Artisan Value Fund Inv Shs (ARTLX) N-CSRCertified 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)

(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: 9/30/21

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

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

Item 1.    Report to Shareholders.

ARTISAN PARTNERS FUNDS

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

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

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

TABLE OF CONTENTS

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, 2021. 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 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, emerging markets were up, though not quite as sharply as their US and European counterparts. Country-level returns were largely positive across emerging markets during the period. Taiwan was the top contributor in the MSCI Emerging Markets Index, while China was the main detractor, partially due to the fact that Evergrande, one of China’s largest property developers, appeared on the brink of bankruptcy. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Singaporean provider of information technology services Sea, Chinese pharmaceutical company Wuxi Biologics, US-based online trading site for Latin American markets MercadoLibre, Netherlands-based semiconductor manufacturing equipment company ASML and US-based technology company NVIDIA. Bottom contributors during the period included: Chinese e-commerce company Alibaba, Chinese education company TAL Education, Chinese online entertainment company Bilibili, UK-based luxury fashion technology platform Farfetch and Chinese operator of integrated platforms for housing transactions KE.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based operator of an online marketplace for lodging Airbnb, Chinese online entertainment company Bilibili, UK-based luxury fashion technology platform Farfetch, US-based camera and social media company Snap and US-based security company Crowdstrike. We funded these purchases in part through exiting our positions in TAL Education, Hundsun Technologies, Jiangsu Hengrui Medicine, AIA and NIKE.

ARTISAN FOCUS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/24/2017 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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’ Limited Partnership’s (the “Adviser” or “Artisan Partners”) contractual agreement to limit the Fund’s expenses, which has had a material impact on performance and performance would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, US equities were up meaningfully. Small and mid-cap stocks led, while large-cap stocks trailed. From a style perspective, value outperformed growth during the period. Sector returns were positive across the board, with energy as the highest performer and utilities as the lowest. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION*

Top contributors within the portfolio during the period included: US-based technology company engaged in the provision of memory and storage solutions Micron Technology, US-based semiconductor company specializing in high-performance analog signal processing chips Analog Devices, Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co, US-based media and entertainment services provider Disney and US-based data provider IHS Markit. Bottom contributors during the period included: US-based provider of technology services to the financial services industry Fidelity National Information Services (FIS), US-based financial information services company S&P Global, US-based retail electronic payments network provider Visa, US-based technology designer and manufacturer Apple and French airplane and military equipment manufacturer Airbus. The use of derivatives, including options used to hedge short-term portfolio volatility, had a negative overall impact on performance during the period.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based social networking website operator Facebook, UK-based industrial gas producer Linde, US-based provider of building products and technology solutions Johnson Controls, US-based IT outsourcing and consulting firm Accenture and US-based provider of enterprise IT management software ServiceNow. We funded these purchases in part through exiting our positions in Apple, Copart, Amazon, Amphenol and Ericsson.

ARTISAN GLOBAL DISCOVERY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (8/21/2017 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Australian enterprise software designer and developer Atlassian, Chinese sportswear company Li Ning, US-based developer of programmable logic products Lattice Semiconductor, US-based banking company First Republic Bank and Hong Kong-based power tools company Techtronic Industries. Bottom contributors during the period included: Brazilian retail company Magazine Luiza, US-based provider of unified, cloud-based spend-management software Coupa, US-based social gaming operator Zynga, UK-based insights and analytics company Clarivate and the UK’s primary stock exchange London Stock Exchange Group.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based metal products manufacturer Valmont Industries, US-based marketing software provider HubSpot, US-based stock exchange Nasdaq, US-based engineering software company Bentley Systems and Spanish banking company Banco Bilbao Vizcaya Argentaria (BBVA). We funded these purchases in part through exiting our positions in Clarivate, Li Ning, Zoom Video, Ollie’s Bargain Outlet and Halozyme Therapeutics.

ARTISAN GLOBAL EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based biopharmaceutical company Halozyme Therapeutics, US-based Internet search engine operator Alphabet, US-based provider of building products and technology solutions Johnson Controls, US-based designer and manufacturer of digital infrastructure Vertiv and Netherlands-based provider of CPaaS (communication platform as a service) software CM.com. Bottom contributors during the period included: US-based biopharmaceutical company ACADIA Pharmaceuticals, Chinese cancer screening technology development business New Horizon Health, Chinese data center operator Chindata Group Holdings, Chinese e-commerce company Alibaba and US-based provider of technology services to the financial services industry Fidelity National Information Services (FIS).

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: German-based mail and logistics services company Deutsche Post, US-based logistics services provider GXO Logistics, US-based provider of simulation software used in product design for various industries Altair Engineering, US-based medical and fabrication technology company Colfax and Italian factoring company specializing in refinancing invoices from public administrations BFF Bank. We funded these purchases in part through exiting our positions in Deutsche Boerse, Alibaba, Jeol, Illumina and Deutsche Telekom.

ARTISAN GLOBAL OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Hong Kong-based power tools company Techtronic Industries, Australian enterprise software designer and developer Atlassian, US-based Internet search engine operator Alphabet, US-based data provider IHS Markit and US-based globally diversified conglomerate Danaher. Bottom contributors during the period included: US-based video communications platform Zoom Video, Brazilian retail company Magazine Luiza, US-based provider of technology services to the financial services industry Fidelity National Information Services (FIS), US-based provider of unified, cloud-based spend-management software Coupa and the UK’s primary stock exchange London Stock Exchange Group.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Swiss financial services provider UBS, Canadian cloud-based e-commerce platform operator Shopify, US-based savings and loan holding company Charles Schwab, Spanish banking company Banco Bilbao Vizcaya Argentaria (BBVA) and US-based medical device firm Dexcom. We funded these purchases in part through exiting our positions Zoom Video, TJX, L3Harris, Pagseguro Digital and Koninklijke Philips.

ARTISAN GLOBAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based Internet search engine operator Alphabet, US-based online travel company Expedia, Swiss luxury goods company Cie Financiere Richemont, Netherlands-based global semiconductor manufacturer NXP Semiconductors and Chinese Internet search engine operator Baidu. Bottom contributors during the period included: Chinese e-commerce company Alibaba, Japanese video game company Nintendo, Netherlands-based health technology company Koninklijke Philips, Swiss pharmaceutical company Novartis and US-based insurance holding company Progressive.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: French food company Danone, Japanese video game company Nintendo, Netherlands-based health technology company Koninklijke Philips, Chinese e-commerce company Alibaba and Netherlands-based integrated oil and gas company Royal Dutch Shell. We funded these purchases in part through exiting our positions in FedEx, Cognizant, NXP Semiconductors, Baidu and Visa.

ARTISAN HIGH INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

Non-investment grade credit markets posted strong positive returns during the 12-month period ended September 30, 2021. Supportive capital markets and heavy refinancing activity translated into a benign credit backdrop characterized by limited defaults and deep bid for yield. As a result, high yield credit spreads returned to pre-pandemic levels while yields fell to all-time lows.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based multinational conglomerate General Electric, US-based retailer Nordstrom, US-based independent oil and gas company Laredo Petroleum, US-based provider of food and personal care products, electronics, clothing, technology, telecommunications and software solutions TKC Holdings and Malta-based private aviation company VistaJet. Bottom contributors during the period included: US-based investment holding company Victors Merger, US-based Internet domain and web hosting provider Endure Digital, US-based flat-rolled steel producer company Cleveland-Cliffs, UK-based financial services company Virgin Media Secured Finance and Canadian petroleum refining company Strathcona Resources.

PORTFOLIO COMPOSITION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based manufacturer and distributor of healthcare supplies Medline Industries, US-based oil and natural gas company Callon Petroleum, US-based provider of on demand products and services for the rental housing industry RealPage, US-based company involved in the arrangement of transportation of freight and cargo Royal Caribbean Cruises and US-based software services company Delta Topco. We funded these purchases in part through exiting our positions in Expedia, Michaels Stores, Beacon Roofing Supply, Core & Main Holdings and EQT.

ARTISAN INTERNATIONAL FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based Internet search engine operator Alphabet, UK-based industrial gas producer Linde, Irish low-cost carrier Ryanair, US-based designer and manufacturer of digital infrastructure AIA and Israeli provider of cloud-based and on-premise enterprise software solutions Nice. Bottom contributors during the period included: Chinese e-commerce company Alibaba, Germany-based financial exchanges operator Deutsche Boerse, Japanese pharmaceuticals and health-foods products company Nippon Shinyaku, UK-based airline company International Consolidated Airlines and Chinese manufacturer and distributor of e-vapor products RLX Technology.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: German-based mail and logistics services company Deutsche Post, French international banking group BNP Paribas, French provider of consulting, technology, professional and outsourcing services Capgemini, UK-based bank Barclays and Netherlands-based diversified financial services provider ING Groep. We funded these purchases in part through exiting our positions in Alibaba, Medtronic, Tencent, Willis Towers Watson and Intercontinental Exchange (ICE).

ARTISAN INTERNATIONAL SMALL-MID FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Israeli manufacturer of industrial and commercial printing solutions Kornit Digital, German semiconductor company AIXTRON, Israeli provider of cloud-based and on-premise enterprise software solutions Nice, Canadian modeling, simulation and training for civil aviation and defense company CAE and US-based semiconductor company Cree. Bottom contributors during the period included: German biotechnology company MorphoSys, UK-based online retail company boohoo, UK-based online fashion retail company ASOS, US-based biopharmaceutical company Global Blood Therapeutics and Swedish pharmaceutical company Oncopeptides.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: UK-based aviation company JET2, Japanese electronics company Toshiba, Israeli security software company CyberArk Software, French engineering company Gaztransport Et Technigaz and Swiss technology company Comet. We funded these purchases in part through exiting our positions in Atos, Codemasters, Morinaga & Co, Hypoport and OBIC Business Consultants.

ARTISAN INTERNATIONAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, global equities were up meaningfully. While US markets led, European markets and emerging markets also performed very well on an absolute basis during the period. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, Netherlands-based diversified financial services provider ING Groep, Chinese Internet search engine operator Baidu, UK-based contract-catering business Compass Group and Swiss financial services provider UBS. Bottom contributors during the period included: Chinese e-commerce company Alibaba, German designer, manufacturer and distributor of dialysis equipment and supplier and provider of essential kidney dialysis services Fresenius Medical Care, Chinese hygienic products company Hengan International Group, Swiss financial services provider Credit Suisse and Netherlands-based music entertainment company Universal Music.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Canadian operator of independent convenience stores Alimentation Couche-Tard, French multinational aircraft engine, rocket engine, aerospace-component and defense company Safran, Swiss financial services provider Credit Suisse , Chinese hygienic products company Hengan International Group and Finnish network infrastructure, technology and software services company Nokia . We funded these purchases in part through exiting our positions in Baidu, DSV, Schlumberger, NXP Semiconductors and Willis Towers.

ARTISAN MID CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, US equities were up meaningfully. Small and mid-cap stocks led, while large-cap stocks trailed. From a style perspective, value outperformed growth during the period. Sector returns were positive across the board, with energy as the highest performer and utilities as the lowest. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Australian enterprise software designer and developer Atlassian, US-based marketing software provider HubSpot, German-based biopharmaceutical company BioNTech, US-based developer of programmable logic products Lattice Semiconductor and US-based power generation equipment manufacturer Generac. Bottom contributors during the period included: US-based technology developer for monitoring suspected heartbeat arrhythmias iRhythm, US-based provider of unified, cloud-based spend-management software Coupa, US-based software developer JFrog, US-based social gaming operator Zynga and US-based video communications platform Zoom Video.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based banking franchise specializing in the West Coast tech community SVB Financial, US-based stock exchange Nasdaq, US-based banking company First Republic Bank, US-based manufacturer and supplier of materials for the microelectronics industry Entegris and US-based ride-hailing service company Lyft. We funded these purchases in part through exiting our positions in Zoom Video, Fidelity National Information Services (FIS), IHS Markit, Lonza Group and Ollie’s Bargain Outlet.

ARTISAN MID CAP VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, US equities were up meaningfully. Small and mid-cap stocks led, while large-cap stocks trailed. From a style perspective, value outperformed growth during the period. Sector returns were positive across the board, with energy as the highest performer and utilities as the lowest. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based automotive company AutoNation, US-based online travel company Expedia, US-based holding company specializing in the insurance, moving and storage businesses AMERCO, US-based media and Internet company IAC/InterActiveCorp and US-based financial services company Fifth Third Bancorp. Bottom contributors during the period included: US-based provider of online video software and services Vimeo, Israeli developer of IT security software and hardware solutions Check Point Software Technologies, US-based real estate investment trust Equity Commonwealth, US-based oil and gas equipment and technology provider NOV and US-based insurance company Aon.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based energy and energy services provider that delivers electricity and natural gas OGE Energy, US-based oil and gas equipment and technology provider NOV, US-based real estate and investment management company Jones Lang LaSalle, Israeli developer of IT security software and hardware solutions Check Point Software Technologies and US-based real estate investment trust PS Business Parks. We funded these purchases in part through exiting our positions in Aon, Arrow Electronics, Match Group, Weyerhaeuser and BOK Financial.

ARTISAN SELECT EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (2/28/2020 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, US equities were up meaningfully. Small and mid-cap stocks led, while large-cap stocks trailed. From a style perspective, value outperformed growth during the period. Sector returns were positive across the board, with energy as the highest performer and utilities as the lowest. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based Internet search engine operator Alphabet, Swiss luxury goods company Cie Financiere Richemont, US-based provider of credit cards and travel-related services American Express, US-based online travel company Expedia and US-based financial services holding company Citigroup. Bottom contributors during the period included: Chinese e-commerce company Alibaba, US-based manufacturer, marketer and distributor of coating systems Axalta Coating Systems, US-based manufacturer and marketer of motorcycles Harley-Davidson, French food company Danone and US-based operator of healthy grocery stores Sprouts Farmers Market.

REGION ALLOCATION

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based manufacturer, marketer and distributor of coating systems Axalta Coating Systems, Chinese e-commerce company Alibaba, French food company Danone, US-based manufacturer and marketer of motorcycles Harley-Davidson and US-based operator of healthy grocery stores Sprouts Farmers Market. We funded these purchases in part through exiting our positions in Cognizant, Cie Financiere Richemont and Visa.

ARTISAN SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, US equities were up meaningfully. Small and mid-cap stocks led, while large-cap stocks trailed. From a style perspective, value outperformed growth during the period. Sector returns were positive across the board, with energy as the highest performer and utilities as the lowest. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based marketing software provider HubSpot, US-based developer of programmable logic products Lattice Semiconductor, US-based biopharmaceutical company Halozyme Therapeutics, US-based medical device company Shockwave Medical and US-based semiconductor company Monolithic Power Systems. Bottom contributors during the period included: US-based technology developer for monitoring suspected heartbeat arrhythmias iRhythm, US-based software developer JFrog, US-based social gaming operator Zynga, US-based manufacturer of ground mounting systems used in solar energy projects Array Technologies and UK-based biopharmaceutical company Orchard Therapeutics.

FUND CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based metal products manufacturer Valmont Industries, US-based developer of software-as-a-service (SAAS) technology solutions BigCommerce, US-based cloud software provider Workiva, US-based online clothing resale shop ThredUp and US-based medical and fabrication technology company Colfax. We funded these purchases in part through exiting our positions in Teledyne Technologies, Zscaler, Ollie’s Bargain Outlet, Clarivate and iRhythm.

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2021)

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2021)

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

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2021, emerging markets were up, though not quite as sharply as their US and European counterparts. Country-level returns were largely positive across emerging markets during the period. Taiwan was the top contributor in the MSCI Emerging Markets Index, while China was the main detractor, partially due to the fact that Evergrande, one of China’s largest property developers, appeared on the brink of bankruptcy. By the end of October 2020, most broad-market indices had recovered to their pre-pandemic levels, only to then climb beyond their pre-pandemic levels, bolstered by global stimulus and the continued rollout of COVID-19 vaccinations. That said, global markets pulled back in September 2021, due in part to escalating inflation concerns, supply chain disruptions and increasing regulatory intervention in China. These challenges, combined with the Delta variant, have introduced further uncertainty into the marketplace.

SECTOR DIVERSIFICATION

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co, Korean electronic products and solutions manufacturer Samsung Electronics, US-based online trading site for Latin American markets MercadoLibre, Taiwanese electronic paper producer E Ink and Indian retail and corporate bank ICICI Bank. Bottom contributors during the period included: Chinese e-commerce company Alibaba, Chinese pharmaceutical company Sino Biopharmaceutical, Russian mining company Polyus, Chinese provider of cloud storage and cloud computation services Kingsoft Cloud and Brazilian electric energy operator Focus Energia.

REGION ALLOCATION