UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.
(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip Code)

Laura E. Simpson
Artisan Partners Funds, Inc.
875 East Wisconsin Avenue, Suite 800
Milwaukee, Wisconsin 53202

Nathan Briggs
Simpson Thacher & Bartlett LLP
900 G Street, N.W.
Washington, D.C. 20001

(Name and address of agents for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 3/31/25

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Report to Stockholders.

(a) Following are copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”).

Artisan Developing World Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDYX

This semi-annual shareholder report contains important information about Artisan Developing World Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$57	1.13%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,615,730
Number of Portfolio Holdings	35
Total Investment Advisory Fees (net of waivers and reimbursements)	$18,770
Portfolio Turnover Rate	36.45%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	33.2%
Europe	8.8%
Emerging Markets	42.8%
Pacific Basin	11.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Australian dollar	1.6	%
Chinese yuan renminbi offshore	3.4
Euro	7.7
Hong Kong dollar	8.8
Indian rupee	6.7
U.S. dollar	71.8
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	15.5%
Consumer Discretionary	27.3%
Consumer Staples	5.2%
Financials	20.3%
Health Care	5.9%
Industrials	3.9%
Information Technology	16.4%
Real Estate	2.1%
Short-Term Investment	3.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Sea Ltd.	Singapore	5.7	%
MercadoLibre, Inc.	Brazil	5.3
Visa, Inc.	United States	4.7
Meituan	China	4.5
MakeMyTrip Ltd.	India	4.4
Adyen NV	Netherlands	4.4
Tencent Holdings Ltd.	China	4.3
NU Holdings Ltd.	Brazil	4.0
Crowdstrike Holdings, Inc.	United States	3.9
Grab Holdings Ltd.	Singapore	3.8
Total		45.0	%

Excludes short-term investments.


Artisan Developing World Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDYX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Developing World Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHYX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$53	1.04%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,615,730
Number of Portfolio Holdings	35
Total Investment Advisory Fees (net of waivers and reimbursements)	$18,770
Portfolio Turnover Rate	36.45%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	33.2%
Europe	8.8%
Emerging Markets	42.8%
Pacific Basin	11.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Australian dollar	1.6	%
Chinese yuan renminbi offshore	3.4
Euro	7.7
Hong Kong dollar	8.8
Indian rupee	6.7
U.S. dollar	71.8
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	15.5%
Consumer Discretionary	27.3%
Consumer Staples	5.2%
Financials	20.3%
Health Care	5.9%
Industrials	3.9%
Information Technology	16.4%
Real Estate	2.1%
Short-Term Investment	3.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Sea Ltd.	Singapore	5.7	%
MercadoLibre, Inc.	Brazil	5.3
Visa, Inc.	United States	4.7
Meituan	China	4.5
MakeMyTrip Ltd.	India	4.4
Adyen NV	Netherlands	4.4
Tencent Holdings Ltd.	China	4.3
NU Holdings Ltd.	Brazil	4.0
Crowdstrike Holdings, Inc.	United States	3.9
Grab Holdings Ltd.	Singapore	3.8
Total		45.0	%

Excludes short-term investments.


Artisan Developing World Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHYX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Developing World Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTYX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$66	1.30%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,615,730
Number of Portfolio Holdings	35
Total Investment Advisory Fees (net of waivers and reimbursements)	$18,770
Portfolio Turnover Rate	36.45%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	33.2%
Europe	8.8%
Emerging Markets	42.8%
Pacific Basin	11.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Australian dollar	1.6	%
Chinese yuan renminbi offshore	3.4
Euro	7.7
Hong Kong dollar	8.8
Indian rupee	6.7
U.S. dollar	71.8
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	15.5%
Consumer Discretionary	27.3%
Consumer Staples	5.2%
Financials	20.3%
Health Care	5.9%
Industrials	3.9%
Information Technology	16.4%
Real Estate	2.1%
Short-Term Investment	3.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Sea Ltd.	Singapore	5.7	%
MercadoLibre, Inc.	Brazil	5.3
Visa, Inc.	United States	4.7
Meituan	China	4.5
MakeMyTrip Ltd.	India	4.4
Adyen NV	Netherlands	4.4
Tencent Holdings Ltd.	China	4.3
NU Holdings Ltd.	Brazil	4.0
Crowdstrike Holdings, Inc.	United States	3.9
Grab Holdings Ltd.	Singapore	3.8
Total		45.0	%

Excludes short-term investments.


Artisan Developing World Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTYX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Emerging Markets Debt Opportunities Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDOX

This semi-annual shareholder report contains important information about Artisan Emerging Markets Debt Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$59	1.16%

Key Fund Statistics
Dollar values in thousands
Net Assets	$94,057
Number of Portfolio Holdings	221
Total Investment Advisory Fees (net of waivers and reimbursements)	$164
Portfolio Turnover Rate	37.53%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Sovereign Government Bonds	49.4%
Corporate Bonds	17.6%
Bank Loans	4.0%
Convertible Bond	0.1%
Common Stock	0.0%
Other assets less liabilities	28.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
Albanian lek	2.5	%
Dominican peso	3.8
Egyptian pound	6.1
Euro	9.4
Indonesian rupiah	4.5
Nigerian naira	5.9
Peruvian nuevo sol	6.2
U.S. dollar	57.2
Uruguayan peso	1.5
Uzbekistani som	1.8
Other	1.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	0.6%
Consumer Staples	1.2%
Energy	7.2%
Financials	8.7%
Industrials	2.0%
Materials	1.2%
Sovereign Government Securities	49.8%
Utilities	0.9%
Short-Term Investments	28.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Commonwealth of the Bahamas	Bahamas	6.5	%
Bonos de la Tesoreria	Peru	6.1
Republic of Indonesia	Indonesia	4.5
Benin Government Bond	Benin	3.8
Republic of Iraq	Iraq	3.7
Banco Central de la Republica Dominicana, GDN	Dominican Republic	3.7
Argentine Republic	Argentina	2.7
Ukraine Government Bond	Ukraine	2.4
Republic of Zambia	Zambia	2.1
Federal Republic of Nigeria	Nigeria	1.7
Total		37.2	%

Excludes short-term investments.

			Material Fund Changes
Artisan Emerging Markets Debt Opportunities Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDOX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. Effective March 14, 2025, the Fund’s 2% redemption fee was eliminated. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Emerging Markets Debt Opportunities Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHOX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$56	1.11%

Key Fund Statistics
Dollar values in thousands
Net Assets	$94,057
Number of Portfolio Holdings	221
Total Investment Advisory Fees (net of waivers and reimbursements)	$164
Portfolio Turnover Rate	37.53%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Sovereign Government Bonds	49.4%
Corporate Bonds	17.6%
Bank Loans	4.0%
Convertible Bond	0.1%
Common Stock	0.0%
Other assets less liabilities	28.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
Albanian lek	2.5	%
Dominican peso	3.8
Egyptian pound	6.1
Euro	9.4
Indonesian rupiah	4.5
Nigerian naira	5.9
Peruvian nuevo sol	6.2
U.S. dollar	57.2
Uruguayan peso	1.5
Uzbekistani som	1.8
Other	1.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	0.6%
Consumer Staples	1.2%
Energy	7.2%
Financials	8.7%
Industrials	2.0%
Materials	1.2%
Sovereign Government Securities	49.8%
Utilities	0.9%
Short-Term Investments	28.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Commonwealth of the Bahamas	Bahamas	6.5	%
Bonos de la Tesoreria	Peru	6.1
Republic of Indonesia	Indonesia	4.5
Benin Government Bond	Benin	3.8
Republic of Iraq	Iraq	3.7
Banco Central de la Republica Dominicana, GDN	Dominican Republic	3.7
Argentine Republic	Argentina	2.7
Ukraine Government Bond	Ukraine	2.4
Republic of Zambia	Zambia	2.1
Federal Republic of Nigeria	Nigeria	1.7
Total		37.2	%

Excludes short-term investments.

			Material Fund Changes
Artisan Emerging Markets Debt Opportunities Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHOX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. Effective March 14, 2025, the Fund’s 2% redemption fee was eliminated. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Emerging Markets Debt Opportunities Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | APFOX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$64	1.26%

Key Fund Statistics
Dollar values in thousands
Net Assets	$94,057
Number of Portfolio Holdings	221
Total Investment Advisory Fees (net of waivers and reimbursements)	$164
Portfolio Turnover Rate	37.53%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Sovereign Government Bonds	49.4%
Corporate Bonds	17.6%
Bank Loans	4.0%
Convertible Bond	0.1%
Common Stock	0.0%
Other assets less liabilities	28.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
Albanian lek	2.5	%
Dominican peso	3.8
Egyptian pound	6.1
Euro	9.4
Indonesian rupiah	4.5
Nigerian naira	5.9
Peruvian nuevo sol	6.2
U.S. dollar	57.2
Uruguayan peso	1.5
Uzbekistani som	1.8
Other	1.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	0.6%
Consumer Staples	1.2%
Energy	7.2%
Financials	8.7%
Industrials	2.0%
Materials	1.2%
Sovereign Government Securities	49.8%
Utilities	0.9%
Short-Term Investments	28.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Commonwealth of the Bahamas	Bahamas	6.5	%
Bonos de la Tesoreria	Peru	6.1
Republic of Indonesia	Indonesia	4.5
Benin Government Bond	Benin	3.8
Republic of Iraq	Iraq	3.7
Banco Central de la Republica Dominicana, GDN	Dominican Republic	3.7
Argentine Republic	Argentina	2.7
Ukraine Government Bond	Ukraine	2.4
Republic of Zambia	Zambia	2.1
Federal Republic of Nigeria	Nigeria	1.7
Total		37.2	%

Excludes short-term investments.

			Material Fund Changes
Artisan Emerging Markets Debt Opportunities Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| APFOX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. Effective March 14, 2025, the Fund’s 2% redemption fee was eliminated. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Floating Rate Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDUX

This semi-annual shareholder report contains important information about Artisan Floating Rate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$56	1.10%

Key Fund Statistics
Dollar values in thousands
Net Assets	$85,081
Number of Portfolio Holdings	102
Total Investment Advisory Fees (net of waivers and reimbursements)	$149
Portfolio Turnover Rate	44.52%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Bank Loans	87.9%
Corporate Bonds	3.9%
Common Stocks	0.5%
Preferred Stock	0.1%
Warrant	0.0%
Other assets less liabilities	7.6%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar	100.0	%
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	4.8%
Consumer Discretionary	22.4%
Consumer Staples	5.6%
Financials	29.0%
Health Care	2.3%
Industrials	8.1%
Information Technology	13.7%
Materials	4.3%
Real Estate	1.5%
Short-Term Investment	8.3%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
GSM Holdings, Inc. First Lien Term Loan	United States	2.9	%
Nexus Buyer LLC First Lien Term Loan	United States	2.8
Delta Topco, Inc. First Lien Term Loan	United States	2.8
UKG, Inc. First Lien Term Loan	United States	2.3
Nexus Buyer LLC Second Lien Term Loan	United States	2.2
Arches Buyer, Inc. First Lien Term Loan	United States	2.2
TKC Holdings, Inc.	United States	2.0
CCI Buyer, Inc. First Lien Term Loan	United States	1.9
Acrisure LLC First Lien Term Loan B1	United States	1.9
BCPE Grill Parent, Inc. First Lien Term Loan	United States	1.9
Total		22.9	%

Excludes short-term investments.


Artisan Floating Rate Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDUX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Floating Rate Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHUX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$53	1.05%

Key Fund Statistics
Dollar values in thousands
Net Assets	$85,081
Number of Portfolio Holdings	102
Total Investment Advisory Fees (net of waivers and reimbursements)	$149
Portfolio Turnover Rate	44.52%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Bank Loans	87.9%
Corporate Bonds	3.9%
Common Stocks	0.5%
Preferred Stock	0.1%
Warrant	0.0%
Other assets less liabilities	7.6%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar	100.0	%
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	4.8%
Consumer Discretionary	22.4%
Consumer Staples	5.6%
Financials	29.0%
Health Care	2.3%
Industrials	8.1%
Information Technology	13.7%
Materials	4.3%
Real Estate	1.5%
Short-Term Investment	8.3%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
GSM Holdings, Inc. First Lien Term Loan	United States	2.9	%
Nexus Buyer LLC First Lien Term Loan	United States	2.8
Delta Topco, Inc. First Lien Term Loan	United States	2.8
UKG, Inc. First Lien Term Loan	United States	2.3
Nexus Buyer LLC Second Lien Term Loan	United States	2.2
Arches Buyer, Inc. First Lien Term Loan	United States	2.2
TKC Holdings, Inc.	United States	2.0
CCI Buyer, Inc. First Lien Term Loan	United States	1.9
Acrisure LLC First Lien Term Loan B1	United States	1.9
BCPE Grill Parent, Inc. First Lien Term Loan	United States	1.9
Total		22.9	%

Excludes short-term investments.


Artisan Floating Rate Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHUX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Floating Rate Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTUX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$61	1.20%

Key Fund Statistics
Dollar values in thousands
Net Assets	$85,081
Number of Portfolio Holdings	102
Total Investment Advisory Fees (net of waivers and reimbursements)	$149
Portfolio Turnover Rate	44.52%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Bank Loans	87.9%
Corporate Bonds	3.9%
Common Stocks	0.5%
Preferred Stock	0.1%
Warrant	0.0%
Other assets less liabilities	7.6%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar	100.0	%
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	4.8%
Consumer Discretionary	22.4%
Consumer Staples	5.6%
Financials	29.0%
Health Care	2.3%
Industrials	8.1%
Information Technology	13.7%
Materials	4.3%
Real Estate	1.5%
Short-Term Investment	8.3%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
GSM Holdings, Inc. First Lien Term Loan	United States	2.9	%
Nexus Buyer LLC First Lien Term Loan	United States	2.8
Delta Topco, Inc. First Lien Term Loan	United States	2.8
UKG, Inc. First Lien Term Loan	United States	2.3
Nexus Buyer LLC Second Lien Term Loan	United States	2.2
Arches Buyer, Inc. First Lien Term Loan	United States	2.2
TKC Holdings, Inc.	United States	2.0
CCI Buyer, Inc. First Lien Term Loan	United States	1.9
Acrisure LLC First Lien Term Loan B1	United States	1.9
BCPE Grill Parent, Inc. First Lien Term Loan	United States	1.9
Total		22.9	%

Excludes short-term investments.


Artisan Floating Rate Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTUX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Focus Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDTX

This semi-annual shareholder report contains important information about Artisan Focus Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$58	1.16%

Key Fund Statistics
Dollar values in thousands
Net Assets	$989,311
Number of Portfolio Holdings	39
Total Investment Advisory Fees (net of waivers and reimbursements)	$5,437
Portfolio Turnover Rate	131.24%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Common Stocks	92.6%
Options Purchased	0.7%
Other assets less liabilities	6.7%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	4.3	%
Euro	4.7
U.S. dollar	91.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Staples	3.5%
Energy	8.6%
Financials	11.1%
Health Care	5.5%
Industrials	25.8%
Information Technology	30.6%
Materials	2.0%
Real Estate	6.9%
Utilities	1.0%
Short-Term Investment	5.0%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Microsoft Corp.	United States	9.3	%
NVIDIA Corp.	United States	8.1
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	7.4
GE Aerospace	United States	6.8
Williams Cos., Inc. (The)	United States	4.4
Rolls-Royce Holdings plc	United Kingdom	4.2
Howmet Aerospace, Inc.	United States	4.1
Kinder Morgan, Inc.	United States	4.0
Intuitive Surgical, Inc.	United States	3.9
Crown Castle, Inc.	United States	3.6
Total		55.8	%

Excludes short-term investments.


Artisan Focus Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDTX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Focus Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHTX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$54	1.08%

Key Fund Statistics
Dollar values in thousands
Net Assets	$989,311
Number of Portfolio Holdings	39
Total Investment Advisory Fees (net of waivers and reimbursements)	$5,437
Portfolio Turnover Rate	131.24%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Common Stocks	92.6%
Options Purchased	0.7%
Other assets less liabilities	6.7%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	4.3	%
Euro	4.7
U.S. dollar	91.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Staples	3.5%
Energy	8.6%
Financials	11.1%
Health Care	5.5%
Industrials	25.8%
Information Technology	30.6%
Materials	2.0%
Real Estate	6.9%
Utilities	1.0%
Short-Term Investment	5.0%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Microsoft Corp.	United States	9.3	%
NVIDIA Corp.	United States	8.1
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	7.4
GE Aerospace	United States	6.8
Williams Cos., Inc. (The)	United States	4.4
Rolls-Royce Holdings plc	United Kingdom	4.2
Howmet Aerospace, Inc.	United States	4.1
Kinder Morgan, Inc.	United States	4.0
Intuitive Surgical, Inc.	United States	3.9
Crown Castle, Inc.	United States	3.6
Total		55.8	%

Excludes short-term investments.


Artisan Focus Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHTX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Focus Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTTX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$67	1.34%

Key Fund Statistics
Dollar values in thousands
Net Assets	$989,311
Number of Portfolio Holdings	39
Total Investment Advisory Fees (net of waivers and reimbursements)	$5,437
Portfolio Turnover Rate	131.24%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Common Stocks	92.6%
Options Purchased	0.7%
Other assets less liabilities	6.7%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	4.3	%
Euro	4.7
U.S. dollar	91.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Staples	3.5%
Energy	8.6%
Financials	11.1%
Health Care	5.5%
Industrials	25.8%
Information Technology	30.6%
Materials	2.0%
Real Estate	6.9%
Utilities	1.0%
Short-Term Investment	5.0%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Microsoft Corp.	United States	9.3	%
NVIDIA Corp.	United States	8.1
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	7.4
GE Aerospace	United States	6.8
Williams Cos., Inc. (The)	United States	4.4
Rolls-Royce Holdings plc	United Kingdom	4.2
Howmet Aerospace, Inc.	United States	4.1
Kinder Morgan, Inc.	United States	4.0
Intuitive Surgical, Inc.	United States	3.9
Crown Castle, Inc.	United States	3.6
Total		55.8	%

Excludes short-term investments.


Artisan Focus Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTTX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Discovery Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDDX

This semi-annual shareholder report contains important information about Artisan Global Discovery Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$65	1.30%

Key Fund Statistics
Dollar values in thousands
Net Assets	$223,291
Number of Portfolio Holdings	62
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,193
Portfolio Turnover Rate	34.96%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	54.6%
Europe	35.5%
Pacific Basin	3.6%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	10.3	%
Canadian dollar	1.1
Danish krone	1.8
Euro	9.6
Hong Kong dollar	1.4
Swedish krona	0.9
Swiss franc	5.0
U.S. dollar	69.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	7.5%
Consumer Discretionary	7.6%
Consumer Staples	2.5%
Energy	1.0%
Financials	5.3%
Health Care	24.6%
Industrials	15.3%
Information Technology	27.9%
Materials	1.8%
Real Estate	1.1%
Short-Term Investment	5.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Argenx SE	Netherlands	4.5	%
Ascendis Pharma A/S	Denmark	3.6
Babcock International Group plc	United Kingdom	3.4
London Stock Exchange Group plc	United Kingdom	3.4
Tyler Technologies, Inc.	United States	2.9
Guidewire Software, Inc.	United States	2.5
iRhythm Technologies, Inc.	United States	2.2
Sea Ltd.	Singapore	2.2
Liberty Media Corp-Liberty Formula One	United States	2.1
adidas AG	Germany	2.0
Total		28.8	%

Excludes short-term investments.

			Material Fund Changes
Artisan Global Discovery Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDDX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Discovery Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHDX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$54	1.08%

Key Fund Statistics
Dollar values in thousands
Net Assets	$223,291
Number of Portfolio Holdings	62
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,193
Portfolio Turnover Rate	34.96%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	54.6%
Europe	35.5%
Pacific Basin	3.6%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	10.3	%
Canadian dollar	1.1
Danish krone	1.8
Euro	9.6
Hong Kong dollar	1.4
Swedish krona	0.9
Swiss franc	5.0
U.S. dollar	69.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	7.5%
Consumer Discretionary	7.6%
Consumer Staples	2.5%
Energy	1.0%
Financials	5.3%
Health Care	24.6%
Industrials	15.3%
Information Technology	27.9%
Materials	1.8%
Real Estate	1.1%
Short-Term Investment	5.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Argenx SE	Netherlands	4.5	%
Ascendis Pharma A/S	Denmark	3.6
Babcock International Group plc	United Kingdom	3.4
London Stock Exchange Group plc	United Kingdom	3.4
Tyler Technologies, Inc.	United States	2.9
Guidewire Software, Inc.	United States	2.5
iRhythm Technologies, Inc.	United States	2.2
Sea Ltd.	Singapore	2.2
Liberty Media Corp-Liberty Formula One	United States	2.1
adidas AG	Germany	2.0
Total		28.8	%

Excludes short-term investments.

			Material Fund Changes
Artisan Global Discovery Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHDX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Discovery Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | APFDX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$69	1.39%

Key Fund Statistics
Dollar values in thousands
Net Assets	$223,291
Number of Portfolio Holdings	62
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,193
Portfolio Turnover Rate	34.96%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	54.6%
Europe	35.5%
Pacific Basin	3.6%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	10.3	%
Canadian dollar	1.1
Danish krone	1.8
Euro	9.6
Hong Kong dollar	1.4
Swedish krona	0.9
Swiss franc	5.0
U.S. dollar	69.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	7.5%
Consumer Discretionary	7.6%
Consumer Staples	2.5%
Energy	1.0%
Financials	5.3%
Health Care	24.6%
Industrials	15.3%
Information Technology	27.9%
Materials	1.8%
Real Estate	1.1%
Short-Term Investment	5.4%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Argenx SE	Netherlands	4.5	%
Ascendis Pharma A/S	Denmark	3.6
Babcock International Group plc	United Kingdom	3.4
London Stock Exchange Group plc	United Kingdom	3.4
Tyler Technologies, Inc.	United States	2.9
Guidewire Software, Inc.	United States	2.5
iRhythm Technologies, Inc.	United States	2.2
Sea Ltd.	Singapore	2.2
Liberty Media Corp-Liberty Formula One	United States	2.1
adidas AG	Germany	2.0
Total		28.8	%

Excludes short-term investments.

			Material Fund Changes
Artisan Global Discovery Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| APFDX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Equity Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDHX

This semi-annual shareholder report contains important information about Artisan Global Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$64	1.25%

Key Fund Statistics
Dollar values in thousands
Net Assets	$156,066
Number of Portfolio Holdings	62
Total Investment Advisory Fees (net of waivers and reimbursements)	$774
Portfolio Turnover Rate	96.90%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	40.5%
Americas	24.0%
Emerging Markets	25.5%
Pacific Basin	3.0%


TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	14.8	%
Chilean peso	0.7
Danish krone	1.4
Euro	24.0
Hong Kong dollar	5.0
Japanese yen	2.4
Korean won	5.3
Swiss franc	8.0
U.S. dollar	36.4
United Arab Emirates dirham	1.1
Other	0.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	11.3%
Consumer Discretionary	8.0%
Consumer Staples	3.7%
Energy	0.2%
Financials	35.7%
Health Care	3.7%
Industrials	25.6%
Information Technology	1.0%
Real Estate	1.6%
Utilities	6.2%
Short-Term Investment	3.0%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Alpha Services and Holdings SA	Greece	4.4	%
National Grid plc	United Kingdom	4.0
UBS Group AG	Switzerland	3.8
Kuaishou Technology	China	3.4
BFF Bank SpA	Italy	3.3
RTX Corp.	United States	3.3
Babcock International Group plc	United Kingdom	3.3
Visa, Inc.	United States	2.8
Hanwha Aerospace Co. Ltd.	South Korea	2.7
Arthur J Gallagher & Co.	United States	2.6
Total		33.6	%

Excludes short-term investments.


Artisan Global Equity Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDHX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Equity Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHHX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$56	1.09%

Key Fund Statistics
Dollar values in thousands
Net Assets	$156,066
Number of Portfolio Holdings	62
Total Investment Advisory Fees (net of waivers and reimbursements)	$774
Portfolio Turnover Rate	96.90%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	40.5%
Americas	24.0%
Emerging Markets	25.5%
Pacific Basin	3.0%


TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	14.8	%
Chilean peso	0.7
Danish krone	1.4
Euro	24.0
Hong Kong dollar	5.0
Japanese yen	2.4
Korean won	5.3
Swiss franc	8.0
U.S. dollar	36.4
United Arab Emirates dirham	1.1
Other	0.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	11.3%
Consumer Discretionary	8.0%
Consumer Staples	3.7%
Energy	0.2%
Financials	35.7%
Health Care	3.7%
Industrials	25.6%
Information Technology	1.0%
Real Estate	1.6%
Utilities	6.2%
Short-Term Investment	3.0%

TOP TEN HOLDINGS*


Company Name	Country	Percentage of Total Net Assets
Alpha Services and Holdings SA	Greece	4.4	%
National Grid plc	United Kingdom	4.0
UBS Group AG	Switzerland	3.8
Kuaishou Technology	China	3.4
BFF Bank SpA	Italy	3.3
RTX Corp.	United States	3.3
Babcock International Group plc	United Kingdom	3.3
Visa, Inc.	United States	2.8
Hanwha Aerospace Co. Ltd.	South Korea	2.7
Arthur J Gallagher & Co.	United States	2.6
Total		33.6	%

Excludes short-term investments.


Artisan Global Equity Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHHX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Equity Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTHX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$69	1.35%

Key Fund Statistics
Dollar values in thousands
Net Assets	$156,066
Number of Portfolio Holdings	62
Total Investment Advisory Fees (net of waivers and reimbursements)	$774
Portfolio Turnover Rate	96.90%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	40.5%
Americas	24.0%
Emerging Markets	25.5%
Pacific Basin	3.0%


TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	14.8	%
Chilean peso	0.7
Danish krone	1.4
Euro	24.0
Hong Kong dollar	5.0
Japanese yen	2.4
Korean won	5.3
Swiss franc	8.0
U.S. dollar	36.4
United Arab Emirates dirham	1.1
Other	0.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	11.3%
Consumer Discretionary	8.0%
Consumer Staples	3.7%
Energy	0.2%
Financials	35.7%
Health Care	3.7%
Industrials	25.6%
Information Technology	1.0%
Real Estate	1.6%
Utilities	6.2%
Short-Term Investment	3.0%

TOP TEN HOLDINGS*


Company Name	Country	Percentage of Total Net Assets
Alpha Services and Holdings SA	Greece	4.4	%
National Grid plc	United Kingdom	4.0
UBS Group AG	Switzerland	3.8
Kuaishou Technology	China	3.4
BFF Bank SpA	Italy	3.3
RTX Corp.	United States	3.3
Babcock International Group plc	United Kingdom	3.3
Visa, Inc.	United States	2.8
Hanwha Aerospace Co. Ltd.	South Korea	2.7
Arthur J Gallagher & Co.	United States	2.6
Total		33.6	%

Excludes short-term investments.


Artisan Global Equity Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTHX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Opportunities Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDRX

This semi-annual shareholder report contains important information about Artisan Global Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$52	1.06%

Key Fund Statistics
Dollar values in thousands
Net Assets	$2,009,024
Number of Portfolio Holdings	47
Total Investment Advisory Fees (net of waivers and reimbursements)	$10,529
Portfolio Turnover Rate	36.83%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	54.4%
Europe	27.9%
Emerging Markets	7.5%
Pacific Basin	5.8%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	16.0	%
Danish krone	0.7
Euro	3.8
Hong Kong dollar	8.1
Japanese yen	1.8
Swiss franc	3.5
U.S. dollar	66.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	11.6%
Consumer Discretionary	8.7%
Consumer Staples	2.0%
Energy	3.6%
Financials	7.5%
Health Care	22.3%
Industrials	14.3%
Information Technology	22.1%
Materials	3.3%
Real Estate	1.9%
Short-Term Investment	2.7%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Netflix, Inc.	United States		5.6	%
Boston Scientific Corp.	United States		4.7
London Stock Exchange Group plc	United Kingdom		4.2
Argenx SE	Netherlands		4.2
Tencent Holdings Ltd.	China		4.2
Lonza Group AG	Switzerland		3.5
Amazon.com, Inc.	United States		3.0
BAE Systems plc	United Kingdom		2.9
AstraZeneca plc	United Kingdom		2.8
Apple, Inc.	United States		2.7
Total			37.8	%

Excludes short-term investments.

			Material Fund Changes
Artisan Global Opportunities Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDRX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Opportunities Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHRX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$46	0.95%

Key Fund Statistics
Dollar values in thousands
Net Assets	$2,009,024
Number of Portfolio Holdings	47
Total Investment Advisory Fees (net of waivers and reimbursements)	$10,529
Portfolio Turnover Rate	36.83%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	54.4%
Europe	27.9%
Emerging Markets	7.5%
Pacific Basin	5.8%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	16.0	%
Danish krone	0.7
Euro	3.8
Hong Kong dollar	8.1
Japanese yen	1.8
Swiss franc	3.5
U.S. dollar	66.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	11.6%
Consumer Discretionary	8.7%
Consumer Staples	2.0%
Energy	3.6%
Financials	7.5%
Health Care	22.3%
Industrials	14.3%
Information Technology	22.1%
Materials	3.3%
Real Estate	1.9%
Short-Term Investment	2.7%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Netflix, Inc.	United States		5.6	%
Boston Scientific Corp.	United States		4.7
London Stock Exchange Group plc	United Kingdom		4.2
Argenx SE	Netherlands		4.2
Tencent Holdings Ltd.	China		4.2
Lonza Group AG	Switzerland		3.5
Amazon.com, Inc.	United States		3.0
BAE Systems plc	United Kingdom		2.9
AstraZeneca plc	United Kingdom		2.8
Apple, Inc.	United States		2.7
Total			37.8	%

Excludes short-term investments.

			Material Fund Changes
Artisan Global Opportunities Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHRX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Opportunities Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTRX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$58	1.19%

Key Fund Statistics
Dollar values in thousands
Net Assets	$2,009,024
Number of Portfolio Holdings	47
Total Investment Advisory Fees (net of waivers and reimbursements)	$10,529
Portfolio Turnover Rate	36.83%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	54.4%
Europe	27.9%
Emerging Markets	7.5%
Pacific Basin	5.8%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	16.0	%
Danish krone	0.7
Euro	3.8
Hong Kong dollar	8.1
Japanese yen	1.8
Swiss franc	3.5
U.S. dollar	66.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	11.6%
Consumer Discretionary	8.7%
Consumer Staples	2.0%
Energy	3.6%
Financials	7.5%
Health Care	22.3%
Industrials	14.3%
Information Technology	22.1%
Materials	3.3%
Real Estate	1.9%
Short-Term Investment	2.7%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Netflix, Inc.	United States		5.6	%
Boston Scientific Corp.	United States		4.7
London Stock Exchange Group plc	United Kingdom		4.2
Argenx SE	Netherlands		4.2
Tencent Holdings Ltd.	China		4.2
Lonza Group AG	Switzerland		3.5
Amazon.com, Inc.	United States		3.0
BAE Systems plc	United Kingdom		2.9
AstraZeneca plc	United Kingdom		2.8
Apple, Inc.	United States		2.7
Total			37.8	%

Excludes short-term investments.

			Material Fund Changes
Artisan Global Opportunities Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTRX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Unconstrained Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDPX

This semi-annual shareholder report contains important information about Artisan Global Unconstrained Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$79	1.54%

Key Fund Statistics
Dollar values in thousands
Net Assets	$300,225
Number of Portfolio Holdings	425
Total Investment Advisory Fees (net of waivers and reimbursements)	$514
Portfolio Turnover Rate	32.63%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Sovereign Government Bonds	40.4%
Corporate Bonds	12.8%
Common Stocks	3.6%
Bank Loans	2.9%
Closed End Fund	0.2%
Convertible Bond	0.1%
Other assets less liabilities	40.0%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

Portfolio composition is net of positions held short.

TRADING CURRENCIES

Currency	Percentage of Total Investments
Albanian lek	2.1	%
Dominican peso	2.5
Egyptian pound	7.2
Euro	9.0
Iceland krona	6.1
Indonesian rupiah	1.7
Nigerian naira	4.2
Peruvian nuevo sol	4.5
U.S. dollar	57.5
Uzbekistani som	1.7
Other	3.5
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION*

(As a Percentage of Total Investments)

Sector
Communication Services	0.6%
Consumer Staples	0.9%
Energy	6.9%
Financials	5.7%
Industrials	1.0%
Investment Funds	(1.0)%
Materials	4.5%
Mutual Funds	0.2%
Sovereign Government Securities	43.5%
Utilities	1.2%
Short-Term Investments	36.5%

Portfolio diversification is net of positions held short.

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Commonwealth of the Bahamas	Bahamas	4.8	%
Bonos de la Tesoreria	Peru	4.2
Republic of Iceland	Iceland	3.8
Republic of Iraq	Iraq	3.3
Benin Government Bond	Benin	2.9
Federal Republic of Nigeria	Nigeria	2.4
Banco Central de la Republica Dominicana, GDN	Dominican Republic	2.3
Aris Mining Corp.	Colombia	2.0
Ukraine Government Bond	Ukraine	1.9
Republic of Uzbekistan International Bond	Uzbekistan	1.6
Total		29.2	%

Excludes short-term investments.

Artisan Global Unconstrained Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDPX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.

Material Fund Changes

This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.35% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Unconstrained Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHPX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$77	1.50%

Key Fund Statistics
Dollar values in thousands
Net Assets	$300,225
Number of Portfolio Holdings	425
Total Investment Advisory Fees (net of waivers and reimbursements)	$514
Portfolio Turnover Rate	32.63%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Sovereign Government Bonds	40.4%
Corporate Bonds	12.8%
Common Stocks	3.6%
Bank Loans	2.9%
Closed End Fund	0.2%
Convertible Bond	0.1%
Other assets less liabilities	40.0%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

Portfolio composition is net of positions held short.

TRADING CURRENCIES

Currency	Percentage of Total Investments
Albanian lek	2.1	%
Dominican peso	2.5
Egyptian pound	7.2
Euro	9.0
Iceland krona	6.1
Indonesian rupiah	1.7
Nigerian naira	4.2
Peruvian nuevo sol	4.5
U.S. dollar	57.5
Uzbekistani som	1.7
Other	3.5
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION*

(As a Percentage of Total Investments)

Sector
Communication Services	0.6%
Consumer Staples	0.9%
Energy	6.9%
Financials	5.7%
Industrials	1.0%
Investment Funds	(1.0)%
Materials	4.5%
Mutual Funds	0.2%
Sovereign Government Securities	43.5%
Utilities	1.2%
Short-Term Investments	36.5%

Portfolio diversification is net of positions held short.

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Commonwealth of the Bahamas	Bahamas	4.8	%
Bonos de la Tesoreria	Peru	4.2
Republic of Iceland	Iceland	3.8
Republic of Iraq	Iraq	3.3
Benin Government Bond	Benin	2.9
Federal Republic of Nigeria	Nigeria	2.4
Banco Central de la Republica Dominicana, GDN	Dominican Republic	2.3
Aris Mining Corp.	Colombia	2.0
Ukraine Government Bond	Ukraine	1.9
Republic of Uzbekistan International Bond	Uzbekistan	1.6
Total		29.2	%

Excludes short-term investments.

Artisan Global Unconstrained Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHPX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Material Fund Changes

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Unconstrained Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | APFPX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$85	1.65%

Key Fund Statistics
Dollar values in thousands
Net Assets	$300,225
Number of Portfolio Holdings	425
Total Investment Advisory Fees (net of waivers and reimbursements)	$514
Portfolio Turnover Rate	32.63%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Sovereign Government Bonds	40.4%
Corporate Bonds	12.8%
Common Stocks	3.6%
Bank Loans	2.9%
Closed End Fund	0.2%
Convertible Bond	0.1%
Other assets less liabilities	40.0%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

Portfolio composition is net of positions held short.

TRADING CURRENCIES

Currency	Percentage of Total Investments
Albanian lek	2.1	%
Dominican peso	2.5
Egyptian pound	7.2
Euro	9.0
Iceland krona	6.1
Indonesian rupiah	1.7
Nigerian naira	4.2
Peruvian nuevo sol	4.5
U.S. dollar	57.5
Uzbekistani som	1.7
Other	3.5
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION*

(As a Percentage of Total Investments)

Sector
Communication Services	0.6%
Consumer Staples	0.9%
Energy	6.9%
Financials	5.7%
Industrials	1.0%
Investment Funds	(1.0)%
Materials	4.5%
Mutual Funds	0.2%
Sovereign Government Securities	43.5%
Utilities	1.2%
Short-Term Investments	36.5%

Portfolio diversification is net of positions held short.

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Commonwealth of the Bahamas	Bahamas	4.8	%
Bonos de la Tesoreria	Peru	4.2
Republic of Iceland	Iceland	3.8
Republic of Iraq	Iraq	3.3
Benin Government Bond	Benin	2.9
Federal Republic of Nigeria	Nigeria	2.4
Banco Central de la Republica Dominicana, GDN	Dominican Republic	2.3
Aris Mining Corp.	Colombia	2.0
Ukraine Government Bond	Ukraine	1.9
Republic of Uzbekistan International Bond	Uzbekistan	1.6
Total		29.2	%

Excludes short-term investments.

Artisan Global Unconstrained Fund

Semi-Annual Shareholder Report

March 31, 2025

Investor Shares | APFPX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Material Fund Changes

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Value Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDGX

This semi-annual shareholder report contains important information about Artisan Global Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$56	1.10%

Key Fund Statistics
Dollar values in thousands
Net Assets	$2,528,553
Number of Portfolio Holdings	41
Total Investment Advisory Fees (net of waivers and reimbursements)	$12,193
Portfolio Turnover Rate	7.81%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	52.0%
Europe	36.4%
Emerging Markets	5.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	14.3	%
Euro	20.4
Hong Kong dollar	1.9
Korean won	3.4
Swiss franc	9.0
U.S. dollar	51.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	9.1%
Consumer Discretionary	9.0%
Consumer Staples	9.1%
Energy	5.1%
Financials	34.4%
Health Care	13.7%
Industrials	5.3%
Information Technology	4.6%
Materials	4.5%
Short-Term Investment	5.2%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Elevance Health, Inc.	United States	4.8	%
Charles Schwab Corp. (The)	United States	4.6
Heidelberg Materials AG	Germany	4.5
Danone SA	France	4.4
Bank of New York Mellon Corp. (The)	United States	4.3
Berkshire Hathaway, Inc.	United States	4.3
Novartis AG	United States	4.0
American Express Co.	United States	3.9
Alphabet, Inc.	United States	3.8
Meta Platforms, Inc.	United States	3.7
Total		42.3	%

Excludes short-term investments.

Artisan Global Value Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDGX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Value Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHGX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$52	1.01%

Key Fund Statistics
Dollar values in thousands
Net Assets	$2,528,553
Number of Portfolio Holdings	41
Total Investment Advisory Fees (net of waivers and reimbursements)	$12,193
Portfolio Turnover Rate	7.81%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	52.0%
Europe	36.4%
Emerging Markets	5.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	14.3	%
Euro	20.4
Hong Kong dollar	1.9
Korean won	3.4
Swiss franc	9.0
U.S. dollar	51.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	9.1%
Consumer Discretionary	9.0%
Consumer Staples	9.1%
Energy	5.1%
Financials	34.4%
Health Care	13.7%
Industrials	5.3%
Information Technology	4.6%
Materials	4.5%
Short-Term Investment	5.2%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Elevance Health, Inc.	United States	4.8	%
Charles Schwab Corp. (The)	United States	4.6
Heidelberg Materials AG	Germany	4.5
Danone SA	France	4.4
Bank of New York Mellon Corp. (The)	United States	4.3
Berkshire Hathaway, Inc.	United States	4.3
Novartis AG	United States	4.0
American Express Co.	United States	3.9
Alphabet, Inc.	United States	3.8
Meta Platforms, Inc.	United States	3.7
Total		42.3	%

Excludes short-term investments.

Artisan Global Value Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHGX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Global Value Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTGX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$64	1.26%

Key Fund Statistics
Dollar values in thousands
Net Assets	$2,528,553
Number of Portfolio Holdings	41
Total Investment Advisory Fees (net of waivers and reimbursements)	$12,193
Portfolio Turnover Rate	7.81%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Americas	52.0%
Europe	36.4%
Emerging Markets	5.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	14.3	%
Euro	20.4
Hong Kong dollar	1.9
Korean won	3.4
Swiss franc	9.0
U.S. dollar	51.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	9.1%
Consumer Discretionary	9.0%
Consumer Staples	9.1%
Energy	5.1%
Financials	34.4%
Health Care	13.7%
Industrials	5.3%
Information Technology	4.6%
Materials	4.5%
Short-Term Investment	5.2%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Elevance Health, Inc.	United States	4.8	%
Charles Schwab Corp. (The)	United States	4.6
Heidelberg Materials AG	Germany	4.5
Danone SA	France	4.4
Bank of New York Mellon Corp. (The)	United States	4.3
Berkshire Hathaway, Inc.	United States	4.3
Novartis AG	United States	4.0
American Express Co.	United States	3.9
Alphabet, Inc.	United States	3.8
Meta Platforms, Inc.	United States	3.7
Total		42.3	%

Excludes short-term investments.

Artisan Global Value Fund

Semi-Annual Shareholder Report

March 31, 2025

Investor Shares | ARTGX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan High Income Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDFX

This semi-annual shareholder report contains important information about Artisan High Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$40	0.79%

Key Fund Statistics
Dollar values in thousands
Net Assets	$9,303,798
Number of Portfolio Holdings	237
Total Investment Advisory Fees (net of waivers and reimbursements)	$30,349
Portfolio Turnover Rate	12.97%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Corporate Bonds	71.4%
Bank Loans	21.3%
Common Stocks	0.4%
Warrant	0%
Preferred Stock	0%
Other assets less liabilities	6.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
Euro	0.1	%
U.S. dollar	99.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	15.7%
Consumer Discretionary	24.1%
Consumer Staples	4.0%
Energy	1.7%
Financials	17.3%
Health Care	3.2%
Industrials	10.8%
Information Technology	7.7%
Materials	6.4%
Real Estate	2.3%
Short-Term Investment	6.8%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
CCO Holdings LLC	United States	4.1	%
Carnival Corp.	United States	4.0
VistaJet Malta Finance plc	Switzerland	3.4
Ardonagh Group Finance Ltd.	United Kingdom	3.1
Medline Borrower LP	United States	2.7
X Corp. First Lien Term Loan B3	United States	2.6
Acrisure LLC	United States	2.6
Alliant Holdings Intermediate LLC	United States	2.4
TKC Holdings, Inc.	United States	1.9
CSC Holdings LLC	United States	1.8
Total		28.6	%

Excludes short-term investments.

Artisan High Income Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDFX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan High Income Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHFX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$35	0.69%

Key Fund Statistics
Dollar values in thousands
Net Assets	$9,303,798
Number of Portfolio Holdings	237
Total Investment Advisory Fees (net of waivers and reimbursements)	$30,349
Portfolio Turnover Rate	12.97%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Corporate Bonds	71.4%
Bank Loans	21.3%
Common Stocks	0.4%
Warrant	0%
Preferred Stock	0%
Other assets less liabilities	6.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
Euro	0.1	%
U.S. dollar	99.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	15.7%
Consumer Discretionary	24.1%
Consumer Staples	4.0%
Energy	1.7%
Financials	17.3%
Health Care	3.2%
Industrials	10.8%
Information Technology	7.7%
Materials	6.4%
Real Estate	2.3%
Short-Term Investment	6.8%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
CCO Holdings LLC	United States	4.1	%
Carnival Corp.	United States	4.0
VistaJet Malta Finance plc	Switzerland	3.4
Ardonagh Group Finance Ltd.	United Kingdom	3.1
Medline Borrower LP	United States	2.7
X Corp. First Lien Term Loan B3	United States	2.6
Acrisure LLC	United States	2.6
Alliant Holdings Intermediate LLC	United States	2.4
TKC Holdings, Inc.	United States	1.9
CSC Holdings LLC	United States	1.8
Total		28.6	%

Excludes short-term investments.

Artisan High Income Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHFX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan High Income Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTFX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$48	0.94%

Key Fund Statistics
Dollar values in thousands
Net Assets	$9,303,798
Number of Portfolio Holdings	237
Total Investment Advisory Fees (net of waivers and reimbursements)	$30,349
Portfolio Turnover Rate	12.97%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Corporate Bonds	71.4%
Bank Loans	21.3%
Common Stocks	0.4%
Warrant	0%
Preferred Stock	0%
Other assets less liabilities	6.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
Euro	0.1	%
U.S. dollar	99.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	15.7%
Consumer Discretionary	24.1%
Consumer Staples	4.0%
Energy	1.7%
Financials	17.3%
Health Care	3.2%
Industrials	10.8%
Information Technology	7.7%
Materials	6.4%
Real Estate	2.3%
Short-Term Investment	6.8%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
CCO Holdings LLC	United States	4.1	%
Carnival Corp.	United States	4.0
VistaJet Malta Finance plc	Switzerland	3.4
Ardonagh Group Finance Ltd.	United Kingdom	3.1
Medline Borrower LP	United States	2.7
X Corp. First Lien Term Loan B3	United States	2.6
Acrisure LLC	United States	2.6
Alliant Holdings Intermediate LLC	United States	2.4
TKC Holdings, Inc.	United States	1.9
CSC Holdings LLC	United States	1.8
Total		28.6	%

Excludes short-term investments.

Artisan High Income Fund

Semi-Annual Shareholder Report

March 31, 2025

Investor Shares | ARTFX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDIX

This semi-annual shareholder report contains important information about Artisan International Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$54	1.06%

Key Fund Statistics
Dollar values in thousands
Net Assets	$5,029,754
Number of Portfolio Holdings	69
Total Investment Advisory Fees (net of waivers and reimbursements)	$24,035
Portfolio Turnover Rate	60.76%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Europe	64.9%
Americas	4.9%
Emerging Markets	17.3%
Pacific Basin	8.9%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	19.0	%
Chinese yuan renminbi offshore	1.0
Danish krone	3.6
Euro	32.1
Hong Kong dollar	4.1
Japanese yen	7.2
Korean won	4.6
Mexican peso	0.7
Swiss franc	9.1
U.S. dollar	17.9
Other	0.7
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	6.3%
Consumer Discretionary	7.0%
Consumer Staples	9.7%
Energy	0.2%
Financials	31.7%
Health Care	5.8%
Industrials	21.8%
Materials	5.3%
Real Estate	2.0%
Utilities	6.7%
Short-Term Investment	3.5%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
National Grid plc	United Kingdom	4.9	%
UBS Group AG	Switzerland	4.7
Alibaba Group Holding Ltd.	China	3.3
BNP Paribas SA	France	3.0
Aon plc	United States	3.0
Air Liquide SA	France	2.9
Deutsche Boerse AG	Germany	2.7
Argenx SE	Netherlands	2.5
Deutsche Telekom AG	Germany	2.4
Hanwha Aerospace Co. Ltd.	South Korea	2.3
Total		31.7	%

Excludes short-term investments.

Artisan International Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDIX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHIX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$49	0.96%

Key Fund Statistics
Dollar values in thousands
Net Assets	$5,029,754
Number of Portfolio Holdings	69
Total Investment Advisory Fees (net of waivers and reimbursements)	$24,035
Portfolio Turnover Rate	60.76%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Europe	64.9%
Americas	4.9%
Emerging Markets	17.3%
Pacific Basin	8.9%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	19.0	%
Chinese yuan renminbi offshore	1.0
Danish krone	3.6
Euro	32.1
Hong Kong dollar	4.1
Japanese yen	7.2
Korean won	4.6
Mexican peso	0.7
Swiss franc	9.1
U.S. dollar	17.9
Other	0.7
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	6.3%
Consumer Discretionary	7.0%
Consumer Staples	9.7%
Energy	0.2%
Financials	31.7%
Health Care	5.8%
Industrials	21.8%
Materials	5.3%
Real Estate	2.0%
Utilities	6.7%
Short-Term Investment	3.5%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
National Grid plc	United Kingdom	4.9	%
UBS Group AG	Switzerland	4.7
Alibaba Group Holding Ltd.	China	3.3
BNP Paribas SA	France	3.0
Aon plc	United States	3.0
Air Liquide SA	France	2.9
Deutsche Boerse AG	Germany	2.7
Argenx SE	Netherlands	2.5
Deutsche Telekom AG	Germany	2.4
Hanwha Aerospace Co. Ltd.	South Korea	2.3
Total		31.7	%

Excludes short-term investments.

Artisan International Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHIX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTIX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$61	1.19%

Key Fund Statistics
Dollar values in thousands
Net Assets	$5,029,754
Number of Portfolio Holdings	69
Total Investment Advisory Fees (net of waivers and reimbursements)	$24,035
Portfolio Turnover Rate	60.76%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Europe	64.9%
Americas	4.9%
Emerging Markets	17.3%
Pacific Basin	8.9%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	19.0	%
Chinese yuan renminbi offshore	1.0
Danish krone	3.6
Euro	32.1
Hong Kong dollar	4.1
Japanese yen	7.2
Korean won	4.6
Mexican peso	0.7
Swiss franc	9.1
U.S. dollar	17.9
Other	0.7
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	6.3%
Consumer Discretionary	7.0%
Consumer Staples	9.7%
Energy	0.2%
Financials	31.7%
Health Care	5.8%
Industrials	21.8%
Materials	5.3%
Real Estate	2.0%
Utilities	6.7%
Short-Term Investment	3.5%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
National Grid plc	United Kingdom	4.9	%
UBS Group AG	Switzerland	4.7
Alibaba Group Holding Ltd.	China	3.3
BNP Paribas SA	France	3.0
Aon plc	United States	3.0
Air Liquide SA	France	2.9
Deutsche Boerse AG	Germany	2.7
Argenx SE	Netherlands	2.5
Deutsche Telekom AG	Germany	2.4
Hanwha Aerospace Co. Ltd.	South Korea	2.3
Total		31.7	%

Excludes short-term investments.

Artisan International Fund

Semi-Annual Shareholder Report

March 31, 2025

Investor Shares | ARTIX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Explorer Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | ARDBX

This semi-annual shareholder report contains important information about Artisan International Explorer Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$63	1.25%

Key Fund Statistics
Dollar values in thousands
Net Assets	$263,189
Number of Portfolio Holdings	36
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,127
Portfolio Turnover Rate	22.74%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Europe	48.8%
Americas	9.6%
Emerging Markets	9.9%
Pacific Basin	17.1%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Australian dollar	3.2	%
British pound	23.2
Canadian dollar	2.3
Euro	23.8
Hong Kong dollar	3.4
Indonesian rupiah	1.8
Japanese yen	14.0
Korean won	2.0
Swiss franc	3.7
U.S. dollar	19.4
Other	3.2
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	4.2%
Consumer Discretionary	17.9%
Financials	8.9%
Health Care	2.9%
Industrials	16.0%
Information Technology	27.4%
Materials	7.0%
Real Estate	1.6%
Short-Term Investment	14.1%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Glenveagh Properties plc	Ireland	9.6	%
Zuken, Inc.	Japan	6.7
Alten SA	France	5.8
M&C Saatchi plc	United Kingdom	4.2
Signify NV	United States	3.9
Kansai Paint Co. Ltd.	Japan	3.7
Sato Holdings Corp.	Japan	3.5
Impro Precision Industries Ltd.	United States	3.4
Steadfast Group Ltd.	Australia	3.2
FDM Group Holdings plc	United Kingdom	3.2
Total		47.2	%

Excludes short-term investments.

Artisan International Explorer Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | ARDBX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Explorer Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | ARHBX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$61	1.22%

Key Fund Statistics
Dollar values in thousands
Net Assets	$263,189
Number of Portfolio Holdings	36
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,127
Portfolio Turnover Rate	22.74%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

REGION ALLOCATION
Region
Europe	48.8%
Americas	9.6%
Emerging Markets	9.9%
Pacific Basin	17.1%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Australian dollar	3.2	%
British pound	23.2
Canadian dollar	2.3
Euro	23.8
Hong Kong dollar	3.4
Indonesian rupiah	1.8
Japanese yen	14.0
Korean won	2.0
Swiss franc	3.7
U.S. dollar	19.4
Other	3.2
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	4.2%
Consumer Discretionary	17.9%
Financials	8.9%
Health Care	2.9%
Industrials	16.0%
Information Technology	27.4%
Materials	7.0%
Real Estate	1.6%
Short-Term Investment	14.1%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Glenveagh Properties plc	Ireland	9.6	%
Zuken, Inc.	Japan	6.7
Alten SA	France	5.8
M&C Saatchi plc	United Kingdom	4.2
Signify NV	United States	3.9
Kansai Paint Co. Ltd.	Japan	3.7
Sato Holdings Corp.	Japan	3.5
Impro Precision Industries Ltd.	United States	3.4
Steadfast Group Ltd.	Australia	3.2
FDM Group Holdings plc	United Kingdom	3.2
Total		47.2	%

Excludes short-term investments.

Artisan International Explorer Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | ARHBX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Small-Mid Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDJX

This semi-annual shareholder report contains important information about Artisan International Small-Mid Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$55	1.16%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,667,060
Number of Portfolio Holdings	132
Total Investment Advisory Fees (net of waivers and reimbursements)	$22,231
Portfolio Turnover Rate	17.20%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	44.6%
Americas	19.9%
Emerging Markets	7.3%
Middle East	5.9%
Pacific Basin	18.3%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Brazilian real	1.2	%
British pound	20.8
Canadian dollar	5.2
Danish krone	6.5
Euro	11.4
Israel new shekel	1.0
Japanese yen	19.0
Swedish krona	3.8
Swiss franc	3.7
U.S. dollar	25.3
Other	2.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Discretionary	5.3%
Consumer Staples	7.5%
Energy	0.6%
Financials	7.2%
Health Care	26.7%
Industrials	30.3%
Information Technology	18.7%
Materials	2.1%
Real Estate	1.0%
Utilities	0.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
ConvaTec Group plc	United Kingdom	3.5	%
Nice Ltd.	Israel	3.0
Ambu A/S	Denmark	2.4
Metso Oyj	Finland	2.2
Swedish Orphan Biovitrum AB	Sweden	2.2
JET2 plc	United Kingdom	2.0
WNS Holdings Ltd.	India	1.9
CAE, Inc.	Canada	1.7
Azbil Corp.	Japan	1.7
Rotork plc	United Kingdom	1.7
Total		22.3	%

Excludes short-term investments.

Artisan International Small-Mid Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDJX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Small-Mid Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHJX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$51	1.07%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,667,060
Number of Portfolio Holdings	132
Total Investment Advisory Fees (net of waivers and reimbursements)	$22,231
Portfolio Turnover Rate	17.20%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	44.6%
Americas	19.9%
Emerging Markets	7.3%
Middle East	5.9%
Pacific Basin	18.3%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Brazilian real	1.2	%
British pound	20.8
Canadian dollar	5.2
Danish krone	6.5
Euro	11.4
Israel new shekel	1.0
Japanese yen	19.0
Swedish krona	3.8
Swiss franc	3.7
U.S. dollar	25.3
Other	2.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Discretionary	5.3%
Consumer Staples	7.5%
Energy	0.6%
Financials	7.2%
Health Care	26.7%
Industrials	30.3%
Information Technology	18.7%
Materials	2.1%
Real Estate	1.0%
Utilities	0.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
ConvaTec Group plc	United Kingdom	3.5	%
Nice Ltd.	Israel	3.0
Ambu A/S	Denmark	2.4
Metso Oyj	Finland	2.2
Swedish Orphan Biovitrum AB	Sweden	2.2
JET2 plc	United Kingdom	2.0
WNS Holdings Ltd.	India	1.9
CAE, Inc.	Canada	1.7
Azbil Corp.	Japan	1.7
Rotork plc	United Kingdom	1.7
Total		22.3	%

Excludes short-term investments.

Artisan International Small-Mid Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHJX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Small-Mid Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTJX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$63	1.32%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,667,060
Number of Portfolio Holdings	132
Total Investment Advisory Fees (net of waivers and reimbursements)	$22,231
Portfolio Turnover Rate	17.20%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	44.6%
Americas	19.9%
Emerging Markets	7.3%
Middle East	5.9%
Pacific Basin	18.3%

TRADING CURRENCIES

Currency	Percentage of Total Investments
Brazilian real	1.2	%
British pound	20.8
Canadian dollar	5.2
Danish krone	6.5
Euro	11.4
Israel new shekel	1.0
Japanese yen	19.0
Swedish krona	3.8
Swiss franc	3.7
U.S. dollar	25.3
Other	2.1
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Discretionary	5.3%
Consumer Staples	7.5%
Energy	0.6%
Financials	7.2%
Health Care	26.7%
Industrials	30.3%
Information Technology	18.7%
Materials	2.1%
Real Estate	1.0%
Utilities	0.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
ConvaTec Group plc	United Kingdom	3.5	%
Nice Ltd.	Israel	3.0
Ambu A/S	Denmark	2.4
Metso Oyj	Finland	2.2
Swedish Orphan Biovitrum AB	Sweden	2.2
JET2 plc	United Kingdom	2.0
WNS Holdings Ltd.	India	1.9
CAE, Inc.	Canada	1.7
Azbil Corp.	Japan	1.7
Rotork plc	United Kingdom	1.7
Total		22.3	%

Excludes short-term investments.

Artisan International Small-Mid Fund

Semi-Annual Shareholder Report

March 31, 2025

Investor Shares | ARTJX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Value Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDKX

This semi-annual shareholder report contains important information about Artisan International Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$52	1.05%

Key Fund Statistics
Dollar values in thousands
Net Assets	$37,064,929
Number of Portfolio Holdings	61
Total Investment Advisory Fees (net of waivers and reimbursements)	$165,177
Portfolio Turnover Rate	7.68%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	49.4%
Americas	22.1%
Emerging Markets	13.3%
Pacific Basin	1.3%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	17.0	%
Canadian dollar	3.5
Euro	20.3
Hong Kong dollar	3.4
Indian rupee	3.0
Japanese yen	1.2
Korean won	5.2
Mexican peso	0.5
Swiss franc	16.5
U.S. dollar	29.4
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	2.7%
Consumer Discretionary	13.3%
Consumer Staples	16.4%
Energy	2.0%
Financials	14.4%
Health Care	9.6%
Industrials	15.0%
Information Technology	9.9%
Materials	3.4%
Miscellaneous	0.2%
Short-Term Investment	13.1%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Arch Capital Group Ltd.	United States	4.5	%
Unilever plc	United Kingdom	4.2
ABB Ltd.	Switzerland	3.8
Novartis AG	United States	3.8
Koninklijke Philips NV	Netherlands	3.4
Danone SA (Registered shares)	France	3.4
Samsung Electronics Co. Ltd.	South Korea	3.0
HCL Technologies Ltd.	India	2.9
Safran SA	France	2.9
Alibaba Group Holding Ltd.	China	2.9
Total		34.8	%

Excludes short-term investments.

Artisan International Value Fund

Semi-Annual Shareholder Report

March 31, 2025

Advisor Shares | APDKX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Value Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHKX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$47	0.95%

Key Fund Statistics
Dollar values in thousands
Net Assets	$37,064,929
Number of Portfolio Holdings	61
Total Investment Advisory Fees (net of waivers and reimbursements)	$165,177
Portfolio Turnover Rate	7.68%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	49.4%
Americas	22.1%
Emerging Markets	13.3%
Pacific Basin	1.3%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	17.0	%
Canadian dollar	3.5
Euro	20.3
Hong Kong dollar	3.4
Indian rupee	3.0
Japanese yen	1.2
Korean won	5.2
Mexican peso	0.5
Swiss franc	16.5
U.S. dollar	29.4
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	2.7%
Consumer Discretionary	13.3%
Consumer Staples	16.4%
Energy	2.0%
Financials	14.4%
Health Care	9.6%
Industrials	15.0%
Information Technology	9.9%
Materials	3.4%
Miscellaneous	0.2%
Short-Term Investment	13.1%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Arch Capital Group Ltd.	United States	4.5	%
Unilever plc	United Kingdom	4.2
ABB Ltd.	Switzerland	3.8
Novartis AG	United States	3.8
Koninklijke Philips NV	Netherlands	3.4
Danone SA (Registered shares)	France	3.4
Samsung Electronics Co. Ltd.	South Korea	3.0
HCL Technologies Ltd.	India	2.9
Safran SA	France	2.9
Alibaba Group Holding Ltd.	China	2.9
Total		34.8	%

Excludes short-term investments.

Artisan International Value Fund

Semi-Annual Shareholder Report

March 31, 2025

Institutional Shares | APHKX

● Artisan Partners

● 800.344.1770

● www.artisanpartners.com

Householding

If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan International Value Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTKX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$59	1.18%

Key Fund Statistics
Dollar values in thousands
Net Assets	$37,064,929
Number of Portfolio Holdings	61
Total Investment Advisory Fees (net of waivers and reimbursements)	$165,177
Portfolio Turnover Rate	7.68%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Europe	49.4%
Americas	22.1%
Emerging Markets	13.3%
Pacific Basin	1.3%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound		17.0	%
Canadian dollar		3.5
Euro		20.3
Hong Kong dollar		3.4
Indian rupee		3.0
Japanese yen		1.2
Korean won		5.2
Mexican peso		0.5
Swiss franc		16.5
U.S. dollar		29.4
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	2.7%
Consumer Discretionary	13.3%
Consumer Staples	16.4%
Energy	2.0%
Financials	14.4%
Health Care	9.6%
Industrials	15.0%
Information Technology	9.9%
Materials	3.4%
Miscellaneous	0.2%
Short-Term Investment	13.1%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Arch Capital Group Ltd.	United States	4.5	%
Unilever plc	United Kingdom	4.2
ABB Ltd.	Switzerland	3.8
Novartis AG	United States	3.8
Koninklijke Philips NV	Netherlands	3.4
Danone SA (Registered shares)	France	3.4
Samsung Electronics Co. Ltd.	South Korea	3.0
HCL Technologies Ltd.	India	2.9
Safran SA	France	2.9
Alibaba Group Holding Ltd.	China	2.9
Total		34.8	%

Excludes short-term investments.


Artisan International Value Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTKX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Mid Cap Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDMX

This semi-annual shareholder report contains important information about Artisan Mid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770 . This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$52	1.06%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,585,511
Number of Portfolio Holdings	64
Total Investment Advisory Fees (net of waivers and reimbursements)	$19,643
Portfolio Turnover Rate	31.29%

Graphical Representation of Holdings

REGION ALLOCATION 87.4% 9.2%

(As a Percentage of Total Net Assets)

Region
Americas	87.4%
Europe	9.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar		100.0	%
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	10.4%
Consumer Discretionary	11.8%
Consumer Staples	1.6%
Energy	2.5%
Financials	6.6%
Health Care	22.5%
Industrials	10.0%
Information Technology	31.5%
Real Estate	1.5%
Short-Term Investment	1.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Argenx SE	Netherlands	5.1	%
Ascendis Pharma A/S	Denmark	4.1
Tyler Technologies, Inc.	United States	3.7
Spotify Technology SA	United States	3.4
West Pharmaceutical Services, Inc.	United States	2.8
Lattice Semiconductor Corp.	United States	2.5
Live Nation Entertainment, Inc.	United States	2.5
Baker Hughes Co.	United States	2.5
Atlassian Corp.	United States	2.4
DoorDash, Inc.	United States	2.3
Total		31.3	%

Excludes short-term investments.


Artisan Mid Cap Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDMX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Material Fund Changes This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. Effective January 1, 2025, Matthew Kamm and Jason White became co-lead portfolio managers of the Fund. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Mid Cap Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHMX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$47	0.96%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,585,511
Number of Portfolio Holdings	64
Total Investment Advisory Fees (net of waivers and reimbursements)	$19,643
Portfolio Turnover Rate	31.29%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	87.4%
Europe	9.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar		100.0	%
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	10.4%
Consumer Discretionary	11.8%
Consumer Staples	1.6%
Energy	2.5%
Financials	6.6%
Health Care	22.5%
Industrials	10.0%
Information Technology	31.5%
Real Estate	1.5%
Short-Term Investment	1.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Argenx SE	Netherlands	5.1	%
Ascendis Pharma A/S	Denmark	4.1
Tyler Technologies, Inc.	United States	3.7
Spotify Technology SA	United States	3.4
West Pharmaceutical Services, Inc.	United States	2.8
Lattice Semiconductor Corp.	United States	2.5
Live Nation Entertainment, Inc.	United States	2.5
Baker Hughes Co.	United States	2.5
Atlassian Corp.	United States	2.4
DoorDash, Inc.	United States	2.3
Total		31.3	%

Excludes short-term investments.


Artisan Mid Cap Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHMX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Material Fund Changes This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. Effective January 1, 2025, Matthew Kamm and Jason White became co-lead portfolio managers of the Fund. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Mid Cap Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTMX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$59	1.20%

Key Fund Statistics
Dollar values in thousands
Net Assets	$3,585,511
Number of Portfolio Holdings	64
Total Investment Advisory Fees (net of waivers and reimbursements)	$19,643
Portfolio Turnover Rate	31.29%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	87.4%
Europe	9.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar		100.0	%
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	10.4%
Consumer Discretionary	11.8%
Consumer Staples	1.6%
Energy	2.5%
Financials	6.6%
Health Care	22.5%
Industrials	10.0%
Information Technology	31.5%
Real Estate	1.5%
Short-Term Investment	1.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Argenx SE	Netherlands	5.1	%
Ascendis Pharma A/S	Denmark	4.1
Tyler Technologies, Inc.	United States	3.7
Spotify Technology SA	United States	3.4
West Pharmaceutical Services, Inc.	United States	2.8
Lattice Semiconductor Corp.	United States	2.5
Live Nation Entertainment, Inc.	United States	2.5
Baker Hughes Co.	United States	2.5
Atlassian Corp.	United States	2.4
DoorDash, Inc.	United States	2.3
Total		31.3	%

Excludes short-term investments.


Artisan Mid Cap Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTMX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Material Fund Changes This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. Effective January 1, 2025, Matthew Kamm and Jason White became co-lead portfolio managers of the Fund. For more information, you may review the Fund’s current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Mid Cap Value Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDQX

This semi-annual shareholder report contains important information about Artisan Mid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$52	1.07%

Key Fund Statistics
Dollar values in thousands
Net Assets	$1,049,411
Number of Portfolio Holdings	50
Total Investment Advisory Fees (net of waivers and reimbursements)	$4,996
Portfolio Turnover Rate	18.18%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

Type
Common Stocks	98.1%
Other assets less liabilities	1.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar		100.0	%
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	10.4%
Consumer Discretionary	14.1%
Consumer Staples	8.9%
Energy	4.4%
Financials	14.4%
Health Care	12.5%
Industrials	12.6%
Information Technology	8.0%
Real Estate	8.1%
Utilities	5.6%
Short-Term Investment	1.0%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Genpact Ltd.	United States	3.4	%
First Citizens BancShares, Inc.	United States	3.2
U-Haul Holding Co.	United States	3.1
OGE Energy Corp.	United States	3.0
Lamar Advertising Co.	United States	3.0
Kroger Co. (The)	United States	2.9
Vontier Corp.	United States	2.9
Expedia Group, Inc.	United States	2.8
Globe Life, Inc.	United States	2.7
Alliant Energy Corp.	United States	2.5
Total		29.5	%

Excludes short-term investments.


Artisan Mid Cap Value Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDQX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Mid Cap Value Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHQX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$46	0.95%

Key Fund Statistics
Dollar values in thousands
Net Assets	$1,049,411
Number of Portfolio Holdings	50
Total Investment Advisory Fees (net of waivers and reimbursements)	$4,996
Portfolio Turnover Rate	18.18%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION 98.1% 1.9%

(As a Percentage of Total Net Assets)

Type
Common Stocks	98.1%
Other assets less liabilities	1.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar		100.0	%
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	10.4%
Consumer Discretionary	14.1%
Consumer Staples	8.9%
Energy	4.4%
Financials	14.4%
Health Care	12.5%
Industrials	12.6%
Information Technology	8.0%
Real Estate	8.1%
Utilities	5.6%
Short-Term Investment	1.0%

	investments
	10.4%
	14.1%
	8.9%
	4.4%
	14.4%
	12.5%
	12.6%
	8.0%
	8.1%
1.0%	5.6%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Genpact Ltd.	United States	3.4	%
First Citizens BancShares, Inc.	United States	3.2
U-Haul Holding Co.	United States	3.1
OGE Energy Corp.	United States	3.0
Lamar Advertising Co.	United States	3.0
Kroger Co. (The)	United States	2.9
Vontier Corp.	United States	2.9
Expedia Group, Inc.	United States	2.8
Globe Life, Inc.	United States	2.7
Alliant Energy Corp.	United States	2.5
Total		29.5	%

Excludes short-term investments.


Artisan Mid Cap Value Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHQX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Mid Cap Value Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTQX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$57	1.18%

Key Fund Statistics
Dollar values in thousands
Net Assets	$1,049,411
Number of Portfolio Holdings	50
Total Investment Advisory Fees (net of waivers and reimbursements)	$4,996
Portfolio Turnover Rate	18.18%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION 98.1% 1.9%

(As a Percentage of Total Net Assets)

Type
Common Stocks	98.1%
Other assets less liabilities	1.9%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar		100.0	%
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	10.4%
Consumer Discretionary	14.1%
Consumer Staples	8.9%
Energy	4.4%
Financials	14.4%
Health Care	12.5%
Industrials	12.6%
Information Technology	8.0%
Real Estate	8.1%
Utilities	5.6%
Short-Term Investment	1.0%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Genpact Ltd.	United States	3.4	%
First Citizens BancShares, Inc.	United States	3.2
U-Haul Holding Co.	United States	3.1
OGE Energy Corp.	United States	3.0
Lamar Advertising Co.	United States	3.0
Kroger Co. (The)	United States	2.9
Vontier Corp.	United States	2.9
Expedia Group, Inc.	United States	2.8
Globe Life, Inc.	United States	2.7
Alliant Energy Corp.	United States	2.5
Total		29.5	%

Excludes short-term investments.


Artisan Mid Cap Value Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTQX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Select Equity Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDNX

This semi-annual shareholder report contains important information about Artisan Select Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$59	1.15%

Key Fund Statistics
Dollar values in thousands
Net Assets	$58,663
Number of Portfolio Holdings	29
Total Investment Advisory Fees (net of waivers and reimbursements)	$150
Portfolio Turnover Rate	16.24%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	80.6%
Europe	4.4%
Emerging Markets	5.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound		5.6	%
Euro		4.4
Korean won		3.4
U.S. dollar		86.6
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	9.1%
Consumer Discretionary	7.7%
Energy	5.6%
Financials	39.4%
Health Care	10.3%
Industrials	4.7%
Information Technology	5.6%
Materials	8.4%
Short-Term Investment	9.2%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Berkshire Hathaway, Inc.	United States	6.1	%
Elevance Health, Inc.	United States	5.8
Shell plc	United States	5.6
Charles Schwab Corp. (The)	United States	5.2
Bank of New York Mellon Corp. (The)	United States	4.9
American Express Co.	United States	4.8
Alphabet, Inc.	United States	4.7
Progressive Corp. (The)	United States	4.7
Henry Schein, Inc.	United States	4.5
Aramark	United States	4.5
Total		50.8	%

Excludes short-term investments.


Artisan Select Equity Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDNX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Select Equity Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHNX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$56	1.10%

Key Fund Statistics
Dollar values in thousands
Net Assets	$58,663
Number of Portfolio Holdings	29
Total Investment Advisory Fees (net of waivers and reimbursements)	$150
Portfolio Turnover Rate	16.24%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	80.6%
Europe	4.4%
Emerging Markets	5.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound		5.6	%
Euro		4.4
Korean won		3.4
U.S. dollar		86.6
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	9.1%
Consumer Discretionary	7.7%
Energy	5.6%
Financials	39.4%
Health Care	10.3%
Industrials	4.7%
Information Technology	5.6%
Materials	8.4%
Short-Term Investment	9.2%

TOP TEN HOLDINGS*
Company Name	Country	Percentage of Total Net Assets
Berkshire Hathaway, Inc.	United States	6.1	%
Elevance Health, Inc.	United States	5.8
Shell plc	United States	5.6
Charles Schwab Corp. (The)	United States	5.2
Bank of New York Mellon Corp. (The)	United States	4.9
American Express Co.	United States	4.8
Alphabet, Inc.	United States	4.7
Progressive Corp. (The)	United States	4.7
Henry Schein, Inc.	United States	4.5
Aramark	United States	4.5
Total		50.8	%

Excludes short-term investments.


Artisan Select Equity Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHNX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Select Equity Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTNX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$64	1.25%

Key Fund Statistics
Dollar values in thousands
Net Assets	$58,663
Number of Portfolio Holdings	29
Total Investment Advisory Fees (net of waivers and reimbursements)	$150
Portfolio Turnover Rate	16.24%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

Region
Americas	80.6%
Europe	4.4%
Emerging Markets	5.2%

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound		5.6	%
Euro		4.4
Korean won		3.4
U.S. dollar		86.6
Total investments		100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Communication Services	9.1%
Consumer Discretionary	7.7%
Energy	5.6%
Financials	39.4%
Health Care	10.3%
Industrials	4.7%
Information Technology	5.6%
Materials	8.4%
Short-Term Investment	9.2%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Berkshire Hathaway, Inc.	United States	6.1	%
Elevance Health, Inc.	United States	5.8
Shell plc	United States	5.6
Charles Schwab Corp. (The)	United States	5.2
Bank of New York Mellon Corp. (The)	United States	4.9
American Express Co.	United States	4.8
Alphabet, Inc.	United States	4.7
Progressive Corp. (The)	United States	4.7
Henry Schein, Inc.	United States	4.5
Aramark	United States	4.5
Total		50.8	%

Excludes short-term investments.


Artisan Select Equity Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTNX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Small Cap Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDSX

This semi-annual shareholder report contains important information about Artisan Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$52	1.10%

Key Fund Statistics
Dollar values in thousands
Net Assets	$1,094,307
Number of Portfolio Holdings	58
Total Investment Advisory Fees (net of waivers and reimbursements)	$6,354
Portfolio Turnover Rate	30.56%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Common Stocks	95.7%
Other assets less liabilities	4.3%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar	100.0	%
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Discretionary	9.4%
Consumer Staples	2.1%
Energy	1.1%
Financials	1.4%
Health Care	30.2%
Industrials	17.6%
Information Technology	34.1%
Real Estate	1.4%
Short-Term Investment	2.7%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Ascendis Pharma A/S	Denmark	5.7	%
Guidewire Software, Inc.	United States	4.5
Lattice Semiconductor Corp.	United States	3.5
MACOM Technology Solutions Holdings, Inc.	United States	2.9
Halozyme Therapeutics, Inc.	United States	2.7
Twist Bioscience Corp.	United States	2.6
SPX Technologies, Inc.	United States	2.6
Flex Ltd.	United States	2.4
Applied Industrial Technologies, Inc.	United States	2.3
Veracyte, Inc.	United States	2.3
Total		31.5	%

Excludes short-term investments.

			Material Fund Changes
Artisan Small Cap Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDSX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Small Cap Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHSX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$48	1.01%

Key Fund Statistics
Dollar values in thousands
Net Assets	$1,094,307
Number of Portfolio Holdings	58
Total Investment Advisory Fees (net of waivers and reimbursements)	$6,354
Portfolio Turnover Rate	30.56%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Common Stocks	95.7%
Other assets less liabilities	4.3%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar	100.0	%
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Discretionary	9.4%
Consumer Staples	2.1%
Energy	1.1%
Financials	1.4%
Health Care	30.2%
Industrials	17.6%
Information Technology	34.1%
Real Estate	1.4%
Short-Term Investment	2.7%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Ascendis Pharma A/S	Denmark	5.7	%
Guidewire Software, Inc.	United States	4.5
Lattice Semiconductor Corp.	United States	3.5
MACOM Technology Solutions Holdings, Inc.	United States	2.9
Halozyme Therapeutics, Inc.	United States	2.7
Twist Bioscience Corp.	United States	2.6
SPX Technologies, Inc.	United States	2.6
Flex Ltd.	United States	2.4
Applied Industrial Technologies, Inc.	United States	2.3
Veracyte, Inc.	United States	2.3
Total		31.5	%

Excludes short-term investments.

			Material Fund Changes
Artisan Small Cap Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHSX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Small Cap Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTSX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$59	1.24%

Key Fund Statistics
Dollar values in thousands
Net Assets	$1,094,307
Number of Portfolio Holdings	58
Total Investment Advisory Fees (net of waivers and reimbursements)	$6,354
Portfolio Turnover Rate	30.56%

Graphical Representation of Holdings

PORTFOLIO COMPOSITION

(As a Percentage of Total Net Assets)

PORTFOLIO COMPOSITION
Type
Common Stocks	95.7%
Other assets less liabilities	4.3%

⁽¹⁾

Includes any short-term investments and net other assets (liabilities).

TRADING CURRENCIES

Currency	Percentage of Total Investments
U.S. dollar	100.0	%
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

Sector
Consumer Discretionary	9.4%
Consumer Staples	2.1%
Energy	1.1%
Financials	1.4%
Health Care	30.2%
Industrials	17.6%
Information Technology	34.1%
Real Estate	1.4%
Short-Term Investment	2.7%

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Ascendis Pharma A/S	Denmark	5.7	%
Guidewire Software, Inc.	United States	4.5
Lattice Semiconductor Corp.	United States	3.5
MACOM Technology Solutions Holdings, Inc.	United States	2.9
Halozyme Therapeutics, Inc.	United States	2.7
Twist Bioscience Corp.	United States	2.6
SPX Technologies, Inc.	United States	2.6
Flex Ltd.	United States	2.4
Applied Industrial Technologies, Inc.	United States	2.3
Veracyte, Inc.	United States	2.3
Total		31.5	%

Excludes short-term investments.

			Material Fund Changes
Artisan Small Cap Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTSX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770. Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Sustainable Emerging Markets Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDEX

This semi-annual shareholder report contains important information about Artisan Sustainable Emerging Markets Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$52	1.05%

Key Fund Statistics
Dollar values in thousands
Net Assets	$225,690
Number of Portfolio Holdings	61
Total Investment Advisory Fees (net of waivers and reimbursements)	$661
Portfolio Turnover Rate	12.67%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
Brazilian real	4.6	%
Euro	7.0
Hong Kong dollar	14.3
Indian rupee	10.2
Korean won	9.5
Mexican peso	3.6
New Taiwan dollar	18.4
South African rand	3.0
U.S. dollar	21.5
Vietnamese dong	2.1
Other	5.8
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	11.8	%
Alibaba Group Holding Ltd.	China	4.8
ICICI Bank Ltd.	India	4.1
Prosus NV	China	3.7
MercadoLibre, Inc.	Brazil	3.6
MediaTek, Inc.	Taiwan	3.4
E Ink Holdings, Inc.	Taiwan	3.3
Zhuzhou CRRC Times Electric Co. Ltd.	China	2.7
Reliance Industries Ltd.	India	2.4
Wuxi Biologics Cayman, Inc.	China	2.1
Total		41.9	%

Excludes short-term investments.


Artisan Sustainable Emerging Markets Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDEX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Sustainable Emerging Markets Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHEX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$49	1.00%

Key Fund Statistics
Dollar values in thousands
Net Assets	$225,690
Number of Portfolio Holdings	61
Total Investment Advisory Fees (net of waivers and reimbursements)	$661
Portfolio Turnover Rate	12.67%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
Brazilian real	4.6	%
Euro	7.0
Hong Kong dollar	14.3
Indian rupee	10.2
Korean won	9.5
Mexican peso	3.6
New Taiwan dollar	18.4
South African rand	3.0
U.S. dollar	21.5
Vietnamese dong	2.1
Other	5.8
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	11.8	%
Alibaba Group Holding Ltd.	China	4.8
ICICI Bank Ltd.	India	4.1
Prosus NV	China	3.7
MercadoLibre, Inc.	Brazil	3.6
MediaTek, Inc.	Taiwan	3.4
E Ink Holdings, Inc.	Taiwan	3.3
Zhuzhou CRRC Times Electric Co. Ltd.	China	2.7
Reliance Industries Ltd.	India	2.4
Wuxi Biologics Cayman, Inc.	China	2.1
Total		41.9	%

Excludes short-term investments.


Artisan Sustainable Emerging Markets Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHEX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Sustainable Emerging Markets Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTZX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$57	1.15%

Key Fund Statistics
Dollar values in thousands
Net Assets	$225,690
Number of Portfolio Holdings	61
Total Investment Advisory Fees (net of waivers and reimbursements)	$661
Portfolio Turnover Rate	12.67%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
Brazilian real	4.6	%
Euro	7.0
Hong Kong dollar	14.3
Indian rupee	10.2
Korean won	9.5
Mexican peso	3.6
New Taiwan dollar	18.4
South African rand	3.0
U.S. dollar	21.5
Vietnamese dong	2.1
Other	5.8
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	11.8	%
Alibaba Group Holding Ltd.	China	4.8
ICICI Bank Ltd.	India	4.1
Prosus NV	China	3.7
MercadoLibre, Inc.	Brazil	3.6
MediaTek, Inc.	Taiwan	3.4
E Ink Holdings, Inc.	Taiwan	3.3
Zhuzhou CRRC Times Electric Co. Ltd.	China	2.7
Reliance Industries Ltd.	India	2.4
Wuxi Biologics Cayman, Inc.	China	2.1
Total		41.9	%

Excludes short-term investments.


Artisan Sustainable Emerging Markets Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTZX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Value Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDLX

This semi-annual shareholder report contains important information about Artisan Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$44	0.88%

Key Fund Statistics
Dollar values in thousands
Net Assets	$310,041
Number of Portfolio Holdings	41
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,117
Portfolio Turnover Rate	14.91%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	3.5	%
Euro	14.8
Swiss franc	1.7
U.S. dollar	80.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Philip Morris International, Inc.	United States	4.0	%
Heineken Holding NV	Netherlands	3.7
United Parcel Service, Inc.	United States	3.6
Wells Fargo & Co.	United States	3.3
Kerry Group plc	Ireland	3.3
EOG Resources, Inc.	United States	3.2
PayPal Holdings, Inc.	United States	3.2
Comcast Corp.	United States	3.1
Safran SA	France	3.0
Fiserv, Inc.	United States	2.8
Total		33.2	%

Excludes short-term investments.


Artisan Value Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDLX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Value Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHLX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$42	0.83%

Key Fund Statistics
Dollar values in thousands
Net Assets	$310,041
Number of Portfolio Holdings	41
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,117
Portfolio Turnover Rate	14.91%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	3.5	%
Euro	14.8
Swiss franc	1.7
U.S. dollar	80.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Philip Morris International, Inc.	United States	4.0	%
Heineken Holding NV	Netherlands	3.7
United Parcel Service, Inc.	United States	3.6
Wells Fargo & Co.	United States	3.3
Kerry Group plc	Ireland	3.3
EOG Resources, Inc.	United States	3.2
PayPal Holdings, Inc.	United States	3.2
Comcast Corp.	United States	3.1
Safran SA	France	3.0
Fiserv, Inc.	United States	2.8
Total		33.2	%

Excludes short-term investments.


Artisan Value Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHLX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Value Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | ARTLX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$49	0.98%

Key Fund Statistics
Dollar values in thousands
Net Assets	$310,041
Number of Portfolio Holdings	41
Total Investment Advisory Fees (net of waivers and reimbursements)	$1,117
Portfolio Turnover Rate	14.91%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	3.5	%
Euro	14.8
Swiss franc	1.7
U.S. dollar	80.0
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Philip Morris International, Inc.	United States	4.0	%
Heineken Holding NV	Netherlands	3.7
United Parcel Service, Inc.	United States	3.6
Wells Fargo & Co.	United States	3.3
Kerry Group plc	Ireland	3.3
EOG Resources, Inc.	United States	3.2
PayPal Holdings, Inc.	United States	3.2
Comcast Corp.	United States	3.1
Safran SA	France	3.0
Fiserv, Inc.	United States	2.8
Total		33.2	%

Excludes short-term investments.


Artisan Value Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| ARTLX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Value Income Fund

Semi-Annual Shareholder Report March 31, 2025

Advisor Shares | APDWX

This semi-annual shareholder report contains important information about Artisan Value Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$55	1.10%

Key Fund Statistics
Dollar values in thousands
Net Assets	$16,268
Number of Portfolio Holdings	76
Total Investment Advisory Fees (net of waivers and reimbursements)	$–
Portfolio Turnover Rate	14.73%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	2.1	%
Euro	5.6
Hong Kong dollar	1.4
Swiss franc	1.0
U.S. dollar	89.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Philip Morris International, Inc.	United States	4.1	%
Lamar Advertising Co.	United States	3.3
Cable One, Inc.	United States	3.1
EOG Resources, Inc.	United States	2.6
PPL Corp.	United States	2.6
Heineken Holding NV	Netherlands	2.6
Comcast Corp.	United States	2.5
OGE Energy Corp.	United States	2.4
Otis Worldwide Corp.	United States	2.3
Wells Fargo & Co.	United States	2.2
Total		27.7	%

Excludes short-term investments.


Artisan Value Income Fund Semi-Annual Shareholder Report March 31, 2025 Advisor Shares \| APDWX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Value Income Fund

Semi-Annual Shareholder Report March 31, 2025

Institutional Shares | APHWX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$52	1.05%

Key Fund Statistics
Dollar values in thousands
Net Assets	$16,268
Number of Portfolio Holdings	76
Total Investment Advisory Fees (net of waivers and reimbursements)	$–
Portfolio Turnover Rate	14.73%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	2.1	%
Euro	5.6
Hong Kong dollar	1.4
Swiss franc	1.0
U.S. dollar	89.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Philip Morris International, Inc.	United States	4.1	%
Lamar Advertising Co.	United States	3.3
Cable One, Inc.	United States	3.1
EOG Resources, Inc.	United States	2.6
PPL Corp.	United States	2.6
Heineken Holding NV	Netherlands	2.6
Comcast Corp.	United States	2.5
OGE Energy Corp.	United States	2.4
Otis Worldwide Corp.	United States	2.3
Wells Fargo & Co.	United States	2.2
Total		27.7	%

Excludes short-term investments.


Artisan Value Income Fund Semi-Annual Shareholder Report March 31, 2025 Institutional Shares \| APHWX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

Artisan Value Income Fund

Semi-Annual Shareholder Report March 31, 2025

Investor Shares | APFWX

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$60	1.20%

Key Fund Statistics
Dollar values in thousands
Net Assets	$16,268
Number of Portfolio Holdings	76
Total Investment Advisory Fees (net of waivers and reimbursements)	$–
Portfolio Turnover Rate	14.73%

Graphical Representation of Holdings

REGION ALLOCATION

(As a Percentage of Total Net Assets)

TRADING CURRENCIES

Currency	Percentage of Total Investments
British pound	2.1	%
Euro	5.6
Hong Kong dollar	1.4
Swiss franc	1.0
U.S. dollar	89.9
Total investments	100.0	%

PORTFOLIO DIVERSIFICATION

(As a Percentage of Total Investments)

TOP TEN HOLDINGS*

Company Name	Country	Percentage of Total Net Assets
Philip Morris International, Inc.	United States	4.1	%
Lamar Advertising Co.	United States	3.3
Cable One, Inc.	United States	3.1
EOG Resources, Inc.	United States	2.6
PPL Corp.	United States	2.6
Heineken Holding NV	Netherlands	2.6
Comcast Corp.	United States	2.5
OGE Energy Corp.	United States	2.4
Otis Worldwide Corp.	United States	2.3
Wells Fargo & Co.	United States	2.2
Total		27.7	%

Excludes short-term investments.


Artisan Value Income Fund Semi-Annual Shareholder Report March 31, 2025 Investor Shares \| APFWX ● Artisan Partners ● 800.344.1770 ● www.artisanpartners.com If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770.			Householding If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770.

(b) Not applicable.

Item 2.

Code of Ethics.

Not applicable for semiannual reports.

Item 3.

Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5.

Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

Investments.

(a)

Please see schedule of investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a)

The registrant’s Financial Statements are attached herewith.

(b)

The registrant’s Financial Highlights are attached herewith.

ARTISAN PARTNERS FUNDS

		Share Class
	Investor	Advisor	Institutional
Artisan Developing World Fund	ARTYX	APDYX	APHYX
Artisan Emerging Markets Debt Opportunities Fund	APFOX	APDOX	APHOX
Artisan Floating Rate Fund	ARTUX	APDUX	APHUX
Artisan Focus Fund	ARTTX	APDTX	APHTX
Artisan Global Discovery Fund	APFDX	APDDX	APHDX
Artisan Global Equity Fund	ARTHX	APDHX	APHHX
Artisan Global Opportunities Fund	ARTRX	APDRX	APHRX
Artisan Global Unconstrained Fund	APFPX	APDPX	APHPX
Artisan Global Value Fund	ARTGX	APDGX	APHGX
Artisan High Income Fund	ARTFX	APDFX	APHFX
Artisan International Fund	ARTIX	APDIX	APHIX
Artisan International Explorer Fund	N/A	ARDBX	ARHBX
Artisan International Small-Mid Fund	ARTJX	APDJX	APHJX
Artisan International Value Fund	ARTKX	APDKX	APHKX
Artisan Mid Cap Fund	ARTMX	APDMX	APHMX
Artisan Mid Cap Value Fund	ARTQX	APDQX	APHQX
Artisan Select Equity Fund	ARTNX	APDNX	APHNX
Artisan Small Cap Fund	ARTSX	APDSX	APHSX
Artisan Sustainable Emerging Markets Fund	ARTZX	APDEX	APHEX
Artisan Value Fund	ARTLX	APDLX	APHLX
Artisan Value Income Fund	APFWX	APDWX	APHWX

The information contained herein includes the financial statements and certain other information as required by Items 7-11 of Form N-CSR.

	TABLE OF CONTENTS
	TABLE OF CONTENTS

2	ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS

	SCHEDULES OF INVESTMENTS
4	Artisan Developing World Fund
5	Artisan Emerging Markets Debt Opportunities Fund
11	Artisan Floating Rate Fund
15	Artisan Focus Fund
17	Artisan Global Discovery Fund
19	Artisan Global Equity Fund
21	Artisan Global Opportunities Fund
22	Artisan Global Unconstrained Fund
32	Artisan Global Value Fund
33	Artisan High Income Fund
39	Artisan International Fund
41	Artisan International Explorer Fund
42	Artisan International Small-Mid Fund
44	Artisan International Value Fund
46	Artisan Mid Cap Fund
48	Artisan Mid Cap Value Fund
50	Artisan Select Equity Fund
51	Artisan Small Cap Fund
53	Artisan Sustainable Emerging Markets Fund
55	Artisan Value Fund
57	Artisan Value Income Fund

60	STATEMENTS OF ASSETS AND LIABILITIES

66	STATEMENTS OF OPERATIONS

72	STATEMENTS OF CHANGES IN NET ASSETS

79	FINANCIAL HIGHLIGHTS

91	NOTES TO FINANCIAL STATEMENTS

133	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

134	ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

134	ITEM 9. PROXY DISCLOSURES

134	ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS

134	ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

	ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS
	ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS

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
CDI	Certificate of Interbank Deposit
CGM	Citigroup Global Markets
CITI	Citibank, N.A.
DB	Deutsche Bank AG
ETF	Exchange Traded Fund
GDN	Global Depository Note
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
MSCS	Morgan Stanley Capital Services, Inc.
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
Registered shares	Shares in a company where the holder’s name is recorded on the ownership certificate. Such shares cannot be sold until they are de-registered, which can take up to one week.
REIT	Real Estate Investment Trust
SCB	Standard Chartered Bank
SG	Societe Generale
SOFR	Secured Overnight Financing Rate
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
Zero Coupon	Indicates a debt security that does not pay periodic interest payments. Such security is issued at a discount and matures at face (principal) amount.

2	Artisan Partners Funds

Currency Abbreviations

ALL	Albanian lek	KRW	Korean won
BRL	Brazilian real	KWD	Kuwaiti dinar
CNH	Chinese yuan offshore	KZT	Kazakhstan tenge
COP	Colombian peso	MXN	Mexican peso
CZK	Czech koruna	MYR	Malasiyan ringgit
DOP	Dominican peso	NGN	Nigerian naira
EGP	Egyptian pound	PEN	Peruvian nuevo sol
EUR	Euro	PLN	Polish zloty
GBP	British pound	PYG	Paraguayan guarani
GEL	Georgian lari	RON	Romanian leu
GTQ	Guatemalan quetzal	SGD	Singapore dollar
HKD	Hong Kong dollar	THB	Thailand baht
HUF	Hungarian forint	TJS	Tajikistani somoni
IDR	Indonesian rupiah	TRY	Turkish lira
ILS	Israel new shekel	TWD	New Taiwan dollar
INR	Indian rupee	USD	U.S. dollar
ISK	Icelandic krona	UYU	Uruguayan peso
JPY	Japanese yen	UZS	Uzbekistani som
		ZAR	South African rand

Artisan Partners Funds

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.0%

AUSTRALIA - 1.6%
WiseTech Global Ltd.⁽¹⁾		1,147	$	59,006

BRAZIL - 9.3%
MercadoLibre, Inc.^*		98		191,915
NU Holdings Ltd., Class A^*		14,079		144,170
				336,085
CHINA - 19.2%
Kanzhun Ltd., ADR^*		4,696		90,015
KE Holdings, Inc., ADR		3,671		73,759
Kweichow Moutai Co. Ltd., Class A⁽¹⁾		337		72,667
Meituan, Class B^(1)(2)*		7,987		161,489
PDD Holdings, Inc., ADR^*		763		90,275
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A⁽¹⁾		1,566		50,788
Tencent Holdings Ltd.⁽¹⁾		2,441		155,541
				694,534
FRANCE - 3.3%
Hermes International SCA⁽¹⁾		16		41,010
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		125		77,809
				118,819
INDIA - 14.3%
Apollo Hospitals Enterprise Ltd.⁽¹⁾		1,015		78,397
HDFC Bank Ltd., ADR		1,714		113,885
MakeMyTrip Ltd.^*		1,639		160,615
One 97 Communications Ltd.^(1)*		4,296		39,035
PB Fintech Ltd.^(1)*		2,116		39,078
Zomato Ltd.^(1)*		36,157		84,965
				515,975
ITALY - 1.1%
Ferrari NV		97		41,462

NETHERLANDS - 4.4%
Adyen NV^(1)(2)*		104		158,860

SINGAPORE - 9.6%
Grab Holdings Ltd., Class A^*		30,628		138,745
Sea Ltd., ADR^*		1,591		207,588
				346,333

UNITED STATES - 33.2%
Airbnb, Inc., Class A^*		1,100		131,451
ARM Holdings plc, ADR^*		918		98,060
Cadence Design Systems, Inc.^*		430		109,399
Coca-Cola Co. (The)		1,609		115,231
Crowdstrike Holdings, Inc., Class A^*		402		141,624
Mastercard, Inc., Class A		45		24,603
Netflix, Inc.^*		110		102,495
NVIDIA Corp.		946		102,580
Snowflake, Inc., Class A^*		546		79,750
Tradeweb Markets, Inc., Class A		277		41,104
Veeva Systems, Inc., Class A^*		363		84,141
Visa, Inc., Class A		482		169,040
				1,199,478

Total common stocks
(Cost $2,054,154)				3,470,552

	Shares Held		Value
SHORT-TERM INVESTMENT - 3.4%
2
INVESTMENT COMPANY - 3.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽³⁾ (Cost $124,167)		124,167	$	124,167

Total investments - 99.4% (Cost $2,178,321)				3,594,719

Other assets less liabilities - 0.6%				21,011

Total net assets - 100.0%^#			$	3,615,730

⁽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 $1,018,645, or 28.2% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

⁽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 March 31, 2025, the value of these securities was $320,349 or 8.9% of net assets.

⁽³⁾

Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	555,639		15.5	%
Consumer Discretionary		980,991		27.3
Consumer Staples		187,898		5.2
Financials		729,775		20.3
Health Care		213,326		5.9
Industrials		138,745		3.9
Information Technology		590,419		16.4
Real Estate		73,759		2.1
Short-Term Investment		124,167		3.4
Total investments	$	3,594,719		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

4	Artisan Partners Funds

ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND

Consolidated Schedule of Investments — March 31, 2025 (Unaudited)

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

		Principal Amount		Value
SOVEREIGN GOVERNMENT BONDS - 49.4%

ALBANIA - 1.6%
Albanian Government Bond
4.21%, 1/15/2026	ALL		14,000	$	155
5.00%, 2/24/2026	ALL		13,000		145
4.30%, 7/10/2027	ALL		11,300		127
6.00%, 2/13/2028	ALL		9,500		113
5.25%, 1/26/2029	ALL		21,500		253
5.63%, 11/8/2030	ALL		19,000		231
4.05%, 2/7/2032	ALL		46,640		520
					1,544
ANGOLA - 1.7%
Avenir Issuer IV Ireland DAC
6.00%, 10/25/2027⁽¹⁾			280		265
Republic of Angola
6.93%, 2/19/2027⁽¹⁾			83		78
8.25%, 5/9/2028⁽¹⁾			1,150		1,073
8.00%, 11/26/2029⁽¹⁾			220		196
					1,612

ARGENTINA - 2.8%
Argentine Republic
0.13%, 7/9/2030	EUR		364		283
3.88%, 7/9/2035⁽²⁾	EUR		2,574		1,712
4.25%, 1/9/2038⁽²⁾	EUR		40		27
3.00%, 7/9/2041⁽²⁾	EUR		975		562
					2,584

BAHAMAS - 6.6%
Commonwealth of the Bahamas
6.00%, 11/21/2028⁽¹⁾			2,824		2,715
9.00%, 6/16/2029⁽¹⁾			620		647
6.95%, 11/20/2029⁽¹⁾			253		244
8.95%, 10/15/2032⁽¹⁾			2,460		2,549
					6,155

BENIN - 3.8%
Benin Government Bond
4.88%, 1/19/2032⁽¹⁾	EUR		1,980		1,906
4.95%, 1/22/2035⁽¹⁾	EUR		783		699
6.88%, 1/19/2052⁽¹⁾	EUR		1,116		971
					3,576

CAMEROON - 0.7%
Republic of Cameroon
9.50%, 11/19/2025⁽¹⁾			460		461
5.95%, 7/7/2032⁽¹⁾	EUR		274		234
					695

DOMINICAN REPUBLIC - 0.0%^{^}
Dominican Republic Government Bond, GDN
6.50%, 11/27/2026⁽¹⁾	DOP		1,450		22

EGYPT - 0.7%
Arab Republic of Egypt
6.38%, 4/11/2031⁽¹⁾	EUR		675		621

EL SALVADOR - 0.3%
Republic of El Salvador
0.25%, 04/17/2030 IO⁽¹⁾			11,545		274
0.25%, 04/17/2030 IO⁽³⁾			1,020		24
					298

		Principal Amount		Value
GEORGIA - 1.0%
Republic of Georgia
2.75%, 4/22/2026⁽¹⁾			980	$	939

GHANA - 1.4%
Republic of Ghana
Zero Coupon, 7/3/2026⁽¹⁾			1,434		1,349

INDONESIA - 4.5%
Republic of Indonesia
7.00%, 5/15/2027	IDR		770,000		47
6.38%, 4/15/2032	IDR		4,100,000		238
7.50%, 8/15/2032	IDR		4,500,000		278
7.00%, 2/15/2033	IDR		5,500,000		330
6.63%, 2/15/2034	IDR		17,000,000		996
8.25%, 5/15/2036	IDR		9,854,000		639
7.50%, 5/15/2038	IDR		1,399,000		86
8.38%, 4/15/2039	IDR		2,121,000		141
7.13%, 6/15/2043	IDR		24,873,000		1,486
					4,241

IRAQ - 3.8%
Republic of Iraq
5.80%, 1/15/2028⁽¹⁾			3,587		3,524

NIGERIA - 1.7%
Federal Republic of Nigeria
7.63%, 11/21/2025⁽¹⁾			1,196		1,201
6.13%, 9/28/2028⁽¹⁾			450		411
					1,612

PAKISTAN - 1.7%
Islamic Republic of Pakistan
6.88%, 12/5/2027⁽¹⁾			720		658
7.38%, 4/8/2031⁽¹⁾			1,040		888
					1,546

PAPUA NEW GUINEA - 1.6%
Papua New Guinea Government International Bond
8.38%, 10/4/2028⁽¹⁾			1,525		1,523

PERU - 6.1%
Bonos de la Tesoreria
7.30%, 8/12/2033⁽¹⁾	PEN		2,200		632
5.40%, 8/12/2034	PEN		20,650		5,122
					5,754

RWANDA - 1.4%
Republic of Rwanda
5.50%, 8/9/2031⁽¹⁾			1,580		1,284

SOUTH AFRICA - 1.1%
Republic of South Africa
8.25%, 3/31/2032	ZAR		20,800		1,043

TAJIKISTAN - 1.4%
Republic of Tajikistan
7.13%, 9/14/2027⁽¹⁾			1,283		1,270

TUNISIA - 0.8%
Tunisian Republic
6.38%, 7/15/2026⁽¹⁾	EUR		755		787

UKRAINE - 2.4%
Ukraine Government Bond
1.75%, 2/1/2029⁽¹⁾⁽²⁾			625		407

Artisan Partners Funds

		Principal Amount		Value
Ukraine Government Bond (continued)
1.75%, 2/1/2035⁽¹⁾⁽²⁾			810	$	426
0.00%, 2/1/2035⁽¹⁾⁽²⁾			1,603		887
0.00%, 2/1/2036⁽¹⁾⁽²⁾			937		536
					2,256
UZBEKISTAN - 0.2%
Republic of Uzbekistan International Bond
15.50%, 2/25/2028⁽¹⁾	UZS		2,500,000		194

ZAMBIA - 2.1%
Republic of Zambia
5.75%, 6/30/2033⁽¹⁾⁽²⁾			2,301		2,015

Total Sovereign government bonds (Cost $45,905)					46,444

CORPORATE BONDS - 17.6%

ANGOLA - 0.2%
Azule Energy Finance plc
8.13%, 1/23/2030⁽¹⁾			200		201

ARGENTINA - 0.4%
MSU Energy SA
9.75%, 12/5/2030⁽¹⁾			381		368

BRAZIL - 2.6%
MC Brazil Downstream Trading SARL
7.25%, 6/30/2031⁽¹⁾			829		684
NewCo Holding USD 20 SARL
9.38%, 11/7/2029⁽¹⁾			240		244
OHI Group SA
13.00%, 7/22/2029⁽¹⁾			810		835
Trident Energy Finance plc
12.50%, 11/30/2029⁽¹⁾			550		567
Unigel Luxembourg SA
13.50% Cash, 15.00% PIK, 12/31/2027⁽¹⁾			65		60
11.00% Cash, 12.00% PIK, 12/31/2028⁽¹⁾			163		68
					2,458
CAMEROON - 0.6%
Golar LNG Ltd.
7.75%, 9/19/2029⁽¹⁾			600		604

COLOMBIA - 1.1%
Canacol Energy Ltd.
5.75%, 11/24/2028⁽¹⁾			200		105
EnfraGen Energia Sur SA
5.38%, 12/30/2030⁽¹⁾			460		407
Gran Tierra Energy, Inc.
9.50%, 10/15/2029⁽¹⁾			570		505
					1,017
DOMINICAN REPUBLIC - 3.7%
Banco Central de la Republica Dominicana, GDN
13.00%, 12/5/2025⁽¹⁾	DOP		135,320		2,161
13.00%, 1/30/2026⁽¹⁾	DOP		80,020		1,281
9.00%, 12/11/2026⁽¹⁾	DOP		4,360		67
					3,509
GUATEMALA - 0.5%
Investment Energy Resources Ltd.
6.25%, 4/26/2029⁽¹⁾			470		452

JAMAICA - 0.1%
Digicel Intermediate Holdings Ltd.
9.00% Cash, 2.25% PIK, 5/25/2027			135		135

		Principal Amount		Value
MOLDOVA, REPUBLIC OF - 0.4%
Aragvi Finance International DAC
11.13%, 11/20/2029⁽¹⁾			390	$	396

NETHERLANDS - 0.9%
Cie Maritime Monegasque Osv BV
14.00%, 3/28/2029			400		400
Unigel Netherlands Holding Corp. BV
15.00% Cash, 15.00% PIK, 12/31/2044⁽¹⁾			166		—
VEON Holdings BV
3.38%, 11/25/2027⁽¹⁾			430		394
					794
NIGERIA - 1.0%
SEPLAT Energy plc
9.13%, 3/21/2030⁽¹⁾			900		898

NORWAY - 0.3%
Panoro Energy ASA
10.25%, 12/11/2029			260		267

PARAGUAY - 0.3%
Frigorifico Concepcion SA
7.70%, 7/21/2028⁽¹⁾⁽⁴⁾			310		235

SINGAPORE - 0.4%
Yinson Production Financial Services Pte. Ltd.
9.63%, 5/3/2029⁽¹⁾			350		366

TURKEY - 2.0%
ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve I
7.54%, 10/31/2027⁽¹⁾			970		973
Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S
9.50%, 7/10/2036⁽¹⁾			948		924
					1,897
UNITED ARAB EMIRATES - 0.4%
Pearl Petroleum Co. Ltd.
13.00%, 5/15/2028⁽¹⁾			373		398

UNITED KINGDOM - 1.2%
ACG Holdco 1 Ltd.
14.75%, 1/13/2029			800		830
Galileo Global Technologies Ltd.
13.75%, 3/4/2028⁽¹⁾			250		251
					1,081
UZBEKISTAN - 1.5%
Uzbek Industrial and Construction Bank ATB
21.00%, 7/24/2027⁽¹⁾	UZS		18,260,000		1,440
Total corporate bonds (Cost $16,640)					16,516

BANK LOANS - 4.0%

COTE D’IVOIRE - 1.0%
Republic of Cote d’Ivoire First Lien Term Loan
(SOFR + 3.00%), 5.65%, 7/12/2025^(5)(6)(7)	EUR		870		939

PARAGUAY - 0.6%
Frigorifico Concepcion SA First Lien Term Loan B
(SOFR + 5.50%), 9.79%, 12/8/2026^(5)(6)(7)			600		534

TANZANIA - 2.4%
Tanzania (United Republic of) First Lien Term Loan
(SOFR + 5.20%), 9.46%, 2/6/2032^(5)(6)(7)			840		827
Tanzania (United Republic of) Term Loan
(SOFR + 5.45%), 9.73%, 3/6/2031^(5)(6)(7)			1,450		1,425
					2,252

6	Artisan Partners Funds

		Principal Amount		Value
Total bank loans (Cost $3,795)				$	3,725

CONVERTIBLE BOND - 0.1%

CANADA - 0.1%
Lithium Argentina AG
1.75%, 1/15/2027 (Cost $143)			177		146

		Shares Held
COMMON STOCK - 0.0%

NETHERLANDS - 0.0%
Stichting Administratiekantoor Unigel Creditors, ADR (Cost $–)^(5)(6)*			1		—

		Principal Amount
SHORT-TERM INVESTMENTS - 28.1%

SOVEREIGN GOVERNMENT TREASURY BILLS - 14.2%
Albanian Treasury Bill
2.77%, 3/26/2026⁽⁸⁾	ALL		51,200		544
Arab Republic of Egypt
13.98%, 4/22/2025⁽⁸⁾	EGP		6,400		125
17.43%, 4/29/2025⁽⁸⁾	EGP		2,700		53
22.56%, 5/27/2025⁽⁸⁾	EGP		88,325		1,687
23.10%, 6/3/2025⁽⁸⁾	EGP		19,500		371
23.52%, 6/10/2025⁽⁸⁾	EGP		13,500		255
23.85%, 6/17/2025⁽⁸⁾	EGP		37,950		714
24.11%, 6/24/2025⁽⁸⁾	EGP		57,175		1,071
24.59%, 7/8/2025⁽⁸⁾	EGP		7,525		139
24.70%, 7/15/2025⁽⁸⁾	EGP		13,500		249
24.04%, 8/5/2025⁽⁸⁾	EGP		54,500		995
Banco Central del Uruguay
9.17%, 5/21/2025⁽⁸⁾	UYU		11,789		276
9.23%, 5/28/2025⁽⁸⁾	UYU		48,695		1,139
9.35%, 6/20/2025⁽⁸⁾	UYU		1,000		23
Nigeria OMO Bill
22.44%, 5/20/2025⁽⁸⁾	NGN		955,598		604
23.85%, 6/17/2025⁽⁸⁾	NGN		242,000		150
24.99%, 9/30/2025⁽⁸⁾	NGN		1,307,598		757
25.01%, 10/7/2025⁽⁸⁾	NGN		890,500		513
25.01%, 12/2/2025⁽⁸⁾	NGN		1,548,390		863
19.74%, 12/9/2025⁽⁸⁾	NGN		1,990,000		1,140
24.97%, 1/6/2026⁽⁸⁾	NGN		525,660		287
24.47%, 2/10/2026⁽⁸⁾	NGN		193,000		104
24.13%, 2/23/2026⁽⁸⁾	NGN		425,000		229
24.87%, 2/24/2026⁽⁸⁾	NGN		1,143,897		609
24.18%, 2/25/2026⁽⁸⁾	NGN		425,000		229
Republic of Albania
0.24%, 4/17/2025⁽⁸⁾	ALL		7,500		82
0.07%, 5/1/2025⁽⁸⁾	ALL		16,800		184
Total sovereign government treasury bills (Cost $13,304)					13,392

U.S. TREASURY OBLIGATIONS - 13.5%
U.S. Treasury Bills
4.30%, 4/1/2025 ⁽⁸⁾			4,200		4,200
3.97%, 4/15/2025 ⁽⁸⁾			3,150		3,145
4.07%, 4/22/2025 ⁽⁸⁾			1,700		1,696

	Principal Amount		Value
U.S. Treasury Bills (continued)
4.10%, 4/29/2025 ⁽⁸⁾		3,700	$	3,688

Total U.S. treasury obligations (Cost $12,729)				12,729

	Shares Held
INVESTMENT COMPANY - 0.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁹⁾(Cost $355)		355		355
Total short-term investments (Cost $26,388)				26,476
Total investments - 99.2% (Cost $92,871)				93,307
REVERSE REPURCHASE AGREEMENT - (0.2)% (Proceeds $(163))				(163	)
Other assets less liabilities - 1.0%				913
Total net assets - 100.0%^#			$	94,057

⁽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 March 31, 2025, the value of these securities was $46,770 or 49.7% 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 March 31, 2025.
⁽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⁾	All or a position of the security has been pledge as collateral in connection with outstanding reverse repurchase agreements.
⁽⁵⁾	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
⁽⁶⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,725, or 4.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
⁽⁷⁾	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 March 31, 2025.
⁽⁸⁾	Yield to maturity.
⁽⁹⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	529		0.6	%
Consumer Staples		1,165		1.2
Energy		6,693		7.2
Financials		8,140		8.7
Industrials		1,897		2.0
Materials		1,104		1.2
Sovereign Government Securities		46,444		49.8
Utilities		859		0.9
Short-Term Investments		26,476		28.4
Total investments	$	93,307		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL^**	44,780	USD	7,698	CGM	4/2/2025	$	149
CZK	3,800	EUR	151	SCB	4/2/2025		1
RON	7,225	EUR	1,448	SCB	4/2/2025		4
USD	407	UZS^**	5,260,000	ICBCSB	4/2/2025		1
UZS^**	5,260,000	USD	397	ICBCSB	4/2/2025		9
EGP^**	19,350	USD	383	SG	4/3/2025		—	^{^}
INR^**	84,899	USD	981	CGM	4/3/2025		12
MYR^**	3,150	USD	709	GS	4/3/2025		1
USD	714	MYR^**	3,150	GS	4/3/2025		4
KZT^**	140,000	USD	260	JPM	4/9/2025		18

Artisan Partners Funds

FOREIGN CURRENCY FORWARD CONTRACTS (continued)

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
TJS^**	4,710	USD	426	ICBCSB	4/11/2025	$	6
KZT^**	116,000	USD	214	DB	4/15/2025		15
KZT^**	227,700	USD	426	SG	4/15/2025		25
USD	164	MXN	3,300	JPM	4/21/2025		3
UZS^**	24,250,000	USD	1,829	ICBCSB	4/21/2025		37
KZT^**	1,412,390	USD	2,630	DB	4/22/2025		157
TRY	15,742	USD	398	SCB	4/25/2025		4
USD	5,920	PEN^**	21,612	CGM	4/25/2025		41
USD	1,142	ZAR	20,838	JPM	4/25/2025		7
USD	763	IDR^**	12,604,743	CGM	4/30/2025		8
USD	220	IDR^**	3,581,257	SCB	4/30/2025		5
USD	379	IDR^**	6,185,596	TDB	4/30/2025		8
BRL^**	32,680	USD	5,641	CGM	5/5/2025		51
BRL^**	758	USD	131	SCB	5/5/2025		—	^{^}
CZK	3,800	EUR	152	SCB	5/5/2025		—	^{^}
EGP^**	25,424	USD	485	ICBCSB	5/5/2025		9
PLN	12,490	EUR	2,973	SCB	5/5/2025		1
RON	6,375	EUR	1,277	SCB	5/5/2025		—	^{^}
KZT^**	130,946	USD	255	SG	5/20/2025		1
UZS^**	2,800,000	USD	209	CITI	5/20/2025		5
MYR^**	645	USD	146	MSCS	5/21/2025		—	^{^}
USD	146	MYR^**	645	MSCS	5/21/2025		1
INR^**	3,993	USD	46	CGM	5/27/2025		—	^{^}
USD	10,349	EUR	9,429	SCB	6/18/2025		109
EGP^**	16,000	USD	299	SG	7/7/2025		4
EGP^**	6,876	USD	126	ICBCSB	8/5/2025		3
GTQ^**	5,650	USD	714	CITI	9/3/2025		16
UZS^**	6,600,000	USD	457	JPM	1/7/2026		14
Total unrealized appreciation							729
EUR	152	CZK	3,800	SCB	4/2/2025		(—	)^{^}
EUR	3,507	PLN	14,700	SCB	4/2/2025		(3	)
EUR	1,451	RON	7,225	SCB	4/2/2025		(—	)^{^}
PLN	14,700	EUR	3,529	SCB	4/2/2025		(21	)
USD	2,063	BRL^**	12,100	CGM	4/2/2025		(57	)
PEN^**	7,592	USD	2,081	CGM	4/3/2025		(15	)
USD	365	EGP^**	19,350	SCB	4/3/2025		(18	)
USD	970	INR^**	84,899	CGM	4/3/2025		(24	)
USD	2,065	PEN^**	7,592	TDB	4/3/2025		(2	)
TRY	80,587	USD	2,143	SCB	4/14/2025		(55	)
USD	180	TRY	7,100	SCB	4/14/2025		(3	)
KZT^**	31,030	USD	62	DB	4/18/2025		(—	)^{^}
MXN	82	USD	4	JPM	4/21/2025		(—	)^{^}
UZS^**	5,260,000	USD	405	ICBCSB	4/28/2025		(1	)
IDR^**	3,985,000	USD	242	CGM	4/30/2025		(3	)
TRY	53,300	USD	1,379	SCB	4/30/2025		(28	)
USD	377	EGP^**	19,350	SG	4/30/2025		(—	)^{^}
KZT^**	141,513	USD	279	ICBCSB	5/14/2025		(1	)
KZT^**	32,004	USD	63	DB	5/19/2025		(—	)^{^}
KZT^**	29,150	USD	57	ICBCSB	5/19/2025		(—	)^{^}
KZT^**	141,513	USD	277	MSCS	5/19/2025		(—	)^{^}
EUR	134	USD	147	SCB	6/18/2025		(2	)
USD	239	EUR	221	SCB	6/18/2025		(1	)
USD	1,640	NGN^**	2,640,000	JPM	6/23/2025		(25	)
TRY	40,794	USD	986	SCB	7/8/2025		(30	)
TRY	26,970	USD	639	SCB	9/10/2025		(46	)
TRY	38,394	USD	862	SCB	10/9/2025		(42	)
TRY	9,950	USD	206	SCB	12/18/2025		(6	)
Total unrealized depreciation							(383	)
Net unrealized appreciation						$	346

Non-deliverable.

8	Artisan Partners Funds

FUTURES CONTRACTS

Values in thousands

Description	No. of Contracts		Expiration Date	Trading Currency	Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
Short Positions Contracts
Euro-Bobl	(14	)	6/6/2025	EUR	$	(1,400	)	$	(1,783	)	$	15
Euro-Bund	(28	)	6/6/2025	EUR		(2,800	)		(3,901	)		74
Euro-Buxl	(3	)	6/6/2025	EUR		(300	)		(387	)		(5	)
Euro-Schatz	(7	)	6/6/2025	EUR		(700	)		(810	)		1
U.S. Treasury 2 Year Note	(50	)	6/30/2025	USD		(10,000	)		(10,359	)		(62	)
U.S. Treasury 5 Year Note	(85	)	6/30/2025	USD		(8,500	)		(9,193	)		(114	)
U.S. Treasury 10 Year Note	(66	)	6/18/2025	USD		(6,600	)		(7,340	)		(127	)
Net unrealized depreciation											$	(218	)

The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day’s variation margin associated with these contracts.

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	12/20/2034	281	1,040	(139)	3	(136)
Republic of Colombia	1.00	Quarterly	6/20/2034	330	720	(91)	(22)	(113)
Republic of Colombia	1.00	Quarterly	12/20/2034	337	310	(45)	(7)	(52)
Total sell protection						(275)	(26)	(301)

***

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 March 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $2,070.

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

($)

4 week TIIE monthly

10.53 monthly

Pay

12/29/2025

MXN 283,100

—

194

4 week TIIE monthly

9.52 monthly

Pay

12/17/2025

MXN 33,900

—

4 week TIIE monthly

9.47 monthly

Pay

12/10/2025

MXN 50,600

—

6 month PRIBOR semi-annually

3.82 annually

Pay

4/5/2034

CZK 79,500

(51)

139

3 month JIBAR quarterly

8.86 quarterly

Pay

2/13/2035

ZAR 25,400

—

6 month PRIBOR semi-annually

3.95 annually

Pay

12/1/2030

CZK 31,850

3 month JIBAR quarterly

9.80 quarterly

Pay

4/3/2034

ZAR 25,300

111

1 day MIBOR semi-annually

6.06 semi-annually

Pay

2/24/2027

INR 171,000

—

1 day MIBOR semi-annually

6.07 semi-annually

Pay

2/3/2030

INR 35,360

—

1 day MIBOR semi-annually

6.04 semi-annually

Pay

2/4/2030

INR 152,072

—

1 day MIBOR semi-annually

6.06 semi-annually

Pay

8/9/2029

INR 235,000

—

1 day MIBOR semi-annually

6.19 semi-annually

Pay

5/26/2033

INR 81,000

(7)

Total positive value

490

500

6 month PRIBOR semi-annually

3.36 annually

Pay

8/9/2034

CZK 18,000

—

(12)

6 month PRIBOR semi-annually

3.54 annually

Pay

10/14/2034

CZK 48,250

(10)

(32)

(42)

6 month PRIBOR semi-annually

3.74 annually

Pay

2/14/2035

CZK 29,100

—

(3)

1 day CDI at termination

14.45 at termination

Pay

1/4/2027

BRL 49,290

(61)

(58)

1 day TIIEOIS monthly

8.96 monthly

Receive

12/10/2025

MXN 47,000

(1)

(8)

(9)

1 day TIIEOIS monthly

8.96 monthly

Receive

12/17/2025

MXN 32,200

(1)

(6)

(7)

1 day TIIEOIS monthly

8.96 monthly

Receive

12/29/2025

MXN 268,000

(12)

(54)

(66)

Total negative value

(21)

(176)

(197)

Total

(11)

314

303

The Fund has recorded an asset of $12 as of March 31, 2025, related to the current day’s variation margin associated with all centrally cleared swap contracts.

Artisan Partners Funds

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

(3.50)%

9/23/2024

Open*

(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 2-3.

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

10	Artisan Partners Funds

ARTISAN FLOATING RATE FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Principal amount, shares and dollar values in thousands

	Principal Amount		Value
BANK LOANS - 87.9%

AUTOMOBILE COMPONENTS - 1.9%
RealTruck Group, Inc. First Lien Term Loan
(SOFR + 5.00%), 9.44%, 1/31/2028⁽¹⁾		714	$	698
Wheel Pros, Inc. First Lien Term Loan
(SOFR + 6.00%), 10.30%, 12/3/2029⁽¹⁾		885		887
				1,585
BROADLINE RETAIL - 1.1%
CNT Holdings I Corp. First Lien Term Loan
(SOFR + 2.50%), 6.80%, 11/8/2032⁽¹⁾		988		980

BUILDING PRODUCTS - 1.0%
Eco Material Technologies, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.47%, 2/12/2032⁽¹⁾		858		854

CAPITAL MARKETS - 4.9%
CPI Holdco B LLC First Lien Term Loan
(SOFR + 2.25%), 6.57%, 5/19/2031⁽¹⁾		429		425
Edelman Financial Engines Center LLC (The) First Lien Term Loan
(SOFR + 3.00%), 7.32%, 4/7/2028⁽¹⁾		1,336		1,331
Edelman Financial Engines Center LLC (The) Second Lien Term Loan
(SOFR + 5.25%), 9.57%, 10/20/2028⁽¹⁾		1,250		1,248
Jump Financial LLC First Lien Term Loan B
(SOFR + 4.25%), 8.55%, 2/26/2032⁽¹⁾		294		296
PEX Holdings LLC First Lien Term Loan
(SOFR + 2.75%), 7.05%, 11/26/2031⁽¹⁾		750		744
Summit Acquisition, Inc. First Lien Term Loan
(SOFR + 3.75%), 8.07%, 10/16/2031⁽¹⁾		147		147
				4,191
CHEMICALS - 1.7%
Bakelite US Holdco, Inc. First Lien Term Loan
(SOFR + 3.75%), 8.05%, 12/23/2031⁽¹⁾		1,475		1,456

COMMERCIAL SERVICES - 0.7%
Digital Room Holdings, Inc. First Lien Term Loan
(SOFR + 5.25%), 9.67%, 12/21/2028⁽¹⁾		563		557

COMMERCIAL SERVICES & SUPPLIES - 1.4%
OMNIA Partners LLC First Lien Term Loan B
(SOFR + 2.75%), 7.05%, 7/25/2030⁽¹⁾		472		469
Ryan LLC First Lien Term Loan
(SOFR + 3.50%), 7.82%, 11/14/2030⁽¹⁾		733		730
				1,199
COMMUNICATIONS EQUIPMENT - 4.2%
Delta Topco, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.21%, 11/30/2029⁽¹⁾		2,369		2,340
Delta Topco, Inc. Second Lien Term Loan
(SOFR + 5.25%), 9.57%, 12/24/2030⁽¹⁾		1,199		1,196
				3,536
CONSTRUCTION & ENGINEERING - 0.5%
Construction Partners, Inc. First Lien Term Loan
(SOFR + 2.50%), 6.83%, 11/3/2031⁽¹⁾		466		463

CONTAINERS & PACKAGING - 2.7%
Iris Holdings, Inc. First Lien Term Loan
(SOFR + 4.75%), 9.14%, 6/28/2028⁽¹⁾		1,346		1,269
Ring Container Technologies Group LLC First Lien Term Loan
(SOFR + 2.75%), 7.07%, 8/14/2028⁽¹⁾		993		991
				2,260

	Principal Amount		Value
DISTRIBUTORS - 0.6%
Core & Main LP First Lien Term Loan D
(SOFR + 2.00%), 6.27%, 7/27/2028⁽¹⁾		407	$	405
Verde Purchaser LLC First Lien Term Loan
(SOFR + 4.00%), 8.30%, 11/30/2030⁽¹⁾		134		133
				538
DIVERSIFIED CONSUMER SERVICES - 1.8%
KUEHG Corp. First Lien Term Loan
(SOFR + 3.25%), 7.45%, 6/12/2030⁽¹⁾		927		925
Wand NewCo 3, Inc. First Lien Term Loan
(SOFR + 2.50%), 6.82%, 1/30/2031⁽¹⁾		592		582
				1,507
FINANCIAL SERVICES - 1.0%
Blackhawk Network Holdings, Inc. First Lien Term Loan B2
(SOFR + 4.00%), 8.32%, 3/12/2029⁽¹⁾		898		893

FOOD - 0.6%
Chefs’ Warehouse, Inc. (The) First Lien Term Loan
(SOFR + 3.50%), 7.82%, 8/23/2029⁽¹⁾		473		475

FOOD PRODUCTS - 2.9%
1440 Foods Topco LLC First Lien Term Loan
(SOFR + 5.00%), 9.32%, 11/5/2031⁽¹⁾		1,336		1,278
B&G Foods, Inc. First Lien Term Loan B5
(SOFR + 3.50%), 7.82%, 10/10/2029⁽¹⁾		256		251
Fiesta Purchaser, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.57%, 2/12/2031⁽¹⁾		543		539
Hearthside Food Holding LLC First Lien Term Loan
(SOFR + 6.50%), 10.80%, 3/31/2032⁽¹⁾		380		373
				2,441
FOOD SERVICE - 2.2%
TKC Holdings, Inc. First Lien Term Loan
(SOFR + 5.00%), 9.32%, 5/15/2028⁽¹⁾		1,031		1,019
TKC Midco 1 LLC First Lien Term Loan
13.50% Cash, 13.50% PIK, 2/16/2027		881		815
				1,834
GROUND TRANSPORTATION - 0.6%
Vortex Opco LLC First Lien Term Loan
(SOFR + 6.25%), 10.55%, 4/30/2030⁽¹⁾		528		540

HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
Medline Borrower LP First Lien Term Loan
(SOFR + 2.25%), 6.57%, 10/23/2028⁽¹⁾		394		393

HEALTH CARE PROVIDERS & SERVICES - 1.9%
Mamba Purchaser, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.32%, 10/16/2028⁽¹⁾		1,236		1,233
Surgery Center Holdings, Inc. First Lien Term Loan
(SOFR + 2.75%), 7.07%, 12/19/2030⁽¹⁾		370		369
				1,602
HOTEL & RESORT REITS - 1.2%
OEG Borrower LLC First Lien Term Loan
(SOFR + 3.50%), 7.80%, 6/30/2031⁽¹⁾		995		993

HOTELS, RESTAURANTS & LEISURE - 4.9%
BCPE Grill Parent, Inc. First Lien Term Loan
(SOFR + 4.75%), 9.06%, 9/30/2030⁽¹⁾		1,740		1,599
Life Time, Inc. First Lien Term Loan
(SOFR + 2.50%), 6.80%, 10/22/2031⁽¹⁾		1,183		1,179

Artisan Partners Funds

	Principal Amount		Value
HOTELS, RESTAURANTS & LEISURE (continued)
Motion Finco SARL First Lien Term Loan B3
(SOFR + 3.50%), 7.80%, 11/13/2029⁽¹⁾⁽²⁾		1,486	$	1,425
				4,203
HOUSEHOLD DURABLES - 1.7%
TGP Holdings III LLC First Lien Term Loan
(SOFR + 3.25%), 7.67%, 6/29/2028⁽¹⁾		1,636		1,489

INSURANCE - 15.7%
Acrisure LLC First Lien Term Loan B1
(SOFR + 2.75%), 7.07%, 2/15/2027⁽¹⁾		1,645		1,637
Acrisure LLC First Lien Term Loan B6
(SOFR + 3.00%), 7.32%, 11/6/2030⁽¹⁾		1,503		1,491
AmWINS Group, Inc. First Lien Term Loan
(SOFR + 2.25%), 6.57%, 1/30/2032⁽¹⁾		499		495
Amynta Agency Borrower, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.29%, 12/29/2031⁽¹⁾		611		604
Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B
(SOFR + 2.75%), 7.03%, 2/18/2031⁽¹⁾⁽²⁾		1,546		1,525
AssuredPartners, Inc. First Lien Term Loan
(SOFR + 3.50%), 7.82%, 2/14/2031⁽¹⁾		209		209
Baldwin Insurance Group Holdings LLC (The) First Lien Term Loan B1
(SOFR + 3.00%), 7.32%, 5/27/2031⁽¹⁾		1,192		1,188
Broadstreet Partners, Inc. First Lien Term Loan B
(SOFR + 3.00%), 7.32%, 6/16/2031⁽¹⁾		1,224		1,212
Cross Financial Corp. First Lien Term Loan B3
(SOFR + 3.25%), 7.57%, 10/24/2031⁽¹⁾		993		991
Goosehead Insurance Holdings LLC First Lien Term Loan
(SOFR + 3.50%), 7.82%, 1/8/2032⁽¹⁾		342		343
HUB International Ltd. First Lien Term Loan
(SOFR + 2.50%), 6.79%, 6/20/2030⁽¹⁾		224		223
IMA Financial Group, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.32%, 11/1/2028⁽¹⁾		1,177		1,169
Jones DesLauriers Insurance Management, Inc. First Lien Term Loan B
(SOFR + 2.75%), 7.07%, 3/15/2030⁽¹⁾⁽²⁾		993		979
OneDigital Borrower LLC First Lien Term Loan
(SOFR + 3.00%), 7.32%, 7/2/2031⁽¹⁾		923		916
Truist Insurance Holdings LLC Second Lien Term Loan
(SOFR + 4.75%), 9.05%, 5/6/2032⁽¹⁾		357		359
				13,341
INTERACTIVE MEDIA & SERVICES - 1.5%
X Corp. First Lien Term Loan B1
(SOFR + 6.50%), 10.98%, 10/26/2029⁽¹⁾		568		565
X Corp. First Lien Term Loan B3
9.50%, 2/14/2030		725		743
				1,308
INVESTMENT COMPANIES - 5.0%
Nexus Buyer LLC First Lien Term Loan
(SOFR + 3.50%), 7.82%, 7/31/2031⁽¹⁾		2,377		2,361
Nexus Buyer LLC Second Lien Term Loan
(SOFR + 6.25%), 10.67%, 11/1/2029⁽¹⁾		1,910		1,898
				4,259
IT SERVICES - 2.2%
Arches Buyer, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.67%, 12/6/2027⁽¹⁾		1,876		1,834

LEISURE PRODUCTS - 5.2%
19th Holdings Golf LLC First Lien Term Loan
(SOFR + 3.25%), 7.66%, 2/7/2029⁽¹⁾		873		850
Bulldog Purchaser, Inc. First Lien Term Loan
(SOFR + 3.75%), 8.05%, 6/30/2031⁽¹⁾		150		150
GSM Holdings, Inc. First Lien Term Loan
(SOFR + 5.00%), 9.30%, 9/29/2031⁽¹⁾		2,598		2,429

	Principal Amount		Value
LEISURE PRODUCTS (continued)
MajorDrive Holdings IV LLC First Lien Term Loan
(SOFR + 4.00%), 8.59%, 6/1/2028⁽¹⁾		204	$	185
Peloton Interactive, Inc. First Lien Term Loan
(SOFR + 5.50%), 9.81%, 5/30/2029⁽¹⁾		802		808
				4,422
MACHINERY - 0.6%
Madison Safety & Flow LLC Term Loan First Lien
(SOFR + 2.75%), 7.07%, 9/26/2031⁽¹⁾		498		496

MEDIA - 1.1%
Virgin Media Bristol LLC First Lien Term Loan
(SOFR + 2.50%), 6.93%, 1/31/2028⁽¹⁾		1,000		972

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9%
Forest City Enterprises LP First Lien Term Loan
(SOFR + 3.50%), 7.94%, 12/8/2025⁽¹⁾		1,619		1,576

PASSENGER AIRLINES - 1.5%
Vista Management Holding, Inc. First Lien Term Loan B
(SOFR + 4.00%), 8.13%, 3/26/2031⁽¹⁾		1,284		1,274

PROFESSIONAL SERVICES - 1.0%
VT Topco, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.30%, 8/9/2030⁽¹⁾		840		839

SOFTWARE - 6.4%
Applied Systems, Inc. First Lien Term Loan B
(SOFR + 2.75%), 7.08%, 2/24/2031⁽¹⁾		1,334		1,333
Applied Systems, Inc. Second Lien Term Loan
(SOFR + 4.50%), 8.83%, 2/23/2032⁽¹⁾		471		481
Constant Contact, Inc. First Lien Term Loan
(SOFR + 4.00%), 8.56%, 2/10/2028⁽¹⁾		143		133
Ellucian Holdings, Inc. Second Lien Term Loan
(SOFR + 4.75%), 9.07%, 11/15/2032⁽¹⁾		113		114
Orchid Merger Sub II LLC First Lien Term Loan
(SOFR + 4.75%), 9.21%, 7/27/2027⁽¹⁾		711		422
Renaissance Holdings Corp. First Lien Term Loan
(SOFR + 4.00%), 8.32%, 4/5/2030⁽¹⁾		958		939
Rithum Holdings, Inc. Second Lien Term Loan
(SOFR + 7.00%), 11.46%, 12/29/2028⁽¹⁾		60		55
UKG, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.30%, 2/10/2031⁽¹⁾		1,985		1,980
				5,457
SPECIALTY RETAIL - 2.0%
Evergreen Acqco 1 LP First Lien Term Loan
(SOFR + 3.75%), 8.05%, 4/26/2028⁽¹⁾		707		700
Great Outdoors Group LLC First Lien Term Loan B
(SOFR + 3.25%), 7.57%, 1/23/2032⁽¹⁾		998		994
				1,694
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%
Ivanti Software, Inc. First Lien Term Loan
(SOFR + 4.00%), 8.55%, 12/1/2027⁽¹⁾		868		612
Ivanti Software, Inc. First Lien Term Loan B1
(SOFR + 4.25%), 8.82%, 12/1/2027⁽¹⁾		43		31
				643
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
Champ Acquisition Corp. First Lien Term Loan
(SOFR + 4.50%), 8.80%, 11/7/2031⁽¹⁾		378		379

TRADING COMPANIES & DISTRIBUTORS - 0.0%^{^}
Foundation Building Materials, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.80%, 1/31/2028⁽¹⁾		14		13

TRANSPORTATION - 0.7%
SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan
(SOFR + 8.00%), 12.30%, 8/20/2029⁽¹⁾		57		56

12	Artisan Partners Funds

	Principal Amount			Value
TRANSPORTATION (continued)
SIRVA Worldwide, Inc. First Lien Term Loan
(SOFR + 8.00%), 12.30%, 8/20/2029⁽¹⁾		255		$	250
12.32% Cash, 5.00% PIK, 8/20/2029		832			329
					635
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
CCI Buyer, Inc. First Lien Term Loan
(SOFR + 4.00%), 8.33%, 12/17/2027⁽¹⁾		1,650			1,649

Total bank loans (Cost $76,325)					74,780

CORPORATE BONDS - 3.9%

BANKS - 0.7%
Goldman Sachs Capital II
(SOFR + 1.03%), 5.35%, 5/5/2025⁽¹⁾⁽³⁾		720			623

DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
Zayo Group Holdings, Inc.
4.00%, 3/1/2027⁽⁴⁾		218			199

HOTELS, RESTAURANTS & LEISURE - 2.4%
Rivers Enterprise Borrower LLC
6.63%, 2/1/2033⁽⁴⁾		293			288
TKC Holdings, Inc.
6.88%, 5/15/2028⁽⁴⁾		371			368
10.50%, 5/15/2029⁽⁴⁾		1,355			1,350
					2,006
IT SERVICES - 0.1%
Arches Buyer, Inc.
4.25%, 6/1/2028⁽⁴⁾		110			100

TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Champ Acquisition Corp.
8.38%, 12/1/2031⁽⁴⁾		183			189
S&S Holdings LLC
8.38%, 10/1/2031⁽⁴⁾		209			197
					386

Total corporate bonds (Cost $3,377)					3,314

	Shares Held
COMMON STOCKS - 0.5%

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
MP Topco Holdings LLC^*		24			293

SOFTWARE - 0.2%
Matrix Exit Equity^*		16			156

TRANSPORTATION - 0.0%^{^}
SIRVA Worldwide, Inc.^*		2			3

Total common stocks (Cost $391)					452

PREFERRED STOCK - 0.1%

TRANSPORTATION - 0.1%
Sirva Worldwide Preferred Stock (Cost $41)^*		–	^{^}		82

	No. of Warrants^‡		Value
WARRANTS - 0.0%

FINANCIAL SERVICES - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10.00 (Cost $—)^(5)(6)(7)*		1	$	—

	Shares Held
SHORT-TERM INVESTMENT - 8.3%

INVESTMENT COMPANY - 8.3%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁸⁾(Cost $7,021)		7,021		7,021

Total investments - 100.7% (Cost $87,155)				85,649

Other assets less liabilities - (0.7%)				(568	)
Total net assets - 100.0%^#			$	85,081

⁽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 March 31, 2025.

⁽²⁾

The Fund considers the company to be from outside the United States.

Security	Country	Trading Currency
Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B, 7.03%, 2/18/2031	United Kingdom	USD
Jones DesLauriers Insurance Management, Inc. First Lien Term Loan B, 7.07%, 3/15/2030	Canada	USD
Motion Finco SARL First Lien Term Loan B3, 7.80%, 11/13/2029	Luxembourg	USD

⁽³⁾

Perpetual security. The rate reflected was the rate in effect on March 31, 2025. 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 and/or issuer.

⁽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(b) and 4 in Notes to Financial Statements for additional information.

⁽⁸⁾

Represents the current yield as of March 31, 2025.

UNFUNDED LOAN COMMITMENTS

Values in thousands

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $33 or less than 0.1% of the total net assets as of March 31, 2025, which could be drawn at the option of the borrower:

Borrower

Unfunded

Commitment

Amount

Unfunded

Value

Unrealized

Appreciation

(Depreciation)

SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan

$33

$(–)^{^}

$33

$(–)^{^}

Artisan Partners Funds

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	4,127		4.8	%
Consumer Discretionary		19,192		22.4
Consumer Staples		4,750		5.6
Financials		24,880		29.0
Health Care		1,996		2.3
Industrials		6,954		8.1
Information Technology		11,728		13.7
Materials		3,715		4.3
Real Estate		1,286		1.5
Short-Term Investment		7,021		8.3
Total investments	$	85,649		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

14	Artisan Partners Funds

ARTISAN FOCUS FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands except per share amounts

	Shares Held		Value
COMMON STOCKS - 92.6%

AEROSPACE & DEFENSE - 22.3%
Axon Enterprise, Inc.*		49	$	25,600
GE Aerospace		338		67,657
Howmet Aerospace, Inc.		309		40,104
Rolls-Royce Holdings plc⁽¹⁾⁽²⁾*		4,289		41,466
Safran SA⁽¹⁾⁽²⁾		57		15,025
TransDigm Group, Inc.		22		30,544
				220,396

BEVERAGES - 3.4%
Primo Brands Corp., Class A		959		34,026

CAPITAL MARKETS - 9.9%
CME Group, Inc.		115		30,439
KKR & Co., Inc.		86		9,911
Moody’s Corp.		33		15,280
Nasdaq, Inc.		414		31,382
S&P Global, Inc.		21		10,831
				97,843

CHEMICALS - 2.0%
Linde plc		43		19,928

COMMUNICATIONS EQUIPMENT - 3.2%
Motorola Solutions, Inc.		72		31,556

ELECTRICAL EQUIPMENT - 3.1%
Siemens Energy AG^(1)(2)*		521		30,429

FINANCIAL SERVICES - 1.0%
Apollo Global Management, Inc.		70		9,649

HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%
Intuitive Surgical, Inc.^*		78		38,759

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.0%
Vistra Corp.		82		9,682

OIL, GAS & CONSUMABLE FUELS - 8.4%
Kinder Morgan, Inc.		1,394		39,785
Williams Cos., Inc. (The)		727		43,445
				83,230


PHARMACEUTICALS - 1.5%
Eli Lilly & Co.		18		15,042

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.2%
Analog Devices, Inc.		96		19,319
NVIDIA Corp.		731		79,195
Taiwan Semiconductor Manufacturing Co. Ltd., ADR⁽¹⁾		434		72,026
				170,540

SOFTWARE - 8.9%
Microsoft Corp.		236		88,409

SPECIALIZED REITS - 6.8%
Crown Castle, Inc.		342		35,687
Equinix, Inc.		38		31,282
				66,969

Total common stocks (Cost $740,507)				916,458

	No. of Contracts^‡		Value
OPTIONS PURCHASED - 0.7%

PUT OPTIONS - 0.7%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
NVIDIA Corp.
4/17/2025 at USD 115.00; Notional Amount: USD 13,949		1,287	$	1,071
Taiwan Semiconductor Manufacturing Co. Ltd.
4/17/2025 at USD 175.00; Notional Amount: USD 18,725		1,128		1,382
				2,453

SOFTWARE - 0.4%
Microsoft Corp.
4/17/2025 at USD 390.00; Notional Amount: USD 85,063		2,266		4,022
Total Put Options				6,475
Total Options Purchased (Cost $3,021)				6,475

	Shares Held
SHORT-TERM INVESTMENT - 5.0%

INVESTMENT COMPANY - 5.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽³⁾ (Cost $49,562)		49,562		49,562

Total investments - 98.3% (Cost $793,090)				972,495

Other assets less liabilities - 1.7%				16,816

Total net assets - 100.0%^#			$	989,311

⁽¹⁾

The Fund considers the company to be from outside the United States.

Security	Country	Trading Currency
Rolls-Royce Holdings plc	United Kingdom	GBP
Safran SA	France	EUR
Siemens Energy AG	Germany	EUR
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	USD

⁽²⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $86,920, or 8.8% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

⁽³⁾

Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Consumer Staples	$	34,026		3.5	%
Energy		83,230		8.6
Financials		107,491		11.1
Health Care		53,801		5.5
Industrials		250,825		25.8
Information Technology		296,981		30.6
Materials		19,928		2.0
Real Estate		66,969		6.9
Utilities		9,682		1.0
Short-Term Investment		49,562		5.0
Total investments	$	972,495		100.0	%

Artisan Partners Funds

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	29,099	USD	30,987	JPM	4/9/2025	$	490
USD	45,637	EUR	41,753	JPM	4/9/2025		473
GBP	2,820	USD	3,627	JPM	8/22/2025		15
USD	3,959	GBP	3,051	JPM	8/22/2025		18
Total unrealized appreciation							996
EUR	13,134	USD	14,270	JPM	4/9/2025		(63	)
USD	42,456	EUR	41,017	JPM	4/9/2025		(1,912	)
GBP	1,469	USD	1,901	JPM	8/22/2025		(4	)
USD	41,226	GBP	32,660	JPM	8/22/2025		(953	)
Total unrealized depreciation							(2,932	)
Net unrealized depreciation						$	(1,936	)

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

16	Artisan Partners Funds

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.7%

CANADA - 1.1%
Colliers International Group, Inc.		20	$	2,360

DENMARK - 5.4%
Ascendis Pharma A/S, ADR^*		51		8,003
Novonesis (Novozymes) B, Class B⁽¹⁾		70		4,080
				12,083

GERMANY - 6.5%
adidas AG⁽¹⁾		19		4,487
Gerresheimer AG⁽¹⁾		33		2,478
Nemetschek SE⁽¹⁾		39		4,475
Sartorius AG (Preference)⁽¹⁾		13		3,120
				14,560

HONG KONG - 1.4%
Techtronic Industries Co. Ltd.⁽¹⁾		258		3,112

ITALY - 1.0%
Brunello Cucinelli SpA⁽¹⁾		21		2,354

LUXEMBOURG - 0.9%
CVC Capital Partners plc^(1)(2)*		100		1,977

NETHERLANDS - 5.5%
Argenx SE, ADR^*		17		10,047
Redcare Pharmacy NV^(1)(3)*		18		2,280
				12,327

SINGAPORE - 2.2%
Sea Ltd., ADR^*		37		4,812

SWEDEN - 0.9%
MIPS AB⁽¹⁾⁽³⁾		52		1,990

SWITZERLAND - 5.0%
Galderma Group AG^(1)*		38		4,021
Sandoz Group AG⁽¹⁾		69		2,913
Temenos AG⁽¹⁾		28		2,157
VAT Group AG⁽¹⁾⁽³⁾		6		2,028
				11,119

UNITED KINGDOM - 10.2%
Babcock International Group plc⁽¹⁾		816		7,621
London Stock Exchange Group plc⁽¹⁾		51		7,610
Melrose Industries plc⁽¹⁾		666		4,102
Sage Group plc (The)⁽¹⁾		226		3,536
				22,869

UNITED STATES - 53.6%
API Group Corp.^*		77		2,764
Aris Water Solutions, Inc., Class A		72		2,293
Atlassian Corp., Class A^*		12		2,475
Bright Horizons Family Solutions, Inc.^*		30		3,801
CCC Intelligent Solutions Holdings, Inc.^*		409		3,692
Chewy, Inc., Class A^*		66		2,132
Clearwater Analytics Holdings, Inc., Class A^*		85		2,285
Coherent Corp.^*		29		1,880
Elastic NV^*		21		1,859
FTAI Aviation Ltd.		33		3,667
Gitlab, Inc., Class A^*		49		2,295
GoDaddy, Inc., Class A^*		11		2,048
Guidewire Software, Inc.^*		29		5,495
Hubbell, Inc., Class B		6		1,912
HubSpot, Inc.^*		6		3,621

	Shares Held		Value
UNITED STATES (continued)
Insmed, Inc.^*		36	$	2,771
iRhythm Technologies, Inc.^*		47		4,887
JBT Marel Corp.		24		2,980
Lattice Semiconductor Corp.^*		80		4,187
Liberty Media Corp-Liberty Formula One, Class C^*		52		4,678
Live Nation Entertainment, Inc.^*		28		3,608
MACOM Technology Solutions Holdings, Inc.^*		38		3,836
Modine Manufacturing Co.^*		28		2,127
Monolithic Power Systems, Inc.		7		4,099
PROCEPT BioRobotics Corp.^*		40		2,340
Pure Storage, Inc., Class A^*		66		2,944
Saia, Inc.^*		8		2,646
Samsara, Inc., Class A^*		42		1,609
SentinelOne, Inc., Class A^*		91		1,659
ServiceTitan, Inc., Class A^*		12		1,160
SiteOne Landscape Supply, Inc.^*		24		2,936
Spotify Technology SA^*		6		3,467
Tradeweb Markets, Inc., Class A		15		2,215
Twist Bioscience Corp.^*		112		4,383
Tyler Technologies, Inc.^*		11		6,425
US Foods Holding Corp.^*		51		3,353
Veeva Systems, Inc., Class A^*		16		3,721
Veracyte, Inc.^*		72		2,135
West Pharmaceutical Services, Inc.		15		3,328
				119,713

Total common stocks
(Cost $169,249)				209,276

SHORT-TERM INVESTMENT - 5.4%
2
INVESTMENT COMPANY - 5.4%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁴⁾(Cost $12,061)		12,061		12,061

Total investments - 99.1% (Cost $181,310)				221,337

Other assets less liabilities - 0.9%				1,954

Total net assets - 100.0%^#			$	223,291

⁽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 $64,341, or 28.8% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

⁽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⁾

⁽⁴⁾

Represents the current yield as of March 31, 2025.

Artisan Partners Funds

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	16,565		7.5	%
Consumer Discretionary		16,891		7.6
Consumer Staples		5,633		2.5
Energy		2,293		1.0
Financials		11,802		5.3
Health Care		54,147		24.6
Industrials		33,768		15.3
Information Technology		61,737		27.9
Materials		4,080		1.8
Real Estate		2,360		1.1
Short-Term Investment		12,061		5.4
Total investments	$	221,337		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

18	Artisan Partners Funds

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.0%
BELGIUM - 0.3%
UCB SA⁽¹⁾	3	$	487

BRAZIL - 1.1%
MercadoLibre, Inc.*	1		1,768

CANADA - 0.2%
Enbridge, Inc.	8		363

CHILE - 0.7%
Holding Bursatil Regional SA	250		1,120

CHINA - 12.0%
Alibaba Group Holding Ltd., ADR	26		3,408
Alibaba Group Holding Ltd.⁽¹⁾	10		171
Budweiser Brewing Co. APAC Ltd.⁽¹⁾⁽²⁾	712		858
Kuaishou Technology^(1)(2)*	743		5,250
Meituan, ADR^(3)*	68		2,725
Tencent Holdings Ltd., ADR	29		1,824
Tencent Holdings Ltd.⁽¹⁾	18		1,141
Tencent Music Entertainment Group, ADR	231		3,326
			18,703
DENMARK - 1.3%
NKT A/S^(1)*	30		2,040

FRANCE - 5.4%
Accor SA⁽¹⁾	38		1,738
BNP Paribas SA⁽¹⁾	44		3,706
Cie de Saint-Gobain SA⁽¹⁾	19		1,902
Danone SA⁽¹⁾	14		1,073
			8,419
GERMANY - 4.1%
RENK Group AG^(1)*	44		2,094
TUI AG(1)*	273		1,859
Vonovia SE⁽¹⁾	87		2,356
			6,309
GREECE - 5.5%
Alpha Services and Holdings SA⁽¹⁾	2,835		6,817
Piraeus Financial Holdings SA⁽¹⁾	331		1,821
			8,638
ITALY - 6.3%
BFF Bank SpA⁽¹⁾⁽²⁾	630		5,198
Leonardo SpA⁽¹⁾	36		1,765
Mediobanca Banca di Credito Finanziario SpA⁽¹⁾	71		1,329
Wizz Air Holdings plc^(1)(2)*	82		1,579
			9,871
JAPAN - 2.3%
Mitsubishi Heavy Industries Ltd.⁽¹⁾	100		1,717
Sumitomo Mitsui Financial Group, Inc.⁽¹⁾	44		1,112
Tokyo Gas Co. Ltd.⁽¹⁾	25		804
			3,633
PORTUGAL - 0.1%
Jeronimo Martins SGPS SA⁽¹⁾	8		180

RUSSIA - 0.0%
Sberbank of Russia PJSC^(1)(4)(5)	1,137		—

SINGAPORE - 0.7%
Singapore Technologies Engineering Ltd.⁽¹⁾	201		1,010

	Shares Held		Value
SOUTH KOREA - 5.1%
Hanwha Aerospace Co. Ltd.⁽¹⁾	10	$	4,219
LIG Nex1 Co. Ltd.⁽¹⁾	22		3,652
			7,871
SPAIN - 2.3%
Aena SME SA⁽¹⁾⁽²⁾	15		3,578

SWITZERLAND - 6.1%
Medacta Group SA⁽¹⁾⁽²⁾	4		594
SGS SA⁽¹⁾	28		2,750
Straumann Holding AG⁽¹⁾	2		218
UBS Group AG⁽¹⁾	196		5,991
			9,553
UNITED ARAB EMIRATES - 1.1%
Dubai Taxi Co. PJSC⁽¹⁾	2,418		1,645

UNITED KINGDOM - 14.7%
3i Group plc⁽¹⁾	28		1,335
Babcock International Group plc⁽¹⁾	553		5,165
Flutter Entertainment plc (LSE)^(1)*	1		254
Intermediate Capital Group plc⁽¹⁾	78		1,981
National Grid plc⁽¹⁾	474		6,173
Reckitt Benckiser Group plc⁽¹⁾	35		2,336
SSE plc⁽¹⁾	115		2,366
Tesco plc⁽¹⁾	241		1,037
Verona Pharma plc, ADR*	37		2,322
			22,969
UNITED STATES - 23.7%
Aon plc, Class A	8		3,278
Arthur J Gallagher & Co.	12		3,980
Blue Owl Capital, Inc., Class A	105		2,107
Intercontinental Exchange, Inc.	19		3,274
Live Nation Entertainment, Inc.*	17		2,223
Meta Platforms, Inc., Class A	6		3,175
RTX Corp.	39		5,193
S&P Global, Inc.	7		3,551
Stryker Corp.	5		1,951
Swiss Re AG⁽¹⁾	14		2,441
Synopsys, Inc.*	4		1,533
Visa, Inc., Class A	12		4,333
			37,039
Total common stocks
(Cost $132,565)			145,196

SHORT-TERM INVESTMENT - 3.0%

INVESTMENT COMPANY - 3.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁶⁾⁽⁷⁾(Cost $4,621)	4,621		4,621

Total investments - 96.0% (Cost $137,186)			149,817

Other assets less liabilities - 4.0%			6,249

Total net assets - 100.0%#		$	156,066

⁽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 $93,742, or 60.1% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

Artisan Partners Funds

⁽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 March 31, 2025, the value of these securities was $17,057 or 10.9% of net assets.
⁽³⁾	All or a portion of security is on loan at March 31, 2025.
⁽⁴⁾	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
⁽⁵⁾	Security is restricted.

Security		Acquisition Date		Cost				Value				Percentage of Total Net Assets
Sberbank of Russia PJSC		9/16/2021 - 2/11/2022		$	4,750			$	—				0.0	%

⁽⁶⁾	Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $2,199. This was collateralized by cash of $2,292 which was subsequently invested in an investment company.
⁽⁷⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	16,939		11.3	%
Consumer Discretionary		11,923		8.0
Consumer Staples		5,484		3.7
Energy		363		0.2
Financials		53,374		35.7
Health Care		5,572		3.7
Industrials		38,309		25.6
Information Technology		1,533		1.0
Real Estate		2,356		1.6
Utilities		9,343		6.2
Short-Term Investment		4,621		3.0
Total investments	$	149,817		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

20	Artisan Partners Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.6%

BELGIUM - 1.1%
UCB SA⁽¹⁾		120	$	21,079

CANADA - 2.7%
Shopify, Inc., Class A*		559		53,398
CHINA - 5.6%
Meituan, Class B^(1)(2)*		1,432		28,953
Tencent Holdings Ltd.⁽¹⁾		1,310		83,471
				112,424
DENMARK - 0.7%
Novo Nordisk A/S, Class B⁽¹⁾		200		13,855

GERMANY - 2.7%
adidas AG⁽¹⁾		231		54,114

HONG KONG - 2.4%
Techtronic Industries Co. Ltd.⁽¹⁾		3,970		47,817
JAPAN - 1.8%
Keyence Corp.⁽¹⁾		91		35,757

NETHERLANDS - 4.2%
Argenx SE, ADR*		143		84,441

SINGAPORE - 1.6%
Sea Ltd., ADR*		252		32,934

SWITZERLAND - 3.5%
Lonza Group AG⁽¹⁾		114		69,969

TAIWAN - 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		234		38,871

UNITED KINGDOM - 15.7%
AstraZeneca plc⁽¹⁾		391		57,148
BAE Systems plc⁽¹⁾		2,924		59,167
London Stock Exchange Group plc⁽¹⁾		574		85,158
RELX plc⁽¹⁾		968		48,605
Sage Group plc (The)⁽¹⁾		1,691		26,421
Unilever plc⁽¹⁾		670		39,890
				316,389
UNITED STATES - 51.7%
Advanced Micro Devices, Inc.*		298		30,656
Amazon.com, Inc.*		313		59,474
Apple, Inc.		249		55,231
ARM Holdings plc, ADR*		239		25,488
Atlassian Corp., Class A*		107		22,693
Baker Hughes Co., Class A		1,131		49,690
Boston Scientific Corp.*		929		93,740
Carrier Global Corp.		318		20,171
CBRE Group, Inc., Class A*		283		37,017
Danaher Corp.		214		43,936
Eaton Corp. plc		129		35,175
Ecolab, Inc.		75		19,083
GE Vernova, Inc.		133		40,562
Lam Research Corp.		230		16,691
Linde plc		97		45,359
Marvell Technology, Inc.		397		24,430
Netflix, Inc.*		121		112,931
NIKE, Inc., Class B		307		19,499
Oracle Corp.		368		51,382
PayPal Holdings, Inc.*		444		28,963

	Shares Held		Value
UNITED STATES (continued)
S&P Global, Inc.		67	$	33,859
Salesforce, Inc.		62		16,665
Snowflake, Inc., Class A*		262		38,290
Starbucks Corp.		105		10,306
Vertex Pharmaceuticals, Inc.*		73		35,489
West Pharmaceutical Services, Inc.		88		19,668
Williams Cos., Inc. (The)		360		21,538
Xylem, Inc.		263		31,410
				1,039,396
Total common stocks
(Cost $1,586,280)				1,920,444

SHORT-TERM INVESTMENT - 2.7%

INVESTMENT COMPANY - 2.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽³⁾(Cost $53,994)		53,994		53,994

Total investments - 98.3% (Cost $1,640,274)				1,974,438

Other assets less liabilities - 1.7%				34,586

Total net assets - 100.0%^#			$	2,009,024

⁽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 $671,404, or 33.4% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
⁽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 March 31, 2025, the value of these securities was $28,953 or 1.4% of net assets.
⁽³⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands
	Value		Percentage of Total Investments
Communication Services	$	229,336		11.6	%
Consumer Discretionary		172,346		8.7
Consumer Staples		39,890		2.0
Energy		71,228		3.6
Financials		147,980		7.5
Health Care		439,325		22.3
Industrials		282,907		14.3
Information Technology		435,973		22.1
Materials		64,442		3.3
Real Estate		37,017		1.9
Short-Term Investment		53,994		2.7
Total investments	$	1,974,438		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN GLOBAL UNCONSTRAINED FUND

Consolidated Schedule of Investments — March 31, 2025 (Unaudited)

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

		Principal Amount		Value
SOVEREIGN GOVERNMENT BONDS - 43.4%

ALBANIA - 1.7%
Albanian Government Bond
4.21%, 1/15/2026	ALL		23,100	$	255
5.00%, 2/24/2026	ALL		16,200		180
4.30%, 7/10/2027	ALL		14,800		167
6.00%, 2/13/2028	ALL		12,500		149
5.25%, 1/26/2029	ALL		21,500		253
5.63%, 11/8/2030	ALL		26,000		316
4.05%, 2/7/2032	ALL		133,370		1,488
Republic of Albania
5.90%, 6/9/2028⁽¹⁾	EUR		2,020		2,288
					5,096
ANGOLA - 1.2%
Avenir Issuer IV Ireland DAC
6.00%, 10/25/2027⁽¹⁾			450		425
Republic of Angola
6.93%, 2/19/2027⁽¹⁾			46		43
8.25%, 5/9/2028⁽¹⁾			2,190		2,044
8.00%, 11/26/2029⁽¹⁾			1,370		1,218
					3,730
ARGENTINA - 1.4%
Argentine Republic
0.13%, 7/9/2030	EUR		1,852		1,440
3.88%, 7/9/2035⁽²⁾	EUR		2,022		1,345
4.25%, 1/9/2038⁽²⁾	EUR		44		29
3.00%, 7/9/2041⁽²⁾	EUR		2,301		1,328
					4,142
BAHAMAS - 4.8%
Commonwealth of the Bahamas
6.00%, 11/21/2028⁽¹⁾			3,916		3,764
9.00%, 6/16/2029⁽¹⁾			1,462		1,526
6.95%, 11/20/2029⁽¹⁾			404		390
8.95%, 10/15/2032⁽¹⁾			8,517		8,826
					14,506
BENIN - 2.9%
Benin Government Bond
4.88%, 1/19/2032⁽¹⁾	EUR		1,664		1,602
4.95%, 1/22/2035⁽¹⁾	EUR		4,956		4,421
6.88%, 1/19/2052⁽¹⁾	EUR		2,948		2,566
					8,589
CAMEROON - 0.3%
Republic of Cameroon
9.50%, 11/19/2025⁽¹⁾			583		584
5.95%, 7/7/2032⁽¹⁾	EUR		511		436
					1,020
COLOMBIA - 0.8%
Republic of Colombia
8.00%, 11/14/2035			2,206		2,222
7.75%, 11/7/2036			250		243
					2,465
DOMINICAN REPUBLIC - 0.0%^
Dominican Republic Government Bond, GDN
6.50%, 11/27/2026⁽¹⁾	DOP		1,230		18

		Principal Amount		Value
EGYPT - 0.6%
Arab Republic of Egypt
6.38%, 4/11/2031⁽¹⁾	EUR		2,051	$	1,887

EL SALVADOR - 0.3%
Republic of El Salvador
0.25%, 04/17/2030 IO⁽¹⁾			40,240		954
0.25%, 04/17/2030 IO⁽³⁾			3,105		74
					1,028
GEORGIA - 0.7%
Republic of Georgia
2.75%, 4/22/2026⁽¹⁾			2,200		2,108

GHANA - 0.9%
Republic of Ghana
Zero Coupon, 7/3/2026⁽¹⁾			2,995		2,817

GUATEMALA - 0.6%
Republic of Guatemala
4.50%, 5/3/2026⁽¹⁾			1,650		1,634

ICELAND - 3.8%
Republic of Iceland
8.00%, 6/12/2025	ISK		88,686		670
6.75%, 10/15/2026	ISK		428,443		3,197
8.00%, 4/15/2027	ISK		158,000		1,203
7.00%, 9/17/2035	ISK		813,600		6,312
					11,382
INDIA - 0.9%
Asian Infrastructure Investment Bank (The)
7.00%, 3/1/2029⁽¹⁾	INR		80,000		944
International Bank for Reconstruction & Development
6.50%, 4/17/2030	INR		63,000		731
Republic of India
7.54%, 5/23/2036	INR		88,000		1,099
					2,774
INDONESIA - 1.6%
Republic of Indonesia
7.00%, 5/15/2027	IDR		2,480,000		151
6.88%, 4/15/2029	IDR		15,900,000		966
7.50%, 8/15/2032	IDR		19,200,000		1,185
8.38%, 3/15/2034	IDR		30,755,000		2,002
7.13%, 6/15/2042	IDR		6,672,000		398
					4,702
IRAQ - 3.3%
Republic of Iraq
5.80%, 1/15/2028⁽¹⁾			9,957		9,781

KENYA - 0.3%
Republic of Kenya
7.00%, 5/22/2027⁽¹⁾			800		799
9.75%, 2/16/2031⁽¹⁾			5		5
					804
NAMIBIA - 0.2%
Republic of Namibia
5.25%, 10/29/2025⁽¹⁾			500		496

NIGERIA - 2.4%
Federal Republic of Nigeria
7.63%, 11/21/2025⁽¹⁾			2,040		2,048

22	Artisan Partners Funds

		Principal Amount		Value
Federal Republic of Nigeria (continued)
6.13%, 9/28/2028⁽¹⁾			5,760	$	5,266
					7,314
PAKISTAN - 1.5%
Islamic Republic of Pakistan
6.88%, 12/5/2027⁽¹⁾			4,100		3,746
7.38%, 4/8/2031⁽¹⁾			825		705
					4,451
PAPUA NEW GUINEA - 0.5%
Papua New Guinea Government International Bond
8.38%, 10/4/2028⁽¹⁾			1,495		1,493

PARAGUAY - 0.1%
Republic of Paraguay
7.90%, 2/9/2031⁽³⁾	PYG		1,800,000		222

PERU - 4.2%
Bonos de la Tesoreria
6.95%, 8/12/2031	PEN		43,100		12,536

RWANDA - 1.4%
Republic of Rwanda
5.50%, 8/9/2031⁽¹⁾			5,090		4,136

TAJIKISTAN - 0.6%
Republic of Tajikistan
7.13%, 9/14/2027⁽¹⁾			1,919		1,899

TRINIDAD AND TOBAGO - 0.8%
Republic of Trinidad and Tobago
4.50%, 8/4/2026⁽¹⁾			2,400		2,358

TUNISIA - 0.5%
Tunisian Republic
6.38%, 7/15/2026⁽¹⁾	EUR		1,565		1,631

UKRAINE - 1.9%
Ukraine Government Bond
1.75%, 2/1/2029⁽¹⁾⁽²⁾			2,160		1,406
1.75%, 2/1/2035⁽¹⁾⁽²⁾			2,135		1,123
0.00%, 2/1/2035⁽¹⁾⁽²⁾			3,583		1,983
0.00%, 2/1/2036⁽¹⁾⁽²⁾			2,097		1,200
					5,712
UZBEKISTAN - 1.6%
Republic of Uzbekistan International Bond
5.38%, 5/29/2027⁽¹⁾	EUR		2,093		2,291
15.50%, 2/25/2028⁽¹⁾	UZS		32,500,000		2,528
					4,819
ZAMBIA - 1.6%
Republic of Zambia
5.75%, 6/30/2033⁽¹⁾⁽²⁾			5,454		4,775

Total Sovereign government bonds (Cost $129,636)					130,325

CORPORATE BONDS - 14.1%

ANGOLA - 0.2%
Azule Energy Finance plc
8.13%, 1/23/2030⁽¹⁾			584		586

ARGENTINA - 0.6%
MSU Energy SA
9.75%, 12/5/2030⁽¹⁾			1,994		1,924

BRAZIL - 2.4%
MC Brazil Downstream Trading SARL
7.25%, 6/30/2031⁽¹⁾			2,523		2,081

		Principal Amount	Value
NewCo Holding USD 20 SARL
9.38%, 11/7/2029⁽¹⁾		600	$	610
OHI Group SA
13.00%, 7/22/2029⁽¹⁾		2,260		2,331
Trident Energy Finance plc
12.50%, 11/30/2029⁽¹⁾		1,920		1,980
Unigel Luxembourg SA
13.50% Cash, 15.00% PIK, 12/31/2027⁽¹⁾		87		82
11.00% Cash, 12.00% PIK, 12/31/2028⁽¹⁾		219		91
				7,175
CAMEROON - 0.3%
Golar LNG Ltd.
7.75%, 9/19/2029⁽¹⁾		1,000		1,007

COLOMBIA - 1.0%
Canacol Energy Ltd.
5.75%, 11/24/2028⁽¹⁾		960		505
EnfraGen Energia Sur SA
5.38%, 12/30/2030⁽¹⁾		1,355		1,198
Gran Tierra Energy, Inc.
9.50%, 10/15/2029⁽¹⁾		1,480		1,311
				3,014
CZECH REPUBLIC - 0.2%
Energo-Pro A/S
8.50%, 2/4/2027⁽¹⁾		200		203
11.00%, 11/2/2028⁽¹⁾		455		486
				689
DOMINICAN REPUBLIC - 2.3%
Banco Central de la Republica Dominicana, GDN
12.00%, 10/3/2025⁽¹⁾	DOP	22,700		361
13.00%, 12/5/2025⁽¹⁾	DOP	230,800		3,686
13.00%, 1/30/2026⁽¹⁾	DOP	125,270		2,005
9.00%, 12/11/2026⁽¹⁾	DOP	56,550		870
				6,922
GUATEMALA - 0.5%
Investment Energy Resources Ltd.
6.25%, 4/26/2029⁽¹⁾		1,450		1,393

JAMAICA - 0.2%
Digicel Intermediate Holdings Ltd.
9.00% Cash, 2.25% PIK, 5/25/2027		448		448

MOLDOVA, REPUBLIC OF - 0.4%
Aragvi Finance International DAC
11.13%, 11/20/2029⁽¹⁾		1,035		1,052

NETHERLANDS - 0.7%
Cie Maritime Monegasque Osv BV
14.00%, 3/28/2029		1,000		1,000
Unigel Netherlands Holding Corp. BV
15.00% Cash, 15.00% PIK, 12/31/2044⁽¹⁾		223		—
VEON Holdings BV
3.38%, 11/25/2027⁽¹⁾		1,210		1,107
				2,107
NIGERIA - 0.8%
SEPLAT Energy plc
9.13%, 3/21/2030⁽¹⁾		2,453		2,448

NORWAY - 0.1%
Panoro Energy ASA
10.25%, 12/11/2029		212		218

PARAGUAY - 0.2%
Frigorifico Concepcion SA
7.70%, 7/21/2028⁽¹⁾⁽⁴⁾		880		667

Artisan Partners Funds

		Principal Amount	Value
PERU - 0.1%
Cia de Minas Buenaventura SAA
6.80%, 2/4/2032⁽¹⁾		272	$	276

SINGAPORE - 0.4%
Yinson Production Financial Services Pte. Ltd.
9.63%, 5/3/2029⁽¹⁾		1,150		1,204

TURKEY - 1.7%
ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve I
7.54%, 10/31/2027⁽¹⁾		2,630		2,637
Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S
9.50%, 7/10/2036⁽¹⁾		2,384		2,325
				4,962
UNITED ARAB EMIRATES - 0.2%
Pearl Petroleum Co. Ltd.
13.00%, 5/15/2028⁽¹⁾		600		640

UNITED KINGDOM - 1.1%
ACG Holdco 1 Ltd.
14.75%, 1/13/2029		2,500		2,594
Galileo Global Technologies Ltd.
13.75%, 3/4/2028⁽¹⁾		625		628
				3,222
UZBEKISTAN - 0.7%
Uzbek Industrial and Construction Bank ATB
21.00%, 7/24/2027⁽¹⁾	UZS	28,220,000		2,225

Total corporate bonds (Cost $42,363)				42,179
		Shares Held
COMMON STOCKS - 4.1%
AUSTRALIA - 0.1%
OceanaGold Corp.		110		367
Resolute Mining Ltd.^(5)*		100		29
				396
CANADA - 1.3%
Africa Oil Corp.		545		779
Allied Gold Corp.*		170		579
Asante Gold Corp.*		50		41
B2Gold Corp.		143		406
Centerra Gold, Inc.		44		281
G Mining Ventures Corp.		43		561
Galiano Gold, Inc.*		30		37
K92 Mining, Inc.*		32		274
New Gold, Inc.*		81		300
Torex Gold Resources, Inc.*		24		662
				3,920
COLOMBIA - 2.0%
Aris Mining Corp.*		1,297		6,018

GEORGIA - 0.2%
Georgia Capital plc^(5)*		14		283
Lion Finance Group plc⁽⁵⁾		2		142
TBC Bank Group plc⁽⁵⁾		3		134
				559
IVORY COAST - 0.2%
Endeavour Mining plc⁽⁵⁾		19		458

NETHERLANDS - 0.0%
Stichting Administratiekantoor Unigel Creditors, ADR^(5)(6)*		1		—

PERU - 0.0%^
Hochschild Mining plc^(5)*		20		68

		Shares Held	Value
UNITED STATES - 0.3%
Aura Minerals, Inc.		45	$	870

Total common stocks (Cost $10,155)				12,289
		Principal Amount
BANK LOANS - 2.9%

COTE D'IVOIRE - 1.3%
Republic of Cote d'Ivoire First Lien Term Loan
(SOFR + 3.00%), 5.65%, 7/12/2025^(5)(6)(7)	EUR	3,650		3,939

PARAGUAY - 0.3%
Frigorifico Concepcion SA First Lien Term Loan B
(SOFR + 5.50%), 9.79%, 12/8/2026^(5)(6)(7)		800		712

TANZANIA - 1.3%
Tanzania (United Republic of) First Lien Term Loan
(SOFR + 5.20%), 9.46%, 2/6/2032^(5)(6)(7)		2,040		2,010
Tanzania (United Republic of) Term Loan
(SOFR + 5.45%), 9.73%, 3/6/2031^(5)(6)(7)		2,000		1,965
				3,975
Total bank loans (Cost $8,638)				8,626

		Shares Held
EXCHANGE TRADED FUND - 1.1%

Equity Funds - 1.1%
VanEck Junior Gold Miners ETF (Cost $2,933)		58		3,335

CLOSED END FUND - 0.2%

BERMUDA - 0.2%
ASA Gold and Precious Metals Ltd. (Cost $473)		21		627

		Principal Amount
CONVERTIBLE BOND - 0.1%

CANADA - 0.1%
Lithium Argentina AG
1.75%, 1/15/2027 (Cost $345)		427		351

SHORT-TERM INVESTMENTS - 33.8%

SOVEREIGN GOVERNMENT TREASURY BILLS - 14.4%
Albanian Treasury Bill
2.77%, 3/26/2026⁽⁸⁾	ALL	79,600		846
Arab Republic of Egypt
17.43%, 4/29/2025⁽⁸⁾	EGP	7,500		146
19.50%, 5/6/2025⁽⁸⁾	EGP	139,750		2,712
21.85%, 5/20/2025⁽⁸⁾	EGP	169,800		3,260
22.56%, 5/27/2025⁽⁸⁾	EGP	90,425		1,727
23.10%, 6/3/2025⁽⁸⁾	EGP	66,300		1,260
23.52%, 6/10/2025⁽⁸⁾	EGP	37,550		710
23.85%, 6/17/2025⁽⁸⁾	EGP	118,100		2,222
24.11%, 6/24/2025⁽⁸⁾	EGP	214,450		4,015
24.59%, 7/8/2025⁽⁸⁾	EGP	20,900		388
24.70%, 7/15/2025⁽⁸⁾	EGP	81,650		1,507
24.04%, 8/5/2025⁽⁸⁾	EGP	108,300		1,976
Banco Central del Uruguay
9.17%, 5/21/2025⁽⁸⁾	UYU	20,265		475
9.23%, 5/28/2025⁽⁸⁾	UYU	83,707		1,957
9.30%, 6/4/2025⁽⁸⁾	UYU	14,000		327

24	Artisan Partners Funds

		Principal Amount	Value
Banco Central del Uruguay (continued)
9.35%, 6/20/2025⁽⁸⁾	UYU	5,000	$	116
Federal Republic of Nigeria
6.72%, 4/10/2025⁽⁸⁾	NGN	420,000		273
Nigeria OMO Bill
22.44%, 5/20/2025⁽⁸⁾	NGN	1,019,482		644
22.92%, 5/27/2025⁽⁸⁾	NGN	480,000		302
23.85%, 6/17/2025⁽⁸⁾	NGN	456,000		283
24.99%, 9/30/2025⁽⁸⁾	NGN	2,769,483		1,603
25.01%, 10/7/2025⁽⁸⁾	NGN	1,400,000		807
25.01%, 12/2/2025⁽⁸⁾	NGN	1,698,012		947
19.74%, 12/9/2025⁽⁸⁾	NGN	3,985,000		2,284
24.97%, 1/6/2026⁽⁸⁾	NGN	509,176		278
24.48%, 2/3/2026⁽⁸⁾	NGN	4,100,000		2,212
24.47%, 2/10/2026⁽⁸⁾	NGN	1,110,000		597
24.13%, 2/23/2026⁽⁸⁾	NGN	1,450,000		782
24.18%, 2/25/2026⁽⁸⁾	NGN	1,450,000		780
Republic of Albania
0.24%, 4/17/2025⁽⁸⁾	ALL	30,500		334
0.07%, 5/1/2025⁽⁸⁾	ALL	28,000		306
3.55%, 2/26/2026⁽⁸⁾	ALL	138,200		1,462
Republic of Iceland
7.11%, 4/16/2025⁽⁸⁾	ISK	125,000		943
7.74%, 5/21/2025⁽⁸⁾	ISK	528,000		3,952
7.39%, 8/20/2025⁽⁸⁾	ISK	30,000		221
7.86%, 9/17/2025⁽⁸⁾	ISK	72,000		525

Total sovereign government treasury bills (Cost $42,912)				43,179

U.S. TREASURY OBLIGATIONS - 13.8%
U.S. Treasury Bills
4.30%, 4/1/2025 ⁽⁸⁾		8,500		8,500
3.72%, 4/8/2025 ⁽⁸⁾		6,430		6,425
3.97%, 4/15/2025 ⁽⁸⁾		8,620		8,606
4.07%, 4/22/2025 ⁽⁸⁾		6,900		6,883
4.10%, 4/29/2025 ⁽⁸⁾		11,100		11,063
Total U.S. treasury obligations (Cost $41,477)				41,477

REPURCHASE AGREEMENTS - 4.6%

JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 2.50% payable to the Fund, collateralized by Par USD 1,335 Republic of Senegal, 6.25% due 5/23/2033 and a market value of $999⁽⁹⁾		1,285		1,284
JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 3.60% payable to the Fund, collateralized by Par USD 250 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $257⁽⁹⁾		263		263
JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 3.70% payable to the Fund, collateralized by Par USD 500 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $513⁽⁹⁾		525		525
JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 3.80% payable to the Fund, collateralized by Par USD 950 Republic of Paraguay, 2.74% due 1/29/2033 and a market value of $788⁽⁹⁾		778		778
JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 4.10% payable to the Fund, collateralized by Par USD 865 Dominican Republic Government Bond, 4.88% due 9/23/2032 and a market value of $787⁽⁹⁾		797		797
JPMorgan Chase Bank, N.A., Dated 2/12/25, with an interest rate of 4.00% payable to the Fund, collateralized by Par USD 500 Republic of Ecuador, Zero Coupon due 7/31/2030 and a market value of $241⁽⁹⁾		291		291

	Principal Amount		Value
Morgan Stanley & Co International plc, Dated 1/27/25, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 2,000 Romania Government Bond, 4.00% due 2/14/2051 and a market value of $1,229⁽⁹⁾	1,339		$	1,339
Morgan Stanley & Co International plc, Dated 1/9/25, with an interest rate of 3.85% payable to the Fund, collateralized by Par USD 1,090 Hudbay Minerals, Inc., 6.13% due 4/1/2029 and a market value of $1,086⁽⁹⁾	1,159			1,159
Morgan Stanley & Co International plc, Dated 10/8/24, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 500 Republic of Paraguay, 2.74% due 1/29/2033 and a market value of $415⁽⁹⁾	446			446
Morgan Stanley & Co International plc, Dated 10/8/24, with an interest rate of 4.10% payable to the Fund, collateralized by Par USD 400 Dominican Republic Government Bond, 4.88% due 9/23/2032 and a market value of $364⁽⁹⁾	397			397
Morgan Stanley & Co International plc, Dated 10/8/24, with an interest rate of 4.10% payable to the Fund, collateralized by Par USD 400 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $411⁽⁹⁾	447			447
Morgan Stanley & Co International plc, Dated 11/20/24, with an interest rate of 4.20% payable to the Fund, collateralized by Par USD 1,200 Republic of Ecuador, Zero Coupon due 7/31/2030 and a market value of $579⁽⁹⁾	668			668
Morgan Stanley & Co International plc, Dated 12/10/24, with an interest rate of 3.75% payable to the Fund, collateralized by Par USD 1,300 HTA Group Ltd., 7.50% due 6/4/2029 and a market value of $1,321⁽⁹⁾	1,392			1,392
Morgan Stanley & Co International plc, Dated 2/13/25, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 600 Romania Government Bond, 4.00% due 2/14/2051 and a market value of $369⁽⁹⁾	397			397
Morgan Stanley & Co International plc, Dated 2/18/25, with an interest rate of 3.75% payable to the Fund, collateralized by Par USD 800 HTA Group Ltd., 7.50% due 6/4/2029 and a market value of $813⁽⁹⁾	865			865
Morgan Stanley & Co International plc, Dated 3/12/25, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 600 Romania Government Bond, 4.00% due 2/14/2051 and a market value of $369⁽⁹⁾	398			398
Morgan Stanley & Co International plc, Dated 3/4/25, with an interest rate of 3.65% payable to the Fund, collateralized by Par USD 1,720 Republic of El Salvador, 7.65% due 6/15/2035 and a market value of $1,596⁽⁹⁾	1,751			1,751
Morgan Stanley & Co International plc, Dated 3/4/25, with an interest rate of 3.85% payable to the Fund, collateralized by Par USD 600 Hudbay Minerals, Inc., 6.13% due 4/1/2029 and a market value of $598⁽⁹⁾	643			643
Total Repurchase Agreements (Cost $13,840)				13,840

	Shares Held
INVESTMENT COMPANY - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%(10) (Cost $3,116)	3,116			3,116

Total short-term investments (Cost $101,345)				101,612
Total investments - 99.7% (Cost $295,888)				299,344

SECURITIES SOLD SHORT - (6.8)%

COMMON STOCK - (0.5)%

UNITED KINGDOM - (0.5)%
Ashmore Group plc (Proceeds $(1,905))⁽⁵⁾	(881	)		(1,697	)

Artisan Partners Funds

	Principal Amount			Value
CORPORATE BONDS - (1.3)%

CANADA - (0.6)%
Hudbay Minerals, Inc.
6.13%, 4/1/2029⁽³⁾		(1,690	)	$	(1,684	)

TANZANIA - (0.7)%
HTA Group Ltd.
7.50%, 6/4/2029⁽¹⁾		(2,100	)		(2,134	)

Total corporate bonds (Proceeds $(3,811))					(3,818	)
		Shares Held
EXCHANGE TRADED FUND - (2.0)%

Equity Funds - (2.0)%
VanEck Gold Miners ETF (Proceeds $(5,099))		(133	)		(6,110	)

		Principal Amount
SOVEREIGN GOVERNMENT BONDS - (3.0)%

COSTA RICA - (0.4)%
Republic of Costa Rica
6.55%, 4/3/2034⁽¹⁾		(1,150	)		(1,181	)

DOMINICAN REPUBLIC - (0.4)%
Dominican Republic Government Bond
4.88%, 9/23/2032⁽¹⁾		(1,265	)		(1,151	)

ECUADOR - (0.3)%
Republic of Ecuador
Zero Coupon, 7/31/2030⁽¹⁾		(1,700	)		(820	)

EL SALVADOR - (0.5)%
Republic of El Salvador
7.65%, 6/15/2035⁽¹⁾		(1,720	)		(1,596	)

PARAGUAY - (0.4)%
Republic of Paraguay
2.74%, 1/29/2033⁽¹⁾		(1,450	)		(1,203	)

ROMANIA - (0.7)%
Romania Government Bond
4.00%, 2/14/2051⁽¹⁾		(3,200	)		(1,967	)

SENEGAL - (0.3)%
Republic of Senegal
6.25%, 5/23/2033⁽¹⁾		(1,335	)		(999	)
Total Sovereign government bonds (Proceeds $(9,259))					(8,917	)

Total securities sold short (Proceeds $(20,074))					(20,542	)

Total investments after securities sold short - 92.9% (Cost $275,814)					278,802

REVERSE REPURCHASE AGREEMENT - (0.1)% (Proceeds $(200))					(200	)

Other assets less liabilities - 7.2%					21,623

Total net assets - 100.0%#				$	300,225

⁽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 March 31, 2025, the value of these securities was $117,032 or 39.0% 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 March 31, 2025.
⁽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⁾	All or a position of the security has been pledge as collateral in connection with outstanding reverse repurchase agreements.

⁽⁵⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $8,043, or 2.7% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
⁽⁶⁾	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
⁽⁷⁾	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 March 31, 2025.
⁽⁸⁾	Yield to maturity.
⁽⁹⁾	Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.
⁽¹⁰⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands

	Value			Percentage of Total Investments
Communication Services	$	1,555			0.6	%
Consumer Staples		2,431			0.9
Energy		19,252			6.9
Financials		15,923			5.7
Industrials		2,828			1.0
Investment Funds		(2,775	)		-1.0
Materials		12,661			4.5
Mutual Funds		627			0.2
Sovereign Government Securities		121,408			43.5
Utilities		3,280			1.2
Short-Term Investments		101,612			36.5
Total investments	$	278,802			100.0	%

26	Artisan Partners Funds

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL**	41,425	USD	7,121	JPM	4/2/2025	$	138
EUR	5,331	HUF	2,137,900	SCB	4/2/2025		24
HUF	2,137,900	EUR	5,304	SCB	4/2/2025		4
PLN	4,200	EUR	1,000	SCB	4/2/2025		3
USD	720	UZS**	9,300,000	ICBCSB	4/2/2025		1
UZS**	9,300,000	USD	702	ICBCSB	4/2/2025		17
COP**	11,897,359	USD	2,829	JPM	4/3/2025		15
EGP**	30,250	USD	598	SG	4/3/2025		—	^
INR**	298,504	USD	3,481	JPM	4/3/2025		11
USD	2,859	COP**	11,897,359	JPM	4/3/2025		15
USD	650	KWD	200	SCB	4/3/2025		2
USD	2,764	PEN**	10,102	JPM	4/3/2025		14
USD	969	TWD**	31,300	JPM	4/9/2025		28
TJS**	6,723	USD	608	ICBCSB	4/11/2025		9
KZT**	650,100	USD	1,220	DB	4/15/2025		66
KZT**	147,000	USD	278	SG	4/15/2025		12
KZT**	115,000	USD	224	SCB	4/15/2025		3
KZT**	225,000	USD	415	ICBCSB	4/16/2025		30
USD	4,676	KWD	1,440	SCB	4/17/2025		5
USD	685	KWD	211	SCB	4/21/2025		—	^
USD	5,149	MXN	103,489	JPM	4/21/2025		106
UZS**	55,500,000	USD	4,188	ICBCSB	4/21/2025		84
KZT**	1,483,410	USD	2,762	DB	4/22/2025		166
TRY	54,181	USD	1,369	SCB	4/25/2025		14
USD	12,897	PEN**	47,082	JPM	4/25/2025		90
USD	5,778	ZAR	105,468	JPM	4/25/2025		36
USD	747	IDR**	12,270,285	JPM	4/30/2025		12
USD	1,071	IDR**	17,449,715	SCB	4/30/2025		25
USD	2,224	IDR**	36,407,986	TDB	4/30/2025		42
BRL**	26,695	USD	4,608	JPM	5/5/2025		41
PLN	22,400	EUR	5,331	SCB	5/5/2025		2
USD	2,435	KWD	750	SCB	5/5/2025		—	^
USD	753	THB	25,320	SCB	5/13/2025		4
USD	1,301	KWD	400	JPM	5/19/2025		3
USD	7,285	KWD	2,241	SCB	5/19/2025		9
KZT**	870,030	USD	1,693	SG	5/20/2025		10
UZS**	4,300,000	USD	320	CITI	5/20/2025		7
UZS**	2,500,000	USD	188	DB	5/20/2025		3
USD	1,337	KWD	405	SCB	6/12/2025		21
UZS**	29,550,000	USD	2,235	JPM	6/12/2025		5
USD	11,981	CNH	86,180	SCB	6/18/2025		57
USD	55,280	EUR	50,366	SCB	6/18/2025		581
USD	4,191	HKD	32,500	SCB	6/20/2025		7
UZS**	12,500,000	USD	945	ICBCSB	6/20/2025		—	^
USD	1,177	KWD	359	SCB	7/8/2025		10
USD	3,054	HKD	23,700	SCB	7/10/2025		2
USD	540	THB	18,100	SCB	7/14/2025		3
GTQ**	8,550	USD	1,081	CITI	9/3/2025		24
USD	895	KWD	270	SCB	9/16/2025		15
USD	3,373	TWD**	110,045	JPM	9/22/2025		21
USD	3,329	TWD**	107,900	JPM	10/14/2025		36
USD	932	KWD	280	SCB	12/16/2025		18
USD	1,191	KWD	359	SCB	12/22/2025		19
UZS**	14,500,000	USD	1,003	JPM	1/7/2026		32
Total unrealized appreciation							1,902
BRL**	670	USD	117	JPM	4/2/2025		(—)	^
EUR	5,347	PLN	22,400	SCB	4/2/2025		(2	)
PLN	18,200	EUR	4,370	SCB	4/2/2025		(26	)
USD	2,606	BRL**	15,400	JPM	4/2/2025		(93	)
KWD	200	USD	649	SCB	4/3/2025		(—)	^
PEN**	47,082	USD	12,906	JPM	4/3/2025		(91	)
USD	570	EGP**	30,250	SCB	4/3/2025		(28	)
USD	3,451	INR**	298,504	JPM	4/3/2025		(42	)
USD	10,058	PEN**	36,979	TDB	4/3/2025		(8	)
TRY	511,442	USD	13,602	SCB	4/14/2025		(352	)
USD	2,745	TRY	108,000	SCB	4/14/2025		(53	)
KZT**	646,700	USD	1,287	CITI	4/15/2025		(8	)
KZT**	552,200	USD	1,116	JPM	4/15/2025		(23	)

FOREIGN CURRENCY FORWARD CONTRACTS (continued)
Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
KZT**	320,000	USD	634	SCB	4/15/2025	$	(1	)
KZT**	214,360	USD	425	DB	4/18/2025		(1	)
UZS**	9,300,000	USD	715	ICBCSB	4/28/2025		(1	)
IDR**	8,020,000	USD	486	JPM	4/30/2025		(5	)
TRY	100,664	USD	2,605	SCB	4/30/2025		(53	)
USD	589	EGP**	30,250	SG	4/30/2025		(1	)
USD	2,818	COP**	11,897,359	JPM	5/2/2025		(15	)
USD	872	GEL**	2,500	CITI	5/5/2025		(26	)
USD	2,887	GEL**	8,200	ICBCSB	5/5/2025		(61	)
EUR	5,285	HUF	2,137,900	SCB	5/6/2025		(3	)
USD	1,292	THB	44,400	SCB	5/13/2025		(21	)
KZT**	977,666	USD	1,925	ICBCSB	5/14/2025		(8	)
USD	1,963	GEL**	5,600	ICBCSB	5/14/2025		(48	)
KZT**	212,641	USD	419	DB	5/19/2025		(3	)
KZT**	977,666	USD	1,917	MSCS	5/19/2025		(3	)
USD	159	EGP**	8,400	SG	5/20/2025		(3	)
INR**	48,600	USD	573	JPM	5/27/2025		(6	)
USD	3,465	INR**	298,504	JPM	5/27/2025		(12	)
USD	1,466	GEL**	4,150	CITI	6/5/2025		(18	)
EUR	256	USD	282	SCB	6/18/2025		(3	)
USD	2,793	EUR	2,583	SCB	6/18/2025		(11	)
USD	2,795	NGN**	4,500,000	JPM	6/23/2025		(42	)
TRY	61,894	USD	1,495	SCB	7/8/2025		(45	)
USD	1,095	HKD	8,500	SCB	7/10/2025		(—)	^
USD	878	GEL**	2,600	CITI	7/14/2025		(47	)
USD	314	THB	10,800	SCB	7/14/2025		(7	)
TRY	68,300	USD	1,617	SCB	9/10/2025		(117	)
USD	629	GEL**	1,800	ICBCSB	9/29/2025		(4	)
TRY	58,253	USD	1,308	SCB	10/9/2025		(64	)
TRY	28,000	USD	579	SCB	12/18/2025		(17	)
USD	4,154	CNH	30,000	SCB	1/12/2026		(52	)
USD	7,202	CNH	51,850	SCB	1/20/2026		(69	)
Total unrealized depreciation							(1,493	)
Net unrealized appreciation						$	409

Non-deliverable.

FUTURES CONTRACTS
Values in thousands

Description	No. of Contracts			Expiration Date	Trading Currency	Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
Long Positions Contracts
U.S. Treasury Ultra Bond		13		6/18/2025	USD	$	1,300		$	1,589		$	28
													28
Short Positions Contracts
Euro-Bobl		(65	)	6/6/2025	EUR		(6,500	)		(8,279	)		68
Euro-BTP		(11	)	6/6/2025	EUR		(1,100	)		(1,398	)		23
Euro-Bund		(143	)	6/6/2025	EUR		(14,300	)		(19,920	)		215
Euro-Buxl		(8	)	6/6/2025	EUR		(800	)		(1,032	)		2
Euro-Schatz		(50	)	6/6/2025	EUR		(5,000	)		(5,783	)		6
S&P 500 E-Mini Index		(16	)	6/20/2025	USD		(1	)		(4,523	)		(59	)
U.S. Treasury 2 Year Note		(61	)	6/30/2025	USD		(12,200	)		(12,637	)		(57	)
U.S. Treasury 5 Year Note		(200	)	6/30/2025	USD		(20,000	)		(21,631	)		(203	)
U.S. Treasury 10 Year Note		(139	)	6/18/2025	USD		(13,900	)		(15,459	)		(238	)
													(243	)
Net unrealized depreciation												$	(215	)

The Fund has recorded a liability of $9 as of March 31, 2025, related to the current day’s variation margin related to these contracts.

Artisan Partners Funds

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)	⁽⁸⁾	(12)
Bank of China Ltd.	1.00	Quarterly	12/20/2029	780	(16)	(—)^	(16)
Export-Import Bank of China (The)	1.00	Quarterly	6/20/2029	550	(5)	(7)	(12)
Export-Import Bank of China (The)	1.00	Quarterly	12/20/2029	780	(16)	⁽¹⁾	(17)
French Republic	0.25	Quarterly	6/20/2034	12,430	301	84	385
French Republic	0.25	Quarterly	12/20/2034	5,620	179	13	192
Hungary	1.00	Quarterly	6/20/2027	965	19	(26)	(7)
Hungary	1.00	Quarterly	6/20/2028	300	6	(7)	⁽¹⁾
Hungary	1.00	Quarterly	12/20/2028	1,600	20	(21)	⁽¹⁾
Hungary	1.00	Quarterly	6/20/2029	6,550	30	(15)	15
Hungary	1.00	Quarterly	12/20/2029	1,267	8	1	9
Hungary	1.00	Quarterly	6/20/2030	1,267	18	(4)	14
Kingdom of Saudi Arabia	1.00	Quarterly	6/20/2029	6,700	(109)	4	(105)
Kingdom of Saudi Arabia	1.00	Quarterly	6/20/2032	1,070	⁽⁹⁾	2	(7)
Kingdom of Saudi Arabia	1.00	Quarterly	6/20/2033	2,220	(23)	22	⁽¹⁾
Kingdom of Saudi Arabia	1.00	Quarterly	12/20/2033	8,085	(50)	66	16
Kingdom of Saudi Arabia	1.00	Quarterly	12/20/2034	19,180	7	131	138
Kingdom of Spain	1.00	Quarterly	6/20/2032	570	⁽⁹⁾	(11)	(20)
Kingdom of Spain	1.00	Quarterly	6/20/2033	1,170	(20)	(19)	(39)
Kingdom of Spain	1.00	Quarterly	12/20/2033	915	(19)	(11)	(30)
Kingdom of Spain	1.00	Quarterly	12/20/2034	4,270	(125)	⁽⁸⁾	(133)
Malaysia	1.00	Quarterly	12/20/2027	500	(4)	(5)	⁽⁹⁾
Malaysia	1.00	Quarterly	6/20/2028	1,290	(18)	(7)	(25)
Markit CDX North American Emerging Markets Index Series 42-V1	1.00	Quarterly	12/20/2029	6,640	150	30	180
Markit CDX North American High Yield Index Series 43-V1	5.00	Quarterly	12/20/2029	5,220	(452)	165	(287)
Penerbangan Malaysia Bhd.	1.00	Quarterly	12/20/2028	650	(14)	1	(13)
Penerbangan Malaysia Bhd.	1.00	Quarterly	12/20/2029	4,415	(106)	11	(95)
Petrobras Global Finance BV	1.00	Quarterly	12/20/2027	390	17	(16)	1
Republic of Chile	1.00	Quarterly	6/20/2028	750	(4)	(10)	(14)
Republic of Chile	1.00	Quarterly	12/20/2028	4,410	(73)	(15)	(88)
Republic of Chile	1.00	Quarterly	6/20/2032	950	41	(50)	⁽⁹⁾
Republic of Chile	1.00	Quarterly	12/20/2034	2,150	5	4	9
Republic of Colombia	1.00	Quarterly	6/20/2028	100	5	(4)	1
Republic of Indonesia	1.00	Quarterly	12/20/2027	690	2	⁽⁹⁾	(7)
Republic of Indonesia	1.00	Quarterly	6/20/2028	2,050	(13)	(10)	(23)
Republic of Indonesia	1.00	Quarterly	12/20/2028	5,520	(56)	4	(52)
Republic of Indonesia	1.00	Quarterly	12/20/2029	11,800	(131)	72	(59)
Republic of Italy	1.00	Quarterly	6/20/2034	4,815	39	(34)	5
Republic of Italy	1.00	Quarterly	12/20/2034	4,500	9	10	19
Republic of Kazakhstan	1.00	Quarterly	6/20/2028	2,085	30	(57)	(27)
Republic of Kazakhstan	1.00	Quarterly	6/20/2029	325	⁽¹⁾	⁽²⁾	(3)
Republic of Panama	1.00	Quarterly	12/20/2033	5,400	617	102	719
Republic of Peru	1.00	Quarterly	6/20/2028	280	⁽¹⁾	(3)	(4)
Republic of Peru	1.00	Quarterly	12/20/2028	3,560	(42)	1	(41)
Republic of Peru	1.00	Quarterly	6/20/2032	300	11	⁽⁸⁾	3
Republic of Peru	1.00	Quarterly	12/20/2032	2,210	50	(19)	31
Republic of Peru	1.00	Quarterly	6/20/2034	950	25	1	26
Republic of Poland	1.00	Quarterly	6/20/2027	325	1	(6)	(5)
Republic of Poland	1.00	Quarterly	12/20/2027	160	2	(5)	(3)
Republic of Poland	1.00	Quarterly	6/20/2028	1,110	⁽⁸⁾	(11)	(19)
Republic of Poland	1.00	Quarterly	12/20/2028	1,100	(12)	(5)	(17)
Republic of Poland	1.00	Quarterly	6/20/2029	3,540	(52)	(5)	(57)

28	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 ($)
Republic of Poland	1.00	Quarterly	12/20/2029	1,200	(19)	—^	(19)
Republic of South Africa	1.00	Quarterly	6/20/2028	600	29	(19)	10
Republic of South Africa	1.00	Quarterly	6/20/2029	9,850	417	(76)	341
Republic of South Africa	1.00	Quarterly	12/20/2029	29,070	1,148	196	1,344
Republic of South Africa	1.00	Quarterly	6/20/2032	765	81	(1)	80
Republic of South Africa	1.00	Quarterly	12/20/2032	220	29	(3)	26
Republic of South Africa	1.00	Quarterly	6/20/2033	2,445	349	(37)	312
Republic of South Africa	1.00	Quarterly	12/20/2033	2,235	333	(25)	308
Republic of Turkiye (The)	1.00	Quarterly	6/20/2030	4,600	412	21	433
Republic of Turkiye (The)	1.00	Quarterly	6/20/2034	7,080	1,115	162	1,277
State of Qatar	1.00	Quarterly	6/20/2029	5,900	(118)	(38)	(156)
State of Qatar	1.00	Quarterly	12/20/2032	200	(3)	(3)	(6)
State of Qatar	1.00	Quarterly	6/20/2033	1,500	(27)	(14)	(41)
State of Qatar	1.00	Quarterly	12/20/2034	7,255	(188)	—^	(188)
United Mexican States	1.00	Quarterly	12/20/2027	175	1	(2)	(1)
United Mexican States	1.00	Quarterly	6/20/2028	2,960	5	(15)	(10)
United Mexican States	1.00	Quarterly	12/20/2028	3,195	(15)	17	2
United Mexican States	1.00	Quarterly	6/20/2029	1,700	(4)	11	7
United Mexican States	1.00	Quarterly	6/20/2034	7,650	491	58	549
Total buy protection					4,236	537	4,773

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	66	2,050	7	2	9
Federative Republic of Brazil	1.00	Quarterly	12/20/2026	84	400	1	(—)^	1
Federative Republic of Brazil	1.00	Quarterly	12/20/2034	281	4,680	(599)	(11)	(610)
Republic of Colombia	1.00	Quarterly	6/20/2026	73	2,050	7	(—)^	7
Republic of Colombia	1.00	Quarterly	12/20/2026	99	400	1	(1)	—^
Republic of Colombia	1.00	Quarterly	12/20/2034	337	3,470	(493)	(86)	(579)
Republic of Turkiye (The)	1.00	Quarterly	6/20/2025	129	2,050	—^	(1)	(1)
Total sell protection						(1,076)	(97)	(1,173)

***

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 month PRIBOR semi-annually

3.95 annually

Pay

12/1/2030

CZK 11,400

6 month PRIBOR semi-annually

3.89 annually

Pay

1/14/2035

CZK 59,340

4 week TIIE monthly

9.88 monthly

Pay

12/24/2025

MXN 172,100

—

6 month BUBOR semi-annually

6.03 annually

Receive

2/20/2033

HUF 160,000

6 month BUBOR semi-annually

6.46 annually

Receive

3/28/2034

HUF 48,000

—

6 month PRIBOR semi-annually

3.90 annually

Pay

4/10/2034

CZK 13,000

(8)

1 day MIBOR semi-annually

6.29 semi-annually

Pay

11/4/2029

INR 198,600

1 day MIBOR semi-annually

6.07 semi-annually

Pay

1/30/2027

INR 683,000

(3)

1 day TONAR annually

0.92 annually

Receive

1/5/2033

JPY 308,800

(19)

1 day MIBOR semi-annually

6.19 semi-annually

Pay

5/26/2033

INR 45,100

—

Total positive value

258

272

6 month WIBOR semi-annually

7.45 annually

Receive

6/20/2032

PLN 3,625

(126)

(66)

(192)

6 month WIBOR semi-annually

5.24 annually

Receive

1/14/2035

PLN 2,140

(1)

(15)

(16)

6 month BUBOR semi-annually

7.07 annually

Receive

1/14/2035

HUF 1,721,000

(62)

(26)

6 month WIBOR semi-annually

5.11 annually

Receive

3/28/2034

PLN 5,400

(27)

(3)

(30)

6 month BUBOR semi-annually

6.65 annually

Receive

4/10/2034

HUF 41,000

—

(2)

6 month WIBOR semi-annually

5.30 annually

Receive

4/15/2032

PLN 1,491

(3)

(20)

(23)

6 month WIBOR semi-annually

6.45 annually

Receive

5/13/2032

PLN 225

—

(8)

6 month BUBOR semi-annually

8.16 annually

Receive

6/17/2032

HUF 174,000

(63)

(55)

6 month BUBOR semi-annually

7.25 annually

Receive

5/13/2032

HUF 38,300

(10)

(6)

1 day CDI at termination

14.44 at termination

Pay

1/4/2027

BRL 79,500

—

(95)

1 day THOR quarterly

1.98 quarterly

Receive

2/3/2030

THB 50,600

(5)

(26)

(31)

1 day THOR quarterly

2.89 quarterly

Receive

6/17/2032

THB 2,750

—

(7)

1 day THOR quarterly

2.59 quarterly

Receive

9/1/2032

THB 7,450

(1)

(13)

(14)

1 day THOR quarterly

2.99 quarterly

Receive

9/26/2032

THB 5,300

—

(14)

1 day THOR quarterly

2.95 quarterly

Receive

10/2/2028

THB 23,260

—

(36)

1 day TIIEOIS monthly

8.96 monthly

Receive

12/24/2025

MXN 166,000

(6)

(33)

(39)

1 day THOR quarterly

2.83 quarterly

Receive

8/17/2033

THB 3,600

—

(9)

Total negative value

(233)

(370)

(603)

Total

(219)

(112)

(331)

The Fund has recorded an asset of $147 as of March 31, 2025, related to the current day’s variation margin associated with all centrally cleared swap contracts.

30	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/London	1.00	Quarterly	JPM	6/20/2029	550	(4)	(9)	(13)
China Construction Bank Corp/London	1.00	Quarterly	MS	6/20/2029	780	(17)	(1)	(18)
Industrial & Commercial Bank of China Ltd.	1.00	Quarterly	JPM	6/20/2029	450	(3)	(7)	(10)
Industrial & Commercial Bank of China Ltd.	1.00	Quarterly	MS	6/20/2029	890	(18)	(2)	(20)
Total						(42)	(19)	(61)

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

3.98 quarterly

Receive

8/15/2033

MYR 1,550

(11)

(10)

3 month KLIBOR quarterly

3.78 quarterly

Receive

3/14/2033

MYR 2,210

(13)

(7)

3 month KLIBOR quarterly

3.60 quarterly

Receive

JPM

11/1/2029

MYR 9,700

(4)

(7)

(11)

3 month KLIBOR quarterly

3.76 quarterly

Receive

JPM

2/13/2035

MYR 350

—

(1)

3 month KLIBOR quarterly

3.76 quarterly

Receive

JPM

2/13/2035

MYR 3,400

—

(7)

Total

(39)

(36)

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

(3.50)%

9/23/2024

Open*

(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 2-3.

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

Artisan Partners Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 93.6%

BELGIUM - 0.9%
Groupe Bruxelles Lambert NV⁽¹⁾		312	$	23,297

CHINA - 1.9%
Alibaba Group Holding Ltd.⁽¹⁾		2,822		46,787

FRANCE - 7.0%
Danone SA⁽¹⁾		1,455		111,525
Sodexo SA⁽¹⁾		417		26,793
TotalEnergies SE⁽¹⁾		599		38,726
				177,044
GERMANY - 5.4%
Daimler Truck Holding AG⁽¹⁾		622		24,991
Heidelberg Materials AG⁽¹⁾		658		112,536
				137,527
IRELAND - 0.8%
Ryanair Holdings plc, Equity-Linked Security^(1)(2)(3)*		953		19,130

NETHERLANDS - 6.8%
Heineken NV⁽¹⁾		582		47,555
Koninklijke Philips NV^(1)*		3,372		85,671
Universal Music Group NV⁽¹⁾		1,412		38,904
				172,130
SOUTH KOREA - 3.3%
Samsung Electronics Co. Ltd.⁽¹⁾		2,135		84,558

SWITZERLAND - 4.8%
Cie Financiere Richemont SA⁽¹⁾		341		59,536
UBS Group AG⁽¹⁾		2,046		62,692
				122,228
UNITED KINGDOM - 10.7%
BAE Systems plc⁽¹⁾		2,931		59,306
Compass Group plc⁽¹⁾		2,788		92,043
Diageo plc⁽¹⁾		1,095		28,568
Lloyds Banking Group plc⁽¹⁾		52,215		48,851
Reckitt Benckiser Group plc⁽¹⁾		604		40,835
				269,603
UNITED STATES - 52.0%
Alphabet, Inc., Class A		621		95,958
American Express Co.		369		99,396
Aon plc, Class A		95		37,882
Bank of New York Mellon Corp. (The)		1,292		108,322
Berkshire Hathaway, Inc., Class B*		202		107,470
Charles Schwab Corp. (The)		1,470		115,056
Citigroup, Inc.		948		67,265
Elevance Health, Inc.		277		120,335
Henry Schein, Inc.*		508		34,788
Lam Research Corp.		415		30,181
Marsh & McLennan Cos., Inc.		281		68,569
Meta Platforms, Inc., Class A		160		92,487
Novartis AG⁽¹⁾		916		101,899
PayPal Holdings, Inc.*		426		27,824
Progressive Corp. (The)		321		90,779
Shell plc⁽¹⁾		2,414		87,851
Southwest Airlines Co.		874		29,354
				1,315,416
Total common stocks and equity-linked security
(Cost $1,420,586)				2,367,720

	Shares Held		Value
SHORT-TERM INVESTMENT - 5.2%

INVESTMENT COMPANY - 5.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁴⁾ (Cost $131,722)		131,722	$	131,722

Total investments - 98.8% (Cost $1,552,308)				2,499,442

Other assets less liabilities - 1.2%				29,111

Total net assets - 100.0%^#			$	2,528,553

⁽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 $1,242,054, or 49.1% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
⁽²⁾	Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

						Percentage of
Security	Acquisition Date	Cost		Value		Total Net Assets
Ryanair Holdings plc, Equity-Linked Security	7/3/2024 - 8/13/2024	$	16,871	$	19,130		0.8	%

⁽³⁾	Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
⁽⁴⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION
Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	227,349		9.1	%
Consumer Discretionary		225,159		9.0
Consumer Staples		228,483		9.1
Energy		126,577		5.1
Financials		857,403		34.4
Health Care		342,693		13.7
Industrials		132,781		5.3
Information Technology		114,739		4.6
Materials		112,536		4.5
Short-Term Investment		131,722		5.2
Total investments	$	2,499,442		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS
Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CNH	189,217	USD	26,420	JPM	12/17/2025	$	69
USD	15,610	CNH	111,337	JPM	12/17/2025		24
Total unrealized appreciation							93
CNH	135,436	USD	19,011	JPM	12/17/2025		(51	)
USD	75,945	CNH	546,210	JPM	12/17/2025		(520	)
Total unrealized depreciation							(571	)
Net unrealized depreciation						$	(478	)

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

32	Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments — March 31, 2025 (Unaudited)

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

		Principal
		Amount		Value
CORPORATE BONDS - 71.4%

AEROSPACE & DEFENSE - 0.2%
TransDigm, Inc.
6.63%, 3/1/2032⁽¹⁾			16,145	$	16,351
BROADLINE RETAIL - 1.7%
Nordstrom, Inc.
4.00%, 3/15/2027			14,636		14,107
4.25%, 8/1/2031			21,278		18,280
4.38%, 4/1/2030			56,341		50,399
5.00%, 1/15/2044			98,226		72,285
					155,071
BUILDING PRODUCTS - 1.0%
Quikrete Holdings, Inc.
6.38%, 3/1/2032⁽¹⁾			58,446		58,817
6.75%, 3/1/2033⁽¹⁾			32,340		32,193
					91,010
CAPITAL MARKETS - 0.2%
Jane Street Group
6.13%, 11/1/2032⁽¹⁾			15,593		15,343

CHEMICALS - 1.7%
Methanex Corp.
5.13%, 10/15/2027⁽²⁾			28,114		27,564
5.25%, 12/15/2029⁽²⁾			91,452		87,833
5.65%, 12/1/2044⁽²⁾			4,854		3,990
SK Invictus Intermediate II SARL
5.00%, 10/30/2029⁽¹⁾			35,487		33,284
					152,671
COMMERCIAL SERVICES & SUPPLIES - 0.3%
Veritiv Operating Co.
10.50%, 11/30/2030⁽¹⁾			29,753		31,503

CONSTRUCTION & ENGINEERING - 0.3%
Signature Aviation US Holdings, Inc.
4.00%, 3/1/2028⁽¹⁾			32,372		28,487

CONSUMER FINANCE - 0.1%
OneMain Finance Corp.
7.88%, 3/15/2030			8,312		8,615

CONTAINERS & PACKAGING - 1.8%
Ardagh Metal Packaging Finance USA LLC
3.00%, 9/1/2029	EUR		8,242		7,459
3.25%, 9/1/2028⁽¹⁾			41,534		37,226
4.00%, 9/1/2029⁽¹⁾			60,304		51,350
6.00%, 6/15/2027⁽¹⁾			6,023		5,939
Canpack SA
3.88%, 11/15/2029⁽¹⁾⁽²⁾			3,536		3,208
Iris Holding, Inc.
10.00%, 12/15/2028⁽¹⁾			42,881		38,233
Pactiv Evergreen Group Issuer, Inc.
4.00%, 10/15/2027⁽¹⁾			26,608		26,874
					170,289
DISTRIBUTORS - 0.8%
American Builders & Contractors Supply Co., Inc.
3.88%, 11/15/2029⁽¹⁾			4,150		3,806
Gates Corp.
6.88%, 7/1/2029⁽¹⁾			28,074		28,560

	Principal
	Amount		Value
DISTRIBUTORS (continued)
Windsor Holdings III LLC
8.50%, 6/15/2030⁽¹⁾		43,264	$	44,643
				77,009
DIVERSIFIED CONSUMER SERVICES - 0.4%
Wand NewCo 3, Inc.
7.63%, 1/30/2032⁽¹⁾		32,851		33,618

DIVERSIFIED REITS - 0.8%
Global Net Lease, Inc.
3.75%, 12/15/2027⁽¹⁾		53,117		49,993
Necessity Retail REIT, Inc. (The)
4.50%, 9/30/2028⁽¹⁾		31,343		29,544
				79,537
DIVERSIFIED TELECOMMUNICATION SERVICES - 8.4%
Altice France SA
5.13%, 1/15/2029⁽¹⁾⁽²⁾		4,830		3,795
5.13%, 7/15/2029⁽¹⁾⁽²⁾		46,069		36,087
5.50%, 10/15/2029⁽¹⁾⁽²⁾		110,981		87,936
CCO Holdings LLC
4.25%, 2/1/2031⁽¹⁾		95,593		84,708
4.25%, 1/15/2034⁽¹⁾		24,208		19,911
4.50%, 8/15/2030⁽¹⁾		108,069		98,376
4.50%, 5/1/2032		94,019		81,614
4.75%, 3/1/2030⁽¹⁾		39,605		36,731
5.00%, 2/1/2028⁽¹⁾		18,210		17,672
5.13%, 5/1/2027⁽¹⁾		26,053		25,661
6.38%, 9/1/2029⁽¹⁾		19,741		19,682
Virgin Media Finance plc
5.00%, 7/15/2030⁽¹⁾⁽²⁾		147,527		126,474
Virgin Media Secured Finance plc
4.50%, 8/15/2030⁽¹⁾⁽²⁾		25,800		22,694
5.50%, 5/15/2029⁽¹⁾⁽²⁾		27,393		25,945
Zayo Group Holdings, Inc.
4.00%, 3/1/2027⁽¹⁾		51,798		47,179
6.13%, 3/1/2028⁽¹⁾		53,801		44,749
				779,214
ELECTRICAL EQUIPMENT - 1.2%
Regal Rexnord Corp.
6.05%, 2/15/2026		1,768		1,781
6.05%, 4/15/2028		3,998		4,102
6.30%, 2/15/2030		52,835		54,950
6.40%, 4/15/2033		46,270		48,030
				108,863
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1%
Insight Enterprises, Inc.
6.63%, 5/15/2032⁽¹⁾		7,247		7,304
FINANCIAL SERVICES - 1.1%
Block, Inc.
3.50%, 6/1/2031		7,513		6,605
6.50%, 5/15/2032⁽¹⁾		49,364		49,862
Shift4 Payments LLC
6.75%, 8/15/2032⁽¹⁾		19,548		19,703
WEX, Inc.
6.50%, 3/15/2033⁽¹⁾		31,235		30,893
				107,063

Artisan Partners Funds

	Principal Amount		Value
FOOD PRODUCTS - 0.2%
Chobani Holdco II LLC
8.75% Cash, 9.50% PIK, 10/1/2029⁽¹⁾		15,318	$	15,999

HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%
Medline Borrower LP
3.88%, 4/1/2029⁽¹⁾		175,967		164,482
5.25%, 10/1/2029⁽¹⁾		59,998		57,573
6.25%, 4/1/2029⁽¹⁾		30,184		30,568
				252,623
HEALTH CARE PROVIDERS & SERVICES - 0.2%
HCA, Inc.
3.50%, 9/1/2030		14,382		13,337
Surgery Center Holdings, Inc.
7.25%, 4/15/2032⁽¹⁾		6,505		6,433
				19,770
HOTEL & RESORT REITS - 0.6%
XHR LP
4.88%, 6/1/2029⁽¹⁾		56,701		53,112
6.63%, 5/15/2030⁽¹⁾		5,449		5,349
				58,461
HOTELS, RESTAURANTS & LEISURE - 14.1%
Allwyn Entertainment Financing UK plc
7.88%, 4/30/2029⁽¹⁾⁽²⁾		4,660		4,816
Carnival Corp.
4.00%, 8/1/2028⁽¹⁾		13,445		12,863
5.75%, 3/1/2027⁽¹⁾		120,587		120,663
6.00%, 5/1/2029⁽¹⁾		147,473		146,440
6.13%, 2/15/2033⁽¹⁾		80,848		79,670
7.63%, 3/1/2026⁽¹⁾		7,882		7,884
Churchill Downs, Inc.
4.75%, 1/15/2028⁽¹⁾		18,039		17,525
5.75%, 4/1/2030⁽¹⁾		8,334		8,152
Flutter Treasury DAC
6.38%, 4/29/2029⁽¹⁾⁽²⁾		16,286		16,593
Lindblad Expeditions Holdings, Inc.
9.00%, 5/15/2028⁽¹⁾		21,875		22,291
Lindblad Expeditions LLC
6.75%, 2/15/2027⁽¹⁾		39,985		39,751
Merlin Entertainments Group US Holdings, Inc.
7.38%, 2/15/2031⁽¹⁾⁽²⁾		39,437		37,250
MGM Resorts International
4.63%, 9/1/2026		4,758		4,703
4.75%, 10/15/2028		40,099		38,612
5.50%, 4/15/2027		2,484		2,463
Motion Bondco DAC
6.63%, 11/15/2027⁽¹⁾⁽²⁾		42,716		40,805
NCL Corp. Ltd.
5.88%, 3/15/2026⁽¹⁾		8,377		8,359
5.88%, 2/15/2027⁽¹⁾		6,824		6,815
6.75%, 2/1/2032⁽¹⁾		44,884		44,337
7.75%, 2/15/2029⁽¹⁾		72,482		75,542
8.13%, 1/15/2029⁽¹⁾		16,983		17,863
NCL Finance Ltd.
6.13%, 3/15/2028⁽¹⁾		135,465		135,032
Rivers Enterprise Borrower LLC
6.63%, 2/1/2033⁽¹⁾		9,123		8,970
Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026⁽¹⁾		19,431		19,132
5.38%, 7/15/2027⁽¹⁾		8,553		8,520
5.50%, 8/31/2026⁽¹⁾		26,365		26,365
5.50%, 4/1/2028⁽¹⁾		49,465		49,261
6.00%, 2/1/2033⁽¹⁾		12,378		12,370
6.25%, 3/15/2032⁽¹⁾		13,336		13,456

	Principal Amount		Value
HOTELS, RESTAURANTS & LEISURE (continued)
SeaWorld Parks & Entertainment, Inc.
5.25%, 8/15/2029⁽¹⁾		43,790	$	41,483
Station Casinos LLC
4.63%, 12/1/2031⁽¹⁾		29,589		26,586
TKC Holdings, Inc.
6.88%, 5/15/2028⁽¹⁾		74,486		74,004
10.50%, 5/15/2029⁽¹⁾		104,597		104,197
Vail Resorts, Inc.
6.50%, 5/15/2032⁽¹⁾		39,627		40,066
				1,312,839
HOUSEHOLD DURABLES - 0.2%
Somnigroup International, Inc.
3.88%, 10/15/2031⁽¹⁾		19,694		17,291
INSURANCE - 13.5%
Acrisure LLC
4.25%, 2/15/2029⁽¹⁾		20,011		18,724
6.00%, 8/1/2029⁽¹⁾		100,689		96,480
7.50%, 11/6/2030⁽¹⁾		37,584		38,236
8.25%, 2/1/2029⁽¹⁾		50,006		51,377
8.50%, 6/15/2029⁽¹⁾		35,984		37,485
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027⁽¹⁾		11,678		11,270
5.88%, 11/1/2029⁽¹⁾		54,415		52,594
6.50%, 10/1/2031⁽¹⁾		54,287		53,293
6.75%, 10/15/2027⁽¹⁾		79,202		78,887
7.00%, 1/15/2031⁽¹⁾		16,488		16,538
7.38%, 10/1/2032⁽¹⁾		13,184		13,242
AmWINS Group, Inc.
4.88%, 6/30/2029⁽¹⁾		7,360		6,938
6.38%, 2/15/2029⁽¹⁾		11,301		11,387
Ardonagh Finco Ltd.
7.75%, 2/15/2031⁽¹⁾⁽²⁾		109,160		111,196
Ardonagh Group Finance Ltd.
8.88%, 2/15/2032⁽¹⁾⁽²⁾		280,218		285,267
AssuredPartners, Inc.
5.63%, 1/15/2029⁽¹⁾		1,469		1,466
Baldwin Insurance Group Holdings LLC
7.13%, 5/15/2031⁽¹⁾		61,130		61,946
BroadStreet Partners, Inc.
5.88%, 4/15/2029⁽¹⁾		65,204		62,658
HUB International Ltd.
7.25%, 6/15/2030⁽¹⁾		54,194		55,820
Jones Deslauriers Insurance Management, Inc.
8.50%, 3/15/2030⁽¹⁾⁽²⁾		82,197		86,350
10.50%, 12/15/2030⁽¹⁾⁽²⁾		60,806		65,111
Ryan Specialty LLC
4.38%, 2/1/2030⁽¹⁾		7,638		7,267
5.88%, 8/1/2032⁽¹⁾		27,358		27,021
				1,250,553
IT SERVICES - 1.7%
Arches Buyer, Inc.
4.25%, 6/1/2028⁽¹⁾		177,404		161,493
MACHINERY - 2.2%
Calderys Financing II LLC
11.75% Cash, 12.50% PIK, 6/1/2028⁽¹⁾		32,672		32,428
Calderys Financing LLC
11.25%, 6/1/2028⁽¹⁾⁽²⁾		38,672		40,729
Chart Industries, Inc.
7.50%, 1/1/2030⁽¹⁾		18,527		19,215
9.50%, 1/1/2031⁽¹⁾		12,093		12,910
Werner FinCo. LP
8.75% Cash, 5.75% PIK, 10/15/2028⁽¹⁾		50,444		50,352

34	Artisan Partners Funds

	Principal Amount		Value
MACHINERY (continued)
Werner FinCo. LP (continued)
11.50%, 6/15/2028⁽¹⁾		55,221	$	59,918
				215,552
MEDIA - 3.1%
CSC Holdings LLC
3.38%, 2/15/2031⁽¹⁾		2,366		1,693
4.13%, 12/1/2030⁽¹⁾		3,919		2,838
4.50%, 11/15/2031⁽¹⁾		16,836		12,208
4.63%, 12/1/2030⁽¹⁾		103,809		50,517
5.38%, 2/1/2028⁽¹⁾		8,953		7,636
5.50%, 4/15/2027⁽¹⁾		12,343		11,427
6.50%, 2/1/2029⁽¹⁾		21,242		17,578
7.50%, 4/1/2028⁽¹⁾		57,856		40,912
11.25%, 5/15/2028⁽¹⁾		16,145		15,608
11.75%, 1/31/2029⁽¹⁾		11,465		11,119
DISH Network Corp.
11.75%, 11/15/2027⁽¹⁾		33,558		35,339
Sinclair Television Group, Inc.
5.13%, 2/15/2027⁽¹⁾		27,097		25,539
Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028⁽¹⁾⁽²⁾		22,722		21,476
Ziggo Bond Co. BV
5.13%, 2/28/2030⁽¹⁾⁽²⁾		18,989		16,546
Ziggo BV
4.88%, 1/15/2030⁽¹⁾⁽²⁾		24,246		22,210
				292,646
METALS & MINING - 1.2%
Commercial Metals Co.
3.88%, 2/15/2031		3,702		3,308
4.13%, 1/15/2030		12,069		11,281
Compass Minerals International, Inc.
6.75%, 12/1/2027⁽¹⁾		94,942		91,137
				105,726
OIL, GAS & CONSUMABLE FUELS - 1.7%
Comstock Resources, Inc.
6.75%, 3/1/2029⁽¹⁾		24,628		23,933
CrownRock LP
5.00%, 5/1/2029⁽¹⁾		29,058		29,507
Magnolia Oil & Gas Operating LLC
6.88%, 12/1/2032⁽¹⁾		7,783		7,769
MEG Energy Corp.
5.88%, 2/1/2029⁽¹⁾⁽²⁾		66,098		64,998
Strathcona Resources Ltd.
6.88%, 8/1/2026⁽¹⁾⁽²⁾		28,417		28,352
				154,559
PAPER & FOREST PRODUCTS - 0.3%
Ahlstrom Holding 3 Oy
4.88%, 2/4/2028⁽¹⁾⁽²⁾		33,404		31,469
PASSENGER AIRLINES - 3.4%
VistaJet Malta Finance plc
6.38%, 2/1/2030^(1)(2)(3)		270,561		237,020
7.88%, 5/1/2027⁽¹⁾⁽²⁾		57,489		56,455
9.50%, 6/1/2028⁽¹⁾⁽²⁾		19,631		19,429
				312,904
PERSONAL CARE PRODUCTS - 1.1%
BellRing Brands, Inc.
7.00%, 3/15/2030⁽¹⁾		77,724		80,307
Prestige Brands, Inc.
3.75%, 4/1/2031⁽¹⁾		22,886		20,526
				100,833

	Principal Amount		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Anywhere Real Estate Group LLC
5.75%, 1/15/2029⁽¹⁾		36,031	$	29,457
SOFTWARE - 0.9%
Castle US Holding Corp.
9.50%, 2/15/2028⁽¹⁾		25,953		11,512
SS&C Technologies, Inc.
6.50%, 6/1/2032⁽¹⁾		20,066		20,283
UKG, Inc.
6.88%, 2/1/2031⁽¹⁾		58,599		59,445
				91,240
SPECIALIZED REITS - 0.2%
Iron Mountain, Inc.
5.00%, 7/15/2028⁽¹⁾		2,053		1,991
5.25%, 7/15/2030⁽¹⁾		16,752		16,062
				18,053
SPECIALTY RETAIL - 2.0%
Asbury Automotive Group, Inc.
4.63%, 11/15/2029⁽¹⁾		27,360		25,639
Bath & Body Works, Inc.
6.63%, 10/1/2030⁽¹⁾		9,413		9,544
6.75%, 7/1/2036		10,753		10,717
6.88%, 11/1/2035		26,806		27,154
Cougar JV Subsidiary LLC
8.00%, 5/15/2032⁽¹⁾		20,809		21,448
Evergreen Acqco 1 LP
9.75%, 4/26/2028⁽¹⁾		13,564		14,111
Gap, Inc. (The)
3.63%, 10/1/2029⁽¹⁾		38,970		35,153
3.88%, 10/1/2031⁽¹⁾		26,947		23,244
Specialty Building Products Holdings LLC
7.75%, 10/15/2029⁽¹⁾		19,384		17,904
				184,914
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
S&S Holdings LLC
8.38%, 10/1/2031⁽¹⁾		23,096		21,819
TRADING COMPANIES & DISTRIBUTORS - 0.3%
United Rentals North America, Inc.
6.00%, 12/15/2029⁽¹⁾		23,069		23,443
WIRELESS TELECOMMUNICATION SERVICES - 1.2%
Altice France Holding SA
6.00%, 2/15/2028(1)(2)⁽⁴⁾		89,835		26,272
10.50%, 5/15/2027(1)(2)⁽⁴⁾		25,971		7,594
Vmed O2 UK Financing I plc
4.25%, 1/31/2031⁽¹⁾⁽²⁾		42,712		36,845
7.75%, 4/15/2032⁽¹⁾⁽²⁾		32,524		32,602
				103,313

Total corporate bonds (Cost $6,795,818)				6,636,905

BANK LOANS - 21.3%

AUTOMOBILE COMPONENTS - 1.4%
RealTruck Group, Inc. First Lien Term Loan
(SOFR + 5.00%), 9.44%, 1/31/2028⁽⁵⁾		85,622		83,722
Wheel Pros, Inc. First Lien Term Loan
(SOFR + 6.00%), 10.30%, 12/3/2029⁽⁵⁾		48,107		48,227
				131,949
BUILDING PRODUCTS - 0.3%
Eco Material Technologies, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.47%, 2/12/2032⁽⁵⁾		23,912		23,808

Artisan Partners Funds

	Principal Amount		Value
CAPITAL MARKETS - 0.5%
CPI Holdco B LLC First Lien Term Loan
(SOFR + 2.25%), 6.57%, 5/19/2031⁽⁵⁾		23,225	$	23,036
Summit Acquisition, Inc. First Lien Term Loan
(SOFR + 3.75%), 8.07%, 10/16/2031⁽⁵⁾		15,495		15,476
				38,512
COMMERCIAL SERVICES - 0.3%
Digital Room Holdings, Inc. First Lien Term Loan
(SOFR + 5.25%), 9.67%, 12/21/2028⁽⁵⁾		28,324		28,059

COMMUNICATIONS EQUIPMENT - 0.9%
Delta Topco, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.21%, 11/30/2029⁽⁵⁾		25,568		25,258
Delta Topco, Inc. Second Lien Term Loan
(SOFR + 5.25%), 9.57%, 12/24/2030⁽⁵⁾		51,167		51,055
				76,313
CONTAINERS & PACKAGING - 1.4%
Iris Holdings, Inc. First Lien Term Loan
(SOFR + 4.75%), 9.14%, 6/28/2028⁽⁵⁾		139,532		131,611

DISTRIBUTORS - 0.4%
Verde Purchaser LLC First Lien Term Loan
(SOFR + 4.00%), 8.30%, 11/30/2030⁽⁵⁾		39,465		39,202
DIVERSIFIED CONSUMER SERVICES - 0.5%
Wand NewCo 3, Inc. First Lien Term Loan
(SOFR + 2.50%), 6.82%, 1/30/2031⁽⁵⁾		49,702		48,906

FOOD PRODUCTS - 1.7%
1440 Foods Topco LLC First Lien Term Loan
(SOFR + 5.00%), 9.32%, 11/5/2031⁽⁵⁾		136,185		130,313
Hearthside Food Holding LLC First Lien Term Loan
(SOFR + 6.50%), 10.80%, 3/31/2032⁽⁵⁾		31,635		31,003
				161,316
FOOD SERVICE - 1.0%
TKC Holdings, Inc. First Lien Term Loan
(SOFR + 5.00%), 9.32%, 5/15/2028⁽⁵⁾		70,550		69,727
TKC Midco 1 LLC First Lien Term Loan
13.50% Cash, 13.50% PIK, 2/16/2027		24,642		22,794
				92,521
GROUND TRANSPORTATION - 0.2%
Vortex Opco LLC First Lien Term Loan
(SOFR + 6.25%), 10.55%, 4/30/2030⁽⁵⁾		15,607		15,958

HEALTH CARE PROVIDERS & SERVICES - 0.3%
Surgery Center Holdings, Inc. First Lien Term Loan
(SOFR + 2.75%), 7.07%, 12/19/2030⁽⁵⁾		23,500		23,453

HOTELS, RESTAURANTS & LEISURE - 0.4%
BCPE Grill Parent, Inc. First Lien Term Loan
(SOFR + 4.75%), 9.06%, 9/30/2030⁽⁵⁾		40,710		37,413

INSURANCE - 0.7%
Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B
(SOFR + 2.75%), 7.03%, 2/18/2031(2)⁽⁵⁾		11,690		11,529
AssuredPartners, Inc. First Lien Term Loan
(SOFR + 3.50%), 7.82%, 2/14/2031⁽⁵⁾		3,065		3,067
Goosehead Insurance Holdings LLC First Lien Term Loan
(SOFR + 3.50%), 7.82%, 1/8/2032⁽⁵⁾		9,493		9,505
OneDigital Borrower LLC Second Lien Term Loan
(SOFR + 5.25%), 9.57%, 7/2/2032⁽⁵⁾		17,961		17,916
Truist Insurance Holdings LLC Second Lien Term Loan
(SOFR + 4.75%), 9.05%, 5/6/2032⁽⁵⁾		25,439		25,614
				67,631

	Principal Amount		Value
INTERACTIVE MEDIA & SERVICES - 3.0%
X Corp. First Lien Term Loan B1
(SOFR + 6.50%), 10.98%, 10/26/2029⁽⁵⁾		34,664	$	34,437
X Corp. First Lien Term Loan B3
9.50%, 2/14/2030		238,117		244,113
				278,550
INVESTMENT COMPANIES - 1.4%
Nexus Buyer LLC First Lien Term Loan
(SOFR + 3.50%), 7.82%, 7/31/2031⁽⁵⁾		61,595		61,197
Nexus Buyer LLC Second Lien Term Loan
(SOFR + 6.25%), 10.67%, 11/1/2029⁽⁵⁾		62,871		62,455
				123,652
IT SERVICES - 0.5%
Arches Buyer, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.67%, 12/6/2027⁽⁵⁾		51,934		50,774

LEISURE PRODUCTS - 1.9%
Bulldog Purchaser, Inc. First Lien Term Loan
(SOFR + 3.75%), 8.05%, 6/30/2031⁽⁵⁾		12,214		12,165
Bulldog Purchaser, Inc. Second Lien Term Loan
(SOFR + 6.75%), 11.08%, 6/28/2032⁽⁵⁾		9,545		9,485
GSM Holdings, Inc. First Lien Term Loan
(SOFR + 5.00%), 9.30%, 9/29/2031⁽⁵⁾		157,246		147,025
MajorDrive Holdings IV LLC First Lien Term Loan
(SOFR + 4.00%), 8.59%, 6/1/2028⁽⁵⁾		15,025		13,589
				182,264
PASSENGER AIRLINES - 0.8%
Vista Management Holding, Inc. First Lien Term Loan B
(SOFR + 4.00%), 8.13%, 3/26/2031⁽⁵⁾		77,077		76,499

RETAIL - CONSUMER STAPLES - 0.0%^
Arthur US Finco, Inc. First Lien Term Loan
(SOFR + 5.25%), 9.58%, 12/14/2029⁽⁵⁾		8		7

SOFTWARE - 3.2%
Applied Systems, Inc. First Lien Term Loan B
(SOFR + 2.75%), 7.08%, 2/24/2031⁽⁵⁾		44,408		44,368
Applied Systems, Inc. Second Lien Term Loan
(SOFR + 4.50%), 8.83%, 2/23/2032⁽⁵⁾		19,044		19,435
Castle US Holding Corp. First Lien Term Loan
(SOFR + 3.75%), 8.32%, 1/29/2027⁽⁵⁾		4,792		2,931
Constant Contact, Inc. First Lien Term Loan
(SOFR + 4.00%), 8.56%, 2/10/2028⁽⁵⁾		7,701		7,176
Constant Contact, Inc. Second Lien Term Loan
(SOFR + 7.50%), 12.06%, 2/12/2029⁽⁵⁾		28,018		23,045
Ellucian Holdings, Inc. Second Lien Term Loan
(SOFR + 4.75%), 9.07%, 11/15/2032⁽⁵⁾		7,727		7,830
Orchid Merger Sub II LLC First Lien Term Loan
(SOFR + 4.75%), 9.21%, 7/27/2027⁽⁵⁾		21,365		12,672
Renaissance Holdings Corp. First Lien Term Loan
(SOFR + 4.00%), 8.32%, 4/5/2030⁽⁵⁾		60,893		59,668
Reorg Mobileum Acquisitionco LLC First Lien Term Loan A
5.32% Cash, 5.00% PIK, 9/11/2029		7,905		7,232
Rithum Holdings, Inc. Second Lien Term Loan
(SOFR + 7.00%), 11.46%, 12/29/2028⁽⁵⁾		10,610		9,836
UKG, Inc. First Lien Term Loan
(SOFR + 3.00%), 7.30%, 2/10/2031⁽⁵⁾		104,949		104,671
				298,864
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%
Ivanti Software, Inc. First Lien Term Loan
(SOFR + 4.00%), 8.55%, 12/1/2027⁽⁵⁾		23,959		16,891
Ivanti Software, Inc. First Lien Term Loan B1
(SOFR + 4.25%), 8.82%, 12/1/2027⁽⁵⁾		4,674		3,336

36	Artisan Partners Funds

	Principal Amount		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (continued)
Ivanti Software, Inc. Second Lien Term Loan
(SOFR + 7.25%), 11.82%, 12/1/2028⁽⁵⁾		6,435	$	2,574
				22,801
TRADING COMPANIES & DISTRIBUTORS - 0.0%^
Foundation Building Materials, Inc. First Lien Term Loan
(SOFR + 3.25%), 7.80%, 1/31/2028⁽⁵⁾		1,529		1,447

TRANSPORTATION - 0.2%
SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan
(SOFR + 8.00%), 12.30%, 8/20/2029⁽⁵⁾		1,712		1,677
SIRVA Worldwide, Inc. First Lien Term Loan
(SOFR + 8.00%), 12.30%, 8/20/2029⁽⁵⁾		7,624		7,471
12.32% Cash, 5.00% PIK, 8/20/2029		24,904		9,837
				18,985

WIRELESS TELECOMMUNICATION SERVICES - 0.1%
CCI Buyer, Inc. First Lien Term Loan
(SOFR + 4.00%), 8.33%, 12/17/2027⁽⁵⁾		11,418		11,414

Total bank loans (Cost $2,024,696)				1,981,909

	Shares Held
COMMON STOCKS - 0.4%
MACHINERY - 0.1%
Utex Equity⁽⁴⁾		364		12,314
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
MP Topco Holdings LLC*		2,032		24,381
SOFTWARE - 0.0%^
Matrix Exit Equity*		355		3,549
TRANSPORTATION - 0.0%^
SIRVA Worldwide, Inc.*		47		95

Total common stocks (Cost $37,051)				40,339

PREFERRED STOCK - 0.0%^

TRANSPORTATION - 0.0%^
Sirva Worldwide Preferred Stock (Cost $1,216)*		11		2,446

	No. of Warrants^‡
WARRANTS - 0.0%

FINANCIAL SERVICES - 0.0%
Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10.00 (Cost $—)^(4)(6)(7)*		71		—

	Shares Held
SHORT-TERM INVESTMENT - 6.8%

INVESTMENT COMPANY - 6.8%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁸⁾⁽⁹⁾ (Cost $634,922)		634,922		634,922

Total investments - 99.9% (Cost $9,493,703)				9,296,521

Other assets less liabilities - 0.1%				7,277

Total net assets - 100.0%^#			$	9,303,798

⁽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.

		Trading
Security	Country	Currency
Ahlstrom Holding 3 Oy, 4.88%, 2/4/2028	Finland	USD
Allwyn Entertainment Financing UK plc, 7.88%, 4/30/2029	Czech Republic	USD
Altice France Holding SA, 6.00%, 2/15/2028	Luxembourg	USD
Altice France Holding SA, 10.50%, 5/15/2027	Luxembourg	USD
Altice France SA, 5.13%, 1/15/2029	France	USD
Altice France SA, 5.13%, 7/15/2029	France	USD
Altice France SA, 5.50%, 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, 7.03%, 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, 4.50%, 8/15/2030	United Kingdom	USD
Virgin Media Secured Finance plc, 5.50%, 5/15/2029	United Kingdom	USD
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028	United Kingdom	USD
VistaJet Malta Finance plc, 6.38%, 2/1/2030	Switzerland	USD
VistaJet Malta Finance plc, 7.88%, 5/1/2027	Switzerland	USD
VistaJet Malta Finance plc, 9.50%, 6/1/2028	Switzerland	USD
Vmed O2 UK Financing I plc, 4.25%, 1/31/2031	United Kingdom	USD
Vmed O2 UK Financing I plc, 7.75%, 4/15/2032	United Kingdom	USD
Ziggo Bond Co. BV, 5.13%, 2/28/2030	Netherlands	USD
Ziggo BV, 4.88%, 1/15/2030	Netherlands	USD

⁽³⁾	All or a portion of security is on loan at March 31, 2025.
⁽⁴⁾	Defaulted securities and/or issuers.
⁽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 March 31, 2025.
⁽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(b) and 4 in Notes to Financial Statements for additional information.
⁽⁸⁾	Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $45,290. This was collateralized by cash of $46,352 which was subsequently invested in an investment company.
⁽⁹⁾	Represents the current yield as of March 31, 2025.

UNFUNDED LOAN COMMITMENTS

Values in thousands

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $976 or less than 0.1% of the total net assets as of March 31, 2025, which could be drawn at the option of the borrower:

	Unfunded		Unrealized
	Commitment	Unfunded	Appreciation
Borrower	Amount	Value	(Depreciation)
SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan	$976	$975	$(–)^
	$976	$975	$(–)^

Artisan Partners Funds

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	1,465,137		15.7	%
Consumer Discretionary		2,242,295		24.1
Consumer Staples		370,676		4.0
Energy		154,559		1.7
Financials		1,611,369		17.3
Health Care		295,846		3.2
Industrials		1,007,724		10.8
Information Technology		712,338		7.7
Materials		591,766		6.4
Real Estate		209,889		2.3
Short-Term Investment		634,922		6.8
Total investments	$	9,296,521		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
USD	7,502	EUR	7,290	BOA	4/10/2025	$	(384)
Total unrealized depreciation							(384)

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

38	Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%

BELGIUM - 4.1%
Anheuser-Busch InBev SA/NV, ADR⁽¹⁾		503	$	30,949
Anheuser-Busch InBev SA/NV⁽²⁾		1,031		63,460
UCB SA⁽²⁾		639		112,686
				207,095
BRAZIL - 1.1%
MercadoLibre, Inc.*		29		56,417

CANADA - 0.2%
Enbridge, Inc.		262		11,609

CHINA - 9.5%
Alibaba Group Holding Ltd., ADR		1,192		157,566
Alibaba Group Holding Ltd.⁽²⁾		598		9,915
Meituan, Class B^(2)(3)*		3,104		62,753
Tencent Holdings Ltd.⁽²⁾		912		58,099
Tencent Holdings Ltd., ADR		930		59,398
Tencent Music Entertainment Group, ADR		5,434		78,306
Wuliangye Yibin Co. Ltd., Class A⁽²⁾		2,743		49,749
				475,786
DENMARK - 3.6%
Danske Bank A/S⁽²⁾		3,143		103,057
NKT A/S^(2)*		501		34,214
Novonesis (Novozymes) B, Class B⁽²⁾		768		44,745
				182,016
FRANCE - 13.0%
Accor SA⁽²⁾		1,219		55,666
Air Liquide SA⁽²⁾		767		146,000
AXA SA⁽²⁾		1,833		78,240
BNP Paribas SA⁽²⁾		1,819		151,527
Bureau Veritas SA⁽²⁾		585		17,693
Cie de Saint-Gobain SA⁽²⁾		606		60,195
Danone SA⁽²⁾		586		44,905
Safran SA⁽²⁾		370		97,600
				651,826
GERMANY - 9.2%
Allianz SE⁽²⁾		289		110,100
Deutsche Boerse AG⁽²⁾		453		133,559
Deutsche Telekom AG⁽²⁾		3,219		119,202
Vonovia SE⁽²⁾		3,632		97,976
				460,837
GREECE - 0.8%
Piraeus Financial Holdings SA⁽²⁾		7,524		41,427

HONG KONG - 1.4%
AIA Group Ltd.⁽²⁾		9,579		72,413

IRELAND - 1.8%
Ryanair Holdings plc, Equity-Linked Security^(2)(4)(5)*		4,447		89,296

ITALY - 3.7%
BFF Bank SpA⁽²⁾⁽³⁾		6,096		50,322
Mediobanca Banca di Credito Finanziario SpA⁽²⁾		4,149		77,913
Wizz Air Holdings plc^(2)(3)*		3,100		59,929
				188,164
JAPAN - 7.2%
Coca-Cola Bottlers Japan Holdings, Inc.⁽²⁾		1,934		31,501
Japan Post Bank Co. Ltd.⁽²⁾		5,573		56,283
Mitsubishi Heavy Industries Ltd.⁽²⁾		3,393		57,981
Mitsubishi UFJ Financial Group, Inc.⁽²⁾		4,940		66,715

	Shares Held		Value
JAPAN (continued)
Nippon Sanso Holdings Corp.⁽²⁾		1,558	$	47,086
Resona Holdings, Inc.⁽²⁾		4,666		40,389
Sumitomo Mitsui Financial Group, Inc.⁽²⁾		1,435		36,625
Tokyo Gas Co. Ltd.⁽²⁾		802		25,507
				362,087
MEXICO - 1.3%
Cemex SAB de CV, ADR		4,688		26,301
Wal-Mart de Mexico SAB de CV		13,136		36,313
				62,614
NETHERLANDS - 2.5%
Argenx SE^(2)*		93		54,693
Argenx SE, ADR*		120		71,197
				125,890
PORTUGAL - 0.1%
Jeronimo Martins SGPS SA⁽²⁾		246		5,219

RUSSIA - 0.0%
Sberbank of Russia PJSC^(2)(6)(7)		38,445		—

SINGAPORE - 0.3%
Singapore Technologies Engineering Ltd.⁽²⁾		2,961		14,901

SOUTH KOREA - 4.6%
Hanwha Aerospace Co. Ltd.⁽²⁾		277		118,082
LIG Nex1 Co. Ltd.⁽²⁾		674		114,189
				232,271
SPAIN - 1.8%
Aena SME SA⁽²⁾⁽³⁾		384		90,005

SWITZERLAND - 7.4%
Medacta Group SA⁽²⁾⁽³⁾		300		43,153
SGS SA⁽¹⁾⁽²⁾		862		85,612
Straumann Holding AG⁽²⁾		58		6,980
UBS Group AG⁽²⁾		7,742		237,225
				372,970
UNITED KINGDOM - 17.8%
3i Group plc⁽²⁾		925		43,343
Babcock International Group plc⁽²⁾		3,043		28,410
British American Tobacco plc⁽²⁾		2,776		114,434
Flutter Entertainment plc (LSE)^(2)*		37		8,243
London Stock Exchange Group plc⁽²⁾		417		61,807
Melrose Industries plc⁽²⁾		18,423		113,541
National Grid plc⁽²⁾		18,963		247,053
Reckitt Benckiser Group plc⁽²⁾		1,117		75,464
RELX plc⁽²⁾		2,159		108,472
SSE plc⁽²⁾		2,962		60,952
Tesco plc⁽²⁾		7,251		31,150
				892,869
UNITED STATES - 4.6%
Aon plc, Class A		374		149,121
Swiss Re AG⁽²⁾		490		83,219
				232,340
Total common stocks and equity-linked security
(Cost $4,086,924)				4,828,052

Artisan Partners Funds

	Shares Held	Value
SHORT-TERM INVESTMENT - 3.5%
2
INVESTMENT COMPANY - 3.5%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%(8)(9) (Cost $175,970)	175,970	$	175,970

Total investments - 99.5% (Cost $4,262,894)			5,004,022

Other assets less liabilities - 0.5%			25,732

Total net assets - 100.0%^#		$	5,029,754

	⁽¹⁾	All or a portion of security is on loan at March 31, 2025.
	⁽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 $4,150,875, or 82.5% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽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 March 31, 2025, the value of these securities was $306,162 or 6.1% of net assets.
	⁽⁴⁾	Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

Security		Acquisition Date		Cost				Value				Percentage of Total Net Assets
Ryanair Holdings plc, Equity-Linked Security		11/14/2013 - 10/22/2024		$	68,992			$	89,296				1.8%

	⁽⁵⁾	Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
	⁽⁶⁾	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
	⁽⁷⁾	Security is restricted.

Security		Acquisition Date		Cost				Value				Percentage of Total Net Assets
Sberbank of Russia PJSC		9/16/2021 - 2/11/2022		$	159,810			$	—				0.0%

	⁽⁸⁾	Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $34,385. This was collateralized by cash of $35,907 which was subsequently invested in an investment company.
	⁽⁹⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	315,005		6.3	%
Consumer Discretionary		350,560		7.0
Consumer Staples		483,144		9.7
Energy		11,609		0.2
Financials		1,593,285		31.7
Health Care		288,709		5.8
Industrials		1,090,120		21.8
Materials		264,132		5.3
Real Estate		97,976		2.0
Utilities		333,512		6.7
Short-Term Investment		175,970		3.5
Total investments	$	5,004,022		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

40	Artisan Partners Funds

ARTISAN INTERNATIONAL EXPLORER FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 84.0%

ARGENTINA - 2.9%
Despegar.com Corp.*		410	$	7,702

AUSTRALIA - 3.2%
Steadfast Group Ltd.⁽¹⁾		2,319		8,426

BRAZIL - 1.2%
Pluxee NV⁽¹⁾		158		3,218

CANADA - 2.3%
Knight Therapeutics, Inc.*		847		3,620
Real Matters, Inc.*		608		2,465
				6,085
FRANCE - 5.8%
Alten SA⁽¹⁾		156		15,287

GERMANY - 0.8%
Hensoldt AG⁽¹⁾		30		2,032

INDIA - 0.8%
Care Ratings Ltd.⁽¹⁾		164		2,112

INDONESIA - 1.8%
Mitra Adiperkasa Tbk. PT⁽¹⁾		57,227		4,654

IRELAND - 9.7%
Glenveagh Properties plc^(1)(2)*		15,467		25,385

ITALY - 0.9%
Sesa SpA⁽¹⁾		32		2,357

JAPAN - 13.9%
Kansai Paint Co. Ltd.⁽¹⁾		678		9,691
Sato Holdings Corp.⁽¹⁾		657		9,293
Zuken, Inc.⁽¹⁾		556		17,645
				36,629
NORWAY - 1.2%
Spir Group ASA^(1)*		3,782		3,210

SOUTH AFRICA - 1.1%
Famous Brands Ltd.⁽¹⁾		950		3,007

SOUTH KOREA - 2.0%
Vitzrocell Co. Ltd.⁽¹⁾		329		5,302

SWITZERLAND - 3.7%
Medmix AG⁽¹⁾⁽²⁾		328		3,881
u-blox Holding AG^(1)*		66		5,745
				9,626
UNITED KINGDOM - 22.7%
Allfunds Group plc⁽¹⁾		642		3,672
Elementis plc⁽¹⁾		3,009		5,042
Essentra plc⁽¹⁾		2,873		3,703
FD Technologies plc^(1)*		53		1,160
FDM Group Holdings plc⁽¹⁾		2,573		8,339
IDOX plc^(1)*		4,056		3,043
IQE plc^(1)*		27,578		3,968
Kingfisher plc⁽¹⁾		1,890		6,219
LSL Property Services plc⁽¹⁾		469		1,644
Luxfer Holdings plc		514		6,094
M&C Saatchi plc⁽¹⁾		5,151		11,105
Sabre Insurance Group plc⁽¹⁾⁽²⁾		3,456		5,785
				59,774

	Shares Held		Value
UNITED STATES - 7.3%
Impro Precision Industries Ltd.⁽¹⁾⁽²⁾		22,578	$	8,937
Signify NV⁽¹⁾⁽²⁾		475		10,336
				19,273

VIRGIN ISLANDS, BRITISH - 2.7%
AdvancedAdvT Ltd.^(1)*		3,533		7,074

Total common stocks
(Cost $214,146)				221,153

Principal
Amount

CONVERTIBLE BOND - 1.4%

UNITED KINGDOM - 1.4%

IQE

0.00%, 3/13/2026 (Cost $3,622)⁽¹⁾⁽³⁾

GBP

3,292

3,645

	Shares Held
SHORT-TERM INVESTMENT - 14.1%
2
INVESTMENT COMPANY - 14.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁴⁾ (Cost $37,176)		37,176		37,176

Total investments - 99.5% (Cost $254,944)				261,974

Other assets less liabilities - 0.5%				1,215

Total net assets - 100.0%^#			$	263,189

	⁽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 $204,917, or 77.9% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽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 March 31, 2025, the value of these securities was $54,324 or 20.6% of net assets.
	⁽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 March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	11,105		4.2	%
Consumer Discretionary		46,967		17.9
Financials		23,213		8.9
Health Care		7,501		2.9
Industrials		41,994		16.0
Information Technology		71,473		27.4
Materials		18,436		7.0
Real Estate		4,109		1.6
Short-Term Investment		37,176		14.1
Total investments	$	261,974		100.0	%

	Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN INTERNATIONAL SMALL-MID FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.0%

BELGIUM - 1.0%
Azelis Group NV⁽¹⁾		2,120	$	37,329

BRAZIL - 1.1%
Hapvida Participacoes e Investimentos SA^(2)*		16,485		6,384
Rumo SA		5,104		14,561
Vibra Energia SA		6,430		20,125
				41,070
CANADA - 5.0%
Altus Group Ltd.		745		26,643
CAE, Inc.*		2,567		63,118
Descartes Systems Group, Inc. (The)*		107		10,819
Docebo, Inc.*		241		6,930
Kinaxis, Inc.*		470		51,826
Lightspeed Commerce, Inc.*		2,562		22,410
				181,746
CHINA - 1.4%
BeiGene Ltd., ADR*		196		53,292

DENMARK - 5.8%
ALK-Abello A/S, Class B^(1)*		1,065		21,461
Ambu A/S, Class B(1)		5,135		88,063
DSV A/S⁽¹⁾		112		21,732
FLSmidth & Co. A/S⁽¹⁾		827		39,777
Genmab A/S^(1)*		219		42,762
				213,795
FINLAND - 4.2%
Cargotec OYJ⁽¹⁾		206		9,405
Fortum OYJ⁽¹⁾		1,306		21,404
Huhtamaki OYJ⁽¹⁾		983		35,064
Kalmar OYJ, Class B⁽¹⁾		167		5,507
Metso Oyj⁽¹⁾		7,971		82,464
				153,844
FRANCE - 0.9%
Lectra⁽¹⁾		1,107		31,773

GERMANY - 3.8%
AIXTRON SE⁽¹⁾		1,445		15,855
Brenntag SE⁽¹⁾		387		25,005
Fresenius Medical Care AG⁽¹⁾		618		30,545
Hannover Rueck SE⁽¹⁾		91		27,112
Hensoldt AG⁽¹⁾		609		40,841
				139,358
ICELAND - 0.4%
Embla Medical HF^(1)*		3,606		14,700

INDIA - 2.5%
PB Fintech Ltd.^(1)*		641		11,840
Tech Mahindra Ltd.⁽¹⁾		477		7,870
WNS Holdings Ltd.*		1,155		70,999
				90,709
IRELAND - 1.0%
AerCap Holdings NV		290		29,624
COSMO Pharmaceuticals NV⁽¹⁾		120		7,587
				37,211
ISRAEL - 5.9%
Kornit Digital Ltd.*		2,037		38,862
Nice Ltd., ADR*		716		110,312
Radware Ltd.*		1,471		31,802

	Shares Held		Value
ISRAEL (continued)
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.⁽¹⁾		153	$	11,001
Tel Aviv Stock Exchange Ltd.⁽¹⁾		2,078		24,503
				216,480
ITALY - 0.7%
Davide Campari-Milano NV⁽¹⁾		2,251		13,213
Ermenegildo Zegna NV		1,484		10,984
				24,197
JAPAN - 18.3%
Ariake Japan Co. Ltd.⁽¹⁾		1,354		55,991
Azbil Corp.⁽¹⁾		7,876		60,922
CKD Corp.⁽¹⁾		2,089		28,449
Daikokutenbussan Co. Ltd.⁽¹⁾		448		19,868
Daiseki Co. Ltd.⁽¹⁾		739		18,507
DMG Mori Co. Ltd.⁽¹⁾		1,621		31,566
GMO Financial Gate, Inc.⁽¹⁾		233		8,290
GMO Payment Gateway, Inc.⁽¹⁾		825		44,127
Hamamatsu Photonics KK⁽¹⁾		1,698		16,593
Harmonic Drive Systems, Inc.⁽¹⁾		1,345		28,617
Japan Elevator Service Holdings Co. Ltd.⁽¹⁾		1,842		33,820
MatsukiyoCocokara & Co.⁽¹⁾		2,337		36,576
Menicon Co. Ltd.⁽¹⁾		1,050		8,770
Money Forward, Inc.^(1)*		772		20,780
MonotaRO Co. Ltd.⁽¹⁾		554		10,354
Morinaga Milk Industry Co. Ltd.⁽¹⁾		1,562		32,444
NOF Corp.⁽¹⁾		2,581		34,965
PILLAR Corp.⁽¹⁾		185		4,147
Rohm Co. Ltd.⁽¹⁾		1,519		14,575
Rohto Pharmaceutical Co. Ltd.⁽¹⁾		2,276		33,943
Sawai Group Holdings Co. Ltd.⁽¹⁾		1,844		24,342
SCSK Corp.⁽¹⁾		1,280		31,593
SG Holdings Co. Ltd.⁽¹⁾		2,401		23,956
Suntory Beverage & Food Ltd.⁽¹⁾		947		31,188
Toyo Suisan Kaisha Ltd.⁽¹⁾		273		16,084
				670,467
MEXICO - 0.5%
Qualitas Controladora SAB de CV		2,276		19,788

NETHERLANDS - 0.7%
IMCD NV⁽¹⁾		192		25,601

NORWAY - 0.3%
Nordic Semiconductor ASA^(1)*		896		10,978

SOUTH KOREA - 0.1%
Hanmi Pharm Co. Ltd.⁽¹⁾		18		2,699

SWEDEN - 3.7%
AAK AB(1)		452		12,622
Beijer Ref AB, Class B⁽¹⁾		1,558		21,857
Fortnox AB⁽¹⁾		2,054		17,857
Surgical Science Sweden AB^(1)*		297		3,638
Swedish Orphan Biovitrum AB^(1)*		2,777		79,520
				135,494
SWITZERLAND - 2.1%
Baloise Holding AG⁽¹⁾		94		19,630
Burckhardt Compression Holding AG⁽¹⁾		12		8,118
dormakaba Holding AG⁽¹⁾		36		26,973
Inficon Holding AG⁽¹⁾		10		11,014
On Holding AG, Class A*		269		11,797
				77,532

42	Artisan Partners Funds

	Shares Held		Value
THAILAND - 1.2%
Fabrinet*		225	$	44,435

UNITED KINGDOM - 20.5%
Alphawave IP Group plc^(1)*		17,278		21,097
Aviva plc⁽¹⁾		5,525		39,819
Balfour Beatty plc⁽¹⁾		7,030		39,644
Chemring Group plc⁽¹⁾		6,849		32,985
ConvaTec Group plc⁽¹⁾⁽²⁾		38,712		129,162
Games Workshop Group plc⁽¹⁾		127		22,992
Howden Joinery Group plc⁽¹⁾		2,527		23,617
JD Sports Fashion plc⁽¹⁾		10,913		9,597
JET2 plc⁽¹⁾		4,642		74,427
LondonMetric Property plc, REIT⁽¹⁾		3,927		9,306
Pearson plc⁽¹⁾		2,836		44,815
Rotork plc⁽¹⁾		14,966		60,767
Smiths Group plc⁽¹⁾		2,317		58,025
St. James's Place plc⁽¹⁾		4,676		59,459
Subsea 7 SA⁽¹⁾		1,225		19,574
Taylor Wimpey plc⁽¹⁾		14,330		20,044
Trainline plc^(1)(2)*		8,076		28,377
Weir Group plc (The)⁽¹⁾		1,336		40,330
WH Smith plc⁽¹⁾		1,232		16,217
				750,254
UNITED STATES - 14.9%
Agilysys, Inc.*		393		28,512
Agios Pharmaceuticals, Inc.*		281		8,224
Alcon AG⁽¹⁾		593		56,021
Alkermes plc*		1,118		36,905
Avidity Biosciences, Inc.*		633		18,683
Bridgebio Pharma, Inc.*		231		7,978
Calix, Inc.*		718		25,435
Celcuity, Inc.*		327		3,302
CyberArk Software Ltd.*		73		24,537
Denali Therapeutics, Inc.*		423		5,751
Edgewise Therapeutics, Inc.*		633		13,925
Enphase Energy, Inc.*		130		8,050
Five9, Inc.*		693		18,823
Glaukos Corp.*		206		20,282
Inspire Medical Systems, Inc.*		105		16,741
Insulet Corp.*		147		38,575
Ionis Pharmaceuticals, Inc.*		138		4,166
Legend Biotech Corp., ADR*		769		26,101
LivaNova plc*		400		15,700
Madrigal Pharmaceuticals, Inc.*		94		31,110
Myriad Genetics, Inc.*		1,556		13,799
Nurix Therapeutics, Inc.*		449		5,330
Ocular Therapeutix, Inc.*		807		5,913
Penumbra, Inc.*		74		19,743
Replimune Group, Inc.*		406		3,959
RxSight, Inc.*		1,239		31,297
SolarEdge Technologies, Inc.*		531		8,589
STAAR Surgical Co.*		241		4,255
Tarsus Pharmaceuticals, Inc.*		421		21,652
ViewRay, Inc.*		9,051		1
Vir Biotechnology, Inc.*		549		3,555
WaVe Life Sciences Ltd.*		1,617		13,065
Wolfspeed, Inc.*		2,353		7,199
				547,178
Total common stocks
(Cost $3,276,249)				3,519,930

	Shares Held	Value
Total investments - 96.0% (Cost $3,276,249)		$	3,519,930

Other assets less liabilities - 4.0%			147,130

Total net assets - 100.0%^#		$	3,667,060

	⁽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 $2,384,062, or 65.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽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 March 31, 2025, the value of these securities was $163,923 or 4.5% of net assets.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Consumer Discretionary	$	184,948		5.3	%
Consumer Staples		262,930		7.5
Energy		19,574		0.6
Financials		254,568		7.2
Health Care		938,958		26.7
Industrials		1,066,837		30.3
Information Technology		660,586		18.7
Materials		74,176		2.1
Real Estate		35,949		1.0
Utilities		21,404		0.6
Total investments	$	3,519,930		100.0	%

	Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 85.9%

BELGIUM - 1.0%
Groupe Bruxelles Lambert NV⁽¹⁾		4,739	$	354,309

BERMUDA - 0.4%
Voussoir RE Ltd. (Preferred Shares)^(1)(2)(3)*		1		142,700

BRAZIL - 1.1%
Pluxee NV⁽¹⁾		11,677		238,146
Pluxee NV (Registered shares)⁽¹⁾⁽³⁾		737		15,037
Telefonica Brasil SA, ADR		16,476		143,675
				396,858
CANADA - 3.4%
Alimentation Couche-Tard, Inc.		10,888		536,990
Suncor Energy, Inc.		19,182		742,720
				1,279,710
CHINA - 3.2%
Alibaba Group Holding Ltd.⁽¹⁾		63,839		1,058,497
Anhui Conch Cement Co. Ltd., Class H⁽¹⁾		47,262		133,622
Hengan International Group Co. Ltd.⁽¹⁾		5,212		14,615
				1,206,734
FINLAND - 1.9%
Nokia OYJ⁽¹⁾		49,218		259,549
Nokia OYJ, ADR		83,160		438,253
				697,802
FRANCE - 9.5%
Capgemini SE⁽¹⁾		2,212		330,712
Danone SA⁽¹⁾		6,464		495,346
Danone SA (Registered shares)⁽¹⁾⁽³⁾		16,321		1,250,687
Safran SA⁽¹⁾		4,025		1,061,704
Sodexo SA⁽¹⁾		5,192		333,559
Sodexo SA (Registered shares)⁽¹⁾⁽³⁾		737		47,367
				3,519,375
GERMANY - 3.0%
Brenntag SE⁽¹⁾⁽⁴⁾		12,278		793,285
Fresenius Medical Care AG⁽¹⁾		6,300		311,130
				1,104,415
INDIA - 2.9%
HCL Technologies Ltd.⁽¹⁾		58,620		1,086,506

IRELAND - 1.7%
Ryanair Holdings plc⁽¹⁾		2,473		49,658
Ryanair Holdings plc, Equity-Linked Security^(1)(5)(6)*		29,773		597,784
				647,442
JAPAN - 1.1%
Nintendo Co. Ltd.⁽¹⁾		1,951		133,084
Seven & i Holdings Co. Ltd.⁽¹⁾		17,970		261,156
				394,240
MEXICO - 0.5%
Gruma SAB de CV, Class B		10,400		186,962

NETHERLANDS - 4.6%
Koninklijke Philips NV^(1)(4)*		50,208		1,275,628
Universal Music Group NV⁽¹⁾		15,556		428,749
				1,704,377
SOUTH KOREA - 5.2%
NAVER Corp.⁽¹⁾		2,277		297,097
Samsung C&T Corp.⁽¹⁾		1,371		109,571
Samsung Electronics Co. Ltd.⁽¹⁾		28,284		1,120,107

	Shares Held		Value
SOUTH KOREA (continued)
Samsung Electronics Co. Ltd. (Preference)⁽¹⁾		12,354		399,609
				1,926,384
SWITZERLAND - 10.8%
ABB Ltd.⁽¹⁾		27,202		1,407,726
Barry Callebaut AG⁽¹⁾⁽⁴⁾		427		566,877
Cie Financiere Richemont SA⁽¹⁾		4,640		810,294
DSM-Firmenich AG⁽¹⁾		2,285		226,481
UBS Group AG⁽¹⁾		32,539		997,047
				4,008,425
UNITED KINGDOM - 16.9%
Associated British Foods plc⁽¹⁾		24,045		594,739
Berkeley Group Holdings plc⁽¹⁾⁽⁴⁾		7,022		326,432
Compass Group plc⁽¹⁾		26,939		889,413
Diageo plc⁽¹⁾		20,736		540,929
Lloyds Banking Group plc⁽¹⁾		1,014,809		949,427
Pearson plc⁽¹⁾		30,243		477,868
RELX plc⁽¹⁾		18,107		909,526
Unilever plc⁽¹⁾		26,394		1,572,408
				6,260,742
UNITED STATES - 18.7%
Arch Capital Group Ltd.		17,163		1,650,739
CNH Industrial NV		25,361		311,430
Garmin Ltd.		4,337		941,743
Holcim AG⁽¹⁾		8,197		881,780
ICON plc*		3,131		547,955
Novartis AG⁽¹⁾		12,558		1,396,874
Sensata Technologies Holding plc⁽⁴⁾		10,729		260,395
Willis Towers Watson plc		2,753		930,402
				6,921,318
Total common stocks and equity-linked security
(Cost $22,349,735)				31,838,299
SHORT-TERM INVESTMENT - 13.1%

INVESTMENT COMPANY - 13.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁷⁾ (Cost $4,839,848)		4,839,848		4,839,848

MISCELLANEOUS SECURITIES - 0.2%(8)
Total Miscellaneous Securities (Cost $79,736)				79,971

Total investments - 99.2% (Cost $27,269,319)				36,758,118
Other assets less liabilities - 0.8%				306,811
Total net assets - 100.0%^#			$	37,064,929

	⁽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 $25,227,006, or 68.1% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽²⁾	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
	⁽³⁾	Security is restricted.

Security	Acquisition Date	Cost		Value		Percentage of Total Net Assets
Danone SA (Registered shares)	5/17/2023 - 9/12/2023	$	1,004,813	$	1,250,687		3.4%
Pluxee NV (Registered shares)	2/1/2024		18,836		15,037		0.0%
Sodexo SA (Registered shares)	9/4/2020		46,862		47,367		0.1%
Voussoir RE Ltd. (Preferred Shares)	1/13/2023		100,000		142,700		0.4%

44	Artisan Partners Funds

	⁽⁴⁾	Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.
	⁽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.

Security		Acquisition Date		Cost				Value				Percentage of Total Net Assets
Ryanair Holdings plc, Equity-Linked Security		11/14/2013 - 11/6/2024		$	461,539			$	597,784				1.6%

	⁽⁶⁾	Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-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 March 31, 2025.
	⁽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	$	1,002,605		2.7	%
Consumer Discretionary		4,885,173		13.3
Consumer Staples		6,020,709		16.4
Energy		742,720		2.0
Financials		5,277,807		14.4
Health Care		3,531,587		9.6
Industrials		5,501,079		15.0
Information Technology		3,634,736		9.9
Materials		1,241,883		3.4
Miscellaneous Securities		79,971		0.2
Short-Term Investment		4,839,848		13.1
Total investments	$	36,758,118		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CNH	509,319	USD	71,223	JPM	1/28/2026	$	237
USD	418,050	CNH	2,971,410	JPM	1/28/2026		1,142
Total unrealized appreciation							1,379
CNH	2,895,742	USD	407,274	JPM	1/28/2026		(982	)
USD	1,071,622	CNH	7,680,493	JPM	1/28/2026		(6,003	)
Total unrealized depreciation							(6,985	)
Net unrealized depreciation						$	(5,606	)

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN MID CAP FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.6%

BIOTECHNOLOGY - 12.9%
Argenx SE, ADR^(1)*		312	$	184,459
Ascendis Pharma A/S, ADR^(1)*		939		146,329
Insmed, Inc.*		802		61,158
Twist Bioscience Corp.*		1,102		43,259
Veracyte, Inc.*		893		26,475
				461,680
CAPITAL MARKETS - 5.2%
Ares Management Corp., Class A		166		24,336
LPL Financial Holdings, Inc.		135		44,322
Robinhood Markets, Inc., Class A*		1,087		45,225
Tradeweb Markets, Inc., Class A		484		71,923
				185,806

COMMUNICATIONS EQUIPMENT - 0.8%
Arista Networks, Inc.*		382		29,615

CONSTRUCTION & ENGINEERING - 1.3%
API Group Corp.*		1,314		46,989

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%
US Foods Holding Corp.*		854		55,894

DIVERSIFIED CONSUMER SERVICES - 1.3%
Bright Horizons Family Solutions, Inc.*		361		45,806

ELECTRICAL EQUIPMENT - 0.8%
Hubbell, Inc., Class B		92		30,356

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%
Coherent Corp.*		467		30,343

ENERGY EQUIPMENT & SERVICES - 2.5%
Baker Hughes Co., Class A		2,020		88,791

ENTERTAINMENT - 10.2%
Liberty Media Corp-Liberty Formula One, Class C*		920		82,838
Live Nation Entertainment, Inc.*		685		89,477
ROBLOX Corp., Class A*		503		29,339
Spotify Technology SA*		221		121,290
Take-Two Interactive Software, Inc.*		207		42,883
				365,827
GROUND TRANSPORTATION - 1.2%
Saia, Inc.*		120		41,776

HEALTH CARE EQUIPMENT & SUPPLIES - 4.8%
Dexcom, Inc.*		631		43,075
Insulet Corp.*		170		44,672
iRhythm Technologies, Inc.*		651		68,196
Masimo Corp.*		104		17,322
				173,265
HEALTH CARE TECHNOLOGY - 1.5%
Veeva Systems, Inc., Class A*		238		55,128

HOTELS, RESTAURANTS & LEISURE - 5.7%
Chipotle Mexican Grill, Inc., Class A*		1,208		60,668
DoorDash, Inc., Class A*		460		84,139
Viking Holdings Ltd.*		754		29,973

	Shares Held		Value
HOTELS, RESTAURANTS & LEISURE (continued)
Wingstop, Inc.		138	$	31,169
				205,949
HOUSEHOLD DURABLES - 0.6%
NVR, Inc.*		3		20,502

INSURANCE - 1.3%
Arthur J Gallagher & Co.		136		46,823
IT SERVICES - 4.9%
Cloudflare, Inc., Class A*		167		18,825
GoDaddy, Inc., Class A*		186		33,466
Shopify, Inc., Class A^(1)*		750		71,639
Snowflake, Inc., Class A*		343		50,115
				174,045
LIFE SCIENCES TOOLS & SERVICES - 2.8%
West Pharmaceutical Services, Inc.		452		101,176

MACHINERY - 2.7%
Ingersoll Rand, Inc.		445		35,582
Xylem, Inc.		514		61,427
				97,009
PROFESSIONAL SERVICES - 1.6%
Parsons Corp.*		464		27,481
Verisk Analytics, Inc., Class A		96		28,477
				55,958
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.5%
CBRE Group, Inc., Class A*		408		53,403

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
Lattice Semiconductor Corp.*		1,710		89,698
MACOM Technology Solutions Holdings, Inc.*		464		46,623
Marvell Technology, Inc.		591		36,367
Monolithic Power Systems, Inc.		100		57,961
				230,649
SOFTWARE - 16.4%
Atlassian Corp., Class A*		414		87,750
CCC Intelligent Solutions Holdings, Inc.*		5,510		49,757
Gitlab, Inc., Class A*		838		39,383
Guidewire Software, Inc.*		365		68,308
HubSpot, Inc.*		83		47,454
Nutanix, Inc., Class A*		511		35,655
Samsara, Inc., Class A*		675		25,855
Synopsys, Inc.*		123		52,840
Tyler Technologies, Inc.*		226		131,307
Zscaler, Inc.*		259		51,318
				589,627
SPECIALTY RETAIL - 2.7%
AutoZone, Inc.*		18		67,044
Dick's Sporting Goods, Inc.		149		30,101
				97,145
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%
Pure Storage, Inc., Class A*		1,268		56,118

46	Artisan Partners Funds

	Shares Held		Value
TEXTILES, APPAREL & LUXURY GOODS - 1.3%
Deckers Outdoor Corp.*		417	$	46,615

TRADING COMPANIES & DISTRIBUTORS - 2.2%
Ferguson Enterprises, Inc.		139		22,281
FTAI Aviation Ltd.		506		56,136
				78,417
Total common stocks (Cost $2,513,595)				3,464,712

SHORT-TERM INVESTMENT - 1.6%

INVESTMENT COMPANY - 1.6%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽²⁾(Cost $57,656)		57,656		57,656

Total investments - 98.2% (Cost $2,571,251)				3,522,368

Other assets less liabilities - 1.8%				63,143

Total net assets - 100.0%^#			$	3,585,511

⁽¹⁾

The Fund considers the company to be from outside the United States.

Security	Country	Trading Currency
Argenx SE	Netherlands	USD
Ascendis Pharma A/S	Denmark	USD
Shopify, Inc.	Canada	USD

⁽²⁾

Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	365,827		10.4	%
Consumer Discretionary		416,019		11.8
Consumer Staples		55,894		1.6
Energy		88,791		2.5
Financials		232,630		6.6
Health Care		791,248		22.5
Industrials		350,505		10.0
Information Technology		1,110,395		31.5
Real Estate		53,403		1.5
Short-Term Investment		57,656		1.6
Total investments	$	3,522,368		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.1%

AIR FREIGHT & LOGISTICS - 2.1%
Expeditors International of Washington, Inc.		181	$	21,808
BANKS - 6.8%
Fifth Third Bancorp		334		13,103
First Citizens BancShares, Inc., Class A		18		33,213
M&T Bank Corp.		67		12,023
WaFd, Inc.		445		12,708
				71,047
CAPITAL MARKETS - 0.9%
Moelis & Co., Class A		171		10,006

CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.3%
Dollar General Corp.		202		17,786
Kroger Co. (The)		447		30,286
Sysco Corp.		240		18,009
				66,081
DISTRIBUTORS - 4.3%
Genuine Parts Co.		188		22,402
LKQ Corp.		542		23,071
				45,473
ELECTRIC UTILITIES - 5.6%
Alliant Energy Corp.		413		26,576
OGE Energy Corp.		691		31,741
				58,317
ELECTRICAL EQUIPMENT - 1.8%
nVent Electric plc		356		18,636

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%
Vontier Corp.		914		30,012

ENERGY EQUIPMENT & SERVICES - 2.1%
NOV, Inc.		1,440		21,912

ENTERTAINMENT - 2.6%
Electronic Arts, Inc.		39		5,584
Warner Music Group Corp., Class A		687		21,529
				27,113
FINANCIAL SERVICES - 2.5%
Corebridge Financial, Inc.		831		26,242

FOOD PRODUCTS - 2.5%
Tyson Foods, Inc., Class A		410		26,165

GROUND TRANSPORTATION - 3.1%
U-Haul Holding Co.		549		32,466

HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%
Baxter International, Inc.		771		26,376

HEALTH CARE PROVIDERS & SERVICES - 4.5%
Centene Corp.*		353		21,453
Humana, Inc.		96		25,531
				46,984
HOTELS, RESTAURANTS & LEISURE - 6.5%
Expedia Group, Inc.		177		29,797

	Shares Held		Value
HOTELS, RESTAURANTS & LEISURE (continued)
MGM Resorts International*		532	$	15,777
Vail Resorts, Inc.		143		22,881
				68,455
INDUSTRIAL REITS - 1.2%
Lineage, Inc.		216		12,678

INSURANCE - 4.0%
Arch Capital Group Ltd.		141		13,525
Globe Life, Inc.		219		28,828
				42,353
INTERACTIVE MEDIA & SERVICES - 1.6%
IAC, Inc.*		373		17,141

LEISURE PRODUCTS - 1.3%
Polaris, Inc.		342		14,014

LIFE SCIENCES TOOLS & SERVICES - 5.4%
Bio-Rad Laboratories, Inc., Class A*		48		11,695
ICON plc*		107		18,779
Waters Corp.*		71		25,987
				56,461
MACHINERY - 2.2%
Otis Worldwide Corp.		224		23,164

MEDIA - 6.0%
Cable One, Inc.		72		19,245
News Corp., Class A		838		22,810
Omnicom Group, Inc.		257		21,339
				63,394
OIL, GAS & CONSUMABLE FUELS - 2.3%
Permian Resources Corp., Class A		1,743		24,134

PROFESSIONAL SERVICES - 3.4%
Genpact Ltd.		704		35,476

RETAIL REITS - 2.1%
NNN REIT, Inc.		516		22,013

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
Analog Devices, Inc.		125		25,246

SOFTWARE - 2.6%
Check Point Software Technologies Ltd.^(1)*		101		23,105
Dolby Laboratories, Inc., Class A		55		4,413
				27,518
SPECIALIZED REITS - 4.8%
Lamar Advertising Co., Class A		278		31,676
Public Storage		61		18,335
				50,011
SPECIALTY RETAIL - 1.8%
Asbury Automotive Group, Inc.*		84		18,642
Vitamin Oldco Holdings, Inc. (escrow shares)^(2)(3)*		220		—
				18,642
Total common stocks (Cost $748,973)				1,029,338

48	Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENT - 1.0%

INVESTMENT COMPANY - 1.0%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁴⁾(Cost $10,753)		10,753	$	10,753

Total investments - 99.1% (Cost $759,726)				1,040,091

Other assets less liabilities - 0.9%				9,320

Total net assets - 100.0%^#			$	1,049,411

⁽¹⁾

The Fund considers the company to be from outside the United States.

Security		Country		Trading Currency
Check Point Software Technologies Ltd.		Israel		USD

	⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽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 March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	107,649		10.4	%
Consumer Discretionary		146,584		14.1
Consumer Staples		92,246		8.9
Energy		46,046		4.4
Financials		149,649		14.4
Health Care		129,820		12.5
Industrials		131,550		12.6
Information Technology		82,775		8.0
Real Estate		84,702		8.1
Utilities		58,317		5.6
Short-Term Investment		10,753		1.0
Total investments	$	1,040,091		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN SELECT EQUITY FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 90.2%

AUTOMOBILES - 1.3%
Harley-Davidson, Inc.		29	$	740

BANKS - 3.9%
Citigroup, Inc.		32		2,268

BROADLINE RETAIL - 1.9%
Alibaba Group Holding Ltd., ADR⁽¹⁾		8		1,113

CAPITAL MARKETS - 10.1%
Bank of New York Mellon Corp. (The)		34		2,873
Charles Schwab Corp. (The)		39		3,060
				5,933
CHEMICALS - 4.0%
Axalta Coating Systems Ltd.*		70		2,332

CONSTRUCTION MATERIALS - 4.4%
Heidelberg Materials AG⁽¹⁾⁽²⁾		15		2,592

CONSUMER FINANCE - 4.8%
American Express Co.		11		2,832

FINANCIAL SERVICES - 7.8%
Berkshire Hathaway, Inc., Class B*		7		3,590
PayPal Holdings, Inc.*		16		1,021
				4,611
HEALTH CARE PROVIDERS & SERVICES - 10.3%
Elevance Health, Inc.		8		3,385
Henry Schein, Inc.*		39		2,647
				6,032
HOTELS, RESTAURANTS & LEISURE - 4.5%
Aramark		76		2,629

INSURANCE - 12.5%
Aon plc, Class A		3		1,141
Everest Group Ltd.		4		1,382
Marsh & McLennan Cos., Inc.		9		2,100
Progressive Corp. (The)		10		2,729
				7,352
INTERACTIVE MEDIA & SERVICES - 9.0%
Alphabet, Inc., Class A		18		2,755
Meta Platforms, Inc., Class A		4		2,543
				5,298
MACHINERY - 2.7%
Snap-on, Inc.		5		1,596

OIL, GAS & CONSUMABLE FUELS - 5.6%
Shell plc(2)		90		3,262

PASSENGER AIRLINES - 1.9%
Southwest Airlines Co.		33		1,122

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
Lam Research Corp.		18		1,294

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.3%
Samsung Electronics Co. Ltd.⁽¹⁾⁽²⁾		49		1,956

Total common stocks (Cost $38,116)				52,962

	Shares Held		Value
SHORT-TERM INVESTMENT - 9.2%

INVESTMENT COMPANY - 9.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽³⁾ (Cost $5,368)		5,368	$	5,368

Total investments - 99.4% (Cost $43,484)				58,330

Other assets less liabilities - 0.6%				333

Total net assets - 100.0%^#			$	58,663

⁽¹⁾

The Fund considers the company to be from outside the United States.

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

	⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $7,810, or 13.3% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽³⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	5,297		9.1	%
Consumer Discretionary		4,482		7.7
Energy		3,262		5.6
Financials		22,996		39.4
Health Care		6,032		10.3
Industrials		2,718		4.7
Information Technology		3,250		5.6
Materials		4,925		8.4
Short-Term Investment		5,368		9.2
Total investments	$	58,330		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CNH	9,289	USD	1,295	JPM	12/17/2025	$	5
USD	601	CNH	4,287	JPM	12/17/2025		1
Total unrealized appreciation							6
CNH	3,482	USD	489	JPM	12/17/2025		(1	)
USD	2,269	CNH	16,319	JPM	12/17/2025		(16	)
Total unrealized depreciation							(17	)
Net unrealized depreciation						$	(11	)

	Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

50	Artisan Partners Funds

ARTISAN SMALL CAP FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.7%

AEROSPACE & DEFENSE - 1.8%
Kratos Defense & Security Solutions, Inc.*		391	$	11,603
Loar Holdings, Inc.*		113		7,959
				19,562
AUTOMOBILE COMPONENTS - 1.8%
Modine Manufacturing Co.*		261		20,031

BEVERAGES - 2.1%
Vita Coco Co., Inc. (The)*		751		23,033

BIOTECHNOLOGY - 15.5%
Ascendis Pharma A/S, ADR^(1)*		397		61,840
Halozyme Therapeutics, Inc.*		461		29,389
Insmed, Inc.*		252		19,210
Iovance Biotherapeutics, Inc.*		1,760		5,859
Twist Bioscience Corp.*		723		28,387
Veracyte, Inc.*		846		25,073
				169,758
BUILDING PRODUCTS - 1.0%
Trex Co., Inc.*		181		10,537

CAPITAL MARKETS - 1.4%
Hamilton Lane, Inc., Class A		104		15,435

COMMERCIAL SERVICES & SUPPLIES - 1.9%
VSE Corp.		172		20,588

DIVERSIFIED CONSUMER SERVICES - 1.7%
Bright Horizons Family Solutions, Inc.*		143		18,175

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%
Flex Ltd.*		801		26,509
Novanta, Inc.*		137		17,455
				43,964
ENERGY EQUIPMENT & SERVICES - 1.1%
Aris Water Solutions, Inc., Class A		384		12,316

GROUND TRANSPORTATION - 1.6%
Saia, Inc.*		51		17,961

HEALTH CARE EQUIPMENT & SUPPLIES - 8.7%
Inspire Medical Systems, Inc.*		88		13,980
Integer Holdings Corp.*		67		7,955
iRhythm Technologies, Inc.*		229		23,981
Lantheus Holdings, Inc.*		170		16,545
Penumbra, Inc.*		74		19,670
PROCEPT BioRobotics Corp.*		221		12,902
				95,033
HEALTH CARE PROVIDERS & SERVICES - 1.4%
HealthEquity, Inc.*		173		15,281

HOTELS, RESTAURANTS & LEISURE - 0.8%
Sweetgreen, Inc., Class A*		370		9,250

HOUSEHOLD DURABLES - 2.9%
Installed Building Products, Inc.		65		11,062
SharkNinja, Inc.*		176		14,655

	Shares Held		Value
HOUSEHOLD DURABLES (continued)
Smith Douglas Homes Corp.*		324	$	6,321
				32,038
LIFE SCIENCES TOOLS & SERVICES - 4.1%
Charles River Laboratories International, Inc.*		33		4,956
Repligen Corp.*		160		20,400
Stevanato Group SpA⁽¹⁾		980		20,004
				45,360
MACHINERY - 5.5%
Flowserve Corp.		282		13,787
JBT Marel Corp.		148		18,143
SPX Technologies, Inc.*		219		28,244
				60,174
PROFESSIONAL SERVICES - 1.1%
Parsons Corp.*		201		11,900

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
Colliers International Group, Inc.⁽¹⁾		129		15,588

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.1%
Astera Labs, Inc.*		122		7,305
Lattice Semiconductor Corp.*		731		38,335
MACOM Technology Solutions Holdings, Inc.*		319		31,976
				77,616
SOFTWARE - 22.3%
CCC Intelligent Solutions Holdings, Inc.*		2,392		21,603
Clearwater Analytics Holdings, Inc., Class A*		822		22,030
Confluent, Inc., Class A*		709		16,609
Elastic NV*		161		14,314
Freshworks, Inc., Class A*		748		10,557
Gitlab, Inc., Class A*		432		20,294
Guidewire Software, Inc.*		265		49,736
Intapp, Inc.*		427		24,942
Procore Technologies, Inc.*		361		23,810
SentinelOne, Inc., Class A*		580		10,540
ServiceTitan, Inc., Class A*		95		9,067
Workiva, Inc., Class A*		264		20,070
				243,572
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Birkenstock Holding plc^(1)*		123		5,644
Crocs, Inc.*		148		15,679
				21,323
TRADING COMPANIES & DISTRIBUTORS - 4.5%
Applied Industrial Technologies, Inc.		112		25,265
FTAI Aviation Ltd.		122		13,548
SiteOne Landscape Supply, Inc.*		85		10,322
				49,135

Total common stocks (Cost $873,924)				1,047,630

Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENT - 2.7%

INVESTMENT COMPANY - 2.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽²⁾ (Cost $29,684)		29,684	$	29,684

Total investments - 98.4% (Cost $903,608)				1,077,314

Other assets less liabilities - 1.6%				16,993

Total net assets - 100.0%^#			$	1,094,307

⁽¹⁾

The Fund considers the company to be from outside the United States.

Security	Country	Trading Currency
Ascendis Pharma A/S	Denmark	USD
Birkenstock Holding plc	Germany	USD
Colliers International Group, Inc.	Canada	USD
Stevanato Group SpA	Italy	USD

⁽²⁾

Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Consumer Discretionary	$	100,817		9.4	%
Consumer Staples		23,033		2.1
Energy		12,316		1.1
Financials		15,435		1.4
Health Care		325,434		30.2
Industrials		189,856		17.6
Information Technology		365,151		34.1
Real Estate		15,588		1.4
Short-Term Investment		29,684		2.7
Total investments	$	1,077,314		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

52	Artisan Partners Funds

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.1%

ARGENTINA - 1.4%
Vista Energy SAB de CV, ADR*		70	$	3,255

BRAZIL - 8.7%
GPS Participacoes e Empreendimentos SA⁽¹⁾		1,094		2,518
Itau Unibanco Holding SA (Preference)		710		3,907
MercadoLibre, Inc.*		4		8,038
Vale SA		262		2,608
Vivara Participacoes SA		410		1,431
VTEX, Class A*		212		1,076
				19,578
CHINA - 16.9%
Alibaba Group Holding Ltd.⁽²⁾		648		10,736
Baidu, Inc., Class A^(2)*		160		1,842
China Traditional Chinese Medicine Holdings Co. Ltd.^(2)*		5,731		1,442
NIO, Inc., ADR^(3)*		121		463
Prosus NV⁽²⁾		177		8,272
Trip.com Group Ltd.⁽²⁾		71		4,526
Wuxi Biologics Cayman, Inc.^(2)(4)*		1,371		4,772
Zhuzhou CRRC Times Electric Co. Ltd., Class H⁽²⁾		1,449		6,012
				38,065
EGYPT - 0.6%
Commercial International Bank - Egypt (CIB), GDR⁽²⁾⁽⁴⁾		948		1,432

GEORGIA - 0.6%
Lion Finance Group plc⁽²⁾		19		1,326

GREECE - 2.8%
Alpha Services and Holdings SA⁽²⁾		1,106		2,660
Metlen Energy & Metals SA⁽²⁾		82		3,629
				6,289
HONG KONG - 1.3%
AIA Group Ltd.⁽²⁾		399		3,015

INDIA - 10.2%
Dabur India Ltd.⁽²⁾		300		1,778
Havells India Ltd.⁽²⁾		205		3,667
ICICI Bank Ltd.⁽²⁾		588		9,262
Infosys Ltd.⁽²⁾		154		2,822
Reliance Industries Ltd.⁽²⁾		370		5,507
				23,036
INDONESIA - 1.4%
Bank Rakyat Indonesia Persero Tbk. PT⁽²⁾		7,975		1,929
Indofood CBP Sukses Makmur Tbk. PT⁽²⁾		2,018		1,237
				3,166
KAZAKHSTAN - 1.5%
Kaspi.KZ JSC, ADR⁽⁴⁾		37		3,455

MALAYSIA - 1.3%
Frontken Corp. Bhd.⁽²⁾		1,959		1,639
MR DIY Group M Bhd.⁽²⁾⁽⁴⁾		3,814		1,208
				2,847
MEXICO - 3.6%
Cemex SAB de CV		4,459		2,503
Gentera SAB de CV		2,661		4,101
Prologis Property Mexico SA de CV, REIT		472		1,517
				8,121
PANAMA - 1.0%
Copa Holdings SA, Class A		25		2,281

	Shares Held		Value
PERU - 2.1%
Cia de Minas Buenaventura SAA, ADR		109	$	1,701
Credicorp Ltd.		16		3,061
				4,762
RUSSIA - 0.0%
Sberbank of Russia PJSC^(2)(5)(6)*		265		—

SINGAPORE - 0.8%
Sea Ltd., ADR*		13		1,755

SLOVENIA - 0.5%
Nova Ljubljanska Banka dd, GDR⁽²⁾⁽⁴⁾		39		1,190

SOUTH AFRICA - 3.0%
FirstRand Ltd.⁽²⁾		932		3,658
MTN Group Ltd.⁽²⁾		475		3,200
				6,858
SOUTH KOREA - 9.6%
Cosmax, Inc.⁽²⁾		25		2,769
Doosan Enerbility Co. Ltd.^(2)*		178		2,861
HD Hyundai Electric Co. Ltd.⁽²⁾		7		1,354
Kia Corp.⁽²⁾		44		2,766
LG Energy Solution Ltd.^(2)*		5		1,122
Samsung Biologics Co. Ltd.^(2)(4)*		7		4,729
Shinhan Financial Group Co. Ltd.⁽²⁾		44		1,411
SK Hynix, Inc.⁽²⁾		34		4,541
				21,553
TAIWAN - 18.5%
E Ink Holdings, Inc.⁽²⁾		919		7,396
MediaTek, Inc.⁽²⁾		182		7,666
Taiwan Semiconductor Manufacturing Co. Ltd.(2)		954		26,585
				41,647
THAILAND - 0.6%
Bangkok Bank PCL⁽²⁾		311		1,355

TURKEY - 0.6%
BIM Birlesik Magazalar A/S⁽²⁾		119		1,437

UNITED ARAB EMIRATES - 1.3%
ADNOC Logistics & Services⁽²⁾		1,228		1,649
Borouge plc⁽²⁾		1,889		1,257
				2,906
UNITED KINGDOM - 1.9%
Anglogold Ashanti plc		114		4,236

UNITED STATES - 0.8%
Globant SA*		15		1,801

VIETNAM - 2.1%
Vietnam Technological & Commercial Joint Stock Bank⁽²⁾		4,291		4,633

Total common stocks
(Cost $174,053)				209,999

	No. of Warrants^‡		Value
WARRANTS - 1.0%

Cayman Islands - 1.0%
Talos III Spc, expiring 1/27/2026, strike price 0.00001
(Cost $2,109)^(2)*	$	778		2,307

Artisan Partners Funds

	Shares Held		Value
SHORT-TERM INVESTMENT - 6.1%
2
INVESTMENT COMPANY - 6.1%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%(7)(8) (Cost $13,748)		13,748	$	13,748

Total investments - 100.2% (Cost $189,910)				226,054

Other assets less liabilities - (0.2)%				(364	)

Total net assets - 100.0%^#			$	225,690

	⁽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 $162,599, or 72.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽³⁾	All or a portion of security is on loan at March 31, 2025.
	⁽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 March 31, 2025, the value of these securities was $16,786 or 7.4% 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.

Security		Acquisition Date		Cost				Value				Percentage of Total Net Assets
Sberbank of Russia PJSC		1/8/2019 - 3/25/2020		$	772			$	—				0.0%

	⁽⁷⁾	Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $439. This was collateralized by cash of $2,944 which was subsequently invested in an investment company.
	⁽⁸⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	7,873		3.5	%
Consumer Discretionary		37,440		16.6
Consumer Staples		7,221		3.2
Energy		10,411		4.6
Financials		48,702		21.5
Health Care		10,943		4.8
Industrials		25,083		11.1
Information Technology		50,811		22.5
Materials		12,305		5.4
Real Estate		1,517		0.7
Short-Term Investment		13,748		6.1
Total investments	$	226,054		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

54	Artisan Partners Funds

ARTISAN VALUE FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Shares and dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 97.4%

AEROSPACE & DEFENSE - 5.6%
Airbus SE⁽¹⁾⁽²⁾		45	$	8,013
Safran SA⁽¹⁾⁽²⁾		35		9,321
				17,334
AIR FREIGHT & LOGISTICS - 3.6%
United Parcel Service, Inc., Class B		100		11,041

BANKS - 10.3%
Bank of America Corp.		188		7,844
PNC Financial Services Group, Inc. (The)		37		6,563
US Bancorp		172		7,260
Wells Fargo & Co.		143		10,287
				31,954
BEVERAGES - 6.2%
Diageo plc⁽¹⁾⁽²⁾		297		7,746
Heineken Holding NV⁽¹⁾⁽²⁾		157		11,431
				19,177
CAPITAL MARKETS - 7.0%
CME Group, Inc.		31		8,171
Goldman Sachs Group, Inc. (The)		15		8,198
Morgan Stanley		46		5,420
				21,789
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%
Dollar General Corp.		59		5,174

ENERGY EQUIPMENT & SERVICES - 2.8%
Schlumberger NV		208		8,697

ENTERTAINMENT - 2.5%
Electronic Arts, Inc.		12		1,737
Walt Disney Co. (The)		60		5,923
				7,660
FINANCIAL SERVICES - 10.2%
Berkshire Hathaway, Inc., Class B*		11		5,633
Fiserv, Inc.*		40		8,829
PayPal Holdings, Inc.*		150		9,772
Visa, Inc., Class A		21		7,487
				31,721
FOOD PRODUCTS - 5.0%
Kerry Group plc, Class A⁽¹⁾⁽²⁾		97		10,212
Nestle SA⁽²⁾		53		5,356
				15,568
HEALTH CARE EQUIPMENT & SUPPLIES - 6.7%
Baxter International, Inc.		210		7,179
Koninklijke Philips NV^(1)(2)*		260		6,604
Medtronic plc		78		6,972
				20,755
HEALTH CARE PROVIDERS & SERVICES - 5.0%
Cigna Group (The)		26		8,559
Humana, Inc.		27		7,015
				15,574

	Shares Held		Value
HOTELS, RESTAURANTS & LEISURE - 3.3%
Booking Holdings, Inc.		2	$	7,168
Compass Group plc⁽¹⁾⁽²⁾		95		3,129
				10,297
INSURANCE - 2.2%
Arch Capital Group Ltd.		70		6,771

INTERACTIVE MEDIA & SERVICES - 4.7%
Alphabet, Inc., Class C		56		8,689
Meta Platforms, Inc., Class A		10		5,802
				14,491
MEDIA - 3.1%
Comcast Corp., Class A		263		9,691

OIL, GAS & CONSUMABLE FUELS - 5.6%
Diamondback Energy, Inc.		45		7,198
EOG Resources, Inc.		79		10,072
				17,270
PHARMACEUTICALS - 2.4%
Merck & Co., Inc.		84		7,528

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
NXP Semiconductors NV⁽¹⁾		32		6,126
Texas Instruments, Inc.		42		7,578
				13,704
TOBACCO - 5.1%
Altria Group, Inc.		53		3,152
Philip Morris International, Inc.		79		12,556
				15,708

Total common stocks (Cost $217,931)				301,904

SHORT-TERM INVESTMENT - 1.7%

INVESTMENT COMPANY - 1.7%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽³⁾(Cost $5,265)		5,265		5,265

Total investments - 99.1% (Cost $223,196)				307,169

Other assets less liabilities - 0.9%				2,872

Total net assets - 100.0%^#			$	310,041

⁽¹⁾

The Fund considers the company to be from outside the United States.

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

Artisan Partners Funds

	⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $61,812, or 19.9% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽³⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	31,841		10.4	%
Consumer Discretionary		10,296		3.4
Consumer Staples		55,627		18.1
Energy		25,967		8.5
Financials		92,236		30.0
Health Care		43,858		14.3
Industrials		28,375		9.2
Information Technology		13,704		4.4
Short-Term Investment		5,265		1.7
Total investments	$	307,169		100.0	%

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

56	Artisan Partners Funds

ARTISAN VALUE INCOME FUND

Schedule of Investments — March 31, 2025 (Unaudited)

Principal amount, shares and dollar values in thousands

	Shares Held			Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.4%

AIR FREIGHT & LOGISTICS - 1.9%
United Parcel Service, Inc., Class B		3		$	312

AIRLINES - 2.0%
Ryanair Holdings plc, Equity-Linked Security^{(1)(2)(3)(4)*}		16			330

BANKS - 7.5%
Bank of America Corp.		6			267
Fifth Third Bancorp		3			117
M&T Bank Corp.		1			137
PNC Financial Services Group, Inc. (The)		1			203
US Bancorp		3			135
Wells Fargo & Co.		5			364
					1,223
BEVERAGES - 5.9%
Coca-Cola Co. (The)		4			271
Diageo plc⁽¹⁾⁽²⁾		10			265
Heineken Holding NV⁽¹⁾⁽²⁾		6			416
					952
CAPITAL MARKETS - 4.7%
CME Group, Inc.		1			249
Goldman Sachs Group, Inc. (The)		—	^		177
Moelis & Co., Class A		2			106
Morgan Stanley		2			232
					764
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%
Sysco Corp.		3			191

DISTRIBUTORS - 3.0%
Genuine Parts Co.		2			242
LKQ Corp.		6			243
					485
ELECTRIC UTILITIES - 10.0%
Alliant Energy Corp.		5			301
Evergy, Inc.		4			297
IDACORP, Inc.		2			219
OGE Energy Corp.		9			395
PPL Corp.		12			416
					1,628
ELECTRICAL EQUIPMENT - 1.1%
nVent Electric plc		3			174

ENERGY EQUIPMENT & SERVICES - 1.5%
Schlumberger NV		6			245

ENTERTAINMENT - 1.7%
Warner Music Group Corp., Class A		9			268
FINANCIAL SERVICES - 3.4%
Corebridge Financial, Inc.		10			300
Visa, Inc., Class A		1			260
					560
FOOD PRODUCTS - 4.7%
Kerry Group plc, Class A⁽¹⁾⁽²⁾		3			263
Nestle SA⁽²⁾		2			162

	Shares Held		Value
FOOD PRODUCTS (continued)
Tyson Foods, Inc., Class A		5	$	333
				758
GAS UTILITIES - 0.5%
Atmos Energy Corp.		1		82

HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%
Baxter International, Inc.		8		280
Koninklijke Philips NV^(1)(2)*		9		235
Medtronic plc		3		304
				819
HEALTH CARE REITS - 1.7%
Universal Health Realty Income Trust		7		268

HOTELS, RESTAURANTS & LEISURE - 3.3%
Compass Group plc⁽¹⁾⁽²⁾		3		84
MGM China Holdings Ltd.⁽¹⁾⁽²⁾		166		223
Vail Resorts, Inc.		1		235
				542
INDUSTRIAL REITS - 1.6%
Lineage, Inc.		4		256

LEISURE PRODUCTS - 1.5%
Polaris, Inc.		6		251

MACHINERY - 2.3%
Otis Worldwide Corp.		4		372

MEDIA - 4.9%
Cable One, Inc.		1		155
Comcast Corp., Class A⁽⁵⁾		11		404
Omnicom Group, Inc.		3		243
				802
OIL, GAS & CONSUMABLE FUELS - 5.9%
Diamondback Energy, Inc.		2		278
EOG Resources, Inc.		3		429
Permian Resources Corp., Class A		18		245
				952
PHARMACEUTICALS - 2.0%
Merck & Co., Inc.		4		323

RETAIL REITS - 1.7%
NNN REIT, Inc.		7		282

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
NXP Semiconductors NV⁽¹⁾		1		235
Texas Instruments, Inc.		1		239
				474
SPECIALIZED REITS - 4.6%
Lamar Advertising Co., Class A		5		539
Public Storage		1		202
				741
TOBACCO - 4.9%
Altria Group, Inc.		2		137

Artisan Partners Funds

	Shares Held		Value
TOBACCO (continued)
Philip Morris International, Inc.⁽⁵⁾		4	$	668
				805
Total common stocks and equity-linked security (Cost $13,846)				14,859

	Principal Amount
CONVERTIBLE BONDS - 2.4%

MEDIA - 1.1%
Cable One, Inc.
Zero Coupon, 3/15/2026		106	100
1.13%, 3/15/2028		97	77
			177
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.3%
Redwood Trust, Inc.
7.75%, 6/15/2027		215	212

Total convertible bonds (Cost $399)			389

CORPORATE BONDS - 2.3%

BROADLINE RETAIL - 1.3%
ANGI Group LLC
3.88%, 8/15/2028⁽⁶⁾		228	207

MEDIA - 1.0%
Cable One, Inc.
4.00%, 11/15/2030⁽⁶⁾		209	166

Total corporate bonds (Cost $366)			373

	Shares Held
PREFERRED STOCK - 1.7%

BANKS - 1.7%
WaFd, Inc. Series A, 4.88%(7) (Cost $234)		17		280

CONVERTIBLE PREFERRED STOCK - 0.9%

AEROSPACE & DEFENSE - 0.9%
Boeing Co. (The)
6.00%, 10/15/2027 (Cost $131)		3		150

SHORT-TERM INVESTMENT - 1.2%

INVESTMENT COMPANY - 1.2%
BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%⁽⁸⁾ (Cost $195)		195		195

Total investments - 99.9% (Cost $15,171)				16,246

WRITTEN OPTION CONTRACTS - (0.3)% (Premiums received $(23))				(52	)

Other assets less liabilities - 0.4%				74

Total net assets - 100.0%^#			$	16,268

⁽¹⁾

The Fund considers the company to be from outside the United States.

Security	Country	Trading Currency
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
NXP Semiconductors NV	China	USD
Ryanair Holdings plc, Equity-Linked Security	Ireland	USD

	⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,978, or 12.2% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	⁽³⁾	Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

Security		Acquisition Date		Cost				Value				Percentage of Total Net Assets
Ryanair Holdings plc, Equity-Linked Security		3/12/2024 - 10/22/2024		$	296			$	330				2.0%

	⁽⁴⁾	Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
	⁽⁵⁾	At March 31, 2025, 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 March 31, 2025.
	⁽⁸⁾	Represents the current yield as of March 31, 2025.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

	Value		Percentage of Total Investments
Communication Services	$	1,413		8.7	%
Consumer Discretionary		1,486		9.2
Consumer Staples		2,705		16.7
Energy		1,197		7.4
Financials		3,041		18.7
Health Care		1,142		7.0
Industrials		1,338		8.2
Information Technology		473		2.9
Real Estate		1,547		9.5
Utilities		1,709		10.5
Short-Term Investment		195		1.2
Total investments	$	16,246		100.0	%

58	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.	$	55.00	$	48	06/20/25	$	(2	)	$	(5	)	$	(3	)
2	Atmos Energy Corp.		145.00		31	08/15/25		(1	)		(3	)		(2	)
2	CME Group, Inc.		260.00		53	09/19/25		(2	)		(4	)		(2	)
7	Coca-Cola Co. (The)		67.50		50	06/20/25		(2	)		(4	)		(2	)
1	Goldman Sachs Group, Inc. (The)		670.00		55	07/18/25		(2	)		—	^		2
3	Morgan Stanley		150.00		35	09/19/25		(1	)		—	^		1
5	Otis Worldwide Corp.		100.00		52	05/16/25		(2	)		(3	)		(1	)
5	Philip Morris International, Inc.		125.00		79	06/20/25		(2	)		(18	)		(16	)
5	Philip Morris International, Inc.		155.00		79	09/19/25		(4	)		(7	)		(3	)
1	Visa, Inc.		315.00		35	06/20/25		(2	)		(4	)		(2	)
1	Visa, Inc.		355.00		35	06/20/25		(1	)		(1	)		—	^
1	Visa, Inc.		340.00		35	09/19/25		(2	)		(3	)		(1	)
Total written option contracts							$	(23	)	$	(52	)	$	(29	)

Definitions of abbreviations and footnotes are detailed on pages 2-3.

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities — March 31, 2025 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD		EMERGING MARKETS DEBT OPPORTUNITIES*			FLOATING RATE			FOCUS
ASSETS:
Investments in securities, unaffiliated, at value	$	3,470,552	$	66,831		$	78,628		$	922,933
Short-term investments, at value		124,167		26,476			7,021			49,562
Total investments		3,594,719		93,307			85,649			972,495
Cash		23,497		202			980			10,287
Cash pledged for centrally cleared swap contracts		—		1,962			—			—
Deposits with broker for foreign currency forward contracts		—		2,283			—			—
Deposits with broker for futures contracts		—		479			—			—
Foreign currency		117		104			—			2
Unrealized appreciation on foreign currency forward contracts		—		729			—			996
Receivable from investments sold		15,271		51			319			28,404
Receivable from fund shares sold		3,555		198			123			2,271
Receivable for variation margin on futures contracts		—		2			—			—
Receivable for variation margin on centrally cleared swap contracts		—		12			—			—
Receivable from the Adviser		—		45			—			—
Dividends and interest receivable		1,820		1,309			367			705
Other assets		481		12			20			149
Total assets		3,639,460		100,695			87,458			1,015,309
LIABILITIES:
Reverse repurchase agreements		—		163			—			—
Unrealized depreciation on unfunded loan commitments		—		—			—	^		—
Unrealized depreciation on foreign currency forward contracts		—		383			—			2,932
Dividends payable		—		—			6			—
Payable for investments purchased		17,435		5,615			1,968			22,036
Payable for fund shares redeemed		3,308		13			221			526
Payable for return of cash collateral for foreign currency forward contracts		—		230			—			—
Payable for operating expenses		771		181			170			237
Payable for management fees		515		—			2			136
Payable for deferred director’s compensation		445		9			10			131
Payable for foreign taxes on unrealized gains		1,256		44			—			—
Total liabilities		23,730		6,638			2,377			25,998
Total net assets	$	3,615,730	$	94,057		$	85,081		$	989,311
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,606,407	$	94,083		$	88,226		$	760,188
Total distributable earnings (loss)		1,009,323		(26	)		(3,145	)		229,123
Total net assets	$	3,615,730	$	94,057		$	85,081		$	989,311
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	333,609	$	6,413		$	24,543		$	39,154
Advisor Shares	$	1,799,729	$	27,925		$	27,256		$	652,408
Institutional Shares	$	1,482,392	$	59,719		$	33,282		$	297,749
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		15,404,580		625,711			2,592,759			1,856,242
Advisor Shares		82,080,851		2,726,073			2,879,945			30,670,058
Institutional Shares		67,118,958		5,825,765			3,517,295			13,945,119
Net asset value per share
Investor Shares	$	21.66	$	10.25		$	9.47		$	21.09
Advisor Shares	$	21.93	$	10.24		$	9.46		$	21.27
Institutional Shares	$	22.09	$	10.25		$	9.46		$	21.35
Cost of total investments	$	2,178,321	$	92,871		$	87,155		$	793,090
Cost of foreign currency held	$	91	$	104		$	—		$	2

*	Consolidated statement

^	Amount rounds to less than $1

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

60	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities — March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY			GLOBAL EQUITY		GLOBAL OPPORTUNITIES		GLOBAL UNCONSTRAINED*
ASSETS:
Investments in securities, unaffiliated, at value	$	209,276		$	145,196	$	1,920,444	$	197,732
Short-term investments, at value		12,061			4,621		53,994		101,612
Total investments		221,337			149,817		1,974,438		299,344
Cash		1,927			1,477		21,344		5,562
Cash pledged for centrally cleared swap contracts		—			—		—		13,473
Deposits with broker for foreign currency forward contracts		—			—		—		7,621
Deposits with broker for futures contracts		—			—		—		1,407
Foreign currency		60			92		1,502		2,065
Unrealized appreciation on foreign currency forward contracts		—			—		—		1,902
Security lending income receivable		—	^		30		—		—
Receivable from investments sold		619			7,199		20,066		1,172
Receivable from fund shares sold		20			54		4,594		5,516
Receivable for variation margin on centrally cleared swap contracts		—			—		—		147
Receivable from the Adviser		—			—		—		42
Dividends and interest receivable		182			470		1,938		3,930
Other assets		26			28		407		13
Total assets		224,171			159,167		2,024,289		342,194
LIABILITIES:
Swap contracts, at value		—			—		—		97	⁽¹⁾
Short positions in securities, at value		—			—		—		20,542
Reverse repurchase agreements		—			—		—		200
Unrealized depreciation on foreign currency forward contracts		—			—		—		1,493
Payable for investments purchased		675			592		9,215		18,776
Payable for fund shares redeemed		26			20		4,823		155
Payable for variation margin on futures contracts		—			—		—		9
Payable for return of cash collateral for foreign currency forward contracts		—			—		—		300
Payable upon return of securities loaned		—			2,292		—		—
Payable for operating expenses		125			157		596		315
Payable for management fees		30			15		247		—
Payable for deferred director’s compensation		24			25		384		9
Payable for foreign taxes on unrealized gains		—			—		—		73
Total liabilities		880			3,101		15,265		41,969
Total net assets	$	223,291		$	156,066	$	2,009,024	$	300,225
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	164,015		$	120,788	$	1,348,850	$	297,018
Total distributable earnings		59,276			35,278		660,174		3,207
Total net assets	$	223,291		$	156,066	$	2,009,024	$	300,225
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	31,042		$	59,833	$	590,992	$	15,330
Advisor Shares	$	15,956		$	5,078	$	415,935	$	218,183
Institutional Shares	$	176,293		$	91,155	$	1,002,097	$	66,712
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		1,535,647			2,930,714		19,481,264		1,477,359
Advisor Shares		785,696			248,684		13,501,630		21,020,692
Institutional Shares		8,601,724			4,397,006		31,895,325		6,425,228
Net asset value per share
Investor Shares	$	20.21		$	20.42	$	30.34	$	10.38
Advisor Shares	$	20.31		$	20.42	$	30.81	$	10.38
Institutional Shares	$	20.50		$	20.73	$	31.42	$	10.38
Cost of total investments	$	181,310		$	137,186	$	1,640,274	$	295,888
Cost of foreign currency held	$	61		$	92	$	1,502	$	2,012
Value of securities on loan	$	—		$	2,199	$	—	$	—
Proceeds from short positions in securities	$	—		$	—	$	—	$	20,074

*	Consolidated statement
^	Amount rounds to less than $1
⁽¹⁾	Net of upfront payments paid of $45

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities — March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE		HIGH INCOME			INTERNATIONAL		INTERNATIONAL EXPLORER
ASSETS:
Investments in securities, unaffiliated, at value	$	2,367,720	$	8,661,599		$	4,828,052	$	224,798
Short-term investments, at value		131,722		634,922			175,970		37,176
Total investments		2,499,442		9,296,521			5,004,022		261,974
Cash		15,479		70,327			41,152		340
Foreign currency		5,140		268			12,775		227
Unrealized appreciation on foreign currency forward contracts		93		—			—		—
Security lending income receivable		—		34			54		—
Receivable from investments sold		2,875		24,634			22,492		1
Receivable from fund shares sold		1,809		15,366			6,116		2,728
Dividends and interest receivable		7,792		133,649			25,431		850
Other assets		286		876			924		11
Total assets		2,532,916		9,541,675			5,112,966		266,131
LIABILITIES:
Unrealized depreciation on unfunded loan commitments		—		—	^		—		—
Unrealized depreciation on foreign currency forward contracts		571		384			—		—
Dividends payable		—		15,537			—		—
Payable for investments purchased		868		145,562			40,342		2,501
Payable for fund shares redeemed		1,976		27,260			4,116		253
Payable upon return of securities loaned		—		46,352			35,907		—
Payable for operating expenses		342		1,344			1,318		105
Payable for management fees		344		851			653		38
Payable for deferred director’s compensation		262		587			876		8
Payable for foreign taxes on unrealized gains		—		—			—		37
Total liabilities		4,363		237,877			83,212		2,942
Total net assets	$	2,528,553	$	9,303,798		$	5,029,754	$	263,189
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,577,067	$	9,718,136		$	3,524,772	$	242,631
Total distributable earnings (loss)		951,486		(414,338	)		1,504,982		20,558
Total net assets	$	2,528,553	$	9,303,798		$	5,029,754	$	263,189
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	237,206	$	656,374		$	1,471,163
Advisor Shares	$	367,701	$	3,592,782		$	875,797	$	189,298
Institutional Shares	$	1,923,646	$	5,054,642		$	2,682,794	$	73,891
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		9,883,079		72,467,442			49,857,144
Advisor Shares		15,350,055		396,957,439			29,842,435		15,082,371
Institutional Shares		80,064,184		558,468,851			90,392,830		5,884,911
Net asset value per share
Investor Shares	$	24.00	$	9.06		$	29.51
Advisor Shares	$	23.95	$	9.05		$	29.35	$	12.55
Institutional Shares	$	24.03	$	9.05		$	29.68	$	12.56
Cost of total investments	$	1,552,308	$	9,493,703		$	4,262,894	$	254,944
Cost of foreign currency held	$	5,143	$	255		$	12,850	$	226
Value of securities on loan	$	—	$	45,290		$	34,385	$	—

Amount rounds to less than $1

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

62	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities — March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID		INTERNATIONAL VALUE		MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	3,519,930	$	28,695,653	$	3,464,712		$	1,029,338
Investments in securities, affiliated, at value		—		3,222,617		—			—
Short-term investments, at value		—		4,839,848		57,656			10,753
Total investments		3,519,930		36,758,118		3,522,368			1,040,091
Cash		16,517		201,885		33,281			9,379
Foreign currency		1,859		68,257		—	^		—
Unrealized appreciation on foreign currency forward contracts		—		1,379		—			—
Receivable from investments sold		117,301		209		—			554
Receivable from fund shares sold		3,627		47,555		44,302			384
Dividends and interest receivable		16,604		169,584		853			1,268
Other assets		406		2,538		618			227
Total assets		3,676,244		37,249,525		3,601,422			1,051,903
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts		—		6,985		—			—
Payable for investments purchased		3,544		27,595		6,074			—
Payable for fund shares redeemed		3,121		65,172		8,045			1,817
Payable for operating expenses		664		4,923		752			352
Payable for management fees		533		4,756		465			129
Payable for deferred director’s compensation		364		2,201		575			194
Payable for foreign taxes on unrealized gains		958		72,964		—			—
Total liabilities		9,184		184,596		15,911			2,492
Total net assets	$	3,667,060	$	37,064,929	$	3,585,511		$	1,049,411
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	3,360,025	$	27,652,138	$	2,191,681		$	671,154
Total distributable earnings		307,035		9,412,791		1,393,830			378,257
Total net assets	$	3,667,060	$	37,064,929	$	3,585,511		$	1,049,411
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	134,847	$	3,137,954	$	941,909		$	300,671
Advisor Shares	$	783,129	$	11,424,809	$	473,861		$	184,189
Institutional Shares	$	2,749,084	$	22,502,166	$	2,169,741		$	564,551
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		8,008,397		63,515,830		30,008,524			19,483,140
Advisor Shares		46,191,633		231,789,578		14,727,388			12,016,744
Institutional Shares		160,238,842		454,141,095		56,263,855			36,793,846
Net asset value per share
Investor Shares	$	16.84	$	49.40	$	31.39		$	15.43
Advisor Shares	$	16.95	$	49.29	$	32.18		$	15.33
Institutional Shares	$	17.16	$	49.55	$	38.56		$	15.34
Cost of total investments excluding affiliated issuers	$	3,276,249	$	23,847,480	$	2,571,251		$	759,726
Cost of securities of affiliated issuers held	$	—	$	3,421,839	$	—		$	—
Cost of foreign currency held	$	1,843	$	68,451	$	—	^	$	—

^	Amount rounds to less than $1

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities — March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	SELECT EQUITY		SMALL CAP			SUSTAINABLE EMERGING MARKETS			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	52,962	$	1,047,630		$	212,306		$	301,904
Short-term investments, at value		5,368		29,684			13,748			5,265
Total investments		58,330		1,077,314			226,054			307,169
Cash		276		13,846			616			1,881
Foreign currency		32		—			1,406			—	^
Unrealized appreciation on foreign currency forward contracts		6		—			—			—
Security lending income receivable		—		—	^		—	^		—
Receivable from investments sold		76		7,666			176			83
Receivable from fund shares sold		1		745			2,508			247
Dividends and interest receivable		60		194			323			1,054
Other assets		15		249			21			39
Total assets		58,796		1,100,014			231,104			310,473
LIABILITIES:
Unrealized depreciation on foreign currency forward contracts		17		—			—			—
Payable for investments purchased		—		3,570			1,367			—
Payable for fund shares redeemed		—		1,276			87			238
Payable upon return of securities loaned		—		—			2,944			—
Payable for operating expenses		98		476			156			144
Payable for management fees		3		149			7			14
Payable for deferred director’s compensation		15		236			19			36
Payable for foreign taxes on unrealized gains		—		—			834			—
Total liabilities		133		5,707			5,414			432
Total net assets	$	58,663	$	1,094,307		$	225,690		$	310,041
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	42,754	$	824,733		$	339,276		$	188,372
Total distributable earnings (loss)		15,909		269,574			(113,586	)		121,669
Total net assets	$	58,663	$	1,094,307		$	225,690		$	310,041
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	3,851	$	426,842		$	13,906		$	78,093
Advisor Shares	$	1,930	$	211,015		$	62,412		$	73,941
Institutional Shares	$	52,882	$	456,450		$	149,372		$	158,007
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		236,936		13,485,182			782,812			5,314,540
Advisor Shares		118,558		6,581,601			3,517,356			5,066,924
Institutional Shares		3,267,365		13,883,118			8,259,558			10,822,345
Net asset value per share
Investor Shares	$	16.25	$	31.65		$	17.76		$	14.69
Advisor Shares	$	16.28	$	32.06		$	17.74		$	14.59
Institutional Shares	$	16.18	$	32.88		$	18.08		$	14.60
Cost of total investments	$	43,484	$	903,608		$	189,910		$	223,196
Cost of foreign currency held	$	32	$	—		$	1,390		$	—	^
Value of securities on loan	$	—	$	—		$	439		$	—

^	Amount rounds to less than $1

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

64	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities — March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	VALUE INCOME
ASSETS:
Investments in securities, unaffiliated, at value	$	16,051
Short-term investments, at value		195
Total investments		16,246
Cash		95
Foreign currency		—	^
Receivable from the Adviser		5
Dividends and interest receivable		56
Other assets		9
Total assets		16,411
LIABILITIES:
Written options, at value		52	⁽¹⁾
Payable for operating expenses		82
Payable for deferred director’s compensation		9
Total liabilities		143
Total net assets	$	16,268
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	15,157
Total distributable earnings		1,111
Total net assets	$	16,268
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	966
Advisor Shares	$	2,185
Institutional Shares	$	13,117
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		92,067
Advisor Shares		207,938
Institutional Shares		1,247,767
Net asset value per share
Investor Shares	$	10.50
Advisor Shares	$	10.51
Institutional Shares	$	10.51
Cost of total investments	$	15,171
Cost of foreign currency held	$	—	^

^	Amount rounds to less than $1
⁽¹⁾	Premiums received $23

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2025 (Unaudited)

Dollar values in thousands

	DEVELOPING WORLD			EMERGING MARKETS DEBT OPPORTUNITIES *			FLOATING RATE			FOCUS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers ⁽¹⁾	$	7,587		$	32		$	184		$	6,592
Interest ⁽²⁾		1,008			3,910			3,125			310
Total investment income		8,595			3,942			3,309			6,902
EXPENSES:
Management fees		18,770			311			264			5,437
Transfer agent fees
Investor		432			19			27			58
Advisor		804			24			23			324
Institutional		11			10			11			10
Shareholder Communications		14			22			21			25
Custodian fees		100			39			2			17
Accounting fees		39			75			98			35
Professional fees		104			62			37			61
ReFlow fees		—			—			—			161
Registration fees
Investor		7			14			16			6
Advisor		22			14			15			9
Institutional		11			15			15			16
Director’s fees		58			3			3			16
Interest expense		—			2			—			—
Other operating expenses		57			8			7			22
Total operating expenses		20,429			618			539			6,197
Less amounts waived or paid by the Adviser		—			(147	)		(115	)		—
Total operating expenses		20,429			471			424			6,197
Net investment income (loss)		(11,834	)		3,471			2,885			705
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers ⁽²⁾		310,515			210			(278	)		119,432
Foreign currency forward contracts		—			367			—			3,233
Foreign currency related transactions		(45	)		(580	)		—			(108	)
Futures contracts		—			843			—			—
Written options		—			—			—			(4,612	)
Swap contracts		—			133			—			—	^
Total realized gain (loss)		310,470			973			(278	)		117,945
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers ⁽³⁾		(210,430	)		(1,406	)		(899	)		(101,156	)
Foreign currency forward contracts		—			208			—			(431	)
Foreign currency related transactions		(16	)		(138	)		—			(1	)
Futures contracts		—			(156	)		—			—
Written options		—			—			—			(548	)
Swap contracts		—			(406	)		—			—
Unfunded loan commitments		—			—			1			—
Total decrease in unrealized appreciation or depreciation		(210,446	)		(1,898	)		(898	)		(102,136	)
Net gain (loss) on investments and foreign currency related transactions		100,024			(925	)		(1,176	)		15,809
Net increase in net assets resulting from operations	$	88,190		$	2,546		$	1,709		$	16,514

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	208		$	—		$	—		$	117
⁽²⁾ Net of foreign taxes withheld on interest		—			174			—			—
⁽³⁾ Net of foreign taxes on realized gains		—			13			—			—
⁽⁴⁾ Net of increase(decrease) in foreign taxes on unrealized gains		(5,994	)		—			—			—
* Consolidated statement.
^ Amount rounds to less than $1.

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

66	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL UNCONSTRAINED *
INVESTMENT INCOME:
Dividends, from unaffiliated issuers ⁽¹⁾	$	483		$	831		$	7,043		$	291
Interest ⁽²⁾		43			82			989			7,149
Income from securities lending		2			32			—			—	^
Total investment income		528			945			8,032			7,440
EXPENSES:
Management fees		1,206			791			10,529			805
Transfer agent fees
Investor		49			90			792			25
Advisor		20			14			260			56
Institutional		11			11			11			15
Shareholder Communications		12			10			32			25
Custodian fees		9			21			46			62
Accounting fees		39			39			39			130
Professional fees		34			52			105			66
ReFlow fees		—			—			425			—
Registration fees
Investor		5			14			8			14
Advisor		13			7			18			31
Institutional		11			9			10			14
Director’s fees		4			3			32			3
Interest expense		—			—			—			1
Dividends on securities sold short		—			—			—			111
Interest on securities sold short		—			—			—			227
Other operating expenses		10			6			43			10
Total operating expenses		1,423			1,067			12,350			1,595
Less amounts waived or paid by the Adviser		(13	)		(17	)		—			(291	)
Net expenses		1,410			1,050			12,350			1,304
Net investment income (loss)		(882	)		(105	)		(4,318	)		6,136
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers ⁽²⁾		25,228			30,808			353,071			1,197
Foreign currency forward contracts		—			—			—			(312	)
Foreign currency related transactions		(3	)		(15	)		(96	)		(356	)
Futures contracts		—			—			—			822
Securities sold short		—			—			—			(261	)
Swap contracts		—			—			—			(874	)
Total realized gain		25,225			30,793			352,975			216
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers ⁽³⁾		(25,840	)		(19,830	)		(476,203	)		442
Foreign currency forward contracts		—			—			—			801
Foreign currency related transactions		(7	)		(9	)		(37	)		(207	)
Futures contracts		—			—			—			(81	)
Swap contracts		—			—			—			1,384
Securities sold short		—			—			—			(88	)
Total increase (decrease) in unrealized appreciation or depreciation		(25,847	)		(19,839	)		(476,240	)		2,251
Net gain (loss) on investments and foreign currency related transactions		(622	)		10,954			(123,265	)		2,467
Net increase (decrease) in net assets resulting from operations	$	(1,504	)	$	10,849		$	(127,583	)	$	8,603

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	3		$	31		$	145		$	4
⁽²⁾ Net of foreign taxes withheld on interest		—			—			—			252
⁽³⁾ Net of foreign taxes on realized gains		—			—			—			16
⁽⁴⁾ Net of increase(decrease) in foreign taxes on unrealized gains		—			—			—			(4	)
* Consolidated statement.
^ Amount rounds to less than $1.

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL			INTERNATIONAL EXPLORER
INVESTMENT INCOME:
Dividends, from unaffiliated issuers ⁽¹⁾	$	20,011		$	17,521		$	36,537		$	1,896
Interest		2,648			331,685			5,946			9
Income from securities lending		—			317			68			—
Total investment income		22,659			349,523			42,551			1,905
EXPENSES:
Management fees		12,193			30,349			24,035			1,127
Transfer agent fees
Investor		273			778			1,633
Advisor		148			1,698			393			66
Institutional		7			9			9			10
Shareholder Communications		19			182			41			14
Custodian fees		45			39			223			17
Accounting fees		39			89			39			39
Professional fees		88			197			147			33
Registration fees
Investor		16			26			17
Advisor		15			52			24			13
Institutional		10			61			16			6
Director’s fees		36			145			72			3
Other operating expenses		44			134			102			7
Total operating expenses		12,933			33,759			26,751			1,335
Net investment income		9,726			315,764			15,800			570
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		70,903			(109,944	)		842,499			14,562
Investments, from affiliated issuers		—			—			—			(642	)
Foreign currency forward contracts		—			521			—			—
Foreign currency related transactions		85			(13	)		(891	)		(5	)
Total realized gain (loss)		70,988			(109,436	)		841,608			13,915
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers ⁽²⁾		37,423			(32,400	)		(565,068	)		(7,224	)
Investments, from affiliated issuers		—			—			—			(1,409	)
Foreign currency forward contracts		(478	)		(246	)		—			—
Foreign currency related transactions		(192	)		10			(730	)		(1	)
Unfunded loan commitments		—			—	^		—			—
Total increase (decrease) in unrealized appreciation or depreciation		36,753			(32,636	)		(565,798	)		(8,634	)
Net gain (loss) on investments and foreign currency related transactions		107,741			(142,072	)		275,810			5,281
Net increase in net assets resulting from operations	$	117,467		$	173,692		$	291,610		$	5,851

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	740		$	—		$	3,123		$	81
⁽²⁾ Net of increase(decrease) in foreign taxes on unrealized gains		—			—			—			(119	)
^ Amount rounds to less than $1.

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

68	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID			INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers ⁽¹⁾	$	19,869		$	420,772		$	5,245		$	12,522
Dividends, from affiliated issuers		—			15,390			—			—
Interest		751			33,645			726			213
Income from securities lending		—			537			—			—
Total investment income		20,620			470,344			5,971			12,735
EXPENSES:
Management fees		22,231			165,177			19,643			4,996
Transfer agent fees
Investor		211			3,545			1,377			369
Advisor		468			5,386			265			122
Institutional		8			13			8			11
Shareholder Communications		211			403			119			34
Custodian fees		177			1,117			26			8
Accounting fees		39			39			28			28
Professional fees		203			711			102			46
ReFlow fees		—			—			—			78
Registration fees
Investor		16			19			9			18
Advisor		29			96			19			15
Institutional		45			77			19			18
Director’s fees		65			541			56			16
Other operating expenses		73			519			79			30
Total operating expenses		23,776			177,643			21,750			5,789
Net investment income (loss)		(3,156	)		292,701			(15,779	)		6,946
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		114,992			197,463			555,682			94,138
Investments, from affiliated issuers		—			—	^		—			—
Foreign currency related transactions		(636	)		—	^		(6	)		—
Total realized gain		114,356			197,463			555,676			94,138
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers ⁽²⁾		(496,625	)		(371,288	)		(593,330	)		(152,819	)
Investments, from affiliated issuers		—			(783,735	)		—			—
Foreign currency forward contracts		—			(5,606	)		—			—
Foreign currency related transactions		(357	)		(4,256	)		(5	)		—
Total decrease in unrealized appreciation or depreciation		(496,982	)		(1,164,885	)		(593,335	)		(152,819	)
Net loss on investments and foreign currency related transactions		(382,626	)		(967,422	)		(37,659	)		(58,681	)
Net decrease in net assets resulting from operations	$	(385,782	)	$	(674,721	)	$	(53,438	)	$	(51,735	)

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	1,576		$	27,323		$	—		$	—
⁽²⁾ Net of increase(decrease) in foreign taxes on unrealized gains		(999	)		(25,680	)		—			—
^ Amount rounds to less than $1.

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	SELECT EQUITY			SMALL CAP			SUSTAINABLE EMERGING MARKETS			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers ⁽¹⁾	$	407		$	1,078		$	1,464		$	3,791
Interest		6			307			13			444
Income from securities lending		—			16			3			—
Total investment income		413			1,401			1,480			4,235
EXPENSES:
Management fees		202			6,354			736			1,218
Transfer agent fees
Investor		19			581			29			99
Advisor		11			137			29			53
Institutional		11			11			10			11
Shareholder Communications		9			45			8			18
Custodian fees		3			12			41			6
Accounting fees		28			28			39			28
Professional fees		21			49			48			32
ReFlow fees		—			—			—			32
Registration fees
Investor		14			12			5			15
Advisor		14			21			5			16
Institutional		14			9			6			9
Director’s fees		3			16			3			5
Other operating expenses		3			28			5			10
Total operating expenses		352			7,303			964			1,552
Less amounts waived or paid by the Adviser		(52	)		—			(75	)		(101	)
Net expenses		300			7,303			889			1,451
Net investment income (loss)		113			(5,902	)		591			2,784
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		1,744			173,871			(1,079	)		37,910
Foreign currency related transactions		(1	)		—			(54	)		(25	)
Total realized gain (loss)		1,743			173,871			(1,133	)		37,885
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers ⁽²⁾		500			(279,932	)		(6,151	)		(35,568	)
Foreign currency forward contracts		(11	)		—			—			—
Foreign currency related transactions		—	^		—			9			(1	)
Total increase (decrease) in unrealized appreciation or depreciation		489			(279,932	)		(6,142	)		(35,569	)
Net gain (loss) on investments and foreign currency related transactions		2,232			(106,061	)		(7,275	)		2,316
Net increase (decrease) in net assets resulting from operations	$	2,345		$	(111,963	)	$	(6,684	)	$	5,100

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	4		$	5		$	155		$	13
⁽²⁾ Net of increase(decrease) in foreign taxes on unrealized gains		—			—			(396	)		—
^ Amount rounds to less than $1.

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

70	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations — For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

	VALUE INCOME
INVESTMENT INCOME:
Dividends, from unaffiliated issuers ⁽¹⁾	$	249
Interest		38
Income from securities lending		—	^
Total investment income		287
EXPENSES:
Management fees		57
Transfer agent fees
Investor		20
Advisor		11
Institutional		11
Shareholder Communications		10
Custodian fees		3
Accounting fees		35
Professional fees		25
Registration fees
Investor		13
Advisor		13
Institutional		13
Director’s fees		3
Other operating expenses		7
Total operating expenses		221
Less amounts waived or paid by the Adviser		(135	)
Net expenses		86
Net investment income		201
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		352
Foreign currency related transactions		(2	)
Written options		9
Total realized gain		359
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(761	)
Foreign currency related transactions		—	^
Written options		(24	)
Total decrease in unrealized appreciation or depreciation		(785	)
Net loss on investments and foreign currency related transactions		(426	)
Net decrease in net assets resulting from operations	$	(225	)

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	—	^
^ Amount rounds to less than $1.

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	DEVELOPING WORLD						EMERGING MARKETS DEBT OPPORTUNITIES*
		Six Months Ended 3/31/2025		Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income (loss)	$	(11,834	)	$	(13,904	)	$	3,471		$	4,474
Net realized gain (loss) on:
Investments, from unaffiliated issuers		310,515			212,756			210			1,088
Foreign currency forward contracts		—			(1	)		367			(316	)
Foreign currency related transactions		(45	)		(211	)		(580	)		(135	)
Securities sold short		—			—			—			—	^
Futures contracts		—			—			843			(614	)
Swap contracts		—			—			133			(513	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(210,430	)		932,085			(1,406	)		2,479
Foreign currency forward contracts		—			1			208			407
Foreign currency related transactions		(16	)		44			(138	)		46
Securities sold short		—			—			—			(6	)
Futures contracts		—			—			(156	)		(218	)
Swap contracts		—			—			(406	)		777
Net increase in net assets resulting from operations		88,190			1,130,770			2,546			7,469
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		—			—			(209	)		(397	)
Advisor Shares		—			—			(1,256	)		(1,792	)
Institutional Shares		—			—			(2,531	)		(3,582	)
Total distributions to shareholders		—			—			(3,996	)		(5,771	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(80,175	)		(332,403	)		19,918			37,582
Total increase in net assets		8,015			798,367			18,468			39,280
Net assets, beginning of period		3,607,715			2,809,348			75,589			36,309
Net assets, end of period	$	3,615,730		$	3,607,715		$	94,057		$	75,589

*	Consolidated statement

^	Amount rounds to less than $1

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

72	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	FLOATING RATE						FOCUS
	Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income	$	2,885		$	6,304		$	705		$	1,685
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(278	)		(1,196	)		119,432			153,029
Foreign currency forward contracts		—			—			3,233			2,947
Foreign currency related transactions		—			—			(108	)		31
Written options		—			—			(4,612	)		(21,741	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(899	)		395			(101,156	)		228,085
Foreign currency forward contracts		—			—			(431	)		(3,219	)
Foreign currency related transactions		—			—			(1	)		2
Written options		—			—			(548	)		543
Unfunded loan commitments		1			(1	)		—			—
Net increase in net assets resulting from operations		1,709			5,502			16,514			361,362
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(568	)		(1,042	)		(4,815	)		—
Advisor Shares		(927	)		(2,036	)		(78,437	)		—
Institutional Shares		(1,274	)		(2,964	)		(37,595	)		—
Total distributions to shareholders		(2,769	)		(6,042	)		(120,847	)		—
Tax return of capital:
Advisor Shares		—			(81	)		—			—
Institutional Shares		—			(117	)		—			—
Investor Shares		—			(41	)		—			—
Total return of capital		—			(239	)		—			—
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		13,326			21,429			(67,358	)		(122,196	)
Total increase (decrease) in net assets		12,266			20,650			(171,691	)		239,166
Net assets, beginning of period		72,815			52,165			1,161,002			921,836
Net assets, end of period	$	85,081		$	72,815		$	989,311		$	1,161,002

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL DISCOVERY						GLOBAL EQUITY
		Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income (loss)	$	(882	)	$	(1,252	)	$	(105	)	$	457
Net realized gain (loss) on:
Investments, from unaffiliated issuers		25,228			31,510			30,808			19,359
Foreign currency related transactions		(3	)		32			(15	)		(1	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(25,840	)		19,344			(19,830	)		26,670
Foreign currency related transactions		(7	)		5			(9	)		44
Net increase (decrease) in net assets resulting from operations		(1,504	)		49,639			10,849			46,529
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(281	)		—			(6,881	)		(630	)
Advisor Shares		(143	)		—			(520	)		(47	)
Institutional Shares		(1,664	)		—			(10,398	)		(1,114	)
Total distributions to shareholders		(2,088	)		—			(17,799	)		(1,791	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(16,512	)		(25,815	)		(18,480	)		(49,304	)
Total increase (decrease) in net assets		(20,104	)		23,824			(25,430	)		(4,566	)
Net assets, beginning of period		243,395			219,571			181,496			186,062
Net assets, end of period	$	223,291		$	243,395		$	156,066		$	181,496

	GLOBAL OPPORTUNITIES							GLOBAL UNCONSTRAINED*
		Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income (loss)		$	(4,318	)	$	(7,568	)	$	6,136		$	5,520
Net realized gain (loss) on:
Investments, from unaffiliated issuers			353,071			742,723			1,197			1,235
Foreign currency forward contracts			—			—			(312	)		(355	)
Foreign currency related transactions			(96	)		208			(356	)		(304	)
Securities sold short			—			—			(261	)		(94	)
Futures contracts			—			—			822			(889	)
Swap contracts			—			—			(874	)		(921	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(476,203	)		5,691			442			3,752
Foreign currency forward contracts			—			—			801			(277	)
Foreign currency related transactions			(37	)		56			(207	)		147
Securities sold short			—			—			(88	)		(469	)
Futures contracts			—			—			(81	)		(350	)
Swap contracts			—			—			1,384			(820	)
Net increase (decrease) in net assets resulting from operations			(127,583	)		741,110			8,603			6,175
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(73,932	)		(16,515	)		(364	)		(327	)
Advisor Shares			(53,701	)		(11,043	)		(3,466	)		(3,527	)
Institutional Shares			(137,227	)		(35,857	)		(1,206	)		(2,140	)
Total distributions to shareholders			(264,860	)		(63,415	)		(5,036	)		(5,994	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(155,537	)		(737,836	)		178,289			70,917
Total increase (decrease) in net assets			(547,980	)		(60,141	)		181,856			71,098
Net assets, beginning of period			2,557,004			2,617,145			118,369			47,271
Net assets, end of period		$	2,009,024		$	2,557,004		$	300,225		$	118,369

*	Consolidated statement

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

74	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL VALUE						HIGH INCOME
	Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income	$	9,726		$	30,939		$	315,764		$	619,195
Net realized gain (loss) on:
Investments, from unaffiliated issuers		70,903			97,092			(109,944	)		(34,521	)
Foreign currency forward contracts		—			—			521			(154	)
Foreign currency related transactions		85			348			(13	)		5
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		37,423			454,003			(32,400	)		536,385
Foreign currency forward contracts		(478	)		—			(246	)		(112	)
Foreign currency related transactions		(192	)		239			10			5
Unfunded loan commitments		—			—			—	^		9
Net increase in net assets resulting from operations		117,467			582,621			173,692			1,120,812
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(11,534	)		(6,088	)		(20,789	)		(49,559	)
Advisor Shares		(17,630	)		(8,466	)		(120,295	)		(253,878	)
Institutional Shares		(98,824	)		(52,295	)		(169,183	)		(315,660	)
Total distributions to shareholders		(127,988	)		(66,849	)		(310,267	)		(619,097	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		29,290			(57,705	)		615,035			1,164,556
Total increase in net assets		18,769			458,067			478,460			1,666,271
Net assets, beginning of period		2,509,784			2,051,717			8,825,338			7,159,067
Net assets, end of period	$	2,528,553		$	2,509,784		$	9,303,798		$	8,825,338

	INTERNATIONAL							INTERNATIONAL EXPLORER
		Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income		$	15,800		$	45,918		$	570		$	1,288
Net realized gain (loss) on:
Investments, from unaffiliated issuers			842,499			418,724			14,562			2,474
Investments, from affiliated issuers			—			—			(642	)		—
Foreign currency related transactions			(891	)		(37	)		(5	)		21
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(565,068	)		715,754			(7,224	)		14,812
Investments, from affiliated issuers			—			—			(1,409	)		3,329
Foreign currency related transactions			(730	)		1,641			(1	)		3
Net increase in net assets resulting from operations			291,610			1,182,000			5,851			21,927
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(133,001	)		(27,670	)		—			—
Advisor Shares			(79,291	)		(16,210	)		(3,347	)		(842	)
Institutional Shares			(259,564	)		(56,844	)		(1,288	)		(778	)
Total distributions to shareholders			(471,856	)		(100,724	)		(4,635	)		(1,620	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(76,927	)		(680,964	)		102,824			63,153
Total increase (decrease) in net assets			(257,173	)		400,312			104,040			83,460
Net assets, beginning of period			5,286,927			4,886,615			159,149			75,689
Net assets, end of period		$	5,029,754		$	5,286,927		$	263,189		$	159,149

^	Amount rounds to less than $1

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL-MID							INTERNATIONAL VALUE
		Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income (loss)		$	(3,156	)	$	9,069		$	292,701		$	512,379
Net realized gain (loss) on:
Investments, from unaffiliated issuers			114,992			200,231			197,463			1,076,374
Investments, from affiliated issuers			—			(280	)		—	^		3,001
Foreign currency related transactions			(636	)		358			—	^		3,010
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(496,625	)		525,460			(371,288	)		5,940,606
Investments, from affiliated issuers			—			53,485			(783,735	)		89,591
Foreign currency forward contracts			—			—			(5,606	)		—
Foreign currency related transactions			(357	)		332			(4,256	)		4,498
Net increase (decrease) in net assets resulting from operations			(385,782	)		788,655			(674,721	)		7,629,459
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(1,570	)		—			(94,786	)		(105,512	)
Advisor Shares			(9,470	)		(31	)		(343,928	)		(354,826	)
Institutional Shares			(31,492	)		(2,174	)		(718,358	)		(798,550	)
Total distributions to shareholders			(42,532	)		(2,205	)		(1,157,072	)		(1,258,888	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(652,107	)		(118,697	)		2,679,782			1,705,622
Total increase (decrease) in net assets			(1,080,421	)		667,753			847,989			8,076,193
Net assets, beginning of period			4,747,481			4,079,728			36,216,940			28,140,747
Net assets, end of period		$	3,667,060		$	4,747,481		$	37,064,929		$	36,216,940

	MID CAP							MID CAP VALUE
		Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income (loss)		$	(15,779	)	$	(34,810	)	$	6,946		$	10,231
Net realized gain (loss) on:
Investments, from unaffiliated issuers			555,682			598,564			94,138			155,161
Foreign currency related transactions			(6	)		(9	)		—			—
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(593,330	)		127,557			(152,819	)		53,400
Foreign currency related transactions			(5	)		5			—			—
Net increase (decrease) in net assets resulting from operations			(53,438	)		691,307			(51,735	)		218,792
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares			(156,823	)		—			(13,106	)		(57,449	)
Advisor Shares			(77,709	)		—			(8,513	)		(39,705	)
Institutional Shares			(278,151	)		—			(24,801	)		(87,696	)
Total distributions to shareholders			(512,683	)		—			(46,420	)		(184,850	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(153,164	)		(862,606	)		(26,933	)		(6,330	)
Total increase (decrease) in net assets			(719,285	)		(171,299	)		(125,088	)		27,612
Net assets, beginning of period			4,304,796			4,476,095			1,174,499			1,146,887
Net assets, end of period		$	3,585,511		$	4,304,796		$	1,049,411		$	1,174,499

^	Amount rounds to less than $1

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

76	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SELECT EQUITY						SMALL CAP
		Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income (loss)	$	113		$	293		$	(5,902	)	$	(14,094	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		1,744			1,106			173,871			357,340
Foreign currency related transactions		(1	)		1			—			—
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		500			10,915			(279,932	)		(7,256	)
Foreign currency forward contracts		(11	)		—			—			—
Foreign currency related transactions		—	^		—	^		—			—
Net increase (decrease) in net assets resulting from operations		2,345			12,315			(111,963	)		335,990
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(37	)		(13	)		(24,495	)		—
Advisor Shares		(21	)		(9	)		(13,874	)		—
Institutional Shares		(662	)		(228	)		(26,327	)		—
Total distributions to shareholders		(720	)		(250	)		(64,696	)		—
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		4,925			3,045			(121,793	)		(567,892	)
Total increase (decrease) in net assets		6,550			15,110			(298,452	)		(231,902	)
Net assets, beginning of period		52,113			37,003			1,392,759			1,624,661
Net assets, end of period	$	58,663		$	52,113		$	1,094,307		$	1,392,759

	SUSTAINABLE EMERGING MARKETS						VALUE
	Six Months Ended 3/31/2025			Year Ended 9/30/2024			Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income	$	591		$	1,936		$	2,784		$	4,517
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(1,079	)		(2,272	)		37,910			29,702
Foreign currency related transactions		(54	)		(24	)		(25	)		63
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(6,151	)		32,093			(35,568	)		37,452
Foreign currency related transactions		9			8			(1	)		8
Net increase (decrease) in net assets resulting from operations		(6,684	)		31,741			5,100			71,742
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(171	)		(60	)		(5,699	)		(4,354	)
Advisor Shares		(544	)		(202	)		(6,079	)		(4,951	)
Institutional Shares		(1,229	)		(363	)		(11,930	)		(7,352	)
Total distributions to shareholders		(1,944	)		(625	)		(23,708	)		(16,657	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		64,963			42,737			(19,907	)		(2,231	)
Total increase (decrease) in net assets		56,335			73,853			(38,515	)		52,854
Net assets, beginning of period		169,355			95,502			348,556			295,702
Net assets, end of period	$	225,690		$	169,355		$	310,041		$	348,556

^	Amount rounds to less than $1

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

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE INCOME
	Six Months Ended 3/31/2025			Year Ended 9/30/2024
OPERATIONS:
Net investment income	$	201		$	417
Net realized gain (loss) on:
Investments, from unaffiliated issuers		352			191
Foreign currency related transactions		(2	)		2
Written options		9			29
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(761	)		2,598
Foreign currency related transactions		—	^		—	^
Written options		(24	)		(7	)
Net increase (decrease) in net assets resulting from operations		(225	)		3,230
DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		(11	)		(25	)
Advisor Shares		(25	)		(55	)
Institutional Shares		(151	)		(318	)
Total distributions to shareholders		(187	)		(398	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		294			2,468
Total increase (decrease) in net assets		(118	)		5,300
Net assets, beginning of period		16,386			11,086
Net assets, end of period	$	16,268		$	16,386

^	Amount rounds to less than $1

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

78	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
DEVELOPING WORLD
Investor Shares
3/31/2025⁽¹¹⁾	$ 21.16	(0.09)	0.59	0.50	—	—	—	$ 21.66	2.36%	$ 333,609	1.30%	n/a	(0.83)%	36.45%
9/30/2024	$ 14.84	(0.11)	6.43	6.32	—	—	—	$ 21.16	42.59%	$ 348,562	1.31%	n/a	(0.64)%	60.10%
9/30/2023	$ 12.12	(0.11)	2.85	2.74	(0.02)	—	(0.02)	$ 14.84	22.60%	$ 281,835	1.30%	n/a	(0.74)%	67.53%
9/30/2022	$ 25.55	(0.17)	(11.19)	(11.36)	—	(2.07)	(2.07)	$ 12.12	(48.39)%	$ 349,016	1.28%	n/a	(0.92)%	87.26%
9/30/2021	$ 22.98	(0.29)	3.97	3.68	—	(1.11)	(1.11)	$ 25.55	16.15%	$ 899,701	1.26%	n/a	(1.09)%	126.20%
9/30/2020	$ 13.44	(0.17)	9.71	9.54	—	—	—	$ 22.98	71.06%	$ 643,044	1.28%	n/a	(0.96)%	138.63%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 21.41	(0.07)	0.59	0.52	—	—	—	$ 21.93	2.48%	$ 1,799,729	1.13%	n/a	(0.66)%	36.45%
9/30/2024	$ 14.98	(0.08)	6.51	6.43	—	—	—	$ 21.41	42.86%	$ 1,716,768	1.13%	n/a	(0.46)%	60.10%
9/30/2023	$ 12.25	(0.08)	2.86	2.78	(0.05)	—	(0.05)	$ 14.98	22.80%	$ 1,318,082	1.13%	n/a	(0.56)%	67.53%
9/30/2022	$ 25.77	(0.14)	(11.31)	(11.45)	—	(2.07)	(2.07)	$ 12.25	(48.32)%	$ 1,620,067	1.11%	n/a	(0.75)%	87.26%
9/30/2021	$ 23.13	(0.24)	3.99	3.75	—	(1.11)	(1.11)	$ 25.77	16.35%	$ 4,648,125	1.09%	n/a	(0.92)%	126.20%
9/30/2020	$ 13.51	(0.14)	9.76	9.62	—	—	—	$ 23.13	71.28%	$ 3,513,504	1.13%	n/a	(0.81)%	138.63%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 21.55	(0.06)	0.60	0.54	—	—	—	$ 22.09	2.51%	$ 1,482,392	1.04%	n/a	(0.58)%	36.45%
9/30/2024	$ 15.07	(0.07)	6.55	6.48	—	—	—	$ 21.55	43.00%	$ 1,542,385	1.05%	n/a	(0.38)%	60.10%
9/30/2023	$ 12.33	(0.07)	2.88	2.81	(0.07)	—	(0.07)	$ 15.07	22.88%	$ 1,209,431	1.05%	n/a	(0.48)%	67.53%
9/30/2022	$ 25.90	(0.12)	(11.38)	(11.50)	—	(2.07)	(2.07)	$ 12.33	(48.27)%	$ 1,282,523	1.03%	n/a	(0.66)%	87.26%
9/30/2021	$ 23.22	(0.22)	4.01	3.79	—	(1.11)	(1.11)	$ 25.90	16.46%	$ 3,178,364	1.00%	n/a	(0.83)%	126.20%
9/30/2020	$ 13.55	(0.13)	9.80	9.67	—⁽⁵⁾	—	—⁽⁵⁾	$ 23.22	71.45%	$ 2,475,795	1.04%	n/a	(0.72)%	138.63%
EMERGING MARKETS DEBT OPPORTUNITIES
Investor Shares
3/31/2025⁽¹¹⁾	$ 10.43	0.44	(0.12)	0.32	(0.39)	(0.11)	(0.50)	$ 10.25	3.05%	$ 6,413	1.26%*	2.81%*	8.51%	37.53%
9/30/2024	$ 10.14	0.79	0.60	1.39	(0.89)	(0.21)	(1.10)	$ 10.43	14.60%	$ 3,744	1.28%*	3.22%*	7.67%	101.04%
9/30/2023	$ 9.60	0.68	0.81	1.49	(0.72)	(0.23)	(0.95)	$ 10.14	16.01%	$ 2,646	1.30%*	8.04%*	6.64%	147.67%
4/7/2022 (commencement) - 9/30/2022	$ 10.00	0.24	(0.41)	(0.17)	(0.23)	—	(0.23)	$ 9.60	(1.72)%	$ 88	1.25%	170.55%	5.07%	38.16%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 10.42	0.43	(0.11)	0.32	(0.39)	(0.11)	(0.50)	$ 10.24	3.11%	$ 27,925	1.16%*	1.55%*	8.34%	37.53%
9/30/2024	$ 10.14	0.80	0.59	1.39	(0.90)	(0.21)	(1.11)	$ 10.42	14.61%	$ 24,074	1.18%*	1.85%*	7.82%	101.04%
9/30/2023	$ 9.60	0.70	0.80	1.50	(0.73)	(0.23)	(0.96)	$ 10.14	–	$ 9,466	1.20%*	2.99%*	6.80%	147.67%
4/7/2022 (commencement) - 9/30/2022	$ 10.00	0.24	(0.41)	(0.17)	(0.23)	—	(0.23)	$ 9.60	(1.78)%	$ 433	1.15%	28.37%	5.02%	38.16%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 10.43	0.43	(0.11)	0.32	(0.39)	(0.11)	(0.50)	$ 10.25	3.13%	$ 59,719	1.11%*	1.35%*	8.36%	37.53%
9/30/2024	$ 10.15	0.81	0.59	1.40	(0.91)	(0.21)	(1.12)	$ 10.43	14.68%	$ 47,771	1.13%*	1.64%*	7.91%	101.04%
9/30/2023	$ 9.60	0.71	0.81	1.52	(0.74)	(0.23)	(0.97)	$ 10.15	–	$ 24,197	1.13%*	1.97%*	6.99%	147.67%
4/7/2022 (commencement) - 9/30/2022	$ 10.00	0.23	(0.39)	(0.16)	(0.24)	—	(0.24)	$ 9.60	(1.65)%	$ 20,678	1.10%	1.57%	4.84%	38.16%

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Return of Capital	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
FLOATING RATE
Investor Shares
3/31/2025⁽¹¹⁾	$ 9.58	0.35	(0.12)	0.23	(0.34)	—	—	(0.34)	$ 9.47	2.38%	$ 24,543	1.20%	1.63%	7.23%	44.52%
9/30/2024	$ 9.68	0.84	(0.09)	0.75	(0.82)	—	(0.03)	(0.85)	$ 9.58	8.09%	$ 12,805	1.20%	1.78%	8.76%	72.77%
9/30/2023	$ 9.30	0.82	0.38	1.20	(0.82)	—	—	(0.82)	$ 9.68	12.97%	$ 5,590	1.20%	2.74%	8.63%	76.50%
12/1/2021 (commencement) - 9/30/2022	$ 10.00	0.32	(0.72)	(0.40)	(0.30)	—	—	(0.30)	$ 9.30	(4.17)%	$ 2,451	1.20%	7.19%	4.02%	48.90%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 9.58	0.36	(0.14)	0.22	(0.34)	—	—	(0.34)	$ 9.46	2.55%	$ 27,256	1.10%	1.42%	7.44%	44.52%
9/30/2024	$ 9.68	0.85	(0.09)	0.76	(0.83)	—	(0.03)	(0.86)	$ 9.58	8.09%	$ 24,111	1.10%	1.45%	8.89%	72.77%
9/30/2023	$ 9.30	0.82	0.40	1.22	(0.84)	—	—	(0.84)	$ 9.68	13.09%	$ 18,031	1.10%	1.57%	8.66%	76.50%
12/1/2021 (commencement) - 9/30/2022	$ 10.00	0.33	(0.72)	(0.39)	(0.31)	—	—	(0.31)	$ 9.30	(4.09)%	$ 16,705	1.10%	1.61%	4.16%	48.90%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 9.58	0.36	(0.14)	0.22	(0.34)	—	—	(0.34)	$ 9.46	2.47%	$ 33,282	1.05%	1.26%	7.52%	44.52%
9/30/2024	$ 9.68	0.86	(0.09)	0.77	(0.84)	—	(0.03)	(0.87)	$ 9.58	8.15%	$ 35,899	1.05%	1.27%	8.95%	72.77%
9/30/2023	$ 9.30	0.82	0.40	1.22	(0.84)	—	—	(0.84)	$ 9.68	13.15%	$ 28,544	1.05%	1.36%	8.73%	76.50%
12/1/2021 (commencement) - 9/30/2022	$ 10.00	0.33	(0.72)	(0.39)	(0.31)	—	—	(0.31)	$ 9.30	(4.07)%	$ 28,077	1.05%	1.27%	4.10%	48.90%
FOCUS
Investor Shares
3/31/2025⁽¹¹⁾	$ 23.63	(0.01)	0.25	0.24	—	(2.78)	—	(2.78)	$ 21.09	0.51%	$ 39,154	1.34%	n/a	(0.09)%	131.24%
9/30/2024	$ 16.43	—⁽⁵⁾	7.20	7.20	—	—	—	—	$ 23.63	43.76%	$ 42,763	1.29%	n/a	0.02%	401.50%
9/30/2023	$ 15.19	(0.02)	1.31	1.29	(0.05)	—	—	(0.05)	$ 16.43	8.57%	$ 47,959	1.30%	n/a	(0.14)%	271.28%
9/30/2022	$ 22.30	(0.06)	(3.61)	(3.67)	—	(3.44)	—	(3.44)	$ 15.19	(20.76)%	$ 237,102	1.24%	n/a	(0.31)%	240.40%
9/30/2021	$ 18.34	(0.11)	4.73	4.62	—	(0.66)	—	(0.66)	$ 22.30	25.70%	$ 340,450	1.25%	n/a	(0.52)%	316.74%
9/30/2020	$ 15.63	(0.06)	3.35	3.29	(0.04)	(0.54)	—	(0.58)	$ 18.34	21.76%	$ 262,246	1.30%	n/a	(0.39)%	285.25%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 23.79	0.01	0.25	0.26	—	(2.78)	—	(2.78)	$ 21.27	0.59%	$ 652,408	1.16%	n/a	0.08%	131.24%
9/30/2024	$ 16.52	0.03	7.24	7.27	—	—	—	—	$ 23.79	43.95%	$ 677,071	1.14%	n/a	0.13%	401.50%
9/30/2023	$ 15.25	0.01	1.34	1.35	(0.08)	—	—	(0.08)	$ 16.52	8.83%	$ 517,439	1.12%	n/a	0.06%	271.28%
9/30/2022	$ 22.36	(0.03)	(3.64)	(3.67)	—	(3.44)	—	(3.44)	$ 15.25	(20.60)%	$ 817,890	1.10%	n/a	(0.17)%	240.40%
9/30/2021	$ 18.36	(0.08)	4.74	4.66	—	(0.66)	—	(0.66)	$ 22.36	25.84%	$ 1,219,909	1.10%	n/a	(0.36)%	316.74%
9/30/2020	$ 15.66	(0.04)	3.35	3.31	(0.07)	(0.54)	—	(0.61)	$ 18.36	21.98%	$ 735,871	1.13%	n/a	(0.26)%	285.25%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 23.87	0.03	0.24	0.27	(0.01)	(2.78)	—	(2.79)	$ 21.35	0.65%	$ 297,749	1.08%	n/a	0.24%	131.24%
9/30/2024	$ 16.56	0.05	7.26	7.31	—	—	—	—	$ 23.87	44.08%	$ 441,168	1.05%	n/a	0.24%	401.50%
9/30/2023	$ 15.30	0.03	1.33	1.36	(0.10)	—	—	(0.10)	$ 16.56	8.94%	$ 356,438	1.03%	n/a	0.15%	271.28%
9/30/2022	$ 22.40	(0.02)	(3.64)	(3.66)	—	(3.44)	—	(3.44)	$ 15.30	(20.56)%	$ 553,450	1.01%	n/a	(0.08)%	240.40%
9/30/2021	$ 18.37	(0.06)	4.75	4.69	—	(0.66)	—	(0.66)	$ 22.40	25.93%	$ 738,016	1.01%	n/a	(0.27)%	316.74%
2/3/2020 (commencement) - 9/30/2020	$ 16.37	(0.01)	2.01	2.00	—	—	—	—	$ 18.37	12.28%	$ 437,948	1.04%	n/a	(0.14)%	285.25%

80	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
GLOBAL DISCOVERY
Investor Shares
3/31/2025⁽¹¹⁾	$ 20.61	(0.10)	(0.12)	(0.22)	—	(0.18)	(0.18)	$ 20.21	(1.12)%	$ 31,042	1.39%	n/a	(0.96)%	34.96%
9/30/2024	$ 16.53	(0.15)	4.23	4.08	—	—	—	$ 20.61	24.68%	$ 33,480	1.40%	1.44%	(0.80)%	58.22%
9/30/2023	$ 14.15	(0.12)	2.50	2.38	—	—	—	$ 16.53	16.82%	$ 32,117	1.40%	1.43%	(0.76)%	50.02%
9/30/2022	$ 23.07	(0.17)	(7.02)	(7.19)	—	(1.73)	(1.73)	$ 14.15	(33.87)%	$ 36,925	1.38%	n/a	(0.91)%	59.23%
9/30/2021	$ 18.40	(0.20)	5.27	5.07	—	(0.40)	(0.40)	$ 23.07	27.93%	$ 63,547	1.38%	n/a	(0.96)%	47.02%
9/30/2020	$ 13.39	(0.13)	5.14	5.01	—	—	—	$ 18.40	37.42%	$ 106,480	1.35%	n/a	(0.89)%	40.44%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 20.70	(0.09)	(0.12)	(0.21)	—	(0.18)	(0.18)	$ 20.31	(1.07)%	$ 15,956	1.30%	1.45%	(0.87)%	34.96%
9/30/2024	$ 16.58	(0.13)	4.25	4.12	—	—	—	$ 20.70	24.85%	$ 18,701	1.30%	1.41%	(0.70)%	58.22%
9/30/2023	$ 14.18	(0.10)	2.50	2.40	—	—	—	$ 16.58	16.93%	$ 17,886	1.30%	1.41%	(0.61)%	50.02%
9/30/2022	$ 23.09	(0.16)	(7.02)	(7.18)	—	(1.73)	(1.73)	$ 14.18	(33.79)%	$ 13,438	1.30%	1.41%	(0.84)%	59.23%
9/30/2021	$ 18.41	(0.19)	5.27	5.08	—	(0.40)	(0.40)	$ 23.09	27.97%	$ 19,954	1.30%	1.40%	(0.88)%	47.02%
2/3/2020 (commencement) - 9/30/2020	$ 14.96	(0.08)	3.53	3.45	—	—	—	$ 18.41	23.06%	$ 19,698	1.30%	1.74%	(0.73)%	40.44%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 20.86	(0.07)	(0.11)	(0.18)	—	(0.18)	(0.18)	$ 20.50	(0.96)%	$ 176,293	1.08%	n/a	(0.66)%	34.96%
9/30/2024	$ 16.68	(0.09)	4.27	4.18	—	—	—	$ 20.86	25.06%	$ 191,214	1.09%	n/a	(0.49)%	58.22%
9/30/2023	$ 14.25	(0.07)	2.52	2.45	(0.02)	—	(0.02)	$ 16.68	17.19%	$ 169,568	1.09%	n/a	(0.42)%	50.02%
9/30/2022	$ 23.15	(0.11)	(7.06)	(7.17)	—	(1.73)	(1.73)	$ 14.25	(33.65)%	$ 182,038	1.06%	n/a	(0.58)%	59.23%
9/30/2021	$ 18.41	(0.14)	5.28	5.14	—	(0.40)	(0.40)	$ 23.15	28.30%	$ 270,640	1.08%	n/a	(0.63)%	47.02%
2/3/2020 (commencement) - 9/30/2020	$ 14.96	(0.07)	3.52	3.45	—	—	—	$ 18.41	23.06%	$ 84,267	1.20%	n/a	(0.62)%	40.44%
GLOBAL EQUITY
Investor Shares
3/31/2025⁽¹¹⁾	$ 21.41	(0.03)	1.19	1.16	(0.15)	(2.00)	(2.15)	$ 20.42	5.87%	$ 59,833	1.35%	1.35%	(0.28)%	96.90%
9/30/2024	$ 16.48	0.02	5.07	5.09	(0.16)	—	(0.16)	$ 21.41	31.12%	$ 74,466	1.35%	n/a	0.11%	136.55%
9/30/2023	$ 14.19	0.07	2.36	2.43	(0.14)	—	(0.14)	$ 16.48	17.16%	$ 66,468	1.30%	n/a	0.40%	131.91%
9/30/2022	$ 24.46	0.06	(6.59)	(6.53)	—	(3.74)	(3.74)	$ 14.19	(31.48)%	$ 66,270	1.28%	n/a	0.33%	92.81%
9/30/2021	$ 23.03	(0.11)	4.33	4.22	—	(2.79)	(2.79)	$ 24.46	19.70%	$ 151,122	1.26%	n/a	(0.47)%	119.10%
9/30/2020	$ 20.60	(0.05)	4.26	4.21	—	(1.78)	(1.78)	$ 23.03	21.90%	$ 134,498	1.26%	n/a	(0.27)%	137.93%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 21.42	(0.02)	1.20	1.18	(0.18)	(2.00)	(2.18)	$ 20.42	6.01%	$ 5,078	1.25%	1.87%	(0.15)%	96.90%
9/30/2024	$ 16.49	0.04	5.06	5.10	(0.17)	—	(0.17)	$ 21.42	31.20%	$ 4,387	1.25%	2.09%	0.21%	136.55%
9/30/2023	$ 14.19	0.08	2.37	2.45	(0.15)	—	(0.15)	$ 16.49	17.26%	$ 4,462	1.25%	1.79%	0.46%	131.91%
9/30/2022	$ 24.46	0.03	(6.56)	(6.53)	—	(3.74)	(3.74)	$ 14.19	(31.48)%	$ 4,027	1.25%	1.61%	0.14%	92.81%
9/30/2021	$ 23.04	(0.11)	4.32	4.21	—	(2.79)	(2.79)	$ 24.46	19.64%	$ 14,273	1.25%	1.62%	(0.46)%	119.10%
8/5/2020 (commencement) - 9/30/2020	$ 22.81	(0.02)	0.25	0.23	—	—	—	$ 23.04	1.01%	$ 13,092	1.25%	2.51%	(0.53)%	137.93%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 21.74	—⁽⁵⁾	1.20	1.20	(0.21)	(2.00)	(2.21)	$ 20.73	6.03%	$ 91,155	1.09%	n/a	(0.01)%	96.90%
9/30/2024	$ 16.73	0.07	5.15	5.22	(0.21)	—	(0.21)	$ 21.74	31.47%	$ 102,643	1.09%	n/a	0.37%	136.55%
9/30/2023	$ 14.40	0.11	2.41	2.52	(0.19)	—	(0.19)	$ 16.73	17.52%	$ 115,132	1.04%	n/a	0.67%	131.91%
9/30/2022	$ 24.72	0.13	(6.71)	(6.58)	—	(3.74)	(3.74)	$ 14.40	(31.34)%	$ 105,954	1.04%	n/a	0.72%	92.81%
9/30/2021	$ 23.21	(0.06)	4.36	4.30	—	(2.79)	(2.79)	$ 24.72	19.91%	$ 168,343	1.05%	n/a	(0.24)%	119.10%
9/30/2020	$ 20.71	(0.03)	4.32	4.29	(0.01)	(1.78)	(1.79)	$ 23.21	22.17%	$ 109,307	1.05%	n/a	(0.12)%	137.93%

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
GLOBAL OPPORTUNITIES
Investor Shares
3/31/2025⁽¹¹⁾	$ 36.12	(0.09)	(1.77)	(1.86)	—	(3.92)	(3.92)	$ 30.34	(6.01)%	$ 590,992	1.19%	n/a	(0.51)%	36.83%
9/30/2024	$ 28.01	(0.14)	8.96	8.82	—	(0.71)	(0.71)	$ 36.12	32.13%	$ 707,994	1.18%	n/a	(0.44)%	52.39%
9/30/2023	$ 24.32	(0.08)	3.77	3.69	—	—	—	$ 28.01	15.17%	$ 680,672	1.14%	n/a	(0.28)%	34.14%
9/30/2022	$ 39.09	(0.08)	(10.71)	(10.79)	—	(3.98)	(3.98)	$ 24.32	(31.13)%	$ 782,904	1.14%	n/a	(0.26)%	37.32%
9/30/2021	$ 34.89	(0.10)	6.70	6.60	—	(2.40)	(2.40)	$ 39.09	19.89%	$ 1,514,576	1.13%	n/a	(0.27)%	44.44%
9/30/2020	$ 27.06	(0.06)	9.80	9.74	—	(1.91)	(1.91)	$ 34.89	38.37%	$ 1,358,867	1.14%	n/a	(0.23)%	44.27%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 36.60	(0.07)	(1.80)	(1.87)	—	(3.92)	(3.92)	$ 30.81	(5.95)%	$ 415,935	1.06%	n/a	(0.39)%	36.83%
9/30/2024	$ 28.34	(0.10)	9.07	8.97	—	(0.71)	(0.71)	$ 36.60	32.28%	$ 517,357	1.05%	n/a	(0.30)%	52.39%
9/30/2023	$ 24.57	(0.05)	3.82	3.77	—	—	—	$ 28.34	15.34%	$ 466,663	1.01%	n/a	(0.16)%	34.14%
9/30/2022	$ 39.40	(0.04)	(10.81)	(10.85)	—	(3.98)	(3.98)	$ 24.57	(31.03)%	$ 625,332	1.00%	n/a	(0.13)%	37.32%
9/30/2021	$ 35.10	(0.05)	6.75	6.70	—	(2.40)	(2.40)	$ 39.40	20.07%	$ 1,253,950	0.99%	n/a	(0.12)%	44.44%
9/30/2020	$ 27.21	(0.03)	9.86	9.83	(0.03)	(1.91)	(1.94)	$ 35.10	38.52%	$ 957,127	1.01%	n/a	(0.09)%	44.27%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 37.23	(0.05)	(1.84)	(1.89)	—	(3.92)	(3.92)	$ 31.42	(5.90)%	$ 1,002,097	0.95%	n/a	(0.27)%	36.83%
9/30/2024	$ 28.78	(0.07)	9.23	9.16	—	(0.71)	(0.71)	$ 37.23	32.45%	$ 1,331,653	0.94%	n/a	(0.21)%	52.39%
9/30/2023	$ 24.93	(0.01)	3.86	3.85	—	—	—	$ 28.78	15.44%	$ 1,469,810	0.91%	n/a	(0.05)%	34.14%
9/30/2022	$ 39.89	(0.01)	(10.97)	(10.98)	—	(3.98)	(3.98)	$ 24.93	(30.97)%	$ 1,765,829	0.90%	n/a	(0.03)%	37.32%
9/30/2021	$ 35.47	(0.01)	6.83	6.82	—	(2.40)	(2.40)	$ 39.89	20.20%	$ 2,970,987	0.89%	n/a	(0.03)%	44.44%
9/30/2020	$ 27.47	—⁽⁵⁾	9.96	9.96	(0.05)	(1.91)	(1.96)	$ 35.47	38.67%	$ 2,466,599	0.90%	n/a	0.01%	44.27%
GLOBAL UNCONSTRAINED
Investor Shares
3/31/2025⁽¹¹⁾	$ 10.08	0.37	0.22	0.59	(0.25)	(0.04)	(0.29)	$ 10.38	5.87%	$ 15,330	1.65%*	2.33%*	7.17%	32.63%
9/30/2024	$ 10.04	0.71	0.13	0.84	(0.61)	(0.19)	(0.80)	$ 10.08	8.87%	$ 10,710	1.63%(6)*	3.43%*	7.01%	68.63%
9/30/2023	$ 10.10	0.58	0.44	1.02	(0.86)	(0.22)	(1.08)	$ 10.04	10.82%	$ 1,064	2.09%*	9.88%*	5.81%	158.84%
3/31/2022 (commencement) - 9/30/2022	$ 10.00	0.17	0.04	0.21	(0.11)	—	(0.11)	$ 10.10	2.10%	$ 466	1.75%*	54.50%*	3.28%	40.30%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 10.09	0.37	0.22	0.59	(0.26)	(0.04)	(0.30)	$ 10.38	5.92%	$ 218,183	1.54%*	1.83%*	7.22%	32.63%
9/30/2024	$ 10.05	0.70	0.15	0.85	(0.62)	(0.19)	(0.81)	$ 10.09	8.87%	$ 75,963	1.58%(6)*	2.03%*	6.92%	68.63%
9/30/2023	$ 10.11	0.57	0.46	1.03	(0.87)	(0.22)	(1.09)	$ 10.05	10.87%	$ 22,848	1.88%*	3.31%*	5.67%	158.84%
3/31/2022 (commencement) - 9/30/2022	$ 10.00	0.18	0.04	0.22	(0.11)	—	(0.11)	$ 10.11	2.24%	$ 2,011	1.62%*	9.54%*	3.66%	40.30%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 10.09	0.38	0.21	0.59	(0.26)	(0.04)	(0.30)	$ 10.38	5.95%	$ 66,712	1.50%*	1.87%*	7.32%	32.63%
9/30/2024	$ 10.05	0.68	0.18	0.86	(0.63)	(0.19)	(0.82)	$ 10.09	8.92%	$ 31,696	1.60%(6)*	2.06%*	6.77%	68.63%
9/30/2023	$ 10.11	0.60	0.44	1.04	(0.88)	(0.22)	(1.10)	$ 10.05	10.97%	$ 23,359	1.92%*	2.91%*	6.02%	158.84%
3/31/2022 (commencement) - 9/30/2022	$ 10.00	0.14	0.09	0.23	(0.12)	—	(0.12)	$ 10.11	2.27%	$ 12,558	1.48%*	2.57%*	2.82%	40.30%

82	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
GLOBAL VALUE
Investor Shares
3/31/2025⁽¹¹⁾	$ 24.11	0.07	1.01	1.08	(0.24)	(0.95)	(1.19)	$ 24.00	4.74%	$ 237,206	1.26%	n/a	0.57%	7.81%
9/30/2024	$ 19.22	0.25	5.24	5.49	(0.16)	(0.44)	(0.60)	$ 24.11	29.24%	$ 241,559	1.26%	n/a	1.13%	16.35%
9/30/2023	$ 15.56	0.16	4.15	4.31	(0.05)	(0.60)	(0.65)	$ 19.22	28.28%	$ 209,160	1.26%	n/a	0.86%	13.77%
9/30/2022	$ 21.58	0.16	(4.26)	(4.10)	(0.19)	(1.73)	(1.92)	$ 15.56	(21.10)%	$ 199,274	1.25%	n/a	0.83%	24.37%
9/30/2021	$ 15.94	0.17	5.48	5.65	(0.01)	—	(0.01)	$ 21.58	35.46%	$ 287,469	1.24%	n/a	0.80%	39.62%
9/30/2020	$ 17.12	0.07	(1.01)	(0.94)	(0.24)	—	(0.24)	$ 15.94	(5.63)%	$ 242,744	1.26%	n/a	0.42%	37.09%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 24.08	0.09	1.01	1.10	(0.28)	(0.95)	(1.23)	$ 23.95	4.83%	$ 367,701	1.10%	n/a	0.74%	7.81%
9/30/2024	$ 19.20	0.29	5.22	5.51	(0.19)	(0.44)	(0.63)	$ 24.08	29.43%	$ 337,314	1.11%	n/a	1.31%	16.35%
9/30/2023	$ 15.55	0.18	4.15	4.33	(0.08)	(0.60)	(0.68)	$ 19.20	28.46%	$ 254,503	1.11%	n/a	0.99%	13.77%
9/30/2022	$ 21.57	0.19	(4.26)	(4.07)	(0.22)	(1.73)	(1.95)	$ 15.55	(21.01)%	$ 254,970	1.11%	n/a	0.97%	24.37%
9/30/2021	$ 15.91	0.19	5.49	5.68	(0.02)	—	(0.02)	$ 21.57	35.70%	$ 324,013	1.10%	n/a	0.95%	39.62%
9/30/2020	$ 17.09	0.09	(1.01)	(0.92)	(0.26)	—	(0.26)	$ 15.91	(5.48)%	$ 259,859	1.12%	n/a	0.54%	37.09%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 24.16	0.10	1.02	1.12	(0.30)	(0.95)	(1.25)	$ 24.03	4.91%	$ 1,923,646	1.01%	n/a	0.82%	7.81%
9/30/2024	$ 19.26	0.30	5.25	5.55	(0.21)	(0.44)	(0.65)	$ 24.16	29.55%	$ 1,930,911	1.01%	n/a	1.38%	16.35%
9/30/2023	$ 15.60	0.20	4.16	4.36	(0.10)	(0.60)	(0.70)	$ 19.26	28.58%	$ 1,588,054	1.01%	n/a	1.11%	13.77%
9/30/2022	$ 21.63	0.21	(4.27)	(4.06)	(0.24)	(1.73)	(1.97)	$ 15.60	(20.92)%	$ 1,363,881	1.01%	n/a	1.07%	24.37%
9/30/2021	$ 15.96	0.21	5.50	5.71	(0.04)	—	(0.04)	$ 21.63	35.80%	$ 1,863,947	1.01%	n/a	1.01%	39.62%
9/30/2020	$ 17.14	0.11	(1.01)	(0.90)	(0.28)	—	(0.28)	$ 15.96	(5.37)%	$ 1,321,157	1.02%	n/a	0.67%	37.09%
HIGH INCOME
Investor Shares
3/31/2025⁽¹¹⁾	$ 9.19	0.31	(0.14)	0.17	(0.30)	—	(0.30)	$ 9.06	1.90%	$ 656,374	0.94%	n/a	6.75%	12.97%
9/30/2024	$ 8.63	0.66	0.56	1.22	(0.66)	—	(0.66)	$ 9.19	14.64%	$ 609,401	0.95%	n/a	7.43%	32.01%
9/30/2023	$ 8.46	0.63	0.28	0.91	(0.68)	(0.06)	(0.74)	$ 8.63	10.44%	$ 698,504	0.94%	n/a	7.29%	18.46%
9/30/2022	$ 10.28	0.51	(1.58)	(1.07)	(0.53)	(0.22)	(0.75)	$ 8.46	(11.00)%	$ 756,049	0.94%	n/a	5.34%	55.84%
9/30/2021	$ 9.53	0.55	0.74	1.29	(0.54)	—	(0.54)	$ 10.28	13.79%	$ 1,436,340	0.95%	n/a	5.42%	58.10%
9/30/2020	$ 9.66	0.60	(0.13)	0.47	(0.60)	—	(0.60)	$ 9.53	5.14%	$ 1,149,422	0.96%	n/a	6.43%	71.78%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 9.19	0.31	(0.14)	0.17	(0.31)	—	(0.31)	$ 9.05	1.98%	$ 3,592,782	0.79%	n/a	6.91%	12.97%
9/30/2024	$ 8.62	0.67	0.58	1.25	(0.68)	—	(0.68)	$ 9.19	14.83%	$ 3,486,020	0.79%	n/a	7.56%	32.01%
9/30/2023	$ 8.45	0.64	0.28	0.92	(0.69)	(0.06)	(0.75)	$ 8.62	10.62%	$ 3,021,295	0.79%	n/a	7.46%	18.46%
9/30/2022	$ 10.27	0.53	(1.59)	(1.06)	(0.54)	(0.22)	(0.76)	$ 8.45	(10.88)%	$ 2,570,217	0.79%	n/a	5.56%	55.84%
9/30/2021	$ 9.53	0.56	0.74	1.30	(0.56)	—	(0.56)	$ 10.27	13.86%	$ 3,263,582	0.79%	n/a	5.56%	58.10%
9/30/2020	$ 9.66	0.61	(0.13)	0.48	(0.61)	—	(0.61)	$ 9.53	5.29%	$ 2,281,480	0.82%	n/a	6.57%	71.78%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 9.19	0.32	(0.15)	0.17	(0.31)	—	(0.31)	$ 9.05	2.03%	$ 5,054,642	0.69%	n/a	7.00%	12.97%
9/30/2024	$ 8.62	0.68	0.57	1.25	(0.68)	—	(0.68)	$ 9.19	14.95%	$ 4,729,917	0.69%	n/a	7.65%	32.01%
9/30/2023	$ 8.45	0.65	0.28	0.93	(0.70)	(0.06)	(0.76)	$ 8.62	10.72%	$ 3,439,268	0.70%	n/a	7.56%	18.46%
9/30/2022	$ 10.27	0.54	(1.59)	(1.05)	(0.55)	(0.22)	(0.77)	$ 8.45	(10.81)%	$ 2,482,806	0.70%	n/a	5.68%	55.84%
9/30/2021	$ 9.53	0.57	0.74	1.31	(0.57)	—	(0.57)	$ 10.27	13.97%	$ 2,372,161	0.70%	n/a	5.63%	58.10%
9/30/2020	$ 9.66	0.62	(0.13)	0.49	(0.62)	—	(0.62)	$ 9.53	5.40%	$ 1,385,864	0.72%	n/a	6.67%	71.78%

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
INTERNATIONAL
Investor Shares
3/31/2025⁽¹¹⁾	$ 30.73	0.07	1.47	1.54	(0.24)	(2.52)	(2.76)	$ 29.51	5.55%	$ 1,471,163	1.19%	n/a	0.48%	60.76%
9/30/2024	$ 24.86	0.20	6.15	6.35	(0.27)	(0.21)	(0.48)	$ 30.73	25.92%	$ 1,533,080	1.19%	n/a	0.72%	83.27%
9/30/2023	$ 20.93	0.25	4.29	4.54	(0.30)	(0.31)	(0.61)	$ 24.86	21.79%	$ 1,513,239	1.19%	n/a	1.00%	76.96%
9/30/2022	$ 36.66	0.28	(8.90)	(8.62)	(0.24)	(6.87)	(7.11)	$ 20.93	(29.32)%	$ 1,575,634	1.19%	n/a	1.03%	50.49%
9/30/2021	$ 32.86	0.24	4.68	4.92	(0.08)	(1.04)	(1.12)	$ 36.66	15.32%	$ 3,019,360	1.18%	n/a	0.69%	67.41%
9/30/2020	$ 32.52	0.08	2.00	2.08	(0.30)	(1.44)	(1.74)	$ 32.86	6.52%	$ 3,142,072	1.19%	n/a	0.27%	53.82%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 30.59	0.09	1.46	1.55	(0.27)	(2.52)	(2.79)	$ 29.35	5.63%	$ 875,797	1.06%	n/a	0.62%	60.76%
9/30/2024	$ 24.77	0.25	6.11	6.36	(0.33)	(0.21)	(0.54)	$ 30.59	26.07%	$ 870,424	1.05%	n/a	0.89%	83.27%
9/30/2023	$ 20.87	0.28	4.28	4.56	(0.35)	(0.31)	(0.66)	$ 24.77	21.99%	$ 791,282	1.05%	n/a	1.14%	76.96%
9/30/2022	$ 36.58	0.32	(8.86)	(8.54)	(0.30)	(6.87)	(7.17)	$ 20.87	(29.24)%	$ 829,517	1.05%	n/a	1.18%	50.49%
9/30/2021	$ 32.80	0.30	4.65	4.95	(0.13)	(1.04)	(1.17)	$ 36.58	15.47%	$ 1,718,258	1.04%	n/a	0.84%	67.41%
9/30/2020	$ 32.46	0.15	1.98	2.13	(0.35)	(1.44)	(1.79)	$ 32.80	6.71%	$ 1,799,962	1.04%	n/a	0.48%	53.82%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 30.91	0.10	1.48	1.58	(0.29)	(2.52)	(2.81)	$ 29.68	5.67%	$ 2,682,794	0.96%	n/a	0.68%	60.76%
9/30/2024	$ 25.03	0.28	6.17	6.45	(0.36)	(0.21)	(0.57)	$ 30.91	26.19%	$ 2,883,423	0.96%	n/a	0.99%	83.27%
9/30/2023	$ 21.09	0.31	4.32	4.63	(0.38)	(0.31)	(0.69)	$ 25.03	22.04%	$ 2,582,094	0.96%	n/a	1.23%	76.96%
9/30/2022	$ 36.90	0.35	(8.95)	(8.60)	(0.34)	(6.87)	(7.21)	$ 21.09	(29.14)%	$ 2,588,387	0.97%	n/a	1.28%	50.49%
9/30/2021	$ 33.08	0.33	4.69	5.02	(0.16)	(1.04)	(1.20)	$ 36.90	15.56%	$ 4,920,404	0.95%	n/a	0.93%	67.41%
9/30/2020	$ 32.72	0.17	2.01	2.18	(0.38)	(1.44)	(1.82)	$ 33.08	6.80%	$ 4,718,706	0.96%	n/a	0.55%	53.82%
INTERNATIONAL EXPLORER
Advisor Shares
3/31/2025⁽¹¹⁾	$ 12.59	0.03	0.22	0.25	(0.10)	(0.19)	(0.29)	$ 12.55	2.06%	$ 189,298	1.25%	n/a	0.52%	22.74%
9/30/2024	$ 10.47	0.13	2.21	2.34	(0.07)	(0.15)	(0.22)	$ 12.59	22.75%	$ 101,836	1.40%	1.44%(7)	1.10%	15.52%
9/30/2023	$ 8.69	0.12	1.67	1.79	(0.01)	—	(0.01)	$ 10.47	20.62%	$ 39,616	1.40%	1.75%	1.10%	23.97%
5/16/2022 (commencement) - 9/30/2022	$ 10.00	0.02	(1.33)	(1.31)	—	—	—	$ 8.69	(13.10)%	$ 5,811	1.40%	6.08%	0.64%	11.60%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 12.59	0.03	0.23	0.26	(0.10)	(0.19)	(0.29)	$ 12.56	2.13%	$ 73,891	1.22%	n/a	0.56%	22.74%
9/30/2024	$ 10.48	0.12	2.21	2.33	(0.07)	(0.15)	(0.22)	$ 12.59	22.70%	$ 57,313	1.33%	1.37%(7)	1.05%	15.52%
9/30/2023	$ 8.69	0.14	1.67	1.81	(0.02)	—	(0.02)	$ 10.48	20.80%	$ 36,073	1.35%	1.59%	1.31%	23.97%
5/16/2022 (commencement) - 9/30/2022	$ 10.00	0.01	(1.32)	(1.31)	—	—	—	$ 8.69	(13.10)%	$ 14,725	1.35%	2.91%	0.25%	11.60%

84	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers(³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
INTERNATIONAL SMALL-MID
Investor Shares
3/31/2025⁽¹¹⁾	$ 18.59	(0.03)	(1.57)	(1.60)	—	(0.15)	(0.15)	$ 16.84	(8.64)%	$ 134,847	1.32%	n/a	(0.37)%	17.20%
9/30/2024	$ 15.55	—⁽⁵⁾	3.04	3.04	—	—	—	$ 18.59	19.55%	$ 203,785	1.32%	n/a	(0.02)%	33.05%
9/30/2023	$ 13.90	(0.03)	1.68	1.65	—	—	—	$ 15.55	11.87%	$ 264,373	1.30%	n/a	(0.16)%	26.46%
9/30/2022	$ 21.19	(0.06)	(6.65)	(6.71)	—	(0.58)	(0.58)	$ 13.90	(32.53)%	$ 301,480	1.28%	n/a	(0.32)%	22.12%
9/30/2021	$ 17.33	(0.09)	4.06	3.97	(0.11)	—	(0.11)	$ 21.19	22.99%	$ 531,882	1.30%	n/a	(0.42)%	28.29%
9/30/2020	$ 13.61	0.16	3.58	3.74	(0.02)	—	(0.02)	$ 17.33	27.52%	$ 400,490	1.33%	n/a	1.06%	27.84%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 18.71	(0.02)	(1.58)	(1.60)	(0.01)	(0.15)	(0.16)	$ 16.95	(8.65)%	$ 783,129	1.16%	n/a	(0.21)%	17.20%
9/30/2024	$ 15.62	0.03	3.06	3.09	—⁽⁵⁾	—	—⁽⁵⁾	$ 18.71	19.85%	$ 1,176,167	1.15%	n/a	0.15%	33.05%
9/30/2023	$ 13.94	—⁽⁵⁾	1.68	1.68	—⁽⁵⁾	—	—⁽⁵⁾	$ 15.62	12.08%	$ 1,142,603	1.14%	n/a	0.01%	26.46%
9/30/2022	$ 21.23	(0.03)	(6.68)	(6.71)	—	(0.58)	(0.58)	$ 13.94	(32.47)%	$ 1,161,239	1.14%	n/a	(0.16)%	22.12%
9/30/2021	$ 17.35	(0.05)	4.06	4.01	(0.13)	—	(0.13)	$ 21.23	23.20%	$ 1,856,538	1.14%	n/a	(0.26)%	28.29%
9/30/2020	$ 13.62	0.20	3.57	3.77	(0.04)	—	(0.04)	$ 17.35	27.70%	$ 1,223,773	1.18%	n/a	1.32%	27.84%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 18.94	(0.01)	(1.60)	(1.61)	(0.02)	(0.15)	(0.17)	$ 17.16	(8.52)%	$ 2,749,084	1.07%	n/a	(0.11)%	17.20%
9/30/2024	$ 15.81	0.04	3.10	3.14	(0.01)	—	(0.01)	$ 18.94	19.88%	$ 3,367,529	1.07%	n/a	0.25%	33.05%
9/30/2023	$ 14.12	0.02	1.69	1.71	(0.02)	—	(0.02)	$ 15.81	12.10%	$ 2,672,752	1.07%	n/a	0.09%	26.46%
9/30/2022	$ 21.47	(0.01)	(6.76)	(6.77)	—	(0.58)	(0.58)	$ 14.12	(32.38)%	$ 2,505,844	1.06%	n/a	(0.08)%	22.12%
9/30/2021	$ 17.54	(0.04)	4.11	4.07	(0.14)	—	(0.14)	$ 21.47	23.30%	$ 3,897,436	1.06%	n/a	(0.17)%	28.29%
9/30/2020	$ 13.76	0.23	3.59	3.82	(0.04)	—	(0.04)	$ 17.54	27.85%	$ 1,836,163	1.09%	n/a	1.49%	27.84%
INTERNATIONAL VALUE
Investor Shares
3/31/2025⁽¹¹⁾	$ 52.03	0.36	(1.42)	(1.06)	(0.36)	(1.21)	(1.57)	$ 49.40	(1.95)%	$ 3,137,954	1.18%	n/a	1.45%	7.68%
9/30/2024	$ 42.69	0.65	10.40	11.05	(0.88)	(0.83)	(1.71)	$ 52.03	26.51%	$ 3,160,578	1.19%	n/a	1.37%	14.78%
9/30/2023	$ 32.96	0.47	9.98	10.45	(0.08)	(0.64)	(0.72)	$ 42.69	31.97%	$ 2,661,694	1.18%	n/a	1.13%	19.48%
9/30/2022	$ 44.49	0.45	(7.77)	(7.32)	(1.17)	(3.04)	(4.21)	$ 32.96	(18.40)%	$ 2,059,112	1.19%	n/a	1.13%	22.69%
9/30/2021	$ 32.94	1.01	10.88	11.89	(0.09)	(0.25)	(0.34)	$ 44.49	36.13%	$ 2,728,996	1.18%	n/a	2.39%	32.90%
9/30/2020	$ 34.87	0.19	(1.06)	(0.87)	(0.23)	(0.83)	(1.06)	$ 32.94	(2.71)%	$ 1,983,618	1.19%	n/a	0.57%	28.06%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 51.91	0.39	(1.40)	(1.01)	(0.40)	(1.21)	(1.61)	$ 49.29	(1.87)%	$ 11,424,809	1.05%	n/a	1.59%	7.68%
9/30/2024	$ 42.66	0.73	10.36	11.09	(1.01)	(0.83)	(1.84)	$ 51.91	26.68%	$ 10,859,010	1.04%	n/a	1.54%	14.78%
9/30/2023	$ 32.89	0.54	9.95	10.49	(0.08)	(0.64)	(0.72)	$ 42.66	32.17%	$ 7,949,554	1.04%	n/a	1.31%	19.48%
9/30/2022	$ 44.46	0.52	(7.76)	(7.24)	(1.29)	(3.04)	(4.33)	$ 32.89	(18.27)%	$ 4,705,187	1.05%	n/a	1.29%	22.69%
9/30/2021	$ 32.90	1.14	10.78	11.92	(0.11)	(0.25)	(0.36)	$ 44.46	36.31%	$ 6,072,617	1.04%	n/a	2.70%	32.90%
9/30/2020	$ 34.81	0.27	(1.09)	(0.82)	(0.26)	(0.83)	(1.09)	$ 32.90	(2.56)%	$ 3,645,568	1.05%	n/a	0.81%	28.06%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 52.18	0.42	(1.41)	(0.99)	(0.43)	(1.21)	(1.64)	$ 49.55	(1.81)%	$ 22,502,166	0.95%	n/a	1.69%	7.68%
9/30/2024	$ 42.89	0.77	10.44	11.21	(1.09)	(0.83)	(1.92)	$ 52.18	26.81%	$ 22,197,352	0.95%	n/a	1.63%	14.78%
9/30/2023	$ 33.04	0.56	10.01	10.57	(0.08)	(0.64)	(0.72)	$ 42.89	32.27%	$ 17,529,499	0.95%	n/a	1.36%	19.48%
9/30/2022	$ 44.69	0.55	(7.80)	(7.25)	(1.36)	(3.04)	(4.40)	$ 33.04	(18.20)%	$ 13,366,731	0.95%	n/a	1.36%	22.69%
9/30/2021	$ 33.06	1.16	10.86	12.02	(0.14)	(0.25)	(0.39)	$ 44.69	36.45%	$ 13,304,215	0.95%	n/a	2.72%	32.90%
9/30/2020	$ 34.96	0.28	(1.08)	(0.80)	(0.27)	(0.83)	(1.10)	$ 33.06	(2.48)%	$ 7,944,724	0.96%	n/a	0.85%	28.06%

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
MID CAP
Investor Shares
3/31/2025⁽¹¹⁾	$ 37.05	(0.16)	(0.27)	(0.43)	—	(5.23)	(5.23)	$ 31.39	(2.68)%	$ 941,909	1.20%	n/a	(0.92)%	31.29%
9/30/2024	$ 31.95	(0.32)	5.42	5.10	—	—	—	$ 37.05	15.96%	$ 1,184,394	1.19%	n/a	(0.92)%	44.94%
9/30/2023	$ 28.45	(0.26)	3.84	3.58	(0.08)	—	(0.08)	$ 31.95	12.62%	$ 1,350,885	1.20%	n/a	(0.83)%	46.87%
9/30/2022	$ 53.28	(0.37)	(15.87)	(16.24)	—	(8.59)	(8.59)	$ 28.45	(36.55)%	$ 1,387,480	1.18%	n/a	(0.97)%	34.12%
9/30/2021	$ 47.75	(0.49)	13.20	12.71	—	(7.18)	(7.18)	$ 53.28	29.84%	$ 2,495,355	1.18%	n/a	(0.98)%	40.72%
9/30/2020	$ 37.16	(0.31)	15.43	15.12	—	(4.53)	(4.53)	$ 47.75	45.66%	$ 2,106,948	1.18%	n/a	(0.81)%	44.52%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 37.84	(0.14)	(0.29)	(0.43)	—	(5.23)	(5.23)	$ 32.18	(2.61)%	$ 473,861	1.06%	n/a	(0.78)%	31.29%
9/30/2024	$ 32.58	(0.28)	5.54	5.26	—	—	—	$ 37.84	16.14%	$ 616,589	1.05%	n/a	(0.77)%	44.94%
9/30/2023	$ 29.02	(0.22)	3.91	3.69	(0.13)	—	(0.13)	$ 32.58	12.76%	$ 619,561	1.05%	n/a	(0.69)%	46.87%
9/30/2022	$ 54.11	(0.32)	(16.18)	(16.50)	—	(8.59)	(8.59)	$ 29.02	(36.46)%	$ 572,155	1.05%	n/a	(0.83)%	34.12%
9/30/2021	$ 48.33	(0.43)	13.39	12.96	—	(7.18)	(7.18)	$ 54.11	30.02%	$ 923,543	1.04%	n/a	(0.85)%	40.72%
9/30/2020	$ 37.52	(0.27)	15.61	15.34	—	(4.53)	(4.53)	$ 48.33	45.83%	$ 667,057	1.05%	n/a	(0.68)%	44.52%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 44.38	(0.15)	(0.44)	(0.59)	—	(5.23)	(5.23)	$ 38.56	(2.59)%	$ 2,169,741	0.96%	n/a	(0.68)%	31.29%
9/30/2024	$ 38.17	(0.29)	6.50	6.21	—	—	—	$ 44.38	16.27%	$ 2,503,813	0.96%	n/a	(0.68)%	44.94%
9/30/2023	$ 33.98	(0.22)	4.57	4.35	(0.16)	—	(0.16)	$ 38.17	12.86%	$ 2,505,649	0.96%	n/a	(0.60)%	46.87%
9/30/2022	$ 61.87	(0.33)	(18.97)	(19.30)	—	(8.59)	(8.59)	$ 33.98	(36.41)%	$ 2,285,588	0.95%	n/a	(0.74)%	34.12%
9/30/2021	$ 54.25	(0.43)	15.23	14.80	—	(7.18)	(7.18)	$ 61.87	30.15%	$ 4,000,122	0.95%	n/a	(0.75)%	40.72%
9/30/2020	$ 41.54	(0.26)	17.50	17.24	—	(4.53)	(4.53)	$ 54.25	45.98%	$ 4,015,667	0.95%	n/a	(0.59)%	44.52%
MID CAP VALUE
Investor Shares
3/31/2025⁽¹¹⁾	$ 16.84	0.09	(0.84)	(0.75)	(0.08)	(0.58)	(0.66)	$ 15.43	(4.69)%	$ 300,671	1.18%	n/a	1.10%	18.18%
9/30/2024	$ 16.52	0.12	2.90	3.02	(0.11)	(2.59)	(2.70)	$ 16.84	20.67%	$ 352,773	1.23%	n/a	0.76%	23.41%
9/30/2023	$ 17.11	0.12	2.61	2.73	(0.05)	(3.27)	(3.32)	$ 16.52	16.19%	$ 365,299	1.22%	n/a	0.69%	27.81%
9/30/2022	$ 23.12	0.12	(3.07)	(2.95)	(0.04)	(3.02)	(3.06)	$ 17.11	(15.39)%	$ 391,804	1.20%	n/a	0.57%	15.17%
9/30/2021	$ 16.26	0.12	7.10	7.22	(0.09)	(0.27)	(0.36)	$ 23.12	44.94%	$ 693,149	1.20%	n/a	0.56%	16.04%
9/30/2020	$ 19.81	0.15	(1.71)	(1.56)	(0.12)	(1.87)	(1.99)	$ 16.26	(8.93)%	$ 541,320	1.21%	n/a	0.90%	43.12%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 16.74	0.10	(0.83)	(0.73)	(0.10)	(0.58)	(0.68)	$ 15.33	(4.60)%	$ 184,189	1.07%	n/a	1.21%	18.18%
9/30/2024	$ 16.44	0.14	2.88	3.02	(0.13)	(2.59)	(2.72)	$ 16.74	20.80%	$ 216,475	1.11%	n/a	0.89%	23.41%
9/30/2023	$ 17.06	0.14	2.61	2.75	(0.10)	(3.27)	(3.37)	$ 16.44	16.39%	$ 247,854	1.07%	n/a	0.83%	27.81%
9/30/2022	$ 23.07	0.15	(3.07)	(2.92)	(0.07)	(3.02)	(3.09)	$ 17.06	(15.29)%	$ 397,898	1.04%	n/a	0.72%	15.17%
9/30/2021	$ 16.23	0.16	7.07	7.23	(0.12)	(0.27)	(0.39)	$ 23.07	45.12%	$ 551,822	1.05%	n/a	0.73%	16.04%
9/30/2020	$ 19.77	0.17	(1.70)	(1.53)	(0.14)	(1.87)	(2.01)	$ 16.23	(8.76)%	$ 518,198	1.06%	n/a	1.02%	43.12%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 16.77	0.11	(0.84)	(0.73)	(0.12)	(0.58)	(0.70)	$ 15.34	(4.61)%	$ 564,551	0.95%	n/a	1.34%	18.18%
9/30/2024	$ 16.47	0.15	2.89	3.04	(0.15)	(2.59)	(2.74)	$ 16.77	20.90%	$ 605,251	1.01%	n/a	0.98%	23.41%
9/30/2023	$ 17.08	0.15	2.62	2.77	(0.11)	(3.27)	(3.38)	$ 16.47	16.53%	$ 533,734	1.00%	n/a	0.91%	27.81%
9/30/2022	$ 23.09	0.16	(3.06)	(2.90)	(0.09)	(3.02)	(3.11)	$ 17.08	(15.21)%	$ 518,265	0.98%	n/a	0.78%	15.17%
9/30/2021	$ 16.24	0.17	7.08	7.25	(0.13)	(0.27)	(0.40)	$ 23.09	45.22%	$ 783,375	0.98%	n/a	0.79%	16.04%
9/30/2020	$ 19.80	0.18	(1.71)	(1.53)	(0.16)	(1.87)	(2.03)	$ 16.24	(8.76)%	$ 619,243	1.00%	n/a	1.08%	43.12%

86	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
SELECT EQUITY
Investor Shares
3/31/2025⁽¹¹⁾	$ 15.76	0.02	0.66	0.68	(0.01)	(0.18)	(0.19)	$ 16.25	4.36%	$ 3,851	1.25%	2.97%	0.28%	16.24%
9/30/2024	$ 11.97	0.07	3.78	3.85	(0.06)	—	(0.06)	$ 15.76	32.32%	$ 3,416	1.25%	3.12%	0.51%	19.09%
9/30/2023	$ 9.84	0.05	2.38	2.43	(0.01)	(0.29)	(0.30)	$ 11.97	24.93%	$ 2,796	1.25%	3.17%	0.41%	26.63%
9/30/2022	$ 13.48	0.01	(3.00)	(2.99)	—	(0.65)	(0.65)	$ 9.84	(23.43)%	$ 2,345	1.25%	3.16%	0.05%	20.96%
9/30/2021	$ 10.17	(0.01)	3.32	3.31	—	—	—	$ 13.48	32.55%	$ 2,919	1.25%	4.35%	(0.05)%	34.69%
2/28/2020 (commencement) - 9/30/2020	$ 10.00	—⁽⁵⁾	0.17	0.17	—	—	—	$ 10.17	1.70%	$ 983	1.25%	17.96%	0.03%	26.96%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 15.79	0.03	0.67	0.70	(0.03)	(0.18)	(0.21)	$ 16.28	4.45%	$ 1,930	1.15%	3.70%	0.40%	16.24%
9/30/2024	$ 11.99	0.09	3.79	3.88	(0.08)	—	(0.08)	$ 15.79	32.47%	$ 1,382	1.15%	3.83%	0.62%	19.09%
9/30/2023	$ 9.87	0.05	2.38	2.43	(0.02)	(0.29)	(0.31)	$ 11.99	24.90%	$ 1,239	1.15%	3.66%	0.44%	26.63%
9/30/2022	$ 13.49	0.02	(2.99)	(2.97)	—	(0.65)	(0.65)	$ 9.87	(23.26)%	$ 1,561	1.15%	3.68%	0.14%	20.96%
9/30/2021	$ 10.18	0.01	3.30	3.31	—	—	—	$ 13.49	32.51%	$ 1,784	1.15%	4.83%	0.05%	34.69%
2/28/2020 (commencement) - 9/30/2020	$ 10.00	0.01	0.17	0.18	—	—	—	$ 10.18	1.80%	$ 778	1.15%	9.66%	0.15%	26.96%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 15.71	0.03	0.66	0.69	(0.04)	(0.18)	(0.22)	$ 16.18	4.41%	$ 52,882	1.10%	1.11%	0.43%	16.24%
9/30/2024	$ 11.93	0.09	3.77	3.86	(0.08)	—	(0.08)	$ 15.71	32.54%	$ 47,315	1.10%	1.18%	0.66%	19.09%
9/30/2023	$ 9.81	0.07	2.37	2.44	(0.03)	(0.29)	(0.32)	$ 11.93	25.12%	$ 32,968	1.10%	1.34%	0.56%	26.63%
9/30/2022	$ 13.44	0.03	(2.99)	(2.96)	(0.02)	(0.65)	(0.67)	$ 9.81	(23.33)%	$ 25,650	1.10%	1.39%	0.22%	20.96%
9/30/2021	$ 10.18	0.02	3.30	3.32	(0.06)	—	(0.06)	$ 13.44	32.71%	$ 19,903	1.10%	1.56%	0.16%	34.69%
2/28/2020 (commencement) - 9/30/2020	$ 10.00	0.01	0.17	0.18	—	—	—	$ 10.18	1.80%	$ 11,266	1.10%	2.36%	0.20%	26.96%
SMALL CAP
Investor Shares
3/31/2025⁽¹¹⁾	$ 36.74	(0.18)	(3.08)	(3.26)	—	(1.83)	(1.83)	$ 31.65	(9.59)%	$ 426,842	1.24%	n/a	(1.02)%	30.56%
9/30/2024	$ 29.52	(0.34)	7.56	7.22	—	—	—	$ 36.74	24.46%	$ 515,060	1.23%	n/a	(1.03)%	46.72%
9/30/2023	$ 27.82	(0.31)	2.09	1.78	(0.08)	—	(0.08)	$ 29.52	6.38%	$ 526,681	1.23%	n/a	(1.01)%	30.14%
9/30/2022	$ 50.34	(0.36)	(17.09)	(17.45)	—	(5.07)	(5.07)	$ 27.82	(38.24)%	$ 571,380	1.20%	n/a	(1.00)%	33.64%
9/30/2021	$ 42.80	(0.53)	10.77	10.24	—	(2.70)	(2.70)	$ 50.34	24.45%	$ 1,089,099	1.19%	n/a	(1.06)%	39.79%
9/30/2020	$ 33.17	(0.38)	12.66	12.28	—	(2.65)	(2.65)	$ 42.80	39.51%	$ 896,297	1.20%	n/a	(1.05)%	40.59%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 37.16	(0.16)	(3.11)	(3.27)	—	(1.83)	(1.83)	$ 32.06	(9.50)%	$ 211,015	1.10%	n/a	(0.89)%	30.56%
9/30/2024	$ 29.82	(0.29)	7.63	7.34	—	—	—	$ 37.16	24.61%	$ 284,862	1.08%	n/a	(0.89)%	46.72%
9/30/2023	$ 28.08	(0.26)	2.10	1.84	(0.10)	—	(0.10)	$ 29.82	6.56%	$ 262,669	1.07%	n/a	(0.86)%	30.14%
9/30/2022	$ 50.70	(0.32)	(17.23)	(17.55)	—	(5.07)	(5.07)	$ 28.08	(38.16)%	$ 361,941	1.06%	n/a	(0.87)%	33.64%
9/30/2021	$ 43.03	(0.47)	10.84	10.37	—	(2.70)	(2.70)	$ 50.70	24.63%	$ 1,325,015	1.06%	n/a	(0.93)%	39.79%
9/30/2020	$ 33.30	(0.34)	12.72	12.38	—	(2.65)	(2.65)	$ 43.03	39.66%	$ 999,213	1.08%	n/a	(0.94)%	40.59%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 38.05	(0.15)	(3.19)	(3.34)	—	(1.83)	(1.83)	$ 32.88	(9.46)%	$ 456,450	1.01%	n/a	(0.79)%	30.56%
9/30/2024	$ 30.50	(0.27)	7.82	7.55	—	—	—	$ 38.05	24.75%	$ 592,837	1.00%	n/a	(0.81)%	46.72%
9/30/2023	$ 28.74	(0.25)	2.16	1.91	(0.15)	—	(0.15)	$ 30.50	6.62%	$ 835,311	1.00%	n/a	(0.78)%	30.14%
9/30/2022	$ 51.74	(0.28)	(17.65)	(17.93)	—	(5.07)	(5.07)	$ 28.74	(38.12)%	$ 882,206	0.98%	n/a	(0.78)%	33.64%
9/30/2021	$ 43.82	(0.43)	11.05	10.62	—	(2.70)	(2.70)	$ 51.74	24.76%	$ 1,633,941	0.96%	n/a	(0.83)%	39.79%
9/30/2020	$ 33.83	(0.31)	12.95	12.64	—	(2.65)	(2.65)	$ 43.82	39.82%	$ 1,106,482	0.99%	n/a	(0.84)%	40.59%

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
SUSTAINABLE EMERGING MARKETS
Investor Shares
3/31/2025⁽¹¹⁾	$ 18.50	0.05	(0.60)	(0.55)	(0.19)	—	(0.19)	$ 17.76	(2.97)%	$ 13,906	1.15%	1.40%	0.52%	12.67%
9/30/2024	$ 15.02	0.20	3.35	3.55	(0.07)	—	(0.07)	$ 18.50	23.70%	$ 16,135	1.15%	1.61%	1.21%	11.71%
9/30/2023	$ 12.48	0.18	2.47	2.65	(0.11)	—	(0.11)	$ 15.02	21.37%	$ 13,658	1.15%	1.74%	1.22%	28.77%
9/30/2022	$ 19.25	0.18	(6.75)	(6.57)	(0.20)	—	(0.20)	$ 12.48	(34.51)%	$ 12,297	1.26%(8)	1.58%	1.06%	21.48%
9/30/2021	$ 16.39	0.07	3.11	3.18	(0.32)	—	(0.32)	$ 19.25	19.50%	$ 61,975	1.35%	1.75%	0.36%	23.22%
9/30/2020	$ 15.22	0.24	1.20	1.44	(0.27)	—	(0.27)	$ 16.39	9.58%	$ 46,541	1.35%	1.73%	1.59%	21.57%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 18.49	0.06	(0.60)	(0.54)	(0.21)	—	(0.21)	$ 17.74	(2.94)%	$ 62,412	1.05%	1.16%	0.70%	12.67%
9/30/2024	$ 15.01	0.22	3.34	3.56	(0.08)	—	(0.08)	$ 18.49	23.83%	$ 47,511	1.05%	1.22%	1.31%	11.71%
9/30/2023	$ 12.47	0.21	2.47	2.68	(0.14)	—	(0.14)	$ 15.01	21.58%	$ 37,476	1.05%	1.33%	1.40%	28.77%
4/28/2022 (commencement) - 9/30/2022	$ 14.61	0.06	(2.20)	(2.14)	—	—	—	$ 12.47	(14.65)%	$ 26,872	1.05%	1.97%	0.96%	21.48%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 18.84	0.06	(0.61)	(0.55)	(0.21)	—	(0.21)	$ 18.08	(2.89)%	$ 149,372	1.00%	1.05%	0.70%	12.67%
9/30/2024	$ 15.29	0.24	3.39	3.63	(0.08)	—	(0.08)	$ 18.84	23.86%	$ 105,709	1.00%	1.10%	1.42%	11.71%
9/30/2023	$ 12.71	0.23	2.50	2.73	(0.15)	—	(0.15)	$ 15.29	21.57%	$ 44,368	1.00%	1.26%	1.51%	28.77%
9/30/2022	$ 19.55	0.18	(6.85)	(6.67)	(0.17)	—	(0.17)	$ 12.71	(34.46)%	$ 23,562	1.07%(8)	1.45%	1.13%	21.48%
9/30/2021	$ 16.56	0.10	3.14	3.24	(0.25)	—	(0.25)	$ 19.55	19.74%	$ 9,794	1.20%	1.89%	0.51%	23.22%
9/30/2020	$ 15.25	0.27	1.21	1.48	(0.17)	—	(0.17)	$ 16.56	9.73%	$ 6,695	1.20%	2.29%	1.72%	21.57%
VALUE
Investor Shares
3/31/2025⁽¹¹⁾	$ 15.56	0.12	0.10	0.22	(0.20)	(0.89)	(1.09)	$ 14.69	1.35%	$ 78,093	0.98%	1.10%	1.60%	14.91%
9/30/2024	$ 13.21	0.18	2.87	3.05	(0.13)	(0.57)	(0.70)	$ 15.56	24.10%	$ 84,289	0.98%	1.09%	1.26%	25.33%
9/30/2023	$ 12.02	0.13	3.14	3.27	(0.03)	(2.05)	(2.08)	$ 13.21	29.09%	$ 83,594	1.06%(9)	1.09%	1.00%	38.07%
9/30/2022	$ 16.28	0.13	(2.44)	(2.31)	(0.16)	(1.79)	(1.95)	$ 12.02	(16.50)%	$ 82,183	1.06%	n/a	0.86%	27.96%
9/30/2021	$ 12.41	0.10	4.82	4.92	(0.06)	(0.99)	(1.05)	$ 16.28	41.36%	$ 108,551	1.05%	n/a	0.67%	25.99%
9/30/2020	$ 12.88	0.09	(0.02)	0.07	(0.11)	(0.43)	(0.54)	$ 12.41	0.35%	$ 78,717	1.08%	n/a	0.73%	39.07%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 15.47	0.13	0.09	0.22	(0.21)	(0.89)	(1.10)	$ 14.59	1.40%	$ 73,941	0.88%	0.98%	1.67%	14.91%
9/30/2024	$ 13.14	0.19	2.86	3.05	(0.15)	(0.57)	(0.72)	$ 15.47	24.29%	$ 95,835	0.88%	0.97%	1.36%	25.33%
9/30/2023	$ 11.97	0.15	3.12	3.27	(0.05)	(2.05)	(2.10)	$ 13.14	29.30%	$ 87,610	0.88%	0.97%	1.20%	38.07%
9/30/2022	$ 16.21	0.15	(2.42)	(2.27)	(0.18)	(1.79)	(1.97)	$ 11.97	(16.35)%	$ 54,633	0.88%	0.96%	1.02%	27.96%
9/30/2021	$ 12.37	0.13	4.79	4.92	(0.09)	(0.99)	(1.08)	$ 16.21	41.53%	$ 99,646	0.88%	0.95%	0.84%	25.99%
9/30/2020	$ 12.83	0.11	(0.02)	0.09	(0.12)	(0.43)	(0.55)	$ 12.37	0.54%	$ 84,035	0.88%	0.92%	0.94%	39.07%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 15.48	0.13	0.10	0.23	(0.22)	(0.89)	(1.11)	$ 14.60	1.46%	$ 158,007	0.83%	0.84%	1.74%	14.91%
9/30/2024	$ 13.15	0.20	2.86	3.06	(0.16)	(0.57)	(0.73)	$ 15.48	24.33%	$ 168,432	0.83%	0.85%	1.42%	25.33%
9/30/2023	$ 11.98	0.15	3.13	3.28	(0.06)	(2.05)	(2.11)	$ 13.15	29.35%	$ 124,498	0.85%(10)	0.85%	1.20%	38.07%
9/30/2022	$ 16.24	0.15	(2.43)	(2.28)	(0.19)	(1.79)	(1.98)	$ 11.98	(16.34)%	$ 90,279	0.85%	n/a	1.01%	27.96%
9/30/2021	$ 12.40	0.13	4.80	4.93	(0.10)	(0.99)	(1.09)	$ 16.24	41.61%	$ 163,069	0.83%	n/a	0.88%	25.99%
9/30/2020	$ 12.86	0.12	(0.02)	0.10	(0.13)	(0.43)	(0.56)	$ 12.40	0.64%	$ 123,440	0.82%	n/a	1.02%	39.07%

88	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

					Less Distributions From
	Net Asset Value, Beginning of Period	Net Investment Income⁽¹⁾	Net Realized and Unrealized Gain (Loss) on Investments	Total from Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Net Assets, End of Period (000)	Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾	Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾	Ratio of Net Investment Income to Average Net Assets⁽³⁾⁽⁴⁾	Portfolio Turnover Rate⁽²⁾
VALUE INCOME
Investor Shares
3/31/2025⁽¹¹⁾	$ 10.77	0.12	(0.28)	(0.16)	(0.11)	—	(0.11)	$ 10.50	(1.43)%	$ 966	1.20%	8.47%	2.35%	14.73%
9/30/2024	$ 8.77	0.28	1.98	2.26	(0.26)	—	(0.26)	$ 10.77	26.05%	$ 1,032	1.20%	8.59%	2.84%	29.11%
9/30/2023	$ 8.15	0.24	0.63	0.87	(0.25)	—	(0.25)	$ 8.77	10.67%	$ 754	1.20%	9.07%	2.67%	30.15%
2/28/2022 (commencement) - 9/30/2022	$ 10.00	0.15	(1.86)	(1.71)	(0.14)	—	(0.14)	$ 8.15	(17.16)%	$ 733	1.20%	13.46%	2.73%	15.65%
Advisor Shares
3/31/2025⁽¹¹⁾	$ 10.78	0.13	(0.28)	(0.15)	(0.12)	—	(0.12)	$ 10.51	(1.38)%	$ 2,185	1.10%	3.98%	2.46%	14.73%
9/30/2024	$ 8.77	0.29	1.99	2.28	(0.27)	—	(0.27)	$ 10.78	26.27%	$ 2,216	1.10%	4.18%	2.94%	29.11%
9/30/2023	$ 8.15	0.26	0.61	0.87	(0.25)	—	(0.25)	$ 8.77	10.68%	$ 1,774	1.10%	4.35%	2.86%	30.15%
2/28/2022 (commencement) - 9/30/2022	$ 10.00	0.16	(1.86)	(1.70)	(0.15)	—	(0.15)	$ 8.15	(17.11)%	$ 1,178	1.10%	9.98%	2.86%	15.65%
Institutional Shares
3/31/2025⁽¹¹⁾	$ 10.78	0.13	(0.28)	(0.15)	(0.12)	—	(0.12)	$ 10.51	(1.35)%	$ 13,117	1.05%	2.08%	2.52%	14.73%
9/30/2024	$ 8.78	0.29	1.98	2.27	(0.27)	—	(0.27)	$ 10.78	26.18%	$ 13,138	1.05%	2.21%	2.97%	29.11%
9/30/2023	$ 8.15	0.26	0.62	0.88	(0.25)	—	(0.25)	$ 8.78	10.83%	$ 8,558	1.05%	2.42%	2.88%	30.15%
2/28/2022 (commencement) - 9/30/2022	$ 10.00	0.16	(1.86)	(1.70)	(0.15)	—	(0.15)	$ 8.15	(17.10)%	$ 7,195	1.05%	2.55%	2.86%	15.65%

(1)	Computed based on average shares outstanding.

(2)	Periods less than twelve months (where applicable) are not annualized.

(3)	Periods less than twelve months (where applicable) are annualized.

(4)	Includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁵⁾	Amount is between $0.005 and $(0.005) per share.

(6)	Expense limit from October 1, 2023 to May 30, 2024 was 1.45% for Investor Shares, 1.35% for Advisor Shares and 1.30% for Institutional Shares. Expense limit was lowered effective May 31, 2024 to 1.24% for Investor Shares, 1.14% for Advisor Shares and 1.09% for Institutional Shares.

(7)	Adviser voluntarily waived expenses related to the proxy during the year.

(8)	Expense limit from October 1, 2021 to February 28, 2022 was 1.35% for Investor Shares and 1.20% for Institutional Shares. Expense limit was lowered effective March 1, 2022 to 1.15% for Investor Shares and 1.00% for Institutional Shares.

(9)	There was no expense limit prior to July 1, 2023. Effective July 1, 2023, expense limit was 0.98%.

(10)	There was no expense limit prior to July 1, 2023. Effective July 1, 2023, expense limit was 0.83%.

(11)	Unaudited. For the six months ended March 31, 2025.

Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights — For a share outstanding throughout each period

*	Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below. Refer to 2(n) in Notes to Financial Statements for additional information.

Fund		Ratio of Expenses to Average Net Assets^@ (annualized)	Ratio of Expenses to Average Net Assets Excluding Waivers (annualized)
EMERGING MARKETS DEBT OPPORTUNITIES
Investor
3/31/2025		1.25%	2.80%
9/30/2024		1.25%	3.18%
9/30/2023		1.25%	7.98%
Advisor
3/31/2025		1.15%	1.54%
9/30/2024		1.15%	1.81%
9/30/2023		1.15%	2.95%
Institutional
3/31/2025		1.10%	1.35%
9/30/2024		1.10%	1.60%
9/30/2023		1.10%	1.95%
GLOBAL UNCONSTRAINED
Investor
3/31/2025		1.24%	1.93%
9/30/2024		1.31%	3.11%
9/30/2023		1.45%	9.23%
3/31/2022 (Commencement) - 9/30/2022		1.45%	53.92%
Advisor
3/31/2025		1.14%	1.44%
9/30/2024		1.24%	1.69%
9/30/2023		1.35%	9.22%
3/31/2022 (Commencement) - 9/30/2022		1.35%	9.22%
Institutional
3/31/2025		1.09%	1.46%
9/30/2024		1.23%	1.69%
9/30/2023		1.30%	2.26%
3/31/2022 (Commencement) - 9/30/2022		1.30%	2.38%

@	Includes the effect of expenses waived or paid by the Adviser, if applicable.

90	Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Notes to Financial Statements — March 31, 2025

(1)

Organization

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995 as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2025, 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. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund	Investor Shares Inception Date	Advisor Shares Inception Date	Institutional Shares Inception Date
Artisan Developing World Fund (“Developing World Fund”)	June 29, 2015	June 29, 2015	June 29, 2015
Artisan Emerging Markets Debt Opportunities Fund (“Emerging Markets Debt Opportunities Fund”)	April 7, 2022	April 7, 2022	April 7, 2022
Artisan Floating Rate Fund (“Floating Rate Fund”)	December 1, 2021	December 1, 2021	December 1, 2021
Artisan Focus Fund (“Focus Fund”)	April 24, 2017	July 31, 2018	February 3, 2020
Artisan Global Discovery Fund (“Global Discovery Fund”)	August 21, 2017	February 3, 2020	February 3, 2020
Artisan Global Equity Fund (“Global Equity Fund”)	March 29, 2010	August 5, 2020	October 15, 2015
Artisan Global Opportunities Fund (“Global Opportunities Fund”)	September 22, 2008	April 1, 2015	July 26, 2011
Artisan Global Unconstrained Fund (“Global Unconstrained Fund”)	March 31, 2022	March 31, 2022	March 31, 2022
Artisan Global Value Fund (“Global Value Fund”)	December 10, 2007	April 1, 2015	July 17, 2012
Artisan High Income Fund (“High Income Fund”)	March 19, 2014	March 19, 2014	October 3, 2016
Artisan International Fund (“International Fund”)	December 28, 1995	April 1, 2015	July 1, 1997
Artisan International Explorer Fund (“International Explorer Fund”)	N/A	May 16, 2022	May 16, 2022
Artisan International Small-Mid Fund (“International Small-Mid Fund”)	December 21, 2001	December 4, 2018	April 12, 2016
Artisan International Value Fund (“International Value Fund”)	September 23, 2002	April 1, 2015	October 1, 2006
Artisan Mid Cap Fund (“Mid Cap Fund”)	June 27, 1997	April 1, 2015	July 1, 2000
Artisan Mid Cap Value Fund (“Mid Cap Value Fund”)	March 28, 2001	April 1, 2015	February 1, 2012
Artisan Select Equity Fund (“Select Equity Fund”)	February 28, 2020	February 28, 2020	February 28, 2020
Artisan Small Cap Fund (“Small Cap Fund”)	March 28, 1995	February 1, 2017	May 7, 2012
Artisan Sustainable Emerging Markets Fund (“Sustainable Emerging Markets Fund”)	June 2, 2008	April 25, 2022	June 26, 2006
Artisan Value Fund (“Value Fund”)	March 27, 2006	April 1, 2015	July 26, 2011
Artisan Value Income Fund (“Value Income Fund”)	February 28, 2022	February 28, 2022	February 28, 2022

During the reporting period, Developing World Fund, Floating Rate Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Small-Mid Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Sustainable Emerging Markets Fund, Value Fund, and Value Income Fund operated as open-end, diversified mutual funds. During the reporting period, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, International Explorer Fund, and Select Equity Fund operated as open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and Value Income Fund) is to seek long-term capital growth. Developing World Fund’s and Focus Fund’s investment objective is to seek long-term capital appreciation. Emerging Markets Debt Opportunities Fund’s, Floating Rate Fund’s and Global Unconstrained Fund’s investment objective is to provide total return through a combination of current income and long-term capital appreciation. High Income Fund’s investment objective is to provide total return through a combination of current income and capital appreciation. Value Income Fund’s investment objective is to provide total return through a combination of income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, since the inception dates listed above, except for International Explorer Fund which only offers Advisor Shares and Institutional Shares. Investor Shares of the Funds are generally available to members of the general public. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to a Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may make investments in securities, derivatives and other instruments, directly or through one or more wholly-owned subsidiaries. References herein to each such Fund include references to a subsidiary in respect of the Fund’s investment exposure. The allocation of the Fund’s portfolio in a subsidiary will vary over time. Each such Fund will treat a subsidiary’s assets as assets of the Fund for purposes of determining compliance with various provisions of the 1940 Act applicable to the Fund.

(2)

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies of the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

(a)

Investments in Subsidiaries – Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may make investments in securities, derivatives and other instruments, directly or through investments in Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. and Artisan Global Unconstrained Subsidiary Ltd., respectively, each a wholly owned subsidiary of the respective Fund organized under the laws of the Cayman Islands (each referred to herein as the “Subsidiary” or collectively the “Subsidiaries”). The consolidated financial statements include the accounts of each Fund and its Subsidiary. All intercompany transactions and balances have been eliminated. As of March 31, 2025, Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. had $9,609,258 in net assets, representing 10.22% of Emerging Markets Debt Opportunities Fund’s net assets and Artisan Global Unconstrained Subsidiary Ltd. had $22,545,019 in net assets, representing 7.51% of Global Unconstrained Fund’s net assets.

(b)

Valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of issuance of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) 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

92	Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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.

On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Funds was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase in the net asset value of less than 0.40% for Artisan Emerging Markets Debt Opportunities Fund and less than 0.35% for Artisan Global Unconstrained Fund, respectively. There was no or de minimis impact on other Funds.

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 not readily available. Separately, Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds have adopted a valuation policy compliant with Rule 2a-5 and Rule 31a-4. 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.

(c)

Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken or expected to be taken, on federal income tax returns for all remaining open tax years (fiscal years 2021 through 2024) and have concluded that, as of March 31, 2025, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and Wisconsin Department of Revenue.

As of and during the period ended March 31, 2025, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any material interest or penalties.

The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds' understanding of the applicable country’s tax rules and rates. Foreign taxes imposed on realized and unrealized gains was based on the Funds’ understanding of the applicable country’s tax rules and rates and, if applicable, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments”, as applicable, on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on realized and unrealized gains.

(d)	Portfolio Transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

(e)

Restricted Securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments.

(f)

Foreign Currency Translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into US dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into US dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US dollar denominated depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities and included in other assets less liabilities in the Schedules of Investments. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(g)	Depositary Receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(h)

Equity-Linked Securities and Credit-Linked Notes – Each Fund, except Mid Cap Value Fund and Small Cap Fund, may invest in equity-linked securities. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may invest in credit-linked notes. Equity-linked securities and credit-linked notes are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security or credit-linked note typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with the equity-linked securities or credit-linked notes that the Funds purchase and, in those cases, the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(i)	Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(j)

Indemnifications – Artisan Partners Funds indemnifies its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds also enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of March 31, 2025, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(l)	Unfunded Commitments – Pursuant to the terms of certain term loan agreements, Emerging Markets Debt Opportunities

94	Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fund, Floating Rate Fund, Global Unconstrained Fund, and High Income Fund may be obligated to fund term loan commitments at the borrower’s discretion. During the period, Floating Rate Fund and High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses are presented separately on the Statements of Operations. As of March 31, 2025, Floating Rate Fund and High Income Fund had unfunded loan commitments in the amount of $32,609 and $975,633, respectively.

(m)

Redemption Fees – Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund and High Income Fund generally impose a 2% redemption fee on the redemption or exchange of shares owned for 90 days or less. Effective March 14, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund eliminated the 2% redemption fee. Redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserves the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believes such waiver is in the best interest of the Fund, including, but not limited to, when it determines that imposition of the redemption fee is not necessary to protect the Fund from the effects of short- term trading. During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund and High Income Fund waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(n)

Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale), including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.

In order to terminate the short sale, the Fund that borrowed the security is obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Fund will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds incur expenses as a result of executing short sales.

During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund engaged in short sales and paid interest on securities sold short, which is included in Interest in the Statements of Operations. During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statements of Operations. As of March 31, 2025, Global Unconstrained Fund had open short sale positions.

(o)

Repurchase Agreements - Repurchase agreements are transactions in which a Fund purchases a security from a bank or recognized securities dealer and simultaneously commits to resell that security to the bank or dealer at an agreed-upon price, date and market rate of interest unrelated to the coupon rate or maturity of the purchased security. Although repurchase agreements carry certain risks not associated with direct investments in securities, a Fund will enter into repurchase agreements only with banks and dealers believed by Artisan Partners to present acceptable credit risks. Artisan Partners will review and monitor the creditworthiness of such institutions and will consider the capitalization of the institution, Artisan Partners’ prior dealings with the institution, any rating of the institution’s senior long-term debt by independent rating agencies and other relevant factors. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Fund is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty.

To the extent that the proceeds from any sale of collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution that is party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the Fund’s ability to sell the collateral and the Fund could suffer a loss. However, with respect to financial institutions whose bankruptcy or liquidation proceedings are subject to the US Bankruptcy Code, each Fund intends to comply with provisions under the Bankruptcy Code that would allow it to immediately sell such collateral. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund held repurchase agreements during the period ended March 31, 2025. As of March 31, 2025, Global Unconstrained Fund had open repurchase agreements.

(p)	Reverse Repurchase Agreements - The Funds may enter into reverse repurchase agreements with banks and securities

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

dealers. A reverse repurchase agreement is a repurchase agreement in which a Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs. The gross amount of cash received in exchange for securities sold plus accrued interest payments to be made by the Fund to counterparties are reflected as a reverse repurchase agreements on the Statement of Assets and Liabilities. Reverse repurchase agreements are recorded at contract value. Fair value of such agreements is equivalent to contract value and would represent Level 2 Investments. Interest payments made on reverse repurchase agreements are recorded as a component of interest expense on the Statement of Operations.

For the period ended March 31, 2025, the average borrowings for Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund were $495,694 over 182 days and $495,571 over 182 days, respectively. The average borrowing rate for each fund was 0.93% and 0.47%, respectively. As of March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund had open reverse repurchase agreements.

(q)

Securities Lending – In order to generate incremental revenue, a Fund may participate in a securities lending program, in which securities from its portfolio may be loaned to third parties. As a matter of policy, securities loans by such Funds are made to broker-dealers or other financial institutions pursuant to agreements requiring that the loans be continuously secured by collateral consisting of cash or short-term debt obligations at least equal at all times to the value of the securities on loan, “marked-to-market” daily. The risks in lending portfolio securities, as with other extensions of credit, include possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. If a borrower defaults, the value of the collateral may decline before a Fund can dispose of it. The borrower pays to a participating Fund an amount equal to any dividends or interest received on securities lent (known as “manufactured payments” or “substitute payments”). Manufactured payments for dividends or interest received by a participating Fund while its securities are loaned out will not be considered qualified dividend income and will have other tax implications. To the extent that a Fund makes a distribution of income received by the Fund pursuant to loans of its portfolio securities, such income will not constitute qualified dividend income to noncorporate shareholders and will not be eligible for the dividends-received deduction for corporate shareholders. A participating Fund retains all or a portion of the interest or dividend received on investment of the cash collateral and/or receives a fee from the borrower. The Funds will typically invest cash collateral in government money market funds. A participating Fund bears the risk of any loss on the investment of the collateral; any such loss may exceed, potentially by a substantial amount, any profit to the Fund from its securities lending activities. A participating Fund may recall loaned securities on demand.

Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (“GSAL”), currently serves as the securities lending agent for the Funds. GSAL receives as compensation for its services a portion of the amount earned by each Fund for lending securities.

Income from the securities lending program is recorded when earned or as soon as reliable information became available from the lending agent. Net income for each Fund is reflected in the Statements of Operations under “Income from securities lending.” During the period ended March 31, 2025, Global Discovery Fund, Global Equity Fund, Global Unconstrained Fund, High Income Fund, International Fund, International Value Fund, Small Cap Fund, Sustainable Emerging Markets Fund, and Value Income Fund participated in the securities lending program. As of March 31, 2025, Global Equity Fund, High Income Fund, International Fund, and Sustainable Emerging Markets Fund had securities on loan.

(r)

ReFlow Liquidity Program – The Funds may participate in the ReFlow Fund, LLC (“ReFlow”) liquidity program (“Program”), which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the Program, ReFlow provides participating mutual funds (such as the Funds) with a source of cash to meet all, or a portion, of net shareholder redemptions. Following purchases of a Fund’s shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow or at other times at ReFlow’s or Artisan Partners’ discretion. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 14 basis points of the value of the Fund shares purchased by ReFlow, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of the Fund and its shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will not be subject to the Funds’ investment minimums, redemption fees, if applicable, or trading that is considered inappropriate, which may include frequent or short-term trading. ReFlow will periodically redeem its entire share position in a Fund and request that such redemption be met in-kind in accordance with Artisan Partners Funds’ policy on purchases and redemptions in-kind. During the period ended March 31, 2025, Focus Fund, Global Opportunities Fund, Mid Cap Value Fund and Value Fund participated in the ReFlow program.

96	Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fees associated with ReFlow are disclosed in the Statement of Operations. Certain offsetting benefits of utilizing the ReFlow service, such as reduced transactions costs, may impact net increase in net assets resulting from operations in the Statements of Operations. Gains on redemptions in-kind are included in net realized gain (loss) on investments in the Statements of Operations and will not be recognized for Federal income tax purposes. The shares ReFlow subscribed to, redemptions in-kind, gains on redemptions in-kind, fees and total expense ratio (“TER”) impact during the period were as follows:

Fund	Shares ReFlow Subscribed to		Redemptions In-Kind (in thousands)*		Gain on Redemptions In-Kind (in thousands)		ReFlow Fees (in thousands)		Impact to TER
Focus		4,797,097	$	101,103	$	46,506	$	161		.03%
Global Opportunities		8,739,527		283,339		176,008		425		.04
Mid Cap Value		3,407,775		52,706		47,237		78		.01
Value		1,490,313		21,595		13,927		32		.02

Includes value of securities redeemed in-kind.

(s)

Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, information was not available to the Funds on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded, revised or canceled as soon after the ex-dividend date as reliable information became available to the Funds. During the period ended March 31, 2025 Developing World Fund, Focus Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Small-Mid Fund and International Value Fund received EU tax reclaim payments and interest on tax reclaim payments in the amount of €446,000, €87,000, €46,000, €71,000, €1,792,000, €980,000, and €19,947,000 respectively. These reclaims were not previously accrued for due to the uncertainty of collectability and interest on the tax reclaim payments. The amount of tax reclaims is included in “Dividends, from unaffiliated issuers” and interest on those tax reclaim payments is included in “Interest” on the accompanying Statements of Operations. Reclaims and interest received on reclaims that are received in a currency other than USD are converted to USD using the foreign currency translation as outlined in the Notes to Financial Statements. Non-cash dividends related to corporate actions, if any, were included in dividend income, and generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and included accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

(t)

New Accounting Pronouncements - In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 (“ASU 2023-07”), “Segment Reporting (Topic 280)”, which requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

In December 2023, FASB issued ASU No. 2023-09 (“ASU 2023-09”), “Improvements to Income Tax Disclosures”, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

(3)

Risks:

Like all mutual funds, the Funds take investment risks and it is possible for a shareholder to lose money by investing in a Fund. Investors in each Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. This

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

section describes certain of the principal risks associated with investing in each Fund, but is not a complete list of every risk involved in investing in each Fund and the Fund may be exposed to additional risks not listed below. An investment in a Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.

The success of a Fund is dependent on such Fund’s investment team’s investment decisions, which are based, in part, on the research process employed by the Fund’s investment team. The portfolio securities selected by the investment team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. To the extent an investment team considers environmental, social and governance factors in its research process, such Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers’ business functions and affect Fund performance. For example, the global outbreak of the 2019 novel coronavirus (“COVID-19”), together with resulting voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, meaningfully disrupted the global economy and markets.

Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

In addition, geopolitical events adversely affect global economies and securities markets, subjecting a Fund’s investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other crossborder trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Investment risks typically are greater in emerging and developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. The securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security may fall in response to increases in interest rates. Each Fund that may invest in fixed income securities may invest in debt securities without considering the maturity of the investment. The value of a security with a longer duration will generally

98	Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect each Fund’s debt investments unfavorably.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities in which a Fund invests may be rated below investment grade or be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds.

Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Floating Rate Fund and High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which a Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, a Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford a Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.

Some floating or variable rate obligations or investments of a Fund may have previously referenced the London Interbank Offered Rate (“LIBOR”). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Public and private sector actors have worked to establish alternative reference rates, like Secured Overnight Financing Rate (“SOFR”) or Term SOFR, to be used in place of LIBOR. It is expected that the financing arrangements entered into by a Fund will therefore likely reference risk free rates (“RFRs”) as the applicable interest rate. The RFRs are conceptually and operationally different from LIBOR. For example, overnight rate RFRs may only be determinable on a “backward” looking basis and therefore are only known at the end of an interest period, whereas LIBOR was a “forward” looking rate. Moreover, certain RFRs (such as SOFR for U.S. dollar debt) are not well established in the market, and all RFRs remain novel in comparison to LIBOR. There consequently remains some uncertainty as to what the economic, accounting, commercial, tax and legal implications of the use of RFRs will be and how they will perform over significant time periods, particularly as market participants are still becoming accustomed to the use of such benchmarks. Given the relative novelty of the use of RFRs in financial markets, the exact impact of the use of the RFRs remains to be seen. All of the aforementioned may adversely affect a Fund’s investments (including in respect of its volatility, value and liquidity) and, as a result, its performance and/or NAV.

As non-diversified funds, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, International Explorer Fund, and Select Equity Fund may invest a larger portion of their assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

Operational failures, cyber-attacks or other disruptions that affect the Funds’ service providers, the Funds’ counterparties, other market participants or the issuers of securities held by the Funds may adversely affect the Funds and their shareholders, including by causing losses for the Funds or impairing Fund operations.

A Fund’s use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. For example, changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index. The skills needed to successfully execute derivative strategies may be different

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

from those needed for other types of transactions. If a Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction.

In addition to the risks of an adverse change in the value of the underlying reference asset, a Fund’s use of derivatives, including, but not limited to, over-the-counter (“OTC”) derivatives, involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. Derivatives transactions can create investment leverage and may be highly volatile, and a Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in, and may in the future result in, new regulation of derivative instruments and a Fund’s use of such instruments. New regulations could, among other things, restrict a Fund’s ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and a Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise choose. In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivatives risk management program that takes into account how a Fund’s derivatives use affects its investment portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management.

Emerging Markets Debt Opportunities Fund’s and Global Unconstrained Fund’s investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt.

(4)

Fair Value Measurements:

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

●

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

●

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

●

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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 are found in Note 2(b). A description of the fair value leveling techniques are described below:

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, sovereign 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

100

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

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 March 31, 2025 (in thousands). Refer to each Fund’s Schedule of Investments for industry or country classifications.

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Developing World
Assets Description
Common Stocks
Americas	$	1,199,478		$	–		$	–		$	1,199,478
Emerging Markets		864,634			681,960			–			1,546,594
Europe		41,462			277,679			–			319,141
Pacific Basin		346,333			59,006			–			405,339
Investment Company		124,167			–			–			124,167
Total Assets		2,576,074			1,018,645			–			3,594,719
Total Liabilities		–			–			–			–
Total		2,576,074			1,018,645			–			3,594,719

Emerging Markets Debt Opportunities
Assets Description
Sovereign Government Bonds		–			46,444			–			46,444
Corporate Bonds		–			16,516			–			16,516
Bank Loans		–			–			3,725			3,725
Convertible Bond		–			146			–			146
Common Stock		–			–			–	⁽¹⁾		–
Sovereign Government Treasury Bills		–			13,392			–			13,392
U.S. Treasury Obligations		–			12,729			–			12,729
Investment Company		355			–			–			355
Foreign Currency Forward Contracts⁽²⁾		–			729			–			729
Futures⁽²⁾		90			–			–			90
Centrally Cleared Credit Default Swaps⁽²⁾		–			3			–			3
Centrally Cleared Interest Rate Swaps⁽²⁾		–			490			–			490
Total Assets		445			90,449			3,725			94,619
Liabilities Description
Foreign Currency Forward Contracts⁽²⁾		–			(383	)		–			(383	)
Futures⁽²⁾		(308	)		–			–			(308	)
Centrally Cleared Credit Default Swaps⁽²⁾		–			(29	)		–			(29	)
Centrally Cleared Interest Rate Swaps⁽²⁾		–			(176	)		–			(176	)
Total Liabilities		(308	)		(588	)		–			(896	)
Total		137			89,861			3,725			93,723

Floating Rate
Assets Description
Bank Loans		–			74,780			–			74,780
Corporate Bonds		–			3,314			–			3,314
Common Stocks		–			452			–			452
Preferred Stock		–			82			–			82
Warrants		–			–			–	⁽¹⁾		–
Investment Company		7,021			–			–			7,021
Total Assets		7,021			78,628			–			85,649
Total Liabilities		–			–			–			–
Total		7,021			78,628			–			85,649

Focus
Assets Description
Common Stocks		829,538			86,920			–			916,458
Options Purchased		6,475			–			–			6,475
Investment Company		49,562			–			–			49,562

Artisan Partners Funds

101

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Focus (continued)
Foreign Currency Forward Contracts⁽²⁾	$	–	$	996		$	–		$	996
Total Assets		885,575		87,916			–			973,491
Liabilities Description
Foreign Currency Forward Contracts⁽²⁾		–		(2,932	)		–			(2,932	)
Total Liabilities		–		(2,932	)		–			(2,932	)
Total		885,575		84,984			–			970,559

Global Discovery
Assets Description
Common Stocks
Americas		122,073		–			–			122,073
Europe		18,050		61,229			–			79,279
Pacific Basin		4,812		3,112			–			7,924
Investment Company		12,061		–			–			12,061
Total Assets		156,996		64,341			–			221,337
Total Liabilities		–		–			–			–
Total		156,996		64,341			–			221,337

Global Equity
Assets Description
Common Stocks
Americas		34,961		2,441			–			37,402
Emerging Markets		14,171		25,574			–	⁽¹⁾		39,745
Europe		2,322		61,084			–			63,406
Pacific Basin		–		4,643			–			4,643
Investment Company		4,621		–			–			4,621
Total Assets		56,075		93,742			–			149,817
Total Liabilities		–		–			–			–
Total		56,075		93,742			–			149,817

Global Opportunities
Assets Description
Common Stocks
Americas		1,092,794		–			–			1,092,794
Emerging Markets		38,871		112,424			–			151,295
Europe		84,441		475,406			–			559,847
Pacific Basin		32,934		83,574			–			116,508
Investment Company		53,994		–			–			53,994
Total Assets		1,303,034		671,404			–			1,974,438
Total Liabilities		–		–			–			–
Total		1,303,034		671,404			–			1,974,438

Global Unconstrained
Assets Description
Sovereign Government Bonds		–		130,325			–			130,325
Corporate Bonds		–		42,179			–			42,179
Common Stocks		11,175		1,114			–	⁽¹⁾		12,289
Bank Loans		–		–			8,626			8,626
Exchange Traded Fund		3,335		–			–			3,335
Closed End Fund		627		–			–			627
Convertible Bond		–		351			–			351
Sovereign Government Treasury Bills		–		43,179			–			43,179
U.S. Treasury Obligations		–		41,477			–			41,477
Repurchase Agreements		–		13,840			–			13,840

102

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Global Unconstrained (continued)
Assets Description
Investment Company	$	3,116		$	–		$	–		$	3,116
Foreign Currency Forward Contracts⁽²⁾		–			1,902			–			1,902
Futures⁽²⁾		342			–			–			342
Centrally Cleared Credit Default Swaps⁽²⁾		–			1,191			–			1,191
Centrally Cleared Interest Rate Swaps⁽²⁾		–			298			–			298
Total Assets		18,595			275,856			8,626			303,077
Liabilities Description
Common Stock		–			(1,697	)		–			(1,697	)
Corporate Bonds		–			(3,818	)		–			(3,818	)
Exchange Traded Fund		(6,110	)		–			–			(6,110	)
Sovereign Government Bonds		–			(8,917	)		–			(8,917	)
Foreign Currency Forward Contracts⁽²⁾		–			(1,493	)		–			(1,493	)
Futures⁽²⁾		(557	)		–			–			(557	)
Centrally Cleared Credit Default Swaps⁽²⁾		–			(751	)		–			(751	)
Centrally Cleared Interest Rate Swaps⁽²⁾		–			(410	)		–			(410	)
OTC Credit Default Swaps⁽²⁾		–			(19	)		–			(19	)
OTC Interest Rate Swaps⁽²⁾		–			(39	)		–			(39	)
Total Liabilities		(6,667	)		(17,144	)		–			(23,811	)
Total		11,928			258,712			8,626			279,266

Global Value
Assets Description
Common Stocks and Equity-Linked Security
Americas		1,125,666			189,750			–			1,315,416
Emerging Markets		–			131,345			–			131,345
Europe		–			920,959			–			920,959
Investment Company		131,722			–			–			131,722
Foreign Currency Forward Contracts⁽²⁾		–			93			–			93
Total Assets		1,257,388			1,242,147			–			2,499,535
Liabilities Description
Foreign Currency Forward Contracts⁽²⁾		–			(571	)		–			(571	)
Total Liabilities		–			(571	)		–			(571	)
Total		1,257,388			1,241,576			–			2,498,964

High Income
Assets Description
Corporate Bonds		–			6,636,905			–			6,636,905
Bank Loans		–			1,981,909			–			1,981,909
Common Stocks		–			40,339			–			40,339
Preferred Stock		–			2,446			–			2,446
Warrants		–			–			–	⁽¹⁾		–
Investment Company		634,922			–			–			634,922
Total Assets		634,922			8,661,599			–			9,296,521
Foreign Currency Forward Contracts⁽²⁾		–			(384	)		–			(384	)
Total Liabilities		–			(384	)		–			(384	)
Total		634,922			8,661,215			–			9,296,137

International
Assets Description
Common Stocks and Equity-Linked Security
Americas		160,730			83,219			–			243,949
Emerging Markets		414,301			454,214			–	⁽¹⁾		868,515
Europe		102,146			3,164,041			–			3,266,187
Pacific Basin		–			449,401			–			449,401
Investment Company		175,970			–			–			175,970
Total Assets		853,147			4,150,875			–			5,004,022

Artisan Partners Funds

103

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
International (continued)
Total Liabilities	$	–	$	–		$	–	$	–
Total		853,147		4,150,875			–		5,004,022

International Explorer
Assets Description
Common Stocks
Americas		6,085		19,273			–		25,358
Emerging Markets		7,702		18,293			–		25,995
Europe		6,094		118,651			–		124,745
Pacific Basin		–		45,055			–		45,055
Convertible Bond
Europe		–		–			3,645		3,645
Investment Company		37,176		–			–		37,176
Total Assets		57,057		201,272			3,645		261,974
Total Liabilities		–		–			–		–
Total		57,057		201,272			3,645		261,974

International Small-Mid
Assets Description
Common Stocks
Americas		672,903		56,021			–		728,924
Emerging Markets		229,584		37,109			–		266,693
Europe		52,405		1,584,961			–		1,637,366
Middle East		180,976		35,504			–		216,480
Pacific Basin		–		670,467			–		670,467
Total Assets		1,135,868		2,384,062			–		3,519,930
Total Liabilities		–		–			–		–
Total		1,135,868		2,384,062			–		3,519,930

International Value
Assets Description
Common Stocks and Equity-Linked Security
Americas		5,922,374		2,278,654			–		8,201,028
Emerging Markets		330,637		4,472,807			142,700		4,946,144
Europe		438,253		17,858,634			–		18,296,887
Pacific Basin		–		394,240			–		394,240
Investment Company		4,839,848		–			–		4,839,848
Miscellaneous Securities		–		79,971			–		79,971
Foreign Currency Forward Contracts⁽²⁾		–		1,379			–		1,379
Total Assets		11,531,112		25,085,685			142,700		36,759,497
Foreign Currency Forward Contracts⁽²⁾		–		(6,985	)		–		(6,985	)
Total Liabilities		–		(6,985	)		–		(6,985	)
Total		11,531,112		25,078,700			142,700		36,752,512

Mid Cap
Assets Description
Common Stocks		3,464,712		–			–		3,464,712
Investment Company		57,656		–			–		57,656
Total Assets		3,522,368		–			–		3,522,368
Total Liabilities		–		–			–		–
Total		3,522,368		–			–		3,522,368

104

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Mid Cap Value
Assets Description
Common Stocks	$	1,029,338	$	–		$	–	⁽¹⁾	$	1,029,338
Investment Company		10,753		–			–			10,753
Total Assets		1,040,091		–			–			1,040,091
Total Liabilities		–		–			–			–
Total		1,040,091		–			–			1,040,091

Select Equity
Assets Description
Common Stocks		45,152		7,810			–			52,962
Investment Company		5,368		–			–			5,368
Foreign Currency Forward Contracts⁽²⁾		–		6			–			6
Total Assets		50,520		7,816			–			58,336
Liabilities Description
Foreign Currency Forward Contracts⁽²⁾		–		(17	)		–			(17	)
Total Liabilities		–		(17	)		–			(17	)
Total		50,520		7,799			–			58,319

Small Cap
Assets Description
Common Stocks		1,047,630		–			–			1,047,630
Investment Company		29,684		–			–			29,684
Total Assets		1,077,314		–			–			1,077,314
Total Liabilities		–		–			–			–
Total		1,077,314		–			–			1,077,314

Sustainable Emerging Markets
Assets Description
Common Stocks
Americas		1,801		–			–			1,801
Emerging Markets		41,915		157,277			–	⁽¹⁾		199,192
Europe		4,236		–			–			4,236
Pacific Basin		1,755		3,015			–			4,770
Investment Company		13,748		–			–			13,748
Warrant
Emerging Markets		–		2,307			–			2,307
Total Assets		63,455		162,599			–			226,054
Total Liabilities		–		–			–			–
Total		63,455		162,599			–			226,054

Value
Assets Description
Common Stocks		240,092		61,812			–			301,904
Investment Company		5,265		–			–			5,265
Total Assets		245,357		61,812			–			307,169
Total Liabilities		–		–			–			–
Total		245,357		61,812			–			307,169

Value Income
Assets Description
Common Stocks and Equity-Linked Security		12,881		1,978			–			14,859
Convertible Bonds		–		389			–			389
Corporate Bonds		–		373			–			373
Preferred Stock		280		–			–			280
Convertible Preferred Stock		150		–			–			150
Investment Company		195		–			–			195
Total Assets		13,506		2,740			–			16,246

Artisan Partners Funds

105

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Value Income (continued)
Liabilities Description
Written Options	$	(52	)	$	–	$	–	$	(52	)
Total Liabilities		(52	)		–		–		(52	)
Total		13,454			2,740		–		16,194

⁽¹⁾

Includes one or more securities valued at $0.

⁽²⁾

Foreign currency forward contracts, futures contracts, OTC swap contracts and centrally cleared swap contracts are valued at unrealized appreciation (depreciation).

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

Assets

Fair Value at
March 31, 2025

Valuation
Technique

Unobservable Input(s)

Range

Weighted
Average

Impact to Fair
Value from an
Increase in
Input

Emerging Markets Debt Opportunities

Common Stock

–

⁽¹⁾

Cost

100% discount for uncertainty of liquidation value

N/A

Bank Loans

1,959

Broker quote

Single broker quote⁽²⁾

$85.50 - $99.38

$95.96

Increase

Bank Loans

1,766

Market Comparable(s)

Model-derived based on change in option-adjusted spread of comparables⁽³⁾

$98.21 - $100.48

$99.67

Increase

Total

3,725

Floating Rate

Warrant

–

⁽¹⁾

Cost

100% discount for uncertainty of liquidation value

N/A

Global Equity

Common Stock

–

⁽¹⁾

Last quote in a restricted market

100% discount for uncertainty of liquidation value

N/A

Global Unconstrained

Common Stock

–

⁽¹⁾

Cost

100% discount for uncertainty of liquidation value

N/A

Bank Loans

2,677

Broker quote

Single broker quote⁽⁴⁾

$85.50 - $99.38

$96.03

Increase

Bank Loans

5,949

Market Comparable(s)

Model-derived based on change in option-adjusted spread of comparables⁽³⁾

$98.21 - $100.48

$99.71

Increase

Total

8,626

High Income

Warrant

–

⁽¹⁾

Cost

100% discount for uncertainty of liquidation value

N/A

International

Common Stock

–

⁽¹⁾

Last quote in a restricted market

100% discount for uncertainty of liquidation value

N/A

International Explorer

Convertible Bond

3,645

Cost plus accretion

Commutation price and date

$85.00 - $85.72

$85.33

Increase

International Value

Common Stock

142,700

Mark-to-Model approach

Net collateral, net earned premiums, and fair value of loss reserves

$127,120 - $147,700

$139,036

Increase

Mid Cap Value

Common Stock

–

⁽¹⁾

Cost

100% discount for uncertainty of liquidation value

N/A

Sustainable Emerging Markets

Common Stock

–

⁽¹⁾

Last quote in a restricted market

100% discount for uncertainty of liquidation value

N/A

⁽¹⁾

Includes one or more securities valued at $0.

⁽²⁾

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 $96.23.

⁽³⁾

At times during the period, unobservable input(s) were single broker quote with a range of $99.50.

⁽⁴⁾

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 $96.30.

106

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

As of March 31, 2025, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

Emerging Markets Debt
Opportunities Fund

Floating Rate Fund

Global Equity Fund

Global Unconstrained Fund

High Income Fund

Balance as of September 30, 2024

2,756

–

⁽¹⁾

–

⁽¹⁾

3,730

–

⁽¹⁾

Transfers into Level 3

–

Net change in unrealized appreciation (depreciation)

–

197

–

Purchases

1,745

–

5,838

–

Sales

(765

)

–

(1,007

)

–

Accrued Amortization

–

⁽²⁾

–

⁽²⁾

–

Realized Gain/Loss

(97

)

–

(132

)

–

Transfers out of Level 3

–

Balance as of March 31, 2025

3,725

–

⁽¹⁾

–

⁽¹⁾

8,626

–

⁽¹⁾

Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2025

–

136

–

International Fund

International Explorer Fund

International Value Fund

Mid Cap Value Fund

Sustainable Emerging Markets Fund

Balance as of September 30, 2024

–

⁽¹⁾

–

146,720

–

⁽¹⁾

–

⁽¹⁾

Transfers into Level 3

–

Net change in unrealized appreciation (depreciation)

–

(4,020

)

–

Purchases

–

3,622

–

Sales

–

Accrued Amortization

–

Realized Gain/Loss

–

Transfers out of Level 3

–

Balance as of March 31, 2025

–

⁽¹⁾

3,645

142,700

–

⁽¹⁾

–

⁽¹⁾

Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2025

–

(4,020

)

–

⁽¹⁾

Includes one or more securities valued at $0.

⁽²⁾

Amount rounds to less than $1

(5) Transfer Agent and Authorized Agent Fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. For Investor Shares and Advisor Shares of the Funds, each Fund paid all or a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. For Institutional Shares, the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the period ended March 31, 2025 (in thousands):

Artisan Partners Funds

107

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2025
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents			Total
Developing World - Investor Shares	$	15	$	417		$	432
Developing World - Advisor Shares		6		798			804
Developing World - Institutional Shares		11		—			11
Emerging Markets Debt Opportunities - Investor Shares		11		8			19
Emerging Markets Debt Opportunities - Advisor Shares		10		14			24
Emerging Markets Debt Opportunities - Institutional Shares		10		—			10
Floating Rate - Investor Shares		11		16			27
Floating Rate - Advisor Shares		10		13			23
Floating Rate - Institutional Shares		11		—			11
Focus - Investor Shares		13		45			58
Focus - Advisor Shares		6		318			324
Focus - Institutional Shares		10		—			10
Global Discovery - Investor Shares		13		36			49
Global Discovery - Advisor Shares		11		9			20
Global Discovery - Institutional Shares		11		—			11
Global Equity - Investor Shares		14		76			90
Global Equity - Advisor Shares		10		4			14
Global Equity - Institutional Shares		11		—			11
Global Opportunities - Investor Shares		20		772			792
Global Opportunities - Advisor Shares		10		250			260
Global Opportunities - Institutional Shares		11		—			11
Global Unconstrained - Investor Shares		11		14			25
Global Unconstrained - Advisor Shares		7		49			56
Global Unconstrained - Institutional Shares		15		—			15
Global Value - Investor Shares		16		257			273
Global Value - Advisor Shares		7		141			148
Global Value - Institutional Shares		7		—			7
High Income - Investor Shares		7		771			778
High Income - Advisor Shares		12		1,686			1,698
High Income - Institutional Shares		9		—			9
International - Investor Shares		74		1,559			1,633
International - Advisor Shares		11		382			393
International - Institutional Shares		9		—			9
International Explorer - Advisor Shares		5		61			66
International Explorer - Institutional Shares		10		—			10
International Small-Mid - Investor Shares		19		192			211
International Small-Mid - Advisor Shares		7		461			468
International Small-Mid - Institutional Shares		8		—			8
International Value - Investor Shares		24		3,521			3,545
International Value - Advisor Shares		13		5,373			5,386
International Value - Institutional Shares		13		—			13
Mid Cap - Investor Shares		39		1,338			1,377
Mid Cap - Advisor Shares		6		259			265
Mid Cap - Institutional Shares		8		—			8
Mid Cap Value - Investor Shares		35		334			369
Mid Cap Value - Advisor Shares		12		110			122
Mid Cap Value - Institutional Shares		11		—			11
Select Equity - Investor Shares		11		8			19
Select Equity - Advisor Shares		11		—	^		11
Select Equity - Institutional Shares		11		—			11
Small Cap - Investor Shares		35		546			581
Small Cap - Advisor Shares		10		127			137
Small Cap - Institutional Shares		11		—			11
Sustainable Emerging Markets - Investor Shares		12		17			29
Sustainable Emerging Markets - Advisor Shares		10		19			29
Sustainable Emerging Markets - Institutional Shares		10		—			10

108

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2025
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Value - Investor Shares	$	15	$	84	$	99
Value - Advisor Shares		11		42		53
Value - Institutional Shares		11		—		11
Value Income - Investor Shares		11		9		20
Value Income - Advisor Shares		10		1		11
Value Income - Institutional Shares		11		—		11

Amount rounds to less than $1

(6) Derivative Transactions

Each Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivative risk management program that takes into account how its derivatives use affects its portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management. To the extent a Fund is not a limited derivatives user (as defined in Rule 18f-4), Rule 18f-4, among other things, limits a Fund’s derivatives exposure through a value-at-risk test and requires such Funds to adopt and implement a derivatives risk management program that is reasonably designed to manage the Funds’ derivatives risks. Subject to certain conditions, Funds that are limited derivatives users are not subject to the full requirements of Rule 18f-4. In order to qualify as a limited derivatives user, a Fund’s derivatives “exposure” (as defined in Rule 18f-4) cannot exceed 10% of its net assets, excluding certain currency or interest rate derivatives used for hedging purposes in accordance with specific requirements set out in Rule 18f-4. Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund and High Income Fund are full derivatives users while the remaining Funds are limited derivatives users.

Foreign Currency Forward Contracts

Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Forward currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Global Value Fund, High Income Fund, International Value Fund, and Select Equity Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2025.

At the maturity of a forward contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.

Futures Transactions

Each Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain

Artisan Partners Funds

109

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

exposure to a particular market or instrument during the period ended March 31, 2025.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as Deposits with broker in the Statements of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

Options Transactions

Each Fund may purchase and write (sell) put options and call options on securities or indexes.

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. Focus Fund, Global Unconstrained Fund, and Value Income Fund held option contracts during the period ended March 31, 2025.

Each Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. Swaptions are generally subject to the same risks involved in a Fund’s use of options. None of the Funds invested in swaptions during the period.

If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If a purchased option expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from writing a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. During the period ended March 31, 2025, Focus Fund and Value Income Fund used options transactions to enhance alpha and minimize downside market risk. Global Unconstrained Fund used options to create investment leverage.

Swap Transactions

Each Fund may enter into swap agreements and other types of over-the-counter transactions such as caps, floors and collars with broker-dealers or other financial institutions for hedging or investment purposes. An example of one type of swap involves the exchange by the Fund with another party of their respective commitments to pay or receive cash flows, for example, an exchange of floating rate payments for fixed-rate payments. The purchase of a cap entitles the purchaser, to the extent that a specified index or other underlying financial measure exceeds a predetermined value on a predetermined date or dates, to receive payments on a notional principal amount from the party selling the cap. The purchase of a floor entitles the purchaser, to the extent that a specified index or other underlying financial measure falls or other underlying measure below a predetermined value on a predetermined date or dates, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of a cap and a floor.

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statements of Operations. Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market factors. These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes

110

Artisan Partners Funds

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party or derivatives clearing organization when the swap contract is executed and is recorded as Cash pledged on the Statements of Assets and Liabilities.

Swap agreements and similar transactions can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structures, swap agreements may increase or decrease a Fund’s exposure to long-or short-term interest rates (in the United States or abroad), foreign currency values, mortgage securities, mortgage rates, corporate borrowing rates, or other factors such as security prices, inflation rates or the volatility of an index or one or more securities. For example, if a Fund agrees to exchange payments in US dollars for payments in a non-US currency, the swap agreement would tend to decrease a Fund’s exposure to US interest rates and increase its exposure to that non-US currency and interest rates.

A Fund’s ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to a Fund. If a counterparty’s creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of a counterparty’s insolvency.

Under certain circumstances, suitable transactions may not be available to a Fund, or a Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. Swaps carry counterparty risks that cannot be fully anticipated. Also, because swap transactions typically involve a contract between the two parties, such swap investments can be extremely illiquid, as it is uncertain as to whether another counterparty would wish to take assignment of the rights under the swap contract at a price acceptable to a Fund.

A credit default swap on a bond is an agreement between a Fund and a counterparty that enables a Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors (for example, a specific default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a US or non-US corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

Each Fund may enter into credit default swap contracts as protection buyer in order to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s) (also known as buying credit protection).

Each Fund may enter into credit default swap contracts as seller protection. A protection seller may have to pay out amounts following a negative credit event greater than the value of the reference obligation delivered to it by its counterparty and the amount of periodic payments previously received by it from the counterparty. When a Fund acts as a seller of credit default swap protection, it is exposed to, among other things, leverage risk because if an event of default occurs the seller must pay the buyer up to the full notional value of the reference obligation. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement.

Each Fund may also engage in total return swaps, in which payments made by a Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity or fixed-income security, a combination of such securities, or an index). Total return swap agreements may be used to obtain exposure to a security, commodity, or market without owning

Artisan Partners Funds

111

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

or taking physical custody of such security or investing directly in such market. Swaps carry counterparty risks that cannot be fully anticipated. Each Fund may also enter into swap agreements on futures contracts including, but not limited to, index futures contracts. Swap agreements on futures contracts are generally subject to the same risks involved in the Fund’s use of futures contracts, in addition to the risks involved in the Fund’s use of swap agreements. A total return swap, or a swap on a futures contract, may add leverage to a portfolio by providing investment exposure to an underlying asset or market where the Fund does not own or take physical custody of such asset or invest directly in such market.

Many swaps are complex and often valued subjectively. Many over-the-counter derivatives are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values a Fund realizes when it closes or sells an over-the-counter derivative. Valuation risk is more pronounced when a Fund enters into over-the-counter derivatives with specialized terms because the market value of those derivatives in some cases is determined in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, undercollateralization and/or errors in calculation of the Fund’s NAV. During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used swap transactions to create investment leverage.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2025 was as follows (in thousands):

Fund	Risk Exposure Category	Derivative Instrument	Statement of assets and Liabilities Location	Value
Emerging Markets Debt Opportunities	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	729
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(383	)
	Interest rate	Futures contracts	Payable for variation margin on futures contracts		(218	)*
	Credit	Centrally cleared swap contracts	Payable for variation margin on centrally cleared swap contracts		(26	)*
	Interest rate	Centrally cleared swap contracts	Receivable for variation margin on centrally cleared swap contracts		314	*
Focus	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		996
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(2,932	)
	Equity	Purchased options contracts	Investments in securities, unaffiliated, at value		6,475
Global Unconstrained	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		1,902
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(1,493	)
	Interest rate	Futures contracts	Payable for variation margin on futures contracts		(156	)*
	Equity	Futures contracts	Payable for variation margin on futures contracts		(59	)*
	Credit	Centrally cleared swap contracts	Receivable for variation margin on centrally cleared swap contracts		440	*
	Interest rate	Centrally cleared swap contracts	Payable for variation margin on centrally cleared swap contracts		(112	)*
	Credit	Over the counter swap contracts	Swap contracts, at value		(61	)
	Interest rate	Over the counter swap contracts	Swap contracts, at value		(36	)
Global Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		93
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(571	)
High Income	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(384	)
International Value	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		1,379
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(6,985	)
Select Equity	Foreign currency	Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts		6
	Foreign currency	Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts		(17	)
Value Income	Equity	Written options contract	Written options, at value		(52	)

Futures contracts and centrally cleared swap contracts are valued in this table at unrealized appreciation (depreciation). Amounts reported in the Statements of Assets and Liabilities reflect only the current day’s variation margin related to these contracts.

The effect of derivative instruments in the amount of realized gain (loss) and net increase (decrease) in unrealized appreciation or depreciation recognized on the Statements of Operations for the period ended March 31, 2025 was as follows (in thousands):

Fund

Risk Exposure
Category

Derivative
Instrument

Statement of
Operations Location

Net Realized Gain (Loss)

Statement of
Operations Location

Unrealized Appreciation
(Depreciation)

Emerging Markets Debt Opportunities

Foreign currency

Foreign currency forward
contracts

Net realized gain (loss) on
foreign currency forward
contracts

367

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

208

Interest rate

Futures contracts

Net realized gain (loss) on
futures contracts

843

Net increase (decrease) in unrealized appreciation or depreciation on futures contracts

(156

)

Credit

Centrally cleared swap
contracts

Net realized gain (loss) on
swap contracts

Net increase (decrease) in unrealized appreciation or depreciation on swap contracts

(22

)

112

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fund

Risk Exposure
Category

Derivative
Instrument

Statement of
Operations Location

Net Realized
Gain (Loss)

Statement of
Operations Location

Unrealized Appreciation
(Depreciation)

Interest rate

Centrally cleared swap
contracts

Net realized gain (loss) on
swap contracts

Net increase (decrease) in unrealized appreciation or depreciation on swap contracts

(384

)

Focus

Foreign currency

Foreign currency forward contracts

Net realized gain (loss) on
foreign currency forward
contracts

3,233

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

(431

)

Equity

Written options contracts

Net realized gain (loss) on
written options

(4,612

)

Net increase (decrease) in unrealized appreciation or depreciation on written options

(548

)

Equity

Purchased option contracts

Net realized gain (loss) on
investments, from unaffiliated
issuers

58,950

Net increase (decrease) in unrealized appreciation or depreciation on investments, from unaffiliated issuers

(8,368

)

Global Unconstrained

Foreign currency

Foreign currency forward contracts

Net realized gain (loss) on
foreign currency forward
contracts

(312

)

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

801

Interest rate

Futures contracts

Net realized gain (loss) on
futures contracts

636

Net increase (decrease) in unrealized appreciation or depreciation on futures contracts

(90

)

Equity

Futures contracts

Net realized gain (loss) on
futures contracts

186

Net increase (decrease) in unrealized appreciation or depreciation on futures contracts

Equity

Purchased option contracts

Net realized gain (loss) on
investments, from unaffiliated
issuers

(64

)

Net increase (decrease) in unrealized appreciation or depreciation on investments, from unaffiliated issuers

Credit

Centrally cleared swap
contracts

Net realized gain (loss) on
swap contracts

(1,036

)

Net increase (decrease) in unrealized appreciation or depreciation on swap contracts

1,386

Interest rate

Centrally cleared swap
contracts

Net realized gain (loss) on
swap contracts

162

Net increase (decrease) in unrealized appreciation or depreciation on swap contracts

)

Global Value

Foreign currency

Foreign currency forward contracts

Net realized gain (loss) on
foreign currency forward
contracts

—

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

(478

)

High Income

Foreign currency

Foreign currency forward contracts

Net realized gain (loss) on
foreign currency forward
contracts

521

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

(246

)

International Value

Foreign currency

Foreign currency forward contracts

Net realized gain (loss) on
foreign currency forward
contracts

—

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

(5,606

)

Select Equity

Foreign currency

Foreign currency forward contracts

Net realized gain (loss) on
foreign currency forward
contracts

—

Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts

(11

)

Value Income

Equity

Written options contracts

Net realized gain (loss) on
written options

Net increase (decrease) in unrealized appreciation or depreciation on written options

(24

)

Artisan Partners Funds

113

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

The average monthly amount outstanding for each derivative type for the period ended March 31, 2025 was as follows (dollar value in thousands):

Fund	Derivative Type	Average Monthly Notional Amount
Emerging Markets Debt Opportunities	Centrally cleared credit default swaps		$ 3,534
	Centrally cleared interest rate swaps		26,327
	Foreign currency forward contracts - purchased		36,301
	Foreign currency forward contracts - sold		27,527
	Futures contracts - short		33,914
	Overnight index swap		14,004
	Variable rate swap		5,172
Focus	Foreign currency forward contracts - purchased		48,910
	Foreign currency forward contracts - sold		109,771
	Purchased options contracts		65,845
	Written options contracts		2,675
Global Unconstrained	Centrally cleared credit default swaps		148,193
	Centrally cleared interest rate swaps		17,590
	Foreign currency forward contracts - purchased		55,354
	Foreign currency forward contracts - sold		109,587
	Futures contracts - long		949
	Futures contracts - short		51,676
	Overnight index swap		14,907
	Purchased options contracts		1
	Variable rate swap		7,571
Global Value	Foreign currency forward contracts - purchased		9,568
	Foreign currency forward contracts - sold		42,827
High Income	Foreign currency forward contracts - sold		7,648
International Value	Foreign currency forward contracts - purchased		100,196
	Foreign currency forward contracts - sold		397,574
Select Equity	Foreign currency forward contracts - purchased		351
	Foreign currency forward contracts - sold		1,308
Value Income	Written options contracts		40

Master Netting Agreements

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangement in the statement of assets and liabilities. All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA”) and net of the related collateral received/pledged by the Fund as of March 31, 2025 (in thousands). Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

114

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty		Gross Asset Amounts Presented in Statements of Assets and Liabilities^†		Financial Instrument			Collateral Received^*			Net Amount (Not Less Than $0)
Emerging Markets Debt Opportunities	Citibank, N.A.	$	21	$	—		$	—		$	21
	Citigroup Global Markets		261		(99	)		—			162
	Deutsche Bank AG		172		—	^		(172	)		—
	Goldman Sachs International		5		—			—			5
	ICBC Standard Bank Plc		65		(2	)		—			63
	JPMorgan Chase Bank, N.A.		42		(25	)		—			17
	Morgan Stanley		1		—	^		—			1
	Societe Generale		30		—	^		—			30
	Standard Chartered Bank		124		(124	)		—			—
	Toronto Dominion Bank		8		(2	)		—			6
Focus	JPMorgan Chase Bank, N.A.		996		(996	)		—			—
Global Unconstrained	Citibank, N.A.		31		(31	)		—			—
	Deutsche Bank AG		235		(4	)		(231	)		—
	ICBC Standard Bank Plc		141		(122	)		—			19
	JPMorgan Chase Bank, N.A.		603		(360	)		(60	)		183
	Societe Generale		22		(4	)		—			18
	Standard Chartered Bank		828		(828	)		—			—
	Toronto Dominion Bank		42		(8	)		—			34
Global Value	JPMorgan Chase Bank, N.A.		93		(93	)		—			—
International Value	JPMorgan Chase Bank, N.A.		1,379		(1,379	)		—			—
Select Equity	JPMorgan Chase Bank, N.A.		6		(6	)		—			—

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty		Gross Liability Amounts Presented in Statements of Assets and Liabilities^†			Financial Instrument			Collateral Pledged^*			Net Amount (Not Less Than $0)
Emerging Markets Debt Opportunities	Citigroup Global Markets	$	99		$	(99	)	$	—		$	—
	Deutsche Bank AG		—	^		—	^		—			—
	ICBC Standard Bank Plc		2			(2	)		—			—
	JPMorgan Chase Bank, N.A.		25			(25	)		—			—
	Morgan Stanley		—	^		—	^		—			—
	Societe Generale		—	^		—	^		—			—
	Standard Chartered Bank		255			(124	)		(131	)		—
	Toronto Dominion Bank		2			(2	)		—			—
Focus	JPMorgan Chase Bank, N.A.		2,932			(996	)		—			1,936
Global Unconstrained	Citibank, N.A.		99			(31	)		—			68
	Deutsche Bank AG		4			(4	)		—			—
	Goldman Sachs International		24			—			—			24
	ICBC Standard Bank Plc		122			(122	)		—			—
	JPMorgan Chase Bank, N.A.		360			(360	)		—			—
	Morgan Stanley		3			—			—			3
	Morgan Stanley & Co International plc		3			—			—			3
	Societe Generale		4			(4	)		—			—
	Standard Chartered Bank		924			(828	)		(96	)		—
	Toronto Dominion Bank		8			(8	)		—			—
Global Value	JPMorgan Chase Bank, N.A.		571			(93	)		—			478
High Income	Bank of America		384			—			—			384
International Value	JPMorgan Chase Bank, N.A.		6,985			(1,379	)		—			5,606
Select Equity	JPMorgan Chase Bank, N.A.		17			(6	)		—			11

^†

All asset and liability amounts in this table are valued at unrealized appreciation (depreciation).

The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^{^}

Amount rounds to less than $1.

The Funds enter into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a

Artisan Partners Funds

115

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position.

(7)

Related Party Transactions

(a)

Investment Advisory Agreement – The Adviser, with which the officers and one director of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the period ended March 31, 2025. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows:

Developing World		Emerging Markets Debt Opportunities Select Equity
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $1 billion	1.050%	Up to $1 billion	0.750%
$1 billion to $2 billion	1.025	$1 billion to $2 billion	0.725
$2 billion to $3.5 billion	1.000	$2 billion to $3.5 billion	0.700
$3.5 billion to $5 billion	0.975	$3.5 billion to $5 billion	0.675
Over $5 billion	0.950	Over $5 billion	0.650

Floating Rate		Focus
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $1 billion	0.680%	Up to $1 billion	1.000%
$1 billion to $2 billion	0.660	$1 billion to $2 billion	0.975
$2 billion to $3.5 billion	0.640	$2 billion to $3.5 billion	0.950
$3.5 billion to $10 billion	0.620	$3.5 billion to $5 billion	0.925
Over $10 billion	0.600	Over $5 billion	0.900

Global Discovery		Global Equity
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $1 billion	0.975%	Up to $1 billion	0.900%
$1 billion to $2 billion	0.950	$1 billion to $2 billion	0.875
$2 billion to $3.5 billion	0.925	$2 billion to $3.5 billion	0.850
$3.5 billion to $5 billion	0.900	$3.5 billion to $5 billion	0.825
Over $5 billion	0.875	Over $5 billion	0.800

Global Opportunities		Global Unconstrained
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $1 billion	0.900%	Up to $1 billion	0.950%
$1 billion to $4 billion	0.875	$1 billion to $2 billion	0.925
$4 billion to $8 billion	0.850	$2 billion to $3.5 billion	0.900
$8 billion to $12 billion	0.825	$3.5 billion to $5 billion	0.875
Over $12 billion	0.800	Over $5 billion	0.850

Global Value		High Income
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $1 billion	1.000%	Up to $1 billion	0.725%
$1 billion to $4 billion	0.975	$1 billion to $2 billion	0.700
$4 billion to $8 billion	0.950	$2 billion to $3.5 billion	0.675
$8 billion to $12 billion	0.925	$3.5 billion to $10 billion	0.650
Over $12 billion	0.900	Over $10 billion	0.625

International		International Explorer
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $500 million	1.000%	Up to $500 million	1.050%
$500 million to $750 million	0.975	Over $500 million	1.000
$750 million to $1 billion	0.950
$1 billion to $12 billion	0.925
Over $12 billion	0.900

116

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

International Small-Mid		International Value Mid Cap Small Cap
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $2 billion	1.050%	Up to $500 million	1.000%
$2 billion to $3 billion	1.025	$500 million to $750 million	0.975
$3 billion to $4 billion	1.000	$750 million to $1 billion	0.950
$4 billion to $5 billion	0.975	Over $1 billion	0.925
Over $5 billion	0.950
Mid Cap Value		Sustainable Emerging Markets
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $500 million	0.920%	Up to $1 billion	0.850%
$500 million to $750 million	0.895	$1 billion to $2 billion	0.825
$750 million to $1 billion	0.870	$2 billion to $3.5 billion	0.800
Over $1 billion	0.845	$3.5 billion to $5 billion	0.775
		Over $5 billion	0.750
Value		Value Income
Average Daily Net Assets	Annual Rate	Average Daily Net Assets	Annual Rate
Up to $50 million	0.800%	Up to $1 billion	0.700%
$50 million to $100 million	0.760	$1 billion to $2 billion	0.675
$100 million to $500 million	0.720	$2 billion to $3.5 billion	0.650
$500 million to $7.5 billion	0.680	$3.5 billion to $5 billion	0.625
Over $7.5 billion	0.640	Over $5 billion	0.600

(b)

Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. The contractual limits continue through January 31, 2026 at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended March 31, 2025 (dollar values in thousands).

For the period ended March 31, 2025, Value Income Fund incurred operating expenses of approximately $78,000 that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at March 31, 2025.

Fund	Expense Limit as a % of Average Daily Net Assets	Expenses Waived
Emerging Markets Debt Opportunities - Investor Shares	1.25%	33
Emerging Markets Debt Opportunities - Advisor Shares	1.15%	51
Emerging Markets Debt Opportunities - Institutional Shares	1.10%	63
Floating Rate - Investor Shares	1.20%	35
Floating Rate - Advisor Shares	1.10%	42
Floating Rate - Institutional Shares	1.05%	38
Focus - Investor Shares	1.50%	—
Global Discovery - Investor Shares	1.40%	—
Global Discovery - Advisor Shares	1.30%	13
Global Discovery - Institutional Shares	1.25%	—
Global Equity - Investor Shares	1.35%	2
Global Equity - Advisor Shares	1.25%	15
Global Equity - Institutional Shares	1.20%	—
Global Unconstrained - Investor Shares	1.24%	43
Global Unconstrained - Advisor Shares	1.14%	173
Global Unconstrained - Institutional Shares	1.09%	75
International Explorer - Advisor Shares	1.40%	—
International Explorer - Institutional Shares	1.35%	—
Select Equity - Investor Shares	1.25%	28
Select Equity - Advisor Shares	1.15%	22
Select Equity - Institutional Shares	1.10%	2

Artisan Partners Funds

117

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

Fund	Expense Limit as a % of Average Daily Net Assets	Expenses Waived
Sustainable Emerging Markets - Investor Shares	1.15%	19
Sustainable Emerging Markets - Advisor Shares	1.05%	27
Sustainable Emerging Markets - Institutional Shares	1.00%	29
Value - Investor Shares	0.98%	48
Value - Advisor Shares	0.88%	43
Value - Institutional Shares	0.83%	10
Value Income - Investor Shares	1.20%	37
Value Income - Advisor Shares	1.10%	31
Value Income - Institutional Shares	1.05%	67

(c)

Officers and Directors – The officers and director of the Funds who are affiliated with the Adviser receive no compensation from the Funds. For the period ended March 31, 2025, directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) received compensation for their services based on an annual fee of$325,000.

In addition, the independent chair and each committee chair receives an annual supplemental retainer as follows:

	Amount
Independent board chair	$	125,000
Audit committee chair	$	45,000
Governance and nominating committee chair	$	30,000
Education committee chair	$	30,000

These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statements of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

(d)

Distribution – Shares of the Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

(8) Line of Credit Arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 4, 2025. Under the line of credit, each Fund can borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets (for Floating Rate Fund, 20% from October 1, 2024 to November 12, 2024, and then 25% thereafter) with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds may not exceed $400 million. The Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) Daily Simple SOFR in effect on such day plus 0.10% plus 1.00%, (ii) the federal funds effective rate in effect on such day plus 1.00% or (iii) the overnight bank funding rate in effect on such day plus 1.00%. The Funds also paid an agent’s fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds’ and administrative agent’s legal expenses in connection with the line of credit, each as incurred. The fees were allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the period ended March 31, 2025, there were borrowings under the line of credit as follows (dollar values in thousands):

118

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Fund	Number of Days Utilizing Line of Credit		Average Borrowings		Average Borrowing Rates
Global Equity		3	$	2,083		5.41	%
International		2		67,075		5.40	%
International Small-Mid		5		37,590		5.44	%

All fees and interest expense related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at March 31, 2025.

(9) Investment Transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the period ended March 31, 2025 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Developing World	$	1,283,455	$	1,412,778
Emerging Markets Debt Opportunities		31,125		24,547
Floating Rate		44,446		31,269
Focus		1,291,088		1,367,815
Global Discovery		82,168		101,261
Global Equity		161,785		204,842
Global Opportunities		828,475		957,440
Global Unconstrained		140,357		41,031
Global Value		182,244		260,692
High Income		1,746,990		1,078,397
International		2,969,489		3,417,521
International Explorer		118,613		40,959
International Small-Mid		721,902		1,333,560
International Value		3,732,999		2,359,591
Mid Cap		1,269,478		2,003,094
Mid Cap Value		206,576		197,865
Select Equity		10,984		8,036
Small Cap		387,305		585,650
Sustainable Emerging Markets		71,079		21,570
Value		47,937		60,929
Value Income		2,687		2,371

Artisan Partners Funds

119

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

(10) Transactions in Securities of Affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended March 31, 2025 (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 March 31, 2025.

	As of 9/30/2024												Net Increase (Decrease) in Unrealized			As of 3/31/2025
Funds	Shares Balance		Value		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Appreciation or Depreciation			Share Balance		Value		Dividend Income^@
International Explorer
M&C Saatchi plc^(1)†		6,358	$	15,472	$	3,545	$	(5,861	)	$	(642	)	$	(1,409	)		5,151	$	11,105	$	—
Total^#			$	15,472	$	3,545	$	(5,861	)	$	(642	)	$	(1,409	)			$	—	$	—
International Value
Barry Callebaut AG^(1)‡		260		480,483		231,818		—			—			(145,424	)		427		566,877		10,090
Berkeley Group Holdings plc⁽¹⁾		5,739		362,130		60,688		—			—	^		(96,386	)		7,022		326,432		2,984
Brenntag SE⁽¹⁾		9,844		733,975		148,579		—			—			(89,269	)		12,278		793,285		—
Koninklijke Philips NV⁽¹⁾*^‡		45,331		1,484,541		129,504		—			—			(338,417	)		50,208		1,275,628		—
Sensata Technologies
Holding plc		9,305		333,662		40,972		—			—			(114,239	)		10,729		260,395		2,316
Total			$	3,394,791	$	611,561	$	—		$	—	^	$	(783,735	)			$	3,222,617	$	15,390

	^@	Net of foreign taxes withheld, if any.
	^†	Issuer was not an affiliate as of March 31, 2025.
	^*	Non-income producing security.
	^#	Total value as of March 31, 2025 is presented only for those issuers that were affiliates as of March 31, 2025.
	⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(b) and 4 in Notes to Financial Statements for additional information.
	^{^}	Amount rounds to less than $1.
	^‡	Issuer was not an affiliate as of September 30, 2024.

120

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(11) Information for Federal Income Tax Purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of March 31, 2025 was as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Developing World	$	2,178,321	$	1,489,200	$	(72,802	)	$	1,416,398
Emerging Markets Debt Opportunities		92,871		3,015		(2,217	)		798
Floating Rate		87,155		313		(1,819	)		(1,506	)
Focus		793,090		184,299		(6,830	)		177,469
Global Discovery		181,310		48,184		(8,157	)		40,027
Global Equity		137,186		20,122		(7,491	)		12,631
Global Opportunities		1,640,274		408,045		(73,881	)		334,164
Global Unconstrained		275,776		9,716		(6,226	)		3,490
Global Value		1,552,308		998,245		(51,589	)		946,656
High Income		9,493,703		118,273		(315,839	)		(197,566	)
International		4,262,894		1,000,161		(259,033	)		741,128
International Explorer		254,944		20,371		(13,341	)		7,030
International Small-Mid		3,276,249		659,350		(415,669	)		243,681
International Value		27,269,319		10,562,931		(1,079,738	)		9,483,193
Mid Cap		2,571,251		1,084,359		(133,242	)		951,117
Mid Cap Value		759,726		311,750		(31,385	)		280,365
Select Equity		43,484		16,271		(1,436	)		14,835
Small Cap		903,608		248,393		(74,687	)		173,706
Sustainable Emerging Markets		189,910		45,557		(9,413	)		36,144
Value		223,196		91,397		(7,424	)		83,973
Value Income		15,148		1,914		(868	)		1,046

The Funds’ tax-basis capital gains and losses are determined only at the end of each fiscal year. Accordingly, the table above does not include tax adjustments and reflects the aggregate book cost as of March 31, 2025.

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions).

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2025 and the year ended September 30, 2024 were as follows (in thousands):

	Six Months Ended 3/31/2025				Year Ended 9/30/2024
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Developing World	$	—	$	—	$	—	$	—
Emerging Markets Debt Opportunities		3,179		817		5,540		231
Floating Rate		2,769		—		6,042		—
Focus		197		120,650		—		—
Global Discovery		—		2,088		—		—
Global Equity		1,517		16,282		1,791		—
Global Opportunities		—		264,860		—		63,415
Global Unconstrained		4,470		566		5,784		210
Global Value		29,922		98,066		23,757		43,092
High Income		310,267		—		619,097		—
International		45,928		425,928		61,760		38,964
International Explorer		1,576		3,059		1,569		51
International Small-Mid		4,800		37,732		2,205		—

Artisan Partners Funds

121

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	Six Months Ended 3/31/2025				Year Ended 9/30/2024
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
International Value	$	302,020	$	855,052	$	706,320	$	552,568
Mid Cap		—		512,683		—		—
Mid Cap Value		6,953		39,467		9,170		175,680
Select Equity		124		596		250		—
Small Cap		—		64,696		—		—
Sustainable Emerging Markets		1,944		—		625		—
Value		4,605		19,103		3,388		13,269
Value Income		187		—		398		—

Floating Rate Fund had a return of capital during the year ended September 30, 2024 in the amount of $239 (in thousands).

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, straddle loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and qualified late year ordinary losses.

Gains on redemptions in-kind for Focus Fund, Global Opportunities Fund, Mid Cap Value Fund, and Value Fund of approximately $46,506, $176,008, $47,237, and $13,927 (in thousands), respectively, were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2025, and will not be recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and will be reclassified to “Fund shares issued and outstanding” on the Statements of Assets and Liabilities at September 30, 2025.

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were recorded in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, dividends in excess and utilization of earnings and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.

Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at September 30, 2024 as follows (in thousands):

Fund	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Fund Shares Issued and Outstanding
Developing World	$	13,918		$	212		$	(14,130	)
Emerging Markets Debt Opportunities		(1,165	)		837			328
Floating Rate		(113	)		352			(239	)
Focus		2,779			(26,975	)		24,196
Global Discovery		1,093			(32	)		(1,061	)
Global Equity		8			(322	)		314
Global Opportunities		7,549			(450,313	)		442,764
Global Unconstrained		(1,867	)		1,462			405
Global Value		(1,862	)		(2,553	)		4,415
High Income		(5,008	)		5,008			—
International		(3,851	)		(21,214	)		25,065
International Explorer		(49	)		19			30
International Small-Mid		(19	)		(130	)		149
International Value		(35,400	)		(31,063	)		66,463
Mid Cap		31,943			(51,382	)		19,439
Mid Cap Value		(2,043	)		(103,363	)		105,406
Select Equity		(1	)		(1	)		2
Small Cap		15,325			(2	)		(15,323	)
Sustainable Emerging Markets		94			(94	)		—
Value		(297	)		(11,308	)		11,605
Value Income		(4	)		8			(4	)

122

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30. 2024. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2024.

Additional tax information as of and for the year ended September 30, 2024 follows (in thousands):

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)^*			Tax Components of Net Assets Appreciation (Depreciation)			Total Distributable Earnings
Developing World	$	—	$	—	$	—		$	(10,960	)	$	(566,464	)	$	1,498,557		$	921,133
Emerging Markets Debt Opportunities		524		—		—			—			(7	)		1,051			1,568
Floating Rate		—		—		—			—			(1,476	)		(609	)		(2,085	)
Focus		120,847		—		—			—			(108	)		212,717			333,456
Global Discovery		—		—		—			(929	)		(196	)		63,993			62,868
Global Equity		7,265		6,891		—			—			(20	)		28,092			42,228
Global Opportunities		28,608		231,697		—			—			(309	)		792,621			1,052,617
Global Unconstrained		—		—		(52	)		(398	)		(7	)		281			(176	)
Global Value		30,394		76,911		—			—			(202	)		854,904			962,007
High Income		4,119		—		—			—			(100,162	)		(181,720	)		(277,763	)
International		107,008		308,047		—			—			(682	)		1,270,855			1,685,228
International Explorer		2,677		1,407		—			—			(6	)		15,264			19,342
International Small-Mid		30,299		—		—			—			(303	)		705,353			735,349
International Value		125,406		855,052		—			—			(1,742	)		10,265,868			11,244,584
Mid Cap		—		464,642		—			(25,842	)		(459	)		1,521,610			1,959,951
Mid Cap Value		5,537		39,467		—			—			(150	)		431,558			476,412
Select Equity		208		181		—			—			(13	)		13,908			14,284
Small Cap		—		28,810		—			(10,590	)		(193	)		428,206			446,233
Sustainable Emerging Markets		1,943		—		—			—			(146,135	)		39,234			(104,958	)
Value		4,545		16,850		—			—			(28	)		118,910			140,277
Value Income		14		—		—			—			(324	)		1,833			1,523

Other deferred gains and losses relate to (a) distribution payable at year end (b) other items including deferred compensation and capital loss carryforward.

Artisan Partners Funds

123

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

As of September 30, 2024, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.

Fund	Unexpiring –ST		Unexpiring –LT		Utilized in CY
Developing World	$	393,777	$	172,319	$	—
Floating Rate		294		1,165		236
Focus		—		—		17,995
Global Discovery		177		—		29,741
Global Equity		—		—		5,209
High Income		—		84,144		—
International Small-Mid		—		—		176,845
Mid Cap		—		—		80,161
Select Equity		—		—		626
Small Cap		—		—		304,204
Sustainable Emerging Markets⁽¹⁾		6,622		139,498		—
Value Income		—		317		231

(1)

Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $1,323 pursuant to Internal Revenue Code Sections 382-383.

(12) Fund Share Activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):

	DEVELOPING WORLD
	Six Months Ended 3/31/2025						Year Ended 9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		949,629		$	21,024			2,260,629		$	41,103
Advisor Shares		11,477,881			255,690			17,209,611			306,632
Institutional Shares		2,850,999			63,630			9,470,471			173,955
Cost of shares redeemed
Investor Shares		(2,017,847	)		(43,841	)		(4,782,636	)		(83,404	)
Advisor Shares		(9,599,113	)		(213,008	)		(24,979,183	)		(448,117	)
Institutional Shares		(7,297,573	)		(163,670	)		(18,139,548	)		(322,572	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,068,218	)		(22,817	)		(2,522,007	)		(42,301	)
Advisor Shares		1,878,768			42,682			(7,769,572	)		(141,485	)
Institutional Shares		(4,446,574	)		(100,040	)		(8,669,077	)		(148,617	)

124

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	EMERGING MARKETS DEBT OPPORTUNITIES
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		296,426		$	3,076			299,520		$	3,077
Advisor Shares		851,120			8,815			1,434,347			14,651
Institutional Shares		1,124,140			11,636			2,018,080			20,690
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		20,229			208			38,979			396
Advisor Shares		121,917			1,256			176,170			1,792
Institutional Shares		245,479			2,531			351,850			3,582
Cost of shares redeemed⁽¹⁾
Investor Shares		(50,094	)		(517	)		(240,227	)		(2,455	)
Advisor Shares		(557,579	)		(5,784	)		(233,702	)		(2,381	)
Institutional Shares		(125,764	)		(1,303	)		(172,971	)		(1,770	)
Net increase from fund share transactions
Investor Shares		266,561			2,767			98,272			1,018
Advisor Shares		415,458			4,287			1,376,815			14,062
Institutional Shares		1,243,855			12,864			2,196,959			22,502
Redemption Fees
Investor Shares					1						1
Advisor Shares					1						4
Institutional Shares					—	^{^}					12

(1)

Net of redemption fees.

Amount rounds to less than $1

	FLOATING RATE
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		1,633,476		$	15,659			1,152,100		$	11,131
Advisor Shares		564,916			5,405			1,439,602			13,878
Institutional Shares		199,309			1,905			1,138,330			10,990
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		55,531			530			106,570			1,026
Advisor Shares		97,060			927			220,116			2,116
Institutional Shares		133,281			1,273			320,090			3,078
Cost of shares redeemed⁽¹⁾
Investor Shares		(432,418	)		(4,146	)		(499,829	)		(4,803	)
Advisor Shares		(298,898	)		(2,856	)		(1,005,725	)		(9,656	)
Institutional Shares		(563,431	)		(5,371	)		(659,762	)		(6,331	)
Net increase from fund share transactions
Investor Shares		1,256,589			12,043			758,841			7,354
Advisor Shares		363,078			3,476			653,993			6,338
Institutional Shares		(230,841	)		(2,193	)		798,658			7,737
Redemption Fees
Investor Shares					—	^{^}					1
Advisor Shares					1						—	^{^}

(1)

Net of redemption fees.

Amount rounds to less than $1

Artisan Partners Funds

125

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	FOCUS
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		107,492		$	2,504			116,680		$	2,405
Advisor Shares		3,686,397			83,966			7,175,067			148,818
Institutional Shares		6,167,288			146,126			6,360,345			133,164
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		217,177			4,793			—			—
Advisor Shares		2,967,663			66,031			—			—
Institutional Shares		1,439,619			32,147			—			—
Cost of shares redeemed
Investor Shares		(278,024	)		(6,379	)		(1,225,590	)		(22,951	)
Advisor Shares		(4,446,461	)		(102,263	)		(10,036,503	)		(190,731	)
Institutional Shares		(12,141,380	)		(294,283	)		(9,399,122	)		(192,901	)
Net increase (decrease) from fund share transactions
Investor Shares		46,645			918			(1,108,910	)		(20,546	)
Advisor Shares		2,207,599			47,734			(2,861,436	)		(41,913	)
Institutional Shares		(4,534,473	)		(116,010	)		(3,038,777	)		(59,737	)

	GLOBAL DISCOVERY
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		64,447		$	1,392			192,850		$	3,688
Advisor Shares		72,605			1,550			143,357			2,762
Institutional Shares		152,639			3,305			150,301			2,884
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		12,646			275			—			—
Advisor Shares		6,471			141			—			—
Institutional Shares		75,655			1,664			—			—
Cost of shares redeemed
Investor Shares		(165,660	)		(3,531	)		(511,082	)		(9,622	)
Advisor Shares		(196,913	)		(4,209	)		(318,321	)		(5,954	)
Institutional Shares		(790,981	)		(17,099	)		(1,149,526	)		(19,573	)
Net increase (decrease) from fund share transactions
Investor Shares		(88,567	)		(1,864	)		(318,232	)		(5,934	)
Advisor Shares		(117,837	)		(2,518	)		(174,964	)		(3,192	)
Institutional Shares		(562,687	)		(12,130	)		(999,225	)		(16,689	)

	GLOBAL EQUITY
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		25,592		$	527			82,977		$	1,628
Advisor Shares		56,207			1,166			12,320			238
Institutional Shares		133,507			2,784			600,053			11,382
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		350,238			6,816			36,149			626
Advisor Shares		26,739			520			2,708			47
Institutional Shares		485,082			9,580			53,013			931
Cost of shares redeemed
Investor Shares		(923,904	)		(19,288	)		(673,456	)		(12,850	)
Advisor Shares		(39,022	)		(788	)		(80,869	)		(1,608	)
Institutional Shares		(943,910	)		(19,797	)		(2,812,400	)		(49,698	)
Net increase (decrease) from fund share transactions
Investor Shares		(548,074	)		(11,945	)		(554,330	)		(10,596	)
Advisor Shares		43,924			898			(65,841	)		(1,323	)
Institutional Shares		(325,321	)		(7,433	)		(2,159,334	)		(37,385	)

126

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	GLOBAL OPPORTUNITIES
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		365,245		$	12,225			822,654		$	26,429
Advisor Shares		892,322			30,729			2,378,118			77,151
Institutional Shares		10,056,154			342,190			20,529,331			684,447
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,172,374			71,515			554,307			16,042
Advisor Shares		1,425,193			47,630			334,163			9,791
Institutional Shares		3,575,538			121,819			1,039,282			30,950
Cost of shares redeemed
Investor Shares		(2,657,315	)		(89,407	)		(6,074,937	)		(194,959	)
Advisor Shares		(2,952,295	)		(99,932	)		(5,044,757	)		(161,436	)
Institutional Shares		(17,505,063	)		(592,306	)		(36,861,699	)		(1,226,251	)
Net increase (decrease) from fund share transactions
Investor Shares		(119,696	)		(5,667	)		(4,697,976	)		(152,488	)
Advisor Shares		(634,780	)		(21,573	)		(2,332,476	)		(74,494	)
Institutional Shares		(3,873,371	)		(128,297	)		(15,293,086	)		(510,854	)

	GLOBAL UNCONSTRAINED
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		480,718		$	4,956			1,037,276		$	10,518
Advisor Shares		13,842,312			143,447			5,918,584			59,721
Institutional Shares		3,295,354			34,305			660,536			6,660
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		35,443			364			32,526			327
Advisor Shares		336,873			3,466			352,013			3,527
Institutional Shares		117,207			1,206			214,436			2,140
Cost of shares redeemed⁽¹⁾
Investor Shares		(100,861	)		(1,037	)		(113,739	)		(1,139	)
Advisor Shares		(687,437	)		(7,094	)		(1,015,780	)		(10,242	)
Institutional Shares		(128,394	)		(1,324	)		(59,306	)		(595	)
Net increase from fund share transactions
Investor Shares		415,300			4,283			956,063			9,706
Advisor Shares		13,491,748			139,819			5,254,817			53,006
Institutional Shares		3,284,167			34,187			815,666			8,205
Redemption Fees
Investor Shares					1						4
Advisor Shares					2						2
Institutional Shares					—	^{^}					—	^{^}

(1)

Net of redemption fees.

Amount rounds to less than $1

Artisan Partners Funds

127

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	GLOBAL VALUE
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		435,280		$	10,283			986,048		$	21,584
Advisor Shares		1,869,290			44,335			3,291,289			71,160
Institutional Shares		4,344,801			102,983			6,890,935			151,576
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		481,375			10,918			291,866			5,799
Advisor Shares		739,417			16,733			402,727			7,986
Institutional Shares		3,715,300			84,300			2,171,350			43,166
Cost of shares redeemed
Investor Shares		(1,054,464	)		(24,726	)		(2,139,890	)		(44,999	)
Advisor Shares		(1,265,793	)		(29,584	)		(2,941,207	)		(63,998	)
Institutional Shares		(7,919,724	)		(185,952	)		(11,588,417	)		(249,979	)
Net increase (decrease) from fund share transactions
Investor Shares		(137,809	)		(3,525	)		(861,976	)		(17,616	)
Advisor Shares		1,342,914			31,484			752,809			15,148
Institutional Shares		140,377			1,331			(2,526,132	)		(55,237	)

	HIGH INCOME
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		11,662,865		$	106,670			15,487,168		$	137,626
Advisor Shares		63,539,727			580,878			148,532,479			1,325,782
Institutional Shares		101,483,058			927,907			238,842,629			2,126,920
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,123,819			19,405			5,198,051			46,415
Advisor Shares		11,887,521			108,514			25,720,648			229,790
Institutional Shares		9,511,304			86,821			17,524,078			156,630
Cost of shares redeemed(1)
Investor Shares		(7,608,081	)		(69,622	)		(35,344,255	)		(315,745	)
Advisor Shares		(57,953,647	)		(529,675	)		(145,167,624	)		(1,292,153	)
Institutional Shares		(67,422,884	)		(615,863	)		(140,390,710	)		(1,250,709	)
Net increase from fund share transactions
Investor Shares		6,178,603			56,453			(14,659,036	)		(131,704	)
Advisor Shares		17,473,601			159,717			29,085,503			263,419
Institutional Shares		43,571,478			398,865			115,975,997			1,032,841
Redemption Fees
Investor Shares					12						24
Advisor Shares					45						107
Institutional Shares					117						612

(1)

Net of redemption fees.

128

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	INTERNATIONAL
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		1,368,272		$	40,105			2,580,564		$	72,252
Advisor Shares		2,202,975			63,849			2,965,904			82,088
Institutional Shares		2,587,700			75,950			7,996,945			223,704
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,721,162			130,587			1,054,796			27,172
Advisor Shares		2,418,450			66,507			527,203			13,507
Institutional Shares		8,165,610			227,086			1,798,773			46,534
Cost of shares redeemed
Investor Shares		(6,126,255	)		(178,172	)		(14,608,791	)		(400,961	)
Advisor Shares		(3,232,693	)		(93,162	)		(6,987,804	)		(190,113	)
Institutional Shares		(13,647,313	)		(409,677	)		(19,672,549	)		(555,147	)
Net increase (decrease) from fund share transactions
Investor Shares		(36,821	)		(7,480	)		(10,973,431	)		(301,537	)
Advisor Shares		1,388,732			37,194			(3,494,697	)		(94,518	)
Institutional Shares		(2,894,003	)		(106,641	)		(9,876,831	)		(284,909	)

	INTERNATIONAL EXPLORER
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Advisor Shares		7,320,538		$	90,826			4,634,193		$	54,396
Institutional Shares		1,785,679			21,668			1,945,289			22,115
Net asset value of shares issued in reinvestment of dividends and distributions
Advisor Shares		275,892			3,347			79,668			841
Institutional Shares		50,740			615			28,336			299
Cost of shares redeemed
Advisor Shares		(601,299	)		(7,379	)		(409,487	)		(4,661	)
Institutional Shares		(502,468	)		(6,253	)		(866,129	)		(9,837	)
Net increase from fund share transactions
Advisor Shares		6,995,131			86,794			4,304,374			50,576
Institutional Shares		1,333,951			16,030			1,107,496			12,577

	INTERNATIONAL SMALL-MID
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		342,380		$	6,025			2,079,964		$	34,184
Advisor Shares		5,542,764			98,692			10,186,802			173,836
Institutional Shares		21,280,500			382,738			39,508,760			689,565
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		84,461			1,511			—			—
Advisor Shares		476,054			8,569			1,583			28
Institutional Shares		1,566,056			28,518			111,228			1,970
Cost of shares redeemed
Investor Shares		(3,377,849	)		(59,046	)		(8,123,473	)		(138,710	)
Advisor Shares		(22,673,545	)		(400,380	)		(20,476,373	)		(345,004	)
Institutional Shares		(40,367,968	)		(718,734	)		(30,881,179	)		(534,566	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,951,008	)		(51,510	)		(6,043,509	)		(104,526	)
Advisor Shares		(16,654,727	)		(293,119	)		(10,287,988	)		(171,140	)
Institutional Shares		(17,521,412	)		(307,478	)		8,738,809			156,969

Artisan Partners Funds

129

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	INTERNATIONAL VALUE
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		5,825,714		$	288,308			9,470,387		$	442,765
Advisor Shares		41,971,533			2,065,534			59,644,964			2,795,835
Institutional Shares		56,471,238			2,810,453			68,040,589			3,197,211
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,925,001			92,871			2,280,936			103,630
Advisor Shares		6,497,531			312,723			7,195,795			327,592
Institutional Shares		13,069,709			632,573			15,057,881			687,839
Cost of shares redeemed
Investor Shares		(4,984,086	)		(245,161	)		(13,349,484	)		(626,202	)
Advisor Shares		(25,850,589	)		(1,264,508	)		(44,030,638	)		(2,057,122	)
Institutional Shares		(40,800,827	)		(2,013,011	)		(66,374,944	)		(3,165,926	)
Net increase from fund share transactions
Investor Shares		2,766,629			136,018			(1,598,161	)		(79,807	)
Advisor Shares		22,618,475			1,113,749			22,810,121			1,066,305
Institutional Shares		28,740,120			1,430,015			16,723,526			719,124

	MID CAP
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		2,240,677		$	78,996			3,329,372		$	117,517
Advisor Shares		1,966,913			74,004			3,233,312			113,324
Institutional Shares		3,392,480			142,384			7,009,480			292,864
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,432,748			120,764			—			—
Advisor Shares		2,128,128			76,698			—			—
Institutional Shares		5,860,894			253,132			—			—
Cost of shares redeemed
Investor Shares		(7,630,768	)		(272,570	)		(13,647,685	)		(485,712	)
Advisor Shares		(5,663,215	)		(208,267	)		(5,955,369	)		(213,333	)
Institutional Shares		(9,411,837	)		(418,305	)		(16,226,618	)		(687,266	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,957,343	)		(72,810	)		(10,318,313	)		(368,195	)
Advisor Shares		(1,568,174	)		(57,565	)		(2,722,057	)		(100,009	)
Institutional Shares		(158,463	)		(22,789	)		(9,217,138	)		(394,402	)

	MID CAP VALUE
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		316,825		$	5,096			1,010,946		$	16,207
Advisor Shares		763,230			12,336			2,269,193			35,194
Institutional Shares		4,578,705			73,493			13,197,761			206,592
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		789,690			12,864			3,832,202			56,372
Advisor Shares		520,500			8,416			2,685,677			39,238
Institutional Shares		1,481,460			23,970			5,642,336			82,491
Cost of shares redeemed
Investor Shares		(2,573,127	)		(41,679	)		(6,000,108	)		(95,250	)
Advisor Shares		(2,198,108	)		(35,227	)		(7,096,336	)		(109,146	)
Institutional Shares		(5,365,707	)		(86,202	)		(15,153,968	)		(238,028	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,466,612	)		(23,719	)		(1,156,960	)		(22,671	)
Advisor Shares		(914,378	)		(14,475	)		(2,141,466	)		(34,714	)
Institutional Shares		694,458			11,261			3,686,129			51,055

130

Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

	SELECT EQUITY
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		52,144		$	857			21,504		$	296
Advisor Shares		74,804			1,210			25,509			305
Institutional Shares		235,911			3,778			240,969			3,458
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,305			37			1,049			13
Advisor Shares		1,301			21			717			9
Institutional Shares		41,583			662			17,886			228
Cost of shares redeemed
Investor Shares		(34,360	)		(539	)		(39,340	)		(498	)
Advisor Shares		(45,046	)		(732	)		(42,024	)		(627	)
Institutional Shares		(22,775	)		(369	)		(9,941	)		(139	)
Net increase from fund share transactions
Investor Shares		20,089			355			(16,787	)		(189	)
Advisor Shares		31,059			499			(15,798	)		(313	)
Institutional Shares		254,719			4,071			248,914			3,547

	SMALL CAP
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		430,750		$	15,576			922,931		$	29,316
Advisor Shares		588,748			21,678			1,637,662			53,700
Institutional Shares		570,731			21,262			2,047,850			68,266
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		645,109			23,856			—			—
Advisor Shares		364,826			13,659			—			—
Institutional Shares		599,190			22,997			—			—
Cost of shares redeemed
Investor Shares		(1,611,484	)		(58,384	)		(4,745,541	)		(154,735	)
Advisor Shares		(2,036,907	)		(74,418	)		(2,781,650	)		(91,188	)
Institutional Shares		(2,867,958	)		(108,019	)		(13,851,029	)		(473,251	)
Net increase (decrease) from fund share transactions
Investor Shares		(535,625	)		(18,952	)		(3,822,610	)		(125,419	)
Advisor Shares		(1,083,333	)		(39,081	)		(1,143,988	)		(37,488	)
Institutional Shares		(1,698,037	)		(63,760	)		(11,803,179	)		(404,985	)

	SUSTAINABLE EMERGING MARKETS
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		199,292		$	3,573			322,922		$	5,264
Advisor Shares		1,071,544			19,263			923,399			14,416
Institutional Shares		3,022,598			56,127			3,428,276			54,783
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		9,382			165			3,903			60
Advisor Shares		30,871			544			13,179			202
Institutional Shares		68,427			1,228			23,260			363
Cost of shares redeemed
Investor Shares		(298,115	)		(5,265	)		(363,910	)		(5,971	)
Advisor Shares		(155,228	)		(2,758	)		(863,484	)		(13,722	)
Institutional Shares		(442,711	)		(7,914	)		(742,630	)		(12,658	)
Net increase from fund share transactions
Investor Shares		(89,441	)		(1,527	)		(37,085	)		(647	)
Advisor Shares		947,187			17,049			73,094			896
Institutional Shares		2,648,314			49,441			2,708,906			42,488

Artisan Partners Funds

131

	NOTES TO FINANCIAL STATEMENTS
	NOTES TO FINANCIAL STATEMENTS

	VALUE
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		93,211		$	1,408			386,979		$	5,496
Advisor Shares		416,172			6,221			1,401,488			19,521
Institutional Shares		2,114,393			31,842			4,763,117			67,010
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		374,527			5,554			326,064			4,268
Advisor Shares		388,794			5,723			366,399			4,763
Institutional Shares		810,453			11,930			525,506			6,832
Cost of shares redeemed
Investor Shares		(570,963	)		(8,636	)		(1,624,426	)		(23,225	)
Advisor Shares		(1,934,483	)		(29,116	)		(2,237,505	)		(31,773	)
Institutional Shares		(2,984,485	)		(44,833	)		(3,873,189	)		(55,123	)
Net increase (decrease) from fund share transactions
Investor Shares		(103,225	)		(1,674	)		(911,383	)		(13,461	)
Advisor Shares		(1,129,517	)		(17,172	)		(469,618	)		(7,489	)
Institutional Shares		(59,639	)		(1,061	)		1,415,434			18,719

	VALUE INCOME
	Six Months Ended						Year Ended
	3/31/2025						9/30/2024
	Shares			Amount			Shares			Amount

Proceeds from shares issued
Investor Shares		2,211		$	24			15,985		$	151
Advisor Shares		195			2			305			3
Institutional Shares		28,464			299			250,053			2,413
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,038			11			2,493			25
Advisor Shares		2,382			25			5,485			55
Institutional Shares		14,511			151			31,642			318
Cost of shares redeemed
Investor Shares		(7,033	)		(74	)		(8,596	)		(87	)
Advisor Shares		(254	)		(3	)		(2,406	)		(24	)
Institutional Shares		(13,511	)		(141	)		(38,517	)		(386	)
Net increase from fund share transactions
Investor Shares		(3,784	)		(39	)		9,882			89
Advisor Shares		2,323			24			3,384			34
Institutional Shares		29,464			309			243,178			2,345

(13) Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

132

Artisan Partners Funds

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of March 31, 2025. That information will vary with changes in a Fund’s portfolio investments.

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgment may consider an issuer to be from a country other than the country designated by the securities information vendors. A vendor’s criteria may include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources for most Funds and FactSet Research Systems, Inc. (to the extent available) as a secondary source for this information. The Adviser uses the Sustainable Industry Classification System (“SICS®”), developed by the Sustainability Accounting Standards Board (“SASB”), as the primary source with respect to Sustainable Emerging Markets Fund. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

The Sustainable Industry Classification System (SICS®) is the exclusive intellectual property of Sustainability Accounting Standards Board (SASB).

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”), and may not be used without BofA’s prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer.

Artisan Partners Funds

133

	ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
	ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

None.

	ITEM 9. PROXY DISCLOSURES
	ITEM 9. PROXY DISCLOSURES

None.

	ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS

See Statement of Operations in Item 7

	ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

None.

134

Artisan Partners Funds

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

See Proxy Disclosures under Item 7(a) of this Form.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

See Statement of Operations under Item 7(a) of this Form.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.

Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 16.

Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19.

Exhibits.

(a)

(1)

Not applicable for semiannual reports.

(2)

Not applicable.

(3)

Certifications of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(3)(i) and (a)(3)(ii).

(4)

Not applicable.

(5)

Not applicable.

(b)

Certification of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Artisan Partners Funds, Inc.

By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Executive Officer

Date:	June 6, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Executive Officer

Date:	June 6, 2025

By:	/s/ Shannon K. Jagodinski
	Shannon K. Jagodinski
	Principal Financial Officer

Date:	June 6, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

SECTION 302 CERTIFICATIONS

SECTION 906 CERTIFICATIONS

XBRL SCHEMA FILE

XBRL PRESENTATION FILE

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