Artisan Value Fund Inv Shs NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)


Sarah A. Johnson		John M. Loder
Artisan Partners Funds, Inc.		Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800		Prudential Tower, 800 Boylston Street
Milwaukee, Wisconsin 53202		Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 9/30/20

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

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

Item 1. Report to Shareholders.

LOGO

ARTISAN PARTNERS FUNDS


	Share Class
	Investor	Advisor	Institutional
Artisan Developing World Fund	ARTYX	APDYX	APHYX
Artisan Focus Fund	ARTTX	APDTX	APHTX
Artisan Global Discovery Fund	APFDX	APDDX	APHDX
Artisan Global Equity Fund	ARTHX	APDHX	APHHX
Artisan Global Opportunities Fund	ARTRX	APDRX	APHRX
Artisan Global Value Fund	ARTGX	APDGX	APHGX
Artisan High Income Fund	ARTFX	APDFX	APHFX
Artisan International Fund	ARTIX	APDIX	APHIX
Artisan International Small-Mid Fund	ARTJX	APDJX	APHJX
Artisan International Value Fund	ARTKX	APDKX	APHKX
Artisan Mid Cap Fund	ARTMX	APDMX	APHMX
Artisan Mid Cap Value Fund	ARTQX	APDQX	APHQX
Artisan Select Equity Fund	ARTNX	APDNX	APHNX
Artisan Small Cap Fund	ARTSX	APDSX	APHSX
Artisan Sustainable Emerging Markets Fund	ARTZX	N/A	APHEX
Artisan Value Fund	ARTLX	APDLX	APHLX

Beginning on March 31, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available online at http://hosted.rightprospectus.com/Artisan, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

TABLE OF CONTENTS


					MANAGEMENT’S DISCUSSIONS ON FUND PERFORMANCE
		2			Artisan Developing World Fund
		4			Artisan Focus Fund
		6			Artisan Global Discovery Fund
		8			Artisan Global Equity Fund
		10			Artisan Global Opportunities Fund
		12			Artisan Global Value Fund
		14			Artisan High Income Fund
		16			Artisan International Fund
		18			Artisan International Small-Mid Fund
		20			Artisan International Value Fund
		22			Artisan Mid Cap Fund
		24			Artisan Mid Cap Value Fund
		26			Artisan Select Equity Fund
		28			Artisan Small Cap Fund
		30			Artisan Sustainable Emerging Markets Fund
		32			Artisan Value Fund

					SCHEDULES OF INVESTMENTS
		34			Artisan Developing World Fund
		36			Artisan Focus Fund
		40			Artisan Global Discovery Fund
		42			Artisan Global Equity Fund
		45			Artisan Global Opportunities Fund
		47			Artisan Global Value Fund
		49			Artisan High Income Fund
		56			Artisan International Fund
		59			Artisan International Small-Mid Fund
		62			Artisan International Value Fund
		65			Artisan Mid Cap Fund
		68			Artisan Mid Cap Value Fund
		70			Artisan Select Equity Fund
		72			Artisan Small Cap Fund
		74			Artisan Sustainable Emerging Markets Fund
		77			Artisan Value Fund

		80			STATEMENTS OF ASSETS AND LIABILITIES

		84			STATEMENTS OF OPERATIONS

		88			STATEMENTS OF CHANGES IN NET ASSETS

		96			FINANCIAL HIGHLIGHTS

		113			NOTES TO FINANCIAL STATEMENTS

		152			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

		155			SHAREHOLDER EXPENSE EXAMPLE

		160			FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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

		169			PROXY VOTING POLICIES AND PROCEDURES

		169			INFORMATION ABOUT PORTFOLIO SECURITIES

		170			DIRECTORS AND OFFICERS

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

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

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2020. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes.

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

ARTISAN DEVELOPING WORLD FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/29/2015 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Developing World Fund – Investor Shares (6/29/2015)		71.06	%		22.82	%		23.28	%		18.03	%
Artisan Developing World Fund – Advisor Shares (6/29/2015)		71.28			23.02			23.52			18.24
Artisan Developing World Fund – Institutional Shares (6/29/2015)		71.45			23.13			23.64			18.36
MSCI Emerging Markets Index		10.54			2.42			8.97			4.79	*

As of Investor, Advisor and Institutional Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners Limited Partnership’s (the “Adviser” or “Artisan Partners”) contractual agreements to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


2		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended 30 September 2020, emerging markets were up, not quite as sharply as their US counterparts, but more than European equities. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath. Despite being widely considered the global origin of COVID-19, China led the MSCI Emerging Markets Index for the period, delivering a double-digit positive return.

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		14.9	%		14.3	%
Consumer Discretionary		26.3			28.1
Consumer Staples		8.4			14.6
Financials		5.4			16.3
Health Care		13.9			3.3
Industrials		4.6			1.0
Information Technology		24.0			16.4
Other assets less liabilities		2.5			6.0
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Singaporean provider of information technology services Sea, US-based technology company NVIDIA, Netherlands-based payment solutions provider Adyen, Chinese educational services provider TAL Education and US-based online trading site for Latin American markets MercadoLibre. Bottom contributors during the period included: Indian banking and financial services provider HDFC Bank, Indian holdings company Titan, Brazilian stock exchange Brasil Bolsa Balcao, Thai convenience store operator CP All and Chinese airport builder and operator Shanghai International Airport.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Emerging Asia		46.7	%		47.5	%
Developed Markets		41.1			30.8
Latin America		7.4			11.8
Europe, Middle East and Africa		2.3			4.0

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based ride-hailing and food delivery services company Uber, Chinese investment holdings company Meituan Dianping, US-based cloud computing company Veeva, Chinese health care company Aier Eye Hospital and Chinese pharmaceutical company Wuxi Biologics. We funded these purchases in part through exiting our positions in Brasil Bolsa Balcao, CP All, Galaxy Entertainment, Diageo and Hong Kong Exchanges & Clearing.


Artisan Partners Funds		3

ARTISAN FOCUS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/24/2017 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Focus Fund – Investor Shares (4/24/2017)		21.76	%		22.48	%		25.26	%
Artisan Focus Fund – Advisor Shares (7/31/2018)		21.98			n/a			17.89
Artisan Focus Fund – Institutional Shares (2/3/2020)		n/a			n/a			12.28	^†
S&P 500^® Index		15.15			12.28			12.87	*

^†

For the period from commencement of operations 2/3/2020 through 9/30/2020; not annualized.

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


4		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials and energy as the main detractors. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		8.7	%		15.4	%
Consumer Discretionary		5.7			3.3
Financials		10.3			4.9
Health Care		4.2			12.7
Industrials		19.7			5.1
Information Technology		44.0			28.9
Materials		–			7.9
Real Estate	��	1.6			9.0
Other assets less liabilities		5.8			12.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION*

Top contributors within the portfolio during the period included: US-based technology company NVIDIA, US-based online retailer Amazon, US-based software provider Microsoft, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices and Chinese Internet company Tencent. Bottom contributors during the period included: Netherlands-based global semiconductor manufacturer NXP Semiconductors, US-based investment management company Blackstone Group, US-based semiconductor company specializing in high-performance analog signal processing chips Analog Devices, US-based asset management company Brookfield Asset Management and US-based transportation company Norfolk Southern. The use of derivatives, including options used to hedge short-term portfolio volatility, had a positive overall impact on performance during the period.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based technology designer and manufacturer Apple, US-based insurance company Aon, US-based online retailer Amazon, US-based producer of connectors, cables and interconnect systems Amphenol and Swedish telecommunications company Ericsson. We funded these purchases in part through exiting our positions in Air Liquide, Linde, Becton Dickinson, Equinix and IQVIA Holdings.

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


Artisan Partners Funds		5

ARTISAN GLOBAL DISCOVERY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (8/21/2017 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Global Discovery Fund – Investor Shares (8/21/2017)		37.42	%		21.51	%		21.91	%
Artisan Global Discovery Fund – Advisor Shares (2/3/2020)		n/a			n/a			23.06	^†
Artisan Global Discovery Fund – Institutional Shares (2/3/2020)		n/a			n/a			23.06	^†
MSCI ACWI Index		10.44			7.12			8.06	*

^†

For the period from commencement of operations 2/3/2020 through 9/30/2020; not annualized.

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ and Advisor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


6		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended 30 September 2020, global equities were mixed. US markets led, followed by emerging markets, while European markets declined slightly during the period. Though many indices closed 2019 near all-time highs, Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		5.9	%		4.9	%
Consumer Discretionary		8.2			7.2
Consumer Staples		1.3			3.2
Financials		5.5			5.6
Health Care		22.7			19.8
Industrials		19.7			26.3
Information Technology		27.4			24.4
Materials		3.3			1.7
Utilities		3.7			–
Other assets less liabilities		2.3			6.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based video communications platform Zoom Video, US-based cloud computing company Veeva, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices, Danish wind power company Vestas Wind Systems and Danish biotechnology company Genmab. Bottom contributors during the period included: Canadian modeling, simulation and training for civil aviation and defense company CAE, French operator of geriatric healthcare facilities Orpea, UK-based luxury fashion house Burberry, US-based minimally invasive medical devices manufacturer Boston Scientific and UK-based engineering company Meggitt.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Americas		56.7	%		55.8	%
Europe		30.2			26.7
Pacific Basin		5.9			6.0
Emerging Markets		4.9			4.6

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Chinese sportswear company Li Ning, US-based developer of programmable logic products Lattice Semiconductor, US-based provider of cloud-based accounting software Blackline, US-based biopharmaceutical company Halozyme Therapeutics and US-based public utility holding company Ameren. We funded these purchases in part through exiting our positions in BWX, Alexion, Progressive, IMCD and Treasury Wine Estates.


Artisan Partners Funds		7

ARTISAN GLOBAL EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		21.90	%		14.89	%		14.05	%		12.76	%
Artisan Global Equity Fund – Advisor Shares (8/5/2020)		n/a			n/a			n/a			1.01	^†
Artisan Global Equity Fund – Institutional Shares (10/15/2015)		22.17			15.16			n/a			13.43
MSCI ACWI Index		10.44			7.12			10.30			8.18	*

^†

For the period from commencement of operations 8/5/2020 through 9/30/2020; not annualized.

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


8		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		8.3	%		5.9	%
Consumer Discretionary		7.1			7.5
Consumer Staples		3.1			5.5
Energy		1.1			3.3
Financials		7.8			16.4
Health Care		31.4			18.9
Industrials		14.3			9.1
Information Technology		18.7			26.5
Materials		4.4			4.0
Utilities		1.8			–
Other assets less liabilities		2.0			2.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based online retailer Amazon, US-based biopharmaceutical company Immunomedics, Danish biotechnology company Genmab, US-based biopharmaceutical company Halozyme Therapeutics and Swiss supplier of pharmaceutical, health care and life science products Lonza. Bottom contributors during the period included: German Internet payment and processing services provider Wirecard, French airplane and military equipment manufacturer Airbus, Irish pharmaceuticals company Amarin, Brazilian oil and natural gas supplier Petrobras and US-based developer and manufacturer of defense and security solutions company Raytheon.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Americas		51.5	%		49.4	%
Europe		31.3			36.1
Pacific Basin		6.6			6.8
Emerging Markets		8.6			4.8

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based designer and manufacturer of digital infrastructure Vertiv, Chinese e-commerce company Alibaba, US-based life science tools and integrated systems manufacturer Illumina, German telecommunication services company Deutsche Telekom and US-based wireless carrier T-Mobile. We funded these purchases in part through exiting our positions in Wirecard, InterXion, Petrobras, Airbus and WEX.


Artisan Partners Funds		9

ARTISAN GLOBAL OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		38.37	%		17.63	%		18.11	%		14.93	%		13.16	%
Artisan Global Opportunities Fund – Advisor Shares (4/1/2015)		38.52			17.79			18.25			n/a			15.58
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		38.67			17.91			18.39			n/a			14.02
MSCI ACWI Index		10.44			7.12			10.30			8.55			7.17	*

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ and Advisor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


10		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		7.1	%		7.1	%
Consumer Discretionary		11.4			10.7
Consumer Staples		1.1			3.2
Financials		4.8			8.7
Health Care		23.7			22.0
Industrials		14.8			17.0
Information Technology		25.6			22.2
Materials		2.3			1.4
Utilities		6.2			1.4
Other assets less liabilities		3.0			6.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based video communications platform Zoom Video, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices, Swiss supplier of pharmaceutical, health care and life science products Lonza, Hong Kong-based power tools company Techtronic and US-based software provider Microsoft. Bottom contributors during the period included: US-based provider of safety, infotainment and electronic control components to the automotive market Aptiv, US-based ride-hailing and food delivery services company Uber, UK-based luxury fashion house Burberry, US-based defense, communications and electronics equipment provider L3Harris and US-based commercial bank Bank of America.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Americas		52.3	%		54.4	%
Europe		31.7			25.7
Pacific Basin		9.0			7.9
Emerging Markets		4.0			5.7

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based globally diversified conglomerate Danaher, Swedish telecommunications company Ericsson, US-based operator of off-price retailers TJX, Swedish designer of measurement and visualization technology used in manufacturing, product testing, surveying and machine control Hexagon and Netherlands-based health technology company Koninklijke Philips. We funded these purchases in part through exiting our positions Anthem, Alexion, Visa, Amazon and Progressive.


Artisan Partners Funds		11

ARTISAN GLOBAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		-5.63	%		-0.74	%		5.58	%		8.27	%		6.11	%
Artisan Global Value Fund – Advisor Shares (4/1/2015)		-5.48			-0.62			5.73			n/a			3.78
Artisan Global Value Fund – Institutional Shares (7/17/2012)		-5.37			-0.51			5.84			n/a			8.26
MSCI ACWI Index		10.44			7.12			10.30			8.55			4.58	*

As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance information, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


12		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		12.9	%		11.7	%
Consumer Discretionary		15.3			12.0
Consumer Staples		1.7			4.0
Energy		0.8			1.6
Financials		25.9			31.5
Health Care		10.1			7.8
Industrials		11.4			10.8
Information Technology		13.9			14.0
Materials		2.9			–
Other assets less liabilities		5.1			6.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based package and freight delivery company FedEx, US-based social networking website operator Facebook, US-based Internet search engine operator Alphabet, Korean electronic products and solutions manufacturer Samsung Electronics and Swiss provider of power and automation technologies ABB. Bottom contributors during the period included: US-based cruise ship operator Carnival, UK-based bank Lloyds Banking Group, Brazilian telecommunications company Telefonica Brasil, US-based financial services holding company Citigroup and US-based airline Southwest.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Americas		54.8	%		53.8	%
Europe		30.8			29.0
Emerging Markets		9.3			10.6

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Swiss pharmaceutical company Novartis, US-based diversified holding company Berkshire Hathaway, UK-based contract-catering business Compass Group, US-based health benefits company Anthem and German cement producer HeidelbergCement. We funded these purchases in part through exiting our positions in ABB, Oracle, Arch Capital, Medtronic and Allergan.


Artisan Partners Funds		13

ARTISAN HIGH INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan High Income Fund – Investor Shares (3/19/2014)		5.14	%		4.87	%		7.18	%		6.06	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		5.29			5.03			7.36			6.22
Artisan High Income Fund – Institutional Shares (10/3/2016)		5.40			5.16			n/a			6.35
ICE BofAML US High Yield Master II Index		2.30			3.83			6.61			4.58	*

As of Investor and Advisor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


14		Artisan Partners Funds

INVESTING ENVIRONMENT

Non-investment grade credit markets posted modestly positive returns during the 12-month period ended September 30, 2020, despite increased risk aversion that characterized the market environment throughout much of 2020. The aggressive spread of the COVID-19 pandemic and the economic fallout that followed, resulted in high yield credit spreads widening to their highest levels in more than a decade. As a result of the pandemic, there was widespread credit downgrades and elevated default activity. However, supportive monetary conditions and strong fiscal support provided a floor to prices that allowed markets to recover much of their COVID-related losses into the end of the 12-month period.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: UK-based independent insurance broker Ardonagh Group, US-based cruise ship operator Carnival, US-based independent oil and gas exploration and production company Comstock Resources, US-based telecommunications company Charter Communications and US-based provider of life insurance and wealth management solutions NFP Corp. Bottom contributors during the period included: US-based manufacturer of sealing products UTEX Industries, US-based oil field services provider FTS International, US-based oil and gas company EP Energy, US-based supplier of propane Ferrellgas and US-based independent oil and gas company Laredo Petroleum. The use of derivatives, including US Treasury futures used as a hedge on interest rates, had a negative overall impact on performance during the period.

PORTFOLIO COMPOSITION


Type	9/30/2020			9/30/2019
Corporate Bonds		75.8	%		64.0	%
Bank Loans		21.2			28.7
Convertible Bonds		0.2			–
Preferred Stocks		–			0.1
Other assets less liabilities		2.8			7.2
		100.0	%		100.0	%

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based cruise ship operator Carnival, US-based independent oil and gas exploration and production company Comstock Resources, US-based retailer Nordstrom, US-based online travel company Expedia and US-based airline company Delta Air Lines. We funded these purchases in part through exiting our positions in Vertafore, USI, FTS International, Walt Disney and Altice Group.


Artisan Partners Funds		15

ARTISAN INTERNATIONAL FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		6.52	%		5.75	%		7.54	%		7.10	%		8.72	%
Artisan International Fund – Advisor Shares (4/1/2015)		6.71			5.91			7.71			n/a			4.18
Artisan International Fund – Institutional Shares (7/1/1997)		6.80			5.99			7.79			7.34			7.78
MSCI EAFE Index		0.49			0.62			5.26			4.62			4.44	*
MSCI ACWI ex US Index^†^†		3.00			1.16			6.23			4.00			4.92	*

As of Investor Shares inception date.

^†^†

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


16		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		7.1	%		2.2	%
Consumer Discretionary		8.5			4.2
Consumer Staples		7.5			6.1
Energy		1.1			4.1
Financials		20.7			30.2
Health Care		19.1			11.6
Industrials		6.5			15.7
Information Technology		9.8			7.9
Materials		14.7			14.8
Utilities		2.4			–
Other assets less liabilities		2.6			3.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based online retailer Amazon, Danish biotechnology company Genmab, UK-based industrial gas producer Linde, Swiss supplier of pharmaceutical, health care and life science products Lonza and Chinese producer and distributor of liquor Wuliangye Yibin. Bottom contributors during the period included: French airplane and military equipment manufacturer Airbus, German Internet payment and processing services provider Wirecard, Brazilian oil and gas company Petrobras, Irish pharmaceuticals company Amarin and Indian housing finance company HDFC.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Europe		57.1	%		65.7	%
Americas		18.0			14.5
Emerging Markets		12.6			8.0
Pacific Basin		7.2			8.0
Middle East		2.5			0.6

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Chinese e-commerce company Alibaba, Swiss biopharmaceutical company Roche, German telecommunication services company Deutsche Telekom, Chinese Internet firm Tencent and US-based IT outsourcing and consulting firm Accenture. We funded these purchases in part through exiting our positions in Wirecard, Petrobras, Deutsche Post, Allianz and ING Groep.


Artisan Partners Funds		17

ARTISAN INTERNATIONAL SMALL-MID FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small-Mid Fund – Investor Shares (12/21/2001)		27.52	%		10.99	%		9.65	%		8.62	%		11.75	%
Artisan International Small-Mid Fund – Advisor Shares (12/4/2018)		27.70			n/a			n/a			n/a			23.10
Artisan International Small-Mid Fund – Institutional Shares (4/12/2016)		27.85			11.24			n/a			n/a			11.15
MSCI ACWI ex US SMID Net Index		4.88			0.79			6.40			4.85			8.36	*
MSCI ACWI ex US Small Cap Net Index		6.97			0.93			6.80			5.31			9.15	*

As of Investor Shares inception date.


18		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		1.7	%		2.5	%
Consumer Discretionary		8.5			9.5
Consumer Staples		5.5			8.8
Financials		2.8			3.5
Health Care		25.6			24.8
Industrials		22.0			16.9
Information Technology		25.2			26.8
Materials		2.2			2.7
Real Estate		1.2			1.2
Other assets less liabilities		5.3			3.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Japanese courier service company SG, Israeli provider of cloud-based and on-premise enterprise software solutions Nice, Swiss developer, producer and distributor of laboratory instruments and solutions Tecan Group, US-based information security company Zscaler and Japanese supermarket franchise store operator which mainly deals in foods stuffs Kobe Bussan. Bottom contributors during the period included: UK-based catering and concession services holding company SSP Group, Canadian modeling, simulation and training for civil aviation and defense company CAE, Brazilian oil and gas company Petrobras, Spanish pharmaceutical company Almirall and Australian wine producing and marketing company Treasury Wine Estates.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Europe		49.3	%		48.0	%
Pacific Basin		16.9			22.3
Americas		15.5			16.2
Middle East		7.2			5.3
Emerging Markets		5.8			4.9

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Swiss global ophthalmology company Alcon, French digital solutions provider Atos, Japanese software services company Hennge, Indian multinational business process management company WNS and Swiss pharmaceutical company Siegfried. We funded these purchases in part through exiting our positions in Fuji Soft, ACADIA Pharmaceuticals, Treasury Wine Estates, Yamaha and SCSK.


Artisan Partners Funds		19

ARTISAN INTERNATIONAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		-2.71	%		-1.45	%		4.64	%		6.99	%		10.79	%
Artisan International Value Fund – Advisor Shares (4/1/2015)		-2.56			-1.31			4.79			n/a			2.75
Artisan International Value Fund – Institutional Shares (10/1/2006)		-2.48			-1.22			4.88			7.21			5.90
MSCI EAFE Index		0.49			0.62			5.26			4.62			6.96	*
MSCI ACWI ex US Index		3.00			1.16			6.23			4.00			7.55	*

As of Investor Shares inception date.


20		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		11.4	%		10.2	%
Consumer Discretionary		15.4			11.5
Consumer Staples		3.6			7.0
Energy		5.0			2.4
Financials		19.1			21.3
Health Care		7.0			5.0
Industrials		12.3			11.0
Information Technology		12.2			12.2
Materials		4.6			4.5
Other assets less liabilities		9.4			14.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Korean Internet search and e-commerce platform NAVER, Swiss provider of power and automation technologies ABB, Danish provider of freight forwarding and logistics services DSV Panalpina, Korean electronic products and solutions manufacturer Samsung Electronics and Chinese e-commerce company Alibaba. Bottom contributors during the period included: US-based insurance company Arch Capital, UK-based contract-catering business Compass Group, UK-based bank Lloyds Banking Group, Brazilian telecommunications company Telefonica Brasil and Netherlands-based diversified financial services provider ING Groep.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Europe		54.3	%		55.8	%
Emerging Markets		25.0			18.4
Americas		10.3			10.3
Pacific Basin		1.1			0.6

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Chinese online travel agency Trip.com, Chinese e-commerce company Alibaba, US-based provider of technology and information solutions to the oil and gas industry Schlumberger, Irish low-cost carrier Ryanair and Canadian integrated energy company Suncor. We funded these purchases in part through exiting our positions in Nestle, TE Connectivity, Hyundai, Reckitt Benckiser and John Wood Group.


Artisan Partners Funds		21

ARTISAN MID CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		45.66	%		22.86	%		17.59	%		15.57	%		14.39	%
Artisan Mid Cap Fund – Advisor Shares (4/1/2015)		45.83			23.05			17.77			n/a			14.92
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		45.98			23.15			17.87			15.86			10.08
Russell Midcap^® Index		4.55			7.13			10.13			11.76			9.44	*
Russell Midcap^® Growth Index		23.23			16.23			15.53			14.55			9.40	*

*	As of Investor Shares inception date.


22		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		8.2	%		5.1	%
Consumer Discretionary		10.9			11.5
Consumer Staples		0.8			–
Financials		2.3			3.1
Health Care		27.5			24.6
Industrials		12.2			15.9
Information Technology		32.7			36.5
Materials		0.8			–
Utilities		2.6			–
Other assets less liabilities		2.0			3.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based video communications platform Zoom Video, US-based medical device firm DexCom, US-based cloud computing company Veeva, US-based provider of microprocessors for PCs and servers, graphics processors and processors for several game consoles Advanced Micro Devices and US-based information security company Zscaler. Bottom contributors during the period included: US-based entertainment company Hasbro, US-based provider of communication infrastructure, devices, accessories, software and services Motorola, US-based ride-hailing service company Lyft, Brazilian financial technology solutions company Pagseguro and US-based defense, communications and electronics equipment provider L3Harris.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Americas		86.6	%		87.4	%
Europe		10.2			7.1
Emerging Markets		1.2			2.2

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based provider of dating products Match, US-based digital education company Chegg, US-based connected fitness franchise Peloton, US-based public utility holding company Ameren and US-based provider of monitoring and analytics for cloud-based applications Datadog. We funded these purchases in part through exiting our positions in Boston Scientific, Motorola, Progressive, Hasbro and Cree.


Artisan Partners Funds		23

ARTISAN MID CAP VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		-8.93	%		-1.22	%		4.83	%		7.36	%		8.73	%
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015)		-8.76			-1.06			4.98			n/a			2.22
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		-8.76			-1.00			5.05			n/a			6.18
Russell Midcap^® Index		4.55			7.13			9.37			11.76			9.34	*
Russell Midcap^® Value Index		-7.30			0.82			6.38			9.71			8.76	*

*	As of Investor Shares inception date.


24		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		11.9	%		11.9	%
Consumer Discretionary		22.2			15.1
Consumer Staples		5.8			2.8
Energy		–			1.7
Financials		21.9			28.6
Health Care		6.6			4.0
Industrials		12.2			12.0
Information Technology		7.1			7.0
Materials		4.5			8.2
Real Estate		6.2			4.3
Other assets less liabilities		1.6			4.4
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based camper and RV manufacturer Thor Industries, US-based media and Internet company IAC, US-based ski resort owner and operator Vail Resorts, US-based global logistics company Expeditors International of Washington and US-based tier-one auto parts supplier Borg Warner. Bottom contributors during the period included: US-based insurance company Arch Capital, US-based tier-one independent supplier of aerostructures Spirit AeroSystems, US-based bank holding company M&T Bank, US-based consumer financial services company Synchrony Financial and US-based operator of inland tank barges Kirby.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based tier-one auto parts supplier BorgWarner, US-based global logistics company Expeditors International of Washington, US-based outdoor advertising company Lamar Advertising, US-based boutique investment bank Moelis & Co and US-based ski resort owner and operator Vail Resorts. We funded these purchases in part through exiting our positions in Equity Commonwealth, Ryder System, E*TRADE, ViacomCBS and Nutrien.


Artisan Partners Funds		25

ARTISAN SELECT EQUITY FUND

PERFORMANCE HISTORY

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

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	Since Inception^†
Artisan Select Equity Fund – Investor Shares (2/28/2020)		1.70	%
Artisan Select Equity Fund – Advisor Shares (2/28/2020)		1.80
Artisan Select Equity Fund – Institutional Shares (2/28/2020)		1.80
S&P 500^® Index		15.09	*

^†

For the period from commencement of operations 2/28/2020 through 9/30/2020; not annualized.

As of Investor, Advisor and Institutional Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


26		Artisan Partners Funds

INVESTING ENVIRONMENT

During the period between the Fund’s inception on 28 February 2020 and 30 September 2020, US equities were up significantly. Large-cap stocks led, while mid- and small-cap stocks trailed. From a style perspective, growth materially outperformed value during the period. Sector returns were mixed, with technology as a positive outlier and financials as the main detractor. Q1 2020 brought a sharp selloff as COVID-19 swept the globe, prompting many governments to largely shutter their economies. Major global economies and central banks responded with unprecedented support packages, contributing to a sharp rebound that largely restored markets to their pre-pandemic levels by the end of Q3 2020. However, uncertainty remains regarding the length and breadth of the pandemic and its economic aftermath.

SECTOR DIVERSIFICATION


Sector	9/30/2020
Communication Services		10.5	%
Consumer Discretionary		17.1
Financials		25.7
Health Care		11.0
Industrials		9.5
Information Technology		14.4
Materials		4.0
Other assets less liabilities		7.8
		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based package and freight delivery company FedEx, US-based social networking website operator Facebook, US-based retail electronic payments network provider Visa, US-based software supplier Oracle an US-based insurance holding company Progressive. Bottom contributors during the period included: US-based airline Southwest, US-based financial services holding company Citigroup, US-based cruise ship operator Carnival, US-based insurance company Arch Capital and US-based financial services company Wells Fargo.

REGION ALLOCATION


Region	9/30/2020
Americas		77.4	%
Europe		9.9
Emerging Markets		4.9

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based diversified holding company Berkshire Hathaway and US-based retail electronic payments network provider Visa. We funded these purchases in part through exiting our positions in Oracle, Wells Fargo, Arch Capital and Carnival.


Artisan Partners Funds		27

ARTISAN SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		39.51	%		24.23	%		20.21	%		17.41	%		10.59	%
Artisan Small Cap Fund – Advisor Shares (2/1/2017)		39.66			24.39			n/a			n/a			24.26
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		39.82			24.49			20.46			n/a			16.90
Russell 2000^® Index		0.39			1.77			8.00			9.85			8.59	*
Russell 2000^® Growth Index		15.71			8.18			11.42			12.34			7.88	*

As of Investor Shares inception date.


28		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		4.8	%		5.6	%
Consumer Discretionary		12.7			9.8
Consumer Staples		1.4			–
Financials		1.1			3.4
Health Care		30.1			22.5
Industrials		11.4			16.1
Information Technology		36.9			37.5
Materials		–			1.2
Other assets less liabilities		1.6			3.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based digital education company Chegg, US-based medical device firm DexCom, US-based information security company Zscaler, US-based provider of unified, cloud-based spend-management software Coupa and Dutch biotechnology company Argenx. Bottom contributors during the period included: US-based bank holding company Webster Financial, US-based chemical company Ingevity, US-based medical technology company Glaukos, US-based diversified technology provider Cubic and US-based pharmaceutical company Tricida.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based developer of programmable logic products Lattice Semiconductor, US-based technology developer for monitoring suspected heartbeat arrhythmias iRhythm, US-based operator of convenience stores and gasoline stations Casey’s General Stores, US-based medical technology company Vapotherm and US-based franchisor and operator of restaurants Wingstop. We funded these purchases in part through exiting our positions in DexCom, ACI Worldwide, Coupa, Canada Goose and Webster Financial.


Artisan Partners Funds		29

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Sustainable Emerging Markets Fund – Investor Shares (6/2/2008)		9.58	%		2.80	%		11.56	%		1.57	%		0.36	%
Artisan Sustainable Emerging Markets Fund – Institutional Shares (6/26/2006)		9.73			2.94			11.63			1.73			4.76
MSCI Emerging Markets Index		10.54			2.42			8.97			2.50			5.58	*

As of Institutional Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


30		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		6.4	%		4.1	%
Consumer Discretionary		26.0			21.3
Consumer Staples		2.6			2.3
Energy		6.0			7.9
Financials		14.2			19.5
Health Care		7.4			7.2
Industrials		8.7			9.5
Information Technology		21.3			16.8
Materials		6.0			6.9
Real Estate		–			1.8
Utilities		0.4			1.1
Other assets less liabilities		1.0			1.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Chinese e-commerce company Alibaba, Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co, US-based online trading site for Latin American markets MercadoLibre, Indian petrochemical and refining company Reliance Industries and Taiwanese semiconductor manufacturer MediaTek. Bottom contributors during the period included: Brazilian bank Itau Unibanco, Indian retail and corporate bank ICICI, Indian mall developer Phoenix Mills, US-based airline company Copa Holdings and Greek bank Alpha Bank.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Emerging Asia		68.5	%		58.4	%
Europe, Middle East and Africa		13.0			18.9
Latin America		13.2			17.3
Developed Markets		4.3			3.9

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Chinese manufacturer of industrial automation products Estun Automation, Argentinian software solutions company Globant, Malaysian bank Public Bank, Chinese manufacturer and distributor of optical lasers Wuhan Raycus Fiber Laser and Mexican beverage company FEMSA. We funded these purchases in part through exiting our positions in Naspers, China Petroleum & Chemical, Phoenix Mills, Linx and Global Ports.


Artisan Partners Funds		31

ARTISAN VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2020)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2020)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		0.35	%		2.51	%		9.48	%		9.05	%		6.20	%
Artisan Value Fund – Advisor Shares (4/1/2015)		0.54			2.69			9.65			n/a			5.86
Artisan Value Fund – Institutional Shares (7/26/2011)		0.64			2.77			9.73			n/a			8.00
Russell 1000^® Index		16.01			12.38			14.09			13.76			9.10	*
Russell 1000^® Value Index		-5.03			2.63			7.66			9.95			6.02	*

As of Investor Shares inception date.


32		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2020			9/30/2019
Communication Services		14.5	%		14.9	%
Consumer Discretionary		14.5			9.5
Consumer Staples		7.8			3.8
Energy		1.5			2.0
Financials		18.4			23.8
Health Care		10.1			8.5
Industrials		14.1			10.9
Information Technology		11.9			16.0
Materials		2.6			7.7
Other assets less liabilities		4.6			2.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based package and freight delivery company FedEx, US-based technology designer and manufacturer Apple, US-based social networking website operator Facebook, Swedish tobacco company Swedish Match and US-based Internet search engine operator Alphabet. Bottom contributors during the period included: US-based developer and manufacturer of defense and security solutions Raytheon, US-based consumer financial services company Synchrony Financial, US-based financial services holding company Citigroup, US-based property and casualty insurance provider Chubb and Canadian provider of crop inputs and services Nutrien.

REGION ALLOCATION


Region	9/30/2020			9/30/2019
Americas		75.1	%		83.2	%
Europe		17.3			11.1
Emerging Markets		3.0			2.8

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: German designer, manufacturer and distributor of dialysis equipment and supplier and provider of essential kidney dialysis services Fresenius Medical Care, US-based tobacco product company Philip Morris International, US-based insurance company Arch Capital, UK-based contract-catering business Compass Group and US-based worldwide operator and franchisor of hotels Marriot. We funded these purchases in part through exiting our positions in Chubb, Nutrien, ViacomCBS, Truist Financial and Wells Fargo.


Artisan Partners Funds		33

Artisan Developing World Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 97.5%

ARGENTINA - 5.1%
MercadoLibre, Inc.*		316		$	341,728

BRAZIL - 2.3%
StoneCo Ltd., Class A*		2,852			150,853

CHINA - 37.1%
Aier Eye Hospital Group Co. Ltd., Class A⁽¹⁾		21,240			160,459
Alibaba Group Holding Ltd., ADR*		1,567			460,683
Foshan Haitian Flavouring & Food Co. Ltd., Class A⁽¹⁾		2,551			61,002
Hundsun Technologies, Inc., Class A⁽¹⁾		8,837			128,612
Jiangsu Hengrui Medicine Co. Ltd., Class A⁽¹⁾		8,401			111,213
Kweichow Moutai Co. Ltd., Class A⁽¹⁾		945			232,229
Meituan Dianping, Class B*⁽¹⁾		9,448			297,123
Ping An Healthcare and Technology Co. Ltd.*⁽¹⁾		4,343			56,085
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A⁽¹⁾		1,446			73,935
TAL Education Group, ADR*		3,998			303,985
Tencent Holdings Ltd.⁽¹⁾		4,304			286,591
Wuxi Biologics Cayman, Inc.*⁽¹⁾		6,468			158,728
Yifeng Pharmacy Chain Co. Ltd., Class A⁽¹⁾		4,292			62,608
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A⁽¹⁾		1,870			67,256

					2,460,509
FRANCE - 4.1%
Hermes International⁽¹⁾		83			71,379
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		433			202,337

					273,716
HONG KONG - 1.0%
AIA Group Ltd.⁽¹⁾		6,978			68,740

INDIA - 4.4%
HDFC Bank Ltd., ADR*		5,835			291,508

NETHERLANDS - 7.4%
Adyen NV*⁽¹⁾		157			288,728
ASML Holding NV, NYRS		540			199,526

					488,254
RUSSIA - 2.3%
Yandex NV, Class A*		2,344			152,940

TAIWAN - 5.2%
Sea Ltd., ADR*		2,222			342,306

UNITED STATES - 28.6%
Estee Lauder Cos., Inc. (The), Class A		924		$	201,748
Netflix, Inc.*		410			205,123
NIKE, Inc., Class B		545			68,384
NVIDIA Corp.		571			309,040
Uber Technologies, Inc.*		8,294			302,574
Unity Software, Inc.*		642			56,019
Veeva Systems, Inc., Class A*		1,034			290,849
Visa, Inc., Class A		2,302			460,279

					1,894,016

Total common stocks (Cost $3,750,469)					6,464,570

SHORT-TERM INVESTMENTS - 2.8%

INVESTMENT COMPANIES - 2.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		63,282			63,282
Federated Treasury Obligations Fund - Institutional Class, 0.01%		61,420			61,420
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		61,420			61,420

Total short-term investments (Cost $186,122)					186,122

Total investments - 100.3% (Cost $3,936,591)					6,650,692

Other assets less liabilities - (0.3)%					(18,349	)


Total net assets - 100.0%⁽²⁾				$	6,632,343

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,327,025, or 35.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviations
ADR		American Depositary Receipt
NYRS		New York Registry Shares


34		Artisan Partners Funds


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	986,960		14.8	%
Consumer Discretionary			1,745,619		26.2
Consumer Staples			557,587		8.4
Financials			360,248		5.4
Health Care			918,525		13.8
Industrials			302,574		4.6
Information Technology			1,593,057		24.0
Short-Term Investments			186,122		2.8

Total investments		$	6,650,692		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Chinese yuan renminbi offshore		$	897,314		13.5	%
Euro			562,444		8.5
Hong Kong dollar			867,267		13.0
U.S. dollar			4,323,667		65.0

Total investments		$	6,650,692		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alibaba Group Holding Ltd.	China		6.9	%
Visa, Inc.	United States		6.9
Sea Ltd.	Taiwan		5.2
MercadoLibre, Inc.	Argentina		5.1
NVIDIA Corp.	United States		4.7
TAL Education Group	China		4.6
Uber Technologies, Inc.	United States		4.6
Meituan Dianping	China		4.5
HDFC Bank Ltd.	India		4.4
Veeva Systems, Inc.	United States		4.4

Total			51.3	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		35

Artisan Focus Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 83.3%

CAPITAL MARKETS - 5.4%
BlackRock, Inc.		80		$	45,104
Moody’s Corp.		43			12,521
S&P Global, Inc.		55			19,814

					77,439
COMMERCIAL SERVICES & SUPPLIES - 3.0%
Copart, Inc.*		413			43,381

COMMUNICATIONS EQUIPMENT - 3.0%
Telefonaktiebolaget LM Ericsson, Class B⁽¹⁾⁽²⁾		3,994			43,665

ELECTRICAL EQUIPMENT - 2.9%
AMETEK, Inc.		412			40,971

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.5%
Amphenol Corp., Class A		461			49,920

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.6%
SBA Communications Corp.		72			22,898

INSURANCE - 4.8%
Aon plc, Class A⁽⁴⁾		332			68,540

INTERNET & DIRECT MARKETING RETAIL - 4.3%
Amazon.com, Inc.*		19			61,177

IT SERVICES - 10.7%
Fidelity National Information Services, Inc.		726			106,850
VeriSign, Inc.*		92			18,847
Visa, Inc., Class A		140			28,017

					153,714
LIFE SCIENCES TOOLS & SERVICES - 4.2%
Agilent Technologies, Inc.		355			35,841
Thermo Fisher Scientific, Inc.		54			23,852

					59,693
MEDIA - 2.4%
Charter Communications, Inc., Class A*		55			34,425

PROFESSIONAL SERVICES - 5.2%
IHS Markit Ltd.		957			75,105

ROAD & RAIL - 2.0%
Union Pacific Corp.		150			29,476

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.0%
Advanced Micro Devices, Inc.*		354			29,057
Analog Devices, Inc.		507			59,197
NVIDIA Corp.		74			39,953
Taiwan Semiconductor Manufacturing Co. Ltd., ADR⁽¹⁾		365			29,582

					157,789
SOFTWARE - 6.1%
Cloudflare, Inc., Class A*		182			7,485
Microsoft Corp.⁽⁴⁾		382			80,314

					87,799
SPECIALTY RETAIL - 1.3%
TJX Cos., Inc. (The)		329			18,336

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.4%
Apple, Inc.		796			92,138

WIRELESS TELECOMMUNICATION SERVICES - 5.5%
T-Mobile US, Inc.*		695			79,435

Total common stocks (Cost $918,921)					1,195,901

	No. of Contracts^‡
OPTIONS PURCHASED - 10.9%

CALL OPTIONS - 10.8%

AIR FREIGHT & LOGISTICS - 3.2%
FedEx Corp. 4/16/2021 at USD 115.00; Notional Amount: USD 51,889		2,063			28,325
United Parcel Service, Inc. 6/18/2021 at USD 100.00; Notional Amount: USD 44,790		2,688			18,057

					46,382
COMMERCIAL SERVICES & SUPPLIES - 1.1%
Copart, Inc. 2/19/2021 at USD 50.00; Notional Amount: USD 29,676		2,822			15,789

ENTERTAINMENT - 0.8%
Walt Disney Co. (The) 6/18/2021 at USD 60.00; Notional Amount: USD 22,024		1,775			11,520


36		Artisan Partners Funds



	No. of Contracts^‡		Value
INSURANCE - 0.1%
Aon plc 1/15/2021 at USD 210.00; Notional Amount: USD 29,604		1,435		$	1,686

IT SERVICES - 0.4%
Fidelity National Information Services, Inc. 1/15/2021 at USD 150.00; Notional Amount: USD 28,897		1,963			1,698
Global Payments, Inc. 12/18/2020 at USD 180.00; Notional Amount: USD 56,151		3,162			3,605

					5,303
ROAD & RAIL - 2.2%
Norfolk Southern Corp. 6/18/2021 at USD 120.00; Notional Amount: USD 51,400		2,402			22,975
Union Pacific Corp. 11/20/2020 at USD 175.00; Notional Amount: USD 63,451		3,223			8,259

					31,234
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
Advanced Micro Devices, Inc. 1/15/2021 at USD 80.00; Notional Amount: USD 41,544		5,067			5,662
Analog Devices, Inc. 3/19/2021 at USD 65.00; Notional Amount: USD 32,652		2,797			14,545
Micron Technology, Inc. 10/2/2020 at USD 52.00; Notional Amount: USD 29,420		6,265			16
6/18/2021 at USD 25.00; Notional Amount: USD 28,632		6,097			13,794
Taiwan Semiconductor Manufacturing Co. Ltd. 1/15/2021 at USD 80.00; Notional Amount: USD 74,057		9,135			6,577

					40,594
SPECIALTY RETAIL - 0.2%
TJX Cos., Inc. (The) 11/20/2020 at USD 55.00; Notional Amount: USD 36,351		6,532			2,580

Total call options					155,088

PUT OPTIONS - 0.1%

CAPITAL MARKETS - 0.0%⁽³⁾
Moody’s Corp. 10/16/2020 at USD 280.00; Notional Amount: USD 12,493		431			148
S&P Global, Inc. 10/16/2020 at USD 345.00; Notional Amount: USD 19,797		549			230

					378
LIFE SCIENCES TOOLS & SERVICES - 0.0%⁽³⁾
Thermo Fisher Scientific, Inc. 10/16/2020 at USD 420.00; Notional Amount: USD 23,842		540			197

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
NVIDIA Corp. 10/30/2020 at USD 500.00; Notional Amount: USD 39,942		738			998

Total put options					1,573

Total Options Purchased (Cost $151,586)					156,661


	Shares Held
SHORT-TERM INVESTMENTS - 5.6%

INVESTMENT COMPANIES - 5.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		27,223			27,223
Federated Treasury Obligations Fund - Institutional Class, 0.01%		26,422			26,422
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		26,422			26,422

Total short-term investments (Cost $80,067)					80,067

Total investments - 99.8% (Cost $1,150,574)					1,432,629

WRITTEN OPTION CONTRACTS - (0.9)%
(Premiums received $(8,521))					(12,992	)


Other assets less liabilities - 1.1%					16,428


Total net assets - 100.0%⁽⁵⁾				$	1,436,065

Non-income producing security.

^‡

One contract is equal to 100 shares.

⁽¹⁾

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


Security	Country	Trading Currency
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	U.S. dollar
Telefonaktiebolaget LM Ericsson	Sweden	Swedish krona

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $43,665, or 3.0% of total net assets. See


Artisan Partners Funds		37

notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

Amount rounds to less than 0.1%.

⁽⁴⁾

At September 30, 2020, all or a portion of this security was pledged to cover collateral requirements for written options.

⁽⁵⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviations
ADR		American Depositary Receipt
USD		U.S. dollar


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	125,380		8.8	%
Consumer Discretionary			82,093		5.7
Financials			148,042		10.3
Health Care			59,891		4.2
Industrials			282,337		19.7
Information Technology			631,921		44.1
Real Estate			22,898		1.6
Short-Term Investments			80,067		5.6

Total investments		$	1,432,629		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Swedish krona		$	43,665		3.0	%
U.S. dollar			1,388,964		97.0

Total investments		$	1,432,629		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD

41,621

SEK

363,725

JPM

11/5/2020

994

Total unrealized appreciation

994

Net unrealized appreciation

994


SEK		Swedish krona
USD		U.S. dollar
JPM		JPMorgan Chase Bank, N.A.


WRITTEN OPTION CONTRACTS
Call Options Dollar value in thousands
Number of Contracts^‡		Description	Exercise Price		Notional Amount			Expiration Date		Premiums (Received) by Fund			Market Value			Unrealized Appreciation (Depreciation)
	194	Amazon.com, Inc.	$	3,175.00	$	(61,085	)		10/23/20	$	(1,670	)	$	(2,348	)	$	(678	)
	7,950	Apple, Inc.		115.00		(92,069	)		10/30/20		(3,010	)		(4,969	)		(1,959	)
	6,265	Micron Technology, Inc.		57.00		(29,420	)		10/02/20		(138	)		(9	)		129
	431	Moody’s Corp.		290.00		(12,493	)		11/20/20		(641	)		(662	)		(21	)
	738	NVIDIA Corp.		525.00		(39,942	)		10/30/20		(1,461	)		(2,876	)		(1,415	)
	540	S&P Global, Inc.		350.00		(19,472	)		11/20/20		(1,018	)		(1,250	)		(232	)
	540	Thermo Fisher Scientific, Inc.		430.00		(23,842	)		10/16/20		(583	)		(878	)		(295	)

		Total written option contracts								$	(8,521	)	$	(12,992	)	$	(4,471	)

^‡

One contract is equal to 100 shares.


38		Artisan Partners Funds


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Fidelity National Information Services, Inc.	United States		7.6	%
Apple, Inc.	United States		6.4
Microsoft Corp.	United States		5.6
T-Mobile US, Inc.	United States		5.5
IHS Markit Ltd.	United States		5.2
Analog Devices, Inc.	United States		5.1
Aon plc	United States		4.9
Amazon.com, Inc.	United States		4.3
Copart, Inc.	United States		4.1
Amphenol Corp.	United States		3.5

Total			52.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		39

Artisan Global Discovery Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held			Value
COMMON STOCKS - 97.7%

BRAZIL - 2.4%
Notre Dame Intermedica Participacoes SA		259			$	3,009
Pagseguro Digital Ltd., Class A*		51				1,923

						4,932
CHINA - 2.5%
Li Ning Co. Ltd.⁽¹⁾		897				4,207
Sichuan Teway Food Group Co. Ltd., Class A⁽¹⁾		110				1,064

						5,271
DENMARK - 8.1%
Ascendis Pharma A/S, ADR*		37				5,724
Genmab A/S*⁽¹⁾		14				5,033
Vestas Wind Systems A/S⁽¹⁾		39				6,281

						17,038
GERMANY - 7.4%
CTS Eventim AG & Co. KGaA*⁽¹⁾		29				1,387
E.ON SE⁽¹⁾		244				2,692
Evotec SE*⁽¹⁾		48				1,258
Gerresheimer AG⁽¹⁾		20				2,238
Puma SE*⁽¹⁾		44				3,996
RWE AG⁽¹⁾		52				1,947
Varta AG*⁽¹⁾		15				2,082

						15,600
HONG KONG - 3.1%
Techtronic Industries Co. Ltd.⁽¹⁾		501				6,587

JAPAN - 2.8%
Hoya Corp.⁽¹⁾		29				3,247
Obic Co. Ltd.⁽¹⁾		15				2,639

						5,886
LUXEMBOURG - 1.7%
Eurofins Scientific SE*⁽¹⁾		4				3,539

NETHERLANDS - 3.7%
Adyen NV*⁽¹⁾		1				2,055
Koninklijke DSM NV⁽¹⁾		34				5,657

						7,712
SWITZERLAND - 3.5%
Aluflexpack AG*⁽¹⁾		48				1,281
Belimo Holding AG⁽¹⁾		-	⁽²⁾			1,027
Lonza Group AG⁽¹⁾		5				3,376
Zur Rose Group AG*⁽¹⁾		7				1,713

						7,397
UNITED KINGDOM - 5.8%
Burberry Group plc⁽¹⁾		100				1,995
Clarivate plc*		166				5,149
London Stock Exchange Group plc⁽¹⁾		45				5,144

						12,288
UNITED STATES - 56.7%
Advanced Micro Devices, Inc.*		62				5,053
Ameren Corp.		41				3,217
Arista Networks, Inc.*		13				2,730
Atlassian Corp. plc, Class A*		26				4,700
Blackline, Inc.*		39				3,523
Boston Scientific Corp.*		137				5,245
Burlington Stores, Inc.*		15				3,161
Centene Corp.*		48				2,791
Ceridian HCM Holding, Inc.*		32				2,606
Cintas Corp.		6				1,931
Cognex Corp.		40				2,617
Cree, Inc.*		18				1,131
DexCom, Inc.*		5				2,139
First Republic Bank		25				2,721
Fortive Corp.		56				4,297
Global Payments, Inc.		47				8,312
Guidewire Software, Inc.*		29				3,069
Halozyme Therapeutics, Inc.*		130				3,406
IHS Markit Ltd.		60				4,701
Ingersoll Rand, Inc.*		90				3,222
IPG Photonics Corp.*		10				1,712
Lattice Semiconductor Corp.*		124				3,587
Morningstar, Inc.		9				1,464
New York Times Co. (The), Class A		76				3,261
Novanta, Inc.*		23				2,470
Ollie’s Bargain Outlet Holdings, Inc.*		43				3,796
Skyworks Solutions, Inc.		26				3,781
Take-Two Interactive Software, Inc.*		16				2,668
Teledyne Technologies, Inc.*		20				6,071
Tradeweb Markets, Inc., Class A		37				2,170
Veeva Systems, Inc., Class A*		24				6,812
Zoom Video Communications, Inc., Class A*		9				4,006
Zscaler, Inc.*		13				1,835
Zynga, Inc., Class A*		558				5,088

						119,293

Total common stocks (Cost $141,435)						205,543


40		Artisan Partners Funds


	Shares Held		Value
SHORT-TERM INVESTMENTS - 2.3%

INVESTMENT COMPANIES - 2.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		1,644		$	1,644
Federated Treasury Obligations Fund - Institutional Class, 0.01%		1,596			1,596
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		1,596			1,596

Total short-term investments (Cost $4,836)					4,836

Total investments - 100.0% (Cost $146,271)					210,379

Other assets less liabilities - 0.0%⁽³⁾					66


Total net assets - 100.0%⁽⁴⁾				$	210,445

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $70,445, or 33.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Amount less than one.

⁽³⁾

Amount rounds to less than 0.1%.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviation
ADR		American Depositary Receipt


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	12,404		5.9	%
Consumer Discretionary			17,155		8.2
Consumer Staples			2,777		1.3
Financials			11,499		5.5
Health Care			47,817		22.7
Industrials			41,348		19.7
Information Technology			57,749		27.4
Materials			6,938		3.3
Utilities			7,856		3.7
Short-Term Investments			4,836		2.3

Total investments		$	210,379		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	3,009		1.4	%
British pound			7,139		3.4
Chinese yuan renminbi offshore			1,064		0.5
Danish krone			11,314		5.4
Euro			26,851		12.8
Hong Kong dollar			10,794		5.1
Japanese yen			5,886		2.8
Swiss franc			7,397		3.5
U.S. dollar			136,925		65.1

Total investments		$	210,379		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		3.9	%
Veeva Systems, Inc.	United States		3.2
Techtronic Industries Co. Ltd.	Hong Kong		3.1
Vestas Wind Systems A/S	Denmark		3.0
Teledyne Technologies, Inc.	United States		2.9
Ascendis Pharma A/S	Denmark		2.7
Koninklijke DSM NV	Netherlands		2.7
Boston Scientific Corp.	United States		2.5
Clarivate plc	United Kingdom		2.4
London Stock Exchange Group plc	United Kingdom		2.4

Total			28.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		41

Artisan Global Equity Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 98.0%

BELGIUM - 1.4%
UCB SA⁽¹⁾		32		$	3,678

CANADA - 2.7%
Canadian Pacific Railway Ltd.		9			2,738
Kinaxis, Inc.*		6			942
TMX Group Ltd.		31			3,213

					6,893
CHINA - 7.5%
Alibaba Group Holding Ltd., ADR*		19			5,719
China International Capital Corp. Ltd., Class H*⁽¹⁾		1,163			2,701
Chindata Group Holdings Ltd., ADR*		5			85
Midea Group Co. Ltd., Class A⁽¹⁾		186			1,991
Peijia Medical Ltd.*⁽¹⁾		445			1,559
Ping An Healthcare and Technology Co. Ltd.*⁽¹⁾		55			710
Tencent Holdings Ltd.⁽¹⁾		58			3,836
Wuliangye Yibin Co. Ltd., Class A⁽¹⁾		86			2,783

					19,384
DENMARK - 3.0%
Ascendis Pharma A/S, ADR*		22			3,402
Genmab A/S*⁽¹⁾		12			4,380

					7,782
FRANCE - 1.6%
Adevinta ASA*⁽¹⁾		14			238
Air Liquide SA⁽¹⁾		24			3,768

					4,006
GERMANY - 8.4%
Deutsche Boerse AG⁽¹⁾		43			7,506
Deutsche Telekom AG⁽¹⁾		285			4,776
E.ON SE⁽¹⁾		188			2,078
MorphoSys AG*⁽¹⁾		19			2,388
Scout24 AG⁽¹⁾		26			2,250
Siemens AG⁽¹⁾		16			1,978
Siemens Energy AG*⁽¹⁾		18			490

					21,466
HONG KONG - 1.1%
AIA Group Ltd.⁽¹⁾		297			2,930

INDIA - 1.1%
Reliance Industries Ltd.⁽¹⁾		89			2,713

IRELAND - 0.1%
Amarin Corp. plc, ADR*		48			202
JAPAN - 5.5%
Astellas Pharma, Inc.⁽¹⁾		104		$	1,545
Hoya Corp.⁽¹⁾		4			406
Jeol Ltd.⁽¹⁾		148			5,143
OBIC Business Consultants Co. Ltd.⁽¹⁾		46			2,694
Obic Co. Ltd.⁽¹⁾		15			2,587
TeamSpirit, Inc.*⁽¹⁾		72			1,774

					14,149
NETHERLANDS - 1.8%
Argenx SE, ADR*		7			1,792
CM.com NV*⁽¹⁾		80			1,450
uniQure NV*		37			1,356

					4,598
PORTUGAL - 0.8%
EDP - Energias de Portugal SA⁽¹⁾		425			2,088

SWEDEN - 1.9%
Nibe Industrier AB, Class B*⁽¹⁾		106			2,732
Telefonaktiebolaget LM Ericsson, Class B⁽¹⁾		201			2,200

					4,932
SWITZERLAND - 6.3%
Idorsia Ltd.*⁽¹⁾		67			1,802
Lonza Group AG⁽¹⁾		4			2,406
Medacta Group SA*⁽¹⁾		41			3,802
Nestle SA⁽¹⁾		24			2,879
Roche Holding AG⁽¹⁾		12			3,969
Temenos AG⁽¹⁾		10			1,375

					16,233
UNITED KINGDOM - 6.0%
AVEVA Group plc⁽¹⁾		70			4,327
Clarivate plc*		114			3,545
Linde plc⁽¹⁾		32			7,499

					15,371
UNITED STATES - 48.8%
ACADIA Pharmaceuticals, Inc.*		102			4,189
Acceleron Pharma, Inc.*		37			4,202
Alphabet, Inc., Class A*		3			3,711
Alphabet, Inc., Class C*		1			1,639
Amazon.com, Inc.*		3			8,225
Blueprint Medicines Corp.*		36			3,378
Bristol-Myers Squibb Co.		57			3,409
Carrier Global Corp.		80			2,458
Cigna Corp.		17			2,860
Eidos Therapeutics, Inc.*		44			2,217
Fidelity National Information Services, Inc.		53			7,766
Halozyme Therapeutics, Inc.*		256			6,734


42		Artisan Partners Funds


	Shares Held		Value
UNITED STATES (CONTINUED)
Horizon Therapeutics plc*		15		$	1,196
IHS Markit Ltd.		41			3,219
Illumina, Inc.*		16			4,974
Intercontinental Exchange, Inc.		38			3,775
Johnson Controls International plc		93			3,780
L3Harris Technologies, Inc.		19			3,191
Lamb Weston Holdings, Inc.		34			2,245
Mastercard, Inc., Class A		11			3,829
Microsoft Corp.		37			7,789
Natera, Inc.*		56			4,019
Otis Worldwide Corp.		72			4,484
Splunk, Inc.*		10			1,938
SVMK, Inc.*		145			3,213
Synopsys, Inc.*		16			3,473
Thermo Fisher Scientific, Inc.		4			1,620
TJX Cos., Inc. (The)		42			2,333
T-Mobile US, Inc.*		41			4,702
Vertex Pharmaceuticals, Inc.*		5			1,254
Vertiv Holdings Co., Class A*		505			8,750
ViewRay, Inc.*		608			2,127
Workiva, Inc.*		48			2,684

					125,383

Total common stocks (Cost $186,191)					251,808

SHORT-TERM INVESTMENTS - 1.6%

INVESTMENT COMPANIES - 1.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		1,367			1,367
Federated Treasury Obligations Fund - Institutional Class, 0.01%		1,326			1,326
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		1,327			1,327

Total short-term investments (Cost $4,020)					4,020

Total investments - 99.6% (Cost $190,211)					255,828

Other assets less liabilities - 0.4%					1,069


Total net assets - 100.0%⁽²⁾				$	256,897

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $103,431, or 40.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Percentages for the various classifications relate to total net assets.

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

Abbreviation

ADR American Depositary Receipt


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	21,237		8.3	%
Consumer Discretionary			18,268		7.1
Consumer Staples			7,907		3.1
Energy			2,713		1.1
Financials			20,125		7.9
Health Care			80,719		31.5
Industrials			36,875		14.4
Information Technology			48,041		18.8
Materials			11,267		4.4
Utilities			4,656		1.8
Short-Term Investments			4,020		1.6

Total investments		$	255,828		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	4,327		1.7	%
Canadian dollar			6,893		2.7
Chinese yuan renminbi offshore			4,774		1.9
Danish krone			4,380		1.7
Euro			39,949		15.6
Hong Kong dollar			11,736		4.6
Indian rupee			2,713		1.1
Japanese yen			14,149		5.5
Norwegian krone			238		0.1
Swedish krona			4,932		1.9
Swiss franc			16,233		6.3
U.S. dollar			145,504		56.9

Total investments		$	255,828		100.0	%


Artisan Partners Funds		43


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Vertiv Holdings Co.		United States		3.4	%
Amazon.com, Inc.		United States		3.2
Microsoft Corp.		United States		3.0
Fidelity National Information Services, Inc.		United States		3.0
Deutsche Boerse AG		Germany		2.9
Linde plc		United Kingdom		2.9
Halozyme Therapeutics, Inc.		United States		2.6
Alibaba Group Holding Ltd.		China		2.2
Alphabet, Inc.		United States		2.1
Jeol Ltd.		Japan		2.0

Total				27.3	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


44		Artisan Partners Funds

Artisan Global Opportunities Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 97.0%

BRAZIL - 2.5%
Notre Dame Intermedica Participacoes SA		3,906		$	45,323
Pagseguro Digital Ltd., Class A*		2,001			75,463

					120,786
CHINA - 1.4%
Tencent Holdings Ltd.⁽¹⁾		1,036			68,992

DENMARK - 7.1%
Genmab A/S*⁽¹⁾		406			147,261
Orsted A/S⁽¹⁾		436			60,153
Vestas Wind Systems A/S⁽¹⁾		829			134,178

					341,592
GERMANY - 1.3%
adidas AG*⁽¹⁾		192			62,177

HONG KONG - 6.0%
AIA Group Ltd.⁽¹⁾		4,540			44,728
Techtronic Industries Co. Ltd.⁽¹⁾		18,431			242,365

					287,093
JAPAN - 3.0%
Hoya Corp.⁽¹⁾		568			64,058
Keyence Corp.⁽¹⁾		169			78,948

					143,006
NETHERLANDS - 4.9%
Adyen NV*⁽¹⁾		28			51,639
Koninklijke DSM NV⁽¹⁾		677			111,572
Koninklijke Philips NV*⁽¹⁾		1,465			69,009

					232,220
SPAIN - 2.4%
Iberdrola SA⁽¹⁾		9,164			112,795

SWEDEN - 3.8%
Hexagon AB, Class B*⁽¹⁾		970			73,295
Telefonaktiebolaget LM Ericsson, Class B⁽¹⁾		9,931			108,586

					181,881
SWITZERLAND - 3.7%
Lonza Group AG⁽¹⁾		283			174,624

UNITED KINGDOM - 8.6%
AstraZeneca plc⁽¹⁾		1,748			190,254
Burberry Group plc⁽¹⁾		2,304			46,138
London Stock Exchange Group plc⁽¹⁾		1,040			118,965
Reckitt Benckiser Group plc⁽¹⁾		553			53,912

					409,269
UNITED STATES - 52.3%
Activision Blizzard, Inc.		1,506			121,943
Advanced Micro Devices, Inc.*		1,768			144,947
Agilent Technologies, Inc.		588			59,351
Alphabet, Inc., Class A*		62			90,372
Aptiv plc		776			71,168
Arista Networks, Inc.*		359			74,315
Atlassian Corp. plc, Class A*		468			85,066
Bank of America Corp.		2,731			65,780
Boston Scientific Corp.*		2,930			111,953
Ceridian HCM Holding, Inc.*		729			60,286
Danaher Corp.		640			137,835
Fidelity National Information Services, Inc.		1,318			193,998
Fortive Corp.		1,296			98,771
IHS Markit Ltd.		1,928			151,399
L3Harris Technologies, Inc.		467			79,314
Lowe’s Cos., Inc.		1,392			230,888
Microsoft Corp.		705			148,373
Netflix, Inc.*		111			55,660
NextEra Energy, Inc.		450			124,868
Starbucks Corp.		582			49,974
TJX Cos., Inc. (The)		1,543			85,848
Veeva Systems, Inc., Class A*		471			132,562
Zoom Video Communications, Inc., Class A*		271			127,610

					2,502,281

Total common stocks (Cost $2,993,891)					4,636,716

SHORT-TERM INVESTMENTS - 3.0%

INVESTMENT COMPANIES - 3.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		48,768			48,768
Federated Treasury Obligations Fund - Institutional Class, 0.01%		47,334			47,334
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		47,333			47,333

Total short-term investments (Cost $143,435)					143,435

Total investments - 100.0% (Cost $3,137,326)					4,780,151

Other assets less liabilities - 0.0%⁽²⁾					2,442


Total net assets - 100.0%⁽³⁾				$	4,782,593


Artisan Partners Funds		45

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,013,649, or 42.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Amount rounds to less than 0.1%.

⁽³⁾

Percentages for the various classifications relate to total net assets.

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


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	336,967		7.1	%
Consumer Discretionary			546,193		11.4
Consumer Staples			53,912		1.1
Financials			229,473		4.8
Health Care			1,132,230		23.7
Industrials			706,027		14.8
Information Technology			1,222,526		25.6
Materials			111,572		2.3
Utilities			297,816		6.2
Short-Term Investments			143,435		3.0

Total investments		$	4,780,151		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	45,323		0.9	%
British pound			409,269		8.6
Danish krone			341,592		7.2
Euro			407,192		8.5
Hong Kong dollar			356,085		7.4
Japanese yen			143,006		3.0
Swedish krona			181,881		3.8
Swiss franc			174,624		3.7
U.S. dollar			2,721,179		56.9

Total investments		$	4,780,151		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Techtronic Industries Co. Ltd.		Hong Kong		5.1	%
Lowe’s Cos., Inc.		United States		4.8
Fidelity National Information Services, Inc.		United States		4.1
AstraZeneca plc		United Kingdom		4.0
Lonza Group AG		Switzerland		3.7
IHS Markit Ltd.		United States		3.2
Microsoft Corp.		United States		3.1
Genmab A/S		Denmark		3.1
Advanced Micro Devices, Inc.		United States		3.0
Danaher Corp.		United States		2.9

Total				37.0	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


46		Artisan Partners Funds

Artisan Global Value Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.9%

BELGIUM - 2.0%
Groupe Bruxelles Lambert SA⁽¹⁾		402		$	36,219

BRAZIL - 1.7%
Telefonica Brasil SA, ADR		4,175			32,025

CANADA - 0.8%
Imperial Oil Ltd.		1,192			14,274

CHINA - 2.5%
Baidu, Inc., ADR*		368			46,569

FRANCE - 0.9%
Sodexo SA⁽¹⁾		233			16,604

GERMANY - 2.9%
HeidelbergCement AG⁽¹⁾		865			53,031

NETHERLANDS - 4.7%
ING Groep NV⁽¹⁾		2,966			20,999
NXP Semiconductors NV		517			64,477

					85,476
SOUTH KOREA - 5.1%
Samsung Electronics Co. Ltd.⁽¹⁾		1,836			92,527

Switzerland - 10.7%
Cie Financiere Richemont SA⁽¹⁾		967			64,739
Novartis AG⁽¹⁾		755			65,649
UBS Group AG⁽¹⁾		5,778			64,508

					194,896
UNITED KINGDOM - 9.6%
BAE Systems plc⁽¹⁾		6,965			43,083
Compass Group plc⁽¹⁾		3,998			60,010
IMI plc⁽¹⁾		899			12,108
Lloyds Banking Group plc⁽¹⁾		82,782			28,092
Tesco plc⁽¹⁾		11,639			31,911

					175,204
UNITED STATES - 54.0%
Advance Auto Parts, Inc.		163			25,096
Alphabet, Inc., Class A*		42			61,728
Alphabet, Inc., Class C*		16			24,028
American Express Co.		529			53,027
Anthem, Inc.		214			57,459
Bank of New York Mellon Corp. (The)		1,647			56,574
Berkshire Hathaway, Inc., Class B*		287			61,094
Booking Holdings, Inc.*		33			55,891
Citigroup, Inc.		1,075			46,363
Cognizant Technology Solutions Corp., Class A		1,124			78,057
DENTSPLY SIRONA, Inc.		1,390			60,779
Expedia Group, Inc.		621			56,925
Facebook, Inc., Class A*		273			71,591
FedEx Corp.		405			101,977
Marsh & McLennan Cos., Inc.		498			57,085
Progressive Corp. (The)		511			48,340
Raytheon Technologies Corp.		207			11,899
Southwest Airlines Co.		1,040			39,009
Visa, Inc., Class A		91			18,118

					985,040

Total common stocks (Cost $1,497,010)					1,731,865


SHORT-TERM INVESTMENTS - 5.2%

INVESTMENT COMPANIES - 5.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		31,971			31,971
Federated Treasury Obligations Fund - Institutional Class, 0.01%		31,030			31,030
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		31,031			31,031

Total short-term investments (Cost $94,032)					94,032

Total investments - 100.1% (Cost $1,591,042)					1,825,897

Other assets less liabilities - (0.1)%					(2,137	)


Total net assets - 100.0%⁽²⁾				$	1,823,760

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $589,480, or 32.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Percentages for the various classifications relate to total net assets.

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


Artisan Partners Funds		47

Abbreviation

ADR American Depositary Receipt

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands


Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
	CNH	139,513		USD	19,947	JPM		10/22/2020		$	588

		Total unrealized appreciation									588

	USD	58,783		CNH	419,775	JPM		10/22/2020			(3,004	)

		Total unrealized depreciation									(3,004	)

		Net unrealized depreciation								$	(2,416	)

CNH Chinese yuan renminbi offshore

USD U.S. dollar

JPM JPMorgan Chase Bank, N.A.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	235,941		12.9	%
Consumer Discretionary			279,265		15.3
Consumer Staples			31,911		1.7
Energy			14,274		0.8
Financials			472,301		25.9
Health Care			183,887		10.1
Industrials			208,076		11.4
Information Technology			253,179		13.9
Materials			53,031		2.9
Short-Term Investments			94,032		5.1

Total investments		$	1,825,897		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	175,204		9.6	%
Canadian dollar			14,274		0.8
Euro			126,853		6.9
Korean won			92,527		5.1
Swiss franc			194,896		10.7
U.S. dollar			1,222,143		66.9

Total investments		$	1,825,897		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
FedEx Corp.		United States		5.6	%
Samsung Electronics Co. Ltd.		South Korea		5.1
Alphabet, Inc.		United States		4.7
Cognizant Technology Solutions Corp.		United States		4.3
Facebook, Inc.		United States		3.9
Novartis AG		Switzerland		3.6
Cie Financiere Richemont SA		Switzerland		3.6
UBS Group AG		Switzerland		3.5
NXP Semiconductors NV		Netherlands		3.5
Berkshire Hathaway, Inc.		United States		3.3

Total				41.1	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


48		Artisan Partners Funds

Artisan High Income Fund

Schedule of Investments – September 30, 2020

Principal amount, shares and dollar values in thousands


	Principal Amount			Value
CORPORATE BONDS - 75.8%

ADVERTISING - 0.7%
Terrier Media Buyer, Inc. 8.88%, 12/15/2027⁽¹⁾		$	31,721		$	31,959

AEROSPACE/DEFENSE - 0.5%
Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028⁽¹⁾			27,522			25,594

AIRLINES - 1.8%
Delta Air Lines, Inc. 2.90%, 10/28/2024			20,000			17,800
4.50%, 10/20/2025⁽¹⁾			7,760			7,963
7.38%, 1/15/2026			16,450			17,242
4.38%, 4/19/2028			11,088			9,861
4.75%, 10/20/2028⁽¹⁾			4,850			5,032
3.75%, 10/28/2029			32,750			27,920

						85,818
AUTO MANUFACTURERS - 0.8%
Tesla, Inc. 5.30%, 8/15/2025⁽¹⁾			37,000			38,295

CHEMICALS - 0.2%
Methanex Corp. 5.13%, 10/15/2027⁽²⁾			10,185			10,134

COMMERCIAL SERVICES - 0.1%
Capitol Investment Merger Sub 2 LLC 10.00%, 8/1/2024⁽¹⁾			6,615			6,929

DISTRIBUTION/WHOLESALE - 1.0%
Core & Main Holdings LP 8.63% Cash, 9.38% PIK, 9/15/2024⁽¹⁾⁽³⁾			20,971			21,128
Core & Main LP 6.13%, 8/15/2025⁽¹⁾			30,000			30,388

						51,516
DIVERSIFIED FINANCIAL SERVICES - 5.1%
AG Issuer LLC 6.25%, 3/1/2028⁽¹⁾			20,135			20,034
Alliance Data Systems Corp. 7.00%, 1/15/2026⁽¹⁾			29,100			28,957
NFP Corp. 6.88%, 8/15/2028⁽¹⁾			155,740			157,430
DIVERSIFIED FINANCIAL SERVICES (CONTINUED)
OneMain Finance Corp. 7.13%, 3/15/2026		$	36,250			40,499

						246,920
ENGINEERING & CONSTRUCTION - 2.4%
Great Lakes Dredge & Dock Corp. 8.00%, 5/15/2022			30,120			31,061
New Enterprise Stone & Lime Co., Inc. 9.75%, 7/15/2028⁽¹⁾			14,000			15,120
Tutor Perini Corp. 6.88%, 5/1/2025⁽¹⁾			77,496			71,296

						117,477
ENTERTAINMENT - 0.7%
SeaWorld Parks & Entertainment, Inc. 9.50%, 8/1/2025⁽¹⁾			33,783			34,880

FOOD - 1.3%
H-Food Holdings LLC 8.50%, 6/1/2026⁽¹⁾			63,666			62,199

HAND/MACHINE TOOLS - 1.0%
Werner FinCo. LP 8.75%, 7/15/2025⁽¹⁾			48,330			46,044

HEALTHCARE-SERVICES - 2.2%
HCA, Inc.
3.50%, 9/1/2030			6,872			6,997
5.50%, 6/15/2047			10,000			12,469
Surgery Center Holdings, Inc.
6.75%, 7/1/2025⁽¹⁾			17,226			17,160
10.00%, 4/15/2027⁽¹⁾			64,776			68,986

						105,612
HOLDING COMPANIES-DIVERSIFIED - 2.6%
VistaJet Malta Finance plc 10.50%, 6/1/2024⁽¹⁾⁽²⁾			131,167			123,061

HOME BUILDERS - 0.8%
PulteGroup, Inc. 7.88%, 6/15/2032			29,000			39,875

INSURANCE - 7.3%
Acrisure LLC
7.00%, 11/15/2025⁽¹⁾			77,212			75,851
10.13%, 8/1/2026⁽¹⁾			49,659			55,005
Aon Corp. 8.21%, 1/1/2027			29,044			37,300


Artisan Partners Funds		49


	Principal Amount			Value
INSURANCE (CONTINUED)
Ardonagh Midco 2 plc 11.50% Cash, 12.75% PIK, 1/15/2027^(1)(2)(3)		$	97,000		$	97,970
AssuredPartners, Inc. 7.00%, 8/15/2025⁽¹⁾			29,143			29,684
GTCR AP Finance, Inc. 8.00%, 5/15/2027⁽¹⁾			35,360			37,482
HUB International Ltd. 7.00%, 5/1/2026⁽¹⁾			20,250			20,984

						354,276
INTERNET - 2.4%
Cablevision Lightpath LLC
3.88%, 9/15/2027⁽¹⁾			3,812			3,812
5.63%, 9/15/2028⁽¹⁾			5,785			5,878
Expedia Group, Inc.
6.25%, 5/1/2025⁽¹⁾			44,390			48,916
4.63%, 8/1/2027⁽¹⁾			3,000			3,151
3.25%, 2/15/2030			35,036			33,673
TripAdvisor, Inc. 7.00%, 7/15/2025⁽¹⁾			17,710			18,463

						113,893
IRON/STEEL - 0.5%
Big River Steel LLC 6.63%, 1/31/2029⁽¹⁾			25,000			25,279

LEISURE TIME - 3.0%
Carnival Corp.
1.88%, 11/7/2022		EUR	10,000			9,922
11.50%, 4/1/2023⁽¹⁾			44,233			49,584
10.50%, 2/1/2026⁽¹⁾			44,000			48,730
NCL Corp. Ltd.
12.25%, 5/15/2024⁽¹⁾			29,500			33,040
10.25%, 2/1/2026⁽¹⁾			2,459			2,562

						143,838
LODGING - 2.8%
Choice Hotels International, Inc.
3.70%, 12/1/2029			12,994			13,759
3.70%, 1/15/2031			1,000			1,053
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024			3,000			3,007
5.38%, 5/1/2025⁽¹⁾			11,790			12,247
5.75%, 5/1/2028⁽¹⁾			18,490			19,553
4.88%, 1/15/2030			3,950			4,069
Marriott International, Inc.
2.13%, 10/3/2022			6,193			6,211
3.60%, 4/15/2024			3,085			3,172
Series EE, 5.75%, 5/1/2025			8,803			9,815
Series R, 3.13%, 6/15/2026			15,250			15,155
Series X, 4.00%, 4/15/2028			7,500			7,671
Series AA, 4.65%, 12/1/2028			27,195			29,005
LODGING (CONTINUED)
4.63%, 6/15/2030		$	984			1,053
4.50%, 10/1/2034			9,000			9,384

						135,154
MEDIA - 4.6%
CCO Holdings LLC
5.50%, 5/1/2026⁽¹⁾			30,580			31,880
4.25%, 2/1/2031⁽¹⁾			14,000			14,502
Charter Communications Operating LLC
6.38%, 10/23/2035			40,408			55,095
CSC Holdings LLC
5.88%, 9/15/2022			47,077			49,784
5.25%, 6/1/2024			15,676			16,812
7.50%, 4/1/2028⁽¹⁾			5,050			5,579
Ziggo BV
5.50%, 1/15/2027⁽¹⁾⁽²⁾			46,870			49,096

						222,748
MINING - 1.2%
Compass Minerals International, Inc.
4.88%, 7/15/2024⁽¹⁾			10,392			10,602
6.75%, 12/1/2027⁽¹⁾			42,140			45,511

						56,113
MISCELLANEOUS MANUFACTURING - 6.5%
Gates Global LLC 6.25%, 1/15/2026⁽¹⁾			27,839			28,605
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%),
5.00%, 1/21/2021⁽⁴⁾⁽⁵⁾			64,477			51,373
6.75%, 3/15/2032			143,917			180,912
6.88%, 1/10/2039			38,671			49,470

						310,360
OIL & GAS - 8.2%
Comstock Resources, Inc.
7.50%, 5/15/2025⁽¹⁾			32,446			30,824
9.75%, 8/15/2026			35,589			36,610
9.75%, 8/15/2026			52,170			53,485
Endeavor Energy Resources LP
6.63%, 7/15/2025⁽¹⁾			6,885			7,075
5.50%, 1/30/2026⁽¹⁾			15,565			15,448
5.75%, 1/30/2028⁽¹⁾			33,200			33,366
EP Energy LLC 7.75%, 5/15/2026⁽¹⁾⁽⁶⁾			40,841			8,934
EQT Corp.
7.88%, 2/1/2025			19,134			21,209
3.90%, 10/1/2027			21,866			19,925
Laredo Petroleum, Inc.
9.50%, 1/15/2025			29,250			17,431
10.13%, 1/15/2028			34,250			20,207
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026⁽¹⁾			17,000			10,200


50		Artisan Partners Funds


	Principal Amount			Value
OIL & GAS (CONTINUED)
Parsley Energy LLC 4.13%, 2/15/2028⁽¹⁾		$	15,000		$	14,100
QEP Resources, Inc.
5.38%, 10/1/2022			14,266			11,698
5.25%, 5/1/2023			16,144			11,745
5.63%, 3/1/2026			19,358			10,986
Range Resources Corp.
5.00%, 8/15/2022			9,500			9,165
5.00%, 3/15/2023			5,000			4,750
4.88%, 5/15/2025			5,000			4,513
9.25%, 2/1/2026⁽¹⁾			34,303			35,246
Seven Generations Energy Ltd. 6.75%, 5/1/2023⁽¹⁾⁽²⁾			16,400			16,016

						392,933
PACKAGING & CONTAINERS - 1.3%
LABL Escrow Issuer LLC
6.75%, 7/15/2026⁽¹⁾			18,786			19,819
10.50%, 7/15/2027⁽¹⁾			24,786			26,358
Plastipak Holdings, Inc.
6.25%, 10/15/2025⁽¹⁾			14,379			14,379

						60,556
PIPELINES - 0.2%
EQM Midstream Partners LP
6.00%, 7/1/2025⁽¹⁾			4,918			5,072
6.50%, 7/1/2027⁽¹⁾			4,918			5,213

						10,285
REAL ESTATE - 2.7%
Realogy Group LLC 4.88%, 6/1/2023⁽¹⁾			71,475			70,760
7.63%, 6/15/2025⁽¹⁾			20,242			21,204
9.38%, 4/1/2027⁽¹⁾			37,796			39,126

						131,090
REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.1%
Host Hotels & Resorts LP
Series F, 4.50%, 2/1/2026			19,405			20,543
Series H, 3.38%, 12/15/2029			44,500			41,586
Series I, 3.50%, 9/15/2030			17,000			16,304
Park Intermediate Holdings LLC 7.50%, 6/1/2025⁽¹⁾			51,915			55,279
5.88%, 10/1/2028⁽¹⁾			20,000			20,050
RHP Hotel Properties LP 4.75%, 10/15/2027			6,534			6,021
Uniti Group LP 7.13%, 12/15/2024⁽¹⁾			57,971			56,065
7.88%, 2/15/2025⁽¹⁾			16,700			17,697
XHR LP 6.38%, 8/15/2025⁽¹⁾			14,750			14,750

						248,295
RETAIL - 6.5%
Asbury Automotive Group, Inc. 4.50%, 3/1/2028⁽¹⁾		$	16,124			16,225
4.75%, 3/1/2030⁽¹⁾			8,122			8,183
Beacon Roofing Supply, Inc. 4.88%, 11/1/2025⁽¹⁾			66,652			65,319
Brinker International, Inc. 3.88%, 5/15/2023			1,000			985
5.00%, 10/1/2024⁽¹⁾			8,225			8,377
Ferrellgas LP 10.00%, 4/15/2025⁽¹⁾			8,838			9,567
FirstCash, Inc. 4.63%, 9/1/2028⁽¹⁾			14,750			15,082
Michaels Stores, Inc. 8.00%, 7/15/2027⁽¹⁾			68,490			71,572
Nordstrom, Inc. 4.00%, 3/15/2027			17,331			14,737
4.38%, 4/1/2030			48,952			39,576
5.00%, 1/15/2044			68,624			48,592
Specialty Building Products Holdings LLC 6.38%, 9/30/2026⁽¹⁾			14,295			14,545

						312,760
SOFTWARE - 1.2%
Ascend Learning LLC 6.88%, 8/1/2025⁽¹⁾			20,719			21,086
Castle US Holding Corp. 9.50%, 2/15/2028⁽¹⁾			28,500			27,182
Logan Merger Sub, Inc. 5.50%, 9/1/2027⁽¹⁾			6,885			6,988

						55,256
TELECOMMUNICATIONS - 1.1%
Altice France Holding SA 6.00%, 2/15/2028⁽¹⁾⁽²⁾			20,667			19,712
Cincinnati Bell, Inc. 8.00%, 10/15/2025⁽¹⁾			26,970			28,487
T-Mobile USA, Inc. 4.50%, 2/1/2026			3,852			3,969

						52,168

Total corporate bonds (Cost $3,510,142)						3,651,317

BANK LOANS - 21.2%

AEROSPACE/DEFENSE - 0.4%
Jazz Acquisition, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 6/19/2026⁽⁵⁾			24,770			21,302


Artisan Partners Funds		51


	Principal Amount			Value
AIRLINES - 0.2%
American Airlines, Inc., First Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.89%, 6/27/2025⁽⁵⁾		$	15,595		$	9,465
SkyMiles IP Ltd. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027⁽⁵⁾			970			976

						10,441
CHEMICALS - 0.3%
Emerald Performance Materials LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 5.00%, 8/7/2025⁽⁵⁾			15,000			14,934

COMMERCIAL SERVICES - 2.2%
Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.27%, 5/21/2026⁽⁵⁾			27,695			24,614
Midas Intermediate Holdco II LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 8/18/2021⁽⁵⁾			71,685			66,806
USS Ultimate Holdings, Inc., First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 8/25/2024⁽⁵⁾			15,940			15,701

						107,121
DISTRIBUTION/WHOLESALE - 0.3%
Core & Main LP First Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 8/1/2024⁽⁵⁾			13,784			13,478

DIVERSIFIED FINANCIAL SERVICES - 0.2%
Advisor Group Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.15%, 7/31/2026⁽⁵⁾			12,323			11,905

ENTERTAINMENT - 0.5%
Playtika Holding Corp., First Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 12/10/2024⁽⁵⁾			23,461			23,452

FOOD - 1.3%
Shearer’s Foods LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 9/23/2027⁽⁵⁾			64,138			63,618

FOOD SERVICE - 2.8%
TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 2/1/2023⁽⁵⁾		$	90,578			84,818
TKC Holdings, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%), 9.00%, 2/1/2024⁽⁵⁾			57,174			47,506

						132,324
HEALTHCARE-SERVICES - 2.1%
Cambrex Corp., First Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 6.00%, 12/4/2026⁽⁵⁾			13,895			13,930
Dental Corp. of Canada, Inc. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 8.50%, 6/8/2026⁽²⁾⁽⁵⁾			10,674			9,580
Heartland Dental LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.65%, 4/30/2025⁽⁵⁾			31,392			28,828
Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 9/3/2024⁽⁵⁾			47,834			44,964
(ICE LIBOR USD 1 Month + 8.00%), 9.00%, 9/3/2024⁽⁵⁾			3,903			3,937

						101,239
INSURANCE - 0.4%
Acrisure LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.65%, 2/15/2027⁽⁵⁾			7,481			7,210
Ryan Specialty Group LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 9/1/2027⁽⁵⁾			11,000			10,883

						18,093
INTERNET - 0.1%
Ancestry.com Operations Inc., First Lien Term Loan B-EXT (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 8/27/2026⁽⁵⁾			4,424			4,412

LEISURE TIME - 1.8%
Carnival Corp., First Lien Term Loan B (ICE LIBOR USD 1 Month + 7.50%), 8.50%, 6/30/2025⁽⁵⁾			53,126			53,672
Topgolf International, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 6.25%), 7.00%, 2/9/2026⁽⁵⁾			33,911			33,178

						86,850


52		Artisan Partners Funds


	Principal Amount			Value
MACHINERY-DIVERSIFIED - 0.2%
STS Operating, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 12/11/2024⁽⁵⁾		$	9,762		$	9,232

METAL FABRICATE/HARDWARE - 0.3%
US Tailwind Smith Cooper Intermediate Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 5.15%, 5/28/2026⁽⁵⁾			16,175			14,982

MISCELLANEOUS MANUFACTURING - 0.3%
UTEX Industries, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 0.00%, 5/21/2021⁽⁵⁾⁽⁶⁾			42,671			12,801

PACKAGING & CONTAINERS - 0.8%
Kloeckner Pentaplast of America, Inc., First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 6/30/2022⁽²⁾⁽⁵⁾			39,654			38,432

PHARMACEUTICALS - 0.4%
Lanai Holdings III, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 8/29/2022⁽⁵⁾			21,618			20,348

RETAIL - 0.2%
Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024⁽⁵⁾			12,592			11,931

SOFTWARE - 5.3%
Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.97%, 1/29/2027⁽⁵⁾			4,979			4,776
Epicor Software Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 7/30/2027⁽⁵⁾			40,000			39,906
Epicor Software Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 8.75%, 7/31/2028⁽⁵⁾			9,250			9,481
Finastra USA, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024⁽⁵⁾			29,304			27,333
Informatica LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/25/2027⁽⁵⁾			7,463			7,289
SOFTWARE (CONTINUED)
Informatica LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.13%), 7.13%, 2/25/2025⁽⁵⁾		$	27,490			27,880
Omnitracs LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.40%, 3/21/2025⁽⁵⁾			16,460			16,326
Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 5/30/2025⁽⁵⁾			34,997			33,656
Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.15%, 5/29/2026⁽⁵⁾			22,617			21,577
Sophia L.P. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 9/23/2027⁽⁵⁾			4,850			4,815
Ultimate Software Group, Inc. (The), First Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 5/4/2026⁽⁵⁾			40,000			39,855
Ultimate Software Group, Inc. (The), Second Lien Term Loan (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 5/3/2027⁽⁵⁾			17,980			18,280

						251,174
TELECOMMUNICATIONS - 0.4%
Altice France SA First Lien Term Loan B11 (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 7/31/2025⁽²⁾⁽⁵⁾			21,887			20,846

TRANSPORTATION - 0.7%
SIRVA Worldwide, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 5.50%), 5.68%, 8/4/2025⁽⁵⁾			40,163			33,234

Total bank loans (Cost $1,067,523)						1,022,149

CONVERTIBLE BONDS - 0.2%

DIVERSIFIED FINANCIAL SERVICES - 0.1%
EZCORP, Inc. 2.88%, 7/1/2024			875			772

REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
Uniti Fiber Holdings, Inc. 4.00%, 6/15/2024⁽¹⁾			4,625			5,276

Total convertible bonds (Cost $5,250)						6,048


Artisan Partners Funds		53



	Shares Held		Value
PREFERRED STOCKS - 0.0%

AGRICULTURE - 0.0%
Pinnacle Agriculture Holdings LLC^*(7)(8)(9)		25		$	–

RETAIL - 0.0%
Chinos Holdings, Inc. 5.00% Cash, 2.00% Capitalization*^{(1)(3)(4)(6)(8)(9)}		2,568			–

Total preferred stocks (Cost $957)					–

SHORT-TERM INVESTMENTS - 1.5%

INVESTMENT COMPANIES - 1.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		25,136			25,136
Federated Treasury Obligations Fund - Institutional Class, 0.01%		24,396			24,396
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		24,397			24,397

Total short-term investments (Cost $73,929)					73,929

Total investments - 98.7% (Cost $4,657,801)					4,753,443

Other assets less liabilities - 1.3%					63,323


Total net assets - 100.0%⁽¹⁰⁾				$	4,816,766

Non-income producing security.

⁽¹⁾

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

⁽²⁾

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


Security	Country	Trading Currency
Altice France Holding SA, 6.00%, 2/15/2028	Luxembourg	U.S. dollar
Altice France SA First Lien Term Loan B11, 2.90%, 7/31/2025	France	U.S. dollar
Ardonagh Midco 2 plc, 11.50%, 1/15/2027	United Kingdom	U.S. dollar
Dental Corp. of Canada, Inc. Second Lien Term Loan, 8.50%, 6/8/2026	Canada	U.S. dollar
Kloeckner Pentaplast of America, Inc., First Lien Term Loan B, 5.25%, 6/30/2022	Luxembourg	U.S. dollar
Methanex Corp., 5.13%, 10/15/2027	Canada	U.S. dollar
Seven Generations Energy Ltd., 6.75%, 5/1/2023	Canada	U.S. dollar
VistaJet Malta Finance plc, 10.50%, 6/1/2024	Switzerland	U.S. dollar
Ziggo BV, 5.50%, 1/15/2027	Netherlands	U.S. dollar

⁽³⁾

Payment in-kind security.

⁽⁴⁾

Perpetual security. The rate reflected was the rate in effect on September 30, 2020. The maturity date reflects the next call date.

⁽⁵⁾

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.

⁽⁶⁾

Defaulted securities.

⁽⁷⁾

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

Security

Acquisition
Date

Cost

Value

Percentage
ofTotal Net
Assets

Pinnacle Agriculture Holdings LLC

3/26/2020

–

0.0

⁽⁸⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁹⁾

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

⁽¹⁰⁾

Percentages for the various classifications relate to total net assets.

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

Abbreviations


ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
USD		U.S. dollar


54		Artisan Partners Funds

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency

Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

EUR

695

USD

809

JPM

11/17/2020

USD

10,594

EUR

8,911

JPM

11/17/2020

135

Net unrealized appreciation

142

EUR Euro

USD U.S. Dollar

JPM JPMorgan Chase Bank, N.A.


FUTURES CONTRACTS
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount			Notional Value				Unrealized Appreciation/ (Depreciation)
Short Positions Contracts
U.S. Treasury 10 Year Note		(1,800	)		12/21/2020		USD		$	180,000		$	(251,156	)		$	(675	)
U.S. Treasury Long Bond		(255	)		12/21/2020		USD			25,500			(44,952	)			13

																$	(662	)

USD U.S. Dollar

The Fund has recorded an asset of $689 as of September 30, 2020, related to the current day’s variation margin related to these contracts.


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
General Electric Co.	United States		5.8	%
NFP Corp.	United States		3.3
Realogy Group LLC	United States		2.7
Acrisure LLC	United States		2.7
VistaJet Malta Finance plc	Switzerland		2.6
Comstock Resources, Inc.	United States		2.5
Carnival Corp.	United States		2.2
Nordstrom, Inc.	United States		2.1
Ardonagh Midco 2 plc	United Kingdom		2.0
Surgery Center Holdings, Inc.	United States		1.8

Total			27.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		55

Artisan International Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY- LINKED SECURITY - 97.4%

BELGIUM - 1.8%
UCB SA⁽¹⁾		1,539		$	174,798

CANADA - 2.3%
Canadian Pacific Railway Ltd.		422			128,218
TMX Group Ltd.		917			94,343

					222,561
CHINA - 9.9%
Alibaba Group Holding Ltd., ADR*		1,353			397,862
China International Capital Corp. Ltd., Class H*⁽¹⁾		22,524			52,297
Midea Group Co. Ltd., Class A⁽¹⁾		10,223			109,297
Ping An Healthcare and Technology Co. Ltd.*⁽¹⁾		2,369			30,590
Prosus NV*⁽¹⁾		132			12,131
Tencent Holdings Ltd.⁽¹⁾		3,216			214,191
Wuliangye Yibin Co. Ltd., Class A⁽¹⁾		4,247			138,245

					954,613
DENMARK - 5.6%
Ascendis Pharma A/S, ADR*		836			129,030
DSV Panalpina A/S⁽¹⁾		307			50,099
Genmab A/S*⁽¹⁾		784			284,731
Novo Nordisk A/S, Class B⁽¹⁾		1,131			78,530

					542,390
FRANCE - 8.1%
Adevinta ASA*⁽¹⁾		546			9,370
Air Liquide SA⁽¹⁾		2,718			431,310
Airbus SE*⁽¹⁾		1,037			75,260
Amundi SA*⁽¹⁾		1,529			107,783
Eiffage SA*⁽¹⁾		886			72,252
Vinci SA⁽¹⁾		1,067			89,031

					785,006
GERMANY - 12.5%
Deutsche Boerse AG⁽¹⁾		3,105			545,292
Deutsche Telekom AG⁽¹⁾		16,027			268,489
E.ON SE⁽¹⁾		10,743			118,694
Siemens AG⁽¹⁾		1,212			153,207
Siemens Energy AG*⁽¹⁾		998			26,921
Symrise AG⁽¹⁾		712			98,534

					1,211,137
HONG KONG - 3.4%
AIA Group Ltd.⁽¹⁾		33,566			330,666

INDIA - 1.2%
Reliance Industries Ltd.⁽¹⁾		3,670			111,782
IRELAND - 2.1%
Amarin Corp. plc, ADR*		1,842			7,754
Ryanair Holdings plc, Equity-Linked Security*^(1)(2)(3)		14,300			190,151

					197,905
ISRAEL - 2.5%
Nice Ltd., ADR*		1,081			245,408

JAPAN - 3.8%
Astellas Pharma, Inc.⁽¹⁾		6,121			91,113
Hoya Corp.⁽¹⁾		136			15,330
Nippon Sanso Holdings Corp.⁽¹⁾		3,684			56,950
Nippon Shinyaku Co. Ltd.⁽¹⁾		1,660			136,848
Sony Corp.⁽¹⁾		910			69,624

					369,865
NETHERLANDS - 2.9%
Argenx SE, ADR*		59			15,423
Koninklijke DSM NV⁽¹⁾		1,585			261,153

					276,576
PORTUGAL - 0.9%
EDP - Energias de Portugal SA⁽¹⁾		17,829			87,631

SWEDEN - 1.5%
Telefonaktiebolaget LM Ericsson, Class B⁽¹⁾		13,654			149,291

SWITZERLAND - 11.6%
Idorsia Ltd.*⁽¹⁾		2,501			67,157
Lonza Group AG⁽¹⁾		250			154,172
Medacta Group SA*⁽¹⁾		574			53,510
Nestle SA⁽¹⁾		3,281			389,219
Roche Holding AG⁽¹⁾		1,115			381,323
Temenos AG⁽¹⁾		535			71,998

					1,117,379
TAIWAN - 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.⁽¹⁾		9,892			148,564

UNITED KINGDOM - 10.1%
AVEVA Group plc⁽¹⁾		2,307			142,663
Coca-Cola European Partners plc		1,892			73,434
Diageo plc⁽¹⁾		3,604			123,469
Linde plc⁽¹⁾		2,407			569,641
RELX plc⁽¹⁾		2,926			64,768

					973,975
UNITED STATES - 15.7%
Accenture plc, Class A		827			186,841
Alphabet, Inc., Class A*		92			135,473


56		Artisan Partners Funds


	Shares Held		Value
UNITED STATES (CONTINUED)
Alphabet, Inc., Class C*		37		$	54,771
Amazon.com, Inc.*		73			230,141
Aon plc, Class A		1,655			341,528
Intercontinental Exchange, Inc.		1,496			149,629
Medtronic plc		2,199			228,561
Willis Towers Watson plc		892			186,235

					1,513,179

Total common stocks and equity-linked security (Cost $6,602,048)					9,412,726

SHORT-TERM INVESTMENTS - 2.6%

INVESTMENT COMPANIES - 2.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		85,283			85,283
Federated Treasury Obligations Fund - Institutional Class, 0.01%		82,774			82,774
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		82,774			82,774

Total short-term investments (Cost $250,831)					250,831

Total investments - 100.0% (Cost $6,852,879)					9,663,557

Other assets less liabilities - 0.0%⁽⁴⁾					(2,817	)


Total net assets - 100.0%⁽⁵⁾				$	9,660,740

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $6,808,075, or 70.5% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

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


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 08/17/2020		$	188,801		$	190,151		2.0	%

⁽³⁾

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

⁽⁴⁾

Amount rounds to less than 0.1%.

⁽⁵⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviation
ADR		American Depositary Receipt


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	682,294		7.1	%
Consumer Discretionary			819,055		8.4
Consumer Staples			724,367		7.5
Energy			111,782		1.2
Financials			1,997,924		20.7
Health Care			1,848,870		19.1
Industrials			632,835		6.5
Information Technology			944,765		9.8
Materials			1,417,588		14.7
Utilities			233,246		2.4
Short-Term Investments			250,831		2.6

Total investments		$	9,663,557		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	330,900		3.4	%
Canadian dollar			222,561		2.3
Chinese yuan renminbi offshore			247,542		2.6
Danish krone			413,360		4.3
Euro			3,092,127		32.0
Hong Kong dollar			627,744		6.5
Indian rupee			111,782		1.2
Japanese yen			369,865		3.8
New Taiwan dollar			148,564		1.5
Norwegian krone			9,370		0.1
Swedish krona			149,291		1.5
Swiss franc			1,117,379		11.6
U.S. dollar			2,823,072		29.2

Total investments		$	9,663,557		100.0	%


Artisan Partners Funds		57


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Linde plc	United Kingdom		5.9	%
Deutsche Boerse AG	Germany		5.6
Air Liquide SA	France		4.5
Alibaba Group Holding Ltd.	China		4.1
Nestle SA	Switzerland		4.0
Roche Holding AG	Switzerland		3.9
Aon plc	United States		3.5
AIA Group Ltd.	Hong Kong		3.4
Genmab A/S	Denmark		2.9
Deutsche Telekom AG	Germany		2.8

Total			40.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


58		Artisan Partners Funds

Artisan International Small-Mid Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.7%

BRAZIL - 2.1%
Afya Ltd., Class A*		969		$	26,407
Notre Dame Intermedica Participacoes SA		900			10,438
Petrobras Distribuidora SA		5,126			18,556
Rumo SA*		4,923			16,727

					72,128
CANADA - 3.4%
Altus Group Ltd.		965			40,078
CAE, Inc.		1,994			29,170
Descartes Systems Group, Inc. (The)*		499			28,414
Kinaxis, Inc.*		129			19,004

					116,666
CHINA - 0.6%
I-Mab, ADR*		418			19,642

DENMARK - 5.5%
ALK-Abello A/S*⁽¹⁾		50			16,508
Ambu A/S, Class B⁽¹⁾		995			28,177
Carlsberg A/S, Class B⁽¹⁾		143			19,290
DSV Panalpina A/S⁽¹⁾		307			50,081
Genmab A/S*⁽¹⁾		99			35,856
SimCorp A/S⁽¹⁾		134			17,615
Vestas Wind Systems A/S⁽¹⁾		131			21,129

					188,656
FINLAND - 3.6%
BasWare OYJ*⁽¹⁾		192			8,529
Metso Outotec OYJ⁽¹⁾		10,705			75,170
Revenio Group OYJ⁽¹⁾		134			6,111
Vaisala OYJ, Class A⁽¹⁾		761			32,935

					122,745
FRANCE - 2.0%
Atos SE*⁽¹⁾		470			37,834
Lectra⁽¹⁾		1,297			30,674

					68,508
GERMANY - 7.6%
AIXTRON SE*⁽¹⁾		4,264			51,485
Basler AG⁽¹⁾		90			5,319
Carl Zeiss Meditec AG⁽¹⁾		139			17,618
Hamburger Hafen und Logistik AG⁽¹⁾		762			13,357
Hypoport SE*⁽¹⁾		49			30,552
KION Group AG⁽¹⁾		252			21,642
MorphoSys AG*⁽¹⁾		612			77,708
New Work SE⁽¹⁾		29			8,978
Symrise AG⁽¹⁾		256			35,405

					262,064
ICELAND - 0.7%
Ossur HF⁽¹⁾		3,631			25,724

INDIA - 1.7%
IndiaMart InterMesh Ltd.⁽¹⁾		375			25,423
WNS Holdings Ltd., ADR*		539			34,460

					59,883
IRELAND - 0.1%
Amarin Corp. plc, ADR*		500			2,106

ISRAEL - 7.2%
Compugen Ltd.*		382			6,201
Kornit Digital Ltd.*		980			63,595
Max Stock Ltd.*⁽¹⁾		3,714			12,957
Nice Ltd., ADR*		432			98,135
Radware Ltd.*		1,609			38,996
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.⁽¹⁾		172			11,862
Tel Aviv Stock Exchange Ltd.⁽¹⁾		3,903			17,473

					249,219
ITALY - 0.8%
Davide Campari-Milano NV⁽¹⁾		2,646			28,916

JAPAN - 16.1%
Azbil Corp.⁽¹⁾		1,803			67,433
CKD Corp.⁽¹⁾		751			12,237
eSOL Co. Ltd.⁽¹⁾		295			3,453
Fujitec Co. Ltd.⁽¹⁾		2,113			45,159
Harmonic Drive Systems, Inc.⁽¹⁾		169			10,888
Hennge KK*⁽¹⁾		581			37,509
Jeol Ltd.⁽¹⁾		1,089			37,924
Kobe Bussan Co. Ltd.⁽¹⁾		486			26,733
MedPeer, Inc.*⁽¹⁾		407			19,002
Morinaga & Co. Ltd.⁽¹⁾		835			32,903
Nippon Shinyaku Co. Ltd.⁽¹⁾		137			11,270
OBIC Business Consultants Co. Ltd.⁽¹⁾		480			27,866
Obic Co. Ltd.⁽¹⁾		212			37,355
Raccoon Holdings, Inc.⁽¹⁾⁽²⁾		1,361			27,433
Rakus Co. Ltd.⁽¹⁾		1,119			20,140
Rohm Co. Ltd.⁽¹⁾		272			20,995
Sagami Rubber Industries Co. Ltd.⁽¹⁾		362			5,123
SG Holdings Co. Ltd.⁽¹⁾		1,368			71,075
Shimadzu Corp.⁽¹⁾		393			11,978
TechMatrix Corp.⁽¹⁾		817			17,797
Temairazu, Inc.⁽¹⁾		271			14,479

					558,752


Artisan Partners Funds		59


	Shares Held		Value
NETHERLANDS - 2.9%
Argenx SE*⁽¹⁾		77		$	20,393
IMCD NV⁽¹⁾		314			37,353
Koninklijke DSM NV⁽¹⁾		241			39,674
Merus NV*		186			2,228

					99,648
SINGAPORE - 0.7%
XP Power Ltd.⁽¹⁾		424			24,101

SPAIN - 0.8%
Almirall SA⁽¹⁾		2,436			27,314

SWEDEN - 3.3%
AAK AB*⁽¹⁾		994			18,553
Aprea Therapeutics, Inc.*		189			4,555
Cantargia AB*⁽¹⁾		377			1,806
Elekta AB, Class B⁽¹⁾		2,923			36,759
Fortnox AB⁽¹⁾		655			19,702
MIPS AB⁽¹⁾		484			21,574
Oncopeptides AB*⁽¹⁾		822			12,122

					115,071
SWITZERLAND - 7.2%
Alcon, Inc.*⁽¹⁾		834			47,345
ALSO Holding AG*⁽¹⁾		28			7,449
Baloise Holding AG⁽¹⁾		236			34,714
Belimo Holding AG⁽¹⁾		4			30,610
Burckhardt Compression Holding AG⁽¹⁾		47			11,870
Lonza Group AG⁽¹⁾		37			22,659
Siegfried Holding AG*⁽¹⁾		44			30,402
Tecan Group AG⁽¹⁾		118			58,574
Ypsomed Holding AG⁽¹⁾		33			4,804

					248,427
THAILAND - 0.7%
Fabrinet*		397			25,009

UNITED KINGDOM - 15.6%
ASOS plc*⁽¹⁾		719			47,736
AVEVA Group plc⁽¹⁾		464			28,672
B&M European Value Retail SA⁽¹⁾		4,214			26,811
Balfour Beatty plc⁽¹⁾		5,230			15,027
boohoo Group plc*⁽¹⁾		9,281			44,781
Britvic plc⁽¹⁾		2,479			26,258
Codemasters Group Holdings plc*⁽¹⁾		7,145			33,704
ConvaTec Group plc⁽¹⁾		19,712			45,416
Electrocomponents plc⁽¹⁾		4,449			40,691
Fevertree Drinks plc⁽¹⁾		683			20,392
HomeServe plc⁽¹⁾		1,545			24,547
Howden Joinery Group plc⁽¹⁾		4,378			33,125
JD Sports Fashion plc⁽¹⁾		3,433			35,931
Orchard Therapeutics plc, ADR*		616			2,533
Oxford Biomedica plc*⁽¹⁾		1,372			14,529
UNITED KINGDOM (CONTINUED)
Rotork plc⁽¹⁾		14,965			54,172
SSP Group plc⁽¹⁾		3,383			7,847
St James’s Place plc⁽¹⁾		1,135			13,559
Trainline plc*⁽¹⁾		1,831			8,585
YouGov plc⁽¹⁾		1,522			16,627

					540,943
UNITED STATES - 12.1%
Acceleron Pharma, Inc.*		77			8,686
Agios Pharmaceuticals, Inc.*		219			7,656
Alkermes plc*		1,150			19,057
Alnylam Pharmaceuticals, Inc.*		107			15,574
Cree, Inc.*		947			60,351
Flexion Therapeutics, Inc.*		1,667			17,355
Glaukos Corp.*		496			24,569
Heron Therapeutics, Inc.*		717			10,623
Ingersoll Rand, Inc.*		952			33,903
Insmed, Inc.*		695			22,326
Inspire Medical Systems, Inc.*		131			16,929
Intersect ENT, Inc.*		1,256			20,484
Madrigal Pharmaceuticals, Inc.*		113			13,407
MaxCyte, Inc.*⁽¹⁾		1,653			7,848
Model N, Inc.*		979			34,539
Protara Therapeutics, Inc.*		195			3,276
Quotient Ltd.*		1,762			9,058
SolarEdge Technologies, Inc.*		88			20,959
STAAR Surgical Co.*		322			18,188
UroGen Pharma Ltd.*		301			5,805
ViewRay, Inc.*		6,024			21,083
Zscaler, Inc.*		197			27,724

					419,400

Total common stocks (Cost $2,544,076)					3,274,922

SHORT-TERM INVESTMENTS - 5.4%

INVESTMENT COMPANIES - 5.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		63,698			63,698
Federated Treasury Obligations Fund - Institutional Class, 0.01%		61,825			61,825
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		61,825			61,825

Total short-term investments (Cost $187,348)					187,348

Total investments - 100.1% (Cost $2,731,424)					3,462,270

Other assets less liabilities - (0.1)%					(1,844	)


Total net assets - 100.0%⁽³⁾				$	3,460,426


60		Artisan Partners Funds

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,377,116, or 68.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

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

⁽³⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviation
ADR		American Depositary Receipt


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	59,309		1.7	%
Consumer Discretionary			293,097		8.5
Consumer Staples			190,030		5.5
Financials			96,298		2.8
Health Care			887,648		25.6
Industrials			761,052		22.0
Information Technology			872,331		25.2
Materials			75,079		2.2
Real Estate			40,078		1.1
Short-Term Investments			187,348		5.4

Total investments		$	3,462,270		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	45,721		1.3	%
British pound			570,359		16.5
Canadian dollar			116,666		3.4
Danish krone			214,380		6.2
Euro			606,967		17.5
Indian rupee			25,423		0.7
Israel new shekel			42,292		1.2
Japanese yen			558,752		16.1
Swedish krona			110,516		3.2
Swiss franc			248,427		7.2
U.S. dollar			922,767		26.7

Total investments		$	3,462,270		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Nice Ltd.		Israel		2.8	%
MorphoSys AG		Germany		2.2
Metso Outotec OYJ		Finland		2.2
SG Holdings Co. Ltd.		Japan		2.1
Azbil Corp.		Japan		1.9
Kornit Digital Ltd.		Israel		1.8
Cree, Inc.		United States		1.7
Tecan Group AG		Switzerland		1.7
Rotork plc		United Kingdom		1.6
AIXTRON SE		Germany		1.5

Total				19.5	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		61

Artisan International Value Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY- LINKED SECURITY - 90.6%

BELGIUM - 3.0%
Groupe Bruxelles Lambert SA⁽¹⁾		4,525		$	407,856

BRAZIL - 1.5%
Telefonica Brasil SA, ADR		27,569			211,457

CANADA - 2.2%
Imperial Oil Ltd.		13,724			164,294
Suncor Energy, Inc.		10,614			129,614

					293,908
CHINA - 7.7%
Alibaba Group Holding Ltd., ADR*		971			285,463
Baidu, Inc., ADR*		3,134			396,727
Trip.com Group Ltd., ADR*		11,520			358,747

					1,040,937
DENMARK - 2.6%
DSV Panalpina A/S⁽¹⁾		2,178			355,497

FRANCE - 4.2%
Danone SA⁽¹⁾		1,933			125,040
Sodexo SA (Registered Shares)*⁽¹⁾⁽²⁾		737			52,503
Sodexo SA⁽¹⁾		2,470			175,874
Vivendi SA⁽¹⁾		7,991			222,727

					576,144
GERMANY - 4.5%
Fresenius Medical Care AG & Co. KGaA⁽¹⁾		5,748			485,316
Hella GmbH & Co. KGaA*⁽¹⁾		2,478			124,940

					610,256
INDIA - 4.3%
Bharti Infratel Ltd.⁽¹⁾		55,544			132,739
HCL Technologies Ltd.⁽¹⁾		40,654			447,545

					580,284
IRELAND - 4.0%
CRH plc⁽¹⁾		8,101			292,530
Ryanair Holdings plc*⁽¹⁾		1,858			24,703
Ryanair Holdings plc, Equity-Linked Security*^(1)(3)(4)		16,987			225,878

					543,111
JAPAN - 1.1%
Seven & i Holdings Co. Ltd.⁽¹⁾		4,725			146,062

NETHERLANDS - 4.3%
ING Groep NV⁽¹⁾		49,996			354,017
NETHERLANDS (CONTINUED)
NXP Semiconductors NV		1,841			229,741

					583,758
SOUTH KOREA - 11.5%
NAVER Corp.⁽¹⁾		2,293			580,585
Samsung Electronics Co. Ltd.⁽¹⁾		16,108			811,625
Samsung Electronics Co. Ltd. (Preference)⁽¹⁾		3,806			164,210

					1,556,420
SPAIN - 1.0%
Bankia SA⁽¹⁾		93,558			135,854

SWITZERLAND - 18.0%
ABB Ltd.⁽¹⁾		27,446			695,608
Cie Financiere Richemont SA⁽¹⁾		6,640			444,741
LafargeHolcim Ltd.*⁽¹⁾		7,296			332,598
Novartis AG⁽¹⁾		5,341			464,178
UBS Group AG⁽¹⁾		45,949			512,964

					2,450,089
UNITED KINGDOM - 12.6%
CNH Industrial NV*⁽¹⁾		13,228			102,805
Compass Group plc⁽¹⁾		43,073			646,582
IMI plc⁽¹⁾		3,562			47,994
Lloyds Banking Group plc⁽¹⁾		523,005			177,484
Natwest Group Plc⁽¹⁾		53,598			73,183
RELX plc⁽¹⁾		15,982			353,757
RELX plc⁽¹⁾		3,936			87,785
Tesco plc⁽¹⁾		79,198			217,129

					1,706,719
UNITED STATES - 8.1%
Arch Capital Group Ltd.*		17,661			516,594
Schlumberger NV		17,278			268,841
Tenaris SA⁽¹⁾		18,871			94,068
Tenaris SA, ADR		2,612			25,729
Willis Towers Watson plc		928			193,771

					1,099,003

Total common stocks and equity-linked security (Cost $10,808,720)					12,297,355

SHORT-TERM INVESTMENTS - 9.2%

INVESTMENT COMPANIES - 9.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		425,896			425,896
Federated Treasury Obligations Fund - Institutional Class, 0.01%		413,370			413,370


62		Artisan Partners Funds


	Shares Held		Value
INVESTMENT COMPANIES (CONTINUED)
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		413,370		$	413,370

Total short-term investments (Cost $1,252,636)					1,252,636

Total investments - 99.8% (Cost $12,061,356)					13,549,991

Other assets less liabilities - 0.2%					23,919


Total net assets - 100.0%⁽⁵⁾				$	13,573,910

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $9,516,377, or 70.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

Security is restricted.

Security

Acquisition
Date

Cost

Value

Percent
of Total
Net Assets

Sodexo

09/01/2020

63,852

53,503

0.4%

⁽³⁾

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


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 09/23/2020		$	175,650		$	225,878		1.7%

⁽⁴⁾

⁽⁵⁾

Percentages for the various classifications relate to total net assets.

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


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

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency

Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

CNH 1,410,750

USD 201,329

JPM

10/22/2020

6,320

JPY 5,850,027

USD 54,550

JPM

10/22/2020

931

Total unrealized appreciation

7,251

USD 754,002

CNH 5,380,325

JPM

10/22/2020

(37,930

)

USD 182,942

JPY 19,592,707

JPM

10/22/2020

(2,875

)

Total unrealized depreciation

(40,805

)

Net unrealized depreciation

(33,554

)


CNH		Chinese yuan renminbi offshore
JPY		Japanese yen
USD		U.S. dollar
JPM		JPMorgan Chase Bank, N.A.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,544,235		11.4	%
Consumer Discretionary			2,088,850		15.4
Consumer Staples			488,231		3.6
Energy			682,546		5.1
Financials			2,597,601		19.2
Health Care			949,494		7.0
Industrials			1,668,149		12.3
Information Technology			1,653,121		12.2
Materials			625,128		4.6
Short-Term Investments			1,252,636		9.2

Total investments		$	13,549,991		100.0	%


Artisan Partners Funds		63


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	1,516,129		11.2	%
Canadian dollar			293,908	��	2.1
Danish krone			355,497		2.6
Euro			2,686,018		19.8
Indian rupee			580,284		4.3
Japanese yen			146,062		1.1
Korean won			1,556,420		11.5
Swiss franc			2,450,089		18.1
U.S. dollar			3,965,584		29.3

Total investments		$	13,549,991		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co. Ltd.	South Korea		7.2	%
ABB Ltd.	Switzerland		5.1
Compass Group plc	United Kingdom		4.8
NAVER Corp.	South Korea		4.3
Arch Capital Group Ltd.	United States		3.8
UBS Group AG	Switzerland		3.8
Fresenius Medical Care AG & Co. KGaA	Germany		3.6
Novartis AG	Switzerland		3.4
HCL Technologies Ltd.	India		3.3
Cie Financiere Richemont SA	Switzerland		3.3

Total			42.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


64		Artisan Partners Funds

Artisan Mid Cap Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 98.0%

AEROSPACE & DEFENSE - 2.0%
L3Harris Technologies, Inc.		366		$	62,130
Teledyne Technologies, Inc.*		245			76,014

					138,144
AUTO COMPONENTS - 1.2%
Aptiv plc		862			79,026

BEVERAGES - 0.3%
Boston Beer Co., Inc. (The), Class A*		22			19,239

BIOTECHNOLOGY - 11.5%
Argenx SE, ADR*⁽¹⁾		480			126,092
Ascendis Pharma A/S, ADR*⁽¹⁾		1,034			159,544
BioNTech SE, ADR*⁽¹⁾		772			53,417
Exact Sciences Corp.*		1,301			132,662
Genmab A/S*⁽¹⁾⁽²⁾		533			193,633
Halozyme Therapeutics, Inc.*		1,906			50,087
Sage Therapeutics, Inc.*		472			28,849
Sarepta Therapeutics, Inc.*		244			34,214

					778,498
CAPITAL MARKETS - 2.3%
MSCI, Inc.		195			69,427
Tradeweb Markets, Inc., Class A		1,454			84,351

					153,778
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Cintas Corp.		191			63,422

COMMUNICATIONS EQUIPMENT - 1.2%
Arista Networks, Inc.*		403			83,488

CONTAINERS & PACKAGING - 0.8%
Ball Corp.		641			53,276

DIVERSIFIED CONSUMER SERVICES - 2.1%
Bright Horizons Family Solutions, Inc.*		203			30,859
Chegg, Inc.*		1,575			112,515

					143,374
ELECTRICAL EQUIPMENT - 0.6%
Generac Holdings, Inc.*		215			41,554

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.3%
Cognex Corp.		1,274			82,966
IPG Photonics Corp.*		309			52,597
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (CONTINUED)
Trimble, Inc.*		1,818			88,551

					224,114
ENTERTAINMENT - 4.7%
Roku, Inc.*		328			62,015
Take-Two Interactive Software, Inc.*		412			68,042
Zynga, Inc., Class A*		20,999			191,508

					321,565
FOOD PRODUCTS - 0.5%
Beyond Meat, Inc.*		203			33,735

HEALTH CARE EQUIPMENT & SUPPLIES - 5.2%
DexCom, Inc.*		469			193,485
West Pharmaceutical Services, Inc.		575			158,020

					351,505
HEALTH CARE PROVIDERS & SERVICES - 1.4%
Centene Corp.*		1,634			95,317

HEALTH CARE TECHNOLOGY - 4.2%
GoodRx Holdings, Inc., Class A*		324			17,999
Veeva Systems, Inc., Class A*		954			268,368

					286,367
HOTELS, RESTAURANTS & LEISURE - 1.6%
Chipotle Mexican Grill, Inc.*		85			106,059

INDUSTRIAL CONGLOMERATES - 1.4%
Roper Technologies, Inc.		235			92,780

INTERACTIVE MEDIA & SERVICES - 1.8%
Match Group, Inc.*		1,112			123,054

INTERNET & DIRECT MARKETING RETAIL - 1.3%
Chewy, Inc., Class A*		606			33,232
Wayfair, Inc., Class A*		193			56,086

					89,318
IT SERVICES - 8.0%
Adyen NV*⁽¹⁾⁽²⁾		31			57,593
Fidelity National Information Services, Inc.		891			131,208
Global Payments, Inc.		1,528			271,426
Pagseguro Digital Ltd., Class A*⁽¹⁾		2,138			80,624

					540,851
LEISURE PRODUCTS - 1.4%
Peloton Interactive, Inc., Class A*		965			95,753


Artisan Partners Funds		65


	Shares Held		Value
LIFE SCIENCES TOOLS & SERVICES - 3.0%
Adaptive Biotechnologies Corp.*		607		$	29,504
Agilent Technologies, Inc.		736			74,251
Lonza Group AG⁽¹⁾⁽²⁾		161			99,450

					203,205
MACHINERY - 3.8%
Fortive Corp.		1,648			125,629
IDEX Corp.		290			52,821
Ingersoll Rand, Inc.*		2,281			81,221

					259,671
MEDIA - 1.7%
New York Times Co. (The), Class A		2,646			113,209

MULTILINE RETAIL - 1.4%
Ollie’s Bargain Outlet Holdings, Inc.*		1,107			96,716

MULTI-UTILITIES - 2.6%
Ameren Corp.		1,191			94,173
CMS Energy Corp.		1,310			80,468

					174,641
PHARMACEUTICALS - 2.3%
Catalent, Inc.*		1,797			153,900

PROFESSIONAL SERVICES - 3.4%
IHS Markit Ltd.		1,283			100,691
TransUnion		690			58,010
Verisk Analytics, Inc.		401			74,379

					233,080
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
Advanced Micro Devices, Inc.*		815			66,787
Lattice Semiconductor Corp.*		2,475			71,688
Skyworks Solutions, Inc.		692			100,669

					239,144
SOFTWARE - 16.7%
Atlassian Corp. plc, Class A*		1,256			228,304
Ceridian HCM Holding, Inc.*		1,231			101,735
Datadog, Inc., Class A*		829			84,645
Guidewire Software, Inc.*		897			93,503
HubSpot, Inc.*		557			162,873
Slack Technologies, Inc., Class A*		1,946			52,273
Synopsys, Inc.*		328			70,197
Tyler Technologies, Inc.*		195			68,025
Zoom Video Communications, Inc., Class A*		380			178,630
Zscaler, Inc.*		656			92,323

					1,132,508
SPECIALTY RETAIL - 1.4%
Burlington Stores, Inc.*		474			97,630
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Lululemon Athletica, Inc.*		107			35,327

Total common stocks (Cost $3,862,890)					6,653,248

SHORT-TERM INVESTMENTS - 2.1%

INVESTMENT COMPANIES - 2.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		49,406			49,406
Federated Treasury Obligations Fund - Institutional Class, 0.01%		47,952			47,952
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		47,952			47,952

Total short-term investments (Cost $145,310)					145,310

Total investments - 100.1% (Cost $4,008,200)					6,798,558

Other assets less liabilities - (0.1%)					(8,886	)


Total net assets - 100.0%⁽³⁾				$	6,789,672

Non-income producing security.

⁽¹⁾

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


Security	Country	Trading Currency
Adyen NV	Netherlands	Euro
Argenx SE	Netherlands	U.S. dollar
Ascendis Pharma A/S	Denmark	U.S. dollar
BioNTech SE	Germany	U.S. dollar
Genmab A/S	Denmark	Danish krone
Lonza Group AG	Switzerland	Swiss franc
Pagseguro Digital Ltd.	Brazil	U.S. dollar

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $350,676, or 5.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviation
ADR		American Depositary Receipt


66		Artisan Partners Funds


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	557,828		8.2	%
Consumer Discretionary			743,203		10.9
Consumer Staples			52,974		0.8
Financials			153,778		2.3
Health Care			1,868,792		27.5
Industrials			828,651		12.2
Information Technology			2,220,105		32.6
Materials			53,276		0.8
Utilities			174,641		2.6
Short-Term Investments			145,310		2.1

Total investments		$	6,798,558		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Danish krone		$	193,633		2.9	%
Euro			57,593		0.8
Swiss franc			99,450		1.5
U.S. dollar			6,447,882		94.8

Total investments		$	6,798,558		100.0	%


TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Global Payments, Inc.		United States		4.0	%
Veeva Systems, Inc.		United States		4.0
Atlassian Corp. plc		United States		3.4
Genmab A/S		Denmark		2.9
DexCom, Inc.		United States		2.9
Zynga, Inc.		United States		2.8
Zoom Video Communications, Inc.		United States		2.6
HubSpot, Inc.		United States		2.4
Ascendis Pharma A/S		Denmark		2.3
West Pharmaceutical Services, Inc.		United States		2.3

Total				29.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		67

Artisan Mid Cap Value Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 98.4%

AIR FREIGHT & LOGISTICS - 2.6%
Expeditors International of Washington, Inc.		488		$	44,144

AUTO COMPONENTS - 5.8%
BorgWarner, Inc.		1,202			46,560
Gentex Corp.		1,987			51,155

					97,715
AUTOMOBILES - 3.7%
Thor Industries, Inc.		654			62,318

BANKS - 5.0%
BOK Financial Corp.		216			11,111
Fifth Third Bancorp		1,981			42,225
M&T Bank Corp.		329			30,297

					83,633
CAPITAL MARKETS - 4.2%
Moelis & Co., Class A		1,067			37,485
Northern Trust Corp.		418			32,586

					70,071
CHEMICALS - 4.5%
Axalta Coating Systems Ltd.*		185			4,098
Celanese Corp.		377			40,545
Corteva, Inc.		1,072			30,886

					75,529
CONSUMER FINANCE - 2.2%
Synchrony Financial		1,393			36,461

DIVERSIFIED CONSUMER SERVICES - 1.6%
H&R Block, Inc.		1,664			27,111

DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2%
GCI Liberty, Inc., Class A*		239			19,624

ELECTRICAL EQUIPMENT - 1.9%
nVent Electric plc		1,818			32,156

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.0%
Arrow Electronics, Inc.*		434			34,142

ENTERTAINMENT - 3.0%
Electronic Arts, Inc.*		211			27,555
Lions Gate Entertainment Corp., Class A*		1,196			11,339
Lions Gate Entertainment Corp., Class B*		1,310			11,421

					50,315
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) - 6.2%
Lamar Advertising Co., Class A		586			38,768
Public Storage		103			22,994
STORE Capital Corp.		669			18,339
Weyerhaeuser Co.		824			23,497

					103,598
FOOD & STAPLES RETAILING - 3.9%
Kroger Co. (The)		1,083			36,714
Sysco Corp.		462			28,741

					65,455
FOOD PRODUCTS - 1.9%
Tyson Foods, Inc., Class A		535			31,828

HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%
DENTSPLY SIRONA, Inc.		959			41,944

HEALTH CARE PROVIDERS & SERVICES - 4.1%
AmerisourceBergen Corp.		361			35,026
Centene Corp.*		581			33,911

					68,937
HOTELS, RESTAURANTS & LEISURE - 4.1%
Marriott International, Inc., Class A		367			33,993
Vail Resorts, Inc.		162			34,616

					68,609
INSURANCE - 10.6%
Aon plc, Class A		178			36,620
Arch Capital Group Ltd.*		1,460			42,712
Globe Life, Inc.		624			49,853
Progressive Corp. (The)		508			48,071

					177,256
INTERACTIVE MEDIA & SERVICES - 3.8%
IAC/InterActiveCorp*		342			40,933
Match Group, Inc.*		215			23,752

					64,685
INTERNET & DIRECT MARKETING RETAIL - 3.1%
Expedia Group, Inc.		560			51,383

MACHINERY - 1.5%
Otis Worldwide Corp.		416			25,979

MARINE - 0.5%
Kirby Corp.*		232			8,385

MEDIA - 3.9%
News Corp., Class A		2,559			35,877
Omnicom Group, Inc.		591			29,252

					65,129


68		Artisan Partners Funds


	Shares Held		Value
ROAD & RAIL - 3.1%
AMERCO		148		$	52,624

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
Analog Devices, Inc.		540			63,032

SPECIALTY RETAIL - 3.9%
AutoNation, Inc.*		1,226			64,882

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.3%
NetApp, Inc.		509			22,306

TRADING COMPANIES & DISTRIBUTORS - 2.5%
Air Lease Corp.		1,431			42,102

Total common stocks (Cost $1,169,083)					1,651,353

SHORT-TERM INVESTMENTS - 1.9%

INVESTMENT COMPANIES - 1.9%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		10,834			10,834
Federated Treasury Obligations Fund - Institutional Class, 0.01%		10,516			10,516
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		10,516			10,516

Total short-term investments (Cost $31,866)					31,866

Total investments - 100.3% (Cost $1,200,949)					1,683,219

Other assets less liabilities - (0.3%)					(4,458	)


Total net assets - 100.0%⁽¹⁾				$	1,678,761

Non-income producing security.

⁽¹⁾

Percentages for the various classifications relate to total net assets.

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


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	199,753		11.9	%
Consumer Discretionary			372,018		22.1
Consumer Staples			97,283		5.8
Financials			367,421		21.8
Health Care			110,881		6.6
Industrials			205,390		12.2
Information Technology			119,480		7.1
Materials			75,529		4.5
Real Estate			103,598		6.1
Short-Term Investments			31,866		1.9

Total investments		$	1,683,219		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
AutoNation, Inc.	United States		3.9	%
Analog Devices, Inc.	United States		3.8
Thor Industries, Inc.	United States		3.7
AMERCO	United States		3.1
Expedia Group, Inc.	United States		3.1
Gentex Corp.	United States		3.0
Globe Life, Inc.	United States		3.0
Progressive Corp. (The)	United States		2.9
BorgWarner, Inc.	United States		2.8
Expeditors International of Washington, Inc.	United States		2.6

Total			31.9	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		69

Artisan Select Equity Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


		Shares Held			Value
COMMON STOCKS - 92.2%

AEROSPACE & DEFENSE - 1.9%
BAE Systems plc⁽¹⁾⁽²⁾			41			$	251

AIR FREIGHT & LOGISTICS - 5.6%
FedEx Corp.			3				726

AIRLINES - 2.0%
Southwest Airlines Co.			7				263

BANKS - 3.9%
Citigroup, Inc.			12				512

CAPITAL MARKETS - 3.8%
Bank of New York Mellon Corp. (The)			14				497

CONSTRUCTION MATERIALS - 4.0%
HeidelbergCement AG⁽¹⁾⁽²⁾			8				519

CONSUMER FINANCE - 4.9%
American Express Co.			6				635

DIVERSIFIED FINANCIAL SERVICES - 5.6%
Berkshire Hathaway, Inc., Class B*			3				726

HEALTH CARE EQUIPMENT & SUPPLIES - 5.7%
DENTSPLY SIRONA, Inc.			17				739

HEALTH CARE PROVIDERS & SERVICES - 5.3%
Anthem, Inc.			3				692

INSURANCE - 7.6%
Marsh & McLennan Cos., Inc.			4				412
Progressive Corp. (The)			6				572

							984
INTERACTIVE MEDIA & SERVICES - 10.4%
Alphabet, Inc., Class A*			–	⁽³⁾			712
Facebook, Inc., Class A*			2				649

							1,361
INTERNET & DIRECT MARKETING RETAIL - 8.8%
Booking Holdings, Inc.*			–	⁽³⁾			650
Expedia Group, Inc.			5				494

							1,144
IT SERVICES - 9.5%
Cognizant Technology Solutions Corp., Class A			11				744
IT SERVICES (CONTINUED)
Visa, Inc., Class A			2				495

							1,239
SPECIALTY RETAIL - 4.4%
Advance Auto Parts, Inc.	��		4				567

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.9%
Samsung Electronics Co. Ltd.⁽¹⁾⁽²⁾			13				640

TEXTILES, APPAREL & LUXURY GOODS - 3.9%
Cie Financiere Richemont SA⁽¹⁾⁽²⁾			8				512

Total common stocks (Cost $10,964)							12,007

SHORT-TERM INVESTMENTS - 8.5%

INVESTMENT COMPANIES - 8.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%			376				376
Federated Treasury Obligations Fund - Institutional Class, 0.01%			364				364
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%			365				365

Total short-term investments (Cost $1,105)							1,105

Total investments - 100.7% (Cost $12,069)							13,112

Other assets less liabilities - (0.7%)							(85	)


Total net assets - 100.0%⁽⁴⁾						$	13,027

Non-income producing security.

⁽¹⁾

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


Security	Country	Trading Currency
BAE Systems plc	United Kingdom	British pound
Cie Financiere Richemont SA	Switzerland	Swiss franc
HeidelbergCement AG	Germany	Euro
Samsung Electronics Co. Ltd.	South Korea	Korean won


70		Artisan Partners Funds

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,922, or 14.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

Amount less than one.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

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


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	1,361		10.4	%
Consumer Discretionary			2,223		16.9
Financials			3,354		25.6
Health Care			1,431		10.9
Industrials			1,240		9.5
Information Technology			1,879		14.3
Materials			519		4.0
Short-Term Investments			1,105		8.4

Total investments		$	13,112		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	251		1.9	%
Euro			519		4.0
Korean won			640		4.9
Swiss franc			512		3.9
U.S. dollar			11,190		85.3

Total investments		$	13,112		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Cognizant Technology Solutions Corp.	United States		5.7	%
DENTSPLY SIRONA, Inc.	United States		5.7
FedEx Corp.	United States		5.6
Berkshire Hathaway, Inc.	United States		5.6
Alphabet, Inc.	United States		5.4
Anthem, Inc.	United States		5.3
Booking Holdings, Inc.	United States		5.0
Facebook, Inc.	United States		5.0
Samsung Electronics Co. Ltd.	South Korea		4.9
American Express Co.	United States		4.9

Total			53.1	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		71

Artisan Small Cap Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 98.4%

AEROSPACE & DEFENSE - 3.8%
BWX Technologies, Inc.		500		$	28,179
Teledyne Technologies, Inc.*		276			85,604

					113,783
BIOTECHNOLOGY - 18.2%
Acceleron Pharma, Inc.*		417			46,974
Argenx SE, ADR*⁽¹⁾		331			86,905
Ascendis Pharma A/S, ADR*⁽¹⁾		583			89,935
Halozyme Therapeutics, Inc.*		4,517			118,719
Invitae Corp.*		526			22,802
Iovance Biotherapeutics, Inc.*		1,701			56,008
Orchard Therapeutics plc, ADR*⁽¹⁾		1,627			6,686
Radius Health, Inc.*		782			8,863
Sage Therapeutics, Inc.*		196			11,954
Twist Bioscience Corp.*		172			13,104
Veracyte, Inc.*		2,068			67,197
Y-mAbs Therapeutics, Inc.*		436			16,741

					545,888
BUILDING PRODUCTS - 1.1%
Advanced Drainage Systems, Inc.		240			14,956
Trex Co., Inc.*		253			18,092

					33,048
CAPITAL MARKETS - 0.8%
Morningstar, Inc.		156			25,090

DIVERSIFIED CONSUMER SERVICES - 6.4%
Bright Horizons Family Solutions, Inc.*		311			47,257
Chegg, Inc.*		2,042			145,884

					193,141
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%
Cognex Corp.		336			21,899
Novanta, Inc.*		612			64,457

					86,356
ENTERTAINMENT - 3.4%
Zynga, Inc., Class A*		11,103			101,262

FOOD & STAPLES RETAILING - 1.4%
Casey’s General Stores, Inc.		234			41,505

HEALTH CARE EQUIPMENT & SUPPLIES - 5.5%
Glaukos Corp.*		775			38,402
iRhythm Technologies, Inc.*		244			58,005
Mesa Laboratories, Inc.		77			19,562
HEALTH CARE EQUIPMENT & SUPPLIES (CONTINUED)
Shockwave Medical, Inc.*		284			21,554
Vapotherm, Inc.*		934			27,091

					164,614
HEALTH CARE TECHNOLOGY - 1.0%
Tabula Rasa HealthCare, Inc.*		748			30,481

HOTELS, RESTAURANTS & LEISURE - 1.7%
Papa John’s International, Inc.		310			25,526
Wingstop, Inc.		190			25,915

					51,441
INSURANCE - 0.3%
Lemonade, Inc.*		188			9,344

IT SERVICES - 1.9%
Evo Payments, Inc., Class A*		871			21,644
LiveRamp Holdings, Inc.*		673			34,827

					56,471
LEISURE PRODUCTS - 0.6%
YETI Holdings, Inc.*		378			17,137

LIFE SCIENCES TOOLS & SERVICES - 4.5%
Adaptive Biotechnologies Corp.*		404			19,664
NeoGenomics, Inc.*		2,770			102,188
Repligen Corp.*		99			14,657

					136,509
MACHINERY - 3.9%
Ingersoll Rand, Inc.*		1,724			61,369
John Bean Technologies Corp.		621			57,094

					118,463
MEDIA - 1.4%
New York Times Co. (The), Class A		981			41,971

MULTILINE RETAIL - 2.6%
Ollie’s Bargain Outlet Holdings, Inc.*		894			78,080

PHARMACEUTICALS - 0.9%
MyoKardia, Inc.*		154			21,003
Tricida, Inc.*		729			6,603

					27,606
PROFESSIONAL SERVICES - 2.5%
Clarivate plc*⁽¹⁾		2,443			75,713

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.5%
Cree, Inc.*		816			51,987


72		Artisan Partners Funds


	Shares Held		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (CONTINUED)
Lattice Semiconductor Corp.*		2,331		$	67,504
Monolithic Power Systems, Inc.		265			74,183

					193,674
SOFTWARE - 25.7%
Avalara, Inc.*		455			57,883
Bentley Systems, Inc., Class B*		94			2,944
Blackline, Inc.*		1,245			111,625
Guidewire Software, Inc.*		679			70,839
HubSpot, Inc.*		393			114,701
JFrog Ltd.*⁽¹⁾		193			16,331
LivePerson, Inc.*		1,906			99,114
Q2 Holdings, Inc.*		1,195			109,022
RealPage, Inc.*		433			24,960
Smartsheet, Inc., Class A*		299			14,786
Sumo Logic, Inc.*		307			6,687
Tyler Technologies, Inc.*		180			62,721
Zscaler, Inc.*		567			79,722

					771,335
SPECIALTY RETAIL - 1.4%
Floor & Decor Holdings, Inc., Class A*		547			40,880

Total common stocks (Cost $1,828,505)					2,953,792

SHORT-TERM INVESTMENTS - 2.4%

INVESTMENT COMPANIES - 2.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		24,368			24,368
Federated Treasury Obligations Fund - Institutional Class, 0.01%		23,652			23,652
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		23,651			23,651


Total short-term investments (Cost $71,671)					71,671

Total investments - 100.8% (Cost $1,900,176)					3,025,463

Other assets less liabilities - (0.8%)					(23,471	)


Total net assets - 100.0%⁽²⁾				$	3,001,992

Non-income producing security.

⁽¹⁾

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


Security	Country	Trading Currency
Argenx SE	Netherlands	U.S. dollar
Ascendis Pharma A/S	Denmark	U.S. dollar
Clarivate plc	United Kingdom	U.S. dollar
JFrog Ltd.	Israel	U.S. dollar
Orchard Therapeutics plc	United Kingdom	U.S. dollar

⁽²⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviation
ADR		American Depositary Receipt


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	143,233		4.7	%
Consumer Discretionary			380,679		12.6
Consumer Staples			41,505		1.4
Financials			34,434		1.1
Health Care			905,098		29.9
Industrials			341,007		11.3
Information Technology			1,107,836		36.6
Short-Term Investments			71,671		2.4

Total investments		$	3,025,463		100.0	%


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Chegg, Inc.	United States		4.9	%
Halozyme Therapeutics, Inc.	United States		4.0
HubSpot, Inc.	United States		3.8
Blackline, Inc.	United States		3.7
Q2 Holdings, Inc.	United States		3.6
NeoGenomics, Inc.	United States		3.4
Zynga, Inc.	United States		3.4
LivePerson, Inc.	United States		3.3
Ascendis Pharma A/S	Denmark		3.0
Argenx SE	Netherlands		2.9

Total			36.0	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		73

Artisan Sustainable Emerging Markets Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 99.0%

ARGENTINA - 4.8%
Despegar.com Corp.*		40		$	253
Globant SA*		3			593
MercadoLibre, Inc.*		2			1,698

					2,544
BRAZIL - 3.7%
Arco Platform Ltd., Class A*		10			390
Cia Energetica de Minas Gerais (Preference)*		127			228
Itau Unibanco Holding SA (Preference)		116			467
Petroleo Brasileiro SA		96			341
Vale SA		50			529

					1,955
CHILE - 1.0%
Empresa Nacional de Telecomunicaciones SA		87			540

CHINA - 28.7%
Alibaba Group Holding Ltd., ADR*		19			5,559
Alibaba Group Holding Ltd.*⁽¹⁾		25			913
Baidu, Inc., ADR*		5			625
Baozun, Inc., ADR*		13			419
China Life Insurance Co. Ltd., Class H⁽¹⁾		262			594
China Traditional Chinese Medicine Holdings Co. Ltd.⁽¹⁾		1,448			607
Estun Automation Co. Ltd., Class A*⁽¹⁾		302			871
iQIYI, Inc., ADR*		19			428
Noah Holdings Ltd., ADR*		20			527
Prosus NV*⁽¹⁾		19			1,777
Sinopharm Group Co. Ltd., Class H⁽¹⁾		198			420
Tencent Music Entertainment Group, ADR*		20			300
Trip.com Group Ltd., ADR*		22			676
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A⁽¹⁾		51			466
Zhuzhou CRRC Times Electric Co. Ltd., Class H⁽¹⁾		322			1,085

					15,267
COLOMBIA - 0.7%
Banco Davivienda SA (Preference)		50			357

GREECE - 1.7%
Alpha Bank AE*⁽¹⁾		391			237
JUMBO SA⁽¹⁾		38			664

					901
HONG KONG - 4.3%
AIA Group Ltd.⁽¹⁾		91			897
China High Precision Automation Group Ltd.*⁽²⁾		9,066			-
HONG KONG (CONTINUED)
Sino Biopharmaceutical Ltd.⁽¹⁾		1,282			1,405

					2,302
INDIA - 9.8%
Havells India Ltd.⁽¹⁾		63			584
ICICI Bank Ltd.*⁽¹⁾		173			838
Kajaria Ceramics Ltd.⁽¹⁾		104			783
Metropolis Healthcare Ltd.⁽¹⁾		20			495
Reliance Industries Ltd.⁽¹⁾		68			2,059
Westlife Development Ltd.*⁽¹⁾		84			454

					5,213
INDONESIA - 3.0%
Astra International Tbk. PT⁽¹⁾		1,023			308
Bank Rakyat Indonesia Persero Tbk. PT⁽¹⁾		2,319			475
Indofood CBP Sukses Makmur Tbk. PT⁽¹⁾		612			414
Telekomunikasi Indonesia Persero Tbk. PT⁽¹⁾		2,357			407

					1,604
MALAYSIA - 0.9%
Public Bank Bhd.⁽¹⁾		124			469

MEXICO - 1.5%
Cemex SAB de CV		955			362
Fomento Economico Mexicano SAB de CV		80			451

					813
PANAMA - 0.6%
Copa Holdings SA, Class A		7			342

PERU - 0.9%
Credicorp Ltd.		4			469

RUSSIA - 8.4%
Lukoil PJSC, ADR⁽¹⁾		14			810
MMC Norilsk Nickel PJSC, ADR⁽¹⁾		28			673
Polyus PJSC, GDR⁽¹⁾		15			1,624
Sberbank of Russia PJSC⁽¹⁾		272			798
Yandex NV, Class A*		9	��		593

					4,498
SAUDI ARABIA - 0.5%
Leejam Sports Co. JSC⁽¹⁾		13			240

South Africa - 1.8%
FIRSTRAND LTD.⁽¹⁾		202			496
Foschini Group Ltd. (The)⁽¹⁾		97			476

					972
SOUTH KOREA - 11.1%
BGF retail Co. Ltd.⁽¹⁾		5			486


74		Artisan Partners Funds


	Shares Held		Value
SOUTH KOREA (CONTINUED)
Big Hit Entertainment Co. Ltd.*⁽¹⁾		2		$	201
Samsung Biologics Co. Ltd.*⁽¹⁾		2			1,001
Samsung Electronics Co. Ltd.⁽¹⁾		75			3,769
Shinhan Financial Group Co. Ltd.⁽¹⁾		18			427

					5,884
TAIWAN - 14.7%
E Ink Holdings, Inc.⁽¹⁾		708			933
MediaTek, Inc.⁽¹⁾		58			1,219
Sea Ltd., ADR*		2			316
Sunny Friend Environmental Technology Co. Ltd.⁽¹⁾		123			978
Taiwan Semiconductor Manufacturing Co. Ltd.⁽¹⁾		292			4,380

					7,826
THAILAND - 0.4%
Bangkok Bank PCL⁽¹⁾		66			200

TURKEY - 0.5%
Turkiye Sinai Kalkinma Bankasi A/S*⁽¹⁾		1,951			280

Total common stocks (Cost $41,956)					52,676

SHORT-TERM INVESTMENTS - 1.0%

INVESTMENT COMPANIES - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		186			186
Federated Treasury Obligations Fund - Institutional Class, 0.01%		180			180
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		180			180

Total short-term investments (Cost $546)					546


Total investments - 100.0% (Cost $42,502)					53,222

Other assets less liabilities - 0.0%⁽³⁾					14

Total net assets - 100.0%⁽⁴⁾				$	53,236

Non-income producing security.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $36,213, or 68.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾

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

⁽³⁾

Amount rounds to less than 0.1%.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

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


Abbreviations
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
Preference		A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	3,410		6.4	%
Consumer Discretionary			13,827		26.0
Consumer Staples			1,351		2.6
Energy			3,210		6.0
Financials			7,531		14.2
Health Care			3,928		7.4
Industrials			4,643		8.7
Information Technology			11,360		21.3
Materials			3,188		6.0
Utilities			228		0.4
Short-Term Investments			546		1.0

Total investments		$	53,222		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	1,565		3.0	%
Chilean peso			540		1.0
Chinese yuan renminbi offshore			1,337		2.5
Colombian peso			357		0.7
Euro			2,678		5.0
Hong Kong dollar			5,921		11.1
Indian rupee			5,213		9.8
Indonesian rupiah			1,604		3.0
Korean won			5,884		11.1
Malaysian ringgit			469		0.9
Mexican peso			813		1.5
New Taiwan dollar			7,510		14.1
Saudi riyal			240		0.5
South African rand			972		1.8
Thai baht			200		0.4
Turkish lira			280		0.5
U.S. dollar			17,639		33.1

Total investments		$	53,222		100.0	%


Artisan Partners Funds		75


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alibaba Group Holding Ltd.	China		12.2	%
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan		8.2
Samsung Electronics Co. Ltd.	South Korea		7.1
Reliance Industries Ltd.	India		3.9
Prosus NV	China		3.3
MercadoLibre, Inc.	Argentina		3.2
Polyus PJSC	Russia		3.1
Sino Biopharmaceutical Ltd.	Hong Kong		2.6
MediaTek, Inc.	Taiwan		2.3
Zhuzhou CRRC Times Electric Co. Ltd.	China		2.0

Total			47.9	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


76		Artisan Partners Funds

Artisan Value Fund

Schedule of Investments – September 30, 2020

Shares and dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.4%

AEROSPACE & DEFENSE - 5.0%
Airbus SE*⁽¹⁾⁽²⁾		81		$	5,893
Raytheon Technologies Corp.		146			8,412

					14,305
AIR FREIGHT & LOGISTICS - 5.5%
FedEx Corp.		62			15,699

AUTO COMPONENTS - 1.8%
Cie Generale des Etablissements Michelin SCA⁽¹⁾⁽²⁾		48			5,125

BANKS - 1.3%
Citigroup, Inc.		89			3,832

BIOTECHNOLOGY - 1.5%
AbbVie, Inc.		48			4,187

CAPITAL MARKETS - 6.8%
Blackstone Group, Inc. (The), Class A		29			1,490
E*TRADE Financial Corp.		181			9,067
Goldman Sachs Group, Inc. (The)		45			9,048

					19,605
CHEMICALS - 2.6%
Celanese Corp.		46			4,919
DuPont de Nemours, Inc.		46			2,529

					7,448
COMMUNICATIONS EQUIPMENT - 2.8%
Cisco Systems, Inc.		200			7,895

CONSUMER FINANCE - 2.3%
Synchrony Financial		248			6,499

DIVERSIFIED FINANCIAL SERVICES - 5.0%
Berkshire Hathaway, Inc., Class B*		68			14,408

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
GCI Liberty, Inc., Class A*		9			754

ENTERTAINMENT - 1.8%
Electronic Arts, Inc.*		39			5,022

HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
Medtronic plc		72			7,524

HEALTH CARE PROVIDERS & SERVICES - 3.2%
Fresenius Medical Care AG & Co. KGaA⁽¹⁾⁽²⁾		107			9,051
HOTELS, RESTAURANTS & LEISURE - 5.0%
Compass Group plc⁽¹⁾⁽²⁾		534			8,019
Marriott International, Inc., Class A		69			6,389

					14,408
INSURANCE - 2.9%
Arch Capital Group Ltd.*		280			8,201

INTERACTIVE MEDIA & SERVICES - 8.1%
Alphabet, Inc., Class C*		12			17,885
Facebook, Inc., Class A*		21			5,373

					23,258
INTERNET & DIRECT MARKETING RETAIL - 4.2%
Booking Holdings, Inc.*		7			12,033

MACHINERY - 0.9%
Otis Worldwide Corp.		43			2,695

MEDIA - 4.4%
Comcast Corp., Class A		272			12,603

OIL, GAS & CONSUMABLE FUELS - 1.4%
EOG Resources, Inc.		115			4,142

PHARMACEUTICALS - 2.8%
Sanofi⁽¹⁾⁽²⁾		80			8,000

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
NXP Semiconductors NV⁽¹⁾		56			7,038

SOFTWARE - 2.2%
Oracle Corp.		106			6,299

SPECIALTY RETAIL - 3.5%
AutoNation, Inc.*		188			9,946

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 4.5%
Apple, Inc.		36			4,151
Samsung Electronics Co. Ltd. (Preference)⁽¹⁾⁽²⁾		202			8,724

					12,875
TOBACCO - 7.8%
Altria Group, Inc.		200			7,727
Philip Morris International, Inc.		112			8,373
Swedish Match AB⁽¹⁾⁽²⁾		78			6,331

					22,431


Artisan Partners Funds		77


	Shares Held		Value
TRADING COMPANIES & DISTRIBUTORS - 2.7%
Air Lease Corp.		264		$	7,762

Total common stocks (Cost $205,434)					273,045

SHORT-TERM INVESTMENTS - 4.6%

INVESTMENT COMPANIES - 4.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 0.04%		4,449			4,449
Federated Treasury Obligations Fund - Institutional Class, 0.01%		4,319			4,319
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 0.02%		4,319			4,319


Total short-term investments (Cost $13,087)					13,087

Total investments - 100.0% (Cost $218,521)					286,132

Other assets less liabilities - 0.0%⁽³⁾					60


Total net assets - 100.0%⁽⁴⁾				$	286,192

Non-income producing security.

⁽¹⁾

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


Security	Country	Trading Currency
Airbus SE	France	Euro
Cie Generale des Etablissements Michelin SCA	France	Euro
Compass Group plc	United Kingdom	British pound
Fresenius Medical Care AG & Co. KGaA	Germany	Euro
NXP Semiconductors NV	Netherlands	U.S. dollar
Samsung Electronics Co. Ltd. (Preference)	South Korea	Korean won
Sanofi	France	Euro
Swedish Match AB	Sweden	Swedish krona

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $51,143, or 17.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

Amount rounds to less than 0.1%.

⁽⁴⁾

Percentages for the various classifications relate to total net assets.

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


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


PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value			Percentage of Total Investments
Communication Services		$	41,637		14.5	%
Consumer Discretionary			41,512		14.5
Consumer Staples			22,431		7.8
Energy			4,142		1.5
Financials			52,545		18.4
Health Care			28,762		10.1
Industrials			40,461		14.1
Information Technology			34,107		11.9
Materials			7,448		2.6
Short-Term Investments			13,087		4.6

Total investments		$	286,132		100.0	%


TRADING CURRENCIES
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	8,019		2.8	%
Euro			28,069		9.8
Korean won			8,724		3.1
Swedish krona			6,331		2.2
U.S. dollar			234,989		82.1

Total investments		$	286,132		100.0	%


78		Artisan Partners Funds


TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		6.2	%
FedEx Corp.	United States		5.5
Berkshire Hathaway, Inc.	United States		5.0
Comcast Corp.	United States		4.4
Booking Holdings, Inc.	United States		4.2
AutoNation, Inc.	United States		3.5
E*TRADE Financial Corp.	United States		3.2
Fresenius Medical Care AG & Co. KGaA	Germany		3.2
Goldman Sachs Group, Inc. (The)	United States		3.2
Samsung Electronics Co. Ltd. (Preference)	South Korea		3.0

Total			41.4	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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


Artisan Partners Funds		79

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2020

Dollar values in thousands


	DEVELOPING WORLD			FOCUS				GLOBAL DISCOVERY			GLOBAL EQUITY
ASSETS:
Investments in securities, unaffiliated, at value		$	6,464,570		$	1,352,562			$	205,543		$	251,808
Short-term investments (investment companies), at value			186,122			80,067				4,836			4,020
Total investments			6,650,692			1,432,629				210,379			255,828
Foreign currency			24,213			–				119			407
Unrealized appreciation on foreign currency forward contracts			–			994				–			–
Receivable from investments sold			90,305			20,480				303			4,177
Receivable from fund shares sold			26,880			2,975				231			236
Dividends and interest receivable			272			291				42			314
Other assets			174			31				8			22
Total assets			6,792,536			1,457,400				211,082			260,984
LIABILITIES:
Written options, at value			–			12,992	⁽¹⁾			–			–
Payable for investments purchased			154,614			7,601				491			3,778
Payable for fund shares redeemed			3,787			271				–			29
Payable for operating expenses			763			249				112			119
Payable for management fees			867			193				26			31
Payable for deferred director’s compensation			162			29				8			20
Payable for foreign taxes on unrealized gains			–			–				–			110
Total liabilities			160,193			21,335				637			4,087
Total net assets		$	6,632,343		$	1,436,065			$	210,445		$	256,897
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	3,761,177		$	1,156,492			$	143,771		$	166,864
Total distributable earnings			2,871,166			279,573				66,674			90,033
Total net assets		$	6,632,343		$	1,436,065			$	210,445		$	256,897
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	643,044		$	262,246			$	106,480		$	134,498
Advisor Shares		$	3,513,504		$	735,871			$	19,698		$	13,092
Institutional Shares		$	2,475,795		$	437,948			$	84,267		$	109,307
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			27,979,538			14,299,272				5,786,718			5,839,495
Advisor Shares			151,884,109			40,086,273				1,070,078			568,346
Institutional Shares			106,603,260			23,834,316				4,576,142			4,709,315
Net asset value per share
Investor Shares		$	22.98		$	18.34			$	18.40		$	23.03
Advisor Shares		$	23.13		$	18.36			$	18.41		$	23.04
Institutional Shares		$	23.22		$	18.37			$	18.41		$	23.21
Cost of total investments		$	3,936,591		$	1,150,574			$	146,271		$	190,211
Cost of foreign currency held		$	21,026		$	–			$	116		$	323

⁽¹⁾ Written options, premiums received $8,521

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


80		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2020 (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES			GLOBAL VALUE			HIGH INCOME				INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value		$	4,636,716		$	1,731,865		$	4,679,514			$	9,412,726
Short-term investments (investment companies), at value			143,435			94,032			73,929				250,831
Total investments			4,780,151			1,825,897			4,753,443				9,663,557
Cash			–			–			5,874				–
Due from broker			–			–			4,387				–
Foreign currency			331			1,945			–				10,936
Unrealized appreciation on foreign currency forward contracts			–			588			142				–
Receivable from investments sold			4,677			37,495			47,634				107,546
Receivable from fund shares sold			17,747			171			13,337				3,481
Receivable for variation margin on futures contracts			–			–			689				–
Dividends and interest receivable			1,249			7,824			69,199				29,902
Other assets			224			220	��		222				990
Total assets			4,804,379			1,874,140			4,894,927				9,816,412
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			–			3,004			–				–
Payable for investments purchased			18,450			45,146			63,521				135,891
Payable for fund shares redeemed			1,875			717			9,314				15,289
Dividends payable			–			–			3,849				–
Payable for operating expenses			684			1,045			822				2,320
Payable for management fees			565			260			446				1,219
Payable for deferred director’s compensation			212			208			209				953
Total liabilities			21,786			50,380			78,161				155,672
Total net assets		$	4,782,593		$	1,823,760		$	4,816,766			$	9,660,740
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,837,761		$	1,688,923		$	4,843,013			$	6,622,189
Total distributable earnings (loss)			1,944,832			134,837			(26,247	)			3,038,551
Total net assets		$	4,782,593		$	1,823,760		$	4,816,766			$	9,660,740
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	1,358,867		$	242,744		$	1,149,422			$	3,142,072
Advisor Shares		$	957,127		$	259,859		$	2,281,480			$	1,799,962
Institutional Shares		$	2,466,599		$	1,321,157		$	1,385,864			$	4,718,706
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			38,951,127			15,231,715			120,566,033				95,606,278
Advisor Shares			27,268,724			16,335,245			239,443,484				54,880,599
Institutional Shares			69,533,629			82,791,668			145,456,636				142,646,070
Net asset value per share
Investor Shares		$	34.89		$	15.94		$	9.53			$	32.86
Advisor Shares		$	35.10		$	15.91		$	9.53			$	32.80
Institutional Shares		$	35.47		$	15.96		$	9.53			$	33.08
Cost of total investments		$	3,137,326		$	1,591,042		$	4,657,801			$	6,852,879
Cost of foreign currency held		$	330		$	1,934		$	–			$	8,611

⁽¹⁾ Amount rounds to less than $1

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


Artisan Partners Funds		81

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2020 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL-MID			INTERNATIONAL VALUE			MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	3,247,489		$	12,297,355		$	6,653,248			$	1,651,353
Investments in securities, affiliated, at value			27,433			–			–				–
Short-term investments (investment companies), at value			187,348			1,252,636			145,310				31,866
Total investments			3,462,270			13,549,991			6,798,558				1,683,219
Foreign currency			727			3,170			–	⁽¹⁾			–
Unrealized appreciation on foreign currency forward contracts			–			7,251			–				–
Receivable from investments sold			13,686			13,446			–				–
Receivable from fund shares sold			5,895			19,413			11,257				1,014
Dividends and interest receivable			4,728			58,417			87				1,917
Other assets			79			1,051			491				279
Total assets			3,487,385			13,652,739			6,810,393				1,686,429
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts			–			40,805			–				–
Payable for investments purchased			24,515			6,889			11,962				3,729
Payable for fund shares redeemed			1,474			18,509			6,398				2,854
Payable for operating expenses			416			8,227			1,035				596
Payable for management fees			480			1,716			855				218
Payable for deferred director’s compensation			74			1,003			471				271
Payable for foreign taxes on unrealized gains			–			1,680			–				–
Total liabilities			26,959			78,829			20,721				7,668
Total net assets		$	3,460,426		$	13,573,910		$	6,789,672			$	1,678,761
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	2,747,049		$	12,415,276		$	3,380,503			$	1,176,937
Total distributable earnings			713,377			1,158,634			3,409,169				501,824
Total net assets		$	3,460,426		$	13,573,910		$	6,789,672			$	1,678,761
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	400,490		$	1,983,618		$	2,106,948			$	541,320
Advisor Shares		$	1,223,773		$	3,645,568		$	667,057			$	518,198
Institutional Shares		$	1,836,163		$	7,944,724		$	4,015,667			$	619,243
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			23,108,380			60,217,451			44,122,129				33,282,136
Advisor Shares			70,515,285			110,805,775			13,801,323				31,932,734
Institutional Shares			104,666,543			240,307,210			74,015,811				38,121,289
Net asset value per share
Investor Shares		$	17.33		$	32.94		$	47.75			$	16.26
Advisor Shares		$	17.35		$	32.90		$	48.33			$	16.23
Institutional Shares		$	17.54		$	33.06		$	54.25			$	16.24
Cost of total investments		$	2,714,884		$	12,061,356		$	4,008,200			$	1,200,949
Cost of securities of affiliated issuers held		$	16,540		$	–		$	–			$	–
Cost of foreign currency held		$	726		$	3,148		$	–	⁽¹⁾		$	–

⁽¹⁾ Amount rounds to less than $1

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


82		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2020 (Continued)

Dollar values in thousands


	SELECT EQUITY			SMALL CAP			SUSTAINABLE EMERGING MARKETS				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	12,007		$	2,953,792		$	52,676			$	273,045
Short-term investments (investment companies), at value			1,105			71,671			546				13,087
Total investments			13,112			3,025,463			53,222				286,132
Foreign currency			–			–			320				–
Receivable from investments sold			88			–			600				4,124
Receivable from fund shares sold			4			6,143			13				187
Receivable from the Adviser			3			–			–				–
Dividends and interest receivable			10			133			64				498
Other assets			1			131			11				46
Total assets			13,218			3,031,870			54,230				290,987
LIABILITIES:
Payable for investments purchased			102			26,987			580				3,920
Payable for fund shares redeemed			–			1,849			13				565
Payable for operating expenses			87			537			176				237
Payable for management fees			–			382			5				29
Payable for deferred director’s compensation			2			123			12				44
Payable for foreign taxes			–			–			208	⁽¹⁾			–
Total liabilities			191			29,878			994				4,795
Total net assets		$	13,027		$	3,001,992		$	53,236			$	286,192
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	12,322		$	1,716,081		$	178,364			$	196,802
Total distributable earnings (loss)			705			1,285,911			(125,128	)			89,390
Total net assets		$	13,027		$	3,001,992		$	53,236			$	286,192
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	983		$	896,297		$	46,541			$	78,717
Advisor Shares		$	778		$	999,213						$	84,035
Institutional Shares		$	11,266		$	1,106,482		$	6,695			$	123,440
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			96,681			20,943,128			2,838,903				6,341,797
Advisor Shares			76,411			23,219,904							6,793,336
Institutional Shares			1,106,528			25,249,992			404,410				9,956,141
Net asset value per share
Investor Shares		$	10.17		$	42.80		$	16.39			$	12.41
Advisor Shares		$	10.18		$	43.03						$	12.37
Institutional Shares		$	10.18		$	43.82		$	16.56			$	12.40
Cost of total investments		$	12,069		$	1,900,176		$	42,502			$	218,521
Cost of foreign currency held		$	–		$	–		$	307			$	–

⁽¹⁾ Including foreign taxes on unrealized gains		$	–		$	–		$	182			$	–

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


Artisan Partners Funds		83

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2020

Dollar values in thousands


	DEVELOPING WORLD				FOCUS				GLOBAL DISCOVERY				GLOBAL EQUITY
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	13,150			$	9,133			$	730			$	2,072
Income from non-cash dividends from unaffiliated issuers			–				–				–				201
Total investment income			13,150				9,133				730				2,273
EXPENSES:
Management fees			41,355				10,263				1,440				2,150
Transfer agent fees
Investor Shares			892				536				220				300
Advisor Shares			1,853				573				25				5
Institutional Shares			39				21				21				31
Custodian fees			335				23				33				27
Accounting fees			71				69				74				71
Professional fees			173				87				65				72
Registration fees
Investor Shares			54				43				22				25
Advisor Shares			146				48				7				3
Institutional Shares			53				11				8				5
Director’s fees			149				39				6				9
Other operating expenses			371				112				41				57
Total operating expenses			45,491				11,825				1,962				2,755
Less amounts waived or paid by the Adviser			–				–				(30	)			(8	)
Net expenses			45,491				11,825				1,932				2,747
Net investment (loss)			(32,341	)			(2,692	)			(1,202	)			(474	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽³⁾			300,242				7,059				5,224				43,064
Foreign currency forward contracts			–				(6,344	)			–				–
Foreign currency related transactions			(2,668	)			(43	)			(5	)			(129	)
Written options			–				14,253				–				–
Total realized gain			297,574				14,925				5,219				42,935
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁴⁾			2,168,867				236,643				48,523				8,699
Foreign currency forward contracts			–				446				–				–
Foreign currency related transactions			4,241				–	⁽¹⁾			4				151
Written options			–				(4,471	)			–				–
Total increase in unrealized appreciation or depreciation			2,173,108				232,618				48,527				8,850
Net gain on investments and foreign currency related transactions			2,470,682				247,543				53,746				51,785
Net increase in net assets resulting from operations		$	2,438,341			$	244,851			$	52,544			$	51,311

⁽¹⁾ Amount rounds to less than $1
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	776			$	92			$	51			$	129
⁽³⁾ Net of foreign taxes on realized gains			–				–				7				–
⁽⁴⁾ Net of increase in foreign taxes on unrealized gains			–				–				–				110

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


84		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2020 (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	32,089			$	42,631			$	1,480			$	132,666
Income from non-cash dividends from unaffiliated issuers			2,750				–				–				14,914
Interest			–				–				289,358				–
Total investment income			34,839				42,631				290,838				147,580
EXPENSES:
Management fees			33,584				25,044				27,408				92,053
Transfer agent fees
Investor Shares			2,573				880				2,020				7,805
Advisor Shares			669				406				1,970				1,586
Institutional Shares			38				38				44				52
Custodian fees			147				120				45				776
Accounting fees			72				72				135				72
Professional fees			153				152				190				410
Registration fees
Investor Shares			48				26				68				38
Advisor Shares			100				40				106				46
Institutional Shares			27				40				36				53
Director’s fees			149				113				158				421
Other operating expenses			319				244				485				768
Total operating expenses			37,879				27,175				32,665				104,080
Net investment income (loss)			(3,040	)			15,456				258,173				43,500
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			360,424				25,411				(26,236	)			411,903
Foreign currency forward contracts			–				2,072				(302	)			–
Foreign currency related transactions			(354	)			90				(69	)			(4,388	)
Futures contracts			–				–				(22,172	)			–
Total realized gain (loss)			360,070				27,573				(48,779	)			407,515
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			906,778				(227,831	)			81,150				137,349
Foreign currency forward contracts			–				(5,050	)			142				–
Foreign currency related transactions			50				287				4				5,532
Futures contracts			–				–				(2,659	)			–
Unfunded loan commitments			–				–				10				–
Total increase (decrease) in unrealized appreciation or depreciation			906,828				(232,594	)			78,647				142,881
Net gain (loss) on investments and foreign currency related transactions			1,266,898				(205,021	)			29,868				550,396
Net increase (decrease) in net assets resulting from operations		$	1,263,858			$	(189,565	)		$	288,041			$	593,896

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	760			$	2,648			$	–			$	11,848

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


Artisan Partners Funds		85

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Statements of Operations – For the Year Ended September 30, 2020 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL-MID				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Income from non-cash dividends from unaffiliated issuers		$	33,762			$	–			$	–			$	–
Dividends, from unaffiliated issuers⁽¹⁾			18,891				246,257				20,257				39,476
Total investment income			52,653				246,257				20,257				39,476
EXPENSES:
Management fees			21,814				126,157				51,356				18,089
Transfer agent fees
Investor Shares			680				5,089				3,871				1,468
Advisor Shares			684				3,721				397				347
Institutional Shares			38				52				54				36
Custodian fees			143				1,204				61				16
Accounting fees			72				72				33				53
Professional fees			127				503				203				133
Registration fees
Investor Shares			42				33				42				25
Advisor Shares			115				97				39				28
Institutional Shares			103				123				60				28
Director’s fees			74				565				216				81
Other operating expenses			228				1,454				451				285
Total operating expenses			24,120				139,070				56,783				20,589
Net investment income (loss)			28,533				107,187				(36,526	)			18,887
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽²⁾			(30,545	)			(142,784	)			844,620				45,143
Investments, from affiliated issuers			4,119				–				–				–
Foreign currency forward contracts			–				19,737				–				–
Foreign currency related transactions			(1,911	)			495				(4	)			–
Total realized gain (loss)			(28,337	)			(122,552	)			844,616				45,143
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽³⁾			622,948				(380,411	)			1,333,217				(197,454	)
Investments, from affiliated issuers			10,893				–				–				–
Foreign currency forward contracts		��	–				(51,830	)			–				–
Foreign currency related transactions			134				1,975				4				–
Total increase (decrease) in unrealized appreciation or depreciation			633,975				(430,266	)			1,333,221				(197,454	)
Net gain (loss) on investments and foreign currency related transactions			605,638				(552,818	)			2,177,837				(152,311	)
Net increase (decrease) in net assets resulting from operations		$	634,171			$	(445,631	)		$	2,141,311			$	(133,424	)

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,584			$	27,217			$	59			$	121
⁽²⁾ Net of foreign taxes on realized gains			–				(32	)			–				–
⁽³⁾ Net of increase in foreign taxes on unrealized gains			–				1,680				–				–

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


86		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2020 (Continued)

Dollar values in thousands


	SELECT EQUITY⁽¹⁾				SMALL CAP				SUSTAINABLE EMERGING MARKETS				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽³⁾		$	91			$	3,261			$	964			$	6,764
Income from non-cash dividends from unaffiliated issuers			–				–				551				–
Total investment income			91				3,261				1,515				6,764
EXPENSES:
Management fees			53				21,194				517				2,732
Transfer agent fees
Investor Shares			22				1,524				139				313
Advisor Shares			21				650								110
Institutional Shares			21				36				31				33
Custodian fees			2				22				4				13
Accounting fees			8				54				72				40
Professional fees			29				103				87				62
Registration fees
Investor Shares			29				33				22				22
Advisor Shares			29				57								23
Institutional Shares			29				47				22				11
Director’s fees			6				85				6				17
Other operating expenses			25				377				28				70
Total operating expenses			274				24,182				928				3,446
Less amounts waived or paid by the Adviser			(196	)			–				(241	)			(43	)
Net expenses			78				24,182				687				3,403
Net investment income (loss)			13				(20,921	)			828				3,361
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽⁴⁾			(402	)			219,364				(931	)			33,844
Foreign currency related transactions			(8	)			–				(17	)			3
Total realized gain (loss)			(410	)			219,364				(948	)			33,847
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁵⁾			1,043				586,046				4,696				(39,735	)
Foreign currency related transactions			–	⁽²⁾			–				17				–	⁽²⁾
Total increase (decrease) in unrealized appreciation or depreciation			1,043				586,046				4,713				(39,735	)
Net gain (loss) on investments and foreign currency related transactions			633				805,410				3,765				(5,888	)
Net increase (decrease) in net assets resulting from operations		$	646			$	784,489			$	4,593			$	(2,527	)

⁽¹⁾ For the period from commencement of operations (February 28, 2020) through September 30, 2020.
⁽²⁾ Amount rounds to less than $1
⁽³⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	4			$	–			$	132			$	229
⁽⁴⁾ Net of foreign taxes on realized gains			–				–				3				–
⁽⁵⁾ Net of increase in foreign taxes on unrealized gains			–				–				56				–

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


Artisan Partners Funds		87

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	DEVELOPING WORLD								FOCUS
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment loss		$	(32,341	)		$	(5,801	)		$	(2,692	)		$	(16	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			300,242				17,101				7,059				20,511
Foreign currency forward contracts			–				–				(6,344	)			2,980
Foreign currency related transactions			(2,668	)			220				(43	)			(7	)
Written options			–				–				14,253				(2,175	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			2,168,867				360,537				236,643				39,516
Foreign currency forward contracts			–				–				446				473
Foreign currency related transactions			4,241				(995	)			–	⁽¹⁾			–	⁽¹⁾
Written options			–				–				(4,471	)			4
Net increase in net assets resulting from operations			2,438,341				371,062				244,851				61,286
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(45	)			(6,980	)			(4,461	)
Advisor Shares			–				(609	)			(21,727	)			(2,027	)
Institutional Shares			(56	)			(230	)			–				–
Total distributions to shareholders			(56	)			(884	)			(28,707	)			(6,488	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			1,532,283				100,622				528,442				518,873
Total increase in net assets			3,970,568				470,800				744,586				573,671
Net assets, beginning of year			2,661,775				2,190,975				691,479				117,808
Net assets, end of year		$	6,632,343			$	2,661,775			$	1,436,065			$	691,479

⁽¹⁾ Amount rounds to less than $1

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


88		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL DISCOVERY								GLOBAL EQUITY
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(1,202	)		$	(533	)		$	(474	)		$	25
Net realized gain (loss) on:
Investments, from unaffiliated issuers			5,224				(1,024	)			43,064				13,230
Foreign currency related transactions			(5	)			1				(129	)			(14	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			48,523				9,229				8,699				(4,529	)
Foreign currency related transactions			4				–	⁽¹⁾			151				(63	)
Net increase in net assets resulting from operations			52,544				7,673				51,311				8,649
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				–				(10,288	)			(16,503	)
Advisor Shares			–				–				–				–
Institutional Shares			–				–				(11,682	)			(24,802	)
Total distributions to shareholders			–				–				(21,970	)			(41,305	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			50,578				24,329				(27,399	)			(32,416	)
Total increase (decrease) in net assets			103,122				32,002				1,942				(65,072	)
Net assets, beginning of year			107,323				75,321				254,955				320,027
Net assets, end of year		$	210,445			$	107,323			$	256,897			$	254,955

⁽¹⁾ Amount rounds to less than $1

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


Artisan Partners Funds		89

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES								GLOBAL VALUE
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(3,040	)		$	3,941			$	15,456			$	47,082
Net realized gain (loss) on:
Investments, from unaffiliated issuers			360,424				222,938				25,411				(765	)
Foreign currency forward contracts			–				–				2,072				(1,519	)
Foreign currency related transactions			(354	)			(30	)			90				(180	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			906,778				(90,528	)			(227,831	)			(91,871	)
Foreign currency forward contracts			–				–				(5,050	)			2,772
Foreign currency related transactions			50				(23	)			287				(108	)
Net increase (decrease) in net assets resulting from operations			1,263,858				136,298				(189,565	)			(44,589	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(74,481	)			(68,096	)			(6,704	)			(36,013	)
Advisor Shares			(43,758	)			(31,641	)			(9,262	)			(44,524	)
Institutional Shares			(123,621	)			(93,750	)			(32,160	)			(118,223	)
Total distributions to shareholders			(241,860	)			(193,487	)			(48,126	)			(198,760	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			365,644				47,054				(1,014,427	)			(400,923	)
Total increase (decrease) in net assets			1,387,642				(10,135	)			(1,252,118	)			(644,272	)
Net assets, beginning of year			3,394,951				3,405,086				3,075,878				3,720,150
Net assets, end of year		$	4,782,593			$	3,394,951			$	1,823,760			$	3,075,878

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


90		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	HIGH INCOME								INTERNATIONAL
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income		$	258,173			$	220,558			$	43,500			$	117,234
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(26,236	)			(48,346	)			411,903				450,782
Foreign currency forward contracts			(302	)			–				–				–
Foreign currency related transactions			(69	)			–				(4,388	)			(753	)
Futures contracts			(22,172	)			(15,310	)			–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			81,150				6,849				137,349				(27,454	)
Foreign currency forward contracts			142				–				–				–
Foreign currency related transactions			4				–				5,532				(1,749	)
Futures contracts			(2,659	)			1,580				–				–
Unfunded loan commitments			10				(33	)			–				–
Net increase in net assets resulting from operations			288,041				165,298				593,896				538,060
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(54,034	)			(69,933	)			(205,368	)			(359,809	)
Advisor Shares			(134,063	)			(131,657	)			(115,091	)			(186,300	)
Institutional Shares			(68,979	)			(32,024	)			(245,714	)			(449,372	)
Total distributions to shareholders			(257,076	)			(233,614	)			(566,173	)			(995,481	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			997,489				610,675				(926,091	)			(1,900,318	)
Total increase (decrease) in net assets			1,028,454				542,359				(898,368	)			(2,357,739	)
Net assets, beginning of year			3,788,312				3,245,953				10,559,108				12,916,847
Net assets, end of year		$	4,816,766			$	3,788,312			$	9,660,740			$	10,559,108

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


Artisan Partners Funds		91

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL-MID								INTERNATIONAL VALUE
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income		$	28,533			$	529			$	107,187			$	271,113
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(30,545	)			21,077				(142,784	)			259,418
Investments, from affiliated issuers			4,119				(1,952	)			–				29,177
Foreign currency forward contracts			–				–				19,737				(11,337	)
Foreign currency related transactions			(1,911	)			(266	)			495				(1,525	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			622,948				30,363				(380,411	)			(665,619	)
Investments, from affiliated issuers			10,893				(1,745	)			–				97,201
Foreign currency forward contracts			–				–				(51,830	)			17,654
Foreign currency related transactions			134				(46	)			1,975				(891	)
Net increase (decrease) in net assets resulting from operations			634,171				47,960				(445,631	)			(4,809	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(343	)			(74,416	)			(81,523	)			(170,987	)
Advisor Shares			(1,296	)			–				(136,062	)			(253,519	)
Institutional Shares			(1,966	)			(30,412	)			(226,033	)			(416,576	)
Total distributions to shareholders			(3,605	)			(104,828	)			(443,618	)			(841,082	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			1,608,852				873,751				195,049				(236,695	)
Total increase (decrease) in net assets			2,239,418				816,883				(694,200	)			(1,082,586	)
Net assets, beginning of year			1,221,008				404,125				14,268,110				15,350,696
Net assets, end of year		$	3,460,426			$	1,221,008			$	13,573,910			$	14,268,110

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


92		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP								MID CAP VALUE
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	(36,526	)		$	(25,283	)		$	18,887			$	16,125
Net realized gain (loss) on:
Investments, from unaffiliated issuers			844,620				537,218				45,143				287,026
Foreign currency related transactions			(4	)			(9	)			–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,333,217				(373,052	)			(197,454	)			(433,551	)
Foreign currency related transactions			4				(4	)			–				1
Net increase (decrease) in net assets resulting from operations			2,141,311				138,870				(133,424	)			(130,399	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(191,072	)			(345,115	)			(80,183	)			(148,246	)
Advisor Shares			(51,336	)			(106,197	)			(62,696	)			(116,973	)
Institutional Shares			(326,991	)			(557,303	)			(78,963	)			(131,142	)
Total distributions to shareholders			(569,399	)			(1,008,615	)			(221,842	)			(396,361	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			159,288				(236,474	)			(235,550	)			(507,601	)
Total increase (decrease) in net assets			1,731,200				(1,106,219	)			(590,816	)			(1,034,361	)
Net assets, beginning of year			5,058,472				6,164,691				2,269,577				3,303,938
Net assets, end of year		$	6,789,672			$	5,058,472			$	1,678,761			$	2,269,577

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


Artisan Partners Funds		93

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SELECT EQUITY				SMALL CAP
	Period Ended 9/30/2020⁽¹⁾				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income (loss)		$	13			$	(20,921	)		$	(13,358	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(402	)			219,364				146,505
Foreign currency related transactions			(8	)			–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			1,043				586,046				(104,719	)
Foreign currency related transactions			–	⁽²⁾			–				–
Net increase in net assets resulting from operations			646				784,489				28,428
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			–				(47,579	)			(67,769	)
Advisor Shares			–				(47,497	)			(68,313	)
Institutional Shares			–				(50,532	)			(108,871	)
Total distributions to shareholders			–				(145,608	)			(244,953	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			12,381				526,143				247,614
Total increase in net assets			13,027				1,165,024				31,089
Net assets, beginning of period			–				1,836,968				1,805,879
Net assets, end of period		$	13,027			$	3,001,992			$	1,836,968

⁽¹⁾ For the period from commencement of operations (February 28, 2020) through September 30, 2020.
⁽²⁾ Amount rounds to less than $1

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


94		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SUSTAINABLE EMERGING MARKETS								VALUE
	Year Ended 9/30/2020				Year Ended 9/30/2019				Year Ended 9/30/2020				Year Ended 9/30/2019
OPERATIONS:
Net investment income		$	828			$	658			$	3,361			$	4,208
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(931	)			(1,098	)			33,844				12,405
Foreign currency related transactions			(17	)			(38	)			3				1
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			4,696				1,435				(39,735	)			(30,321	)
Foreign currency related transactions			17				(6	)			–	⁽¹⁾			–
Net increase (decrease) in net assets resulting from operations			4,593				951				(2,527	)			(13,707	)
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(815	)			(449	)			(6,095	)			(20,958	)
Advisor Shares											(4,595	)			(15,288	)
Institutional Shares			(72	)			(34	)			(7,269	)			(21,766	)
Total distributions to shareholders			(887	)			(483	)			(17,959	)			(58,012	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(2,502	)			(3,840	)			(101,620	)			(20,709	)
Total increase (decrease) in net assets			1,204				(3,372	)			(122,106	)			(92,428	)
Net assets, beginning of year			52,032				55,404				408,298				500,726
Net assets, end of year		$	53,236			$	52,032			$	286,192			$	408,298

⁽¹⁾ Amount rounds to less than $1

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


Artisan Partners Funds		95

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
9/30/2020	$	13.44		(0.17	)		9.71			9.54			—			—			—		$	22.98
9/30/2019	$	11.17		(0.07	)		2.34			2.27			—	⁽⁵⁾		—			—	⁽⁵⁾	$	13.44
9/30/2018	$	12.83		—	⁽⁵⁾		(1.23	)		(1.23	)		(0.02	)		(0.41	)		(0.43	)	$	11.17
9/30/2017	$	10.51		0.03			2.34			2.37			(0.01	)		(0.04	)		(0.05	)	$	12.83
9/30/2016	$	8.39		0.02			2.10			2.12			—			—			—		$	10.51
Advisor Shares
9/30/2020	$	13.51		(0.14	)		9.76			9.62			—			—			—		$	23.13
9/30/2019	$	11.21		(0.03	)		2.34			2.31			(0.01	)		—			(0.01	)	$	13.51
9/30/2018	$	12.87		0.03			(1.25	)		(1.22	)		(0.03	)		(0.41	)		(0.44	)	$	11.21
9/30/2017	$	10.54		0.05			2.35			2.40			(0.03	)		(0.04	)		(0.07	)	$	12.87
9/30/2016	$	8.39		0.03			2.12			2.15			—			—			—		$	10.54
Institutional Shares
9/30/2020	$	13.55		(0.13	)		9.80			9.67			—	⁽⁵⁾		—			—	⁽⁵⁾	$	23.22
9/30/2019	$	11.23		(0.02	)		2.34			2.32			—	⁽⁵⁾		—			—	⁽⁵⁾	$	13.55
9/30/2018	$	12.89		0.04			(1.25	)		(1.21	)		(0.04	)		(0.41	)		(0.45	)	$	11.23
9/30/2017	$	10.56		0.06			2.34			2.40			(0.03	)		(0.04	)		(0.07	)	$	12.89
9/30/2016	$	8.39		0.04			2.13			2.17			—			—			—		$	10.56
FOCUS FUND
Investor Shares
9/30/2020	$	15.63		(0.06	)		3.35			3.29			(0.04	)		(0.54	)		(0.58	)	$	18.34
9/30/2019	$	14.39		(0.01	)		1.70			1.69			—	⁽⁵⁾		(0.45	)		(0.45	)	$	15.63
9/30/2018	$	11.79		(0.04	)		3.82			3.78			—			(1.18	)		(1.18	)	$	14.39
9/30/2017⁽¹⁷⁾	$	10.00		(0.02	)		1.81			1.79			—			—			—		$	11.79
Advisor Shares
9/30/2020	$	15.66		(0.04	)		3.35			3.31			(0.07	)		(0.54	)		(0.61	)	$	18.36
9/30/2019	$	14.39		0.01			1.71			1.72			—			(0.45	)		(0.45	)	$	15.66
9/30/2018⁽¹⁸⁾	$	13.82		—	⁽⁵⁾		0.57			0.57			—			—			—		$	14.39
Institutional Shares
9/30/2020⁽⁶⁾	$	16.37		(0.01	)		2.01			2.00			—			—			—		$	18.37
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2020	$	13.39		(0.13	)		5.14			5.01			—			—			—		$	18.40
9/30/2019	$	12.40		(0.08	)		1.07			0.99			—			—			—		$	13.39
9/30/2018	$	10.32		(0.09	)		2.23			2.14			—	⁽⁵⁾		(0.06	)		(0.06	)	$	12.40
9/30/2017⁽⁷⁾	$	10.00		(0.01	)		0.33			0.32			—			—			—		$	10.32
Advisor Shares
9/30/2020⁽⁶⁾	$	14.96		(0.08	)		3.53			3.45			—			—			—		$	18.41
Institutional Shares
9/30/2020⁽⁶⁾	$	14.96		(0.07	)		3.52			3.45			—			—			—		$	18.41

Footnotes are presented on Pages 111-112.

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


96		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued



	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
DEVELOPING WORLD FUND
Investor Shares
9/30/2020		71.06	%	$	643,044		1.28	%		n/a			(0.96	)%		138.63	%
9/30/2019		20.33	%	$	255,336		1.35	%		n/a			(0.56	)%		159.86	%
9/30/2018		(9.99	)%	$	477,908		1.36	%		n/a			(0.02	)%		121.12	%
9/30/2017		22.70	%	$	520,406		1.40	%		n/a			0.26	%		45.04	%
9/30/2016		25.27	%	$	266,122		1.50	%		1.52	%		0.25	%		47.59	%
Advisor Shares
9/30/2020		71.28	%	$	3,513,504		1.13	%		n/a			(0.81	)%		138.63	%
9/30/2019		20.59	%	$	1,585,519		1.18	%		n/a			(0.23	)%		159.86	%
9/30/2018		(9.87	)%	$	1,031,825		1.18	%		n/a			0.22	%		121.12	%
9/30/2017		22.94	%	$	763,998		1.21	%		n/a			0.47	%		45.04	%
9/30/2016		25.63	%	$	340,831		1.25	%		n/a			0.28	%		47.59	%
Institutional Shares
9/30/2020		71.45	%	$	2,475,795		1.04	%		n/a			(0.72	)%		138.63	%
9/30/2019		20.71	%	$	820,920		1.08	%		n/a			(0.15	)%		159.86	%
9/30/2018		(9.80	)%	$	681,242		1.08	%		n/a			0.29	%		121.12	%
9/30/2017		22.99	%	$	684,168		1.12	%		n/a			0.50	%		45.04	%
9/30/2016		25.86	%	$	277,691		1.15	%		n/a			0.44	%		47.59	%
FOCUS FUND
Investor Shares
9/30/2020		21.76	%	$	262,246		1.30	%		n/a			(0.39	)%		285.25	%
9/30/2019		12.35	%	$	170,186		1.37	%		n/a			(0.07	)%		368.38	%
9/30/2018		34.31	%	$	79,673		1.51	%⁽⁶⁾		1.70	%⁽¹⁶⁾		(0.27	)%		355.37	%
9/30/2017⁽¹⁷⁾		18.00	%	$	15,293		1.52	%⁽⁶⁾		2.70	%⁽¹⁶⁾		(0.49	)%		170.19	%
Advisor Shares
9/30/2020		21.98	%	$	735,871		1.13	%		n/a			(0.26	)%		285.25	%
9/30/2019		12.49	%	$	521,293		1.17	%		n/a			0.04	%		368.38	%
9/30/2018⁽¹⁸⁾		4.12	%	$	38,135		1.40	%⁽⁶⁾		2.74	%⁽¹⁶⁾		0.16	%		355.37	%
Institutional Shares
9/30/2020⁽⁶⁾		12.28	%	$	437,948		1.04	%		n/a			(0.14	)%		285.25	%
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2020		37.42	%	$	106,480		1.35	%		n/a			(0.89	)%		40.44	%
9/30/2019		7.98	%	$	107,323		1.40	%		n/a			(0.62	)%		52.30	%
9/30/2018		20.90	%	$	75,321		1.50	%		1.71	%		(0.75	)%		38.71	%
9/30/2017⁽⁷⁾		3.20	%	$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%
Advisor Shares
9/30/2020⁽⁶⁾		23.06	%	$	19,698		1.30	%		1.74	%		(0.73	)%		40.44	%
Institutional Shares
9/30/2020⁽⁶⁾		23.06	%	$	84,267		1.20	%		n/a			(0.62	)%		40.44	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		97

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


										Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments		Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL EQUITY FUND
Investor Shares
9/30/2020	$	20.60		(0.05	)		4.26		4.21		—			(1.78	)		(1.78	)	$	23.03
9/30/2019	$	22.66		(0.02	)		1.02		1.00		(0.03	)		(3.03	)		(3.06	)	$	20.60
9/30/2018	$	19.60		0.03			3.17		3.20		—			(0.14	)		(0.14	)	$	22.66
9/30/2017	$	16.54		(0.03	)		3.09		3.06		—			—			—		$	19.60
9/30/2016	$	15.73		(0.01	)		1.17		1.16		—			(0.35	)		(0.35	)	$	16.54
Advisor Shares
9/30/2020⁽⁸⁾	$	22.81		(0.02	)		0.25		0.23		—			—			—		$	23.04
Institutional Shares
9/30/2020	$	20.71		(0.03	)		4.32		4.29		(0.01	)		(1.78	)		(1.79	)	$	23.21
9/30/2019	$	22.80		0.02			1.01		1.03		(0.09	)		(3.03	)		(3.12	)	$	20.71
9/30/2018	$	19.66		0.10			3.18		3.28		—			(0.14	)		(0.14	)	$	22.80
9/30/2017	$	16.58		0.01			3.10		3.11		(0.03	)		—			(0.03	)	$	19.66
9/30/2016⁽⁹⁾	$	16.44		0.06			0.43		0.49		—			(0.35	)		(0.35	)	$	16.58
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2020	$	27.06		(0.06	)		9.80		9.74		—			(1.91	)		(1.91	)	$	34.89
9/30/2019	$	27.66		(0.01	)		1.01		1.00		—			(1.60	)		(1.60	)	$	27.06
9/30/2018	$	25.69		(0.03	)		3.07		3.04		—			(1.07	)		(1.07	)	$	27.66
9/30/2017	$	21.74		(0.08	)		4.06		3.98		—			(0.03	)		(0.03	)	$	25.69
9/30/2016	$	18.35		(0.06	)		3.59		3.53		(0.02	)		(0.12	)		(0.14	)	$	21.74
Advisor Shares
9/30/2020	$	27.21		(0.03	)		9.86		9.83		(0.03	)		(1.91	)		(1.94	)	$	35.10
9/30/2019	$	27.76		0.03			1.02		1.05		—			(1.60	)		(1.60	)	$	27.21
9/30/2018	$	25.75		0.01			3.07		3.08		—			(1.07	)		(1.07	)	$	27.76
9/30/2017	$	21.76		(0.05	)		4.07		4.02		—			(0.03	)		(0.03	)	$	25.75
9/30/2016	$	18.37		(0.03	)		3.58		3.55		(0.04	)		(0.12	)		(0.16	)	$	21.76
Institutional Shares
9/30/2020	$	27.47		—	⁽⁵⁾		9.96		9.96		(0.05	)		(1.91	)		(1.96	)	$	35.47
9/30/2019	$	27.99		0.06			1.02		1.08		—	⁽⁵⁾		(1.60	)		(1.60	)	$	27.47
9/30/2018	$	25.92		0.03			3.11		3.14		—			(1.07	)		(1.07	)	$	27.99
9/30/2017	$	21.89		(0.03	)		4.09		4.06		—			(0.03	)		(0.03	)	$	25.92
9/30/2016	$	18.46		(0.01	)		3.61		3.60		(0.05	)		(0.12	)		(0.17	)	$	21.89

Footnotes are presented on Pages 111-112.

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


98		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL EQUITY FUND
Investor Shares
9/30/2020		21.90	%	$	134,498		1.26	%		n/a			(0.27	)%		137.93	%
9/30/2019		6.90	%	$	118,936		1.38	%		n/a			(0.09	)%		91.33	%
9/30/2018		16.38	%	$	123,225		1.36	%		n/a			0.13	%		120.14	%
9/30/2017		18.50	%	$	131,813		1.40	%		n/a			(0.20	)%		109.89	%
9/30/2016		7.40	%	$	145,817		1.37	%		n/a			(0.09	)%		96.23	%
Advisor Shares
9/30/2020⁽⁸⁾		1.01	%	$	13,092		1.25	%		2.51	%		(0.53	)%		137.93	%
Institutional Shares
9/30/2020		22.17	%	$	109,307		1.05	%		n/a			(0.12	)%		137.93	%
9/30/2019		7.10	%	$	136,019		1.16	%		n/a			0.09	%		91.33	%
9/30/2018		16.73	%	$	196,802		1.10	%		n/a			0.45	%		120.14	%
9/30/2017		18.78	%	$	159,565		1.16	%		n/a			0.03	%		109.89	%
9/30/2016⁽⁹⁾		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2020		38.37	%	$	1,358,867		1.14	%		n/a			(0.23	)%		44.27	%
9/30/2019		4.85	%	$	1,052,916		1.15	%		n/a			(0.02	)%		48.64	%
9/30/2018		12.19	%	$	1,176,471		1.15	%		n/a			(0.13	)%		44.27	%
9/30/2017		18.36	%	$	974,286		1.15	%		n/a			(0.35	)%		34.13	%
9/30/2016		19.29	%	$	781,877		1.17	%		n/a			(0.33	)%		34.62	%
Advisor Shares
9/30/2020		38.52	%	$	957,127		1.01	%		n/a			(0.09	)%		44.27	%
9/30/2019		5.03	%	$	615,920		1.01	%		n/a			0.11	%		48.64	%
9/30/2018		12.32	%	$	583,463		1.00	%		n/a			0.03	%		44.27	%
9/30/2017		18.53	%	$	398,375		1.03	%		n/a			(0.20	)%		34.13	%
9/30/2016		19.37	%	$	193,230		1.08	%		n/a			(0.16	)%		34.62	%
Institutional Shares
9/30/2020		38.67	%	$	2,466,599		0.90	%		n/a			0.01	%		44.27	%
9/30/2019		5.11	%	$	1,726,115		0.91	%		n/a			0.23	%		48.64	%
9/30/2018		12.48	%	$	1,645,152		0.91	%		n/a			0.11	%		44.27	%
9/30/2017		18.60	%	$	1,330,754		0.93	%		n/a			(0.11	)%		34.13	%
9/30/2016		19.60	%	$	862,330		0.92	%		n/a			(0.07	)%		34.62	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		99

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL VALUE FUND
Investor Shares
9/30/2020	$	17.12		0.07		(1.01	)		(0.94	)		(0.24	)		—			(0.24	)	$	15.94
9/30/2019	$	18.24		0.21		(0.38	)		(0.17	)		(0.15	)		(0.80	)		(0.95	)	$	17.12
9/30/2018	$	17.87		0.18		0.55			0.73			(0.12	)		(0.24	)		(0.36	)	$	18.24
9/30/2017	$	15.30		0.10		2.88			2.98			(0.11	)		(0.30	)		(0.41	)	$	17.87
9/30/2016	$	14.47		0.10		1.58			1.68			(0.05	)		(0.80	)		(0.85	)	$	15.30
Advisor Shares
9/30/2020	$	17.09		0.09		(1.01	)		(0.92	)		(0.26	)		—			(0.26	)	$	15.91
9/30/2019	$	18.22		0.23		(0.39	)		(0.16	)		(0.17	)		(0.80	)		(0.97	)	$	17.09
9/30/2018	$	17.86		0.21		0.54			0.75			(0.15	)		(0.24	)		(0.39	)	$	18.22
9/30/2017	$	15.28		0.13		2.87			3.00			(0.12	)		(0.30	)		(0.42	)	$	17.86
9/30/2016	$	14.48		0.13		1.57			1.70			(0.10	)		(0.80	)		(0.90	)	$	15.28
Institutional Shares
9/30/2020	$	17.14		0.11		(1.01	)		(0.90	)		(0.28	)		—			(0.28	)	$	15.96
9/30/2019	$	18.27		0.26		(0.40	)		(0.14	)		(0.19	)		(0.80	)		(0.99	)	$	17.14
9/30/2018	$	17.90		0.24		0.54			0.78			(0.17	)		(0.24	)		(0.41	)	$	18.27
9/30/2017	$	15.32		0.14		2.87			3.01			(0.13	)		(0.30	)		(0.43	)	$	17.90
9/30/2016	$	14.50		0.14		1.59			1.73			(0.11	)		(0.80	)		(0.91	)	$	15.32
HIGH INCOME FUND
Investor Shares
9/30/2020	$	9.66		0.60		(0.13	)		0.47			(0.60	)		—			(0.60	)	$	9.53
9/30/2019	$	9.87		0.61		(0.17	)		0.44			(0.60	)		(0.05	)		(0.65	)	$	9.66
9/30/2018	$	10.20		0.58		(0.13	)		0.45			(0.58	)		(0.20	)		(0.78	)	$	9.87
9/30/2017	$	9.85		0.59		0.37			0.96			(0.59	)		(0.02	)		(0.61	)	$	10.20
9/30/2016	$	9.49		0.63		0.40			1.03			(0.63	)		(0.04	)		(0.67	)	$	9.85
Advisor Shares
9/30/2020	$	9.66		0.61		(0.13	)		0.48			(0.61	)		—			(0.61	)	$	9.53
9/30/2019	$	9.87		0.63		(0.17	)		0.46			(0.62	)		(0.05	)		(0.67	)	$	9.66
9/30/2018	$	10.20		0.60		(0.13	)		0.47			(0.60	)		(0.20	)		(0.80	)	$	9.87
9/30/2017	$	9.85		0.60		0.38			0.98			(0.61	)		(0.02	)		(0.63	)	$	10.20
9/30/2016	$	9.49		0.64		0.41			1.05			(0.65	)		(0.04	)		(0.69	)	$	9.85
Institutional Shares
9/30/2020	$	9.66		0.62		(0.13	)		0.49			(0.62	)		—			(0.62	)	$	9.53
9/30/2019	$	9.87		0.64		(0.17	)		0.47			(0.63	)		(0.05	)		(0.68	)	$	9.66
9/30/2018	$	10.19		0.61		(0.12	)		0.49			(0.61	)		(0.20	)		(0.81	)	$	9.87
9/30/2017⁽¹⁰⁾	$	9.85		0.59		0.36			0.95			(0.59	)		(0.02	)		(0.61	)	$	10.19

Footnotes are presented on Pages 111-112.

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


100		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL VALUE FUND
Investor Shares
9/30/2020		(5.63	)%	$	242,744		1.26	%		n/a		0.42	%		37.09	%
9/30/2019		(0.50	)%	$	506,067		1.25	%		n/a		1.25	%		31.18	%
9/30/2018		4.16	%	$	724,848		1.25	%		n/a		1.00	%		27.98	%
9/30/2017		19.95	%	$	811,771		1.25	%		n/a		0.59	%		12.67	%
9/30/2016		11.86	%	$	748,254		1.26	%		n/a		0.70	%		20.52	%
Advisor Shares
9/30/2020		(5.48	)%	$	259,859		1.12	%		n/a		0.54	%		37.09	%
9/30/2019		(0.40	)%	$	599,418		1.10	%		n/a		1.38	%		31.18	%
9/30/2018		4.27	%	$	851,738		1.10	%		n/a		1.14	%		27.98	%
9/30/2017		20.16	%	$	796,869		1.10	%		n/a		0.78	%		12.67	%
9/30/2016		12.00	%	$	403,036		1.14	%		n/a		0.88	%		20.52	%
Institutional Shares
9/30/2020		(5.37	)%	$	1,321,157		1.02	%		n/a		0.67	%		37.09	%
9/30/2019		(0.30	)%	$	1,970,393		1.01	%		n/a		1.54	%		31.18	%
9/30/2018		4.40	%	$	2,143,564		1.01	%		n/a		1.31	%		27.98	%
9/30/2017		20.23	%	$	1,471,466		1.02	%		n/a		0.84	%		12.67	%
9/30/2016		12.18	%	$	917,977		1.03	%		n/a		0.97	%		20.52	%
HIGH INCOME FUND
Investor Shares
9/30/2020		5.14	%	$	1,149,422		0.96	%		n/a		6.43	%		71.78	%
9/30/2019		4.81	%	$	873,574		0.98	%		n/a		6.41	%		74.82	%
9/30/2018		4.66	%	$	986,645		0.99	%		n/a		5.88	%		79.10	%
9/30/2017		10.07	%	$	632,387		1.00	%		n/a		5.88	%		92.44	%
9/30/2016		11.40	%	$	544,969		1.03	%		n/a		6.66	%		69.41	%
Advisor Shares
9/30/2020		5.29	%	$	2,281,480		0.82	%		n/a		6.57	%		71.78	%
9/30/2019		4.98	%	$	2,194,146		0.82	%		n/a		6.56	%		74.82	%
9/30/2018		4.83	%	$	1,970,272		0.82	%		n/a		6.03	%		79.10	%
9/30/2017		10.27	%	$	1,548,786		0.82	%		n/a		6.04	%		92.44	%
9/30/2016		11.61	%	$	1,244,032		0.84	%		n/a		6.81	%		69.41	%
Institutional Shares
9/30/2020		5.40	%	$	1,385,864		0.72	%		n/a		6.67	%		71.78	%
9/30/2019		5.08	%	$	720,592		0.73	%		n/a		6.64	%		74.82	%
9/30/2018		5.02	%	$	289,036		0.74	%		n/a		6.13	%		79.10	%
9/30/2017⁽¹⁰⁾		9.94	%	$	262,369		0.78	%		n/a		5.94	%		92.44	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		101

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL FUND
Investor Shares
9/30/2020	$	32.52		0.08			2.00			2.08			(0.30	)		(1.44	)		(1.74	)	$	32.86
9/30/2019	$	33.49		0.29			1.38			1.67			(0.37	)		(2.27	)		(2.64	)	$	32.52
9/30/2018	$	32.28		0.35			1.08			1.43			(0.22	)		—			(0.22	)	$	33.49
9/30/2017	$	28.30		0.20			4.08			4.28			(0.30	)		—			(0.30	)	$	32.28
9/30/2016	$	26.97		0.27			1.19			1.46			(0.13	)		—			(0.13	)	$	28.30
Advisor Shares
9/30/2020	$	32.46		0.15			1.98			2.13			(0.35	)		(1.44	)		(1.79	)	$	32.80
9/30/2019	$	33.45		0.34			1.37			1.71			(0.43	)		(2.27	)		(2.70	)	$	32.46
9/30/2018	$	32.25		0.43			1.05			1.48			(0.28	)		—	��		(0.28	)	$	33.45
9/30/2017	$	28.31		0.23			4.08			4.31			(0.37	)		—			(0.37	)	$	32.25
9/30/2016	$	27.00		0.34			1.17			1.51			(0.20	)		—			(0.20	)	$	28.31
Institutional Shares
9/30/2020	$	32.72		0.17			2.01			2.18			(0.38	)		(1.44	)		(1.82	)	$	33.08
9/30/2019	$	33.71		0.35			1.39			1.74			(0.46	)		(2.27	)		(2.73	)	$	32.72
9/30/2018	$	32.50		0.46			1.05			1.51			(0.30	)		—			(0.30	)	$	33.71
9/30/2017	$	28.51		0.30			4.08			4.38			(0.39	)		—			(0.39	)	$	32.50
9/30/2016	$	27.19		0.36			1.17			1.53			(0.21	)		—			(0.21	)	$	28.51
INTERNATIONAL SMALL-MID FUND
Investor Shares
9/30/2020	$	13.61		0.16			3.58			3.74			(0.02	)		—			(0.02	)	$	17.33
9/30/2019	$	23.47		(0.03	)		(1.56	)		(1.59	)		—			(8.27	)		(8.27	)	$	13.61
9/30/2018	$	24.69		(0.10	)		2.05			1.95			—			(3.17	)		(3.17	)	$	23.47
9/30/2017	$	23.17		(0.03	)		2.75			2.72			—			(1.20	)		(1.20	)	$	24.69
9/30/2016	$	23.37		(0.02	)		0.63			0.61			(0.03	)		(0.78	)		(0.81	)	$	23.17
Advisor Shares
9/30/2020	$	13.62		0.20			3.57			3.77			(0.04	)		—			(0.04	)	$	17.35
9/30/2019⁽¹¹⁾	$	11.91		0.01			1.70			1.71			—			—			—		$	13.62
Institutional Shares
9/30/2020	$	13.76		0.23			3.59			3.82			(0.04	)		—			(0.04	)	$	17.54
9/30/2019	$	23.59		0.03			(1.59	)		(1.56	)		—			(8.27	)		(8.27	)	$	13.76
9/30/2018	$	24.75		(0.04	)		2.05			2.01			—			(3.17	)		(3.17	)	$	23.59
9/30/2017	$	23.18		0.06			2.71			2.77			—			(1.20	)		(1.20	)	$	24.75
9/30/2016⁽¹²⁾	$	22.54		0.04			0.60			0.64			—			—			—		$	23.18

Footnotes are presented on Pages 111-112.

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


102		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL FUND
Investor Shares
9/30/2020		6.52	%	$	3,142,072		1.19	%		n/a		0.27	%		53.82	%
9/30/2019		6.29	%	$	3,903,758		1.19	%		n/a		0.95	%		41.01	%
9/30/2018		4.45	%	$	4,733,866		1.18	%		n/a		1.06	%		55.16	%
9/30/2017		15.39	%	$	5,808,005		1.18	%		n/a		0.70	%		57.60	%
9/30/2016		5.39	%	$	7,930,361		1.19	%		n/a		0.98	%		64.65	%
Advisor Shares
9/30/2020		6.71	%	$	1,799,962		1.04	%		n/a		0.48	%		53.82	%
9/30/2019		6.46	%	$	2,141,985		1.04	%		n/a		1.11	%		41.01	%
9/30/2018		4.58	%	$	2,367,026		1.04	%		n/a		1.29	%		55.16	%
9/30/2017		15.56	%	$	2,357,528		1.04	%		n/a		0.82	%		57.60	%
9/30/2016		5.58	%	$	2,782,189		1.01	%		n/a		1.23	%		64.65	%
Institutional Shares
9/30/2020		6.80	%	$	4,718,706		0.96	%		n/a		0.55	%		53.82	%
9/30/2019		6.52	%	$	4,513,365		0.96	%		n/a		1.15	%		41.01	%
9/30/2018		4.67	%	$	5,815,955		0.95	%		n/a		1.36	%		55.16	%
9/30/2017		15.66	%	$	5,868,894		0.96	%		n/a		1.05	%		57.60	%
9/30/2016		5.64	%	$	5,272,925		0.95	%		n/a		1.27	%		64.65	%
INTERNATIONAL SMALL-MID FUND
Investor Shares
9/30/2020		27.52	%	$	400,490		1.33	%		n/a		1.06	%		27.84	%
9/30/2019		(1.38	)%	$	177,807		1.43	%		n/a		(0.24	)%		55.98	%
9/30/2018		8.70	%	$	228,317		1.55	%		n/a		(0.44	)%		59.53	%
9/30/2017		13.09	%	$	307,580		1.57	%		n/a		(0.16	)%		79.09	%
9/30/2016		2.50	%	$	585,000		1.51	%		n/a		(0.07	)%		69.82	%
Advisor Shares
9/30/2020		27.70	%	$	1,223,773		1.18	%		n/a		1.32	%		27.84	%
9/30/2019⁽¹¹⁾		14.36	%	$	434,784		1.25	%		n/a		0.13	%		55.98	%
Institutional Shares
9/30/2020		27.85	%	$	1,836,163		1.09	%		n/a		1.49	%		27.84	%
9/30/2019		(1.18	)%	$	608,417		1.16	%		n/a		0.20	%		55.98	%
9/30/2018		8.94	%	$	175,808		1.35	%		n/a		(0.17	)%		59.53	%
9/30/2017		13.31	%	$	255,353		1.37	%		n/a		0.29	%		79.09	%
9/30/2016⁽¹²⁾		2.84	%	$	209,536		1.37	%		n/a		0.41	%		69.82	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		103

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2020	$	34.87		0.19			(1.06	)		(0.87	)		(0.23	)		(0.83	)		(1.06	)	$	32.94
9/30/2019	$	36.85		0.61			(0.64	)		(0.03	)		(0.65	)		(1.30	)		(1.95	)	$	34.87
9/30/2018	$	39.08		0.42			(1.14	)		(0.72	)		(0.41	)		(1.10	)		(1.51	)	$	36.85
9/30/2017	$	33.55		0.27			6.27			6.54			(0.26	)		(0.75	)		(1.01	)	$	39.08
9/30/2016	$	32.62		0.32			2.57			2.89			(0.28	)		(1.68	)		(1.96	)	$	33.55
Advisor Shares
9/30/2020	$	34.81		0.27			(1.09	)		(0.82	)		(0.26	)		(0.83	)		(1.09	)	$	32.90
9/30/2019	$	36.85		0.65			(0.63	)		0.02			(0.76	)		(1.30	)		(2.06	)	$	34.81
9/30/2018	$	39.11		0.48			(1.16	)		(0.68	)		(0.48	)		(1.10	)		(1.58	)	$	36.85
9/30/2017	$	33.57		0.33			6.27			6.60			(0.31	)		(0.75	)		(1.06	)	$	39.11
9/30/2016	$	32.66		0.39			2.54			2.93			(0.34	)		(1.68	)		(2.02	)	$	33.57
Institutional Shares
9/30/2020	$	34.96		0.28			(1.08	)		(0.80	)		(0.27	)		(0.83	)		(1.10	)	$	33.06
9/30/2019	$	37.02		0.69			(0.64	)		0.05			(0.81	)		(1.30	)		(2.11	)	$	34.96
9/30/2018	$	39.28		0.53			(1.18	)		(0.65	)		(0.51	)		(1.10	)		(1.61	)	$	37.02
9/30/2017	$	33.71		0.42			6.23			6.65			(0.33	)		(0.75	)		(1.08	)	$	39.28
9/30/2016	$	32.77		0.40			2.57			2.97			(0.35	)		(1.68	)		(2.03	)	$	33.71
MID CAP FUND
Investor Shares
9/30/2020	$	37.16		(0.31	)		15.43			15.12			—			(4.53	)		(4.53	)	$	47.75
9/30/2019	$	44.83		(0.23	)		0.53			0.30			—			(7.97	)		(7.97	)	$	37.16
9/30/2018	$	42.58		(0.26	)		8.21			7.95			—			(5.70	)		(5.70	)	$	44.83
9/30/2017	$	41.34		(0.27	)		4.85			4.58			—			(3.34	)		(3.34	)	$	42.58
9/30/2016	$	44.42		(0.30	)		3.78			3.48			—			(6.56	)		(6.56	)	$	41.34
Advisor Shares
9/30/2020	$	37.52		(0.27	)		15.61			15.34			—			(4.53	)		(4.53	)	$	48.33
9/30/2019	$	45.10		(0.17	)		0.56			0.39			—			(7.97	)		(7.97	)	$	37.52
9/30/2018	$	42.75		(0.20	)		8.25			8.05			—			(5.70	)		(5.70	)	$	45.10
9/30/2017	$	41.43		(0.22	)		4.88			4.66			—			(3.34	)		(3.34	)	$	42.75
9/30/2016	$	44.46		(0.24	)		3.77			3.53			—			(6.56	)		(6.56	)	$	41.43
Institutional Shares
9/30/2020	$	41.54		(0.26	)		17.50			17.24			—			(4.53	)		(4.53	)	$	54.25
9/30/2019	$	48.89		(0.16	)		0.78			0.62			—			(7.97	)		(7.97	)	$	41.54
9/30/2018	$	45.84		(0.18	)		8.93			8.75			—			(5.70	)		(5.70	)	$	48.89
9/30/2017	$	44.15		(0.19	)		5.22			5.03			—			(3.34	)		(3.34	)	$	45.84
9/30/2016	$	46.92		(0.22	)		4.01			3.79			—			(6.56	)		(6.56	)	$	44.15

Footnotes are presented on Pages 111-112.

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


104		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2020		(2.71	)%	$	1,983,618		1.19	%		n/a		0.57	%		28.06	%
9/30/2019		0.38	%	$	2,761,826		1.19	%		n/a		1.80	%		23.69	%
9/30/2018		(1.99	)%	$	3,371,735		1.18	%		n/a		1.11	%		21.55	%
9/30/2017		20.19	%	$	4,350,119		1.19	%		n/a		0.78	%		11.67	%
9/30/2016		9.02	%	$	5,500,119		1.18	%		n/a		0.98	%		17.79	%
Advisor Shares
9/30/2020		(2.56	)%	$	3,645,568		1.05	%		n/a		0.81	%		28.06	%
9/30/2019		0.52	%	$	4,336,510		1.05	%		n/a		1.93	%		23.69	%
9/30/2018		(1.87	)%	$	4,683,702		1.04	%		n/a		1.27	%		21.55	%
9/30/2017		20.41	%	$	4,323,659		1.04	%		n/a		0.93	%		11.67	%
9/30/2016		9.17	%	$	3,537,587		1.02	%		n/a		1.21	%		17.79	%
Institutional Shares
9/30/2020		(2.48	)%	$	7,944,724		0.96	%		n/a		0.85	%		28.06	%
9/30/2019		0.63	%	$	7,169,774		0.95	%		n/a		2.03	%		23.69	%
9/30/2018		(1.79	)%	$	7,295,259		0.95	%		n/a		1.41	%		21.55	%
9/30/2017		20.48	%	$	6,282,134		0.97	%		n/a		1.18	%		11.67	%
9/30/2016		9.27	%	$	3,038,159		0.96	%		n/a		1.26	%		17.79	%
MID CAP FUND
Investor Shares
9/30/2020		45.66	%	$	2,106,948		1.18	%		n/a		(0.81	)%		44.52	%
9/30/2019		5.11	%	$	1,599,647		1.19	%		n/a		(0.63	)%		47.96	%
9/30/2018		21.12	%	$	2,003,621		1.18	%		n/a		(0.62	)%		49.83	%
9/30/2017		12.19	%	$	2,277,750		1.18	%		n/a		(0.68	)%		42.59	%
9/30/2016		8.08	%	$	3,232,399		1.18	%		n/a		(0.75	)%		40.35	%
Advisor Shares
9/30/2020		45.83	%	$	667,057		1.05	%		n/a		(0.68	)%		44.52	%
9/30/2019		5.36	%	$	429,052		1.04	%		n/a		(0.48	)%		47.96	%
9/30/2018		21.26	%	$	644,777		1.04	%		n/a		(0.48	)%		49.83	%
9/30/2017		12.36	%	$	583,658		1.05	%		n/a		(0.54	)%		42.59	%
9/30/2016		8.19	%	$	445,648		1.05	%		n/a		(0.62	)%		40.35	%
Institutional Shares
9/30/2020		45.98	%	$	4,015,667		0.95	%		n/a		(0.59	)%		44.52	%
9/30/2019		5.41	%	$	3,029,773		0.96	%		n/a		(0.41	)%		47.96	%
9/30/2018		21.37	%	$	3,516,293		0.95	%		n/a		(0.39	)%		49.83	%
9/30/2017		12.45	%	$	4,119,181		0.95	%		n/a		(0.45	)%		42.59	%
9/30/2016		8.33	%	$	4,389,242		0.95	%		n/a		(0.52	)%		40.35	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		105

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
9/30/2020	$	19.81		0.15			(1.71	)		(1.56	)		(0.12	)		(1.87	)		(1.99	)	$	16.26
9/30/2019	$	23.56		0.10			(0.90	)		(0.80	)		(0.05	)		(2.90	)		(2.95	)	$	19.81
9/30/2018	$	23.98		0.02			1.86			1.88			(0.02	)		(2.28	)		(2.30	)	$	23.56
9/30/2017	$	21.41		0.06			3.11			3.17			(0.16	)		(0.44	)		(0.60	)	$	23.98
9/30/2016	$	22.22		0.12			2.70			2.82			(0.09	)		(3.54	)		(3.63	)	$	21.41
Advisor Shares
9/30/2020	$	19.77		0.17			(1.70	)		(1.53	)		(0.14	)		(1.87	)		(2.01	)	$	16.23
9/30/2019	$	23.53		0.13			(0.90	)		(0.77	)		(0.09	)		(2.90	)		(2.99	)	$	19.77
9/30/2018	$	23.94		0.05			1.85			1.90			(0.03	)		(2.28	)		(2.31	)	$	23.53
9/30/2017	$	21.37		0.09			3.10			3.19			(0.18	)		(0.44	)		(0.62	)	$	23.94
9/30/2016	$	22.23		0.14			2.70			2.84			(0.16	)		(3.54	)		(3.70	)	$	21.37
Institutional Shares
9/30/2020	$	19.80		0.18			(1.71	)		(1.53	)		(0.16	)		(1.87	)		(2.03	)	$	16.24
9/30/2019	$	23.56		0.14			(0.89	)		(0.75	)		(0.11	)		(2.90	)		(3.01	)	$	19.80
9/30/2018	$	23.98		0.07			1.85			1.92			(0.06	)		(2.28	)		(2.34	)	$	23.56
9/30/2017	$	21.40		0.11			3.11			3.22			(0.20	)		(0.44	)		(0.64	)	$	23.98
9/30/2016	$	22.25		0.16			2.70			2.86			(0.17	)		(3.54	)		(3.71	)	$	21.40
SELECT EQUITY FUND
Investor Shares
9/30/2020⁽¹³⁾	$	10.00		—	⁽⁵⁾		0.17			0.17			—			—			—		$	10.17
Advisor Shares
9/30/2020⁽¹³⁾	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18
Institutional Shares
9/30/2020⁽¹³⁾	$	10.00		0.01			0.17			0.18			—			—			—		$	10.18

Footnotes are presented on Pages 111-112.

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


106		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
MID CAP VALUE FUND
Investor Shares
9/30/2020		(8.93	)%	$	541,320		1.21	%		n/a			0.90	%		43.12	%
9/30/2019		(2.49	)%	$	842,896		1.20	%		n/a			0.52	%		19.18	%
9/30/2018		8.55	%	$	1,294,179		1.19	%		n/a			0.07	%		19.15	%
9/30/2017		15.08	%	$	1,957,786		1.17	%		n/a			0.25	%		23.92	%
9/30/2016		14.10	%	$	2,416,461		1.16	%		1.16	%		0.59	%		26.62	%
Advisor Shares
9/30/2020		(8.76	)%	$	518,198		1.06	%		n/a			1.02	%		43.12	%
9/30/2019		(2.32	)%	$	630,296		1.06	%		n/a			0.66	%		19.18	%
9/30/2018		8.68	%	$	951,667		1.05	%		n/a			0.24	%		19.15	%
9/30/2017		15.23	%	$	1,053,640		1.06	%		n/a			0.40	%		23.92	%
9/30/2016		14.22	%	$	1,025,855		1.05	%		1.06	%		0.70	%		26.62	%
Institutional Shares
9/30/2020		(8.76	)%	$	619,243		1.00	%		n/a			1.08	%		43.12	%
9/30/2019		(2.22	)%	$	796,385		0.98	%		n/a			0.72	%		19.18	%
9/30/2018		8.75	%	$	1,058,092		0.98	%		n/a			0.30	%		19.15	%
9/30/2017		15.37	%	$	1,040,520		0.97	%		n/a			0.48	%		23.92	%
9/30/2016		14.29	%	$	741,286		0.95	%		0.95	%		0.81	%		26.62	%
SELECT EQUITY FUND
Investor Shares
9/30/2020⁽¹³⁾		1.70	%	$	983		1.25	%		17.96	%		0.03	%		26.96	%
Advisor Shares
9/30/2020⁽¹³⁾		1.80	%	$	778		1.15	%		9.66	%		0.15	%		26.96	%
Institutional Shares
9/30/2020⁽¹³⁾		1.80	%	$	11,266		1.10	%		2.36	%		0.20	%		26.96	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		107

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
SMALL CAP FUND
Investor Shares
9/30/2020	$	33.17		(0.38	)		12.66			12.28			—			(2.65	)		(2.65	)	$	42.80
9/30/2019	$	38.97		(0.29	)		(0.08	)		(0.37	)		—			(5.43	)		(5.43	)	$	33.17
9/30/2018	$	33.61		(0.31	)		10.64			10.33			—			(4.97	)		(4.97	)	$	38.97
9/30/2017	$	29.93		(0.29	)		4.30			4.01			—			(0.33	)		(0.33	)	$	33.61
9/30/2016	$	28.55		(0.27	)		4.36			4.09			—			(2.71	)		(2.71	)	$	29.93
Advisor Shares
9/30/2020	$	33.30		(0.34	)		12.72			12.38			—			(2.65	)		(2.65	)	$	43.03
9/30/2019	$	39.05		(0.25	)		(0.07	)		(0.32	)		—			(5.43	)		(5.43	)	$	33.30
9/30/2018	$	33.63		(0.26	)		10.65			10.39			—			(4.97	)		(4.97	)	$	39.05
9/30/2017⁽¹⁴⁾	$	29.23		(0.18	)		4.58			4.40			—			—			—		$	33.63
Institutional Shares
9/30/2020	$	33.83		(0.31	)		12.95			12.64			—			(2.65	)		(2.65	)	$	43.82
9/30/2019	$	39.54		(0.23	)		(0.05	)		(0.28	)		—			(5.43	)		(5.43	)	$	33.83
9/30/2018	$	33.98		(0.24	)		10.77			10.53			—			(4.97	)		(4.97	)	$	39.54
9/30/2017	$	30.19		(0.23	)		4.35			4.12			—			(0.33	)		(0.33	)	$	33.98
9/30/2016	$	28.72		(0.20	)		4.38			4.18			—			(2.71	)		(2.71	)	$	30.19
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
9/30/2020	$	15.22		0.24			1.20			1.44			(0.27	)		—			(0.27	)	$	16.39
9/30/2019	$	15.08		0.18			0.10			0.28			(0.14	)		—			(0.14	)	$	15.22
9/30/2018	$	15.58		0.15			(0.56	)		(0.41	)		(0.09	)		—			(0.09	)	$	15.08
9/30/2017	$	12.75		0.08			2.87			2.95			(0.12	)		—			(0.12	)	$	15.58
9/30/2016⁽¹⁵⁾	$	9.90		0.19			2.66			2.85			—			—			—		$	12.75
Institutional Shares
9/30/2020	$	15.25		0.27			1.21			1.48			(0.17	)		—			(0.17	)	$	16.56
9/30/2019	$	15.03		0.20			0.10			0.30			(0.08	)		—			(0.08	)	$	15.25
9/30/2018	$	15.50		0.14			(0.53	)		(0.39	)		(0.08	)		—			(0.08	)	$	15.03
9/30/2017	$	12.65		0.08			2.86			2.94			(0.09	)		—			(0.09	)	$	15.50
9/30/2016⁽¹⁵⁾	$	9.83		0.03			2.79			2.82			—			—			—		$	12.65

Footnotes are presented on Pages 111-112.

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


108		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
SMALL CAP FUND
Investor Shares
9/30/2020		39.51	%	$	896,297		1.20	%		n/a			(1.05	)%		40.59	%
9/30/2019		2.02	%	$	611,745		1.20	%		n/a			(0.88	)%		47.32	%
9/30/2018		34.71	%	$	495,803		1.20	%		n/a			(0.90	)%		43.85	%
9/30/2017		13.56	%	$	461,398		1.21	%		n/a			(0.96	)%		35.37	%
9/30/2016		15.27	%	$	764,298		1.25	%		n/a			(1.00	)%		27.00	%
Advisor Shares
9/30/2020		39.66	%	$	999,213		1.08	%		n/a			(0.94	)%		40.59	%
9/30/2019		2.16	%	$	589,147		1.08	%		n/a			(0.77	)%		47.32	%
9/30/2018		34.89	%	$	495,650		1.06	%		n/a			(0.75	)%		43.85	%
9/30/2017⁽¹⁴⁾		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
9/30/2020		39.82	%	$	1,106,482		0.99	%		n/a			(0.84	)%		40.59	%
9/30/2019		2.25	%	$	636,076		0.99	%		n/a			(0.69	)%		47.32	%
9/30/2018		34.94	%	$	814,426		1.01	%		n/a			(0.70	)%		43.85	%
9/30/2017		13.81	%	$	497,931		1.01	%		n/a			(0.75	)%		35.37	%
9/30/2016		15.51	%	$	518,224		1.01	%		n/a			(0.76	)%		27.00	%
SUSTAINABLE EMERGING MARKETS FUND
Investor Shares
9/30/2020		9.58	%	$	46,541		1.35	%		1.73	%		1.59	%		21.57	%
9/30/2019		1.91	%	$	45,717		1.35	%		1.93	%		1.19	%		30.58	%
9/30/2018		(2.70	)%	$	49,562		1.41	%*		1.78	%		0.89	%		35.24	%
9/30/2017		23.47	%	$	42,429		1.50	%		2.19	%		0.61	%		26.22	%
9/30/2016⁽¹⁵⁾		28.79	%	$	30,135		0.94	%		1.85	%		1.68	%		45.79	%
Institutional Shares
9/30/2020		9.73	%	$	6,695		1.20	%		2.29	%		1.72	%		21.57	%
9/30/2019		2.04	%	$	6,315		1.20	%		2.47	%		1.34	%		30.58	%
9/30/2018		(2.57	)%	$	5,842		1.33	%*		2.00	%		0.87	%		35.24	%
9/30/2017		23.47	%	$	8,709		1.50	%		2.23	%		0.57	%		26.22	%
9/30/2016⁽¹⁵⁾		28.69	%	$	6,555		1.26	%		1.79	%		0.29	%		45.79	%

Footnotes are presented on Pages 111-112.

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


Artisan Partners Funds		109

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
VALUE FUND
Investor Shares
9/30/2020	$	12.88		0.09		(0.02	)		0.07			(0.11	)		(0.43	)		(0.54	)	$	12.41
9/30/2019	$	15.10		0.11		(0.56	)		(0.45	)		(0.10	)		(1.67	)		(1.77	)	$	12.88
9/30/2018	$	15.25		0.11		1.19			1.30			(0.05	)		(1.40	)		(1.45	)	$	15.10
9/30/2017	$	13.10		0.07		2.17			2.24			(0.09	)		—			(0.09	)	$	15.25
9/30/2016	$	11.56		0.09		2.61			2.70			(0.06	)		(1.10	)		(1.16	)	$	13.10
Advisor Shares
9/30/2020	$	12.83		0.11		(0.02	)		0.09			(0.12	)		(0.43	)		(0.55	)	$	12.37
9/30/2019	$	15.04		0.13		(0.55	)		(0.42	)		(0.12	)		(1.67	)		(1.79	)	$	12.83
9/30/2018	$	15.22		0.12		1.19			1.31			(0.09	)		(1.40	)		(1.49	)	$	15.04
9/30/2017	$	13.05		0.10		2.15			2.25			(0.08	)		—			(0.08	)	$	15.22
9/30/2016	$	11.57		0.10		2.61			2.71			(0.13	)		(1.10	)		(1.23	)	$	13.05
Institutional Shares
9/30/2020	$	12.86		0.12		(0.02	)		0.10			(0.13	)		(0.43	)		(0.56	)	$	12.40
9/30/2019	$	15.08		0.14		(0.56	)		(0.42	)		(0.13	)		(1.67	)		(1.80	)	$	12.86
9/30/2018	$	15.26		0.14		1.19			1.33			(0.11	)		(1.40	)		(1.51	)	$	15.08
9/30/2017	$	13.09		0.12		2.15			2.27			(0.10	)		—			(0.10	)	$	15.26
9/30/2016	$	11.60		0.11		2.61			2.72			(0.13	)		(1.10	)		(1.23	)	$	13.09

Footnotes are presented on Pages 111-112.

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


110		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
VALUE FUND
Investor Shares
9/30/2020		0.35	%	$	78,717		1.08	%		n/a			0.73	%		39.07	%
9/30/2019		(1.80	)%	$	131,134		1.06	%		n/a			0.87	%		28.36	%
9/30/2018		9.32	%	$	184,869		1.01	%		n/a			0.72	%		24.53	%
9/30/2017		17.16	%	$	216,981		1.01	%		n/a			0.50	%		44.17	%
9/30/2016		24.64	%	$	457,969		0.96	%		n/a			0.75	%		52.05	%
Advisor Shares
9/30/2020		0.54	%	$	84,035		0.88	%		0.92	%		0.94	%		39.07	%
9/30/2019		(1.59	)%	$	108,557		0.88	%		0.93	%		1.06	%		28.36	%
9/30/2018		9.43	%	$	130,949		0.88	%		0.89	%		0.83	%		24.53	%
9/30/2017		17.37	%	$	181,340		0.85	%		n/a			0.71	%		44.17	%
9/30/2016		24.73	%	$	251,643		0.84	%		n/a			0.89	%		52.05	%
Institutional Shares
9/30/2020		0.64	%	$	123,440		0.82	%		n/a			1.02	%		39.07	%
9/30/2019		(1.57	)%	$	168,607		0.84	%		n/a			1.09	%		28.36	%
9/30/2018		9.56	%	$	184,908		0.80	%		n/a			0.94	%		24.53	%
9/30/2017		17.46	%	$	253,869		0.80	%		n/a			0.82	%		44.17	%
9/30/2016		24.78	%	$	98,001		0.77	%		n/a			0.95	%		52.05	%

Expense limit from October 1, 2017 to February 20, 2018 was 1.50%. Expense limit was lowered effective February 21, 2018 to 1.35% for Investor Shares and 1.20% for Institutional Shares.

⁽¹⁾

Computed based on average shares outstanding.

⁽²⁾

Periods less than twelve months (where applicable) are not annualized.

⁽³⁾

Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾

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

⁽⁵⁾

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

⁽⁶⁾

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

⁽⁷⁾

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

⁽⁸⁾

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

⁽⁹⁾

For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽¹⁰⁾

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

⁽¹¹⁾

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

⁽¹²⁾

For the period from commencement of operations (April 12, 2016) through September 30, 2016.

⁽¹³⁾

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

⁽¹⁴⁾

For the period from commencement of operations (February 1, 2017) through September 30, 2017.

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


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ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

⁽¹⁵⁾

In the fiscal year ended September 30, 2016, Sustainable Emerging Markets Fund recognized a non-recurring reimbursement from the Fund’s former custodian of approximately $172,000 in connection with certain out-of-pocket expenses the custodian charged the Fund between 1998 and 2015. The reimbursement represented 0.5% of the Fund’s net assets of September 30, 2016. The impact of the reimbursement is as follows for the September 30, 2016 Net Investment Income per share, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets:


	Impact On Total Return		Impact On Ratio of Expenses to Average Net Assets			Impact On Ratio of Expenses to Average Net Assets Excluding Waivers			Impact On Ratio of Net Investment Income to Average Net Assets
Sustainable Emerging Markets Fund
Investor Shares		0.61%		(0.56	)%		(0.56	)%		0.56%
Institutional Shares		0.61%		(0.24	)%		(0.25	)%		0.24%

⁽¹⁶⁾

Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below. Refer to 2(m) in Notes to Financial Statements for additional information.


	Ratio of Expenses to Average Net Assets^@ (annualized)		Ratio of Expenses to Average Net Assets Excluding Waivers (annualized)
FOCUS FUND
Investor Shares
9/30/2018		1.50%		1.69%
9/30/2017^#		1.50%		2.69%
Advisor Shares
9/30/2018^&		1.40%		2.74%

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

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

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

⁽¹⁷⁾

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

⁽¹⁸⁾

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

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


112		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – September 30, 2020

(1)

Organization:

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995, as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of September 30, 2020, Artisan Partners Funds is a series company comprised of sixteen series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name

Investor Shares
Inception Date

Advisor Shares
Inception Date

Institutional Shares
Inception Date

Artisan Developing World Fund (“Developing World Fund”)

June 29, 2015

Artisan Focus Fund* (“Focus Fund”)

April 24, 2017

July 31, 2018

February 3, 2020

Artisan Global Discovery Fund (“Global Discovery Fund”)

August 21, 2017

February 3, 2020

Artisan Global Equity Fund (“Global Equity Fund”)

March 29, 2010

August 5, 2020

October 15, 2015

Artisan Global Opportunities Fund (“Global Opportunities Fund”)

September 22, 2008

April 1, 2015

July 26, 2011

Artisan Global Value Fund (“Global Value Fund”)

December 10, 2007

April 1, 2015

July 17, 2012

Artisan High Income Fund (“High Income Fund”)

March 19, 2014

October 3, 2016

Artisan International Fund (“International Fund”)

December 28, 1995

April 1, 2015

July 1, 1997

Artisan International 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

Artisan Small Cap Fund (“Small Cap Fund”)

March 28, 1995

February 1, 2017

May 7, 2012

Artisan Sustainable Emerging Markets Fund (“Sustainable Emerging Markets Fund”)

June 2, 2008

N/A

June 26, 2006

Artisan Value Fund (“Value Fund”)

March 27, 2006

April 1, 2015

July 26, 2011

Effective May 27, 2020, Artisan Thematic Fund changed its name to Artisan Focus Fund.

During the reporting period, each Fund operated as an open-end, diversified mutual fund except Focus Fund and Select Equity Fund, which are open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Focus Fund and High Income Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. Focus Fund’s investment objective is to seek maximum long-term capital appreciation. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus


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NOTES TO FINANCIAL STATEMENTS

accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

(2)

Summary of significant accounting policies:

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

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The Funds adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of October 1, 2019. As a result of the adoption of ASU 2017-08, as of October 1, 2019, the amortized cost basis of investments was reduced and unrealized appreciation of investments was increased by $5,063,000 for High Income Fund. There is no impact on net assets or overall results from operations.

(a)

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

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the


114		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Nasdaq Stock Market, or over-the-counter was valued at the closing price on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention.

Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security if market quotations are not readily available. Exchange traded option contracts were valued at the mid price (average of the bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange. Shares of open-end investment companies were valued at the latest net asset value reported by the investment company.

Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

Securities or other assets for which market quotations were not readily available were valued by the Funds’ valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors of the Funds. A market quotation was considered to be not readily available, and a Fund therefore used fair value pricing, if, among other things, there were no quotations, pricing data was not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security or asset, or the value of the security or asset might have been materially affected by events occurring after the close of the market in which the security or asset was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event could include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, ETFs or other financial instruments in the US or other markets. The Funds monitored for subsequent events using several tools. In fair valuing non-US equity securities and equity-linked securities, the Funds have used adjustment factors provided by a third party valuation service when there were subsequent events or expected or unexpected market closures. The third party valuation service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.


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NOTES TO FINANCIAL STATEMENTS

When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair values utilized by the Funds as described above could differ from the value realized on the sale of those securities or assets in the future and the differences could be material to the NAV of the applicable Fund.

(b)

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

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2017 through 2020) and have concluded that, as of September 30, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and Wisconsin Department of Revenue.

As of and during the year ended September 30, 2020, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2020, the Funds did not incur any material interest or penalties.

The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds’ understanding of the applicable country’s tax rules and rates. Foreign taxes imposed on realized and unrealized gains was based on the Funds’ understanding of the applicable country’s tax rules and rates and if applicable, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments”, as applicable, on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(c)	Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(d)

Restricted securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an


116		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into US dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into US dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US dollar denominated depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities and included in other assets less liabilities in the Schedule of Investments. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)	Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(g)

Equity-linked securities – Each Fund, except Mid Cap Value Fund and Small Cap Fund, may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked securities and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.


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NOTES TO FINANCIAL STATEMENTS

(h)	Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(i)

Indemnifications – Artisan Partners Funds indemnifies its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds also enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of September 30, 2020, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(j)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when- issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will segregate liquid assets in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(k)

Unfunded Commitments – Pursuant to the terms of certain term loan agreements, High Income Fund is obligated to fund term loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating liquid assets. During the year, High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses would be presented separately on the Statement of Assets and Liabilities. As of September 30, 2020, there were no unfunded commitments.

(l)

Redemption Fees – High Income Fund generally imposes a 2% redemption fee on the redemption or exchange of shares owned for 90 days or less. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. The Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short- term trading. The Fund waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Fund’s prospectus.

(m)

Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.


118		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

In order to terminate the short sale, the Fund that borrowed the security is obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Fund will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. Each Fund generally must segregate liquid assets for the benefit of its counterparty to secure its obligation to purchase the security, so that the total of the amounts segregated is equal to the market value of the securities sold short. The Funds incur expenses as a result of executing short sales.

During the year ended September 30, 2020, no Funds engaged in short sales.

(n)

Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Funds on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded, revised or canceled as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

(3)

Risks:

Like all mutual funds, the Funds take investment risks and it is possible for you to lose money by investing in a Fund. Investors in each Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. This section describes certain of the principal risks associated with investing in each Fund, but is not a complete list of every risk involved in investing in each Fund and the Fund may be exposed to additional risks not listed below. See the Funds’ prospectus and statement of additional information regarding


Artisan Partners Funds		119

NOTES TO FINANCIAL STATEMENTS

the risks of investing in shares of the Funds. An investment in a Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers’ business functions and affect fund performance. For example, the recent global outbreak of the 2019 novel coronavirus (“COVID-19”), together with resulting voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, has meaningfully disrupted the global economy and markets. Although the long-term economic fallout of COVID-19 is difficult to predict, it has had and is expected to continue to have ongoing material adverse effects across many, if not all, aspects of regional, national and global economies.

Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

Investment risks typically are greater in emerging and developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. The securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.


120		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security may fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the investment. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. Given the low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities in which a Fund invests may be rated below investment grade or be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds.

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which High Income Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the secured loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial


Artisan Partners Funds		121

NOTES TO FINANCIAL STATEMENTS

period after the sale of the loans. It is unclear whether certain loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation.

The London Interbank Offered Rate (“LIBOR”) is expected to cease to be available, or appropriate for use, by the end of 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments (including, for example, loans that reference LIBOR) and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined.

As non-diversified funds, Focus Fund, Select Equity Fund and Sustainable Emerging Markets Fund may invest a larger portion of their assets in securities of a smaller number of issues than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers. Sustainable Emerging Markets Fund changed from diversified to non-diversified effective November 12, 2020.

(4)

Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – unadjusted quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the US where the applicable trading market was closed or factors were applied to prices as a result of significant market movements following the close of local trading)

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the


122		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

valuation techniques for the Funds’ major classes of assets are found in Note 2(a). A description of the fair value leveling techniques are described below:

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, equity-linked securities, foreign currency forward contracts, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of September 30, 2020 (in thousands):


Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total

Developing World
Common Stocks⁽¹⁾
Developed Markets		$	2,093,542			$	631,184		$	-		$	2,724,726
Emerging Asia			1,398,482				1,695,841			-			3,094,323
Europe, Middle East & Africa			152,940				-			-			152,940
Latin America			492,581				-			-			492,581
Investment Companies			186,122				-			-			186,122
Total Investments		$	4,323,667			$	2,327,025		$	-		$	6,650,692
Focus
Common Stocks⁽¹⁾		$	1,152,236			$	43,665		$	-		$	1,195,901
Options Purchased			156,661				-			-			156,661
Investment Companies			80,067				-			-			80,067
Total Investments			1,388,964				43,665			-			1,432,629
Foreign Currency Forward Contracts⁽²⁾			-				994			-			994
Written Option Contract			(12,992	)			-			-			(12,992	)
Total		$	1,375,972			$	44,659		$	-		$	1,420,631
Global Discovery
Common Stocks⁽¹⁾
Americas		$	119,293			$	-		$	-		$	119,293
Emerging Markets			4,932				5,271			-			10,203
Europe			10,873				52,701			-			63,574
Pacific Basin			-				12,473			-			12,473
Investment Companies			4,836				-			-			4,836
Total Investments		$	139,934			$	70,445		$	-		$	210,379


Artisan Partners Funds		123

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs				Total

Global Equity
Common Stocks⁽¹⁾
Americas		$	132,276			$	-			$	-			$	132,276
Emerging Markets			5,804				16,293				-				22,097
Europe			10,297				70,059				-				80,356
Pacific Basin			-				17,079				-				17,079
Investment Companies			4,020				-				-				4,020
Total Investments		$	152,397			$	103,431			$	-			$	255,828
Global Opportunities
Common Stocks⁽¹⁾
Americas		$	2,502,281			$	-			$	-			$	2,502,281
Emerging Markets			120,786				68,992				-				189,778
Europe			-				1,514,558				-				1,514,558
Pacific Basin			-				430,099				-				430,099
Investment Companies			143,435				-				-				143,435
Total Investments		$	2,766,502			$	2,013,649			$	-			$	4,780,151
Global Value
Common Stocks⁽¹⁾
Americas		$	999,314			$	-			$	-			$	999,314
Emerging Markets			78,594				92,527				-				171,121
Europe			64,477				496,953				-				561,430
Investment Companies			94,032				-				-				94,032
Total Investments			1,236,417				589,480				-				1,825,897
Foreign Currency Forward Contracts⁽²⁾			-				(2,416	)			-				(2,416	)
Total		$	1,236,417			$	587,064			$	-			$	1,823,481
High Income
Corporate Bonds⁽¹⁾		$	-			$	3,651,317			$	-			$	3,651,317
Bank loans⁽¹⁾			-				1,022,149				-				1,022,149
Convertible Bonds⁽¹⁾			-				6,048				-				6,048
Preferred Stock⁽¹⁾			-				-				-	⁽³⁾			-
Investment Companies			73,929				-				-				73,929
Total Investments			73,929				4,679,514				-				4,753,443
Foreign Currency Forward Contracts⁽²⁾			-				142				-				142
Futures⁽²⁾			(662	)			-				-				(662	)
Total		$	73,267			$	4,679,656			$	-			$	4,752,923


124		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total

International
Common Stocks and Equity-Linked Security⁽¹⁾
Americas		$	1,735,740		$	-			$	-		$	1,735,740
Emerging Markets			397,862			817,097				-			1,214,959
Europe			225,641			5,290,447				-			5,516,088
Middle East			245,408			-				-			245,408
Pacific Basin			-			700,531				-			700,531
Investment Companies			250,831			-				-			250,831
Total Investments		$	2,855,482		$	6,808,075			$	-		$	9,663,557
International Small-Mid
Common Stocks⁽¹⁾
Americas		$	528,218		$	7,848			$	-		$	536,066
Emerging Markets			151,239.00			51,147				-			202,386
Europe			11,422			1,692,976				-			1,704,398
Middle East			206,927			42,292.00				-			249,219
Pacific Basin			-			582,853				-			582,853
Investment Companies			187,348			-				-			187,348
Total Investments		$	1,085,154		$	2,377,116			$	-		$	3,462,270
International Value
Common Stocks and Equity-Linked Security⁽¹⁾
Americas		$	1,298,843		$	94,068			$	-		$	1,392,911
Emerging Markets			1,252,394			2,136,704				-			3,389,098
Europe			229,741			7,139,543				-			7,369,284
Pacific Basin			-			146,062.00				-			146,062
Investment Companies			1,252,636			-				-			1,252,636
Total Investments			4,033,614			9,516,377				-			13,549,991
Foreign Currency Forward Contracts⁽²⁾			-			(33,554	)			-			(33,554	)
Total		$	4,033,614		$	9,482,823			$	-		$	13,516,437
Mid Cap
Common Stocks⁽¹⁾		$	6,302,572		$	350,676			$	-		$	6,653,248
Investment Companies			145,310			-				-			145,310
Total Investments		$	6,447,882		$	350,676			$	-		$	6,798,558
Mid Cap Value
Common Stocks⁽¹⁾		$	1,651,353		$	-			$	-		$	1,651,353
Investment Companies			31,866			-				-			31,866
Total Investments		$	1,683,219		$	-			$	-		$	1,683,219


Artisan Partners Funds		125

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs				Total

Select Equity			��
Common Stocks⁽¹⁾		$	10,085		$	1,922		$	-			$	12,007
Investment Companies			1,105			-			-				1,105
Total Investments		$	11,190		$	1,922		$	-			$	13,112
Small Cap
Common Stocks⁽¹⁾		$	2,953,792		$	-		$	-			$	2,953,792
Investment Companies			71,671			-			-				71,671
Total Investments		$	3,025,463		$	-		$	-			$	3,025,463
Sustainable Emerging Markets
Common Stocks⁽¹⁾
Developed Markets		$	-		$	2,302		$	-			$	2,302
Emerging Asia			8,850			27,613			-	⁽³⁾			36,463
Europe, Middle East & Africa			593			6,298			-				6,891
Latin America			7,020			-			-				7,020
Investment Companies			546			-			-				546
Total Investments		$	17,009		$	36,213		$	-			$	53,222
Value
Common Stocks⁽¹⁾		$	221,902		$	51,143		$	-			$	273,045
Investment Companies			13,087			-			-				13,087
Total Investments		$	234,989		$	51,143		$	-			$	286,132

⁽¹⁾See the Fund’s Schedule of Investments for industry or country classifications. ⁽²⁾Foreign currency forward contracts are valued at unrealized appreciation (depreciation). Amounts shown above are shown as net unrealized appreciation (depreciation). See the Fund’s Schedule of Investments for additional detail. ⁽³⁾Valued at $0.

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


Assets	Fair Value at September 30, 2020				Unobservable Input(s)	Impact to Fair Value from an Increase in Input
High Income Fund
Preferred Stocks			-	⁽¹⁾	100% discount for lack of expected recovery	N/A
Sustainable Emerging Markets Fund
Common Stock		$	-	⁽¹⁾	Last quote in inactive market less 100% discount	N/A
⁽¹⁾Includes one or more securities valued at $0.


126		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2020, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):


	High Income Fund				Sustainable Emerging Markets Fund
Balance as of September 30, 2019		$	322	⁽¹⁾		$	-	⁽¹⁾
Transfers into Level 3			-				-
Net change in unrealized appreciation (depreciation)			5,267				-
Purchases			944				-
Sales			-				-
Accrued Amortization			13
Realized Gain/Loss			(6,546	)			-
Transfers out of Level 3			-				-

Balance as of September 30, 2020		$	-	⁽¹⁾		$	-	⁽¹⁾

Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2020		$	(957	)		$	-

⁽¹⁾ Includes one or more securities valued at $0.

(5)

Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. For Investor Shares and Advisor Shares of the Funds, each Fund paid all or a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. For Institutional Shares, the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. See the Funds’ prospectus and statement of additional information about authorized agents. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees


Artisan Partners Funds		127

NOTES TO FINANCIAL STATEMENTS

and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2020 (in thousands):


	Year Ended 9/30/2020
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Developing World Fund - Investor Shares		$	50		$	842			$	892
Artisan Developing World Fund - Advisor Shares			46			1,807				1,853
Artisan Developing World Fund - Institutional Shares			39			-				39
Artisan Focus Fund - Investor Shares			45			491				536
Artisan Focus Fund - Advisor Shares			33			540				573
Artisan Focus Fund - Institutional Shares⁽¹⁾			21			-				21
Artisan Global Discovery Fund - Investor Shares			38			182				220
Artisan Global Discovery Fund - Advisor Shares⁽¹⁾			21			4				25
Artisan Global Discovery Fund - Institutional Shares⁽¹⁾			21			-				21
Artisan Global Equity Fund - Investor Shares			41			259				300
Artisan Global Equity Fund - Advisor Shares⁽²⁾			5			-	⁽⁴⁾			5
Artisan Global Equity Fund - Institutional Shares			31			-				31
Artisan Global Opportunities Fund - Investor Shares			75			2,498				2,573
Artisan Global Opportunities Fund - Advisor Shares			36			633				669
Artisan Global Opportunities Fund - Institutional Shares			38			-				38
Artisan Global Value Fund - Investor Shares			59			821				880
Artisan Global Value Fund - Advisor Shares			35			371				406
Artisan Global Value Fund - Institutional Shares			38			-				38
Artisan High Income Fund - Investor Shares			48			1,972				2,020
Artisan High Income Fund - Advisor Shares			52			1,918				1,970
Artisan High Income Fund - Institutional Shares			44			-				44
Artisan International Fund - Investor Shares			246			7,559				7,805
Artisan International Fund - Advisor Shares			42			1,544				1,586
Artisan International Fund - Institutional Shares			52			-				52
Artisan International Small-Mid Fund - Investor Shares			59			621				680
Artisan International Small-Mid Fund - Advisor Shares			39			645				684
Artisan International Small-Mid Fund - Institutional Shares			38			-				38
Artisan International Value Fund - Investor Shares			109			4,980				5,089
Artisan International Value Fund - Advisor Shares			50			3,671				3,721
Artisan International Value Fund - Institutional Shares			52			-				52
Artisan Mid Cap Fund - Investor Shares			125			3,746				3,871
Artisan Mid Cap Fund - Advisor Shares			36			361				397
Artisan Mid Cap Fund - Institutional Shares			54			-				54
Artisan Mid Cap Value Fund - Investor Shares			119			1,349				1,468


128		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2020
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents				Total
Artisan Mid Cap Value Fund - Advisor Shares		$	41		$	306			$	347
Artisan Mid Cap Value Fund - Institutional Shares			36			-				36
Artisan Select Equity Fund - Investor Shares⁽³⁾			21			1				22
Artisan Select Equity Fund - Advisor Shares⁽³⁾			21			-	⁽⁴⁾			21
Artisan Select Equity Fund - Institutional Shares⁽³⁾			21			-				21
Artisan Small Cap Fund - Investor Shares			106			1,418				1,524
Artisan Small Cap Fund - Advisor Shares			35			615				650
Artisan Small Cap Fund - Institutional Shares			36			-				36
Artisan Sustainable Emerging Markets Fund - Investor Shares			36			103				139
Artisan Sustainable Emerging Markets Fund - Institutional Shares			31			-				31
Artisan Value Fund - Investor Shares			52			261				313
Artisan Value Fund - Advisor Shares			32			78				110
Artisan Value Fund - Institutional Shares			33			-				33
⁽¹⁾ For the period from commencement of operations (February 3, 2020) through September 30, 2020. ⁽²⁾ For the period from commencement of operations (August 5, 2020) through September 30, 2020. ⁽³⁾ For the period from commencement of operations (February 28, 2020) through September 30, 2020. ⁽⁴⁾ Amount rounds to less than $1

(6)

Derivative Transactions:

Each Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

Foreign Currency Forward Contracts

Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Forward currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Focus Fund, Global Value Fund, High Income Fund and International Value Fund each used foreign currency contracts for hedging currency exposure during the year ended September 30, 2020.


Artisan Partners Funds		129

NOTES TO FINANCIAL STATEMENTS

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

Futures Transactions

Each Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. High Income Fund used futures contracts to manage duration exposure during the year ended September 30, 2020.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as due from broker in the Statements of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

When a Fund invests in futures contracts, it will cover its position by earmarking or segregating an amount of liquid assets equal to the market value of the futures positions held less margin deposits, and that amount will be marked-to-market on a daily basis.

Options Transactions

Each Fund may purchase and write (sell) put options and call options on securities or indexes.

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. When a Fund writes options, it will cover its obligation by earmarking or segregating liquid assets.

If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If a purchased option expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from writing a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in


130		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. During the year ended September 30, 2020, Focus Fund used options transactions to enhance alpha and minimize downside market risk.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2020 was as follows (in thousands):


Fund	Risk Exposure Category	Derivative Instrument	Statements of Assets and Liabilities Location	Value
Focus	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	994
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		$	156,661
	Equity	Written options contracts	Written options, at value		$	(12,992	)
Global Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	588
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(3,004	)
High Income	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	142
	Interest Rate	Futures contracts	Due from broker		$	4,387
			Receivable for variation margin on futures contracts⁽¹⁾			689
International Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		$	7,251
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		$	(40,805	)

⁽¹⁾

Receivable is the daily change in the margin requirement. As of September 30, 2020, total net unrealized appreciation/(depreciation) was $(662).


Artisan Partners Funds		131

NOTES TO FINANCIAL STATEMENTS

The effect of derivative instruments in the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on the Statements of Operations for the year ended September 30, 2020 was as follows (in thousands):


Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations Location	Net Realized Gain (Loss)				Statements of Operations Location	Unrealized Appreciation (Depreciation)
Focus	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(6,344	)	Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	446
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	14,884		Net increase in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	5,428
	Equity	Written options contracts	Net realized gain on written options		$	14,253		Net decrease in unrealized appreciation or depreciation on written options		$	(4,471	)
Global Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	2,072		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(5,050	)
High Income	Interest rate	Futures contracts	Net realized loss on futures contracts		$	(22,172	)	Net decrease in unrealized appreciation or depreciation on futures contracts		$	(2,659	)
	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(302	)	Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	142
International Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	19,737		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(51,830	)


132		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The average monthly amount outstanding for each derivative type for the year ended September 30, 2020 was as follows (dollar value in thousands):


Fund	Derivative Type	Average Monthly Notional Amount
Focus	Foreign currency forward contracts		$	193,339
Global Value	Foreign currency forward contracts		$	67,175
High Income^(a)	Foreign currency forward contracts		$	9,984
International Value	Foreign currency forward contracts		$	782,048

Fund	Derivative Type	Average Monthly Notional Amount
High Income	Futures contracts		$	281,044

Fund	Derivative Type	Average Monthly Notional Amount
Focus	Purchased options contracts		$	45,683
	Written options contracts		$	1,757

^(a)

Average Monthly Notional Amount is based on the 3 month period during which the Portfolio held foreign currency forward contracts

Master Netting Agreements

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands) for foreign currency forward contracts as of September 30, 2020:


	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Received			Net Amount (Not Less Than $0)
Focus	JPMorgan Chase Bank, N.A.		$	994		$	-			$	-		$	994
Global Value	JPMorgan Chase Bank, N.A.			588			(588	)			-			-
High Income	JPMorgan Chase Bank, N.A.			142			-				-			142
International Value	JPMorgan Chase Bank, N.A.			7,251			(7,251	)			-			-

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Liability Amounts Presented in Statements of Assets and Liabilities			Financial Instrument				Collateral Pledged			Net Amount (Not Less Than $0)
Global Value	JPMorgan Chase Bank, N.A.		$	3,004		$	(588	)		$	-		$	2,416
International Value	JPMorgan Chase Bank, N.A.			40,805			(7,251	)			-			33,554


Artisan Partners Funds		133

NOTES TO FINANCIAL STATEMENTS

(7)

Related Party Transactions:

(a)

Investment Advisory Agreement – The Adviser, with which the officers and two directors of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the year ended September 30, 2020. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows:

Developing World Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Global Discovery Fund


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

Global Equity Fund (Prior to November 15, 2019) and Global Value Fund:


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900

Global Equity Fund (Effective November 15, 2019):


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $2 billion		0.875
$2 billion to $3.5 billion		0.850
$3.5 billion to $5 billion		0.825
Greater than $5 billion		0.800

Global Opportunities Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $4 billion		0.875
$4 billion to $8 billion		0.850
$8 billion to $12 billion		0.825
Greater than $12 billion		0.800


134		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

High Income Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.725	%
$1 billion to $2 billion		0.700
$2 billion to $3.5 billion		0.675
$3.5 billion to $10 billion		0.650
Greater than $10 billion		0.625

International Fund


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

International Small-Mid Fund


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

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


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

Select Equity Fund


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

Focus Fund and Sustainable Emerging Markets Fund


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


Artisan Partners Funds		135

NOTES TO FINANCIAL STATEMENTS

Value Fund


Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

(b)

Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. These contractual limits continue through the date shown on the table below at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the year ended September 30, 2020 (dollar values in thousands).

For the year ended September 30, 2020, Select Equity Fund incurred operating expenses of approximately $143,000 that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at September 30, 2020.


Fund	Expense Limit as a % of Average Daily Net Assets			Contractual Expense Limit Continues Through		Expenses Waived
Artisan Focus Fund - Investor Shares		1.50	%		January 31, 2021		$	-
Artisan Focus Fund - Advisor Shares		1.40	%		January 31, 2021			-
Artisan Focus Fund - Institutional Shares		1.40	%		January 31, 2021			-
Artisan Global Discovery Fund - Investor Shares⁽¹⁾		1.40	%		January 31, 2022			-
Artisan Global Discovery Fund - Advisor Shares⁽²⁾		1.30	%		January 31, 2022			30
Artisan Global Discovery Fund - Institutional Shares⁽²⁾		1.25	%		January 31, 2022			-
Artisan Global Equity Fund - Investor Shares⁽³⁾		1.35	%		January 31, 2022			-
Artisan Global Equity Fund - Advisor Shares⁽⁴⁾		1.25	%		January 31, 2022			8
Artisan Select Equity Fund - Investor Shares⁽⁵⁾		1.25	%		January 31, 2022			61
Artisan Select Equity Fund - Advisor Shares⁽⁵⁾		1.15	%		January 31, 2022			59
Artisan Select Equity Fund - Institutional Shares⁽⁵⁾		1.10	%		January 31, 2022			76
Artisan Sustainable Emerging Markets Fund - Investor Shares		1.35	%		January 31, 2022			172
Artisan Sustainable Emerging Markets Fund - Institutional Shares		1.20	%		January 31, 2022			69
Artisan Value Fund - Advisor Shares		0.88	%		January 31, 2022			43

⁽¹⁾Effective February 3, 2020. Prior to this date, the rate was 1.50%.
⁽²⁾Effective February 3, 2020. Prior to this date, the rate was 1.40% for Advisor Shares and 1.35% for Institutional Shares.


136		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

⁽³⁾Effective June 1, 2020.

⁽⁴⁾Effective August 6, 2020.

⁽⁵⁾Effective February 28, 2020.

(c)

Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the year ended September 30, 2020, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of $275,000.

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


	Amount
Independent board chair		$	85,000
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000

If more than seven in-person meetings or four telephonic meetings are held in a calendar year, each director is paid an additional meeting attendance fee of $5,000 for each such in-person meeting and $1,000 for each such telephonic meeting. These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds.

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

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

(8)

Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 9, 2021. Under the line of credit, each Fund can borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to


Artisan Partners Funds		137

NOTES TO FINANCIAL STATEMENTS

applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds may not exceed $200 million. Prior to June 10, 2020, the Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowing at the highest of (i) the Eurodollar Rate, as defined in the Agreement, for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.00%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.00%. Effective June 10, 2020, the Funds paid a commitment fee at the annual rate of 0.20% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) the Eurodollar Rate for a one-month interest period commencing two business days after such day (but, in any event, not less than 0.00%) plus 1.25%, (ii) the federal funds effective rate in effect on such day (but, in any event, not less than 0.00%) plus 1.25% or (iii) the overnight bank funding rate in effect on such day (but, in any event, not less than 0.00%) plus 1.25%. The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the year ended September 30, 2020, there were borrowings under the line of credit for the Developing World Fund, Global Equity Fund, Global Value Fund, International Value Fund and Value Fund which had average borrowings of $13,438,000, $8,030,000, $4,675,000, $25,900,000, and $750,000, respectively, with corresponding borrowing rates of 1.40%, 2.46%, 1.38%, 1.51%, and 1.43%, respectively. All fees and interest expense, related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at September 30, 2020.

(9)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the year ended September 30, 2020 were as follows (in thousands):


Fund	Security Purchases			Security Sales
Developing World		$	7,086,297		$	5,595,157
Focus			2,814,367			2,514,978
Global Discovery			109,067			57,143
Global Equity			320,105			367,918
Global Opportunities			1,805,665			1,619,080
Global Value			889,593			1,772,556
High Income			3,821,716			2,735,614
International			5,140,221			6,442,624
International Small-Mid			2,041,587			554,433
International Value			4,256,989			3,434,554


138		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Security Purchases			Security Sales
Mid Cap		$	2,399,337		$	2,818,501
Mid Cap Value			794,962			1,161,951
Select Equity⁽¹⁾			14,151			2,785
Small Cap			1,266,259			883,912
Sustainable Emerging Markets			10,798			13,034
Value			137,427			254,764

⁽¹⁾

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

(10)

Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the year ended September 30, 2020 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the year ended September 30, 2020.

Transactions in securities of affiliates:


		As of 09/30/2019								Proceeds from Sales				Net Realized Gain (Loss)			Net Increase (Decrease) in Unrealized Appreciation or Depreciation			As of 09/30/2020					Dividend Income@
Fund	Security	Shares Balance		Value			Purchases at Cost			Proceeds from Sales				Net Realized Gain (Loss)						Share Balance		Value			Dividend Income@
International Small-Mid
	Hennge KK*^†⁽¹⁾		-		$	-		$	21,805		$	(13,102	)		$	4,119		$	24,687		581		$	37,509		$	-
	Raccoon Holdings, Inc.⁽¹⁾		-			-			16,540			-				-			10,893		1,361			27,433			-
	Total#				$	-		$	38,345		$	(13,102	)		$	4,119		$	35,580				$	27,433		$	-

Net of foreign taxes withheld, if any.

^†

Issuer was not an affiliate as of September 30, 2020.

Non-income producing security.

Total value as of September 30, 2020 is presented only for those issuers that were affiliates as of September 30, 2020.

⁽¹⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(a) and 4 in Notes to Financial Statements for additional information.


Artisan Partners Funds		139

NOTES TO FINANCIAL STATEMENTS

(11)

Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of September 30, 2020 were as follows (in thousands):


Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation) on Investments
Developing World		$	4,082,836		$	2,567,856		$	-			$	2,567,856
Focus			1,168,014			274,488			(13,350	)			261,138
Global Discovery			147,107			64,155			(883	)			63,272
Global Equity			193,030			64,972			(2,174	)			62,798
Global Opportunities			3,154,328			1,650,107			(24,284	)			1,625,823
Global Value			1,668,185			305,278			(149,982	)			155,296
High Income			4,660,845			234,743			(142,665	)			92,078
International			6,885,807			2,871,979			(94,229	)			2,777,750
International Small-Mid			2,741,410			804,206			(83,346	)			720,860
International Value			12,387,610			2,806,123			(1,677,296	)			1,128,827
Mid Cap			4,034,915			2,800,744			(37,101	)			2,763,643
Mid Cap Value			1,213,908			496,471			(27,160	)			469,311
Select Equity			12,249			1,263			(400	)			863
Small Cap			1,917,525			1,163,501			(55,563	)			1,107,938
Sustainable Emerging Markets			44,335			19,900			(11,013	)			8,887
Value			220,355			72,660			(6,883	)			65,777

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions (“PFIC”)).

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2020 and the year ended September 30, 2019 were as follows (in thousands):


	Year Ended 9/30/2020						Year Ended 9/30/2019
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	56		$	-		$	884		$	-
Focus			28,707			-			6,488			-
Global Discovery			-			-			-			-
Global Equity			774			21,196			19,425			21,880


140		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2020						Year Ended 9/30/2019
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Global Opportunities		$	3,683		$	238,177		$	164		$	193,323
Global Value			48,126			-			58,023			140,737
High Income^(a)			257,076			-			224,141			9,473
International			108,905			457,268			155,282			840,199
International Small-Mid			3,605			-			24,199			80,629
International Value			105,941			337,677			323,055			518,027
Mid Cap			-			569,399			49,923			958,692
Mid Cap Value			18,012			203,830			11,916			384,445
Select Equity			-			-			-			-
Small Cap			-			145,608			3,057			241,896
Sustainable Emerging Markets			887			-			483			-
Value			5,833			12,126			7,316			50,696

^(a)

Included in High Income Fund’s Ordinary Income Dividends is a tax return of capital in the amount of $250 (in thousands).

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

Gains on redemptions in-kind for Global Value Fund, International Fund and International Value Fund of approximately $19,312,000, $24,160,000 and $53,677,522, respectively, were included in net realized gain on investments in the Statements of Operations for the year ended September 30, 2020, and were not recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and have been reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were recorded in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses and utilization of earnings, non-deductible offering costs and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year


Artisan Partners Funds		141

NOTES TO FINANCIAL STATEMENTS

capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2020. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2020.

Additional tax information as of and for the year ended September 30, 2020 follows (in thousands):


Fund	Undistributed Ordinary Income			Undistributed Long-Term Gain			Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses				Other Deferred Gains (Losses)⁽¹⁾
Developing World		$	129,936		$	170,317		$	-		$	-			$	(135	)
Focus			50,164			-			-			-				(31,728	)
Global Discovery			2,779			627			-			-				(7	)
Global Equity			12,705			14,567			-			-				(16	)
Global Opportunities			124,967			194,190			-			-				(174	)
Global Value			1,409			-			-			-				(169	)
High Income			-			-			-			(229	)			(4,022	)
International			36,542			222,038			-			-				(768	)
International Small-Mid			31,800			-			-			-				(61	)
International Value			51,680			-			20,634			-				(817	)
Mid Cap			62,641			583,261			-			-				(380	)
Mid Cap Value			6,311			26,412			-			-				(211	)
Select Equity			66			-			-			-				(1	)
Small Cap			-			193,033			-			14,961				(101	)
Sustainable Emerging Markets			992			-			-			-				(10	)
Value			1,460			22,186			-			-				(35	)

⁽¹⁾

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

As of September 30, 2020, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.


Fund	Unexpiring – ST			Unexpiring – LT			Utilized in CY
Developing World		$	-		$	-		$	15,081
Global Discovery			-			-			752
Global Value			21,879			-			-
High Income			-			109,016			-
International Small-Mid			30,991			8,338			-
Select Equity			222			-			-
Sustainable Emerging Markets			6,273			128,550			-


142		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(12)

Fund share activities:

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



	DEVELOPING WORLD
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		21,495,815			$	372,378			10,823,456			$	137,819
Advisor Shares		89,357,615				1,520,568			55,107,662				703,128
Institutional Shares		63,307,872				1,100,922			23,125,642				305,820
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			4,176				45
Advisor Shares		-				-			54,828				587
Institutional Shares		2,228				32			15,022				161
Cost of shares redeemed
Investor Shares		(12,515,600	)			(209,752	)		(34,620,833	)			(419,240	)
Advisor Shares		(54,873,444	)			(960,015	)		(29,796,271	)			(357,426	)
Institutional Shares		(17,300,238	)			(291,850	)		(23,187,676	)			(270,272	)
Net increase (decrease) from fund share transactions
Investor Shares		8,980,215				162,626			(23,793,201	)			(281,376	)
Advisor Shares		34,484,171				560,553			25,366,219				346,289
Institutional Shares		46,009,862				809,104			(47,012	)			35,709

	FOCUS
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,785,951			$	123,437			13,144,592			$	182,276
Advisor Shares		30,498,391				476,768			32,450,161				471,224
Institutional Shares⁽¹⁾		24,736,531				401,316			-				-
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		446,570				6,931			330,654				4,341
Advisor Shares		1,004,649				15,582			154,349				2,027
Cost of shares redeemed
Investor Shares		(4,818,560	)			(74,379	)		(8,126,367	)			(113,951	)
Advisor Shares		(24,711,960	)			(406,737	)		(1,958,713	)			(27,044	)
Institutional Shares⁽¹⁾		(902,215	)			(14,476	)		-				-
Net increase (decrease) from fund share transactions
Investor Shares		3,413,961				55,989			5,348,879				72,666
Advisor Shares		6,791,080				85,613			30,645,797				446,207
Institutional Shares⁽¹⁾		23,834,316				386,840			-				-


Artisan Partners Funds		143

NOTES TO FINANCIAL STATEMENTS


	GLOBAL DISCOVERY
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,665,655			$	37,879			2,378,587			$	29,701
Advisor Shares⁽¹⁾		1,127,624				16,053			-				-
Institutional Shares⁽¹⁾		4,679,259				71,361			-				-
Cost of shares redeemed
Investor Shares		(4,896,419	)			(72,479	)		(435,055	)			(5,372	)
Advisor Shares⁽¹⁾		(57,546	)			(906	)		-				-
Institutional Shares⁽¹⁾		(103,117	)			(1,330	)		-				-
Net increase (decrease) from fund share transactions
Investor Shares		(2,230,764	)			(34,600	)		1,943,532				24,329
Advisor Shares⁽¹⁾		1,070,078				15,147			-				-
Institutional Shares⁽¹⁾		4,576,142				70,031			-				-

	GLOBAL EQUITY
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,641,661			$	32,053			731,933			$	14,016
Advisor Shares⁽²⁾		568,879				13,058			-				-
Institutional Shares		3,359,592				64,387			171,143				3,413
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		519,668				10,232			941,420				16,381
Institutional Shares		589,702				11,682			1,202,762				21,000
Cost of shares redeemed
Investor Shares		(2,095,955	)			(43,688	)		(1,336,032	)			(25,358	)
Advisor Shares⁽²⁾		(533	)			(12	)		-				-
Institutional Shares		(5,808,916	)			(115,111	)		(3,437,662	)			(61,868	)
Net increase from fund share transactions
Investor Shares		65,374				(1,403	)		337,321				5,039
Advisor Shares⁽²⁾		568,346				13,046			-				-
Institutional Shares		(1,859,622	)			(39,042	)		(2,063,757	)			(37,455	)


144		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		9,970,960			$	285,782			10,488,574			$	261,783
Advisor Shares		12,039,374				341,280			10,439,536				260,719
Institutional Shares		16,612,824				482,956			7,224,185				185,549
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,781,996				72,721			2,997,356				66,661
Advisor Shares		1,482,208				38,938			1,201,182				26,822
Institutional Shares		4,425,287				117,403			3,965,498				89,343
Cost of shares redeemed
Investor Shares		(12,713,254	)			(344,238	)		(17,107,731	)			(425,648	)
Advisor Shares		(8,892,702	)			(243,928	)		(10,015,864	)			(239,082	)
Institutional Shares		(14,342,319	)			(385,270	)		(7,129,637	)			(179,093	)
Net increase (decrease) from fund share transactions
Investor Shares		39,702				14,265			(3,621,801	)			(97,204	)
Advisor Shares		4,628,880				136,290			1,624,854				48,459
Institutional Shares		6,695,792				215,089			4,060,046				95,799

	GLOBAL VALUE
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,959,434			$	29,755			4,783,247			$	78,302
Advisor Shares		5,987,558				90,503			13,166,159				215,279
Institutional Shares		25,379,124				397,957			26,324,214				444,741
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		370,478				6,439			2,203,257				34,745
Advisor Shares		461,191				7,992			2,494,520				39,239
Institutional Shares		1,760,345				30,560			7,205,226				113,554
Cost of shares redeemed
Investor Shares		(16,662,955	)			(252,929	)		(17,156,092	)			(282,202	)
Advisor Shares		(25,182,614	)			(399,457	)		(27,340,625	)			(438,508	)
Institutional Shares		(59,276,780	)			(925,247	)		(35,904,636	)			(606,073	)
Net increase (decrease) from fund share transactions
Investor Shares		(14,333,043	)			(216,735	)		(10,169,588	)			(169,155	)
Advisor Shares		(18,733,865	)			(300,962	)		(11,679,946	)			(183,990	)
Institutional Shares		(32,137,311	)			(496,730	)		(2,375,196	)			(47,778	)


Artisan Partners Funds		145

NOTES TO FINANCIAL STATEMENTS


	HIGH INCOME
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		65,783,259			$	610,473			40,068,585			$	383,620
Advisor Shares		125,448,800				1,142,682			101,573,843				975,734
Institutional Shares		124,959,869				1,122,536			54,800,505				525,586
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		5,595,181				52,270			7,166,820				68,535
Advisor Shares		12,838,481				119,846			11,187,807				106,928
Institutional Shares		4,060,947				37,792			1,939,438				18,549
Cost of shares redeemed⁽³⁾
Investor Shares		(41,216,553	)			(381,783	)		(56,815,106	)			(545,615	)
Advisor Shares		(125,945,687	)			(1,170,346	)		(85,331,929	)			(813,883	)
Institutional Shares		(58,161,012	)			(535,981	)		(11,442,251	)			(108,779	)
Net increase (decrease) from fund share transactions
Investor Shares		30,161,887				280,960			(9,579,701	)			(93,460	)
Advisor Shares		12,341,594				92,182			27,429,721				268,779
Institutional Shares		70,859,804				624,347			45,297,692				435,356
Redemption Fees
Investor Shares						364							182
Advisor Shares						231							60
Institutional Shares						316							51

	INTERNATIONAL
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		10,552,180			$	317,900			10,706,655			$	317,165
Advisor Shares		17,262,466				525,522			15,483,004				460,976
Institutional Shares		28,116,979				877,178			23,207,787				699,493
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		5,767,002				185,294			11,600,621				323,778
Advisor Shares		3,081,126				98,688			5,691,388				158,391
Institutional Shares		6,956,215				224,547			14,686,471				411,662
Cost of shares redeemed
Investor Shares		(40,762,971	)			(1,268,785	)		(43,606,751	)			(1,300,908	)
Advisor Shares		(31,451,849	)			(957,107	)		(25,940,371	)			(771,962	)
Institutional Shares		(30,360,095	)			(929,328	)		(72,474,184	)			(2,198,913	)
Net increase (decrease) from fund share transactions
Investor Shares		(24,443,789	)			(765,591	)		(21,299,475	)			(659,965	)
Advisor Shares		(11,108,257	)			(332,897	)		(4,765,979	)			(152,595	)
Institutional Shares		4,713,099				172,397			(34,579,926	)			(1,087,758	)


146		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL SMALL-MID
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		18,961,021			$	280,491			19,570,891			$	259,647
Advisor Shares⁽⁴⁾		54,020,986				771,595			34,266,775				445,781
Institutional Shares		74,321,786				1,092,852			44,341,958				568,478
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		23,024				335			6,042,101				71,297
Advisor Shares⁽⁴⁾		76,500				1,112			-				-
Institutional Shares		107,692				1,581			2,321,129				27,645
Cost of shares redeemed
Investor Shares		(8,944,335	)			(129,575	)		(22,272,988	)			(303,209	)
Advisor Shares⁽⁴⁾		(15,510,557	)			(211,683	)		(2,338,419	)			(30,810	)
Institutional Shares		(13,976,666	)			(197,856	)		(9,902,299	)			(165,078	)
Net increase (decrease) from fund share transactions
Investor Shares		10,039,710				151,251			3,340,004				27,735
Advisor Shares⁽⁴⁾		38,586,929				561,024			31,928,356				414,971
Institutional Shares		60,452,812				896,577			36,760,788				431,045

	INTERNATIONAL VALUE
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		12,741,584			$	399,666			17,181,741			$	566,870
Advisor Shares		51,567,652				1,602,580			55,930,382				1,883,823
Institutional Shares		98,869,635				3,148,657			53,977,435				1,838,927
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,087,367				73,496			4,667,506				151,018
Advisor Shares		3,406,663				119,676			6,951,902				224,468
Institutional Shares		6,040,646				213,054			11,815,554				383,339
Cost of shares redeemed
Investor Shares		(33,813,895	)			(1,057,581	)		(34,155,527	)			(1,142,463	)
Advisor Shares		(68,731,671	)			(2,119,478	)		(65,424,379	)			(2,193,737	)
Institutional Shares		(69,692,047	)			(2,185,021	)		(57,769,381	)			(1,948,940	)
Net increase from fund share transactions
Investor Shares		(18,984,944	)			(584,419	)		(12,306,280	)			(424,575	)
Advisor Shares		(13,757,356	)			(397,222	)		(2,542,095	)			(85,446	)
Institutional Shares		35,218,234				1,176,690			8,023,608				273,326


Artisan Partners Funds		147

NOTES TO FINANCIAL STATEMENTS


	MID CAP
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		9,113,794			$	353,144			7,019,704			$	246,165
Advisor Shares		5,326,995				209,507			4,547,679				156,900
Institutional Shares		15,658,179				689,641			15,492,066				609,991
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,931,025				167,112			10,474,763				310,996
Advisor Shares		1,473,158				50,470			3,462,860				103,539
Institutional Shares		7,223,028				277,581			13,653,184				452,057
Cost of shares redeemed
Investor Shares		(12,965,538	)			(487,349	)		(19,140,419	)			(652,918	)
Advisor Shares		(4,434,628	)			(168,551	)		(10,871,038	)			(385,708	)
Institutional Shares		(21,798,311	)			(932,267	)		(28,131,526	)			(1,077,496	)
Net increase from fund share transactions
Investor Shares		1,079,281				32,907			(1,645,952	)			(95,757	)
Advisor Shares		2,365,525				91,426			(2,860,499	)			(125,269	)
Institutional Shares		1,082,896				34,955			1,013,724				(15,448	)

	MID CAP VALUE
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		4,020,064			$	65,338			4,118,149			$	78,810
Advisor Shares		12,507,287				168,407			6,129,279				115,969
Institutional Shares		12,226,637				165,806			7,859,752				147,544
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,635,759				65,807			6,988,947				128,812
Advisor Shares		3,443,389				62,084			6,302,400				115,775
Institutional Shares		4,065,374				73,339			6,423,116				118,057
Cost of shares redeemed
Investor Shares		(16,919,066	)			(281,615	)		(23,499,458	)			(454,175	)
Advisor Shares		(15,897,964	)			(252,917	)		(20,993,417	)			(397,077	)
Institutional Shares		(18,398,693	)			(301,799	)		(18,960,199	)			(361,316	)
Net increase (decrease) from fund share transactions
Investor Shares		(9,263,243	)			(150,470	)		(12,392,362	)			(246,553	)
Advisor Shares		52,712				(22,426	)		(8,561,738	)			(165,333	)
Institutional Shares		(2,106,682	)			(62,654	)		(4,677,331	)			(95,715	)


148		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	SELECT EQUITY
	Period Ended 9/30/2020⁽⁵⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		110,655			$	1,014
Advisor Shares		161,499				1,495
Institutional Shares		1,130,925				11,059
Cost of shares redeemed
Investor Shares		(13,974	)			(128	)
Advisor Shares		(85,088	)			(810	)
Institutional Shares		(24,397	)			(249	)
Net increase from fund share transactions
Investor Shares		96,681				886
Advisor Shares		76,411				685
Institutional Shares		1,106,528				10,810


	SMALL CAP
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,956,558			$	219,332			7,446,889			$	230,298
Advisor Shares		9,570,439				345,031			9,266,354				302,352
Institutional Shares		13,264,607				478,866			5,187,271				170,869
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,439,366				46,923			2,430,870				66,436
Advisor Shares		1,439,531				47,130			2,463,339				67,520
Institutional Shares		1,057,382				35,221			2,991,395				83,221
Cost of shares redeemed
Investor Shares		(4,896,390	)			(168,988	)		(4,158,119	)			(129,235	)
Advisor Shares		(5,482,122	)			(194,880	)		(6,729,775	)			(216,222	)
Institutional Shares		(7,872,402	)			(282,492	)		(9,973,734	)			(327,625	)
Net increase (decrease) from fund share transactions
Investor Shares		2,499,534				97,267			5,719,640				167,499
Advisor Shares		5,527,848				197,281			4,999,918				153,650
Institutional Shares		6,449,587				231,595			(1,795,068	)			(73,535	)


Artisan Partners Funds		149

NOTES TO FINANCIAL STATEMENTS


	SUSTAINABLE EMERGING MARKETS
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		457,861			$	6,831			791,333			$	11,736
Institutional Shares		23,785				360			174,596				2,502
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		52,440				812			31,799				448
Institutional Shares		4,610				72			2,423				34
Cost of shares redeemed
Investor Shares		(675,349	)			(10,009	)		(1,105,533	)			(16,326	)
Institutional Shares		(38,131	)			(568	)		(151,648	)			(2,234	)
Net increase (decrease) from fund share transactions
Investor Shares		(165,048	)			(2,366	)		(282,401	)			(4,142	)
Institutional Shares		(9,736	)			(136	)		25,371				302

	VALUE
	Year Ended 9/30/2020							Year Ended 9/30/2019
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,191,730			$	27,580			839,973			$	10,378
Advisor Shares		4,389,901				50,352			1,923,105				23,461
Institutional Shares		4,054,619				43,910			2,222,289				26,576
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		465,759				6,022			1,770,989				20,721
Advisor Shares		323,866				4,168			1,301,934				15,155
Institutional Shares		535,289				6,895			1,764,071				20,569
Cost of shares redeemed
Investor Shares		(6,495,510	)			(75,676	)		(4,676,664	)			(57,055	)
Advisor Shares		(6,381,584	)			(76,790	)		(3,469,952	)			(42,251	)
Institutional Shares		(7,745,324	)			(88,081	)		(3,139,093	)			(38,263	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,838,021	)			(42,074	)		(2,065,702	)			(25,956	)
Advisor Shares		(1,667,817	)			(22,270	)		(244,913	)			(3,635	)
Institutional Shares		(3,155,416	)			(37,276	)		847,267				8,882

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

Net of redemption fees.

⁽⁴⁾

For the period from commencement of operations (December 4, 2018) through September 30, 2019.

⁽⁵⁾

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

(13)

Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements. A special meeting of shareholders of Artisan Sustainable Emerging Markets Fund (the “Fund”) was held on November 10, 2020 (the “Meeting”), at which shareholders of the Fund approved a change in the sub-classification of the Fund from “diversified” to “non-diversified” for purposes of Section 5(b) of the 1940 Act and the elimination of a related fundamental investment restriction (the “Proposal”). As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller


150		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers. The changes took effect on November 12, 2020.

The results of the votes are summarized below.


	For		Withheld		Against
Proposal		1,637,410		6,459		13,025

The Funds have evaluated all other subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.


Artisan Partners Funds		151

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Artisan Partners Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Artisan Partners Funds, Inc. (comprising Artisan Developing World Fund, Artisan Focus Fund (formerly Artisan Thematic Fund), Artisan Global Discovery Fund, Artisan Global Equity Fund, Artisan Global Opportunities Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Small-Mid Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Select Equity, Artisan Small Cap Fund, Artisan Sustainable Emerging Markets Fund and Artisan Value Fund(collectively referred to as the “Funds”)), including the schedules of investments, as of September 30, 2020, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Artisan Partners Funds, Inc. at September 30, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Funds comprising Artisan Partners Funds, Inc.	Statements of operations	Statements of changes in net assets	Financial highlights
Artisan Developing World Fund Artisan Global Equity Fund Artisan Global Opportunities Fund Artisan Global Value Fund Artisan High Income Fund Artisan International Fund Artisan International Small-Mid Fund Artisan International Value Fund Artisan Mid Cap Fund Artisan Mid Cap Value Fund Artisan Small Cap Fund Artisan Sustainable Emerging Markets Fund Artisan Value Fund	For the year ended September 30, 2020	For each of the two years in the period ended September 30, 2020	For each of the five years in the period ended September 30, 2020
Artisan Focus Fund	For the year ended September 30, 2020	For each of the two years in the period ended September 30, 2020	For each of the three years in the period ended September 30, 2020 and the period from April 24, 2017 (commencement of operations) through September 30, 2017


152		Artisan Partners Funds


Funds comprising Artisan Partners Funds, Inc.	Statements of operations	Statements of changes in net assets	Financial highlights
Artisan Global Discovery Fund	For the year ended September 30, 2020	For each of the two years in the period ended September 30, 2020	For each of the three years in the period ended September 30, 2020 and the period from August 21, 2017 (commencement of operations) through September 30, 2017
Artisan Select Equity Fund	For the period from February 28, 2020 (commencement of operations) through September 30, 2020

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on each of the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodians, brokers, and agent banks or by other appropriate auditing procedures where replies from brokers and agent banks were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more Artisan Partners Funds investment companies since 2003.

Minneapolis, Minnesota

November 23, 2020


Artisan Partners Funds		153

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):

The Internal Revenue Code requires that shareholders be notified of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Funds.

Each Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the year ended September 30, 2020 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the year ended September 30, 2020 that are eligible for the dividends received deduction available to certain corporate shareholders.


Fund	Long-Term Capital Gains			Qualified Dividend Income			Dividends Received Deduction
Developing World		$	15,854		100.00	%		100.00	%
Focus			-		22.48			20.63
Global Discovery			-		N/A			N/A
Global Equity			26,887		100.00			74.27
Global Opportunities			253,039		100.00			100.00
Global Value			-		87.40			39.15
High Income			-		N/A			N/A
International			487,086		100.00			1.50
International Small-Mid			-		100.00			0.95
International Value			337,677		100.00			N/A
Mid Cap			596,672		0.00			0.00
Mid Cap Value			221,340		100.00			100.00
Select Equity			-		N/A			N/A
Small Cap			162,369		0.00			0.00
Sustainable Emerging Markets			-		97.66			N/A
Value			17,936		100.00			87.35


154		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020 to September 30, 2020.

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended September 30, 2020 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.


	Beginning Account Value 4/1/2020			Ending Account Value 9/30/2020			Expenses Paid During Period 4/1/2020-9/30/2020⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,644.50		$	8.20		1.24	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.80		$	6.26		1.24	%
Advisor Shares
Actual		$	1,000.00		$	1,645.80		$	7.34		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.60		1.11	%
Institutional Shares
Actual		$	1,000.00		$	1,646.30		$	6.81		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.20		1.03	%


Artisan Partners Funds		155

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2020			Ending Account Value 9/30/2020			Expenses Paid During Period 4/1/2020-9/30/2020⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Focus Fund
Investor Shares
Actual		$	1,000.00		$	1,321.30		$	7.54		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.56		1.30	%
Advisor Shares
Actual		$	1,000.00		$	1,322.80		$	6.56		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.35		$	5.70		1.13	%
Institutional Shares
Actual		$	1,000.00		$	1,323.30		$	5.98		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.20		1.03	%
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	1,456.80		$	8.48		1.38	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.10		$	6.96		1.38	%
Advisor Shares
Actual		$	1,000.00		$	1,457.60		$	7.99		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.56		1.30	%
Institutional Shares
Actual		$	1,000.00		$	1,457.60		$	7.31		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.01		1.19	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,349.90		$	7.40		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.36		1.26	%
Advisor Shares
Actual⁽⁴⁾		$	1,000.00		$	1,010.10		$	1.92		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.31		1.25	%
Institutional Shares
Actual		$	1,000.00		$	1,351.80		$	6.11		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.25		1.04	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,455.60		$	6.88		1.12	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.65		1.12	%
Advisor Shares
Actual		$	1,000.00		$	1,456.40		$	6.14		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.05		1.00	%
Institutional Shares
Actual		$	1,000.00		$	1,456.70		$	5.53		0.90	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.50		$	4.55		0.90	%


156		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2020			Ending Account Value 9/30/2020			Expenses Paid During Period 4/1/2020-9/30/2020⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,243.40		$	7.07		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		$	6.36		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,243.90		$	6.34		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.35		$	5.70		1.13	%
Institutional Shares
Actual		$	1,000.00		$	1,244.90		$	5.72		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.15		1.02	%
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,183.60		$	5.13		0.94	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.30		$	4.75		0.94	%
Advisor Shares
Actual		$	1,000.00		$	1,185.80		$	4.43		0.81	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.95		$	4.09		0.81	%
Institutional Shares
Actual		$	1,000.00		$	1,186.40		$	3.94		0.72	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.40		$	3.64		0.72	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,254.70		$	6.59		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.91		1.17	%
Advisor Shares
Actual		$	1,000.00		$	1,255.70		$	5.86		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.25		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,256.40		$	5.36		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.25		$	4.80		0.95	%
Artisan International Small-Mid Fund
Investor Shares
Actual		$	1,000.00		$	1,435.80		$	8.04		1.32	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.40		$	6.66		1.32	%
Advisor Shares
Actual		$	1,000.00		$	1,436.30		$	7.07		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.86		1.16	%
Institutional Shares
Actual		$	1,000.00		$	1,436.50		$	6.64		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.50		1.09	%


Artisan Partners Funds		157

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2020			Ending Account Value 9/30/2020			Expenses Paid During Period 4/1/2020-9/30/2020⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	1,228.60		$	6.52		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.15		$	5.91		1.17	%
Advisor Shares
Actual		$	1,000.00		$	1,229.90		$	5.85		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.30		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,230.40		$	5.35		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.20		$	4.85		0.96	%
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,536.40		$	7.36		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.86		1.16	%
Advisor Shares
Actual		$	1,000.00		$	1,537.20		$	6.60		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.25		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,538.10		$	6.03		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.25		$	4.80		0.95	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	1,323.00		$	6.91		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.01		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,324.90		$	6.04		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.25		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,324.60		$	5.81		1.00	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.05		1.00	%
Artisan Select Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,268.10		$	7.09		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.31		1.25	%
Advisor Shares
Actual		$	1,000.00		$	1,269.30		$	6.52		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.81		1.15	%
Institutional Shares
Actual		$	1,000.00		$	1,269.30		$	6.24		1.10	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.55		1.10	%


158		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2020			Ending Account Value 9/30/2020			Expenses Paid During Period 4/1/2020-9/30/2020⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,490.20		$	7.35		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	5.96		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,491.00		$	6.66		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.40		1.07	%
Institutional Shares
Actual		$	1,000.00		$	1,491.50		$	6.17		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.05		$	5.00		0.99	%
Artisan Sustainable Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,351.20		$	7.94		1.35	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.25		$	6.81		1.35	%
Institutional Shares
Actual		$	1,000.00		$	1,352.10		$	7.06		1.20	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		$	6.06		1.20	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,290.00		$	6.35		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.60		1.11	%
Advisor Shares
Actual		$	1,000.00		$	1,292.60		$	5.04		0.88	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.60		$	4.45		0.88	%
Institutional Shares
Actual		$	1,000.00		$	1,293.00		$	4.70		0.82	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.90		$	4.14		0.82	%

⁽¹⁾

Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2020, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

⁽²⁾

Annualized ratio of expenses to average net assets for the six-month period ended September 30, 2020.

⁽³⁾

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

⁽⁴⁾

The actual account value and expenses paid for Artisan Global Equity Fund – Advisor Shares have been presented for the period from commencement of operations (August 5, 2020) through September 30, 2020.


Artisan Partners Funds		159

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners is responsible for management of the Funds’ (as defined below) investment portfolios and for overall management of the Funds’ business and affairs pursuant to an investment advisory agreement (the “Advisory Agreement”) between Artisan Partners Funds and Artisan Partners. With respect to each Fund, the Advisory Agreement, after an initial two-year term, may be continued from year to year only so long as the continuation is approved at least annually (a) by the vote of a majority of the directors of Artisan Partners Funds who are not “interested persons” of Artisan Partners Funds or Artisan Partners (the “independent directors”) , and (b) by the board of directors or by the vote of a majority (as defined in the Investment Company Act of 1940, as amended) of the outstanding shares of the Fund.

The directors of Artisan Partners Funds held a meeting on May 7-8, 2020 (the “May 7-8 Meeting”), at which they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to each of the series of Artisan Partners Funds other than Artisan Select Equity Fund ( the “Funds”) for the period from July 1, 2020 through June 30, 2021. The primary purpose of the May 7-8 Meeting was to allow the directors ample opportunity to consider matters they deemed relevant in connection with the continuation of the Advisory Agreement (including the information provided relating to their review of the Advisory Agreement, in addition to materials they review at meetings throughout the year), and to request any additional information they considered reasonably necessary to their deliberations.

At their regular quarterly meeting held on May 27-28, 2020 (the “May 27-28 Meeting”), the directors, including the independent directors, considered and unanimously approved the continuation through June 30, 2021 of the Advisory Agreement with respect to each of the Funds. The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the contract review meetings. Both the May 7-8 Meeting and the May 27-28 Meeting were held telephonically, in reliance on a temporary exemptive order issued by the United States Securities and Exchange Commission, in light of the novel coronavirus (“COVID-19”) pandemic, permitting mutual fund boards of directors to approve advisory agreements at meetings held using remote communications technology, subject to certain conditions, including that the board ratify the approval at its next in-person meeting.

Prior to the May 7-8 Meeting, independent counsel to the independent directors sent to Artisan Partners requests for information to be provided to the directors in connection with their consideration of the Advisory Agreement. Artisan Partners provided materials to the directors in response to those requests as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement. Artisan Partners provided reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of investment company data, that included information relating to each Fund’s performance, expenses and fees compared to the performance, expenses and fees of a relatively small peer group and a larger peer universe of mutual funds selected by Broadridge (the “Broadridge Peer Groups”). Artisan Partners also provided additional reports prepared by Broadridge comparing the performance and expenses of certain of the Funds to peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification used by Broadridge to


160		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

compile the Broadridge Peer Groups (the “Supplemental Peer Universes”). These supplemental reports were provided for Artisan Global Discovery Fund and Artisan International Value Fund.

The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement. The directors recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the independent directors and Artisan Partners, that certain aspects of such arrangements may receive greater scrutiny from the directors in some years than in others and that the directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

In evaluating the Advisory Agreement, the directors reviewed the available information and discussed with representatives of Artisan Partners each Fund’s operations; the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Funds; the management fees and total expense ratios of each class of shares of the Funds; possible economies of scale; and other benefits (in addition to advisory fee revenues) derived or potentially derived by Artisan Partners from its relationship with the Funds. In addition to the third-party reports by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the May 7-8 Meeting and the May 27-28 Meeting, concerning, among other things, the following:

•

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

•

Artisan Partners’ personnel and business and financial model and methods, including Artisan Partners’ assessment of its ability to attract and retain capable personnel and Artisan Partners’ succession planning processes with respect to, among other areas, the leadership of the Funds’ portfolio management teams and senior management of Artisan Partners; Artisan Partners’ research and decision-making processes; the adequacy and sophistication of technology and systems with respect to investment and administrative matters, including the use of and reliance on vendors in connection with the management or operations of the Funds; Artisan Partners’ liquidity management tools and the Funds’ liquidity risk management program; and Artisan Partners’ views on the effects of the evolving competitive landscape of the mutual fund industry, certain regulatory initiatives and industry developments on the Funds’ and/or Artisan Partners’ business;

•

The terms of the Advisory Agreement, including the scope of services performed by Artisan Partners; and how the services performed by Artisan Partners under the Advisory Agreement differ from those performed for other investment companies and accounts;

•

Each Fund’s short- and long-term investment performance (including past 1-, 3-, 5- and 10-year and since-inception periods, as applicable), including performance attribution and rolling 5-year excess return information for certain Funds and performance comparisons for various time periods with (a) other Artisan Partners client accounts managed with similar investment objectives, (b) other mutual funds having similar investment objectives and (c) appropriate market indices;


Artisan Partners Funds		161

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Actions that Artisan Partners has taken or is contemplating taking with respect to Artisan Global Value Fund, Artisan Value Fund and Artisan Mid Cap Value Fund to help address each Fund’s underperformance;

•

Information on each Fund’s redemption rates relative to other accounts managed by Artisan Partners and appropriate industry peer groups;

•

The Funds’ experience applying their valuation procedures, including fair valuation of assets for which market quotations are not readily available and the use of independent pricing vendors;

•

Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the SEC or other governmental or regulatory authorities since January 1, 2019;

•

Information regarding fee arrangements, including a comparison of the total expense ratio of each share class of each Fund with other mutual funds; the structure of the management fees, including the method of computing fees and the frequency of payment of fees and Artisan Partners’ process for determining proposed management fee rates for new funds; a comparison of the management fees with fees charged by other investment advisers for managing mutual funds with similar investment objectives; information regarding expense limitation arrangements and effective annual management fee rates for each of the Funds for the calendar year ended December 31, 2019; the expenses other than management fees that the Funds bear, either at the level of the Fund as a whole or on a class-specific basis; and Artisan Partners’ assessment of the current competitiveness of the Funds’ management fee rates and total expense ratios;

•

Artisan Partners’ assessment of whether it is realizing economies of scale in providing services to the Funds and, if so, whether, how and, if quantifiable, to what extent the economies of scale are shared with the Funds, and the adequacy of existing breakpoints (reduced fee levels on assets in excess of stated thresholds) in advisory fees and whether further breakpoints are appropriate;

•

A comparison of the fee arrangements for the Funds with fees charged by Artisan Partners for subadvising other U.S. mutual funds and for managing other accounts, and trends in fees charged by Artisan Partners for such services;

•

Information regarding third-party intermediary and service arrangements and related payments by the Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2019 by the Funds and Artisan Partners, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

•

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


162		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

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

•

The estimated profitability to Artisan Partners of its relationship with each Fund on both a pre-tax and post-tax basis for calendar 2017, 2018 and 2019; and the assumptions and allocation methodologies utilized for such profitability analysis;

•

Potential for conflicts of interest between the Funds and Artisan Partners or its other clients and circumstances and actions addressing or bearing on potential conflicts of interest;

•

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

•

Artisan Partners’ risk assessment and risk management processes;

•

Artisan Partners’ views on environmental, social and governance (“ESG”) investing, including how Artisan Partners’ investment teams incorporate ESG factors into the investment process with the goal of helping enhance risk-adjusted portfolio returns;

•

Artisan Partners’ policies and practices relating to diversity and inclusion with respect to hiring and career development opportunities; and

•

Artisan Partners’ business continuity and disaster recovery procedures, including Artisan Partners’ response to the recent global outbreak of COVID-19 and any issues that have arisen as a result of COVID-19 in any areas of Artisan Partners’ business, including portfolio management, trading, distribution, compliance and investor servicing.

Following the May 7-8 Meeting and executive sessions with their independent counsel, the independent directors requested certain follow-up information from Artisan Partners. Artisan Partners provided this follow-up information prior to the May 27-28 Meeting. At the May 27-28 Meeting, Artisan Partners presented certain additional information to the directors regarding the Funds, and the independent directors and their independent counsel reviewed with the full board the information discussed at the May 7-8 Meeting and during their executive sessions. The directors then considered whether any further discussion or review was necessary, concluding that the information reviewed by the independent directors prior to and at the May 27-28 Meeting provided a sufficient basis for taking action on the continuation of the Advisory Agreement with respect to each Fund for an additional year. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds were appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreement. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.


Artisan Partners Funds		163

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

The investment performance of each Fund. With respect to each Fund, the directors concluded that the Fund’s performance (including absolute performance and, where applicable, outperformance of peers and relevant benchmarks over long-term periods) or other relevant factors supported continuation of the Fund’s advisory arrangements under the Advisory Agreement. In the case of each Fund that had performance that lagged that of a relevant peer group or benchmark for certain (although not necessarily all) periods, the directors concluded that other factors relevant to performance supported continuation of the advisory arrangements. These factors included either or both of the following: (1) that underperformance was attributable, to a significant extent, to investment decisions (such as security selection, sector allocation or risk mitigation) by Artisan Partners that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups. With respect to Mid Cap Value Fund and Value Fund, the directors determined that, although the factors relating to each such Fund’s performance supported renewal of the Advisory Agreement with respect to such Funds, the board would continue to monitor the performance of those Funds closely, including through holding meetings with the Funds’ portfolio management team over the course of the following year and receiving additional information regarding factors contributing to the Funds’ performance and risk analysis. The directors noted that Artisan Partners had provided thorough and thoughtful analysis regarding its continued confidence in those Funds’ investment team and the Funds’ potential for improved future performance over the long term. In that regard, the directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance.

The costs of the services and profitability of Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the estimated profitability it realizes, are reasonable in relation to the nature and quality of services provided with respect to each Fund, based on the assumptions and methodology for calculating such costs and profitability presented to the directors by Artisan Partners.

Comparisons of the services rendered and the amounts payable under the Advisory Agreement with those under other investment advisory agreements. The directors concluded that the fees payable by the Funds to Artisan Partners are reasonable in relation to the nature and quality of the services provided. In reaching this conclusion, the directors compared the fees payable by the Funds to the fees paid by other mutual funds that are in the same Broadridge Peer Groups and Supplemental Peer Universes. The directors also considered the fees Artisan Partners receives from, and the scope of services it provides to, other Artisan Partners clients, including its private funds, separate account clients and UCITS funds, and the U.S. mutual funds and collective investment trusts for which it serves as sub-adviser, noting the significantly broader scope of services that Artisan Partners provides to the Funds as compared to the other types of clients. In reaching their conclusion, among the various factors considered, the directors also took into account the costs and risks assumed by Artisan Partners in connection with launching and maintaining publicly-offered mutual funds, and how those costs and risks differ from those associated with other components of Artisan Partners’ business. In addition, the directors noted that Artisan Partners has contractually agreed to maintain certain expense limitations through January 31, 2022 for Artisan Global Discovery Fund (Investor, Advisor and Institutional Shares), Artisan Global Equity Fund (Investor Shares), Artisan Sustainable Emerging Markets Fund (Investor and Institutional Shares) and Artisan Value Fund (Advisor Shares).


164		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of Artisan Developing World Fund, Artisan Global Opportunities Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Small Cap Fund and Artisan Value Fund have appropriately benefited from economies of scale under the management fee structures of their advisory arrangements. The directors concluded that the shareholders of each of Artisan Global Discovery Fund, Artisan Global Equity Fund, Artisan International Small-Mid Fund, Artisan Sustainable Emerging Markets Fund and Artisan Focus Fund would likely benefit from economies of scale if the Fund’s assets reach the level at which it will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreement.

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

At the conclusion of the foregoing discussions, the board approved the Advisory Agreement for the period from July 1, 2020 through June 30, 2021 for each Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


Artisan Partners Funds		165

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

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of September 30, 2020. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”).

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

For the purposes of assigning portfolio securities to a particular sector and industry in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Definition of Portfolio Statistic

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

Descriptions of Indices

Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the markets in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.

The indices to which the Funds are compared are:

Artisan Developing World and Artisan Sustainable Emerging Markets Funds – Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market-weighted index of companies in emerging markets.


166		Artisan Partners Funds

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

Artisan Focus and Artisan Select Equity Funds – S&P 500^® Index – The S&P 500^® is a market-cap-weighted index that measures the performance of 500 US companies focused on the Large-cap sector of the market.

Artisan Global Discovery, Artisan Global Equity, Artisan Global Opportunities and Artisan Global Value Funds – Morgan Stanley Capital International All Country World Index (MSCI ACWI Index) is a market-weighted index of global developed and emerging markets.

Artisan High Income Fund – ICE BofAML US High Yield Master II Index tracks the performance of below investment grade US dollar-denominated corporate bonds publicly issued in the US domestic market.

Artisan International and Artisan International Value Funds – Morgan Stanley Capital International EAFE Index (MSCI EAFE Index) is a market-weighted index of companies in developed markets, excluding the US and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International and Artisan International Value Funds – Morgan Stanley Capital All Country World Index ex USA (MSCI ACWI ex USA Index) is a market-weighted index of global developed and emerging markets, excluding the US.

Artisan International Small-Mid Fund – Morgan Stanley Capital International All Country World ex USA SMID Net Index (MSCI ACWI ex USA SMID Net Index) is a market-weighted index of mid and small cap companies in developed and emerging markets, excluding the US.

Artisan International Small-Mid Fund – Morgan Stanley Capital International All Country World Index ex USA Small Cap Net Index (MSCI ACWI ex USA Small Cap Net Index) is a market-weighted index of small cap companies in developed and emerging markets, excluding the US.

Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized US companies.

Artisan Mid Cap Fund – Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap Fund – Russell 2000^® Index is a market-weighted index of about 2,000 small US companies.

Artisan Small Cap Fund – Russell 2000^® Growth Index is a market-weighted index of those small companies included in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values.


Artisan Partners Funds		167

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

Artisan Value Fund – Russell 1000^® Index is a market-weighted index of about 1,000 large US companies.

Artisan Value Fund – Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values.

Trademarks

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

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

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

For the ICE BofAML US High Yield Master II Index the source is ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofAML indices and related data on an “as is” basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML indices or any data included in, related to, or derived there from, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Artisan Partners, or any of its products or services.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.


168		Artisan Partners Funds

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

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright ^© 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

PROXY VOTING POLICIES AND PROCEDURES

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

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

INFORMATION ABOUT PORTFOLIO SECURITIES

Disclosure of the Funds’ complete schedule of portfolio holdings is also required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Funds’ fiscal quarter. You can find SEC filings on the SEC’s website at www.sec.gov.


Artisan Partners Funds		169

DIRECTORS AND OFFICERS

The board of directors has overall responsibility for the conduct of the affairs of Artisan Partners Funds. Each director serves an indefinite term until the next annual meeting of shareholders at which the directors are elected and until the election and qualification of his or her successor or until he or she retires, resigns or is removed from office. Artisan Partners Funds’ bylaws provide that each director must retire by the end of the calendar year in which he or she attains the age of 72, provided, however, that each director who was a director as of August 17, 2018 and who attained the age of 72 on or before December 31, 2018 shall retire as a director as of the end of the calendar year in which he or she attains the age of 75. The board of directors may fill any vacancy on the board provided that after such appointment at least two-thirds of the directors have been elected by the shareholders. The shareholders may remove a director by a vote of a majority of the outstanding shares of the Funds at any meeting of shareholders called for the purpose of removing such director.

The board of directors elects the officers of Artisan Partners Funds. Each officer holds office for one year and until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed or disqualified. The board of directors may remove any officer, with or without cause, at any time.

The names and ages of the directors and officers as of November 15, 2020, the position each holds with the Funds, the date each was first elected to office, their principal business occupations and other directorships they have held during at least the last five years are shown below. Each director oversees all sixteen series of Artisan Partners Funds.



Name and Age at 11/15/20	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held

Directors who are not “interested persons” of Artisan Partners Funds:

Coleen Downs Dinneen – 59	Director and Chair of the Education Committee	1/1/18	Retired; until 2016, Executive Vice President and General Counsel, Natixis Global Asset Management – U.S. Distribution and Chief Legal Officer and Secretary, Natixis/Loomis Funds.	None.

Gail L. Hanson – 64	Director and Independent Chair of the Board of Directors	Director since 1/1/12; Independent Chair since 1/1/19	Retired; from February 2011 to April 2018, Chief Financial Officer, Aurora Health Care (not for profit health care provider); from September 2004 to February 2011, Deputy Executive Director, State of Wisconsin Investment Board.	Director, Northwestern Mutual Series Fund, Inc. (investment company) (27 portfolios).


170		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/15/20	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held

Bonnie L. Howard – 67	Director and Chair of the Audit Committee	3/9/18	Director, Chair of the Risk Oversight Committee and member of the Audit Committee, Assured Guaranty Ltd. (August 2012 to present); Director, BMO Financial Corp and BMO Harris Bank, N.A. (September 2013 to April 2018); until December 2011, Chief Auditor and Global Head of Emerging Risk, Citigroup, Inc.	Director, Assured Guaranty Ltd (insurance company).

William J. Kelly – 60	Director	1/1/20	Chief Executive Officer, Chartered Alternative Investment Analyst (CAIA) Association (2014-present).	Formerly, Independent Trustee and Chair of Audit Committee, BofA Funds Series Trust (investment company).

Peter M. Lebovitz – 65	Director and Chair of the Governance and Nominating Committee	7/1/14	Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms).	Director and Chair, Weiss Strategic Interval Fund (closed-end fund); Independent Director and Chair, Emler Trust (investment company) (6 portfolios).

Patrick S. Pittard – 74	Director	8/9/01	Chairman, PatrickPittard Advisors, LLC (consulting firm); since July 2018, Owner and Chief Executive Officer of BDI DataLynk, LLC (fiber optics training company); Distinguished Executive in Residence (teaching position), University of Georgia; from November 2016 to May 2018, Chairman and Chief Executive Officer of Southern Fiber Company (fiber network company).	Director, Lincoln National Corporation (insurance and investment management company) and Lincoln New York (an affiliate of Lincoln National Corporation).

Peter E. Sundman – 61	Director	1/1/2020	Trustee, IES Abroad (since 2012); Trustee, The College of Wooster (since 2003); Trustee, Frost Valley YMCA (since 1998). Formerly, Chief Executive Officer, ClearBridge Advisors (2009-2011); Chairman and Chief Executive Officer, Neuberger Funds (1999-2008); President, Neuberger Berman Management (1999-2008).	Trustee, Diamond Hill Funds (investment company) (14 portfolios).


Artisan Partners Funds		171

DIRECTORS AND OFFICERS



Name and Age at 11/15/20	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held

Directors who are “interested persons” of Artisan Partners Funds:

Eric R. Colson – 51*	Director	11/12/13	President, Chief Executive Officer and Director of Artisan Partners Asset Management Inc. and Chair; Managing Director, Chief Executive Officer and President of Artisan Partners; until February 2020, President and Chief Executive Officer of Artisan Partners Funds.	None.

Gregory K. Ramirez – 50**	Director, President and Chief Executive Officer	Director since 1/1/20; President and Chief Executive Officer since 2/12/20	Managing Director and Vice President of Artisan Partners; Executive Vice President of Artisan Partners Asset Management Inc.; until February 2020, Chief Financial Officer, Vice President and Treasurer of Artisan Partners Funds; Chair and President of Artisan Partners Distributors LLC (“Distributors”); prior thereto, Vice President, Treasurer and Chief Financial Officer of Distributors; Director of Artisan Partners Global Funds plc; Director (since October 2016) of certain private funds sponsored by Artisan Partners.	None.

Mr. Colson is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is a Director of Artisan Partners Funds and holds various positions with Artisan Partners and its affiliates and beneficially owns interests in Artisan Partners and/or its parent company.

Mr. Ramirez is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is a Director, President and Chief Executive Officer of Artisan Partner Funds and holds various positions with Artisan Partners and its affiliates and beneficially owns interests in Artisan Partners and/or its parent company.


172		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/15/20	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held

Officers:

Sarah A. Johnson – 48	General Counsel, Vice President and Secretary	2/8/11	Managing Director, Vice President, Secretary and General Counsel of Artisan Partners; Executive Vice President, Chief Legal Officer and Secretary of Artisan Partners Asset Management Inc.; Vice President and Secretary of Artisan Partners Distributors, LLC.	None.

Jill Demski - 46	Chief Compliance Officer and anti-Money Laundering Compliance Officer	2/12/20	Chief Compliance Officer of Artisan Partners Funds (since February 2020); Associate Counsel (since January 2019) and Director of Compliance of Artisan Partners; Chief Compliance Officer (since October 2019) of Artisan Partners Distributors LLC.	None.

Laura E. Simpson – 44	Vice President and Assistant Secretary	2/10/15	Deputy General Counsel of Artisan Partners; Director (since January 2018) of Artisan Partners Global Funds plc; Director (since July 2020) of certain private funds sponsored by Artisan Partners.	None.

Shannon K. Jagodinski – 43	Chief Financial Officer, Vice President and Treasurer	Chief Financial Officer and Treasurer since 2/12/20; Vice President since 2/10/15	Director (since January 2016) of Vehicle Administration of Artisan Partners; prior thereto, Senior Manager; until February 2020, Assistant Treasurer of Artisan Partners Funds.	None.

Timothy K. Weston – 45	Vice President	2/13/19	Associate General Counsel of Artisan Partners.	None.

Timothy A. Kahn – 37	Vice President	2/12/20	Associate Counsel of Artisan Partners.	None.

Blake A. Rigel – 50	Assistant Treasurer	2/9/16	Global Tax Director and Tax Counsel of Artisan Partners.	None.

The business address of the officers and the director affiliated with Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The address of the other directors is c/o Artisan Partners Funds, 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

Artisan Partners Funds’ statement of additional information (SAI) contains further information about the directors. Please call 800.344.1770 or visit our website at www.artisanpartners.com for a free copy of the SAI.


Artisan Partners Funds		173

LOGO

ARTISAN PARTNERS FUNDS

P.O. BOX 219322

KANSAS CITY, MO 64121-9322

LOGO

Item 2. Code of Ethics.

(a) Registrant has adopted a code of ethics (the “Code”) that applies to its principal executive officer, principal financial officer and principal accounting officer (the “Covered Officers”).

(b) No disclosures are required pursuant to this Item 2(b).

(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.

(e) Not applicable.

(f) A copy of the Code is filed as Exhibit (a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of directors has determined that Gail L. Hanson, member of the registrant’s audit committee, William J. Kelly, member of the registrant’s audit committee, Peter M. Lebovitz, member of the registrant’s audit committee, and Bonnie L. Howard, member and chair of the registrant’s audit committee, each qualify as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Ms. Hanson, Mr. Kelly, Mr. Lebovitz and Ms. Howard are “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including, without limitation, for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP (“Ernst & Young”) for the 2020 and 2019 fiscal years of the registrant are summarized in the table below. The table summarizes fees billed (or to be billed) by Ernst & Young for work performed relating to each applicable period identified below.

Fees:


	Fiscal Year Ended September 30, 2020		Fiscal Year Ended September 30, 2019
Audit Fees (a)	$	481,530	$	488,790
Audit-Related Fees (b)	$	0	$	—
Tax Fees (c)	$	267,691	$	307,457
All Other Fees (d)	$	0		—

(a) “Audit Fees” include amounts for professional services rendered by Ernst & Young for the audit of the Corporation’s annual financial statements and services that are normally provided by Ernst & Young in connection with statutory and regulatory filings or engagements, including for 2020, portions of which had not been billed as of September 30, 2020, and fees billed for consents issued in conjunction with the Corporation’s post-effective amendments to the Funds’ registration statements filed for each of the last two fiscal years. The fees billed during the fiscal year ended September 30, 2020 also include the initial offering of Advisor Shares of Artisan Global Equity Fund. The fees billed during the fiscal year ended September 30, 2019 also include a consent issued in conjunction with the Corporation’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Advisor Shares of Artisan International Small-Mid Fund.

(b) “Audit-Related Fees” include amounts for assurance and related services by Ernst & Young that are reasonably related to the performance of the audit of the registrant’s financial statements. Audit-related fees have not been reported under the item “audit fees” in the chart above.

(c) “Tax Fees” include amounts for professional services rendered by Ernst & Young for tax compliance, tax advice and tax planning.

The fees shown in the table above for the fiscal year ended September 30, 2020 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2020, which had not been billed as of September 30, 2020; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2020, which also had not been billed as of September 30, 2020; (3) the use of a PFIC database supplied by Ernst & Young for the fiscal year ended September 30, 2019, the excise year ended December 31, 2019 and the semiannual period ended March 31, 2020; (4) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young for the fiscal year ended September 30, 2020; and a response to Finnish tax authorities regarding outstanding reclaims.

The fees shown in the table above for the fiscal year ended September 30, 2019 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2019, which had not been billed as of September 30, 2019; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2019, which also had not been billed as of September 30, 2019; (3) the use of a PFIC database supplied by Ernst & Young for the fiscal year ended September 30, 2018, the excise year ended December 31, 2018 and the semiannual period ended March 31, 2019; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young for the calendar year ended December 31, 2018; and (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young for the fiscal year ended September 30, 2019.

(d) None.

(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chair to exercise that authority in the intervals between meetings; and the chair presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of SEC Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees for the fiscal years ended September 30, 2020 and September 30, 2019 by the registrant’s principal accountant for non-audit services rendered to the registrant are shown in the tables above and described under Items 4(b) – (d) above. For the registrant’s fiscal years ended September 30, 2020 and September 30, 2019, Ernst & Young LLP served as the registrant’s principal accountant and provided no services and billed no fees for non-audit services rendered to the registrant’s adviser or entities controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant.

(h) The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. The provisions of Rule 2-01(c)(7) were effective on May 6, 2003. No such services were rendered on or after May 6, 2003.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of September 30, 2020 are included as part of the annual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure

of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


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

	(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:		December 3, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Executive Officer

Date:		December 3, 2020

By:		/s/ Shannon K. Jagodinski
		Shannon K. Jagodinski
		Principal Financial Officer

Date:		December 3, 2020

Artisan Value Fund Inv Shs (ARTLX) N-CSRCertified annual shareholder report (management investment company)