NPORT-EX 2 artisan-nportex_123123.htm

 

ARTISAN PARTNERS FUNDS, INC

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments

 

Investment Footnotes

 

* Non-income producing security
# Percentages for the various classifications relate to total net assets
^ Amount rounds to less than $1 or 0.1%
One contract is equal to 100 shares
   
Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.
   
Investment abbreviations
ADR American Depositary Receipt
BUBOR Budapest Interbank Offered Rate
CAONREPO Canadian Overnight Repo Rate
CDI Certificate of Interbank Deposit
CGM Citigroup Global Markets
CITI Citibank, N.A.
CLICP Chile Indice de Camara Promedio Interbank Overnight Index
GDR Global Depositary Receipt
GS Goldman Sachs International
ICBCSB ICBC Standard Bank Plc
ICE Intercontinental Exchange
JPM JPMorganChase Bank, N.A.
KLIBOR Kuala Lumpur Interbank Offered Rate
LIBOR London Interbank Offered Rate
LSE London Stock Exchange
MIBOR Mumbai Interbank Offered Rate
NYSE New York Stock Exchange
OTC Over-the-Counter
PIK Payment-In-Kind
Preference A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference.
PRIBOR Prague Interbank Offered Rate
REIT Real Estate Investment Trust
SCB Standard Chartered Bank
SG Societe Generale
SOFR Secured Overnight Financing Rate
TELBOR Tel Aviv Interbank Offered Rate
TIIE Mexican Interbank Equilibrium Interest Rate
THOR Thai Overnight Repurchase Rate
TONAR Tokyo Overnight Average Rate
WIBOR Warsaw Interbank Offer Rate

 

Currency abbreviations    
AED United Arab Emirates dirham KRW Korean won
ALL Albanian lek KZT Kazakhstan tenge
AUD Australian dollar MXN Mexican peso
BRL Brazilian real MYR Malaysia ringgit
CAD Canadian dollar NGN Nigerian naira
CHF Swiss franc NOK Norwegian krone
CLP Chilean peso PEN Peruvian nuevo sol
CNH Chinese yuan PLN Polish zloty
CNY Chinese yuan RON Romanian leu
CZK Czech koruna RSD Serbian dinar
DKK Danish krone RUB Russian ruble
DOP Dominican peso SEK Swedish krona
EUR Euro SGD Singapore dollar
GBP British pound THB Thailand baht
GEL Georgian lari TWD New Taiwan dollar
HKD Hong Kong dollar UGX Ugandan shilling
HUF Hungarian forint USD U.S. dollar
IDR Indonesian rupiah UYU Uruguayan peso
ILS Israel new shekel UZS Uzbekistani som
INR Indian rupee VND Vietnamese dong
ISK Iceland krona ZAR South African rand
JPY Japanese yen    

 

 

 

 

Artisan Developing World Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

  

Shares
Held

  

Value

 
         
COMMON STOCKS - 97.8%
         
Brazil - 8.9%
MercadoLibre, Inc.*   108   $170,193 
NU Holdings Ltd., Class A*   11,849    98,698 
         268,891 
China - 19.7%
Alibaba Group Holding Ltd., ADR   444    34,386 
Bilibili, Inc., ADR*   2,718    33,079 
JD Health International, Inc.*(1)   12,660    63,394 
Kanzhun Ltd., ADR   2,116    35,148 
KE Holdings, Inc., ADR   4,483    72,668 
Kweichow Moutai Co. Ltd., Class A   372    90,603 
Meituan, Class B*(1)   9,301    97,551 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   1,411    57,808 
Tencent Holdings Ltd.   1,653    62,146 
Wuxi Biologics Cayman, Inc.*(1)   12,127    45,969 
         592,752 
France - 4.3%
Hermes International SCA   16    34,299 
LVMH Moet Hennessy Louis Vuitton SE   115    93,457 
         127,756 
India - 10.9%
Apollo Hospitals Enterprise Ltd.   1,312    89,931 
HDFC Bank Ltd., ADR   1,433    96,177 
MakeMyTrip Ltd.*   3,020    141,873 
         327,981 
Netherlands - 7.4%
Adyen NV*(1)   98    126,552 
ASML Holding NV, ADR   125    94,429 
         220,981 
Singapore - 7.2%
Grab Holdings Ltd., Class A*   21,758    73,323 
Sea Ltd., ADR*   3,559    144,124 
         217,447 
United States - 39.4%
Airbnb, Inc., Class A*   996    135,535 
Coca-Cola Co. (The)   1,206    71,047 
Crowdstrike Holdings, Inc., Class A*   420    107,303 
Datadog, Inc., Class A*   570    69,139 
Estee Lauder Cos., Inc. (The), Class A   496    72,521 
Mastercard, Inc., Class A   80    34,331 
Netflix, Inc.*   188    91,695 
NVIDIA Corp.   292    144,723 
Snap, Inc., Class A*   4,035    68,310 
Snowflake, Inc., Class A*   354    70,527 
Unity Software, Inc.*   1,938    79,254 
Veeva Systems, Inc., Class A*   498    95,810 
Visa, Inc., Class A   555   144,391 
         1,184,586 
Total common stocks
(Cost $1,903,427)
        2,940,394 
           
SHORT-TERM INVESTMENT - 1.5%
           
INVESTMENT COMPANY - 1.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $45,225)   45,225    45,225 
           
           
Total investments - 99.3%
 (Cost $1,948,652)
        2,985,619 
Other assets less liabilities - 0.7%        22,817 
Total net assets - 100.0%#       $3,008,436 

 

 

 

 

Artisan Developing World Fund

Schedule of Investments (continued)
December 31, 2023 (Unaudited)

 

(1) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $333,466 or 11.1% of net assets.  

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $434,502    14.6%
Consumer Discretionary   707,294    23.7 
Consumer Staples   297,565    10.0 
Financials   500,149    16.7 
Health Care   289,518    9.7 
Industrials   73,323    2.5 
Information Technology   565,375    18.9 
Real Estate   72,668    2.4 
Short-Term Investment   45,225    1.5 
Total investments  $2,985,619    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value       Percentage of
Total Investments
 
CNY  $148,411       5.0%
EUR   254,308         8.5 
HKD   269,060         9.0 
INR   89,931         3.0 
USD   2,223,909         74.5 
Total investments  $2,985,619         100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments

December 31, 2023 (Unaudited)

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

 

  

Principal
Amount

  

Value

 
SOVEREIGN GOVERNMENT BONDS AND BOND PARTICIPATION NOTE - 67.0%
        
Albania - 5.4%
Albanian Government Bond          
5.00%, 2/24/2026  ALL13,000   $141 
6.00%, 2/13/2028  ALL9,500    105 
5.63%, 11/8/2030  ALL19,000    196 
Republic of Albania          
5.90%, 6/9/2028(1)  EUR1,725    1,942 
         2,384 
Angola - 1.5%          
Republic of Angola          
6.93%, 2/19/2027(1)  $145    134 
8.25%, 5/9/2028(1)   250    230 
9.13%, 11/26/2049(1)   350    285 
         649 
Bahamas - 5.8%          
Commonwealth of the Bahamas          
5.75%, 1/16/2024(1)   740    733 
6.00%, 11/21/2028(1)   885    779 
9.00%, 6/16/2029(1)   420    406 
6.95%, 11/20/2029(1)   232    201 
8.95%, 10/15/2032(1)   450    422 
         2,541 
Benin - 2.2%          
Benin Government Bond          
4.88%, 1/19/2032(1)  EUR1,070    965 
Cameroon - 3.0%          
Republic of Cameroon          
9.50%, 11/19/2025(1)   920    895 
5.95%, 7/7/2032(1)  EUR530    430 
         1,325 
Colombia - 1.0%          
Republic of Colombia          
8.00%, 11/14/2035   400    437 
Egypt - 1.4%          
Arab Republic of Egypt          
7.50%, 2/16/2061(1)   1,030    600 
India - 1.1%          
Republic of India          
7.54%, 5/23/2036  INR41,200    502 
Indonesia - 7.1%          
Republic of Indonesia          
8.38%, 3/15/2024  IDR789,000    51 
6.38%, 4/15/2032  IDR4,100,000    263 
7.50%, 8/15/2032  IDR4,500,000    309 
8.25%, 5/15/2036  IDR9,854,000    721 
7.13%, 6/15/2042  IDR18,400,000    1,237 
7.13%, 6/15/2043  IDR7,730,000    520 
         3,101 
Iraq - 3.7%          
Republic of Iraq          
5.80%, 1/15/2028(1)   1,730    1,614 
           
Ivory Coast - 2.5%
Republic of Cote d'Ivoire    
5.25%, 3/22/2030(1)  EUR595   588 
6.88%, 10/17/2040(1)  EUR550    507 
         1,095 
Kenya - 3.0%          
Republic of Kenya          
6.88%, 6/24/2024(1)   980    951 
7.00%, 5/22/2027(1)   400    374 
         1,325 
Montenegro - 1.6%          
Republic of Montenegro          
2.55%, 10/3/2029(1)  EUR795    718 
Namibia - 0.8%          
Republic of Namibia          
5.25%, 10/29/2025(1)   375    370 
Nigeria - 0.9%          
Federal Republic of Nigeria          
7.63%, 11/21/2025(2)   281    278 
8.25%, 9/28/2051(1)   125    102 
         380 
Pakistan - 1.0%          
Islamic Republic of Pakistan          
8.88%, 4/8/2051(1)   710    427 
Papua New Guinea - 1.3%          
Papua New Guinea Government International Bond          
8.38%, 10/4/2028(1)   575    546 
Paraguay - 1.5%          
Paraguay Treasury Bond Participation Note          
9.03%, 2/15/2030(6)(7)(8)(9)   654    662 
Peru - 8.0%          
Bonos de la Tesoreria          
5.94%, 2/12/2029  PEN12,985    3,510 
Romania - 3.3%          
Romania Government Bond          
8.75%, 10/30/2028  RON1,060    259 
8.25%, 9/29/2032  RON4,835    1,206 
         1,465 
Rwanda - 0.4%          
Republic of Rwanda          
5.50%, 8/9/2031(1)   225    180 
Senegal - 0.5%          
Republic of Senegal          
6.25%, 7/30/2024(1)   200    198 
Serbia - 6.2%          
Republic of Serbia          
7.00%, 10/26/2031  RSD9,200    90 
4.50%, 8/20/2032  RSD162,670    1,342 
1.65%, 3/3/2033(1)  EUR600    488 
2.05%, 9/23/2036(1)  EUR1,060    813 
         2,733 

 

 

 

 

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

   Principal
Amount
   Value 
South Africa - 1.8%
Republic of South Africa    
8.25%, 3/31/2032  ZAR16,500   $789 
Suriname - 1.3%          
Suriname Government International Bond          
4.95%, 7/15/2033(2)  $509    439 
Zero Coupon, 12/31/2050(2)   285    130 
         569 
Tajikistan - 0.7%          
Republic of Tajikistan          
7.13%, 9/14/2027(1)   340    294 
Total sovereign government bonds and bond participation note
(Cost $28,087)
        29,379 
           
CORPORATE BONDS - 14.8%          
           
Brazil - 1.4%          
MC Brazil Downstream Trading SARL          
7.25%, 6/30/2031(1)   676    530 
Unigel Luxembourg SA          
8.75%, 10/1/2026(1)   253    69 
         599 
Chile - 0.9%          
ATP Tower Holdings LLC          
4.05%, 4/27/2026(1)   420    380 
           
Colombia - 1.8%          
Aris Mining Corp.          
6.88%, 8/9/2026(1)   477    413 
EnfraGen Energia Sur SA          
5.38%, 12/30/2030(1)   260    203 
Gran Tierra Energy, Inc.          
9.50%, 10/15/2029(2)   228    200 
         816 
Czech Republic - 1.9%          
Energo-Pro A/S          
8.50%, 2/4/2027(1)   450    441 
11.00%, 11/2/2028(1)   370    382 
         823 
Dominican Republic - 3.8%          
Banco Central de la Republica Dominicana          
13.00%, 12/5/2025(1)  DOP72,270    1,292 
13.00%, 1/30/2026(1)  DOP20,330    364 
         1,656 
Egypt - 0.8%          
Energean plc          
6.50%, 4/30/2027(1)   400    363 
           
Georgia - 0.8%          
Bank of Georgia JSC          
(USD Swap Semi 5 Year + 8.72%), 11.13%, 6/28/2024(1)(3)(4)   355    355 
           
Mexico - 0.9%
Petroleos Mexicanos          
6.95%, 1/28/2060  640    422 
           
Nigeria - 1.0%
SEPLAT Energy plc          
7.75%, 4/1/2026(1)   485    444 
           
Peru - 1.5%
Inkia Energy Ltd.          
5.88%, 11/9/2027(1)   687    654 
           
Total corporate bonds
(Cost $6,532)
        6,512 
           
SHORT-TERM INVESTMENTS - 11.1%
           
SOVEREIGN GOVERNMENT TREASURY BILLS - 3.2%
Banco Central del Uruguay          
9.12%, 2/2/2024(5)  UYU3,050    77 
8.97%, 3/1/2024(5)  UYU9,281    234 
9.49%, 5/3/2024(5)  UYU12,300    305 
9.53%, 5/17/2024(5)  UYU5,650    140 
9.55%, 5/31/2024(5)  UYU21,965    541 
         1,297 
Republic of Albania          
3.82%, 11/28/2024(5)  ALL9,100    94 
Total sovereign government treasury bills
(Cost $1,390)
        1,391 
 
U.S. TREASURY OBLIGATION - 2.7%
U.S. Treasury Bill          
4.83%, 1/23/2024(5) (Cost $1,196)  $1,200    1,196 

  

  

Shares
Held

     
INVESTMENT COMPANIES - 5.2%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26%           2,296    2,296 
Federated Treasury Obligations Fund - Institutional Class, 5.23%   1    1 
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 5.27%   1    1 
Total investment companies
(Cost $2,298)
        2,298 
Total short-term investments
(Cost $4,884)
        4,885 
           
Total investments - 92.9%
 (Cost $39,503)
        40,776 
Other assets less liabilities - 7.1%        3,113 
Total net assets - 100.0%#       $43,889 

 

 

 

 

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(1) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $22,082 or 50.3% of net assets.  
(2) 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.
(3) Perpetual security. The rate reflected was the rate in effect on December 31, 2023. The maturity date reflects the next call date.
(4) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2023.
(5) Yield to maturity.
(6) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(7) 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 $662, or 1.5% of total net assets. See notes (B) and (C) in the accompanying notes.
(8) Security is restricted.    

 

Security  Acquisition Date  Cost   Value   Percentage of
Total Net Assets
 
Paraguay Treasury Bond  08/17/2023 - 12/26/2023  $649   $662    1.5%

 

(9) Security is a bond participation note issued by Itau BBA International plc. Bond participation notes are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Energy  $2,782    6.8%
Financials   2,011    4.9 
Sovereign Government Securities   29,379    72.1 
Industrials   380    0.9 
Materials   482    1.2 
Utilities   857    2.1 
Short-Term Investments   4,885    12.0 
Total investments  $40,776    100.0%
           

TRADING CURRENCIES

Dollar values in thousands

   Value       Percentage of
Total Investments
 
ALL  $536         1.3%
DOP   1,656         4.1 
EUR   6,451         15.8 
IDR   3,101         7.6 
INR   502         1.2 
PEN   3,510         8.6 
RON   1,465         3.6 
RSD   1,432         3.5 
USD   20,037         49.2 
UYU   1,297         3.2 
ZAR   789         1.9 
Total investments  $40,776         100.0%

 

 

 

 

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited) 

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased    Currency Sold    Counterparty  Settlement
Date
  Unrealized
Appreciation
(Depreciation)
 
IDR**   17,294,258   USD   1,118    CGM   1/2/2024  $5 
USD   302   IDR**   4,650,000    CGM   1/2/2024   ^
BRL**   9,480   USD   1,933    CGM   1/3/2024   19 
HUF   97,000   EUR   253    SCB   1/4/2024   ^
KZT**   93,000   USD   198    SG   1/8/2024   6 
MXN   15,470   USD   883    SCB   1/11/2024   27 
PLN   4,305   EUR   991    SCB   1/11/2024   ^
UZS**   600,000   USD   48    ICBCSB   1/11/2024   ^
CLP**   46,000   USD   52    CGM   1/16/2024   ^
UZS**   2,300,000   USD   184    ICBCSB   1/16/2024   2 
KZT**   73,500   USD   160    CITI   1/19/2024   1 
KZT**   81,000   USD   165    SG   1/19/2024   12 
RON   4,450   EUR   894    SCB   1/22/2024   ^
UZS**   17,767,859   USD   1,418    ICBCSB   1/22/2024   15 
KZT**   1,024,790   USD   2,198    ICBCSB   1/26/2024   34 
THB   11,690   USD   329    SCB   2/6/2024   14 
INR**   30,200   USD   362    CGM   2/13/2024   1 
USD   361   NGN**   330,000    SCB   7/8/2024   89 
Total unrealized appreciation          225 
USD   809   IDR**   12,644,258    CGM   1/2/2024   (12)
HUF   1,114,324   EUR   2,915    SCB   1/4/2024   (6)
USD   2,238   PEN**   8,383    CGM   1/5/2024   (28)
USD   736   ZAR   13,849    SCB   1/11/2024   (21)
UZS**   5,416,800   USD   456    JPM   1/11/2024   (17)
CLP**   331,000   USD   377    CGM   1/16/2024   (2)
USD   595   KZT**   274,000    ICBCSB   1/16/2024   (3)
USD   1,315   RON   6,077    SCB   1/16/2024   (33)
UZS**   5,900,000   USD   494    JPM   1/16/2024   (17)
CZK   34,550   EUR   1,402    SCB   1/29/2024   (6)
BRL**   9,480   USD   1,960    CGM   2/2/2024   (11)
USD   285   INR**   23,800    CGM   2/13/2024   (1)
USD   1,285   IDR**   19,877,879    CGM   3/1/2024   (6)
USD   8,432   EUR   7,695    SCB   3/20/2024   (90)
NGN**   330,000   USD   367    SCB   7/8/2024   (95)
Total unrealized depreciation      (348)
Net unrealized depreciation     $(123)

 

** Non-deliverable.

 

 

 

 

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

FUTURES CONTRACTS  

 

Values in thousands  

 

Description  No. of Contracts   Expiration Date  Trading Currency  Notional
Amount
   Notional  
Value
   Unrealized  (Depreciation) 
Short Positions Contracts                          
Euro-Bobl   (22)  3/7/2024  EUR  $(2,200)  $(2,897)  $(49)
Euro-Bund   (21)  3/7/2024  EUR   (2,100)   (3,181)   (97)
U.S. Treasury 2 Year Note   (25)  3/28/2024  USD   (5,000)   (5,148)   (49)
U.S. Treasury 5 Year Note   (36)  3/28/2024  USD   (3,600)   (3,916)   (78)
U.S. Treasury 10 Year Note   (24)  3/19/2024  USD   (2,400)   (2,709)   (71)
U.S. Treasury 10 Year Ultra Note   (10)  3/19/2024  USD   (1,000)   (1,180)   (40)
Net unrealized depreciation                       $(384)
                           

CENTRALLY CLEARED CREDIT DEFAULT SWAP  - BUY PROTECTION
Notional amounts and values in thousands and reported in USD unless otherwise stated

 

Reference Entity  Financing Rate Paid by the Fund (%)   Frequency of Payments Made/Received  Termination Date  Notional Amount   Upfront (Payments) Receipts
($)
   Unrealized Appreciation (Depreciation)
($)
   Value
($)
 
United Mexican States  1.00   Quarterly  12/20/2028   1,300    (5)   (2)   (7)
Total Buy Protection                  (5)   (2)   (7)

 

CENTRALLY CLEARED CREDIT DEFAULT SWAP - SELL PROTECTION
Notional amounts and values in thousands and reported in USD unless otherwise stated

 

Reference Entity  Financing Rate Received by the Fund (%)   Frequency of Payments Made/Received  Termination Date  Notional Amount   Upfront (Payments) Receipts
($)
   Unrealized Appreciation (Depreciation)
($)
   Value
($)
 
Republic of South Africa  1.00   Quarterly  6/20/2024   275    ^   1    1 
Total Sell Protection                  ^   1    1 

 

 

 

 

 

Artisan Emerging Markets Debt Opportunities Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

CENTRALLY CLEARED INTEREST RATE SWAPS
Values in thousands

 

Floating Rate Index (Frequency)  Fixed Rate (%) (Frequency)  Fund Pays/ Receives Floating Rate  Termination Date  Notional Amount  Upfront (Payments)
Receipts
($)
   Unrealized Appreciation (Depreciation) ($)   Value
($)
 
 
4 week TIIE monthly  10.63 monthly  Pay  9/24/2025  MXN 75,400   14    35    49 
4 week TIIE monthly  9.52 monthly  Pay  9/14/2033  MXN 13,900   9    49    58 
6 month PRIBOR semi-annually  3.95 annually  Pay  12/1/2030  CZK 25,350   2    28    30 
1 day CDI at termination  10.94 at termination  Pay  1/2/2026  BRL 12,340   13    27    40 
1 day CDI at termination  10.30 at termination  Pay  1/2/2029  BRL 2,100       4    4 
1 day MIBOR semi-annually  6.65 semi-annually  Pay  8/25/2028  INR 43,100       10    10 
Total unrealized appreciation               38    153    191 
                            
1 day MIBOR semi-annually  6.19 semi-annually  Pay  5/26/2033  INR 51,000       (1)   (1)
Total unrealized depreciation                   (1)   (1)
Net unrealized appreciation               38    152    190 
                            

OTC CREDIT DEFAULT SWAP - SELL PROTECTION    

 

Notional amounts and values in thousands and reported in USD unless otherwise stated    

 

Reference Entity  Financing Rate Received by the Fund (%)   Frequency of Payments Made/Received  Counterparty   Maturity Date  Notional Amount   Upfront (Payments) Receipts ($)   Unrealized Appreciation (Depreciation) ($)   Value
($)
 
Republic of South Africa   1.00   Quarterly   CITI   6/20/2024   260    ^   1    1 
Total                        ^   1    1 

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Floating Rate Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

   Principal
Amount
   Value 
         
BANK LOANS - 77.7%
         
Auto Components - 0.4%
WP NewCo LLC Term Loan          
(SOFR + 4.50%), 9.97%, 5/11/2028(1)  $296   $220 
           
Automobile Components - 0.1%          
Wheel Pros, Inc. Term Loan          
(SOFR + 8.88%), 14.35%, 5/11/2028(1)   67    72 
           
Building Products - 0.6%          
CP Atlas Buyer, Inc. Term Loan B          
(SOFR + 3.75%), 9.21%, 11/23/2027(1)   406    399 
           
Capital Markets - 3.4%          
Edelman Financial Center LLC Second Lien Term Loan          
(SOFR + 6.75%), 12.22%, 7/20/2026(1)   1,250    1,248 
Edelman Financial Engines Center LLC First Lien Term Loan          
(SOFR + 3.50%), 8.97%, 4/7/2028(1)   859    859 
         2,107 
Commercial Services - 3.5%          
Digital Room Holdings, Inc. First Lien Term Loan          
(SOFR + 5.25%), 10.71%, 12/21/2028(1)   570    519 
Employbridge Holding Co. Term Loan B          
(SOFR + 4.75%), 10.41%, 7/19/2028(1)   1,480    1,206 
New SK Holdco Sub LLC Term Loan          
(SOFR + 6.75%), 12.21%, 6/30/2027(1)   501    495 
         2,220 
Commercial Services & Supplies - 5.4%          
Neptune BidCo US, Inc. First Lien Term Loan B          
(SOFR + 5.00%), 10.51%, 4/11/2029(1)   1,146    1,044 
OMNIA Partners LLC Term Loan          
(SOFR + 4.25%), 9.63%, 7/25/2030(1)   357    359 
Ryan LLC Term Loan          
(SOFR + 4.50%), 9.86%, 11/14/2030(1)   792    793 
Spin Holdco, Inc. Term Loan          
(SOFR + 4.00%), 9.62%, 3/4/2028(1)   742    650 
VT Topco, Inc. First Lien Term Loan          
(SOFR + 4.25%), 9.61%, 8/9/2030(1)  475   477 
         3,323 
Communications Equipment - 4.8%          
Delta Topco, Inc. First Lien Term Loan          
(SOFR + 3.75%), 9.12%, 12/1/2027(1)   3,010    3,002 
Delta Topco, Inc. Second Lien Term Loan          
(SOFR + 7.25%), 12.62%, 12/1/2028(1)   25    25 
         3,027 
Construction & Engineering - 4.3%          
CD&R Hydra Buyer, Inc. Second Lien Term Loan          
(SOFR + 8.00%), 13.46%, 4/30/2026(1)   484    478 
CD&R Hydra Buyer, Inc. Term Loan          
(SOFR + 4.25%), 9.71%, 12/11/2024(1)   2,188    2,193 
         2,671 
Containers & Packaging - 1.4%          
Iris Holding, Inc. First Lien Term Loan          
(SOFR + 4.75%), 10.23%, 6/28/2028(1)   973    895 
           
Distributors - 1.4%          
Verde Purchaser LLC Term Loan          
(SOFR + 5.00%), 10.35%, 11/30/2030(1)   900    872 
           
Diversified Consumer Services - 1.5%          
KUEHG Corp. Term Loan          
(SOFR + 5.00%), 10.35%, 6/12/2030(1)   948    951 
           
Diversified Telecommunication Services - 0.2%          
Zayo Group Holdings, Inc. Term Loan          
(SOFR + 3.00%), 8.47%, 3/9/2027(1)   173    148 
           
Electrical Equipment - 1.1%          
Roper Industrial Products Investment Co. LLC First Lien Term Loan          
(SOFR + 4.00%), 9.35%, 11/22/2029(1)   701    702 
           
Entertainment - 1.6%          
J&J Ventures Gaming LLC Term Loan          
(SOFR + 4.25%), TBD, 4/26/2028(1)   643    632 
(SOFR + 4.25%), 9.72%, 4/26/2028(1)   357    351 
         983 
Financial Services - 1.2%          
Trans Union LLC Term Loan B5          
(SOFR + 1.75%), 7.21%, 11/16/2026(1)   735    735 

 

 

 

 

Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

   Principal
Amount
   Value 
Financials - 1.7%
GoodRx, Inc. First Lien Term Loan          
(SOFR + 2.75%), 8.21%, 10/10/2025(1)  $1,061   $1,060 
           
Food - 0.8%          
Chefs' Warehouse, Inc. Term Loan          
(SOFR + 4.75%), 10.21%, 8/23/2029(1)   505    504 
           
Food Products - 3.4%          
B&G Foods, Inc. Term Loan B4          
(SOFR + 2.50%), 7.86%, 10/10/2026(1)   1,036    1,026 
H-Food Holdings LLC Term Loan          
(SOFR + 3.69%), 9.34%, 5/23/2025(1)   483    385 
H-Food Holdings LLC Term Loan B2          
(SOFR + 4.00%), 9.65%, 5/23/2025(1)   299    239 
H-Food Holdings LLC Term Loan B3          
(SOFR + 5.00%), 10.65%, 5/23/2025(1)   356    285 
Shearer's Foods LLC First Lien Term Loan          
(SOFR + 3.50%), 8.97%, 9/23/2027(1)   117    117 
         2,052 
Food Service - 2.0%          
TKC Holdings, Inc. Term Loan          
(SOFR + 5.50%), 10.97%, 5/15/2028(1)   1,190    1,130 
TKC Midco 1 LLC Term Loan          
12.00% Cash, 13.50% PIK, 2/15/2027   213    101 
         1,231 
Health Care Equipment & Supplies - 2.2%          
GHX Ultimate Parent Corp. First Lien Term Loan          
(SOFR + 4.75%), 10.12%, 6/30/2027(1)   95    95 
Medline Borrower LP Term Loan          
(SOFR + 3.00%), 8.47%, 10/23/2028(1)   1,242    1,247 
         1,342 
Health Care Providers & Services - 2.5%          
Surgery Center Holdings, Inc. Term Loan          
(SOFR + 3.50%), 8.86%, 12/19/2030(1)   1,567    1,572 
           
Hotels, Restaurants & Leisure - 2.5%          
BCPE Grill Parent, Inc. Term Loan          
(SOFR + 4.75%), 10.11%, 9/30/2030(1)   1,566    1,532 
           
Insurance - 11.3%          
Acrisure LLC First Lien Term Loan          
(SOFR + 4.25%), 9.90%, 2/15/2027(1)   230    231 
Amynta Agency Borrower, Inc. Term Loan          
(SOFR + 4.50%), 9.60%, 2/28/2028(1)  1,496   1,496 
AssuredPartners, Inc. Term Loan          
(SOFR + 3.50%), 8.86%, 2/12/2027(1)   761    762 
(SOFR + 3.75%), 9.22%, 2/12/2027(1)   499    499 
BroadStreet Partners, Inc. Term Loan          
(SOFR + 3.00%), 8.47%, 1/27/2027(1)   1,125    1,125 
Hub International Ltd. Term Loan          
(SOFR + 4.00%), 9.37%, 11/10/2029(1)   495    497 
(SOFR + 4.25%), 9.66%, 6/20/2030(1)   98    98 
IMA Financial Group, Inc. Term Loan          
(SOFR + 3.75%), 9.22%, 11/1/2028(1)   748    747 
NFP Corp. Term Loan          
(SOFR + 3.25%), 8.72%, 2/16/2027(1)   755    758 
USI, Inc. Term Loan          
(SOFR + 3.00%), 8.39%, 11/22/2029(1)   796    796 
         7,009 
Investment Companies - 4.6%          
Nexus Buyer LLC First Lien Term Loan          
(SOFR + 3.75%), 9.21%, 11/9/2026(1)   1,561    1,542 
Nexus Buyer LLC Second Lien Term Loan          
(SOFR + 6.25%), 11.71%, 11/5/2029(1)   1,211    1,178 
Nexus Buyer LLC Term Loan          
(SOFR + 4.50%), 9.86%, 12/31/2030(1)   126    125 
         2,845 
IT Services - 1.2%          
Arches Buyer, Inc. Term Loan          
(SOFR + 3.25%), 8.71%, 12/6/2027(1)   788    769 
           
Life Sciences Tools & Services - 0.2%          
Fortrea Holdings, Inc. Term Loan B          
(SOFR + 3.75%), 9.11%, 7/1/2030(1)   142    142 
           
Mortgage Real Estate Investment Trusts (REITs) - 0.6%          
Forest City Enterprises LP Term Loan          
(SOFR + 3.50%), 8.97%, 12/8/2025(1)   407    385 
           
Retail - Consumer Staples - 0.1%          
Arthur US Finco, Inc. First Lien Term Loan B          
(SOFR + 5.25%), 10.60%, 1/1/2038(1)   63    58 
           

 

 

 

Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

   Principal
Amount
   Value 
Software - 10.8%
Applied Systems, Inc. First Lien Term Loan          
(SOFR + 4.50%), 9.85%, 9/18/2026(1)  $230   $231 
Applied Systems, Inc. Second Lien Term Loan          
(SOFR + 6.75%), 12.10%, 9/17/2027(1)   118    119 
CommerceHub, Inc. First Lien Term Loan          
(SOFR + 4.00%), 9.54%, 12/29/2027(1)   704    665 
CommerceHub, Inc. Second Lien Term Loan          
(SOFR + 7.00%), 12.54%, 12/29/2028(1)   60    48 
Epicor Software Corp. Term Loan C          
(SOFR + 3.25%), 8.72%, 7/30/2027(1)   1,039    1,041 
Matrix Parent, Inc. First Lien Term Loan          
(SOFR + 5.00%), 10.50%, 3/1/2029(1)   924    628 
Orchid Merger Sub II LLC Term Loan          
(SOFR + 4.75%), 10.25%, 7/27/2027(1)   776    458 
SS&C Technologies Holdings, Inc. Term Loan B3          
(SOFR + 1.75%), 7.22%, 4/16/2025(1)   368    369 
SS&C Technologies Holdings, Inc. Term Loan B4          
(SOFR + 1.75%), 7.22%, 4/16/2025(1)   348    348 
UKG, Inc. First Lien Term Loan          
(SOFR + 3.25%), 8.76%, 5/4/2026(1)   1,751    1,754 
UKG, Inc. Second Lien Term Loan          
(SOFR + 5.25%), 10.76%, 5/3/2027(1)   985    985 
         6,646 
Software & Services - 0.8%          
Central Parent LLC First Lien Term Loan          
(SOFR + 4.00%), 9.35%, 7/6/2029(1)   496    498 
           
Technology Hardware, Storage & Peripherals - 0.4%          
Ivanti Software, Inc. First Lien Term Loan          
(SOFR + 4.00%), 9.67%, 12/1/2027(1)   227    214 
(SOFR + 4.25%), 9.91%, 12/1/2027(1)   44    41 
         255 
Transportation - 1.7%          
SIRVA Worldwide, Inc. First Lien Term Loan          
(SOFR + 5.50%), 11.14%, 8/4/2025(1)   191    168 

(SOFR + 5.50%), 11.15%, 8/4/2025(1)

   1,037    913 
         

1,081

 
Total bank loans
(Cost $49,117)
        48,306 
           
CORPORATE BONDS - 6.3%          
           
Banks - 1.0%          
Goldman Sachs Capital II          
(SOFR + 1.03%), 6.41%, 1/16/2024(1)(2)  720   599 
           
Electrical Equipment - 1.5%          
Regal Rexnord Corp.          
6.30%, 2/15/2030(3)   946    971 
           
Health Care Equipment & Supplies - 0.9%          
Medline Borrower LP          
3.88%, 4/1/2029(3)   600    543 
           
Hotels, Restaurants & Leisure - 1.4%          
Carnival Corp.          
4.00%, 8/1/2028(3)   648    603 
TKC Holdings, Inc.          
6.88%, 5/15/2028(3)   274    253 
         856 
Insurance - 0.5%          
Acrisure LLC          
4.25%, 2/15/2029(3)   320    289 
           
IT Services - 0.8%          
Arches Buyer, Inc.          
4.25%, 6/1/2028(3)   585    530 
           
Specialty Retail - 0.2%          
Evergreen Acqco 1 LP          
9.75%, 4/26/2028(3)   114    121 
           
Total corporate bonds
(Cost $3,940)
        3,909 
         
  

No. of
Warrants

     
          
WARRANTS - 0.0%          
           
Financial Services - 0.0%          
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10*(4)(5)(6) (Cost $—)   1     

 

   Shares
Held
     
          
SHORT-TERM INVESTMENT - 18.4%
           
INVESTMENT COMPANY - 18.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $11,422)   11,422    11,422 

 

 

 

 

Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

   Value 
Total investments - 102.4%
(Cost $64,479)
  $63,637 
Other assets less liabilities - (2.4%)   (1,481)
Total net assets - 100.0%#  $62,156 
      
(1) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2023.
(2) Perpetual security. The rate reflected was the rate in effect on December 31, 2023. The maturity date reflects the next call date.
(3) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(4) Defaulted security.
(5) Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes (B) and (C) in the accompanying notes.
(6) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

 

 

 

 

Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

UNFUNDED LOAN COMMITMENTS

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $33 or 0.1% of the total net assets as of December 31, 2023, which could be drawn at the option of the borrower:

 

Borrower  Unfunded
Commitment
Amount
   Unfunded
Value
   Unrealized
Appreciation
 
OMNIA Partners LLC Term Loan, delayed-draw  $33   $34   $1 
Ryan LLC Term Loan, delayed-draw  $83   $83   $^
   $116   $117   $1 

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

   Value   Percentage
of Total
Investments
 
Communication Services  $1,130    1.8%
Consumer Discretionary   4,404    6.9 
Consumer Staples   3,845    6.0 
Financials   14,465    22.7 
Health Care   4,659    7.3 
Industrials   11,092    17.5 
Information Technology   11,725    18.4 
Materials   895    1.4 
Short-Term Investment   11,422    18.0 
Total investments  $63,637    100.0%
           

Definitions of abbreviations and footnotes are detailed on page 1. 

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Focus Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 87.2%
         
Aerospace & Defense - 11.1%          
Boeing Co. (The)*   70   $18,169 
Howmet Aerospace, Inc.   467    25,301 
Safran SA(1)   105    18,441 
TransDigm Group, Inc.   40    40,514 
         102,425 
Capital Markets - 2.8%          
CME Group, Inc.   66    13,894 
S&P Global, Inc.   28    12,144 
         26,038 
Chemicals - 5.0%          
Ecolab, Inc.   151    29,939 
Linde plc   40    16,265 
         46,204 
Construction & Engineering - 1.6%          
Quanta Services, Inc.   68    14,669 
Financial Services - 5.7%          
Fidelity National Information Services, Inc.   153    9,213 
Visa, Inc., Class A   166    43,194 
         52,407 
Ground Transportation - 3.3%          
Canadian Pacific Kansas City Ltd.(1)   383    30,295 
Health Care Equipment & Supplies - 1.0%          
Intuitive Surgical, Inc.*   28    9,448 
Hotels, Restaurants & Leisure - 1.3%          
DraftKings, Inc., Class A*   330    11,627 
Industrial Conglomerates - 7.4%          
General Electric Co.   533    68,032 
Insurance - 4.8%          
Allstate Corp. (The)   67    9,328 
Progressive Corp. (The)   220    34,991 
         44,319 
IT Services - 0.5%          
MongoDB, Inc.*   11    4,620 
Life Sciences Tools & Services - 7.6%          
Agilent Technologies, Inc.   116    16,146 
Avantor, Inc.*   201    4,598 
Bio-Techne Corp.   125    9,635 
Danaher Corp.   20    4,604 
Mettler-Toledo International, Inc.*   14    17,031 
Thermo Fisher Scientific, Inc.   33    17,632 
         69,646 
Personal Care Products - 1.2%          
Estee Lauder Cos., Inc. (The), Class A   72    10,545 
Pharmaceuticals - 1.5%          
Eli Lilly & Co.   24    13,847 
Professional Services - 1.4%          
Verisk Analytics, Inc.   54    12,990 
Semiconductors & Semiconductor Equipment - 5.6%          
NVIDIA Corp.   67    33,157 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(1)   176   18,347 
         51,504 
Software - 19.6%          
Adobe, Inc.*   86    51,199 
Microsoft Corp.(2)   343    129,056 
         180,255 
Specialized REITs - 4.8%          
Crown Castle, Inc.   342    39,376 
Equinix, Inc.   6    4,624 
         44,000 
Textiles, Apparel & Luxury Goods - 1.0%          
NIKE, Inc., Class B   86    9,344 

Total common stocks

(Cost $675,597)

        802,215 

 

  

No. of
Contracts

     
         
OPTIONS PURCHASED - 2.8%
         
Call Options - 1.9%
Broadline Retail - 0.7%
Amazon.com, Inc.          
3/15/2024 at USD 150.00; Notional Amount: USD 84,965   5,592    5,802 
           
Hotels, Restaurants & Leisure - 0.1%          
DraftKings, Inc.          
2/2/2024 at USD 35.00; Notional Amount: USD 17,784   5,045    1,047 
           
Semiconductors & Semiconductor Equipment - 1.0%          
Advanced Micro Devices, Inc.          
3/15/2024 at USD 140.00; Notional Amount: USD 32,931   2,234    3,669 
Marvell Technology, Inc.          
3/15/2024 at USD 60.00; Notional Amount: USD 30,921   5,127    2,550 
Micron Technology, Inc.          
3/15/2024 at USD 90.00; Notional Amount: USD 66,446   7,786    2,375 
Taiwan Semiconductor Manufacturing Co. Ltd.          
3/15/2024 at USD 105.00; Notional Amount: USD 16,224   1,560    827 
         9,421 
Textiles, Apparel & Luxury Goods - 0.1%          
NIKE, Inc.          
3/15/2024 at USD 110.00; Notional Amount: USD 26,274   2,420    956 

 

 

 

 

Artisan Focus Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

  

No. of
Contracts

  

Value

 
Total Call Options       $17,226 
           
Put Options - 0.9%          
Aerospace & Defense - 0.1%          
Boeing Co. (The)          
2/16/2024 at USD 260.00; Notional Amount: USD 18,194   698    661 
           
Equity Funds - 0.2%          
SPDR S&P 500 ETF Trust          
3/15/2024 at USD 465.00; Notional Amount: USD 171,064   3,599    2,120 
           
Industrial Conglomerates - 0.1%          
General Electric Co.          
3/15/2024 at USD 125.00; Notional Amount: USD 23,675   1,855    793 
           
Software - 0.5%          
Adobe, Inc.          
2/16/2024 at USD 620.00; Notional Amount: USD 40,449   678    2,259 
Microsoft Corp.          
2/16/2024 at USD 365.00; Notional Amount: USD 126,763   3,371    2,849 
         5,108 
Total Put Options        8,682 
Total Options Purchased
(Cost $25,576)
        25,908 

 

   Shares
Held
     
         
SHORT-TERM INVESTMENT - 10.2%
         
INVESTMENT COMPANY - 10.2%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $94,235)   94,235    94,235 
           
Total investments - 100.2%
(Cost $795,408)
        922,358 
Written Option Contracts - (0.2)%
(Premium received $(1,219))
        (2,139)
Other assets less liabilities - 0.0%^        207 
Total net assets - 100.0%#       $920,426 

 

 

 

Artisan Focus Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

 

  Security Country Trading
Currency
 
  Canadian Pacific Kansas City Ltd. Canada USD  
  Safran SA France EUR  
  Taiwan Semiconductor Manufacturing Co. Ltd. Taiwan USD  
     

(2) At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for written options.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Consumer Discretionary  $28,776    3.1%
Consumer Staples   10,545    1.1 
Financials   124,883    13.6 
Health Care   92,940    10.1 
Industrials   229,867    24.9 
Information Technology   250,908    27.2 
Materials   46,203    5.0 
Real Estate   44,001    4.8 
Short-Term Investment   94,235    10.2 
Total investments  $922,358    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

   Value       Percentage of
Total Investments
 
EUR  $18,441        2.0%
USD   903,917         98.0 
Total investments  $922,358         100.0%
                

 

 

 

Artisan Focus Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased  Currency Sold  Counterparty  Settlement
Date
  Unrealized Appreciation
(Depreciation)
 
CAD   37,940   USD   27,709    JPM   1/18/2024  $930 
EUR   2,956   USD   3,254    JPM   1/24/2024   12 
Total unrealized appreciation     942 
CAD   2,317   USD   1,756    JPM   1/18/2024   (7)
USD   57,494   CAD   78,396    JPM   1/18/2024   (1,684)
USD   20,262   EUR   18,891    JPM   1/24/2024   (611)
Total unrealized depreciation      (2,302)
Net unrealized depreciation     $(1,360)

 

WRITTEN OPTION CONTRACTS  

 

Dollar values in thousands except exercise price  

 

Call Option  

 

Number of Contracts‡   Description  Exercise
Price
   Notional
Amount
   Expiration
Date
  Premiums Paid/(Received)
by Fund
   Market
Value
   Unrealized (Depreciation) 
 669   NVIDIA Corp.  $470.00   $33,130   01/19/24  $(1,219)  $(2,139)  $(920)
Total written option contracts              $(1,219)  $(2,139)  $(920)
               

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Global Discovery Fund 

Schedule of Investments 

December 31, 2023 (Unaudited) 

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 95.1%
         
Brazil - 0.8%
NU Holdings Ltd., Class A*   214   $1,782 
           
Canada - 1.2%          
CAE, Inc.*   124    2,674 
           
China - 1.0%          
Silergy Corp.   131    2,134 
           
Denmark - 2.9%          
Ascendis Pharma A/S, ADR*   35    4,459 
Vestas Wind Systems A/S*   61    1,951 
         6,410 
Germany - 6.6%          
adidas AG   21    4,308 
Gerresheimer AG   65    6,751 
Nemetschek SE   16    1,358 
Sartorius AG (Preference)   6    2,042 
         14,459 
Hong Kong - 2.4%          
Techtronic Industries Co. Ltd.   448    5,337 
           
Italy - 1.2%          
Brunello Cucinelli SpA   16    1,596 
Moncler SpA   15    901 
         2,497 
Japan - 1.6%          
Obic Co. Ltd.   21    3,601 
           
Netherlands - 3.3%          
Argenx SE, ADR*   17    6,320 
Redcare Pharmacy NV*(1)   7    974 
         7,294 
Sweden - 0.4%          
MIPS AB(1)   26    946 
           
Switzerland - 0.5%          
On Holding AG, Class A*   41    1,110 
           
United Kingdom - 8.3%          
London Stock Exchange Group plc   55    6,493 
Melrose Industries plc   974    7,043 
Smiths Group plc   212    4,756 
         18,292 
United States - 64.9%          
Advanced Micro Devices, Inc.*   35    5,147 
Arista Networks, Inc.*   13    3,088 
Atlassian Corp., Class A*   26    6,221 
Bentley Systems, Inc., Class B   83    4,335 
BJ's Wholesale Club Holdings, Inc.*   21    1,389 
Boston Scientific Corp.*   114    6,597 
Cava Group, Inc.*(2)   16    682 
Ceridian HCM Holding, Inc.*   54    3,603 
Clearwater Analytics Holdings, Inc., Class A*   144    2,889 
Equifax, Inc.   7    1,649 
Exact Sciences Corp.*   39    2,876 
Five Below, Inc.*   14    2,895 
Guidewire Software, Inc.*   41    4,471 
Hubbell, Inc.   8    2,535 
HubSpot, Inc.*   6    3,487 
Ingersoll Rand, Inc.   53    4,131 
iRhythm Technologies, Inc.*   30    3,206 
Lattice Semiconductor Corp.*   92    6,359 
Live Nation Entertainment, Inc.*   24    2,266 
MACOM Technology Solutions Holdings, Inc.*   47    4,399 
MarketAxess Holdings, Inc.   8    2,458 
Monolithic Power Systems, Inc.   6    3,888 
ON Semiconductor Corp.*   61    5,068 
Pool Corp.   6    2,424 
Quanta Services, Inc.   14    2,970 
ROBLOX Corp., Class A*   55    2,509 
S&P Global, Inc.   11    4,641 
Saia, Inc.*   10    4,481 
Shockwave Medical, Inc.*   13    2,491 
Spotify Technology SA*   20    3,790 
Take-Two Interactive Software, Inc.*   7    1,107 
Tradeweb Markets, Inc., Class A   48    4,329 
Trex Co., Inc.*   50    4,157 
Twist Bioscience Corp.*   40    1,458 
Tyler Technologies, Inc.*   10    4,204 
Veeva Systems, Inc., Class A*   43    8,289 
WESCO International, Inc.   12    2,079 
West Pharmaceutical Services, Inc.   14    4,858 
Wingstop, Inc.   7    1,706 
Workiva, Inc., Class A*   42    4,245 
         143,377 
Total common stocks
(Cost $148,042)
        209,913 
           
SHORT-TERM INVESTMENT - 3.9%          
           
INVESTMENT COMPANY - 3.9%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26%(3) (Cost $8,685)   8,685    8,685 
           
Total investments - 99.0%
(Cost $156,727)
        218,598 
Other assets less liabilities - 1.0%        2,220 
Total net assets - 100.0%#       $220,818 

 

 

 

Artisan Global Discovery Fund 

Schedule of Investments (continued) 

December 31, 2023 (Unaudited)

 

(1) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $1,920 or 0.9% of net assets.  
(2) All or a portion of security is on loan at December 31, 2023.
(3) Security is partially used as collateral for securities lending. At December 31, 2023, the Fund had loaned securities with a total value of $645. This was collateralized by cash of $686 which was subsequently invested in an investment company.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
 
   Value   Percentage
of Total
Investments
 
Communication Services  $9,672    4.4%
Consumer Discretionary   16,568    7.6 
Consumer Staples   2,363    1.1 
Financials   19,703    9.0 
Health Care   49,346    22.6 
Industrials   47,366    21.6 
Information Technology   64,895    29.7 
Short-Term Investment   8,685    4.0 
Total investments  $218,598    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total
Investments
 
CAD  $2,674    1.2%
DKK   1,951    0.9 
EUR   17,930    8.2 
GBP   18,292    8.4 
HKD   5,337    2.4 
JPY   3,601    1.7 
SEK   946    0.4 
TWD   2,134    1.0 
USD   165,733    75.8 
Total investments  $218,598    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Global Equity Fund 

Schedule of Investments 

December 31, 2023 (Unaudited) 

Shares and dollar values in thousands

 

  

Shares
Held

  

Value

 
         
COMMON STOCKS - 98.7%
         
Belgium - 2.6%
D'ieteren Group   16   $3,146 
UCB SA   10    897 
         4,043 
Canada - 2.9%          
Canadian National Railway Co.   19    2,363 
Canadian Pacific Kansas City Ltd.   28    2,200 
         4,563 
Chile - 1.1%          
Holding Bursatil Regional SA*   336    1,717 
           
Denmark - 5.0%          
NKT A/S*   2    145 
Novo Nordisk A/S, ADR   2    197 
Novo Nordisk A/S, Class B   73    7,497 
         7,839 
France - 5.8%          
Air Liquide SA   37    7,134 
AXA SA   59    1,934 
         9,068 
Germany - 2.3%          
AIXTRON SE   70    2,972 
Deutsche Bank AG   48    657 
         3,629 
Indonesia - 0.4%          
Mitra Adiperkasa Tbk. PT   5,698    662 
           
Ireland - 1.5%          
AerCap Holdings NV*   33    2,433 
           
Italy - 4.9%          
BFF Bank SpA(1)   640    7,293 
Wizz Air Holdings plc*(1)   17    468 
         7,761 
Japan - 3.6%          
Keisei Electric Railway Co. Ltd.   41    1,928 
Nippon Sanso Holdings Corp.   97    2,603 
Otsuka Holdings Co. Ltd.   32    1,193 
         5,724 
Mexico - 1.5%          
Wal-Mart de Mexico SAB de CV   560    2,353 
           
Netherlands - 1.3%          
ASML Holding NV   1    1,076 
ASML Holding NV, ADR   ^   139 
Wolters Kluwer NV   6    802 
         2,017 
Russia - 0.0%          
MMC Norilsk Nickel PJSC, ADR*(2)(3)(4)   136     
Sberbank of Russia PJSC(2)(3)(4)   1,137     
          
Switzerland - 8.9%          
Medacta Group SA(1)   5    815 
Temenos AG   36    3,334 
UBS Group AG   319    9,911 
         14,060 
United Kingdom - 4.0%          
BAE Systems plc   257    3,641 
Domino's Pizza Group plc   543    2,606 
         6,247 
United States - 52.9%          
Alphabet, Inc., Class C*   27    3,804 
Amazon.com, Inc.*   55    8,295 
Cigna Group (The)   19    5,599 
Crown Castle, Inc., REIT   33    3,811 
Ferguson plc   21    4,008 
General Electric Co.   42    5,349 
Halozyme Therapeutics, Inc.*   142    5,244 
Interactive Brokers Group, Inc., Class A   19    1,569 
Intuit, Inc.   6    3,686 
Legend Biotech Corp., ADR*   12    699 
Linde plc   4    1,616 
Lowe's Cos., Inc.   7    1,550 
McDonald's Corp.   8    2,364 
Meta Platforms, Inc., Class A*   19    6,653 
Microsoft Corp.   8    3,038 
Natera, Inc.*   56    3,514 
Nestle SA   15    1,793 
Netflix, Inc.*   11    5,251 
PepsiCo, Inc.   19    3,295 
Stryker Corp.   7    1,977 
T-Mobile US, Inc.   17    2,759 
Trane Technologies plc   4    883 
Union Pacific Corp.   6    1,491 
Visa, Inc., Class A   15    3,778 
Willis Towers Watson plc   5    1,099 
         83,125 
Total common stocks
(Cost $132,195)
        155,241 
           
MASTER LIMITED PARTNERSHIP - 0.4%          
           
United States - 0.4%          
Enterprise Products Partners LP (Cost $556)   21    552 
           
SHORT-TERM INVESTMENT - 0.2%          
           
INVESTMENT COMPANY - 0.2%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $355)   355    355 

 

 

 

 

Artisan Global Equity Fund 

Schedule of Investments (continued) 

December 31, 2023 (Unaudited) 

Shares and dollar values in thousands

 

       

Value

 
           
Total investments - 99.3%
 (Cost $133,106)
       $156,148 
Other assets less liabilities - 0.7%        1,074 
Total net assets - 100.0%#       $157,222 

 

 

 

 

Artisan Global Equity Fund 

Schedule of Investments (continued) 

December 31, 2023 (Unaudited)

 

(1) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $8,576 or 5.5% of net assets.  
(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 $0, or 0.0% of total net assets. See notes (B) and (C) in the accompanying notes.
(3) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(4) Security is restricted.

 

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

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $18,467    11.8%
Consumer Discretionary   18,623    11.9 
Consumer Staples   7,441    4.8 
Energy   552    0.4 
Financials   27,958    17.9 
Health Care   27,632    17.7 
Industrials   25,711    16.5 
Information Technology   14,245    9.1 
Materials   11,353    7.3 
Real Estate   3,811    2.4 
Short-Term Investment   355    0.2 
Total investments  $156,148    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total
Investments
 
CAD  $4,563    2.9%
CHF   15,853    10.2 
CLP   1,717    1.1 
DKK   7,642    4.9 
EUR   25,911    16.6 
GBP   6,715    4.3 
IDR   662    0.4 
JPY   5,724    3.7 
MXN   2,353    1.5 
RUB       0.0 
USD   85,008    54.4 
Total investments  $156,148    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Global Opportunities Fund 

Schedule of Investments 

December 31, 2023 (Unaudited) 

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 95.6%
         
Brazil - 1.2%
NU Holdings Ltd., Class A*   3,945   $32,860 
           
Canada - 1.3%          
Shopify, Inc., Class A*   447    34,827 
           
China - 1.4%          
Tencent Holdings Ltd.   1,007    37,867 
           
Denmark - 6.7%          
Novo Nordisk A/S, Class B   1,313    135,780 
Vestas Wind Systems A/S*   1,527    48,460 
         184,240 
Germany - 1.1%          
adidas AG   150    30,502 
           
Hong Kong - 3.7%          
Techtronic Industries Co. Ltd.   8,482    101,079 
           
Japan - 4.0%          
Hoya Corp.   382    47,725 
Keyence Corp.   142    62,340 
         110,065 
Netherlands - 2.0%          
Argenx SE, ADR*   149    56,809 
           
Sweden - 1.7%          
Hexagon AB, Class B   4,004    48,015 
           
Switzerland - 4.5%          
ABB Ltd.   250    11,084 
Cie Financiere Richemont SA   158    21,808 
Lonza Group AG   106    44,474 
UBS Group AG   1,514    46,970 
         124,336 
Taiwan - 1.6%          
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   417    43,367 
           
United Kingdom - 5.5%          
AstraZeneca plc   507    68,473 
London Stock Exchange Group plc   707    83,583 
         152,056 
United States - 60.9%          
Advanced Micro Devices, Inc.*   1,136    167,469 
Airbnb, Inc., Class A*   247    33,637 
Alphabet, Inc., Class A*   522    72,878 
Amazon.com, Inc.*   430    65,342 
Arista Networks, Inc.*   162    38,065 
Atlassian Corp., Class A*   469    111,620 
Boston Scientific Corp.*   2,129    123,084 
Chipotle Mexican Grill, Inc.*   35    80,531 
CoStar Group, Inc.*   387    33,835 
Danaher Corp.   233    53,821 
Dexcom, Inc.*   366    45,440 
Eaton Corp. plc   125    30,007 
Ingersoll Rand, Inc.   749    57,926 
Intuit, Inc.   162    101,386 
Linde plc   148    60,778 
Lululemon Athletica, Inc.*   63    32,374 
Microsoft Corp.   181    68,085 
Netflix, Inc.*   184    89,498 
NextEra Energy, Inc.   516    31,316 
ON Semiconductor Corp.*   532    44,402 
Quanta Services, Inc.   158    34,161 
S&P Global, Inc.   165    72,803 
Veeva Systems, Inc., Class A*   481    92,678 
Vertex Pharmaceuticals, Inc.*   77    31,275 
West Pharmaceutical Services, Inc.   99    34,911 
Workday, Inc., Class A*   200    55,302 
Xylem, Inc.   133    15,257 
         1,677,881 
Total common stocks
(Cost $1,666,147)
        2,633,904 
           
SHORT-TERM INVESTMENT - 3.6%          
           
INVESTMENT COMPANY - 3.6%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $100,322)   100,322    100,322 
           
Total investments - 99.2%
 (Cost $1,766,469)
        2,734,226 
Other assets less liabilities - 0.8%        21,250 
Total net assets - 100.0%#       $2,755,476 

 

 

 

 

Artisan Global Opportunities Fund 

Schedule of Investments (continued) 

December 31, 2023 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $200,243    7.3%
Consumer Discretionary   264,194    9.7 
Financials   236,216    8.7 
Health Care   734,470    26.9 
Industrials   297,973    10.9 
Information Technology   774,879    28.3 
Materials   60,778    2.2 
Real Estate   33,835    1.2 
Utilities   31,316    1.1 
Short-Term Investment   100,322    3.7 
Total investments  $2,734,226    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total
Investments
 
CHF  $124,336    4.5%
DKK   184,240    6.7 
EUR   30,502    1.1 
GBP   152,056    5.6 
HKD   138,946    5.1 
JPY   110,065    4.0 
SEK   48,015    1.8 
USD   1,946,066    71.2 
Total investments  $2,734,226    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments

December 31, 2023 (Unaudited)

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

 

       Principal
Amount
  

Value

 
SOVEREIGN GOVERNMENT BONDS AND BOND PARTICIPATION NOTE - 60.2%
         
Albania - 3.8%
Albanian Government Bond               
5.00%, 2/24/2026      ALL16,200   $176 
6.00%, 2/13/2028      ALL12,500    138 
5.63%, 11/8/2030      ALL26,000    268 
Republic of Albania               
5.90%, 6/9/2028(1)      EUR1,505    1,695 
              2,277 
Angola - 1.5%               
Republic of Angola               
6.93%, 2/19/2027(1)       $80    74 
8.25%, 5/9/2028(1)        290    266 
9.13%, 11/26/2049(1)        720    587 
              927 
Bahamas - 5.3%               
Commonwealth of the Bahamas               
5.75%, 1/16/2024(1)        760    753 
6.00%, 11/21/2028(1)        1,210    1,065 
9.00%, 6/16/2029(1)        550    532 
6.95%, 11/20/2029(1)        302    261 
8.95%, 10/15/2032(1)        600    563 
              3,174 
Benin - 2.0%               
Benin Government Bond               
4.88%, 1/19/2032(1)      EUR1,300    1,172 
Cameroon - 3.0%               
Republic of Cameroon               
9.50%, 11/19/2025(1)        890    866 
5.95%, 7/7/2032(1)      EUR1,150    933 
              1,799 
Colombia - 1.0%               
Republic of Colombia               
8.00%, 11/14/2035        531    581 
Egypt - 2.5%               
Arab Republic of Egypt               
4.75%, 4/11/2025(1)      EUR660    662 
7.50%, 2/16/2061(1)        1,430    833 
              1,495 
Iceland - 5.9%               
Republic of Iceland               
2.50%, 4/15/2024      ISK230,487    1,661 
8.00%, 6/12/2025      ISK82,000    595 
6.75%, 10/15/2026      ISK175,665    1,255 
              3,511 
India - 0.5%               
Republic of India               
7.54%, 5/23/2036      INR23,000    280 
Indonesia - 2.7%               
Republic of Indonesia               
8.38%, 3/15/2024      IDR550,000    36 
7.50%, 8/15/2032      IDR6,200,000   426 
7.13%, 6/15/2042      IDR17,250,000    1,159 
              1,621 
Iraq - 3.4%               
Republic of Iraq               
5.80%, 1/15/2028(1)        2,178    2,033 
Ivory Coast - 2.2%               
Republic of Cote d'Ivoire               
5.25%, 3/22/2030(1)      EUR186    184 
5.88%, 10/17/2031(1)      EUR280    276 
6.88%, 10/17/2040(1)      EUR940    867 
              1,327 
Kenya - 3.0%               
Republic of Kenya               
6.88%, 6/24/2024(1)        1,840    1,785 
Montenegro - 1.1%               
Republic of Montenegro               
2.88%, 12/16/2027(1)      EUR100    96 
2.55%, 10/3/2029(1)      EUR630    569 
              665 
Namibia - 0.8%               
Republic of Namibia               
5.25%, 10/29/2025(1)        500    493 
Nigeria - 0.7%               
Federal Republic of Nigeria               
7.63%, 11/21/2025(2)        280    276 
8.25%, 9/28/2051(1)        195    160 
              436 
Pakistan - 0.9%               
Islamic Republic of Pakistan               
8.88%, 4/8/2051(1)        900    541 
Papua New Guinea - 1.4%               
Papua New Guinea Government International Bond               
8.38%, 10/4/2028(1)        880    835 
Paraguay - 1.4%               
Paraguay Treasury Bond Participation Note               
9.03%, 2/15/2030(6)(7)(8)(9)        843    854 
Peru - 5.7%               
Bonos de la Tesoreria               
5.94%, 2/12/2029      PEN12,660    3,422 
Romania - 1.0%               
Romania Government Bond               
8.75%, 10/30/2028      RON170    41 
8.25%, 9/29/2032      RON2,115    528 
              569 
Rwanda - 0.3%               
Republic of Rwanda               
5.50%, 8/9/2031(1)        200    160 
Serbia - 6.1%               
Republic of Serbia               
7.00%, 10/26/2031      RSD23,000    226 
4.50%, 8/20/2032      RSD236,330    1,950 
1.65%, 3/3/2033(1)      EUR905    736 

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

      

Principal
Amount

  

Value

 
2.05%, 9/23/2036(1)      EUR990   $759 
              3,671 
Suriname - 1.2%               
Suriname Government International Bond               
4.95%, 7/15/2033(2)       $661    571 
Zero Coupon, 12/31/2050(2)        386    175 
              746 
Tajikistan - 0.8%               
Republic of Tajikistan               
7.13%, 9/14/2027(1)        520    449 
Vietnam - 2.0%               
Socialist Republic of Vietnam               
4.80%, 11/19/2024(1)        1,180    1,167 
Total sovereign government bonds and bond participation note
(Cost $34,552)
             35,990 
                
                
CORPORATE BONDS - 10.8%               
                
Brazil - 1.2%               
MC Brazil Downstream Trading SARL               
7.25%, 6/30/2031(1)        773    606 
Unigel Luxembourg SA               
8.75%, 10/1/2026(1)        340    92 
              698 
Chile - 0.9%               
ATP Tower Holdings LLC               
4.05%, 4/27/2026(1)        580    525 
                
Colombia - 1.8%               
Aris Mining Corp.               
6.88%, 8/9/2026(1)        600    519 
EnfraGen Energia Sur SA               
5.38%, 12/30/2030(1)        355    277 
Gran Tierra Energy, Inc.               
9.50%, 10/15/2029(2)        315    277 
              1,073 
Czech Republic - 1.8%               
Energo-Pro A/S               
8.50%, 2/4/2027(1)        600    588 
11.00%, 11/2/2028(1)        455    469 
              1,057 
Dominican Republic - 1.4%               
Banco Central de la Republica Dominicana               
13.00%, 12/5/2025(1)      DOP29,120    521 
13.00%, 1/30/2026(1)      DOP19,430    348 
              869 
Egypt - 0.8%               
Energean plc               
6.50%, 4/30/2027(1)        520    472 
                
Mexico - 0.9%               
Petroleos Mexicanos               
6.95%, 1/28/2060        830    547 
                
Nigeria - 0.9%               
SEPLAT Energy plc               
7.75%, 4/1/2026(1)       600   549 
                
Peru - 1.1%               
Inkia Energy Ltd.               
5.88%, 11/9/2027(1)        705    672 
                
Total corporate bonds
(Cost $6,467)
             6,462 
                
COMMON STOCK - 1.5%               
                
Georgia - 1.5%               
Georgia Capital plc* (Cost $727)        69    903 

 

   No. of
Contracts
     
         
OPTIONS PURCHASED - 0.1%             
          
Put Options - 0.1%          
Future Equity Index Options - 0.1%          
S&P 500 E-Mini Index          
12/20/2024 at USD 4,600.00; Notional Amount: USD 1,485   6    53 
9/20/2024 at USD 4,300.00; Notional Amount: USD 491   2    8 
Total Options Purchased
(Cost $84)
        61 
           
      

Principal
Amount

     
         
SHORT-TERM INVESTMENTS - 22.8%
         
SOVEREIGN GOVERNMENT TREASURY BILL - 0.2%
Republic of Albania               
3.82%, 11/28/2024(3) (Cost $122)      ALL11,800    121 
U.S. TREASURY OBLIGATIONS - 11.5%
U.S. Treasury Bills               
4.61%, 1/16/2024(3)       $5,000    4,990 
4.83%, 1/23/2024(3)        1,900    1,894 
Total U.S. treasury obligations
(Cost $6,883)
             6,884 

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

                         

  

Principal
Amount

  

Value

 
         
REPURCHASE AGREEMENTS - 4.1%          
JPMorgan Chase Bank, N.A., Dated 9/19/23, with an interest rate of 4.70% payable by the Fund, collateralized by Par 500 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $521(4)  $527   $527 
JPMorgan Chase Bank, N.A., Dated 8/15/23, with an interest rate of 3.50% payable by the Fund, collateralized by Par 480 Republic of Senegal, 6.25% due 5/23/2033 and a market value of $432(4)   401    401 
JPMorgan Chase Bank, N.A., Dated 11/17/23, with an interest rate of 4.25% payable by the Fund, collateralized by Par 740 Arab Republic of Egypt, 5.25% due 10/6/2025 and a market value of $678(4)   641    641 
JPMorgan Chase Bank, N.A., Dated 11/17/23, with an interest rate of 3.50% payable by the Fund, collateralized by Par 560 Republic of Senegal, 6.25% due 5/23/2033 and a market value of $504(4)   476    476 
Merrill Lynch Pierce Fenner & Smith, Inc., Dated 2/2/23, with an interest rate of 3.50% payable by the Fund, collateralized by Par 200 Republic of Guatemala, 6.13% due 6/1/2050 and a market value of $191(4)   208    208 
Merrill Lynch Pierce Fenner & Smith, Inc., Dated 4/5/23, with an interest rate of 3.50% payable by the Fund, collateralized by Par 200 Republic of Guatemala, 6.13% due 6/1/2050 and a market value of $191(4)   200    200 
Total Repurchase Agreements
(Cost $2,453)
        2,453 

 

  

Shares
Held

     
INVESTMENT COMPANIES - 7.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26%   4,175    4,175 
Federated Treasury Obligations Fund - Institutional Class, 5.23%   1    1 
Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 5.27%   1    1 
Total investment companies
(Cost $4,177)
        4,177 
Total short-term investments
(Cost $13,635)
        13,635 

 

  

Principal
Amount

  

Value

 
Total investments - 95.4%
 (Cost $55,465)
       $57,051 
           
SECURITIES SOLD SHORT - (4.2)%          
           
SOVEREIGN GOVERNMENT BONDS - (4.2)%          
           
Costa Rica - (0.9)%          
Republic of Costa Rica          
6.55%, 4/3/2034(1)(5)   (500)   (521)
Egypt - (1.1)%          
Arab Republic of Egypt          
5.25%, 10/6/2025(1)(5)   (740)   (678)
Guatemala - (0.6)%          
Republic of Guatemala          
6.13%, 6/1/2050(1)(5)   (400)   (382)
Senegal - (1.6)%          
Republic of Senegal          
6.25%, 5/23/2033(1)(5)   (1,040)   (936)
Total sovereign government bonds
(Proceeds $(2,304))
        (2,517)
           
Total securities sold short
 (Proceeds $(2,304))
        (2,517)
           
Total investments after securities sold short - 91.2%
 (Cost $53,161)
        54,534 
Other assets less liabilities - 8.8%        5,280 
Total net assets - 100.0%#       $59,814 

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

   
(1) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $24,493 or 40.9% of net assets.  
(2) 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.
(3) Yield to maturity.
(4) Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.
(5) At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for repurchase agreements.
(6) 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 $854, or 1.4% of total net assets. See notes (B) and (C) in the accompanying notes.
(7) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(8) Security is restricted.    

 

Security  Acquisition Date  Cost   Value   Percentage of
Total Net Assets
 
Paraguay Treasury Bond  08/17/2023 - 12/26/2023  $839   $854    1.4%

 

(9) Security is a bond participation note issued by Itau BBA International plc. Bond participation notes are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Energy  $3,508    6.1%
Financials   1,833    3.2 
Sovereign Government Securities   35,990    63.1 
Industrials   525    0.9 
Materials   611    1.1 
Utilities   949    1.7 
Short-Term Investments   13,635    23.9 
Total investments  $57,051    100.0%
           

TRADING CURRENCIES

Dollar values in thousands

 

   Value       Percentage of Total
Investments
 
ALL  $703         1.2%
DOP   869         1.5 
EUR   7,949         13.9 
GBP   903         1.6 
IDR   1,621         2.8 
INR   280         0.5 
ISK   3,511         6.2 
PEN   3,422         6.0 
RON   569         1.0 
RSD   2,176         3.8 
USD   35,048         61.5 
Total investments  $57,051         100.0%

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased  Currency Sold  Counterparty  Settlement Date  Unrealized Appreciation
(Depreciation)
 
IDR**   17,660,755   USD   1,142    JPM   1/2/2024  $5 
HUF   41,700   EUR   109    SCB   1/4/2024   ^
USD   97   PEN**   357    JPM   1/5/2024   1 
KZT**   112,000   USD   238    SG   1/8/2024   7 
PLN   4,614   EUR   1,062    SCB   1/11/2024   ^
KZT**   154,000   USD   335    ICBCSB   1/16/2024   2 
UZS**   2,100,000   USD   168    ICBCSB   1/16/2024   1 
KZT**   34,000   USD   74    CITI   1/19/2024   ^
KZT**   174,000   USD   355    SG   1/19/2024   25 
KZT**   61,000   USD   132    ICBCSB   1/19/2024   1 
KZT**   20,000   USD   43    SCB   1/19/2024   1 
RON   6,210   EUR   1,247    SCB   1/22/2024   ^
UZS**   13,771,581   USD   1,100    ICBCSB   1/22/2024   10 
KZT**   546,410   USD   1,172    ICBCSB   1/26/2024   18 
USD   391   MYR**   1,755    GS   1/29/2024   7 
INR**   40,300   USD   483    JPM   2/13/2024   1 
IDR**   3,100,000   USD   201    JPM   3/1/2024   1 
USD   394   EUR   354    SCB   3/20/2024   2 
UGX**   1,260,000   USD   316    SCB   6/18/2024   10 
USD   333   NGN**   305,000    SCB   7/8/2024   82 
Total unrealized appreciation     174 
USD   1,129   IDR**   17,660,755    JPM   1/2/2024   (18)
HUF   1,016,431   EUR   2,659    SCB   1/4/2024   (6)
USD   3,271   PEN**   12,243    JPM   1/5/2024   (38)
PLN   470   EUR   108    SCB   1/11/2024     (—)^
USD   2,317   ZAR   43,558    SCB   1/11/2024   (63)
UZS**   10,404,200   USD   876    JPM   1/11/2024   (33)
USD   514   RON   2,356    SCB   1/16/2024   (9)
UZS**   10,850,000   USD   908    JPM   1/16/2024   (31)
RON   270   EUR   54    SCB   1/22/2024     (—)^
CZK   26,735   EUR   1,085    SCB   1/29/2024   (5)
USD   1,785   CNH   12,720    SCB   1/29/2024   (4)
USD   168   INR**   14,000    JPM   2/13/2024     (—)^
USD   1,142   IDR**   17,660,755    JPM   3/1/2024   (5)
EUR   255   USD   284    SCB   3/20/2024   (2)
USD   14,935   EUR   13,628    SCB   3/20/2024   (156)
USD   282   UGX**   1,260,000    SCB   6/18/2024   (43)
GEL**   2,680   USD   985    ICBCSB   6/24/2024   (5)
USD   963   GEL**   2,680    ICBCSB   6/24/2024   (16)
NGN**   305,000   USD   338    SCB   7/8/2024   (88)
Total unrealized depreciation      (522)
Net unrealized depreciation    $(348)
                           

**     Non-deliverable.

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

FUTURES CONTRACTS  

 

Values in thousands  

Description  No. of
Contracts
   Expiration Date  Trading Currency  Notional
Amount
   Notional  
Value
   Unrealized  Appreciation
(Depreciation)
 
Long Positions Contracts                          
U.S. Treasury Ultra Bond   2   3/19/2024  USD  $200   $267   $24 
                         24 
Short Positions Contracts                          
Euro-Bobl   (36)  3/7/2024  EUR   (3,600)   (4,740)   (85)
Euro-BTP   (11)  3/7/2024  EUR   (1,100)   (1,447)   (57)
Euro-Bund   (25)  3/7/2024  EUR   (2,500)   (3,787)   (116)
Euro-Schatz   (4)  3/7/2024  EUR   (400)   (470)   (3)
S&P 500 E-Mini Index   (2)  3/15/2024  USD   ^   (482)   (21)
U.S. Treasury 2 Year Note   (24)  3/28/2024  USD   (4,800)   (4,942)   (47)
U.S. Treasury 5 Year Note   (28)  3/28/2024  USD   (2,800)   (3,046)   (58)
U.S. Treasury 10 Year Note   (18)  3/19/2024  USD   (1,800)   (2,032)   (43)
U.S. Treasury 10 Year Ultra Note   (17)  3/19/2024  USD   (1,700)   (2,006)   (60)
                         (490)
Net unrealized depreciation                       $(466)

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

CENTRALLY CLEARED CREDIT DEFAULT SWAPS  - BUY PROTECTION
Notional amounts and values in thousands and reported in USD unless otherwise stated

 

Reference Entity  Financing Rate Paid by the Fund (%)   Frequency of Payments Made/Received  Termination Date  Notional Amount   Upfront (Payments) Receipts
($)
   Unrealized Appreciation (Depreciation)
($)
   Value
($)
 
Federative Republic of Brazil   1.00   Quarterly  6/20/2028   1,650    59    (49)   10 
Federative Republic of Brazil   1.00   Quarterly  12/20/2028   750    19    (9)   10 
Hungary   1.00   Quarterly  6/20/2027   965    29    (27)   2 
Hungary   1.00   Quarterly  6/20/2028   300    9    (5)   4 
Hungary   1.00   Quarterly  12/20/2028   1,000    17    (—) ^   17 
Kingdom of Saudi Arabia   1.00   Quarterly  6/20/2032   1,070    (11)   (8)   (19)
Kingdom of Saudi Arabia   1.00   Quarterly  6/20/2033   2,220    (27)   (8)   (35)
Kingdom of Spain   1.00   Quarterly  6/20/2032   570    (10)   (3)   (13)
Kingdom of Spain   1.00   Quarterly  6/20/2033   870    (14)   (4)   (18)
Kingdom of Spain   1.00   Quarterly  12/20/2033   450    (9)   (—)^    (9)
Malaysia   1.00   Quarterly  12/20/2027   500    (6)   (6)   (12)
Malaysia   1.00   Quarterly  6/20/2028   1,000    (18)   (8)   (26)
Petrobras Global Finance BV   1.00   Quarterly  12/20/2027   390    24    (23)   1 
Republic of Chile   1.00   Quarterly  6/20/2028   750    (6)   (12)   (18)
Republic of Chile   1.00   Quarterly  12/20/2028   660    (11)   (5)   (16)
Republic of Chile   1.00   Quarterly  6/20/2032   950    48    (51)   (3)
Republic of Colombia   1.00   Quarterly  6/20/2028   100    7    (6)   1 
Republic of Indonesia   1.00   Quarterly  12/20/2027   690    3    (14)   (11)
Republic of Indonesia   1.00   Quarterly  6/20/2028   1,300    (8)   (11)   (19)
Republic of Indonesia   1.00   Quarterly  12/20/2028   2,300    (30)   (1)   (31)
Republic of Kazakhstan   1.00   Quarterly  6/20/2028   2,085    42    (24)   18 
Republic of Peru   1.00   Quarterly  6/20/2028   280    (1)   (3)   (4)
Republic of Peru   1.00   Quarterly  6/20/2032   300    13    (10)   3 
Republic of Peru   1.00   Quarterly  12/20/2032   660    38    (27)   11 
Republic of Poland   1.00   Quarterly  6/20/2027   325    1    (7)   (6)
Republic of Poland   1.00   Quarterly  12/20/2027   160    3    (6)   (3)
Republic of Poland   1.00   Quarterly  6/20/2028   1,110    (10)   (9)   (19)
Republic of Poland   1.00   Quarterly  12/20/2028   600    (10)   (—)   (10)
Republic of South Africa   1.00   Quarterly  6/20/2028   600    40    (19)   21 
Republic of South Africa   1.00   Quarterly  6/20/2032   765    96    (1)   95 
Republic of South Africa   1.00   Quarterly  12/20/2032   220    33    (4)   29 
Republic of South Africa   1.00   Quarterly  6/20/2033   2,445    402    (57)   345 
State of Qatar   1.00   Quarterly  12/20/2032   200    (4)   (—)^    (4)
State of Qatar   1.00   Quarterly  6/20/2033   100    (2)   ^   (2)
United Mexican States   1.00   Quarterly  12/20/2027   175    2    (4)   (2)
United Mexican States   1.00   Quarterly  6/20/2028   2,960    8    (35)   (27)
United Mexican States   1.00   Quarterly  12/20/2028   2,400    (5)   (8)   (13)
Total Buy Protection                   711    (464)   247 

 

 

 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

CENTRALLY CLEARED CREDIT DEFAULT SWAPS - SELL PROTECTION
Notional amounts and values in thousands and reported in USD unless otherwise stated

 

Reference Entity  Financing Rate Received by the Fund (%)   Frequency of Payments Made/Received  Termination
Date
  Notional Amount   Upfront (Payments) Receipts
($)
   Unrealized Appreciation (Depreciation)
($)
   Value
($)
 
Emirate of Abu Dhabi   1.00   Quarterly  6/20/2027   290    5    2    7 
Emirate of Abu Dhabi   1.00   Quarterly  6/20/2028   125    3    ^   3 
Republic of South Africa   1.00   Quarterly  6/20/2024   40    ^   ^   ^
Republic of Turki (The)   1.00   Quarterly  6/20/2024   800    (14)   17    3 
Total Sell Protection                   (6)   19    13 
                                

CENTRALLY CLEARED INTEREST RATE SWAPS
Values in thousands

Floating Rate Index (Frequency)  Fixed Rate (%) (Frequency)  Fund Pays/ Receives Floating Rate  Termination Date  Notional Amount  Upfront (Payments)
Receipts
($)
   Unrealized Appreciation (Depreciation) ($)   Value
($)
 
 
6 month PRIBOR semi-annually  3.95 annually  Pay  12/1/2030  CZK 11,400   2    11    13 
4 week TIIE monthly  10.35 monthly  Pay  11/5/2025  MXN 62,850   4    25    29 
1 day MIBOR semi-annually  6.39 semi-annually  Pay  7/12/2028  INR 110,800   (10)   19    9 
1 day CAONREPO semi-annually  4.83 semi-annually  Pay  10/25/2025  CAD 7,950   13    76    89 
Total unrealized appreciation               9    131    140 
                            
                            
4 week TIIE monthly  9.22 monthly  Receive  10/26/2033  MXN 15,400   (2)   (43)   (45)
6 month WIBOR semi-annually  7.45 annually  Receive  6/20/2032  PLN 3,625   (149)   (75)   (224)
6 month BUBOR semi-annually  8.16 annually  Receive  6/17/2032  HUF 174,000   10    (111)   (101)
6 month BUBOR semi-annually  7.25 annually  Receive  5/13/2032  HUF 38,300   (11)   (3)   (14)
6 month WIBOR semi-annually  6.45 annually  Receive  5/13/2032  PLN 225       (10)   (10)
6 month WIBOR semi-annually  5.30 annually  Receive  4/15/2032  PLN 1,491   (3)   (29)   (32)
3 month TELBOR quarterly  4.33 annually  Receive  10/25/2033   ILS 1,850       (27)   (27)
3 month TELBOR quarterly  4.00 annually  Receive  10/25/2028  ILS 3,350       (26)   (26)
6 month WIBOR semi-annually  4.54 annually  Receive  10/2/2028  PLN 5,100   7    (11)   (4)
1 day CLICP semi-annually  6.39 semi-annually  Receive  9/26/2025  CLP 3,080,000   (4)   (33)   (37)
1 day THOR quarterly  2.83 quarterly  Receive  8/17/2033  THB 3,600       (2)   (2)
1 day THOR quarterly  2.95 quarterly  Receive  10/2/2028  THB 23,260       (22)   (22)
1 day MIBOR semi-annually  6.19 semi-annually  Pay  5/26/2033  INR 45,100       (1)   (1)
1 day CAONREPO semi-annually  4.22 semi-annually  Receive  10/25/2033  CAD 1,580   ^   (113)   (113)
1 day THOR quarterly  2.99 quarterly  Receive  9/26/2032  THB 5,300       (6)   (6)
1 day THOR quarterly  2.89 quarterly  Receive  6/17/2032  THB 2,750       (2)   (2)
1 day THOR quarterly  2.59 quarterly  Receive  9/1/2032  THB 7,450   (1)   1     
1 day TONAR annually  0.92 annually  Receive  1/5/2033  JPY 308,800   (22)   (24)   (46)
Total unrealized depreciation               (175)   (537)   (712)
Net unrealized depreciation               (166)   (406)   (572)
                            
 
 

 

Artisan Global Unconstrained Fund

Consolidated Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

OTC CREDIT DEFAULT SWAP - SELL PROTECTION    

 

Notional amounts and values in thousands and reported in USD unless otherwise stated    

 

Reference Entity  Financing Rate Received by the Fund (%)   Frequency of Payments Made/Received    Counterparty   Maturity
Date
  Notional Amount   Upfront (Payments) Receipts ($)   Unrealized Appreciation (Depreciation) ($)   Value
($)
 
Republic of South Africa   1.00   Quarterly   CITI   6/20/2024   340    ^   1    1 
Total                        ^   1    1 

 

OTC INTEREST RATE SWAPS
Values in thousands
   

Floating Rate Index (Frequency)  Fixed Rate (%) (Frequency)  Fund Pays/ Receives Floating
Rate
    Counterparty   Termination Date  Notional Amount  Upfront (Payments)
Receipts
($)
   Unrealized Appreciation (Depreciation)
($)
   Value
($)
 
3 month KLIBOR quarterly  3.78 quarterly  Receive   GS   3/14/2033  MYR 2,210   7    (6)   1 
3 month KLIBOR quarterly  3.98 quarterly  Receive   GS   8/15/2033  MYR 450   ^   (1)   (1)
Total                    7    (7)   ^ 
                                 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Global Value Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

  

Shares
Held 

  

Value

 
         
COMMON STOCKS - 92.2%
         
Belgium - 1.2%
Groupe Bruxelles Lambert NV   328   $25,760 
           
China - 2.2%          
Alibaba Group Holding Ltd.   5,075    49,134 
           
France - 7.5%          
Danone SA   1,548    100,273 
Sodexo SA   285    31,301 
TotalEnergies SE   518    35,246 
         166,820 
Germany - 5.3%          
Daimler Truck Holding AG   587    22,055 
Heidelberg Materials AG   1,080    96,482 
         118,537 
Japan - 1.2%          
Nintendo Co. Ltd.   494    25,798 
           
Netherlands - 8.2%          
Heineken NV   474    48,113 
Koninklijke Philips NV*   2,883    67,116 
Shell plc   2,076    68,038 
         183,267 
South Korea - 5.0%          
Samsung Electronics Co. Ltd.(1)   1,850    112,490 
           
Switzerland - 11.5%          
Cie Financiere Richemont SA   335    46,071 
Novartis AG   963    97,200 
Swatch Group AG (The)   13    3,649 
UBS Group AG   3,565    110,616 
         257,536 
United Kingdom - 10.1%          
BAE Systems plc   4,388    62,118 
Compass Group plc   3,126    85,517 
Lloyds Banking Group plc   58,049    35,302 
Reckitt Benckiser Group plc   628    43,402 
         226,339 
United States - 40.0%          
Alphabet, Inc., Class A*   661    92,373 
American Express Co.   413    77,462 
Bank of New York Mellon Corp. (The)   1,694    88,195 
Berkshire Hathaway, Inc., Class B*   225    80,411 
Charles Schwab Corp. (The)   779    53,569 
Citigroup, Inc.   956    49,185 
Dentsply Sirona, Inc.   945    33,637 
Elevance Health, Inc.   198    93,248 
Expedia Group, Inc.*   297    45,094 
Lam Research Corp.   48    37,374 
Marsh & McLennan Cos., Inc.   295   55,980 
Meta Platforms, Inc., Class A*   255    90,433 
Progressive Corp. (The)   429    68,378 
Southwest Airlines Co.   919    26,546 
         891,885 
Total common stocks
(Cost $1,369,861)
        2,057,566 
           
SHORT-TERM INVESTMENT - 6.5%          
           
INVESTMENT COMPANY - 6.5%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $144,369)   144,369    144,369 
           
           
Total investments - 98.7%
 (Cost $1,514,230)
        2,201,935 
Other assets less liabilities - 1.3%        28,826 
Total net assets - 100.0%#       $2,230,761 

 

 

 

 

Artisan Global Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(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 $112,490, or 5.0% of total net assets. See notes (B) and (C) in the accompanying notes.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $208,604    9.5%
Consumer Discretionary   260,766    11.8 
Consumer Staples   191,788    8.7 
Energy   103,284    4.7 
Financials   644,858    29.3 
Health Care   291,201    13.2 
Industrials   110,719    5.0 
Information Technology   149,864    6.8 
Materials   96,482    4.4 
Short-Term Investment   144,369    6.6 
Total investments  $2,201,935    100.0%

 

TRADING CURRENCIES
Dollar values in thousands
   Value   Percentage of
Total Investments
 
CHF  $257,536    11.7%
EUR   426,346    19.4 
GBP   294,377    13.4 
HKD   49,134    2.2 
JPY   25,798    1.2 
KRW   112,490    5.1 
USD   1,036,254    47.0 
Total investments  $2,201,935    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan High Income Fund

Schedule of Investments

December 31, 2023 (Unaudited)

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

 

   Principal
Amount
   Value 
         
CORPORATE BONDS - 73.4%
         
Aerospace & Defense - 0.1%
Bombardier, Inc.          
7.88%, 4/15/2027(1)(2)  $7,337   $7,338 
           
Automobile Components - 0.1%
Patrick Industries, Inc.          
4.75%, 5/1/2029(1)   7,361    6,703 
           
Broadline Retail - 1.9%
Nordstrom, Inc.          
4.00%, 3/15/2027   14,636    13,634 
4.25%, 8/1/2031   21,278    17,703 
4.38%, 4/1/2030   56,341    49,009 
5.00%, 1/15/2044   98,226    69,810 
         150,156 
Building Products - 0.3%
Eco Material Technologies, Inc.          
7.88%, 1/31/2027(1)   23,622    23,622 
           
Capital Markets - 0.6%
AG Issuer LLC          
6.25%, 3/1/2028(1)   46,621    46,344 
           
Chemicals - 2.2%
Consolidated Energy Finance SA          
5.63%, 10/15/2028(1)(2)   19,189    16,249 
LSF11 A5 HoldCo LLC          
6.63%, 10/15/2029(1)   9,429    7,973 
Methanex Corp.          
5.13%, 10/15/2027(2)   28,114    27,465 
5.25%, 12/15/2029(2)   91,452    87,988 
5.65%, 12/1/2044(2)   4,854    4,232 
SK Invictus Intermediate II SARL          
5.00%, 10/30/2029(1)   35,487    30,785 
         174,692 
Commercial Services & Supplies - 0.9%
Neptune Bidco US, Inc.          
9.29%, 4/15/2029(1)   75,956    70,829 
           
Construction & Engineering - 0.4%
Signature Aviation US Holdings, Inc.          
4.00%, 3/1/2028(1)   32,372    29,539 
           
Consumer Finance - 0.1%
OneMain Finance Corp.          
7.88%, 3/15/2030   8,312    8,556 
           
Containers & Packaging - 0.8%
Iris Holding, Inc.          
10.00%, 12/15/2028(1)   39,938    34,759 
Pactiv Evergreen Group Issuer, Inc.          
4.00%, 10/15/2027(1)   22,731    21,253 
Sealed Air Corp.          
5.00%, 4/15/2029(1)   5,078    4,911 
         60,923 
Distributors - 1.0%
American Builders & Contractors Supply Co., Inc.          
3.88%, 11/15/2029(1)   4,150    3,700 
Verde Purchaser LLC          
10.50%, 11/30/2030(1)   29,753    29,981 
Windsor Holdings III LLC          
8.50%, 6/15/2030(1)   43,264    45,212 
         78,893 
Diversified REITs - 1.1%
Global Net Lease, Inc.          
3.75%, 12/15/2027(1)   53,117    44,385 
Necessity Retail REIT, Inc. (The)          
4.50%, 9/30/2028(1)   31,343    26,393 
Uniti Group LP          
4.75%, 4/15/2028(1)   17,806    15,347 
         86,125 
Diversified Telecommunication Services - 8.4%
Altice France SA          
5.13%, 1/15/2029(1)(2)   8,119    6,315 
5.13%, 7/15/2029(1)(2)   52,694    40,997 
5.50%, 1/15/2028(1)(2)   7,974    6,567 
5.50%, 10/15/2029(1)(2)   118,339    92,792 
CCO Holdings LLC          
4.25%, 2/1/2031(1)   95,593    83,542 
4.25%, 1/15/2034(1)   24,208    19,672 
4.50%, 8/15/2030(1)   81,193    73,194 
4.50%, 5/1/2032   94,019    80,524 
4.75%, 3/1/2030(1)   31,605    28,879 
5.13%, 5/1/2027(1)   26,053    25,172 
Virgin Media Finance plc          
5.00%, 7/15/2030(1)(2)   119,458    105,321 
Virgin Media Secured Finance plc          
4.50%, 8/15/2030(1)(2)   22,046    19,628 
5.50%, 5/15/2029(1)(2)   27,393    26,468 
Zayo Group Holdings, Inc.          
4.00%, 3/1/2027(1)   31,931    25,602 
6.13%, 3/1/2028(1)   40,256    29,566 
         664,239 
Electrical Equipment - 1.3%
Regal Rexnord Corp.          
6.05%, 2/15/2026(1)   1,768    1,788 
6.05%, 4/15/2028(1)   3,998    4,047 
6.30%, 2/15/2030(1)   47,835    49,074 
6.40%, 4/15/2033(1)   46,270    48,226 
         103,135 
Food Products - 0.4%
B&G Foods, Inc.          
5.25%, 9/15/2027   23,741    21,568 
H-Food Holdings LLC          
8.50%, 6/1/2026(1)   78,005    7,410 
         28,978 

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

   Principal
Amount
   Value 
Health Care Equipment & Supplies - 2.6%
Medline Borrower LP          
3.88%, 4/1/2029(1)  $164,867   $149,063 
5.25%, 10/1/2029(1)   56,098    52,877 
         201,940 
Health Care Providers & Services - 0.3%
HCA, Inc.          
3.50%, 9/1/2030   14,382    13,038 
Surgery Center Holdings, Inc.          
6.75%, 7/1/2025(1)   5,926    5,904 
         18,942 
Hotel & Resort REITs - 0.4%
XHR LP          
4.88%, 6/1/2029(1)   32,812    30,203 
           
Hotels, Restaurants & Leisure - 13.3%
Acushnet Co.          
7.38%, 10/15/2028(1)   4,247    4,431 
Allwyn Entertainment Financing UK plc          
7.88%, 4/30/2029(1)(2)   4,660    4,742 
Brinker International, Inc.          
5.00%, 10/1/2024(1)   26,345    26,114 
8.25%, 7/15/2030(1)   3,399    3,556 
Carnival Corp.          
4.00%, 8/1/2028(1)   13,445    12,500 
5.75%, 3/1/2027(1)   120,587    117,625 
6.00%, 5/1/2029(1)   147,473    141,899 
7.63%, 3/1/2026(1)   7,882    8,025 
10.50%, 6/1/2030(1)   18,945    20,722 
Carnival Holdings Bermuda Ltd.          
10.38%, 5/1/2028(1)   4,169    4,538 
Lindblad Expeditions Holdings, Inc.          
9.00%, 5/15/2028(1)   16,878    17,451 
Lindblad Expeditions LLC          
6.75%, 2/15/2027(1)   39,985    39,785 
Melco Resorts Finance Ltd.          
5.38%, 12/4/2029(1)(2)   21,396    18,834 
MGM Resorts International          
4.63%, 9/1/2026   4,758    4,644 
4.75%, 10/15/2028   40,099    38,206 
5.50%, 4/15/2027   2,484    2,465 
Motion Bondco DAC          
6.63%, 11/15/2027(1)(2)   40,216    37,192 
NCL Corp. Ltd.          
3.63%, 12/15/2024(1)   17,414    16,917 
5.88%, 3/15/2026(1)   54,925    53,670 
5.88%, 2/15/2027(1)   6,824    6,765 
7.75%, 2/15/2029(1)   43,369    43,632 
8.13%, 1/15/2029(1)   16,983    17,740 
NCL Finance Ltd.          
6.13%, 3/15/2028(1)   113,918    109,046 
Raising Cane's Restaurants LLC          
9.38%, 5/1/2029(1)   4,247    4,532 
Royal Caribbean Cruises Ltd.          
4.25%, 7/1/2026(1)   19,431    18,768 
5.38%, 7/15/2027(1)   8,553    8,467 
5.50%, 8/31/2026(1)   26,365    26,105 
5.50%, 4/1/2028(1)   49,465    48,835 
SeaWorld Parks & Entertainment, Inc.          
5.25%, 8/15/2029(1)   18,440    17,238 
Station Casinos LLC          
4.63%, 12/1/2031(1)   29,589    26,680 
Studio City Finance Ltd.          
5.00%, 1/15/2029(1)(2)   21,809    18,330 
6.50%, 1/15/2028(1)(2)   2,593    2,396 
TKC Holdings, Inc.          
6.88%, 5/15/2028(1)   50,254    46,485 
10.50%, 5/15/2029(1)   76,615    69,337 
         1,037,672 
Household Durables - 0.2%
Tempur Sealy International, Inc.          
3.88%, 10/15/2031(1)   19,694    16,650 
           
Insurance - 13.0%
Acrisure LLC          
4.25%, 2/15/2029(1)   38,045    34,353 
6.00%, 8/1/2029(1)   84,303    76,601 
7.00%, 11/15/2025(1)   94,121    93,897 
10.13%, 8/1/2026(1)   48,540    50,720 
Alliant Holdings Intermediate LLC          
4.25%, 10/15/2027(1)   10,132    9,737 
5.88%, 11/1/2029(1)   20,595    19,514 
6.75%, 10/15/2027(1)   32,028    31,915 
AmWINS Group, Inc.          
4.88%, 6/30/2029(1)   4,755    4,342 
Ardonagh Midco 2 plc          
11.50% Cash, 12.75% PIK, 1/15/2027(1)(2)   148,373    146,085 
AssuredPartners, Inc.          
5.63%, 1/15/2029(1)   2,600    2,427 
7.00%, 8/15/2025(1)   30,091    30,147 
BroadStreet Partners, Inc.          
5.88%, 4/15/2029(1)   65,204    60,865 
GTCR AP Finance, Inc.          
8.00%, 5/15/2027(1)   60,606    61,215 
Highlands Holdings Bond Issuer Ltd.          
7.63% Cash, 8.38% PIK, 10/15/2025(1)(2)   10,803    10,978 
Jones Deslauriers Insurance Management, Inc.          
8.50%, 3/15/2030(1)(2)   77,597    81,487 
10.50%, 12/15/2030(1)(2)   42,323    44,604 
NFP Corp.          
4.88%, 8/15/2028(1)   26,065    25,795 
6.88%, 8/15/2028(1)   236,725    240,655 
Ryan Specialty LLC          
4.38%, 2/1/2030(1)   7,638    7,084 
         1,032,421 
IT Services - 1.6%
Arches Buyer, Inc.          
4.25%, 6/1/2028(1)   144,065    130,470 

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

   Principal
Amount
   Value 
Life Sciences Tools & Services - 0.1%
Fortrea Holdings, Inc.          
7.50%, 7/1/2030(1)  $8,838   $9,076 
           
Machinery - 2.1%
Calderys Financing LLC          
11.25%, 6/1/2028(1)(2)   38,672    40,505 
Chart Industries, Inc.          
7.50%, 1/1/2030(1)   18,527    19,365 
9.50%, 1/1/2031(1)   12,093    13,135 
Werner FinCo. LP          
8.75% Cash, 5.75% PIK, 10/15/2028(1)   47,664    38,967 
11.50%, 6/15/2028(1)(7)   50,221    52,166 
         164,138 
Media - 5.0%
CMG Media Corp.          
8.88%, 12/15/2027(1)   17,741    14,071 
CSC Holdings LLC          
4.50%, 11/15/2031(1)   8,967    6,780 
4.63%, 12/1/2030(1)   103,809    62,506 
5.25%, 6/1/2024   15,676    15,345 
5.38%, 2/1/2028(1)   6,632    5,858 
6.50%, 2/1/2029(1)   17,361    15,323 
7.50%, 4/1/2028(1)   57,856    43,281 
11.25%, 5/15/2028(1)   4,509    4,646 
DISH Network Corp.          
11.75%, 11/15/2027(1)   31,142    32,508 
Sinclair Television Group, Inc.          
5.13%, 2/15/2027(1)   49,796    44,443 
5.50%, 3/1/2030(1)   89,825    67,379 
UPC Holding BV          
5.50%, 1/15/2028(1)(2)   3,108    2,930 
Virgin Media Vendor Financing Notes IV DAC          
5.00%, 7/15/2028(1)(2)   22,722    21,340 
Ziggo Bond Co. BV          
5.13%, 2/28/2030(1)(2)   18,989    15,882 
6.00%, 1/15/2027(1)(2)   27,070    26,346 
Ziggo BV          
4.88%, 1/15/2030(1)(2)   24,246    21,627 
         400,265 
Metals & Mining - 0.9%
Commercial Metals Co.          
3.88%, 2/15/2031   3,702    3,275 
4.13%, 1/15/2030   12,069    11,059 
Compass Minerals International, Inc.          
6.75%, 12/1/2027(1)   55,979    55,419 
         69,753 
Oil, Gas & Consumable Fuels - 4.6%
Callon Petroleum Co.          
8.00%, 8/1/2028(1)   70,163    71,656 
CrownRock LP          
5.00%, 5/1/2029(1)   29,058    28,332 
5.63%, 10/15/2025(1)   5,946    5,938 
MEG Energy Corp.          
5.88%, 2/1/2029(1)(2)   49,663    48,255 
SM Energy Co.          
6.50%, 7/15/2028   19,854    19,863 
6.63%, 1/15/2027   3,778    3,757 
Strathcona Resources Ltd.          
6.88%, 8/1/2026(1)(2)   36,563    34,907 
Sunnova Energy Corp.          
5.88%, 9/1/2026(1)   10,871    9,254 
Venture Global Calcasieu Pass LLC          
3.88%, 8/15/2029(1)   5    5 
Venture Global LNG, Inc.          
9.50%, 2/1/2029(1)   57,722    61,080 
9.88%, 2/1/2032(1)   74,717    77,828 
         360,875 
Paper & Forest Products - 0.4%
Ahlstrom Holding 3 Oy          
4.88%, 2/4/2028(1)(2)   33,404    29,168 
           
Passenger Airlines - 3.2%
Delta Air Lines, Inc.          
3.75%, 10/28/2029   54,212    49,629 
4.38%, 4/19/2028   9,849    9,529 
7.38%, 1/15/2026   37,312    38,571 
VistaJet Malta Finance plc          
6.38%, 2/1/2030(1)(2)   161,919    113,079 
7.88%, 5/1/2027(1)(2)(7)   42,403    36,470 
9.50%, 6/1/2028(1)(2)   12,110    10,249 
         257,527 
Personal Care Products - 1.2%
BellRing Brands, Inc.          
7.00%, 3/15/2030(1)   77,724    80,442 
Prestige Brands, Inc.          
3.75%, 4/1/2031(1)   22,886    20,006 
         100,448 
Real Estate Management & Development - 0.3%
Realogy Group LLC          
5.75%, 1/15/2029(1)   36,031    28,002 
           
Software - 0.2%
Castle US Holding Corp.          
9.50%, 2/15/2028(1)   25,953    13,366 
Central Parent LLC          
8.00%, 6/15/2029(1)   3,382    3,530 
         16,896 
Specialized REITs - 0.2%
Iron Mountain, Inc.          
5.00%, 7/15/2028(1)   2,053    1,973 
5.25%, 7/15/2030(1)   16,752    15,946 
         17,919 
Specialty Retail - 2.6%
Asbury Automotive Group, Inc.          
4.63%, 11/15/2029(1)   27,360    25,324 
Bath & Body Works, Inc.          
6.63%, 10/1/2030(1)   9,413    9,620 
6.75%, 7/1/2036   10,753    10,821 
6.88%, 11/1/2035   26,806    27,142 
Evergreen Acqco 1 LP          

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

   Principal
Amount
   Value 
9.75%, 4/26/2028(1)  $16,742   $17,830 
Gap, Inc. (The)          
3.63%, 10/1/2029(1)   38,970    33,319 
3.88%, 10/1/2031(1)   26,947    22,197 
Specialty Building Products Holdings LLC          
6.38%, 9/30/2026(1)   7,692    7,544 
SRS Distribution, Inc.          
6.00%, 12/1/2029(1)   51,705    48,210 
6.13%, 7/1/2029(1)   5,441    5,158 
         207,165 
Trading Companies & Distributors - 0.3%
United Rentals North America, Inc.          
6.00%, 12/15/2029(1)   23,069    23,421 
           
Wireless Telecommunication Services - 1.3%
Altice France Holding SA          
6.00%, 2/15/2028(1)(2)   89,835    43,141 
10.50%, 5/15/2027(1)(2)   25,971    16,819 
Vmed O2 UK Financing I plc          
4.25%, 1/31/2031(1)(2)   42,712    37,298 
         97,258 
Total corporate bonds
(Cost $6,075,280)
        5,790,281 
           
BANK LOANS - 14.5%
           
Auto Components - 0.5%
WP NewCo LLC Term Loan          
(SOFR + 4.50%), 9.97%, 5/11/2028(3)   56,139    41,636 
           
Automobile Components - 0.2%
Wheel Pros, Inc. Term Loan          
(SOFR + 8.88%), 14.35%, 5/11/2028(3)   12,709    13,611 
           
Capital Markets - 0.2%
Aretec Group, Inc. Term Loan B1          
(SOFR + 4.50%), 9.96%, 8/9/2030(3)   12,541    12,514 
           
Commercial Services - 1.8%
Ankura Consulting Group LLC Second Lien Term Loan          
(SOFR + 8.00%), 13.64%, 3/19/2029(3)   17,830    15,913 
Digital Room Holdings, Inc. First Lien Term Loan          
(SOFR + 5.25%), 10.71%, 12/21/2028(3)   28,689    26,107 
Employbridge Holding Co. Term Loan B          
(SOFR + 4.75%), 10.41%, 7/19/2028(3)   51,690    42,127 
New SK Holdco Sub LLC Term Loan          
(SOFR + 6.75%), 12.21%, 6/30/2027(3)   67,207    66,381 
         150,528 
Commercial Services & Supplies - 0.4%
Neptune BidCo US, Inc. First Lien Term Loan B          
(SOFR + 5.00%), 10.51%, 4/11/2029(3)   24,191    22,044 
OMNIA Partners LLC Term Loan          
(SOFR + 4.25%), 9.63%, 7/25/2030(3)   9,319    9,371 
         31,415 
Communications Equipment - 0.5%
Delta Topco, Inc. First Lien Term Loan          
(SOFR + 3.75%), 9.12%, 12/1/2027(3)   2,992    2,985 
Delta Topco, Inc. Second Lien Term Loan          
(SOFR + 7.25%), 12.62%, 12/1/2028(3)   41,516    41,506 
         44,491 
Containers & Packaging - 0.4%
Iris Holding, Inc. First Lien Term Loan          
(SOFR + 4.75%), 10.23%, 6/28/2028(3)   36,068    33,206 
           
Distributors - 0.2%
Verde Purchaser LLC Term Loan          
(SOFR + 5.00%), 10.35%, 11/30/2030(3)   16,993    16,473 
           
Diversified Telecommunication Services - 0.2%
Zayo Group Holdings, Inc. Term Loan          
(SOFR + 3.00%), 8.47%, 3/9/2027(3)   22,350    19,132 
           
Electrical Equipment - 0.2%
Roper Industrial Products Investment Co. LLC First Lien Term Loan          
(SOFR + 4.00%), 9.35%, 11/22/2029(3)   17,659    17,685 
           
Entertainment - 0.7%
J&J Ventures Gaming LLC Term Loan          
(SOFR + 4.25%), TBD, 4/26/2028(3)   26,655    26,188 
(SOFR + 4.00%), 9.61%, 4/26/2028(3)   13,275    13,147 
(SOFR + 4.25%), 9.72%, 4/26/2028(3)   14,808    14,549 
         53,884 
Food Products - 0.9%
H-Food Holdings LLC Term Loan          
(SOFR + 3.69%), 9.34%, 5/23/2025(3)   51,103    40,690 
H-Food Holdings LLC Term Loan B2          
(SOFR + 4.00%), 9.65%, 5/23/2025(3)   33,092    26,462 
H-Food Holdings LLC Term Loan B3          

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

   Principal
Amount
   Value 
(SOFR + 5.00%), 10.65%, 5/23/2025(3)  $11,090   $8,866 
         76,018 
Food Service - 0.9%
TKC Holdings, Inc. Term Loan          
(SOFR + 5.50%), 10.97%, 5/15/2028(3)   67,214    63,801 
TKC Midco 1 LLC Term Loan          
12.00% Cash, 13.50% PIK, 2/15/2027   20,504    9,739 
         73,540 
Health Care Equipment & Supplies - 0.1%
GHX Ultimate Parent Corp. First Lien Term Loan          
(SOFR + 4.75%), 10.12%, 6/30/2027(3)   3,924    3,926 
           
Health Care Providers & Services - 0.3%
Surgery Center Holdings, Inc. Term Loan          
(SOFR + 3.50%), 8.86%, 12/19/2030(3)   23,737    23,806 
           
Hotels, Restaurants & Leisure - 0.3%
BCPE Grill Parent, Inc. Term Loan          
(SOFR + 4.75%), 10.11%, 9/30/2030(3)   24,154    23,631 
           
Insurance - 1.4%
Amynta Agency Borrower, Inc. Term Loan          
(SOFR + 4.50%), 9.60%, 2/28/2028(3)   101,465    101,450 
Hub International Ltd. Term Loan          
(SOFR + 4.25%), 9.66%, 6/20/2030(3)   4,120    4,135 
         105,585 
Investment Companies - 1.3%
Nexus Buyer LLC First Lien Term Loan          
(SOFR + 3.75%), 9.21%, 11/9/2026(3)   26,234    25,913 
Nexus Buyer LLC Second Lien Term Loan          
(SOFR + 6.25%), 11.71%, 11/5/2029(3)   62,871    61,142 
Nexus Buyer LLC Term Loan          
(SOFR + 4.50%), 9.86%, 12/31/2030(3)   16,058    15,908 
         102,963 
IT Services - 0.1%
Arches Buyer, Inc. Term Loan          
(SOFR + 3.25%), 8.71%, 12/6/2027(3)   9,224    9,006 
           
Life Sciences Tools & Services - 0.1%
Fortrea Holdings, Inc. Term Loan B          
(SOFR + 3.75%), 9.11%, 7/1/2030(3)   4,072    4,065 
           
Retail - Consumer Staples - 0.1%
Arthur US Finco, Inc. First Lien Term Loan B          
(SOFR + 5.25%), 10.60%, 1/1/2038(3)   8,087    7,400 
           
Software - 2.8%
Applied Systems, Inc. Second Lien Term Loan          
(SOFR + 6.75%), 12.10%, 9/17/2027(3)   15,727    15,795 
Castle US Holding Corp. Term Loan          
(SOFR + 3.75%), 9.40%, 1/29/2027(3)   4,844    3,396 
CommerceHub, Inc. Second Lien Term Loan          
(SOFR + 7.00%), 12.54%, 12/29/2028(3)   10,610    8,435 
Constant Contact, Inc. Second Lien Term Loan          
(SOFR + 7.50%), 13.41%, 2/12/2029(3)   28,018    23,815 
Matrix Parent, Inc. First Lien Term Loan          
(SOFR + 5.00%), 10.50%, 3/1/2029(3)   21,052    14,305 
Orchid Merger Sub II LLC Term Loan          
(SOFR + 4.75%), 10.25%, 7/27/2027(3)   23,305    13,750 
Renaissance Holdings Corp. First Lien Term Loan          
(SOFR + 4.75%), 10.11%, 4/5/2030(3)   61,663    61,809 
UKG, Inc. Second Lien Term Loan          
(SOFR + 5.25%), 10.76%, 5/3/2027(3)   74,902    74,915 
         216,220 
Technology Hardware, Storage & Peripherals - 0.5%
Ivanti Software, Inc. First Lien Term Loan          
(SOFR + 4.00%), 9.67%, 12/1/2027(3)   24,208    22,856 
(SOFR + 4.25%), 9.91%, 12/1/2027(3)   4,722    4,472 
Ivanti Software, Inc. Second Lien Term Loan          
(SOFR + 7.25%), 12.91%, 12/1/2028(3)   6,435    5,148 
         32,476 
Transportation - 0.4%
SIRVA Worldwide, Inc. First Lien Term Loan          
(SOFR + 5.50%), 11.14%, 8/4/2025(3)   

5,724

    5,037 

(SOFR + 5.50%), 11.15%, 8/4/2025(3)

   

31,026

    

27,303

 
         

32,340

 
Total bank loans
(Cost $1,196,959)
        1,145,551 

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

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

 

   Shares
Held
   Value 
COMMON STOCK - 0.3%
 
Machinery - 0.3%
Utex Equity*(4) (Cost $10,178)   364   $20,019 

 

  

No. of Warrants 

      
           
WARRANTS - 0.0%
           
Financial Services - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10*(4)(5)(6) (Cost $—)   71     

 

  

Shares
Held 

      
           
SHORT-TERM INVESTMENT - 11.1%
           
INVESTMENT COMPANY - 11.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26%(8) (Cost $874,665)   874,665    874,665 
           
           
Total investments - 99.3%
(Cost $8,157,082)
        7,830,516 
Other assets less liabilities - 0.7%        52,449 
Total net assets - 100.0%#       $7,882,965 

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

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

 

Security Country Trading
Currency
Ahlstrom Holding 3 Oy, 4.88%, 2/4/2028 Finland USD
Allwyn Entertainment Financing UK plc, 7.88%, 4/30/2029 Czech Republic USD
Altice France Holding SA, 6.00%, 2/15/2028 Luxembourg USD
Altice France Holding SA, 10.50%, 5/15/2027 Luxembourg USD
Altice France SA, 5.13%, 1/15/2029 France USD
Altice France SA, 5.13%, 7/15/2029 France USD
Altice France SA, 5.50%, 1/15/2028 France USD
Altice France SA, 5.50%, 10/15/2029 France USD
Ardonagh Midco 2 plc, 11.50% Cash, 12.75% PIK, 1/15/2027 United Kingdom USD
Bombardier, Inc., 7.88%, 4/15/2027 Canada USD
Calderys Financing LLC, 11.25%, 6/1/2028 France USD
Consolidated Energy Finance SA, 5.63%, 10/15/2028 Switzerland USD
Highlands Holdings Bond Issuer Ltd., 7.63% Cash, 8.38% PIK, 10/15/2025 Bermuda USD
Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/2030 Canada USD
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/2030 Canada USD
MEG Energy Corp., 5.88%, 2/1/2029 Canada USD
Melco Resorts Finance Ltd., 5.38%, 12/4/2029 Hong Kong USD
Methanex Corp., 5.13%, 10/15/2027 Canada USD
Methanex Corp., 5.25%, 12/15/2029 Canada USD
Methanex Corp., 5.65%, 12/1/2044 Canada USD
Motion Bondco DAC, 6.63%, 11/15/2027 United Kingdom USD
Strathcona Resources Ltd., 6.88%, 8/1/2026 Canada USD
Studio City Finance Ltd., 5.00%, 1/15/2029 Macau USD
Studio City Finance Ltd., 6.50%, 1/15/2028 Macau USD
UPC Holding BV, 5.50%, 1/15/2028 Netherlands USD
Virgin Media Finance plc, 5.00%, 7/15/2030 United Kingdom USD
Virgin Media Secured Finance plc, 4.50%, 8/15/2030 United Kingdom USD
Virgin Media Secured Finance plc, 5.50%, 5/15/2029 United Kingdom USD
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028 United Kingdom USD
VistaJet Malta Finance plc, 6.38%, 2/1/2030 Switzerland USD
VistaJet Malta Finance plc, 7.88%, 5/1/2027 Switzerland USD
VistaJet Malta Finance plc, 9.50%, 6/1/2028 Switzerland USD
Vmed O2 UK Financing I plc, 4.25%, 1/31/2031 United Kingdom USD
Ziggo Bond Co. BV, 5.13%, 2/28/2030 Netherlands USD
Ziggo Bond Co. BV, 6.00%, 1/15/2027 Netherlands USD
Ziggo BV, 4.88%, 1/15/2030 Netherlands USD

 

(3) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2023.
(4) Defaulted securities.
(5) Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes (B) and (C) in the accompanying notes.
(6) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(7) All or a portion of security is on loan at December 31, 2023.
(8) Security is partially used as collateral for securities lending. At December 31, 2023, the Fund had loaned securities with a total value of $11,959. This was collateralized by cash of $12,247 which was subsequently invested in an investment company.

 

 

 

 

Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

UNFUNDED LOAN COMMITMENTS

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $867 or less than 0.1% of the total net assets as of December 31, 2023, which could be drawn at the option of the borrower:

 

Borrower  Unfunded
Commitment
Amount
   Unfunded
Value
   Unrealized
Appreciation
 
OMNIA Partners LLC Term Loan, delayed-draw  $867   $880   $13 
   $867   $880   $13 

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
 
   Value   Percentage
of Total
Investments
 
Communication Services  $1,234,778    15.8%
Consumer Discretionary   1,550,953    19.8 
Consumer Staples   286,384    3.7 
Energy   360,874    4.6 
Financials   1,374,764    17.5 
Health Care   261,755    3.3 
Industrials   906,793    11.6 
Information Technology   449,559    5.7 
Materials   367,742    4.7 
Real Estate   162,249    2.1 
Short-Term Investment   874,665    11.2 
Total investments  $7,830,516    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan International Explorer Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 84.0%
         
Argentina - 7.1%
Despegar.com Corp.*   744   $7,042 
           
Australia - 3.2%          
Steadfast Group Ltd.   807    3,200 
           
Canada - 1.6%          
Knight Therapeutics, Inc.*   209    818 
Real Matters, Inc.*   155    735 
         1,553 
China - 0.3%          
China Isotope & Radiation Corp.   163    278 
           
Denmark - 1.4%          
ALK-Abello A/S, Class B*   92    1,376 
           
France - 4.2%          
Alten SA   28    4,144 
           
Germany - 4.4%          
AlzChem Group AG   87    2,499 
Hensoldt AG   69    1,858 
         4,357 
India - 3.5%          
Care Ratings Ltd.   305    3,488 
           
Indonesia - 2.8%          
Mitra Adiperkasa Tbk. PT   23,688    2,754 
           
Ireland - 8.2%          
Glenveagh Properties plc*(1)   6,025    8,114 
           
Italy - 2.6%          
Enav SpA(1)   237    899 
Sesa SpA   13    1,704 
         2,603 
Japan - 9.8%          
Kansai Paint Co. Ltd.   87    1,487 
Sato Holdings Corp.   261    3,919 
Zuken, Inc.   150    4,295 
         9,701 
Mexico - 1.1%          
Qualitas Controladora SAB de CV   114    1,150 
           
Norway - 1.1%          
Spir Group ASA*   1,682    1,142 
           
South Africa - 1.1%          
Famous Brands Ltd.   341    1,080 
           
South Korea - 1.6%          
Vitzrocell Co. Ltd.(2)   130    1,634 
           
Switzerland - 1.5%          
Medmix AG(1)   66    1,486 
           
United Kingdom - 22.4%          
Allfunds Group plc   147    1,045 
Essentra plc   835    1,805 
FD Technologies plc*   42    610 
FDM Group Holdings plc   51    296 
IDOX plc   3,162    2,777 
IQE plc*   6,774    2,115 
Kingfisher plc   609    1,887 
LSL Property Services plc   349    1,147 
Luxfer Holdings plc   169    1,510 
M&C Saatchi plc   4,394    8,961 
         22,153 
United States - 6.1%          
Impro Precision Industries Ltd.(1)   8,869    2,726 
Signify NV(1)   98    3,290 
         6,016 
Total common stocks
(Cost $75,325)
        83,271 
           
SHORT-TERM INVESTMENT - 15.3%          
           
INVESTMENT COMPANY - 15.3%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $15,103)   15,103    15,103 
           
Total investments - 99.3%
 (Cost $90,428)
        98,374 
Other assets less liabilities - 0.7%        639 
Total net assets - 100.0%#       $99,013 

 

 

 

Artisan International Explorer Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(1) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $16,515 or 16.7% of net assets.  
(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 $1,634, or 1.7% of total net assets. See notes (B) and (C) in the accompanying notes.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
   Value   Percentage
of Total
Investments
 
Communication Services  $8,961    9.1%
Consumer Discretionary   20,877    21.2 
Financials   8,883    9.0 
Health Care   3,958    4.0 
Industrials   15,836    16.1 
Information Technology   17,083    17.4 
Materials   5,791    5.9 
Real Estate   1,882    1.9 
Short-Term Investment   15,103    15.4 
Total investments  $98,374    100.0%

 

TRADING CURRENCIES
Dollar values in thousands
   Value   Percentage of
Total Investments
 
AUD  $3,200    3.2%
CAD   1,553    1.6 
CHF   1,486    1.5 
DKK   1,376    1.4 
EUR   23,553    23.9 
GBP   19,598    19.9 
HKD   3,004    3.1 
IDR   2,754    2.8 
INR   3,488    3.5 
JPY   9,701    9.9 
KRW   1,634    1.7 
MXN   1,150    1.2 
NOK   1,142    1.2 
USD   23,655    24.0 
ZAR   1,080    1.1 
Total investments  $98,374    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan International Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS AND EQUITY-LINKED SECURITY - 97.1%
         
Belgium - 1.8%
UCB SA   1,072   $93,407 
           
Brazil - 1.7%
Petroleo Brasileiro SA, ADR   5,237    83,633 
           
Canada - 5.6%
Canadian National Railway Co.   950    119,358 
Canadian Pacific Kansas City Ltd.   1,987    157,193 
Kinaxis, Inc.*   45    5,045 
         281,596 
Denmark - 9.8%
Ascendis Pharma A/S, ADR*   542    68,271 
Carlsberg A/S, Class B   489    61,271 
Danske Bank A/S   3,414    91,212 
DSV A/S   68    11,854 
NKT A/S*   68    4,692 
Novo Nordisk A/S, ADR   299    30,924 
Novo Nordisk A/S, Class B   2,206    228,031 
         496,255 
France - 11.5%
Air Liquide SA   1,325    257,625 
Airbus SE   528    81,402 
AXA SA   2,086    67,923 
BNP Paribas SA   774    53,460 
Pernod Ricard SA   68    12,022 
Safran SA   570    100,357 
Vinci SA   68    8,569 
         581,358 
Germany - 11.8%
Allianz SE   715    191,075 
Deutsche Bank AG   1,814    24,764 
Deutsche Boerse AG   801    164,978 
Deutsche Telekom AG   9,111    218,765 
         599,582 
Hong Kong - 0.2%
AIA Group Ltd.   1,368    11,922 
           
Ireland - 4.0%
AerCap Holdings NV*   681    50,602 
Ryanair Holdings plc, Equity-Linked Security*(1)(2)(3)   7,270    153,087 
         203,689 
Italy - 0.5%
Wizz Air Holdings plc*(4)   944    26,597 
           
Japan - 4.1%
Daiichi Sankyo Co. Ltd.   2,455    67,419 
Keisei Electric Railway Co. Ltd.   1,029    48,609 
Nippon Sanso Holdings Corp.   1,908    51,102 
Otsuka Holdings Co. Ltd.   1,093    41,007 
         208,137 
Mexico - 0.6%
Wal-Mart de Mexico SAB de CV   7,034    29,571 
           
Netherlands - 4.7%
Argenx SE, ADR*   209    79,565 
Argenx SE*   31    11,927 
ASML Holding NV   52    39,308 
ASML Holding NV, ADR   7    5,160 
Heineken NV   738    74,932 
Wolters Kluwer NV   180    25,509 
         236,401 
Russia - 0.0%
MMC Norilsk Nickel PJSC, ADR*(1)(5)(6)   4,881     
Sberbank of Russia PJSC(1)(5)(6)   38,445     
          
Singapore - 0.9%
DBS Group Holdings Ltd.   752    19,046 
United Overseas Bank Ltd.   1,130    24,360 
         43,406 
Switzerland - 11.4%
Alcon, Inc.   1,036    80,839 
Cie Financiere Richemont SA   571    78,648 
Lonza Group AG   30    12,448 
Medacta Group SA(4)   387    57,797 
UBS Group AG   11,167    346,538 
         576,270 
United Kingdom - 7.9%
AstraZeneca plc   437    59,079 
AstraZeneca plc, ADR   322    21,673 
BAE Systems plc   8,564    121,221 
Diageo plc   466    16,951 
Reckitt Benckiser Group plc   1,049    72,467 
RELX plc   2,736    108,449 
         399,840 
United States - 20.6%
Amazon.com, Inc.*   1,616    245,597 
Aon plc, Class A   310    90,276 
CRH plc (LSE)   351    24,186 
CRH plc (NYSE)   1,074    74,279 
Ferrovial SE   1,831    66,750 
Linde plc   624    256,307 
Nestle SA   1,458    169,043 
Schlumberger NV   1,597    83,104 
Schneider Electric SE   174    34,896 
         1,044,438 
Total common stocks and equity-linked security
(Cost $3,880,193)
        4,916,102 

 

 

 

 

Artisan International Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
SHORT-TERM INVESTMENT - 1.0%
         
INVESTMENT COMPANY - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $48,181)   48,181   $48,181 
           
Total investments - 98.1%
 (Cost $3,928,374)
        4,964,283 
Other assets less liabilities - 1.9%        97,026 
Total net assets - 100.0%#       $5,061,309 

 

 

 

Artisan International Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(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 $153,087, or 3.0% of total net assets. See notes (B) and (C) in the accompanying notes.

(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 - 10/23/2023  $112,776   $153,087    3.0%

 

(3) Security is an equity-linked security issued by HSBC Bank plc. Equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
(4) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $84,394 or 1.7% of net assets.  
(5) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(6)Security is restricted.

 

Security  Acquisition Date  Cost   Value   Percentage of
Total Net Assets
 
MMC Norilsk Nickel PJSC  11/09/2020 - 01/14/2022  $151,723   $    0.0%
Sberbank of Russia PJSC  09/16/2021 - 02/11/2022   159,810        0.0%

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
   Value   Percentage
of Total
Investments
 
Communication Services  $218,765    4.4%
Consumer Discretionary   324,245    6.5 
Consumer Staples   436,257    8.8 
Energy   166,737    3.4 
Financials   1,085,554    21.9 
Health Care   852,387    17.2 
Industrials   1,119,145    22.5 
Information Technology   49,513    1.0 
Materials   663,499    13.3 
Short-Term Investment   48,181    1.0 
Total investments  $4,964,283    100.0%
           

 

 

 

Artisan International Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

TRADING CURRENCIES
Dollar values in thousands
   Value   Percentage of
Total Investments
 
CAD  $281,596    5.7%
CHF   745,313    15.0 
DKK   397,060    8.0 
EUR   1,527,669    30.8 
GBP   428,950    8.6 
HKD   11,922    0.2 
JPY   208,137    4.2 
MXN   29,571    0.6 
RUB       0.0 
SGD   43,406    0.9 
USD   1,290,659    26.0 
Total investments  $4,964,283    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan International Small-Mid Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 97.3%
         
Belgium - 0.7%
Azelis Group NV   1,304   $31,940 
           
Brazil - 1.8%          
Hapvida Participacoes e Investimentos SA*(1)(2)   14,240    12,982 
Rumo SA(1)   6,366    29,945 
Vibra Energia SA*(1)   8,018    37,326 
         80,253 
Canada - 5.7%          
Altus Group Ltd.   710    22,593 
CAE, Inc.*   3,245    70,033 
Descartes Systems Group, Inc. (The)*   288    24,237 
Kinaxis, Inc.*   448    50,331 
Lightspeed Commerce, Inc.*   3,317    69,648 
Whitecap Resources, Inc.   3,169    21,214 
         258,056 
Denmark - 5.9%          
ALK-Abello A/S, Class B*   1,627    24,377 
Ambu A/S, Class B*   5,094    79,361 
DSV A/S   141    24,793 
FLSmidth & Co. A/S   1,053    44,806 
Genmab A/S*   125    39,958 
Royal Unibrew A/S   119    7,975 
Vestas Wind Systems A/S*   873    27,702 
Zealand Pharma A/S*   253    13,982 
         262,954 
Finland - 1.9%          
Konecranes OYJ   431    19,388 
Metso Oyj   6,731    68,143 
         87,531 
France - 2.1%          
Gaztransport Et Technigaz SA   193    25,543 
Lectra   1,380    47,604 
Ubisoft Entertainment SA*   773    19,717 
         92,864 
Germany - 6.0%          
AIXTRON SE   2,041    87,088 
BioNTech SE, ADR*   40    4,264 
Brenntag SE   278    25,577 
Carl Zeiss Meditec AG   54    5,941 
Duerr AG   1,050    24,782 
Gerresheimer AG   471    49,073 
Hannover Rueck SE   129    30,910 
Immatics NV*   435    4,579 
Symrise AG, Class A   345    37,960 
         270,174 
Iceland - 0.4%          
Ossur HF*   4,299    17,477 
           
India - 2.3%          
PB Fintech Ltd.*   2,841    27,128 
WNS Holdings Ltd., ADR*   1,208    76,318 
         103,446 
Israel - 6.2%          
Kornit Digital Ltd.*   2,336    44,756 
Nice Ltd., ADR*   885    176,526 
Radware Ltd.*   1,484    24,758 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.   189    10,544 
Tel Aviv Stock Exchange Ltd.   3,931    20,911 
         277,495 
Italy - 1.6%          
Davide Campari-Milano NV   2,806    31,648 
Ermenegildo Zegna NV   2,425    28,055 
Moncler SpA   196    12,031 
         71,734 
Japan - 13.4%          
Azbil Corp.   2,350    77,763 
Carenet, Inc.   1,535    11,943 
CKD Corp.(3)   3,583    64,548 
Daikokutenbussan Co. Ltd.(3)   747    39,887 
DMG Mori Co. Ltd.   1,399    26,802 
en Japan, Inc.   578    11,165 
GMO Financial Gate, Inc.   267    19,815 
GMO Payment Gateway, Inc.   140    9,728 
Jeol Ltd.   427    18,766 
Lion Corp.   1,371    12,726 
Money Forward, Inc.*   769    23,566 
Morinaga Milk Industry Co. Ltd.   1,496    28,935 
Nippon Gas Co. Ltd.   1,009    16,649 
NOF Corp.   938    46,594 
Rohm Co. Ltd.   2,385    45,704 
Rohto Pharmaceutical Co. Ltd.   1,628    32,832 
SCSK Corp.   1,215    24,089 
SG Holdings Co. Ltd.   2,968    42,602 
Simplex Holdings, Inc.   74    1,430 
Suntory Beverage & Food Ltd.   968    31,933 
Toyo Suisan Kaisha Ltd.   270    13,956 
         601,433 
Mexico - 0.6%          
Qualitas Controladora SAB de CV   2,839    28,737 
           
Netherlands - 1.3%          
IMCD NV   328    57,008 
           
Spain - 0.4%          
Fluidra SA   975    20,295 
           
Sweden - 4.1%          
AAK AB   1,683    37,516 
Beijer Ref AB   1,339    17,914 
Fortnox AB   6,000    35,861 
Swedish Orphan Biovitrum AB*   3,463    91,664 
         182,955 
Switzerland - 5.8%          
Alcon, Inc.   1,176    91,796 
Baloise Holding AG   197    30,807 
Barry Callebaut AG   19    31,587 

 

 

 

 

Artisan International Small-Mid Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    

Shares
Held

    

Value

 
Belimo Holding AG   35   $19,104 
Burckhardt Compression Holding AG   45    27,198 
DSM-Firmenich AG   203    20,652 
Inficon Holding AG   8    12,153 
Tecan Group AG   43    17,498 
Ypsomed Holding AG   31    11,159 
         261,954 
Thailand - 1.8%          
Fabrinet*   417    79,407 
           
United Kingdom - 17.7%          
Alphawave IP Group plc*   18,067    29,662 
Balfour Beatty plc   8,766    37,009 
Britvic plc   3,641    39,005 
ConvaTec Group plc(2)   44,939    139,881 
Direct Line Insurance Group plc*   9,161    21,247 
Howden Joinery Group plc   6,822    70,750 
Immunocore Holdings plc, ADR*   80    5,454 
ITM Power plc*   4,194    3,175 
JD Sports Fashion plc   20,995    44,410 
JET2 plc   5,664    90,179 
Moneysupermarket.com Group plc   3,322    11,863 
Rotork plc   17,915    73,896 
Smiths Group plc   2,520    56,656 
Spectris plc   365    17,571 
Spirax-Sarco Engineering plc   250    33,506 
St. James’s Place plc   2,945    25,661 
Subsea 7 SA   2,208    32,207 
Trainline plc*(2)   10,190    41,799 
WH Smith plc   1,065    18,118 
         792,049 
United States - 17.6%          
Agilysys, Inc.*   706    59,870 
Akero Therapeutics, Inc.*   192    4,478 
Alkermes plc*   1,300    36,051 
Alphatec Holdings, Inc.*   792    11,971 
Avidity Biosciences, Inc.*   1,337    12,095 
Axonics, Inc.*   528    32,846 
Calix, Inc.*   778    33,969 
Chart Industries, Inc.*   80    10,938 
CyberArk Software Ltd.*   400    87,636 
Envista Holdings Corp.*   715    17,206 
Glaukos Corp.*   768    61,049 
ImmunoGen, Inc.*   737    21,863 
Ingersoll Rand, Inc.   763    58,996 
Insulet Corp.*   113    24,627 
Legend Biotech Corp., ADR*   310    18,634 
Madrigal Pharmaceuticals, Inc.*   187    43,223 
Model N, Inc.*   1,526    41,099 
Mural Oncology plc*   113    671 
Myriad Genetics, Inc.*   1,530    29,280 
Rhythm Pharmaceuticals, Inc.*   171    7,872 
RxSight, Inc.*   1,505    60,662 
STAAR Surgical Co.*   181    5,662 
Tarsus Pharmaceuticals, Inc.*   246    4,981 
UiPath, Inc., Class A*   1,226    30,456 
ViewRay, Inc.*   9,051    ^
Wolfspeed, Inc.*   1,654    71,952 
         788,087 
Total common stocks
(Cost $3,729,123)
        4,365,849 
           
SHORT-TERM INVESTMENT - 1.5%          
           
INVESTMENT COMPANY - 1.5%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $65,548)   65,548    65,548 
           
Total investments - 98.8%
 (Cost $3,794,671)
        4,431,397 
Other assets less liabilities - 1.2%        55,067 
Total net assets - 100.0%#       $4,486,464 

 

 

 

 

Artisan International Small-Mid Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(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 $80,253, or 1.8% of total net assets. See notes (B) and (C) in the accompanying notes.
(2)  Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $194,662 or 4.3% of net assets.  
(3)  Affiliated company as defined under the Investment Company Act of 1940.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $31,580    0.7%
Consumer Discretionary   181,739    4.1 
Consumer Staples   318,544    7.2 
Energy   78,964    1.8 
Financials   214,944    4.8 
Health Care   1,033,326    23.3 
Industrials   1,209,924    27.3 
Information Technology   1,152,380    26.0 
Materials   105,206    2.4 
Real Estate   22,593    0.5 
Utilities   16,649    0.4 
Short-Term Investment   65,548    1.5 
Total investments  $4,431,397    100.0
           

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
BRL  $80,253    1.8%
CAD   258,056    5.8 
CHF   241,302    5.5 
DKK   280,431    6.3 
EUR   615,300    13.9 
GBP   754,388    17.0 
ILS   31,455    0.7 
INR   27,128    0.6 
JPY   601,433    13.6 
MXN   28,737    0.7 
NOK   32,207    0.7 
SEK   182,955    4.1 
USD   1,297,752    29.3 
Total investments  $4,431,397    100.0

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan International Value Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS AND EQUITY-LINKED SECURITY - 88.7%
         
Belgium - 2.2%
Groupe Bruxelles Lambert NV   4,803   $377,659 
Liberty Global Ltd., Class A*   10,800    191,915 
Liberty Global Ltd., Class C*   6,333    118,055 
         687,629 
Bermuda - 0.4%          
Voussoir RE Ltd. (Preferred Shares)*(1)(2)   1    126,330 
           
Brazil - 0.5%          
Telefonica Brasil SA, ADR   13,822    151,215 
           
Canada - 3.8%          
Alimentation Couche-Tard, Inc.   11,444    673,911 
Suncor Energy, Inc.   15,731    503,955 
         1,177,866 
China - 3.4%          
Alibaba Group Holding Ltd.   59,115    572,338 
Anhui Conch Cement Co. Ltd., Class H   45,515    105,155 
Hengan International Group Co. Ltd.   33,576    124,912 
Trip.com Group Ltd.*   7,130    253,482 
         1,055,887 
Finland - 1.4%          
Nokia OYJ, ADR   81,193    277,682 
Nokia OYJ   44,865    151,162 
         428,844 
France - 11.2%          
Capgemini SE   2,523    525,756 
Danone SA   21,762    1,409,737 
Safran SA   4,734    833,438 
Sodexo SA   5,909    649,791 
Sodexo SA (Registered Shares)(1)(3)   737    81,082 
         3,499,804 
Germany - 3.2%          
adidas AG   1,815    369,022 
Bayer AG   7,926    294,267 
Brenntag SE   748    68,696 
Fresenius Medical Care AG   6,116    256,290 
         988,275 
India - 3.7%          
HCL Technologies Ltd.   60,089    1,058,684 
Indus Towers Ltd.*   45,179    108,069 
         1,166,753 
Ireland - 2.0%          
Ryanair Holdings plc*   1,846    38,865 
Ryanair Holdings plc, Equity-Linked Security*(1)(4)(5)   28,699    604,332 
         643,197 
Japan - 1.8%          
Nintendo Co. Ltd.   5,438    283,822 
Seven & i Holdings Co. Ltd.   7,408    293,954 
         577,776 
Mexico - 0.8%          
Gruma SAB de CV, Class B   13,385    244,936 
           
Netherlands - 3.6%          
Koninklijke Philips NV*   35,503    826,401 
Universal Music Group NV   10,883    310,085 
         1,136,486 
South Korea - 7.6%          
NAVER Corp.(1)   2,211    382,611 
Samsung Electronics Co. Ltd.(1)   23,110    1,405,570 
Samsung Electronics Co. Ltd. (Preference)(1)   12,354    595,725 
         2,383,906 
Switzerland - 16.6%          
ABB Ltd.   27,127    1,203,071 
Barry Callebaut AG   6    10,201 
Cie Financiere Richemont SA   4,505    619,955 
DSM-Firmenich AG   2,446    248,416 
Novartis AG   14,544    1,467,667 
Sandoz Group AG*   3,980    128,043 
UBS Group AG   48,816    1,514,901 
         5,192,254 
United Kingdom - 14.5%          
Associated British Foods plc   16,592    500,587 
Berkeley Group Holdings plc(6)   5,947    355,389 
CNH Industrial NV   24,620    299,873 
Compass Group plc   26,939    736,898 
Inchcape plc   1,664    15,174 
Lloyds Banking Group plc   928,580    564,703 
Pearson plc   23,301    286,378 
RELX plc (London Stock Exchange)   22,862    906,286 
RELX plc (Turquoise Stock Exchange)   1,429    56,523 
Unilever plc   17,211    833,663 
         4,555,474 
United States - 12.0%          
Arch Capital Group Ltd.*   16,982    1,261,264 
Garmin Ltd.   5,564    715,189 
Holcim AG   8,746    686,549 
Sensata Technologies Holding plc   7,196    270,369 
Willis Towers Watson plc   3,436    828,669 
         3,762,040 
Total common stocks and equity-linked security
(Cost $20,745,776)
        27,778,672 
           
SHORT-TERM INVESTMENT - 10.2%          
           
INVESTMENT COMPANY - 10.2%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $3,192,165)   3,192,165    3,192,165 

 

 

 

 

Artisan International Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

       

Value

 
           
Total investments - 98.9%
 (Cost $23,937,941)
       $30,970,837 
Other assets less liabilities - 1.1%        351,781 
Total net assets - 100.0%#       $31,322,618 

 

 

 

 

Artisan International Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

(1) Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,195,650, or 10.2% of total net assets. See notes (B) and (C) in the accompanying notes.
(2) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(3) Security is restricted. 

 

Security  Acquisition Date  Cost   Value   Percentage of
Total Net Assets
 
Sodexo SA (Registered Shares)  09/04/2020  $63,852   $81,082    0.3%

 

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

 

Security  Acquisition Date  Cost   Value   Percentage of
Total Net Assets
 
Ryanair Holdings plc  11/14/2013 - 10/23/2023  $445,199   $604,332    1.9%

 

(5) Security is an equity-linked security issued by HSBC Bank plc. Equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
(6) Affiliated company as defined under the Investment Company Act of 1940.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $1,545,772    5.0%
Consumer Discretionary   4,654,698    15.0 
Consumer Staples   4,091,900    13.2 
Energy   503,955    1.6 
Financials   4,673,527    15.1 
Health Care   2,972,668    9.6 
Industrials   4,281,453    13.8 
Information Technology   4,014,579    13.0 
Materials   1,040,120    3.4 
Short-Term Investment   3,192,165    10.3 
Total investments  $30,970,837    100.0%
           

 

 

 

 

Artisan International Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
CAD  $1,177,866    3.8%
CHF   5,630,387    18.2 
EUR   6,497,190    21.0 
GBP   4,199,078    13.5 
HKD   1,055,887    3.4 
INR   1,166,753    3.8 
JPY   577,776    1.9 
KRW   2,383,906    7.7 
MXN   244,936    0.8 
USD   8,037,058    25.9 
Total investments  $30,970,837    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-Port Part F.

 

 

 

 

Artisan Mid Cap Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands 

 

   Shares
Held
   Value 
         
COMMON STOCKS - 99.0%
         
Banks - 0.6%
NU Holdings Ltd., Class A*(1)   3,470   $28,908 
Beverages - 0.8%          
Celsius Holdings, Inc.*   697    38,015 
Biotechnology - 9.1%          
Argenx SE, ADR*(1)   381    144,801 
Ascendis Pharma A/S, ADR*(1)   1,118    140,790 
Exact Sciences Corp.*   1,251    92,557 
Halozyme Therapeutics, Inc.*   782    28,901 
Twist Bioscience Corp.*   630    23,204 
         430,253 
Broadline Retail - 0.8%          
Etsy, Inc.*   451    36,569 
Building Products - 1.8%          
Trex Co., Inc.*   1,054    87,224 
Capital Markets - 3.4%          
MarketAxess Holdings, Inc.   92    27,009 
MSCI, Inc.   88    49,732 
Tradeweb Markets, Inc., Class A   902    81,959 
         158,700 
Communications Equipment - 1.8%          
Arista Networks, Inc.*   354    83,420 
Construction & Engineering - 1.7%          
Quanta Services, Inc.   366    78,928 
Consumer Staples Distribution & Retail - 0.8%          
BJ’s Wholesale Club Holdings, Inc.*   566    37,729 
Distributors - 0.9%          
Pool Corp.   109    43,515 
Electrical Equipment - 1.8%          
Hubbell, Inc.   184    60,508 
Rockwell Automation, Inc.   83    25,798 
         86,306 
Electronic Equipment, Instruments & Components - 2.2%          
Jabil, Inc.   503    64,123 
Keysight Technologies, Inc.*   264    41,923 
         106,046 
Entertainment - 6.3%          
Liberty Media Corp-Liberty Formula One, Class C*   506    31,967 
Live Nation Entertainment, Inc.*   761    71,254 
ROBLOX Corp., Class A*   1,305    59,651 
Spotify Technology SA*   465    87,286 
Take-Two Interactive Software, Inc.*   286    45,961 
         296,119 
Financial Services - 1.6%          
Global Payments, Inc.   615    78,072 
Ground Transportation - 2.1%          
Saia, Inc.*   223    97,933 
Health Care Equipment & Supplies - 5.5%          
Dexcom, Inc.*   1,143    141,781 
iRhythm Technologies, Inc.*   530    56,710 
Shockwave Medical, Inc.*   321    61,090 
         259,581 
Health Care Technology - 2.8%          
Veeva Systems, Inc., Class A*   693    133,478 
Hotels, Restaurants & Leisure - 5.7%          
Chipotle Mexican Grill, Inc.*   81    185,276 
Domino's Pizza, Inc.   109    44,855 
Wingstop, Inc.   149    38,275 
         268,406 
Household Durables - 0.7%          
NVR, Inc.*   5    35,226 
Insurance - 2.2%          
Arthur J Gallagher & Co.   321    72,132 
Ryan Specialty Holdings, Inc., Class A*   742    31,900 
         104,032 
IT Services - 1.9%          
Shopify, Inc., Class A*(1)   1,125    87,599 
Life Sciences Tools & Services - 6.1%          
Gerresheimer AG(1)   711    74,088 
Repligen Corp.*   417    75,017 
West Pharmaceutical Services, Inc.   396    139,417 
         288,522 
Machinery - 5.4%          
Fortive Corp.   1,215    89,495 
Ingersoll Rand, Inc.   1,785    138,015 
Xylem, Inc.   231    26,441 
         253,951 
Professional Services - 3.7%          
Ceridian HCM Holding, Inc.*   1,147    77,008 
Equifax, Inc.   176    43,571 
Verisk Analytics, Inc.   230    55,055 
         175,634 
Real Estate Management & Development - 1.5%          
CoStar Group, Inc.*   808    70,601 
Semiconductors & Semiconductor Equipment - 7.8%          
Lattice Semiconductor Corp.*   2,371    163,576 
Monolithic Power Systems, Inc.   177    111,422 
ON Semiconductor Corp.*   1,102    92,014 
         367,012 
Software - 15.6%          
Atlassian Corp., Class A*   827    196,644 
Bentley Systems, Inc., Class B   1,317    68,706 
Datadog, Inc., Class A*   553    67,168 
HubSpot, Inc.*   233    135,306 
Synopsys, Inc.*   230    118,452 
Tyler Technologies, Inc.*   234    97,702 
Zscaler, Inc.*   243    53,853 
         737,831 
Specialty Retail - 1.5%          
Five Below, Inc.*   323    68,881 
Textiles, Apparel & Luxury Goods - 1.9%          
Deckers Outdoor Corp.*   58    38,591 
Lululemon Athletica, Inc.*   103    52,598 
         91,189 

 

 

 

 

Artisan Mid Cap Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    

Shares
Held

    

Value

 
Trading Companies & Distributors - 1.0%          
WESCO International, Inc.   268   $46,572 
Total common stocks
(Cost $2,939,767)
        4,676,252 
           
SHORT-TERM INVESTMENT - 0.7%          
           
INVESTMENT COMPANY - 0.7%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $31,880)   31,880    31,880 
           
Total investments - 99.7%
(Cost $2,971,647)
        4,708,132 
Other assets less liabilities - 0.3%        15,660 
Total net assets - 100.0%#       $4,723,792 

 

 

 

 

Artisan Mid Cap Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

 

Security Country Trading
Currency
Argenx SE Netherlands USD
Ascendis Pharma A/S Denmark USD
Gerresheimer AG Germany EUR
NU Holdings Ltd. Brazil USD
Shopify, Inc. Canada USD
 

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $296,119    6.3%
Consumer Discretionary   543,787    11.5 
Consumer Staples   75,744    1.6 
Financials   369,712    7.9 
Health Care   1,111,833    23.6 
Industrials   826,549    17.6 
Information Technology   1,381,908    29.3 
Real Estate   70,600    1.5 
Short-Term Investment   31,880    0.7 
Total investments  $4,708,132    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
EUR  $74,088    1.6%
USD   4,634,044    98.4 
Total investments  $4,708,132    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Mid Cap Value Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 98.1%
         
Aerospace & Defense - 1.8%          
CAE, Inc.*(1)   979   $21,138 
Air Freight & Logistics - 2.2%          
Expeditors International of Washington, Inc.   203    25,795 
Automobile Components - 3.3%          
BorgWarner, Inc.   382    13,708 
Gentex Corp.   789    25,777 
         39,485 
Banks - 11.2%          
Fifth Third Bancorp   842    29,056 
First Citizens BancShares, Inc., Class A   36    51,270 
M&T Bank Corp.   210    28,818 
WaFd, Inc.   740    24,393 
         133,537 
Capital Markets - 2.1%          
Moelis & Co., Class A   453    25,400 
Consumer Staples Distribution & Retail - 4.8%          
Dollar General Corp.   114    15,518 
Kroger Co. (The)   501    22,884 
Sysco Corp.   256    18,751 
         57,153 
Electric Utilities - 2.1%          
OGE Energy Corp.   705    24,623 
Electrical Equipment - 2.2%          
nVent Electric plc   434    25,622 
Electronic Equipment, Instruments & Components - 3.2%          
Vontier Corp.   1,092    37,730 
Energy Equipment & Services - 2.5%          
NOV, Inc.   1,470    29,801 
Entertainment - 3.5%          
Electronic Arts, Inc.   165    22,513 
Warner Bros Discovery, Inc.*   1,711    19,472 
         41,985 
Financial Services - 2.0%          
Corebridge Financial, Inc.   1,121    24,283 
Food Products - 1.9%          
Tyson Foods, Inc., Class A   425    22,821 
Ground Transportation - 3.9%          
U-Haul Holding Co., Series N   586    41,253 
U-Haul Holding Co.*   68    4,893 
         46,146 
Health Care Equipment & Supplies - 4.7%          
Baxter International, Inc.   723    27,951 
Dentsply Sirona, Inc.   777    27,669 
         55,620 
Health Care Providers & Services - 2.4%          
Centene Corp.*   390    28,948 
Hotels, Restaurants & Leisure - 7.6%          
Expedia Group, Inc.*   228    34,647 
Marriott International, Inc., Class A   160    36,044 
Vail Resorts, Inc.   96    20,394 
         91,085 
Insurance - 6.4%          
Arch Capital Group Ltd.*   338    25,095 
Globe Life, Inc.   287    34,972 
Progressive Corp. (The)   99    15,806 
         75,873 
Interactive Media & Services - 1.9%          
IAC, Inc.*   423    22,169 
Life Sciences Tools & Services - 4.1%          
Bio-Rad Laboratories, Inc., Class A*   65    21,101 
Waters Corp.*   86    28,250 
         49,351 
Machinery - 1.9%          
Otis Worldwide Corp.   250    22,379 
Media - 6.4%          
Cable One, Inc.   45    25,123 
News Corp., Class A   1,178    28,928 
Omnicom Group, Inc.   255    22,063 
         76,114 
Real Estate Management & Development - 1.4%          
Jones Lang LaSalle, Inc.*   91    17,113 
Retail REITs - 2.0%          
NNN REIT, Inc.   560    24,132 
Semiconductors & Semiconductor Equipment - 3.8%          
Analog Devices, Inc.   228    45,289 
Software - 1.7%          
Check Point Software Technologies Ltd.*(1)   134    20,430 
Specialized REITs - 4.3%          
Lamar Advertising Co., Class A   284    30,204 
Public Storage   69    21,186 
         51,390 
Specialty Retail - 1.5%          
AutoNation, Inc.*   121    18,114 
GNC Holdings, Inc. (escrow shares)*(2)(3)   220     
         18,114 
Technology Hardware, Storage & Peripherals - 1.3%          
NetApp, Inc.   173    15,271 
Total common stocks
(Cost $731,222)
        1,168,797 
           
SHORT-TERM INVESTMENT - 1.0%          
           
INVESTMENT COMPANY - 1.0%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $12,127)   12,127    12,127 

 

 

 

 

Artisan Mid Cap Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

         

Value

 
Total investments - 99.1%
(Cost $743,349)
       $1,180,924 
Other assets less liabilities - 0.9%        10,969 
Total net assets - 100.0%#       $1,191,893 

 

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

 

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

 

(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 $0, or 0.0% of total net assets. See notes (B) and (C) in the accompanying notes.
(3) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

 

 

 

 

Artisan Mid Cap Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $140,268    11.9%
Consumer Discretionary   148,684    12.6 
Consumer Staples   79,974    6.8 
Energy   29,801    2.5 
Financials   259,093    21.9 
Health Care   133,919    11.3 
Industrials   141,080    12.0 
Information Technology   118,720    10.1 
Real Estate   92,635    7.8 
Utilities   24,623    2.1 
Short-Term Investment   12,127    1.0 
Total investments  $1,180,924    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Select Equity Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 91.4%
         
Automobiles - 4.3%
Harley-Davidson, Inc.   48   $1,773 
Banks - 3.3%          
Citigroup, Inc.   26    1,359 
Broadline Retail - 3.4%          
Alibaba Group Holding Ltd., ADR(1)   18    1,428 
Capital Markets - 8.6%          
Bank of New York Mellon Corp. (The)   37    1,947 
Charles Schwab Corp. (The)   24    1,622 
         3,569 
Chemicals - 4.3%          
Axalta Coating Systems Ltd.*   53    1,787 
Construction Materials - 5.1%          
Heidelberg Materials AG(1)   24    2,128 
Consumer Finance - 5.7%          
American Express Co.   13    2,364 
Financial Services - 5.5%          
Berkshire Hathaway, Inc., Class B*   6    2,289 
Food Products - 5.0%          
Danone SA(1)   32    2,087 
Health Care Equipment & Supplies - 2.0%          
Dentsply Sirona, Inc.   24    843 
Health Care Providers & Services - 9.3%          
Elevance Health, Inc.   5    2,267 
Henry Schein, Inc.*   21    1,616 
         3,883 
Hotels, Restaurants & Leisure - 6.3%          
Aramark   51    1,432 
Expedia Group, Inc.*   8    1,214 
         2,646 
Insurance - 7.7%          
Marsh & McLennan Cos., Inc.   6    1,174 
Progressive Corp. (The)   13    2,040 
         3,214 
Interactive Media & Services - 9.9%          
Alphabet, Inc., Class A*   15    2,069 
Meta Platforms, Inc., Class A*   6    2,068 
         4,137 
Passenger Airlines - 1.9%          
Southwest Airlines Co.   27    794 
Semiconductors & Semiconductor Equipment - 3.5%          
Lam Research Corp.   2    1,460 
Technology Hardware, Storage & Peripherals - 5.6%          
Samsung Electronics Co. Ltd.(1)(2)   38    2,337 
Total common stocks
(Cost $30,018)
        38,098 
           
SHORT-TERM INVESTMENT - 8.0%          
           
INVESTMENT COMPANY - 8.0%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $3,321)   3,321    3,321 
           
           
Total investments - 99.4%
(Cost $33,339)
        41,419 
Other assets less liabilities - 0.6%        263 
Total net assets - 100.0%#       $41,682 

 

 

 

 

Artisan Select Equity Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

 

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

 

(2) Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,337, or 5.6% of total net assets. See notes (B) and (C) in the accompanying notes.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $4,137    10.0%
Consumer Discretionary   5,847    14.1 
Consumer Staples   2,087    5.0 
Financials   12,795    30.9 
Health Care   4,726    11.4 
Industrials   794    1.9 
Information Technology   3,797    9.2 
Materials   3,915    9.5 
Short-Term Investment   3,321    8.0 
Total investments  $41,419    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
EUR  $4,215    10.2%
KRW   2,337    5.6 
USD   34,867    84.2 
Total investments  $41,419    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Small Cap Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands 

 

   Shares
Held
   Value 
         
COMMON STOCKS - 97.7%
         
Biotechnology - 22.1%
Argenx SE, ADR*(1)   192   $73,037 
Ascendis Pharma A/S, ADR*(1)   590    74,341 
Denali Therapeutics, Inc.*   202    4,339 
Exact Sciences Corp.*   446    33,023 
Halozyme Therapeutics, Inc.*   2,346    86,722 
Iovance Biotherapeutics, Inc.*   2,545    20,694 
Twist Bioscience Corp.*   938    34,585 
Veracyte, Inc.*   1,710    47,047 
         373,788 
Broadline Retail - 0.9%          
Etsy, Inc.*   192    15,593 
Building Products - 3.0%          
Advanced Drainage Systems, Inc.   72    10,101 
Trex Co., Inc.*   493    40,784 
         50,885 
Capital Markets - 1.6%          
MarketAxess Holdings, Inc.   95    27,676 
Construction & Engineering - 2.4%          
MYR Group, Inc.*   58    8,373 
Valmont Industries, Inc.   140    32,793 
         41,166 
Diversified Consumer Services - 1.3%          
Duolingo, Inc.*   97    21,927 
Electronic Equipment, Instruments & Components - 3.6%          
IPG Photonics Corp.*   79    8,566 
Novanta, Inc.*   307    51,686 
         60,252 
Financial Services - 0.8%          
Shift4 Payments, Inc., Class A*   180    13,374 
Ground Transportation - 2.2%          
Saia, Inc.*   83    36,204 
Health Care Equipment & Supplies - 7.3%          
Axonics, Inc.*   203    12,646 
iRhythm Technologies, Inc.*   230    24,599 
Lantheus Holdings, Inc.*   57    3,530 
Penumbra, Inc.*   77    19,487 
PROCEPT BioRobotics Corp.*   197    8,275 
Shockwave Medical, Inc.*   284    54,211 
         122,748 
Hotels, Restaurants & Leisure - 4.2%          
Cava Group, Inc.*(2)   127    5,438 
Wingstop, Inc.   258    66,171 
         71,609 
Household Durables - 0.5%          
SharkNinja, Inc.   164    8,405 
Life Sciences Tools & Services - 2.8%          
Repligen Corp.*   199    35,747 
Stevanato Group SpA(1)   423    11,549 
         47,296 
Machinery - 3.0%          
John Bean Technologies Corp.   73    7,269 
SPX Technologies, Inc.*   428    43,271 
         50,540 
Personal Care Products - 0.8%          
elf Beauty, Inc.*   30    4,294 
Inter Parfums, Inc.   60    8,644 
         12,938 
Professional Services - 3.3%          
Ceridian HCM Holding, Inc.*   612    41,103 
Paycor HCM, Inc.*   632    13,641 
         54,744 
Semiconductors & Semiconductor Equipment - 14.2%          
Allegro MicroSystems, Inc.*(1)   826    25,016 
Lattice Semiconductor Corp.*   1,445    99,714 
MACOM Technology Solutions Holdings, Inc.*   408    37,882 
Monolithic Power Systems, Inc.   106    66,866 
Rambus, Inc.*   142    9,681 
         239,159 
Software - 19.3%          
Bentley Systems, Inc., Class B   665    34,699 
CCC Intelligent Solutions Holdings, Inc.*   1,474    16,785 
Clearwater Analytics Holdings, Inc., Class A*   1,153    23,087 
DoubleVerify Holdings, Inc.*   589    21,673 
Guidewire Software, Inc.*   673    73,398 
Model N, Inc.*   394    10,623 
Procore Technologies, Inc.*   347    23,999 
Smartsheet, Inc., Class A*   276    13,207 
Sprout Social, Inc., Class A*   196    12,029 
Tyler Technologies, Inc.*   105    43,847 
Workiva, Inc., Class A*   522    53,002 
         326,349 
Specialty Retail - 2.8%          
Five Below, Inc.*   102    21,760 
Floor & Decor Holdings, Inc., Class A*   235    26,172 
         47,932 
Textiles, Apparel & Luxury Goods - 0.7%          
Crocs, Inc.*   131    12,281 
Trading Companies & Distributors - 0.9%          
WESCO International, Inc.   89    15,472 
Total common stocks
(Cost $1,032,269)
        1,650,338 
           
SHORT-TERM INVESTMENT - 1.1%          
           
INVESTMENT COMPANY - 1.1%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26%(3) (Cost $18,994)   18,994    18,994 

 

 

 

 

Artisan Small Cap Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

         

Value

 
Total investments - 98.8%
(Cost $1,051,263)
       $1,669,332 
Other assets less liabilities - 1.2%        21,103 
Total net assets - 100.0%#       $1,690,435 

 

 

 

 

Artisan Small Cap Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

 

Security Country Trading
Currency
Allegro MicroSystems, Inc. Japan USD
Argenx SE Netherlands USD
Ascendis Pharma A/S Denmark USD
Stevanato Group SpA Italy USD

 

(2) All or a portion of security is on loan at December 31, 2023.
(3) Security is partially used as collateral for securities lending. At December 31, 2023, the Fund had loaned securities with a total value of $606. This was collateralized by cash of $645 which was subsequently invested in an investment company.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Consumer Discretionary  $177,747    10.6%
Consumer Staples   12,938    0.8 
Financials   41,050    2.5 
Health Care   543,831    32.6 
Industrials   249,011    14.9 
Information Technology   625,761    37.5 
Short-Term Investment   18,994    1.1 
Total investments  $1,669,332    100.0%

  

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Sustainable Emerging Markets Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 98.0%
         
Brazil - 11.7%
GPS Participacoes e Empreendimentos SA(1)(2)   780   $3,007 
Itau Unibanco Holding SA (Preference)(2)   530    3,680 
Lojas Renner SA(2)   313    1,112 
MercadoLibre, Inc.*   3    4,406 
Vale SA(2)   171    2,710 
VTEX, Class A*   6    43 
         14,958 
Chile - 2.0%          
Empresa Nacional de Telecomunicaciones SA   311    1,137 
Vina Concha y Toro SA   1,194    1,406 
         2,543 
China - 18.3%          
Alibaba Group Holding Ltd.   430    4,161 
Baidu, Inc., Class A*   106    1,581 
China Traditional Chinese Medicine Holdings Co. Ltd.   4,279    2,154 
Estun Automation Co. Ltd., Class A   982    2,575 
Kingsoft Cloud Holdings Ltd., ADR*(6)   93    351 
NIO, Inc., ADR*   83    753 
Noah Holdings Ltd., ADR   28    382 
Prosus NV   93    2,779 
Trip.com Group Ltd.*   47    1,680 
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A   322    1,067 
Wuxi Biologics Cayman, Inc.*(3)   787    2,983 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(3)   1,351    425 
Zhuzhou CRRC Times Electric Co. Ltd., Class H   861    2,457 
         23,348 
Greece - 2.5%          
Alpha Services and Holdings SA*   721    1,226 
Mytilineos SA   48    1,964 
         3,190 
Hong Kong - 1.5%          
AIA Group Ltd.   223    1,947 
           
India - 10.2%          
Havells India Ltd.   137    2,250 
ICICI Bank Ltd.   363    4,351 
Infosys Ltd.   142    2,638 
Jio Financial Services Ltd.*   219    613 
Reliance Industries Ltd.   103    3,191 
         13,043 
Indonesia - 2.3%          
Bank Rakyat Indonesia Persero Tbk. PT   5,294    1,968 
Indofood CBP Sukses Makmur Tbk. PT   1,380    948 
         2,916 
Kazakhstan - 1.8%          
Kaspi.KZ JSC, GDR(3)   24    2,241 
           
Malaysia - 1.4%          
Frontken Corp. Bhd.   1,300    917 
MR DIY Group M Bhd.(3)   2,608    823 
         1,740 
Mexico - 4.3%          
Cemex SAB de CV*   2,037    1,585 
Gentera SAB de CV   1,557    2,170 
Vista Energy SAB de CV, ADR*   57    1,680 
         5,435 
Peru - 1.6%          
Credicorp Ltd.   14    2,072 
           
Poland - 1.4%          
InPost SA*   125    1,731 
           
Romania - 1.4%          
Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA*   64    1,819 
           
Russia - 0.0%          
MMC Norilsk Nickel PJSC, ADR*(2)(4)(5)   39     
Sberbank of Russia PJSC(2)(4)(5)   265     
          
Singapore - 0.3%          
Sea Ltd., ADR*   9    363 
           
South Africa - 4.1%          
FirstRand Ltd.   526    2,115 
Gold Fields Ltd., ADR   81    1,174 
MTN Group Ltd.   311    1,964 
         5,253 
South Korea - 12.7%          
HYBE Co. Ltd.*(2)   9    1,663 
LG Energy Solution Ltd.*(2)   3    1,105 
Samsung Biologics Co. Ltd.*(2)(3)   3    2,051 
Samsung Electronics Co. Ltd.(2)   166    10,094 
Shinhan Financial Group Co. Ltd.(2)   43    1,326 
         16,239 
Taiwan - 16.0%          
E Ink Holdings, Inc.   563    3,616 
MediaTek, Inc.   129    4,259 
Taiwan Semiconductor Manufacturing Co. Ltd.   648    12,514 
         20,389 
Thailand - 0.7%          
Bangkok Bank PCL(2)   207    950 

 

 

 

 

Artisan Sustainable Emerging Markets Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

    

Shares
Held

    

Value

 
United Arab Emirates - 1.5%          
ADNOC Logistics & Services   1,273   $1,327 
Borouge plc   845    568 
         1,895 
United States - 1.2%          
Globant SA*   7    1,556 
           
Vietnam - 1.1%          
Vietnam Technological & Commercial Joint Stock Bank*   1,106    1,450 
           
Total common stocks
(Cost $105,735)
        125,078 
           
SHORT-TERM INVESTMENT - 2.0%          
           
INVESTMENT COMPANY - 2.0%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26%(7) (Cost $2,586)   2,586    2,586 
           
Total investments - 100.0%
 (Cost $108,321)
        127,664 
Other assets less liabilities - 0.0%^        (26)
Total net assets - 100.0%#       $127,638 

 

(1) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.
(2) Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $27,698, or 21.7% of total net assets. See notes (B) and (C) in the accompanying notes.
(3) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2023, the value of these securities was $8,523 or 6.7% of net assets.  
(4) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(5) Security is restricted.  

 

Security  Acquisition Date  Cost   Value   Percentage of
Total Net Assets
 
MMC Norilsk Nickel PJSC  09/25/2013 - 12/23/2021  $737   $    0.0%
Sberbank of Russia PJSC  01/08/2019 - 03/25/2020   772        0.0%

 

(6) All or a portion of security is on loan at December 31, 2023.
(7) Security is partially used as collateral for securities lending. At December 31, 2023, the Fund had loaned securities with a total value of $297. This was collateralized by cash of $315 which was subsequently invested in an investment company.

 

 

 

 

Artisan Sustainable Emerging Markets Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $6,751    5.3%
Consumer Discretionary   16,139    12.6 
Consumer Staples   2,354    1.9 
Energy   6,198    4.9 
Financials   26,491    20.8 
Health Care   7,188    5.6 
Industrials   16,006    12.5 
Information Technology   36,095    28.3 
Materials   6,037    4.7 
Utilities   1,819    1.4 
Short-Term Investment   2,586    2.0 
Total investments  $127,664    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
AED  $1,895    1.5%
BRL   10,509    8.2 
CLP   2,543    2.0 
CNY   3,642    2.9 
EUR   7,700    6.0 
HKD   17,388    13.6 
IDR   2,916    2.3 
INR   13,043    10.2 
KRW   16,239    12.7 
MXN   3,755    2.9 
MYR   1,740    1.4 
RON   1,819    1.4 
THB   950    0.8 
TWD   20,389    16.0 
USD   17,607    13.8 
VND   1,450    1.1 
ZAR   4,079    3.2 
Total investments  $127,664    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1. 

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Value Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 97.7%
         
Aerospace & Defense - 7.0%          
Airbus SE(1)   62   $9,585 
Northrop Grumman Corp.   9    4,147 
Safran SA(1)   53    9,303 
         23,035 
Air Freight & Logistics - 3.6%          
FedEx Corp.   21    5,295 
United Parcel Service, Inc., Class B   43    6,747 
         12,042 
Banks - 8.7%          
Bank of America Corp.   259    8,724 
PNC Financial Services Group, Inc. (The)   60    9,308 
US Bancorp   251    10,848 
         28,880 
Beverages - 5.3%          
Diageo plc(1)   223    8,126 
Heineken Holding NV(1)   112    9,497 
         17,623 
Capital Markets - 7.0%          
CME Group, Inc.   39    8,144 
Goldman Sachs Group, Inc. (The)   19    7,181 
Morgan Stanley   83    7,766 
         23,091 
Consumer Staples Distribution & Retail - 1.8%          
Dollar General Corp.   44    6,009 
Energy Equipment & Services - 2.8%          
Schlumberger NV   179    9,331 
Entertainment - 6.6%          
Electronic Arts, Inc.   44    6,043 
Netflix, Inc.*   13    6,464 
Walt Disney Co. (The)*   58    5,256 
Warner Bros Discovery, Inc.*   362    4,124 
         21,887 
Financial Services - 7.0%          
Berkshire Hathaway, Inc., Class B*   17    6,116 
Fiserv, Inc.*   57    7,530 
Visa, Inc., Class A   37    9,504 
         23,150 
Food Products - 1.5%          
Kerry Group plc, Class A(1)   56    4,875 
Health Care Equipment & Supplies - 6.4%          
Baxter International, Inc.   193    7,474 
Koninklijke Philips NV*(1)   259    6,024 
Medtronic plc   94    7,723 
         21,221 
Health Care Providers & Services - 2.6%          
Cigna Group (The)   28    8,499 
Hotels, Restaurants & Leisure - 8.4%          
Booking Holdings, Inc.*   3    8,964 
Compass Group plc(1)   337    9,228 
Marriott International, Inc., Class A   43    9,763 
         27,955 
Insurance - 3.1%          
Arch Capital Group Ltd.*   140    10,368 
Interactive Media & Services - 8.3%          
Alphabet, Inc., Class C*   93    13,145 
Meta Platforms, Inc., Class A*   41    14,464 
         27,609 
Media - 3.3%          
Comcast Corp., Class A   247    10,824 
Oil, Gas & Consumable Fuels - 2.9%          
EOG Resources, Inc.   78    9,416 
Pharmaceuticals - 1.8%          
Merck & Co., Inc.   54    5,935 
Semiconductors & Semiconductor Equipment - 3.7%          
NXP Semiconductors NV(1)   23    5,294 
Texas Instruments, Inc.   41    7,020 
         12,314 
Technology Hardware, Storage & Peripherals - 1.7%          
Samsung Electronics Co. Ltd. (Preference)(1)(2)   113    5,456 
Tobacco - 4.2%          
Altria Group, Inc.   151    6,111 
Philip Morris International, Inc.   84    7,925 
         14,036 
Total common stocks
(Cost $220,548)
        323,556 
           
SHORT-TERM INVESTMENT - 1.5%          
           
INVESTMENT COMPANY - 1.5%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $4,913)   4,913    4,913 
           
Total investments - 99.2%
(Cost $225,461)
        328,469 
Other assets less liabilities - 0.8%        2,794 
Total net assets - 100.0%#       $331,263 

 

 

 

 

Artisan Value Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

 

Security Country Trading
Currency
Airbus SE France EUR
Compass Group plc United Kingdom GBP
Diageo plc United Kingdom GBP
Heineken Holding NV Netherlands EUR
Kerry Group plc Ireland EUR
Koninklijke Philips NV Netherlands EUR
NXP Semiconductors NV China USD
Safran SA France EUR
Samsung Electronics Co. Ltd. South Korea KRW
 

 

(2) Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $5,456, or 1.6% of total net assets. See notes (B) and (C) in the accompanying notes.

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $60,320    18.4%
Consumer Discretionary   27,955    8.5 
Consumer Staples   42,543    12.9 
Energy   18,747    5.7 
Financials   85,490    26.0 
Health Care   35,655    10.9 
Industrials   35,077    10.7 
Information Technology   17,769    5.4 
Short-Term Investment   4,913    1.5 
Total investments  $328,469    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
EUR  $39,284    11.9%
GBP   17,354    5.3 
KRW   5,456    1.7 
USD   266,375    81.1 
Total investments  $328,469    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1. 

 

See notes to N-PORT Part F.

 

 

 

 

Artisan Value Income Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

   Shares
Held
   Value 
         
COMMON STOCKS - 87.3%
         
Aerospace & Defense - 2.7%          
Airbus SE(1)   1   $187 
Safran SA(1)   1    148 
         335 
Air Freight & Logistics - 2.0%          
United Parcel Service, Inc., Class B   2    247 
Banks - 10.5%          
Bank of America Corp.   8    253 
Fifth Third Bancorp   6    192 
M&T Bank Corp.   2    215 
PNC Financial Services Group, Inc. (The)   2    249 
US Bancorp   6    276 
WaFd, Inc.   3    113 
         1,298 
Beverages - 6.0%          
Coca-Cola Co. (The)   3    182 
Diageo plc(1)   6    216 
Heineken Holding NV(1)   4    335 
         733 
Capital Markets - 5.6%          
CME Group, Inc.   1    291 
Moelis & Co., Class A   3    194 
Morgan Stanley   2    200 
         685 
Consumer Staples Distribution & Retail - 1.2%          
Sysco Corp.   2    148 
Electric Utilities - 6.8%          
IDACORP, Inc.   2    168 
OGE Energy Corp.   7    246 
Portland General Electric Co.(2)   4    166 
PPL Corp.   9    257 
         837 
Electrical Equipment - 2.3%          
nVent Electric plc   5    285 
Financial Services - 4.1%          
Corebridge Financial, Inc.   12    256 
Visa, Inc., Class A   1    246 
         502 
Food Products - 2.0%          
Tyson Foods, Inc., Class A   4    241 
Gas Utilities - 1.7%          
Atmos Energy Corp.   2    206 
Health Care Equipment & Supplies - 6.3%          
Baxter International, Inc.   7    275 
Koninklijke Philips NV*(1)   8    180 
Medtronic plc   4    320 
         775 
Health Care REITs - 1.3%          
Universal Health Realty Income Trust   4    163 
Hotels, Restaurants & Leisure - 3.4%          
Compass Group plc(1)   8    231 
Vail Resorts, Inc.   1    184 
         415 
Machinery - 2.2%          
Otis Worldwide Corp.   3    278 
Media - 6.6%          
Cable One, Inc.   ^   183 
Comcast Corp., Class A(2)   9    413 
Omnicom Group, Inc.   3    219 
         815 
Oil, Gas & Consumable Fuels - 2.7%          
EOG Resources, Inc.   3    337 
Pharmaceuticals - 1.6%          
Merck & Co., Inc.   2    198 
Retail REITs - 1.7%          
NNN REIT, Inc.   5    214 
Semiconductors & Semiconductor Equipment - 1.6%          
Texas Instruments, Inc.   1    195 
Specialized REITs - 5.7%          
Lamar Advertising Co., Class A   4    434 
Public Storage   1    273 
         707 
Technology Hardware, Storage & Peripherals - 3.6%          
NetApp, Inc.   2    198 
Samsung Electronics Co. Ltd. (Preference)(1)(3)   5    243 
         441 
Tobacco - 5.7%          
Altria Group, Inc.   8    330 
Philip Morris International, Inc.   4    367 
         697 
Total common stocks
(Cost $10,479)
        10,752 

 

  

Principal
Amount

      
           
CORPORATE BONDS - 6.6%          
           
Aerospace & Defense - 1.7%          
Boeing Co. (The)          
1.43%, 2/4/2024  $207    206 
           
Banks - 2.4%          
M&T Bank Corp.          
Series E, (SOFR + 3.87%), 6.45%, 2/15/2024(7)   147    146 
Wells Fargo & Co.          
Series S, 5.90%, 6/15/2024(4)(7)   146    144 
         290 
Broadline Retail - 1.3%          
ANGI Group LLC          
3.88%, 8/15/2028(6)   196    166 

 

 

 

 

Artisan Value Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal amount, shares and dollar values in thousands

 

    

Principal
Amount

    

Value

 
Media - 1.2%          
Cable One, Inc.          
4.00%, 11/15/2030(6)  $180   $146 
           
Total corporate bonds
(Cost $789)
        808 
           
CONVERTIBLE BONDS - 2.5%          
           
Media - 1.1%          
Cable One, Inc.          
Zero Coupon, 3/15/2026   91    77 
1.13%, 3/15/2028   83    63 
         140 
Mortgage Real Estate Investment Trusts (REITs) - 1.4%          
Redwood Trust, Inc.          
7.75%, 6/15/2027   185    170 
           
Total convertible bonds
(Cost $326)
        310 

 

  

Shares
Held

      
           
PREFERRED STOCK - 1.8%          
           
Banks - 1.8%          
WaFd, Inc.A 4.88%(4) (Cost $197)   15    224 
           
SHORT-TERM INVESTMENT - 0.6%          
           
INVESTMENT COMPANY - 0.6%          
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 5.26% (Cost $75)   75    75 
           
           
Total investments - 98.8%
(Cost $11,866)
        12,169 
Written Option Contracts - (0.1)%
(Premiums received $(6))
        (12)
Other assets less liabilities - 1.3%        154 
Total net assets - 100.0%#       $12,311 

 

 

 

 

Artisan Value Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

 

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

 

Security Country Trading
Currency
Airbus SE France EUR
Compass Group plc United Kingdom GBP
Diageo plc United Kingdom GBP
Heineken Holding NV Netherlands EUR
Koninklijke Philips NV Netherlands EUR
Safran SA France EUR
Samsung Electronics Co. Ltd. South Korea KRW
 

 

(2) At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for written options.
(3) 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 $243, or 2.0% of total net assets. See notes (B) and (C) in the accompanying notes.
(4) Perpetual security. The rate reflected was the rate in effect on December 31, 2023. 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 December 31, 2023.
(6) 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.
(7) Variable or floating rate security. The interest rate shown is the current rate as of December 31, 2023.

 

WRITTEN OPTION CONTRACTS

 

Dollar values in thousands except exercise price        

 

Call Options                                
Number of
Contracts‡
   Description  Exercise
Price
   Notional
Amount
   Expiration Date  Premiums
Paid/(Received)

by Fund
   Market
Value
   Unrealized
Appreciation (Depreciation)
 
2   CME Group, Inc.  $220.00   $42   03/15/24  $(1)  $(1)  $^
2   CME Group, Inc.  $220.00    42   06/21/24   (2)   (2)    (—)^
1   Compass Group plc  GBP  22.00    27   06/21/24   (1)   (1)    (—)^
8   nVent Electric plc  $50.00    47   02/16/24   (2)   (8)   (6)
1   Safran SA  EUR 165.00    16   02/16/24   ^   ^   ^
Total written option contracts               $(6)  $(12)  $(6)

 

 

 

 

Artisan Value Income Fund

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

  

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

   Value   Percentage
of Total
Investments
 
Communication Services  $1,100    9.0%
Consumer Discretionary   580    4.8 
Consumer Staples   1,819    15.0 
Energy   337    2.8 
Financials   3,169    26.0 
Health Care   973    8.0 
Industrials   1,351    11.1 
Information Technology   637    5.2 
Real Estate   1,085    8.9 
Utilities   1,043    8.6 
Short-Term Investment   75    0.6 
Total investments  $12,169    100.0%

 

TRADING CURRENCIES

Dollar values in thousands

 

   Value   Percentage of
Total Investments
 
EUR  $850    7.0%
GBP   446    3.7 
KRW   243    2.0 
USD   10,630    87.3 
Total investments  $12,169    100.0%

 

Definitions of abbreviations and footnotes are detailed on page 1.

 

See notes to N-PORT Part F.

 

 

 

  

Notes to N-PORT Part F – December 31, 2023 (UNAUDITED)

 

As of December 31, 2023, Artisan Partners Funds, Inc. (“Artisan Partners Funds”) is a series company comprised of twenty-one series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

 

(A)Investments in Subsidiaries:

 

Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may make investments in securities, derivatives and other instruments, directly or through investments in Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. and Artisan Global Unconstrained Subsidiary Ltd., respectively, each a wholly owned subsidiary of the respective Fund organized under the laws of the Cayman Islands (each referred to herein as the “Subsidiary” or collectively the “Subsidiaries”). The consolidated Schedules of Investments include the holdings of the Fund and its Subsidiary. All intercompany transactions and balances have been eliminated. As of December 31, 2023, Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. had $2,196,064 in net assets, representing 5.00% of Emerging Markets Debt Opportunities Fund’s net assets and Artisan Global Unconstrained Subsidiary Ltd. had $2,551,915 in net assets, representing 4.27% of Global Unconstrained Fund’s net assets.

 

(B)Valuation:

 

The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented.

 

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange or over-the-counter was valued at the closing price on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security if market quotations are not readily available.

 

Repurchase agreements and reverse repurchase agreements are valued at cost plus accrued interest. Exchange traded option contracts were valued at the mid price (average of the bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange. Over-the-counter derivatives (including total return swaps, over-the-counter options on total return swaps, and certain other derivatives) are valued using prices provided by the Funds’ pricing vendors. Prices obtained from independent pricing services may use various observable and unobservable inputs, including, but not limited to, information provided by broker-dealers, pricing formulas, estimates of market values obtained from data relating to investments or securities with similar characteristics and/or discounted cash flow or spread curve models that might be applicable. Shares of open-end investment companies (excluding exchange traded funds) were valued at the latest net asset value reported by the investment company.

 

 

 

 

Notes to N-PORT Part F – December 31, 2023 (UNAUDITED)

 

Fixed income securities, including loan participation notes, were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

 

A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act (Rule 2a-5), has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 29(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy compliant with Rule 2a-5 and Rule 31a-4 without resulting in a material impact to the Funds. Artisan Partners was designated by the board of directors as the valuation designee for the Funds pursuant to Rule 2a-5. In its capacity as valuation designee, Artisan Partners, among other things, is responsible for establishing fair valuation methodologies and determining, in good faith, the fair value of all of the assets of the Funds for which there are no readily available market quotations. Securities or other assets for which market quotations are not readily available are valued by Artisan Partners, as valuation designee, in accordance with Artisan Partners’ Procedures for Valuation of Portfolio Securities Held by Artisan Partners Funds, Inc. and under the general oversight of Artisan Partners Funds’ board of directors. A market quotation will be considered not readily available, and a Fund may therefore use fair value pricing, if there are not quoted prices (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, and/or any such quotation is not reliable.

 

 

 

 

Notes to N-PORT Part F – December 31, 2023 (UNAUDITED)

 

When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair value utilized by the Funds as described above could differ from the value realized on the sale of those securities or assets in the future and the differences may be material to the NAV of the applicable Fund.

 

(C)Fair Value Measurements:

 

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

 

Level 1 – unadjusted quoted prices in active markets for identical investments

 

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the US where the applicable trading market was closed or factors were applied to prices as a result of significant market movements following the close of local trading)

 

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments and discounts for lack of marketability)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques for the Funds’ major classes of assets is found in Note (B). A description of the fair value leveling techniques is described below:

 

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, equity-linked securities, foreign currency forward contracts, treasury bills, other derivatives, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

 

 

 

 

Notes to N-PORT Part F – December 31, 2023 (UNAUDITED)

 

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of December 31, 2023 (in thousands). Refer to each Fund’s Schedule of Investments for industry or country classifications.

 

Fund  Level 1 - Unadjusted
Quoted Prices
   Level 2 - Other Significant
Observable Inputs
   Level 3 - Significant
Unobservable Inputs
   Total 
Developing World                    
Common Stocks                    
Americas  $1,184,586   $   $   $1,184,586 
Emerging Markets   1,189,624            1,189,624 
Europe   348,737            348,737 
Pacific Basin   217,447            217,447 
Investment Company   45,225            45,225 
Total Investments  $2,985,619   $   $   $2,985,619 
Emerging Markets Debt Opportunities                    
Sovereign Government Bonds and Bond Participation Note  $   $28,717   $662   $29,379 
Corporate Bonds       6,512        6,512 
Sovereign Government Treasury Bills       1,391        1,391 
U.S. Treasury Obligation       1,196        1,196 
Investment Companies   2,298            2,298 
Total Investments   2,298    37,816    662    40,776 
Foreign Currency Forward Contracts(1)       (123)       (123)
Futures(1)   (384)           (384)
Centrally Cleared Credit Default Swap(1)       (1)       (1)
Centrally Cleared Interest Rate Swaps(1)       152        152 
OTC Credit Default Swap(1)       1        1 
Total  $1,914   $37,845   $662   $40,421 
Floating Rate                    
Bank Loans  $   $48,306   $   $48,306 
Corporate Bonds       3,909        3,909 
Warrants           (2)     
Investment Company   11,422            11,422 
Total Investments  $11,422   $52,215   $(2)   $63,637 
Focus                    
Common Stocks  $802,215   $   $   $802,215 
Options Purchased   25,908            25,908 
Investment Company   94,235            94,235 
Total Investments   922,358            922,358 
Foreign Currency Forward Contracts(1)       (1,360)       (1,360)
Written Option Contracts   (2,139)           (2,139)
Total  $920,219   $(1,360)  $   $918,859 
Global Discovery                    
Common Stocks                    
Americas  $146,051   $   $   $146,051 
Emerging Markets   3,916            3,916 
Europe   51,008            51,008 
Pacific Basin   8,938            8,938 
Investment Company   8,685            8,685 
Total Investments  $218,598   $   $   $218,598 
Global Equity                    
Common Stocks                    
Americas  $87,688   $   $   $87,688 
Emerging Markets   4,732        (2)    4,732 
Europe   57,097            57,097 
Pacific Basin   5,724            5,724 
Master Limited Partnership                    
Americas   552            552 
Investment Company   355            355 
Total Investments  $156,148   $   $(2)   $156,148 
Global Opportunities                    
Common Stocks                    
Americas  $1,712,708   $   $   $1,712,708 
Emerging Markets   114,094            114,094 
Europe   595,958            595,958 
Pacific Basin   211,144            211,144 
Investment Company   100,322            100,322 
Total Investments  $2,734,226   $   $   $2,734,226 
Global Unconstrained                    
Sovereign Government Bonds and Bond Participation Note  $   $35,136   $854   $35,990 
Corporate Bonds       6,462        6,462 
Common Stock   903            903 
Options Purchased   61            61 
Sovereign Government Treasury Bill       121        121 
U.S. Treasury Obligations       6,884        6,884 
Repurchase Agreements       2,453        2,453 
Investment Companies   4,177            4,177 
Total Investments before securities sold short   5,141    51,056    854    57,051 
Sovereign Government Bonds       (2,517)       (2,517)
Total Investments after securities sold short   5,141    48,539    854    54,534 
Foreign Currency Forward Contracts(1)       (348)       (348)
Futures(1)   (466)           (466)
Centrally Cleared Credit Default Swaps(1)       (445)       (445)
Centrally Cleared Interest Rate Swaps(1)       (406)       (406)
OTC Credit Default Swaps(1)       1        1 
OTC Interest Rate Swap(1)       (7)       (7)
Total  $4,675   $47,334   $854   $52,863 
Global Value                    
Common Stocks                    
Americas  $891,885   $   $   $891,885 
Emerging Markets   49,134    112,490        161,624 
Europe   978,259            978,259 
Pacific Basin   25,798            25,798 
Investment Company   144,369            144,369 
Total Investments  $2,089,445   $112,490   $   $2,201,935 
High Income                    
Corporate Bonds  $   $5,790,281   $   $5,790,281 
Bank Loans       1,145,551        1,145,551 
Common Stock       20,019        20,019 
Warrants           (2)     
Investment Company   874,665            874,665 
Total Investments  $874,665   $6,955,851   $(2)   $7,830,516 
International                    
Common Stocks and Equity-Linked Security                    
Americas  $1,326,034   $   $   $1,326,034 
Emerging Markets   113,204        (2)    113,204 
Europe   3,060,312    153,087        3,213,399 
Pacific Basin   263,465            263,465 
Investment Company   48,181            48,181 
Total Investments  $4,811,196   $153,087   $(2)   $4,964,283 
International Explorer                    
Common Stocks                    
Americas  $7,569   $   $   $7,569 
Emerging Markets   15,792    1,634        17,426 
Europe   45,375            45,375 
Pacific Basin   12,901            12,901 
Investment Company   15,103            15,103 
Total Investments  $96,740   $1,634   $   $98,374 
International Small-Mid                    
Common Stocks                    
Americas  $1,046,143   $   $   $1,046,143 
Emerging Markets   229,067    80,253        309,320 
Europe   2,131,458            2,131,458 
Middle East   277,495            277,495 
Pacific Basin   601,433            601,433 
Investment Company   65,548            65,548 
Total Investments  $4,351,144   $80,253   $   $4,431,397 
International Value                    
Common Stocks and Equity-Linked Security                    
Americas  $4,939,906   $   $   $4,939,906 
Emerging Markets   2,618,791    2,383,906    126,330    5,129,027 
Europe   16,446,549    685,414        17,131,963 
Pacific Basin   577,776            577,776 
Investment Company   3,192,165            3,192,165 
Total Investments  $27,775,187   $3,069,320   $126,330   $30,970,837 
Mid Cap                    
Common Stocks  $4,676,252   $   $   $4,676,252 
Investment Company   31,880            31,880 
Total Investments  $4,708,132   $   $   $4,708,132 
Mid Cap Value                    
Common Stocks  $1,168,797   $   $(2)   $1,168,797 
Investment Company   12,127            12,127 
Total Investments  $1,180,924   $   $(2)   $1,180,924 
Select Equity                    
Common Stocks  $35,761   $2,337   $   $38,098 
Investment Company   3,321            3,321 
Total Investments  $39,082   $2,337   $   $41,419 
Small Cap                    
Common Stocks  $1,650,338   $   $   $1,650,338 
Investment Company   18,994            18,994 
Total Investments  $1,669,332   $   $   $1,669,332 
Sustainable Emerging Markets                    
Common Stocks                    
Americas  $1,556   $   $   $1,556 
Emerging Markets   93,514    27,698    (2)   121,212 
Pacific Basin   2,310            2,310 
Investment Company   2,586            2,586 
Total Investments  $99,966   $27,698   $(2)  $127,664 
Value                    
Common Stocks  $318,100   $5,456   $   $323,556 
Investment Company   4,913            4,913 
Total Investments  $323,013   $5,456   $   $328,469 
Value Income                    
Common Stocks  $10,509   $243   $   $10,752 
Corporate Bonds       808        808 
Convertible Bonds       310        310 
Preferred Stock   224            224 
Investment Company   75            75 
Total Investments   10,808    1,361        12,169 
Written Option Contracts   (12)           (12)
Total  $10,796   $1,361   $   $12,157 

 

(1) Foreign currency forward contracts, futures contracts, OTC swaps and centrally cleared swap contracts are valued at unrealized appreciation (depreciation). Amounts shown above are shown as net unrealized appreciation (depreciation). See the Fund’s Schedule of Investments for additional detail.

(2) Valued at $0.

 

 

 

Notes to N-PORT Part F – December 31, 2023 (UNAUDITED)

 

Information about Level 3 fair value measurements (dollar values in thousands):

 

Assets  Fair Value at
December 31, 2023
   Unobservable Input(s)  Impact to Fair
Value from an
Increase in Input
Emerging Markets Debt Opportuniites Fund           
Bond Participation Note  $662   Single broker quote  Increase
            
Floating Rate Fund           
Warrant  $(1)   100% discount for uncertainty of collectability  N/A
            
Global Equity Fund           
Common Stock  $(1)   Last quote in inactive
market less 100%
discount
  N/A
            
Global Unconstrained Fund           
Bond Participation Note  $854   Single broker quote  Increase
            
High Income Fund           
Warrant  $(1)   100% discount for uncertainty of collectability  N/A
            
International Fund           
Common Stock  $(1)   Last quote in inactive
market less 100%
discount
  N/A
            
International Value Fund           
Common Stock  $126,330   Net collateral, net earned premiums, and fair value of loss reserves  Increase
            
Mid Cap Value Fund           
Common Stock  $(1)   100% discount for uncertainty of collectability  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.                

 

As of December 31, 2023, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

 

   Emerging Markets Debt Opportuniites Fund   Floating Rate Fund   Global Equity Fund   Global Unconstrained Fund   High Income Fund   International Fund   International Value Fund   Mid Cap Value Fund   Sustainable Emerging Markets Fund 
Balance as of September 30, 2023  $301   $(1)   $(1)   $374   $(1)   $(1)   $118,830   $(1)   $(1) 
Transfers into Level 3                                    
Net change in unrealized appreciation (depreciation)   19            23            7,500         
Purchases   649            839                     
Sales   (298)           (371)                    
Realized Gain/(Loss)   (9)           (11)                    
Transfer out of Level 3                                    
Balance as of December 31, 2023  $662   $(1)   $(1)   $854   $(1)   $(1)   $126,330   $(1)   $(1) 
Net change in unrealized appreciation (depreciation) for investments held as of December 31, 2023  $12   $   $   $15   $   $   $7,500   $   $ 

 

(1) Includes one or more securities valued at $0.                                                                        

 

 

 

 

Notes to N-PORT Part F – December 31, 2023 (UNAUDITED)

 

(D)Transactions in securities of affiliates:

 

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended December 31, 2023 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the period ended December 31, 2023.

 

Transactions in securities of affiliates:

 

   During Period Ended 12/31/2023 
   As of  09/30/2023                   As of  12/31/2023     
Funds  Shares Balance   Value   Purchases at Cost   Proceeds from Sales   Net Realized Gain (Loss)   Net Increase (Decrease) in Unrealized Appreciation or Depreciation   Share Balance   Value   Dividend Income@ 
International Small-Mid Fund                                    
CKD Corp.   3,657   $50,388   $   $(916)  $(708)  $15,784    3,583   $64,548   $ 
Daikokutenbussan Co. Ltd.   762    32,099        (647)   (512)   8,947    747    39,887     
Total       $82,487   $   $(1,563)  $(1,220)  $24,731        $104,435   $ 
                                              
International Value Fund                                             
Berkeley Group Holdings plc   5,947   $296,654   $   $   $   $58,735    5,947   $355,389   $ 
Total       $296,654   $   $   $   $58,735        $355,389   $ 

 

@ Net of foreign taxes withheld, if any.