UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08932
Artisan Partners Funds, Inc.
(Exact name of registrant as specified in charter)
875 East Wisconsin Avenue, Suite 800
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip Code)
| Sarah A. Johnson | John M. Loder | |
| Artisan Partners Funds, Inc. | Ropes & Gray LLP | |
| 875 East Wisconsin Avenue, Suite 800 | Prudential Tower, 800 Boylston Street | |
| Milwaukee, Wisconsin 53202 | Boston, Massachusetts 02199 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (414) 390-6100
Date of fiscal year end: 9/30
Date of reporting period: 9/30/20
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Shareholders.
ARTISAN PARTNERS FUNDS
| Share Class | ||||||
| Investor | Advisor | Institutional | ||||
| Artisan Developing World Fund |
ARTYX | APDYX | APHYX | |||
| Artisan Focus Fund |
ARTTX | APDTX | APHTX | |||
| Artisan Global Discovery Fund |
APFDX | APDDX | APHDX | |||
| Artisan Global Equity Fund |
ARTHX | APDHX | APHHX | |||
| Artisan Global Opportunities Fund |
ARTRX | APDRX | APHRX | |||
| Artisan Global Value Fund |
ARTGX | APDGX | APHGX | |||
| Artisan High Income Fund |
ARTFX | APDFX | APHFX | |||
| Artisan International Fund |
ARTIX | APDIX | APHIX | |||
| Artisan International Small-Mid Fund |
ARTJX | APDJX | APHJX | |||
| Artisan International Value Fund |
ARTKX | APDKX | APHKX | |||
| Artisan Mid Cap Fund |
ARTMX | APDMX | APHMX | |||
| Artisan Mid Cap Value Fund |
ARTQX | APDQX | APHQX | |||
| Artisan Select Equity Fund |
ARTNX | APDNX | APHNX | |||
| Artisan Small Cap Fund |
ARTSX | APDSX | APHSX | |||
| Artisan Sustainable Emerging Markets Fund |
ARTZX | N/A | APHEX | |||
| Artisan Value Fund |
ARTLX | APDLX | APHLX | |||
Beginning on March 31, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available online at http://hosted.rightprospectus.com/Artisan, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you invest directly with a Fund, by calling 800.344.1770 or by enrolling on the Funds’ website at www.artisanpartners.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 800.344.1770 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with a Fund.
ARTISAN PARTNERS FUNDS
P.O. BOX 219322
KANSAS CITY, MO 64121-9322
This report and the audited 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.
Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2020. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes.
Artisan Partners Funds offered through Artisan Partners Distributors LLC, member FINRA.
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/29/2015 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | Since Inception | ||||||||||||||||
| Artisan Developing World Fund – Investor Shares (6/29/2015) |
71.06 | % | 22.82 | % | 23.28 | % | 18.03 | % | ||||||||||||
| Artisan Developing World Fund – Advisor Shares (6/29/2015) |
71.28 | 23.02 | 23.52 | 18.24 | ||||||||||||||||
| Artisan Developing World Fund – Institutional Shares (6/29/2015) |
71.45 | 23.13 | 23.64 | 18.36 | ||||||||||||||||
| MSCI Emerging Markets Index |
10.54 | 2.42 | 8.97 | 4.79 | * | |||||||||||||||
| * | As of Investor, Advisor and Institutional Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners Limited Partnership’s (the “Adviser” or “Artisan Partners”) contractual agreements to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 2 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, emerging markets were up, not quite as sharply as their US counterparts, but more than European equities. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath. Despite being widely considered the global origin of COVID-19, China led the MSCI Emerging Markets Index for the period, delivering a double-digit positive return.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
14.9 | % | 14.3 | % | ||||||
| Consumer Discretionary |
26.3 | 28.1 | ||||||||
| Consumer Staples |
8.4 | 14.6 | ||||||||
| Financials |
5.4 | 16.3 | ||||||||
| Health Care |
13.9 | 3.3 | ||||||||
| Industrials |
4.6 | 1.0 | ||||||||
| Information Technology |
24.0 | 16.4 | ||||||||
| Other assets less liabilities |
2.5 | 6.0 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: Singaporean provider of information technology services Sea, US-based technology company NVIDIA, Netherlands-based payment solutions provider Adyen, Chinese educational services provider TAL Education and US-based online trading site for Latin American markets MercadoLibre. Bottom contributors during the period included: Indian banking and financial services provider HDFC Bank, Indian holdings company Titan, Brazilian stock exchange Brasil Bolsa Balcao, Thai convenience store operator CP All and Chinese airport builder and operator Shanghai International Airport.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Emerging Asia |
46.7 | % | 47.5 | % | ||||||
| Developed Markets |
41.1 | 30.8 | ||||||||
| Latin America |
7.4 | 11.8 | ||||||||
| Europe, Middle East and Africa |
2.3 | 4.0 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based ride-hailing and food delivery services company Uber, Chinese investment holdings company Meituan Dianping, US-based cloud computing company Veeva, Chinese health care company Aier Eye Hospital and Chinese pharmaceutical company Wuxi Biologics. We funded these purchases in part through exiting our positions in Brasil Bolsa Balcao, CP All, Galaxy Entertainment, Diageo and Hong Kong Exchanges & Clearing.
| Artisan Partners Funds | 3 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/24/2017 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | Since Inception | ||||||||||||
| Artisan Focus Fund – Investor Shares (4/24/2017) |
21.76 | % | 22.48 | % | 25.26 | % | |||||||||
| Artisan Focus Fund – Advisor Shares (7/31/2018) |
21.98 | n/a | 17.89 | ||||||||||||
| Artisan Focus Fund – Institutional Shares (2/3/2020) |
n/a | n/a | 12.28 | † | |||||||||||
| S&P 500® Index |
15.15 | 12.28 | 12.87 | * | |||||||||||
| † | For the period from commencement of operations 2/3/2020 through 9/30/2020; not annualized. |
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 4 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials and energy as the main detractors. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
8.7 | % | 15.4 | % | ||||||
| Consumer Discretionary |
5.7 | 3.3 | ||||||||
| Financials |
10.3 | 4.9 | ||||||||
| Health Care |
4.2 | 12.7 | ||||||||
| Industrials |
19.7 | 5.1 | ||||||||
| Information Technology |
44.0 | 28.9 | ||||||||
| Materials |
– | 7.9 | ||||||||
| Real Estate |
1.6 | 9.0 | ||||||||
| Other assets less liabilities |
5.8 | 12.8 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION*
Top contributors within the portfolio during the period included: US-based technology company NVIDIA, US-based online retailer Amazon, US-based software provider Microsoft, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices and Chinese Internet company Tencent. Bottom contributors during the period included: Netherlands-based global semiconductor manufacturer NXP Semiconductors, US-based investment management company Blackstone Group, US-based semiconductor company specializing in high-performance analog signal processing chips Analog Devices, US-based asset management company Brookfield Asset Management and US-based transportation company Norfolk Southern. The use of derivatives, including options used to hedge short-term portfolio volatility, had a positive overall impact on performance during the period.
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based technology designer and manufacturer Apple, US-based insurance company Aon, US-based online retailer Amazon, US-based producer of connectors, cables and interconnect systems Amphenol and Swedish telecommunications company Ericsson. We funded these purchases in part through exiting our positions in Air Liquide, Linde, Becton Dickinson, Equinix and IQVIA Holdings.
| * | For options, exposures have been delta-adjusted to determine contribution to return. |
| Artisan Partners Funds | 5 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (8/21/2017 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | Since Inception | ||||||||||||
| Artisan Global Discovery Fund – Investor Shares (8/21/2017) |
37.42 | % | 21.51 | % | 21.91 | % | |||||||||
| Artisan Global Discovery Fund – Advisor Shares (2/3/2020) |
n/a | n/a | 23.06 | † | |||||||||||
| Artisan Global Discovery Fund – Institutional Shares (2/3/2020) |
n/a | n/a | 23.06 | † | |||||||||||
| MSCI ACWI Index |
10.44 | 7.12 | 8.06 | * | |||||||||||
| † | For the period from commencement of operations 2/3/2020 through 9/30/2020; not annualized. |
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ and Advisor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 6 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
5.9 | % | 4.9 | % | ||||||
| Consumer Discretionary |
8.2 | 7.2 | ||||||||
| Consumer Staples |
1.3 | 3.2 | ||||||||
| Financials |
5.5 | 5.6 | ||||||||
| Health Care |
22.7 | 19.8 | ||||||||
| Industrials |
19.7 | 26.3 | ||||||||
| Information Technology |
27.4 | 24.4 | ||||||||
| Materials |
3.3 | 1.7 | ||||||||
| Utilities |
3.7 | – | ||||||||
| Other assets less liabilities |
2.3 | 6.9 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based video communications platform Zoom Video, US-based cloud computing company Veeva, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices, Danish wind power company Vestas Wind Systems and Danish biotechnology company Genmab. Bottom contributors during the period included: Canadian modeling, simulation and training for civil aviation and defense company CAE, French operator of geriatric healthcare facilities Orpea, UK-based luxury fashion house Burberry, US-based minimally invasive medical devices manufacturer Boston Scientific and UK-based engineering company Meggitt.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Americas |
56.7 | % | 55.8 | % | ||||||
| Europe |
30.2 | 26.7 | ||||||||
| Pacific Basin |
5.9 | 6.0 | ||||||||
| Emerging Markets |
4.9 | 4.6 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: Chinese sportswear company Li Ning, US-based developer of programmable logic products Lattice Semiconductor, US-based provider of cloud-based accounting software Blackline, US-based biopharmaceutical company Halozyme Therapeutics and US-based public utility holding company Ameren. We funded these purchases in part through exiting our positions in BWX, Alexion, Progressive, IMCD and Treasury Wine Estates.
| Artisan Partners Funds | 7 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | Since Inception | ||||||||||||||||
| Artisan Global Equity Fund – Investor Shares (3/29/2010) |
21.90 | % | 14.89 | % | 14.05 | % | 12.76 | % | ||||||||||||
| Artisan Global Equity Fund – Advisor Shares (8/5/2020) |
n/a | n/a | n/a | 1.01 | † | |||||||||||||||
| Artisan Global Equity Fund – Institutional Shares (10/15/2015) |
22.17 | 15.16 | n/a | 13.43 | ||||||||||||||||
| MSCI ACWI Index |
10.44 | 7.12 | 10.30 | 8.18 | * | |||||||||||||||
| † | For the period from commencement of operations 8/5/2020 through 9/30/2020; not annualized. |
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 8 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
8.3 | % | 5.9 | % | ||||||
| Consumer Discretionary |
7.1 | 7.5 | ||||||||
| Consumer Staples |
3.1 | 5.5 | ||||||||
| Energy |
1.1 | 3.3 | ||||||||
| Financials |
7.8 | 16.4 | ||||||||
| Health Care |
31.4 | 18.9 | ||||||||
| Industrials |
14.3 | 9.1 | ||||||||
| Information Technology |
18.7 | 26.5 | ||||||||
| Materials |
4.4 | 4.0 | ||||||||
| Utilities |
1.8 | – | ||||||||
| Other assets less liabilities |
2.0 | 2.9 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based online retailer Amazon, US-based biopharmaceutical company Immunomedics, Danish biotechnology company Genmab, US-based biopharmaceutical company Halozyme Therapeutics and Swiss supplier of pharmaceutical, health care and life science products Lonza. Bottom contributors during the period included: German Internet payment and processing services provider Wirecard, French airplane and military equipment manufacturer Airbus, Irish pharmaceuticals company Amarin, Brazilian oil and natural gas supplier Petrobras and US-based developer and manufacturer of defense and security solutions company Raytheon.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Americas |
51.5 | % | 49.4 | % | ||||||
| Europe |
31.3 | 36.1 | ||||||||
| Pacific Basin |
6.6 | 6.8 | ||||||||
| Emerging Markets |
8.6 | 4.8 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based designer and manufacturer of digital infrastructure Vertiv, Chinese e-commerce company Alibaba, US-based life science tools and integrated systems manufacturer Illumina, German telecommunication services company Deutsche Telekom and US-based wireless carrier T-Mobile. We funded these purchases in part through exiting our positions in Wirecard, InterXion, Petrobras, Airbus and WEX.
| Artisan Partners Funds | 9 |
ARTISAN GLOBAL OPPORTUNITIES FUND
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan Global Opportunities Fund – Investor Shares (9/22/2008) |
38.37 | % | 17.63 | % | 18.11 | % | 14.93 | % | 13.16 | % | |||||||||||||||
| Artisan Global Opportunities Fund – Advisor Shares (4/1/2015) |
38.52 | 17.79 | 18.25 | n/a | 15.58 | ||||||||||||||||||||
| Artisan Global Opportunities Fund – Institutional Shares (7/26/2011) |
38.67 | 17.91 | 18.39 | n/a | 14.02 | ||||||||||||||||||||
| MSCI ACWI Index |
10.44 | 7.12 | 10.30 | 8.55 | 7.17 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ and Advisor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 10 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
7.1 | % | 7.1 | % | ||||||
| Consumer Discretionary |
11.4 | 10.7 | ||||||||
| Consumer Staples |
1.1 | 3.2 | ||||||||
| Financials |
4.8 | 8.7 | ||||||||
| Health Care |
23.7 | 22.0 | ||||||||
| Industrials |
14.8 | 17.0 | ||||||||
| Information Technology |
25.6 | 22.2 | ||||||||
| Materials |
2.3 | 1.4 | ||||||||
| Utilities |
6.2 | 1.4 | ||||||||
| Other assets less liabilities |
3.0 | 6.3 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based video communications platform Zoom Video, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices, Swiss supplier of pharmaceutical, health care and life science products Lonza, Hong Kong-based power tools company Techtronic and US-based software provider Microsoft. Bottom contributors during the period included: US-based provider of safety, infotainment and electronic control components to the automotive market Aptiv, US-based ride-hailing and food delivery services company Uber, UK-based luxury fashion house Burberry, US-based defense, communications and electronics equipment provider L3Harris and US-based commercial bank Bank of America.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Americas |
52.3 | % | 54.4 | % | ||||||
| Europe |
31.7 | 25.7 | ||||||||
| Pacific Basin |
9.0 | 7.9 | ||||||||
| Emerging Markets |
4.0 | 5.7 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based globally diversified conglomerate Danaher, Swedish telecommunications company Ericsson, US-based operator of off-price retailers TJX, Swedish designer of measurement and visualization technology used in manufacturing, product testing, surveying and machine control Hexagon and Netherlands-based health technology company Koninklijke Philips. We funded these purchases in part through exiting our positions Anthem, Alexion, Visa, Amazon and Progressive.
| Artisan Partners Funds | 11 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan Global Value Fund – Investor Shares (12/10/2007) |
-5.63 | % | -0.74 | % | 5.58 | % | 8.27 | % | 6.11 | % | |||||||||||||||
| Artisan Global Value Fund – Advisor Shares (4/1/2015) |
-5.48 | -0.62 | 5.73 | n/a | 3.78 | ||||||||||||||||||||
| Artisan Global Value Fund – Institutional Shares (7/17/2012) |
-5.37 | -0.51 | 5.84 | n/a | 8.26 | ||||||||||||||||||||
| MSCI ACWI Index |
10.44 | 7.12 | 10.30 | 8.55 | 4.58 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance information, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 12 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
12.9 | % | 11.7 | % | ||||||
| Consumer Discretionary |
15.3 | 12.0 | ||||||||
| Consumer Staples |
1.7 | 4.0 | ||||||||
| Energy |
0.8 | 1.6 | ||||||||
| Financials |
25.9 | 31.5 | ||||||||
| Health Care |
10.1 | 7.8 | ||||||||
| Industrials |
11.4 | 10.8 | ||||||||
| Information Technology |
13.9 | 14.0 | ||||||||
| Materials |
2.9 | – | ||||||||
| Other assets less liabilities |
5.1 | 6.6 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based package and freight delivery company FedEx, US-based social networking website operator Facebook, US-based Internet search engine operator Alphabet, Korean electronic products and solutions manufacturer Samsung Electronics and Swiss provider of power and automation technologies ABB. Bottom contributors during the period included: US-based cruise ship operator Carnival, UK-based bank Lloyds Banking Group, Brazilian telecommunications company Telefonica Brasil, US-based financial services holding company Citigroup and US-based airline Southwest.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Americas |
54.8 | % | 53.8 | % | ||||||
| Europe |
30.8 | 29.0 | ||||||||
| Emerging Markets |
9.3 | 10.6 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: Swiss pharmaceutical company Novartis, US-based diversified holding company Berkshire Hathaway, UK-based contract-catering business Compass Group, US-based health benefits company Anthem and German cement producer HeidelbergCement. We funded these purchases in part through exiting our positions in ABB, Oracle, Arch Capital, Medtronic and Allergan.
| Artisan Partners Funds | 13 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | Since Inception | ||||||||||||||||
| Artisan High Income Fund – Investor Shares (3/19/2014) |
5.14 | % | 4.87 | % | 7.18 | % | 6.06 | % | ||||||||||||
| Artisan High Income Fund – Advisor Shares (3/19/2014) |
5.29 | 5.03 | 7.36 | 6.22 | ||||||||||||||||
| Artisan High Income Fund – Institutional Shares (10/3/2016) |
5.40 | 5.16 | n/a | 6.35 | ||||||||||||||||
| ICE BofAML US High Yield Master II Index |
2.30 | 3.83 | 6.61 | 4.58 | * | |||||||||||||||
| * | As of Investor and Advisor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 14 | Artisan Partners Funds |
INVESTING ENVIRONMENT
Non-investment grade credit markets posted modestly positive returns during the 12-month period ended September 30, 2020, despite increased risk aversion that characterized the market environment throughout much of 2020. The aggressive spread of the COVID-19 pandemic and the economic fallout that followed, resulted in high yield credit spreads widening to their highest levels in more than a decade. As a result of the pandemic, there was widespread credit downgrades and elevated default activity. However, supportive monetary conditions and strong fiscal support provided a floor to prices that allowed markets to recover much of their COVID-related losses into the end of the 12-month period.
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: UK-based independent insurance broker Ardonagh Group, US-based cruise ship operator Carnival, US-based independent oil and gas exploration and production company Comstock Resources, US-based telecommunications company Charter Communications and US-based provider of life insurance and wealth management solutions NFP Corp. Bottom contributors during the period included: US-based manufacturer of sealing products UTEX Industries, US-based oil field services provider FTS International, US-based oil and gas company EP Energy, US-based supplier of propane Ferrellgas and US-based independent oil and gas company Laredo Petroleum. The use of derivatives, including US Treasury futures used as a hedge on interest rates, had a negative overall impact on performance during the period.
PORTFOLIO COMPOSITION
| Type | 9/30/2020 | 9/30/2019 | ||||||||
| Corporate Bonds |
75.8 | % | 64.0 | % | ||||||
| Bank Loans |
21.2 | 28.7 | ||||||||
| Convertible Bonds |
0.2 | – | ||||||||
| Preferred Stocks |
– | 0.1 | ||||||||
| Other assets less liabilities |
2.8 | 7.2 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based cruise ship operator Carnival, US-based independent oil and gas exploration and production company Comstock Resources, US-based retailer Nordstrom, US-based online travel company Expedia and US-based airline company Delta Air Lines. We funded these purchases in part through exiting our positions in Vertafore, USI, FTS International, Walt Disney and Altice Group.
| Artisan Partners Funds | 15 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan International Fund – Investor Shares (12/28/1995) |
6.52 | % | 5.75 | % | 7.54 | % | 7.10 | % | 8.72 | % | |||||||||||||||
| Artisan International Fund – Advisor Shares (4/1/2015) |
6.71 | 5.91 | 7.71 | n/a | 4.18 | ||||||||||||||||||||
| Artisan International Fund – Institutional Shares (7/1/1997) |
6.80 | 5.99 | 7.79 | 7.34 | 7.78 | ||||||||||||||||||||
| MSCI EAFE Index |
0.49 | 0.62 | 5.26 | 4.62 | 4.44 | * | |||||||||||||||||||
| MSCI ACWI ex US Index†† |
3.00 | 1.16 | 6.23 | 4.00 | 4.92 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
| †† | The performance of the Index represents linked performance data for the MSCI ACWI ex US (Gross) Index from inception to 12/31/2000 and the MSCI ACWI ex US (Net) Index from 1/1/2001 forward. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 16 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
7.1 | % | 2.2 | % | ||||||
| Consumer Discretionary |
8.5 | 4.2 | ||||||||
| Consumer Staples |
7.5 | 6.1 | ||||||||
| Energy |
1.1 | 4.1 | ||||||||
| Financials |
20.7 | 30.2 | ||||||||
| Health Care |
19.1 | 11.6 | ||||||||
| Industrials |
6.5 | 15.7 | ||||||||
| Information Technology |
9.8 | 7.9 | ||||||||
| Materials |
14.7 | 14.8 | ||||||||
| Utilities |
2.4 | – | ||||||||
| Other assets less liabilities |
2.6 | 3.2 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based online retailer Amazon, Danish biotechnology company Genmab, UK-based industrial gas producer Linde, Swiss supplier of pharmaceutical, health care and life science products Lonza and Chinese producer and distributor of liquor Wuliangye Yibin. Bottom contributors during the period included: French airplane and military equipment manufacturer Airbus, German Internet payment and processing services provider Wirecard, Brazilian oil and gas company Petrobras, Irish pharmaceuticals company Amarin and Indian housing finance company HDFC.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Europe |
57.1 | % | 65.7 | % | ||||||
| Americas |
18.0 | 14.5 | ||||||||
| Emerging Markets |
12.6 | 8.0 | ||||||||
| Pacific Basin |
7.2 | 8.0 | ||||||||
| Middle East |
2.5 | 0.6 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: Chinese e-commerce company Alibaba, Swiss biopharmaceutical company Roche, German telecommunication services company Deutsche Telekom, Chinese Internet firm Tencent and US-based IT outsourcing and consulting firm Accenture. We funded these purchases in part through exiting our positions in Wirecard, Petrobras, Deutsche Post, Allianz and ING Groep.
| Artisan Partners Funds | 17 |
ARTISAN INTERNATIONAL SMALL-MID FUND
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan International Small-Mid Fund – Investor Shares (12/21/2001) |
27.52 | % | 10.99 | % | 9.65 | % | 8.62 | % | 11.75 | % | |||||||||||||||
| Artisan International Small-Mid Fund – Advisor Shares (12/4/2018) |
27.70 | n/a | n/a | n/a | 23.10 | ||||||||||||||||||||
| Artisan International Small-Mid Fund – Institutional Shares (4/12/2016) |
27.85 | 11.24 | n/a | n/a | 11.15 | ||||||||||||||||||||
| MSCI ACWI ex US SMID Net Index |
4.88 | 0.79 | 6.40 | 4.85 | 8.36 | * | |||||||||||||||||||
| MSCI ACWI ex US Small Cap Net Index |
6.97 | 0.93 | 6.80 | 5.31 | 9.15 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 18 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
1.7 | % | 2.5 | % | ||||||
| Consumer Discretionary |
8.5 | 9.5 | ||||||||
| Consumer Staples |
5.5 | 8.8 | ||||||||
| Financials |
2.8 | 3.5 | ||||||||
| Health Care |
25.6 | 24.8 | ||||||||
| Industrials |
22.0 | 16.9 | ||||||||
| Information Technology |
25.2 | 26.8 | ||||||||
| Materials |
2.2 | 2.7 | ||||||||
| Real Estate |
1.2 | 1.2 | ||||||||
| Other assets less liabilities |
5.3 | 3.3 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: Japanese courier service company SG, Israeli provider of cloud-based and on-premise enterprise software solutions Nice, Swiss developer, producer and distributor of laboratory instruments and solutions Tecan Group, US-based information security company Zscaler and Japanese supermarket franchise store operator which mainly deals in foods stuffs Kobe Bussan. Bottom contributors during the period included: UK-based catering and concession services holding company SSP Group, Canadian modeling, simulation and training for civil aviation and defense company CAE, Brazilian oil and gas company Petrobras, Spanish pharmaceutical company Almirall and Australian wine producing and marketing company Treasury Wine Estates.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Europe |
49.3 | % | 48.0 | % | ||||||
| Pacific Basin |
16.9 | 22.3 | ||||||||
| Americas |
15.5 | 16.2 | ||||||||
| Middle East |
7.2 | 5.3 | ||||||||
| Emerging Markets |
5.8 | 4.9 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: Swiss global ophthalmology company Alcon, French digital solutions provider Atos, Japanese software services company Hennge, Indian multinational business process management company WNS and Swiss pharmaceutical company Siegfried. We funded these purchases in part through exiting our positions in Fuji Soft, ACADIA Pharmaceuticals, Treasury Wine Estates, Yamaha and SCSK.
| Artisan Partners Funds | 19 |
ARTISAN INTERNATIONAL VALUE FUND
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan International Value Fund – Investor Shares (9/23/2002) |
-2.71 | % | -1.45 | % | 4.64 | % | 6.99 | % | 10.79 | % | |||||||||||||||
| Artisan International Value Fund – Advisor Shares (4/1/2015) |
-2.56 | -1.31 | 4.79 | n/a | 2.75 | ||||||||||||||||||||
| Artisan International Value Fund – Institutional Shares (10/1/2006) |
-2.48 | -1.22 | 4.88 | 7.21 | 5.90 | ||||||||||||||||||||
| MSCI EAFE Index |
0.49 | 0.62 | 5.26 | 4.62 | 6.96 | * | |||||||||||||||||||
| MSCI ACWI ex US Index |
3.00 | 1.16 | 6.23 | 4.00 | 7.55 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 20 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
11.4 | % | 10.2 | % | ||||||
| Consumer Discretionary |
15.4 | 11.5 | ||||||||
| Consumer Staples |
3.6 | 7.0 | ||||||||
| Energy |
5.0 | 2.4 | ||||||||
| Financials |
19.1 | 21.3 | ||||||||
| Health Care |
7.0 | 5.0 | ||||||||
| Industrials |
12.3 | 11.0 | ||||||||
| Information Technology |
12.2 | 12.2 | ||||||||
| Materials |
4.6 | 4.5 | ||||||||
| Other assets less liabilities |
9.4 | 14.9 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: Korean Internet search and e-commerce platform NAVER, Swiss provider of power and automation technologies ABB, Danish provider of freight forwarding and logistics services DSV Panalpina, Korean electronic products and solutions manufacturer Samsung Electronics and Chinese e-commerce company Alibaba. Bottom contributors during the period included: US-based insurance company Arch Capital, UK-based contract-catering business Compass Group, UK-based bank Lloyds Banking Group, Brazilian telecommunications company Telefonica Brasil and Netherlands-based diversified financial services provider ING Groep.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Europe |
54.3 | % | 55.8 | % | ||||||
| Emerging Markets |
25.0 | 18.4 | ||||||||
| Americas |
10.3 | 10.3 | ||||||||
| Pacific Basin |
1.1 | 0.6 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: Chinese online travel agency Trip.com, Chinese e-commerce company Alibaba, US-based provider of technology and information solutions to the oil and gas industry Schlumberger, Irish low-cost carrier Ryanair and Canadian integrated energy company Suncor. We funded these purchases in part through exiting our positions in Nestle, TE Connectivity, Hyundai, Reckitt Benckiser and John Wood Group.
| Artisan Partners Funds | 21 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan Mid Cap Fund – Investor Shares (6/27/1997) |
45.66 | % | 22.86 | % | 17.59 | % | 15.57 | % | 14.39 | % | |||||||||||||||
| Artisan Mid Cap Fund – Advisor Shares (4/1/2015) |
45.83 | 23.05 | 17.77 | n/a | 14.92 | ||||||||||||||||||||
| Artisan Mid Cap Fund – Institutional Shares (7/1/2000) |
45.98 | 23.15 | 17.87 | 15.86 | 10.08 | ||||||||||||||||||||
| Russell Midcap® Index |
4.55 | 7.13 | 10.13 | 11.76 | 9.44 | * | |||||||||||||||||||
| Russell Midcap® Growth Index |
23.23 | 16.23 | 15.53 | 14.55 | 9.40 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 22 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials and energy as the main detractors. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
8.2 | % | 5.1 | % | ||||||
| Consumer Discretionary |
10.9 | 11.5 | ||||||||
| Consumer Staples |
0.8 | – | ||||||||
| Financials |
2.3 | 3.1 | ||||||||
| Health Care |
27.5 | 24.6 | ||||||||
| Industrials |
12.2 | 15.9 | ||||||||
| Information Technology |
32.7 | 36.5 | ||||||||
| Materials |
0.8 | – | ||||||||
| Utilities |
2.6 | – | ||||||||
| Other assets less liabilities |
2.0 | 3.3 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based video communications platform Zoom Video, US-based medical device firm DexCom, US-based cloud computing company Veeva, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices and US-based information security company Zscaler. Bottom contributors during the period included: US-based entertainment company Hasbro, US-based provider of communication infrastructure, devices, accessories, software and services Motorola, US-based ride-hailing service company Lyft, Brazilian financial technology solutions company Pagseguro and US-based defense, communications and electronics equipment provider L3Harris.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Americas |
86.6 | % | 87.4 | % | ||||||
| Europe |
10.2 | 7.1 | ||||||||
| Emerging Markets |
1.2 | 2.2 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based provider of dating products Match, US-based digital education company Chegg, US-based connected fitness franchise Peloton, US-based public utility holding company Ameren and US-based provider of monitoring and analytics for cloud-based applications Datadog. We funded these purchases in part through exiting our positions in Boston Scientific, Motorola, Progressive, Hasbro and Cree.
| Artisan Partners Funds | 23 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception |
|||||||||||||||
|
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001) |
-8.93 | % | -1.22 | % | 4.83 | % | 7.36 | % | 8.73 | % | ||||||||||
|
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015) |
-8.76 | -1.06 | 4.98 | n/a | 2.22 | |||||||||||||||
|
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012) |
-8.76 | -1.00 | 5.05 | n/a | 6.18 | |||||||||||||||
| Russell Midcap® Index |
4.55 | 7.13 | 9.37 | 11.76 | 9.34 | * | ||||||||||||||
| Russell Midcap® Value Index |
-7.30 | 0.82 | 6.38 | 9.71 | 8.76 | * | ||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 24 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials and energy as the main detractors. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
11.9 | % | 11.9 | % | ||||||
| Consumer Discretionary |
22.2 | 15.1 | ||||||||
| Consumer Staples |
5.8 | 2.8 | ||||||||
| Energy |
– | 1.7 | ||||||||
| Financials |
21.9 | 28.6 | ||||||||
| Health Care |
6.6 | 4.0 | ||||||||
| Industrials |
12.2 | 12.0 | ||||||||
| Information Technology |
7.1 | 7.0 | ||||||||
| Materials |
4.5 | 8.2 | ||||||||
| Real Estate |
6.2 | 4.3 | ||||||||
| Other assets less liabilities |
1.6 | 4.4 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based camper and RV manufacturer Thor Industries, US-based media and Internet company IAC, US-based ski resort owner and operator Vail Resorts, US-based global logistics company Expeditors International of Washington and US-based tier-one auto parts supplier Borg Warner. Bottom contributors during the period included: US-based insurance company Arch Capital, US-based tier-one independent supplier of aerostructures Spirit AeroSystems, US-based bank holding company M&T Bank, US-based consumer financial services company Synchrony Financial and US-based operator of inland tank barges Kirby.
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based tier-one auto parts supplier BorgWarner, US-based global logistics company Expeditors International of Washington, US-based outdoor advertising company Lamar Advertising, US-based boutique investment bank Moelis & Co and US-based ski resort owner and operator Vail Resorts. We funded these purchases in part through exiting our positions in Equity Commonwealth, Ryder System, E*TRADE, ViacomCBS and Nutrien.
| Artisan Partners Funds | 25 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (2/28/2020 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | Since Inception† | ||||
| Artisan Select Equity Fund – Investor Shares (2/28/2020) |
1.70 | % | |||
| Artisan Select Equity Fund – Advisor Shares (2/28/2020) |
1.80 | ||||
| Artisan Select Equity Fund – Institutional Shares (2/28/2020) |
1.80 | ||||
| S&P 500® Index |
15.09 | * | |||
| † | For the period from commencement of operations 2/28/2020 through 9/30/2020; not annualized. |
| * | As of Investor, Advisor and Institutional Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 26 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the period between the Fund’s inception on 28 February 2020 and 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials as the main detractor. Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | ||||
| Communication Services |
10.5 | % | |||
| Consumer Discretionary |
17.1 | ||||
| Financials |
25.7 | ||||
| Health Care |
11.0 | ||||
| Industrials |
9.5 | ||||
| Information Technology |
14.4 | ||||
| Materials |
4.0 | ||||
| Other assets less liabilities |
7.8 | ||||
| 100.0 | % | ||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based package and freight delivery company FedEx, US-based social networking website operator Facebook, US-based retail electronic payments network provider Visa, US-based software supplier Oracle an US-based insurance holding company Progressive. Bottom contributors during the period included: US-based airline Southwest, US-based financial services holding company Citigroup, US-based cruise ship operator Carnival, US-based insurance company Arch Capital and US-based financial services company Wells Fargo.
REGION ALLOCATION
| Region | 9/30/2020 | ||||
| Americas |
77.4 | % | |||
| Europe |
9.9 | ||||
| Emerging Markets |
4.9 | ||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based diversified holding company Berkshire Hathaway and US-based retail electronic payments network provider Visa. We funded these purchases in part through exiting our positions in Oracle, Wells Fargo, Arch Capital and Carnival.
| Artisan Partners Funds | 27 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan Small Cap Fund – Investor Shares (3/28/1995) |
39.51 | % | 24.23 | % | 20.21 | % | 17.41 | % | 10.59 | % | |||||||||||||||
|
Artisan Small Cap Fund – Advisor Shares (2/1/2017) |
39.66 | 24.39 | n/a | n/a | 24.26 | ||||||||||||||||||||
|
Artisan Small Cap Fund – Institutional Shares (5/7/2012) |
39.82 | 24.49 | 20.46 | n/a | 16.90 | ||||||||||||||||||||
| Russell 2000® Index |
0.39 | 1.77 | 8.00 | 9.85 | 8.59 | * | |||||||||||||||||||
| Russell 2000® Growth Index |
15.71 | 8.18 | 11.42 | 12.34 | 7.88 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 28 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials and energy as the main detractors. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
4.8 | % | 5.6 | % | ||||||
| Consumer Discretionary |
12.7 | 9.8 | ||||||||
| Consumer Staples |
1.4 | – | ||||||||
| Financials |
1.1 | 3.4 | ||||||||
| Health Care |
30.1 | 22.5 | ||||||||
| Industrials |
11.4 | 16.1 | ||||||||
| Information Technology |
36.9 | 37.5 | ||||||||
| Materials |
– | 1.2 | ||||||||
| Other assets less liabilities |
1.6 | 3.9 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based digital education company Chegg, US-based medical device firm DexCom, US-based information security company Zscaler, US-based provider of unified, cloud-based spend-management software Coupa and Dutch biotechnology company Argenx. Bottom contributors during the period included: US-based bank holding company Webster Financial, US-based chemical company Ingevity, US-based medical technology company Glaukos, US-based diversified technology provider Cubic and US-based pharmaceutical company Tricida.
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: US-based developer of programmable logic products Lattice Semiconductor, US-based technology developer for monitoring suspected heartbeat arrhythmias iRhythm, US-based operator of convenience stores and gasoline stations Casey’s General Stores, US-based medical technology company Vapotherm and US-based franchisor and operator of restaurants Wingstop. We funded these purchases in part through exiting our positions in DexCom, ACI Worldwide, Coupa, Canada Goose and Webster Financial.
| Artisan Partners Funds | 29 |
ARTISAN SUSTAINABLE EMERGING MARKETS FUND
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan Sustainable Emerging Markets Fund – Investor Shares (6/2/2008) |
9.58 | % | 2.80 | % | 11.56 | % | 1.57 | % | 0.36 | % | |||||||||||||||
| Artisan Sustainable Emerging Markets Fund – Institutional Shares (6/26/2006) |
9.73 | 2.94 | 11.63 | 1.73 | 4.76 | ||||||||||||||||||||
| MSCI Emerging Markets Index |
10.54 | 2.42 | 8.97 | 2.50 | 5.58 | * | |||||||||||||||||||
| * | As of Institutional Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.
| 30 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, emerging markets were up, not quite as sharply as their US counterparts, but more than European equities. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath. Despite being widely considered the global origin of COVID-19, China led the MSCI Emerging Markets Index for the period, delivering a double-digit positive return.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
6.4 | % | 4.1 | % | ||||||
| Consumer Discretionary |
26.0 | 21.3 | ||||||||
| Consumer Staples |
2.6 | 2.3 | ||||||||
| Energy |
6.0 | 7.9 | ||||||||
| Financials |
14.2 | 19.5 | ||||||||
| Health Care |
7.4 | 7.2 | ||||||||
| Industrials |
8.7 | 9.5 | ||||||||
| Information Technology |
21.3 | 16.8 | ||||||||
| Materials |
6.0 | 6.9 | ||||||||
| Real Estate |
– | 1.8 | ||||||||
| Utilities |
0.4 | 1.1 | ||||||||
| Other assets less liabilities |
1.0 | 1.6 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: Chinese e-commerce company Alibaba, Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co, US-based online trading site for Latin American markets MercadoLibre, Indian petrochemical and refining company Reliance Industries and Taiwanese semiconductor manufacturer MediaTek. Bottom contributors during the period included: Brazilian bank Itau Unibanco, Indian retail and corporate bank ICICI, Indian mall developer Phoenix Mills, US-based airline company Copa Holdings and Greek bank Alpha Bank.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Emerging Asia |
68.5 | % | 58.4 | % | ||||||
| Europe, Middle East and Africa |
13.0 | 18.9 | ||||||||
| Latin America |
13.2 | 17.3 | ||||||||
| Developed Markets |
4.3 | 3.9 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: Chinese manufacturer of industrial automation products Estun Automation, Argentinian software solutions company Globant, Malaysian bank Public Bank, Chinese manufacturer and distributor of optical lasers Wuhan Raycus Fiber Laser and Mexican beverage company FEMSA. We funded these purchases in part through exiting our positions in Naspers, China Petroleum & Chemical, Phoenix Mills, Linx and Global Ports.
| Artisan Partners Funds | 31 |
PERFORMANCE HISTORY
GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2020)
AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)
| Fund / Index | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception | ||||||||||||||||||||
| Artisan Value Fund – Investor Shares (3/27/2006) |
0.35 | % | 2.51 | % | 9.48 | % | 9.05 | % | 6.20 | % | |||||||||||||||
| Artisan Value Fund – Advisor Shares (4/1/2015) |
0.54 | 2.69 | 9.65 | n/a | 5.86 | ||||||||||||||||||||
| Artisan Value Fund – Institutional Shares (7/26/2011) |
0.64 | 2.77 | 9.73 | n/a | 8.00 | ||||||||||||||||||||
| Russell 1000® Index |
16.01 | 12.38 | 14.09 | 13.76 | 9.10 | * | |||||||||||||||||||
| Russell 1000® Value Index |
-5.03 | 2.63 | 7.66 | 9.95 | 6.02 | * | |||||||||||||||||||
| * | As of Investor Shares inception date. |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of each index.
| 32 | Artisan Partners Funds |
INVESTING ENVIRONMENT
During the one-year period ended 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials and energy as the main detractors. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.
SECTOR DIVERSIFICATION
| Sector | 9/30/2020 | 9/30/2019 | ||||||||
| Communication Services |
14.5 | % | 14.9 | % | ||||||
| Consumer Discretionary |
14.5 | 9.5 | ||||||||
| Consumer Staples |
7.8 | 3.8 | ||||||||
| Energy |
1.5 | 2.0 | ||||||||
| Financials |
18.4 | 23.8 | ||||||||
| Health Care |
10.1 | 8.5 | ||||||||
| Industrials |
14.1 | 10.9 | ||||||||
| Information Technology |
11.9 | 16.0 | ||||||||
| Materials |
2.6 | 7.7 | ||||||||
| Other assets less liabilities |
4.6 | 2.9 | ||||||||
| 100.0 | % | 100.0 | % | |||||||
PERFORMANCE DISCUSSION
Top contributors within the portfolio during the period included: US-based package and freight delivery company FedEx, US-based technology designer and manufacturer Apple, US-based social networking website operator Facebook, Swedish tobacco company Swedish Match and US-based Internet search engine operator Alphabet. Bottom contributors during the period included: US-based developer and manufacturer of defense and security solutions Raytheon, US-based consumer financial services company Synchrony Financial, US-based financial services holding company Citigroup, US-based property and casualty insurance provider Chubb and Canadian provider of crop inputs and services Nutrien.
REGION ALLOCATION
| Region | 9/30/2020 | 9/30/2019 | ||||||||
| Americas |
75.1 | % | 83.2 | % | ||||||
| Europe |
17.3 | 11.1 | ||||||||
| Emerging Markets |
3.0 | 2.8 | ||||||||
FUND CHANGES
During the period, we identified the following new investment opportunities for the portfolio: German designer, manufacturer and distributor of dialysis equipment and supplier and provider of essential kidney dialysis services Fresenius Medical Care, US-based tobacco product company Philip Morris International, US-based insurance company Arch Capital, UK-based contract-catering business Compass Group and US-based worldwide operator and franchisor of hotels Marriot. We funded these purchases in part through exiting our positions in Chubb, Nutrien, ViacomCBS, Truist Financial and Wells Fargo.
| Artisan Partners Funds | 33 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 97.5% | ||||||||||
| ARGENTINA - 5.1% | ||||||||||
| MercadoLibre, Inc.* |
316 | $ | 341,728 | |||||||
| BRAZIL - 2.3% | ||||||||||
| StoneCo Ltd., Class A* |
2,852 | 150,853 | ||||||||
| CHINA - 37.1% | ||||||||||
| Aier Eye Hospital Group Co. Ltd., Class A(1) |
21,240 | 160,459 | ||||||||
| Alibaba Group Holding Ltd., ADR* |
1,567 | 460,683 | ||||||||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A(1) |
2,551 | 61,002 | ||||||||
| Hundsun Technologies, Inc., Class A(1) |
8,837 | 128,612 | ||||||||
| Jiangsu Hengrui Medicine Co. Ltd., Class A(1) |
8,401 | 111,213 | ||||||||
| Kweichow Moutai Co. Ltd., Class A(1) |
945 | 232,229 | ||||||||
| Meituan Dianping, Class B*(1) |
9,448 | 297,123 | ||||||||
| Ping An Healthcare and Technology Co. Ltd.*(1) |
4,343 | 56,085 | ||||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A(1) |
1,446 | 73,935 | ||||||||
| TAL Education Group, ADR* |
3,998 | 303,985 | ||||||||
| Tencent Holdings Ltd.(1) |
4,304 | 286,591 | ||||||||
| Wuxi Biologics Cayman, Inc.*(1) |
6,468 | 158,728 | ||||||||
| Yifeng Pharmacy Chain Co. Ltd., Class A(1) |
4,292 | 62,608 | ||||||||
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A(1) |
1,870 | 67,256 | ||||||||
|
|
|
|||||||||
| 2,460,509 | ||||||||||
| FRANCE - 4.1% | ||||||||||
| Hermes International(1) |
83 | 71,379 | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE(1) |
433 | 202,337 | ||||||||
|
|
|
|||||||||
| 273,716 | ||||||||||
| HONG KONG - 1.0% | ||||||||||
| AIA Group Ltd.(1) |
6,978 | 68,740 | ||||||||
| INDIA - 4.4% | ||||||||||
| HDFC Bank Ltd., ADR* |
5,835 | 291,508 | ||||||||
| NETHERLANDS - 7.4% | ||||||||||
| Adyen NV*(1) |
157 | 288,728 | ||||||||
| ASML Holding NV, NYRS |
540 | 199,526 | ||||||||
|
|
|
|||||||||
| 488,254 | ||||||||||
| RUSSIA - 2.3% | ||||||||||
| Yandex NV, Class A* |
2,344 | 152,940 | ||||||||
| TAIWAN - 5.2% | ||||||||||
| Sea Ltd., ADR* |
2,222 | 342,306 | ||||||||
| UNITED STATES - 28.6% | ||||||||||
| Estee Lauder Cos., Inc. (The), Class A |
924 | $ | 201,748 | |||||||
| Netflix, Inc.* |
410 | 205,123 | ||||||||
| NIKE, Inc., Class B |
545 | 68,384 | ||||||||
| NVIDIA Corp. |
571 | 309,040 | ||||||||
| Uber Technologies, Inc.* |
8,294 | 302,574 | ||||||||
| Unity Software, Inc.* |
642 | 56,019 | ||||||||
| Veeva Systems, Inc., Class A* |
1,034 | 290,849 | ||||||||
| Visa, Inc., Class A |
2,302 | 460,279 | ||||||||
|
|
|
|||||||||
| 1,894,016 | ||||||||||
|
|
|
|||||||||
| Total common stocks |
|
6,464,570 | ||||||||
| SHORT-TERM INVESTMENTS - 2.8% | ||||||||||
| INVESTMENT COMPANIES - 2.8% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
63,282 | 63,282 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
61,420 | 61,420 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
61,420 | 61,420 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
186,122 | ||||||||
| Total investments - 100.3% |
|
6,650,692 | ||||||||
| Other assets less liabilities - (0.3)% |
|
(18,349 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(2) |
|
$ | 6,632,343 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,327,025, or 35.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviations | |||
| ADR |
American Depositary Receipt | ||
| NYRS |
New York Registry Shares | ||
| 34 | Artisan Partners Funds |
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 986,960 | 14.8 | % | ||||||
| Consumer Discretionary |
1,745,619 | 26.2 | ||||||||
| Consumer Staples |
557,587 | 8.4 | ||||||||
| Financials |
360,248 | 5.4 | ||||||||
| Health Care |
918,525 | 13.8 | ||||||||
| Industrials |
302,574 | 4.6 | ||||||||
| Information Technology |
1,593,057 | 24.0 | ||||||||
| Short-Term Investments |
186,122 | 2.8 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 6,650,692 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Chinese yuan renminbi offshore |
$ | 897,314 | 13.5 | % | ||||||
| Euro |
562,444 | 8.5 | ||||||||
| Hong Kong dollar |
867,267 | 13.0 | ||||||||
| U.S. dollar |
4,323,667 | 65.0 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 6,650,692 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||
| Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Alibaba Group Holding Ltd. |
China | 6.9 | % | |||||
| Visa, Inc. |
United States | 6.9 | ||||||
| Sea Ltd. |
Taiwan | 5.2 | ||||||
| MercadoLibre, Inc. |
Argentina | 5.1 | ||||||
| NVIDIA Corp. |
United States | 4.7 | ||||||
| TAL Education Group |
China | 4.6 | ||||||
| Uber Technologies, Inc. |
United States | 4.6 | ||||||
| Meituan Dianping |
China | 4.5 | ||||||
| HDFC Bank Ltd. |
India | 4.4 | ||||||
| Veeva Systems, Inc. |
United States | 4.4 | ||||||
|
|
|
|||||||
| Total |
51.3 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 35 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 83.3% | ||||||||||
| CAPITAL MARKETS - 5.4% | ||||||||||
| BlackRock, Inc. |
80 | $ | 45,104 | |||||||
| Moody’s Corp. |
43 | 12,521 | ||||||||
| S&P Global, Inc. |
55 | 19,814 | ||||||||
|
|
|
|||||||||
| 77,439 | ||||||||||
| COMMERCIAL SERVICES & SUPPLIES - 3.0% | ||||||||||
| Copart, Inc.* |
413 | 43,381 | ||||||||
| COMMUNICATIONS EQUIPMENT - 3.0% | ||||||||||
| Telefonaktiebolaget LM Ericsson, Class B(1)(2) |
3,994 | 43,665 | ||||||||
| ELECTRICAL EQUIPMENT - 2.9% | ||||||||||
| AMETEK, Inc. |
412 | 40,971 | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.5% | ||||||||||
| Amphenol Corp., Class A |
461 | 49,920 | ||||||||
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.6% | ||||||||||
| SBA Communications Corp. |
72 | 22,898 | ||||||||
| INSURANCE - 4.8% | ||||||||||
| Aon plc, Class A(4) |
332 | 68,540 | ||||||||
| INTERNET & DIRECT MARKETING RETAIL - 4.3% | ||||||||||
| Amazon.com, Inc.* |
19 | 61,177 | ||||||||
| IT SERVICES - 10.7% | ||||||||||
| Fidelity National Information Services, Inc. |
726 | 106,850 | ||||||||
| VeriSign, Inc.* |
92 | 18,847 | ||||||||
| Visa, Inc., Class A |
140 | 28,017 | ||||||||
|
|
|
|||||||||
| 153,714 | ||||||||||
| LIFE SCIENCES TOOLS & SERVICES - 4.2% | ||||||||||
| Agilent Technologies, Inc. |
355 | 35,841 | ||||||||
| Thermo Fisher Scientific, Inc. |
54 | 23,852 | ||||||||
|
|
|
|||||||||
| 59,693 | ||||||||||
| MEDIA - 2.4% | ||||||||||
| Charter Communications, Inc., Class A* |
55 | 34,425 | ||||||||
| PROFESSIONAL SERVICES - 5.2% | ||||||||||
| IHS Markit Ltd. |
957 | 75,105 | ||||||||
| ROAD & RAIL - 2.0% | ||||||||||
| Union Pacific Corp. |
150 | 29,476 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.0% | ||||||||||
| Advanced Micro Devices, Inc.* |
354 | 29,057 | ||||||||
| Analog Devices, Inc. |
507 | 59,197 | ||||||||
| NVIDIA Corp. |
74 | 39,953 | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR(1) |
365 | 29,582 | ||||||||
|
|
|
|||||||||
| 157,789 | ||||||||||
| SOFTWARE - 6.1% | ||||||||||
| Cloudflare, Inc., Class A* |
182 | 7,485 | ||||||||
| Microsoft Corp.(4) |
382 | 80,314 | ||||||||
|
|
|
|||||||||
| 87,799 | ||||||||||
| SPECIALTY RETAIL - 1.3% | ||||||||||
| TJX Cos., Inc. (The) |
329 | 18,336 | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.4% | ||||||||||
| Apple, Inc. |
796 | 92,138 | ||||||||
| WIRELESS TELECOMMUNICATION SERVICES - 5.5% | ||||||||||
| T-Mobile US, Inc.* |
695 | 79,435 | ||||||||
|
|
|
|||||||||
| Total common stocks |
1,195,901 | |||||||||
| No. of Contracts‡ |
||||||||||
| OPTIONS PURCHASED - 10.9% | ||||||||||
| CALL OPTIONS - 10.8% | ||||||||||
| AIR FREIGHT & LOGISTICS - 3.2% | ||||||||||
| FedEx Corp. 4/16/2021 at USD 115.00; Notional Amount: USD 51,889 |
2,063 | 28,325 | ||||||||
| United Parcel Service, Inc. 6/18/2021 at USD 100.00; Notional Amount: USD 44,790 |
2,688 | 18,057 | ||||||||
|
|
|
|||||||||
| 46,382 | ||||||||||
| COMMERCIAL SERVICES & SUPPLIES - 1.1% | ||||||||||
| Copart, Inc. 2/19/2021 at USD 50.00; Notional Amount: USD 29,676 |
2,822 | 15,789 | ||||||||
| ENTERTAINMENT - 0.8% | ||||||||||
| Walt Disney Co. (The) 6/18/2021 at USD 60.00; Notional Amount: USD 22,024 |
1,775 | 11,520 | ||||||||
| 36 | Artisan Partners Funds |
| No. of Contracts‡ |
Value | |||||||||
| INSURANCE - 0.1% | ||||||||||
| Aon plc 1/15/2021 at USD 210.00; Notional Amount: USD 29,604 |
1,435 | $ | 1,686 | |||||||
| IT SERVICES - 0.4% | ||||||||||
| Fidelity National Information Services, Inc. 1/15/2021 at USD 150.00; Notional Amount: USD 28,897 |
1,963 | 1,698 | ||||||||
| Global Payments, Inc. 12/18/2020 at USD 180.00; Notional Amount: USD 56,151 |
3,162 | 3,605 | ||||||||
|
|
|
|||||||||
| 5,303 | ||||||||||
| ROAD & RAIL - 2.2% | ||||||||||
| Norfolk Southern Corp. 6/18/2021 at USD 120.00; Notional Amount: USD 51,400 |
2,402 | 22,975 | ||||||||
| Union Pacific Corp. 11/20/2020 at USD 175.00; Notional Amount: USD 63,451 |
3,223 | 8,259 | ||||||||
|
|
|
|||||||||
| 31,234 | ||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8% | ||||||||||
| Advanced Micro Devices, Inc. 1/15/2021 at USD 80.00; Notional Amount: USD 41,544 |
5,067 | 5,662 | ||||||||
| Analog Devices, Inc. 3/19/2021 at USD 65.00; Notional Amount: USD 32,652 |
2,797 | 14,545 | ||||||||
| Micron Technology, Inc. 10/2/2020 at USD 52.00; Notional Amount: USD 29,420 |
6,265 | 16 | ||||||||
| 6/18/2021 at USD 25.00; Notional Amount: USD 28,632 |
6,097 | 13,794 | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. 1/15/2021 at USD 80.00; Notional Amount: USD 74,057 |
9,135 | 6,577 | ||||||||
|
|
|
|||||||||
| 40,594 | ||||||||||
| SPECIALTY RETAIL - 0.2% | ||||||||||
| TJX Cos., Inc. (The) 11/20/2020 at USD 55.00; Notional Amount: USD 36,351 |
6,532 | 2,580 | ||||||||
|
|
|
|||||||||
| Total call options |
155,088 | |||||||||
| PUT OPTIONS - 0.1% | ||||||||||
| CAPITAL MARKETS - 0.0%(3) | ||||||||||
| Moody’s Corp. 10/16/2020 at USD 280.00; Notional Amount: USD 12,493 |
431 | 148 | ||||||||
| S&P Global, Inc. 10/16/2020 at USD 345.00; Notional Amount: USD 19,797 |
549 | 230 | ||||||||
|
|
|
|||||||||
| 378 | ||||||||||
| LIFE SCIENCES TOOLS & SERVICES - 0.0%(3) | ||||||||||
| Thermo Fisher Scientific, Inc. 10/16/2020 at USD 420.00; Notional Amount: USD 23,842 |
540 | 197 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% | ||||||||||
| NVIDIA Corp. 10/30/2020 at USD 500.00; Notional Amount: USD 39,942 |
738 | 998 | ||||||||
|
|
|
|||||||||
| Total put options |
1,573 | |||||||||
|
|
|
|||||||||
| Total Options Purchased |
156,661 | |||||||||
|
|
|
|||||||||
| Shares Held |
||||||||||
| SHORT-TERM INVESTMENTS - 5.6% | ||||||||||
| INVESTMENT COMPANIES - 5.6% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
27,223 | 27,223 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
26,422 | 26,422 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
26,422 | 26,422 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
80,067 | |||||||||
| Total investments - 99.8% |
1,432,629 | |||||||||
| WRITTEN OPTION CONTRACTS - (0.9)% | ||||||||||
| (Premiums received $(8,521)) |
(12,992 | ) | ||||||||
|
|
|
|||||||||
| Other assets less liabilities - 1.1% |
16,428 | |||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(5) |
$ | 1,436,065 | ||||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| ‡ | One contract is equal to 100 shares. |
| (1) | The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications. |
| Security | Country | Trading Currency | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. |
Taiwan | U.S. dollar | ||||||||
| Telefonaktiebolaget LM Ericsson |
Sweden | Swedish krona | ||||||||
| (2) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $43,665, or 3.0% of total net assets. See |
| Artisan Partners Funds | 37 |
| notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (3) | Amount rounds to less than 0.1%. |
| (4) | At September 30, 2020, all or a portion of this security was pledged to cover collateral requirements for written options. |
| (5) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviations | |||
| ADR |
American Depositary Receipt | ||
| USD |
U.S. dollar | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 125,380 | 8.8 | % | ||||||
| Consumer Discretionary |
82,093 | 5.7 | ||||||||
| Financials |
148,042 | 10.3 | ||||||||
| Health Care |
59,891 | 4.2 | ||||||||
| Industrials |
282,337 | 19.7 | ||||||||
| Information Technology |
631,921 | 44.1 | ||||||||
| Real Estate |
22,898 | 1.6 | ||||||||
| Short-Term Investments |
80,067 | 5.6 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 1,432,629 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Swedish krona |
$ | 43,665 | 3.0 | % | ||||||
| U.S. dollar |
1,388,964 | 97.0 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 1,432,629 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| FOREIGN CURRENCY FORWARD CONTRACTS | |||||||||||||||||||||||||
| Values in thousands | |||||||||||||||||||||||||
| Currency |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||||||||||||||||
| USD | 41,621 | SEK | 363,725 | JPM | 11/5/2020 | $ | 994 | |||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation |
994 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Net unrealized appreciation |
$ | 994 | ||||||||||||||||||
|
|
|
|||||||||||||||||||
| SEK |
Swedish krona | |
| USD |
U.S. dollar | |
| JPM |
JPMorgan Chase Bank, N.A. |
| WRITTEN OPTION CONTRACTS | ||||||||||||||||||||||||||||
| Call Options Dollar value in thousands |
||||||||||||||||||||||||||||
| Number of Contracts‡ |
Description |
Exercise Price |
Notional Amount |
Expiration Date |
Premiums (Received) by Fund |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| 194 | Amazon.com, Inc. | $ | 3,175.00 | $ | (61,085 | ) | 10/23/20 | $ | (1,670 | ) | $ | (2,348 | ) | $ | (678 | ) | ||||||||||||
| 7,950 | Apple, Inc. | 115.00 | (92,069 | ) | 10/30/20 | (3,010 | ) | (4,969 | ) | (1,959 | ) | |||||||||||||||||
| 6,265 | Micron Technology, Inc. | 57.00 | (29,420 | ) | 10/02/20 | (138 | ) | (9 | ) | 129 | ||||||||||||||||||
| 431 | Moody’s Corp. | 290.00 | (12,493 | ) | 11/20/20 | (641 | ) | (662 | ) | (21 | ) | |||||||||||||||||
| 738 | NVIDIA Corp. | 525.00 | (39,942 | ) | 10/30/20 | (1,461 | ) | (2,876 | ) | (1,415 | ) | |||||||||||||||||
| 540 | S&P Global, Inc. | 350.00 | (19,472 | ) | 11/20/20 | (1,018 | ) | (1,250 | ) | (232 | ) | |||||||||||||||||
| 540 | Thermo Fisher Scientific, Inc. | 430.00 | (23,842 | ) | 10/16/20 | (583 | ) | (878 | ) | (295 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total written option contracts |
|
$ | (8,521 | ) | $ | (12,992 | ) | $ | (4,471 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| ‡ | One contract is equal to 100 shares. |
| 38 | Artisan Partners Funds |
| TOP TEN HOLDINGS | ||||||||
| Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Fidelity National Information Services, Inc. |
United States | 7.6 | % | |||||
| Apple, Inc. |
United States | 6.4 | ||||||
| Microsoft Corp. |
United States | 5.6 | ||||||
| T-Mobile US, Inc. |
United States | 5.5 | ||||||
| IHS Markit Ltd. |
United States | 5.2 | ||||||
| Analog Devices, Inc. |
United States | 5.1 | ||||||
| Aon plc |
United States | 4.9 | ||||||
| Amazon.com, Inc. |
United States | 4.3 | ||||||
| Copart, Inc. |
United States | 4.1 | ||||||
| Amphenol Corp. |
United States | 3.5 | ||||||
|
|
|
|||||||
| Total |
52.2 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 39 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 97.7% | ||||||||||
| BRAZIL - 2.4% | ||||||||||
| Notre Dame Intermedica Participacoes SA |
259 | $ | 3,009 | |||||||
| Pagseguro Digital Ltd., Class A* |
51 | 1,923 | ||||||||
|
|
|
|||||||||
| 4,932 | ||||||||||
| CHINA - 2.5% | ||||||||||
| Li Ning Co. Ltd.(1) |
897 | 4,207 | ||||||||
| Sichuan Teway Food Group Co. Ltd., Class A(1) |
110 | 1,064 | ||||||||
|
|
|
|||||||||
| 5,271 | ||||||||||
| DENMARK - 8.1% | ||||||||||
| Ascendis Pharma A/S, ADR* |
37 | 5,724 | ||||||||
| Genmab A/S*(1) |
14 | 5,033 | ||||||||
| Vestas Wind Systems A/S(1) |
39 | 6,281 | ||||||||
|
|
|
|||||||||
| 17,038 | ||||||||||
| GERMANY - 7.4% | ||||||||||
| CTS Eventim AG & Co. KGaA*(1) |
29 | 1,387 | ||||||||
| E.ON SE(1) |
244 | 2,692 | ||||||||
| Evotec SE*(1) |
48 | 1,258 | ||||||||
| Gerresheimer AG(1) |
20 | 2,238 | ||||||||
| Puma SE*(1) |
44 | 3,996 | ||||||||
| RWE AG(1) |
52 | 1,947 | ||||||||
| Varta AG*(1) |
15 | 2,082 | ||||||||
|
|
|
|||||||||
| 15,600 | ||||||||||
| HONG KONG - 3.1% | ||||||||||
| Techtronic Industries Co. Ltd.(1) |
501 | 6,587 | ||||||||
| JAPAN - 2.8% | ||||||||||
| Hoya Corp.(1) |
29 | 3,247 | ||||||||
| Obic Co. Ltd.(1) |
15 | 2,639 | ||||||||
|
|
|
|||||||||
| 5,886 | ||||||||||
| LUXEMBOURG - 1.7% | ||||||||||
| Eurofins Scientific SE*(1) |
4 | 3,539 | ||||||||
| NETHERLANDS - 3.7% | ||||||||||
| Adyen NV*(1) |
1 | 2,055 | ||||||||
| Koninklijke DSM NV(1) |
34 | 5,657 | ||||||||
|
|
|
|||||||||
| 7,712 | ||||||||||
| SWITZERLAND - 3.5% | ||||||||||
| Aluflexpack AG*(1) |
48 | 1,281 | ||||||||
| Belimo Holding AG(1) |
- | (2) | 1,027 | |||||||
| Lonza Group AG(1) |
5 | 3,376 | ||||||||
| Zur Rose Group AG*(1) |
7 | 1,713 | ||||||||
|
|
|
|||||||||
| 7,397 | ||||||||||
| UNITED KINGDOM - 5.8% | ||||||||||
| Burberry Group plc(1) |
100 | 1,995 | ||||||||
| Clarivate plc* |
166 | 5,149 | ||||||||
| London Stock Exchange Group plc(1) |
45 | 5,144 | ||||||||
|
|
|
|||||||||
| 12,288 | ||||||||||
| UNITED STATES - 56.7% | ||||||||||
| Advanced Micro Devices, Inc.* |
62 | 5,053 | ||||||||
| Ameren Corp. |
41 | 3,217 | ||||||||
| Arista Networks, Inc.* |
13 | 2,730 | ||||||||
| Atlassian Corp. plc, Class A* |
26 | 4,700 | ||||||||
| Blackline, Inc.* |
39 | 3,523 | ||||||||
| Boston Scientific Corp.* |
137 | 5,245 | ||||||||
| Burlington Stores, Inc.* |
15 | 3,161 | ||||||||
| Centene Corp.* |
48 | 2,791 | ||||||||
| Ceridian HCM Holding, Inc.* |
32 | 2,606 | ||||||||
| Cintas Corp. |
6 | 1,931 | ||||||||
| Cognex Corp. |
40 | 2,617 | ||||||||
| Cree, Inc.* |
18 | 1,131 | ||||||||
| DexCom, Inc.* |
5 | 2,139 | ||||||||
| First Republic Bank |
25 | 2,721 | ||||||||
| Fortive Corp. |
56 | 4,297 | ||||||||
| Global Payments, Inc. |
47 | 8,312 | ||||||||
| Guidewire Software, Inc.* |
29 | 3,069 | ||||||||
| Halozyme Therapeutics, Inc.* |
130 | 3,406 | ||||||||
| IHS Markit Ltd. |
60 | 4,701 | ||||||||
| Ingersoll Rand, Inc.* |
90 | 3,222 | ||||||||
| IPG Photonics Corp.* |
10 | 1,712 | ||||||||
| Lattice Semiconductor Corp.* |
124 | 3,587 | ||||||||
| Morningstar, Inc. |
9 | 1,464 | ||||||||
| New York Times Co. (The), Class A |
76 | 3,261 | ||||||||
| Novanta, Inc.* |
23 | 2,470 | ||||||||
| Ollie’s Bargain Outlet Holdings, Inc.* |
43 | 3,796 | ||||||||
| Skyworks Solutions, Inc. |
26 | 3,781 | ||||||||
| Take-Two Interactive Software, Inc.* |
16 | 2,668 | ||||||||
| Teledyne Technologies, Inc.* |
20 | 6,071 | ||||||||
| Tradeweb Markets, Inc., Class A |
37 | 2,170 | ||||||||
| Veeva Systems, Inc., Class A* |
24 | 6,812 | ||||||||
| Zoom Video Communications, Inc., Class A* |
9 | 4,006 | ||||||||
| Zscaler, Inc.* |
13 | 1,835 | ||||||||
| Zynga, Inc., Class A* |
558 | 5,088 | ||||||||
|
|
|
|||||||||
| 119,293 | ||||||||||
|
|
|
|||||||||
| Total common stocks |
205,543 | |||||||||
| 40 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| SHORT-TERM INVESTMENTS - 2.3% | ||||||||||
| INVESTMENT COMPANIES - 2.3% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
1,644 | $ | 1,644 | |||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
1,596 | 1,596 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
1,596 | 1,596 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
4,836 | |||||||||
| Total investments - 100.0% |
210,379 | |||||||||
| Other assets less liabilities - 0.0%(3) |
66 | |||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(4) |
$ | 210,445 | ||||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $70,445, or 33.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Amount less than one. |
| (3) | Amount rounds to less than 0.1%. |
| (4) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviation | |||
| ADR |
American Depositary Receipt | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 12,404 | 5.9 | % | ||||||
| Consumer Discretionary |
17,155 | 8.2 | ||||||||
| Consumer Staples |
2,777 | 1.3 | ||||||||
| Financials |
11,499 | 5.5 | ||||||||
| Health Care |
47,817 | 22.7 | ||||||||
| Industrials |
41,348 | 19.7 | ||||||||
| Information Technology |
57,749 | 27.4 | ||||||||
| Materials |
6,938 | 3.3 | ||||||||
| Utilities |
7,856 | 3.7 | ||||||||
| Short-Term Investments |
4,836 | 2.3 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 210,379 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Brazilian real |
$ | 3,009 | 1.4 | % | ||||||
| British pound |
7,139 | 3.4 | ||||||||
| Chinese yuan renminbi offshore |
1,064 | 0.5 | ||||||||
| Danish krone |
11,314 | 5.4 | ||||||||
| Euro |
26,851 | 12.8 | ||||||||
| Hong Kong dollar |
10,794 | 5.1 | ||||||||
| Japanese yen |
5,886 | 2.8 | ||||||||
| Swiss franc |
7,397 | 3.5 | ||||||||
| U.S. dollar |
136,925 | 65.1 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 210,379 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||
| Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Global Payments, Inc. |
United States | 3.9 | % | |||||
| Veeva Systems, Inc. |
United States | 3.2 | ||||||
| Techtronic Industries Co. Ltd. |
Hong Kong | 3.1 | ||||||
| Vestas Wind Systems A/S |
Denmark | 3.0 | ||||||
| Teledyne Technologies, Inc. |
United States | 2.9 | ||||||
| Ascendis Pharma A/S |
Denmark | 2.7 | ||||||
| Koninklijke DSM NV |
Netherlands | 2.7 | ||||||
| Boston Scientific Corp. |
United States | 2.5 | ||||||
| Clarivate plc |
United Kingdom | 2.4 | ||||||
| London Stock Exchange Group plc |
United Kingdom | 2.4 | ||||||
|
|
|
|||||||
| Total |
28.8 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 41 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 98.0% | ||||||||||
| BELGIUM - 1.4% | ||||||||||
| UCB SA(1) |
32 | $ | 3,678 | |||||||
| CANADA - 2.7% | ||||||||||
| Canadian Pacific Railway Ltd. |
9 | 2,738 | ||||||||
| Kinaxis, Inc.* |
6 | 942 | ||||||||
| TMX Group Ltd. |
31 | 3,213 | ||||||||
|
|
|
|||||||||
| 6,893 | ||||||||||
| CHINA - 7.5% | ||||||||||
| Alibaba Group Holding Ltd., ADR* |
19 | 5,719 | ||||||||
| China International Capital Corp. Ltd., Class H*(1) |
1,163 | 2,701 | ||||||||
| Chindata Group Holdings Ltd., ADR* |
5 | 85 | ||||||||
| Midea Group Co. Ltd., Class A(1) |
186 | 1,991 | ||||||||
| Peijia Medical Ltd.*(1) |
445 | 1,559 | ||||||||
| Ping An Healthcare and Technology Co. Ltd.*(1) |
55 | 710 | ||||||||
| Tencent Holdings Ltd.(1) |
58 | 3,836 | ||||||||
| Wuliangye Yibin Co. Ltd., Class A(1) |
86 | 2,783 | ||||||||
|
|
|
|||||||||
| 19,384 | ||||||||||
| DENMARK - 3.0% | ||||||||||
| Ascendis Pharma A/S, ADR* |
22 | 3,402 | ||||||||
| Genmab A/S*(1) |
12 | 4,380 | ||||||||
|
|
|
|||||||||
| 7,782 | ||||||||||
| FRANCE - 1.6% | ||||||||||
| Adevinta ASA*(1) |
14 | 238 | ||||||||
| Air Liquide SA(1) |
24 | 3,768 | ||||||||
|
|
|
|||||||||
| 4,006 | ||||||||||
| GERMANY - 8.4% | ||||||||||
| Deutsche Boerse AG(1) |
43 | 7,506 | ||||||||
| Deutsche Telekom AG(1) |
285 | 4,776 | ||||||||
| E.ON SE(1) |
188 | 2,078 | ||||||||
| MorphoSys AG*(1) |
19 | 2,388 | ||||||||
| Scout24 AG(1) |
26 | 2,250 | ||||||||
| Siemens AG(1) |
16 | 1,978 | ||||||||
| Siemens Energy AG*(1) |
18 | 490 | ||||||||
|
|
|
|||||||||
| 21,466 | ||||||||||
| HONG KONG - 1.1% | ||||||||||
| AIA Group Ltd.(1) |
297 | 2,930 | ||||||||
| INDIA - 1.1% | ||||||||||
| Reliance Industries Ltd.(1) |
89 | 2,713 | ||||||||
| IRELAND - 0.1% | ||||||||||
| Amarin Corp. plc, ADR* |
48 | 202 | ||||||||
| JAPAN - 5.5% | ||||||||||
| Astellas Pharma, Inc.(1) |
104 | $ | 1,545 | |||||||
| Hoya Corp.(1) |
4 | 406 | ||||||||
| Jeol Ltd.(1) |
148 | 5,143 | ||||||||
| OBIC Business Consultants Co. Ltd.(1) |
46 | 2,694 | ||||||||
| Obic Co. Ltd.(1) |
15 | 2,587 | ||||||||
| TeamSpirit, Inc.*(1) |
72 | 1,774 | ||||||||
|
|
|
|||||||||
| 14,149 | ||||||||||
| NETHERLANDS - 1.8% | ||||||||||
| Argenx SE, ADR* |
7 | 1,792 | ||||||||
| CM.com NV*(1) |
80 | 1,450 | ||||||||
| uniQure NV* |
37 | 1,356 | ||||||||
|
|
|
|||||||||
| 4,598 | ||||||||||
| PORTUGAL - 0.8% | ||||||||||
| EDP - Energias de Portugal SA(1) |
425 | 2,088 | ||||||||
| SWEDEN - 1.9% | ||||||||||
| Nibe Industrier AB, Class B*(1) |
106 | 2,732 | ||||||||
| Telefonaktiebolaget LM Ericsson, Class B(1) |
201 | 2,200 | ||||||||
|
|
|
|||||||||
| 4,932 | ||||||||||
| SWITZERLAND - 6.3% | ||||||||||
| Idorsia Ltd.*(1) |
67 | 1,802 | ||||||||
| Lonza Group AG(1) |
4 | 2,406 | ||||||||
| Medacta Group SA*(1) |
41 | 3,802 | ||||||||
| Nestle SA(1) |
24 | 2,879 | ||||||||
| Roche Holding AG(1) |
12 | 3,969 | ||||||||
| Temenos AG(1) |
10 | 1,375 | ||||||||
|
|
|
|||||||||
| 16,233 | ||||||||||
| UNITED KINGDOM - 6.0% | ||||||||||
| AVEVA Group plc(1) |
70 | 4,327 | ||||||||
| Clarivate plc* |
114 | 3,545 | ||||||||
| Linde plc(1) |
32 | 7,499 | ||||||||
|
|
|
|||||||||
| 15,371 | ||||||||||
| UNITED STATES - 48.8% | ||||||||||
| ACADIA Pharmaceuticals, Inc.* |
102 | 4,189 | ||||||||
| Acceleron Pharma, Inc.* |
37 | 4,202 | ||||||||
| Alphabet, Inc., Class A* |
3 | 3,711 | ||||||||
| Alphabet, Inc., Class C* |
1 | 1,639 | ||||||||
| Amazon.com, Inc.* |
3 | 8,225 | ||||||||
| Blueprint Medicines Corp.* |
36 | 3,378 | ||||||||
| Bristol-Myers Squibb Co. |
57 | 3,409 | ||||||||
| Carrier Global Corp. |
80 | 2,458 | ||||||||
| Cigna Corp. |
17 | 2,860 | ||||||||
| Eidos Therapeutics, Inc.* |
44 | 2,217 | ||||||||
| Fidelity National Information Services, Inc. |
53 | 7,766 | ||||||||
| Halozyme Therapeutics, Inc.* |
256 | 6,734 | ||||||||
| 42 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| UNITED STATES (CONTINUED) | ||||||||||
| Horizon Therapeutics plc* |
15 | $ | 1,196 | |||||||
| IHS Markit Ltd. |
41 | 3,219 | ||||||||
| Illumina, Inc.* |
16 | 4,974 | ||||||||
| Intercontinental Exchange, Inc. |
38 | 3,775 | ||||||||
| Johnson Controls International plc |
93 | 3,780 | ||||||||
| L3Harris Technologies, Inc. |
19 | 3,191 | ||||||||
| Lamb Weston Holdings, Inc. |
34 | 2,245 | ||||||||
| Mastercard, Inc., Class A |
11 | 3,829 | ||||||||
| Microsoft Corp. |
37 | 7,789 | ||||||||
| Natera, Inc.* |
56 | 4,019 | ||||||||
| Otis Worldwide Corp. |
72 | 4,484 | ||||||||
| Splunk, Inc.* |
10 | 1,938 | ||||||||
| SVMK, Inc.* |
145 | 3,213 | ||||||||
| Synopsys, Inc.* |
16 | 3,473 | ||||||||
| Thermo Fisher Scientific, Inc. |
4 | 1,620 | ||||||||
| TJX Cos., Inc. (The) |
42 | 2,333 | ||||||||
| T-Mobile US, Inc.* |
41 | 4,702 | ||||||||
| Vertex Pharmaceuticals, Inc.* |
5 | 1,254 | ||||||||
| Vertiv Holdings Co., Class A* |
505 | 8,750 | ||||||||
| ViewRay, Inc.* |
608 | 2,127 | ||||||||
| Workiva, Inc.* |
48 | 2,684 | ||||||||
|
|
|
|||||||||
| 125,383 | ||||||||||
|
|
|
|||||||||
| Total common stocks |
|
251,808 | ||||||||
| SHORT-TERM INVESTMENTS - 1.6% | ||||||||||
| INVESTMENT COMPANIES - 1.6% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
1,367 | 1,367 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
1,326 | 1,326 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
1,327 | 1,327 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
4,020 | ||||||||
| Total investments - 99.6% |
|
255,828 | ||||||||
| Other assets less liabilities - 0.4% |
|
1,069 | ||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(2) |
|
$ | 256,897 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $103,431, or 40.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
Abbreviation
ADR American Depositary Receipt
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 21,237 | 8.3 | % | ||||||
| Consumer Discretionary |
18,268 | 7.1 | ||||||||
| Consumer Staples |
7,907 | 3.1 | ||||||||
| Energy |
2,713 | 1.1 | ||||||||
| Financials |
20,125 | 7.9 | ||||||||
| Health Care |
80,719 | 31.5 | ||||||||
| Industrials |
36,875 | 14.4 | ||||||||
| Information Technology |
48,041 | 18.8 | ||||||||
| Materials |
11,267 | 4.4 | ||||||||
| Utilities |
4,656 | 1.8 | ||||||||
| Short-Term Investments |
4,020 | 1.6 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 255,828 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| British pound |
$ | 4,327 | 1.7 | % | ||||||
| Canadian dollar |
6,893 | 2.7 | ||||||||
| Chinese yuan renminbi offshore |
4,774 | 1.9 | ||||||||
| Danish krone |
4,380 | 1.7 | ||||||||
| Euro |
39,949 | 15.6 | ||||||||
| Hong Kong dollar |
11,736 | 4.6 | ||||||||
| Indian rupee |
2,713 | 1.1 | ||||||||
| Japanese yen |
14,149 | 5.5 | ||||||||
| Norwegian krone |
238 | 0.1 | ||||||||
| Swedish krona |
4,932 | 1.9 | ||||||||
| Swiss franc |
16,233 | 6.3 | ||||||||
| U.S. dollar |
145,504 | 56.9 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 255,828 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| Artisan Partners Funds | 43 |
| TOP TEN HOLDINGS | ||||||||||
| Company Name |
Country | Percentage of Total Net Assets | ||||||||
| Vertiv Holdings Co. |
United States | 3.4 | % | |||||||
| Amazon.com, Inc. |
United States | 3.2 | ||||||||
| Microsoft Corp. |
United States | 3.0 | ||||||||
| Fidelity National Information Services, Inc. |
United States | 3.0 | ||||||||
| Deutsche Boerse AG |
Germany | 2.9 | ||||||||
| Linde plc |
United Kingdom | 2.9 | ||||||||
| Halozyme Therapeutics, Inc. |
United States | 2.6 | ||||||||
| Alibaba Group Holding Ltd. |
China | 2.2 | ||||||||
| Alphabet, Inc. |
United States | 2.1 | ||||||||
| Jeol Ltd. |
Japan | 2.0 | ||||||||
|
|
|
|||||||||
| Total |
27.3 | % | ||||||||
|
|
|
|||||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| 44 | Artisan Partners Funds |
Artisan Global Opportunities Fund
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 97.0% | ||||||||||
| BRAZIL - 2.5% | ||||||||||
| Notre Dame Intermedica Participacoes SA |
3,906 | $ | 45,323 | |||||||
| Pagseguro Digital Ltd., Class A* |
2,001 | 75,463 | ||||||||
|
|
|
|||||||||
| 120,786 | ||||||||||
| CHINA - 1.4% | ||||||||||
| Tencent Holdings Ltd.(1) |
1,036 | 68,992 | ||||||||
| DENMARK - 7.1% | ||||||||||
| Genmab A/S*(1) |
406 | 147,261 | ||||||||
| Orsted A/S(1) |
436 | 60,153 | ||||||||
| Vestas Wind Systems A/S(1) |
829 | 134,178 | ||||||||
|
|
|
|||||||||
| 341,592 | ||||||||||
| GERMANY - 1.3% | ||||||||||
| adidas AG*(1) |
192 | 62,177 | ||||||||
| HONG KONG - 6.0% | ||||||||||
| AIA Group Ltd.(1) |
4,540 | 44,728 | ||||||||
| Techtronic Industries Co. Ltd.(1) |
18,431 | 242,365 | ||||||||
|
|
|
|||||||||
| 287,093 | ||||||||||
| JAPAN - 3.0% | ||||||||||
| Hoya Corp.(1) |
568 | 64,058 | ||||||||
| Keyence Corp.(1) |
169 | 78,948 | ||||||||
|
|
|
|||||||||
| 143,006 | ||||||||||
| NETHERLANDS - 4.9% | ||||||||||
| Adyen NV*(1) |
28 | 51,639 | ||||||||
| Koninklijke DSM NV(1) |
677 | 111,572 | ||||||||
| Koninklijke Philips NV*(1) |
1,465 | 69,009 | ||||||||
|
|
|
|||||||||
| 232,220 | ||||||||||
| SPAIN - 2.4% | ||||||||||
| Iberdrola SA(1) |
9,164 | 112,795 | ||||||||
| SWEDEN - 3.8% | ||||||||||
| Hexagon AB, Class B*(1) |
970 | 73,295 | ||||||||
| Telefonaktiebolaget LM Ericsson, Class B(1) |
9,931 | 108,586 | ||||||||
|
|
|
|||||||||
| 181,881 | ||||||||||
| SWITZERLAND - 3.7% | ||||||||||
| Lonza Group AG(1) |
283 | 174,624 | ||||||||
| UNITED KINGDOM - 8.6% | ||||||||||
| AstraZeneca plc(1) |
1,748 | 190,254 | ||||||||
| Burberry Group plc(1) |
2,304 | 46,138 | ||||||||
| London Stock Exchange Group plc(1) |
1,040 | 118,965 | ||||||||
| Reckitt Benckiser Group plc(1) |
553 | 53,912 | ||||||||
|
|
|
|||||||||
| 409,269 | ||||||||||
| UNITED STATES - 52.3% | ||||||||||
| Activision Blizzard, Inc. |
1,506 | 121,943 | ||||||||
| Advanced Micro Devices, Inc.* |
1,768 | 144,947 | ||||||||
| Agilent Technologies, Inc. |
588 | 59,351 | ||||||||
| Alphabet, Inc., Class A* |
62 | 90,372 | ||||||||
| Aptiv plc |
776 | 71,168 | ||||||||
| Arista Networks, Inc.* |
359 | 74,315 | ||||||||
| Atlassian Corp. plc, Class A* |
468 | 85,066 | ||||||||
| Bank of America Corp. |
2,731 | 65,780 | ||||||||
| Boston Scientific Corp.* |
2,930 | 111,953 | ||||||||
| Ceridian HCM Holding, Inc.* |
729 | 60,286 | ||||||||
| Danaher Corp. |
640 | 137,835 | ||||||||
| Fidelity National Information Services, Inc. |
1,318 | 193,998 | ||||||||
| Fortive Corp. |
1,296 | 98,771 | ||||||||
| IHS Markit Ltd. |
1,928 | 151,399 | ||||||||
| L3Harris Technologies, Inc. |
467 | 79,314 | ||||||||
| Lowe’s Cos., Inc. |
1,392 | 230,888 | ||||||||
| Microsoft Corp. |
705 | 148,373 | ||||||||
| Netflix, Inc.* |
111 | 55,660 | ||||||||
| NextEra Energy, Inc. |
450 | 124,868 | ||||||||
| Starbucks Corp. |
582 | 49,974 | ||||||||
| TJX Cos., Inc. (The) |
1,543 | 85,848 | ||||||||
| Veeva Systems, Inc., Class A* |
471 | 132,562 | ||||||||
| Zoom Video Communications, Inc., Class A* |
271 | 127,610 | ||||||||
|
|
|
|||||||||
| 2,502,281 | ||||||||||
|
|
|
|||||||||
| Total common stocks |
|
4,636,716 | ||||||||
| SHORT-TERM INVESTMENTS - 3.0% | ||||||||||
| INVESTMENT COMPANIES - 3.0% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
48,768 | 48,768 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
47,334 | 47,334 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
47,333 | 47,333 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
143,435 | ||||||||
| Total investments - 100.0% |
|
4,780,151 | ||||||||
| Other assets less liabilities - 0.0%(2) |
|
2,442 | ||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(3) |
|
$ | 4,782,593 | |||||||
|
|
|
|||||||||
| Artisan Partners Funds | 45 |
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,013,649, or 42.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Amount rounds to less than 0.1%. |
| (3) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 336,967 | 7.1 | % | ||||||
| Consumer Discretionary |
546,193 | 11.4 | ||||||||
| Consumer Staples |
53,912 | 1.1 | ||||||||
| Financials |
229,473 | 4.8 | ||||||||
| Health Care |
1,132,230 | 23.7 | ||||||||
| Industrials |
706,027 | 14.8 | ||||||||
| Information Technology |
1,222,526 | 25.6 | ||||||||
| Materials |
111,572 | 2.3 | ||||||||
| Utilities |
297,816 | 6.2 | ||||||||
| Short-Term Investments |
143,435 | 3.0 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 4,780,151 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Brazilian real |
$ | 45,323 | 0.9 | % | ||||||
| British pound |
409,269 | 8.6 | ||||||||
| Danish krone |
341,592 | 7.2 | ||||||||
| Euro |
407,192 | 8.5 | ||||||||
| Hong Kong dollar |
356,085 | 7.4 | ||||||||
| Japanese yen |
143,006 | 3.0 | ||||||||
| Swedish krona |
181,881 | 3.8 | ||||||||
| Swiss franc |
174,624 | 3.7 | ||||||||
| U.S. dollar |
2,721,179 | 56.9 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 4,780,151 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||||
| Company Name |
Country | Percentage of Total Net Assets | ||||||||
| Techtronic Industries Co. Ltd. |
Hong Kong | 5.1 | % | |||||||
| Lowe’s Cos., Inc. |
United States | 4.8 | ||||||||
| Fidelity National Information Services, Inc. |
United States | 4.1 | ||||||||
| AstraZeneca plc |
United Kingdom | 4.0 | ||||||||
| Lonza Group AG |
Switzerland | 3.7 | ||||||||
| IHS Markit Ltd. |
United States | 3.2 | ||||||||
| Microsoft Corp. |
United States | 3.1 | ||||||||
| Genmab A/S |
Denmark | 3.1 | ||||||||
| Advanced Micro Devices, Inc. |
United States | 3.0 | ||||||||
| Danaher Corp. |
United States | 2.9 | ||||||||
|
|
|
|||||||||
| Total |
37.0 | % | ||||||||
|
|
|
|||||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| 46 | Artisan Partners Funds |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 94.9% | ||||||||||
| BELGIUM - 2.0% | ||||||||||
| Groupe Bruxelles Lambert SA(1) |
402 | $ | 36,219 | |||||||
| BRAZIL - 1.7% | ||||||||||
| Telefonica Brasil SA, ADR |
4,175 | 32,025 | ||||||||
| CANADA - 0.8% | ||||||||||
| Imperial Oil Ltd. |
1,192 | 14,274 | ||||||||
| CHINA - 2.5% | ||||||||||
| Baidu, Inc., ADR* |
368 | 46,569 | ||||||||
| FRANCE - 0.9% | ||||||||||
| Sodexo SA(1) |
233 | 16,604 | ||||||||
| GERMANY - 2.9% | ||||||||||
| HeidelbergCement AG(1) |
865 | 53,031 | ||||||||
| NETHERLANDS - 4.7% | ||||||||||
| ING Groep NV(1) |
2,966 | 20,999 | ||||||||
| NXP Semiconductors NV |
517 | 64,477 | ||||||||
|
|
|
|||||||||
| 85,476 | ||||||||||
| SOUTH KOREA - 5.1% | ||||||||||
| Samsung Electronics Co. Ltd.(1) |
1,836 | 92,527 | ||||||||
| Switzerland - 10.7% | ||||||||||
| Cie Financiere Richemont SA(1) |
967 | 64,739 | ||||||||
| Novartis AG(1) |
755 | 65,649 | ||||||||
| UBS Group AG(1) |
5,778 | 64,508 | ||||||||
|
|
|
|||||||||
| 194,896 | ||||||||||
| UNITED KINGDOM - 9.6% | ||||||||||
| BAE Systems plc(1) |
6,965 | 43,083 | ||||||||
| Compass Group plc(1) |
3,998 | 60,010 | ||||||||
| IMI plc(1) |
899 | 12,108 | ||||||||
| Lloyds Banking Group plc(1) |
82,782 | 28,092 | ||||||||
| Tesco plc(1) |
11,639 | 31,911 | ||||||||
|
|
|
|||||||||
| 175,204 | ||||||||||
| UNITED STATES - 54.0% | ||||||||||
| Advance Auto Parts, Inc. |
163 | 25,096 | ||||||||
| Alphabet, Inc., Class A* |
42 | 61,728 | ||||||||
| Alphabet, Inc., Class C* |
16 | 24,028 | ||||||||
| American Express Co. |
529 | 53,027 | ||||||||
| Anthem, Inc. |
214 | 57,459 | ||||||||
| Bank of New York Mellon Corp. (The) |
1,647 | 56,574 | ||||||||
| Berkshire Hathaway, Inc., Class B* |
287 | 61,094 | ||||||||
| Booking Holdings, Inc.* |
33 | 55,891 | ||||||||
| Citigroup, Inc. |
1,075 | 46,363 | ||||||||
| Cognizant Technology Solutions Corp., Class A |
1,124 | 78,057 | ||||||||
| DENTSPLY SIRONA, Inc. |
1,390 | 60,779 | ||||||||
| Expedia Group, Inc. |
621 | 56,925 | ||||||||
| Facebook, Inc., Class A* |
273 | 71,591 | ||||||||
| FedEx Corp. |
405 | 101,977 | ||||||||
| Marsh & McLennan Cos., Inc. |
498 | 57,085 | ||||||||
| Progressive Corp. (The) |
511 | 48,340 | ||||||||
| Raytheon Technologies Corp. |
207 | 11,899 | ||||||||
| Southwest Airlines Co. |
1,040 | 39,009 | ||||||||
| Visa, Inc., Class A |
91 | 18,118 | ||||||||
|
|
|
|||||||||
| 985,040 | ||||||||||
|
|
|
|||||||||
| Total common stocks |
|
1,731,865 | ||||||||
|
|
|
|||||||||
| SHORT-TERM INVESTMENTS - 5.2% | ||||||||||
| INVESTMENT COMPANIES - 5.2% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
31,971 | 31,971 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
31,030 | 31,030 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
31,031 | 31,031 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
94,032 | ||||||||
| Total investments - 100.1% |
|
1,825,897 | ||||||||
| Other assets less liabilities - (0.1)% |
|
(2,137 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(2) |
|
$ | 1,823,760 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $589,480, or 32.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Artisan Partners Funds | 47 |
Abbreviation
ADR American Depositary Receipt
| FOREIGN CURRENCY FORWARD CONTRACTS | ||||||||||||||||||||||||||||||
| Values in thousands | ||||||||||||||||||||||||||||||
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||||||||||||||||
| CNH | 139,513 | USD | 19,947 | JPM | 10/22/2020 | $ | 588 | |||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation | 588 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| USD | 58,783 | CNH | 419,775 | JPM | 10/22/2020 | (3,004 | ) | |||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized depreciation |
(3,004 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||
| Net unrealized depreciation |
$ | (2,416 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||
CNH Chinese yuan renminbi offshore
USD U.S. dollar
JPM JPMorgan Chase Bank, N.A.
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 235,941 | 12.9 | % | ||||||
| Consumer Discretionary |
279,265 | 15.3 | ||||||||
| Consumer Staples |
31,911 | 1.7 | ||||||||
| Energy |
14,274 | 0.8 | ||||||||
| Financials |
472,301 | 25.9 | ||||||||
| Health Care |
183,887 | 10.1 | ||||||||
| Industrials |
208,076 | 11.4 | ||||||||
| Information Technology |
253,179 | 13.9 | ||||||||
| Materials |
53,031 | 2.9 | ||||||||
| Short-Term Investments |
94,032 | 5.1 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 1,825,897 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| British pound |
$ | 175,204 | 9.6 | % | ||||||
| Canadian dollar |
14,274 | 0.8 | ||||||||
| Euro |
126,853 | 6.9 | ||||||||
| Korean won |
92,527 | 5.1 | ||||||||
| Swiss franc |
194,896 | 10.7 | ||||||||
| U.S. dollar |
1,222,143 | 66.9 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 1,825,897 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||||
| Company Name |
Country | Percentage of Total Net Assets | ||||||||
| FedEx Corp. |
United States | 5.6 | % | |||||||
| Samsung Electronics Co. Ltd. |
South Korea | 5.1 | ||||||||
| Alphabet, Inc. |
United States | 4.7 | ||||||||
| Cognizant Technology Solutions Corp. |
United States | 4.3 | ||||||||
| Facebook, Inc. |
United States | 3.9 | ||||||||
| Novartis AG |
Switzerland | 3.6 | ||||||||
| Cie Financiere Richemont SA |
Switzerland | 3.6 | ||||||||
| UBS Group AG |
Switzerland | 3.5 | ||||||||
| NXP Semiconductors NV |
Netherlands | 3.5 | ||||||||
| Berkshire Hathaway, Inc. |
United States | 3.3 | ||||||||
|
|
|
|||||||||
| Total |
41.1 | % | ||||||||
|
|
|
|||||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| 48 | Artisan Partners Funds |
Schedule of Investments – September 30, 2020
Principal amount, shares and dollar values in thousands
| Principal Amount |
Value | |||||||||
| CORPORATE BONDS - 75.8% | ||||||||||
| ADVERTISING - 0.7% | ||||||||||
| Terrier Media Buyer, Inc. |
$ | 31,721 | $ | 31,959 | ||||||
| AEROSPACE/DEFENSE - 0.5% | ||||||||||
| Signature Aviation US Holdings, Inc. |
27,522 | 25,594 | ||||||||
| AIRLINES - 1.8% | ||||||||||
| Delta Air Lines, Inc. |
20,000 | 17,800 | ||||||||
| 4.50%, 10/20/2025(1) |
7,760 | 7,963 | ||||||||
| 7.38%, 1/15/2026 |
16,450 | 17,242 | ||||||||
| 4.38%, 4/19/2028 |
11,088 | 9,861 | ||||||||
| 4.75%, 10/20/2028(1) |
4,850 | 5,032 | ||||||||
| 3.75%, 10/28/2029 |
32,750 | 27,920 | ||||||||
|
|
|
|||||||||
| 85,818 | ||||||||||
| AUTO MANUFACTURERS - 0.8% | ||||||||||
| Tesla, Inc. |
37,000 | 38,295 | ||||||||
| CHEMICALS - 0.2% | ||||||||||
| Methanex Corp. |
10,185 | 10,134 | ||||||||
| COMMERCIAL SERVICES - 0.1% | ||||||||||
| Capitol Investment Merger Sub 2 LLC |
6,615 | 6,929 | ||||||||
| DISTRIBUTION/WHOLESALE - 1.0% | ||||||||||
| Core & Main Holdings LP |
20,971 | 21,128 | ||||||||
| Core & Main LP |
30,000 | 30,388 | ||||||||
|
|
|
|||||||||
| 51,516 | ||||||||||
| DIVERSIFIED FINANCIAL SERVICES - 5.1% | ||||||||||
| AG Issuer LLC |
20,135 | 20,034 | ||||||||
| Alliance Data Systems Corp. |
29,100 | 28,957 | ||||||||
| NFP Corp. |
155,740 | 157,430 | ||||||||
| DIVERSIFIED FINANCIAL SERVICES (CONTINUED) | ||||||||||
| OneMain Finance Corp. 7.13%, 3/15/2026 |
$ | 36,250 | 40,499 | |||||||
|
|
|
|||||||||
| 246,920 | ||||||||||
| ENGINEERING & CONSTRUCTION - 2.4% | ||||||||||
| Great Lakes Dredge & Dock Corp. |
30,120 | 31,061 | ||||||||
| New Enterprise Stone & Lime Co., Inc. |
14,000 | 15,120 | ||||||||
| Tutor Perini Corp. |
77,496 | 71,296 | ||||||||
|
|
|
|||||||||
| 117,477 | ||||||||||
| ENTERTAINMENT - 0.7% | ||||||||||
| SeaWorld Parks & Entertainment, Inc. |
33,783 | 34,880 | ||||||||
| FOOD - 1.3% | ||||||||||
| H-Food Holdings LLC |
63,666 | 62,199 | ||||||||
| HAND/MACHINE TOOLS - 1.0% | ||||||||||
| Werner FinCo. LP |
48,330 | 46,044 | ||||||||
| HEALTHCARE-SERVICES - 2.2% | ||||||||||
| HCA, Inc. |
||||||||||
| 3.50%, 9/1/2030 |
6,872 | 6,997 | ||||||||
| 5.50%, 6/15/2047 |
10,000 | 12,469 | ||||||||
| Surgery Center Holdings, Inc. |
||||||||||
| 6.75%, 7/1/2025(1) |
17,226 | 17,160 | ||||||||
| 10.00%, 4/15/2027(1) |
64,776 | 68,986 | ||||||||
|
|
|
|||||||||
| 105,612 | ||||||||||
| HOLDING COMPANIES-DIVERSIFIED - 2.6% | ||||||||||
| VistaJet Malta Finance plc |
131,167 | 123,061 | ||||||||
| HOME BUILDERS - 0.8% | ||||||||||
| PulteGroup, Inc. |
29,000 | 39,875 | ||||||||
| INSURANCE - 7.3% | ||||||||||
| Acrisure LLC |
||||||||||
| 7.00%, 11/15/2025(1) |
77,212 | 75,851 | ||||||||
| 10.13%, 8/1/2026(1) |
49,659 | 55,005 | ||||||||
| Aon Corp. |
29,044 | 37,300 | ||||||||
| Artisan Partners Funds | 49 |
| Principal Amount |
Value | |||||||||
| INSURANCE (CONTINUED) | ||||||||||
| Ardonagh Midco 2 plc |
$ | 97,000 | $ | 97,970 | ||||||
| AssuredPartners, Inc. |
29,143 | 29,684 | ||||||||
| GTCR AP Finance, Inc. |
35,360 | 37,482 | ||||||||
| HUB International Ltd. |
20,250 | 20,984 | ||||||||
|
|
|
|||||||||
| 354,276 | ||||||||||
| INTERNET - 2.4% | ||||||||||
| Cablevision Lightpath LLC |
||||||||||
| 3.88%, 9/15/2027(1) |
3,812 | 3,812 | ||||||||
| 5.63%, 9/15/2028(1) |
5,785 | 5,878 | ||||||||
| Expedia Group, Inc. |
||||||||||
| 6.25%, 5/1/2025(1) |
44,390 | 48,916 | ||||||||
| 4.63%, 8/1/2027(1) |
3,000 | 3,151 | ||||||||
| 3.25%, 2/15/2030 |
35,036 | 33,673 | ||||||||
| TripAdvisor, Inc. |
17,710 | 18,463 | ||||||||
|
|
|
|||||||||
| 113,893 | ||||||||||
| IRON/STEEL - 0.5% | ||||||||||
| Big River Steel LLC |
25,000 | 25,279 | ||||||||
| LEISURE TIME - 3.0% | ||||||||||
| Carnival Corp. |
||||||||||
| 1.88%, 11/7/2022 |
EUR | 10,000 | 9,922 | |||||||
| 11.50%, 4/1/2023(1) |
44,233 | 49,584 | ||||||||
| 10.50%, 2/1/2026(1) |
44,000 | 48,730 | ||||||||
| NCL Corp. Ltd. |
||||||||||
| 12.25%, 5/15/2024(1) |
29,500 | 33,040 | ||||||||
| 10.25%, 2/1/2026(1) |
2,459 | 2,562 | ||||||||
|
|
|
|||||||||
| 143,838 | ||||||||||
| LODGING - 2.8% | ||||||||||
| Choice Hotels International, Inc. |
||||||||||
| 3.70%, 12/1/2029 |
12,994 | 13,759 | ||||||||
| 3.70%, 1/15/2031 |
1,000 | 1,053 | ||||||||
| Hilton Domestic Operating Co., Inc. |
||||||||||
| 4.25%, 9/1/2024 |
3,000 | 3,007 | ||||||||
| 5.38%, 5/1/2025(1) |
11,790 | 12,247 | ||||||||
| 5.75%, 5/1/2028(1) |
18,490 | 19,553 | ||||||||
| 4.88%, 1/15/2030 |
3,950 | 4,069 | ||||||||
| Marriott International, Inc. |
||||||||||
| 2.13%, 10/3/2022 |
6,193 | 6,211 | ||||||||
| 3.60%, 4/15/2024 |
3,085 | 3,172 | ||||||||
| Series EE, 5.75%, 5/1/2025 |
8,803 | 9,815 | ||||||||
| Series R, 3.13%, 6/15/2026 |
15,250 | 15,155 | ||||||||
| Series X, 4.00%, 4/15/2028 |
7,500 | 7,671 | ||||||||
| Series AA, 4.65%, 12/1/2028 |
27,195 | 29,005 | ||||||||
| LODGING (CONTINUED) | ||||||||||
| 4.63%, 6/15/2030 |
$ | 984 | 1,053 | |||||||
| 4.50%, 10/1/2034 |
9,000 | 9,384 | ||||||||
|
|
|
|||||||||
| 135,154 | ||||||||||
| MEDIA - 4.6% | ||||||||||
| CCO Holdings LLC |
||||||||||
| 5.50%, 5/1/2026(1) |
30,580 | 31,880 | ||||||||
| 4.25%, 2/1/2031(1) |
14,000 | 14,502 | ||||||||
| Charter Communications Operating LLC |
||||||||||
| 6.38%, 10/23/2035 |
40,408 | 55,095 | ||||||||
| CSC Holdings LLC |
||||||||||
| 5.88%, 9/15/2022 |
47,077 | 49,784 | ||||||||
| 5.25%, 6/1/2024 |
15,676 | 16,812 | ||||||||
| 7.50%, 4/1/2028(1) |
5,050 | 5,579 | ||||||||
| Ziggo BV |
||||||||||
| 5.50%, 1/15/2027(1)(2) |
46,870 | 49,096 | ||||||||
|
|
|
|||||||||
| 222,748 | ||||||||||
| MINING - 1.2% | ||||||||||
| Compass Minerals International, Inc. |
||||||||||
| 4.88%, 7/15/2024(1) |
10,392 | 10,602 | ||||||||
| 6.75%, 12/1/2027(1) |
42,140 | 45,511 | ||||||||
|
|
|
|||||||||
| 56,113 | ||||||||||
| MISCELLANEOUS MANUFACTURING - 6.5% | ||||||||||
| Gates Global LLC |
27,839 | 28,605 | ||||||||
| General Electric Co. |
||||||||||
| Series D, (ICE LIBOR USD 3 Month + 3.33%), |
||||||||||
| 5.00%, 1/21/2021(4)(5) |
64,477 | 51,373 | ||||||||
| 6.75%, 3/15/2032 |
143,917 | 180,912 | ||||||||
| 6.88%, 1/10/2039 |
38,671 | 49,470 | ||||||||
|
|
|
|||||||||
| 310,360 | ||||||||||
| OIL & GAS - 8.2% | ||||||||||
| Comstock Resources, Inc. |
||||||||||
| 7.50%, 5/15/2025(1) |
32,446 | 30,824 | ||||||||
| 9.75%, 8/15/2026 |
35,589 | 36,610 | ||||||||
| 9.75%, 8/15/2026 |
52,170 | 53,485 | ||||||||
| Endeavor Energy Resources LP |
||||||||||
| 6.63%, 7/15/2025(1) |
6,885 | 7,075 | ||||||||
| 5.50%, 1/30/2026(1) |
15,565 | 15,448 | ||||||||
| 5.75%, 1/30/2028(1) |
33,200 | 33,366 | ||||||||
| EP Energy LLC |
40,841 | 8,934 | ||||||||
| EQT Corp. |
||||||||||
| 7.88%, 2/1/2025 |
19,134 | 21,209 | ||||||||
| 3.90%, 10/1/2027 |
21,866 | 19,925 | ||||||||
| Laredo Petroleum, Inc. |
||||||||||
| 9.50%, 1/15/2025 |
29,250 | 17,431 | ||||||||
| 10.13%, 1/15/2028 |
34,250 | 20,207 | ||||||||
| Moss Creek Resources Holdings, Inc. |
17,000 | 10,200 | ||||||||
| 50 | Artisan Partners Funds |
| Principal Amount |
Value | |||||||||
| OIL & GAS (CONTINUED) | ||||||||||
| Parsley Energy LLC |
$ | 15,000 | $ | 14,100 | ||||||
| QEP Resources, Inc. |
||||||||||
| 5.38%, 10/1/2022 |
14,266 | 11,698 | ||||||||
| 5.25%, 5/1/2023 |
16,144 | 11,745 | ||||||||
| 5.63%, 3/1/2026 |
19,358 | 10,986 | ||||||||
| Range Resources Corp. |
||||||||||
| 5.00%, 8/15/2022 |
9,500 | 9,165 | ||||||||
| 5.00%, 3/15/2023 |
5,000 | 4,750 | ||||||||
| 4.88%, 5/15/2025 |
5,000 | 4,513 | ||||||||
| 9.25%, 2/1/2026(1) |
34,303 | 35,246 | ||||||||
| Seven Generations Energy Ltd. |
16,400 | 16,016 | ||||||||
|
|
|
|||||||||
| 392,933 | ||||||||||
| PACKAGING & CONTAINERS - 1.3% | ||||||||||
| LABL Escrow Issuer LLC |
||||||||||
| 6.75%, 7/15/2026(1) |
18,786 | 19,819 | ||||||||
| 10.50%, 7/15/2027(1) |
24,786 | 26,358 | ||||||||
| Plastipak Holdings, Inc. |
||||||||||
| 6.25%, 10/15/2025(1) |
14,379 | 14,379 | ||||||||
|
|
|
|||||||||
| 60,556 | ||||||||||
| PIPELINES - 0.2% | ||||||||||
| EQM Midstream Partners LP |
||||||||||
| 6.00%, 7/1/2025(1) |
4,918 | 5,072 | ||||||||
| 6.50%, 7/1/2027(1) |
4,918 | 5,213 | ||||||||
|
|
|
|||||||||
| 10,285 | ||||||||||
| REAL ESTATE - 2.7% | ||||||||||
| Realogy Group LLC |
71,475 | 70,760 | ||||||||
| 7.63%, 6/15/2025(1) |
20,242 | 21,204 | ||||||||
| 9.38%, 4/1/2027(1) |
37,796 | 39,126 | ||||||||
|
|
|
|||||||||
| 131,090 | ||||||||||
| REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.1% | ||||||||||
| Host Hotels & Resorts LP |
|
|||||||||
| Series F, 4.50%, 2/1/2026 |
19,405 | 20,543 | ||||||||
| Series H, 3.38%, 12/15/2029 |
44,500 | 41,586 | ||||||||
| Series I, 3.50%, 9/15/2030 |
17,000 | 16,304 | ||||||||
| Park Intermediate Holdings LLC |
51,915 | 55,279 | ||||||||
| 5.88%, 10/1/2028(1) |
20,000 | 20,050 | ||||||||
| RHP Hotel Properties LP |
6,534 | 6,021 | ||||||||
| Uniti Group LP |
57,971 | 56,065 | ||||||||
| 7.88%, 2/15/2025(1) |
16,700 | 17,697 | ||||||||
| XHR LP |
14,750 | 14,750 | ||||||||
|
|
|
|||||||||
| 248,295 | ||||||||||
| RETAIL - 6.5% | ||||||||||
| Asbury Automotive Group, Inc. |
$ | 16,124 | 16,225 | |||||||
| 4.75%, 3/1/2030(1) |
8,122 | 8,183 | ||||||||
| Beacon Roofing Supply, Inc. |
66,652 | 65,319 | ||||||||
| Brinker International, Inc. |
1,000 | 985 | ||||||||
| 5.00%, 10/1/2024(1) |
8,225 | 8,377 | ||||||||
| Ferrellgas LP |
8,838 | 9,567 | ||||||||
| FirstCash, Inc. |
14,750 | 15,082 | ||||||||
| Michaels Stores, Inc. |
68,490 | 71,572 | ||||||||
| Nordstrom, Inc. |
17,331 | 14,737 | ||||||||
| 4.38%, 4/1/2030 |
48,952 | 39,576 | ||||||||
| 5.00%, 1/15/2044 |
68,624 | 48,592 | ||||||||
| Specialty Building Products Holdings LLC |
14,295 | 14,545 | ||||||||
|
|
|
|||||||||
| 312,760 | ||||||||||
| SOFTWARE - 1.2% | ||||||||||
| Ascend Learning LLC |
20,719 | 21,086 | ||||||||
| Castle US Holding Corp. |
28,500 | 27,182 | ||||||||
| Logan Merger Sub, Inc. |
6,885 | 6,988 | ||||||||
|
|
|
|||||||||
| 55,256 | ||||||||||
| TELECOMMUNICATIONS - 1.1% | ||||||||||
| Altice France Holding SA |
20,667 | 19,712 | ||||||||
| Cincinnati Bell, Inc. |
26,970 | 28,487 | ||||||||
| T-Mobile USA, Inc. |
3,852 | 3,969 | ||||||||
|
|
|
|||||||||
| 52,168 | ||||||||||
|
|
|
|||||||||
| Total corporate bonds |
|
3,651,317 | ||||||||
| BANK LOANS - 21.2% | ||||||||||
| AEROSPACE/DEFENSE - 0.4% | ||||||||||
| Jazz Acquisition, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), |
24,770 | 21,302 | ||||||||
| Artisan Partners Funds | 51 |
| Principal Amount |
Value | |||||||||
| AIRLINES - 0.2% | ||||||||||
| American Airlines, Inc., First Lien Term Loan B (ICE LIBOR USD
1 Month + 1.75%), |
$ | 15,595 | $ | 9,465 | ||||||
| SkyMiles IP Ltd. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), |
970 | 976 | ||||||||
|
|
|
|||||||||
| 10,441 | ||||||||||
| CHEMICALS - 0.3% | ||||||||||
| Emerald Performance Materials LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), |
15,000 | 14,934 | ||||||||
| COMMERCIAL SERVICES - 2.2% | ||||||||||
| Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), |
27,695 | 24,614 | ||||||||
| Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), |
71,685 | 66,806 | ||||||||
| USS Ultimate Holdings, Inc., First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 8/25/2024(5) |
15,940 | 15,701 | ||||||||
|
|
|
|||||||||
| 107,121 | ||||||||||
| DISTRIBUTION/WHOLESALE - 0.3% | ||||||||||
| Core & Main LP First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), |
13,784 | 13,478 | ||||||||
| DIVERSIFIED FINANCIAL SERVICES - 0.2% | ||||||||||
| Advisor Group Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), |
12,323 | 11,905 | ||||||||
| ENTERTAINMENT - 0.5% | ||||||||||
| Playtika Holding Corp., First Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), |
23,461 | 23,452 | ||||||||
| FOOD - 1.3% | ||||||||||
| Shearer’s Foods LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), |
64,138 | 63,618 | ||||||||
| FOOD SERVICE - 2.8% | ||||||||||
| TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), |
$ | 90,578 | 84,818 | |||||||
| TKC Holdings, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), |
57,174 | 47,506 | ||||||||
|
|
|
|||||||||
| 132,324 | ||||||||||
| HEALTHCARE-SERVICES - 2.1% | ||||||||||
| Cambrex Corp., First Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), |
13,895 | 13,930 | ||||||||
| Dental Corp. of Canada, Inc. Second Lien Term Loan (ICE LIBOR USD
1 Month + 7.50%), |
10,674 | 9,580 | ||||||||
| Heartland Dental LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), |
31,392 | 28,828 | ||||||||
| Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD
1 Month + 3.25%), |
47,834 | 44,964 | ||||||||
| (ICE LIBOR USD 1 Month + 8.00%), |
3,903 | 3,937 | ||||||||
|
|
|
|||||||||
| 101,239 | ||||||||||
| INSURANCE - 0.4% | ||||||||||
| Acrisure LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), |
7,481 | 7,210 | ||||||||
| Ryan Specialty Group LLC First Lien Term Loan B (ICE LIBOR USD
1 Month + 3.25%), |
11,000 | 10,883 | ||||||||
|
|
|
|||||||||
| 18,093 | ||||||||||
| INTERNET - 0.1% | ||||||||||
| Ancestry.com Operations Inc., First Lien Term Loan B-EXT (ICE LIBOR
USD 1 Month + 4.25%), |
4,424 | 4,412 | ||||||||
| LEISURE TIME - 1.8% | ||||||||||
| Carnival Corp., First Lien Term Loan B (ICE LIBOR USD 1 Month + 7.50%), |
53,126 | 53,672 | ||||||||
| Topgolf International, Inc. First Lien Term Loan B (ICE LIBOR USD
3 Month + 6.25%), |
33,911 | 33,178 | ||||||||
|
|
|
|||||||||
| 86,850 | ||||||||||
| 52 | Artisan Partners Funds |
| Principal Amount |
Value | |||||||||
| MACHINERY-DIVERSIFIED - 0.2% | ||||||||||
| STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), |
$ | 9,762 | $ | 9,232 | ||||||
| METAL FABRICATE/HARDWARE - 0.3% | ||||||||||
| US Tailwind Smith Cooper Intermediate Corp. First Lien Term Loan (ICE LIBOR USD 1 Month +
5.00%), |
16,175 | 14,982 | ||||||||
| MISCELLANEOUS MANUFACTURING - 0.3% | ||||||||||
| UTEX Industries, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), |
42,671 | 12,801 | ||||||||
| PACKAGING & CONTAINERS - 0.8% | ||||||||||
| Kloeckner Pentaplast of America, Inc., First Lien Term Loan B (ICE LIBOR USD 3 Month +
4.25%), |
39,654 | 38,432 | ||||||||
| PHARMACEUTICALS - 0.4% | ||||||||||
| Lanai Holdings III, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 8/29/2022(5) |
21,618 | 20,348 | ||||||||
| RETAIL - 0.2% | ||||||||||
| Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024(5) |
12,592 | 11,931 | ||||||||
| SOFTWARE - 5.3% | ||||||||||
| Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), |
4,979 | 4,776 | ||||||||
| Epicor Software Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 7/30/2027(5) |
40,000 | 39,906 | ||||||||
| Epicor Software Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), |
9,250 | 9,481 | ||||||||
| Finastra USA, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), |
29,304 | 27,333 | ||||||||
| Informatica LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), |
7,463 | 7,289 | ||||||||
| SOFTWARE (CONTINUED) | ||||||||||
| Informatica LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.13%), |
$ | 27,490 | 27,880 | |||||||
| Omnitracs LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.40%, 3/21/2025(5) |
16,460 | 16,326 | ||||||||
| Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 5/30/2025(5) |
34,997 | 33,656 | ||||||||
| Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD
1 Month + 7.00%), |
22,617 | 21,577 | ||||||||
| Sophia L.P. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 9/23/2027(5) |
4,850 | 4,815 | ||||||||
| Ultimate Software Group, Inc. (The), First Lien Term Loan (ICE LIBOR USD 3 Month +
4.00%), |
40,000 | 39,855 | ||||||||
| Ultimate Software Group, Inc. (The), Second Lien Term Loan (ICE LIBOR USD 3 Month + 6.75%), |
17,980 | 18,280 | ||||||||
|
|
|
|||||||||
| 251,174 | ||||||||||
| TELECOMMUNICATIONS - 0.4% | ||||||||||
| Altice France SA First Lien Term Loan B11 (ICE LIBOR USD 1 Month + 2.75%), |
21,887 | 20,846 | ||||||||
| TRANSPORTATION - 0.7% | ||||||||||
| SIRVA Worldwide, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), |
40,163 | 33,234 | ||||||||
|
|
|
|||||||||
| Total bank loans |
1,022,149 | |||||||||
| CONVERTIBLE BONDS - 0.2% | ||||||||||
| DIVERSIFIED FINANCIAL SERVICES - 0.1% | ||||||||||
| EZCORP, Inc. |
875 | 772 | ||||||||
| REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1% | ||||||||||
| Uniti Fiber Holdings, Inc. |
4,625 | 5,276 | ||||||||
|
|
|
|||||||||
| Total convertible bonds |
6,048 | |||||||||
| Artisan Partners Funds | 53 |
| Shares Held |
Value | |||||||||
| PREFERRED STOCKS - 0.0% | ||||||||||
| AGRICULTURE - 0.0% | ||||||||||
| Pinnacle Agriculture Holdings LLC*(7)(8)(9) |
25 | $ | – | |||||||
| RETAIL - 0.0% | ||||||||||
| Chinos Holdings, Inc. |
2,568 | – | ||||||||
|
|
|
|||||||||
| Total preferred stocks |
– | |||||||||
| SHORT-TERM INVESTMENTS - 1.5% | ||||||||||
| INVESTMENT COMPANIES - 1.5% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
25,136 | 25,136 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
24,396 | 24,396 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
24,397 | 24,397 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
73,929 | |||||||||
| Total investments - 98.7% |
4,753,443 | |||||||||
| Other assets less liabilities - 1.3% |
63,323 | |||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(10) |
$ | 4,816,766 | ||||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (2) | The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications. |
| Security | Country | Trading Currency | ||||||||
| Altice France Holding SA, |
Luxembourg | U.S. dollar | ||||||||
| Altice France SA First Lien Term Loan B11, |
France | U.S. dollar | ||||||||
| Ardonagh Midco 2 plc, |
United Kingdom |
U.S. dollar | ||||||||
| Dental Corp. of Canada, Inc. Second Lien Term Loan, |
Canada | U.S. dollar | ||||||||
| Kloeckner Pentaplast of America, Inc., First Lien Term Loan B, |
Luxembourg | U.S. dollar | ||||||||
| Methanex Corp., |
Canada | U.S. dollar | ||||||||
| Seven Generations Energy Ltd., |
Canada | U.S. dollar | ||||||||
| VistaJet Malta Finance plc, |
Switzerland | U.S. dollar | ||||||||
| Ziggo BV, |
Netherlands | U.S. dollar | ||||||||
| (3) | Payment in-kind security. |
| (4) | Perpetual security. The rate reflected was the rate in effect on September 30, 2020. The maturity date reflects the next call date. |
| (5) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020. |
| (6) | Defaulted securities. |
| (7) | 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 ofTotal Net Assets | ||||||||||||||||
| Pinnacle Agriculture Holdings LLC |
3/26/2020 | $ | – | $ | – | 0.0 | % | |||||||||||||
| (8) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (9) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (10) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
Abbreviations
| ICE |
Intercontinental Exchange | |
| LIBOR |
London Interbank Offered Rate | |
| USD |
U.S. dollar |
| 54 | Artisan Partners Funds |
| FOREIGN CURRENCY FORWARD CONTRACTS | ||||||||||||||||||||
| Values in thousands |
||||||||||||||||||||
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation |
||||||||||||||||
| EUR | 695 | USD | 809 | JPM | 11/17/2020 | $ | 7 | |||||||||||||
| USD | 10,594 | EUR | 8,911 | JPM | 11/17/2020 | 135 | ||||||||||||||
|
|
|
|||||||||||||||||||
| Net unrealized appreciation | $ | 142 | ||||||||||||||||||
|
|
|
|||||||||||||||||||
EUR Euro
USD U.S. Dollar
JPM JPMorgan Chase Bank, N.A.
| FUTURES CONTRACTS | ||||||||||||||||||||||||||||||
| Dollar values in thousands |
|
|||||||||||||||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Notional Value |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
| Short Positions Contracts |
|
|||||||||||||||||||||||||||||
| U.S. Treasury 10 Year Note | (1,800 | ) | 12/21/2020 | USD | $ | 180,000 | $ | (251,156 | ) | $ | (675 | ) | ||||||||||||||||||
| U.S. Treasury Long Bond | (255 | ) | 12/21/2020 | USD | 25,500 | (44,952 | ) | 13 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| $ | (662 | ) | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
USD U.S. Dollar
The Fund has recorded an asset of $689 as of September 30, 2020, related to the current day’s variation margin related to these contracts.
| TOP TEN HOLDINGS | |||||||
| Company Name |
Country |
Percentage of Total Net Assets | |||||
| General Electric Co. |
United States | 5.8 | % | ||||
| NFP Corp. |
United States | 3.3 | |||||
| Realogy Group LLC |
United States | 2.7 | |||||
| Acrisure LLC |
United States | 2.7 | |||||
| VistaJet Malta Finance plc |
Switzerland | 2.6 | |||||
| Comstock Resources, Inc. |
United States | 2.5 | |||||
| Carnival Corp. |
United States | 2.2 | |||||
| Nordstrom, Inc. |
United States | 2.1 | |||||
| Ardonagh Midco 2 plc |
United Kingdom | 2.0 | |||||
| Surgery Center Holdings, Inc. |
United States | 1.8 | |||||
|
|
|
||||||
| Total |
27.7 | % | |||||
|
|
|
||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 55 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS AND EQUITY- LINKED SECURITY - 97.4% |
||||||||||
| BELGIUM - 1.8% | ||||||||||
| UCB SA(1) |
1,539 | $ | 174,798 | |||||||
| CANADA - 2.3% | ||||||||||
| Canadian Pacific Railway Ltd. |
422 | 128,218 | ||||||||
| TMX Group Ltd. |
917 | 94,343 | ||||||||
|
|
|
|||||||||
| 222,561 | ||||||||||
| CHINA - 9.9% | ||||||||||
| Alibaba Group Holding Ltd., ADR* |
1,353 | 397,862 | ||||||||
| China International Capital Corp. Ltd., Class H*(1) |
22,524 | 52,297 | ||||||||
| Midea Group Co. Ltd., Class A(1) |
10,223 | 109,297 | ||||||||
| Ping An Healthcare and Technology Co. Ltd.*(1) |
2,369 | 30,590 | ||||||||
| Prosus NV*(1) |
132 | 12,131 | ||||||||
| Tencent Holdings Ltd.(1) |
3,216 | 214,191 | ||||||||
| Wuliangye Yibin Co. Ltd., Class A(1) |
4,247 | 138,245 | ||||||||
|
|
|
|||||||||
| 954,613 | ||||||||||
| DENMARK - 5.6% | ||||||||||
| Ascendis Pharma A/S, ADR* |
836 | 129,030 | ||||||||
| DSV Panalpina A/S(1) |
307 | 50,099 | ||||||||
| Genmab A/S*(1) |
784 | 284,731 | ||||||||
| Novo Nordisk A/S, Class B(1) |
1,131 | 78,530 | ||||||||
|
|
|
|||||||||
| 542,390 | ||||||||||
| FRANCE - 8.1% | ||||||||||
| Adevinta ASA*(1) |
546 | 9,370 | ||||||||
| Air Liquide SA(1) |
2,718 | 431,310 | ||||||||
| Airbus SE*(1) |
1,037 | 75,260 | ||||||||
| Amundi SA*(1) |
1,529 | 107,783 | ||||||||
| Eiffage SA*(1) |
886 | 72,252 | ||||||||
| Vinci SA(1) |
1,067 | 89,031 | ||||||||
|
|
|
|||||||||
| 785,006 | ||||||||||
| GERMANY - 12.5% | ||||||||||
| Deutsche Boerse AG(1) |
3,105 | 545,292 | ||||||||
| Deutsche Telekom AG(1) |
16,027 | 268,489 | ||||||||
| E.ON SE(1) |
10,743 | 118,694 | ||||||||
| Siemens AG(1) |
1,212 | 153,207 | ||||||||
| Siemens Energy AG*(1) |
998 | 26,921 | ||||||||
| Symrise AG(1) |
712 | 98,534 | ||||||||
|
|
|
|||||||||
| 1,211,137 | ||||||||||
| HONG KONG - 3.4% | ||||||||||
| AIA Group Ltd.(1) |
33,566 | 330,666 | ||||||||
| INDIA - 1.2% | ||||||||||
| Reliance Industries Ltd.(1) |
3,670 | 111,782 | ||||||||
| IRELAND - 2.1% | ||||||||||
| Amarin Corp. plc, ADR* |
1,842 | 7,754 | ||||||||
| Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3) |
14,300 | 190,151 | ||||||||
|
|
|
|||||||||
| 197,905 | ||||||||||
| ISRAEL - 2.5% | ||||||||||
| Nice Ltd., ADR* |
1,081 | 245,408 | ||||||||
| JAPAN - 3.8% | ||||||||||
| Astellas Pharma, Inc.(1) |
6,121 | 91,113 | ||||||||
| Hoya Corp.(1) |
136 | 15,330 | ||||||||
| Nippon Sanso Holdings Corp.(1) |
3,684 | 56,950 | ||||||||
| Nippon Shinyaku Co. Ltd.(1) |
1,660 | 136,848 | ||||||||
| Sony Corp.(1) |
910 | 69,624 | ||||||||
|
|
|
|||||||||
| 369,865 | ||||||||||
| NETHERLANDS - 2.9% | ||||||||||
| Argenx SE, ADR* |
59 | 15,423 | ||||||||
| Koninklijke DSM NV(1) |
1,585 | 261,153 | ||||||||
|
|
|
|||||||||
| 276,576 | ||||||||||
| PORTUGAL - 0.9% | ||||||||||
| EDP - Energias de Portugal SA(1) |
17,829 | 87,631 | ||||||||
| SWEDEN - 1.5% | ||||||||||
| Telefonaktiebolaget LM Ericsson, Class B(1) |
13,654 | 149,291 | ||||||||
| SWITZERLAND - 11.6% | ||||||||||
| Idorsia Ltd.*(1) |
2,501 | 67,157 | ||||||||
| Lonza Group AG(1) |
250 | 154,172 | ||||||||
| Medacta Group SA*(1) |
574 | 53,510 | ||||||||
| Nestle SA(1) |
3,281 | 389,219 | ||||||||
| Roche Holding AG(1) |
1,115 | 381,323 | ||||||||
| Temenos AG(1) |
535 | 71,998 | ||||||||
|
|
|
|||||||||
| 1,117,379 | ||||||||||
| TAIWAN - 1.5% | ||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd.(1) |
9,892 | 148,564 | ||||||||
| UNITED KINGDOM - 10.1% | ||||||||||
| AVEVA Group plc(1) |
2,307 | 142,663 | ||||||||
| Coca-Cola European Partners plc |
1,892 | 73,434 | ||||||||
| Diageo plc(1) |
3,604 | 123,469 | ||||||||
| Linde plc(1) |
2,407 | 569,641 | ||||||||
| RELX plc(1) |
2,926 | 64,768 | ||||||||
|
|
|
|||||||||
| 973,975 | ||||||||||
| UNITED STATES - 15.7% | ||||||||||
| Accenture plc, Class A |
827 | 186,841 | ||||||||
| Alphabet, Inc., Class A* |
92 | 135,473 | ||||||||
| 56 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| UNITED STATES (CONTINUED) | ||||||||||
| Alphabet, Inc., Class C* |
37 | $ | 54,771 | |||||||
| Amazon.com, Inc.* |
73 | 230,141 | ||||||||
| Aon plc, Class A |
1,655 | 341,528 | ||||||||
| Intercontinental Exchange, Inc. |
1,496 | 149,629 | ||||||||
| Medtronic plc |
2,199 | 228,561 | ||||||||
| Willis Towers Watson plc |
892 | 186,235 | ||||||||
|
|
|
|||||||||
| 1,513,179 | ||||||||||
|
|
|
|||||||||
| Total common stocks and equity-linked security |
|
9,412,726 | ||||||||
| SHORT-TERM INVESTMENTS - 2.6% | ||||||||||
| INVESTMENT COMPANIES - 2.6% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
85,283 | 85,283 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
82,774 | 82,774 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
82,774 | 82,774 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
250,831 | ||||||||
| Total investments - 100.0% |
|
9,663,557 | ||||||||
| Other assets less liabilities - 0.0%(4) |
|
(2,817 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(5) |
|
$ | 9,660,740 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $6,808,075, or 70.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below. |
| Security | Acquisition Date |
Cost | Value | Percentage of Total Net Assets | ||||||||||||||||
| Ryanair Holdings plc |
|
11/14/2013- 08/17/2020 |
$ | 188,801 | $ | 190,151 | 2.0 | % | ||||||||||||
| (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) | Amount rounds to less than 0.1%. |
| (5) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviation | |||
| ADR |
American Depositary Receipt | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 682,294 | 7.1 | % | ||||||
| Consumer Discretionary |
819,055 | 8.4 | ||||||||
| Consumer Staples |
724,367 | 7.5 | ||||||||
| Energy |
111,782 | 1.2 | ||||||||
| Financials |
1,997,924 | 20.7 | ||||||||
| Health Care |
1,848,870 | 19.1 | ||||||||
| Industrials |
632,835 | 6.5 | ||||||||
| Information Technology |
944,765 | 9.8 | ||||||||
| Materials |
1,417,588 | 14.7 | ||||||||
| Utilities |
233,246 | 2.4 | ||||||||
| Short-Term Investments |
250,831 | 2.6 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 9,663,557 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| British pound |
$ | 330,900 | 3.4 | % | ||||||
| Canadian dollar |
222,561 | 2.3 | ||||||||
| Chinese yuan renminbi offshore |
247,542 | 2.6 | ||||||||
| Danish krone |
413,360 | 4.3 | ||||||||
| Euro |
3,092,127 | 32.0 | ||||||||
| Hong Kong dollar |
627,744 | 6.5 | ||||||||
| Indian rupee |
111,782 | 1.2 | ||||||||
| Japanese yen |
369,865 | 3.8 | ||||||||
| New Taiwan dollar |
148,564 | 1.5 | ||||||||
| Norwegian krone |
9,370 | 0.1 | ||||||||
| Swedish krona |
149,291 | 1.5 | ||||||||
| Swiss franc |
1,117,379 | 11.6 | ||||||||
| U.S. dollar |
2,823,072 | 29.2 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 9,663,557 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| Artisan Partners Funds | 57 |
| TOP TEN HOLDINGS | ||||||||
|
Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Linde plc |
United Kingdom | 5.9 | % | |||||
| Deutsche Boerse AG |
Germany | 5.6 | ||||||
| Air Liquide SA |
France | 4.5 | ||||||
| Alibaba Group Holding Ltd. |
China | 4.1 | ||||||
| Nestle SA |
Switzerland | 4.0 | ||||||
| Roche Holding AG |
Switzerland | 3.9 | ||||||
| Aon plc |
United States | 3.5 | ||||||
| AIA Group Ltd. |
Hong Kong | 3.4 | ||||||
| Genmab A/S |
Denmark | 2.9 | ||||||
| Deutsche Telekom AG |
Germany | 2.8 | ||||||
|
|
|
|||||||
| Total |
40.6 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| 58 | Artisan Partners Funds |
Artisan International Small-Mid Fund
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 94.7% | ||||||||||
| BRAZIL - 2.1% | ||||||||||
| Afya Ltd., Class A* |
969 | $ | 26,407 | |||||||
| Notre Dame Intermedica Participacoes SA |
900 | 10,438 | ||||||||
| Petrobras Distribuidora SA |
5,126 | 18,556 | ||||||||
| Rumo SA* |
4,923 | 16,727 | ||||||||
|
|
|
|||||||||
| 72,128 | ||||||||||
| CANADA - 3.4% | ||||||||||
| Altus Group Ltd. |
965 | 40,078 | ||||||||
| CAE, Inc. |
1,994 | 29,170 | ||||||||
| Descartes Systems Group, Inc. (The)* |
499 | 28,414 | ||||||||
| Kinaxis, Inc.* |
129 | 19,004 | ||||||||
|
|
|
|||||||||
| 116,666 | ||||||||||
| CHINA - 0.6% | ||||||||||
| I-Mab, ADR* |
418 | 19,642 | ||||||||
| DENMARK - 5.5% | ||||||||||
| ALK-Abello A/S*(1) |
50 | 16,508 | ||||||||
| Ambu A/S, Class B(1) |
995 | 28,177 | ||||||||
| Carlsberg A/S, Class B(1) |
143 | 19,290 | ||||||||
| DSV Panalpina A/S(1) |
307 | 50,081 | ||||||||
| Genmab A/S*(1) |
99 | 35,856 | ||||||||
| SimCorp A/S(1) |
134 | 17,615 | ||||||||
| Vestas Wind Systems A/S(1) |
131 | 21,129 | ||||||||
|
|
|
|||||||||
| 188,656 | ||||||||||
| FINLAND - 3.6% | ||||||||||
| BasWare OYJ*(1) |
192 | 8,529 | ||||||||
| Metso Outotec OYJ(1) |
10,705 | 75,170 | ||||||||
| Revenio Group OYJ(1) |
134 | 6,111 | ||||||||
| Vaisala OYJ, Class A(1) |
761 | 32,935 | ||||||||
|
|
|
|||||||||
| 122,745 | ||||||||||
| FRANCE - 2.0% | ||||||||||
| Atos SE*(1) |
470 | 37,834 | ||||||||
| Lectra(1) |
1,297 | 30,674 | ||||||||
|
|
|
|||||||||
| 68,508 | ||||||||||
| GERMANY - 7.6% | ||||||||||
| AIXTRON SE*(1) |
4,264 | 51,485 | ||||||||
| Basler AG(1) |
90 | 5,319 | ||||||||
| Carl Zeiss Meditec AG(1) |
139 | 17,618 | ||||||||
| Hamburger Hafen und Logistik AG(1) |
762 | 13,357 | ||||||||
| Hypoport SE*(1) |
49 | 30,552 | ||||||||
| KION Group AG(1) |
252 | 21,642 | ||||||||
| MorphoSys AG*(1) |
612 | 77,708 | ||||||||
| New Work SE(1) |
29 | 8,978 | ||||||||
| Symrise AG(1) |
256 | 35,405 | ||||||||
|
|
|
|||||||||
| 262,064 | ||||||||||
| ICELAND - 0.7% | ||||||||||
| Ossur HF(1) |
3,631 | 25,724 | ||||||||
| INDIA - 1.7% | ||||||||||
| IndiaMart InterMesh Ltd.(1) |
375 | 25,423 | ||||||||
| WNS Holdings Ltd., ADR* |
539 | 34,460 | ||||||||
|
|
|
|||||||||
| 59,883 | ||||||||||
| IRELAND - 0.1% | ||||||||||
| Amarin Corp. plc, ADR* |
500 | 2,106 | ||||||||
| ISRAEL - 7.2% | ||||||||||
| Compugen Ltd.* |
382 | 6,201 | ||||||||
| Kornit Digital Ltd.* |
980 | 63,595 | ||||||||
| Max Stock Ltd.*(1) |
3,714 | 12,957 | ||||||||
| Nice Ltd., ADR* |
432 | 98,135 | ||||||||
| Radware Ltd.* |
1,609 | 38,996 | ||||||||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(1) |
172 | 11,862 | ||||||||
| Tel Aviv Stock Exchange Ltd.(1) |
3,903 | 17,473 | ||||||||
|
|
|
|||||||||
| 249,219 | ||||||||||
| ITALY - 0.8% | ||||||||||
| Davide Campari-Milano NV(1) |
2,646 | 28,916 | ||||||||
| JAPAN - 16.1% | ||||||||||
| Azbil Corp.(1) |
1,803 | 67,433 | ||||||||
| CKD Corp.(1) |
751 | 12,237 | ||||||||
| eSOL Co. Ltd.(1) |
295 | 3,453 | ||||||||
| Fujitec Co. Ltd.(1) |
2,113 | 45,159 | ||||||||
| Harmonic Drive Systems, Inc.(1) |
169 | 10,888 | ||||||||
| Hennge KK*(1) |
581 | 37,509 | ||||||||
| Jeol Ltd.(1) |
1,089 | 37,924 | ||||||||
| Kobe Bussan Co. Ltd.(1) |
486 | 26,733 | ||||||||
| MedPeer, Inc.*(1) |
407 | 19,002 | ||||||||
| Morinaga & Co. Ltd.(1) |
835 | 32,903 | ||||||||
| Nippon Shinyaku Co. Ltd.(1) |
137 | 11,270 | ||||||||
| OBIC Business Consultants Co. Ltd.(1) |
480 | 27,866 | ||||||||
| Obic Co. Ltd.(1) |
212 | 37,355 | ||||||||
| Raccoon Holdings, Inc.(1)(2) |
1,361 | 27,433 | ||||||||
| Rakus Co. Ltd.(1) |
1,119 | 20,140 | ||||||||
| Rohm Co. Ltd.(1) |
272 | 20,995 | ||||||||
| Sagami Rubber Industries Co. Ltd.(1) |
362 | 5,123 | ||||||||
| SG Holdings Co. Ltd.(1) |
1,368 | 71,075 | ||||||||
| Shimadzu Corp.(1) |
393 | 11,978 | ||||||||
| TechMatrix Corp.(1) |
817 | 17,797 | ||||||||
| Temairazu, Inc.(1) |
271 | 14,479 | ||||||||
|
|
|
|||||||||
| 558,752 | ||||||||||
| Artisan Partners Funds | 59 |
| Shares Held |
Value | |||||||||
| NETHERLANDS - 2.9% | ||||||||||
| Argenx SE*(1) |
77 | $ | 20,393 | |||||||
| IMCD NV(1) |
314 | 37,353 | ||||||||
| Koninklijke DSM NV(1) |
241 | 39,674 | ||||||||
| Merus NV* |
186 | 2,228 | ||||||||
|
|
|
|||||||||
| 99,648 | ||||||||||
| SINGAPORE - 0.7% | ||||||||||
| XP Power Ltd.(1) |
424 | 24,101 | ||||||||
| SPAIN - 0.8% | ||||||||||
| Almirall SA(1) |
2,436 | 27,314 | ||||||||
| SWEDEN - 3.3% | ||||||||||
| AAK AB*(1) |
994 | 18,553 | ||||||||
| Aprea Therapeutics, Inc.* |
189 | 4,555 | ||||||||
| Cantargia AB*(1) |
377 | 1,806 | ||||||||
| Elekta AB, Class B(1) |
2,923 | 36,759 | ||||||||
| Fortnox AB(1) |
655 | 19,702 | ||||||||
| MIPS AB(1) |
484 | 21,574 | ||||||||
| Oncopeptides AB*(1) |
822 | 12,122 | ||||||||
|
|
|
|||||||||
| 115,071 | ||||||||||
| SWITZERLAND - 7.2% | ||||||||||
| Alcon, Inc.*(1) |
834 | 47,345 | ||||||||
| ALSO Holding AG*(1) |
28 | 7,449 | ||||||||
| Baloise Holding AG(1) |
236 | 34,714 | ||||||||
| Belimo Holding AG(1) |
4 | 30,610 | ||||||||
| Burckhardt Compression Holding AG(1) |
47 | 11,870 | ||||||||
| Lonza Group AG(1) |
37 | 22,659 | ||||||||
| Siegfried Holding AG*(1) |
44 | 30,402 | ||||||||
| Tecan Group AG(1) |
118 | 58,574 | ||||||||
| Ypsomed Holding AG(1) |
33 | 4,804 | ||||||||
|
|
|
|||||||||
| 248,427 | ||||||||||
| THAILAND - 0.7% | ||||||||||
| Fabrinet* |
397 | 25,009 | ||||||||
| UNITED KINGDOM - 15.6% | ||||||||||
| ASOS plc*(1) |
719 | 47,736 | ||||||||
| AVEVA Group plc(1) |
464 | 28,672 | ||||||||
| B&M European Value Retail SA(1) |
4,214 | 26,811 | ||||||||
| Balfour Beatty plc(1) |
5,230 | 15,027 | ||||||||
| boohoo Group plc*(1) |
9,281 | 44,781 | ||||||||
| Britvic plc(1) |
2,479 | 26,258 | ||||||||
| Codemasters Group Holdings plc*(1) |
7,145 | 33,704 | ||||||||
| ConvaTec Group plc(1) |
19,712 | 45,416 | ||||||||
| Electrocomponents plc(1) |
4,449 | 40,691 | ||||||||
| Fevertree Drinks plc(1) |
683 | 20,392 | ||||||||
| HomeServe plc(1) |
1,545 | 24,547 | ||||||||
| Howden Joinery Group plc(1) |
4,378 | 33,125 | ||||||||
| JD Sports Fashion plc(1) |
3,433 | 35,931 | ||||||||
| Orchard Therapeutics plc, ADR* |
616 | 2,533 | ||||||||
| Oxford Biomedica plc*(1) |
1,372 | 14,529 | ||||||||
| UNITED KINGDOM (CONTINUED) | ||||||||||
| Rotork plc(1) |
14,965 | 54,172 | ||||||||
| SSP Group plc(1) |
3,383 | 7,847 | ||||||||
| St James’s Place plc(1) |
1,135 | 13,559 | ||||||||
| Trainline plc*(1) |
1,831 | 8,585 | ||||||||
| YouGov plc(1) |
1,522 | 16,627 | ||||||||
|
|
|
|||||||||
| 540,943 | ||||||||||
| UNITED STATES - 12.1% | ||||||||||
| Acceleron Pharma, Inc.* |
77 | 8,686 | ||||||||
| Agios Pharmaceuticals, Inc.* |
219 | 7,656 | ||||||||
| Alkermes plc* |
1,150 | 19,057 | ||||||||
| Alnylam Pharmaceuticals, Inc.* |
107 | 15,574 | ||||||||
| Cree, Inc.* |
947 | 60,351 | ||||||||
| Flexion Therapeutics, Inc.* |
1,667 | 17,355 | ||||||||
| Glaukos Corp.* |
496 | 24,569 | ||||||||
| Heron Therapeutics, Inc.* |
717 | 10,623 | ||||||||
| Ingersoll Rand, Inc.* |
952 | 33,903 | ||||||||
| Insmed, Inc.* |
695 | 22,326 | ||||||||
| Inspire Medical Systems, Inc.* |
131 | 16,929 | ||||||||
| Intersect ENT, Inc.* |
1,256 | 20,484 | ||||||||
| Madrigal Pharmaceuticals, Inc.* |
113 | 13,407 | ||||||||
| MaxCyte, Inc.*(1) |
1,653 | 7,848 | ||||||||
| Model N, Inc.* |
979 | 34,539 | ||||||||
| Protara Therapeutics, Inc.* |
195 | 3,276 | ||||||||
| Quotient Ltd.* |
1,762 | 9,058 | ||||||||
| SolarEdge Technologies, Inc.* |
88 | 20,959 | ||||||||
| STAAR Surgical Co.* |
322 | 18,188 | ||||||||
| UroGen Pharma Ltd.* |
301 | 5,805 | ||||||||
| ViewRay, Inc.* |
6,024 | 21,083 | ||||||||
| Zscaler, Inc.* |
197 | 27,724 | ||||||||
|
|
|
|||||||||
| 419,400 | ||||||||||
|
|
|
|||||||||
| Total common stocks |
|
3,274,922 | ||||||||
| SHORT-TERM INVESTMENTS - 5.4% | ||||||||||
| INVESTMENT COMPANIES - 5.4% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
63,698 | 63,698 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
61,825 | 61,825 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
61,825 | 61,825 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
187,348 | ||||||||
| Total investments - 100.1% |
|
3,462,270 | ||||||||
| Other assets less liabilities - (0.1)% |
|
(1,844 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(3) |
|
$ | 3,460,426 | |||||||
|
|
|
|||||||||
| 60 | Artisan Partners Funds |
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,377,116, or 68.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information. |
| (3) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviation | |||
| ADR |
American Depositary Receipt | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
||||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 59,309 | 1.7 | % | ||||||
| Consumer Discretionary |
293,097 | 8.5 | ||||||||
| Consumer Staples |
190,030 | 5.5 | ||||||||
| Financials |
96,298 | 2.8 | ||||||||
| Health Care |
887,648 | 25.6 | ||||||||
| Industrials |
761,052 | 22.0 | ||||||||
| Information Technology |
872,331 | 25.2 | ||||||||
| Materials |
75,079 | 2.2 | ||||||||
| Real Estate |
40,078 | 1.1 | ||||||||
| Short-Term Investments |
187,348 | 5.4 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 3,462,270 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
||||||||||
| Value | Percentage of Total Investments | |||||||||
| Brazilian real |
$ | 45,721 | 1.3 | % | ||||||
| British pound |
570,359 | 16.5 | ||||||||
| Canadian dollar |
116,666 | 3.4 | ||||||||
| Danish krone |
214,380 | 6.2 | ||||||||
| Euro |
606,967 | 17.5 | ||||||||
| Indian rupee |
25,423 | 0.7 | ||||||||
| Israel new shekel |
42,292 | 1.2 | ||||||||
| Japanese yen |
558,752 | 16.1 | ||||||||
| Swedish krona |
110,516 | 3.2 | ||||||||
| Swiss franc |
248,427 | 7.2 | ||||||||
| U.S. dollar |
922,767 | 26.7 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 3,462,270 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||||
|
Company Name |
Country | Percentage of Total Net Assets | ||||||||
| Nice Ltd. |
Israel | 2.8 | % | |||||||
| MorphoSys AG |
Germany | 2.2 | ||||||||
| Metso Outotec OYJ |
Finland | 2.2 | ||||||||
| SG Holdings Co. Ltd. |
Japan | 2.1 | ||||||||
| Azbil Corp. |
Japan | 1.9 | ||||||||
| Kornit Digital Ltd. |
Israel | 1.8 | ||||||||
| Cree, Inc. |
United States | 1.7 | ||||||||
| Tecan Group AG |
Switzerland | 1.7 | ||||||||
| Rotork plc |
United Kingdom | 1.6 | ||||||||
| AIXTRON SE |
Germany | 1.5 | ||||||||
|
|
|
|||||||||
| Total |
19.5 | % | ||||||||
|
|
|
|||||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 61 |
Artisan International Value Fund
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS AND EQUITY- LINKED SECURITY - 90.6% |
||||||||||
| BELGIUM - 3.0% | ||||||||||
| Groupe Bruxelles Lambert SA(1) |
4,525 | $ | 407,856 | |||||||
| BRAZIL - 1.5% | ||||||||||
| Telefonica Brasil SA, ADR |
27,569 | 211,457 | ||||||||
| CANADA - 2.2% | ||||||||||
| Imperial Oil Ltd. |
13,724 | 164,294 | ||||||||
| Suncor Energy, Inc. |
10,614 | 129,614 | ||||||||
|
|
|
|||||||||
| 293,908 | ||||||||||
| CHINA - 7.7% | ||||||||||
| Alibaba Group Holding Ltd., ADR* |
971 | 285,463 | ||||||||
| Baidu, Inc., ADR* |
3,134 | 396,727 | ||||||||
| Trip.com Group Ltd., ADR* |
11,520 | 358,747 | ||||||||
|
|
|
|||||||||
| 1,040,937 | ||||||||||
| DENMARK - 2.6% | ||||||||||
| DSV Panalpina A/S(1) |
2,178 | 355,497 | ||||||||
| FRANCE - 4.2% | ||||||||||
| Danone SA(1) |
1,933 | 125,040 | ||||||||
| Sodexo SA (Registered Shares)*(1)(2) |
737 | 52,503 | ||||||||
| Sodexo SA(1) |
2,470 | 175,874 | ||||||||
| Vivendi SA(1) |
7,991 | 222,727 | ||||||||
|
|
|
|||||||||
| 576,144 | ||||||||||
| GERMANY - 4.5% | ||||||||||
| Fresenius Medical Care AG & Co. KGaA(1) |
5,748 | 485,316 | ||||||||
| Hella GmbH & Co. KGaA*(1) |
2,478 | 124,940 | ||||||||
|
|
|
|||||||||
| 610,256 | ||||||||||
| INDIA - 4.3% | ||||||||||
| Bharti Infratel Ltd.(1) |
55,544 | 132,739 | ||||||||
| HCL Technologies Ltd.(1) |
40,654 | 447,545 | ||||||||
|
|
|
|||||||||
| 580,284 | ||||||||||
| IRELAND - 4.0% | ||||||||||
| CRH plc(1) |
8,101 | 292,530 | ||||||||
| Ryanair Holdings plc*(1) |
1,858 | 24,703 | ||||||||
| Ryanair Holdings plc, Equity-Linked Security*(1)(3)(4) |
16,987 | 225,878 | ||||||||
|
|
|
|||||||||
| 543,111 | ||||||||||
| JAPAN - 1.1% | ||||||||||
| Seven & i Holdings Co. Ltd.(1) |
4,725 | 146,062 | ||||||||
| NETHERLANDS - 4.3% | ||||||||||
| ING Groep NV(1) |
49,996 | 354,017 | ||||||||
| NETHERLANDS (CONTINUED) | ||||||||||
| NXP Semiconductors NV |
1,841 | 229,741 | ||||||||
|
|
|
|||||||||
| 583,758 | ||||||||||
| SOUTH KOREA - 11.5% | ||||||||||
| NAVER Corp.(1) |
2,293 | 580,585 | ||||||||
| Samsung Electronics Co. Ltd.(1) |
16,108 | 811,625 | ||||||||
| Samsung Electronics Co. Ltd. (Preference)(1) |
3,806 | 164,210 | ||||||||
|
|
|
|||||||||
| 1,556,420 | ||||||||||
| SPAIN - 1.0% | ||||||||||
| Bankia SA(1) |
93,558 | 135,854 | ||||||||
| SWITZERLAND - 18.0% | ||||||||||
| ABB Ltd.(1) |
27,446 | 695,608 | ||||||||
| Cie Financiere Richemont SA(1) |
6,640 | 444,741 | ||||||||
| LafargeHolcim Ltd.*(1) |
7,296 | 332,598 | ||||||||
| Novartis AG(1) |
5,341 | 464,178 | ||||||||
| UBS Group AG(1) |
45,949 | 512,964 | ||||||||
|
|
|
|||||||||
| 2,450,089 | ||||||||||
| UNITED KINGDOM - 12.6% | ||||||||||
| CNH Industrial NV*(1) |
13,228 | 102,805 | ||||||||
| Compass Group plc(1) |
43,073 | 646,582 | ||||||||
| IMI plc(1) |
3,562 | 47,994 | ||||||||
| Lloyds Banking Group plc(1) |
523,005 | 177,484 | ||||||||
| Natwest Group Plc(1) |
53,598 | 73,183 | ||||||||
| RELX plc(1) |
15,982 | 353,757 | ||||||||
| RELX plc(1) |
3,936 | 87,785 | ||||||||
| Tesco plc(1) |
79,198 | 217,129 | ||||||||
|
|
|
|||||||||
| 1,706,719 | ||||||||||
| UNITED STATES - 8.1% | ||||||||||
| Arch Capital Group Ltd.* |
17,661 | 516,594 | ||||||||
| Schlumberger NV |
17,278 | 268,841 | ||||||||
| Tenaris SA(1) |
18,871 | 94,068 | ||||||||
| Tenaris SA, ADR |
2,612 | 25,729 | ||||||||
| Willis Towers Watson plc |
928 | 193,771 | ||||||||
|
|
|
|||||||||
| 1,099,003 | ||||||||||
|
|
|
|||||||||
| Total common stocks and equity-linked security |
|
12,297,355 | ||||||||
| SHORT-TERM INVESTMENTS - 9.2% | ||||||||||
| INVESTMENT COMPANIES - 9.2% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
425,896 | 425,896 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
413,370 | 413,370 | ||||||||
| 62 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| INVESTMENT COMPANIES (CONTINUED) | ||||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
413,370 | $ | 413,370 | |||||||
|
|
|
|||||||||
| Total short-term investments |
|
1,252,636 | ||||||||
| Total investments - 99.8% |
|
13,549,991 | ||||||||
| Other assets less liabilities - 0.2% |
|
23,919 | ||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(5) |
|
$ | 13,573,910 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $9,516,377, or 70.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Security is restricted. |
| Security | Acquisition Date |
Cost | Value | Percent of Total Net Assets | ||||||||||||||||
| Sodexo |
09/01/2020 | 63,852 | 53,503 | 0.4% | ||||||||||||||||
| (3) | Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below. |
| Security | Acquisition Date |
Cost | Value | Percentage of Total Net Assets | ||||||||||||||||
| Ryanair Holdings plc |
|
11/14/2013- 09/23/2020 |
$ | 175,650 | $ | 225,878 | 1.7% | |||||||||||||
| (4) | Security is an equity-linked security issued by HSBC Bank plc. As described in 2(g) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them. |
| (5) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviations | |||
| ADR |
American Depositary Receipt | ||
| Preference |
A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference. | ||
| FOREIGN CURRENCY FORWARD CONTRACTS | ||||||||||||||||
| Values in thousands |
| |||||||||||||||
| Currency Purchased |
Currency |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||||||||||||
| CNH 1,410,750 |
USD 201,329 | JPM | 10/22/2020 | $ | 6,320 | |||||||||||
| JPY 5,850,027 |
USD 54,550 | JPM | 10/22/2020 | 931 | ||||||||||||
|
|
|
|||||||||||||||
| Total unrealized appreciation |
7,251 | |||||||||||||||
|
|
|
|||||||||||||||
| USD 754,002 |
CNH 5,380,325 | JPM | 10/22/2020 | (37,930 | ) | |||||||||||
| USD 182,942 |
JPY 19,592,707 | JPM | 10/22/2020 | (2,875 | ) | |||||||||||
|
|
|
|||||||||||||||
| Total unrealized depreciation |
(40,805 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| Net unrealized depreciation |
$ | (33,554 | ) | |||||||||||||
|
|
|
|||||||||||||||
| CNH |
Chinese yuan renminbi offshore | |
| JPY |
Japanese yen | |
| USD |
U.S. dollar | |
| JPM |
JPMorgan Chase Bank, N.A. |
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 1,544,235 | 11.4 | % | ||||||
| Consumer Discretionary |
2,088,850 | 15.4 | ||||||||
| Consumer Staples |
488,231 | 3.6 | ||||||||
| Energy |
682,546 | 5.1 | ||||||||
| Financials |
2,597,601 | 19.2 | ||||||||
| Health Care |
949,494 | 7.0 | ||||||||
| Industrials |
1,668,149 | 12.3 | ||||||||
| Information Technology |
1,653,121 | 12.2 | ||||||||
| Materials |
625,128 | 4.6 | ||||||||
| Short-Term Investments |
1,252,636 | 9.2 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 13,549,991 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| Artisan Partners Funds | 63 |
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| British pound |
$ | 1,516,129 | 11.2 | % | ||||||
| Canadian dollar |
293,908 | 2.1 | ||||||||
| Danish krone |
355,497 | 2.6 | ||||||||
| Euro |
2,686,018 | 19.8 | ||||||||
| Indian rupee |
580,284 | 4.3 | ||||||||
| Japanese yen |
146,062 | 1.1 | ||||||||
| Korean won |
1,556,420 | 11.5 | ||||||||
| Swiss franc |
2,450,089 | 18.1 | ||||||||
| U.S. dollar |
3,965,584 | 29.3 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 13,549,991 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||
| Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Samsung Electronics Co. Ltd. |
South Korea | 7.2 | % | |||||
| ABB Ltd. |
Switzerland | 5.1 | ||||||
| Compass Group plc |
United Kingdom | 4.8 | ||||||
| NAVER Corp. |
South Korea | 4.3 | ||||||
| Arch Capital Group Ltd. |
United States | 3.8 | ||||||
| UBS Group AG |
Switzerland | 3.8 | ||||||
| Fresenius Medical Care AG & Co. KGaA |
Germany | 3.6 | ||||||
| Novartis AG |
Switzerland | 3.4 | ||||||
| HCL Technologies Ltd. |
India | 3.3 | ||||||
| Cie Financiere Richemont SA |
Switzerland | 3.3 | ||||||
|
|
|
|||||||
| Total |
42.6 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| 64 | Artisan Partners Funds |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 98.0% | ||||||||||
| AEROSPACE & DEFENSE - 2.0% | ||||||||||
| L3Harris Technologies, Inc. |
366 | $ | 62,130 | |||||||
| Teledyne Technologies, Inc.* |
245 | 76,014 | ||||||||
|
|
|
|||||||||
| 138,144 | ||||||||||
| AUTO COMPONENTS - 1.2% | ||||||||||
| Aptiv plc |
862 | 79,026 | ||||||||
| BEVERAGES - 0.3% | ||||||||||
| Boston Beer Co., Inc. (The), Class A* |
22 | 19,239 | ||||||||
| BIOTECHNOLOGY - 11.5% | ||||||||||
| Argenx SE, ADR*(1) |
480 | 126,092 | ||||||||
| Ascendis Pharma A/S, ADR*(1) |
1,034 | 159,544 | ||||||||
| BioNTech SE, ADR*(1) |
772 | 53,417 | ||||||||
| Exact Sciences Corp.* |
1,301 | 132,662 | ||||||||
| Genmab A/S*(1)(2) |
533 | 193,633 | ||||||||
| Halozyme Therapeutics, Inc.* |
1,906 | 50,087 | ||||||||
| Sage Therapeutics, Inc.* |
472 | 28,849 | ||||||||
| Sarepta Therapeutics, Inc.* |
244 | 34,214 | ||||||||
|
|
|
|||||||||
| 778,498 | ||||||||||
| CAPITAL MARKETS - 2.3% | ||||||||||
| MSCI, Inc. |
195 | 69,427 | ||||||||
| Tradeweb Markets, Inc., Class A |
1,454 | 84,351 | ||||||||
|
|
|
|||||||||
| 153,778 | ||||||||||
| COMMERCIAL SERVICES & SUPPLIES - 0.9% | ||||||||||
| Cintas Corp. |
191 | 63,422 | ||||||||
| COMMUNICATIONS EQUIPMENT - 1.2% | ||||||||||
| Arista Networks, Inc.* |
403 | 83,488 | ||||||||
| CONTAINERS & PACKAGING - 0.8% | ||||||||||
| Ball Corp. |
641 | 53,276 | ||||||||
| DIVERSIFIED CONSUMER SERVICES - 2.1% | ||||||||||
| Bright Horizons Family Solutions, Inc.* |
203 | 30,859 | ||||||||
| Chegg, Inc.* |
1,575 | 112,515 | ||||||||
|
|
|
|||||||||
| 143,374 | ||||||||||
| ELECTRICAL EQUIPMENT - 0.6% | ||||||||||
| Generac Holdings, Inc.* |
215 | 41,554 | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.3% |
||||||||||
| Cognex Corp. |
1,274 | 82,966 | ||||||||
| IPG Photonics Corp.* |
309 | 52,597 | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (CONTINUED) |
||||||||||
| Trimble, Inc.* |
1,818 | 88,551 | ||||||||
|
|
|
|||||||||
| 224,114 | ||||||||||
| ENTERTAINMENT - 4.7% | ||||||||||
| Roku, Inc.* |
328 | 62,015 | ||||||||
| Take-Two Interactive Software, Inc.* |
412 | 68,042 | ||||||||
| Zynga, Inc., Class A* |
20,999 | 191,508 | ||||||||
|
|
|
|||||||||
| 321,565 | ||||||||||
| FOOD PRODUCTS - 0.5% | ||||||||||
| Beyond Meat, Inc.* |
203 | 33,735 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 5.2% | ||||||||||
| DexCom, Inc.* |
469 | 193,485 | ||||||||
| West Pharmaceutical Services, Inc. |
575 | 158,020 | ||||||||
|
|
|
|||||||||
| 351,505 | ||||||||||
| HEALTH CARE PROVIDERS & SERVICES - 1.4% | ||||||||||
| Centene Corp.* |
1,634 | 95,317 | ||||||||
| HEALTH CARE TECHNOLOGY - 4.2% | ||||||||||
| GoodRx Holdings, Inc., Class A* |
324 | 17,999 | ||||||||
| Veeva Systems, Inc., Class A* |
954 | 268,368 | ||||||||
|
|
|
|||||||||
| 286,367 | ||||||||||
| HOTELS, RESTAURANTS & LEISURE - 1.6% | ||||||||||
| Chipotle Mexican Grill, Inc.* |
85 | 106,059 | ||||||||
| INDUSTRIAL CONGLOMERATES - 1.4% | ||||||||||
| Roper Technologies, Inc. |
235 | 92,780 | ||||||||
| INTERACTIVE MEDIA & SERVICES - 1.8% | ||||||||||
| Match Group, Inc.* |
1,112 | 123,054 | ||||||||
| INTERNET & DIRECT MARKETING RETAIL - 1.3% |
||||||||||
| Chewy, Inc., Class A* |
606 | 33,232 | ||||||||
| Wayfair, Inc., Class A* |
193 | 56,086 | ||||||||
|
|
|
|||||||||
| 89,318 | ||||||||||
| IT SERVICES - 8.0% | ||||||||||
| Adyen NV*(1)(2) |
31 | 57,593 | ||||||||
| Fidelity National Information Services, Inc. |
891 | 131,208 | ||||||||
| Global Payments, Inc. |
1,528 | 271,426 | ||||||||
| Pagseguro Digital Ltd., Class A*(1) |
2,138 | 80,624 | ||||||||
|
|
|
|||||||||
| 540,851 | ||||||||||
| LEISURE PRODUCTS - 1.4% | ||||||||||
| Peloton Interactive, Inc., Class A* |
965 | 95,753 | ||||||||
| Artisan Partners Funds | 65 |
| Shares Held |
Value | |||||||||
| LIFE SCIENCES TOOLS & SERVICES - 3.0% | ||||||||||
| Adaptive Biotechnologies Corp.* |
607 | $ | 29,504 | |||||||
| Agilent Technologies, Inc. |
736 | 74,251 | ||||||||
| Lonza Group AG(1)(2) |
161 | 99,450 | ||||||||
|
|
|
|||||||||
| 203,205 | ||||||||||
| MACHINERY - 3.8% | ||||||||||
| Fortive Corp. |
1,648 | 125,629 | ||||||||
| IDEX Corp. |
290 | 52,821 | ||||||||
| Ingersoll Rand, Inc.* |
2,281 | 81,221 | ||||||||
|
|
|
|||||||||
| 259,671 | ||||||||||
| MEDIA - 1.7% | ||||||||||
| New York Times Co. (The), Class A |
2,646 | 113,209 | ||||||||
| MULTILINE RETAIL - 1.4% | ||||||||||
| Ollie’s Bargain Outlet Holdings, Inc.* |
1,107 | 96,716 | ||||||||
| MULTI-UTILITIES - 2.6% | ||||||||||
| Ameren Corp. |
1,191 | 94,173 | ||||||||
| CMS Energy Corp. |
1,310 | 80,468 | ||||||||
|
|
|
|||||||||
| 174,641 | ||||||||||
| PHARMACEUTICALS - 2.3% | ||||||||||
| Catalent, Inc.* |
1,797 | 153,900 | ||||||||
| PROFESSIONAL SERVICES - 3.4% | ||||||||||
| IHS Markit Ltd. |
1,283 | 100,691 | ||||||||
| TransUnion |
690 | 58,010 | ||||||||
| Verisk Analytics, Inc. |
401 | 74,379 | ||||||||
|
|
|
|||||||||
| 233,080 | ||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5% |
||||||||||
| Advanced Micro Devices, Inc.* |
815 | 66,787 | ||||||||
| Lattice Semiconductor Corp.* |
2,475 | 71,688 | ||||||||
| Skyworks Solutions, Inc. |
692 | 100,669 | ||||||||
|
|
|
|||||||||
| 239,144 | ||||||||||
| SOFTWARE - 16.7% | ||||||||||
| Atlassian Corp. plc, Class A* |
1,256 | 228,304 | ||||||||
| Ceridian HCM Holding, Inc.* |
1,231 | 101,735 | ||||||||
| Datadog, Inc., Class A* |
829 | 84,645 | ||||||||
| Guidewire Software, Inc.* |
897 | 93,503 | ||||||||
| HubSpot, Inc.* |
557 | 162,873 | ||||||||
| Slack Technologies, Inc., Class A* |
1,946 | 52,273 | ||||||||
| Synopsys, Inc.* |
328 | 70,197 | ||||||||
| Tyler Technologies, Inc.* |
195 | 68,025 | ||||||||
| Zoom Video Communications, Inc., Class A* |
380 | 178,630 | ||||||||
| Zscaler, Inc.* |
656 | 92,323 | ||||||||
|
|
|
|||||||||
| 1,132,508 | ||||||||||
| SPECIALTY RETAIL - 1.4% | ||||||||||
| Burlington Stores, Inc.* |
474 | 97,630 | ||||||||
| TEXTILES, APPAREL & LUXURY GOODS - 0.5% |
||||||||||
| Lululemon Athletica, Inc.* |
107 | 35,327 | ||||||||
|
|
|
|||||||||
| Total common stocks |
|
6,653,248 | ||||||||
| SHORT-TERM INVESTMENTS - 2.1% | ||||||||||
| INVESTMENT COMPANIES - 2.1% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
49,406 | 49,406 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
47,952 | 47,952 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
47,952 | 47,952 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
145,310 | ||||||||
| Total investments - 100.1% |
|
6,798,558 | ||||||||
| Other assets less liabilities - (0.1%) |
|
(8,886 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(3) |
|
$ | 6,789,672 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications. |
| Security | Country | Trading Currency | ||||||||
| Adyen NV |
Netherlands | Euro | ||||||||
| Argenx SE |
Netherlands | U.S. dollar | ||||||||
| Ascendis Pharma A/S |
Denmark | U.S. dollar | ||||||||
| BioNTech SE |
Germany | U.S. dollar | ||||||||
| Genmab A/S |
Denmark | Danish krone | ||||||||
| Lonza Group AG |
Switzerland | Swiss franc | ||||||||
| Pagseguro Digital Ltd. |
Brazil | U.S. dollar | ||||||||
| (2) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $350,676, or 5.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (3) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviation | |||
| ADR |
American Depositary Receipt | ||
| 66 | Artisan Partners Funds |
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 557,828 | 8.2 | % | ||||||
| Consumer Discretionary |
743,203 | 10.9 | ||||||||
| Consumer Staples |
52,974 | 0.8 | ||||||||
| Financials |
153,778 | 2.3 | ||||||||
| Health Care |
1,868,792 | 27.5 | ||||||||
| Industrials |
828,651 | 12.2 | ||||||||
| Information Technology |
2,220,105 | 32.6 | ||||||||
| Materials |
53,276 | 0.8 | ||||||||
| Utilities |
174,641 | 2.6 | ||||||||
| Short-Term Investments |
145,310 | 2.1 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 6,798,558 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Danish krone |
$ | 193,633 | 2.9 | % | ||||||
| Euro |
57,593 | 0.8 | ||||||||
| Swiss franc |
99,450 | 1.5 | ||||||||
| U.S. dollar |
6,447,882 | 94.8 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 6,798,558 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||||
| Company Name |
Country | Percentage of Total Net Assets | ||||||||
| Global Payments, Inc. |
United States | 4.0 | % | |||||||
| Veeva Systems, Inc. |
United States | 4.0 | ||||||||
| Atlassian Corp. plc |
United States | 3.4 | ||||||||
| Genmab A/S |
Denmark | 2.9 | ||||||||
| DexCom, Inc. |
United States | 2.9 | ||||||||
| Zynga, Inc. |
United States | 2.8 | ||||||||
| Zoom Video Communications, Inc. |
United States | 2.6 | ||||||||
| HubSpot, Inc. |
United States | 2.4 | ||||||||
| Ascendis Pharma A/S |
Denmark | 2.3 | ||||||||
| West Pharmaceutical Services, Inc. |
United States | 2.3 | ||||||||
|
|
|
|||||||||
| Total |
29.6 | % | ||||||||
|
|
|
|||||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 67 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 98.4% | ||||||||||
| AIR FREIGHT & LOGISTICS - 2.6% | ||||||||||
| Expeditors International of Washington, Inc. |
488 | $ | 44,144 | |||||||
| AUTO COMPONENTS - 5.8% | ||||||||||
| BorgWarner, Inc. |
1,202 | 46,560 | ||||||||
| Gentex Corp. |
1,987 | 51,155 | ||||||||
|
|
|
|||||||||
| 97,715 | ||||||||||
| AUTOMOBILES - 3.7% | ||||||||||
| Thor Industries, Inc. |
654 | 62,318 | ||||||||
| BANKS - 5.0% | ||||||||||
| BOK Financial Corp. |
216 | 11,111 | ||||||||
| Fifth Third Bancorp |
1,981 | 42,225 | ||||||||
| M&T Bank Corp. |
329 | 30,297 | ||||||||
|
|
|
|||||||||
| 83,633 | ||||||||||
| CAPITAL MARKETS - 4.2% | ||||||||||
| Moelis & Co., Class A |
1,067 | 37,485 | ||||||||
| Northern Trust Corp. |
418 | 32,586 | ||||||||
|
|
|
|||||||||
| 70,071 | ||||||||||
| CHEMICALS - 4.5% | ||||||||||
| Axalta Coating Systems Ltd.* |
185 | 4,098 | ||||||||
| Celanese Corp. |
377 | 40,545 | ||||||||
| Corteva, Inc. |
1,072 | 30,886 | ||||||||
|
|
|
|||||||||
| 75,529 | ||||||||||
| CONSUMER FINANCE - 2.2% | ||||||||||
| Synchrony Financial |
1,393 | 36,461 | ||||||||
| DIVERSIFIED CONSUMER SERVICES - 1.6% | ||||||||||
| H&R Block, Inc. |
1,664 | 27,111 | ||||||||
| DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2% | ||||||||||
| GCI Liberty, Inc., Class A* |
239 | 19,624 | ||||||||
| ELECTRICAL EQUIPMENT - 1.9% | ||||||||||
| nVent Electric plc |
1,818 | 32,156 | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.0% |
||||||||||
| Arrow Electronics, Inc.* |
434 | 34,142 | ||||||||
| ENTERTAINMENT - 3.0% | ||||||||||
| Electronic Arts, Inc.* |
211 | 27,555 | ||||||||
| Lions Gate Entertainment Corp., Class A* |
1,196 | 11,339 | ||||||||
| Lions Gate Entertainment Corp., Class B* |
1,310 | 11,421 | ||||||||
|
|
|
|||||||||
| 50,315 | ||||||||||
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) - 6.2% | ||||||||||
| Lamar Advertising Co., Class A |
586 | 38,768 | ||||||||
| Public Storage |
103 | 22,994 | ||||||||
| STORE Capital Corp. |
669 | 18,339 | ||||||||
| Weyerhaeuser Co. |
824 | 23,497 | ||||||||
|
|
|
|||||||||
| 103,598 | ||||||||||
| FOOD & STAPLES RETAILING - 3.9% | ||||||||||
| Kroger Co. (The) |
1,083 | 36,714 | ||||||||
| Sysco Corp. |
462 | 28,741 | ||||||||
|
|
|
|||||||||
| 65,455 | ||||||||||
| FOOD PRODUCTS - 1.9% | ||||||||||
| Tyson Foods, Inc., Class A |
535 | 31,828 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 2.5% | ||||||||||
| DENTSPLY SIRONA, Inc. |
959 | 41,944 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES - 4.1% | ||||||||||
| AmerisourceBergen Corp. |
361 | 35,026 | ||||||||
| Centene Corp.* |
581 | 33,911 | ||||||||
|
|
|
|||||||||
| 68,937 | ||||||||||
| HOTELS, RESTAURANTS & LEISURE - 4.1% | ||||||||||
| Marriott International, Inc., Class A |
367 | 33,993 | ||||||||
| Vail Resorts, Inc. |
162 | 34,616 | ||||||||
|
|
|
|||||||||
| 68,609 | ||||||||||
| INSURANCE - 10.6% | ||||||||||
| Aon plc, Class A |
178 | 36,620 | ||||||||
| Arch Capital Group Ltd.* |
1,460 | 42,712 | ||||||||
| Globe Life, Inc. |
624 | 49,853 | ||||||||
| Progressive Corp. (The) |
508 | 48,071 | ||||||||
|
|
|
|||||||||
| 177,256 | ||||||||||
| INTERACTIVE MEDIA & SERVICES - 3.8% | ||||||||||
| IAC/InterActiveCorp* |
342 | 40,933 | ||||||||
| Match Group, Inc.* |
215 | 23,752 | ||||||||
|
|
|
|||||||||
| 64,685 | ||||||||||
| INTERNET & DIRECT MARKETING RETAIL - 3.1% | ||||||||||
| Expedia Group, Inc. |
560 | 51,383 | ||||||||
| MACHINERY - 1.5% | ||||||||||
| Otis Worldwide Corp. |
416 | 25,979 | ||||||||
| MARINE - 0.5% | ||||||||||
| Kirby Corp.* |
232 | 8,385 | ||||||||
| MEDIA - 3.9% | ||||||||||
| News Corp., Class A |
2,559 | 35,877 | ||||||||
| Omnicom Group, Inc. |
591 | 29,252 | ||||||||
|
|
|
|||||||||
| 65,129 | ||||||||||
| 68 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| ROAD & RAIL - 3.1% | ||||||||||
| AMERCO |
148 | $ | 52,624 | |||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8% | ||||||||||
| Analog Devices, Inc. |
540 | 63,032 | ||||||||
| SPECIALTY RETAIL - 3.9% | ||||||||||
| AutoNation, Inc.* |
1,226 | 64,882 | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.3% | ||||||||||
| NetApp, Inc. |
509 | 22,306 | ||||||||
| TRADING COMPANIES & DISTRIBUTORS - 2.5% | ||||||||||
| Air Lease Corp. |
1,431 | 42,102 | ||||||||
|
|
|
|||||||||
| Total common stocks |
|
1,651,353 | ||||||||
| SHORT-TERM INVESTMENTS - 1.9% | ||||||||||
| INVESTMENT COMPANIES - 1.9% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
10,834 | 10,834 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
10,516 | 10,516 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
10,516 | 10,516 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
31,866 | ||||||||
| Total investments - 100.3% |
|
1,683,219 | ||||||||
| Other assets less liabilities - (0.3%) |
|
(4,458 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(1) |
|
$ | 1,678,761 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 199,753 | 11.9 | % | ||||||
| Consumer Discretionary |
372,018 | 22.1 | ||||||||
| Consumer Staples |
97,283 | 5.8 | ||||||||
| Financials |
367,421 | 21.8 | ||||||||
| Health Care |
110,881 | 6.6 | ||||||||
| Industrials |
205,390 | 12.2 | ||||||||
| Information Technology |
119,480 | 7.1 | ||||||||
| Materials |
75,529 | 4.5 | ||||||||
| Real Estate |
103,598 | 6.1 | ||||||||
| Short-Term Investments |
31,866 | 1.9 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 1,683,219 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||
| Company Name |
Country |
Percentage of Total Net Assets | ||||||
| AutoNation, Inc. |
United States | 3.9 | % | |||||
| Analog Devices, Inc. |
United States | 3.8 | ||||||
| Thor Industries, Inc. |
United States | 3.7 | ||||||
| AMERCO |
United States | 3.1 | ||||||
| Expedia Group, Inc. |
United States | 3.1 | ||||||
| Gentex Corp. |
United States | 3.0 | ||||||
| Globe Life, Inc. |
United States | 3.0 | ||||||
| Progressive Corp. (The) |
United States | 2.9 | ||||||
| BorgWarner, Inc. |
United States | 2.8 | ||||||
| Expeditors International of Washington, Inc. |
United States | 2.6 | ||||||
|
|
|
|||||||
| Total |
31.9 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 69 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 92.2% | ||||||||||
| AEROSPACE & DEFENSE - 1.9% | ||||||||||
| BAE Systems plc(1)(2) |
41 | $ | 251 | |||||||
| AIR FREIGHT & LOGISTICS - 5.6% | ||||||||||
| FedEx Corp. |
3 | 726 | ||||||||
| AIRLINES - 2.0% | ||||||||||
| Southwest Airlines Co. |
7 | 263 | ||||||||
| BANKS - 3.9% | ||||||||||
| Citigroup, Inc. |
12 | 512 | ||||||||
| CAPITAL MARKETS - 3.8% | ||||||||||
| Bank of New York Mellon Corp. (The) |
14 | 497 | ||||||||
| CONSTRUCTION MATERIALS - 4.0% | ||||||||||
| HeidelbergCement AG(1)(2) |
8 | 519 | ||||||||
| CONSUMER FINANCE - 4.9% | ||||||||||
| American Express Co. |
6 | 635 | ||||||||
| DIVERSIFIED FINANCIAL SERVICES - 5.6% | ||||||||||
| Berkshire Hathaway, Inc., Class B* |
3 | 726 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 5.7% | ||||||||||
| DENTSPLY SIRONA, Inc. |
17 | 739 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES - 5.3% | ||||||||||
| Anthem, Inc. |
3 | 692 | ||||||||
| INSURANCE - 7.6% | ||||||||||
| Marsh & McLennan Cos., Inc. |
4 | 412 | ||||||||
| Progressive Corp. (The) |
6 | 572 | ||||||||
|
|
|
|||||||||
| 984 | ||||||||||
| INTERACTIVE MEDIA & SERVICES - 10.4% | ||||||||||
| Alphabet, Inc., Class A* |
– | (3) | 712 | |||||||
| Facebook, Inc., Class A* |
2 | 649 | ||||||||
|
|
|
|||||||||
| 1,361 | ||||||||||
| INTERNET & DIRECT MARKETING RETAIL - 8.8% | ||||||||||
| Booking Holdings, Inc.* |
– | (3) | 650 | |||||||
| Expedia Group, Inc. |
5 | 494 | ||||||||
|
|
|
|||||||||
| 1,144 | ||||||||||
| IT SERVICES - 9.5% | ||||||||||
| Cognizant Technology Solutions Corp., Class A |
11 | 744 | ||||||||
| IT SERVICES (CONTINUED) | ||||||||||
| Visa, Inc., Class A |
2 | 495 | ||||||||
|
|
|
|||||||||
| 1,239 | ||||||||||
| SPECIALTY RETAIL - 4.4% | ||||||||||
| Advance Auto Parts, Inc. |
4 | 567 | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.9% | ||||||||||
| Samsung Electronics Co. Ltd.(1)(2) |
13 | 640 | ||||||||
| TEXTILES, APPAREL & LUXURY GOODS - 3.9% | ||||||||||
| Cie Financiere Richemont SA(1)(2) |
8 | 512 | ||||||||
|
|
|
|||||||||
| Total common stocks |
|
12,007 | ||||||||
| SHORT-TERM INVESTMENTS - 8.5% | ||||||||||
| INVESTMENT COMPANIES - 8.5% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
376 | 376 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
364 | 364 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
365 | 365 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
1,105 | ||||||||
| Total investments - 100.7% |
|
13,112 | ||||||||
| Other assets less liabilities - (0.7%) |
|
(85 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(4) |
|
$ | 13,027 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications. |
| Security | Country | Trading Currency | ||||||||
| BAE Systems plc |
United Kingdom | British pound | ||||||||
| Cie Financiere Richemont SA |
Switzerland | Swiss franc | ||||||||
| HeidelbergCement AG |
Germany | Euro | ||||||||
| Samsung Electronics Co. Ltd. |
South Korea | Korean won | ||||||||
| 70 | Artisan Partners Funds |
| (2) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,922, or 14.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (3) | Amount less than one. |
| (4) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 1,361 | 10.4 | % | ||||||
| Consumer Discretionary |
2,223 | 16.9 | ||||||||
| Financials |
3,354 | 25.6 | ||||||||
| Health Care |
1,431 | 10.9 | ||||||||
| Industrials |
1,240 | 9.5 | ||||||||
| Information Technology |
1,879 | 14.3 | ||||||||
| Materials |
519 | 4.0 | ||||||||
| Short-Term Investments |
1,105 | 8.4 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 13,112 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| British pound |
$ | 251 | 1.9 | % | ||||||
| Euro |
519 | 4.0 | ||||||||
| Korean won |
640 | 4.9 | ||||||||
| Swiss franc |
512 | 3.9 | ||||||||
| U.S. dollar |
11,190 | 85.3 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 13,112 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | |||||||
| Company Name |
Country |
Percentage of Total Net Assets | |||||
| Cognizant Technology Solutions Corp. |
United States | 5.7 | % | ||||
| DENTSPLY SIRONA, Inc. |
United States | 5.7 | |||||
| FedEx Corp. |
United States | 5.6 | |||||
| Berkshire Hathaway, Inc. |
United States | 5.6 | |||||
| Alphabet, Inc. |
United States | 5.4 | |||||
| Anthem, Inc. |
United States | 5.3 | |||||
| Booking Holdings, Inc. |
United States | 5.0 | |||||
| Facebook, Inc. |
United States | 5.0 | |||||
| Samsung Electronics Co. Ltd. |
South Korea | 4.9 | |||||
| American Express Co. |
United States | 4.9 | |||||
|
|
|
||||||
| Total |
53.1 | % | |||||
|
|
|
||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 71 |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 98.4% | ||||||||||
| AEROSPACE & DEFENSE - 3.8% | ||||||||||
| BWX Technologies, Inc. |
500 | $ | 28,179 | |||||||
| Teledyne Technologies, Inc.* |
276 | 85,604 | ||||||||
|
|
|
|||||||||
| 113,783 | ||||||||||
| BIOTECHNOLOGY - 18.2% | ||||||||||
| Acceleron Pharma, Inc.* |
417 | 46,974 | ||||||||
| Argenx SE, ADR*(1) |
331 | 86,905 | ||||||||
| Ascendis Pharma A/S, ADR*(1) |
583 | 89,935 | ||||||||
| Halozyme Therapeutics, Inc.* |
4,517 | 118,719 | ||||||||
| Invitae Corp.* |
526 | 22,802 | ||||||||
| Iovance Biotherapeutics, Inc.* |
1,701 | 56,008 | ||||||||
| Orchard Therapeutics plc, ADR*(1) |
1,627 | 6,686 | ||||||||
| Radius Health, Inc.* |
782 | 8,863 | ||||||||
| Sage Therapeutics, Inc.* |
196 | 11,954 | ||||||||
| Twist Bioscience Corp.* |
172 | 13,104 | ||||||||
| Veracyte, Inc.* |
2,068 | 67,197 | ||||||||
| Y-mAbs Therapeutics, Inc.* |
436 | 16,741 | ||||||||
|
|
|
|||||||||
| 545,888 | ||||||||||
| BUILDING PRODUCTS - 1.1% | ||||||||||
| Advanced Drainage Systems, Inc. |
240 | 14,956 | ||||||||
| Trex Co., Inc.* |
253 | 18,092 | ||||||||
|
|
|
|||||||||
| 33,048 | ||||||||||
| CAPITAL MARKETS - 0.8% | ||||||||||
| Morningstar, Inc. |
156 | 25,090 | ||||||||
| DIVERSIFIED CONSUMER SERVICES - 6.4% | ||||||||||
| Bright Horizons Family Solutions, Inc.* |
311 | 47,257 | ||||||||
| Chegg, Inc.* |
2,042 | 145,884 | ||||||||
|
|
|
|||||||||
| 193,141 | ||||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9% |
||||||||||
| Cognex Corp. |
336 | 21,899 | ||||||||
| Novanta, Inc.* |
612 | 64,457 | ||||||||
|
|
|
|||||||||
| 86,356 | ||||||||||
| ENTERTAINMENT - 3.4% | ||||||||||
| Zynga, Inc., Class A* |
11,103 | 101,262 | ||||||||
| FOOD & STAPLES RETAILING - 1.4% | ||||||||||
| Casey’s General Stores, Inc. |
234 | 41,505 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 5.5% | ||||||||||
| Glaukos Corp.* |
775 | 38,402 | ||||||||
| iRhythm Technologies, Inc.* |
244 | 58,005 | ||||||||
| Mesa Laboratories, Inc. |
77 | 19,562 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES (CONTINUED) | ||||||||||
| Shockwave Medical, Inc.* |
284 | 21,554 | ||||||||
| Vapotherm, Inc.* |
934 | 27,091 | ||||||||
|
|
|
|||||||||
| 164,614 | ||||||||||
| HEALTH CARE TECHNOLOGY - 1.0% | ||||||||||
| Tabula Rasa HealthCare, Inc.* |
748 | 30,481 | ||||||||
| HOTELS, RESTAURANTS & LEISURE - 1.7% | ||||||||||
| Papa John’s International, Inc. |
310 | 25,526 | ||||||||
| Wingstop, Inc. |
190 | 25,915 | ||||||||
|
|
|
|||||||||
| 51,441 | ||||||||||
| INSURANCE - 0.3% | ||||||||||
| Lemonade, Inc.* |
188 | 9,344 | ||||||||
| IT SERVICES - 1.9% | ||||||||||
| Evo Payments, Inc., Class A* |
871 | 21,644 | ||||||||
| LiveRamp Holdings, Inc.* |
673 | 34,827 | ||||||||
|
|
|
|||||||||
| 56,471 | ||||||||||
| LEISURE PRODUCTS - 0.6% | ||||||||||
| YETI Holdings, Inc.* |
378 | 17,137 | ||||||||
| LIFE SCIENCES TOOLS & SERVICES - 4.5% | ||||||||||
| Adaptive Biotechnologies Corp.* |
404 | 19,664 | ||||||||
| NeoGenomics, Inc.* |
2,770 | 102,188 | ||||||||
| Repligen Corp.* |
99 | 14,657 | ||||||||
|
|
|
|||||||||
| 136,509 | ||||||||||
| MACHINERY - 3.9% | ||||||||||
| Ingersoll Rand, Inc.* |
1,724 | 61,369 | ||||||||
| John Bean Technologies Corp. |
621 | 57,094 | ||||||||
|
|
|
|||||||||
| 118,463 | ||||||||||
| MEDIA - 1.4% | ||||||||||
| New York Times Co. (The), Class A |
981 | 41,971 | ||||||||
| MULTILINE RETAIL - 2.6% | ||||||||||
| Ollie’s Bargain Outlet Holdings, Inc.* |
894 | 78,080 | ||||||||
| PHARMACEUTICALS - 0.9% | ||||||||||
| MyoKardia, Inc.* |
154 | 21,003 | ||||||||
| Tricida, Inc.* |
729 | 6,603 | ||||||||
|
|
|
|||||||||
| 27,606 | ||||||||||
| PROFESSIONAL SERVICES - 2.5% | ||||||||||
| Clarivate plc*(1) |
2,443 | 75,713 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.5% |
||||||||||
| Cree, Inc.* |
816 | 51,987 | ||||||||
| 72 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (CONTINUED) |
||||||||||
| Lattice Semiconductor Corp.* |
2,331 | $ | 67,504 | |||||||
| Monolithic Power Systems, Inc. |
265 | 74,183 | ||||||||
|
|
|
|||||||||
| 193,674 | ||||||||||
| SOFTWARE - 25.7% | ||||||||||
| Avalara, Inc.* |
455 | 57,883 | ||||||||
| Bentley Systems, Inc., Class B* |
94 | 2,944 | ||||||||
| Blackline, Inc.* |
1,245 | 111,625 | ||||||||
| Guidewire Software, Inc.* |
679 | 70,839 | ||||||||
| HubSpot, Inc.* |
393 | 114,701 | ||||||||
| JFrog Ltd.*(1) |
193 | 16,331 | ||||||||
| LivePerson, Inc.* |
1,906 | 99,114 | ||||||||
| Q2 Holdings, Inc.* |
1,195 | 109,022 | ||||||||
| RealPage, Inc.* |
433 | 24,960 | ||||||||
| Smartsheet, Inc., Class A* |
299 | 14,786 | ||||||||
| Sumo Logic, Inc.* |
307 | 6,687 | ||||||||
| Tyler Technologies, Inc.* |
180 | 62,721 | ||||||||
| Zscaler, Inc.* |
567 | 79,722 | ||||||||
|
|
|
|||||||||
| 771,335 | ||||||||||
| SPECIALTY RETAIL - 1.4% | ||||||||||
| Floor & Decor Holdings, Inc., Class A* |
547 | 40,880 | ||||||||
|
|
|
|||||||||
| Total common stocks |
|
2,953,792 | ||||||||
| SHORT-TERM INVESTMENTS - 2.4% | ||||||||||
| INVESTMENT COMPANIES - 2.4% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
24,368 | 24,368 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
23,652 | 23,652 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
23,651 | 23,651 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
71,671 | ||||||||
| Total investments - 100.8% |
|
3,025,463 | ||||||||
| Other assets less liabilities - (0.8%) |
|
(23,471 | ) | |||||||
|
|
|
|||||||||
| Total net assets - 100.0%(2) |
|
$ | 3,001,992 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications. |
| Security | Country |
Trading Currency | |||||
| Argenx SE |
Netherlands | U.S. dollar | |||||
| Ascendis Pharma A/S |
Denmark | U.S. dollar | |||||
| Clarivate plc |
United Kingdom | U.S. dollar | |||||
| JFrog Ltd. |
Israel | U.S. dollar | |||||
| Orchard Therapeutics plc |
United Kingdom | U.S. dollar | |||||
| (2) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviation | |||
| ADR |
American Depositary Receipt | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 143,233 | 4.7 | % | ||||||
| Consumer Discretionary |
380,679 | 12.6 | ||||||||
| Consumer Staples |
41,505 | 1.4 | ||||||||
| Financials |
34,434 | 1.1 | ||||||||
| Health Care |
905,098 | 29.9 | ||||||||
| Industrials |
341,007 | 11.3 | ||||||||
| Information Technology |
1,107,836 | 36.6 | ||||||||
| Short-Term Investments |
71,671 | 2.4 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 3,025,463 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TOP TEN HOLDINGS | ||||||||
| Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Chegg, Inc. |
United States | 4.9 | % | |||||
| Halozyme Therapeutics, Inc. |
United States | 4.0 | ||||||
| HubSpot, Inc. |
United States | 3.8 | ||||||
| Blackline, Inc. |
United States | 3.7 | ||||||
| Q2 Holdings, Inc. |
United States | 3.6 | ||||||
| NeoGenomics, Inc. |
United States | 3.4 | ||||||
| Zynga, Inc. |
United States | 3.4 | ||||||
| LivePerson, Inc. |
United States | 3.3 | ||||||
| Ascendis Pharma A/S |
Denmark | 3.0 | ||||||
| Argenx SE |
Netherlands | 2.9 | ||||||
|
|
|
|||||||
| Total |
36.0 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 73 |
Artisan Sustainable Emerging Markets Fund
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 99.0% | ||||||||||
| ARGENTINA - 4.8% | ||||||||||
| Despegar.com Corp.* |
40 | $ | 253 | |||||||
| Globant SA* |
3 | 593 | ||||||||
| MercadoLibre, Inc.* |
2 | 1,698 | ||||||||
|
|
|
|||||||||
| 2,544 | ||||||||||
| BRAZIL - 3.7% | ||||||||||
| Arco Platform Ltd., Class A* |
10 | 390 | ||||||||
| Cia Energetica de Minas Gerais (Preference)* |
127 | 228 | ||||||||
| Itau Unibanco Holding SA (Preference) |
116 | 467 | ||||||||
| Petroleo Brasileiro SA |
96 | 341 | ||||||||
| Vale SA |
50 | 529 | ||||||||
|
|
|
|||||||||
| 1,955 | ||||||||||
| CHILE - 1.0% | ||||||||||
| Empresa Nacional de Telecomunicaciones SA |
87 | 540 | ||||||||
| CHINA - 28.7% | ||||||||||
| Alibaba Group Holding Ltd., ADR* |
19 | 5,559 | ||||||||
| Alibaba Group Holding Ltd.*(1) |
25 | 913 | ||||||||
| Baidu, Inc., ADR* |
5 | 625 | ||||||||
| Baozun, Inc., ADR* |
13 | 419 | ||||||||
| China Life Insurance Co. Ltd., Class H(1) |
262 | 594 | ||||||||
| China Traditional Chinese Medicine Holdings Co. Ltd.(1) |
1,448 | 607 | ||||||||
| Estun Automation Co. Ltd., Class A*(1) |
302 | 871 | ||||||||
| iQIYI, Inc., ADR* |
19 | 428 | ||||||||
| Noah Holdings Ltd., ADR* |
20 | 527 | ||||||||
| Prosus NV*(1) |
19 | 1,777 | ||||||||
| Sinopharm Group Co. Ltd., Class H(1) |
198 | 420 | ||||||||
| Tencent Music Entertainment Group, ADR* |
20 | 300 | ||||||||
| Trip.com Group Ltd., ADR* |
22 | 676 | ||||||||
| Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A(1) |
51 | 466 | ||||||||
| Zhuzhou CRRC Times Electric Co. Ltd., Class H(1) |
322 | 1,085 | ||||||||
|
|
|
|||||||||
| 15,267 | ||||||||||
| COLOMBIA - 0.7% | ||||||||||
| Banco Davivienda SA (Preference) |
50 | 357 | ||||||||
| GREECE - 1.7% | ||||||||||
| Alpha Bank AE*(1) |
391 | 237 | ||||||||
| JUMBO SA(1) |
38 | 664 | ||||||||
|
|
|
|||||||||
| 901 | ||||||||||
| HONG KONG - 4.3% | ||||||||||
| AIA Group Ltd.(1) |
91 | 897 | ||||||||
| China High Precision Automation Group Ltd.*(2) |
9,066 | - | ||||||||
| HONG KONG (CONTINUED) | ||||||||||
| Sino Biopharmaceutical Ltd.(1) |
1,282 | 1,405 | ||||||||
|
|
|
|||||||||
| 2,302 | ||||||||||
| INDIA - 9.8% | ||||||||||
| Havells India Ltd.(1) |
63 | 584 | ||||||||
| ICICI Bank Ltd.*(1) |
173 | 838 | ||||||||
| Kajaria Ceramics Ltd.(1) |
104 | 783 | ||||||||
| Metropolis Healthcare Ltd.(1) |
20 | 495 | ||||||||
| Reliance Industries Ltd.(1) |
68 | 2,059 | ||||||||
| Westlife Development Ltd.*(1) |
84 | 454 | ||||||||
|
|
|
|||||||||
| 5,213 | ||||||||||
| INDONESIA - 3.0% | ||||||||||
| Astra International Tbk. PT(1) |
1,023 | 308 | ||||||||
| Bank Rakyat Indonesia Persero Tbk. PT(1) |
2,319 | 475 | ||||||||
| Indofood CBP Sukses Makmur Tbk. PT(1) |
612 | 414 | ||||||||
| Telekomunikasi Indonesia Persero Tbk. PT(1) |
2,357 | 407 | ||||||||
|
|
|
|||||||||
| 1,604 | ||||||||||
| MALAYSIA - 0.9% | ||||||||||
| Public Bank Bhd.(1) |
124 | 469 | ||||||||
| MEXICO - 1.5% | ||||||||||
| Cemex SAB de CV |
955 | 362 | ||||||||
| Fomento Economico Mexicano SAB de CV |
80 | 451 | ||||||||
|
|
|
|||||||||
| 813 | ||||||||||
| PANAMA - 0.6% | ||||||||||
| Copa Holdings SA, Class A |
7 | 342 | ||||||||
| PERU - 0.9% | ||||||||||
| Credicorp Ltd. |
4 | 469 | ||||||||
| RUSSIA - 8.4% | ||||||||||
| Lukoil PJSC, ADR(1) |
14 | 810 | ||||||||
| MMC Norilsk Nickel PJSC, ADR(1) |
28 | 673 | ||||||||
| Polyus PJSC, GDR(1) |
15 | 1,624 | ||||||||
| Sberbank of Russia PJSC(1) |
272 | 798 | ||||||||
| Yandex NV, Class A* |
9 | 593 | ||||||||
|
|
|
|||||||||
| 4,498 | ||||||||||
| SAUDI ARABIA - 0.5% | ||||||||||
| Leejam Sports Co. JSC(1) |
13 | 240 | ||||||||
| South Africa - 1.8% | ||||||||||
| FIRSTRAND LTD.(1) |
202 | 496 | ||||||||
| Foschini Group Ltd. (The)(1) |
97 | 476 | ||||||||
|
|
|
|||||||||
| 972 | ||||||||||
| SOUTH KOREA - 11.1% | ||||||||||
| BGF retail Co. Ltd.(1) |
5 | 486 | ||||||||
| 74 | Artisan Partners Funds |
| Shares Held |
Value | |||||||||
| SOUTH KOREA (CONTINUED) | ||||||||||
| Big Hit Entertainment Co. Ltd.*(1) |
2 | $ | 201 | |||||||
| Samsung Biologics Co. Ltd.*(1) |
2 | 1,001 | ||||||||
| Samsung Electronics Co. Ltd.(1) |
75 | 3,769 | ||||||||
| Shinhan Financial Group Co. Ltd.(1) |
18 | 427 | ||||||||
|
|
|
|||||||||
| 5,884 | ||||||||||
| TAIWAN - 14.7% | ||||||||||
| E Ink Holdings, Inc.(1) |
708 | 933 | ||||||||
| MediaTek, Inc.(1) |
58 | 1,219 | ||||||||
| Sea Ltd., ADR* |
2 | 316 | ||||||||
| Sunny Friend Environmental Technology Co. Ltd.(1) |
123 | 978 | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd.(1) |
292 | 4,380 | ||||||||
|
|
|
|||||||||
| 7,826 | ||||||||||
| THAILAND - 0.4% | ||||||||||
| Bangkok Bank PCL(1) |
66 | 200 | ||||||||
| TURKEY - 0.5% | ||||||||||
| Turkiye Sinai Kalkinma Bankasi A/S*(1) |
1,951 | 280 | ||||||||
|
|
|
|||||||||
| Total common stocks |
|
52,676 | ||||||||
| SHORT-TERM INVESTMENTS - 1.0% | ||||||||||
| INVESTMENT COMPANIES - 1.0% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
186 | 186 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
180 | 180 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
180 | 180 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
546 | ||||||||
|
|
|
|||||||||
| Total investments - 100.0% |
|
53,222 | ||||||||
| Other assets less liabilities - 0.0%(3) |
|
14 | ||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(4) |
|
$ | 53,236 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $36,213, or 68.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (2) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (3) | Amount rounds to less than 0.1%. |
| (4) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviations | |||
| ADR |
American Depositary Receipt | ||
| GDR |
Global Depositary Receipt | ||
| Preference |
A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference. | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 3,410 | 6.4 | % | ||||||
| Consumer Discretionary |
13,827 | 26.0 | ||||||||
| Consumer Staples |
1,351 | 2.6 | ||||||||
| Energy |
3,210 | 6.0 | ||||||||
| Financials |
7,531 | 14.2 | ||||||||
| Health Care |
3,928 | 7.4 | ||||||||
| Industrials |
4,643 | 8.7 | ||||||||
| Information Technology |
11,360 | 21.3 | ||||||||
| Materials |
3,188 | 6.0 | ||||||||
| Utilities |
228 | 0.4 | ||||||||
| Short-Term Investments |
546 | 1.0 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 53,222 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Brazilian real |
$ | 1,565 | 3.0 | % | ||||||
| Chilean peso |
540 | 1.0 | ||||||||
| Chinese yuan renminbi offshore |
1,337 | 2.5 | ||||||||
| Colombian peso |
357 | 0.7 | ||||||||
| Euro |
2,678 | 5.0 | ||||||||
| Hong Kong dollar |
5,921 | 11.1 | ||||||||
| Indian rupee |
5,213 | 9.8 | ||||||||
| Indonesian rupiah |
1,604 | 3.0 | ||||||||
| Korean won |
5,884 | 11.1 | ||||||||
| Malaysian ringgit |
469 | 0.9 | ||||||||
| Mexican peso |
813 | 1.5 | ||||||||
| New Taiwan dollar |
7,510 | 14.1 | ||||||||
| Saudi riyal |
240 | 0.5 | ||||||||
| South African rand |
972 | 1.8 | ||||||||
| Thai baht |
200 | 0.4 | ||||||||
| Turkish lira |
280 | 0.5 | ||||||||
| U.S. dollar |
17,639 | 33.1 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 53,222 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| Artisan Partners Funds | 75 |
| TOP TEN HOLDINGS | ||||||||
|
Company Name |
Country |
Percentage of Total Net Assets | ||||||
| Alibaba Group Holding Ltd. |
China | 12.2 | % | |||||
| Taiwan Semiconductor Manufacturing Co. Ltd. |
Taiwan | 8.2 | ||||||
| Samsung Electronics Co. Ltd. |
South Korea | 7.1 | ||||||
| Reliance Industries Ltd. |
India | 3.9 | ||||||
| Prosus NV |
China | 3.3 | ||||||
| MercadoLibre, Inc. |
Argentina | 3.2 | ||||||
| Polyus PJSC |
Russia | 3.1 | ||||||
| Sino Biopharmaceutical Ltd. |
Hong Kong | 2.6 | ||||||
| MediaTek, Inc. |
Taiwan | 2.3 | ||||||
| Zhuzhou CRRC Times Electric Co. Ltd. |
China | 2.0 | ||||||
|
|
|
|||||||
| Total |
47.9 | % | ||||||
|
|
|
|||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| 76 | Artisan Partners Funds |
Schedule of Investments – September 30, 2020
Shares and dollar values in thousands
| Shares Held |
Value | |||||||||
| COMMON STOCKS - 95.4% | ||||||||||
| AEROSPACE & DEFENSE - 5.0% | ||||||||||
| Airbus SE*(1)(2) |
81 | $ | 5,893 | |||||||
| Raytheon Technologies Corp. |
146 | 8,412 | ||||||||
|
|
|
|||||||||
| 14,305 | ||||||||||
| AIR FREIGHT & LOGISTICS - 5.5% | ||||||||||
| FedEx Corp. |
62 | 15,699 | ||||||||
| AUTO COMPONENTS - 1.8% | ||||||||||
| Cie Generale des Etablissements Michelin SCA(1)(2) |
48 | 5,125 | ||||||||
| BANKS - 1.3% | ||||||||||
| Citigroup, Inc. |
89 | 3,832 | ||||||||
| BIOTECHNOLOGY - 1.5% | ||||||||||
| AbbVie, Inc. |
48 | 4,187 | ||||||||
| CAPITAL MARKETS - 6.8% | ||||||||||
| Blackstone Group, Inc. (The), Class A |
29 | 1,490 | ||||||||
| E*TRADE Financial Corp. |
181 | 9,067 | ||||||||
| Goldman Sachs Group, Inc. (The) |
45 | 9,048 | ||||||||
|
|
|
|||||||||
| 19,605 | ||||||||||
| CHEMICALS - 2.6% | ||||||||||
| Celanese Corp. |
46 | 4,919 | ||||||||
| DuPont de Nemours, Inc. |
46 | 2,529 | ||||||||
|
|
|
|||||||||
| 7,448 | ||||||||||
| COMMUNICATIONS EQUIPMENT - 2.8% | ||||||||||
| Cisco Systems, Inc. |
200 | 7,895 | ||||||||
| CONSUMER FINANCE - 2.3% | ||||||||||
| Synchrony Financial |
248 | 6,499 | ||||||||
| DIVERSIFIED FINANCIAL SERVICES - 5.0% | ||||||||||
| Berkshire Hathaway, Inc., Class B* |
68 | 14,408 | ||||||||
| DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3% | ||||||||||
| GCI Liberty, Inc., Class A* |
9 | 754 | ||||||||
| ENTERTAINMENT - 1.8% | ||||||||||
| Electronic Arts, Inc.* |
39 | 5,022 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 2.6% | ||||||||||
| Medtronic plc |
72 | 7,524 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES - 3.2% | ||||||||||
| Fresenius Medical Care AG & Co. KGaA(1)(2) |
107 | 9,051 | ||||||||
| HOTELS, RESTAURANTS & LEISURE - 5.0% | ||||||||||
| Compass Group plc(1)(2) |
534 | 8,019 | ||||||||
| Marriott International, Inc., Class A |
69 | 6,389 | ||||||||
|
|
|
|||||||||
| 14,408 | ||||||||||
| INSURANCE - 2.9% | ||||||||||
| Arch Capital Group Ltd.* |
280 | 8,201 | ||||||||
| INTERACTIVE MEDIA & SERVICES - 8.1% | ||||||||||
| Alphabet, Inc., Class C* |
12 | 17,885 | ||||||||
| Facebook, Inc., Class A* |
21 | 5,373 | ||||||||
|
|
|
|||||||||
| 23,258 | ||||||||||
| INTERNET & DIRECT MARKETING RETAIL - 4.2% | ||||||||||
| Booking Holdings, Inc.* |
7 | 12,033 | ||||||||
| MACHINERY - 0.9% | ||||||||||
| Otis Worldwide Corp. |
43 | 2,695 | ||||||||
| MEDIA - 4.4% | ||||||||||
| Comcast Corp., Class A |
272 | 12,603 | ||||||||
| OIL, GAS & CONSUMABLE FUELS - 1.4% | ||||||||||
| EOG Resources, Inc. |
115 | 4,142 | ||||||||
| PHARMACEUTICALS - 2.8% | ||||||||||
| Sanofi(1)(2) |
80 | 8,000 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5% | ||||||||||
| NXP Semiconductors NV(1) |
56 | 7,038 | ||||||||
| SOFTWARE - 2.2% | ||||||||||
| Oracle Corp. |
106 | 6,299 | ||||||||
| SPECIALTY RETAIL - 3.5% | ||||||||||
| AutoNation, Inc.* |
188 | 9,946 | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.5% |
||||||||||
| Apple, Inc. |
36 | 4,151 | ||||||||
| Samsung Electronics Co. Ltd. (Preference)(1)(2) |
202 | 8,724 | ||||||||
|
|
|
|||||||||
| 12,875 | ||||||||||
| TOBACCO - 7.8% | ||||||||||
| Altria Group, Inc. |
200 | 7,727 | ||||||||
| Philip Morris International, Inc. |
112 | 8,373 | ||||||||
| Swedish Match AB(1)(2) |
78 | 6,331 | ||||||||
|
|
|
|||||||||
| 22,431 | ||||||||||
| Artisan Partners Funds | 77 |
| Shares Held |
Value | |||||||||
| TRADING COMPANIES & DISTRIBUTORS - 2.7% | ||||||||||
| Air Lease Corp. |
264 | $ | 7,762 | |||||||
|
|
|
|||||||||
| Total common stocks |
|
273,045 | ||||||||
| SHORT-TERM INVESTMENTS - 4.6% | ||||||||||
| INVESTMENT COMPANIES - 4.6% | ||||||||||
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04% |
4,449 | 4,449 | ||||||||
| Federated Treasury Obligations Fund - Institutional Class, 0.01% |
4,319 | 4,319 | ||||||||
| Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02% |
4,319 | 4,319 | ||||||||
|
|
|
|||||||||
| Total short-term investments |
|
13,087 | ||||||||
| Total investments - 100.0% |
|
286,132 | ||||||||
| Other assets less liabilities - 0.0%(3) |
|
60 | ||||||||
|
|
|
|||||||||
| Total net assets - 100.0%(4) |
|
$ | 286,192 | |||||||
|
|
|
|||||||||
| * | Non-income producing security. |
| (1) | The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications. |
| Security | Country | Trading Currency | ||||||||
| Airbus SE |
France | Euro | ||||||||
| Cie Generale des Etablissements Michelin SCA |
France | Euro | ||||||||
| Compass Group plc |
United Kingdom | British pound | ||||||||
| Fresenius Medical Care AG & Co. KGaA |
Germany | Euro | ||||||||
| NXP Semiconductors NV |
Netherlands | U.S. dollar | ||||||||
| Samsung Electronics Co. Ltd. (Preference) |
South Korea | Korean won | ||||||||
| Sanofi |
France | Euro | ||||||||
| Swedish Match AB |
Sweden | Swedish krona | ||||||||
| (2) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $51,143, or 17.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| (3) | Amount rounds to less than 0.1%. |
| (4) | Percentages for the various classifications relate to total net assets. |
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
| Abbreviation | |||
| Preference |
A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference. | ||
| PORTFOLIO DIVERSIFICATION | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| Communication Services |
$ | 41,637 | 14.5 | % | ||||||
| Consumer Discretionary |
41,512 | 14.5 | ||||||||
| Consumer Staples |
22,431 | 7.8 | ||||||||
| Energy |
4,142 | 1.5 | ||||||||
| Financials |
52,545 | 18.4 | ||||||||
| Health Care |
28,762 | 10.1 | ||||||||
| Industrials |
40,461 | 14.1 | ||||||||
| Information Technology |
34,107 | 11.9 | ||||||||
| Materials |
7,448 | 2.6 | ||||||||
| Short-Term Investments |
13,087 | 4.6 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 286,132 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| TRADING CURRENCIES | ||||||||||
| Dollar values in thousands |
| |||||||||
| Value | Percentage of Total Investments | |||||||||
| British pound |
$ | 8,019 | 2.8 | % | ||||||
| Euro |
28,069 | 9.8 | ||||||||
| Korean won |
8,724 | 3.1 | ||||||||
| Swedish krona |
6,331 | 2.2 | ||||||||
| U.S. dollar |
234,989 | 82.1 | ||||||||
|
|
|
|
|
|||||||
| Total investments |
$ | 286,132 | 100.0 | % | ||||||
|
|
|
|
|
|||||||
| 78 | Artisan Partners Funds |
| TOP TEN HOLDINGS | |||||||
| Company Name | Country |
Percentage of Total Net Assets | |||||
| Alphabet, Inc. |
United States | 6.2 | % | ||||
| FedEx Corp. |
United States | 5.5 | |||||
| Berkshire Hathaway, Inc. |
United States | 5.0 | |||||
| Comcast Corp. |
United States | 4.4 | |||||
| Booking Holdings, Inc. |
United States | 4.2 | |||||
| AutoNation, Inc. |
United States | 3.5 | |||||
| E*TRADE Financial Corp. |
United States | 3.2 | |||||
| Fresenius Medical Care AG & Co. KGaA |
Germany | 3.2 | |||||
| Goldman Sachs Group, Inc. (The) |
United States | 3.2 | |||||
| Samsung Electronics Co. Ltd. (Preference) |
South Korea | 3.0 | |||||
|
|
|
||||||
| Total |
41.4 | % | |||||
|
|
|
||||||
For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 79 |
ARTISAN PARTNERS FUNDS
Statements of Assets and Liabilities – September 30, 2020
Dollar values in thousands
| DEVELOPING WORLD |
FOCUS | GLOBAL DISCOVERY |
GLOBAL EQUITY | |||||||||||||||||
| ASSETS: |
| |||||||||||||||||||
| Investments in securities, unaffiliated, at value |
$ | 6,464,570 | $ | 1,352,562 | $ | 205,543 | $ | 251,808 | ||||||||||||
| Short-term investments (investment companies), at value |
186,122 | 80,067 | 4,836 | 4,020 | ||||||||||||||||
| Total investments |
6,650,692 | 1,432,629 | 210,379 | 255,828 | ||||||||||||||||
| Foreign currency |
24,213 | – | 119 | 407 | ||||||||||||||||
| Unrealized appreciation on foreign currency forward contracts |
– | 994 | – | – | ||||||||||||||||
| Receivable from investments sold |
90,305 | 20,480 | 303 | 4,177 | ||||||||||||||||
| Receivable from fund shares sold |
26,880 | 2,975 | 231 | 236 | ||||||||||||||||
| Dividends and interest receivable |
272 | 291 | 42 | 314 | ||||||||||||||||
| Other assets |
174 | 31 | 8 | 22 | ||||||||||||||||
| Total assets |
6,792,536 | 1,457,400 | 211,082 | 260,984 | ||||||||||||||||
| LIABILITIES: |
| |||||||||||||||||||
| Written options, at value |
– | 12,992 | (1) | – | – | |||||||||||||||
| Payable for investments purchased |
154,614 | 7,601 | 491 | 3,778 | ||||||||||||||||
| Payable for fund shares redeemed |
3,787 | 271 | – | 29 | ||||||||||||||||
| Payable for operating expenses |
763 | 249 | 112 | 119 | ||||||||||||||||
| Payable for management fees |
867 | 193 | 26 | 31 | ||||||||||||||||
| Payable for deferred director’s compensation |
162 | 29 | 8 | 20 | ||||||||||||||||
| Payable for foreign taxes on unrealized gains |
– | – | – | 110 | ||||||||||||||||
| Total liabilities |
160,193 | 21,335 | 637 | 4,087 | ||||||||||||||||
| Total net assets |
$ | 6,632,343 | $ | 1,436,065 | $ | 210,445 | $ | 256,897 | ||||||||||||
| NET ASSETS CONSIST OF: |
| |||||||||||||||||||
| Fund shares issued and outstanding |
$ | 3,761,177 | $ | 1,156,492 | $ | 143,771 | $ | 166,864 | ||||||||||||
| Total distributable earnings |
2,871,166 | 279,573 | 66,674 | 90,033 | ||||||||||||||||
| Total net assets |
$ | 6,632,343 | $ | 1,436,065 | $ | 210,445 | $ | 256,897 | ||||||||||||
| SUPPLEMENTARY INFORMATION: | ||||||||||||||||||||
| Net assets |
| |||||||||||||||||||
| Investor Shares |
$ | 643,044 | $ | 262,246 | $ | 106,480 | $ | 134,498 | ||||||||||||
| Advisor Shares |
$ | 3,513,504 | $ | 735,871 | $ | 19,698 | $ | 13,092 | ||||||||||||
| Institutional Shares |
$ | 2,475,795 | $ | 437,948 | $ | 84,267 | $ | 109,307 | ||||||||||||
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |
||||||||||||||||||||
| Investor Shares |
27,979,538 | 14,299,272 | 5,786,718 | 5,839,495 | ||||||||||||||||
| Advisor Shares |
151,884,109 | 40,086,273 | 1,070,078 | 568,346 | ||||||||||||||||
| Institutional Shares |
106,603,260 | 23,834,316 | 4,576,142 | 4,709,315 | ||||||||||||||||
| Net asset value per share |
||||||||||||||||||||
| Investor Shares |
$ | 22.98 | $ | 18.34 | $ | 18.40 | $ | 23.03 | ||||||||||||
| Advisor Shares |
$ | 23.13 | $ | 18.36 | $ | 18.41 | $ | 23.04 | ||||||||||||
| Institutional Shares |
$ | 23.22 | $ | 18.37 | $ | 18.41 | $ | 23.21 | ||||||||||||
| Cost of total investments |
$ | 3,936,591 | $ | 1,150,574 | $ | 146,271 | $ | 190,211 | ||||||||||||
| Cost of foreign currency held |
$ | 21,026 | $ | – | $ | 116 | $ | 323 | ||||||||||||
| (1) Written options, premiums received $8,521 |
||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| 80 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Assets and Liabilities – September 30, 2020 (Continued)
Dollar values in thousands
| GLOBAL OPPORTUNITIES |
GLOBAL VALUE |
HIGH INCOME |
INTERNATIONAL | |||||||||||||||||||||
| ASSETS: |
| |||||||||||||||||||||||
| Investments in securities, unaffiliated, at value |
$ | 4,636,716 | $ | 1,731,865 | $ | 4,679,514 | $ | 9,412,726 | ||||||||||||||||
| Short-term investments (investment companies), at value |
143,435 | 94,032 | 73,929 | 250,831 | ||||||||||||||||||||
| Total investments |
4,780,151 | 1,825,897 | 4,753,443 | 9,663,557 | ||||||||||||||||||||
| Cash |
– | – | 5,874 | – | ||||||||||||||||||||
| Due from broker |
– | – | 4,387 | – | ||||||||||||||||||||
| Foreign currency |
331 | 1,945 | – | 10,936 | ||||||||||||||||||||
| Unrealized appreciation on foreign currency forward contracts |
– | 588 | 142 | – | ||||||||||||||||||||
| Receivable from investments sold |
4,677 | 37,495 | 47,634 | 107,546 | ||||||||||||||||||||
| Receivable from fund shares sold |
17,747 | 171 | 13,337 | 3,481 | ||||||||||||||||||||
| Receivable for variation margin on futures contracts |
– | – | 689 | – | ||||||||||||||||||||
| Dividends and interest receivable |
1,249 | 7,824 | 69,199 | 29,902 | ||||||||||||||||||||
| Other assets |
224 | 220 | 222 | 990 | ||||||||||||||||||||
| Total assets |
4,804,379 | 1,874,140 | 4,894,927 | 9,816,412 | ||||||||||||||||||||
| LIABILITIES: |
| |||||||||||||||||||||||
| Unrealized depreciation on foreign currency forward contracts |
– | 3,004 | – | – | ||||||||||||||||||||
| Payable for investments purchased |
18,450 | 45,146 | 63,521 | 135,891 | ||||||||||||||||||||
| Payable for fund shares redeemed |
1,875 | 717 | 9,314 | 15,289 | ||||||||||||||||||||
| Dividends payable |
– | – | 3,849 | – | ||||||||||||||||||||
| Payable for operating expenses |
684 | 1,045 | 822 | 2,320 | ||||||||||||||||||||
| Payable for management fees |
565 | 260 | 446 | 1,219 | ||||||||||||||||||||
| Payable for deferred director’s compensation |
212 | 208 | 209 | 953 | ||||||||||||||||||||
| Total liabilities |
21,786 | 50,380 | 78,161 | 155,672 | ||||||||||||||||||||
| Total net assets |
$ | 4,782,593 | $ | 1,823,760 | $ | 4,816,766 | $ | 9,660,740 | ||||||||||||||||
| NET ASSETS CONSIST OF: |
| |||||||||||||||||||||||
| Fund shares issued and outstanding |
$ | 2,837,761 | $ | 1,688,923 | $ | 4,843,013 | $ | 6,622,189 | ||||||||||||||||
| Total distributable earnings (loss) |
1,944,832 | 134,837 | (26,247 | ) | 3,038,551 | |||||||||||||||||||
| Total net assets |
$ | 4,782,593 | $ | 1,823,760 | $ | 4,816,766 | $ | 9,660,740 | ||||||||||||||||
| SUPPLEMENTARY INFORMATION: | ||||||||||||||||||||||||
| Net assets |
| |||||||||||||||||||||||
| Investor Shares |
$ | 1,358,867 | $ | 242,744 | $ | 1,149,422 | $ | 3,142,072 | ||||||||||||||||
| Advisor Shares |
$ | 957,127 | $ | 259,859 | $ | 2,281,480 | $ | 1,799,962 | ||||||||||||||||
| Institutional Shares |
$ | 2,466,599 | $ | 1,321,157 | $ | 1,385,864 | $ | 4,718,706 | ||||||||||||||||
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |
|
|||||||||||||||||||||||
| Investor Shares |
38,951,127 | 15,231,715 | 120,566,033 | 95,606,278 | ||||||||||||||||||||
| Advisor Shares |
27,268,724 | 16,335,245 | 239,443,484 | 54,880,599 | ||||||||||||||||||||
| Institutional Shares |
69,533,629 | 82,791,668 | 145,456,636 | 142,646,070 | ||||||||||||||||||||
| Net asset value per share |
||||||||||||||||||||||||
| Investor Shares |
$ | 34.89 | $ | 15.94 | $ | 9.53 | $ | 32.86 | ||||||||||||||||
| Advisor Shares |
$ | 35.10 | $ | 15.91 | $ | 9.53 | $ | 32.80 | ||||||||||||||||
| Institutional Shares |
$ | 35.47 | $ | 15.96 | $ | 9.53 | $ | 33.08 | ||||||||||||||||
| Cost of total investments |
$ | 3,137,326 | $ | 1,591,042 | $ | 4,657,801 | $ | 6,852,879 | ||||||||||||||||
| Cost of foreign currency held |
$ | 330 | $ | 1,934 | $ | – | $ | 8,611 | ||||||||||||||||
| (1) Amount rounds to less than $1 |
||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 81 |
ARTISAN PARTNERS FUNDS
Statements of Assets and Liabilities – September 30, 2020 (Continued)
Dollar values in thousands
| INTERNATIONAL SMALL-MID |
INTERNATIONAL VALUE |
MID CAP | MID CAP VALUE | |||||||||||||||||
| ASSETS: |
| |||||||||||||||||||
| Investments in securities, unaffiliated, at value |
$ | 3,247,489 | $ | 12,297,355 | $ | 6,653,248 | $ | 1,651,353 | ||||||||||||
| Investments in securities, affiliated, at value |
27,433 | – | – | – | ||||||||||||||||
| Short-term investments (investment companies), at value |
187,348 | 1,252,636 | 145,310 | 31,866 | ||||||||||||||||
| Total investments |
3,462,270 | 13,549,991 | 6,798,558 | 1,683,219 | ||||||||||||||||
| Foreign currency |
727 | 3,170 | – | (1) | – | |||||||||||||||
| Unrealized appreciation on foreign currency forward contracts |
– | 7,251 | – | – | ||||||||||||||||
| Receivable from investments sold |
13,686 | 13,446 | – | – | ||||||||||||||||
| Receivable from fund shares sold |
5,895 | 19,413 | 11,257 | 1,014 | ||||||||||||||||
| Dividends and interest receivable |
4,728 | 58,417 | 87 | 1,917 | ||||||||||||||||
| Other assets |
79 | 1,051 | 491 | 279 | ||||||||||||||||
| Total assets |
3,487,385 | 13,652,739 | 6,810,393 | 1,686,429 | ||||||||||||||||
| LIABILITIES: |
| |||||||||||||||||||
| Unrealized depreciation on foreign currency forward contracts |
– | 40,805 | – | – | ||||||||||||||||
| Payable for investments purchased |
24,515 | 6,889 | 11,962 | 3,729 | ||||||||||||||||
| Payable for fund shares redeemed |
1,474 | 18,509 | 6,398 | 2,854 | ||||||||||||||||
| Payable for operating expenses |
416 | 8,227 | 1,035 | 596 | ||||||||||||||||
| Payable for management fees |
480 | 1,716 | 855 | 218 | ||||||||||||||||
| Payable for deferred director’s compensation |
74 | 1,003 | 471 | 271 | ||||||||||||||||
| Payable for foreign taxes on unrealized gains |
– | 1,680 | – | – | ||||||||||||||||
| Total liabilities |
26,959 | 78,829 | 20,721 | 7,668 | ||||||||||||||||
| Total net assets |
$ | 3,460,426 | $ | 13,573,910 | $ | 6,789,672 | $ | 1,678,761 | ||||||||||||
| NET ASSETS CONSIST OF: |
| |||||||||||||||||||
| Fund shares issued and outstanding |
$ | 2,747,049 | $ | 12,415,276 | $ | 3,380,503 | $ | 1,176,937 | ||||||||||||
| Total distributable earnings |
713,377 | 1,158,634 | 3,409,169 | 501,824 | ||||||||||||||||
| Total net assets |
$ | 3,460,426 | $ | 13,573,910 | $ | 6,789,672 | $ | 1,678,761 | ||||||||||||
| SUPPLEMENTARY INFORMATION: | ||||||||||||||||||||
| Net assets |
| |||||||||||||||||||
| Investor Shares |
$ | 400,490 | $ | 1,983,618 | $ | 2,106,948 | $ | 541,320 | ||||||||||||
| Advisor Shares |
$ | 1,223,773 | $ | 3,645,568 | $ | 667,057 | $ | 518,198 | ||||||||||||
| Institutional Shares |
$ | 1,836,163 | $ | 7,944,724 | $ | 4,015,667 | $ | 619,243 | ||||||||||||
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |
|
|||||||||||||||||||
| Investor Shares |
23,108,380 | 60,217,451 | 44,122,129 | 33,282,136 | ||||||||||||||||
| Advisor Shares |
70,515,285 | 110,805,775 | 13,801,323 | 31,932,734 | ||||||||||||||||
| Institutional Shares |
104,666,543 | 240,307,210 | 74,015,811 | 38,121,289 | ||||||||||||||||
| Net asset value per share |
||||||||||||||||||||
| Investor Shares |
$ | 17.33 | $ | 32.94 | $ | 47.75 | $ | 16.26 | ||||||||||||
| Advisor Shares |
$ | 17.35 | $ | 32.90 | $ | 48.33 | $ | 16.23 | ||||||||||||
| Institutional Shares |
$ | 17.54 | $ | 33.06 | $ | 54.25 | $ | 16.24 | ||||||||||||
| Cost of total investments |
$ | 2,714,884 | $ | 12,061,356 | $ | 4,008,200 | $ | 1,200,949 | ||||||||||||
| Cost of securities of affiliated issuers held |
$ | 16,540 | $ | – | $ | – | $ | – | ||||||||||||
| Cost of foreign currency held |
$ | 726 | $ | 3,148 | $ | – | (1) | $ | – | |||||||||||
| (1) Amount rounds to less than $1 |
||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| 82 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Assets and Liabilities – September 30, 2020 (Continued)
Dollar values in thousands
| SELECT EQUITY |
SMALL CAP | SUSTAINABLE EMERGING MARKETS |
VALUE | |||||||||||||||||
| ASSETS: |
| |||||||||||||||||||
| Investments in securities, unaffiliated, at value |
$ | 12,007 | $ | 2,953,792 | $ | 52,676 | $ | 273,045 | ||||||||||||
| Short-term investments (investment companies), at value |
1,105 | 71,671 | 546 | 13,087 | ||||||||||||||||
| Total investments |
13,112 | 3,025,463 | 53,222 | 286,132 | ||||||||||||||||
| Foreign currency |
– | – | 320 | – | ||||||||||||||||
| Receivable from investments sold |
88 | – | 600 | 4,124 | ||||||||||||||||
| Receivable from fund shares sold |
4 | 6,143 | 13 | 187 | ||||||||||||||||
| Receivable from the Adviser |
3 | – | – | – | ||||||||||||||||
| Dividends and interest receivable |
10 | 133 | 64 | 498 | ||||||||||||||||
| Other assets |
1 | 131 | 11 | 46 | ||||||||||||||||
| Total assets |
13,218 | 3,031,870 | 54,230 | 290,987 | ||||||||||||||||
| LIABILITIES: |
| |||||||||||||||||||
| Payable for investments purchased |
102 | 26,987 | 580 | 3,920 | ||||||||||||||||
| Payable for fund shares redeemed |
– | 1,849 | 13 | 565 | ||||||||||||||||
| Payable for operating expenses |
87 | 537 | 176 | 237 | ||||||||||||||||
| Payable for management fees |
– | 382 | 5 | 29 | ||||||||||||||||
| Payable for deferred director’s compensation |
2 | 123 | 12 | 44 | ||||||||||||||||
| Payable for foreign taxes |
– | – | 208 | (1) | – | |||||||||||||||
| Total liabilities |
191 | 29,878 | 994 | 4,795 | ||||||||||||||||
| Total net assets |
$ | 13,027 | $ | 3,001,992 | $ | 53,236 | $ | 286,192 | ||||||||||||
| NET ASSETS CONSIST OF: |
| |||||||||||||||||||
| Fund shares issued and outstanding |
$ | 12,322 | $ | 1,716,081 | $ | 178,364 | $ | 196,802 | ||||||||||||
| Total distributable earnings (loss) |
705 | 1,285,911 | (125,128 | ) | 89,390 | |||||||||||||||
| Total net assets |
$ | 13,027 | $ | 3,001,992 | $ | 53,236 | $ | 286,192 | ||||||||||||
| SUPPLEMENTARY INFORMATION: | ||||||||||||||||||||
| Net assets |
| |||||||||||||||||||
| Investor Shares |
$ | 983 | $ | 896,297 | $ | 46,541 | $ | 78,717 | ||||||||||||
| Advisor Shares |
$ | 778 | $ | 999,213 | $ | 84,035 | ||||||||||||||
| Institutional Shares |
$ | 11,266 | $ | 1,106,482 | $ | 6,695 | $ | 123,440 | ||||||||||||
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |
||||||||||||||||||||
| Investor Shares |
96,681 | 20,943,128 | 2,838,903 | 6,341,797 | ||||||||||||||||
| Advisor Shares |
76,411 | 23,219,904 | 6,793,336 | |||||||||||||||||
| Institutional Shares |
1,106,528 | 25,249,992 | 404,410 | 9,956,141 | ||||||||||||||||
| Net asset value per share |
||||||||||||||||||||
| Investor Shares |
$ | 10.17 | $ | 42.80 | $ | 16.39 | $ | 12.41 | ||||||||||||
| Advisor Shares |
$ | 10.18 | $ | 43.03 | $ | 12.37 | ||||||||||||||
| Institutional Shares |
$ | 10.18 | $ | 43.82 | $ | 16.56 | $ | 12.40 | ||||||||||||
| Cost of total investments |
$ | 12,069 | $ | 1,900,176 | $ | 42,502 | $ | 218,521 | ||||||||||||
| Cost of foreign currency held |
$ | – | $ | – | $ | 307 | $ | – | ||||||||||||
| (1) Including foreign taxes on unrealized gains |
$ | – | $ | – | $ | 182 | $ | – | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 83 |
ARTISAN PARTNERS FUNDS
Statements of Operations – For the Year Ended September 30, 2020
Dollar values in thousands
| DEVELOPING WORLD |
FOCUS | GLOBAL DISCOVERY |
GLOBAL EQUITY | |||||||||||||||||
| INVESTMENT INCOME: |
| |||||||||||||||||||
| Dividends, from unaffiliated issuers(2) |
$ | 13,150 | $ | 9,133 | $ | 730 | $ | 2,072 | ||||||||||||
| Income from non-cash dividends from unaffiliated issuers |
– | – | – | 201 | ||||||||||||||||
| Total investment income |
13,150 | 9,133 | 730 | 2,273 | ||||||||||||||||
| EXPENSES: |
| |||||||||||||||||||
| Management fees |
41,355 | 10,263 | 1,440 | 2,150 | ||||||||||||||||
| Transfer agent fees |
||||||||||||||||||||
| Investor Shares |
892 | 536 | 220 | 300 | ||||||||||||||||
| Advisor Shares |
1,853 | 573 | 25 | 5 | ||||||||||||||||
| Institutional Shares |
39 | 21 | 21 | 31 | ||||||||||||||||
| Custodian fees |
335 | 23 | 33 | 27 | ||||||||||||||||
| Accounting fees |
71 | 69 | 74 | 71 | ||||||||||||||||
| Professional fees |
173 | 87 | 65 | 72 | ||||||||||||||||
| Registration fees |
||||||||||||||||||||
| Investor Shares |
54 | 43 | 22 | 25 | ||||||||||||||||
| Advisor Shares |
146 | 48 | 7 | 3 | ||||||||||||||||
| Institutional Shares |
53 | 11 | 8 | 5 | ||||||||||||||||
| Director’s fees |
149 | 39 | 6 | 9 | ||||||||||||||||
| Other operating expenses |
371 | 112 | 41 | 57 | ||||||||||||||||
| Total operating expenses |
45,491 | 11,825 | 1,962 | 2,755 | ||||||||||||||||
| Less amounts waived or paid by the Adviser |
– | – | (30 | ) | (8 | ) | ||||||||||||||
| Net expenses |
45,491 | 11,825 | 1,932 | 2,747 | ||||||||||||||||
| Net investment (loss) |
(32,341 | ) | (2,692 | ) | (1,202 | ) | (474 | ) | ||||||||||||
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: |
| |||||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers(3) |
300,242 | 7,059 | 5,224 | 43,064 | ||||||||||||||||
| Foreign currency forward contracts |
– | (6,344 | ) | – | – | |||||||||||||||
| Foreign currency related transactions |
(2,668 | ) | (43 | ) | (5 | ) | (129 | ) | ||||||||||||
| Written options |
– | 14,253 | – | – | ||||||||||||||||
| Total realized gain |
297,574 | 14,925 | 5,219 | 42,935 | ||||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers (4) |
2,168,867 | 236,643 | 48,523 | 8,699 | ||||||||||||||||
| Foreign currency forward contracts |
– | 446 | – | – | ||||||||||||||||
| Foreign currency related transactions |
4,241 | – | (1) | 4 | 151 | |||||||||||||||
| Written options |
– | (4,471 | ) | – | – | |||||||||||||||
| Total increase in unrealized appreciation or depreciation |
2,173,108 | 232,618 | 48,527 | 8,850 | ||||||||||||||||
| Net gain on investments and foreign currency related transactions |
2,470,682 | 247,543 | 53,746 | 51,785 | ||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 2,438,341 | $ | 244,851 | $ | 52,544 | $ | 51,311 | ||||||||||||
| (1) Amount rounds to less than $1 |
||||||||||||||||||||
| (2) Net of foreign taxes withheld on dividends, unaffiliated issuers |
$ | 776 | $ | 92 | $ | 51 | $ | 129 | ||||||||||||
| (3) Net of foreign taxes on realized gains |
– | – | 7 | – | ||||||||||||||||
| (4) Net of increase in foreign taxes on unrealized gains |
– | – | – | 110 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| 84 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Operations – For the Year Ended September 30, 2020 (Continued)
Dollar values in thousands
| GLOBAL OPPORTUNITIES |
GLOBAL VALUE |
HIGH INCOME |
INTERNATIONAL | |||||||||||||||||
| INVESTMENT INCOME: |
| |||||||||||||||||||
| Dividends, from unaffiliated issuers(1) |
$ | 32,089 | $ | 42,631 | $ | 1,480 | $ | 132,666 | ||||||||||||
| Income from non-cash dividends from unaffiliated issuers |
2,750 | – | – | 14,914 | ||||||||||||||||
| Interest |
– | – | 289,358 | – | ||||||||||||||||
| Total investment income |
34,839 | 42,631 | 290,838 | 147,580 | ||||||||||||||||
| EXPENSES: |
| |||||||||||||||||||
| Management fees |
33,584 | 25,044 | 27,408 | 92,053 | ||||||||||||||||
| Transfer agent fees |
||||||||||||||||||||
| Investor Shares |
2,573 | 880 | 2,020 | 7,805 | ||||||||||||||||
| Advisor Shares |
669 | 406 | 1,970 | 1,586 | ||||||||||||||||
| Institutional Shares |
38 | 38 | 44 | 52 | ||||||||||||||||
| Custodian fees |
147 | 120 | 45 | 776 | ||||||||||||||||
| Accounting fees |
72 | 72 | 135 | 72 | ||||||||||||||||
| Professional fees |
153 | 152 | 190 | 410 | ||||||||||||||||
| Registration fees |
||||||||||||||||||||
| Investor Shares |
48 | 26 | 68 | 38 | ||||||||||||||||
| Advisor Shares |
100 | 40 | 106 | 46 | ||||||||||||||||
| Institutional Shares |
27 | 40 | 36 | 53 | ||||||||||||||||
| Director’s fees |
149 | 113 | 158 | 421 | ||||||||||||||||
| Other operating expenses |
319 | 244 | 485 | 768 | ||||||||||||||||
| Total operating expenses |
37,879 | 27,175 | 32,665 | 104,080 | ||||||||||||||||
| Net investment income (loss) |
(3,040 | ) | 15,456 | 258,173 | 43,500 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: |
| |||||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
360,424 | 25,411 | (26,236 | ) | 411,903 | |||||||||||||||
| Foreign currency forward contracts |
– | 2,072 | (302 | ) | – | |||||||||||||||
| Foreign currency related transactions |
(354 | ) | 90 | (69 | ) | (4,388 | ) | |||||||||||||
| Futures contracts |
– | – | (22,172 | ) | – | |||||||||||||||
| Total realized gain (loss) |
360,070 | 27,573 | (48,779 | ) | 407,515 | |||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
906,778 | (227,831 | ) | 81,150 | 137,349 | |||||||||||||||
| Foreign currency forward contracts |
– | (5,050 | ) | 142 | – | |||||||||||||||
| Foreign currency related transactions |
50 | 287 | 4 | 5,532 | ||||||||||||||||
| Futures contracts |
– | – | (2,659 | ) | – | |||||||||||||||
| Unfunded loan commitments |
– | – | 10 | – | ||||||||||||||||
| Total increase (decrease) in unrealized appreciation or depreciation |
906,828 | (232,594 | ) | 78,647 | 142,881 | |||||||||||||||
| Net gain (loss) on investments and foreign currency related transactions |
1,266,898 | (205,021 | ) | 29,868 | 550,396 | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | 1,263,858 | $ | (189,565 | ) | $ | 288,041 | $ | 593,896 | |||||||||||
| (1) Net of foreign taxes withheld on dividends, unaffiliated issuers |
$ | 760 | $ | 2,648 | $ | – | $ | 11,848 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 85 |
ARTISAN PARTNERS FUNDS
Statements of Operations – For the Year Ended September 30, 2020 (Continued)
Dollar values in thousands
| INTERNATIONAL SMALL-MID |
INTERNATIONAL VALUE |
MID CAP | MID CAP VALUE | |||||||||||||||||
| INVESTMENT INCOME: |
| |||||||||||||||||||
| Income from non-cash dividends from unaffiliated issuers |
$ | 33,762 | $ | – | $ | – | $ | – | ||||||||||||
| Dividends, from unaffiliated issuers(1) |
18,891 | 246,257 | 20,257 | 39,476 | ||||||||||||||||
| Total investment income |
52,653 | 246,257 | 20,257 | 39,476 | ||||||||||||||||
| EXPENSES: |
| |||||||||||||||||||
| Management fees |
21,814 | 126,157 | 51,356 | 18,089 | ||||||||||||||||
| Transfer agent fees |
||||||||||||||||||||
| Investor Shares |
680 | 5,089 | 3,871 | 1,468 | ||||||||||||||||
| Advisor Shares |
684 | 3,721 | 397 | 347 | ||||||||||||||||
| Institutional Shares |
38 | 52 | 54 | 36 | ||||||||||||||||
| Custodian fees |
143 | 1,204 | 61 | 16 | ||||||||||||||||
| Accounting fees |
72 | 72 | 33 | 53 | ||||||||||||||||
| Professional fees |
127 | 503 | 203 | 133 | ||||||||||||||||
| Registration fees |
||||||||||||||||||||
| Investor Shares |
42 | 33 | 42 | 25 | ||||||||||||||||
| Advisor Shares |
115 | 97 | 39 | 28 | ||||||||||||||||
| Institutional Shares |
103 | 123 | 60 | 28 | ||||||||||||||||
| Director’s fees |
74 | 565 | 216 | 81 | ||||||||||||||||
| Other operating expenses |
228 | 1,454 | 451 | 285 | ||||||||||||||||
| Total operating expenses |
24,120 | 139,070 | 56,783 | 20,589 | ||||||||||||||||
| Net investment income (loss) |
28,533 | 107,187 | (36,526 | ) | 18,887 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: |
| |||||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers(2) |
(30,545 | ) | (142,784 | ) | 844,620 | 45,143 | ||||||||||||||
| Investments, from affiliated issuers |
4,119 | – | – | – | ||||||||||||||||
| Foreign currency forward contracts |
– | 19,737 | – | – | ||||||||||||||||
| Foreign currency related transactions |
(1,911 | ) | 495 | (4 | ) | – | ||||||||||||||
| Total realized gain (loss) |
(28,337 | ) | (122,552 | ) | 844,616 | 45,143 | ||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers (3) |
622,948 | (380,411 | ) | 1,333,217 | (197,454 | ) | ||||||||||||||
| Investments, from affiliated issuers |
10,893 | – | – | – | ||||||||||||||||
| Foreign currency forward contracts |
– | (51,830 | ) | – | – | |||||||||||||||
| Foreign currency related transactions |
134 | 1,975 | 4 | – | ||||||||||||||||
| Total increase (decrease) in unrealized appreciation or depreciation |
633,975 | (430,266 | ) | 1,333,221 | (197,454 | ) | ||||||||||||||
| Net gain (loss) on investments and foreign currency related transactions |
605,638 | (552,818 | ) | 2,177,837 | (152,311 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | 634,171 | $ | (445,631 | ) | $ | 2,141,311 | $ | (133,424 | ) | ||||||||||
| (1) Net of foreign taxes withheld on dividends, unaffiliated issuers |
$ | 1,584 | $ | 27,217 | $ | 59 | $ | 121 | ||||||||||||
| (2) Net of foreign taxes on realized gains |
– | (32 | ) | – | – | |||||||||||||||
| (3) Net of increase in foreign taxes on unrealized gains |
– | 1,680 | – | – | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| 86 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Operations – For the Year Ended September 30, 2020 (Continued)
Dollar values in thousands
| SELECT EQUITY (1) |
SMALL CAP | SUSTAINABLE EMERGING MARKETS |
VALUE | |||||||||||||||||
| INVESTMENT INCOME: |
| |||||||||||||||||||
| Dividends, from unaffiliated issuers(3) |
$ | 91 | $ | 3,261 | $ | 964 | $ | 6,764 | ||||||||||||
| Income from non-cash dividends from unaffiliated issuers |
– | – | 551 | – | ||||||||||||||||
| Total investment income |
91 | 3,261 | 1,515 | 6,764 | ||||||||||||||||
| EXPENSES: |
| |||||||||||||||||||
| Management fees |
53 | 21,194 | 517 | 2,732 | ||||||||||||||||
| Transfer agent fees |
||||||||||||||||||||
| Investor Shares |
22 | 1,524 | 139 | 313 | ||||||||||||||||
| Advisor Shares |
21 | 650 | 110 | |||||||||||||||||
| Institutional Shares |
21 | 36 | 31 | 33 | ||||||||||||||||
| Custodian fees |
2 | 22 | 4 | 13 | ||||||||||||||||
| Accounting fees |
8 | 54 | 72 | 40 | ||||||||||||||||
| Professional fees |
29 | 103 | 87 | 62 | ||||||||||||||||
| Registration fees |
||||||||||||||||||||
| Investor Shares |
29 | 33 | 22 | 22 | ||||||||||||||||
| Advisor Shares |
29 | 57 | 23 | |||||||||||||||||
| Institutional Shares |
29 | 47 | 22 | 11 | ||||||||||||||||
| Director’s fees |
6 | 85 | 6 | 17 | ||||||||||||||||
| Other operating expenses |
25 | 377 | 28 | 70 | ||||||||||||||||
| Total operating expenses |
274 | 24,182 | 928 | 3,446 | ||||||||||||||||
| Less amounts waived or paid by the Adviser |
(196 | ) | – | (241 | ) | (43 | ) | |||||||||||||
| Net expenses |
78 | 24,182 | 687 | 3,403 | ||||||||||||||||
| Net investment income (loss) |
13 | (20,921 | ) | 828 | 3,361 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: |
| |||||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers(4) |
(402 | ) | 219,364 | (931 | ) | 33,844 | ||||||||||||||
| Foreign currency related transactions |
(8 | ) | – | (17 | ) | 3 | ||||||||||||||
| Total realized gain (loss) |
(410 | ) | 219,364 | (948 | ) | 33,847 | ||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers(5) |
1,043 | 586,046 | 4,696 | (39,735 | ) | |||||||||||||||
| Foreign currency related transactions |
– | (2) | – | 17 | – | (2) | ||||||||||||||
| Total increase (decrease) in unrealized appreciation or depreciation |
1,043 | 586,046 | 4,713 | (39,735 | ) | |||||||||||||||
| Net gain (loss) on investments and foreign currency related transactions |
633 | 805,410 | 3,765 | (5,888 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | 646 | $ | 784,489 | $ | 4,593 | $ | (2,527 | ) | |||||||||||
| (1) For the period from commencement of operations (February 28, 2020) through September 30, 2020. |
| |||||||||||||||||||
| (2) Amount rounds to less than $1 |
||||||||||||||||||||
| (3) Net of foreign taxes withheld on dividends, unaffiliated issuers |
$ | 4 | $ | – | $ | 132 | $ | 229 | ||||||||||||
| (4) Net of foreign taxes on realized gains |
– | – | 3 | – | ||||||||||||||||
| (5) Net of increase in foreign taxes on unrealized gains |
– | – | 56 | – | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 87 |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets
Dollar values in thousands
| DEVELOPING WORLD | FOCUS | |||||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||||||
| Net investment loss |
$ | (32,341 | ) | $ | (5,801 | ) | $ | (2,692 | ) | $ | (16 | ) | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||||||
| Investments, from unaffiliated issuers |
300,242 | 17,101 | 7,059 | 20,511 | ||||||||||||||||||||
| Foreign currency forward contracts |
– | – | (6,344 | ) | 2,980 | |||||||||||||||||||
| Foreign currency related transactions |
(2,668 | ) | 220 | (43 | ) | (7 | ) | |||||||||||||||||
| Written options |
– | – | 14,253 | (2,175 | ) | |||||||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||||||
| Investments, from unaffiliated issuers |
2,168,867 | 360,537 | 236,643 | 39,516 | ||||||||||||||||||||
| Foreign currency forward contracts |
– | – | 446 | 473 | ||||||||||||||||||||
| Foreign currency related transactions |
4,241 | (995 | ) | – | (1) | – | (1) | |||||||||||||||||
| Written options |
– | – | (4,471 | ) | 4 | |||||||||||||||||||
| Net increase in net assets resulting from operations |
2,438,341 | 371,062 | 244,851 | 61,286 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||
| Investor Shares |
– | (45 | ) | (6,980 | ) | (4,461 | ) | |||||||||||||||||
| Advisor Shares |
– | (609 | ) | (21,727 | ) | (2,027 | ) | |||||||||||||||||
| Institutional Shares |
(56 | ) | (230 | ) | – | – | ||||||||||||||||||
| Total distributions to shareholders |
(56 | ) | (884 | ) | (28,707 | ) | (6,488 | ) | ||||||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||||||
| Net increase in net assets resulting from fund share activities |
1,532,283 | 100,622 | 528,442 | 518,873 | ||||||||||||||||||||
| Total increase in net assets |
3,970,568 | 470,800 | 744,586 | 573,671 | ||||||||||||||||||||
| Net assets, beginning of year |
2,661,775 | 2,190,975 | 691,479 | 117,808 | ||||||||||||||||||||
| Net assets, end of year |
$ | 6,632,343 | $ | 2,661,775 | $ | 1,436,065 | $ | 691,479 | ||||||||||||||||
| (1) Amount rounds to less than $1 |
||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| 88 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| GLOBAL DISCOVERY | GLOBAL EQUITY | |||||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||||||
| Net investment income (loss) |
$ | (1,202 | ) | $ | (533 | ) | $ | (474 | ) | $ | 25 | |||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||||||
| Investments, from unaffiliated issuers |
5,224 | (1,024 | ) | 43,064 | 13,230 | |||||||||||||||||||
| Foreign currency related transactions |
(5 | ) | 1 | (129 | ) | (14 | ) | |||||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||||||
| Investments, from unaffiliated issuers |
48,523 | 9,229 | 8,699 | (4,529 | ) | |||||||||||||||||||
| Foreign currency related transactions |
4 | – | (1) | 151 | (63 | ) | ||||||||||||||||||
| Net increase in net assets resulting from operations |
52,544 | 7,673 | 51,311 | 8,649 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||
| Investor Shares |
– | – | (10,288 | ) | (16,503 | ) | ||||||||||||||||||
| Advisor Shares |
– | – | – | – | ||||||||||||||||||||
| Institutional Shares |
– | – | (11,682 | ) | (24,802 | ) | ||||||||||||||||||
| Total distributions to shareholders |
– | – | (21,970 | ) | (41,305 | ) | ||||||||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from fund share activities |
50,578 | 24,329 | (27,399 | ) | (32,416 | ) | ||||||||||||||||||
| Total increase (decrease) in net assets |
103,122 | 32,002 | 1,942 | (65,072 | ) | |||||||||||||||||||
| Net assets, beginning of year |
107,323 | 75,321 | 254,955 | 320,027 | ||||||||||||||||||||
| Net assets, end of year |
$ | 210,445 | $ | 107,323 | $ | 256,897 | $ | 254,955 | ||||||||||||||||
| (1) Amount rounds to less than $1 |
||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 89 |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| GLOBAL OPPORTUNITIES | GLOBAL VALUE | |||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||
| Net investment income (loss) |
$ | (3,040 | ) | $ | 3,941 | $ | 15,456 | $ | 47,082 | |||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
360,424 | 222,938 | 25,411 | (765 | ) | |||||||||||||||
| Foreign currency forward contracts |
– | – | 2,072 | (1,519 | ) | |||||||||||||||
| Foreign currency related transactions |
(354 | ) | (30 | ) | 90 | (180 | ) | |||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
906,778 | (90,528 | ) | (227,831 | ) | (91,871 | ) | |||||||||||||
| Foreign currency forward contracts |
– | – | (5,050 | ) | 2,772 | |||||||||||||||
| Foreign currency related transactions |
50 | (23 | ) | 287 | (108 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
1,263,858 | 136,298 | (189,565 | ) | (44,589 | ) | ||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
| Investor Shares |
(74,481 | ) | (68,096 | ) | (6,704 | ) | (36,013 | ) | ||||||||||||
| Advisor Shares |
(43,758 | ) | (31,641 | ) | (9,262 | ) | (44,524 | ) | ||||||||||||
| Institutional Shares |
(123,621 | ) | (93,750 | ) | (32,160 | ) | (118,223 | ) | ||||||||||||
| Total distributions to shareholders |
(241,860 | ) | (193,487 | ) | (48,126 | ) | (198,760 | ) | ||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from fund share activities |
365,644 | 47,054 | (1,014,427 | ) | (400,923 | ) | ||||||||||||||
| Total increase (decrease) in net assets |
1,387,642 | (10,135 | ) | (1,252,118 | ) | (644,272 | ) | |||||||||||||
| Net assets, beginning of year |
3,394,951 | 3,405,086 | 3,075,878 | 3,720,150 | ||||||||||||||||
| Net assets, end of year |
$ | 4,782,593 | $ | 3,394,951 | $ | 1,823,760 | $ | 3,075,878 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| 90 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| HIGH INCOME | INTERNATIONAL | |||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||
| Net investment income |
$ | 258,173 | $ | 220,558 | $ | 43,500 | $ | 117,234 | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
(26,236 | ) | (48,346 | ) | 411,903 | 450,782 | ||||||||||||||
| Foreign currency forward contracts |
(302 | ) | – | – | – | |||||||||||||||
| Foreign currency related transactions |
(69 | ) | – | (4,388 | ) | (753 | ) | |||||||||||||
| Futures contracts |
(22,172 | ) | (15,310 | ) | – | – | ||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
81,150 | 6,849 | 137,349 | (27,454 | ) | |||||||||||||||
| Foreign currency forward contracts |
142 | – | – | – | ||||||||||||||||
| Foreign currency related transactions |
4 | – | 5,532 | (1,749 | ) | |||||||||||||||
| Futures contracts |
(2,659 | ) | 1,580 | – | – | |||||||||||||||
| Unfunded loan commitments |
10 | (33 | ) | – | – | |||||||||||||||
| Net increase in net assets resulting from operations |
288,041 | 165,298 | 593,896 | 538,060 | ||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
| Investor Shares |
(54,034 | ) | (69,933 | ) | (205,368 | ) | (359,809 | ) | ||||||||||||
| Advisor Shares |
(134,063 | ) | (131,657 | ) | (115,091 | ) | (186,300 | ) | ||||||||||||
| Institutional Shares |
(68,979 | ) | (32,024 | ) | (245,714 | ) | (449,372 | ) | ||||||||||||
| Total distributions to shareholders |
(257,076 | ) | (233,614 | ) | (566,173 | ) | (995,481 | ) | ||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from fund share activities |
997,489 | 610,675 | (926,091 | ) | (1,900,318 | ) | ||||||||||||||
| Total increase (decrease) in net assets |
1,028,454 | 542,359 | (898,368 | ) | (2,357,739 | ) | ||||||||||||||
| Net assets, beginning of year |
3,788,312 | 3,245,953 | 10,559,108 | 12,916,847 | ||||||||||||||||
| Net assets, end of year |
$ | 4,816,766 | $ | 3,788,312 | $ | 9,660,740 | $ | 10,559,108 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 91 |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| INTERNATIONAL SMALL-MID | INTERNATIONAL VALUE | |||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||
| Net investment income |
$ | 28,533 | $ | 529 | $ | 107,187 | $ | 271,113 | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
(30,545 | ) | 21,077 | (142,784 | ) | 259,418 | ||||||||||||||
| Investments, from affiliated issuers |
4,119 | (1,952 | ) | – | 29,177 | |||||||||||||||
| Foreign currency forward contracts |
– | – | 19,737 | (11,337 | ) | |||||||||||||||
| Foreign currency related transactions |
(1,911 | ) | (266 | ) | 495 | (1,525 | ) | |||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
622,948 | 30,363 | (380,411 | ) | (665,619 | ) | ||||||||||||||
| Investments, from affiliated issuers |
10,893 | (1,745 | ) | – | 97,201 | |||||||||||||||
| Foreign currency forward contracts |
– | – | (51,830 | ) | 17,654 | |||||||||||||||
| Foreign currency related transactions |
134 | (46 | ) | 1,975 | (891 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
634,171 | 47,960 | (445,631 | ) | (4,809 | ) | ||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
| Investor Shares |
(343 | ) | (74,416 | ) | (81,523 | ) | (170,987 | ) | ||||||||||||
| Advisor Shares |
(1,296 | ) | – | (136,062 | ) | (253,519 | ) | |||||||||||||
| Institutional Shares |
(1,966 | ) | (30,412 | ) | (226,033 | ) | (416,576 | ) | ||||||||||||
| Total distributions to shareholders |
(3,605 | ) | (104,828 | ) | (443,618 | ) | (841,082 | ) | ||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from fund share activities |
1,608,852 | 873,751 | 195,049 | (236,695 | ) | |||||||||||||||
| Total increase (decrease) in net assets |
2,239,418 | 816,883 | (694,200 | ) | (1,082,586 | ) | ||||||||||||||
| Net assets, beginning of year |
1,221,008 | 404,125 | 14,268,110 | 15,350,696 | ||||||||||||||||
| Net assets, end of year |
$ | 3,460,426 | $ | 1,221,008 | $ | 13,573,910 | $ | 14,268,110 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| 92 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| MID CAP | MID CAP VALUE | |||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||
| Net investment income (loss) |
$ | (36,526 | ) | $ | (25,283 | ) | $ | 18,887 | $ | 16,125 | ||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
844,620 | 537,218 | 45,143 | 287,026 | ||||||||||||||||
| Foreign currency related transactions |
(4 | ) | (9 | ) | – | – | ||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||
| Investments, from unaffiliated issuers |
1,333,217 | (373,052 | ) | (197,454 | ) | (433,551 | ) | |||||||||||||
| Foreign currency related transactions |
4 | (4 | ) | – | 1 | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
2,141,311 | 138,870 | (133,424 | ) | (130,399 | ) | ||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
| Investor Shares |
(191,072 | ) | (345,115 | ) | (80,183 | ) | (148,246 | ) | ||||||||||||
| Advisor Shares |
(51,336 | ) | (106,197 | ) | (62,696 | ) | (116,973 | ) | ||||||||||||
| Institutional Shares |
(326,991 | ) | (557,303 | ) | (78,963 | ) | (131,142 | ) | ||||||||||||
| Total distributions to shareholders |
(569,399 | ) | (1,008,615 | ) | (221,842 | ) | (396,361 | ) | ||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from fund share activities |
159,288 | (236,474 | ) | (235,550 | ) | (507,601 | ) | |||||||||||||
| Total increase (decrease) in net assets |
1,731,200 | (1,106,219 | ) | (590,816 | ) | (1,034,361 | ) | |||||||||||||
| Net assets, beginning of year |
5,058,472 | 6,164,691 | 2,269,577 | 3,303,938 | ||||||||||||||||
| Net assets, end of year |
$ | 6,789,672 | $ | 5,058,472 | $ | 1,678,761 | $ | 2,269,577 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 93 |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| SELECT EQUITY | SMALL CAP | ||||||||||||||||
| Period Ended 9/30/2020(1) |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||
| OPERATIONS: |
| ||||||||||||||||
| Net investment income (loss) |
$ | 13 | $ | (20,921 | ) | $ | (13,358 | ) | |||||||||
| Net realized gain (loss) on: |
|||||||||||||||||
| Investments, from unaffiliated issuers |
(402 | ) | 219,364 | 146,505 | |||||||||||||
| Foreign currency related transactions |
(8 | ) | – | – | |||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
|||||||||||||||||
| Investments, from unaffiliated issuers |
1,043 | 586,046 | (104,719 | ) | |||||||||||||
| Foreign currency related transactions |
– | (2) | – | – | |||||||||||||
| Net increase in net assets resulting from operations |
646 | 784,489 | 28,428 | ||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||
| Investor Shares |
– | (47,579 | ) | (67,769 | ) | ||||||||||||
| Advisor Shares |
– | (47,497 | ) | (68,313 | ) | ||||||||||||
| Institutional Shares |
– | (50,532 | ) | (108,871 | ) | ||||||||||||
| Total distributions to shareholders |
– | (145,608 | ) | (244,953 | ) | ||||||||||||
| FUND SHARE ACTIVITIES: | |||||||||||||||||
| Net increase in net assets resulting from fund share activities |
12,381 | 526,143 | 247,614 | ||||||||||||||
| Total increase in net assets |
13,027 | 1,165,024 | 31,089 | ||||||||||||||
| Net assets, beginning of period |
– | 1,836,968 | 1,805,879 | ||||||||||||||
| Net assets, end of period |
$ | 13,027 | $ | 3,001,992 | $ | 1,836,968 | |||||||||||
| (1) For the period from commencement of operations (February 28, 2020) through September 30, 2020. |
| ||||||||||||||||
| (2) Amount rounds to less than $1 |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| 94 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Statements of Changes in Net Assets (Continued)
Dollar values in thousands
| SUSTAINABLE EMERGING MARKETS |
VALUE | |||||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 |
Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||||
| OPERATIONS: |
| |||||||||||||||||||||||
| Net investment income |
$ | 828 | $ | 658 | $ | 3,361 | $ | 4,208 | ||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||||||
| Investments, from unaffiliated issuers |
(931 | ) | (1,098 | ) | 33,844 | 12,405 | ||||||||||||||||||
| Foreign currency related transactions |
(17 | ) | (38 | ) | 3 | 1 | ||||||||||||||||||
| Net increase (decrease) in unrealized appreciation or depreciation on: |
||||||||||||||||||||||||
| Investments, from unaffiliated issuers |
4,696 | 1,435 | (39,735 | ) | (30,321 | ) | ||||||||||||||||||
| Foreign currency related transactions |
17 | (6 | ) | – | (1) | – | ||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
4,593 | 951 | (2,527 | ) | (13,707 | ) | ||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||
| Investor Shares |
(815 | ) | (449 | ) | (6,095 | ) | (20,958 | ) | ||||||||||||||||
| Advisor Shares |
(4,595 | ) | (15,288 | ) | ||||||||||||||||||||
| Institutional Shares |
(72 | ) | (34 | ) | (7,269 | ) | (21,766 | ) | ||||||||||||||||
| Total distributions to shareholders |
(887 | ) | (483 | ) | (17,959 | ) | (58,012 | ) | ||||||||||||||||
| FUND SHARE ACTIVITIES: | ||||||||||||||||||||||||
| Net decrease in net assets resulting from fund share activities |
(2,502 | ) | (3,840 | ) | (101,620 | ) | (20,709 | ) | ||||||||||||||||
| Total increase (decrease) in net assets |
1,204 | (3,372 | ) | (122,106 | ) | (92,428 | ) | |||||||||||||||||
| Net assets, beginning of year |
52,032 | 55,404 | 408,298 | 500,726 | ||||||||||||||||||||
| Net assets, end of year |
$ | 53,236 | $ | 52,032 | $ | 286,192 | $ | 408,298 | ||||||||||||||||
| (1) Amount rounds to less than $1 |
||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 95 |
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 |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 13.44 | (0.17 | ) | 9.71 | 9.54 | — | — | — | $ | 22.98 | |||||||||||||||||||||
| 9/30/2019 |
$ | 11.17 | (0.07 | ) | 2.34 | 2.27 | — | (5) | — | — | (5) | $ | 13.44 | |||||||||||||||||||
| 9/30/2018 |
$ | 12.83 | — | (5) | (1.23 | ) | (1.23 | ) | (0.02 | ) | (0.41 | ) | (0.43 | ) | $ | 11.17 | ||||||||||||||||
| 9/30/2017 |
$ | 10.51 | 0.03 | 2.34 | 2.37 | (0.01 | ) | (0.04 | ) | (0.05 | ) | $ | 12.83 | |||||||||||||||||||
| 9/30/2016 |
$ | 8.39 | 0.02 | 2.10 | 2.12 | — | — | — | $ | 10.51 | ||||||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 13.51 | (0.14 | ) | 9.76 | 9.62 | — | — | — | $ | 23.13 | |||||||||||||||||||||
| 9/30/2019 |
$ | 11.21 | (0.03 | ) | 2.34 | 2.31 | (0.01 | ) | — | (0.01 | ) | $ | 13.51 | |||||||||||||||||||
| 9/30/2018 |
$ | 12.87 | 0.03 | (1.25 | ) | (1.22 | ) | (0.03 | ) | (0.41 | ) | (0.44 | ) | $ | 11.21 | |||||||||||||||||
| 9/30/2017 |
$ | 10.54 | 0.05 | 2.35 | 2.40 | (0.03 | ) | (0.04 | ) | (0.07 | ) | $ | 12.87 | |||||||||||||||||||
| 9/30/2016 |
$ | 8.39 | 0.03 | 2.12 | 2.15 | — | — | — | $ | 10.54 | ||||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 13.55 | (0.13 | ) | 9.80 | 9.67 | — | (5) | — | — | (5) | $ | 23.22 | |||||||||||||||||||
| 9/30/2019 |
$ | 11.23 | (0.02 | ) | 2.34 | 2.32 | — | (5) | — | — | (5) | $ | 13.55 | |||||||||||||||||||
| 9/30/2018 |
$ | 12.89 | 0.04 | (1.25 | ) | (1.21 | ) | (0.04 | ) | (0.41 | ) | (0.45 | ) | $ | 11.23 | |||||||||||||||||
| 9/30/2017 |
$ | 10.56 | 0.06 | 2.34 | 2.40 | (0.03 | ) | (0.04 | ) | (0.07 | ) | $ | 12.89 | |||||||||||||||||||
| 9/30/2016 |
$ | 8.39 | 0.04 | 2.13 | 2.17 | — | — | — | $ | 10.56 | ||||||||||||||||||||||
| FOCUS FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 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 | — | (5) | (0.45 | ) | (0.45 | ) | $ | 15.63 | ||||||||||||||||||
| 9/30/2018 |
$ | 11.79 | (0.04 | ) | 3.82 | 3.78 | — | (1.18 | ) | (1.18 | ) | $ | 14.39 | |||||||||||||||||||
|
9/30/2017(17) |
$ | 10.00 | (0.02 | ) | 1.81 | 1.79 | — | — | — | $ | 11.79 | |||||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 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(18) |
$ | 13.82 | — | (5) | 0.57 | 0.57 | — | — | — | $ | 14.39 | |||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(6) |
$ | 16.37 | (0.01 | ) | 2.01 | 2.00 | — | — | — | $ | 18.37 | |||||||||||||||||||||
| GLOBAL DISCOVERY FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 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 | — | (5) | (0.06 | ) | (0.06 | ) | $ | 12.40 | ||||||||||||||||||
|
9/30/2017(7) |
$ | 10.00 | (0.01 | ) | 0.33 | 0.32 | — | — | — | $ | 10.32 | |||||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(6) |
$ | 14.96 | (0.08 | ) | 3.53 | 3.45 | — | — | — | $ | 18.41 | |||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(6) |
$ | 14.96 | (0.07 | ) | 3.52 | 3.45 | — | — | — | $ | 18.41 | |||||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 96 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| DEVELOPING WORLD FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
71.06 | % | $ | 643,044 | 1.28 | % | n/a | (0.96 | )% | 138.63 | % | |||||||||||||
| 9/30/2019 |
20.33 | % | $ | 255,336 | 1.35 | % | n/a | (0.56 | )% | 159.86 | % | |||||||||||||
| 9/30/2018 |
(9.99 | )% | $ | 477,908 | 1.36 | % | n/a | (0.02 | )% | 121.12 | % | |||||||||||||
| 9/30/2017 |
22.70 | % | $ | 520,406 | 1.40 | % | n/a | 0.26 | % | 45.04 | % | |||||||||||||
| 9/30/2016 |
25.27 | % | $ | 266,122 | 1.50 | % | 1.52 | % | 0.25 | % | 47.59 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
71.28 | % | $ | 3,513,504 | 1.13 | % | n/a | (0.81 | )% | 138.63 | % | |||||||||||||
| 9/30/2019 |
20.59 | % | $ | 1,585,519 | 1.18 | % | n/a | (0.23 | )% | 159.86 | % | |||||||||||||
| 9/30/2018 |
(9.87 | )% | $ | 1,031,825 | 1.18 | % | n/a | 0.22 | % | 121.12 | % | |||||||||||||
| 9/30/2017 |
22.94 | % | $ | 763,998 | 1.21 | % | n/a | 0.47 | % | 45.04 | % | |||||||||||||
| 9/30/2016 |
25.63 | % | $ | 340,831 | 1.25 | % | n/a | 0.28 | % | 47.59 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
71.45 | % | $ | 2,475,795 | 1.04 | % | n/a | (0.72 | )% | 138.63 | % | |||||||||||||
| 9/30/2019 |
20.71 | % | $ | 820,920 | 1.08 | % | n/a | (0.15 | )% | 159.86 | % | |||||||||||||
| 9/30/2018 |
(9.80 | )% | $ | 681,242 | 1.08 | % | n/a | 0.29 | % | 121.12 | % | |||||||||||||
| 9/30/2017 |
22.99 | % | $ | 684,168 | 1.12 | % | n/a | 0.50 | % | 45.04 | % | |||||||||||||
| 9/30/2016 |
25.86 | % | $ | 277,691 | 1.15 | % | n/a | 0.44 | % | 47.59 | % | |||||||||||||
| FOCUS FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 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 | %(6) | 1.70 | %(16) | (0.27 | )% | 355.37 | % | ||||||||||||
|
9/30/2017(17) |
18.00 | % | $ | 15,293 | 1.52 | %(6) | 2.70 | %(16) | (0.49 | )% | 170.19 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 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(18) |
4.12 | % | $ | 38,135 | 1.40 | %(6) | 2.74 | %(16) | 0.16 | % | 355.37 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
|
9/30/2020(6) |
12.28 | % | $ | 437,948 | 1.04 | % | n/a | (0.14 | )% | 285.25 | % | |||||||||||||
| GLOBAL DISCOVERY FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
37.42 | % | $ | 106,480 | 1.35 | % | n/a | (0.89 | )% | 40.44 | % | |||||||||||||
| 9/30/2019 |
7.98 | % | $ | 107,323 | 1.40 | % | n/a | (0.62 | )% | 52.30 | % | |||||||||||||
| 9/30/2018 |
20.90 | % | $ | 75,321 | 1.50 | % | 1.71 | % | (0.75 | )% | 38.71 | % | ||||||||||||
|
9/30/2017(7) |
3.20 | % | $ | 13,161 | 1.50 | % | 4.55 | % | (0.83 | )% | 1.85 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
|
9/30/2020(6) |
23.06 | % | $ | 19,698 | 1.30 | % | 1.74 | % | (0.73 | )% | 40.44 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
|
9/30/2020(6) |
23.06 | % | $ | 84,267 | 1.20 | % | n/a | (0.62 | )% | 40.44 | % | |||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 97 |
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 |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 20.60 | (0.05 | ) | 4.26 | 4.21 | — | (1.78 | ) | (1.78 | ) | $ | 23.03 | |||||||||||||||||||
| 9/30/2019 |
$ | 22.66 | (0.02 | ) | 1.02 | 1.00 | (0.03 | ) | (3.03 | ) | (3.06 | ) | $ | 20.60 | ||||||||||||||||||
| 9/30/2018 |
$ | 19.60 | 0.03 | 3.17 | 3.20 | — | (0.14 | ) | (0.14 | ) | $ | 22.66 | ||||||||||||||||||||
| 9/30/2017 |
$ | 16.54 | (0.03 | ) | 3.09 | 3.06 | — | — | — | $ | 19.60 | |||||||||||||||||||||
| 9/30/2016 |
$ | 15.73 | (0.01 | ) | 1.17 | 1.16 | — | (0.35 | ) | (0.35 | ) | $ | 16.54 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(8) |
$ | 22.81 | (0.02 | ) | 0.25 | 0.23 | — | — | — | $ | 23.04 | |||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 20.71 | (0.03 | ) | 4.32 | 4.29 | (0.01 | ) | (1.78 | ) | (1.79 | ) | $ | 23.21 | ||||||||||||||||||
| 9/30/2019 |
$ | 22.80 | 0.02 | 1.01 | 1.03 | (0.09 | ) | (3.03 | ) | (3.12 | ) | $ | 20.71 | |||||||||||||||||||
| 9/30/2018 |
$ | 19.66 | 0.10 | 3.18 | 3.28 | — | (0.14 | ) | (0.14 | ) | $ | 22.80 | ||||||||||||||||||||
| 9/30/2017 |
$ | 16.58 | 0.01 | 3.10 | 3.11 | (0.03 | ) | — | (0.03 | ) | $ | 19.66 | ||||||||||||||||||||
|
9/30/2016(9) |
$ | 16.44 | 0.06 | 0.43 | 0.49 | — | (0.35 | ) | (0.35 | ) | $ | 16.58 | ||||||||||||||||||||
| GLOBAL OPPORTUNITIES FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 27.06 | (0.06 | ) | 9.80 | 9.74 | — | (1.91 | ) | (1.91 | ) | $ | 34.89 | |||||||||||||||||||
| 9/30/2019 |
$ | 27.66 | (0.01 | ) | 1.01 | 1.00 | — | (1.60 | ) | (1.60 | ) | $ | 27.06 | |||||||||||||||||||
| 9/30/2018 |
$ | 25.69 | (0.03 | ) | 3.07 | 3.04 | — | (1.07 | ) | (1.07 | ) | $ | 27.66 | |||||||||||||||||||
| 9/30/2017 |
$ | 21.74 | (0.08 | ) | 4.06 | 3.98 | — | (0.03 | ) | (0.03 | ) | $ | 25.69 | |||||||||||||||||||
| 9/30/2016 |
$ | 18.35 | (0.06 | ) | 3.59 | 3.53 | (0.02 | ) | (0.12 | ) | (0.14 | ) | $ | 21.74 | ||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 27.21 | (0.03 | ) | 9.86 | 9.83 | (0.03 | ) | (1.91 | ) | (1.94 | ) | $ | 35.10 | ||||||||||||||||||
| 9/30/2019 |
$ | 27.76 | 0.03 | 1.02 | 1.05 | — | (1.60 | ) | (1.60 | ) | $ | 27.21 | ||||||||||||||||||||
| 9/30/2018 |
$ | 25.75 | 0.01 | 3.07 | 3.08 | — | (1.07 | ) | (1.07 | ) | $ | 27.76 | ||||||||||||||||||||
| 9/30/2017 |
$ | 21.76 | (0.05 | ) | 4.07 | 4.02 | — | (0.03 | ) | (0.03 | ) | $ | 25.75 | |||||||||||||||||||
| 9/30/2016 |
$ | 18.37 | (0.03 | ) | 3.58 | 3.55 | (0.04 | ) | (0.12 | ) | (0.16 | ) | $ | 21.76 | ||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 27.47 | — | (5) | 9.96 | 9.96 | (0.05 | ) | (1.91 | ) | (1.96 | ) | $ | 35.47 | ||||||||||||||||||
| 9/30/2019 |
$ | 27.99 | 0.06 | 1.02 | 1.08 | — | (5) | (1.60 | ) | (1.60 | ) | $ | 27.47 | |||||||||||||||||||
| 9/30/2018 |
$ | 25.92 | 0.03 | 3.11 | 3.14 | — | (1.07 | ) | (1.07 | ) | $ | 27.99 | ||||||||||||||||||||
| 9/30/2017 |
$ | 21.89 | (0.03 | ) | 4.09 | 4.06 | — | (0.03 | ) | (0.03 | ) | $ | 25.92 | |||||||||||||||||||
| 9/30/2016 |
$ | 18.46 | (0.01 | ) | 3.61 | 3.60 | (0.05 | ) | (0.12 | ) | (0.17 | ) | $ | 21.89 | ||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 98 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| GLOBAL EQUITY FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
21.90 | % | $ | 134,498 | 1.26 | % | n/a | (0.27 | )% | 137.93 | % | |||||||||||||
| 9/30/2019 |
6.90 | % | $ | 118,936 | 1.38 | % | n/a | (0.09 | )% | 91.33 | % | |||||||||||||
| 9/30/2018 |
16.38 | % | $ | 123,225 | 1.36 | % | n/a | 0.13 | % | 120.14 | % | |||||||||||||
| 9/30/2017 |
18.50 | % | $ | 131,813 | 1.40 | % | n/a | (0.20 | )% | 109.89 | % | |||||||||||||
| 9/30/2016 |
7.40 | % | $ | 145,817 | 1.37 | % | n/a | (0.09 | )% | 96.23 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
|
9/30/2020(8) |
1.01 | % | $ | 13,092 | 1.25 | % | 2.51 | % | (0.53 | )% | 137.93 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
22.17 | % | $ | 109,307 | 1.05 | % | n/a | (0.12 | )% | 137.93 | % | |||||||||||||
| 9/30/2019 |
7.10 | % | $ | 136,019 | 1.16 | % | n/a | 0.09 | % | 91.33 | % | |||||||||||||
| 9/30/2018 |
16.73 | % | $ | 196,802 | 1.10 | % | n/a | 0.45 | % | 120.14 | % | |||||||||||||
| 9/30/2017 |
18.78 | % | $ | 159,565 | 1.16 | % | n/a | 0.03 | % | 109.89 | % | |||||||||||||
|
9/30/2016(9) |
3.01 | % | $ | 111,757 | 1.11 | % | n/a | 0.37 | % | 96.23 | % | |||||||||||||
| GLOBAL OPPORTUNITIES FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
38.37 | % | $ | 1,358,867 | 1.14 | % | n/a | (0.23 | )% | 44.27 | % | |||||||||||||
| 9/30/2019 |
4.85 | % | $ | 1,052,916 | 1.15 | % | n/a | (0.02 | )% | 48.64 | % | |||||||||||||
| 9/30/2018 |
12.19 | % | $ | 1,176,471 | 1.15 | % | n/a | (0.13 | )% | 44.27 | % | |||||||||||||
| 9/30/2017 |
18.36 | % | $ | 974,286 | 1.15 | % | n/a | (0.35 | )% | 34.13 | % | |||||||||||||
| 9/30/2016 |
19.29 | % | $ | 781,877 | 1.17 | % | n/a | (0.33 | )% | 34.62 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
38.52 | % | $ | 957,127 | 1.01 | % | n/a | (0.09 | )% | 44.27 | % | |||||||||||||
| 9/30/2019 |
5.03 | % | $ | 615,920 | 1.01 | % | n/a | 0.11 | % | 48.64 | % | |||||||||||||
| 9/30/2018 |
12.32 | % | $ | 583,463 | 1.00 | % | n/a | 0.03 | % | 44.27 | % | |||||||||||||
| 9/30/2017 |
18.53 | % | $ | 398,375 | 1.03 | % | n/a | (0.20 | )% | 34.13 | % | |||||||||||||
| 9/30/2016 |
19.37 | % | $ | 193,230 | 1.08 | % | n/a | (0.16 | )% | 34.62 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
38.67 | % | $ | 2,466,599 | 0.90 | % | n/a | 0.01 | % | 44.27 | % | |||||||||||||
| 9/30/2019 |
5.11 | % | $ | 1,726,115 | 0.91 | % | n/a | 0.23 | % | 48.64 | % | |||||||||||||
| 9/30/2018 |
12.48 | % | $ | 1,645,152 | 0.91 | % | n/a | 0.11 | % | 44.27 | % | |||||||||||||
| 9/30/2017 |
18.60 | % | $ | 1,330,754 | 0.93 | % | n/a | (0.11 | )% | 34.13 | % | |||||||||||||
| 9/30/2016 |
19.60 | % | $ | 862,330 | 0.92 | % | n/a | (0.07 | )% | 34.62 | % | |||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 99 |
ARTISAN PARTNERS FUNDS
Financial Highlights – For a share outstanding throughout each period
| Less Distributions From | ||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total from Operations |
Net Investment Income |
Net Realized Gains |
Total Distributions |
Net Asset Value, End of Period |
|||||||||||||||||||||||||
| GLOBAL VALUE FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 17.12 | 0.07 | (1.01 | ) | (0.94 | ) | (0.24 | ) | — | (0.24 | ) | $ | 15.94 | ||||||||||||||||||
| 9/30/2019 |
$ | 18.24 | 0.21 | (0.38 | ) | (0.17 | ) | (0.15 | ) | (0.80 | ) | (0.95 | ) | $ | 17.12 | |||||||||||||||||
| 9/30/2018 |
$ | 17.87 | 0.18 | 0.55 | 0.73 | (0.12 | ) | (0.24 | ) | (0.36 | ) | $ | 18.24 | |||||||||||||||||||
| 9/30/2017 |
$ | 15.30 | 0.10 | 2.88 | 2.98 | (0.11 | ) | (0.30 | ) | (0.41 | ) | $ | 17.87 | |||||||||||||||||||
| 9/30/2016 |
$ | 14.47 | 0.10 | 1.58 | 1.68 | (0.05 | ) | (0.80 | ) | (0.85 | ) | $ | 15.30 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 17.09 | 0.09 | (1.01 | ) | (0.92 | ) | (0.26 | ) | — | (0.26 | ) | $ | 15.91 | ||||||||||||||||||
| 9/30/2019 |
$ | 18.22 | 0.23 | (0.39 | ) | (0.16 | ) | (0.17 | ) | (0.80 | ) | (0.97 | ) | $ | 17.09 | |||||||||||||||||
| 9/30/2018 |
$ | 17.86 | 0.21 | 0.54 | 0.75 | (0.15 | ) | (0.24 | ) | (0.39 | ) | $ | 18.22 | |||||||||||||||||||
| 9/30/2017 |
$ | 15.28 | 0.13 | 2.87 | 3.00 | (0.12 | ) | (0.30 | ) | (0.42 | ) | $ | 17.86 | |||||||||||||||||||
| 9/30/2016 |
$ | 14.48 | 0.13 | 1.57 | 1.70 | (0.10 | ) | (0.80 | ) | (0.90 | ) | $ | 15.28 | |||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 17.14 | 0.11 | (1.01 | ) | (0.90 | ) | (0.28 | ) | — | (0.28 | ) | $ | 15.96 | ||||||||||||||||||
| 9/30/2019 |
$ | 18.27 | 0.26 | (0.40 | ) | (0.14 | ) | (0.19 | ) | (0.80 | ) | (0.99 | ) | $ | 17.14 | |||||||||||||||||
| 9/30/2018 |
$ | 17.90 | 0.24 | 0.54 | 0.78 | (0.17 | ) | (0.24 | ) | (0.41 | ) | $ | 18.27 | |||||||||||||||||||
| 9/30/2017 |
$ | 15.32 | 0.14 | 2.87 | 3.01 | (0.13 | ) | (0.30 | ) | (0.43 | ) | $ | 17.90 | |||||||||||||||||||
| 9/30/2016 |
$ | 14.50 | 0.14 | 1.59 | 1.73 | (0.11 | ) | (0.80 | ) | (0.91 | ) | $ | 15.32 | |||||||||||||||||||
| HIGH INCOME FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 9.66 | 0.60 | (0.13 | ) | 0.47 | (0.60 | ) | — | (0.60 | ) | $ | 9.53 | |||||||||||||||||||
| 9/30/2019 |
$ | 9.87 | 0.61 | (0.17 | ) | 0.44 | (0.60 | ) | (0.05 | ) | (0.65 | ) | $ | 9.66 | ||||||||||||||||||
| 9/30/2018 |
$ | 10.20 | 0.58 | (0.13 | ) | 0.45 | (0.58 | ) | (0.20 | ) | (0.78 | ) | $ | 9.87 | ||||||||||||||||||
| 9/30/2017 |
$ | 9.85 | 0.59 | 0.37 | 0.96 | (0.59 | ) | (0.02 | ) | (0.61 | ) | $ | 10.20 | |||||||||||||||||||
| 9/30/2016 |
$ | 9.49 | 0.63 | 0.40 | 1.03 | (0.63 | ) | (0.04 | ) | (0.67 | ) | $ | 9.85 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 9.66 | 0.61 | (0.13 | ) | 0.48 | (0.61 | ) | — | (0.61 | ) | $ | 9.53 | |||||||||||||||||||
| 9/30/2019 |
$ | 9.87 | 0.63 | (0.17 | ) | 0.46 | (0.62 | ) | (0.05 | ) | (0.67 | ) | $ | 9.66 | ||||||||||||||||||
| 9/30/2018 |
$ | 10.20 | 0.60 | (0.13 | ) | 0.47 | (0.60 | ) | (0.20 | ) | (0.80 | ) | $ | 9.87 | ||||||||||||||||||
| 9/30/2017 |
$ | 9.85 | 0.60 | 0.38 | 0.98 | (0.61 | ) | (0.02 | ) | (0.63 | ) | $ | 10.20 | |||||||||||||||||||
| 9/30/2016 |
$ | 9.49 | 0.64 | 0.41 | 1.05 | (0.65 | ) | (0.04 | ) | (0.69 | ) | $ | 9.85 | |||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 9.66 | 0.62 | (0.13 | ) | 0.49 | (0.62 | ) | — | (0.62 | ) | $ | 9.53 | |||||||||||||||||||
| 9/30/2019 |
$ | 9.87 | 0.64 | (0.17 | ) | 0.47 | (0.63 | ) | (0.05 | ) | (0.68 | ) | $ | 9.66 | ||||||||||||||||||
| 9/30/2018 |
$ | 10.19 | 0.61 | (0.12 | ) | 0.49 | (0.61 | ) | (0.20 | ) | (0.81 | ) | $ | 9.87 | ||||||||||||||||||
|
9/30/2017(10) |
$ | 9.85 | 0.59 | 0.36 | 0.95 | (0.59 | ) | (0.02 | ) | (0.61 | ) | $ | 10.19 | |||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 100 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| GLOBAL VALUE FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(5.63 | )% | $ | 242,744 | 1.26 | % | n/a | 0.42 | % | 37.09 | % | |||||||||||||
| 9/30/2019 |
(0.50 | )% | $ | 506,067 | 1.25 | % | n/a | 1.25 | % | 31.18 | % | |||||||||||||
| 9/30/2018 |
4.16 | % | $ | 724,848 | 1.25 | % | n/a | 1.00 | % | 27.98 | % | |||||||||||||
| 9/30/2017 |
19.95 | % | $ | 811,771 | 1.25 | % | n/a | 0.59 | % | 12.67 | % | |||||||||||||
| 9/30/2016 |
11.86 | % | $ | 748,254 | 1.26 | % | n/a | 0.70 | % | 20.52 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(5.48 | )% | $ | 259,859 | 1.12 | % | n/a | 0.54 | % | 37.09 | % | |||||||||||||
| 9/30/2019 |
(0.40 | )% | $ | 599,418 | 1.10 | % | n/a | 1.38 | % | 31.18 | % | |||||||||||||
| 9/30/2018 |
4.27 | % | $ | 851,738 | 1.10 | % | n/a | 1.14 | % | 27.98 | % | |||||||||||||
| 9/30/2017 |
20.16 | % | $ | 796,869 | 1.10 | % | n/a | 0.78 | % | 12.67 | % | |||||||||||||
| 9/30/2016 |
12.00 | % | $ | 403,036 | 1.14 | % | n/a | 0.88 | % | 20.52 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(5.37 | )% | $ | 1,321,157 | 1.02 | % | n/a | 0.67 | % | 37.09 | % | |||||||||||||
| 9/30/2019 |
(0.30 | )% | $ | 1,970,393 | 1.01 | % | n/a | 1.54 | % | 31.18 | % | |||||||||||||
| 9/30/2018 |
4.40 | % | $ | 2,143,564 | 1.01 | % | n/a | 1.31 | % | 27.98 | % | |||||||||||||
| 9/30/2017 |
20.23 | % | $ | 1,471,466 | 1.02 | % | n/a | 0.84 | % | 12.67 | % | |||||||||||||
| 9/30/2016 |
12.18 | % | $ | 917,977 | 1.03 | % | n/a | 0.97 | % | 20.52 | % | |||||||||||||
| HIGH INCOME FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
5.14 | % | $ | 1,149,422 | 0.96 | % | n/a | 6.43 | % | 71.78 | % | |||||||||||||
| 9/30/2019 |
4.81 | % | $ | 873,574 | 0.98 | % | n/a | 6.41 | % | 74.82 | % | |||||||||||||
| 9/30/2018 |
4.66 | % | $ | 986,645 | 0.99 | % | n/a | 5.88 | % | 79.10 | % | |||||||||||||
| 9/30/2017 |
10.07 | % | $ | 632,387 | 1.00 | % | n/a | 5.88 | % | 92.44 | % | |||||||||||||
| 9/30/2016 |
11.40 | % | $ | 544,969 | 1.03 | % | n/a | 6.66 | % | 69.41 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
5.29 | % | $ | 2,281,480 | 0.82 | % | n/a | 6.57 | % | 71.78 | % | |||||||||||||
| 9/30/2019 |
4.98 | % | $ | 2,194,146 | 0.82 | % | n/a | 6.56 | % | 74.82 | % | |||||||||||||
| 9/30/2018 |
4.83 | % | $ | 1,970,272 | 0.82 | % | n/a | 6.03 | % | 79.10 | % | |||||||||||||
| 9/30/2017 |
10.27 | % | $ | 1,548,786 | 0.82 | % | n/a | 6.04 | % | 92.44 | % | |||||||||||||
| 9/30/2016 |
11.61 | % | $ | 1,244,032 | 0.84 | % | n/a | 6.81 | % | 69.41 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
5.40 | % | $ | 1,385,864 | 0.72 | % | n/a | 6.67 | % | 71.78 | % | |||||||||||||
| 9/30/2019 |
5.08 | % | $ | 720,592 | 0.73 | % | n/a | 6.64 | % | 74.82 | % | |||||||||||||
| 9/30/2018 |
5.02 | % | $ | 289,036 | 0.74 | % | n/a | 6.13 | % | 79.10 | % | |||||||||||||
|
9/30/2017(10) |
9.94 | % | $ | 262,369 | 0.78 | % | n/a | 5.94 | % | 92.44 | % | |||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 101 |
ARTISAN PARTNERS FUNDS
Financial Highlights – For a share outstanding throughout each period
| Less Distributions From | ||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total from Operations |
Net Investment Income |
Net Realized Gains |
Total Distributions |
Net Asset Value, End of Period |
|||||||||||||||||||||||||
| INTERNATIONAL FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 32.52 | 0.08 | 2.00 | 2.08 | (0.30 | ) | (1.44 | ) | (1.74 | ) | $ | 32.86 | |||||||||||||||||||
| 9/30/2019 |
$ | 33.49 | 0.29 | 1.38 | 1.67 | (0.37 | ) | (2.27 | ) | (2.64 | ) | $ | 32.52 | |||||||||||||||||||
| 9/30/2018 |
$ | 32.28 | 0.35 | 1.08 | 1.43 | (0.22 | ) | — | (0.22 | ) | $ | 33.49 | ||||||||||||||||||||
| 9/30/2017 |
$ | 28.30 | 0.20 | 4.08 | 4.28 | (0.30 | ) | — | (0.30 | ) | $ | 32.28 | ||||||||||||||||||||
| 9/30/2016 |
$ | 26.97 | 0.27 | 1.19 | 1.46 | (0.13 | ) | — | (0.13 | ) | $ | 28.30 | ||||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 32.46 | 0.15 | 1.98 | 2.13 | (0.35 | ) | (1.44 | ) | (1.79 | ) | $ | 32.80 | |||||||||||||||||||
| 9/30/2019 |
$ | 33.45 | 0.34 | 1.37 | 1.71 | (0.43 | ) | (2.27 | ) | (2.70 | ) | $ | 32.46 | |||||||||||||||||||
| 9/30/2018 |
$ | 32.25 | 0.43 | 1.05 | 1.48 | (0.28 | ) | — | (0.28 | ) | $ | 33.45 | ||||||||||||||||||||
| 9/30/2017 |
$ | 28.31 | 0.23 | 4.08 | 4.31 | (0.37 | ) | — | (0.37 | ) | $ | 32.25 | ||||||||||||||||||||
| 9/30/2016 |
$ | 27.00 | 0.34 | 1.17 | 1.51 | (0.20 | ) | — | (0.20 | ) | $ | 28.31 | ||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 32.72 | 0.17 | 2.01 | 2.18 | (0.38 | ) | (1.44 | ) | (1.82 | ) | $ | 33.08 | |||||||||||||||||||
| 9/30/2019 |
$ | 33.71 | 0.35 | 1.39 | 1.74 | (0.46 | ) | (2.27 | ) | (2.73 | ) | $ | 32.72 | |||||||||||||||||||
| 9/30/2018 |
$ | 32.50 | 0.46 | 1.05 | 1.51 | (0.30 | ) | — | (0.30 | ) | $ | 33.71 | ||||||||||||||||||||
| 9/30/2017 |
$ | 28.51 | 0.30 | 4.08 | 4.38 | (0.39 | ) | — | (0.39 | ) | $ | 32.50 | ||||||||||||||||||||
| 9/30/2016 |
$ | 27.19 | 0.36 | 1.17 | 1.53 | (0.21 | ) | — | (0.21 | ) | $ | 28.51 | ||||||||||||||||||||
| INTERNATIONAL SMALL-MID FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 13.61 | 0.16 | 3.58 | 3.74 | (0.02 | ) | — | (0.02 | ) | $ | 17.33 | ||||||||||||||||||||
| 9/30/2019 |
$ | 23.47 | (0.03 | ) | (1.56 | ) | (1.59 | ) | — | (8.27 | ) | (8.27 | ) | $ | 13.61 | |||||||||||||||||
| 9/30/2018 |
$ | 24.69 | (0.10 | ) | 2.05 | 1.95 | — | (3.17 | ) | (3.17 | ) | $ | 23.47 | |||||||||||||||||||
| 9/30/2017 |
$ | 23.17 | (0.03 | ) | 2.75 | 2.72 | — | (1.20 | ) | (1.20 | ) | $ | 24.69 | |||||||||||||||||||
| 9/30/2016 |
$ | 23.37 | (0.02 | ) | 0.63 | 0.61 | (0.03 | ) | (0.78 | ) | (0.81 | ) | $ | 23.17 | ||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 13.62 | 0.20 | 3.57 | 3.77 | (0.04 | ) | — | (0.04 | ) | $ | 17.35 | ||||||||||||||||||||
|
9/30/2019(11) |
$ | 11.91 | 0.01 | 1.70 | 1.71 | — | — | — | $ | 13.62 | ||||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 13.76 | 0.23 | 3.59 | 3.82 | (0.04 | ) | — | (0.04 | ) | $ | 17.54 | ||||||||||||||||||||
| 9/30/2019 |
$ | 23.59 | 0.03 | (1.59 | ) | (1.56 | ) | — | (8.27 | ) | (8.27 | ) | $ | 13.76 | ||||||||||||||||||
| 9/30/2018 |
$ | 24.75 | (0.04 | ) | 2.05 | 2.01 | — | (3.17 | ) | (3.17 | ) | $ | 23.59 | |||||||||||||||||||
| 9/30/2017 |
$ | 23.18 | 0.06 | 2.71 | 2.77 | — | (1.20 | ) | (1.20 | ) | $ | 24.75 | ||||||||||||||||||||
|
9/30/2016(12) |
$ | 22.54 | 0.04 | 0.60 | 0.64 | — | — | — | $ | 23.18 | ||||||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 102 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| INTERNATIONAL FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
6.52 | % | $ | 3,142,072 | 1.19 | % | n/a | 0.27 | % | 53.82 | % | |||||||||||||
| 9/30/2019 |
6.29 | % | $ | 3,903,758 | 1.19 | % | n/a | 0.95 | % | 41.01 | % | |||||||||||||
| 9/30/2018 |
4.45 | % | $ | 4,733,866 | 1.18 | % | n/a | 1.06 | % | 55.16 | % | |||||||||||||
| 9/30/2017 |
15.39 | % | $ | 5,808,005 | 1.18 | % | n/a | 0.70 | % | 57.60 | % | |||||||||||||
| 9/30/2016 |
5.39 | % | $ | 7,930,361 | 1.19 | % | n/a | 0.98 | % | 64.65 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
6.71 | % | $ | 1,799,962 | 1.04 | % | n/a | 0.48 | % | 53.82 | % | |||||||||||||
| 9/30/2019 |
6.46 | % | $ | 2,141,985 | 1.04 | % | n/a | 1.11 | % | 41.01 | % | |||||||||||||
| 9/30/2018 |
4.58 | % | $ | 2,367,026 | 1.04 | % | n/a | 1.29 | % | 55.16 | % | |||||||||||||
| 9/30/2017 |
15.56 | % | $ | 2,357,528 | 1.04 | % | n/a | 0.82 | % | 57.60 | % | |||||||||||||
| 9/30/2016 |
5.58 | % | $ | 2,782,189 | 1.01 | % | n/a | 1.23 | % | 64.65 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
6.80 | % | $ | 4,718,706 | 0.96 | % | n/a | 0.55 | % | 53.82 | % | |||||||||||||
| 9/30/2019 |
6.52 | % | $ | 4,513,365 | 0.96 | % | n/a | 1.15 | % | 41.01 | % | |||||||||||||
| 9/30/2018 |
4.67 | % | $ | 5,815,955 | 0.95 | % | n/a | 1.36 | % | 55.16 | % | |||||||||||||
| 9/30/2017 |
15.66 | % | $ | 5,868,894 | 0.96 | % | n/a | 1.05 | % | 57.60 | % | |||||||||||||
| 9/30/2016 |
5.64 | % | $ | 5,272,925 | 0.95 | % | n/a | 1.27 | % | 64.65 | % | |||||||||||||
| INTERNATIONAL SMALL-MID FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
27.52 | % | $ | 400,490 | 1.33 | % | n/a | 1.06 | % | 27.84 | % | |||||||||||||
| 9/30/2019 |
(1.38 | )% | $ | 177,807 | 1.43 | % | n/a | (0.24 | )% | 55.98 | % | |||||||||||||
| 9/30/2018 |
8.70 | % | $ | 228,317 | 1.55 | % | n/a | (0.44 | )% | 59.53 | % | |||||||||||||
| 9/30/2017 |
13.09 | % | $ | 307,580 | 1.57 | % | n/a | (0.16 | )% | 79.09 | % | |||||||||||||
| 9/30/2016 |
2.50 | % | $ | 585,000 | 1.51 | % | n/a | (0.07 | )% | 69.82 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
27.70 | % | $ | 1,223,773 | 1.18 | % | n/a | 1.32 | % | 27.84 | % | |||||||||||||
|
9/30/2019(11) |
14.36 | % | $ | 434,784 | 1.25 | % | n/a | 0.13 | % | 55.98 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
27.85 | % | $ | 1,836,163 | 1.09 | % | n/a | 1.49 | % | 27.84 | % | |||||||||||||
| 9/30/2019 |
(1.18 | )% | $ | 608,417 | 1.16 | % | n/a | 0.20 | % | 55.98 | % | |||||||||||||
| 9/30/2018 |
8.94 | % | $ | 175,808 | 1.35 | % | n/a | (0.17 | )% | 59.53 | % | |||||||||||||
| 9/30/2017 |
13.31 | % | $ | 255,353 | 1.37 | % | n/a | 0.29 | % | 79.09 | % | |||||||||||||
|
9/30/2016(12) |
2.84 | % | $ | 209,536 | 1.37 | % | n/a | 0.41 | % | 69.82 | % | |||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 103 |
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 |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 34.87 | 0.19 | (1.06 | ) | (0.87 | ) | (0.23 | ) | (0.83 | ) | (1.06 | ) | $ | 32.94 | |||||||||||||||||
| 9/30/2019 |
$ | 36.85 | 0.61 | (0.64 | ) | (0.03 | ) | (0.65 | ) | (1.30 | ) | (1.95 | ) | $ | 34.87 | |||||||||||||||||
| 9/30/2018 |
$ | 39.08 | 0.42 | (1.14 | ) | (0.72 | ) | (0.41 | ) | (1.10 | ) | (1.51 | ) | $ | 36.85 | |||||||||||||||||
| 9/30/2017 |
$ | 33.55 | 0.27 | 6.27 | 6.54 | (0.26 | ) | (0.75 | ) | (1.01 | ) | $ | 39.08 | |||||||||||||||||||
| 9/30/2016 |
$ | 32.62 | 0.32 | 2.57 | 2.89 | (0.28 | ) | (1.68 | ) | (1.96 | ) | $ | 33.55 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 34.81 | 0.27 | (1.09 | ) | (0.82 | ) | (0.26 | ) | (0.83 | ) | (1.09 | ) | $ | 32.90 | |||||||||||||||||
| 9/30/2019 |
$ | 36.85 | 0.65 | (0.63 | ) | 0.02 | (0.76 | ) | (1.30 | ) | (2.06 | ) | $ | 34.81 | ||||||||||||||||||
| 9/30/2018 |
$ | 39.11 | 0.48 | (1.16 | ) | (0.68 | ) | (0.48 | ) | (1.10 | ) | (1.58 | ) | $ | 36.85 | |||||||||||||||||
| 9/30/2017 |
$ | 33.57 | 0.33 | 6.27 | 6.60 | (0.31 | ) | (0.75 | ) | (1.06 | ) | $ | 39.11 | |||||||||||||||||||
| 9/30/2016 |
$ | 32.66 | 0.39 | 2.54 | 2.93 | (0.34 | ) | (1.68 | ) | (2.02 | ) | $ | 33.57 | |||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 34.96 | 0.28 | (1.08 | ) | (0.80 | ) | (0.27 | ) | (0.83 | ) | (1.10 | ) | $ | 33.06 | |||||||||||||||||
| 9/30/2019 |
$ | 37.02 | 0.69 | (0.64 | ) | 0.05 | (0.81 | ) | (1.30 | ) | (2.11 | ) | $ | 34.96 | ||||||||||||||||||
| 9/30/2018 |
$ | 39.28 | 0.53 | (1.18 | ) | (0.65 | ) | (0.51 | ) | (1.10 | ) | (1.61 | ) | $ | 37.02 | |||||||||||||||||
| 9/30/2017 |
$ | 33.71 | 0.42 | 6.23 | 6.65 | (0.33 | ) | (0.75 | ) | (1.08 | ) | $ | 39.28 | |||||||||||||||||||
| 9/30/2016 |
$ | 32.77 | 0.40 | 2.57 | 2.97 | (0.35 | ) | (1.68 | ) | (2.03 | ) | $ | 33.71 | |||||||||||||||||||
| MID CAP FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 37.16 | (0.31 | ) | 15.43 | 15.12 | — | (4.53 | ) | (4.53 | ) | $ | 47.75 | |||||||||||||||||||
| 9/30/2019 |
$ | 44.83 | (0.23 | ) | 0.53 | 0.30 | — | (7.97 | ) | (7.97 | ) | $ | 37.16 | |||||||||||||||||||
| 9/30/2018 |
$ | 42.58 | (0.26 | ) | 8.21 | 7.95 | — | (5.70 | ) | (5.70 | ) | $ | 44.83 | |||||||||||||||||||
| 9/30/2017 |
$ | 41.34 | (0.27 | ) | 4.85 | 4.58 | — | (3.34 | ) | (3.34 | ) | $ | 42.58 | |||||||||||||||||||
| 9/30/2016 |
$ | 44.42 | (0.30 | ) | 3.78 | 3.48 | — | (6.56 | ) | (6.56 | ) | $ | 41.34 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 37.52 | (0.27 | ) | 15.61 | 15.34 | — | (4.53 | ) | (4.53 | ) | $ | 48.33 | |||||||||||||||||||
| 9/30/2019 |
$ | 45.10 | (0.17 | ) | 0.56 | 0.39 | — | (7.97 | ) | (7.97 | ) | $ | 37.52 | |||||||||||||||||||
| 9/30/2018 |
$ | 42.75 | (0.20 | ) | 8.25 | 8.05 | — | (5.70 | ) | (5.70 | ) | $ | 45.10 | |||||||||||||||||||
| 9/30/2017 |
$ | 41.43 | (0.22 | ) | 4.88 | 4.66 | — | (3.34 | ) | (3.34 | ) | $ | 42.75 | |||||||||||||||||||
| 9/30/2016 |
$ | 44.46 | (0.24 | ) | 3.77 | 3.53 | — | (6.56 | ) | (6.56 | ) | $ | 41.43 | |||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 41.54 | (0.26 | ) | 17.50 | 17.24 | — | (4.53 | ) | (4.53 | ) | $ | 54.25 | |||||||||||||||||||
| 9/30/2019 |
$ | 48.89 | (0.16 | ) | 0.78 | 0.62 | — | (7.97 | ) | (7.97 | ) | $ | 41.54 | |||||||||||||||||||
| 9/30/2018 |
$ | 45.84 | (0.18 | ) | 8.93 | 8.75 | — | (5.70 | ) | (5.70 | ) | $ | 48.89 | |||||||||||||||||||
| 9/30/2017 |
$ | 44.15 | (0.19 | ) | 5.22 | 5.03 | — | (3.34 | ) | (3.34 | ) | $ | 45.84 | |||||||||||||||||||
| 9/30/2016 |
$ | 46.92 | (0.22 | ) | 4.01 | 3.79 | — | (6.56 | ) | (6.56 | ) | $ | 44.15 | |||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 104 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| INTERNATIONAL VALUE FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(2.71 | )% | $ | 1,983,618 | 1.19 | % | n/a | 0.57 | % | 28.06 | % | |||||||||||||
| 9/30/2019 |
0.38 | % | $ | 2,761,826 | 1.19 | % | n/a | 1.80 | % | 23.69 | % | |||||||||||||
| 9/30/2018 |
(1.99 | )% | $ | 3,371,735 | 1.18 | % | n/a | 1.11 | % | 21.55 | % | |||||||||||||
| 9/30/2017 |
20.19 | % | $ | 4,350,119 | 1.19 | % | n/a | 0.78 | % | 11.67 | % | |||||||||||||
| 9/30/2016 |
9.02 | % | $ | 5,500,119 | 1.18 | % | n/a | 0.98 | % | 17.79 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(2.56 | )% | $ | 3,645,568 | 1.05 | % | n/a | 0.81 | % | 28.06 | % | |||||||||||||
| 9/30/2019 |
0.52 | % | $ | 4,336,510 | 1.05 | % | n/a | 1.93 | % | 23.69 | % | |||||||||||||
| 9/30/2018 |
(1.87 | )% | $ | 4,683,702 | 1.04 | % | n/a | 1.27 | % | 21.55 | % | |||||||||||||
| 9/30/2017 |
20.41 | % | $ | 4,323,659 | 1.04 | % | n/a | 0.93 | % | 11.67 | % | |||||||||||||
| 9/30/2016 |
9.17 | % | $ | 3,537,587 | 1.02 | % | n/a | 1.21 | % | 17.79 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(2.48 | )% | $ | 7,944,724 | 0.96 | % | n/a | 0.85 | % | 28.06 | % | |||||||||||||
| 9/30/2019 |
0.63 | % | $ | 7,169,774 | 0.95 | % | n/a | 2.03 | % | 23.69 | % | |||||||||||||
| 9/30/2018 |
(1.79 | )% | $ | 7,295,259 | 0.95 | % | n/a | 1.41 | % | 21.55 | % | |||||||||||||
| 9/30/2017 |
20.48 | % | $ | 6,282,134 | 0.97 | % | n/a | 1.18 | % | 11.67 | % | |||||||||||||
| 9/30/2016 |
9.27 | % | $ | 3,038,159 | 0.96 | % | n/a | 1.26 | % | 17.79 | % | |||||||||||||
| MID CAP FUND | ||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
45.66 | % | $ | 2,106,948 | 1.18 | % | n/a | (0.81 | )% | 44.52 | % | |||||||||||||
| 9/30/2019 |
5.11 | % | $ | 1,599,647 | 1.19 | % | n/a | (0.63 | )% | 47.96 | % | |||||||||||||
| 9/30/2018 |
21.12 | % | $ | 2,003,621 | 1.18 | % | n/a | (0.62 | )% | 49.83 | % | |||||||||||||
| 9/30/2017 |
12.19 | % | $ | 2,277,750 | 1.18 | % | n/a | (0.68 | )% | 42.59 | % | |||||||||||||
| 9/30/2016 |
8.08 | % | $ | 3,232,399 | 1.18 | % | n/a | (0.75 | )% | 40.35 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
45.83 | % | $ | 667,057 | 1.05 | % | n/a | (0.68 | )% | 44.52 | % | |||||||||||||
| 9/30/2019 |
5.36 | % | $ | 429,052 | 1.04 | % | n/a | (0.48 | )% | 47.96 | % | |||||||||||||
| 9/30/2018 |
21.26 | % | $ | 644,777 | 1.04 | % | n/a | (0.48 | )% | 49.83 | % | |||||||||||||
| 9/30/2017 |
12.36 | % | $ | 583,658 | 1.05 | % | n/a | (0.54 | )% | 42.59 | % | |||||||||||||
| 9/30/2016 |
8.19 | % | $ | 445,648 | 1.05 | % | n/a | (0.62 | )% | 40.35 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
45.98 | % | $ | 4,015,667 | 0.95 | % | n/a | (0.59 | )% | 44.52 | % | |||||||||||||
| 9/30/2019 |
5.41 | % | $ | 3,029,773 | 0.96 | % | n/a | (0.41 | )% | 47.96 | % | |||||||||||||
| 9/30/2018 |
21.37 | % | $ | 3,516,293 | 0.95 | % | n/a | (0.39 | )% | 49.83 | % | |||||||||||||
| 9/30/2017 |
12.45 | % | $ | 4,119,181 | 0.95 | % | n/a | (0.45 | )% | 42.59 | % | |||||||||||||
| 9/30/2016 |
8.33 | % | $ | 4,389,242 | 0.95 | % | n/a | (0.52 | )% | 40.35 | % | |||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 105 |
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 |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 19.81 | 0.15 | (1.71 | ) | (1.56 | ) | (0.12 | ) | (1.87 | ) | (1.99 | ) | $ | 16.26 | |||||||||||||||||
| 9/30/2019 |
$ | 23.56 | 0.10 | (0.90 | ) | (0.80 | ) | (0.05 | ) | (2.90 | ) | (2.95 | ) | $ | 19.81 | |||||||||||||||||
| 9/30/2018 |
$ | 23.98 | 0.02 | 1.86 | 1.88 | (0.02 | ) | (2.28 | ) | (2.30 | ) | $ | 23.56 | |||||||||||||||||||
| 9/30/2017 |
$ | 21.41 | 0.06 | 3.11 | 3.17 | (0.16 | ) | (0.44 | ) | (0.60 | ) | $ | 23.98 | |||||||||||||||||||
| 9/30/2016 |
$ | 22.22 | 0.12 | 2.70 | 2.82 | (0.09 | ) | (3.54 | ) | (3.63 | ) | $ | 21.41 | |||||||||||||||||||
| Advisor Shares |
| |||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 19.77 | 0.17 | (1.70 | ) | (1.53 | ) | (0.14 | ) | (1.87 | ) | (2.01 | ) | $ | 16.23 | |||||||||||||||||
| 9/30/2019 |
$ | 23.53 | 0.13 | (0.90 | ) | (0.77 | ) | (0.09 | ) | (2.90 | ) | (2.99 | ) | $ | 19.77 | |||||||||||||||||
| 9/30/2018 |
$ | 23.94 | 0.05 | 1.85 | 1.90 | (0.03 | ) | (2.28 | ) | (2.31 | ) | $ | 23.53 | |||||||||||||||||||
| 9/30/2017 |
$ | 21.37 | 0.09 | 3.10 | 3.19 | (0.18 | ) | (0.44 | ) | (0.62 | ) | $ | 23.94 | |||||||||||||||||||
| 9/30/2016 |
$ | 22.23 | 0.14 | 2.70 | 2.84 | (0.16 | ) | (3.54 | ) | (3.70 | ) | $ | 21.37 | |||||||||||||||||||
| Institutional Shares |
| |||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 19.80 | 0.18 | (1.71 | ) | (1.53 | ) | (0.16 | ) | (1.87 | ) | (2.03 | ) | $ | 16.24 | |||||||||||||||||
| 9/30/2019 |
$ | 23.56 | 0.14 | (0.89 | ) | (0.75 | ) | (0.11 | ) | (2.90 | ) | (3.01 | ) | $ | 19.80 | |||||||||||||||||
| 9/30/2018 |
$ | 23.98 | 0.07 | 1.85 | 1.92 | (0.06 | ) | (2.28 | ) | (2.34 | ) | $ | 23.56 | |||||||||||||||||||
| 9/30/2017 |
$ | 21.40 | 0.11 | 3.11 | 3.22 | (0.20 | ) | (0.44 | ) | (0.64 | ) | $ | 23.98 | |||||||||||||||||||
| 9/30/2016 |
$ | 22.25 | 0.16 | 2.70 | 2.86 | (0.17 | ) | (3.54 | ) | (3.71 | ) | $ | 21.40 | |||||||||||||||||||
| SELECT EQUITY FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(13) |
$ | 10.00 | — | (5) | 0.17 | 0.17 | — | — | — | $ | 10.17 | |||||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(13) |
$ | 10.00 | 0.01 | 0.17 | 0.18 | — | — | — | $ | 10.18 | ||||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
|
9/30/2020(13) |
$ | 10.00 | 0.01 | 0.17 | 0.18 | — | — | — | $ | 10.18 | ||||||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 106 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| MID CAP VALUE FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(8.93 | )% | $ | 541,320 | 1.21 | % | n/a | 0.90 | % | 43.12 | % | |||||||||||||
| 9/30/2019 |
(2.49 | )% | $ | 842,896 | 1.20 | % | n/a | 0.52 | % | 19.18 | % | |||||||||||||
| 9/30/2018 |
8.55 | % | $ | 1,294,179 | 1.19 | % | n/a | 0.07 | % | 19.15 | % | |||||||||||||
| 9/30/2017 |
15.08 | % | $ | 1,957,786 | 1.17 | % | n/a | 0.25 | % | 23.92 | % | |||||||||||||
| 9/30/2016 |
14.10 | % | $ | 2,416,461 | 1.16 | % | 1.16 | % | 0.59 | % | 26.62 | % | ||||||||||||
| Advisor Shares |
| |||||||||||||||||||||||
| 9/30/2020 |
(8.76 | )% | $ | 518,198 | 1.06 | % | n/a | 1.02 | % | 43.12 | % | |||||||||||||
| 9/30/2019 |
(2.32 | )% | $ | 630,296 | 1.06 | % | n/a | 0.66 | % | 19.18 | % | |||||||||||||
| 9/30/2018 |
8.68 | % | $ | 951,667 | 1.05 | % | n/a | 0.24 | % | 19.15 | % | |||||||||||||
| 9/30/2017 |
15.23 | % | $ | 1,053,640 | 1.06 | % | n/a | 0.40 | % | 23.92 | % | |||||||||||||
| 9/30/2016 |
14.22 | % | $ | 1,025,855 | 1.05 | % | 1.06 | % | 0.70 | % | 26.62 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
(8.76 | )% | $ | 619,243 | 1.00 | % | n/a | 1.08 | % | 43.12 | % | |||||||||||||
| 9/30/2019 |
(2.22 | )% | $ | 796,385 | 0.98 | % | n/a | 0.72 | % | 19.18 | % | |||||||||||||
| 9/30/2018 |
8.75 | % | $ | 1,058,092 | 0.98 | % | n/a | 0.30 | % | 19.15 | % | |||||||||||||
| 9/30/2017 |
15.37 | % | $ | 1,040,520 | 0.97 | % | n/a | 0.48 | % | 23.92 | % | |||||||||||||
| 9/30/2016 |
14.29 | % | $ | 741,286 | 0.95 | % | 0.95 | % | 0.81 | % | 26.62 | % | ||||||||||||
| SELECT EQUITY FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
|
9/30/2020(13) |
1.70 | % | $ | 983 | 1.25 | % | 17.96 | % | 0.03 | % | 26.96 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
|
9/30/2020(13) |
1.80 | % | $ | 778 | 1.15 | % | 9.66 | % | 0.15 | % | 26.96 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
|
9/30/2020(13) |
1.80 | % | $ | 11,266 | 1.10 | % | 2.36 | % | 0.20 | % | 26.96 | % | ||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 107 |
ARTISAN PARTNERS FUNDS
Financial Highlights – For a share outstanding throughout each period
| Less Distributions From | ||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period |
Net Investment Income (Loss)(1) |
Net Realized and Unrealized Gain (Loss) on Investments |
Total from Operations |
Net Investment Income |
Net Realized Gains |
Total Distributions |
Net Asset Value, End of Period |
|||||||||||||||||||||||||
| SMALL CAP FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 33.17 | (0.38 | ) | 12.66 | 12.28 | — | (2.65 | ) | (2.65 | ) | $ | 42.80 | |||||||||||||||||||
| 9/30/2019 |
$ | 38.97 | (0.29 | ) | (0.08 | ) | (0.37 | ) | — | (5.43 | ) | (5.43 | ) | $ | 33.17 | |||||||||||||||||
| 9/30/2018 |
$ | 33.61 | (0.31 | ) | 10.64 | 10.33 | — | (4.97 | ) | (4.97 | ) | $ | 38.97 | |||||||||||||||||||
| 9/30/2017 |
$ | 29.93 | (0.29 | ) | 4.30 | 4.01 | — | (0.33 | ) | (0.33 | ) | $ | 33.61 | |||||||||||||||||||
| 9/30/2016 |
$ | 28.55 | (0.27 | ) | 4.36 | 4.09 | — | (2.71 | ) | (2.71 | ) | $ | 29.93 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 33.30 | (0.34 | ) | 12.72 | 12.38 | — | (2.65 | ) | (2.65 | ) | $ | 43.03 | |||||||||||||||||||
| 9/30/2019 |
$ | 39.05 | (0.25 | ) | (0.07 | ) | (0.32 | ) | — | (5.43 | ) | (5.43 | ) | $ | 33.30 | |||||||||||||||||
| 9/30/2018 |
$ | 33.63 | (0.26 | ) | 10.65 | 10.39 | — | (4.97 | ) | (4.97 | ) | $ | 39.05 | |||||||||||||||||||
|
9/30/2017(14) |
$ | 29.23 | (0.18 | ) | 4.58 | 4.40 | — | — | — | $ | 33.63 | |||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 33.83 | (0.31 | ) | 12.95 | 12.64 | — | (2.65 | ) | (2.65 | ) | $ | 43.82 | |||||||||||||||||||
| 9/30/2019 |
$ | 39.54 | (0.23 | ) | (0.05 | ) | (0.28 | ) | — | (5.43 | ) | (5.43 | ) | $ | 33.83 | |||||||||||||||||
| 9/30/2018 |
$ | 33.98 | (0.24 | ) | 10.77 | 10.53 | — | (4.97 | ) | (4.97 | ) | $ | 39.54 | |||||||||||||||||||
| 9/30/2017 |
$ | 30.19 | (0.23 | ) | 4.35 | 4.12 | — | (0.33 | ) | (0.33 | ) | $ | 33.98 | |||||||||||||||||||
| 9/30/2016 |
$ | 28.72 | (0.20 | ) | 4.38 | 4.18 | — | (2.71 | ) | (2.71 | ) | $ | 30.19 | |||||||||||||||||||
| SUSTAINABLE EMERGING MARKETS FUND |
| |||||||||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 15.22 | 0.24 | 1.20 | 1.44 | (0.27 | ) | — | (0.27 | ) | $ | 16.39 | ||||||||||||||||||||
| 9/30/2019 |
$ | 15.08 | 0.18 | 0.10 | 0.28 | (0.14 | ) | — | (0.14 | ) | $ | 15.22 | ||||||||||||||||||||
| 9/30/2018 |
$ | 15.58 | 0.15 | (0.56 | ) | (0.41 | ) | (0.09 | ) | — | (0.09 | ) | $ | 15.08 | ||||||||||||||||||
| 9/30/2017 |
$ | 12.75 | 0.08 | 2.87 | 2.95 | (0.12 | ) | — | (0.12 | ) | $ | 15.58 | ||||||||||||||||||||
|
9/30/2016(15) |
$ | 9.90 | 0.19 | 2.66 | 2.85 | — | — | — | $ | 12.75 | ||||||||||||||||||||||
| Institutional Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 15.25 | 0.27 | 1.21 | 1.48 | (0.17 | ) | — | (0.17 | ) | $ | 16.56 | ||||||||||||||||||||
| 9/30/2019 |
$ | 15.03 | 0.20 | 0.10 | 0.30 | (0.08 | ) | — | (0.08 | ) | $ | 15.25 | ||||||||||||||||||||
| 9/30/2018 |
$ | 15.50 | 0.14 | (0.53 | ) | (0.39 | ) | (0.08 | ) | — | (0.08 | ) | $ | 15.03 | ||||||||||||||||||
| 9/30/2017 |
$ | 12.65 | 0.08 | 2.86 | 2.94 | (0.09 | ) | — | (0.09 | ) | $ | 15.50 | ||||||||||||||||||||
|
9/30/2016(15) |
$ | 9.83 | 0.03 | 2.79 | 2.82 | — | — | — | $ | 12.65 | ||||||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 108 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| SMALL CAP FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
39.51 | % | $ | 896,297 | 1.20 | % | n/a | (1.05 | )% | 40.59 | % | |||||||||||||
| 9/30/2019 |
2.02 | % | $ | 611,745 | 1.20 | % | n/a | (0.88 | )% | 47.32 | % | |||||||||||||
| 9/30/2018 |
34.71 | % | $ | 495,803 | 1.20 | % | n/a | (0.90 | )% | 43.85 | % | |||||||||||||
| 9/30/2017 |
13.56 | % | $ | 461,398 | 1.21 | % | n/a | (0.96 | )% | 35.37 | % | |||||||||||||
| 9/30/2016 |
15.27 | % | $ | 764,298 | 1.25 | % | n/a | (1.00 | )% | 27.00 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
39.66 | % | $ | 999,213 | 1.08 | % | n/a | (0.94 | )% | 40.59 | % | |||||||||||||
| 9/30/2019 |
2.16 | % | $ | 589,147 | 1.08 | % | n/a | (0.77 | )% | 47.32 | % | |||||||||||||
| 9/30/2018 |
34.89 | % | $ | 495,650 | 1.06 | % | n/a | (0.75 | )% | 43.85 | % | |||||||||||||
|
9/30/2017(14) |
15.05 | % | $ | 324,762 | 1.12 | % | n/a | (0.86 | )% | 35.37 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
39.82 | % | $ | 1,106,482 | 0.99 | % | n/a | (0.84 | )% | 40.59 | % | |||||||||||||
| 9/30/2019 |
2.25 | % | $ | 636,076 | 0.99 | % | n/a | (0.69 | )% | 47.32 | % | |||||||||||||
| 9/30/2018 |
34.94 | % | $ | 814,426 | 1.01 | % | n/a | (0.70 | )% | 43.85 | % | |||||||||||||
| 9/30/2017 |
13.81 | % | $ | 497,931 | 1.01 | % | n/a | (0.75 | )% | 35.37 | % | |||||||||||||
| 9/30/2016 |
15.51 | % | $ | 518,224 | 1.01 | % | n/a | (0.76 | )% | 27.00 | % | |||||||||||||
| SUSTAINABLE EMERGING MARKETS FUND |
| |||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
9.58 | % | $ | 46,541 | 1.35 | % | 1.73 | % | 1.59 | % | 21.57 | % | ||||||||||||
| 9/30/2019 |
1.91 | % | $ | 45,717 | 1.35 | % | 1.93 | % | 1.19 | % | 30.58 | % | ||||||||||||
| 9/30/2018 |
(2.70 | )% | $ | 49,562 | 1.41 | %* | 1.78 | % | 0.89 | % | 35.24 | % | ||||||||||||
| 9/30/2017 |
23.47 | % | $ | 42,429 | 1.50 | % | 2.19 | % | 0.61 | % | 26.22 | % | ||||||||||||
|
9/30/2016(15) |
28.79 | % | $ | 30,135 | 0.94 | % | 1.85 | % | 1.68 | % | 45.79 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
9.73 | % | $ | 6,695 | 1.20 | % | 2.29 | % | 1.72 | % | 21.57 | % | ||||||||||||
| 9/30/2019 |
2.04 | % | $ | 6,315 | 1.20 | % | 2.47 | % | 1.34 | % | 30.58 | % | ||||||||||||
| 9/30/2018 |
(2.57 | )% | $ | 5,842 | 1.33 | %* | 2.00 | % | 0.87 | % | 35.24 | % | ||||||||||||
| 9/30/2017 |
23.47 | % | $ | 8,709 | 1.50 | % | 2.23 | % | 0.57 | % | 26.22 | % | ||||||||||||
|
9/30/2016(15) |
28.69 | % | $ | 6,555 | 1.26 | % | 1.79 | % | 0.29 | % | 45.79 | % | ||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 109 |
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 |
| |||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 12.88 | 0.09 | (0.02 | ) | 0.07 | (0.11 | ) | (0.43 | ) | (0.54 | ) | $ | 12.41 | ||||||||||||||||||
| 9/30/2019 |
$ | 15.10 | 0.11 | (0.56 | ) | (0.45 | ) | (0.10 | ) | (1.67 | ) | (1.77 | ) | $ | 12.88 | |||||||||||||||||
| 9/30/2018 |
$ | 15.25 | 0.11 | 1.19 | 1.30 | (0.05 | ) | (1.40 | ) | (1.45 | ) | $ | 15.10 | |||||||||||||||||||
| 9/30/2017 |
$ | 13.10 | 0.07 | 2.17 | 2.24 | (0.09 | ) | — | (0.09 | ) | $ | 15.25 | ||||||||||||||||||||
| 9/30/2016 |
$ | 11.56 | 0.09 | 2.61 | 2.70 | (0.06 | ) | (1.10 | ) | (1.16 | ) | $ | 13.10 | |||||||||||||||||||
| Advisor Shares |
||||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 12.83 | 0.11 | (0.02 | ) | 0.09 | (0.12 | ) | (0.43 | ) | (0.55 | ) | $ | 12.37 | ||||||||||||||||||
| 9/30/2019 |
$ | 15.04 | 0.13 | (0.55 | ) | (0.42 | ) | (0.12 | ) | (1.67 | ) | (1.79 | ) | $ | 12.83 | |||||||||||||||||
| 9/30/2018 |
$ | 15.22 | 0.12 | 1.19 | 1.31 | (0.09 | ) | (1.40 | ) | (1.49 | ) | $ | 15.04 | |||||||||||||||||||
| 9/30/2017 |
$ | 13.05 | 0.10 | 2.15 | 2.25 | (0.08 | ) | — | (0.08 | ) | $ | 15.22 | ||||||||||||||||||||
| 9/30/2016 |
$ | 11.57 | 0.10 | 2.61 | 2.71 | (0.13 | ) | (1.10 | ) | (1.23 | ) | $ | 13.05 | |||||||||||||||||||
| Institutional Shares |
| |||||||||||||||||||||||||||||||
| 9/30/2020 |
$ | 12.86 | 0.12 | (0.02 | ) | 0.10 | (0.13 | ) | (0.43 | ) | (0.56 | ) | $ | 12.40 | ||||||||||||||||||
| 9/30/2019 |
$ | 15.08 | 0.14 | (0.56 | ) | (0.42 | ) | (0.13 | ) | (1.67 | ) | (1.80 | ) | $ | 12.86 | |||||||||||||||||
| 9/30/2018 |
$ | 15.26 | 0.14 | 1.19 | 1.33 | (0.11 | ) | (1.40 | ) | (1.51 | ) | $ | 15.08 | |||||||||||||||||||
| 9/30/2017 |
$ | 13.09 | 0.12 | 2.15 | 2.27 | (0.10 | ) | — | (0.10 | ) | $ | 15.26 | ||||||||||||||||||||
| 9/30/2016 |
$ | 11.60 | 0.11 | 2.61 | 2.72 | (0.13 | ) | (1.10 | ) | (1.23 | ) | $ | 13.09 | |||||||||||||||||||
Footnotes are presented on Pages 111-112.
The accompanying notes are an integral part of the financial statements.
| 110 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Financial Highlights – continued
| Total Return(2) |
Net Assets, End of Period (000) |
Ratio of Expenses to Average Net Assets(3)(4) |
Ratio of Expenses to Average Net Assets Excluding Waivers(3) |
Ratio of Net Investment Income (Loss) to Average Net Assets(3)(4) |
Portfolio Turnover Rate(2) |
|||||||||||||||||||
| VALUE FUND | ||||||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
0.35 | % | $ | 78,717 | 1.08 | % | n/a | 0.73 | % | 39.07 | % | |||||||||||||
| 9/30/2019 |
(1.80 | )% | $ | 131,134 | 1.06 | % | n/a | 0.87 | % | 28.36 | % | |||||||||||||
| 9/30/2018 |
9.32 | % | $ | 184,869 | 1.01 | % | n/a | 0.72 | % | 24.53 | % | |||||||||||||
| 9/30/2017 |
17.16 | % | $ | 216,981 | 1.01 | % | n/a | 0.50 | % | 44.17 | % | |||||||||||||
| 9/30/2016 |
24.64 | % | $ | 457,969 | 0.96 | % | n/a | 0.75 | % | 52.05 | % | |||||||||||||
| Advisor Shares |
||||||||||||||||||||||||
| 9/30/2020 |
0.54 | % | $ | 84,035 | 0.88 | % | 0.92 | % | 0.94 | % | 39.07 | % | ||||||||||||
| 9/30/2019 |
(1.59 | )% | $ | 108,557 | 0.88 | % | 0.93 | % | 1.06 | % | 28.36 | % | ||||||||||||
| 9/30/2018 |
9.43 | % | $ | 130,949 | 0.88 | % | 0.89 | % | 0.83 | % | 24.53 | % | ||||||||||||
| 9/30/2017 |
17.37 | % | $ | 181,340 | 0.85 | % | n/a | 0.71 | % | 44.17 | % | |||||||||||||
| 9/30/2016 |
24.73 | % | $ | 251,643 | 0.84 | % | n/a | 0.89 | % | 52.05 | % | |||||||||||||
| Institutional Shares |
||||||||||||||||||||||||
| 9/30/2020 |
0.64 | % | $ | 123,440 | 0.82 | % | n/a | 1.02 | % | 39.07 | % | |||||||||||||
| 9/30/2019 |
(1.57 | )% | $ | 168,607 | 0.84 | % | n/a | 1.09 | % | 28.36 | % | |||||||||||||
| 9/30/2018 |
9.56 | % | $ | 184,908 | 0.80 | % | n/a | 0.94 | % | 24.53 | % | |||||||||||||
| 9/30/2017 |
17.46 | % | $ | 253,869 | 0.80 | % | n/a | 0.82 | % | 44.17 | % | |||||||||||||
| 9/30/2016 |
24.78 | % | $ | 98,001 | 0.77 | % | n/a | 0.95 | % | 52.05 | % | |||||||||||||
| * | 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) | Amount is between $0.005 and $(0.005) per share. |
| (6) | For the period from commencement of operations (February 3, 2020) through September 30, 2020. |
| (7) | For the period from commencement of operations (August 21, 2017) through September 30, 2017. |
| (8) | For the period from commencement of operations (August 5, 2020) through September 30, 2020. |
| (9) | For the period from commencement of operations (October 15, 2015) through September 30, 2016. |
| (10) | For the period from commencement of operations (October 3, 2016) through September 30, 2017. |
| (11) | For the period from commencement of operations (December 5, 2018) through September 30, 2019. |
| (12) | For the period from commencement of operations (April 12, 2016) through September 30, 2016. |
| (13) | For the period from commencement of operations (February 28, 2020) through September 30, 2020. |
| (14) | For the period from commencement of operations (February 1, 2017) through September 30, 2017. |
The accompanying notes are an integral part of the financial statements.
| Artisan Partners Funds | 111 |
ARTISAN PARTNERS FUNDS
Financial Highlights – For a share outstanding throughout each period
| (15) | In the fiscal year ended September 30, 2016, Sustainable Emerging Markets Fund recognized a non-recurring reimbursement from the Fund’s former custodian of approximately $172,000 in connection with certain out-of-pocket expenses the custodian charged the Fund between 1998 and 2015. The reimbursement represented 0.5% of the Fund’s net assets of September 30, 2016. The impact of the reimbursement is as follows for the September 30, 2016 Net Investment Income per share, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets: |
| Impact On Total Return |
Impact On Ratio of Expenses to Average Net Assets |
Impact On Ratio of Expenses to Average Net Assets Excluding Waivers |
Impact On Ratio of Net Investment Income to Average Net Assets | |||||||||||||||||
| Sustainable Emerging Markets Fund |
||||||||||||||||||||
| Investor Shares |
0.61% | (0.56 | )% | (0.56 | )% | 0.56% | ||||||||||||||
| Institutional Shares |
0.61% | (0.24 | )% | (0.25 | )% | 0.24% | ||||||||||||||
| (16) | Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below. Refer to 2(m) in Notes to Financial Statements for additional information. |
| Ratio of Expenses to Average Net Assets@ (annualized) |
Ratio of Expenses to Average Net Assets Excluding Waivers (annualized) | |||||||||
| FOCUS FUND | ||||||||||
| Investor Shares |
||||||||||
| 9/30/2018 |
1.50% | 1.69% | ||||||||
|
9/30/2017# |
1.50% | 2.69% | ||||||||
| Advisor Shares |
||||||||||
|
9/30/2018& |
1.40% | 2.74% | ||||||||
| @ | Includes the effect of expenses waived or paid by the Adviser, if applicable. |
| # | For the period from commencement of operations (April 24, 2017) through September 30, 2017. |
| & | For the period from commencement of operations (July 31, 2018) through September 30, 2018. |
| (17) | For the period from commencement of operations (April 24, 2017) through September 30, 2017. |
| (18) | For the period from commencement of operations (July 31, 2018) through September 30, 2018. |
The accompanying notes are an integral part of the financial statements.
| 112 | Artisan Partners Funds |
ARTISAN PARTNERS FUNDS
Notes to Financial Statements – September 30, 2020
| (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 September 30, 2020, Artisan Partners Funds is a series company comprised of sixteen series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:
| Fund Name | Investor Shares Inception Date |
Advisor Shares Inception Date |
Institutional Shares Inception Date | ||||||||||||
| Artisan Developing World Fund (“Developing World Fund”) |
June 29, 2015 | June 29, 2015 | June 29, 2015 | ||||||||||||
| Artisan Focus Fund* (“Focus Fund”) |
April 24, 2017 | July 31, 2018 | February 3, 2020 | ||||||||||||
| Artisan Global Discovery Fund (“Global Discovery Fund”) |
August 21, 2017 | February 3, 2020 | February 3, 2020 | ||||||||||||
| Artisan Global Equity Fund (“Global Equity Fund”) |
March 29, 2010 | August 5, 2020 | October 15, 2015 | ||||||||||||
| Artisan Global Opportunities Fund (“Global Opportunities Fund”) |
September 22, 2008 | April 1, 2015 | July 26, 2011 | ||||||||||||
| Artisan Global Value Fund (“Global Value Fund”) |
December 10, 2007 | April 1, 2015 | July 17, 2012 | ||||||||||||
| Artisan High Income Fund (“High Income Fund”) |
March 19, 2014 | March 19, 2014 | October 3, 2016 | ||||||||||||
| Artisan International Fund (“International Fund”) |
December 28, 1995 | April 1, 2015 | July 1, 1997 | ||||||||||||
| Artisan International Small-Mid Fund (“International Small-Mid Fund”) |
December 21, 2001 | December 4, 2018 | April 12, 2016 | ||||||||||||
| Artisan International Value Fund (“International Value Fund”) |
September 23, 2002 | April 1, 2015 | October 1, 2006 | ||||||||||||
| Artisan Mid Cap Fund (“Mid Cap Fund”) |
June 27, 1997 | April 1, 2015 | July 1, 2000 | ||||||||||||
| Artisan Mid Cap Value Fund (“Mid Cap Value Fund”) |
March 28, 2001 | April 1, 2015 | February 1, 2012 | ||||||||||||
| Artisan Select Equity Fund (“Select Equity Fund”) |
February 28,2020 | February 28, 2020 | February 28, 2020 | ||||||||||||
| Artisan Small Cap Fund (“Small Cap Fund”) |
March 28, 1995 | February 1, 2017 | May 7, 2012 | ||||||||||||
| Artisan Sustainable Emerging Markets Fund (“Sustainable Emerging Markets Fund”) |
June 2, 2008 | N/A | June 26, 2006 | ||||||||||||
| Artisan Value Fund (“Value Fund”) |
March 27, 2006 | April 1, 2015 | July 26, 2011 | ||||||||||||
| * | Effective May 27, 2020, Artisan Thematic Fund changed its name to Artisan Focus Fund. |
During the reporting period, each Fund operated as an open-end, diversified mutual fund except Focus Fund and Select Equity Fund, which are open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Focus Fund and High Income Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. Focus Fund’s investment objective is to seek maximum long-term capital appreciation. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus
| Artisan Partners Funds | 113 |
NOTES TO FINANCIAL STATEMENTS
accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.
Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.
The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.
| (2) | Summary of significant accounting policies: |
The following is a summary of significant accounting policies of the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).
In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The Funds adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of October 1, 2019. As a result of the adoption of ASU 2017-08, as of October 1, 2019, the amortized cost basis of investments was reduced and unrealized appreciation of investments was increased by $5,063,000 for High Income Fund. There is no impact on net assets or overall results from operations.
| (a) | Valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund. |
| In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the |
| 114 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| 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. Exchange traded option contracts were valued at the mid price (average of the bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange. Shares of open-end investment companies were valued at the latest net asset value reported by the investment company. |
| Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable. |
| Securities or other assets for which market quotations were not readily available were valued by the Funds’ valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors of the Funds. A market quotation was considered to be not readily available, and a Fund therefore used fair value pricing, if, among other things, there were no quotations, pricing data was not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security or asset, or the value of the security or asset might have been materially affected by events occurring after the close of the market in which the security or asset was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event could include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, ETFs or other financial instruments in the US or other markets. The Funds monitored for subsequent events using several tools. In fair valuing non-US equity securities and equity-linked securities, the Funds have used adjustment factors provided by a third party valuation service when there were subsequent events or expected or unexpected market closures. The third party valuation service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value. |
| Artisan Partners Funds | 115 |
NOTES TO FINANCIAL STATEMENTS
| When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair values utilized by the Funds as described above could differ from the value realized on the sale of those securities or assets in the future and the differences could be material to the NAV of the applicable Fund. |
| (b) | Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction. |
| The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2017 through 2020) and have concluded that, as of September 30, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and Wisconsin Department of Revenue. |
| As of and during the year ended September 30, 2020, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2020, the Funds did not incur any material interest or penalties. |
| The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds’ understanding of the applicable country’s tax rules and rates. Foreign taxes imposed on realized and unrealized gains was based on the Funds’ understanding of the applicable country’s tax rules and rates and if applicable, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments”, as applicable, on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains. |
| (c) | Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification. |
| (d) | Restricted securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an |
| 116 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments. |
| (e) | Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into US dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into US dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes. |
| The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US dollar denominated depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities and included in other assets less liabilities in the Schedule of Investments. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss. |
| Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates. |
| (f) | Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary. |
| (g) | Equity-linked securities – Each Fund, except Mid Cap Value Fund and Small Cap Fund, may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked securities and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction. |
| Artisan Partners Funds | 117 |
NOTES TO FINANCIAL STATEMENTS
| (h) | Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. |
| (i) | Indemnifications – Artisan Partners Funds indemnifies its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds also enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of September 30, 2020, no claim has been made for indemnification pursuant to any such agreement of the Funds. |
| (j) | When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when- issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will segregate liquid assets in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price. |
| (k) | Unfunded Commitments – Pursuant to the terms of certain term loan agreements, High Income Fund is obligated to fund term loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating liquid assets. During the year, High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses would be presented separately on the Statement of Assets and Liabilities. As of September 30, 2020, there were no unfunded commitments. |
| (l) | Redemption Fees – High Income Fund generally imposes a 2% redemption fee on the redemption or exchange of shares owned for 90 days or less. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. The Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short- term trading. The Fund waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Fund’s prospectus. |
| (m) | Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan. |
| 118 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| In order to terminate the short sale, the Fund that borrowed the security is obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Fund will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale. |
| The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. Each Fund generally must segregate liquid assets for the benefit of its counterparty to secure its obligation to purchase the security, so that the total of the amounts segregated is equal to the market value of the securities sold short. The Funds incur expenses as a result of executing short sales. |
| During the year ended September 30, 2020, no Funds engaged in short sales. |
| (n) | Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Funds on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded, revised or canceled as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively. |
| The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions. |
| (3) | Risks: |
Like all mutual funds, the Funds take investment risks and it is possible for you to lose money by investing in a Fund. Investors in each Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. This section describes certain of the principal risks associated with investing in each Fund, but is not a complete list of every risk involved in investing in each Fund and the Fund may be exposed to additional risks not listed below. See the Funds’ prospectus and statement of additional information regarding
| Artisan Partners Funds | 119 |
NOTES TO FINANCIAL STATEMENTS
the risks of investing in shares of the Funds. An investment in a Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers’ business functions and affect fund performance. For example, the recent global outbreak of the 2019 novel coronavirus (“COVID-19”), together with resulting voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets. Although the long-term economic fallout of COVID-19 is difficult to predict, it has had and is expected to continue to have ongoing material adverse effects across many, if not all, aspects of regional, national and global economies.
Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.
Investment risks typically are greater in emerging and developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. The securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.
| 120 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security may fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the investment. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. Given the low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.
An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.
Debt securities in which a Fund invests may be rated below investment grade or be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds.
Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which High Income Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the secured loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial
| Artisan Partners Funds | 121 |
NOTES TO FINANCIAL STATEMENTS
period after the sale of the loans. It is unclear whether certain loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation.
The London Interbank Offered Rate (“LIBOR”) is expected to cease to be available, or appropriate for use, by the end of 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments (including, for example, loans that reference LIBOR) and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate 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.
As non-diversified funds, Focus Fund, Select Equity Fund and Sustainable Emerging Markets Fund may invest a larger portion of their assets in securities of a smaller number of issues than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers. Sustainable Emerging Markets Fund changed from diversified to non-diversified effective November 12, 2020.
| (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) |
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
| 122 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
valuation techniques for the Funds’ major classes of assets are found in Note 2(a). A description of the fair value leveling techniques are described below:
Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, equity-linked securities, foreign currency forward contracts, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.
The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of September 30, 2020 (in thousands):
| Fund | Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||||||
| Developing World |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Developed Markets |
$ | 2,093,542 | $ | 631,184 | $ | - | $ | 2,724,726 | ||||||||||||
| Emerging Asia |
1,398,482 | 1,695,841 | - | 3,094,323 | ||||||||||||||||
| Europe, Middle East & Africa |
152,940 | - | - | 152,940 | ||||||||||||||||
| Latin America |
492,581 | - | - | 492,581 | ||||||||||||||||
| Investment Companies |
186,122 | - | - | 186,122 | ||||||||||||||||
| Total Investments |
$ | 4,323,667 | $ | 2,327,025 | $ | - | $ | 6,650,692 | ||||||||||||
| Focus |
||||||||||||||||||||
| Common Stocks(1) |
$ | 1,152,236 | $ | 43,665 | $ | - | $ | 1,195,901 | ||||||||||||
| Options Purchased |
156,661 | - | - | 156,661 | ||||||||||||||||
| Investment Companies |
80,067 | - | - | 80,067 | ||||||||||||||||
| Total Investments |
1,388,964 | 43,665 | - | 1,432,629 | ||||||||||||||||
| Foreign Currency Forward Contracts(2) |
- | 994 | - | 994 | ||||||||||||||||
| Written Option Contract |
(12,992 | ) | - | - | (12,992 | ) | ||||||||||||||
| Total |
$ | 1,375,972 | $ | 44,659 | $ | - | $ | 1,420,631 | ||||||||||||
| Global Discovery |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Americas |
$ | 119,293 | $ | - | $ | - | $ | 119,293 | ||||||||||||
| Emerging Markets |
4,932 | 5,271 | - | 10,203 | ||||||||||||||||
| Europe |
10,873 | 52,701 | - | 63,574 | ||||||||||||||||
| Pacific Basin |
- | 12,473 | - | 12,473 | ||||||||||||||||
| Investment Companies |
4,836 | - | - | 4,836 | ||||||||||||||||
| Total Investments |
$ | 139,934 | $ | 70,445 | $ | - | $ | 210,379 | ||||||||||||
| Artisan Partners Funds | 123 |
NOTES TO FINANCIAL STATEMENTS
| Fund | Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||||||
| Global Equity |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Americas |
$ | 132,276 | $ | - | $ | - | $ | 132,276 | ||||||||||||
| Emerging Markets |
5,804 | 16,293 | - | 22,097 | ||||||||||||||||
| Europe |
10,297 | 70,059 | - | 80,356 | ||||||||||||||||
| Pacific Basin |
- | 17,079 | - | 17,079 | ||||||||||||||||
| Investment Companies |
4,020 | - | - | 4,020 | ||||||||||||||||
| Total Investments |
$ | 152,397 | $ | 103,431 | $ | - | $ | 255,828 | ||||||||||||
| Global Opportunities |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Americas |
$ | 2,502,281 | $ | - | $ | - | $ | 2,502,281 | ||||||||||||
| Emerging Markets |
120,786 | 68,992 | - | 189,778 | ||||||||||||||||
| Europe |
- | 1,514,558 | - | 1,514,558 | ||||||||||||||||
| Pacific Basin |
- | 430,099 | - | 430,099 | ||||||||||||||||
| Investment Companies |
143,435 | - | - | 143,435 | ||||||||||||||||
| Total Investments |
$ | 2,766,502 | $ | 2,013,649 | $ | - | $ | 4,780,151 | ||||||||||||
| Global Value |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Americas |
$ | 999,314 | $ | - | $ | - | $ | 999,314 | ||||||||||||
| Emerging Markets |
78,594 | 92,527 | - | 171,121 | ||||||||||||||||
| Europe |
64,477 | 496,953 | - | 561,430 | ||||||||||||||||
| Investment Companies |
94,032 | - | - | 94,032 | ||||||||||||||||
| Total Investments |
1,236,417 | 589,480 | - | 1,825,897 | ||||||||||||||||
| Foreign Currency Forward Contracts(2) |
- | (2,416 | ) | - | (2,416 | ) | ||||||||||||||
| Total |
$ | 1,236,417 | $ | 587,064 | $ | - | $ | 1,823,481 | ||||||||||||
| High Income |
||||||||||||||||||||
| Corporate Bonds(1) |
$ | - | $ | 3,651,317 | $ | - | $ | 3,651,317 | ||||||||||||
| Bank loans(1) |
- | 1,022,149 | - | 1,022,149 | ||||||||||||||||
| Convertible Bonds(1) |
- | 6,048 | - | 6,048 | ||||||||||||||||
| Preferred Stock(1) |
- | - | - | (3) | - | |||||||||||||||
| Investment Companies |
73,929 | - | - | 73,929 | ||||||||||||||||
| Total Investments |
73,929 | 4,679,514 | - | 4,753,443 | ||||||||||||||||
| Foreign Currency Forward Contracts(2) |
- | 142 | - | 142 | ||||||||||||||||
|
Futures(2) |
(662 | ) | - | - | (662 | ) | ||||||||||||||
| Total |
$ | 73,267 | $ | 4,679,656 | $ | - | $ | 4,752,923 | ||||||||||||
| 124 | 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 |
||||||||||||||||||||
| Common Stocks and Equity-Linked Security(1) |
||||||||||||||||||||
| Americas |
$ | 1,735,740 | $ | - | $ | - | $ | 1,735,740 | ||||||||||||
| Emerging Markets |
397,862 | 817,097 | - | 1,214,959 | ||||||||||||||||
| Europe |
225,641 | 5,290,447 | - | 5,516,088 | ||||||||||||||||
| Middle East |
245,408 | - | - | 245,408 | ||||||||||||||||
| Pacific Basin |
- | 700,531 | - | 700,531 | ||||||||||||||||
| Investment Companies |
250,831 | - | - | 250,831 | ||||||||||||||||
| Total Investments |
$ | 2,855,482 | $ | 6,808,075 | $ | - | $ | 9,663,557 | ||||||||||||
| International Small-Mid |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Americas |
$ | 528,218 | $ | 7,848 | $ | - | $ | 536,066 | ||||||||||||
| Emerging Markets |
151,239.00 | 51,147 | - | 202,386 | ||||||||||||||||
| Europe |
11,422 | 1,692,976 | - | 1,704,398 | ||||||||||||||||
| Middle East |
206,927 | 42,292.00 | - | 249,219 | ||||||||||||||||
| Pacific Basin |
- | 582,853 | - | 582,853 | ||||||||||||||||
| Investment Companies |
187,348 | - | - | 187,348 | ||||||||||||||||
| Total Investments |
$ | 1,085,154 | $ | 2,377,116 | $ | - | $ | 3,462,270 | ||||||||||||
| International Value |
||||||||||||||||||||
| Common Stocks and Equity-Linked Security(1) |
||||||||||||||||||||
| Americas |
$ | 1,298,843 | $ | 94,068 | $ | - | $ | 1,392,911 | ||||||||||||
| Emerging Markets |
1,252,394 | 2,136,704 | - | 3,389,098 | ||||||||||||||||
| Europe |
229,741 | 7,139,543 | - | 7,369,284 | ||||||||||||||||
| Pacific Basin |
- | 146,062.00 | - | 146,062 | ||||||||||||||||
| Investment Companies |
1,252,636 | - | - | 1,252,636 | ||||||||||||||||
| Total Investments |
4,033,614 | 9,516,377 | - | 13,549,991 | ||||||||||||||||
| Foreign Currency Forward Contracts(2) |
- | (33,554 | ) | - | (33,554 | ) | ||||||||||||||
| Total |
$ | 4,033,614 | $ | 9,482,823 | $ | - | $ | 13,516,437 | ||||||||||||
| Mid Cap |
||||||||||||||||||||
| Common Stocks(1) |
$ | 6,302,572 | $ | 350,676 | $ | - | $ | 6,653,248 | ||||||||||||
| Investment Companies |
145,310 | - | - | 145,310 | ||||||||||||||||
| Total Investments |
$ | 6,447,882 | $ | 350,676 | $ | - | $ | 6,798,558 | ||||||||||||
| Mid Cap Value |
||||||||||||||||||||
| Common Stocks(1) |
$ | 1,651,353 | $ | - | $ | - | $ | 1,651,353 | ||||||||||||
| Investment Companies |
31,866 | - | - | 31,866 | ||||||||||||||||
| Total Investments |
$ | 1,683,219 | $ | - | $ | - | $ | 1,683,219 | ||||||||||||
| Artisan Partners Funds | 125 |
NOTES TO FINANCIAL STATEMENTS
| Fund | Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||||||
| Select Equity |
||||||||||||||||||||
| Common Stocks(1) |
$ | 10,085 | $ | 1,922 | $ | - | $ | 12,007 | ||||||||||||
| Investment Companies |
1,105 | - | - | 1,105 | ||||||||||||||||
| Total Investments |
$ | 11,190 | $ | 1,922 | $ | - | $ | 13,112 | ||||||||||||
| Small Cap |
||||||||||||||||||||
| Common Stocks(1) |
$ | 2,953,792 | $ | - | $ | - | $ | 2,953,792 | ||||||||||||
| Investment Companies |
71,671 | - | - | 71,671 | ||||||||||||||||
| Total Investments |
$ | 3,025,463 | $ | - | $ | - | $ | 3,025,463 | ||||||||||||
| Sustainable Emerging Markets |
||||||||||||||||||||
| Common Stocks(1) |
||||||||||||||||||||
| Developed Markets |
$ | - | $ | 2,302 | $ | - | $ | 2,302 | ||||||||||||
| Emerging Asia |
8,850 | 27,613 | - | (3) | 36,463 | |||||||||||||||
| Europe, Middle East & Africa |
593 | 6,298 | - | 6,891 | ||||||||||||||||
| Latin America |
7,020 | - | - | 7,020 | ||||||||||||||||
| Investment Companies |
546 | - | - | 546 | ||||||||||||||||
| Total Investments |
$ | 17,009 | $ | 36,213 | $ | - | $ | 53,222 | ||||||||||||
| Value |
||||||||||||||||||||
| Common Stocks(1) |
$ | 221,902 | $ | 51,143 | $ | - | $ | 273,045 | ||||||||||||
| Investment Companies |
13,087 | - | - | 13,087 | ||||||||||||||||
| Total Investments |
$ | 234,989 | $ | 51,143 | $ | - | $ | 286,132 | ||||||||||||
| (1)See the Fund’s Schedule of Investments for industry or country classifications. (2)Foreign currency forward contracts are valued at unrealized appreciation (depreciation). Amounts shown above are shown as net unrealized appreciation (depreciation). See the Fund’s Schedule of Investments for additional detail. (3)Valued at $0. |
| |||||||||||||||||||
Information about Level 3 fair value measurements (dollar values in thousands):
| Assets | Fair Value at September 30, 2020 |
Unobservable Input(s) |
Impact to Fair Value from an Increase in Input | ||||||||
| High Income Fund |
|||||||||||
| Preferred Stocks |
- | (1) | 100% discount for lack of expected recovery | N/A | |||||||
| Sustainable Emerging Markets Fund |
|||||||||||
| Common Stock |
$ | - | (1) | Last quote in inactive market less 100% discount |
N/A | ||||||
| (1)Includes one or more securities valued at $0. | |||||||||||
| 126 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
As of September 30, 2020, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):
| High Income Fund | Sustainable Emerging Markets Fund | |||||||||
| Balance as of September 30, 2019 |
$ | 322 | (1) | $ | - | (1) | ||||
| Transfers into Level 3 |
- | - | ||||||||
| Net change in unrealized appreciation (depreciation) |
5,267 | - | ||||||||
| Purchases |
944 | - | ||||||||
| Sales |
- | - | ||||||||
| Accrued Amortization |
13 | |||||||||
| Realized Gain/Loss |
(6,546 | ) | - | |||||||
| Transfers out of Level 3 |
- | - | ||||||||
|
|
|
|
|
|||||||
| Balance as of September 30, 2020 |
$ | - | (1) | $ | - | (1) | ||||
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2020 |
$ | (957 | ) | $ | - | |||||
|
|
|
|
|
|||||||
| (1) Includes one or more securities valued at $0. |
||||||||||
| (5) | Transfer agent and authorized agent fees: |
Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. For Investor Shares and Advisor Shares of the Funds, each Fund paid all or a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. For Institutional Shares, the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. See the Funds’ prospectus and statement of additional information about authorized agents. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees
| Artisan Partners Funds | 127 |
NOTES TO FINANCIAL STATEMENTS
and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2020 (in thousands):
| Year Ended 9/30/2020 | |||||||||||||||
| Fund | Fees and Expenses to Transfer Agent |
Fees to Authorized Agents |
Total | ||||||||||||
| Artisan Developing World Fund - Investor Shares |
$ | 50 | $ | 842 | $ | 892 | |||||||||
| Artisan Developing World Fund - Advisor Shares |
46 | 1,807 | 1,853 | ||||||||||||
| Artisan Developing World Fund - Institutional Shares |
39 | - | 39 | ||||||||||||
| Artisan Focus Fund - Investor Shares |
45 | 491 | 536 | ||||||||||||
| Artisan Focus Fund - Advisor Shares |
33 | 540 | 573 | ||||||||||||
| Artisan Focus Fund - Institutional Shares(1) |
21 | - | 21 | ||||||||||||
| Artisan Global Discovery Fund - Investor Shares |
38 | 182 | 220 | ||||||||||||
| Artisan Global Discovery Fund - Advisor Shares(1) |
21 | 4 | 25 | ||||||||||||
| Artisan Global Discovery Fund - Institutional Shares(1) |
21 | - | 21 | ||||||||||||
| Artisan Global Equity Fund - Investor Shares |
41 | 259 | 300 | ||||||||||||
| Artisan Global Equity Fund - Advisor Shares(2) |
5 | - | (4) | 5 | |||||||||||
| Artisan Global Equity Fund - Institutional Shares |
31 | - | 31 | ||||||||||||
| Artisan Global Opportunities Fund - Investor Shares |
75 | 2,498 | 2,573 | ||||||||||||
| Artisan Global Opportunities Fund - Advisor Shares |
36 | 633 | 669 | ||||||||||||
| Artisan Global Opportunities Fund - Institutional Shares |
38 | - | 38 | ||||||||||||
| Artisan Global Value Fund - Investor Shares |
59 | 821 | 880 | ||||||||||||
| Artisan Global Value Fund - Advisor Shares |
35 | 371 | 406 | ||||||||||||
| Artisan Global Value Fund - Institutional Shares |
38 | - | 38 | ||||||||||||
| Artisan High Income Fund - Investor Shares |
48 | 1,972 | 2,020 | ||||||||||||
| Artisan High Income Fund - Advisor Shares |
52 | 1,918 | 1,970 | ||||||||||||
| Artisan High Income Fund - Institutional Shares |
44 | - | 44 | ||||||||||||
| Artisan International Fund - Investor Shares |
246 | 7,559 | 7,805 | ||||||||||||
| Artisan International Fund - Advisor Shares |
42 | 1,544 | 1,586 | ||||||||||||
| Artisan International Fund - Institutional Shares |
52 | - | 52 | ||||||||||||
| Artisan International Small-Mid Fund - Investor Shares |
59 | 621 | 680 | ||||||||||||
| Artisan International Small-Mid Fund - Advisor Shares |
39 | 645 | 684 | ||||||||||||
| Artisan International Small-Mid Fund - Institutional Shares |
38 | - | 38 | ||||||||||||
| Artisan International Value Fund - Investor Shares |
109 | 4,980 | 5,089 | ||||||||||||
| Artisan International Value Fund - Advisor Shares |
50 | 3,671 | 3,721 | ||||||||||||
| Artisan International Value Fund - Institutional Shares |
52 | - | 52 | ||||||||||||
| Artisan Mid Cap Fund - Investor Shares |
125 | 3,746 | 3,871 | ||||||||||||
| Artisan Mid Cap Fund - Advisor Shares |
36 | 361 | 397 | ||||||||||||
| Artisan Mid Cap Fund - Institutional Shares |
54 | - | 54 | ||||||||||||
| Artisan Mid Cap Value Fund - Investor Shares |
119 | 1,349 | 1,468 | ||||||||||||
| 128 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| Year Ended 9/30/2020 | |||||||||||||||
| Fund | Fees and Expenses to Transfer Agent |
Fees to Authorized Agents |
Total | ||||||||||||
| Artisan Mid Cap Value Fund - Advisor Shares |
$ | 41 | $ | 306 | $ | 347 | |||||||||
| Artisan Mid Cap Value Fund - Institutional Shares |
36 | - | 36 | ||||||||||||
| Artisan Select Equity Fund - Investor Shares(3) |
21 | 1 | 22 | ||||||||||||
| Artisan Select Equity Fund - Advisor Shares(3) |
21 | - | (4) | 21 | |||||||||||
| Artisan Select Equity Fund - Institutional Shares(3) |
21 | - | 21 | ||||||||||||
| Artisan Small Cap Fund - Investor Shares |
106 | 1,418 | 1,524 | ||||||||||||
| Artisan Small Cap Fund - Advisor Shares |
35 | 615 | 650 | ||||||||||||
| Artisan Small Cap Fund - Institutional Shares |
36 | - | 36 | ||||||||||||
| Artisan Sustainable Emerging Markets Fund - Investor Shares |
36 | 103 | 139 | ||||||||||||
| Artisan Sustainable Emerging Markets Fund - Institutional Shares |
31 | - | 31 | ||||||||||||
| Artisan Value Fund - Investor Shares |
52 | 261 | 313 | ||||||||||||
| Artisan Value Fund - Advisor Shares |
32 | 78 | 110 | ||||||||||||
| Artisan Value Fund - Institutional Shares |
33 | - | 33 | ||||||||||||
| (1) For the period from commencement of operations (February 3, 2020) through September 30, 2020. (2) For the period from commencement of operations (August 5, 2020) through September 30, 2020. (3) For the period from commencement of operations (February 28, 2020) through September 30, 2020. (4) Amount rounds to less than $1 |
| ||||||||||||||
| (6) | Derivative Transactions: |
Each Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.
Foreign Currency Forward Contracts
Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.
Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Forward currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Focus Fund, Global Value Fund, High Income Fund and International Value Fund each used foreign currency contracts for hedging currency exposure during the year ended September 30, 2020.
| Artisan Partners Funds | 129 |
NOTES TO FINANCIAL STATEMENTS
At the maturity of a forward contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency. The Fund will earmark or segregate liquid assets to cover any unrealized losses.
Futures Transactions
Each Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. High Income Fund used futures contracts to manage duration exposure during the year ended September 30, 2020.
A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as due from broker in the Statements of Assets and Liabilities.
There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.
When a Fund invests in futures contracts, it will cover its position by earmarking or segregating an amount of liquid assets equal to the market value of the futures positions held less margin deposits, and that amount will be marked-to-market on a daily basis.
Options Transactions
Each Fund may purchase and write (sell) put options and call options on securities or indexes.
An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. When a Fund writes options, it will cover its obligation by earmarking or segregating liquid assets.
If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If a purchased option expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from writing a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in
| 130 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
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 year ended September 30, 2020, Focus Fund used options transactions to enhance alpha and minimize downside market risk.
The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2020 was as follows (in thousands):
| Fund | Risk Exposure Category | Derivative Instrument | Statements of Assets and Liabilities Location | Value | |||||||
| Focus | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 994 | ||||||
| Equity | Purchased options contracts | Investments in securities, unaffiliated, at value | $ | 156,661 | |||||||
| Equity | Written options contracts | Written options, at value | $ | (12,992 | ) | ||||||
| Global Value | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 588 | ||||||
| Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | $ | (3,004 | ) | ||||||
| High Income | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 142 | ||||||
| Interest Rate | Futures contracts | Due from broker | $ | 4,387 | |||||||
| Receivable for variation margin on futures contracts(1) | 689 | ||||||||||
| International Value | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 7,251 | ||||||
| Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | $ | (40,805 | ) | ||||||
| (1) | Receivable is the daily change in the margin requirement. As of September 30, 2020, total net unrealized appreciation/(depreciation) was $(662). |
| Artisan Partners Funds | 131 |
NOTES TO FINANCIAL STATEMENTS
The effect of derivative instruments in the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on the Statements of Operations for the year ended September 30, 2020 was as follows (in thousands):
| Fund | Risk Exposure Category |
Derivative Instrument |
Statements of Operations Location |
Net Realized Gain (Loss) |
Statements of Operations Location |
Unrealized Appreciation (Depreciation) | ||||||||||||
| Focus | Foreign currency | Foreign currency forward contracts |
Net realized loss on foreign currency forward contracts |
$ | (6,344 | ) | Net increase in unrealized appreciation or depreciation on foreign currency forward contracts | $ | 446 | |||||||||
| Equity | Purchased options contracts |
Net realized gain on investments, from unaffiliated issuers |
$ | 14,884 | Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers |
$ | 5,428 | |||||||||||
| Equity | Written options contracts |
Net realized gain on written options | $ | 14,253 | Net decrease in unrealized appreciation or depreciation on written options |
$ | (4,471 | ) | ||||||||||
| Global Value | Foreign currency | Foreign currency forward contracts |
Net realized gain on foreign currency forward contracts |
$ | 2,072 | Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts |
$ | (5,050 | ) | |||||||||
| High Income | Interest rate | Futures contracts | Net realized loss on futures contracts |
$ | (22,172 | ) | Net decrease in unrealized appreciation or depreciation on futures contracts |
$ | (2,659 | ) | ||||||||
| Foreign currency | Foreign currency forward contracts |
Net realized loss on foreign currency forward contracts |
$ | (302 | ) | Net increase in unrealized appreciation or depreciation on foreign currency forward contracts |
$ | 142 | ||||||||||
| International Value | Foreign currency | Foreign currency forward contracts |
Net realized gain on foreign currency forward contracts |
$ | 19,737 | Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts | $ | (51,830 | ) | |||||||||
| 132 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
The average monthly amount outstanding for each derivative type for the year ended September 30, 2020 was as follows (dollar value in thousands):
| Fund | Derivative Type | Average Monthly Notional Amount | |||||
| Focus |
Foreign currency forward contracts | $ | 193,339 | ||||
| Global Value |
Foreign currency forward contracts | $ | 67,175 | ||||
| High Income(a) |
Foreign currency forward contracts | $ | 9,984 | ||||
| International Value |
Foreign currency forward contracts | $ | 782,048 | ||||
| Fund | Derivative Type | Average Monthly Notional Amount | |||||
| High Income |
Futures contracts | $ | 281,044 | ||||
| Fund | Derivative Type | Average Monthly Notional Amount | |||||
| Focus |
Purchased options contracts | $ | 45,683 | ||||
| Written options contracts | $ | 1,757 | |||||
| (a) | Average Monthly Notional Amount is based on the 3 month period during which the Portfolio held foreign currency forward contracts |
Master Netting Agreements
Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.
The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts as of September 30, 2020:
| Gross Amounts Not Offset in the Statements of Assets and Liabilities | |||||||||||||||||||||||
| Fund | Counterparty | Gross Asset Amounts Presented in Statements of Assets and Liabilities |
Financial Instrument |
Collateral Received |
Net Amount (Not Less Than $0) | ||||||||||||||||||
| Focus |
JPMorgan Chase Bank, N.A. |
$ | 994 | $ | - | $ | - | $ | 994 | ||||||||||||||
| Global Value |
JPMorgan Chase Bank, N.A. |
588 | (588 | ) | - | - | |||||||||||||||||
| High Income |
JPMorgan Chase Bank, N.A. |
142 | - | - | 142 | ||||||||||||||||||
| International Value |
JPMorgan Chase Bank, N.A. |
7,251 | (7,251 | ) | - | - | |||||||||||||||||
| Gross Amounts Not Offset in the Statements of Assets and Liabilities | |||||||||||||||||||||||
| Fund | Counterparty | Gross Liability Amounts Presented in Statements of Assets and Liabilities |
Financial Instrument |
Collateral Pledged |
Net Amount (Not Less Than $0) | ||||||||||||||||||
| Global Value |
JPMorgan Chase Bank, N.A. |
$ | 3,004 | $ | (588 | ) | $ | - | $ | 2,416 | |||||||||||||
| International Value |
JPMorgan Chase Bank, N.A. |
40,805 | (7,251 | ) | - | 33,554 | |||||||||||||||||
| Artisan Partners Funds | 133 |
NOTES TO FINANCIAL STATEMENTS
| (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 year ended September 30, 2020. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows: |
Developing World Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
1.050 | % | |||
| $1 billion to $2 billion |
1.025 | ||||
| $2 billion to $3.5 billion |
1.000 | ||||
| $3.5 billion to $5 billion |
0.975 | ||||
| Greater than $5 billion |
0.950 | ||||
Global Discovery Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
0.975 | % | |||
| $1 billion to $2 billion |
0.950 | ||||
| $2 billion to $3.5 billion |
0.925 | ||||
| $3.5 billion to $5 billion |
0.900 | ||||
| Greater than $5 billion |
0.875 | ||||
Global Equity Fund (Prior to November 15, 2019) and Global Value Fund:
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
1.000 | % | |||
| $1 billion to $4 billion |
0.975 | ||||
| $4 billion to $8 billion |
0.950 | ||||
| $8 billion to $12 billion |
0.925 | ||||
| Greater than $12 billion |
0.900 | ||||
Global Equity Fund (Effective November 15, 2019):
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
0.900 | % | |||
| $1 billion to $2 billion |
0.875 | ||||
| $2 billion to $3.5 billion |
0.850 | ||||
| $3.5 billion to $5 billion |
0.825 | ||||
| Greater than $5 billion |
0.800 | ||||
Global Opportunities Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
0.900 | % | |||
| $1 billion to $4 billion |
0.875 | ||||
| $4 billion to $8 billion |
0.850 | ||||
| $8 billion to $12 billion |
0.825 | ||||
| Greater than $12 billion |
0.800 | ||||
| 134 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
High Income Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
0.725 | % | |||
| $1 billion to $2 billion |
0.700 | ||||
| $2 billion to $3.5 billion |
0.675 | ||||
| $3.5 billion to $10 billion |
0.650 | ||||
| Greater than $10 billion |
0.625 | ||||
International Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $500 million |
1.000 | % | |||
| $500 million to $750 million |
0.975 | ||||
| $750 million to $1 billion |
0.950 | ||||
| $1 billion to $12 billion |
0.925 | ||||
| Greater than $12 billion |
0.900 | ||||
International Small-Mid Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $2 billion |
1.050 | % | |||
| $2 billion to $3 billion |
1.025 | ||||
| $3 billion to $4 billion |
1.000 | ||||
| $4 billion to $5 billion |
0.975 | ||||
| Greater than $5 billion |
0.950 | ||||
International Value Fund, Mid Cap Fund, Mid Cap Value Fund and Small Cap Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $500 million |
1.000 | % | |||
| $500 million to $750 million |
0.975 | ||||
| $750 million to $1 billion |
0.950 | ||||
| Greater than $1 billion |
0.925 | ||||
Select Equity Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
0.750 | % | |||
| $1 billion to $2 billion |
0.725 | ||||
| $2 billion to $3.5 billion |
0.700 | ||||
| $3.5 billion to $5 billion |
0.675 | ||||
| Greater than $5 billion |
0.650 | ||||
Focus Fund and Sustainable Emerging Markets Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $1 billion |
1.000 | % | |||
| $1 billion to $2 billion |
0.975 | ||||
| $2 billion to $3.5 billion |
0.950 | ||||
| $3.5 billion to $5 billion |
0.925 | ||||
| Greater than $5 billion |
0.900 | ||||
| Artisan Partners Funds | 135 |
NOTES TO FINANCIAL STATEMENTS
Value Fund
| Average Daily Net Assets | Annual Rate | ||||
| Less than $50 million |
0.800 | % | |||
| $50 million to $100 million |
0.760 | ||||
| $100 million to $500 million |
0.720 | ||||
| $500 million to $7.5 billion |
0.680 | ||||
| Greater than $7.5 billion |
0.640 | ||||
| (b) | Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. These contractual limits continue through the date shown on the table below at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the year ended September 30, 2020 (dollar values in thousands). |
For the year ended September 30, 2020, Select Equity Fund incurred operating expenses of approximately $143,000 that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at September 30, 2020.
| Fund | Expense Limit as a % of Average Daily Net Assets |
Contractual Expense Limit Continues Through |
Expenses Waived | ||||||||||||
| Artisan Focus Fund - Investor Shares |
1.50 | % | January 31, 2021 | $ | - | ||||||||||
| Artisan Focus Fund - Advisor Shares |
1.40 | % | January 31, 2021 | - | |||||||||||
| Artisan Focus Fund - Institutional Shares |
1.40 | % | January 31, 2021 | - | |||||||||||
| Artisan Global Discovery Fund - Investor Shares(1) |
1.40 | % | January 31, 2022 | - | |||||||||||
| Artisan Global Discovery Fund - Advisor Shares(2) |
1.30 | % | January 31, 2022 | 30 | |||||||||||
| Artisan Global Discovery Fund - Institutional Shares(2) |
1.25 | % | January 31, 2022 | - | |||||||||||
| Artisan Global Equity Fund - Investor Shares(3) |
1.35 | % | January 31, 2022 | - | |||||||||||
| Artisan Global Equity Fund - Advisor Shares(4) |
1.25 | % | January 31, 2022 | 8 | |||||||||||
| Artisan Select Equity Fund - Investor Shares(5) |
1.25 | % | January 31, 2022 | 61 | |||||||||||
| Artisan Select Equity Fund - Advisor Shares(5) |
1.15 | % | January 31, 2022 | 59 | |||||||||||
| Artisan Select Equity Fund - Institutional Shares(5) |
1.10 | % | January 31, 2022 | 76 | |||||||||||
| Artisan Sustainable Emerging Markets Fund - Investor Shares |
1.35 | % | January 31, 2022 | 172 | |||||||||||
| Artisan Sustainable Emerging Markets Fund - Institutional Shares |
1.20 | % | January 31, 2022 | 69 | |||||||||||
| Artisan Value Fund - Advisor Shares |
0.88 | % | January 31, 2022 | 43 | |||||||||||
| (1)Effective February 3, 2020. Prior to this date, the rate was 1.50%. |
|
||||||||||||||
| (2)Effective February 3, 2020. Prior to this date, the rate was 1.40% for Advisor Shares and 1.35% for Institutional Shares. |
|||||||||||||||
| 136 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| (3)Effective June 1, 2020. |
|||||||||||||||
| (4)Effective August 6, 2020. |
|||||||||||||||
| (5)Effective February 28, 2020. |
|||||||||||||||
| (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 year ended September 30, 2020, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of $275,000. |
In addition, the independent chair and each committee chair receives an annual supplemental retainer as follows:
| Amount | |||||
| Independent board chair |
$ | 85,000 | |||
| Audit committee chair |
$ | 45,000 | |||
| Governance and nominating committee chair |
$ | 30,000 | |||
| Education committee chair |
$ | 30,000 | |||
| If more than seven in-person meetings or four telephonic meetings are held in a calendar year, each director is paid an additional meeting attendance fee of $5,000 for each such in-person meeting and $1,000 for each such telephonic meeting. These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds. |
| Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statements of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan. |
| (d) | Distribution – Shares of the Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser. |
| (8) | Line of credit arrangement: |
Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 9, 2021. Under the line of credit, each Fund can borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to
| Artisan Partners Funds | 137 |
NOTES TO FINANCIAL STATEMENTS
applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds may not exceed $200 million. Prior to June 10, 2020, 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 borrowing at the highest of (i) the Eurodollar Rate, as defined in the Agreement, 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%. Effective June 10, 2020, the Funds paid a commitment fee at the annual rate of 0.20% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.25%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.25% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.25%. The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the year ended September 30, 2020, there were borrowings under the line of credit for the Developing World Fund, Global Equity Fund, Global Value Fund, International Value Fund and Value Fund which had average borrowings of $13,438,000, $8,030,000, $4,675,000, $25,900,000, and $750,000, respectively, with corresponding borrowing rates of 1.40%, 2.46%, 1.38%, 1.51%, and 1.43%, respectively. All fees and interest expense, related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at September 30, 2020.
| (9) | Investment transactions: |
The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the year ended September 30, 2020 were as follows (in thousands):
| Fund | Security Purchases | Security Sales | ||||||||
| Developing World |
$ | 7,086,297 | $ | 5,595,157 | ||||||
| Focus |
2,814,367 | 2,514,978 | ||||||||
| Global Discovery |
109,067 | 57,143 | ||||||||
| Global Equity |
320,105 | 367,918 | ||||||||
| Global Opportunities |
1,805,665 | 1,619,080 | ||||||||
| Global Value |
889,593 | 1,772,556 | ||||||||
| High Income |
3,821,716 | 2,735,614 | ||||||||
| International |
5,140,221 | 6,442,624 | ||||||||
| International Small-Mid |
2,041,587 | 554,433 | ||||||||
| International Value |
4,256,989 | 3,434,554 | ||||||||
| 138 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| Fund | Security Purchases | Security Sales | ||||||||
| Mid Cap |
$ | 2,399,337 | $ | 2,818,501 | ||||||
| Mid Cap Value |
794,962 | 1,161,951 | ||||||||
| Select Equity(1) |
14,151 | 2,785 | ||||||||
| Small Cap |
1,266,259 | 883,912 | ||||||||
| Sustainable Emerging Markets |
10,798 | 13,034 | ||||||||
| Value |
137,427 | 254,764 | ||||||||
| (1) | For the period from commencement of operations (February 28, 2020) through September 30, 2020. |
| (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 year ended September 30, 2020 (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 year ended September 30, 2020.
Transactions in securities of affiliates:
| As of 09/30/2019 |
Proceeds |
Net Realized Gain (Loss) |
Net Increase (Decrease) in Unrealized Appreciation or Depreciation |
As of 09/30/2020 |
Dividend Income@ | ||||||||||||||||||||||||||||||||||||||||||
| Fund | Security | Shares Balance |
Value | Purchases at Cost |
Share Balance |
Value | |||||||||||||||||||||||||||||||||||||||||
| International Small-Mid | |||||||||||||||||||||||||||||||||||||||||||||||
| Hennge KK*†(1) | - | $ | - | $ | 21,805 | $ | (13,102 | ) | $ | 4,119 | $ | 24,687 | 581 | $ | 37,509 | $ | - | ||||||||||||||||||||||||||||||
| Raccoon Holdings, Inc.(1) | - | - | 16,540 | - | - | 10,893 | 1,361 | 27,433 | - | ||||||||||||||||||||||||||||||||||||||
| Total# | $ | - | $ | 38,345 | $ | (13,102 | ) | $ | 4,119 | $ | 35,580 | $ | 27,433 | $ | - | ||||||||||||||||||||||||||||||||
| @ | Net of foreign taxes withheld, if any. |
| † | Issuer was not an affiliate as of September 30, 2020. |
| * | Non-income producing security. |
| # | Total value as of September 30, 2020 is presented only for those issuers that were affiliates as of September 30, 2020. |
| (1) | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(a) and 4 in Notes to Financial Statements for additional information. |
| Artisan Partners Funds | 139 |
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 September 30, 2020 were as follows (in thousands):
| Fund | Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation/ (Depreciation) on Investments | ||||||||||||||||
| Developing World |
$ | 4,082,836 | $ | 2,567,856 | $ | - | $ | 2,567,856 | ||||||||||||
| Focus |
1,168,014 | 274,488 | (13,350 | ) | 261,138 | |||||||||||||||
| Global Discovery |
147,107 | 64,155 | (883 | ) | 63,272 | |||||||||||||||
| Global Equity |
193,030 | 64,972 | (2,174 | ) | 62,798 | |||||||||||||||
| Global Opportunities |
3,154,328 | 1,650,107 | (24,284 | ) | 1,625,823 | |||||||||||||||
| Global Value |
1,668,185 | 305,278 | (149,982 | ) | 155,296 | |||||||||||||||
| High Income |
4,660,845 | 234,743 | (142,665 | ) | 92,078 | |||||||||||||||
| International |
6,885,807 | 2,871,979 | (94,229 | ) | 2,777,750 | |||||||||||||||
| International Small-Mid |
2,741,410 | 804,206 | (83,346 | ) | 720,860 | |||||||||||||||
| International Value |
12,387,610 | 2,806,123 | (1,677,296 | ) | 1,128,827 | |||||||||||||||
| Mid Cap |
4,034,915 | 2,800,744 | (37,101 | ) | 2,763,643 | |||||||||||||||
| Mid Cap Value |
1,213,908 | 496,471 | (27,160 | ) | 469,311 | |||||||||||||||
| Select Equity |
12,249 | 1,263 | (400 | ) | 863 | |||||||||||||||
| Small Cap |
1,917,525 | 1,163,501 | (55,563 | ) | 1,107,938 | |||||||||||||||
| Sustainable Emerging Markets |
44,335 | 19,900 | (11,013 | ) | 8,887 | |||||||||||||||
| Value |
220,355 | 72,660 | (6,883 | ) | 65,777 | |||||||||||||||
The 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 (“PFIC”)).
The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2020 and the year ended September 30, 2019 were as follows (in thousands):
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Fund | Ordinary Income Dividends |
Long-Term Capital Gain Distributions |
Ordinary Income Dividends |
Long-Term Capital Gain Distributions | ||||||||||||||||
| Developing World |
$ | 56 | $ | - | $ | 884 | $ | - | ||||||||||||
| Focus |
28,707 | - | 6,488 | - | ||||||||||||||||
| Global Discovery |
- | - | - | - | ||||||||||||||||
| Global Equity |
774 | 21,196 | 19,425 | 21,880 | ||||||||||||||||
| 140 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Fund | Ordinary Income Dividends |
Long-Term Capital Gain Distributions |
Ordinary Income Dividends |
Long-Term Capital Gain Distributions | ||||||||||||||||
| Global Opportunities |
$ | 3,683 | $ | 238,177 | $ | 164 | $ | 193,323 | ||||||||||||
| Global Value |
48,126 | - | 58,023 | 140,737 | ||||||||||||||||
| High Income(a) |
257,076 | - | 224,141 | 9,473 | ||||||||||||||||
| International |
108,905 | 457,268 | 155,282 | 840,199 | ||||||||||||||||
| International Small-Mid |
3,605 | - | 24,199 | 80,629 | ||||||||||||||||
| International Value |
105,941 | 337,677 | 323,055 | 518,027 | ||||||||||||||||
| Mid Cap |
- | 569,399 | 49,923 | 958,692 | ||||||||||||||||
| Mid Cap Value |
18,012 | 203,830 | 11,916 | 384,445 | ||||||||||||||||
| Select Equity |
- | - | - | - | ||||||||||||||||
| Small Cap |
- | 145,608 | 3,057 | 241,896 | ||||||||||||||||
| Sustainable Emerging Markets |
887 | - | 483 | - | ||||||||||||||||
| Value |
5,833 | 12,126 | 7,316 | 50,696 | ||||||||||||||||
| (a) | Included in High Income Fund’s Ordinary Income Dividends is a tax return of capital in the amount of $250 (in thousands). |
Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, PFIC, foreign currency transactions, net investment losses and qualified late year ordinary losses.
Gains on redemptions in-kind for Global Value Fund, International Fund and International Value Fund of approximately $19,312,000, $24,160,000 and $53,677,522, respectively, were included in net realized gain on investments in the Statements of Operations for the year ended September 30, 2020, and were not recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and have been reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.
In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were recorded in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses and utilization of earnings, non-deductible offering costs and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.
In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year
| Artisan Partners Funds | 141 |
NOTES TO FINANCIAL STATEMENTS
capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2020. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2020.
Additional tax information as of and for the year ended September 30, 2020 follows (in thousands):
| Fund | Undistributed Ordinary Income |
Undistributed Long-Term Gain |
Qualified Late Year Capital Losses |
Qualified Late Year Ordinary Losses |
Other Deferred Gains (Losses)(1) | ||||||||||||||||||||
| Developing World |
$ | 129,936 | $ | 170,317 | $ | - | $ | - | $ | (135 | ) | ||||||||||||||
| Focus |
50,164 | - | - | - | (31,728 | ) | |||||||||||||||||||
| Global Discovery |
2,779 | 627 | - | - | (7 | ) | |||||||||||||||||||
| Global Equity |
12,705 | 14,567 | - | - | (16 | ) | |||||||||||||||||||
| Global Opportunities |
124,967 | 194,190 | - | - | (174 | ) | |||||||||||||||||||
| Global Value |
1,409 | - | - | - | (169 | ) | |||||||||||||||||||
| High Income |
- | - | - | (229 | ) | (4,022 | ) | ||||||||||||||||||
| International |
36,542 | 222,038 | - | - | (768 | ) | |||||||||||||||||||
| International Small-Mid |
31,800 | - | - | - | (61 | ) | |||||||||||||||||||
| International Value |
51,680 | - | 20,634 | - | (817 | ) | |||||||||||||||||||
| Mid Cap |
62,641 | 583,261 | - | - | (380 | ) | |||||||||||||||||||
| Mid Cap Value |
6,311 | 26,412 | - | - | (211 | ) | |||||||||||||||||||
| Select Equity |
66 | - | - | - | (1 | ) | |||||||||||||||||||
| Small Cap |
- | 193,033 | - | 14,961 | (101 | ) | |||||||||||||||||||
| Sustainable Emerging Markets |
992 | - | - | - | (10 | ) | |||||||||||||||||||
| Value |
1,460 | 22,186 | - | - | (35 | ) | |||||||||||||||||||
| (1) | Other deferred gains and losses relate to (a) distribution payable at year end and (b) other items including straddle loss deferral. |
As of September 30, 2020, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.
| Fund | Unexpiring – ST | Unexpiring – LT | Utilized in CY | ||||||||||||
| Developing World |
$ | - | $ | - | $ | 15,081 | |||||||||
| Global Discovery |
- | - | 752 | ||||||||||||
| Global Value |
21,879 | - | - | ||||||||||||
| High Income |
- | 109,016 | - | ||||||||||||
| International Small-Mid |
30,991 | 8,338 | - | ||||||||||||
| Select Equity |
222 | - | - | ||||||||||||
| Sustainable Emerging Markets |
6,273 | 128,550 | - | ||||||||||||
| 142 | 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 | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
21,495,815 | $ | 372,378 | 10,823,456 | $ | 137,819 | ||||||||||||||
| Advisor Shares |
89,357,615 | 1,520,568 | 55,107,662 | 703,128 | ||||||||||||||||
| Institutional Shares |
63,307,872 | 1,100,922 | 23,125,642 | 305,820 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
- | - | 4,176 | 45 | ||||||||||||||||
| Advisor Shares |
- | - | 54,828 | 587 | ||||||||||||||||
| Institutional Shares |
2,228 | 32 | 15,022 | 161 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(12,515,600 | ) | (209,752 | ) | (34,620,833 | ) | (419,240 | ) | ||||||||||||
| Advisor Shares |
(54,873,444 | ) | (960,015 | ) | (29,796,271 | ) | (357,426 | ) | ||||||||||||
| Institutional Shares |
(17,300,238 | ) | (291,850 | ) | (23,187,676 | ) | (270,272 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
8,980,215 | 162,626 | (23,793,201 | ) | (281,376 | ) | ||||||||||||||
| Advisor Shares |
34,484,171 | 560,553 | 25,366,219 | 346,289 | ||||||||||||||||
| Institutional Shares |
46,009,862 | 809,104 | (47,012 | ) | 35,709 | |||||||||||||||
| FOCUS | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
7,785,951 | $ | 123,437 | 13,144,592 | $ | 182,276 | ||||||||||||||
| Advisor Shares |
30,498,391 | 476,768 | 32,450,161 | 471,224 | ||||||||||||||||
| Institutional Shares(1) |
24,736,531 | 401,316 | - | - | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
446,570 | 6,931 | 330,654 | 4,341 | ||||||||||||||||
| Advisor Shares |
1,004,649 | 15,582 | 154,349 | 2,027 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(4,818,560 | ) | (74,379 | ) | (8,126,367 | ) | (113,951 | ) | ||||||||||||
| Advisor Shares |
(24,711,960 | ) | (406,737 | ) | (1,958,713 | ) | (27,044 | ) | ||||||||||||
| Institutional Shares(1) |
(902,215 | ) | (14,476 | ) | - | - | ||||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
3,413,961 | 55,989 | 5,348,879 | 72,666 | ||||||||||||||||
| Advisor Shares |
6,791,080 | 85,613 | 30,645,797 | 446,207 | ||||||||||||||||
| Institutional Shares(1) |
23,834,316 | 386,840 | - | - | ||||||||||||||||
| Artisan Partners Funds | 143 |
NOTES TO FINANCIAL STATEMENTS
| GLOBAL DISCOVERY | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
2,665,655 | $ | 37,879 | 2,378,587 | $ | 29,701 | ||||||||||||||
| Advisor Shares(1) |
1,127,624 | 16,053 | - | - | ||||||||||||||||
| Institutional Shares(1) |
4,679,259 | 71,361 | - | - | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(4,896,419 | ) | (72,479 | ) | (435,055 | ) | (5,372 | ) | ||||||||||||
| Advisor Shares(1) |
(57,546 | ) | (906 | ) | - | - | ||||||||||||||
| Institutional Shares(1) |
(103,117 | ) | (1,330 | ) | - | - | ||||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(2,230,764 | ) | (34,600 | ) | 1,943,532 | 24,329 | ||||||||||||||
| Advisor Shares(1) |
1,070,078 | 15,147 | - | - | ||||||||||||||||
| Institutional Shares(1) |
4,576,142 | 70,031 | - | - | ||||||||||||||||
| GLOBAL EQUITY | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
1,641,661 | $ | 32,053 | 731,933 | $ | 14,016 | ||||||||||||||
| Advisor Shares(2) |
568,879 | 13,058 | - | - | ||||||||||||||||
| Institutional Shares |
3,359,592 | 64,387 | 171,143 | 3,413 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
519,668 | 10,232 | 941,420 | 16,381 | ||||||||||||||||
| Institutional Shares |
589,702 | 11,682 | 1,202,762 | 21,000 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(2,095,955 | ) | (43,688 | ) | (1,336,032 | ) | (25,358 | ) | ||||||||||||
| Advisor Shares(2) |
(533 | ) | (12 | ) | - | - | ||||||||||||||
| Institutional Shares |
(5,808,916 | ) | (115,111 | ) | (3,437,662 | ) | (61,868 | ) | ||||||||||||
| Net increase from fund share transactions | ||||||||||||||||||||
| Investor Shares |
65,374 | (1,403 | ) | 337,321 | 5,039 | |||||||||||||||
| Advisor Shares(2) |
568,346 | 13,046 | - | - | ||||||||||||||||
| Institutional Shares |
(1,859,622 | ) | (39,042 | ) | (2,063,757 | ) | (37,455 | ) | ||||||||||||
| 144 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| GLOBAL OPPORTUNITIES | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
9,970,960 | $ | 285,782 | 10,488,574 | $ | 261,783 | ||||||||||||||
| Advisor Shares |
12,039,374 | 341,280 | 10,439,536 | 260,719 | ||||||||||||||||
| Institutional Shares |
16,612,824 | 482,956 | 7,224,185 | 185,549 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
2,781,996 | 72,721 | 2,997,356 | 66,661 | ||||||||||||||||
| Advisor Shares |
1,482,208 | 38,938 | 1,201,182 | 26,822 | ||||||||||||||||
| Institutional Shares |
4,425,287 | 117,403 | 3,965,498 | 89,343 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(12,713,254 | ) | (344,238 | ) | (17,107,731 | ) | (425,648 | ) | ||||||||||||
| Advisor Shares |
(8,892,702 | ) | (243,928 | ) | (10,015,864 | ) | (239,082 | ) | ||||||||||||
| Institutional Shares |
(14,342,319 | ) | (385,270 | ) | (7,129,637 | ) | (179,093 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
39,702 | 14,265 | (3,621,801 | ) | (97,204 | ) | ||||||||||||||
| Advisor Shares |
4,628,880 | 136,290 | 1,624,854 | 48,459 | ||||||||||||||||
| Institutional Shares |
6,695,792 | 215,089 | 4,060,046 | 95,799 | ||||||||||||||||
| GLOBAL VALUE | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
1,959,434 | $ | 29,755 | 4,783,247 | $ | 78,302 | ||||||||||||||
| Advisor Shares |
5,987,558 | 90,503 | 13,166,159 | 215,279 | ||||||||||||||||
| Institutional Shares |
25,379,124 | 397,957 | 26,324,214 | 444,741 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
370,478 | 6,439 | 2,203,257 | 34,745 | ||||||||||||||||
| Advisor Shares |
461,191 | 7,992 | 2,494,520 | 39,239 | ||||||||||||||||
| Institutional Shares |
1,760,345 | 30,560 | 7,205,226 | 113,554 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(16,662,955 | ) | (252,929 | ) | (17,156,092 | ) | (282,202 | ) | ||||||||||||
| Advisor Shares |
(25,182,614 | ) | (399,457 | ) | (27,340,625 | ) | (438,508 | ) | ||||||||||||
| Institutional Shares |
(59,276,780 | ) | (925,247 | ) | (35,904,636 | ) | (606,073 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(14,333,043 | ) | (216,735 | ) | (10,169,588 | ) | (169,155 | ) | ||||||||||||
| Advisor Shares |
(18,733,865 | ) | (300,962 | ) | (11,679,946 | ) | (183,990 | ) | ||||||||||||
| Institutional Shares |
(32,137,311 | ) | (496,730 | ) | (2,375,196 | ) | (47,778 | ) | ||||||||||||
| Artisan Partners Funds | 145 |
NOTES TO FINANCIAL STATEMENTS
| HIGH INCOME | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
65,783,259 | $ | 610,473 | 40,068,585 | $ | 383,620 | ||||||||||||||
| Advisor Shares |
125,448,800 | 1,142,682 | 101,573,843 | 975,734 | ||||||||||||||||
| Institutional Shares |
124,959,869 | 1,122,536 | 54,800,505 | 525,586 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
5,595,181 | 52,270 | 7,166,820 | 68,535 | ||||||||||||||||
| Advisor Shares |
12,838,481 | 119,846 | 11,187,807 | 106,928 | ||||||||||||||||
| Institutional Shares |
4,060,947 | 37,792 | 1,939,438 | 18,549 | ||||||||||||||||
| Cost of shares redeemed(3) | ||||||||||||||||||||
| Investor Shares |
(41,216,553 | ) | (381,783 | ) | (56,815,106 | ) | (545,615 | ) | ||||||||||||
| Advisor Shares |
(125,945,687 | ) | (1,170,346 | ) | (85,331,929 | ) | (813,883 | ) | ||||||||||||
| Institutional Shares |
(58,161,012 | ) | (535,981 | ) | (11,442,251 | ) | (108,779 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
30,161,887 | 280,960 | (9,579,701 | ) | (93,460 | ) | ||||||||||||||
| Advisor Shares |
12,341,594 | 92,182 | 27,429,721 | 268,779 | ||||||||||||||||
| Institutional Shares |
70,859,804 | 624,347 | 45,297,692 | 435,356 | ||||||||||||||||
| Redemption Fees | ||||||||||||||||||||
| Investor Shares |
364 | 182 | ||||||||||||||||||
| Advisor Shares |
231 | 60 | ||||||||||||||||||
| Institutional Shares |
316 | 51 | ||||||||||||||||||
| INTERNATIONAL | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
10,552,180 | $ | 317,900 | 10,706,655 | $ | 317,165 | ||||||||||||||
| Advisor Shares |
17,262,466 | 525,522 | 15,483,004 | 460,976 | ||||||||||||||||
| Institutional Shares |
28,116,979 | 877,178 | 23,207,787 | 699,493 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
5,767,002 | 185,294 | 11,600,621 | 323,778 | ||||||||||||||||
| Advisor Shares |
3,081,126 | 98,688 | 5,691,388 | 158,391 | ||||||||||||||||
| Institutional Shares |
6,956,215 | 224,547 | 14,686,471 | 411,662 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(40,762,971 | ) | (1,268,785 | ) | (43,606,751 | ) | (1,300,908 | ) | ||||||||||||
| Advisor Shares |
(31,451,849 | ) | (957,107 | ) | (25,940,371 | ) | (771,962 | ) | ||||||||||||
| Institutional Shares |
(30,360,095 | ) | (929,328 | ) | (72,474,184 | ) | (2,198,913 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(24,443,789 | ) | (765,591 | ) | (21,299,475 | ) | (659,965 | ) | ||||||||||||
| Advisor Shares |
(11,108,257 | ) | (332,897 | ) | (4,765,979 | ) | (152,595 | ) | ||||||||||||
| Institutional Shares |
4,713,099 | 172,397 | (34,579,926 | ) | (1,087,758 | ) | ||||||||||||||
| 146 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| INTERNATIONAL SMALL-MID | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
18,961,021 | $ | 280,491 | 19,570,891 | $ | 259,647 | ||||||||||||||
| Advisor Shares(4) |
54,020,986 | 771,595 | 34,266,775 | 445,781 | ||||||||||||||||
| Institutional Shares |
74,321,786 | 1,092,852 | 44,341,958 | 568,478 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
23,024 | 335 | 6,042,101 | 71,297 | ||||||||||||||||
| Advisor Shares(4) |
76,500 | 1,112 | - | - | ||||||||||||||||
| Institutional Shares |
107,692 | 1,581 | 2,321,129 | 27,645 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(8,944,335 | ) | (129,575 | ) | (22,272,988 | ) | (303,209 | ) | ||||||||||||
| Advisor Shares(4) |
(15,510,557 | ) | (211,683 | ) | (2,338,419 | ) | (30,810 | ) | ||||||||||||
| Institutional Shares |
(13,976,666 | ) | (197,856 | ) | (9,902,299 | ) | (165,078 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
10,039,710 | 151,251 | 3,340,004 | 27,735 | ||||||||||||||||
| Advisor Shares(4) |
38,586,929 | 561,024 | 31,928,356 | 414,971 | ||||||||||||||||
| Institutional Shares |
60,452,812 | 896,577 | 36,760,788 | 431,045 | ||||||||||||||||
| INTERNATIONAL VALUE | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
12,741,584 | $ | 399,666 | 17,181,741 | $ | 566,870 | ||||||||||||||
| Advisor Shares |
51,567,652 | 1,602,580 | 55,930,382 | 1,883,823 | ||||||||||||||||
| Institutional Shares |
98,869,635 | 3,148,657 | 53,977,435 | 1,838,927 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
2,087,367 | 73,496 | 4,667,506 | 151,018 | ||||||||||||||||
| Advisor Shares |
3,406,663 | 119,676 | 6,951,902 | 224,468 | ||||||||||||||||
| Institutional Shares |
6,040,646 | 213,054 | 11,815,554 | 383,339 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(33,813,895 | ) | (1,057,581 | ) | (34,155,527 | ) | (1,142,463 | ) | ||||||||||||
| Advisor Shares |
(68,731,671 | ) | (2,119,478 | ) | (65,424,379 | ) | (2,193,737 | ) | ||||||||||||
| Institutional Shares |
(69,692,047 | ) | (2,185,021 | ) | (57,769,381 | ) | (1,948,940 | ) | ||||||||||||
| Net increase from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(18,984,944 | ) | (584,419 | ) | (12,306,280 | ) | (424,575 | ) | ||||||||||||
| Advisor Shares |
(13,757,356 | ) | (397,222 | ) | (2,542,095 | ) | (85,446 | ) | ||||||||||||
| Institutional Shares |
35,218,234 | 1,176,690 | 8,023,608 | 273,326 | ||||||||||||||||
| Artisan Partners Funds | 147 |
NOTES TO FINANCIAL STATEMENTS
| MID CAP | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
9,113,794 | $ | 353,144 | 7,019,704 | $ | 246,165 | ||||||||||||||
| Advisor Shares |
5,326,995 | 209,507 | 4,547,679 | 156,900 | ||||||||||||||||
| Institutional Shares |
15,658,179 | 689,641 | 15,492,066 | 609,991 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
4,931,025 | 167,112 | 10,474,763 | 310,996 | ||||||||||||||||
| Advisor Shares |
1,473,158 | 50,470 | 3,462,860 | 103,539 | ||||||||||||||||
| Institutional Shares |
7,223,028 | 277,581 | 13,653,184 | 452,057 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(12,965,538 | ) | (487,349 | ) | (19,140,419 | ) | (652,918 | ) | ||||||||||||
| Advisor Shares |
(4,434,628 | ) | (168,551 | ) | (10,871,038 | ) | (385,708 | ) | ||||||||||||
| Institutional Shares |
(21,798,311 | ) | (932,267 | ) | (28,131,526 | ) | (1,077,496 | ) | ||||||||||||
| Net increase from fund share transactions | ||||||||||||||||||||
| Investor Shares |
1,079,281 | 32,907 | (1,645,952 | ) | (95,757 | ) | ||||||||||||||
| Advisor Shares |
2,365,525 | 91,426 | (2,860,499 | ) | (125,269 | ) | ||||||||||||||
| Institutional Shares |
1,082,896 | 34,955 | 1,013,724 | (15,448 | ) | |||||||||||||||
| MID CAP VALUE | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
4,020,064 | $ | 65,338 | 4,118,149 | $ | 78,810 | ||||||||||||||
| Advisor Shares |
12,507,287 | 168,407 | 6,129,279 | 115,969 | ||||||||||||||||
| Institutional Shares |
12,226,637 | 165,806 | 7,859,752 | 147,544 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
3,635,759 | 65,807 | 6,988,947 | 128,812 | ||||||||||||||||
| Advisor Shares |
3,443,389 | 62,084 | 6,302,400 | 115,775 | ||||||||||||||||
| Institutional Shares |
4,065,374 | 73,339 | 6,423,116 | 118,057 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(16,919,066 | ) | (281,615 | ) | (23,499,458 | ) | (454,175 | ) | ||||||||||||
| Advisor Shares |
(15,897,964 | ) | (252,917 | ) | (20,993,417 | ) | (397,077 | ) | ||||||||||||
| Institutional Shares |
(18,398,693 | ) | (301,799 | ) | (18,960,199 | ) | (361,316 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(9,263,243 | ) | (150,470 | ) | (12,392,362 | ) | (246,553 | ) | ||||||||||||
| Advisor Shares |
52,712 | (22,426 | ) | (8,561,738 | ) | (165,333 | ) | |||||||||||||
| Institutional Shares |
(2,106,682 | ) | (62,654 | ) | (4,677,331 | ) | (95,715 | ) | ||||||||||||
| 148 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
| SELECT EQUITY | ||||||||||
| Period Ended 9/30/2020(5) | ||||||||||
| Shares | Amount | |||||||||
| Proceeds from shares issued | ||||||||||
| Investor Shares |
110,655 | $ | 1,014 | |||||||
| Advisor Shares |
161,499 | 1,495 | ||||||||
| Institutional Shares |
1,130,925 | 11,059 | ||||||||
| Cost of shares redeemed | ||||||||||
| Investor Shares |
(13,974 | ) | (128 | ) | ||||||
| Advisor Shares |
(85,088 | ) | (810 | ) | ||||||
| Institutional Shares |
(24,397 | ) | (249 | ) | ||||||
| Net increase from fund share transactions | ||||||||||
| Investor Shares |
96,681 | 886 | ||||||||
| Advisor Shares |
76,411 | 685 | ||||||||
| Institutional Shares |
1,106,528 | 10,810 | ||||||||
| SMALL CAP | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
5,956,558 | $ | 219,332 | 7,446,889 | $ | 230,298 | ||||||||||||||
| Advisor Shares |
9,570,439 | 345,031 | 9,266,354 | 302,352 | ||||||||||||||||
| Institutional Shares |
13,264,607 | 478,866 | 5,187,271 | 170,869 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
1,439,366 | 46,923 | 2,430,870 | 66,436 | ||||||||||||||||
| Advisor Shares |
1,439,531 | 47,130 | 2,463,339 | 67,520 | ||||||||||||||||
| Institutional Shares |
1,057,382 | 35,221 | 2,991,395 | 83,221 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(4,896,390 | ) | (168,988 | ) | (4,158,119 | ) | (129,235 | ) | ||||||||||||
| Advisor Shares |
(5,482,122 | ) | (194,880 | ) | (6,729,775 | ) | (216,222 | ) | ||||||||||||
| Institutional Shares |
(7,872,402 | ) | (282,492 | ) | (9,973,734 | ) | (327,625 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
2,499,534 | 97,267 | 5,719,640 | 167,499 | ||||||||||||||||
| Advisor Shares |
5,527,848 | 197,281 | 4,999,918 | 153,650 | ||||||||||||||||
| Institutional Shares |
6,449,587 | 231,595 | (1,795,068 | ) | (73,535 | ) | ||||||||||||||
| Artisan Partners Funds | 149 |
NOTES TO FINANCIAL STATEMENTS
| SUSTAINABLE EMERGING MARKETS | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
457,861 | $ | 6,831 | 791,333 | $ | 11,736 | ||||||||||||||
| Institutional Shares |
23,785 | 360 | 174,596 | 2,502 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
52,440 | 812 | 31,799 | 448 | ||||||||||||||||
| Institutional Shares |
4,610 | 72 | 2,423 | 34 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(675,349 | ) | (10,009 | ) | (1,105,533 | ) | (16,326 | ) | ||||||||||||
| Institutional Shares |
(38,131 | ) | (568 | ) | (151,648 | ) | (2,234 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(165,048 | ) | (2,366 | ) | (282,401 | ) | (4,142 | ) | ||||||||||||
| Institutional Shares |
(9,736 | ) | (136 | ) | 25,371 | 302 | ||||||||||||||
| VALUE | ||||||||||||||||||||
| Year Ended 9/30/2020 |
Year Ended 9/30/2019 | |||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||
| Proceeds from shares issued | ||||||||||||||||||||
| Investor Shares |
2,191,730 | $ | 27,580 | 839,973 | $ | 10,378 | ||||||||||||||
| Advisor Shares |
4,389,901 | 50,352 | 1,923,105 | 23,461 | ||||||||||||||||
| Institutional Shares |
4,054,619 | 43,910 | 2,222,289 | 26,576 | ||||||||||||||||
| Net asset value of shares issued in reinvestment of dividends and distributions | ||||||||||||||||||||
| Investor Shares |
465,759 | 6,022 | 1,770,989 | 20,721 | ||||||||||||||||
| Advisor Shares |
323,866 | 4,168 | 1,301,934 | 15,155 | ||||||||||||||||
| Institutional Shares |
535,289 | 6,895 | 1,764,071 | 20,569 | ||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||
| Investor Shares |
(6,495,510 | ) | (75,676 | ) | (4,676,664 | ) | (57,055 | ) | ||||||||||||
| Advisor Shares |
(6,381,584 | ) | (76,790 | ) | (3,469,952 | ) | (42,251 | ) | ||||||||||||
| Institutional Shares |
(7,745,324 | ) | (88,081 | ) | (3,139,093 | ) | (38,263 | ) | ||||||||||||
| Net increase (decrease) from fund share transactions | ||||||||||||||||||||
| Investor Shares |
(3,838,021 | ) | (42,074 | ) | (2,065,702 | ) | (25,956 | ) | ||||||||||||
| Advisor Shares |
(1,667,817 | ) | (22,270 | ) | (244,913 | ) | (3,635 | ) | ||||||||||||
| Institutional Shares |
(3,155,416 | ) | (37,276 | ) | 847,267 | 8,882 | ||||||||||||||
| (1) | For the period from commencement of operations (February 3, 2020) through September 30, 2020. |
| (2) | For the period from commencement of operations (August 5, 2020) through September 30, 2020. |
| (3) | Net of redemption fees. |
| (4) | For the period from commencement of operations (December 4, 2018) through September 30, 2019. |
| (5) | For the period from commencement of operations (February 28, 2020) through September 30, 2020. |
| (13) | Subsequent Events: |
The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements. A special meeting of shareholders of Artisan Sustainable Emerging Markets Fund (the “Fund”) was held on November 10, 2020 (the “Meeting”), at which shareholders of the Fund approved a change in the sub-classification of the Fund from “diversified” to “non-diversified” for purposes of Section 5(b) of the 1940 Act and the elimination of a related fundamental investment restriction (the “Proposal”). As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller
| 150 | Artisan Partners Funds |
NOTES TO FINANCIAL STATEMENTS
number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers. The changes took effect on November 12, 2020.
The results of the votes are summarized below.
| For | Withheld | Against | |||||||||||||
| Proposal |
1,637,410 | 6,459 | 13,025 | ||||||||||||
The Funds have evaluated all other subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.
| Artisan Partners Funds | 151 |
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Artisan Partners Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Artisan Partners Funds, Inc. (comprising Artisan Developing World Fund, Artisan Focus Fund (formerly Artisan Thematic Fund), Artisan Global Discovery Fund, Artisan Global Equity Fund, Artisan Global Opportunities Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Small-Mid Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Select Equity, Artisan Small Cap Fund, Artisan Sustainable Emerging Markets Fund and Artisan Value Fund(collectively referred to as the “Funds”)), including the schedules of investments, as of September 30, 2020, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Artisan Partners Funds, Inc. at September 30, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Funds comprising Artisan Partners Funds, Inc. |
Statements of operations |
Statements of changes in net assets |
Financial highlights | |||
| Artisan Developing World Fund Artisan Global Equity Fund Artisan Global Opportunities Fund Artisan Global Value Fund Artisan High Income Fund Artisan International Fund Artisan International Small-Mid Fund Artisan International Value Fund Artisan Mid Cap Fund Artisan Mid Cap Value Fund Artisan Small Cap Fund Artisan Sustainable Emerging Markets Fund Artisan Value Fund |
For the year ended September 30, 2020 | For each of the two years in the period ended September 30, 2020 | For each of the five years in the period ended September 30, 2020 | |||
| Artisan Focus Fund | For the year ended September 30, 2020 | For each of the two years in the period ended September 30, 2020 | For each of the three years in the period ended September 30, 2020 and the period from April 24, 2017 (commencement of operations) through September 30, 2017 |
| 152 | Artisan Partners Funds |
| Funds comprising Artisan Partners Funds, Inc. |
Statements of operations |
Statements of changes in net assets |
Financial highlights | ||||
| Artisan Global Discovery Fund | For the year ended September 30, 2020 | For each of the two years in the period ended September 30, 2020 | For each of the three years in the period ended September 30, 2020 and the period from August 21, 2017 (commencement of operations) through September 30, 2017 | ||||
| Artisan Select Equity Fund | For the period from February 28, 2020 (commencement of operations) through September 30, 2020 | ||||||
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on each of the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodians, brokers, and agent banks or by other appropriate auditing procedures where replies from brokers and agent banks were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Artisan Partners Funds investment companies since 2003.
Minneapolis, Minnesota
November 23, 2020
| Artisan Partners Funds | 153 |
NOTES TO FINANCIAL STATEMENTS
Other Federal tax information (unaudited):
The Internal Revenue Code requires that shareholders be notified of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Funds.
Each Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the year ended September 30, 2020 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the year ended September 30, 2020 that are eligible for the dividends received deduction available to certain corporate shareholders.
| Fund | Long-Term Capital Gains | Qualified Dividend Income | Dividends Received Deduction | ||||||||||||
| Developing World |
$ | 15,854 | 100.00 | % | 100.00 | % | |||||||||
| Focus |
- | 22.48 | 20.63 | ||||||||||||
| Global Discovery |
- | N/A | N/A | ||||||||||||
| Global Equity |
26,887 | 100.00 | 74.27 | ||||||||||||
| Global Opportunities |
253,039 | 100.00 | 100.00 | ||||||||||||
| Global Value |
- | 87.40 | 39.15 | ||||||||||||
| High Income |
- | N/A | N/A | ||||||||||||
| International |
487,086 | 100.00 | 1.50 | ||||||||||||
| International Small-Mid |
- | 100.00 | 0.95 | ||||||||||||
| International Value |
337,677 | 100.00 | N/A | ||||||||||||
| Mid Cap |
596,672 | 0.00 | 0.00 | ||||||||||||
| Mid Cap Value |
221,340 | 100.00 | 100.00 | ||||||||||||
| Select Equity |
- | N/A | N/A | ||||||||||||
| Small Cap |
162,369 | 0.00 | 0.00 | ||||||||||||
| Sustainable Emerging Markets |
- | 97.66 | N/A | ||||||||||||
| Value |
17,936 | 100.00 | 87.35 | ||||||||||||
| 154 | 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 April 1, 2020 to September 30, 2020.
Actual Expenses
The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended September 30, 2020 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.
| Beginning Account Value 4/1/2020 |
Ending Account Value 9/30/2020 |
Expenses Paid
During Period 4/1/2020-9/30/2020(1) |
Expense Ratio(2)(3) | |||||||||||||||||
| Artisan Developing World Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,644.50 | $ | 8.20 | 1.24 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.80 | $ | 6.26 | 1.24 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,645.80 | $ | 7.34 | 1.11 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.45 | $ | 5.60 | 1.11 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,646.30 | $ | 6.81 | 1.03 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.85 | $ | 5.20 | 1.03 | % | ||||||||||||
| Artisan Partners Funds | 155 |
SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)
| Beginning Account Value 4/1/2020 |
Ending Account Value 9/30/2020 |
Expenses Paid
During Period 4/1/2020-9/30/2020(1) |
Expense Ratio(2)(3) | |||||||||||||||||
| Artisan Focus Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,321.30 | $ | 7.54 | 1.30 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.50 | $ | 6.56 | 1.30 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,322.80 | $ | 6.56 | 1.13 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.35 | $ | 5.70 | 1.13 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,323.30 | $ | 5.98 | 1.03 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.85 | $ | 5.20 | 1.03 | % | ||||||||||||
| Artisan Global Discovery Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,456.80 | $ | 8.48 | 1.38 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.10 | $ | 6.96 | 1.38 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,457.60 | $ | 7.99 | 1.30 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.50 | $ | 6.56 | 1.30 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,457.60 | $ | 7.31 | 1.19 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.05 | $ | 6.01 | 1.19 | % | ||||||||||||
| Artisan Global Equity Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,349.90 | $ | 7.40 | 1.26 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.70 | $ | 6.36 | 1.26 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
|
Actual(4) |
$ | 1,000.00 | $ | 1,010.10 | $ | 1.92 | 1.25 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.75 | $ | 6.31 | 1.25 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,351.80 | $ | 6.11 | 1.04 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.80 | $ | 5.25 | 1.04 | % | ||||||||||||
| Artisan Global Opportunities Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,455.60 | $ | 6.88 | 1.12 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.40 | $ | 5.65 | 1.12 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,456.40 | $ | 6.14 | 1.00 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.00 | $ | 5.05 | 1.00 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,456.70 | $ | 5.53 | 0.90 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.50 | $ | 4.55 | 0.90 | % | ||||||||||||
| 156 | Artisan Partners Funds |
SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)
| Beginning Account Value 4/1/2020 |
Ending Account Value 9/30/2020 |
Expenses Paid
During Period 4/1/2020-9/30/2020(1) |
Expense Ratio(2)(3) | |||||||||||||||||
| Artisan Global Value Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,243.40 | $ | 7.07 | 1.26 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.70 | $ | 6.36 | 1.26 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,243.90 | $ | 6.34 | 1.13 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.35 | $ | 5.70 | 1.13 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,244.90 | $ | 5.72 | 1.02 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.90 | $ | 5.15 | 1.02 | % | ||||||||||||
| Artisan High Income Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,183.60 | $ | 5.13 | 0.94 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.30 | $ | 4.75 | 0.94 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,185.80 | $ | 4.43 | 0.81 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.95 | $ | 4.09 | 0.81 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,186.40 | $ | 3.94 | 0.72 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.40 | $ | 3.64 | 0.72 | % | ||||||||||||
| Artisan International Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,254.70 | $ | 6.59 | 1.17 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.15 | $ | 5.91 | 1.17 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,255.70 | $ | 5.86 | 1.04 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.80 | $ | 5.25 | 1.04 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,256.40 | $ | 5.36 | 0.95 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.25 | $ | 4.80 | 0.95 | % | ||||||||||||
| Artisan International Small-Mid Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,435.80 | $ | 8.04 | 1.32 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.40 | $ | 6.66 | 1.32 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,436.30 | $ | 7.07 | 1.16 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.20 | $ | 5.86 | 1.16 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,436.50 | $ | 6.64 | 1.09 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.55 | $ | 5.50 | 1.09 | % | ||||||||||||
| Artisan Partners Funds | 157 |
SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)
| Beginning Account Value 4/1/2020 |
Ending Account Value 9/30/2020 |
Expenses Paid
During Period 4/1/2020-9/30/2020(1) |
Expense Ratio(2)(3) | |||||||||||||||||
| Artisan International Value Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,228.60 | $ | 6.52 | 1.17 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.15 | $ | 5.91 | 1.17 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,229.90 | $ | 5.85 | 1.05 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.75 | $ | 5.30 | 1.05 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,230.40 | $ | 5.35 | 0.96 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.20 | $ | 4.85 | 0.96 | % | ||||||||||||
| Artisan Mid Cap Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,536.40 | $ | 7.36 | 1.16 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.20 | $ | 5.86 | 1.16 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,537.20 | $ | 6.60 | 1.04 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.80 | $ | 5.25 | 1.04 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,538.10 | $ | 6.03 | 0.95 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.25 | $ | 4.80 | 0.95 | % | ||||||||||||
| Artisan Mid Cap Value Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,323.00 | $ | 6.91 | 1.19 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.05 | $ | 6.01 | 1.19 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,324.90 | $ | 6.04 | 1.04 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.80 | $ | 5.25 | 1.04 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,324.60 | $ | 5.81 | 1.00 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.00 | $ | 5.05 | 1.00 | % | ||||||||||||
| Artisan Select Equity Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,268.10 | $ | 7.09 | 1.25 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.75 | $ | 6.31 | 1.25 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,269.30 | $ | 6.52 | 1.15 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.25 | $ | 5.81 | 1.15 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,269.30 | $ | 6.24 | 1.10 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.50 | $ | 5.55 | 1.10 | % | ||||||||||||
| 158 | Artisan Partners Funds |
SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)
| Beginning Account Value 4/1/2020 |
Ending Account Value 9/30/2020 |
Expenses Paid
During Period 4/1/2020-9/30/2020(1) |
Expense Ratio(2)(3) | |||||||||||||||||
| Artisan Small Cap Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,490.20 | $ | 7.35 | 1.18 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.10 | $ | 5.96 | 1.18 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,491.00 | $ | 6.66 | 1.07 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.65 | $ | 5.40 | 1.07 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,491.50 | $ | 6.17 | 0.99 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.05 | $ | 5.00 | 0.99 | % | ||||||||||||
| Artisan Sustainable Emerging Markets Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,351.20 | $ | 7.94 | 1.35 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,018.25 | $ | 6.81 | 1.35 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,352.10 | $ | 7.06 | 1.20 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.00 | $ | 6.06 | 1.20 | % | ||||||||||||
| Artisan Value Fund |
||||||||||||||||||||
| Investor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,290.00 | $ | 6.35 | 1.11 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,019.45 | $ | 5.60 | 1.11 | % | ||||||||||||
| Advisor Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,292.60 | $ | 5.04 | 0.88 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.60 | $ | 4.45 | 0.88 | % | ||||||||||||
| Institutional Shares |
||||||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,293.00 | $ | 4.70 | 0.82 | % | ||||||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,020.90 | $ | 4.14 | 0.82 | % | ||||||||||||
| (1) | Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2020, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
| (2) | Annualized ratio of expenses to average net assets for the six-month period ended September 30, 2020. |
| (3) | Expense ratio includes the effect of expenses waived or paid by the Adviser, if applicable. |
| (4) | The actual account value and expenses paid for Artisan Global Equity Fund – Advisor Shares have been presented for the period from commencement of operations (August 5, 2020) through September 30, 2020. |
| Artisan Partners Funds | 159 |
FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
Artisan Partners is responsible for management of the Funds’ (as defined below) investment portfolios and for overall management of the Funds’ business and affairs pursuant to an investment advisory agreement (the “Advisory Agreement”) between Artisan Partners Funds and Artisan Partners. With respect to each Fund, the Advisory Agreement, after an initial two-year term, may be continued from year to year only so long as the continuation is approved at least annually (a) by the vote of a majority of the directors of Artisan Partners Funds who are not “interested persons” of Artisan Partners Funds or Artisan Partners (the “independent directors”) , and (b) by the board of directors or by the vote of a majority (as defined in the Investment Company Act of 1940, as amended) of the outstanding shares of the Fund.
The directors of Artisan Partners Funds held a meeting on May 7-8, 2020 (the “May 7-8 Meeting”), at which they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to each of the series of Artisan Partners Funds other than Artisan Select Equity Fund ( the “Funds”) for the period from July 1, 2020 through June 30, 2021. The primary purpose of the May 7-8 Meeting was to allow the directors ample opportunity to consider matters they deemed relevant in connection with the continuation of the Advisory Agreement (including the information provided relating to their review of the Advisory Agreement, in addition to materials they review at meetings throughout the year), and to request any additional information they considered reasonably necessary to their deliberations.
At their regular quarterly meeting held on May 27-28, 2020 (the “May 27-28 Meeting”), the directors, including the independent directors, considered and unanimously approved the continuation through June 30, 2021 of the Advisory Agreement with respect to each of the Funds. The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the contract review meetings. Both the May 7-8 Meeting and the May 27-28 Meeting were held telephonically, in reliance on a temporary exemptive order issued by the United States Securities and Exchange Commission, in light of the novel coronavirus (“COVID-19”) pandemic, permitting mutual fund boards of directors to approve advisory agreements at meetings held using remote communications technology, subject to certain conditions, including that the board ratify the approval at its next in-person meeting.
Prior to the May 7-8 Meeting, independent counsel to the independent directors sent to Artisan Partners requests for information to be provided to the directors in connection with their consideration of the Advisory Agreement. Artisan Partners provided materials to the directors in response to those requests as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement. Artisan Partners provided reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of investment company data, that included information relating to each Fund’s performance, expenses and fees compared to the performance, expenses and fees of a relatively small peer group and a larger peer universe of mutual funds selected by Broadridge (the “Broadridge Peer Groups”). Artisan Partners also provided additional reports prepared by Broadridge comparing the performance and expenses of certain of the Funds to peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification used by Broadridge to
| 160 | Artisan Partners Funds |
FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
compile the Broadridge Peer Groups (the “Supplemental Peer Universes”). These supplemental reports were provided for Artisan Global Discovery Fund and Artisan International Value Fund.
The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement. The directors recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the independent directors and Artisan Partners, that certain aspects of such arrangements may receive greater scrutiny from the directors in some years than in others and that the directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
In evaluating the Advisory Agreement, the directors reviewed the available information and discussed with representatives of Artisan Partners each Fund’s operations; the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Funds; the management fees and total expense ratios of each class of shares of the Funds; possible economies of scale; and other benefits (in addition to advisory fee revenues) derived or potentially derived by Artisan Partners from its relationship with the Funds. In addition to the third-party reports by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the May 7-8 Meeting and the May 27-28 Meeting, concerning, among other things, the following:
| • | Artisan Partners’ organization and operations, financial condition and stability and ownership structure; |
| • | Artisan Partners’ personnel and business and financial model and methods, including Artisan Partners’ assessment of its ability to attract and retain capable personnel and Artisan Partners’ succession planning processes with respect to, among other areas, the leadership of the Funds’ portfolio management teams and senior management of Artisan Partners; Artisan Partners’ research and decision-making processes; the adequacy and sophistication of technology and systems with respect to investment and administrative matters, including the use of and reliance on vendors in connection with the management or operations of the Funds; Artisan Partners’ liquidity management tools and the Funds’ liquidity risk management program; and Artisan Partners’ views on the effects of the evolving competitive landscape of the mutual fund industry, certain regulatory initiatives and industry developments on the Funds’ and/or Artisan Partners’ business; |
| • | The terms of the Advisory Agreement, including the scope of services performed by Artisan Partners; and how the services performed by Artisan Partners under the Advisory Agreement differ from those performed for other investment companies and accounts; |
| • | Each Fund’s short- and long-term investment performance (including past 1-, 3-, 5- and 10-year and since-inception periods, as applicable), including performance attribution and rolling 5-year excess return information for certain Funds and performance comparisons for various time periods with (a) other Artisan Partners client accounts managed with similar investment objectives, (b) other mutual funds having similar investment objectives and (c) appropriate market indices; |
| Artisan Partners Funds | 161 |
FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
| • | Actions that Artisan Partners has taken or is contemplating taking with respect to Artisan Global Value Fund, Artisan Value Fund and Artisan Mid Cap Value Fund to help address each Fund’s underperformance; |
| • | Information on each Fund’s redemption rates relative to other accounts managed by Artisan Partners and appropriate industry peer groups; |
| • | The Funds’ experience applying their valuation procedures, including fair valuation of assets for which market quotations are not readily available and the use of independent pricing vendors; |
| • | Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the SEC or other governmental or regulatory authorities since January 1, 2019; |
| • | Information regarding fee arrangements, including a comparison of the total expense ratio of each share class of each Fund with other mutual funds; the structure of the management fees, including the method of computing fees and the frequency of payment of fees and Artisan Partners’ process for determining proposed management fee rates for new funds; a comparison of the management fees with fees charged by other investment advisers for managing mutual funds with similar investment objectives; information regarding expense limitation arrangements and effective annual management fee rates for each of the Funds for the calendar year ended December 31, 2019; the expenses other than management fees that the Funds bear, either at the level of the Fund as a whole or on a class-specific basis; and Artisan Partners’ assessment of the current competitiveness of the Funds’ management fee rates and total expense ratios; |
| • | Artisan Partners’ assessment of whether it is realizing economies of scale in providing services to the Funds and, if so, whether, how and, if quantifiable, to what extent the economies of scale are shared with the Funds, and the adequacy of existing breakpoints (reduced fee levels on assets in excess of stated thresholds) in advisory fees and whether further breakpoints are appropriate; |
| • | A comparison of the fee arrangements for the Funds with fees charged by Artisan Partners for subadvising other U.S. mutual funds and for managing other accounts, and trends in fees charged by Artisan Partners for such services; |
| • | Information regarding third-party intermediary and service arrangements and related payments by the Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2019 by the Funds and Artisan Partners, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements; |
| • | Potential “fall-out” benefits to Artisan Partners or its affiliates from their relationships with the Funds, in addition to advisory fees, including any benefits to Artisan Partners or its affiliates in selling other products, and the method of estimating the value of any such benefits; |
| 162 | Artisan Partners Funds |
FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
| • | Matters relating to brokerage and portfolio transactions, including Artisan Partners’ practices regarding selection of brokers and dealers to execute portfolio transactions and regarding negotiation of commission rates and allocation of brokerage for research and other services; |
| • | The estimated profitability to Artisan Partners of its relationship with each Fund on both a pre-tax and post-tax basis for calendar 2017, 2018 and 2019; and the assumptions and allocation methodologies utilized for such profitability analysis; |
| • | Potential for conflicts of interest between the Funds and Artisan Partners or its other clients and circumstances and actions addressing or bearing on potential conflicts of interest; |
| • | Legal, compliance and related matters, including Artisan Partners’ programs for monitoring compliance with federal and state securities and other applicable laws and regulations, the investment policies and restrictions of the Funds and Subchapter M of the Internal Revenue Code; and information regarding personnel who perform significant legal and compliance services for the Funds; |
| • | Artisan Partners’ risk assessment and risk management processes; |
| • | Artisan Partners’ views on environmental, social and governance (“ESG”) investing, including how Artisan Partners’ investment teams incorporate ESG factors into the investment process with the goal of helping enhance risk-adjusted portfolio returns; |
| • | Artisan Partners’ policies and practices relating to diversity and inclusion with respect to hiring and career development opportunities; and |
| • | Artisan Partners’ business continuity and disaster recovery procedures, including Artisan Partners’ response to the recent global outbreak of COVID-19 and any issues that have arisen as a result of COVID-19 in any areas of Artisan Partners’ business, including portfolio management, trading, distribution, compliance and investor servicing. |
Following the May 7-8 Meeting and executive sessions with their independent counsel, the independent directors requested certain follow-up information from Artisan Partners. Artisan Partners provided this follow-up information prior to the May 27-28 Meeting. At the May 27-28 Meeting, Artisan Partners presented certain additional information to the directors regarding the Funds, and the independent directors and their independent counsel reviewed with the full board the information discussed at the May 7-8 Meeting and during their executive sessions. The directors then considered whether any further discussion or review was necessary, concluding that the information reviewed by the independent directors prior to and at the May 27-28 Meeting provided a sufficient basis for taking action on the continuation of the Advisory Agreement with respect to each Fund for an additional year. The directors then reviewed and affirmed each of the following conclusions:
The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds were appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreement. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.
| Artisan Partners Funds | 163 |
FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
The investment performance of each Fund. With respect to each Fund, the directors concluded that the Fund’s performance (including absolute performance and, where applicable, outperformance of peers and relevant benchmarks over long-term periods) or other relevant factors supported continuation of the Fund’s advisory arrangements under the Advisory Agreement. In the case of each Fund that had performance that lagged that of a relevant peer group or benchmark for certain (although not necessarily all) periods, the directors concluded that other factors relevant to performance supported continuation of the advisory arrangements. These factors included either or both of the following: (1) that underperformance was attributable, to a significant extent, to investment decisions (such as security selection, sector allocation or risk mitigation) by Artisan Partners that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups. With respect to Mid Cap Value Fund and Value Fund, the directors determined that, although the factors relating to each such Fund’s performance supported renewal of the Advisory Agreement with respect to such Funds, the board would continue to monitor the performance of those Funds closely, including through holding meetings with the Funds’ portfolio management team over the course of the following year and receiving additional information regarding factors contributing to the Funds’ performance and risk analysis. The directors noted that Artisan Partners had provided thorough and thoughtful analysis regarding its continued confidence in those Funds’ investment team and the Funds’ potential for improved future performance over the long term. In that regard, the directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance.
The costs of the services and profitability of Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the estimated profitability it realizes, are reasonable in relation to the nature and quality of services provided with respect to each Fund, based on the assumptions and methodology for calculating such costs and profitability presented to the directors by Artisan Partners.
Comparisons of the services rendered and the amounts payable under the Advisory Agreement with those under other investment advisory agreements. The directors concluded that the fees payable by the Funds to Artisan Partners are reasonable in relation to the nature and quality of the services provided. In reaching this conclusion, the directors compared the fees payable by the Funds to the fees paid by other mutual funds that are in the same Broadridge Peer Groups and Supplemental Peer Universes. The directors also considered the fees Artisan Partners receives from, and the scope of services it provides to, other Artisan Partners clients, including its private funds, separate account clients and UCITS funds, and the U.S. mutual funds and collective investment trusts for which it serves as sub-adviser, noting the significantly broader scope of services that Artisan Partners provides to the Funds as compared to the other types of clients. In reaching their conclusion, among the various factors considered, the directors also took into account the costs and risks assumed by Artisan Partners in connection with launching and maintaining publicly-offered mutual funds, and how those costs and risks differ from those associated with other components of Artisan Partners’ business. In addition, the directors noted that Artisan Partners has contractually agreed to maintain certain expense limitations through January 31, 2022 for Artisan Global Discovery Fund (Investor, Advisor and Institutional Shares), Artisan Global Equity Fund (Investor Shares), Artisan Sustainable Emerging Markets Fund (Investor and Institutional Shares) and Artisan Value Fund (Advisor Shares).
| 164 | Artisan Partners Funds |
FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of Artisan Developing World Fund, Artisan Global Opportunities Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Small Cap Fund and Artisan Value Fund have appropriately benefited from economies of scale under the management fee structures of their advisory arrangements. The directors concluded that the shareholders of each of Artisan Global Discovery Fund, Artisan Global Equity Fund, Artisan International Small-Mid Fund, Artisan Sustainable Emerging Markets Fund and Artisan Focus Fund would likely benefit from economies of scale if the Fund’s assets reach the level at which it will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreement.
Other benefits derived by the Funds or Artisan Partners. The directors concluded that, in addition to the services provided by Artisan Partners pursuant to the Advisory Agreement and the management fees to be paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded the primary fall-out benefits include (1) the potential conversion of Fund shareholders to separate account clients of Artisan Partners, and the ability otherwise to attract new clients and investment talent to Artisan Partners, (2) the acquisition of research products and services by Artisan Partners, for the benefit of its clients including the Funds, in return for brokerage commissions paid by the Funds (“soft dollars”) and (3) reputational benefits as a result of its association with the Funds. The directors concluded that the Funds could benefit from potential institutional shareholders who might choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of research obtained through soft dollars generated with respect to its other clients, and from reputational benefits as a result of their association with Artisan Partners.
At the conclusion of the foregoing discussions, the board approved the Advisory Agreement for the period from July 1, 2020 through June 30, 2021 for each Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.
| Artisan Partners Funds | 165 |
NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION
The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of September 30, 2020. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”).
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 and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.
The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.
Definition of Portfolio Statistic
Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.
Descriptions of Indices
Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the markets in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.
The indices to which the Funds are compared are:
Artisan Developing World and Artisan Sustainable Emerging Markets Funds – Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market-weighted index of companies in emerging markets.
| 166 | Artisan Partners Funds |
NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION
Artisan Focus and Artisan Select Equity Funds – S&P 500® Index – The S&P 500® is a market-cap-weighted index that measures the performance of 500 US companies focused on the Large-cap sector of the market.
Artisan Global Discovery, Artisan Global Equity, Artisan Global Opportunities and Artisan Global Value Funds – Morgan Stanley Capital International All Country World Index (MSCI ACWI Index) is a market-weighted index of global developed and emerging markets.
Artisan High Income Fund – ICE BofAML US High Yield Master II Index tracks the performance of below investment grade US dollar-denominated corporate bonds publicly issued in the US domestic market.
Artisan International and Artisan International Value Funds – Morgan Stanley Capital International EAFE Index (MSCI EAFE Index) is a market-weighted index of companies in developed markets, excluding the US and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.
Artisan International and Artisan International Value Funds – Morgan Stanley Capital All Country World Index ex USA (MSCI ACWI ex USA Index) is a market-weighted index of global developed and emerging markets, excluding the US.
Artisan International Small-Mid Fund – Morgan Stanley Capital International All Country World ex USA SMID Net Index (MSCI ACWI ex USA SMID Net Index) is a market-weighted index of mid and small cap companies in developed and emerging markets, excluding the US.
Artisan International Small-Mid Fund – Morgan Stanley Capital International All Country World Index ex USA Small Cap Net Index (MSCI ACWI ex USA Small Cap Net Index) is a market-weighted index of small cap companies in developed and emerging markets, excluding the US.
Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap® Index is a market-weighted index of about 800 medium-sized US companies.
Artisan Mid Cap Fund – Russell Midcap® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap® Index with higher price-to-book and higher forecasted growth values.
Artisan Mid Cap Value Fund – Russell Midcap® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values.
Artisan Small Cap Fund – Russell 2000® Index is a market-weighted index of about 2,000 small US companies.
Artisan Small Cap Fund – Russell 2000® Growth Index is a market-weighted index of those small companies included in the Russell 2000® Index with higher price-to-book ratios and higher forecasted growth values.
| Artisan Partners Funds | 167 |
NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION
Artisan Value Fund – Russell 1000® Index is a market-weighted index of about 1,000 large US companies.
Artisan Value Fund – Russell 1000® Value Index is a market-weighted index of those large companies included in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.
Trademarks
Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by the Adviser. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.
For the ICE BofAML US High Yield Master II Index the source is ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofAML indices and related data on an “as is” basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML indices or any data included in, related to, or derived there from, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Artisan Partners, or any of its products or services.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
| 168 | Artisan Partners Funds |
NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION
The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
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 SEC 60 days after the end of the Funds’ fiscal quarter. You can find SEC filings on the SEC’s website at www.sec.gov.
.
| Artisan Partners Funds | 169 |
The board of directors has overall responsibility for the conduct of the affairs of Artisan Partners Funds. Each director serves an indefinite term until the next annual meeting of shareholders at which the directors are elected and until the election and qualification of his or her successor or until he or she retires, resigns or is removed from office. Artisan Partners Funds’ bylaws provide that each director must retire by the end of the calendar year in which he or she attains the age of 72, provided, however, that each director who was a director as of August 17, 2018 and who attained the age of 72 on or before December 31, 2018 shall retire as a director as of the end of the calendar year in which he or she attains the age of 75. The board of directors may fill any vacancy on the board provided that after such appointment at least two-thirds of the directors have been elected by the shareholders. The shareholders may remove a director by a vote of a majority of the outstanding shares of the Funds at any meeting of shareholders called for the purpose of removing such director.
The board of directors elects the officers of Artisan Partners Funds. Each officer holds office for one year and until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed or disqualified. The board of directors may remove any officer, with or without cause, at any time.
The names and ages of the directors and officers as of November 15, 2020, the position each holds with the Funds, the date each was first elected to office, their principal business occupations and other directorships they have held during at least the last five years are shown below. Each director oversees all sixteen series of Artisan Partners Funds.
| Name and Age at 11/15/20 |
Position(s) Funds |
Date First Elected to Office |
Principal Occupation(s) during at least the |
Other Public Company or Registered Investment Company Directorships Held | ||||
| Directors who are not “interested persons” of Artisan Partners Funds: | ||||||||
| Coleen Downs Dinneen – 59 | Director and Chair of the Education Committee | 1/1/18 | Retired; until 2016, Executive Vice President and General Counsel, Natixis Global Asset Management – U.S. Distribution and Chief Legal Officer and Secretary, Natixis/Loomis Funds. | None. | ||||
| Gail L. Hanson – 64 | Director and Independent Chair of the Board of Directors | Director since 1/1/12; Independent Chair since 1/1/19 |
Retired; from February 2011 to April 2018, Chief Financial Officer, Aurora Health Care (not for profit health care provider); from September 2004 to February 2011, Deputy Executive Director, State of Wisconsin Investment Board. | Director, Northwestern Mutual Series Fund, Inc. (investment company) (27 portfolios). | ||||
| 170 | Artisan Partners Funds |
DIRECTORS AND OFFICERS
| Name and Age at 11/15/20 |
Position(s) Funds |
Date First Elected to Office |
Principal Occupation(s) during at least the |
Other Public Company or Registered Investment Company Directorships Held | ||||
| Bonnie L. Howard – 67 | Director and Chair of the Audit Committee | 3/9/18 | Director, Chair of the Risk Oversight Committee and member of the Audit Committee, Assured Guaranty Ltd. (August 2012 to present); Director, BMO Financial Corp and BMO Harris Bank, N.A. (September 2013 to April 2018); until December 2011, Chief Auditor and Global Head of Emerging Risk, Citigroup, Inc. | Director, Assured Guaranty Ltd (insurance company). | ||||
| William J. Kelly – 60 | Director | 1/1/20 | Chief Executive Officer, Chartered Alternative Investment Analyst (CAIA) Association (2014-present). | Formerly, Independent Trustee and Chair of Audit Committee, BofA Funds Series Trust (investment company). | ||||
| Peter M. Lebovitz – 65 | Director and Chair of the Governance and Nominating Committee | 7/1/14 | Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms). | Director and Chair, Weiss Strategic Interval Fund (closed-end fund); Independent Director and Chair, Emler Trust (investment company) (6 portfolios). | ||||
| Patrick S. Pittard – 74 | Director | 8/9/01 | Chairman, PatrickPittard Advisors, LLC (consulting firm); since July 2018, Owner and Chief Executive Officer of BDI DataLynk, LLC (fiber optics training company); Distinguished Executive in Residence (teaching position), University of Georgia; from November 2016 to May 2018, Chairman and Chief Executive Officer of Southern Fiber Company (fiber network company). | Director, Lincoln National Corporation (insurance and investment management company) and Lincoln New York (an affiliate of Lincoln National Corporation). | ||||
| Peter E. Sundman – 61 | Director | 1/1/2020 | Trustee, IES Abroad (since 2012); Trustee, The College of Wooster (since 2003); Trustee, Frost Valley YMCA (since 1998). Formerly, Chief Executive Officer, ClearBridge Advisors (2009-2011); Chairman and Chief Executive Officer, Neuberger Funds (1999-2008); President, Neuberger Berman Management (1999-2008). | Trustee, Diamond Hill Funds (investment company) (14 portfolios). | ||||
| Artisan Partners Funds | 171 |
DIRECTORS AND OFFICERS
| Name and Age at 11/15/20 |
Position(s) Funds |
Date First Elected to Office |
Principal Occupation(s) during at least the |
Other Public Company or Registered Investment Company Directorships Held | ||||
| Directors who are “interested persons” of Artisan Partners Funds: | ||||||||
| Eric R. Colson – 51* | Director | 11/12/13 | President, Chief Executive Officer and Director of Artisan Partners Asset Management Inc. and Chair; Managing Director, Chief Executive Officer and President of Artisan Partners; until February 2020, President and Chief Executive Officer of Artisan Partners Funds. | None. | ||||
| Gregory K. Ramirez – 50** | Director, President and Chief Executive Officer | Director since 1/1/20; President and Chief Executive Officer since 2/12/20 | Managing Director and Vice President of Artisan Partners; Executive Vice President of Artisan Partners Asset Management Inc.; until February 2020, Chief Financial Officer, Vice President and Treasurer of Artisan Partners Funds; Chair and President of Artisan Partners Distributors LLC (“Distributors”); prior thereto, Vice President, Treasurer and Chief Financial Officer of Distributors; Director of Artisan Partners Global Funds plc; Director (since October 2016) of certain private funds sponsored by Artisan Partners. | None. | ||||
| * | Mr. Colson is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is a Director of Artisan Partners Funds and holds various positions with Artisan Partners and its affiliates and beneficially owns interests in Artisan Partners and/or its parent company. |
| ** | Mr. Ramirez is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is a Director, President and Chief Executive Officer of Artisan Partner Funds and holds various positions with Artisan Partners and its affiliates and beneficially owns interests in Artisan Partners and/or its parent company. |
| 172 | Artisan Partners Funds |
DIRECTORS AND OFFICERS
| Name and Age at 11/15/20 |
Position(s) Held with Artisan Partners Funds |
Date First to Office |
Principal Occupation(s) during at least the |
Other Public Company or Registered Investment Company Directorships Held | ||||
| Officers: | ||||||||
| Sarah A. Johnson – 48 | General Counsel, Vice President and Secretary | 2/8/11 | Managing Director, Vice President, Secretary and General Counsel of Artisan Partners; Executive Vice President, Chief Legal Officer and Secretary of Artisan Partners Asset Management Inc.; Vice President and Secretary of Artisan Partners Distributors, LLC. | None. | ||||
| Jill Demski - 46 | Chief Compliance Officer and anti-Money Laundering Compliance Officer | 2/12/20 | Chief Compliance Officer of Artisan Partners Funds (since February 2020); Associate Counsel (since January 2019) and Director of Compliance of Artisan Partners; Chief Compliance Officer (since October 2019) of Artisan Partners Distributors LLC. | None. | ||||
| Laura E. Simpson – 44 | Vice President and Assistant Secretary | 2/10/15 | Deputy General Counsel of Artisan Partners; Director (since January 2018) of Artisan Partners Global Funds plc; Director (since July 2020) of certain private funds sponsored by Artisan Partners. | None. | ||||
| Shannon K. Jagodinski – 43 | Chief Financial Officer, Vice President and Treasurer | Chief Financial Officer and Treasurer since 2/12/20; Vice President since 2/10/15 |
Director (since January 2016) of Vehicle Administration of Artisan Partners; prior thereto, Senior Manager; until February 2020, Assistant Treasurer of Artisan Partners Funds. | None. | ||||
| Timothy K. Weston – 45 | Vice President | 2/13/19 | Associate General Counsel of Artisan Partners. | None. | ||||
| Timothy A. Kahn – 37 | Vice President | 2/12/20 | Associate Counsel of Artisan Partners. | None. | ||||
| Blake A. Rigel – 50 | Assistant Treasurer | 2/9/16 | Global Tax Director and Tax Counsel of Artisan Partners. | None. | ||||
The business address of the officers and the director affiliated with Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The address of the other directors is c/o Artisan Partners Funds, 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.
Artisan Partners Funds’ statement of additional information (SAI) contains further information about the directors. Please call 800.344.1770 or visit our website at www.artisanpartners.com for a free copy of the SAI.
| Artisan Partners Funds | 173 |
ARTISAN PARTNERS FUNDS
P.O. BOX 219322
KANSAS CITY, MO 64121-9322
Item 2. Code of Ethics.
(a) Registrant has adopted a code of ethics (the “Code”) that applies to its principal executive officer, principal financial officer and principal accounting officer (the “Covered Officers”).
(b) No disclosures are required pursuant to this Item 2(b).
(c) During the period covered by the report, registrant did not make any amendments to the Code.
(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.
(e) Not applicable.
(f) A copy of the Code is filed as Exhibit (a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
Registrant’s board of directors has determined that Gail L. Hanson, member of the registrant’s audit committee, William J. Kelly, member of the registrant’s audit committee, Peter M. Lebovitz, member of the registrant’s audit committee, and Bonnie L. Howard, member and chair of the registrant’s audit committee, each qualify as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Ms. Hanson, Mr. Kelly, Mr. Lebovitz and Ms. Howard are “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.
Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including, without limitation, for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP (“Ernst & Young”) for the 2020 and 2019 fiscal years of the registrant are summarized in the table below. The table summarizes fees billed (or to be billed) by Ernst & Young for work performed relating to each applicable period identified below.
Fees:
| Fiscal Year Ended September 30, 2020 |
Fiscal Year Ended September 30, 2019 |
|||||||
| Audit Fees (a) |
$ | 481,530 | $ | 488,790 | ||||
| Audit-Related Fees (b) |
$ | 0 | $ | — | ||||
| Tax Fees (c) |
$ | 267,691 | $ | 307,457 | ||||
| All Other Fees (d) |
$ | 0 | — | |||||
(a) “Audit Fees” include amounts for professional services rendered by Ernst & Young for the audit of the Corporation’s annual financial statements and services that are normally provided by Ernst & Young in connection with statutory and regulatory filings or engagements, including for 2020, portions of which had not been billed as of September 30, 2020, and fees billed for consents issued in conjunction with the Corporation’s post-effective amendments to the Funds’ registration statements filed for each of the last two fiscal years. The fees billed during the fiscal year ended September 30, 2020 also include the initial offering of Advisor Shares of Artisan Global Equity Fund. The fees billed during the fiscal year ended September 30, 2019 also include a consent issued in conjunction with the Corporation’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Advisor Shares of Artisan International Small-Mid Fund.
(b) “Audit-Related Fees” include amounts for assurance and related services by Ernst & Young that are reasonably related to the performance of the audit of the registrant’s financial statements. Audit-related fees have not been reported under the item “audit fees” in the chart above.
(c) “Tax Fees” include amounts for professional services rendered by Ernst & Young for tax compliance, tax advice and tax planning.
The fees shown in the table above for the fiscal year ended September 30, 2020 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2020, which had not been billed as of September 30, 2020; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2020, which also had not been billed as of September 30, 2020; (3) the use of a PFIC database supplied by Ernst & Young for the fiscal year ended September 30, 2019, the excise year ended December 31, 2019 and the semiannual period ended March 31, 2020; (4) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young for the fiscal year ended September 30, 2020; and a response to Finnish tax authorities regarding outstanding reclaims.
The fees shown in the table above for the fiscal year ended September 30, 2019 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2019, which had not been billed as of September 30, 2019; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2019, which also had not been billed as of September 30, 2019; (3) the use of a PFIC database supplied by Ernst & Young for the fiscal year ended September 30, 2018, the excise year ended December 31, 2018 and the semiannual period ended March 31, 2019; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young for the calendar year ended December 31, 2018; and (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young for the fiscal year ended September 30, 2019.
(d) None.
(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chair to exercise that authority in the intervals between meetings; and the chair presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of SEC Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.
(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees for the fiscal years ended September 30, 2020 and September 30, 2019 by the registrant’s principal accountant for non-audit services rendered to the registrant are shown in the tables above and described under Items 4(b) – (d) above. For the registrant’s fiscal years ended September 30, 2020 and September 30, 2019, Ernst & Young LLP served as the registrant’s principal accountant and provided no services and billed no fees for non-audit services rendered to the registrant’s adviser or entities controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant.
(h) The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. The provisions of Rule 2-01(c)(7) were effective on May 6, 2003. No such services were rendered on or after May 6, 2003.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The Schedules of Investments in securities of unaffiliated issuers as of September 30, 2020 are included as part of the annual 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.
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: | December 3, 2020 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Gregory K. Ramirez | |
| Gregory K. Ramirez | ||
| Principal Executive Officer | ||
| Date: | December 3, 2020 | |
| By: | /s/ Shannon K. Jagodinski | |
| Shannon K. Jagodinski | ||
| Principal Financial Officer | ||
| Date: | December 3, 2020 | |
