Artisan Partners Funds, Inc.

Code of Ethics for Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1)

Certifications of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)

Certification of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

N-CSR 1 d375953dncsr.htm ARTISAN PARTNERS FUNDS, INC. Artisan Partners Funds, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)


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

(Name and address of agents for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 9/30/22

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

LOGO

ARTISAN PARTNERS FUNDS


	Share Class
	Investor	Advisor	Institutional
Artisan Developing World Fund	ARTYX	APDYX	APHYX
Artisan Emerging Markets Debt Opportunities Fund	APFOX	APDOX	APHOX
Artisan Floating Rate Fund	ARTUX	APDUX	APHUX
Artisan Focus Fund	ARTTX	APDTX	APHTX
Artisan Global Discovery Fund	APFDX	APDDX	APHDX
Artisan Global Equity Fund	ARTHX	APDHX	APHHX
Artisan Global Opportunities Fund	ARTRX	APDRX	APHRX
Artisan Global Unconstrained Fund	APFPX	APDPX	APHPX
Artisan Global Value Fund	ARTGX	APDGX	APHGX
Artisan High Income Fund	ARTFX	APDFX	APHFX
Artisan International Fund	ARTIX	APDIX	APHIX
Artisan International Explorer Fund	N/A	ARDBX	ARHBX
Artisan International Small-Mid Fund	ARTJX	APDJX	APHJX
Artisan International Value Fund	ARTKX	APDKX	APHKX
Artisan Mid Cap Fund	ARTMX	APDMX	APHMX
Artisan Mid Cap Value Fund	ARTQX	APDQX	APHQX
Artisan Select Equity Fund	ARTNX	APDNX	APHNX
Artisan Small Cap Fund	ARTSX	APDSX	APHSX
Artisan Sustainable Emerging Markets Fund	ARTZX	APDEX	APHEX
Artisan Value Fund	ARTLX	APDLX	APHLX
Artisan Value Income Fund	APFWX	APDWX	APHWX

As currently permitted by regulations previously adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Funds’ annual and semi-annual shareholder reports are not currently being sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports are made available online at https://connect.rightprospectus.com/Artisan, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you invest directly with a Fund, by calling 800.344.1770 or by enrolling on the Funds’ website at www.artisanpartners.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 800.344.1770 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with a Fund.

TABLE OF CONTENTS


					MANAGEMENT’S DISCUSSIONS ON FUND PERFORMANCE
		2			Artisan Developing World Fund
		3			Artisan Emerging Markets Debt Opportunities Fund
		4			Artisan Floating Rate Fund
		5			Artisan Focus Fund
		7			Artisan Global Discovery Fund
		8			Artisan Global Equity Fund
		10			Artisan Global Opportunities Fund
		11			Artisan Global Unconstrained Fund
		12			Artisan Global Value Fund
		13			Artisan High Income Fund
		14			Artisan International Fund
		16			Artisan International Explorer Fund
		17			Artisan International Small-Mid Fund
		18			Artisan International Value Fund
		19			Artisan Mid Cap Fund
		20			Artisan Mid Cap Value Fund
		21			Artisan Select Equity Fund
		22			Artisan Small Cap Fund
		23			Artisan Sustainable Emerging Markets Fund
		25			Artisan Value Fund
		27			Artisan Value Income Fund

					SCHEDULES OF INVESTMENTS
		30			Artisan Developing World Fund
		31			Artisan Emerging Markets Dept Opportunities Fund
		35			Artisan Floating Rate Fund
		38			Artisan Focus Fund
		40			Artisan Global Discovery Fund
		42			Artisan Global Equity Fund
		44			Artisan Global Opportunities Fund
		46			Artisan Global Unconstrained Fund
		51			Artisan Global Value Fund
		53			Artisan High Income Fund
		58			Artisan International Fund
		60			Artisan International Explorer Fund
		62			Artisan International Small-Mid Fund
		64			Artisan International Value Fund
		66			Artisan Mid Cap Fund
		68			Artisan Mid Cap Value Fund
		70			Artisan Select Equity Fund
		72			Artisan Small Cap Fund
		74			Artisan Sustainable Emerging Markets Fund
		76			Artisan Value Fund
		78			Artisan Value Income Fund

		81			STATEMENTS OF ASSETS AND LIABILITIES

		87			STATEMENTS OF OPERATIONS

		93			STATEMENTS OF CHANGES IN NET ASSETS

		104			FINANCIAL HIGHLIGHTS

		119			NOTES TO FINANCIAL STATEMENTS

		154			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

		157			SHAREHOLDER EXPENSE EXAMPLE

		162			FACTORS CONSIDERED IN RENEWING THE FUNDS’, EXCEPT INTERNATIONAL EXPLORER FUND, ADVISORY AGREEMENT

		166			FACTORS CONSIDERED IN APPROVING INTERNATIONAL EXPLORER FUND’S ADVISORY AGREEMENT

		168			NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

		171			PROXY VOTING POLICIES AND PROCEDURES

		171			INFORMATION ABOUT PORTFOLIO SECURITIES

		172			DIRECTORS AND OFFICERS

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 30 September 2022. 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.

ARTISAN DEVELOPING WORLD FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/29/2015 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Developing World Fund – Investor Shares (6/29/2015)		-48.39	%		0.84	%		2.12	%		5.08	%
Artisan Developing World Fund – Advisor Shares (6/29/2015)		-48.32			0.99			2.28			5.26
Artisan Developing World Fund – Institutional Shares (6/29/2015)		-48.27			1.09			2.38			5.36
MSCI Emerging Markets Index		-28.11			-2.07			-1.81			1.15	*

As of Investor, Advisor and Institutional Shares inception date.

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2022, emerging markets struggled, even more so than their US and European counterparts. Country-level returns were mixed during the period. Indonesia was the top contributor in the MSCI Emerging Markets Index, while China was the main detractor, partially due to continued COVID-19 restrictions in China. It was a volatile period for global markets, which were plagued by inflation, global growth concerns and tighter financial conditions. These challenges, combined with the COVID-19 pandemic and the war in Ukraine, have fostered uncertainty in the marketplace.

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		16.3	%		22.4	%
Consumer Discretionary		25.4			26.0
Consumer Staples		5.4			5.3
Financials		5.0			3.1
Health Care		12.3			14.5
Industrials		–			2.1
Information Technology		32.1			25.6
Real Estate		2.0			–
Other assets less liabilities		1.5			1.0
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Chinese operator of an integrated online and offline platform for housing transactions and services KE Holdings, US-based software provider Snowflake, Chinese online direct sales company JD.com, Brazilian financial services and technology company NU Holdings and Brazilian financial technology solutions provider StoneCo. Bottom contributors during the period included: Singaporean provider of information technology services Sea, US-based technology and social media services provider Snap, US provider of software solutions Unity Software, US-based technology company NVIDIA and Chinese online entertainment company Bilibili.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Developed Markets		62.2	%		51.8	%
Emerging Asia		27.5			40.0
Latin America		8.8			6.1
Europe, Middle East and Africa		–			1.1

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based software provider Snowflake, US-based manufacturer of orthodontia products Align Technology, Chinese operator of an integrated online and offline platform for housing transactions and services KE Holdings, Brazilian financial services and technology company NU Holdings and US-based financial transaction processing service provider Mastercard. We funded these purchases in part through exiting our positions in Farfetch, Aier Eye Hospital, Alibaba, Uber and StoneCo.

As of March 3, 2022 through period end, Russian securities within the portfolio had been valued at zero due to sanctions related to the war in Ukraine.


2				Artisan Partners Funds

ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/7/2022 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	Since Inception^†
Artisan Emerging Markets Debt Opportunities Fund – Investor Shares (4/7/2022)		-1.72	%
Artisan Emerging Markets Debt Opportunities Fund – Advisor Shares (4/7/2022)		-1.78
Artisan Emerging Markets Debt Opportunities Fund – Institutional Shares (4/7/2022)		-1.65
JP Morgan EMB Hard Currency/Local Currency 50/50		-11.38	*

^†

For the period of commencement of operations 4/7/2022 through 9/30/2022; 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 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. The Fund’s performance reflects Artisan Partners Limited Partnership’s (the “Adviser” or “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.

INVESTING ENVIRONMENT

Risk assets continued to face headwinds since the launch of the fund in April 2022. High inflation, tighter financial conditions and concerns over slower global economic growth all weighed on financial markets, including emerging markets debt, which declined for the reporting period. Many central banks around the world continue to tighten monetary policy as a means of curbing inflation. The U.S. Federal Reserve raised interest rates by 75 basis points for the third consecutive time in September, bringing the Fed funds rate to a range of 3% to 3.25% and to the highest level since before the 2008 financial crisis. Recent Fed action is taking place against the backdrop of tightening monetary policy by other central banks in developed and emerging markets, including the ECB, which raised rates again in September to 0.75%. Several EM central banks were particularly hawkish during the inception to date period, including Hungary, Poland, Czech Republic, Colombia, Chile, Peru and the Philippines.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included exposures to: Uzbek sovereign credit and currency, Zambian local interest rates and currency, and Dominican sovereign credit and currency. Bottom contributors within the portfolio during the period included exposures to: Colombian local interest rates and corporate credit, Hungarian currency and Egyptian sovereign credit.

PORTFOLIO COMPOSITION


Type	9/30/2022
Sovereign Government Bonds		71.2	%
Corporate Bonds		10.4
Other assets less liabilities		18.4
		100.0	%

FUND CHANGES

During the period, relative to weightings within the J.P. Morgan EMB Hard Currency/Local Currency 50/50 Index, we increased our investments in: Romania, Mexico, Dominican Republic, and Serbia. We funded these allocations in part though decreasing our investments in: South Africa, Czech Republic, Indonesia, Turkey and Malaysia.


Artisan Partners Funds				3

ARTISAN FLOATING RATE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/1/2021 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	Since Inception^†
Artisan Floating Rate Fund – Investor Shares (12/1/2021)		-4.17	%
Artisan Floating Rate Fund – Advisor Shares (12/1/2021)		-4.09
Artisan Floating Rate Fund – Institutional Shares (12/1/2021)		-4.07
Credit Suisse Leveraged Loan Total Return Index		-2.73	*

^†

For the period of commencement of operations 12/1/2021 through 9/30/2022; 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 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. 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.

INVESTING ENVIRONMENT

Non-investment grade credit markets declined during the period between the Fund’s inception on December 1, 2021 and September 30, 2022. The macro backdrop of tightening financial conditions, sequentially slowing growth and 40-year highs in inflation led to widespread volatility across interest rates and risk assets. With expectations for a slowing global economy, investors pushed yields and credit spreads to their highest levels since 2020. As a result, higher-rated credits held up best throughout the volatility as growth concerns and higher borrowing costs had a disproportionate impact on more levered credits.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based food distributor Dairyland USA, US-based home remodeling company PHRG Intermediate, US-based aviation company Atlantic Aviation, US-based insurance broker Alliant Holdings and US-based education company Renaissance Learning. Bottom contributors during the period included: US-based consumer loyalty solutions provider Loyalty Ventures, US-based global investment banking and securities firm Goldman Sachs, US-based food and commissary provider TKC Holdings, US-based commercial fiber optic business Gridiron Fiber and US-based financial advisor Edelman Financial Engines.

PORTFOLIO COMPOSITION


Type	9/30/2022
Bank Loans		86.6	%
Corporate Bonds		4.0
Warrants		–
Other assets less liabilities		9.4
		100.0	%

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based day care provider KUEHG, US-based food distributor Dairyland USA, US-based legal services company WMB Holdings, US-based wealth management company Focus Financial Partners and US-based distribution and supply chain services company BCPE Empire Holdings. We funded these purchases in part through exiting our positions in DiversiTech Holdings, HUB Holdings, Loyalty Ventures, JPMorgan Chase and SRS Distribution.


4				Artisan Partners Funds

ARTISAN FOCUS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/24/2017 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Focus Fund – Investor Shares (4/24/2017)		-20.76	%		6.64	%		12.85	%		15.22	%
Artisan Focus Fund – Advisor Shares (7/31/2018)		-20.60			6.82			n/a			8.92
Artisan Focus Fund – Institutional Shares (2/3/2020)		-20.56			n/a			n/a			4.47
S&P 500^® Index		-15.47			8.16			9.24			9.84	*

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) have made a material contribution to performance during some or all of the periods shown above. 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.

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2022, US equities struggled. Large-cap stocks held up better than small- and mid-cap stocks, but all were down meaningfully. From a style perspective, value outperformed growth during the period. Sector returns were all negative, except for energy and utilities. It was a volatile period for global markets, which were plagued by inflation, global growth concerns and tighter financial conditions. These challenges, combined with the COVID-19 pandemic and the war in Ukraine, have fostered uncertainty in the marketplace.

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		7.8	%		7.0	%
Consumer Discretionary		3.4			2.6
Consumer Staples		4.2			–
Energy		1.3			–
Financials		9.5			11.4
Health Care		23.8			4.9
Industrials		15.2			17.3
Information Technology		16.2			35.9
Materials		0.5			8.0
Real Estate		7.6			6.3
Utilities		6.3			1.2
Other assets less liabilities		4.2			5.4
		100.0	%		100.0	%


Artisan Partners Funds				5

PERFORMANCE DISCUSSION*

Top contributors within the portfolio during the period included: US-based liquefied natural gas company Cheniere Energy, US-based healthcare company UnitedHealth Group, US-based wireless network operator T-Mobile, US-based semiconductor company Advanced Micro Devices and US-based pharmaceutical and health information technology company McKesson. Bottom contributors during the period included: US-based online retailer Amazon, US-based data provider IHS Markit, US-based business and financial management solutions provider Intuit, US-based beauty products manufacturer Estee Lauder and US-based multinational hospitality company Hilton Worldwide. The use of derivatives, including options used to hedge short-term portfolio volatility, had a negative overall impact on performance during the period.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based healthcare company UnitedHealth Group, US-based online retailer Amazon, Canadian owned transcontinental freight railway Canadian Pacific Railway, US-based electric power and energy infrastructure company NextEra Energy and US-based pharmaceutical and health information technology company McKesson. We funded these purchases in part through exiting our positions in Analog Devices, Linde, Johnson Controls, Accenture and Meta.

For options, exposures have been delta-adjusted to determine contribution to return.


6				Artisan Partners Funds

ARTISAN GLOBAL DISCOVERY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (8/21/2017 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Discovery Fund – Investor Shares (8/21/2017)		-33.87	%		5.15	%		8.70	%		9.18	%
Artisan Global Discovery Fund – Advisor Shares (2/3/2020)		-33.79			n/a			n/a			1.59
Artisan Global Discovery Fund – Institutional Shares (2/3/2020)		-33.65			n/a			n/a			1.77
MSCI ACWI Index		-20.66			3.75			4.44			5.06	*

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.

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2022, global equities struggled. While US markets led, US, European and emerging markets were all down meaningfully during the period. It was a volatile period for global markets, which were plagued by inflation, global growth concerns and tighter financial conditions. These challenges, combined with the COVID-19 pandemic and the war in Ukraine, have fostered uncertainty in the marketplace.

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		2.1	%		3.5	%
Consumer Discretionary		3.9			5.6
Financials		13.9			11.5
Health Care		25.1			21.8
Industrials		17.4			17.7
Information Technology		31.6			30.6
Materials		0.7			2.2
Real Estate		0.9			1.3
Utilities		–			1.5
Other assets less liabilities		4.4			4.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based designer and manufacturer of engineered fabricated metal products and services Valmont, Dutch biotechnology company Argenx, US-based provider of data center and cloud networking equipment Arista, US-based social gaming operator Zynga, US-based global supplier of advanced semiconductors ON Semiconductor. Bottom contributors during the period included: Hong Kong-based power tools company Techtronic Industries, US-based provider of cloud-based inbound marketing and sales software HubSpot, US-based cloud computing company Veeva Systems, Australian enterprise software designer and developer Atlassian and US-based semiconductor company Advanced Micro Devices.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		64.8	%		60.7	%
Europe		21.3			25.0
Pacific Basin		5.7			7.6
Emerging Markets		3.8			2.4

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based contract manufacturing supplier to the pharmaceuticals industry Catalent, US-based global supplier of advanced semiconductors ON Semiconductor, Dutch biotechnology company Argenx, US-based cloud software provider Workiva and Norwegian machine-to-machine wireless connectivity supplier Nordic Semiconductor. We funded these purchases in part through exiting our positions in Fortive, Burlington, Ceridian HCM Holdings, Blackline and Banco Bilbao Vizcaya Argentaria.


Artisan Partners Funds				7

ARTISAN GLOBAL EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		-31.48	%		-0.01	%		4.46	%		7.95	%		8.88	%
Artisan Global Equity Fund – Advisor Shares (8/5/2020)		-31.48			n/a			n/a			n/a			-8.39
Artisan Global Equity Fund – Institutional Shares (10/15/2015)		-31.34			0.19			4.69			n/a			6.39
MSCI ACWI Index		-20.66			3.75			4.44			7.28			6.92	*

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.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		7.6	%		8.9	%
Consumer Discretionary		11.5			8.1
Consumer Staples		4.9			1.6
Energy		18.4			1.2
Financials		12.8			4.5
Health Care		15.6			19.9
Industrials		15.1			24.8
Information Technology		6.6			23.9
Materials		0.7			2.0
Utilities		1.9			1.6
Other assets less liabilities		4.9			3.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based natural gas producer EQT, Dutch biotechnology company Argenx, UK-based compliance software developer Ideagen, US-based contract logistics provider GXO Logistics and US-based wireless network operator T-Mobile. Bottom contributors during the period included: Russian commercial bank Sberbank, US-based genetics testing company Natera, Russian ore and non-metallic mineral processer MMC Norilsk Nickel, US-based Internet search engine operator Alphabet and German provider of mail and logistics services Deutsche Post.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		50.4	%		49.6	%
Europe		37.2			34.2
Emerging Markets		4.2			8.1
Pacific Basin		3.3			2.7
Middle East		–			1.9


8				Artisan Partners Funds

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based provider of technology and information solutions to the oil and gas industry Schlumberger, Netherlands-based oil and gas company Shell, US-based natural gas producer EQT, US-based exchange for global commodities Intercontinental Exchange and US-based provider of equipment and components used in oil and gas drilling NOV. We funded these purchases in part through exiting our positions in Johnson Controls, Vertiv, GXO Logistics, CM.com and Altair Engineering.

As of March 3, 2022 through period end, Russian securities within the portfolio had been valued at zero due to sanctions related to the war in Ukraine.


Artisan Partners Funds				9

ARTISAN GLOBAL OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		-31.13	%		4.54	%		6.09	%		9.62	%		9.67	%
Artisan Global Opportunities Fund – Advisor Shares (4/1/2015)		-31.03			4.68			6.24			n/a			8.44
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		-30.97			4.79			6.35			9.88			9.53
MSCI ACWI Index		-20.66			3.75			4.44			7.28			6.20	*

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.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		3.8	%		7.6	%
Consumer Discretionary		11.7			10.8
Financials		15.1			10.0
Health Care		24.5			22.3
Industrials		10.9			15.3
Information Technology		23.8			22.2
Materials		0.5			2.3
Utilities		5.5			3.9
Other assets less liabilities		4.2			5.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based provider of data center and cloud networking equipment Arista, US-based owner and operator of quick service Mexican restaurants Chipotle Mexican Grill, Spanish developer and operator of renewable power generation Iberdrola, US-based global supplier of advanced semiconductors ON Semiconductor and US-based insurance holding company Progressive. Bottom contributors during the period included: Hong Kong-based power tools company Techtronic Industries, US-based semiconductor company Advanced Micro Devices, US-based cloud computing company Veeva Systems, Canadian eCommerce platform Shopify and Swedish telecommunications company Telefonaktiebolaget LM Ericsson.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		58.4	%		57.6	%
Europe		26.4			25.2
Pacific Basin		9.9			10.8
Emerging Markets		1.1			0.8

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based global supplier of advanced semiconductors ON Semiconductor, Danish pharmaceutical company Novo Nordisk, US-based owner and operator of quick service Mexican restaurants Chipotle Mexican Grill, US-based insurance holding company Progressive and US-based car manufacturer Tesla. We funded these purchases in part through exiting our positions Activision Blizzard, Shopify, Netflix, Dexcom and Fortive.


10				Artisan Partners Funds

ARTISAN GLOBAL UNCONSTRAINED FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/31/2022 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	Since Inception^†
Artisan Global Unconstrained Fund – Investor Shares (3/31/2022)		2.10	%
Artisan Global Unconstrained Fund – Advisor Shares (3/31/2022)		2.24
Artisan Global Unconstrained Fund – Institutional Shares (3/31/2022)		2.27
ICE BofAML 3 Month Treasury Bill Index		0.57	*

^†

For the period of commencement of operations 3/31/2022 through 9/30/2022; 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 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. 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.

INVESTING ENVIRONMENT

Risk assets continued to face headwinds since the launch of the fund in March 2022. High inflation, tighter financial conditions and concerns over slower global economic growth all weighed on financial markets, including emerging markets debt, which declined for the reporting period.Many central banks around the world continue to tighten monetary policy as a means of curbing inflation. The U.S. Federal Reserve raised interest rates by 75 basis points for the third consecutive time in September, bringing the Fed funds rate to a range of 3% to 3.25% and to the highest level since before the 2008 financial crisis. Recent Fed action is taking place against the backdrop of tightening monetary policy by other central banks in developed and emerging markets, including the ECB, which raised rates again in September to 0.75%. Several EM central banks were particularly hawkish during the inception-to-date period, including Hungary, Poland, Czech Republic, Colombia, Chile, Peru and the Philippines.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included exposures to: South African sovereign credit and currency, Uzbek sovereign credit and currency, and Zambian local interest rates and currency. Bottom contributors within the portfolio during the period included exposures to: Egyptian sovereign credit, Serbian sovereign credit and Romanian sovereign credit.

PORTFOLIO COMPOSITION


Type	9/30/2022
Sovereign Government Bonds		47.1	%
Corporate Bonds		10.8
Exchange Traded Funds		0.2
Options Purchased		–^
Other assets less liabilities		41.9
		100.0	%

Amount rounds to less than 0.1%

FUND CHANGES

During the period, we increased our investments in: Dominican Republic, Uzbekistan, Serbia, Hungary and Colombia. We funded these allocations in part through decreasing our investments in: Guatemala, Uruguay, Uganda, Czech Republic and Albania.


Artisan Partners Funds				11

ARTISAN GLOBAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		-21.10	%		0.29	%		0.89	%		6.45	%		5.74	%
Artisan Global Value Fund – Advisor Shares (4/1/2015)		-21.01			0.43			1.02			n/a			3.71
Artisan Global Value Fund – Institutional Shares (7/17/2012)		-20.92			0.54			1.13			6.70			7.34
MSCI ACWI Index		-20.66			3.75			4.44			7.28			4.03	*

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.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		10.8	%		13.8	%
Consumer Discretionary		14.4			16.9
Consumer Staples		4.5			5.6
Energy		4.6			2.8
Financials		31.8			27.6
Health Care		14.8			14.3
Industrials		6.7			4.6
Information Technology		5.7			4.9
Materials		2.8			3.2
Other assets less liabilities		3.9			6.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based health benefits company Elevance, US-based insurance holding company Progressive, UK-based defense, security and aerospace company BAE Systems, Canadian oil and gas company Imperial Oil and Netherlands-based oil and gas company Shell. Bottom contributors during the period included: US-based social networking website operator Meta, Netherlands-based health technology company Koninklijke Philips, Korean electronic products and solutions manufacturer Samsung Electronics, Chinese e-commerce company Alibaba and German cement producer HeidelbergCement.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		46.5	%		46.3	%
Europe		38.6			36.0
Emerging Markets		8.0			8.7
Pacific Basin		3.0			2.7

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: UK-based provider of a range of insurance brokerage, reinsurance and risk management consulting services Willis Towers Watson, US-based provider of etch equipment to the semiconductor industry Lam Research Corp, US-based provider of sensing, electrical protection, control and power management solutions Sensata Technologies Holding, German commercial vehicle manufacturer Daimler Truck and French energy company TotalEnergies. We funded these purchases in part through exiting our positions in Booking Holdings and Tesco.


12				Artisan Partners Funds

ARTISAN HIGH INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan High Income Fund – Investor Shares (3/19/2014)		-11.00	%		2.11	%		3.15	%		4.76	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		-10.88			2.23			3.29			4.91
Artisan High Income Fund – Institutional Shares (10/3/2016)		-10.81			2.33			3.41			4.47
ICE BofAML US High Yield Master II Index		-14.06			-0.67			1.41			2.96	*

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.

INVESTING ENVIRONMENT

Non-investment grade credit markets declined during the one-year period ended September 30, 2022. The macro backdrop of tightening financial conditions, sequentially slowing growth and 40-year highs in inflation led to widespread volatility across interest rates and risk assets. With expectations for a slowing global economy, investors pushed yields and credit spreads to their highest levels since 2020. As a result, higher-rated credits held up best throughout the volatility as growth concerns and higher borrowing costs had a disproportionate impact on more levered credits.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based sealing products manufacturer UTEX Industries, UK-based independent insurance broker Ardonagh Group, US-based oil and gas company Callon Petroleum, US-based automotive repair company Service King and US-based email and web security appliances company Barracuda Networks. Bottom contributors during the period included: US-based cruise ship operator Carnival, US-based retailer Nordstrom, French telecom company Altice France, US-based telecommunications and mass media company Charter Communications and US-based provider of life insurance and wealth management solutions NFP Corp.

PORTFOLIO COMPOSITION


Type	9/30/2022			9/30/2021
Corporate Bonds		72.4	%		61.4	%
Bank Loans		14.9			35.0
Common Stocks		0.4			0.2
Convertible Bonds		–			0.1
Warrants		–
Other assets less liabilities		12.3			3.3
		100.0	%		100.0

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based special purpose acquisition company BellRing Brands, US-based automotive repair company Service King, US-based business services provider Nexus Buyer, Canadian aircraft company Bombardier and Netherlands-based cable operator Ziggo. We funded these purchases in part through exiting our positions in General Electric, Shearer’s Foods, RealPage, Epicor Software and ICON.


Artisan Partners Funds				13

ARTISAN INTERNATIONAL FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		-29.32	%		-4.60	%		-0.73	%		3.29	%		7.22	%
Artisan International Fund – Advisor Shares (4/1/2015)		-29.24			-4.47			-0.59			n/a			0.31
Artisan International Fund – Institutional Shares (7/1/1997)		-29.14			-4.37			-0.50			3.52			6.30
MSCI EAFE Index		-25.13			-1.83			-0.84			3.67			3.87	*
MSCI ACWI ex US Index^†^†		-25.17			-1.52			-0.81			3.01			4.25	*

As of Investor Shares inception date.

^†^†

The performance of the Index represents linked performance data for the MSCI ACWI ex US (Gross) Index from Investor Shares’ inception date to 12/31/2000 and the MSCI ACWI ex US (Net) Index from 1/1/2001 forward.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		7.1	%		6.4	%
Consumer Discretionary		9.6			9.8
Consumer Staples		7.7			3.4
Energy		10.8			1.4
Financials		21.2			21.3
Health Care		12.9			15.0
Industrials		14.9			15.4
Information Technology		3.2			11.0
Materials		8.6			12.2
Utilities		–			0.3
Other assets less liabilities		4.0			3.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Dutch biotechnology company Argenx, Germany-based European exchange operator Deutsche Boerse, US-based IT outsourcing and consulting firm Accenture, UK-based banking and financial services institution HSBC Holdings and Swiss temporary staffing company Adecco Group. Bottom contributors during the period included: Russian commercial bank Sberbank, Russian ore and non-metallic mineral processer MMC Norilsk Nickel, German provider of mail and logistics services Deutsche Post, British multinational bank Barclays and Irish low-cost carrier Ryanair Holdings.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Europe		69.2	%		70.1	%
Americas		24.0			11.8
Emerging Markets		1.6			6.4
Pacific Basin		1.2			4.0
Middle East		–			3.9


14				Artisan Partners Funds

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Netherlands-based oil and gas company Shell, US-based provider of technology and information solutions to the oil and gas industry Schlumberger, Swiss manufacturer of luxury goods Cie Financiere Richemont, Canadian freight railway Canadian National Railway and French luxury goods manufacturer LVMH. We funded these purchases in part through exiting our positions in Nice, Siemens, Sony Group, Hoya Corp and DSV.

As of March 3, 2022 through period end, Russian securities within the portfolio had been valued at zero due to sanctions related to the war in Ukraine.


Artisan Partners Funds				15

ARTISAN INTERNATIONAL EXPLORER FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (5/16/2022 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	Since Inception^†
Artisan International Explorer Fund – Advisor Shares (5/16/2022)		-13.10	%
Artisan International Explorer Fund – Institutional Shares (5/16/2022)		-13.10
MSCI ACWI ex USA Small Cap Net Index		-14.36	*

^†

For the period of commencement 5/16/2022 through 9/30/2022; not annualized.

As of 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.

INVESTING ENVIRONMENT

During the period between the Fund’s May 16, 2022 inception and September 30, 2022, global equities declined. US markets held up slightly better than their European and emerging markets counterparts, but all were down. It was a volatile period for global markets, which were plagued by inflation, global growth concerns and tighter financial conditions. These challenges, combined with the COVID-19 pandemic and the war in Ukraine, have fostered uncertainty in the marketplace.

SECTOR DIVERSIFICATION


Sector	9/30/2022
Communication Services		11.1	%
Consumer Discretionary		17.3
Consumer Staples		1.0
Financials		9.4
Health Care		7.5
Industrials		21.5
Information Technology		13.8
Materials		2.7
Real Estate		2.4
Other assets less liabilities		13.3
		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: UK-based information services business Euromoney, Indonesian retailer and local operator Mitra Adiperkasa (MAPI), Japanese researcher and developer of software solutions Zuken, Canadian automotive collision repair company Boyd Group Services and UK-based supplier of specialty plastic and fiber products Essentra. Bottom contributors during the period included: Argentinian provider of online travel booking services Despegar, Norwegian software solutions provider Sikri Holding, UK-based residential property services provider LSL Property Services, Irish homebuilder company Glenveagh Properties and South African retail building materials distributor Cashbuild.

REGION ALLOCATION


Region	9/30/2022
Europe		39.0	%
Emerging Markets		22.6
Americas		14.0
Pacific Basin		11.1

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Indonesian retailer and local operator Mitra Adiperkasa (MAPI), Indian credit rating company Care Ratings, Japanese copyright management and consulting business NexTone, Swiss designer, developer and producer of delivery devices Medmix and UK-based supplier of specialty plastic and fiber products Essentra. We funded these purchases in part through exiting our positions in Electro Optic Systems.


16				Artisan Partners Funds

ARTISAN INTERNATIONAL SMALL-MID FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small-Mid Fund – Investor Shares (12/21/2001)		-32.53	%		1.90	%		2.56	%		5.42	%		9.57	%
Artisan International Small-Mid Fund – Advisor Shares (12/4/2018)		-32.47			2.04			n/a			n/a			5.23
Artisan International Small-Mid Fund – Institutional Shares (4/12/2016)		-32.38			2.15			2.79			n/a			4.59
MSCI ACWI ex US SMID Net Index		-28.85			-1.28			-1.25			3.74			7.08	*
MSCI ACWI ex US Small Cap Net Index		-28.93			0.38			-0.56			4.44			7.94	*

As of Investor Shares inception date.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		1.0	%		0.6	%
Consumer Discretionary		3.1			6.6
Consumer Staples		5.7			6.4
Energy		1.6			0.9
Financials		2.3			2.2
Health Care		23.5			23.5
Industrials		24.4			27.5
Information Technology		27.0			25.6
Materials		1.9			1.7
Real Estate		1.3			1.2
Other assets less liabilities		8.2			3.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based medical imaging manufacturer Lantheus, French engineering company GTT, US-based manufacturer of lighting products and radio frequency applications Wolfspeed, US-based pharmaceutical manufacturer Zogenix and US-based application software developer Agilysys. Bottom contributors during the period included: Israeli commercial printing solutions company Kornit Digital, Israeli provider of cloud-based and on-premise enterprise software solutions Nice, UK-based packaged holiday business Jet2, Japanese courier service company SG Holdings and Danish life supporting and training equipment provider Ambu.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Europe		39.8	%		43.9	%
Americas		24.1			19.5
Pacific Basin		13.3			17.6
Middle East		8.0			9.1
Emerging Markets		6.6			6.1

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Swedish biopharmaceutical company Swedish Orphan Biovitrum (SOBI), US-based dental products manufacturer and marketer Envista Holdings, German manufacturer of glass and plastic products Gerresheimer, Canadien provider of cloud based software solutions Lightspeed Commerce and French entertainment and multimedia company Ubisoft. We funded these purchases in part through exiting our positions in Comet Holding, Siegfried Holding, B&M, ASOS and Roland.


Artisan Partners Funds				17

ARTISAN INTERNATIONAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		-18.40	%		2.63	%		1.24	%		6.34	%		10.24	%
Artisan International Value Fund – Advisor Shares (4/1/2015)		-18.27			2.78			1.38			n/a			3.49
Artisan International Value Fund – Institutional Shares (10/1/2006)		-18.20			2.87			1.47			6.58			5.87
MSCI EAFE Index		-25.13			-1.83			-0.84			3.67			5.92	*
MSCI ACWI ex US Index		-25.17			-1.52			-0.81			3.01			6.37	*

As of Investor Shares inception date.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		6.4	%		8.2	%
Consumer Discretionary		18.5			12.3
Consumer Staples		13.5			10.7
Energy		1.6			5.0
Financials		17.4			19.2
Health Care		7.8			6.1
Industrials		13.7			10.3
Information Technology		10.0			11.3
Materials		4.4			4.7
Other assets less liabilities		6.7			12.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Canadian integrated energy company Suncor, US-based insurance company Arch Capital, Italian manufacturer of seamless steel pipe products Tenaris, Canadian oil and gas company Imperial Oil and Brazilian telecommunications company Telefonica Brasil. Bottom contributors during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, Korean internet search and e-commerce platform NAVER, French food company Danone, Chinese e-commerce company Alibaba and German designer, manufacturer and distributor of dialysis equipment and supplier and provider of essential kidney dialysis services Fresenius Medical Care.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Europe		53.1	%		53.7	%
Emerging Markets		19.7			20.1
Americas		18.1			12.9
Pacific Basin		2.4			1.2

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: UK-based provider of a range of insurance brokerage, reinsurance and risk management consulting services Willis Towers Watson, US-based navigation and communications provider Garmin, Netherlands-based health technology company Koninklijke Philips, US-based provider of sensing, electrical protection, control and power management solutions Sensata Technologies Holding and UK-based consumer goods company Associated British Foods. We funded these purchases in part through exiting our positions in Imperial Oil, Tenaris, Credit Suisse, Tesco and Hella.


18				Artisan Partners Funds

ARTISAN MID CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		-36.55	%		6.26	%		8.84	%		10.30	%		12.31	%
Artisan Mid Cap Fund – Advisor Shares (4/1/2015)		-36.46			6.41			9.01			n/a			7.95
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		-36.41			6.51			9.10			10.57			8.21
Russell Midcap^® Index		-19.39			5.19			6.48			10.30			9.12	*
Russell Midcap^® Growth Index		-29.50			4.26			7.62			10.85			8.27	*

As of Investor Shares inception date.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		4.1	%		8.5	%
Consumer Discretionary		8.7			13.3
Financials		13.0			10.9
Health Care		25.3			21.5
Industrials		10.5			9.9
Information Technology		34.5			32.0
Materials		–			1.2
Other assets less liabilities		3.9			2.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Dutch biotechnology company Argenx, US-based independent broker-dealer LPL Financial Holdings, US-based social gaming operator Zynga, US-based supplier of equipment, consumables and services for biologic manufacturing needs Repligen and US-based provider of data center and cloud networking equipment Arista. Bottom contributors during the period included: US-based provider of cloud-based inbound marketing and sales software HubSpot, US-based provider of dating products Match Group, US-based banking franchise specializing in the West Coast tech community SVB Financial, US-based contract manufacturing supplier to the pharmaceuticals industry Catalent and Australian enterprise software designer and developer Atlassian.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		85.0	%		88.2	%
Europe		10.1			8.5
Middle East		1.0			0.6

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based global supplier of advanced semiconductors ON Semiconductor, US-based supplier of equipment, consumables and services for biologic manufacturing needs Repligen, US-based designer of analog power-management chips for a wide variety of industrial and consumer devices Monolithic Power, US-based ride-hailing and food delivery services company Uber and US-based provider of specialty insurance solutions for brokers, agents and carriers Ryan Specialty Holdings. We funded these purchases in part through exiting our positions in Ceridian HCM Holding, Wayfair, TransUnion, Chegg and Roku.


Artisan Partners Funds				19

ARTISAN MID CAP VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		-15.39	%		3.75	%		3.40	%		7.20	%		8.92	%
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015)		-15.29			3.90			3.55			n/a			4.46
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		-15.21			3.96			3.62			7.44			7.07
Russell Midcap^® Index		-19.39			5.19			6.48			10.30			8.98	*
Russell Midcap^® Value Index		-13.56			4.50			4.76			9.44			8.96	*

As of Investor Shares inception date.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		13.6	%		13.0	%
Consumer Discretionary		15.4			19.4
Consumer Staples		6.3			5.9
Energy		2.8			2.0
Financials		20.3			17.1
Health Care		5.3			6.2
Industrials		11.5			13.5
Information Technology		8.5			7.5
Materials		3.5			3.8
Real Estate		7.3			8.3
Utilities		2.9			2.2
Other assets less liabilities		2.6			1.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based tax preparation, accounting and consumer financial services company H&R Block, US-based agricultural chemical and seed company Corteva, US-based healthcare company Centene, US-based insurance holding company Progressive and US-based family-controlled bank First Citizens. Bottom contributors during the period included: US-based online travel company Expedia, US-based provider of internet media and services IAC, US-based consumer financial services company Synchrony Financial, US-based alternative asset manager Carlyle and US-based dental supply manufacturer DENTSPLY SIRONA.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based family-controlled bank First Citizens, US-based entertainment company Warner Bros Discovery, US-based cable company Cable One, US-based alternative asset manager Carlyle and US-based industrial technology company Vontier. We funded these purchases in part through exiting our positions in Thor Industries, Kirby, Lions Gate Entertainment, PS Business Parks and Vimeo.


20				Artisan Partners Funds

ARTISAN SELECT EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (2/28/2020 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			Since Inception
Artisan Select Equity Fund – Investor Shares (2/28/2020)		-23.43	%		1.23	%
Artisan Select Equity Fund – Advisor Shares (2/28/2020)		-23.26			1.35
Artisan Select Equity Fund – Institutional Shares (2/28/2020)		-23.33			1.37
S&P 500^® Index		-15.47			9.50	*

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.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		9.5	%		11.9	%
Consumer Discretionary		17.8			20.0
Consumer Staples		4.7			4.5
Financials		34.0			26.1
Health Care		10.0			10.6
Industrials		3.1			5.3
Information Technology		6.3			4.7
Materials		9.9			9.6
Other assets less liabilities		4.7			7.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based health benefits company Elevance, US-based insurance holding company Progressive, UK-based defense, security and aerospace company BAE Systems, US-based reinsurance company Alleghany and US-based organic grocery store chain Sprouts Farmers Market. Bottom contributors during the period included: US-based social networking website operator Meta, US-based dental supply manufacturer DENTSPLY SIRONA, Chinese e-commerce company Alibaba, German cement producer HeidelbergCement and Korean electronic products and solutions manufacturer Samsung Electronics.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		77.9	%		74.1	%
Europe		9.0			10.1
Emerging Markets		8.4			8.5

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based reinsurance company Alleghany, US-based food service, facilities and uniform services provider Aramark and US-based provider of etch equipment to the semiconductor industry Lam Research Corp. We funded these purchases in part through exiting our positions in Booking Holdings, BAE Systems and Sprouts Farmers Market.


Artisan Partners Funds				21

ARTISAN SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		-38.24	%		2.35	%		8.06	%		10.17	%		8.74	%
Artisan Small Cap Fund – Advisor Shares (2/1/2017)		-38.16			2.48			8.21			n/a			9.90
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		-38.12			2.58			8.29			10.41			10.66
Russell 2000^® Index		-23.50			4.29			3.55			8.55			8.42	*
Russell 2000^® Growth Index		-29.27			2.94			3.60			8.81			7.06	*

As of Investor Shares inception date.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		0.6	%		4.5	%
Consumer Discretionary		11.0			14.1
Consumer Staples		0.6			1.6
Financials		3.3			1.9
Health Care		33.3			27.7
Industrials		12.6			9.5
Information Technology		38.2			38.7
Real Estate		–			0.5
Other assets less liabilities		0.4			1.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based developer of medical devices Shockwave, Dutch biotechnology company Argenx, US-based biopharmaceutical company Halozyme Therapeutics, US-based social gaming operator Zynga and US-based designer and manufacturer of engineered fabricated metal products and services Valmont. Bottom contributors during the period included: US-based cancer diagnostics lab NeoGenomics, US-based provider of cloud-based accounting software Blackline, US-based provider of secure, cloud-based virtual banking solutions to regional and community banks Q2 Holdings, US-based developer of molecular tests designed to minimize ambiguity in the treatment of patients with cancer Veracyte and US-based digital education company Chegg.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based provider of data analytics DoubleVerify Holdings, US-based developer of semiconductors Allegro MicroSystems, US-based technology developer for monitoring suspected heartbeat arrhythmias iRhythm, US-based retailer of swimming pool supplies Leslie’s and US-based cloud-based provider of payroll and related software Ceridian HCM Holding. We funded these purchases in part through exiting our positions in NeoGenomics, LivePerson, Zynga, Avalara and YETI.


22				Artisan Partners Funds

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Sustainable Emerging Markets Fund – Investor Shares (6/2/2008)		-34.51	%		-4.99	%		-3.19	%		0.73	%		-1.39	%
Artisan Sustainable Emerging Markets Fund – Advisor Shares (4/27/2022)		n/a			n/a			n/a			n/a			-14.65	^†
Artisan Sustainable Emerging Markets Fund – Institutional Shares (6/26/2006)		-34.46			-4.86			-3.06			0.87			2.62
MSCI Emerging Markets Index		-28.11			-2.07			-1.81			1.05			3.83	*

^†

For the period from commencement of operations 4/27/2002 through 9/30/2022.

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.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		4.9	%		6.0	%
Consumer Discretionary		13.9			15.2
Consumer Staples		3.5			3.1
Energy		3.1			4.4
Financials		20.1			18.9
Health Care		6.2			6.4
Industrials		13.6			12.5
Information Technology		26.2			23.6
Materials		3.3			5.4
Real Estate		1.6			–
Utilities		–			1.3
Other assets less liabilities		3.6			3.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Taiwanese electronic paper producer E Ink, Indian retail and corporate bank ICICI Bank, Brazilian bank Itau Unibanco, Egyptian banking and financial services provider Commercial International Bank Egypt and Chilean telecom company Empresa Nacional de Telecomunicaciones. Bottom contributors during the period included: Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co, Korean electronic products and solutions manufacturer Samsung Electronics, Chinese e-commerce company Alibaba, Russian mining company Polyus and Russian oil and gas company Lukoil.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Emerging Asia		65.4	%		62.1	%
Latin America		16.7			14.6
Europe, Middle East and Africa		7.6			16.8
Developed Markets		6.7			3.3

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Mexico-based real estate developer Vesta, Indian digital services and consulting company Infosys, Greek industrial conglomerate Mytilineos, Argentinian software solutions company Globant and South African telecom


Artisan Partners Funds				23

company MTN Group. We funded these purchases in part through exiting our positions in Kajaria Ceramics, Commercial International Bank Egypt, Focus Energia, JUMBO and Metropolis Healthcare.

As of March 3, 2022 through period end, Russian securities within the portfolio had been valued at zero due to sanctions related to the war in Ukraine.


24				Artisan Partners Funds

ARTISAN VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		-16.50	%		5.81	%		4.92	%		8.06	%		6.49	%
Artisan Value Fund – Advisor Shares (4/1/2015)		-16.35			5.98			5.09			n/a			6.64
Artisan Value Fund – Institutional Shares (7/26/2011)		-16.34			6.04			5.16			8.31			8.15
Russell 1000^® Index		-17.22			7.95			9.00			11.60			8.48	*
Russell 1000^® Value Index		-11.36			4.36			5.29			9.17			6.42	*

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 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 each index.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2022			9/30/2021
Communication Services		17.7	%		16.0	%
Consumer Discretionary		11.3			13.4
Consumer Staples		6.6			6.9
Energy		6.8			5.0
Financials		18.8			19.7
Health Care		11.8			13.4
Industrials		14.2			14.2
Information Technology		10.7			7.6
Materials		–			1.4
Other assets less liabilities		2.1			2.4
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based healthcare company that develops and commercializes pharmaceutical products Vertex Pharmaceuticals, US-based shale-focused E&P firm EOG Resources, US-based health insurance provider Cigna, US-based security company Northrop Grumman and US-based insurance company Arch Capital. Bottom contributors during the period included: Netherlands-based health technology company Koninklijke Philips, US-based social networking website operator Meta, US-based media and television broadcasting company Comcast, US-based Internet search engine operator Alphabet and Korean electronic products and solutions manufacturer Samsung Electronics.

REGION ALLOCATION


Region	9/30/2022			9/30/2021
Americas		83.8	%		77.8	%
Europe		9.9			14.8
Emerging Markets		4.2			5.0

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based retail electronic payments network provider Visa, US-based entertainment


Artisan Partners Funds				25

streaming business Netflix, US-based information management and electronic commerce systems provider Fiserv, US-based commercial bank Bank of America and French multinational aircraft engine, rocket engine, aerospace-component and defense company Safran. We funded these purchases in part through exiting our positions in Sanofi, Fresenius Medical Care, Swedish Match, Cie Generale des Etablissements Michelin and Celanese.


26				Artisan Partners Funds

ARTISAN VALUE INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (2/28/2022 to 9/30/2022)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2022)


Fund / Index	Since Inception^†
Artisan Value Income Fund – Investor Shares (2/28/2022)		-17.16	%
Artisan Value Income Fund – Advisor Shares (2/28/2022)		-17.11
Artisan Value Income Fund – Institutional Shares (2/28/2022)		-17.10
S&P 500^® Index		-17.23	*
Dow Jones US Select Dividend Index		-11.07	*

^†

For the period from commencement of operations 2/28/2022 through 9/30/2022; 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. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. 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.

INVESTING ENVIRONMENT

During the period between the Fund’s February 28, 2022 inception and September 30, 2022, US equities struggled. Large-cap stocks held up better than small- and mid-cap stocks, but all were down. From a style perspective, value outperformed growth during the period. Sector returns were all negative, except for energy. It was a volatile period for global markets, which were plagued by inflation, global growth concerns and tighter financial conditions. These challenges, combined with the COVID-19 pandemic and the war in Ukraine, have fostered uncertainty in the marketplace.

SECTOR DIVERSIFICATION


Sector	9/30/2022
Communication Services		5.8	%
Consumer Discretionary		6.2
Consumer Staples		14.3
Energy		4.5
Financials		21.7
Health Care		6.9
Industrials		14.4
Information Technology		7.0
Real Estate		9.3
Utilities		7.9
Other assets less liabilities		2.0
		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based tax preparation, accounting and consumer financial services company H&R Block, Swedish tobacco company Swedish Match, US-based health solutions provider Merck, US-based real estate investment trust services provider STORE Capital and US-based self-managed real estate investment trust company PS Business Parks. Bottom contributors during the period included: Netherlands-based health technology company Koninklijke Philips, Korean electronic products and solutions manufacturer Samsung Electronics, US-based media and television broadcasting company Comcast, US-based alternative asset manager Carlyle and US-based outdoor advertising company Lamar Advertising.

REGION ALLOCATION


Region	9/30/2022
Americas		86.5	%
Europe		9.6
Emerging Markets		1.9

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based cable company Cable One, US-based aerospace company Boeing, US-based commercial bank Bank of America, US-based ski resort owner and operator Vail Resorts and US-based asset manager GCM Grosvenor. We funded these purchases in part through exiting our positions in Swedish Match, Twitter, Cie Generale des Etablissements Michelin, Fresenius Medical Care and PS Business Parks.


Artisan Partners Funds				27

ARTISAN PARTNERS FUNDS, INC

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

for the Schedules of Investments

Investment Footnotes


*		Non-income producing security
#		Percentages for the various classifications relate to total net assets
^		Amount rounds to less than $1, 0.1% or 1 share
‡		One contract is equal to 100 shares.

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

Investment abbreviations/descriptions


ADR		American Depositary Receipt
BOA		Bank of America
BUBOR		Budapest Interbank Offered Rate
CDI		Certificate of Interbank Deposit
CITI		Citibank, N.A.
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
ICE		Intercontinental Exchange
JIBAR		Johannesburg Interbank Average Rate
JPM		JPMorganChase Bank, N.A.
LIBOR		London Interbank Offered Rate
NYRS		New York Registry Shares
PIK		Payment-In-Kind
Preference		A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidatio preference.
PRIBOR		Prague Interbank Offered Rate
SCB		Standard Chartered Bank
SOFR		Secured Overnight Financing Rate
SPDR		Standard & Poor’s Depository Receipts
TIIE		Mexican Interbank Equilibrium Interest Rate
THOR		Thai Overnight Repurchase Rate
UBS AG		Union Bank of Switzerland
WIBOR		Warsaw Interbank Offer Rate

Currency abbreviations


AUD Australian dollar		CZK Czech koruna
BRL Brazilian real		DKK Danish krone
CAD Canadian dollar		DOP Dominican peso
CHF Swiss franc		EUR Euro
CLP Chilean peso		GBP British pound
CNY Chinese yuan		HKD Hong Kong dollar


28				Artisan Partners Funds


HUF Hungarian forint		RON Romanian leu
IDR Indonesian rupiah		RSD Serbian dinar
ILS Israel new shekel		SEK Swedish krona
INR Indian rupee		SGD Singapore dollar
ISK Iceland krona		THB Thailand baht
JPY Japanese yen		TWD New Taiwan dollar
KRW Korean won		UGX Ugandan shilling
KZT Kazakhstan tenge		USD U.S. dollar
MXN Mexican peso		UZS Uzbekistani som
MYR Malaysia ringgit		VND Vietnamese dong
NOK Norwegian krone		ZAR South African rand
PEN Peruvian nuevo sol		ZMW Zambian kwacha
PLN Polish zloty


Artisan Partners Funds				29

Artisan Developing World Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 98.5%

BRAZIL - 8.1%
MercadoLibre, Inc.*		240		$	199,002
NU Holdings Ltd., Class A*		14,434			63,507

					262,509
CHINA - 24.5%
Bilibili, Inc., ADR*		4,202			64,369
China Tourism Group Duty Free Corp. Ltd., Class A⁽¹⁾		1,134			31,494
JD Health International, Inc.*⁽¹⁾		13,298			75,803
Kanzhun Ltd., ADR*		1,928			32,537
KE Holdings, Inc., ADR*		3,773			66,106
Kweichow Moutai Co. Ltd., Class A⁽¹⁾		400			105,241
Meituan, Class B*⁽¹⁾		7,703			161,438
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A⁽¹⁾		1,847			77,988
Tencent Holdings Ltd.⁽¹⁾		2,232			75,376
Wuxi Biologics Cayman, Inc.*⁽¹⁾		11,451			68,606
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A⁽¹⁾		1,004			37,659

					796,617
FRANCE - 5.2%
Hermes International⁽¹⁾		32			37,690
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		175			102,818
Sartorius Stedim Biotech⁽¹⁾		97			29,582

					170,090
INDIA - 3.0%
HDFC Bank Ltd., ADR		1,707			99,716

NETHERLANDS - 7.9%
Adyen NV*⁽¹⁾		122			151,474
ASML Holding NV, NYRS		251			104,333

					255,807
RUSSIA - 0.0%
Yandex NV, Class A*^(1)(2)(3)		1,677			–

SINGAPORE - 6.0%
Sea Ltd., ADR*		3,488			195,503

UNITED STATES - 43.1%
Airbnb, Inc., Class A*		2,061			216,469
Align Technology, Inc.*		377			78,110
Crowdstrike Holdings, Inc., Class A*		1,030			169,754
Estee Lauder Cos., Inc. (The), Class A		330			71,333
Mastercard, Inc., Class A		125			35,679
Netflix, Inc.*		358			84,362
NVIDIA Corp.		1,750			212,480
Snap, Inc., Class A*		7,920			77,775
Snowflake, Inc., Class A*		486			82,633
Unity Software, Inc.*		3,220			102,583
Veeva Systems, Inc., Class A*		665			109,668
Visa, Inc., Class A		901			160,023

					1,400,869
URUGUAY - 0.7%
Dlocal Ltd.*		1,102			22,623


Total common stocks (Cost $3,205,184)					3,203,734

Total investments - 98.5% (Cost $3,205,184)					3,203,734

Other assets less liabilities - 1.5%					47,872


Total net assets - 100.0%^#				$	3,251,606

⁽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 $955,169, or 29.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

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

⁽³⁾

Security is restricted.

Security

Acquisition Dates

Cost

Value

Percentage
of Total
Net Assets

Yandex NV

10/13/2021 - 01/25/2022

48,814

–

0.0


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	529,922		16.5	%
Consumer Discretionary			824,714		25.7
Consumer Staples			176,574		5.5
Financials			163,223		5.1
Health Care			401,613		12.5
Information Technology			1,041,582		32.6
Real Estate			66,106		2.1

Total investments		$	3,203,734		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CNY		$	252,382		7.9	%
EUR			321,564		10.0
HKD			381,223		11.9
USD			2,248,565		70.2

Total investments		$	3,203,734		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Airbnb, Inc.		United States		6.7	%
NVIDIA Corp.		United States		6.5
MercadoLibre, Inc.		Brazil		6.1
Sea Ltd.		Singapore		6.0
Crowdstrike Holdings, Inc.		United States		5.2
Meituan		China		5.0
Visa, Inc.		United States		4.9
Adyen NV		Netherlands		4.7
Veeva Systems, Inc.		United States		3.4
Kweichow Moutai Co. Ltd.		China		3.2

Total				51.7	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


30				Artisan Partners Funds

Artisan Emerging Markets Debt Opportunities Fund

Schedule of Investments – September 30, 2022

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


	Principal Amount			Market Value
SOVEREIGN GOVERNMENT BONDS - 71.2%

ALBANIA - 1.3%
Republic of Albania 3.50%, 10/9/2025		EUR	300		$	265

ANGOLA - 3.0%
Republic of Angola (ICE LIBOR USD 6 Month + 7.50%), 10.45%, 7/1/2023⁽¹⁾			458			459
6.93%, 2/19/2027			186			167

						626
ARMENIA - 0.9%
Republic of Armenia
3.60%, 2/2/2031			290			196

BAHAMAS - 1.2%
Commonwealth of the Bahamas
5.75%, 1/16/2024			306			251

BENIN - 2.9%
Benin Government Bond
4.88%, 1/19/2032		EUR	930			620

BRAZIL - 3.4%
Notas do Tesouro Nacional
10.00%, 1/1/2025		BRL	2,662			480
10.00%, 1/1/2029		BRL	1,355			231

						711
CAMEROON - 2.8%
Republic of Cameroon
9.50%, 11/19/2025			600			588

COLOMBIA - 2.0%
Republic of Colombia
2.63%, 3/15/2023			425			419

DOMINICAN REPUBLIC - 7.2%
Dominican Republic Government Bond
8.90%, 2/15/2023		DOP	39,950			744
11.50%, 5/10/2024		DOP	3,700			70
6.88%, 1/29/2026			100			97
9.75%, 6/5/2026		DOP	16,000			289
4.88%, 9/23/2032			300			226
5.30%, 1/21/2041			150			101

						1,527
EGYPT - 2.5%
Arab Republic of Egypt
4.75%, 4/11/2025		EUR	400			308
8.75%, 9/30/2051			400			220

						528
EL SALVADOR - 0.5%
Republic of El Salvador
7.75%, 1/24/2023			120			109

INDONESIA - 3.2%
Republic of Indonesia
8.25%, 5/15/2036		IDR	9,854,000			680

IRAQ - 4.5%
Republic of Iraq
6.75%, 3/9/2023			400			388
5.80%, 1/15/2028			698			572

						960
IVORY COAST - 2.7%
Republic of Cote d’Ivoire
5.25%, 3/22/2030		EUR	445			318
4.88%, 1/30/2032		EUR	400			262

						580
KENYA - 2.4%
Republic of Kenya
7.00%, 5/22/2027			675			517

MACEDONIA - 3.9%
Republic of North Macedonia
5.63%, 7/26/2023		EUR	748			726
2.75%, 1/18/2025		EUR	120			107

						833
MEXICO - 0.9%
United Mexican States
4.75%, 4/27/2032			220			197

MONGOLIA - 1.9%
State of Mongolia
8.75%, 3/9/2024			415			393

NIGERIA - 2.8%
Federal Republic of Nigeria
9.25%, 1/21/2049			232			148
Nigeria Government Bond
7.63%, 11/21/2025⁽³⁾			521			451

						599
OMAN - 0.9%
Sultanate of Oman Government Bond
7.38%, 10/28/2032			200			200

PARAGUAY - 2.7%
Republic of Paraguay
4.63%, 1/25/2023			205			204
3.85%, 6/28/2033			250			196
6.10%, 8/11/2044			216			179

						579
PERU - 1.4%
Republic of Peru
6.15%, 8/12/2032		PEN	1,400			290

ROMANIA - 2.8%
Romania Government Bond
6.63%, 9/27/2029⁽³⁾		EUR	190			176
3.62%, 5/26/2030		EUR	400			294
4.63%, 4/3/2049		EUR	200			129

						599
SERBIA - 4.0%
Republic of Serbia
3.13%, 5/15/2027		EUR	200			159
1.50%, 6/26/2029		EUR	295			191
1.65%, 3/3/2033		EUR	905			489

						839
TUNISIA - 0.7%
Tunisian Republic
6.75%, 10/31/2023		EUR	205			152


Artisan Partners Funds				31


	Principal Amount			Market Value
UZBEKISTAN - 5.9%
Republic of Uzbekistan
14.50%, 11/25/2023		UZS	10,000,000		$	872
5.38%, 2/20/2029			450			376

						1,248
ZAMBIA - 2.8%
Republic of Zambia
11.00%, 6/17/2024		ZMW	4,848			265
10.00%, 6/28/2024		ZMW	4,367			238
10.00%, 9/20/2024		ZMW	1,757			93

						596

Total sovereign government bonds (Cost $16,465)						15,102

CORPORATE BONDS - 10.4%

BRAZIL - 3.1%
Cosan Overseas Ltd.
8.25%, 11/5/2022⁽²⁾			196			193
MC Brazil Downstream Trading SARL
7.25%, 6/30/2031			300			226
Unigel Luxembourg SA
8.75%, 10/1/2026			253			241

						660
CHILE - 1.0%
ATP Tower Holdings LLC
4.05%, 4/27/2026⁽³⁾			270			215

CHINA - 0.5%
CAR, Inc.
9.75%, 3/31/2024			128			106

COLOMBIA - 2.8%
Aris Mining Corp.
6.88%, 8/9/2026			277			201
EnfraGen Energia Sur SA
5.38%, 12/30/2030			280			166
Gran Tierra Energy International Holdings Ltd.
6.25%, 2/15/2025			275			227

						594
CZECH REPUBLIC - 0.4%
Energo-Pro A/S
4.50%, 5/4/2024			100			91

MEXICO - 1.1%
Electricidad Firme de Mexico Holdings SA de CV
4.90%, 11/20/2026			277			226

PERU - 0.5%
PetroTal Corp.
12.00%, 2/16/2024⁽³⁾			100			102

TANZANIA - 1.0%
HTA Group Ltd.
7.00%, 12/18/2025⁽³⁾			240			208

Total corporate bonds (Cost $2,367)						2,202
	No. of Contracts^‡			Value
OPTIONS PURCHASED - 0.0%^{^}

PUT INTEREST RATE SWAPTIONS - 0.0%^{^}
Option to enter into interest rate swap expiring 4/12/2024 to pay 4% and receive 1D SOFR (Cost $4)			196			7

						7

Total options purchased (Cost $4)						7

	Principal Amount
SHORT-TERM INVESTMENTS - 14.9%

U.S. TREASURY OBLIGATIONS - 14.9%
U.S. Treasury Bills
0.60%⁽⁴⁾, 10/04/2022		$	1,450			1,450
1.78%⁽⁴⁾, 10/11/2022			1,700			1,699

Total short-term investments (Cost $3,149)						3,149

Total investments - 96.5% (Cost $21,985)						20,460

Other assets less liabilities - 3.5%						739


Total net assets - 100.0%^#					$	21,199

⁽¹⁾

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2022.

⁽²⁾

Perpetual security. The rate reflected was the rate in effect on September 30, 2022. The maturity date reflects the next call date.

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁴⁾

Yield to maturity.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Energy		$	839		4.1	%
Foreign Government Securities			15,102		73.8
Industrials			529		2.6
Materials			442		2.2
Options Purchased			7		0.0
Utilities			392		1.9
Short-Term Investments			3,149		15.4

Total investments		$	20,460		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
BRL		$	711		3.5	%
DOP			1,103		5.4
EUR			4,287		20.9
IDR			680		3.3
PEN			290		1.4
USD			11,921		58.3
UZS			872		4.3
ZMW			596		2.9

Total investments		$	20,460		100.0	%


32				Artisan Partners Funds


FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold				Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	729		BRL	^**	3,696	CITI		10/4/2022		$	44
USD	638		UGX	^**	2,448,670	SCB		10/4/2022			3
USD	317		PEN	^**	1,226	CITI		10/11/2022			10
RSD	26,550		EUR		224	JPM		10/24/2022			1
RSD	50,700		EUR		428	SCB		10/24/2022			3
MXN	19,247		USD		941	SCB		10/31/2022			9
USD	480		BRL	^**	2,592	CITI		11/3/2022			3
UZS^**	567,859		USD		50	JPM		11/4/2022			1	⁽¹⁾
KZT^**	410,890		USD		834	SCB		12/9/2022			12
EUR	68		USD		67	SCB		12/21/2022			1
USD	4,531		EUR		4,504	SCB		12/21/2022			89

Total unrealized appreciation											176

BRL^**	1,104		USD		206	SCB		10/4/2022			(2	)
UGX^**	2,448,670		USD		669	JPM		10/4/2022			(34	)
RON	7,965		EUR		1,633	JPM		10/6/2022			(24	)
IDR^**	1,900,000		USD		128	SCB		11/21/2022			(4	)
USD	400		IDR	^**	6,100,000	CITI		11/21/2022			–^
HUF	540,534		EUR		1,304	SCB		12/2/2022			(53	)
PLN	3,192		EUR		664	SCB		12/6/2022			(16	)
EUR	157		USD		158	SCB		12/21/2022			(3	)
USD	400		EUR		410	SCB		12/21/2022			(5	)

Total unrealized depreciation											(141	)

Net unrealized appreciation										$	35

Non-deliverable.

⁽¹⁾

Valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.


FUTURES CONTRACTS
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount				Notional Value				Unrealized Appreciation
Short Positions Contracts
Euro-Bobl		(12	)		12/8/2022		EUR		$	(1,200	)		$	(1,408	)		$	30
Euro-Bund		(10	)		12/8/2022		EUR			(1,000	)			(1,357	)			50
Euro-Schatz		(11	)		12/8/2022		EUR			(1,100	)			(1,155	)			10
U.S. Treasury 2 Year Note		(20	)		12/30/2022		USD			(4,000	)			(4,108	)			63
U.S. Treasury 5 Year Note		(13	)		12/30/2022		USD			(1,300	)			(1,398	)			34
U.S. Treasury 10 Year Note		(19	)		12/20/2022		USD			(1,900	)			(2,129	)			96
U.S. Treasury Long Bond		(3	)		12/20/2022		USD			(300	)			(379	)			28

Net unrealized appreciation																	$	311

The Fund has recorded a liability of $5 as of September 30, 2022, related to the current day’s variation margin related to these contracts.

Centrally Cleared Credit Default Swap-Sell Protection

(Dollar values in thousands)

Reference Entity

Financing
Rate (Paid) /
Received by
the Fund (%)

Frequency of
Payments
Made/Received

Termination
Date

Notional Amount

Upfront
(Payments)
Receipts

Unrealized
Appreciation
(Depreciation)

Value

Republic of South Africa

1.00

Quarterly

6/20/2023

USD 205

(2)

(1)

Total

(2)

(1)

The Fund has recorded a liability of $3 as of September 30, 2022, related to the current day’s variation margin related to these contracts.


Artisan Partners Funds				33

Centrally Cleared Interest Rate Swaps

(Values in thousands)

Floating Rate Index

(Frequency)

Fixed Rate (%)
(Frequency)

Fund Pays/
Receives
Floating Rate

Termination Date

Notional Amount

Upfront
Payments (Receipts)

Unrealized
Appreciation
(Depreciation)

Value

1 day CDI at termination

11.39 at termination

Pay

1/2/2032

BRL 640

–

Net unrealized appreciation and value

–

4 week TIIE monthly

8.55 monthly

Pay

4/2/2027

MXN 13,500

–

(19)

4 week TIIE monthly

8.65 monthly

Pay

5/17/2032

MXN 8,570

–

(15)

4 week TIIE monthly

8.73 monthly

Pay

6/21/2032

MXN 7,200

–

(10)

4 week TIIE monthly

8.72 monthly

Pay

9/1/2032

MXN 4,100

–

(6)

Net unrealized depreciation and value

–

(50)

Total

–

(47)

The Fund has recorded a liability of $9 as of September 30, 2022, related to the current day’s variation margin related to these contracts.


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Dominican Republic Government Bond	Dominican Republic		7.2	%
Republic of Uzbekistan	Uzbekistan		5.9
Republic of Iraq	Iraq		4.5
Republic of Serbia	Serbia		4.0
Republic of North Macedonia	Macedonia		3.9
Notas do Tesouro Nacional	Brazil		3.4
Republic of Indonesia	Indonesia		3.2
Republic of Angola	Angola		3.0
Benin Government Bond	Benin		2.9
Romania Government Bond	Romania		2.8

Total			40.8	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


34				Artisan Partners Funds

Artisan Floating Rate Fund

Schedule of Investments – September 30, 2022

Principal amount, shares and dollar values in thousands


	Principal Amount			Value
BANK LOANS - 86.6%

AEROSPACE/DEFENSE - 3.2%
Jazz Acquisition, Inc. First Lien Term Loan B (SOFR + 4.25%), 7.38%, 6/19/2026⁽¹⁾		$	466		$	443
TransDigm, Inc. First Lien Term Loan G (ICE LIBOR USD 3 Month + 2.25%), 5.92%, 8/22/2024⁽¹⁾			1,100			1,071

						1,514
AUTO PARTS & EQUIPMENT - 0.5%
Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 7.55%, 5/11/2028⁽¹⁾			332			243

BUILDING MATERIALS - 0.8%
CP Atlas Buyer, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 3.75%), 6.27%, 11/23/2027⁽¹⁾			412			358

CHEMICALS - 1.1%
CPC Acquisition Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 12/29/2027⁽¹⁾			59			46
Iris Holding, Inc. First Lien Term Loan
(SOFR + 4.75%), 7.41%, 6/28/2028⁽¹⁾			250			229
(SOFR + 4.75%), 7.89%, 6/28/2028⁽¹⁾			250			229

						504
COMMERCIAL SERVICES - 16.1%
Corporation Service Co. Term Loan B (SOFR + 3.25%), 7.14%, 8/31/2029⁽¹⁾			1,000			974
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 8.37%, 12/21/2028⁽¹⁾			577			517
Employbridge Holding Co. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 8.42%, 7/19/2028⁽¹⁾			1,499			1,331
KUEHG Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.87%, 2/21/2025⁽¹⁾			2,411			2,273
National Intergovernmental Purchasing Alliance Co. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.53%, 5/23/2025⁽¹⁾			363			350
National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 9.75%, 5/26/2026⁽¹⁾			315			309
New SK Holdco Sub LLC First Lien Term Loan (SOFR + 6.75%), 9.70%, 6/30/2027⁽¹⁾			514			461
Spin Holdco, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 7.14%, 3/4/2028⁽¹⁾			750			656
Trans Union LLC First Lien Term Loan B5 (ICE LIBOR USD 1 Month + 1.75%), 4.87%, 11/16/2026⁽¹⁾			746			718

						7,589
DISTRIBUTION/WHOLESALE - 2.0%
BCPE Empire Holdings, Inc. First Lien Term Loan (SOFR + 4.63%), 7.76%, 6/11/2026⁽¹⁾			995			948

DIVERSIFIED FINANCIAL SERVICES - 5.8%
Advisor Group Holdings, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 4.50%), 7.62%, 7/31/2026⁽¹⁾			119			113
Edelman Financial Engines Center LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 6.62%, 4/7/2028⁽¹⁾			639			585
Edelman Financial Engines Center LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.87%, 7/20/2026⁽¹⁾			1,250			1,100
Focus Financial Partners LLC First Lien Term Loan B3 (ICE LIBOR USD 1 Month + 2.00%), 5.12%, 7/3/2024⁽¹⁾			995			969

						2,767
ENGINEERING & CONSTRUCTION - 1.0%
KKR Apple Bidco LLC First Lien Term Loan (SOFR + 4.00%), 7.06%, 9/22/2028⁽¹⁾			500			489

ENTERTAINMENT - 0.2%
J&J Ventures Gaming LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 7.67%, 4/26/2028⁽¹⁾			104			98

FOOD - 4.3%
B&G Foods, Inc. First Lien Term Loan B4 (ICE LIBOR USD 1 Month + 2.50%), 5.62%, 10/10/2026⁽¹⁾			985			930
Dairyland USA Corp. First Lien Term Loan (SOFR + 4.75%), 7.93%, 8/23/2029⁽¹⁾			1,000			993
Shearer’s Foods LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 6.62%, 9/23/2027⁽¹⁾			119			110

						2,033
FOOD SERVICE - 2.5%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 9.18%, 5/15/2028⁽¹⁾			1,218			1,034
TKC Midco 1 LLC First Lien Term Loan 12.00%, 2/15/2027			187			160

						1,194
HEALTHCARE-PRODUCTS - 1.5%
Medline Borrower LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 10/23/2028⁽¹⁾			768			705

HEALTHCARE-SERVICES - 0.4%
Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.51%, 8/31/2026⁽¹⁾			203			192

HOME FURNISHINGS - 0.2%
Weber-Stephen Products LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 10/30/2027⁽¹⁾			128			103

HOUSEHOLD PRODUCTS/WARES - 1.9%
VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.38%, 7/21/2028⁽¹⁾			1,052			916

INSURANCE - 9.5%
Acrisure LLC First Lien Term Loan B3 (ICE LIBOR USD 1 Month + 4.25%), 7.37%, 2/15/2027⁽¹⁾			233			219
Alliant Holdings Intermediate LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 5/9/2025⁽¹⁾			340			325
AssuredPartners, Inc. First Lien Term Loan (SOFR + 3.50%), 6.53%, 2/12/2027⁽¹⁾			1,244			1,175
AssuredPartners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 6.62%, 2/12/2027⁽¹⁾			575			543
BroadStreet Partners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 6.12%, 1/27/2027⁽¹⁾			739			697
USI, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 6.42%, 5/16/2024⁽¹⁾			1,504			1,461

						4,420
INTERNET - 1.5%
Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 12/6/2027⁽¹⁾			796			714

INVESTMENT COMPANIES - 2.4%
Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 9.37%, 11/5/2029⁽¹⁾			1,211			1,140

LEISURE TIME - 3.2%
Carnival Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.13%, 10/18/2028⁽¹⁾			581			506
MajorDrive Holdings IV LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 7.13%, 6/1/2028⁽¹⁾			119			109
NCL Corp., Ltd. First Lien Term Loan A (ICE LIBOR USD 3 Month + 1.75%), 5.42%, 1/2/2024⁽¹⁾			957			894

						1,509
PHARMACEUTICALS - 1.5%
Corgi Bidco, Inc. Term Loan (SOFR + 5.00%), 8.78%, 9/20/2029⁽¹⁾			500			466
Sharp Midco LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 7.67%, 12/31/2028⁽¹⁾			244			229

						695


Artisan Partners Funds				35


	Principal Amount			Value
RETAIL - 1.9%
Fogo De Chao, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 7.37%, 4/7/2025⁽¹⁾		$	863		$	805
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 8.62%, 9/6/2024⁽¹⁾			83			82

						887
SOFTWARE - 16.0%
Applied Systems, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 6.67%, 9/19/2024⁽¹⁾			232			226
Applied Systems, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 9.17%, 9/19/2025⁽¹⁾			118			116
Central Parent, Inc. First Lien Term Loan B (SOFR + 4.50%), 6.61%, 7/6/2029⁽¹⁾			500			481
CommerceHub, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.12%, 12/29/2027⁽¹⁾			496			443
CommerceHub, Inc. Second Lien Term Loan B (ICE LIBOR USD 1 Month + 7.00%), 10.12%, 12/29/2028⁽¹⁾			60			48
Epicor Software Corp. First Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 7/30/2027⁽¹⁾			580			542
Finastra USA, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.87%, 6/13/2024⁽¹⁾			203			176
Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 8.10%, 3/1/2029⁽¹⁾			927			853
Orchid Finco LLC First Lien Term Loan B (SOFR + 4.75%), 7.58%, 7/27/2027⁽¹⁾			839			793
RealPage, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.52%, 4/24/2028⁽¹⁾			432			404
Renaissance Holdings Corp. First Lien Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.77%, 5/30/2025⁽¹⁾			233			221
(SOFR + 4.50%), 7.10%, 3/30/2029⁽¹⁾			1,000			956
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 10.12%, 5/29/2026⁽¹⁾			120			114
SS&C Technologies Holdings, Inc. First Lien Term Loan B3 (ICE LIBOR USD 1 Month + 1.75%), 4.87%, 4/16/2025⁽¹⁾			456			440
SS&C Technologies Holdings, Inc. First Lien Term Loan B4 (ICE LIBOR USD 1 Month + 1.75%), 4.87%, 4/16/2025⁽¹⁾			370			357
UKG, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.54%, 5/4/2026⁽¹⁾			283			268
UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 7.54%, 5/3/2027⁽¹⁾			257			242
Virgin Pulse, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.12%, 4/6/2028⁽¹⁾			989			859

						7,539
TELECOMMUNICATIONS - 6.7%
Delta Topco, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 5.84%, 12/1/2027⁽¹⁾			203			184
Delta Topco, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 9.34%, 12/1/2028⁽¹⁾			75			66
Gridiron Fiber Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 8.17%, 10/4/2028⁽¹⁾			2,189			1,980
Maxar Technologies, Inc. First Lien Term Loan B (SOFR + 4.25%), 7.38%, 6/14/2029⁽¹⁾			998			936

						3,166
TRANSPORTATION - 2.4%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 8.31%, 8/4/2025⁽¹⁾			201			181
(ICE LIBOR USD 3 Month + 5.50%), 8.57%, 8/4/2025⁽¹⁾			159			143
(ICE LIBOR USD 3 Month + 5.50%), 8.62%, 8/4/2025⁽¹⁾			891			802
(ICE LIBOR USD 3 Month + 5.50%), 9.17%, 8/4/2025⁽¹⁾			27			24

						1,150

Total bank loans (Cost $43,407)						40,873

CORPORATE BONDS - 4.0%

BANKS - 1.1%
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%, 4.00% Floor), 4.00%, 12/19/2022⁽¹⁾⁽²⁾			720			516

DIVERSIFIED FINANCIAL SERVICES - 0.4%
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027⁽³⁾			194			182

INSURANCE - 0.5%
Acrisure LLC 4.25%, 2/15/2029⁽³⁾			320			251

INTERNET - 1.0%
Arches Buyer, Inc. 4.25%, 6/1/2028⁽³⁾			585			456

MISCELLANEOUS MANUFACTURING - 1.0%
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 6.62%, 12/15/2022⁽¹⁾⁽²⁾			510			477

Total corporate bonds (Cost $2,198)						1,882

	No. of Warrants
WARRANTS - 0.0%

DIVERSIFIED FINANCIAL SERVICES - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $–)*⁽⁴⁾⁽⁵⁾			1			–

	Shares Held
SHORT-TERM INVESTMENTS - 10.8%

INVESTMENT COMPANIES - 10.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81%			1,742		$	1,742
Federated Treasury Obligations Fund - Institutional Class, 2.85%			1,691			1,691
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.89%			1,691			1,691

Total short-term investments (Cost $5,124)						5,124

Total investments - 101.4% (Cost $50,729)						47,879

Other assets less liabilities - (1.4%)						(646	)


Total net assets - 100.0%^#					$	47,233

⁽¹⁾

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2022.

⁽²⁾

Perpetual security. The rate reflected was the rate in effect on September 30, 2022. The maturity date reflects the next call date.

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁴⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $–, or 0.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁵⁾

Defaulted security.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	3,264		6.8	%
Consumer Discretionary			3,690		7.7
Consumer Staples			4,143		8.7
Financials			10,226		21.4
Health Care			1,592		3.3
Industrials			10,627		22.2
Information Technology			8,709		18.2
Materials			504		1.0
Short-Term Investment			5,124		10.7

Total investments		$	47,879		100.0	%


36				Artisan Partners Funds


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
KUEHG Corp.	United States		4.8	%
Gridiron Fiber Corp.	United States		4.2
USI, Inc.	United States		3.1
Employbridge Holding Co.	United States		2.8
AssuredPartners, Inc.	United States		2.5
SIRVA Worldwide, Inc.	United States		2.4
Nexus Buyer LLC	United States		2.4
Edelman Financial Engines Center LLC	United States		2.3
TransDigm, Inc.	United States		2.3
Renaissance Holdings Corp.	United States		2.3

Total			29.1	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				37

Artisan Focus Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.4%

AEROSPACE & DEFENSE - 6.4%
Northrop Grumman Corp.		109		$	51,195
TransDigm Group, Inc.		99			51,808

					103,003
BEVERAGES - 2.3%
Monster Beverage Corp.*		420			36,492

CAPITAL MARKETS - 5.4%
Moody’s Corp.		66			16,041
S&P Global, Inc.		230			70,189

					86,230
CHEMICALS - 0.5%
Linde plc⁽¹⁾		31			8,352

COMMUNICATIONS EQUIPMENT - 3.5%
Motorola Solutions, Inc.		255			57,160

CONSTRUCTION & ENGINEERING - 1.3%
Quanta Services, Inc.		160			20,340

ELECTRIC UTILITIES - 6.3%
NextEra Energy, Inc.		1,295			101,524

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 7.6%
American Tower Corp.		398			85,556
SBA Communications Corp.		128			36,438

					121,994
HEALTH CARE EQUIPMENT & SUPPLIES - 2.1%
Edwards Lifesciences Corp.*		408			33,746

HEALTH CARE PROVIDERS & SERVICES - 13.2%
Elevance Health, Inc.		36			16,177
McKesson Corp.		218			74,256
UnitedHealth Group, Inc.		242			122,409

					212,842
INSURANCE - 4.1%
Aon plc, Class A		246			65,820

IT SERVICES - 3.6%
Visa, Inc., Class A		326			57,868

LIFE SCIENCES TOOLS & SERVICES - 8.5%
Danaher Corp.		262			67,543
Thermo Fisher Scientific, Inc.		137			69,409

					136,952
OIL, GAS & CONSUMABLE FUELS - 1.3%
Cheniere Energy, Inc.		126			20,844

PERSONAL PRODUCTS - 2.0%
Estee Lauder Cos., Inc. (The), Class A		146			31,469

ROAD & RAIL - 7.5%
Canadian National Railway Co.⁽¹⁾		148			15,972
Canadian Pacific Railway Ltd.⁽¹⁾		1,573			104,983

					120,955
SOFTWARE - 9.0%
Atlassian Corp. plc, Class A*		38			8,094
Intuit, Inc.		21			8,027
Microsoft Corp.		445			103,645
Oracle Corp.		397			24,271

					144,037
WIRELESS TELECOMMUNICATION SERVICES - 7.8%
T-Mobile US, Inc.*		941			126,271

Total common stocks (Cost $1,468,658)					1,485,899

	No. of Contracts^‡
OPTIONS PURCHASED - 3.4%

CALL OPTIONS - 3.4%

INTERNET & DIRECT MARKETING RETAIL - 3.3%
Amazon.com, Inc. 6/16/2023 at USD 70.00; Notional Amount: USD 129,261		11,439			53,849

SOFTWARE - 0.1%
Intuit, Inc. 1/20/2023 at USD 420.00; Notional Amount: USD 23,549		608			1,492

Total call options					55,341

Total options purchased (Cost $81,384)					55,341

	Shares Held
SHORT-TERM INVESTMENT - 1.9%

INVESTMENT COMPANY - 1.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $30,961)		30,961			30,961


Total investments - 97.7% (Cost $1,581,003)					1,572,201

Other assets less liabilities - 2.3%					36,241


Total net assets - 100.0%^#				$	1,608,442

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Canadian National Railway Co.	Canada	USD
Canadian Pacific Railway Ltd.	Canada	USD
Linde plc	United Kingdom	USD


38				Artisan Partners Funds


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	126,271		8.0	%
Consumer Discretionary			53,849		3.4
Consumer Staples			67,961		4.3
Energy			20,844		1.3
Financials			152,050		9.7
Health Care			383,539		24.4
Industrials			244,299		15.5
Information Technology			260,557		16.6
Materials			8,352		0.5
Real Estate			121,994		7.8
Utilities			101,524		6.5
Short-Term Investment			30,961		2.0

Total investments		$	1,572,201		100.0	%


FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	132,505		CAD	169,879	JPM		11/9/2022		$	9,533

Total unrealized appreciation											9,533

CAD	15,705		USD	11,917	JPM		11/9/2022			(549	)
USD	3,249		CAD	4,493	JPM		11/9/2022			(4	)

Total unrealized depreciation											(553	)

Net unrealized appreciation										$	8,980


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
T-Mobile US, Inc.	United States		7.8	%
UnitedHealth Group, Inc.	United States		7.6
Canadian Pacific Railway Ltd.	Canada		6.5
Microsoft Corp.	United States		6.4
NextEra Energy, Inc.	United States		6.3
American Tower Corp.	United States		5.3
McKesson Corp.	United States		4.6
S&P Global, Inc.	United States		4.4
Thermo Fisher Scientific, Inc.	United States		4.3
Danaher Corp.	United States		4.2

Total			57.4	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				39

Artisan Global Discovery Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.6%

BRAZIL - 2.2%
Hapvida Participacoes e Investimentos SA*		2,011		$	2,834
NU Holdings Ltd., Class A*		541			2,378

					5,212
CANADA - 2.0%
Altus Group Ltd.		62			1,997
CAE, Inc.*		168			2,582

					4,579
CHINA - 0.7%
Silergy Corp.⁽¹⁾		127			1,665

DENMARK - 5.4%
Ascendis Pharma A/S, ADR*		73			7,526
Genmab A/S*⁽¹⁾		7			2,161
Vestas Wind Systems A/S⁽¹⁾		153			2,808

					12,495
FINLAND - 1.3%
Metso Outotec OYJ⁽¹⁾		473			3,133

GERMANY - 3.3%
CTS Eventim AG & Co. KGaA*⁽¹⁾		67			2,773
Gerresheimer AG⁽¹⁾		32			1,583
Puma SE⁽¹⁾		71			3,308

					7,664
HONG KONG - 4.1%
Techtronic Industries Co. Ltd.⁽¹⁾		998			9,432

ICELAND - 0.8%
Marel HF⁽¹⁾		641			1,942

ITALY - 0.5%
Moncler SpA⁽¹⁾		29			1,197

JAPAN - 1.6%
Obic Co. Ltd.⁽¹⁾		28			3,765

LUXEMBOURG - 1.6%
Eurofins Scientific SE⁽¹⁾		61			3,621

NETHERLANDS - 3.2%
Argenx SE, ADR*		17			5,869
Koninklijke DSM NV⁽¹⁾		15			1,681

					7,550
NORWAY - 1.1%
Nordic Semiconductor ASA*⁽¹⁾		194			2,539

UNITED KINGDOM - 4.9%
CNH Industrial NV⁽¹⁾		474			5,286
London Stock Exchange Group plc⁽¹⁾		55			4,626
Smiths Group plc⁽¹⁾		81			1,357

					11,269
UNITED STATES - 62.9%
Advanced Micro Devices, Inc.*		106			6,689
Arista Networks, Inc.*		37			4,187
Atlassian Corp. plc, Class A*		32			6,673
Azenta, Inc.		28			1,183
Bentley Systems, Inc., Class B		70			2,137
Bill.com Holdings, Inc.*		12			1,582
UNITED STATES (CONTINUED)
Boston Scientific Corp.*		245			9,489
Catalent, Inc.*		102			7,359
Cooper Cos., Inc. (The)		8			2,229
Datadog, Inc., Class A*		9			812
First Republic Bank		33			4,321
Five Below, Inc.*		15			2,017
Generac Holdings, Inc.*		4			716
Global Payments, Inc.		51			5,531
Guidewire Software, Inc.*		28			1,706
HubSpot, Inc.*		17			4,627
Ingersoll Rand, Inc.		148			6,412
iRhythm Technologies, Inc.*		18			2,232
Lattice Semiconductor Corp.*		119			5,875
MACOM Technology Solutions Holdings, Inc.*		25			1,312
Morningstar, Inc.		19			3,975
Nasdaq, Inc.		121			6,851
Novanta, Inc.*		13			1,541
ON Semiconductor Corp.*		117			7,311
Papa John’s International, Inc.		35			2,447
S&P Global, Inc.		5			1,519
SVB Financial Group*		16			5,384
Take-Two Interactive Software, Inc.*		19			2,117
Teledyne Technologies, Inc.*		15			4,977
Tradeweb Markets, Inc., Class A		56			3,159
Valmont Industries, Inc.		26			6,996
Veeva Systems, Inc., Class A*		74			12,190
Wolfspeed, Inc.*		27			2,765
Workiva, Inc.*		51			3,943
Zscaler, Inc.*		23			3,856

					146,120

Total common stocks (Cost $231,107)					222,183

SHORT-TERM INVESTMENT - 4.0%

INVESTMENT COMPANY - 4.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $9,356)		9,356			9,356


Total investments - 99.6% (Cost $240,463)					231,539

Other assets less liabilities - 0.4%					862


Total net assets - 100.0%^#				$	232,401

⁽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 $52,877, or 22.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


40				Artisan Partners Funds


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	4,890		2.1	%
Consumer Discretionary			8,969		3.9
Financials			32,213		13.9
Health Care			58,276		25.2
Industrials			40,664		17.6
Information Technology			73,493		31.7
Materials			1,681		0.7
Real Estate			1,997		0.9
Short-Term Investment			9,356		4.0

Total investments		$	231,539		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
BRL		$	2,834		1.2	%
CAD			4,579		2.0
DKK			4,969		2.1
EUR			24,524		10.6
GBP			5,983		2.6
HKD			9,432		4.1
JPY			3,765		1.6
NOK			2,539		1.1
TWD			1,665		0.7
USD			171,249		74.0

Total investments		$	231,539		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Veeva Systems, Inc.		United States		5.2	%
Boston Scientific Corp.		United States		4.1
Techtronic Industries Co. Ltd.		Hong Kong		4.1
Ascendis Pharma A/S		Denmark		3.2
Catalent, Inc.		United States		3.2
ON Semiconductor Corp.		United States		3.1
Valmont Industries, Inc.		United States		3.0
Nasdaq, Inc.		United States		2.9
Advanced Micro Devices, Inc.		United States		2.9
Atlassian Corp. plc		United States		2.9

Total				34.6	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				41

Artisan Global Equity Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.1%

BELGIUM - 1.1%
UCB SA⁽¹⁾		29		$	2,015

CANADA - 5.1%
Canadian National Railway Co.		23			2,446
Canadian Pacific Railway Ltd.		85			5,654
Descartes Systems Group, Inc. (The)*		14			914

					9,014
CHINA - 3.0%
CGN Power Co. Ltd., Class H⁽¹⁾		6,255			1,353
China Longyuan Power Group Corp. Ltd., Class H⁽¹⁾		1,616			2,021
China Tourism Group Duty Free Corp. Ltd., Class A⁽¹⁾		67			1,863

					5,237
DENMARK - 4.2%
Ascendis Pharma A/S, ADR*		25			2,549
Novo Nordisk A/S, ADR		3			294
Novo Nordisk A/S, Class B⁽¹⁾		22			2,163
ROCKWOOL A/S, Class B⁽¹⁾		15			2,369

					7,375
FINLAND - 0.7%
Neste OYJ⁽¹⁾		28			1,197

FRANCE - 4.1%
BNP Paribas SA⁽¹⁾		75			3,151
Capgemini SE⁽¹⁾		3			423
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		4			2,485
Pernod Ricard SA⁽¹⁾		6			1,178

					7,237
GERMANY - 2.7%
Brenntag SE⁽¹⁾		11			682
Deutsche Post AG⁽¹⁾		67			2,042
Dr Ing hc F Porsche AG (Preference)*⁽¹⁾		20			1,652
KION Group AG⁽¹⁾		23			447

					4,823
INDIA - 1.2%
Reliance Industries Ltd.⁽¹⁾		74			2,127

ITALY - 2.3%
BFF Bank SpA⁽¹⁾		601			3,988

JAPAN - 2.7%
Azbil Corp.⁽¹⁾		134			3,497
Toyota Industries Corp.⁽¹⁾		25			1,190

					4,687
LUXEMBOURG - 1.2%
Majorel Group Luxembourg SA⁽¹⁾		102			2,073

NETHERLANDS - 9.9%
Argenx SE, ADR*		17			6,115
Argenx SE*⁽¹⁾		–^			61
ING Groep NV⁽¹⁾		415			3,561
Shell plc⁽¹⁾		290			7,207
Shell plc, ADR		12			583

					17,527
NORWAY - 0.6%
Volue ASA*⁽¹⁾		419			1,129

RUSSIA - 0.0%
MMC Norilsk Nickel PJSC, ADR^(1)(2)(3)		136			–
Sberbank of Russia PJSC*^(1)(2)(3)		1,137			–

					–
SINGAPORE - 0.6%
DBS Group Holdings Ltd.⁽¹⁾		46			1,064

SPAIN - 1.6%
Ferrovial SA⁽¹⁾		121			2,740

SWEDEN - 2.3%
Nibe Industrier AB, Class B⁽¹⁾		362			3,215
Viaplay Group AB, Class B*⁽¹⁾		43			838

					4,053
SWITZERLAND - 3.0%
Barry Callebaut AG⁽¹⁾		1			1,444
Cie Financiere Richemont SA⁽¹⁾		18			1,718
UBS Group AG⁽¹⁾		141			2,041

					5,203
UNITED KINGDOM - 3.5%
BAE Systems plc⁽¹⁾		110			971
Barclays plc⁽¹⁾		1,302			2,075
Linde plc⁽¹⁾		4			1,203
Unilever plc⁽¹⁾		45			1,966

					6,215
UNITED STATES - 45.3%
Alphabet, Inc., Class A*		38			3,615
Alphabet, Inc., Class C*		32			3,104
Amazon.com, Inc.*		54			6,099
Aon plc, Class A		10			2,695
Booking Holdings, Inc.*		2			3,163
Charles River Laboratories International, Inc.*		8			1,491
Chesapeake Energy Corp.		28			2,602
Darling Ingredients, Inc.*		61			4,052
Devon Energy Corp.		37			2,246
EQT Corp.		117			4,779
Halozyme Therapeutics, Inc.*		200			7,896
Intercontinental Exchange, Inc.		44			3,990
Microsoft Corp.		9			2,209
Natera, Inc.*		48			2,123
Norfolk Southern Corp.		12			2,548
NOV, Inc.		241			3,901
Schlumberger NV		215			7,708
Stryker Corp.		14			2,818
TJX Cos., Inc. (The)		52			3,257
T-Mobile US, Inc.*		44			5,894
Trane Technologies plc		16			2,352
Visa, Inc., Class A		7			1,262

			79,804

Total common stocks (Cost $184,976)					167,508


42				Artisan Partners Funds


	Shares Held		Value
SHORT-TERM INVESTMENT - 1.4%

INVESTMENT COMPANY - 1.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $2,519)		2,519		$	2,519


Total investments - 96.5% (Cost $187,495)					170,027

Other assets less liabilities - 3.5%					6,224


Total net assets - 100.0%^#				$	176,251

⁽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 $69,149, or 39.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

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

⁽³⁾

Security is restricted.


Security	Acquisition Dates		Cost			Value			Percentage of Total Net Assets
MMC Norilsk Nickel PJSC		01/12/2022 - 01/14/2022		$	4,291		$	–		0.0	%
Sberbank of Russia PJSC		09/16/2021 - 02/11/2022			4,750			–		0.0	%


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	13,451		7.9	%
Consumer Discretionary			20,237		11.9
Consumer Staples			8,640		5.1
Energy			32,350		19.0
Financials			22,565		13.2
Health Care			27,525		16.2
Industrials			26,656		15.7
Information Technology			11,507		6.8
Materials			1,203		0.7
Utilities			3,374		2.0
Short-Term Investment			2,519		1.5

Total investments		$	170,027		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	9,014		5.3	%
CHF			5,203		3.1
CNY			1,863		1.1
DKK			4,532		2.7
EUR			28,898		17.0
GBP			12,219		7.2
HKD			3,374		2.0
INR			2,127		1.2
JPY			4,687		2.7
NOK			1,129		0.7
RUB			0		0.0
SEK			4,053		2.4
SGD			1,064		0.6
USD			91,864		54.0

Total investments		$	170,027		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Halozyme Therapeutics, Inc.		United States		4.5	%
Shell plc		Netherlands		4.4
Schlumberger NV		United States		4.4
Alphabet, Inc.		United States		3.8
Argenx SE		Netherlands		3.5
Amazon.com, Inc.		United States		3.5
T-Mobile US, Inc.		United States		3.3
Canadian Pacific Railway Ltd.		Canada		3.2
EQT Corp.		United States		2.7
Darling Ingredients, Inc.		United States		2.3

Total				35.6	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				43

Artisan Global Opportunities Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.8%

BRAZIL - 1.0%
NU Holdings Ltd., Class A*		7,524		$	33,106

DENMARK - 5.1%
Genmab A/S*⁽¹⁾		138			44,592
Novo Nordisk A/S, Class B⁽¹⁾		778			77,544
Vestas Wind Systems A/S⁽¹⁾		2,106			38,616

					160,752
GERMANY - 1.5%
BioNTech SE, ADR		233			31,404
Volkswagen AG (Preference)⁽¹⁾		120			14,823

					46,227
HONG KONG - 6.2%
AIA Group Ltd.⁽¹⁾		6,879			57,110
Techtronic Industries Co. Ltd.⁽¹⁾		14,930			141,048

					198,158
JAPAN - 3.7%
Hoya Corp.⁽¹⁾		506			48,601
Keyence Corp.⁽¹⁾		206			68,260

					116,861
NETHERLANDS - 1.6%
Adyen NV*⁽¹⁾		27			33,340
Koninklijke DSM NV⁽¹⁾		149			16,926

					50,266
SPAIN - 0.5%
Banco Bilbao Vizcaya Argentaria SA⁽¹⁾		3,926			17,635

SWEDEN - 3.9%
Hexagon AB, Class B⁽¹⁾		6,431			59,627
Telefonaktiebolaget LM Ericsson, Class B⁽¹⁾		10,919			63,592

					123,219
SWITZERLAND - 7.1%
Cie Financiere Richemont SA⁽¹⁾		156			14,672
Lonza Group AG⁽¹⁾		247			119,916
UBS Group AG⁽¹⁾		6,196			89,510

					224,098
UNITED KINGDOM - 6.8%
AstraZeneca plc⁽¹⁾		771			84,744
CNH Industrial NV⁽¹⁾		6,452			72,035
London Stock Exchange Group plc⁽¹⁾		703			59,321

					216,100
UNITED STATES - 58.4%
Advanced Micro Devices, Inc.*		2,282			144,616
Airbnb, Inc., Class A*		659			69,247
Alphabet, Inc., Class A*		1,265			121,018
Aptiv plc*		475			37,149
Arista Networks, Inc.*		603			68,066
Atlassian Corp. plc, Class A*		598			125,998
Boston Scientific Corp.*		3,272			126,723
Charles Schwab Corp. (The)		1,364			98,014
Chipotle Mexican Grill, Inc.*		52			77,711
Danaher Corp.		329			84,957
Fidelity National Information Services, Inc.		692			52,260
Generac Holdings, Inc.*		117			20,842
Ingersoll Rand, Inc.		1,687			72,971
Lowe’s Cos., Inc.		257			48,293
Lululemon Athletica, Inc.*		253			70,664
Microsoft Corp.		181			42,067
UNITED STATES (CONTINUED)
NextEra Energy, Inc.		2,225			174,426
ON Semiconductor Corp.*		1,592			99,237
Progressive Corp. (The)		640			74,432
S&P Global, Inc.		51			15,482
SVB Financial Group*		99			33,253
Tesla, Inc.*		145			38,345
Veeva Systems, Inc., Class A*		956			157,665

					1,853,436
Total common stocks (Cost $2,606,990)					3,039,858

SHORT-TERM INVESTMENT - 3.4%

INVESTMENT COMPANY - 3.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $107,854)		107,854			107,854

Total investments - 99.2% (Cost $2,714,844)					3,147,712

Other assets less liabilities - 0.8%					26,353


Total net assets - 100.0%^#				$	3,174,065

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,121,912, or 35.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	121,018		3.8	%
Consumer Discretionary			370,904		11.8
Financials			477,863		15.2
Health Care			776,146		24.7
Industrials			345,512		11.0
Information Technology			757,063		24.1
Materials			16,926		0.5
Utilities			174,426		5.5
Short-Term Investment			107,854		3.4

Total investments		$	3,147,712		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CHF		$	224,098		7.1	%
DKK			160,752		5.1
EUR			154,759		4.9
GBP			144,065		4.6
HKD			198,158		6.3
JPY			116,861		3.7
SEK			123,219		3.9
USD			2,025,800		64.4

Total investments		$	3,147,712		100.0	%


44				Artisan Partners Funds


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
NextEra Energy, Inc.	United States		5.5	%
Veeva Systems, Inc.	United States		5.0
Advanced Micro Devices, Inc.	United States		4.6
Techtronic Industries Co. Ltd.	Hong Kong		4.4
Boston Scientific Corp.	United States		4.0
Atlassian Corp. plc	United States		4.0
Alphabet, Inc.	United States		3.8
Lonza Group AG	Switzerland		3.8
ON Semiconductor Corp.	United States		3.1
Charles Schwab Corp. (The)	United States		3.1

Total			41.3	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				45

Artisan Global Unconstrained Fund

Schedule of Investments – September 30, 2022

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


	Principal Amount			Market Value
SOVEREIGN GOVERNMENT BONDS - 60.3%

Albania - 1.2%
Republic of Albania 3.50%, 10/9/2025		EUR	200		$	177

Angola - 2.6%
Republic of Angola
(ICE LIBOR USD 6 Month + 7.50%), 10.45%, 7/1/2023⁽¹⁾		$	300			301
6.93%, 2/19/2027			103			92

						393

Armenia - 1.0%
Republic of Armenia 3.60%, 2/2/2031			210			142

Bahamas - 1.1%
Commonwealth of the Bahamas 5.75%, 1/16/2024			199			163

Benin - 1.8%
Benin Government Bond 4.88%, 1/19/2032		EUR	400			267

Brazil - 0.6%
Notas do Tesouro Nacional 10.00%, 1/1/2031		BRL	540			90

Cameroon - 2.6%
Republic of Cameroon 9.50%, 11/19/2025			400			392

Colombia - 1.8%
Republic of Colombia 2.63%, 3/15/2023			275			271

Dominican Republic - 6.2%
Dominican Republic Government Bond
8.90%, 2/15/2023		DOP	22,350			416
11.50%, 5/10/2024		DOP	4,700			89
9.75%, 6/5/2026		DOP	5,500			99
4.88%, 9/23/2032			300			226
5.30%, 1/21/2041			150			101

						931

Egypt - 4.2%
Arab Republic of Egypt
4.75%, 4/16/2026		EUR	750			518
8.75%, 9/30/2051			200			110

						628

El Salvador - 0.5%
Republic of El Salvador 7.75%, 1/24/2023			85			77

Iceland - 4.6%
Republic of Iceland 7.25%, 10/26/2022		ISK	100,445			697

Iraq - 4.5%
Republic of Iraq 6.75%, 3/9/2023			400			388
5.80%, 1/15/2028		$	358			293

						681

Ivory Coast - 2.2%
Republic of Cote d’Ivoire
5.38%, 7/23/2024			215			193
4.88%, 1/30/2032		EUR	200			131

						324

Kenya - 2.0%
Republic of Kenya 7.00%, 5/22/2027			400			307

Macedonia - 4.3%
Republic of North Macedonia
5.63%, 7/26/2023		EUR	580			563
2.75%, 1/18/2025		EUR	100			89

						652

Mongolia - 1.6%
State of Mongolia 8.75%, 3/9/2024			260			246

Nigeria - 1.7%
Nigeria Government Bond 7.63%, 11/21/2025⁽³⁾			286			247

Paraguay - 2.9%
Republic of Paraguay
4.63%, 1/25/2023			115			114
3.85%, 6/28/2033			200			157
6.10%, 8/11/2044			200			166

						437

Peru - 0.7%
Republic of Peru 6.15%, 8/12/2032		PEN	500			104

Romania - 2.6%
Romania Government Bond
6.63%, 9/27/2029⁽³⁾		EUR	130			121
3.62%, 5/26/2030		EUR	270			199
4.63%, 4/3/2049		EUR	100			64

						384

Serbia - 3.9%
Republic of Serbia
3.13%, 5/15/2027		EUR	200			160
1.50%, 6/26/2029		EUR	200			129
1.65%, 3/3/2033		EUR	550			297

						586

Tunisia - 0.5%
Tunisian Republic 6.75%, 10/31/2023		EUR	100			74

Uzbekistan - 3.0%
Republic of Uzbekistan
14.50%, 11/25/2023		UZS	2,800,000			244
5.38%, 2/20/2029			250			209

						453

Zambia - 2.2%
Republic of Zambia 11.00%, 6/17/2024		ZMW	2,796			153
10.00%, 6/28/2024		ZMW	2,033			111
10.00%, 9/20/2024		ZMW	1,378			73

						337

Total sovereign government bonds (Cost $9,842)						9,060

CORPORATE BONDS - 10.8%

BRAZIL - 2.5%
Cosan Overseas Ltd. 8.25%, 11/5/2022⁽²⁾		$	100			99
MC Brazil Downstream Trading SARL 7.25%, 6/30/2031			200			151
Unigel Luxembourg SA 8.75%, 10/1/2026			140			133

					383
CHILE - 1.1%
ATP Tower Holdings LLC 4.05%, 4/27/2026⁽³⁾			200			159

CHINA - 0.4%
CAR, Inc. 9.75%, 3/31/2024			72			60


46				Artisan Partners Funds


	Principal Amount				Market Value
COLOMBIA - 2.5%
Aris Mining Corp. 6.88%, 8/9/2026		$	200			$	145
EnfraGen Energia Sur SA 5.38%, 12/30/2030			130				77
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025			179				148

						370
CZECH REPUBLIC - 0.6%
Energo-Pro A/S 4.50%, 5/4/2024		EUR	100				90

MEXICO - 1.0%
Electricidad Firme de Mexico Holdings SA de CV 4.90%, 11/20/2026		$	186				152

PERU - 1.6%
Inkia Energy Ltd. 5.88%, 11/9/2027			151				139
PetroTal Corp. 12.00%, 2/16/2024⁽³⁾			100				102

						241
TANZANIA - 1.1%
HTA Group Ltd. 7.00%, 12/18/2025⁽³⁾			200				173

Total corporate bonds (Cost $1,720)							1,628


	Shares Held				Value
EXCHANGE TRADED FUNDS - 0.2%
EQUITY FUNDS
SPDR S&P 500 ETF Trust			–	^{^}		$	32

Total exchange traded funds (Cost $36)							32


	No. of Contracts‡				Market Value
OPTIONS PURCHASED - 0.0%^{^}

PUT INTEREST RATE SWAPTIONS - 0.0%^{^}
Option to enter into interest rate swap expiring 4/12/2024 to pay 4% and receive 1D SOFR (Cost $2)			100				4

Total options purchased (Cost $2)							4


	Principal Amount				Value
SHORT-TERM INVESTMENTS - 35.2%

U.S. TREASURY OBLIGATIONS - 18.7%
U.S. Treasury Bills
0.60%, 10/04/2022⁽⁴⁾		$	1,500				1,500
1.78%, 10/11/2022⁽⁴⁾			1,300				1,299

Total U.S. treasury obligations (Cost $2,799)							2,799

REPURCHASE AGREEMENTS - 14.8%
JPMorgan Chase Bank, N.A., Dated 9/26/2022 with an interest rate of 2.10% payable by the Portfolio, collateralized by Par 600 Republic of Guatemala, 4.50% due 5/3/2026 and a market value of $566⁽⁶⁾			639				639
JPMorgan Chase Bank, N.A., Dated 9/26/2022 with an interest rate of 2.70% payable by the Portfolio, collateralized by Par 550 Oriental Republic of Uruguay, 4.38% due 10/27/2027 and a market value of $543⁽⁶⁾			602				602
JPMorgan Chase Bank, N.A., Dated 9/26/2022 with an interest rate of 2.00% payable by the portfolio, collateralized by Par 500 Republic of Paraguay, 4.70% due 3/27/2027 and a market value of $471⁽⁶⁾			545				545
JPMorgan Chase Bank, N.A., Dated 9/26/2022 with an interest rate of 1.50% payable by the portfolio, collateralized by Par 550 Arab Republic of Egypt, 3.88% due 2/16/2026 and a market value of $398⁽⁶⁾			442				443

Total repurchase agreements (Cost $2,229)							2,229
	Shares Held				Value
INVESTMENT COMPANIES - 1.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81%			88				88
Federated Treasury Obligations Fund - Institutional Class, 2.85%			85				85
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.89%			86				86

Total investment companies (Cost $259)							259

Total short-term investments (Cost $5,287)							5,287

Total investments - 106.5% (Cost 16,887)							16,011

	Principal Amount				Market Value
SECURITIES SOLD SHORT - (13.2)%

SOVEREIGN GOVERNMENT BONDS - (13.2)%

EGYPT - (2.7)%
Arab Republic of Egypt 3.88%, 2/16/2026⁽⁵⁾		$	(550	)		$	(398	)

GUATEMALA - (3.8)%
Republic of Guatemala 4.50%, 5/3/2026⁽⁵⁾			(600	)			(566	)

PARAGUAY - (3.1)%
Republic of Paraguay 4.70%, 3/27/2027⁽⁵⁾			(500	)			(471	)

URUGUAY - (3.6)%
Oriental Republic of Uruguay 4.38%, 10/27/2027⁽⁵⁾			(550	)			(543	)

Total sovereign government bonds (Proceeds $(2,102))							(1,978	)

Total securities sold short (Proceeds $(2,102))							(1,978	)

Other assets less liabilities - 6.7%							1,002


Total net assets - 100.0%^#						$	15,035

⁽¹⁾

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2022.

⁽²⁾

Perpetual security. The rate reflected was the rate in effect on September 30, 2022. The maturity date reflects the next call date.

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁴⁾

Yield to maturity.

⁽⁵⁾

At September 30, 2022, all or a portion of this security was pledged to cover collateral requirements for repurchase agreements.

⁽⁶⁾

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


Artisan Partners Funds				47


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Energy		$	590		3.7	%
Foreign Government Securities			9,060		56.6
Industrials			392		2.5
Investment Funds			32		0.2
Materials			278		1.7
Options Purchased			4		0.0
Utilities			368		2.3
Short-Term Investment			5,287		33.0

Total investments		$	16,011		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
BRL		$	90		0.6	%
DOP			604		3.7
EUR			2,879		18.0
ISK			697		4.4
PEN			104		0.6
USD			11,056		69.1
UZS			244		1.5
ZMW			337		2.1

Total investments		$	16,011		100.0	%


FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands
Currency Purchased		Currency Sold				Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	97		BRL	^**	492	JPM		10/4/2022		$	6
USD	326		UGX	^**	1,251,330	SCB		10/4/2022			1
USD	113		PEN	^**	438	JPM		10/11/2022			4
RSD	17,750		EUR		150	JPM		10/24/2022			1
RSD	16,000		EUR		135	SCB		10/24/2022			1
UZS^**	2,971,581		USD		263	JPM		11/4/2022			7	⁽¹⁾
KZT^**	194,510		USD		395	SCB		12/9/2022			5
USD	4,292		EUR		4,266	SCB		12/21/2022			85
UZS^**	300,000		USD		26	JPM		12/27/2022			1	⁽¹⁾
GBP	285		EUR		314	SCB		12/30/2022			8
USD	627		ZAR		11,338	SCB		1/6/2023			6
USD	128		UGX	^**	560,000	SCB		6/18/2024			2

Total unrealized appreciation												127

BRL^**	853		USD		159	SCB		10/4/2022			(1	)
UGX^**	124,330		USD		34	JPM		10/4/2022			(2	)
UGX^**	1,127,000		USD		303	SCB		10/4/2022			(11	)
RON	1,978		EUR		405	JPM		10/6/2022			(6	)
BRL^**	361		USD		67	JPM		11/3/2022			–	^{^}
HUF	232,231		EUR		560	SCB		12/2/2022			(22	)
PLN	962		EUR		200	SCB		12/6/2022			(5	)
EUR	62		USD		62	SCB		12/21/2022			(1	)
USD	113		EUR		117	SCB		12/21/2022			(3	)
USD	154		UGX	^**	700,000	SCB		6/18/2024			(3	)

Total unrealized depreciation												(54	)

Net unrealized appreciation											$	73

Non-deliverable.

⁽¹⁾

Valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.


FUTURES CONTRACTS
Dollar values in thousands
Description	No. of Contracts			Expiration Date		Trading Currency		Notional Amount				Notional Value				Unrealized Appreciation
Short Positions Contracts
Euro-Bobl		(14	)		12/8/2022		EUR		$	(1,400	)		$	(1,643	)		$	36
Euro-Bund		(4	)		12/8/2022		EUR			(400	)			(543	)			16
Euro-Schatz		(7	)		12/8/2022		EUR			(700	)			(735	)			6
S&P 500 E-Mini Index		(1	)		12/16/2022		USD			(50	)			(180	)			21
U.S. Treasury 2 Year Note		(13	)		12/30/2022		USD			(2,600	)			(2,670	)			40
U.S. Treasury 10 Year Note		(10	)		12/20/2022		USD			(1,000	)			(1,121	)			54
U.S. Treasury 10 Year Ultra Note		(1	)		12/20/2022		USD			(100	)			(118	)			7
U.S. Treasury Long Bond		(1	)		12/20/2022		USD			(100	)			(126	)			10

																	$	190

The Fund has recorded an asset of $78 as of September 30, 2022, related to the current day’s variation margin related to these contracts.


48				Artisan Partners Funds


Centrally Cleared Credit Default Swap-Buy Protection
(Dollar values in thousands)
Reference Entity	Financing Rate (Paid) / Received by the Fund (%)	Frequency of Payments Made/ Received	Termination Date	Notional Amount	Upfront (Payments) Receipts	Unrealized Appreciation (Depreciation)	Value
Hungary	1.00	Quarterly	6/20/2027	USD 965	40	12	52
Kingdom of Saudi Arabia	1.00	Quarterly	6/20/2032	USD1,070	(12)	3	(9)
Kingdom of Spain	1.00	Quarterly	6/20/2032	USD 570	(12)	8	(4)
Petrobras Global Finance BV	1.00	Quarterly	12/20/2027	USD 210	20	–^	20
Republic of Chile	1.00	Quarterly	6/20/2032	USD 650	37	23	60
Republic of Indonesia	1.00	Quarterly	12/20/2027	USD 790	5	15	20
Republic of Peru	1.00	Quarterly	6/20/2032	USD 300	15	13	28
Republic of Poland	1.00	Quarterly	6/20/2027	USD 325	3	2	5
Republic of South Africa	1.00	Quarterly	6/20/2032	USD 765	110	49	159

					206	125	331

Centrally Cleared Credit Default Swap-Sell Protection

(Dollar values in thousands)

Reference Entity

Financing
Rate (Paid) /
Received by
the Fund (%)

Frequency of
Payments Made/
Received

Termination Date

Notional Amount

Upfront
(Payments)
Receipts

Unrealized
Appreciation
(Depreciation)

Value

Emirate of Abu Dhabi

1.00

Quarterly

6/20/2027

USD 290

–^

Republic of South Africa

1.00

Quarterly

6/20/2023

USD 135

(1)

–^

(1)

–^

Total

211

125

336

The Fund has recorded a liability of $12 as of September 30, 2022, related to the current day’s variation margin related to these contracts.

Centrally Cleared Interest Rate Swaps

(Values in thousands)

Floating Rate Index (Frequency)

Fixed Rate (%)
(Frequency)

Fund Pays/
Receives
Floating Rate

Termination
Date

Notional
Amount

Upfront
Payments (Receipts)

Unrealized
Appreciation
(Depreciation)

Value

6 month WIBOR semi-annually

5.30 annually

Receive

4/15/2032

PLN 536

–

6 month PRIBOR semi-annually

3.86 annually

Receive

4/4/2032

CZK 2,710

–

3 month JIBAR quarterly

7.26 quarterly

Receive

4/28/2027

ZAR 4,485

–

6 month WIBOR semi-annually

6.45 annually

Receive

5/13/2032

PLN 225

–

6 month BUBOR semi-annually

7.25 annually

Receive

5/13/2032

HUF 8,300

–

6 month PRIBOR semi-annually

4.99 annually

Receive

5/13/2032

CZK 2,800

–

6 month BUBOR semi-annually

8.16 annually

Receive

6/17/2032

HUF 103,300

3 month JIBAR quarterly

7.98 quarterly

Receive

6/15/2027

ZAR 1,100

–

1 day THOR quarterly

2.89 quarterly

Receive

6/17/2032

THB 2,750

–

1 day THOR quarterly

2.59 quarterly

Receive

9/1/2032

THB 2,150

–

1 day CDI at termination

11.39 at termination

Pay

1/2/2032

BRL 325

–

1 day THOR quarterly

2.99 quarterly

Receive

9/26/2032

THB 5,300

–

Total unrealized appreciation

4 week TIIE monthly

8.75 monthly

Pay

5/18/2032

MXN 2,235

–^

(3)

6 month PRIBOR semi-annually

5.75 annually

Receive

6/17/2032

CZK 2,360

(2)

(3)

(5)

6 month WIBOR semi-annually

7.45 annually

Receive

6/20/2032

PLN 350

(1)

(2)

(3)

4 week TIIE monthly

8.73 monthly

Pay

6/21/2032

MXN 1,300

–

(1)

4 week TIIE monthly

8.72 monthly

Pay

9/1/2032

MXN 3,400

–

(5)

3 month JIBAR quarterly

9.63 quarterly

Receive

9/28/2032

ZAR 1,350

–

–^

Total unrealized depreciation

(3)

(14)

(17)

Total

The Fund has recorded a liability of $2 as of September 30, 2022, related to the current day’s variation margin related to these contracts.


Artisan Partners Funds				49


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Dominican Republic Government Bond	Dominican Republic		6.2	%
Republic of Iceland	Iceland		4.6
Republic of Iraq	Iraq		4.5
Republic of North Macedonia	Macedonia, the Former Yugoslav Republic of		4.3
Arab Republic of Egypt	Egypt		4.2
Republic of Serbia	Serbia		3.9
Republic of Uzbekistan	Uzbekistan		3.0
Republic of Angola	Angola		2.6
Republic of Cameroon	Cameroon		2.6
Romania Government Bond	Romania		2.6

Total			38.5	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


50				Artisan Partners Funds

Artisan Global Value Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.1%

BELGIUM - 1.5%
Groupe Bruxelles Lambert NV⁽¹⁾		386		$	26,798

BRAZIL - 1.1%
Telefonica Brasil SA, ADR		2,753			20,704

CANADA - 1.4%
Imperial Oil Ltd.		598			25,887

CHINA - 3.0%
Alibaba Group Holding Ltd.*⁽¹⁾		3,526			35,366
Alibaba Group Holding Ltd., ADR*		211			16,841
NXP Semiconductors NV		12			1,816

					54,023
FRANCE - 6.7%
Danone SA⁽¹⁾		1,741			82,020
Sodexo SA⁽¹⁾		336			25,273
TotalEnergies SE⁽¹⁾		294			13,830
TotalEnergies SE, ADR		28			1,285

					122,408
GERMANY - 3.9%
Daimler Truck Holding AG*⁽¹⁾		810			18,540
HeidelbergCement AG⁽¹⁾		1,286			51,522

					70,062
JAPAN - 3.0%
Nintendo Co. Ltd.⁽¹⁾		1,339			54,220

NETHERLANDS - 6.0%
ING Groep NV⁽¹⁾		2,688			23,046
Koninklijke Philips NV⁽¹⁾		2,801			43,259
Shell plc⁽¹⁾		1,736			43,199

					109,504
SOUTH KOREA - 3.9%
Samsung Electronics Co. Ltd.⁽¹⁾		1,945			71,470

SWITZERLAND - 11.8%
Cie Financiere Richemont SA⁽¹⁾		497			46,631
Novartis AG⁽¹⁾		1,192			90,852
Swatch Group AG (The)⁽¹⁾		13			2,978
UBS Group AG⁽¹⁾		5,135			74,175

					214,636
UNITED KINGDOM - 8.7%
BAE Systems plc⁽¹⁾		5,909			51,920
Compass Group plc⁽¹⁾		3,858			77,125
Lloyds Banking Group plc⁽¹⁾		65,248			29,809

					158,854
UNITED STATES - 45.1%
Advance Auto Parts, Inc.		134			20,913
Alphabet, Inc., Class A*		691			66,137
American Express Co.		425			57,310
Bank of New York Mellon Corp. (The)		1,971			75,919
Berkshire Hathaway, Inc., Class B*		268			71,669
Citigroup, Inc.		1,399			58,283
Dentsply Sirona, Inc.		1,063			30,148
Elevance Health, Inc.		229			103,931
Expedia Group, Inc.*		401			37,538
Lam Research Corp.		80			29,440
Marsh & McLennan Cos., Inc.		351			52,375
UNITED STATES (CONTINUED)
Meta Platforms, Inc., Class A*		406			55,029
Progressive Corp. (The)		528			61,363
Sensata Technologies Holding plc		518			19,296
Southwest Airlines Co.*		1,049			32,354
Willis Towers Watson plc		239			48,056

					819,761

Total common stocks (Cost $1,723,250)					1,748,327

SHORT-TERM INVESTMENT - 2.9%

INVESTMENT COMPANY - 2.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $52,414)		52,414			52,414

Total investments - 99.0% (Cost $1,775,664)					1,800,741

Other assets less liabilities - 1.0%					17,384

Total net assets - 100.0%^#				$	1,818,125

⁽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 $862,033, or 47.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	196,090		10.9	%
Consumer Discretionary			262,665		14.6
Consumer Staples			82,020		4.5
Energy			84,201		4.7
Financials			578,803		32.1
Health Care			268,190		14.9
Industrials			122,110		6.8
Information Technology			102,726		5.7
Materials			51,522		2.9
Short-Term Investment			52,414		2.9

Total investments		$	1,800,741		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	25,887		1.4	%
CHF			214,636		11.9
EUR			284,288		15.8
GBP			202,053		11.2
HKD			35,366		2.0
JPY			54,220		3.0
KRW			71,470		4.0
USD			912,821		50.7

Total investments		$	1,800,741		100.0	%


Artisan Partners Funds				51


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Elevance Health, Inc.	United States		5.7	%
Novartis AG	Switzerland		5.0
Danone SA	France		4.5
Compass Group plc	United Kingdom		4.2
Bank of New York Mellon Corp. (The)	United States		4.2
UBS Group AG	Switzerland		4.1
Berkshire Hathaway, Inc.	United States		3.9
Samsung Electronics Co. Ltd.	South Korea		3.9
Alphabet, Inc.	United States		3.6
Progressive Corp. (The)	United States		3.4

Total			42.5	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


52				Artisan Partners Funds

Artisan High Income Fund

Schedule of Investments – September 30, 2022

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


	Principal Amount			Value
CORPORATE BONDS - 72.4%

ADVERTISING - 0.2%
CMG Media Corp. 8.88%, 12/15/2027⁽¹⁾		$	15,947		$	12,183

AEROSPACE/DEFENSE - 0.9%
Bombardier, Inc.
6.00%, 2/15/2028⁽¹⁾⁽²⁾			51,291			42,914
7.13%, 6/15/2026⁽¹⁾⁽²⁾			8,689			7,969
TransDigm, Inc.
4.63%, 1/15/2029			470			378

						51,261
AIRLINES - 1.6%
Delta Air Lines, Inc.
3.75%, 10/28/2029			47,512			36,917
4.38%, 4/19/2028			9,849			8,301
7.38%, 1/15/2026			47,394			47,909

						93,127
BUILDING MATERIALS - 0.6%
Eco Material Technologies, Inc.
7.88%, 1/31/2027⁽¹⁾			21,037			18,631
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028⁽¹⁾			4,361			3,605
9.75%, 7/15/2028⁽¹⁾			14,000			11,809

						34,045
CHEMICALS - 3.2%
Consolidated Energy Finance SA
5.63%, 10/15/2028⁽¹⁾⁽²⁾			17,085			13,706
Diamond BC BV
4.63%, 10/1/2029⁽¹⁾			31,093			21,635
EverArc Escrow SARL
5.00%, 10/30/2029⁽¹⁾			31,571			25,486
Iris Holding, Inc.
10.00%, 12/15/2028⁽¹⁾			37,718			30,895
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029⁽¹⁾			8,542			6,407
Methanex Corp.
5.13%, 10/15/2027⁽²⁾			28,114			23,616
5.25%, 12/15/2029⁽²⁾			81,326			64,646
5.65%, 12/1/2044⁽²⁾			4,854			3,252

						189,643
COMMERCIAL SERVICES - 0.2%
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029⁽¹⁾			16,154			11,780

DISTRIBUTION/WHOLESALE - 0.1%
American Builders & Contractors Supply Co., Inc.
3.88%, 11/15/2029⁽¹⁾			3,705			2,902

DIVERSIFIED FINANCIAL SERVICES - 6.3%
AG Issuer LLC
6.25%, 3/1/2028⁽¹⁾			44,996			38,926
AG TTMT Escrow Issuer LLC
8.63%, 9/30/2027⁽¹⁾			14,564			13,690
NFP Corp.
4.88%, 8/15/2028⁽¹⁾			26,065			22,242
6.88%, 8/15/2028⁽¹⁾			210,016			163,812
VistaJet Malta Finance plc
6.38%, 2/1/2030⁽¹⁾⁽²⁾			110,149			90,047
7.88%, 5/1/2027⁽¹⁾⁽²⁾			38,637			34,734

						363,451
ELECTRONICS - 0.1%
Sensata Technologies BV
5.88%, 9/1/2030⁽¹⁾			8,422			7,880

ENERGY-ALTERNATE SOURCES - 0.4%
Sunnova Energy Corp.
5.88%, 9/1/2026⁽¹⁾			28,481			25,449

ENGINEERING & CONSTRUCTION - 0.5%
Signature Aviation US Holdings, Inc.
4.00%, 3/1/2028⁽¹⁾			32,372			30,124

ENTERTAINMENT - 1.1%
Jacobs Entertainment, Inc.
6.75%, 2/15/2029⁽¹⁾			26,793			22,924
Motion Bondco DAC
6.63%, 11/15/2027⁽¹⁾⁽²⁾			4,227			3,577
Penn Entertainment, Inc.
4.13%, 7/1/2029⁽¹⁾			28,417			21,752
SeaWorld Parks & Entertainment, Inc.
5.25%, 8/15/2029⁽¹⁾			16,424			13,639
Warnermedia Holdings, Inc.
4.28%, 3/15/2032⁽¹⁾			420			345
5.14%, 3/15/2052⁽¹⁾			1,678			1,220

						63,457
FOOD - 1.0%
B&G Foods, Inc.
5.25%, 9/15/2027			10,154			8,227
H-Food Holdings LLC
8.50%, 6/1/2026⁽¹⁾			79,712			50,602

						58,829

FOOD SERVICE - 1.1%
TKC Holdings, Inc.
6.88%, 5/15/2028⁽¹⁾			16,184			13,072
10.50%, 5/15/2029⁽¹⁾			65,171			49,845

						62,917

FOREST PRODUCTS & PAPER - 0.3%
Ahlstrom-Munksjo Holding 3 Oy
4.88%, 2/4/2028⁽¹⁾⁽²⁾			21,125			16,781

HAND/MACHINE TOOLS - 0.7%
Werner FinCo LP
8.75%, 7/15/2025⁽¹⁾			46,856			39,828

HEALTHCARE-PRODUCTS - 2.1%
Medline Borrower LP
3.88%, 4/1/2029⁽¹⁾			138,407			110,959
5.25%, 10/1/2029⁽¹⁾			12,842			9,696

						120,655
HEALTHCARE-SERVICES - 0.4%
HCA, Inc.
3.50%, 9/1/2030			12,810			10,578
Surgery Center Holdings, Inc.
6.75%, 7/1/2025⁽¹⁾			8,955			8,276

						18,854
HOME FURNISHINGS - 0.2%
Tempur Sealy International, Inc.
3.88%, 10/15/2031⁽¹⁾			17,543			12,850


Artisan Partners Funds				53


	Principal Amount			Value
INSURANCE - 9.0%
Acrisure LLC
4.25%, 2/15/2029⁽¹⁾		$	23,420		$	18,354
6.00%, 8/1/2029⁽¹⁾			94,545			72,799
7.00%, 11/15/2025⁽¹⁾			92,952			84,902
10.13%, 8/1/2026⁽¹⁾			48,540			46,720
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027⁽¹⁾			2,569			2,194
5.88%, 11/1/2029⁽¹⁾			15,595			12,667
6.75%, 10/15/2027⁽¹⁾			10,008			8,625
Ardonagh Midco 2 plc
11.50% Cash, 12.75% PIK, 1/15/2027⁽¹⁾⁽²⁾			134,315			136,330
AssuredPartners, Inc.
7.00%, 8/15/2025⁽¹⁾			25,180			23,251
BroadStreet Partners, Inc.
5.88%, 4/15/2029⁽¹⁾			67,061			52,811
GTCR AP Finance, Inc.
8.00%, 5/15/2027⁽¹⁾			58,606			53,914
Highlands Holdings Bond Issuer Ltd.
7.63% Cash, 8.38% PIK, 10/15/2025⁽¹⁾⁽²⁾			10,082			9,502
Ryan Specialty Group LLC
4.38%, 2/1/2030⁽¹⁾			6,905			5,856

						527,925
INTERNET - 2.1%
Arches Buyer, Inc.
4.25%, 6/1/2028⁽¹⁾			123,040			95,971
Cars.com, Inc.
6.38%, 11/1/2028⁽¹⁾			17,239			14,696
Millennium Escrow Corp.
6.63%, 8/1/2026⁽¹⁾			9,223			7,291

						117,958
IRON/STEEL - 0.9%
Big River Steel LLC
6.63%, 1/31/2029⁽¹⁾			36,266			33,379
Commercial Metals Co.
3.88%, 2/15/2031			3,461			2,714
4.13%, 1/15/2030			11,253			9,239
4.38%, 3/15/2032			9,352			7,388

						52,720
LEISURE TIME - 6.9%
Carnival Corp.
4.00%, 8/1/2028⁽¹⁾			13,445			10,847
5.75%, 3/1/2027⁽¹⁾			110,287			77,261
6.00%, 5/1/2029⁽¹⁾			83,290			54,686
7.63%, 3/1/2026⁽¹⁾			7,882			5,990
10.50%, 6/1/2030⁽¹⁾			18,945			15,156
Lindblad Expeditions LLC
6.75%, 2/15/2027⁽¹⁾			30,844			27,143
MajorDrive Holdings IV LLC
6.38%, 6/1/2029⁽¹⁾			13,223			9,117
NCL Corp. Ltd.
3.63%, 12/15/2024⁽¹⁾			17,414			14,644
5.88%, 3/15/2026⁽¹⁾			47,354			36,024
5.88%, 2/15/2027⁽¹⁾			6,824			5,681
7.75%, 2/15/2029⁽¹⁾			35,092			26,484
NCL Finance Ltd.
6.13%, 3/15/2028⁽¹⁾			73,123			53,926
Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026⁽¹⁾			19,431			14,283
5.38%, 7/15/2027⁽¹⁾			8,553			6,291
5.50%, 8/31/2026⁽¹⁾			26,365			20,169
5.50%, 4/1/2028⁽¹⁾			35,497			24,871

						402,573
LODGING - 0.9%
Boyd Gaming Corp.
4.75%, 6/15/2031⁽¹⁾			9,302			7,532
LODGING (CONTINUED)
MGM Resorts International
4.63%, 9/1/2026			4,248			3,757
4.75%, 10/15/2028			35,704			29,879
5.50%, 4/15/2027			2,223			1,997
Station Casinos LLC
4.63%, 12/1/2031⁽¹⁾			16,806			12,693

						55,858
MEDIA - 10.3%
CCO Holdings LLC
4.25%, 2/1/2031⁽¹⁾			51,560			39,549
4.25%, 1/15/2034⁽¹⁾			24,208			17,328
4.50%, 8/15/2030⁽¹⁾			68,770			54,386
4.50%, 5/1/2032			87,786			66,952
4.75%, 3/1/2030⁽¹⁾			31,605			25,639
CSC Holdings LLC
4.50%, 11/15/2031⁽¹⁾			8,967			6,736
4.63%, 12/1/2030⁽¹⁾			78,174			53,158
5.25%, 6/1/2024			15,676			14,500
5.38%, 2/1/2028⁽¹⁾			6,632			5,787
6.50%, 2/1/2029⁽¹⁾			12,161			10,732
7.50%, 4/1/2028⁽¹⁾			57,856			47,209
Sinclair Television Group, Inc.
5.13%, 2/15/2027⁽¹⁾			47,938			39,650
5.50%, 3/1/2030⁽¹⁾			83,118			59,736
UPC Holding BV
5.50%, 1/15/2028⁽¹⁾⁽²⁾			2,774			2,330
Virgin Media Finance plc
5.00%, 7/15/2030⁽¹⁾⁽²⁾			81,273			59,768
Virgin Media Secured Finance plc
4.50%, 8/15/2030⁽¹⁾⁽²⁾			22,046			17,206
5.50%, 5/15/2029⁽¹⁾⁽²⁾			27,393			23,452
Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028⁽¹⁾⁽²⁾			17,967			14,531
Ziggo Bond Co. BV
5.13%, 2/28/2030⁽¹⁾⁽²⁾			7,967			5,696
6.00%, 1/15/2027⁽¹⁾⁽²⁾			27,070			22,604
Ziggo BV
4.88%, 1/15/2030⁽¹⁾⁽²⁾			24,246			19,154

						606,103
MINING - 1.0%
Compass Minerals International, Inc.
4.88%, 7/15/2024⁽¹⁾			10,392			9,769
6.75%, 12/1/2027⁽¹⁾			52,402			49,246

						59,015
OIL & GAS - 5.2%
Callon Petroleum Co.
8.00%, 8/1/2028⁽¹⁾			101,921			94,022
8.25%, 7/15/2025			3,046			2,961
CrownRock LP
5.00%, 5/1/2029⁽¹⁾			25,862			22,818
Laredo Petroleum, Inc.
7.75%, 7/31/2029⁽¹⁾			89,440			82,409
10.13%, 1/15/2028			8,612			8,268
MEG Energy Corp.
5.88%, 2/1/2029⁽¹⁾⁽²⁾			33,922			30,445
SM Energy Co.
5.63%, 6/1/2025			8,964			8,605
6.50%, 7/15/2028			19,447			18,481
6.63%, 1/15/2027			4,218			4,049
Strathcona Resources Ltd.
6.88%, 8/1/2026⁽¹⁾⁽²⁾			33,591			28,469

						300,527
PACKAGING & CONTAINERS - 0.4%
Clydesdale Acquisition Holdings, Inc.
8.75%, 4/15/2030⁽¹⁾			20,692			17,113


54				Artisan Partners Funds


	Principal Amount			Value
PACKAGING & CONTAINERS (CONTINUED)
Sealed Air Corp.
5.00%, 4/15/2029⁽¹⁾		$	4,531		$	4,044

						21,157
PHARMACEUTICALS - 1.4%
BellRing Brands, Inc.
7.00%, 3/15/2030⁽¹⁾			69,183			63,282
Prestige Brands, Inc.
3.75%, 4/1/2031⁽¹⁾			21,328			16,570

						79,852
REAL ESTATE - 0.4%
Realogy Group LLC
5.75%, 1/15/2029⁽¹⁾			29,421			21,220

REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%
Global Net Lease, Inc.
3.75%, 12/15/2027⁽¹⁾			50,616			39,481
Iron Mountain, Inc.
5.00%, 7/15/2028⁽¹⁾			1,919			1,650
5.25%, 7/15/2030⁽¹⁾			14,936			12,359
Necessity Retail REIT, Inc.
4.50%, 9/30/2028⁽¹⁾			31,343			23,359
Uniti Group LP
4.75%, 4/15/2028⁽¹⁾			17,806			14,066
XHR LP
4.88%, 6/1/2029⁽¹⁾			29,209			24,083

						114,998
RETAIL - 5.5%
Asbury Automotive Group, Inc.
4.63%, 11/15/2029⁽¹⁾			17,053			13,632
Bath & Body Works, Inc.
6.63%, 10/1/2030⁽¹⁾			8,389			7,298
6.75%, 7/1/2036			9,581			7,895
6.88%, 11/1/2035			23,874			19,944
Brinker International, Inc.
5.00%, 10/1/2024⁽¹⁾			25,349			24,355
Gap, Inc. (The)
3.63%, 10/1/2029⁽¹⁾			34,357			22,332
3.88%, 10/1/2031⁽¹⁾			23,637			15,027
Group 1 Automotive, Inc.
4.00%, 8/15/2028⁽¹⁾			7,540			6,071
LCM Investments Holdings II LLC
4.88%, 5/1/2029⁽¹⁾			26,332			20,391
Nordstrom, Inc.
4.00%, 3/15/2027			16,561			13,663
4.25%, 8/1/2031			7,410			5,076
4.38%, 4/1/2030			48,672			35,610
5.00%, 1/15/2044			98,226			60,777
Patrick Industries, Inc.
4.75%, 5/1/2029⁽¹⁾			6,869			5,120
Specialty Building Products Holdings LLC
6.38%, 9/30/2026⁽¹⁾			15,437			12,774
SRS Distribution, Inc.
6.00%, 12/1/2029⁽¹⁾			48,122			38,378
6.13%, 7/1/2029⁽¹⁾			2,803			2,251
Superior Plus LP
4.25%, 5/18/2028⁽¹⁾⁽²⁾			CAD 6,705			4,223
4.50%, 3/15/2029⁽¹⁾⁽²⁾			1,684			1,391

						316,208
SOFTWARE - 0.3%
Castle US Holding Corp.
9.50%, 2/15/2028⁽¹⁾			25,953			19,075

TELECOMMUNICATIONS - 5.1%
Altice France Holding SA
6.00%, 2/15/2028⁽¹⁾⁽²⁾			87,835			55,716
10.50%, 5/15/2027⁽¹⁾⁽²⁾			25,971			20,342
TELECOMMUNICATIONS (CONTINUED)
Altice France SA
5.13%, 1/15/2029⁽¹⁾⁽²⁾			8,119			5,990
5.13%, 7/15/2029⁽¹⁾⁽²⁾			8,550			6,388
5.50%, 1/15/2028⁽¹⁾⁽²⁾			7,974			6,315
5.50%, 10/15/2029⁽¹⁾⁽²⁾			98,372			74,013
Level 3 Financing, Inc.
3.75%, 7/15/2029⁽¹⁾			1,710			1,253
Maxar Technologies, Inc.
7.75%, 6/15/2027⁽¹⁾			37,548			35,290
Sprint Capital Corp.
8.75%, 3/15/2032			8,536			9,891
Vmed O2 UK Financing I plc
4.25%, 1/31/2031⁽¹⁾⁽²⁾			42,712			32,362
Zayo Group Holdings, Inc. 4.00%, 3/1/2027⁽¹⁾			25,706			20,628
6.13%, 3/1/2028⁽¹⁾			35,262			24,739

						292,927

Total corporate bonds (Cost $5,027,910)						4,204,132

BANK LOANS - 14.9%

AUTO PARTS & EQUIPMENT - 0.8%
Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 7.55%, 5/11/2028⁽³⁾			63,685			46,534

CHEMICALS - 0.5%
CPC Acquisition Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 12/29/2027⁽³⁾			38,103			29,561

COMMERCIAL SERVICES - 2.7%
Ankura Consulting Group LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), 10.78%, 3/19/2029⁽³⁾			17,830			14,977
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 8.37%, 12/21/2028⁽³⁾			29,054			26,052
Employbridge Holding Co. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 8.42%, 7/19/2028⁽³⁾			52,351			46,494
National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 9.75%, 5/26/2026⁽³⁾			7,320			7,174
New SK Holdco Sub LLC First Lien Term Loan (SOFR + 6.75%), 9.70%, 6/30/2027⁽³⁾			66,746			60,071

						154,768
ENTERTAINMENT - 0.3%
J&J Ventures Gaming LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 7.67%, 4/26/2028⁽³⁾			13,444			12,713
Lucky Bucks LLC First Lien Term Loan B
(ICE LIBOR USD 3 Month + 5.50%), 8.31%, 7/30/2027⁽³⁾			4,145			3,046
(ICE LIBOR USD 3 Month + 5.50%), 8.62%, 7/30/2027⁽³⁾			1			1

						15,760
FOOD SERVICE - 1.3%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 9.18%, 5/15/2028⁽³⁾			68,762			58,414
TKC Midco 1 LLC First Lien Term Loan 12.00% PIK, 2/15/2027			18,035			15,465

						73,879
HEALTHCARE-SERVICES - 0.5%
Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.51%, 8/31/2026⁽³⁾			33,360			31,609

HOME FURNISHINGS - 0.2%
Weber-Stephen Products LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 10/30/2027⁽³⁾			16,689			13,482

HOUSEHOLD PRODUCTS/WARES - 0.0%^{^}
VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.38%, 7/21/2028⁽³⁾			2,966			2,583


Artisan Partners Funds				55


	Principal Amount			Value
INTERNET - 0.2%
Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 12/6/2027⁽³⁾		$	11,350		$	10,179

INVESTMENT COMPANIES - 1.0%
Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 9.37%, 11/5/2029⁽³⁾			59,570			56,095

LEISURE TIME - 0.2%
NCL Corp., Ltd. First Lien Term Loan A (ICE LIBOR USD 3 Month + 1.75%), 5.42%, 1/2/2024⁽³⁾			12,637			11,808

RETAIL - 0.5%
Fogo De Chao, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 7.37%, 4/7/2025⁽³⁾			13,005			12,138
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 8.62%, 9/6/2024⁽³⁾			18,997			18,807

						30,945
SOFTWARE - 5.2%
Applied Systems, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 9.17%, 9/19/2025⁽³⁾			28,103			27,583
Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.87%, 1/29/2027⁽³⁾			4,896			3,917
CommerceHub, Inc. Second Lien Term Loan B (ICE LIBOR USD 1 Month + 7.00%), 10.12%, 12/29/2028⁽³⁾			10,610			8,409
Constant Contact, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 9.92%, 2/12/2029⁽³⁾			28,018			21,574
Ivanti Software, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 10.33%, 12/1/2028⁽³⁾			6,435			4,783
Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 8.10%, 3/1/2029⁽³⁾			21,107			19,419
Orchid Finco LLC First Lien Term Loan B (SOFR + 4.75%), 7.58%, 7/27/2027⁽³⁾			25,221			23,834
Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.77%, 5/30/2025⁽³⁾			61,929			58,755
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 10.12%, 5/29/2026⁽³⁾			36,536			34,709
UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 7.54%, 5/3/2027⁽³⁾			74,902			70,408
Virgin Pulse, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.12%, 4/6/2028⁽³⁾			34,885			30,292

						303,683
TELECOMMUNICATIONS - 0.9%
Delta Topco, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 9.34%, 12/1/2028⁽³⁾			35,575			31,128
Gridiron Fiber Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 8.17%, 10/4/2028⁽³⁾			23,726			21,457

						52,585
TRANSPORTATION - 0.6%
SIRVA Worldwide, Inc. First Lien Term Loan
(ICE LIBOR USD 3 Month + 5.50%), 8.31%, 8/4/2025⁽³⁾			6,013			5,411
(ICE LIBOR USD 3 Month + 5.50%), 8.57%, 8/4/2025⁽³⁾			4,749			4,274
(ICE LIBOR USD 3 Month + 5.50%), 8.62%, 8/4/2025⁽³⁾			26,669			24,003
(ICE LIBOR USD 3 Month + 5.50%), 9.17%, 8/4/2025⁽³⁾			800			720

						34,408

Total bank loans (Cost $962,810)						867,879

	Shares Held
COMMON STOCK - 0.4%

MISCELLANEOUS MANUFACTURING - 0.4%
Utex Equity (Cost $10,178)*⁽⁴⁾⁽⁵⁾			364			24,386
	No. of Warrants			Value
WARRANTS - 0.0%

DIVERSIFIED FINANCIAL SERVICES - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $-)*⁽⁴⁾⁽⁵⁾			71			–

	Shares Held
SHORT-TERM INVESTMENT - 10.5%

INVESTMENT COMPANY - 10.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $607,917)			607,917			607,917

Total investments - 98.2% (Cost $6,608,815)						5,704,314

Other assets less liabilities - 1.8%						104,758


Total net assets - 100.0%^#					$	5,809,072

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽²⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 2/4/2028	Finland	USD
Altice France Holding SA, 6.00%, 2/15/2028	Luxembourg	USD
Altice France Holding SA, 10.50%, 5/15/2027	Luxembourg	USD
Altice France SA, 5.13%, 1/15/2029	France	USD
Altice France SA, 5.13%, 7/15/2029	France	USD
Altice France SA, 5.50%, 1/15/2028	France	USD
Altice France SA, 5.50%, 10/15/2029	France	USD
Ardonagh Midco 2 plc, 11.50% Cash, 12.75% PIK, 1/15/2027	United Kingdom	USD
Bombardier, Inc., 6.00%, 2/15/2028	Canada	USD
Bombardier, Inc., 7.13%, 6/15/2026	Canada	USD
Consolidated Energy Finance SA, 5.63%, 10/15/2028	Switzerland	USD
Highlands Holdings Bond Issuer Ltd., 7.63% Cash, 8.38% PIK, 10/15/2025	Bermuda	USD
MEG Energy Corp., 5.88%, 2/1/2029	Canada	USD
Methanex Corp., 5.65%, 12/1/2044	Canada	USD
Methanex Corp., 5.25%, 12/15/2029	Canada	USD
Methanex Corp., 5.13%, 10/15/2027	Canada	USD
Motion Bondco DAC, 6.63%, 11/15/2027	United Kingdom	USD
Strathcona Resources Ltd., 6.88%, 8/1/2026	Canada	USD
Superior Plus LP, 4.25%, 5/18/2028	Canada	CAD
Superior Plus LP, 4.50%, 3/15/2029	Canada	USD
UPC Holding BV, 5.50%, 1/15/2028	Netherlands	USD
Virgin Media Finance plc, 5.00%, 7/15/2030	United Kingdom	USD
Virgin Media Secured Finance plc, 4.50%, 8/15/2030	United Kingdom	USD
Virgin Media Secured Finance plc, 5.50%, 5/15/2029	United Kingdom	USD
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028	United Kingdom	USD
VistaJet Malta Finance plc, 6.38%, 2/1/2030	Switzerland	USD
VistaJet Malta Finance plc, 7.88%, 5/1/2027	Switzerland	USD
Vmed O2 UK Financing I plc, 4.25%, 1/31/2031	United Kingdom	USD
Ziggo Bond Co. BV, 5.13%, 2/28/2030	Netherlands	USD
Ziggo Bond Co. BV, 6.00%, 1/15/2027	Netherlands	USD
Ziggo BV, 4.88%, 1/15/2030	Netherlands	USD

⁽³⁾

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2022.

⁽⁴⁾

Defaulted securities.

⁽⁵⁾

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 $24,386, or 0.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


56				Artisan Partners Funds


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	960,529		16.8	%
Consumer Discretionary			1,019,646		17.9
Consumer Staples			215,143		3.8
Energy			325,976		5.7
Financials			1,007,542		17.7
Health Care			171,118		3.0
Industrials			462,440		8.1
Information Technology			428,908		7.5
Materials			368,877		6.4
Real Estate			136,218		2.4
Short-Term Investment			607,917		10.7

Total investments		$	5,704,314		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	4,223		0.1	%
USD			5,700,091		99.9

Total investments		$	5,704,314		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

USD

4,284

CAD

5,852

BOA

11/28/2022

Total unrealized appreciation


FUTURES CONTRACTS
Dollar values in thousands
Description	No. of Contracts			Expiration Date		Trading Currency	Notional Amount	Notional Value				Unrealized Appreciation
Short Positions Contracts
U.S. Treasury 10 Year Note		(55	)		12/20/2022	USD		$	(5,500	)		$	(6,163	)	$	305
U.S. Treasury Long Bond		(371	)		12/20/2022	USD			(37,100	)			(46,897	)		3,984

Total unrealized depreciation											$	4,289

The Fund has recorded an asset of $253 as of September 30, 2022, related to the current day’s variation margin related to these contracts.


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Acrisure LLC		United States		3.8	%
CCO Holdings LLC		United States		3.5
NFP Corp.		United States		3.2
Carnival Corp.		United States		2.8
CSC Holdings LLC		United States		2.4
Ardonagh Midco 2 plc		United Kingdom		2.3
VistaJet Malta Finance plc		Switzerland		2.1
Medline Borrower LP		United States		2.1
Nordstrom, Inc.		United States		2.0
Sinclair Television Group, Inc.		United States		1.7

Total				25.9	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				57

Artisan International Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%

BELGIUM - 1.8%
UCB SA⁽¹⁾		1,304		$	90,157

CANADA - 6.5%
Canadian National Railway Co.		904			97,658
Canadian Pacific Railway Ltd.		2,999			200,189
Kinaxis, Inc.*		264			26,183

					324,030
DENMARK - 3.0%
Ascendis Pharma A/S, ADR*		841			86,891
Novo Nordisk A/S, ADR		82			8,179
Novo Nordisk A/S, Class B⁽¹⁾		571			56,940

					152,010
FRANCE - 13.6%
Air Liquide SA⁽¹⁾		1,387			157,987
Airbus SE⁽¹⁾		533			46,006
BNP Paribas SA⁽¹⁾		4,866			205,433
Capgemini SE⁽¹⁾		824			131,639
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		126			73,976
Pernod Ricard SA⁽¹⁾		173			31,569
Safran SA⁽¹⁾		357			32,485

					679,095
GERMANY - 14.9%
Allianz SE⁽¹⁾		271			42,962
Brenntag SE⁽¹⁾		663			40,468
Deutsche Boerse AG⁽¹⁾		1,407			231,598
Deutsche Post AG⁽¹⁾		2,701			82,198
Deutsche Telekom AG⁽¹⁾		11,188			191,789
Dr Ing hc F Porsche AG (Preference)*⁽¹⁾		550			44,472
Porsche Automobil Holding SE (Preference)⁽¹⁾		197			11,224
Volkswagen AG (Preference)⁽¹⁾		800			98,778

					743,489
INDIA - 1.6%
Reliance Industries Ltd.⁽¹⁾		2,704			78,214

IRELAND - 2.1%
Ryanair Holdings plc, Equity-Linked Security*^(1)(2)(3)		10,244			103,985

ITALY - 1.3%
Intesa Sanpaolo SpA⁽¹⁾		41,156			67,739

JAPAN - 0.6%
Toyota Industries Corp.⁽¹⁾		631			30,074

NETHERLANDS - 12.3%
Argenx SE, ADR*		510			179,951
Argenx SE*⁽¹⁾		16			5,831
ING Groep NV⁽¹⁾		14,459			123,980
Koninklijke DSM NV⁽¹⁾		354			40,128
Shell plc⁽¹⁾		10,361			257,774
Shell plc, ADR		99			4,905

					612,569
RUSSIA - 0.0%
MMC Norilsk Nickel PJSC, ADR^(1)(4)(7)		4,881			–
Sberbank of Russia PJSC*^(1)(4)(7)		38,445			–

					–
SINGAPORE - 0.6%
DBS Group Holdings Ltd.⁽¹⁾		1,239			28,654

SPAIN - 1.1%
Ferrovial SA⁽¹⁾		2,520			57,185

SWITZERLAND - 6.4%
Alcon, Inc.⁽¹⁾		1,500			86,886
Barry Callebaut AG⁽¹⁾		27			49,840
Cie Financiere Richemont SA⁽¹⁾		1,109			104,079
Medacta Group SA⁽¹⁾		356			29,969
UBS Group AG⁽¹⁾		3,384			48,890

					319,664
UNITED KINGDOM - 12.6%
BAE Systems plc⁽¹⁾		3,119			27,401
Barclays plc⁽¹⁾		93,023			148,308
Diageo plc⁽¹⁾		2,066			86,594
International Consolidated Airlines Group SA*⁽¹⁾⁽⁵⁾		24,139			25,157
Linde plc⁽¹⁾		844			230,709
Tesco plc⁽¹⁾		24,104			55,191
Unilever plc⁽¹⁾		1,291			56,821

					630,181
UNITED STATES - 17.6%
Alphabet, Inc., Class A*		1,154			110,406
Alphabet, Inc., Class C*		573			55,128
Amazon.com, Inc.*		1,297			146,553
Aon plc, Class A		598			160,314
ICON plc*		132			24,277
Nestle SA⁽¹⁾		988			106,943
Roche Holding AG⁽¹⁾		231			75,227
Schlumberger NV		5,529			198,507

					877,355

Total common stocks and equity-linked security (Cost $5,166,780)					4,794,401

SHORT-TERM INVESTMENTS - 4.5%

INVESTMENT COMPANIES - 4.5%
BlackRock Liquidity FedFund - Institutional Shares, 2.00%⁽⁶⁾		29,932			29,932
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81%		194,114			194,114


Total investment companies (Cost $224,046)					224,046

Total investments - 100.5% (Cost $5,390,826)					5,018,447

Other assets less liabilities - (0.5)%					(24,909	)


Total net assets - 100.0%^#				$	4,993,538

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,495,260, or 70.0% 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 Dates	Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc	11/14/2013 - 02/24/2022		$	190,215		$	103,985		2.1	%


58				Artisan Partners Funds

⁽³⁾

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

⁽⁴⁾

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

⁽⁵⁾

All or a portion of security is on loan at September 30, 2022.

⁽⁶⁾

At September 30, 2022, the Portfolio had loaned securities with a total value of $25,157. This was collateralized by cash of $29,932 which was subsequently invested in an investment company.

⁽⁷⁾

Security is restricted.


Security	Acquisition Dates		Cost			Value			Percentage of Total Net Assets
MMC Norilsk Nickel PJSC		01/12/2022 - 10/14/2022		$	151,723		$	–		0.0	%
Sberbank of Russia PJSC		09/16/2021 - 02/11/2022			159,810			–		0.0	%


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	357,323		7.1	%
Consumer Discretionary			479,082		9.5
Consumer Staples			386,958		7.7
Energy			539,400		10.8
Financials			1,057,878		21.1
Health Care			644,308		12.8
Industrials			742,806		14.8
Information Technology			157,822		3.1
Materials			428,824		8.6
Short-Term Investment			224,046		4.5

Total investments		$	5,018,447		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	324,030		6.5
CHF			501,834		10.0
DKK			56,940		1.1
EUR			2,038,313		40.6
GBP			657,246		13.0	%
INR			78,214		1.6
JPY			30,074		0.6
RUB			0		0.0
SGD			28,654		0.6
USD			1,303,142		26.0

Total investments		$	5,018,447		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Shell plc	Netherlands		5.3	%
Deutsche Boerse AG	Germany		4.6
Linde plc	United Kingdom		4.6
BNP Paribas SA	France		4.1
Canadian Pacific Railway Ltd.	Canada		4.0
Schlumberger NV	United States		4.0
Deutsche Telekom AG	Germany		3.8
Argenx SE	Netherlands		3.7
Alphabet, Inc.	United States		3.3
Aon plc	United States		3.2

Total			40.6	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				59

ARTISAN International Explorer FUND

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 86.7%

ARGENTINA - 4.0%
Despegar.com Corp.*		144		$	822

AUSTRALIA - 4.2%
Steadfast Group Ltd.⁽¹⁾		293			863

CANADA - 8.2%
ATS Automation Tooling Systems, Inc.*		33			879
Boyd Group Services, Inc.		1			138
Knight Therapeutics, Inc.*		138			530
Real Matters, Inc.*		42			145

					1,692
CHINA - 2.2%
China Isotope & Radiation Corp.⁽¹⁾		210			442

DENMARK - 1.0%
ALK-Abello A/S*⁽¹⁾		13			204

FRANCE - 2.0%
Alten SA⁽¹⁾		4			421

GERMANY - 6.3%
AlzChem Group AG⁽¹⁾		25			398
Hensoldt AG⁽¹⁾		45			904

					1,302
INDIA - 2.4%
Care Ratings Ltd.⁽¹⁾		80			494

INDONESIA - 4.7%
Mitra Adiperkasa Tbk. PT*⁽¹⁾		13,844			962

IRELAND - 5.2%
Glenveagh Properties plc*⁽¹⁾		1,216			1,059

ITALY - 1.3%
Enav SpA*⁽¹⁾		71			257

JAPAN - 6.9%
Horiba Ltd.⁽¹⁾		10			396
NexTone, Inc.*⁽¹⁾		11			278
Zuken, Inc.⁽¹⁾		31			743

					1,417
MEXICO - 2.8%
Qualitas Controladora SAB de CV		138			568

NORWAY - 1.0%
Sikri Holding ASA*⁽¹⁾		345			212

SOUTH AFRICA - 4.5%
Bid Corp. Ltd.⁽¹⁾		14			208
Cashbuild Ltd.⁽¹⁾		37			407
Famous Brands Ltd.⁽¹⁾		102			307

					922
SOUTH KOREA - 2.1%
Vitzrocell Co. Ltd.⁽¹⁾		58			441

SWITZERLAND - 1.1%
Medmix AG⁽¹⁾		13			229

UNITED KINGDOM - 21.0%
Essentra plc⁽¹⁾		81			162
Euromoney Institutional Investor plc⁽¹⁾		43			694
IDOX plc⁽¹⁾		1,100			792
IQE plc*⁽¹⁾		722			271
Johnson Service Group plc*⁽¹⁾		126			111
LSL Property Services plc⁽¹⁾		119			348
Luxfer Holdings plc		34			493
M&C Saatchi plc*⁽¹⁾		879			1,317
Oxford Biomedica plc*⁽¹⁾		33			125

					4,313
UNITED STATES - 5.8%
Impro Precision Industries Ltd.⁽¹⁾		2,436			611
Signify NV⁽¹⁾		22			571

					1,182

Total common stocks (Cost $20,997)					17,802

SHORT-TERM INVESTMENTS - 14.3%

INVESTMENT COMPANIES - 14.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81%		1,001			1,001
Federated Treasury Obligations Fund - Institutional Class, 2.85%		971			971
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.89%		971			971

Total investment companies (Cost $2,943)					2,943

Total investments - 101.0% (Cost $23,940)					20,745

Other assets less liabilities - (1.0)%					(209	)


Total net assets - 100.0%^#				$	20,536

⁽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 $14,227, or 69.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	2,289		11.0	%
Consumer Discretionary			3,557		17.1
Consumer Staples			208		1.0
Financials			1,925		9.3
Health Care			1,530		7.4
Industrials			4,405		21.2
Information Technology			2,835		13.7
Materials			560		2.7
Real Estate			493		2.4
Short-Term Investment			2,943		14.2

Total investments		$	20,745		100.0	%


60				Artisan Partners Funds


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
AUD		$	863		4.2	%
CAD			1,692		8.2
CHF			229		1.1
DKK			204		1.0
EUR			3,610		17.4
GBP			3,820		18.5
HKD			1,053		5.1
IDR			962		4.6
INR			494		2.4
JPY			1,417		6.8
KRW			441		2.1
MXN			568		2.7
NOK			212		1.0
USD			4,258		20.5
ZAR			922		4.4

Total investments		$	20,745		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
M&C Saatchi plc	United Kingdom		6.4	%
Glenveagh Properties plc	Ireland		5.2
Mitra Adiperkasa Tbk. PT	Indonesia		4.7
Hensoldt AG	Germany		4.4
ATS Automation Tooling Systems, Inc.	Canada		4.3
Steadfast Group Ltd.	Australia		4.2
Despegar.com Corp.	Argentina		4.0
IDOX plc	United Kingdom		3.9
Zuken, Inc.	Japan		3.6
Euromoney Institutional Investor plc	United Kingdom		3.4

Total			44.1	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				61

Artisan International Small-Mid Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.8%

AUSTRALIA - 0.1%
Telix Pharmaceuticals Ltd.*⁽¹⁾		1,566		$	4,680

BELGIUM - 0.4%
Azelis Group NV⁽¹⁾		807			17,950

BRAZIL - 1.9%
Hapvida Participacoes e Investimentos SA*		16,123			22,716
Rumo SA		7,208			24,785
Vibra Energia SA		9,079			29,084

					76,585
CANADA - 5.4%
Altus Group Ltd.		1,632			52,893
CAE, Inc.*		3,448			52,889
Descartes Systems Group, Inc. (The)*		599			38,039
Kinaxis, Inc.*		364			36,139
Lightspeed Commerce, Inc.*		1,874			32,987

					212,947
CHINA - 0.1%
Jacobio Pharmaceuticals Group Co. Ltd.*⁽¹⁾		5,766			3,068

COSTA RICA - 0.3%
Establishment Labs Holdings, Inc.*		184			10,064

DENMARK - 5.1%
ALK-Abello A/S*⁽¹⁾		1,334			20,980
Ambu A/S, Class B⁽¹⁾		4,389			37,925
Carlsberg A/S, Class B⁽¹⁾		192			22,392
DSV A/S⁽¹⁾		210			24,335
FLSmidth & Co. A/S⁽¹⁾		824			17,761
Genmab A/S*⁽¹⁾		166			53,523
Vestas Wind Systems A/S⁽¹⁾		1,329			24,362

					201,278
FINLAND - 1.8%
Metso Outotec OYJ⁽¹⁾		9,801			64,946
Revenio Group OYJ⁽¹⁾		217			8,046

					72,992
FRANCE - 3.0%
Gaztransport Et Technigaz SA⁽¹⁾		467			51,659
Lectra⁽¹⁾		1,560			43,344
Ubisoft Entertainment SA*⁽¹⁾		875			24,026

					119,029
GERMANY - 4.1%
AIXTRON SE⁽¹⁾		2,613			63,179
Carl Zeiss Meditec AG⁽¹⁾		69			7,312
Gerresheimer AG⁽¹⁾		684			33,601
Hamburger Hafen und Logistik AG⁽¹⁾		1,241			13,546
MorphoSys AG*⁽¹⁾		186			3,747
Symrise AG⁽¹⁾		438			43,123

					164,508
ICELAND - 0.4%
Ossur HF*⁽¹⁾		4,382			17,097

INDIA - 2.4%
IndiaMart InterMesh Ltd.⁽¹⁾		473			25,682
WNS Holdings Ltd., ADR*		835			68,361

					94,043
ISRAEL - 8.0%
Kornit Digital Ltd.*		2,391			63,617
Max Stock Ltd.⁽¹⁾		3,860			5,601
Nice Ltd., ADR*		907			170,738
Radware Ltd.*		1,931			42,076
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.⁽¹⁾		205			14,682
Tel Aviv Stock Exchange Ltd.⁽¹⁾		3,931			20,345

					317,059
ITALY - 1.3%
Davide Campari-Milano NV⁽¹⁾		3,178			28,188
Moncler SpA⁽¹⁾		569			23,383

					51,571
JAPAN - 13.2%
Azbil Corp.⁽¹⁾		2,511			65,526
Carenet, Inc.⁽¹⁾⁽²⁾		3,363			27,595
CKD Corp.⁽¹⁾⁽²⁾		4,057			48,288
Daikokutenbussan Co. Ltd.⁽¹⁾⁽²⁾		838			30,492
en Japan, Inc.⁽¹⁾		624			9,525
Fujitec Co. Ltd.⁽¹⁾		2,143			43,322
GMO Financial Gate, Inc.⁽¹⁾		147			12,804
Jeol Ltd.⁽¹⁾		624			20,577
Kobe Bussan Co. Ltd.⁽¹⁾		662			15,851
Money Forward, Inc.*⁽¹⁾		991			20,531
Morinaga Milk Industry Co. Ltd.⁽¹⁾		847			24,824
Raccoon Holdings, Inc.⁽¹⁾		165			1,167
Rohm Co. Ltd.⁽¹⁾		586			38,435
SCSK Corp.⁽¹⁾		613			9,196
SG Holdings Co. Ltd.⁽¹⁾		4,359			59,239
Temairazu, Inc.⁽¹⁾		321			11,662
Toshiba Corp.⁽¹⁾		2,019			71,910
Ubicom Holdings, Inc.⁽¹⁾⁽²⁾		847			12,677

					523,621
NETHERLANDS - 2.1%
IMCD NV⁽¹⁾		407			48,261
Koninklijke DSM NV⁽¹⁾		293			33,262

					81,523
SPAIN - 0.5%
Almirall SA⁽¹⁾		1,987			19,146

SWEDEN - 3.3%
AAK AB⁽¹⁾		1,207			15,909
Fortnox AB⁽¹⁾		11,588			44,957
Swedish Orphan Biovitrum AB*⁽¹⁾		3,551			68,741

					129,607
SWITZERLAND - 5.8%
Alcon, Inc.⁽¹⁾		1,263			73,123
Baloise Holding AG⁽¹⁾		284			36,267
Barry Callebaut AG⁽¹⁾		24			45,916
Belimo Holding AG⁽¹⁾		88			32,178
Burckhardt Compression Holding AG⁽¹⁾		72			26,734
Tecan Group AG⁽¹⁾		48			16,545

					230,763
THAILAND - 1.5%
Fabrinet*		628			59,988

UNITED KINGDOM - 12.4%
Alphawave IP Group plc*⁽¹⁾		11,706			17,766
Balfour Beatty plc⁽¹⁾		6,282			21,310
boohoo Group plc*⁽¹⁾		10,907			4,339
Britvic plc⁽¹⁾		3,218			25,585


62				Artisan Partners Funds


	Shares Held		Value
UNITED KINGDOM (CONTINUED)
ConvaTec Group plc⁽¹⁾		36,110		$	81,842
Howden Joinery Group plc⁽¹⁾		7,094			39,473
JD Sports Fashion plc⁽¹⁾		15,878			17,342
JET2 plc*⁽¹⁾		5,958			45,618
Oxford Biomedica plc*⁽¹⁾		1,627			6,223
Rotork plc⁽¹⁾		16,631			43,349
RS Group plc⁽¹⁾		7,362			78,561
Smiths Group plc⁽¹⁾		1,261			21,126
St. James’s Place plc⁽¹⁾		2,934			33,463
Subsea 7 SA⁽¹⁾		1,289			10,181
Trainline plc*⁽¹⁾		8,785			30,605
YouGov plc⁽¹⁾		1,645			16,031

					492,814
UNITED STATES - 18.7%
Agilysys, Inc.*		917			50,734
Alkermes plc*		1,283			28,647
Avidity Biosciences, Inc.*		251			4,092
BioCryst Pharmaceuticals, Inc.*		1,708			21,521
CyberArk Software Ltd.*		577			86,584
Envista Holdings Corp.*		1,188			38,978
Glaukos Corp.*		1,269			67,567
Ingersoll Rand, Inc.		1,144			49,503
Inspire Medical Systems, Inc.*		86			15,285
Lantheus Holdings, Inc.*		454			31,951
Legend Biotech Corp., ADR*		907			36,992
Madrigal Pharmaceuticals, Inc.*		134			8,705
MaxCyte, Inc.*		835			5,425
Model N, Inc.*⁽²⁾		2,003			68,548
Monday.com Ltd.*		100			11,299
Myriad Genetics, Inc.*		1,726			32,940
Relay Therapeutics, Inc.*		201			4,488
Seagen, Inc.*		78			10,721
STAAR Surgical Co.*		339			23,924
Varex Imaging Corp.*		1,111			23,494
Verastem, Inc.*		1,246			1,059
ViewRay, Inc.*⁽²⁾		11,030			40,149
Wolfspeed, Inc.*		767			79,288

					741,894

Total common stocks (Cost $3,979,721)					3,642,227

SHORT-TERM INVESTMENT - 7.0%

INVESTMENT COMPANY - 7.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $279,761)		279,761			279,761


Total investments - 98.8% (Cost $4,259,482)					3,921,988

Other assets less liabilities - 1.2%					46,575


Total net assets - 100.0%^#				$	3,968,563

⁽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 $2,195,957, or 55.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

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

PORTFOLIO DIVERSIFICATION

Dollar values in thousands


	Value			Percentage of Total Investments
Communication Services		$	40,057		1.0	%
Consumer Discretionary			123,183		3.2
Consumer Staples			223,839		5.7
Energy			61,840		1.6
Financials			90,075		2.3
Health Care			932,489		23.8
Industrials			968,270		24.7
Information Technology			1,073,196		27.4
Materials			76,385		1.9
Real Estate			52,893		1.3
Short-Term Investment			279,761		7.1

Total investments		$	3,921,988		100.0	%

TRADING CURRENCIES

Dollar values in thousands


	Value			Percentage of Total Investments
AUD		$	4,680		0.1	%
BRL			76,585		2.0
CAD			212,947		5.4
CHF			230,763		5.9
DKK			218,375		5.6
EUR			526,719		13.4
GBP			482,633		12.3
HKD			3,068		0.1
INR			25,682		0.7
ILS			40,628		1.0
JPY			523,621		13.3
NOK			10,181		0.3
SEK			129,607		3.3
USD			1,436,499		36.6

Total investments		$	3,921,988		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Nice Ltd.	Israel		4.3	%
CyberArk Software Ltd.	United States		2.2
ConvaTec Group plc	United Kingdom		2.1
Wolfspeed, Inc.	United States		2.0
RS Group plc	United Kingdom		2.0
Alcon, Inc.	Switzerland		1.8
Toshiba Corp.	Japan		1.8
Swedish Orphan Biovitrum AB	Sweden		1.7
Model N, Inc.	United States		1.7
WNS Holdings Ltd.	India		1.7

Total			21.3	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				63

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 93.3%

BELGIUM - 1.9%
Groupe Bruxelles Lambert NV⁽¹⁾		5,565		$	386,750

BRAZIL - 0.8%
Telefonica Brasil SA, ADR		20,904			157,199

CANADA - 6.1%
Alimentation Couche-Tard, Inc.		22,399			901,731
Suncor Energy, Inc.		11,638			327,733

					1,229,464
CHINA - 7.5%
Alibaba Group Holding Ltd.*⁽¹⁾		49,825			499,787
Anhui Conch Cement Co. Ltd., Class H⁽¹⁾		50,307			158,557
Hengan International Group Co. Ltd.⁽¹⁾		55,979			249,183
Trip.com Group Ltd.*⁽¹⁾		22,127			604,441

					1,511,968
FINLAND - 1.6%
Nokia OYJ, ADR		63,393			270,686
Nokia OYJ⁽¹⁾		14,260			60,894

					331,580
FRANCE - 9.7%
Danone SA⁽¹⁾		19,943			939,670
Safran SA⁽¹⁾		5,962			542,118
Sodexo SA⁽¹⁾		5,590			420,441
Sodexo SA (Registered Shares)*⁽¹⁾⁽²⁾		737			55,450

					1,957,679
GERMANY - 1.8%
adidas AG⁽¹⁾		1,606			186,391
Fresenius Medical Care AG & Co. KGaA⁽¹⁾		6,466			183,782

					370,173
INDIA - 4.0%
HCL Technologies Ltd.⁽¹⁾		56,082			634,192
Indus Towers Ltd.⁽¹⁾		68,515			166,016

					800,208
IRELAND - 2.6%
CRH plc⁽¹⁾		6,659			213,234
Ryanair Holdings plc*⁽¹⁾		1,846			18,734
Ryanair Holdings plc, Equity-Linked Security*^(1)(3)(4)		28,873			293,089

					525,057
ITALY - 0.1%
Iveco Group NV*⁽¹⁾		4,417			20,815

JAPAN - 2.4%
Nintendo Co. Ltd.⁽¹⁾		5,150			208,529
Seven & i Holdings Co. Ltd.⁽¹⁾		6,652			267,198

					475,727
MEXICO - 0.7%
Gruma SAB de CV, Class B		15,639			148,923

NETHERLANDS - 5.0%
ING Groep NV⁽¹⁾		50,045			429,097
Koninklijke Philips NV⁽¹⁾		24,198			373,777
Universal Music Group NV⁽¹⁾		10,304			194,233

					997,107
SOUTH KOREA - 6.7%
NAVER Corp.⁽¹⁾		2,212			294,776
Samsung Electronics Co. Ltd.⁽¹⁾		19,633			721,399
Samsung Electronics Co. Ltd. (Preference)⁽¹⁾		9,926			322,964

					1,339,139
SPAIN - 1.1%
CaixaBank SA⁽¹⁾		70,447			227,009

SWITZERLAND - 15.1%
ABB Ltd.⁽¹⁾		26,902			692,746
Cie Financiere Richemont SA⁽¹⁾		4,362			409,269
Holcim AG*⁽¹⁾		12,463			508,477
Novartis AG⁽¹⁾		13,251			1,010,148
UBS Group AG⁽¹⁾		28,532			412,178

					3,032,818
UNITED KINGDOM - 14.2%
Associated British Foods plc⁽¹⁾		15,246			212,557
Berkeley Group Holdings plc⁽¹⁾⁽⁵⁾		5,543			203,196
CNH Industrial NV⁽¹⁾		22,974			256,485
Compass Group plc⁽¹⁾		44,514			889,806
Inchcape plc⁽¹⁾		6,489			48,833
Liberty Global plc, Class A*		9,433			147,061
Liberty Global plc, Class C*		6,771			111,724
Lloyds Banking Group plc⁽¹⁾		811,826			370,895
RELX plc⁽¹⁾		23,288			568,530
RELX plc⁽¹⁾		1,784			43,269

					2,852,356
UNITED STATES - 12.0%
Arch Capital Group Ltd.*⁽⁵⁾		23,073			1,050,732
Garmin Ltd.		5,192			416,967
Sensata Technologies Holding plc⁽⁵⁾		8,750			326,188
Willis Towers Watson plc		3,071			617,141

					2,411,028

Total common stocks and equity-linked security (Cost $19,908,961)					18,775,000

SHORT-TERM INVESTMENT - 6.4%

INVESTMENT COMPANY - 6.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $1,283,119)		1,283,119			1,283,119


Total investments - 99.7% (Cost $21,192,080)					20,058,119

Other assets less liabilities - 0.3%					72,911


Total net assets - 100.0%^#				$	20,131,030

⁽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 $14,298,915, or 71.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Security is restricted.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Sodexo SA (Registered Shares)		09/01/2020		$	63,852		$	55,450		0.3	%

⁽³⁾

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 is restricted.


Security	Acquisition Dates		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013 - 09/29/2022		$	456,186		$	293,089		1.5	%

⁽⁴⁾

⁽⁵⁾

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


64				Artisan Partners Funds

OTC TOTAL RETURN SWAP

(Values in thousands)

Counterparty

Reference Entity

Payments
Made by
Fund

Payments
Received by
Fund

Frequency of
Payments
Made/Received

Counterparty

Maturity
Date

Notional Amount

Upfront
Payments
(Receipts)

Unrealized
(Depreciation)

Value

UBS

Gruma SAB de CV

Fed funds rate + 0.70% and decrease in total return of reference entity

Increase in total return of reference entity

Monthly

UBS AG

9/21/2023

USD 975

–

(498)

Total

–

(498)


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,279,538		6.4	%
Consumer Discretionary			3,734,581		18.6
Consumer Staples			2,719,262		13.6
Energy			327,733		1.6
Financials			3,493,802		17.4
Health Care			1,567,707		7.8
Industrials			2,761,974		13.8
Information Technology			2,010,135		10.0
Materials			880,268		4.4
Short-Term Investment			1,283,119		6.4

Total investments		$	20,058,119		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
CAD		$	1,229,464		6.1	%
CHF			3,032,818		15.1
EUR			4,552,149		22.7
GBP			2,293,817		11.4
HKD			1,511,968		7.5
INR			800,208		4.0
JPY			475,727		2.4
KRW			1,339,139		6.7
MXN			148,923		0.7
USD			4,673,906		23.4

Total investments		$	20,058,119		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Arch Capital Group Ltd.		United States		5.2	%
Samsung Electronics Co. Ltd.		South Korea		5.2
Novartis AG		Switzerland		5.0
Danone SA		France		4.7
Alimentation Couche-Tard, Inc.		Canada		4.5
Compass Group plc		United Kingdom		4.4
ABB Ltd.		Switzerland		3.4
HCL Technologies Ltd.		India		3.2
Willis Towers Watson plc		United States		3.1
RELX plc		United Kingdom		3.0

Total				41.7	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				65

ARTISAN Mid Cap FUND

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.1%

AUTO COMPONENTS - 1.1%
Aptiv plc*		618		$	48,363

BANKS - 3.9%
First Republic Bank		515			67,195
SVB Financial Group*		294			98,731

					165,926
BIOTECHNOLOGY - 8.9%
Argenx SE, ADR*⁽¹⁾		393			138,676
Ascendis Pharma A/S, ADR*⁽¹⁾		1,328			137,128
BioNTech SE, ADR⁽¹⁾		363			49,019
Exact Sciences Corp.*		421			13,692
Genmab A/S*⁽¹⁾⁽²⁾		122			39,259

					377,774
BUILDING PRODUCTS - 2.5%
Advanced Drainage Systems, Inc.		632			78,568
Trex Co., Inc.*		597			26,218

					104,786
CAPITAL MARKETS - 8.0%
LPL Financial Holdings, Inc.		371			81,129
MSCI, Inc.		216			90,989
Nasdaq, Inc.		2,090			118,472
Tradeweb Markets, Inc., Class A		898			50,678

					341,268
COMMUNICATIONS EQUIPMENT - 2.3%
Arista Networks, Inc.*		867			97,858

ELECTRICAL EQUIPMENT - 0.5%
Generac Holdings, Inc.*		122			21,671

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.8%
Teledyne Technologies, Inc.*		204			68,982
Trimble, Inc.*		932			50,572

					119,554
ENTERTAINMENT - 0.9%
Take-Two Interactive Software, Inc.*		349			38,081

HEALTH CARE EQUIPMENT & SUPPLIES - 2.9%
Cooper Cos., Inc. (The)		113			29,764
Dexcom, Inc.*		612			49,262
Envista Holdings Corp.*		1,314			43,109

					122,135
HEALTH CARE TECHNOLOGY - 4.2%
Veeva Systems, Inc., Class A*		1,069			176,231

HOTELS, RESTAURANTS & LEISURE - 3.0%
Chipotle Mexican Grill, Inc.*		84			125,824

INSURANCE - 1.1%
Ryan Specialty Holdings, Inc., Class A*		1,138			46,223

INTERACTIVE MEDIA & SERVICES - 3.2%
Match Group, Inc.*		1,113			53,155
ZoomInfo Technologies, Inc., Class A*		1,957			81,549

					134,704
INTERNET & DIRECT MARKETING RETAIL - 1.8%
Etsy, Inc.*		359			35,910
Global-e Online Ltd.*⁽¹⁾		1,565			41,868

					77,778
IT SERVICES - 4.2%
Global Payments, Inc.		1,468			158,666
Shopify, Inc., Class A*⁽¹⁾		755			20,342

					179,008
LIFE SCIENCES TOOLS & SERVICES - 5.9%
Agilent Technologies, Inc.		601			73,012
Azenta, Inc.		95			4,081
Evotec SE*⁽¹⁾⁽²⁾		1,118			19,671
Repligen Corp.*		342			64,031
West Pharmaceutical Services, Inc.		360			88,617

					249,412
MACHINERY - 5.1%
CNH Industrial NV⁽¹⁾		3,927			43,859
Fortive Corp.		1,041			60,716
Ingersoll Rand, Inc.		2,585			111,829

					216,404
MULTILINE RETAIL - 0.5%
Dollar Tree, Inc.*		157			21,435

PHARMACEUTICALS - 3.5%
Catalent, Inc.*		2,047			148,136

PROFESSIONAL SERVICES - 1.0%
CoStar Group, Inc.*		302			21,059
Verisk Analytics, Inc.		132			22,451

					43,510
ROAD & RAIL - 1.3%
Uber Technologies, Inc.*		2,156			57,132

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.5%
Entegris, Inc.		697			57,827
Lattice Semiconductor Corp.*		2,330			114,664
Monolithic Power Systems, Inc.		170			61,764
ON Semiconductor Corp.*		2,020			125,885

					360,140
SOFTWARE - 16.7%
Atlassian Corp. plc, Class A*		813			171,143
Bill.com Holdings, Inc.*		437			57,801
Datadog, Inc., Class A*		730			64,802
HubSpot, Inc.*		553			149,452
Synopsys, Inc.*		329			100,478
Tyler Technologies, Inc.*		152			52,726
Zscaler, Inc.*		674			110,787

					707,189
SPECIALTY RETAIL - 0.9%
Burlington Stores, Inc.*		49			5,507
Five Below, Inc.*		235			32,321

					37,828
TEXTILES, APPAREL & LUXURY GOODS - 1.4%
Lululemon Athletica, Inc.*		213			59,523

Total common stocks (Cost $3,286,013)					4,077,893

SHORT-TERM INVESTMENT - 3.0%

INVESTMENT COMPANY - 3.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $127,061)		127,061			127,061


Total investments - 99.1% (Cost $3,413,074)					4,204,954

Other assets less liabilities - 0.9%					40,269


Total net assets - 100.0%^#				$	4,245,223


66				Artisan Partners Funds

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Argenx SE	Netherlands	USD
Ascendis Pharma A/S	Denmark	USD
BioNTech SE	Germany	USD
CNH Industrial NV	United Kingdom	USD
Evotec SE	Germany	EUR
Genmab A/S	Denmark	DKK
Global-e Online Ltd.	Israel	USD
Shopify, Inc.	Canada	USD

⁽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 $58,930, or 1.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	172,786		4.1	%
Consumer Discretionary			370,751		8.8
Financials			553,417		13.2
Health Care			1,073,688		25.5
Industrials			443,504		10.6
Information Technology			1,463,747		34.8
Short-Term Investment			127,061		3.0

Total investments		$	4,204,954		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
DKK		$	39,259		0.9	%
EUR			19,671		0.5
USD			4,146,024		98.6

Total investments		$	4,204,954		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Veeva Systems, Inc.		United States		4.2	%
Atlassian Corp. plc		United States		4.0
Global Payments, Inc.		United States		3.7
HubSpot, Inc.		United States		3.5
Catalent, Inc.		United States		3.5
Argenx SE		Netherlands		3.3
Ascendis Pharma A/S		Denmark		3.2
ON Semiconductor Corp.		United States		3.0
Chipotle Mexican Grill, Inc.		United States		3.0
Nasdaq, Inc.		United States		2.8

Total				34.2	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				67

Artisan Mid Cap Value Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 97.4%

AEROSPACE & DEFENSE - 0.9%
CAE, Inc.*⁽¹⁾		749		$	11,478

AIR FREIGHT & LOGISTICS - 0.8%
Expeditors International of Washington, Inc.		123			10,904

AUTO COMPONENTS - 4.0%
BorgWarner, Inc.		825			25,908
Gentex Corp.		1,086			25,900

					51,808
BANKS - 5.1%
First Citizens BancShares, Inc., Class A		46			36,651
M&T Bank Corp.		168			29,606

					66,257
CAPITAL MARKETS - 5.2%
Carlyle Group, Inc. (The)		741			19,141
Moelis & Co., Class A		664			22,450
Northern Trust Corp.		304			26,029

					67,620
CHEMICALS - 3.5%
Celanese Corp.		185			16,754
Corteva, Inc.		510			29,125

					45,879
CONSUMER FINANCE - 2.2%
Synchrony Financial		1,009			28,434

DIVERSIFIED CONSUMER SERVICES - 1.9%
H&R Block, Inc.		591			25,135

ELECTRIC UTILITIES - 2.9%
OGE Energy Corp.		1,051			38,317

ELECTRICAL EQUIPMENT - 3.0%
nVent Electric plc		1,251			39,530

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.1%
Vontier Corp.		852			14,235

ENERGY EQUIPMENT & SERVICES - 2.8%
NOV, Inc.		2,261			36,588

ENTERTAINMENT - 4.0%
Electronic Arts, Inc.		224			25,899
Warner Bros Discovery, Inc.*		2,342			26,933

					52,832
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.9%
Lamar Advertising Co., Class A		424			34,950
Public Storage		60			17,712
STORE Capital Corp.		776			24,320

					76,982
FOOD & STAPLES RETAILING - 4.0%
Kroger Co. (The)		681			29,792
Sysco Corp.		317			22,418

					52,210
FOOD PRODUCTS - 2.4%
Tyson Foods, Inc., Class A		470			30,969

HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%
Dentsply Sirona, Inc.		526			14,920


	Shares Held		Value
HEALTH CARE PROVIDERS & SERVICES - 4.1%
AmerisourceBergen Corp.		159		$	21,488
Centene Corp.*		421			32,726

					54,214
HOTELS, RESTAURANTS & LEISURE - 7.1%
Expedia Group, Inc.*		340			31,882
Marriott International, Inc., Class A		238			33,394
Vail Resorts, Inc.		130			28,022

					93,298
INSURANCE - 7.9%
Arch Capital Group Ltd.*		956			43,533
Globe Life, Inc.		428			42,706
Progressive Corp. (The)		144			16,731

					102,970
INTERACTIVE MEDIA & SERVICES - 1.4%
IAC, Inc.*		330			18,274

MACHINERY - 1.7%
Otis Worldwide Corp.		340			21,706

MEDIA - 8.1%
Cable One, Inc.		24			20,637
Liberty Broadband Corp., Class C*		95			7,032
Liberty Media Corp.-Liberty SiriusXM, Class A*		353			13,452
Liberty Media Corp.-Liberty SiriusXM, Class C*		351			13,246
News Corp., Class A		1,757			26,547
Omnicom Group, Inc.		406			25,591

					106,505
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
Jones Lang LaSalle, Inc.*		123			18,618

ROAD & RAIL - 3.6%
AMERCO		93			47,202

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
Analog Devices, Inc.		371			51,648

SOFTWARE - 1.8%
Check Point Software Technologies Ltd.*⁽¹⁾		213			23,830

SPECIALTY RETAIL - 2.4%
AutoNation, Inc.*		309			31,501

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%
NetApp, Inc.		340			21,004

TRADING COMPANIES & DISTRIBUTORS - 1.5%
Air Lease Corp.		650			20,168

Total common stocks (Cost $903,413)					1,275,036

SHORT-TERM INVESTMENT - 1.6%

INVESTMENT COMPANY - 1.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $20,320)		20,320			20,320

Total investments - 99.0% (Cost $923,733)					1,295,356

Other assets less liabilities - 1.0%					12,611


Total net assets - 100.0%^#				$	1,307,967


68				Artisan Partners Funds

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
CAE, Inc.	Canada	USD
Check Point Software Technologies Ltd.	Israel	USD


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	177,612		13.7	%
Consumer Discretionary			201,741		15.6
Consumer Staples			83,179		6.4
Energy			36,588		2.8
Financials			265,281		20.5
Health Care			69,134		5.3
Industrials			150,988		11.7
Information Technology			110,717		8.5
Materials			45,879		3.5
Real Estate			95,600		7.4
Utilities			38,317		3.0
Short-Term Investment			20,320		1.6

Total investments		$	1,295,356		100.0	%

TOP TEN HOLDINGS
Company Name	Country			Percentage of Total Net Assets
Analog Devices, Inc.			United States		4.0	%
AMERCO			United States		3.6
Arch Capital Group Ltd.			United States		3.3
Globe Life, Inc.			United States		3.3
nVent Electric plc			United States		3.0
OGE Energy Corp.			United States		2.9
First Citizens BancShares, Inc.			United States		2.8
NOV, Inc.			United States		2.8
Lamar Advertising Co.			United States		2.7
Marriott International, Inc.			United States		2.6

Total					31.0	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				69

ARTISAN Select Equity FUND

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.3%

AIR FREIGHT & LOGISTICS - 1.4%
FedEx Corp.		3		$	411

AIRLINES - 1.8%
Southwest Airlines Co.*		17			526

AUTOMOBILES - 5.3%
Harley-Davidson, Inc.		45			1,579

BANKS - 4.7%
Citigroup, Inc.		33			1,375

CAPITAL MARKETS - 5.1%
Bank of New York Mellon Corp. (The)		39			1,513

CHEMICALS - 5.7%
Axalta Coating Systems Ltd.*		79			1,669

CONSTRUCTION MATERIALS - 4.2%
HeidelbergCement AG⁽¹⁾⁽²⁾		31			1,247

CONSUMER FINANCE - 5.0%
American Express Co.		11			1,489

DIVERSIFIED FINANCIAL SERVICES - 6.3%
Berkshire Hathaway, Inc., Class B*		7			1,857

FOOD PRODUCTS - 4.7%
Danone SA⁽¹⁾⁽²⁾		30			1,399

HEALTH CARE EQUIPMENT & SUPPLIES - 4.3%
Dentsply Sirona, Inc.		45			1,284

HEALTH CARE PROVIDERS & SERVICES - 5.6%
Elevance Health, Inc.		4			1,658

HOTELS, RESTAURANTS & LEISURE - 5.4%
Aramark		21			646
Expedia Group, Inc.*		10			955

					1,601
INSURANCE - 12.9%
Alleghany Corp.*		1			1,097
Marsh & McLennan Cos., Inc.		6			879
Progressive Corp. (The)		16			1,839

					3,815
INTERACTIVE MEDIA & SERVICES - 9.5%
Alphabet, Inc., Class A*		16			1,492
Meta Platforms, Inc., Class A*		10			1,313

					2,805
INTERNET & DIRECT MARKETING RETAIL - 4.2%
Alibaba Group Holding Ltd., ADR*⁽¹⁾		15			1,231

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
Lam Research Corp.		2			587

SPECIALTY RETAIL - 2.9%
Advance Auto Parts, Inc.		5			848

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.3%
Samsung Electronics Co. Ltd.⁽¹⁾⁽²⁾		34			1,264

Total common stocks (Cost $32,818)					28,158
SHORT-TERM INVESTMENT - 4.5%

INVESTMENT COMPANY - 4.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $1,327)		1,327		$	1,327


Total investments - 99.8% (Cost $34,145)					29,485

Other assets less liabilities - 0.2%					71


Total net assets - 100.0%^#				$	29,556

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Alibaba Group Holding Ltd.	China	USD
Danone SA	France	EUR
HeidelbergCement AG	Germany	EUR
Samsung Electronics Co. Ltd.	South Korea	KRW

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,910, or 13.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	2,805		9.5	%
Consumer Discretionary			5,259		17.8
Consumer Staples			1,399		4.7
Financials			10,049		34.1
Health Care			2,942		10.0
Industrials			937		3.2
Information Technology			1,851		6.3
Materials			2,916		9.9
Short-Term Investment			1,327		4.5

Total investments		$	29,485		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	2,646		9.0	%
KRW			1,264		4.3
USD			25,575		86.7

Total investments		$	29,485		100.0	%


70				Artisan Partners Funds


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Berkshire Hathaway, Inc.	United States		6.3	%
Progressive Corp. (The)	United States		6.2
Axalta Coating Systems Ltd.	United States		5.7
Elevance Health, Inc.	United States		5.6
Harley-Davidson, Inc.	United States		5.3
Bank of New York Mellon Corp. (The)	United States		5.1
Alphabet, Inc.	United States		5.0
American Express Co.	United States		5.0
Danone SA	France		4.7
Citigroup, Inc.	United States		4.7

Total			53.6	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				71

ARTISAN Small Cap FUND

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 99.6%

BANKS - 1.7%
Live Oak Bancshares, Inc.		446		$	13,647
Silvergate Capital Corp., Class A*		223			16,779

					30,426
BIOTECHNOLOGY - 20.7%
Argenx SE, ADR*⁽¹⁾		264			93,172
Ascendis Pharma A/S, ADR*⁽¹⁾		718			74,123
Avid Bioservices, Inc.*		657			12,568
Denali Therapeutics, Inc.*		255			7,837
Halozyme Therapeutics, Inc.*		3,466			137,065
Iovance Biotherapeutics, Inc.*		1,585			15,187
Veracyte, Inc.*		2,183			36,246

					376,198
BUILDING PRODUCTS - 3.2%
Advanced Drainage Systems, Inc.		386			47,953
Trex Co., Inc.*		239			10,502

					58,455
CAPITAL MARKETS - 1.6%
Morningstar, Inc.		136			28,823

CONSTRUCTION & ENGINEERING - 4.6%
Valmont Industries, Inc.		308			82,818

DIVERSIFIED CONSUMER SERVICES - 1.7%
Chegg, Inc.*		1,473			31,026

ELECTRICAL EQUIPMENT - 1.0%
Shoals Technologies Group, Inc., Class A*		814			17,540

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%
Novanta, Inc.*		432			49,969

FOOD PRODUCTS - 0.6%
Freshpet, Inc.*		201			10,076

HEALTH CARE EQUIPMENT & SUPPLIES - 8.7%
Envista Holdings Corp.*		398			13,069
iRhythm Technologies, Inc.*		178			22,274
Penumbra, Inc.*		62			11,790
Shockwave Medical, Inc.*		397			110,479

					157,612
HEALTH CARE PROVIDERS & SERVICES - 1.1%
Option Care Health, Inc.*		652			20,532

HOTELS, RESTAURANTS & LEISURE - 4.6%
Papa John’s International, Inc.		457			32,013
Wingstop, Inc.		405			50,776

					82,789
INTERACTIVE MEDIA & SERVICES - 0.6%
Eventbrite, Inc., Class A*		1,809			11,000

INTERNET & DIRECT MARKETING RETAIL - 1.6%
Etsy, Inc.*		149			14,900
Global-e Online Ltd.*⁽¹⁾		511			13,663
ThredUp, Inc., Class A*		695			1,279

					29,842
IT SERVICES - 0.8%
BigCommerce Holdings, Inc., Series 1*		963			14,255

LIFE SCIENCES TOOLS & SERVICES - 2.8%
Azenta, Inc.		400		$	17,144
Repligen Corp.*		176			32,995

					50,139
MACHINERY - 3.8%
Ingersoll Rand, Inc.		1,326			57,351
John Bean Technologies Corp.		52			4,506
Kornit Digital Ltd.*⁽¹⁾		279			7,418

					69,275
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.9%
Allegro MicroSystems, Inc.*⁽¹⁾		1,040			22,723
Ambarella, Inc.*		153			8,581
Lattice Semiconductor Corp.*		1,920			94,503
MACOM Technology Solutions Holdings, Inc.*		172			8,919
Monolithic Power Systems, Inc.		184			66,833
Wolfspeed, Inc.*		321			33,224

					234,783
SOFTWARE - 21.8%
Bentley Systems, Inc., Class B		743			22,742
Blackline, Inc.*		1,014			60,713
BTRS Holdings, Inc., Class 1*		1,288			11,923
Ceridian HCM Holding, Inc.*		309			17,257
Clearwater Analytics Holdings, Inc., Class A*		517			8,681
DoubleVerify Holdings, Inc.*		1,177			32,192
Freshworks, Inc., Class A*		810			10,505
Guidewire Software, Inc.*		582			35,862
HubSpot, Inc.*		85			22,837
Olo, Inc., Class A*		1,283			10,136
Paycor HCM, Inc.*		803			23,743
Procore Technologies, Inc.*		127			6,261
Q2 Holdings, Inc.*		1,003			32,309
Sprout Social, Inc., Class A*		249			15,101
Tyler Technologies, Inc.*		118			41,084
Workiva, Inc.*		563			43,801

					395,147
SPECIALTY RETAIL - 3.1%
Five Below, Inc.*		69			9,484
Floor & Decor Holdings, Inc., Class A*		419			29,434
Leslie’s, Inc.*		1,236			18,183

					57,101

Total common stocks (Cost $1,485,756)					1,807,806

Total investments - 99.6% (Cost $1,485,756)					1,807,806

Other assets less liabilities - 0.4%					7,721


Total net assets - 100.0%^#				$	1,815,527

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Allegro MicroSystems, Inc.	Japan	USD
Argenx SE	Netherlands	USD
Ascendis Pharma A/S	Denmark	USD
Global-e Online Ltd.	Israel	USD
Kornit Digital Ltd.	Israel	USD


72				Artisan Partners Funds


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	10,999		0.6	%
Consumer Discretionary			200,758		11.1
Consumer Staples			10,076		0.6
Financials			59,249		3.3
Health Care			604,481		33.4
Industrials			228,087		12.6
Information Technology			694,156		38.4

Total investments		$	1,807,806		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Halozyme Therapeutics, Inc.	United States		7.5	%
Shockwave Medical, Inc.	United States		6.1
Lattice Semiconductor Corp.	United States		5.2
Argenx SE	Netherlands		5.1
Valmont Industries, Inc.	United States		4.6
Ascendis Pharma A/S	Denmark		4.1
Monolithic Power Systems, Inc.	United States		3.7
Blackline, Inc.	United States		3.3
Ingersoll Rand, Inc.	United States		3.2
Wingstop, Inc.	United States		2.8

Total			45.6	%

Definitions of abbreviations and footnotes are detailed on page 28.

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, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.4%

ARGENTINA - 1.5%
Despegar.com Corp.*		95		$	540
Loma Negra Cia Industrial Argentina SA, ADR		61			381

					921
BRAZIL - 10.0%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		687			256
GPS Participacoes e Empreendimentos SA⁽¹⁾		387			960
Itau Unibanco Holding SA (Preference)*		250			1,296
Lojas Renner SA*		146			755
MercadoLibre, Inc.*		2			1,716
Vale SA		96			1,287

					6,270
CHILE - 1.7%
Empresa Nacional de Telecomunicaciones SA		183			519
Vina Concha y Toro SA		475			538

					1,057
CHINA - 21.9%
Alibaba Group Holding Ltd.*⁽²⁾		255			2,555
Baidu, Inc., Class A*⁽²⁾		70			1,030
Baozun, Inc., ADR*		19			117
China Traditional Chinese Medicine Holdings Co. Ltd.⁽²⁾		3,158			1,091
Estun Automation Co. Ltd., Class A⁽²⁾		645			1,711
Kingsoft Cloud Holdings Ltd., ADR*		61			122
NIO, Inc., ADR*		36			567
Noah Holdings Ltd., ADR*		28			366
Prosus NV*⁽²⁾		28			1,471
Tongwei Co. Ltd., Class A⁽²⁾		103			682
Trip.com Group Ltd.*⁽²⁾		31			848
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A*⁽²⁾		211			661
Xiabuxiabu Catering Management China Holdings Co. Ltd.⁽²⁾		253			166
Zhuzhou CRRC Times Electric Co. Ltd., Class H⁽²⁾		565			2,371

					13,758
GREECE - 2.8%
Alpha Services & Holdings SA*⁽²⁾		1,068			832
Mytilineos SA⁽²⁾		70			954

					1,786
HONG KONG - 4.2%
AIA Group Ltd.⁽²⁾		136			1,127
China High Precision Automation Group Ltd.*⁽²⁾⁽³⁾		9,066			–
Sino Biopharmaceutical Ltd.⁽²⁾		3,247			1,510

					2,637
INDIA - 11.1%
Havells India Ltd.⁽²⁾		90			1,487
ICICI Bank Ltd.⁽²⁾		240			2,509
Infosys Ltd.⁽²⁾		58			986
Reliance Industries Ltd.⁽²⁾		68			1,960

					6,942
INDONESIA - 2.5%
Bank Rakyat Indonesia Persero Tbk. PT⁽²⁾		3,493			1,028
Indofood CBP Sukses Makmur Tbk. PT⁽²⁾		907			513

					1,541
KAZAKHSTAN - 1.9%
Kaspi.KZ JSC, GDR⁽²⁾		21			1,206

MALAYSIA - 1.5%
Public Bank Bhd.⁽²⁾		1,017			924

MEXICO - 2.2%
Cemex SAB de CV*		1,101			380
Corp. Inmobiliaria Vesta SAB de CV		534			996

					1,376
PERU - 1.4%
Credicorp Ltd.		7			859

PORTUGAL - 0.7%
Jeronimo Martins SGPS SA⁽²⁾		25			467

RUSSIA - 0.0%
LUKOIL PJSC, ADR^(2)(3)(4)		19			—
MMC Norilsk Nickel PJSC, ADR^(2)(3)(4)		39			—
Ozon Holdings plc, ADR*^(2)(3)(4)		25			—
Polyus PJSC, GDR^(2)(3)(4)		24			—
Sberbank of Russia PJSC*^(2)(3)(4)		265			—
Yandex NV, Class A*^(2)(3)(4)		14			—

					—
SINGAPORE - 0.4%
Sea Ltd., ADR*		5			259

SOUTH AFRICA - 2.8%
FirstRand Ltd.⁽²⁾		298			992
MTN Group Ltd.⁽²⁾		118			773

					1,765
SOUTH KOREA - 10.3%
HYBE Co. Ltd.*⁽²⁾		5			490
Samsung Biologics Co. Ltd.*⁽²⁾		2			1,280
Samsung Electronics Co. Ltd.⁽²⁾		109			4,022
Shinhan Financial Group Co. Ltd.⁽²⁾		28			652

					6,444
TAIWAN - 16.9%
E Ink Holdings, Inc.⁽²⁾		393			2,597
MediaTek, Inc.⁽²⁾		94			1,632
Sunny Friend Environmental Technology Co. Ltd.⁽²⁾		167			795
Taiwan Semiconductor Manufacturing Co. Ltd.⁽²⁾		426			5,595

					10,619
THAILAND - 0.8%
Bangkok Bank PCL⁽²⁾		133			480

UNITED STATES - 1.3%
Globant SA*		4			817

VIETNAM - 0.5%
Vietnam Technological & Commercial Joint Stock Bank*⁽²⁾		255			344

Total common stocks (Cost $74,478)					60,472

SHORT-TERM INVESTMENT - 2.3%

INVESTMENT COMPANY - 2.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $1,473)		1,473			1,473

Total investments - 98.7% (Cost $75,951)					61,945

Other assets less liabilities - 1.3%					786


Total net assets - 100.0%^#				$	62,731


74				Artisan Partners Funds

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $47,741, or 76.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

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

⁽⁴⁾

Security is restricted.


Security	Acquisition Dates		Cost			Value			Percentage of Total Net Assets
LUKOIL PJSC		10/07/2021 - 12/23/2021		$	1,026		$	–		0.0	%
MMC Norilsk Nickel PJSC		10/07/2021 - 12/23/2021			736			–		0.0	%
Ozon Holdings plc		10/07/2021 - 12/23/2021			900			–		0.0	%
Polyus PJSC		10/07/2021 - 12/23/2021			1,320			–		0.0	%
Sberbank of Russia		10/07/2021 - 12/23/2021			772			–		0.0	%
Yandex NV		10/07/2021 - 12/31/2021			613			–		0.0	%


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	3,071		4.9	%
Consumer Discretionary			8,735		14.1
Consumer Staples			2,200		3.5
Energy			1,960		3.2
Financials			12,615		20.4
Health Care			3,881		6.3
Industrials			8,534		13.8
Information Technology			16,432		26.5
Materials			2,048		3.3
Real Estate			996		1.6
Short-Term Investment			1,473		2.4

Total investments		$	61,945		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
BRL		$	4,554		7.4	%
CLP			1,057		1.7
CNY			3,054		4.9
EUR			3,724		6.0
HKD			10,698		17.3
IDR			1,541		2.5
INR			6,942		11.2
KRW			6,444		10.4
MXN			1,376		2.2
MYR			924		1.5
THB			480		0.8
TWD			10,619		17.1
USD			8,423		13.6
VND			344		0.6
ZAR			1,765		2.8

Total investments		$	61,945		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.		Taiwan		8.9	%
Samsung Electronics Co. Ltd.		South Korea		6.4
E Ink Holdings, Inc.		Taiwan		4.1
Alibaba Group Holding Ltd.		China		4.1
ICICI Bank Ltd.		India		4.0
Zhuzhou CRRC Times Electric Co. Ltd.		China		3.8
Reliance Industries Ltd.		India		3.1
MercadoLibre, Inc.		Brazil		2.7
Estun Automation Co. Ltd.		China		2.7
MediaTek, Inc.		Taiwan		2.6

Total				42.4	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				75

Artisan Value Fund

Schedule of Investments – September 30, 2022

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 97.9%

AEROSPACE & DEFENSE - 9.6%
Airbus SE⁽¹⁾⁽²⁾		62		$	5,349
Northrop Grumman Corp.		16			7,641
Raytheon Technologies Corp.		56			4,599
Safran SA⁽¹⁾⁽²⁾		47			4,235

					21,824
AIR FREIGHT & LOGISTICS - 2.9%
FedEx Corp.		44			6,472

BANKS - 2.0%
Bank of America Corp.		148			4,483

BEVERAGES - 0.8%
Heineken Holding NV⁽¹⁾⁽²⁾		28			1,900

BIOTECHNOLOGY - 2.0%
Vertex Pharmaceuticals, Inc.*		16			4,614

CAPITAL MARKETS - 9.1%
Blackstone, Inc., Class A		53			4,405
CME Group, Inc.		20			3,605
Goldman Sachs Group, Inc. (The)		21			6,110
Morgan Stanley		83			6,563

					20,683
COMMUNICATIONS EQUIPMENT - 1.7%
Cisco Systems, Inc.		95			3,797

CONSUMER FINANCE - 2.2%
Synchrony Financial		176			4,975

DIVERSIFIED FINANCIAL SERVICES - 2.0%
Berkshire Hathaway, Inc., Class B*		17			4,562

ENERGY EQUIPMENT & SERVICES - 2.8%
Schlumberger NV		179			6,433

ENTERTAINMENT - 7.4%
Electronic Arts, Inc.		43			5,001
Netflix, Inc.*		20			4,635
Walt Disney Co. (The)*		31			2,940
Warner Bros Discovery, Inc.*		358			4,122

					16,698
HEALTH CARE EQUIPMENT & SUPPLIES - 3.5%
Koninklijke Philips NV⁽¹⁾⁽²⁾		202			3,124
Medtronic plc		58			4,708

					7,832
HEALTH CARE PROVIDERS & SERVICES - 3.3%
Cigna Corp.		27			7,436

HOTELS, RESTAURANTS & LEISURE - 9.3%
Booking Holdings, Inc.*		4			7,363
Compass Group plc⁽¹⁾⁽²⁾		385			7,695
Marriott International, Inc., Class A		43			6,054

					21,112
INSURANCE - 3.5%
Arch Capital Group Ltd.*		174			7,911

INTERACTIVE MEDIA & SERVICES - 7.7%
Alphabet, Inc., Class C*		118			11,342
Meta Platforms, Inc., Class A*		46			6,187

					17,529
IT SERVICES - 4.8%
Fiserv, Inc.*		49			4,541
Visa, Inc., Class A		36			6,459

					11,000
MEDIA - 2.6%
Comcast Corp., Class A		202			5,917

OIL, GAS & CONSUMABLE FUELS - 4.0%
EOG Resources, Inc.		81			9,037

PHARMACEUTICALS - 3.0%
Merck & Co., Inc.		80			6,853

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
NXP Semiconductors NV⁽¹⁾		30			4,400

SPECIALTY RETAIL - 2.0%
AutoNation, Inc.*		44			4,520

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.3%
Samsung Electronics Co. Ltd. (Preference)⁽¹⁾⁽²⁾		160			5,191

TOBACCO - 5.8%
Altria Group, Inc.		151			6,102
Philip Morris International, Inc.		84			6,977

					13,079
TRADING COMPANIES & DISTRIBUTORS - 1.7%
Air Lease Corp.		126			3,901

Total common stocks (Cost $180,545)					222,159

SHORT-TERM INVESTMENT - 0.8%

INVESTMENT COMPANY - 0.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81% (Cost $1,916)		1,916			1,916


Total investments - 98.7% (Cost $182,461)					224,075

Other assets less liabilities - 1.3%					3,020


Total net assets - 100.0%^#				$	227,095

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


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


76				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 $27,494, or 12.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	40,144		17.9	%
Consumer Discretionary			25,632		11.4
Consumer Staples			14,980		6.7
Energy			15,470		6.9
Financials			42,614		19.0
Health Care			26,735		11.9
Industrials			32,196		14.4
Information Technology			24,388		10.9
Short-Term Investment			1,916		0.9

Total investments		$	224,075		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	14,608		6.5	%
GBP			7,695		3.5
KRW			5,191		2.3
USD			196,581		87.7

Total investments		$	224,075		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		5.0	%
EOG Resources, Inc.	United States		4.0
Arch Capital Group Ltd.	United States		3.5
Compass Group plc	United Kingdom		3.4
Northrop Grumman Corp.	United States		3.4
Cigna Corp.	United States		3.3
Booking Holdings, Inc.	United States		3.2
Philip Morris International, Inc.	United States		3.1
Merck & Co., Inc.	United States		3.0
Morgan Stanley	United States		2.9

Total			34.8	%

Definitions of abbreviations and footnotes are detailed on page 28.

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


Artisan Partners Funds				77

Artisan Value Income Fund

Schedule of Investments – September 30, 2022

Principal amount, shares and dollar values in thousands


	Shares Held			Value
COMMON STOCKS - 89.0%

AEROSPACE & DEFENSE - 4.7%
Airbus SE⁽¹⁾⁽²⁾			1		$	110
Raytheon Technologies Corp.			2			195
Safran SA⁽¹⁾⁽²⁾			1			121

						426
BANKS - 4.1%
Bank of America Corp.			6			170
Bank of Hawaii Corp.			3			207

						377
BEVERAGES - 4.5%
Coca-Cola Co. (The)			3			183
Heineken Holding NV⁽¹⁾⁽²⁾			3			227

						410
CAPITAL MARKETS - 14.8%
Blackstone, Inc., Class A			2			147
Carlyle Group, Inc. (The)			4			113
CME Group, Inc.			1			146
Cohen & Steers, Inc.			3			168
GCM Grosvenor, Inc., Class A			18			140
Goldman Sachs Group, Inc. (The)			–^			119
Moelis & Co., Class A			5			164
Morgan Stanley			2			149
Northern Trust Corp.			2			200

						1,346
COMMUNICATIONS EQUIPMENT - 1.3%
Cisco Systems, Inc.			3			122

CONSUMER FINANCE - 1.3%
Synchrony Financial			4			119

DIVERSIFIED CONSUMER SERVICES - 2.4%
H&R Block, Inc.⁽³⁾			5			216

ELECTRIC UTILITIES - 6.3%
IDACORP, Inc.			1			105
OGE Energy Corp.			6			206
Portland General Electric Co.			3			118
PPL Corp.			6			146

						575
ELECTRICAL EQUIPMENT - 2.9%
nVent Electric plc			8			263

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 9.3%
Camden Property Trust			1			121
Lamar Advertising Co., Class A			3			287
Public Storage			1			201
STORE Capital Corp.			8			239

						848
FOOD & STAPLES RETAILING - 1.4%
Sysco Corp.			2			127

FOOD PRODUCTS - 2.1%
Tyson Foods, Inc., Class A			3			188

GAS UTILITIES - 1.6%
Atmos Energy Corp.			1			143

HEALTH CARE EQUIPMENT & SUPPLIES - 3.2%
Koninklijke Philips NV⁽¹⁾⁽²⁾			7			101
Medtronic plc			2			187

						288
HOTELS, RESTAURANTS & LEISURE - 3.8%
Compass Group plc⁽¹⁾⁽²⁾			10			196
Vail Resorts, Inc.			1			149

						345
IT SERVICES - 1.7%
Visa, Inc., Class A			1			156

MACHINERY - 2.0%
Otis Worldwide Corp.			3			182

MEDIA - 4.6%
Cable One, Inc.			–^			93
Comcast Corp., Class A			6			186
Omnicom Group, Inc.			2			141

						420
OIL, GAS & CONSUMABLE FUELS - 3.2%
EOG Resources, Inc.			3			293

PHARMACEUTICALS - 2.2%
Merck & Co., Inc.⁽³⁾			2			197

PROFESSIONAL SERVICES - 1.3%
Applus Services SA⁽¹⁾⁽²⁾			21			119

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.0%
NetApp, Inc.			3			187
Samsung Electronics Co. Ltd. (Preference)⁽¹⁾⁽²⁾			5			176

						363
TOBACCO - 6.3%
Altria Group, Inc.			7			292
Philip Morris International, Inc.			3			286

						578
Total common stocks (Cost $9,908)						8,101

	Principal Amount			Value
CORPORATE BONDS - 4.8%

AEROSPACE & DEFENSE - 2.2%
Boeing Co. (The) 1.43%, 2/4/2024		$	215			204

ENERGY EQUIPMENT & SERVICES - 1.3%
Weatherford International Ltd. 11.00%, 12/1/2024⁽⁴⁾			117			119

TRADING COMPANIES & DISTRIBUTORS - 1.3%
Air Lease Corp.
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.15%), 4.12%, 12/15/2026⁽⁵⁾⁽⁶⁾			173			119

Total corporate bonds (Cost $480)						442


78				Artisan Partners Funds


	Principal Amount			Value
CONVERTIBLE BONDS - 2.7%

MEDIA - 1.2%
Cable One, Inc.
Zero Coupon, 3/15/2026		$	78		$	59
1.13%, 3/15/2028			75			54

						113
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.5%
Redwood Trust, Inc. 7.75%, 6/15/2027⁽⁴⁾			165			132

Total convertible bonds (Cost $277)						245

	Shares Held			Value
CONVERTIBLE PREFERRED STOCK - 1.5%

HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%
Boston Scientific Corp.
Series A, 5.50%, 6/1/2023 (Cost $162)			1			142

SHORT-TERM INVESTMENTS - 2.8%

INVESTMENT COMPANIES - 2.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 2.81%			86			86
Federated Treasury Obligations Fund - Institutional Class, 2.85%			83			83
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 2.89%			83			83

Total short-term investments (Cost $252)						252

Total investments - 100.8% (Cost $11,079)						9,182

Written Option Contracts - (0.1)% (Premiums received $(5))						(8	)

Other assets less liabilities - (0.7%)						(68	)


Total net assets - 100.0%^#					$	9,106

⁽¹⁾

The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Airbus SE	France	EUR
Applus Services SA	Spain	EUR
Compass Group plc	United Kingdom	GBP
Heineken Holding NV	Netherlands	EUR
Koninklijke Philips NV	Netherlands	EUR
Safran SA	France	EUR
Samsung Electronics Co. Ltd.	South Korea	KRW

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,050, or 11.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

At September 30, 2022, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽⁴⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁵⁾

Perpetual security. The rate reflected was the rate in effect on September 30, 2022. The maturity date reflects the next call date.

⁽⁶⁾

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2022.


Artisan Partners Funds				79


WRITTEN OPTION CONTRACTS
Call Options
Dollar values in thousands except exercise price
No. of Contracts^‡		Description	Exercise Price		Notional Amount		Expiration Date	Premiums (Received) by Fund			Market Value			Unrealized (Depreciation)
	8	H&R Block, Inc.	$	37.00	$	34	10/21/22	$	(2	)	$	(5	)	$	(3	)
	8	H&R Block, Inc.		42.00		34	1/20/23		(3	)		(3	)		–^
	2	IDACORP, Inc.		115.00		20	11/18/22		–^			–^			–^
	4	Portland General Electric Co.		55.00		17	12/16/22		–^			–^			–^

	Total written option contracts							$	(5	)	$	(8	)	$	(3	)


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	533		5.8	%
Consumer Discretionary			561		6.1
Consumer Staples			1,303		14.2
Energy			412		4.5
Financials			1,974		21.5
Health Care			626		6.8
Industrials			1,314		14.3
Information Technology			641		7.0
Real Estate			848		9.2
Utilities			718		7.8
Short-Term Investment			252		2.8

Total investments		$	9,182		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
EUR		$	679		7.4	%
GBP			196		2.1
KRW			176		1.9
USD			8,131		88.6

Total investments		$	9,182		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
EOG Resources, Inc.	United States		3.2	%
Altria Group, Inc.	United States		3.2
Lamar Advertising Co.	United States		3.1
Philip Morris International, Inc.	United States		3.1
nVent Electric plc	United States		2.9
STORE Capital Corp.	United States		2.6
Heineken Holding NV	Netherlands		2.5
H&R Block, Inc.	United States		2.4
Bank of Hawaii Corp.	United States		2.3
Cable One, Inc.	United States		2.3

Total			27.6	%

Definitions of abbreviations and footnotes are detailed on page 28.

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, 2022

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS DEBT OPPORTUNITIES				FLOATING RATE				FOCUS
ASSETS:
Investments in securities, unaffiliated, at value		$	3,203,734			$	17,311			$	42,755			$	1,541,240
Short-term investments, at value			–				3,149				5,124				30,961
Total investments			3,203,734				20,460				47,879				1,572,201
Cash			26,852				–				380				13,723
Cash pledged for centrally cleared credit default swap contracts			–				336				–				–
Deposits with broker for forward contracts			–				128				–				–
Deposits with broker for futures contracts			–				182				–				–
Due from broker			–				4				–				–
Foreign currency			15,590				1				–				–
Unrealized appreciation on foreign currency forward contracts			–				176				–				9,533
Receivable from investments sold			23,617				3,504				1,447				45,498
Receivable from fund shares sold			3,412				–				1				1,012
Dividends and interest receivable			124				373				155				776
Other assets			300				2				2				77
Total assets			3,273,629				25,166				49,864				1,642,820
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			–				141				–				553
Dividends payable			–				–				1				–
Due to custodian			–				11				–				–
Payable for investments purchased			12,332				3,717				2,337				32,744
Payable for fund shares redeemed			8,132				–				101				482
Payable for variation margin on futures contracts			–				5				–				–
Payable for variation margin on centrally cleared credit default swap contracts			–				3				–				–
Payable for variation margin on centrally cleared interest rate swap contracts			–				9				–				–
Payable to the Adviser			–				–				71				–
Payable for operating expenses			1,016				73				119				401
Payable for management fees			278				7				–				133
Payable for deferred director’s compensation			265				1				2				65
Total liabilities			22,023				3,967				2,631				34,378
Total net assets		$	3,251,606			$	21,199			$	47,233			$	1,608,442
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	4,166,605			$	22,066			$	50,678			$	1,762,847
Total distributable loss			(914,999	)			(867	)			(3,445	)			(154,405	)
Total net assets		$	3,251,606			$	21,199			$	47,233			$	1,608,442
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	349,016			$	88			$	2,451			$	237,102
Advisor Shares		$	1,620,067			$	433			$	16,705			$	817,890
Institutional Shares		$	1,282,523			$	20,678			$	28,077			$	553,450
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			28,794,928				9,134				263,469				15,613,057
Advisor Shares			132,216,436				45,171				1,796,097				53,627,071
Institutional Shares			104,002,149				2,154,833				3,019,054				36,177,875
Net asset value per share
Investor Shares		$	12.12			$	9.60			$	9.30			$	15.19
Advisor Shares		$	12.25			$	9.60			$	9.30			$	15.25
Institutional Shares		$	12.33			$	9.60			$	9.30			$	15.30
Cost of total investments		$	3,205,184			$	21,985			$	50,729			$	1,581,003
Cost of foreign currency held		$	15,645			$	1			$	–			$	–

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


Artisan Partners Funds				81

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Statements of Assets and Liabilities – September 30, 2022 (Continued)

Dollar values in thousands


	GLOBAL DISCOVERY				GLOBAL EQUITY				GLOBAL OPPORTUNITIES			GLOBAL UNCONSTRAINED
ASSETS:
Investments in securities, unaffiliated, at value		$	222,183			$	167,508			$	3,039,858		$	10,724
Short-term investments, at value			9,356				2,519				107,854			5,287
Total investments			231,539				170,027				3,147,712			16,011
Cash			1,928				1,902				33,479			14
Cash pledged for centrally cleared credit default swap contracts			–				–				–			594
Deposits with broker for foreign currency forward contracts			–				–				–			338
Deposits with broker for futures contracts			–				–				–			29
Due from broker			–				–				–			3
Foreign currency			13				181				353			1
Unrealized appreciation on foreign currency forward contracts			–				–				–			127
Receivable from investments sold			559				13,053				11,717			1,152
Receivable from fund shares sold			23				2				1,741			5
Receivable for variation margin on futures contracts			–				–				–			78
Dividends and interest receivable			142				367				3,429			207
Other assets			14				19				277			1
Total assets			234,218				185,551				3,198,708			18,560
LIABILITIES:
Short positions in securities, at value			–				–				–			1,978
Unrealized depreciation on foreign currency forward contracts			–				–				–			54
Payable for investments purchased			1,506				8,143				20,799			1,398
Payable for fund shares redeemed			126				907				2,490			–
Payable for variation margin on centrally cleared credit default swap contracts			–				–				–			12
Payable for variation margin on centrally cleared interest rate swap contracts			–				–				–			2
Payable for operating expenses			153				217				870			73
Payable for management fees			20				15				235			7
Payable for deferred director’s compensation			12				18				249			1
Total liabilities			1,817				9,300				24,643			3,525
Total net assets		$	232,401			$	176,251			$	3,174,065		$	15,035
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	261,960			$	206,935			$	2,803,333		$	14,886
Total distributable earnings (loss)			(29,559	)			(30,684	)			370,732			149
Total net assets		$	232,401			$	176,251			$	3,174,065		$	15,035
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	36,925			$	66,270			$	782,904		$	466
Advisor Shares		$	13,438			$	4,027			$	625,332		$	2,011
Institutional Shares		$	182,038			$	105,954			$	1,765,829		$	12,558
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			2,610,154				4,671,281				32,192,107			46,160
Advisor Shares			947,997				283,775				25,452,631			198,939
Institutional Shares			12,777,713				7,356,112				70,828,370			1,242,210
Net asset value per share
Investor Shares		$	14.15			$	14.19			$	24.32		$	10.10
Advisor Shares		$	14.18			$	14.19			$	24.57		$	10.11
Institutional Shares		$	14.25			$	14.40			$	24.93		$	10.11
Cost of total investments		$	240,463			$	187,495			$	2,714,844		$	16,887
Cost of foreign currency held		$	13			$	184			$	353		$	1
Proceeds from short positions in securities		$	–			$	–			$	–		$	2,102

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


82				Artisan Partners Funds

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Statements of Assets and Liabilities – September 30, 2022 (Continued)

Dollar values in thousands


	GLOBAL VALUE				HIGH INCOME				INTERNATIONAL				INTERNATIONAL EXPLORER
ASSETS:
Investments in securities, unaffiliated, at value⁽²⁾		$	1,748,327			$	5,096,397			$	4,794,401			$	17,802
Short-term investments, at value			52,414				607,917				224,046				2,943
Total investments			1,800,741				5,704,314				5,018,447				20,745
Cash			14,747				47,807				56,137				–
Due from broker			–				1,672				–				–
Foreign currency			–				–				1,440				13
Unrealized appreciation on foreign currency forward contracts			–				48				–				–
Receivable from investments sold			5,726				12,920				103,072				159
Receivable from fund shares sold			3,983				11,744				2,026				6
Receivable for variation margin on futures contracts			–				253				–				–
Receivable from the Adviser			–				–				–				1
Dividends and interest receivable			7,323				85,680				22,317				14
Securities lending income receivable			–				–				166				–
Other assets			199				312				821				—	⁽¹⁾
Total assets			1,832,719				5,864,750				5,204,426				20,938
LIABILITIES:
Dividends payable			–				6,824				–				–
Payable for investments purchased			11,045				31,195				160,194				352
Payable for fund shares redeemed			2,282				15,901				17,667				–
Payable upon return of securities loaned			–				–				29,932				–
Foreign currency overdraft payable			19				–				–				–
Payable for operating expenses			915				1,159				1,933				50
Payable for management fees			149				324				387				–
Payable for deferred director’s compensation			184				275				775				–
Total liabilities			14,594				55,678				210,888				402
Total net assets		$	1,818,125			$	5,809,072			$	4,993,538			$	20,536
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	1,783,601			$	6,696,106			$	5,292,326			$	23,903
Total distributable earnings (loss)			34,524				(887,034	)			(298,788	)			(3,367	)
Total net assets		$	1,818,125			$	5,809,072			$	4,993,538			$	20,536
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	199,274			$	756,049			$	1,575,634
Advisor Shares		$	254,970			$	2,570,217			$	829,517			$	5,811
Institutional Shares		$	1,363,881			$	2,482,806			$	2,588,387			$	14,725
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			12,802,830				89,395,958				75,267,504
Advisor Shares			16,391,983				304,129,422				39,754,388				668,800
Institutional Shares			87,404,544				293,820,128				122,749,471				1,694,494
Net asset value per share
Investor Shares		$	15.56			$	8.46			$	20.93
Advisor Shares		$	15.55			$	8.45			$	20.87			$	8.69
Institutional Shares		$	15.60			$	8.45			$	21.09			$	8.69
Cost of total investments		$	1,775,664			$	6,608,815			$	5,390,826			$	23,940
Cost of foreign currency held		$	(19	)		$	–			$	1,444			$	13

⁽¹⁾

Amount rounds to less than $1

⁽²⁾

Includes value of securities on loan of $25,157 for International

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


Artisan Partners Funds				83

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Statements of Assets and Liabilities – September 30, 2022 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL-MID				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	3,414,478			$	17,194,884			$	4,077,893			$	1,275,036
Investments in securities, affiliated, at value			227,749				1,580,116				–				–
Short-term investments, at value			279,761				1,283,119				127,061				20,320
Total investments			3,921,988				20,058,119				4,204,954				1,295,356
Cash			37,128				127,350				44,359				12,018
Foreign currency			–				11,989				—	⁽¹⁾			–
Receivable from investments sold			2,261				132,213				10,523				–
Receivable from fund shares sold			5,766				43,836				4,093				420
Dividends and interest receivable			11,364				83,073				391				1,464
Other assets			190				1,222				467				209
Total assets			3,978,697				20,457,802				4,264,787				1,309,467
LIABILITIES:
Swaps contracts, at value			–				498				–				–
Payable for investments purchased			4,783				288,252				13,661				–
Payable for fund shares redeemed			3,899				21,406				4,038				629
Foreign currency overdraft payable			45				–				–				–
Payable for operating expenses			909				10,943				1,101				568
Payable for management fees			337				1,540				332				105
Payable for deferred director’s compensation			161				1,086				432				198
Payable for foreign taxes on unrealized gains			–				3,047				–				–
Total liabilities			10,134				326,772				19,564				1,500
Total net assets		$	3,968,563			$	20,131,030			$	4,245,223			$	1,307,967
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	4,498,002			$	21,098,423			$	3,530,125			$	700,088
Total distributable earnings (loss)			(529,439	)			(967,393	)			715,098				607,879
Total net assets		$	3,968,563			$	20,131,030			$	4,245,223			$	1,307,967
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	301,480			$	2,059,112			$	1,387,480			$	391,804
Advisor Shares		$	1,161,239			$	4,705,187			$	572,155			$	397,898
Institutional Shares		$	2,505,844			$	13,366,731			$	2,285,588			$	518,265
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			21,696,089				62,470,179				48,770,608				22,900,711
Advisor Shares			83,279,661				143,059,641				19,718,893				23,317,875
Institutional Shares			177,522,654				404,568,249				67,269,133				30,337,726
Net asset value per share
Investor Shares		$	13.90			$	32.96			$	28.45			$	17.11
Advisor Shares		$	13.94			$	32.89			$	29.02			$	17.06
Institutional Shares		$	14.12			$	33.04			$	33.98			$	17.08
Cost of total investments excluding affiliated issuers		$	3,964,425			$	20,031,403			$	3,413,074			$	923,733
Cost of securities of affiliated issuers held		$	295,057			$	1,160,677			$	–			$	–
Cost of foreign currency held		$	(50	)		$	12,009			$	—	⁽¹⁾		$	–

⁽¹⁾

Amount rounds to less than $1

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


84				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2022 (Continued)

Dollar values in thousands


	SELECT EQUITY				SMALL CAP				SUSTAINABLE EMERGING MARKETS				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	28,158			$	1,807,806			$	60,472			$	222,159
Short-term investments, at value			1,327				–				1,473				1,916
Total investments			29,485				1,807,806				61,945				224,075
Cash			147				14,956				431				2,195
Foreign currency			–				–				765				—	⁽¹⁾
Receivable from investments sold			–				–				–				1,885
Receivable from fund shares sold			1				1,506				167				196
Dividends and interest receivable			29				317				80				567
Other assets			6				167				13				34
Total assets			29,668				1,824,752				63,401				228,952
LIABILITIES:
Payable for investments purchased			–				–				37				1,455
Payable for fund shares redeemed			–				8,325				–				127
Payable to the Adviser			–				–				16				–
Payable for operating expenses			94				604				277				224
Payable for management fees			12				144				28				18
Payable for deferred director’s compensation			6				152				12				33
Payable for foreign taxes on unrealized gains			–				–				300				–
Total liabilities			112				9,225				670				1,857
Total net assets		$	29,556			$	1,815,527			$	62,731			$	227,095
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	33,841			$	1,876,966			$	211,380			$	151,231
Total distributable earnings (loss)			(4,285	)			(61,439	)			(148,649	)			75,864
Total net assets		$	29,556			$	1,815,527			$	62,731			$	227,095
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	2,345			$	571,380			$	12,297			$	82,183
Advisor Shares		$	1,561			$	361,941			$	26,872			$	54,633
Institutional Shares		$	25,650			$	882,206			$	23,562			$	90,279
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			238,276				20,542,128				985,525				6,835,821
Advisor Shares			158,239				12,891,216				2,154,303				4,562,313
Institutional Shares			2,613,591				30,695,543				1,854,197				7,532,985
Net asset value per share
Investor Shares		$	9.84			$	27.82			$	12.48			$	12.02
Advisor Shares		$	9.87			$	28.08			$	12.47			$	11.97
Institutional Shares		$	9.81			$	28.74			$	12.71			$	11.98
Cost of total investments		$	34,145			$	1,485,756			$	75,951			$	182,461
Cost of foreign currency held		$	–			$	–			$	776			$	—	⁽¹⁾

⁽¹⁾

Amount rounds to less than $1

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


Artisan Partners Funds				85

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Statements of Assets and Liabilities – September 30, 2022 (Continued)

Dollar values in thousands


	VALUE INCOME
ASSETS:
Investments in securities, unaffiliated, at value		$	8,930
Short-term investments, at value			252
Total investments			9,182
Foreign currency			2
Receivable from fund shares sold			25
Dividends and interest receivable			39
Other assets			1
Total assets			9,249
LIABILITIES:
Written options, at value			8	⁽¹⁾
Payable to the Adviser			42
Payable for operating expenses			76
Payable for management fees			16
Payable for deferred director’s compensation			1
Total liabilities			143
Total net assets		$	9,106
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	11,088
Total distributable loss			(1,982	)
Total net assets		$	9,106
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	733
Advisor Shares		$	1,178
Institutional Shares		$	7,195
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			89,885
Advisor Shares			144,520
Institutional Shares			882,462
Net asset value per share
Investor Shares		$	8.15
Advisor Shares		$	8.15
Institutional Shares		$	8.15
Cost of total investments		$	11,079
Cost of foreign currency held		$	2

⁽¹⁾

Written options, premiums received $5

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, 2022

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS DEBT OPPORTUNITIES⁽¹⁾				FLOATING RATE⁽²⁾				FOCUS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽³⁾		$	12,794			$	3			$	26			$	19,104
Income from non-cash dividends			7,970				–				–				–
Interest			220				599				1,812				66
Total investment income			20,984				602				1,838				19,170
EXPENSES:
Management fees			57,642				76				241				20,362
Transfer agent fees
Investor Shares			1,502				16				29				664
Advisor Shares			2,455				15				36				1,012
Institutional Shares			43				15				23				29
Shareholder Communications			239				27				27				46
Custodian fees			421				17				3				51
Accounting fees			79				1				67				72
Professional fees			284				15				31				97
Registration fees
Investor Shares			40				21				26				27
Advisor Shares			60				21				37				36
Institutional Shares			37				21				24				21
Director’s fees			197				3				4				61
Other operating expenses			223				4				7				74
Total operating expenses			63,222				252				555				22,552
Less amounts waived or paid by the Adviser			–				(141	)			(175	)			–
Total operating expenses			63,222				111				380				22,552
Net investment income (loss)			(42,238	)			491				1,458				(3,382	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(616,472	)			(96	)			(600	)			(134,890	)
Foreign currency forward contracts			–				365				–				3,082
Foreign currency related transactions			(3,285	)			(11	)			–				(153	)
Futures contracts			–				167				–				–
Written options			–				–				–				17,350
Swap contracts			–				(43	)			–				–
Total realized gain (loss)			(619,757	)			382				(600	)			(114,611	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(3,057,117	)			(1,525	)			(2,850	)			(299,398	)
Foreign currency forward contracts			–				35				–				8,501
Foreign currency related transactions			(66	)			(7	)			–				–	⁽⁴⁾
Futures contracts			–				311				–				–
Written options			–				–				–				(227	)
Swap contracts			–				(46	)			–				–
Total decrease in unrealized appreciation or depreciation			(3,057,183	)			(1,232	)			(2,850	)			(291,124	)
Net loss on investments and foreign currency related transactions			(3,676,940	)			(850	)			(3,450	)			(405,735	)
Net decrease in net assets resulting from operations		$	(3,719,178	)		$	(359	)		$	(1,992	)		$	(409,117	)

⁽¹⁾ For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽²⁾ For the period from commencement of operations (December 1, 2021) through September 30, 2022.
⁽³⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,225			$	8			$	–			$	83
⁽⁴⁾ Amount rounds to less than $1

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


Artisan Partners Funds				87

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2022 (Continued)

Dollar values in thousands


	GLOBAL DISCOVERY				GLOBAL EQUITY				GLOBAL OPPORTUNITIES				GLOBAL UNCONSTRAINED⁽¹⁾
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	1,525			$	4,141			$	40,166			$	7
Interest			9				81				356				277
Total investment income			1,534				4,222				40,522				284
EXPENSES:
Management fees			3,139				2,256				40,794				61
Transfer agent fees
Investor Shares			152				264				2,873				15
Advisor Shares			49				34				935				16
Institutional Shares			27				28				36				15
Shareholder Communications			21				22				110				27
Custodian fees			35				77				244				17
Accounting fees			79				79				79				5
Professional fees			53				60				202				16
Registration fees
Investor Shares			17				19				31				22
Advisor Shares			25				15				51				22
Institutional Shares			22				19				26				22
Director’s fees			10				8				132				3
Interest on securities sold short			–				–				–				12
Other operating expenses			19				17				156				4
Total operating expenses			3,648				2,898				45,669				257
Less amounts waived or paid by the Adviser			(23	)			(31	)			–				(159	)
Net expenses			3,625				2,867				45,669				98
Net investment income (loss)			(2,091	)			1,355				(5,147	)			186
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(18,524	)			(9,000	)			(49,639	)			(43	)
Foreign currency forward contracts			–				–				–				430
Foreign currency related transactions			26				(82	)			(502	)			(14	)
Futures contracts			–				–				–				81
Securities sold short			–				–				–				7
Swap contracts			–				–				–				(15	)
Total realized gain (loss)			(18,498	)			(9,082	)			(50,141	)			446
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽³⁾			(107,589	)			(81,813	)			(1,521,743	)			(876	)
Foreign currency forward contracts			–				–				–				73
Foreign currency related transactions			(10	)			(41	)			(120	)			(3	)
Futures contracts			–				–				–				190
Swap contracts			–				–				–				169
Securities sold short			–				–				–				124
Total decrease in unrealized appreciation or depreciation			(107,599	)			(81,854	)			(1,521,863	)			(323	)
Net gain (loss) on investments and foreign currency related transactions			(126,097	)			(90,936	)			(1,572,004	)			123
Net increase (decrease) in net assets resulting from operations		$	(128,188	)		$	(89,581	)		$	(1,577,151	)		$	309

⁽¹⁾ For the period from commencement of operations (March 31, 2022) through September 30, 2022.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	350			$	541			$	2,636			$	3
⁽³⁾ Net of increase in foreign taxes on unrealized gains			–				140				–				–

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


88				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2022 (Continued)

Dollar values in thousands


	GLOBAL VALUE				HIGH INCOME				INTERNATIONAL				INTERNATIONAL EXPLORER⁽¹⁾
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	47,170			$	2,754			$	154,200			$	92
Interest			137				410,040				13,099				–	⁽³⁾
Income from securities lending			–				–				166				–
Total investment income			47,307				412,794				167,465				92
EXPENSES:
Management fees			22,449				43,926				69,927				57
Transfer agent fees
Investor Shares			619				2,730				5,408
Advisor Shares			287				2,697				1,092				11
Institutional Shares			32				49				43				9
Shareholder Communications			35				211				86				15
Custodian fees			140				53				682				7
Accounting fees			79				227				79				5
Professional fees			129				229				398				23
Registration fees
Investor Shares			20				41				31
Advisor Shares			30				85				27				26
Institutional Shares			25				81				248				33
Director’s fees			52				182				175				2
Other operating expenses			76				218				484				1
Total operating expenses			23,973				50,729				78,680				189
Less amounts waived or paid by the Adviser			–				–				–				(116	)
Total operating expenses			23,973				50,729				78,680				73
Net investment income			23,334				362,065				88,785				19
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			95,660				75,704				182,162				(199	)
Foreign currency forward contracts			–				1,011				–				–
Foreign currency related transactions			(857	)			(251	)			(3,853	)			8
Futures contracts			–				14,566				–				–
Total realized gain (loss)			94,803				91,030				178,309				(191	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(600,098	)			(1,184,698	)			(2,603,625	)			(3,195	)
Foreign currency forward contracts			–				37				–				–
Foreign currency related transactions			(255	)			(4	)			(2,787	)			–	⁽³⁾
Futures contracts			–				441				–				–
Unfunded loan commitments			–				7				–				–
Total decrease in unrealized appreciation or depreciation			(600,353	)			(1,184,217	)			(2,606,412	)			(3,195	)
Net loss on investments and foreign currency related transactions			(505,550	)			(1,093,187	)			(2,428,103	)			(3,386	)
Net decrease in net assets resulting from operations		$	(482,216	)		$	(731,122	)		$	(2,339,318	)		$	(3,367	)

⁽¹⁾ For the period from commencement of operations (May 16, 2022) through September 30, 2022.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	3,778			$	–			$	21,986			$	7
⁽³⁾ 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 Operations – For the Year Ended September 30, 2022 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL-MID				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	46,738			$	524,816			$	12,203			$	32,439
Dividends, from affiliated issuers			3,385				3,157				–				–
Interest			908				9,414				237				62
Total investment income			51,031				537,387				12,440				32,501
EXPENSES:
Management fees			53,239				214,960				54,498				17,597
Transfer agent fees
Investor Shares			977				6,071				4,392				1,457
Advisor Shares			1,379				4,997				677				293
Institutional Shares			41				59				51				31
Shareholder Communications			438				681				139				97
Custodian fees			593				2,346				94				26
Accounting fees			79				79				57				57
Professional fees			236				712				219				88
Registration fees
Investor Shares			32				35				45				20
Advisor Shares			37				142				36				23
Institutional Shares			133				213				46				22
Director’s fees			160				635				162				44
Other operating expenses			182				669				193				71
Total operating expenses			57,526				231,599				60,609				19,826
Net investment income (loss)			(6,495	)			305,788				(48,169	)			12,675
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(129,249	)			421,460				(12,910	)			277,492
Investments, from affiliated issuers			(30,526	)			1,258				–				–
Foreign currency forward contracts			–				56,644				–				–
Foreign currency related transactions			(1,472	)			(5,636	)			(21	)			–
Total realized gain (loss)			(161,247	)			473,726				(12,931	)			277,492
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽²⁾			(1,703,098	)			(5,225,802	)			(2,500,946	)			(529,378	)
Investments, from affiliated issuers			(144,548	)			(83,625	)			–				–
Foreign currency forward contracts			–				(5,810	)			–				–
Foreign currency related transactions			(759	)			(4,309	)			(3	)			–
Swap contracts			–				(498	)			–				–
Total decrease in unrealized appreciation or depreciation			(1,848,405	)			(5,320,044	)			(2,500,949	)			(529,378	)
Net loss on investments and foreign currency related transactions			(2,009,652	)			(4,846,318	)			(2,513,880	)			(251,886	)
Net decrease in net assets resulting from operations		$	(2,016,147	)		$	(4,540,530	)		$	(2,562,049	)		$	(239,211	)

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	4,831			$	61,219			$	114			$	–
⁽²⁾ Net of decrease in foreign taxes on unrealized gains			2,211				49,707				–				–

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


90				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2022 (Continued)

Dollar values in thousands


	SELECT EQUITY				SMALL CAP				SUSTAINABLE EMERGING MARKETS				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	378			$	5,332			$	1,544			$	5,744
Income from non-cash dividends			–				–				156				–
Interest			1				82				–				11
Total investment income			379				5,414				1,700				5,755
EXPENSES:
Management fees			216				26,145				691				2,255
Transfer agent fees
Investor Shares			45				1,746				147				245
Advisor Shares			28				718				15				110
Institutional Shares			27				39				27				29
Shareholder Communications			2				165				27				33
Custodian fees			10				48				49				17
Accounting fees			57				57				79				57
Professional fees			39				147				64				47
Registration fees
Investor Shares			17				31				20				19
Advisor Shares			17				41				29				22
Institutional Shares			17				74				20				31
Director’s fees			6				93				6				7
Other operating expenses			10				102				11				19
Total operating expenses			491				29,406				1,185				2,891
Less amounts waived or paid by the Adviser			(169	)			–				(290	)			(71	)
Total operating expenses			322				29,406				895				2,820
Net investment income (loss)			57				(23,992	)			805				2,935
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽²⁾			605				(277,985	)			(240	)			45,254
Investments, from affiliated issuers			–				(30,484	)			–				–
Foreign currency related transactions			–	⁽⁴⁾			–	⁽⁴⁾			(28	)			(35	)
Total realized gain (loss)			605				(308,469	)			(268	)			45,219
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽³⁾			(8,795	)			(1,132,581	)			(32,151	)			(92,642	)
Investments, from affiliated issuers			–				8,852				–				–
Foreign currency related transactions			–	⁽⁴⁾			–				(56	)			(8	)
Total decrease in unrealized appreciation or depreciation			(8,795	)			(1,123,729	)			(32,207	)			(92,650	)
Net loss on investments and foreign currency related transactions			(8,190	)			(1,432,198	)			(32,475	)			(47,431	)
Net decrease in net assets resulting from operations		$	(8,133	)		$	(1,456,190	)		$	(31,670	)		$	(44,496	)

(1)Net of foreign taxes withheld on dividends, unaffiliated issuers		$	21			$	–			$	274			$	100
(2)Net of foreign taxes on realized gains			–				–				116				–
(3)Net of decrease in foreign taxes on unrealized gains			–				–				197				–
(4)Amount rounds to less than $1

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


Artisan Partners Funds				91

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2022 (Continued)

Dollar values in thousands


	VALUE INCOME⁽¹⁾
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	214
Interest			13
Total investment income			227
EXPENSES:
Management fees			40
Transfer agent fees
Investor Shares			17
Advisor Shares			16
Institutional Shares			16
Shareholder Communications			27
Custodian fees			3
Accounting fees			9
Professional fees			33
Registration fees
Investor Shares			23
Advisor Shares			23
Institutional Shares			23
Director’s fees			4
Other operating expenses			2
Total operating expenses			236
Less amounts waived or paid by the Adviser			(176	)
Net expenses			60
Net investment income			167
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(89	)
Foreign currency related transactions			(1	)
Written options			3
Total realized loss			(87	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,897	)
Foreign currency related transactions			–	⁽³⁾
Written options			(3	)
Total decrease in unrealized appreciation or depreciation			(1,900	)
Net loss on investments and foreign currency related transactions			(1,987	)
Net decrease in net assets resulting from operations		$	(1,820	)

(1)For the period from commencement of operations (February 28, 2022) through September 30, 2022.
(2)Net of foreign taxes withheld on dividends, unaffiliated issuers		$	3
(3)Amount rounds to less than $1

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


92				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	DEVELOPING WORLD								EMERGING MARKETS DEBT OPPORTUNITIES
	Year Ended 9/30/2022				Year Ended 9/30/2021				Period Ended 9/30/2022⁽¹⁾
OPERATIONS:
Net investment income (loss)		$	(42,238	)		$	(77,931	)		$	491
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(616,472	)			757,078				(97	)
Foreign currency forward contracts			–				–				365
Foreign currency related transactions			(3,285	)			3,120				(11	)
Futures contracts			–				–				167
Swap contracts			–				–				(43	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(3,057,117	)			341,566				(1,525	)
Foreign currency forward contracts			–				–				35
Foreign currency related transactions			(66	)			(3,194	)			(6	)
Futures contracts			–				–				311
Swap contracts			–				–				(46	)
Net increase (decrease) in net assets resulting from operations			(3,719,178	)			1,020,639				(359	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(71,898	)			(29,722	)			(2	)
Advisor Shares			(366,044	)			(174,796	)			(9	)
Institutional Shares			(246,476	)			(119,146	)			(497	)
Total distributions to shareholders			(684,418	)			(323,664	)			(508	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(1,070,988	)			1,396,872				22,066
Total increase (decrease) in net assets			(5,474,584	)			2,093,847				21,199
Net assets, beginning of year			8,726,190				6,632,343				–
Net assets, end of year		$	3,251,606			$	8,726,190			$	21,199

⁽¹⁾

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

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


	FLOATING RATE				FOCUS
	Period Ended 9/30/2022⁽¹⁾				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	1,458			$	(3,382	)		$	(7,216	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(600	)			(134,890	)			432,160
Foreign currency forward contracts			–				3,082				2,000
Foreign currency related transactions			–				(153	)			(300	)
Written options			–				17,350				(32,598	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(2,850	)			(299,398	)			8,541
Foreign currency forward contracts			–				8,501				(515	)
Foreign currency related transactions			–				–	⁽²⁾			–	⁽²⁾
Written options			–				(227	)			4,698
Net increase (decrease) in net assets resulting from operations			(1,992	)			(409,117	)			406,770
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(41	)			(52,159	)			(9,433	)
Advisor Shares			(511	)			(188,039	)			(28,018	)
Institutional Shares			(904	)			(114,170	)			(15,917	)
Total distributions to shareholders			(1,456	)			(354,368	)			(53,368	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			50,681				73,552				508,908
Total increase (decrease) in net assets			47,233				(689,933	)			862,310
Net assets, beginning of period			–				2,298,375				1,436,065
Net assets, end of period		$	47,233			$	1,608,442			$	2,298,375

⁽¹⁾

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

⁽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


	GLOBAL DISCOVERY								GLOBAL EQUITY
	Year Ended 9/30/2022				Year Ended 9/30/2021				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	(2,091	)		$	(2,078	)		$	1,355			$	(1,147	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(18,524	)			31,521				(9,000	)			54,538
Foreign currency related transactions			26				(8	)			(82	)			(17	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(107,589	)			34,557				(81,813	)			(1,162	)
Foreign currency related transactions			(10	)			(3	)			(41	)			(89	)
Net increase (decrease) in net assets resulting from operations			(128,188	)			63,989				(89,581	)			52,123
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(4,800	)			(1,150	)			(22,537	)			(16,265	)
Advisor Shares			(1,618	)			(419	)			(2,161	)			(1,575	)
Institutional Shares			(20,198	)			(3,295	)			(23,620	)			(13,513	)
Total distributions to shareholders			(26,616	)			(4,864	)			(48,318	)			(31,353	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			33,064				84,571				(19,588	)			56,071
Total increase (decrease) in net assets			(121,740	)			143,696				(157,487	)			76,841
Net assets, beginning of year			354,141				210,445				333,738				256,897
Net assets, end of year		$	232,401			$	354,141			$	176,251			$	333,738

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


Artisan Partners Funds				95

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES								GLOBAL UNCONSTRAINED
	Year Ended 9/30/2022				Year Ended 9/30/2021				Period Ended 9/30/2022⁽¹⁾
OPERATIONS:
Net investment income (loss)		$	(5,147	)		$	(6,112	)		$	186
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(49,639	)			641,893				(43	)
Foreign currency forward contracts			–				–				430
Foreign currency related transactions			(502	)			(798	)			(14	)
Securities sold short			–				–				7
Futures contracts			–				–				81
Swap contracts			–				–				(15	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,521,743	)			311,786				(876	)
Foreign currency forward contracts			–				–				73
Foreign currency related transactions			(120	)			(63	)			(3	)
Securities sold short			–				–				124
Futures contracts			–				–				190
Swap contracts			–				–				169
Net increase (decrease) in net assets resulting from operations			(1,577,151	)			946,706				309
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(152,763	)			(93,589	)			(3	)
Advisor Shares			(124,592	)			(67,331	)			(20	)
Institutional Shares			(303,744	)			(162,441	)			(137	)
Total distributions to shareholders			(581,099	)			(323,361	)			(160	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(407,198	)			333,575				14,886
Total increase (decrease) in net assets			(2,565,448	)			956,920				15,035
Net assets, beginning of year			5,739,513				4,782,593				–
Net assets, end of year		$	3,174,065			$	5,739,513			$	15,035

⁽¹⁾

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

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


96				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL VALUE								HIGH INCOME
	Year Ended 9/30/2022				Year Ended 9/30/2021				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income		$	23,334			$	22,922			$	362,065			$	339,717
Net realized gain (loss) on:
Investments, from unaffiliated issuers			95,660				222,175				75,704				204,321
Foreign currency forward contracts			–				(3,193	)			1,011				3
Foreign currency related transactions			(857	)			122				(251	)			110
Futures contracts			–				–				14,566				5,070
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(600,098	)			390,320				(1,184,698	)			184,555
Foreign currency forward contracts			–				2,416				37				(131	)
Foreign currency related transactions			(255	)			(189	)			(4	)			(5	)
Futures contracts			–				–				441				4,510
Unfunded loan commitments			–				–				7				(7	)
Net increase (decrease) in net assets resulting from operations			(482,216	)			634,573				(731,122	)			738,143
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(24,940	)			(147	)			(90,749	)			(75,911	)
Advisor Shares			(29,976	)			(256	)			(238,921	)			(158,181	)
Institutional Shares			(171,531	)			(3,054	)			(193,092	)			(100,079	)
Total distributions to shareholders			(226,447	)			(3,457	)			(522,762	)			(334,171	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			51,359				20,553				(9,127	)			1,851,345
Total increase (decrease) in net assets			(657,304	)			651,669				(1,263,011	)			2,255,317
Net assets, beginning of year			2,475,429				1,823,760				7,072,083				4,816,766
Net assets, end of year		$	1,818,125			$	2,475,429			$	5,809,072			$	7,072,083

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


Artisan Partners Funds				97

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL								INTERNATIONAL EXPLORER
	Year Ended 9/30/2022				Year Ended 9/30/2021				Period Ended 9/30/2022⁽¹⁾
OPERATIONS:
Net investment income		$	88,785			$	83,649			$	19
Net realized gain (loss) on:
Investments, from unaffiliated issuers			182,162				1,941,342				(199	)
Foreign currency related transactions			(3,853	)			(1,274	)			8
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(2,603,625	)			(579,432	)			(3,195	)
Foreign currency related transactions			(2,787	)			(3,031	)			–	⁽²⁾
Net increase (decrease) in net assets resulting from operations			(2,339,318	)			1,441,254				(3,367	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(570,026	)			(104,497	)
Advisor Shares			(322,303	)			(63,660	)			–
Institutional Shares			(947,348	)			(168,146	)			–
Total distributions to shareholders			(1,839,677	)			(336,303	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(485,489	)			(1,107,669	)			23,903
Total increase (decrease) in net assets			(4,664,484	)			(2,718	)			20,536
Net assets, beginning of year			9,658,022				9,660,740				–
Net assets, end of year		$	4,993,538			$	9,658,022			$	20,536

⁽¹⁾

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

⁽²⁾

Amount rounds to less than $1

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


98				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL-MID								INTERNATIONAL VALUE
	Year Ended 9/30/2022				Year Ended 9/30/2021				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	(6,495	)		$	(12,316	)		$	305,788			$	505,655
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(129,249	)			141,847				421,460				1,828,500
Investments, from affiliated issuers			(30,526	)			83,170				1,258				7,423
Foreign currency forward contracts			–				–				56,644				(63,027	)
Foreign currency related transactions			(1,472	)			249				(5,636	)			(2,501	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(1,703,098	)			687,694				(5,225,802	)			2,526,055
Investments, from affiliated issuers			(144,548	)			91,612				(83,625	)			159,408
Foreign currency forward contracts			–				–				(5,810	)			39,364
Foreign currency related transactions			(759	)			(82	)			(4,309	)			(843	)
Swap contracts			–				–				(498	)			–
Net increase (decrease) in net assets resulting from operations			(2,016,147	)			992,174				(4,540,530	)			5,000,034
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(14,628	)			(2,495	)			(255,824	)			(20,240	)
Advisor Shares			(51,584	)			(9,783	)			(494,136	)			(36,329	)
Institutional Shares			(107,479	)			(19,767	)			(1,481,257	)			(96,592	)
Total distributions to shareholders			(173,691	)			(32,045	)			(2,231,217	)			(153,161	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(127,455	)			1,865,301				4,796,949				3,685,045
Total increase (decrease) in net assets			(2,317,293	)			2,825,430				(1,974,798	)			8,531,918
Net assets, beginning of year			6,285,856				3,460,426				22,105,828				13,573,910
Net assets, end of year		$	3,968,563			$	6,285,856			$	20,131,030			$	22,105,828

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


Artisan Partners Funds				99

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP								MID CAP VALUE
	Year Ended 9/30/2022				Year Ended 9/30/2021				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	(48,169	)		$	(63,185	)		$	12,675			$	14,076
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(12,910	)			1,502,334				277,492				280,087
Foreign currency related transactions			(21	)			35				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(2,500,946	)			502,468				(529,378	)			418,731
Foreign currency related transactions			(3	)			(1	)			–				–
Net increase (decrease) in net assets resulting from operations			(2,562,049	)			1,941,651				(239,211	)			712,894
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(396,844	)			(315,691	)			(90,957	)			(11,628	)
Advisor Shares			(143,826	)			(102,605	)			(71,587	)			(11,843	)
Institutional Shares			(550,241	)			(523,547	)			(101,879	)			(14,906	)
Total distributions to shareholders			(1,090,911	)			(941,843	)			(264,423	)			(38,377	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			479,163				(370,460	)			(216,745	)			(324,932	)
Total increase (decrease) in net assets			(3,173,797	)			629,348				(720,379	)			349,585
Net assets, beginning of year			7,419,020				6,789,672				2,028,346				1,678,761
Net assets, end of year		$	4,245,223			$	7,419,020			$	1,307,967			$	2,028,346

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


100				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SELECT EQUITY								SMALL CAP
	Year Ended 9/30/2022				Year Ended 9/30/2021				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income (loss)		$	57			$	26			$	(23,992	)		$	(37,217	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			605				1,323				(277,985	)			450,902
Investments, from affiliated issuers			–				–				(30,484	)			(718	)
Foreign currency related transactions			–	⁽¹⁾			(1	)			–	⁽¹⁾			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(8,795	)			3,092				(1,132,581	)			328,802
Investments, from affiliated issuers			–				–				8,852				(8,310	)
Foreign currency related transactions			–	⁽¹⁾			–	⁽¹⁾			–				–
Net increase (decrease) in net assets resulting from operations			(8,133	)			4,440				(1,456,190	)			733,459
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(142	)			–				(106,455	)			(58,000	)
Advisor Shares			(86	)			–				(131,363	)			(63,020	)
Institutional Shares			(987	)			(67	)			(157,713	)			(72,018	)
Total distributions to shareholders			(1,215	)			(67	)			(395,531	)			(193,038	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			14,298				7,206				(380,807	)			505,642
Total increase (decrease) in net assets			4,950				11,579				(2,232,528	)			1,046,063
Net assets, beginning of year			24,606				13,027				4,048,055				3,001,992
Net assets, end of year		$	29,556			$	24,606			$	1,815,527			$	4,048,055

⁽¹⁾

Amount rounds to less than $1

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


Artisan Partners Funds				101

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SUSTAINABLE EMERGING MARKETS								VALUE
	Year Ended 9/30/2022				Year Ended 9/30/2021				Year Ended 9/30/2022				Year Ended 9/30/2021
OPERATIONS:
Net investment income		$	805			$	265			$	2,935			$	2,788
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(240	)			2,303				45,254				42,350
Foreign currency related transactions			(28	)			(5	)			(35	)			(16	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(32,151	)			7,333				(92,642	)			66,645
Foreign currency related transactions			(56	)			(7	)			(8	)			(2	)
Net increase (decrease) in net assets resulting from operations			(31,670	)			9,889				(44,496	)			111,765
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(659	)			(900	)			(12,565	)			(6,500	)
Advisor Shares			–								(11,837	)			(7,059	)
Institutional Shares			(89	)			(92	)			(19,119	)			(10,777	)
Total distributions to shareholders			(748	)			(992	)			(43,521	)			(24,336	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			23,380				9,636				(56,154	)			(2,355	)
Total increase (decrease) in net assets			(9,038	)			18,533				(144,171	)			85,074
Net assets, beginning of year			71,769				53,236				371,266				286,192
Net assets, end of year		$	62,731			$	71,769			$	227,095			$	371,266

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


102				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


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

⁽¹⁾

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

⁽²⁾

Amount rounds to less than $1

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
DEVELOPING WORLD FUND
Investor Shares
9/30/2022	$	25.55		(0.17	)		(11.19	)		(11.36	)		—			(2.07	)		(2.07	)	$	12.12
9/30/2021	$	22.98		(0.29	)		3.97			3.68			—			(1.11	)		(1.11	)	$	25.55
9/30/2020	$	13.44		(0.17	)		9.71			9.54			—			—			—		$	22.98
9/30/2019	$	11.17		(0.07	)		2.34			2.27			—	⁽⁵⁾		—			—	⁽⁵⁾	$	13.44
9/30/2018	$	12.83		—	⁽⁵⁾		(1.23	)		(1.23	)		(0.02	)		(0.41	)		(0.43	)	$	11.17
Advisor Shares
9/30/2022	$	25.77		(0.14	)		(11.31	)		(11.45	)		—			(2.07	)		(2.07	)	$	12.25
9/30/2021	$	23.13		(0.24	)		3.99			3.75			—			(1.11	)		(1.11	)	$	25.77
9/30/2020	$	13.51		(0.14	)		9.76			9.62			—			—			—		$	23.13
9/30/2019	$	11.21		(0.03	)		2.34			2.31			(0.01	)		—			(0.01	)	$	13.51
9/30/2018	$	12.87		0.03			(1.25	)		(1.22	)		(0.03	)		(0.41	)		(0.44	)	$	11.21
Institutional Shares
9/30/2022	$	25.90		(0.12	)		(11.38	)		(11.50	)		—			(2.07	)		(2.07	)	$	12.33
9/30/2021	$	23.22		(0.22	)		4.01			3.79			—			(1.11	)		(1.11	)	$	25.90
9/30/2020	$	13.55		(0.13	)		9.80			9.67			—	⁽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
EMERGING MARKETS DEBT OPPORTUNITIES FUND
Investor Shares
9/30/2022⁽⁶⁾	$	10.00		0.24			(0.41	)		(0.17	)		(0.23	)		—			(0.23	)	$	9.60
Advisor Shares
9/30/2022⁽⁶⁾	$	10.00		0.24			(0.41	)		(0.17	)		(0.23	)		—			(0.23	)	$	9.60
Institutional Shares
9/30/2022⁽⁶⁾	$	10.00		0.23			(0.39	)		(0.16	)		(0.24	)		—			(0.24	)	$	9.60
FLOATING RATE FUND
Investor Shares
9/30/2022⁽⁷⁾	$	10.00		0.32			(0.72	)		(0.40	)		(0.30	)		—			(0.30	)	$	9.30
Advisor Shares
9/30/2022⁽⁷⁾	$	10.00		0.33			(0.72	)		(0.39	)		(0.31	)		—			(0.31	)	$	9.30
Institutional Shares
9/30/2022⁽⁷⁾	$	10.00		0.33			(0.72	)		(0.39	)		(0.31	)		—			(0.31	)	$	9.30
FOCUS FUND
Investor Shares
9/30/2022	$	22.30		(0.06	)		(3.61	)		(3.67	)		—			(3.44	)		(3.44	)	$	15.19
9/30/2021	$	18.34		(0.11	)		4.73			4.62			—			(0.66	)		(0.66	)	$	22.30
9/30/2020	$	15.63		(0.06	)		3.35			3.29			(0.04	)		(0.54	)		(0.58	)	$	18.34
9/30/2019	$	14.39		(0.01	)		1.70			1.69			—	⁽⁵⁾		(0.45	)		(0.45	)	$	15.63
9/30/2018	$	11.79		(0.04	)		3.82			3.78			—			(1.18	)		(1.18	)	$	14.39
Advisor Shares
9/30/2022	$	22.36		(0.03	)		(3.64	)		(3.67	)		—			(3.44	)		(3.44	)	$	15.25
9/30/2021	$	18.36		(0.08	)		4.74			4.66			—			(0.66	)		(0.66	)	$	22.36
9/30/2020	$	15.66		(0.04	)		3.35			3.31			(0.07	)		(0.54	)		(0.61	)	$	18.36
9/30/2019	$	14.39		0.01			1.71			1.72			—			(0.45	)		(0.45	)	$	15.66
9/30/2018⁽⁹⁾	$	13.82		—	⁽⁵⁾		0.57			0.57			—			—			—		$	14.39
Institutional Shares
9/30/2022	$	22.40		(0.02	)		(3.64	)		(3.66	)		—			(3.44	)		(3.44	)	$	15.30
9/30/2021	$	18.37		(0.06	)		4.75			4.69			—			(0.66	)		(0.66	)	$	22.40
9/30/2020⁽¹⁰⁾	$	16.37		(0.01	)		2.01			2.00			—			—			—		$	18.37


104				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return^(2)(18)			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
9/30/2022		(48.39	)%	$	349,016		1.28	%		n/a			(0.92	)%		87.26	%
9/30/2021		16.15	%	$	899,701		1.26	%		n/a			(1.09	)%		126.20	%
9/30/2020		71.06	%	$	643,044		1.28	%		n/a			(0.96	)%		138.63	%
9/30/2019		20.33	%	$	255,336		1.35	%		n/a			(0.56	)%		159.86	%
9/30/2018		(9.99	)%	$	477,908		1.36	%		n/a			(0.02	)%		121.12	%
Advisor Shares
9/30/2022		(48.32	)%	$	1,620,067		1.11	%		n/a			(0.75	)%		87.26	%
9/30/2021		16.35	%	$	4,648,125		1.09	%		n/a			(0.92	)%		126.20	%
9/30/2020		71.28	%	$	3,513,504		1.13	%		n/a			(0.81	)%		138.63	%
9/30/2019		20.59	%	$	1,585,519		1.18	%		n/a			(0.23	)%		159.86	%
9/30/2018		(9.87	)%	$	1,031,825		1.18	%		n/a			0.22	%		121.12	%
Institutional Shares
9/30/2022		(48.27	)%	$	1,282,523		1.03	%		n/a			(0.66	)%		87.26	%
9/30/2021		16.46	%	$	3,178,364		1.00	%		n/a			(0.83	)%		126.20	%
9/30/2020		71.45	%	$	2,475,795		1.04	%		n/a			(0.72	)%		138.63	%
9/30/2019		20.71	%	$	820,920		1.08	%		n/a			(0.15	)%		159.86	%
9/30/2018		(9.80	)%	$	681,242		1.08	%		n/a			0.29	%		121.12	%
EMERGING MARKETS DEBT OPPORTUNITIES FUND
Investor Shares
9/30/2022⁽⁶⁾		(1.72	)%	$	88		1.25	%		170.55	%		5.07	%		38.16	%
Advisor Shares
9/30/2022⁽⁶⁾		(1.78	)%	$	433		1.15	%		28.37	%		5.02	%		38.16	%
Institutional Shares
9/30/2022⁽⁶⁾		(1.65	)%	$	20,678		1.10	%		1.57	%		4.84	%		38.16	%
FLOATING RATE FUND
Investor Shares
9/30/2022⁽⁷⁾		(4.17	)%	$	2,451		1.20	%		7.19	%		4.02	%		48.90	%
Advisor Shares
9/30/2022⁽⁷⁾		(4.09	)%	$	16,705		1.10	%		1.61	%		4.16	%		48.90	%
Institutional Shares
9/30/2022⁽⁷⁾		(4.07	)%	$	28,077		1.05	%		1.27	%		4.10	%		48.90	%
FOCUS FUND
Investor Shares
9/30/2022		(20.76	)%	$	237,102		1.24	%		n/a			(0.31	)%		240.40	%
9/30/2021		25.70	%	$	340,450		1.25	%		n/a			(0.52	)%		316.74	%
9/30/2020		21.76	%	$	262,246		1.30	%		n/a			(0.39	)%		285.25	%
9/30/2019		12.35	%	$	170,186		1.37	%		n/a			(0.07	)%		368.38	%
9/30/2018		34.31	%	$	79,673		1.51	%⁽⁸⁾		1.70	%⁽⁸⁾		(0.27	)%		355.37	%
Advisor Shares
9/30/2022		(20.60	)%	$	817,890		1.10	%		n/a			(0.17	)%		240.40	%
9/30/2021		25.84	%	$	1,219,909		1.10	%		n/a			(0.36	)%		316.74	%
9/30/2020		21.98	%	$	735,871		1.13	%		n/a			(0.26	)%		285.25	%
9/30/2019		12.49	%	$	521,293		1.17	%		n/a			0.04	%		368.38	%
9/30/2018⁽⁹⁾		4.12	%	$	38,135		1.40	%⁽⁸⁾		2.74	%⁽⁸⁾		0.16	%		355.37	%
Institutional Shares
9/30/2022		(20.56	)%	$	553,450		1.01	%		n/a			(0.08	)%		240.40	%
9/30/2021		25.93	%	$	738,016		1.01	%		n/a			(0.27	)%		316.74	%
9/30/2020⁽¹⁰⁾		12.28	%	$	437,948		1.04	%		n/a			(0.14	)%		285.25	%


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
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2022	$	23.07		(0.17	)		(7.02	)		(7.19	)		—			(1.73	)		(1.73	)	$	14.15
9/30/2021	$	18.40		(0.20	)		5.27			5.07			—			(0.40	)		(0.40	)	$	23.07
9/30/2020	$	13.39		(0.13	)		5.14			5.01			—			—			—		$	18.40
9/30/2019	$	12.40		(0.08	)		1.07			0.99			—			—			—		$	13.39
9/30/2018	$	10.32		(0.09	)		2.23			2.14			—	⁽⁵⁾		(0.06	)		(0.06	)	$	12.40
Advisor Shares
9/30/2022	$	23.09		(0.16	)		(7.02	)		(7.18	)		—			(1.73	)		(1.73	)	$	14.18
9/30/2021	$	18.41		(0.19	)		5.27			5.08			—			(0.40	)		(0.40	)	$	23.09
9/30/2020⁽¹⁰⁾	$	14.96		(0.08	)		3.53			3.45			—			—			—		$	18.41
Institutional Shares
9/30/2022	$	23.15		(0.11	)		(7.06	)		(7.17	)		—			(1.73	)		(1.73	)	$	14.25
9/30/2021	$	18.41		(0.14	)		5.28			5.14			—			(0.40	)		(0.40	)	$	23.15
9/30/2020⁽¹⁰⁾	$	14.96		(0.07	)		3.52			3.45			—			—			—		$	18.41
GLOBAL EQUITY FUND
Investor Shares
9/30/2022	$	24.46		0.06			(6.59	)		(6.53	)		—			(3.74	)		(3.74	)	$	14.19
9/30/2021	$	23.03		(0.11	)		4.33			4.22			—			(2.79	)		(2.79	)	$	24.46
9/30/2020	$	20.60		(0.05	)		4.26			4.21			—			(1.78	)		(1.78	)	$	23.03
9/30/2019	$	22.66		(0.02	)		1.02			1.00			(0.03	)		(3.03	)		(3.06	)	$	20.60
9/30/2018	$	19.60		0.03			3.17			3.20			—			(0.14	)		(0.14	)	$	22.66
Advisor Shares
9/30/2022	$	24.46		0.03			(6.56	)		(6.53	)		—			(3.74	)		(3.74	)	$	14.19
9/30/2021	$	23.04		(0.11	)		4.32			4.21			—			(2.79	)		(2.79	)	$	24.46
9/30/2020⁽¹¹⁾	$	22.81		(0.02	)		0.25			0.23			—			—			—		$	23.04
Institutional Shares
9/30/2022	$	24.72		0.13			(6.71	)		(6.58	)		—			(3.74	)		(3.74	)	$	14.40
9/30/2021	$	23.21		(0.06	)		4.36			4.30			—			(2.79	)		(2.79	)	$	24.72
9/30/2020	$	20.71		(0.03	)		4.32			4.29			(0.01	)		(1.78	)		(1.79	)	$	23.21
9/30/2019	$	22.80		0.02			1.01			1.03			(0.09	)		(3.03	)		(3.12	)	$	20.71
9/30/2018	$	19.66		0.10			3.18			3.28			—			(0.14	)		(0.14	)	$	22.80
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2022	$	39.09		(0.08	)		(10.71	)		(10.79	)		—			(3.98	)		(3.98	)	$	24.32
9/30/2021	$	34.89		(0.10	)		6.70			6.60			—			(2.40	)		(2.40	)	$	39.09
9/30/2020	$	27.06		(0.06	)		9.80			9.74			—			(1.91	)		(1.91	)	$	34.89
9/30/2019	$	27.66		(0.01	)		1.01			1.00			—			(1.60	)		(1.60	)	$	27.06
9/30/2018	$	25.69		(0.03	)		3.07			3.04			—			(1.07	)		(1.07	)	$	27.66
Advisor Shares
9/30/2022	$	39.40		(0.04	)		(10.81	)		(10.85	)		—			(3.98	)		(3.98	)	$	24.57
9/30/2021	$	35.10		(0.05	)		6.75			6.70			—			(2.40	)		(2.40	)	$	39.40
9/30/2020	$	27.21		(0.03	)		9.86			9.83			(0.03	)		(1.91	)		(1.94	)	$	35.10
9/30/2019	$	27.76		0.03			1.02			1.05			—			(1.60	)		(1.60	)	$	27.21
9/30/2018	$	25.75		0.01			3.07			3.08			—			(1.07	)		(1.07	)	$	27.76
Institutional Shares
9/30/2022	$	39.89		(0.01	)		(10.97	)		(10.98	)		—			(3.98	)		(3.98	)	$	24.93
9/30/2021	$	35.47		(0.01	)		6.83			6.82			—			(2.40	)		(2.40	)	$	39.89
9/30/2020	$	27.47		—	⁽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


106				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return^(2)(18)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2022		(33.87	)%	$	36,925		1.38	%		n/a			(0.91	)%		59.23	%
9/30/2021		27.93	%	$	63,547		1.38	%		n/a			(0.96	)%		47.02	%
9/30/2020		37.42	%	$	106,480		1.35	%		n/a			(0.89	)%		40.44	%
9/30/2019		7.98	%	$	107,323		1.40	%		n/a			(0.62	)%		52.30	%
9/30/2018		20.90	%	$	75,321		1.50	%		1.71	%		(0.75	)%		38.71	%
Advisor Shares
9/30/2022		(33.79	)%	$	13,438		1.30	%		1.41	%		(0.84	)%		59.23	%
9/30/2021		27.97	%	$	19,954		1.30	%		1.40	%		(0.88	)%		47.02	%
9/30/2020⁽¹⁰⁾		23.06	%	$	19,698		1.30	%		1.74	%		(0.73	)%		40.44	%
Institutional Shares
9/30/2022		(33.65	)%	$	182,038		1.06	%		n/a			(0.58	)%		59.23	%
9/30/2021		28.30	%	$	270,640		1.08	%		n/a			(0.63	)%		47.02	%
9/30/2020⁽¹⁰⁾		23.06	%	$	84,267		1.20	%		n/a			(0.62	)%		40.44	%
GLOBAL EQUITY FUND
Investor Shares
9/30/2022		(31.48	)%	$	66,270		1.28	%		n/a			0.33	%		92.81	%
9/30/2021		19.70	%	$	151,122		1.26	%		n/a			(0.47	)%		119.10	%
9/30/2020		21.90	%	$	134,498		1.26	%		n/a			(0.27	)%		137.93	%
9/30/2019		6.90	%	$	118,936		1.38	%		n/a			(0.09	)%		91.33	%
9/30/2018		16.38	%	$	123,225		1.36	%		n/a			0.13	%		120.14	%
Advisor Shares
9/30/2022		(31.48	)%	$	4,027		1.25	%		1.61	%		0.14	%		92.81	%
9/30/2021		19.64	%	$	14,273		1.25	%		1.62	%		(0.46	)%		119.10	%
9/30/2020⁽¹¹⁾		1.01	%	$	13,092		1.25	%		2.51	%		(0.53	)%		137.93	%
Institutional Shares
9/30/2022		(31.34	)%	$	105,954		1.04	%		n/a			0.72	%		92.81	%
9/30/2021		19.91	%	$	168,343		1.05	%		n/a			(0.24	)%		119.10	%
9/30/2020		22.17	%	$	109,307		1.05	%		n/a			(0.12	)%		137.93	%
9/30/2019		7.10	%	$	136,019		1.16	%		n/a			0.09	%		91.33	%
9/30/2018		16.73	%	$	196,802		1.10	%		n/a			0.45	%		120.14	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2022		(31.13	)%	$	782,904		1.14	%		n/a			(0.26	)%		37.32	%
9/30/2021		19.89	%	$	1,514,576		1.13	%		n/a			(0.27	)%		44.44	%
9/30/2020		38.37	%	$	1,358,867		1.14	%		n/a			(0.23	)%		44.27	%
9/30/2019		4.85	%	$	1,052,916		1.15	%		n/a			(0.02	)%		48.64	%
9/30/2018		12.19	%	$	1,176,471		1.15	%		n/a			(0.13	)%		44.27	%
Advisor Shares
9/30/2022		(31.03	)%	$	625,332		1.00	%		n/a			(0.13	)%		37.32	%
9/30/2021		20.07	%	$	1,253,950		0.99	%		n/a			(0.12	)%		44.44	%
9/30/2020		38.52	%	$	957,127		1.01	%		n/a			(0.09	)%		44.27	%
9/30/2019		5.03	%	$	615,920		1.01	%		n/a			0.11	%		48.64	%
9/30/2018		12.32	%	$	583,463		1.00	%		n/a			0.03	%		44.27	%
Institutional Shares
9/30/2022		(30.97	)%	$	1,765,829		0.90	%		n/a			(0.03	)%		37.32	%
9/30/2021		20.20	%	$	2,970,987		0.89	%		n/a			(0.03	)%		44.44	%
9/30/2020		38.67	%	$	2,466,599		0.90	%		n/a			0.01	%		44.27	%
9/30/2019		5.11	%	$	1,726,115		0.91	%		n/a			0.23	%		48.64	%
9/30/2018		12.48	%	$	1,645,152		0.91	%		n/a			0.11	%		44.27	%


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
GLOBAL UNCONSTRAINED FUND
Investor Shares
9/30/2022⁽¹²⁾	$	10.00		0.17		0.04			0.21			(0.11	)		—			(0.11	)	$	10.10
Advisor Shares
9/30/2022⁽¹²⁾	$	10.00		0.18		0.04			0.22			(0.11	)		—			(0.11	)	$	10.11
Institutional Shares
9/30/2022⁽¹²⁾	$	10.00		0.14		0.09			0.23			(0.12	)		—			(0.12	)	$	10.11
GLOBAL VALUE FUND
Investor Shares
9/30/2022	$	21.58		0.16		(4.26	)		(4.10	)		(0.19	)		(1.73	)		(1.92	)	$	15.56
9/30/2021	$	15.94		0.17		5.48			5.65			(0.01	)		—			(0.01	)	$	21.58
9/30/2020	$	17.12		0.07		(1.01	)		(0.94	)		(0.24	)		—			(0.24	)	$	15.94
9/30/2019	$	18.24		0.21		(0.38	)		(0.17	)		(0.15	)		(0.80	)		(0.95	)	$	17.12
9/30/2018	$	17.87		0.18		0.55			0.73			(0.12	)		(0.24	)		(0.36	)	$	18.24
Advisor Shares
9/30/2022	$	21.57		0.19		(4.26	)		(4.07	)		(0.22	)		(1.73	)		(1.95	)	$	15.55
9/30/2021	$	15.91		0.19		5.49			5.68			(0.02	)		—			(0.02	)	$	21.57
9/30/2020	$	17.09		0.09		(1.01	)		(0.92	)		(0.26	)		—			(0.26	)	$	15.91
9/30/2019	$	18.22		0.23		(0.39	)		(0.16	)		(0.17	)		(0.80	)		(0.97	)	$	17.09
9/30/2018	$	17.86		0.21		0.54			0.75			(0.15	)		(0.24	)		(0.39	)	$	18.22
Institutional Shares
9/30/2022	$	21.63		0.21		(4.27	)		(4.06	)		(0.24	)		(1.73	)		(1.97	)	$	15.60
9/30/2021	$	15.96		0.21		5.50			5.71			(0.04	)		—			(0.04	)	$	21.63
9/30/2020	$	17.14		0.11		(1.01	)		(0.90	)		(0.28	)		—			(0.28	)	$	15.96
9/30/2019	$	18.27		0.26		(0.40	)		(0.14	)		(0.19	)		(0.80	)		(0.99	)	$	17.14
9/30/2018	$	17.90		0.24		0.54			0.78			(0.17	)		(0.24	)		(0.41	)	$	18.27
HIGH INCOME FUND
Investor Shares
9/30/2022	$	10.28		0.51		(1.58	)		(1.07	)		(0.53	)		(0.22	)		(0.75	)	$	8.46
9/30/2021	$	9.53		0.55		0.74			1.29			(0.54	)		—			(0.54	)	$	10.28
9/30/2020	$	9.66		0.60		(0.13	)		0.47			(0.60	)		—			(0.60	)	$	9.53
9/30/2019	$	9.87		0.61		(0.17	)		0.44			(0.60	)		(0.05	)		(0.65	)	$	9.66
9/30/2018	$	10.20		0.58		(0.13	)		0.45			(0.58	)		(0.20	)		(0.78	)	$	9.87
Advisor Shares
9/30/2022	$	10.27		0.53		(1.59	)		(1.06	)		(0.54	)		(0.22	)		(0.76	)	$	8.45
9/30/2021	$	9.53		0.56		0.74			1.30			(0.56	)		—			(0.56	)	$	10.27
9/30/2020	$	9.66		0.61		(0.13	)		0.48			(0.61	)		—			(0.61	)	$	9.53
9/30/2019	$	9.87		0.63		(0.17	)		0.46			(0.62	)		(0.05	)		(0.67	)	$	9.66
9/30/2018	$	10.20		0.60		(0.13	)		0.47			(0.60	)		(0.20	)		(0.80	)	$	9.87
Institutional Shares
9/30/2022	$	10.27		0.54		(1.59	)		(1.05	)		(0.55	)		(0.22	)		(0.77	)	$	8.45
9/30/2021	$	9.53		0.57		0.74			1.31			(0.57	)		—			(0.57	)	$	10.27
9/30/2020	$	9.66		0.62		(0.13	)		0.49			(0.62	)		—			(0.62	)	$	9.53
9/30/2019	$	9.87		0.64		(0.17	)		0.47			(0.63	)		(0.05	)		(0.68	)	$	9.66
9/30/2018	$	10.19		0.61		(0.12	)		0.49			(0.61	)		(0.20	)		(0.81	)	$	9.87


108				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return^(2)(18)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL UNCONSTRAINED FUND
Investor Shares
9/30/2022⁽¹²⁾		2.10	%	$	466		1.75	%⁽⁸⁾		54.50	%⁽⁸⁾		3.28	%		40.30	%
Advisor Shares
9/30/2022⁽¹²⁾		2.24	%	$	2,011		1.62	%⁽⁸⁾		9.54	%⁽⁸⁾		3.66	%		40.30	%
Institutional Shares
9/30/2022⁽¹²⁾		2.27	%	$	12,558		1.48	%⁽⁸⁾		2.57	%⁽⁸⁾		2.82	%		40.30	%
GLOBAL VALUE FUND
Investor Shares
9/30/2022		(21.10	)%	$	199,274		1.25	%		n/a			0.83	%		24.37	%
9/30/2021		35.46	%	$	287,469		1.24	%		n/a			0.80	%		39.62	%
9/30/2020		(5.63	)%	$	242,744		1.26	%		n/a			0.42	%		37.09	%
9/30/2019		(0.50	)%	$	506,067		1.25	%		n/a			1.25	%		31.18	%
9/30/2018		4.16	%	$	724,848		1.25	%		n/a			1.00	%		27.98	%
Advisor Shares
9/30/2022		(21.01	)%	$	254,970		1.11	%		n/a			0.97	%		24.37	%
9/30/2021		35.70	%	$	324,013		1.10	%		n/a			0.95	%		39.62	%
9/30/2020		(5.48	)%	$	259,859		1.12	%		n/a			0.54	%		37.09	%
9/30/2019		(0.40	)%	$	599,418		1.10	%		n/a			1.38	%		31.18	%
9/30/2018		4.27	%	$	851,738		1.10	%		n/a			1.14	%		27.98	%
Institutional Shares
9/30/2022		(20.92	)%	$	1,363,881		1.01	%		n/a			1.07	%		24.37	%
9/30/2021		35.80	%	$	1,863,947		1.01	%		n/a			1.01	%		39.62	%
9/30/2020		(5.37	)%	$	1,321,157		1.02	%		n/a			0.67	%		37.09	%
9/30/2019		(0.30	)%	$	1,970,393		1.01	%		n/a			1.54	%		31.18	%
9/30/2018		4.40	%	$	2,143,564		1.01	%		n/a			1.31	%		27.98	%
HIGH INCOME FUND
Investor Shares
9/30/2022		(11.00	)%	$	756,049		0.94	%		n/a			5.34	%		55.84	%
9/30/2021		13.79	%	$	1,436,340		0.95	%		n/a			5.42	%		58.10	%
9/30/2020		5.14	%	$	1,149,422		0.96	%		n/a			6.43	%		71.78	%
9/30/2019		4.81	%	$	873,574		0.98	%		n/a			6.41	%		74.82	%
9/30/2018		4.66	%	$	986,645		0.99	%		n/a			5.88	%		79.10	%
Advisor Shares
9/30/2022		(10.88	)%	$	2,570,217		0.79	%		n/a			5.56	%		55.84	%
9/30/2021		13.86	%	$	3,263,582		0.79	%		n/a			5.56	%		58.10	%
9/30/2020		5.29	%	$	2,281,480		0.82	%		n/a			6.57	%		71.78	%
9/30/2019		4.98	%	$	2,194,146		0.82	%		n/a			6.56	%		74.82	%
9/30/2018		4.83	%	$	1,970,272		0.82	%		n/a			6.03	%		79.10	%
Institutional Shares
9/30/2022		(10.81	)%	$	2,482,806		0.70	%		n/a			5.68	%		55.84	%
9/30/2021		13.97	%	$	2,372,161		0.70	%		n/a			5.63	%		58.10	%
9/30/2020		5.40	%	$	1,385,864		0.72	%		n/a			6.67	%		71.78	%
9/30/2019		5.08	%	$	720,592		0.73	%		n/a			6.64	%		74.82	%
9/30/2018		5.02	%	$	289,036		0.74	%		n/a			6.13	%		79.10	%


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
INTERNATIONAL FUND
Investor Shares
9/30/2022	$	36.66		0.28			(8.90	)		(8.62	)		(0.24	)		(6.87	)		(7.11	)	$	20.93
9/30/2021	$	32.86		0.24			4.68			4.92			(0.08	)		(1.04	)		(1.12	)	$	36.66
9/30/2020	$	32.52		0.08			2.00			2.08			(0.30	)		(1.44	)		(1.74	)	$	32.86
9/30/2019	$	33.49		0.29			1.38			1.67			(0.37	)		(2.27	)		(2.64	)	$	32.52
9/30/2018	$	32.28		0.35			1.08			1.43			(0.22	)		—			(0.22	)	$	33.49
Advisor Shares
9/30/2022	$	36.58		0.32			(8.86	)		(8.54	)		(0.30	)		(6.87	)		(7.17	)	$	20.87
9/30/2021	$	32.80		0.30			4.65			4.95			(0.13	)		(1.04	)		(1.17	)	$	36.58
9/30/2020	$	32.46		0.15			1.98			2.13			(0.35	)		(1.44	)		(1.79	)	$	32.80
9/30/2019	$	33.45		0.34			1.37			1.71			(0.43	)		(2.27	)		(2.70	)	$	32.46
9/30/2018	$	32.25		0.43			1.05			1.48			(0.28	)		—			(0.28	)	$	33.45
Institutional Shares
9/30/2022	$	36.90		0.35			(8.95	)		(8.60	)		(0.34	)		(6.87	)		(7.21	)	$	21.09
9/30/2021	$	33.08		0.33			4.69			5.02			(0.16	)		(1.04	)		(1.20	)	$	36.90
9/30/2020	$	32.72		0.17			2.01			2.18			(0.38	)		(1.44	)		(1.82	)	$	33.08
9/30/2019	$	33.71		0.35			1.39			1.74			(0.46	)		(2.27	)		(2.73	)	$	32.72
9/30/2018	$	32.50		0.46			1.05			1.51			(0.30	)		—			(0.30	)	$	33.71
INTERNATIONAL EXPLORER FUND
Advisor Shares
9/30/2022⁽¹³⁾	$	10.00		0.02			(1.33	)		(1.31	)		—			—			—		$	8.69
Institutional Shares
9/30/2022⁽¹³⁾	$	10.00		0.01			(1.32	)		(1.31	)		—			—			—		$	8.69
INTERNATIONAL SMALL-MID FUND
Investor Shares
9/30/2022	$	21.19		(0.06	)		(6.65	)		(6.71	)		—			(0.58	)		(0.58	)	$	13.90
9/30/2021	$	17.33		(0.09	)		4.06			3.97			(0.11	)		—			(0.11	)	$	21.19
9/30/2020	$	13.61		0.16			3.58			3.74			(0.02	)		—			(0.02	)	$	17.33
9/30/2019	$	23.47		(0.03	)		(1.56	)		(1.59	)		—			(8.27	)		(8.27	)	$	13.61
9/30/2018	$	24.69		(0.10	)		2.05			1.95			—			(3.17	)		(3.17	)	$	23.47
Advisor Shares
9/30/2022	$	21.23		(0.03	)		(6.68	)		(6.71	)		—			(0.58	)		(0.58	)	$	13.94
9/30/2021	$	17.35		(0.05	)		4.06			4.01			(0.13	)		—			(0.13	)	$	21.23
9/30/2020	$	13.62		0.20			3.57			3.77			(0.04	)		—			(0.04	)	$	17.35
9/30/2019⁽¹⁴⁾	$	11.91		0.01			1.70			1.71			—			—			—		$	13.62
Institutional Shares
9/30/2022	$	21.47		(0.01	)		(6.76	)		(6.77	)		—			(0.58	)		(0.58	)	$	14.12
9/30/2021	$	17.54		(0.04	)		4.11			4.07			(0.14	)		—			(0.14	)	$	21.47
9/30/2020	$	13.76		0.23			3.59			3.82			(0.04	)		—			(0.04	)	$	17.54
9/30/2019	$	23.59		0.03			(1.59	)		(1.56	)		—			(8.27	)		(8.27	)	$	13.76
9/30/2018	$	24.75		(0.04	)		2.05			2.01			—			(3.17	)		(3.17	)	$	23.59


110				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued



	Total Return^(2)(18)			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
9/30/2022		(29.32	)%	$	1,575,634		1.19	%		n/a			1.03	%		50.49	%
9/30/2021		15.32	%	$	3,019,360		1.18	%		n/a			0.69	%		67.41	%
9/30/2020		6.52	%	$	3,142,072		1.19	%		n/a			0.27	%		53.82	%
9/30/2019		6.29	%	$	3,903,758		1.19	%		n/a			0.95	%		41.01	%
9/30/2018		4.45	%	$	4,733,866		1.18	%		n/a			1.06	%		55.16	%
Advisor Shares
9/30/2022		(29.24	)%	$	829,517		1.05	%		n/a			1.18	%		50.49	%
9/30/2021		15.47	%	$	1,718,258		1.04	%		n/a			0.84	%		67.41	%
9/30/2020		6.71	%	$	1,799,962		1.04	%		n/a			0.48	%		53.82	%
9/30/2019		6.46	%	$	2,141,985		1.04	%		n/a			1.11	%		41.01	%
9/30/2018		4.58	%	$	2,367,026		1.04	%		n/a			1.29	%		55.16	%
Institutional Shares
9/30/2022		(29.14	)%	$	2,588,387		0.97	%		n/a			1.28	%		50.49	%
9/30/2021		15.56	%	$	4,920,404		0.95	%		n/a			0.93	%		67.41	%
9/30/2020		6.80	%	$	4,718,706		0.96	%		n/a			0.55	%		53.82	%
9/30/2019		6.52	%	$	4,513,365		0.96	%		n/a			1.15	%		41.01	%
9/30/2018		4.67	%	$	5,815,955		0.95	%		n/a			1.36	%		55.16	%
INTERNATIONAL EXPLORER FUND
Advisor Shares
9/30/2022⁽¹³⁾		(13.10	)%	$	5,811		1.40	%		6.08	%		0.64	%		11.60	%
Institutional Shares
9/30/2022⁽¹³⁾		(13.10	)%	$	14,725		1.35	%		2.91	%		0.25	%		11.60	%
INTERNATIONAL SMALL-MID FUND
Investor Shares
9/30/2022		(32.53	)%	$	301,480		1.28	%		n/a			(0.32	)%		22.12	%
9/30/2021		22.99	%	$	531,882		1.30	%		n/a			(0.42	)%		28.29	%
9/30/2020		27.52	%	$	400,490		1.33	%		n/a			1.06	%		27.84	%
9/30/2019		(1.38	)%	$	177,807		1.43	%		n/a			(0.24	)%		55.98	%
9/30/2018		8.70	%	$	228,317		1.55	%		n/a			(0.44	)%		59.53	%
Advisor Shares
9/30/2022		(32.47	)%	$	1,161,239		1.14	%		n/a			(0.16	)%		22.12	%
9/30/2021		23.20	%	$	1,856,538		1.14	%		n/a			(0.26	)%		28.29	%
9/30/2020		27.70	%	$	1,223,773		1.18	%		n/a			1.32	%		27.84	%
9/30/2019⁽¹⁴⁾		14.36	%	$	434,784		1.25	%		n/a			0.13	%		55.98	%
Institutional Shares
9/30/2022		(32.38	)%	$	2,505,844		1.06	%		n/a			(0.08	)%		22.12	%
9/30/2021		23.30	%	$	3,897,436		1.06	%		n/a			(0.17	)%		28.29	%
9/30/2020		27.85	%	$	1,836,163		1.09	%		n/a			1.49	%		27.84	%
9/30/2019		(1.18	)%	$	608,417		1.16	%		n/a			0.20	%		55.98	%
9/30/2018		8.94	%	$	175,808		1.35	%		n/a			(0.17	)%		59.53	%


Artisan Partners Funds				111

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
9/30/2022	$	44.49		0.45			(7.77	)		(7.32	)		(1.17	)		(3.04	)		(4.21	)	$	32.96
9/30/2021	$	32.94		1.01			10.88			11.89			(0.09	)		(0.25	)		(0.34	)	$	44.49
9/30/2020	$	34.87		0.19			(1.06	)		(0.87	)		(0.23	)		(0.83	)		(1.06	)	$	32.94
9/30/2019	$	36.85		0.61			(0.64	)		(0.03	)		(0.65	)		(1.30	)		(1.95	)	$	34.87
9/30/2018	$	39.08		0.42			(1.14	)		(0.72	)		(0.41	)		(1.10	)		(1.51	)	$	36.85
Advisor Shares
9/30/2022	$	44.46		0.52			(7.76	)		(7.24	)		(1.29	)		(3.04	)		(4.33	)	$	32.89
9/30/2021	$	32.90		1.14			10.78			11.92			(0.11	)		(0.25	)		(0.36	)	$	44.46
9/30/2020	$	34.81		0.27			(1.09	)		(0.82	)		(0.26	)		(0.83	)		(1.09	)	$	32.90
9/30/2019	$	36.85		0.65			(0.63	)		0.02			(0.76	)		(1.30	)		(2.06	)	$	34.81
9/30/2018	$	39.11		0.48			(1.16	)		(0.68	)		(0.48	)		(1.10	)		(1.58	)	$	36.85
Institutional Shares
9/30/2022	$	44.69		0.55			(7.80	)		(7.25	)		(1.36	)		(3.04	)		(4.40	)	$	33.04
9/30/2021	$	33.06		1.16			10.86			12.02			(0.14	)		(0.25	)		(0.39	)	$	44.69
9/30/2020	$	34.96		0.28			(1.08	)		(0.80	)		(0.27	)		(0.83	)		(1.10	)	$	33.06
9/30/2019	$	37.02		0.69			(0.64	)		0.05			(0.81	)		(1.30	)		(2.11	)	$	34.96
9/30/2018	$	39.28		0.53			(1.18	)		(0.65	)		(0.51	)		(1.10	)		(1.61	)	$	37.02
MID CAP FUND
Investor Shares
9/30/2022	$	53.28		(0.37	)		(15.87	)		(16.24	)		—			(8.59	)		(8.59	)	$	28.45
9/30/2021	$	47.75		(0.49	)		13.20			12.71			—			(7.18	)		(7.18	)	$	53.28
9/30/2020	$	37.16		(0.31	)		15.43			15.12			—			(4.53	)		(4.53	)	$	47.75
9/30/2019	$	44.83		(0.23	)		0.53			0.30			—			(7.97	)		(7.97	)	$	37.16
9/30/2018	$	42.58		(0.26	)		8.21			7.95			—			(5.70	)		(5.70	)	$	44.83
Advisor Shares
9/30/2022	$	54.11		(0.32	)		(16.18	)		(16.50	)		—			(8.59	)		(8.59	)	$	29.02
9/30/2021	$	48.33		(0.43	)		13.39			12.96			—			(7.18	)		(7.18	)	$	54.11
9/30/2020	$	37.52		(0.27	)		15.61			15.34			—			(4.53	)		(4.53	)	$	48.33
9/30/2019	$	45.10		(0.17	)		0.56			0.39			—			(7.97	)		(7.97	)	$	37.52
9/30/2018	$	42.75		(0.20	)		8.25			8.05			—			(5.70	)		(5.70	)	$	45.10
Institutional Shares
9/30/2022	$	61.87		(0.33	)		(18.97	)		(19.30	)		—			(8.59	)		(8.59	)	$	33.98
9/30/2021	$	54.25		(0.43	)		15.23			14.80			—			(7.18	)		(7.18	)	$	61.87
9/30/2020	$	41.54		(0.26	)		17.50			17.24			—			(4.53	)		(4.53	)	$	54.25
9/30/2019	$	48.89		(0.16	)		0.78			0.62			—			(7.97	)		(7.97	)	$	41.54
9/30/2018	$	45.84		(0.18	)		8.93			8.75			—			(5.70	)		(5.70	)	$	48.89


112				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued



	Total Return^(2)(18)			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
9/30/2022		(18.40	)%	$	2,059,112		1.19	%		n/a		1.13	%		22.69	%
9/30/2021		36.13	%	$	2,728,996		1.18	%		n/a		2.39	%		32.90	%
9/30/2020		(2.71	)%	$	1,983,618		1.19	%		n/a		0.57	%		28.06	%
9/30/2019		0.38	%	$	2,761,826		1.19	%		n/a		1.80	%		23.69	%
9/30/2018		(1.99	)%	$	3,371,735		1.18	%		n/a		1.11	%		21.55	%
Advisor Shares
9/30/2022		(18.27	)%	$	4,705,187		1.05	%		n/a		1.29	%		22.69	%
9/30/2021		36.31	%	$	6,072,617		1.04	%		n/a		2.70	%		32.90	%
9/30/2020		(2.56	)%	$	3,645,568		1.05	%		n/a		0.81	%		28.06	%
9/30/2019		0.52	%	$	4,336,510		1.05	%		n/a		1.93	%		23.69	%
9/30/2018		(1.87	)%	$	4,683,702		1.04	%		n/a		1.27	%		21.55	%
Institutional Shares
9/30/2022		(18.20	)%	$	13,366,731		0.95	%		n/a		1.36	%		22.69	%
9/30/2021		36.45	%	$	13,304,215		0.95	%		n/a		2.72	%		32.90	%
9/30/2020		(2.48	)%	$	7,944,724		0.96	%		n/a		0.85	%		28.06	%
9/30/2019		0.63	%	$	7,169,774		0.95	%		n/a		2.03	%		23.69	%
9/30/2018		(1.79	)%	$	7,295,259		0.95	%		n/a		1.41	%		21.55	%
MID CAP FUND
Investor Shares
9/30/2022		(36.55	)%	$	1,387,480		1.18	%		n/a		(0.97	)%		34.12	%
9/30/2021		29.84	%	$	2,495,355		1.18	%		n/a		(0.98	)%		40.72	%
9/30/2020		45.66	%	$	2,106,948		1.18	%		n/a		(0.81	)%		44.52	%
9/30/2019		5.11	%	$	1,599,647		1.19	%		n/a		(0.63	)%		47.96	%
9/30/2018		21.12	%	$	2,003,621		1.18	%		n/a		(0.62	)%		49.83	%
Advisor Shares
9/30/2022		(36.46	)%	$	572,155		1.05	%		n/a		(0.83	)%		34.12	%
9/30/2021		30.02	%	$	923,543		1.04	%		n/a		(0.85	)%		40.72	%
9/30/2020		45.83	%	$	667,057		1.05	%		n/a		(0.68	)%		44.52	%
9/30/2019		5.36	%	$	429,052		1.04	%		n/a		(0.48	)%		47.96	%
9/30/2018		21.26	%	$	644,777		1.04	%		n/a		(0.48	)%		49.83	%
Institutional Shares
9/30/2022		(36.41	)%	$	2,285,588		0.95	%		n/a		(0.74	)%		34.12	%
9/30/2021		30.15	%	$	4,000,122		0.95	%		n/a		(0.75	)%		40.72	%
9/30/2020		45.98	%	$	4,015,667		0.95	%		n/a		(0.59	)%		44.52	%
9/30/2019		5.41	%	$	3,029,773		0.96	%		n/a		(0.41	)%		47.96	%
9/30/2018		21.37	%	$	3,516,293		0.95	%		n/a		(0.39	)%		49.83	%


Artisan Partners Funds				113

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
9/30/2022	$	23.12		0.12			(3.07	)		(2.95	)		(0.04	)		(3.02	)		(3.06	)	$	17.11
9/30/2021	$	16.26		0.12			7.10			7.22			(0.09	)		(0.27	)		(0.36	)	$	23.12
9/30/2020	$	19.81		0.15			(1.71	)		(1.56	)		(0.12	)		(1.87	)		(1.99	)	$	16.26
9/30/2019	$	23.56		0.10			(0.90	)		(0.80	)		(0.05	)		(2.90	)		(2.95	)	$	19.81
9/30/2018	$	23.98		0.02			1.86			1.88			(0.02	)		(2.28	)		(2.30	)	$	23.56
Advisor Shares
9/30/2022	$	23.07		0.15			(3.07	)		(2.92	)		(0.07	)		(3.02	)		(3.09	)	$	17.06
9/30/2021	$	16.23		0.16			7.07			7.23			(0.12	)		(0.27	)		(0.39	)	$	23.07
9/30/2020	$	19.77		0.17			(1.70	)		(1.53	)		(0.14	)		(1.87	)		(2.01	)	$	16.23
9/30/2019	$	23.53		0.13			(0.90	)		(0.77	)		(0.09	)		(2.90	)		(2.99	)	$	19.77
9/30/2018	$	23.94		0.05			1.85			1.90			(0.03	)		(2.28	)		(2.31	)	$	23.53
Institutional Shares
9/30/2022	$	23.09		0.16			(3.06	)		(2.90	)		(0.09	)		(3.02	)		(3.11	)	$	17.08
9/30/2021	$	16.24		0.17			7.08			7.25			(0.13	)		(0.27	)		(0.40	)	$	23.09
9/30/2020	$	19.80		0.18			(1.71	)		(1.53	)		(0.16	)		(1.87	)		(2.03	)	$	16.24
9/30/2019	$	23.56		0.14			(0.89	)		(0.75	)		(0.11	)		(2.90	)		(3.01	)	$	19.80
9/30/2018	$	23.98		0.07			1.85			1.92			(0.06	)		(2.28	)		(2.34	)	$	23.56
SELECT EQUITY FUND
Investor Shares
9/30/2022	$	13.48		0.01			(3.00	)		(2.99	)		—			(0.65	)		(0.65	)	$	9.84
9/30/2021	$	10.17		(0.01	)		3.32			3.31			—			—			—		$	13.48
9/30/2020⁽¹⁵⁾	$	10.00		—	⁽⁵⁾		0.17			0.17			—			—			—		$	10.17
Advisor Shares
9/30/2022	$	13.49		0.02			(2.99	)		(2.97	)		—			(0.65	)		(0.65	)	$	9.87
9/30/2021	$	10.18		0.01			3.30			3.31			—			—			—		$	13.49
9/30/2020⁽¹⁵⁾	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18
Institutional Shares
9/30/2022	$	13.44		0.03			(2.99	)		(2.96	)		(0.02	)		(0.65	)		(0.67	)	$	9.81
9/30/2021	$	10.18		0.02			3.30			3.32			(0.06	)		—			(0.06	)	$	13.44
9/30/2020⁽¹⁵⁾	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18
SMALL CAP FUND
Investor Shares
9/30/2022	$	50.34		(0.36	)		(17.09	)		(17.45	)		—			(5.07	)		(5.07	)	$	27.82
9/30/2021	$	42.80		(0.53	)		10.77			10.24			—			(2.70	)		(2.70	)	$	50.34
9/30/2020	$	33.17		(0.38	)		12.66			12.28			—			(2.65	)		(2.65	)	$	42.80
9/30/2019	$	38.97		(0.29	)		(0.08	)		(0.37	)		—			(5.43	)		(5.43	)	$	33.17
9/30/2018	$	33.61		(0.31	)		10.64			10.33			—			(4.97	)		(4.97	)	$	38.97
Advisor Shares
9/30/2022	$	50.70		(0.32	)		(17.23	)		(17.55	)		—			(5.07	)		(5.07	)	$	28.08
9/30/2021	$	43.03		(0.47	)		10.84			10.37			—			(2.70	)		(2.70	)	$	50.70
9/30/2020	$	33.30		(0.34	)		12.72			12.38			—			(2.65	)		(2.65	)	$	43.03
9/30/2019	$	39.05		(0.25	)		(0.07	)		(0.32	)		—			(5.43	)		(5.43	)	$	33.30
9/30/2018	$	33.63		(0.26	)		10.65			10.39			—			(4.97	)		(4.97	)	$	39.05
Institutional Shares
9/30/2022	$	51.74		(0.28	)		(17.65	)		(17.93	)		—			(5.07	)		(5.07	)	$	28.74
9/30/2021	$	43.82		(0.43	)		11.05			10.62			—			(2.70	)		(2.70	)	$	51.74
9/30/2020	$	33.83		(0.31	)		12.95			12.64			—			(2.65	)		(2.65	)	$	43.82
9/30/2019	$	39.54		(0.23	)		(0.05	)		(0.28	)		—			(5.43	)		(5.43	)	$	33.83
9/30/2018	$	33.98		(0.24	)		10.77			10.53			—			(4.97	)		(4.97	)	$	39.54


114				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued



	Total Return^(2)(18)			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
9/30/2022		(15.39	)%	$	391,804		1.20	%		n/a			0.57	%		15.17	%
9/30/2021		44.94	%	$	693,149		1.20	%		n/a			0.56	%		16.04	%
9/30/2020		(8.93	)%	$	541,320		1.21	%		n/a			0.90	%		43.12	%
9/30/2019		(2.49	)%	$	842,896		1.20	%		n/a			0.52	%		19.18	%
9/30/2018		8.55	%	$	1,294,179		1.19	%		n/a			0.07	%		19.15	%
Advisor Shares
9/30/2022		(15.29	)%	$	397,898		1.04	%		n/a			0.72	%		15.17	%
9/30/2021		45.12	%	$	551,822		1.05	%		n/a			0.73	%		16.04	%
9/30/2020		(8.76	)%	$	518,198		1.06	%		n/a			1.02	%		43.12	%
9/30/2019		(2.32	)%	$	630,296		1.06	%		n/a			0.66	%		19.18	%
9/30/2018		8.68	%	$	951,667		1.05	%		n/a			0.24	%		19.15	%
Institutional Shares
9/30/2022		(15.21	)%	$	518,265		0.98	%		n/a			0.78	%		15.17	%
9/30/2021		45.22	%	$	783,375		0.98	%		n/a			0.79	%		16.04	%
9/30/2020		(8.76	)%	$	619,243		1.00	%		n/a			1.08	%		43.12	%
9/30/2019		(2.22	)%	$	796,385		0.98	%		n/a			0.72	%		19.18	%
9/30/2018		8.75	%	$	1,058,092		0.98	%		n/a			0.30	%		19.15	%
SELECT EQUITY FUND
Investor Shares
9/30/2022		(23.43	)%	$	2,345		1.25	%		3.16	%		0.05	%		20.96	%
9/30/2021		32.55	%	$	2,919		1.25	%		4.35	%		(0.05	)%		34.69	%
9/30/2020⁽¹⁵⁾		1.70	%	$	983		1.25	%		17.96	%		0.03	%		26.96	%
Advisor Shares
9/30/2022		(23.26	)%	$	1,561		1.15	%		3.68	%		0.14	%		20.96	%
9/30/2021		32.51	%	$	1,784		1.15	%		4.83	%		0.05	%		34.69	%
9/30/2020⁽¹⁵⁾		1.80	%	$	778		1.15	%		9.66	%		0.15	%		26.96	%
Institutional Shares
9/30/2022		(23.33	)%	$	25,650		1.10	%		1.39	%		0.22	%		20.96	%
9/30/2021		32.71	%	$	19,903		1.10	%		1.56	%		0.16	%		34.69	%
9/30/2020⁽¹⁵⁾		1.80	%	$	11,266		1.10	%		2.36	%		0.20	%		26.96	%
SMALL CAP FUND
Investor Shares
9/30/2022		(38.24	)%	$	571,380		1.20	%		n/a			(1.00	)%		33.64	%
9/30/2021		24.45	%	$	1,089,099		1.19	%		n/a			(1.06	)%		39.79	%
9/30/2020		39.51	%	$	896,297		1.20	%		n/a			(1.05	)%		40.59	%
9/30/2019		2.02	%	$	611,745		1.20	%		n/a			(0.88	)%		47.32	%
9/30/2018		34.71	%	$	495,803		1.20	%		n/a			(0.90	)%		43.85	%
Advisor Shares
9/30/2022		(38.16	)%	$	361,941		1.06	%		n/a			(0.87	)%		33.64	%
9/30/2021		24.63	%	$	1,325,015		1.06	%		n/a			(0.93	)%		39.79	%
9/30/2020		39.66	%	$	999,213		1.08	%		n/a			(0.94	)%		40.59	%
9/30/2019		2.16	%	$	589,147		1.08	%		n/a			(0.77	)%		47.32	%
9/30/2018		34.89	%	$	495,650		1.06	%		n/a			(0.75	)%		43.85	%
Institutional Shares
9/30/2022		(38.12	)%	$	882,206		0.98	%		n/a			(0.78	)%		33.64	%
9/30/2021		24.76	%	$	1,633,941		0.96	%		n/a			(0.83	)%		39.79	%
9/30/2020		39.82	%	$	1,106,482		0.99	%		n/a			(0.84	)%		40.59	%
9/30/2019		2.25	%	$	636,076		0.99	%		n/a			(0.69	)%		47.32	%
9/30/2018		34.94	%	$	814,426		1.01	%		n/a			(0.70	)%		43.85	%


Artisan Partners Funds				115

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
9/30/2022	$	19.25		0.18		(6.75	)		(6.57	)		(0.20	)		—			(0.20	)	$	12.48
9/30/2021	$	16.39		0.07		3.11			3.18			(0.32	)		—			(0.32	)	$	19.25
9/30/2020	$	15.22		0.24		1.20			1.44			(0.27	)		—			(0.27	)	$	16.39
9/30/2019	$	15.08		0.18		0.10			0.28			(0.14	)		—			(0.14	)	$	15.22
9/30/2018	$	15.58		0.15		(0.56	)		(0.41	)		(0.09	)		—			(0.09	)	$	15.08
Advisor Shares
9/30/2022⁽¹⁶⁾	$	14.61		0.06		(2.20	)		(2.14	)		—			—			—		$	12.47
Institutional Shares
9/30/2022	$	19.55		0.18		(6.85	)		(6.67	)		(0.17	)		—			(0.17	)	$	12.71
9/30/2021	$	16.56		0.10		3.14			3.24			(0.25	)		—			(0.25	)	$	19.55
9/30/2020	$	15.25		0.27		1.21			1.48			(0.17	)		—			(0.17	)	$	16.56
9/30/2019	$	15.03		0.20		0.10			0.30			(0.08	)		—			(0.08	)	$	15.25
9/30/2018	$	15.50		0.14		(0.53	)		(0.39	)		(0.08	)		—			(0.08	)	$	15.03
VALUE FUND
Investor Shares
9/30/2022	$	16.28		0.13		(2.44	)		(2.31	)		(0.16	)		(1.79	)		(1.95	)	$	12.02
9/30/2021	$	12.41		0.10		4.82			4.92			(0.06	)		(0.99	)		(1.05	)	$	16.28
9/30/2020	$	12.88		0.09		(0.02	)		0.07			(0.11	)		(0.43	)		(0.54	)	$	12.41
9/30/2019	$	15.10		0.11		(0.56	)		(0.45	)		(0.10	)		(1.67	)		(1.77	)	$	12.88
9/30/2018	$	15.25		0.11		1.19			1.30			(0.05	)		(1.40	)		(1.45	)	$	15.10
Advisor Shares
9/30/2022	$	16.21		0.15		(2.42	)		(2.27	)		(0.18	)		(1.79	)		(1.97	)	$	11.97
9/30/2021	$	12.37		0.13		4.79			4.92			(0.09	)		(0.99	)		(1.08	)	$	16.21
9/30/2020	$	12.83		0.11		(0.02	)		0.09			(0.12	)		(0.43	)		(0.55	)	$	12.37
9/30/2019	$	15.04		0.13		(0.55	)		(0.42	)		(0.12	)		(1.67	)		(1.79	)	$	12.83
9/30/2018	$	15.22		0.12		1.19			1.31			(0.09	)		(1.40	)		(1.49	)	$	15.04
Institutional Shares
9/30/2022	$	16.24		0.15		(2.43	)		(2.28	)		(0.19	)		(1.79	)		(1.98	)	$	11.98
9/30/2021	$	12.40		0.13		4.80			4.93			(0.10	)		(0.99	)		(1.09	)	$	16.24
9/30/2020	$	12.86		0.12		(0.02	)		0.10			(0.13	)		(0.43	)		(0.56	)	$	12.40
9/30/2019	$	15.08		0.14		(0.56	)		(0.42	)		(0.13	)		(1.67	)		(1.80	)	$	12.86
9/30/2018	$	15.26		0.14		1.19			1.33			(0.11	)		(1.40	)		(1.51	)	$	15.08
VALUE INCOME FUND
Investor Shares
9/30/2022⁽¹⁷⁾	$	10.00		0.15		(1.86	)		(1.71	)		(0.14	)		—			(0.14	)	$	8.15
Advisor Shares
9/30/2022⁽¹⁷⁾	$	10.00		0.16		(1.86	)		(1.70	)		(0.15	)		—			(0.15	)	$	8.15
Institutional Shares
9/30/2022⁽¹⁷⁾	$	10.00		0.16		(1.86	)		(1.70	)		(0.15	)		—			(0.15	)	$	8.15


116				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued



	Total Return^(2)(18)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
9/30/2022		(34.51	)%	$	12,297		1.26	%**		1.58	%		1.06	%		21.48	%
9/30/2021		19.50	%	$	61,975		1.35	%		1.75	%		0.36	%		23.22	%
9/30/2020		9.58	%	$	46,541		1.35	%		1.73	%		1.59	%		21.57	%
9/30/2019		1.91	%	$	45,717		1.35	%		1.93	%		1.19	%		30.58	%
9/30/2018		(2.70	)%	$	49,562		1.41	%*		1.78	%		0.89	%		35.24	%
Advisor Shares
9/30/2022⁽¹⁶⁾		(14.65	)%	$	26,872		1.05	%		1.97	%		0.96	%		21.48	%
Institutional Shares
9/30/2022		(34.46	)%	$	23,562		1.07	%**		1.45	%		1.13	%		21.48	%
9/30/2021		19.74	%	$	9,794		1.20	%		1.89	%		0.51	%		23.22	%
9/30/2020		9.73	%	$	6,695		1.20	%		2.29	%		1.72	%		21.57	%
9/30/2019		2.04	%	$	6,315		1.20	%		2.47	%		1.34	%		30.58	%
9/30/2018		(2.57	)%	$	5,842		1.33	%*		2.00	%		0.87	%		35.24	%
VALUE FUND
Investor Shares
9/30/2022		(16.50	)%	$	82,183		1.06	%		n/a			0.86	%		27.96	%
9/30/2021		41.36	%	$	108,551		1.05	%		n/a			0.67	%		25.99	%
9/30/2020		0.35	%	$	78,717		1.08	%		n/a			0.73	%		39.07	%
9/30/2019		(1.80	)%	$	131,134		1.06	%		n/a			0.87	%		28.36	%
9/30/2018		9.32	%	$	184,869		1.01	%		n/a			0.72	%		24.53	%
Advisor Shares
9/30/2022		(16.35	)%	$	54,633		0.88	%		0.96	%		1.02	%		27.96	%
9/30/2021		41.53	%	$	99,646		0.88	%		0.95	%		0.84	%		25.99	%
9/30/2020		0.54	%	$	84,035		0.88	%		0.92	%		0.94	%		39.07	%
9/30/2019		(1.59	)%	$	108,557		0.88	%		0.93	%		1.06	%		28.36	%
9/30/2018		9.43	%	$	130,949		0.88	%		0.89	%		0.83	%		24.53	%
Institutional Shares
9/30/2022		(16.34	)%	$	90,279		0.85	%		n/a			1.01	%		27.96	%
9/30/2021		41.61	%	$	163,069		0.83	%		n/a			0.88	%		25.99	%
9/30/2020		0.64	%	$	123,440		0.82	%		n/a			1.02	%		39.07	%
9/30/2019		(1.57	)%	$	168,607		0.84	%		n/a			1.09	%		28.36	%
9/30/2018		9.56	%	$	184,908		0.80	%		n/a			0.94	%		24.53	%
VALUE INCOME FUND
Investor Shares
9/30/2022⁽¹⁷⁾		(17.16	)%	$	733		1.20	%		13.46	%		2.73	%		15.65	%
Advisor Shares
9/30/2022⁽¹⁷⁾		(17.11	)%	$	1,178		1.10	%		9.98	%		2.86	%		15.65	%
Institutional Shares
9/30/2022⁽¹⁷⁾		(17.10	)%	$	7,195		1.05	%		2.55	%		2.86	%		15.65	%


Artisan Partners Funds				117

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

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

Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018 to 1.35% for Investor Shares and 1.20% for Institutional Shares.

⁽¹⁾

Computed based on average shares outstanding.

⁽²⁾

Periods less than twelve months (where applicable) are not annualized.

⁽³⁾

Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾

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

⁽⁵⁾

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

⁽⁶⁾

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

⁽⁷⁾

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

⁽⁸⁾

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


	Ratio of Expenses to Average Net Assets@ (annualized)		Ratio of Expenses to Average Net Assets Excluding Waivers (annualized)
FOCUS FUND
Investor Shares
9/30/2018		1.50%		1.69%
Advisor Shares
9/30/2018&		1.40%		2.74%
GLOBAL UNCONSTRAINED FUND
Investor Shares
9/30/2022#		1.45%		53.92%
Advisor Shares
9/30/2022#		1.35%		9.22%
Institutional Shares
9/30/2022#		1.30%		2.38%
^@ Includes the effect of expenses waived or paid by the Adviser, if applicable. ^(&) For the period from commencement of operations (July 31, 2018) through September 30, 2018. # For the period from commencement of operations (March 31, 2022) through September 30, 2022.

⁽⁹⁾

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

⁽¹⁰⁾

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

⁽¹¹⁾

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

⁽¹²⁾

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

⁽¹³⁾

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

⁽¹⁴⁾

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

⁽¹⁵⁾

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

⁽¹⁶⁾

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

⁽¹⁷⁾

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

⁽¹⁸⁾

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


118				Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – September 30, 2022

(1)

Organization:

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995 as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of September 30, 2022, Artisan Partners Funds is a series company comprised of twenty-one series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund

Investor Shares

Inception Date

Advisor Shares

Inception Date

Institutional Shares

Inception Date

Artisan Developing World Fund (“Developing World Fund”)

June 29, 2015

Artisan Emerging Markets Debt Opportunities Fund (“Emerging Markets Debt Opportunities Fund”)

April 7, 2022

Artisan Floating Rate Fund (“Floating Rate Fund”)

December 1, 2021

Artisan Focus Fund (“Focus Fund”)

April 24, 2017

July 31, 2018

February 3, 2020

Artisan Global Discovery Fund (“Global Discovery Fund”)

August 21, 2017

February 3, 2020

Artisan Global Equity Fund (“Global Equity Fund”)

March 29, 2010

August 5, 2020

October 15, 2015

Artisan Global Opportunities Fund (“Global Opportunities Fund”)

September 22, 2008

April 1, 2015

July 26, 2011

Artisan Global Unconstrained Fund (“Global Unconstrained Fund”)

March 31, 2022

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

October 3, 2016

Artisan International Fund (“International Fund”)

December 28, 1995

April 1, 2015

July 1, 1997

Artisan International Explorer Fund (“International Explorer Fund”)

N/A

May 16, 2022

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

Artisan Small Cap Fund (“Small Cap Fund”)

March 28, 1995

February 1, 2017

May 7, 2012

Artisan Sustainable Emerging Markets Fund (“Sustainable Emerging Markets Fund”)

June 2, 2008

April 25, 2022

June 26, 2006

Artisan Value Fund (“Value Fund”)

March 27, 2006

April 1, 2015

July 26, 2011

Artisan Value Income (“Value Income Fund”)

February 28, 2022

During the reporting period, Developing World Fund, Floating Rate Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Explorer Fund, International Small-Mid Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Value Fund, and Value Income Fund operated as open-end, diversified mutual funds. During the reporting period Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Select Equity Fund, and Sustainable Emerging Markets Fund operated as open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and Value Income Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. Emerging Markets Debt Opportunities Fund’s, Floating Rate Fund’s, Global Unconstrained Fund’s, and High Income Fund’s investment objective is to provide total return through a combination of current income and capital appreciation. Focus Fund’s investment objective is to seek maximum long-term capital appreciation. Value Income Fund’s investment objective is to provide total return through a combination of income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above, except for International Explorer Fund which only offers Advisor Shares and Institutional Shares. Investor Shares of the Funds are generally available to members of the general public. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

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.


Artisan Partners Funds				119

NOTES TO FINANCIAL STATEMENTS

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.

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

(2)

Summary of significant accounting policies:

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

(a)

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

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

Fixed income securities, including loan participation notes, were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 29(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds. Under the Rule, Artisan Partners has been designated by Artisan Partners Funds’ board of directors as the valuation designee for the Funds. In its capacity as valuation designee, Artisan Partners, among other things, is responsible for establishing fair valuation methodologies and determining, in good faith, the fair value of all of the assets of the Funds for which there are no readily available market quotations. Securities or other assets for which market quotations are not readily available are valued by Artisan Partners, as valuation designee, in accordance with Artisan Partners’ Procedures for Valuation of Portfolio Securities Held by Artisan Partners Funds, Inc. and under the general oversight of Artisan Partners Funds’ board of directors. A market quotation will be considered not readily available, and a Fund may therefore use fair value pricing, if there are not quoted prices (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, and/or any such quotation is not reliable.


120				Artisan Partners Funds

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 value utilized by the Funds as described above could differ from the value realized on the sale of those securities or assets in the future and the differences may be material to the NAV of the applicable Fund.

(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 2019 through 2022) and have concluded that, as of September 30, 2022, 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, 2022, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2022, the Funds did not incur any material interest or penalties.

The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds’ understanding of the applicable country’s tax rules and rates. Foreign taxes imposed on realized and unrealized gains was based on the Funds’ understanding of the applicable country’s tax rules and rates and, if applicable, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments”, as applicable, on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(c)	Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(d)

Restricted securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into US dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into US dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US dollar denominated depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities and included in other assets less liabilities in the Schedule of Investments. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)	Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.


Artisan Partners Funds				121

NOTES TO FINANCIAL STATEMENTS

(g)

Equity-linked securities – Each Fund, except Mid Cap Value Fund and Small Cap Fund, may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with the equity-linked securities that the Funds typically purchase and, in those cases, the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(h)	Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(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, 2022, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(j)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. 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, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund, and High Income Fund are obligated to fund term loan commitments at the borrower’s discretion. During the year, Floating Rate Fund and High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses are presented separately on the Statements of Operations. As of September 30, 2022, the Funds had no unfunded loan commitments.

Redemption Fees – Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund and High Income Fund generally impose a 2% redemption fee on the redemption or exchange of shares owned for 90 days or less. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserves the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believes such waiver is in the best interest of the Fund, including, but not limited to, when it determines that imposition of the redemption fee is not necessary to protect the Fund from the effects of short- term trading. During the year ended September 30, 2022, High Income Fund waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(l)

Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.

In order to terminate the short sale, the Fund that borrowed the security is obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Fund will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds incur expenses as a result of executing short sales.

During the year ended September 30, 2022, Global Unconstrained Fund engaged in short sales and paid interest on securities sold short, which is included in Interest in the Statement of Operations. For the year ended September 30, 2022, Global Unconstrained Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statement of Operations. As of September 30, 2022, Global Unconstrained Fund had open short sale positions.

(m)

Securities Lending – In order to generate incremental revenue, the Funds may participate in a securities lending program, in which securities from its portfolio may be loaned to third parties. Securities loans by the Funds are made to broker-dealers or other financial institutions pursuant to agreements requiring that the loans be continuously


122				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

secured by collateral consisting of cash or short-term debt obligations at least equal at all times to the value of the securities on loan, “marked-to-market” daily. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. If a borrower defaults, the value of the collateral may decline before a Fund can dispose of it. The borrower pays to a participating Fund an amount equal to any dividends or interest received on securities lent (known as “manufactured payments” or “substitute payments”). Manufactured payments for dividends or interest received by a participating Fund while its securities are loaned out will not be considered qualified dividend income and will have other tax implications. To the extent that a Fund makes a distribution of income received by the Fund pursuant to loans of its portfolio securities, such income will not constitute qualified dividend income to noncorporate shareholders and will not be eligible for the dividends-received deduction for corporate shareholders. A participating Fund retains all or a portion of the interest received on investment of the cash collateral and/or receives a fee from the borrower. The Funds will typically invest cash collateral in government money market funds. A participating Fund bears the risk of any loss on the investment of the collateral; any such loss may exceed, potentially by a substantial amount, any profit to the Fund from its securities lending activities. A participating Fund may recall loaned securities on demand.

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

Income from the securities lending program is recorded when earned or as soon as reliable information became available from the lending agent. Net income for each Fund is reflected in the Statements of Operations under “Income from securities lending.” During the year ended September 30, 2022, International Fund and Sustainable Emerging Markets Fund participated in the securities lending program. As of September 30, 2022, International Fund had securities on loan.

(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 related to corporate actions are included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

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

(3)

Risks:

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

The success of a Fund is dependent on such Fund’s investment team’s investment decisions, which are based, in part, on the research process employed by the Fund’s investment team. The portfolio securities selected by the investment team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. To the extent an investment team considers environmental, social and governance factors in its research process, such Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers’ business functions and affect fund performance. For example, the global outbreak of the 2019 novel coronavirus (“COVID-19”), together with resulting


Artisan Partners Funds				123

NOTES TO FINANCIAL STATEMENTS

voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets. Although the long-term economic fallout of COVID-19 is difficult to predict, it has had and is expected to continue to have, notwithstanding widespread COVID-19 vaccination efforts, ongoing material adverse effects across many, if not all, aspects of regional, national and global economies.

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

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

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

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security may fall in response to increases in interest rates. Each Fund that may invest in fixed income securities may invest in debt securities without considering the maturity of the investment. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect each Fund’s debt investments unfavorably.

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

Debt securities in which a Fund invests may be rated below investment grade or be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds.

Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Floating Rate Fund and High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which a Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, a Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford a Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.

The London Interbank Offered Rate (“LIBOR”) is expected to cease to be available, or appropriate for use, by June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments (including, for example, loans that reference LIBOR) and may result in costs incurred in connection with closing out positions and entering into new trades.


124				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Regulators and market participants are working together to identify or develop a replacement rate. For instance, the US Federal Reserve based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace US dollar LIBOR. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate including but not limited to SOFR, may also adversely affect the Fund’s performance and/or NAV. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined and may vary depending on factors that include but are not limited to existing fallback or termination provisions in individual contracts.

As non-diversified funds, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Select Equity Fund, and Sustainable Emerging Markets Fund may invest a larger portion of their assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

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

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

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

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

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

(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)


Artisan Partners Funds				125

NOTES TO FINANCIAL STATEMENTS

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments and discounts for lack of marketability)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques for the Funds’ major classes of assets are found in Note 2(a). A description of the fair value leveling techniques are described below:

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, equity-linked securities, foreign currency forward contracts, treasury bills, other derivatives, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of September 30, 2022 (in thousands):


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
Developing World
Common Stocks⁽¹⁾
Americas		$	1,400,869		$	-			$	-			$	1,400,869
Emerging Markets			547,860			633,605				-	⁽³⁾			1,181,465
Europe			104,333			321,564				-				425,897
Pacific Basin			195,503			-				-				195,503
Total Investments		$	2,248,565		$	955,169			$	-	⁽³⁾		$	3,203,734
Emerging Markets Debt Opportunities
Sovereign Government Bonds⁽¹⁾		$	-		$	15,102			$	-			$	15,102
Corporate Bonds⁽¹⁾			-			2,202				-				2,202
Options Purchased			-			7				-				7
U.S. Treasury Obligations			-			3,149				-				3,149
Total Investments			-			20,460				-				20,460
Foreign Currency Forward Contracts⁽²⁾			-			34				1				35
Futures⁽²⁾			311			-				-				311
Centrally Cleared Credit Default Swaps⁽²⁾			-			1				-				1
Centrally Cleared Interest Rate Swaps⁽²⁾			-			(47	)			-				(47	)
Total		$	311		$	20,448			$	1			$	20,760
Floating Rate
Bank Loans⁽¹⁾		$	-		$	40,873			$	-			$	40,873
Corporate Bonds⁽¹⁾			-			1,882				-				1,882
Warrants			-			-				-	⁽³⁾			-
Investment Companies			5,124			-				-				5,124
Total Investments		$	5,124		$	42,755			$	-			$	47,879
Focus
Common Stocks⁽¹⁾		$	1,485,899		$	-			$	-			$	1,485,899
Options Purchased			55,341			-				-				55,341
Investment Company			30,961			-				-				30,961
Total Investments			1,572,201			-				-				1,572,201
Foreign Currency Forward Contracts⁽²⁾			-			8,980				-				8,980
Total		$	1,572,201		$	8,980			$	-			$	1,581,181
Global Discovery
Common Stocks⁽¹⁾
Americas		$	150,699		$	-			$	-			$	150,699
Emerging Markets			5,212			3,607				-				8,819
Europe			13,395			36,073				-				49,468
Pacific Basin			-			13,197				-				13,197
Investment Company			9,356			-				-				9,356
Total Investments		$	178,662		$	52,877			$	-			$	231,539


126				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
Global Equity
Common Stocks⁽¹⁾
Americas		$	88,818		$	-			$	-			$	88,818
Emerging Markets			-			7,364				-	⁽³⁾			7,364
Europe			9,541			56,034				-				65,575
Pacific Basin			-			5,751				-				5,751
Investment Company			2,519			-				-				2,519
Total Investments		$	100,878		$	69,149			$	-	⁽³⁾		$	170,027
Global Opportunities
Common Stocks⁽¹⁾
Americas		$	1,853,436		$	-			$	-			$	1,853,436
Emerging Markets			33,106			-				-				33,106
Europe			31,404			806,893				-				838,297
Pacific Basin			-			315,019				-				315,019
Investment Company			107,854			-				-				107,854
Total Investments		$	2,025,800		$	1,121,912			$	-			$	3,147,712
Global Unconstrained
Sovereign Government Bonds⁽¹⁾		$	-		$	9,060			$	-			$	9,060
Corporate Bonds⁽¹⁾			-			1,628				-				1,628
Exchange Traded Fund⁽¹⁾			32			-				-				32
Options Purchased			-			4				-				4
U.S. Treasury Obligations			-			2,799				-				2,799
Repurchase Agreements			-			2,229				-				2,229
Investment Companies			259			-				-				259
Total Investments before securities sold short			291			15,720				-				16,011
Sovereign Government Bonds			-			(1,978	)			-				(1,978	)
Total Investments after securities sold short			291			13,742				-				14,033
Foreign Currency Forward Contracts⁽²⁾			-			65				8				73
Futures⁽²⁾			190			-				-				190
Centrally Cleared Credit Default Swaps⁽²⁾			-			125				-				125
Centrally Cleared Interest Rate Swaps⁽²⁾			-			44				-				44
Total		$	481		$	13,976			$	8			$	14,465
Global Value
Common Stocks⁽¹⁾
Americas		$	845,648		$	-			$	-			$	845,648
Emerging Markets			39,361			106,836				-				146,197
Europe			1,285			700,977				-				702,262
Pacific Basin			-			54,220				-				54,220
Investment Company			52,414			-				-				52,414
Total Investments		$	938,708		$	862,033			$	-			$	1,800,741
High Income
Corporate Bonds⁽¹⁾		$	-		$	4,204,132			$	-			$	4,204,132
Bank Loans⁽¹⁾			-			867,879				-				867,879
Common Stock⁽¹⁾			-			24,386				-				24,386
Warrants			-			-				-	⁽³⁾			-
Investment Company			607,917			-				-				607,917
Total Investments			607,917			5,096,397				-				5,704,314
Foreign Currency Forward Contracts⁽²⁾			-			48				-				48
Futures⁽²⁾			4,289			-				-				4,289
Total		$	612,206		$	5,096,445			$	-			$	5,708,651


Artisan Partners Funds				127

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		$	1,019,215		$	182,170			$	-			$	1,201,385
Emerging Markets			-			78,214				-	⁽³⁾			78,214
Europe			279,926			3,176,148				-				3,456,074
Pacific Basin			-			58,728				-				58,728
Investment Company			224,046			-				-				224,046
Total Investments		$	1,523,187		$	3,495,260			$	-	⁽³⁾		$	5,018,447
International Explorer
Common Stocks⁽¹⁾
Americas		$	1,692		$	1,182			$	-			$	2,874
Emerging Markets			1,390			3,261				-				4,651
Europe			493			7,504				-				7,997
Pacific Basin			-			2,280				-				2,280
Investment Companies			2,943			-				-				2,943
Total Investments		$	6,518		$	14,227			$	-			$	20,745
International Small-Mid
Common Stocks⁽¹⁾
Americas		$	954,841		$	-			$	-			$	954,841
Emerging Markets			214,998			45,847				-				260,845
Europe			-			1,581,181				-				1,581,181
Middle East			276,431			40,628				-				317,059
Pacific Basin			-			528,301				-				528,301
Investment Company			279,761			-				-				279,761
Total Investments		$	1,726,031		$	2,195,957			$	-			$	3,921,988
International Value
Common Stocks and Equity-Linked Security⁽¹⁾
Americas		$	3,640,492		$	-			$	-			$	3,640,492
Emerging Markets			306,122			3,651,315				-				3,957,437
Europe			529,471			10,171,873				-				10,701,344
Pacific Basin			-			475,727				-				475,727
Investment Company			1,283,119			-				-				1,283,119
Total Investments			5,759,204			14,298,915				-				20,058,119
OTC Total Return Swap⁽²⁾			-			(498	)			-				(498	)
Total			5,759,204			14,298,417				-				20,057,621
Mid Cap
Common Stocks⁽¹⁾		$	4,018,963		$	58,930			$	-			$	4,077,893
Investment Company			127,061			-				-				127,061
Total Investments		$	4,146,024		$	58,930			$	-			$	4,204,954
Mid Cap Value
Common Stocks⁽¹⁾		$	1,275,036		$	-			$	-			$	1,275,036
Investment Company			20,320			-				-				20,320
Total Investments		$	1,295,356		$	-			$	-			$	1,295,356
Select Equity
Common Stocks⁽¹⁾		$	24,248		$	3,910			$	-			$	28,158
Investment Company			1,327			-				-				1,327
Total Investments		$	25,575		$	3,910			$	-			$	29,485
Small Cap
Common Stocks⁽¹⁾		$	1,807,806		$	-			$	-			$	1,807,806
Total Investments		$	1,807,806		$	-			$	-			$	1,807,806


128				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
Sustainable Emerging Markets
Common Stocks⁽¹⁾
Americas		$	817			$	-		$	-			$	817
Emerging Markets			11,655				44,637			-	⁽³⁾			56,292
Europe			-				467			-				467
Pacific Basin			259				2,637			-	⁽³⁾			2,896
Investment Company			1,473				-			-				1,473
Total Investments		$	14,204			$	47,741		$	-	⁽³⁾		$	61,945
Value
Common Stocks⁽¹⁾		$	194,665			$	27,494		$	-			$	222,159
Investment Company			1,916				-			-				1,916
Total Investments		$	196,581			$	27,494		$	-			$	224,075
Value Income
Common Stocks⁽¹⁾		$	7,051			$	1,050		$	-			$	8,101
Corporate Bonds⁽¹⁾			-				442			-				442
Convertible Bonds⁽¹⁾			-				245			-				245
Convertible Preferred Stock⁽¹⁾			142				-			-				142
Investment Companies			252				-			-				252
Total Investments			7,445				1,737			-				9,182
Written Option Contracts			(8	)			-			-				(8	)
Total		$	7,437			$	1,737		$	-			$	9,174

⁽¹⁾See the Fund’s Schedule of Investments for industry or country classifications. ⁽²⁾Foreign currency forward contracts, futures contracts, OTC total return swaps and centrally cleared swap contracts are valued at unrealized appreciation (depreciation). Amounts shown above are shown as net unrealized appreciation (depreciation). See the Fund’s Schedule of Investments for additional detail. ⁽³⁾Valued at $0.

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


Assets	Fair Value at September 30, 2022				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
Developing World Fund
Common Stock		$	-	⁽¹⁾	Last quote in inactive market less 100% discount	N/A
Emerging Markets Debt Opportunities Fund
Foreign Currency Forward Contract		$	1		Forward points	Decrease
Global Equity Fund
Common Stock		$	-	⁽¹⁾	Last quote in inactive market less 100% discount	N/A
Global Unconstrained Fund
Foreign Currency Forward Contract		$	8		Forward points	Decrease
International Fund
Common Stock		$	-	⁽¹⁾	Last quote in inactive market less 100% discount	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.


Artisan Partners Funds				129

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2022, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):


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

* Fund commenced operations on April 7, 2022.
** Fund commenced operations on March 31, 2022.
⁽¹⁾ Includes one or more securities valued at $0.

(5)

Transfer agent and authorized agent fees and Shareholder communications expenses:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the year. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. For Investor Shares and Advisor Shares of the Funds, each Fund paid all or a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. For Institutional Shares, the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. See the Funds’ prospectus and statement of additional information about authorized agents. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2022 (in thousands):


	Year Ended 9/30/2022
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Developing World Fund - Investor Shares		$	55		$	1,447			$	1,502
Artisan Developing World Fund - Advisor Shares			44			2,411				2,455
Artisan Developing World Fund - Institutional Shares			43			-				43
Artisan Emerging Markets Debt Opportunities Fund - Investor Shares⁽²⁾			16			-	⁽¹⁾			16
Artisan Emerging Markets Debt Opportunities Fund - Advisor Shares⁽²⁾			15			-	⁽¹⁾			15
Artisan Emerging Markets Debt Opportunities Fund - Institutional Shares⁽²⁾			15			-				15
Artisan Floating Rate Fund - Investor Shares⁽³⁾			24			5				29
Artisan Floating Rate Fund - Advisor Shares⁽³⁾			23			13				36
Artisan Floating Rate Fund - Institutional Shares⁽³⁾			23			-				23
Artisan Focus Fund - Investor Shares			56			608				664
Artisan Focus Fund - Advisor Shares			31			981				1,012
Artisan Focus Fund - Institutional Shares			29			-				29
Artisan Global Discovery Fund - Investor Shares			34			118				152


130				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2022
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Global Discovery Fund - Advisor Shares		$	27		$	22			$	49
Artisan Global Discovery Fund - Institutional Shares			27			-				27
Artisan Global Equity Fund - Investor Shares			37			227				264
Artisan Global Equity Fund - Advisor Shares			27			7				34
Artisan Global Equity Fund - Institutional Shares			28			-				28
Artisan Global Opportunities Fund - Investor Shares			66			2,807				2,873
Artisan Global Opportunities Fund - Advisor Shares			33			902				935
Artisan Global Opportunities Fund - Institutional Shares			36			-				36
Artisan Global Unconstrained Fund - Investor Shares⁽⁴⁾			15			-	⁽¹⁾			15
Artisan Global Unconstrained Fund - Advisor Shares⁽⁴⁾			15			1				16
Artisan Global Unconstrained Fund - Institutional Shares⁽⁴⁾			15			-				15
Artisan Global Value Fund - Investor Shares			45			574				619
Artisan Global Value Fund - Advisor Shares			29			258				287
Artisan Global Value Fund - Institutional Shares			32			-				32
Artisan High Income Fund - Investor Shares			39			2,691				2,730
Artisan High Income Fund - Advisor Shares			54			2,643				2,697
Artisan High Income Fund - Institutional Shares			49			-				49
Artisan International Fund - Investor Shares			202			5,206				5,408
Artisan International Fund - Advisor Shares			34			1,058				1,092
Artisan International Fund - Institutional Shares			43			-				43
Artisan International Explorer Fund - Advisor Shares⁽⁵⁾			10			1				11
Artisan International Explorer Fund - Institutional Shares⁽⁵⁾			9			-				9
Artisan International Small-Mid Fund - Investor Shares			50			927				977
Artisan International Small-Mid Fund - Advisor Shares			38			1,341				1,379
Artisan International Small-Mid Fund - Institutional Shares			41			-				41
Artisan International Value Fund - Investor Shares			85			5,986				6,071
Artisan International Value Fund - Advisor Shares			43			4,954				4,997
Artisan International Value Fund - Institutional Shares			59			-				59
Artisan Mid Cap Fund - Investor Shares			117			4,275				4,392
Artisan Mid Cap Fund - Advisor Shares			32			645				677
Artisan Mid Cap Fund - Institutional Shares			51			-				51
Artisan Mid Cap Value Fund - Investor Shares			93			1,364				1,457
Artisan Mid Cap Value Fund - Advisor Shares			33			260				293
Artisan Mid Cap Value Fund - Institutional Shares			31			-				31
Artisan Select Equity Fund - Investor Shares			27			18				45
Artisan Select Equity Fund - Advisor Shares			27			1				28
Artisan Select Equity Fund - Institutional Shares			27			-				27
Artisan Small Cap Fund - Investor Shares			104			1,642				1,746
Artisan Small Cap Fund - Advisor Shares			33			685				718
Artisan Small Cap Fund - Institutional Shares			39			-				39
Artisan Sustainable Emerging Markets Fund - Investor Shares			31			116				147
Artisan Sustainable Emerging Markets Fund - Advisor Shares⁽⁶⁾			11			4				15
Artisan Sustainable Emerging Markets Fund - Institutional Shares			27			-				27
Artisan Value Fund - Investor Shares			42			203				245
Artisan Value Fund - Advisor Shares			29			81				110
Artisan Value Fund - Institutional Shares			29			-				29
Artisan Value Income Fund - Investor Shares⁽⁷⁾			16			1				17


Artisan Partners Funds				131

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2022
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Value Income Fund - Advisor Shares⁽⁷⁾		$	16		$	-	⁽¹⁾		$	16
Artisan Value Income Fund - Institutional Shares⁽⁷⁾			16			-				16

⁽¹⁾Amount rounds to less than $1. ⁽²⁾For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽³⁾For the period from commencement of operations (December 1, 2021) through September 30, 2022. ⁽⁴⁾For the period from commencement of operations (March 31, 2022) through September 30, 2022. ⁽⁵⁾For the period from commencement of operations (May 16, 2022) through September 30, 2022. ⁽⁶⁾For the period from commencement of operations (April 25, 2022) through September 30, 2022. ⁽⁷⁾For the period from commencement of operations (February 28, 2022) through September 30, 2022.

The following funds had Shareholder communication expenses greater than 5% of total expenses reported in the Statements of Operations for the year ended September 30, 2022. As such, the class level detail is provided below (in thousands):


Fund	Shareholder Communications Expense
Emerging Markets Debt Opportunities Fund - Investor Shares⁽¹⁾		$	11
Emerging Markets Debt Opportunities Fund - Advisor Shares⁽¹⁾			9
Emerging Markets Debt Opportunities Fund - Institutional Shares⁽¹⁾			7
Global Unconstrained Fund - Investor Shares⁽²⁾			11
Global Unconstrained Fund - Advisor Shares⁽²⁾			9
Global Unconstrained Fund - Institutional Shares⁽²⁾			7
International Explorer Fund - Advisor Shares⁽³⁾			8
International Explorer Fund - Institutional Shares⁽³⁾			7
Value Income Fund - Investor Shares⁽⁴⁾			11
Value Income Fund - Advisor Shares⁽⁴⁾			9
Value Income Fund - Institutional Shares⁽⁴⁾			7

⁽¹⁾For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽²⁾For the period from commencement of operations (March 31, 2022) through September 30, 2022. ⁽³⁾For the period from commencement of operations (May 16, 2022) through September 30, 2022 ⁽⁴⁾For the period from commencement of operations (February 28, 2022) through September 30, 2022.

(6)

Derivative Transations:

Each Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivative risk management program that takes into account how its derivatives use affects its investment in portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management. To the extent a Fund is not a limited derivatives user (as defined in Rule 18f-4), Rule 18f-4, among other things, limits a Fund’s derivatives exposure through a value-at-risk test and requires such Funds to adopt and implement a derivatives risk management program that is reasonably designed to manage the Funds’ derivatives risks. Subject to certain conditions, Funds that are limited derivatives users are not subject to the full requirements of Rule 18f-4. In order to qualify as a limited derivatives user, a Fund’s derivatives “exposure” (as defined in Rule 18f-4) cannot exceed 10% of its net assets, excluding certain currency or interest rate derivatives used for hedging purposes in accordance with specific requirements set out in Rule 18f-4. Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund and High Income Fund are full derivatives users while the remaining Funds are limited derivatives users.

Foreign Currency Forward Contracts

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

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Forward currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and International Value Fund each used foreign currency contracts for hedging currency exposure during the period ended September 30, 2022.


132				Artisan Partners Funds

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.

Futures Transactions

Each Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument during the period ended September 30, 2022. High Income Fund used futures contracts to manage duration exposure during the year ended September 30, 2022.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as due from broker in the Statements of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

Options Transactions

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

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. Focus Fund and Value Income Fund held option contracts during the period ended September 30, 2022.

Each Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. Swaptions are generally subject to the same risks involved in a Fund’s use of options. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund held swaption contracts during the period ended September 30, 2022.

If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If a purchased option expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from writing a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. During the period ended September 30, 2022, Focus Fund and Value Income Fund used options transactions to enhance alpha and minimize downside market risk.

Repurchase Agreements

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

To the extent that the proceeds from any sale of collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution that is party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the Fund’s ability to sell the


Artisan Partners Funds				133

NOTES TO FINANCIAL STATEMENTS

collateral and the Fund could suffer a loss. However, with respect to financial institutions whose bankruptcy or liquidation proceedings are subject to the US Bankruptcy Code, each Fund intends to comply with provisions under the Bankruptcy Code that would allow it immediately to resell such collateral. Global Unconstrained Fund held repurchase agreements during the period ended September 30, 2022.

Swap Transactions

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

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

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

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

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

A credit default swap on a bond is an agreement between a Fund and a counterparty that enables a Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors (for example, a specific default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a US or non-US corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

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


134				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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

Many swaps are complex and often valued subjectively. Many over-the-counter derivatives are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values a Fund realizes when it closes or sells an over-the-counter derivative. Valuation risk is more pronounced when a Fund enters into over-the-counter derivatives with specialized terms because the market value of those derivatives in some cases is determined in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, undercollateralization and/or errors in calculation of the Fund’s NAV. During the period ended September 30, 2022, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used swap transactions to create investment leverage. During the period ended September 30, 2022, International Value Fund used swap transactions to gain exposure in the issuer.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2022 was as follows (in thousands):


Fund	Risk Exposure Category	Derivative Instrument	Statements of Assets and Liabilities Location	Value
Emerging Markets Debt Opportunities	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	176
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(141)
	Interest rate	Futures contracts	Payable for variation margin on futures contracts⁽¹⁾		$	(5)
	Credit	Centrally cleared credit default swaps	Payable for variation margin on centrally cleared credit default swap contracts		$	(3)
	Interest	Centrally cleared interest rate swaps	Payable for variation margin on centrally cleared interest rate swap contracts		$	(9)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	7
Focus	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	9,533
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(553)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	55,341
Global Unconstrained	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	127
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(54)
	Interest rate	Futures contracts	Receivable for variation margin on futures contracts⁽²⁾		$	78
	Credit	Centrally cleared credit default swaps	Payable for variation margin on centrally cleared credit default swap contracts		$	(12)
	Interest	Centrally cleared interest rate swaps	Payable for variation margin on centrally cleared interest rate swap contracts		$	(2)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	4
High Income	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	48
	Interest rate	Futures contracts	Receivable for variation margin on futures contracts⁽³⁾		$	253
International Value	Credit	OTC total return swap contracts	Swap contracts, at value		$	(498)
Value Income	Equity	Written options contracts	Written options, at value		$	(8)

⁽¹⁾Payable is the daily change in the margin requirement. As of September 30, 2022, total net unrealized appreciation was $311. ⁽²⁾Receivable is the daily change in the margin requirement. As of September 30, 2022, total net unrealized appreciation was $190. ⁽³⁾Receivable is the daily change in the margin requirement. As of September 30, 2022, total net unrealized appreciation was $4,289.

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, 2022 was as follows (in thousands):


Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Unrealized Appreciation (Depreciation)
Emerging Markets Debt Opportunities⁽¹⁾	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	365		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	35
	Interest rate	Futures contracts	Net realized gain on futures contracts		$	167		Net increase in unrealized appreciation or depreciation on futures contracts		$	311
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	-		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	3
	Credit	Centrally cleared credit default swaps	Net realized gain on swap contracts		$	1		Net increase in unrealized appreciation or depreciation on swap contracts		$	1
	Interest rate	Centrally cleared interest rate swaps	Net realized loss on swap contracts		$	(40	)	Net decrease in unrealized appreciation or depreciation on swap contracts		$	(47	)


Artisan Partners Funds				135

NOTES TO FINANCIAL STATEMENTS


Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Unrealized Appreciation (Depreciation)
	Variable	Variable Rate Swaps	Net realized loss on swap contracts		$	(4	)	Net increase in unrealized appreciation or depreciation on swap contracts		$	-
Focus	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	3,082		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	8,501
	Equity	Purchased options contracts	Net realized loss on investments, from unaffiliated issuers		$	(90,560	)	Net decrease in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	(25,631	)
	Equity	Written options contracts	Net realized gain on written options		$	17,350		Net decrease in unrealized appreciation or depreciation on written options		$	(227	)
Global Unconstrained⁽²⁾	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	430		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	73
	Interest rate	Futures contracts	Net realized gain on futures contracts		$	81		Net increase in unrealized appreciation or depreciation on futures contracts		$	169
	Equity	Futures contracts	Net realized gain on futures contracts		$	-		Net increase in unrealized appreciation or depreciation on futures contracts		$	21
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	-		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	2
	Credit	Centrally cleared credit default swaps	Net realized loss on swap contracts		$	(32	)	Net increase in unrealized appreciation or depreciation on swap contracts		$	125
	Interest rate	Centrally cleared interest rate swaps	Net realized gain on swap contracts		$	17		Net increase in unrealized appreciation or depreciation on swap contracts		$	44
High Income	Interest rate	Futures contracts	Net realized gain on futures contracts		$	14,566		Net increase in unrealized appreciation or depreciation on futures contracts		$	441
	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	1,011		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	37
International Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	56,644		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(5,810	)
	Interest rate	Centrally cleared interest rate swaps	Net realized gain on swap contracts		$	-		Net decrease in unrealized appreciation or depreciation on swap contracts		$	(498	)
Value Income	Equity	Written options contracts	Net realized gain on written options		$	3		Net decrease in unrealized appreciation or depreciation on written options		$	(3	)

⁽¹⁾For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽²⁾For the period from commencement of operations (March 31, 2022) through September 30, 2022.

The average monthly amount outstanding for each derivative type for the year ended September 30, 2022 was as follows (dollar value in thousands):


Fund	Derivative Type	Average Monthly Notional Amount
Emerging Markets Debt Opportunities	Centrally cleared credit default swaps		$	103
	Centrally cleared interest rate swaps		$	1,664
	Foreign currency forward contracts		$	13,189
	Futures contracts		$	9,156
	Swaptions		$	4
	Variable rate swap		$	772
Focus	Foreign currency forward contracts		$	107,274
	Purchased options contracts		$	89,208
Global Unconstrained	Centrally cleared credit default swaps		$	3,017
	Centrally cleared interest rate swaps		$	1,068
	Foreign currency forward contracts		$	6,372
	Futures contracts		$	4,474
	Swaptions		$	2
High Income	Foreign currency forward contracts		$	17,567
	Futures contracts		$	83,252
International Value	Foreign currency forward contracts		$	182,793
	Total return swaps		$	46
Value Income	Written options contracts		$	4


136				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Master Netting Agreements

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

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts as of September 30, 2022:


	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Received*			Net Amount (Not Less Than $0)
Emerging Markets Debt Opportunities	Citigroup Global Markets		$	57		$	-			$	-		$	57
Emerging Markets Debt Opportunities	Standard Chartered Bank			117			(83	)			-			34
Emerging Markets Debt Opportunities	JPMorgan Chase Bank, N.A.			2			(2	)			-			-
Focus	JPMorgan Chase Bank, N.A.			9,533			(553	)			-			8,980
Global Unconstrained	JPMorgan Chase Bank, N.A.			19			(8	)			-			11
Global Unconstrained	Standard Chartered Bank			107			(46	)			-			61
High Income	Bank Of America, N.A.			48			-				-			48

*Excludes cash segregated on statement of assets and liabilities.

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Liability Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Pledged*			Net Amount (Not Less Than $0)
Emerging Markets Debt Opportunities	Standard Chartered Bank		$	83		$	(83	)		$	-		$	-
Emerging Markets Debt Opportunities	JPMorgan Chase Bank, N.A.			58			(2	)			-			56
Focus	JPMorgan Chase Bank, N.A.			553			(553	)			-			-
Global Unconstrained	JPMorgan Chase Bank, N.A.			8			(8	)			-			-
Global Unconstrained	Standard Chartered Bank			46			(46	)			-			-
International Value	UBS AG			498			-				-			498

*Excludes cash segregated on statement of assets and liabilities.

(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, 2022. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows:

Developing World Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Emerging Markets Debt Opportunities


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


Artisan Partners Funds				137

NOTES TO FINANCIAL STATEMENTS

Floating Rate Fund


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

Focus Fund


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

Global Discovery Fund


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

Global Equity Fund:


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

Global Opportunities Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $4 billion		0.875
$4 billion to $8 billion		0.850
$8 billion to $12 billion		0.825
Greater than $12 billion		0.800

Global Unconstrained Fund


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

Global Value Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900

High Income Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.725	%
$1 billion to $2 billion		0.700
$2 billion to $3.5 billion		0.675
$3.5 billion to $10 billion		0.650
Greater than $10 billion		0.625


138				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

International Fund


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

International Explorer Fund


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

International Small-Mid Fund


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

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


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

Select Equity Fund


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

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


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

Sustainable Emerging Markets Fund (Effective March 1, 2022)


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

Value Fund


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

Value Income Fund


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


Artisan Partners Funds				139

NOTES TO FINANCIAL STATEMENTS

(b)

Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. These contractual limits continue through January 31, 2024 at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended September 30, 2022 (dollar values in thousands).

For the period ended September 30, 2022, Emerging Markets Debt Opportunities Fund, Global Unconstrained Fund, International Explorer Fund, and Value Income Fund incurred operating expenses of approximately $65,000, $98,000, $59,000, and $135,000, respectively, that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at September 30, 2022.


Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived
Emerging Markets Debt Opportunities Fund - Investor Shares		1.25	%		48	⁽¹⁾
Emerging Markets Debt Opportunities Fund - Advisor Shares		1.15	%		46	⁽¹⁾
Emerging Markets Debt Opportunities Fund - Institutional Shares		1.10	%		47	⁽¹⁾
Floating Rate Fund - Investor Shares		1.20	%		61	⁽²⁾
Floating Rate Fund - Advisor Shares		1.10	%		63	⁽²⁾
Floating Rate Fund - Institutional Shares		1.05	%		51	⁽²⁾
Global Discovery Fund - Investor Shares		1.40	%		-
Global Discovery Fund - Advisor Shares		1.30	%		23
Global Discovery Fund - Institutional Shares		1.25	%		-
Global Equity Fund - Investor Shares		1.35	%		-
Global Equity Fund - Advisor Shares		1.25	%		31
Global Unconstrained Fund - Investor Shares		1.45	%		49	⁽³⁾
Global Unconstrained Fund - Advisor Shares		1.35	%		48	⁽³⁾
Global Unconstrained Fund - Institutional Shares		1.30	%		62	⁽³⁾
International Explorer Fund - Advisor Shares		1.40	%		47	⁽⁴⁾
International Explorer Fund - Institutional Shares		1.35	%		69	⁽⁴⁾
Select Equity Fund - Investor Shares		1.25	%		56
Select Equity Fund - Advisor Shares		1.15	%		43
Select Equity Fund - Institutional Shares		1.10	%		70
Sustainable Emerging Markets Fund - Investor Shares*		1.15	%		157
Sustainable Emerging Markets Fund - Advisor Shares		1.05	%		57	⁽⁵⁾
Sustainable Emerging Markets Fund - Institutional Shares*		1.00	%		76
Value Fund - Advisor Shares		0.88	%		71
Value Income Fund - Investor Shares		1.20	%		54	⁽⁶⁾
Value Income Fund - Advisor Shares		1.10	%		50	⁽⁶⁾
Value Income Fund - Institutional Shares		1.05	%		72	⁽⁶⁾

* Prior to March 1, 2022, expense limit, as a percentage of average daily net assets, was 1.35% and 1.20% for Investor Shares and Institutional Shares, respectively. ⁽¹⁾For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽²⁾For the period from commencement of operations (December 1, 2021) through September 30, 2022. ⁽³⁾For the period from commencement of operations (March 31, 2022) through September 30, 2022. ⁽⁴⁾For the period from commencement of operations (May 16, 2022) through September 30, 2022. ⁽⁵⁾For the period from commencement of operations (April 25, 2022) through September 30, 2022. ⁽⁶⁾For the period from commencement of operations (February 28, 2022) through September 30, 2022.

(c)

Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the year ended September 30, 2022, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of $290,000 prior to January 1, 2022 and $300,000 thereafter.


140				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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


	Amount
Independent board chair		$	100,000
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000

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

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

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

(8)

Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 7, 2023. Under the line of credit, each Fund can borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets (20% for Floating Rate Fund from commencement of operations (December 1, 2021) through June 8, 2022), with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds may not exceed $400 million ($300 million prior to June 8, 2022). The Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.00%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% . The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the year ended September 30, 2022, there were borrowings under the line of credit as follows:


Fund	Average Borrowings			Average Borrowing Rates
Developing World		$	13,083,333		2.22	%
Global Equity			2,091,667		1.21	%
International			9,650,000		1.32	%
Small Cap			150,000		1.09	%
Value			275,000		1.81	%

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, 2022.


Artisan Partners Funds				141

NOTES TO FINANCIAL STATEMENTS

(9)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the year ended September 30, 2022 were as follows (in thousands):


Fund	Security Purchases			Security Sales
Developing World		$	4,990,562		$	6,755,039
Emerging Market Debt Opportunities⁽¹⁾			22,196			5,198
Floating Rate⁽²⁾			64,976			18,843
Focus			4,580,615			4,981,489
Global Discovery			189,885			180,438
Global Equity			228,615			292,449
Global Opportunities			1,645,084			2,450,800
Global Unconstrained⁽³⁾			11,829			2,549
Global Value			520,886			589,013
High Income			3,354,133			3,837,128
International			3,659,462			5,733,479
International Explorer⁽⁴⁾			22,437			1,241
International Small-Mid			1,102,226			1,497,549
International Value			9,034,064			4,736,724
Mid Cap			1,933,967			2,557,793
Mid Cap Value			269,162			749,621
Select Equity			19,076			5,531
Small Cap			929,997			1,675,427
Sustainable Emerging Markets			38,885			15,445
Value			82,687			175,481
Value Income⁽⁵⁾			12,269			1,361

⁽¹⁾For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽²⁾For the period from commencement of operations (December 1, 2021) through September 30, 2022. ⁽³⁾For the period from commencement of operations (March 31, 2022) through September 30, 2022. ⁽⁴⁾For the period from commencement of operations (May 16, 2022) through September 30, 2022. ⁽⁵⁾For the period from commencement of operations (February 28, 2022) through September 30, 2022.

(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, 2022 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the year ended September 30, 2022.

Transactions in securities of affiliates:


	As of 09/30/2021							Proceeds from Sales				Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation or Depreciation				As of 09/30/2022
Funds	Shares Balance	Value			Purchases at Cost			Proceeds from Sales				Net Realized Gain (Loss)								Share Balance		Value			Dividend Income^@
International Small-Mid Fund
Carenet, Inc.⁽¹⁾	3,666		$	45,772		$	327		$	(2,181	)		$	(2,535	)		$	(13,788	)		3,363		$	27,595		$	172
CKD Corp.⁽¹⁾	4,443			94,824			704			(6,630	)			(3,810	)			(36,800	)		4,057			48,288			2,574
Daikokutenbussan Co. Ltd.⁽¹⁾	965			56,662			450			(5,135	)			(5,575	)			(15,910	)		838			30,492			185
Model N, Inc.*	2,194			73,484			552			(5,092	)			(3,894	)			3,498			2,003			68,548			-
Raccoon Holdings, Inc.†⁽¹⁾	2,214			31,135			-			(20,772	)			(10,691	)			1,495			165			1,167			330
Radware Ltd.*†	2,736			92,248			1,941			(25,636	)			1,588				(28,065	)		1,931			42,076			-
Temairazu, Inc.†⁽¹⁾	363			20,866			-			(1,813	)			(674	)			(6,717	)		321			11,662			65
Ubicom Holdings, Inc.⁽¹⁾	928			24,206			212			(1,728	)			(1,754	)			(8,259	)		847			12,677			59
ViewRay, Inc.*	12,082			87,112			418			(4,198	)			(3,181	)			(40,002	)		11,030			40,149			-
Total#			$	526,309		$	4,604		$	(73,185	)		$	(30,526	)		$	(144,548	)				$	227,749		$	3,385


142				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	As of 09/30/2021							Proceeds from Sales				Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation or Depreciation				As of 09/30/2022
Funds	Shares Balance	Value			Purchases at Cost			Proceeds from Sales				Net Realized Gain (Loss)								Share Balance		Value			Dividend Income^@
International Value Fund
Arch Capital Group Ltd.*	22,709		$	867,017		$	75,119		$	(60,077	)		$	4,309			$	164,364			23,073		$	1,050,732		$	-
Berkeley Group Holdings plc‡⁽¹⁾	2,675			156,702			141,931			-				-				(95,437	)		5,543			203,196			1,222
Sensata Technologies Holding plc‡	-			-			493,765			(11,974	)			(3,051	)			(152,552	)		8,750			326,188			1,935
Total			$	1,023,719		$	710,815		$	(72,051	)		$	1,258			$	(83,625	)				$	1,580,116		$	3,157
Small Cap Fund
Vapotherm, Inc.*†	1,323		$	29,455		$	666		$	(8,489	)		$	(30,484	)		$	8,852			-		$	-		$	-
Total#			$	29,455		$	666		$	(8,489	)		$	(30,484	)		$	8,852					$	-		$	-

^@ Net of foreign taxes withheld, if any. † Issuer was not an affiliate as of September 30, 2022. ‡ Issuer was not an affiliate as of September 30, 2021. * Non-income producing security. # Total value as of September 30, 2022 is presented only for those issuers that were affiliates as of September 30, 2022. ⁽¹⁾Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

(11)

Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of September 30, 2022 was as follows (in thousands):


Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/(Depreciation) on Investments
Developing World		$	3,679,711		$	516,537		$	(992,515	)		$	(475,978	)
Emerging Markets Debt Opportunities			22,359			477			(2,079	)			(1,602	)
Floating Rate			50,732			45			(2,897	)			(2,852	)
Focus			1,619,012			90,709			(128,539	)			(37,830	)
Global Discovery			245,943			21,272			(35,675	)			(14,403	)
Global Equity			192,768			18,867			(41,607	)			(22,740	)
Global Opportunities			2,753,173			614,319			(219,779	)			394,540
Global Unconstrained			15,443			485			(1,244	)			(759	)
Global Value			1,844,076			310,168			(353,503	)			(43,335	)
High Income			6,621,277			23,134			(935,760	)			(912,626	)
International			5,461,654			733,321			(1,176,528	)			(443,207	)
International Explorer			23,978			208			(3,441	)			(3,233	)
International Small-Mid			4,281,979			380,158			(740,149	)			(359,991	)
International Value			21,443,300			2,285,062			(3,670,741	)			(1,385,680	)
Mid Cap			3,446,356			1,107,666			(349,068	)			758,598
Mid Cap Value			925,348			416,106			(46,098	)			370,008
Select Equity			34,527			1,613			(6,654	)			(5,041	)
Small Cap			1,553,510			547,268			(292,972	)			254,296
Sustainable Emerging Markets			77,832			10,447			(26,334	)			(15,887	)
Value			184,522			54,990			(15,437	)			39,553
Value Income			11,083			125			(2,035	)			(1,910	)

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


Artisan Partners Funds				143

NOTES TO FINANCIAL STATEMENTS

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2022 and the year ended September 30, 2021 were as follows (in thousands):


	Year Ended 9/30/2022						Year Ended 9/30/2021
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	295,702		$	388,716		$	152,905		$	170,759
Emerging Markets Debt Opportunities⁽¹⁾			508			-
Floating Rate⁽²⁾			1,456			-
Focus			337,147			17,221			53,368			-
Global Discovery			7,395			19,221			3,590			1,274
Global Equity			19,459			28,859			14,871			16,482
Global Opportunities			27,681			553,418			124,967			198,394
Global Unconstrained⁽³⁾			160			-
Global Value			28,483			197,964			3,457			-
High Income			478,573			44,189			334,171			-
International			429,877			1,409,800			84,981			251,322
International Explorer⁽⁴⁾			-			-
International Small-Mid			45,109			128,582			32,045			-
International Value			1,229,228			1,001,989			150,230			2,931
Mid Cap			91,524			999,387			169,210			772,633
Mid Cap Value			34,762			229,661			11,961			26,416
Select Equity			545			670			67			-
Small Cap			29,251			366,277			-			193,038
Sustainable Emerging Markets			748			-			992			-
Value			6,388			37,133			1,976			22,360
Value Income⁽⁵⁾			161			-

⁽¹⁾For the period from commencement of operations (April 7, 2022) through September 30, 2022. ⁽²⁾For the period from commencement of operations (December 1, 2021) through September 30, 2022. ⁽³⁾For the period from commencement of operations (March 31, 2022) through September 30, 2022. ⁽⁴⁾For the period from commencement of operations (May 16, 2022) through September 30, 2022. ⁽⁵⁾For the period from commencement of operations (February 28, 2022) through September 30, 2022.

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

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were recorded in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, dividends in excess and utilization of earnings and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.

Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at September 30, 2022 as follows:


Fund	Undistributed Net Investment Income (Loss)				Accumulated Net Realized Gain (Loss)				Fund Shares Issued and outstanding
Developing World		$	17,198			$	4,448			$	(21,646	)
Emerging Markets Debt Opportunities			238				(238	)			-	^(a)
Floating Rate			(9	)			12				(3	)
Focus			2,894				(2,894	)			-
Global Discovery			825				(26	)			(799	)
Global Equity			(182	)			94				88


144				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Undistributed Net Investment Income (Loss)				Accumulated Net Realized Gain (Loss)				Fund Shares Issued and outstanding
Global Opportunities		$	4,565			$	502			$	(5,067	)
Global Unconstrained			360				(360	)			-	^(a)
Global Value			(3,147	)			(6,920	)			10,067
High Income			440				(8,169	)			7,729
International			(9,806	)			(57,306	)			67,112
International Explorer			8				(8	)			-
International Small-Mid			6,350				(6,350	)			-
International Value			35,643				(84,300	)			48,657
Mid Cap			16,655				62,561				(79,216	)
Mid Cap Value			(5,931	)			(29,620	)			35,551
Select Equity			(4	)			(4	)			8
Small Cap			9,329				(2,864	)			(6,465	)
Sustainable Emerging Markets			(141	)			141				-
Value			(483	)			(8,189	)			8,672
Value Income			(5	)			4				1

^(a) Amount rounds to less than $1

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2022. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2022.

Additional tax information as of and for the year ended September 30, 2022 follows (in thousands):

Additional tax information


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

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


Artisan Partners Funds				145

NOTES TO FINANCIAL STATEMENTS

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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

⁽⁵⁾

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

As of September 30, 2022, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.


Fund	Unexpiring – ST			Unexpiring – LT				Utilized in CY
Floating Rate		$	588		$	-			$	-
Focus			101,319			-				-
International Explorer			162			-				-
Sustainable Emerging Markets			6,328			126,757	⁽¹⁾			135
Value Income			75			-				-

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

(12)

Fund share activities:

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


	DEVELOPING WORLD
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,470,810			$	141,791			24,456,112			$	652,612
Advisor Shares		71,081,577				1,307,328			78,124,393				2,091,300
Institutional Shares		29,932,152				533,624			35,190,326				944,978
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,902,230				68,136			1,144,414				28,164
Advisor Shares		14,263,543				338,006			6,563,174				162,701
Institutional Shares		7,092,177				169,058			3,125,063				77,783
Cost of shares redeemed
Investor Shares		(16,787,479	)			(297,852	)		(18,370,697	)			(478,325	)
Advisor Shares		(133,496,326	)			(2,343,680	)		(56,204,034	)			(1,491,291	)
Institutional Shares		(55,734,088	)			(987,399	)		(22,206,741	)			(591,050	)
Net increase (decrease) from fund share transactions
Investor Shares		(6,414,439	)			(87,925	)		7,229,829				202,451
Advisor Shares		(48,151,206	)			(698,346	)		28,483,533				762,710
Institutional Shares		(18,709,759	)			(284,717	)		16,108,648				431,711

	EMERGING MARKETS DEBT OPPORTUNITIES
	Period Ended 9/30/2022⁽¹⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		8,969			$	88
Advisor Shares		44,242				438
Institutional Shares		2,106,225				21,058
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		165				2
Advisor Shares		929				9
Institutional Shares		51,335				497
Cost of shares redeemed
Institutional Shares		(2,727	)			(26	)
Net increase from fund share transactions
Investor Shares		9,134				90
Advisor Shares		45,171				447
Institutional Shares		2,154,833				21,529


146				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	FLOATING RATE
	Period Ended 9/30/2022⁽²⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		280,147			$	2,719
Advisor Shares		2,737,014				26,946
Institutional Shares		3,318,819				33,023
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,253				41
Advisor Shares		53,482				511
Institutional Shares		94,596				902
Cost of shares redeemed
Investor Shares		(20,931	)			(203	)
Advisor Shares		(994,399	)			(9,499	)
Institutional Shares		(394,361	)			(3,759	)
Net increase from fund share transactions
Investor Shares		263,469				2,557
Advisor Shares		1,796,097				17,958
Institutional Shares		3,019,054				30,166

	FOCUS
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,690,488			$	84,203			6,066,488			$	124,647
Advisor Shares		15,192,061				287,151			23,956,675				501,871
Institutional Shares		10,512,079				182,072			9,893,353				218,902
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,442,848				51,056			469,765				9,245
Advisor Shares		8,143,796				170,694			1,300,655				25,636
Institutional Shares		1,731,756				36,384			176,767				3,488
Cost of shares redeemed
Investor Shares		(6,784,230	)			(127,828	)		(5,571,574	)			(117,026	)
Advisor Shares		(24,269,096	)			(446,780	)		(10,783,293	)			(237,296	)
Institutional Shares		(9,012,101	)			(163,400	)		(958,295	)			(20,559	)
Net increase from fund share transactions
Investor Shares		349,106				7,431			964,679				16,866
Advisor Shares		(933,239	)			11,065			14,474,037				290,211
Institutional Shares		3,231,734				55,056			9,111,825				201,831

	GLOBAL DISCOVERY
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		441,723			$	8,708			835,410			$	17,733
Advisor Shares		751,523				15,486			260,651				5,428
Institutional Shares		2,214,973				45,023			7,220,727				149,718
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		213,639				4,734			58,724				1,141
Advisor Shares		71,423				1,585			21,563				419
Institutional Shares		907,373				20,198			169,415				3,295
Cost of shares redeemed
Investor Shares		(800,050	)			(14,980	)		(3,926,010	)			(77,149	)
Advisor Shares		(739,039	)			(12,743	)		(488,202	)			(10,055	)
Institutional Shares		(2,035,430	)			(34,947	)		(275,487	)			(5,959	)
Net increase from fund share transactions
Investor Shares		(144,688	)			(1,538	)		(3,031,876	)			(58,275	)
Advisor Shares		83,907				4,328			(205,988	)			(4,208	)
Institutional Shares		1,086,916				30,274			7,114,655				147,054


Artisan Partners Funds				147

NOTES TO FINANCIAL STATEMENTS



	GLOBAL EQUITY
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		363,512			$	6,926			904,092			$	21,779
Advisor Shares		284,081				4,849			83,022				1,987
Institutional Shares		1,987,292				33,399			2,694,888				63,930
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,087,193				22,418			732,806				16,107
Advisor Shares		104,739				2,161			71,608				1,575
Institutional Shares		1,026,998				21,464			564,180				12,514
Cost of shares redeemed
Investor Shares		(2,958,596	)			(54,061	)		(1,297,221	)			(31,024	)
Advisor Shares		(688,532	)			(11,692	)		(139,489	)			(3,403	)
Institutional Shares		(2,467,539	)			(45,052	)		(1,159,022	)			(27,394	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,507,891	)			(24,717	)		339,677				6,862
Advisor Shares		(299,712	)			(4,682	)		15,141				159
Institutional Shares		546,751				9,811			2,100,046				49,050

	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,275,468			$	137,036			7,534,061			$	276,699
Advisor Shares		6,618,480				211,795			10,297,748				382,378
Institutional Shares		10,812,675				360,106			13,722,463				522,472
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,998,126				148,890			2,661,867				91,169
Advisor Shares		3,000,905				112,774			1,779,172				61,346
Institutional Shares		7,348,834				279,991			4,344,622				151,540
Cost of shares redeemed
Investor Shares		(14,827,587	)			(451,998	)		(10,400,955	)			(382,405	)
Advisor Shares		(15,991,074	)			(491,833	)		(7,521,324	)			(279,779	)
Institutional Shares		(21,811,032	)			(713,959	)		(13,122,821	)			(489,845	)
Net increase (decrease) from fund share transactions
Investor Shares		(6,553,993	)			(166,072	)		(205,027	)			(14,537	)
Advisor Shares		(6,371,689	)			(167,264	)		4,555,596				163,945
Institutional Shares		(3,649,523	)			(73,862	)		4,944,264				184,167

	GLOBAL UNCONSTRAINED
	Period Ended 9/30/2022⁽³⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		45,885			$	463
Advisor Shares		196,899				1,967
Institutional Shares		1,230,442				12,315
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		294				3
Advisor Shares		2,040				20
Institutional Shares		13,686				137
Cost of shares redeemed
Investor Shares		(19	)			—
Institutional Shares		(1,917	)			(19	)
Net increase from fund share transactions
Investor Shares		46,160				466
Advisor Shares		198,939				1,987
Institutional Shares		1,242,211				12,433


148				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS



	GLOBAL VALUE
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,486,945			$	29,522			1,479,158			$	31,253
Advisor Shares		3,990,120				77,572			2,543,546				53,069
Institutional Shares		21,133,681				396,244			23,752,376				495,788
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,169,733				23,816			7,554				141
Advisor Shares		1,363,221				27,701			12,545				233
Institutional Shares		7,107,819				144,786			157,821				2,943
Cost of shares redeemed
Investor Shares		(3,171,851	)			(61,381	)		(3,400,424	)			(66,559	)
Advisor Shares		(3,983,122	)			(74,999	)		(3,869,572	)			(74,325	)
Institutional Shares		(27,007,128	)			(511,902	)		(20,531,693	)			(421,990	)
Net increase from fund share transactions
Investor Shares		(515,173	)			(8,043	)		(1,913,712	)			(35,165	)
Advisor Shares		1,370,219				30,274			(1,313,481	)			(21,023	)
Institutional Shares		1,234,372				29,128			3,378,504				76,741

	HIGH INCOME
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		21,972,142			$	210,935			55,384,551			$	557,458
Advisor Shares		112,796,323				1,065,335			127,925,837				1,292,736
Institutional Shares		127,041,635				1,186,468			120,431,802				1,227,065
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		9,043,579				86,993			7,267,322				73,712
Advisor Shares		22,457,803				214,298			14,085,012				142,815
Institutional Shares		13,101,185				124,855			6,575,203				66,709
Cost of shares redeemed⁽⁴⁾
Investor Shares		(81,347,747	)			(772,200	)		(43,489,922	)			(440,258	)
Advisor Shares		(148,814,020	)			(1,401,726	)		(63,765,017	)			(647,748	)
Institutional Shares		(77,269,224	)			(724,085	)		(41,517,109	)			(421,144	)
Net increase (decrease) from fund share transactions
Investor Shares		(50,332,026	)			(474,272	)		19,161,951				190,912
Advisor Shares		(13,559,894	)			(122,093	)		78,245,832				787,803
Institutional Shares		62,873,596				587,238			85,489,896				872,630
Redemption Fees
Investor Shares						116							141
Advisor Shares						275							100
Institutional Shares						80							57

	INTERNATIONAL
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,878,673			$	134,566			5,462,779			$	194,169
Advisor Shares		9,078,191				245,647			7,454,600				265,316
Institutional Shares		25,657,363				704,771			17,719,715				642,154
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		18,624,907				557,071			3,066,146				101,796
Advisor Shares		9,803,061				291,935			1,673,800				55,369
Institutional Shares		25,644,328				771,381			4,262,711				142,161
Cost of shares redeemed
Investor Shares		(30,595,419	)			(830,194	)		(21,775,860	)			(777,322	)
Advisor Shares		(26,103,285	)			(712,537	)		(17,032,578	)			(613,734	)
Institutional Shares		(61,890,825	)			(1,648,129	)		(31,289,891	)			(1,117,578	)
Net increase (decrease) from fund share transactions
Investor Shares		(7,091,839	)			(138,557	)		(13,246,935	)			(481,357	)
Advisor Shares		(7,222,033	)			(174,955	)		(7,904,178	)			(293,049	)
Institutional Shares		(10,589,134	)			(171,977	)		(9,307,465	)			(333,263	)


Artisan Partners Funds				149

NOTES TO FINANCIAL STATEMENTS



	INTERNATIONAL EXPLORER
	Period Ended 9/30/2022⁽⁵⁾
	Shares			Amount
Proceeds from shares issued
Advisor Shares		674,918			$	6,881
Institutional Shares		1,730,893				17,443
Cost of shares redeemed
Advisor Shares		(6,118	)			(59	)
Institutional Shares		(36,399	)			(362	)
Net increase from fund share transactions
Advisor Shares		668,800				6,822
Institutional Shares		1,694,494				17,081

	INTERNATIONAL SMALL-MID
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,161,258			$	72,617			7,655,492			$	155,986
Advisor Shares		27,893,529				477,225			35,223,112				704,592
Institutional Shares		49,845,304				876,465			108,981,913				2,173,232
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		688,580				14,109			131,370				2,441
Advisor Shares		2,266,734				46,559			462,919				8,606
Institutional Shares		4,721,866				98,120			913,605				17,158
Cost of shares redeemed
Investor Shares		(8,256,751	)			(141,622	)		(5,792,240	)			(117,810	)
Advisor Shares		(34,331,388	)			(574,051	)		(18,750,530	)			(387,229	)
Institutional Shares		(58,593,168	)			(996,877	)		(33,013,409	)			(691,675	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,406,913	)			(54,896	)		1,994,622				40,617
Advisor Shares		(4,171,125	)			(50,267	)		16,935,501				325,969
Institutional Shares		(4,025,998	)			(22,292	)		76,882,109				1,498,715

	INTERNATIONAL VALUE
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		8,291,428			$	328,863			10,029,416			$	425,123
Advisor Shares		60,092,836				2,405,960			60,101,745				2,587,653
Institutional Shares		146,452,838				6,097,063			101,375,505				4,247,502
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		5,974,617				251,146			531,957				19,709
Advisor Shares		11,140,147				465,887			930,063				34,394
Institutional Shares		30,721,316				1,289,424			2,304,030				85,572
Cost of shares redeemed
Investor Shares		(13,135,629	)			(518,863	)		(9,439,061	)			(393,232	)
Advisor Shares		(64,767,550	)			(2,725,845	)		(35,243,375	)			(1,383,978	)
Institutional Shares		(70,332,385	)			(2,796,686	)		(46,260,265	)			(1,937,698	)
Net increase from fund share transactions
Investor Shares		1,130,416				61,146			1,122,312				51,600
Advisor Shares		6,465,433				146,002			25,788,433				1,238,069
Institutional Shares		106,841,769				4,589,801			57,419,270				2,395,376


150				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS



	MID CAP
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,385,851			$	288,438			9,025,373			$	438,653
Advisor Shares		7,488,704				286,518			6,642,387				333,096
Institutional Shares		14,203,132				642,122			13,788,210				786,484
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		7,472,214				341,032			6,218,417				272,802
Advisor Shares		3,050,814				141,832			2,257,342				100,452
Institutional Shares		8,489,882				461,850			8,473,419				430,789
Cost of shares redeemed
Investor Shares		(12,920,194	)			(504,849	)		(12,533,182	)			(619,596	)
Advisor Shares		(7,888,493	)			(299,371	)		(5,633,184	)			(284,582	)
Institutional Shares		(20,078,294	)			(878,409	)		(31,623,027	)			(1,828,558	)
Net increase (decrease) from fund share transactions
Investor Shares		1,937,871				124,621			2,710,608				91,859
Advisor Shares		2,651,025				128,979			3,266,545				148,966
Institutional Shares		2,614,720				225,563			(9,361,398	)			(611,285	)

	MID CAP VALUE
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,346,819			$	71,410			3,967,470			$	86,121
Advisor Shares		2,617,668				52,809			2,469,192				52,725
Institutional Shares		2,436,382				50,058			2,813,174				59,986
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,275,188				69,860			488,090				9,191
Advisor Shares		3,337,333				70,918			627,069				11,764
Institutional Shares		4,507,359				95,826			746,328				14,009
Cost of shares redeemed
Investor Shares		(13,701,582	)			(267,761	)		(7,757,410	)			(161,521	)
Advisor Shares		(6,559,601	)			(136,708	)		(11,106,520	)			(234,773	)
Institutional Shares		(10,527,284	)			(223,157	)		(7,759,522	)			(162,434	)
Net increase (decrease) from fund share transactions
Investor Shares		(7,079,575	)			(126,491	)		(3,301,850	)			(66,209	)
Advisor Shares		(604,600	)			(12,981	)		(8,010,259	)			(170,284	)
Institutional Shares		(3,583,543	)			(77,273	)		(4,200,020	)			(88,439	)

	SELECT EQUITY
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		35,252			$	452			164,281			$	2,119
Advisor Shares		20,516				206			62,236				862
Institutional Shares		1,091,230				13,142			370,623				4,840
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		10,699				142			-				-
Advisor Shares		6,464				86			-				-
Institutional Shares		74,662				987			5,760				67
Cost of shares redeemed
Investor Shares		(24,326	)			(298	)		(44,311	)			(578	)
Advisor Shares		(917	)			(11	)		(6,471	)			(83	)
Institutional Shares		(33,527	)			(408	)		(1,685	)			(21	)
Net increase from fund share transactions
Investor Shares		21,625				296			119,970				1,541
Advisor Shares		26,063				281			55,765				779
Institutional Shares		1,132,365				13,721			374,698				4,886


Artisan Partners Funds				151

NOTES TO FINANCIAL STATEMENTS



	SMALL CAP
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,256,368			$	118,733			6,975,309			$	353,733
Advisor Shares		10,094,246				357,099			12,032,064				616,553
Institutional Shares		11,286,868				402,996			11,886,909				607,621
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,406,177				104,067			1,229,720				57,034
Advisor Shares		2,969,408				129,469			1,341,078				62,575
Institutional Shares		2,704,864				120,637			1,135,482				54,015
Cost of shares redeemed
Investor Shares		(6,753,630	)			(245,803	)		(7,514,944	)			(375,163	)
Advisor Shares		(26,304,832	)			(847,310	)		(10,460,652	)			(528,644	)
Institutional Shares		(14,875,744	)			(520,695	)		(6,692,828	)			(342,082	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,091,085	)			(23,003	)		690,085				35,604
Advisor Shares		(13,241,178	)			(360,742	)		2,912,490				150,484
Institutional Shares		(884,012	)			2,938			6,329,563				319,554

	SUSTAINABLE EMERGING MARKETS
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		662,977			$	11,430			657,786			$	13,258
Advisor Shares⁽⁶⁾		2,174,780				30,102			-				-
Institutional Shares		1,405,810				24,249			267,808				5,414
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		33,599				659			48,964				898
Institutional Shares		4,462				89			4,929				92
Cost of shares redeemed
Investor Shares		(2,930,208	)			(41,929	)		(326,496	)			(6,341	)
Advisor Shares⁽⁶⁾		(20,477	)			(280	)		-				-
Institutional Shares		(56,922	)			(940	)		(176,300	)			(3,685	)
Net increase from fund share transactions
Investor Shares		(2,233,632	)			(29,840	)		380,254				7,815
Advisor Shares⁽⁶⁾		2,154,303				29,822			-				-
Institutional Shares		1,353,350				23,398			96,437				1,821

	VALUE
	Year Ended 9/30/2022							Year Ended 9/30/2021
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		856,850			$	12,330			1,006,655			$	15,999
Advisor Shares		799,189				11,773			1,277,534				19,493
Institutional Shares		2,078,297				30,020			2,938,692				44,584
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		825,284				12,297			471,369				6,359
Advisor Shares		783,355				11,601			523,044				7,019
Institutional Shares		1,198,806				17,766			661,645				8,886
Cost of shares redeemed
Investor Shares		(1,514,916	)			(22,102	)		(1,151,218	)			(17,262	)
Advisor Shares		(3,166,768	)			(44,521	)		(2,447,377	)			(36,532	)
Institutional Shares		(5,786,232	)			(85,318	)		(3,514,364	)			(50,901	)
Net increase (decrease) from fund share transactions
Investor Shares		167,218				2,525			326,806				5,096
Advisor Shares		(1,584,224	)			(21,147	)		(646,799	)			(10,020	)
Institutional Shares		(2,509,129	)			(37,532	)		85,973				2,569


152				Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	VALUE INCOME
	Period Ended 9/30/2022⁽⁷⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		110,107			$	1,067
Advisor Shares		142,757				1,376
Institutional Shares		876,184				8,756
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,389				12
Advisor Shares		2,039				18
Institutional Shares		15,001				131
Cost of shares redeemed
Investor Shares		(21,611	)			(195	)
Advisor Shares		(276	)			(2	)
Institutional Shares		(8,723	)			(76	)
Net increase from fund share transactions
Investor Shares		89,885				884
Advisor Shares		144,520				1,392
Institutional Shares		882,462				8,811

^1. For the period from commencement of operations (April 7, 2022) through September 30, 2022. ^2. For the period from commencement of operations (December 1, 2021) through September 30, 2022. ^3. For the period from commencement of operations (March 31, 2022) through September 30, 2022. ^4. Net of redemption fees. ^5. For the period from commencement of operations (May 16, 2022) through September 30, 2022. ^6. For the period from commencement of operations (April 25, 2022) through September 30, 2022. ^7. For the period from commencement of operations (February 28, 2022) through September 30, 2022.

(13)

Accounting Pronouncements:

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

(14)

Subsequent Events:

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


Artisan Partners Funds				153

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 Emerging Markets Debt Opportunities Fund, Artisan Floating Rate Fund, Artisan Focus Fund, Artisan Global Discovery Fund, Artisan Global Equity Fund, Artisan Global Opportunities Fund, Artisan Global Unconstrained Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Explorer 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, Artisan Value Fund and Artisan Value Income Fund (collectively referred to as the “Funds”)), including the schedules of investments, as of September 30, 2022, 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, 2022, 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 Focus 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 Small Cap Fund Artisan Sustainable Emerging Markets Fund Artisan Value Fund	For the year ended September 30, 2022	For each of the two years in the period ended September 30, 2022	For each of the five years in the period ended September 30, 2022
Artisan Select Equity Fund	For the year ended September 30, 2022	For each of the two years in the period ended September 30, 2022	For each of the two years in the period ended September 30, 2022 and the period from February 28, 2020 (commencement of operations) through September 30, 2020
Artisan Floating Rate Fund	For the period from December 1, 2021 (commencement of operations) through September 30, 2022
Artisan Value Income Fund	For the period from February 28, 2022 (commencement of operations) through September 30, 2022
Artisan Global Unconstrained Fund	For the period from March 31, 2022 (commencement of operations) through September 30, 2022
Artisan Emerging Markets Debt Opportunities Fund	For the period from April 7, 2022 (commencement of operations) through September 30, 2022
Artisan International Explorer Fund	For the period from May 16, 2022 (commencement of operations) through September 30, 2022

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.


154				Artisan Partners Funds

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, 2022 by correspondence with the custodian, brokers, counterparties and agent banks; when replies were not received from brokers or others, we performed other auditing procedures. 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.

LOGO

We have served as the auditor of one or more Artisan Partners Funds investment companies since 2003.

Minneapolis, Minnesota

November 28, 2022


Artisan Partners Funds				155

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 investing 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, 2022 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, 2022 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		$	388,716		4.35	%		1.24	%
Emerging Markets Debt Opportunities			N/A		N/A			N/A
Floating Rate			N/A		N/A			N/A
Focus			17,221		4.90			3.49
Global Discovery			19,221		19.22			5.75
Global Equity			28,859		22.76			2.88
Global Opportunities			553,418		100.00			37.59
Global Unconstrained			N/A		N/A			N/A
Global Value			207,234		100.00			37.72
High Income			44,189		N/A			N/A
International			1,470,958		39.78			N/A
International Explorer			N/A		N/A			N/A
International Small-Mid			128,582		100.00			0.21
International Value			1,035,109		44.60			N/A
Mid Cap			999,387		10.65			12.36
Mid Cap Value			264,814		68.19			71.17
Select Equity			670		70.27			42.43
Small Cap			366,277		18.07			18.12
Sustainable Emerging Markets			N/A		100.00			N/A
Value			45,636		90.43			70.52
Value Income			N/A		100.00			86.23


156				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, 2022 to September 30, 2022.

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended September 30, 2022 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.


	Beginning Account Value 4/1/2022			Ending Account Value 9/30/2022			Expenses Paid During Period 4/1/2022-9/30/2022⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	687.50		$	5.46		1.29	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.60		$	6.53		1.29	%
Advisor Shares
Actual		$	1,000.00		$	687.80		$	4.78		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.72		1.13	%
Institutional Shares
Actual		$	1,000.00		$	688.10		$	4.44		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Artisan Emerging Markets Debt Opportunities Fund
Investor Shares
Actual⁽⁴⁾		$	1,000.00		$	982.80		$	5.98		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.33		1.25	%
Advisor Shares
Actual⁽⁴⁾		$	1,000.00		$	982.20		$	5.50		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.82		1.15	%
Institutional Shares
Actual⁽⁴⁾		$	1,000.00		$	983.50		$	5.26		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10	%
Artisan Floating Rate Fund
Investor Shares
Actual		$	1,000.00		$	969.70		$	5.93		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.07		1.20	%
Advisor Shares
Actual		$	1,000.00		$	970.30		$	5.43		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10	%
Institutional Shares
Actual		$	1,000.00		$	970.60		$	5.19		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%


Artisan Partners Funds				157

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2022			Ending Account Value 9/30/2022			Expenses Paid During Period 4/1/2022-9/30/2022⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Focus Fund
Investor Shares
Actual		$	1,000.00		$	789.80		$	5.61		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.33		1.25	%
Advisor Shares
Actual		$	1,000.00		$	790.60		$	4.98		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.62		1.11	%
Institutional Shares
Actual		$	1,000.00		$	790.60		$	4.58		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.17		1.02	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	749.90		$	6.14		1.40	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.05		$	7.08		1.40	%
Advisor Shares
Actual		$	1,000.00		$	750.30		$	5.70		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.55		$	6.58		1.30	%
Institutional Shares
Actual		$	1,000.00		$	751.20		$	4.70		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.70		$	5.42		1.07	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	802.60		$	5.78		1.28	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.48		1.28	%
Advisor Shares
Actual		$	1,000.00		$	802.10		$	5.65		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.33		1.25	%
Institutional Shares
Actual		$	1,000.00		$	803.10		$	4.70		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	761.20		$	5.03		1.14	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.35		$	5.77		1.14	%
Advisor Shares
Actual		$	1,000.00		$	761.90		$	4.46		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.11		1.01	%
Institutional Shares
Actual		$	1,000.00		$	762.20		$	4.02		0.91	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.51		$	4.61		0.91	%
Artisan Global Unconstrained Fund
Investor Shares
Actual		$	1,000.00		$	1,021.00		$	7.35		1.45	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.80		$	7.33		1.45	%
Advisor Shares
Actual		$	1,000.00		$	1,022.40		$	6.84		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35	%
Institutional Shares
Actual		$	1,000.00		$	1,022.70		$	6.59		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.55		$	6.58		1.30	%


158				Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2022			Ending Account Value 9/30/2022			Expenses Paid During Period 4/1/2022-9/30/2022⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	778.00		$	5.57		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.33		1.25	%
Advisor Shares
Actual		$	1,000.00		$	778.70		$	4.99		1.12	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.67		1.12	%
Institutional Shares
Actual		$	1,000.00		$	778.80		$	4.55		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.17		1.02	%
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	899.10		$	4.48		0.94	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.36		$	4.76		0.94	%
Advisor Shares
Actual		$	1,000.00		$	899.60		$	3.76		0.79	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.11		$	4.00		0.79	%
Institutional Shares
Actual		$	1,000.00		$	900.00		$	3.33		0.70	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.56		$	3.55		0.70	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	788.00		$	5.33		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	6.02		1.19	%
Advisor Shares
Actual		$	1,000.00		$	788.70		$	4.71		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Institutional Shares
Actual		$	1,000.00		$	789.00		$	4.40		0.98	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.16		$	4.96		0.98	%
Artisan International Explorer Fund
Advisor Shares
Actual⁽⁵⁾		$	1,000.00		$	869.00		$	4.95		1.40	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.05		$	7.08		1.40	%
Institutional Shares
Actual⁽⁵⁾		$	1,000.00		$	869.00		$	4.77		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35	%
Artisan International Small-Mid Fund
Investor Shares
Actual		$	1,000.00		$	778.30		$	5.71		1.28	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		$	6.48		1.28	%
Advisor Shares
Actual		$	1,000.00		$	778.30		$	5.13		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.82		1.15	%
Institutional Shares
Actual		$	1,000.00		$	778.80		$	4.82		1.08	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.47		1.08	%


Artisan Partners Funds				159

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2022			Ending Account Value 9/30/2022			Expenses Paid During Period 4/1/2022-9/30/2022⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	806.60		$	5.39		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	6.02		1.19	%
Advisor Shares
Actual		$	1,000.00		$	807.30		$	4.76		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Institutional Shares
Actual		$	1,000.00		$	807.60		$	4.35		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.26		$	4.86		0.96	%
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	756.40		$	5.15		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17	%
Advisor Shares
Actual		$	1,000.00		$	756.90		$	4.62		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Institutional Shares
Actual		$	1,000.00		$	757.30		$	4.23		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.26		$	4.86		0.96	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	810.90		$	5.45		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.07		1.20	%
Advisor Shares
Actual		$	1,000.00		$	811.20		$	4.72		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Institutional Shares
Actual		$	1,000.00		$	811.40		$	4.45		0.98	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.16		$	4.96		0.98	%
Artisan Select Equity Fund
Investor Shares
Actual		$	1,000.00		$	774.20		$	5.60		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.38		1.26	%
Advisor Shares
Actual		$	1,000.00		$	774.70		$	5.12		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.82		1.15	%
Institutional Shares
Actual		$	1,000.00		$	774.90		$	4.89		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	810.10		$	5.45		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.07		1.20	%
Advisor Shares
Actual		$	1,000.00		$	810.90		$	4.81		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.37		1.06	%
Institutional Shares
Actual		$	1,000.00		$	810.90		$	4.49		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.10		$	5.01		0.99	%


160				Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2022			Ending Account Value 9/30/2022			Expenses Paid During Period 4/1/2022-9/30/2022⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	768.50		$	5.10		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.82		1.15	%
Advisor Shares
Actual⁽⁶⁾		$	1,000.00		$	853.50		$	4.16		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Institutional Shares
Actual		$	1,000.00		$	768.90		$	4.43		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.05		$	5.06		1.00	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	805.10		$	4.75		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Advisor Shares
Actual		$	1,000.00		$	805.50		$	3.98		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.66		$	4.46		0.88	%
Institutional Shares
Actual		$	1,000.00		$	805.60		$	3.89		0.86	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.76		$	4.36		0.86	%
Artisan Value Income Fund
Investor Shares
Actual		$	1,000.00		$	826.70		$	5.50		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.07		1.20	%
Advisor Shares
Actual		$	1,000.00		$	827.00		$	5.04		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10	%
Institutional Shares
Actual		$	1,000.00		$	827.10		$	4.81		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%

⁽¹⁾

Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2022, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

⁽²⁾

Annualized ratio of expenses to average net assets for the six-month period ended September 30, 2022.

⁽³⁾

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

⁽⁴⁾

The actual account value and expenses paid for Artisan Emerging Markets Debt Opportunities Fund – Investor Shares, Advisor Shares and Institutional Shares have been presented for the period from commencement of operations (April 7, 2022) through September 30, 2022.

⁽⁵⁾

The actual account value and expenses paid for Artisan International Explorer Fund – Advisor Shares and Institutional Shares have been presented for the period from commencement of operations (May 16, 2022) through September 30, 2022.

⁽⁶⁾

The actual account value and expenses paid for Artisan Sustainable Emerging Markets Fund – Advisor Shares has been presented for the period from commencement of operations (April 25, 2022) through September 30, 2022.


Artisan Partners Funds				161

FACTORS CONSIDERED IN RENEWING CERTAIN 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 5-6, 2022 (the “May 5-6 Meeting”), at which they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to each of Artisan Developing World Fund, Artisan Focus 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 Fund, Artisan Small Cap Fund, Artisan Sustainable Emerging Markets Fund and Artisan Value Fund (each, a “Fund,” and, together, the “Funds”) for the period from July 1, 2022 through June 30, 2023. The investment advisory agreements for Artisan Floating Rate Fund and Artisan International Explorer Fund do not expire until November 10, 2023 and May 6, 2024, respectively, and the investment advisory agreements for Artisan Emerging Markets Debt Opportunities Fund, Artisan Global Unconstrained Fund and Artisan Value Income Fund do not expire until February 17, 2024. Accordingly, the directors did not take action with respect to these funds at the May 5-6 Meeting and the May 25-26 Meeting (as defined below). The primary purpose of the May 5-6 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 reviewed at meetings over the course of the preceding year, including a number of special meetings at which the directors discussed with Artisan Partners such matters as the methodology for constructing peer groups for purposes of evaluating the Funds’ investment performance, Artisan Partners’ business model and competitive position and overall asset management industry trends and developments), and to request any additional information they considered reasonably necessary to their deliberations.

At their regular quarterly meeting held on May 25-26, 2022 (the “May 25-26 Meeting”), the directors, including the independent directors, considered and unanimously approved the continuation through June 30, 2023 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.

Prior to the May 5-6 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 a report (the “Broadridge Report”) prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of investment company data, that included information relating to each Fund’s fees and expenses compared to the fees and expenses of a relatively small peer group (the “Broadridge Peer Group”) and a larger peer universe of mutual funds (the “Broadridge Universe”) selected by Broadridge. The Broadridge Report also contained information comparing each Fund’s investment performance to the performance of a relatively small performance peer group selected by Artisan Partners using a methodology developed by Artisan Partners in consultation with the independent directors, and to the Fund’s Broadridge Universe (or, in the case of Artisan Global Discovery Fund and Artisan International Value Fund, 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 compile the Broadridge Universes (the “Supplemental Universes”)).

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 fee rates payable by each Fund; the 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 and presented at or prior to May 5-6 Meeting and the May 25-26 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, including with respect to incentive compensation offered to such personnel, Artisan Partners’ workforce diversity and inclusion practices and Artisan Partners’ succession planning processes with respect to, among other areas,


162				Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING CERTAIN FUNDS’ ADVISORY AGREEMENTS

the leadership of the Funds’ portfolio management teams and senior management of Artisan Partners; Artisan Partners’ research, including with respect to its acquisition and use of traditional and alternative data, 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; and Artisan Partners’ views on the effects of the evolving competitive landscape of the mutual fund industry and certain industry and regulatory 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;

•

Information on each Fund’s redemption rates relative to other accounts managed by Artisan Partners, including separate account strategies, and appropriate industry peer groups;

•

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, 2021;

•

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, 2021; 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 reasonableness and 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, Artisan Partners’ philosophy regarding management fees charged to such sub-advised clients as compared to Funds with substantially similar investment strategies, including regarding initial fee rates and fee waivers and/or reductions, 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;

•

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;

•

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 years 2019, 2020 and 2021; 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’ cybersecurity framework and Artisan Partners’ approach to monitoring the cybersecurity systems of the Funds’ key service providers with respect to the services provided to the Funds;

•

Artisan Partners’ views on environmental, social and governance (“ESG”) investing, including the extent to which and how Artisan Partners’ investment teams incorporate ESG factors into the investment process with the goal of helping enhance risk-adjusted


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FACTORS CONSIDERED IN RENEWING CERTAIN FUNDS’ ADVISORY AGREEMENTS

portfolio returns, anticipated incremental resource needs or costs associated with the incorporation of ESG factors into the investment process used to manage the Funds and Artisan Partners’ assessment of actual and perceived benefits to shareholders and/or Fund performance of the incorporation of such factors into the investment process;

•

Artisan Partners’ business continuity and disaster recovery procedures, including Artisan Partners’ response to the global outbreak of COVID-19 and any issues that have arisen as a result of COVID-19 in any areas of Artisan Partners’ business or the operations of the Funds, including portfolio management, valuation, liquidity management, trading, distribution, compliance, data security and investor servicing; Artisan Partners’ current short- and longer-term plans for personnel returning to the office in light of improving circumstances related to COVID-19; and Artisan Partners’ views regarding short- and longer-term effects of COVID-19 on Artisan Partners’ and/or the Funds’ service providers’ costs structures, business models and profitability as they relate to the Funds.

Following the May 5-6 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 25-26 Meeting. At the May 25-26 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 5-6 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 25-26 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.

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. The directors also considered Artisan Partners’ explanations of the Funds’ investment styles and their comparability to those of other funds in the Funds’ peer groups, including the Supplemental Peer Universes.

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 Broadridge Universes (or Supplemental Universes, as applicable). 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 trust portfolios 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, 2024 for Artisan Global Equity Fund (Investor and Advisor Shares), Artisan Global Discovery Fund (Investor, Advisor and Institutional Shares), Artisan Select Equity Fund (Investor, Advisor and Institutional Shares), Artisan Sustainable Emerging Markets Fund (Investor, Advisor and Institutional Shares) and Artisan Value Fund (Advisor Shares).

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 Focus Fund, Artisan Global Opportunities Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Small-Mid, 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


164				Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING CERTAIN FUNDS’ ADVISORY AGREEMENTS

Fund, Artisan Select Equity Fund and Artisan Sustainable Emerging Markets 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”), (3) reputational benefits as a result of its association with the Funds and (4) the ability of Artisan Partners to leverage its relationships with service providers to obtain favorable terms for its clients. 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, 2022 through June 30, 2023 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

FACTORS CONSIDERED IN APPROVING ARTISAN INTERNATIONAL EXPLORER FUND’S ADVISORY AGREEMENT

At the May 5-6 Meeting, the directors of Artisan Partners Funds, including the independent directors, considered and unanimously approved the Advisory Agreement with respect to Artisan International Explorer Fund (the “New Fund”) for an initial two-year term from May 16, 2022 through May 15, 2024. 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 May 5-6 meeting.

Prior to the May 5-6 Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the approval of the Advisory Agreement with respect to the New Fund. Artisan Partners provided materials to the directors in response to that request as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement with respect to the New Fund, and a report prepared by Broadridge, which included information relating to the New Fund’s proposed management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Broadridge to be comparable to the New Fund. The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement.

In evaluating the Advisory Agreement with respect to the New Fund, the directors took into account information regarding the New Fund, its proposed investment strategy and its proposed portfolio management team that had been presented to them by Artisan Partners at a meeting of the directors on February 17, 2022. The directors also reviewed the information (discussed above under “Factors Considered in Renewing Certain Funds’ Advisory Agreement”) provided in connection with the Board’s consideration of the continuation of the Advisory Agreement with respect to various other series of Artisan Partners Funds (the “Existing Funds”). The directors discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the New Fund, the anticipated overall expense ratio of the New Fund, the prospect for achievement of economies of scale if the New Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners might potentially derive from its relationship with the New Fund. In addition to the third-party report by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to the Meeting concerning, among other things, the following:

•

The terms of the Advisory Agreement;

•

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

•

Information regarding the performance of any other accounts of Artisan Partners and/or other mutual funds having similar investment objectives to the New Fund;

•

Information on potential limits on the growth of the New Fund;

•

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

•

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

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

At the May 5-6 Meeting, the directors discussed and considered the information presented. The directors then considered whether any further discussion or review was necessary. The directors then reviewed and affirmed each of the following conclusions:

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

Investment performance. The directors noted that, because the New Fund was not yet in operation, it had no performance history. However, the directors reviewed the investment performance of another account that is managed by the proposed portfolio managers of the New Fund using an investment strategy similar to the New Fund’s.


166				Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN INTERNATIONAL EXPLORER FUND’S ADVISORY AGREEMENT

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to the New Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Broadridge to be within the same peer group or universe as the New Fund. In addition, the directors considered that Artisan Partners has contractually agreed to limit certain expenses of the New Fund through January 31, 2024. The directors also noted that the proposed management fee schedule includes a breakpoint (a reduced fee level on assets above a stated threshold) at $500 million of New Fund net assets. The directors concluded that this breakpoint will result in a sharing, as between the New Fund and Artisan Partners, of possible future economies of scale as and if the New Fund’s assets grow to substantial levels.

Other benefits derived by the New Fund or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the proposed Advisory Agreement and the proposed management fees to be paid in return, the New Fund and Artisan Partners may potentially benefit from their relationship with each other in the same ways described above with respect to the Existing Funds (under “Factors Considered in Renewing Certain Funds’ Advisor Agreements’).

Following the discussions described above, the board approved the Advisory Agreement with respect to the New Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


Artisan Partners Funds				167

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, 2022. 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 sources for most Funds and FactSet (to the extent available) as a secondary source for this information. The Adviser uses the Sustainable Industry Classification System (“SICS^®”), developed by the Sustainability Accounting Standards Board (“SASB”), as the primary source with respect to Sustainable Emerging Markets Fund. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Definition of Portfolio Statistic

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

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.

Artisan Emerging Markets Debt Opportunities Fund – JP Morgan (JPM) EMB Hard Currency/Local Currency 50-50 is an unmanaged, blended index consisting of: 50% JPM Government Bond Index-Emerging Market Global Diversified (GBIEMGD), an index of local-currency bonds with maturities of more than one year issued by Emerging Markets governments; 25% JPM Emerging Markets Bond Index-Global Diversified (EMBIGD), an index of USD-denominated bonds with maturities of more than one year issued by Emerging Markets governments; and 25% JPM Corporate Emerging Market Bond Index-Broad Diversified (CEMBIBD), an index of USD-denominated Emerging Markets corporate bonds.

Artisan Floating Rate Fund – Credit (CS) Suisse Leveraged Loan Index is an unmanaged market-weighted index designed to mirror the investable universe of the US dollar-denominated leveraged loan market.

Artisan Focus, Artisan Select Equity and Artisan Value Income Funds – 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 Global Unconstrained Fund – ICE BofA 3 Month US Treasury Index is an unmanaged index that comprises a single US Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.

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.


168				Artisan Partners Funds

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

Artisan International Explorer and Artisan International Small-Mid Funds – 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 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 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 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.

Artisan Value Income Fund – Dow Jones US Select Dividend Index is a yield-weighted index that aims to represents the US’s leading stocks by dividend yield.

Trademarks

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

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

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

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

Source ICE data and indices (“ICE data”), is used with permission. ICE^® is a registered trademark of ICE data or its affiliates, and BofA^® is a registered trademark of Bank of America corporation licensed by Bank of America corporation and its affiliates (“BOFA”) and may not be used without BofA’s prior written approval. ICE data, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates nor their respective third-party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE data, its affiliates and their respective third-party suppliers do not sponsor, endorse, or recommend artisan partners limited partnership, 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.


Artisan Partners Funds				169

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^© 2021 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.

The JP Morgan Index is used with permission. Information has been obtained from sources believed to be reliable but JP Morgan does not warrant its completeness or accuracy. The Index may not be copied, used, or distributed without JP Morgan’s prior written approval. Copyright 2022, JP Morgan Chase & Co. All rights reserved.

The Dow Jones US Select Dividend Index (“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 ^© 2022 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.


170				Artisan Partners Funds

PROXY VOTING POLICIES AND PROCEDURES

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

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

INFORMATION ABOUT PORTFOLIO SECURITIES

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


Artisan Partners Funds				171

DIRECTORS AND OFFICERS

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. As of the date of this report, 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. 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, 2022, 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. As of September 30, 2022, each director oversees all twenty-one series of Artisan Partners Funds.



Name and Age at 11/15/22	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held

Directors who are not “interested persons” of Artisan Partners Funds:

Coleen Downs Dinneen – 61	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 – 66	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).

Bonnie L. Howard – 69	Director and Chair of the Audit Committee	3/9/18	Director, Chair of the Audit Committee, and member of the Compensation Committee and Nominating and Governance Committee (May 2020 to present), and Chair of the Risk Oversight Committee and member of the Audit Committee (August 2012 to May 2020), Assured Guaranty Ltd.; 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 – 62	Director	1/1/20	Chief Executive Officer, Chartered Alternative Investment Analyst (CAIA) Association (2014-present).	None.

Peter M. Lebovitz – 67	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).	None.

Peter E. Sundman – 63	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).	None.

Directors who are “interested persons” of Artisan Partners Funds:

Eric R. Colson – 53*	Director	11/12/13	Director, Chief Executive Officer and Chair of Artisan Partners Asset Management Inc.; until January 2021 President of Artisan Partners Asset Management Inc.; Managing Director and Chief Executive Officer of Artisan Partners; until January 2021 President of Artisan Partners; until February 2020, President and Chief Executive Officer of Artisan Partners Funds.	None.

Gregory K. Ramirez –52**	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 Partners 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 11/15/22	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held

Officers:

Jill M. Demski – 48	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.

Shannon K. Jagodinski – 45	Chief Financial Officer, Vice President and Treasurer	Chief Financial Officer and Treasurer since 2/12/20; Vice President since 2/10/15	Director of Vehicle Administration of Artisan Partners; prior thereto Senior Manager; until February 2020, Assistant Treasurer of Artisan Partners Funds.	None.

Laura E. Simpson – 46	General Counsel, Vice President and Secretary	General Counsel and Secretary since 11/10/22; Vice President since 2/10/15	General Counsel of Artisan Partners (since October 2022); prior thereto 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; until November 2022, Assistant Secretary of Artisan Partners Funds.	None.

Sarah A. Johnson – 50	Vice President and Assistant Secretary	Vice President since 2/8/11; Assistant Secretary since 11/10/22	Managing Director, Vice President, Secretary and since June 2022, Global Chief Compliance Officer of Artisan Partners; prior thereto 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.; until November 2022, General Counsel and Secretary of Artisan Partners Funds.	None.

Timothy A. Kahn – 39	Vice President	2/12/20	Associate General Counsel (since January 2021) of Artisan Partners; prior thereto, Associate Counsel of Artisan Partners.	None.

Blake A. Rigel – 52	Assistant Treasurer	2/9/16	Global Tax Director and Tax Counsel of Artisan Partners.	None.

Kori T. Fojtik – 37	Assistant Treasurer	11/10/22	Manager of Vehicle Administration of Artisan Partners.	None.

The business address of the officers and the directors affiliated with Artisan Partners is 875 East Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The address of the other directors is c/o Artisan Partners Funds, 875 East 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

LOGO

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

LOGO

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).

(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 Corporation for professional services rendered by Ernst & Young for the 2022 and 2021 fiscal years of the Corporation 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, 2022		Fiscal Year Ended September 30, 2021
Audit Fees (a)	$	599,068	$	488,200
Audit-Related Fees (b)	$	—	$	—
Tax Fees (c)	$	489,887	$	683,325
All Other Fees (d)		—		—

(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 2022, portions of which had not been billed as of September 30, 2022, 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, 2021 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 Global Equity 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 Corporation’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, 2022 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2022, which had not been billed as of September 30, 2022; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2022, which also had not been billed as of September 30, 2022; (3) the use of a PFIC database supplied by Ernst & Young for the fiscal year ended September 30, 2021, the excise year ended December 31, 2021 and the semiannual period ended March 31, 2022; the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young for the fiscal year ended September 30, 2022; and EU reclaim filing fees.

The fees shown in the table above for the fiscal year ended September 30, 2021 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2021, which had not been billed as of September 30, 2021; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2021, which also had not been billed as of September 30, 2021; (3) the use of a PFIC database supplied by Ernst & Young for the fiscal year ended September 30, 2020, the excise year ended December 31, 2020 and the semiannual period ended March 31, 2021; the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young for the fiscal year ended September 30, 2021; and EU reclaim filing fees.

(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, 2022 and September 30, 2021 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, 2022 and September 30, 2021, 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, 2022 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 8, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Executive Officer

Date:		December 8, 2022

By:		/s/ Shannon K. Jagodinski
		Shannon K. Jagodinski
		Principal Financial Officer

Date:		December 8, 2022