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 | | ALL | 13,000 | | | $ | 141 | |
6.00%, 2/13/2028 | | ALL | 9,500 | | | | 105 | |
5.63%, 11/8/2030 | | ALL | 19,000 | | | | 196 | |
Republic of Albania | | | | | | | | |
5.90%, 6/9/2028(1) | | EUR | 1,725 | | | | 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) | | EUR | 1,070 | | | | 965 | |
Cameroon - 3.0% | | | | | | | | |
Republic of Cameroon | | | | | | | | |
9.50%, 11/19/2025(1) | | | 920 | | | | 895 | |
5.95%, 7/7/2032(1) | | EUR | 530 | | | | 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 | | INR | 41,200 | | | | 502 | |
Indonesia - 7.1% | | | | | | | | |
Republic of Indonesia | | | | | | | | |
8.38%, 3/15/2024 | | IDR | 789,000 | | | | 51 | |
6.38%, 4/15/2032 | | IDR | 4,100,000 | | | | 263 | |
7.50%, 8/15/2032 | | IDR | 4,500,000 | | | | 309 | |
8.25%, 5/15/2036 | | IDR | 9,854,000 | | | | 721 | |
7.13%, 6/15/2042 | | IDR | 18,400,000 | | | | 1,237 | |
7.13%, 6/15/2043 | | IDR | 7,730,000 | | | | 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) | | EUR | 595 | | | | 588 | |
6.88%, 10/17/2040(1) | | EUR | 550 | | | | 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) | | EUR | 795 | | | | 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 | | PEN | 12,985 | | | | 3,510 | |
Romania - 3.3% | | | | | | | | |
Romania Government Bond | | | | | | | | |
8.75%, 10/30/2028 | | RON | 1,060 | | | | 259 | |
8.25%, 9/29/2032 | | RON | 4,835 | | | | 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 | | RSD | 9,200 | | | | 90 | |
4.50%, 8/20/2032 | | RSD | 162,670 | | | | 1,342 | |
1.65%, 3/3/2033(1) | | EUR | 600 | | | | 488 | |
2.05%, 9/23/2036(1) | | EUR | 1,060 | | | | 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 | | ZAR | 16,500 | | | $ | 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) | | DOP | 72,270 | | | | 1,292 | |
13.00%, 1/30/2026(1) | | DOP | 20,330 | | | | 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) | | UYU | 3,050 | | | | 77 | |
8.97%, 3/1/2024(5) | | UYU | 9,281 | | | | 234 | |
9.49%, 5/3/2024(5) | | UYU | 12,300 | | | | 305 | |
9.53%, 5/17/2024(5) | | UYU | 5,650 | | | | 140 | |
9.55%, 5/31/2024(5) | | UYU | 21,965 | | | | 541 | |
| | | | | | | 1,297 | |
Republic of Albania | | | | | | | | |
3.82%, 11/28/2024(5) | | ALL | 9,100 | | | | 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 | ) |
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 | | | | | | ALL | 16,200 | | | $ | 176 | |
6.00%, 2/13/2028 | | | | | | ALL | 12,500 | | | | 138 | |
5.63%, 11/8/2030 | | | | | | ALL | 26,000 | | | | 268 | |
Republic of Albania | | | | | | | | | | | | |
5.90%, 6/9/2028(1) | | | | | | EUR | 1,505 | | | | 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) | | | | | | EUR | 1,300 | | | | 1,172 | |
Cameroon - 3.0% | | | | | | | | | | | | |
Republic of Cameroon | | | | | | | | | | | | |
9.50%, 11/19/2025(1) | | | | | | | 890 | | | | 866 | |
5.95%, 7/7/2032(1) | | | | | | EUR | 1,150 | | | | 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) | | | | | | EUR | 660 | | | | 662 | |
7.50%, 2/16/2061(1) | | | | | | | 1,430 | | | | 833 | |
| | | | | | | | | | | 1,495 | |
Iceland - 5.9% | | | | | | | | | | | | |
Republic of Iceland | | | | | | | | | | | | |
2.50%, 4/15/2024 | | | | | | ISK | 230,487 | | | | 1,661 | |
8.00%, 6/12/2025 | | | | | | ISK | 82,000 | | | | 595 | |
6.75%, 10/15/2026 | | | | | | ISK | 175,665 | | | | 1,255 | |
| | | | | | | | | | | 3,511 | |
India - 0.5% | | | | | | | | | | | | |
Republic of India | | | | | | | | | | | | |
7.54%, 5/23/2036 | | | | | | INR | 23,000 | | | | 280 | |
Indonesia - 2.7% | | | | | | | | | | | | |
Republic of Indonesia | | | | | | | | | | | | |
8.38%, 3/15/2024 | | | | | | IDR | 550,000 | | | | 36 | |
7.50%, 8/15/2032 | | | | | | IDR | 6,200,000 | | | | 426 | |
7.13%, 6/15/2042 | | | | | | IDR | 17,250,000 | | | | 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) | | | | | | EUR | 186 | | | | 184 | |
5.88%, 10/17/2031(1) | | | | | | EUR | 280 | | | | 276 | |
6.88%, 10/17/2040(1) | | | | | | EUR | 940 | | | | 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) | | | | | | EUR | 100 | | | | 96 | |
2.55%, 10/3/2029(1) | | | | | | EUR | 630 | | | | 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 | | | | | | PEN | 12,660 | | | | 3,422 | |
Romania - 1.0% | | | | | | | | | | | | |
Romania Government Bond | | | | | | | | | | | | |
8.75%, 10/30/2028 | | | | | | RON | 170 | | | | 41 | |
8.25%, 9/29/2032 | | | | | | RON | 2,115 | | | | 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 | | | | | | RSD | 23,000 | | | | 226 | |
4.50%, 8/20/2032 | | | | | | RSD | 236,330 | | | | 1,950 | |
1.65%, 3/3/2033(1) | | | | | | EUR | 905 | | | | 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) | | | | | | EUR | 990 | | | $ | 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) | | | | | | DOP | 29,120 | | | | 521 | |
13.00%, 1/30/2026(1) | | | | | | DOP | 19,430 | | | | 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) | | | | | | ALL | 11,800 | | | | 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.
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.