N-CSRS 1 d427367dncsrs.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: 3/31/23

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

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

Item 1.

Report to Shareholders.

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

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

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

TABLE OF CONTENTS

 

   SCHEDULES OF INVESTMENTS
  4      Artisan Developing World Fund
  6      Artisan Emerging Markets Debt Opportunities Fund
  10      Artisan Floating Rate Fund
  12      Artisan Focus Fund
  14      Artisan Global Discovery Fund
  16      Artisan Global Equity Fund
  18      Artisan Global Opportunities Fund
  20      Artisan Global Unconstrained Fund
  26      Artisan Global Value Fund
  28      Artisan High Income Fund
  32      Artisan International Fund
  34      Artisan International Explorer Fund
  36      Artisan International Small-Mid Fund
  38      Artisan International Value Fund
  40      Artisan Mid Cap Fund
  42      Artisan Mid Cap Value Fund
  44      Artisan Select Equity Fund
  46      Artisan Small Cap Fund
  48      Artisan Sustainable Emerging Markets Fund
  50      Artisan Value Fund
  52      Artisan Value Income Fund
  
  55      STATEMENTS OF ASSETS AND LIABILITIES
  
  61      STATEMENTS OF OPERATIONS
  
  67      STATEMENTS OF CHANGES IN NET ASSETS
  
  78      FINANCIAL HIGHLIGHTS
  
  97      NOTES TO FINANCIAL STATEMENTS
  
  133      SHAREHOLDER EXPENSE EXAMPLE
  
  138      NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
  
  139      PROXY VOTING POLICIES AND PROCEDURES
  
  139      INFORMATION ABOUT PORTFOLIO SECURITIES

 

 

 

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of Artisan Partners Funds. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For a prospectus or summary prospectus, which contain that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanpartners.com. Read it carefully before you invest or send money.

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

ARTISAN PARTNERS FUNDS, INC.

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments

Investment Footnotes

 

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

 

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

Investment abbreviations

 

ADR

BOA

BUBOR

CDI

CITI

ETF

GDR

ICE

JIBAR

JPM

KLIBOR

LIBOR

PIK

   

American Depositary Receipt

Bank of America

Budapest Interbank Offered Rate

Certificate of Interbank Deposit

Citibank, N.A.

Exchange Traded Fund

Global Depositary Receipt

Intercontinental Exchange

Johannesburg Interbank Average Rate

JPMorganChase Bank, N.A.

Kuala Lumpur Interbank Offered Rate

London Interbank Offered Rate

Payment-In-Kind

Preference    A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.

PRIBOR

SCB

SOFR

SPDR

TIIE

THOR

TONAR

WIBOR

   

Prague Interbank Offered Rate

Standard Chartered Bank

Secured Overnight Financing Rate

Standard & Poor’s Depository Receipts

Mexican Interbank Equilibrium Interest Rate

Thai Overnight Repurchase Rate

Tokyo Overnight Average Rate

Warsaw Interbank Offer Rate

 

     
2       Artisan Partners Funds

Currency abbreviations

 

AED United Arab Emirates dirham

AUD   Australian dollar

BRL   Brazilian real

CAD   Canadian dollar

CHF   Swiss franc

CLP  Chilean peso

CNY   Chinese yuan

CZK   Czech koruna

DKK   Danish krone

DOP   Dominican peso

EUR Euro

GBP  British pound

HKD  Hong Kong dollar

HUF   Hungarian forint

IDR   Indonesian rupiah

ILS   Israel new shekel

INR   Indian rupee

ISK   Iceland krona

JPY  Japanese yen

KRW  Korean won

   

KZT   Kazakhstan tenge

MXN  Mexican peso

MYR   Malaysia ringgit

NOK  Norwegian krone

PEN  Peruvian nuevo sol

PLN  Polish zloty

RON  Romanian leu

RSD  Serbian dinar

RUB  Russian ruble

SEK  Swedish krona

SGD   Singapore dollar

THB Thailand baht

TWD New Taiwan dollar

UGX   Ugandan shilling

USD   U.S. dollar

UYU   Uruguayan peso

UZS Uzbekistani som

VND  Vietnamese dong

ZAR South African rand

 

     
Artisan Partners Funds       3

Artisan Developing World Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 97.6%
       
BRAZIL - 8.9%

MercadoLibre, Inc.*

       159     $ 209,689

NU Holdings Ltd., Class A*

       17,001       80,923
       

 

 

  
          290,612
CHINA - 21.5%

Bilibili, Inc., ADR*

       3,361       78,986

JD Health International, Inc.*(1)(2)

       9,235       68,227

Kanzhun Ltd., ADR*

       1,875       35,675

KE Holdings, Inc., ADR*

       3,918       73,808

Kweichow Moutai Co. Ltd., Class A(1)

       365       96,528

Meituan, Class B*(1)(2)

       6,679       121,323

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A(1)

       1,501       68,395

Tencent Holdings Ltd.(1)

       1,276       62,340

Wuxi Biologics Cayman, Inc.*(1)(2)

       11,229       69,452

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A(1)

       734       30,473
       

 

 

  
          705,207
FRANCE - 5.4%

Hermes International(1)

       18       37,192

LVMH Moet Hennessy Louis Vuitton SE(1)

       113       103,821

Sartorius Stedim Biotech(1)

       112       34,267
       

 

 

  
          175,280
INDIA - 4.2%

Apollo Hospitals Enterprise Ltd.(1)

       697       36,655

HDFC Bank Ltd., ADR

       1,538       102,524
       

 

 

  
          139,179
NETHERLANDS - 7.7%

Adyen NV*(1)(2)

       94       149,757

ASML Holding NV, ADR

       151       102,970
       

 

 

  
          252,727
RUSSIA - 0.0%

Yandex NV, Class A*(1)(3)(4)

       1,677       –
       
SINGAPORE - 7.8%

Grab Holdings Ltd., Class A*

       12,036       36,230

Sea Ltd., ADR*

       2,518       217,909
       

 

 

  
          254,139
UNITED STATES - 42.1%

Airbnb, Inc., Class A*

       1,588       197,485

Align Technology, Inc.*

       195       65,316

Crowdstrike Holdings, Inc., Class A*

       1,118       153,472

Estee Lauder Cos., Inc. (The), Class A

       412       101,482

Mastercard, Inc., Class A

       101       36,559

Netflix, Inc.*

       295       101,752

NVIDIA Corp.

       769       213,693

Snap, Inc., Class A*

       6,948       77,887

Snowflake, Inc., Class A*

       560       86,326

Unity Software, Inc.*

       2,583       83,799

Veeva Systems, Inc., Class A*

       540       99,235

Visa, Inc., Class A

       720       162,219
       

 

 

  
          1,379,225
       

 

 

  

Total common stocks
(Cost $2,190,020)

 

       3,196,369
   
SHORT-TERM INVESTMENT - 0.8%
       
INVESTMENT COMPANY - 0.8%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $26,050)

       26,050     26,050
       

 

 

  
       

Total investments - 98.4%
(Cost $2,216,070)

 

       3,222,419
       

Other assets less liabilities - 1.6%

 

       52,365
       

 

 

  
   

Total net assets - 100.0%#

 

     $ 3,274,784
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $878,430, or 26.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $408,759 or 12.5% of net assets.
(3)   Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(4)   Security is restricted.

 

Security   Acquisition Date   Cost   Value   Percentage
of Total
Net Assets

Yandex NV, Class A

   10/13/2016 - 01/25/2022   $48,814   $–   0.0%

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 574,549       17.8 %

Consumer Discretionary

       669,510       20.8

Consumer Staples

       266,237       8.3

Financials

       531,982       16.5

Health Care

       403,793       12.5

Industrials

       36,230       1.1

Information Technology

       640,260       19.9

Real Estate

       73,808       2.3

Short-Term Investment

       26,050       0.8
   

 

 

      

 

 

  

Total investments

     $ 3,222,419       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES
Dollar values in thousands
    Value   Percentage
of Total
Investments

CNY

     $ 195,396       6.1 %

EUR

       325,037       10.1

HKD

       321,342       10.0

INR

       36,655       1.1

USD

       2,343,989       72.7
   

 

 

      

 

 

  

Total investments

     $ 3,222,419       100.0 %
   

 

 

      

 

 

  

 

     
4       Artisan Partners Funds

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

Sea Ltd.

       Singapore       6.7 %

NVIDIA Corp.

       United States       6.5

MercadoLibre, Inc.

       Brazil       6.4

Airbnb, Inc.

       United States       6.0

Visa, Inc.

       United States       5.0

Crowdstrike Holdings, Inc.

       United States       4.7

Adyen NV

       Netherlands       4.6

Meituan

       China       3.7

LVMH Moet Hennessy Louis Vuitton SE

       France       3.2

ASML Holding NV

       Netherlands       3.1
       

 

 

  

Total

           49.9 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       5

Artisan Emerging Markets Debt Opportunities Fund

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

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

 

    Principal
Amount		   Value
SOVEREIGN GOVERNMENT BONDS - 62.3%        
       
ALBANIA - 1.2%        

Republic of Albania 3.50%, 10/9/2025(1)

     EUR  300     $ 306
       
ANGOLA - 2.2%        

Republic of Angola
(ICE LIBOR USD 6 Month + 7.50%), 12.64%, 7/3/2023(1)(2)

       415       416

6.93%, 2/19/2027(1)

       166       152
       

 

 

  
          568
BAHAMAS - 2.0%        

Commonwealth of the Bahamas 5.75%, 1/16/2024(1)

       540       508
       
BENIN - 2.9%        

Benin Government Bond 4.88%, 1/19/2032(1)

     EUR  930       757
       
CAMEROON - 2.9%        

Republic of Cameroon 9.50%, 11/19/2025(1)

       800       769
       
DOMINICAN REPUBLIC - 3.0%        

Dominican Republic Government Bond

        

6.88%, 1/29/2026(1)

       300       304

4.88%, 9/23/2032(1)

       300       254

5.30%, 1/21/2041(1)

       150       117

5.88%, 1/30/2060(1)

       150       115
       

 

 

  
          790
EGYPT - 0.6%        

Arab Republic of Egypt 7.50%, 2/16/2061(1)

       300       162
       
INDONESIA - 4.8%        

Republic of Indonesia

        

6.38%, 4/15/2032

     IDR  4,100,000       268

8.25%, 5/15/2036

     IDR  9,854,000       725

7.13%, 6/15/2042

     IDR  3,800,000       256
       

 

 

  
          1,249
IRAQ - 4.0%        

Republic of Iraq 5.80%, 1/15/2028(1)

       1,134       1,055
       
IVORY COAST - 1.5%        

Republic of Cote d’Ivoire 5.25%, 3/22/2030(1)

     EUR  445       395
       
KENYA - 1.9%        

Republic of Kenya 6.88%, 6/24/2024(1)

       530       489
       
MACEDONIA - 5.0%        

Republic of North Macedonia

        

5.63%, 7/26/2023(1)

     EUR  748       811

2.75%, 1/18/2025(1)

     EUR  120       122

6.96%, 3/13/2027(1)

     EUR  340       370
       

 

 

  
          1,303
MONGOLIA - 1.6%        

State of Mongolia 8.75%, 3/9/2024(1)

       415       415
       
NIGERIA - 3.3%        

Federal Republic of Nigeria

        

7.63%, 11/21/2025(3)

       521       473

9.25%, 1/21/2049(1)

       232       168

8.25%, 9/28/2051(1)

       325       214
       

 

 

  
          855
PAPUA NEW GUINEA - 2.0%        

Papua New Guinea Government International Bond 8.38%, 10/4/2028(1)

     575     524
       
PERU - 4.3%        

Bonos de la Tesoreria 6.15%, 8/12/2032

     PEN  4,650       1,129
       
ROMANIA - 7.4%        

Romania Government Bond

        

2.88%, 5/26/2028(1)

     EUR 280       267

8.75%, 10/30/2028

     RON 325       75

6.63%, 9/27/2029(3)

     EUR 190       210

3.62%, 5/26/2030(1)

     EUR 660       605

Series 10Y, 8.25%, 9/29/2032

     RON 2,710       621

4.63%, 4/3/2049(1)

     EUR 200       161
       

 

 

  
          1,939
SERBIA - 7.0%        

Republic of Serbia

        

2.00%, 4/6/2023

     RSD  89,800       830

1.50%, 6/26/2029(1)

     EUR 195       161

6.50%, 9/26/2033(1)

       620       615

2.05%, 9/23/2036(1)

     EUR 350       229
       

 

 

  
          1,835
SOUTH AFRICA - 1.4%        

Republic of South Africa 8.00%, 1/31/2030

     ZAR 7,000       358
       
UZBEKISTAN - 3.3%        

Republic of Uzbekistan 14.50%, 11/25/2023(1)

     UZS  10,000,000       870
       

 

 

  

Total sovereign government bonds
(Cost $16,010)

           16,276
       
CORPORATE BONDS - 17.4%        
       
BRAZIL - 1.8%        

MC Brazil Downstream Trading SARL 7.25%, 6/30/2031(1)

       290       228

Unigel Luxembourg SA 8.75%, 10/1/2026(1)

       253       234
       

 

 

  
          462
COLOMBIA - 2.7%        

Aris Mining Corp. 6.88%, 8/9/2026(1)

       277       226

EnfraGen Energia Sur SA 5.38%, 12/30/2030(1)

       400       240

Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(1)

       275       233
       

 

 

  
          699
CZECH REPUBLIC - 1.3%        

Energo-Pro A/S

        

4.50%, 5/4/2024(1)

     EUR  100       104

8.50%, 2/4/2027(1)

       250       240
       

 

 

  
          344
DOMINICAN REPUBLIC - 5.9%        

Banco Central de la Republica Dominicana

        

13.00%, 12/5/2025(1)

     DOP  81,900       1,487

13.00%, 1/30/2026(1)

     DOP  3,000       54
       

 

 

  
          1,541
GEORGIA - 0.8%        

Georgia Capital JSC 6.13%, 3/9/2024(1)

       225       218
       
NIGERIA - 0.8%

SEPLAT Energy plc 7.75%, 4/1/2026(1)

       285       222
       

 

     
6       Artisan Partners Funds

    Principal
Amount		     Value  
PERU - 3.2%  

Auna SAA 6.50%, 11/20/2025(1)

     500     $ 410  

Inkia Energy Ltd. 5.88%, 11/9/2027(1)

     457       421  
   

 

 

  
      831  
TANZANIA - 0.9%            

HTA Group Ltd. 7.00%, 12/18/2025(3)

     240       227  
   

 

 

  

Total corporate bonds
(Cost $4,555)

       4,544  
   
SHORT-TERM INVESTMENTS - 14.9%            
   
SOVEREIGN GOVERNMENT TREASURY BILLS - 3.0%            

Banco Central del Uruguay
9.36%, 04/19/2023(4)

   UYU  27,888       715  

Banco Central del Uruguay
11.54%, 02/02/2024(4)

   UYU  3,050       72  
   

 

 

  

Total sovereign government treasury bills
(Cost $765)

       787  
   
U.S. TREASURY OBLIGATIONS - 8.4%            

U.S. Treasury Bills 3.80%, 04/18/2023(4)

     1,600       1,597  

U.S. Treasury Bills 3.99%, 04/25/2023(4)

     600       598  
   

 

 

  

Total U.S. treasury obligations
(Cost $2,195)

       2,195  
    Shares
Held		        
INVESTMENT COMPANIES - 3.5%            

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%

     310       310  

Federated Treasury Obligations Fund - Institutional Class, 4.67%

     301       301  

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%

     301       301  
 

 

 

  

Total investment companies
(Cost $912)

       912  
   

Total short-term investments
(Cost $3,872)

       3,894  
   

Total investments - 94.6%
(Cost $24,437)

       24,714  
   

Other assets less liabilities - 5.4%

       1,418  
   

 

 

  
   

Total net assets - 100.0%#

     $ 26,132  
   

 

 

  

 

(1)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $15,648 or 59.9% of net assets.
(2)   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.
(3)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(4)   Yield to maturity.

 

PORTFOLIO DIVERSIFICATION  

Dollar values in thousands

 

    Value     Percentage
of Total
Investments		  

Energy

   $ 1,027       4.1 % 

Financials

     1,759       7.1  

Foreign Government Securities

     16,276       65.9  

Health Care

     410       1.7  

Industrials

     227       0.9  

Materials

     460       1.9  

Utilities

     661       2.7  

Short-Term Investments

     3,894       15.7  
 

 

 

    

 

 

  

Total investments

   $ 24,714       100.0 % 
 

 

 

    

 

 

  

 

TRADING CURRENCIES

Dollar Values in thousands

 

    Value   Percentage
of Total
Investments

DOP

     $ 1,541       6.2 %

EUR

       4,498       18.2

IDR

       1,249       5.1

PEN

       1,129       4.6

RON

       696       2.8

RSD

       830       3.4

USD

       12,756       51.6

UYU

       787       3.2

UZS

       870       3.5

ZAR

       358       1.4
   

 

 

      

 

 

  

Total investments

     $ 24,714       100.0 %
   

 

 

      

 

 

  

 

FOREIGN CURRENCY FORWARD CONTRACTS  
Values in thousands  

Currency Purchased

     Currency Sold    

Counterparty

   Settlement
Date		     Unrealized
Appreciation
(Depreciation)		  
CLP**     101,000       USD       124     CITI     4/3/2023     $ 3  
HUF     654,634       EUR       1,588     SCB     4/3/2023       146  
PEN**     1,630       USD       428     CITI     4/3/2023       5  
BRL**     6,106       USD       1,180     CITI     4/4/2023       25  
KZT**     226,445       USD       489     CITI     4/10/2023       6  
UZS**     3,650,000       USD       316     CITI     4/17/2023       3  
CZK     17,300       EUR       717     SCB     4/20/2023       21  
RSD     38,442       EUR       321     JPM     4/28/2023       6  
BRL**     6,106       USD       1,183     CITI     5/3/2023       15  
UZS**     567,859       USD       49     JPM     5/4/2023       1  
MXN     6,200       USD       328     SCB     5/8/2023       13  
KZT**     226,445       USD       485     CITI     5/10/2023       3  
PEN**     350       USD       92     CITI     6/7/2023       1  
EUR     691       USD       742     SCB     6/21/2023       10  
HUF     654,634       EUR       1,660     SCB     7/3/2023       6  
UZS**     3,650,000       USD       308     CITI     7/17/2023       3  
USD     46       KES **      6,200     SCB     7/20/2023       2  
IDR**     2,300,000       USD       150     CITI     9/6/2023       3  
UZS**     3,650,000       USD       299     CITI     10/17/2023       4  
USD     162       KES **      23,300     SCB     12/6/2023       5  
           

 

 

  
Total unrealized appreciation

 

     281  
           

 

 

  
EUR     1,716       HUF       654,634     SCB     4/3/2023       (8 ) 
USD     125       CLP **      101,000     CITI     4/3/2023       (2 ) 
USD     1,073       PEN **      4,091     CITI     4/3/2023       (13 ) 
USD     1,015       BRL **      5,156     CITI     4/4/2023       (2 ) 
USD     352       ZAR       6,407     CITI     4/6/2023       (8 ) 
KZT**     230,000       USD       522     SCB     4/10/2023       (19 ) 
USD     686       RON       3,209     JPM     4/10/2023       (17 ) 
RON     9,660       EUR       1,959     JPM     4/18/2023       (10 ) 
USD     208       MXN       3,800     SCB     5/8/2023       (1 ) 
KZT**     24,000       USD       52     CITI     5/10/2023       – ^ 
KZT**     127,600       USD       279     SCB     5/10/2023       (4 ) 
USD     268       IDR **      4,200,000     CITI     5/23/2023       (13 ) 
USD     650       PEN **      2,461     CITI     6/7/2023       (1 ) 
USD     6,205       EUR       5,743     SCB     6/21/2023       (51 ) 
USD     254       IDR **      4,013,621     CITI     6/30/2023       (14 ) 
UZS**     2,250,000       USD       192     CITI     7/17/2023       (1 ) 
KES**     6,200       USD       48     JPM     7/20/2023       (4 ) 
KES**     123,000       USD       901     SCB     12/6/2023       (70 ) 
USD     637       KES **      99,700     SCB     12/6/2023       (36 ) 
           

 

 

  
Total unrealized depreciation

 

     (274 ) 
           

 

 

  
Net unrealized appreciation

 

           $ 7  
           

 

 

  

 

**   Non-deliverable.

 

     
Artisan Partners Funds       7

FUTURES CONTRACTS    
Values in thousands    
Description   No. of
Contracts		   Expiration
Date		   Trading
Currency		   Notional
Amount		   Notional
Value		   Unrealized
Appreciation/
(Depreciation)

Short Positions Contracts

 

    

Euro-Bobl

       (18 )       6/8/2023       EUR     $ (1,800 )     $ (2,301 )     $ (48 )

Euro-Bund

       (8 )       6/8/2023       EUR       (800 )       (1,179 )       (44 )

Euro-Schatz

       (4 )       6/8/2023       EUR       (400 )       (459 )       (4 )

U.S. Treasury 2 Year Note

       (23 )       6/30/2023       USD       (4,600 )       (4,748 )       (58 )

U.S. Treasury 5 Year Note

       (7 )       6/30/2023       USD       (700 )       (767 )       (8 )

U.S. Treasury 10 Year Note

       (16 )       6/21/2023       USD       (1,600 )       (1,839 )       (34 )

U.S. Treasury 10 Year Ultra Note

       (1 )       6/21/2023       USD       (100 )       (121 )       2

U.S. Treasury Long Bond

       (2 )       6/21/2023       USD       (200 )       (262 )       (12 )
                       

 

 

  

Net unrealized depreciation

                         $ (206 )
                       

 

 

  

 

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

 

Centrally Cleared Credit Default Swap-Sell Protection
Values in thousands
Reference Entity     

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

     

Frequency of
Payments
Made/Received

     

Termination
Date

     

Notional Amount

     

Upfront
(Payments)
Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

Republic of South Africa      1.00      Quarterly      6/20/2023      USD  205      (1)      1      –^
                        

 

     

 

     

 

Total                          (1)      1      –^
                        

 

     

 

     

 

 

Centrally Cleared Interest Rate Swaps
Values in thousands
Floating Rate Index (Frequency)   

Fixed Rate (%)
(Frequency)

   

Fund Pays/ Receives
Floating Rate

   

Termination Date

   

Notional Amount

  

Upfront
Payments (Receipts)
($)

   

Unrealized
Appreciation
(Depreciation) ($)

   

Value ($)

4 week TIIE monthly    8.65 monthly    Pay    5/17/2032    MXN   5,490   –    5    5
4 week TIIE monthly    8.72 monthly    Pay    9/1/2032    MXN     15,800   (12)    31    19
1 day CDI at termination    12.70 at termination    Pay    1/3/2028    BRL   2,100   –    9    9
1 day CDI at termination    12.86 at termination    Pay    1/3/2033    BRL   850   –    4    4
               

 

   

 

   

 

Total unrealized appreciation                 (12)    49    37
               

 

   

 

   

 

3 month JIBAR quarterly    8.93 quarterly    Pay    11/30/2032    ZAR   4,550   –    (1)    (1)
4 week TIIE monthly    9.87 monthly    Pay    3/21/2025    MXN   76,000   –    (15)    (15)
1 day CDI at termination    11.39 at termination    Pay    1/2/2032    BRL   640   –    (15)    (15)
1 day CDI at termination    11.29 at termination    Pay    1/2/2032    BRL   750   –    (18)    (18)
1 day CDI at termination    11.41 at termination    Pay    1/2/2026    BRL   3,950   –    (17)    (17)
1 day CDI at termination    11.44 at termination    Pay    1/3/2028    BRL   2,400   –    (19)    (19)
               

 

   

 

   

 

Total unrealized depreciation                 –    (85)    (85)
               

 

   

 

   

 

Total                 (12)    (36)    (48)
               

 

   

 

   

 

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

 

OTC Credit Default Swap-Sell Protection
Values in thousands
Reference Entity     

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

     

Frequency of
Payments
Made/Received

     

Counterparty

     

Termination Date

     

Notional Amount

     

Upfront
(Payments)
Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

Republic of South Africa      1.00      Quarterly      CITI      6/20/2024      USD  260      –^      –^      –^
                             

 

     

 

     

 

Total                               –^      –^      –^
                             

 

     

 

     

 

 

     
8       Artisan Partners Funds

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Romania Government Bond

   Romania        7.4 %

Republic of Serbia

   Serbia        7.0

Banco Central de la Republica Dominicana

   Dominican Republic        5.9

Republic of North Macedonia

   Macedonia        5.0

Republic of Indonesia

   Indonesia        4.8

Bonos de la Tesoreria

   Peru        4.3

Republic of Iraq

   Iraq        4.0

Republic of Uzbekistan

   Uzbekistan        3.3

Federal Republic of Nigeria

   Nigeria        3.3

Dominican Republic Government Bond

   Dominican Republic        3.0
      

 

 

  

Total

          48.0 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       9

Artisan Floating Rate Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

    Principal
Amount		   Value
BANK LOANS - 89.2%        
       
AEROSPACE & DEFENSE - 3.5%        

Jazz Acquisition, Inc. First Lien Term Loan (SOFR + 4.00%), 8.91%, 6/19/2026(1)

     $ 634     $ 619

Maxar Technologies, Inc. First Lien Term Loan (SOFR + 4.25%), 9.16%, 6/14/2029(1)

       993       992
       

 

 

  
          1,611
AUTOMOBILE COMPONENTS - 0.5%        

Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.32%, 5/11/2028(1)

       342       240
       
BUILDING PRODUCTS - 0.8%        

CP Atlas Buyer, Inc. Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 8.41%, 11/23/2027(1)

       409       362
       
CAPITAL MARKETS - 3.5%        

Aretec Group, Inc. Term Loan TBD, 3/8/2030(1)

       488       479

Edelman Financial Engines Center LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 11.59%, 7/20/2026(1)

       1,250       1,166
       

 

 

  
          1,645
CHEMICALS - 0.9%        

Iris Holding, Inc. First Lien Term Loan (SOFR + 4.75%), 9.53%, 6/28/2028(1)

       499       426
       
COMMERCIAL SERVICES - 5.3%        

Digital Room Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.25%), 10.09%, 12/21/2028(1)

       574       510

Employbridge Holding Co. Term Loan B

        

(ICE LIBOR USD 3 Month + 4.75%), 9.91%, 7/19/2028(1)

       11       9

(ICE LIBOR USD 3 Month + 4.75%), 9.93%, 7/19/2028(1)

       1,480       1,231

National Intergovernmental Purchasing Alliance Co. First Lien Term Loan (SOFR + 3.50%), 8.40%, 5/23/2025(1)

       362       356

National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (SOFR + 7.50%), 12.08%, 5/26/2026(1)

       315       309
       

 

 

  
          2,415
COMMERCIAL SERVICES & SUPPLIES - 3.6%        

Neptune BidCo US, Inc. First Lien Term Loan B (SOFR + 5.00%), 9.74%, 4/11/2029(1)

       1,152       1,034

Spin Holdco, Inc. Term Loan (ICE LIBOR USD 3 Month + 4.00%), 8.99%, 3/4/2028(1)

       748       625
       

 

 

  
          1,659
CONSTRUCTION & ENGINEERING - 2.6%        

CD&R Hydra Buyer, Inc. Term Loan (ICE LIBOR USD 1 Month + 4.25%), 9.09%, 12/11/2024(1)

       1,228       1,211
       
DIVERSIFIED CONSUMER SERVICES - 5.1%        

KUEHG Corp. Term Loan B3 (ICE LIBOR USD 3 Month + 3.75%), 8.91%, 2/21/2025(1)

       2,399       2,352
       
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%        

Zayo Group Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 3/9/2027(1)

       173       140
       
ELECTRICAL EQUIPMENT - 0.6%        

Indicor LLC First Lien Term Loan (SOFR + 4.50%), 8.93%, 11/22/2029(1)

       285       282
       
FINANCIAL SERVICES - 1.6%        

Trans Union LLC Term Loan B5 (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 11/16/2026(1)

       741       735
       
FOOD - 1.2%        

Chefs’ Warehouse, Inc. Term Loan (SOFR + 4.75%), 9.66%, 8/23/2029(1)

       545       542
       
FOOD PRODUCTS - 2.6%        

B&G Foods, Inc. Term Loan B4 (ICE LIBOR USD 1 Month + 2.50%), 7.34%, 10/10/2026(1)

     1,079     1,048

Shearer’s Foods LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 9/23/2027(1)

       118       115
       

 

 

  
          1,163
FOOD SERVICE - 2.5%        

TKC Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 5.50%), 10.34%, 5/15/2028(1)

       1,207       1,015

TKC Midco 1 LLC Term Loan 12.00% Cash, 13.50% PIK, 2/15/2027

       199       114
       

 

 

  
          1,129
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%        

Medline Borrower LP Term Loan (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 10/23/2028(1)

       1,252       1,219
       
HEALTHCARE-SERVICES - 0.4%        

Surgery Center Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.46%, 8/31/2026(1)

       182       181
       
HOUSEHOLD PRODUCTS/WARES - 2.2%        

VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 7/21/2028(1)

       1,047       990
       
INSURANCE - 11.6%        

Acrisure LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 9.09%, 2/15/2027(1)

       232       227

Amynta Agency Borrower, Inc. Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 9.99%, 2/28/2028(1)

       1,500       1,436

AssuredPartners, Inc. Term Loan

        

(SOFR + 3.50%), 8.31%, 2/12/2027(1)

       765       755

(ICE LIBOR USD 1 Month + 3.50%), 8.34%, 2/12/2027(1)

       572       565

BroadStreet Partners, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 1/27/2027(1)

       1,135       1,109

Hub International Ltd. Term Loan (SOFR + 4.00%), 8.73%, 11/10/2029(1)

       499       497

USI, Inc. Term Loan (SOFR + 3.75%), 8.65%, 11/22/2029(1)

       800       796
       

 

 

  
          5,385
INVESTMENT COMPANIES - 4.3%        

Nexus Buyer LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 11/9/2026(1)

       997       900

Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 11.09%, 11/5/2029(1)

       1,211       1,060
       

 

 

  
          1,960
IT SERVICES - 1.6%        

Arches Buyer, Inc. Term Loan (SOFR + 3.25%), 8.16%, 12/6/2027(1)

       794       746
       
PHARMACEUTICALS - 1.0%        

CVET Midco 2 LP First Lien Term Loan (SOFR + 5.00%), 9.90%, 10/13/2029(1)

       500       471
       
SOFTWARE - 24.0%        

Applied Systems, Inc. First Lien Term Loan (SOFR + 4.50%), 9.40%, 9/18/2026(1)

       232       231

Applied Systems, Inc. Second Lien Term Loan (SOFR + 6.75%), 11.65%, 9/17/2027(1)

       118       118

Central Parent, Inc. First Lien Term Loan (SOFR + 4.25%), 9.15%, 7/6/2029(1)

       499       497

CommerceHub, Inc. First Lien Term Loan (SOFR + 4.00%), 8.78%, 12/29/2027(1)

       710       660

CommerceHub, Inc. Second Lien Term Loan (SOFR + 7.00%), 11.78%, 12/29/2028(1)

       60       48

Epicor Software Corp. Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 7/30/2027(1)

       1,049       1,029

Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 10.06%, 3/1/2029(1)

       922       725

Orchid Merger Sub II LLC Term Loan (SOFR + 4.75%), 9.80%, 7/27/2027(1)

       808       654

 

     
10       Artisan Partners Funds

    Principal
Amount		   Value
SOFTWARE (CONTINUED)        

Renaissance Holdings Corp. First Lien Term Loan (SOFR + 4.50%), 9.23%, 3/30/2029(1)

     $ 993     $ 988

Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 11.84%, 5/29/2026(1)

       120       117

Renaissance Learning, Inc. Term Loan (SOFR + 4.75%), 9.73%, 3/15/2030(1)(2)

       1,727       1,677

SS&C Technologies Holdings, Inc. Term Loan B3 (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 4/16/2025(1)

       403       402

SS&C Technologies Holdings, Inc. Term Loan B4 (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 4/16/2025(1)

       358       357

UKG, Inc. First Lien Term Loan (SOFR + 3.25%), 8.03%, 5/4/2026(1)

       1,462       1,423

UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 10.03%, 5/3/2027(1)

       985       941

Virgin Pulse, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 4/6/2028(1)

       1,481       1,214
       

 

 

  
          11,081
TELECOMMUNICATIONS - 4.4%        

Gridiron Fiber Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.66%, 10/4/2028(1)

       2,178       2,042
       
TRANSPORTATION - 2.5%        

SIRVA Worldwide, Inc. First Lien Term Loan

        

(ICE LIBOR USD 3 Month + 5.50%), 10.13%, 8/4/2025(1)

       887       806

(ICE LIBOR USD 3 Month + 5.50%), 10.23%, 8/4/2025(1)

       18       16

(ICE LIBOR USD 3 Month + 5.50%), 10.33%, 8/4/2025(1)

       200       182

(ICE LIBOR USD 3 Month + 5.50%), 10.45%, 8/4/2025(1)

       158       143
       

 

 

  
          1,147
       

 

 

  

Total bank loans
(Cost $43,101)

           41,134
       
CORPORATE BONDS - 7.5%        
       
BANKS - 1.2%        

Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 5.73%, 4/17/2023(1)(3)

       720       544
       
ELECTRICAL EQUIPMENT - 2.1%        

Regal Rexnord Corp. 6.30%, 2/15/2030(4)

       946       952
       
HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%        

Medline Borrower LP 3.88%, 4/1/2029(4)

       600       520
       
HOTELS, RESTAURANTS & LEISURE - 1.2%        

Carnival Corp. 4.00%, 8/1/2028(4)

       648       558
       
INSURANCE - 0.6%        

Acrisure LLC 4.25%, 2/15/2029(4)

       320       273
       
IT SERVICES - 1.1%        

Arches Buyer, Inc. 4.25%, 6/1/2028(4)

       585       489
       
SPECIALTY RETAIL - 0.2%        

Evergreen Acqco 1 LP 9.75%, 4/26/2028(4)

       126       120
       

 

 

  

Total corporate bonds
(Cost $3,671)

           3,456
    No. of
Warrants		    
WARRANTS - 0.0%        
       
FINANCIAL SERVICES - 0.0%        

Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10
(Cost $–)*(2)(5)

       1       –
    Shares
Held		   Value
SHORT-TERM INVESTMENTS - 7.0%
       
INVESTMENT COMPANIES - 7.0%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%

       1,094     1,094

Federated Treasury Obligations Fund - Institutional Class, 4.67%

       1,061       1,061

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%

       1,062       1,062
       

 

 

  

Total short-term investments
(Cost $3,217)

 

       3,217
       

Total investments - 103.7%
(Cost $49,989)

 

       47,807
       

Other assets less liabilities - (3.7%)

 

       (1,691 )
       

 

 

  
   

Total net assets - 100.0%#

 

     $ 46,116
       

 

 

  

 

(1)   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.
(2)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,677, or 3.6% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(3)   Perpetual security. The rate reflected was the rate in effect on March 31, 2023. The maturity date reflects the next call date.
(4)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(5)   Defaulted security.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Communication Services

     $ 2,182       4.6 %

Consumer Discretionary

       3,270       6.8

Consumer Staples

       3,824       8.0

Financials

       10,543       22.0

Health Care

       2,391       5.0

Industrials

       9,639       20.2

Information Technology

       12,315       25.8

Materials

       426       0.9

Short-Term Investments

       3,217       6.7
   

 

 

      

 

 

  

Total investments

     $ 47,807       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

KUEHG Corp.

   United States        5.1 %

Gridiron Fiber Corp.

   United States        4.4

Medline Borrower LP

   United States        3.8

Renaissance Learning, Inc.

   United States        3.6

Amynta Agency Borrower, Inc.

   United States        3.1

UKG, Inc.

   United States        3.1

Employbridge Holding Co.

   United States        2.7

Arches Buyer, Inc.

   United States        2.7

Virgin Pulse, Inc.

   United States        2.6

CD&R Hydra Buyer, Inc.

   United States        2.6
      

 

 

  

Total

          33.7 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       11

Artisan Focus Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 92.5%
       
AEROSPACE & DEFENSE - 5.3%

Safran SA(1)(2)

       144     $ 21,339

TransDigm Group, Inc.

       74       54,488
       

 

 

  
          75,827
BEVERAGES - 2.0%

Monster Beverage Corp.*

       537       29,020
       
CAPITAL MARKETS - 2.3%

S&P Global, Inc.

       94       32,393
       
CHEMICALS - 6.1%

Air Products and Chemicals, Inc.

       101       28,947

Linde plc

       163       57,848
       

 

 

  
          86,795
COMMUNICATIONS EQUIPMENT - 4.1%

Motorola Solutions, Inc.

       204       58,427
       
CONSTRUCTION & ENGINEERING - 2.6%

Quanta Services, Inc.

       223       37,131
       
ELECTRIC UTILITIES - 9.0%

Constellation Energy Corp.

       349       27,399

NextEra Energy, Inc.

       1,295       99,828
       

 

 

  
          127,227
FINANCIAL SERVICES - 6.0%

Visa, Inc., Class A

       379       85,548
       
GROUND TRANSPORTATION - 7.0%

Canadian Pacific Railway Ltd.(1)

       1,284       98,813
       
HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%

Boston Scientific Corp.*

       527       26,341

Dexcom, Inc.*

       157       18,226

IDEXX Laboratories, Inc.*

       14       7,080

Intuitive Surgical, Inc.*

       14       3,685
       

 

 

  
          55,332
HEALTH CARE PROVIDERS & SERVICES - 12.4%

Elevance Health, Inc.

       142       65,388

McKesson Corp.

       59       20,958

UnitedHealth Group, Inc.

       190       89,602
       

 

 

  
          175,948
HOTELS, RESTAURANTS & LEISURE - 4.1%

Starbucks Corp.

       564       58,772
       
INDUSTRIAL CONGLOMERATES - 4.6%

General Electric Co.

       676       64,590
       
LIFE SCIENCES TOOLS & SERVICES - 2.0%

Thermo Fisher Scientific, Inc.

       50       28,870
       
OIL, GAS & CONSUMABLE FUELS - 0.6%

Cheniere Energy, Inc.

       51       8,076
       
PHARMACEUTICALS - 1.3%

Eli Lilly & Co.

       34       11,575

Zoetis, Inc.

       44       7,246
       

 

 

  
          18,821
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.4%

Advanced Micro Devices, Inc.*

       342     33,561

NVIDIA Corp.

       156       43,304

Taiwan Semiconductor Manufacturing Co. Ltd., ADR(1)

       458       42,637
       

 

 

  
          119,502
SOFTWARE - 2.6%

Oracle Corp.

       397       36,930
       
SPECIALIZED REITS - 1.0%

American Tower Corp., REIT

       69       14,175
       
TEXTILES, APPAREL & LUXURY GOODS - 1.0%

NIKE, Inc., Class B

       116       14,198
       
WIRELESS TELECOMMUNICATION SERVICES - 6.2%

T-Mobile US, Inc.*

       611       88,556
       

 

 

  

Total common stocks
(Cost $1,184,298)

 

       1,314,951
    No. of
Contracts‡		    
OPTIONS PURCHASED - 1.7%
       
CALL OPTIONS - 1.7%
HEALTH CARE PROVIDERS & SERVICES - 0.3%

UnitedHealth Group, Inc. 6/16/2023 at USD 470.00;
Notional Amount: USD 76,938

       1,628       4,127
       
INTERACTIVE MEDIA & SERVICES - 0.9%

Meta Platforms, Inc. 11/17/2023 at USD 115.00;
Notional Amount: USD 27,192

       1,283       13,186
       
PERSONAL CARE PRODUCTS - 0.5%

Estee Lauder Cos., Inc. (The) 10/20/2023 at USD 260.00;
Notional Amount: USD 86,458

       3,508       6,525
       

 

 

  

Total Call Options

           23,838
       

 

 

  

Total Options Purchased
(Cost $20,204)

           23,838
    Shares
Held		    
SHORT-TERM INVESTMENT - 6.3%
       
INVESTMENT COMPANY - 6.3%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $89,962)

       89,962       89,962
       

 

 

  
       

Total investments - 100.5%
(Cost $1,294,464)

 

       1,428,751
       

Other assets less liabilities - (0.5%)

 

       (6,555 )
       

 

 

  
       

Total net assets - 100.0%#

 

     $ 1,422,196
       

 

 

  

 

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

 

Security   Country   Trading
Currency

Canadian Pacific Railway Ltd.

   Canada   USD

Safran SA

   France   EUR

Taiwan Semiconductor Manufacturing Co. Ltd.

   Taiwan   USD

 

     
12       Artisan Partners Funds

(2)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $21,339, or 1.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Communication Services

     $ 101,742       7.1 %

Consumer Discretionary

       72,970       5.1

Consumer Staples

       35,545       2.5

Energy

       8,076       0.6

Financials

       117,942       8.3

Health Care

       283,097       19.8

Industrials

       276,361       19.3

Information Technology

       214,859       15.0

Materials

       86,795       6.1

Real Estate

       14,175       1.0

Utilities

       127,227       8.9

Short-Term Investment

       89,962       6.3
   

 

 

      

 

 

  

Total investments

     $ 1,428,751       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES
Dollar values in thousands
     Value    Percentage
of Total
Investments

EUR

      $ 21,339        1.5 %

USD

        1,407,412        98.5
    

 

 

       

 

 

  

Total investments

      $ 1,428,751        100.0 %
    

 

 

       

 

 

  

 

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands

Currency Purchased

    Currency Sold   

Counterparty

    Settlement
Date		    Unrealized
Appreciation
(Depreciation)
CAD        30,950        USD        22,690    JPM        4/27/2023      $ 217
USD        111,335        CAD        148,259    JPM        4/27/2023        1,599
USD        2,944        EUR        2,711    JPM        4/27/2023        1
                           

 

 

  
Total unrealized appreciation

 

                     1,817
                           

 

 

  
CAD        6,115        USD        4,556    JPM        4/27/2023        (30 )
USD        10,538        CAD        14,441    JPM        4/27/2023        (151 )
USD        16,767        EUR        15,750    JPM        4/27/2023        (336 )
                           

 

 

  
Total unrealized depreciation

 

                     (517 )
                           

 

 

  
Net unrealized appreciation

 

                   $ 1,300
                           

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

NextEra Energy, Inc.

   United States        7.0 %

Canadian Pacific Railway Ltd.

   Canada        7.0

UnitedHealth Group, Inc.

   United States        6.6

T-Mobile US, Inc.

   United States        6.2

Visa, Inc.

   United States        6.0

Elevance Health, Inc.

   United States        4.6

General Electric Co.

   United States        4.6

Starbucks Corp.

   United States        4.1

Motorola Solutions, Inc.

   United States        4.1

Linde plc

   United States        4.1
      

 

 

  

Total

          54.3 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       13

Artisan Global Discovery Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 92.9%        
       
BRAZIL - 1.0%        

NU Holdings Ltd., Class A*

       582     $ 2,773
       
CANADA - 1.4%

CAE, Inc.*

       161       3,649
       
CHINA - 0.7%

Silergy Corp.(1)

       122       1,959
       
DENMARK - 4.8%

Ascendis Pharma A/S, ADR*

       75       8,022

Vestas Wind Systems A/S(1)

       164       4,766
       

 

 

  
          12,788
FINLAND - 2.0%        

Metso Outotec OYJ(1)

       321       3,505

Neste OYJ(1)

       35       1,706
       

 

 

  
          5,211
GERMANY - 2.9%

adidas AG(1)

       9       1,555

Gerresheimer AG(1)

       62       6,105
       

 

 

  
          7,660
HONG KONG - 2.0%

Techtronic Industries Co. Ltd.(1)

       482       5,267
       
ICELAND - 1.3%

Marel HF(1)(2)

       814       3,321
       
ITALY - 2.8%

Davide Campari-Milano NV(1)

       238       2,905

Industrie De Nora SpA*(1)

       77       1,539

Moncler SpA(1)

       44       3,054
       

 

 

  
          7,498
JAPAN - 1.6%

Obic Co. Ltd.(1)

       27       4,285
       
LUXEMBOURG - 0.5%

Eurofins Scientific SE(1)

       19       1,245
       
NETHERLANDS - 3.4%

Adyen NV*(1)(2)

       1       1,758

Argenx SE, ADR*

       20       7,293
       

 

 

  
          9,051
NORWAY - 1.1%

Nordic Semiconductor ASA*(1)

       186       2,853
       
SINGAPORE - 0.8%

Sea Ltd., ADR*

       24       2,107
       
UNITED KINGDOM - 5.8%

CNH Industrial NV(1)

       256       3,923

London Stock Exchange Group plc(1)

       79       7,686

Smiths Group plc(1)

       176       3,725
       

 

 

  
          15,334
UNITED STATES - 60.8%

Advanced Micro Devices, Inc.*

       81       7,954

Arista Networks, Inc.*

       28       4,644

Atlassian Corp., Class A*

       32       5,526

Bentley Systems, Inc., Class B

       105       4,510
       
UNITED STATES (CONTINUED)

Boston Scientific Corp.*

       234     11,716

Catalent, Inc.*

       115       7,572

Ceridian HCM Holding, Inc.*

       45       3,276

Clearwater Analytics Holdings, Inc., Class A*

       154       2,460

Cooper Cos., Inc. (The)

       8       3,035

Five Below, Inc.*

       14       2,904

Global Payments, Inc.

       34       3,577

Guidewire Software, Inc.*

       50       4,083

HubSpot, Inc.*

       16       7,021

Ingersoll Rand, Inc.

       92       5,327

iRhythm Technologies, Inc.*

       33       4,106

Lattice Semiconductor Corp.*

       90       8,617

Live Nation Entertainment, Inc.*

       19       1,343

MACOM Technology Solutions Holdings, Inc.*

       46       3,246

Monolithic Power Systems, Inc.

       7       3,565

Morningstar, Inc.

       7       1,395

Nasdaq, Inc.

       80       4,389

Novanta, Inc.*

       10       1,527

ON Semiconductor Corp.*

       94       7,751

Papa John’s International, Inc.

       16       1,186

Pool Corp.

       5       1,731

S&P Global, Inc.

       9       3,266

Saia, Inc.*

       5       1,487

Shockwave Medical, Inc.*

       9       2,015

Take-Two Interactive Software, Inc.*

       11       1,330

Teledyne Technologies, Inc.*

       13       5,678

Tradeweb Markets, Inc., Class A

       54       4,231

Valmont Industries, Inc.

       13       4,035

Veeva Systems, Inc., Class A*

       77       14,066

West Pharmaceutical Services, Inc.

       12       4,194

Workiva, Inc., Class A*

       44       4,543

Zscaler, Inc.*

       34       4,016
       

 

 

  
          161,322
       

 

 

  

Total common stocks
(Cost $200,723)

           246,323
       
SHORT-TERM INVESTMENT - 6.1%        
       
INVESTMENT COMPANY - 6.1%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $16,127)

       16,127       16,127
       

 

 

  
       

Total investments - 99.0%
(Cost $216,850)

           262,450
       

Other assets less liabilities - 1.0%

           2,722
       

 

 

  
       

Total net assets - 100.0%#

         $ 265,172
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $61,157, or 23.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $5,079 or 1.9% of net assets.

 

     
14       Artisan Partners Funds

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Communication Services

     $ 4,780       1.8 %

Consumer Discretionary

       10,430       4.0

Consumer Staples

       2,905       1.1

Energy

       1,706       0.7

Financials

       29,075       11.1

Health Care

       69,369       26.4

Industrials

       40,544       15.4

Information Technology

       87,514       33.3

Short-Term Investment

       16,127       6.2
   

 

 

      

 

 

  

Total investments

     $ 262,450       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES
Dollar values in thousands
    Value   Percentage
of Total
Investments

CAD

     $ 3,649       1.4 %

DKK

       4,766       1.8

EUR

       30,616       11.7

GBP

       11,411       4.3

HKD

       5,267       2.0

JPY

       4,285       1.6

NOK

       2,853       1.1

TWD

       1,959       0.8

USD

       197,644       75.3
   

 

 

      

 

 

  

Total investments

     $ 262,450       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Veeva Systems, Inc.

   United States        5.3 %

Boston Scientific Corp.

   United States        4.4

Lattice Semiconductor Corp.

   United States        3.2

Ascendis Pharma A/S

   Denmark        3.0

Advanced Micro Devices, Inc.

   United States        3.0

ON Semiconductor Corp.

   United States        2.9

London Stock Exchange Group plc

   United Kingdom        2.9

Catalent, Inc.

   United States        2.9

Argenx SE

   Netherlands        2.8

HubSpot, Inc.

   United States        2.6
      

 

 

  

Total

          33.0 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       15

Artisan Global Equity Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 98.7%
       
BELGIUM - 1.1%

UCB SA(1)

       24     $ 2,170
       
CANADA - 1.5%

Canadian Pacific Railway Ltd.

       24       1,833

Descartes Systems Group, Inc. (The)*

       13       1,065
       

 

 

  
          2,898
CHINA - 16.2%

Alibaba Group Holding Ltd., ADR*

       70       7,183

ANTA Sports Products Ltd.(1)

       172       2,499

China Meidong Auto Holdings Ltd.(1)

       1,002       2,171

China Tourism Group Duty Free Corp. Ltd., Class A(1)

       136       3,641

KE Holdings, Inc., ADR*

       338       6,374

Luckin Coffee, Inc., ADR*

       101       2,779

Lufax Holding Ltd., ADR

       1,299       2,651

Tencent Holdings Ltd., ADR

       24       1,160

Tencent Holdings Ltd.(1)

       12       601

Wuliangye Yibin Co. Ltd., Class A(1)

       110       3,131
       

 

 

  
          32,190
DENMARK - 7.6%

Ascendis Pharma A/S, ADR*

       17       1,818

Carlsberg A/S, Class B(1)

       21       3,255

Novo Nordisk A/S, ADR

       8       1,205

Novo Nordisk A/S, Class B(1)

       30       4,831

ROCKWOOL A/S, Class B(1)

       17       4,054
       

 

 

  
          15,163
FRANCE - 3.1%

LVMH Moet Hennessy Louis Vuitton SE(1)

       5       4,435

Pernod Ricard SA(1)

       8       1,807
       

 

 

  
          6,242
GERMANY - 2.2%

Deutsche Telekom AG(1)

       133       3,225

Dr Ing hc F Porsche AG (Preference)*(1)

       9       1,152
       

 

 

  
          4,377
HONG KONG - 1.1%

AIA Group Ltd.(1)

       204       2,142
       
INDONESIA - 0.2%

Mitra Adiperkasa Tbk. PT*(1)

       4,575       461
       
ITALY - 3.2%

BFF Bank SpA(1)(2)

       637       6,333
       
JAPAN - 3.8%

Daiichi Sankyo Co. Ltd.(1)

       207       7,537
       
MACAU - 1.1%

Galaxy Entertainment Group Ltd.*(1)

       175       1,163

Sands China Ltd.*(1)

       316       1,103
       

 

 

  
          2,266
NETHERLANDS - 3.2%

Adyen NV*(1)(2)

       1       1,031

Argenx SE, ADR*

       12       4,404

ING Groep NV(1)

       72       854
       

 

 

  
          6,289
       
NORWAY - 0.2%

Volue ASA*(1)

       249     501
       
RUSSIA - 0.0%

MMC Norilsk Nickel PJSC, ADR*(1)(3)(4)

       136       –

Sberbank of Russia PJSC*(1)(3)(4)

       1,137       –
       

 

 

  
          –
SINGAPORE - 2.3%

DBS Group Holdings Ltd.(1)

       86       2,143

United Overseas Bank Ltd.(1)

       106       2,369
       

 

 

  
          4,512
SWEDEN - 1.6%

Nibe Industrier AB, Class B(1)

       273       3,115
       
SWITZERLAND - 4.7%

Cie Financiere Richemont SA(1)

       9       1,483

UBS Group AG(1)

       374       7,903
       

 

 

  
          9,386
TAIWAN - 0.9%

Taiwan Semiconductor Manufacturing Co. Ltd.(1)

       106       1,878
       
UNITED ARAB EMIRATES - 1.2%

Americana Restaurants International plc*(1)

       2,400       2,492
       
UNITED KINGDOM - 4.7%

AstraZeneca plc, ADR

       33       2,319

AstraZeneca plc(1)

       16       2,198

BAE Systems plc(1)

       206       2,495

Unilever plc(1)

       47       2,422
       

 

 

  
          9,434
UNITED STATES - 38.8%

Amazon.com, Inc.*

       67       6,907

Aon plc, Class A

       9       2,901

Arthur J Gallagher & Co.

       14       2,625

Carrier Global Corp.

       108       4,955

Chubb Ltd.

       10       1,923

Cigna Group (The)

       15       3,807

CME Group, Inc.

       15       2,839

Darling Ingredients, Inc.*

       57       3,355

Ferguson plc

       11       1,482

Halozyme Therapeutics, Inc.*

       176       6,720

Intercontinental Exchange, Inc.

       40       4,206

Intuit, Inc.

       9       3,893

Linde plc

       5       1,951

Natera, Inc.*

       80       4,441

Nestle SA(1)

       48       5,873

Prometheus Biosciences, Inc.*

       16       1,693

Schlumberger Ltd.

       12       613

Stryker Corp.

       13       3,636

TJX Cos., Inc. (The)

       47       3,676

T-Mobile US, Inc.*

       43       6,290

Trane Technologies plc

       11       1,975

Visa, Inc., Class A

       6       1,464
       

 

 

  
          77,225
       

 

 

  

Total common stocks
(Cost $182,611)

 

       196,611
       

 

     
16       Artisan Partners Funds

    Shares
Held		   Value
SHORT-TERM INVESTMENT - 1.8%        
       
INVESTMENT COMPANY - 1.8%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $3,561)

       3,561     $ 3,561
       

 

 

  
       

Total investments - 100.5%
(Cost $186,172)

           200,172
       

Other assets less liabilities - (0.5)%

           (946 )
       

 

 

  
       

Total net assets - 100.0%#

         $ 199,226
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $92,468, or 46.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $7,364 or 3.7% of net assets.
(3)   Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(4)   Security is restricted.

 

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

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Communication Services

     $ 11,276       5.6 %

Consumer Discretionary

       41,145       20.5

Consumer Staples

       19,843       9.9

Energy

       613       0.3

Financials

       41,384       20.7

Health Care

       46,779       23.4

Industrials

       19,909       9.9

Information Technology

       7,337       3.7

Materials

       1,951       1.0

Real Estate

       6,374       3.2

Short-Term Investment

       3,561       1.8
   

 

 

      

 

 

  

Total investments

     $ 200,172       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES
Dollar values in thousands
    Value   Percentage
of Total
Investments

AED

     $ 2,492       1.2 %

CAD

       2,898       1.4

CHF

       15,259       7.6

CNY

       6,772       3.4

DKK

       12,140       6.1

EUR

       21,007       10.5

GBP

       7,115       3.6

HKD

       9,679       4.8

IDR

       461       0.2

JPY

       7,537       3.8

NOK

       501       0.3

RUB

       0       0.0

SEK

       3,115       1.6

SGD

       4,512       2.3

TWD

       1,878       0.9

USD

       104,806       52.3
   

 

 

      

 

 

  

Total investments

     $ 200,172       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

UBS Group AG

   Switzerland        4.0 %

Daiichi Sankyo Co. Ltd.

   Japan        3.8

Alibaba Group Holding Ltd.

   China        3.6

Amazon.com, Inc.

   United States        3.5

Halozyme Therapeutics, Inc.

   United States        3.4

KE Holdings, Inc.

   China        3.2

BFF Bank SpA

   Italy        3.2

T-Mobile US, Inc.

   United States        3.2

Novo Nordisk A/S

   Denmark        3.0

Nestle SA

   United States        2.9
      

 

 

  

Total

          33.8 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       17

Artisan Global Opportunities Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
   
COMMON STOCKS - 95.1%
       
BRAZIL - 1.2%

NU Holdings Ltd., Class A*

       7,035     $ 33,486
       
CHINA - 1.0%

Tencent Holdings Ltd.(1)

       580       28,341
       
DENMARK - 5.8%

Novo Nordisk A/S, Class B(1)

       750       118,969

Vestas Wind Systems A/S(1)

       1,648       47,753
       

 

 

  
          166,722
FINLAND - 0.7%

Neste OYJ(1)

       424       20,888
       
GERMANY - 1.0%

BioNTech SE, ADR

       232       28,870
       
HONG KONG - 5.9%

AIA Group Ltd.(1)

       5,504       57,830

Techtronic Industries Co. Ltd.(1)

       10,345       112,945
       

 

 

  
          170,775
JAPAN - 4.5%

Hoya Corp.(1)

       417       46,135

Keyence Corp.(1)

       170       83,346
       

 

 

  
          129,481
NETHERLANDS - 2.4%

Adyen NV*(1)(2)

       25       39,149

Argenx SE, ADR*

       81       30,341
       

 

 

  
          69,490
SWEDEN - 2.0%

Hexagon AB, Class B(1)

       5,017       57,733
       
SWITZERLAND - 7.2%

Cie Financiere Richemont SA(1)

       251       40,172

Lonza Group AG(1)

       200       120,276

UBS Group AG(1)

       2,207       46,600
       

 

 

  
          207,048
UNITED KINGDOM - 8.3%

AstraZeneca plc(1)

       683       94,797

CNH Industrial NV(1)

       4,219       64,532

London Stock Exchange Group plc(1)

       812       78,916
       

 

 

  
          238,245
UNITED STATES - 55.1%

Advanced Micro Devices, Inc.*

       1,588       155,635

Airbnb, Inc., Class A*

       431       53,575

Alphabet, Inc., Class A*

       622       64,534

Amazon.com, Inc.*

       307       31,729

Aptiv plc*

       253       28,419

Arista Networks, Inc.*

       334       56,142

Atlassian Corp., Class A*

       497       85,132

Boston Scientific Corp.*

       2,552       127,672

Charles Schwab Corp. (The)

       265       13,884

Chipotle Mexican Grill, Inc.*

       41       69,466

CoStar Group, Inc.*

       329       22,661

Danaher Corp.

       278       69,995

Ingersoll Rand, Inc.

       1,001       58,214

Intuit, Inc.

       138       61,453

Linde plc

       122       43,386

Lowe’s Cos., Inc.

       170       34,004
       

Lululemon Athletica, Inc.*

       132     48,194

Netflix, Inc.*

       175       60,554

NextEra Energy, Inc.

       1,156       89,113

ON Semiconductor Corp.*

       971       79,956

Progressive Corp. (The)

       574       82,144

S&P Global, Inc.

       120       41,435

Veeva Systems, Inc., Class A*

       882       162,081

Vertex Pharmaceuticals, Inc.*

       64       20,218

Zscaler, Inc.*

       242       28,315
       

 

 

  
          1,587,911
       

 

 

  

Total common stocks
(Cost $1,855,065)

           2,738,990
       
SHORT-TERM INVESTMENT - 3.9%        
       
INVESTMENT COMPANY - 3.9%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $113,084)

       113,084       113,084
       

 

 

  
       

Total investments - 99.0%
(Cost $1,968,149)

           2,852,074
       

Other assets less liabilities - 1.0%

           28,284
       

 

 

  
       

Total net assets - 100.0%#

         $ 2,880,358
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,058,382, or 36.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $39,149 or 1.4% of net assets.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Communication Services

     $ 153,429       5.4 %

Consumer Discretionary

       305,559       10.7

Energy

       20,888       0.7

Financials

       393,444       13.9

Health Care

       819,354       28.7

Industrials

       306,105       10.7

Information Technology

       607,712       21.3

Materials

       43,386       1.5

Utilities

       89,113       3.1

Short-Term Investment

       113,084       4.0
   

 

 

      

 

 

  

Total investments

     $ 2,852,074       100.0 %
   

 

 

      

 

 

  

 

     
18       Artisan Partners Funds

TRADING CURRENCIES
Dollar values in thousands
    Value   Percentage
of Total
Investments

CHF

     $ 207,048       7.3 %

DKK

       166,722       5.8

EUR

       124,569       4.4

GBP

       173,713       6.1

HKD

       199,116       7.0

JPY

       129,481       4.5

SEK

       57,733       2.0

USD

       1,793,692       62.9
   

 

 

      

 

 

  

Total investments

     $ 2,852,074       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Veeva Systems, Inc.

   United States        5.6 %

Advanced Micro Devices, Inc.

   United States        5.4

Boston Scientific Corp.

   United States        4.4

Lonza Group AG

   Switzerland        4.2

Novo Nordisk A/S

   Denmark        4.1

Techtronic Industries Co. Ltd.

   Hong Kong        3.9

AstraZeneca plc

   United Kingdom        3.3

NextEra Energy, Inc.

   United States        3.1

Atlassian Corp.

   United States        3.0

Keyence Corp.

   Japan        2.9
      

 

 

  

Total

          39.9 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       19

Artisan Global Unconstrained Fund

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

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

 

    Principal
Amount		   Value
SOVEREIGN GOVERNMENT BONDS - 64.7%        
       
ALBANIA - 1.2%        

Republic of Albania 3.50%, 10/9/2025(1)

     EUR 200     $ 204
       
ANGOLA - 2.1%        

Republic of Angola

        

(ICE LIBOR USD 6 Month + 7.50%), 12.64%, 7/3/2023(1)(2)

       272       273

6.93%, 2/19/2027(1)

       91       84
       

 

 

  
          357
BAHAMAS - 2.0%        

Commonwealth of the Bahamas 5.75%, 1/16/2024(1)

       360       339
       
BENIN - 3.1%        

Benin Government Bond 4.88%, 1/19/2032(1)

     EUR 650       529
       
BOLIVIA - 2.5%        

Plurinational State of Bolivia 5.95%, 8/22/2023(1)

       515       430
       
BRAZIL - 0.6%        

Notas do Tesouro Nacional 10.00%, 1/1/2031

     BRL 540       96
       
CAMEROON - 3.4%        

Republic of Cameroon 9.50%, 11/19/2025(1)

       600       577
       
DOMINICAN REPUBLIC - 2.8%        

Dominican Republic Government Bond

        

4.88%, 9/23/2032(1)

       300       254

5.30%, 1/21/2041(1)

       150       117

5.88%, 1/30/2060(1)

       150       115
       

 

 

  
          486
EGYPT - 0.6%        

Arab Republic of Egypt 7.50%, 2/16/2061(1)

       200       108
       
ICELAND - 6.1%        

Republic of Iceland 1.50%, 5/15/2023

     ISK 145,896       1,055
       
INDONESIA - 2.0%        

Republic of Indonesia 7.13%, 6/15/2042

     IDR 5,000,000       337
       
IRAQ - 3.1%        

Republic of Iraq 5.80%, 1/15/2028(1)

       569       529
       
IVORY COAST - 1.2%        

Republic of Cote d’Ivoire 5.38%, 7/23/2024(1)

       215       210
       
KENYA - 2.1%        

Republic of Kenya 6.88%, 6/24/2024(1)

       400       369
       
MACEDONIA - 4.9%        

Republic of North Macedonia

        

5.63%, 7/26/2023(1)

     EUR 580       628

2.75%, 1/18/2025(1)

     EUR 100       102

6.96%, 3/13/2027(1)

     EUR 100       109
       

 

 

  
          839
MONGOLIA - 1.5%        

State of Mongolia 8.75%, 3/9/2024(1)

      260       260
       
NIGERIA - 3.2%        

Federal Republic of Nigeria

        

7.63%, 11/21/2025(3)

       286     260

8.25%, 9/28/2051(1)

       435       287
       

 

 

  
          547
PAPUA NEW GUINEA - 2.1%        

Papua New Guinea Government International Bond

        

8.38%, 10/4/2028(1)

       400       364
       
PERU - 2.1%        

Bonos de la Tesoreria 6.15%, 8/12/2032

     PEN 1,500       364
       
ROMANIA - 6.4%        

Romania Government Bond

        

2.88%, 5/26/2028(1)

     EUR 200       191

8.75%, 10/30/2028

     RON 170       39

6.63%, 9/27/2029(3)

     EUR 130       144

3.62%, 5/26/2030(1)

     EUR 450       412

Series 10Y, 8.25%, 9/29/2032

     RON 1,050       241

4.63%, 4/3/2049(1)

     EUR 100       80
       

 

 

  
          1,107
SERBIA - 8.3%        

Republic of Serbia

        

2.00%, 4/6/2023

     RSD 75,500       698

1.50%, 6/26/2029(1)

     EUR 200       165

6.50%, 9/26/2033(1)

       400       397

2.05%, 9/23/2036(1)

     EUR 250       163
       

 

 

  
          1,423
SOUTH AFRICA - 1.8%        

Republic of South Africa 8.00%, 1/31/2030

     ZAR 6,000       307
       
UZBEKISTAN - 1.6%        

Republic of Uzbekistan

        

14.50%, 11/25/2023(3)

     UZS 330,000       29

14.50%, 11/25/2023(1)

     UZS 2,800,000       243
       

 

 

  
          272
       

 

 

  

Total sovereign government bonds
(Cost $10,912)

           11,109
       
CORPORATE BONDS - 18.8%        
       
BRAZIL - 1.6%        

MC Brazil Downstream Trading SARL 7.25%, 6/30/2031(1)

       193       152

Unigel Luxembourg SA 8.75%, 10/1/2026(1)

       140       129
       

 

 

  
          281
       
COLOMBIA - 2.8%        

Aris Mining Corp. 6.88%, 8/9/2026(1)

       200       163

EnfraGen Energia Sur SA 5.38%, 12/30/2030(1)

       275       165

Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025(1)

       179       152
       

 

 

  
          480
CZECH REPUBLIC - 1.7%        

Energo-Pro A/S

        

4.50%, 5/4/2024(1)

     EUR 100       104

8.50%, 2/4/2027(1)

       200       192
       

 

 

  
          296
DOMINICAN REPUBLIC - 6.0%        

Banco Central de la Republica Dominicana

        

13.00%, 12/5/2025(1)

     DOP 48,200       875

13.00%, 1/30/2026(1)

     DOP 8,000       145
       

 

 

  
          1,020

 

     
20       Artisan Partners Funds

    Principal
Amount		   Value
GEORGIA - 1.1%        

Georgia Capital JSC 6.13%, 3/9/2024(1)

       200     $ 194
       
NIGERIA - 0.9%        

SEPLAT Energy plc 7.75%, 4/1/2026(1)

       200       156
       
PERU - 3.6%        

Auna SAA 6.50%, 11/20/2025(1)

       400       328

Inkia Energy Ltd. 5.88%, 11/9/2027(1)

       305       281
       

 

 

  
          609
TANZANIA - 1.1%        

HTA Group Ltd. 7.00%, 12/18/2025(3)

       200       189
       

 

 

  

Total corporate bonds
(Cost $3,209)

           3,225
    Shares
Held		    
COMMON STOCK - 1.6%        
       
GEORGIA - 1.6%        

Georgia Capital plc (Cost $248)*(4)

       27       265
       
EXCHANGE TRADED FUND - 0.2%        
       
EQUITY FUNDS - 0.2%        

SPDR S&P 500 ETF Trust (Cost $36)

       – ^       37
       
    Principal
Amount		    
SHORT-TERM INVESTMENTS - 14.6%        
       
SOVEREIGN GOVERNMENT TREASURY BILLS - 1.5%        

Banco Central del Uruguay 9.36%, 4/19/2023(5)

     UYU 6,500       166

Banco Central del Uruguay 11.54%, 2/2/2024(5)

     UYU 3,750       88
       

 

 

  

Total sovereign government treasury bills
(Cost $248)

           254
       
U.S. TREASURY OBLIGATION - 0.7%        

U.S. Treasury Bills 4.39%, 05/25/2023 (Cost $124)(5)

       125       124
       
REPURCHASE AGREEMENTS - 9.4%        

JPMorgan Chase Bank, N.A., Dated 2/2/23, with an interest rate of 0.50% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 4.50% due 3/20/2028 and a market value of $271(7)

       165       165

JPMorgan Chase Bank, N.A., Dated 2/2/23, with an interest rate of 3.75% payable by the Portfolio, collateralized by Par 500 Republic of Paraguay, 4.70% due 3/27/2027 and a market value of $494(7)

       531       531

JPMorgan Chase Bank, N.A., Dated 3/3/23, with an interest rate of 0.50% payable by the Portfolio, collateralized by Par 200 Republic of Guatemala, 6.13% due 6/1/2050 and a market value of $189(7)

       230       230

Merrill Lynch Pierce Fenner & Smith, Inc., Dated 2/2/23, with an interest rate of (0.15)% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 7.50% due 3/2/2030 and a market value of $332(7)

       480       480

Merrill Lynch Pierce Fenner & Smith, Inc., Dated 2/2/23, with an interest rate of 3.00% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 4.50% due 3/20/2028 and a market value of $271(7)

       208       208
       

 

 

  

Total repurchase agreements
(Cost $1,614)

           1,614
       
    Shares
Held		   Value
INVESTMENT COMPANIES - 3.0%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%

       177     $ 177

Federated Treasury Obligations Fund - Institutional Class, 4.67%

       172       172

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%

       171       171
       

 

 

  

Total investment companies
(Cost $520)

           520
       

Total short-term investments
(Cost $2,506)

           2,512
       

Total investments - 99.9%
(Cost $16,911)

         $ 17,148
       
SECURITIES SOLD SHORT - (8.0)%        
       

COMMON STOCK - (0.5)%

 

        
UNITED KINGDOM - (0.5)%        

Ashmore Group plc (Proceeds $(74))(4)

       (29 )       (84 )
       
    Principal
Amount		    
SOVEREIGN GOVERNMENT BONDS - (7.5)%        
       
BOLIVIA - (3.5)%        

Plurinational State of Bolivia
4.50%, 3/20/2028(1)(6)

     $ (500 )       (271 )

7.50%, 3/2/2030(1)(6)

       (500 )       (332 )
       

 

 

  
          (603 )
GUATEMALA - (1.1)%        

Republic of Guatemala 6.13%, 6/1/2050(1)(6)

       (200 )       (189 )
       
PARAGUAY - (2.9)%        

Republic of Paraguay 4.70%, 3/27/2027(1)(6)

       (500 )       (494 )
       

 

 

  

Total sovereign government bonds
(Proceeds $(1,498))

           (1,286 )
       

Total securities sold short
(Proceeds $(1,572))

           (1,370 )
       

 

 

  
       

Total investments after securities sold short - 91.9%
(Cost $15,339)

           15,778
       

Other assets less liabilities - 8.1%

           1,391
       

 

 

  
       

Total net assets - 100.0%#

         $ 17,169
       

 

 

  

 

(1)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $9,289 or 54.1% of net assets.
(2)   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.
(3)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(4)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $181, or 1.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(5)   Yield to maturity.
(6)   At March 31, 2023, all or a portion of this security was pledged to cover collateral requirements for repurchase agreements.

 

     
Artisan Partners Funds       21

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

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Energy

     $ 756       4.4 %

Financials

       1,479       8.6

Foreign Government Securities

       11,109       64.9

Health Care

       328       1.9

Industrials

       189       1.1

Investment Funds

       37       0.2

Materials

       292       1.7

Utilities

       446       2.6

Short-Term Investments

       2,512       14.6
   

 

 

      

 

 

  

Total investments

     $ 17,148       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES
Dollar values in thousands
    Value   Percentage of
Total
Investments

BRL

     $ 96       0.6 %

DOP

       1,020       5.9

EUR

       2,831       16.5

GBP

       265       1.5

IDR

       337       2.0

ISK

       1,055       6.2

PEN

       364       2.1

RON

       280       1.6

RSD

       698       4.1

USD

       9,369       54.6

UYU

       254       1.5

UZS

       272       1.6

ZAR

       307       1.8
   

 

 

      

 

 

  

Total investments

     $ 17,148       100.0 %
   

 

 

      

 

 

  

 

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands

Currency Purchased

    Currency Sold   

Counterparty

    Settlement
Date		    Unrealized
Appreciation
(Depreciation)
CLP**        70,000        USD       86    JPM        4/3/2023      $ 2
HUF        245,331        EUR       594    SCB        4/3/2023        55
PEN**        1,150        USD       302    JPM        4/3/2023        4
BRL**        1,611        USD       311    JPM        4/4/2023        7
KZT**        154,905        USD       334    CITI        4/10/2023        4
UZS**        2,450,000        USD       212    CITI        4/17/2023        2
CZK        5,600        EUR       232    SCB        4/20/2023        7
UZS**        555,000        USD       47    JPM        4/26/2023        1
RSD        15,246        EUR       127    JPM        4/28/2023        2
BRL**        1,611        USD       312    JPM        5/3/2023        4
USD        353        COP **       1,650,000    JPM        5/4/2023        1
UZS**        2,971,581        USD       254    JPM        5/4/2023        4
MXN        4,800        USD       254    SCB        5/8/2023        11
KZT**        154,905        USD       332    CITI        5/10/2023        2
PEN**        160        USD       42    JPM        6/7/2023        – ^
EUR        590        USD       635    SCB        6/21/2023        7
UZS**        750,000        USD       63    JPM        6/22/2023        1
USD        173        MYR **       760    GS        6/30/2023        – ^
HUF        299,331        EUR       759    SCB        7/3/2023        3
UZS**        2,450,000        USD       207    CITI        7/17/2023        2
USD        160        KES **       21,600    SCB        7/20/2023        7
UZS**        2,450,000        USD       201    CITI        10/17/2023        3
                          

 

 

  
Total unrealized appreciation

 

                    129
         

 

 

  
USD        87        CLP **       70,000    JPM        4/3/2023        (1 )
USD        170        MYR **       760    GS        4/3/2023        (3 )
USD        344        PEN **       1,311    JPM        4/3/2023        (4 )
USD        924        ZAR       16,830    CITI        4/6/2023        (21 )
USD        148        ZAR       2,700    JPM        4/6/2023        (4 )
COP**        1,650,000        USD       355    JPM        4/10/2023        (1 )
KZT**        155,000        USD       352    SCB        4/10/2023        (13 )
USD        342        COP **       1,650,000    JPM        4/10/2023        (12 )
USD        276        RON       1,290    JPM        4/10/2023        (7 )
RON        4,578        EUR       928    JPM        4/18/2023        (4 )
USD        176        MXN       3,200    SCB        5/8/2023        (1 )
KZT**        7,900        USD       17    CITI        5/10/2023        – ^
KZT**        78,000        USD       170    SCB        5/10/2023        (2 )
USD        83        IDR **       1,270,335    JPM        5/23/2023        (2 )
USD        43        PEN **       161    JPM        6/7/2023        – ^
USD        5,475        EUR       5,068    SCB        6/21/2023        (46 )
KES**        46,000        USD       354    JPM        7/20/2023        (28 )
USD        166        KES **       24,400    JPM        7/20/2023        (7 )
KES**        42,000        USD       308    SCB        12/6/2023        (24 )
USD        268        KES **       42,000    SCB        12/6/2023        (15 )
UGX**        1,260,000        USD       316    SCB        6/18/2024        (8 )
USD        154        UGX **       700,000    SCB        6/18/2024        (17 )
USD        128        UGX **       560,000    SCB        6/18/2024        (8 )
                          

 

 

  
Total unrealized depreciation

 

                    (228 )
                          

 

 

  
Net unrealized depreciation

 

                  $ (99 )
         

 

 

  

 

**   Non-deliverable.

 

     
22       Artisan Partners Funds

FUTURES CONTRACTS            
Values in thousands            
Description   No. of
Contracts		   Expiration
Date		   Trading
Currency		   Notional
Amount		   Notional
Value		   Unrealized
Appreciation/
(Depreciation)

Long Position Contracts

                        

U.S. Treasury Ultra Bond

       1       6/21/2023       USD     $ 100     $ 141     $ 6
                       

 

 

  
                          6
                       

 

 

  

Short Position Contracts

                        

Euro-Bobl

       (19 )       6/8/2023       EUR       (1,900 )       (2,429 )       (54 )

Euro-BTP

       (4 )       6/8/2023       EUR       (400 )       (500 )       (19 )

Euro-Bund

       (3 )       6/8/2023       EUR       (300 )       (442 )       (17 )

Euro-Schatz

       (6 )       6/8/2023       EUR       (600 )       (688 )       (6 )

S&P 500 E-Mini Index

       (1 )       6/16/2023       USD       – ^        (207 )       (9 )

U.S. Treasury 2 Year Note

       (14 )       6/30/2023       USD       (2,800 )       (2,890 )       (32 )

U.S. Treasury 5 Year Note

       (8 )       6/30/2023       USD       (800 )       (876 )       2

U.S. Treasury 10 Year Note

       (6 )       6/21/2023       USD       (600 )       (690 )       (2 )

U.S. Treasury 10 Year Ultra Note

       (1 )       6/21/2023       USD       (100 )       (121 )       2

U.S. Treasury Long Bond

       (1 )       6/21/2023       USD       (100 )       (131 )       (6 )
                       

 

 

  
                          (141 )
                       

 

 

  

Net unrealized depreciation

                         $ (135 )
                       

 

 

  

 

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

 

Centrally Cleared Credit Default Swaps -Buy Protection              
Values in thousands              
Reference Entity     

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

     

Frequency of
Payments
Made/Received

     

Termination
Date

      Notional Amount     

Upfront
(Payments) Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

Hungary      1.00      Quarterly      6/20/2027        USD  965      36      (16)      20
Kingdom of Saudi Arabia      1.00      Quarterly      6/20/2032        USD   1,070      (12)      4      (8)
Kingdom of Spain      1.00      Quarterly      6/20/2032        USD 570      (11)      –^      (11)
Malaysia      1.00      Quarterly      12/20/2027        USD 500      (7)      –^      (7)
Petrobras Global Finance BV      1.00      Quarterly      12/20/2027        USD 210      18      (6)      12
Republic of Chile      1.00      Quarterly      6/20/2032        USD 650      35      (5)      30
Republic of Colombia      1.00      Quarterly      12/20/2027        USD 100      7      –^      7
Republic of Indonesia      1.00      Quarterly      12/20/2027        USD 690      3      (8)      (5)
Republic of Kazakhstan      1.00      Quarterly      6/20/2028        USD 750      25      (2)      23
Republic of Peru      1.00      Quarterly      6/20/2032        USD 300      15      (1)      14
Republic of Peru      1.00      Quarterly      12/20/2032        USD 350      22      (5)      17
Republic of Poland      1.00      Quarterly      6/20/2027        USD 325      2      (4)      (2)
Republic of Poland      1.00      Quarterly      12/20/2027        USD 160      4      (4)      –^
Republic of South Africa      1.00      Quarterly      6/20/2032        USD 765      104      27      131
Republic of South Africa      1.00      Quarterly      12/20/2032        USD 220      36      4      40
State of Qatar      1.00      Quarterly      12/20/2032        USD 200      (4)      (1)      (5)
United Mexican States      1.00      Quarterly      12/20/2027        USD 175      2      (1)      1
                          

 

     

 

     

 

                           275      (18)      257
                          

 

     

 

     

 

 

Centrally Cleared Credit Default Swaps-Sell Protection
Values in thousands
Reference Entity     

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

     

Frequency of
Payments
Made/Received

     

Termination
Date

     

Notional Amount

     

Upfront
(Payments) Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

Emirate of Abu Dhabi      1.00      Quarterly      6/20/2027      USD  290      6      2      8
Hungary      1.00      Quarterly      12/20/2023      USD  310      (1)      2      1
Republic of Colombia      1.00      Quarterly      12/20/2023      USD  310      (2)      3      1
Republic of South Africa      1.00      Quarterly      6/20/2023      USD  135      –^      –^      –^
                        

 

     

 

     

 

                         3      7      10
                        

 

     

 

     

 

Total                          278      (11)      267
                        

 

     

 

     

 

 

     
Artisan Partners Funds       23

Centrally Cleared Interest Rate Swaps
Values in thousands
Floating Rate Index (Frequency)   

Fixed Rate (%)
(Frequency)

   

Fund Pays/
Receives
Floating Rate

   

Termination Date

   

Notional Amount

   

Upfront Payments
(Receipts)

   

Unrealized
Appreciation
(Depreciation)

   

Value

6 month BUBOR semi-annually    8.16 annually    Receive    6/17/2032    HUF  103,300    11    (10)    1
4 week TIIE monthly    8.72 monthly    Pay    9/1/2032    MXN      4,950    (2)    8    6
6 month PRIBOR semi-annually    3.86 annually    Receive    4/4/2032    CZK      2,710    –    6    6
6 month BUBOR semi-annually    7.25 annually    Receive    5/13/2032    HUF      8,300    –    2    2
1 day CDI at termination    12.31 at termination    Pay    1/3/2028    BRL         600    –    –^    –^
              

 

   

 

   

 

Total unrealized appreciation                9    6    15
              

 

   

 

   

 

4 week TIIE monthly    9.87 monthly    Pay    3/21/2025    MXN    18,680    –    (4)    (4)
6 month WIBOR semi-annually    5.30 annually    Receive    4/15/2032    PLN         536    –    (1)    (1)
6 month WIBOR semi-annually    7.45 annually    Receive    6/20/2032    PLN         350    (1)    (13)    (14)
6 month PRIBOR semi-annually    5.75 annually    Receive    6/17/2032    CZK      2,360    (2)    (12)    (14)
6 month PRIBOR semi-annually    4.99 annually    Receive    5/13/2032    CZK      2,800    –    (7)    (7)
6 month WIBOR semi-annually    6.45 annually    Receive    5/13/2032    PLN         225    –    (5)    (5)
1 day TONAR annually    0.92 annually    Receive    1/5/2033    JPY    81,000    (3)    (16)    (19)
1 day THOR quarterly    2.89 quarterly    Receive    6/17/2032    THB      2,750    –    (3)    (3)
1 day THOR quarterly    2.59 quarterly    Receive    9/1/2032    THB      2,150    –    (1)    (1)
1 day CDI at termination    11.39 at termination    Pay    1/2/2032    BRL         325    –    (8)    (8)
1 day THOR quarterly    2.99 quarterly    Receive    9/26/2032    THB      5,300    –    (7)    (7)
1 day CDI at termination    11.29 at termination    Pay    1/2/2032    BRL         300    –    (7)    (7)
1 day CDI at termination    11.44 at termination    Pay    1/3/2028    BRL         900    –    (7)    (7)
              

 

   

 

   

 

Total unrealized depreciation                (6)    (91)    (97)
              

 

   

 

   

 

Total                3    (85)    (82)
              

 

   

 

   

 

 

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

 

OTC Credit Default Swap-Buy Protection
Values in thousands
Reference Entity     

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

     

Frequency of
Payments
Made/Received

     

Counterparty

     

Termination Date

     

Notional Amount

     

Upfront
(Payments)
Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

Republic of South Africa      1.00      Quarterly      JPM      6/20/2033      USD 110      22      (1)      21
                             

 

     

 

     

 

Total                               22      (1)      21
                             

 

     

 

     

 

 

OTC Credit Default Swap-Sell Protection
Values in thousands
Reference Entity     

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

     

Frequency of
Payments
Made/Received

     

Counterparty

     

Termination
Date

     

Notional
Amount

     

Upfront
(Payments)
Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

Republic of South Africa      1.00      Quarterly      CITI      6/20/2024      USD 340      –^      –^      –^
                             

 

     

 

     

 

Total                               –^      –^      –^
                             

 

     

 

     

 

 

OTC Interest Rate Swap
Values in thousands
Floating Rate Index (Frequency)     

Fixed Rate (%)
(Frequency)

     

Fund Pays/
Receives
Floating Rate

     

Counterparty

     

Termination Date

     

Notional
Amount

     

Upfront
(Payments)
Receipts

     

Unrealized
Appreciation
(Depreciation)

     

Value

3 month KLIBOR quarterly      3.78 quarterly      Receive      CITI      3/14/2033      MYR 950      –      2      2
                             

 

     

 

     

 

Total                               –      2      2
                             

 

     

 

     

 

 

     
24       Artisan Partners Funds

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Republic of Serbia

   Serbia        8.3 %

Romania Government Bond

   Romania        6.4

Republic of Iceland

   Iceland        6.1

Banco Central de la Republica Dominicana

   Dominican Republic        6.0

Republic of North Macedonia

   Macedonia        4.9

Republic of Cameroon

   Cameroon        3.4

Federal Republic of Nigeria

   Nigeria        3.2

Benin Government Bond

   Benin        3.1

Republic of Iraq

   Iraq        3.1

Dominican Republic Government Bond

   Dominican Republic        2.8
      

 

 

  

Total

          47.3 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       25

Artisan Global Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 94.5%        
       
BELGIUM - 1.4%        

Groupe Bruxelles Lambert NV(1)

       348     $ 29,679
       
BRAZIL - 0.1%        

Telefonica Brasil SA, ADR

       436       3,304
       
CANADA - 0.8%        

Imperial Oil Ltd.

       316       16,085
       
CHINA - 3.5%        

Alibaba Group Holding Ltd.*(1)

       5,405       68,743

NXP Semiconductors NV

       12       2,296
       

 

 

  
          71,039
FRANCE - 7.9%        

Danone SA(1)

       1,613       100,304

Sodexo SA(1)

       303       29,590

TotalEnergies SE(1)

       551       32,533
       

 

 

  
          162,427
GERMANY - 5.3%        

Daimler Truck Holding AG*(1)

       730       24,661

HeidelbergCement AG(1)

       1,153       84,130
       

 

 

  
          108,791
JAPAN - 1.0%        

Nintendo Co. Ltd.(1)

       518       20,092
       
NETHERLANDS - 6.2%        

ING Groep NV(1)

       1,551       18,458

Koninklijke Philips NV(1)

       2,941       53,688

Shell plc(1)

       1,937       55,481
       

 

 

  
          127,627
SOUTH KOREA - 4.8%        

Samsung Electronics Co. Ltd.(1)

       1,979       98,148
       
SWITZERLAND - 12.3%        

Cie Financiere Richemont SA(1)

       402       64,471

Novartis AG(1)

       1,069       98,112

Swatch Group AG (The)(1)

       13       4,364

UBS Group AG(1)

       4,014       84,755
       

 

 

  
          251,702
UNITED KINGDOM - 8.9%        

BAE Systems plc(1)

       5,299       64,243

Compass Group plc(1)

       3,251       81,745

Lloyds Banking Group plc(1)

       61,823       36,472
       

 

 

  
          182,460
UNITED STATES - 42.3%        

Advance Auto Parts, Inc.

       88       10,757

Alphabet, Inc., Class A*

       811       84,090

American Express Co.

       381       62,835

Bank of New York Mellon Corp. (The)

       1,809       82,189

Berkshire Hathaway, Inc., Class B*

       241       74,318

Charles Schwab Corp. (The)

       182       9,529

Citigroup, Inc.

       1,254       58,812

Dentsply Sirona, Inc.

       1,003       39,384

Elevance Health, Inc.

       180       82,901

Expedia Group, Inc.*

       366       35,518

Lam Research Corp.

       82       43,542

Marsh & McLennan Cos., Inc.

       315       52,396

Meta Platforms, Inc., Class A*

       424       89,916

Progressive Corp. (The)

       387       55,348
UNITED STATES (CONTINUED)        

Sensata Technologies Holding plc

       470     23,529

Southwest Airlines Co.

       977       31,780

Willis Towers Watson plc

       130       30,153
       

 

 

  
          866,997
       

 

 

  

Total common stocks
(Cost $1,481,817)

           1,938,351
       
SHORT-TERM INVESTMENT - 4.3%        
       
INVESTMENT COMPANY - 4.3%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%
(Cost $87,500)

       87,500       87,500
       

 

 

  
       

Total investments - 98.8%
(Cost $1,569,317)

           2,025,851
       

Other assets less liabilities - 1.2%

           25,456
       

 

 

  
       

Total net assets - 100.0%#

         $ 2,051,307
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,049,669, or 51.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 197,402       9.7 %

Consumer Discretionary

       295,188       14.6

Consumer Staples

       100,304       5.0

Energy

       104,099       5.1

Financials

       594,944       29.4

Health Care

       274,085       13.5

Industrials

       144,213       7.1

Information Technology

       143,986       7.1

Materials

       84,130       4.2

Short-Term Investment

       87,500       4.3
   

 

 

      

 

 

  

Total investments

     $ 2,025,851       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

CAD

     $ 16,085       0.8 %

CHF

       251,702       12.4

EUR

       373,043       18.4

GBP

       237,941       11.7

HKD

       68,743       3.4

JPY

       20,092       1.0

KRW

       98,148       4.8

USD

       960,097       47.5
   

 

 

      

 

 

  

Total investments

     $ 2,025,851       100.0 %
   

 

 

      

 

 

  

 

     
26       Artisan Partners Funds

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

Danone SA

       France       4.9 %

Samsung Electronics Co. Ltd.

       South Korea       4.8

Novartis AG

       Switzerland       4.8

Meta Platforms, Inc.

       United States       4.4

UBS Group AG

       Switzerland       4.1

HeidelbergCement AG

       Germany       4.1

Alphabet, Inc.

       United States       4.1

Elevance Health, Inc.

       United States       4.0

Bank of New York Mellon Corp. (The)

       United States       4.0

Compass Group plc

       United Kingdom       4.0
       

 

 

  

Total

           43.2 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       27

Artisan High Income Fund

Schedule of Investments – March 31, 2023 (Unaudited)

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

 

    Principal
Amount		   Value
CORPORATE BONDS - 75.7%        
       
AEROSPACE & DEFENSE - 1.0%        

Bombardier, Inc.

        

6.00%, 2/15/2028(1)(2)

     $ 34,907     $ 33,991

7.13%, 6/15/2026(1)(2)

       8,689       8,720

7.88%, 4/15/2027(1)(2)

       21,867       22,137

TransDigm, Inc. 4.63%, 1/15/2029

       1,123       998
       

 

 

  
          65,846
AUTOMOBILE COMPONENTS - 0.1%        

Patrick Industries, Inc. 4.75%, 5/1/2029(1)

       7,361       6,387
       
BROADLINE RETAIL - 2.0%        

Millennium Escrow Corp. 6.63%, 8/1/2026(1)

       9,223       5,995

Nordstrom, Inc.

        

4.00%, 3/15/2027

       14,636       12,368

4.25%, 8/1/2031

       21,278       15,214

4.38%, 4/1/2030

       48,672       37,697

5.00%, 1/15/2044

       98,226       61,771
       

 

 

  
          133,045
BUILDING PRODUCTS - 0.4%        

Eco Material Technologies, Inc. 7.88%, 1/31/2027(1)

       22,571       21,411

New Enterprise Stone & Lime Co., Inc.

        

5.25%, 7/15/2028(1)

       4,674       4,131

9.75%, 7/15/2028(1)

       6,233       5,953
       

 

 

  
          31,495
CAPITAL MARKETS - 0.6%        

AG Issuer LLC 6.25%, 3/1/2028(1)

       46,621       42,001
       
CHEMICALS - 2.9%        

Consolidated Energy Finance SA 5.63%, 10/15/2028(1)(2)

       18,333       15,770

Iris Holding, Inc. 10.00%, 12/15/2028(1)

       39,938       29,331

LSF11 A5 HoldCo LLC 6.63%, 10/15/2029(1)

       9,167       7,708

Methanex Corp.

        

5.13%, 10/15/2027(2)

       28,114       26,496

5.25%, 12/15/2029(2)

       87,023       81,348

5.65%, 12/1/2044(2)

       4,854       3,978

SK Invictus Intermediate II SARL 5.00%, 10/30/2029(1)

       33,914       28,157
       

 

 

  
          192,788
COMMERCIAL SERVICES & SUPPLIES - 1.1%        

Neptune Bidco US, Inc. 9.29%, 4/15/2029(1)

       75,956       70,419
       
CONSTRUCTION & ENGINEERING - 0.4%        

Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028(1)

       32,372       29,863
       
CONSUMER FINANCE - 2.2%        

VistaJet Malta Finance plc

        

6.38%, 2/1/2030(1)(2)

       118,921       105,987

7.88%, 5/1/2027(1)(2)

       38,637       37,359
       

 

 

  
          143,346
CONTAINERS & PACKAGING - 0.3%        

Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030(1)

       14,001       12,723

Sealed Air Corp. 5.00%, 4/15/2029(1)

       4,853       4,560
       

 

 

  
          17,283
DISTRIBUTORS - 0.1%        

American Builders & Contractors Supply Co., Inc. 3.88%, 11/15/2029(1)

       3,956       3,378

Ritchie Bros Holdings, Inc.

        

6.75%, 3/15/2028(1)(2)

       2,485       2,559

7.75%, 3/15/2031(1)(2)

       5,798       6,077
       

 

 

  
          12,014
DIVERSIFIED REITS - 1.2%        

Global Net Lease, Inc. 3.75%, 12/15/2027(1)

     53,117     42,027

Necessity Retail REIT, Inc. (The) 4.50%, 9/30/2028(1)

       31,343       23,437

Uniti Group LP 4.75%, 4/15/2028(1)

       17,806       13,763
       

 

 

  
          79,227
DIVERSIFIED TELECOMMUNICATION SERVICES - 9.6%        

Altice France Holding SA

        

6.00%, 2/15/2028(1)(2)

       89,835       57,333

10.50%, 5/15/2027(1)(2)

       25,971       19,868

Altice France SA

        

5.13%, 1/15/2029(1)(2)

       8,119       6,187

5.13%, 7/15/2029(1)(2)

       11,757       8,847

5.50%, 1/15/2028(1)(2)

       7,974       6,551

5.50%, 10/15/2029(1)(2)

       111,301       85,107

CCO Holdings LLC

        

4.25%, 2/1/2031(1)

       87,053       71,180

4.25%, 1/15/2034(1)

       24,208       18,933

4.50%, 8/15/2030(1)

       81,193       68,608

4.50%, 5/1/2032

       94,019       76,891

4.75%, 3/1/2030(1)

       31,605       27,382

Level 3 Financing, Inc. 3.75%, 7/15/2029(1)

       1,830       976

Virgin Media Finance plc 5.00%, 7/15/2030(1)(2)

       106,368       87,917

Virgin Media Secured Finance plc

        

4.50%, 8/15/2030(1)(2)

       22,046       18,955

5.50%, 5/15/2029(1)(2)

       27,393       25,510

Zayo Group Holdings, Inc.

        

4.00%, 3/1/2027(1)

       25,706       19,536

6.13%, 3/1/2028(1)

       40,256       24,484
       

 

 

  
          624,265
ELECTRICAL EQUIPMENT - 1.5%        

Regal Rexnord Corp.

        

6.05%, 2/15/2026(1)

       1,768       1,776

6.05%, 4/15/2028(1)

       1,773       1,774

6.30%, 2/15/2030(1)

       45,574       45,889

6.40%, 4/15/2033(1)

       46,270       46,298
       

 

 

  
          95,737
FOOD PRODUCTS - 1.1%        

B&G Foods, Inc. 5.25%, 9/15/2027

       22,683       19,451

H-Food Holdings LLC 8.50%, 6/1/2026(1)

       79,712       49,300
       

 

 

  
          68,751
GROUND TRANSPORTATION - 0.1%        

PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029(1)

       13,431       8,918
       
HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%        

Medline Borrower LP

        

3.88%, 4/1/2029(1)

       148,556       128,873

5.25%, 10/1/2029(1)

       54,157       46,987
       

 

 

  
          175,860
HEALTH CARE PROVIDERS & SERVICES - 0.3%        

HCA, Inc. 3.50%, 9/1/2030

       13,738       12,236

Surgery Center Holdings, Inc. 6.75%, 7/1/2025(1)

       4,677       4,627
       

 

 

  
          16,863
HOTEL & RESORT REITS - 0.4%        

XHR LP 4.88%, 6/1/2029(1)

       31,343       26,582
       
HOTELS, RESTAURANTS & LEISURE - 11.6%        

Boyd Gaming Corp. 4.75%, 6/15/2031(1)

       9,979       9,063

Brinker International, Inc. 5.00%, 10/1/2024(1)

       25,349       24,863

Carnival Corp.

        

4.00%, 8/1/2028(1)

       13,445       11,574

5.75%, 3/1/2027(1)

       120,587       98,921

6.00%, 5/1/2029(1)

       107,635       85,570

7.63%, 3/1/2026(1)

       7,882       7,192

10.50%, 6/1/2030(1)

       18,945       18,187

 

     
28       Artisan Partners Funds

    Principal
Amount		   Value
HOTELS, RESTAURANTS & LEISURE (CONTINUED)        

Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028(1)

     $ 4,169     $ 4,485

Jacobs Entertainment, Inc. 6.75%, 2/15/2029(1)

       14,452       12,626

Lindblad Expeditions LLC 6.75%, 2/15/2027(1)

       38,037       36,823

MajorDrive Holdings IV LLC 6.38%, 6/1/2029(1)

       15,964       11,820

MGM Resorts International

        

4.63%, 9/1/2026

       4,556       4,309

4.75%, 10/15/2028

       38,315       35,670

5.50%, 4/15/2027

       2,370       2,299

Motion Bondco DAC 6.63%, 11/15/2027(1)(2)

       15,951       14,718

NCL Corp. Ltd.

        

3.63%, 12/15/2024(1)

       17,414       16,195

5.88%, 3/15/2026(1)

       54,925       46,746

5.88%, 2/15/2027(1)

       6,824       6,363

7.75%, 2/15/2029(1)

       43,369       37,186

NCL Finance Ltd. 6.13%, 3/15/2028(1)

       85,974       69,660

Penn Entertainment, Inc. 4.13%, 7/1/2029(1)

       29,809       24,857

Royal Caribbean Cruises Ltd.

        

4.25%, 7/1/2026(1)

       19,431       17,439

5.38%, 7/15/2027(1)

       8,553       7,618

5.50%, 8/31/2026(1)

       26,365       24,666

5.50%, 4/1/2028(1)

       45,565       40,229

SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029(1)

       17,618       15,902

Station Casinos LLC 4.63%, 12/1/2031(1)

       18,032       15,228

TKC Holdings, Inc.

        

6.88%, 5/15/2028(1)

       18,184       15,352

10.50%, 5/15/2029(1)

       70,474       43,978
       

 

 

  
          759,539
HOUSEHOLD DURABLES - 0.2%        

Tempur Sealy International, Inc. 3.88%, 10/15/2031(1)

       18,815       15,711
       
INSURANCE - 13.8%        

Acrisure LLC

        

4.25%, 2/15/2029(1)

       38,045       32,433

6.00%, 8/1/2029(1)

       103,814       85,784

7.00%, 11/15/2025(1)

       92,121       86,338

10.13%, 8/1/2026(1)

       48,540       48,268

Alliant Holdings Intermediate LLC

        

4.25%, 10/15/2027(1)

       2,569       2,301

5.88%, 11/1/2029(1)

       20,595       17,368

6.75%, 10/15/2027(1)

       23,967       22,229

Ardonagh Midco 2 plc 11.50% Cash, 12.75% PIK, 1/15/2027(1)(2)

       137,607       125,222

AssuredPartners, Inc.

        

5.63%, 1/15/2029(1)

       600       519

7.00%, 8/15/2025(1)

       25,180       24,501

BroadStreet Partners, Inc. 5.88%, 4/15/2029(1)

       71,268       60,273

GTCR AP Finance, Inc. 8.00%, 5/15/2027(1)

       58,606       55,927

Highlands Holdings Bond Issuer Ltd. 7.63% Cash, 8.38% PIK, 10/15/2025(1)(2)

       10,803       9,975

Jones Deslauriers Insurance Management, Inc.

        

8.50%, 3/15/2030(1)(2)

       58,002       60,117

10.50%, 12/15/2030(1)(2)

       39,987       40,275

NFP Corp.

        

4.88%, 8/15/2028(1)

       26,065       23,511

6.88%, 8/15/2028(1)

       230,725       197,994

Ryan Specialty Group LLC 4.38%, 2/1/2030(1)

       7,254       6,343
       

 

 

  
          899,378
IT SERVICES - 1.8%        

Arches Buyer, Inc. 4.25%, 6/1/2028(1)

       144,065       120,402
       
MACHINERY - 1.1%        

Chart Industries, Inc.

        

7.50%, 1/1/2030(1)

       17,696       18,284

9.50%, 1/1/2031(1)

       11,556       12,191

Werner FinCo LP

        

8.75%, 7/15/2025(1)

       46,856       37,953
       

 

 

  
          68,428
MEDIA - 5.2%        

CMG Media Corp. 8.88%, 12/15/2027(1)

     15,947     12,056

CSC Holdings LLC

        

4.50%, 11/15/2031(1)

       8,967       6,465

4.63%, 12/1/2030(1)

       103,809       51,188

5.25%, 6/1/2024

       15,676       15,127

5.38%, 2/1/2028(1)

       6,632       5,434

6.50%, 2/1/2029(1)

       17,361       14,419

7.50%, 4/1/2028(1)

       57,856       36,883

Sinclair Television Group, Inc.

        

5.13%, 2/15/2027(1)

       49,796       43,572

5.50%, 3/1/2030(1)

       89,825       71,423

UPC Holding BV 5.50%, 1/15/2028(1)(2)

       2,960       2,651

Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028(1)(2)

       17,967       15,968

Ziggo Bond Co. BV

        

5.13%, 2/28/2030(1)(2)

       17,989       14,464

6.00%, 1/15/2027(1)(2)

       27,070       24,975

Ziggo BV 4.88%, 1/15/2030(1)(2)

       24,246       20,670
       

 

 

  
          335,295
METALS & MINING - 1.2%        

Commercial Metals Co.

        

3.88%, 2/15/2031

       3,702       3,137

4.13%, 1/15/2030

       12,069       10,653

4.38%, 3/15/2032

       9,714       8,356

Compass Minerals International, Inc.

        

4.88%, 7/15/2024(1)

       10,392       9,869

6.75%, 12/1/2027(1)

       52,402       49,889
       

 

 

  
          81,904
OIL, GAS & CONSUMABLE FUELS - 4.4%        

Callon Petroleum Co.

        

8.00%, 8/1/2028(1)

       100,156       99,224

8.25%, 7/15/2025

       3,197       3,175

CrownRock LP 5.00%, 5/1/2029(1)

       27,759       25,861

MEG Energy Corp. 5.88%, 2/1/2029(1)(2)

       36,407       35,068

SM Energy Co.

        

5.63%, 6/1/2025

       8,964       8,692

6.50%, 7/15/2028

       21,535       20,550

6.63%, 1/15/2027

       4,218       4,052

Strathcona Resources Ltd. 6.88%, 8/1/2026(1)(2)

       36,563       29,065

Sunnova Energy Corp. 5.88%, 9/1/2026(1)

       39,151       33,181

Vital Energy, Inc. 7.75%, 7/31/2029(1)

       33,865       28,249
       

 

 

  
          287,117
PAPER & FOREST PRODUCTS - 0.4%        

Ahlstrom-Munksjo Holding 3 Oy 4.88%, 2/4/2028(1)(2)

       31,208       26,393
       
PASSENGER AIRLINES - 1.5%        

Delta Air Lines, Inc.

        

3.75%, 10/28/2029

       47,512       41,902

4.38%, 4/19/2028

       9,849       9,151

7.38%, 1/15/2026

       45,892       47,752
       

 

 

  
          98,805
       
PERSONAL CARE PRODUCTS - 1.4%        

BellRing Brands, Inc. 7.00%, 3/15/2030(1)

       74,249       75,212

Prestige Brands, Inc. 3.75%, 4/1/2031(1)

       22,886       19,398
       

 

 

  
          94,610
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%        

Realogy Group LLC 5.75%, 1/15/2029(1)

       36,031       26,968
       
SOFTWARE - 0.2%        

Castle US Holding Corp. 9.50%, 2/15/2028(1)

       25,953       10,543
       
SPECIALIZED REITS - 0.2%        

Iron Mountain, Inc.

        

5.00%, 7/15/2028(1)

       2,053       1,910

5.25%, 7/15/2030(1)

       16,023       14,448
       

 

 

  
          16,358

 

     
Artisan Partners Funds       29

    Principal
Amount		   Value
SPECIALTY RETAIL - 3.0%        

Asbury Automotive Group, Inc. 4.63%, 11/15/2029(1)

     $ 26,140     $ 23,395

Bath & Body Works, Inc.

        

6.63%, 10/1/2030(1)

       8,990       8,764

6.75%, 7/1/2036

       10,276       9,186

6.88%, 11/1/2035

       25,606       23,083

Evergreen Acqco 1 LP 9.75%, 4/26/2028(1)

       17,739       16,852

Gap, Inc. (The)

        

3.63%, 10/1/2029(1)

       36,863       26,291

3.88%, 10/1/2031(1)

       25,350       17,590

Specialty Building Products Holdings LLC 6.38%, 9/30/2026(1)

       19,052       17,509

SRS Distribution, Inc.

        

6.00%, 12/1/2029(1)

       51,705       42,691

6.13%, 7/1/2029(1)

       2,941       2,482
       

 

 

  
          187,843
TRADING COMPANIES & DISTRIBUTORS - 0.7%        

Superior Plus LP

        

4.25%, 5/18/2028(1)(2)

     CAD  6,705       4,388

4.50%, 3/15/2029(1)(2)

       2,125       1,897

United Rentals North America, Inc. 6.00%, 12/15/2029(1)

       35,753       36,245
       

 

 

  
          42,530
WIRELESS TELECOMMUNICATION SERVICES - 0.6%        

Vmed O2 UK Financing I plc 4.25%, 1/31/2031(1)(2)

       42,712       36,339
       

 

 

  

Total corporate bonds
(Cost $5,552,569)

           4,948,853
       
BANK LOANS - 14.4%        
       
AUTOMOBILE COMPONENTS - 0.7%        

Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.32%, 5/11/2028(3)

       65,009       45,688
       
CAPITAL MARKETS - 0.2%        

Aretec Group, Inc. Term Loan TBD, 3/8/2030

       16,166       15,873
       
CHEMICALS - 0.2%        

CPC Acquisition Corp. First Lien Term Loan (SOFR + 3.75%), 8.91%, 12/29/2027(3)

       21,058       15,962
       
COMMERCIAL SERVICES - 2.2%        

Ankura Consulting Group LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), 13.10%, 3/19/2029(3)

       17,830       14,576

Digital Room Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.25%), 10.09%, 12/21/2028(3)

       28,908       25,692

Employbridge Holding Co. Term Loan B

        

(ICE LIBOR USD 3 Month + 4.75%), 9.91%, 7/19/2028(3)

       396       330

(ICE LIBOR USD 3 Month + 4.75%), 9.93%, 7/19/2028(3)

       51,690       42,989

National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (SOFR + 7.50%), 12.08%, 5/26/2026(3)

       7,320       7,174

New SK Holdco Sub LLC Term Loan (SOFR + 8.25%), 13.11%, 6/30/2027(3)

       66,934       54,114
       

 

 

  
          144,875
COMMERCIAL SERVICES & SUPPLIES - 0.3%        

Neptune BidCo US, Inc. First Lien Term Loan B (SOFR + 5.00%), 9.74%, 4/11/2029(3)

       24,313       21,821
       
COMMUNICATIONS EQUIPMENT - 0.5%        

Delta Topco, Inc. Second Lien Term Loan (SOFR + 7.25%), 12.16%, 12/1/2028(3)

       35,575       30,150
       
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%        

Zayo Group Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 3/9/2027(3)

       22,350       18,096
       
ELECTRICAL EQUIPMENT - 0.3%        

Indicor LLC First Lien Term Loan (SOFR + 4.50%), 8.93%, 11/22/2029(3)

       16,199       16,054
       
FOOD SERVICE - 1.1%        

TKC Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 5.50%), 10.34%, 5/15/2028(3)

     68,143     57,354

TKC Midco 1 LLC Term Loan 12.00% Cash, 13.50% PIK, 2/15/2027

       19,207       11,044
       

 

 

  
          68,398
HEALTHCARE-SERVICES - 0.5%        

Surgery Center Holdings, Inc. Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.46%, 8/31/2026(3)

       29,988       29,770
       
HOTELS, RESTAURANTS & LEISURE - 0.2%        

J&J Ventures Gaming LLC Term Loan (ICE LIBOR USD 3 Month + 4.00%), 9.16%, 4/26/2028(3)

       13,376       12,914
       
HOUSEHOLD PRODUCTS/WARES - 0.0%^        

VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 7/21/2028(3)

       2,951       2,792
       
INSURANCE - 1.5%        

Amynta Agency Borrower, Inc. Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 9.99%, 2/28/2028(3)

       101,719       97,370
       
INVESTMENT COMPANIES - 0.8%        

Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 11.09%, 11/5/2029(3)

       59,570       52,124
       
IT SERVICES - 0.1%        

Arches Buyer, Inc. Term Loan (SOFR + 3.25%), 8.16%, 12/6/2027(3)

       8,762       8,235
       
RETAIL - 0.2%        

Fogo De Chao, Inc. Term Loan (SOFR + 4.25%), 9.09%, 4/7/2025(3)

       12,949       12,582
       
SOFTWARE - 4.5%        

Applied Systems, Inc. Second Lien Term Loan (SOFR + 6.75%), 11.65%, 9/17/2027(3)

       19,852       19,818

Castle US Holding Corp. Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 1/29/2027(3)

       4,875       3,177

CommerceHub, Inc. Second Lien Term Loan (SOFR + 7.00%), 11.78%, 12/29/2028(3)

       10,610       8,583

Constant Contact, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 12.31%, 2/12/2029(3)

       28,018       22,508

Ivanti Software, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%), 12.21%, 12/1/2028(3)

       6,435       3,784

Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 10.06%, 3/1/2029(3)

       21,001       16,521

Orchid Merger Sub II LLC Term Loan (SOFR + 4.75%), 9.80%, 7/27/2027(3)

       24,263       19,653

Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 11.84%, 5/29/2026(3)

       36,536       35,636

Renaissance Learning, Inc. Term Loan (SOFR + 4.75%), 9.73%, 3/15/2030(3)(4)

       61,606       59,825

UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 10.03%, 5/3/2027(3)

       74,902       71,569

Virgin Pulse, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 4/6/2028(3)

       34,709       28,440
       

 

 

  
          289,514
TELECOMMUNICATIONS - 0.3%        

Gridiron Fiber Corp. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 9.66%, 10/4/2028(3)

       23,607       22,131
       
TRANSPORTATION - 0.5%        

SIRVA Worldwide, Inc. First Lien Term Loan

        

(ICE LIBOR USD 3 Month + 5.50%), 10.13%, 8/4/2025(3)

       26,552       24,109

(ICE LIBOR USD 3 Month + 5.50%), 10.23%, 8/4/2025(3)

       534       485

(ICE LIBOR USD 3 Month + 5.50%), 10.33%, 8/4/2025(3)

       5,986       5,435

(ICE LIBOR USD 3 Month + 5.50%), 10.45%, 8/4/2025(3)

       4,728       4,293
       

 

 

  
          34,322
       

 

 

  

Total bank loans
(Cost $1,051,683)

           938,671

 

     
30       Artisan Partners Funds

    Shares
Held		   Value
COMMON STOCK - 0.3%        
       
MACHINERY - 0.3%        

Utex Equity (Cost $10,178)*(4)(5)

       364     $ 23,173
    No. of
Warrants		    
WARRANTS - 0.0%        
       
FINANCIAL SERVICES - 0.0%        

Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $–)*(4)(5)

       71       –
    Shares
Held		    
SHORT-TERM INVESTMENT - 7.3%        
       
INVESTMENT COMPANY - 7.3%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%
(Cost $477,634)

       477,634       477,634
       

 

 

  
       

Total investments - 97.7%
(Cost $7,092,064)

           6,388,331
       

Other assets less liabilities - 2.3%

           146,576
       

 

 

  
       

Total net assets - 100.0%#

         $ 6,534,907
       

 

 

  

 

(1)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(2)   The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.

 

Security   Country   Trading
Currency

Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 2/4/2028

   Finland   USD

Altice France Holding SA, 6.00%, 2/15/2028

   Luxembourg   USD

Altice France Holding SA, 10.50%, 5/15/2027

   Luxembourg   USD

Altice France SA, 5.13%, 1/15/2029

   France   USD

Altice France SA, 5.13%, 7/15/2029

   France   USD

Altice France SA, 5.50%, 1/15/2028

   France   USD

Altice France SA, 5.50%, 10/15/2029

   France   USD

Ardonagh Midco 2 plc, 11.50%, 1/15/2027

   United Kingdom   USD

Bombardier, Inc., 6.00%, 2/15/2028

   Canada   USD

Bombardier, Inc., 7.13%, 6/15/2026

   Canada   USD

Bombardier, Inc., 7.88%, 4/15/2027

   Canada   USD

Consolidated Energy Finance SA, 5.63%, 10/15/2028

   Switzerland   USD

Highlands Holdings Bond Issuer Ltd., 7.63%, 10/15/2025

   Bermuda   USD

Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/2030

   Canada   USD

Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/2030

   Canada   USD

MEG Energy Corp., 5.88%, 2/1/2029

   Canada   USD

Methanex Corp., 5.13%, 10/15/2027

   Canada   USD

Methanex Corp., 5.25%, 12/15/2029

   Canada   USD

Methanex Corp., 5.65%, 12/1/2044

   Canada   USD

Motion Bondco DAC, 6.63%, 11/15/2027

   United Kingdom   USD

Ritchie Bros Holdings, Inc., 6.75%, 3/15/2028

   Canada   USD

Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031

   Canada   USD

Strathcona Resources Ltd., 6.88%, 8/1/2026

   Canada   USD

Superior Plus LP, 4.25%, 5/18/2028

   Canada   CAD

Superior Plus LP, 4.50%, 3/15/2029

   Canada   USD

UPC Holding BV, 5.50%, 1/15/2028

   Netherlands   USD

Virgin Media Finance plc, 5.00%, 7/15/2030

   United Kingdom   USD

Virgin Media Secured Finance plc, 4.50%, 8/15/2030

   United Kingdom   USD

Virgin Media Secured Finance plc, 5.50%, 5/15/2029

   United Kingdom   USD

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028

   United Kingdom   USD

VistaJet Malta Finance plc, 6.38%, 2/1/2030

   Switzerland   USD

VistaJet Malta Finance plc, 7.88%, 5/1/2027

   Switzerland   USD

Vmed O2 UK Financing I plc, 4.25%, 1/31/2031

   United Kingdom   USD

Ziggo Bond Co. BV, 5.13%, 2/28/2030

   Netherlands   USD

Ziggo Bond Co. BV, 6.00%, 1/15/2027

   Netherlands   USD

Ziggo BV, 4.88%, 1/15/2030

   Netherlands   USD

 

(3)   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.
(4)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $82,998, or 1.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(5)   Defaulted securities.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
    Value   Percentage
of Total
Investments

Communication Services

     $ 1,036,126       16.2 %

Consumer Discretionary

       1,185,723       18.6

Consumer Staples

       234,551       3.7

Energy

       287,117       4.5

Financials

       1,304,206       20.4

Health Care

       222,493       3.5

Industrials

       698,172       10.9

Information Technology

       458,844       7.2

Materials

       334,330       5.2

Real Estate

       149,135       2.3

Short-Term Investment

       477,634       7.5
   

 

 

      

 

 

  

Total investments

     $ 6,388,331       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES
Dollar values in thousands
    Value   Percentage
of Total
Investments

CAD

     $ 4,388       0.1 %

USD

       6,383,943       99.9
   

 

 

      

 

 

  

Total investments

     $ 6,388,331       100.0 %
   

 

 

      

 

 

  

 

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands

Currency Purchased

    Currency Sold   

Counterparty

    Settlement
Date		    Unrealized
Depreciation
USD        4,355        CAD        5,956    BOA        5/23/2023      $ (55 )
                           

 

 

  
Total unrealized depreciation

 

                     (55 )
                           

 

 

  

 

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

CCO Holdings LLC

       United States       4.0 %

Acrisure LLC

       United States       3.9

NFP Corp.

       United States       3.4

Carnival Corp.

       United States       3.4

Medline Borrower LP

       United States       2.7

VistaJet Malta Finance plc

       Switzerland       2.2

CSC Holdings LLC

       United States       2.0

Nordstrom, Inc.

       United States       1.9

Ardonagh Midco 2 plc

       United Kingdom       1.9

Arches Buyer, Inc.

       United States       1.8
       

 

 

  

Total

           27.2 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       31

Artisan International Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%
BELGIUM - 1.9%

UCB SA(1)

       1,195     $ 106,869
       
CANADA - 2.0%

Canadian Pacific Railway Ltd.

       1,042       80,263

Kinaxis, Inc.*

       196       26,935
       

 

 

  
          107,198
CHINA - 9.3%

Alibaba Group Holding Ltd., ADR*

       2,108       215,395

ANTA Sports Products Ltd.(1)

       4,881       71,006

China Tourism Group Duty Free Corp. Ltd., Class A(1)

       2,641       70,930

Tencent Holdings Ltd.(1)

       515       25,165

Tencent Holdings Ltd., ADR(7)

       803       39,270

Wuliangye Yibin Co. Ltd., Class A(1)

       3,154       90,184
       

 

 

  
          511,950
DENMARK - 6.5%

Ascendis Pharma A/S, ADR*

       709       76,054

Carlsberg A/S, Class B(1)

       644       99,642

Danske Bank A/S*(1)

       790       15,887

Novo Nordisk A/S, ADR

       160       25,505

Novo Nordisk A/S, Class B(1)

       876       139,047
       

 

 

  
          356,135
FRANCE - 10.8%

Air Liquide SA(1)

       1,238       207,480

Airbus SE(1)

       603       80,782

BNP Paribas SA(1)

       1,699       101,633

LVMH Moet Hennessy Louis Vuitton SE(1)

       140       128,254

Pernod Ricard SA(1)

       192       43,615

Safran SA(1)

       214       31,782
       

 

 

  
          593,546
GERMANY - 12.5%

Allianz SE(1)

       569       131,411

Deutsche Boerse AG(1)

       1,247       242,767

Deutsche Telekom AG(1)

       10,246       248,169

Dr Ing hc F Porsche AG (Preference)*(1)

       534       68,386
       

 

 

  
          690,733
HONG KONG - 1.1%

AIA Group Ltd.(1)

       5,588       58,715
       
IRELAND - 2.4%

Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)

       8,314       134,247
       
ITALY - 0.7%

Intesa Sanpaolo SpA(1)

       15,684       40,366
       
JAPAN - 3.8%

Daiichi Sankyo Co. Ltd.(1)

       5,660       206,557
       
MACAU - 1.1%

Galaxy Entertainment Group Ltd.*(1)

       4,827       32,088

Sands China Ltd.*(1)

       8,704       30,379
       

 

 

  
          62,467
NETHERLANDS - 5.6%

Adyen NV*(1)(4)

       20       31,057

Argenx SE, ADR*

       355       132,105

ING Groep NV(1)

       4,915       58,472

Shell plc(1)

       3,068       87,857
       

 

 

  
          309,491
RUSSIA - 0.0%

MMC Norilsk Nickel PJSC, ADR*(1)(5)(6)

       4,881     –

Sberbank of Russia PJSC*(1)(5)(6)

       38,445       –
       

 

 

  
          –
SINGAPORE - 2.3%

DBS Group Holdings Ltd.(1)

       2,539       63,093

United Overseas Bank Ltd.(1)

       2,862       64,218
       

 

 

  
          127,311
SPAIN - 1.2%

Ferrovial SA(1)

       2,172       63,892
       
SWITZERLAND - 8.1%

Alcon, Inc.(1)

       1,381       97,985

Barry Callebaut AG(1)

       11       23,483

Cie Financiere Richemont SA(1)

       749       120,114

Medacta Group SA(1)(4)

       304       33,076

UBS Group AG(1)

       8,099       171,022
       

 

 

  
          445,680
TAIWAN - 0.9%

Taiwan Semiconductor Manufacturing Co. Ltd.(1)

       2,919       51,713
       
UNITED KINGDOM - 7.8%

AstraZeneca plc, ADR

       909       63,115

AstraZeneca plc(1)

       416       57,740

BAE Systems plc(1)

       5,485       66,501

Barclays plc(1)

       32,636       58,925

Diageo plc(1)

       2,647       118,145

Unilever plc(1)

       1,269       65,733
       

 

 

  
          430,159
UNITED STATES - 18.0%

Amazon.com, Inc.*

       1,311       135,439

Aon plc, Class A

       521       164,146

ICON plc*

       267       57,074

Linde plc

       742       263,896

Nestle SA(1)

       1,867       227,882

Schlumberger Ltd.

       2,940       144,345
       

 

 

  
          992,782
       

 

 

  

Total common stocks and equity-linked security
(Cost $4,409,366)

 

       5,289,811
   
SHORT-TERM INVESTMENT - 4.4%
       
INVESTMENT COMPANY - 4.4%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%(8) (Cost $245,272)

       245,272       245,272
       

 

 

  
       

Total investments - 100.4%
(Cost $4,654,638)

 

       5,535,083
       

Other assets less liabilities - (0.4)%

 

       (21,332 )
       

 

 

  
   

Total net assets - 100.0%#

 

     $ 5,513,751
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,866,269, or 70.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

 

     
32       Artisan Partners Funds

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

 

Security   Acquisition Date   Cost   Value   Percentage
of Total
Net Assets

Ryanair Holdings plc

       11/14/2013 - 11/08/2022       $ 92,560     $ 134,247       2.4 %

 

(3)   Security is an equity-linked security issued by HSBC Bank plc. As described in 2(g) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
(4)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $64,133 or 1.20% of net assets.
(5)   Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(6)   Security is restricted.

 

Security   Acquisition Date   Cost   Value   Percentage
of Total
Net Assets

MMC Norilsk Nickel PJSC

       11/09/2020 - 01/14/2022       $ 151,723     $ –       0.0 %

Sberbank of Russia PJSC

       09/16/2021 - 02/11/2022         159,810       –       0.0 %

 

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

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 312,604       5.6 %

Consumer Discretionary

       871,991       15.8

Consumer Staples

       668,684       12.1

Energy

       232,202       4.2

Financials

       1,201,712       21.7

Health Care

       995,127       18.0

Industrials

       457,467       8.3

Information Technology

       78,648       1.4

Materials

       471,376       8.5

Short-Term Investment

       245,272       4.4
   

 

 

      

 

 

  

Total investments

     $ 5,535,083       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

CAD

     $ 107,198       1.9 %

CHF

       673,562       12.2

CNY

       161,114       2.9

DKK

       254,576       4.6

EUR

       1,584,935       28.6

GBP

       454,901       8.3

HKD

       217,353       4.0

JPY

       206,557       3.7

RUB

       0       0.0

SGD

       127,311       2.3

TWD

       51,713       0.9

USD

       1,695,863       30.6
   

 

 

      

 

 

  

Total investments

     $ 5,535,083       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

Linde plc

       United States       4.8 %

Deutsche Telekom AG

       Germany       4.5

Deutsche Boerse AG

       Germany       4.4

Nestle SA

       United States       4.1

Alibaba Group Holding Ltd.

       China       3.9

Air Liquide SA

       France       3.8

Daiichi Sankyo Co. Ltd.

       Japan       3.8

UBS Group AG

       Switzerland       3.1

Novo Nordisk A/S

       Denmark       3.0

Aon plc

       United States       3.0
       

 

 

  

Total

           38.4 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       33

Artisan International Explorer Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 85.3%
ARGENTINA - 5.2%

Despegar.com Corp.*

       378     $ 2,319
       
AUSTRALIA - 4.1%

Steadfast Group Ltd.(1)

       469       1,837
       
CANADA - 6.5%

ATS Corp.*

       55       2,316

Knight Therapeutics, Inc.*

       104       337

Real Matters, Inc.*

       70       253
       

 

 

  
          2,906
CHINA - 1.7%

China Isotope & Radiation Corp.(1)

       350       738
       
DENMARK - 1.0%

ALK-Abello A/S, Class B*(1)

       29       453
       
FRANCE - 2.3%

Alten SA(1)

       6       1,025
       
GERMANY - 5.1%

AlzChem Group AG(1)

       43       898

Hensoldt AG(1)

       38       1,365
       

 

 

  
          2,263
INDIA - 2.3%

Care Ratings Ltd.(1)

       133       1,041
       
INDONESIA - 3.5%

Mitra Adiperkasa Tbk. PT*(1)

       15,469       1,559
       
IRELAND - 5.0%

Glenveagh Properties plc*(1)(2)

       2,028       2,201
       
ITALY - 1.0%

Enav SpA(1)(2)

       107       448
       
JAPAN - 10.8%

Horiba Ltd.(1)

       17       1,019

NexTone, Inc.*(1)

       16       382

Sato Holdings Corp.(1)

       113       1,874

Zuken, Inc.(1)

       60       1,550
       

 

 

  
          4,825
MEXICO - 3.3%

Qualitas Controladora SAB de CV

       229       1,463
       
NORWAY - 1.0%

Sikri Group ASA*(1)

       575       445
       
SOUTH AFRICA - 2.5%

Bid Corp. Ltd.(1)

       22       486

Famous Brands Ltd.(1)

       170       623
       

 

 

  
          1,109
SOUTH KOREA - 2.2%

Vitzrocell Co. Ltd.(1)

       71       975
       
SWITZERLAND - 1.4%

Medmix AG(1)(2)

       30       617
       
UNITED KINGDOM - 20.2%

Essentra plc(1)

       314     750

IDOX plc(1)

       1,834       1,416

IQE plc*(1)

       1,575       526

LSL Property Services plc(1)

       159       534

Luxfer Holdings plc

       57       958

M&C Saatchi plc*(1)

       1,841       4,374

Oxford Biomedica plc*(1)

       82       442
       

 

 

  
          9,000
UNITED STATES - 6.2%

Impro Precision Industries Ltd.(1)(2)

       4,122       1,524

Signify NV(1)(2)

       37       1,226
       

 

 

  
          2,750
       

 

 

  

Total common stocks
(Cost $34,372)

 

       37,974
   
SHORT-TERM INVESTMENTS - 14.3%
       
INVESTMENT COMPANIES - 14.3%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%

       2,165       2,165

Federated Treasury Obligations Fund - Institutional Class, 4.67%

       2,102       2,102

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%

       2,101       2,101
       

 

 

  

Total investment companies
(Cost $6,368)

 

       6,368
       

Total investments - 99.6%
(Cost $40,740)

 

       44,342
       

Other assets less liabilities - 0.4%

 

       186
       

 

 

  
   

Total net assets - 100.0%#

 

     $ 44,528
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $30,328, or 68.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $6,016 or 13.5% of net assets.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 4,756       10.7 %

Consumer Discretionary

       6,702       15.1

Consumer Staples

       486       1.1

Financials

       4,341       9.8

Health Care

       2,587       5.8

Industrials

       10,686       24.1

Information Technology

       5,981       13.5

Materials

       1,648       3.7

Real Estate

       787       1.8

Short-Term Investments

       6,368       14.4
   

 

 

      

 

 

  

Total investments

     $ 44,342       100.0 %
   

 

 

      

 

 

  

 

     
34       Artisan Partners Funds

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

AUD

     $ 1,837       4.1 %

CAD

       2,906       6.6

CHF

       617       1.4

DKK

       453       1.0

EUR

       7,163       16.2

GBP

       8,042       18.1

HKD

       2,262       5.1

IDR

       1,559       3.5

INR

       1,041       2.3

JPY

       4,825       10.9

KRW

       975       2.2

MXN

       1,463       3.3

NOK

       445       1.0

USD

       9,645       21.8

ZAR

       1,109       2.5
   

 

 

      

 

 

  

Total investments

     $ 44,342       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

M&C Saatchi plc

       United Kingdom       9.8 %

Despegar.com Corp.

       Argentina       5.2

ATS Corp.

       Canada       5.2

Glenveagh Properties plc

       Ireland       5.0

Sato Holdings Corp.

       Japan       4.2

Steadfast Group Ltd.

       Australia       4.1

Mitra Adiperkasa Tbk. PT

       Indonesia       3.5

Zuken, Inc.

       Japan       3.5

Impro Precision Industries Ltd.

       United States       3.4

Qualitas Controladora SAB de CV

       Mexico       3.3
       

 

 

  

Total

           47.2 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       35

Artisan International Small-Mid Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 96.8%
BELGIUM - 0.7%

Azelis Group NV(1)

       1,181     $ 29,991
       
BRAZIL - 1.2%

Hapvida Participacoes e Investimentos SA*(2)

       14,978       7,772

Rumo SA

       6,596       24,530

Vibra Energia SA

       8,308       23,818
       

 

 

  
          56,120
CANADA - 5.7%

Altus Group Ltd.

       954       40,499

CAE, Inc.*

       3,362       76,020

Descartes Systems Group, Inc. (The)*

       359       28,941

Kinaxis, Inc.*

       333       45,748

Lightspeed Commerce, Inc.*

       2,680       40,756

Whitecap Resources, Inc.

       2,787       21,551
       

 

 

  
          253,515
CHINA - 0.1%

Jacobio Pharmaceuticals Group Co. Ltd.*(1)(2)

       5,303       4,946
       
COSTA RICA - 0.3%

Establishment Labs Holdings, Inc.*

       171       11,568
       
DENMARK - 6.8%

ALK-Abello A/S, Class B*(1)

       1,239       19,139

Ambu A/S, Class B*(1)

       4,583       68,824

Carlsberg A/S, Class B(1)

       176       27,152

DSV A/S(1)

       192       37,083

FLSmidth & Co. A/S(1)

       773       29,520

Genmab A/S*(1)

       130       48,988

Royal Unibrew A/S(1)

       286       24,882

Tryg A/S(1)

       665       14,529

Vestas Wind Systems A/S(1)

       904       26,205

Zealand Pharma A/S*(1)

       263       8,218
       

 

 

  
          304,540
FINLAND - 2.5%

Metso Outotec OYJ(1)

       9,170       100,019

Revenio Group OYJ(1)

       255       10,704
       

 

 

  
          110,723
FRANCE - 2.5%

Gaztransport Et Technigaz SA(1)

       331       33,958

Lectra(1)

       1,430       56,501

Ubisoft Entertainment SA*(1)

       801       21,224
       

 

 

  
          111,683
GERMANY - 5.8%

AIXTRON SE(1)

       2,391       80,977

Carl Zeiss Meditec AG(1)

       166       23,057

Duerr AG(1)

       797       28,551

Gerresheimer AG(1)

       732       72,407

Hamburger Hafen und Logistik AG(1)

       1,153       14,232

Symrise AG, Class A(1)

       358       38,846
       

 

 

  
          258,070
ICELAND - 0.5%

Ossur HF*(1)

       4,573       20,634
       
INDIA - 2.7%

IndiaMart InterMesh Ltd.(1)(2)

       443       27,158

PB Fintech Ltd.*(1)

       2,993       23,319

WNS Holdings Ltd., ADR*

       767       71,444
       

 

 

  
          121,921
ISRAEL - 7.0%

Kornit Digital Ltd.*

       2,348     45,457

Nice Ltd., ADR*

       878       200,916

Radware Ltd.*

       1,789       38,532

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(1)

       197       11,717

Tel Aviv Stock Exchange Ltd.*(1)

       3,931       17,199
       

 

 

  
          313,821
ITALY - 1.6%

Davide Campari-Milano NV(1)

       2,908       35,468

Moncler SpA(1)

       521       36,019
       

 

 

  
          71,487
JAPAN - 12.9%

Azbil Corp.(1)

       2,332       63,800

Carenet, Inc.(1)(3)

       2,696       22,094

CKD Corp.(1)(3)

       3,769       61,451

Daikokutenbussan Co. Ltd.(1)(3)

       793       30,070

en Japan, Inc.(1)

       604       10,404

Fujitec Co. Ltd.(1)

       880       21,883

GMO Financial Gate, Inc.(1)

       275       20,774

Jeol Ltd.(1)

       585       18,884

Kobe Bussan Co. Ltd.(1)

       458       12,789

Lion Corp.(1)

       1,434       15,490

Money Forward, Inc.*(1)

       805       28,100

Morinaga Milk Industry Co. Ltd.(1)

       794       28,529

NOF Corp.(1)

       649       30,295

Rohm Co. Ltd.(1)

       686       57,152

Rohto Pharmaceutical Co. Ltd.(1)

       1,136       23,738

SCSK Corp.(1)

       589       8,607

SG Holdings Co. Ltd.(1)

       3,762       55,747

Sosei Group Corp.*(1)

       381       6,520

Temairazu, Inc.(1)

       310       11,086

Toshiba Corp.(1)

       1,078       36,128

Ubicom Holdings, Inc.(1)(3)

       807       12,675
       

 

 

  
          576,216
MEXICO - 0.2%

Qualitas Controladora SAB de CV

       1,443       9,212
       
NETHERLANDS - 2.2%

IMCD NV(1)

       372       60,904

Koninklijke DSM NV(1)

       302       35,662

Merus NV*

       89       1,639
       

 

 

  
          98,205
SWEDEN - 3.7%

AAK AB(1)

       1,370       24,803

Fortnox AB(1)

       8,856       60,763

Swedish Orphan Biovitrum AB*(1)

       3,507       81,748
       

 

 

  
          167,314
SWITZERLAND - 6.0%

Alcon, Inc.(1)

       1,155       81,979

Baloise Holding AG(1)

       260       40,623

Barry Callebaut AG(1)

       22       47,440

Belimo Holding AG(1)

       81       38,902

Burckhardt Compression Holding AG(1)

       66       41,095

Tecan Group AG(1)

       44       19,454
       

 

 

  
          269,493
THAILAND - 1.4%

Fabrinet*

       527       62,566
       
UNITED KINGDOM - 15.7%

Alphawave IP Group plc*(1)

       17,509       25,327

Balfour Beatty plc(1)

       7,272       33,421

 

     
36       Artisan Partners Funds

    Shares
Held		   Value
UNITED KINGDOM (CONTINUED)        

boohoo Group plc*(1)

       10,440     $ 7,705

Britvic plc(1)

       2,945       32,445

ConvaTec Group plc(1)(2)

       36,176       102,105

Croda International plc(1)

       182       14,596

Howden Joinery Group plc(1)

       7,069       61,101

JD Sports Fashion plc(1)

       14,639       32,230

JET2 plc(1)

       5,511       89,438

Oxford Biomedica plc*(1)

       1,531       8,224

Rotork plc(1)

       15,310       59,678

RS Group plc(1)

       4,859       54,951

Smiths Group plc(1)

       1,588       33,648

Spirax-Sarco Engineering plc(1)

       337       49,389

St. James’s Place plc(1)

       3,051       45,713

Subsea 7 SA(1)

       2,322       27,530

Trainline plc*(1)(2)

       8,181       25,016
       

 

 

  
          702,517
UNITED STATES - 17.3%        

Agilysys, Inc.*

       654       53,926

Akero Therapeutics, Inc.*

       149       5,695

Alkermes plc*

       1,174       33,093

Avidity Biosciences, Inc.*

       1,187       18,214

BioCryst Pharmaceuticals, Inc.*

       1,771       14,766

Chart Industries, Inc.*

       80       10,061

CyberArk Software Ltd.*

       505       74,761

Envista Holdings Corp.*

       1,200       49,038

FibroGen, Inc.*

       842       15,705

Glaukos Corp.*

       1,163       58,246

ImmunoGen, Inc.*

       1,982       7,610

Ingersoll Rand, Inc.

       1,047       60,921

Inspire Medical Systems, Inc.*

       69       16,213

IVERIC bio, Inc.*

       194       4,718

Lantheus Holdings, Inc.*

       201       16,613

Legend Biotech Corp., ADR*

       650       31,344

Madrigal Pharmaceuticals, Inc.*

       134       32,553

MaxCyte, Inc.*

       794       3,930

Model N, Inc.*

       1,581       52,927

Monday.com Ltd.*

       172       24,594

Myriad Genetics, Inc.*

       1,379       32,038

Pacific Biosciences of California, Inc.*

       814       9,431

Relay Therapeutics, Inc.*

       188       3,091

RxSight, Inc.*

       1,649       27,501

Seagen, Inc.*

       39       7,881

STAAR Surgical Co.*

       181       11,603

ViewRay, Inc.*(3)

       9,648       33,380

Wolfspeed, Inc.*

       971       63,062
       

 

 

  
          772,915

Total common stocks
(Cost $3,790,635)

           4,327,457
       
SHORT-TERM INVESTMENT - 1.0%        
       
INVESTMENT COMPANY - 1.0%        

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%
(Cost $43,805)

       43,805       43,805
       

 

 

  
       

Total investments - 97.8%
(Cost $3,834,440)

           4,371,262
       

Other assets less liabilities - 2.2%

           98,346
       

 

 

  
       

Total net assets - 100.0%#

         $ 4,469,608
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,803,573, or 62.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $166,997 or 3.7% of net assets.
(3)   Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 21,224       0.5 %

Consumer Discretionary

       135,874       3.1

Consumer Staples

       314,523       7.2

Energy

       83,039       1.9

Financials

       171,369       3.9

Health Care

       1,071,567       24.5

Industrials

       1,289,332       29.5

Information Technology

       1,080,631       24.8

Materials

       119,399       2.7

Real Estate

       40,499       0.9

Short-Term Investment

       43,805       1.0
   

 

 

      

 

 

  

Total investments

     $ 4,371,262       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

BRL

     $ 56,120       1.3 %

CAD

       253,515       5.8

CHF

       269,493       6.2

DKK

       325,174       7.4

EUR

       678,520       15.5

GBP

       674,987       15.4

HKD

       4,946       0.1

ILS

       28,916       0.7

INR

       50,477       1.2

JPY

       576,216       13.2

MXN

       9,212       0.2

NOK

       27,530       0.6

SEK

       167,314       3.8

USD

       1,248,842       28.6
   

 

 

      

 

 

  

Total investments

     $ 4,371,262       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

Nice Ltd.

       Israel       4.5 %

ConvaTec Group plc

       United Kingdom       2.3

Metso Outotec OYJ

       Finland       2.2

JET2 plc

       United Kingdom       2.0

Alcon, Inc.

       Switzerland       1.8

Swedish Orphan Biovitrum AB

       Sweden       1.8

AIXTRON SE

       Germany       1.8

CAE, Inc.

       Canada       1.7

CyberArk Software Ltd.

       United States       1.7

Gerresheimer AG

       Germany       1.6
       

 

 

  

Total

           21.4 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       37

ARTISAN International Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 88.7%
       
BELGIUM - 1.7%

Groupe Bruxelles Lambert NV(1)

       5,340     $ 455,989
       
BERMUDA - 0.4%

Voussoir RE Ltd. (preferred shares)*(1)(2)

       1       102,470
       
BRAZIL - 0.6%

Telefonica Brasil SA, ADR

       21,156       160,153
       
CANADA - 3.5%

Alimentation Couche-Tard, Inc.

       11,476       576,968

Suncor Energy, Inc.

       11,185       347,263
       

 

 

  
          924,231
CHINA - 5.0%

Alibaba Group Holding Ltd.*(1)

       50,322       639,978

Anhui Conch Cement Co. Ltd., Class H(1)

       51,587       179,435

Hengan International Group Co. Ltd.(1)

       39,253       181,382

Trip.com Group Ltd.*(1)

       8,880       335,219
       

 

 

  
          1,336,014
FINLAND - 1.6%

Nokia OYJ, ADR

       67,060       329,265

Nokia OYJ(1)

       17,220       84,663
       

 

 

  
          413,928
FRANCE - 10.6%

Danone SA(1)

       21,127       1,313,427

Safran SA(1)

       6,115       908,097

Sodexo SA(1)

       5,627       549,709

Sodexo SA (Registered Shares)(1)(3)

       737       72,027
       

 

 

  
          2,843,260
GERMANY - 2.8%

adidas AG(1)

       2,343       413,749

Brenntag SE(1)

       507       38,067

Fresenius Medical Care AG & Co. KGaA(1)

       6,852       290,571
       

 

 

  
          742,387
INDIA - 3.3%

HCL Technologies Ltd.(1)

       57,507       762,860

Indus Towers Ltd.(1)

       69,504       121,051
       

 

 

  
          883,911
IRELAND - 3.2%

CRH plc(1)

       6,760       341,660

Ryanair Holdings plc*(1)

       1,846       29,802

Ryanair Holdings plc, Equity-Linked Security*(1)(4)(5)

       29,333       473,656
       

 

 

  
          845,118
ITALY - 0.1%

Iveco Group NV*(1)

       3,129       29,674
       
JAPAN - 1.9%

Nintendo Co. Ltd.(1)

       5,281       204,709

Seven & i Holdings Co. Ltd.(1)

       6,821       307,687
       

 

 

  
          512,396
MEXICO - 0.7%

Gruma SAB de CV, Class B

       13,169       195,086
       
NETHERLANDS - 3.9%.

ING Groep NV(1)

       13,251       157,647

Koninklijke Philips NV(1)

       33,861       618,171

Universal Music Group NV(1)

       10,568       267,144
       

 

 

  
          1,042,962
SOUTH KOREA - 6.8%

NAVER Corp.(1)

       2,094     329,676

Samsung Electronics Co. Ltd.(1)

       20,312       1,007,226

Samsung Electronics Co. Ltd. (Preference)(1)

       11,497       480,086
       

 

 

  
          1,816,988
SWITZERLAND - 14.1%

ABB Ltd.(1)

       27,590       946,130

Cie Financiere Richemont SA(1)

       4,473       717,076

Novartis AG(1)

       14,191       1,302,758

UBS Group AG(1)

       37,433       790,445
       

 

 

  
          3,756,409
UNITED KINGDOM - 14.2%

Associated British Foods plc(1)

       15,879       381,092

Berkeley Group Holdings plc(1)(6)

       5,796       300,694

CNH Industrial NV(1)

       23,324       356,790

Compass Group plc(1)

       43,090       1,083,453

Inchcape plc(1)

       5,830       55,896

Liberty Global plc, Class A*

       10,233       199,548

Liberty Global plc, Class C*

       6,333       129,075

Lloyds Banking Group plc(1)

       832,606       491,193

RELX plc (London Stock Exchange)(1)

       23,592       763,738

RELX plc (Turquoise Stock Exchange)(1)

       1,323       42,854
       

 

 

  
          3,804,333
UNITED STATES - 14.3%

Arch Capital Group Ltd.*(6)

       19,131       1,298,440

Garmin Ltd.

       5,325       537,385

Holcim AG*(1)

       12,782       824,553

Sensata Technologies Holding plc(6)

       8,669       433,606

Willis Towers Watson plc

       3,150       731,970
       

 

 

  
          3,825,954
       

 

 

  

Total common stocks and equity-linked security
(Cost $18,849,267)

 

       23,691,263
       
SHORT-TERM INVESTMENT - 9.8%
       
INVESTMENT COMPANY - 9.8%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $2,633,582)

       2,633,582       2,633,582
       

 

 

  
       

Total investments - 98.5%
(Cost $21,482,849)

           26,324,845
       

Other assets less liabilities - 1.5%

           415,864
       

 

 

  
       

Total net assets - 100.0%#

         $ 26,740,709
       

 

 

  

 

(1)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $18,752,504, or 70.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(2)   Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(3)   Security is restricted.

 

Security   Acquisition Date   Cost   Value   Percentage
of Total
Net Assets

Sodexo SA (Registered Shares)

       09/04/2020       $ 63,852     $ 72,027       0.3 %

 

     
38       Artisan Partners Funds

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

 

Security   Acquisition Date   Cost   Value   Percentage
of Total
Net Assets

Ryanair Holdings plc

       11/14/2013 - 11/08/2022       $ 328,517     $ 473,656       1.8 %

 

(5)   Security is an equity-linked security issued by HSBC Bank plc. As described in 2(g) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
(6)   Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

 

OTC TOTAL RETURN SWAP
Values in thousands
Reference Entity   

Payments Made
by Fund

   

Payments
Received by
Portfolio

   

Frequency of
Payments
Made/Received

   

Counterparty

   

Maturity Date

   

Notional Amount

   

Upfront
Payments
(Receipts)

   

Unrealized
Appreciation

   

Value

Gruma SAB de CV    Fed funds rate + (0.70)% and decrease in total return of reference entity    Increase in total return of reference entity    Monthly    UBS AG    9/21/2023    USD 1,800    –    1,677    1,677
                    

 

   

 

   

 

                     –    1,677    1,677
                    

 

   

 

   

 

 

PORTFOLIO DIVERSIFICATION        

Dollar values in thousands

        
    Value   Percentage
of Total
Investments

Communication Services

     $ 1,411,356       5.4 %

Consumer Discretionary

       4,705,186       17.9

Consumer Staples

       2,955,642       11.2

Energy

       347,263       1.3

Financials

       4,028,154       15.3

Health Care

       2,211,500       8.4

Industrials

       4,022,414       15.3

Information Technology

       2,664,100       10.1

Materials

       1,345,648       5.1

Short-Term Investment

       2,633,582       10.0
   

 

 

      

 

 

  

Total investments

     $ 26,324,845       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES        

Dollar values in thousands

        
    Value   Percentage
of Total
Investments

CAD

     $ 924,231       3.5 %

CHF

       4,580,962       17.4

EUR

       5,970,041       22.7

GBP

       3,076,066       11.7

HKD

       1,336,014       5.1

INR

       883,911       3.4

JPY

       512,396       1.9

KRW

       1,816,988       6.9

MXN

       195,086       0.7

USD

       7,029,150       26.7
   

 

 

      

 

 

  

Total investments

     $ 26,324,845       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Danone SA

   France        4.9 %

Novartis AG

   Switzerland        4.9

Arch Capital Group Ltd.

   United States        4.9

Compass Group plc

   United Kingdom        4.1

Samsung Electronics Co. Ltd.

   South Korea        3.8

ABB Ltd.

   Switzerland        3.5

Safran SA

   France        3.4

Holcim AG

   United States        3.1

UBS Group AG

   Switzerland        3.0

RELX plc

   United Kingdom        2.9
      

 

 

  

Total

          38.5 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       39

Artisan Mid Cap Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 96.3%
       
AUTOMOBILE COMPONENTS - 0.7%

Aptiv plc*

       299     $ 33,588
       
BIOTECHNOLOGY - 9.7%

Argenx SE, ADR*(1)

       391       145,838

Ascendis Pharma A/S, ADR*(1)

       1,314       140,897

BioNTech SE, ADR(1)

       377       46,942

Exact Sciences Corp.*

       762       51,673

Halozyme Therapeutics, Inc.*

       774       29,569

Sarepta Therapeutics, Inc.*

       168       23,205
       

 

 

  
          438,124
BROADLINE RETAIL - 1.7%

Etsy, Inc.*

       395       44,006

Global-e Online Ltd.*(1)

       1,012       32,620
       

 

 

  
          76,626
BUILDING PRODUCTS - 0.9%

Trex Co., Inc.*

       826       40,192
       
CAPITAL MARKETS - 5.9%

MarketAxess Holdings, Inc.

       120       46,961

MSCI, Inc.

       168       93,980

Nasdaq, Inc.

       1,185       64,765

Tradeweb Markets, Inc., Class A

       755       59,645
       

 

 

  
          265,351
COMMUNICATIONS EQUIPMENT - 2.5%

Arista Networks, Inc.*

       675       113,290
       
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.3%

BJ’s Wholesale Club Holdings, Inc.*

       437       33,212

Dollar Tree, Inc.*

       166       23,784
       

 

 

  
          56,996
DISTRIBUTORS - 0.5%

Pool Corp.

       70       24,026
       
ELECTRICAL EQUIPMENT - 1.4%

Hubbell, Inc.

       121       29,516

Rockwell Automation, Inc.

       117       34,442
       

 

 

  
          63,958
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.9%

Teledyne Technologies, Inc.*

       197       88,151
       
ENTERTAINMENT - 1.6%

Live Nation Entertainment, Inc.*

       496       34,718

Take-Two Interactive Software, Inc.*

       297       35,436
       

 

 

  
          70,154
FINANCIAL SERVICES - 3.3%

Global Payments, Inc.

       1,416       149,000
       
GROUND TRANSPORTATION - 0.8%

Saia, Inc.*

       132       35,810
       
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%

Cooper Cos., Inc. (The)

       109       40,569

Dexcom, Inc.*

       630       73,151

Envista Holdings Corp.*

       971       39,680

iRhythm Technologies, Inc.*

       281       34,867

Shockwave Medical, Inc.*

       118       25,593
       

 

 

  
          213,860
HEALTH CARE PROVIDERS & SERVICES - 0.7%

agilon health, Inc.*

       1,297     30,805
       
HEALTH CARE TECHNOLOGY - 4.6%

Veeva Systems, Inc., Class A*

       1,142       209,850
       
HOTELS, RESTAURANTS & LEISURE - 3.2%

Chipotle Mexican Grill, Inc.*

       84       142,854
       
INSURANCE - 2.0%

Arthur J Gallagher & Co.

       242       46,243

Ryan Specialty Holdings, Inc., Class A*

       1,097       44,149
       

 

 

  
          90,392
IT SERVICES - 1.0%

Shopify, Inc., Class A*(1)

       962       46,098
       
LIFE SCIENCES TOOLS & SERVICES - 6.7%

Agilent Technologies, Inc.

       742       102,675

Repligen Corp.*

       330       55,543

West Pharmaceutical Services, Inc.

       420       145,447
       

 

 

  
          303,665
MACHINERY - 5.5%

CNH Industrial NV(1)

       3,033       46,308

Fortive Corp.

       1,004       68,447

Ingersoll Rand, Inc.

       2,294       133,476
       

 

 

  
          248,231
PHARMACEUTICALS - 3.2%

Catalent, Inc.*

       2,218       145,775
       
PROFESSIONAL SERVICES - 2.6%

CoStar Group, Inc.*

       892       61,408

Verisk Analytics, Inc.

       300       57,588
       

 

 

  
          118,996
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.1%

Lattice Semiconductor Corp.*

       2,079       198,562

Marvell Technology, Inc.

       550       23,833

Monolithic Power Systems, Inc.

       193       96,836

ON Semiconductor Corp.*

       1,659       136,540
       

 

 

  
          455,771
SOFTWARE - 17.5%

Atlassian Corp., Class A*

       805       137,755

Bentley Systems, Inc., Class B

       1,243       53,426

Ceridian HCM Holding, Inc.*

       788       57,676

Datadog, Inc., Class A*

       639       46,401

HubSpot, Inc.*

       472       202,410

Synopsys, Inc.*

       317       122,429

Tyler Technologies, Inc.*

       198       70,258

Zscaler, Inc.*

       870       101,628
       

 

 

  
          791,983
SPECIALTY RETAIL - 1.4%

Five Below, Inc.*

       302       62,220
       
TEXTILES, APPAREL & LUXURY GOODS - 0.9%

Lululemon Athletica, Inc.*

       110       39,935
       

 

 

  

Total common stocks
(Cost $2,900,643)

           4,355,701
       

 

     
40       Artisan Partners Funds

    Shares
Held		   Value
SHORT-TERM INVESTMENT - 2.7%
       
INVESTMENT COMPANY - 2.7%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $120,786)

       120,786     $ 120,786
       

 

 

  
       

Total investments - 99.0%
(Cost $3,021,429)

           4,476,487
       

Other assets less liabilities - 1.0%

           43,600
       

 

 

  
       

Total net assets - 100.0%#

         $ 4,520,087
       

 

 

  

 

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

 

Security   Country   Trading
Currency

Argenx SE

   Netherlands   USD

Ascendis Pharma A/S

   Denmark   USD

BioNTech SE

   Germany   USD

CNH Industrial NV

   United Kingdom   USD

Global-e Online Ltd.

   Israel   USD

Shopify, Inc.

   Canada   USD

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 70,154       1.6 %

Consumer Discretionary

       379,249       8.5

Consumer Staples

       56,997       1.3

Financials

       504,744       11.3

Health Care

       1,342,078       30.0

Industrials

       507,186       11.2

Information Technology

       1,495,293       33.4

Short-Term Investment

       120,786       2.7
   

 

 

      

 

 

  

Total investments

     $ 4,476,487       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Veeva Systems, Inc.

   United States        4.6 %

HubSpot, Inc.

   United States        4.5

Lattice Semiconductor Corp.

   United States        4.4

Global Payments, Inc.

   United States        3.3

Argenx SE

   Netherlands        3.2

Catalent, Inc.

   United States        3.2

West Pharmaceutical Services, Inc.

   United States        3.2

Chipotle Mexican Grill, Inc.

   United States        3.2

Ascendis Pharma A/S

   Denmark        3.1

Atlassian Corp.

   United States        3.0
      

 

 

  

Total

          35.7 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       41

Artisan Mid Cap Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 98.1%
       
AEROSPACE & DEFENSE - 1.9%

CAE, Inc.*(1)

       1,068     $ 24,174
       
AIR FREIGHT & LOGISTICS - 1.9%

Expeditors International of Washington, Inc.

       221       24,365
       
AUTOMOBILE COMPONENTS - 3.6%

BorgWarner, Inc.

       417       20,489

Gentex Corp.

       871       24,427
       

 

 

  
          44,916
BANKS - 10.7%

Comerica, Inc.

       336       14,591

Fifth Third Bancorp

       818       21,785

First Citizens BancShares, Inc., Class A

       51       49,926

M&T Bank Corp.

       196       23,467

Washington Federal, Inc.

       838       25,227
       

 

 

  
          134,996
CAPITAL MARKETS - 2.8%

Moelis & Co., Class A

       533       20,475

Northern Trust Corp.

       171       15,106
       

 

 

  
          35,581
CONSUMER FINANCE - 1.0%

Synchrony Financial

       431       12,532
       
CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.7%

Kroger Co. (The)

       546       26,967

Sysco Corp.

       254       19,641
       

 

 

  
          46,608
DIVERSIFIED CONSUMER SERVICES - 1.3%

H&R Block, Inc.

       474       16,707
       
ELECTRIC UTILITIES - 2.5%

OGE Energy Corp.

       843       31,747
       
ELECTRICAL EQUIPMENT - 2.1%

nVent Electric plc

       613       26,323
       
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%

Vontier Corp.

       1,338       36,581
       
ENERGY EQUIPMENT & SERVICES - 2.6%

NOV, Inc.

       1,757       32,529
       
ENTERTAINMENT - 4.0%

Electronic Arts, Inc.

       180       21,626

Warner Bros Discovery, Inc.*

       1,879       28,367
       

 

 

  
          49,993
FINANCIAL SERVICES - 1.3%

Corebridge Financial, Inc.

       976       15,642
       
FOOD PRODUCTS - 2.0%

Tyson Foods, Inc., Class A

       428       25,417
       
GROUND TRANSPORTATION - 3.1%

U-Haul Holding Co., Series N

       669       34,698

U-Haul Holding Co.

       74       4,435
       

 

 

  
          39,133
HEALTH CARE EQUIPMENT & SUPPLIES - 5.3%

Baxter International, Inc.

       730     29,593

Dentsply Sirona, Inc.

       929       36,506
       

 

 

  
          66,099
HEALTH CARE PROVIDERS & SERVICES - 1.9%

Centene Corp.*

       372       23,485
       
HOTELS, RESTAURANTS & LEISURE - 6.6%

Expedia Group, Inc.*

       273       26,486

Marriott International, Inc., Class A

       191       31,737

Vail Resorts, Inc.

       104       24,359
       

 

 

  
          82,582
INSURANCE - 7.8%

Arch Capital Group Ltd.*

       638       43,273

Globe Life, Inc.

       344       37,803

Progressive Corp. (The)

       115       16,521
       

 

 

  
          97,597
INTERACTIVE MEDIA & SERVICES - 1.9%

IAC, Inc.*

       462       23,828
       
MACHINERY - 1.8%

Otis Worldwide Corp.

       273       23,033
       
MEDIA - 8.2%

Cable One, Inc.

       39       27,544

Liberty Broadband Corp., Class C*

       76       6,245

Liberty Media Corp.-Liberty SiriusXM, Class A*

       283       7,962

Liberty Media Corp.-Liberty SiriusXM, Class C*

       282       7,886

News Corp., Class A

       1,409       24,339

Omnicom Group, Inc.

       304       28,687
       

 

 

  
          102,663
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%

Jones Lang LaSalle, Inc.*

       99       14,383
       
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%

Analog Devices, Inc.

       284       56,087
       
SOFTWARE - 2.0%

Check Point Software Technologies Ltd.*(1)

       197       25,661
       
Specialized REITs - 4.6%

Lamar Advertising Co., Class A, REIT

       340       33,949

Public Storage, REIT

       78       23,429
       

 

 

  
          57,378
SPECIALTY RETAIL - 2.0%

AutoNation, Inc.*

       191       25,703
       
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.4%

NetApp, Inc.

       272       17,393
       
TRADING COMPANIES & DISTRIBUTORS - 1.6%

Air Lease Corp., Class A

       522       20,539
       

 

 

  

Total common stocks
(Cost $827,255)

 

       1,233,675
   

 

     
42       Artisan Partners Funds

    Shares
Held		   Value
SHORT-TERM INVESTMENT - 0.9%
       
INVESTMENT COMPANY - 0.9%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%
(Cost $11,629)

       11,629     $ 11,629
       

 

 

  
       

Total investments - 99.0%
(Cost $838,884)

 

       1,245,304
       

Other assets less liabilities - 1.0%

 

       12,400
       

 

 

  
       

Total net assets - 100.0%#

 

     $ 1,257,704
       

 

 

  

 

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

 

Security   Country   Trading
Currency

CAE, Inc.

   Canada   USD

Check Point Software Technologies Ltd.

   Israel   USD

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 176,484       14.2 %

Consumer Discretionary

       169,908       13.6

Consumer Staples

       72,025       5.8

Energy

       32,529       2.6

Financials

       296,348       23.8

Health Care

       89,584       7.2

Industrials

       157,567       12.7

Information Technology

       135,722       10.9

Real Estate

       71,760       5.8

Utilities

       31,748       2.5

Short-Term Investment

       11,629       0.9
   

 

 

      

 

 

  

Total investments

     $ 1,245,304       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Analog Devices, Inc.

   United States        4.5 %

First Citizens BancShares, Inc.

   United States        4.0

Arch Capital Group Ltd.

   United States        3.4

U-Haul Holding Co.

   United States        3.1

Globe Life, Inc.

   United States        3.0

Vontier Corp.

   United States        2.9

Dentsply Sirona, Inc.

   United States        2.9

Lamar Advertising Co.

   United States        2.7

NOV, Inc.

   United States        2.6

OGE Energy Corp.

   United States        2.5
      

 

 

  

Total

          31.6 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       43

Artisan Select Equity Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 94.4%
       
AIR FREIGHT & LOGISTICS - 1.8%

FedEx Corp.

       3     $ 684
       
AUTOMOBILES - 4.3%

Harley-Davidson, Inc.

       42       1,599
       
BANKS - 4.3%

Citigroup, Inc.

       34       1,582
       
BROADLINE RETAIL - 4.4%

Alibaba Group Holding Ltd., ADR*(1)

       16       1,618
       
CAPITAL MARKETS - 5.2%

Bank of New York Mellon Corp. (The)

       38       1,740

Charles Schwab Corp. (The)

       3       171
       

 

 

  
          1,911
CHEMICALS - 5.4%

Axalta Coating Systems Ltd.*

       66       1,988
       
CONSTRUCTION MATERIALS - 6.2%

HeidelbergCement AG(1)(2)

       31       2,276
       
CONSUMER FINANCE - 4.9%

American Express Co.

       11       1,823
       
FINANCIAL SERVICES - 5.4%

Berkshire Hathaway, Inc., Class B*

       6       1,983
       
FOOD PRODUCTS - 5.3%

Danone SA(1)(2)

       31       1,951
       
HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%

Dentsply Sirona, Inc.

       54       2,126
       
HEALTH CARE PROVIDERS & SERVICES - 4.6%

Elevance Health, Inc.

       4       1,692
       
HOTELS, RESTAURANTS & LEISURE - 7.1%

Aramark

       40       1,440

Expedia Group, Inc.*

       12       1,181
       

 

 

  
          2,621
INSURANCE - 7.0%

Marsh & McLennan Cos., Inc.

       6       988

Progressive Corp. (The)

       11       1,604
       

 

 

  
          2,592
INTERACTIVE MEDIA & SERVICES - 11.0%

Alphabet, Inc., Class A*

       19       1,996

Meta Platforms, Inc., Class A*

       10       2,056
       

 

 

  
          4,052
PASSENGER AIRLINES - 2.3%

Southwest Airlines Co.

       26       845
       
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%

Lam Research Corp.

       2       1,089
       
SPECIALTY RETAIL - 1.5%

Advance Auto Parts, Inc.

       4       546
       
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.1%

Samsung Electronics Co. Ltd.(1)(2)

       38     1,906
       

 

 

  

Total common stocks
(Cost $32,037)

 

       34,884
   
SHORT-TERM INVESTMENT - 5.5%
       
INVESTMENT COMPANY - 5.5%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%
(Cost $2,024)

       2,024       2,024
       

 

 

  
       

Total investments - 99.9%
(Cost $34,061)

 

       36,908
       

Other assets less liabilities - 0.1%

 

       24
       

 

 

  
       

Total net assets - 100.0%#

 

     $ 36,932
       

 

 

  

 

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

 

Security   Country   Trading
Currency

Alibaba Group Holding Ltd.

   China   USD

Danone SA

   France   EUR

HeidelbergCement AG

   Germany   EUR

Samsung Electronics Co. Ltd.

   South Korea   KRW

 

(2)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $6,133, or 16.6% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 4,052       11.0 %

Consumer Discretionary

       6,384       17.3

Consumer Staples

       1,951       5.3

Financials

       9,891       26.8

Health Care

       3,818       10.3

Industrials

       1,529       4.1

Information Technology

       2,995       8.1

Materials

       4,264       11.6

Short-Term Investment

       2,024       5.5
   

 

 

      

 

 

  

Total investments

     $ 36,908       100.0 %
   

 

 

      

 

 

  

 

     
44       Artisan Partners Funds

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

EUR

     $ 4,227       11.4 %

KRW

       1,906       5.2

USD

       30,775       83.4
   

 

 

      

 

 

  

Total investments

     $ 36,908       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS

Company Name

   Country   Percentage
of Total
Net Assets

HeidelbergCement AG

       Germany       6.2 %

Dentsply Sirona, Inc.

       United States       5.7

Meta Platforms, Inc.

       United States       5.6

Alphabet, Inc.

       United States       5.4

Axalta Coating Systems Ltd.

       United States       5.4

Berkshire Hathaway, Inc.

       United States       5.4

Danone SA

       France       5.3

Samsung Electronics Co. Ltd.

       South Korea       5.1

American Express Co.

       United States       4.9

Bank of New York Mellon Corp. (The)

       United States       4.7
       

 

 

  

Total

           53.7 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       45

Artisan Small Cap Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 97.2%
       
BIOTECHNOLOGY - 19.5%

Argenx SE, ADR*(1)

       239     $ 89,186

Ascendis Pharma A/S, ADR*(1)

       684       73,296

Avid Bioservices, Inc.*

       833       15,624

Denali Therapeutics, Inc.*

       233       5,376

Exact Sciences Corp.*

       392       26,571

Halozyme Therapeutics, Inc.*

       2,718       103,799

Iovance Biotherapeutics, Inc.*

       1,995       12,189

Twist Bioscience Corp.*

       193       2,914

Veracyte, Inc.*

       1,981       44,169
       

 

 

  
          373,124
BROADLINE RETAIL - 1.7%

Etsy, Inc.*

       159       17,654

Global-e Online Ltd.*(1)

       466       15,035
       

 

 

  
          32,689
BUILDING PRODUCTS - 1.6%

Advanced Drainage Systems, Inc.

       157       13,185

Trex Co., Inc.*

       355       17,254
       

 

 

  
          30,439
CAPITAL MARKETS - 1.0%

MarketAxess Holdings, Inc.

       52       20,185
       
CONSTRUCTION & ENGINEERING - 4.7%

Valmont Industries, Inc.

       280       89,293
       
DIVERSIFIED CONSUMER SERVICES - 1.1%

Chegg, Inc.*

       1,336       21,772
       
ELECTRICAL EQUIPMENT - 1.1%

Shoals Technologies Group, Inc., Class A*

       970       22,104
       
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.3%

Novanta, Inc.*

       392       62,352
       
FINANCIAL SERVICES - 0.3%

Shift4 Payments, Inc., Class A*

       67       5,054
       
FOOD PRODUCTS - 0.6%

Freshpet, Inc.*

       184       12,149
       
GROUND TRANSPORTATION - 0.2%

Saia, Inc.*

       17       4,529
       
HEALTH CARE EQUIPMENT & SUPPLIES - 7.9%

Envista Holdings Corp.*

       415       16,982

iRhythm Technologies, Inc.*

       248       30,729

Penumbra, Inc.*

       67       18,744

Shockwave Medical, Inc.*

       389       84,398
       

 

 

  
          150,853
HEALTH CARE PROVIDERS & SERVICES - 1.0%

Option Care Health, Inc.*

       592       18,802
       
HOTELS, RESTAURANTS & LEISURE - 5.1%

Papa John’s International, Inc.

       415       31,078

Wingstop, Inc.

       367       67,415
       

 

 

  
          98,493
LIFE SCIENCES TOOLS & SERVICES - 1.8%

Repligen Corp.*

       201       33,887
       
MACHINERY - 0.5%

John Bean Technologies Corp.

       48     5,218

Kornit Digital Ltd.*(1)

       256       4,959
       

 

 

  
          10,177
PHARMACEUTICALS - 2.4%

Catalent, Inc.*

       700       46,021
       
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 16.2%

Allegro MicroSystems, Inc.*(1)

       957       45,935

Ambarella, Inc.*

       139       10,791

Lattice Semiconductor Corp.*

       1,675       159,940

MACOM Technology Solutions Holdings, Inc.*

       262       18,559

Monolithic Power Systems, Inc.

       149       74,597
       

 

 

  
          309,822
SOFTWARE - 23.1%

Bentley Systems, Inc., Class B

       770       33,110

Blackline, Inc.*

       919       61,738

Ceridian HCM Holding, Inc.*

       460       33,715

Clearwater Analytics Holdings, Inc., Class A*

       1,066       17,007

DoubleVerify Holdings, Inc.*

       1,235       37,223

Gitlab, Inc., Class A*

       181       6,195

Guidewire Software, Inc.*

       716       58,769

HashiCorp, Inc., Class A*

       319       9,355

HubSpot, Inc.*

       94       40,397

Olo, Inc., Class A*

       1,171       9,554

Paycor HCM, Inc.*

       729       19,323

Procore Technologies, Inc.*

       115       7,230

Sprout Social, Inc., Class A*

       227       13,823

Tyler Technologies, Inc.*

       121       43,083

Workiva, Inc., Class A*

       511       52,300
       

 

 

  
          442,822
SPECIALTY RETAIL - 3.6%

Five Below, Inc.*

       95       19,524

Floor & Decor Holdings, Inc.,

Class A*

       380       37,325

Leslie’s, Inc.*

       1,128       12,416
       

 

 

  
          69,265
TEXTILES, APPAREL & LUXURY GOODS - 0.5%

Crocs, Inc.*

       76       9,618
       

 

 

  

Total common stocks
(Cost $1,219,533)

 

       1,863,450
   
SHORT-TERM INVESTMENT - 1.0%
       
INVESTMENT COMPANY - 1.0%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $19,229)

       19,229       19,229
       

 

 

  

Total investments - 98.2%
(Cost $1,238,762)

 

       1,882,679
       

Other assets less liabilities - 1.8%

 

       33,654
       

 

 

  
       

Total net assets - 100.0%#

 

     $ 1,916,333
       

 

 

  

 

     
46       Artisan Partners Funds

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

 

Security   Country   Trading
Currency

Allegro MicroSystems, Inc.

   Japan   USD

Argenx SE

   Netherlands   USD

Ascendis Pharma A/S

   Denmark   USD

Global-e Online Ltd.

   Israel   USD

Kornit Digital Ltd.

   Israel   USD

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Consumer Discretionary

     $ 231,835       12.3 %

Consumer Staples

       12,149       0.6

Financials

       25,239       1.3

Health Care

       622,687       33.1

Industrials

       156,540       8.3

Information Technology

       815,000       43.4

Short-Term Investment

       19,229       1.0
   

 

 

      

 

 

  

Total investments

     $ 1,882,679       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS

Company Name

  

Country

    Percentage
of Total
Net Assets

Lattice Semiconductor Corp.

   United States        8.3 %

Halozyme Therapeutics, Inc.

   United States        5.4

Valmont Industries, Inc.

   United States        4.7

Argenx SE

   Netherlands        4.7

Shockwave Medical, Inc.

   United States        4.4

Monolithic Power Systems, Inc.

   United States        3.9

Ascendis Pharma A/S

   Denmark        3.8

Wingstop, Inc.

   United States        3.5

Novanta, Inc.

   United States        3.3

Blackline, Inc.

   United States        3.2
      

 

 

  

Total

          45.2 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       47

Artisan Sustainable Emerging Markets Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 96.4%
       
ARGENTINA - 1.1%

Despegar.com Corp.*

       49     $ 302

Loma Negra Cia Industrial Argentina SA, ADR

       83       573
       

 

 

  
          875
BRAZIL - 9.7%

Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA*

       687       160

GPS Participacoes e Empreendimentos SA*(1)

       538       1,279

Itau Unibanco Holding SA (Preference)

       282       1,384

Lojas Renner SA

       206       676

MercadoLibre, Inc.*

       2       2,738

Vale SA

       86       1,356
       

 

 

  
          7,593
CHILE - 1.8%

Empresa Nacional de Telecomunicaciones SA

       205       807

Vina Concha y Toro SA

       476       609
       

 

 

  
          1,416
CHINA - 22.6%

Alibaba Group Holding Ltd.*(2)

       255       3,246

Baidu, Inc., Class A*(2)

       70       1,327

Baozun, Inc., ADR*

       19       112

China Traditional Chinese Medicine Holdings Co. Ltd.(2)

       3,154       1,645

Estun Automation Co. Ltd., Class A(2)

       647       2,641

Kingsoft Cloud Holdings Ltd., ADR*(6)

       62       555

NIO, Inc., ADR*

       37       385

Noah Holdings Ltd., ADR*

       28       458

Prosus NV*(2)

       28       2,212

Tongwei Co. Ltd., Class A(2)

       103       588

Trip.com Group Ltd.*(2)

       31       1,174

Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A*(2)

       212       801

Zhuzhou CRRC Times Electric Co. Ltd., Class H(2)

       567       2,470
       

 

 

  
          17,614
GREECE - 3.7%

Alpha Services & Holdings SA*(2)

       1,070       1,314

Mytilineos SA(2)

       55       1,577
       

 

 

  
          2,891
HONG KONG - 3.9%

AIA Group Ltd.(2)

       119       1,247

China High Precision Automation Group Ltd.*(2)(3)

       9,066       –

Sino Biopharmaceutical Ltd.(2)

       3,253       1,818
       

 

 

  
          3,065
INDIA - 8.8%

Havells India Ltd.(2)

       90       1,305

ICICI Bank Ltd.(2)

       240       2,575

Infosys Ltd.(2)

       62       1,081

Reliance Industries Ltd.(2)

       68       1,930
       

 

 

  
          6,891
INDONESIA - 2.2%

Bank Rakyat Indonesia Persero Tbk. PT(2)

       3,499       1,106

Indofood CBP Sukses Makmur Tbk. PT(2)

       925       615
       

 

 

  
          1,721
KAZAKHSTAN - 2.0%

Kaspi.KZ JSC, GDR(2)(4)

       20       1,531
       
MALAYSIA - 1.2%

Public Bank Bhd.(2)

       1,019       925
       
MEXICO - 2.1%

Cemex SAB de CV*

       1,548       852
MEXICO (CONTINUED)

Corp. Inmobiliaria Vesta SAB de CV

       237     746
       

 

 

  
          1,598
PERU - 1.2%

Credicorp Ltd.

       7       928
       
POLAND - 0.8%

InPost SA*(2)

       64       583
       
RUSSIA - 0.0%

LUKOIL PJSC, ADR*(2)(3)(5)

       19       –

MMC Norilsk Nickel PJSC, ADR*(2)(3)(5)

       39       –

Ozon Holdings plc, ADR*(2)(3)(5)

       25       –

Polyus PJSC, GDR*(2)(3)(4)(5)

       23       –

Sberbank of Russia PJSC*(2)(3)(5)

       265       –

Yandex NV, Class A*(2)(3)(5)

       14       –
       

 

 

  
          –
SINGAPORE - 0.5%

Sea Ltd., ADR*

       5       409
       
SOUTH AFRICA - 2.6%

FirstRand Ltd.(2)

       299       1,014

MTN Group Ltd.*(2)

       146       1,043
       

 

 

  
          2,057
SOUTH KOREA - 10.9%

HYBE Co. Ltd.*(2)

       6       880

Samsung Biologics Co. Ltd.*(2)(4)

       2       1,393

Samsung Electronics Co. Ltd.(2)

       110       5,440

Shinhan Financial Group Co. Ltd.(2)

       28       764
       

 

 

  
          8,477
TAIWAN - 17.4%

E Ink Holdings, Inc.(2)

       419       2,566

MediaTek, Inc.(2)

       94       2,449

Sunny Friend Environmental Technology Co. Ltd.(2)

       180       977

Taiwan Semiconductor Manufacturing Co. Ltd.(2)

       426       7,541
       

 

 

  
          13,533
THAILAND - 0.8%

Bangkok Bank PCL(2)

       139       616
       
UNITED ARAB EMIRATES - 1.3%

Americana Restaurants International plc*(2)

       952       989
       
UNITED STATES - 0.9%

Globant SA*

       4       718
Vietnam - 0.9%

Vietnam Technological & Commercial Joint Stock Bank*(2)

       557       675
       

 

 

  

Total common stocks
(Cost $73,047)

 

       75,105
   
SHORT-TERM INVESTMENT - 2.8%
       
INVESTMENT COMPANY - 2.8%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%(7) (Cost $2,207)

       2,207       2,207
       

 

 

  
       

Total investments - 99.2%
(Cost $75,254)

 

       77,312
       

Other assets less liabilities - 0.8%

 

       616
       

 

 

  
       

Total net assets - 100.0%#

 

     $ 77,928
       

 

 

  

 

     
48       Artisan Partners Funds

(1)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(2)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $60,058, or 77.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(3)   Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(4)   Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2023, the value of these securities was $2,924 or 3.8% of net assets.
(5)   Security is restricted.

 

Security   Acquisition Date   Cost   Value   Percentage
of Total
Net Assets

LUKOIL PJSC

       11/27/2008 - 12/23/2021       $ 1,026     $ –       0.0 %

MMC Norilsk Nickel PJSC

       09/25/2013 - 12/23/2021         736       –       0.0 %

Ozon Holdings plc

       11/24/2020 - 12/23/2021         900       –       0.0 %

Polyus PJSC

       10/13/2017 - 12/23/2021         1,226       –       0.0 %

Sberbank of Russia PJSC

       01/08/2019 - 03/25/2020         772       –       0.0 %

Yandex NV, Class A

       03/10/2015 - 12/31/2021         613       –       0.0 %

 

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

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 4,466       5.8 %

Consumer Discretionary

       11,834       15.3

Consumer Staples

       1,224       1.6

Energy

       1,930       2.5

Financials

       14,537       18.8

Health Care

       4,856       6.3

Industrials

       10,992       14.2

Information Technology

       21,739       28.0

Materials

       2,781       3.6

Real Estate

       746       1.0

Short-Term Investment

       2,207       2.9
   

 

 

      

 

 

  

Total investments

     $ 77,312       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

AED

     $ 989       1.3 %

BRL

       4,855       6.3

CLP

       1,416       1.8

CNY

       4,030       5.2

EUR

       5,686       7.4

HKD

       12,927       16.7

IDR

       1,721       2.2

INR

       6,891       8.9

KRW

       8,477       11.0

MXN

       1,598       2.1

MYR

       925       1.2

THB

       616       0.8

TWD

       13,533       17.5

USD

       10,916       14.0

VND

       675       0.9

ZAR

       2,057       2.7
   

 

 

      

 

 

  

Total investments

     $ 77,312       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS

Company Name

  

Country

    Percentage
of Total
Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd.

   Taiwan        9.7 %

Samsung Electronics Co. Ltd.

   South Korea        7.0

Alibaba Group Holding Ltd.

   China        4.2

MercadoLibre, Inc.

   Brazil        3.5

Estun Automation Co. Ltd.

   China        3.4

ICICI Bank Ltd.

   India        3.3

E Ink Holdings, Inc.

   Taiwan        3.3

Zhuzhou CRRC Times Electric Co. Ltd.

   China        3.2

MediaTek, Inc.

   Taiwan        3.1

Prosus NV

   China        2.8
      

 

 

  

Total

          43.5 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       49

Artisan Value Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 97.1%
       
AEROSPACE & DEFENSE - 9.2%

Airbus SE(1)(2)

       53     $ 7,062

Northrop Grumman Corp.

       9       4,128

Raytheon Technologies Corp.

       48       4,673

Safran SA(1)(2)

       45       6,661
       

 

 

  
          22,524
AIR FREIGHT & LOGISTICS - 3.5%

FedEx Corp.

       37       8,460
       
BANKS - 6.7%

Bank of America Corp.

       204       5,845

PNC Financial Services Group, Inc. (The)

       45       5,706

US Bancorp

       136       4,917
       

 

 

  
          16,468
BEVERAGES - 2.3%

Heineken Holding NV(1)(2)

       62       5,692
       
BIOTECHNOLOGY - 1.7%

Vertex Pharmaceuticals, Inc.*

       13       4,189
       
CAPITAL MARKETS - 6.7%

CME Group, Inc.

       26       5,057

Goldman Sachs Group, Inc. (The)

       16       5,162

Morgan Stanley

       71       6,199
       

 

 

  
          16,418
CONSUMER FINANCE - 1.2%

Synchrony Financial

       100       2,906
       
ENERGY EQUIPMENT & SERVICES - 3.0%

Schlumberger Ltd.

       152       7,464
       
ENTERTAINMENT - 8.0%

Electronic Arts, Inc.

       37       4,511

Netflix, Inc.*

       16       5,515

Walt Disney Co. (The)*

       57       5,663

Warner Bros Discovery, Inc.*

       256       3,865
       

 

 

  
          19,554
FINANCIAL SERVICES - 6.9%

Berkshire Hathaway, Inc., Class B*

       15       4,489

Fiserv, Inc.*

       48       5,432

Visa, Inc., Class A

       31       6,977
       

 

 

  
          16,898
HEALTH CARE EQUIPMENT & SUPPLIES - 6.2%

Baxter International, Inc.

       139       5,630

Koninklijke Philips NV(1)(2)

       174       3,180

Medtronic plc

       79       6,388
       

 

 

  
          15,198
HEALTH CARE PROVIDERS & SERVICES - 1.6%

Cigna Group (The)

       15       3,918
       
HOTELS, RESTAURANTS & LEISURE - 8.1%

Booking Holdings, Inc.*

       2       5,613

Compass Group plc(1)(2)

       328       8,237

Marriott International, Inc., Class A

       37       6,094
       

 

 

  
          19,944
INSURANCE - 3.3%

Arch Capital Group Ltd.*

       118       8,032
       
INTERACTIVE MEDIA & SERVICES - 8.5%

Alphabet, Inc., Class C*

       100     $ 10,369

Meta Platforms, Inc., Class A*

       50       10,495
       

 

 

  
          20,864
MEDIA - 3.2%

Comcast Corp., Class A

       209       7,934
       
OIL, GAS & CONSUMABLE FUELS - 3.1%

EOG Resources, Inc.

       66       7,566
       
PHARMACEUTICALS - 2.0%

Merck & Co., Inc.

       45       4,787
       
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%

NXP Semiconductors NV(1)

       20       3,679
       
SPECIALTY RETAIL - 1.2%

AutoNation, Inc.*

       23       3,038
       
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.3%

Samsung Electronics Co. Ltd. (Preference)(1)(2)

       133       5,570
       
TOBACCO - 5.2%

Altria Group, Inc.

       128       5,731

Philip Morris International, Inc.

       71       6,945
       

 

 

  
          12,676
TRADING COMPANIES & DISTRIBUTORS - 1.7%

Air Lease Corp., Class A

       107       4,210
       

 

 

  

Total common stocks
(Cost $163,905)

 

       237,989
       
SHORT-TERM INVESTMENT - 1.7%
       
INVESTMENT COMPANY - 1.7%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70% (Cost $4,268)

       4,268       4,268
       

 

 

  
       

Total investments - 98.8%
(Cost $168,173)

           242,257
       

Other assets less liabilities - 1.2%

           3,033
       

 

 

  
       

Total net assets - 100.0%#

         $ 245,290
       

 

 

  

 

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

 

Security   Country   Trading
Currency

Airbus SE

   France   EUR

Compass Group plc

   United Kingdom   GBP

Heineken Holding NV

   Netherlands   EUR

Koninklijke Philips NV

   Netherlands   EUR

NXP Semiconductors NV

   China   USD

Safran SA

   France   EUR

Samsung Electronics Co. Ltd.

   South Korea   KRW

 

(2)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $36,402, or 14.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

 

     
50       Artisan Partners Funds

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 48,352       20.0 %

Consumer Discretionary

       22,982       9.5

Consumer Staples

       18,368       7.6

Energy

       15,030       6.2

Financials

       60,722       25.1

Health Care

       28,093       11.5

Industrials

       35,193       14.5

Information Technology

       9,249       3.8

Short-Term Investment

       4,268       1.8
   

 

 

      

 

 

  

Total investments

     $ 242,257       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

EUR

     $ 22,596       9.3 %

GBP

       8,237       3.4

KRW

       5,570       2.3

USD

       205,854       85.0
   

 

 

      

 

 

  

Total investments

     $ 242,257       100.0 %
   

 

 

      

 

 

  

 

TOP TEN HOLDINGS        

Company Name

   Country   Percentage
of Total
Net Assets

Meta Platforms, Inc.

       United States       4.3 %

Alphabet, Inc.

       United States       4.2

FedEx Corp.

       United States       3.5

Compass Group plc

       United Kingdom       3.4

Arch Capital Group Ltd.

       United States       3.3

Comcast Corp.

       United States       3.2

EOG Resources, Inc.

       United States       3.1

Schlumberger Ltd.

       United States       3.0

Airbus SE

       France       2.9

Visa, Inc.

       United States       2.8
       

 

 

  

Total

           33.7 %
       

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
Artisan Partners Funds       51

Artisan Value Income Fund

Schedule of Investments – March 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    Shares
Held		   Value
COMMON STOCKS - 89.7%
       
AEROSPACE & DEFENSE - 5.5%

Airbus SE(1)(2)

       1     $ 156

Raytheon Technologies Corp.

       2       240

Safran SA(1)(2)

       1       199
       

 

 

  
          595
BANKS - 10.7%

Bank of America Corp.

       7       207

Comerica, Inc.

       2       105

Fifth Third Bancorp

       5       130

M&T Bank Corp.

       1       162

PNC Financial Services Group, Inc. (The)

       2       191

US Bancorp

       5       167

Washington Federal, Inc.

       6       189
       

 

 

  
          1,151
BEVERAGES - 5.1%

Coca-Cola Co. (The)

       4       221

Heineken Holding NV(1)(2)

       4       331
       

 

 

  
          552
CAPITAL MARKETS - 7.4%

CME Group, Inc.

       1       202

Goldman Sachs Group, Inc. (The)

       – ^        145

Moelis & Co., Class A

       4       151

Morgan Stanley

       2       181

Northern Trust Corp.

       1       111
       

 

 

  
          790
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.4%

Sysco Corp.

       2       151
       
DIVERSIFIED CONSUMER SERVICES - 1.5%

H&R Block, Inc.(3)

       5       162
       
ELECTRIC UTILITIES - 6.7%

IDACORP, Inc.

       1       137

OGE Energy Corp.

       6       242

Portland General Electric Co.(3)

       3       157

PPL Corp.

       7       185
       

 

 

  
          721
ELECTRICAL EQUIPMENT - 2.2%

nVent Electric plc

       5       233
       
FINANCIAL SERVICES - 3.3%

Corebridge Financial, Inc.

       9       140

Visa, Inc., Class A

       1       216
       

 

 

  
          356
FOOD PRODUCTS - 1.8%

Tyson Foods, Inc., Class A

       3       196
       
GAS UTILITIES - 1.7%

Atmos Energy Corp.

       2       182
       
HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%

Baxter International, Inc.

       5       192

Koninklijke Philips NV(1)(2)

       7       130

Medtronic plc

       4       285
       

 

 

  
          607
HOTELS, RESTAURANTS & LEISURE - 4.3%

Compass Group plc(1)(2)

       11       268

Vail Resorts, Inc.

       1       189
       

 

 

  
          457
MACHINERY - 2.5%

Otis Worldwide Corp.

       3       263
       
MEDIA - 7.4%

Cable One, Inc.

       – ^      197

Comcast Corp., Class A

       10       367

Omnicom Group, Inc.

       2       229
       

 

 

  
          793
OIL, GAS & CONSUMABLE FUELS - 2.6%

EOG Resources, Inc.

       2       284
       
PHARMACEUTICALS - 1.7%

Merck & Co., Inc.

       2       186
       
RESIDENTIAL REITS - 1.3%

Camden Property Trust, REIT

       1       142
       
SPECIALIZED REITS - 5.9%

Lamar Advertising Co., Class A, REIT

       4       380

Public Storage, REIT

       1       254
       

 

 

  
          634
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.3%

NetApp, Inc.

       3       211

Samsung Electronics Co. Ltd. (Preference)(1)(2)

       6       245
          456
       

 

 

  
TOBACCO - 6.7%

Altria Group, Inc.

       8       352

Philip Morris International, Inc.

       4       365
       

 

 

  
          717
       

 

 

  

Total common stocks
(Cost $10,134)

 

       9,628
    Principal
Amount		    
CORPORATE BONDS - 5.4%
       
AEROSPACE & DEFENSE - 2.1%

Boeing Co. (The) 1.43%, 2/4/2024

     $ 227       219
       
BROADLINE RETAIL - 1.3%

ANGI Group LLC 3.88%, 8/15/2028(4)

       188       143
       
ENERGY EQUIPMENT & SERVICES - 0.5%

Weatherford International Ltd. 11.00%, 12/1/2024(4)

       50       51
       
TRADING COMPANIES & DISTRIBUTORS - 1.5%

Air Lease Corp. Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.15%), 4.12%, 12/15/2026(5)(6)

       238       162
       

 

 

  

Total corporate bonds
(Cost $614)

           575
       
CONVERTIBLE BONDS - 2.6%
       
MEDIA - 1.2%

Cable One, Inc.

        

Zero Coupon, 3/15/2026

       87       69

1.13%, 3/15/2028

       79       58
       

 

 

  
          127
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4%

Redwood Trust, Inc. 7.75%, 6/15/2027(4)

       178       154
       

 

 

  

Total convertible bonds
(Cost $304)

 

       281

 

     
52       Artisan Partners Funds

    Share
Held		   Value
CONVERTIBLE PREFERRED STOCK - 1.7%
       
HEALTH CARE EQUIPMENT & SUPPLIES - 1.7%

Boston Scientific Corp. Series A, 5.50%, 6/1/2023 (Cost $176)

       2     $ 184
       
SHORT-TERM INVESTMENTS - 1.3%
       
INVESTMENT COMPANIES - 1.3%

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.70%

       48       48

Federated Treasury Obligations Fund - Institutional Class, 4.67%

       46       46

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.72%

       46       46
       

 

 

  

Total short-term investments
(Cost $140)

           140
       

Total investments - 100.7%
(Cost $11,368)

           10,808
       

WRITTEN OPTION CONTRACTS - (0.1)%
(Premiums received $(11))

 

       (7 )
       

Other assets less liabilities - (0.6%)

           (65 )
       

 

 

  
       

Total net assets - 100.0%#

         $ 10,736
       

 

 

  

 

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

 

Security   Country   Trading
Currency

Airbus SE

   France   EUR

Compass Group plc

   United Kingdom   GBP

Heineken Holding NV

   Netherlands   EUR

Koninklijke Philips NV

   Netherlands   EUR

Safran SA

   France   EUR

Samsung Electronics Co. Ltd.

   South Korea   KRW

 

(2)   Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,329, or 12.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.
(3)   At March 31, 2023, all or a portion of this security was pledged to cover collateral requirements for written options.
(4)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(5)   Perpetual security. The rate reflected was the rate in effect on March 31, 2023. The maturity date reflects the next call date.
(6)   Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023.

 

WRITTEN OPTION CONTRACTS  
Call Options  
 

Dollar values in thousands except exercise price

  
Number of
Contracts‡		     

Description

    Exercise
Price		      Notional
Amount		      Expiration
Date		    Premiums
Paid/(Received)
by Fund		     Market
Value		     Unrealized
Appreciation/
(Depreciation)		  
  2     

Airbus SE

    EUR 130.00      $ 25      6/16/23    $ (1 )    $ (1 )    $ – ^ 
  6     

Moelis & Co.

    $ 50.00        23      4/21/23      (1 )      – ^      1  
  3     

Morgan Stanley

      105.00        26      7/21/23      (1 )      – ^      1  
  11     

nVent Electric plc

      50.00        47      8/18/23      (2 )      (1 )      1  
  5     

Omnicom Group, Inc.

      95.00        47      7/21/23      (2 )      (2 )      – ^ 
  5     

Raytheon Technologies Corp.

      105.00        49      6/16/23      (2 )      (1 )      1  
  2     

Safran SA

    EUR 140.00        27      6/16/23      (1 )      (1 )      – ^ 
  1     

Safran SA

    EUR  138.00        11      6/16/23      (1 )      (1 )      – ^ 
              

 

 

    

 

 

    

 

 

  
 

Total written option contracts

    $ (11 )    $ (7 )    $ 4  
  

 

 

    

 

 

    

 

 

  

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

Communication Services

     $ 919       8.5 %

Consumer Discretionary

       762       7.1

Consumer Staples

       1,615       14.9

Energy

       335       3.1

Financials

       2,452       22.7

Health Care

       976       9.0

Industrials

       1,472       13.6

Information Technology

       457       4.2

Real Estate

       776       7.2

Utilities

       904       8.4

Short-Term Investments

       140       1.3 %
   

 

 

      

 

 

  

Total investments

     $ 10,808       100.0 %
   

 

 

      

 

 

  

 

TRADING CURRENCIES

Dollar values in thousands

 

    Value   Percentage
of Total
Investments

EUR

     $ 816       7.5 %

GBP

       268       2.5

KRW

       246       2.3

USD

       9,478       87.7
   

 

 

      

 

 

  

Total investments

     $ 10,808       100.0 %
   

 

 

      

 

 

  

 

     
Artisan Partners Funds       53

TOP TEN HOLDINGS         

Company Name

  

Country

    Percentage
of Total
Net Assets

Lamar Advertising Co.

   United States        3.5 %

Comcast Corp.

   United States        3.4

Philip Morris International, Inc.

   United States        3.4

Altria Group, Inc.

   United States        3.3

Heineken Holding NV

   Netherlands        3.1

Cable One, Inc.

   United States        3.0

Medtronic plc

   United States        2.7

EOG Resources, Inc.

   United States        2.6

Compass Group plc

   United Kingdom        2.5

Otis Worldwide Corp.

   United States        2.5
      

 

 

  

Total

          30.0 %
      

 

 

  

Definitions of abbreviations and footnotes are detailed on page 2.

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

 

     
54       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     DEVELOPING
WORLD		   EMERGING
MARKETS DEBT
OPPORTUNITIES*		   FLOATING
RATE		   FOCUS
ASSETS:                                        

Investments in securities, unaffiliated, at value

     $ 3,196,369     $ 20,820     $ 44,590     $ 1,338,789

Short-term investments, at value

       26,050       3,894       3,217       89,962

Total investments

       3,222,419       24,714       47,807       1,428,751

Cash

       52,551       –       –       13,478

Cash pledged for centrally cleared swap contracts

       –       601       –       –

Deposits with broker for forward contracts

       –       540       –       –

Deposits with broker for futures contracts

       –       221       –       –

Foreign currency

       80       79       –       2

Unrealized appreciation on foreign currency forward contracts

       –       281       –       1,817

Receivable from investments sold

       5,656       5,990       1,867       5,636

Receivable from fund shares sold

       5,890       290       7       982

Swaps contracts, at value

       –       – (1)        –       –

Receivable for variation margin on centrally cleared swap contracts

       –       43       –       –

Receivable from the Adviser

       –       1       –       –

Dividends and interest receivable

       316       483       306       1,142

Other assets

       372       7       –       113

Total assets

       3,287,284       33,250       49,987       1,451,921
LIABILITIES:                                        

Unrealized depreciation on foreign currency forward contracts

       –       274       –       517

Due to custodian

       –       –       518       –

Dividends payable

       –       –       – (1)        –

Payable for investments purchased

       3,900       6,817       3,085       27,737

Payable for fund shares redeemed

       7,357       –       190       1,024

Payable for variation margin on futures contracts

       –       24       –       –

Payable for operating expenses

       646       – (1)        73       243

Payable for management fees

       268       –       1       114

Payable for deferred director’s compensation

       329       3       4       90

Total liabilities

       12,500       7,118       3,871       29,725

Total net assets

     $ 3,274,784     $ 26,132     $ 46,116     $ 1,422,196
NET ASSETS CONSIST OF:                                        

Fund shares issued and outstanding

     $ 3,361,037     $ 25,925     $ 48,965     $ 1,454,041

Total distributable earnings (loss)

       (86,253 )       207       (2,849 )       (31,845 )

Total net assets

     $ 3,274,784     $ 26,132     $ 46,116     $ 1,422,196
SUPPLEMENTARY INFORMATION:                                        

Net assets

                                        

Investor Shares

     $ 338,466     $ 247     $ 3,827     $ 235,871

Advisor Shares

     $ 1,497,892     $ 2,715     $ 15,212     $ 643,443

Institutional Shares

     $ 1,438,426     $ 23,170     $ 27,077     $ 542,882

Shares outstanding (Indefinite number of shares authorized, $0.01 par value)

                                        

Investor Shares

       21,547,496       24,567       406,215       14,378,325

Advisor Shares

       94,521,514       269,985       1,615,273       39,085,425

Institutional Shares

       90,258,529       2,302,284       2,875,498       32,902,660

Net asset value per share

                                        

Investor Shares

     $ 15.71     $ 10.06     $ 9.42     $ 16.40

Advisor Shares

     $ 15.85     $ 10.06     $ 9.42     $ 16.46

Institutional Shares

     $ 15.94     $ 10.06     $ 9.42     $ 16.50

Cost of total investments

     $ 2,216,070     $ 24,437     $ 49,989     $ 1,294,464

Cost of foreign currency held

     $ 71     $ 79     $ –     $ 2

 

*   Consolidated statement
(1)   Amount rounds to less than $1

 

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

 

     
Artisan Partners Funds       55

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     GLOBAL
DISCOVERY		   GLOBAL
EQUITY		   GLOBAL
OPPORTUNITIES		   GLOBAL
UNCONSTRAINED*
ASSETS:                                        

Investments in securities, unaffiliated, at value

     $ 246,323     $ 196,611     $ 2,738,990     $ 14,636

Short-term investments, at value

       16,127       3,561       113,084       2,512

Total investments

       262,450       200,172       2,852,074       17,148

Cash

       1,928       2,025       33,479       –

Cash pledged for centrally cleared swap contracts

       –       –       –       738

Deposits with broker for forward contracts

       –       –       –       585

Deposits with broker for futures contracts

       –       –       –       173

Foreign currency

       126       222       2,061       102

Security lending income receivable

       –       – (1)        –       –

Unrealized appreciation on foreign currency forward contracts

       –       –       –       129

Receivable from investments sold

       1,792       2,450       2,567       2,494

Receivable from fund shares sold

       212       4       683       72

Swaps contracts, at value

       –       –       –       23

Receivable for variation margin on centrally cleared swaps

       –       –       –       65

Receivable from the Adviser

       –       –       –       1

Dividends and interest receivable

       241       427       2,977       266

Other assets

       19       21       340       3

Total assets

       266,768       205,321       2,894,181       21,799
LIABILITIES:                                        

Short positions in securities, at value

       –       –       –       1,370

Unrealized depreciation on foreign currency forward contracts

       –       –       –       228

Payable for investments purchased

       1,279       5,569       1,283       2,991

Payable for variation margin on futures contracts

       –       –       –       20

Payable for fund shares redeemed

       189       356       11,476       –

Payable for operating expenses

       91       135       560       18

Payable for management fees

       21       14       205       –

Payable for deferred director’s compensation

       16       21       299       3

Total liabilities

       1,596       6,095       13,823       4,630

Total net assets

     $ 265,172     $ 199,226     $ 2,880,358     $ 17,169
NET ASSETS CONSIST OF:                                        

Fund shares issued and outstanding

     $ 251,575     $ 194,502     $ 2,064,661     $ 17,290

Total distributable earnings (loss)

       13,597       4,724       815,697       (121 )

Total net assets

     $ 265,172     $ 199,226     $ 2,880,358     $ 17,169
SUPPLEMENTARY INFORMATION:                                        

Net assets

                                        

Investor Shares

     $ 35,046     $ 73,975     $ 764,270     $ 596

Advisor Shares

     $ 17,674     $ 4,467     $ 530,020     $ 2,330

Institutional Shares

     $ 212,452     $ 120,784     $ 1,586,068     $ 14,243

Shares outstanding (Indefinite number of shares authorized, $0.01 par value)

                                        

Investor Shares

       2,080,809       4,325,747       27,222,283       60,162

Advisor Shares

       1,046,677       261,129       18,675,386       235,020

Institutional Shares

       12,519,919       6,966,781       55,043,430       1,436,249

Net asset value per share

                                        

Investor Shares

     $ 16.84     $ 17.10     $ 28.08     $ 9.91

Advisor Shares

     $ 16.89     $ 17.11     $ 28.38     $ 9.91

Institutional Shares

     $ 16.97     $ 17.34     $ 28.81     $ 9.92

Cost of total investments

     $ 216,850     $ 186,172     $ 1,968,149     $ 16,911

Cost of foreign currency held

     $ 123     $ 221     $ 2,062     $ 101

Proceeds from short positions in securities

     $ –     $ –     $ –     $ 1,572

 

*   Consolidated statement
(1)   Amount rounds to less than $1

 

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

 

     
56       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

    

GLOBAL

VALUE

   HIGH
INCOME		   INTERNATIONAL   INTERNATIONAL
EXPLORER
ASSETS:                                        

Investments in securities, unaffiliated, at value(1)

     $ 1,938,351     $ 5,910,697     $ 5,289,811     $ 37,974

Short-term investments, at value

       87,500       477,634       245,272       6,368

Total investments

       2,025,851       6,388,331       5,535,083       44,342

Cash

       14,660       46,677       58,275       –

Foreign currency

       3,469       –       8,839       102

Security lending income receivable

       –       8       194       –

Receivable from investments sold

       203       91,751       66,066       45

Receivable from fund shares sold

       347       20,973       2,806       91

Dividends and interest receivable

       8,126       100,950       21,998       241

Other assets

       233       434       884       3

Total assets

       2,052,889       6,649,124       5,694,145       44,824
LIABILITIES:                                        

Unrealized depreciation on foreign currency forward contracts

       –       55       –       –

Dividends payable

       –       10,427       –       –

Payable for investments purchased

       –       79,383       131,783       90

Payable for fund shares redeemed

       403       22,924       10,308       122

Payable upon return of securities loaned

       –       –       35,578       –

Payable for operating expenses

       809       712       1,496       55

Payable for management fees

       163       357       419       3

Payable for deferred director’s compensation

       207       359       810       2

Payable for foreign taxes on unrealized gains

       –       –       –       24

Total liabilities

       1,582       114,217       180,394       296

Total net assets

     $ 2,051,307     $ 6,534,907     $ 5,513,751     $ 44,528
NET ASSETS CONSIST OF:                                        

Fund shares issued and outstanding

     $ 1,655,554     $ 7,281,785     $ 4,679,448     $ 40,570

Total distributable earnings (loss)

       395,753       (746,878 )       834,303       3,958

Total net assets

     $ 2,051,307     $ 6,534,907     $ 5,513,751     $ 44,528
SUPPLEMENTARY INFORMATION:                                        

Net assets

                                        

Investor Shares

     $ 214,017     $ 739,765     $ 1,758,208          

Advisor Shares

     $ 249,578     $ 2,911,084     $ 898,990     $ 9,919

Institutional Shares

     $ 1,587,712     $ 2,884,058     $ 2,856,553     $ 34,609

Shares outstanding (Indefinite number of shares authorized, $0.01 par value)

                                        

Investor Shares

       11,433,647       85,365,511       67,924,116          

Advisor Shares

       13,355,305       336,166,641       34,886,851       890,394

Institutional Shares

       84,739,172       333,092,771       109,747,857       3,106,509

Net asset value per share

                                        

Investor Shares

     $ 18.72     $ 8.67     $ 25.88          

Advisor Shares

     $ 18.69     $ 8.66     $ 25.77     $ 11.14

Institutional Shares

     $ 18.74     $ 8.66     $ 26.03     $ 11.14

Cost of total investments

     $ 1,569,317     $ 7,092,064     $ 4,654,638     $ 40,740

Cost of foreign currency held

     $ 3,427     $ –     $ 8,814     $ 100

 

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

 

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

 

     
Artisan Partners Funds       57

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     INTERNATIONAL
SMALL-MID		   INTERNATIONAL
VALUE		   MID CAP   MID CAP
VALUE
ASSETS:                                        

Investments in securities, unaffiliated, at value

     $ 4,167,787     $ 21,658,523     $ 4,355,701     $ 1,233,675

Investments in securities, affiliated, at value

       159,670       2,032,740       –       –

Short-term investments, at value

       43,805       2,633,582       120,786       11,629

Total investments

       4,371,262       26,324,845       4,476,487       1,245,304

Cash

       37,128       125,120       44,359       12,018

Deposits with broker for swap contracts

       –       3,020       –       –

Foreign currency

       2,664       68,154       – (1)        –

Security lending income receivable

       –       –       –       – (1) 

Receivable from investments sold

       118,413       277,774       7,715       –

Receivable from fund shares sold

       5,947       150,086       3,917       524

Swaps contracts, at value

       –       1,677       –       –

Dividends and interest receivable

       12,300       114,225       620       1,918

Other assets

       278       1,644       532       217

Total assets

       4,547,992       27,066,545       4,533,630       1,259,981
LIABILITIES:                                        

Payable for investments purchased

       74,319       270,335       7,643       –

Payable for fund shares redeemed

       2,639       30,803       4,314       1,606

Payable for operating expenses

       459       10,829       771       377

Payable for management fees

       372       1,994       340       98

Payable for deferred director’s compensation

       222       1,353       475       196

Payable for foreign taxes on unrealized gains

       373       10,522       –       –

Total liabilities

       78,384       325,836       13,543       2,277

Total net assets

     $ 4,469,608     $ 26,740,709     $ 4,520,087     $ 1,257,704
NET ASSETS CONSIST OF:                                        

Fund shares issued and outstanding

     $ 4,199,641     $ 21,989,226     $ 3,360,123     $ 703,500

Total distributable earnings

       269,967       4,751,483       1,159,964       554,204

Total net assets

     $ 4,469,608     $ 26,740,709     $ 4,520,087     $ 1,257,704
SUPPLEMENTARY INFORMATION:                                        

Net assets

                                        

Investor Shares

     $ 316,951     $ 2,622,566     $ 1,451,476     $ 383,497

Advisor Shares

     $ 1,234,640     $ 7,012,271     $ 617,659     $ 329,905

Institutional Shares

     $ 2,918,017     $ 17,105,872     $ 2,450,952     $ 544,302

Shares outstanding (Indefinite number of shares authorized, $0.01 par value)

                                        

Investor Shares

       18,878,994       61,893,979       46,045,859       23,514,966

Advisor Shares

       73,247,872       165,745,055       19,229,847       20,341,488

Institutional Shares

       171,096,614       402,289,230       65,149,567       33,531,003

Net asset value per share

                                        

Investor Shares

     $ 16.79     $ 42.37     $ 31.52     $ 16.31

Advisor Shares

     $ 16.86     $ 42.31     $ 32.12     $ 16.22

Institutional Shares

     $ 17.05     $ 42.52     $ 37.62     $ 16.23

Cost of total investments excluding affiliated issuers

     $ 3,629,164     $ 20,468,592     $ 3,021,429     $ 838,884

Cost of securities of affiliated issuers held

     $ 205,276     $ 1,014,257     $ –     $ –

Cost of foreign currency held

     $ 2,653     $ 67,953     $ – (1)      $ –

 

(1)   Amount rounds to less than $1

 

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

 

     
58       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     SELECT EQUITY   SMALL CAP   SUSTAINABLE
EMERGING
MARKETS		   VALUE
ASSETS:                                        

Investments in securities, unaffiliated, at value

     $ 34,884     $ 1,863,450     $ 75,105     $ 237,989

Short-term investments, at value

       2,024       19,229       2,207       4,268

Total investments

       36,908       1,882,679       77,312       242,257

Cash

       147       23,979       392       2,195

Foreign currency

       – (1)        –       504       90

Security lending income receivable

       –       –       – (1)        –

Receivable from investments sold

       –       –       1,160       1,839

Receivable from fund shares sold

       2       10,702       78       591

Dividends and interest receivable

       50       391       222       640

Other assets

       7       210       16       36

Total assets

       37,114       1,917,961       79,684       247,648
LIABILITIES:                                        

Payable for investments purchased

       –       –       668       1,858

Payable for fund shares redeemed

       133       901       116       297

Payable upon return of securities loaned

       –       –       488       –

Payable for operating expenses

       41       398       214       156

Payable for management fees

       –       146       4       14

Payable for deferred director’s compensation

       8       183       14       33

Payable for foreign taxes on unrealized gains

       –       –       252       –

Total liabilities

       182       1,628       1,756       2,358

Total net assets

     $ 36,932     $ 1,916,333     $ 77,928     $ 245,290
NET ASSETS CONSIST OF:                                        

Fund shares issued and outstanding

     $ 34,897     $ 1,726,603     $ 213,538     $ 158,255

Total distributable earnings (loss)

       2,035       189,730       (135,610 )       87,035

Total net assets

     $ 36,932     $ 1,916,333     $ 77,928     $ 245,290
SUPPLEMENTARY INFORMATION:                                        

Net assets

                                        

Investor Shares

     $ 2,879     $ 617,228     $ 13,479     $ 87,836

Advisor Shares

     $ 1,230     $ 325,510     $ 35,841     $ 68,701

Institutional Shares

     $ 32,823     $ 973,595     $ 28,608     $ 88,753

Shares outstanding (Indefinite number of shares authorized, $0.01 par value)

                                        

Investor Shares

       241,630       19,454,308       894,208       6,974,060

Advisor Shares

       103,035       10,164,859       2,380,769       5,485,965

Institutional Shares

       2,765,468       29,728,798       1,865,988       7,084,034

Net asset value per share

                                        

Investor Shares

     $ 11.92     $ 31.73     $ 15.07     $ 12.59

Advisor Shares

     $ 11.94     $ 32.02     $ 15.05     $ 12.52

Institutional Shares

     $ 11.87     $ 32.75     $ 15.33     $ 12.53

Cost of total investments

     $ 34,061     $ 1,238,762     $ 75,254     $ 168,173

Cost of foreign currency held

     $ – (1)      $ –     $ 505     $ 87

 

(1)   Amount rounds to less than $1

 

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

 

     
Artisan Partners Funds       59

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     VALUE
INCOME
ASSETS:

 

Investments in securities, unaffiliated, at value

     $ 10,668

Short-term investments, at value

       140

Total investments

       10,808

Cash

       – (1) 

Foreign currency

       6

Receivable from investments sold

       – (1) 

Receivable from fund shares sold

       – (1) 

Receivable from the Adviser

       1

Dividends and interest receivable

       47

Other assets

       5

Total assets

       10,867
LIABILITIES:

 

Due to broker

       3

Written options, at value

       7 (2) 

Payable for fund shares redeemed

       69

Payable for operating expenses

       49

Payable for deferred director’s compensation

       3

Total liabilities

       131

Total net assets

     $ 10,736
NET ASSETS CONSIST OF:

 

Fund shares issued and outstanding

     $ 11,795

Total distributable loss

       (1,059 )

Total net assets

     $ 10,736
SUPPLEMENTARY INFORMATION:          

Net assets

 

Investor Shares

     $ 637

Advisor Shares

     $ 1,537

Institutional Shares

     $ 8,562

Shares outstanding (Indefinite number of shares authorized, $0.01 par value)

          

Investor Shares

       70,839

Advisor Shares

       171,002

Institutional Shares

       952,203

Net asset value per share

          

Investor Shares

     $ 8.99

Advisor Shares

     $ 8.99

Institutional Shares

     $ 8.99

Cost of total investments

     $ 11,368

Cost of foreign currency held

     $ 6

 

(1)   Amount rounds to less than $1
(2)   Written options, premiums received $11

 

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

 

     
60       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     DEVELOPING
WORLD		   EMERGING
MARKETS DEBT
OPPORTUNITIES*		   FLOATING
RATE		   FOCUS
INVESTMENT INCOME:

 

Dividends, from unaffiliated issuers(2)

     $ 4,050     $ 8     $ 79     $ 8,589

Income from non-cash dividends

       3,922       –       –       –

Interest

       766       923       2,054       242

Total investment income

       8,738       931       2,133       8,831
EXPENSES:                                        

Management fees

       16,663       88       159       7,622

Transfer agent fees

                                        

Investor Shares

       373       18       21       271

Advisor Shares

       671       12       21       340

Institutional Shares

       20       12       12       14

Shareholder Communications

       118       2       7       26

Custodian fees

       5       9       2       14

Accounting fees

       40       38       83       37

Professional fees

       138       21       14       59

Registration fees

                                        

Investor Shares

       14       10       13       14

Advisor Shares

       24       10       17       15

Institutional Shares

       14       10       13       12

Director’s fees

       89       2       3       30

Other operating expenses

       66       1       1       28

Total operating expenses

       18,235       233       366       8,482

Less amounts waived or paid by the Adviser

       –       (103 )       (116 )       –

Total operating expenses

       18,235       130       250       8,482

Net investment income (loss)

       (9,497 )       801       1,883       349
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

 

                    

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (155,636 )       (52 )       (122 )       (2,822 )

Foreign currency forward contracts

       –       79       –       5,590

Foreign currency related transactions

       250       (30 )       –       13

Futures contracts

       –       499       –       –

Written options

       –       –       –       (7,936 )

Swap contracts

       –       (1 )       –       –

Total realized gain (loss)

       (155,386 )       495       (122 )       (5,155 )

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       1,007,799       1,802       668       143,089

Foreign currency forward contracts

       –       (28 )       –       (7,680 )

Foreign currency related transactions

       72       – (1)        –       – (1) 

Futures contracts

       –       (517 )       –       –

Swap contracts

       –       12       –       –

Total increase in unrealized appreciation or depreciation

       1,007,871       1,269       668       135,409

Net gain on investments and foreign currency related transactions

       852,485       1,764       546       130,254

Net increase in net assets resulting from operations

     $ 842,988     $ 2,565     $ 2,429     $ 130,603

*  Consolidated statement

                

(1) Amount rounds to less than $1

                

(2) Net of foreign taxes withheld on dividends, unaffiliated issuers

     $ 360     $ 8     $ –     $ 143

 

 

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

 

     
Artisan Partners Funds       61

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     GLOBAL
DISCOVERY		   GLOBAL
EQUITY		   GLOBAL
OPPORTUNITIES		   GLOBAL
UNCONSTRAINED*
INVESTMENT INCOME:

 

Dividends, from unaffiliated issuers(2)

     $ 554     $ 982     $ 8,070     $ 9

Income from non-cash dividends

       –       49       –       –

Interest

       34       27       597       618

Income from securities lending

       –       6 (1)        –       –

Total investment income

       588       1,064       8,667       627
EXPENSES:                                        

Management fees

       1,210       878       13,092       76

Transfer agent fees

                                        

Investor Shares

       58       98       874       18

Advisor Shares

       19       15       272       12

Institutional Shares

       13       13       17       12

Shareholder Communications

       10       9       56       2

Custodian fees

       10       –       19       11

Accounting fees

       40       40       40       38

Professional fees

       30       36       104       16

Registration fees

                                        

Investor Shares

       8       8       16       10

Advisor Shares

       11       7       19       10

Institutional Shares

       11       12       11       10

Director’s fees

       5       4       68       2

Dividends on securities sold short

       –       –       –       4

Interest on securities sold short

       –       –       –       57

Other operating expenses

       9       10       57       1

Total operating expenses

       1,434       1,130       14,645       279

Less amounts waived or paid by the Adviser

       (18 )       (18 )       –       (114 )

Net expenses

       1,416       1,112       14,645       165

Net investment income (loss)

       (828 )       (48 )       (5,978 )       462
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

 

                    

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (10,327 )       6,034       (368 )       99

Foreign currency forward contracts

       –       –       –       (161 )

Foreign currency related transactions

       7       (3 )       106       (32 )

Futures contracts

       –       –       –       288

Securities sold short

       –       –       –       (5 )

Swap contracts

       –       –       –       (14 )

Total realized gain (loss)

       (10,320 )       6,031       (262 )       175

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       54,524       31,468       451,057       1,113

Foreign currency forward contracts

       –       –       –       (172 )

Foreign currency related transactions

       13       31       148       – (1) 

Futures contracts

       –       –       –       (325 )

Swap contracts

       –       –       –       (264 )

Securities sold short

       –       –       –       78

Total increase in unrealized appreciation or depreciation

       54,537       31,499       451,205       430

Net gain on investments and foreign currency related transactions

       44,217       37,530       450,943       605

Net increase in net assets resulting from operations

     $ 43,389     $ 37,482     $ 444,965     $ 1,067

*  Consolidated statement

                

(1) Amount rounds to less than $1

                

(2) Net of foreign taxes withheld on dividends, unaffiliated issuers

     $ 6     $ 48     $ 225     $ 3

 

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

 

     
62       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     GLOBAL
VALUE		   HIGH
INCOME		   INTERNATIONAL   INTERNATIONAL
EXPLORER
INVESTMENT INCOME:                                        

Dividends, from unaffiliated issuers(2)

     $ 16,027     $ 8,628     $ 39,789     $ 398

Interest

       257       232,998       1,646       – (1) 

Income from securities lending

       –       8       557       –

Total investment income

       16,284       241,634       41,992       398
EXPENSES:                                        

Management fees

       9,813       20,396       25,338       170

Transfer agent fees

                                        

Investor Shares

       246       888       1,914       –

Advisor Shares

       107       1,220       365       17

Institutional Shares

       15       25       21       14

Shareholder Communications

       21       121       57       – (1) 

Custodian fees

       35       27       90       33

Accounting fees

       40       59       40       23

Professional fees

       71       158       198       12

Registration fees

                                        

Investor Shares

       12       22       17          

Advisor Shares

       13       40       14       11

Institutional Shares

       13       34       92       15

Director’s fees

       32       94       110       2

Other operating expenses

       34       97       111       1

Total operating expenses

       10,452       23,181       28,367       298

Less amounts waived or paid by the Adviser

       –       –       –       (77 )

Total operating expenses

       10,452       23,181       28,367       221

Net investment income

       5,832       218,453       13,625       177
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

 

                    

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       4,393       (20,866 )       11,913       440

Foreign currency forward contracts

       –       14       –       (25 )

Foreign currency related transactions

       379       (4 )       971       4

Futures contracts

       –       3,824       –       –

Total realized gain (loss)

       4,772       (17,032 )       12,884       419

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers(3)

       431,457       200,768       1,252,824       6,773

Foreign currency forward contracts

       –       (103 )       –       –

Foreign currency related transactions

       312       4       2,019       3

Futures contracts

       –       (4,289 )       –       –

Total increase in unrealized appreciation or depreciation

       431,769       196,380       1,254,843       6,776

Net gain on investments and foreign currency related transactions

       436,541       179,348       1,267,727       7,195

Net increase in net assets resulting from operations

     $ 442,373     $ 397,801     $ 1,281,352     $ 7,372

(1) Amount rounds to less than $1

                

(2) Net of foreign taxes withheld on dividends, unaffiliated issuers

     $ 1,165     $ –     $ 3,715     $ 17

(3) Net of increase in foreign taxes on unrealized gains

       –       –       –       24

 

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

 

     
Artisan Partners Funds       63

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     INTERNATIONAL
SMALL-MID		   INTERNATIONAL
VALUE		   MID CAP   MID CAP
VALUE
INVESTMENT INCOME:                                        

Dividends, from unaffiliated issuers(2)

     $ 14,786     $ 198,136     $ 6,510     $ 12,286

Dividends, from affiliated issuers

       1,341       6,474       –       –

Interest

       878       2,273       792       204

Income from securities lending

       –       –       –       – (1) 

Total investment income

       17,005       206,883       7,302       12,490
EXPENSES:                                        

Management fees

       22,050       108,956       20,225       6,455

Transfer agent fees

                                        

Investor Shares

       375       2,705       1,611       427

Advisor Shares

       511       2,488       254       120

Institutional Shares

       19       27       25       14

Shareholder Communications

       201       315       88       56

Custodian fees

       35       651       12       7

Accounting fees

       40       49       29       29

Professional fees

       135       477       124       56

Registration fees

                                        

Investor Shares

       17       20       20       11

Advisor Shares

       21       76       16       10

Institutional Shares

       28       109       25       12

Fund administration fees

       –       50       –       –

Director’s fees

       77       333       86       26

Other operating expenses

       68       379       81       23

Total operating expenses

       23,577       116,635       22,596       7,246

Net investment income (loss)

       (6,572 )       90,248       (15,294 )       5,244
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

 

                    

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers(3)

       (56,601 )       (21,113 )       (185,618 )       150,292

Investments, from affiliated issuers

       (9,272 )       94,202       –       –

Foreign currency related transactions

       729       1,499       (73 )       –

Swap contracts

       –       6,034       –       –

Total realized gain (loss)

       (65,144 )       80,622       (185,691 )       150,292

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers(4)

       852,241       5,369,438       663,178       34,797

Investments, from affiliated issuers

       21,702       599,044       –       –

Foreign currency related transactions

       652       3,927       – (1)        –

Swap contracts

       –       2,205       –       –

Total increase in unrealized appreciation or depreciation

       874,595       5,974,614       663,178       34,797

Net gain on investments and foreign currency related transactions

       809,451       6,055,236       477,487       185,089

Net increase in net assets resulting from operations

     $ 802,879     $ 6,145,484     $ 462,193     $ 190,333

(1) Amount rounds to less than $1

                

(2) Net of foreign taxes withheld on dividends, unaffiliated issuers

     $ 1,315     $ 23,110     $ –     $ –

(4) Net of foreign taxes on realized gains

       –       6       –       –

(5) Net of increase in foreign taxes on unrealized gains

       373       7,475       –       –

 

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

 

     
64       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     SELECT EQUITY   SMALL CAP   SUSTAINABLE
EMERGING
MARKETS		   VALUE
INVESTMENT INCOME:                                        

Dividends, from unaffiliated issuers(1)

     $ 211     $ 1,579     $ 492     $ 2,397

Interest

       3       357       8       36

Income from securities lending

       –       –       – (2)        –

Total investment income

       214       1,936       500       2,433
EXPENSES:                                        

Management fees

       128       9,094       305       894

Transfer agent fees

                                        

Investor Shares

       22       702       24       110

Advisor Shares

       13       130       27       38

Institutional Shares

       12       18       13       13

Shareholder Communications

       8       87       13       17

Custodian fees

       1       6       18       6

Accounting fees

       29       30       40       29

Professional fees

       24       71       39       28

Registration fees

                                        

Investor Shares

       8       12       9       9

Advisor Shares

       8       18       13       9

Institutional Shares

       8       18       9       12

Director’s fees

       3       42       3       4

Other operating expenses

       5       38       6       6

Total operating expenses

       269       10,266       519       1,175

Less amounts waived or paid by the Adviser

       (79 )       –       (139 )       (33 )

Net expenses

       190       10,266       380       1,142

Net investment income (loss)

       24       (8,330 )       120       1,291
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

 

                    

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers(3)

       (270 )       (55,026 )       (2,523 )       16,086

Foreign currency related transactions

       1       –       (42 )       (6 )

Total realized gain (loss)

       (269 )       (55,026 )       (2,565 )       16,080

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers(4)

       7,507       321,867       16,124       32,470

Foreign currency related transactions

       (1 )       –       26       5

Total increase in unrealized appreciation or depreciation

       7,506       321,867       16,150       32,475

Net gain on investments and foreign currency related transactions

       7,237       266,841       13,585       48,555

Net increase in net assets resulting from operations

     $ 7,261     $ 258,511     $ 13,705     $ 49,846

(1) Net of foreign taxes withheld on dividends, unaffiliated issuers

     $ 3     $ –     $ 74     $ 20

(2) Amount rounds to less than $1

                

(3) Net of foreign taxes on realized gains

       –       –       20       –

(4) Net of decrease in foreign taxes on unrealized gains

       –       –       48       –

 

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

 

     
Artisan Partners Funds       65

ARTISAN PARTNERS FUNDS

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

Dollar values in thousands

 

     VALUE
INCOME
INVESTMENT INCOME:

 

Dividends, from unaffiliated issuers(2)

     $ 170

Interest

       25

Total investment income

       195
EXPENSES:

 

Management fees

       35

Transfer agent fees

          

Investor Shares

       20

Advisor Shares

       12

Institutional Shares

       12

Shareholder Communications

       1

Custodian fees

       12

Accounting fees

       24

Professional fees

       14

Registration fees

          

Investor Shares

       12

Advisor Shares

       13

Institutional Shares

       13

Director’s fees

       2

Other operating expenses

       – (1) 

Total operating expenses

       170

Less amounts waived or paid by the Adviser

       (117 )

Net expenses

       53

Net investment income

       142
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:          

Net realized gain (loss) on:

          

Investments, from unaffiliated issuers

       (431 )

Foreign currency related transactions

       – (1) 

Written options

       6

Total realized loss

       (425 )

Net increase (decrease) in unrealized appreciation or depreciation on:

          

Investments, from unaffiliated issuers

       1,337

Foreign currency related transactions

       – (1) 

Written options

       7

Total increase in unrealized appreciation or depreciation

       1,344

Net gain on investments and foreign currency related transactions

       919

Net increase in net assets resulting from operations

     $ 1,061

(1) Amount rounds to less than $1

    

(2) Net of foreign taxes withheld on dividends, unaffiliated issuers

     $ – (1) 

 

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

 

     
66       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

 

     DEVELOPING WORLD   EMERGING
MARKETS DEBT
OPPORTUNITIES*
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Period Ended
9/30/2022(2)
OPERATIONS:

 

Net investment income (loss)

     $ (9,497 )     $ (42,238 )     $ 801     $ 491

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (155,636 )       (616,472 )       (52 )       (97 )

Foreign currency forward contracts

       –       –       79       365

Foreign currency related transactions

       250       (3,285 )       (30 )       (11 )

Futures contracts

       –       –       499       167

Swap contracts

       –       –       (1 )       (43 )

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       1,007,799       (3,057,117 )       1,802       (1,525 )

Foreign currency forward contracts

       –       –       (28 )       35

Foreign currency related transactions

       72       (66 )       – (3)        (6 )

Futures contracts

       –       –       (517 )       311

Swap contracts

       –       –       12       (46 )

Net increase (decrease) in net assets resulting from operations

       842,988       (3,719,178 )       2,565       (359 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (387 )       (71,898 )       (10 )       (2 )

Advisor Shares

       (6,812 )       (366,044 )       (54 )       (9 )

Institutional Shares

       (7,043 )       (246,476 )       (1,427 )       (497 )

Total distributions to shareholders

       (14,242 )       (684,418 )       (1,491 )       (508 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (805,568 )       (1,070,988 )       3,859       22,066

Total increase (decrease) in net assets

       23,178       (5,474,584 )       4,933       21,199

Net assets, beginning of period

       3,251,606       8,726,190       21,199       –

Net assets, end of period

     $ 3,274,784     $ 3,251,606     $ 26,132     $ 21,199

 

*   Consolidated statement
(1)   Unaudited.
(2)   For the period from commencement of operations (April 7, 2022) through September 30, 2022.
(3)   Amount rounds to less than $1

 

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

 

     
Artisan Partners Funds       67

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     FLOATING RATE   FOCUS
     Six Months Ended
3/31/2023(1)		   Period Ended
9/30/2022(2)		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income (loss)

     $ 1,883     $ 1,458     $ 349     $ (3,382 )

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (122 )       (600 )       (2,822 )       (134,890 )

Foreign currency forward contracts

       –       –       5,590       3,082

Foreign currency related transactions

       –       –       13       (153 )

Written options

       –       –       (7,936 )       17,350

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       668       (2,850 )       143,089       (299,398 )

Foreign currency forward contracts

       –       –       (7,680 )       8,501

Foreign currency related transactions

       –       –       – (3)        – (3) 

Written options

       –       –       –       (227 )

Net increase (decrease) in net assets resulting from operations

       2,429       (1,992 )       130,603       (409,117 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (121 )       (41 )       (757 )       (52,159 )

Advisor Shares

       (623 )       (511 )       (3,709 )       (188,039 )

Institutional Shares

       (1,089 )       (904 )       (3,577 )       (114,170 )

Total distributions to shareholders

       (1,833 )       (1,456 )       (8,043 )       (354,368 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (1,713 )       50,681       (308,806 )       73,552

Total increase (decrease) in net assets

       (1,117 )       47,233       (186,246 )       (689,933 )

Net assets, beginning of period

       47,233       –       1,608,442       2,298,375

Net assets, end of period

     $ 46,116     $ 47,233     $ 1,422,196     $ 1,608,442

 

(1)   Unaudited.
(2)   For the period from commencement of operations (December 1, 2021) through September 30, 2022.
(3)   Amount rounds to less than $1

 

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

 

     
68       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     GLOBAL DISCOVERY   GLOBAL EQUITY
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income (loss)

     $ (828 )     $ (2,091 )     $ (48 )     $ 1,355

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (10,327 )       (18,524 )       6,034       (9,000 )

Foreign currency related transactions

       7       26       (3 )       (82 )

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       54,524       (107,589 )       31,468       (81,813 )

Foreign currency related transactions

       13       (10 )       31       (41 )

Net increase (decrease) in net assets resulting from operations

       43,389       (128,188 )       37,482       (89,581 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       –       (4,800 )       (654 )       (22,537 )

Advisor Shares

       –       (1,618 )       (46 )       (2,161 )

Institutional Shares

       (233 )       (20,198 )       (1,374 )       (23,620 )

Total distributions to shareholders

       (233 )       (26,616 )       (2,074 )       (48,318 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (10,385 )       33,064       (12,433 )       (19,588 )

Total increase (decrease) in net assets

       32,771       (121,740 )       22,975       (157,487 )

Net assets, beginning of period

       232,401       354,141       176,251       333,738

Net assets, end of period

     $ 265,172     $ 232,401     $ 199,226     $ 176,251

 

(1) 

Unaudited.

 

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

 

     
Artisan Partners Funds       69

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     GLOBAL OPPORTUNITIES   GLOBAL UNCONSTRAINED*
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Period Ended
9/30/2022(2)
OPERATIONS:                                        

Net investment income (loss)

     $ (5,978 )     $ (5,147 )     $ 462     $ 186

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (368 )       (49,639 )       99       (43 )

Foreign currency forward contracts

       –       –       (161 )       430

Foreign currency related transactions

       106       (502 )       (32 )       (14 )

Securities sold short

       –       –       (5 )       7

Futures contracts

       –       –       288       81

Swap contracts

       –       –       (14 )       (15 )

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       451,057       (1,521,743 )       1,113       (876 )

Foreign currency forward contracts

       –       –       (172 )       73

Foreign currency related transactions

       148       (120 )       – (3)        (3 )

Securities sold short

       –       –       78       124

Futures contracts

       –       –       (325 )       190

Swap contracts

       –       –       (264 )       169

Net increase (decrease) in net assets resulting from operations

       444,965       (1,577,151 )       1,067       309
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       –       (152,763 )       (43 )       (3 )

Advisor Shares

       –       (124,592 )       (185 )       (20 )

Institutional Shares

       –       (303,744 )       (1,109 )       (137 )

Total distributions to shareholders

       –       (581,099 )       (1,337 )       (160 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (738,672 )       (407,198 )       2,404       14,886

Total increase (decrease) in net assets

       (293,707 )       (2,565,448 )       2,134       15,035

Net assets, beginning of period

       3,174,065       5,739,513       15,035       –

Net assets, end of period

     $ 2,880,358     $ 3,174,065     $ 17,169     $ 15,035

 

*   Consolidated statement
(1)   Unaudited.
(2)   For the period from commencement of operations (March 31, 2022) through September 30, 2022.
(3)   Amount rounds to less than $1

 

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

 

     
70       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     GLOBAL VALUE   HIGH INCOME
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income

     $ 5,832     $ 23,334     $ 218,453     $ 362,065

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       4,393       95,660       (20,866 )       75,704

Foreign currency forward contracts

       –       –       14       1,011

Foreign currency related transactions

       379       (857 )       (4 )       (251 )

Futures contracts

       –       –       3,824       14,566

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       431,457       (600,098 )       200,768       (1,184,698 )

Foreign currency forward contracts

       –       –       (103 )       37

Foreign currency related transactions

       312       (255 )       4       (4 )

Futures contracts

       –       –       (4,289 )       441

Unfunded loan commitments

       –       –       –       7

Net increase (decrease) in net assets resulting from operations

       442,373       (482,216 )       397,801       (731,122 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (8,029 )       (24,940 )       (30,986 )       (90,749 )

Advisor Shares

       (10,883 )       (29,976 )       (116,171 )       (238,921 )

Institutional Shares

       (62,232 )       (171,531 )       (110,716 )       (193,092 )

Total distributions to shareholders

       (81,144 )       (226,447 )       (257,873 )       (522,762 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (128,047 )       51,359       585,907       (9,127 )

Total increase (decrease) in net assets

       233,182       (657,304 )       725,835       (1,263,011 )

Net assets, beginning of period

       1,818,125       2,475,429       5,809,072       7,072,083

Net assets, end of period

     $ 2,051,307     $ 1,818,125     $ 6,534,907     $ 5,809,072

 

(1) 

Unaudited.

 

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

 

     
Artisan Partners Funds       71

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     INTERNATIONAL   INTERNATIONAL EXPLORER
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Period Ended
9/30/2022(2)
OPERATIONS:                                        

Net investment income

     $ 13,625     $ 88,785     $ 177     $ 19

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       11,913       182,162       440       (199 )

Foreign currency forward contracts

       –       –       (25 )       –

Foreign currency related transactions

       971       (3,853 )       4       8

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       1,252,824       (2,603,625 )       6,773       (3,195 )

Foreign currency related transactions

       2,019       (2,787 )       3       – (3) 

Net increase (decrease) in net assets resulting from operations

       1,281,352       (2,339,318 )       7,372       (3,367 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (43,596 )       (570,026 )                    

Advisor Shares

       (23,884 )       (322,303 )       (8 )       –

Institutional Shares

       (80,781 )       (947,348 )       (39 )       –

Total distributions to shareholders

       (148,261 )       (1,839,677 )       (47 )       –
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (612,878 )       (485,489 )       16,667       23,903

Total increase (decrease) in net assets

       520,213       (4,664,484 )       23,992       20,536

Net assets, beginning of period

       4,993,538       9,658,022       20,536       –

Net assets, end of period

     $ 5,513,751     $ 4,993,538     $ 44,528     $ 20,536

 

(1)   Unaudited.
(2)   For the period from commencement of operations (May 16, 2022) through September 30, 2022.
(3)   Amount rounds to less than $1

 

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

 

     
72       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     INTERNATIONAL SMALL-MID   INTERNATIONAL VALUE
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income (loss)

     $ (6,572 )     $ (6,495 )     $ 90,248     $ 305,788

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (56,601 )       (129,249 )       (21,113 )       421,460

Investments, from affiliated issuers

       (9,272 )       (30,526 )       94,202       1,258

Foreign currency forward contracts

       –       –       –       56,644

Foreign currency related transactions

       729       (1,472 )       1,499       (5,636 )

Swap contracts

       –       –       6,034       –

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       852,241       (1,703,098 )       5,369,438       (5,225,802 )

Investments, from affiliated issuers

       21,702       (144,548 )       599,044       (83,625 )

Foreign currency forward contracts

       –       –       –       (5,810 )

Foreign currency related transactions

       652       (759 )       3,927       (4,309 )

Swap contracts

       –       –       2,205       (498 )

Net increase (decrease) in net assets resulting from operations

       802,879       (2,016,147 )       6,145,484       (4,540,530 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       –       (14,628 )       (43,449 )       (255,824 )

Advisor Shares

       (297 )       (51,584 )       (104,292 )       (494,136 )

Institutional Shares

       (3,176 )       (107,479 )       (278,867 )       (1,481,257 )

Total distributions to shareholders

       (3,473 )       (173,691 )       (426,608 )       (2,231,217 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (298,361 )       (127,455 )       890,803       4,796,949

Total increase (decrease) in net assets

       501,045       (2,317,293 )       6,609,679       (1,974,798 )

Net assets, beginning of period

       3,968,563       6,285,856       20,131,030       22,105,828

Net assets, end of period

     $ 4,469,608     $ 3,968,563     $ 26,740,709     $ 20,131,030

 

(1) 

Unaudited.

 

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

 

     
Artisan Partners Funds       73

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     MID CAP   MID CAP VALUE
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income (loss)

     $ (15,294 )     $ (48,169 )     $ 5,244     $ 12,675

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (185,618 )       (12,910 )       150,292       277,492

Foreign currency related transactions

       (73 )       (21 )       –       –

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       663,178       (2,500,946 )       34,797       (529,378 )

Foreign currency related transactions

       – (2)        (3 )       –       –

Net increase (decrease) in net assets resulting from operations

       462,193       (2,562,049 )       190,333       (239,211 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (3,829 )       (396,844 )       (70,676 )       (90,957 )

Advisor Shares

       (2,663 )       (143,826 )       (73,203 )       (71,587 )

Institutional Shares

       (10,835 )       (550,241 )       (100,129 )       (101,879 )

Total distributions to shareholders

       (17,327 )       (1,090,911 )       (244,008 )       (264,423 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       (170,002 )       479,163       3,412       (216,745 )

Total increase (decrease) in net assets

       274,864       (3,173,797 )       (50,263 )       (720,379 )

Net assets, beginning of period

       4,245,223       7,419,020       1,307,967       2,028,346

Net assets, end of period

     $ 4,520,087     $ 4,245,223     $ 1,257,704     $ 1,307,967

 

(1)   Unaudited.
(2)   Amount rounds to less than $1

 

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

 

     
74       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     SELECT EQUITY   SMALL CAP
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income (loss)

     $ 24     $ 57     $ (8,330 )     $ (23,992 )

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (270 )       605       (55,026 )       (277,985 )

Investments, from affiliated issuers

       –       –       –       (30,484 )

Foreign currency related transactions

       1       – (2)        –       – (2) 

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       7,507       (8,795 )       321,867       (1,132,581 )

Investments, from affiliated issuers

       –       –       –       8,852

Foreign currency related transactions

       (1 )       – (2)        –       –

Net increase (decrease) in net assets resulting from operations

       7,261       (8,133 )       258,511       (1,456,190 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (69 )       (142 )       (1,557 )       (106,455 )

Advisor Shares

       (56 )       (86 )       (1,332 )       (131,363 )

Institutional Shares

       (816 )       (987 )       (4,453 )       (157,713 )

Total distributions to shareholders

       (941 )       (1,215 )       (7,342 )       (395,531 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       1,056       14,298       (150,363 )       (380,807 )

Total increase (decrease) in net assets

       7,376       4,950       100,806       (2,232,528 )

Net assets, beginning of period

       29,556       24,606       1,815,527       4,048,055

Net assets, end of period

     $ 36,932     $ 29,556     $ 1,916,333     $ 1,815,527

 

(1)   Unaudited.
(2)   Amount rounds to less than $1

 

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

 

     
Artisan Partners Funds       75

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     SUSTAINABLE EMERGING MARKETS   VALUE
     Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022		   Six Months Ended
3/31/2023(1)		   Year Ended
9/30/2022
OPERATIONS:                                        

Net investment income

     $ 120     $ 805     $ 1,291     $ 2,935

Net realized gain (loss) on:

                                        

Investments, from unaffiliated issuers

       (2,523 )       (240 )       16,086       45,254

Foreign currency related transactions

       (42 )       (28 )       (6 )       (35 )

Net increase (decrease) in unrealized appreciation or depreciation on:

                                        

Investments, from unaffiliated issuers

       16,124       (32,151 )       32,470       (92,642 )

Foreign currency related transactions

       26       (56 )       5       (8 )

Net increase (decrease) in net assets resulting from operations

       13,705       (31,670 )       49,846       (44,496 )
DISTRIBUTIONS TO SHAREHOLDERS:                                        

Investor Shares

       (112 )       (659 )       (13,355 )       (12,565 )

Advisor Shares

       (277 )       –       (9,301 )       (11,837 )

Institutional Shares

       (277 )       (89 )       (16,019 )       (19,119 )

Total distributions to shareholders

       (666 )       (748 )       (38,675 )       (43,521 )
FUND SHARE ACTIVITIES:                                        

Net increase (decrease) in net assets resulting from fund share activities

       2,158       23,380       7,024       (56,154 )

Total increase (decrease) in net assets

       15,197       (9,038 )       18,195       (144,171 )

Net assets, beginning of period

       62,731       71,769       227,095       371,266

Net assets, end of period

     $ 77,928     $ 62,731     $ 245,290     $ 227,095

 

(1)   Unaudited.

 

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

 

     
76       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

 

     VALUE INCOME
     Six Months Ended
3/31/2023(1)		   Period Ended
9/30/2022(2)
OPERATIONS:                    

Net investment income

     $ 142     $ 167

Net realized gain (loss) on:

                    

Investments, from unaffiliated issuers

       (431 )       (89 )

Foreign currency related transactions

       – (3)        (1 )

Written options

       6       3

Net increase (decrease) in unrealized appreciation or depreciation on:

                    

Investments, from unaffiliated issuers

       1,337       (1,897 )

Foreign currency related transactions

       – (3)        – (3) 

Written options

       7       (3 )

Net increase (decrease) in net assets resulting from operations

       1,061       (1,820 )
DISTRIBUTIONS TO SHAREHOLDERS:                    

Investor Shares

       (8 )       (12 )

Advisor Shares

       (19 )       (18 )

Institutional Shares

       (111 )       (131 )

Total distributions to shareholders

       (138 )       (161 )
FUND SHARE ACTIVITIES:                    

Net increase in net assets resulting from fund share activities

       707       11,087

Total increase in net assets

       1,630       9,106

Net assets, beginning of period

       9,106       –

Net assets, end of period

     $ 10,736     $ 9,106

 

(1)   Unaudited.
(2)   For the period from commencement of operations (February 28, 2022) through September 30, 2022.
(3)   Amount rounds to less than $1

 

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

 

     
Artisan Partners Funds       77

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net
Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		     Total
from
Operations		     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
DEVELOPING WORLD FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 12.12       (0.05 )      3.66       3.61       (0.02 )      —       (0.02 )    $ 15.71  

9/30/2022

   $ 25.55       (0.17 )      (11.19 )      (11.36 )      —       (2.07 )      (2.07 )    $ 12.12  

9/30/2021

   $ 22.98       (0.29 )      3.97       3.68       —       (1.11 )      (1.11 )    $ 25.55  

9/30/2020

   $ 13.44       (0.17 )      9.71       9.54       —       —       —     $ 22.98  

9/30/2019

   $ 11.17       (0.07 )      2.34       2.27       — (6)      —       — (6)    $ 13.44  

9/30/2018

   $ 12.83       — (6)      (1.23 )      (1.23 )      (0.02 )      (0.41 )      (0.43 )    $ 11.17  

Advisor Shares

                                                                

3/31/2023(5)

   $ 12.25       (0.04 )      3.69       3.65       (0.05 )      —       (0.05 )    $ 15.85  

9/30/2022

   $ 25.77       (0.14 )      (11.31 )      (11.45 )      —       (2.07 )      (2.07 )    $ 12.25  

9/30/2021

   $ 23.13       (0.24 )      3.99       3.75       —       (1.11 )      (1.11 )    $ 25.77  

9/30/2020

   $ 13.51       (0.14 )      9.76       9.62       —       —       —     $ 23.13  

9/30/2019

   $ 11.21       (0.03 )      2.34       2.31       (0.01 )      —       (0.01 )    $ 13.51  

9/30/2018

   $ 12.87       0.03       (1.25 )      (1.22 )      (0.03 )      (0.41 )      (0.44 )    $ 11.21  

Institutional Shares

                                                                

3/31/2023(5)

   $ 12.33       (0.04 )      3.72       3.68       (0.07 )      —       (0.07 )    $ 15.94  

9/30/2022

   $ 25.90       (0.12 )      (11.38 )      (11.50 )      —       (2.07 )      (2.07 )    $ 12.33  

9/30/2021

   $ 23.22       (0.22 )      4.01       3.79       —       (1.11 )      (1.11 )    $ 25.90  

9/30/2020

   $ 13.55       (0.13 )      9.80       9.67       — (6)      —       — (6)    $ 23.22  

9/30/2019

   $ 11.23       (0.02 )      2.34       2.32       — (6)      —       — (6)    $ 13.55  

9/30/2018

   $ 12.89       0.04       (1.25 )      (1.21 )      (0.04 )      (0.41 )      (0.45 )    $ 11.23  
EMERGING MARKETS DEBT OPPORTUNITIES FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 9.60       0.34       0.64       0.98       (0.36 )      (0.23 )      (0.59 )    $ 9.99  

9/30/2022(7)

   $ 10.00       0.24       (0.41 )      (0.17 )      (0.23 )      —       (0.23 )    $ 9.60  

Advisor Shares

                                                                

3/31/2023(5)

   $ 9.60       0.33       0.67       1.00       (0.36 )      (0.23 )      (0.59 )    $ 10.01  

9/30/2022(7)

   $ 10.00       0.24       (0.41 )      (0.17 )      (0.23 )      —       (0.23 )    $ 9.60  

Institutional Shares

                                                                

3/31/2023(5)

   $ 9.60       0.35       0.60       0.95       (0.36 )      (0.23 )      (0.59 )    $ 9.96  

9/30/2022(7)

   $ 10.00       0.23       (0.39 )      (0.16 )      (0.24 )      —       (0.24 )    $ 9.60  
FLOATING RATE FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 9.30       0.37       0.11       0.48       (0.36 )      —       (0.36 )    $ 9.42  

9/30/2022(8)

   $ 10.00       0.32       (0.72 )      (0.40 )      (0.30 )      —       (0.30 )    $ 9.30  

Advisor Shares

                                                                

3/31/2023(5)

   $ 9.30       0.37       0.12       0.49       (0.37 )      —       (0.37 )    $ 9.42  

9/30/2022(8)

   $ 10.00       0.32       (0.72 )      (0.40 )      (0.30 )      —       (0.30 )    $ 9.30  

Institutional Shares

                                                                

3/31/2023(5)

   $ 9.30       0.38       0.11       0.49       (0.37 )      —       (0.37 )    $ 9.42  

9/30/2022(8)

   $ 10.00       0.33       (0.72 )      (0.39 )      (0.31 )      —       (0.31 )    $ 9.30  

 

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

 

     
78       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

     

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
DEVELOPING WORLD FUND

 

Investor Shares

                                                      

3/31/2023(5)

      29.79 %     $ 338,466        1.29 %       n/a        (0.77 )%       32.16 % 

9/30/2022

      (48.39 )%     $ 349,016        1.28 %       n/a        (0.92 )%       87.26 % 

9/30/2021

      16.15 %     $ 899,701        1.26 %       n/a        (1.09 )%       126.20 % 

9/30/2020

      71.06 %     $ 643,044        1.28 %       n/a        (0.96 )%       138.63 % 

9/30/2019

      20.33 %     $ 255,336        1.35 %       n/a        (0.56 )%       159.86 % 

9/30/2018

      (9.99 )%     $ 477,908        1.36 %       n/a        (0.02 )%       121.12 % 

Advisor Shares

                                                      

3/31/2023(5)

      29.93 %     $ 1,497,892        1.14 %       n/a        (0.60 )%       32.16 % 

9/30/2022

      (48.32 )%     $ 1,620,067        1.11 %       n/a        (0.75 )%       87.26 % 

9/30/2021

      16.35 %     $ 4,648,125        1.09 %       n/a        (0.92 )%       126.20 % 

9/30/2020

      71.28 %     $ 3,513,504        1.13 %       n/a        (0.81 )%       138.63 % 

9/30/2019

      20.59 %     $ 1,585,519        1.18 %       n/a        (0.23 )%       159.86 % 

9/30/2018

      (9.87 )%     $ 1,031,825        1.18 %       n/a        0.22 %       121.12 % 

Institutional Shares

                                                      

3/31/2023(5)

      29.97 %     $ 1,438,426        1.05 %       n/a        (0.52 )%       32.16 % 

9/30/2022

      (48.27 )%     $ 1,282,523        1.03 %       n/a        (0.66 )%       87.26 % 

9/30/2021

      16.46 %     $ 3,178,364        1.00 %       n/a        (0.83 )%       126.20 % 

9/30/2020

      71.45 %     $ 2,475,795        1.04 %       n/a        (0.72 )%       138.63 % 

9/30/2019

      20.71 %     $ 820,920        1.08 %       n/a        (0.15 )%       159.86 % 

9/30/2018

      (9.80 )%     $ 681,242        1.08 %       n/a        0.29 %       121.12 % 
EMERGING MARKETS DEBT OPPORTUNITIES FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      11.74 %     $ 245        1.25 %       36.28 %       6.69 %       83.12 % 

9/30/2022(7)

      (1.72 )%     $ 88        1.25 %       170.55 %       5.07 %       38.16 % 

Advisor Shares

                                                      

3/31/2023(5)

      11.91 %     $ 2,703        1.15 %       5.48 %       6.67 %       83.12 % 

9/30/2022(7)

      (1.78 )%     $ 433        1.15 %       28.37 %       5.02 %       38.16 % 

Institutional Shares

                                                      

3/31/2023(5)

      11.83 %     $ 22,930        1.10 %       1.56 %       6.96 %       83.12 % 

9/30/2022(7)

      (1.65 )%     $ 20,678        1.10 %       1.57 %       4.84 %       38.16 % 
FLOATING RATE FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      5.26 %     $ 3,827        1.20 %       3.43 %       7.97 %       45.59 % 

9/30/2022(8)

      (4.17 )%     $ 2,451        1.20 %       7.19 %       4.02 %       48.90 % 

Advisor Shares

                                                      

3/31/2023(5)

      5.32 %     $ 15,212        1.10 %       1.63 %       8.00 %       45.59 % 

9/30/2022(8)

      (4.09 )%     $ 16,705        1.10 %       1.61 %       4.16 %       48.90 % 

Institutional Shares

                                                      

3/31/2023(5)

      5.34 %     $ 27,077        1.05 %       1.33 %       8.07 %       45.59 % 

9/30/2022(8)

      (4.07 )%     $ 28,077        1.05 %       1.27 %       4.10 %       48.90 % 

 

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

 

     
Artisan Partners Funds       79

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
FOCUS FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 15.19       (0.01 )      1.27       1.26       (0.05 )      —       (0.05 )    $ 16.40  

9/30/2022

   $ 22.30       (0.06 )      (3.61 )      (3.67 )      —       (3.44 )      (3.44 )    $ 15.19  

9/30/2021

   $ 18.34       (0.11 )      4.73       4.62       —       (0.66 )      (0.66 )    $ 22.30  

9/30/2020

   $ 15.63       (0.06 )      3.35       3.29       (0.04 )      (0.54 )      (0.58 )    $ 18.34  

9/30/2019

   $ 14.39       (0.01 )      1.70       1.69       — (6)      (0.45 )      (0.45 )    $ 15.63  

9/30/2018

   $ 11.79       (0.04 )      3.82       3.78       —       (1.18 )      (1.18 )    $ 14.39  

Advisor Shares

                                                                

3/31/2023(5)

   $ 15.25       — (6)      1.29       1.29       (0.08 )      —       (0.08 )    $ 16.46  

9/30/2022

   $ 22.36       (0.03 )      (3.64 )      (3.67 )      —       (3.44 )      (3.44 )    $ 15.25  

9/30/2021

   $ 18.36       (0.08 )      4.74       4.66       —       (0.66 )      (0.66 )    $ 22.36  

9/30/2020

   $ 15.66       (0.04 )      3.35       3.31       (0.07 )      (0.54 )      (0.61 )    $ 18.36  

9/30/2019

   $ 14.39       0.01       1.71       1.72       —       (0.45 )      (0.45 )    $ 15.66  

9/30/2018(10)

   $ 13.82       — (6)      0.57       0.57       —       —       —     $ 14.39  

Institutional Shares

                                                                

3/31/2023(5)

   $ 15.30       0.01       1.29       1.30       (0.10 )      —       (0.10 )    $ 16.50  

9/30/2022

   $ 22.40       (0.02 )      (3.64 )      (3.66 )      —       (3.44 )      (3.44 )    $ 15.30  

9/30/2021

   $ 18.37       (0.06 )      4.75       4.69       —       (0.66 )      (0.66 )    $ 22.40  

9/30/2020(11)

   $ 16.37       (0.01 )      2.01       2.00       —       —       —     $ 18.37  
GLOBAL DISCOVERY FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 14.15       (0.07 )      2.76       2.69       —       —       —     $ 16.84  

9/30/2022

   $ 23.07       (0.17 )      (7.02 )      (7.19 )      —       (1.73 )      (1.73 )    $ 14.15  

9/30/2021

   $ 18.40       (0.20 )      5.27       5.07       —       (0.40 )      (0.40 )    $ 23.07  

9/30/2020

   $ 13.39       (0.13 )      5.14       5.01       —       —       —     $ 18.40  

9/30/2019

   $ 12.40       (0.08 )      1.07       0.99       —       —       —     $ 13.39  

9/30/2018

   $ 10.32       (0.09 )      2.23       2.14       — (6)      (0.06 )      (0.06 )    $ 12.40  

Advisor Shares

                                                                

3/31/2023(5)

   $ 14.18       (0.06 )      2.77       2.71       —       —       —     $ 16.89  

9/30/2022

   $ 23.09       (0.16 )      (7.02 )      (7.18 )      —       (1.73 )      (1.73 )    $ 14.18  

9/30/2021

   $ 18.41       (0.19 )      5.27       5.08       —       (0.40 )      (0.40 )    $ 23.09  

9/30/2020(11)

   $ 14.96       (0.08 )      3.53       3.45       —       —       —     $ 18.41  

Institutional Shares

                                                                

3/31/2023(5)

   $ 14.25       (0.05 )      2.79       2.74       (0.02 )      —       (0.02 )    $ 16.97  

9/30/2022

   $ 23.15       (0.11 )      (7.06 )      (7.17 )      —       (1.73 )      (1.73 )    $ 14.25  

9/30/2021

   $ 18.41       (0.14 )      5.28       5.14       —       (0.40 )      (0.40 )    $ 23.15  

9/30/2020(11)

   $ 14.96       (0.07 )      3.52       3.45       —       —       —     $ 18.41  

 

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

 

     
80       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

    

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

    

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
FOCUS FUND                                                    

Investor Shares

                                                    

3/31/2023(5)

      8.37 %     $ 235,871        1.26 %      n/a       (0.10 )%       130.98 % 

9/30/2022

      (20.76 )%     $ 237,102        1.24 %      n/a       (0.31 )%       240.40 % 

9/30/2021

      25.70 %     $ 340,450        1.25 %      n/a       (0.52 )%       316.74 % 

9/30/2020

      21.76 %     $ 262,246        1.30 %      n/a       (0.39 )%       285.25 % 

9/30/2019

      12.35 %     $ 170,186        1.37 %      n/a       (0.07 )%       368.38 % 

9/30/2018

      34.31 %     $ 79,673        1.51 %(9)      1.70 %(9)      (0.27 )%       355.37 % 

Advisor Shares

                                                    

3/31/2023(5)

      8.43 %     $ 643,443        1.11 %      n/a       0.03 %       130.98 % 

9/30/2022

      (20.60 )%     $ 817,890        1.10 %      n/a       (0.17 )%       240.40 % 

9/30/2021

      25.84 %     $ 1,219,909        1.10 %      n/a       (0.36 )%       316.74 % 

9/30/2020

      21.98 %     $ 735,871        1.13 %      n/a       (0.26 )%       285.25 % 

9/30/2019

      12.49 %     $ 521,293        1.17 %      n/a       0.04 %       368.38 % 

9/30/2018(10)

      4.12 %     $ 38,135        1.40 %(9)      2.74 %(9)      0.16 %       355.37 % 

Institutional Shares

                                                    

3/31/2023(5)

      8.54 %     $ 542,882        1.02 %      n/a       0.13 %       130.98 % 

9/30/2022

      (20.56 )%     $ 553,450        1.01 %      n/a       (0.08 )%       240.40 % 

9/30/2021

      25.93 %     $ 738,016        1.01 %      n/a       (0.27 )%       316.74 % 

9/30/2020(11)

      12.28 %     $ 437,948        1.04 %      n/a       (0.14 )%       285.25 % 
GLOBAL DISCOVERY FUND                                                    

Investor Shares

                                                    

3/31/2023(5)

      19.01 %     $ 35,046        1.40 %      1.41 %      (0.94 )%       23.63 % 

9/30/2022

      (33.87 )%     $ 36,925        1.38 %      n/a       (0.91 )%       59.23 % 

9/30/2021

      27.93 %     $ 63,547        1.38 %      n/a       (0.96 )%       47.02 % 

9/30/2020

      37.42 %     $ 106,480        1.35 %      n/a       (0.89 )%       40.44 % 

9/30/2019

      7.98 %     $ 107,323        1.40 %      n/a       (0.62 )%       52.30 % 

9/30/2018

      20.90 %     $ 75,321        1.50 %      1.71 %      (0.75 )%       38.71 % 

Advisor Shares

                                                    

3/31/2023(5)

      19.11 %     $ 17,674        1.30 %      1.55 %      (0.81 )%       23.63 % 

9/30/2022

      (33.79 )%     $ 13,438        1.30 %      1.41 %      (0.84 )%       59.23 % 

9/30/2021

      27.97 %     $ 19,954        1.30 %      1.40 %      (0.88 )%       47.02 % 

9/30/2020(11)

      23.06 %     $ 19,698        1.30 %      1.74 %      (0.73 )%       40.44 % 

Institutional Shares

                                                    

3/31/2023(5)

      19.23 %     $ 212,452        1.08 %      n/a       (0.60 )%       23.63 % 

9/30/2022

      (33.65 )%     $ 182,038        1.06 %      n/a       (0.58 )%       59.23 % 

9/30/2021

      28.30 %     $ 270,640        1.08 %      n/a       (0.63 )%       47.02 % 

9/30/2020(11)

      23.06 %     $ 84,267        1.20 %      n/a       (0.62 )%       40.44 % 

 

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

 

     
Artisan Partners Funds       81

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
GLOBAL EQUITY FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 14.19       (0.02 )      3.07       3.05       (0.14 )      —       (0.14 )    $ 17.10  

9/30/2022

   $ 24.46       0.06       (6.59 )      (6.53 )      —       (3.74 )      (3.74 )    $ 14.19  

9/30/2021

   $ 23.03       (0.11 )      4.33       4.22       —       (2.79 )      (2.79 )    $ 24.46  

9/30/2020

   $ 20.60       (0.05 )      4.26       4.21       —       (1.78 )      (1.78 )    $ 23.03  

9/30/2019

   $ 22.66       (0.02 )      1.02       1.00       (0.03 )      (3.03 )      (3.06 )    $ 20.60  

9/30/2018

   $ 19.60       0.03       3.17       3.20       —       (0.14 )      (0.14 )    $ 22.66  

Advisor Shares

                                                                

3/31/2023(5)

   $ 14.19       (0.01 )      3.08       3.07       (0.15 )      —       (0.15 )    $ 17.11  

9/30/2022

   $ 24.46       0.03       (6.56 )      (6.53 )      —       (3.74 )      (3.74 )    $ 14.19  

9/30/2021

   $ 23.04       (0.11 )      4.32       4.21       —       (2.79 )      (2.79 )    $ 24.46  

9/30/2020(12)

   $ 22.81       (0.02 )      0.25       0.23       —       —       —     $ 23.04  

Institutional Shares

                                                                

3/31/2023(5)

   $ 14.40       — (6)      3.13       3.13       (0.19 )      —       (0.19 )    $ 17.34  

9/30/2022

   $ 24.72       0.13       (6.71 )      (6.58 )      —       (3.74 )      (3.74 )    $ 14.40  

9/30/2021

   $ 23.21       (0.06 )      4.36       4.30       —       (2.79 )      (2.79 )    $ 24.72  

9/30/2020

   $ 20.71       (0.03 )      4.32       4.29       (0.01 )      (1.78 )      (1.79 )    $ 23.21  

9/30/2019

   $ 22.80       0.02       1.01       1.03       (0.09 )      (3.03 )      (3.12 )    $ 20.71  

9/30/2018

   $ 19.66       0.10       3.18       3.28       —       (0.14 )      (0.14 )    $ 22.80  
GLOBAL OPPORTUNITIES FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 24.32       (0.07 )      3.83       3.76       —       —       —     $ 28.08  

9/30/2022

   $ 39.09       (0.08 )      (10.71 )      (10.79 )      —       (3.98 )      (3.98 )    $ 24.32  

9/30/2021

   $ 34.89       (0.10 )      6.70       6.60       —       (2.40 )      (2.40 )    $ 39.09  

9/30/2020

   $ 27.06       (0.06 )      9.80       9.74       —       (1.91 )      (1.91 )    $ 34.89  

9/30/2019

   $ 27.66       (0.01 )      1.01       1.00       —       (1.60 )      (1.60 )    $ 27.06  

9/30/2018

   $ 25.69       (0.03 )      3.07       3.04       —       (1.07 )      (1.07 )    $ 27.66  

Advisor Shares

                                                                

3/31/2023(5)

   $ 24.57       (0.06 )      3.87       3.81       —       —       —     $ 28.38  

9/30/2022

   $ 39.40       (0.04 )      (10.81 )      (10.85 )      —       (3.98 )      (3.98 )    $ 24.57  

9/30/2021

   $ 35.10       (0.05 )      6.75       6.70       —       (2.40 )      (2.40 )    $ 39.40  

9/30/2020

   $ 27.21       (0.03 )      9.86       9.83       (0.03 )      (1.91 )      (1.94 )    $ 35.10  

9/30/2019

   $ 27.76       0.03       1.02       1.05       —       (1.60 )      (1.60 )    $ 27.21  

9/30/2018

   $ 25.75       0.01       3.07       3.08       —       (1.07 )      (1.07 )    $ 27.76  

Institutional Shares

                                                                

3/31/2023(5)

   $ 24.93       (0.04 )      3.92       3.88       —       —       —     $ 28.81  

9/30/2022

   $ 39.89       (0.01 )      (10.97 )      (10.98 )      —       (3.98 )      (3.98 )    $ 24.93  

9/30/2021

   $ 35.47       (0.01 )      6.83       6.82       —       (2.40 )      (2.40 )    $ 39.89  

9/30/2020

   $ 27.47       — (6)      9.96       9.96       (0.05 )      (1.91 )      (1.96 )    $ 35.47  

9/30/2019

   $ 27.99       0.06       1.02       1.08       — (6)      (1.60 )      (1.60 )    $ 27.47  

9/30/2018

   $ 25.92       0.03       3.11       3.14       —       (1.07 )      (1.07 )    $ 27.99  

 

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

 

     
82       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

     

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
GLOBAL EQUITY FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      21.56 %     $ 73,975        1.29 %       n/a        (0.20 )%       65.68 % 

9/30/2022

      (31.48 )%     $ 66,270        1.28 %       n/a        0.33 %       92.81 % 

9/30/2021

      19.70 %     $ 151,122        1.26 %       n/a        (0.47 )%       119.10 % 

9/30/2020

      21.90 %     $ 134,498        1.26 %       n/a        (0.27 )%       137.93 % 

9/30/2019

      6.90 %     $ 118,936        1.38 %       n/a        (0.09 )%       91.33 % 

9/30/2018

      16.38 %     $ 123,225        1.36 %       n/a        0.13 %       120.14 % 

Advisor Shares

                                                      

3/31/2023(5)

      21.67 %     $ 4,467        1.25 %       2.01 %       (0.14 )%       65.68 % 

9/30/2022

      (31.48 )%     $ 4,027        1.25 %       1.61 %       0.14 %       92.81 % 

9/30/2021

      19.64 %     $ 14,273        1.25 %       1.62 %       (0.46 )%       119.10 % 

9/30/2020(12)

      1.01 %     $ 13,092        1.25 %       2.51 %       (0.53 )%       137.93 % 

Institutional Shares

                                                      

3/31/2023(5)

      21.80 %     $ 120,784        1.04 %       n/a        0.06 %       65.68 % 

9/30/2022

      (31.34 )%     $ 105,954        1.04 %       n/a        0.72 %       92.81 % 

9/30/2021

      19.91 %     $ 168,343        1.05 %       n/a        (0.24 )%       119.10 % 

9/30/2020

      22.17 %     $ 109,307        1.05 %       n/a        (0.12 )%       137.93 % 

9/30/2019

      7.10 %     $ 136,019        1.16 %       n/a        0.09 %       91.33 % 

9/30/2018

      16.73 %     $ 196,802        1.10 %       n/a        0.45 %       120.14 % 
GLOBAL OPPORTUNITIES FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      15.46 %     $ 764,270        1.14 %       n/a        (0.55 )%       19.61 % 

9/30/2022

      (31.13 )%     $ 782,904        1.14 %       n/a        (0.26 )%       37.32 % 

9/30/2021

      19.89 %     $ 1,514,576        1.13 %       n/a        (0.27 )%       44.44 % 

9/30/2020

      38.37 %     $ 1,358,867        1.14 %       n/a        (0.23 )%       44.27 % 

9/30/2019

      4.85 %     $ 1,052,916        1.15 %       n/a        (0.02 )%       48.64 % 

9/30/2018

      12.19 %     $ 1,176,471        1.15 %       n/a        (0.13 )%       44.27 % 

Advisor Shares

                                                      

3/31/2023(5)

      15.51 %     $ 530,020        1.01 %       n/a        (0.43 )%       19.61 % 

9/30/2022

      (31.03 )%     $ 625,332        1.00 %       n/a        (0.13 )%       37.32 % 

9/30/2021

      20.07 %     $ 1,253,950        0.99 %       n/a        (0.12 )%       44.44 % 

9/30/2020

      38.52 %     $ 957,127        1.01 %       n/a        (0.09 )%       44.27 % 

9/30/2019

      5.03 %     $ 615,920        1.01 %       n/a        0.11 %       48.64 % 

9/30/2018

      12.32 %     $ 583,463        1.00 %       n/a        0.03 %       44.27 % 

Institutional Shares

                                                      

3/31/2023(5)

      15.56 %     $ 1,586,068        0.91 %       n/a        (0.32 )%       19.61 % 

9/30/2022

      (30.97 )%     $ 1,765,829        0.90 %       n/a        (0.03 )%       37.32 % 

9/30/2021

      20.20 %     $ 2,970,987        0.89 %       n/a        (0.03 )%       44.44 % 

9/30/2020

      38.67 %     $ 2,466,599        0.90 %       n/a        0.01 %       44.27 % 

9/30/2019

      5.11 %     $ 1,726,115        0.91 %       n/a        0.23 %       48.64 % 

9/30/2018

      12.48 %     $ 1,645,152        0.91 %       n/a        0.11 %       44.27 % 

 

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

 

     
Artisan Partners Funds       83

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
GLOBAL UNCONSTRAINED FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 10.10       0.27       0.36       0.63       (0.60 )      (0.22 )      (0.82 )    $ 9.91  

9/30/2022(13)

   $ 10.00       0.17       0.04       0.21       (0.11 )      —       (0.11 )    $ 10.10  

Advisor Shares

                                                                

3/31/2023(5)

   $ 10.11       0.28       0.34       0.62       (0.60 )      (0.22 )      (0.82 )    $ 9.91  

9/30/2022(13)

   $ 10.00       0.18       0.04       0.22       (0.11 )      —       (0.11 )    $ 10.11  

Institutional Shares

                                                                

3/31/2023(5)

   $ 10.11       0.28       0.35       0.63       (0.60 )      (0.22 )      (0.82 )    $ 9.92  

9/30/2022(13)

   $ 10.00       0.14       0.09       0.23       (0.12 )      —       (0.12 )    $ 10.11  
GLOBAL VALUE FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 15.56       0.03       3.78       3.81       (0.05 )      (0.60 )      (0.65 )    $ 18.72  

9/30/2022

   $ 21.58       0.16       (4.26 )      (4.10 )      (0.19 )      (1.73 )      (1.92 )    $ 15.56  

9/30/2021

   $ 15.94       0.17       5.48       5.65       (0.01 )      —       (0.01 )    $ 21.58  

9/30/2020

   $ 17.12       0.07       (1.01 )      (0.94 )      (0.24 )      —       (0.24 )    $ 15.94  

9/30/2019

   $ 18.24       0.21       (0.38 )      (0.17 )      (0.15 )      (0.80 )      (0.95 )    $ 17.12  

9/30/2018

   $ 17.87       0.18       0.55       0.73       (0.12 )      (0.24 )      (0.36 )    $ 18.24  

Advisor Shares

                                                                

3/31/2023(5)

   $ 15.55       0.04       3.78       3.82       (0.08 )      (0.60 )      (0.68 )    $ 18.69  

9/30/2022

   $ 21.57       0.19       (4.26 )      (4.07 )      (0.22 )      (1.73 )      (1.95 )    $ 15.55  

9/30/2021

   $ 15.91       0.19       5.49       5.68       (0.02 )      —       (0.02 )    $ 21.57  

9/30/2020

   $ 17.09       0.09       (1.01 )      (0.92 )      (0.26 )      —       (0.26 )    $ 15.91  

9/30/2019

   $ 18.22       0.23       (0.39 )      (0.16 )      (0.17 )      (0.80 )      (0.97 )    $ 17.09  

9/30/2018

   $ 17.86       0.21       0.54       0.75       (0.15 )      (0.24 )      (0.39 )    $ 18.22  

Institutional Shares

                                                                

3/31/2023(5)

   $ 15.60       0.05       3.79       3.84       (0.10 )      (0.60 )      (0.70 )    $ 18.74  

9/30/2022

   $ 21.63       0.21       (4.27 )      (4.06 )      (0.24 )      (1.73 )      (1.97 )    $ 15.60  

9/30/2021

   $ 15.96       0.21       5.50       5.71       (0.04 )      —       (0.04 )    $ 21.63  

9/30/2020

   $ 17.14       0.11       (1.01 )      (0.90 )      (0.28 )      —       (0.28 )    $ 15.96  

9/30/2019

   $ 18.27       0.26       (0.40 )      (0.14 )      (0.19 )      (0.80 )      (0.99 )    $ 17.14  

9/30/2018

   $ 17.90       0.24       0.54       0.78       (0.17 )      (0.24 )      (0.41 )    $ 18.27  
HIGH INCOME FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 8.46       0.30       0.28       0.58       (0.31 )      (0.06 )      (0.37 )    $ 8.67  

9/30/2022

   $ 10.28       0.51       (1.58 )      (1.07 )      (0.53 )      (0.22 )      (0.75 )    $ 8.46  

9/30/2021

   $ 9.53       0.55       0.74       1.29       (0.54 )      —       (0.54 )    $ 10.28  

9/30/2020

   $ 9.66       0.60       (0.13 )      0.47       (0.60 )      —       (0.60 )    $ 9.53  

9/30/2019

   $ 9.87       0.61       (0.17 )      0.44       (0.60 )      (0.05 )      (0.65 )    $ 9.66  

9/30/2018

   $ 10.20       0.58       (0.13 )      0.45       (0.58 )      (0.20 )      (0.78 )    $ 9.87  

Advisor Shares

                                                                

3/31/2023(5)

   $ 8.45       0.31       0.27       0.58       (0.31 )      (0.06 )      (0.37 )    $ 8.66  

9/30/2022

   $ 10.27       0.53       (1.59 )      (1.06 )      (0.54 )      (0.22 )      (0.76 )    $ 8.45  

9/30/2021

   $ 9.53       0.56       0.74       1.30       (0.56 )      —       (0.56 )    $ 10.27  

9/30/2020

   $ 9.66       0.61       (0.13 )      0.48       (0.61 )      —       (0.61 )    $ 9.53  

9/30/2019

   $ 9.87       0.63       (0.17 )      0.46       (0.62 )      (0.05 )      (0.67 )    $ 9.66  

9/30/2018

   $ 10.20       0.60       (0.13 )      0.47       (0.60 )      (0.20 )      (0.80 )    $ 9.87  

Institutional Shares

                                                                

3/31/2023(5)

   $ 8.45       0.31       0.28       0.59       (0.32 )      (0.06 )      (0.38 )    $ 8.66  

9/30/2022

   $ 10.27       0.54       (1.59 )      (1.05 )      (0.55 )      (0.22 )      (0.77 )    $ 8.45  

9/30/2021

   $ 9.53       0.57       0.74       1.31       (0.57 )      —       (0.57 )    $ 10.27  

9/30/2020

   $ 9.66       0.62       (0.13 )      0.49       (0.62 )      —       (0.62 )    $ 9.53  

9/30/2019

   $ 9.87       0.64       (0.17 )      0.47       (0.63 )      (0.05 )      (0.68 )    $ 9.66  

9/30/2018

   $ 10.19       0.61       (0.12 )      0.49       (0.61 )      (0.20 )      (0.81 )    $ 9.87  

 

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

 

     
84       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

    

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

    

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
GLOBAL UNCONSTRAINED FUND                                                    

Investor Shares

                                                    

3/31/2023(5)

      6.96 %     $ 596        2.24 %(9)      13.09 %(9)      5.60 %       99.22 % 

9/30/2022(13)

      2.10 %     $ 466        1.75 %(9)      54.5 %(9)      3.28 %       40.30 % 

Advisor Shares

                                                    

3/31/2023(5)

      6.90 %     $ 2,330        2.14 %(9)      4.58 %(9)      5.71 %       99.22 % 

9/30/2022(13)

      2.24 %     $ 2,011        1.62 %(9)      9.54 %(9)      3.66 %       40.30 % 

Institutional Shares

                                                    

3/31/2023(5)

      7.03 %     $ 14,243        2.09 %(9)      2.90 %(9)      5.75 %       99.22 % 

9/30/2022(13)

      2.27 %     $ 12,558        1.48 %(9)      2.57 %(9)      2.82 %       40.30 % 
GLOBAL VALUE FUND         

Investor Shares

                                                    

3/31/2023(5)

      24.94 %     $ 214,017        1.26 %      n/a       0.37 %       6.05 % 

9/30/2022

      (21.10 )%     $ 199,274        1.25 %      n/a       0.83 %       24.37 % 

9/30/2021

      35.46 %     $ 287,469        1.24 %      n/a       0.80 %       39.62 % 

9/30/2020

      (5.63 )%     $ 242,744        1.26 %      n/a       0.42 %       37.09 % 

9/30/2019

      (0.50 )%     $ 506,067        1.25 %      n/a       1.25 %       31.18 % 

9/30/2018

      4.16 %     $ 724,848        1.25 %      n/a       1.00 %       27.98 % 

Advisor Shares

                                                    

3/31/2023(5)

      25.04 %     $ 249,578        1.11 %      n/a       0.51 %       6.05 % 

9/30/2022

      (21.01 )%     $ 254,970        1.11 %      n/a       0.97 %       24.37 % 

9/30/2021

      35.70 %     $ 324,013        1.10 %      n/a       0.95 %       39.62 % 

9/30/2020

      (5.48 )%     $ 259,859        1.12 %      n/a       0.54 %       37.09 % 

9/30/2019

      (0.40 )%     $ 599,418        1.10 %      n/a       1.38 %       31.18 % 

9/30/2018

      4.27 %     $ 851,738        1.10 %      n/a       1.14 %       27.98 % 

Institutional Shares

                                                    

3/31/2023(5)

      25.10 %     $ 1,587,712        1.01 %      n/a       0.63 %       6.05 % 

9/30/2022

      (20.92 )%     $ 1,363,881        1.01 %      n/a       1.07 %       24.37 % 

9/30/2021

      35.80 %     $ 1,863,947        1.01 %      n/a       1.01 %       39.62 % 

9/30/2020

      (5.37 )%     $ 1,321,157        1.02 %      n/a       0.67 %       37.09 % 

9/30/2019

      (0.30 )%     $ 1,970,393        1.01 %      n/a       1.54 %       31.18 % 

9/30/2018

      4.40 %     $ 2,143,564        1.01 %      n/a       1.31 %       27.98 % 
HIGH INCOME FUND                                                    

Investor Shares

                                                    

3/31/2023(5)

      6.86 %     $ 739,765        0.94 %      n/a       7.07 %       8.81 % 

9/30/2022

      (11.00 )%     $ 756,049        0.94 %      n/a       5.34 %       55.84 % 

9/30/2021

      13.79 %     $ 1,436,340        0.95 %      n/a       5.42 %       58.10 % 

9/30/2020

      5.14 %     $ 1,149,422        0.96 %      n/a       6.43 %       71.78 % 

9/30/2019

      4.81 %     $ 873,574        0.98 %      n/a       6.41 %       74.82 % 

9/30/2018

      4.66 %     $ 986,645        0.99 %      n/a       5.88 %       79.10 % 

Advisor Shares

                                                    

3/31/2023(5)

      6.95 %     $ 2,911,084        0.79 %      n/a       7.23 %       8.81 % 

9/30/2022

      (10.88 )%     $ 2,570,217        0.79 %      n/a       5.56 %       55.84 % 

9/30/2021

      13.86 %     $ 3,263,582        0.79 %      n/a       5.56 %       58.10 % 

9/30/2020

      5.29 %     $ 2,281,480        0.82 %      n/a       6.57 %       71.78 % 

9/30/2019

      4.98 %     $ 2,194,146        0.82 %      n/a       6.56 %       74.82 % 

9/30/2018

      4.83 %     $ 1,970,272        0.82 %      n/a       6.03 %       79.10 % 

Institutional Shares

                                                    

3/31/2023(5)

      7.00 %     $ 2,884,058        0.70 %      n/a       7.32 %       8.81 % 

9/30/2022

      (10.81 )%     $ 2,482,806        0.70 %      n/a       5.68 %       55.84 % 

9/30/2021

      13.97 %     $ 2,372,161        0.70 %      n/a       5.63 %       58.10 % 

9/30/2020

      5.40 %     $ 1,385,864        0.72 %      n/a       6.67 %       71.78 % 

9/30/2019

      5.08 %     $ 720,592        0.73 %      n/a       6.64 %       74.82 % 

9/30/2018

      5.02 %     $ 289,036        0.74 %      n/a       6.13 %       79.10 % 

 

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

 

     
Artisan Partners Funds       85

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
INTERNATIONAL EXPLORER FUND

 

Advisor Shares

                                                                

3/31/2023(5)

   $ 8.69       0.05       2.41       2.46       (0.01 )      —       (0.01 )    $ 11.14  

9/30/2022(14)

   $ 10.00       0.02       (1.33 )      (1.31 )      —       —       —     $ 8.69  

Institutional Shares

                                                                

3/31/2023(5)

   $ 8.69       0.06       2.41       2.47       (0.02 )      —       (0.02 )    $ 11.14  

9/30/2022(14)

   $ 10.00       0.01       (1.32 )      (1.31 )      —       —       —     $ 8.69  
INTERNATIONAL FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 20.93       0.04       5.52       5.56       (0.30 )      (0.31 )      (0.61 )    $ 25.88  

9/30/2022

   $ 36.66       0.28       (8.90 )      (8.62 )      (0.24 )      (6.87 )      (7.11 )    $ 20.93  

9/30/2021

   $ 32.86       0.24       4.68       4.92       (0.08 )      (1.04 )      (1.12 )    $ 36.66  

9/30/2020

   $ 32.52       0.08       2.00       2.08       (0.30 )      (1.44 )      (1.74 )    $ 32.86  

9/30/2019

   $ 33.49       0.29       1.38       1.67       (0.37 )      (2.27 )      (2.64 )    $ 32.52  

9/30/2018

   $ 32.28       0.35       1.08       1.43       (0.22 )      —       (0.22 )    $ 33.49  

Advisor Shares

                                                                

3/31/2023(5)

   $ 20.87       0.06       5.50       5.56       (0.35 )      (0.31 )      (0.66 )    $ 25.77  

9/30/2022

   $ 36.58       0.32       (8.86 )      (8.54 )      (0.30 )      (6.87 )      (7.17 )    $ 20.87  

9/30/2021

   $ 32.80       0.30       4.65       4.95       (0.13 )      (1.04 )      (1.17 )    $ 36.58  

9/30/2020

   $ 32.46       0.15       1.98       2.13       (0.35 )      (1.44 )      (1.79 )    $ 32.80  

9/30/2019

   $ 33.45       0.34       1.37       1.71       (0.43 )      (2.27 )      (2.70 )    $ 32.46  

9/30/2018

   $ 32.25       0.43       1.05       1.48       (0.28 )      —       (0.28 )    $ 33.45  

Institutional Shares

                                                                

3/31/2023(5)

   $ 21.09       0.07       5.56       5.63       (0.38 )      (0.31 )      (0.69 )    $ 26.03  

9/30/2022

   $ 36.90       0.35       (8.95 )      (8.60 )      (0.34 )      (6.87 )      (7.21 )    $ 21.09  

9/30/2021

   $ 33.08       0.33       4.69       5.02       (0.16 )      (1.04 )      (1.20 )    $ 36.90  

9/30/2020

   $ 32.72       0.17       2.01       2.18       (0.38 )      (1.44 )      (1.82 )    $ 33.08  

9/30/2019

   $ 33.71       0.35       1.39       1.74       (0.46 )      (2.27 )      (2.73 )    $ 32.72  

9/30/2018

   $ 32.50       0.46       1.05       1.51       (0.30 )      —       (0.30 )    $ 33.71  
INTERNATIONAL SMALL-MID FUND                                                                

Investor Shares

                                                                

3/31/2023(5)

   $ 13.90       (0.04 )      2.93       2.89       —       —       —     $ 16.79  

9/30/2022

   $ 21.19       (0.06 )      (6.65 )      (6.71 )      —       (0.58 )      (0.58 )    $ 13.90  

9/30/2021

   $ 17.33       (0.09 )      4.06       3.97       (0.11 )      —       (0.11 )    $ 21.19  

9/30/2020

   $ 13.61       0.16       3.58       3.74       (0.02 )      —       (0.02 )    $ 17.33  

9/30/2019

   $ 23.47       (0.03 )      (1.56 )      (1.59 )      —       (8.27 )      (8.27 )    $ 13.61  

9/30/2018

   $ 24.69       (0.10 )      2.05       1.95       —       (3.17 )      (3.17 )    $ 23.47  

Advisor Shares

                                                                

3/31/2023(5)

   $ 13.94       (0.03 )      2.95       2.92       — (6)      —       — (6)    $ 16.86  

9/30/2022

   $ 21.23       (0.03 )      (6.68 )      (6.71 )      —       (0.58 )      (0.58 )    $ 13.94  

9/30/2021

   $ 17.35       (0.05 )      4.06       4.01       (0.13 )      —       (0.13 )    $ 21.23  

9/30/2020

   $ 13.62       0.20       3.57       3.77       (0.04 )      —       (0.04 )    $ 17.35  

9/30/2019(15)

   $ 11.91       0.01       1.70       1.71       —       —       —     $ 13.62  

Institutional Shares

                                                                

3/31/2023(5)

   $ 14.12       (0.02 )      2.97       2.95       (0.02 )      —       (0.02 )    $ 17.05  

9/30/2022

   $ 21.47       (0.01 )      (6.76 )      (6.77 )      —       (0.58 )      (0.58 )    $ 14.12  

9/30/2021

   $ 17.54       (0.04 )      4.11       4.07       (0.14 )      —       (0.14 )    $ 21.47  

9/30/2020

   $ 13.76       0.23       3.59       3.82       (0.04 )      —       (0.04 )    $ 17.54  

9/30/2019

   $ 23.59       0.03       (1.59 )      (1.56 )      —       (8.27 )      (8.27 )    $ 13.76  

9/30/2018

   $ 24.75       (0.04 )      2.05       2.01       —       (3.17 )      (3.17 )    $ 23.59  

 

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

 

     
86       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

     

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
INTERNATIONAL EXPLORER FUND                                                      

Advisor Shares

                                                      

3/31/2023(5)

      28.34 %     $ 9,919        1.40 %       2.26 %       1.05 %       15.00 % 

9/30/2022(14)

      (13.10 )%     $ 5,811        1.40 %       6.08 %       0.64 %       11.60 % 

Institutional Shares

                                                      

3/31/2023(5)

      28.40 %     $ 34,609        1.35 %       1.71 %       1.10 %       15.00 % 

9/30/2022(14)

      (13.10 )%     $ 14,725        1.35 %       2.91 %       0.25 %       11.60 % 
INTERNATIONAL FUND         

Investor Shares

                                                      

3/31/2023(5)

      26.83 %     $ 1,758,208        1.18 %       n/a        0.37 %       38.38 % 

9/30/2022

      (29.32 )%     $ 1,575,634        1.19 %       n/a        1.03 %       50.49 % 

9/30/2021

      15.32 %     $ 3,019,360        1.18 %       n/a        0.69 %       67.41 % 

9/30/2020

      6.52 %     $ 3,142,072        1.19 %       n/a        0.27 %       53.82 % 

9/30/2019

      6.29 %     $ 3,903,758        1.19 %       n/a        0.95 %       41.01 % 

9/30/2018

      4.45 %     $ 4,733,866        1.18 %       n/a        1.06 %       55.16 % 

Advisor Shares

                                                      

3/31/2023(5)

      26.92 %     $ 898,990        1.05 %       n/a        0.50 %       38.38 % 

9/30/2022

      (29.24 )%     $ 829,517        1.05 %       n/a        1.18 %       50.49 % 

9/30/2021

      15.47 %     $ 1,718,258        1.04 %       n/a        0.84 %       67.41 % 

9/30/2020

      6.71 %     $ 1,799,962        1.04 %       n/a        0.48 %       53.82 % 

9/30/2019

      6.46 %     $ 2,141,985        1.04 %       n/a        1.11 %       41.01 % 

9/30/2018

      4.58 %     $ 2,367,026        1.04 %       n/a        1.29 %       55.16 % 

Institutional Shares

                                                      

3/31/2023(5)

      26.91 %     $ 2,856,553        0.96 %       n/a        0.59 %       38.38 % 

9/30/2022

      (29.14 )%     $ 2,588,387        0.97 %       n/a        1.28 %       50.49 % 

9/30/2021

      15.56 %     $ 4,920,404        0.95 %       n/a        0.93 %       67.41 % 

9/30/2020

      6.80 %     $ 4,718,706        0.96 %       n/a        0.55 %       53.82 % 

9/30/2019

      6.52 %     $ 4,513,365        0.96 %       n/a        1.15 %       41.01 % 

9/30/2018

      4.67 %     $ 5,815,955        0.95 %       n/a        1.36 %       55.16 % 
INTERNATIONAL SMALL-MID FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      20.79 %     $ 316,951        1.29 %       n/a        (0.51 )%       12.85 % 

9/30/2022

      (32.53 )%     $ 301,480        1.28 %       n/a        (0.32 )%       22.12 % 

9/30/2021

      22.99 %     $ 531,882        1.30 %       n/a        (0.42 )%       28.29 % 

9/30/2020

      27.52 %     $ 400,490        1.33 %       n/a        1.06 %       27.84 % 

9/30/2019

      (1.38 )%     $ 177,807        1.43 %       n/a        (0.24 )%       55.98 % 

9/30/2018

      8.70 %     $ 228,317        1.55 %       n/a        (0.44 )%       59.53 % 

Advisor Shares

                                                      

3/31/2023(5)

      20.98 %     $ 1,234,640        1.14 %       n/a        (0.35 )%       12.85 % 

9/30/2022

      (32.47 )%     $ 1,161,239        1.14 %       n/a        (0.16 )%       22.12 % 

9/30/2021

      23.20 %     $ 1,856,538        1.14 %       n/a        (0.26 )%       28.29 % 

9/30/2020

      27.70 %     $ 1,223,773        1.18 %       n/a        1.32 %       27.84 % 

9/30/2019(15)

      14.36 %     $ 434,784        1.25 %       n/a        0.13 %       55.98 % 

Institutional Shares

                                                      

3/31/2023(5)

      20.96 %     $ 2,918,017        1.06 %       n/a        (0.26 )%       12.85 % 

9/30/2022

      (32.38 )%     $ 2,505,844        1.06 %       n/a        (0.08 )%       22.12 % 

9/30/2021

      23.30 %     $ 3,897,436        1.06 %       n/a        (0.17 )%       28.29 % 

9/30/2020

      27.85 %     $ 1,836,163        1.09 %       n/a        1.49 %       27.84 % 

9/30/2019

      (1.18 )%     $ 608,417        1.16 %       n/a        0.20 %       55.98 % 

9/30/2018

      8.94 %     $ 175,808        1.35 %       n/a        (0.17 )%       59.53 % 

 

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

 

     
Artisan Partners Funds       87

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
INTERNATIONAL VALUE FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 32.96       0.11       10.02       10.13       (0.08 )      (0.64 )      (0.72 )    $ 42.37  

9/30/2022

   $ 44.49       0.45       (7.77 )      (7.32 )      (1.17 )      (3.04 )      (4.21 )    $ 32.96  

9/30/2021

   $ 32.94       1.01       10.88       11.89       (0.09 )      (0.25 )      (0.34 )    $ 44.49  

9/30/2020

   $ 34.87       0.19       (1.06 )      (0.87 )      (0.23 )      (0.83 )      (1.06 )    $ 32.94  

9/30/2019

   $ 36.85       0.61       (0.64 )      (0.03 )      (0.65 )      (1.30 )      (1.95 )    $ 34.87  

9/30/2018

   $ 39.08       0.42       (1.14 )      (0.72 )      (0.41 )      (1.10 )      (1.51 )    $ 36.85  

Advisor Shares

                                                                

3/31/2023(5)

   $ 32.89       0.15       9.99       10.14       (0.08 )      (0.64 )      (0.72 )    $ 42.31  

9/30/2022

   $ 44.46       0.52       (7.76 )      (7.24 )      (1.29 )      (3.04 )      (4.33 )    $ 32.89  

9/30/2021

   $ 32.90       1.14       10.78       11.92       (0.11 )      (0.25 )      (0.36 )    $ 44.46  

9/30/2020

   $ 34.81       0.27       (1.09 )      (0.82 )      (0.26 )      (0.83 )      (1.09 )    $ 32.90  

9/30/2019

   $ 36.85       0.65       (0.63 )      0.02       (0.76 )      (1.30 )      (2.06 )    $ 34.81  

9/30/2018

   $ 39.11       0.48       (1.16 )      (0.68 )      (0.48 )      (1.10 )      (1.58 )    $ 36.85  

Institutional Shares

                                                                

3/31/2023(5)

   $ 33.04       0.16       10.04       10.20       (0.08 )      (0.64 )      (0.72 )    $ 42.52  

9/30/2022

   $ 44.69       0.55       (7.80 )      (7.25 )      (1.36 )      (3.04 )      (4.40 )    $ 33.04  

9/30/2021

   $ 33.06       1.16       10.86       12.02       (0.14 )      (0.25 )      (0.39 )    $ 44.69  

9/30/2020

   $ 34.96       0.28       (1.08 )      (0.80 )      (0.27 )      (0.83 )      (1.10 )    $ 33.06  

9/30/2019

   $ 37.02       0.69       (0.64 )      0.05       (0.81 )      (1.30 )      (2.11 )    $ 34.96  

9/30/2018

   $ 39.28       0.53       (1.18 )      (0.65 )      (0.51 )      (1.10 )      (1.61 )    $ 37.02  
MID CAP FUND                                                                

Investor Shares

                                                                

3/31/2023(5)

   $ 28.45       (0.13 )      3.28       3.15       (0.08 )      —       (0.08 )    $ 31.52  

9/30/2022

   $ 53.28       (0.37 )      (15.87 )      (16.24 )      —       (8.59 )      (8.59 )    $ 28.45  

9/30/2021

   $ 47.75       (0.49 )      13.20       12.71       —       (7.18 )      (7.18 )    $ 53.28  

9/30/2020

   $ 37.16       (0.31 )      15.43       15.12       —       (4.53 )      (4.53 )    $ 47.75  

9/30/2019

   $ 44.83       (0.23 )      0.53       0.30       —       (7.97 )      (7.97 )    $ 37.16  

9/30/2018

   $ 42.58       (0.26 )      8.21       7.95       —       (5.70 )      (5.70 )    $ 44.83  

Advisor Shares

                                                                

3/31/2023(5)

   $ 29.02       (0.11 )      3.34       3.23       (0.13 )      —       (0.13 )    $ 32.12  

9/30/2022

   $ 54.11       (0.32 )      (16.18 )      (16.50 )      —       (8.59 )      (8.59 )    $ 29.02  

9/30/2021

   $ 48.33       (0.43 )      13.39       12.96       —       (7.18 )      (7.18 )    $ 54.11  

9/30/2020

   $ 37.52       (0.27 )      15.61       15.34       —       (4.53 )      (4.53 )    $ 48.33  

9/30/2019

   $ 45.10       (0.17 )      0.56       0.39       —       (7.97 )      (7.97 )    $ 37.52  

9/30/2018

   $ 42.75       (0.20 )      8.25       8.05       —       (5.70 )      (5.70 )    $ 45.10  

Institutional Shares

                                                                

3/31/2023(5)

   $ 33.98       (0.11 )      3.91       3.80       (0.16 )      —       (0.16 )    $ 37.62  

9/30/2022

   $ 61.87       (0.33 )      (18.97 )      (19.30 )      —       (8.59 )      (8.59 )    $ 33.98  

9/30/2021

   $ 54.25       (0.43 )      15.23       14.80       —       (7.18 )      (7.18 )    $ 61.87  

9/30/2020

   $ 41.54       (0.26 )      17.50       17.24       —       (4.53 )      (4.53 )    $ 54.25  

9/30/2019

   $ 48.89       (0.16 )      0.78       0.62       —       (7.97 )      (7.97 )    $ 41.54  

9/30/2018

   $ 45.84       (0.18 )      8.93       8.75       —       (5.70 )      (5.70 )    $ 48.89  

 

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

 

     
88       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

     

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
INTERNATIONAL VALUE FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      30.98 %     $ 2,622,566        1.18 %       n/a        0.57 %       10.18 % 

9/30/2022

      (18.40 )%     $ 2,059,112        1.19 %       n/a        1.13 %       22.69 % 

9/30/2021

      36.13 %     $ 2,728,996        1.18 %       n/a        2.39 %       32.90 % 

9/30/2020

      (2.71 )%     $ 1,983,618        1.19 %       n/a        0.57 %       28.06 % 

9/30/2019

      0.38 %     $ 2,761,826        1.19 %       n/a        1.80 %       23.69 % 

9/30/2018

      (1.99 )%     $ 3,371,735        1.18 %       n/a        1.11 %       21.55 % 

Advisor Shares

                                                      

3/31/2023(5)

      31.08 %     $ 7,012,271        1.03 %       n/a        0.76 %       10.18 % 

9/30/2022

      (18.27 )%     $ 4,705,187        1.05 %       n/a        1.29 %       22.69 % 

9/30/2021

      36.31 %     $ 6,072,617        1.04 %       n/a        2.70 %       32.90 % 

9/30/2020

      (2.56 )%     $ 3,645,568        1.05 %       n/a        0.81 %       28.06 % 

9/30/2019

      0.52 %     $ 4,336,510        1.05 %       n/a        1.93 %       23.69 % 

9/30/2018

      (1.87 )%     $ 4,683,702        1.04 %       n/a        1.27 %       21.55 % 

Institutional Shares

                                                      

3/31/2023(5)

      31.13 %     $ 17,105,872        0.95 %       n/a        0.80 %       10.18 % 

9/30/2022

      (18.20 )%     $ 13,366,731        0.95 %       n/a        1.36 %       22.69 % 

9/30/2021

      36.45 %     $ 13,304,215        0.95 %       n/a        2.72 %       32.90 % 

9/30/2020

      (2.48 )%     $ 7,944,724        0.96 %       n/a        0.85 %       28.06 % 

9/30/2019

      0.63 %     $ 7,169,774        0.95 %       n/a        2.03 %       23.69 % 

9/30/2018

      (1.79 )%     $ 7,295,259        0.95 %       n/a        1.41 %       21.55 % 
MID CAP FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      11.10 %     $ 1,451,476        1.19 %       n/a        (0.85 )%       21.33 % 

9/30/2022

      (36.55 )%     $ 1,387,480        1.18 %       n/a        (0.97 )%       34.12 % 

9/30/2021

      29.84 %     $ 2,495,355        1.18 %       n/a        (0.98 )%       40.72 % 

9/30/2020

      45.66 %     $ 2,106,948        1.18 %       n/a        (0.81 )%       44.52 % 

9/30/2019

      5.11 %     $ 1,599,647        1.19 %       n/a        (0.63 )%       47.96 % 

9/30/2018

      21.12 %     $ 2,003,621        1.18 %       n/a        (0.62 )%       49.83 % 

Advisor Shares

                                                      

3/31/2023(5)

      11.17 %     $ 617,659        1.05 %       n/a        (0.71 )%       21.33 % 

9/30/2022

      (36.46 )%     $ 572,155        1.05 %       n/a        (0.83 )%       34.12 % 

9/30/2021

      30.02 %     $ 923,543        1.04 %       n/a        (0.85 )%       40.72 % 

9/30/2020

      45.83 %     $ 667,057        1.05 %       n/a        (0.68 )%       44.52 % 

9/30/2019

      5.36 %     $ 429,052        1.04 %       n/a        (0.48 )%       47.96 % 

9/30/2018

      21.26 %     $ 644,777        1.04 %       n/a        (0.48 )%       49.83 % 

Institutional Shares

                                                      

3/31/2023(5)

      11.23 %     $ 2,450,952        0.96 %       n/a        (0.62 )%       21.33 % 

9/30/2022

      (36.41 )%     $ 2,285,588        0.95 %       n/a        (0.74 )%       34.12 % 

9/30/2021

      30.15 %     $ 4,000,122        0.95 %       n/a        (0.75 )%       40.72 % 

9/30/2020

      45.98 %     $ 4,015,667        0.95 %       n/a        (0.59 )%       44.52 % 

9/30/2019

      5.41 %     $ 3,029,773        0.96 %       n/a        (0.41 )%       47.96 % 

9/30/2018

      21.37 %     $ 3,516,293        0.95 %       n/a        (0.39 )%       49.83 % 

 

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

 

     
Artisan Partners Funds       89

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
MID CAP VALUE FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 17.11       0.06       2.46       2.52       (0.05 )      (3.27 )      (3.32 )    $ 16.31  

9/30/2022

   $ 23.12       0.12       (3.07 )      (2.95 )      (0.04 )      (3.02 )      (3.06 )    $ 17.11  

9/30/2021

   $ 16.26       0.12       7.10       7.22       (0.09 )      (0.27 )      (0.36 )    $ 23.12  

9/30/2020

   $ 19.81       0.15       (1.71 )      (1.56 )      (0.12 )      (1.87 )      (1.99 )    $ 16.26  

9/30/2019

   $ 23.56       0.10       (0.90 )      (0.80 )      (0.05 )      (2.90 )      (2.95 )    $ 19.81  

9/30/2018

   $ 23.98       0.02       1.86       1.88       (0.02 )      (2.28 )      (2.30 )    $ 23.56  

Advisor Shares

                                                                

3/31/2023(5)

   $ 17.06       0.07       2.46       2.53       (0.10 )      (3.27 )      (3.37 )    $ 16.22  

9/30/2022

   $ 23.07       0.15       (3.07 )      (2.92 )      (0.07 )      (3.02 )      (3.09 )    $ 17.06  

9/30/2021

   $ 16.23       0.16       7.07       7.23       (0.12 )      (0.27 )      (0.39 )    $ 23.07  

9/30/2020

   $ 19.77       0.17       (1.70 )      (1.53 )      (0.14 )      (1.87 )      (2.01 )    $ 16.23  

9/30/2019

   $ 23.53       0.13       (0.90 )      (0.77 )      (0.09 )      (2.90 )      (2.99 )    $ 19.77  

9/30/2018

   $ 23.94       0.05       1.85       1.90       (0.03 )      (2.28 )      (2.31 )    $ 23.53  

Institutional Shares

                                                                

3/31/2023(5)

   $ 17.08       0.07       2.46       2.53       (0.11 )      (3.27 )      (3.38 )    $ 16.23  

9/30/2022

   $ 23.09       0.16       (3.06 )      (2.90 )      (0.09 )      (3.02 )      (3.11 )    $ 17.08  

9/30/2021

   $ 16.24       0.17       7.08       7.25       (0.13 )      (0.27 )      (0.40 )    $ 23.09  

9/30/2020

   $ 19.80       0.18       (1.71 )      (1.53 )      (0.16 )      (1.87 )      (2.03 )    $ 16.24  

9/30/2019

   $ 23.56       0.14       (0.89 )      (0.75 )      (0.11 )      (2.90 )      (3.01 )    $ 19.80  

9/30/2018

   $ 23.98       0.07       1.85       1.92       (0.06 )      (2.28 )      (2.34 )    $ 23.56  
SELECT EQUITY FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 9.84       — (6)      2.38       2.38       (0.01 )      (0.29 )      (0.30 )    $ 11.92  

9/30/2022

   $ 13.48       0.01       (3.00 )      (2.99 )      —       (0.65 )      (0.65 )    $ 9.84  

9/30/2021

   $ 10.17       (0.01 )      3.32       3.31       —       —       —     $ 13.48  

9/30/2020(16)

   $ 10.00       — (6)      0.17       0.17       —       —       —     $ 10.17  

Advisor Shares

                                                                

3/31/2023(5)

   $ 9.87       0.01       2.37       2.38       (0.02 )      (0.29 )      (0.31 )    $ 11.94  

9/30/2022

   $ 13.49       0.02       (2.99 )      (2.97 )      —       (0.65 )      (0.65 )    $ 9.87  

9/30/2021

   $ 10.18       0.01       3.30       3.31       —       —       —     $ 13.49  

9/30/2020(16)

   $ 10.00       0.01       0.17       0.18       —       —       —     $ 10.18  

Institutional Shares

                                                                

3/31/2023(5)

   $ 9.81       0.01       2.37       2.38       (0.03 )      (0.29 )      (0.32 )    $ 11.87  

9/30/2022

   $ 13.44       0.03       (2.99 )      (2.96 )      (0.02 )      (0.65 )      (0.67 )    $ 9.81  

9/30/2021

   $ 10.18       0.02       3.30       3.32       (0.06 )      —       (0.06 )    $ 13.44  

9/30/2020(16)

   $ 10.00       0.01       0.17       0.18       —       —       —     $ 10.18  

 

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

 

     
90       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

     

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
MID CAP VALUE FUND         

Investor Shares

                                                      

3/31/2023(5)

      14.71 %     $ 383,497        1.22 %       n/a        0.66 %       17.74 % 

9/30/2022

      (15.39 )%     $ 391,804        1.20 %       n/a        0.57 %       15.17 % 

9/30/2021

      44.94 %     $ 693,149        1.20 %       n/a        0.56 %       16.04 % 

9/30/2020

      (8.93 )%     $ 541,320        1.21 %       n/a        0.90 %       43.12 % 

9/30/2019

      (2.49 )%     $ 842,896        1.20 %       n/a        0.52 %       19.18 % 

9/30/2018

      8.55 %     $ 1,294,179        1.19 %       n/a        0.07 %       19.15 % 

Advisor Shares

                                                      

3/31/2023(5)

      14.83 %     $ 329,905        1.07 %       n/a        0.78 %       17.74 % 

9/30/2022

      (15.29 )%     $ 397,898        1.04 %       n/a        0.72 %       15.17 % 

9/30/2021

      45.12 %     $ 551,822        1.05 %       n/a        0.73 %       16.04 % 

9/30/2020

      (8.76 )%     $ 518,198        1.06 %       n/a        1.02 %       43.12 % 

9/30/2019

      (2.32 )%     $ 630,296        1.06 %       n/a        0.66 %       19.18 % 

9/30/2018

      8.68 %     $ 951,667        1.05 %       n/a        0.24 %       19.15 % 

Institutional Shares

                                                      

3/31/2023(5)

      14.83 %     $ 544,302        1.00 %       n/a        0.88 %       17.74 % 

9/30/2022

      (15.21 )%     $ 518,265        0.98 %       n/a        0.78 %       15.17 % 

9/30/2021

      45.22 %     $ 783,375        0.98 %       n/a        0.79 %       16.04 % 

9/30/2020

      (8.76 )%     $ 619,243        1.00 %       n/a        1.08 %       43.12 % 

9/30/2019

      (2.22 )%     $ 796,385        0.98 %       n/a        0.72 %       19.18 % 

9/30/2018

      8.75 %     $ 1,058,092        0.98 %       n/a        0.30 %       19.15 % 
SELECT EQUITY FUND                                                      

Investor Shares

                                                      

3/31/2023(5)

      24.40 %     $ 2,879        1.25 %       3.52 %       (0.01 )%       13.56 % 

9/30/2022

      (23.43 )%     $ 2,345        1.25 %       3.16 %       0.05 %       20.96 % 

9/30/2021

      32.55 %     $ 2,919        1.25 %       4.35 %       (0.05 )%       34.69 % 

9/30/2020(16)

      1.70 %     $ 983        1.25 %       17.96 %       0.03 %       26.96 % 

Advisor Shares

                                                      

3/31/2023(5)

      24.38 %     $ 1,230        1.15 %       3.63 %       0.13 %       13.56 % 

9/30/2022

      (23.26 )%     $ 1,561        1.15 %       3.68 %       0.14 %       20.96 % 

9/30/2021

      32.51 %     $ 1,784        1.15 %       4.83 %       0.05 %       34.69 % 

9/30/2020(16)

      1.80 %     $ 778        1.15 %       9.66 %       0.15 %       26.96 % 

Institutional Shares

                                                      

3/31/2023(5)

      24.49 %     $ 32,823        1.10 %       1.28 %       0.15 %       13.56 % 

9/30/2022

      (23.33 )%     $ 25,650        1.10 %       1.39 %       0.22 %       20.96 % 

9/30/2021

      32.71 %     $ 19,903        1.10 %       1.56 %       0.16 %       34.69 % 

9/30/2020(16)

      1.80 %     $ 11,266        1.10 %       2.36 %       0.20 %       26.96 % 

 

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

 

     
Artisan Partners Funds       91

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
SMALL CAP FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 27.82       (0.15 )      4.14       3.99       (0.08 )      —       (0.08 )    $ 31.73  

9/30/2022

   $ 50.34       (0.36 )      (17.09 )      (17.45 )      —       (5.07 )      (5.07 )    $ 27.82  

9/30/2021

   $ 42.80       (0.53 )      10.77       10.24       —       (2.70 )      (2.70 )    $ 50.34  

9/30/2020

   $ 33.17       (0.38 )      12.66       12.28       —       (2.65 )      (2.65 )    $ 42.80  

9/30/2019

   $ 38.97       (0.29 )      (0.08 )      (0.37 )      —       (5.43 )      (5.43 )    $ 33.17  

9/30/2018

   $ 33.61       (0.31 )      10.64       10.33       —       (4.97 )      (4.97 )    $ 38.97  

Advisor Shares

                                                                

3/31/2023(5)

   $ 28.08       (0.13 )      4.17       4.04       (0.10 )      —       (0.10 )    $ 32.02  

9/30/2022

   $ 50.70       (0.32 )      (17.23 )      (17.55 )      —       (5.07 )      (5.07 )    $ 28.08  

9/30/2021

   $ 43.03       (0.47 )      10.84       10.37       —       (2.70 )      (2.70 )    $ 50.70  

9/30/2020

   $ 33.30       (0.34 )      12.72       12.38       —       (2.65 )      (2.65 )    $ 43.03  

9/30/2019

   $ 39.05       (0.25 )      (0.07 )      (0.32 )      —       (5.43 )      (5.43 )    $ 33.30  

9/30/2018

   $ 33.63       (0.26 )      10.65       10.39       —       (4.97 )      (4.97 )    $ 39.05  

Institutional Shares

                                                                

3/31/2023(5)

   $ 28.74       (0.12 )      4.28       4.16       (0.15 )      —       (0.15 )    $ 32.75  

9/30/2022

   $ 51.74       (0.28 )      (17.65 )      (17.93 )      —       (5.07 )      (5.07 )    $ 28.74  

9/30/2021

   $ 43.82       (0.43 )      11.05       10.62       —       (2.70 )      (2.70 )    $ 51.74  

9/30/2020

   $ 33.83       (0.31 )      12.95       12.64       —       (2.65 )      (2.65 )    $ 43.82  

9/30/2019

   $ 39.54       (0.23 )      (0.05 )      (0.28 )      —       (5.43 )      (5.43 )    $ 33.83  

9/30/2018

   $ 33.98       (0.24 )      10.77       10.53       —       (4.97 )      (4.97 )    $ 39.54  
SUSTAINABLE EMERGING MARKETS FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 12.48       0.02       2.68       2.70       (0.11 )      —       (0.11 )    $ 15.07  

9/30/2022

   $ 19.25       0.18       (6.75 )      (6.57 )      (0.20 )      —       (0.20 )    $ 12.48  

9/30/2021

   $ 16.39       0.07       3.11       3.18       (0.32 )      —       (0.32 )    $ 19.25  

9/30/2020

   $ 15.22       0.24       1.20       1.44       (0.27 )      —       (0.27 )    $ 16.39  

9/30/2019

   $ 15.08       0.18       0.10       0.28       (0.14 )      —       (0.14 )    $ 15.22  

9/30/2018

   $ 15.58       0.15       (0.56 )      (0.41 )      (0.09 )      —       (0.09 )    $ 15.08  

Advisor Shares

                                                                

3/31/2023(5)

   $ 12.47       0.02       2.70       2.72       (0.14 )      —       (0.14 )    $ 15.05  

9/30/2022(17)

   $ 14.61       0.06       (2.20 )      (2.14 )      —       —       —     $ 12.47  

Institutional Shares

                                                                

3/31/2023(5)

   $ 12.71       0.03       2.74       2.77       (0.15 )      —       (0.15 )    $ 15.33  

9/30/2022

   $ 19.55       0.18       (6.85 )      (6.67 )      (0.17 )      —       (0.17 )    $ 12.71  

9/30/2021

   $ 16.56       0.10       3.14       3.24       (0.25 )      —       (0.25 )    $ 19.55  

9/30/2020

   $ 15.25       0.27       1.21       1.48       (0.17 )      —       (0.17 )    $ 16.56  

9/30/2019

   $ 15.03       0.20       0.10       0.30       (0.08 )      —       (0.08 )    $ 15.25  

9/30/2018

   $ 15.50       0.14       (0.53 )      (0.39 )      (0.08 )      —       (0.08 )    $ 15.03  

 

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

 

     
92       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

     

Ratio

of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)

      Portfolio
Turnover
Rate(2)		  
SMALL CAP FUND         

Investor Shares

                                                      

3/31/2023(5)

      14.35 %     $ 617,228        1.22 %       n/a        (1.01 )%       14.16 % 

9/30/2022

      (38.24 )%     $ 571,380        1.20 %       n/a        (1.00 )%       33.64 % 

9/30/2021

      24.45 %     $ 1,089,099        1.19 %       n/a        (1.06 )%       39.79 % 

9/30/2020

      39.51 %     $ 896,297        1.20 %       n/a        (1.05 )%       40.59 % 

9/30/2019

      2.02 %     $ 611,745        1.20 %       n/a        (0.88 )%       47.32 % 

9/30/2018

      34.71 %     $ 495,803        1.20 %       n/a        (0.90 )%       43.85 % 

Advisor Shares

                                                      

3/31/2023(5)

      14.42 %     $ 325,510        1.07 %       n/a        (0.87 )%       14.16 % 

9/30/2022

      (38.16 )%     $ 361,941        1.06 %       n/a        (0.87 )%       33.64 % 

9/30/2021

      24.63 %     $ 1,325,015        1.06 %       n/a        (0.93 )%       39.79 % 

9/30/2020

      39.66 %     $ 999,213        1.08 %       n/a        (0.94 )%       40.59 % 

9/30/2019

      2.16 %     $ 589,147        1.08 %       n/a        (0.77 )%       47.32 % 

9/30/2018

      34.89 %     $ 495,650        1.06 %       n/a        (0.75 )%       43.85 % 

Institutional Shares

                                                      

3/31/2023(5)

      14.49 %     $ 973,595        0.99 %       n/a        (0.79 )%       14.16 % 

9/30/2022

      (38.12 )%     $ 882,206        0.98 %       n/a        (0.78 )%       33.64 % 

9/30/2021

      24.76 %     $ 1,633,941        0.96 %       n/a        (0.83 )%       39.79 % 

9/30/2020

      39.82 %     $ 1,106,482        0.99 %       n/a        (0.84 )%       40.59 % 

9/30/2019

      2.25 %     $ 636,076        0.99 %       n/a        (0.69 )%       47.32 % 

9/30/2018

      34.94 %     $ 814,426        1.01 %       n/a        (0.70 )%       43.85 % 
SUSTAINABLE EMERGING MARKETS FUND         

Investor Shares

                                                      

3/31/2023(5)

      21.78 %     $ 13,479        1.15 %       1.75 %       0.24 %       13.24 % 

9/30/2022

      (34.51 )%     $ 12,297        1.26 %       1.58 %       1.06 %       21.48 % 

9/30/2021

      19.50 %     $ 61,975        1.35 %       1.75 %       0.36 %       23.22 % 

9/30/2020

      9.58 %     $ 46,541        1.35 %       1.73 %       1.59 %       21.57 % 

9/30/2019

      1.91 %     $ 45,717        1.35 %       1.93 %       1.19 %       30.58 % 

9/30/2018

      (2.70 )%     $ 49,562        1.41 %*       1.78 %       0.89 %       35.24 % 

Advisor Shares

                                                      

3/31/2023(5)

      21.90 %     $ 35,841        1.05 %       1.40 %       0.34 %       13.24 % 

9/30/2022(17)

      (14.65 )%     $ 26,872        1.05 %       1.97 %       0.96 %       21.48 % 

Institutional Shares

                                                      

3/31/2023(5)

      21.89 %     $ 28,608        1.00 %       1.32 %       0.40 %       13.24 % 

9/30/2022

      (34.46 )%     $ 23,562        1.07 %       1.45 %       1.13 %       21.48 % 

9/30/2021

      19.74 %     $ 9,794        1.20 %       1.89 %       0.51 %       23.22 % 

9/30/2020

      9.73 %     $ 6,695        1.20 %       2.29 %       1.72 %       21.57 % 

9/30/2019

      2.04 %     $ 6,315        1.20 %       2.47 %       1.34 %       30.58 % 

9/30/2018

      (2.57 )%     $ 5,842        1.33 %*       2.00 %       0.87 %       35.24 % 

 

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

 

     
Artisan Partners Funds       93

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

 

                            Less Distributions From        
    

Net

Asset

Value,
Beginning

of Period

     Net
Investment
Income
(Loss)(1)		     Net Realized
and Unrealized
Gain (Loss) on
Investments		    

Total

from
Operations

     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		    

Net

Asset

Value,

End of
Period

  
VALUE FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 12.02       0.06       2.59       2.65       (0.03 )      (2.05 )      (2.08 )    $ 12.59  

9/30/2022

   $ 16.28       0.13       (2.44 )      (2.31 )      (0.16 )      (1.79 )      (1.95 )    $ 12.02  

9/30/2021

   $ 12.41       0.10       4.82       4.92       (0.06 )      (0.99 )      (1.05 )    $ 16.28  

9/30/2020

   $ 12.88       0.09       (0.02 )      0.07       (0.11 )      (0.43 )      (0.54 )    $ 12.41  

9/30/2019

   $ 15.10       0.11       (0.56 )      (0.45 )      (0.10 )      (1.67 )      (1.77 )    $ 12.88  

9/30/2018

   $ 15.25       0.11       1.19       1.30       (0.05 )      (1.40 )      (1.45 )    $ 15.10  

Advisor Shares

                                                                

3/31/2023(5)

   $ 11.97       0.07       2.58       2.65       (0.05 )      (2.05 )      (2.10 )    $ 12.52  

9/30/2022

   $ 16.21       0.15       (2.42 )      (2.27 )      (0.18 )      (1.79 )      (1.97 )    $ 11.97  

9/30/2021

   $ 12.37       0.13       4.79       4.92       (0.09 )      (0.99 )      (1.08 )    $ 16.21  

9/30/2020

   $ 12.83       0.11       (0.02 )      0.09       (0.12 )      (0.43 )      (0.55 )    $ 12.37  

9/30/2019

   $ 15.04       0.13       (0.55 )      (0.42 )      (0.12 )      (1.67 )      (1.79 )    $ 12.83  

9/30/2018

   $ 15.22       0.12       1.19       1.31       (0.09 )      (1.40 )      (1.49 )    $ 15.04  

Institutional Shares

                                                                

3/31/2023(5)

   $ 11.98       0.07       2.59       2.66       (0.06 )      (2.05 )      (2.11 )    $ 12.53  

9/30/2022

   $ 16.24       0.15       (2.43 )      (2.28 )      (0.19 )      (1.79 )      (1.98 )    $ 11.98  

9/30/2021

   $ 12.40       0.13       4.80       4.93       (0.10 )      (0.99 )      (1.09 )    $ 16.24  

9/30/2020

   $ 12.86       0.12       (0.02 )      0.10       (0.13 )      (0.43 )      (0.56 )    $ 12.40  

9/30/2019

   $ 15.08       0.14       (0.56 )      (0.42 )      (0.13 )      (1.67 )      (1.80 )    $ 12.86  

9/30/2018

   $ 15.26       0.14       1.19       1.33       (0.11 )      (1.40 )      (1.51 )    $ 15.08  
VALUE INCOME FUND

 

Investor Shares

                                                                

3/31/2023(5)

   $ 8.15       0.11       0.85       0.96       (0.12 )      —       (0.12 )    $ 8.99  

9/30/2022(18)

   $ 10.00       0.15       (1.86 )      (1.71 )      (0.14 )      —       (0.14 )    $ 8.15  

Advisor Shares

                                                                

3/31/2023(5)

   $ 8.15       0.12       0.84       0.96       (0.12 )      —       (0.12 )    $ 8.99  

9/30/2022(18)

   $ 10.00       0.16       (1.86 )      (1.70 )      (0.15 )      —       (0.15 )    $ 8.15  

Institutional Shares

                                                                

3/31/2023(5)

   $ 8.15       0.13       0.83       0.96       (0.12 )      —       (0.12 )    $ 8.99  

9/30/2022(18)

   $ 10.00       0.16       (1.86 )      (1.70 )      (0.15 )      —       (0.15 )    $ 8.15  

 

 

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

 

     
94       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

      Total
Return(2)(19)		      Net Assets,
End of
Period
(000)		     

Ratio of
Expenses

to Average
Net Assets(3)(4)

     

 

Ratio of
Expenses
to Average
Net Assets
Excluding
Waivers(3)

      Ratio
of Net
Investment
Income (Loss)
to Average
Net Assets(3)(4)		      Portfolio
Turnover
Rate(2)		  
VALUE FUND         

Investor Shares

                                                      

3/31/2023(5)

      23.03 %     $ 87,836        1.09 %       n/a        0.95 %       15.04 % 

9/30/2022

      (16.50 )%     $ 82,183        1.06 %       n/a        0.86 %       27.96 % 

9/30/2021

      41.36 %     $ 108,551        1.05 %       n/a        0.67 %       25.99 % 

9/30/2020

      0.35 %     $ 78,717        1.08 %       n/a        0.73 %       39.07 % 

9/30/2019

      (1.80 )%     $ 131,134        1.06 %       n/a        0.87 %       28.36 % 

9/30/2018

      9.32 %     $ 184,869        1.01 %       n/a        0.72 %       24.53 % 

Advisor Shares

                                                      

3/31/2023(5)

      23.20 %     $ 68,701        0.88 %       0.98 %       1.18 %       15.04 % 

9/30/2022

      (16.35 )%     $ 54,633        0.88 %       0.96 %       1.02 %       27.96 % 

9/30/2021

      41.53 %     $ 99,646        0.88 %       0.95 %       0.84 %       25.99 % 

9/30/2020

      0.54 %     $ 84,035        0.88 %       0.92 %       0.94 %       39.07 % 

9/30/2019

      (1.59 )%     $ 108,557        0.88 %       0.93 %       1.06 %       28.36 % 

9/30/2018

      9.43 %     $ 130,949        0.88 %       0.89 %       0.83 %       24.53 % 

Institutional Shares

                                                      

3/31/2023(5)

      23.25 %     $ 88,753        0.87 %       n/a        1.12 %       15.04 % 

9/30/2022

      (16.34 )%     $ 90,279        0.85 %       n/a        1.01 %       27.96 % 

9/30/2021

      41.61 %     $ 163,069        0.83 %       n/a        0.88 %       25.99 % 

9/30/2020

      0.64 %     $ 123,440        0.82 %       n/a        1.02 %       39.07 % 

9/30/2019

      (1.57 )%     $ 168,607        0.84 %       n/a        1.09 %       28.36 % 

9/30/2018

      9.56 %     $ 184,908        0.80 %       n/a        0.94 %       24.53 % 
VALUE INCOME FUND         

Investor Shares

                                                      

3/31/2023(5)

      11.81 %     $ 637        1.20 %       11.01 %       2.54 %       20.29 % 

9/30/2022(18)

      (17.16 )%     $ 733        1.20 %       13.46 %       2.73 %       15.65 % 

Advisor Shares

                                                      

3/31/2023(5)

      11.80 %     $ 1,537        1.10 %       5.44 %       2.74 %       20.29 % 

9/30/2022(18)

      (17.11 )%     $ 1,178        1.10 %       9.98 %       2.86 %       15.65 % 

Institutional Shares

                                                      

3/31/2023(5)

      11.81 %     $ 8,562        1.05 %       2.36 %       2.78 %       20.29 % 

9/30/2022(18)

      (17.10 )%     $ 7,195        1.05 %       2.55 %       2.86 %       15.65 % 

 

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

 

     
Artisan Partners Funds       95

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

 

**   Expense limit from October 1, 2021 to February 28, 2022 was 1.35% for Investor Shares and 1.20% for Institutional Shares. Expense limit was lowered effective March 1, 2022 to 1.15% for Investor Shares and 1.00% for Institutional Shares.
*   Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018 to 1.35% for Investor Shares and 1.20% for Institutional Shares.
(1)    Computed based on average shares outstanding.
(2)    Periods less than twelve months (where applicable) are not annualized.
(3)    Periods less than twelve months (where applicable) are annualized.
(4)    Includes the effect of expenses waived or paid by the Adviser, if applicable.
(5)    Unaudited. For the six months ended March 31, 2023.
(6)    Amount is between $0.005 and $(0.005) per share.
(7)    For the period from commencement of operations (April 7, 2022) through September 30, 2022.
(8)    For the period from commencement of operations (December 1, 2021) through September 30, 2022.
(9)    Includes interest expense and dividend expense for securities sold short. The ratios excluding such expenses are listed below. Refer to 2(m) in Notes to Financial Statements for additional information.

 

      Ratio of Expenses to
Average Net Assets@
(annualized)		    Ratio of Expenses to
Average Net Assets
Excluding Waivers
(annualized)
FOCUS FUND                      

Investor Shares

                      

9/30/2018

        1.50%        1.69%

Advisor Shares

                      

9/30/2018&

        1.40%        2.74%
GLOBAL UNCONSTRAINED FUND                      

Investor Shares

                      

3/31/2023#

        1.45%        12.30%

9/30/2022#

        1.45%        53.92%

Advisor Shares

                      

3/31/2023#

        1.35%        3.79%

9/30/2022#

        1.35%        9.22%

Institutional Shares

                      

3/31/2023#

        1.30%        2.11%

9/30/2022#

        1.30%        2.38%
@    Includes the effect of expenses waived or paid by the Adviser, if applicable.
(&)    For the period from commencement of operations (July 31, 2018) through September 30, 2018.
#    For the period from commencement of operations (March 31, 2022) through September 30, 2022.
(10)   For the period from commencement of operations (July 31, 2018) through September 30, 2018.
(11)   For the period from commencement of operations (February 3, 2020) through September 30, 2020.
(12)   For the period from commencement of operations (August 5, 2020) through September 30, 2020.
(13)   For the period from commencement of operations (March 31, 2022) through September 30, 2022.
(14)   For the period from commencement of operations (May 16, 2022) through September 30, 2022.
(15)   For the period from commencement of operations (December 5, 2018) through September 30, 2019.
(16)   For the period from commencement of operations (February 28, 2020) through September 30, 2020.
(17)   For the period from commencement of operations (April 25, 2022) through September 30, 2022.
(18)   For the period from commencement of operations (February 28, 2022) through September 30, 2022.
(19)   The net asset value for financial statement purposes includes the impact of investment transactions and other items reflected on trade date, while the daily dealing net asset value may include the impact of investment transactions and other items on the following day. Total return is based on daily dealing net asset value.

 

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

 

     
96       Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – March 31, 2023

 

(1)

Organization:

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995 as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2023, Artisan Partners Funds is a series company comprised of twenty-one series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

 

Fund Name    Investor Shares
Inception Date		      Advisor Shares
Inception Date		      Institutional Shares
Inception Date

Artisan Developing World Fund (“Developing World Fund”)

    June 29, 2015      June 29, 2015      June 29, 2015

Artisan Emerging Markets Debt Opportunities Fund (“Emerging Markets Debt Opportunities Fund”

    April 7, 2022      April 7, 2022      April 7, 2022

Artisan Floating Rate Fund (“Floating Rate Fund”)

    December 1, 2021      December 1, 2021      December 1, 2021

Artisan Focus Fund (“Focus Fund”)

    April 24, 2017      July 31, 2018      February 3, 2020

Artisan Global Discovery Fund (“Global Discovery Fund”)

    August 21, 2017      February 3, 2020      February 3, 2020

Artisan Global Equity Fund (“Global Equity Fund”)

    March 29, 2010      August 5, 2020      October 15, 2015

Artisan Global Opportunities Fund (“Global Opportunities Fund”)

    September 22, 2008      April 1, 2015      July 26, 2011

Artisan Global Unconstrained Fund (“Global Unconstrained Fund”)

    March 31, 2022      March 31, 2022      March 31, 2022

Artisan Global Value Fund (“Global Value Fund”)

    December 10, 2007      April 1, 2015      July 17, 2012

Artisan High Income Fund (“High Income Fund”)

    March 19, 2014      March 19, 2014      October 3, 2016

Artisan International Fund (“International Fund”)

    December 28, 1995      April 1, 2015      July 1, 1997

Artisan International Explorer Fund (“International Explorer Fund”)

    N/A      May 16, 2022      May 16, 2022

Artisan International Small-Mid Fund (“International Small-Mid Fund”)

    December 21, 2001      December 4, 2018      April 12, 2016

Artisan International Value Fund (“International Value Fund”)

    September 23, 2002      April 1, 2015      October 1, 2006

Artisan Mid Cap Fund (“Mid Cap Fund”)

    June 27, 1997      April 1, 2015      July 1, 2000

Artisan Mid Cap Value Fund (“Mid Cap Value Fund”)

    March 28, 2001      April 1, 2015      February 1, 2012

Artisan Select Equity Fund (“Select Equity Fund”)

    February 28, 2020      February 28, 2020      February 28, 2020

Artisan Small Cap Fund (“Small Cap Fund”)

    March 28, 1995      February 1, 2017      May 7, 2012

Artisan Sustainable Emerging Markets Fund (“Sustainable Emerging Markets Fund”)

    June 2, 2008      April 25, 2022      June 26, 2006

Artisan Value Fund (“Value Fund”)

    March 27, 2006      April 1, 2015      July 26, 2011

Artisan Value Income Fund (“Value Income Fund”)

    February 28, 2022      February 28, 2022      February 28, 2022

During the reporting period, Developing World Fund, Floating Rate Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Explorer Fund, International Small-Mid Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Value Fund, and Value Income Fund operated as open-end, diversified mutual funds. During the reporting period, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Select Equity Fund, and Sustainable Emerging Markets Fund operated as open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and Value Income Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. Emerging Markets Debt Opportunities Fund’s, Floating Rate Fund’s, Global Unconstrained Fund’s, and High Income Fund’s investment objective is to provide total return through a combination of current income and capital appreciation. Focus Fund’s investment objective is to seek maximum long-term capital appreciation. Value Income Fund’s investment objective is to provide total return through a combination of income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above, except for International Explorer Fund which only offers Advisor Shares and Institutional Shares. Investor Shares of the Funds are generally available to members of the general public. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

 

     
Artisan Partners Funds       97

NOTES TO FINANCIAL STATEMENTS

 

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to a Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

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

 

(2)

Summary of significant accounting policies:

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

 

(a)

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

 

(b)

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

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

Fixed income securities, including loan participation notes, were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

 

     
98       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

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

When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair value utilized by the Funds as described above could differ from the value realized on the sale of those securities or assets in the future and the differences may be material to the NAV of the applicable Fund.

 

(c)

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

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2019 through 2022) and have concluded that, as of March 31, 2023, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and Wisconsin Department of Revenue.

As of and during the period ended March 31, 2023, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2023, the Funds did not incur any material interest or penalties.

The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds’ understanding of the applicable country’s tax rules and rates. Foreign taxes imposed on realized and unrealized gains was based on the Funds’ understanding of the applicable country’s tax rules and rates and, if applicable, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments”, as applicable, on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

 

(d)

Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

 

(e)

Restricted securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments.

 

(f)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into US dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into US dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

 

     
Artisan Partners Funds       99

NOTES TO FINANCIAL STATEMENTS

 

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US dollar denominated depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities and included in other assets less liabilities in the Schedules of Investments. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

 

(g)

Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

 

(h)

Equity-linked securities – Each Fund, except Mid Cap Value Fund and Small Cap Fund, may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with the equity-linked securities that the Funds typically purchase and, in those cases, the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

 

(i)

Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

 

(j)

Indemnifications – Artisan Partners Funds indemnifies its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds also enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of March 31, 2023, no claim has been made for indemnification pursuant to any such agreement of the Funds.

 

(k)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

 

(l)

Unfunded Commitments – Pursuant to the terms of certain term loan agreements, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund, and High Income Fund are obligated to fund term loan commitments at the borrower’s discretion. During the period, Floating Rate Fund and High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses are presented separately on the Statements of Operations. As of March 31, 2023, the Funds had no unfunded loan commitments.

Redemption Fees – Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund and High Income Fund generally impose a 2% redemption fee on the redemption or exchange of shares owned for 90 days or less. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserves the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believes such waiver is in the best interest of the Fund, including, but not limited to, when it determines that imposition of the redemption fee is not necessary to protect the Fund from the effects of short- term trading. During the period ended March 31, 2023, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund and High Income Fund waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

 

(m)

Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.

 

     
100       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

In order to terminate the short sale, the Fund that borrowed the security is obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Fund will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds incur expenses as a result of executing short sales.

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

 

(n)

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

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

Income from the securities lending program is recorded when earned or as soon as reliable information became available from the lending agent. Net income for each Fund is reflected in the Statements of Operations under “Income from securities lending.” During the period ended March 31, 2023, Global Equity Fund, High Income Fund, International Fund, Mid Cap Value Fund and Sustainable Emerging Markets Fund participated in the securities lending program. As of March 31, 2023, International Fund and Sustainable Emerging Markets Fund had securities on loan.

 

(o)

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

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

 

(3)

Risks:

Like all mutual funds, the Funds take investment risks and it is possible for you to lose money by investing in a Fund. Investors in each Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. This section describes certain of the principal risks associated with investing in each Fund, but is not a complete list of every risk involved in investing in each Fund and the Fund may be exposed to additional risks not listed below. See the Funds’ prospectus and statement of additional information

 

     
Artisan Partners Funds       101

NOTES TO FINANCIAL STATEMENTS

 

regarding the risks of investing in shares of the Funds. An investment in a Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

The success of a Fund is dependent on such Fund’s investment team’s investment decisions, which are based, in part, on the research process employed by the Fund’s investment team. The portfolio securities selected by the investment team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. To the extent an investment team considers environmental, social and governance factors in its research process, such Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers’ business functions and affect fund performance. For example, the global outbreak of the 2019 novel coronavirus (“COVID-19”), together with resulting voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets. Although the long-term economic fallout of COVID-19 is difficult to predict, it has had and is expected to continue to have, notwithstanding widespread COVID-19 vaccination efforts, ongoing material adverse effects across many, if not all, aspects of regional, national and global economies.

Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

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

Investment risks typically are greater in emerging and developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. The securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security may fall in response to increases in interest rates. Each Fund that may invest in fixed income securities may invest in debt securities without considering the maturity of the investment. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect each Fund’s debt investments unfavorably.

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

Debt securities in which a Fund invests may be rated below investment grade or be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds.

 

     
102       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Floating Rate Fund and High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which a Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, a Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford a Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.

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

As non-diversified funds, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Select Equity Fund, and Sustainable Emerging Markets Fund may invest a larger portion of their assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

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

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

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

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

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

 

     
Artisan Partners Funds       103

NOTES TO FINANCIAL STATEMENTS

 

(4)

Fair value measurements:

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

 

  •  

Level 1 – unadjusted quoted prices in active markets for identical investments

 

  •  

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the US where the applicable trading market was closed or factors were applied to prices as a result of significant market movements following the close of local trading)

 

  •  

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments and discounts for lack of marketability)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques for the Funds’ major classes of assets are found in Note 2(a). A description of the fair value leveling techniques are described below:

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, equity-linked securities, foreign currency forward contracts, treasury bills, other derivatives, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of March 31, 2023 (in thousands):

 

Fund    Level 1 - Unadjusted
Quoted Prices		   Level 2 - Other Significant
Observable Inputs		   Level 3 - Significant
Unobservable Inputs		   Total

Developing World

                                         

Common Stocks(1)

                                         

Americas

      $ 1,379,225     $ -         $ -         $ 1,379,225

Emerging Markets

        581,605       553,393       -     (3)        1,134,998

Europe

        102,970       325,037       -           428,007

Pacific Basin

        254,139       -           -           254,139

Investment Company

        26,050       -           -           26,050

Total Investments

      $ 2,343,989     $ 878,430     $ -     (3)      $ 3,222,419

Emerging Markets Debt Opportunities

                                         

Sovereign Government Bonds(1)

      $ -         $ 16,276     $ -         $ 16,276

Corporate Bonds(1)

        -           4,544       -           4,544

Sovereign Government Treasury Bill

        -           787       -           787

U.S. Treasury Obligations

        -           2,195       -           2,195

Investment Companies

        912       -           -           912

Total Investments

        912       23,802       -           24,714

Foreign Currency Forward Contracts(2)

        -           7       -           7

Futures(2)

        (206 )       -           -           (206 )

Centrally Cleared Credit Default Swap(2)

        -           1       -           1

OTC Credit Default Swap(2)

        -           -           -           -    

Centrally Cleared Interest Rate Swaps(2)

        -           (36 )       -           (36 )

Total

      $ 706     $ 23,774     $ -         $ 24,480

 

     
104       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

Fund    Level 1 - Unadjusted
Quoted Prices		    Level 2 - Other Significant
Observable Inputs		   Level 3 - Significant
Unobservable Inputs		   Total

Floating Rate

                                          

Bank Loans(1)

      $ -          $ 41,134     $ -         $ 41,134

Corporate Bonds(1)

        -            3,456       -           3,456

Warrants

        -            -     (3)        -           -    

Investment Companies

        3,217        -           -           3,217

Total Investments

      $ 3,217      $ 44,590     $ -         $ 47,807

Focus

                                          

Common Stocks(1)

      $ 1,293,612      $ 21,339     $ -         $ 1,314,951

Options Purchased

        23,838        -           -           23,838

Investment Company

        89,962        -           -           89,962

Total Investments

        1,407,412        21,339       -           1,428,751

Foreign Currency Forward Contracts(2)

        -            1,300       -           1,300

Total

      $ 1,407,412      $ 22,639     $ -         $ 1,430,051

Global Discovery

                                          

Common Stocks(1)

                                          

Americas

      $ 164,971      $ -         $ -         $ 164,971

Emerging Markets

        2,773        5,280       -           8,053

Europe

        15,315        46,325       -           61,640

Pacific Basin

        2,107.00        9,552       -           11,659

Investment Company

        16,127        -           -           16,127

Total Investments

      $ 201,293      $ 61,157     $ -         $ 262,450

Global Equity

                                          

Common Stocks(1)

                                          

Americas

      $ 74,250      $ 5,873     $ -         $ 80,123

Emerging Markets

        20,147        19,140       -     (3)        39,287

Europe

        9,746        53,264       -           63,010

Pacific Basin

        -            14,191       -           14,191

Investment Company

        3,561        -           -           3,561

Total Investments

      $ 107,704      $ 92,468     $ -     (3)      $ 200,172

Global Opportunities

                                          

Common Stocks(1)

                                          

Americas

      $ 1,587,911      $ -       $ -         $ 1,587,911

Emerging Markets

        33,486        28,341.00       -           61,827

Europe

        59,211        729,785       -           788,996

Pacific Basin

        -            300,256       -           300,256

Investment Company

        113,084        -           -           113,084

Total Investments

      $ 1,793,692      $ 1,058,382     $ -         $ 2,852,074

 

     
Artisan Partners Funds       105

NOTES TO FINANCIAL STATEMENTS

 

Fund    Level 1 - Unadjusted
Quoted Prices		   Level 2 - Other Significant
Observable Inputs		   Level 3 - Significant
Unobservable Inputs		   Total

Global Unconstrained

                                         

Sovereign Government Bonds(1)

      $ -         $ 11,109     $ -         $ 11,109

Corporate Bonds(1)

        -           3,225       -           3,225

Common Stock(1)

        -           265       -           265

Exchange Traded Fund(1)

        37       -           -           37

Sovereign Government Treasury Bills

        -           254       -           254

U.S. Treasury Obligations

        -           124       -           124

Repurchase Agreements

        -           1,614       -           1,614

Investment Companies

        520       -           -           520

Total Investments before securities sold short

        557       16,591       -           17,148

Common Stock(1)

        -           (84 )       -           (84 )

Sovereign Government Bonds(1)

        -           (1,286 )       -           (1,286 )

Total Investments after securities sold short

        557       15,221       -           15,778

Foreign Currency Forward Contracts(2)

        -           (99 )       -           (99 )

Futures(2)

        (135 )       -           -           (135 )

Centrally Cleared Credit Default Swaps(2)

        -           (11 )       -           (11 )

OTC Credit Default Swaps(2)

        -           (1 )       -           (1 )

Centrally Cleared Interest Rate Swaps(2)

        -           (85 )       -           (85 )

OTC Interest Rate Swap(2)

        -           2       -           2

Total

      $ 422     $ 15,027     $ -         $ 15,449

Global Value

                                         

Common Stocks(1)

                                         

Americas

      $ 883,082     $ -         $ -         $ 883,082

Emerging Markets

        5,600       166,891       -           172,491

Europe

        -           862,686       -           862,686

Pacific Basin

        -           20,092       -           20,092

Investment Company

        87,500       -           -           87,500

Total Investments

      $ 976,182     $ 1,049,669     $ -         $ 2,025,851

High Income

                                         

Corporate Bonds(1)

      $ -         $ 4,948,853     $ -         $ 4,948,853

Bank Loans(1)

        -           938,671       -           938,671

Common Stock(1)

        -           23,173       -           23,173

Warrants

        -           -     (3)        -           -    

Investment Company

        477,634       -           -           477,634

Total Investments

        477,634       5,910,697       -           6,388,331

Foreign Currency Forward Contracts(2)

        -           (55 )       -           (55 )

Total

      $ 477,634     $ 5,910,642     $ -         $ 6,388,276

International

                                         

Common Stocks and Equity-Linked Security(1)

                                         

Americas

      $ 872,098     $ 227,882     $ -         $ 1,099,980

Emerging Markets

        254,665       371,465       -     (3)        626,130

Europe

        296,779       2,874,339       -           3,171,118

Pacific Basin

        -           392,583       -           392,583

Investment Company

        245,272       -           -           245,272

Total Investments

      $ 1,668,814     $ 3,866,269     $ -     (3)      $ 5,535,083

 

     
106       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

Fund    Level 1 - Unadjusted
Quoted Prices		    Level 2 - Other Significant
Observable Inputs		    Level 3 - Significant
Unobservable Inputs		   Total

International Explorer

                                           

Common Stocks(1)

                                           

Americas

      $ 2,906      $ 2,750      $ -         $ 5,656

Emerging Markets

        3,782        5,422        -           9,204

Europe

        958        15,494        -           16,452

Pacific Basin

        -            6,662        -           6,662

Investment Companies

        6,368        -            -           6,368

Total Investments

      $ 14,014      $ 30,328      $ -         $ 44,342

International Small-Mid

                                           

Common Stocks(1)

                                           

Americas

      $ 1,026,430      $ -          $ -         $ 1,026,430

Emerging Markets

        210,910        76,057        -           286,967

Europe

        1,639.00        2,122,384        -           2,124,023

Middle East

        284,905        28,916        -           313,821

Pacific Basin

        -            576,216        -           576,216

Investment Company

        43,805        -            -           43,805

Total Investments

      $ 1,567,689      $ 2,803,573      $ -         $ 4,371,262

International Value

                                           

Common Stocks and Equity-Linked Security(1)

                                           

Americas

      $ 3,925,632      $ 824,553      $ -         $ 4,750,185

Emerging Markets

        355,239        4,036,913        102,470       4,494,622

Europe

        657,888        13,276,172        -           13,934,060

Pacific Basin

        -            512,396        -           512,396

Investment Company

        2,633,582        -            -           2,633,582

Total Investments

        7,572,341        18,650,034        102,470       26,324,845

OTC Total Return Swap(1)

        -            1,677        -           1,677

Total

      $ 7,572,341      $ 18,651,711      $ 102,470     $ 26,326,522

Mid Cap

                                           

Common Stocks(1)

      $ 4,355,701      $ -          $ -         $ 4,355,701

Investment Company

        120,786        -            -           120,786

Total Investments

      $ 4,476,487      $ -          $ -         $ 4,476,487

Mid Cap Value

                                           

Common Stocks(1)

      $ 1,233,675      $ -          $ -         $ 1,233,675

Investment Company

        11,629        -            -           11,629

Total Investments

      $ 1,245,304      $ -          $ -         $ 1,245,304

Select Equity

                                           

Common Stocks(1)

      $ 28,751      $ 6,133      $ -         $ 34,884

Investment Company

        2,024        -            -           2,024

Total Investments

      $ 30,775      $ 6,133      $ -         $ 36,908

Small Cap

                                           

Common Stocks(1)

      $ 1,863,450      $ -          $ -         $ 1,863,450

Investment Company

        19,229        -            -           19,229

Total Investments

      $ 1,882,679      $ -          $ -         $ 1,882,679

Sustainable Emerging Markets

                                           

Common Stocks(1)

                                           

Americas

      $ 718      $ -          $ -         $ 718

Emerging Markets

        13,920        56,993        -     (3)        70,913

Pacific Basin

        409        3,065        -     (3)        3,474

Investment Company

        2,207        -            -           2,207

Total Investments

      $ 17,254      $ 60,058      $ -     (3)      $ 77,312

 

     
Artisan Partners Funds       107

NOTES TO FINANCIAL STATEMENTS

 

Fund    Level 1 - Unadjusted
Quoted Prices		   Level 2 - Other Significant
Observable Inputs		    Level 3 - Significant
Unobservable Inputs		    Total

Value

                                           

Common Stocks(1)

      $ 201,586     $ 36,403      $ -          $ 237,989

Investment Company

        4,268       -            -            4,268

Total Investments

      $ 205,854     $ 36,403      $ -          $ 242,257

Value Income

                                           

Common Stocks(1)

      $ 8,298     $ 1,330      $ -          $ 9,628

Corporate Bonds(1)

        -           575        -            575

Convertible Bonds(1)

        -           281        -            281

Convertible Preferred Stock(1)

        184       -            -            184

Investment Companies

        140       -            -            140

Total Investments

        8,622       2,186        -            10,808

Written Option Contracts

        (7 )       -            -            (7 )

Total

      $ 8,615     $ 2,186      $ -          $ 10,801

(1)See the Fund’s Schedule of Investments for industry or country classifications.

(2)Foreign currency forward contracts, futures contracts, OTC total return swaps and centrally cleared swap contracts are valued at unrealized appreciation (depreciation). Amounts shown above are shown as net unrealized appreciation (depreciation). See the Fund’s Schedule of Investments for additional detail.

(3)Valued at $0.

 

 

 

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

 

Assets   Fair Value at
March 31, 2023		  

Unobservable

Input(s)

   Impact to Fair
Value from an
Increase in Input

Developing World Fund

Common Stock

     $ -     (1)    Last quote in inactive
market less 100%
discount		   N/A

Global Equity Fund

Common Stock

     $ -     (1)    Last quote in inactive
market less 100%
discount		   N/A

International Fund

Common Stock

     $ -     (1)    Last quote in inactive
market less 100%
discount		   N/A

International Value Fund

Common Stock

     $ 102,470   Mark-to-Model
Approach		   Increase

Sustainable Emerging Markets Fund

Common Stock

     $ -     (1)    Last quote in inactive
market less 100%
discount		   N/A

(1)Includes one or more securities valued at $0.

  

 

     
108       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

As of March 31, 2023, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

 

      Developing World
Fund		   Emerging Markets
Debt Opportunities
Fund		   Global
Equity
Fund		   Global
Unconstrained
Fund		   International
Fund		   International
Value Fund		    Sustainable
Emerging
Markets Fund

Balance as of September 30, 2022

      $  -     (1)      $ 1     $  -     (1)      $ 8     $  -     (1)      $ -          $  -     (1) 

Transfers into Level 3

        -           -           -           -           -           -            -    

Net change in unrealized appreciation (depreciation)

        -           9       -           5       -           2,470        93

Purchases

        -           -     (1)        -           -     (1)        -           100,000        -    

Sales

        -           -     (1)        -           -     (1)        -           -            (20 )

Realized Gain/(Loss)

        -           1       -           5       -           -            (73 )

Transfers out of Level 3

        -           (11 )       -           (18 )       -           -            -    

Balance as of March 31, 2023

      $  -     (1)      $  -         $  -     (1)      $  -         $  -     (1)      $  102,470      $  -     (1) 

Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2023

      $  -         $  -         $  -         $  -         $  -         $ 2,470      $  -    

(1)Includes one or more securities valued at $0.

 

 

(5)

Transfer agent and authorized agent fees and Shareholder communications expenses:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. For Investor Shares and Advisor Shares of the Funds, each Fund paid all or a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. For Institutional Shares, the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. See the Funds’ prospectus and statement of additional information about authorized agents. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the period ended March 31, 2023 (in thousands):

 

      Six Months Ended 3/31/2023
Fund    Fees and Expenses
to Transfer Agent		    Fees to
Authorized
Agents		   Total

Artisan Developing World Fund - Investor Shares

      $ 24      $ 349     $ 373

Artisan Developing World Fund - Advisor Shares

        17        654       671

Artisan Developing World Fund - Institutional Shares

        20        -           20

Artisan Emerging Markets Debt Opportunities Fund - Investor Shares

        12        6       18

Artisan Emerging Markets Debt Opportunities Fund - Advisor Shares

        12        -     (1)        12

Artisan Emerging Markets Debt Opportunities Fund - Institutional Shares

        12        -           12

Artisan Floating Rate Fund - Investor Shares

        13        8       21

Artisan Floating Rate Fund - Advisor Shares

        12        9       21

Artisan Floating Rate Fund - Institutional Shares

        12        -           12

Artisan Focus Fund - Investor Shares

        28        243       271

Artisan Focus Fund - Advisor Shares

        14        326       340

Artisan Focus Fund - Institutional Shares

        14        -           14

Artisan Global Discovery Fund - Investor Shares

        16        42       58

Artisan Global Discovery Fund - Advisor Shares

        12        7       19

Artisan Global Discovery Fund - Institutional Shares

        13        -           13

Artisan Global Equity Fund - Investor Shares

        17        81       98

 

     
Artisan Partners Funds       109

NOTES TO FINANCIAL STATEMENTS

 

      Six Months Ended 3/31/2023
Fund    Fees and Expenses
to Transfer Agent		    Fees to
Authorized
Agents		   Total

Artisan Global Equity Fund - Advisor Shares

      $ 13      $ 2     $ 15

Artisan Global Equity Fund - Institutional Shares

        13        -           13

Artisan Global Opportunities Fund - Investor Shares

        32        842       874

Artisan Global Opportunities Fund - Advisor Shares

        15        257       272

Artisan Global Opportunities Fund - Institutional Shares

        17        -           17

Artisan Global Unconstrained Fund - Investor Shares

        12        6       18

Artisan Global Unconstrained Fund - Advisor Shares

        11        1       12

Artisan Global Unconstrained Fund - Institutional Shares

        12        -           12

Artisan Global Value Fund - Investor Shares

        22        224       246

Artisan Global Value Fund - Advisor Shares

        13        94       107

Artisan Global Value Fund - Institutional Shares

        15        -           15

Artisan High Income Fund - Investor Shares

        18        870       888

Artisan High Income Fund - Advisor Shares

        23        1,197       1,220

Artisan High Income Fund - Institutional Shares

        25        -           25

Artisan International Fund - Investor Shares

        100        1,814       1,914

Artisan International Fund - Advisor Shares

        15        350       365

Artisan International Fund - Institutional Shares

        21        -           21

Artisan International Explorer Fund - Advisor Shares

        14        3       17

Artisan International Explorer Fund - Institutional Shares

        14        -           14

Artisan International Small-Mid Fund - Investor Shares

        25        350       375

Artisan International Small-Mid Fund - Advisor Shares

        15        496       511

Artisan International Small-Mid Fund - Institutional Shares

        19        -           19

Artisan International Value Fund - Investor Shares

        43        2,662       2,705

Artisan International Value Fund - Advisor Shares

        20        2,468       2,488

Artisan International Value Fund - Institutional Shares

        27        -           27

Artisan Mid Cap Fund - Investor Shares

        56        1,555       1,611

Artisan Mid Cap Fund - Advisor Shares

        15        239       254

Artisan Mid Cap Fund - Institutional Shares

        25        -           25

Artisan Mid Cap Value Fund - Investor Shares

        47        380       427

Artisan Mid Cap Value Fund - Advisor Shares

        15        105       120

Artisan Mid Cap Value Fund - Institutional Shares

        14        -           14

Artisan Select Equity Fund - Investor Shares

        13        9       22

Artisan Select Equity Fund - Advisor Shares

        12        1       13

Artisan Select Equity Fund - Institutional Shares

        12        -           12

Artisan Small Cap Fund - Investor Shares

        50        652       702

Artisan Small Cap Fund - Advisor Shares

        15        115       130

Artisan Small Cap Fund - Institutional Shares

        18        -           18

Artisan Sustainable Emerging Markets Fund - Investor Shares

        15        9       24

Artisan Sustainable Emerging Markets Fund - Advisor Shares

        13        14       27

Artisan Sustainable Emerging Markets Fund - Institutional Shares

        13        -           13

Artisan Value Fund - Investor Shares

        21        89       110

Artisan Value Fund - Advisor Shares

        13        25       38

Artisan Value Fund - Institutional Shares

        13        -           13

Artisan Value Income Fund - Investor Shares

        13        7       20

Artisan Value Income Fund - Advisor Shares

        12        -     (1)        12

Artisan Value Income Fund - Institutional Shares

        12        -           12

(1)Amount rounds to less than $1.

 

 

     
110       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

 

(6)

Derivative Transactions:

Each Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivative risk management program that takes into account how its derivatives use affects its investment in portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management. To the extent a Fund is not a limited derivatives user (as defined in Rule 18f-4), Rule 18f-4, among other things, limits a Fund’s derivatives exposure through a value-at-risk test and requires such Funds to adopt and implement a derivatives risk management program that is reasonably designed to manage the Funds’ derivatives risks. Subject to certain conditions, Funds that are limited derivatives users are not subject to the full requirements of Rule 18f-4. In order to qualify as a limited derivatives user, a Fund’s derivatives “exposure” (as defined in Rule 18f-4) cannot exceed 10% of its net assets, excluding certain currency or interest rate derivatives used for hedging purposes in accordance with specific requirements set out in Rule 18f-4. Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund and High Income Fund are full derivatives users while the remaining Funds are limited derivatives users.

Foreign Currency Forward Contracts

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

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Forward currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and International Explorer Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2023.

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

Futures Transactions

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

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as due from broker in the Statements of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

Options Transactions

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

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. Focus Fund and Value Income Fund held option contracts during the period ended March 31, 2023.

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

 

     
Artisan Partners Funds       111

NOTES TO FINANCIAL STATEMENTS

 

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

If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If a purchased option expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from writing a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. During the period ended March 31, 2023, Focus Fund and Value Income Fund used options transactions to enhance alpha and minimize downside market risk.

Repurchase Agreements

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

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

Swap Transactions

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

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

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

 

     
112       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

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

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

A credit default swap on a bond is an agreement between a Fund and a counterparty that enables a Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors (for example, a specific default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a US or non-US corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

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

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

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

 

     
Artisan Partners Funds       113

NOTES TO FINANCIAL STATEMENTS

 

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

 

Fund   Risk Exposure Category   Derivative Instrument   Statements of Assets and Liabilities Location   Value

Emerging Markets Debt Opportunities

   Foreign currency   Foreign currency forward contracts   Unrealized appreciation on foreign currency forward contracts     $ 281  
    Foreign currency   Foreign currency forward contracts   Unrealized depreciation on foreign currency forward contracts     $ (274)  
    Interest rate   Futures contracts   Payable for variation margin on futures contracts     $ (206) * 
    Credit   Centrally cleared swap contracts   Receivable for variation margin on centrally cleared swap contracts     $ 1 * 
    Interest rate   Centrally cleared swap contracts   Receivable for variation margin on centrally cleared swap contracts     $ (36) * 
    Credit   Over the counter swap contracts   Swap contracts, at value     $ -    (1)  

Focus

   Foreign currency   Foreign currency forward contracts   Unrealized appreciation on foreign currency forward contracts     $ 1,817  
    Foreign currency   Foreign currency forward contracts   Unrealized depreciation on foreign currency forward contracts     $ (517)  
    Equity   Purchased options contracts   Investments in securities, unaffiliated, at value     $ 23,838  

Global Unconstrained

   Foreign currency   Foreign currency forward contracts   Unrealized appreciation on foreign currency forward contracts     $ 129  
    Foreign currency   Foreign currency forward contracts   Unrealized depreciation on foreign currency forward contracts     $ (228)  
    Interest rate   Futures contracts   Receivable for variation margin on futures contracts     $ (126) * 
    Equity   Futures contracts   Payable for variation margin on futures contracts     $ (9) * 
    Credit   Centrally cleared swap contracts   Receivable for variation margin on centrally cleared swap contracts     $ (11) * 
    Interest rate   Centrally cleared swap contracts   Receivable for variation margin on centrally cleared swap contracts     $ (85) * 
    Credit   Over the counter swap contracts   Swap contracts, at value     $ 21  
    Interest rate   Over the counter swap contracts   Swap contracts, at value     $ 2  

High Income

   Foreign currency   Foreign currency forward contracts   Unrealized depreciation on foreign currency forward contracts     $ (55)  

International Value

   Equity   Over the counter swap contracts   Swap contracts, at value     $ 1,677  

Value Income

   Equity   Written options contracts   Written options, at value     $ (7)  

(1)Amount rounds to less than $1.

 

*  Futures contracts and centrally cleared swap contracts are valued in this table at unrealized appreciation (depreciation). Amounts reported in the Statements of Assets and Liabilities reflect only the current day’s variation margin related to these contracts.

   

The effect of derivative instruments in the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on the Statements of Operations for the period ended March 31, 2023 was as follows (in thousands):

 

Fund   Risk Exposure
Category		   Derivative
Instrument		   Statements of
Operations Location		   Net Realized
Gain (Loss)		   Statements of
Operations Location		   Unrealized
Appreciation
(Depreciation)

Emerging Markets Debt Opportunities

   Foreign currency   Foreign currency forward contracts   Net realized gain on foreign currency forward contracts     $ 79   Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts     $ (28 )
    Interest rate   Futures contracts   Net realized gain on futures contracts     $ 499   Net decrease in unrealized appreciation or depreciation on futures contracts     $ (517 )
    Equity   Purchased options contracts   Net realized gain on investments, from unaffiliated issuers     $ -       Net decrease in unrealized appreciation or depreciation on investments, from unaffiliated issuers     $ (3 )
    Credit   Centrally cleared swap contracts   Net realized gain on swap contracts     $ -       Net increase in unrealized apprectiation or depreciation on swap contracts     $ -     (1) 
    Interest rate   Centrally cleared swap contracts   Net realized loss on swap contracts     $ (1 )   Net increase in unrealized apprectiation or depreciation on swap contracts     $ 12

Focus

   Foreign currency   Foreign currency forward contracts   Net realized gain on foreign currency forward contracts     $ 5,590   Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts     $ (7,680 )
    Equity   Purchased options contracts   Net realized loss on investments, from unaffiliated issuers     $ (55 )   Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers     $ 30
    Equity   Written options contracts   Net realized loss on written options     $ (7,936 )   Net decrease in unrealized appreciation or depreciation on written options     $ -    

 

     
114       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

Fund   Risk Exposure
Category		   Derivative
Instrument		   Statements of
Operations Location		   Net Realized
Gain (Loss)		   Statements of
Operations Location		   Unrealized
Appreciation
(Depreciation)

Global Unconstrained

   Foreign currency   Foreign currency forward contracts   Net realized loss on foreign currency forward contracts     $ (161 )   Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts     $ (172 )
    Interest rate   Futures contracts   Net realized gain on futures contracts     $ 281   Net decrease in unrealized appreciation or depreciation on futures contracts     $ (295 )
    Equity   Futures contracts   Net realized gain on futures contracts     $ 7   Net decrease in unrealized appreciation or depreciation on futures contracts     $ (30 )
    Equity   Purchased options contracts   Net realized gain on investments, from unaffiliated issuers     $ 2   Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers     $ -    
    Credit   Centrally cleared swap contracts   Net realized loss on swap contracts     $ (49 )   Net decrease in unrealized appreciation or depreciation on swap contracts     $ (137 )
    Interest rate   Centrally cleared swap contracts   Net realized gain on swap contracts     $ 35   Net decrease in unrealized appreciation or depreciation on swap contracts     $ (127 )

High Income

   Interest rate   Futures contracts   Net realized gain on futures contracts     $ 3,824   Net decrease in unrealized appreciation or depreciation on futures contracts     $ (4,289 )
    Foreign currency   Foreign currency forward contracts   Net realized gain on foreign currency forward contracts     $ 14   Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts     $ (103 )

International Explorer

   Foreign currency   Foreign currency forward contracts   Net realized loss on foreign currency forward contracts     $ (25 )   Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts     $ -    

International Value

   Equity   OTC total return swap contracts   Net realized gain on swap contracts     $ 6,034   Net increase in unrealized apprectiation or depreciation on swap contracts     $ 2,205

Value Income

   Equity   Written options contracts   Net realized gain on written options     $ 6   Net increase in unrealized appreciation or depreciation on written options     $ 7

(1)Amount rounds to less than $1.

 

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

 

Fund    Derivative Type    Average Monthly Notional Amount

Emerging Markets Debt Opportunities

    Centrally cleared credit default swaps      $ 242
     Centrally cleared interest rate swaps      $ 3,733
     Foreign currency forward contracts      $ 21,552
     Futures contracts      $ 11,834
     Swaptions      $ 1

Focus

    Foreign currency forward contracts      $ 176,284
     Purchased options contracts      $ 27,190

Global Unconstrained

    Centrally cleared credit default swaps      $ 7,474
     Centrally cleared interest rate swaps      $ 2,286
     Foreign currency forward contracts      $ 13,620
     Futures contracts      $ 8,444
     Swaptions      $ 1
     Variable rate swap      $ 31

High Income

    Foreign currency forward contracts      $ 4,348
     Futures contracts      $ 13,967

International Explorer

    Foreign currency forward contracts      $ 272

International Value

    Total return swaps      $ 1,629

Value Income

    Written options contracts      $ 5

Master Netting Agreements

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

 

     
Artisan Partners Funds       115

NOTES TO FINANCIAL STATEMENTS

 

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts as of March 31, 2023:

 

   

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Fund   Counterparty    Gross Asset Amounts
Presented in Statements of
Assets and Liabilities		    Financial
Instrument		   Collateral
Received		    Net Amount
(Not Less Than $0)

Emerging Markets Debt Opportunities

  

Citigroup Global Markets

      $ 71      $ (54 )     $  -            17
   

Standard Chartered Bank

        203        (189 )        -            14
   

JPMorgan Chase Bank, N.A.

        7        (7 )        -            -    

Focus

  

JPMorgan Chase Bank, N.A.

        1,817        (517 )        -            1,300

Global Unconstrained

  

Citigroup Global Markets

        13        (13 )        -            -    
   

JPMorgan Chase Bank, N.A.

        26        (26 )        -            -    
   

Standard Chartered Bank

        90        (90 )        -            -    

International Value

  

UBS AG

        1,677        -        -            1,677
   

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Fund   Counterparty    Gross Liability Amounts
Presented in Statements of
Assets and Liabilities		    Financial
Instrument		   Collateral
Pledged		    Net Amount
(Not Less Than $0)

Emerging Markets Debt Opportunities

  

Citigroup Global Markets

      $ 54      $ (54 )     $  -          $  -    
   

Standard Chartered Bank

        189        (189 )        -             -    
   

JPMorgan Chase Bank, N.A.

        31        (7 )        -            24

Focus

  

JPMorgan Chase Bank, N.A.

        517        (517 )        -             -    

Global Unconstrained

  

Citigroup Global Markets

        21        (13 )        -            8
   

Goldman Sachs International

        3        -           -            3
   

JPMorgan Chase Bank, N.A.

        70        (26 )        -            44
   

Standard Chartered Bank

        134        (90 )        -            44

High Income

  

Bank Of America, N.A.

        55        -            -            55

 

(7)

Related Party Transactions:

 

(a)

Investment Advisory Agreement – The Adviser, with which the officers and two directors of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the period ended March 31, 2023. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows:

Developing World Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        1.050 %

$1 billion to $2 billion

        1.025

$2 billion to $3.5 billion

        1.000

$3.5 billion to $5 billion

        0.975

Greater than $5 billion

        0.950

Emerging Markets Debt Opportunities

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.750 %

$1 billion to $2 billion

        0.725

$2 billion to $3.5 billion

        0.700

$3.5 billion to $5 billion

        0.675

Greater than $5 billion

        0.650

Floating Rate Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.680 %

$1 billion to $2 billion

        0.660

$2 billion to $3.5 billion

        0.640

$3.5 billion to $10 billion

        0.620

Greater than $10 billion

        0.600

 

     
116       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

Focus Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        1.000 %

$1 billion to $2 billion

        0.975

$2 billion to $3.5 billion

        0.950

$3.5 billion to $5 billion

        0.925

Greater than $5 billion

        0.900

Global Discovery Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.975 %

$1 billion to $2 billion

        0.950

$2 billion to $3.5 billion

        0.925

$3.5 billion to $5 billion

        0.900

Greater than $5 billion

        0.875

Global Equity Fund:

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.900 %

$1 billion to $2 billion

        0.875

$2 billion to $3.5 billion

        0.850

$3.5 billion to $5 billion

        0.825

Greater than $5 billion

        0.800

Global Opportunities Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.900 %

$1 billion to $4 billion

        0.875

$4 billion to $8 billion

        0.850

$8 billion to $12 billion

        0.825

Greater than $12 billion

        0.800

Global Unconstrained Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.950 %

$1 billion to $2 billion

        0.925

$2 billion to $3.5 billion

        0.900

$3.5 billion to $5 billion

        0.875

Greater than $5 billion

        0.850

Global Value Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        1.000 %

$1 billion to $4 billion

        0.975

$4 billion to $8 billion

        0.950

$8 billion to $12 billion

        0.925

Greater than $12 billion

        0.900

High Income Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.725 %

$1 billion to $2 billion

        0.700

$2 billion to $3.5 billion

        0.675

$3.5 billion to $10 billion

        0.650

Greater than $10 billion

        0.625

 

     
Artisan Partners Funds       117

NOTES TO FINANCIAL STATEMENTS

 

International Fund

 

Average Daily Net Assets    Annual Rate

Less than $500 million

        1.000 %

$500 million to $750 million

        0.975

$750 million to $1 billion

        0.950

$1 billion to $12 billion

        0.925

Greater than $12 billion

        0.900

International Explorer Fund

 

Average Daily Net Assets    Annual Rate

Less than $500 million

        1.050 %

Greater than $500 million

        1.000

International Small-Mid Fund

 

Average Daily Net Assets    Annual Rate

Less than $2 billion

        1.050 %

$2 billion to $3 billion

        1.025

$3 billion to $4 billion

        1.000

$4 billion to $5 billion

        0.975

Greater than $5 billion

        0.950

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

 

Average Daily Net Assets    Annual Rate

Less than $500 million

        1.000 %

$500 million to $750 million

        0.975

$750 million to $1 billion

        0.950

Greater than $1 billion

        0.925

Select Equity Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.750 %

$1 billion to $2 billion

        0.725

$2 billion to $3.5 billion

        0.700

$3.5 billion to $5 billion

        0.675

Greater than $5 billion

        0.650

Sustainable Emerging Markets Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.850 %

$1 billion to $2 billion

        0.825

$2 billion to $3.5 billion

        0.800

$3.5 billion to $5 billion

        0.775

Greater than $5 billion

        0.750

Value Fund

 

Average Daily Net Assets    Annual Rate

Less than $50 million

        0.800 %

$50 million to $100 million

        0.760

$100 million to $500 million

        0.720

$500 million to $7.5 billion

        0.680

Greater than $7.5 billion

        0.640

Value Income Fund

 

Average Daily Net Assets    Annual Rate

Less than $1 billion

        0.700 %

$1 billion to $2 billion

        0.675

$2 billion to $3.5 billion

        0.650

$3.5 billion to $5 billion

        0.625

Greater than $5 billion

        0.600

 

     
118       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

(b)

Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. These contractual limits continue through January 31, 2024 at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended March 31, 2023 (dollar values in thousands).

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

 

Fund    Expense Limit as a % of
Average Daily Net Assets		    Expenses
Waived

Emerging Markets Debt Opportunities Fund - Investor Shares

        1.25 %        29 (1) 

Emerging Markets Debt Opportunities Fund - Advisor Shares

        1.15 %        23 (1) 

Emerging Markets Debt Opportunities Fund - Institutional Shares

        1.10 %        51 (1) 

Floating Rate Fund - Investor Shares

        1.20 %        35 (2) 

Floating Rate Fund - Advisor Shares

        1.10 %        43 (2) 

Floating Rate Fund - Institutional Shares

        1.05 %        38 (2) 

Global Discovery Fund - Investor Shares

        1.40 %        2

Global Discovery Fund - Advisor Shares

        1.30 %        16

Global Discovery Fund - Institutional Shares

        1.25 %        -

Global Equity Fund - Investor Shares

        1.35 %        -

Global Equity Fund - Advisor Shares

        1.25 %        18

Global Unconstrained Fund - Investor Shares

        1.45 %        29 (3) 

Global Unconstrained Fund - Advisor Shares

        1.35 %        28 (3) 

Global Unconstrained Fund - Institutional Shares

        1.30 %        57 (3) 

International Explorer Fund - Advisor Shares

        1.40 %        31 (4) 

International Explorer Fund - Institutional Shares

        1.35 %        46 (4) 

Select Equity Fund - Investor Shares

        1.25 %        30

Select Equity Fund - Advisor Shares

        1.15 %        22

Select Equity Fund - Institutional Shares

        1.10 %        27

Sustainable Emerging Markets Fund - Investor Shares*

        1.15 %        40

Sustainable Emerging Markets Fund - Advisor Shares

        1.05 %        56 (5) 

Sustainable Emerging Markets Fund - Institutional Shares*

        1.00 %        43

Value Fund - Advisor Shares

        0.88 %        33

Value Income Fund - Investor Shares

        1.20 %        34 (6) 

Value Income Fund - Advisor Shares

        1.10 %        30 (6) 

Value Income Fund - Institutional Shares

        1.05 %        53 (6) 
 

*  Prior to March 1, 2022, expense limit, as a percentage of average daily net assets, was 1.35% and 1.20% for Investor Shares and Institutional Shares, respectively.

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

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

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

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

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

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

   

 

 

 

 

 

 

 

(c)

Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the period ended March 31, 2023, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of $300,000.

 

     
Artisan Partners Funds       119

NOTES TO FINANCIAL STATEMENTS

 

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

 

     Amount

Independent board chair

      $ 100,000

Audit committee chair

      $ 45,000

Governance and nominating committee chair

      $ 30,000

Education committee chair

      $ 30,000

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

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

 

(d)

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

 

(8)

Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 7, 2023. Under the line of credit, each Fund can borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds may not exceed $400 million. The Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.00%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% . The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes.

During the period ended March 31, 2023, there were borrowings under the line of credit as follows:

 

Fund    Average Borrowings    Average Borrowing Rates

Global Equity

      $ 2,091,667        1.21 %

International

        9,650,000        1.32 %

Small Cap

        150,000        1.09 %

Value

        275,000        1.11 %

All fees and interest expense related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at March 31, 2023.

 

     
120       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

(9)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the period ended March 31, 2023 were as follows (in thousands):

 

Fund    Security Purchases    Security Sales

Developing World

      $ 1,021,284      $ 1,880,938

Emerging Markets Debt Opportunities

        16,259        13,780

Floating Rate

        19,674        19,547

Focus

        1,889,266        2,225,521

Global Discovery

        55,806        75,865

Global Equity

        124,258        132,667

Global Opportunities

        556,953        1,308,515

Global Unconstrained

        11,877        9,814

Global Value

        115,940        361,781

High Income

        1,101,935        483,505

International

        2,004,350        2,773,589

International Explorer

        17,080        4,145

International Small-Mid

        524,438        647,209

International Value

        2,204,907        3,337,632

Mid Cap

        895,915        1,094,484

Mid Cap Value

        232,830        459,014

Select Equity

        4,361        4,873

Small Cap

        267,367        478,583

Sustainable Emerging Markets

        10,200        9,119

Value

        35,434        68,161

Value Income

        2,836        2,021

 

(10)

Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended March 31, 2023 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the period ended March 31, 2023.

Transactions in securities of affiliates:

 

     As of
09/30/2022		         Proceeds
from
Sales		   Net
Realized
Gain
(Loss)		   Net Increase
(Decrease) in
Unrealized
Appreciation or
Depreciation		    As of
03/31/2023		     
Funds    Shares
Balance		    Value    Purchases
at Cost		    Share
Balance		    Value    Dividend
Income@
International Small-Mid Fund                                                                                                 
Carenet, Inc.(1)        3,363      $ 27,595      $ -          $ (5,709 )      $ (2,202 )      $ 2,410        2,696      $ 22,094      $ 128
CKD Corp.(1)        4,057        48,288        -            (3,958 )       (2,548 )       19,669        3,769        61,451        1,153
Daikokutenbussan Co. Ltd.(1)        838        30,492        -            (1,602 )       (1,824 )       3,004        793        30,070        -    
Model N, Inc.*†        2,003        68,548        -            (15,832 )       (241 )       452        1,581        52,927        -    
Ubicom Holdings, Inc.(1)        847        12,677        -            (641 )       (791 )       1,430        807        12,675        60
ViewRay, Inc.*        11,030        40,149        -            (5,530 )       (1,666 )       427        9,647        33,380        -    
Total#                 $ 227,749      $ -          $ (33,272 )     $ (9,272 )      $ 27,392                 $ 159,670      $ 1,341
International Value Fund                                                                                                 
Arch Capital Group Ltd.*        23,073      $ 1,050,732      $ 40,474      $ (293,375 )     $ 105,743     $ 394,866        19,131      $ 1,298,440      $ -    
Berkeley Group Holdings plc(1)        5,543        203,196        20,500        (7,673 )       (4,735 )       89,406        5,796        300,694        4,614
Sensata Technologies Holding plc        8,750        326,188        18,828        (19,377 )       (6,806 )       114,773        8,669        433,606        1,860
Total                 $ 1,580,116      $ 79,802      $ (320,425 )     $ 94,202     $ 599,045                 $ 2,032,740      $ 6,474

@  Net of foreign taxes withheld, if any.

† Issuer was not an affiliate as of March 31, 2023.

* Non-income producing security.

# Total value as of March 31, 2023 is presented only for those issuers that were affiliates as of March 31, 2023.

(1)  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes (A) and (B) in the accompanying notes.

   

  

  

  

   

 

     
Artisan Partners Funds       121

NOTES TO FINANCIAL STATEMENTS

 

(11)

Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of March 31, 2023 was as follows (in thousands):

 

Fund    Cost of
Investments		    Gross
Unrealized
Appreciation		    Gross
Unrealized
Depreciation		   Net
Unrealized
Appreciation/
(Depreciation) on
Investments

Developing World

      $ 2,216,070      $ 1,256,117      $ (249,769)       $ 1,006,348

Emerging Markets Debt Opportunities

        24,437        696        (419 )       277

Floating Rate

        49,989        227        (2,408 )       (2,181 )

Focus

        1,294,464        140,783        (6,497 )       134,286

Global Discovery

        216,850        53,537        (7,936 )       45,601

Global Equity

        186,172        28,242        (14,242 )       14,000

Global Opportunities

        1,968,149        909,591        (25,666 )       883,925

Global Unconstrained

        16,911        520        (284 )       236

Global Value

        1,569,317        560,858        (104,324 )       456,534

High Income

        7,092,064        36,027        (739,761 )       (703,734 )

International

        4,654,638        1,283,701        (403,256 )       880,445

International Explorer

        40,740        4,637        (1,035 )       3,602

International Small-Mid

        3,834,440        865,282        (328,459 )       536,823

International Value

        21,482,849        5,987,514        (1,145,518 )       4,841,996

Mid Cap

        3,021,429        1,550,372        (95,313 )       1,455,059

Mid Cap Value

        838,884        434,275        (27,856 )       406,419

Select Equity

        34,061        4,273        (1,427 )       2,846

Small Cap

        1,238,762        731,025        (87,108 )       643,917

Sustainable Emerging Markets

        75,254        19,379        (17,322 )       2,057

Value

        168,173        78,939        (4,856 )       74,083

Value Income

        11,368        353        (913 )       (560 )

The Funds’ tax-basis capital gains and losses are determined only at the end of each fiscal year. Accordingly, the table above does not include tax adjustments and reflects the aggregate book cost as of March 31, 2023.

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

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2023 and the year ended September 30, 2022 were as follows (in thousands):

 

     Six Months Ended
3/31/2023		    Year Ended
9/30/2022
Fund    Ordinary
Income
Dividends		    Long-Term
Capital Gain
Distributions		    Ordinary
Income
Dividends		    Long-Term
Capital Gain
Distributions

Developing World

      $ 14,242      $ -          $ 295,702      $ 388,716

Emerging Markets Debt Opportunities(1)

        1,031        336        508        -    

Floating Rate(2)

        1,833        -            1,456        -    

Focus

        8,043        -            337,147        17,221

Global Discovery

        233        -            7,395        19,221

Global Equity

        2,074        -            19,459        28,859

Global Opportunities

        -            -            27,681        553,418

Global Unconstrained(3)

        1,100        177        160        -    

Global Value

        10,802        70,342        28,483        197,964

High Income

        95        37,827        478,573        44,189

International

        78,879        69,382        429,877        1,409,800

 

     
122       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

     Six Months Ended
3/31/2023		    Year Ended
9/30/2022
Fund    Ordinary
Income
Dividends		    Long-Term
Capital Gain
Distributions		    Ordinary
Income
Dividends		    Long-Term
Capital Gain
Distributions

International Explorer(4)

      $ 47      $ -          $ -          $ -    

International Small-Mid

        3,473        -            45,109        128,582

International Value

        48,410        378,198        1,229,228        1,001,989

Mid Cap

        17,327        -            91,524        999,387

Mid Cap Value

        6,654        237,354        34,762        229,661

Select Equity

        500        441        545        670

Small Cap

        7,342        -            29,251        366,277

Sustainable Emerging Markets

        666        -            748        -    

Value

        830        37,845        6,388        37,133

Value Income(5)

        138        -            161        -    

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

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

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

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

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

 

 

 

 

 

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

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were recorded in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, dividends in excess and utilization of earnings and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.

Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at September 30, 2022 as follows:

 

Fund   

Undistributed Net

Investment

Income (Loss)

  

Accumulated Net

Realized

Gain (Loss)

  

Fund Shares

Issued and

outstanding

Developing World

      $ 17,198     $ 4,448     $ (21,646 )

Emerging Markets Debt Opportunities

        238       (238 )       -     (a) 

Floating Rate

        (9 )       12       (3 )

Focus

        2,894       (2,894 )       -    

Global Discovery

        825       (26 )       (799 )

Global Equity

        (182 )       94       88

Global Opportunities

        4,565       505       (5,067 )

Global Unconstrained

        360       (360 )       -     (a) 

Global Value

        (3,147 )       (6,920 )       10,067

High Income

        440       (8,169 )       7,729

International

        (9,806 )       (57,306 )       67,112

International Explorer

        8       (8 )       -    

International Small-Mid

        6,350       (6,350 )       -    

International Value

        35,643       (84,300 )       48,657

Mid Cap

        16,655       62,561       (79,216 )

Mid Cap Value

        (5,931 )       (29,620 )       35,551

Select Equity

        (4 )       (4 )       8

Small Cap

        9,329       (2,864 )       (6,465 )

Sustainable Emerging Markets

        (141 )       141       -    

Value

        (483 )       (8,189 )       8,672

Value Income

        (5 )       4       1

 

(a)   Amount rounds to less than $1

 

     
Artisan Partners Funds       123

NOTES TO FINANCIAL STATEMENTS

 

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2022. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2022.

Additional tax information as of and for the year ended September 30, 2022 follows (in thousands):

 

Fund    Undistributed
Ordinary
Income		    Undistributed
Long-Term
Gain		    Qualified
Late Year
Capital
Losses		   Qualified
Late Year
Ordinary
Losses		   Other
Deferred
Gains
(Losses)*		   Tax
Components
of Net Assets
Appreciation		   Total
Distributable
Earnings

Developing World

      $ -          $ -          $ (413,684 )     $ (24,934 )     $ (334 )      $ (476,047 )     $ (914,999 )

Emerging Markets Debt Opportunities(1)

        455        287        -           -           (1  )        (1,608 )       (867 )

Floating Rate(2)

        -            -            -           -           (590 )       (2,855 )       (3,445 )

Focus

        8,043        -            -           -           (101,399 )       (61,049 )       (154,405 )

Global Discovery

        -            -            (13,872 )       (1,261 )       (15 )       (14,411 )       (29,559 )

Global Equity

        1,176        -            (9,054 )       -           (23 )       (22,783 )       (30,684 )

Global Opportunities

        -            -            (22,825 )       (516 )       (311 )       394,384       370,732

Global Unconstrained(3)

        749        163        -           -           (2 )       (761 )       149

Global Value

        8,278        70,073        -           -           (231 )       (43,596 )       34,524

High Income

        -            37,826        -           -           (7,167 )       (917,693 )       (887,034 )

International

        78,878        69,382        -           -           (1,013 )       (446,035 )       (298,788 )

International Explorer(4)

        28        -            -           -           (162 )       (3,233 )       (3,367 )

International Small-Mid

        -            -            (167,001 )       (1,505 )       (206 )       (360,727 )       (529,439 )

International Value

        48,410        378,198        -           -           (1,379 )       (1,392,622 )       (967,393 )

Mid Cap

        -            -            (11,503 )       (31,428 )       (567 )       758,596       715,098

Mid Cap Value

        5,839        232,293        -           -           (263 )       370,010       607,879

Select Equity

        324        441        -           -           (7 )       (5,043 )       (4,285 )

Small Cap

        -            -            (300,919 )       (14,621 )       (194 )       254,295       (61,439 )

Sustainable Emerging Markets

        667        -            -           -           (133,101 )       (16,215 )       (148,649 )

Value

        538        35,825        -           -           (44 )       39,545       75,864

Value Income(5)

        3        -            -           -           (76 )       (1,909 )       (1,982 )

 

*   Other deferred gains and losses relate to (a) distribution payable at year end (b) other items including straddle loss deferral, deferred compensation and capital loss carryforward.
(1)   For the period from commencement of operations (April 7, 2022) through September 30, 2022.
(2)   For the period from commencement of operations (December 1, 2021) through September 30, 2022.
(3)   For the period from commencement of operations (March 31, 2022) through September 30, 2022.
(4)   For the period from commencement of operations (May 16, 2022) through September 30, 2022.
(5)   For the period from commencement of operations (February 28, 2022) through September 30, 2022.

As of September 30, 2022, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.

 

Fund    Unexpiring – ST    Unexpiring – LT   Utilized in CY

Floating Rate

      $ 588      $ -         $    -    

Focus

        101,319        -           -    

International Explorer

        162        -           -    

Sustainable Emerging Markets

        6,328        126,757 (1)        135

Value Income

        -            -           -    

 

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

 

     
124       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

(12)

Fund share activities:

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

 

    DEVELOPING WORLD
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       1,466,707     $ 20,596       7,470,810     $ 141,791

Advisor Shares

       18,250,172       250,742       71,081,577       1,307,328

Institutional Shares

       7,133,381       98,605       29,932,152       533,624
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       28,335       364       2,902,230       68,136

Advisor Shares

       496,275       6,427       14,263,543       338,006

Institutional Shares

       360,708       4,696       7,092,177       169,058
Cost of shares redeemed                

Investor Shares

       (8,742,474 )       (110,346 )       (16,787,479 )       (297,852 )

Advisor Shares

       (56,441,369 )       (785,950 )       (133,496,326 )       (2,343,680 )

Institutional Shares

       (21,237,709 )       (290,702 )       (55,734,088 )       (987,399 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (7,247,432 )       (89,386 )       (6,414,439 )       (87,925 )

Advisor Shares

       (37,694,922 )       (528,781 )       (48,151,206 )       (698,346 )

Institutional Shares

       (13,743,620 )       (187,401 )       (18,709,759 )       (284,717 )
    EMERGING MARKETS DEBT OPPORTUNITIES
    Six Months Ended
3/31/2023		   Period Ended
9/30/2022(1)
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       14,508     $ 146       8,969     $ 88

Advisor Shares

       219,661       2,198       44,242       438

Institutional Shares

       12,028       120       2,106,225       21,058
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       959       9       165       2

Advisor Shares

       5,443       54       929       9

Institutional Shares

       144,768       1,427       51,335       497
Cost of shares redeemed                

Investor Shares

       (34 )       -           -           -    

Advisor Shares

       (290 )       (3 )       -           -    

Institutional Shares

       (9,345 )       (92 )       (2,727 )       (26 )
Net increase from fund share transactions                

Investor Shares

       15,433       155       9,134       90

Advisor Shares

       224,814       2,249       45,171       447

Institutional Shares

       147,451       1,455       2,154,833       21,529
    FLOATING RATE
    Six Months Ended
3/31/2023		   Period Ended
9/30/2022(2)
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       165,263     $ 1,543       280,147     $ 2,719

Advisor Shares

       266,067       2,501       2,737,014       26,946

Institutional Shares

       86,603       814       3,318,819       33,023
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       12,851       120       4,253       41

Advisor Shares

       66,332       623       53,482       511

Institutional Shares

       115,058       1,081       94,596       902
Cost of shares redeemed                

Investor Shares

       (35,368 )       (330 )       (20,931 )       (203 )

Advisor Shares

       (513,223 )       (4,822 )       (994,399 )       (9,499 )

Institutional Shares

       (345,217 )       (3,243 )       (394,361 )       (3,759 )
Net increase (decrease) from fund share transactions                

Investor Shares

       142,746       1,333       263,469       2,557

Advisor Shares

       (180,824 )       (1,698 )       1,796,097       17,958

Institutional Shares

       (143,556 )       (1,348 )       3,019,054       30,166
Redemption Fees                

Investor Shares

           1           -    

 

     
Artisan Partners Funds       125

NOTES TO FINANCIAL STATEMENTS

 

    FOCUS
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       1,844,352     $ 29,808       4,690,488     $ 84,203

Advisor Shares

       5,132,360       82,626       15,192,061       287,151

Institutional Shares

       5,462,749       86,797       10,512,079       182,072
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       46,081       752       2,442,848       51,056

Advisor Shares

       202,531       3,317       8,143,796       170,694

Institutional Shares

       66,966       1,099       1,731,756       36,384
Cost of shares redeemed                

Investor Shares

       (3,125,165 )       (50,060 )       (6,784,230 )       (127,828 )

Advisor Shares

       (19,876,537 )       (319,956 )       (24,269,096 )       (446,780 )

Institutional Shares

       (8,804,930 )       (143,189 )       (9,012,101 )       (163,400 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (1,234,732 )       (19,500 )       349,106       7,431

Advisor Shares

       (14,541,646 )       (234,013 )       (933,239 )       11,065

Institutional Shares

       (3,275,215 )       (55,293 )       3,231,734       55,056
    GLOBAL DISCOVERY
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       110,507     $ 1,790       441,723     $ 8,708

Advisor Shares

       431,588       6,853       751,523       15,486

Institutional Shares

       157,810       2,546       2,214,973       45,023
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       -           -           213,639       4,734

Advisor Shares

       -           -           71,423       1,585

Institutional Shares

       14,978       233       907,373       20,198
Cost of shares redeemed                

Investor Shares

       (639,852 )       (10,085 )       (800,050 )       (14,980 )

Advisor Shares

       (332,908 )       (4,994 )       (739,039 )       (12,743 )

Institutional Shares

       (430,582 )       (6,728 )       (2,035,430 )       (34,947 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (529,345 )       (8,295 )       (144,688 )       (1,538 )

Advisor Shares

       98,680       1,859       83,907       4,328

Institutional Shares

       (257,794 )       (3,949 )       1,086,916       30,274
    GLOBAL EQUITY
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       39,489     $ 654       363,512     $ 6,926

Advisor Shares

       61,154       946       284,081       4,849

Institutional Shares

       137,603       2,361       1,987,292       33,399
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       39,781       651       1,087,193       22,418

Advisor Shares

       2,832       46       104,739       2,161

Institutional Shares

       76,048       1,262       1,026,998       21,464
Cost of shares redeemed                

Investor Shares

       (424,804 )       (6,896 )       (2,958,596 )       (54,061 )

Advisor Shares

       (86,632 )       (1,428 )       (688,532 )       (11,692 )

Institutional Shares

       (602,982 )       (10,029 )       (2,467,539 )       (45,052 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (345,534 )       (5,591 )       (1,507,891 )       (24,717 )

Advisor Shares

       (22,646 )       (436 )       (299,712 )       (4,682 )

Institutional Shares

       (389,331 )       (6,406 )       546,751       9,811

 

     
126       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

    GLOBAL OPPORTUNITIES
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       778,594     $ 20,663       4,275,468     $ 137,036

Advisor Shares

       1,909,278       51,113       6,618,480       211,795

Institutional Shares

       1,867,346       50,236       10,812,675       360,106
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       -           -           3,998,126       148,890

Advisor Shares

       -           -           3,000,905       112,774

Institutional Shares

       -           -           7,348,834       279,991
Cost of shares redeemed                

Investor Shares

       (5,748,418 )       (149,956 )       (14,827,587 )       (451,998 )

Advisor Shares

       (8,686,523 )       (227,610 )       (15,991,074 )       (491,833 )

Institutional Shares

       (17,652,286 )       (483,118 )       (21,811,032 )       (713,959 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (4,969,824 )       (129,293 )       (6,553,993 )       (166,072 )

Advisor Shares

       (6,777,245 )       (176,497 )       (6,371,689 )       (167,264 )

Institutional Shares

       (15,784,940 )       (432,882 )       (3,649,523 )       (73,862 )
    GLOBAL UNCONSTRAINED
    Six Months Ended
3/31/2023		   Period Ended
9/30/2022(3)
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       9,927     $ 97       45,885     $ 463

Advisor Shares

       17,512       175       196,899       1,967

Institutional Shares

       109,695       1,088       1,230,441       12,315
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       4,357       43       294       3

Advisor Shares

       18,942       185       2,040       20

Institutional Shares

       113,460       1,109       13,686       137
Cost of shares redeemed                

Investor Shares

       (282 )       (3 )       (19 )       -    

Advisor Shares

       (373 )       (4 )       -           -    

Institutional Shares

       (29,116 )       (286 )       (1,917 )       (19 )
Net increase from fund share transactions                

Investor Shares

       14,002       137       46,160       466

Advisor Shares

       36,081       356       198,939       1,987

Institutional Shares

       194,039       1,911       1,242,210       12,433
    GLOBAL VALUE
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       324,014     $ 5,696       1,486,945     $ 29,522

Advisor Shares

       1,523,517       26,506       3,990,120       77,572

Institutional Shares

       4,856,245       82,741       21,133,681       396,244
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       454,862       7,728       1,169,733       23,816

Advisor Shares

       606,275       10,276       1,363,221       27,701

Institutional Shares

       3,080,893       52,344       7,107,819       144,786
Cost of shares redeemed                

Investor Shares

       (2,148,059 )       (37,018 )       (3,171,851 )       (61,381 )

Advisor Shares

       (5,166,470 )       (90,092 )       (3,983,122 )       (74,999 )

Institutional Shares

       (10,602,510 )       (186,228 )       (27,007,128 )       (511,902 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (1,369,183 )       (23,594 )       (515,173 )       (8,043 )

Advisor Shares

       (3,036,678 )       (53,310 )       1,370,219       30,274

Institutional Shares

       (2,665,372 )       (51,143 )       1,234,372       29,128

 

     
Artisan Partners Funds       127

NOTES TO FINANCIAL STATEMENTS

 

    HIGH INCOME
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       7,939,104     $ 68,781       21,972,142     $ 210,935

Advisor Shares

       95,726,641       825,499       112,796,323       1,065,335

Institutional Shares

       101,571,204       875,406       127,041,635       1,186,468
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       3,413,653       29,427       9,043,579       86,993

Advisor Shares

       12,212,960       105,227       22,457,803       214,298

Institutional Shares

       7,115,972       61,300       13,101,185       124,855
Cost of shares redeemed(4)                

Investor Shares

       (15,383,204 )       (132,605 )       (81,347,747 )       (772,200 )

Advisor Shares

       (75,902,382 )       (652,055 )       (148,814,020 )       (1,401,726 )

Institutional Shares

       (69,414,533 )       (595,073 )       (77,269,224 )       (724,085 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (4,030,447 )       (34,397 )       (50,332,026 )       (474,272 )

Advisor Shares

       32,037,219       278,671       (13,559,894 )       (122,093 )

Institutional Shares

       39,272,643       341,633       62,873,596       587,238
Redemption Fees                

Investor Shares

           19           116

Advisor Shares

           183           275

Institutional Shares

           31           80
    INTERNATIONAL
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       2,049,997     $ 50,628       4,878,673     $ 134,566

Advisor Shares

       2,776,176       66,609       9,078,191       245,647

Institutional Shares

       5,238,661       127,598       25,657,363       704,771
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       1,787,578       42,902       18,624,907       557,071

Advisor Shares

       786,542       18,783       9,803,061       291,935

Institutional Shares

       2,804,345       67,641       25,644,328       771,381
Cost of shares redeemed                

Investor Shares

       (11,180,963 )       (267,141 )       (30,595,419 )       (830,194 )

Advisor Shares

       (8,430,255 )       (200,430 )       (26,103,285 )       (712,537 )

Institutional Shares

       (21,044,620 )       (519,468 )       (61,890,825 )       (1,648,129 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (7,343,388 )       (173,611 )       (7,091,839 )       (138,557 )

Advisor Shares

       (4,867,537 )       (115,038 )       (7,222,033 )       (174,955 )

Institutional Shares

       (13,001,614 )       (324,229 )       (10,589,134 )       (171,977 )
    INTERNATIONAL EXPLORER
    Six Months Ended
3/31/2023		   Period Ended
9/30/2022(5)
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Advisor Shares

       420,819     $ 4,443       674,918     $ 6,881

Institutional Shares

       1,500,831       15,091       1,730,893       17,443
Net asset value of shares issued in reinvestment of dividends and distributions                

Advisor Shares

       796       8       -           -    

Institutional Shares

       1,279       12       -           -    
Cost of shares redeemed                

Advisor Shares

       (200,021 )       (2,007 )       (6,118 )       (59 )

Institutional Shares

       (90,095 )       (880 )       (36,399 )       (362 )
Net increase from fund share transactions                

Advisor Shares

       221,594       2,444       668,800       6,822

Institutional Shares

       1,412,015       14,223       1,694,494       17,081

 

     
128       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

    INTERNATIONAL SMALL-MID
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       1,547,909     $ 24,288       4,161,258     $ 72,617

Advisor Shares

       8,645,489       137,165       27,893,529       477,225

Institutional Shares

       16,238,435       260,233       49,845,304       876,465
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       -           -           688,580       14,109

Advisor Shares

       16,852       264       2,266,734       46,559

Institutional Shares

       179,689       2,848       4,721,866       98,120
Cost of shares redeemed                

Investor Shares

       (4,365,004 )       (69,160 )       (8,256,751 )       (141,622 )

Advisor Shares

       (18,694,130 )       (290,041 )       (34,331,388 )       (574,051 )

Institutional Shares

       (22,844,164 )       (363,958 )       (58,593,168 )       (996,877 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (2,817,095 )       (44,872 )       (3,406,913 )       (54,896 )

Advisor Shares

       (10,031,789 )       (152,612 )       (4,171,125 )       (50,267 )

Institutional Shares

       (6,426,040 )       (100,877 )       (4,025,998 )       (22,292 )
    INTERNATIONAL VALUE
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       5,598,926     $ 222,671       8,291,428     $ 328,863

Advisor Shares

       39,584,034       1,554,131       60,092,836       2,405,960

Institutional Shares

       55,305,857       2,180,649       146,452,838       6,097,063
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       1,132,434       42,772       5,974,617       251,146

Advisor Shares

       2,581,861       97,310       11,140,147       465,887

Institutional Shares

       6,502,377       246,239       30,721,316       1,289,424
Cost of shares redeemed                

Investor Shares

       (7,307,560 )       (276,068 )       (13,135,629 )       (518,863 )

Advisor Shares

       (19,480,481 )       (743,796 )       (64,767,550 )       (2,725,845 )

Institutional Shares

       (64,087,253 )       (2,433,105 )       (70,332,385 )       (2,796,686 )
Net increase from fund share transactions                

Investor Shares

       (576,200 )       (10,625 )       1,130,416       61,146

Advisor Shares

       22,685,414       907,645       6,465,433       146,002

Institutional Shares

       (2,279,019 )       (6,217 )       106,841,769       4,589,801
    MID CAP
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       3,621,597     $ 107,680       7,385,851     $ 288,438

Advisor Shares

       3,328,539       98,137       7,488,704       286,518

Institutional Shares

       5,487,339       191,304       14,203,132       642,122
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       111,050       3,217       7,472,214       341,032

Advisor Shares

       82,923       2,447       3,050,814       141,832

Institutional Shares

       269,708       9,318       8,489,882       461,850
Cost of shares redeemed                

Investor Shares

       (6,457,396 )       (188,220 )       (12,920,194 )       (504,849 )

Advisor Shares

       (3,900,508 )       (117,063 )       (7,888,493 )       (299,371 )

Institutional Shares

       (7,876,613 )       (276,822 )       (20,078,294 )       (878,409 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (2,724,749 )       (77,323 )       1,937,871       124,621

Advisor Shares

       (489,046 )       (16,479 )       2,651,025       128,979

Institutional Shares

       (2,119,566 )       (76,200 )       2,614,720       225,563

 

     
Artisan Partners Funds       129

NOTES TO FINANCIAL STATEMENTS

 

    MID CAP VALUE
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       443,676     $ 7,544       3,346,819     $ 71,410

Advisor Shares

       1,662,717       28,199       2,617,668       52,809

Institutional Shares

       1,169,238       19,571       2,436,382       50,058
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       4,249,487       69,309       3,275,188       69,860

Advisor Shares

       4,464,196       72,365       3,337,333       70,918

Institutional Shares

       5,860,534       95,058       4,507,359       95,826
Cost of shares redeemed                

Investor Shares

       (4,078,908 )       (69,624 )       (13,701,582 )       (267,761 )

Advisor Shares

       (9,103,300 )       (153,577 )       (6,559,601 )       (136,708 )

Institutional Shares

       (3,836,495 )       (65,433 )       (10,527,284 )       (223,157 )
Net increase (decrease) from fund share transactions                

Investor Shares

       614,255       7,229       (7,079,575 )       (126,491 )

Advisor Shares

       (2,976,387 )       (53,013 )       (604,600 )       (12,981 )

Institutional Shares

       3,193,277       49,196       (3,583,543 )       (77,273 )
    SELECT EQUITY
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       29,209     $ 325       35,252     $ 452

Advisor Shares

       25,090       259       20,516       206

Institutional Shares

       106,794       1,247       1,091,230       13,142
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       6,388       69       10,699       142

Advisor Shares

       5,163       56       6,464       86

Institutional Shares

       75,441       816       74,662       987
Cost of shares redeemed                

Investor Shares

       (32,243 )       (338 )       (24,326 )       (298 )

Advisor Shares

       (85,457 )       (1,021 )       (917 )       (11 )

Institutional Shares

       (30,358 )       (357 )       (33,527 )       (408 )
Net increase from fund share transactions                

Investor Shares

       3,354       56       21,625       296

Advisor Shares

       (55,204 )       (706 )       26,063       281

Institutional Shares

       151,877       1,706       1,132,365       13,721
    SMALL CAP
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       867,436     $ 26,642       3,256,368     $ 118,733

Advisor Shares

       1,884,472       56,684       10,094,246       357,099

Institutional Shares

       3,413,396       106,106       11,286,868       402,996
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       49,814       1,521       2,406,177       104,067

Advisor Shares

       42,554       1,311       2,969,408       129,469

Institutional Shares

       123,394       3,887       2,704,864       120,637
Cost of shares redeemed                

Investor Shares

       (2,005,070 )       (59,934 )       (6,753,630 )       (245,803 )

Advisor Shares

       (4,653,383 )       (146,120 )       (26,304,832 )       (847,310 )

Institutional Shares

       (4,503,535 )       (140,460 )       (14,875,744 )       (520,695 )
Net increase (decrease) from fund share transactions                

Investor Shares

       (1,087,820 )       (31,771 )       (1,091,085 )       (23,003 )

Advisor Shares

       (2,726,357 )       (88,125 )       (13,241,178 )       (360,742 )

Institutional Shares

       (966,745 )       (30,467 )       (884,012 )       2,938

 

     
130       Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

 

    SUSTAINABLE EMERGING MARKETS
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       36,586     $ 491       662,977     $ 11,430

Advisor Shares(6)

       608,622       8,490       2,174,780       30,102

Institutional Shares

       372,708       5,529       1,405,810       24,249
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       8,274       112       33,599       659

Advisor Shares(6)

       20,528       277       -           -    

Institutional Shares

       16,842       232       4,462       89
Cost of shares redeemed                

Investor Shares

       (136,177 )       (1,900 )       (2,930,208 )       (41,929 )

Advisor Shares(6)

       (402,684 )       (5,624 )       (20,477 )       (280 )

Institutional Shares

       (377,759 )       (5,449 )       (56,922 )       (940 )
Net increase from fund share transactions                

Investor Shares

       (91,317 )       (1,297 )       (2,233,632 )       (29,840 )

Advisor Shares(6)

       226,466       3,143       2,154,303       29,822

Institutional Shares

       11,791       312       1,353,350       23,398
    VALUE
    Six Months Ended
3/31/2023		   Year Ended
9/30/2022
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       134,800     $ 1,685       856,850     $ 12,330

Advisor Shares

       1,177,115       14,530       799,189       11,773

Institutional Shares

       840,555       10,516       2,078,297       30,020
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       1,107,045       13,130       825,284       12,297

Advisor Shares

       763,303       8,999       783,355       11,601

Institutional Shares

       1,208,968       14,254       1,198,806       17,766
Cost of shares redeemed                

Investor Shares

       (1,103,606 )       (13,736 )       (1,514,916 )       (22,102 )

Advisor Shares

       (1,016,766 )       (12,506 )       (3,166,768 )       (44,521 )

Institutional Shares

       (2,498,474 )       (29,848 )       (5,786,232 )       (85,318 )
Net increase (decrease) from fund share transactions                

Investor Shares

       138,239       1,079       167,218       2,525

Advisor Shares

       923,652       11,023       (1,584,224 )       (21,147 )

Institutional Shares

       (448,951 )       (5,078 )       (2,509,129 )       (37,532 )
    VALUE INCOME
    Six Months Ended
3/31/2023		   Period Ended
9/30/2022(7)
    Shares   Amount   Shares   Amount
Proceeds from shares issued                

Investor Shares

       32,334     $ 299       110,107     $ 1,067

Advisor Shares

       25,075       227       142,757       1,376

Institutional Shares

       72,213       661       876,184       8,756
Net asset value of shares issued in reinvestment of dividends and distributions                

Investor Shares

       861       8       1,389       12

Advisor Shares

       2,173       19       2,039       18

Institutional Shares

       12,454       111       15,001       131
Cost of shares redeemed                

Investor Shares

       (52,241 )       (477 )       (21,611 )       (195 )

Advisor Shares

       (766 )       (7 )       (276 )       (2 )

Institutional Shares

       (14,926 )       (134 )       (8,723 )       (76 )
Net increase from fund share transactions                

Investor Shares

       (19,046 )       (170 )       89,885       884

Advisor Shares

       26,482       239       144,520       1,392

Institutional Shares

       69,741       638       882,462       8,811

 

1.   For the period from commencement of operations (April 7, 2022) through September 30, 2022.
2.   For the period from commencement of operations (December 1, 2021) through September 30, 2022.
3.   For the period from commencement of operations (March 31, 2022) through September 30, 2022.
4.   Net of redemption fees.
5.   For the period from commencement of operations (May 16, 2022) through September 30, 2022.
6.   For the period from commencement of operations (April 25, 2022) through September 30, 2022.
7.   For the period from commencement of operations (February 28, 2022) through September 30, 2022.

 

     
Artisan Partners Funds       131

NOTES TO FINANCIAL STATEMENTS

 

(13)

Accounting Pronouncements:

In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of certain tenors of the London Interbank Offered Rate (LIBOR) and other LIBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management has determined that the impact of implementation will not have a material effect on the funds.

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

 

(14)

Subsequent Events:

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

 

     
132       Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

 

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

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

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended March 31, 2023 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.

 

      Beginning
Account Value
10/1/2022		    Ending
Account Value
3/31/2023		    Expenses Paid  During
Period
10/1/2022-3/31/2023(1)		    Expense
Ratio(2)(3)

Artisan Developing World Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,297.90      $ 7.39        1.29 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.50      $ 6.49        1.29 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,299.30      $ 6.54        1.14 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.25      $ 5.74        1.14 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,299.70      $ 6.02        1.05 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.70      $ 5.29        1.05 %

Artisan Emerging Markets Debt Opportunities Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,117.40      $ 6.60        1.25 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.70      $ 6.29        1.25 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,119.10      $ 6.08        1.15 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.20      $ 5.79        1.15 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,118.30      $ 5.81        1.10 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.45      $ 5.54        1.10 %

 

     
Artisan Partners Funds       133

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

 

      Beginning
Account Value
10/1/2022		    Ending
Account Value
3/31/2023		    Expenses Paid  During
Period
10/1/2022-3/31/2023(1)		    Expense
Ratio(2)(3)

Artisan Floating Rate Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,052.60      $ 6.14        1.20 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.95      $ 6.04        1.20 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,053.20      $ 5.63        1.10 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.45      $ 5.54        1.10 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,053.40      $ 5.38        1.05 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.70      $ 5.29        1.05 %

Artisan Focus Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,083.70      $ 6.55        1.26 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.65      $ 6.34        1.26 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,084.30      $ 5.77        1.11 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.40      $ 5.59        1.11 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,085.40      $ 5.30        1.02 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.85      $ 5.14        1.02 %

Artisan Global Discovery Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,190.10      $ 7.64        1.40 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,017.95      $ 7.04        1.40 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,191.10      $ 7.10        1.30 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.45      $ 6.54        1.30 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,192.30      $ 5.90        1.08 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.55      $ 5.44        1.08 %

Artisan Global Equity Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,215.60      $ 7.13        1.29 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.50      $ 6.49        1.29 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,216.70      $ 6.91        1.25 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.70      $ 6.29        1.25 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,218.00      $ 5.75        1.04 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.75      $ 5.24        1.04 %

Artisan Global Opportunities Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,154.60      $ 6.12        1.14 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.25      $ 5.74        1.14 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,155.10      $ 5.43        1.01 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.90      $ 5.09        1.01 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,155.60      $ 4.89        0.91 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.39      $ 4.58        0.91 %

 

     
134       Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

 

      Beginning
Account Value
10/1/2022		    Ending
Account Value
3/31/2023		    Expenses Paid  During
Period
10/1/2022-3/31/2023(1)		    Expense
Ratio(2)(3)

Artisan Global Unconstrained Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,069.60      $ 7.48        1.45 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,017.70      $ 7.29        1.45 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,069.00      $ 6.96        1.35 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.20      $ 6.79        1.35 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,070.30      $ 6.71        1.30 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.45      $ 6.54        1.30 %

Artisan Global Value Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,249.40      $ 7.07        1.26 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.65      $ 6.34        1.26 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,250.40      $ 6.23        1.11 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.40      $ 5.59        1.11 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,251.00      $ 5.67        1.01 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.90      $ 5.09        1.01 %

Artisan High Income Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,068.60      $ 4.85        0.94 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.24      $ 4.73        0.94 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,069.50      $ 4.08        0.79 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.99      $ 3.98        0.79 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,070.00      $ 3.61        0.70 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,021.44      $ 3.53        0.70 %

Artisan International Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,268.30      $ 6.67        1.18 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.05      $ 5.94        1.18 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,269.20      $ 5.94        1.05 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.70      $ 5.29        1.05 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,269.10      $ 5.43        0.96 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.14      $ 4.84        0.96 %

Artisan International Explorer Fund

                                            

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,283.40      $ 7.97        1.40 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,017.95      $ 7.04        1.40 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,284.00      $ 7.69        1.35 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.20      $ 6.79        1.35 %

 

     
Artisan Partners Funds       135

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

 

      Beginning
Account Value
10/1/2022		    Ending
Account Value
3/31/2023		    Expenses Paid  During
Period
10/1/2022-3/31/2023(1)		    Expense
Ratio(2)(3)

Artisan International Small-Mid Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,207.90      $ 7.10        1.29 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.50      $ 6.49        1.29 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,209.80      $ 6.28        1.14 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.25      $ 5.74        1.14 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,209.60      $ 5.84        1.06 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.65      $ 5.34        1.06 %

Artisan International Value Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,309.80      $ 6.80        1.18 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.05      $ 5.94        1.18 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,310.80      $ 5.93        1.03 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.80      $ 5.19        1.03 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,311.30      $ 5.47        0.95 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.19      $ 4.78        0.95 %

Artisan Mid Cap Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,111.00      $ 6.26        1.19 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.00      $ 5.99        1.19 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,111.70      $ 5.53        1.05 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.70      $ 5.29        1.05 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,112.30      $ 5.06        0.96 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.14      $ 4.84        0.96 %

Artisan Mid Cap Value Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,147.10      $ 6.53        1.22 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.85      $ 6.14        1.22 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,148.30      $ 5.73        1.07 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.60      $ 5.39        1.07 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,148.30      $ 5.36        1.00 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.95      $ 5.04        1.00 %

Artisan Select Equity Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,244.00      $ 6.99        1.25 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.70      $ 6.29        1.25 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,243.80      $ 6.43        1.15 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.20      $ 5.79        1.15 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,244.90      $ 6.16        1.10 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.45      $ 5.54        1.10 %

 

     
136       Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

 

      Beginning
Account Value
10/1/2022		    Ending
Account Value
3/31/2023		    Expenses Paid  During
Period
10/1/2022-3/31/2023(1)		    Expense
Ratio(2)(3)

Artisan Small Cap Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,143.50      $ 6.52        1.22 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.85      $ 6.14        1.22 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,144.20      $ 5.72        1.07 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.60      $ 5.39        1.07 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,144.90      $ 5.29        0.99 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.00      $ 4.99        0.99 %

Artisan Sustainable Emerging Markets Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,217.80      $ 6.36        1.15 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.20      $ 5.79        1.15 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,219.00      $ 5.81        1.05 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.70      $ 5.29        1.05 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,218.90      $ 5.53        1.00 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.95      $ 5.04        1.00 %

Artisan Value Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,230.30      $ 6.06        1.09 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.50      $ 5.49        1.09 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,232.00      $ 4.90        0.88 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.54      $ 4.43        0.88 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,232.50      $ 4.84        0.87 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,020.59      $ 4.38        0.87 %

Artisan Value Income Fund

                                            

Investor Shares

                                            

Actual

      $ 1,000.00      $ 1,118.10      $ 6.34        1.20 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,018.95      $ 6.04        1.20 %

Advisor Shares

                                            

Actual

      $ 1,000.00      $ 1,118.00      $ 5.81        1.10 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.45      $ 5.54        1.10 %

Institutional Shares

                                            

Actual

      $ 1,000.00      $ 1,118.10      $ 5.54        1.05 %

Hypothetical (5% return before expenses)

      $ 1,000.00      $ 1,019.70      $ 5.29        1.05 %

 

(1)   Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2023, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
(2)   Annualized ratio of expenses to average net assets for the six-month period ended March 31, 2023.
(3)   Expense ratio includes the effect of expenses waived or paid by the Adviser, if applicable.

 

     
Artisan Partners Funds       137

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

 

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

For the purposes of assigning portfolio securities to a particular sector and industry in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources for most Funds and FactSet (to the extent available) as a secondary source for this information. The Adviser uses the Sustainable Industry Classification System (SICS®), developed by the Sustainability Accounting Standards Board (“SASB”), as the primary source with respect to Sustainable Emerging Markets Fund. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Definition of Portfolio Statistic

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

Trademarks

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

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

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

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

 

     
138       Artisan Partners Funds

PROXY VOTING POLICIES AND PROCEDURES

 

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

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

INFORMATION ABOUT PORTFOLIO SECURITIES

 

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

 

     
Artisan Partners Funds       139

LOGO

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

 

 

LOGO

Item 2.

Code of Ethics.

Not applicable for semiannual reports.

 

Item 3.

Audit Committee Financial Expert.

Not applicable for semiannual reports.

 

Item 4.

Principal Accountant Fees and Services.

Not applicable for semiannual reports.

 

Item 5.

Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

 

Item 6.

Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of March 31, 2023 are included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

 

Item 7.

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

Not applicable.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9.

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

Not applicable.

 

Item 10.

Submission of Matters to a Vote of Security Holders.

No material changes to report.

 

Item 11.

Controls and Procedures.

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

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

 

Item 12.

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

Not applicable.

 

Item 13.

Exhibits.

 

(a)    (1)    Not applicable for semiannual reports.
   (2)    Certifications of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)
(b)       Certification of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Section  906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Artisan Partners Funds, Inc.
By:  

/s/ Gregory K. Ramirez

  Gregory K. Ramirez
  Principal Executive Officer
Date:   June 5, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Gregory K. Ramirez
  Gregory K. Ramirez
  Principal Executive Officer
Date:   June 5, 2023

 

By:  

/s/ Shannon K. Jagodinski

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