Artisan Small Cap Fund Inv Shs (ARTSX) NPORT-P Artisan High Income Fund (Dec 2024 report)

1

Artisan

Partners

Funds

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%

or

1

share.

‡

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

BOA

Bank

of

America

BUBOR

Budapest

Interbank

Offered

Rate

CAONREPO

Canadian

Overnight

Repo

Rate

CGM

Citigroup

Global

Markets

CITI

Citibank,

N.A.

DB

Deutsche

Bank

AG

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

GS

Goldman

Sachs

International

ICBCSB

ICBC

Standard

Bank

Plc

IO

Interest

Only

JIBAR

Johannesburg

Interbank

Average

Rate

JPM

JPMorganChase

Bank,

N.A.

KLIBOR

Kuala

Lumpur

Interbank

Offered

Rate

LSE

London

Stock

Exchange

MIBOR

Mumbai

Interbank

Offered

Rate

MS

Morgan

Stanley

&

Co

International

plc

NYSE

New

York

Stock

Exchange

OMO

Open

Market

Operation

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

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor's

Depository

Receipts

TDB

Toronto

Dominion

Bank

TIIE

Mexican

Interbank

Equilibrium

Interest

Rate

TIIEOIS

Mexican

Interbank

Equilibrium

Interest

Rate

Overnight

Index

Swap

THOR

Thai

Overnight

Repurchase

Rate

TONAR

Tokyo

Overnight

Average

Rate

WIBOR

Warsaw

Interbank

Offer

Rate

2

Artisan

Partners

Funds

Currency

Abbreviations

AED

United

Arab

Emirates

dirham

ALL

Albanian

lek

AMD

Armenian

dram

AUD

Australian

dollar

BRL

Brazilian

real

CAD

Canadian

dollar

CHF

Swiss

franc

CLP

Chilean

peso

CNH

Chinese

yuan

offshore

CNY

Chinese

yuan

onshore

COP

Colombian

peso

CZK

Czech

koruna

DKK

Danish

krone

DOP

Dominican

peso

EGP

Egyptian

pound

EUR

Euro

GBP

British

pound

GEL

Georgian

lari

GTQ

Guatemala

quetzal

HKD

Hong

Kong

dollar

HUF

Hungarian

forint

IDR

Indonesian

rupiah

ILS

Israel

new

shekel

INR

Indian

rupee

ISK

Iceland

krona

JMD

Jamaica

dollar

JPY

Japanese

yen

KRW

Korean

won

KWD

Kuwait

dinar

KZT

Kazakhstan

tenge

MXN

Mexican

peso

MYR

Malaysia

ringgit

NGN

Nigerian

naira

PEN

Peru

nuevo

sol

PLN

Polish

zloty

PYG

Paraguay

guarani

RSD

Serbian

dinar

RUB

Russian

ruble

SEK

Swedish

krona

THB

Thailand

baht

TJS

Tajikistani

somoni

TRY

Turkish

lira

TWD

New

Taiwan

dollar

USD

U.S.

dollar

UZS

Uzbekistani

som

VND

Vietnamese

dong

ZAR

South

African

rand

ARTISAN

DEVELOPING

WORLD

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

3

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

96.3%

AUSTRALIA

-

2.0%

WiseTech

Global

Ltd.

969

$

72,605

BRAZIL

-

9.2%

MercadoLibre,

Inc.

*

117

198,309

NU

Holdings

Ltd.,

Class

A

*

12,533

129,844

328,153

CHINA

-

16.0%

Kanzhun

Ltd.,

ADR

*

3,909

53,948

KE

Holdings,

Inc.,

ADR

3,054

56,252

Kweichow

Moutai

Co.

Ltd.,

Class

A

359

74,891

Meituan,

Class

B

(1)

*

7,188

140,404

PDD

Holdings,

Inc.,

ADR

*

817

79,199

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

1,567

54,732

Tencent

Holdings

Ltd.

2,059

110,546

569,972

FRANCE

-

3.6%

Hermes

International

SCA

17

41,565

LVMH

Moet

Hennessy

Louis

Vuitton

SE

129

85,200

126,765

INDIA

-

15.2%

Apollo

Hospitals

Enterprise

Ltd.

975

83,068

HDFC

Bank

Ltd.,

ADR

1,744

111,369

MakeMyTrip

Ltd.

*

1,646

184,765

One

97

Communications

Ltd.

*

3,465

41,190

PB

Fintech

Ltd.

*

1,742

42,910

Zomato

Ltd.

*

24,251

78,761

542,063

ITALY

-

1.1%

Ferrari

NV

96

40,882

NETHERLANDS

-

4.4%

Adyen

NV

(1)

*

105

156,613

SINGAPORE

-

9.6%

Grab

Holdings

Ltd.,

Class

A

*

30,364

143,320

Sea

Ltd.,

ADR

*

1,877

199,132

342,452

UNITED

STATES

-

35.2%

Airbnb,

Inc.,

Class

A

*

1,102

144,866

ARM

Holdings

plc,

ADR

*

742

91,577

Cadence

Design

Systems,

Inc.

*

366

110,088

Coca-Cola

Co.

(The)

1,784

111,055

Crowdstrike

Holdings,

Inc.,

Class

A

*

444

151,900

Mastercard,

Inc.,

Class

A

76

40,185

Netflix,

Inc.

*

122

108,511

NVIDIA

Corp.

1,100

147,678

Snowflake,

Inc.,

Class

A

*

487

75,184

Veeva

Systems,

Inc.,

Class

A

*

525

110,373

Visa,

Inc.,

Class

A

513

161,981

1,253,398

Total

common

stocks

(

Cost

$1,948,064)

3,432,903

Shares

Held

Value

SHORT-TERM

INVESTMENT

-

3.1%

2

INVESTMENT

COMPANY

-

3.1%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(2)

(Cost

$110,672)

110,672

$

110,672

Total

investments

-

99.4%

(Cost

$2,058,736)

3,543,575

Other

assets

less

liabilities

-

0.6%

19,742

Total

net

assets

-

100.0%

#

$

3,563,317

(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,

2024,

the

value

of

these

securities

was

$297,017

or

8.3%

of

net

assets.  

(2)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

472,137

13

.3

%

Consumer

Discretionary

993,951

28

.1

Consumer

Staples

185,946

5

.3

Financials

684,092

19

.3

Health

Care

248,173

7

.0

Industrials

143,320

4

.0

Information

Technology

649,032

18

.3

Real

Estate

56,252

1

.6

Short-Term

Investment

110,672

3

.1

Total

investments

$

3,543,575

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

AUD

$

72,605

2

.0

%

CNY

129,623

3

.7

EUR

283,378

8

.0

HKD

250,950

7

.1

INR

245,929

6

.9

USD

2,561,090

72

.3

Total

investments

$

3,543,575

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

EMERGING

MARKETS

DEBT

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Principal

amount,

shares

and

dollar

values

in

thousands

and

reported

in

USD

unless

otherwise

stated

4

Artisan

Partners

Funds

Principal

Amount

Value

SOVEREIGN

GOVERNMENT

BONDS

AND

CREDIT-LINKED

NOTES

-

60.3%

ALBANIA

-

2.1%

Albanian

Government

Bond

4.21%,

1/15/2026

ALL

14,000

$

149

5.00%,

2/24/2026

ALL

13,000

139

4.30%,

7/10/2027

ALL

11,300

122

6.00%,

2/13/2028

ALL

9,500

108

5.25%,

1/26/2029

ALL

21,500

240

5.63%,

11/8/2030

ALL

19,000

219

Republic

of

Albania

5.90%,

6/9/2028

(1)

EUR

620

666

1,643

ANGOLA

-

1.6%

Republic

of

Angola

6.93%,

2/19/2027

(1)

104

98

8.25%,

5/9/2028

(1)

550

517

8.00%,

11/26/2029

(1)

220

197

9.13%,

11/26/2049

(1)

550

441

1,253

ARGENTINA

-

1.3%

Argentine

Republic

3.88%,

7/9/2035

(2)

EUR

791

503

4.25%,

1/9/2038

(2)

EUR

40

26

3.00%,

7/9/2041

(2)

EUR

891

531

1,060

ARMENIA

-

0.2%

Republic

of

Armenia

9.25%,

4/29/2028

AMD

70,000

175

BAHAMAS

-

6.7%

Commonwealth

of

the

Bahamas

6.00%,

11/21/2028

(1)

2,354

2,242

9.00%,

6/16/2029

(1)

620

643

6.95%,

11/20/2029

(1)

253

240

8.95%,

10/15/2032

(1)

2,175

2,244

5,369

BENIN

-

3.3%

Benin

Government

Bond

4.88%,

1/19/2032

(1)

EUR

1,980

1,848

4.95%,

1/22/2035

(1)

EUR

370

324

6.88%,

1/19/2052

(1)

EUR

515

448

2,620

CAMEROON

-

1.2%

Republic

of

Cameroon

9.50%,

11/19/2025

(1)

460

456

5.95%,

7/7/2032

(1)

EUR

625

522

978

DOMINICAN

REPUBLIC

-

0.0%

^

Dominican

Republic

Government

Bond

6.50%,

11/27/2026

(1)

DOP

1,450

22

EGYPT

-

0.9%

Arab

Republic

of

Egypt

6.38%,

4/11/2031

(1)

EUR

775

706

Principal

Amount

Value

EL

SALVADOR

-

0.3%

Republic

of

El

Salvador

0.25%,

04/17/2030

IO

(1)

11,395

$

203

0.25%,

04/17/2030

IO

(3)

1,020

18

221

GABON

-

1.3%

Gabonese

Republic

6.95%,

6/16/2025

(1)

1,072

1,036

GEORGIA

-

0.9%

Republic

of

Georgia

2.75%,

4/22/2026

(1)

780

734

GHANA

-

1.5%

Republic

of

Ghana

Zero

Coupon,

7/3/2026

(1)

1,247

1,164

INDIA

-

2.0%

Asian

Infrastructure

Investment

Bank

(The)

7.00%,

3/1/2029

(1)

INR

76,000

880

International

Bank

for

Reconstruction

&

Development

6.50%,

4/17/2030

INR

65,000

736

1,616

INDONESIA

-

7.4%

Republic

of

Indonesia

6.38%,

4/15/2032

IDR

4,100,000

245

7.50%,

8/15/2032

IDR

4,500,000

286

7.00%,

2/15/2033

IDR

5,500,000

340

6.63%,

2/15/2034

IDR

17,000,000

1,027

8.38%,

3/15/2034

IDR

7,000,000

472

8.25%,

5/15/2036

IDR

9,854,000

666

7.50%,

5/15/2038

IDR

1,399,000

90

8.38%,

4/15/2039

IDR

2,121,000

146

7.13%,

6/15/2042

IDR

25,000,000

1,548

7.13%,

6/15/2043

IDR

16,785,000

1,043

5,863

IRAQ

-

3.9%

Republic

of

Iraq

5.80%,

1/15/2028

(1)

3,174

3,088

IRELAND

-

0.3%

Avenir

Issuer

IV

Ireland

DAC

6.00%,

10/25/2027

(1)

280

262

IVORY

COAST

-

2.6%

Republic

of

Cote

d'Ivoire

5.25%,

3/22/2030

(1)

EUR

1,085

1,060

6.88%,

10/17/2040

(1)

EUR

1,170

1,048

2,108

JAMAICA

-

0.7%

Jamaica

Government

Bond

9.63%,

11/3/2030

JMD

79,000

533

NIGERIA

-

1.5%

Federal

Republic

of

Nigeria

7.63%,

11/21/2025

(1)

1,196

1,190

PAKISTAN

-

1.6%

Islamic

Republic

of

Pakistan

6.88%,

12/5/2027

(1)

470

424

5

Artisan

Partners

Funds

Principal

Amount

Value

7.38%,

4/8/2031

(1)

1,040

$

869

1,293

PAPUA

NEW

GUINEA

-

1.9%

Papua

New

Guinea

Government

International

Bond

8.38%,

10/4/2028

(1)

1,525

1,502

PARAGUAY

-

1.8%

Paraguay

Treasury

Credit-Linked

Notes

9.03%,

2/15/2030

(4)(5)(6)

654

616

8.00%,

3/3/2036

(4)(5)(6)

211

195

Republic

of

Paraguay

7.90%,

2/9/2031

(1)

PYG

5,045,000

653

1,464

PERU

-

6.1%

Bonos

de

la

Tesoreria

7.30%,

8/12/2033

(1)

PEN

2,200

616

5.40%,

8/12/2034

PEN

17,610

4,270

4,886

RWANDA

-

0.7%

Republic

of

Rwanda

5.50%,

8/9/2031

(1)

650

547

SOUTH

AFRICA

-

1.3%

Republic

of

South

Africa

8.25%,

3/31/2032

ZAR

20,800

1,020

TAJIKISTAN

-

1.7%

Republic

of

Tajikistan

7.13%,

9/14/2027

(1)

1,340

1,312

TUNISIA

-

1.9%

Tunisian

Republic

5.75%,

1/30/2025

(1)

740

736

6.38%,

7/15/2026

(1)

EUR

755

747

1,483

UKRAINE

-

1.7%

Ukraine

Government

Bond

1.75%,

2/1/2029

(1)(2)

625

434

1.75%,

2/1/2035

(1)(2)

810

446

0.00%,

2/1/2035

(1)(2)

243

143

0.00%,

2/1/2036

(1)(2)

497

291

1,314

UZBEKISTAN

-

0.4%

Republic

of

Uzbekistan

International

Bond

5.38%,

5/29/2027

(1)

EUR

330

344

ZAMBIA

-

1.5%

Republic

of

Zambia

5.75%,

6/30/2033

(1)(2)

1,382

1,213

1,213

Total

Sovereign

government

bonds

and

credit-linked

notes

(

Cost

$47,622)

48,019

CORPORATE

BONDS

-

18.2%

ARGENTINA

-

0.4%

MSU

Energy

SA

9.75%,

12/5/2030

(1)

381

374

BRAZIL

-

3.0%

MC

Brazil

Downstream

Trading

SARL

7.25%,

6/30/2031

(1)

842

700

NewCo

Holding

USD

20

SARL

9.38%,

11/7/2029

(1)

240

239

Principal

Amount

Value

OHI

Group

SA

13.00%,

7/22/2029

(1)

810

$

810

Trident

Energy

Finance

plc

12.50%,

11/30/2029

(1)

550

576

Unigel

Luxembourg

SA

8.75%,

10/1/2026

(1)(7)

253

49

2,374

CAMEROON

-

0.7%

Golar

LNG

Ltd.

7.75%,

9/19/2029

(1)

600

594

CHILE

-

0.5%

ATP

Tower

Holdings

LLC

4.05%,

4/27/2026

(1)

420

403

COLOMBIA

-

1.2%

Aris

Mining

Corp.

8.00%,

10/31/2029

(1)

200

198

EnfraGen

Energia

Sur

SA

5.38%,

12/30/2030

(1)

460

392

Gran

Tierra

Energy,

Inc.

9.50%,

10/15/2029

(1)

370

345

935

CZECH

REPUBLIC

-

0.5%

Energo-Pro

A/S

11.00%,

11/2/2028

(1)

370

397

DOMINICAN

REPUBLIC

-

3.9%

Banco

Central

de

la

Republica

Dominicana

13.00%,

12/5/2025

(1)

DOP

101,120

1,677

13.00%,

1/30/2026

(1)

DOP

80,020

1,337

9.00%,

12/11/2026

(1)

DOP

4,360

69

3,083

MOLDOVA,

REPUBLIC

OF

-

0.5%

Aragvi

Finance

International

DAC

11.13%,

11/20/2029

(1)

390

386

NETHERLANDS

-

0.5%

VEON

Holdings

BV

3.38%,

11/25/2027

(1)

430

379

NIGERIA

-

0.5%

SEPLAT

Energy

plc

7.75%,

4/1/2026

(1)

410

408

NORWAY

-

0.3%

Panoro

Energy

ASA

10.25%,

12/11/2029

260

257

PARAGUAY

-

0.3%

Frigorifico

Concepcion

SA

7.70%,

7/21/2028

(1)(8)

310

239

SINGAPORE

-

0.4%

Yinson

Production

Financial

Services

Pte.

Ltd.

9.63%,

5/3/2029

(1)

350

361

TURKEY

-

2.4%

GDZ

Elektrik

Dagitim

A/S

9.00%,

10/15/2029

(1)

460

443

ICA

ICTAS

Altyapi

Yavuz

Sultan

Selim

Koprusu

ve

Kuzey

Cevre

Otoyolu

Yatirim

ve

I

7.54%,

10/31/2027

(1)

770

772

Limak

Iskenderun

Uluslararasi

Liman

Isletmeciligi

A/S

9.50%,

7/10/2036

(1)

755

719

1,934

UNITED

ARAB

EMIRATES

-

0.5%

Pearl

Petroleum

Co.

Ltd.

13.00%,

5/15/2028

(1)

373

388

6

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Paraguay

Treasury

Credit-Linked

Note,

9.03%,

2/15/2030

8/17/2023

-

3/4/2024

$

651

$

616

0.8%

Paraguay

Treasury

Credit-Linked

Note,

8.00%,

3/3/2036

3/27/2024

211

195

0.2%

Principal

Amount

Value

UNITED

KINGDOM

-

1.0%

3T

Global

Holdco

Ltd.

11.25%,

5/22/2028

125

$

124

ACG

Holdco

1

Ltd.

14.75%,

1/13/2029

650

652

776

UZBEKISTAN

-

1.6%

Uzbek

Industrial

and

Construction

Bank

ATB

21.00%,

7/24/2027

(1)

UZS

15,500,000

1,264

Total

corporate

bonds

(

Cost

$14,809)

14,552

BANK

LOANS

-

2.5%

PARAGUAY

-

0.7%

Frigorifico

Concepcion

SA

First

Lien

Term

Loan

B

(SOFR

+

5.50%),

9.93%,

12/8/2026

(4)(5)(9)

600

537

TANZANIA

-

1.8%

Tanzania

(United

Republic

of)

Term

Loan

(SOFR

+

5.45%),

10.09%,

3/6/2031

(4)(5)(9)

1,450

1,434

Total

bank

loans

(

Cost

$2,050)

1,971

SHORT-TERM

INVESTMENTS

-

10.9%

SOVEREIGN

GOVERNMENT

TREASURY

BILLS

-

6.7%

Arab

Republic

of

Egypt

26.70%,

2/25/2025

(10)

EGP

83,925

1,586

27.37%,

3/18/2025

(10)

EGP

29,800

554

27.49%,

3/25/2025

(10)

EGP

52,750

976

Egypt

Treasury

Bill

4.35%,

1/7/2025

(10)

EGP

1,150

23

Federal

Republic

of

Nigeria

25.23%,

3/6/2025

(10)

NGN

160,000

99

24.76%,

3/27/2025

(10)

NGN

940,000

575

Nigeria

OMO

Bill

25.49%,

5/20/2025

(10)

NGN

210,000

124

25.89%,

6/17/2025

(10)

NGN

242,000

140

28.08%,

10/7/2025

(10)

NGN

890,500

474

23.87%,

12/9/2025

(10)

NGN

260,000

138

Republic

of

Albania

3.01%,

1/30/2025

(10)

ALL

12,000

126

3.13%,

2/13/2025

(10)

ALL

27,800

293

2.96%,

4/17/2025

(10)

ALL

7,500

79

3.35%,

5/1/2025

(10)

ALL

16,800

175

Total

sovereign

government

treasury

bills

(

Cost

$5,495

)

5,362

U.S.

TREASURY

OBLIGATIONS

-

3.9%

U.S.

Treasury

Bills

2.92%,

1/7/2025

(10)

2,400

2,398

Principal

Amount

Value

3.91%,

1/28/2025

(10)

680

$

678

Total

U.S.

treasury

obligations

(

Cost

$3,076

)

3,076

Shares

Held

2

INVESTMENT

COMPANIES

-

0.3%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(11)

218

218

Federated

Treasury

Obligations

Fund

-

Institutional

Class,

4.35%

(11)

4

4

Fidelity

Investments

Money

Market

Treasury

Portfolio

-

Institutional

Class,

4.38%

(11)

4

4

Total

investment

companies

(Cost

$226)

226

Total

short-term

investments

(

Cost

$8,797)

8,664

Total

investments

-

91.9%

(Cost

$73,278)

73,206

REVERSE

REPURCHASE

AGREEMENT

-  (0.2)%

(Proceeds

$(163))

(

163

)

Other

assets

less

liabilities

-

8.3%

6,599

Total

net

assets

-

100.0%

#

$

79,642

(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,

2024,

the

value

of

these

securities

was

$46,075

or

57.9%

of

net

assets.  

(2)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.  The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2024.

(3)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

May

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(4)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

In

total,

securities

valued

at

a

fair

value

were

$2,782,

or

3.5%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(5)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(6)

Security

is

restricted.

(7)

Defaulted

security.

(8)

All

or

a

position

of

the

security

has

been

pledge

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(9)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

Interest

rates

reset

periodically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2024.

(10)

Yield

to

maturity.

(11)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

379

0

.5

%

Consumer

Discretionary

124

0

.2

Consumer

Staples

1,162

1

.6

Energy

5,052

6

.9

Financials

5,781

7

.9

Industrials

1,894

2

.6

Materials

899

1

.2

Sovereign

Government

Securities

48,019

65

.6

Utilities

1,232

1

.7

Short-Term

Investments

8,664

11

.8

Total

investments

$

73,206

100

.0

%

7

Artisan

Partners

Funds

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

ALL

$

1,650

2

.3

%

AMD

175

0

.2

DOP

3,105

4

.2

EGP

3,139

4

.3

EUR

8,773

12

.0

IDR

5,863

8

.0

INR

1,616

2

.2

JMD

533

0

.7

NGN

1,550

2

.1

PEN

4,886

6

.7

PYG

653

1

.0

USD

38,979

53

.2

UZS

1,264

1

.7

ZAR

1,020

1

.4

Total

investments

$

73,206

100

.0

%

FOREIGN

CURRENCY

FORWARD

CONTRACTS

Values

in

thousands

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

BRL

**

740

USD

118

CGM

1/3/2025

$

2

CZK

3,800

EUR

150

SCB

1/3/2025

—

^

EUR

151

CZK

3,800

SCB

1/3/2025

—

^

USD

704

MYR

**

3,150

GS

1/6/2025

—

^

TRY

159,875

USD

4,441

SCB

1/13/2025

35

USD

400

INR

**

34,049

SCB

1/13/2025

3

USD

204

INR

**

17,333

TDB

1/13/2025

2

USD

2,756

PEN

**

10,278

TDB

1/13/2025

22

KZT

**

116,000

USD

220

DB

1/17/2025

1

USD

381

EGP

**

19,350

ICBCSB

1/21/2025

3

USD

366

INR

**

31,399

CGM

1/21/2025

—

^

USD

322

MXN

6,568

TDB

1/21/2025

8

USD

1,162

ZAR

20,838

SCB

1/21/2025

60

UZS

**

5,300,000

USD

407

ICBCSB

1/23/2025

1

KZT

**

1,412,390

USD

2,671

DB

1/24/2025

7

USD

3,967

INR

**

340,351

SCB

2/3/2025

5

BRL

**

34,363

USD

5,506

CGM

2/4/2025

22

USD

16

IDR

**

256,073

CGM

2/5/2025

—

^

USD

288

IDR

**

4,599,636

TDB

2/5/2025

5

UZS

**

200,000

USD

14

SCB

2/7/2025

1

USD

240

IDR

**

3,829,887

TDB

2/13/2025

4

USD

11,029

EUR

10,457

SCB

3/19/2025

161

GTQ

**

5,650

USD

714

CITI

9/3/2025

14

TRY

9,950

USD

206

SCB

12/18/2025

1

Total

unrealized

appreciation

357

BRL

**

34,594

USD

5,924

CGM

1/3/2025

(

325

)

MYR

**

3,150

USD

705

GS

1/6/2025

(

1

)

INR

**

33,709

USD

396

TDB

1/13/2025

(

3

)

KZT

**

140,000

USD

273

DB

1/13/2025

(

7

)

PEN

**

480

USD

129

CGM

1/13/2025

(

1

)

PEN

**

3,850

USD

1,033

TDB

1/13/2025

(

8

)

INR

**

6,959

USD

82

CGM

1/21/2025

(

1

)

INR

**

238,437

USD

2,808

TDB

1/21/2025

(

29

)

TJS

**

2,530

USD

232

JPM

1/31/2025

(

3

)

BRL

**

3,362

USD

543

CGM

2/4/2025

(

2

)

CZK

3,800

EUR

151

SCB

2/4/2025

(

—

)

^

MYR

**

3,150

USD

705

GS

2/6/2025

(

2

)

USD

14

UZS

**

200,000

SCB

2/7/2025

(

1

)

TJS

**

2,560

USD

232

JPM

3/14/2025

(

2

)

EUR

134

USD

142

SCB

3/19/2025

(

2

)

UZS

**

5,260,000

USD

397

ICBCSB

4/2/2025

(

1

)

USD

365

EGP

**

19,350

SCB

4/3/2025

(

2

)

TJS

**

4,710

USD

426

ICBCSB

4/11/2025

(

6

)

UZS

**

2,800,000

USD

209

CITI

5/20/2025

(

1

)

FOREIGN

CURRENCY

FORWARD

CONTRACTS

(continued)

Values

in

thousands

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

Total

unrealized

depreciation

$

(

397

)

Net

unrealized

depreciation

$

(

40

)

**

Non-deliverable.

FUTURES

CONTRACTS

Values

in

thousands

Description

No.

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Notional

Value

Unrealized

Appreciation

Short

Positions

Contracts

Euro-Bobl

(23)

3/6/2025

EUR

$

(

2,300

)

$

(

2,808

)

$

33

Euro-Bund

(31)

3/6/2025

EUR

(

3,100

)

(

4,285

)

94

Euro-Schatz

(11)

3/6/2025

EUR

(

1,100

)

(

1,219

)

4

U.S.

Treasury

2

Year

Note

(42)

3/31/2025

USD

(

8,400

)

(

8,636

)

8

U.S.

Treasury

5

Year

Note

(103)

3/31/2025

USD

(

10,300

)

(

10,949

)

92

U.S.

Treasury

10

Year

Note

(43)

3/20/2025

USD

(

4,300

)

(

4,676

)

86

U.S.

Treasury

10

Year

Ultra

Note

(4)

3/20/2025

USD

(

400

)

(

445

)

11

Net

unrealized

appreciation

$

328

8

Artisan

Partners

Funds

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

Payment

Made/Received

Termination

Date

Credit

Spread

(bps)

Notional

Amount

***

Upfront

(Payments)

Receipts

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Arab

Republic

of

Egypt

1.00

Quarterly

6/20/2029

558.65

515

(97)

12

(85)

Republic

of

Colombia

1.00

Quarterly

6/20/2034

319.20

2,770

(351)

(64)

(415)

–

–

–

Total

sell

protection

(448)

(52)

(500)

***

If

the

Fund

is

the

seller

of

credit

protection,

the

notional

amount

is

the

maximum

potential

amount

of

future

payments

the

Fund

could

be

required

to

make

if

a

credit

event,

as

defined

in

the

credit

default

swap

agreement,

were

to

occur.

At

December

31,

2024,

such

maximum

potential

amount

for

all

open

credit

default

swaps

in

which

the

Fund

is

the

seller

was

$3,285.

CENTRALLY

CLEARED

INTEREST

RATE

SWAPS

Notional

amounts

and

values

in

thousands

and

reported

in

USD

unless

otherwise

stated

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

31,850

8

11

19

3

month

JIBAR

quarterly

9.80

quarterly

Pay

4/3/2034

ZAR

15,200

24

38

62

6

month

PRIBOR

semi-annually

3.82

annually

Pay

4/5/2034

CZK

79,500

(53)

125

72

4

week

TIIE

monthly

10.53

monthly

Pay

12/29/2025

MXN

283,100

—

107

107

1

day

TIIEOIS

monthly

9.47

monthly

Pay

3/31/2027

MXN

50,600

—

^

9

9

1

day

TIIEOIS

monthly

10.53

monthly

Pay

6/15/2026

MXN

283,100

1

80

81

–

–

–

Total

positive

value

(20)

370

350

6

month

PRIBOR

semi-annually

3.36

annually

Pay

8/9/2034

CZK

18,000

—

(29)

(29)

6

month

PRIBOR

semi-annually

3.54

annually

Pay

10/14/2034

CZK

24,250

1

(23)

(22)

4

week

TIIE

monthly

9.52

monthly

Pay

12/17/2025

MXN

33,900

—

(4)

(4)

4

week

TIIE

monthly

9.47

monthly

Pay

12/10/2025

MXN

50,600

—

(7)

(7)

1

day

MIBOR

semi-annually

6.06

semi-annually

Pay

8/9/2029

INR

235,000

—

(23)

(23)

1

day

MIBOR

semi-annually

6.19

semi-annually

Pay

5/26/2033

INR

81,000

(8)

5

(3)

1

day

TIIEOIS

monthly

9.52

monthly

Pay

9/14/2033

MXN

33,900

—

^

(2)

(2)

–

–

–

Total

negative

value

(7)

(83)

(90)

Total

(27)

287

260

REVERSE

REPURCHASE

AGREEMENT

Values

in

thousands

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

value

($)

Face

Value

Including

Accrued

Interest

($)

Type

of

Non

Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

Agreement

Morgan

Stanley

&

Co

International

plc

(3.00)%

9/23/2024

Open

(163)

(163)

Frigorifico

Concepcion

SA

Up

to

25

Years

*

*

Reverse

repurchase

agreement

with

no

specific

maturity

date.

Either

party

may

terminate

the

agreement

upon

demand.

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

FLOATING

RATE

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Principal

amount,

shares

and

dollar

values

in

thousands

9

Artisan

Partners

Funds

Principal

Amount

Value

BANK

LOANS

-

83.2%

AUTOMOBILE

COMPONENTS

-

1

.2

%

Wheel

Pros,

Inc.

First

Lien

Term

Loan

(SOFR

+

6.00%),

10.55%,

12/3/2029

(1)

887

$

887

BROADLINE

RETAIL

-

1

.3

%

CNT

Holdings

I

Corp.

First

Lien

Term

Loan

(SOFR

+

3.50%),

8.09%,

11/8/2027

(1)

990

995

CAPITAL

MARKETS

-

5

.1

%

CPI

Holdco

B

LLC

First

Lien

Term

Loan

B

(SOFR

+

2.25%),

6.03%,

5/19/2031

(1)

429

428

Edelman

Financial

Engines

Center

LLC

(The)

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.38%,

4/7/2028

(1)

1,336

1,342

Edelman

Financial

Engines

Center

LLC

(The)

Second

Lien

Term

Loan

(SOFR

+

5.25%),

9.61%,

10/20/2028

(1)

1,250

1,259

Gen

II

Fund

Services

LLC

First

Lien

Term

Loan

(SOFR

+

2.75%),

7.08%,

11/19/2031

(1)

750

753

Summit

Acquisition,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.08%,

10/16/2031

(1)

147

148

3,930

CHEMICALS

-

1

.2

%

Bakelite

US

Holdco,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.09%,

5/28/2029

(1)

929

923

COMMERCIAL

SERVICES

-

0

.7

%

Digital

Room

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.25%),

9.71%,

12/21/2028

(1)

564

547

COMMERCIAL

SERVICES

&

SUPPLIES

-

1

.6

%

OMNIA

Partners

LLC

First

Lien

Term

Loan

B

(SOFR

+

2.75%),

7.37%,

7/25/2030

(1)

474

476

Ryan

LLC

First

Lien

Term

Loan

(SOFR

+

3.50%),

7.86%,

11/14/2030

(1)

735

736

1,212

COMMUNICATIONS

EQUIPMENT

-

4

.7

%

Delta

Topco,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.50%),

8.20%,

11/30/2029

(1)

2,375

2,392

Delta

Topco,

Inc.

Second

Lien

Term

Loan

(SOFR

+

5.25%),

9.95%,

12/24/2030

(1)

1,199

1,215

3,607

CONSTRUCTION

&

ENGINEERING

-

0

.6

%

Construction

Partners,

Inc.

First

Lien

Term

Loan

(SOFR

+

2.50%),

6.84%,

11/3/2031

(1)

466

467

CONTAINERS

&

PACKAGING

-

2

.7

%

Iris

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.75%),

9.44%,

6/28/2028

(1)

1,150

1,106

Ring

Container

Technologies

Group

LLC

First

Lien

Term

Loan

(SOFR

+

2.75%),

7.11%,

8/14/2028

(1)

995

996

2,102

DISTRIBUTORS

-

0

.7

%

Core

&

Main

LP

First

Lien

Term

Loan

D

(SOFR

+

2.00%),

6.34%,

7/27/2028

(1)

408

408

Verde

Purchaser

LLC

First

Lien

Term

Loan

B

(SOFR

+

4.50%),

8.81%,

11/29/2030

(1)

134

134

542

DIVERSIFIED

CONSUMER

SERVICES

-

2

.0

%

KUEHG

Corp.

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.45%,

6/12/2030

(1)

929

938

Principal

Amount

Value

DIVERSIFIED

CONSUMER

SERVICES

(continued)

Wand

NewCo

3,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.61%,

1/30/2031

(1)

599

$

601

1,539

DIVERSIFIED

TELECOMMUNICATION

SERVICES

-

0

.5

%

Zayo

Group

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.47%,

3/9/2027

(1)

378

353

ENTERTAINMENT

-

0

.7

%

J&J

Ventures

Gaming

LLC

Delayed

Draw

First

Lien

Term

Loan

(SOFR

+

4.25%),

8.72%,

4/26/2028

(1)

501

503

FOOD

-

0

.6

%

Chefs'

Warehouse,

Inc.

(The)

First

Lien

Term

Loan

(SOFR

+

3.50%),

7.86%,

8/23/2029

(1)

474

477

FOOD

PRODUCTS

-

3

.6

%

1440

Foods

Topco

LLC

First

Lien

Term

Loan

(SOFR

+

5.00%),

9.36%,

11/5/2031

(1)

1,336

1,271

B&G

Foods,

Inc.

First

Lien

Term

Loan

B5

(SOFR

+

3.50%),

7.86%,

10/10/2029

(1)

257

256

Fiesta

Purchaser,

Inc.

First

Lien

Term

Loan

B

(SOFR

+

3.25%),

7.56%,

2/12/2031

(1)

546

546

H-Food

Holdings

LLC

First

Lien

Term

Loan

(US

Prime

Rate

+

4.69%),

12.19%,

5/23/2025

(1)

453

286

H-Food

Holdings

LLC

First

Lien

Term

Loan

B2

(US

Prime

Rate

+

3.00%),

10.50%,

5/23/2025

(1)

295

186

H-Food

Holdings

LLC

First

Lien

Term

Loan

B3

(SOFR

+

5.00%),

9.57%,

5/23/2025

(1)

353

223

2,768

FOOD

SERVICE

-

1

.8

%

TKC

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.00%),

9.36%,

5/15/2028

(1)

636

642

TKC

Midco

1

LLC

First

Lien

Term

Loan

12.00%

Cash,

13.50%

PIK,

2/16/2027

831

750

1,392

GROUND

TRANSPORTATION

-

0

.7

%

Vortex

Opco

LLC

First

Lien

Term

Loan

(SOFR

+

6.25%),

10.58%,

4/30/2030

(1)

528

545

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

0

.5

%

Medline

Borrower

LP

First

Lien

Term

Loan

(SOFR

+

2.25%),

6.61%,

10/23/2028

(1)

395

396

HEALTH

CARE

PROVIDERS

&

SERVICES

-

1

.6

%

Mamba

Purchaser,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.36%,

10/16/2028

(1)

805

808

Surgery

Center

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

2.75%),

7.09%,

12/19/2030

(1)

371

374

1,182

HOTEL

&

RESORT

REITS

-

1

.3

%

OEG

Borrower

LLC

First

Lien

Term

Loan

(SOFR

+

3.50%),

7.85%,

6/30/2031

(1)

998

996

HOTELS,

RESTAURANTS

&

LEISURE

-

5

.1

%

BCPE

Grill

Parent,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.75%),

9.11%,

9/30/2030

(1)

1,740

1,702

Life

Time,

Inc.

First

Lien

Term

Loan

(SOFR

+

2.50%),

7.03%,

10/22/2031

(1)

750

752

10

Artisan

Partners

Funds

Principal

Amount

Value

HOTELS,

RESTAURANTS

&

LEISURE

(continued)

Motion

Finco

SARL

First

Lien

Term

Loan

B3

(SOFR

+

3.50%),

7.83%,

11/13/2029

(1)(2)

1,490

$

1,471

3,925

HOUSEHOLD

DURABLES

-

2

.1

%

TGP

Holdings

III

LLC

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.71%,

6/29/2028

(1)

1,636

1,591

INSURANCE

-

14

.8

%

Acrisure

LLC

First

Lien

Term

Loan

B1

(SOFR

+

2.75%),

6.92%,

2/16/2027

(1)

1,649

1,650

AmWINS

Group,

Inc.

First

Lien

Term

Loan

(SOFR

+

2.25%),

6.72%,

2/21/2028

(1)

487

488

Amynta

Agency

Borrower,

Inc.

First

Lien

Term

Loan

B

(SOFR

+

3.00%),

7.17%,

12/6/2031

(1)

1,485

1,484

Ardonagh

Group

Finco

Pty.

Ltd.

First

Lien

Term

Loan

B

(SOFR

+

3.75%),

8.51%,

2/18/2031

(1)(2)

1,000

1,005

AssuredPartners,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.50%),

7.86%,

2/14/2031

(1)

209

210

Baldwin

Insurance

Group

Holdings

LLC

(The)

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.61%,

5/26/2031

(1)

692

696

Baldwin

Insurance

Group

Holdings

LLC

(The)

First

Lien

Term

Loan

B

(SOFR

+

3.00%),

7.17%,

5/27/2031

(1)

500

502

Broadstreet

Partners,

Inc.

First

Lien

Term

Loan

B

(SOFR

+

3.00%),

7.57%,

6/16/2031

(1)

835

837

Cross

Financial

Corp.

First

Lien

Term

Loan

B3

(SOFR

+

3.25%),

7.61%,

10/24/2031

(1)

995

1,000

Goosehead

Insurance

Holdings

LLC

First

Lien

Term

Loan

B

(SOFR

+

3.50%),

7.67%,

12/11/2031

(1)

342

344

HUB

International

Ltd.

First

Lien

Term

Loan

(SOFR

+

2.75%),

7.37%,

6/20/2030

(1)

223

224

IMA

Financial

Group,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.37%,

11/1/2028

(1)

1,180

1,180

Jones

Deslauriers

Insurance

Management,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.82%,

3/15/2030

(1)(2)

995

999

OneDigital

Borrower

LLC

First

Lien

Term

Loan

(SOFR

+

3.25%),

8.49%,

7/2/2031

(1)

496

497

Truist

Insurance

Holdings

LLC

Second

Lien

Term

Loan

(SOFR

+

4.75%),

9.08%,

5/6/2032

(1)

357

364

11,480

INVESTMENT

COMPANIES

-

4

.7

%

Nexus

Buyer

LLC

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.36%,

7/31/2031

(1)

2,132

2,137

Nexus

Buyer

LLC

Second

Lien

Term

Loan

(SOFR

+

6.25%),

10.71%,

11/1/2029

(1)

1,476

1,471

3,608

IT

SERVICES

-

1

.8

%

Arches

Buyer,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.71%,

12/6/2027

(1)

1,431

1,395

LEISURE

PRODUCTS

-

4

.0

%

Bulldog

Purchaser,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.06%,

6/30/2031

(1)

11

11

(SOFR

+

4.25%),

8.85%,

6/27/2031

(1)

140

140

GSM

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.00%),

9.33%,

9/29/2031

(1)

2,105

2,055

Peloton

Interactive,

Inc.

First

Lien

Term

Loan

(SOFR

+

6.00%),

10.36%,

5/30/2029

(1)

802

819

3,025

MACHINERY

-

0

.7

%

Madison

Safety

&

Flow

LLC

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.61%,

9/26/2031

(1)

499

502

Principal

Amount

Value

MEDIA

-

1

.3

%

Virgin

Media

Bristol

LLC

First

Lien

Term

Loan

(SOFR

+

2.50%),

7.01%,

1/31/2028

(1)

1,000

$

992

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.6

%

Forest

City

Enterprises

LP

First

Lien

Term

Loan

(SOFR

+

3.50%),

3.61%,

12/8/2025

(1)

1,294

1,265

PROFESSIONAL

SERVICES

-

1

.1

%

VT

Topco,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.33%,

8/9/2030

(1)

842

847

SOFTWARE

-

7

.8

%

Applied

Systems,

Inc.

First

Lien

Term

Loan

B

(SOFR

+

3.00%),

7.33%,

2/24/2031

(1)

1,334

1,346

Applied

Systems,

Inc.

Second

Lien

Term

Loan

(SOFR

+

5.25%),

9.58%,

2/23/2032

(1)

471

484

Ellucian

Holdings,

Inc.

Second

Lien

Term

Loan

(SOFR

+

4.75%),

9.11%,

11/15/2032

(1)

113

115

Orchid

Merger

Sub

II

LLC

First

Lien

Term

Loan

(SOFR

+

4.75%),

9.21%,

7/27/2027

(1)

724

434

Renaissance

Holdings

Corp.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.36%,

4/5/2030

(1)

961

958

Reorg

Mobileum

Acquisitionco

LLC

First

Lien

Term

Loan

A

(SOFR

+

1.00%),

5.45%,

9/11/2029

(1)

343

327

Rithum

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.80%,

12/29/2027

(1)

697

660

Rithum

Holdings,

Inc.

Second

Lien

Term

Loan

(SOFR

+

7.00%),

11.80%,

12/29/2028

(1)

60

49

UKG,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.62%,

2/10/2031

(1)

1,597

1,607

5,980

SPECIALTY

RETAIL

-

0

.9

%

Evergreen

Acqco

1

LP

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.08%,

4/26/2028

(1)

707

708

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

-

0

.8

%

Ivanti

Software,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.90%,

12/1/2027

(1)

868

591

Ivanti

Software,

Inc.

First

Lien

Term

Loan

B1

(SOFR

+

4.25%),

9.12%,

12/1/2027

(1)

43

30

621

TEXTILES,

APPAREL

&

LUXURY

GOODS

-

0

.5

%

Champ

Acquisition

Corp.

First

Lien

Term

Loan

(SOFR

+

4.50%),

8.86%,

11/7/2031

(1)

380

382

TRANSPORTATION

-

0

.8

%

SIRVA

Worldwide,

Inc.

First

Lien

Term

Loan

(SOFR

+

8.00%),

12.35%,

8/20/2029

(1)

345

337

(SOFR

+

8.00%),

12.52%,

8/20/2029

(1)

822

337

674

WIRELESS

TELECOMMUNICATION

SERVICES

-

2

.1

%

CCI

Buyer,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.33%,

12/17/2027

(1)

1,654

1,654

Total

bank

loans

(

Cost

$64,994)

64,012

CORPORATE

BONDS

-

3.6%

BANKS

-

0

.8

%

Goldman

Sachs

Capital

II

(SOFR

+

1.03%),

5.53%,

1/30/2025

(1)(3)

720

607

DIVERSIFIED

TELECOMMUNICATION

SERVICES

-

0

.2

%

Zayo

Group

Holdings,

Inc.

4.00%,

3/1/2027

(4)

218

201

11

Artisan

Partners

Funds

Security

Country

Trading

Currency

Ardonagh

Group

Finco

Pty.

Ltd.

First

Lien

Term

Loan

B,

8.51%,

2/18/2031

United

Kingdom

USD

Jones

Deslauriers

Insurance

Management,

Inc.

First

Lien

Term

Loan,

7.82%,

3/15/2030

Canada

USD

Motion

Finco

SARL

First

Lien

Term

Loan

B3,

7.83%,

11/13/2029

Luxembourg

USD

Principal

Amount

Value

FOOD

PRODUCTS

-

0

.0

%

^

H-Food

Holdings

LLC

8.50%,

6/1/2026

(4)(5)

5

$

—

^

HOTELS,

RESTAURANTS

&

LEISURE

-

2

.1

%

TKC

Holdings,

Inc.

6.88%,

5/15/2028

(4)

371

367

10.50%,

5/15/2029

(4)

1,216

1,224

1,591

TEXTILES,

APPAREL

&

LUXURY

GOODS

-

0

.5

%

Champ

Acquisition

Corp.

8.38%,

12/1/2031

(4)

183

187

S&S

Holdings

LLC

8.38%,

10/1/2031

(4)

209

210

397

Total

corporate

bonds

(

Cost

$2,840)

2,796

Shares

Held

COMMON

STOCKS

-

0.3%

SOFTWARE

-

0

.3

%

Matrix

Exit

Equity

*

16

241

TRANSPORTATION

-

0

.0

%

^

SIRVA

Worldwide,

Inc.

*

2

4

Total

common

stocks

(

Cost

$93)

245

PREFERRED

STOCK

-

0.1%

TRANSPORTATION

-

0

.1

%

Sirva

Worldwide

Preferred

Stock

(Cost

$41)

*

–

^

73

No.

of

Warrants

‡

WARRANTS

-

0.0%

FINANCIAL

SERVICES

-

0.0%

Carnelian

Point

Holdings

LP,

expiring

6/30/2027,

strike

price

10

(Cost

$—)

(5)(6)(7)

*

1

—

Shares

Held

SHORT-TERM

INVESTMENT

-

14.9%

INVESTMENT

COMPANY

-

14.9%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(8)

(Cost

$11,468)

11,468

11,468

Total

investments

-

102.1%

(Cost

$79,436)

78,594

Other

assets

less

liabilities

-

(2.1%)

(1,630)

Total

net

assets

-

100.0%

#

$

76,964

(1)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

Interest

rates

reset

periodically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

The

interest

rate

shown

is

the

current

rate

as

of

December

31,

2024.

(2)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(3)

Perpetual

security.

The

rate

reflected

was

the

rate

in

effect

on

December

31,

2024.

The

maturity

date

reflects

the

next

call

date.

(4)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

May

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(5)

Defaulted

security.

(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

$0,

or

0.0%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(8)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

3,703

4

.7

%

Consumer

Discretionary

15,582

19

.8

Consumer

Staples

4,637

5

.9

Financials

20,890

26

.6

Health

Care

1,578

2

.0

Industrials

4,871

6

.2

Information

Technology

11,844

15

.1

Materials

3,025

3

.8

Real

Estate

996

1

.3

Short-Term

Investment

11,468

14

.6

Total

investments

$

78,594

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

FOCUS

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

except

per

share

amounts

12

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

88.5%

AEROSPACE

&

DEFENSE

-

7

.3

%

Axon

Enterprise,

Inc.

*

36

$

21,234

GE

Aerospace

298

49,652

TransDigm

Group,

Inc.

2

2,531

73,417

BUILDING

PRODUCTS

-

3

.1

%

Trane

Technologies

plc

84

30,973

CAPITAL

MARKETS

-

9

.2

%

KKR

&

Co.,

Inc.

129

19,038

Moody's

Corp.

33

15,532

Nasdaq,

Inc.

623

48,173

S&P

Global,

Inc.

21

10,617

93,360

COMMUNICATIONS

EQUIPMENT

-

3

.4

%

Motorola

Solutions,

Inc.

75

34,506

ELECTRIC

UTILITIES

-

3

.5

%

Constellation

Energy

Corp.

158

35,386

ELECTRICAL

EQUIPMENT

-

5

.2

%

GE

Vernova,

Inc.

69

22,688

Siemens

Energy

AG

(1)(2)

*

581

30,315

53,003

FINANCIAL

SERVICES

-

2

.1

%

Apollo

Global

Management,

Inc.

128

21,142

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

3

.7

%

Intuitive

Surgical,

Inc.

*

72

37,424

INTERACTIVE

MEDIA

&

SERVICES

-

6

.5

%

Meta

Platforms,

Inc.,

Class

A

112

65,753

OIL,

GAS

&

CONSUMABLE

FUELS

-

4

.3

%

Kinder

Morgan,

Inc.

1,467

40,183

Williams

Cos.,

Inc.

(The)

54

2,943

43,126

PHARMACEUTICALS

-

1

.4

%

Eli

Lilly

&

Co.

19

14,656

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

18

.6

%

NVIDIA

Corp.

(3)

759

101,954

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

434

85,690

187,644

SOFTWARE

-

14

.8

%

Microsoft

Corp.

(3)

236

99,269

ServiceNow,

Inc.

*

47

50,296

149,565

SPECIALIZED

REITS

-

5

.4

%

Equinix,

Inc.

58

54,975

Total

common

stocks

(

Cost

$659,258)

894,930

No.

of

Contracts

‡

OPTIONS

PURCHASED

-

8.4%

CALL

OPTIONS

-

6.2%

No.

of

Contracts

‡

Value

AUTOMOBILES

-

3.0%

Tesla,

Inc.

2/21/2025

at

USD

295.00;

Notional

Amount:

USD

106,129

2,628

$

30,413

BROADLINE

RETAIL

-

0.9%

Amazon.com,

Inc.

3/21/2025

at

USD

210.00;

Notional

Amount:

USD

101,051

4,606

9,097

CAPITAL

MARKETS

-

1.0%

KKR

&

Co.,

Inc.

9/19/2025

at

USD

100.00;

Notional

Amount:

USD

26,165

1,769

9,455

FINANCIAL

SERVICES

-

0.4%

Apollo

Global

Management,

Inc.

3/21/2025

at

USD

155.00;

Notional

Amount:

USD

38,152

2,310

4,077

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

-

0.7%

Vistra

Corp.

4/17/2025

at

USD

120.00;

Notional

Amount:

USD

35,543

2,578

7,334

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

-

0.2%

Apple,

Inc.

7/18/2025

at

USD

270.00;

Notional

Amount:

USD

40,944

1,635

1,717

Total

Call

Options

62,093

PUT

OPTIONS

-

2.2%

AUTOMOBILES

-

0.8%

Tesla,

Inc.

1/31/2025

at

USD

395.00;

Notional

Amount:

USD

123,131

3,049

8,689

BROADLINE

RETAIL

-

0.3%

Amazon.com,

Inc.

2/21/2025

at

USD

220.00;

Notional

Amount:

USD

56,010

2,553

2,700

ELECTRIC

UTILITIES

-

0.3%

Constellation

Energy

Corp.

2/21/2025

at

USD

230.00;

Notional

Amount:

USD

35,525

1,588

2,771

INTERACTIVE

MEDIA

&

SERVICES

-

0.2%

Meta

Platforms,

Inc.

2/21/2025

at

USD

580.00;

Notional

Amount:

USD

47,251

807

2,502

SOFTWARE

-

0.6%

Microsoft

Corp.

2/21/2025

at

USD

430.00;

Notional

Amount:

USD

100,233

2,378

4,376

ServiceNow,

Inc.

2/21/2025

at

USD

1,060.00;

Notional

Amount:

USD

27,669

261

1,370

5,746

Total

Put

Options

22,408

Total

Options

Purchased

(

Cost

$54,823)

84,501

13

Artisan

Partners

Funds

Security

Country

Trading

Currency

Siemens

Energy

AG

Germany

EUR

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

Taiwan

USD

Shares

Held

Value

SHORT-TERM

INVESTMENT

-

1.7%

INVESTMENT

COMPANY

-

1.7%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(4)

(Cost

$17,460)

17,460

$

17,460

Total

investments

-

98.6%

(Cost

$731,541)

996,891

WRITTEN

OPTION

CONTRACTS

-

(0.3)%

(Premiums

received

$(4,916))

(

3,442

)

Other

assets

less

liabilities

-

1.7%

18,097

Total

net

assets

-

100.0%

#

$

1,011,546

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(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

$30,315,

or

3.0%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(3)

At

December

31,

2024,

all

or

a

portion

of

this

security

was

pledged

to

cover

collateral

requirements

for

written

options.

(4)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

68,255

6

.9

%

Consumer

Discretionary

50,899

5

.1

Energy

43,126

4

.3

Financials

128,034

12

.8

Health

Care

52,080

5

.2

Industrials

157,393

15

.8

Information

Technology

379,178

38

.0

Real

Estate

54,975

5

.5

Utilities

45,491

4

.6

Short-Term

Investment

17,460

1

.8

Total

investments

$

996,891

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

EUR

$

30,315

3

.0

%

USD

966,576

97

.0

Total

investments

$

996,891

100

.0

%

14

Artisan

Partners

Funds

FOREIGN

CURRENCY

FORWARD

CONTRACTS

Values

in

thousands

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

14,018

CAD

19,239

JPM

1/14/2025

$

629

USD

67,520

EUR

61,851

JPM

1/14/2025

3,423

USD

31,753

GBP

24,443

JPM

1/27/2025

1,160

Total

unrealized

appreciation

5,212

CAD

19,239

USD

14,021

JPM

1/14/2025

(

631

)

EUR

34,793

USD

36,844

JPM

1/14/2025

(

787

)

GBP

24,443

USD

31,413

JPM

1/27/2025

(

820

)

Total

unrealized

depreciation

(

2,238

)

Net

unrealized

appreciation

$

2,974

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)

2,531

Tesla,

Inc.

$

470.00

$

102,212

01/31/25

$

(

4,916

)

$

(

3,442

)

$

1,474

Total

written

option

contracts

$

–

$

–

$

–

Total

written

option

contracts

$

(

4,916

)

$

(

3,442

)

$

1,474

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

GLOBAL

DISCOVERY

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

15

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

97.5%

CANADA

-

1

.6

%

Altus

Group

Ltd.

47

$

1,843

Colliers

International

Group,

Inc.

15

2,053

3,896

CHINA

-

1

.0

%

Trip.com

Group

Ltd.,

ADR

*

38

2,581

DENMARK

-

4

.3

%

Ascendis

Pharma

A/S,

ADR

*

52

7,166

Novonesis

(Novozymes)

B,

Class

B

(1)

62

3,479

10,645

GERMANY

-

7

.7

%

adidas

AG

(1)

28

6,936

Douglas

AG

(1)

*

104

2,173

Gerresheimer

AG

(1)

35

2,567

Nemetschek

SE

(1)

41

3,988

Sartorius

AG

(Preference)

(1)

14

3,217

18,881

HONG

KONG

-

2

.2

%

Techtronic

Industries

Co.

Ltd.

406

5,357

ITALY

-

1

.0

%

Brunello

Cucinelli

SpA

(1)

22

2,436

LUXEMBOURG

-

0

.8

%

CVC

Capital

Partners

plc

(2)

*

88

1,933

NETHERLANDS

-

5

.6

%

Argenx

SE,

ADR

*

18

11,143

Redcare

Pharmacy

NV

(1)(3)

*

19

2,590

13,733

SINGAPORE

-

1

.7

%

Sea

Ltd.,

ADR

*

39

4,177

SWEDEN

-

1

.2

%

MIPS

AB

(1)(3)

68

2,865

SWITZERLAND

-

3

.3

%

Galderma

Group

AG

(1)

*

46

5,096

Sandoz

Group

AG

(1)

74

3,030

8,126

UNITED

KINGDOM

-

11

.0

%

Babcock

International

Group

plc

910

5,700

London

Stock

Exchange

Group

plc

52

7,386

Melrose

Industries

plc

904

6,265

Sage

Group

plc

(The)

242

3,850

Smiths

Group

plc

182

3,917

27,118

UNITED

STATES

-

56

.1

%

API

Group

Corp.

*

64

2,288

Atlassian

Corp.,

Class

A

*

15

3,653

Bright

Horizons

Family

Solutions,

Inc.

*

11

1,242

CCC

Intelligent

Solutions

Holdings,

Inc.

*

265

3,112

Chewy,

Inc.,

Class

A

*

41

1,381

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

153

4,210

Coherent

Corp.

*

24

2,279

Elastic

NV

*

22

2,207

Equifax,

Inc.

11

2,896

Flex

Ltd.

*

58

2,215

Gitlab,

Inc.,

Class

A

*

52

2,949

Shares

Held

Value

UNITED

STATES

(continued)

GoDaddy,

Inc.,

Class

A

*

12

$

2,395

Guidewire

Software,

Inc.

*

27

4,498

Hubbell,

Inc.,

Class

B

10

4,206

HubSpot,

Inc.

*

4

2,920

Illumina,

Inc.

*

15

1,943

Insmed,

Inc.

*

31

2,161

iRhythm

Technologies,

Inc.

*

41

3,663

John

Bean

Technologies

Corp.

20

2,565

Lattice

Semiconductor

Corp.

*

85

4,827

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

*

55

5,140

Live

Nation

Entertainment,

Inc.

*

29

3,819

MACOM

Technology

Solutions

Holdings,

Inc.

*

46

5,913

Monolithic

Power

Systems,

Inc.

6

3,494

ON

Semiconductor

Corp.

*

25

1,555

Onto

Innovation,

Inc.

*

20

3,375

Pure

Storage,

Inc.,

Class

A

*

40

2,447

Quanta

Services,

Inc.

13

3,961

Saia,

Inc.

*

9

4,138

Samsara,

Inc.,

Class

A

*

36

1,588

ServiceTitan,

Inc.,

Class

A

*

13

1,308

SiteOne

Landscape

Supply,

Inc.

*

21

2,738

Spotify

Technology

SA

*

12

5,323

Tradeweb

Markets,

Inc.,

Class

A

25

3,224

Twist

Bioscience

Corp.

*

100

4,660

Tyler

Technologies,

Inc.

*

15

8,562

US

Foods

Holding

Corp.

*

42

2,855

Veeva

Systems,

Inc.,

Class

A

*

13

2,792

Veracyte,

Inc.

*

120

4,738

West

Pharmaceutical

Services,

Inc.

19

6,131

Westinghouse

Air

Brake

Technologies

Corp.

15

2,819

138,190

Total

common

stocks

(

Cost

$180,263)

239,938

SHORT-TERM

INVESTMENT

-

1.7%

2

INVESTMENT

COMPANY

-

1.7%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(4)

(Cost

$4,242)

4,242

4,242

Total

investments

-

99.2%

(Cost

$184,505)

244,180

Other

assets

less

liabilities

-

0.8%

2,046

Total

net

assets

-

100.0%

#

$

246,226

(1)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

In

total,

securities

valued

at

a

fair

value

were

$38,377,

or

15.6%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(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)

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,

2024,

the

value

of

these

securities

was

$5,455

or

2.2%

of

net

assets.  

(4)

Represents

the

current

yield

as

of

December

31,

2024.

16

Artisan

Partners

Funds

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

18,459

7

.6

%

Consumer

Discretionary

19,614

8

.1

Consumer

Staples

5,445

2

.2

Financials

12,543

5

.1

Health

Care

58,307

23

.9

Industrials

46,850

19

.2

Information

Technology

71,345

29

.2

Materials

3,479

1

.4

Real

Estate

3,896

1

.6

Short-Term

Investment

4,242

1

.7

Total

investments

$

244,180

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

CAD

$

3,896

1

.6

%

CHF

8,126

3

.3

DKK

3,479

1

.4

EUR

25,840

10

.6

GBP

27,118

11

.1

HKD

5,357

2

.2

SEK

2,865

1

.2

USD

167,499

68

.6

Total

investments

$

244,180

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

GLOBAL

EQUITY

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

17

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

96.3%

BELGIUM

-

3

.2

%

Anheuser-Busch

InBev

SA/NV

29

$

1,462

Anheuser-Busch

InBev

SA/NV,

ADR

14

714

Financiere

de

Tubize

SA

17

2,521

UCB

SA

4

742

5,439

CANADA

-

0

.5

%

TransAlta

Corp.

63

885

CHILE

-

0

.7

%

Holding

Bursatil

Regional

SA

(1)

306

1,232

CHINA

-

0

.9

%

Tencent

Music

Entertainment

Group,

ADR

132

1,496

DENMARK

-

4

.4

%

NKT

A/S

(1)

*

36

2,562

Novo

Nordisk

A/S,

Class

B

(1)

32

2,749

Novonesis

(Novozymes)

B,

Class

B

(1)

39

2,180

7,491

FRANCE

-

7

.8

%

Accor

SA

36

1,749

Air

Liquide

SA

18

2,887

BNP

Paribas

SA

29

1,779

Bureau

Veritas

SA

36

1,107

Cie

de

Saint-Gobain

SA

23

2,078

Engie

SA

144

2,288

EssilorLuxottica

SA

1

340

Pernod

Ricard

SA

8

930

13,158

GERMANY

-

3

.8

%

TUI

AG

(1)

*

507

4,386

Vonovia

SE

(1)

65

1,984

6,370

GREECE

-

2

.2

%

Alpha

Services

and

Holdings

SA

2,259

3,783

ITALY

-

5

.6

%

BFF

Bank

SpA

(1)(2)

747

7,145

Mediobanca

Banca

di

Credito

Finanziario

SpA

(1)

47

680

UniCredit

SpA

(1)

9

369

Wizz

Air

Holdings

plc

(2)

*

74

1,332

9,526

JAPAN

-

4

.0

%

Nippon

Sanso

Holdings

Corp.

(1)

57

1,583

Otsuka

Holdings

Co.

Ltd.

(1)

27

1,480

Sumitomo

Mitsui

Financial

Group,

Inc.

(1)

92

2,206

Takeuchi

Manufacturing

Co.

Ltd.

(1)

18

567

Tokyo

Gas

Co.

Ltd.

(1)

31

849

6,685

NETHERLANDS

-

0

.4

%

Heineken

NV

9

638

RUSSIA

-

0

.0

%

Sberbank

of

Russia

PJSC

(1)(3)(4)

1,137

—

SOUTH

KOREA

-

2

.2

%

Hanwha

Aerospace

Co.

Ltd.

(1)

*

9

2,026

LIG

Nex1

Co.

Ltd.

(1)

*

11

1,711

3,737

Shares

Held

Value

SPAIN

-

1

.7

%

Aena

SME

SA

(2)

14

$

2,918

SWITZERLAND

-

7

.5

%

Galderma

Group

AG

(1)

*

13

1,487

Medacta

Group

SA

(1)(2)

5

585

SGS

SA

(1)

34

3,361

UBS

Group

AG

(1)

239

7,302

12,735

TURKEY

-

0

.3

%

TAV

Havalimanlari

Holding

A/S

*

53

411

UNITED

ARAB

EMIRATES

-

1

.2

%

Dubai

Taxi

Co.

PJSC

2,666

2,018

UNITED

KINGDOM

-

14

.0

%

3i

Group

plc

36

1,587

Babcock

International

Group

plc

532

3,333

British

American

Tobacco

plc

105

3,781

Flutter

Entertainment

plc

(LSE)

*

1

192

Flutter

Entertainment

plc

(NYSE)

*

8

2,145

Intermediate

Capital

Group

plc

78

2,017

National

Grid

plc

702

8,349

Reckitt

Benckiser

Group

plc

37

2,222

23,626

UNITED

STATES

-

35

.9

%

Amazon.com,

Inc.

*

16

3,532

Aon

plc,

Class

A

15

5,481

Arthur

J

Gallagher

&

Co.

14

4,026

Blue

Owl

Capital,

Inc.,

Class

A

131

3,045

Coca-Cola

Co.

(The)

46

2,883

Guardant

Health,

Inc.

*

24

741

Intercontinental

Exchange,

Inc.

11

1,682

Intuit,

Inc.

3

1,657

Legend

Biotech

Corp.,

ADR

*

22

729

LPL

Financial

Holdings,

Inc.

21

6,922

Meta

Platforms,

Inc.,

Class

A

8

4,749

Microsoft

Corp.

15

6,462

RTX

Corp.

25

2,909

S&P

Global,

Inc.

8

4,179

Stryker

Corp.

6

2,313

Swiss

Re

AG

(1)

9

1,329

TransUnion

26

2,429

Visa,

Inc.,

Class

A

18

5,763

60,831

Total

common

stocks

(

Cost

$154,520)

162,979

SHORT-TERM

INVESTMENT

-

3.3%

2

INVESTMENT

COMPANY

-

3.3%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(5)

(Cost

$5,589)

5,589

5,589

Total

investments

-

99.6%

(Cost

$160,109)

168,568

Other

assets

less

liabilities

-

0.4%

720

Total

net

assets

-

100.0%

#

$

169,288

18

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Sberbank

of

Russia

PJSC

9/16/2021

-

2/11/2022

$

4,750

$

–

0.0%

(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

$47,773,

or

28.2%

of

total

net

assets.

See

notes

(2)

and

(3)

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,

2024,

the

value

of

these

securities

was

$11,980

or

7.1%

of

net

assets.  

(3)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(4)

Security

is

restricted.

(5)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

6,245

3

.7

%

Consumer

Discretionary

12,004

7

.1

Consumer

Staples

12,630

7

.5

Financials

60,527

35

.9

Health

Care

13,687

8

.1

Industrials

28,762

17

.1

Information

Technology

8,119

4

.8

Materials

6,650

4

.0

Real

Estate

1,984

1

.2

Utilities

12,371

7

.3

Short-Term

Investment

5,589

3

.3

Total

investments

$

168,568

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

AED

$

2,018

1

.2

%

CAD

885

0

.5

CHF

14,064

8

.4

CLP

1,232

0

.7

DKK

7,491

4

.5

EUR

39,786

23

.6

GBP

22,813

13

.5

JPY

6,685

4

.0

KRW

3,737

2

.2

RUB

–

0

.0

TRY

411

0

.2

USD

69,446

41

.2

Total

investments

$

168,568

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

GLOBAL

OPPORTUNITIES

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

19

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

95.7%

BELGIUM

-

0

.8

%

UCB

SA

88

$

17,552

BRAZIL

-

0

.8

%

NU

Holdings

Ltd.,

Class

A

*

1,711

17,730

CANADA

-

2

.4

%

Shopify,

Inc.,

Class

A

*

517

54,995

CHINA

-

4

.2

%

Meituan,

Class

B

(1)

*

1,164

22,728

Tencent

Holdings

Ltd.

1,381

74,120

96,848

DENMARK

-

2

.0

%

Novo

Nordisk

A/S,

Class

B

(2)

534

45,933

GERMANY

-

2

.8

%

adidas

AG

(2)

265

65,099

HONG

KONG

-

2

.7

%

Techtronic

Industries

Co.

Ltd.

4,810

63,483

JAPAN

-

3

.5

%

Hoya

Corp.

(2)

270

33,575

Keyence

Corp.

(2)

113

46,061

79,636

NETHERLANDS

-

4

.0

%

Argenx

SE,

ADR

*

151

92,813

SINGAPORE

-

1

.3

%

Sea

Ltd.,

ADR

*

275

29,181

SWITZERLAND

-

3

.2

%

Lonza

Group

AG

(2)

124

73,006

TAIWAN

-

4

.5

%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

527

104,079

UNITED

KINGDOM

-

11

.1

%

AstraZeneca

plc

301

39,415

BAE

Systems

plc

2,786

40,057

London

Stock

Exchange

Group

plc

594

83,874

RELX

plc

873

39,649

Sage

Group

plc

(The)

1,074

17,113

Unilever

plc

634

36,086

256,194

UNITED

STATES

-

52

.4

%

Advanced

Micro

Devices,

Inc.

*

697

84,153

Alphabet,

Inc.,

Class

A

249

47,189

Amazon.com,

Inc.

*

325

71,200

Apple,

Inc.

271

67,853

Arista

Networks,

Inc.

*

335

37,069

ARM

Holdings

plc,

ADR

*

207

25,557

Atlassian

Corp.,

Class

A

*

143

34,856

Boston

Scientific

Corp.

*

1,291

115,323

Carrier

Global

Corp.

280

19,117

CBRE

Group,

Inc.,

Class

A

*

309

40,503

Danaher

Corp.

234

53,612

Eaton

Corp.

plc

129

42,746

Ecolab,

Inc.

147

34,354

GE

Vernova,

Inc.

62

20,298

Linde

plc

106

44,443

Marvell

Technology,

Inc.

244

26,954

Shares

Held

Value

UNITED

STATES

(continued)

Netflix,

Inc.

*

132

$

117,535

NIKE,

Inc.,

Class

B

214

16,194

ON

Semiconductor

Corp.

*

437

27,554

Oracle

Corp.

387

64,433

PayPal

Holdings,

Inc.

*

244

20,804

Quanta

Services,

Inc.

144

45,642

S&P

Global,

Inc.

73

36,165

Vertex

Pharmaceuticals,

Inc.

*

77

30,816

West

Pharmaceutical

Services,

Inc.

155

50,767

Xylem,

Inc.

287

33,243

1,208,380

Total

common

stocks

(

Cost

$1,640,458)

2,204,929

SHORT-TERM

INVESTMENT

-

3.2%

2

INVESTMENT

COMPANY

-

3.2%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(3)

(Cost

$73,133)

73,133

73,133

Total

investments

-

98.9%

(Cost

$1,713,591)

2,278,062

Other

assets

less

liabilities

-

1.1%

25,575

Total

net

assets

-

100.0%

#

$

2,303,637

(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,

2024,

the

value

of

these

securities

was

$22,728

or

1.0%

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

$263,674,

or

11.4%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(3)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

268,025

11

.8

%

Consumer

Discretionary

175,221

7

.7

Consumer

Staples

36,086

1

.6

Financials

158,573

7

.0

Health

Care

552,812

24

.3

Industrials

304,235

13

.3

Information

Technology

590,677

25

.9

Materials

78,797

3

.4

Real

Estate

40,503

1

.8

Short-Term

Investment

73,133

3

.2

Total

investments

$

2,278,062

100

.0

%

20

Artisan

Partners

Funds

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

CHF

$

73,006

3

.2

%

DKK

45,933

2

.0

EUR

82,651

3

.6

GBP

256,194

11

.3

HKD

160,331

7

.0

JPY

79,636

3

.5

USD

1,580,311

69

.4

Total

investments

$

2,278,062

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

GLOBAL

UNCONSTRAINED

FUND

Consolidated

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Principal

amount,

shares

and

dollar

values

in

thousands

and

reported

in

USD

unless

otherwise

stated

21

Artisan

Partners

Funds

Principal

Amount

Value

SOVEREIGN

GOVERNMENT

BONDS

AND

CREDIT-LINKED

NOTES

-

53.0%

ALBANIA

-

1.5%

Albanian

Government

Bond

4.21%,

1/15/2026

ALL

23,100

$

245

5.00%,

2/24/2026

ALL

16,200

174

4.30%,

7/10/2027

ALL

14,800

160

6.00%,

2/13/2028

ALL

12,500

142

5.25%,

1/26/2029

ALL

21,500

240

5.63%,

11/8/2030

ALL

26,000

299

Republic

of

Albania

5.90%,

6/9/2028

(1)

EUR

720

774

2,034

ANGOLA

-

1.2%

Republic

of

Angola

6.93%,

2/19/2027

(1)

57

54

8.25%,

5/9/2028

(1)

290

273

8.00%,

11/26/2029

(1)

740

661

9.13%,

11/26/2049

(1)

850

682

1,670

ARGENTINA

-

0.8%

Argentine

Republic

3.88%,

7/9/2035

(2)

EUR

872

554

4.25%,

1/9/2038

(2)

EUR

44

29

3.00%,

7/9/2041

(2)

EUR

981

584

1,167

ARMENIA

-

0.1%

Republic

of

Armenia

9.25%,

4/29/2028

AMD

75,000

187

BAHAMAS

-

6.3%

Commonwealth

of

the

Bahamas

6.00%,

11/21/2028

(1)

3,916

3,730

9.00%,

6/16/2029

(1)

1,462

1,516

6.95%,

11/20/2029

(1)

404

383

8.95%,

10/15/2032

(1)

3,047

3,143

8,772

BENIN

-

1.9%

Benin

Government

Bond

4.88%,

1/19/2032

(1)

EUR

1,664

1,553

6.88%,

1/19/2052

(1)

EUR

1,270

1,105

2,658

CAMEROON

-

0.8%

Republic

of

Cameroon

9.50%,

11/19/2025

(1)

583

579

5.95%,

7/7/2032

(1)

EUR

720

601

1,180

COLOMBIA

-

1.8%

Republic

of

Colombia

8.00%,

11/14/2035

2,206

2,218

7.75%,

11/7/2036

250

245

2,463

DOMINICAN

REPUBLIC

-

0.0%

^

Dominican

Republic

Government

Bond

6.50%,

11/27/2026

(1)

DOP

1,230

19

Principal

Amount

Value

EGYPT

-

0.8%

Arab

Republic

of

Egypt

6.38%,

4/11/2031

(1)

EUR

1,280

$

1,167

EL

SALVADOR

-

0.2%

Republic

of

El

Salvador

0.25%,

04/17/2030

IO

(1)

13,692

244

0.25%,

04/17/2030

IO

(3)

1,355

24

268

GABON

-

1.0%

Gabonese

Republic

6.95%,

6/16/2025

(1)

1,411

1,364

GEORGIA

-

1.2%

Republic

of

Georgia

2.75%,

4/22/2026

(1)

1,720

1,620

GHANA

-

1.2%

Republic

of

Ghana

Zero

Coupon,

7/3/2026

(1)

1,822

1,700

GUATEMALA

-

0.9%

Republic

of

Guatemala

4.50%,

5/3/2026

(1)

1,350

1,322

ICELAND

-

4.6%

Republic

of

Iceland

8.00%,

6/12/2025

ISK

88,686

636

6.75%,

10/15/2026

ISK

428,443

3,024

7.00%,

9/17/2035

ISK

364,600

2,703

6,363

INDIA

-

2.0%

Asian

Infrastructure

Investment

Bank

(The)

7.00%,

3/1/2029

(1)

INR

80,000

927

International

Bank

for

Reconstruction

&

Development

6.50%,

4/17/2030

INR

63,000

713

Republic

of

India

7.54%,

5/23/2036

INR

88,000

1,076

2,716

INDONESIA

-

2.5%

Republic

of

Indonesia

6.88%,

4/15/2029

IDR

15,900,000

982

7.50%,

8/15/2032

IDR

19,200,000

1,221

7.13%,

6/15/2042

IDR

21,250,000

1,316

3,519

IRAQ

-

3.5%

Republic

of

Iraq

5.80%,

1/15/2028

(1)

5,023

4,888

IRELAND

-

0.3%

Avenir

Issuer

IV

Ireland

DAC

6.00%,

10/25/2027

(1)

450

422

IVORY

COAST

-

1.0%

Republic

of

Cote

d'Ivoire

5.25%,

3/22/2030

(1)

EUR

186

182

5.88%,

10/17/2031

(1)

EUR

380

368

6.88%,

10/17/2040

(1)

EUR

980

878

1,428

22

Artisan

Partners

Funds

Principal

Amount

Value

JAMAICA

-

0.5%

Jamaica

Government

Bond

9.63%,

11/3/2030

JMD

109,500

$

739

KENYA

-

0.0%

^

Republic

of

Kenya

9.75%,

2/16/2031

(1)

5

5

NAMIBIA

-

0.4%

Republic

of

Namibia

5.25%,

10/29/2025

(1)

500

494

NIGERIA

-

1.5%

Federal

Republic

of

Nigeria

7.63%,

11/21/2025

(1)

2,040

2,030

PAKISTAN

-

1.4%

Islamic

Republic

of

Pakistan

6.88%,

12/5/2027

(1)

1,470

1,325

7.38%,

4/8/2031

(1)

825

690

2,015

PAPUA

NEW

GUINEA

-

1.1%

Papua

New

Guinea

Government

International

Bond

8.38%,

10/4/2028

(1)

1,495

1,473

PARAGUAY

-

1.8%

Paraguay

Treasury

Credit-Linked

Notes

9.03%,

2/15/2030

(4)(5)(6)

843

795

8.00%,

3/3/2036

(4)(5)(6)

298

275

Republic

of

Paraguay

7.90%,

2/9/2031

(1)

PYG

9,087,000

1,176

7.90%,

2/9/2031

(3)

PYG

1,800,000

233

2,479

PERU

-

5.1%

Bonos

de

la

Tesoreria

5.94%,

2/12/2029

PEN

16,160

4,437

7.30%,

8/12/2033

(1)

PEN

4,650

1,302

5.40%,

8/12/2034

PEN

5,400

1,309

7,048

RWANDA

-

0.6%

Republic

of

Rwanda

5.50%,

8/9/2031

(1)

990

833

SERBIA

-

1.5%

Republic

of

Serbia

4.50%,

8/20/2032

RSD

247,530

2,126

SURINAME

-

0.1%

Suriname

Government

International

Bond

4.95%

Cash,

3.00%

PIK,

7/15/2033

(1)

100

88

TAJIKISTAN

-

1.0%

Republic

of

Tajikistan

7.13%,

9/14/2027

(1)

1,385

1,356

TUNISIA

-

1.6%

Tunisian

Republic

5.75%,

1/30/2025

(1)

1,110

1,104

6.38%,

7/15/2026

(1)

EUR

1,155

1,143

2,247

UKRAINE

-

1.5%

Ukraine

Government

Bond

1.75%,

2/1/2029

(1)(2)

1,010

701

1.75%,

2/1/2035

(1)(2)

1,305

718

0.00%,

2/1/2035

(1)(2)

393

232

0.00%,

2/1/2036

(1)(2)

807

473

2,124

Principal

Amount

Value

UZBEKISTAN

-

0.4%

Republic

of

Uzbekistan

International

Bond

5.38%,

5/29/2027

(1)

EUR

500

$

520

ZAMBIA

-

0.9%

Republic

of

Zambia

5.75%,

6/30/2033

(1)(2)

1,401

1,229

1,229

Total

Sovereign

government

bonds

and

credit-linked

notes

(

Cost

$73,107)

73,733

CORPORATE

BONDS

-

16.1%

ARGENTINA

-

0.5%

MSU

Energy

SA

9.75%,

12/5/2030

(1)

654

641

BRAZIL

-

2.7%

MC

Brazil

Downstream

Trading

SARL

7.25%,

6/30/2031

(1)

1,404

1,166

NewCo

Holding

USD

20

SARL

9.38%,

11/7/2029

(1)

400

398

OHI

Group

SA

13.00%,

7/22/2029

(1)

1,220

1,220

Trident

Energy

Finance

plc

12.50%,

11/30/2029

(1)

865

907

Unigel

Luxembourg

SA

8.75%,

10/1/2026

(1)(7)

340

66

3,757

CAMEROON

-

0.7%

Golar

LNG

Ltd.

7.75%,

9/19/2029

(1)

1,000

990

CHILE

-

0.4%

ATP

Tower

Holdings

LLC

4.05%,

4/27/2026

(1)

540

519

COLOMBIA

-

0.8%

EnfraGen

Energia

Sur

SA

5.38%,

12/30/2030

(1)

655

558

Gran

Tierra

Energy,

Inc.

9.50%,

10/15/2029

(1)

560

522

1,080

CZECH

REPUBLIC

-

0.5%

Energo-Pro

A/S

8.50%,

2/4/2027

(1)

200

202

11.00%,

11/2/2028

(1)

455

488

690

DOMINICAN

REPUBLIC

-

2.6%

Banco

Central

de

la

Republica

Dominicana

12.00%,

10/3/2025

(1)

DOP

22,700

373

13.00%,

12/5/2025

(1)

DOP

84,800

1,407

13.00%,

1/30/2026

(1)

DOP

58,270

973

9.00%,

12/11/2026

(1)

DOP

56,550

894

3,647

MEXICO

-

1.0%

Petroleos

Mexicanos

6.95%,

1/28/2060

2,080

1,428

MOLDOVA,

REPUBLIC

OF

-

0.5%

Aragvi

Finance

International

DAC

11.13%,

11/20/2029

(1)

635

628

23

Artisan

Partners

Funds

Principal

Amount

Value

NETHERLANDS

-

0.4%

VEON

Holdings

BV

3.38%,

11/25/2027

(1)

660

$

581

NIGERIA

-

0.4%

SEPLAT

Energy

plc

7.75%,

4/1/2026

(1)

490

488

NORWAY

-

0.2%

Panoro

Energy

ASA

10.25%,

12/11/2029

212

210

PARAGUAY

-

0.2%

Frigorifico

Concepcion

SA

7.70%,

7/21/2028

(1)(8)

380

293

SINGAPORE

-

0.4%

Yinson

Production

Financial

Services

Pte.

Ltd.

9.63%,

5/3/2029

(1)

550

567

TURKEY

-

2.2%

GDZ

Elektrik

Dagitim

A/S

9.00%,

10/15/2029

(1)

725

699

ICA

ICTAS

Altyapi

Yavuz

Sultan

Selim

Koprusu

ve

Kuzey

Cevre

Otoyolu

Yatirim

ve

I

7.54%,

10/31/2027

(1)

1,250

1,252

Limak

Iskenderun

Uluslararasi

Liman

Isletmeciligi

A/S

9.50%,

7/10/2036

(1)

1,182

1,127

3,078

UNITED

ARAB

EMIRATES

-

0.4%

Pearl

Petroleum

Co.

Ltd.

13.00%,

5/15/2028

(1)

600

624

UNITED

KINGDOM

-

0.9%

3T

Global

Holdco

Ltd.

11.25%,

5/22/2028

125

124

ACG

Holdco

1

Ltd.

14.75%,

1/13/2029

1,100

1,103

1,227

UZBEKISTAN

-

1.3%

Uzbek

Industrial

and

Construction

Bank

ATB

21.00%,

7/24/2027

(1)

UZS

22,900,000

1,868

Total

corporate

bonds

(

Cost

$22,448)

22,316

Shares

Held

COMMON

STOCKS

-

5.1%

AUSTRALIA

-

0

.3

%

Emerald

Resources

NL

*

27

54

OceanaGold

Corp.

57

158

Resolute

Mining

Ltd.

*

100

24

West

African

Resources

Ltd.

*

165

147

383

CANADA

-

1

.5

%

Africa

Oil

Corp.

210

288

Allied

Gold

Corp.

*

61

144

Asante

Gold

Corp.

*

50

36

Centerra

Gold,

Inc.

25

139

Dundee

Precious

Metals,

Inc.

7

64

G

Mining

Ventures

Corp.

43

323

Galiano

Gold,

Inc.

*

30

37

K92

Mining,

Inc.

*

26

154

Lundin

Gold,

Inc.

7

149

New

Gold,

Inc.

*

104

258

Orla

Mining

Ltd.

*

34

185

Shares

Held

Value

CANADA

(continued)

Torex

Gold

Resources,

Inc.

*

15

$

286

2,063

COLOMBIA

-

2

.1

%

Aris

Mining

Corp.

*

822

2,876

GEORGIA

-

1

.0

%

Georgia

Capital

plc

*

94

1,419

PERU

-

0

.0

%

^

Hochschild

Mining

plc

*

20

54

UNITED

STATES

-

0

.2

%

Aura

Minerals,

Inc.

27

332

Total

common

stocks

(

Cost

$7,161

)

7,127

Principal

Amount

BANK

LOANS

-

1.9%

PARAGUAY

-

0.5%

Frigorifico

Concepcion

SA

First

Lien

Term

Loan

B

(SOFR

+

5.50%),

9.93%,

12/8/2026

(4)(5)(9)

800

716

TANZANIA

-

1.4%

Tanzania

(United

Republic

of)

Term

Loan

(SOFR

+

5.45%),

10.09%,

3/6/2031

(4)(5)(9)

2,000

1,978

Total

bank

loans

(

Cost

$2,800)

2,694

Shares

Held

EXCHANGE

TRADED

FUNDS

-

1.1%

Equity

Fund

-

1.1%

SPDR

S&P

500

ETF

Trust

1

321

VanEck

Junior

Gold

Miners

ETF

27

1,172

1,493

Total

exchange

traded

funds

(

Cost

$1,656)

1,493

CLOSED

END

FUND

-

0.4%

BERMUDA

-

0.4%

ASA

Gold

and

Precious

Metals

Ltd.

(Cost

$630)

29

584

Principal

Amount

SHORT-TERM

INVESTMENTS

-

18.9%

SOVEREIGN

GOVERNMENT

TREASURY

BILLS

-

7.0%

Arab

Republic

of

Egypt

26.31%,

2/18/2025

(10)

EGP

14,775

281

26.70%,

2/25/2025

(10)

EGP

85,925

1,624

27.37%,

3/18/2025

(10)

EGP

46,450

864

27.49%,

3/25/2025

(10)

EGP

104,250

1,928

Egypt

Treasury

Bill

4.35%,

1/7/2025

(10)

EGP

3,550

70

Federal

Republic

of

Nigeria

25.23%,

3/6/2025

(10)

NGN

920,000

570

24.84%,

4/10/2025

(10)

NGN

420,000

255

Nigeria

OMO

Bill

25.59%,

5/27/2025

(10)

NGN

480,000

282

25.89%,

6/17/2025

(10)

NGN

456,000

264

28.08%,

10/7/2025

(10)

NGN

1,400,000

746

23.87%,

12/9/2025

(10)

NGN

610,000

322

24

Artisan

Partners

Funds

Principal

Amount

Value

Republic

of

Albania

3.01%,

1/30/2025

(10)

ALL

16,000

$

169

3.13%,

2/13/2025

(10)

ALL

22,000

232

2.96%,

4/17/2025

(10)

ALL

30,500

319

3.35%,

5/1/2025

(10)

ALL

28,000

292

Republic

of

Armenia

6.07%,

2/3/2025

(10)

AMD

72,000

181

Republic

of

Iceland

8.74%,

3/19/2025

(10)

ISK

193,000

1,363

Total

sovereign

government

treasury

bills

(

Cost

$9,875

)

9,762

U.S.

TREASURY

OBLIGATIONS

-

6.1%

U.S.

Treasury

Bills

2.92%,

1/7/2025

(10)

2,225

2,224

3.60%,

1/14/2025

(10)

3,500

3,495

3.85%,

1/21/2025

(10)

1,901

1,896

3.91%,

1/28/2025

(10)

805

802

Total

U.S.

treasury

obligations

(

Cost

$8,416

)

8,417

REPURCHASE

AGREEMENTS

-

5

.0

%

JPMorgan

Chase

Bank,

N.A.,

Dated

12/19/24,

with

an

interest

rate

of

2.50%

payable

by

the

Fund,

collateralized

by

Par

USD

1,335

Republic

of

Senegal,

6.25%

due

5/23/2033

and

a

market

value

of

$1,073

(11)

1,243

1,243

JPMorgan

Chase

Bank,

N.A.,

Dated

12/19/24,

with

an

interest

rate

of

3.60%

payable

by

the

Fund,

collateralized

by

Par

USD

250

Republic

of

Costa

Rica,

6.55%

due

4/3/2034

and

a

market

value

of

$255

(11)

259

259

JPMorgan

Chase

Bank,

N.A.,

Dated

12/19/24,

with

an

interest

rate

of

3.70%

payable

by

the

Fund,

collateralized

by

Par

USD

500

Republic

of

Costa

Rica,

6.55%

due

4/3/2034

and

a

market

value

of

$511

(11)

518

518

JPMorgan

Chase

Bank,

N.A.,

Dated

12/19/24,

with

an

interest

rate

of

3.80%

payable

by

the

Fund,

collateralized

by

Par

USD

950

Republic

of

Paraguay,

2.74%

due

1/29/2033

and

a

market

value

of

$774

(11)

782

782

JPMorgan

Chase

Bank,

N.A.,

Dated

12/19/24,

with

an

interest

rate

of

4.10%

payable

by

the

Fund,

collateralized

by

Par

USD

865

Dominican

Republic

Government

Bond,

4.88%

due

9/23/2032

and

a

market

value

of

$777

(11)

784

784

Morgan

Stanley

&

Co

International

plc,

Dated

10/8/24,

with

an

interest

rate

of

3.95%

payable

by

the

Fund,

collateralized

by

Par

USD

500

Republic

of

Paraguay,

2.74%

due

1/29/2033

and

a

market

value

of

$407

(11)

446

446

Morgan

Stanley

&

Co

International

plc,

Dated

10/8/24,

with

an

interest

rate

of

4.10%

payable

by

the

Fund,

collateralized

by

Par

USD

400

Dominican

Republic

Government

Bond,

4.88%

due

9/22/2032

and

a

market

value

of

$359

(11)

397

397

Morgan

Stanley

&

Co

International

plc,

Dated

10/8/24,

with

an

interest

rate

of

4.10%

payable

by

the

Fund,

collateralized

by

Par

USD

400

Republic

of

Costa

Rica,

6.55%

due

4/3/2034

and

a

market

value

of

$409

(11)

447

447

Morgan

Stanley

&

Co

International

plc,

Dated

11/20/24,

with

an

interest

rate

of

4.20%

payable

by

the

Fund,

collateralized

by

Par

USD

1,200

Republic

of

Ecuador,

0.00%

due

7/31/2030

and

a

market

value

of

$663

(11)

668

668

Principal

Amount

Value

Morgan

Stanley

&

Co

International

plc,

Dated

12/10/24,

with

an

interest

rate

of

3.75%

payable

by

the

Fund,

collateralized

by

Par

USD

1,300

HTA

Group

Ltd.,

7.50%

due

6/4/2029

and

a

market

value

of

$1,327

(11)

1,392

$

1,392

Total

Repurchase

Agreements

(Cost

$6,936)

6,936

Shares

Held

INVESTMENT

COMPANIES

-

0.8%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(12)

1,112

1,112

Federated

Treasury

Obligations

Fund

-

Institutional

Class,

4.35%

(12)

10

10

Fidelity

Investments

Money

Market

Treasury

Portfolio

-

Institutional

Class,

4.38%

(12)

10

10

Total

investment

companies

(Cost

$1,132)

1,132

Total

short-term

investments

(

Cost

$26,359)

26,247

Total

investments

-

96.5%

  (Cost

$134,161)

134,194

SECURITIES

SOLD

SHORT

-

(8.8)%

EXCHANGE

TRADED

FUND

-

(1.0)%

Equity

Fund

-

(1.0)%

VanEck

Gold

Miners

ETF

(40)

(

1,346

)

Total

exchange

traded

funds

(

Proceeds

$(1,417))

(

1,346

)

Principal

Amount

CORPORATE

BOND

-

(1.0)%

TANZANIA

-

(1.0)%

HTA

Group

Ltd.

7.50%,

6/4/2029

(1)

(

Proceeds

$(1,323))

(

1,300

)

(

1,327

)

Shares

Held

COMMON

STOCKS

-

(3.0)%

CANADA

-

(

0

.8

)

%

Agnico

Eagle

Mines

Ltd.

(6)

(

469

)

Barrick

Gold

Corp.

(25)

(

380

)

Kinross

Gold

Corp.

(23)

(

213

)

(

1,062

)

GEORGIA

-

(

1

.0

)

%

Bank

of

Georgia

Group

plc

(24)

(

1,403

)

SOUTH

AFRICA

-

(

0

.2

)

%

Gold

Fields

Ltd.,

ADR

(13)

(

172

)

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(22)

(

176

)

(

348

)

UNITED

KINGDOM

-

(

0

.8

)

%

Anglogold

Ashanti

plc

(8)

(

185

)

Ashmore

Group

plc

(451)

(

902

)

(

1,087

)

UNITED

STATES

-

(

0

.2

)

%

Newmont

Corp.

(9)

(

324

)

Total

common

stocks

  (

Proceeds

$(4,722)

)

(

4,224

)

25

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Paraguay

Treasury

Credit-Linked

Note,

9.03%,

2/15/2030

8/17/2023

-

3/4/2024

$

841

$

795

0.6%

Paraguay

Treasury

Credit-Linked

Note,

8.00%,

3/3/2036

3/27/2024

298

275

0.2%

Principal

Amount

Value

SOVEREIGN

GOVERNMENT

BONDS

-

(3.8)%

COSTA

RICA

-

(0.8)%

Republic

of

Costa

Rica

6.55%,

4/3/2034

(1)

(

1,150

)

$

(

1,176

)

DOMINICAN

REPUBLIC

-

(0.8)%

Dominican

Republic

Government

Bond

4.88%,

9/23/2032

(1)

(

1,265

)

(

1,136

)

ECUADOR

-

(0.5)%

Republic

of

Ecuador

Zero

Coupon,

7/31/2030

(1)

(

1,200

)

(

663

)

PARAGUAY

-

(0.9)%

Republic

of

Paraguay

2.74%,

1/29/2033

(1)

(

1,450

)

(

1,181

)

SENEGAL

-

(0.8)%

Republic

of

Senegal

6.25%,

5/23/2033

(1)

(

1,335

)

(

1,073

)

Total

Sovereign

government

bonds

(

Proceeds

$(5,338))

(

5,229

)

Total

securities

sold

short

  (Proceeds

$(12,800))

(

12,126

)

Total

investments

after

securities

sold

short

-

87.7%

(Cost

$121,361)

122,068

REVERSE

REPURCHASE

AGREEMENT

-  (0.1)%

(Proceeds

$(200))

(

200

)

Other

assets

less

liabilities

-

12.4%

17,121

Total

net

assets

-

100.0%

#

$

138,989

(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,

2024,

the

value

of

these

securities

was

$59,942

or

43.1%

of

net

assets.  

(2)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.  The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2024.

(3)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933.

May

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(4)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

In

total,

securities

valued

at

a

fair

value

were

$3,764,

or

2.7%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(5)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(6)

Security

is

restricted.

(7)

Defaulted

security.

(8)

All

or

a

position

of

the

security

has

been

pledge

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(9)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

Interest

rates

reset

periodically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2024.

(10)

Yield

to

maturity.

(11)

Open

repurchase

agreement

with

no

specific

maturity

date.

Either

party

may

terminate

the

agreement

upon

demand.

(12)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

581

0

.4

%

Consumer

Discretionary

124

0

.1

Consumer

Staples

1,637

1

.2

Energy

9,449

7

.0

Financials

8,912

6

.6

Industrials

2,898

2

.2

Investment

Funds

1,493

1

.1

Materials

6,589

4

.9

Mutual

Funds

584

0

.4

Sovereign

Government

Securities

73,733

55

.0

Utilities

1,947

1

.5

Short-Term

Investments

26,247

19

.6

Total

investments

$

134,194

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

ALL

$

2,272

1

.7

%

AMD

368

0

.3

AUD

225

0

.2

CAD

2,019

1

.5

DOP

3,666

2

.7

EGP

4,767

3

.6

EUR

9,458

7

.0

GBP

1,473

1

.1

IDR

3,519

2

.6

INR

2,716

2

.0

ISK

7,726

5

.8

JMD

739

0

.6

NGN

2,439

1

.8

PEN

7,048

5

.2

PYG

1,409

1

.0

RSD

2,126

1

.6

USD

80,356

59

.9

UZS

1,868

1

.4

Total

investments

$

134,194

100

.0

%

26

Artisan

Partners

Funds

FOREIGN

CURRENCY

FORWARD

CONTRACTS

Values

in

thousands

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

BRL

**

420

USD

67

JPM

1/3/2025

$

1

USD

601

EGP

**

30,250

JPM

1/6/2025

6

TRY

242,570

USD

6,738

SCB

1/13/2025

53

USD

1,627

INR

**

138,315

SCB

1/13/2025

13

USD

1,902

INR

**

161,743

TDB

1/13/2025

15

USD

7,122

PEN

**

26,556

TDB

1/13/2025

57

KZT

**

440,100

USD

834

DB

1/17/2025

2

KZT

**

225,000

USD

425

ICBCSB

1/21/2025

1

RSD

296,400

EUR

2,526

SCB

1/21/2025

7

USD

596

EGP

**

30,250

ICBCSB

1/21/2025

5

USD

274

INR

**

23,445

JPM

1/21/2025

—

^

USD

1,869

MXN

38,139

TDB

1/21/2025

46

USD

2,757

ZAR

49,558

SCB

1/21/2025

135

UZS

**

9,000,000

USD

692

ICBCSB

1/23/2025

1

KZT

**

1,053,410

USD

1,992

DB

1/24/2025

5

USD

2,962

INR

**

254,131

SCB

2/3/2025

4

BRL

**

23,509

USD

3,768

JPM

2/4/2025

14

EUR

2,274

HUF

938,000

SCB

2/4/2025

1

IDR

**

4,000,000

USD

244

JPM

2/5/2025

3

USD

2,803

CNH

20,350

SCB

2/5/2025

28

USD

4,442

CNH

31,500

SCB

2/5/2025

147

USD

74

IDR

**

1,191,326

JPM

2/5/2025

—

^

USD

1,340

IDR

**

21,398,880

TDB

2/5/2025

22

UZS

**

1,700,000

USD

120

SCB

2/7/2025

10

USD

1,117

IDR

**

17,817,780

TDB

2/13/2025

20

USD

2,343

KWD

718

SCB

2/18/2025

7

USD

1,572

KWD

480

SCB

3/17/2025

7

USD

7,736

CNH

54,950

SCB

3/18/2025

234

USD

26,185

EUR

24,826

SCB

3/19/2025

385

USD

3,063

TWD

**

97,205

JPM

3/24/2025

100

USD

447

TWD

**

14,100

JPM

4/9/2025

17

USD

1,674

GEL

**

4,800

ICBCSB

5/5/2025

9

USD

1,963

GEL

**

5,600

ICBCSB

5/14/2025

23

USD

1,337

KWD

405

SCB

6/12/2025

8

GTQ

**

8,550

USD

1,081

CITI

9/3/2025

21

USD

895

KWD

270

SCB

9/16/2025

4

USD

932

KWD

280

SCB

12/16/2025

4

TRY

28,000

USD

579

SCB

12/18/2025

3

FOREIGN

CURRENCY

FORWARD

CONTRACTS

(continued)

Values

in

thousands

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

1,191

KWD

359

SCB

12/22/2025

$

1

Total

unrealized

appreciation

1,419

BRL

**

22,514

USD

3,849

JPM

1/3/2025

(

204

)

BRL

**

2,292

USD

379

SCB

1/3/2025

(

8

)

EUR

2,269

HUF

938,000

SCB

1/3/2025

(

11

)

USD

3,790

BRL

**

23,509

JPM

1/3/2025

(

15

)

INR

**

136,932

USD

1,610

TDB

1/13/2025

(

12

)

USD

1,266

COP

**

5,619,959

TDB

1/14/2025

(

8

)

EUR

2,523

RSD

296,400

SCB

1/21/2025

(

9

)

INR

**

4,041

USD

48

JPM

1/21/2025

(

1

)

INR

**

138,460

USD

1,631

TDB

1/21/2025

(

17

)

TJS

**

3,617

USD

332

JPM

1/31/2025

(

4

)

BRL

**

1,717

USD

277

JPM

2/4/2025

(

1

)

USD

119

UZS

**

1,700,000

SCB

2/7/2025

(

11

)

USD

447

GEL

**

1,300

ICBCSB

3/6/2025

(

10

)

TJS

**

3,660

USD

332

JPM

3/14/2025

(

3

)

UZS

**

9,300,000

USD

702

ICBCSB

4/2/2025

(

2

)

USD

570

EGP

**

30,250

SCB

4/3/2025

(

4

)

TJS

**

6,723

USD

608

ICBCSB

4/11/2025

(

8

)

USD

955

THB

33,000

SCB

5/13/2025

(

21

)

UZS

**

4,300,000

USD

320

CITI

5/20/2025

(

2

)

UZS

**

2,500,000

USD

188

DB

5/20/2025

(

2

)

INR

**

48,600

USD

573

JPM

5/27/2025

(

12

)

USD

4,191

HKD

32,500

SCB

6/20/2025

(

2

)

Total

unrealized

depreciation

(

367

)

Net

unrealized

appreciation

$

1,052

**

Non-deliverable.

FUTURES

CONTRACTS

Values

in

thousands

Description

No.

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Notional

Value

Unrealized

Appreciation

Short

Positions

Contracts

Euro-Bobl

(51)

3/6/2025

EUR

$

(

5,100

)

$

(

6,226

)

$

72

Euro-BTP

(11)

3/6/2025

EUR

(

1,100

)

(

1,367

)

32

Euro-Bund

(42)

3/6/2025

EUR

(

4,200

)

(

5,805

)

131

Euro-Schatz

(16)

3/6/2025

EUR

(

1,600

)

(

1,773

)

6

S&P

500

E-Mini

Index

(8)

3/21/2025

USD

—

^

(

2,374

)

77

U.S.

Treasury

2

Year

Note

(18)

3/31/2025

USD

(

3,600

)

(

3,701

)

3

U.S.

Treasury

5

Year

Note

(100)

3/31/2025

USD

(

10,000

)

(

10,630

)

87

U.S.

Treasury

10

Year

Note

(36)

3/20/2025

USD

(

3,600

)

(

3,915

)

73

U.S.

Treasury

10

Year

Ultra

Note

(5)

3/20/2025

USD

(

500

)

(

557

)

14

U.S.

Treasury

Ultra

Bond

(6)

3/20/2025

USD

(

600

)

(

713

)

40

Net

unrealized

appreciation

$

535

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

($)

Bank

of

China

Ltd.

1.00

Quarterly

6/20/2029

550

(4)

(5)

(9)

Export-Import

Bank

of

China

(The)

1.00

Quarterly

6/20/2029

550

(5)

(4)

(9)

Federative

Republic

of

Brazil

1.00

Quarterly

6/20/2028

1,650

46

(14)

32

Federative

Republic

of

Brazil

1.00

Quarterly

12/20/2028

3,280

38

51

89

French

Republic

0.25

Quarterly

6/20/2034

4,800

74

70

144

Hungary

1.00

Quarterly

6/20/2027

965

21

(26)

(5)

Hungary

1.00

Quarterly

6/20/2028

300

7

(7)

—

^

Hungary

1.00

Quarterly

12/20/2028

1,600

21

(16)

5

Hungary

1.00

Quarterly

6/20/2029

1,300

13

(4)

9

Kingdom

of

Saudi

Arabia

1.00

Quarterly

6/20/2029

6,700

(115)

5

(110)

Kingdom

of

Saudi

Arabia

1.00

Quarterly

6/20/2032

1,070

(10)

(1)

(11)

Kingdom

of

Saudi

Arabia

1.00

Quarterly

6/20/2033

2,220

(24)

11

(13)

27

Artisan

Partners

Funds

CENTRALLY

CLEARED

CREDIT

DEFAULT

SWAPS

-

BUY

PROTECTION

(continued)

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

($)

Kingdom

of

Saudi

Arabia

1.00

Quarterly

12/20/2033

8,085

(51)

17

(34)

Kingdom

of

Spain

1.00

Quarterly

6/20/2032

570

(9)

(9)

(18)

Kingdom

of

Spain

1.00

Quarterly

6/20/2033

1,170

(21)

(15)

(36)

Kingdom

of

Spain

1.00

Quarterly

12/20/2033

915

(19)

(8)

(27)

Malaysia

1.00

Quarterly

12/20/2027

500

(5)

(5)

(10)

Malaysia

1.00

Quarterly

6/20/2028

1,290

(20)

(7)

(27)

Markit

CDX

North

American

Emerging

Markets

Index

Series

42-V1

1.00

Quarterly

12/20/2029

2,700

62

22

84

Markit

CDX

North

American

High

Yield

Index

Series

43-V1

5.00

Quarterly

12/20/2029

2,400

(226)

37

(189)

Penerbangan

Malaysia

Bhd.

1.00

Quarterly

12/20/2028

650

(15)

1

(14)

Petrobras

Global

Finance

BV

1.00

Quarterly

12/20/2027

390

18

(14)

4

Petroleos

Mexicanos

1.00

Quarterly

12/20/2028

700

73

(5)

68

Republic

of

Chile

1.00

Quarterly

6/20/2028

750

(5)

(9)

(14)

Republic

of

Chile

1.00

Quarterly

12/20/2028

3,710

(66)

(—)

^

(66)

Republic

of

Chile

1.00

Quarterly

6/20/2032

950

42

(47)

(5)

Republic

of

Colombia

1.00

Quarterly

6/20/2028

100

5

(4)

1

Republic

of

Indonesia

1.00

Quarterly

12/20/2027

690

2

(12)

(10)

Republic

of

Indonesia

1.00

Quarterly

6/20/2028

2,050

(14)

(14)

(28)

Republic

of

Indonesia

1.00

Quarterly

12/20/2028

5,520

(60)

(11)

(71)

Republic

of

Indonesia

1.00

Quarterly

12/20/2029

1,150

(15)

4

(11)

Republic

of

Italy

1.00

Quarterly

6/20/2034

1,800

28

(14)

14

Republic

of

Kazakhstan

1.00

Quarterly

6/20/2028

2,085

33

(50)

(17)

Republic

of

Panama

1.00

Quarterly

12/20/2033

2,950

335

39

374

Republic

of

Peru

1.00

Quarterly

6/20/2028

280

(1)

(2)

(3)

Republic

of

Peru

1.00

Quarterly

12/20/2028

2,850

(38)

6

(32)

Republic

of

Peru

1.00

Quarterly

6/20/2032

300

12

(8)

4

Republic

of

Peru

1.00

Quarterly

12/20/2032

660

34

(23)

11

Republic

of

Poland

1.00

Quarterly

6/20/2027

325

1

(6)

(5)

Republic

of

Poland

1.00

Quarterly

12/20/2027

160

2

(4)

(2)

Republic

of

Poland

1.00

Quarterly

6/20/2028

1,110

(8)

(8)

(16)

Republic

of

Poland

1.00

Quarterly

12/20/2028

1,100

(13)

(3)

(16)

Republic

of

Poland

1.00

Quarterly

6/20/2029

1,250

(16)

(2)

(18)

Republic

of

South

Africa

1.00

Quarterly

6/20/2028

600

31

(25)

6

Republic

of

South

Africa

1.00

Quarterly

6/20/2029

9,850

442

(158)

284

Republic

of

South

Africa

1.00

Quarterly

12/20/2029

3,000

112

7

119

Republic

of

South

Africa

1.00

Quarterly

6/20/2032

765

84

(14)

70

Republic

of

South

Africa

1.00

Quarterly

12/20/2032

220

29

(7)

22

Republic

of

South

Africa

1.00

Quarterly

6/20/2033

2,445

359

(88)

271

Republic

of

South

Africa

1.00

Quarterly

12/20/2033

2,235

342

(75)

267

Republic

of

Turkey

1.00

Quarterly

12/20/2029

790

58

(4)

54

Republic

of

Turkey

1.00

Quarterly

6/20/2034

3,350

541

5

546

State

of

Qatar

1.00

Quarterly

6/20/2029

5,900

(125)

(21)

(146)

State

of

Qatar

1.00

Quarterly

12/20/2032

200

(3)

(2)

(5)

State

of

Qatar

1.00

Quarterly

6/20/2033

1,500

(28)

(8)

(36)

United

Mexican

States

1.00

Quarterly

12/20/2027

175

1

(1)

—

^

United

Mexican

States

1.00

Quarterly

6/20/2028

2,960

6

(2)

4

United

Mexican

States

1.00

Quarterly

12/20/2028

3,195

(16)

32

16

United

Mexican

States

1.00

Quarterly

6/20/2029

1,700

(4)

24

20

United

Mexican

States

1.00

Quarterly

6/20/2034

1,850

133

13

146

–

–

–

Total

buy

protection

2,069

(418)

1,651

28

Artisan

Partners

Funds

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

Payment

Made/Received

Termination

Date

Credit

Spread

(bps)

Notional

Amount

***

Upfront

(Payments)

Receipts

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Federative

Republic

of

Brazil

1.00

Quarterly

6/20/2026

102.12

2,050

8

(8)

—

^

Republic

of

Colombia

1.00

Quarterly

6/20/2026

86.67

2,050

9

(4)

5

Republic

of

Turkey

1.00

Quarterly

6/20/2025

68.61

2,050

1

3

4

–

–

–

Total

sell

protection

18

(9)

9

***

If

the

Fund

is

the

seller

of

credit

protection,

the

notional

amount

is

the

maximum

potential

amount

of

future

payments

the

Fund

could

be

required

to

make

if

a

credit

event,

as

defined

in

the

credit

default

swap

agreement,

were

to

occur.

At

December

31,

2024,

such

maximum

potential

amount

for

all

open

credit

default

swaps

in

which

the

Fund

is

the

seller

was

$6,150.

CENTRALLY

CLEARED

INTEREST

RATE

SWAPS

Notional

amounts

and

values

in

thousands

and

reported

in

USD

unless

otherwise

stated

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

WIBOR

semi-annually

4.54

annually

Receive

10/2/2028

PLN

5,100

6

18

24

6

month

PRIBOR

semi-annually

3.95

annually

Pay

12/1/2030

CZK

11,400

2

5

7

4

week

TIIE

monthly

9.88

monthly

Pay

12/24/2025

MXN

172,100

—

12

12

6

month

PRIBOR

semi-annually

3.90

annually

Pay

4/10/2034

CZK

13,000

(8)

24

16

6

month

BUBOR

semi-annually

6.03

annually

Receive

2/20/2033

HUF

160,000

1

6

7

1

day

MIBOR

semi-annually

6.29

semi-annually

Pay

11/4/2029

INR

40,000

—

1

1

1

day

TIIEOIS

monthly

9.88

monthly

Pay

3/18/2026

MXN

172,100

—

^

13

13

1

day

CAONREPO

semi-annually

4.20

semi-annually

Pay

3/20/2026

CAD

11,150

—

^

133

133

–

–

–

Total

positive

value

1

212

213

6

month

WIBOR

semi-annually

5.30

annually

Receive

4/15/2032

PLN

1,491

(3)

(11)

(14)

6

month

WIBOR

semi-annually

6.45

annually

Receive

5/13/2032

PLN

225

—

(6)

(6)

6

month

BUBOR

semi-annually

7.25

annually

Receive

5/13/2032

HUF

38,300

(10)

3

(7)

6

month

BUBOR

semi-annually

8.16

annually

Receive

6/17/2032

HUF

174,000

8

(63)

(55)

6

month

WIBOR

semi-annually

7.45

annually

Receive

6/20/2032

PLN

3,625

(131)

(27)

(158)

6

month

WIBOR

semi-annually

5.11

annually

Receive

3/28/2034

PLN

5,400

(27)

(1)

(28)

6

month

BUBOR

semi-annually

6.46

annually

Receive

3/28/2034

HUF

48,000

—

(1)

(1)

6

month

BUBOR

semi-annually

6.65

annually

Receive

4/10/2034

HUF

41,000

—

(3)

(3)

1

day

THOR

quarterly

2.83

quarterly

Receive

8/17/2033

THB

3,600

—

(5)

(5)

1

day

MIBOR

semi-annually

6.19

semi-annually

Pay

5/26/2033

INR

45,100

—

(1)

(1)

1

day

TONAR

annually

0.92

annually

Receive

1/5/2033

JPY

308,800

(20)

6

(14)

1

day

THOR

quarterly

2.99

quarterly

Receive

9/26/2032

THB

5,300

—

(10)

(10)

1

day

THOR

quarterly

2.59

quarterly

Receive

9/1/2032

THB

7,450

(1)

(6)

(7)

1

day

THOR

quarterly

2.89

quarterly

Receive

6/17/2032

THB

2,750

—

(4)

(4)

1

day

THOR

quarterly

2.95

quarterly

Receive

10/2/2028

THB

23,260

—

(27)

(27)

–

–

–

Total

negative

value

(184)

(156)

(340)

Total

(183)

56

(127)

29

Artisan

Partners

Funds

OTC

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

Counterparty

Termination

Date

Notional

Amount

Upfront

(Payments)

Receipts

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

China

Construction

Bank

Corp.

1.00

Quarterly

JPM

6/20/2029

550

(4)

(6)

(10)

Industrial

&

Commercial

Bank

of

China

Ltd.

1.00

Quarterly

JPM

6/20/2029

450

(3)

(4)

(7)

Industrial

&

Commercial

Bank

of

China

Ltd.

1.00

Quarterly

MS

6/20/2029

100

(2)

—

^

(2)

—

—

—

Total

(9)

(10)

(19)

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

6

(10)

(4)

3

month

KLIBOR

quarterly

3.98

quarterly

Receive

GS

8/15/2033

MYR

1,550

1

(9)

(8)

3

month

KLIBOR

quarterly

3.60

quarterly

Receive

JPM

11/1/2029

MYR

5,000

—

(3)

(3)

–

–

0

0

Total

7

(22)

(15)

REVERSE

REPURCHASE

AGREEMENT

Values

in

thousands

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

value

($)

Face

Value

Including

Accrued

Interest

($)

Type

of

Non

Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

Agreement

Morgan

Stanley

&

Co

International

plc

(3.00)%

9/23/2024

Open

(200)

(200)

Frigorifico

Concepcion

SA

Up

to

25

Years

*

*

Reverse

repurchase

agreement

with

no

specific

maturity

date.

Either

party

may

terminate

the

agreement

upon

demand.

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

GLOBAL

VALUE

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

30

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Ryanair

Holdings

plc,

Equity-Linked

Security

7/3/2024

-

10/22/2024

$

16,872

$

18,815

0.8%

Shares

Held

Value

COMMON

STOCKS

AND

EQUITY-LINKED

SECURITY

-

94.2%

BELGIUM

-

0.9%

Groupe

Bruxelles

Lambert

NV

314

$

21,509

CHINA

-

2.3%

Alibaba

Group

Holding

Ltd.

5,079

53,887

FRANCE

-

7.0%

Danone

SA

(1)

1,468

99,053

Sodexo

SA

379

31,247

TotalEnergies

SE

605

33,421

163,721

GERMANY

-

6.0%

Daimler

Truck

Holding

AG

(1)

627

23,941

Heidelberg

Materials

AG

(1)

953

117,767

141,708

IRELAND

-

0.8%

Ryanair

Holdings

plc,

Equity-Linked

Security

(1)(2)(3)

*

953

18,815

NETHERLANDS

-

6.9%

Heineken

NV

555

39,526

Koninklijke

Philips

NV

*

3,402

85,989

Universal

Music

Group

NV

1,424

36,467

161,982

SOUTH

KOREA

-

3.0%

Samsung

Electronics

Co.

Ltd.

(1)

1,986

71,670

SWITZERLAND

-

8.6%

Cie

Financiere

Richemont

SA

(1)

344

52,287

Novartis

AG

(1)

924

89,950

UBS

Group

AG

(1)

1,980

60,393

202,630

UNITED

KINGDOM

-

10.4%

BAE

Systems

plc

2,957

42,517

Compass

Group

plc

2,813

93,739

Diageo

plc

1,105

35,100

Lloyds

Banking

Group

plc

52,682

36,129

Reckitt

Benckiser

Group

plc

610

36,889

244,374

UNITED

STATES

-

48.3%

Alphabet,

Inc.,

Class

A

604

114,274

American

Express

Co.

362

107,507

Aon

plc,

Class

A

89

31,913

Bank

of

New

York

Mellon

Corp.

(The)

1,303

100,117

Berkshire

Hathaway,

Inc.,

Class

B

*

204

92,287

Charles

Schwab

Corp.

(The)

1,483

109,753

Citigroup,

Inc.

917

64,580

Elevance

Health,

Inc.

238

87,858

Henry

Schein,

Inc.

*

512

35,463

Lam

Research

Corp.

419

30,254

Marsh

&

McLennan

Cos.,

Inc.

283

60,218

Meta

Platforms,

Inc.,

Class

A

166

97,351

PayPal

Holdings,

Inc.

*

289

24,631

Progressive

Corp.

(The)

324

77,546

Shell

plc

2,397

74,309

Southwest

Airlines

Co.

882

29,652

1,137,713

Total

common

stocks

and

equity-linked

security

(

Cost

$1,448,005)

2,218,009

Shares

Held

Value

SHORT-TERM

INVESTMENT

-

4.8%

2

INVESTMENT

COMPANY

-

4.8%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(4)

(Cost

$112,505)

112,505

$

112,505

Total

investments

-

99.0%

(Cost

$1,560,510)

2,330,514

Other

assets

less

liabilities

-

1.0%

24,520

Total

net

assets

-

100.0%

#

$

2,355,034

(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

$533,876,

or

22.7%

of

total

net

assets.

See

notes

(2)

and

(3)

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.

(3)

Security

is

an

equity-linked

security

issued

by

HSBC

Bank

plc.

Eequity-linked

securities

are

subject

to

counterparty

risk

with

respect

to

the

bank

or

broker-dealer

that

issues

them.

(4)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

248,092

10

.7

%

Consumer

Discretionary

231,160

9

.9

Consumer

Staples

210,568

9

.0

Energy

107,730

4

.6

Financials

786,583

33

.8

Health

Care

299,260

12

.8

Industrials

114,925

4

.9

Information

Technology

101,924

4

.4

Materials

117,767

5

.1

Short-Term

Investment

112,505

4

.8

Total

investments

$

2,330,514

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

CHF

$

202,630

8

.7

%

EUR

488,920

21

.0

GBP

318,683

13

.6

HKD

53,887

2

.3

KRW

71,670

3

.1

USD

1,194,724

51

.3

Total

investments

$

2,330,514

100

.0

%

31

Artisan

Partners

Funds

FOREIGN

CURRENCY

FORWARD

CONTRACTS

Values

in

thousands

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

55,783

CNH

401,599

JPM

12/17/2025

$

16

Total

unrealized

appreciation

16

CNH

39,549

USD

5,533

JPM

12/17/2025

(

41

)

Total

unrealized

depreciation

(

41

)

Net

unrealized

depreciation

$

(

25

)

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

HIGH

INCOME

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Principal

amount,

shares

and

values

in

thousands

and

reported

in

USD

unless

otherwise

stated

32

Artisan

Partners

Funds

Principal

Amount

Value

CORPORATE

BONDS

-

71.3%

AEROSPACE

&

DEFENSE

-

0

.2

%

TransDigm,

Inc.

6.63%,

3/1/2032

(1)

16,145

$

16,291

BROADLINE

RETAIL

-

1

.7

%

Nordstrom,

Inc.

4.00%,

3/15/2027

14,636

13,971

4.25%,

8/1/2031

21,278

18,609

4.38%,

4/1/2030

56,341

51,154

5.00%,

1/15/2044

98,226

73,435

157,169

BUILDING

PRODUCTS

-

0

.4

%

Eco

Material

Technologies,

Inc.

7.88%,

1/31/2027

(1)

35,525

36,099

CHEMICALS

-

1

.7

%

Methanex

Corp.

5.13%,

10/15/2027

(2)

28,114

27,515

5.25%,

12/15/2029

(2)

91,452

88,128

5.65%,

12/1/2044

(2)

4,854

4,165

SK

Invictus

Intermediate

II

SARL

5.00%,

10/30/2029

(1)

35,487

33,061

152,869

COMMERCIAL

SERVICES

&

SUPPLIES

-

0

.4

%

Veritiv

Operating

Co.

10.50%,

11/30/2030

(1)

29,753

32,043

CONSTRUCTION

&

ENGINEERING

-

0

.3

%

Signature

Aviation

US

Holdings,

Inc.

4.00%,

3/1/2028

(1)

32,372

28,892

CONSUMER

FINANCE

-

0

.2

%

OneMain

Finance

Corp.

6.63%,

5/15/2029

7,802

7,899

7.88%,

3/15/2030

8,312

8,671

16,570

CONTAINERS

&

PACKAGING

-

1

.8

%

Ardagh

Metal

Packaging

Finance

USA

LLC

3.00%,

9/1/2029

EUR

8,242

7,277

3.25%,

9/1/2028

(1)

41,534

37,159

4.00%,

9/1/2029

(1)

53,994

46,381

6.00%,

6/15/2027

(1)

6,023

5,976

Canpack

SA

3.88%,

11/15/2029

(1)(2)

3,536

3,184

Iris

Holding,

Inc.

10.00%,

12/15/2028

(1)

39,938

37,958

Pactiv

Evergreen

Group

Issuer,

Inc.

4.00%,

10/15/2027

(1)

26,608

26,388

164,323

DISTRIBUTORS

-

0

.8

%

American

Builders

&

Contractors

Supply

Co.,

Inc.

3.88%,

11/15/2029

(1)

4,150

3,764

Gates

Corp.

6.88%,

7/1/2029

(1)

28,074

28,557

Windsor

Holdings

III

LLC

8.50%,

6/15/2030

(1)

43,264

45,523

77,844

Principal

Amount

Value

DIVERSIFIED

CONSUMER

SERVICES

-

0

.4

%

Wand

NewCo

3,

Inc.

7.63%,

1/30/2032

(1)

32,851

$

33,742

DIVERSIFIED

REITS

-

0

.8

%

Global

Net

Lease,

Inc.

3.75%,

12/15/2027

(1)

53,117

48,476

Necessity

Retail

REIT,

Inc.

(The)

4.50%,

9/30/2028

(1)

31,343

28,695

77,171

DIVERSIFIED

TELECOMMUNICATION

SERVICES

-

8

.4

%

Altice

France

SA

5.13%,

1/15/2029

(1)(2)

4,830

3,636

5.13%,

7/15/2029

(1)(2)

46,069

34,500

5.50%,

10/15/2029

(1)(2)

110,981

83,128

CCO

Holdings

LLC

4.25%,

2/1/2031

(1)

95,593

83,312

4.25%,

1/15/2034

(1)

24,208

19,640

4.50%,

8/15/2030

(1)

108,069

97,002

4.50%,

5/1/2032

94,019

80,872

4.75%,

3/1/2030

(1)

39,605

36,166

5.00%,

2/1/2028

(1)

18,210

17,552

5.13%,

5/1/2027

(1)

26,053

25,600

6.38%,

9/1/2029

(1)

19,741

19,572

Virgin

Media

Finance

plc

5.00%,

7/15/2030

(1)(2)

147,527

124,859

Virgin

Media

Secured

Finance

plc

4.50%,

8/15/2030

(1)(2)

25,800

22,283

5.50%,

5/15/2029

(1)(2)

27,393

25,693

Zayo

Group

Holdings,

Inc.

4.00%,

3/1/2027

(1)

51,798

47,771

6.13%,

3/1/2028

(1)

53,801

45,731

767,317

ELECTRICAL

EQUIPMENT

-

1

.2

%

Regal

Rexnord

Corp.

6.05%,

2/15/2026

1,768

1,784

6.05%,

4/15/2028

3,998

4,066

6.30%,

2/15/2030

52,835

54,350

6.40%,

4/15/2033

46,270

47,741

107,941

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

-

0

.1

%

Insight

Enterprises,

Inc.

6.63%,

5/15/2032

(1)

7,247

7,288

FINANCIAL

SERVICES

-

0

.4

%

Block,

Inc.

3.50%,

6/1/2031

7,513

6,615

6.50%,

5/15/2032

(1)

20,070

20,264

Shift4

Payments

LLC

6.75%,

8/15/2032

(1)

11,704

11,904

38,783

FOOD

PRODUCTS

-

0

.3

%

Chobani

Holdco

II

LLC

8.75%

Cash,

9.50%

PIK,

10/1/2029

(1)

15,318

15,912

Fiesta

Purchaser,

Inc.

9.63%,

9/15/2032

(1)

4,659

4,881

33

Artisan

Partners

Funds

Principal

Amount

Value

FOOD

PRODUCTS

(continued)

H-Food

Holdings

LLC

8.50%,

6/1/2026

(1)(3)

78,005

$

2,340

23,133

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

2

.8

%

Medline

Borrower

LP

3.88%,

4/1/2029

(1)

175,967

162,943

5.25%,

10/1/2029

(1)

59,998

57,902

6.25%,

4/1/2029

(1)

30,184

30,502

251,347

HEALTH

CARE

PROVIDERS

&

SERVICES

-

0

.2

%

HCA,

Inc.

3.50%,

9/1/2030

14,382

13,062

Surgery

Center

Holdings,

Inc.

7.25%,

4/15/2032

(1)

6,505

6,636

19,698

HOTEL

&

RESORT

REITS

-

0

.6

%

XHR

LP

4.88%,

6/1/2029

(1)

56,701

53,491

6.63%,

5/15/2030

(1)

5,449

5,467

58,958

HOTELS,

RESTAURANTS

&

LEISURE

-

13

.4

%

Allwyn

Entertainment

Financing

UK

plc

7.88%,

4/30/2029

(1)(2)

4,660

4,791

Brinker

International,

Inc.

8.25%,

7/15/2030

(1)

3,399

3,590

Carnival

Corp.

4.00%,

8/1/2028

(1)

13,445

12,743

5.75%,

3/1/2027

(1)

120,587

120,321

6.00%,

5/1/2029

(1)

147,473

147,124

7.63%,

3/1/2026

(1)

7,882

7,894

10.50%,

6/1/2030

(1)

18,945

20,235

Carnival

Holdings

Bermuda

Ltd.

10.38%,

5/1/2028

(1)

4,169

4,442

Churchill

Downs,

Inc.

4.75%,

1/15/2028

(1)

18,039

17,401

5.75%,

4/1/2030

(1)

8,334

8,179

Flutter

Treasury

DAC

6.38%,

4/29/2029

(1)(2)

16,286

16,525

Lindblad

Expeditions

Holdings,

Inc.

9.00%,

5/15/2028

(1)

21,875

22,802

Lindblad

Expeditions

LLC

6.75%,

2/15/2027

(1)

39,985

40,000

Merlin

Entertainments

Group

US

Holdings,

Inc.

7.38%,

2/15/2031

(1)(2)

39,437

38,073

MGM

Resorts

International

4.63%,

9/1/2026

4,758

4,692

4.75%,

10/15/2028

40,099

38,397

5.50%,

4/15/2027

2,484

2,469

Motion

Bondco

DAC

6.63%,

11/15/2027

(1)(2)

42,716

40,164

NCL

Corp.

Ltd.

5.88%,

3/15/2026

(1)

54,925

54,850

5.88%,

2/15/2027

(1)

6,824

6,803

7.75%,

2/15/2029

(1)

72,482

76,108

8.13%,

1/15/2029

(1)

16,983

17,896

NCL

Finance

Ltd.

6.13%,

3/15/2028

(1)

135,465

135,900

Royal

Caribbean

Cruises

Ltd.

4.25%,

7/1/2026

(1)

19,431

19,064

5.38%,

7/15/2027

(1)

8,553

8,500

5.50%,

8/31/2026

(1)

26,365

26,339

5.50%,

4/1/2028

(1)

49,465

49,095

Principal

Amount

Value

HOTELS,

RESTAURANTS

&

LEISURE

(continued)

Royal

Caribbean

Cruises

Ltd.

(continued)

6.00%,

2/1/2033

(1)

12,378

$

12,349

6.25%,

3/15/2032

(1)

13,336

13,496

SeaWorld

Parks

&

Entertainment,

Inc.

5.25%,

8/15/2029

(1)

27,708

26,447

Station

Casinos

LLC

4.63%,

12/1/2031

(1)

29,589

26,506

TKC

Holdings,

Inc.

6.88%,

5/15/2028

(1)

71,891

71,077

10.50%,

5/15/2029

(1)

103,265

103,961

Vail

Resorts,

Inc.

6.50%,

5/15/2032

(1)

32,460

32,824

1,231,057

HOUSEHOLD

DURABLES

-

0

.2

%

Tempur

Sealy

International,

Inc.

3.88%,

10/15/2031

(1)

19,694

17,182

INSURANCE

-

13

.0

%

Acrisure

LLC

4.25%,

2/15/2029

(1)

20,011

18,813

6.00%,

8/1/2029

(1)

100,689

96,571

7.50%,

11/6/2030

(1)

37,584

38,701

8.25%,

2/1/2029

(1)

50,006

51,781

8.50%,

6/15/2029

(1)

35,984

37,499

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/2027

(1)

11,678

11,147

5.88%,

11/1/2029

(1)

29,048

27,906

6.50%,

10/1/2031

(1)

54,287

53,751

6.75%,

10/15/2027

(1)

79,202

78,547

7.00%,

1/15/2031

(1)

16,488

16,552

7.38%,

10/1/2032

(1)

13,184

13,305

AmWINS

Group,

Inc.

4.88%,

6/30/2029

(1)

7,360

6,911

6.38%,

2/15/2029

(1)

11,301

11,370

Ardonagh

Finco

Ltd.

7.75%,

2/15/2031

(1)(2)

86,056

88,621

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032

(1)(2)

245,066

254,621

AssuredPartners,

Inc.

5.63%,

1/15/2029

(1)

1,469

1,484

Baldwin

Insurance

Group

Holdings

LLC

7.13%,

5/15/2031

(1)

61,130

62,388

BroadStreet

Partners,

Inc.

5.88%,

4/15/2029

(1)

65,204

63,084

HUB

International

Ltd.

7.25%,

6/15/2030

(1)

54,194

55,535

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/2030

(1)(2)

82,197

86,455

10.50%,

12/15/2030

(1)(2)

60,806

65,739

Ryan

Specialty

LLC

4.38%,

2/1/2030

(1)

7,638

7,171

5.88%,

8/1/2032

(1)

27,358

27,069

1,175,021

IT

SERVICES

-

1

.8

%

Arches

Buyer,

Inc.

4.25%,

6/1/2028

(1)

173,635

159,472

MACHINERY

-

2

.5

%

Calderys

Financing

II

LLC

11.75%

Cash,

12.50%

PIK,

6/1/2028

(1)

32,672

33,222

Calderys

Financing

LLC

11.25%,

6/1/2028

(1)(2)

38,672

41,394

Chart

Industries,

Inc.

7.50%,

1/1/2030

(1)

18,527

19,262

34

Artisan

Partners

Funds

Principal

Amount

Value

MACHINERY

(continued)

Chart

Industries,

Inc.

(continued)

9.50%,

1/1/2031

(1)

12,093

$

12,960

Werner

FinCo.

LP

8.75%

Cash,

5.75%

PIK,

10/15/2028

(1)

50,444

50,196

11.50%,

6/15/2028

(1)

55,221

61,230

218,264

MEDIA

-

3

.8

%

CSC

Holdings

LLC

3.38%,

2/15/2031

(1)

2,366

1,660

4.13%,

12/1/2030

(1)

3,919

2,815

4.50%,

11/15/2031

(1)

16,836

12,122

4.63%,

12/1/2030

(1)

103,809

54,235

5.38%,

2/1/2028

(1)

8,953

7,724

5.50%,

4/15/2027

(1)

12,343

11,047

6.50%,

2/1/2029

(1)

21,242

17,832

7.50%,

4/1/2028

(1)

57,856

39,641

11.25%,

5/15/2028

(1)

16,145

15,934

11.75%,

1/31/2029

(1)

11,465

11,323

DISH

Network

Corp.

11.75%,

11/15/2027

(1)

33,558

35,544

Sinclair

Television

Group,

Inc.

5.13%,

2/15/2027

(1)

42,744

38,897

5.50%,

3/1/2030

(1)

22,198

14,984

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/2028

(1)(2)

22,722

21,421

Ziggo

Bond

Co.

BV

5.13%,

2/28/2030

(1)(2)

18,989

17,109

6.00%,

1/15/2027

(1)(2)

27,070

26,851

Ziggo

BV

4.88%,

1/15/2030

(1)(2)

24,246

22,278

351,417

METALS

&

MINING

-

1

.2

%

Commercial

Metals

Co.

3.88%,

2/15/2031

3,702

3,271

4.13%,

1/15/2030

12,069

11,093

Compass

Minerals

International,

Inc.

6.75%,

12/1/2027

(1)

94,942

93,508

107,872

OIL,

GAS

&

CONSUMABLE

FUELS

-

1

.8

%

Comstock

Resources,

Inc.

6.75%,

3/1/2029

(1)

36,594

35,573

CrownRock

LP

5.00%,

5/1/2029

(1)

29,058

29,422

Magnolia

Oil

&

Gas

Operating

LLC

6.88%,

12/1/2032

(1)

7,783

7,705

MEG

Energy

Corp.

5.88%,

2/1/2029

(1)(2)

66,098

64,519

Strathcona

Resources

Ltd.

6.88%,

8/1/2026

(1)(2)

28,417

28,467

165,686

PAPER

&

FOREST

PRODUCTS

-

0

.4

%

Ahlstrom

Holding

3

Oy

4.88%,

2/4/2028

(1)(2)

33,404

31,734

PASSENGER

AIRLINES

-

4

.3

%

Delta

Air

Lines,

Inc.

3.75%,

10/28/2029

54,212

50,579

4.38%,

4/19/2028

9,849

9,605

7.38%,

1/15/2026

37,312

38,115

VistaJet

Malta

Finance

plc

6.38%,

2/1/2030

(1)(2)(4)

249,609

218,114

7.88%,

5/1/2027

(1)(2)(4)

57,489

55,958

Principal

Amount

Value

PASSENGER

AIRLINES

(continued)

VistaJet

Malta

Finance

plc

(continued)

9.50%,

6/1/2028

(1)(2)(4)

19,631

$

19,754

392,125

PERSONAL

CARE

PRODUCTS

-

1

.1

%

BellRing

Brands,

Inc.

7.00%,

3/15/2030

(1)

77,724

79,603

Prestige

Brands,

Inc.

3.75%,

4/1/2031

(1)

22,886

20,094

99,697

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.3

%

Anywhere

Real

Estate

Group

LLC

5.75%,

1/15/2029

(1)

36,031

28,812

SOFTWARE

-

0

.9

%

Castle

US

Holding

Corp.

9.50%,

2/15/2028

(1)

25,953

11,993

SS&C

Technologies,

Inc.

6.50%,

6/1/2032

(1)

20,066

20,241

UKG,

Inc.

6.88%,

2/1/2031

(1)

56,607

57,430

89,664

SPECIALIZED

REITS

-

0

.2

%

Iron

Mountain,

Inc.

5.00%,

7/15/2028

(1)

2,053

1,984

5.25%,

7/15/2030

(1)

16,752

15,991

17,975

SPECIALTY

RETAIL

-

2

.0

%

Asbury

Automotive

Group,

Inc.

4.63%,

11/15/2029

(1)

27,360

25,463

Bath

&

Body

Works,

Inc.

6.63%,

10/1/2030

(1)

9,413

9,481

6.75%,

7/1/2036

10,753

10,928

6.88%,

11/1/2035

26,806

27,428

Cougar

JV

Subsidiary

LLC

8.00%,

5/15/2032

(1)

20,809

21,592

Evergreen

Acqco

1

LP

9.75%,

4/26/2028

(1)

15,068

15,843

Gap,

Inc.

(The)

3.63%,

10/1/2029

(1)

38,970

34,993

3.88%,

10/1/2031

(1)

26,947

23,302

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/2029

(1)

15,552

15,783

184,813

TEXTILES,

APPAREL

&

LUXURY

GOODS

-

0

.3

%

S&S

Holdings

LLC

8.38%,

10/1/2031

(1)

23,096

23,259

TRADING

COMPANIES

&

DISTRIBUTORS

-

0

.3

%

United

Rentals

North

America,

Inc.

6.00%,

12/15/2029

(1)

23,069

23,274

WIRELESS

TELECOMMUNICATION

SERVICES

-

1

.1

%

Altice

France

Holding

SA

6.00%,

2/15/2028

(1)(2)

89,835

23,710

10.50%,

5/15/2027

(1)(2)

25,971

7,572

Vmed

O2

UK

Financing

I

plc

4.25%,

1/31/2031

(1)(2)

42,712

36,450

7.75%,

4/15/2032

(1)(2)

32,524

32,780

100,512

Total

corporate

bonds

(

Cost

$6,690,807)

6,485,314

35

Artisan

Partners

Funds

Principal

Amount

Value

BANK

LOANS

-

17.6%

AUTOMOBILE

COMPONENTS

-

0

.5

%

Wheel

Pros,

Inc.

First

Lien

Term

Loan

(SOFR

+

6.00%),

10.55%,

12/3/2029

(5)

48,224

$

48,224

CAPITAL

MARKETS

-

0

.5

%

CPI

Holdco

B

LLC

First

Lien

Term

Loan

B

(SOFR

+

2.25%),

6.03%,

5/19/2031

(5)

23,225

23,196

Summit

Acquisition,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.08%,

10/16/2031

(5)

15,495

15,572

38,768

COMMERCIAL

SERVICES

-

0

.3

%

Digital

Room

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.25%),

9.71%,

12/21/2028

(5)

28,397

27,545

COMMUNICATIONS

EQUIPMENT

-

0

.9

%

Delta

Topco,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.50%),

8.20%,

11/30/2029

(5)

25,632

25,818

Delta

Topco,

Inc.

Second

Lien

Term

Loan

(SOFR

+

5.25%),

9.95%,

12/24/2030

(5)

51,167

51,832

77,650

CONTAINERS

&

PACKAGING

-

0

.9

%

Iris

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.75%),

9.44%,

6/28/2028

(5)

86,036

82,717

DISTRIBUTORS

-

0

.5

%

Verde

Purchaser

LLC

First

Lien

Term

Loan

(SOFR

+

4.50%),

8.83%,

11/30/2030

(5)

33,714

33,791

Verde

Purchaser

LLC

First

Lien

Term

Loan

B

(SOFR

+

4.50%),

8.81%,

11/29/2030

(5)

5,766

5,780

39,571

DIVERSIFIED

CONSUMER

SERVICES

-

0

.6

%

Wand

NewCo

3,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.61%,

1/30/2031

(5)

50,303

50,458

DIVERSIFIED

TELECOMMUNICATION

SERVICES

-

0

.3

%

Zayo

Group

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.47%,

3/9/2027

(5)

32,169

30,065

ENTERTAINMENT

-

0

.6

%

J&J

Ventures

Gaming

LLC

Delayed

Draw

First

Lien

Term

Loan

(SOFR

+

4.25%),

8.72%,

4/26/2028

(5)

41,152

41,255

J&J

Ventures

Gaming

LLC

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.47%,

4/26/2028

(5)

13,139

13,200

54,455

FOOD

PRODUCTS

-

2

.0

%

1440

Foods

Topco

LLC

First

Lien

Term

Loan

(SOFR

+

5.00%),

9.36%,

11/5/2031

(5)

136,185

129,546

H-Food

Holdings

LLC

First

Lien

Term

Loan

(US

Prime

Rate

+

4.69%),

12.19%,

5/23/2025

(5)

47,942

30,203

H-Food

Holdings

LLC

First

Lien

Term

Loan

B2

(US

Prime

Rate

+

3.00%),

10.50%,

5/23/2025

(5)

32,745

20,629

H-Food

Holdings

LLC

First

Lien

Term

Loan

B3

(SOFR

+

5.00%),

9.57%,

5/23/2025

(5)

11,004

6,932

187,310

FOOD

SERVICE

-

1

.0

%

TKC

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.00%),

9.36%,

5/15/2028

(5)

70,883

71,636

TKC

Midco

1

LLC

First

Lien

Term

Loan

12.00%

Cash,

13.50%

PIK,

2/16/2027

23,234

20,969

92,605

GROUND

TRANSPORTATION

-

0

.2

%

Vortex

Opco

LLC

First

Lien

Term

Loan

(SOFR

+

6.25%),

10.58%,

4/30/2030

(5)

15,607

16,114

Principal

Amount

Value

HEALTH

CARE

PROVIDERS

&

SERVICES

-

0

.3

%

Surgery

Center

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

2.75%),

7.09%,

12/19/2030

(5)

23,559

$

23,720

HOTELS,

RESTAURANTS

&

LEISURE

-

0

.4

%

BCPE

Grill

Parent,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.75%),

9.11%,

9/30/2030

(5)

40,710

39,820

INSURANCE

-

1

.2

%

Ardonagh

Group

Finco

Pty.

Ltd.

First

Lien

Term

Loan

B

(SOFR

+

3.75%),

8.51%,

2/18/2031

(2)(5)

39,731

39,930

AssuredPartners,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.50%),

7.86%,

2/14/2031

(5)

3,073

3,077

Goosehead

Insurance

Holdings

LLC

First

Lien

Term

Loan

B

(SOFR

+

3.50%),

7.67%,

12/11/2031

(5)

9,493

9,540

HUB

International

Ltd.

First

Lien

Term

Loan

(SOFR

+

2.75%),

7.37%,

6/20/2030

(5)

5,700

5,728

OneDigital

Borrower

LLC

Second

Lien

Term

Loan

(SOFR

+

5.25%),

9.61%,

7/2/2032

(5)

14,040

13,961

Truist

Insurance

Holdings

LLC

Second

Lien

Term

Loan

(SOFR

+

4.75%),

9.08%,

5/6/2032

(5)

25,439

25,985

98,221

INVESTMENT

COMPANIES

-

1

.4

%

Nexus

Buyer

LLC

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.36%,

7/31/2031

(5)

61,719

61,874

Nexus

Buyer

LLC

Second

Lien

Term

Loan

(SOFR

+

6.25%),

10.71%,

11/1/2029

(5)

62,871

62,680

124,554

IT

SERVICES

-

0

.5

%

Arches

Buyer,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.25%),

7.71%,

12/6/2027

(5)

49,508

48,284

LEISURE

PRODUCTS

-

1

.8

%

Bulldog

Purchaser,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.06%,

6/30/2031

(5)

1,155

1,162

(SOFR

+

4.25%),

8.85%,

6/27/2031

(5)

11,089

11,154

Bulldog

Purchaser,

Inc.

Second

Lien

Term

Loan

(SOFR

+

6.75%),

11.35%,

6/28/2032

(5)

9,545

9,513

GSM

Holdings,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.00%),

9.33%,

9/29/2031

(5)

149,975

146,413

168,242

RETAIL

-

CONSUMER

STAPLES

-

0

.0

%

^

Arthur

US

Finco,

Inc.

First

Lien

Term

Loan

(SOFR

+

5.25%),

9.85%,

12/14/2029

(5)

8

7

SOFTWARE

-

3

.2

%

Applied

Systems,

Inc.

First

Lien

Term

Loan

B

(SOFR

+

3.00%),

7.33%,

2/24/2031

(5)

44,408

44,807

Applied

Systems,

Inc.

Second

Lien

Term

Loan

(SOFR

+

5.25%),

9.58%,

2/23/2032

(5)

19,044

19,568

Castle

US

Holding

Corp.

First

Lien

Term

Loan

(SOFR

+

3.75%),

8.53%,

1/29/2027

(5)

4,802

2,813

Constant

Contact,

Inc.

Second

Lien

Term

Loan

(SOFR

+

7.50%),

12.42%,

2/12/2029

(5)

28,018

22,508

Ellucian

Holdings,

Inc.

Second

Lien

Term

Loan

(SOFR

+

4.75%),

9.11%,

11/15/2032

(5)

7,727

7,856

Orchid

Merger

Sub

II

LLC

First

Lien

Term

Loan

(SOFR

+

4.75%),

9.21%,

7/27/2027

(5)

21,753

13,052

Renaissance

Holdings

Corp.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.36%,

4/5/2030

(5)

61,047

60,852

Reorg

Mobileum

Acquisitionco

LLC

First

Lien

Term

Loan

A

(SOFR

+

1.00%),

5.45%,

9/11/2029

(5)

7,806

7,455

Rithum

Holdings,

Inc.

Second

Lien

Term

Loan

(SOFR

+

7.00%),

11.80%,

12/29/2028

(5)

10,610

8,736

36

Artisan

Partners

Funds

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,

10.50%,

5/15/2027

Luxembourg

USD

Altice

France

Holding

SA,

6.00%,

2/15/2028

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%,

10/15/2029

France

USD

Ardonagh

Finco

Ltd.,

7.75%,

2/15/2031

United

Kingdom

USD

Ardonagh

Group

Finance

Ltd.,

8.88%,

2/15/2032

United

Kingdom

USD

Ardonagh

Group

Finco

Pty.

Ltd.

First

Lien

Term

Loan

B,

8.51%,

2/18/2031

United

Kingdom

USD

Calderys

Financing

LLC,

11.25%,

6/1/2028

France

USD

Canpack

SA,

3.88%,

11/15/2029

Poland

USD

Flutter

Treasury

DAC,

6.38%,

4/29/2029

Ireland

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

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

2/15/2031

United

Kingdom

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

Virgin

Media

Finance

plc,

5.00%,

7/15/2030

United

Kingdom

USD

Virgin

Media

Secured

Finance

plc,

5.50%,

5/15/2029

United

Kingdom

USD

Virgin

Media

Secured

Finance

plc,

4.50%,

8/15/2030

United

Kingdom

USD

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

7/15/2028

United

Kingdom

USD

VistaJet

Malta

Finance

plc,

7.88%,

5/1/2027

Switzerland

USD

VistaJet

Malta

Finance

plc,

9.50%,

6/1/2028

Switzerland

USD

VistaJet

Malta

Finance

plc,

6.38%,

2/1/2030

Switzerland

USD

Vmed

O2

UK

Financing

I

plc,

4.25%,

1/31/2031

United

Kingdom

USD

Vmed

O2

UK

Financing

I

plc,

7.75%,

4/15/2032

United

Kingdom

USD

Ziggo

Bond

Co.

BV,

6.00%,

1/15/2027

Netherlands

USD

Ziggo

Bond

Co.

BV,

5.13%,

2/28/2030

Netherlands

USD

Ziggo

BV,

4.88%,

1/15/2030

Netherlands

USD

Principal

Amount

Value

SOFTWARE

(continued)

UKG,

Inc.

First

Lien

Term

Loan

(SOFR

+

3.00%),

7.62%,

2/10/2031

(5)

105,213

$

105,880

293,527

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

-

0

.2

%

Ivanti

Software,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.90%,

12/1/2027

(5)

23,959

16,322

Ivanti

Software,

Inc.

First

Lien

Term

Loan

B1

(SOFR

+

4.25%),

9.12%,

12/1/2027

(5)

4,674

3,202

Ivanti

Software,

Inc.

Second

Lien

Term

Loan

(SOFR

+

7.25%),

12.12%,

12/1/2028

(5)

6,435

3,523

23,047

TRANSPORTATION

-

0

.2

%

SIRVA

Worldwide,

Inc.

First

Lien

Term

Loan

(SOFR

+

8.00%),

12.35%,

8/20/2029

(5)

10,330

10,072

(SOFR

+

8.00%),

12.52%,

8/20/2029

(5)

24,590

10,082

20,154

WIRELESS

TELECOMMUNICATION

SERVICES

-

0

.1

%

CCI

Buyer,

Inc.

First

Lien

Term

Loan

(SOFR

+

4.00%),

8.33%,

12/17/2027

(5)

11,447

11,443

Total

bank

loans

(

Cost

$1,647,999)

1,596,501

Shares

Held

COMMON

STOCKS

-

0.2%

MACHINERY

-

0.1%

Utex

Equity

(3)

*

364

13,331

SOFTWARE

-

0.1%

Matrix

Exit

Equity

*

355

5,500

TRANSPORTATION

-

0.0%

^

SIRVA

Worldwide,

Inc.

*

47

118

Total

common

stocks

(

Cost

$12,310)

18,949

PREFERRED

STOCK

-

0.0%

^

TRANSPORTATION

-

0.0%

^

Sirva

Worldwide

Preferred

Stock

(Cost

$1,216)

*

11

2,174

No.

of

Warrants

‡

WARRANTS

-

0.0%

FINANCIAL

SERVICES

-

0.0%

Carnelian

Point

Holdings

LP,

expiring

6/30/2027,

strike

price

10

(Cost

$—)

(3)(6)(7)

*

71

—

Shares

Held

SHORT-TERM

INVESTMENT

-

11.5%

INVESTMENT

COMPANY

-

11.5%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(8)(9)

(Cost

$1,044,901)

1,044,901

1,044,901

Total

investments

-

100.6%

(Cost

$9,397,233)

9,147,839

Other

assets

less

liabilities

-

(0.6%)

(58,775)

Total

net

assets

-

100.0%

#

$

9,089,064

(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.

(3)

Defaulted

securities.

(4)

All

or

a

portion

of

security

is

on

loan

at

December

31,

2024.

(5)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

Interest

rates

reset

periodically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

The

interest

rate

shown

is

the

current

rate

as

of

December

31,

2024.

(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

$0,

or

0.0%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(8)

Security

is

partially

used

as

collateral

for

securities

lending.

At

December

31,

2024,

the

Fund

had

loaned

securities

with

a

total

value

of

$47,034.

This

was

collateralized

by

cash

of

$48,068

which

was

subsequently

invested

in

an

investment

company.

(9)

Represents

the

current

yield

as

of

December

31,

2024.

37

Artisan

Partners

Funds

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

1,315,209

14

.4

%

Consumer

Discretionary

2,071,381

22

.7

Consumer

Staples

402,752

4

.4

Energy

165,686

1

.8

Financials

1,491,917

16

.3

Health

Care

294,765

3

.2

Industrials

934,365

10

.2

Information

Technology

704,432

7

.7

Materials

539,515

5

.9

Real

Estate

182,916

2

.0

Short-Term

Investment

1,044,901

11

.4

Total

investments

$

9,147,839

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

EUR

$

7,277

0

.1

%

USD

9,140,562

99

.9

Total

investments

$

9,147,839

100

.0

%

FOREIGN

CURRENCY

FORWARD

CONTRACTS

Values

in

thousands

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

USD

7,860

EUR

7,176

BOA

1/14/2025

$

424

Total

unrealized

appreciation

424

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

INTERNATIONAL

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

38

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

AND

EQUITY-LINKED

SECURITY

-

92.5%

BELGIUM

-

4

.3

%

Anheuser-Busch

InBev

SA/NV

940

$

46,978

Anheuser-Busch

InBev

SA/NV,

ADR

455

22,788

UCB

SA

716

142,552

212,318

CANADA

-

3

.1

%

Canadian

Pacific

Kansas

City

Ltd.

1,769

128,067

TransAlta

Corp.

1,813

25,642

153,709

CHINA

-

0

.9

%

Tencent

Music

Entertainment

Group,

ADR

3,794

43,067

DENMARK

-

5

.6

%

Danske

Bank

A/S

(1)

3,459

97,865

NKT

A/S

(1)

*

513

36,729

Novo

Nordisk

A/S,

Class

B

(1)

1,193

102,690

Novonesis

(Novozymes)

B,

Class

B

(1)

693

39,122

276,406

FRANCE

-

12

.0

%

Accor

SA

1,056

51,462

Air

Liquide

SA

909

147,693

AXA

SA

1,484

52,742

BNP

Paribas

SA

796

48,841

Bureau

Veritas

SA

1,070

32,507

Cie

de

Saint-Gobain

SA

673

59,764

Engie

SA

4,263

67,612

EssilorLuxottica

SA

41

9,940

Pernod

Ricard

SA

245

27,634

Safran

SA

408

89,617

587,812

GERMANY

-

11

.2

%

Allianz

SE

(1)

308

94,306

Deutsche

Boerse

AG

(1)

694

159,810

Deutsche

Telekom

AG

(1)

6,922

207,145

Vonovia

SE

(1)

2,840

86,197

547,458

IRELAND

-

2

.0

%

Ryanair

Holdings

plc,

Equity-Linked

Security

(1)(2)(3)

*

4,906

96,882

ITALY

-

3

.4

%

BFF

Bank

SpA

(1)(4)

4,599

43,987

Mediobanca

Banca

di

Credito

Finanziario

SpA

(1)

3,383

49,297

UniCredit

SpA

(1)

621

24,793

Wizz

Air

Holdings

plc

(4)

*

2,682

48,319

166,396

JAPAN

-

6

.3

%

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(1)

1,778

28,045

Mitsubishi

UFJ

Financial

Group,

Inc.

(1)

7,433

87,167

Nippon

Sanso

Holdings

Corp.

(1)

2,181

60,562

Otsuka

Holdings

Co.

Ltd.

(1)

766

41,527

Sumitomo

Mitsui

Financial

Group,

Inc.

(1)

2,721

65,532

Tokyo

Gas

Co.

Ltd.

(1)

885

24,578

307,411

MEXICO

-

1

.4

%

Cemex

SAB

de

CV,

ADR

6,347

35,798

Wal-Mart

de

Mexico

SAB

de

CV

12,245

32,230

68,028

Shares

Held

Value

NETHERLANDS

-

4

.2

%

Argenx

SE

*

102

$

63,166

Argenx

SE,

ADR

*

204

125,624

Heineken

NV

266

18,894

207,684

RUSSIA

-

0

.0

%

Sberbank

of

Russia

PJSC

(1)(5)(6)

38,445

—

SOUTH

KOREA

-

2

.8

%

Hanwha

Aerospace

Co.

Ltd.

(1)

*

225

49,589

LIG

Nex1

Co.

Ltd.

(1)

*

330

49,220

Samsung

Electronics

Co.

Ltd.

(1)

1,100

39,690

138,499

SPAIN

-

1

.8

%

Aena

SME

SA

(4)

424

86,740

SWITZERLAND

-

9

.1

%

Galderma

Group

AG

(1)

*

470

52,124

Medacta

Group

SA

(1)(4)

329

38,629

SGS

SA

(1)

895

89,606

UBS

Group

AG

(1)

8,650

263,785

444,144

UNITED

KINGDOM

-

17

.0

%

3i

Group

plc

1,050

46,855

British

American

Tobacco

plc

3,166

114,133

Flutter

Entertainment

plc

(LSE)

*

21

5,570

Flutter

Entertainment

plc

(NYSE)

*

153

39,454

London

Stock

Exchange

Group

plc

466

65,842

Melrose

Industries

plc

20,121

139,499

National

Grid

plc

20,216

240,435

Reckitt

Benckiser

Group

plc

1,080

65,330

RELX

plc

2,488

113,041

830,159

UNITED

STATES

-

7

.4

%

Amazon.com,

Inc.

*

663

145,413

Aon

plc,

Class

A

373

133,833

Nestle

SA

(1)

547

44,851

Swiss

Re

AG

(1)

265

38,325

362,422

Total

common

stocks

and

equity-linked

security

(

Cost

$3,889,889)

4,529,135

SHORT-TERM

INVESTMENT

-

6.9%

2

INVESTMENT

COMPANY

-

6.9%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(7)

(Cost

$336,201)

336,201

336,201

Total

investments

-

99.4%

(Cost

$4,226,090)

4,865,336

Other

assets

less

liabilities

-

0.6%

27,647

Total

net

assets

-

100.0%

#

$

4,892,983

(1)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

In

total,

securities

valued

at

a

fair

value

were

$2,012,053,

or

41.1%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

39

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Ryanair

Holdings

plc,

Equity-Linked

Security

11/14/2013

-

10/22/2024

$

76,103

$

96,882

2.0%

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Sberbank

of

Russia

PJSC

9/16/2021

-

2/11/2022

$

159,810

$

–

0.0%

(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.

(3)

Security

is

an

equity-linked

security

issued

by

HSBC

Bank

plc.

Eequity-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,

2024,

the

value

of

these

securities

was

$217,675

or

4.4%

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.

(7)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

250,212

5

.1

%

Consumer

Discretionary

241,899

5

.0

Consumer

Staples

400,883

8

.2

Financials

1,272,980

26

.2

Health

Care

576,252

11

.8

Industrials

1,019,580

21

.0

Information

Technology

39,690

0

.8

Materials

283,175

5

.8

Real

Estate

86,197

1

.8

Utilities

358,267

7

.4

Short-Term

Investment

336,201

6

.9

Total

investments

$

4,865,336

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

CAD

$

153,709

3

.2

%

CHF

527,320

10

.8

DKK

276,406

5

.7

EUR

1,611,677

33

.1

GBP

839,024

17

.3

JPY

307,411

6

.3

KRW

138,499

2

.8

MXN

32,230

0

.7

RUB

–

0

.0

USD

979,060

20

.1

Total

investments

$

4,865,336

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

INTERNATIONAL

EXPLORER

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

40

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

85.1%

ARGENTINA

-

4

.0

%

Despegar.com

Corp.

*

410

$

7,891

AUSTRALIA

-

2

.8

%

Steadfast

Group

Ltd.

1,564

5,615

BRAZIL

-

1

.2

%

Pluxee

NV

121

2,354

CANADA

-

2

.4

%

Knight

Therapeutics,

Inc.

*

685

2,544

Real

Matters,

Inc.

*

468

2,130

4,674

DENMARK

-

0

.4

%

ALK-Abello

A/S,

Class

B

(1)

*

33

728

FRANCE

-

4

.9

%

Alten

SA

118

9,626

GERMANY

-

3

.7

%

AlzChem

Group

AG

(1)

66

3,910

Hensoldt

AG

(1)

94

3,350

7,260

INDIA

-

1

.2

%

Care

Ratings

Ltd.

145

2,332

INDONESIA

-

1

.7

%

Mitra

Adiperkasa

Tbk.

PT

(1)

39,010

3,390

IRELAND

-

10

.0

%

Glenveagh

Properties

plc

(2)

*

11,907

19,735

ITALY

-

0

.8

%

Sesa

SpA

(1)

24

1,565

JAPAN

-

12

.0

%

Kansai

Paint

Co.

Ltd.

(1)

404

5,774

Sato

Holdings

Corp.

(1)

506

7,042

Zuken,

Inc.

(1)

415

10,856

23,672

NORWAY

-

1

.1

%

Spir

Group

ASA

(1)

*

2,925

2,180

SOUTH

AFRICA

-

1

.3

%

Famous

Brands

Ltd.

730

2,669

SOUTH

KOREA

-

1

.8

%

Vitzrocell

Co.

Ltd.

(1)

*

251

3,606

SWITZERLAND

-

3

.2

%

Medmix

AG

(1)(2)

263

2,549

u-blox

Holding

AG

(1)

*

47

3,805

6,354

UNITED

KINGDOM

-

24

.8

%

Allfunds

Group

plc

362

1,893

Essentra

plc

1,882

3,134

FD

Technologies

plc

*

101

2,448

FDM

Group

Holdings

plc

1,027

4,050

IDOX

plc

6,129

4,911

IQE

plc

*

14,659

2,037

Kingfisher

plc

1,411

4,394

LSL

Property

Services

plc

469

1,785

Luxfer

Holdings

plc

395

5,174

M&C

Saatchi

plc

(3)

7,736

16,463

Shares

Held

Value

UNITED

KINGDOM

(continued)

Sabre

Insurance

Group

plc

(2)

1,550

$

2,677

48,966

UNITED

STATES

-

5

.7

%

Impro

Precision

Industries

Ltd.

(2)

20,266

5,088

Signify

NV

(2)

278

6,219

11,307

VIRGIN

ISLANDS,

BRITISH

-

2

.1

%

AdvancedAdvT

Ltd.

*

2,067

4,076

Total

common

stocks

(

Cost

$165,953)

168,000

SHORT-TERM

INVESTMENT

-

14.3%

2

INVESTMENT

COMPANY

-

14.3%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(4)

(Cost

$28,222)

28,222

28,222

Total

investments

-

99.4%

(Cost

$194,175)

196,222

Other

assets

less

liabilities

-

0.6%

1,207

Total

net

assets

-

100.0%

#

$

197,429

(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

$48,755,

or

24.7%

of

total

net

assets.

See

notes

(2)

and

(3)

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,

2024,

the

value

of

these

securities

was

$36,268

or

18.4%

of

net

assets.  

(3)

Affiliated

company

as

defined

under

the

Investment

Company

Act

of

1940.

(4)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

16,463

8

.4

%

Consumer

Discretionary

38,079

19

.4

Financials

14,871

7

.6

Health

Care

5,821

3

.0

Industrials

30,479

15

.5

Information

Technology

45,554

23

.2

Materials

12,818

6

.5

Real

Estate

3,915

2

.0

Short-Term

Investment

28,222

14

.4

Total

investments

$

196,222

100

.0

%

41

Artisan

Partners

Funds

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

AUD

$

5,615

2

.9

%

CAD

4,674

2

.4

CHF

6,354

3

.2

DKK

728

0

.4

EUR

48,652

24

.8

GBP

45,975

23

.4

HKD

5,088

2

.6

IDR

3,390

1

.7

INR

2,332

1

.2

JPY

23,672

12

.1

KRW

3,606

1

.8

NOK

2,180

1

.1

USD

41,287

21

.0

ZAR

2,669

1

.4

Total

investments

$

196,222

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

INTERNATIONAL

SMALL-MID

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

42

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

97.4%

BELGIUM

-

1

.0

%

Azelis

Group

NV

2,314

$

45,550

BRAZIL

-

1

.1

%

Hapvida

Participacoes

e

Investimentos

SA

(1)(2)

*

18,923

6,830

Rumo

SA

(1)

5,970

17,304

Vibra

Energia

SA

(1)

7,520

21,791

45,925

CANADA

-

5

.4

%

Altus

Group

Ltd.

771

30,033

CAE,

Inc.

*

3,184

80,838

Descartes

Systems

Group,

Inc.

(The)

*

171

19,401

Docebo,

Inc.

*

253

11,333

Kinaxis,

Inc.

*

367

44,164

Lightspeed

Commerce,

Inc.

*

2,996

45,685

231,454

CHINA

-

0

.8

%

BeiGene

Ltd.,

ADR

*

185

34,172

DENMARK

-

5

.5

%

ALK-Abello

A/S,

Class

B

(1)

*

1,245

27,679

Ambu

A/S,

Class

B

(1)

5,277

76,224

DSV

A/S

(1)

131

27,798

FLSmidth

&

Co.

A/S

(1)

1,099

54,426

Genmab

A/S

(1)

*

184

38,343

Vestas

Wind

Systems

A/S

(1)

*

831

11,381

Zealand

Pharma

A/S,

Class

A

(1)

*

39

3,843

239,694

FINLAND

-

2

.6

%

Cargotec

OYJ,

Class

B

(1)

290

15,436

Huhtamaki

OYJ

(1)

855

30,231

Kalmar

OYJ,

Class

B

(1)

*

195

6,413

Metso

Oyj

(1)

6,628

62,113

114,193

FRANCE

-

0

.8

%

Lectra

1,309

35,264

GERMANY

-

3

.8

%

AIXTRON

SE

(1)

1,690

26,592

Brenntag

SE

(1)

456

27,338

Fresenius

Medical

Care

AG

(1)

365

16,625

Hannover

Rueck

SE

(1)

122

30,545

Hensoldt

AG

(1)

1,295

46,268

Immatics

NV

*

435

3,092

Symrise

AG,

Class

A

(1)

110

11,681

162,141

ICELAND

-

0

.5

%

Embla

Medical

HF

(1)

*

4,032

19,938

INDIA

-

2

.2

%

PB

Fintech

Ltd.

*

753

18,545

Tech

Mahindra

Ltd.

565

11,266

WNS

Holdings

Ltd.

*

1,350

63,998

93,809

IRELAND

-

0

.9

%

AerCap

Holdings

NV

344

32,941

COSMO

Pharmaceuticals

NV

(1)

88

6,170

39,111

Shares

Held

Value

ISRAEL

-

6

.6

%

Kornit

Digital

Ltd.

*

2,191

$

67,798

Nice

Ltd.,

ADR

*

849

144,250

Radware

Ltd.

*

1,398

31,487

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006

Ltd.

176

11,976

Tel

Aviv

Stock

Exchange

Ltd.

2,629

30,543

286,054

ITALY

-

0

.8

%

Davide

Campari-Milano

NV

(1)

2,703

16,972

Ermenegildo

Zegna

NV

1,795

14,823

Moncler

SpA

(1)

22

1,171

32,966

JAPAN

-

17

.3

%

Ariake

Japan

Co.

Ltd.

(1)

1,226

43,351

Azbil

Corp.

(1)

9,178

70,376

CKD

Corp.

(1)

2,443

39,426

Daikokutenbussan

Co.

Ltd.

(1)

506

30,722

Daiseki

Co.

Ltd.

(1)

455

10,340

DMG

Mori

Co.

Ltd.

(1)

2,346

37,927

en

Japan,

Inc.

(1)

390

5,252

GMO

Financial

Gate,

Inc.

(1)

252

11,257

GMO

Payment

Gateway,

Inc.

(1)

876

43,986

Hamamatsu

Photonics

KK

(1)

989

10,973

Harmonic

Drive

Systems,

Inc.

(1)

1,243

26,148

Japan

Elevator

Service

Holdings

Co.

Ltd.

(1)

2,154

39,568

MatsukiyoCocokara

&

Co.

(1)

2,755

40,082

Menicon

Co.

Ltd.

(1)

1,240

10,925

Money

Forward,

Inc.

(1)

*

718

21,785

MonotaRO

Co.

Ltd.

(1)

655

11,010

Morinaga

Milk

Industry

Co.

Ltd.

(1)

1,827

33,903

NOF

Corp.

(1)

3,019

41,861

PILLAR

Corp.

(1)

411

11,155

Rohm

Co.

Ltd.

(1)

1,803

16,969

Rohto

Pharmaceutical

Co.

Ltd.

(1)

2,661

48,115

Sawai

Group

Holdings

Co.

Ltd.

(1)

1,834

24,976

SCSK

Corp.

(1)

1,513

31,730

SG

Holdings

Co.

Ltd.

(1)

2,808

26,771

Suntory

Beverage

&

Food

Ltd.

(1)

1,117

35,466

Toyo

Suisan

Kaisha

Ltd.

(1)

318

21,579

745,653

MEXICO

-

0

.5

%

Qualitas

Controladora

SAB

de

CV

2,724

22,793

NETHERLANDS

-

1

.2

%

IMCD

NV

225

33,439

Koninklijke

Philips

NV

*

783

19,797

53,236

SOUTH

KOREA

-

0

.1

%

Hanmi

Pharm

Co.

Ltd.

(1)

18

3,336

SPAIN

-

0

.5

%

Fluidra

SA

918

22,376

SWEDEN

-

3

.6

%

AAK

AB

(1)

533

15,200

Beijer

Ref

AB,

Class

B

(1)

1,681

24,728

Fortnox

AB

(1)

3,403

22,117

Swedish

Orphan

Biovitrum

AB

(1)

*

3,248

93,310

155,355

43

Artisan

Partners

Funds

Shares

Held

Value

SWITZERLAND

-

2

.2

%

Baloise

Holding

AG

(1)

134

$

24,266

Burckhardt

Compression

Holding

AG

(1)

14

9,995

dormakaba

Holding

AG

(1)

43

30,335

Inficon

Holding

AG

(1)

12

14,049

On

Holding

AG,

Class

A

*

317

17,385

96,030

THAILAND

-

1

.3

%

Fabrinet

*

256

56,366

UNITED

KINGDOM

-

20

.7

%

Alphawave

IP

Group

plc

*

16,968

17,908

Aviva

plc

2,569

15,080

Balfour

Beatty

plc

8,221

46,810

Chemring

Group

plc

8,060

33,149

ConvaTec

Group

plc

(2)

45,277

125,381

Direct

Line

Insurance

Group

plc

18,151

57,990

Games

Workshop

Group

plc

148

24,675

Howden

Joinery

Group

plc

2,966

29,465

Intertek

Group

plc

3

177

ITM

Power

plc

*

4,194

1,874

JD

Sports

Fashion

plc

16,943

20,341

JET2

plc

5,342

105,857

LondonMetric

Property

plc,

REIT

4,790

10,800

MONY

Group

plc

2,315

5,567

Pearson

plc

3,349

53,742

Rotork

plc

16,734

65,738

Smiths

Group

plc

3,095

66,608

Spirax

Group

plc

197

16,926

St.

James's

Place

plc

5,482

59,568

Subsea

7

SA

(1)

2,071

32,781

Taylor

Wimpey

plc

16,932

25,881

Trainline

plc

(2)

*

8,333

45,066

Weir

Group

plc

(The)

861

23,549

WH

Smith

plc

586

8,723

893,656

UNITED

STATES

-

18

.0

%

Agilysys,

Inc.

*

350

46,153

Agios

Pharmaceuticals,

Inc.

*

332

10,897

Alcon

AG

(1)

936

79,299

Alkermes

plc

*

1,321

37,987

Alphatec

Holdings,

Inc.

*

792

7,273

Avidity

Biosciences,

Inc.

*

675

19,640

Calix,

Inc.

*

739

25,753

Celcuity,

Inc.

*

327

4,275

CyberArk

Software

Ltd.

*

194

64,707

Denali

Therapeutics,

Inc.

*

486

9,914

Edgewise

Therapeutics,

Inc.

*

709

18,941

Enphase

Energy,

Inc.

*

153

10,531

Five9,

Inc.

*

484

19,684

Glaukos

Corp.

*

314

47,013

Ingersoll

Rand,

Inc.

169

15,267

Inspire

Medical

Systems,

Inc.

*

150

27,746

Insulet

Corp.

*

172

44,852

Ionis

Pharmaceuticals,

Inc.

*

169

5,911

Legend

Biotech

Corp.,

ADR

*

909

29,578

LivaNova

plc

*

305

14,128

Madrigal

Pharmaceuticals,

Inc.

*

138

42,547

Myriad

Genetics,

Inc.

*

1,837

25,189

Ocular

Therapeutix,

Inc.

*

886

7,567

Penumbra,

Inc.

*

87

20,622

Replimune

Group,

Inc.

*

406

4,917

RxSight,

Inc.

*

1,024

35,203

STAAR

Surgical

Co.

*

294

7,133

Tarsus

Pharmaceuticals,

Inc.

*

457

25,314

Shares

Held

Value

UNITED

STATES

(continued)

UiPath,

Inc.,

Class

A

*

2,396

$

30,449

ViewRay,

Inc.

*

9,051

—

^

Vir

Biotechnology,

Inc.

*

606

4,448

WaVe

Life

Sciences

Ltd.

*

1,270

15,716

Wolfspeed,

Inc.

*

2,411

16,060

774,714

Total

common

stocks

(

Cost

$3,898,391)

4,203,786

SHORT-TERM

INVESTMENT

-

1

.3

%

2

INVESTMENT

COMPANY

-

1.3%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(3)

(Cost

$55,453)

55,453

55,453

Total

investments

-

98.7%

(Cost

$3,953,844)

4,259,239

Other

assets

less

liabilities

-

1.3%

55,324

Total

net

assets

-

100.0%

#

$

4,314,563

(1)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

In

total,

securities

valued

at

a

fair

value

were

$1,698,181,

or

39.4%

of

total

net

assets.

See

notes

(2)

and

(3)

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,

2024,

the

value

of

these

securities

was

$177,277

or

4.1%

of

net

assets.  

(3)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

5,567

0

.1

%

Consumer

Discretionary

233,598

5

.5

Consumer

Staples

297,366

7

.0

Energy

32,781

0

.8

Financials

314,573

7

.4

Health

Care

1,056,751

24

.8

Industrials

1,282,337

30

.1

Information

Technology

845,052

19

.8

Materials

94,928

2

.2

Real

Estate

40,833

1

.0

Short-Term

Investment

55,453

1

.3

Total

investments

$

4,259,239

100

.0

%

44

Artisan

Partners

Funds

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

BRL

$

45,925

1

.1

%

CAD

231,454

5

.4

CHF

164,114

3

.9

DKK

259,632

6

.1

EUR

447,811

10

.5

GBP

860,875

20

.2

ILS

42,519

1

.0

INR

29,811

0

.7

JPY

745,653

17

.5

KRW

3,336

0

.1

MXN

22,793

0

.5

NOK

32,781

0

.8

SEK

155,355

3

.6

USD

1,217,180

28

.6

Total

investments

$

4,259,239

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

INTERNATIONAL

VALUE

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

45

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Sodexo

SA

(Registered

shares)

9/4/2020

$

46,862

$

60,753

0.2%

Voussoir

RE

Ltd.

(Preferred

Shares)

1/13/2023

100,000

146,680

0.4%

Shares

Held

Value

COMMON

STOCKS

AND

EQUITY-LINKED

SECURITY

-

84.1%

BELGIUM

-

0.9%

Groupe

Bruxelles

Lambert

NV

4,584

$

313,612

BERMUDA

-

0.4%

Voussoir

RE

Ltd.

(Preferred

Shares)

(1)(2)(3)

*

1

146,680

BRAZIL

-

1.0%

Pluxee

NV

12,026

233,149

Telefonica

Brasil

SA,

ADR

16,476

124,397

357,546

CANADA

-

3.7%

Alimentation

Couche-Tard,

Inc.

10,737

595,448

Suncor

Energy,

Inc.

18,914

675,154

1,270,602

CHINA

-

2.8%

Alibaba

Group

Holding

Ltd.

74,585

791,302

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

45,941

117,594

Hengan

International

Group

Co.

Ltd.

18,296

52,886

961,782

FINLAND

-

1.7%

Nokia

OYJ,

ADR

80,868

358,244

Nokia

OYJ

(1)

47,841

211,369

569,613

FRANCE

-

9.1%

Capgemini

SE

2,059

337,357

Danone

SA

(1)

22,225

1,499,173

Safran

SA

4,152

912,216

Sodexo

SA

3,433

282,846

Sodexo

SA

(Registered

shares)

(1)(3)

737

60,753

3,092,345

GERMANY

-

2.8%

Brenntag

SE

(1)(4)

11,375

681,982

Fresenius

Medical

Care

AG

(1)

6,116

278,464

960,446

INDIA

-

3.8%

HCL

Technologies

Ltd.

57,528

1,288,402

IRELAND

-

1.9%

Ryanair

Holdings

plc

1,846

36,448

Ryanair

Holdings

plc,

Equity-Linked

Security

(1)(5)(6)

*

31,417

620,444

656,892

JAPAN

-

1.4%

Nintendo

Co.

Ltd.

(1)

2,170

126,417

Seven

&

i

Holdings

Co.

Ltd.

(1)

22,421

351,471

477,888

MEXICO

-

0.5%

Gruma

SAB

de

CV,

Class

B

10,400

162,279

NETHERLANDS

-

4.7%

Koninklijke

Philips

NV

(4)

*

48,484

1,225,432

Universal

Music

Group

NV

15,339

392,777

1,618,209

SOUTH

KOREA

-

4.9%

NAVER

Corp.

(1)

*

2,211

298,461

Samsung

Electronics

Co.

Ltd.

(1)

27,531

993,540

Samsung

Electronics

Co.

Ltd.

(Preference)

(1)

12,354

370,476

1,662,477

Shares

Held

Value

SWITZERLAND

-

15.4%

ABB

Ltd.

(1)

27,132

1,459,450

Barry

Callebaut

AG

(1)(4)

372

493,405

Cie

Financiere

Richemont

SA

(1)

4,576

695,495

DSM-Firmenich

AG

2,446

247,585

Novartis

AG

(1)

12,383

1,205,098

UBS

Group

AG

(1)

37,655

1,148,241

5,249,274

UNITED

KINGDOM

-

15.6%

Associated

British

Foods

plc

20,491

524,074

Berkeley

Group

Holdings

plc

(4)

5,739

280,183

Compass

Group

plc

26,939

897,769

Lloyds

Banking

Group

plc

1,000,665

686,246

Pearson

plc

30,892

495,799

RELX

plc

20,925

950,633

Unilever

plc

26,026

1,481,852

5,316,556

UNITED

STATES

-

13.5%

Arch

Capital

Group

Ltd.

16,939

1,564,363

CNH

Industrial

NV

24,620

278,946

Garmin

Ltd.

4,365

900,387

Holcim

AG

(1)

8,174

783,779

Sensata

Technologies

Holding

plc

(4)

9,305

254,946

Willis

Towers

Watson

plc

2,698

845,191

4,627,612

Total

common

stocks

and

equity-linked

security

(

Cost

$20,794,910)

28,732,215

SHORT-TERM

INVESTMENT

-

13.9%

INVESTMENT

COMPANY

-

13.9%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(7)

(Cost

$4,754,495)

4,754,495

4,754,495

MISCELLANEOUS

SECURITIES

-

1.2%

(8)

Total

Miscellaneous

Securities

(Cost

$441,241)

411,160

T

otal

investments

-

99.2%

(Cost

$25,990,646

)

33,897,870

Other

assets

less

liabilities

-

0.8%

266,170

Total

net

assets

-

100.0%

#

$34,164,040

(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

$11,530,856,

or

33.8%

of

total

net

assets.

See

notes

(2)

and

(3)

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.

(4)

Affiliated

company

as

defined

under

the

Investment

Company

Act

of

1940.

46

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Ryanair

Holdings

plc,

Equity-Linked

Security

11/14/2013

-

11/6/2024

$

488,790

$

620,444

1.8%

(5)

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.

(6)

Security

is

an

equity-linked

security

issued

by

HSBC

Bank

plc.

Eequity-linked

securities

are

subject

to

counterparty

risk

with

respect

to

the

bank

or

broker-dealer

that

issues

them.

(7)

Represents

the

current

yield

as

of

December

31,

2024.

(8)

Represents

unrestricted

previously

undisclosed

common

stocks

which

the

Fund

has

held

for

less

than

one

year.

One

or

more

securities

valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

942,052

2

.8

%

Consumer

Discretionary

4,404,534

13

.0

Consumer

Staples

5,160,588

15

.2

Energy

675,154

2

.0

Financials

4,937,482

14

.6

Health

Care

2,708,994

8

.0

Industrials

5,195,065

15

.3

Information

Technology

3,559,388

10

.5

Materials

1,148,958

3

.4

Miscellaneous  Securities

411,160

1

.2

Short-Term

Investment

4,754,495

14

.0

Total

investments

$

33,897,870

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

CAD

$

1,270,602

3

.7

%

CHF

5,785,468

17

.1

EUR

6,713,163

19

.8

GBP

5,621,558

16

.6

HKD

961,782

2

.8

INR

1,288,402

3

.8

JPY

477,888

1

.4

KRW

1,768,635

5

.2

MXN

162,279

0

.5

USD

9,848,093

29

.1

Total

investments

$

33,897,870

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

MID

CAP

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

47

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

98.1%

BANKS

-

0

.4

%

NU

Holdings

Ltd.,

Class

A

(1)

*

1,388

$

14,379

BIOTECHNOLOGY

-

12

.3

%

Argenx

SE,

ADR

(1)

*

335

206,166

Ascendis

Pharma

A/S,

ADR

(1)

*

969

133,371

Exact

Sciences

Corp.

*

485

27,258

Insmed,

Inc.

*

755

52,129

Twist

Bioscience

Corp.

*

1,056

49,059

Veracyte,

Inc.

*

960

38,033

506,016

CAPITAL

MARKETS

-

5

.2

%

Ares

Management

Corp.,

Class

A

244

43,264

LPL

Financial

Holdings,

Inc.

120

39,259

Robinhood

Markets,

Inc.,

Class

A

*

1,318

49,121

Tradeweb

Markets,

Inc.,

Class

A

635

83,128

214,772

COMMUNICATIONS

EQUIPMENT

-

1

.5

%

Arista

Networks,

Inc.

*

554

61,225

CONSTRUCTION

&

ENGINEERING

-

2

.8

%

API

Group

Corp.

*

970

34,877

Quanta

Services,

Inc.

258

81,490

116,367

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.2

%

US

Foods

Holding

Corp.

*

714

48,155

DIVERSIFIED

CONSUMER

SERVICES

-

0

.5

%

Bright

Horizons

Family

Solutions,

Inc.

*

193

21,432

ELECTRICAL

EQUIPMENT

-

2

.1

%

Hubbell,

Inc.,

Class

B

156

65,491

Vertiv

Holdings

Co.,

Class

A

183

20,790

86,281

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

-

1

.0

%

Coherent

Corp.

*

408

38,682

ENTERTAINMENT

-

9

.6

%

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

*

990

91,726

Live

Nation

Entertainment,

Inc.

*

737

95,448

Spotify

Technology

SA

*

389

174,232

Take-Two

Interactive

Software,

Inc.

*

186

34,168

395,574

GROUND

TRANSPORTATION

-

1

.9

%

Saia,

Inc.

*

170

77,415

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

3

.5

%

Dexcom,

Inc.

*

593

46,155

Insulet

Corp.

*

163

42,585

iRhythm

Technologies,

Inc.

*

623

56,173

144,913

HEALTH

CARE

TECHNOLOGY

-

1

.2

%

Veeva

Systems,

Inc.,

Class

A

*

230

48,263

HOTELS,

RESTAURANTS

&

LEISURE

-

4

.0

%

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

1,217

73,370

DoorDash,

Inc.,

Class

A

*

388

65,116

Shares

Held

Value

HOTELS,

RESTAURANTS

&

LEISURE

(continued)

Wingstop,

Inc.

86

$

24,534

163,020

HOUSEHOLD

DURABLES

-

0

.6

%

NVR,

Inc.

*

3

24,627

INSURANCE

-

0

.7

%

Arthur

J

Gallagher

&

Co.

106

30,120

IT

SERVICES

-

3

.1

%

GoDaddy,

Inc.,

Class

A

*

200

39,440

Shopify,

Inc.,

Class

A

(1)

*

807

85,814

125,254

LIFE

SCIENCES

TOOLS

&

SERVICES

-

4

.9

%

Illumina,

Inc.

*

303

40,506

West

Pharmaceutical

Services,

Inc.

486

159,227

199,733

MACHINERY

-

4

.5

%

Fortive

Corp.

517

38,760

Ingersoll

Rand,

Inc.

427

38,620

Westinghouse

Air

Brake

Technologies

Corp.

221

41,883

Xylem,

Inc.

553

64,171

183,434

PROFESSIONAL

SERVICES

-

3

.5

%

Equifax,

Inc.

210

53,629

Parsons

Corp.

*

499

46,055

Verisk

Analytics,

Inc.,

Class

A

154

42,350

142,034

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

1

.4

%

CBRE

Group,

Inc.,

Class

A

*

439

57,666

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

8

.7

%

Lattice

Semiconductor

Corp.

*

1,840

104,208

MACOM

Technology

Solutions

Holdings,

Inc.

*

500

64,903

Marvell

Technology,

Inc.

635

70,172

Monolithic

Power

Systems,

Inc.

101

59,724

Onto

Innovation,

Inc.

*

343

57,246

356,253

SOFTWARE

-

17

.2

%

Atlassian

Corp.,

Class

A

*

470

114,481

CCC

Intelligent

Solutions

Holdings,

Inc.

*

4,889

57,345

Datadog,

Inc.,

Class

A

*

528

75,516

Gitlab,

Inc.,

Class

A

*

861

48,527

Guidewire

Software,

Inc.

*

122

20,527

HubSpot,

Inc.

*

99

69,299

Nutanix,

Inc.,

Class

A

*

479

29,292

Samsara,

Inc.,

Class

A

*

568

24,825

Synopsys,

Inc.

*

133

64,326

Tyler

Technologies,

Inc.

*

262

150,886

Zscaler,

Inc.

*

278

50,189

705,213

SPECIALTY

RETAIL

-

2

.5

%

AutoZone,

Inc.

*

17

54,466

Best

Buy

Co.,

Inc.

221

18,960

Dick's

Sporting

Goods,

Inc.

131

29,948

103,374

48

Artisan

Partners

Funds

Security

Country

Trading

Currency

Argenx

SE

Netherlands

USD

Ascendis

Pharma

A/S

Denmark

USD

NU

Holdings

Ltd.

Brazil

USD

Shopify,

Inc.

Canada

USD

Shares

Held

Value

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

-

1

.5

%

Pure

Storage,

Inc.,

Class

A

*

1,008

$

61,934

TEXTILES,

APPAREL

&

LUXURY

GOODS

-

1

.7

%

Deckers

Outdoor

Corp.

*

351

71,264

TRADING

COMPANIES

&

DISTRIBUTORS

-

0

.6

%

Ferguson

Enterprises,

Inc.

150

25,962

Total

common

stocks

(

Cost

$2,496,458)

4,023,362

SHORT-TERM

INVESTMENT

-

2.1%

INVESTMENT

COMPANY

-

2.1%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(2)

(Cost

$87,264)

87,264

87,264

Total

investments

-

100.2%

(Cost

$2,583,722)

4,110,626

Other

assets

less

liabilities

-

(0.2%)

(7,614)

Total

net

assets

-

100.0%

#

$

4,103,012

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(2)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

395,574

9

.6

%

Consumer

Discretionary

383,716

9

.3

Consumer

Staples

48,155

1

.2

Financials

259,272

6

.3

Health

Care

898,925

21

.9

Industrials

631,492

15

.4

Information

Technology

1,348,562

32

.8

Real

Estate

57,666

1

.4

Short-Term

Investment

87,264

2

.1

Total

investments

$

4,110,626

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

MID

CAP

VALUE

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

49

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

97.1%

AIR

FREIGHT

&

LOGISTICS

-

1

.8

%

Expeditors

International

of

Washington,

Inc.

181

$

20,089

AUTOMOBILE

COMPONENTS

-

1

.9

%

BorgWarner,

Inc.

197

6,279

Gentex

Corp.

501

14,404

20,683

BANKS

-

7

.6

%

Fifth

Third

Bancorp

334

14,132

First

Citizens

BancShares,

Inc.,

Class

A

20

42,303

M&T

Bank

Corp.

67

12,647

WaFd,

Inc.

445

14,335

83,417

CAPITAL

MARKETS

-

1

.2

%

Moelis

&

Co.,

Class

A

171

12,666

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

5

.1

%

Dollar

General

Corp.

132

10,044

Kroger

Co.

(The)

447

27,360

Sysco

Corp.

240

18,350

55,754

DISTRIBUTORS

-

2

.6

%

Genuine

Parts

Co.

69

8,066

LKQ

Corp.

555

20,409

28,475

ELECTRIC

UTILITIES

-

4

.8

%

Alliant

Energy

Corp.

413

24,425

OGE

Energy

Corp.

691

28,488

52,913

ELECTRICAL

EQUIPMENT

-

1

.6

%

nVent

Electric

plc

257

17,542

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

-

3

.0

%

Vontier

Corp.

914

33,319

ENERGY

EQUIPMENT

&

SERVICES

-

1

.9

%

NOV,

Inc.

1,440

21,020

ENTERTAINMENT

-

3

.8

%

Electronic

Arts,

Inc.

147

21,519

Warner

Music

Group

Corp.,

Class

A

633

19,616

41,135

FINANCIAL

SERVICES

-

2

.3

%

Corebridge

Financial,

Inc.

831

24,879

FOOD

PRODUCTS

-

2

.1

%

Tyson

Foods,

Inc.,

Class

A

410

23,553

GROUND

TRANSPORTATION

-

3

.2

%

U-Haul

Holding

Co.

549

35,138

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

3

.9

%

Baxter

International,

Inc.

891

25,974

Dentsply

Sirona,

Inc.

879

16,680

42,654

HEALTH

CARE

PROVIDERS

&

SERVICES

-

4

.1

%

Centene

Corp.

*

353

21,407

Shares

Held

Value

HEALTH

CARE

PROVIDERS

&

SERVICES

(continued)

Humana,

Inc.

92

$

23,441

44,848

HOTELS,

RESTAURANTS

&

LEISURE

-

8

.0

%

Expedia

Group,

Inc.

*

177

33,029

Marriott

International,

Inc.,

Class

A

41

11,448

MGM

Resorts

International

*

478

16,577

Vail

Resorts,

Inc.

143

26,803

87,857

INDUSTRIAL

REITS

-

0

.2

%

Lineage,

Inc.

36

2,107

INSURANCE

-

4

.3

%

Arch

Capital

Group

Ltd.

169

15,603

Globe

Life,

Inc.

282

31,395

46,998

INTERACTIVE

MEDIA

&

SERVICES

-

1

.5

%

IAC,

Inc.

*

373

16,096

LEISURE

PRODUCTS

-

1

.9

%

Polaris,

Inc.

365

21,055

LIFE

SCIENCES

TOOLS

&

SERVICES

-

6

.1

%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

61

20,076

ICON

plc

*

79

16,565

Waters

Corp.

*

81

29,876

66,517

MACHINERY

-

1

.9

%

Otis

Worldwide

Corp.

224

20,787

MEDIA

-

5

.9

%

Cable

One,

Inc.

61

22,067

News

Corp.,

Class

A

838

23,079

Omnicom

Group,

Inc.

229

19,702

64,848

PROFESSIONAL

SERVICES

-

2

.8

%

Genpact

Ltd.

704

30,244

RETAIL

REITS

-

1

.9

%

NNN

REIT,

Inc.

516

21,084

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.5

%

Analog

Devices,

Inc.

128

27,165

SOFTWARE

-

2

.5

%

Check

Point

Software

Technologies

Ltd.

(1)

*

125

23,332

Dolby

Laboratories,

Inc.,

Class

A

55

4,291

27,623

SPECIALIZED

REITS

-

4

.8

%

Lamar

Advertising

Co.,

Class

A

278

33,892

Public

Storage

61

18,344

52,236

SPECIALTY

RETAIL

-

1

.9

%

Asbury

Automotive

Group,

Inc.

*

84

20,515

Vitamin

Oldco

Holdings,

Inc.

(escrow

shares)

(2)(3)

*

220

—

20,515

Total

common

stocks

(

Cost

$743,148)

1,063,217

50

Artisan

Partners

Funds

Security

Country

Trading

Currency

Check

Point

Software

Technologies

Ltd.

Israel

USD

Shares

Held

Value

SHORT-TERM

INVESTMENT

-

2.0%

INVESTMENT

COMPANY

-

2.0%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(4)

(Cost

$21,647)

21,647

$

21,647

Total

investments

-

99.1%

(Cost

$764,795)

1,084,864

Other

assets

less

liabilities

-

0.9%

9,560

Total

net

assets

-

100.0%

#

$

1,094,424

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(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

(2)

and

(3)

in

the

accompanying

notes.

(3)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(4)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

122,079

11

.2

%

Consumer

Discretionary

178,584

16

.5

Consumer

Staples

79,307

7

.3

Energy

21,020

1

.9

Financials

167,959

15

.5

Health

Care

154,020

14

.2

Industrials

123,800

11

.4

Information

Technology

88,108

8

.1

Real

Estate

75,427

7

.0

Utilities

52,913

4

.9

Short-Term

Investment

21,647

2

.0

Total

investments

$

1,084,864

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

SELECT

EQUITY

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

51

Artisan

Partners

Funds

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

Shares

Held

Value

COMMON

STOCKS

-

91.3%

AUTOMOBILES

-

1

.6

%

Harley-Davidson,

Inc.

26

$

796

BANKS

-

4

.0

%

Citigroup,

Inc.

29

2,053

BROADLINE

RETAIL

-

3

.0

%

Alibaba

Group

Holding

Ltd.,

ADR

(1)

18

1,543

CAPITAL

MARKETS

-

10

.4

%

Bank

of

New

York

Mellon

Corp.

(The)

34

2,600

Charles

Schwab

Corp.

(The)

37

2,709

5,309

CHEMICALS

-

4

.2

%

Axalta

Coating

Systems

Ltd.

*

63

2,144

CONSTRUCTION

MATERIALS

-

5

.3

%

Heidelberg

Materials

AG

(1)(2)

22

2,731

CONSUMER

FINANCE

-

5

.5

%

American

Express

Co.

9

2,789

FINANCIAL

SERVICES

-

7

.0

%

Berkshire

Hathaway,

Inc.,

Class

B

*

6

2,796

PayPal

Holdings,

Inc.

*

9

795

3,591

FOOD

PRODUCTS

-

4

.3

%

Danone

SA

(1)(2)

32

2,185

HEALTH

CARE

PROVIDERS

&

SERVICES

-

9

.1

%

Elevance

Health,

Inc.

6

2,198

Henry

Schein,

Inc.

*

35

2,446

4,644

HOTELS,

RESTAURANTS

&

LEISURE

-

5

.1

%

Aramark

70

2,598

INSURANCE

-

10

.7

%

Aon

plc,

Class

A

3

932

Everest

Group

Ltd.

2

775

Marsh

&

McLennan

Cos.,

Inc.

8

1,669

Progressive

Corp.

(The)

9

2,109

5,485

INTERACTIVE

MEDIA

&

SERVICES

-

10

.7

%

Alphabet,

Inc.,

Class

A

16

2,954

Meta

Platforms,

Inc.,

Class

A

4

2,539

5,493

MACHINERY

-

2

.9

%

Snap-on,

Inc.

4

1,472

PASSENGER

AIRLINES

-

2

.0

%

Southwest

Airlines

Co.

30

1,018

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.3

%

Lam

Research

Corp.

16

1,169

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

-

3

.2

%

Samsung

Electronics

Co.

Ltd.

(1)(2)

45

1,625

Total

common

stocks

(

Cost

$33,593)

46,645

Shares

Held

Value

SHORT-TERM

INVESTMENT

-

8.3%

INVESTMENT

COMPANY

-

8.3%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(3)

(Cost

$4,247)

4,247

$

4,247

Total

investments

-

99.6%

(Cost

$37,840)

50,892

Other

assets

less

liabilities

-

0.4%

213

Total

net

assets

-

100.0%

#

$

51,105

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(2)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

In

total,

securities

valued

at

a

fair

value

were

$6,541,

or

12.8%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(3)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

5,493

10

.8

%

Consumer

Discretionary

4,937

9

.7

Consumer

Staples

2,185

4

.3

Financials

19,226

37

.8

Health

Care

4,644

9

.1

Industrials

2,490

4

.9

Information

Technology

2,795

5

.5

Materials

4,875

9

.6

Short-Term

Investment

4,247

8

.3

Total

investments

$

50,892

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

EUR

$

4,916

9

.7

%

KRW

1,625

3

.2

USD

44,351

87

.1

Total

investments

$

50,892

100

.0

%

FOREIGN

CURRENCY

FORWARD

CONTRACTS

Values

in

thousands

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

1,588

CNH

11,429

JPM

12/17/2025

$

—

^

Total

unrealized

appreciation

–

CNH

1,043

USD

146

JPM

12/17/2025

(

1

)

Total

unrealized

depreciation

(

1

)

Net

unrealized

depreciation

$

(

1

)

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

SMALL

CAP

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

52

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

97.1%

AEROSPACE

&

DEFENSE

-

1

.2

%

Kratos

Defense

&

Security

Solutions,

Inc.

*

249

$

6,581

Loar

Holdings,

Inc.

*

121

8,926

15,507

AUTOMOBILE

COMPONENTS

-

2

.2

%

Modine

Manufacturing

Co.

*

242

28,093

BEVERAGES

-

2

.5

%

Celsius

Holdings,

Inc.

*

330

8,686

Vita

Coco

Co.,

Inc.

(The)

*

633

23,378

32,064

BIOTECHNOLOGY

-

15

.8

%

Ascendis

Pharma

A/S,

ADR

(1)

*

391

53,894

Denali

Therapeutics,

Inc.

*

136

2,780

Exact

Sciences

Corp.

*

201

11,297

Halozyme

Therapeutics,

Inc.

*

578

27,629

Insmed,

Inc.

*

223

15,383

Iovance

Biotherapeutics,

Inc.

*

1,886

13,959

Twist

Bioscience

Corp.

*

775

36,019

Veracyte,

Inc.

*

1,137

45,033

205,994

BUILDING

PRODUCTS

-

1

.0

%

Trex

Co.,

Inc.

*

195

13,474

CAPITAL

MARKETS

-

3

.1

%

Hamilton

Lane,

Inc.,

Class

A

111

16,419

MarketAxess

Holdings,

Inc.

103

23,370

39,789

COMMERCIAL

SERVICES

&

SUPPLIES

-

1

.0

%

VSE

Corp.

140

13,344

CONSTRUCTION

&

ENGINEERING

-

1

.6

%

MYR

Group,

Inc.

*

136

20,290

DIVERSIFIED

CONSUMER

SERVICES

-

0

.5

%

Bright

Horizons

Family

Solutions,

Inc.

*

60

6,688

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

-

4

.9

%

Flex

Ltd.

*

861

33,040

Novanta,

Inc.

*

204

31,172

64,212

GROUND

TRANSPORTATION

-

1

.9

%

Saia,

Inc.

*

55

25,021

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

6

.9

%

Inspire

Medical

Systems,

Inc.

*

94

17,474

Integer

Holdings

Corp.

*

72

9,583

iRhythm

Technologies,

Inc.

*

215

19,381

Lantheus

Holdings,

Inc.

*

142

12,665

Penumbra,

Inc.

*

69

16,487

PROCEPT

BioRobotics

Corp.

*

178

14,360

89,950

HEALTH

CARE

PROVIDERS

&

SERVICES

-

0

.8

%

HealthEquity,

Inc.

*

108

10,346

HOTELS,

RESTAURANTS

&

LEISURE

-

0

.6

%

Dutch

Bros,

Inc.,

Class

A

*

149

7,796

Shares

Held

Value

HOUSEHOLD

DURABLES

-

3

.6

%

Installed

Building

Products,

Inc.

69

$

12,077

SharkNinja,

Inc.

*

272

26,487

Smith

Douglas

Homes

Corp.

*

342

8,759

47,323

LIFE

SCIENCES

TOOLS

&

SERVICES

-

3

.7

%

Repligen

Corp.

*

172

24,766

Stevanato

Group

SpA

(1)

1,052

22,927

47,693

MACHINERY

-

5

.3

%

Flowserve

Corp.

169

9,748

John

Bean

Technologies

Corp.

159

20,245

SPX

Technologies,

Inc.

*

264

38,357

68,350

PROFESSIONAL

SERVICES

-

3

.8

%

Dayforce,

Inc.

*

407

29,577

Parsons

Corp.

*

215

19,804

49,381

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

1

.4

%

Colliers

International

Group,

Inc.

(1)

137

18,664

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

11

.1

%

Allegro

MicroSystems,

Inc.

(1)

*

588

12,854

Astera

Labs,

Inc.

*

92

12,191

Lattice

Semiconductor

Corp.

*

961

54,442

MACOM

Technology

Solutions

Holdings,

Inc.

*

342

44,374

Onto

Innovation,

Inc.

*

123

20,566

144,427

SOFTWARE

-

20

.1

%

CCC

Intelligent

Solutions

Holdings,

Inc.

*

2,565

30,084

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

1,051

28,932

Confluent,

Inc.,

Class

A

*

435

12,160

Elastic

NV

*

135

13,400

Freshworks,

Inc.,

Class

A

*

419

6,778

Gitlab,

Inc.,

Class

A

*

406

22,902

Guidewire

Software,

Inc.

*

354

59,672

Intapp,

Inc.

*

382

24,456

Procore

Technologies,

Inc.

*

387

29,026

ServiceTitan,

Inc.,

Class

A

*

69

7,132

Workiva,

Inc.,

Class

A

*

246

26,886

261,428

TEXTILES,

APPAREL

&

LUXURY

GOODS

-

1

.3

%

Crocs,

Inc.

*

158

17,272

TRADING

COMPANIES

&

DISTRIBUTORS

-

2

.8

%

Applied

Industrial

Technologies,

Inc.

101

24,075

SiteOne

Landscape

Supply,

Inc.

*

91

11,963

36,038

Total

common

stocks

(

Cost

$933,532)

1,263,144

SHORT-TERM

INVESTMENT

-

2.5%

INVESTMENT

COMPANY

-

2.5%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(2)(3)

(Cost

$33,095)

33,095

33,095

53

Artisan

Partners

Funds

Security

Country

Trading

Currency

Allegro

MicroSystems,

Inc.

Japan

USD

Ascendis

Pharma

A/S

Denmark

USD

Colliers

International

Group,

Inc.

Canada

USD

Stevanato

Group

SpA

Italy

USD

Shares

Held

Value

Total

investments

-

99.6%

(Cost

$966,627)

$

1,296,239

Other

assets

less

liabilities

-

0.4%

5,829

Total

net

assets

-

100.0%

#

$

1,302,068

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(2)

Security

is

partially

used

as

collateral

for

securities

lending.

At

December

31,

2024,

the

Fund

had

loaned

securities

with

a

total

value

of

$6,306.

This

was

collateralized

by

cash

of

$6,498

which

was

subsequently

invested

in

an

investment

company.

(3)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Consumer

Discretionary

$

107,172

8

.3

%

Consumer

Staples

32,064

2

.5

Financials

39,788

3

.1

Health

Care

353,982

27

.3

Industrials

241,406

18

.6

Information

Technology

470,068

36

.3

Real

Estate

18,664

1

.4

Short-Term

Investment

33,095

2

.5

Total

investments

$

1,296,239

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

SUSTAINABLE

EMERGING

MARKETS

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

54

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

-

98.0%

ARGENTINA

-

2.2%

Vista

Energy

SAB

de

CV,

ADR

*

67

$

3,629

BRAZIL

-

8.0%

GPS

Participacoes

e

Empreendimentos

SA

(1)(2)

769

1,744

Itau

Unibanco

Holding

SA

(Preference)

(2)

496

2,468

MercadoLibre,

Inc.

*

3

5,382

Vale

SA

(2)

201

1,778

Vivara

Participacoes

SA

(2)

245

756

VTEX,

Class

A

*

163

960

13,088

CHINA

-

17.2%

Alibaba

Group

Holding

Ltd.

506

5,373

Baidu,

Inc.,

Class

A

*

125

1,328

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

*

4,713

1,402

Estun

Automation

Co.

Ltd.,

Class

A

1,537

3,897

NIO,

Inc.,

ADR

(3)

*

97

425

Prosus

NV

122

4,856

Trip.com

Group

Ltd.

*

55

3,856

Wuxi

Biologics

Cayman,

Inc.

(4)

*

1,072

2,422

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

1,133

4,786

28,345

EGYPT

-

0.7%

Commercial

International

Bank

-

Egypt

(CIB),

GDR

(4)

741

1,099

GEORGIA

-

0.5%

Bank

of

Georgia

Group

plc

15

865

GREECE

-

2.2%

Alpha

Services

and

Holdings

SA

850

1,424

Metlen

Energy

&

Metals

SA

63

2,192

3,616

HONG

KONG

-

1.4%

AIA

Group

Ltd.

312

2,261

INDIA

-

11.1%

Dabur

India

Ltd.

235

1,391

Havells

India

Ltd.

161

3,142

ICICI

Bank

Ltd.

460

6,882

Infosys

Ltd.

121

2,649

Reliance

Industries

Ltd.

290

4,111

18,175

INDONESIA

-

1.7%

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

(2)

6,237

1,574

Indofood

CBP

Sukses

Makmur

Tbk.

PT

(2)

1,620

1,147

2,721

KAZAKHSTAN

-

1.6%

Kaspi.KZ

JSC,

ADR

(4)

29

2,708

MALAYSIA

-

1.7%

Frontken

Corp.

Bhd.

1,532

1,528

MR

DIY

Group

M

Bhd.

(4)

3,061

1,266

2,794

MEXICO

-

2.7%

Cemex

SAB

de

CV

2,391

1,342

Gentera

SAB

de

CV

2,044

2,354

Prologis

Property

Mexico

SA

de

CV,

REIT

282

781

4,477

PANAMA

-

1.0%

Copa

Holdings

SA,

Class

A

19

1,665

Shares

Held

Value

PERU

-

1.7%

Credicorp

Ltd.

15

$

2,754

POLAND

-

1.5%

InPost

SA

*

148

2,523

RUSSIA

-

0.0%

Sberbank

of

Russia

PJSC

(2)(5)(6)

*

265

—

SINGAPORE

-

0.7%

Sea

Ltd.,

ADR

*

11

1,116

SOUTH

AFRICA

-

2.8%

FirstRand

Ltd.

719

2,896

MTN

Group

Ltd.

365

1,779

4,675

SOUTH

KOREA

-

9.6%

Cosmax,

Inc.

(2)

*

19

1,956

Doosan

Enerbility

Co.

Ltd.

(2)

*

139

1,633

HD

Hyundai

Electric

Co.

Ltd.

(2)

5

1,333

Kia

Corp.

(2)

34

2,321

LG

Energy

Solution

Ltd.

(2)

*

4

921

Samsung

Biologics

Co.

Ltd.

(2)(4)

*

5

3,448

Shinhan

Financial

Group

Co.

Ltd.

(2)

35

1,108

SK

Hynix,

Inc.

(2)

27

3,038

15,758

TAIWAN

-

22.2%

E

Ink

Holdings,

Inc.

718

5,981

MediaTek,

Inc.

142

6,120

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

746

24,450

36,551

THAILAND

-

0.6%

Bangkok

Bank

PCL

(2)

243

1,076

TURKEY

-

0.6%

BIM

Birlesik

Magazalar

A/S

66

991

UNITED

ARAB

EMIRATES

-

1.5%

ADNOC

Logistics

&

Services

960

1,420

Borouge

plc

1,516

990

2,410

UNITED

KINGDOM

-

0.7%

Anglogold

Ashanti

plc

48

1,098

UNITED

STATES

-

1.6%

Globant

SA

*

12

2,565

VIETNAM

-

2.5%

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

4,211

4,073

Total

common

stocks

(

Cost

$128,176)

161,033

SHORT-TERM

INVESTMENT

-

2.5%

2

INVESTMENT

COMPANY

-

2.5%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(7)(8)

(Cost

$4,049)

4,049

4,049

55

Artisan

Partners

Funds

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Sberbank

of

Russia

PJSC

1/8/2019

-

3/25/2020

$

772

$

–

0.0%

Shares

Held

Value

Total

investments

-

100.5%

(Cost

$132,225)

$

165,082

Other

assets

less

liabilities

-

(0.5)%

(774)

Total

net

assets

-

100.0%

#

$

164,308

(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

$26,301,

or

16.0%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(3)

All

or

a

portion

of

security

is

on

loan

at

December

31,

2024.

(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,

2024,

the

value

of

these

securities

was

$10,943

or

6.7%

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.

(7)

Security

is

partially

used

as

collateral

for

securities

lending.

At

December

31,

2024,

the

Fund

had

loaned

securities

with

a

total

value

of

$235.

This

was

collateralized

by

cash

of

$243

which

was

subsequently

invested

in

an

investment

company.

(8)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

5,183

3

.1

%

Consumer

Discretionary

24,235

14

.7

Consumer

Staples

5,485

3

.3

Energy

9,160

5

.5

Financials

33,542

20

.3

Health

Care

7,272

4

.4

Industrials

25,364

15

.4

Information

Technology

44,803

27

.1

Materials

5,208

3

.2

Real

Estate

781

0

.5

Short-Term

Investment

4,049

2

.5

Total

investments

$

165,082

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

AED

$

2,410

1

.5

%

BRL

6,746

4

.1

CNY

3,897

2

.4

EUR

10,995

6

.7

GBP

865

0

.5

HKD

21,428

13

.0

IDR

2,721

1

.6

INR

18,175

11

.0

KRW

15,758

9

.5

MXN

4,477

2

.7

MYR

2,794

1

.7

THB

1,076

0

.7

TRY

991

0

.6

TWD

36,551

22

.1

USD

27,450

16

.6

VND

4,073

2

.5

ZAR

4,675

2

.8

Total

investments

$

165,082

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

VALUE

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Shares

and

dollar

values

in

thousands

56

Artisan

Partners

Funds

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

Shares

Held

Value

COMMON

STOCKS

-

97.9%

AEROSPACE

&

DEFENSE

-

5

.1

%

Airbus

SE

(1)

53

$

8,510

Safran

SA

(1)

35

7,763

16,273

AIR

FREIGHT

&

LOGISTICS

-

3

.4

%

United

Parcel

Service,

Inc.,

Class

B

88

11,095

BANKS

-

9

.4

%

Bank

of

America

Corp.

167

7,346

PNC

Financial

Services

Group,

Inc.

(The)

35

6,798

US

Bancorp

172

8,225

Wells

Fargo

&

Co.

113

7,955

30,324

BEVERAGES

-

6

.5

%

Diageo

plc

(1)

325

10,314

Heineken

Holding

NV

(1)

176

10,545

20,859

CAPITAL

MARKETS

-

7

.6

%

CME

Group,

Inc.

35

8,230

Goldman

Sachs

Group,

Inc.

(The)

16

8,936

Morgan

Stanley

58

7,325

24,491

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.9

%

Dollar

General

Corp.

37

2,794

ENERGY

EQUIPMENT

&

SERVICES

-

2

.5

%

Schlumberger

NV

208

7,977

ENTERTAINMENT

-

4

.1

%

Electronic

Arts,

Inc.

46

6,689

Walt

Disney

Co.

(The)

60

6,683

13,372

FINANCIAL

SERVICES

-

10

.4

%

Berkshire

Hathaway,

Inc.,

Class

B

*

11

4,944

Fiserv,

Inc.

*

42

8,596

PayPal

Holdings,

Inc.

*

145

12,335

Visa,

Inc.,

Class

A

24

7,633

33,508

FOOD

PRODUCTS

-

3

.4

%

Kerry

Group

plc,

Class

A

(1)

112

10,823

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

6

.1

%

Baxter

International,

Inc.

238

6,950

Koninklijke

Philips

NV

(1)

*

260

6,570

Medtronic

plc

78

6,197

19,717

HEALTH

CARE

PROVIDERS

&

SERVICES

-

4

.6

%

Cigna

Group

(The)

26

7,184

Humana,

Inc.

30

7,634

14,818

HOTELS,

RESTAURANTS

&

LEISURE

-

6

.3

%

Booking

Holdings,

Inc.

2

8,148

Compass

Group

plc

(1)

270

9,000

Marriott

International,

Inc.,

Class

A

11

3,051

20,199

Shares

Held

Value

INSURANCE

-

2

.1

%

Arch

Capital

Group

Ltd.

72

$

6,644

INTERACTIVE

MEDIA

&

SERVICES

-

7

.6

%

Alphabet,

Inc.,

Class

C

63

12,008

Meta

Platforms,

Inc.,

Class

A

21

12,488

24,496

MEDIA

-

2

.6

%

Comcast

Corp.,

Class

A

225

8,452

OIL,

GAS

&

CONSUMABLE

FUELS

-

4

.5

%

Diamondback

Energy,

Inc.

30

4,914

EOG

Resources,

Inc.

79

9,639

14,553

PHARMACEUTICALS

-

2

.1

%

Merck

&

Co.,

Inc.

68

6,755

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3

.8

%

NXP

Semiconductors

NV

(1)

21

4,391

Texas

Instruments,

Inc.

42

7,907

12,298

TOBACCO

-

4

.9

%

Altria

Group,

Inc.

109

5,708

Philip

Morris

International,

Inc.

84

10,159

15,867

Total

common

stocks

(

Cost

$217,694)

315,315

SHORT-TERM

INVESTMENT

-

2.0%

INVESTMENT

COMPANY

-

2.0%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(2)

(Cost

$6,484)

6,484

6,484

Total

investments

-

99.9%

(Cost

$224,178)

321,799

Other

assets

less

liabilities

-

0.1%

329

Total

net

assets

-

100.0%

#

$

322,128

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(2)

Represents

the

current

yield

as

of

December

31,

2024.

57

Artisan

Partners

Funds

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

46,320

14

.4

%

Consumer

Discretionary

20,199

6

.3

Consumer

Staples

50,342

15

.7

Energy

22,531

7

.0

Financials

94,968

29

.5

Health

Care

41,289

12

.8

Industrials

27,368

8

.5

Information

Technology

12,298

3

.8

Short-Term

Investment

6,484

2

.0

Total

investments

$

321,799

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

EUR

$

44,211

13

.7

%

GBP

19,314

6

.0

USD

258,274

80

.3

Total

investments

$

321,799

100

.0

%

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

VALUE

INCOME

FUND

Schedule

of

Investments

—

December

31,

2024

(Unaudited)

Principal

amount,

shares

and

dollar

values

in

thousands

58

Artisan

Partners

Funds

Shares

Held

Value

COMMON

STOCKS

AND

EQUITY-LINKED

SECURITY

-

90.8%

AEROSPACE

&

DEFENSE

-

1

.0

%

Airbus

SE

(1)

1

$

156

AIR

FREIGHT

&

LOGISTICS

-

2

.0

%

United

Parcel

Service,

Inc.,

Class

B

3

320

AIRLINES

-

2

.1

%

Ryanair

Holdings

plc,

Equity-Linked

Security

(1)(2)(3)(4)

*

16

324

BANKS

-

8

.2

%

Bank

of

America

Corp.

7

290

Fifth

Third

Bancorp

3

127

M&T

Bank

Corp.

1

144

PNC

Financial

Services

Group,

Inc.

(The)

1

228

US

Bancorp

4

169

Wells

Fargo

&

Co.

5

329

1,287

BEVERAGES

-

5

.8

%

Coca-Cola

Co.

(The)

4

235

Diageo

plc

(1)

10

323

Heineken

Holding

NV

(1)

6

357

915

CAPITAL

MARKETS

-

5

.3

%

CME

Group,

Inc.

1

238

Goldman

Sachs

Group,

Inc.

(The)

–

^

186

Moelis

&

Co.,

Class

A

2

149

Morgan

Stanley

2

250

823

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.2

%

Sysco

Corp.

3

195

DISTRIBUTORS

-

1

.9

%

Genuine

Parts

Co.

1

87

LKQ

Corp.

6

210

297

ELECTRIC

UTILITIES

-

9

.6

%

Alliant

Energy

Corp.

5

309

Evergy,

Inc.

4

265

IDACORP,

Inc.

2

206

OGE

Energy

Corp.

9

354

PPL

Corp.

12

374

1,508

ELECTRICAL

EQUIPMENT

-

0

.8

%

nVent

Electric

plc

2

123

ENERGY

EQUIPMENT

&

SERVICES

-

1

.4

%

Schlumberger

NV

6

225

ENTERTAINMENT

-

1

.5

%

Warner

Music

Group

Corp.,

Class

A

8

242

FINANCIAL

SERVICES

-

3

.3

%

Corebridge

Financial,

Inc.

10

284

Visa,

Inc.,

Class

A

1

235

519

FOOD

PRODUCTS

-

3

.6

%

Kerry

Group

plc,

Class

A

(1)

3

258

Shares

Held

Value

FOOD

PRODUCTS

(continued)

Tyson

Foods,

Inc.,

Class

A

5

$

300

558

GAS

UTILITIES

-

1

.1

%

Atmos

Energy

Corp.

1

167

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

-

5

.0

%

Baxter

International,

Inc.

8

239

Koninklijke

Philips

NV

(1)

*

9

234

Medtronic

plc

4

313

786

HEALTH

CARE

REITS

-

1

.6

%

Universal

Health

Realty

Income

Trust

7

243

HOTELS,

RESTAURANTS

&

LEISURE

-

5

.0

%

Compass

Group

plc

(1)

8

265

MGM

China

Holdings

Ltd.

(1)

191

244

Vail

Resorts,

Inc.

1

276

785

INDUSTRIAL

REITS

-

1

.3

%

Lineage,

Inc.

3

202

LEISURE

PRODUCTS

-

1

.9

%

Polaris,

Inc.

5

300

MACHINERY

-

2

.1

%

Otis

Worldwide

Corp.

4

334

MEDIA

-

5

.3

%

Cable

One,

Inc.

–

^

165

Comcast

Corp.,

Class

A

(5)

11

410

Omnicom

Group,

Inc.

3

252

827

OIL,

GAS

&

CONSUMABLE

FUELS

-

4

.2

%

Diamondback

Energy,

Inc.

2

247

EOG

Resources,

Inc.

3

411

658

PHARMACEUTICALS

-

1

.9

%

Merck

&

Co.,

Inc.

3

294

RETAIL

REITS

-

1

.5

%

NNN

REIT,

Inc.

6

235

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

1

.6

%

Texas

Instruments,

Inc.

1

249

SPECIALIZED

REITS

-

5

.0

%

Lamar

Advertising

Co.,

Class

A

5

576

Public

Storage

1

203

779

TOBACCO

-

5

.6

%

Altria

Group,

Inc.

6

334

Philip

Morris

International,

Inc.

(5)

5

545

879

Total

common

stocks

and

equity-linked

security

(

Cost

$13,354)

14,230

59

Artisan

Partners

Funds

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

MGM

China

Holdings

Ltd.

Macau

HKD

Ryanair

Holdings

plc,

Equity-Linked

Security

Ireland

USD

Security

Acquisition

Date

Cost

Value

Percentage

of

Total

Net

Assets

Ryanair

Holdings

plc,

Equity-Linked

Security

3/12/2024

-

10/22/2024

$

296

$

324

2.1%

Principal

Amount

Value

CONVERTIBLE

BONDS

-

2.5%

MEDIA

-

1

.1

%

Cable

One,

Inc.

Zero

Coupon,

3/15/2026

106

$

98

1.13%,

3/15/2028

97

80

178

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.4

%

Redwood

Trust,

Inc.

7.75%,

6/15/2027

215

211

Total

convertible

bonds

(

Cost

$394)

389

CORPORATE

BONDS

-

2.4%

BROADLINE

RETAIL

-

1

.3

%

ANGI

Group

LLC

3.88%,

8/15/2028

(6)

228

203

MEDIA

-

1

.1

%

Cable

One,

Inc.

4.00%,

11/15/2030

(6)

209

175

Total

corporate

bonds

(

Cost

$362)

378

Shares

Held

PREFERRED

STOCK

-

1.8%

BANKS

-

1

.8

%

WaFd,

Inc.

Series

A,

4.88%

(7)

(Cost

$234)

17

289

CONVERTIBLE

PREFERRED

STOCK

-

1.0%

AEROSPACE

&

DEFENSE

-

1

.0

%

Boeing

Co.

(The)

6.00%,

10/15/2027

(Cost

$132)

3

152

SHORT-TERM

INVESTMENT

-

1.4%

INVESTMENT

COMPANY

-

1.4%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class,

4.34%

(8)

(Cost

$226)

226

226

Total

investments

-

99.9%

(Cost

$14,702)

15,664

WRITTEN

OPTION

CONTRACTS

-

(0.1)%

(Premiums

received

$(20))

(

15

)

Other

assets

less

liabilities

-

0.2%

31

Total

net

assets

-

100.0%

#

$

15,680

(1)

The

Fund

considers

the

company

to

be

from

outside

the

United

States.

(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

$324,

or

2.1%

of

total

net

assets.

See

notes

(2)

and

(3)

in

the

accompanying

notes.

(3)

Security

is

restricted.

Security

was

acquired

in

a

transaction

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended,

on

the

date

or

during

the

period

noted

below.

(4)

Security

is

an

equity-linked

security

issued

by

HSBC

Bank

plc.

Eequity-linked

securities

are

subject

to

counterparty

risk

with

respect

to

the

bank

or

broker-dealer

that

issues

them.

(5)

At

December

31,

2024,

all

or

a

portion

of

this

security

was

pledged

to

cover

collateral

requirements

for

written

options.

(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)

Perpetual

security.

The

rate

reflected

was

the

rate

in

effect

on

December

31,

2024.

(8)

Represents

the

current

yield

as

of

December

31,

2024.

PORTFOLIO

DIVERSIFICATION

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

Communication

Services

$

1,422

9

.1

%

Consumer

Discretionary

1,585

10

.1

Consumer

Staples

2,548

16

.3

Energy

883

5

.6

Financials

3,129

20

.0

Health

Care

1,081

6

.9

Industrials

1,408

9

.0

Information

Technology

249

1

.6

Real

Estate

1,458

9

.3

Utilities

1,675

10

.7

Short-Term

Investment

226

1

.4

Total

investments

$

15,664

100

.0

%

TRADING

CURRENCIES

Dollar

values

in

thousands

Value

Percentage

of

Total

Investments

EUR

$

1,005

6

.4

%

GBP

588

3

.7

HKD

244

1

.6

USD

13,827

88

.3

Total

investments

$

15,664

100

.0

%

60

Artisan

Partners

Funds

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)

8

Altria

Group,

Inc.

$

52.50

$

42

03/21/25

$

(

2

)

$

(

2

)

$

–

^

8

Altria

Group,

Inc.

55.00

42

06/20/25

(

2

)

(

1

)

1

7

Coca-Cola

Co.

(The)

67.50

44

06/20/25

(

1

)

(

1

)

–

2

Compass

Group

plc

(1)

GBP

26.00

67

06/20/25

(

2

)

(

4

)

(

2

)

7

Lamar

Advertising

Co.

$

134.75

85

01/17/25

(

4

)

–

^

4

3

Morgan

Stanley

150.00

38

06/20/25

(

2

)

(

1

)

1

10

NNN

REIT,

Inc.

50.00

41

03/21/25

(

1

)

–

^

1

3

Omnicom

Group,

Inc.

100.00

26

04/17/25

(

2

)

–

^

2

5

Philip

Morris

International,

Inc.

120.00

60

01/17/25

(

3

)

(

2

)

1

1

Visa,

Inc.

280.00

32

01/17/25

(

1

)

(

4

)

(

3

)

Total

written

option

contracts

$

–

$

–

$

–

Total

written

option

contracts

$

(

20

)

$

(

15

)

$

5

(1)

One

contract

is

equal

to

1000

shares.

Definitions

of

abbreviations

and

footnotes

are

detailed

on

pages

1-2.

See

notes

to

N-PORT

Part

F.

ARTISAN

PARTNERS

FUNDS

Notes

to

N-PORT

Part

F

—

December

31,

2024

(UNAUDITED)

61

Artisan

Partners

Funds

As

of

December

31,

2024,

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. 

(1)

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

each

Fund

and

its

Subsidiary.

All

intercompany

transactions

and

balances

have

been

eliminated.

As

of

December

31,

2024,

Artisan

Emerging

Markets

Debt

Opportunities

Subsidiary

Ltd.

had

$7,787,942

in

net

assets,

representing

9.78%

of

Emerging

Markets

Debt

Opportunities

Fund’s

net

assets

and

Artisan

Global

Unconstrained

Subsidiary

Ltd.

had

$11,056,267

in

net

assets,

representing

7.95%

of

Global

Unconstrained

Fund’s

net

assets. 

(2)

Valuation: 

The

net

asset

value

(“NAV”)

of

the

shares

of

each

class

of

each

Fund

was

determined

as

of

the

close

of

regular

session

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

(usually

4:00

p.m.,

Eastern

Time)

each

day

the

NYSE

was

open

for

regular

session

trading.

For

financial

reporting

purposes,

information

available

subsequent

to

the

close

of

NYSE

trading

and

up

to

the

date

of

issuance

of

the Schedules

of

Investments 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”)

held

by

the

Fund

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.

Securities

trading

primarily

outside

the

US

may

have

fair

value

factors

applied

where

the

applicable

trading

market

was

closed

or

as

a

result

of

significant

market

movements

following

the

close

of

local

trading.

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.

Derivatives

(including

centrally

cleared

swaps,

total

return

swaps,

over-the-counter

options

on

total

return

swaps,

and

certain

other

derivatives)

are

valued

using

prices

provided

by

the

Funds’

pricing

vendors.

Prices

obtained

from

independent

pricing

services

may

use

various

observable

and

unobservable

inputs,

including,

but

not

limited

to,

information

provided

by

broker-dealers,

pricing

formulas,

estimates

of

market

values

obtained

from

data

relating

to

investments

or

securities

with

similar

characteristics

and/or

discounted

cash

flow

or

spread

curve

models

that

might

be

applicable.

Shares

of

open-end

investment

companies

(excluding

exchange

traded

funds)

were

valued

at

the

latest

net

asset

value

reported

by

the

investment

company.

Fixed

income

securities,

including

loan

participation

notes,

are

fair

valued

using

prices

from

the

Funds’

pricing

vendors.

Such

prices

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. 

Rule

2a-5

under

the

1940

Act

(“Rule

2a-5”),

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

Notes

to

N-PORT

Part

F

62

Artisan

Partners

Funds

not

readily

available.

Separately,

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

a

valuation

committee

to

establish

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

Procedures

for

Valuation

of

Portfolio

Securities

by

Artisan

Partners

Limited

Partnership

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

deemed

reliable.

When

fair

value

pricing

is

employed,

the

value

of

a

security

or

asset

used

by

a

Fund

to

calculate

its

NAV

may

differ

from

quoted

or

published

prices

for

the

same

security

or

asset.

Estimates

of

fair

value

utilized

by

the

Funds

as

described

above

could

differ

from

the

value

realized

on

the

sale

of

those

securities

or

assets

in

the

future

and

the

differences

may

be

material

to

the

NAV

of

the

applicable

Fund. 

(3)

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

asset

or

purchasing

a

liability

in

an

orderly

transaction

to/from

an

independent

buyer/seller

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

(2).

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. 

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,

2024

(in

thousands).

Refer

to

each

Fund’s

Schedule

of

Investments

for

industry

or

country

classifications. 

Notes

to

N-PORT

Part

F

63

Artisan

Partners

Funds

.

Fund

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Developing

World

Assets

Description

Common

Stocks

Americas

$

1,253,398

$

–

$

–

$

1,253,398

Emerging

Markets

1,440,188

–

–

1,440,188

Europe

324,260

–

–

324,260

Pacific

Basin

415,057

–

–

415,057

Investment

Company

110,672

–

–

110,672

Total

Assets

3,543,575

–

–

3,543,575

Total

Liabilities

–

–

–

–

Total

3,543,575

–

–

3,543,575

0

Emerging

Markets

Debt

Opportunities

Assets

Description

Sovereign

Government

Bonds

and

Credit-Linked

Notes

–

47,208

811

48,019

Corporate

Bonds

–

14,552

–

14,552

Bank

loans

–

–

1,971

1,971

Sovereign

Government

Treasury

Bills

–

5,362

–

5,362

U.S.

Treasury

Obligations

–

3,076

–

3,076

Investment

Companies

226

–

–

226

Forward

Currency

Contracts

(1)

–

357

–

357

Futures

(1)

328

–

–

328

Centrally

Cleared

Credit

Default

Swaps

(1)

–

12

–

12

Centrally

Cleared

Interest

Rate

Swaps

(1)

–

375

–

375

Total

Assets

554

70,942

2,782

74,278

Liabilities

Description

Forward

Currency

Contracts

(1)

–

(397)

–

(397)

Centrally

Cleared

Credit

Default

Swaps

(1)

–

(64)

–

(64)

Centrally

Cleared

Interest

Rate

Swaps

(1)

–

(88)

–

(88)

Total

Liabilities

–

(549)

–

(549)

Total

554

70,393

2,782

73,729

0

Floating

Rate

Assets

Description

Bank

loans

–

64,012

–

64,012

Corporate

Bonds

–

2,796

–

2,796

Common

Stocks

–

245

–

245

Preferred

Stock

–

73

–

73

Warrants

–

–

–

(2)

–

Investment

Company

11,468

–

–

11,468

Total

Assets

11,468

67,126

–

78,594

Total

Liabilities

–

–

–

–

Total

11,468

67,126

–

78,594

0

Focus

Assets

Description

Common

Stocks

864,615

30,315

–

894,930

Options

Purchased

84,501

–

–

84,501

Investment

Company

17,460

–

–

17,460

Forward

Currency

Contracts

(1)

–

5

,

212

–

5

,

212

Total

Assets

966,576

35,527

–

1,002,103

Liabilities

Description

Forward

Currency

Contracts

(1)

–

(2,238)

–

(2,238)

Written

Options

(3,442)

–

–

(3,442)

Total

Liabilities

(3,442)

(2,238)

–

(5,680)

Total

963,134

33,289

–

996,423

0

Notes

to

N-PORT

Part

F

64

Artisan

Partners

Funds

Fund

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Global

Discovery

Assets

Description

Common

Stocks

Americas

$

142,086

$

–

$

–

$

142,086

Emerging

Markets

2,581

–

–

2,581

Europe

47,360

38,377

–

85,737

Pacific

Basin

9,534

–

–

9,534

Investment

Company

4,242

–

–

4,242

Total

Assets

205,803

38,377

–

244,180

Total

Liabilities

–

–

–

–

Total

205,803

38,377

–

244,180

0

Global

Equity

Assets

Description

Common

Stocks

Americas

60,387

1,329

–

61,716

Emerging

Markets

7,708

4,969

–

(2)

12,677

Europe

47,111

34,790

–

81,901

Pacific

Basin

–

6,685

–

6,685

Investment

Company

5,589

–

–

5,589

Total

Assets

120,795

47,773

–

168,568

Total

Liabilities

–

–

–

–

Total

120,795

47,773

–

168,568

0

Global

Opportunities

Assets

Description

Common

Stocks

Americas

1,263,375

–

–

1,263,375

Emerging

Markets

218,657

–

–

218,657

Europe

366,559

184,038

–

550,597

Pacific

Basin

92,664

79,636

–

172,300

Investment

Company

73,133

–

–

73,133

Total

Assets

2,014,388

263,674

–

2,278,062

Total

Liabilities

–

–

–

–

Total

2,014,388

263,674

–

2,278,062

0

Global

Unconstrained

Assets

Description

Sovereign

Government

Bonds

and

Credit-Linked

Notes

–

72,663

1,070

73,733

Corporate

Bonds

–

22,316

–

22,316

Common

Stocks

7,127

–

–

7,127

Bank

loans

–

–

2,694

2,694

Exchange

Traded

Funds

1,493

–

–

1,493

Closed

End

Fund

584

–

–

584

Sovereign

Government

Treasury

Bills

–

9,762

–

9,762

U.S.

Treasury

Obligations

–

8,417

–

8,417

Repurchase

Agreements

–

6,936

–

6,936

Investment

Companies

1,132

–

–

1,132

Forward

Currency

Contracts

(1)

–

1,419

–

1,419

Futures

(1)

535

–

–

535

Centrally

Cleared

Credit

Default

Swaps

(1)

–

347

–

347

Centrally

Cleared

Interest

Rate

Swaps

(1)

–

221

–

221

Total

Assets

10,871

122,081

3,764

136,716

Liabilities

Description

Exchange

Traded

Fund

(1,346)

–

–

(1,346)

Corporate

Bond

–

(1,327)

–

(1,327)

Common

Stocks

(4,224)

–

–

(4,224)

Notes

to

N-PORT

Part

F

65

Artisan

Partners

Funds

Fund

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Global

Unconstrained

(continued)

Sovereign

Government

Bonds

$

–

$

(5,229)

$

–

$

(5,229)

Forward

Currency

Contracts

(1)

–

(367)

–

(367)

Centrally

Cleared

Credit

Default

Swaps

(1)

–

(774)

–

(774)

Centrally

Cleared

Interest

Rate

Swaps

(1)

–

(165)

–

(165)

OTC

Credit

Default

Swaps

(1)

–

(10)

–

(10)

OTC

Interest

Rate

Swaps

(1)

–

(22)

–

(22)

Total

Liabilities

(5,570)

(7,894)

–

(13,464)

Total

5,301

114,187

3,764

123,252

0

Global

Value

Assets

Description

Common

Stocks

and

Equity-Linked

Security

Americas

1,137,713

–

–

1,137,713

Emerging

Markets

53,887

71,670

–

125,557

Europe

492,533

462,206

–

954,739

Investment

Company

112,505

–

–

112,505

Forward

Currency

Contracts

(1)

–

16

–

16

Total

Assets

1,796,638

533,892

–

2,330,530

Liabilities

Description

Forward

Currency

Contracts

(1)

–

(41)

–

(41)

Total

Liabilities

–

(41)

–

(41)

Total

1,796,638

533,851

–

2,330,489

0

High

Income

Assets

Description

Corporate

Bonds

–

6,485,314

–

6,485,314

Bank

loans

–

1,596,501

–

1,596,501

Common

Stocks

–

18,949

–

18,949

Preferred

Stock

–

2,174

–

2,174

Warrants

–

–

–

(2)

–

Investment

Company

1,044,901

–

–

1,044,901

Forward

Currency

Contracts

(1)

–

424

–

424

Total

Assets

1,044,901

8,103,362

–

9,148,263

Total

Liabilities

–

–

–

–

Total

1,044,901

8,103,362

–

9,148,263

0

International

Assets

Description

Common

Stocks

and

Equity-Linked

Security

Americas

432,955

83,176

–

516,131

Emerging

Markets

111,095

138,499

–

(2)

249,594

Europe

1,973,032

1,482,967

–

3,455,999

Pacific

Basin

–

307,411

–

307,411

Investment

Company

336,201

–

–

336,201

Total

Assets

2,853,283

2,012,053

–

4,865,336

Total

Liabilities

–

–

–

–

Total

2,853,283

2,012,053

–

4,865,336

0

International

Explorer

Assets

Description

Common

Stocks

Americas

15,981

–

–

15,981

Emerging

Markets

15,246

6,996

–

22,242

Europe

82,403

18,087

–

100,490

Pacific

Basin

5,615

23,672

–

29,287

Investment

Company

28,222

–

–

28,222

Total

Assets

147,467

48,755

–

196,222

Notes

to

N-PORT

Part

F

66

Artisan

Partners

Funds

Fund

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

International

Explorer

(continued)

Total

Liabilities

$

–

$

–

$

–

$

–

Total

147,467

48,755

–

196,222

0

International

Small-Mid

Assets

Description

Common

Stocks

Americas

926,869

79,299

–

1,006,168

Emerging

Markets

207,140

69,199

–

276,339

Europe

1,085,542

804,030

–

1,889,572

Middle

East

286,054

–

–

286,054

Pacific

Basin

–

745,653

–

745,653

Investment

Company

55,453

–

–

55,453

Total

Assets

2,561,058

1,698,181

–

4,259,239

Total

Liabilities

–

–

–

–

Total

2,561,058

1,698,181

–

4,259,239

0

International

Value

Assets

Description

Common

Stocks

and

Equity-Linked

Security

Americas

5,114,435

783,779

–

5,898,214

Emerging

Markets

2,770,009

1,662,477

146,680

4,579,166

Europe

9,423,073

8,353,874

–

17,776,947

Pacific

Basin

–

477,888

–

477,888

Investment

Company

4,754,495

–

–

4,754,495

Miscellaneous

Securities

305,002

106,158

–

411,160

Total

Assets

22,367,014

11,384,176

146,680

33,897,870

Total

Liabilities

–

–

–

–

Total

22,367,014

11,384,176

146,680

33,897,870

0

Mid

Cap

Assets

Description

Common

Stocks

4,023,362

–

–

4,023,362

Investment

Company

87,264

–

–

87,264

Total

Assets

4,110,626

–

–

4,110,626

Total

Liabilities

–

–

–

–

Total

4,110,626

–

–

4,110,626

0

Mid

Cap

Value

Assets

Description

Common

Stocks

1,063,217

–

–

(2)

1,063,217

Investment

Company

21,647

–

–

21,647

Total

Assets

1,084,864

–

–

1,084,864

Total

Liabilities

–

–

–

–

Total

1,084,864

–

–

1,084,864

0

Select

Equity

Assets

Description

Common

Stocks

40,103

6,542

–

46,645

Investment

Company

4,247

–

–

4,247

Forward

Currency

Contracts

(1)

–

–

^

–

–

^

Total

Assets

44,350

6,542

–

50,892

Liabilities

Description

Forward

Currency

Contracts

(1)

–

(1)

–

(1)

Total

Liabilities

–

(1)

–

(1)

Total

44,350

6,541

–

50,891

0

Notes

to

N-PORT

Part

F

67

Artisan

Partners

Funds

Fund

Level

1

-

Unadjusted

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Total

Small

Cap

Assets

Description

Common

Stocks

$

1,263,144

$

–

$

–

$

1,263,144

Investment

Company

33,095

–

–

33,095

Total

Assets

1,296,239

–

–

1,296,239

Total

Liabilities

–

–

–

–

Total

1,296,239

–

–

1,296,239

0

Sustainable

Emerging

Markets

Assets

Description

Common

Stocks

Americas

2,565

–

–

2,565

Emerging

Markets

127,692

26,301

–

(2)

153,993

Europe

1,098

–

–

1,098

Pacific

Basin

3,377

–

–

3,377

Investment

Company

4,049

–

–

4,049

Total

Assets

138,781

26,301

–

165,082

Total

Liabilities

–

–

–

–

Total

138,781

26,301

–

165,082

0

Value

Assets

Description

Common

Stocks

315,315

–

–

315,315

Investment

Company

6,484

–

–

6,484

Total

Assets

321,799

–

–

321,799

Total

Liabilities

–

–

–

–

Total

321,799

–

–

321,799

0

Value

Income

Assets

Description

Common

Stocks

and

Equity-Linked

Security

13,906

324

–

14,230

Convertible

Bonds

–

389

–

389

Corporate

Bonds

–

378

–

378

Preferred

Stock

289

–

–

289

Convertible

Preferred

Stock

152

–

–

152

Investment

Company

226

–

–

226

Total

Assets

14,573

1,091

–

15,664

Liabilities

Description

Written

Options

(15)

–

–

(15)

Total

Liabilities

(15)

–

–

(15)

Total

14,558

1,091

–

15,649

(1)

Foreign

currency

forward

contracts,

futures

contracts,

OTC

swap

contracts

and

centrally

cleared

swap

contracts

are

valued

at

unrealized

appreciation

(depreciation).

(2)

Includes

one

or

more

securities

valued

at

$0.

^

Amount

rounds

to

less

than

$1.

Notes

to

N-PORT

Part

F

68

Artisan

Partners

Funds

Information

about

Level

3

fair

value

measurements

(dollar

values

in

thousands): 

.

Assets

Fair

Value

at

December

31,

2024

Unobservable

Input(s)

Range

Weighted

Average

Impact

to

Fair

Value

from

an

Increase

in

Input

Emerging

Markets

Debt

Opportunities

Credit-Linked

Notes

$

811

Single

broker

quote

$88.72

-

$95.50

$93.27

Increase

Bank

loans

1,971

Single

broker

quote

(1)

$85.50

-

$99.38

$95.62

Increase

Total

2,782

Floating

Rate

Warrant

–

(2)

100%

discount

for

uncertainty

of

liquidation

value

N/A

N/A

N/A

Global

Equity

Common

Stock

–

(2)

Last

quote

in

restricted

market

less

100%

discount

N/A

N/A

N/A

Global

Unconstrained

Credit-Linked

Notes

1,070

Single

broker

quote

$88.72

-

$95.50

$93.25

Increase

Bank

loans

2,694

Single

broker

quote

(3)

$85.50

-

$99.38

$95.70

Increase

Total

3,764

High

Income

Warrant

–

(2)

100%

discount

for

uncertainty

of

liquidation

value

N/A

N/A

N/A

International

Common

Stock

–

(2)

Last

quote

in

restricted

market

less

100%

discount

N/A

N/A

N/A

International

Value

Common

Stock

146,680

Net

collateral,

net

earned

premiums,

and

fair

value

of

loss

reserves

$127,120

-

$147,700

$135,739

Increase

Mid

Cap

Value

Common

Stock

–

(2)

100%

discount

for

uncertainty

of

liquidation

value

N/A

N/A

N/A

Sustainable

Emerging

Markets

Common

Stock

–

(2)

Last

quote

in

restricted

market

less

100%

discount

N/A

N/A

N/A

(1)

At

times

during

the

period,

unobservable

input(s)

were

model-derived

based

on

change

in

option-adjusted

spread

of

comparables

with

a

range

of

$82.12

-

$100.60

and

weighted

average

of

$95.87.

(2)

Includes

one

or

more

securities

valued

at

$0.

(3)

At

times

during

the

period,

unobservable

input(s)

were

model-derived

based

on

change

in

option-adjusted

spread

of

comparables

with

a

range

of

$82.12

-

$100.60

and

weighted

average

of

$95.95.

Emerging

Markets

Debt

Opportunities

Fund

Floating

Rate

Fund

Global

Equity

Fund

Global

Unconstrained

Fund

Balance

as

of  September

30,

2024

$

2,756

$

–

(1)

$

–

(1)

$

3,730

Transfers

into

Level

3

–

–

–

–

Net

change

in

unrealized

appreciation

(depreciation)

26

–

–

34

Purchases

–

–

–

–

Sales

–

–

–

–

Accrued

Amortization

–

(2)

–

–

–

(2)

Realized

Gain/Loss

–

–

–

–

Transfers

out

of

Level

3

–

–

–

–

Balance

as

of  December

31,

2024

$

2,782

$

–

(1)

$

–

(1)

$

3,764

Net

change

in

unrealized

appreciation

(depreciation)

for

investments

held

as

of  December

31,

2024

$

26

$

–

$

–

$

34

Notes

to

N-PORT

Part

F

69

Artisan

Partners

Funds

(4)

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,

2024

(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,

2024. 

Transactions

in

securities

of

affiliates: 

High

Income

Fund

International

Fund

International

Value

Fund

Mid

Cap

Value

Fund

Sustainable

Emerging

Markets

Fund

Balance

as

of  September

30,

2024

$

–

(1)

$

–

(1)

$

146,720

$

–

(1)

$

–

(1)

Transfers

into

Level

3

–

–

–

–

–

Net

change

in

unrealized

appreciation

(depreciation)

–

–

(40)

–

–

Purchases

–

–

–

–

–

Sales

–

–

–

–

–

Accrued

Amortization

–

–

–

–

–

Realized

Gain/Loss

–

–

–

–

–

Transfers

out

of

Level

3

–

–

–

–

–

Balance

as

of  December

31,

2024

$

–

(1)

$

–

(1)

$

146,680

$

–

(1)

$

–

(1)

Net

change

in

unrealized

appreciation

(depreciation)

for

investments

held

as

of  December

31,

2024

$

–

$

–

$

(40)

$

–

$

–

(1)

Includes

one

or

more

securities

valued

at

$0.

(2)

Amount

rounds

to

less

than

$1

As

of

09/30/2024

Net

Net

Net

Net

Increase

(Decrease)

in

Unrealized  

As

of

12/31/2024

Funds

Shares

Balance

Value

Purchases

at

Cost

Proceeds

from

Sales

Realized

Gain

(Loss)

Appreciation

or

Depreciation

Share

Balance

Value

Dividend

Income

@

International

Explorer

M&C

Saatchi

plc

6,358

$

15,472

$

3,545

$

—

$

—

$

(2,554)

7,736

$

16,463

$

—

Total

$15,472

$3,545

$—

$—

$(2,554)

$16,463

$—

International

Value

Barry

Callebaut

AG

(1)‡

260

480,483

168,884

—

—

(155,962)

372

493,405

—

Berkeley

Group

Holdings

plc

5,739

362,130

—

—

—

(81,947)

5,739

280,183

—

Brenntag

SE

(1)

9,844

733,975

93,782

—

—

(145,775)

11,375

681,982

—

Koninklijke

Philips

NV*

‡

45,331

1,484,541

84,429

—

—

(343,538)

48,484

1,225,432

—

Sensata

Technologies

Holding

plc

9,305

333,662

—

—

—

(78,716)

9,305

254,946

1,117

Total

$3,394,791

$347,095

$—

$—

$(805,938)

$2,935,948

$1,117

@

Net

of

foreign

taxes

withheld,

if

any.

‡

Issuer

was

not

an

affiliate

as

of

September

30,

2024.

(1)

Valued

at

a

fair

value

in

accordance

with

procedures

established

by

the

board

of

directors

of

Artisan

Partners

Funds.

See

notes

(2)

and

(3).

*

Non-income

producing

security.