdings Corp. First Lien Term Loan (SOFR + 4.50%), 9.23%, 3/30/2029(1)		$	993		$	988
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 11.84%, 5/29/2026(1)			120			117
Renaissance Learning, Inc. Term Loan (SOFR + 4.75%), 9.73%, 3/15/2030(1)(2)			1,727			1,677
SS&C Technologies Holdings, Inc. Term Loan B3 (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 4/16/2025(1)			403			402
SS&C Technologies Holdings, Inc. Term Loan B4 (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 4/16/2025(1)			358			357
UKG, Inc. First Lien Term Loan (SOFR + 3.25%), 8.03%, 5/4/2026(1)			1,462			1,423
UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 10.03%, 5/3/2027(1)			985			941
Virgin Pulse, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 4/6/2028(1)			1,481			1,214
						11,081
TELECOMMUNICATIONS - 4.4%
Gridiron Fiber Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.66%, 10/4/2028(1)			2,178			2,042
TRANSPORTATION - 2.5%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 10.13%, 8/4/2025(1)			887			806
(ICE LIBOR USD 3 Month + 5.50%), 10.23%, 8/4/2025(1)			18			16
(ICE LIBOR USD 3 Month + 5.50%), 10.33%, 8/4/2025(1)			200			182
(ICE LIBOR USD 3 Month + 5.50%), 10.45%, 8/4/2025(1)			158			143
						1,147
Total bank loans (Cost $43,101)						41,134
CORPORATE BONDS - 7.5%
BANKS - 1.2%
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 5.73%, 4/17/2023(1)(3)			720			544
ELECTRICAL EQUIPMENT - 2.1%
Regal Rexnord Corp. 6.30%, 2/15/2030(4)			946			952
HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%
Medline Borrower LP 3.88%, 4/1/2029(4)			600			520
HOTELS, RESTAURANTS & LEISURE - 1.2%
Carnival Corp. 4.00%, 8/1/2028(4)			648			558
INSURANCE - 0.6%
Acrisure LLC 4.25%, 2/15/2029(4)			320			273
IT SERVICES - 1.1%
Arches Buyer, Inc. 4.25%, 6/1/2028(4)			585			489
SPECIALTY RETAIL - 0.2%
Evergreen Acqco 1 LP 9.75%, 4/26/2028(4)			126			120
Total corporate bonds (Cost $3,671)						3,456
	No. of Warrants
WARRANTS - 0.0%
FINANCIAL SERVICES - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $–)*(2)(5)			1			–
	Shares Held			Value
SHORT-TERM INVESTMENTS - 7.0%
INVESTMENT COMPANIES - 7.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%			1,094			1,094
Federated Treasury Obligations Fund - Institutional Class, 4.67%			1,061			1,061
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%			1,062			1,062
Total short-term investments (Cost $3,217)						3,217
Total investments - 103.7% (Cost $49,989)						47,807
Other assets less liabilities - (3.7%)						(1,691	)
Total net assets - 100.0%#					$	46,116

⁽¹⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

⁽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 $1,677, or 3.6% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2023. The maturity date reflects the next call date.

⁽⁴⁾ 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.

⁽⁵⁾ Defaulted security.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	2,182		4.6	%
Consumer Discretionary			3,270		6.8
Consumer Staples			3,824		8.0
Financials			10,543		22.0
Health Care			2,391		5.0
Industrials			9,639		20.2
Information Technology			12,315		25.8
Materials			426		0.9
Short-Term Investments			3,217		6.7
Total investments		$	47,807		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
KUEHG Corp.	United States		5.1	%
Gridiron Fiber Corp.	United States		4.4
Medline Borrower LP	United States		3.8
Renaissance Learning, Inc.	United States		3.6
Amynta Agency Borrower, Inc.	United States		3.1
UKG, Inc.	United States		3.1
Employbridge Holding Co.	United States		2.7
Arches Buyer, Inc.	United States		2.7
Virgin Pulse, Inc.	United States		2.6
CD&R Hydra Buyer, Inc.	United States		2.6
Total			33.7	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 11

Artisan Focus Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.5%
AEROSPACE & DEFENSE - 5.3%
Safran SA(1)(2)		144		$	21,339
TransDigm Group, Inc.		74			54,488
					75,827
BEVERAGES - 2.0%
Monster Beverage Corp.*		537			29,020
CAPITAL MARKETS - 2.3%
S&P Global, Inc.		94			32,393
CHEMICALS - 6.1%
Air Products and Chemicals, Inc.		101			28,947
Linde plc		163			57,848
					86,795
COMMUNICATIONS EQUIPMENT - 4.1%
Motorola Solutions, Inc.		204			58,427
CONSTRUCTION & ENGINEERING - 2.6%
Quanta Services, Inc.		223			37,131
ELECTRIC UTILITIES - 9.0%
Constellation Energy Corp.		349			27,399
NextEra Energy, Inc.		1,295			99,828
					127,227
FINANCIAL SERVICES - 6.0%
Visa, Inc., Class A		379			85,548
GROUND TRANSPORTATION - 7.0%
Canadian Pacific Railway Ltd.(1)		1,284			98,813
HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%
Boston Scientific Corp.*		527			26,341
Dexcom, Inc.*		157			18,226
IDEXX Laboratories, Inc.*		14			7,080
Intuitive Surgical, Inc.*		14			3,685
					55,332
HEALTH CARE PROVIDERS & SERVICES - 12.4%
Elevance Health, Inc.		142			65,388
McKesson Corp.		59			20,958
UnitedHealth Group, Inc.		190			89,602
					175,948
HOTELS, RESTAURANTS & LEISURE - 4.1%
Starbucks Corp.		564			58,772
INDUSTRIAL CONGLOMERATES - 4.6%
General Electric Co.		676			64,590
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Thermo Fisher Scientific, Inc.		50			28,870
OIL, GAS & CONSUMABLE FUELS - 0.6%
Cheniere Energy, Inc.		51			8,076
PHARMACEUTICALS - 1.3%
Eli Lilly & Co.		34			11,575
Zoetis, Inc.		44			7,246
					18,821
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.4%
Advanced Micro Devices, Inc.*		342			33,561
NVIDIA Corp.		156			43,304
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(1)		458			42,637
					119,502
SOFTWARE - 2.6%
Oracle Corp.		397			36,930
SPECIALIZED REITS - 1.0%
American Tower Corp., REIT		69			14,175
TEXTILES, APPAREL & LUXURY GOODS - 1.0%
NIKE, Inc., Class B		116			14,198
WIRELESS TELECOMMUNICATION SERVICES - 6.2%
T-Mobile US, Inc.*		611			88,556
Total common stocks (Cost $1,184,298)					1,314,951
	No. of Contracts‡
OPTIONS PURCHASED - 1.7%
CALL OPTIONS - 1.7%
HEALTH CARE PROVIDERS & SERVICES - 0.3%
UnitedHealth Group, Inc. 6/16/2023 at USD 470.00; Notional Amount: USD 76,938		1,628			4,127
INTERACTIVE MEDIA & SERVICES - 0.9%
Meta Platforms, Inc. 11/17/2023 at USD 115.00; Notional Amount: USD 27,192		1,283			13,186
PERSONAL CARE PRODUCTS - 0.5%
Estee Lauder Cos., Inc. (The) 10/20/2023 at USD 260.00; Notional Amount: USD 86,458		3,508			6,525
Total Call Options					23,838
Total Options Purchased (Cost $20,204)					23,838
	Shares Held
SHORT-TERM INVESTMENT - 6.3%
INVESTMENT COMPANY - 6.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $89,962)		89,962			89,962
Total investments - 100.5% (Cost $1,294,464)					1,428,751
Other assets less liabilities - (0.5%)					(6,555	)
Total net assets - 100.0%#				$	1,422,196

⁽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	USD
Safran SA	France	EUR
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	USD

12 Artisan Partners Funds

⁽²⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $21,339, or 1.5% 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		$	101,742		7.1	%
Consumer Discretionary			72,970		5.1
Consumer Staples			35,545		2.5
Energy			8,076		0.6
Financials			117,942		8.3
Health Care			283,097		19.8
Industrials			276,361		19.3
Information Technology			214,859		15.0
Materials			86,795		6.1
Real Estate			14,175		1.0
Utilities			127,227		8.9
Short-Term Investment			89,962		6.3
Total investments		$	1,428,751		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	21,339		1.5	%
USD			1,407,412		98.5
Total investments		$	1,428,751		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	30,950		USD	22,690	JPM		4/27/2023		$	217
USD	111,335		CAD	148,259	JPM		4/27/2023			1,599
USD	2,944		EUR	2,711	JPM		4/27/2023			1
Total unrealized appreciation										1,817
CAD	6,115		USD	4,556	JPM		4/27/2023			(30	)
USD	10,538		CAD	14,441	JPM		4/27/2023			(151	)
USD	16,767		EUR	15,750	JPM		4/27/2023			(336	)
Total unrealized depreciation										(517	)
Net unrealized appreciation									$	1,300

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
NextEra Energy, Inc.	United States		7.0	%
Canadian Pacific Railway Ltd.	Canada		7.0
UnitedHealth Group, Inc.	United States		6.6
T-Mobile US, Inc.	United States		6.2
Visa, Inc.	United States		6.0
Elevance Health, Inc.	United States		4.6
General Electric Co.	United States		4.6
Starbucks Corp.	United States		4.1
Motorola Solutions, Inc.	United States		4.1
Linde plc	United States		4.1
Total			54.3	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 13

Artisan Global Discovery Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.9%
BRAZIL - 1.0%
NU Holdings Ltd., Class A*		582		$	2,773
CANADA - 1.4%
CAE, Inc.*		161			3,649
CHINA - 0.7%
Silergy Corp.(1)		122			1,959
DENMARK - 4.8%
Ascendis Pharma A/S, ADR*		75			8,022
Vestas Wind Systems A/S(1)		164			4,766
					12,788
FINLAND - 2.0%
Metso Outotec OYJ(1)		321			3,505
Neste OYJ(1)		35			1,706
					5,211
GERMANY - 2.9%
adidas AG(1)		9			1,555
Gerresheimer AG(1)		62			6,105
					7,660
HONG KONG - 2.0%
Techtronic Industries Co. Ltd.(1)		482			5,267
ICELAND - 1.3%
Marel HF(1)(2)		814			3,321
ITALY - 2.8%
Davide Campari-Milano NV(1)		238			2,905
Industrie De Nora SpA*(1)		77			1,539
Moncler SpA(1)		44			3,054
					7,498
JAPAN - 1.6%
Obic Co. Ltd.(1)		27			4,285
LUXEMBOURG - 0.5%
Eurofins Scientific SE(1)		19			1,245
NETHERLANDS - 3.4%
Adyen NV*(1)(2)		1			1,758
Argenx SE, ADR*		20			7,293
					9,051
NORWAY - 1.1%
Nordic Semiconductor ASA*(1)		186			2,853
SINGAPORE - 0.8%
Sea Ltd., ADR*		24			2,107
UNITED KINGDOM - 5.8%
CNH Industrial NV(1)		256			3,923
London Stock Exchange Group plc(1)		79			7,686
Smiths Group plc(1)		176			3,725
					15,334
UNITED STATES - 60.8%
Advanced Micro Devices, Inc.*		81			7,954
Arista Networks, Inc.*		28			4,644
Atlassian Corp., Class A*		32			5,526
Bentley Systems, Inc., Class B		105			4,510
UNITED STATES (CONTINUED)
Boston Scientific Corp.*		234			11,716
Catalent, Inc.*		115			7,572
Ceridian HCM Holding, Inc.*		45			3,276
Clearwater Analytics Holdings, Inc., Class A*		154			2,460
Cooper Cos., Inc. (The)		8			3,035
Five Below, Inc.*		14			2,904
Global Payments, Inc.		34			3,577
Guidewire Software, Inc.*		50			4,083
HubSpot, Inc.*		16			7,021
Ingersoll Rand, Inc.		92			5,327
iRhythm Technologies, Inc.*		33			4,106
Lattice Semiconductor Corp.*		90			8,617
Live Nation Entertainment, Inc.*		19			1,343
MACOM Technology Solutions Holdings, Inc.*		46			3,246
Monolithic Power Systems, Inc.		7			3,565
Morningstar, Inc.		7			1,395
Nasdaq, Inc.		80			4,389
Novanta, Inc.*		10			1,527
ON Semiconductor Corp.*		94			7,751
Papa John’s International, Inc.		16			1,186
Pool Corp.		5			1,731
S&P Global, Inc.		9			3,266
Saia, Inc.*		5			1,487
Shockwave Medical, Inc.*		9			2,015
Take-Two Interactive Software, Inc.*		11			1,330
Teledyne Technologies, Inc.*		13			5,678
Tradeweb Markets, Inc., Class A		54			4,231
Valmont Industries, Inc.		13			4,035
Veeva Systems, Inc., Class A*		77			14,066
West Pharmaceutical Services, Inc.		12			4,194
Workiva, Inc., Class A*		44			4,543
Zscaler, Inc.*		34			4,016
					161,322
Total common stocks (Cost $200,723)					246,323
SHORT-TERM INVESTMENT - 6.1%
INVESTMENT COMPANY - 6.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $16,127)		16,127			16,127
Total investments - 99.0% (Cost $216,850)					262,450
Other assets less liabilities - 1.0%					2,722
Total net assets - 100.0%#				$	265,172

⁽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 $61,157, or 23.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $5,079 or 1.9% of net assets.

14 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	4,780		1.8	%
Consumer Discretionary			10,430		4.0
Consumer Staples			2,905		1.1
Energy			1,706		0.7
Financials			29,075		11.1
Health Care			69,369		26.4
Industrials			40,544		15.4
Information Technology			87,514		33.3
Short-Term Investment			16,127		6.2
Total investments		$	262,450		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	3,649		1.4	%
DKK			4,766		1.8
EUR			30,616		11.7
GBP			11,411		4.3
HKD			5,267		2.0
JPY			4,285		1.6
NOK			2,853		1.1
TWD			1,959		0.8
USD			197,644		75.3
Total investments		$	262,450		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Veeva Systems, Inc.	United States		5.3	%
Boston Scientific Corp.	United States		4.4
Lattice Semiconductor Corp.	United States		3.2
Ascendis Pharma A/S	Denmark		3.0
Advanced Micro Devices, Inc.	United States		3.0
ON Semiconductor Corp.	United States		2.9
London Stock Exchange Group plc	United Kingdom		2.9
Catalent, Inc.	United States		2.9
Argenx SE	Netherlands		2.8
HubSpot, Inc.	United States		2.6
Total			33.0	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 15

Artisan Global Equity Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.7%
BELGIUM - 1.1%
UCB SA(1)		24		$	2,170
CANADA - 1.5%
Canadian Pacific Railway Ltd.		24			1,833
Descartes Systems Group, Inc. (The)*		13			1,065
					2,898
CHINA - 16.2%
Alibaba Group Holding Ltd., ADR*		70			7,183
ANTA Sports Products Ltd.(1)		172			2,499
China Meidong Auto Holdings Ltd.(1)		1,002			2,171
China Tourism Group Duty Free Corp. Ltd., Class A(1)		136			3,641
KE Holdings, Inc., ADR*		338			6,374
Luckin Coffee, Inc., ADR*		101			2,779
Lufax Holding Ltd., ADR		1,299			2,651
Tencent Holdings Ltd., ADR		24			1,160
Tencent Holdings Ltd.(1)		12			601
Wuliangye Yibin Co. Ltd., Class A(1)		110			3,131
					32,190
DENMARK - 7.6%
Ascendis Pharma A/S, ADR*		17			1,818
Carlsberg A/S, Class B(1)		21			3,255
Novo Nordisk A/S, ADR		8			1,205
Novo Nordisk A/S, Class B(1)		30			4,831
ROCKWOOL A/S, Class B(1)		17			4,054
					15,163
FRANCE - 3.1%
LVMH Moet Hennessy Louis Vuitton SE(1)		5			4,435
Pernod Ricard SA(1)		8			1,807
					6,242
GERMANY - 2.2%
Deutsche Telekom AG(1)		133			3,225
Dr Ing hc F Porsche AG (Preference)*(1)		9			1,152
					4,377
HONG KONG - 1.1%
AIA Group Ltd.(1)		204			2,142
INDONESIA - 0.2%
Mitra Adiperkasa Tbk. PT*(1)		4,575			461
ITALY - 3.2%
BFF Bank SpA(1)(2)		637			6,333
JAPAN - 3.8%
Daiichi Sankyo Co. Ltd.(1)		207			7,537
MACAU - 1.1%
Galaxy Entertainment Group Ltd.*(1)		175			1,163
Sands China Ltd.*(1)		316			1,103
					2,266
NETHERLANDS - 3.2%
Adyen NV*(1)(2)		1			1,031
Argenx SE, ADR*		12			4,404
ING Groep NV(1)		72			854
					6,289
NORWAY - 0.2%
Volue ASA*(1)		249			501
RUSSIA - 0.0%
MMC Norilsk Nickel PJSC, ADR*(1)(3)(4)		136			–
Sberbank of Russia PJSC*(1)(3)(4)		1,137			–
					–
SINGAPORE - 2.3%
DBS Group Holdings Ltd.(1)		86			2,143
United Overseas Bank Ltd.(1)		106			2,369
					4,512
SWEDEN - 1.6%
Nibe Industrier AB, Class B(1)		273			3,115
SWITZERLAND - 4.7%
Cie Financiere Richemont SA(1)		9			1,483
UBS Group AG(1)		374			7,903
					9,386
TAIWAN - 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd.(1)		106			1,878
UNITED ARAB EMIRATES - 1.2%
Americana Restaurants International plc*(1)		2,400			2,492
UNITED KINGDOM - 4.7%
AstraZeneca plc, ADR		33			2,319
AstraZeneca plc(1)		16			2,198
BAE Systems plc(1)		206			2,495
Unilever plc(1)		47			2,422
					9,434
UNITED STATES - 38.8%
Amazon.com, Inc.*		67			6,907
Aon plc, Class A		9			2,901
Arthur J Gallagher & Co.		14			2,625
Carrier Global Corp.		108			4,955
Chubb Ltd.		10			1,923
Cigna Group (The)		15			3,807
CME Group, Inc.		15			2,839
Darling Ingredients, Inc.*		57			3,355
Ferguson plc		11			1,482
Halozyme Therapeutics, Inc.*		176			6,720
Intercontinental Exchange, Inc.		40			4,206
Intuit, Inc.		9			3,893
Linde plc		5			1,951
Natera, Inc.*		80			4,441
Nestle SA(1)		48			5,873
Prometheus Biosciences, Inc.*		16			1,693
Schlumberger Ltd.		12			613
Stryker Corp.		13			3,636
TJX Cos., Inc. (The)		47			3,676
T-Mobile US, Inc.*		43			6,290
Trane Technologies plc		11			1,975
Visa, Inc., Class A		6			1,464
					77,225
Total common stocks (Cost $182,611)					196,611

16 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENT - 1.8%
INVESTMENT COMPANY - 1.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $3,561)		3,561		$	3,561
Total investments - 100.5% (Cost $186,172)					200,172
Other assets less liabilities - (0.5)%					(946	)
Total net assets - 100.0%#				$	199,226

⁽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 $92,468, or 46.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $7,364 or 3.7% of net assets.

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

⁽⁴⁾ Security is restricted.

Security	Acquisition Date	Cost	Value	Percentage of Total Net Assets
MMC Norilsk Nickel PJSC	11/09/2020 - 01/14/2022	$4,291	$–	0.0%
Sberbank of Russia PJSC	09/16/2021 - 02/11/2022	4,750	–	0.0%

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	11,276		5.6	%
Consumer Discretionary			41,145		20.5
Consumer Staples			19,843		9.9
Energy			613		0.3
Financials			41,384		20.7
Health Care			46,779		23.4
Industrials			19,909		9.9
Information Technology			7,337		3.7
Materials			1,951		1.0
Real Estate			6,374		3.2
Short-Term Investment			3,561		1.8
Total investments		$	200,172		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
AED		$	2,492		1.2	%
CAD			2,898		1.4
CHF			15,259		7.6
CNY			6,772		3.4
DKK			12,140		6.1
EUR			21,007		10.5
GBP			7,115		3.6
HKD			9,679		4.8
IDR			461		0.2
JPY			7,537		3.8
NOK			501		0.3
RUB			0		0.0
SEK			3,115		1.6
SGD			4,512		2.3
TWD			1,878		0.9
USD			104,806		52.3
Total investments		$	200,172		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
UBS Group AG	Switzerland		4.0	%
Daiichi Sankyo Co. Ltd.	Japan		3.8
Alibaba Group Holding Ltd.	China		3.6
Amazon.com, Inc.	United States		3.5
Halozyme Therapeutics, Inc.	United States		3.4
KE Holdings, Inc.	China		3.2
BFF Bank SpA	Italy		3.2
T-Mobile US, Inc.	United States		3.2
Novo Nordisk A/S	Denmark		3.0
Nestle SA	United States		2.9
Total			33.8	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 17

Artisan Global Opportunities Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.1%
BRAZIL - 1.2%
NU Holdings Ltd., Class A*		7,035		$	33,486
CHINA - 1.0%
Tencent Holdings Ltd.(1)		580			28,341
DENMARK - 5.8%
Novo Nordisk A/S, Class B(1)		750			118,969
Vestas Wind Systems A/S(1)		1,648			47,753
					166,722
FINLAND - 0.7%
Neste OYJ(1)		424			20,888
GERMANY - 1.0%
BioNTech SE, ADR		232			28,870
HONG KONG - 5.9%
AIA Group Ltd.(1)		5,504			57,830
Techtronic Industries Co. Ltd.(1)		10,345			112,945
					170,775
JAPAN - 4.5%
Hoya Corp.(1)		417			46,135
Keyence Corp.(1)		170			83,346
					129,481
NETHERLANDS - 2.4%
Adyen NV*(1)(2)		25			39,149
Argenx SE, ADR*		81			30,341
					69,490
SWEDEN - 2.0%
Hexagon AB, Class B(1)		5,017			57,733
SWITZERLAND - 7.2%
Cie Financiere Richemont SA(1)		251			40,172
Lonza Group AG(1)		200			120,276
UBS Group AG(1)		2,207			46,600
					207,048
UNITED KINGDOM - 8.3%
AstraZeneca plc(1)		683			94,797
CNH Industrial NV(1)		4,219			64,532
London Stock Exchange Group plc(1)		812			78,916
					238,245
UNITED STATES - 55.1%
Advanced Micro Devices, Inc.*		1,588			155,635
Airbnb, Inc., Class A*		431			53,575
Alphabet, Inc., Class A*		622			64,534
Amazon.com, Inc.*		307			31,729
Aptiv plc*		253			28,419
Arista Networks, Inc.*		334			56,142
Atlassian Corp., Class A*		497			85,132
Boston Scientific Corp.*		2,552			127,672
Charles Schwab Corp. (The)		265			13,884
Chipotle Mexican Grill, Inc.*		41			69,466
CoStar Group, Inc.*		329			22,661
Danaher Corp.		278			69,995
Ingersoll Rand, Inc.		1,001			58,214
Intuit, Inc.		138			61,453
Linde plc		122			43,386
Lowe’s Cos., Inc.		170			34,004
Lululemon Athletica, Inc.*		132			48,194
Netflix, Inc.*		175			60,554
NextEra Energy, Inc.		1,156			89,113
ON Semiconductor Corp.*		971			79,956
Progressive Corp. (The)		574			82,144
S&P Global, Inc.		120			41,435
Veeva Systems, Inc., Class A*		882			162,081
Vertex Pharmaceuticals, Inc.*		64			20,218
Zscaler, Inc.*		242			28,315
					1,587,911
Total common stocks (Cost $1,855,065)					2,738,990
SHORT-TERM INVESTMENT - 3.9%
INVESTMENT COMPANY - 3.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $113,084)		113,084			113,084
Total investments - 99.0% (Cost $1,968,149)					2,852,074
Other assets less liabilities - 1.0%					28,284
Total net assets - 100.0%#				$	2,880,358

⁽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 $1,058,382, or 36.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $39,149 or 1.4% of net assets.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	153,429		5.4	%
Consumer Discretionary			305,559		10.7
Energy			20,888		0.7
Financials			393,444		13.9
Health Care			819,354		28.7
Industrials			306,105		10.7
Information Technology			607,712		21.3
Materials			43,386		1.5
Utilities			89,113		3.1
Short-Term Investment			113,084		4.0
Total investments		$	2,852,074		100.0	%

18 Artisan Partners Funds

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CHF		$	207,048		7.3	%
DKK			166,722		5.8
EUR			124,569		4.4
GBP			173,713		6.1
HKD			199,116		7.0
JPY			129,481		4.5
SEK			57,733		2.0
USD			1,793,692		62.9
Total investments		$	2,852,074		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Veeva Systems, Inc.	United States		5.6	%
Advanced Micro Devices, Inc.	United States		5.4
Boston Scientific Corp.	United States		4.4
Lonza Group AG	Switzerland		4.2
Novo Nordisk A/S	Denmark		4.1
Techtronic Industries Co. Ltd.	Hong Kong		3.9
AstraZeneca plc	United Kingdom		3.3
NextEra Energy, Inc.	United States		3.1
Atlassian Corp.	United States		3.0
Keyence Corp.	Japan		2.9
Total			39.9	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 19

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments – March 31, 2023 (Unaudited)

Principal amount, shares and values in thousands and reported in USD unless otherwise stated

	Principal Amount			Value
SOVEREIGN GOVERNMENT BONDS - 64.7%
ALBANIA - 1.2%
Republic of Albania 3.50%, 10/9/2025(1)		EUR	200		$	204
ANGOLA - 2.1%
Republic of Angola
(ICE LIBOR USD 6 Month + 7.50%), 12.64%, 7/3/2023(1)(2)			272			273
6.93%, 2/19/2027(1)			91			84
						357
BAHAMAS - 2.0%
Commonwealth of the Bahamas 5.75%, 1/16/2024(1)			360			339
BENIN - 3.1%
Benin Government Bond 4.88%, 1/19/2032(1)		EUR	650			529
BOLIVIA - 2.5%
Plurinational State of Bolivia 5.95%, 8/22/2023(1)			515			430
BRAZIL - 0.6%
Notas do Tesouro Nacional 10.00%, 1/1/2031		BRL	540			96
CAMEROON - 3.4%
Republic of Cameroon 9.50%, 11/19/2025(1)			600			577
DOMINICAN REPUBLIC - 2.8%
Dominican Republic Government Bond
4.88%, 9/23/2032(1)			300			254
5.30%, 1/21/2041(1)			150			117
5.88%, 1/30/2060(1)			150			115
						486
EGYPT - 0.6%
Arab Republic of Egypt 7.50%, 2/16/2061(1)			200			108
ICELAND - 6.1%
Republic of Iceland 1.50%, 5/15/2023		ISK	145,896			1,055
INDONESIA - 2.0%
Republic of Indonesia 7.13%, 6/15/2042		IDR	5,000,000			337
IRAQ - 3.1%
Republic of Iraq 5.80%, 1/15/2028(1)			569			529
IVORY COAST - 1.2%
Republic of Cote d’Ivoire 5.38%, 7/23/2024(1)			215			210
KENYA - 2.1%
Republic of Kenya 6.88%, 6/24/2024(1)			400			369
MACEDONIA - 4.9%
Republic of North Macedonia
5.63%, 7/26/2023(1)		EUR	580			628
2.75%, 1/18/2025(1)		EUR	100			102
6.96%, 3/13/2027(1)		EUR	100			109
						839
MONGOLIA - 1.5%
State of Mongolia 8.75%, 3/9/2024(1)			260			260
NIGERIA - 3.2%
Federal Republic of Nigeria
7.63%, 11/21/2025(3)			286			260
8.25%, 9/28/2051(1)			435			287
						547
PAPUA NEW GUINEA - 2.1%
Papua New Guinea Government International Bond
8.38%, 10/4/2028(1)			400			364
PERU - 2.1%
Bonos de la Tesoreria 6.15%, 8/12/2032		PEN	1,500			364
ROMANIA - 6.4%
Romania Government Bond
2.88%, 5/26/2028(1)		EUR	200			191
8.75%, 10/30/2028		RON	170			39
6.63%, 9/27/2029(3)		EUR	130			144
3.62%, 5/26/2030(1)		EUR	450			412
Series 10Y, 8.25%, 9/29/2032		RON	1,050			241
4.63%, 4/3/2049(1)		EUR	100			80
						1,107
SERBIA - 8.3%
Republic of Serbia
2.00%, 4/6/2023		RSD	75,500			698
1.50%, 6/26/2029(1)		EUR	200			165
6.50%, 9/26/2033(1)			400			397
2.05%, 9/23/2036(1)		EUR	250			163
						1,423
SOUTH AFRICA - 1.8%
Republic of South Africa 8.00%, 1/31/2030		ZAR	6,000			307
UZBEKISTAN - 1.6%
Republic of Uzbekistan
14.50%, 11/25/2023(3)		UZS	330,000			29
14.50%, 11/25/2023(1)		UZS	2,800,000			243
						272
Total sovereign government bonds (Cost $10,912)						11,109
CORPORATE BONDS - 18.8%
BRAZIL - 1.6%
MC Brazil Downstream Trading SARL 7.25%, 6/30/2031(1)			193			152
Unigel Luxembourg SA 8.75%, 10/1/2026(1)			140			129
						281
COLOMBIA - 2.8%
Aris Mining Corp. 6.88%, 8/9/2026(1)			200			163
EnfraGen Energia Sur SA 5.38%, 12/30/2030(1)			275			165
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(1)			179			152
						480
CZECH REPUBLIC - 1.7%
Energo-Pro A/S
4.50%, 5/4/2024(1)		EUR	100			104
8.50%, 2/4/2027(1)			200			192
						296
DOMINICAN REPUBLIC - 6.0%
Banco Central de la Republica Dominicana
13.00%, 12/5/2025(1)		DOP	48,200			875
13.00%, 1/30/2026(1)		DOP	8,000			145
						1,020

20 Artisan Partners Funds

	Principal Amount				Value
GEORGIA - 1.1%
Georgia Capital JSC 6.13%, 3/9/2024(1)			200			$	194
	��
NIGERIA - 0.9%
SEPLAT Energy plc 7.75%, 4/1/2026(1)			200				156
PERU - 3.6%
Auna SAA 6.50%, 11/20/2025(1)			400				328
Inkia Energy Ltd. 5.88%, 11/9/2027(1)			305				281
							609
TANZANIA - 1.1%
HTA Group Ltd. 7.00%, 12/18/2025(3)			200				189
Total corporate bonds (Cost $3,209)							3,225
	Shares Held
COMMON STOCK - 1.6%
GEORGIA - 1.6%
Georgia Capital plc (Cost $248)*(4)			27				265
EXCHANGE TRADED FUND - 0.2%
EQUITY FUNDS - 0.2%
SPDR S&P 500 ETF Trust (Cost $36)			–	^			37
	Principal Amount
SHORT-TERM INVESTMENTS - 14.6%
SOVEREIGN GOVERNMENT TREASURY BILLS - 1.5%
Banco Central del Uruguay 9.36%, 4/19/2023(5)		UYU	6,500				166
Banco Central del Uruguay 11.54%, 2/2/2024(5)		UYU	3,750				88
Total sovereign government treasury bills (Cost $248)							254
U.S. TREASURY OBLIGATION - 0.7%
U.S. Treasury Bills 4.39%, 05/25/2023 (Cost $124)(5)			125				124
REPURCHASE AGREEMENTS - 9.4%
JPMorgan Chase Bank, N.A., Dated 2/2/23, with an interest rate of 0.50% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 4.50% due 3/20/2028 and a market value of $271(7)			165				165
JPMorgan Chase Bank, N.A., Dated 2/2/23, with an interest rate of 3.75% payable by the Portfolio, collateralized by Par 500 Republic of Paraguay, 4.70% due 3/27/2027 and a market value of $494(7)			531				531
JPMorgan Chase Bank, N.A., Dated 3/3/23, with an interest rate of 0.50% payable by the Portfolio, collateralized by Par 200 Republic of Guatemala, 6.13% due 6/1/2050 and a market value of $189(7)			230				230
Merrill Lynch Pierce Fenner & Smith, Inc., Dated 2/2/23, with an interest rate of (0.15)% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 7.50% due 3/2/2030 and a market value of $332(7)			480				480
Merrill Lynch Pierce Fenner & Smith, Inc., Dated 2/2/23, with an interest rate of 3.00% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 4.50% due 3/20/2028 and a market value of $271(7)			208				208
Total repurchase agreements (Cost $1,614)							1,614
	Shares Held				Value
INVESTMENT COMPANIES - 3.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%			177			$	177
Federated Treasury Obligations Fund - Institutional Class, 4.67%			172				172
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%			171				171
Total investment companies (Cost $520)							520
Total short-term investments (Cost $2,506)							2,512
Total investments - 99.9% (Cost $16,911)						$	17,148
SECURITIES SOLD SHORT - (8.0)%
COMMON STOCK - (0.5)%
UNITED KINGDOM - (0.5)%
Ashmore Group plc (Proceeds $(74))(4)			(29	)			(84	)
	Principal Amount
SOVEREIGN GOVERNMENT BONDS - (7.5)%
BOLIVIA - (3.5)%
Plurinational State of Bolivia 4.50%, 3/20/2028(1)(6)		$	(500	)			(271	)
7.50%, 3/2/2030(1)(6)			(500	)			(332	)
							(603	)
GUATEMALA - (1.1)%
Republic of Guatemala 6.13%, 6/1/2050(1)(6)			(200	)			(189	)
PARAGUAY - (2.9)%
Republic of Paraguay 4.70%, 3/27/2027(1)(6)			(500	)			(494	)
Total sovereign government bonds (Proceeds $(1,498))							(1,286	)
Total securities sold short (Proceeds $(1,572))							(1,370	)
Total investments after securities sold short - 91.9% (Cost $15,339)							15,778
Other assets less liabilities - 8.1%							1,391
Total net assets - 100.0%#						$	17,169

⁽¹⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $9,289 or 54.1% of net assets.

⁽²⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

⁽³⁾ 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.

⁽⁴⁾ 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 $181, or 1.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁵⁾ Yield to maturity.

⁽⁶⁾ At March 31, 2023, all or a portion of this security was pledged to cover collateral requirements for repurchase agreements.

Artisan Partners Funds 21

⁽⁷⁾ Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Energy		$	756		4.4	%
Financials			1,479		8.6
Foreign Government Securities			11,109		64.9
Health Care			328		1.9
Industrials			189		1.1
Investment Funds			37		0.2
Materials			292		1.7
Utilities			446		2.6
Short-Term Investments			2,512		14.6
Total investments		$	17,148		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
BRL		$	96		0.6	%
DOP			1,020		5.9
EUR			2,831		16.5
GBP			265		1.5
IDR			337		2.0
ISK			1,055		6.2
PEN			364		2.1
RON			280		1.6
RSD			698		4.1
USD			9,369		54.6
UYU			254		1.5
UZS			272		1.6
ZAR			307		1.8
Total investments		$	17,148		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased			Currency Sold				Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CLP**		70,000		USD		86	JPM		4/3/2023		$	2
HUF		245,331		EUR		594	SCB		4/3/2023			55
PEN**		1,150		USD		302	JPM		4/3/2023			4
BRL**		1,611		USD		311	JPM		4/4/2023			7
KZT**		154,905		USD		334	CITI		4/10/2023			4
UZS**		2,450,000		USD		212	CITI		4/17/2023			2
CZK		5,600		EUR		232	SCB		4/20/2023			7
UZS**		555,000		USD		47	JPM		4/26/2023			1
RSD		15,246		EUR		127	JPM		4/28/2023			2
BRL**		1,611		USD		312	JPM		5/3/2023			4
USD		353		COP	**	1,650,000	JPM		5/4/2023			1
UZS**		2,971,581		USD		254	JPM		5/4/2023			4
MXN		4,800		USD		254	SCB		5/8/2023			11
KZT**		154,905		USD		332	CITI		5/10/2023			2
PEN**		160		USD		42	JPM		6/7/2023			–	^
EUR		590		USD		635	SCB		6/21/2023			7
UZS**		750,000		USD		63	JPM		6/22/2023			1
USD		173		MYR	**	760	GS		6/30/2023			–	^
HUF		299,331		EUR		759	SCB		7/3/2023			3
UZS**		2,450,000		USD		207	CITI		7/17/2023			2
USD		160		KES	**	21,600	SCB		7/20/2023			7
UZS**		2,450,000		USD		201	CITI		10/17/2023			3
Total unrealized appreciation												129
USD		87		CLP	**	70,000	JPM		4/3/2023			(1	)
USD		170		MYR	**	760	GS		4/3/2023			(3	)
USD		344		PEN	**	1,311	JPM		4/3/2023			(4	)
USD		924		ZAR		16,830	CITI		4/6/2023			(21	)
USD		148		ZAR		2,700	JPM		4/6/2023			(4	)
COP**		1,650,000		USD		355	JPM		4/10/2023			(1	)
KZT**		155,000		USD		352	SCB		4/10/2023			(13	)
USD		342		COP	**	1,650,000	JPM		4/10/2023			(12	)
USD		276		RON		1,290	JPM		4/10/2023			(7	)
RON		4,578		EUR		928	JPM		4/18/2023			(4	)
USD		176		MXN		3,200	SCB		5/8/2023			(1	)
KZT**		7,900		USD		17	CITI		5/10/2023			–	^
KZT**	��	78,000		USD		170	SCB		5/10/2023			(2	)
USD		83		IDR	**	1,270,335	JPM		5/23/2023			(2	)
USD		43		PEN	**	161	JPM		6/7/2023			–	^
USD		5,475		EUR		5,068	SCB		6/21/2023			(46	)
KES**		46,000		USD		354	JPM		7/20/2023			(28	)
USD		166		KES	**	24,400	JPM		7/20/2023			(7	)
KES**		42,000		USD		308	SCB		12/6/2023			(24	)
USD		268		KES	**	42,000	SCB		12/6/2023			(15	)
UGX**		1,260,000		USD		316	SCB		6/18/2024			(8	)
USD		154		UGX	**	700,000	SCB		6/18/2024			(17	)
USD		128		UGX	**	560,000	SCB		6/18/2024			(8	)
Total unrealized depreciation												(228	)
Net unrealized depreciation											$	(99	)

** Non-deliverable.

22 Artisan Partners Funds

FUTURES CONTRACTS
Values in thousands
Description	No. of Contracts			Expiration Date		Trading Currency		Notional Amount				Notional Value				Unrealized Appreciation/ (Depreciation)
Long Position Contracts
U.S. Treasury Ultra Bond		1			6/21/2023		USD		$	100			$	141			$	6
																		6
Short Position Contracts
Euro-Bobl		(19	)		6/8/2023		EUR			(1,900	)			(2,429	)			(54	)
Euro-BTP		(4	)		6/8/2023		EUR			(400	)			(500	)			(19	)
Euro-Bund		(3	)		6/8/2023		EUR			(300	)			(442	)			(17	)
Euro-Schatz		(6	)		6/8/2023		EUR			(600	)			(688	)			(6	)
S&P 500 E-Mini Index		(1	)		6/16/2023		USD			–	^			(207	)			(9	)
U.S. Treasury 2 Year Note		(14	)		6/30/2023		USD			(2,800	)			(2,890	)			(32	)
U.S. Treasury 5 Year Note		(8	)		6/30/2023		USD			(800	)			(876	)			2
U.S. Treasury 10 Year Note		(6	)		6/21/2023		USD			(600	)			(690	)			(2	)
U.S. Treasury 10 Year Ultra Note		(1	)		6/21/2023		USD			(100	)			(121	)			2
U.S. Treasury Long Bond		(1	)		6/21/2023		USD			(100	)			(131	)			(6	)
																		(141	)
Net unrealized depreciation																	$	(135	)

The fund has recorded a liability of $20 as of March 31, 2023, related to the current day’s variation margin related to these contracts.

Centrally Cleared Credit Default Swaps -Buy Protection
Values in thousands
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Termination Date	Notional Amount			Upfront (Payments) Receipts		Unrealized Appreciation (Depreciation)	Value
Hungary	1.00	Quarterly	6/20/2027		USD	965	36		(16)	20
Kingdom of Saudi Arabia	1.00	Quarterly	6/20/2032		USD	1,070	(12)		4	(8)
Kingdom of Spain	1.00	Quarterly	6/20/2032		USD	570	(11)		–^	(11)
Malaysia	1.00	Quarterly	12/20/2027		USD	500	(7)	��	–^	(7)
Petrobras Global Finance BV	1.00	Quarterly	12/20/2027		USD	210	18		(6)	12
Republic of Chile	1.00	Quarterly	6/20/2032		USD	650	35		(5)	30
Republic of Colombia	1.00	Quarterly	12/20/2027		USD	100	7		–^	7
Republic of Indonesia	1.00	Quarterly	12/20/2027		USD	690	3		(8)	(5)
Republic of Kazakhstan	1.00	Quarterly	6/20/2028		USD	750	25		(2)	23
Republic of Peru	1.00	Quarterly	6/20/2032		USD	300	15		(1)	14
Republic of Peru	1.00	Quarterly	12/20/2032		USD	350	22		(5)	17
Republic of Poland	1.00	Quarterly	6/20/2027		USD	325	2		(4)	(2)
Republic of Poland	1.00	Quarterly	12/20/2027		USD	160	4		(4)	–^
Republic of South Africa	1.00	Quarterly	6/20/2032		USD	765	104		27	131
Republic of South Africa	1.00	Quarterly	12/20/2032		USD	220	36		4	40
State of Qatar	1.00	Quarterly	12/20/2032		USD	200	(4)		(1)	(5)
United Mexican States	1.00	Quarterly	12/20/2027		USD	175	2		(1)	1
							275		(18)	257

Centrally Cleared Credit Default Swaps-Sell Protection
Values in thousands
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Emirate of Abu Dhabi	1.00	Quarterly	6/20/2027	USD  290	6	2	8
Hungary	1.00	Quarterly	12/20/2023	USD  310	(1)	2	1
Republic of Colombia	1.00	Quarterly	12/20/2023	USD  310	(2)	3	1
Republic of South Africa	1.00	Quarterly	6/20/2023	USD  135	–^	–^	–^
					3	7	10
Total					278	(11)	267

Artisan Partners Funds 23

Centrally Cleared Interest Rate Swaps
Values in thousands
Floating Rate Index (Frequency)	Fixed Rate (%) (Frequency)	Fund Pays/ Receives Floating Rate	Termination Date	Notional Amount	Upfront Payments (Receipts)	Unrealized Appreciation (Depreciation)	Value
6 month BUBOR semi-annually	8.16 annually	Receive	6/17/2032	HUF  103,300	11	(10)	1
4 week TIIE monthly	8.72 monthly	Pay	9/1/2032	MXN      4,950	(2)	8	6
6 month PRIBOR semi-annually	3.86 annually	Receive	4/4/2032	CZK      2,710	–	6	6
6 month BUBOR semi-annually	7.25 annually	Receive	5/13/2032	HUF      8,300	–	2	2
1 day CDI at termination	12.31 at termination	Pay	1/3/2028	BRL         600	–	–^	–^
Total unrealized appreciation					9	6	15
4 week TIIE monthly	9.87 monthly	Pay	3/21/2025	MXN    18,680	–	(4)	(4)
6 month WIBOR semi-annually	5.30 annually	Receive	4/15/2032	PLN         536	–	(1)	(1)
6 month WIBOR semi-annually	7.45 annually	Receive	6/20/2032	PLN         350	(1)	(13)	(14)
6 month PRIBOR semi-annually	5.75 annually	Receive	6/17/2032	CZK      2,360	(2)	(12)	(14)
6 month PRIBOR semi-annually	4.99 annually	Receive	5/13/2032	CZK      2,800	–	(7)	(7)
6 month WIBOR semi-annually	6.45 annually	Receive	5/13/2032	PLN         225	–	(5)	(5)
1 day TONAR annually	0.92 annually	Receive	1/5/2033	JPY    81,000	(3)	(16)	(19)
1 day THOR quarterly	2.89 quarterly	Receive	6/17/2032	THB      2,750	–	(3)	(3)
1 day THOR quarterly	2.59 quarterly	Receive	9/1/2032	THB      2,150	–	(1)	(1)
1 day CDI at termination	11.39 at termination	Pay	1/2/2032	BRL         325	–	(8)	(8)
1 day THOR quarterly	2.99 quarterly	Receive	9/26/2032	THB      5,300	–	(7)	(7)
1 day CDI at termination	11.29 at termination	Pay	1/2/2032	BRL         300	–	(7)	(7)
1 day CDI at termination	11.44 at termination	Pay	1/3/2028	BRL         900	–	(7)	(7)
Total unrealized depreciation					(6)	(91)	(97)
Total					3	(85)	(82)

The Fund has recorded an asset of $65 as of March 31, 2023, related to the current day’s variation margin related to these contracts.

OTC Credit Default Swap-Buy Protection
Values in thousands
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Counterparty	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Republic of South Africa	1.00	Quarterly	JPM	6/20/2033	USD 110	22	(1)	21
Total						22	(1)	21

OTC Credit Default Swap-Sell Protection
Values in thousands
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/Received	Counterparty	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Republic of South Africa	1.00	Quarterly	CITI	6/20/2024	USD 340	–^	–^	–^
Total						–^	–^	–^

OTC Interest Rate Swap
Values in thousands
Floating Rate Index (Frequency)	Fixed Rate (%) (Frequency)	Fund Pays/ Receives Floating Rate	Counterparty	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
3 month KLIBOR quarterly	3.78 quarterly	Receive	CITI	3/14/2033	MYR 950	–	2	2
Total						–	2	2

24 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Republic of Serbia	Serbia		8.3	%
Romania Government Bond	Romania		6.4
Republic of Iceland	Iceland		6.1
Banco Central de la Republica Dominicana	Dominican Republic		6.0
Republic of North Macedonia	Macedonia		4.9
Republic of Cameroon	Cameroon		3.4
Federal Republic of Nigeria	Nigeria		3.2
Benin Government Bond	Benin		3.1
Republic of Iraq	Iraq		3.1
Dominican Republic Government Bond	Dominican Republic		2.8
Total			47.3	%

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 Global Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.5%
BELGIUM - 1.4%
Groupe Bruxelles Lambert NV(1)		348		$	29,679
BRAZIL - 0.1%
Telefonica Brasil SA, ADR		436			3,304
CANADA - 0.8%
Imperial Oil Ltd.		316			16,085
CHINA - 3.5%
Alibaba Group Holding Ltd.*(1)		5,405			68,743
NXP Semiconductors NV		12			2,296
					71,039
FRANCE - 7.9%
Danone SA(1)		1,613			100,304
Sodexo SA(1)		303			29,590
TotalEnergies SE(1)		551			32,533
					162,427
GERMANY - 5.3%
Daimler Truck Holding AG*(1)		730			24,661
HeidelbergCement AG(1)		1,153			84,130
					108,791
JAPAN - 1.0%
Nintendo Co. Ltd.(1)		518			20,092
NETHERLANDS - 6.2%
ING Groep NV(1)		1,551			18,458
Koninklijke Philips NV(1)		2,941			53,688
Shell plc(1)		1,937			55,481
					127,627
SOUTH KOREA - 4.8%
Samsung Electronics Co. Ltd.(1)		1,979			98,148
SWITZERLAND - 12.3%
Cie Financiere Richemont SA(1)		402			64,471
Novartis AG(1)		1,069			98,112
Swatch Group AG (The)(1)		13			4,364
UBS Group AG(1)		4,014			84,755
					251,702
UNITED KINGDOM - 8.9%
BAE Systems plc(1)		5,299			64,243
Compass Group plc(1)		3,251			81,745
Lloyds Banking Group plc(1)		61,823			36,472
					182,460
UNITED STATES - 42.3%
Advance Auto Parts, Inc.		88			10,757
Alphabet, Inc., Class A*		811			84,090
American Express Co.		381			62,835
Bank of New York Mellon Corp. (The)		1,809			82,189
Berkshire Hathaway, Inc., Class B*		241			74,318
Charles Schwab Corp. (The)		182			9,529
Citigroup, Inc.		1,254			58,812
Dentsply Sirona, Inc.		1,003			39,384
Elevance Health, Inc.		180			82,901
Expedia Group, Inc.*		366			35,518
Lam Research Corp.		82			43,542
Marsh & McLennan Cos., Inc.		315			52,396
Meta Platforms, Inc., Class A*		424			89,916
Progressive Corp. (The)		387			55,348
UNITED STATES (CONTINUED)
Sensata Technologies Holding plc		470			23,529
Southwest Airlines Co.		977			31,780
Willis Towers Watson plc		130			30,153
					866,997
Total common stocks (Cost $1,481,817)					1,938,351
SHORT-TERM INVESTMENT - 4.3%
INVESTMENT COMPANY - 4.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $87,500)		87,500			87,500
Total investments - 98.8% (Cost $1,569,317)					2,025,851
Other assets less liabilities - 1.2%					25,456
Total net assets - 100.0%#				$	2,051,307

⁽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 $1,049,669, or 51.2% 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		$	197,402		9.7	%
Consumer Discretionary			295,188		14.6
Consumer Staples			100,304		5.0
Energy			104,099		5.1
Financials			594,944		29.4
Health Care			274,085		13.5
Industrials			144,213		7.1
Information Technology			143,986		7.1
Materials			84,130		4.2
Short-Term Investment			87,500		4.3
Total investments		$	2,025,851		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	16,085		0.8	%
CHF			251,702		12.4
EUR			373,043		18.4
GBP			237,941		11.7
HKD			68,743		3.4
JPY			20,092		1.0
KRW			98,148		4.8
USD			960,097		47.5
Total investments		$	2,025,851		100.0	%

26 Artisan Partners Funds

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Danone SA		France		4.9	%
Samsung Electronics Co. Ltd.		South Korea		4.8
Novartis AG		Switzerland		4.8
Meta Platforms, Inc.		United States	��	4.4
UBS Group AG		Switzerland		4.1
HeidelbergCement AG		Germany		4.1
Alphabet, Inc.		United States		4.1
Elevance Health, Inc.		United States		4.0
Bank of New York Mellon Corp. (The)		United States		4.0
Compass Group plc		United Kingdom		4.0
Total				43.2	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 27

Artisan High Income Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Principal amount, shares and values in thousands and reported in USD unless otherwise stated

	Principal Amount			Value
CORPORATE BONDS - 75.7%
AEROSPACE & DEFENSE - 1.0%
Bombardier, Inc.
6.00%, 2/15/2028(1)(2)		$	34,907		$	33,991
7.13%, 6/15/2026(1)(2)			8,689			8,720
7.88%, 4/15/2027(1)(2)			21,867			22,137
TransDigm, Inc. 4.63%, 1/15/2029			1,123			998
						65,846
AUTOMOBILE COMPONENTS - 0.1%
Patrick Industries, Inc. 4.75%, 5/1/2029(1)			7,361			6,387
BROADLINE RETAIL - 2.0%
Millennium Escrow Corp. 6.63%, 8/1/2026(1)			9,223			5,995
Nordstrom, Inc.
4.00%, 3/15/2027			14,636			12,368
4.25%, 8/1/2031			21,278			15,214
4.38%, 4/1/2030			48,672			37,697
5.00%, 1/15/2044			98,226			61,771
						133,045
BUILDING PRODUCTS - 0.4%
Eco Material Technologies, Inc. 7.88%, 1/31/2027(1)			22,571			21,411
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(1)			4,674			4,131
9.75%, 7/15/2028(1)			6,233			5,953
						31,495
CAPITAL MARKETS - 0.6%
AG Issuer LLC 6.25%, 3/1/2028(1)			46,621			42,001
CHEMICALS - 2.9%
Consolidated Energy Finance SA 5.63%, 10/15/2028(1)(2)			18,333			15,770
Iris Holding, Inc. 10.00%, 12/15/2028(1)			39,938			29,331
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029(1)			9,167			7,708
Methanex Corp.
5.13%, 10/15/2027(2)			28,114			26,496
5.25%, 12/15/2029(2)			87,023			81,348
5.65%, 12/1/2044(2)			4,854			3,978
SK Invictus Intermediate II SARL 5.00%, 10/30/2029(1)			33,914			28,157
						192,788
COMMERCIAL SERVICES & SUPPLIES - 1.1%
Neptune Bidco US, Inc. 9.29%, 4/15/2029(1)			75,956			70,419
CONSTRUCTION & ENGINEERING - 0.4%
Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028(1)			32,372			29,863
CONSUMER FINANCE - 2.2%
VistaJet Malta Finance plc
6.38%, 2/1/2030(1)(2)			118,921			105,987
7.88%, 5/1/2027(1)(2)			38,637			37,359
						143,346
CONTAINERS & PACKAGING - 0.3%
Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030(1)			14,001			12,723
Sealed Air Corp. 5.00%, 4/15/2029(1)			4,853			4,560
						17,283
DISTRIBUTORS - 0.1%
American Builders & Contractors Supply Co., Inc. 3.88%, 11/15/2029(1)			3,956			3,378
Ritchie Bros Holdings, Inc.
6.75%, 3/15/2028(1)(2)			2,485			2,559
7.75%, 3/15/2031(1)(2)			5,798			6,077
						12,014
DIVERSIFIED REITS - 1.2%
Global Net Lease, Inc. 3.75%, 12/15/2027(1)			53,117			42,027
Necessity Retail REIT, Inc. (The) 4.50%, 9/30/2028(1)			31,343			23,437
Uniti Group LP 4.75%, 4/15/2028(1)			17,806			13,763
						79,227
DIVERSIFIED TELECOMMUNICATION SERVICES - 9.6%
Altice France Holding SA
6.00%, 2/15/2028(1)(2)			89,835			57,333
10.50%, 5/15/2027(1)(2)			25,971			19,868
Altice France SA
5.13%, 1/15/2029(1)(2)			8,119			6,187
5.13%, 7/15/2029(1)(2)			11,757			8,847
5.50%, 1/15/2028(1)(2)			7,974			6,551
5.50%, 10/15/2029(1)(2)			111,301			85,107
CCO Holdings LLC
4.25%, 2/1/2031(1)			87,053			71,180
4.25%, 1/15/2034(1)			24,208			18,933
4.50%, 8/15/2030(1)			81,193			68,608
4.50%, 5/1/2032			94,019			76,891
4.75%, 3/1/2030(1)			31,605			27,382
Level 3 Financing, Inc. 3.75%, 7/15/2029(1)			1,830			976
Virgin Media Finance plc 5.00%, 7/15/2030(1)(2)			106,368			87,917
Virgin Media Secured Finance plc
4.50%, 8/15/2030(1)(2)			22,046			18,955
5.50%, 5/15/2029(1)(2)			27,393			25,510
Zayo Group Holdings, Inc.
4.00%, 3/1/2027(1)			25,706			19,536
6.13%, 3/1/2028(1)			40,256			24,484
						624,265
ELECTRICAL EQUIPMENT - 1.5%
Regal Rexnord Corp.
6.05%, 2/15/2026(1)			1,768			1,776
6.05%, 4/15/2028(1)			1,773			1,774
6.30%, 2/15/2030(1)			45,574			45,889
6.40%, 4/15/2033(1)			46,270			46,298
						95,737
FOOD PRODUCTS - 1.1%
B&G Foods, Inc. 5.25%, 9/15/2027			22,683			19,451
H-Food Holdings LLC 8.50%, 6/1/2026(1)			79,712			49,300
						68,751
GROUND TRANSPORTATION - 0.1%
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029(1)			13,431			8,918
HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%
Medline Borrower LP
3.88%, 4/1/2029(1)			148,556			128,873
5.25%, 10/1/2029(1)			54,157			46,987
						175,860
HEALTH CARE PROVIDERS & SERVICES - 0.3%
HCA, Inc. 3.50%, 9/1/2030			13,738			12,236
Surgery Center Holdings, Inc. 6.75%, 7/1/2025(1)			4,677			4,627
						16,863
HOTEL & RESORT REITS - 0.4%
XHR LP 4.88%, 6/1/2029(1)			31,343			26,582
HOTELS, RESTAURANTS & LEISURE - 11.6%
Boyd Gaming Corp. 4.75%, 6/15/2031(1)			9,979			9,063
Brinker International, Inc. 5.00%, 10/1/2024(1)			25,349			24,863
Carnival Corp.
4.00%, 8/1/2028(1)			13,445			11,574
5.75%, 3/1/2027(1)			120,587			98,921
6.00%, 5/1/2029(1)			107,635			85,570
7.63%, 3/1/2026(1)			7,882			7,192
10.50%, 6/1/2030(1)			18,945			18,187

28 Artisan Partners Funds

	Principal Amount			Value
HOTELS, RESTAURANTS & LEISURE (CONTINUED)
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028(1)		$	4,169		$	4,485
Jacobs Entertainment, Inc. 6.75%, 2/15/2029(1)			14,452			12,626
Lindblad Expeditions LLC 6.75%, 2/15/2027(1)			38,037			36,823
MajorDrive Holdings IV LLC 6.38%, 6/1/2029(1)			15,964			11,820
MGM Resorts International
4.63%, 9/1/2026			4,556			4,309
4.75%, 10/15/2028			38,315			35,670
5.50%, 4/15/2027			2,370			2,299
Motion Bondco DAC 6.63%, 11/15/2027(1)(2)			15,951			14,718
NCL Corp. Ltd.
3.63%, 12/15/2024(1)			17,414			16,195
5.88%, 3/15/2026(1)			54,925			46,746
5.88%, 2/15/2027(1)			6,824			6,363
7.75%, 2/15/2029(1)			43,369			37,186
NCL Finance Ltd. 6.13%, 3/15/2028(1)			85,974			69,660
Penn Entertainment, Inc. 4.13%, 7/1/2029(1)			29,809			24,857
Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026(1)			19,431			17,439
5.38%, 7/15/2027(1)			8,553			7,618
5.50%, 8/31/2026(1)			26,365			24,666
5.50%, 4/1/2028(1)			45,565			40,229
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029(1)			17,618			15,902
Station Casinos LLC 4.63%, 12/1/2031(1)			18,032			15,228
TKC Holdings, Inc.
6.88%, 5/15/2028(1)			18,184			15,352
10.50%, 5/15/2029(1)			70,474			43,978
						759,539
HOUSEHOLD DURABLES - 0.2%
Tempur Sealy International, Inc. 3.88%, 10/15/2031(1)			18,815			15,711
INSURANCE - 13.8%
Acrisure LLC
4.25%, 2/15/2029(1)			38,045			32,433
6.00%, 8/1/2029(1)			103,814			85,784
7.00%, 11/15/2025(1)			92,121			86,338
10.13%, 8/1/2026(1)			48,540			48,268
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(1)			2,569			2,301
5.88%, 11/1/2029(1)			20,595			17,368
6.75%, 10/15/2027(1)			23,967			22,229
Ardonagh Midco 2 plc 11.50% Cash, 12.75% PIK, 1/15/2027(1)(2)			137,607			125,222
AssuredPartners, Inc.
5.63%, 1/15/2029(1)			600			519
7.00%, 8/15/2025(1)			25,180			24,501
BroadStreet Partners, Inc. 5.88%, 4/15/2029(1)			71,268			60,273
GTCR AP Finance, Inc. 8.00%, 5/15/2027(1)			58,606			55,927
Highlands Holdings Bond Issuer Ltd. 7.63% Cash, 8.38% PIK, 10/15/2025(1)(2)			10,803			9,975
Jones Deslauriers Insurance Management, Inc.
8.50%, 3/15/2030(1)(2)			58,002			60,117
10.50%, 12/15/2030(1)(2)			39,987			40,275
NFP Corp.
4.88%, 8/15/2028(1)			26,065			23,511
6.88%, 8/15/2028(1)			230,725			197,994
Ryan Specialty Group LLC 4.38%, 2/1/2030(1)			7,254			6,343
						899,378
IT SERVICES - 1.8%
Arches Buyer, Inc. 4.25%, 6/1/2028(1)			144,065			120,402
MACHINERY - 1.1%
Chart Industries, Inc.
7.50%, 1/1/2030(1)			17,696			18,284
9.50%, 1/1/2031(1)			11,556			12,191
Werner FinCo LP
8.75%, 7/15/2025(1)			46,856			37,953
						68,428
MEDIA - 5.2%
CMG Media Corp. 8.88%, 12/15/2027(1)			15,947			12,056
CSC Holdings LLC
4.50%, 11/15/2031(1)			8,967			6,465
4.63%, 12/1/2030(1)			103,809			51,188
5.25%, 6/1/2024			15,676			15,127
5.38%, 2/1/2028(1)			6,632			5,434
6.50%, 2/1/2029(1)			17,361			14,419
7.50%, 4/1/2028(1)			57,856			36,883
Sinclair Television Group, Inc.
5.13%, 2/15/2027(1)			49,796			43,572
5.50%, 3/1/2030(1)			89,825			71,423
UPC Holding BV 5.50%, 1/15/2028(1)(2)			2,960			2,651
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028(1)(2)			17,967			15,968
Ziggo Bond Co. BV
5.13%, 2/28/2030(1)(2)			17,989			14,464
6.00%, 1/15/2027(1)(2)			27,070			24,975
Ziggo BV 4.88%, 1/15/2030(1)(2)			24,246			20,670
						335,295
METALS & MINING - 1.2%
Commercial Metals Co.
3.88%, 2/15/2031			3,702			3,137
4.13%, 1/15/2030			12,069			10,653
4.38%, 3/15/2032			9,714			8,356
Compass Minerals International, Inc.
4.88%, 7/15/2024(1)			10,392			9,869
6.75%, 12/1/2027(1)			52,402			49,889
						81,904
OIL, GAS & CONSUMABLE FUELS - 4.4%
Callon Petroleum Co.
8.00%, 8/1/2028(1)			100,156			99,224
8.25%, 7/15/2025			3,197			3,175
CrownRock LP 5.00%, 5/1/2029(1)			27,759			25,861
MEG Energy Corp. 5.88%, 2/1/2029(1)(2)			36,407			35,068
SM Energy Co.
5.63%, 6/1/2025			8,964			8,692
6.50%, 7/15/2028			21,535			20,550
6.63%, 1/15/2027			4,218			4,052
Strathcona Resources Ltd. 6.88%, 8/1/2026(1)(2)			36,563			29,065
Sunnova Energy Corp. 5.88%, 9/1/2026(1)			39,151			33,181
Vital Energy, Inc. 7.75%, 7/31/2029(1)			33,865			28,249
						287,117
PAPER & FOREST PRODUCTS - 0.4%
Ahlstrom-Munksjo Holding 3 Oy 4.88%, 2/4/2028(1)(2)			31,208			26,393
PASSENGER AIRLINES - 1.5%
Delta Air Lines, Inc.
3.75%, 10/28/2029			47,512			41,902
4.38%, 4/19/2028			9,849			9,151
7.38%, 1/15/2026			45,892			47,752
						98,805
PERSONAL CARE PRODUCTS - 1.4%
BellRing Brands, Inc. 7.00%, 3/15/2030(1)			74,249			75,212
Prestige Brands, Inc. 3.75%, 4/1/2031(1)			22,886			19,398
						94,610
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%
Realogy Group LLC 5.75%, 1/15/2029(1)			36,031			26,968
SOFTWARE - 0.2%
Castle US Holding Corp. 9.50%, 2/15/2028(1)			25,953			10,543
SPECIALIZED REITS - 0.2%
Iron Mountain, Inc.
5.00%, 7/15/2028(1)			2,053			1,910
5.25%, 7/15/2030(1)			16,023			14,448
						16,358

Artisan Partners Funds 29

	Principal Amount			Value
SPECIALTY RETAIL - 3.0%
Asbury Automotive Group, Inc. 4.63%, 11/15/2029(1)		$	26,140		$	23,395
Bath & Body Works, Inc.
6.63%, 10/1/2030(1)			8,990			8,764
6.75%, 7/1/2036			10,276			9,186
6.88%, 11/1/2035			25,606			23,083
Evergreen Acqco 1 LP 9.75%, 4/26/2028(1)			17,739			16,852
Gap, Inc. (The)
3.63%, 10/1/2029(1)			36,863			26,291
3.88%, 10/1/2031(1)			25,350			17,590
Specialty Building Products Holdings LLC 6.38%, 9/30/2026(1)			19,052			17,509
SRS Distribution, Inc.
6.00%, 12/1/2029(1)			51,705			42,691
6.13%, 7/1/2029(1)			2,941			2,482
						187,843
TRADING COMPANIES & DISTRIBUTORS - 0.7%
Superior Plus LP
4.25%, 5/18/2028(1)(2)		CAD	6,705			4,388
4.50%, 3/15/2029(1)(2)			2,125			1,897
United Rentals North America, Inc. 6.00%, 12/15/2029(1)			35,753			36,245
						42,530
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
Vmed O2 UK Financing I plc 4.25%, 1/31/2031(1)(2)			42,712			36,339
Total corporate bonds (Cost $5,552,569)						4,948,853
BANK LOANS - 14.4%
AUTOMOBILE COMPONENTS - 0.7%
Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.32%, 5/11/2028(3)			65,009			45,688
CAPITAL MARKETS - 0.2%
Aretec Group, Inc. Term Loan TBD, 3/8/2030			16,166			15,873
CHEMICALS - 0.2%
CPC Acquisition Corp. First Lien Term Loan (SOFR + 3.75%), 8.91%, 12/29/2027(3)			21,058			15,962
COMMERCIAL SERVICES - 2.2%
Ankura Consulting Group LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), 13.10%, 3/19/2029(3)			17,830			14,576
Digital Room Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.25%), 10.09%, 12/21/2028(3)			28,908			25,692
Employbridge Holding Co. Term Loan B
(ICE LIBOR USD 3 Month + 4.75%), 9.91%, 7/19/2028(3)			396			330
(ICE LIBOR USD 3 Month + 4.75%), 9.93%, 7/19/2028(3)			51,690			42,989
National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (SOFR + 7.50%), 12.08%, 5/26/2026(3)			7,320			7,174
New SK Holdco Sub LLC Term Loan (SOFR + 8.25%), 13.11%, 6/30/2027(3)			66,934			54,114
						144,875
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Neptune BidCo US, Inc. First Lien Term Loan B (SOFR + 5.00%), 9.74%, 4/11/2029(3)			24,313			21,821
COMMUNICATIONS EQUIPMENT - 0.5%
Delta Topco, Inc. Second Lien Term Loan (SOFR + 7.25%), 12.16%, 12/1/2028(3)			35,575			30,150
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Zayo Group Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 3/9/2027(3)			22,350			18,096
ELECTRICAL EQUIPMENT - 0.3%
Indicor LLC First Lien Term Loan (SOFR + 4.50%), 8.93%, 11/22/2029(3)			16,199			16,054
FOOD SERVICE - 1.1%
TKC Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 5.50%), 10.34%, 5/15/2028(3)			68,143			57,354
TKC Midco 1 LLC Term Loan 12.00% Cash, 13.50% PIK, 2/15/2027			19,207			11,044
						68,398
HEALTHCARE-SERVICES - 0.5%
Surgery Center Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.46%, 8/31/2026(3)			29,988			29,770
HOTELS, RESTAURANTS & LEISURE - 0.2%
J&J Ventures Gaming LLC Term Loan (ICE LIBOR USD 3 Month + 4.00%), 9.16%, 4/26/2028(3)			13,376			12,914
HOUSEHOLD PRODUCTS/WARES - 0.0%^
VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 7/21/2028(3)			2,951			2,792
INSURANCE - 1.5%
Amynta Agency Borrower, Inc. Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 9.99%, 2/28/2028(3)			101,719			97,370
INVESTMENT COMPANIES - 0.8%
Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 11.09%, 11/5/2029(3)			59,570			52,124
IT SERVICES - 0.1%
Arches Buyer, Inc. Term Loan (SOFR + 3.25%), 8.16%, 12/6/2027(3)			8,762			8,235
RETAIL - 0.2%
Fogo De Chao, Inc. Term Loan (SOFR + 4.25%), 9.09%, 4/7/2025(3)			12,949			12,582
SOFTWARE - 4.5%
Applied Systems, Inc. Second Lien Term Loan (SOFR + 6.75%), 11.65%, 9/17/2027(3)			19,852			19,818
Castle US Holding Corp. Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 1/29/2027(3)			4,875			3,177
CommerceHub, Inc. Second Lien Term Loan (SOFR + 7.00%), 11.78%, 12/29/2028(3)			10,610			8,583
Constant Contact, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 12.31%, 2/12/2029(3)			28,018			22,508
Ivanti Software, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 12.21%, 12/1/2028(3)			6,435			3,784
Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 10.06%, 3/1/2029(3)			21,001			16,521
Orchid Merger Sub II LLC Term Loan (SOFR + 4.75%), 9.80%, 7/27/2027(3)			24,263			19,653
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 11.84%, 5/29/2026(3)			36,536			35,636
Renaissance Learning, Inc. Term Loan (SOFR + 4.75%), 9.73%, 3/15/2030(3)(4)			61,606			59,825
UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 10.03%, 5/3/2027(3)			74,902			71,569
Virgin Pulse, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 4/6/2028(3)			34,709			28,440
						289,514
TELECOMMUNICATIONS - 0.3%
Gridiron Fiber Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.66%, 10/4/2028(3)			23,607			22,131
TRANSPORTATION - 0.5%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 10.13%, 8/4/2025(3)			26,552			24,109
(ICE LIBOR USD 3 Month + 5.50%), 10.23%, 8/4/2025(3)			534			485
(ICE LIBOR USD 3 Month + 5.50%), 10.33%, 8/4/2025(3)			5,986			5,435
(ICE LIBOR USD 3 Month + 5.50%), 10.45%, 8/4/2025(3)			4,728			4,293
						34,322
Total bank loans (Cost $1,051,683)						938,671

30 Artisan Partners Funds

	Shares Held		Value
COMMON STOCK - 0.3%
MACHINERY - 0.3%
Utex Equity (Cost $10,178)*(4)(5)		364		$	23,173
	No. of Warrants
WARRANTS - 0.0%
FINANCIAL SERVICES - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $–)*(4)(5)		71			–
	Shares Held
SHORT-TERM INVESTMENT - 7.3%
INVESTMENT COMPANY - 7.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $477,634)		477,634			477,634
Total investments - 97.7% (Cost $7,092,064)					6,388,331
Other assets less liabilities - 2.3%					146,576
Total net assets - 100.0%#				$	6,534,907

⁽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	USD
Altice France Holding SA, 6.00%, 2/15/2028	Luxembourg	USD
Altice France Holding SA, 10.50%, 5/15/2027	Luxembourg	USD
Altice France SA, 5.13%, 1/15/2029	France	USD
Altice France SA, 5.13%, 7/15/2029	France	USD
Altice France SA, 5.50%, 1/15/2028	France	USD
Altice France SA, 5.50%, 10/15/2029	France	USD
Ardonagh Midco 2 plc, 11.50%, 1/15/2027	United Kingdom	USD
Bombardier, Inc., 6.00%, 2/15/2028	Canada	USD
Bombardier, Inc., 7.13%, 6/15/2026	Canada	USD
Bombardier, Inc., 7.88%, 4/15/2027	Canada	USD
Consolidated Energy Finance SA, 5.63%, 10/15/2028	Switzerland	USD
Highlands Holdings Bond Issuer Ltd., 7.63%, 10/15/2025	Bermuda	USD
Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/2030	Canada	USD
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/2030	Canada	USD
MEG Energy Corp., 5.88%, 2/1/2029	Canada	USD
Methanex Corp., 5.13%, 10/15/2027	Canada	USD
Methanex Corp., 5.25%, 12/15/2029	Canada	USD
Methanex Corp., 5.65%, 12/1/2044	Canada	USD
Motion Bondco DAC, 6.63%, 11/15/2027	United Kingdom	USD
Ritchie Bros Holdings, Inc., 6.75%, 3/15/2028	Canada	USD
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031	Canada	USD
Strathcona Resources Ltd., 6.88%, 8/1/2026	Canada	USD
Superior Plus LP, 4.25%, 5/18/2028	Canada	CAD
Superior Plus LP, 4.50%, 3/15/2029	Canada	USD
UPC Holding BV, 5.50%, 1/15/2028	Netherlands	USD
Virgin Media Finance plc, 5.00%, 7/15/2030	United Kingdom	USD
Virgin Media Secured Finance plc, 4.50%, 8/15/2030	United Kingdom	USD
Virgin Media Secured Finance plc, 5.50%, 5/15/2029	United Kingdom	USD
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028	United Kingdom	USD
VistaJet Malta Finance plc, 6.38%, 2/1/2030	Switzerland	USD
VistaJet Malta Finance plc, 7.88%, 5/1/2027	Switzerland	USD
Vmed O2 UK Financing I plc, 4.25%, 1/31/2031	United Kingdom	USD
Ziggo Bond Co. BV, 5.13%, 2/28/2030	Netherlands	USD
Ziggo Bond Co. BV, 6.00%, 1/15/2027	Netherlands	USD
Ziggo BV, 4.88%, 1/15/2030	Netherlands	USD

⁽³⁾ Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

⁽⁴⁾ 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 $82,998, or 1.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁵⁾ Defaulted securities.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,036,126		16.2	%
Consumer Discretionary			1,185,723		18.6
Consumer Staples			234,551		3.7
Energy			287,117		4.5
Financials			1,304,206		20.4
Health Care			222,493		3.5
Industrials			698,172		10.9
Information Technology			458,844		7.2
Materials			334,330		5.2
Real Estate			149,135		2.3
Short-Term Investment			477,634		7.5
Total investments		$	6,388,331		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	4,388		0.1	%
USD			6,383,943		99.9
Total investments		$	6,388,331		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Depreciation
USD	4,355		CAD	5,956	BOA		5/23/2023		$	(55	)
Total unrealized depreciation										(55	)

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
CCO Holdings LLC		United States		4.0	%
Acrisure LLC		United States		3.9
NFP Corp.		United States		3.4
Carnival Corp.		United States		3.4
Medline Borrower LP		United States		2.7
VistaJet Malta Finance plc		Switzerland		2.2
CSC Holdings LLC		United States		2.0
Nordstrom, Inc.		United States		1.9
Ardonagh Midco 2 plc		United Kingdom		1.9
Arches Buyer, Inc.		United States		1.8
Total				27.2	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 31

Artisan International Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%
BELGIUM - 1.9%
UCB SA(1)		1,195		$	106,869
CANADA - 2.0%
Canadian Pacific Railway Ltd.		1,042			80,263
Kinaxis, Inc.*		196			26,935
					107,198
CHINA - 9.3%
Alibaba Group Holding Ltd., ADR*		2,108			215,395
ANTA Sports Products Ltd.(1)		4,881			71,006
China Tourism Group Duty Free Corp. Ltd., Class A(1)		2,641			70,930
Tencent Holdings Ltd.(1)		515			25,165
Tencent Holdings Ltd., ADR(7)		803			39,270
Wuliangye Yibin Co. Ltd., Class A(1)		3,154			90,184
					511,950
DENMARK - 6.5%
Ascendis Pharma A/S, ADR*		709			76,054
Carlsberg A/S, Class B(1)		644			99,642
Danske Bank A/S*(1)		790			15,887
Novo Nordisk A/S, ADR		160			25,505
Novo Nordisk A/S, Class B(1)		876			139,047
					356,135
FRANCE - 10.8%
Air Liquide SA(1)		1,238			207,480
Airbus SE(1)		603			80,782
BNP Paribas SA(1)		1,699			101,633
LVMH Moet Hennessy Louis Vuitton SE(1)		140			128,254
Pernod Ricard SA(1)		192			43,615
Safran SA(1)		214			31,782
					593,546
GERMANY - 12.5%
Allianz SE(1)		569			131,411
Deutsche Boerse AG(1)		1,247			242,767
Deutsche Telekom AG(1)		10,246			248,169
Dr Ing hc F Porsche AG (Preference)*(1)		534			68,386
					690,733
HONG KONG - 1.1%
AIA Group Ltd.(1)		5,588			58,715
IRELAND - 2.4%
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)		8,314			134,247
ITALY - 0.7%
Intesa Sanpaolo SpA(1)		15,684			40,366
JAPAN - 3.8%
Daiichi Sankyo Co. Ltd.(1)		5,660			206,557
MACAU - 1.1%
Galaxy Entertainment Group Ltd.*(1)		4,827			32,088
Sands China Ltd.*(1)		8,704			30,379
					62,467
NETHERLANDS - 5.6%
Adyen NV*(1)(4)		20			31,057
Argenx SE, ADR*		355			132,105
ING Groep NV(1)		4,915			58,472
Shell plc(1)		3,068			87,857
					309,491
RUSSIA - 0.0%
MMC Norilsk Nickel PJSC, ADR*(1)(5)(6)		4,881			–
Sberbank of Russia PJSC*(1)(5)(6)		38,445			–
					–
SINGAPORE - 2.3%
DBS Group Holdings Ltd.(1)		2,539			63,093
United Overseas Bank Ltd.(1)		2,862			64,218
					127,311
SPAIN - 1.2%
Ferrovial SA(1)		2,172			63,892
SWITZERLAND - 8.1%
Alcon, Inc.(1)		1,381			97,985
Barry Callebaut AG(1)		11			23,483
Cie Financiere Richemont SA(1)		749			120,114
Medacta Group SA(1)(4)		304			33,076
UBS Group AG(1)		8,099			171,022
					445,680
TAIWAN - 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd.(1)		2,919			51,713
UNITED KINGDOM - 7.8%
AstraZeneca plc, ADR		909			63,115
AstraZeneca plc(1)		416			57,740
BAE Systems plc(1)		5,485			66,501
Barclays plc(1)		32,636			58,925
Diageo plc(1)		2,647			118,145
Unilever plc(1)		1,269			65,733
					430,159
UNITED STATES - 18.0%
Amazon.com, Inc.*		1,311			135,439
Aon plc, Class A		521			164,146
ICON plc*		267			57,074
Linde plc		742			263,896
Nestle SA(1)		1,867			227,882
Schlumberger Ltd.		2,940			144,345
					992,782
Total common stocks and equity-linked security (Cost $4,409,366)					5,289,811
SHORT-TERM INVESTMENT - 4.4%
INVESTMENT COMPANY - 4.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%(8) (Cost $245,272)		245,272			245,272
Total investments - 100.4% (Cost $4,654,638)					5,535,083
Other assets less liabilities - (0.4)%					(21,332	)
Total net assets - 100.0%#				$	5,513,751

⁽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 $3,866,269, or 70.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

32 Artisan Partners Funds

⁽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 - 11/08/2022		$	92,560		$	134,247		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⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $64,133 or 1.20% of net assets.

⁽⁵⁾ Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁶⁾ Security is restricted.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
MMC Norilsk Nickel PJSC		11/09/2020 - 01/14/2022		$	151,723		$	–		0.0	%
Sberbank of Russia PJSC		09/16/2021 - 02/11/2022			159,810			–		0.0	%

⁽⁷⁾ All or a portion of security is on loan at March 31, 2023.

⁽⁸⁾ Security is partially used as collateral for securities lending. At March 31, 2023, the Portfolio had loaned securities with a total value of $34,159. This was collateralized by cash of $35,578 which was subsequently invested in an investment company.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	312,604		5.6	%
Consumer Discretionary			871,991		15.8
Consumer Staples			668,684		12.1
Energy			232,202		4.2
Financials			1,201,712		21.7
Health Care			995,127		18.0
Industrials			457,467		8.3
Information Technology			78,648		1.4
Materials			471,376		8.5
Short-Term Investment			245,272		4.4
Total investments		$	5,535,083		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	107,198		1.9	%
CHF			673,562		12.2
CNY			161,114		2.9
DKK			254,576		4.6
EUR			1,584,935		28.6
GBP			454,901		8.3
HKD			217,353		4.0
JPY			206,557		3.7
RUB			0		0.0
SGD			127,311		2.3
TWD			51,713		0.9
USD			1,695,863		30.6
Total investments		$	5,535,083		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Linde plc		United States		4.8	%
Deutsche Telekom AG		Germany		4.5
Deutsche Boerse AG		Germany		4.4
Nestle SA		United States		4.1
Alibaba Group Holding Ltd.		China		3.9
Air Liquide SA		France		3.8
Daiichi Sankyo Co. Ltd.		Japan		3.8
UBS Group AG		Switzerland		3.1
Novo Nordisk A/S		Denmark		3.0
Aon plc		United States		3.0
Total				38.4	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 33

Artisan International Explorer Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 85.3%
ARGENTINA - 5.2%
Despegar.com Corp.*		378		$	2,319
AUSTRALIA - 4.1%
Steadfast Group Ltd.(1)		469			1,837
CANADA - 6.5%
ATS Corp.*		55			2,316
Knight Therapeutics, Inc.*		104			337
Real Matters, Inc.*		70			253
					2,906
CHINA - 1.7%
China Isotope & Radiation Corp.(1)		350			738
DENMARK - 1.0%
ALK-Abello A/S, Class B*(1)		29			453
FRANCE - 2.3%
Alten SA(1)		6			1,025
GERMANY - 5.1%
AlzChem Group AG(1)		43			898
Hensoldt AG(1)		38			1,365
					2,263
INDIA - 2.3%
Care Ratings Ltd.(1)		133			1,041
INDONESIA - 3.5%
Mitra Adiperkasa Tbk. PT*(1)		15,469			1,559
IRELAND - 5.0%
Glenveagh Properties plc*(1)(2)		2,028			2,201
ITALY - 1.0%
Enav SpA(1)(2)		107			448
JAPAN - 10.8%
Horiba Ltd.(1)		17			1,019
NexTone, Inc.*(1)		16			382
Sato Holdings Corp.(1)		113			1,874
Zuken, Inc.(1)		60			1,550
					4,825
MEXICO - 3.3%
Qualitas Controladora SAB de CV		229			1,463
NORWAY - 1.0%
Sikri Group ASA*(1)		575			445
SOUTH AFRICA - 2.5%
Bid Corp. Ltd.(1)		22			486
Famous Brands Ltd.(1)		170			623
					1,109
SOUTH KOREA - 2.2%
Vitzrocell Co. Ltd.(1)		71			975
SWITZERLAND - 1.4%
Medmix AG(1)(2)		30			617
UNITED KINGDOM - 20.2%
Essentra plc(1)		314			750
IDOX plc(1)		1,834			1,416
IQE plc*(1)		1,575			526
LSL Property Services plc(1)		159			534
Luxfer Holdings plc		57			958
M&C Saatchi plc*(1)		1,841			4,374
Oxford Biomedica plc*(1)		82			442
					9,000
UNITED STATES - 6.2%
Impro Precision Industries Ltd.(1)(2)		4,122			1,524
Signify NV(1)(2)		37			1,226
					2,750
Total common stocks (Cost $34,372)					37,974
SHORT-TERM INVESTMENTS - 14.3%
INVESTMENT COMPANIES - 14.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%		2,165			2,165
Federated Treasury Obligations Fund - Institutional Class, 4.67%		2,102			2,102
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%		2,101			2,101
Total investment companies (Cost $6,368)					6,368
Total investments - 99.6% (Cost $40,740)					44,342
Other assets less liabilities - 0.4%					186
Total net assets - 100.0%#				$	44,528

⁽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 $30,328, or 68.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $6,016 or 13.5% of net assets.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	4,756		10.7	%
Consumer Discretionary			6,702		15.1
Consumer Staples			486		1.1
Financials			4,341		9.8
Health Care			2,587		5.8
Industrials			10,686		24.1
Information Technology			5,981		13.5
Materials			1,648		3.7
Real Estate			787		1.8
Short-Term Investments			6,368		14.4
Total investments		$	44,342		100.0	%

34 Artisan Partners Funds

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
AUD		$	1,837		4.1	%
CAD			2,906		6.6
CHF			617		1.4
DKK			453		1.0
EUR			7,163		16.2
GBP			8,042		18.1
HKD			2,262		5.1
IDR			1,559		3.5
INR			1,041		2.3
JPY			4,825		10.9
KRW			975		2.2
MXN			1,463		3.3
NOK			445		1.0
USD			9,645		21.8
ZAR			1,109		2.5
Total investments		$	44,342		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
M&C Saatchi plc		United Kingdom		9.8	%
Despegar.com Corp.		Argentina		5.2
ATS Corp.		Canada		5.2
Glenveagh Properties plc		Ireland		5.0
Sato Holdings Corp.		Japan		4.2
Steadfast Group Ltd.		Australia		4.1
Mitra Adiperkasa Tbk. PT		Indonesia		3.5
Zuken, Inc.		Japan		3.5
Impro Precision Industries Ltd.		United States		3.4
Qualitas Controladora SAB de CV		Mexico		3.3
Total				47.2	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 35

Artisan International Small-Mid Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.8%
BELGIUM - 0.7%
Azelis Group NV(1)		1,181		$	29,991
BRAZIL - 1.2%
Hapvida Participacoes e Investimentos SA*(2)		14,978			7,772
Rumo SA		6,596			24,530
Vibra Energia SA		8,308			23,818
					56,120
CANADA - 5.7%
Altus Group Ltd.		954			40,499
CAE, Inc.*		3,362			76,020
Descartes Systems Group, Inc. (The)*		359			28,941
Kinaxis, Inc.*		333			45,748
Lightspeed Commerce, Inc.*		2,680			40,756
Whitecap Resources, Inc.		2,787			21,551
					253,515
CHINA - 0.1%
Jacobio Pharmaceuticals Group Co. Ltd.*(1)(2)		5,303			4,946
COSTA RICA - 0.3%
Establishment Labs Holdings, Inc.*		171			11,568
DENMARK - 6.8%
ALK-Abello A/S, Class B*(1)		1,239			19,139
Ambu A/S, Class B*(1)		4,583			68,824
Carlsberg A/S, Class B(1)		176			27,152
DSV A/S(1)		192			37,083
FLSmidth & Co. A/S(1)		773			29,520
Genmab A/S*(1)		130			48,988
Royal Unibrew A/S(1)		286			24,882
Tryg A/S(1)		665			14,529
Vestas Wind Systems A/S(1)		904			26,205
Zealand Pharma A/S*(1)		263			8,218
					304,540
FINLAND - 2.5%
Metso Outotec OYJ(1)		9,170			100,019
Revenio Group OYJ(1)		255			10,704
					110,723
FRANCE - 2.5%
Gaztransport Et Technigaz SA(1)		331			33,958
Lectra(1)		1,430			56,501
Ubisoft Entertainment SA*(1)		801			21,224
					111,683
GERMANY - 5.8%
AIXTRON SE(1)		2,391			80,977
Carl Zeiss Meditec AG(1)		166			23,057
Duerr AG(1)		797			28,551
Gerresheimer AG(1)		732			72,407
Hamburger Hafen und Logistik AG(1)		1,153			14,232
Symrise AG, Class A(1)		358			38,846
					258,070
ICELAND - 0.5%
Ossur HF*(1)		4,573			20,634
INDIA - 2.7%
IndiaMart InterMesh Ltd.(1)(2)		443			27,158
PB Fintech Ltd.*(1)		2,993			23,319
WNS Holdings Ltd., ADR*		767			71,444
					121,921
ISRAEL - 7.0%
Kornit Digital Ltd.*		2,348			45,457
Nice Ltd., ADR*		878			200,916
Radware Ltd.*		1,789			38,532
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(1)		197			11,717
Tel Aviv Stock Exchange Ltd.*(1)		3,931			17,199
					313,821
ITALY - 1.6%
Davide Campari-Milano NV(1)		2,908			35,468
Moncler SpA(1)		521			36,019
					71,487
JAPAN - 12.9%
Azbil Corp.(1)		2,332			63,800
Carenet, Inc.(1)(3)		2,696			22,094
CKD Corp.(1)(3)		3,769			61,451
Daikokutenbussan Co. Ltd.(1)(3)		793			30,070
en Japan, Inc.(1)		604			10,404
Fujitec Co. Ltd.(1)		880			21,883
GMO Financial Gate, Inc.(1)		275			20,774
Jeol Ltd.(1)		585			18,884
Kobe Bussan Co. Ltd.(1)		458			12,789
Lion Corp.(1)		1,434			15,490
Money Forward, Inc.*(1)		805			28,100
Morinaga Milk Industry Co. Ltd.(1)		794			28,529
NOF Corp.(1)		649			30,295
Rohm Co. Ltd.(1)		686			57,152
Rohto Pharmaceutical Co. Ltd.(1)		1,136			23,738
SCSK Corp.(1)		589			8,607
SG Holdings Co. Ltd.(1)		3,762			55,747
Sosei Group Corp.*(1)		381			6,520
Temairazu, Inc.(1)		310			11,086
Toshiba Corp.(1)		1,078			36,128
Ubicom Holdings, Inc.(1)(3)		807			12,675
					576,216
MEXICO - 0.2%
Qualitas Controladora SAB de CV		1,443			9,212
NETHERLANDS - 2.2%
IMCD NV(1)		372			60,904
Koninklijke DSM NV(1)		302			35,662
Merus NV*		89			1,639
					98,205
SWEDEN - 3.7%
AAK AB(1)		1,370			24,803
Fortnox AB(1)		8,856			60,763
Swedish Orphan Biovitrum AB*(1)		3,507			81,748
					167,314
SWITZERLAND - 6.0%
Alcon, Inc.(1)		1,155			81,979
Baloise Holding AG(1)		260			40,623
Barry Callebaut AG(1)		22			47,440
Belimo Holding AG(1)		81			38,902
Burckhardt Compression Holding AG(1)		66			41,095
Tecan Group AG(1)		44			19,454
					269,493
THAILAND - 1.4%
Fabrinet*		527			62,566
UNITED KINGDOM - 15.7%
Alphawave IP Group plc*(1)		17,509			25,327
Balfour Beatty plc(1)		7,272			33,421

36 Artisan Partners Funds

	Shares Held		Value
UNITED KINGDOM (CONTINUED)
boohoo Group plc*(1)		10,440		$	7,705
Britvic plc(1)		2,945			32,445
ConvaTec Group plc(1)(2)		36,176			102,105
Croda International plc(1)		182			14,596
Howden Joinery Group plc(1)		7,069			61,101
JD Sports Fashion plc(1)		14,639			32,230
JET2 plc(1)		5,511			89,438
Oxford Biomedica plc*(1)		1,531			8,224
Rotork plc(1)		15,310			59,678
RS Group plc(1)		4,859			54,951
Smiths Group plc(1)		1,588			33,648
Spirax-Sarco Engineering plc(1)		337			49,389
St. James’s Place plc(1)		3,051			45,713
Subsea 7 SA(1)		2,322			27,530
Trainline plc*(1)(2)		8,181			25,016
					702,517
UNITED STATES - 17.3%
Agilysys, Inc.*		654			53,926
Akero Therapeutics, Inc.*		149			5,695
Alkermes plc*		1,174			33,093
Avidity Biosciences, Inc.*		1,187			18,214
BioCryst Pharmaceuticals, Inc.*		1,771			14,766
Chart Industries, Inc.*		80			10,061
CyberArk Software Ltd.*		505			74,761
Envista Holdings Corp.*		1,200			49,038
FibroGen, Inc.*		842			15,705
Glaukos Corp.*		1,163			58,246
ImmunoGen, Inc.*		1,982			7,610
Ingersoll Rand, Inc.		1,047			60,921
Inspire Medical Systems, Inc.*		69			16,213
IVERIC bio, Inc.*		194			4,718
Lantheus Holdings, Inc.*		201			16,613
Legend Biotech Corp., ADR*		650			31,344
Madrigal Pharmaceuticals, Inc.*		134			32,553
MaxCyte, Inc.*		794			3,930
Model N, Inc.*		1,581			52,927
Monday.com Ltd.*		172			24,594
Myriad Genetics, Inc.*		1,379			32,038
Pacific Biosciences of California, Inc.*		814			9,431
Relay Therapeutics, Inc.*		188			3,091
RxSight, Inc.*		1,649			27,501
Seagen, Inc.*		39			7,881
STAAR Surgical Co.*		181			11,603
ViewRay, Inc.*(3)		9,648			33,380
Wolfspeed, Inc.*		971			63,062
					772,915
Total common stocks (Cost $3,790,635)					4,327,457
SHORT-TERM INVESTMENT - 1.0%
INVESTMENT COMPANY - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $43,805)		43,805			43,805
Total investments - 97.8% (Cost $3,834,440)					4,371,262
Other assets less liabilities - 2.2%					98,346
Total net assets - 100.0%#				$	4,469,608

⁽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 $2,803,573, or 62.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $166,997 or 3.7% of net assets.

⁽³⁾ 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		$	21,224		0.5	%
Consumer Discretionary			135,874		3.1
Consumer Staples			314,523		7.2
Energy			83,039		1.9
Financials			171,369		3.9
Health Care			1,071,567		24.5
Industrials			1,289,332		29.5
Information Technology			1,080,631		24.8
Materials			119,399		2.7
Real Estate			40,499		0.9
Short-Term Investment			43,805		1.0
Total investments		$	4,371,262		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
BRL		$	56,120		1.3	%
CAD			253,515		5.8
CHF			269,493		6.2
DKK			325,174		7.4
EUR			678,520		15.5
GBP			674,987		15.4
HKD			4,946		0.1
ILS			28,916		0.7
INR			50,477		1.2
JPY			576,216		13.2
MXN			9,212		0.2
NOK			27,530		0.6
SEK			167,314		3.8
USD			1,248,842		28.6
Total investments		$	4,371,262		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Nice Ltd.		Israel		4.5	%
ConvaTec Group plc		United Kingdom		2.3
Metso Outotec OYJ		Finland		2.2
JET2 plc		United Kingdom		2.0
Alcon, Inc.		Switzerland		1.8
Swedish Orphan Biovitrum AB		Sweden		1.8
AIXTRON SE		Germany		1.8
CAE, Inc.		Canada		1.7
CyberArk Software Ltd.		United States		1.7
Gerresheimer AG		Germany		1.6
Total				21.4	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 37

ARTISAN International Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 88.7%
BELGIUM - 1.7%
Groupe Bruxelles Lambert NV(1)		5,340		$	455,989
BERMUDA - 0.4%
Voussoir RE Ltd. (preferred shares)*(1)(2)		1			102,470
BRAZIL - 0.6%
Telefonica Brasil SA, ADR		21,156			160,153
CANADA - 3.5%
Alimentation Couche-Tard, Inc.		11,476			576,968
Suncor Energy, Inc.		11,185			347,263
					924,231
CHINA - 5.0%
Alibaba Group Holding Ltd.*(1)		50,322			639,978
Anhui Conch Cement Co. Ltd., Class H(1)		51,587			179,435
Hengan International Group Co. Ltd.(1)		39,253			181,382
Trip.com Group Ltd.*(1)		8,880			335,219
					1,336,014
FINLAND - 1.6%
Nokia OYJ, ADR		67,060			329,265
Nokia OYJ(1)		17,220			84,663
					413,928
FRANCE - 10.6%
Danone SA(1)		21,127			1,313,427
Safran SA(1)		6,115			908,097
Sodexo SA(1)		5,627			549,709
Sodexo SA (Registered Shares)(1)(3)		737			72,027
					2,843,260
GERMANY - 2.8%
adidas AG(1)		2,343			413,749
Brenntag SE(1)		507			38,067
Fresenius Medical Care AG & Co. KGaA(1)		6,852			290,571
					742,387
INDIA - 3.3%
HCL Technologies Ltd.(1)		57,507			762,860
Indus Towers Ltd.(1)		69,504			121,051
					883,911
IRELAND - 3.2%
CRH plc(1)		6,760			341,660
Ryanair Holdings plc*(1)		1,846			29,802
Ryanair Holdings plc, Equity-Linked Security*(1)(4)(5)		29,333			473,656
					845,118
ITALY - 0.1%
Iveco Group NV*(1)		3,129			29,674
JAPAN - 1.9%
Nintendo Co. Ltd.(1)		5,281			204,709
Seven & i Holdings Co. Ltd.(1)		6,821			307,687
					512,396
MEXICO - 0.7%
Gruma SAB de CV, Class B		13,169			195,086
NETHERLANDS - 3.9%.
ING Groep NV(1)		13,251			157,647
Koninklijke Philips NV(1)		33,861			618,171
Universal Music Group NV(1)		10,568			267,144
					1,042,962
SOUTH KOREA - 6.8%
NAVER Corp.(1)		2,094			329,676
Samsung Electronics Co. Ltd.(1)		20,312			1,007,226
Samsung Electronics Co. Ltd. (Preference)(1)		11,497			480,086
					1,816,988
SWITZERLAND - 14.1%
ABB Ltd.(1)		27,590			946,130
Cie Financiere Richemont SA(1)		4,473			717,076
Novartis AG(1)		14,191			1,302,758
UBS Group AG(1)		37,433			790,445
					3,756,409
UNITED KINGDOM - 14.2%
Associated British Foods plc(1)		15,879			381,092
Berkeley Group Holdings plc(1)(6)		5,796			300,694
CNH Industrial NV(1)		23,324			356,790
Compass Group plc(1)		43,090			1,083,453
Inchcape plc(1)		5,830			55,896
Liberty Global plc, Class A*		10,233			199,548
Liberty Global plc, Class C*		6,333			129,075
Lloyds Banking Group plc(1)		832,606			491,193
RELX plc (London Stock Exchange)(1)		23,592			763,738
RELX plc (Turquoise Stock Exchange)(1)		1,323			42,854
					3,804,333
UNITED STATES - 14.3%
Arch Capital Group Ltd.*(6)		19,131			1,298,440
Garmin Ltd.		5,325			537,385
Holcim AG*(1)		12,782			824,553
Sensata Technologies Holding plc(6)		8,669			433,606
Willis Towers Watson plc		3,150			731,970
					3,825,954
Total common stocks and equity-linked security (Cost $18,849,267)					23,691,263
SHORT-TERM INVESTMENT - 9.8%
INVESTMENT COMPANY - 9.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $2,633,582)		2,633,582			2,633,582
Total investments - 98.5% (Cost $21,482,849)					26,324,845
Other assets less liabilities - 1.5%					415,864
Total net assets - 100.0%#				$	26,740,709

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $18,752,504, or 70.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

⁽³⁾ Security is restricted.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Sodexo SA (Registered Shares)		09/04/2020		$	63,852		$	72,027		0.3	%

38 Artisan Partners Funds

⁽⁴⁾ Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013 - 11/08/2022		$	328,517		$	473,656		1.8	%

⁽⁵⁾ 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.

⁽⁶⁾ Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

OTC TOTAL RETURN SWAP
Values in thousands
Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Notional Amount	Upfront Payments (Receipts)	Unrealized Appreciation	Value
Gruma SAB de CV	Fed funds rate + (0.70)% and decrease in total return of reference entity	Increase in total return of reference entity	Monthly	UBS AG	9/21/2023	USD 1,800	–	1,677	1,677
							–	1,677	1,677

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,411,356		5.4	%
Consumer Discretionary			4,705,186		17.9
Consumer Staples			2,955,642		11.2
Energy			347,263		1.3
Financials			4,028,154		15.3
Health Care			2,211,500		8.4
Industrials			4,022,414		15.3
Information Technology			2,664,100		10.1
Materials			1,345,648		5.1
Short-Term Investment			2,633,582		10.0
Total investments		$	26,324,845		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	924,231		3.5	%
CHF			4,580,962		17.4
EUR			5,970,041		22.7
GBP			3,076,066		11.7
HKD			1,336,014		5.1
INR			883,911		3.4
JPY			512,396		1.9
KRW			1,816,988		6.9
MXN			195,086		0.7
USD			7,029,150		26.7
Total investments		$	26,324,845		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Danone SA	France		4.9	%
Novartis AG	Switzerland		4.9
Arch Capital Group Ltd.	United States		4.9
Compass Group plc	United Kingdom		4.1
Samsung Electronics Co. Ltd.	South Korea		3.8
ABB Ltd.	Switzerland		3.5
Safran SA	France		3.4
Holcim AG	United States		3.1
UBS Group AG	Switzerland		3.0
RELX plc	United Kingdom		2.9
Total			38.5	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 39

Artisan Mid Cap Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.3%
AUTOMOBILE COMPONENTS - 0.7%
Aptiv plc*		299		$	33,588
BIOTECHNOLOGY - 9.7%
Argenx SE, ADR*(1)		391			145,838
Ascendis Pharma A/S, ADR*(1)		1,314			140,897
BioNTech SE, ADR(1)		377			46,942
Exact Sciences Corp.*		762			51,673
Halozyme Therapeutics, Inc.*		774			29,569
Sarepta Therapeutics, Inc.*		168			23,205
					438,124
BROADLINE RETAIL - 1.7%
Etsy, Inc.*		395			44,006
Global-e Online Ltd.*(1)		1,012			32,620
					76,626
BUILDING PRODUCTS - 0.9%
Trex Co., Inc.*		826			40,192
CAPITAL MARKETS - 5.9%
MarketAxess Holdings, Inc.		120			46,961
MSCI, Inc.		168			93,980
Nasdaq, Inc.		1,185			64,765
Tradeweb Markets, Inc., Class A		755			59,645
					265,351
COMMUNICATIONS EQUIPMENT - 2.5%
Arista Networks, Inc.*		675			113,290
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.3%
BJ’s Wholesale Club Holdings, Inc.*		437			33,212
Dollar Tree, Inc.*		166			23,784
					56,996
DISTRIBUTORS - 0.5%
Pool Corp.		70			24,026
ELECTRICAL EQUIPMENT - 1.4%
Hubbell, Inc.		121			29,516
Rockwell Automation, Inc.		117			34,442
					63,958
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.9%
Teledyne Technologies, Inc.*		197			88,151
ENTERTAINMENT - 1.6%
Live Nation Entertainment, Inc.*		496			34,718
Take-Two Interactive Software, Inc.*		297			35,436
					70,154
FINANCIAL SERVICES - 3.3%
Global Payments, Inc.		1,416			149,000
GROUND TRANSPORTATION - 0.8%
Saia, Inc.*		132			35,810
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%
Cooper Cos., Inc. (The)		109			40,569
Dexcom, Inc.*		630			73,151
Envista Holdings Corp.*		971			39,680
iRhythm Technologies, Inc.*		281			34,867
Shockwave Medical, Inc.*		118			25,593
					213,860
HEALTH CARE PROVIDERS & SERVICES - 0.7%
agilon health, Inc.*		1,297			30,805
HEALTH CARE TECHNOLOGY - 4.6%
Veeva Systems, Inc., Class A*		1,142			209,850
HOTELS, RESTAURANTS & LEISURE - 3.2%
Chipotle Mexican Grill, Inc.*		84			142,854
INSURANCE - 2.0%
Arthur J Gallagher & Co.		242			46,243
Ryan Specialty Holdings, Inc., Class A*		1,097			44,149
					90,392
IT SERVICES - 1.0%
Shopify, Inc., Class A*(1)		962			46,098
LIFE SCIENCES TOOLS & SERVICES - 6.7%
Agilent Technologies, Inc.		742			102,675
Repligen Corp.*		330			55,543
West Pharmaceutical Services, Inc.		420			145,447
					303,665
MACHINERY - 5.5%
CNH Industrial NV(1)		3,033			46,308
Fortive Corp.		1,004			68,447
Ingersoll Rand, Inc.		2,294			133,476
					248,231
PHARMACEUTICALS - 3.2%
Catalent, Inc.*		2,218			145,775
PROFESSIONAL SERVICES - 2.6%
CoStar Group, Inc.*		892			61,408
Verisk Analytics, Inc.		300			57,588
					118,996
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.1%
Lattice Semiconductor Corp.*		2,079			198,562
Marvell Technology, Inc.		550			23,833
Monolithic Power Systems, Inc.		193			96,836
ON Semiconductor Corp.*		1,659			136,540
					455,771
SOFTWARE - 17.5%
Atlassian Corp., Class A*		805			137,755
Bentley Systems, Inc., Class B		1,243			53,426
Ceridian HCM Holding, Inc.*		788			57,676
Datadog, Inc., Class A*		639			46,401
HubSpot, Inc.*		472			202,410
Synopsys, Inc.*		317			122,429
Tyler Technologies, Inc.*		198			70,258
Zscaler, Inc.*		870			101,628
					791,983
SPECIALTY RETAIL - 1.4%
Five Below, Inc.*		302			62,220
TEXTILES, APPAREL & LUXURY GOODS - 0.9%
Lululemon Athletica, Inc.*		110			39,935
Total common stocks (Cost $2,900,643)					4,355,701

40 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENT - 2.7%
INVESTMENT COMPANY - 2.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $120,786)		120,786		$	120,786
Total investments - 99.0% (Cost $3,021,429)					4,476,487
Other assets less liabilities - 1.0%					43,600
Total net assets - 100.0%#				$	4,520,087

⁽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	USD
Ascendis Pharma A/S	Denmark	USD
BioNTech SE	Germany	USD
CNH Industrial NV	United Kingdom	USD
Global-e Online Ltd.	Israel	USD
Shopify, Inc.	Canada	USD

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	70,154		1.6	%
Consumer Discretionary			379,249		8.5
Consumer Staples			56,997		1.3
Financials			504,744		11.3
Health Care			1,342,078		30.0
Industrials			507,186		11.2
Information Technology			1,495,293		33.4
Short-Term Investment			120,786		2.7
Total investments		$	4,476,487		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Veeva Systems, Inc.	United States		4.6	%
HubSpot, Inc.	United States		4.5
Lattice Semiconductor Corp.	United States		4.4
Global Payments, Inc.	United States		3.3
Argenx SE	Netherlands		3.2
Catalent, Inc.	United States		3.2
West Pharmaceutical Services, Inc.	United States		3.2
Chipotle Mexican Grill, Inc.	United States		3.2
Ascendis Pharma A/S	Denmark		3.1
Atlassian Corp.	United States		3.0
Total			35.7	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 41

Artisan Mid Cap Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.1%
AEROSPACE & DEFENSE - 1.9%
CAE, Inc.*(1)		1,068		$	24,174
AIR FREIGHT & LOGISTICS - 1.9%
Expeditors International of Washington, Inc.		221			24,365
AUTOMOBILE COMPONENTS - 3.6%
BorgWarner, Inc.		417			20,489
Gentex Corp.		871			24,427
					44,916
BANKS - 10.7%
Comerica, Inc.		336			14,591
Fifth Third Bancorp		818			21,785
First Citizens BancShares, Inc., Class A		51			49,926
M&T Bank Corp.		196			23,467
Washington Federal, Inc.		838			25,227
					134,996
CAPITAL MARKETS - 2.8%
Moelis & Co., Class A		533			20,475
Northern Trust Corp.		171			15,106
					35,581
CONSUMER FINANCE - 1.0%
Synchrony Financial		431			12,532
CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.7%
Kroger Co. (The)		546			26,967
Sysco Corp.		254			19,641
					46,608
DIVERSIFIED CONSUMER SERVICES - 1.3%
H&R Block, Inc.		474			16,707
ELECTRIC UTILITIES - 2.5%
OGE Energy Corp.		843			31,747
ELECTRICAL EQUIPMENT - 2.1%
nVent Electric plc		613			26,323
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%
Vontier Corp.		1,338			36,581
ENERGY EQUIPMENT & SERVICES - 2.6%
NOV, Inc.		1,757			32,529
ENTERTAINMENT - 4.0%
Electronic Arts, Inc.		180			21,626
Warner Bros Discovery, Inc.*		1,879			28,367
					49,993
FINANCIAL SERVICES - 1.3%
Corebridge Financial, Inc.		976			15,642
FOOD PRODUCTS - 2.0%
Tyson Foods, Inc., Class A		428			25,417
GROUND TRANSPORTATION - 3.1%
U-Haul Holding Co., Series N		669			34,698
U-Haul Holding Co.		74			4,435
					39,133
HEALTH CARE EQUIPMENT & SUPPLIES - 5.3%
Baxter International, Inc.		730			29,593
Dentsply Sirona, Inc.		929			36,506
					66,099
HEALTH CARE PROVIDERS & SERVICES - 1.9%
Centene Corp.*		372			23,485
HOTELS, RESTAURANTS & LEISURE - 6.6%
Expedia Group, Inc.*		273			26,486
Marriott International, Inc., Class A		191			31,737
Vail Resorts, Inc.		104			24,359
					82,582
INSURANCE - 7.8%
Arch Capital Group Ltd.*		638			43,273
Globe Life, Inc.		344			37,803
Progressive Corp. (The)		115			16,521
					97,597
INTERACTIVE MEDIA & SERVICES - 1.9%
IAC, Inc.*		462			23,828
MACHINERY - 1.8%
Otis Worldwide Corp.		273			23,033
MEDIA - 8.2%
Cable One, Inc.		39			27,544
Liberty Broadband Corp., Class C*		76			6,245
Liberty Media Corp.-Liberty SiriusXM, Class A*		283			7,962
Liberty Media Corp.-Liberty SiriusXM, Class C*		282			7,886
News Corp., Class A		1,409			24,339
Omnicom Group, Inc.		304			28,687
					102,663
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Jones Lang LaSalle, Inc.*		99			14,383
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
Analog Devices, Inc.		284			56,087
SOFTWARE - 2.0%
Check Point Software Technologies Ltd.*(1)		197			25,661
Specialized REITs - 4.6%
Lamar Advertising Co., Class A, REIT		340			33,949
Public Storage, REIT		78			23,429
					57,378
SPECIALTY RETAIL - 2.0%
AutoNation, Inc.*		191			25,703
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.4%
NetApp, Inc.		272			17,393
TRADING COMPANIES & DISTRIBUTORS - 1.6%
Air Lease Corp., Class A		522			20,539
Total common stocks (Cost $827,255)					1,233,675

42 Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENT - 0.9%
INVESTMENT COMPANY - 0.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $11,629)		11,629		$	11,629
Total investments - 99.0% (Cost $838,884)					1,245,304
Other assets less liabilities - 1.0%					12,400
Total net assets - 100.0%#				$	1,257,704

⁽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
CAE, Inc.	Canada	USD
Check Point Software Technologies Ltd.	Israel	USD

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	176,484		14.2	%
Consumer Discretionary			169,908		13.6
Consumer Staples			72,025		5.8
Energy			32,529		2.6
Financials			296,348		23.8
Health Care			89,584		7.2
Industrials			157,567		12.7
Information Technology			135,722		10.9
Real Estate			71,760		5.8
Utilities			31,748		2.5
Short-Term Investment			11,629		0.9
Total investments		$	1,245,304		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Analog Devices, Inc.	United States		4.5	%
First Citizens BancShares, Inc.	United States		4.0
Arch Capital Group Ltd.	United States		3.4
U-Haul Holding Co.	United States		3.1
Globe Life, Inc.	United States		3.0
Vontier Corp.	United States		2.9
Dentsply Sirona, Inc.	United States		2.9
Lamar Advertising Co.	United States		2.7
NOV, Inc.	United States		2.6
OGE Energy Corp.	United States		2.5
Total			31.6	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 43

Artisan Select Equity Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.4%
AIR FREIGHT & LOGISTICS - 1.8%
FedEx Corp.		3		$	684
AUTOMOBILES - 4.3%
Harley-Davidson, Inc.		42			1,599
BANKS - 4.3%
Citigroup, Inc.		34			1,582
BROADLINE RETAIL - 4.4%
Alibaba Group Holding Ltd., ADR*(1)		16			1,618
CAPITAL MARKETS - 5.2%
Bank of New York Mellon Corp. (The)		38			1,740
Charles Schwab Corp. (The)		3			171
					1,911
CHEMICALS - 5.4%
Axalta Coating Systems Ltd.*		66			1,988
CONSTRUCTION MATERIALS - 6.2%
HeidelbergCement AG(1)(2)		31			2,276
CONSUMER FINANCE - 4.9%
American Express Co.		11			1,823
FINANCIAL SERVICES - 5.4%
Berkshire Hathaway, Inc., Class B*		6			1,983
FOOD PRODUCTS - 5.3%
Danone SA(1)(2)		31			1,951
HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%
Dentsply Sirona, Inc.		54			2,126
HEALTH CARE PROVIDERS & SERVICES - 4.6%
Elevance Health, Inc.		4			1,692
HOTELS, RESTAURANTS & LEISURE - 7.1%
Aramark		40			1,440
Expedia Group, Inc.*		12			1,181
					2,621
INSURANCE - 7.0%
Marsh & McLennan Cos., Inc.		6			988
Progressive Corp. (The)		11			1,604
					2,592
INTERACTIVE MEDIA & SERVICES - 11.0%
Alphabet, Inc., Class A*		19			1,996
Meta Platforms, Inc., Class A*		10			2,056
					4,052
PASSENGER AIRLINES - 2.3%
Southwest Airlines Co.		26			845
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
Lam Research Corp.		2			1,089
SPECIALTY RETAIL - 1.5%
Advance Auto Parts, Inc.		4			546
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.1%
Samsung Electronics Co. Ltd.(1)(2)		38			1,906
Total common stocks (Cost $32,037)					34,884
SHORT-TERM INVESTMENT - 5.5%
INVESTMENT COMPANY - 5.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $2,024)		2,024			2,024
Total investments - 99.9% (Cost $34,061)					36,908
Other assets less liabilities - 0.1%					24
Total net assets - 100.0%#				$	36,932

⁽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	USD
Danone SA	France	EUR
HeidelbergCement AG	Germany	EUR
Samsung Electronics Co. Ltd.	South Korea	KRW

⁽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 $6,133, or 16.6% 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		$	4,052		11.0	%
Consumer Discretionary			6,384		17.3
Consumer Staples			1,951		5.3
Financials			9,891		26.8
Health Care			3,818		10.3
Industrials			1,529		4.1
Information Technology			2,995		8.1
Materials			4,264		11.6
Short-Term Investment			2,024		5.5
Total investments		$	36,908		100.0	%

44 Artisan Partners Funds

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	4,227		11.4	%
KRW			1,906		5.2
USD			30,775		83.4
Total investments		$	36,908		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
HeidelbergCement AG		Germany		6.2	%
Dentsply Sirona, Inc.		United States		5.7
Meta Platforms, Inc.		United States		5.6
Alphabet, Inc.		United States		5.4
Axalta Coating Systems Ltd.		United States		5.4
Berkshire Hathaway, Inc.		United States		5.4
Danone SA		France		5.3
Samsung Electronics Co. Ltd.		South Korea		5.1
American Express Co.		United States		4.9
Bank of New York Mellon Corp. (The)		United States		4.7
Total				53.7	%

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 Small Cap Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.2%
BIOTECHNOLOGY - 19.5%
Argenx SE, ADR*(1)		239		$	89,186
Ascendis Pharma A/S, ADR*(1)		684			73,296
Avid Bioservices, Inc.*		833			15,624
Denali Therapeutics, Inc.*		233			5,376
Exact Sciences Corp.*		392			26,571
Halozyme Therapeutics, Inc.*		2,718			103,799
Iovance Biotherapeutics, Inc.*		1,995			12,189
Twist Bioscience Corp.*		193			2,914
Veracyte, Inc.*		1,981			44,169
					373,124
BROADLINE RETAIL - 1.7%
Etsy, Inc.*		159			17,654
Global-e Online Ltd.*(1)		466			15,035
					32,689
BUILDING PRODUCTS - 1.6%
Advanced Drainage Systems, Inc.		157			13,185
Trex Co., Inc.*		355			17,254
					30,439
CAPITAL MARKETS - 1.0%
MarketAxess Holdings, Inc.		52			20,185
CONSTRUCTION & ENGINEERING - 4.7%
Valmont Industries, Inc.		280			89,293
DIVERSIFIED CONSUMER SERVICES - 1.1%
Chegg, Inc.*		1,336			21,772
ELECTRICAL EQUIPMENT - 1.1%
Shoals Technologies Group, Inc., Class A*		970			22,104
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.3%
Novanta, Inc.*		392			62,352
FINANCIAL SERVICES - 0.3%
Shift4 Payments, Inc., Class A*		67			5,054
FOOD PRODUCTS - 0.6%
Freshpet, Inc.*		184			12,149
GROUND TRANSPORTATION - 0.2%
Saia, Inc.*		17			4,529
HEALTH CARE EQUIPMENT & SUPPLIES - 7.9%
Envista Holdings Corp.*		415			16,982
iRhythm Technologies, Inc.*		248			30,729
Penumbra, Inc.*		67			18,744
Shockwave Medical, Inc.*		389			84,398
					150,853
HEALTH CARE PROVIDERS & SERVICES - 1.0%
Option Care Health, Inc.*		592			18,802
HOTELS, RESTAURANTS & LEISURE - 5.1%
Papa John’s International, Inc.		415			31,078
Wingstop, Inc.		367			67,415
					98,493
LIFE SCIENCES TOOLS & SERVICES - 1.8%
Repligen Corp.*		201			33,887
MACHINERY - 0.5%
John Bean Technologies Corp.		48			5,218
Kornit Digital Ltd.*(1)		256			4,959
					10,177
PHARMACEUTICALS - 2.4%
Catalent, Inc.*		700			46,021
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 16.2%
Allegro MicroSystems, Inc.*(1)		957			45,935
Ambarella, Inc.*		139			10,791
Lattice Semiconductor Corp.*		1,675			159,940
MACOM Technology Solutions Holdings, Inc.*		262			18,559
Monolithic Power Systems, Inc.		149			74,597
					309,822
SOFTWARE - 23.1%
Bentley Systems, Inc., Class B		770			33,110
Blackline, Inc.*		919			61,738
Ceridian HCM Holding, Inc.*		460			33,715
Clearwater Analytics Holdings, Inc., Class A*		1,066			17,007
DoubleVerify Holdings, Inc.*		1,235			37,223
Gitlab, Inc., Class A*		181			6,195
Guidewire Software, Inc.*		716			58,769
HashiCorp, Inc., Class A*		319			9,355
HubSpot, Inc.*		94			40,397
Olo, Inc., Class A*		1,171			9,554
Paycor HCM, Inc.*		729			19,323
Procore Technologies, Inc.*		115			7,230
Sprout Social, Inc., Class A*		227			13,823
Tyler Technologies, Inc.*		121			43,083
Workiva, Inc., Class A*		511			52,300
					442,822
SPECIALTY RETAIL - 3.6%
Five Below, Inc.*		95			19,524
Floor & Decor Holdings, Inc., Class A*		380			37,325
Leslie’s, Inc.*		1,128			12,416
					69,265
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Crocs, Inc.*		76			9,618
Total common stocks (Cost $1,219,533)					1,863,450
SHORT-TERM INVESTMENT - 1.0%
INVESTMENT COMPANY - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $19,229)		19,229			19,229
Total investments - 98.2% (Cost $1,238,762)					1,882,679
Other assets less liabilities - 1.8%					33,654
Total net assets - 100.0%#				$	1,916,333

46 Artisan Partners Funds

⁽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	USD
Argenx SE	Netherlands	USD
Ascendis Pharma A/S	Denmark	USD
Global-e Online Ltd.	Israel	USD
Kornit Digital Ltd.	Israel	USD

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	231,835		12.3	%
Consumer Staples			12,149		0.6
Financials			25,239		1.3
Health Care			622,687		33.1
Industrials			156,540		8.3
Information Technology			815,000		43.4
Short-Term Investment			19,229		1.0
Total investments		$	1,882,679		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Lattice Semiconductor Corp.	United States		8.3	%
Halozyme Therapeutics, Inc.	United States		5.4
Valmont Industries, Inc.	United States		4.7
Argenx SE	Netherlands		4.7
Shockwave Medical, Inc.	United States		4.4
Monolithic Power Systems, Inc.	United States		3.9
Ascendis Pharma A/S	Denmark		3.8
Wingstop, Inc.	United States		3.5
Novanta, Inc.	United States		3.3
Blackline, Inc.	United States		3.2
Total			45.2	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 47

Artisan Sustainable Emerging Markets Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.4%
ARGENTINA - 1.1%
Despegar.com Corp.*		49		$	302
Loma Negra Cia Industrial Argentina SA, ADR		83			573
					875
BRAZIL - 9.7%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA*		687			160
GPS Participacoes e Empreendimentos SA*(1)		538			1,279
Itau Unibanco Holding SA (Preference)		282			1,384
Lojas Renner SA		206			676
MercadoLibre, Inc.*		2			2,738
Vale SA		86			1,356
					7,593
CHILE - 1.8%
Empresa Nacional de Telecomunicaciones SA		205			807
Vina Concha y Toro SA		476			609
					1,416
CHINA - 22.6%
Alibaba Group Holding Ltd.*(2)		255			3,246
Baidu, Inc., Class A*(2)		70			1,327
Baozun, Inc., ADR*		19			112
China Traditional Chinese Medicine Holdings Co. Ltd.(2)		3,154			1,645
Estun Automation Co. Ltd., Class A(2)		647			2,641
Kingsoft Cloud Holdings Ltd., ADR*(6)		62			555
NIO, Inc., ADR*		37			385
Noah Holdings Ltd., ADR*		28			458
Prosus NV*(2)		28			2,212
Tongwei Co. Ltd., Class A(2)		103			588
Trip.com Group Ltd.*(2)		31			1,174
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A*(2)		212			801
Zhuzhou CRRC Times Electric Co. Ltd., Class H(2)		567			2,470
					17,614
GREECE - 3.7%
Alpha Services & Holdings SA*(2)		1,070			1,314
Mytilineos SA(2)		55			1,577
					2,891
HONG KONG - 3.9%
AIA Group Ltd.(2)		119			1,247
China High Precision Automation Group Ltd.*(2)(3)		9,066			–
Sino Biopharmaceutical Ltd.(2)		3,253			1,818
					3,065
INDIA - 8.8%
Havells India Ltd.(2)		90			1,305
ICICI Bank Ltd.(2)		240			2,575
Infosys Ltd.(2)		62			1,081
Reliance Industries Ltd.(2)		68			1,930
					6,891
INDONESIA - 2.2%
Bank Rakyat Indonesia Persero Tbk. PT(2)		3,499			1,106
Indofood CBP Sukses Makmur Tbk. PT(2)		925			615
					1,721
KAZAKHSTAN - 2.0%
Kaspi.KZ JSC, GDR(2)(4)		20			1,531
MALAYSIA - 1.2%
Public Bank Bhd.(2)		1,019			925
MEXICO - 2.1%
Cemex SAB de CV*		1,548			852
MEXICO (CONTINUED)
Corp. Inmobiliaria Vesta SAB de CV		237			746
					1,598
PERU - 1.2%
Credicorp Ltd.		7			928
POLAND - 0.8%
InPost SA*(2)		64			583
RUSSIA - 0.0%
LUKOIL PJSC, ADR*(2)(3)(5)		19			–
MMC Norilsk Nickel PJSC, ADR*(2)(3)(5)		39			–
Ozon Holdings plc, ADR*(2)(3)(5)		25			–
Polyus PJSC, GDR*(2)(3)(4)(5)		23			–
Sberbank of Russia PJSC*(2)(3)(5)		265			–
Yandex NV, Class A*(2)(3)(5)		14			–
					–
SINGAPORE - 0.5%
Sea Ltd., ADR*		5			409
SOUTH AFRICA - 2.6%
FirstRand Ltd.(2)		299			1,014
MTN Group Ltd.*(2)		146			1,043
					2,057
SOUTH KOREA - 10.9%
HYBE Co. Ltd.*(2)		6			880
Samsung Biologics Co. Ltd.*(2)(4)		2			1,393
Samsung Electronics Co. Ltd.(2)		110			5,440
Shinhan Financial Group Co. Ltd.(2)		28			764
					8,477
TAIWAN - 17.4%
E Ink Holdings, Inc.(2)		419			2,566
MediaTek, Inc.(2)		94			2,449
Sunny Friend Environmental Technology Co. Ltd.(2)		180			977
Taiwan Semiconductor Manufacturing Co. Ltd.(2)		426			7,541
					13,533
THAILAND - 0.8%
Bangkok Bank PCL(2)		139			616
UNITED ARAB EMIRATES - 1.3%
Americana Restaurants International plc*(2)		952			989
UNITED STATES - 0.9%
Globant SA*		4			718
Vietnam - 0.9%
Vietnam Technological & Commercial Joint Stock Bank*(2)		557			675
Total common stocks (Cost $73,047)					75,105
SHORT-TERM INVESTMENT - 2.8%
INVESTMENT COMPANY - 2.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%(7) (Cost $2,207)		2,207			2,207
Total investments - 99.2% (Cost $75,254)					77,312
Other assets less liabilities - 0.8%					616
Total net assets - 100.0%#				$	77,928

48 Artisan Partners Funds

⁽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⁾ 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 $60,058, or 77.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

⁽⁴⁾ Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $2,924 or 3.8% of net assets.

⁽⁵⁾ Security is restricted.

Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
LUKOIL PJSC		11/27/2008 - 12/23/2021		$	1,026		$	–		0.0	%
MMC Norilsk Nickel PJSC		09/25/2013 - 12/23/2021			736			–		0.0	%
Ozon Holdings plc		11/24/2020 - 12/23/2021			900			–		0.0	%
Polyus PJSC		10/13/2017 - 12/23/2021			1,226			–		0.0	%
Sberbank of Russia PJSC		01/08/2019 - 03/25/2020			772			–		0.0	%
Yandex NV, Class A		03/10/2015 - 12/31/2021			613			–		0.0	%

⁽⁶⁾ All or a portion of security is on loan at March 31, 2023.

⁽⁷⁾ Security is partially used as collateral for securities lending. At March 31, 2023, the Portfolio had loaned securities with a total value of $525. This was collateralized by cash of $488 which was subsequently invested in an investment company.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	4,466		5.8	%
Consumer Discretionary			11,834		15.3
Consumer Staples			1,224		1.6
Energy			1,930		2.5
Financials			14,537		18.8
Health Care			4,856		6.3
Industrials			10,992		14.2
Information Technology			21,739		28.0
Materials			2,781		3.6
Real Estate			746		1.0
Short-Term Investment			2,207		2.9
Total investments		$	77,312		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
AED		$	989		1.3	%
BRL			4,855		6.3
CLP			1,416		1.8
CNY			4,030		5.2
EUR			5,686		7.4
HKD			12,927		16.7
IDR			1,721		2.2
INR			6,891		8.9
KRW			8,477		11.0
MXN			1,598		2.1
MYR			925		1.2
THB			616		0.8
TWD			13,533		17.5
USD			10,916		14.0
VND			675		0.9
ZAR			2,057		2.7
Total investments		$	77,312		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan		9.7	%
Samsung Electronics Co. Ltd.	South Korea		7.0
Alibaba Group Holding Ltd.	China		4.2
MercadoLibre, Inc.	Brazil		3.5
Estun Automation Co. Ltd.	China		3.4
ICICI Bank Ltd.	India		3.3
E Ink Holdings, Inc.	Taiwan		3.3
Zhuzhou CRRC Times Electric Co. Ltd.	China		3.2
MediaTek, Inc.	Taiwan		3.1
Prosus NV	China		2.8
Total			43.5	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 49

Artisan Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.1%
AEROSPACE & DEFENSE - 9.2%
Airbus SE(1)(2)		53		$	7,062
Northrop Grumman Corp.		9			4,128
Raytheon Technologies Corp.		48			4,673
Safran SA(1)(2)		45			6,661
					22,524
AIR FREIGHT & LOGISTICS - 3.5%
FedEx Corp.		37			8,460
BANKS - 6.7%
Bank of America Corp.		204			5,845
PNC Financial Services Group, Inc. (The)		45			5,706
US Bancorp		136			4,917
					16,468
BEVERAGES - 2.3%
Heineken Holding NV(1)(2)		62			5,692
BIOTECHNOLOGY - 1.7%
Vertex Pharmaceuticals, Inc.*		13			4,189
CAPITAL MARKETS - 6.7%
CME Group, Inc.		26			5,057
Goldman Sachs Group, Inc. (The)		16			5,162
Morgan Stanley		71			6,199
					16,418
CONSUMER FINANCE - 1.2%
Synchrony Financial		100			2,906
ENERGY EQUIPMENT & SERVICES - 3.0%
Schlumberger Ltd.		152			7,464
ENTERTAINMENT - 8.0%
Electronic Arts, Inc.		37			4,511
Netflix, Inc.*		16			5,515
Walt Disney Co. (The)*		57			5,663
Warner Bros Discovery, Inc.*		256			3,865
					19,554
FINANCIAL SERVICES - 6.9%
Berkshire Hathaway, Inc., Class B*		15			4,489
Fiserv, Inc.*		48			5,432
Visa, Inc., Class A		31			6,977
					16,898
HEALTH CARE EQUIPMENT & SUPPLIES - 6.2%
Baxter International, Inc.		139			5,630
Koninklijke Philips NV(1)(2)		174			3,180
Medtronic plc		79			6,388
					15,198
HEALTH CARE PROVIDERS & SERVICES - 1.6%
Cigna Group (The)		15			3,918
HOTELS, RESTAURANTS & LEISURE - 8.1%
Booking Holdings, Inc.*		2			5,613
Compass Group plc(1)(2)		328			8,237
Marriott International, Inc., Class A		37			6,094
					19,944
INSURANCE - 3.3%
Arch Capital Group Ltd.*		118			8,032
INTERACTIVE MEDIA & SERVICES - 8.5%
Alphabet, Inc., Class C*		100		$	10,369
Meta Platforms, Inc., Class A*		50			10,495
					20,864
MEDIA - 3.2%
Comcast Corp., Class A		209			7,934
OIL, GAS & CONSUMABLE FUELS - 3.1%
EOG Resources, Inc.		66			7,566
PHARMACEUTICALS - 2.0%
Merck & Co., Inc.		45			4,787
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%
NXP Semiconductors NV(1)		20			3,679
SPECIALTY RETAIL - 1.2%
AutoNation, Inc.*		23			3,038
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.3%
Samsung Electronics Co. Ltd. (Preference)(1)(2)		133			5,570
TOBACCO - 5.2%
Altria Group, Inc.		128			5,731
Philip Morris International, Inc.		71			6,945
					12,676
TRADING COMPANIES & DISTRIBUTORS - 1.7%
Air Lease Corp., Class A		107			4,210
Total common stocks (Cost $163,905)					237,989
SHORT-TERM INVESTMENT - 1.7%
INVESTMENT COMPANY - 1.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $4,268)		4,268			4,268
Total investments - 98.8% (Cost $168,173)					242,257
Other assets less liabilities - 1.2%					3,033
Total net assets - 100.0%#				$	245,290

⁽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	EUR
Compass Group plc	United Kingdom	GBP
Heineken Holding NV	Netherlands	EUR
Koninklijke Philips NV	Netherlands	EUR
NXP Semiconductors NV	China	USD
Safran SA	France	EUR
Samsung Electronics Co. Ltd.	South Korea	KRW

⁽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 $36,402, or 14.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

50 Artisan Partners Funds

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	48,352		20.0	%
Consumer Discretionary			22,982		9.5
Consumer Staples			18,368		7.6
Energy			15,030		6.2
Financials			60,722		25.1
Health Care			28,093		11.5
Industrials			35,193		14.5
Information Technology			9,249		3.8
Short-Term Investment			4,268		1.8
Total investments		$	242,257		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	22,596		9.3	%
GBP			8,237		3.4
KRW			5,570		2.3
USD			205,854		85.0
Total investments		$	242,257		100.0	%

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Meta Platforms, Inc.		United States		4.3	%
Alphabet, Inc.		United States		4.2
FedEx Corp.		United States		3.5
Compass Group plc		United Kingdom		3.4
Arch Capital Group Ltd.		United States		3.3
Comcast Corp.		United States		3.2
EOG Resources, Inc.		United States		3.1
Schlumberger Ltd.		United States		3.0
Airbus SE		France		2.9
Visa, Inc.		United States		2.8
Total				33.7	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

Artisan Partners Funds 51

Artisan Value Income Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

	Shares Held				Value
COMMON STOCKS - 89.7%
AEROSPACE & DEFENSE - 5.5%
Airbus SE(1)(2)			1			$	156
Raytheon Technologies Corp.			2				240
Safran SA(1)(2)			1				199
							595
BANKS - 10.7%
Bank of America Corp.			7				207
Comerica, Inc.			2				105
Fifth Third Bancorp			5				130
M&T Bank Corp.			1				162
PNC Financial Services Group, Inc. (The)			2				191
US Bancorp			5				167
Washington Federal, Inc.			6				189
							1,151
BEVERAGES - 5.1%
Coca-Cola Co. (The)			4				221
Heineken Holding NV(1)(2)			4				331
							552
CAPITAL MARKETS - 7.4%
CME Group, Inc.			1				202
Goldman Sachs Group, Inc. (The)			–	^			145
Moelis & Co., Class A			4				151
Morgan Stanley			2				181
Northern Trust Corp.			1				111
							790
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.4%
Sysco Corp.			2				151
DIVERSIFIED CONSUMER SERVICES - 1.5%
H&R Block, Inc.(3)			5				162
ELECTRIC UTILITIES - 6.7%
IDACORP, Inc.			1				137
OGE Energy Corp.			6				242
Portland General Electric Co.(3)			3				157
PPL Corp.			7				185
							721
ELECTRICAL EQUIPMENT - 2.2%
nVent Electric plc			5				233
FINANCIAL SERVICES - 3.3%
Corebridge Financial, Inc.			9				140
Visa, Inc., Class A			1				216
							356
FOOD PRODUCTS - 1.8%
Tyson Foods, Inc., Class A			3				196
GAS UTILITIES - 1.7%
Atmos Energy Corp.			2				182
HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%
Baxter International, Inc.			5				192
Koninklijke Philips NV(1)(2)			7				130
Medtronic plc			4				285
							607
HOTELS, RESTAURANTS & LEISURE - 4.3%
Compass Group plc(1)(2)			11				268
Vail Resorts, Inc.			1				189
							457
MACHINERY - 2.5%
Otis Worldwide Corp.			3				263
MEDIA - 7.4%
Cable One, Inc.			–	^			197
Comcast Corp., Class A			10				367
Omnicom Group, Inc.			2				229
							793
OIL, GAS & CONSUMABLE FUELS - 2.6%
EOG Resources, Inc.			2				284
PHARMACEUTICALS - 1.7%
Merck & Co., Inc.			2				186
RESIDENTIAL REITS - 1.3%
Camden Property Trust, REIT			1				142
SPECIALIZED REITS - 5.9%
Lamar Advertising Co., Class A, REIT			4				380
Public Storage, REIT			1				254
							634
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.3%
NetApp, Inc.			3				211
Samsung Electronics Co. Ltd. (Preference)(1)(2)			6				245
							456
TOBACCO - 6.7%
Altria Group, Inc.			8				352
Philip Morris International, Inc.			4				365
							717
Total common stocks (Cost $10,134)							9,628
	Principal Amount
CORPORATE BONDS - 5.4%
AEROSPACE & DEFENSE - 2.1%
Boeing Co. (The) 1.43%, 2/4/2024		$	227				219
BROADLINE RETAIL - 1.3%
ANGI Group LLC 3.88%, 8/15/2028(4)			188				143
ENERGY EQUIPMENT & SERVICES - 0.5%
Weatherford International Ltd. 11.00%, 12/1/2024(4)			50				51
TRADING COMPANIES & DISTRIBUTORS - 1.5%
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)			238				162
Total corporate bonds (Cost $614)							575
CONVERTIBLE BONDS - 2.6%
MEDIA - 1.2%
Cable One, Inc.
Zero Coupon, 3/15/2026			87				69
1.13%, 3/15/2028			79				58
							127
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4%
Redwood Trust, Inc. 7.75%, 6/15/2027(4)			178				154
Total convertible bonds (Cost $304)							281

52 Artisan Partners Funds

	Share Held		Value
CONVERTIBLE PREFERRED STOCK - 1.7%
HEALTH CARE EQUIPMENT & SUPPLIES - 1.7%
Boston Scientific Corp. Series A, 5.50%, 6/1/2023 (Cost $176)		2		$	184
SHORT-TERM INVESTMENTS - 1.3%
INVESTMENT COMPANIES - 1.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%		48			48
Federated Treasury Obligations Fund - Institutional Class, 4.67%		46			46
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%		46			46
Total short-term investments (Cost $140)					140
Total investments - 100.7% (Cost $11,368)					10,808
WRITTEN OPTION CONTRACTS - (0.1)% (Premiums received $(11))					(7	)
Other assets less liabilities - (0.6%)					(65	)
Total net assets - 100.0%#				$	10,736

⁽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	EUR
Compass Group plc	United Kingdom	GBP
Heineken Holding NV	Netherlands	EUR
Koninklijke Philips NV	Netherlands	EUR
Safran SA	France	EUR
Samsung Electronics Co. Ltd.	South Korea	KRW

⁽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 $1,329, or 12.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾ At March 31, 2023, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽⁴⁾ 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.

⁽⁵⁾ Perpetual security. The rate reflected was the rate in effect on March 31, 2023. 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, 2023.

WRITTEN OPTION CONTRACTS
Call Options
	Dollar values in thousands except exercise price
Number of Contracts‡		Description	Exercise Price		Notional Amount		Expiration Date	Premiums Paid/(Received) by Fund			Market Value			Unrealized Appreciation/ (Depreciation)
	2	Airbus SE	EUR	130.00	$	25	6/16/23	$	(1	)	$	(1	)	$	–	^
	6	Moelis & Co.	$	50.00		23	4/21/23		(1	)		–	^		1
	3	Morgan Stanley		105.00		26	7/21/23		(1	)		–	^		1
	11	nVent Electric plc		50.00		47	8/18/23		(2	)		(1	)		1
	5	Omnicom Group, Inc.		95.00		47	7/21/23		(2	)		(2	)		–	^
	5	Raytheon Technologies Corp.		105.00		49	6/16/23		(2	)		(1	)		1
	2	Safran SA	EUR	140.00		27	6/16/23		(1	)		(1	)		–	^
	1	Safran SA	EUR	138.00		11	6/16/23		(1	)		(1	)		–	^
	Total written option contracts							$	(11	)	$	(7	)	$	4

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	919		8.5	%
Consumer Discretionary			762		7.1
Consumer Staples			1,615		14.9
Energy			335		3.1
Financials			2,452		22.7
Health Care			976		9.0
Industrials			1,472		13.6
Information Technology			457		4.2
Real Estate			776		7.2
Utilities			904		8.4
Short-Term Investments			140		1.3	%
Total investments		$	10,808		100.0	%

TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	816		7.5	%
GBP			268		2.5
KRW			246		2.3
USD			9,478		87.7
Total investments		$	10,808		100.0	%

Artisan Partners Funds 53

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Lamar Advertising Co.	United States		3.5	%
Comcast Corp.	United States		3.4
Philip Morris International, Inc.	United States		3.4
Altria Group, Inc.	United States		3.3
Heineken Holding NV	Netherlands		3.1
Cable One, Inc.	United States		3.0
Medtronic plc	United States		2.7
EOG Resources, Inc.	United States		2.6
Compass Group plc	United Kingdom		2.5
Otis Worldwide Corp.	United States		2.5
Total			30.0	%

Definitions of abbreviations and footnotes are detailed on page 2.

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

54 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2023 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				EMERGING MARKETS DEBT OPPORTUNITIES*				FLOATING RATE				FOCUS
ASSETS:
Investments in securities, unaffiliated, at value		$	3,196,369			$	20,820			$	44,590			$	1,338,789
Short-term investments, at value			26,050				3,894				3,217				89,962
Total investments			3,222,419				24,714				47,807				1,428,751
Cash			52,551				–				–				13,478
Cash pledged for centrally cleared swap contracts			–				601				–				–
Deposits with broker for forward contracts			–				540				–				–
Deposits with broker for futures contracts			–				221				–				–
Foreign currency			80				79				–				2
Unrealized appreciation on foreign currency forward contracts			–				281				–				1,817
Receivable from investments sold			5,656				5,990				1,867				5,636
Receivable from fund shares sold			5,890				290				7				982
Swaps contracts, at value			–				–	(1)			–				–
Receivable for variation margin on centrally cleared swap contracts			–				43				–				–
Receivable from the Adviser			–				1				–				–
Dividends and interest receivable			316				483				306				1,142
Other assets			372				7				–				113
Total assets			3,287,284				33,250				49,987				1,451,921
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			–				274				–				517
Due to custodian			–				–				518				–
Dividends payable			–				–				–	(1)			–
Payable for investments purchased			3,900				6,817				3,085				27,737
Payable for fund shares redeemed			7,357				–				190				1,024
Payable for variation margin on futures contracts			–				24				–				–
Payable for operating expenses			646				–	(1)			73				243
Payable for management fees			268				–				1				114
Payable for deferred director’s compensation			329				3				4				90
Total liabilities			12,500				7,118				3,871				29,725
Total net assets		$	3,274,784			$	26,132			$	46,116			$	1,422,196
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	3,361,037			$	25,925			$	48,965			$	1,454,041
Total distributable earnings (loss)			(86,253	)			207				(2,849	)			(31,845	)
Total net assets		$	3,274,784			$	26,132			$	46,116			$	1,422,196
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	338,466			$	247			$	3,827			$	235,871
Advisor Shares		$	1,497,892			$	2,715			$	15,212			$	643,443
Institutional Shares		$	1,438,426			$	23,170			$	27,077			$	542,882
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			21,547,496				24,567				406,215				14,378,325
Advisor Shares			94,521,514				269,985				1,615,273				39,085,425
Institutional Shares			90,258,529				2,302,284				2,875,498				32,902,660
Net asset value per share
Investor Shares		$	15.71			$	10.06			$	9.42			$	16.40
Advisor Shares		$	15.85			$	10.06			$	9.42			$	16.46
Institutional Shares		$	15.94			$	10.06			$	9.42			$	16.50
Cost of total investments		$	2,216,070			$	24,437			$	49,989			$	1,294,464
Cost of foreign currency held		$	71			$	79			$	–			$	2

* Consolidated statement

⁽¹⁾ Amount rounds to less than $1

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

Artisan Partners Funds 55

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY			GLOBAL EQUITY				GLOBAL OPPORTUNITIES			GLOBAL UNCONSTRAINED*
ASSETS:
Investments in securities, unaffiliated, at value		$	246,323		$	196,611			$	2,738,990		$	14,636
Short-term investments, at value			16,127			3,561				113,084			2,512
Total investments			262,450			200,172				2,852,074			17,148
Cash			1,928			2,025				33,479			–
Cash pledged for centrally cleared swap contracts			–			–				–			738
Deposits with broker for forward contracts			–			–				–			585
Deposits with broker for futures contracts			–			–				–			173
Foreign currency			126			222				2,061			102
Security lending income receivable			–			–	(1)			–			–
Unrealized appreciation on foreign currency forward contracts			–			–				–			129
Receivable from investments sold			1,792			2,450				2,567			2,494
Receivable from fund shares sold			212			4				683			72
Swaps contracts, at value			–			–				–			23
Receivable for variation margin on centrally cleared swaps			–			–				–			65
Receivable from the Adviser			–			–				–			1
Dividends and interest receivable			241			427				2,977			266
Other assets			19			21				340			3
Total assets			266,768			205,321				2,894,181			21,799
LIABILITIES:
Short positions in securities, at value			–			–				–			1,370
Unrealized depreciation on foreign currency forward contracts			–			–				–			228
Payable for investments purchased			1,279			5,569				1,283			2,991
Payable for variation margin on futures contracts			–			–				–			20
Payable for fund shares redeemed			189			356				11,476			–
Payable for operating expenses			91			135				560			18
Payable for management fees			21			14				205			–
Payable for deferred director’s compensation			16			21				299			3
Total liabilities			1,596			6,095				13,823			4,630
Total net assets		$	265,172		$	199,226			$	2,880,358		$	17,169
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	251,575		$	194,502			$	2,064,661		$	17,290
Total distributable earnings (loss)			13,597			4,724				815,697			(121	)
Total net assets		$	265,172		$	199,226			$	2,880,358		$	17,169
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	35,046		$	73,975			$	764,270		$	596
Advisor Shares		$	17,674		$	4,467			$	530,020		$	2,330
Institutional Shares		$	212,452		$	120,784			$	1,586,068		$	14,243
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			2,080,809			4,325,747				27,222,283			60,162
Advisor Shares			1,046,677			261,129				18,675,386			235,020
Institutional Shares			12,519,919			6,966,781				55,043,430			1,436,249
Net asset value per share
Investor Shares		$	16.84		$	17.10			$	28.08		$	9.91
Advisor Shares		$	16.89		$	17.11			$	28.38		$	9.91
Institutional Shares		$	16.97		$	17.34			$	28.81		$	9.92
Cost of total investments		$	216,850		$	186,172			$	1,968,149		$	16,911
Cost of foreign currency held		$	123		$	221			$	2,062		$	101
Proceeds from short positions in securities		$	–		$	–			$	–		$	1,572

* Consolidated statement

⁽¹⁾ Amount rounds to less than $1

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

56 Artisan Partners Funds

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Statements of Assets and Liabilities – March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME				INTERNATIONAL			INTERNATIONAL EXPLORER
ASSETS:
Investments in securities, unaffiliated, at value(1)		$	1,938,351		$	5,910,697			$	5,289,811		$	37,974
Short-term investments, at value			87,500			477,634				245,272			6,368
Total investments			2,025,851			6,388,331				5,535,083			44,342
Cash			14,660			46,677				58,275			–
Foreign currency			3,469			–				8,839			102
Security lending income receivable			–			8				194			–
Receivable from investments sold			203			91,751				66,066			45
Receivable from fund shares sold			347			20,973				2,806			91
Dividends and interest receivable			8,126			100,950				21,998			241
Other assets			233			434				884			3
Total assets			2,052,889			6,649,124				5,694,145			44,824
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			–			55				–			–
Dividends payable			–			10,427				–			–
Payable for investments purchased			–			79,383				131,783			90
Payable for fund shares redeemed			403			22,924				10,308			122
Payable upon return of securities loaned			–			–				35,578			–
Payable for operating expenses			809			712				1,496			55
Payable for management fees			163			357				419			3
Payable for deferred director’s compensation			207			359				810			2
Payable for foreign taxes on unrealized gains			–			–				–			24
Total liabilities			1,582			114,217				180,394			296
Total net assets		$	2,051,307		$	6,534,907			$	5,513,751		$	44,528
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	1,655,554		$	7,281,785			$	4,679,448		$	40,570
Total distributable earnings (loss)			395,753			(746,878	)			834,303			3,958
Total net assets		$	2,051,307		$	6,534,907			$	5,513,751		$	44,528
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	214,017		$	739,765			$	1,758,208
Advisor Shares		$	249,578		$	2,911,084			$	898,990		$	9,919
Institutional Shares		$	1,587,712		$	2,884,058			$	2,856,553		$	34,609
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			11,433,647			85,365,511				67,924,116
Advisor Shares			13,355,305			336,166,641				34,886,851			890,394
Institutional Shares			84,739,172			333,092,771				109,747,857			3,106,509
Net asset value per share
Investor Shares		$	18.72		$	8.67			$	25.88
Advisor Shares		$	18.69		$	8.66			$	25.77		$	11.14
Institutional Shares		$	18.74		$	8.66			$	26.03		$	11.14
Cost of total investments		$	1,569,317		$	7,092,064			$	4,654,638		$	40,740
Cost of foreign currency held		$	3,427		$	–			$	8,814		$	100

⁽¹⁾ Includes value of securities on loan of $34,159 for International.

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

Artisan Partners Funds 57

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID			INTERNATIONAL VALUE			MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	4,167,787		$	21,658,523		$	4,355,701			$	1,233,675
Investments in securities, affiliated, at value			159,670			2,032,740			–				–
Short-term investments, at value			43,805			2,633,582			120,786				11,629
Total investments			4,371,262			26,324,845			4,476,487				1,245,304
Cash			37,128			125,120			44,359				12,018
Deposits with broker for swap contracts			–			3,020			–				–
Foreign currency			2,664			68,154			–	(1)			–
Security lending income receivable			–			–			–				–	(1)
Receivable from investments sold			118,413			277,774			7,715				–
Receivable from fund shares sold			5,947			150,086			3,917				524
Swaps contracts, at value			–			1,677			–				–
Dividends and interest receivable			12,300			114,225			620				1,918
Other assets			278			1,644			532				217
Total assets			4,547,992			27,066,545			4,533,630				1,259,981
LIABILITIES:
Payable for investments purchased			74,319			270,335			7,643				–
Payable for fund shares redeemed			2,639			30,803			4,314				1,606
Payable for operating expenses			459			10,829			771				377
Payable for management fees			372			1,994			340				98
Payable for deferred director’s compensation			222			1,353			475				196
Payable for foreign taxes on unrealized gains			373			10,522			–				–
Total liabilities			78,384			325,836			13,543				2,277
Total net assets		$	4,469,608		$	26,740,709		$	4,520,087			$	1,257,704
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	4,199,641		$	21,989,226		$	3,360,123			$	703,500
Total distributable earnings			269,967			4,751,483			1,159,964				554,204
Total net assets		$	4,469,608		$	26,740,709		$	4,520,087			$	1,257,704
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	316,951		$	2,622,566		$	1,451,476			$	383,497
Advisor Shares		$	1,234,640		$	7,012,271		$	617,659			$	329,905
Institutional Shares		$	2,918,017		$	17,105,872		$	2,450,952			$	544,302
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			18,878,994			61,893,979			46,045,859				23,514,966
Advisor Shares			73,247,872			165,745,055			19,229,847				20,341,488
Institutional Shares			171,096,614			402,289,230			65,149,567				33,531,003
Net asset value per share
Investor Shares		$	16.79		$	42.37		$	31.52			$	16.31
Advisor Shares		$	16.86		$	42.31		$	32.12			$	16.22
Institutional Shares		$	17.05		$	42.52		$	37.62			$	16.23
Cost of total investments excluding affiliated issuers		$	3,629,164		$	20,468,592		$	3,021,429			$	838,884
Cost of securities of affiliated issuers held		$	205,276		$	1,014,257		$	–			$	–
Cost of foreign currency held		$	2,653		$	67,953		$	–	(1)		$	–

⁽¹⁾ Amount rounds to less than $1

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

58 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	SELECT EQUITY				SMALL CAP			SUSTAINABLE EMERGING MARKETS				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	34,884			$	1,863,450		$	75,105			$	237,989
Short-term investments, at value			2,024				19,229			2,207				4,268
Total investments			36,908				1,882,679			77,312				242,257
Cash			147				23,979			392				2,195
Foreign currency			–	(1)			–			504				90
Security lending income receivable			–				–			–	(1)			–
Receivable from investments sold			–				–			1,160				1,839
Receivable from fund shares sold			2				10,702			78				591
Dividends and interest receivable			50				391			222				640
Other assets			7				210			16				36
Total assets			37,114				1,917,961			79,684				247,648
LIABILITIES:
Payable for investments purchased			–				–			668				1,858
Payable for fund shares redeemed			133				901			116				297
Payable upon return of securities loaned			–				–			488				–
Payable for operating expenses			41				398			214				156
Payable for management fees			–				146			4				14
Payable for deferred director’s compensation			8				183			14				33
Payable for foreign taxes on unrealized gains			–				–			252				–
Total liabilities			182				1,628			1,756				2,358
Total net assets		$	36,932			$	1,916,333		$	77,928			$	245,290
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	34,897			$	1,726,603		$	213,538			$	158,255
Total distributable earnings (loss)			2,035				189,730			(135,610	)			87,035
Total net assets		$	36,932			$	1,916,333		$	77,928			$	245,290
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	2,879			$	617,228		$	13,479			$	87,836
Advisor Shares		$	1,230			$	325,510		$	35,841			$	68,701
Institutional Shares		$	32,823			$	973,595		$	28,608			$	88,753
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			241,630				19,454,308			894,208				6,974,060
Advisor Shares			103,035				10,164,859			2,380,769				5,485,965
Institutional Shares			2,765,468				29,728,798			1,865,988				7,084,034
Net asset value per share
Investor Shares		$	11.92			$	31.73		$	15.07			$	12.59
Advisor Shares		$	11.94			$	32.02		$	15.05			$	12.52
Institutional Shares		$	11.87			$	32.75		$	15.33			$	12.53
Cost of total investments		$	34,061			$	1,238,762		$	75,254			$	168,173
Cost of foreign currency held		$	–	(1)		$	–		$	505			$	87

⁽¹⁾ 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 Assets and Liabilities – March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	VALUE INCOME
ASSETS:
Investments in securities, unaffiliated, at value		$	10,668
Short-term investments, at value			140
Total investments			10,808
Cash			–	(1)
Foreign currency			6
Receivable from investments sold			–	(1)
Receivable from fund shares sold			–	(1)
Receivable from the Adviser			1
Dividends and interest receivable			47
Other assets			5
Total assets			10,867
LIABILITIES:
Due to broker			3
Written options, at value			7	(2)
Payable for fund shares redeemed			69
Payable for operating expenses			49
Payable for deferred director’s compensation			3
Total liabilities			131
Total net assets		$	10,736
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	11,795
Total distributable loss			(1,059	)
Total net assets		$	10,736
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	637
Advisor Shares		$	1,537
Institutional Shares		$	8,562
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			70,839
Advisor Shares			171,002
Institutional Shares			952,203
Net asset value per share
Investor Shares		$	8.99
Advisor Shares		$	8.99
Institutional Shares		$	8.99
Cost of total investments		$	11,368
Cost of foreign currency held		$	6

⁽¹⁾ Amount rounds to less than $1

⁽²⁾ Written options, premiums received $11

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

60 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2023 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD				EMERGING MARKETS DEBT OPPORTUNITIES*				FLOATING RATE				FOCUS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	4,050			$	8			$	79			$	8,589
Income from non-cash dividends			3,922				–				–				–
Interest			766				923				2,054				242
Total investment income			8,738				931				2,133				8,831
EXPENSES:
Management fees			16,663				88				159				7,622
Transfer agent fees
Investor Shares			373				18				21				271
Advisor Shares			671				12				21				340
Institutional Shares			20				12				12				14
Shareholder Communications			118				2				7				26
Custodian fees			5				9				2				14
Accounting fees			40				38				83				37
Professional fees			138				21				14				59
Registration fees
Investor Shares			14				10				13				14
Advisor Shares			24				10				17				15
Institutional Shares			14				10				13				12
Director’s fees			89				2				3				30
Other operating expenses			66				1				1				28
Total operating expenses			18,235				233				366				8,482
Less amounts waived or paid by the Adviser			–				(103	)			(116	)			–
Total operating expenses			18,235				130				250				8,482
Net investment income (loss)			(9,497	)			801				1,883				349
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(155,636	)			(52	)			(122	)			(2,822	)
Foreign currency forward contracts			–				79				–				5,590
Foreign currency related transactions			250				(30	)			–				13
Futures contracts			–				499				–				–
Written options			–				–				–				(7,936	)
Swap contracts			–				(1	)			–				–
Total realized gain (loss)			(155,386	)			495				(122	)			(5,155	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,007,799				1,802				668				143,089
Foreign currency forward contracts			–				(28	)			–				(7,680	)
Foreign currency related transactions			72				–	(1)			–				–	(1)
Futures contracts			–				(517	)			–				–
Swap contracts			–				12				–				–
Total increase in unrealized appreciation or depreciation			1,007,871				1,269				668				135,409
Net gain on investments and foreign currency related transactions			852,485				1,764				546				130,254
Net increase in net assets resulting from operations		$	842,988			$	2,565			$	2,429			$	130,603
*  Consolidated statement
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	360			$	8			$	–			$	143

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

Artisan Partners Funds 61

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY				GLOBAL EQUITY				GLOBAL OPPORTUNITIES				GLOBAL UNCONSTRAINED*
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	554			$	982			$	8,070			$	9
Income from non-cash dividends			–				49				–				–
Interest			34				27				597				618
Income from securities lending			–				6	(1)			–				–
Total investment income			588				1,064				8,667				627
EXPENSES:
Management fees			1,210				878				13,092				76
Transfer agent fees
Investor Shares			58				98				874				18
Advisor Shares			19				15				272				12
Institutional Shares			13				13				17				12
Shareholder Communications			10				9				56				2
Custodian fees			10				–				19				11
Accounting fees			40				40				40				38
Professional fees			30				36				104				16
Registration fees
Investor Shares			8				8				16				10
Advisor Shares			11				7				19				10
Institutional Shares			11				12				11				10
Director’s fees			5				4				68				2
Dividends on securities sold short			–				–				–				4
Interest on securities sold short			–				–				–				57
Other operating expenses			9				10				57				1
Total operating expenses			1,434				1,130				14,645				279
Less amounts waived or paid by the Adviser			(18	)			(18	)			–				(114	)
Net expenses			1,416				1,112				14,645				165
Net investment income (loss)			(828	)			(48	)			(5,978	)			462
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(10,327	)			6,034				(368	)			99
Foreign currency forward contracts			–				–				–				(161	)
Foreign currency related transactions			7				(3	)			106				(32	)
Futures contracts			–				–				–				288
Securities sold short			–				–				–				(5	)
Swap contracts			–				–				–				(14	)
Total realized gain (loss)			(10,320	)			6,031				(262	)			175
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			54,524				31,468				451,057				1,113
Foreign currency forward contracts			–				–				–				(172	)
Foreign currency related transactions			13				31				148				–	(1)
Futures contracts			–				–				–				(325	)
Swap contracts			–				–				–				(264	)
Securities sold short			–				–				–				78
Total increase in unrealized appreciation or depreciation			54,537				31,499				451,205				430
Net gain on investments and foreign currency related transactions			44,217				37,530				450,943				605
Net increase in net assets resulting from operations		$	43,389			$	37,482			$	444,965			$	1,067
*  Consolidated statement
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	6			$	48			$	225			$	3

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

62 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME				INTERNATIONAL			INTERNATIONAL EXPLORER
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	16,027		$	8,628			$	39,789		$	398
Interest			257			232,998				1,646			–	(1)
Income from securities lending			–			8				557			–
Total investment income			16,284			241,634				41,992			398
EXPENSES:
Management fees			9,813			20,396				25,338			170
Transfer agent fees
Investor Shares			246			888				1,914			–
Advisor Shares			107			1,220				365			17
Institutional Shares			15			25				21			14
Shareholder Communications			21			121				57			–	(1)
Custodian fees			35			27				90			33
Accounting fees			40			59				40			23
Professional fees			71			158				198			12
Registration fees
Investor Shares			12			22				17
Advisor Shares			13			40				14			11
Institutional Shares			13			34				92			15
Director’s fees			32			94				110			2
Other operating expenses			34			97				111			1
Total operating expenses			10,452			23,181				28,367			298
Less amounts waived or paid by the Adviser			–			–				–			(77	)
Total operating expenses			10,452			23,181				28,367			221
Net investment income			5,832			218,453				13,625			177
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			4,393			(20,866	)			11,913			440
Foreign currency forward contracts			–			14				–			(25	)
Foreign currency related transactions			379			(4	)			971			4
Futures contracts			–			3,824				–			–
Total realized gain (loss)			4,772			(17,032	)			12,884			419
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(3)			431,457			200,768				1,252,824			6,773
Foreign currency forward contracts			–			(103	)			–			–
Foreign currency related transactions			312			4				2,019			3
Futures contracts			–			(4,289	)			–			–
Total increase in unrealized appreciation or depreciation			431,769			196,380				1,254,843			6,776
Net gain on investments and foreign currency related transactions			436,541			179,348				1,267,727			7,195
Net increase in net assets resulting from operations		$	442,373		$	397,801			$	1,281,352		$	7,372
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,165		$	–			$	3,715		$	17
(3) Net of increase in foreign taxes on unrealized gains			–			–				–			24

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

Artisan Partners Funds 63

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	14,786			$	198,136			$	6,510			$	12,286
Dividends, from affiliated issuers			1,341				6,474				–				–
Interest			878				2,273				792				204
Income from securities lending			–				–				–				–	(1)
Total investment income			17,005				206,883				7,302				12,490
EXPENSES:
Management fees			22,050				108,956				20,225				6,455
Transfer agent fees
Investor Shares			375				2,705				1,611				427
Advisor Shares			511				2,488				254				120
Institutional Shares			19				27				25				14
Shareholder Communications			201				315				88				56
Custodian fees			35				651				12				7
Accounting fees			40				49				29				29
Professional fees			135				477				124				56
Registration fees
Investor Shares			17				20				20				11
Advisor Shares			21				76				16				10
Institutional Shares			28				109				25				12
Fund administration fees			–				50				–				–
Director’s fees			77				333				86				26
Other operating expenses			68				379				81				23
Total operating expenses			23,577				116,635				22,596				7,246
Net investment income (loss)			(6,572	)			90,248				(15,294	)			5,244
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)			(56,601	)			(21,113	)			(185,618	)			150,292
Investments, from affiliated issuers			(9,272	)			94,202				–				–
Foreign currency related transactions			729				1,499				(73	)			–
Swap contracts			–				6,034				–				–
Total realized gain (loss)			(65,144	)			80,622				(185,691	)			150,292
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)			852,241				5,369,438				663,178				34,797
Investments, from affiliated issuers			21,702				599,044				–				–
Foreign currency related transactions			652				3,927				–	(1)			–
Swap contracts			–				2,205				–				–
Total increase in unrealized appreciation or depreciation			874,595				5,974,614				663,178				34,797
Net gain on investments and foreign currency related transactions			809,451				6,055,236				477,487				185,089
Net increase in net assets resulting from operations		$	802,879			$	6,145,484			$	462,193			$	190,333
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,315			$	23,110			$	–			$	–
(4) Net of foreign taxes on realized gains			–				6				–				–
(5) Net of increase in foreign taxes on unrealized gains			373				7,475				–				–

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

64 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	SELECT EQUITY				SMALL CAP				SUSTAINABLE EMERGING MARKETS				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)		$	211			$	1,579			$	492			$	2,397
Interest			3				357				8				36
Income from securities lending			–				–				–	(2)			–
Total investment income			214				1,936				500				2,433
EXPENSES:
Management fees			128				9,094				305				894
Transfer agent fees
Investor Shares			22				702				24				110
Advisor Shares			13				130				27				38
Institutional Shares			12				18				13				13
Shareholder Communications			8				87				13				17
Custodian fees			1				6				18				6
Accounting fees			29				30				40				29
Professional fees			24				71				39				28
Registration fees
Investor Shares			8				12				9				9
Advisor Shares			8				18				13				9
Institutional Shares			8				18				9				12
Director’s fees			3				42				3				4
Other operating expenses			5				38				6				6
Total operating expenses			269				10,266				519				1,175
Less amounts waived or paid by the Adviser			(79	)			–				(139	)			(33	)
Net expenses			190				10,266				380				1,142
Net investment income (loss)			24				(8,330	)			120				1,291
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)			(270	)			(55,026	)			(2,523	)			16,086
Foreign currency related transactions			1				–				(42	)			(6	)
Total realized gain (loss)			(269	)			(55,026	)			(2,565	)			16,080
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)			7,507				321,867				16,124				32,470
Foreign currency related transactions			(1	)			–				26				5
Total increase in unrealized appreciation or depreciation			7,506				321,867				16,150				32,475
Net gain on investments and foreign currency related transactions			7,237				266,841				13,585				48,555
Net increase in net assets resulting from operations		$	7,261			$	258,511			$	13,705			$	49,846
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	3			$	–			$	74			$	20
(2) Amount rounds to less than $1
(3) Net of foreign taxes on realized gains			–				–				20				–
(4) Net of decrease in foreign taxes on unrealized gains			–				–				48				–

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

Artisan Partners Funds 65

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Six Months Ended March 31, 2023 (Unaudited) (Continued)

Dollar values in thousands

	VALUE INCOME
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)		$	170
Interest			25
Total investment income			195
EXPENSES:
Management fees			35
Transfer agent fees
Investor Shares			20
Advisor Shares			12
Institutional Shares			12
Shareholder Communications			1
Custodian fees			12
Accounting fees			24
Professional fees			14
Registration fees
Investor Shares			12
Advisor Shares			13
Institutional Shares			13
Director’s fees			2
Other operating expenses			–	(1)
Total operating expenses			170
Less amounts waived or paid by the Adviser			(117	)
Net expenses			53
Net investment income			142
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(431	)
Foreign currency related transactions			–	(1)
Written options			6
Total realized loss			(425	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,337
Foreign currency related transactions			–	(1)
Written options			7
Total increase in unrealized appreciation or depreciation			1,344
Net gain on investments and foreign currency related transactions			919
Net increase in net assets resulting from operations		$	1,061
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers		$	–	(1)

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

66 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD								EMERGING MARKETS DEBT OPPORTUNITIES*
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Period Ended 9/30/2022(2)
OPERATIONS:
Net investment income (loss)		$	(9,497	)		$	(42,238	)		$	801			$	491
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(155,636	)			(616,472	)			(52	)			(97	)
Foreign currency forward contracts			–				–				79				365
Foreign currency related transactions			250				(3,285	)			(30	)			(11	)
Futures contracts			–				–				499				167
Swap contracts			–				–				(1	)			(43	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,007,799				(3,057,117	)			1,802				(1,525	)
Foreign currency forward contracts			–				–				(28	)			35
Foreign currency related transactions			72				(66	)			–	(3)			(6	)
Futures contracts			–				–				(517	)			311
Swap contracts			–				–				12				(46	)
Net increase (decrease) in net assets resulting from operations			842,988				(3,719,178	)			2,565				(359	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(387	)			(71,898	)			(10	)			(2	)
Advisor Shares			(6,812	)			(366,044	)			(54	)			(9	)
Institutional Shares			(7,043	)			(246,476	)			(1,427	)			(497	)
Total distributions to shareholders			(14,242	)			(684,418	)			(1,491	)			(508	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(805,568	)			(1,070,988	)			3,859				22,066
Total increase (decrease) in net assets			23,178				(5,474,584	)			4,933				21,199
Net assets, beginning of period			3,251,606				8,726,190				21,199				–
Net assets, end of period		$	3,274,784			$	3,251,606			$	26,132			$	21,199

* Consolidated statement

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (April 7, 2022) through September 30, 2022.

⁽³⁾ Amount rounds to less than $1

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

Artisan Partners Funds 67

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	FLOATING RATE								FOCUS
	Six Months Ended 3/31/2023(1)				Period Ended 9/30/2022(2)				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income (loss)		$	1,883			$	1,458			$	349			$	(3,382	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(122	)			(600	)			(2,822	)			(134,890	)
Foreign currency forward contracts			–				–				5,590				3,082
Foreign currency related transactions			–				–				13				(153	)
Written options			–				–				(7,936	)			17,350
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			668				(2,850	)			143,089				(299,398	)
Foreign currency forward contracts			–				–				(7,680	)			8,501
Foreign currency related transactions			–				–				–	(3)			–	(3)
Written options			–				–				–				(227	)
Net increase (decrease) in net assets resulting from operations			2,429				(1,992	)			130,603				(409,117	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(121	)			(41	)			(757	)			(52,159	)
Advisor Shares			(623	)			(511	)			(3,709	)			(188,039	)
Institutional Shares			(1,089	)			(904	)			(3,577	)			(114,170	)
Total distributions to shareholders			(1,833	)			(1,456	)			(8,043	)			(354,368	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(1,713	)			50,681				(308,806	)			73,552
Total increase (decrease) in net assets			(1,117	)			47,233				(186,246	)			(689,933	)
Net assets, beginning of period			47,233				–				1,608,442				2,298,375
Net assets, end of period		$	46,116			$	47,233			$	1,422,196			$	1,608,442

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (December 1, 2021) through September 30, 2022.

⁽³⁾ Amount rounds to less than $1

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

68 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY								GLOBAL EQUITY
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income (loss)		$	(828	)		$	(2,091	)		$	(48	)		$	1,355
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(10,327	)			(18,524	)			6,034				(9,000	)
Foreign currency related transactions			7				26				(3	)			(82	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			54,524				(107,589	)			31,468				(81,813	)
Foreign currency related transactions			13				(10	)			31				(41	)
Net increase (decrease) in net assets resulting from operations			43,389				(128,188	)			37,482				(89,581	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(4,800	)			(654	)			(22,537	)
Advisor Shares			–				(1,618	)			(46	)			(2,161	)
Institutional Shares			(233	)			(20,198	)			(1,374	)			(23,620	)
Total distributions to shareholders			(233	)			(26,616	)			(2,074	)			(48,318	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(10,385	)			33,064				(12,433	)			(19,588	)
Total increase (decrease) in net assets			32,771				(121,740	)			22,975				(157,487	)
Net assets, beginning of period			232,401				354,141				176,251				333,738
Net assets, end of period		$	265,172			$	232,401			$	199,226			$	176,251

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 69

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES								GLOBAL UNCONSTRAINED*
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Period Ended 9/30/2022(2)
OPERATIONS:
Net investment income (loss)		$	(5,978	)		$	(5,147	)		$	462			$	186
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(368	)			(49,639	)			99				(43	)
Foreign currency forward contracts			–				–				(161	)			430
Foreign currency related transactions			106				(502	)			(32	)			(14	)
Securities sold short			–				–				(5	)			7
Futures contracts			–				–				288				81
Swap contracts			–				–				(14	)			(15	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			451,057				(1,521,743	)			1,113				(876	)
Foreign currency forward contracts			–				–				(172	)			73
Foreign currency related transactions			148				(120	)			–	(3)			(3	)
Securities sold short			–				–				78				124
Futures contracts			–				–				(325	)			190
Swap contracts			–				–				(264	)			169
Net increase (decrease) in net assets resulting from operations			444,965				(1,577,151	)			1,067				309
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(152,763	)			(43	)			(3	)
Advisor Shares			–				(124,592	)			(185	)			(20	)
Institutional Shares			–				(303,744	)			(1,109	)			(137	)
Total distributions to shareholders			–				(581,099	)			(1,337	)			(160	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(738,672	)			(407,198	)			2,404				14,886
Total increase (decrease) in net assets			(293,707	)			(2,565,448	)			2,134				15,035
Net assets, beginning of period			3,174,065				5,739,513				15,035				–
Net assets, end of period		$	2,880,358			$	3,174,065			$	17,169			$	15,035

* Consolidated statement

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (March 31, 2022) through September 30, 2022.

⁽³⁾ Amount rounds to less than $1

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

70 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL VALUE								HIGH INCOME
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income		$	5,832			$	23,334			$	218,453			$	362,065
Net realized gain (loss) on:
Investments, from unaffiliated issuers			4,393				95,660				(20,866	)			75,704
Foreign currency forward contracts			–				–				14				1,011
Foreign currency related transactions			379				(857	)			(4	)			(251	)
Futures contracts			–				–				3,824				14,566
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			431,457				(600,098	)			200,768				(1,184,698	)
Foreign currency forward contracts			–				–				(103	)			37
Foreign currency related transactions			312				(255	)			4				(4	)
Futures contracts			–				–				(4,289	)			441
Unfunded loan commitments			–				–				–				7
Net increase (decrease) in net assets resulting from operations			442,373				(482,216	)			397,801				(731,122	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(8,029	)			(24,940	)			(30,986	)			(90,749	)
Advisor Shares			(10,883	)			(29,976	)			(116,171	)			(238,921	)
Institutional Shares			(62,232	)			(171,531	)			(110,716	)			(193,092	)
Total distributions to shareholders			(81,144	)			(226,447	)			(257,873	)			(522,762	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(128,047	)			51,359				585,907				(9,127	)
Total increase (decrease) in net assets			233,182				(657,304	)			725,835				(1,263,011	)
Net assets, beginning of period			1,818,125				2,475,429				5,809,072				7,072,083
Net assets, end of period		$	2,051,307			$	1,818,125			$	6,534,907			$	5,809,072

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 71

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL								INTERNATIONAL EXPLORER
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Period Ended 9/30/2022(2)
OPERATIONS:
Net investment income		$	13,625			$	88,785			$	177			$	19
Net realized gain (loss) on:
Investments, from unaffiliated issuers			11,913				182,162				440				(199	)
Foreign currency forward contracts			–				–				(25	)			–
Foreign currency related transactions			971				(3,853	)			4				8
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,252,824				(2,603,625	)			6,773				(3,195	)
Foreign currency related transactions			2,019				(2,787	)			3				–	(3)
Net increase (decrease) in net assets resulting from operations			1,281,352				(2,339,318	)			7,372				(3,367	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(43,596	)			(570,026	)
Advisor Shares			(23,884	)			(322,303	)			(8	)			–
Institutional Shares			(80,781	)			(947,348	)			(39	)			–
Total distributions to shareholders			(148,261	)			(1,839,677	)			(47	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(612,878	)			(485,489	)			16,667				23,903
Total increase (decrease) in net assets			520,213				(4,664,484	)			23,992				20,536
Net assets, beginning of period			4,993,538				9,658,022				20,536				–
Net assets, end of period		$	5,513,751			$	4,993,538			$	44,528			$	20,536

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (May 16, 2022) through September 30, 2022.

⁽³⁾ Amount rounds to less than $1

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

72 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 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income (loss)		$	(6,572	)		$	(6,495	)		$	90,248			$	305,788
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(56,601	)			(129,249	)			(21,113	)			421,460
Investments, from affiliated issuers			(9,272	)			(30,526	)			94,202				1,258
Foreign currency forward contracts			–				–				–				56,644
Foreign currency related transactions			729				(1,472	)			1,499				(5,636	)
Swap contracts			–				–				6,034				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			852,241				(1,703,098	)			5,369,438				(5,225,802	)
Investments, from affiliated issuers			21,702				(144,548	)			599,044				(83,625	)
Foreign currency forward contracts			–				–				–				(5,810	)
Foreign currency related transactions			652				(759	)			3,927				(4,309	)
Swap contracts			–				–				2,205				(498	)
Net increase (decrease) in net assets resulting from operations			802,879				(2,016,147	)			6,145,484				(4,540,530	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(14,628	)			(43,449	)			(255,824	)
Advisor Shares			(297	)			(51,584	)			(104,292	)			(494,136	)
Institutional Shares			(3,176	)			(107,479	)			(278,867	)			(1,481,257	)
Total distributions to shareholders			(3,473	)			(173,691	)			(426,608	)			(2,231,217	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(298,361	)			(127,455	)			890,803				4,796,949
Total increase (decrease) in net assets			501,045				(2,317,293	)			6,609,679				(1,974,798	)
Net assets, beginning of period			3,968,563				6,285,856				20,131,030				22,105,828
Net assets, end of period		$	4,469,608			$	3,968,563			$	26,740,709			$	20,131,030

⁽¹⁾  Unaudited.

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

Artisan Partners Funds 73

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP								MID CAP VALUE
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income (loss)		$	(15,294	)		$	(48,169	)		$	5,244			$	12,675
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(185,618	)			(12,910	)			150,292				277,492
Foreign currency related transactions			(73	)			(21	)			–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			663,178				(2,500,946	)			34,797				(529,378	)
Foreign currency related transactions			–	(2)			(3	)			–				–
Net increase (decrease) in net assets resulting from operations			462,193				(2,562,049	)			190,333				(239,211	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(3,829	)			(396,844	)			(70,676	)			(90,957	)
Advisor Shares			(2,663	)			(143,826	)			(73,203	)			(71,587	)
Institutional Shares			(10,835	)			(550,241	)			(100,129	)			(101,879	)
Total distributions to shareholders			(17,327	)			(1,090,911	)			(244,008	)			(264,423	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(170,002	)			479,163				3,412				(216,745	)
Total increase (decrease) in net assets			274,864				(3,173,797	)			(50,263	)			(720,379	)
Net assets, beginning of period			4,245,223				7,419,020				1,307,967				2,028,346
Net assets, end of period		$	4,520,087			$	4,245,223			$	1,257,704			$	1,307,967

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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

74 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SELECT EQUITY								SMALL CAP
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income (loss)		$	24			$	57			$	(8,330	)		$	(23,992	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(270	)			605				(55,026	)			(277,985	)
Investments, from affiliated issuers			–				–				–				(30,484	)
Foreign currency related transactions			1				–	(2)			–				–	(2)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			7,507				(8,795	)			321,867				(1,132,581	)
Investments, from affiliated issuers			–				–				–				8,852
Foreign currency related transactions			(1	)			–	(2)			–				–
Net increase (decrease) in net assets resulting from operations			7,261				(8,133	)			258,511				(1,456,190	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(69	)			(142	)			(1,557	)			(106,455	)
Advisor Shares			(56	)			(86	)			(1,332	)			(131,363	)
Institutional Shares			(816	)			(987	)			(4,453	)			(157,713	)
Total distributions to shareholders			(941	)			(1,215	)			(7,342	)			(395,531	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			1,056				14,298				(150,363	)			(380,807	)
Total increase (decrease) in net assets			7,376				4,950				100,806				(2,232,528	)
Net assets, beginning of period			29,556				24,606				1,815,527				4,048,055
Net assets, end of period		$	36,932			$	29,556			$	1,916,333			$	1,815,527

⁽¹⁾ Unaudited.

⁽²⁾ Amount rounds to less than $1

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

Artisan Partners Funds 75

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SUSTAINABLE EMERGING MARKETS								VALUE
	Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022				Six Months Ended 3/31/2023(1)				Year Ended 9/30/2022
OPERATIONS:
Net investment income		$	120			$	805			$	1,291			$	2,935
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(2,523	)			(240	)			16,086				45,254
Foreign currency related transactions			(42	)			(28	)			(6	)			(35	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			16,124				(32,151	)			32,470				(92,642	)
Foreign currency related transactions			26				(56	)			5				(8	)
Net increase (decrease) in net assets resulting from operations			13,705				(31,670	)			49,846				(44,496	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(112	)			(659	)			(13,355	)			(12,565	)
Advisor Shares			(277	)			–				(9,301	)			(11,837	)
Institutional Shares			(277	)			(89	)			(16,019	)			(19,119	)
Total distributions to shareholders			(666	)			(748	)			(38,675	)			(43,521	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			2,158				23,380				7,024				(56,154	)
Total increase (decrease) in net assets			15,197				(9,038	)			18,195				(144,171	)
Net assets, beginning of period			62,731				71,769				227,095				371,266
Net assets, end of period		$	77,928			$	62,731			$	245,290			$	227,095

⁽¹⁾ Unaudited.

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

76 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE INCOME
	Six Months Ended 3/31/2023(1)				Period Ended 9/30/2022(2)
OPERATIONS:
Net investment income		$	142			$	167
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(431	)			(89	)
Foreign currency related transactions			–	(3)			(1	)
Written options			6				3
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,337				(1,897	)
Foreign currency related transactions			–	(3)			–	(3)
Written options			7				(3	)
Net increase (decrease) in net assets resulting from operations			1,061				(1,820	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(8	)			(12	)
Advisor Shares			(19	)			(18	)
Institutional Shares			(111	)			(131	)
Total distributions to shareholders			(138	)			(161	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			707				11,087
Total increase in net assets			1,630				9,106
Net assets, beginning of period			9,106				–
Net assets, end of period		$	10,736			$	9,106

⁽¹⁾ Unaudited.

⁽²⁾ For the period from commencement of operations (February 28, 2022) through September 30, 2022.

⁽³⁾ Amount rounds to less than $1

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
DEVELOPING WORLD FUND
Investor Shares
3/31/2023(5)	$	12.12		(0.05	)		3.66			3.61			(0.02	)		—			(0.02	)	$	15.71
9/30/2022	$	25.55		(0.17	)		(11.19	)		(11.36	)		—			(2.07	)		(2.07	)	$	12.12
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
Advisor Shares
3/31/2023(5)	$	12.25		(0.04	)		3.69			3.65			(0.05	)		—			(0.05	)	$	15.85
9/30/2022	$	25.77		(0.14	)		(11.31	)		(11.45	)		—			(2.07	)		(2.07	)	$	12.25
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
Institutional Shares
3/31/2023(5)	$	12.33		(0.04	)		3.72			3.68			(0.07	)		—			(0.07	)	$	15.94
9/30/2022	$	25.90		(0.12	)		(11.38	)		(11.50	)		—			(2.07	)		(2.07	)	$	12.33
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
EMERGING MARKETS DEBT OPPORTUNITIES FUND
Investor Shares
3/31/2023(5)	$	9.60		0.34			0.64			0.98			(0.36	)		(0.23	)		(0.59	)	$	9.99
9/30/2022(7)	$	10.00		0.24			(0.41	)		(0.17	)		(0.23	)		—			(0.23	)	$	9.60
Advisor Shares
3/31/2023(5)	$	9.60		0.33			0.67			1.00			(0.36	)		(0.23	)		(0.59	)	$	10.01
9/30/2022(7)	$	10.00		0.24			(0.41	)		(0.17	)		(0.23	)		—			(0.23	)	$	9.60
Institutional Shares
3/31/2023(5)	$	9.60		0.35			0.60			0.95			(0.36	)		(0.23	)		(0.59	)	$	9.96
9/30/2022(7)	$	10.00		0.23			(0.39	)		(0.16	)		(0.24	)		—			(0.24	)	$	9.60
FLOATING RATE FUND
Investor Shares
3/31/2023(5)	$	9.30		0.37			0.11			0.48			(0.36	)		—			(0.36	)	$	9.42
9/30/2022(8)	$	10.00		0.32			(0.72	)		(0.40	)		(0.30	)		—			(0.30	)	$	9.30
Advisor Shares
3/31/2023(5)	$	9.30		0.37			0.12			0.49			(0.37	)		—			(0.37	)	$	9.42
9/30/2022(8)	$	10.00		0.32			(0.72	)		(0.40	)		(0.30	)		—			(0.30	)	$	9.30
Institutional Shares
3/31/2023(5)	$	9.30		0.38			0.11			0.49			(0.37	)		—			(0.37	)	$	9.42
9/30/2022(8)	$	10.00		0.33			(0.72	)		(0.39	)		(0.31	)		—			(0.31	)	$	9.30

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

78 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			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
3/31/2023(5)		29.79	%	$	338,466		1.29	%		n/a			(0.77	)%		32.16	%
9/30/2022		(48.39	)%	$	349,016		1.28	%		n/a			(0.92	)%		87.26	%
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	%
Advisor Shares
3/31/2023(5)		29.93	%	$	1,497,892		1.14	%		n/a			(0.60	)%		32.16	%
9/30/2022		(48.32	)%	$	1,620,067		1.11	%		n/a			(0.75	)%		87.26	%
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	%
Institutional Shares
3/31/2023(5)		29.97	%	$	1,438,426		1.05	%		n/a			(0.52	)%		32.16	%
9/30/2022		(48.27	)%	$	1,282,523		1.03	%		n/a			(0.66	)%		87.26	%
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	%
EMERGING MARKETS DEBT OPPORTUNITIES FUND
Investor Shares
3/31/2023(5)		11.74	%	$	245		1.25	%		36.28	%		6.69	%		83.12	%
9/30/2022(7)		(1.72	)%	$	88		1.25	%		170.55	%		5.07	%		38.16	%
Advisor Shares
3/31/2023(5)		11.91	%	$	2,703		1.15	%		5.48	%		6.67	%		83.12	%
9/30/2022(7)		(1.78	)%	$	433		1.15	%		28.37	%		5.02	%		38.16	%
Institutional Shares
3/31/2023(5)		11.83	%	$	22,930		1.10	%		1.56	%		6.96	%		83.12	%
9/30/2022(7)		(1.65	)%	$	20,678		1.10	%		1.57	%		4.84	%		38.16	%
FLOATING RATE FUND
Investor Shares
3/31/2023(5)		5.26	%	$	3,827		1.20	%		3.43	%		7.97	%		45.59	%
9/30/2022(8)		(4.17	)%	$	2,451		1.20	%		7.19	%		4.02	%		48.90	%
Advisor Shares
3/31/2023(5)		5.32	%	$	15,212		1.10	%		1.63	%		8.00	%		45.59	%
9/30/2022(8)		(4.09	)%	$	16,705		1.10	%		1.61	%		4.16	%		48.90	%
Institutional Shares
3/31/2023(5)		5.34	%	$	27,077		1.05	%		1.33	%		8.07	%		45.59	%
9/30/2022(8)		(4.07	)%	$	28,077		1.05	%		1.27	%		4.10	%		48.90	%

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
FOCUS FUND
Investor Shares
3/31/2023(5)	$	15.19		(0.01	)		1.27			1.26			(0.05	)		—			(0.05	)	$	16.40
9/30/2022	$	22.30		(0.06	)		(3.61	)		(3.67	)		—			(3.44	)		(3.44	)	$	15.19
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
Advisor Shares
3/31/2023(5)	$	15.25		—	(6)		1.29			1.29			(0.08	)		—			(0.08	)	$	16.46
9/30/2022	$	22.36		(0.03	)		(3.64	)		(3.67	)		—			(3.44	)		(3.44	)	$	15.25
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
3/31/2023(5)	$	15.30		0.01			1.29			1.30			(0.10	)		—			(0.10	)	$	16.50
9/30/2022	$	22.40		(0.02	)		(3.64	)		(3.66	)		—			(3.44	)		(3.44	)	$	15.30
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
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2023(5)	$	14.15		(0.07	)		2.76			2.69			—			—			—		$	16.84
9/30/2022	$	23.07		(0.17	)		(7.02	)		(7.19	)		—			(1.73	)		(1.73	)	$	14.15
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
Advisor Shares
3/31/2023(5)	$	14.18		(0.06	)		2.77			2.71			—			—			—		$	16.89
9/30/2022	$	23.09		(0.16	)		(7.02	)		(7.18	)		—			(1.73	)		(1.73	)	$	14.18
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
3/31/2023(5)	$	14.25		(0.05	)		2.79			2.74			(0.02	)		—			(0.02	)	$	16.97
9/30/2022	$	23.15		(0.11	)		(7.06	)		(7.17	)		—			(1.73	)		(1.73	)	$	14.25
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

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

80 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			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)
FOCUS FUND
Investor Shares
3/31/2023(5)		8.37	%	$	235,871		1.26	%		n/a			(0.10	)%		130.98	%
9/30/2022		(20.76	)%	$	237,102		1.24	%		n/a			(0.31	)%		240.40	%
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	%(9)		1.70	%(9)		(0.27	)%		355.37	%
Advisor Shares
3/31/2023(5)		8.43	%	$	643,443		1.11	%		n/a			0.03	%		130.98	%
9/30/2022		(20.60	)%	$	817,890		1.10	%		n/a			(0.17	)%		240.40	%
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	%(9)		2.74	%(9)		0.16	%		355.37	%
Institutional Shares
3/31/2023(5)		8.54	%	$	542,882		1.02	%		n/a			0.13	%		130.98	%
9/30/2022		(20.56	)%	$	553,450		1.01	%		n/a			(0.08	)%		240.40	%
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	%
GLOBAL DISCOVERY FUND
Investor Shares
3/31/2023(5)		19.01	%	$	35,046		1.40	%		1.41	%		(0.94	)%		23.63	%
9/30/2022		(33.87	)%	$	36,925		1.38	%		n/a			(0.91	)%		59.23	%
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	%
Advisor Shares
3/31/2023(5)		19.11	%	$	17,674		1.30	%		1.55	%		(0.81	)%		23.63	%
9/30/2022		(33.79	)%	$	13,438		1.30	%		1.41	%		(0.84	)%		59.23	%
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
3/31/2023(5)		19.23	%	$	212,452		1.08	%		n/a			(0.60	)%		23.63	%
9/30/2022		(33.65	)%	$	182,038		1.06	%		n/a			(0.58	)%		59.23	%
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	%

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

Artisan Partners Funds 81

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

								��				Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL EQUITY FUND
Investor Shares
3/31/2023(5)	$	14.19		(0.02	)		3.07			3.05			(0.14	)		—			(0.14	)	$	17.10
9/30/2022	$	24.46		0.06			(6.59	)		(6.53	)		—			(3.74	)		(3.74	)	$	14.19
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
Advisor Shares
3/31/2023(5)	$	14.19		(0.01	)		3.08			3.07			(0.15	)		—			(0.15	)	$	17.11
9/30/2022	$	24.46		0.03			(6.56	)		(6.53	)		—			(3.74	)		(3.74	)	$	14.19
9/30/2021	$	23.04		(0.11	)		4.32			4.21			—			(2.79	)		(2.79	)	$	24.46
9/30/2020(12)	$	22.81		(0.02	)		0.25			0.23			—			—			—		$	23.04
Institutional Shares
3/31/2023(5)	$	14.40		—	(6)		3.13			3.13			(0.19	)		—			(0.19	)	$	17.34
9/30/2022	$	24.72		0.13			(6.71	)		(6.58	)		—			(3.74	)		(3.74	)	$	14.40
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
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2023(5)	$	24.32		(0.07	)		3.83			3.76			—			—			—		$	28.08
9/30/2022	$	39.09		(0.08	)		(10.71	)		(10.79	)		—			(3.98	)		(3.98	)	$	24.32
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
Advisor Shares
3/31/2023(5)	$	24.57		(0.06	)		3.87			3.81			—			—			—		$	28.38
9/30/2022	$	39.40		(0.04	)		(10.81	)		(10.85	)		—			(3.98	)		(3.98	)	$	24.57
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
Institutional Shares
3/31/2023(5)	$	24.93		(0.04	)		3.92			3.88			—			—			—		$	28.81
9/30/2022	$	39.89		(0.01	)		(10.97	)		(10.98	)		—			(3.98	)		(3.98	)	$	24.93
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

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

82 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
GLOBAL EQUITY FUND
Investor Shares
3/31/2023(5)		21.56	%	$	73,975		1.29	%		n/a			(0.20	)%		65.68	%
9/30/2022		(31.48	)%	$	66,270		1.28	%		n/a			0.33	%		92.81	%
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	%
Advisor Shares
3/31/2023(5)		21.67	%	$	4,467		1.25	%		2.01	%		(0.14	)%		65.68	%
9/30/2022		(31.48	)%	$	4,027		1.25	%		1.61	%		0.14	%		92.81	%
9/30/2021		19.64	%	$	14,273		1.25	%		1.62	%		(0.46	)%		119.10	%
9/30/2020(12)		1.01	%	$	13,092		1.25	%		2.51	%		(0.53	)%		137.93	%
Institutional Shares
3/31/2023(5)		21.80	%	$	120,784		1.04	%		n/a			0.06	%		65.68	%
9/30/2022		(31.34	)%	$	105,954		1.04	%		n/a			0.72	%		92.81	%
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	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2023(5)		15.46	%	$	764,270		1.14	%		n/a			(0.55	)%		19.61	%
9/30/2022		(31.13	)%	$	782,904		1.14	%		n/a			(0.26	)%		37.32	%
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	%
Advisor Shares
3/31/2023(5)		15.51	%	$	530,020		1.01	%		n/a			(0.43	)%		19.61	%
9/30/2022		(31.03	)%	$	625,332		1.00	%		n/a			(0.13	)%		37.32	%
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	%
Institutional Shares
3/31/2023(5)		15.56	%	$	1,586,068		0.91	%		n/a			(0.32	)%		19.61	%
9/30/2022		(30.97	)%	$	1,765,829		0.90	%		n/a			(0.03	)%		37.32	%
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	%

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

Artisan Partners Funds 83

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 UNCONSTRAINED FUND
Investor Shares
3/31/2023(5)	$	10.10		0.27		0.36			0.63			(0.60	)		(0.22	)		(0.82	)	$	9.91
9/30/2022(13)	$	10.00		0.17		0.04			0.21			(0.11	)		—			(0.11	)	$	10.10
Advisor Shares
3/31/2023(5)	$	10.11		0.28		0.34			0.62			(0.60	)		(0.22	)		(0.82	)	$	9.91
9/30/2022(13)	$	10.00		0.18		0.04			0.22			(0.11	)		—			(0.11	)	$	10.11
Institutional Shares
3/31/2023(5)	$	10.11		0.28		0.35			0.63			(0.60	)		(0.22	)		(0.82	)	$	9.92
9/30/2022(13)	$	10.00		0.14		0.09			0.23			(0.12	)		—			(0.12	)	$	10.11
GLOBAL VALUE FUND
Investor Shares
3/31/2023(5)	$	15.56		0.03		3.78			3.81			(0.05	)		(0.60	)		(0.65	)	$	18.72
9/30/2022	$	21.58		0.16		(4.26	)		(4.10	)		(0.19	)		(1.73	)		(1.92	)	$	15.56
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
Advisor Shares
3/31/2023(5)	$	15.55		0.04		3.78			3.82			(0.08	)		(0.60	)		(0.68	)	$	18.69
9/30/2022	$	21.57		0.19		(4.26	)		(4.07	)		(0.22	)		(1.73	)		(1.95	)	$	15.55
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
Institutional Shares
3/31/2023(5)	$	15.60		0.05		3.79			3.84			(0.10	)		(0.60	)		(0.70	)	$	18.74
9/30/2022	$	21.63		0.21		(4.27	)		(4.06	)		(0.24	)		(1.73	)		(1.97	)	$	15.60
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
HIGH INCOME FUND
Investor Shares
3/31/2023(5)	$	8.46		0.30		0.28			0.58			(0.31	)		(0.06	)		(0.37	)	$	8.67
9/30/2022	$	10.28		0.51		(1.58	)		(1.07	)		(0.53	)		(0.22	)		(0.75	)	$	8.46
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
Advisor Shares
3/31/2023(5)	$	8.45		0.31		0.27			0.58			(0.31	)		(0.06	)		(0.37	)	$	8.66
9/30/2022	$	10.27		0.53		(1.59	)		(1.06	)		(0.54	)		(0.22	)		(0.76	)	$	8.45
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
Institutional Shares
3/31/2023(5)	$	8.45		0.31		0.28			0.59			(0.32	)		(0.06	)		(0.38	)	$	8.66
9/30/2022	$	10.27		0.54		(1.59	)		(1.05	)		(0.55	)		(0.22	)		(0.77	)	$	8.45
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

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

84 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			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 UNCONSTRAINED FUND
Investor Shares
3/31/2023(5)		6.96	%	$	596		2.24	%(9)		13.09	%(9)		5.60	%		99.22	%
9/30/2022(13)		2.10	%	$	466		1.75	%(9)		54.5	%(9)		3.28	%		40.30	%
Advisor Shares
3/31/2023(5)		6.90	%	$	2,330		2.14	%(9)		4.58	%(9)		5.71	%		99.22	%
9/30/2022(13)		2.24	%	$	2,011		1.62	%(9)		9.54	%(9)		3.66	%		40.30	%
Institutional Shares
3/31/2023(5)		7.03	%	$	14,243		2.09	%(9)		2.90	%(9)		5.75	%		99.22	%
9/30/2022(13)		2.27	%	$	12,558		1.48	%(9)		2.57	%(9)		2.82	%		40.30	%
GLOBAL VALUE FUND
Investor Shares
3/31/2023(5)		24.94	%	$	214,017		1.26	%		n/a			0.37	%		6.05	%
9/30/2022		(21.10	)%	$	199,274		1.25	%		n/a			0.83	%		24.37	%
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	%
Advisor Shares
3/31/2023(5)		25.04	%	$	249,578		1.11	%		n/a			0.51	%		6.05	%
9/30/2022		(21.01	)%	$	254,970		1.11	%		n/a			0.97	%		24.37	%
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	%
Institutional Shares
3/31/2023(5)		25.10	%	$	1,587,712		1.01	%		n/a			0.63	%		6.05	%
9/30/2022		(20.92	)%	$	1,363,881		1.01	%		n/a			1.07	%		24.37	%
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	%
HIGH INCOME FUND
Investor Shares
3/31/2023(5)		6.86	%	$	739,765		0.94	%		n/a			7.07	%		8.81	%
9/30/2022		(11.00	)%	$	756,049		0.94	%		n/a			5.34	%		55.84	%
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	%
Advisor Shares
3/31/2023(5)		6.95	%	$	2,911,084		0.79	%		n/a			7.23	%		8.81	%
9/30/2022		(10.88	)%	$	2,570,217		0.79	%		n/a			5.56	%		55.84	%
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	%
Institutional Shares
3/31/2023(5)		7.00	%	$	2,884,058		0.70	%		n/a			7.32	%		8.81	%
9/30/2022		(10.81	)%	$	2,482,806		0.70	%		n/a			5.68	%		55.84	%
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	%

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

Artisan Partners Funds 85

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 EXPLORER FUND
Advisor Shares
3/31/2023(5)	$	8.69		0.05			2.41			2.46			(0.01	)		—			(0.01	)	$	11.14
9/30/2022(14)	$	10.00		0.02			(1.33	)		(1.31	)		—			—			—		$	8.69
Institutional Shares
3/31/2023(5)	$	8.69		0.06			2.41			2.47			(0.02	)		—			(0.02	)	$	11.14
9/30/2022(14)	$	10.00		0.01			(1.32	)		(1.31	)		—			—			—		$	8.69
INTERNATIONAL FUND
Investor Shares
3/31/2023(5)	$	20.93		0.04			5.52			5.56			(0.30	)		(0.31	)		(0.61	)	$	25.88
9/30/2022	$	36.66		0.28			(8.90	)		(8.62	)		(0.24	)		(6.87	)		(7.11	)	$	20.93
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
Advisor Shares
3/31/2023(5)	$	20.87		0.06			5.50			5.56			(0.35	)		(0.31	)		(0.66	)	$	25.77
9/30/2022	$	36.58		0.32			(8.86	)		(8.54	)		(0.30	)		(6.87	)		(7.17	)	$	20.87
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
Institutional Shares
3/31/2023(5)	$	21.09		0.07			5.56			5.63			(0.38	)		(0.31	)		(0.69	)	$	26.03
9/30/2022	$	36.90		0.35			(8.95	)		(8.60	)		(0.34	)		(6.87	)		(7.21	)	$	21.09
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
INTERNATIONAL SMALL-MID FUND
Investor Shares
3/31/2023(5)	$	13.90		(0.04	)		2.93			2.89			—			—			—		$	16.79
9/30/2022	$	21.19		(0.06	)		(6.65	)		(6.71	)		—			(0.58	)		(0.58	)	$	13.90
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
Advisor Shares
3/31/2023(5)	$	13.94		(0.03	)		2.95			2.92			—	(6)		—			—	(6)	$	16.86
9/30/2022	$	21.23		(0.03	)		(6.68	)		(6.71	)		—			(0.58	)		(0.58	)	$	13.94
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(15)	$	11.91		0.01			1.70			1.71			—			—			—		$	13.62
Institutional Shares
3/31/2023(5)	$	14.12		(0.02	)		2.97			2.95			(0.02	)		—			(0.02	)	$	17.05
9/30/2022	$	21.47		(0.01	)		(6.76	)		(6.77	)		—			(0.58	)		(0.58	)	$	14.12
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

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

86 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			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 EXPLORER FUND
Advisor Shares
3/31/2023(5)		28.34	%	$	9,919		1.40	%		2.26	%		1.05	%		15.00	%
9/30/2022(14)		(13.10	)%	$	5,811		1.40	%		6.08	%		0.64	%		11.60	%
Institutional Shares
3/31/2023(5)		28.40	%	$	34,609		1.35	%		1.71	%		1.10	%		15.00	%
9/30/2022(14)		(13.10	)%	$	14,725		1.35	%		2.91	%		0.25	%		11.60	%
INTERNATIONAL FUND
Investor Shares
3/31/2023(5)		26.83	%	$	1,758,208		1.18	%		n/a			0.37	%		38.38	%
9/30/2022		(29.32	)%	$	1,575,634		1.19	%		n/a			1.03	%		50.49	%
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	%
Advisor Shares
3/31/2023(5)		26.92	%	$	898,990		1.05	%		n/a			0.50	%		38.38	%
9/30/2022		(29.24	)%	$	829,517		1.05	%		n/a			1.18	%		50.49	%
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	%
Institutional Shares
3/31/2023(5)		26.91	%	$	2,856,553		0.96	%		n/a			0.59	%		38.38	%
9/30/2022		(29.14	)%	$	2,588,387		0.97	%		n/a			1.28	%		50.49	%
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	%
INTERNATIONAL SMALL-MID FUND
Investor Shares
3/31/2023(5)		20.79	%	$	316,951		1.29	%		n/a			(0.51	)%		12.85	%
9/30/2022		(32.53	)%	$	301,480		1.28	%		n/a			(0.32	)%		22.12	%
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	%
Advisor Shares
3/31/2023(5)		20.98	%	$	1,234,640		1.14	%		n/a			(0.35	)%		12.85	%
9/30/2022		(32.47	)%	$	1,161,239		1.14	%		n/a			(0.16	)%		22.12	%
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(15)		14.36	%	$	434,784		1.25	%		n/a			0.13	%		55.98	%
Institutional Shares
3/31/2023(5)		20.96	%	$	2,918,017		1.06	%		n/a			(0.26	)%		12.85	%
9/30/2022		(32.38	)%	$	2,505,844		1.06	%		n/a			(0.08	)%		22.12	%
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	%

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

Artisan Partners Funds 87

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2023(5)	$	32.96		0.11			10.02			10.13			(0.08	)		(0.64	)		(0.72	)	$	42.37
9/30/2022	$	44.49		0.45			(7.77	)		(7.32	)		(1.17	)		(3.04	)		(4.21	)	$	32.96
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
Advisor Shares
3/31/2023(5)	$	32.89		0.15			9.99			10.14			(0.08	)		(0.64	)		(0.72	)	$	42.31
9/30/2022	$	44.46		0.52			(7.76	)		(7.24	)		(1.29	)		(3.04	)		(4.33	)	$	32.89
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
Institutional Shares
3/31/2023(5)	$	33.04		0.16			10.04			10.20			(0.08	)		(0.64	)		(0.72	)	$	42.52
9/30/2022	$	44.69		0.55			(7.80	)		(7.25	)		(1.36	)		(3.04	)		(4.40	)	$	33.04
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
MID CAP FUND
Investor Shares
3/31/2023(5)	$	28.45		(0.13	)		3.28			3.15			(0.08	)		—			(0.08	)	$	31.52
9/30/2022	$	53.28		(0.37	)		(15.87	)		(16.24	)		—			(8.59	)		(8.59	)	$	28.45
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
Advisor Shares
3/31/2023(5)	$	29.02		(0.11	)		3.34			3.23			(0.13	)		—			(0.13	)	$	32.12
9/30/2022	$	54.11		(0.32	)		(16.18	)		(16.50	)		—			(8.59	)		(8.59	)	$	29.02
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
Institutional Shares
3/31/2023(5)	$	33.98		(0.11	)		3.91			3.80			(0.16	)		—			(0.16	)	$	37.62
9/30/2022	$	61.87		(0.33	)		(18.97	)		(19.30	)		—			(8.59	)		(8.59	)	$	33.98
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

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

88 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2023(5)		30.98	%	$	2,622,566		1.18	%		n/a		0.57	%		10.18	%
9/30/2022		(18.40	)%	$	2,059,112		1.19	%		n/a		1.13	%		22.69	%
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	%
Advisor Shares
3/31/2023(5)		31.08	%	$	7,012,271		1.03	%		n/a		0.76	%		10.18	%
9/30/2022		(18.27	)%	$	4,705,187		1.05	%		n/a		1.29	%		22.69	%
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	%
Institutional Shares
3/31/2023(5)		31.13	%	$	17,105,872		0.95	%		n/a		0.80	%		10.18	%
9/30/2022		(18.20	)%	$	13,366,731		0.95	%		n/a		1.36	%		22.69	%
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	%
MID CAP FUND
Investor Shares
3/31/2023(5)		11.10	%	$	1,451,476		1.19	%		n/a		(0.85	)%		21.33	%
9/30/2022		(36.55	)%	$	1,387,480		1.18	%		n/a		(0.97	)%		34.12	%
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	%
Advisor Shares
3/31/2023(5)		11.17	%	$	617,659		1.05	%		n/a		(0.71	)%		21.33	%
9/30/2022		(36.46	)%	$	572,155		1.05	%		n/a		(0.83	)%		34.12	%
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	%
Institutional Shares
3/31/2023(5)		11.23	%	$	2,450,952		0.96	%		n/a		(0.62	)%		21.33	%
9/30/2022		(36.41	)%	$	2,285,588		0.95	%		n/a		(0.74	)%		34.12	%
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	%

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

Artisan Partners Funds 89

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
3/31/2023(5)	$	17.11		0.06			2.46			2.52			(0.05	)		(3.27	)		(3.32	)	$	16.31
9/30/2022	$	23.12		0.12			(3.07	)		(2.95	)		(0.04	)		(3.02	)		(3.06	)	$	17.11
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
Advisor Shares
3/31/2023(5)	$	17.06		0.07			2.46			2.53			(0.10	)		(3.27	)		(3.37	)	$	16.22
9/30/2022	$	23.07		0.15			(3.07	)		(2.92	)		(0.07	)		(3.02	)		(3.09	)	$	17.06
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
Institutional Shares
3/31/2023(5)	$	17.08		0.07			2.46			2.53			(0.11	)		(3.27	)		(3.38	)	$	16.23
9/30/2022	$	23.09		0.16			(3.06	)		(2.90	)		(0.09	)		(3.02	)		(3.11	)	$	17.08
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
SELECT EQUITY FUND
Investor Shares
3/31/2023(5)	$	9.84		—	(6)		2.38			2.38			(0.01	)		(0.29	)		(0.30	)	$	11.92
9/30/2022	$	13.48		0.01			(3.00	)		(2.99	)		—			(0.65	)		(0.65	)	$	9.84
9/30/2021	$	10.17		(0.01	)		3.32			3.31			—			—			—		$	13.48
9/30/2020(16)	$	10.00		—	(6)		0.17			0.17			—			—			—		$	10.17
Advisor Shares
3/31/2023(5)	$	9.87		0.01			2.37			2.38			(0.02	)		(0.29	)		(0.31	)	$	11.94
9/30/2022	$	13.49		0.02			(2.99	)		(2.97	)		—			(0.65	)		(0.65	)	$	9.87
9/30/2021	$	10.18		0.01			3.30			3.31			—			—			—		$	13.49
9/30/2020(16)	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18
Institutional Shares
3/31/2023(5)	$	9.81		0.01			2.37			2.38			(0.03	)		(0.29	)		(0.32	)	$	11.87
9/30/2022	$	13.44		0.03			(2.99	)		(2.96	)		(0.02	)		(0.65	)		(0.67	)	$	9.81
9/30/2021	$	10.18		0.02			3.30			3.32			(0.06	)		—			(0.06	)	$	13.44
9/30/2020(16)	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18

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

90 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
MID CAP VALUE FUND
Investor Shares
3/31/2023(5)		14.71	%	$	383,497		1.22	%		n/a			0.66	%		17.74	%
9/30/2022		(15.39	)%	$	391,804		1.20	%		n/a			0.57	%		15.17	%
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	%
Advisor Shares
3/31/2023(5)		14.83	%	$	329,905		1.07	%		n/a			0.78	%		17.74	%
9/30/2022		(15.29	)%	$	397,898		1.04	%		n/a			0.72	%		15.17	%
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	%
Institutional Shares
3/31/2023(5)		14.83	%	$	544,302		1.00	%		n/a			0.88	%		17.74	%
9/30/2022		(15.21	)%	$	518,265		0.98	%		n/a			0.78	%		15.17	%
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	%
SELECT EQUITY FUND
Investor Shares
3/31/2023(5)		24.40	%	$	2,879		1.25	%		3.52	%		(0.01	)%		13.56	%
9/30/2022		(23.43	)%	$	2,345		1.25	%		3.16	%		0.05	%		20.96	%
9/30/2021		32.55	%	$	2,919		1.25	%		4.35	%		(0.05	)%		34.69	%
9/30/2020(16)		1.70	%	$	983		1.25	%		17.96	%		0.03	%		26.96	%
Advisor Shares
3/31/2023(5)		24.38	%	$	1,230		1.15	%		3.63	%		0.13	%		13.56	%
9/30/2022		(23.26	)%	$	1,561		1.15	%		3.68	%		0.14	%		20.96	%
9/30/2021		32.51	%	$	1,784		1.15	%		4.83	%		0.05	%		34.69	%
9/30/2020(16)		1.80	%	$	778		1.15	%		9.66	%		0.15	%		26.96	%
Institutional Shares
3/31/2023(5)		24.49	%	$	32,823		1.10	%		1.28	%		0.15	%		13.56	%
9/30/2022		(23.33	)%	$	25,650		1.10	%		1.39	%		0.22	%		20.96	%
9/30/2021		32.71	%	$	19,903		1.10	%		1.56	%		0.16	%		34.69	%
9/30/2020(16)		1.80	%	$	11,266		1.10	%		2.36	%		0.20	%		26.96	%

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

Artisan Partners Funds 91

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Financial Highlights – For a share outstanding throughout each period

												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
SMALL CAP FUND
Investor Shares
3/31/2023(5)	$	27.82		(0.15	)		4.14			3.99			(0.08	)		—			(0.08	)	$	31.73
9/30/2022	$	50.34		(0.36	)		(17.09	)		(17.45	)		—			(5.07	)		(5.07	)	$	27.82
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
Advisor Shares
3/31/2023(5)	$	28.08		(0.13	)		4.17			4.04			(0.10	)		—			(0.10	)	$	32.02
9/30/2022	$	50.70		(0.32	)		(17.23	)		(17.55	)		—			(5.07	)		(5.07	)	$	28.08
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
Institutional Shares
3/31/2023(5)	$	28.74		(0.12	)		4.28			4.16			(0.15	)		—			(0.15	)	$	32.75
9/30/2022	$	51.74		(0.28	)		(17.65	)		(17.93	)		—			(5.07	)		(5.07	)	$	28.74
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
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2023(5)	$	12.48		0.02			2.68			2.70			(0.11	)		—			(0.11	)	$	15.07
9/30/2022	$	19.25		0.18			(6.75	)		(6.57	)		(0.20	)		—			(0.20	)	$	12.48
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
Advisor Shares
3/31/2023(5)	$	12.47		0.02			2.70			2.72			(0.14	)		—			(0.14	)	$	15.05
9/30/2022(17)	$	14.61		0.06			(2.20	)		(2.14	)		—			—			—		$	12.47
Institutional Shares
3/31/2023(5)	$	12.71		0.03			2.74			2.77			(0.15	)		—			(0.15	)	$	15.33
9/30/2022	$	19.55		0.18			(6.85	)		(6.67	)		(0.17	)		—			(0.17	)	$	12.71
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

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

92 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
SMALL CAP FUND
Investor Shares
3/31/2023(5)		14.35	%	$	617,228		1.22	%		n/a			(1.01	)%		14.16	%
9/30/2022		(38.24	)%	$	571,380		1.20	%		n/a			(1.00	)%		33.64	%
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	%
Advisor Shares
3/31/2023(5)		14.42	%	$	325,510		1.07	%		n/a			(0.87	)%		14.16	%
9/30/2022		(38.16	)%	$	361,941		1.06	%		n/a			(0.87	)%		33.64	%
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	%
Institutional Shares
3/31/2023(5)		14.49	%	$	973,595		0.99	%		n/a			(0.79	)%		14.16	%
9/30/2022		(38.12	)%	$	882,206		0.98	%		n/a			(0.78	)%		33.64	%
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	%
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
3/31/2023(5)		21.78	%	$	13,479		1.15	%		1.75	%		0.24	%		13.24	%
9/30/2022		(34.51	)%	$	12,297		1.26	%		1.58	%		1.06	%		21.48	%
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	%
Advisor Shares
3/31/2023(5)		21.90	%	$	35,841		1.05	%		1.40	%		0.34	%		13.24	%
9/30/2022(17)		(14.65	)%	$	26,872		1.05	%		1.97	%		0.96	%		21.48	%
Institutional Shares
3/31/2023(5)		21.89	%	$	28,608		1.00	%		1.32	%		0.40	%		13.24	%
9/30/2022		(34.46	)%	$	23,562		1.07	%		1.45	%		1.13	%		21.48	%
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	%

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

Artisan Partners Funds 93

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
VALUE FUND
Investor Shares
3/31/2023(5)	$	12.02		0.06		2.59			2.65			(0.03	)		(2.05	)		(2.08	)	$	12.59
9/30/2022	$	16.28		0.13		(2.44	)		(2.31	)		(0.16	)		(1.79	)		(1.95	)	$	12.02
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
Advisor Shares
3/31/2023(5)	$	11.97		0.07		2.58			2.65			(0.05	)		(2.05	)		(2.10	)	$	12.52
9/30/2022	$	16.21		0.15		(2.42	)		(2.27	)		(0.18	)		(1.79	)		(1.97	)	$	11.97
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
Institutional Shares
3/31/2023(5)	$	11.98		0.07		2.59			2.66			(0.06	)		(2.05	)		(2.11	)	$	12.53
9/30/2022	$	16.24		0.15		(2.43	)		(2.28	)		(0.19	)		(1.79	)		(1.98	)	$	11.98
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
VALUE INCOME FUND
Investor Shares
3/31/2023(5)	$	8.15		0.11		0.85			0.96			(0.12	)		—			(0.12	)	$	8.99
9/30/2022(18)	$	10.00		0.15		(1.86	)		(1.71	)		(0.14	)		—			(0.14	)	$	8.15
Advisor Shares
3/31/2023(5)	$	8.15		0.12		0.84			0.96			(0.12	)		—			(0.12	)	$	8.99
9/30/2022(18)	$	10.00		0.16		(1.86	)		(1.70	)		(0.15	)		—			(0.15	)	$	8.15
Institutional Shares
3/31/2023(5)	$	8.15		0.13		0.83			0.96			(0.12	)		—			(0.12	)	$	8.99
9/30/2022(18)	$	10.00		0.16		(1.86	)		(1.70	)		(0.15	)		—			(0.15	)	$	8.15

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

94 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

	Total Return(2)(19)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)(4)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4)			Portfolio Turnover Rate(2)
VALUE FUND
Investor Shares
3/31/2023(5)		23.03	%	$	87,836		1.09	%		n/a			0.95	%		15.04	%
9/30/2022		(16.50	)%	$	82,183		1.06	%		n/a			0.86	%		27.96	%
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	%
Advisor Shares
3/31/2023(5)		23.20	%	$	68,701		0.88	%		0.98	%		1.18	%		15.04	%
9/30/2022		(16.35	)%	$	54,633		0.88	%		0.96	%		1.02	%		27.96	%
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	%
Institutional Shares
3/31/2023(5)		23.25	%	$	88,753		0.87	%		n/a			1.12	%		15.04	%
9/30/2022		(16.34	)%	$	90,279		0.85	%		n/a			1.01	%		27.96	%
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	%
VALUE INCOME FUND
Investor Shares
3/31/2023(5)		11.81	%	$	637		1.20	%		11.01	%		2.54	%		20.29	%
9/30/2022(18)		(17.16	)%	$	733		1.20	%		13.46	%		2.73	%		15.65	%
Advisor Shares
3/31/2023(5)		11.80	%	$	1,537		1.10	%		5.44	%		2.74	%		20.29	%
9/30/2022(18)		(17.11	)%	$	1,178		1.10	%		9.98	%		2.86	%		15.65	%
Institutional Shares
3/31/2023(5)		11.81	%	$	8,562		1.05	%		2.36	%		2.78	%		20.29	%
9/30/2022(18)		(17.10	)%	$	7,195		1.05	%		2.55	%		2.86	%		15.65	%

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

Artisan Partners Funds 95

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

** 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, 2023.

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

⁽⁷⁾  For the period from commencement of operations (April 7, 2022) through September 30, 2022.

⁽⁸⁾  For the period from commencement of operations (December 1, 2021) through September 30, 2022.

⁽⁹⁾  Includes interest expense and dividend expense 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%
Advisor Shares
9/30/2018&		1.40%		2.74%
GLOBAL UNCONSTRAINED FUND
Investor Shares
3/31/2023#		1.45%		12.30%
9/30/2022#		1.45%		53.92%
Advisor Shares
3/31/2023#		1.35%		3.79%
9/30/2022#		1.35%		9.22%
Institutional Shares
3/31/2023#		1.30%		2.11%
9/30/2022#		1.30%		2.38%

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

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

^#  For the period from commencement of operations (March 31, 2022) through September 30, 2022.

⁽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 5, 2020) through September 30, 2020.

⁽¹³) For the period from commencement of operations (March 31, 2022) through September 30, 2022.

⁽¹⁴) For the period from commencement of operations (May 16, 2022) through September 30, 2022.

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

⁽¹⁶) For the period from commencement of operations (February 28, 2020) through September 30, 2020.

⁽¹⁷) For the period from commencement of operations (April 25, 2022) through September 30, 2022.

⁽¹⁸) For the period from commencement of operations (February 28, 2022) through September 30, 2022.

⁽¹⁹) 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.

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

96 Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2023

(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, 2023, 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. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name	Investor Shares Inception Date	Advisor Shares Inception Date	Institutional Shares Inception Date
Artisan Developing World Fund (“Developing World Fund”)	June 29, 2015	June 29, 2015	June 29, 2015
Artisan Emerging Markets Debt Opportunities Fund (“Emerging Markets Debt Opportunities Fund”	April 7, 2022	April 7, 2022	April 7, 2022
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 Explorer Fund (“International Explorer Fund”)	N/A	May 16, 2022	May 16, 2022
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	April 25, 2022	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, Developing World Fund, Floating Rate Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Explorer Fund, International Small-Mid Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Value Fund, and Value Income Fund operated as open-end, diversified mutual funds. During the reporting period, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Select Equity Fund, and Sustainable Emerging Markets Fund operated as open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained 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. Emerging Markets Debt Opportunities Fund’s, Floating Rate Fund’s, Global Unconstrained Fund’s, and High Income Fund’s investment objective is to provide total return through a combination of current income and capital appreciation. Focus Fund’s investment objective is to seek maximum long-term capital appreciation. Value Income Fund’s investment objective is 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, except for International Explorer Fund which only offers Advisor Shares and Institutional Shares. 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.

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Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to a 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.

Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may make investments in securities, derivatives and other instruments, directly or through one or more wholly-owned subsidiaries. References herein to each such Fund include references to a subsidiary in respect of the Fund’s investment exposure. The allocation of the Fund’s portfolio in a subsidiary will vary over time. Each such Fund will treat a subsidiary’s assets as assets of the Fund for purposes of determining compliance with various provisions of the 1940 Act applicable to the Fund.

(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) Investments in Subsidiaries – Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may make investments in securities, derivatives and other instruments, directly or through investments in Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. and Artisan Global Unconstrained Subsidiary Ltd., respectively, each a wholly owned subsidiary of the respective Fund organized under the laws of the Cayman Islands (each referred to herein as the “Subsidiary” or collectively the “Subsidiaries”). The consolidated financial statements include the accounts of the Fund and its Subsidiary. All intercompany transactions and balances have been eliminated. As of March 31, 2023, Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. had $370,125 in net assets, representing 1.40% of Emerging Markets Debt Opportunities Fund’s net assets and Artisan Global Unconstrained Subsidiary Ltd. had $109,297 in net assets, representing 0.64% of Global Unconstrained Fund’s net assets.

(b) 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 and reverse 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 (excluding exchange traded funds) were valued at the latest net asset value reported by the investment company.

Fixed income securities, including loan participation notes, 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.

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A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act (Rule 2a-5), has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 29(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy compliant with Rule 2a-5 and Rule 31a-4 without resulting in a material impact to the Funds. Artisan Partners was designated by the board of directors as the valuation designee for the Funds pursuant to Rule 2a-5. In its capacity as valuation designee, Artisan Partners, among other things, is responsible for establishing fair valuation methodologies and determining, in good faith, the fair value of all of the assets of the Funds for which there are no readily available market quotations. Securities or other assets for which market quotations are not readily available are valued by Artisan Partners, as valuation designee, in accordance with Artisan Partners’ Procedures for Valuation of Portfolio Securities Held by Artisan Partners Funds, Inc. and under the general oversight of Artisan Partners Funds’ board of directors. A market quotation will be considered not readily available, and a Fund may therefore use fair value pricing, if there are not quoted prices (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, and/or any such quotation is not reliable.

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 value 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 may be material to the NAV of the applicable Fund.

(c) Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2019 through 2022) and have concluded that, as of March 31, 2023, 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, 2023, 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, 2023, 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.

(d) 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.

(e) 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.

(f) 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.

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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 Schedules 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.

(g) 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.

(h) 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.

(i) 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.

(j) 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, 2023, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k) 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. 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.

(l) Unfunded Commitments – Pursuant to the terms of certain term loan agreements, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund, and High Income Fund are obligated to fund term loan commitments at the borrower’s discretion. 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 Statements of Operations. As of March 31, 2023, the Funds had no unfunded loan commitments.

Redemption Fees – Emerging Markets Debt Opportunities Fund, 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 believes such waiver is in the best interest of the Fund, including, but not limited to, when it determines that imposition of the redemption fee is not necessary to protect the Fund from the effects of short- term trading. During the period ended March 31, 2023, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained 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.

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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. The Funds incur expenses as a result of executing short sales.

During the period ended March 31, 2023, Global Unconstrained Fund engaged in short sales and paid interest on securities sold short, which is included in Interest in the Statements of Operations. For the period ended March 31, 2023, Global Unconstrained Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statements of Operations. As of March 31, 2023, Global Unconstrained Fund had open short sale positions.

(n) Securities Lending – In order to generate incremental revenue, a Fund may participate in a securities lending program, in which securities from its portfolio may be loaned to third parties. As a matter of policy, securities loans by such 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, include 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 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, 2023, Global Equity Fund, High Income Fund, International Fund, Mid Cap Value Fund and Sustainable Emerging Markets Fund participated in the securities lending program. As of March 31, 2023, International Fund and Sustainable Emerging Markets Fund had securities on loan.

(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 related to corporate actions, if any, were included in dividend income, and generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and included 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

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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 not 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.

In addition, Russia’s military invasion of Ukraine in February 2022, the resulting responses by the US and other countries, and the potential for wider conflict could increase volatility and uncertainty in global financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund’s performance and the value of an investment in a Fund, even if a Fund does not have direct exposure to Russian issuers or issuers in other countries directly affected by the invasion.

Investment risks typically are greater in emerging and developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. The securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience higher 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.

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NOTES TO FINANCIAL STATEMENTS

Investments in loans, including floating or adjustable rate 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. Floating Rate Fund and 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 a 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, a Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford a 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 a 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 or meet redemption obligations until a substantial period after the sale of the loans.

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 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, Emerging Markets Debt Opportunities Fund, 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 issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

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.

A Fund’s use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. For example, changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If a Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction.

In addition to the risks of an adverse change in the value of the underlying reference asset, a Fund’s use of derivatives, including, but not limited to, over-the-counter (“OTC”) derivatives, involves the 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. Derivatives transactions can create investment leverage and may be highly volatile, and a Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in, and may in the future result in, new regulation of derivative instruments and a Fund’s use of such instruments. New regulations could, among other things, restrict a Fund’s ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and a Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise choose. In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivatives risk management program that takes into account how a Fund’s derivatives use affects its investment portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management.

Emerging Markets Debt Opportunities Fund’s and 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.

Artisan Partners Funds 103

NOTES TO FINANCIAL STATEMENTS

(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. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of March 31, 2023 (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)
Americas		$	1,379,225			$	-			$	-			$	1,379,225
Emerging Markets			581,605				553,393				-	(3)			1,134,998
Europe			102,970				325,037				-				428,007
Pacific Basin			254,139				-				-				254,139
Investment Company			26,050				-				-				26,050
Total Investments		$	2,343,989			$	878,430			$	-	(3)		$	3,222,419
Emerging Markets Debt Opportunities
Sovereign Government Bonds(1)		$	-			$	16,276			$	-			$	16,276
Corporate Bonds(1)			-				4,544				-				4,544
Sovereign Government Treasury Bill			-				787				-				787
U.S. Treasury Obligations			-				2,195				-				2,195
Investment Companies			912				-				-				912
Total Investments			912				23,802				-				24,714
Foreign Currency Forward Contracts(2)			-				7				-				7
Futures(2)			(206	)			-				-				(206	)
Centrally Cleared Credit Default Swap(2)			-				1				-				1
OTC Credit Default Swap(2)			-				-				-				-
Centrally Cleared Interest Rate Swaps(2)			-				(36	)			-				(36	)
Total		$	706			$	23,774			$	-			$	24,480

104 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
Floating Rate
Bank Loans(1)		$	-		$	41,134			$	-			$	41,134
Corporate Bonds(1)			-			3,456				-				3,456
Warrants			-			-	(3)			-				-
Investment Companies			3,217			-				-				3,217
Total Investments		$	3,217		$	44,590			$	-			$	47,807
Focus
Common Stocks(1)		$	1,293,612		$	21,339			$	-			$	1,314,951
Options Purchased			23,838			-				-				23,838
Investment Company			89,962			-				-				89,962
Total Investments			1,407,412			21,339				-				1,428,751
Foreign Currency Forward Contracts(2)			-			1,300				-				1,300
Total		$	1,407,412		$	22,639			$	-			$	1,430,051
Global Discovery
Common Stocks(1)
Americas		$	164,971		$	-			$	-			$	164,971
Emerging Markets			2,773			5,280				-				8,053
Europe			15,315			46,325				-				61,640
Pacific Basin			2,107.00			9,552				-				11,659
Investment Company			16,127			-				-				16,127
Total Investments		$	201,293		$	61,157			$	-			$	262,450
Global Equity
Common Stocks(1)
Americas		$	74,250		$	5,873			$	-			$	80,123
Emerging Markets			20,147			19,140				-	(3)			39,287
Europe			9,746			53,264				-				63,010
Pacific Basin			-			14,191				-				14,191
Investment Company			3,561			-				-				3,561
Total Investments		$	107,704		$	92,468			$	-	(3)		$	200,172
Global Opportunities
Common Stocks(1)
Americas		$	1,587,911		$	-			$	-			$	1,587,911
Emerging Markets			33,486			28,341.00				-				61,827
Europe			59,211			729,785				-				788,996
Pacific Basin			-			300,256				-				300,256
Investment Company			113,084			-				-				113,084
Total Investments		$	1,793,692		$	1,058,382			$	-			$	2,852,074

Artisan Partners Funds 105

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Global Unconstrained
Sovereign Government Bonds(1)		$	-			$	11,109			$	-			$	11,109
Corporate Bonds(1)			-				3,225				-				3,225
Common Stock(1)			-				265				-				265
Exchange Traded Fund(1)			37				-				-				37
Sovereign Government Treasury Bills			-				254				-				254
U.S. Treasury Obligations			-				124				-				124
Repurchase Agreements			-				1,614				-				1,614
Investment Companies			520				-				-				520
Total Investments before securities sold short			557				16,591				-				17,148
Common Stock(1)			-				(84	)			-				(84	)
Sovereign Government Bonds(1)			-				(1,286	)			-				(1,286	)
Total Investments after securities sold short			557				15,221				-				15,778
Foreign Currency Forward Contracts(2)			-				(99	)			-				(99	)
Futures(2)			(135	)			-				-				(135	)
Centrally Cleared Credit Default Swaps(2)			-				(11	)			-				(11	)
OTC Credit Default Swaps(2)			-				(1	)			-				(1	)
Centrally Cleared Interest Rate Swaps(2)			-				(85	)			-				(85	)
OTC Interest Rate Swap(2)			-				2				-				2
Total		$	422			$	15,027			$	-			$	15,449
Global Value
Common Stocks(1)
Americas		$	883,082			$	-			$	-			$	883,082
Emerging Markets			5,600				166,891				-				172,491
Europe			-				862,686				-				862,686
Pacific Basin			-				20,092				-				20,092
Investment Company			87,500				-				-				87,500
Total Investments		$	976,182			$	1,049,669			$	-			$	2,025,851
High Income
Corporate Bonds(1)		$	-			$	4,948,853			$	-			$	4,948,853
Bank Loans(1)			-				938,671				-				938,671
Common Stock(1)			-				23,173				-				23,173
Warrants			-				-	(3)			-				-
Investment Company			477,634				-				-				477,634
Total Investments			477,634				5,910,697				-				6,388,331
Foreign Currency Forward Contracts(2)			-				(55	)			-				(55	)
Total		$	477,634			$	5,910,642			$	-			$	6,388,276
International
Common Stocks and Equity-Linked Security(1)
Americas		$	872,098			$	227,882			$	-			$	1,099,980
Emerging Markets			254,665				371,465				-	(3)			626,130
Europe			296,779				2,874,339				-				3,171,118
Pacific Basin			-				392,583				-				392,583
Investment Company			245,272				-				-				245,272
Total Investments		$	1,668,814			$	3,866,269			$	-	(3)		$	5,535,083

106 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
International Explorer
Common Stocks(1)
Americas		$	2,906		$	2,750		$	-			$	5,656
Emerging Markets			3,782			5,422			-				9,204
Europe			958			15,494			-				16,452
Pacific Basin			-			6,662			-				6,662
Investment Companies			6,368			-			-				6,368
Total Investments		$	14,014		$	30,328		$	-			$	44,342
International Small-Mid
Common Stocks(1)
Americas		$	1,026,430		$	-		$	-			$	1,026,430
Emerging Markets			210,910			76,057			-				286,967
Europe			1,639.00			2,122,384			-				2,124,023
Middle East			284,905			28,916			-				313,821
Pacific Basin			-			576,216			-				576,216
Investment Company			43,805			-			-				43,805
Total Investments		$	1,567,689		$	2,803,573		$	-			$	4,371,262
International Value
Common Stocks and Equity-Linked Security(1)
Americas		$	3,925,632		$	824,553		$	-			$	4,750,185
Emerging Markets			355,239			4,036,913			102,470				4,494,622
Europe			657,888			13,276,172			-				13,934,060
Pacific Basin			-			512,396			-				512,396
Investment Company			2,633,582			-			-				2,633,582
Total Investments			7,572,341			18,650,034			102,470				26,324,845
OTC Total Return Swap(1)			-			1,677			-				1,677
Total		$	7,572,341		$	18,651,711		$	102,470			$	26,326,522
Mid Cap
Common Stocks(1)		$	4,355,701		$	-		$	-			$	4,355,701
Investment Company			120,786			-			-				120,786
Total Investments		$	4,476,487		$	-		$	-			$	4,476,487
Mid Cap Value
Common Stocks(1)		$	1,233,675		$	-		$	-			$	1,233,675
Investment Company			11,629			-			-				11,629
Total Investments		$	1,245,304		$	-		$	-			$	1,245,304
Select Equity
Common Stocks(1)		$	28,751		$	6,133		$	-			$	34,884
Investment Company			2,024			-			-				2,024
Total Investments		$	30,775		$	6,133		$	-			$	36,908
Small Cap
Common Stocks(1)		$	1,863,450		$	-		$	-			$	1,863,450
Investment Company			19,229			-			-				19,229
Total Investments		$	1,882,679		$	-		$	-			$	1,882,679
Sustainable Emerging Markets
Common Stocks(1)
Americas		$	718		$	-		$	-			$	718
Emerging Markets			13,920			56,993			-	(3)			70,913
Pacific Basin			409			3,065			-	(3)			3,474
Investment Company			2,207			-			-				2,207
Total Investments		$	17,254		$	60,058		$	-	(3)		$	77,312

Artisan Partners Funds 107

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Value
Common Stocks(1)		$	201,586			$	36,403		$	-		$	237,989
Investment Company			4,268				-			-			4,268
Total Investments		$	205,854			$	36,403		$	-		$	242,257
Value Income
Common Stocks(1)		$	8,298			$	1,330		$	-		$	9,628
Corporate Bonds(1)			-				575			-			575
Convertible Bonds(1)			-				281			-			281
Convertible Preferred Stock(1)			184				-			-			184
Investment Companies			140				-			-			140
Total Investments			8,622				2,186			-			10,808
Written Option Contracts			(7	)			-			-			(7	)
Total		$	8,615			$	2,186		$	-		$	10,801
(1)See the Fund’s Schedule of Investments for industry or country classifications. (2)Foreign currency forward contracts, futures contracts, OTC total return swaps and centrally cleared swap 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.														��

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

Assets	Fair Value at March 31, 2023				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 Stock		$	-	(1)	Last quote in inactive market less 100% discount	N/A
International Fund
Common Stock		$	-	(1)	Last quote in inactive market less 100% discount	N/A
International Value Fund
Common Stock		$	102,470		Mark-to-Model Approach	Increase
Sustainable Emerging Markets Fund
Common Stock		$	-	(1)	Last quote in inactive market less 100% discount	N/A
(1)Includes one or more securities valued at $0.

108 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

As of March 31, 2023, 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				Emerging Markets Debt Opportunities Fund				Global Equity Fund				Global Unconstrained Fund				International Fund				International Value Fund			Sustainable Emerging Markets Fund
Balance as of September 30, 2022		$	-	(1)		$	1			$	-	(1)		$	8			$	-	(1)		$	-		$	-	(1)
Transfers into Level 3			-				-				-				-				-				-			-
Net change in unrealized appreciation (depreciation)			-				9				-				5				-				2,470			93
Purchases			-				-	(1)			-				-	(1)			-				100,000			-
Sales			-				-	(1)			-				-	(1)			-				-			(20	)
Realized Gain/(Loss)			-				1				-				5				-				-			(73	)
Transfers out of Level 3			-				(11	)			-				(18	)			-				-			-
Balance as of March 31, 2023		$	-	(1)		$	-			$	-	(1)		$	-			$	-	(1)		$	102,470		$	-	(1)
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2023		$	-			$	-			$	-			$	-			$	-			$	2,470		$	-
(1)Includes one or more securities valued at $0.

(5) Transfer agent and authorized agent fees and Shareholder communications expenses:

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, 2023 (in thousands):

	Six Months Ended 3/31/2023
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Developing World Fund - Investor Shares		$	24		$	349			$	373
Artisan Developing World Fund - Advisor Shares			17			654				671
Artisan Developing World Fund - Institutional Shares			20			-				20
Artisan Emerging Markets Debt Opportunities Fund - Investor Shares			12			6				18
Artisan Emerging Markets Debt Opportunities Fund - Advisor Shares			12			-	(1)			12
Artisan Emerging Markets Debt Opportunities Fund - Institutional Shares			12			-				12
Artisan Floating Rate Fund - Investor Shares			13			8				21
Artisan Floating Rate Fund - Advisor Shares			12			9				21
Artisan Floating Rate Fund - Institutional Shares			12			-				12
Artisan Focus Fund - Investor Shares			28			243				271
Artisan Focus Fund - Advisor Shares			14			326				340
Artisan Focus Fund - Institutional Shares			14			-				14
Artisan Global Discovery Fund - Investor Shares			16			42				58
Artisan Global Discovery Fund - Advisor Shares			12			7				19
Artisan Global Discovery Fund - Institutional Shares			13			-				13
Artisan Global Equity Fund - Investor Shares			17			81				98

Artisan Partners Funds 109

NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2023
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Global Equity Fund - Advisor Shares		$	13		$	2			$	15
Artisan Global Equity Fund - Institutional Shares			13			-				13
Artisan Global Opportunities Fund - Investor Shares			32			842				874
Artisan Global Opportunities Fund - Advisor Shares			15			257				272
Artisan Global Opportunities Fund - Institutional Shares			17			-				17
Artisan Global Unconstrained Fund - Investor Shares			12			6				18
Artisan Global Unconstrained Fund - Advisor Shares			11			1				12
Artisan Global Unconstrained Fund - Institutional Shares			12			-				12
Artisan Global Value Fund - Investor Shares			22			224				246
Artisan Global Value Fund - Advisor Shares			13			94				107
Artisan Global Value Fund - Institutional Shares			15			-				15
Artisan High Income Fund - Investor Shares			18			870				888
Artisan High Income Fund - Advisor Shares			23			1,197				1,220
Artisan High Income Fund - Institutional Shares			25			-				25
Artisan International Fund - Investor Shares			100			1,814				1,914
Artisan International Fund - Advisor Shares			15			350				365
Artisan International Fund - Institutional Shares			21			-				21
Artisan International Explorer Fund - Advisor Shares			14			3				17
Artisan International Explorer Fund - Institutional Shares			14			-				14
Artisan International Small-Mid Fund - Investor Shares			25			350				375
Artisan International Small-Mid Fund - Advisor Shares			15			496				511
Artisan International Small-Mid Fund - Institutional Shares			19			-				19
Artisan International Value Fund - Investor Shares			43			2,662				2,705
Artisan International Value Fund - Advisor Shares			20			2,468				2,488
Artisan International Value Fund - Institutional Shares			27			-				27
Artisan Mid Cap Fund - Investor Shares			56			1,555				1,611
Artisan Mid Cap Fund - Advisor Shares			15			239				254
Artisan Mid Cap Fund - Institutional Shares			25			-				25
Artisan Mid Cap Value Fund - Investor Shares			47			380				427
Artisan Mid Cap Value Fund - Advisor Shares			15			105				120
Artisan Mid Cap Value Fund - Institutional Shares			14			-				14
Artisan Select Equity Fund - Investor Shares			13			9				22
Artisan Select Equity Fund - Advisor Shares			12			1				13
Artisan Select Equity Fund - Institutional Shares			12			-				12
Artisan Small Cap Fund - Investor Shares			50			652				702
Artisan Small Cap Fund - Advisor Shares			15			115				130
Artisan Small Cap Fund - Institutional Shares			18			-				18
Artisan Sustainable Emerging Markets Fund - Investor Shares			15			9				24
Artisan Sustainable Emerging Markets Fund - Advisor Shares			13			14				27
Artisan Sustainable Emerging Markets Fund - Institutional Shares			13			-				13
Artisan Value Fund - Investor Shares			21			89				110
Artisan Value Fund - Advisor Shares			13			25				38
Artisan Value Fund - Institutional Shares			13			-				13
Artisan Value Income Fund - Investor Shares			13			7				20
Artisan Value Income Fund - Advisor Shares			12			-	(1)			12
Artisan Value Income Fund - Institutional Shares			12			-				12
(1)Amount rounds to less than $1.

110 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(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, the Funds have 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. To the extent a Fund is not a limited derivatives user (as defined in Rule 18f-4), Rule 18f-4, among other things, limits a Fund’s derivatives exposure through a value-at-risk test and requires such Funds to adopt and implement a derivatives risk management program that is reasonably designed to manage the Funds’ derivatives risks. Subject to certain conditions, Funds that are limited derivatives users are not subject to the full requirements of Rule 18f-4. In order to qualify as a limited derivatives user, a Fund’s derivatives “exposure” (as defined in Rule 18f-4) cannot exceed 10% of its net assets, excluding certain currency or interest rate derivatives used for hedging purposes in accordance with specific requirements set out in Rule 18f-4. Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund and High Income Fund are full derivatives users while the remaining Funds are limited derivatives users.

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. Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and International Explorer Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2023.

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

Futures Transactions

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. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument during the period ended March 31, 2023. High Income Fund used futures contracts to manage duration exposure during the period ended March 31, 2023.

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.

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. Focus Fund and Value Income Fund held option contracts during the period ended March 31, 2023.

Each Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap

Artisan Partners Funds 111

NOTES TO FINANCIAL STATEMENTS

agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. Swaptions are generally subject to the same risks involved in a Fund’s use of options. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund held swaption contracts during the period ended March 31, 2023.

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, 2023, Focus Fund and Value Income Fund used options transactions to enhance alpha and minimize downside market risk.

Repurchase Agreements

Repurchase agreements are transactions in which a Fund purchases a security from a bank or recognized securities dealer and simultaneously commits to resell that security to the bank or dealer at an agreed-upon price, date and market rate of interest unrelated to the coupon rate or maturity of the purchased security. Although repurchase agreements carry certain risks not associated with direct investments in securities, a Fund will enter into repurchase agreements only with banks and dealers believed by Artisan Partners to present minimal credit risks. Artisan Partners will review and monitor the creditworthiness of such institutions and will consider the capitalization of the institution, Artisan Partners’ prior dealings with the institution, any rating of the institution’s senior long-term debt by independent rating agencies and other relevant factors.

To the extent that the proceeds from any sale of collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution that is party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the Fund’s ability to sell the collateral and the Fund could suffer a loss. However, with respect to financial institutions whose bankruptcy or liquidation proceedings are subject to the US Bankruptcy Code, each Fund intends to comply with provisions under the Bankruptcy Code that would allow it immediately to resell such collateral. Global Unconstrained Fund held repurchase agreements during the period ended March 31, 2023.

Swap Transactions

Each 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.

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statement of Operations. Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market factors. These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party or derivatives clearing organization when the swap contract is executed and is recorded as Due from brokers on the Statement of Assets and Liabilities.

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.

112 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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, a specific 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 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).

Each Fund may also engage in total return swaps, in which payments made by a Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity or fixed-income security, a combination of such securities, or an index). Total return swap agreements may be used to obtain exposure to a security, commodity, or market without owning or taking physical custody of such security or investing directly in such market. Each Fund may also enter into swap agreements on futures contracts including, but not limited to, index futures contracts. Swap agreements on futures contracts are generally subject to the same risks involved in the fund’s use of futures contracts, in addition to the risks involved in the fund’s use of swap agreements. A total return swap, or a swap on a futures contract, may add leverage to a portfolio by providing investment exposure to an underlying asset or market where the Fund does not own or take physical custody of such asset or invest directly in such market.

Many swaps are complex and often valued subjectively. Many over-the-counter derivatives are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values a Fund realizes when it closes or sells an over-the-counter derivative. Valuation risk is more pronounced when a Fund enters into over-the-counter derivatives with specialized terms because the market value of those derivatives in some cases is determined in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, undercollateralization and/or errors in calculation of the Fund’s NAV. During the period ended March 31, 2023, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used swap transactions to create investment leverage. During the period ended March 31, 2023, International Value Fund used swap transactions to gain exposure in the issuer.

Artisan Partners Funds 113

NOTES TO FINANCIAL STATEMENTS

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2023 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statements of Assets and Liabilities Location	Value
Emerging Markets Debt Opportunities	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	281
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(274)
	Interest rate	Futures contracts	Payable for variation margin on futures contracts		$	(206)	*
	Credit	Centrally cleared swap contracts	Receivable for variation margin on centrally cleared swap contracts		$	1	*
	Interest rate	Centrally cleared swap contracts	Receivable for variation margin on centrally cleared swap contracts		$	(36)	*
	Credit	Over the counter swap contracts	Swap contracts, at value		$	-    (1)
Focus	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	1,817
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(517)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	23,838
Global Unconstrained	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	129
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(228)
	Interest rate	Futures contracts	Receivable for variation margin on futures contracts		$	(126)	*
	Equity	Futures contracts	Payable for variation margin on futures contracts		$	(9)	*
	Credit	Centrally cleared swap contracts	Receivable for variation margin on centrally cleared swap contracts		$	(11)	*
	Interest rate	Centrally cleared swap contracts	Receivable for variation margin on centrally cleared swap contracts		$	(85)	*
	Credit	Over the counter swap contracts	Swap contracts, at value		$	21
	Interest rate	Over the counter swap contracts	Swap contracts, at value		$	2
High Income	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(55)
International Value	Equity	Over the counter swap contracts	Swap contracts, at value		$	1,677
Value Income	Equity	Written options contracts	Written options, at value		$	(7)
(1)Amount rounds to less than $1.
*  Futures contracts and centrally cleared swap contracts are valued in this table at unrealized appreciation (depreciation). Amounts reported in the Statements of Assets and Liabilities reflect only the current day’s variation margin related to these contracts.

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, 2023 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)
Emerging Markets Debt Opportunities	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	79		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(28	)
	Interest rate	Futures contracts	Net realized gain on futures contracts		$	499		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(517	)
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	-		Net decrease in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	(3	)
	Credit	Centrally cleared swap contracts	Net realized gain on swap contracts		$	-		Net increase in unrealized apprectiation or depreciation on swap contracts		$	-	(1)
	Interest rate	Centrally cleared swap contracts	Net realized loss on swap contracts		$	(1	)	Net increase in unrealized apprectiation or depreciation on swap contracts		$	12
Focus	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	5,590		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(7,680	)
	Equity	Purchased options contracts	Net realized loss on investments, from unaffiliated issuers		$	(55	)	Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	30
	Equity	Written options contracts	Net realized loss on written options		$	(7,936	)	Net decrease in unrealized appreciation or depreciation on written options		$	-

114 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Unrealized Appreciation (Depreciation)
Global Unconstrained	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(161	)	Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(172	)
	Interest rate	Futures contracts	Net realized gain on futures contracts		$	281		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(295	)
	Equity	Futures contracts	Net realized gain on futures contracts		$	7		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(30	)
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	2		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	-
	Credit	Centrally cleared swap contracts	Net realized loss on swap contracts		$	(49	)	Net decrease in unrealized appreciation or depreciation on swap contracts		$	(137	)
	Interest rate	Centrally cleared swap contracts	Net realized gain on swap contracts		$	35		Net decrease in unrealized appreciation or depreciation on swap contracts		$	(127	)
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	3,824		Net decrease in unrealized appreciation or depreciation on futures contracts		$	(4,289	)
	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	14		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(103	)
International Explorer	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(25	)	Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	-
International Value	Equity	OTC total return swap contracts	Net realized gain on swap contracts		$	6,034		Net increase in unrealized apprectiation or depreciation on swap contracts		$	2,205
Value Income	Equity	Written options contracts	Net realized gain on written options		$	6		Net increase in unrealized appreciation or depreciation on written options		$	7
(1)Amount rounds to less than $1.

The average monthly amount outstanding for each derivative type for the period ended March 31, 2023 was as follows (dollar value in thousands):

Fund	Derivative Type	Average Monthly Notional Amount
Emerging Markets Debt Opportunities	Centrally cleared credit default swaps		$	242
	Centrally cleared interest rate swaps		$	3,733
	Foreign currency forward contracts		$	21,552
	Futures contracts		$	11,834
	Swaptions		$	1
Focus	Foreign currency forward contracts		$	176,284
	Purchased options contracts		$	27,190
Global Unconstrained	Centrally cleared credit default swaps		$	7,474
	Centrally cleared interest rate swaps		$	2,286
	Foreign currency forward contracts		$	13,620
	Futures contracts		$	8,444
	Swaptions		$	1
	Variable rate swap		$	31
High Income	Foreign currency forward contracts		$	4,348
	Futures contracts		$	13,967
International Explorer	Foreign currency forward contracts		$	272
International Value	Total return swaps		$	1,629
Value Income	Written options contracts		$	5

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.

Artisan Partners Funds 115

NOTES TO FINANCIAL STATEMENTS

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, 2023:

	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)
Emerging Markets Debt Opportunities	Citigroup Global Markets		$	71		$	(54	)		$	-			17
	Standard Chartered Bank			203			(189	)			-			14
	JPMorgan Chase Bank, N.A.			7			(7	)			-			-
Focus	JPMorgan Chase Bank, N.A.			1,817			(517	)			-			1,300
Global Unconstrained	Citigroup Global Markets			13			(13	)			-			-
	JPMorgan Chase Bank, N.A.			26			(26	)			-			-
	Standard Chartered Bank			90			(90	)			-			-
International Value	UBS AG			1,677			-				-			1,677
	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)
Emerging Markets Debt Opportunities	Citigroup Global Markets		$	54		$	(54	)		$	-		$	-
	Standard Chartered Bank			189			(189	)			-			-
	JPMorgan Chase Bank, N.A.			31			(7	)			-			24
Focus	JPMorgan Chase Bank, N.A.			517			(517	)			-			-
Global Unconstrained	Citigroup Global Markets			21			(13	)			-			8
	Goldman Sachs International			3			-				-			3
	JPMorgan Chase Bank, N.A.			70			(26	)			-			44
	Standard Chartered Bank			134			(90	)			-			44
High Income	Bank Of America, N.A.			55			-				-			55

(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, 2023. 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

Emerging Markets Debt Opportunities

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

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

116 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 117

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 Explorer Fund

Average Daily Net Assets	Annual Rate
Less than $500 million		1.050	%
Greater than $500 million		1.000

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

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

118 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 January 31, 2024 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, 2023 (dollar values in thousands).

For the period ended March 31, 2023, Emerging Markets Debt Opportunities Fund, Global Unconstrained Fund, and Value Income Fund incurred operating expenses of approximately $15,000, $38,000, and $82,000, respectively, that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at March 31, 2023.

Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived
Emerging Markets Debt Opportunities Fund - Investor Shares		1.25	%		29	(1)
Emerging Markets Debt Opportunities Fund - Advisor Shares		1.15	%		23	(1)
Emerging Markets Debt Opportunities Fund - Institutional Shares		1.10	%		51	(1)
Floating Rate Fund - Investor Shares		1.20	%		35	(2)
Floating Rate Fund - Advisor Shares		1.10	%		43	(2)
Floating Rate Fund - Institutional Shares		1.05	%		38	(2)
Global Discovery Fund - Investor Shares		1.40	%		2
Global Discovery Fund - Advisor Shares		1.30	%		16
Global Discovery Fund - Institutional Shares		1.25	%		-
Global Equity Fund - Investor Shares		1.35	%		-
Global Equity Fund - Advisor Shares		1.25	%		18
Global Unconstrained Fund - Investor Shares		1.45	%		29	(3)
Global Unconstrained Fund - Advisor Shares		1.35	%		28	(3)
Global Unconstrained Fund - Institutional Shares		1.30	%		57	(3)
International Explorer Fund - Advisor Shares		1.40	%		31	(4)
International Explorer Fund - Institutional Shares		1.35	%		46	(4)
Select Equity Fund - Investor Shares		1.25	%		30
Select Equity Fund - Advisor Shares		1.15	%		22
Select Equity Fund - Institutional Shares		1.10	%		27
Sustainable Emerging Markets Fund - Investor Shares*		1.15	%		40
Sustainable Emerging Markets Fund - Advisor Shares		1.05	%		56	(5)
Sustainable Emerging Markets Fund - Institutional Shares*		1.00	%		43
Value Fund - Advisor Shares		0.88	%		33
Value Income Fund - Investor Shares		1.20	%		34	(6)
Value Income Fund - Advisor Shares		1.10	%		30	(6)
Value Income Fund - Institutional Shares		1.05	%		53	(6)
*  Prior to March 1, 2022, expense limit, as a percentage 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 (April 7, 2022) through September 30, 2022. (2)For the period from commencement of operations (December 1, 2021) through September 30, 2022. (3)For the period from commencement of operations (March 31, 2022) through September 30, 2022. (4)For the period from commencement of operations (May 16, 2022) through September 30, 2022. (5)For the period from commencement of operations (April 25, 2022) through September 30, 2022. (6)For the period from commencement of operations (February 28, 2022) through September 30, 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, 2023, 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 $300,000.

Artisan Partners Funds 119

NOTES TO FINANCIAL STATEMENTS

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

These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statements of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

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

(8) Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 7, 2023. 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 $400 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, 2023, 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, 2023.

120 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(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, 2023 were as follows (in thousands):

Fund	Security Purchases			Security Sales
Developing World		$	1,021,284		$	1,880,938
Emerging Markets Debt Opportunities			16,259			13,780
Floating Rate			19,674			19,547
Focus			1,889,266			2,225,521
Global Discovery			55,806			75,865
Global Equity			124,258			132,667
Global Opportunities			556,953			1,308,515
Global Unconstrained			11,877			9,814
Global Value			115,940			361,781
High Income			1,101,935			483,505
International			2,004,350			2,773,589
International Explorer			17,080			4,145
International Small-Mid			524,438			647,209
International Value			2,204,907			3,337,632
Mid Cap			895,915			1,094,484
Mid Cap Value			232,830			459,014
Select Equity			4,361			4,873
Small Cap			267,367			478,583
Sustainable Emerging Markets			10,200			9,119
Value			35,434			68,161
Value Income			2,836			2,021

(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, 2023 (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, 2023.

Transactions in securities of affiliates:

	As of 09/30/2022								Proceeds from Sales				Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation or Depreciation			As of 03/31/2023
Funds	Shares Balance		Value			Purchases at Cost														Share Balance		Value			Dividend Income@
International Small-Mid Fund
Carenet, Inc.(1)		3,363		$	27,595		$	-		$	(5,709	)		$	(2,202	)		$	2,410		2,696		$	22,094		$	128
CKD Corp.(1)		4,057			48,288			-			(3,958	)			(2,548	)			19,669		3,769			61,451			1,153
Daikokutenbussan Co. Ltd.(1)		838			30,492			-			(1,602	)			(1,824	)			3,004		793			30,070			-
Model N, Inc.*†		2,003			68,548			-			(15,832	)			(241	)			452		1,581			52,927			-
Ubicom Holdings, Inc.(1)		847			12,677			-			(641	)			(791	)			1,430		807			12,675			60
ViewRay, Inc.*		11,030			40,149			-			(5,530	)			(1,666	)			427		9,647			33,380			-
Total#				$	227,749		$	-		$	(33,272	)		$	(9,272	)		$	27,392				$	159,670		$	1,341
International Value Fund
Arch Capital Group Ltd.*		23,073		$	1,050,732		$	40,474		$	(293,375	)		$	105,743			$	394,866		19,131		$	1,298,440		$	-
Berkeley Group Holdings plc(1)		5,543			203,196			20,500			(7,673	)			(4,735	)			89,406		5,796			300,694			4,614
Sensata Technologies Holding plc		8,750			326,188			18,828			(19,377	)			(6,806	)			114,773		8,669			433,606			1,860
Total				$	1,580,116		$	79,802		$	(320,425	)		$	94,202			$	599,045				$	2,032,740		$	6,474
@  Net of foreign taxes withheld, if any. † Issuer was not an affiliate as of March 31, 2023. * Non-income producing security. # Total value as of March 31, 2023 is presented only for those issuers that were affiliates as of March 31, 2023. (1)  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes (A) and (B) in the accompanying notes.

Artisan Partners Funds 121

NOTES TO FINANCIAL STATEMENTS

(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, 2023 was as follows (in thousands):

Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation) on Investments
Developing World		$	2,216,070		$	1,256,117		$	(249,769)			$	1,006,348
Emerging Markets Debt Opportunities			24,437			696			(419	)			277
Floating Rate			49,989			227			(2,408	)			(2,181	)
Focus			1,294,464			140,783			(6,497	)			134,286
Global Discovery			216,850			53,537			(7,936	)			45,601
Global Equity			186,172			28,242			(14,242	)			14,000
Global Opportunities			1,968,149			909,591			(25,666	)			883,925
Global Unconstrained			16,911			520			(284	)			236
Global Value			1,569,317			560,858			(104,324	)			456,534
High Income			7,092,064			36,027			(739,761	)			(703,734	)
International			4,654,638			1,283,701			(403,256	)			880,445
International Explorer			40,740			4,637			(1,035	)			3,602
International Small-Mid			3,834,440			865,282			(328,459	)			536,823
International Value			21,482,849			5,987,514			(1,145,518	)			4,841,996
Mid Cap			3,021,429			1,550,372			(95,313	)			1,455,059
Mid Cap Value			838,884			434,275			(27,856	)			406,419
Select Equity			34,061			4,273			(1,427	)			2,846
Small Cap			1,238,762			731,025			(87,108	)			643,917
Sustainable Emerging Markets			75,254			19,379			(17,322	)			2,057
Value			168,173			78,939			(4,856	)			74,083
Value Income			11,368			353			(913	)			(560	)

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, 2023.

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, 2023 and the year ended September 30, 2022 were as follows (in thousands):

	Six Months Ended 3/31/2023						Year Ended 9/30/2022
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	14,242		$	-		$	295,702		$	388,716
Emerging Markets Debt Opportunities(1)			1,031			336			508			-
Floating Rate(2)			1,833			-			1,456			-
Focus			8,043			-			337,147			17,221
Global Discovery			233			-			7,395			19,221
Global Equity			2,074			-			19,459			28,859
Global Opportunities			-			-			27,681			553,418
Global Unconstrained(3)			1,100			177			160			-
Global Value			10,802			70,342			28,483			197,964
High Income			95			37,827			478,573			44,189
International			78,879			69,382			429,877			1,409,800

122 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2023						Year Ended 9/30/2022
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
International Explorer(4)		$	47		$	-		$	-		$	-
International Small-Mid			3,473			-			45,109			128,582
International Value			48,410			378,198			1,229,228			1,001,989
Mid Cap			17,327			-			91,524			999,387
Mid Cap Value			6,654			237,354			34,762			229,661
Select Equity			500			441			545			670
Small Cap			7,342			-			29,251			366,277
Sustainable Emerging Markets			666			-			748			-
Value			830			37,845			6,388			37,133
Value Income(5)			138			-			161			-
(1)For the period from commencement of operations (April 7, 2022) through September 30, 2022. (2)For the period from commencement of operations (December 1, 2021) through September 30, 2022. (3)For the period from commencement of operations (March 31, 2022) through September 30, 2022. (4)For the period from commencement of operations (May 16, 2022) through September 30, 2022. (5)For the period from commencement of operations (February 28, 2022) through September 30, 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, dividends in excess 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.

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, 2022 as follows:

Fund	Undistributed Net Investment Income (Loss)				Accumulated Net Realized Gain (Loss)				Fund Shares Issued and outstanding
Developing World		$	17,198			$	4,448			$	(21,646	)
Emerging Markets Debt Opportunities			238				(238	)			-	(a)
Floating Rate			(9	)			12				(3	)
Focus			2,894				(2,894	)			-
Global Discovery			825				(26	)			(799	)
Global Equity			(182	)			94				88
Global Opportunities			4,565				505				(5,067	)
Global Unconstrained			360				(360	)			-	(a)
Global Value			(3,147	)			(6,920	)			10,067
High Income			440				(8,169	)			7,729
International			(9,806	)			(57,306	)			67,112
International Explorer			8				(8	)			-
International Small-Mid			6,350				(6,350	)			-
International Value			35,643				(84,300	)			48,657
Mid Cap			16,655				62,561				(79,216	)
Mid Cap Value			(5,931	)			(29,620	)			35,551
Select Equity			(4	)			(4	)			8
Small Cap			9,329				(2,864	)			(6,465	)
Sustainable Emerging Markets			(141	)			141				-
Value			(483	)			(8,189	)			8,672
Value Income			(5	)			4				1

^(a) Amount rounds to less than $1

Artisan Partners Funds 123

NOTES TO FINANCIAL STATEMENTS

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, 2022. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2022.

Additional tax information as of and for the year ended September 30, 2022 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)*				Tax Components of Net Assets Appreciation				Total Distributable Earnings
Developing World		$	-		$	-		$	(413,684	)		$	(24,934	)		$	(334	)		$	(476,047	)		$	(914,999	)
Emerging Markets Debt Opportunities(1)			455			287			-				-				(1	)			(1,608	)			(867	)
Floating Rate(2)			-			-			-				-				(590	)			(2,855	)			(3,445	)
Focus			8,043			-			-				-				(101,399	)			(61,049	)			(154,405	)
Global Discovery			-			-			(13,872	)			(1,261	)			(15	)			(14,411	)			(29,559	)
Global Equity			1,176			-			(9,054	)			-				(23	)			(22,783	)			(30,684	)
Global Opportunities			-			-			(22,825	)			(516	)			(311	)			394,384				370,732
Global Unconstrained(3)			749			163			-				-				(2	)			(761	)			149
Global Value			8,278			70,073			-				-				(231	)			(43,596	)			34,524
High Income			-			37,826			-				-				(7,167	)			(917,693	)			(887,034	)
International			78,878			69,382			-				-				(1,013	)			(446,035	)			(298,788	)
International Explorer(4)			28			-			-				-				(162	)			(3,233	)			(3,367	)
International Small-Mid			-			-			(167,001	)			(1,505	)			(206	)			(360,727	)			(529,439	)
International Value			48,410			378,198			-				-				(1,379	)			(1,392,622	)			(967,393	)
Mid Cap			-			-			(11,503	)			(31,428	)			(567	)			758,596				715,098
Mid Cap Value			5,839			232,293			-				-				(263	)			370,010				607,879
Select Equity			324			441			-				-				(7	)			(5,043	)			(4,285	)
Small Cap			-			-			(300,919	)			(14,621	)			(194	)			254,295				(61,439	)
Sustainable Emerging Markets			667			-			-				-				(133,101	)			(16,215	)			(148,649	)
Value			538			35,825			-				-				(44	)			39,545				75,864
Value Income(5)			3			-			-				-				(76	)			(1,909	)			(1,982	)

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

⁽¹⁾ For the period from commencement of operations (April 7, 2022) through September 30, 2022.

⁽²⁾ For the period from commencement of operations (December 1, 2021) through September 30, 2022.

⁽³⁾ For the period from commencement of operations (March 31, 2022) through September 30, 2022.

⁽⁴⁾ For the period from commencement of operations (May 16, 2022) through September 30, 2022.

⁽⁵⁾ For the period from commencement of operations (February 28, 2022) through September 30, 2022.

As of September 30, 2022, 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
Floating Rate		$	588		$	-			$	-
Focus			101,319			-				-
International Explorer			162			-				-
Sustainable Emerging Markets			6,328			126,757	(1)			135
Value Income			-			-				-

⁽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.    

124 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(12) Fund share activities:

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

	DEVELOPING WORLD
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,466,707			$	20,596			7,470,810			$	141,791
Advisor Shares		18,250,172				250,742			71,081,577				1,307,328
Institutional Shares		7,133,381				98,605			29,932,152				533,624
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		28,335				364			2,902,230				68,136
Advisor Shares		496,275				6,427			14,263,543				338,006
Institutional Shares		360,708				4,696			7,092,177				169,058
Cost of shares redeemed
Investor Shares		(8,742,474	)			(110,346	)		(16,787,479	)			(297,852	)
Advisor Shares		(56,441,369	)			(785,950	)		(133,496,326	)			(2,343,680	)
Institutional Shares		(21,237,709	)			(290,702	)		(55,734,088	)			(987,399	)
Net increase (decrease) from fund share transactions
Investor Shares		(7,247,432	)			(89,386	)		(6,414,439	)			(87,925	)
Advisor Shares		(37,694,922	)			(528,781	)		(48,151,206	)			(698,346	)
Institutional Shares		(13,743,620	)			(187,401	)		(18,709,759	)			(284,717	)
	EMERGING MARKETS DEBT OPPORTUNITIES
	Six Months Ended 3/31/2023							Period Ended 9/30/2022(1)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		14,508			$	146			8,969			$	88
Advisor Shares		219,661				2,198			44,242				438
Institutional Shares		12,028				120			2,106,225				21,058
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		959				9			165				2
Advisor Shares		5,443				54			929				9
Institutional Shares		144,768				1,427			51,335				497
Cost of shares redeemed
Investor Shares		(34	)			-			-				-
Advisor Shares		(290	)			(3	)		-				-
Institutional Shares		(9,345	)			(92	)		(2,727	)			(26	)
Net increase from fund share transactions
Investor Shares		15,433				155			9,134				90
Advisor Shares		224,814				2,249			45,171				447
Institutional Shares		147,451				1,455			2,154,833				21,529
	FLOATING RATE
	Six Months Ended 3/31/2023							Period Ended 9/30/2022(2)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		165,263			$	1,543			280,147			$	2,719
Advisor Shares		266,067				2,501			2,737,014				26,946
Institutional Shares		86,603				814			3,318,819				33,023
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		12,851				120			4,253				41
Advisor Shares		66,332				623			53,482				511
Institutional Shares		115,058				1,081			94,596				902
Cost of shares redeemed
Investor Shares		(35,368	)			(330	)		(20,931	)			(203	)
Advisor Shares		(513,223	)			(4,822	)		(994,399	)			(9,499	)
Institutional Shares		(345,217	)			(3,243	)		(394,361	)			(3,759	)
Net increase (decrease) from fund share transactions
Investor Shares		142,746				1,333			263,469				2,557
Advisor Shares		(180,824	)			(1,698	)		1,796,097				17,958
Institutional Shares		(143,556	)			(1,348	)		3,019,054				30,166
Redemption Fees
Investor Shares						1							-

Artisan Partners Funds 125

NOTES TO FINANCIAL STATEMENTS

	FOCUS
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,844,352			$	29,808			4,690,488			$	84,203
Advisor Shares		5,132,360				82,626			15,192,061				287,151
Institutional Shares		5,462,749				86,797			10,512,079				182,072
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		46,081				752			2,442,848				51,056
Advisor Shares		202,531				3,317			8,143,796				170,694
Institutional Shares		66,966				1,099			1,731,756				36,384
Cost of shares redeemed
Investor Shares		(3,125,165	)			(50,060	)		(6,784,230	)			(127,828	)
Advisor Shares		(19,876,537	)			(319,956	)		(24,269,096	)			(446,780	)
Institutional Shares		(8,804,930	)			(143,189	)		(9,012,101	)			(163,400	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,234,732	)			(19,500	)		349,106				7,431
Advisor Shares		(14,541,646	)			(234,013	)		(933,239	)			11,065
Institutional Shares		(3,275,215	)			(55,293	)		3,231,734				55,056
	GLOBAL DISCOVERY
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		110,507			$	1,790			441,723			$	8,708
Advisor Shares		431,588				6,853			751,523				15,486
Institutional Shares		157,810				2,546			2,214,973				45,023
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			213,639				4,734
Advisor Shares		-				-			71,423				1,585
Institutional Shares		14,978				233			907,373				20,198
Cost of shares redeemed
Investor Shares		(639,852	)			(10,085	)		(800,050	)			(14,980	)
Advisor Shares		(332,908	)			(4,994	)		(739,039	)			(12,743	)
Institutional Shares		(430,582	)			(6,728	)		(2,035,430	)			(34,947	)
Net increase (decrease) from fund share transactions
Investor Shares		(529,345	)			(8,295	)		(144,688	)			(1,538	)
Advisor Shares		98,680				1,859			83,907				4,328
Institutional Shares		(257,794	)			(3,949	)		1,086,916				30,274
	GLOBAL EQUITY
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		39,489			$	654			363,512			$	6,926
Advisor Shares		61,154				946			284,081				4,849
Institutional Shares		137,603				2,361			1,987,292				33,399
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		39,781				651			1,087,193				22,418
Advisor Shares		2,832				46			104,739				2,161
Institutional Shares		76,048				1,262			1,026,998				21,464
Cost of shares redeemed
Investor Shares		(424,804	)			(6,896	)		(2,958,596	)			(54,061	)
Advisor Shares		(86,632	)			(1,428	)		(688,532	)			(11,692	)
Institutional Shares		(602,982	)			(10,029	)		(2,467,539	)			(45,052	)
Net increase (decrease) from fund share transactions
Investor Shares		(345,534	)			(5,591	)		(1,507,891	)			(24,717	)
Advisor Shares		(22,646	)			(436	)		(299,712	)			(4,682	)
Institutional Shares		(389,331	)			(6,406	)		546,751				9,811

126 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		778,594			$	20,663			4,275,468			$	137,036
Advisor Shares		1,909,278				51,113			6,618,480				211,795
Institutional Shares		1,867,346				50,236			10,812,675				360,106
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			3,998,126				148,890
Advisor Shares		-				-			3,000,905				112,774
Institutional Shares		-				-			7,348,834				279,991
Cost of shares redeemed
Investor Shares		(5,748,418	)			(149,956	)		(14,827,587	)			(451,998	)
Advisor Shares		(8,686,523	)			(227,610	)		(15,991,074	)			(491,833	)
Institutional Shares		(17,652,286	)			(483,118	)		(21,811,032	)			(713,959	)
Net increase (decrease) from fund share transactions
Investor Shares		(4,969,824	)			(129,293	)		(6,553,993	)			(166,072	)
Advisor Shares		(6,777,245	)			(176,497	)		(6,371,689	)			(167,264	)
Institutional Shares		(15,784,940	)			(432,882	)		(3,649,523	)			(73,862	)
	GLOBAL UNCONSTRAINED
	Six Months Ended 3/31/2023							Period Ended 9/30/2022(3)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		9,927			$	97			45,885			$	463
Advisor Shares		17,512				175			196,899				1,967
Institutional Shares		109,695				1,088			1,230,441				12,315
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,357				43			294				3
Advisor Shares		18,942				185			2,040				20
Institutional Shares		113,460				1,109			13,686				137
Cost of shares redeemed
Investor Shares		(282	)			(3	)		(19	)			-
Advisor Shares		(373	)			(4	)		-				-
Institutional Shares		(29,116	)			(286	)		(1,917	)			(19	)
Net increase from fund share transactions
Investor Shares		14,002				137			46,160				466
Advisor Shares		36,081				356			198,939				1,987
Institutional Shares		194,039				1,911			1,242,210				12,433
	GLOBAL VALUE
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		324,014			$	5,696			1,486,945			$	29,522
Advisor Shares		1,523,517				26,506			3,990,120				77,572
Institutional Shares		4,856,245				82,741			21,133,681				396,244
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		454,862				7,728			1,169,733				23,816
Advisor Shares		606,275				10,276			1,363,221				27,701
Institutional Shares		3,080,893				52,344			7,107,819				144,786
Cost of shares redeemed
Investor Shares		(2,148,059	)			(37,018	)		(3,171,851	)			(61,381	)
Advisor Shares		(5,166,470	)			(90,092	)		(3,983,122	)			(74,999	)
Institutional Shares		(10,602,510	)			(186,228	)		(27,007,128	)			(511,902	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,369,183	)			(23,594	)		(515,173	)			(8,043	)
Advisor Shares		(3,036,678	)			(53,310	)		1,370,219				30,274
Institutional Shares		(2,665,372	)			(51,143	)		1,234,372				29,128

Artisan Partners Funds 127

NOTES TO FINANCIAL STATEMENTS

	HIGH INCOME
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,939,104			$	68,781			21,972,142			$	210,935
Advisor Shares		95,726,641				825,499			112,796,323				1,065,335
Institutional Shares		101,571,204				875,406			127,041,635				1,186,468
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,413,653				29,427			9,043,579				86,993
Advisor Shares		12,212,960				105,227			22,457,803				214,298
Institutional Shares		7,115,972				61,300			13,101,185				124,855
Cost of shares redeemed(4)
Investor Shares		(15,383,204	)			(132,605	)		(81,347,747	)			(772,200	)
Advisor Shares		(75,902,382	)			(652,055	)		(148,814,020	)			(1,401,726	)
Institutional Shares		(69,414,533	)			(595,073	)		(77,269,224	)			(724,085	)
Net increase (decrease) from fund share transactions
Investor Shares		(4,030,447	)			(34,397	)		(50,332,026	)			(474,272	)
Advisor Shares		32,037,219				278,671			(13,559,894	)			(122,093	)
Institutional Shares		39,272,643				341,633			62,873,596				587,238
Redemption Fees
Investor Shares						19							116
Advisor Shares						183							275
Institutional Shares						31							80
	INTERNATIONAL
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,049,997			$	50,628			4,878,673			$	134,566
Advisor Shares		2,776,176				66,609			9,078,191				245,647
Institutional Shares		5,238,661				127,598			25,657,363				704,771
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,787,578				42,902			18,624,907				557,071
Advisor Shares		786,542				18,783			9,803,061				291,935
Institutional Shares		2,804,345				67,641			25,644,328				771,381
Cost of shares redeemed
Investor Shares		(11,180,963	)			(267,141	)		(30,595,419	)			(830,194	)
Advisor Shares		(8,430,255	)			(200,430	)		(26,103,285	)			(712,537	)
Institutional Shares		(21,044,620	)			(519,468	)		(61,890,825	)			(1,648,129	)
Net increase (decrease) from fund share transactions
Investor Shares		(7,343,388	)			(173,611	)		(7,091,839	)			(138,557	)
Advisor Shares		(4,867,537	)			(115,038	)		(7,222,033	)			(174,955	)
Institutional Shares		(13,001,614	)			(324,229	)		(10,589,134	)			(171,977	)
	INTERNATIONAL EXPLORER
	Six Months Ended 3/31/2023							Period Ended 9/30/2022(5)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Advisor Shares		420,819			$	4,443			674,918			$	6,881
Institutional Shares		1,500,831				15,091			1,730,893				17,443
Net asset value of shares issued in reinvestment of dividends and distributions
Advisor Shares		796				8			-				-
Institutional Shares		1,279				12			-				-
Cost of shares redeemed
Advisor Shares		(200,021	)			(2,007	)		(6,118	)			(59	)
Institutional Shares		(90,095	)			(880	)		(36,399	)			(362	)
Net increase from fund share transactions
Advisor Shares		221,594				2,444			668,800				6,822
Institutional Shares		1,412,015				14,223			1,694,494				17,081

128 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	INTERNATIONAL SMALL-MID
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,547,909			$	24,288			4,161,258			$	72,617
Advisor Shares		8,645,489				137,165			27,893,529				477,225
Institutional Shares		16,238,435				260,233			49,845,304				876,465
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			688,580				14,109
Advisor Shares		16,852				264			2,266,734				46,559
Institutional Shares		179,689				2,848			4,721,866				98,120
Cost of shares redeemed
Investor Shares		(4,365,004	)			(69,160	)		(8,256,751	)			(141,622	)
Advisor Shares		(18,694,130	)			(290,041	)		(34,331,388	)			(574,051	)
Institutional Shares		(22,844,164	)			(363,958	)		(58,593,168	)			(996,877	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,817,095	)			(44,872	)		(3,406,913	)			(54,896	)
Advisor Shares		(10,031,789	)			(152,612	)		(4,171,125	)			(50,267	)
Institutional Shares		(6,426,040	)			(100,877	)		(4,025,998	)			(22,292	)
	INTERNATIONAL VALUE
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,598,926			$	222,671			8,291,428			$	328,863
Advisor Shares		39,584,034				1,554,131			60,092,836				2,405,960
Institutional Shares		55,305,857				2,180,649			146,452,838				6,097,063
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,132,434				42,772			5,974,617				251,146
Advisor Shares		2,581,861				97,310			11,140,147				465,887
Institutional Shares		6,502,377				246,239			30,721,316				1,289,424
Cost of shares redeemed
Investor Shares		(7,307,560	)			(276,068	)		(13,135,629	)			(518,863	)
Advisor Shares		(19,480,481	)			(743,796	)		(64,767,550	)			(2,725,845	)
Institutional Shares		(64,087,253	)			(2,433,105	)		(70,332,385	)			(2,796,686	)
Net increase from fund share transactions
Investor Shares		(576,200	)			(10,625	)		1,130,416				61,146
Advisor Shares		22,685,414				907,645			6,465,433				146,002
Institutional Shares		(2,279,019	)			(6,217	)		106,841,769				4,589,801
	MID CAP
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,621,597			$	107,680			7,385,851			$	288,438
Advisor Shares		3,328,539				98,137			7,488,704				286,518
Institutional Shares		5,487,339				191,304			14,203,132				642,122
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		111,050				3,217			7,472,214				341,032
Advisor Shares		82,923				2,447			3,050,814				141,832
Institutional Shares		269,708				9,318			8,489,882				461,850
Cost of shares redeemed
Investor Shares		(6,457,396	)			(188,220	)		(12,920,194	)			(504,849	)
Advisor Shares		(3,900,508	)			(117,063	)		(7,888,493	)			(299,371	)
Institutional Shares		(7,876,613	)			(276,822	)		(20,078,294	)			(878,409	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,724,749	)			(77,323	)		1,937,871				124,621
Advisor Shares		(489,046	)			(16,479	)		2,651,025				128,979
Institutional Shares		(2,119,566	)			(76,200	)		2,614,720				225,563

Artisan Partners Funds 129

NOTES TO FINANCIAL STATEMENTS

	MID CAP VALUE
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		443,676			$	7,544			3,346,819			$	71,410
Advisor Shares		1,662,717				28,199			2,617,668				52,809
Institutional Shares		1,169,238				19,571			2,436,382				50,058
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,249,487				69,309			3,275,188				69,860
Advisor Shares		4,464,196				72,365			3,337,333				70,918
Institutional Shares		5,860,534				95,058			4,507,359				95,826
Cost of shares redeemed
Investor Shares		(4,078,908	)			(69,624	)		(13,701,582	)			(267,761	)
Advisor Shares		(9,103,300	)			(153,577	)		(6,559,601	)			(136,708	)
Institutional Shares		(3,836,495	)			(65,433	)		(10,527,284	)			(223,157	)
Net increase (decrease) from fund share transactions
Investor Shares		614,255				7,229			(7,079,575	)			(126,491	)
Advisor Shares		(2,976,387	)			(53,013	)		(604,600	)			(12,981	)
Institutional Shares		3,193,277				49,196			(3,583,543	)			(77,273	)
	SELECT EQUITY
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		29,209			$	325			35,252			$	452
Advisor Shares		25,090				259			20,516				206
Institutional Shares		106,794				1,247			1,091,230				13,142
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,388				69			10,699				142
Advisor Shares		5,163				56			6,464				86
Institutional Shares		75,441				816			74,662				987
Cost of shares redeemed
Investor Shares		(32,243	)			(338	)		(24,326	)			(298	)
Advisor Shares		(85,457	)			(1,021	)		(917	)			(11	)
Institutional Shares		(30,358	)			(357	)		(33,527	)			(408	)
Net increase from fund share transactions
Investor Shares		3,354				56			21,625				296
Advisor Shares		(55,204	)			(706	)		26,063				281
Institutional Shares		151,877				1,706			1,132,365				13,721
	SMALL CAP
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		867,436			$	26,642			3,256,368			$	118,733
Advisor Shares		1,884,472				56,684			10,094,246				357,099
Institutional Shares		3,413,396				106,106			11,286,868				402,996
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		49,814				1,521			2,406,177				104,067
Advisor Shares		42,554				1,311			2,969,408				129,469
Institutional Shares		123,394				3,887			2,704,864				120,637
Cost of shares redeemed
Investor Shares		(2,005,070	)			(59,934	)		(6,753,630	)			(245,803	)
Advisor Shares		(4,653,383	)			(146,120	)		(26,304,832	)			(847,310	)
Institutional Shares		(4,503,535	)			(140,460	)		(14,875,744	)			(520,695	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,087,820	)			(31,771	)		(1,091,085	)			(23,003	)
Advisor Shares		(2,726,357	)			(88,125	)		(13,241,178	)			(360,742	)
Institutional Shares		(966,745	)			(30,467	)		(884,012	)			2,938

130 Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	SUSTAINABLE EMERGING MARKETS
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		36,586			$	491			662,977			$	11,430
Advisor Shares(6)		608,622				8,490			2,174,780				30,102
Institutional Shares		372,708				5,529			1,405,810				24,249
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		8,274				112			33,599				659
Advisor Shares(6)		20,528				277			-				-
Institutional Shares		16,842				232			4,462				89
Cost of shares redeemed
Investor Shares		(136,177	)			(1,900	)		(2,930,208	)			(41,929	)
Advisor Shares(6)		(402,684	)			(5,624	)		(20,477	)			(280	)
Institutional Shares		(377,759	)			(5,449	)		(56,922	)			(940	)
Net increase from fund share transactions
Investor Shares		(91,317	)			(1,297	)		(2,233,632	)			(29,840	)
Advisor Shares(6)		226,466				3,143			2,154,303				29,822
Institutional Shares		11,791				312			1,353,350				23,398
	VALUE
	Six Months Ended 3/31/2023							Year Ended 9/30/2022
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		134,800			$	1,685			856,850			$	12,330
Advisor Shares		1,177,115				14,530			799,189				11,773
Institutional Shares		840,555				10,516			2,078,297				30,020
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,107,045				13,130			825,284				12,297
Advisor Shares		763,303				8,999			783,355				11,601
Institutional Shares		1,208,968				14,254			1,198,806				17,766
Cost of shares redeemed
Investor Shares		(1,103,606	)			(13,736	)		(1,514,916	)			(22,102	)
Advisor Shares		(1,016,766	)			(12,506	)		(3,166,768	)			(44,521	)
Institutional Shares		(2,498,474	)			(29,848	)		(5,786,232	)			(85,318	)
Net increase (decrease) from fund share transactions
Investor Shares		138,239				1,079			167,218				2,525
Advisor Shares		923,652				11,023			(1,584,224	)			(21,147	)
Institutional Shares		(448,951	)			(5,078	)		(2,509,129	)			(37,532	)
	VALUE INCOME
	Six Months Ended 3/31/2023							Period Ended 9/30/2022(7)
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		32,334			$	299			110,107			$	1,067
Advisor Shares		25,075				227			142,757				1,376
Institutional Shares		72,213				661			876,184				8,756
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		861				8			1,389				12
Advisor Shares		2,173				19			2,039				18
Institutional Shares		12,454				111			15,001				131
Cost of shares redeemed
Investor Shares		(52,241	)			(477	)		(21,611	)			(195	)
Advisor Shares		(766	)			(7	)		(276	)			(2	)
Institutional Shares		(14,926	)			(134	)		(8,723	)			(76	)
Net increase from fund share transactions
Investor Shares		(19,046	)			(170	)		89,885				884
Advisor Shares		26,482				239			144,520				1,392
Institutional Shares		69,741				638			882,462				8,811

¹. For the period from commencement of operations (April 7, 2022) through September 30, 2022.

². For the period from commencement of operations (December 1, 2021) through September 30, 2022.

³. For the period from commencement of operations (March 31, 2022) through September 30, 2022.

⁴. Net of redemption fees.

⁵. For the period from commencement of operations (May 16, 2022) through September 30, 2022.

⁶. For the period from commencement of operations (April 25, 2022) through September 30, 2022.

⁷. For the period from commencement of operations (February 28, 2022) through September 30, 2022.

Artisan Partners Funds 131

NOTES TO FINANCIAL STATEMENTS

(13) Accounting Pronouncements:

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 has determined that the impact of implementation will not have a material effect on the funds.

In October 2022, the SEC adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require the Funds to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

(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.

132 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2022 to March 31, 2023.

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, 2023 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 10/1/2022			Ending Account Value 3/31/2023			Expenses Paid  During Period 10/1/2022-3/31/2023(1)			Expense Ratio(2)(3)
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,297.90		$	7.39		1.29	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.49		1.29	%
Advisor Shares
Actual		$	1,000.00		$	1,299.30		$	6.54		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.74		1.14	%
Institutional Shares
Actual		$	1,000.00		$	1,299.70		$	6.02		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Artisan Emerging Markets Debt Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,117.40		$	6.60		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.29		1.25	%
Advisor Shares
Actual		$	1,000.00		$	1,119.10		$	6.08		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.79		1.15	%
Institutional Shares
Actual		$	1,000.00		$	1,118.30		$	5.81		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%

Artisan Partners Funds 133

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2022			Ending Account Value 3/31/2023			Expenses Paid  During Period 10/1/2022-3/31/2023(1)			Expense Ratio(2)(3)
Artisan Floating Rate Fund
Investor Shares
Actual		$	1,000.00		$	1,052.60		$	6.14		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	1,053.20		$	5.63		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%
Institutional Shares
Actual		$	1,000.00		$	1,053.40		$	5.38		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Artisan Focus Fund
Investor Shares
Actual		$	1,000.00		$	1,083.70		$	6.55		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,084.30		$	5.77		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.59		1.11	%
Institutional Shares
Actual		$	1,000.00		$	1,085.40		$	5.30		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.14		1.02	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	1,190.10		$	7.64		1.40	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.95		$	7.04		1.40	%
Advisor Shares
Actual		$	1,000.00		$	1,191.10		$	7.10		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.45		$	6.54		1.30	%
Institutional Shares
Actual		$	1,000.00		$	1,192.30		$	5.90		1.08	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.44		1.08	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,215.60		$	7.13		1.29	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.49		1.29	%
Advisor Shares
Actual		$	1,000.00		$	1,216.70		$	6.91		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.29		1.25	%
Institutional Shares
Actual		$	1,000.00		$	1,218.00		$	5.75		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.24		1.04	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,154.60		$	6.12		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.74		1.14	%
Advisor Shares
Actual		$	1,000.00		$	1,155.10		$	5.43		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Institutional Shares
Actual		$	1,000.00		$	1,155.60		$	4.89		0.91	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.39		$	4.58		0.91	%

134 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2022			Ending Account Value 3/31/2023			Expenses Paid  During Period 10/1/2022-3/31/2023(1)			Expense Ratio(2)(3)
Artisan Global Unconstrained Fund
Investor Shares
Actual		$	1,000.00		$	1,069.60		$	7.48		1.45	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.70		$	7.29		1.45	%
Advisor Shares
Actual		$	1,000.00		$	1,069.00		$	6.96		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.20		$	6.79		1.35	%
Institutional Shares
Actual		$	1,000.00		$	1,070.30		$	6.71		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.45		$	6.54		1.30	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,249.40		$	7.07		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.34		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,250.40		$	6.23		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.59		1.11	%
Institutional Shares
Actual		$	1,000.00		$	1,251.00		$	5.67		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.09		1.01	%
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,068.60		$	4.85		0.94	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.24		$	4.73		0.94	%
Advisor Shares
Actual		$	1,000.00		$	1,069.50		$	4.08		0.79	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.99		$	3.98		0.79	%
Institutional Shares
Actual		$	1,000.00		$	1,070.00		$	3.61		0.70	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.44		$	3.53		0.70	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,268.30		$	6.67		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,269.20		$	5.94		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,269.10		$	5.43		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%
Artisan International Explorer Fund
Advisor Shares
Actual		$	1,000.00		$	1,283.40		$	7.97		1.40	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.95		$	7.04		1.40	%
Institutional Shares
Actual		$	1,000.00		$	1,284.00		$	7.69		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.20		$	6.79		1.35	%

Artisan Partners Funds 135

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2022			Ending Account Value 3/31/2023			Expenses Paid  During Period 10/1/2022-3/31/2023(1)			Expense Ratio(2)(3)
Artisan International Small-Mid Fund
Investor Shares
Actual		$	1,000.00		$	1,207.90		$	7.10		1.29	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.49		1.29	%
Advisor Shares
Actual		$	1,000.00		$	1,209.80		$	6.28		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.74		1.14	%
Institutional Shares
Actual		$	1,000.00		$	1,209.60		$	5.84		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.34		1.06	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	1,309.80		$	6.80		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	5.94		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,310.80		$	5.93		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.19		1.03	%
Institutional Shares
Actual		$	1,000.00		$	1,311.30		$	5.47		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.19		$	4.78		0.95	%
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,111.00		$	6.26		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	5.99		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,111.70		$	5.53		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,112.30		$	5.06		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.14		$	4.84		0.96	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	1,147.10		$	6.53		1.22	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.85		$	6.14		1.22	%
Advisor Shares
Actual		$	1,000.00		$	1,148.30		$	5.73		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Institutional Shares
Actual		$	1,000.00		$	1,148.30		$	5.36		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.04		1.00	%
Artisan Select Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,244.00		$	6.99		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.29		1.25	%
Advisor Shares
Actual		$	1,000.00		$	1,243.80		$	6.43		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.79		1.15	%
Institutional Shares
Actual		$	1,000.00		$	1,244.90		$	6.16		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%

136 Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2022			Ending Account Value 3/31/2023			Expenses Paid  During Period 10/1/2022-3/31/2023(1)			Expense Ratio(2)(3)
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,143.50		$	6.52		1.22	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.85		$	6.14		1.22	%
Advisor Shares
Actual		$	1,000.00		$	1,144.20		$	5.72		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.39		1.07	%
Institutional Shares
Actual		$	1,000.00		$	1,144.90		$	5.29		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	4.99		0.99	%
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,217.80		$	6.36		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.79		1.15	%
Advisor Shares
Actual		$	1,000.00		$	1,219.00		$	5.81		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,218.90		$	5.53		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.04		1.00	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,230.30		$	6.06		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.49		1.09	%
Advisor Shares
Actual		$	1,000.00		$	1,232.00		$	4.90		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.54		$	4.43		0.88	%
Institutional Shares
Actual		$	1,000.00		$	1,232.50		$	4.84		0.87	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.59		$	4.38		0.87	%
Artisan Value Income Fund
Investor Shares
Actual		$	1,000.00		$	1,118.10		$	6.34		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.95		$	6.04		1.20	%
Advisor Shares
Actual		$	1,000.00		$	1,118.00		$	5.81		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.54		1.10	%
Institutional Shares
Actual		$	1,000.00		$	1,118.10		$	5.54		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.29		1.05	%

⁽¹⁾ Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2023, 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, 2023.

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

Artisan Partners Funds 137

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

The Sustainable Industry Classification System (SICS^®) is the exclusive intellectual property of Sustainability Accounting Standards Board (SASB).

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.

138 Artisan Partners Funds

PROXY VOTING POLICIES AND PROCEDURES

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

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

INFORMATION ABOUT PORTFOLIO SECURITIES

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 139

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, 2023 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 5, 2023

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 5, 2023

By:	/s/ Shannon K. Jagodinski
	Shannon K. Jagodinski
	Principal Financial Officer
Date:	June 5, 2023