1
Artisan
Partners
Funds
ARTISAN
PARTNERS
FUNDS,
INC
DEFINITIONS
OF
ABBREVIATIONS
AND
FOOTNOTES
Schedules
of
Investments
Investment
Footnotes
*
Non-income
producing
security.
#
Percentages
for
the
various
classifications
relate
to
total
net
assets.
^
Amount
rounds
to
less
than
$1
or
0.1%
or
1
share.
One
contract
is
equal
to
100
shares.
Company
names
are
as
reported
by
a
data
service
provider
and
in
some
cases
are
translations;
a
company's
legal
name
may
be
different.
Investment
Abbreviations
ADR
American
Depositary
Receipt
BUBOR
Budapest
Interbank
Offered
Rate
CDI
Certificate
of
Interbank
Deposit
CGM
Citigroup
Global
Markets
CITI
Citibank,
N.A.
DB
Deutsche
Bank
AG
Escrow
shares
Financial
instruments
that
are
held
by
a
third
party,
such
as
a
bank
or
attorney,
until
certain
conditions
are
met.
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
JPMorgan
Chase
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
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
AED
United
Arab
Emirates
dirham
ALL
Albanian
lek
ARS
Argentina
peso
AUD
Australian
dollar
AZN
Azerbaijani
manat
BRL
Brazilian
real
BWP
Botswana
pula
CAD
Canadian
dollar
CHF
Swiss
franc
CLP
Chilean
peso
CNH
Chinese
yuan
offshore
CNY
Chinese
yuan
onshore
COP
Colombian
peso
CZK
Czech
koruna
DKK
Danish
krone
DOP
Dominican
peso
EGP
Egyptian
pound
EUR
Euro
GBP
British
pound
GEL
Georgian
lari
GTQ
Guatemalan
quetzal
HKD
Hong
Kong
dollar
HUF
Hungarian
forint
IDR
Indonesian
rupiah
ILS
Israel
new
shekel
INR
Indian
rupee
ISK
Icelandic
krona
JPY
Japanese
yen
KRW
Korean
won
KWD
Kuwaiti
dinar
KZT
Kazakhstan
tenge
MXN
Mexican
peso
MYR
Malasiyan
ringgit
NGN
Nigerian
naira
NOK
Norwegian
krone
PEN
Peruvian
nuevo
sol
PLN
Polish
zloty
RUB
Russian
ruble
SEK
Swedish
krona
SGD
Singapore
dollar
THB
Thailand
baht
TJS
Tajikistani
somoni
TRY
Turkish
lira
TWD
New
Taiwan
dollar
USD
U.S.
dollar
UYU
Uruguayan
peso
UZS
Uzbekistani
som
VND
Vietnamese
dong
ZAR
South
African
rand
ARTISAN
DEVELOPING
WORLD
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
3
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
95.9%
AUSTRALIA
-
2.0%
WiseTech
Global
Ltd.
1,176
$
84,357
BRAZIL
-
10.1%
MercadoLibre,
Inc.
*
97
253,295
NU
Holdings
Ltd.,
Class
A
*
12,615
173,072
426,367
CHINA
-
16.5%
Kanzhun
Ltd.,
ADR
*
5,003
89,257
KE
Holdings,
Inc.,
ADR
6,621
117,458
Kweichow
Moutai
Co.
Ltd.,
Class
A
359
70,676
Meituan,
Class
B
(1)
*
9,316
148,695
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
1,566
49,130
Tencent
Holdings
Ltd.
3,388
217,062
692,278
FRANCE
-
1.3%
Hermes
International
SCA
21
57,442
INDIA
-
14.4%
Apollo
Hospitals
Enterprise
Ltd.
1,101
92,940
Eternal
Ltd.
*
36,545
112,563
HDFC
Bank
Ltd.,
ADR
1,714
131,449
MakeMyTrip
Ltd.
*
1,861
182,372
One
97
Communications
Ltd.
*
3,910
42,124
PB
Fintech
Ltd.
*
2,004
42,618
604,066
ITALY
-
1.4%
Ferrari
NV
119
58,157
NETHERLANDS
-
4.6%
Adyen
NV
(1)
*
105
192,330
SINGAPORE
-
10.1%
Grab
Holdings
Ltd.,
Class
A
*
34,846
175,276
Sea
Ltd.,
ADR
*
1,557
249,014
424,290
UNITED
STATES
-
35.5%
Airbnb,
Inc.,
Class
A
*
901
119,251
ARM
Holdings
plc,
ADR
*
766
123,908
Cadence
Design
Systems,
Inc.
*
429
132,088
Coca-Cola
Co.
(The)
1,920
135,838
Crowdstrike
Holdings,
Inc.,
Class
A
*
353
179,831
Mastercard,
Inc.,
Class
A
85
47,688
Netflix,
Inc.
*
90
120,957
NVIDIA
Corp.
925
146,115
Snowflake,
Inc.,
Class
A
*
416
93,001
Tradeweb
Markets,
Inc.,
Class
A
686
100,393
Veeva
Systems,
Inc.,
Class
A
*
338
97,389
Visa,
Inc.,
Class
A
549
194,779
1,491,238
Total
common
stocks
(
Cost
$2,160,278)
4,030,525
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
3.5%
2
INVESTMENT
COMPANY
-
3.5%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$147,055)
147,055
$
147,055
Total
investments
-
99.4%
(Cost
$2,307,333)
4,177,580
Other
assets
less
liabilities
-
0.6%
23,886
Total
net
assets
-
100.0%
#
$
4,201,466
(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
June
30,
2025,
the
value
of
these
securities
was
$341,025
or
8.1%
of
net
assets.  
(2)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
676,290
16
.2
%
Consumer
Discretionary
931,775
22
.3
Consumer
Staples
206,514
5
.0
Financials
924,453
22
.1
Health
Care
239,459
5
.7
Industrials
175,276
4
.2
Information
Technology
759,300
18
.2
Real
Estate
117,458
2
.8
Short-Term
Investment
147,055
3
.5
Total
investments
$
4,177,580
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
AUD
$
84,357
2
.0
%
CNY
119,806
2
.9
EUR
249,772
6
.0
HKD
365,757
8
.8
INR
290,245
6
.9
USD
3,067,643
73
.4
Total
investments
$
4,177,580
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
EMERGING
MARKETS
DEBT
OPPORTUNITIES
FUND
Consolidated
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
amount,
shares
and
dollar
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
4
Artisan
Partners
Funds
Principal
Amount
Value
SOVEREIGN
GOVERNMENT
BONDS
-
51.3%
ALBANIA
-
1
.8
%
Albanian
Government
Bond
4.21%,
1/15/2026
ALL
14,000
$
169
5.00%,
2/24/2026
ALL
13,000
158
2.85%,
4/11/2027
ALL
16,700
199
4.30%,
7/10/2027
ALL
11,300
139
6.00%,
2/13/2028
ALL
9,500
123
5.25%,
1/26/2029
ALL
21,500
277
5.63%,
11/8/2030
ALL
19,000
254
4.05%,
2/7/2032
ALL
46,640
576
1,895
ARGENTINA
-
3
.0
%
Argentine
Republic
0.13%,
7/9/2030
EUR
364
338
3.88%,
7/9/2035
(1)
EUR
3,144
2,461
4.25%,
1/9/2038
(1)
EUR
40
33
3.00%,
7/9/2041
(1)
EUR
537
385
3,217
BAHAMAS
-
6
.9
%
Commonwealth
of
the
Bahamas
9.00%,
6/16/2029
(2)
620
660
6.95%,
11/20/2029
(2)
253
253
8.95%,
10/15/2032
(2)
2,660
2,853
8.25%,
6/24/2036
(2)
3,620
3,681
7,447
BENIN
-
4
.0
%
Benin
Government
Bond
4.88%,
1/19/2032
(2)
EUR
1,980
2,130
4.95%,
1/22/2035
(2)
EUR
1,063
1,072
6.88%,
1/19/2052
(2)
EUR
1,116
1,099
4,301
CAMEROON
-
0
.7
%
Republic
of
Cameroon
9.50%,
11/19/2025
(2)
460
458
5.95%,
7/7/2032
(2)
EUR
274
254
712
DOMINICAN
REPUBLIC
-
0
.0
%
^
Dominican
Republic
Government
Bond,
GDN
6.50%,
11/27/2026
(2)
DOP
1,450
23
EGYPT
-
0
.9
%
Arab
Republic
of
Egypt
8.63%,
2/4/2030
(2)
530
536
6.38%,
4/11/2031
(2)
EUR
435
476
1,012
EL
SALVADOR
-
0
.3
%
Republic
of
El
Salvador
0.25%,
4/17/2030
IO
(2)
13,645
307
0.25%,
4/17/2030
IO
(3)
1,020
23
330
GEORGIA
-
0
.9
%
Republic
of
Georgia
2.75%,
4/22/2026
(2)
980
954
Principal
Amount
Value
GHANA
-
1
.5
%
Republic
of
Ghana
Zero
Coupon,
7/3/2026
(2)(4)
1,655
$
1,608
INDONESIA
-
4
.8
%
Republic
of
Indonesia
7.00%,
5/15/2027
IDR
770,000
48
6.50%,
7/15/2030
IDR
12,030,000
747
6.38%,
4/15/2032
IDR
4,100,000
251
7.50%,
8/15/2032
IDR
4,500,000
291
7.00%,
2/15/2033
IDR
5,500,000
347
6.63%,
2/15/2034
IDR
17,000,000
1,046
8.25%,
5/15/2036
IDR
9,854,000
675
7.50%,
5/15/2038
IDR
1,399,000
90
8.38%,
4/15/2039
IDR
2,121,000
148
7.13%,
6/15/2043
IDR
24,873,000
1,553
5,196
IRAQ
-
3
.9
%
Republic
of
Iraq
5.80%,
1/15/2028
(2)
4,259
4,222
MONTENEGRO
-
0
.2
%
Republic
of
Montenegro
7.25%,
3/12/2031
(2)
225
233
NIGERIA
-
2
.2
%
Federal
Republic
of
Nigeria
7.63%,
11/21/2025
(2)
1,196
1,206
6.13%,
9/28/2028
(2)
1,267
1,214
2,420
PAKISTAN
-
1
.0
%
Islamic
Republic
of
Pakistan
7.38%,
4/8/2031
(2)
1,240
1,105
PAPUA
NEW
GUINEA
-
2
.0
%
Papua
New
Guinea
Government
International
Bond
8.38%,
10/4/2028
(2)
2,125
2,176
PERU
-
7
.8
%
Bonos
de
la
Tesoreria
6.95%,
8/12/2031
PEN
3,800
1,165
7.30%,
8/12/2033
(2)
PEN
2,200
676
5.40%,
8/12/2034
PEN
24,850
6,619
8,460
RWANDA
-
1
.0
%
Republic
of
Rwanda
5.50%,
8/9/2031
(2)
1,330
1,137
SOUTH
AFRICA
-
0
.9
%
Republic
of
South
Africa
8.25%,
3/31/2032
ZAR
18,550
1,002
TAJIKISTAN
-
2
.5
%
Republic
of
Tajikistan
7.13%,
9/14/2027
(2)
2,725
2,701
UKRAINE
-
1
.9
%
Ukraine
Government
Bond
1.75%,
2/1/2029
(1)(2)
625
384
1.75%,
2/1/2035
(1)(2)
810
410
0.00%,
2/1/2035
(1)(2)
1,603
747
5
Artisan
Partners
Funds
Principal
Amount
Value
UKRAINE
(continued)
Ukraine
Government
Bond
(continued)
0.00%,
2/1/2036
(1)(2)
1,107
$
525
2,066
UZBEKISTAN
-
1
.2
%
Republic
of
Uzbekistan
International
Bond
5.38%,
5/29/2027
(2)
EUR
900
1,087
15.50%,
2/25/2028
(2)
UZS
2,500,000
199
1,286
ZAMBIA
-
1
.9
%
Republic
of
Zambia
5.75%,
6/30/2033
(1)(2)
2,212
2,036
Total
Sovereign
government
bonds
(
Cost
$53,073)
55,539
CORPORATE
BONDS
-
18.6%
ANGOLA
-
0
.2
%
Azule
Energy
Finance
plc
8.13%,
1/23/2030
(2)
200
198
ARGENTINA
-
0
.7
%
MSU
Energy
SA
9.75%,
12/5/2030
(2)
811
743
BRAZIL
-
2
.6
%
Constellation
Oil
Services
Holding
SA
9.38%,
11/7/2029
(2)
240
244
MC
Brazil
Downstream
Trading
SARL
7.25%,
6/30/2031
(2)
829
656
Oceanica
Lux
13.00%,
10/2/2029
(2)
200
190
OHI
Group
SA
13.00%,
7/22/2029
(2)
610
636
Trident
Energy
Finance
plc
12.50%,
11/30/2029
(2)
950
954
Unigel
Luxembourg
SA
13.50%
Cash,
or
15.00%
PIK,
12/31/2027
(2)
67
54
11.00%
Cash,
or
12.00%
PIK,
12/31/2028
(2)
168
47
2,781
CAMEROON
-
0
.6
%
Golar
LNG
Ltd.
7.75%,
9/19/2029
(2)
600
605
COLOMBIA
-
0
.9
%
Canacol
Energy
Ltd.
5.75%,
11/24/2028
(2)
630
218
Gran
Tierra
Energy,
Inc.
9.50%,
10/15/2029
(2)
970
739
957
CZECH
REPUBLIC
-
0
.5
%
Energo-Pro
A/S
8.00%,
5/27/2030
(2)
EUR
406
495
DOMINICAN
REPUBLIC
-
1
.6
%
Banco
Central
de
la
Republica
Dominicana,
GDN
13.00%,
12/5/2025
(2)
DOP
95,330
1,599
13.00%,
1/30/2026
(2)
DOP
4,320
73
9.00%,
12/11/2026
(2)
DOP
4,360
72
1,744
GUATEMALA
-
0
.8
%
Energuate
Trust
5.88%,
5/3/2027
(2)
460
458
Principal
Amount
Value
GUATEMALA
(continued)
Investment
Energy
Resources
Ltd.
6.25%,
4/26/2029
(2)
470
$
461
919
INDIA
-
0
.5
%
Biocon
Biologics
Global
plc
6.67%,
10/9/2029
(2)
550
523
JAMAICA
-
0
.6
%
Digicel
Intermediate
Holdings
Ltd.
12.00%
Cash
and
2.25%
PIK,
5/25/2027
682
688
MOLDOVA,
REPUBLIC
OF
-
0
.4
%
Aragvi
Finance
International
DAC
11.13%,
11/20/2029
(2)
390
394
NETHERLANDS
-
0
.4
%
Cie
Maritime
Monegasque
Osv
BV
14.00%,
3/28/2029
400
384
Unigel
Netherlands
Holding
Corp.
BV
15.00%
Cash,
or
15.00%
PIK,
12/31/2044
(2)
166
384
NIGERIA
-
0
.8
%
SEPLAT
Energy
plc
9.13%,
3/21/2030
(2)
900
895
NORWAY
-
0
.2
%
Panoro
Energy
ASA
10.25%,
12/11/2029
260
261
PARAGUAY
-
0
.2
%
Frigorifico
Concepcion
SA
7.70%,
7/21/2028
(2)(5)
310
241
SINGAPORE
-
0
.3
%
Yinson
Production
Financial
Services
Pte.
Ltd.
9.63%,
5/3/2029
(2)
350
364
TURKEY
-
1
.8
%
ICA
ICTAS
Altyapi
Yavuz
Sultan
Selim
Koprusu
ve
Kuzey
Cevre
Otoyolu
Yatirim
ve
I
7.54%,
10/31/2027
(2)
970
976
Limak
Iskenderun
Uluslararasi
Liman
Isletmeciligi
A/S
9.50%,
7/10/2036
(2)
943
932
1,908
UNITED
ARAB
EMIRATES
-
0
.4
%
Pearl
Petroleum
Co.
Ltd.
13.00%,
5/15/2028
(2)
373
395
UNITED
KINGDOM
-
1
.4
%
ACG
Holdco
1
Ltd.
14.75%,
1/13/2029
800
826
Galileo
Global
Technologies
Ltd.
13.75%,
3/4/2028
(2)
250
250
Salmon
Group
Ltd.
15.00%,
5/5/2028
500
478
1,554
URUGUAY
-
0
.9
%
Navios
South
American
Logistics,
Inc.
8.88%,
7/14/2030
(2)(6)
1,000
1,000
UZBEKISTAN
-
2
.8
%
TBC
Bank
JSCB
22.00%,
6/5/2028
(6)(7)
UZS
19,800,000
1,579
6
Artisan
Partners
Funds
Principal
Amount
Value
UZBEKISTAN
(continued)
Uzbek
Industrial
and
Construction
Bank
ATB
21.00%,
7/24/2027
(2)
UZS
18,260,000
$
1,492
3,071
Total
corporate
bonds
(
Cost
$20,070)
20,120
BANK
LOANS
-
5.1%
COTE
D'IVOIRE
-
2
.5
%
Republic
of
Cote
d'Ivoire
First
Lien
Term
Loan
(SOFR
+
3.00%),
5.65%,
7/14/2025
(6)(7)(8)
EUR
870
1,025
(SOFR
+
2.85%),
5.03%,
3/1/2032
(6)(7)(8)
EUR
1,400
1,658
2,683
PARAGUAY
-
0
.4
%
Frigorifico
Concepcion
SA
First
Lien
Term
Loan
B
(SOFR
+
5.50%),
9.81%,
12/8/2026
(6)(7)(8)
514
463
TANZANIA
-
2
.2
%
Tanzania
(United
Republic
of)
First
Lien
Term
Loan
(SOFR
+
5.20%),
9.46%,
2/6/2032
(6)(7)(8)
840
841
(SOFR
+
5.45%),
9.58%,
5/20/2032
(6)(7)(8)
40
40
Tanzania
(United
Republic
of)
Term
Loan
(SOFR
+
5.45%),
9.68%,
3/6/2031
(6)(7)(8)
1,450
1,428
2,309
Total
bank
loans
(
Cost
$5,335)
5,455
CONVERTIBLE
BOND
-
0.1%
CANADA
-
0
.1
%
Lithium
Argentina
AG
1.75%,
1/15/2027
(Cost
$147)
177
144
Shares
Held
COMMON
STOCK
-
0.0%
NETHERLANDS
-
0.0%
Stichting
Administratiekantoor
Unigel
Creditors,
ADR
(Cost
$–)
(6)(7)
*
1
Principal
Amount
SHORT-TERM
INVESTMENTS
-
22.0%
SOVEREIGN
GOVERNMENT
TREASURY
BILLS
-
11.7%
Arab
Republic
of
Egypt
15.19%,
7/8/2025
(9)
EGP
7,525
151
22.18%,
7/15/2025
(9)
EGP
13,500
270
23.95%,
8/5/2025
(9)
EGP
54,500
1,073
27.56%,
8/26/2025
(9)
EGP
43,450
840
27.70%,
9/2/2025
(9)
EGP
20,925
402
27.79%,
9/9/2025
(9)
EGP
15,800
302
27.84%,
9/16/2025
(9)
EGP
46,225
880
27.64%,
9/30/2025
(9)
EGP
10,225
193
27.69%,
10/14/2025
(9)
EGP
3,875
72
27.57%,
12/9/2025
(9)
EGP
12,600
226
27.46%,
12/30/2025
(9)
EGP
20,625
366
Banco
Central
del
Uruguay
9.35%,
7/21/2025
(9)
UYU
5,800
145
9.33%,
9/3/2025
(9)
UYU
49,700
1,233
9.38%,
9/17/2025
(9)
UYU
13,100
324
9.15%,
10/1/2025
(9)
UYU
21,100
520
Nigeria
OMO
Bill
24.89%,
9/30/2025
(9)
NGN
1,307,598
801
25.03%,
10/7/2025
(9)
NGN
890,500
543
Principal
Amount
Value
Nigeria
OMO
Bill
(continued)
25.88%,
12/2/2025
(9)
NGN
1,548,390
$
908
22.50%,
12/9/2025
(9)
NGN
1,990,000
1,178
26.16%,
1/6/2026
(9)
NGN
525,660
301
20.26%,
2/10/2026
(9)
NGN
193,000
112
22.52%,
2/23/2026
(9)
NGN
425,000
237
25.64%,
2/24/2026
(9)
NGN
1,143,897
637
22.85%,
2/25/2026
(9)
NGN
425,000
236
Republic
of
Albania
3.22%,
3/26/2026
(9)
ALL
51,200
601
2.69%,
4/16/2026
(9)
ALL
7,700
90
Total
sovereign
government
treasury
bills
(
Cost
$12,483
)
12,641
U.S.
TREASURY
OBLIGATIONS
-
7.5%
U.S.
Treasury
Bills
3.63%,
7/8/2025
(9)
3,900
3,897
4.02%,
7/29/2025
(9)
2,000
1,994
4.16%,
8/7/2025
(9)
2,200
2,190
Total
U.S.
treasury
obligations
(
Cost
$8,081
)
8,081
Shares
Held
2
INVESTMENT
COMPANY
-
2.8%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(10)
(Cost
$3,058)
3,058
3,058
Total
short-term
investments
(
Cost
$23,622)
23,780
Total
investments
-
97.1%
(Cost
$102,247)
105,038
REVERSE
REPURCHASE
AGREEMENT
-  (0.2)%
(Proceeds
$(163))
(
163
)
Other
assets
less
liabilities
-
3.1%
3,337
Total
net
assets
-
100.0%
#
$
108,212
(1)
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
upon
a
contingent  predetermined
trigger.  The
interest
rate
shown
was
the
current
rate
as
of
June
30,
2025.
(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
June
30,
2025,
the
value
of
these
securities
was
$52,326
or
48.4%
of
net
assets.  
(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)
Debt
security
that
pays
no
cash
income
but
is
sold
at
a
discount
from
its
value
at
maturity.
(5)
All
or
a
position
of
the
security
has
been
pledge
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(6)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$8,034,
or
7.4%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(7)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(8)
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
June
30,
2025.
(9)
Yield
to
maturity.
(10)
Represents
the
current
yield
as
of
June
30,
2025.
7
Artisan
Partners
Funds
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
688
0
.7
%
Consumer
Staples
1,098
1
.0
Energy
7,732
7
.4
Financials
10,285
9
.8
Health
Care
523
0
.5
Industrials
2,908
2
.8
Materials
1,071
1
.0
Sovereign
Government
Securities
55,539
52
.9
Utilities
1,414
1
.3
Short-Term
Investments
23,780
22
.6
Total
investments
$
105,038
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
ALL
$
2,586
2
.5
%
DOP
1,767
1
.7
EGP
4,775
4
.5
EUR
12,513
11
.9
IDR
5,196
4
.9
NGN
4,953
4
.7
PEN
8,460
8
.1
USD
58,294
55
.5
UYU
2,222
2
.1
UZS
3,270
3
.1
ZAR
1,002
1
.0
Total
investments
$
105,038
100
.0
%
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
BRL
**
39,015
USD
6,840
CGM
7/2/2025
341
BRL
**
1,260
USD
227
SCB
7/2/2025
5
CZK
82,010
EUR
3,304
SCB
7/2/2025
15
CZK
2,630
USD
121
SCB
7/2/2025
4
EUR
3,318
CZK
82,010
SCB
7/2/2025
1
EUR
38
PLN
162
SCB
7/2/2025
^
PLN
13,862
EUR
3,252
SCB
7/2/2025
16
EGP
**
16,000
USD
299
SG
7/7/2025
24
EGP
**
7,500
USD
145
SCB
7/7/2025
6
TRY
61,590
USD
1,500
SCB
7/8/2025
39
EUR
210
USD
246
SCB
7/10/2025
1
MXN
7,182
USD
377
JPM
7/23/2025
5
BRL
**
35,075
USD
6,342
CGM
8/4/2025
59
CZK
2,630
USD
125
SCB
8/4/2025
^
MYR
**
4,560
USD
1,082
MSCS
8/4/2025
2
EGP
**
6,876
USD
126
ICBCSB
8/5/2025
11
GTQ
**
5,650
USD
714
CITI
9/3/2025
20
USD
2,350
PEN
**
8,330
CGM
9/4/2025
3
EUR
646
USD
759
SCB
9/17/2025
6
UYU
**
20,000
USD
484
JPM
9/18/2025
14
TRY
38,394
USD
862
SCB
10/9/2025
21
ARS
**
469,500
USD
340
CITI
10/21/2025
14
EGP
**
25,424
USD
463
ICBCSB
10/29/2025
26
EGP
**
27,000
USD
492
SG
10/29/2025
27
UZS
**
23,810,000
USD
1,758
ICBCSB
11/12/2025
52
UZS
**
4,394,883
USD
325
SCB
11/13/2025
10
UZS
**
4,145,117
USD
304
DB
11/17/2025
11
TRY
9,950
USD
206
SCB
12/18/2025
10
UZS
**
6,600,000
USD
457
JPM
1/7/2026
37
EGP
**
28,400
USD
498
SG
1/29/2026
27
TJS
**
4,710
USD
405
ICBCSB
4/6/2026
45
Total
unrealized
appreciation
852
EUR
3,202
PLN
13,700
SCB
7/2/2025
(
29
)
FOREIGN
CURRENCY
FORWARD
CONTRACTS
(continued)
Values
in
thousands
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
IDR
**
32,693,596
USD
2,019
CGM
7/2/2025
(
6
)
USD
7,304
BRL
**
40,275
CGM
7/2/2025
(
109
)
USD
125
CZK
2,630
SCB
7/2/2025
(
)
^
USD
2,007
IDR
**
32,693,596
CGM
7/2/2025
(
7
)
PEN
**
8,330
USD
2,354
CGM
7/3/2025
(
3
)
USD
2,294
PEN
**
8,330
CGM
7/3/2025
(
58
)
USD
230
TRY
9,234
SCB
7/8/2025
(
1
)
USD
246
EUR
210
SCB
7/10/2025
(
2
)
USD
3,266
IDR
**
53,358,165
CGM
7/10/2025
(
22
)
KZT
**
127,101
USD
247
SG
7/14/2025
(
3
)
KZT
**
80,622
USD
156
SG
7/15/2025
(
1
)
USD
2,904
PEN
**
10,726
CGM
7/21/2025
(
122
)
USD
138
INR
**
11,957
CGM
7/28/2025
(
1
)
USD
1,175
ZAR
20,948
JPM
7/28/2025
(
6
)
KZT
**
367,372
USD
705
DB
7/29/2025
(
3
)
KZT
**
124,000
USD
237
SCB
7/29/2025
(
)
^
INR
**
186,766
USD
2,181
SCB
8/1/2025
(
5
)
CZK
82,010
EUR
3,314
SCB
8/4/2025
(
2
)
PLN
162
EUR
38
SCB
8/4/2025
(
)
^
USD
2,017
IDR
**
32,693,596
CGM
8/4/2025
(
5
)
KZT
**
50,324
USD
96
ICBCSB
8/15/2025
(
)
^
KZT
**
75,566
USD
145
JPM
8/15/2025
(
1
)
USD
2,636
PEN
**
9,526
CGM
8/18/2025
(
50
)
KZT
**
367,372
USD
698
DB
8/29/2025
(
3
)
TRY
56,500
USD
1,344
SCB
9/2/2025
(
3
)
USD
212
UZS
**
2,800,000
JPM
9/4/2025
(
5
)
TRY
26,970
USD
639
SCB
9/10/2025
(
3
)
USD
15,645
EUR
13,414
SCB
9/17/2025
(
239
)
KZT
**
499,959
USD
939
DB
9/26/2025
(
1
)
USD
610
NGN
**
983,402
JPM
10/2/2025
(
8
)
ARS
**
1,274,100
USD
1,019
CITI
10/21/2025
(
59
)
ARS
**
384,800
USD
303
JPM
10/21/2025
(
13
)
USD
428
UZS
**
5,700,000
JPM
11/13/2025
(
5
)
AZN
**
440
USD
249
SCB
6/3/2026
(
2
)
Total
unrealized
depreciation
(
777
)
Net
unrealized
appreciation
75
**
Non-deliverable.
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
(31)
9/8/2025
EUR
(
3,100
)
(
4,297
)
9
Euro-Bund
(20)
9/8/2025
EUR
(
2,000
)
(
3,066
)
17
Euro-Buxl
(3)
9/8/2025
EUR
(
300
)
(
420
)
7
Euro-Schatz
(11)
9/8/2025
EUR
(
1,100
)
(
1,390
)
^
U.S.
Treasury
2
Year
Note
(40)
9/30/2025
USD
(
8,000
)
(
8,321
)
(
34
)
U.S.
Treasury
5
Year
Note
(107)
9/30/2025
USD
(
10,700
)
(
11,663
)
(
113
)
U.S.
Treasury
10
Year
Note
(66)
9/19/2025
USD
(
6,600
)
(
7,400
)
(
106
)
U.S.
Treasury
10
Year
Ultra
Note
(16)
9/19/2025
USD
(
1,600
)
(
1,828
)
(
36
)
Net
unrealized
depreciation
(
256
)
8
Artisan
Partners
Funds
CENTRALLY
CLEARED
INTEREST
RATE
SWAPS
Notional
amounts
and
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
Floating
Rate
Index
(Frequency)
Fixed
Rate
(%)
(Frequency)
Fund
Pays/
Receives
Floating
Rate
Termination
Date
Notional
Amount
Upfront
Payments
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
6
month
PRIBOR
semi-annually
3.95
annually
Pay
12/1/2030
CZK
31,850
7
47
54
3
month
JIBAR
quarterly
9.80
quarterly
Pay
4/3/2034
ZAR
25,300
59
100
159
6
month
PRIBOR
semi-annually
3.82
annually
Pay
4/5/2034
CZK
79,500
(50)
54
4
3
month
JIBAR
quarterly
8.86
quarterly
Pay
2/13/2035
ZAR
35,600
14
62
76
4
week
TIIE
monthly
9.47
monthly
Pay
12/10/2025
MXN
50,600
16
16
4
week
TIIE
monthly
9.52
monthly
Pay
12/17/2025
MXN
33,900
13
13
4
week
TIIE
monthly
10.53
monthly
Pay
12/29/2025
MXN
283,100
190
190
1
day
MIBOR
semi-annually
6.06
semi-annually
Pay
8/9/2029
INR
235,000
40
40
1
day
MIBOR
semi-annually
5.76
semi-annually
Pay
4/9/2030
INR
243,300
6
2
8
1
day
MIBOR
semi-annually
6.04
semi-annually
Pay
2/4/2030
INR
152,072
24
24
1
day
MIBOR
semi-annually
6.07
semi-annually
Pay
2/3/2030
INR
35,360
6
6
1
day
MIBOR
semi-annually
6.06
semi-annually
Pay
2/24/2027
INR
171,000
17
17
1
day
CDI
at
termination
14.45
at
termination
Pay
1/4/2027
BRL
81,590
28
57
85
1
day
MIBOR
semi-annually
6.19
semi-annually
Pay
5/26/2033
INR
81,000
(7)
30
23
Total
positive
value
57
658
715
6
month
PRIBOR
semi-annually
3.58
annually
Pay
5/13/2035
CZK
31,400
(15)
(19)
(34)
6
month
WIBOR
semi-annually
4.33
annually
Pay
4/15/2035
PLN
5,300
(5)
(23)
(28)
6
month
PRIBOR
semi-annually
3.74
annually
Pay
2/14/2035
CZK
29,100
(11)
(11)
6
month
PRIBOR
semi-annually
3.36
annually
Pay
8/9/2034
CZK
18,000
(18)
(18)
6
month
PRIBOR
semi-annually
3.54
annually
Pay
10/14/2034
CZK
36,250
(11)
1
(10)
6
month
WIBOR
semi-annually
4.04
annually
Pay
4/11/2030
PLN
4,650
(2)
(12)
(14)
1
day
TIIEOIS
monthly
8.96
monthly
Receive
12/29/2025
MXN
268,000
(7)
(77)
(84)
1
day
TIIEOIS
monthly
8.96
monthly
Receive
12/10/2025
MXN
47,000
(1)
(12)
(13)
1
day
TIIEOIS
monthly
8.96
monthly
Receive
12/17/2025
MXN
32,200
(1)
(9)
(10)
Total
negative
value
(42)
(180)
(222)
Total
15
478
493
REVERSE
REPURCHASE
AGREEMENT
Values
in
thousands
Counterparty
Interest
Rate
(%)
Trade
Date
Maturity
Date
Face
value
($)
Face
Value
Including
Accrued
Interest
($)
Type
of
Non
Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
Agreement
MS
(3.50)
9/23/2024
Open
*
(163)
(163)
Corporate
Bond
Up
to
25
Years
*
*
Reverse
repurchase
agreement
with
no
specific
maturity
date.
Either
party
may
terminate
the
agreement
upon
demand.
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
FLOATING
RATE
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
amount,
shares
and
dollar
values
in
thousands
9
Artisan
Partners
Funds
Principal
Amount
Value
BANK
LOANS
-
88.4%
AUTOMOBILE
COMPONENTS
-
2
.2
%
RealTruck
Group,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.19%,
1/31/2028
(1)
498
$
444
(SOFR
+
5.00%),
9.44%,
1/31/2028
(1)
755
684
Wheel
Pros,
Inc.
First
Lien
Term
Loan
(SOFR
+
6.00%),
10.30%,
12/3/2029
(1)
882
861
1,989
BANKS
-
0
.4
%
Osttra
Group
Ltd.
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.32%,
5/21/2032
(1)(2)
172
173
Osttra
Group
Ltd.
Second
Lien
Term
Loan
(SOFR
+
6.00%),
9.82%,
5/23/2033
(1)(2)
144
144
317
BROADLINE
RETAIL
-
1
.1
%
CNT
Holdings
I
Corp.
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.78%,
11/8/2032
(1)
990
992
BUILDING
PRODUCTS
-
1
.5
%
Eco
Material
Technologies,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.47%,
2/12/2032
(1)
422
424
Quikrete
Holdings,
Inc.
First
Lien
Term
Loan
B2
(SOFR
+
2.25%),
6.58%,
3/19/2029
(1)
882
881
1,305
CAPITAL
MARKETS
-
4
.8
%
Edelman
Financial
Engines
Center
LLC
(The)
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.33%,
4/7/2028
(1)
1,333
1,333
Edelman
Financial
Engines
Center
LLC
(The)
Second
Lien
Term
Loan
(SOFR
+
5.25%),
9.58%,
10/20/2028
(1)
1,470
1,472
Jump
Financial
LLC
First
Lien
Term
Loan
B
(SOFR
+
4.25%),
8.55%,
2/26/2032
(1)
988
990
PEX
Holdings
LLC
First
Lien
Term
Loan
(SOFR
+
2.75%),
6.97%,
11/26/2031
(1)
334
334
Summit
Acquisition,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.08%,
10/16/2031
(1)
147
146
4,275
CHEMICALS
-
2
.4
%
Bakelite
US
Holdco,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.05%,
12/23/2031
(1)
1,472
1,450
Formulations
Parent
Corp.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.21%,
4/9/2032
(1)
651
651
2,101
COMMERCIAL
SERVICES
-
0
.6
%
Digital
Room
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.25%),
9.68%,
12/21/2028
(1)
561
553
COMMERCIAL
SERVICES
&
SUPPLIES
-
1
.1
%
OMNIA
Partners
LLC
First
Lien
Term
Loan
B
(SOFR
+
2.75%),
7.03%,
7/25/2030
(1)
251
251
Ryan
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.83%,
11/14/2030
(1)
731
732
983
COMMUNICATIONS
EQUIPMENT
-
4
.3
%
Delta
Topco,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.07%,
11/30/2029
(1)
2,363
2,345
Principal
Amount
Value
COMMUNICATIONS
EQUIPMENT
(continued)
Delta
Topco,
Inc.
Second
Lien
Term
Loan
(SOFR
+
5.25%),
9.57%,
12/24/2030
(1)
1,508
$
1,510
3,855
CONSTRUCTION
&
ENGINEERING
-
0
.2
%
Construction
Partners,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.83%,
11/3/2031
(1)
156
157
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0
.5
%
Chefs'
Warehouse,
Inc.
(The)
First
Lien
Term
Loan
B
(SOFR
+
3.00%),
6.82%,
8/23/2029
(1)
464
465
CONTAINERS
&
PACKAGING
-
1
.9
%
Iris
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.13%,
6/28/2028
(1)
1,748
1,697
DISTRIBUTORS
-
0
.4
%
Core
&
Main
LP
First
Lien
Term
Loan
D
(SOFR
+
2.00%),
6.27%,
7/27/2028
(1)
199
199
Verde
Purchaser
LLC
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.30%,
11/30/2030
(1)
133
134
333
DIVERSIFIED
CONSUMER
SERVICES
-
1
.4
%
KUEHG
Corp.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.45%,
6/12/2030
(1)
927
927
Wand
NewCo
3,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.83%,
1/30/2031
(1)
278
276
1,203
FINANCIAL
SERVICES
-
1
.0
%
Blackhawk
Network
Holdings,
Inc.
First
Lien
Term
Loan
B2
(SOFR
+
4.00%),
8.33%,
3/12/2029
(1)
896
900
FOOD
PRODUCTS
-
2
.6
%
1440
Foods
Topco
LLC
First
Lien
Term
Loan
(SOFR
+
5.00%),
9.33%,
11/5/2031
(1)
2,089
2,005
B&G
Foods,
Inc.
First
Lien
Term
Loan
B5
(SOFR
+
3.50%),
7.83%,
10/10/2029
(1)
255
232
Fiesta
Purchaser,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.58%,
2/12/2031
(1)
74
74
2,311
FOOD
SERVICE
-
2
.6
%
TKC
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.00%),
9.32%,
5/15/2028
(1)
1,451
1,450
TKC
Midco
1
LLC
First
Lien
Term
Loan
12.00%
Cash,
or
13.50%
PIK,
2/16/2027
881
821
2,271
GROUND
TRANSPORTATION
-
0
.6
%
Vortex
Opco
LLC
First
Lien
Term
Loan
(SOFR
+
6.25%),
10.55%,
4/30/2030
(1)
528
527
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
0
.4
%
Medline
Borrower
LP
First
Lien
Term
Loan
(SOFR
+
2.25%),
6.58%,
10/23/2028
(1)
393
393
HEALTH
CARE
PROVIDERS
&
SERVICES
-
1
.6
%
Mamba
Purchaser,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.75%),
7.08%,
10/16/2028
(1)
1,450
1,449
10
Artisan
Partners
Funds
Principal
Amount
Value
HOTEL
&
RESORT
REITS
-
1
.4
%
OEG
Borrower
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.81%,
6/30/2031
(1)
1,242
$
1,234
HOTELS,
RESTAURANTS
&
LEISURE
-
3
.9
%
BCPE
Grill
Parent,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.05%,
9/30/2030
(1)
1,275
1,238
Life
Time,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.78%,
10/22/2031
(1)
849
851
Motion
Finco
SARL
First
Lien
Term
Loan
B3
(SOFR
+
3.50%),
7.80%,
11/13/2029
(1)(2)
1,482
1,407
3,496
HOUSEHOLD
DURABLES
-
2
.2
%
TGP
Holdings
III
LLC
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.68%,
6/29/2028
(1)
2,178
1,937
INSURANCE
-
15
.2
%
Acrisure
LLC
First
Lien
Term
Loan
B
(SOFR
+
3.25%),
7.57%,
6/21/2032
(1)
1,645
1,643
Acrisure
LLC
First
Lien
Term
Loan
B6
(SOFR
+
3.00%),
7.33%,
11/6/2030
(1)
1,084
1,080
Alera
Group,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.58%,
5/31/2032
(1)
590
592
Alera
Group,
Inc.
Second
Lien
Term
Loan
(SOFR
+
5.50%),
9.83%,
5/30/2033
(1)
624
635
AmWINS
Group,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.25%),
6.58%,
1/30/2032
(1)
208
208
Amynta
Agency
Borrower,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.33%,
12/29/2031
(1)
611
610
Ardonagh
Group
Finco
Pty.
Ltd.
First
Lien
Term
Loan
B
(SOFR
+
2.75%),
7.04%,
2/18/2031
(1)(2)
1,546
1,532
AssuredPartners,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.83%,
2/14/2031
(1)
209
209
Baldwin
Insurance
Group
Holdings
LLC
(The)
First
Lien
Term
Loan
B1
(SOFR
+
3.00%),
7.31%,
5/27/2031
(1)
1,190
1,189
Broadstreet
Partners,
Inc.
First
Lien
Term
Loan
B
(SOFR
+
3.00%),
7.33%,
6/16/2031
(1)
566
566
Cross
Financial
Corp.
First
Lien
Term
Loan
B3
(SOFR
+
3.25%),
7.58%,
10/24/2031
(1)
993
996
Goosehead
Insurance
Holdings
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.81%,
1/8/2032
(1)
342
343
HUB
International
Ltd.
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.77%,
6/20/2030
(1)
192
192
IMA
Financial
Group,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.32%,
11/1/2028
(1)
520
520
Jones
DesLauriers
Insurance
Management,
Inc.
First
Lien
Term
Loan
B
(SOFR
+
2.75%),
7.03%,
3/15/2030
(1)(2)
990
984
OneDigital
Borrower
LLC
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.33%,
7/2/2031
(1)
921
918
Trucordia
Insurance
Holdings
LLC
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.56%,
6/14/2032
(1)
900
901
Truist
Insurance
Holdings
LLC
Second
Lien
Term
Loan
(SOFR
+
4.75%),
9.05%,
5/6/2032
(1)
357
361
13,479
INVESTMENT
COMPANIES
-
4
.8
%
Nexus
Buyer
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.83%,
7/31/2031
(1)
2,377
2,383
Nexus
Buyer
LLC
Second
Lien
Term
Loan
(SOFR
+
6.25%),
10.68%,
11/1/2029
(1)
1,910
1,893
4,276
IT
SERVICES
-
6
.4
%
Arches
Buyer,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.68%,
12/6/2027
(1)
2,407
2,375
X
Corp.
First
Lien
Term
Loan
B1
(SOFR
+
6.50%),
10.95%,
10/26/2029
(1)
1,677
1,636
Principal
Amount
Value
IT
SERVICES
(continued)
X
Corp.
First
Lien
Term
Loan
B3
9.50%,
10/26/2029
1,677
$
1,629
5,640
LEISURE
PRODUCTS
-
6
.9
%
19th
Holdings
Golf
LLC
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.66%,
2/7/2029
(1)
1,770
1,741
Bulldog
Purchaser,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.06%,
6/30/2031
(1)
150
150
GSM
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.00%),
9.30%,
9/29/2031
(1)
2,993
2,888
MajorDrive
Holdings
IV
LLC
First
Lien
Term
Loan
(SOFR
+
5.50%),
9.95%,
6/1/2028
(1)
568
556
Peloton
Interactive,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.50%),
9.83%,
5/30/2029
(1)
800
811
6,146
MEDIA
-
1
.1
%
Virgin
Media
Bristol
LLC
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.93%,
1/31/2028
(1)
1,000
986
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2
.6
%
Forest
City
Enterprises
LP
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.94%,
12/8/2025
(1)
2,361
2,284
PASSENGER
AIRLINES
-
1
.5
%
Vista
Management
Holding,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.05%,
4/1/2031
(1)
1,284
1,286
PROFESSIONAL
SERVICES
-
1
.5
%
VT
Topco,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.30%,
8/9/2030
(1)
1,337
1,339
SOFTWARE
-
5
.6
%
Applied
Systems,
Inc.
First
Lien
Term
Loan
B
(SOFR
+
2.50%),
6.80%,
2/24/2031
(1)
1,328
1,333
Applied
Systems,
Inc.
Second
Lien
Term
Loan
(SOFR
+
4.50%),
8.80%,
2/23/2032
(1)
471
482
Constant
Contact,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.52%,
2/10/2028
(1)
214
204
Ellucian
Holdings,
Inc.
Second
Lien
Term
Loan
(SOFR
+
4.75%),
9.08%,
11/15/2032
(1)
113
115
Orchid
Merger
Sub
II
LLC
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.23%,
7/27/2027
(1)
698
346
Renaissance
Holdings
Corp.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.28%,
4/5/2030
(1)
958
868
Rithum
Holdings,
Inc.
Second
Lien
Term
Loan
(SOFR
+
7.00%),
11.41%,
12/29/2028
(1)
60
58
UKG,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.31%,
2/10/2031
(1)
1,586
1,592
4,998
SPECIALTY
RETAIL
-
1
.1
%
Great
Outdoors
Group
LLC
First
Lien
Term
Loan
B
(SOFR
+
3.25%),
7.58%,
1/23/2032
(1)
995
992
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
-
0
.7
%
Ivanti
Software,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.02%,
6/1/2029
(1)
609
505
(SOFR
+
5.75%),
10.02%,
6/1/2029
(1)
118
122
627
TEXTILES,
APPAREL
&
LUXURY
GOODS
-
1
.2
%
Beach
Acquisition
Bidco
LLC
First
Lien
Term
Loan
B
(SOFR
+
3.25%),
7.32%,
6/25/2032
(1)
650
653
Champ
Acquisition
Corp.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.17%,
11/7/2031
(1)
378
380
1,033
11
Artisan
Partners
Funds
Security
Country
Trading
Currency
Ardonagh
Group
Finco
Pty.
Ltd.
First
Lien
Term
Loan
B,
7.04%,
2/18/2031
United
Kingdom
USD
Jones
DesLauriers
Insurance
Management,
Inc.
First
Lien
Term
Loan
B,
7.03%,
3/15/2030
Canada
USD
Motion
Finco
SARL
First
Lien
Term
Loan
B3,
7.80%,
11/13/2029
Luxembourg
USD
Osttra
Group
Ltd.
First
Lien
Term
Loan,
7.32%,
5/21/2032
United
Kingdom
USD
Osttra
Group
Ltd.
Second
Lien
Term
Loan,
9.82%,
5/23/2033
United
Kingdom
USD
Toucan
FinCo.
Ltd.,
9.50%,
5/15/2030
Canada
USD
Principal
Amount
Value
TRANSPORTATION
-
0
.7
%
SIRVA
Worldwide,
Inc.
Delayed
Draw
First
Lien
Term
Loan
(SOFR
+
8.00%),
12.33%,
2/20/2029
(1)
57
$
55
SIRVA
Worldwide,
Inc.
First
Lien
Term
Loan
(SOFR
+
8.00%),
12.32%,
8/20/2029
(1)
843
329
(SOFR
+
8.00%),
12.36%,
2/20/2029
(1)
255
246
630
Total
bank
loans
(
Cost
$79,583)
78,459
CORPORATE
BONDS
-
4.1%
BANKS
-
0
.7
%
Goldman
Sachs
Capital
II
(SOFR
+
1.03%),
5.36%,
8/2/2025
(1)(3)
720
622
CONTAINERS
&
PACKAGING
-
0
.3
%
Toucan
FinCo.
Ltd.
9.50%,
5/15/2030
(2)(4)
250
256
DIVERSIFIED
TELECOMMUNICATION
SERVICES
-
0
.2
%
Zayo
Group
Holdings,
Inc.
4.00%,
3/1/2027
(4)
129
121
HOTELS,
RESTAURANTS
&
LEISURE
-
2
.0
%
TKC
Holdings,
Inc.
6.88%,
5/15/2028
(4)
371
368
10.50%,
5/15/2029
(4)
1,371
1,409
1,777
IT
SERVICES
-
0
.6
%
Arches
Buyer,
Inc.
4.25%,
6/1/2028
(4)
512
490
MEDIA
-
0
.1
%
EchoStar
Corp.
6.75%
Cash,
or
6.75%
PIK,
11/30/2030
120
109
TEXTILES,
APPAREL
&
LUXURY
GOODS
-
0
.2
%
S&S
Holdings
LLC
8.38%,
10/1/2031
(4)
209
204
Total
corporate
bonds
(
Cost
$3,563)
3,579
Shares
Held
COMMON
STOCKS
-
0.7%
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0
.5
%
MP
Topco
Holdings
LLC
*
24
467
SOFTWARE
-
0
.2
%
Matrix
Exit
Equity
*
16
156
TRANSPORTATION
-
0
.0
%
^
SIRVA
Worldwide,
Inc.
*
2
1
Total
common
stocks
(
Cost
$391)
624
PREFERRED
STOCK
-
0.1%
TRANSPORTATION
-
0
.1
%
SIRVA
Worldwide,
Inc.
(Cost
$41)
*
^
64
No.
of
Warrants
Value
WARRANT
-
0.0%
FINANCIAL
SERVICES
-
0.0%
Carnelian
Point
Holdings
LP,
expiring
6/30/2027,
strike
price
$10
(Cost
$—)
(5)(6)(7)
*
1
$
Shares
Held
SHORT-TERM
INVESTMENT
-
6.4%
INVESTMENT
COMPANY
-
6.4%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(8)
(Cost
$5,714)
5,714
5,714
Total
investments
-
99.7%
(Cost
$89,292)
88,440
Other
assets
less
liabilities
-
0.3%
298
Total
net
assets
-
100.0%
#
$
88,738
(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
June
30,
2025.
(2)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(3)
Perpetual
security.
The
rate
reflected
was
the
rate
in
effect
on
June
30,
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)
and
(3)
in
the
accompanying
notes.
(8)
Represents
the
current
yield
as
of
June
30,
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
June
30,
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
$
32
$
(
1
)
$
$
$
$
33
$
32
$
(
1
)
12
Artisan
Partners
Funds
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
1,216
1
.4
%
Consumer
Discretionary
20,101
22
.7
Consumer
Staples
5,046
5
.7
Financials
26,153
29
.6
Health
Care
1,842
2
.1
Industrials
6,845
7
.7
Information
Technology
15,767
17
.8
Materials
4,055
4
.6
Real
Estate
1,701
1
.9
Short-Term
Investment
5,714
6
.5
Total
investments
$
88,440
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
FOCUS
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
except
per
share
amounts
13
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
95.6%
AEROSPACE
&
DEFENSE
-
24
.9
%
Axon
Enterprise,
Inc.
*
47
$
39,244
GE
Aerospace
444
114,369
Howmet
Aerospace,
Inc.
208
38,686
Rheinmetall
AG
(1)
13
27,594
Rolls-Royce
Holdings
plc
(1)
5,351
71,075
TransDigm
Group,
Inc.
8
12,261
303,229
CAPITAL
MARKETS
-
3
.6
%
Charles
Schwab
Corp.
(The)
130
11,844
KKR
&
Co.,
Inc.
47
6,210
Nasdaq,
Inc.
292
26,120
44,174
COMMUNICATIONS
EQUIPMENT
-
1
.3
%
Motorola
Solutions,
Inc.
36
15,145
CONSUMER
FINANCE
-
2
.1
%
Capital
One
Financial
Corp.
121
25,785
ELECTRIC
UTILITIES
-
2
.2
%
Constellation
Energy
Corp.
84
27,151
ELECTRICAL
EQUIPMENT
-
7
.1
%
GE
Vernova,
Inc.
51
26,768
Siemens
Energy
AG
(1)
*
521
60,195
86,963
ENTERTAINMENT
-
5
.0
%
Hacksaw
AB
(1)
*
295
2,371
Netflix,
Inc.
*
44
58,777
61,148
FINANCIAL
SERVICES
-
5
.3
%
Apollo
Global
Management,
Inc.
42
6,009
Mastercard,
Inc.,
Class
A
105
58,858
64,867
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
2
.8
%
Intuitive
Surgical,
Inc.
*
62
33,529
HEALTH
CARE
REITS
-
2
.9
%
Welltower,
Inc.
228
35,000
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
-
2
.0
%
Vistra
Corp.
127
24,575
OIL,
GAS
&
CONSUMABLE
FUELS
-
6
.8
%
Kinder
Morgan,
Inc.
805
23,672
Williams
Cos.,
Inc.
(The)
946
59,436
83,108
PHARMACEUTICALS
-
1
.0
%
Eli
Lilly
&
Co.
15
11,475
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
15
.6
%
Analog
Devices,
Inc.
126
29,910
Broadcom,
Inc.
156
43,052
NVIDIA
Corp.
482
76,102
Shares
Held
Value
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
(1)
179
$
40,454
189,518
SOFTWARE
-
12
.6
%
Microsoft
Corp.
260
129,268
ServiceNow,
Inc.
*
24
24,473
153,741
SPECIALIZED
REITS
-
0
.4
%
Equinix,
Inc.
6
5,163
Total
common
stocks
(
Cost
$821,858)
1,164,571
No.
of
Contracts
OPTIONS
PURCHASED
-
3.0%
CALL
OPTIONS
-
2.0%
CAPITAL
MARKETS
-
0.4%
KKR
&
Co.,
Inc.
12/19/2025
at
USD
125.00;
Notional
Amount:
USD
35,080
2,637
4,944
CONSUMER
FINANCE
-
0.1%
Capital
One
Financial
Corp.
9/19/2025
at
USD
200.00;
Notional
Amount:
USD
17,808
837
1,774
FINANCIAL
SERVICES
-
0.2%
Apollo
Global
Management,
Inc.
12/19/2025
at
USD
135.00;
Notional
Amount:
USD
22,259
1,569
2,942
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
-
0.5%
Vistra
Corp.
8/15/2025
at
USD
170.00;
Notional
Amount:
USD
36,843
1,901
5,988
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.8%
NVIDIA
Corp.
12/19/2025
at
USD
145.00;
Notional
Amount:
USD
54,175
3,429
9,276
Total
Call
Options
24,924
PUT
OPTIONS
-
1.0%
AEROSPACE
&
DEFENSE
-
0.1%
Axon
Enterprise,
Inc.
7/18/2025
at
USD
760.00;
Notional
Amount:
USD
40,652
491
185
General
Electric
Co.
7/18/2025
at
USD
250.00;
Notional
Amount:
USD
103,033
4,003
1,195
1,380
ELECTRICAL
EQUIPMENT
-
0.2%
GE
Vernova,
Inc.
8/15/2025
at
USD
500.00;
Notional
Amount:
USD
48,364
914
2,107
14
Artisan
Partners
Funds
Security
Country
Trading
Currency
Hacksaw
AB
Sweden
SEK
Rheinmetall
AG
Germany
EUR
Rolls-Royce
Holdings
plc
United
Kingdom
GBP
Siemens
Energy
AG
Germany
EUR
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
Taiwan
USD
No.
of
Contracts
Value
ENTERTAINMENT
-
0.1%
Netflix,
Inc.
7/18/2025
at
USD
1,240.00;
Notional
Amount:
USD
36,290
271
$
566
FINANCIAL
SERVICES
-
0.3%
Mastercard,
Inc.
8/15/2025
at
USD
580.00;
Notional
Amount:
USD
72,378
1,288
3,426
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.3%
VanEck
Semiconductor
ETF
8/15/2025
at
USD
265.00;
Notional
Amount:
USD
187,128
6,710
4,160
Total
Put
Options
11,639
Total
Options
Purchased
(
Cost
$36,572)
36,563
Shares
Held
SHORT-TERM
INVESTMENT
-
1.1%
INVESTMENT
COMPANY
-
1.1%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$13,628)
13,628
13,628
Total
investments
-
99.7%
(Cost
$872,058)
1,214,762
Other
assets
less
liabilities
-
0.3%
3,163
Total
net
assets
-
100.0%
#
$
1,217,925
(1)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(2)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
61,714
5
.1
%
Energy
83,108
6
.8
Financials
147,912
12
.2
Health
Care
45,004
3
.7
Industrials
393,679
32
.4
Information
Technology
371,839
30
.6
Real
Estate
40,164
3
.3
Utilities
57,714
4
.8
Short-Term
Investment
13,628
1
.1
Total
investments
$
1,214,762
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
EUR
$
87,789
7
.2
%
GBP
71,075
5
.9
SEK
2,371
0
.2
USD
1,053,527
86
.7
Total
investments
$
1,214,762
100
.0
%
15
Artisan
Partners
Funds
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
EUR
25,911
USD
29,502
JPM
7/3/2025
1,022
GBP
10,033
USD
13,017
JPM
8/22/2025
759
USD
1,778
GBP
1,292
JPM
8/22/2025
4
Total
unrealized
appreciation
1,785
USD
108,656
EUR
96,206
JPM
7/3/2025
(
4,677
)
USD
74,559
GBP
57,994
JPM
8/22/2025
(
5,071
)
Total
unrealized
depreciation
(
9,748
)
Net
unrealized
depreciation
(
7,963
)
OTC
TOTAL
RETURN
SWAP
CONTRACTS
Notional
amounts
and
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Portfolio
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Notional
Amount
($)
Upfront
Payments
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
MSATNVTS
(0.50)%
and
decrease
in
total
return
of
index
Increase
in
total
return
of
index
At
termination
Morgan
Stanley
4/26/2027
37,480
19,593
19,593
19,593
19,593
The
following
table
represents
the
holdings
underlying
the
total
return
swap
with
MSATNVTS
as
of
June
30,
2025:
Security
Description
Shares
Value
($)
Percent
of
Reference
Entity
Value
(%)
Advanced
Micro
Devices,
Inc.
5
640
1.11
Amphenol
Corp.
6
599
1.04
Applied
Materials,
Inc.
3
521
0.91
Arista
Networks,
Inc.
6
583
1.02
ARM
Holdings
plc
4
644
1.12
ASML
Holding
NV
1
495
0.86
Broadcom,
Inc.
2
640
1.11
Cadence
Design
Systems,
Inc.
2
473
0.82
Celestica,
Inc.
5
747
1.30
Cisco
Systems,
Inc.
7
492
0.86
Coherent
Corp.
7
660
1.15
KLA
Corp.
1
557
0.97
Lam
Research
Corp.
6
602
1.05
Marvell
Technology,
Inc.
8
605
1.05
Micron
Technology,
Inc.
6
713
1.24
NVIDIA
Corp.
153
24,134
42.04
Oracle
Corp.
3
687
1.20
QUALCOMM,
Inc.
3
451
0.79
Synopsys,
Inc.
1
492
0.86
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
100
22,676
39.50
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
GLOBAL
DISCOVERY
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
16
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
95.0%
CANADA
-
1
.1
%
Colliers
International
Group,
Inc.
21
$
2,682
DENMARK
-
5
.7
%
Ascendis
Pharma
A/S,
ADR
*
51
8,781
Novonesis
(Novozymes)
B,
Class
B
68
4,869
13,650
GERMANY
-
5
.7
%
adidas
AG
16
3,746
Nemetschek
SE
34
4,940
Sartorius
AG
(Preference)
20
4,990
13,676
HONG
KONG
-
0
.8
%
Techtronic
Industries
Co.
Ltd.
168
1,851
ITALY
-
1
.2
%
Brunello
Cucinelli
SpA
25
2,997
LUXEMBOURG
-
0
.8
%
CVC
Capital
Partners
plc
(1)
98
2,011
NETHERLANDS
-
4
.2
%
Argenx
SE,
ADR
*
14
7,897
Redcare
Pharmacy
NV
(1)
*
21
2,300
10,197
SINGAPORE
-
2
.7
%
Sea
Ltd.,
ADR
*
41
6,488
SWEDEN
-
0
.6
%
MIPS
AB
(1)
31
1,470
SWITZERLAND
-
4
.2
%
Galderma
Group
AG
25
3,598
Sandoz
Group
AG
69
3,755
VAT
Group
AG
(1)
7
2,879
10,232
UNITED
KINGDOM
-
11
.0
%
3i
Group
plc
42
2,371
Babcock
International
Group
plc
606
9,546
London
Stock
Exchange
Group
plc
53
7,707
Melrose
Industries
plc
539
3,927
Sage
Group
plc
(The)
183
3,140
26,691
UNITED
STATES
-
57
.0
%
API
Group
Corp.
*
82
4,196
Aris
Water
Solutions,
Inc.,
Class
A
69
1,633
Atlassian
Corp.,
Class
A
*
26
5,367
Bright
Horizons
Family
Solutions,
Inc.
*
33
4,119
CCC
Intelligent
Solutions
Holdings,
Inc.
*
503
4,737
Chewy,
Inc.,
Class
A
*
65
2,762
Clearwater
Analytics
Holdings,
Inc.,
Class
A
*
84
1,851
Duolingo,
Inc.,
Class
A
*
2
947
Elastic
NV
*
21
1,731
Etsy,
Inc.
*
19
954
Floor
&
Decor
Holdings,
Inc.,
Class
A
*
19
1,415
FTAI
Aviation
Ltd.
17
1,952
Guidewire
Software,
Inc.
*
20
4,667
Hubbell,
Inc.,
Class
B
5
1,856
HubSpot,
Inc.
*
6
3,083
Ingersoll
Rand,
Inc.
32
2,656
Shares
Held
Value
UNITED
STATES
(continued)
Insmed,
Inc.
*
40
$
3,990
iRhythm
Technologies,
Inc.
*
46
7,097
Jack
Henry
&
Associates,
Inc.
9
1,625
JBT
Marel
Corp.
24
2,898
JFrog
Ltd.
*
79
3,473
Lattice
Semiconductor
Corp.
*
52
2,548
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
*
55
5,748
Live
Nation
Entertainment,
Inc.
*
35
5,263
MACOM
Technology
Solutions
Holdings,
Inc.
*
24
3,483
Modine
Manufacturing
Co.
*
30
2,927
Monolithic
Power
Systems,
Inc.
4
2,629
Parsons
Corp.
*
18
1,304
PROCEPT
BioRobotics
Corp.
*
44
2,537
Pure
Storage,
Inc.,
Class
A
*
57
3,299
RBC
Bearings,
Inc.
*
7
2,696
Ryan
Specialty
Holdings,
Inc.,
Class
A
18
1,221
Samsara,
Inc.,
Class
A
*
67
2,658
ServiceTitan,
Inc.,
Class
A
*
14
1,502
SiteOne
Landscape
Supply,
Inc.
*
24
2,891
Spotify
Technology
SA
*
6
4,776
Tradeweb
Markets,
Inc.,
Class
A
9
1,283
Twist
Bioscience
Corp.
*
89
3,274
Tyler
Technologies,
Inc.
*
11
6,490
US
Foods
Holding
Corp.
*
67
5,131
Veeva
Systems,
Inc.,
Class
A
*
15
4,240
Veracyte,
Inc.
*
99
2,668
West
Pharmaceutical
Services,
Inc.
17
3,736
Wingstop,
Inc.
8
2,632
137,945
Total
common
stocks
(
Cost
$169,089)
229,890
SHORT-TERM
INVESTMENT
-
4.1%
2
INVESTMENT
COMPANY
-
4.1%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$9,848)
9,848
9,848
Total
investments
-
99.1%
(Cost
$178,937)
239,738
Other
assets
less
liabilities
-
0.9%
2,233
Total
net
assets
-
100.0%
#
$
241,971
(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
June
30,
2025,
the
value
of
these
securities
was
$8,660
or
3.6%
of
net
assets.  
(2)
Represents
the
current
yield
as
of
June
30,
2025.
17
Artisan
Partners
Funds
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
22,275
9
.3
%
Consumer
Discretionary
23,969
10
.0
Consumer
Staples
7,431
3
.1
Energy
1,633
0
.7
Financials
16,218
6
.8
Health
Care
56,563
23
.6
Industrials
38,652
16
.1
Information
Technology
55,598
23
.2
Materials
4,869
2
.0
Real
Estate
2,682
1
.1
Short-Term
Investment
9,848
4
.1
Total
investments
$
239,738
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CAD
$
2,682
1
.1
%
CHF
10,232
4
.3
DKK
4,869
2
.0
EUR
20,984
8
.8
GBP
26,691
11
.1
HKD
1,851
0
.8
SEK
1,470
0
.6
USD
170,959
71
.3
Total
investments
$
239,738
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
GLOBAL
EQUITY
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
18
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
95.4%
BRAZIL
-
0
.9
%
MercadoLibre,
Inc.
*
1
$
1,720
CANADA
-
0
.2
%
Enbridge,
Inc.
8
340
CHILE
-
0
.7
%
Holding
Bursatil
Regional
SA
237
1,242
CHINA
-
5
.8
%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
19
683
Kuaishou
Technology
(1)
*
476
3,841
Tencent
Holdings
Ltd.
15
948
Tencent
Music
Entertainment
Group,
ADR
83
1,626
Tencent
Music
Entertainment
Group,
Class
A
110
1,058
Wuxi
Biologics
Cayman,
Inc.
(1)
*
764
2,495
10,651
DENMARK
-
1
.0
%
NKT
A/S
*
23
1,864
FRANCE
-
5
.8
%
BNP
Paribas
SA
35
3,142
Cie
de
Saint-Gobain
SA
18
2,127
Danone
SA
17
1,373
Exosens
SAS
26
1,230
SPIE
SA
49
2,776
10,648
GERMANY
-
8
.0
%
Hensoldt
AG
17
1,915
MTU
Aero
Engines
AG
4
1,636
Pfisterer
Holding
SE
*
89
4,290
RWE
AG
64
2,689
Symrise
AG,
Class
A
11
1,153
Vonovia
SE
85
2,984
14,667
GREECE
-
5
.5
%
Alpha
Bank
SA
2,197
7,739
Piraeus
Financial
Holdings
SA
340
2,355
10,094
HONG
KONG
-
2
.2
%
Prudential
plc
322
4,039
INDONESIA
-
1
.5
%
First
Pacific
Co.
Ltd.
3,923
2,779
IRELAND
-
0
.4
%
Permanent
TSB
Group
Holdings
plc
*
326
783
ITALY
-
5
.6
%
BFF
Bank
SpA
(1)
*
662
7,254
Enel
SpA
47
448
Iveco
Group
NV
138
2,711
10,413
JAPAN
-
2
.7
%
Mitsubishi
Heavy
Industries
Ltd.
152
3,810
Tokyo
Gas
Co.
Ltd.
37
1,231
5,041
PORTUGAL
-
0
.2
%
Jeronimo
Martins
SGPS
SA
16
411
Shares
Held
Value
RUSSIA
-
0
.0
%
Sberbank
of
Russia
PJSC
(2)(3)(4)
1,137
$
SINGAPORE
-
0
.1
%
Singapore
Technologies
Engineering
Ltd.
25
155
SOUTH
KOREA
-
11
.3
%
Hanwha
Aerospace
Co.
Ltd.
11
6,948
Hyundai
Rotem
Co.
Ltd.
8
1,128
LIG
Nex1
Co.
Ltd.
26
10,467
MNC
Solution
Co.
Ltd.
20
2,193
20,736
SWITZERLAND
-
4
.8
%
Galderma
Group
AG
2
269
SGS
SA
26
2,661
UBS
Group
AG
177
5,997
8,927
TAIWAN
-
1
.2
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
62
2,250
UNITED
KINGDOM
-
18
.7
%
3i
Group
plc
32
1,785
Babcock
International
Group
plc
688
10,836
Flutter
Entertainment
plc
(LSE)
*
1
298
HSBC
Holdings
plc
84
1,021
Intermediate
Capital
Group
plc
89
2,358
National
Grid
plc
486
7,083
SSE
plc
154
3,881
Tesco
plc
413
2,277
Unilever
plc
17
1,016
Verona
Pharma
plc,
ADR
*
41
3,841
34,396
UNITED
STATES
-
18
.8
%
Amazon.com,
Inc.
*
18
3,983
Intercontinental
Exchange,
Inc.
27
4,979
Natera,
Inc.
*
12
2,009
RTX
Corp.
52
7,588
S&P
Global,
Inc.
7
3,488
Stryker
Corp.
5
1,963
Swiss
Re
AG
15
2,659
Synopsys,
Inc.
*
6
3,062
Visa,
Inc.,
Class
A
14
4,933
34,664
Total
common
stocks
(
Cost
$138,412)
175,820
No.
of
Rights
RIGHT
-
0.1%
South
Korea
-
0.1%
Hanwha
Aerospace
Co.
Ltd.,
expiring
7/2/2025,
strike
price
KRW
684,000
(Cost
$—)
(2)
*
1
93
19
Artisan
Partners
Funds
Security
Acquisition
Date
Cost
Value
Percentage
of
Total
Net
Assets
Sberbank
of
Russia
PJSC
9/16/2021
-
2/11/2022
$
4,750
$
0.0%
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
3.2%
2
INVESTMENT
COMPANY
-
3.2%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(5)
(Cost
$5,917)
5,917
$
5,917
Total
investments
-
98.7%
(Cost
$144,329)
181,830
Other
assets
less
liabilities
-
1.3%
2,431
Total
net
assets
-
100.0%
#
$
184,261
(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
June
30,
2025,
the
value
of
these
securities
was
$13,590
or
7.4%
of
net
assets.  
(2)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$93,
or
0.1%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(3)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(4)
Security
is
restricted.
(5)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
7,473
4
.1
%
Consumer
Discretionary
6,001
3
.3
Consumer
Staples
7,856
4
.3
Energy
340
0
.2
Financials
53,774
29
.6
Health
Care
10,577
5
.8
Industrials
65,111
35
.8
Information
Technology
5,312
2
.9
Materials
1,153
0
.6
Real
Estate
2,984
1
.7
Utilities
15,332
8
.4
Short-Term
Investment
5,917
3
.3
Total
investments
$
181,830
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CAD
$
340
0
.2
%
CHF
11,586
6
.4
CLP
1,242
0
.7
CNY
683
0
.4
DKK
1,864
1
.0
EUR
47,016
25
.8
GBP
33,573
18
.4
HKD
12,142
6
.7
JPY
5,041
2
.8
KRW
20,829
11
.5
RUB
0
.0
SGD
155
0
.1
TWD
2,250
1
.2
USD
45,109
24
.8
Total
investments
$
181,830
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
GLOBAL
OPPORTUNITIES
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
20
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
95.3%
BELGIUM
-
1
.0
%
UCB
SA
111
$
21,741
CANADA
-
2
.9
%
Shopify,
Inc.,
Class
A
*
520
60,036
CHINA
-
3
.7
%
Tencent
Holdings
Ltd.
1,219
78,103
FRANCE
-
0
.5
%
L'Oreal
SA
24
10,134
GERMANY
-
1
.8
%
adidas
AG
162
37,761
HONG
KONG
-
1
.3
%
Techtronic
Industries
Co.
Ltd.
2,363
25,975
JAPAN
-
1
.6
%
Keyence
Corp.
85
34,060
NETHERLANDS
-
3
.5
%
Argenx
SE,
ADR
*
133
73,457
SINGAPORE
-
2
.2
%
Sea
Ltd.,
ADR
*
287
45,967
SWITZERLAND
-
3
.7
%
Lonza
Group
AG
110
78,128
TAIWAN
-
1
.9
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
174
39,443
UNITED
KINGDOM
-
15
.3
%
3i
Group
plc
357
20,190
AstraZeneca
plc
214
29,741
BAE
Systems
plc
2,897
75,014
London
Stock
Exchange
Group
plc
549
80,185
RELX
plc
954
51,533
Sage
Group
plc
(The)
1,564
26,853
Unilever
plc
624
37,907
321,423
UNITED
STATES
-
55
.9
%
Advanced
Micro
Devices,
Inc.
*
260
36,952
Amazon.com,
Inc.
*
348
76,256
Apple,
Inc.
102
20,882
ARM
Holdings
plc,
ADR
*
122
19,679
Atlassian
Corp.,
Class
A
*
244
49,643
Baker
Hughes
Co.,
Class
A
1,178
45,183
Boston
Scientific
Corp.
*
892
95,818
Carrier
Global
Corp.
518
37,888
CBRE
Group,
Inc.,
Class
A
*
263
36,910
Cencora,
Inc.
96
28,677
Danaher
Corp.
279
55,105
Eaton
Corp.
plc
120
42,990
GE
Vernova,
Inc.
118
62,243
Lam
Research
Corp.
358
34,854
Linde
plc
91
42,533
Netflix,
Inc.
*
95
127,057
Oracle
Corp.
342
74,776
PayPal
Holdings,
Inc.
*
413
30,675
S&P
Global,
Inc.
62
32,699
Salesforce,
Inc.
58
15,905
Shares
Held
Value
UNITED
STATES
(continued)
Snowflake,
Inc.,
Class
A
*
301
$
67,293
Starbucks
Corp.
122
11,205
Vertex
Pharmaceuticals,
Inc.
*
68
30,328
West
Pharmaceutical
Services,
Inc.
91
19,879
Williams
Cos.,
Inc.
(The)
511
32,127
Xylem,
Inc.
245
31,654
Zoetis,
Inc.,
Class
A
78
12,131
1,171,342
Total
common
stocks
(
Cost
$1,454,569)
1,997,570
SHORT-TERM
INVESTMENT
-
3.4%
2
INVESTMENT
COMPANY
-
3.4%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(1)
(Cost
$70,557)
70,557
70,557
Total
investments
-
98.7%
(Cost
$1,525,126)
2,068,127
Other
assets
less
liabilities
-
1.3%
28,066
Total
net
assets
-
100.0%
#
$
2,096,193
(1)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
251,127
12
.1
%
Consumer
Discretionary
125,222
6
.2
Consumer
Staples
48,041
2
.3
Energy
77,310
3
.7
Financials
163,749
7
.9
Health
Care
445,005
21
.5
Industrials
327,297
15
.8
Information
Technology
480,376
23
.2
Materials
42,533
2
.1
Real
Estate
36,910
1
.8
Short-Term
Investment
70,557
3
.4
Total
investments
$
2,068,127
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CHF
$
78,128
3
.8
%
EUR
69,636
3
.4
GBP
321,423
15
.6
HKD
104,078
5
.0
JPY
34,060
1
.6
USD
1,460,802
70
.6
Total
investments
$
2,068,127
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
GLOBAL
UNCONSTRAINED
FUND
Consolidated
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
amount,
shares
and
dollar
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
21
Artisan
Partners
Funds
Principal
Amount
Value
SOVEREIGN
GOVERNMENT
BONDS
-
44.9%
ALBANIA
-
1.8%
Albanian
Government
Bond
4.21%,
1/15/2026
ALL
23,100
$
279
5.00%,
2/24/2026
ALL
16,200
197
2.85%,
4/11/2027
ALL
68,700
820
4.30%,
7/10/2027
ALL
14,800
182
6.00%,
2/13/2028
ALL
12,500
162
5.25%,
1/26/2029
ALL
21,500
277
5.63%,
11/8/2030
ALL
26,000
347
4.05%,
2/7/2032
ALL
133,370
1,647
Republic
of
Albania
3.50%,
6/16/2027
(1)
EUR
600
711
5.90%,
6/9/2028
(1)
EUR
2,020
2,525
7,147
ARGENTINA
-
2.3%
Argentine
Republic
0.75%,
7/9/2030
(2)
1,390
1,112
0.13%,
7/9/2030
EUR
1,852
1,719
3.88%,
7/9/2035
(2)
EUR
4,722
3,697
4.25%,
1/9/2038
(2)
EUR
44
36
3.00%,
7/9/2041
(2)
EUR
2,301
1,648
3.50%,
7/9/2041
(2)
821
509
8,721
BAHAMAS
-
5.2%
Commonwealth
of
the
Bahamas
9.00%,
6/16/2029
(1)
1,462
1,555
6.95%,
11/20/2029
(1)
404
404
8.95%,
10/15/2032
(1)
10,217
10,960
8.25%,
6/24/2036
(1)
7,000
7,119
20,038
BENIN
-
3.2%
Benin
Government
Bond
4.88%,
1/19/2032
(1)
EUR
1,664
1,789
4.95%,
1/22/2035
(1)
EUR
6,106
6,159
6.88%,
1/19/2052
(1)
EUR
4,498
4,430
12,378
CAMEROON
-
0.3%
Republic
of
Cameroon
9.50%,
11/19/2025
(1)
583
581
5.95%,
7/7/2032
(1)
EUR
511
473
1,054
DOMINICAN
REPUBLIC
-
0.0%
^
Dominican
Republic
Government
Bond,
GDN
6.50%,
11/27/2026
(1)
DOP
1,230
20
EGYPT
-
0.9%
Arab
Republic
of
Egypt
8.63%,
2/4/2030
(1)
2,300
2,328
6.38%,
4/11/2031
(1)
EUR
1,201
1,314
3,642
EL
SALVADOR
-
0.3%
Republic
of
El
Salvador
0.25%,
4/17/2030
IO
(1)
40,240
905
0.25%,
4/17/2030
IO
(3)
3,105
70
975
Principal
Amount
Value
GEORGIA
-
0.6%
Republic
of
Georgia
2.75%,
4/22/2026
(1)
2,409
$
2,345
GHANA
-
1.0%
Republic
of
Ghana
Zero
Coupon,
7/3/2026
(1)(4)
4,073
3,958
GUATEMALA
-
0.6%
Republic
of
Guatemala
4.50%,
5/3/2026
(1)
2,450
2,431
HUNGARY
-
0.4%
Magyar
Export-Import
Bank
Zrt.
6.13%,
12/4/2027
(1)
1,500
1,536
ICELAND
-
3.5%
Republic
of
Iceland
6.75%,
10/15/2026
ISK
428,443
3,508
8.00%,
4/15/2027
ISK
158,000
1,316
7.00%,
9/17/2035
ISK
1,051,600
8,677
13,501
INDIA
-
0.7%
Asian
Infrastructure
Investment
Bank
(The)
7.00%,
3/1/2029
(1)
INR
80,000
946
International
Bank
for
Reconstruction
&
Development
6.50%,
4/17/2030
INR
63,000
733
Republic
of
India
7.54%,
5/23/2036
INR
88,000
1,103
2,782
INDONESIA
-
1.8%
Republic
of
Indonesia
7.00%,
5/15/2027
IDR
2,480,000
155
6.88%,
4/15/2029
IDR
15,900,000
1,000
6.50%,
7/15/2030
IDR
32,800,000
2,037
7.50%,
8/15/2032
IDR
19,200,000
1,242
8.38%,
3/15/2034
IDR
30,755,000
2,106
7.13%,
6/15/2042
IDR
6,672,000
416
6,956
IRAQ
-
3.4%
Republic
of
Iraq
5.80%,
1/15/2028
(1)
13,182
13,068
KENYA
-
0.1%
Republic
of
Kenya
7.00%,
5/22/2027
(1)
533
536
9.75%,
2/16/2031
(1)
5
5
541
MONTENEGRO
-
0.2%
Republic
of
Montenegro
7.25%,
3/12/2031
(1)
800
830
NAMIBIA
-
0.1%
Republic
of
Namibia
5.25%,
10/29/2025
(1)
500
496
NIGERIA
-
2.5%
Federal
Republic
of
Nigeria
7.63%,
11/21/2025
(1)
2,040
2,058
6.13%,
9/28/2028
(1)
7,790
7,462
9,520
22
Artisan
Partners
Funds
Principal
Amount
Value
PAKISTAN
-
1.0%
Islamic
Republic
of
Pakistan
6.88%,
12/5/2027
(1)
3,275
$
3,100
7.38%,
4/8/2031
(1)
825
735
3,835
PAPUA
NEW
GUINEA
-
1.4%
Papua
New
Guinea
Government
International
Bond
8.38%,
10/4/2028
(1)
5,390
5,520
PERU
-
5.3%
Bonos
de
la
Tesoreria
6.95%,
8/12/2031
PEN
66,900
20,502
RWANDA
-
0.9%
Republic
of
Rwanda
5.50%,
8/9/2031
(1)
4,080
3,489
SERBIA
-
0.4%
Republic
of
Serbia
3.13%,
5/15/2027
(1)
EUR
1,400
1,645
TAJIKISTAN
-
1.9%
Republic
of
Tajikistan
7.13%,
9/14/2027
(1)
7,288
7,223
TRINIDAD
AND
TOBAGO
-
0.6%
Republic
of
Trinidad
and
Tobago
4.50%,
8/4/2026
(1)
2,400
2,376
UKRAINE
-
1.3%
Ukraine
Government
Bond
1.75%,
2/1/2029
(1)(2)
2,160
1,326
1.75%,
2/1/2035
(1)(2)
2,135
1,080
0.00%,
2/1/2035
(1)(2)
3,583
1,671
0.00%,
2/1/2036
(1)(2)
2,097
995
5,072
UZBEKISTAN
-
1.4%
Republic
of
Uzbekistan
International
Bond
5.38%,
5/29/2027
(1)
EUR
2,193
2,650
15.50%,
2/25/2028
(1)
UZS
32,500,000
2,584
5,234
ZAMBIA
-
1.8%
Republic
of
Zambia
5.75%,
6/30/2033
(1)(2)
7,532
6,934
Total
Sovereign
government
bonds
(
Cost
$166,339)
173,769
CORPORATE
BONDS
-
17.1%
ANGOLA
-
0
.2
%
Azule
Energy
Finance
plc
8.13%,
1/23/2030
(1)
904
896
ARGENTINA
-
0
.7
%
MSU
Energy
SA
9.75%,
12/5/2030
(1)
3,144
2,881
BRAZIL
-
2
.6
%
Constellation
Oil
Services
Holding
SA
9.38%,
11/7/2029
(1)
600
611
MC
Brazil
Downstream
Trading
SARL
7.25%,
6/30/2031
(1)
2,964
2,347
Oceanica
Lux
13.00%,
10/2/2029
(1)
1,400
1,327
OHI
Group
SA
13.00%,
7/22/2029
(1)
2,260
2,355
Principal
Amount
Value
BRAZIL
(continued)
Trident
Energy
Finance
plc
12.50%,
11/30/2029
(1)
3,310
$
3,324
Unigel
Luxembourg
SA
13.50%
Cash,
or
15.00%
PIK,
12/31/2027
(1)
90
73
11.00%
Cash,
or
12.00%
PIK,
12/31/2028
(1)
226
63
10,100
CAMEROON
-
0
.3
%
Golar
LNG
Ltd.
7.75%,
9/19/2029
(1)
1,000
1,009
COLOMBIA
-
0
.9
%
Canacol
Energy
Ltd.
5.75%,
11/24/2028
(1)
2,294
794
Gran
Tierra
Energy,
Inc.
9.50%,
10/15/2029
(1)
3,540
2,697
3,491
CZECH
REPUBLIC
-
0
.5
%
Energo-Pro
A/S
8.00%,
5/27/2030
(1)
EUR
1,631
1,987
DOMINICAN
REPUBLIC
-
0
.8
%
Banco
Central
de
la
Republica
Dominicana,
GDN
12.00%,
10/3/2025
(1)
DOP
22,700
381
13.00%,
12/5/2025
(1)
DOP
113,420
1,903
9.00%,
12/11/2026
(1)
DOP
56,550
930
3,214
GUATEMALA
-
0
.9
%
Energuate
Trust
5.88%,
5/3/2027
(1)
1,600
1,592
Investment
Energy
Resources
Ltd.
6.25%,
4/26/2029
(1)
1,750
1,717
3,309
INDIA
-
0
.5
%
Biocon
Biologics
Global
plc
6.67%,
10/9/2029
(1)
1,900
1,806
JAMAICA
-
0
.6
%
Digicel
Intermediate
Holdings
Ltd.
12.00%
Cash
and
2.25%
PIK,
5/25/2027
2,258
2,276
MOLDOVA,
REPUBLIC
OF
-
0
.3
%
Aragvi
Finance
International
DAC
11.13%,
11/20/2029
(1)
1,035
1,045
NETHERLANDS
-
0
.2
%
Cie
Maritime
Monegasque
Osv
BV
14.00%,
3/28/2029
1,000
960
Unigel
Netherlands
Holding
Corp.
BV
15.00%
Cash,
or
15.00%
PIK,
12/31/2044
(1)
223
960
NIGERIA
-
0
.6
%
SEPLAT
Energy
plc
9.13%,
3/21/2030
(1)
2,453
2,441
NORWAY
-
0
.1
%
Panoro
Energy
ASA
10.25%,
12/11/2029
212
213
PARAGUAY
-
0
.2
%
Frigorifico
Concepcion
SA
7.70%,
7/21/2028
(1)(5)
880
685
PERU
-
0
.1
%
Cia
de
Minas
Buenaventura
SAA
6.80%,
2/4/2032
(1)
272
277
23
Artisan
Partners
Funds
Principal
Amount
Value
SINGAPORE
-
0
.3
%
Yinson
Production
Financial
Services
Pte.
Ltd.
9.63%,
5/3/2029
(1)
1,150
$
1,196
SWAZILAND
-
0
.5
%
Central
Bank
of
Eswatini
11.88%,
5/8/2027
ZAR
31,000
1,788
TURKEY
-
1
.5
%
ICA
ICTAS
Altyapi
Yavuz
Sultan
Selim
Koprusu
ve
Kuzey
Cevre
Otoyolu
Yatirim
ve
I
7.54%,
10/31/2027
(1)
2,630
2,645
Limak
Iskenderun
Uluslararasi
Liman
Isletmeciligi
A/S
9.50%,
7/10/2036
(1)
3,349
3,310
5,955
UNITED
ARAB
EMIRATES
-
0
.2
%
Pearl
Petroleum
Co.
Ltd.
13.00%,
5/15/2028
(1)
600
635
UNITED
KINGDOM
-
1
.6
%
ACG
Holdco
1
Ltd.
14.75%,
1/13/2029
3,300
3,408
Galileo
Global
Technologies
Ltd.
13.75%,
3/4/2028
(1)
625
625
Salmon
Group
Ltd.
15.00%,
5/5/2028
2,200
2,101
6,134
URUGUAY
-
1
.0
%
Navios
South
American
Logistics,
Inc.
8.88%,
7/14/2030
(1)(6)
4,000
4,000
UZBEKISTAN
-
2
.5
%
TBC
Bank
JSCB
22.00%,
6/5/2028
(6)(7)
UZS
92,000,000
7,337
Uzbek
Industrial
and
Construction
Bank
ATB
21.00%,
7/24/2027
(1)
UZS
28,220,000
2,306
9,643
Total
corporate
bonds
(
Cost
$65,741)
65,941
Shares
Held
COMMON
STOCKS
-
4.7%
AUSTRALIA
-
0
.1
%
OceanaGold
Corp.
26
374
Resolute
Mining
Ltd.
*
100
40
414
CANADA
-
1
.3
%
Allied
Gold
Corp.
*
73
976
Asante
Gold
Corp.
*
50
56
B2Gold
Corp.
153
554
Centerra
Gold,
Inc.
44
319
G
Mining
Ventures
Corp.
60
782
Galiano
Gold,
Inc.
*
30
38
K92
Mining,
Inc.
*
32
359
Meren
Energy,
Inc.
545
668
New
Gold,
Inc.
*
75
370
Torex
Gold
Resources,
Inc.
*
24
780
4,902
COLOMBIA
-
1
.9
%
Aris
Mining
Corp.
*
1,108
7,444
GEORGIA
-
0
.6
%
Georgia
Capital
plc
*
55
1,454
Lion
Finance
Group
plc
2
194
TBC
Bank
Group
plc
12
783
2,431
Shares
Held
Value
IVORY
COAST
-
0
.2
%
Endeavour
Mining
plc
20
$
603
NETHERLANDS
-
0
.0
%
Stichting
Administratiekantoor
Unigel
Creditors,
ADR
(6)(7)
*
1
NORWAY
-
0
.1
%
Panoro
Energy
ASA
*
150
338
PERU
-
0
.0
%
^
Hochschild
Mining
plc
20
70
UNITED
STATES
-
0
.4
%
Aura
Minerals,
Inc.
54
1,428
VIRGIN
ISLANDS,
BRITISH
-
0
.1
%
ACG
Metals
Ltd.,
Class
A
*
60
453
Total
common
stocks
(
Cost
$12,402
)
18,083
Principal
Amount
BANK
LOANS
-
4.2%
COTE
D'IVOIRE
-
2
.9
%
Republic
of
Cote
d'Ivoire
First
Lien
Term
Loan
(SOFR
+
3.00%),
5.65%,
7/14/2025
(6)(7)(8)
EUR
3,650
4,299
(SOFR
+
2.85%),
5.03%,
3/1/2032
(6)(7)(8)
EUR
5,710
6,765
11,064
PARAGUAY
-
0
.2
%
Frigorifico
Concepcion
SA
First
Lien
Term
Loan
B
(SOFR
+
5.50%),
9.81%,
12/8/2026
(6)(7)(8)
686
617
TANZANIA
-
1
.1
%
Tanzania
(United
Republic
of)
First
Lien
Term
Loan
(SOFR
+
5.20%),
9.46%,
2/6/2032
(6)(7)(8)
2,040
2,043
(SOFR
+
5.45%),
9.58%,
5/20/2032
(6)(7)(8)
420
414
Tanzania
(United
Republic
of)
Term
Loan
(SOFR
+
5.45%),
9.68%,
3/6/2031
(6)(7)(8)
2,000
1,970
4,427
Total
bank
loans
(
Cost
$15,406)
16,108
Shares
Held
EXCHANGE
TRADED
FUND
-
1.4%
Equity
Fund
-
1.4%
VanEck
Junior
Gold
Miners
ETF
(Cost
$4,397)
82
5,569
CLOSED
END
FUND
-
0.2%
BERMUDA
-
0.2%
ASA
Gold
and
Precious
Metals
Ltd.
(Cost
$591)
25
773
Principal
Amount
CONVERTIBLE
BOND
-
0.1%
CANADA
-
0
.1
%
Lithium
Argentina
AG
1.75%,
1/15/2027
(Cost
$355)
427
347
24
Artisan
Partners
Funds
No.
of
Warrants
Value
WARRANT
-
0.0%
^
United
Kingdom
-
0.0%
^
Salmon
Group
Ltd.,
expiring
5/5/2030,
strike
price
$0.000001
(Cost
$106)
(6)
*
15
$
110
Principal
Amount
SHORT-TERM
INVESTMENTS
-
27.9%
SOVEREIGN
GOVERNMENT
TREASURY
BILLS
-
14.5%
Arab
Republic
of
Egypt
15.19%,
7/8/2025
(9)
EGP
20,900
420
22.18%,
7/15/2025
(9)
EGP
81,650
1,631
23.95%,
8/5/2025
(9)
EGP
94,300
1,857
27.36%,
8/19/2025
(9)
EGP
180,550
3,509
27.56%,
8/26/2025
(9)
EGP
95,300
1,842
27.70%,
9/2/2025
(9)
EGP
70,175
1,349
27.84%,
9/16/2025
(9)
EGP
176,175
3,352
27.64%,
9/30/2025
(9)
EGP
28,350
534
27.69%,
10/14/2025
(9)
EGP
10,800
202
27.69%,
10/28/2025
(9)
EGP
154,100
2,848
27.57%,
12/9/2025
(9)
EGP
54,900
986
27.46%,
12/30/2025
(9)
EGP
89,925
1,594
26.81%,
3/10/2026
(9)
EGP
65,000
1,105
25.77%,
4/28/2026
(9)
EGP
169,000
2,809
25.63%,
5/5/2026
(9)
EGP
26,075
432
Banco
Central
del
Uruguay
9.08%,
7/7/2025
(9)
UYU
14,000
352
9.35%,
7/21/2025
(9)
UYU
29,500
740
9.33%,
9/3/2025
(9)
UYU
85,600
2,123
9.38%,
9/17/2025
(9)
UYU
25,600
633
9.15%,
10/1/2025
(9)
UYU
82,800
2,041
Nigeria
OMO
Bill
24.89%,
9/30/2025
(9)
NGN
2,769,483
1,696
25.03%,
10/7/2025
(9)
NGN
1,400,000
853
25.88%,
12/2/2025
(9)
NGN
1,698,012
996
22.50%,
12/9/2025
(9)
NGN
3,985,000
2,358
26.16%,
1/6/2026
(9)
NGN
509,176
292
22.17%,
1/20/2026
(9)
NGN
535,000
310
26.02%,
2/3/2026
(9)
NGN
4,589,000
2,585
20.26%,
2/10/2026
(9)
NGN
1,110,000
642
22.52%,
2/23/2026
(9)
NGN
1,450,000
808
22.85%,
2/25/2026
(9)
NGN
1,450,000
806
20.81%,
3/31/2026
(9)
NGN
550,000
310
Republic
of
Albania
2.84%,
2/26/2026
(9)
ALL
138,200
1,629
3.22%,
3/26/2026
(9)
ALL
79,600
933
2.69%,
4/16/2026
(9)
ALL
31,200
367
Republic
of
Iceland
6.88%,
7/16/2025
(9)
ISK
130,000
1,074
6.82%,
8/20/2025
(9)
ISK
475,214
3,899
7.43%,
9/17/2025
(9)
ISK
123,470
1,007
7.62%,
10/15/2025
(9)
ISK
200,000
1,620
7.67%,
11/19/2025
(9)
ISK
400,000
3,216
7.48%,
12/17/2025
(9)
ISK
45,400
363
Total
sovereign
government
treasury
bills
(
Cost
$54,809
)
56,123
U.S.
TREASURY
OBLIGATIONS
-
5.6%
U.S.
Treasury
Bills
3.63%,
7/8/2025
(9)
3,400
3,397
3.88%,
7/15/2025
(9)
6,550
6,539
3.98%,
7/22/2025
(9)
3,000
2,993
4.02%,
7/29/2025
(9)
2,180
2,173
Principal
Amount
Value
U.S.
Treasury
Bills
(continued)
4.16%,
8/7/2025
(9)
6,700
$
6,671
Total
U.S.
treasury
obligations
(
Cost
$21,773
)
21,773
REPURCHASE
AGREEMENTS
-
5
.3
%
JPMorgan
Chase
Bank,
N.A.,
Dated
5/8/25,
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
$261
(10)
258
258
JPMorgan
Chase
Bank,
N.A.,
Dated
5/8/25,
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
$523
(10)
515
515
JPMorgan
Chase
Bank,
N.A.,
Dated
5/8/25,
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
$811
(10)
802
802
JPMorgan
Chase
Bank,
N.A.,
Dated
6/24/25,
with
an
interest
rate
of
4.00%
payable
to
the
Fund,
collateralized
by
Par
USD
2,000
State
of
Mongolia,
4.45%
due
7/7/2031
and
a
market
value
of
$1,746
(10)
1,771
1,771
JPMorgan
Chase
Bank,
N.A.,
Dated
6/24/25,
with
an
interest
rate
of
4.00%
payable
to
the
Fund,
collateralized
by
Par
USD
3,500
Dominican
Republic
Government
Bond,
7.45%
due
4/30/2044
and
a
market
value
of
$3,666
(10)
3,662
3,662
Merrill
Lynch
International,
Dated
5/14/25,
with
an
interest
rate
of
3.90%
payable
to
the
Fund,
collateralized
by
Par
USD
900
Hudbay
Minerals,
Inc.,
6.13%
due
4/1/2029
and
a
market
value
of
$915
(10)
909
909
Merrill
Lynch
International,
Dated
6/13/25,
with
an
interest
rate
of
4.13%
payable
to
the
Fund,
collateralized
by
Par
USD
1,000
State
of
Mongolia,
4.45%
due
7/7/2031
and
a
market
value
of
$873
(10)
890
890
Merrill
Lynch
International,
Dated
6/20/25,
with
an
interest
rate
of
1.80%
payable
to
the
Fund,
collateralized
by
Par
USD
3,680
Pegasus
Hava
Tasimaciligi
A/S,
8.00%
due
9/11/2031
and
a
market
value
of
$3,693
(10)
3,763
3,763
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
$1,108
(10)
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
$427
(10)
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
Republic
of
Costa
Rica,
6.55%
due
4/3/2034
and
a
market
value
of
$418
(10)
447
447
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
$1,335
(10)
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
$376
(10)
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
$822
(10)
865
865
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
$610
(10)
643
643
Morgan
Stanley
&
Co
International
plc,
Dated
4/11/25,
with
an
interest
rate
of
3.85%
payable
to
the
Fund,
collateralized
by
Par
USD
900
Hudbay
Minerals,
Inc.,
6.13%
due
4/1/2029
and
a
market
value
of
$915
(10)
872
872
25
Artisan
Partners
Funds
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
Morgan
Stanley
&
Co
International
plc,
Dated
6/17/25,
with
an
interest
rate
of
4.05%
payable
to
the
Fund,
collateralized
by
Par
USD
1,600
HTA
Group
Ltd.,
7.50%
due
6/4/2029
and
a
market
value
of
$1,643
(10)
1,640
$
1,640
Total
Repurchase
Agreements
(Cost
$20,431)
20,431
Shares
Held
INVESTMENT
COMPANY
-
2.5%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(11)
(Cost
$9,715)
9,715
9,715
Total
short-term
investments
(
Cost
$106,728)
108,042
Total
investments
-
100.5%
  (Cost
$372,065)
388,742
SECURITIES
SOLD
SHORT
-
(7.8)%
COMMON
STOCK
-
(0.3)%
UNITED
KINGDOM
-
(0.3)%
Ashmore
Group
plc
(Proceeds
$(1,279))
(575)
(
1,236
)
Principal
Amount
SOVEREIGN
GOVERNMENT
BONDS
-
(2.3)%
COSTA
RICA
-
(0.3)%
Republic
of
Costa
Rica
6.55%,
4/3/2034
(1)
(
1,150
)
(
1,203
)
DOMINICAN
REPUBLIC
-
(0.9)%
Dominican
Republic
Government
Bond
7.45%,
4/30/2044
(1)
(
3,500
)
(
3,666
)
MONGOLIA
-
(0.7)%
State
of
Mongolia
4.45%,
7/7/2031
(1)
(
3,000
)
(
2,619
)
PARAGUAY
-
(0.3)%
Republic
of
Paraguay
2.74%,
1/29/2033
(1)
(
1,450
)
(
1,238
)
ROMANIA
-
(0.1)%
Romania
Government
Bond
4.00%,
2/14/2051
(1)
(
448
)
(
281
)
Total
Sovereign
government
bonds
(
Proceeds
$(8,762))
(
9,007
)
Shares
Held
EXCHANGE
TRADED
FUND
-
(2.3)%
Equity
Fund
-
(2.3)%
VanEck
Gold
Miners
ETF
(Proceeds
$(7,156))
(174)
(
9,043
)
Principal
Amount
CORPORATE
BONDS
-
(2.9)%
CANADA
-
(
0
.9
)
%
Hudbay
Minerals,
Inc.
6.13%,
4/1/2029
(3)
(
3,490
)
(
3,549
)
Principal
Amount
Value
TANZANIA
-
(
1
.0
)
%
HTA
Group
Ltd.
7.50%,
6/4/2029
(1)
(
3,700
)
$
(
3,800
)
TURKEY
-
(
1
.0
)
%
Pegasus
Hava
Tasimaciligi
A/S
8.00%,
9/11/2031
(1)
(
3,680
)
(
3,693
)
Total
corporate
bonds
(
Proceeds
$(10,908))
(
11,042
)
Total
securities
sold
short
  (Proceeds
$(28,105))
(
30,328
)
Total
investments
after
securities
sold
short
-
92.7%
(Cost
$343,960)
358,414
REVERSE
REPURCHASE
AGREEMENT
-  (0.1)%
(Proceeds
$(200))
(
200
)
Other
assets
less
liabilities
-
7.4%
28,626
Total
net
assets
-
100.0%
#
$
386,840
(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
June
30,
2025,
the
value
of
these
securities
was
$149,630
or
38.7%
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
upon
a
contingent  predetermined
trigger.  The
interest
rate
shown
was
the
current
rate
as
of
June
30,
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)
Debt
security
that
pays
no
cash
income
but
is
sold
at
a
discount
from
its
value
at
maturity.
(5)
All
or
a
position
of
the
security
has
been
pledge
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(6)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$27,555,
or
7.1%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(7)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(8)
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
June
30,
2025.
(9)
Yield
to
maturity.
(10)
Open
repurchase
agreement
with
no
specific
maturity
date.
Either
party
may
terminate
the
agreement
upon
demand.
(11)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
*
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
2,276
0
.6
%
Consumer
Staples
2,347
0
.7
Energy
25,317
7
.1
Financials
33,542
9
.3
Health
Care
1,806
0
.5
Industrials
2,462
0
.7
Investment
Funds
(
3,474
)
-
1
.0
Materials
15,265
4
.3
Mutual
Funds
773
0
.2
Sovereign
Government
Securities
164,762
46
.0
Utilities
5,296
1
.5
Short-Term
Investments
108,042
30
.1
Total
investments
$
358,414
100
.0
%
*
Portfolio
diversification
is
net
of
positions
held
short.
26
Artisan
Partners
Funds
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
ALL
$
6,840
1
.9
%
AUD
40
0
.0
CAD
5,921
1
.7
DOP
3,234
0
.9
EGP
24,470
6
.8
EUR
41,847
11
.7
GBP
2,321
0
.6
IDR
6,956
1
.9
INR
2,782
0
.8
ISK
24,680
6
.9
NGN
11,656
3
.3
NOK
338
0
.1
PEN
20,502
5
.7
USD
186,923
52
.2
UYU
5,889
1
.6
UZS
12,227
3
.4
ZAR
1,788
0
.5
Total
investments
$
358,414
100
.0
%
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
BRL
**
69,580
USD
12,355
JPM
7/2/2025
452
BRL
**
1,815
USD
326
SCB
7/2/2025
8
EUR
165
PLN
700
SCB
7/2/2025
^
HUF
2,790,800
EUR
6,982
SCB
7/2/2025
2
PLN
26,900
EUR
6,312
SCB
7/2/2025
28
TRY
249,785
USD
6,166
SCB
7/8/2025
76
USD
1,177
KWD
359
SCB
7/8/2025
2
EUR
770
USD
904
SCB
7/10/2025
4
USD
11,014
HKD
85,500
SCB
7/10/2025
112
TWD
**
46,241
USD
1,593
JPM
7/18/2025
1
TWD
**
178,395
USD
6,135
SCB
7/18/2025
13
USD
3,833
COP
**
15,697,359
JPM
8/1/2025
7
BRL
**
64,218
USD
11,589
JPM
8/4/2025
131
EUR
6,955
HUF
2,790,800
SCB
8/4/2025
1
GTQ
**
8,550
USD
1,081
CITI
9/3/2025
31
USD
1,697
PEN
**
6,014
JPM
9/4/2025
2
USD
895
KWD
270
SCB
9/16/2025
11
EUR
1,149
USD
1,348
SCB
9/17/2025
13
TWD
**
110,045
USD
3,849
JPM
9/22/2025
8
TRY
58,253
USD
1,308
SCB
10/9/2025
31
TWD
**
165,800
USD
5,753
JPM
10/14/2025
82
ARS
**
1,098,900
USD
795
CITI
10/21/2025
33
UZS
**
53,700,000
USD
3,966
ICBCSB
11/12/2025
117
UZS
**
20,143,898
USD
1,488
SCB
11/13/2025
43
UZS
**
18,999,101
USD
1,393
DB
11/17/2025
49
USD
932
KWD
280
SCB
12/16/2025
15
TRY
28,000
USD
579
SCB
12/18/2025
28
USD
1,191
KWD
359
SCB
12/22/2025
16
UZS
**
14,500,000
USD
1,003
JPM
1/7/2026
81
TJS
**
6,723
USD
579
ICBCSB
4/6/2026
65
Total
unrealized
appreciation
1,462
COP
**
15,697,359
USD
3,850
JPM
7/1/2025
(
8
)
USD
3,750
COP
**
15,697,359
JPM
7/1/2025
(
92
)
EUR
6,885
HUF
2,790,800
SCB
7/2/2025
(
116
)
EUR
6,123
PLN
26,200
SCB
7/2/2025
(
56
)
IDR
**
92,052,542
USD
5,686
JPM
7/2/2025
(
16
)
USD
7,152
BRL
**
39,579
JPM
7/2/2025
(
133
)
USD
5,814
BRL
**
32,039
SCB
7/2/2025
(
83
)
USD
5,656
IDR
**
92,052,542
JPM
7/2/2025
(
14
)
PEN
**
6,014
USD
1,700
JPM
7/3/2025
(
2
)
USD
1,657
PEN
**
6,014
JPM
7/3/2025
(
41
)
FOREIGN
CURRENCY
FORWARD
CONTRACTS
(continued)
Values
in
thousands
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
163
EGP
**
8,400
SCB
7/7/2025
(
7
)
USD
690
TRY
27,752
SCB
7/8/2025
(
4
)
HKD
85,500
USD
10,916
SCB
7/10/2025
(
14
)
USD
902
EUR
770
SCB
7/10/2025
(
6
)
USD
1,242
IDR
**
20,300,907
JPM
7/10/2025
(
8
)
KZT
**
891,048
USD
1,730
SG
7/14/2025
(
21
)
USD
878
GEL
**
2,600
CITI
7/14/2025
(
76
)
USD
854
THB
28,900
SCB
7/14/2025
(
36
)
KZT
**
535,668
USD
1,035
SG
7/15/2025
(
8
)
TWD
**
7,367
USD
254
JPM
7/18/2025
(
)
^
USD
12,005
CNH
85,980
SCB
7/18/2025
(
22
)
USD
7,992
TWD
**
232,003
SCB
7/18/2025
(
3
)
USD
5,315
KWD
1,631
SCB
7/21/2025
(
26
)
USD
11,592
PEN
**
42,552
JPM
7/21/2025
(
414
)
USD
2,881
INR
**
249,904
JPM
7/28/2025
(
31
)
USD
8,868
ZAR
158,137
JPM
7/28/2025
(
45
)
KZT
**
696,432
USD
1,336
DB
7/29/2025
(
6
)
USD
3,811
CLP
**
3,574,000
JPM
7/30/2025
(
25
)
PLN
700
EUR
165
SCB
8/4/2025
(
)
^
USD
5,679
IDR
**
92,052,542
JPM
8/4/2025
(
13
)
USD
4,741
KWD
1,450
SCB
8/5/2025
(
7
)
USD
3,486
THB
113,520
SCB
8/13/2025
(
17
)
KZT
**
334,362
USD
636
ICBCSB
8/15/2025
(
1
)
KZT
**
529,759
USD
1,014
JPM
8/15/2025
(
8
)
USD
7,337
PEN
**
26,515
JPM
8/18/2025
(
138
)
USD
4,631
KWD
1,420
SCB
8/19/2025
(
20
)
KZT
**
696,432
USD
1,323
DB
8/29/2025
(
6
)
TRY
280,200
USD
6,664
SCB
9/2/2025
(
16
)
USD
1,664
UZS
**
22,000,000
JPM
9/4/2025
(
41
)
TRY
68,300
USD
1,617
SCB
9/10/2025
(
8
)
USD
76,985
EUR
66,013
SCB
9/17/2025
(
1,181
)
UZS
**
12,500,000
USD
967
DB
9/18/2025
(
2
)
USD
3,373
TWD
**
110,045
JPM
9/22/2025
(
483
)
KZT
**
799,913
USD
1,502
DB
9/26/2025
(
2
)
USD
629
GEL
**
1,800
ICBCSB
9/29/2025
(
28
)
USD
81
NGN
**
130,518
JPM
10/2/2025
(
1
)
USD
5,101
TWD
**
165,800
JPM
10/14/2025
(
734
)
ARS
**
2,981,800
USD
2,385
CITI
10/21/2025
(
138
)
ARS
**
1,110,200
USD
860
JPM
10/21/2025
(
23
)
USD
3,785
GEL
**
10,700
ICBCSB
11/3/2025
(
103
)
USD
1,268
THB
41,200
SCB
11/7/2025
(
12
)
USD
3,482
GEL
**
9,750
CITI
11/10/2025
(
60
)
USD
4,048
KWD
1,240
SCB
11/19/2025
(
12
)
USD
4,154
CNH
30,000
SCB
1/12/2026
(
99
)
USD
7,202
CNH
51,850
SCB
1/20/2026
(
152
)
AZN
**
1,600
USD
907
SCB
6/3/2026
(
6
)
USD
1,815
BWP
26,000
SCB
6/8/2026
(
70
)
Total
unrealized
depreciation
(
4,694
)
Net
unrealized
depreciation
(
3,232
)
**
Non-deliverable.
27
Artisan
Partners
Funds
FUTURES
CONTRACTS
Values
in
thousands
Description
No.
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Notional
Value
(
$
)
Unrealized
Appreciation
/
(Depreciation)
(
$
)
Long
Positions
Contracts
100
oz
Gold
3
8/27/2025
USD
^
992
(
6
)
U.S.
Treasury
2
Year
Note
17
9/30/2025
USD
3,400
3,536
12
U.S.
Treasury
Long
Bond
28
9/19/2025
USD
2,800
3,233
84
U.S.
Treasury
Ultra
Bond
2
9/19/2025
USD
200
238
8
98
Short
Positions
Contracts
Euro-Bobl
(101)
9/8/2025
EUR
(
10,100
)
(
14,001
)
35
Euro-BTP
(11)
9/8/2025
EUR
(
1,100
)
(
1,568
)
(
3
)
Euro-Bund
(45)
9/8/2025
EUR
(
4,500
)
(
6,899
)
38
Euro-Buxl
(10)
9/8/2025
EUR
(
1,000
)
(
1,399
)
23
Euro-OAT
(13)
9/8/2025
EUR
(
1,300
)
(
1,896
)
12
Euro-Schatz
(72)
9/8/2025
EUR
(
7,200
)
(
9,096
)
5
S&P
500
E-Mini
Index
(29)
9/19/2025
USD
(
1
)
(
9,068
)
(
239
)
U.S.
Treasury
5
Year
Note
(145)
9/30/2025
USD
(
14,500
)
(
15,805
)
(
121
)
U.S.
Treasury
10
Year
Note
(205)
9/19/2025
USD
(
20,500
)
(
22,986
)
(
338
)
(
588
)
Net
unrealized
depreciation
(
490
)
28
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
(3)
(8)
(11)
Bank
of
China
Ltd.
1.00
Quarterly
12/20/2029
780
(15)
(1)
(16)
Bank
of
China
Ltd.
1.00
Quarterly
6/20/2030
450
(10)
^
(10)
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
(15)
(2)
(17)
Export-Import
Bank
of
China
(The)
1.00
Quarterly
6/20/2030
450
(10)
(—)
^
(10)
French
Republic
0.25
Quarterly
6/20/2034
12,430
293
42
335
French
Republic
0.25
Quarterly
12/20/2034
5,620
174
(6)
168
Hungary
1.00
Quarterly
6/20/2027
965
17
(23)
(6)
Hungary
1.00
Quarterly
6/20/2028
300
6
(7)
(1)
Hungary
1.00
Quarterly
12/20/2028
1,600
18
(18)
^
Hungary
1.00
Quarterly
6/20/2029
6,550
28
(9)
19
Hungary
1.00
Quarterly
12/20/2029
1,267
7
2
9
Hungary
1.00
Quarterly
6/20/2030
6,084
69
1
70
Kingdom
of
Saudi
Arabia
1.00
Quarterly
6/20/2029
6,700
(102)
(7)
(109)
Kingdom
of
Saudi
Arabia
1.00
Quarterly
6/20/2032
1,070
(9)
(—)
^
(9)
Kingdom
of
Saudi
Arabia
1.00
Quarterly
6/20/2033
2,220
(23)
15
(8)
Kingdom
of
Saudi
Arabia
1.00
Quarterly
12/20/2033
8,085
(48)
39
(9)
Kingdom
of
Saudi
Arabia
1.00
Quarterly
12/20/2034
23,980
49
36
85
Kingdom
of
Saudi
Arabia
1.00
Quarterly
6/20/2035
4,100
20
4
24
Kingdom
of
Spain
1.00
Quarterly
6/20/2032
570
(8)
(12)
(20)
Kingdom
of
Spain
1.00
Quarterly
6/20/2033
1,170
(20)
(22)
(42)
Kingdom
of
Spain
1.00
Quarterly
12/20/2033
915
(18)
(14)
(32)
Kingdom
of
Spain
1.00
Quarterly
12/20/2034
4,270
(122)
(22)
(144)
Malaysia
1.00
Quarterly
12/20/2027
500
(4)
(5)
(9)
Malaysia
1.00
Quarterly
6/20/2028
1,290
(17)
(9)
(26)
Markit
CDX
North
American
Emerging
Markets
Index
Series
42-V1
1.00
Quarterly
12/20/2029
6,640
142
(43)
99
Markit
CDX
North
American
High
Yield
Index
Series
43-V1
5.00
Quarterly
12/20/2029
7,140
(537)
2
(535)
Markit
CDX
North
American
High
Yield
Index
Series
44-V1
5.00
Quarterly
6/20/2030
6,950
(498)
(35)
(533)
Occidental
Petroleum
Corp.
1.00
Quarterly
6/20/2030
3,600
14
(23)
(9)
Penerbangan
Malaysia
Bhd.
1.00
Quarterly
12/20/2028
650
(13)
(1)
(14)
Penerbangan
Malaysia
Bhd.
1.00
Quarterly
12/20/2029
5,315
(117)
(11)
(128)
Petrobras
Global
Finance
BV
1.00
Quarterly
12/20/2027
390
15
(17)
(2)
Republic
of
Chile
1.00
Quarterly
6/20/2028
750
(4)
(11)
(15)
Republic
of
Chile
1.00
Quarterly
12/20/2028
4,410
(69)
(23)
(92)
Republic
of
Chile
1.00
Quarterly
6/20/2032
950
39
(53)
(14)
Republic
of
Chile
1.00
Quarterly
12/20/2034
1,250
2
(5)
(3)
Republic
of
Indonesia
1.00
Quarterly
12/20/2027
690
2
(11)
(9)
Republic
of
Indonesia
1.00
Quarterly
6/20/2028
2,050
(12)
(18)
(30)
Republic
of
Indonesia
1.00
Quarterly
12/20/2028
5,520
(52)
(25)
(77)
Republic
of
Indonesia
1.00
Quarterly
12/20/2029
17,600
(110)
(99)
(209)
Republic
of
Italy
1.00
Quarterly
6/20/2034
4,815
38
(81)
(43)
Republic
of
Italy
1.00
Quarterly
12/20/2034
4,500
9
(37)
(28)
Republic
of
Kazakhstan
1.00
Quarterly
6/20/2028
2,085
28
(46)
(18)
Republic
of
Kazakhstan
1.00
Quarterly
6/20/2029
325
(1)
(—)
^
(1)
Republic
of
Panama
1.00
Quarterly
12/20/2033
4,300
467
16
483
Republic
of
Peru
1.00
Quarterly
6/20/2028
280
(1)
(3)
(4)
Republic
of
Peru
1.00
Quarterly
12/20/2028
3,560
(39)
(10)
(49)
29
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
Peru
1.00
Quarterly
6/20/2032
300
11
(10)
1
Republic
of
Peru
1.00
Quarterly
12/20/2032
2,210
49
(30)
19
Republic
of
Poland
1.00
Quarterly
6/20/2027
325
1
(5)
(4)
Republic
of
Poland
1.00
Quarterly
12/20/2027
160
2
(4)
(2)
Republic
of
Poland
1.00
Quarterly
6/20/2028
1,110
(7)
(10)
(17)
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
(49)
(6)
(55)
Republic
of
Poland
1.00
Quarterly
12/20/2029
1,200
(18)
^
(18)
Republic
of
South
Africa
1.00
Quarterly
6/20/2028
600
27
(24)
3
Republic
of
South
Africa
1.00
Quarterly
6/20/2029
9,850
393
(210)
183
Republic
of
South
Africa
1.00
Quarterly
12/20/2029
32,770
1,340
(411)
929
Republic
of
South
Africa
1.00
Quarterly
6/20/2030
9,300
450
(99)
351
Republic
of
South
Africa
1.00
Quarterly
6/20/2032
765
79
(17)
62
Republic
of
South
Africa
1.00
Quarterly
12/20/2032
220
28
(8)
20
Republic
of
South
Africa
1.00
Quarterly
6/20/2033
2,445
338
(90)
248
Republic
of
South
Africa
1.00
Quarterly
12/20/2033
2,235
323
(75)
248
Republic
of
Turkiye
(The)
1.00
Quarterly
6/20/2030
4,600
393
(27)
366
Republic
of
Turkiye
(The)
1.00
Quarterly
6/20/2034
10,380
1,659
85
1,744
Republic
of
Turkiye
(The)
1.00
Quarterly
6/20/2035
9,300
1,771
(57)
1,714
State
of
Qatar
1.00
Quarterly
6/20/2029
5,900
(111)
(51)
(162)
State
of
Qatar
1.00
Quarterly
6/20/2030
13,000
(332)
(60)
(392)
State
of
Qatar
1.00
Quarterly
12/20/2032
200
(3)
(3)
(6)
State
of
Qatar
1.00
Quarterly
6/20/2033
1,500
(26)
(21)
(47)
State
of
Qatar
1.00
Quarterly
12/20/2034
7,255
(183)
(40)
(223)
State
of
Qatar
1.00
Quarterly
6/20/2035
3,000
(92)
(—)
^
(92)
United
Mexican
States
1.00
Quarterly
12/20/2027
175
1
(3)
(2)
United
Mexican
States
1.00
Quarterly
6/20/2028
2,960
5
(33)
(28)
United
Mexican
States
1.00
Quarterly
12/20/2028
3,195
(14)
(9)
(23)
United
Mexican
States
1.00
Quarterly
6/20/2029
1,700
(4)
(5)
(9)
United
Mexican
States
1.00
Quarterly
6/20/2034
5,150
315
(52)
263
Total
buy
protection
5,889
(1,847)
4,042
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
Implied
Credit
Spread
(%)
Notional
Amount
***
($)
Upfront
Payments
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Federative
Republic
of
Brazil
1.00
Quarterly
6/20/2026
0.52
2,050
6
4
10
Federative
Republic
of
Brazil
1.00
Quarterly
12/20/2026
0.62
400
1
2
3
Republic
of
Colombia
1.00
Quarterly
6/20/2026
0.82
2,050
6
(2)
4
Republic
of
Colombia
1.00
Quarterly
12/20/2026
1.05
400
1
(1)
^
Republic
of
South
Africa
1.00
Quarterly
6/20/2026
0.52
3,200
3
12
15
Republic
of
Turkiye
(The)
1.00
Quarterly
6/20/2027
1.86
7,867
(116)
(8)
(124)
Romania
1.00
Quarterly
6/20/2026
0.79
3,150
(3)
10
7
Total
sell
protection
19,117
(102)
17
(85)
***
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
June
30,
2025,
such
maximum
potential
amount
for
all
open
credit
default
swaps
in
which
the
Fund
is
the
seller
is
equal
to
the
notional
amount.
30
Artisan
Partners
Funds
CENTRALLY
CLEARED
INTEREST
RATE
SWAPS
Notional
amounts
and
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
Floating
Rate
Index
(Frequency)
Fixed
Rate
(%)
(Frequency)
Fund
Pays/
Receives
Floating
Rate
Termination
Date
Notional
Amount
Upfront
Payments
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
6
month
PRIBOR
semi-annually
3.89
annually
Pay
1/14/2035
CZK
59,340
14
(1)
13
6
month
BUBOR
semi-annually
6.03
annually
Receive
2/20/2033
HUF
160,000
1
9
10
6
month
PRIBOR
semi-annually
3.90
annually
Pay
4/10/2034
CZK
13,000
(8)
13
5
4
week
TIIE
monthly
9.88
monthly
Pay
12/24/2025
MXN
172,100
83
83
6
month
PRIBOR
semi-annually
3.95
annually
Pay
12/1/2030
CZK
11,400
1
18
19
1
day
MIBOR
semi-annually
5.76
semi-annually
Pay
4/9/2030
INR
25,000
1
1
1
day
CDI
at
termination
14.44
at
termination
Pay
1/4/2027
BRL
177,700
58
111
169
1
day
MIBOR
semi-annually
6.07
semi-annually
Pay
1/30/2027
INR
683,000
(2)
69
67
1
day
MIBOR
semi-annually
6.29
semi-annually
Pay
11/4/2029
INR
198,600
20
36
56
1
day
TONAR
annually
0.92
annually
Receive
1/5/2033
JPY
858,800
(32)
72
40
1
day
MIBOR
semi-annually
6.19
semi-annually
Pay
5/26/2033
INR
45,100
13
13
Total
positive
value
52
424
476
6
month
BUBOR
semi-annually
7.07
annually
Receive
1/14/2035
HUF
1,721,000
(61)
(153)
(214)
6
month
BUBOR
semi-annually
6.46
annually
Receive
3/28/2034
HUF
48,000
(—)
^
^
6
month
BUBOR
semi-annually
6.65
annually
Receive
4/10/2034
HUF
41,000
(2)
(2)
6
month
BUBOR
semi-annually
7.25
annually
Receive
5/13/2032
HUF
38,300
(9)
3
(6)
6
month
BUBOR
semi-annually
8.16
annually
Receive
6/17/2032
HUF
174,000
8
(62)
(54)
1
day
THOR
quarterly
1.98
quarterly
Receive
2/3/2030
THB
50,600
(5)
(46)
(51)
1
day
THOR
quarterly
2.89
quarterly
Receive
6/17/2032
THB
2,750
(9)
(9)
1
day
THOR
quarterly
2.95
quarterly
Receive
10/2/2028
THB
23,260
(41)
(41)
1
day
THOR
quarterly
2.59
quarterly
Receive
9/1/2032
THB
7,450
(1)
(18)
(19)
1
day
THOR
quarterly
2.99
quarterly
Receive
9/26/2032
THB
5,300
(18)
(18)
1
day
TIIEOIS
monthly
8.96
monthly
Receive
12/24/2025
MXN
166,000
(4)
(47)
(51)
1
day
THOR
quarterly
2.83
quarterly
Receive
8/17/2033
THB
3,600
(12)
(12)
Total
negative
value
(72)
(405)
(477)
Total
(20)
19
(1)
31
Artisan
Partners
Funds
OTC
CREDIT
DEFAULT
SWAPS
-
BUY
PROTECTION
Notional
amounts
and
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
Reference
Entity
Financing
Rate
Paid
by
the
Fund
(%)
Frequency
of
Payments
Made/
Received
Counterparty
Termination
Date
Notional
Amount
($)
Upfront
Payments
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
China
Construction
Bank
Corp.
1.00
Quarterly
MS
6/20/2030
440
(11)
^
(11)
China
Construction
Bank
Corp/London
1.00
Quarterly
JPM
6/20/2029
550
(4)
(9)
(13)
China
Construction
Bank
Corp/London
1.00
Quarterly
MS
6/20/2029
780
(16)
(2)
(18)
Industrial
&
Commercial
Bank
of
China
Ltd.
1.00
Quarterly
JPM
6/20/2029
450
(3)
(7)
(10)
Industrial
&
Commercial
Bank
of
China
Ltd.
1.00
Quarterly
MS
6/20/2029
890
(17)
(3)
(20)
Industrial
&
Commercial
Bank
of
China
Ltd.
1.00
Quarterly
MS
6/20/2030
440
(12)
1
(11)
Total
(63)
(20)
(83)
OTC
INTEREST
RATE
SWAPS
Values
in
thousands
Floating
Rate
Index
(Frequency)
Fixed
Rate
(%)
(Frequency)
Fund
Pays/
Receives
Floating
Rate
Counterparty
Termination
Date
Notional
Amount
Upfront
Payments
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
3
month
KLIBOR
quarterly
3.78
quarterly
Receive
GS
3/14/2033
MYR
2,210
6
(22)
(16)
3
month
KLIBOR
quarterly
3.98
quarterly
Receive
GS
8/15/2033
MYR
1,550
1
(18)
(17)
3
month
KLIBOR
quarterly
3.76
quarterly
Receive
JPM
2/13/2035
MYR
350
(2)
(2)
3
month
KLIBOR
quarterly
3.76
quarterly
Receive
JPM
2/13/2035
MYR
3,400
(24)
(24)
3
month
KLIBOR
quarterly
3.60
quarterly
Receive
JPM
11/1/2029
MYR
9,700
(4)
(36)
(40)
0
0
Total
3
(102)
(99)
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
MS
(3.50)
9/23/2024
Open
*
(200)
(200)
Corporate
Bond
Up
to
25
Years
*
*
Reverse
repurchase
agreement
with
no
specific
maturity
date.
Either
party
may
terminate
the
agreement
upon
demand.
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
GLOBAL
VALUE
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
32
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
94.2%
BELGIUM
-
1.0%
Groupe
Bruxelles
Lambert
NV
327
$
27,808
FRANCE
-
6.3%
Danone
SA
1,384
113,054
Sodexo
SA
429
26,370
TotalEnergies
SE
616
37,811
177,235
GERMANY
-
6.4%
Daimler
Truck
Holding
AG
576
27,237
Heidelberg
Materials
AG
653
153,313
180,550
IRELAND
-
1.0%
Ryanair
Holdings
plc
990
28,016
NETHERLANDS
-
6.7%
Heineken
NV
597
52,089
Koninklijke
Philips
NV
3,577
85,995
Universal
Music
Group
NV
1,547
50,064
188,148
SOUTH
KOREA
-
3.5%
Samsung
Electronics
Co.
Ltd.
2,227
98,699
SWITZERLAND
-
5.0%
Cie
Financiere
Richemont
SA
351
66,045
UBS
Group
AG
2,191
74,147
140,192
UNITED
KINGDOM
-
9.6%
BAE
Systems
plc
1,582
40,954
Compass
Group
plc
2,884
97,645
Diageo
plc
1,221
30,645
Lloyds
Banking
Group
plc
53,699
56,535
Reckitt
Benckiser
Group
plc
621
42,265
268,044
UNITED
STATES
-
54.7%
Alphabet,
Inc.,
Class
A
690
121,652
American
Express
Co.
392
125,006
Aon
plc,
Class
A
97
34,738
Bank
of
New
York
Mellon
Corp.
(The)
1,337
121,858
Berkshire
Hathaway,
Inc.,
Class
B
*
209
101,511
Charles
Schwab
Corp.
(The)
1,522
138,875
Citigroup,
Inc.
979
83,328
Elevance
Health,
Inc.
311
121,147
Henry
Schein,
Inc.
*
522
38,154
IQVIA
Holdings,
Inc.
*
275
43,368
Lam
Research
Corp.
427
41,553
Marsh
&
McLennan
Cos.,
Inc.
291
63,620
Meta
Platforms,
Inc.,
Class
A
183
134,718
Novartis
AG
990
119,963
PayPal
Holdings,
Inc.
*
478
35,520
Progressive
Corp.
(The)
332
88,643
Shell
plc
2,655
93,051
Southwest
Airlines
Co.
899
29,158
1,535,863
Total
common
stocks
(
Cost
$1,535,044)
2,644,555
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
4.6%
2
INVESTMENT
COMPANY
-
4.6%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(1)
(Cost
$128,277)
128,277
$
128,277
Total
investments
-
98.8%
(Cost
$1,663,321)
2,772,832
Other
assets
less
liabilities
-
1.2%
33,779
Total
net
assets
-
100.0%
#
$
2,806,611
(1)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
306,434
11
.1
%
Consumer
Discretionary
190,060
6
.9
Consumer
Staples
238,053
8
.6
Energy
130,862
4
.7
Financials
951,589
34
.3
Health
Care
408,627
14
.7
Industrials
125,365
4
.5
Information
Technology
140,252
5
.1
Materials
153,313
5
.5
Short-Term
Investment
128,277
4
.6
Total
investments
$
2,772,832
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CHF
$
260,155
9
.4
%
EUR
601,757
21
.7
GBP
361,095
13
.0
KRW
98,699
3
.6
USD
1,451,126
52
.3
Total
investments
$
2,772,832
100
.0
%
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
CNH
657,547
USD
91,884
JPM
12/17/2025
1,168
Total
unrealized
appreciation
1,168
USD
91,555
CNH
657,547
JPM
12/17/2025
(
1,497
)
Total
unrealized
depreciation
(
1,497
)
Net
unrealized
depreciation
(
329
)
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
HIGH
INCOME
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
amount,
shares
and
values
in
thousands
and
reported
in
USD
unless
otherwise
stated
33
Artisan
Partners
Funds
Principal
Amount
Value
CORPORATE
BONDS
-
67.1%
BROADLINE
RETAIL
-
1
.6
%
Nordstrom,
Inc.
4.00%,
3/15/2027
14,636
$
14,317
4.25%,
8/1/2031
21,278
18,693
4.38%,
4/1/2030
56,341
51,951
5.00%,
1/15/2044
98,226
68,086
153,047
BUILDING
PRODUCTS
-
1
.2
%
JH
North
America
Holdings,
Inc.
5.88%,
1/31/2031
(1)
11,425
11,525
6.13%,
7/31/2032
(1)
11,425
11,614
Quikrete
Holdings,
Inc.
6.38%,
3/1/2032
(1)
58,446
60,101
6.75%,
3/1/2033
(1)
32,340
33,369
116,609
CAPITAL
MARKETS
-
0
.3
%
Jane
Street
Group
6.13%,
11/1/2032
(1)
15,593
15,742
6.75%,
5/1/2033
(1)
15,222
15,651
31,393
CHEMICALS
-
1
.6
%
Methanex
Corp.
5.13%,
10/15/2027
(2)
28,114
28,018
5.25%,
12/15/2029
(2)
91,452
90,344
5.65%,
12/1/2044
(2)
4,854
3,849
SK
Invictus
Intermediate
II
SARL
5.00%,
10/30/2029
(1)
35,487
34,365
156,576
COMMERCIAL
SERVICES
&
SUPPLIES
-
0
.3
%
Veritiv
Operating
Co.
10.50%,
11/30/2030
(1)
29,753
32,207
CONSTRUCTION
&
ENGINEERING
-
0
.3
%
Signature
Aviation
US
Holdings,
Inc.
4.00%,
3/1/2028
(1)
32,372
28,244
CONSUMER
FINANCE
-
0
.1
%
OneMain
Finance
Corp.
7.88%,
3/15/2030
8,312
8,832
CONTAINERS
&
PACKAGING
-
1
.8
%
Ardagh
Metal
Packaging
Finance
USA
LLC
3.00%,
9/1/2029
EUR
8,242
8,695
3.25%,
9/1/2028
(1)
41,534
39,251
4.00%,
9/1/2029
(1)
60,304
55,050
6.00%,
6/15/2027
(1)
6,023
6,042
Canpack
SA
3.88%,
11/15/2029
(1)(2)
3,536
3,315
Iris
Holding,
Inc.
10.00%,
12/15/2028
(1)
42,881
39,323
Toucan
FinCo.
Ltd.
9.50%,
5/15/2030
(1)(2)
30,485
31,162
182,838
DISTRIBUTORS
-
0
.8
%
American
Builders
&
Contractors
Supply
Co.,
Inc.
3.88%,
11/15/2029
(1)
4,150
3,926
Principal
Amount
Value
DISTRIBUTORS
(continued)
Gates
Corp.
6.88%,
7/1/2029
(1)
28,074
$
29,151
Windsor
Holdings
III
LLC
8.50%,
6/15/2030
(1)
43,264
46,363
79,440
DIVERSIFIED
CONSUMER
SERVICES
-
0
.4
%
Wand
NewCo
3,
Inc.
7.63%,
1/30/2032
(1)
32,851
34,524
DIVERSIFIED
REITS
-
0
.8
%
Global
Net
Lease,
Inc.
3.75%,
12/15/2027
(1)
53,117
50,728
4.50%,
9/30/2028
(1)
31,343
30,369
81,097
DIVERSIFIED
TELECOMMUNICATION
SERVICES
-
7
.5
%
Altice
France
SA
5.13%,
1/15/2029
(1)(2)
4,830
3,991
5.13%,
7/15/2029
(1)(2)
46,069
38,077
5.50%,
10/15/2029
(1)(2)
110,981
91,994
CCO
Holdings
LLC
4.25%,
2/1/2031
(1)
95,593
89,300
4.25%,
1/15/2034
(1)
24,208
21,550
4.50%,
8/15/2030
(1)
108,069
103,031
4.50%,
5/1/2032
94,019
87,555
4.75%,
3/1/2030
(1)
39,605
38,369
5.00%,
2/1/2028
(1)
18,210
18,042
5.13%,
5/1/2027
(1)
26,053
25,969
6.38%,
9/1/2029
(1)
19,741
20,137
Virgin
Media
Finance
plc
5.00%,
7/15/2030
(1)(2)
66,178
60,477
Virgin
Media
Secured
Finance
plc
4.50%,
8/15/2030
(1)(2)
31,888
29,637
5.50%,
5/15/2029
(1)(2)
27,393
26,943
Zayo
Group
Holdings,
Inc.
4.00%,
3/1/2027
(1)
30,647
28,740
6.13%,
3/1/2028
(1)
53,801
46,429
730,241
ELECTRICAL
EQUIPMENT
-
1
.1
%
Regal
Rexnord
Corp.
6.05%,
2/15/2026
1,768
1,778
6.05%,
4/15/2028
3,998
4,120
6.30%,
2/15/2030
52,835
55,346
6.40%,
4/15/2033
46,270
48,852
110,096
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
-
0
.1
%
Insight
Enterprises,
Inc.
6.63%,
5/15/2032
(1)
7,247
7,465
ENERGY
EQUIPMENT
&
SERVICES
-
0
.1
%
Tidewater,
Inc.
9.13%,
7/15/2030
(1)
6,099
6,275
FINANCIAL
SERVICES
-
1
.2
%
Block,
Inc.
3.50%,
6/1/2031
7,513
6,891
6.50%,
5/15/2032
49,364
50,930
Shift4
Payments
LLC
6.75%,
8/15/2032
(1)
28,641
29,746
34
Artisan
Partners
Funds
Principal
Amount
Value
FINANCIAL
SERVICES
(continued)
WEX,
Inc.
6.50%,
3/15/2033
(1)
31,235
$
31,513
119,080
FOOD
PRODUCTS
-
0
.2
%
Chobani
Holdco
II
LLC
8.75%
Cash,
or
9.50%
PIK,
10/1/2029
(1)
16,762
17,547
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
2
.7
%
Medline
Borrower
LP
3.88%,
4/1/2029
(1)
175,967
168,795
5.25%,
10/1/2029
(1)
59,998
59,530
6.25%,
4/1/2029
(1)
30,184
31,008
259,333
HEALTH
CARE
PROVIDERS
&
SERVICES
-
0
.0
%
^
Surgery
Center
Holdings,
Inc.
7.25%,
4/15/2032
(1)
1,945
1,982
HEALTH
CARE
TECHNOLOGY
-
0
.4
%
IQVIA,
Inc.
6.25%,
6/1/2032
(1)
34,220
35,117
HOTEL
&
RESORT
REITS
-
0
.6
%
RHP
Hotel
Properties
LP
6.50%,
6/15/2033
(1)
3,801
3,910
XHR
LP
4.88%,
6/1/2029
(1)
56,701
54,952
6.63%,
5/15/2030
(1)
5,449
5,552
64,414
HOTELS,
RESTAURANTS
&
LEISURE
-
13
.4
%
Allwyn
Entertainment
Financing
UK
plc
7.88%,
4/30/2029
(1)(2)
4,660
4,866
Carnival
Corp.
4.00%,
8/1/2028
(1)
13,445
13,159
5.75%,
3/1/2027
(1)
71,196
71,784
6.00%,
5/1/2029
(1)
147,473
149,013
6.13%,
2/15/2033
(1)
80,848
82,720
Churchill
Downs,
Inc.
4.75%,
1/15/2028
(1)
18,039
17,807
5.75%,
4/1/2030
(1)
8,334
8,361
Flutter
Treasury
DAC
5.88%,
6/4/2031
(1)(2)
30,874
31,106
6.38%,
4/29/2029
(1)(2)
16,286
16,775
Lindblad
Expeditions
Holdings,
Inc.
9.00%,
5/15/2028
(1)
21,875
22,836
Lindblad
Expeditions
LLC
6.75%,
2/15/2027
(1)
39,985
40,221
Merlin
Entertainments
Group
US
Holdings,
Inc.
7.38%,
2/15/2031
(1)(2)
39,437
35,241
MGM
Resorts
International
4.63%,
9/1/2026
4,758
4,752
4.75%,
10/15/2028
40,099
39,618
Motion
Bondco
DAC
6.63%,
11/15/2027
(1)(2)
42,716
40,333
NCL
Corp.
Ltd.
5.88%,
3/15/2026
(1)
8,377
8,387
5.88%,
2/15/2027
(1)
6,824
6,853
6.75%,
2/1/2032
(1)
44,884
45,855
7.75%,
2/15/2029
(1)
72,482
77,069
8.13%,
1/15/2029
(1)
16,983
17,903
NCL
Finance
Ltd.
6.13%,
3/15/2028
(1)
135,465
137,669
Royal
Caribbean
Cruises
Ltd.
4.25%,
7/1/2026
(1)
19,431
19,333
5.50%,
4/1/2028
(1)
49,465
50,080
Principal
Amount
Value
HOTELS,
RESTAURANTS
&
LEISURE
(continued)
Royal
Caribbean
Cruises
Ltd.
(continued)
6.00%,
2/1/2033
(1)
12,378
$
12,617
6.25%,
3/15/2032
(1)
13,336
13,708
SeaWorld
Parks
&
Entertainment,
Inc.
5.25%,
8/15/2029
(1)
43,790
42,800
Station
Casinos
LLC
4.63%,
12/1/2031
(1)
29,589
27,717
TKC
Holdings,
Inc.
6.88%,
5/15/2028
(1)
74,486
74,026
10.50%,
5/15/2029
(1)
106,346
109,274
Vail
Resorts,
Inc.
5.63%,
7/15/2030
(1)
15,343
15,400
6.50%,
5/15/2032
(1)
39,627
40,945
Voyager
Parent
LLC
9.25%,
7/1/2032
(1)
23,129
24,064
1,302,292
HOUSEHOLD
DURABLES
-
0
.2
%
Somnigroup
International,
Inc.
3.88%,
10/15/2031
(1)
19,694
17,905
INSURANCE
-
13
.0
%
Acrisure
LLC
4.25%,
2/15/2029
(1)
17,934
17,212
6.00%,
8/1/2029
(1)
99,159
96,401
7.50%,
11/6/2030
(1)
33,794
34,910
8.25%,
2/1/2029
(1)
42,456
43,936
8.50%,
6/15/2029
(1)
35,984
37,525
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/2027
(1)
11,678
11,463
5.88%,
11/1/2029
(1)
54,415
53,640
6.50%,
10/1/2031
(1)
54,287
55,297
6.75%,
10/15/2027
(1)
79,202
79,155
7.00%,
1/15/2031
(1)
16,488
17,055
7.38%,
10/1/2032
(1)
9,369
9,658
AmWINS
Group,
Inc.
4.88%,
6/30/2029
(1)
7,360
7,153
6.38%,
2/15/2029
(1)
11,301
11,518
Ardonagh
Finco
Ltd.
7.75%,
2/15/2031
(1)(2)
109,160
114,123
Ardonagh
Group
Finance
Ltd.
8.88%,
2/15/2032
(1)(2)
280,218
294,859
AssuredPartners,
Inc.
5.63%,
1/15/2029
(1)
1,469
1,465
Baldwin
Insurance
Group
Holdings
LLC
7.13%,
5/15/2031
(1)
61,130
63,550
BroadStreet
Partners,
Inc.
5.88%,
4/15/2029
(1)
65,204
64,438
HUB
International
Ltd.
7.25%,
6/15/2030
(1)
54,194
56,635
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/2030
(1)(2)
82,197
87,123
10.50%,
12/15/2030
(1)(2)
60,806
64,807
Ryan
Specialty
LLC
4.38%,
2/1/2030
(1)
3,884
3,757
5.88%,
8/1/2032
(1)
22,762
22,941
1,248,621
IT
SERVICES
-
1
.7
%
Arches
Buyer,
Inc.
4.25%,
6/1/2028
(1)
177,404
169,801
MACHINERY
-
1
.0
%
Calderys
Financing
II
LLC
11.75%
Cash,
or
12.50%
PIK,
6/1/2028
(1)
32,672
33,914
35
Artisan
Partners
Funds
Principal
Amount
Value
MACHINERY
(continued)
Calderys
Financing
LLC
11.25%,
6/1/2028
(1)(2)
38,672
$
40,997
Chart
Industries,
Inc.
7.50%,
1/1/2030
(1)
18,527
19,397
9.50%,
1/1/2031
(1)
12,093
12,908
107,216
MEDIA
-
3
.4
%
CSC
Holdings
LLC
3.38%,
2/15/2031
(1)
2,366
1,639
4.13%,
12/1/2030
(1)
3,919
2,765
4.50%,
11/15/2031
(1)
16,836
11,847
4.63%,
12/1/2030
(1)
103,809
48,277
5.38%,
2/1/2028
(1)
8,953
8,197
5.50%,
4/15/2027
(1)
12,343
11,785
6.50%,
2/1/2029
(1)
21,242
17,272
7.50%,
4/1/2028
(1)
57,856
42,946
11.25%,
5/15/2028
(1)
16,145
16,084
11.75%,
1/31/2029
(1)
11,465
10,905
DISH
Network
Corp.
11.75%,
11/15/2027
(1)
36,618
37,747
EchoStar
Corp.
6.75%
Cash,
or
6.75%
PIK,
11/30/2030
29,235
26,505
10.75%,
11/30/2029
43,414
44,716
Virgin
Media
Vendor
Financing
Notes
IV
DAC
5.00%,
7/15/2028
(1)(2)
22,722
22,245
Ziggo
Bond
Co.
BV
5.13%,
2/28/2030
(1)(2)
9,106
7,950
Ziggo
BV
4.88%,
1/15/2030
(1)(2)
24,246
22,646
333,526
METALS
&
MINING
-
0
.8
%
Commercial
Metals
Co.
3.88%,
2/15/2031
3,702
3,398
4.13%,
1/15/2030
12,069
11,543
Compass
Minerals
International,
Inc.
6.75%,
12/1/2027
(1)
28,080
28,314
8.00%,
7/1/2030
(1)
29,704
30,689
73,944
OIL,
GAS
&
CONSUMABLE
FUELS
-
1
.6
%
Magnolia
Oil
&
Gas
Operating
LLC
6.88%,
12/1/2032
(1)
7,783
7,838
MEG
Energy
Corp.
5.88%,
2/1/2029
(1)(2)
66,098
66,031
Strathcona
Resources
Ltd.
6.88%,
8/1/2026
(1)(2)
20,801
20,803
Venture
Global
Plaquemines
LNG
LLC
6.50%,
1/15/2034
(1)(3)
19,132
19,132
6.75%,
1/15/2036
(1)(3)
19,132
19,132
7.50%,
5/1/2033
(1)
15,220
16,298
7.75%,
5/1/2035
(1)
7,610
8,237
157,471
PASSENGER
AIRLINES
-
3
.4
%
VistaJet
Malta
Finance
plc
6.38%,
2/1/2030
(1)(2)(4)
271,893
254,894
7.88%,
5/1/2027
(1)(2)(4)
57,489
57,844
9.50%,
6/1/2028
(1)(2)(4)
19,631
20,177
332,915
PERSONAL
CARE
PRODUCTS
-
1
.0
%
BellRing
Brands,
Inc.
7.00%,
3/15/2030
(1)
77,724
80,938
Principal
Amount
Value
PERSONAL
CARE
PRODUCTS
(continued)
Prestige
Brands,
Inc.
3.75%,
4/1/2031
(1)
22,886
$
21,089
102,027
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0
.3
%
Anywhere
Real
Estate
Group
LLC
5.75%,
1/15/2029
(1)
36,031
31,507
SOFTWARE
-
0
.7
%
Castle
US
Holding
Corp.
10.00%,
6/30/2031
(1)
23,617
10,037
SS&C
Technologies,
Inc.
6.50%,
6/1/2032
(1)
5,871
6,095
UKG,
Inc.
6.88%,
2/1/2031
(1)
48,722
50,553
66,685
SPECIALIZED
REITS
-
0
.2
%
Iron
Mountain,
Inc.
5.00%,
7/15/2028
(1)
2,053
2,037
5.25%,
7/15/2030
(1)
16,752
16,523
18,560
SPECIALTY
RETAIL
-
1
.7
%
Asbury
Automotive
Group,
Inc.
4.63%,
11/15/2029
(1)
27,360
26,416
Bath
&
Body
Works,
Inc.
6.63%,
10/1/2030
(1)
9,413
9,702
6.75%,
7/1/2036
10,753
10,931
6.88%,
11/1/2035
26,806
27,801
Evergreen
Acqco
1
LP
9.75%,
4/26/2028
(1)
13,564
14,188
Gap,
Inc.
(The)
3.63%,
10/1/2029
(1)
38,970
36,194
3.88%,
10/1/2031
(1)
26,947
24,086
Specialty
Building
Products
Holdings
LLC
7.75%,
10/15/2029
(1)
24,258
23,840
173,158
TEXTILES,
APPAREL
&
LUXURY
GOODS
-
0
.2
%
S&S
Holdings
LLC
8.38%,
10/1/2031
(1)
23,096
22,571
TRADING
COMPANIES
&
DISTRIBUTORS
-
0
.2
%
United
Rentals
North
America,
Inc.
6.00%,
12/15/2029
(1)
14,900
15,260
WIRELESS
TELECOMMUNICATION
SERVICES
-
1
.2
%
Altice
France
Holding
SA
6.00%,
2/15/2028
(1)(2)
89,835
31,442
10.50%,
5/15/2027
(1)(2)(5)
25,971
9,025
Vmed
O2
UK
Financing
I
plc
4.25%,
1/31/2031
(1)(2)
42,712
39,129
7.75%,
4/15/2032
(1)(2)
32,524
33,797
113,393
Total
corporate
bonds
(
Cost
$6,539,779)
6,543,209
BANK
LOANS
-
24.8%
AUTOMOBILE
COMPONENTS
-
1
.9
%
RealTruck
Group,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.19%,
1/31/2028
(6)
67,589
60,238
(SOFR
+
5.00%),
9.44%,
1/31/2028
(6)
88,910
80,642
Wheel
Pros,
Inc.
First
Lien
Term
Loan
(SOFR
+
6.00%),
10.30%,
12/3/2029
(6)
47,916
46,798
187,678
36
Artisan
Partners
Funds
Principal
Amount
Value
BANKS
-
0
.2
%
Osttra
Group
Ltd.
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.32%,
5/21/2032
(2)(6)
21,214
$
21,278
CAPITAL
MARKETS
-
0
.5
%
CPI
Holdco
B
LLC
First
Lien
Term
Loan
(SOFR
+
2.25%),
6.58%,
5/19/2031
(6)
19,444
19,420
Jump
Financial
LLC
First
Lien
Term
Loan
B
(SOFR
+
4.25%),
8.55%,
2/26/2032
(6)
5,562
5,576
Summit
Acquisition,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.08%,
10/16/2031
(6)
15,456
15,437
40,433
CHEMICALS
-
0
.4
%
Formulations
Parent
Corp.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.21%,
4/9/2032
(6)
34,310
34,310
COMMERCIAL
SERVICES
-
0
.3
%
Digital
Room
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.25%),
9.68%,
12/21/2028
(6)
28,251
27,845
COMMUNICATIONS
EQUIPMENT
-
0
.8
%
Delta
Topco,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.07%,
11/30/2029
(6)
25,504
25,308
Delta
Topco,
Inc.
Second
Lien
Term
Loan
(SOFR
+
5.25%),
9.57%,
12/24/2030
(6)
52,698
52,780
78,088
CONTAINERS
&
PACKAGING
-
1
.9
%
Iris
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.13%,
6/28/2028
(6)
195,079
189,449
DISTRIBUTORS
-
0
.4
%
Verde
Purchaser
LLC
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.30%,
11/30/2030
(6)
39,366
39,474
DIVERSIFIED
CONSUMER
SERVICES
-
0
.5
%
Wand
NewCo
3,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.50%),
6.83%,
1/30/2031
(6)
49,573
49,320
FOOD
PRODUCTS
-
1
.3
%
1440
Foods
Topco
LLC
First
Lien
Term
Loan
(SOFR
+
5.00%),
9.33%,
11/5/2031
(6)
136,520
131,017
FOOD
SERVICE
-
0
.9
%
TKC
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.00%),
9.32%,
5/15/2028
(6)
70,550
70,492
TKC
Midco
1
LLC
First
Lien
Term
Loan
12.00%
Cash,
or
13.50%
PIK,
2/16/2027
24,642
22,979
93,471
GROUND
TRANSPORTATION
-
0
.2
%
Vortex
Opco
LLC
First
Lien
Term
Loan
(SOFR
+
6.25%),
10.55%,
4/30/2030
(6)
15,607
15,583
HEALTH
CARE
PROVIDERS
&
SERVICES
-
0
.2
%
Surgery
Center
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
2.75%),
7.08%,
12/19/2030
(6)
23,440
23,506
HOTEL
&
RESORT
REITS
-
0
.2
%
OEG
Borrower
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.81%,
6/30/2031
(6)
18,923
18,805
HOTELS,
RESTAURANTS
&
LEISURE
-
0
.5
%
BCPE
Grill
Parent,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.05%,
9/30/2030
(6)
46,046
44,698
INSURANCE
-
2
.5
%
Acrisure
LLC
First
Lien
Term
Loan
B
(SOFR
+
3.25%),
7.57%,
6/21/2032
(6)
5,356
5,349
Alera
Group,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.58%,
5/31/2032
(6)
75,901
76,110
Principal
Amount
Value
INSURANCE
(continued)
Alera
Group,
Inc.
Second
Lien
Term
Loan
(SOFR
+
5.50%),
9.83%,
5/30/2033
(6)
52,963
$
53,934
Alliant
Holdings
Intermediate
LLC
First
Lien
Term
Loan
(SOFR
+
2.75%),
7.07%,
9/19/2031
(6)
19,086
19,088
Ardonagh
Group
Finco
Pty.
Ltd.
First
Lien
Term
Loan
B
(SOFR
+
2.75%),
7.04%,
2/18/2031
(2)(6)
11,690
11,588
Goosehead
Insurance
Holdings
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.81%,
1/8/2032
(6)
9,493
9,517
OneDigital
Borrower
LLC
Second
Lien
Term
Loan
(SOFR
+
5.25%),
9.58%,
7/2/2032
(6)
17,961
17,939
Truist
Insurance
Holdings
LLC
Second
Lien
Term
Loan
(SOFR
+
4.75%),
9.05%,
5/6/2032
(6)
25,439
25,709
219,234
INVESTMENT
COMPANIES
-
1
.2
%
Nexus
Buyer
LLC
First
Lien
Term
Loan
(SOFR
+
3.50%),
7.83%,
7/31/2031
(6)
61,595
61,763
Nexus
Buyer
LLC
Second
Lien
Term
Loan
(SOFR
+
6.25%),
10.68%,
11/1/2029
(6)
62,871
62,310
124,073
IT
SERVICES
-
4
.1
%
Arches
Buyer,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.68%,
12/6/2027
(6)
51,934
51,240
X
Corp.
First
Lien
Term
Loan
B1
(SOFR
+
6.50%),
10.95%,
10/26/2029
(6)
74,510
72,717
X
Corp.
First
Lien
Term
Loan
B3
9.50%,
10/26/2029
285,371
277,286
401,243
LEISURE
PRODUCTS
-
2
.5
%
Bulldog
Purchaser,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.06%,
6/30/2031
(6)
12,183
12,198
Bulldog
Purchaser,
Inc.
Second
Lien
Term
Loan
(SOFR
+
6.75%),
11.05%,
6/28/2032
(6)
9,545
9,450
GSM
Holdings,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.00%),
9.30%,
9/29/2031
(6)
190,172
183,516
MajorDrive
Holdings
IV
LLC
First
Lien
Term
Loan
(SOFR
+
5.50%),
9.95%,
6/1/2028
(6)
40,993
40,139
(SOFR
+
5.50%),
9.95%,
6/1/2029
(6)
2,496
2,452
247,755
PASSENGER
AIRLINES
-
0
.8
%
Vista
Management
Holding,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.05%,
4/1/2031
(6)
77,077
77,206
RETAIL
-
CONSUMER
STAPLES
-
0
.0
%
^
Arthur
US
Finco,
Inc.
First
Lien
Term
Loan
(SOFR
+
5.25%),
9.55%,
12/14/2029
(6)
8
7
SOFTWARE
-
3
.1
%
Applied
Systems,
Inc.
First
Lien
Term
Loan
B
(SOFR
+
2.50%),
6.80%,
2/24/2031
(6)
44,186
44,351
Applied
Systems,
Inc.
Second
Lien
Term
Loan
(SOFR
+
4.50%),
8.80%,
2/23/2032
(6)
19,044
19,487
Castle
US
Holding
Corp.
First
Lien
Term
Loan
10.33%
Cash
and
1.00%
PIK,
4/29/2030
4,200
4,200
Castle
US
Holding
Corp.
First
Lien
Term
Loan
B1
(SOFR
+
4.25%),
8.84%,
5/31/2030
(6)
4,350
2,354
Constant
Contact,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.52%,
2/10/2028
(6)
11,822
11,290
Constant
Contact,
Inc.
Second
Lien
Term
Loan
(SOFR
+
7.50%),
12.02%,
2/12/2029
(6)
28,018
23,850
Ellucian
Holdings,
Inc.
Second
Lien
Term
Loan
(SOFR
+
4.75%),
9.08%,
11/15/2032
(6)
7,727
7,882
Orchid
Merger
Sub
II
LLC
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.23%,
7/27/2027
(6)
20,977
10,401
37
Artisan
Partners
Funds
Security
Country
Trading
Currency
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,
7.04%,
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,
5.88%,
6/4/2031
Ireland
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
Osttra
Group
Ltd.
First
Lien
Term
Loan,
7.32%,
5/21/2032
United
Kingdom
USD
Strathcona
Resources
Ltd.,
6.88%,
8/1/2026
Canada
USD
Toucan
FinCo.
Ltd.,
9.50%,
5/15/2030
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
Principal
Amount
Value
SOFTWARE
(continued)
Renaissance
Holdings
Corp.
First
Lien
Term
Loan
(SOFR
+
4.00%),
8.28%,
4/5/2030
(6)
60,893
$
55,155
Reorg
Mobileum
Acquisitionco
LLC
First
Lien
Term
Loan
A
5.31%
Cash,
or
5.00%
PIK,
9/11/2029
8,010
7,319
Rithum
Holdings,
Inc.
Second
Lien
Term
Loan
(SOFR
+
7.00%),
11.41%,
12/29/2028
(6)
10,610
10,186
UKG,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.00%),
7.31%,
2/10/2031
(6)
104,685
105,053
301,528
SPECIALTY
RETAIL
-
0
.0
%
^
Specialty
Building
Products
Holdings
LLC
First
Lien
Term
Loan
(SOFR
+
3.75%),
8.18%,
10/16/2028
(6)
3,060
2,916
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
-
0
.2
%
Ivanti
Software,
Inc.
First
Lien
Term
Loan
(SOFR
+
4.75%),
9.02%,
6/1/2029
(6)
19,146
15,879
(SOFR
+
5.75%),
10.02%,
6/1/2029
(6)
4,553
4,682
Ivanti
Software,
Inc.
Second
Lien
Term
Loan
(SOFR
+
7.25%),
11.79%,
12/1/2028
(6)
6,435
3,593
24,154
TRADING
COMPANIES
&
DISTRIBUTORS
-
0
.0
%
^
Foundation
Building
Materials,
Inc.
First
Lien
Term
Loan
(SOFR
+
3.25%),
7.69%,
1/31/2028
(6)
1,525
1,504
TRANSPORTATION
-
0
.2
%
SIRVA
Worldwide,
Inc.
Delayed
Draw
First
Lien
Term
Loan
(SOFR
+
8.00%),
12.33%,
2/20/2029
(6)
1,712
1,652
SIRVA
Worldwide,
Inc.
First
Lien
Term
Loan
(SOFR
+
8.00%),
12.32%,
8/20/2029
(6)
25,212
9,833
(SOFR
+
8.00%),
12.36%,
2/20/2029
(6)
7,624
7,356
18,841
Total
bank
loans
(
Cost
$2,454,998)
2,413,416
Shares
Held
COMMON
STOCKS
-
0.5%
MACHINERY
-
0.1%
Utex
Equity
(5)
364
10,494
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.4%
MP
Topco
Holdings
LLC
*
2,032
38,807
SOFTWARE
-
0.0%
^
Matrix
Exit
Equity
*
355
3,549
TRANSPORTATION
-
0.0%
^
SIRVA
Worldwide,
Inc.
*
47
47
Total
common
stocks
(
Cost
$37,051)
52,897
PREFERRED
STOCK
-
0.0%
^
TRANSPORTATION
-
0.0%
^
SIRVA
Worldwide,
Inc.
(Cost
$1,216)
*
11
1,902
No.
of
Warrants
WARRANT
-
0.0%
FINANCIAL
SERVICES
-
0.0%
Carnelian
Point
Holdings
LP,
expiring
6/30/2027,
strike
price
$10
(Cost
$—)
(3)(5)(7)
*
71
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
8.5%
INVESTMENT
COMPANY
-
8.5%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(8)(9)
(Cost
$825,432)
825,432
$
825,432
Total
investments
-
100.9%
(Cost
$9,858,476)
9,836,856
Other
assets
less
liabilities
-
(0.9%)
(84,163)
Total
net
assets
-
100.0%
#
$
9,752,693
(1)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933.
May
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(2)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(3)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$38,264,
or
0.4%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(4)
All
or
a
portion
of
security
is
on
loan
at
June
30,
2025.
(5)
Defaulted
securities
and/or
issuers.
(6)
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
June
30,
2025.
(7)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(8)
Security
is
partially
used
as
collateral
for
securities
lending.
At
June
30,
2025,
the
Fund
had
loaned
securities
with
a
total
value
of
$46,289.
This
was
collateralized
by
cash
of
$47,591
which
was
subsequently
invested
in
an
investment
company.
(9)
Represents
the
current
yield
as
of
June
30,
2025.
38
Artisan
Partners
Funds
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
June
30,
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
$
976
$
960
$
(
16
)
$
$
$
$
976
$
960
$
(
16
)
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
1,177,160
12
.0
%
Consumer
Discretionary
2,354,778
23
.8
Consumer
Staples
344,069
3
.5
Energy
163,745
1
.7
Financials
1,812,943
18
.4
Health
Care
319,938
3
.3
Industrials
895,971
9
.1
Information
Technology
1,052,513
10
.7
Materials
637,117
6
.5
Real
Estate
253,190
2
.6
Short-Term
Investment
825,432
8
.4
Total
investments
$
9,836,856
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
EUR
$
8,695
0
.1
%
USD
9,828,161
99
.9
Total
investments
$
9,836,856
100
.0
%
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
EUR
401
USD
441
JPM
7/7/2025
31
Total
unrealized
appreciation
31
USD
7,844
EUR
7,140
JPM
7/7/2025
(
568
)
Total
unrealized
depreciation
(
568
)
Net
unrealized
depreciation
(
537
)
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
INTERNATIONAL
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
39
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
97.2%
BELGIUM
-
2
.0
%
Anheuser-Busch
InBev
SA/NV,
ADR
(1)
179
$
12,316
Anheuser-Busch
InBev
SA/NV
394
27,001
UCB
SA
374
73,578
112,895
BRAZIL
-
1
.3
%
MercadoLibre,
Inc.
*
29
75,583
CANADA
-
0
.2
%
Enbridge,
Inc.
262
11,894
CHINA
-
3
.6
%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
621
21,863
Tencent
Holdings
Ltd.,
ADR
1,254
80,897
Tencent
Holdings
Ltd.
1,277
81,826
Tencent
Music
Entertainment
Group,
ADR
954
18,585
Tencent
Music
Entertainment
Group,
Class
A
455
4,393
207,564
DENMARK
-
4
.0
%
Danske
Bank
A/S
3,162
128,961
NKT
A/S
*
501
40,556
Novonesis
(Novozymes)
B,
Class
B
868
62,249
231,766
FRANCE
-
14
.0
%
Accor
SA
1,082
56,513
Air
Liquide
SA
726
149,678
Airbus
SE
305
63,698
AXA
SA
2,348
115,240
BNP
Paribas
SA
1,530
137,528
Cie
de
Saint-Gobain
SA
606
71,076
Danone
SA
700
57,185
Safran
SA
378
122,859
SPIE
SA
613
34,438
808,215
GERMANY
-
10
.9
%
Allianz
SE
290
117,668
Deutsche
Boerse
AG
393
128,344
Deutsche
Telekom
AG
2,462
89,812
MTU
Aero
Engines
AG
118
52,610
RWE
AG
1,547
64,546
Symrise
AG,
Class
A
400
42,043
Vonovia
SE
(1)
3,772
132,884
627,907
GREECE
-
1
.1
%
Piraeus
Financial
Holdings
SA
9,113
63,142
HONG
KONG
-
3
.2
%
AIA
Group
Ltd.
12,424
111,423
Prudential
plc
5,848
73,252
184,675
IRELAND
-
1
.4
%
Ryanair
Holdings
plc
2,915
82,477
ITALY
-
2
.8
%
BFF
Bank
SpA
(2)
*
6,096
66,822
Enel
SpA
1,530
14,517
Mediobanca
Banca
di
Credito
Finanziario
SpA
1,957
45,504
Wizz
Air
Holdings
plc
(1)(2)
*
2,303
34,463
161,306
Shares
Held
Value
JAPAN
-
4
.5
%
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
1,934
$
31,230
Mitsubishi
Heavy
Industries
Ltd.
5,110
128,110
Nippon
Sanso
Holdings
Corp.
1,558
59,112
Tokyo
Gas
Co.
Ltd.
1,211
40,300
258,752
MEXICO
-
0
.8
%
Wal-Mart
de
Mexico
SAB
de
CV
13,136
43,460
NETHERLANDS
-
0
.6
%
Argenx
SE,
ADR
*
31
16,955
Argenx
SE
*
30
16,864
33,819
PORTUGAL
-
0
.3
%
Jeronimo
Martins
SGPS
SA
558
14,108
RUSSIA
-
0
.0
%
Sberbank
of
Russia
PJSC
(3)(4)(5)
38,445
SINGAPORE
-
0
.0
%
^
Singapore
Technologies
Engineering
Ltd.
411
2,517
SOUTH
KOREA
-
10
.3
%
Hanwha
Aerospace
Co.
Ltd.
283
177,721
Hyundai
Rotem
Co.
Ltd.
306
44,614
LIG
Nex1
Co.
Ltd.
774
309,665
LS
Electric
Co.
Ltd.
288
63,761
595,761
SPAIN
-
1
.0
%
Aena
SME
SA
(2)
2,082
55,570
SWITZERLAND
-
7
.0
%
Galderma
Group
AG
60
8,760
Medacta
Group
SA
(2)
300
50,811
SGS
SA
(1)
851
86,321
UBS
Group
AG
7,678
259,833
405,725
TAIWAN
-
1
.4
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
2,209
80,157
UNITED
KINGDOM
-
21
.4
%
3i
Group
plc
1,051
59,434
Babcock
International
Group
plc
7,244
114,153
British
American
Tobacco
plc
3,372
160,301
Flutter
Entertainment
plc
(LSE)
*
37
10,552
HSBC
Holdings
plc
3,752
45,383
London
Stock
Exchange
Group
plc
410
59,839
Melrose
Industries
plc
24,610
179,306
National
Grid
plc
18,012
262,443
RELX
plc
2,085
112,671
SSE
plc
4,569
114,825
Tesco
plc
13,796
75,996
Unilever
plc
639
38,808
1,233,711
UNITED
STATES
-
5
.4
%
Amazon.com,
Inc.
*
342
75,140
Aon
plc,
Class
A
401
142,962
Swiss
Re
AG
543
93,871
311,973
Total
common
stocks
(
Cost
$4,204,020)
5,602,977
40
Artisan
Partners
Funds
Security
Acquisition
Date
Cost
Value
Percentage
of
Total
Net
Assets
Sberbank
of
Russia
PJSC
9/16/2021
-
2/11/2022
$
159,810
$
0.0%
No.
of
Rights
Value
RIGHT
-
0.0%
^
South
Korea
-
0.0%
^
Hanwha
Aerospace
Co.
Ltd.,
expiring
7/2/2025,
strike
price
KRW
684,000
(Cost
$—)
(3)
*
20
$
2,422
Shares
Held
SHORT-TERM
INVESTMENT
-
1.6%
2
INVESTMENT
COMPANY
-
1.6%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(6)(7)
(Cost
$90,857)
90,857
90,857
Total
investments
-
98.8%
(Cost
$4,294,877)
5,696,256
Other
assets
less
liabilities
-
1.2%
68,510
Total
net
assets
-
100.0%
#
$
5,764,766
(1)
All
or
a
portion
of
security
is
on
loan
at
June
30,
2025.
(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
June
30,
2025,
the
value
of
these
securities
was
$207,666
or
3.6%
of
net
assets.  
(3)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$2,422,
or
0.0%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(4)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(5)
Security
is
restricted.
(6)
Security
is
partially
used
as
collateral
for
securities
lending.
At
June
30,
2025,
the
Fund
had
loaned
securities
with
a
total
value
of
$52,132.
This
was
collateralized
by
cash
of
$54,761
which
was
subsequently
invested
in
an
investment
company.
(7)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
275,513
4
.9
%
Consumer
Discretionary
217,788
3
.8
Consumer
Staples
460,405
8
.1
Energy
11,894
0
.2
Financials
1,649,206
29
.0
Health
Care
166,968
2
.9
Industrials
1,800,871
31
.6
Information
Technology
80,157
1
.4
Materials
313,082
5
.5
Real
Estate
132,884
2
.3
Utilities
496,631
8
.7
Short-Term
Investment
90,857
1
.6
Total
investments
$
5,696,256
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CAD
$
11,894
0
.2
%
CHF
499,596
8
.8
CNY
21,863
0
.4
DKK
231,766
4
.1
EUR
1,895,705
33
.3
GBP
1,296,043
22
.7
HKD
243,025
4
.3
JPY
258,752
4
.5
KRW
598,183
10
.5
MXN
43,460
0
.8
RUB
0
.0
SGD
2,517
0
.0
TWD
80,157
1
.4
USD
513,295
9
.0
Total
investments
$
5,696,256
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
INTERNATIONAL
EXPLORER
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
41
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
83.2%
AUSTRALIA
-
3
.1
%
Steadfast
Group
Ltd.
2,686
$
10,625
BRAZIL
-
1
.1
%
Pluxee
NV
175
3,801
CANADA
-
2
.1
%
Knight
Therapeutics,
Inc.
*
1,025
4,387
Real
Matters,
Inc.
*
675
2,754
7,141
FRANCE
-
5
.1
%
Alten
SA
195
17,065
INDIA
-
1
.1
%
Care
Ratings
Ltd.
172
3,577
INDONESIA
-
1
.2
%
Mitra
Adiperkasa
Tbk.
PT
57,227
4,159
IRELAND
-
9
.6
%
Glenveagh
Properties
plc
(1)
*
15,946
32,233
Permanent
TSB
Group
Holdings
plc
*
12
29
32,262
ITALY
-
1
.3
%
Sesa
SpA
44
4,435
JAPAN
-
14
.6
%
Kansai
Paint
Co.
Ltd.
814
11,172
Lion
Corp.
542
5,604
Sato
Corp.
609
8,726
Zuken,
Inc.
642
23,894
49,396
NORWAY
-
1
.0
%
Spir
Group
ASA
*
3,782
3,407
SOUTH
AFRICA
-
1
.1
%
Famous
Brands
Ltd.
1,089
3,856
SOUTH
KOREA
-
2
.4
%
Vitzrocell
Co.
Ltd.
380
7,961
SWITZERLAND
-
4
.9
%
Medmix
AG
(1)
394
5,998
u-blox
Holding
AG
*
84
10,562
16,560
UNITED
KINGDOM
-
24
.7
%
Allfunds
Group
plc
739
5,660
Elementis
plc
4,993
10,965
Essentra
plc
4,611
6,772
FD
Technologies
plc
*
61
2,047
FDM
Group
Holdings
plc
2,918
8,550
IDOX
plc
2,183
1,978
IQE
plc
*
32,123
4,542
Kingfisher
plc
2,186
8,724
LSL
Property
Services
plc
553
2,406
Luxfer
Holdings
plc
597
7,275
M&C
Saatchi
plc
5,151
13,682
Pets
at
Home
Group
plc
497
1,787
Sabre
Insurance
Group
plc
(1)
4,466
9,060
83,448
UNITED
STATES
-
7
.3
%
Impro
Precision
Industries
Ltd.
(1)
22,578
8,485
Shares
Held
Value
UNITED
STATES
(continued)
Signify
NV
(1)
593
$
16,051
24,536
VIRGIN
ISLANDS,
BRITISH
-
2
.6
%
AdvancedAdvT
Ltd.
*
3,813
8,637
Total
common
stocks
(
Cost
$248,196)
280,866
Principal
Amount
CORPORATE
BOND
-
1.2%
UNITED
KINGDOM
-
1.2%
IQE
plc
Zero
Coupon,
3/13/2026
(Cost
$3,819)
(2)(3)(4)
GBP
3,292
4,130
Shares
Held
SHORT-TERM
INVESTMENT
-
14.0%
2
INVESTMENT
COMPANY
-
14.0%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(5)
(Cost
$47,159)
47,159
47,159
Total
investments
-
98.4%
(Cost
$299,174)
332,155
Other
assets
less
liabilities
-
1.6%
5,259
Total
net
assets
-
100.0%
#
$
337,414
(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
June
30,
2025,
the
value
of
these
securities
was
$71,827
or
21.3%
of
net
assets.  
(2)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(3)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$4,130,
or
1.2%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(4)
Debt
security
that
pays
no
cash
income
but
is
sold
at
a
discount
from
its
value
at
maturity.
(5)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
13,682
4
.1
%
Consumer
Discretionary
50,759
15
.3
Consumer
Staples
5,604
1
.7
Financials
32,752
9
.9
Health
Care
10,385
3
.1
Industrials
48,498
14
.6
Information
Technology
89,247
26
.9
Materials
28,909
8
.7
Real
Estate
5,160
1
.5
Short-Term
Investment
47,159
14
.2
Total
investments
$
332,155
100
.0
%
42
Artisan
Partners
Funds
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
AUD
$
10,625
3
.2
%
CAD
7,141
2
.1
CHF
16,560
5
.0
EUR
79,274
23
.9
GBP
83,280
25
.1
HKD
8,485
2
.5
IDR
4,159
1
.2
INR
3,577
1
.1
JPY
49,396
14
.9
KRW
7,961
2
.4
NOK
3,407
1
.0
USD
54,434
16
.4
ZAR
3,856
1
.2
Total
investments
$
332,155
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
INTERNATIONAL
SMALL-MID
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
43
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
97.4%
BELGIUM
-
0
.8
%
Azelis
Group
NV
1,939
$
30,911
BRAZIL
-
1
.9
%
B3
SA
-
Brasil
Bolsa
Balcao
7,094
18,984
Hapvida
Participacoes
e
Investimentos
SA
(1)
*
2,011
13,617
Rumo
SA
4,669
15,942
Vibra
Energia
SA
5,972
23,897
72,440
CANADA
-
5
.0
%
Altus
Group
Ltd.
649
25,108
CAE,
Inc.
*
2,360
69,178
Kinaxis,
Inc.
*
500
74,295
Lightspeed
Commerce,
Inc.
*
2,379
27,918
196,499
CHINA
-
1
.1
%
BeOne
Medicines
Ltd.,
ADR
*
179
43,354
DENMARK
-
5
.4
%
ALK-Abello
A/S,
Class
B
*
833
24,584
Ambu
A/S,
Class
B
4,978
78,116
DSV
A/S
103
24,677
FLSmidth
&
Co.
A/S
696
42,547
Genmab
A/S
*
204
42,346
212,270
FINLAND
-
4
.3
%
Fortum
OYJ
1,213
22,698
Huhtamaki
OYJ
969
34,578
Metso
Oyj
8,443
109,201
166,477
FRANCE
-
1
.0
%
Lectra
1,028
28,935
Robertet
SA
10
8,963
37,898
GERMANY
-
4
.2
%
AIXTRON
SE
1,157
21,239
Brenntag
SE
359
23,797
Fresenius
Medical
Care
AG
696
39,899
FUCHS
SE
(Preference)
187
10,312
GEA
Group
AG
198
13,868
Hannover
Rueck
SE
85
26,699
Hensoldt
AG
243
27,870
163,684
ICELAND
-
0
.4
%
Embla
Medical
HF
*
3,248
17,177
INDIA
-
0
.2
%
PB
Fintech
Ltd.
*
416
8,852
IRELAND
-
1
.7
%
AerCap
Holdings
NV
265
31,030
COSMO
Pharmaceuticals
NV
116
8,319
Glanbia
plc
1,751
25,787
65,136
ISRAEL
-
6
.3
%
Kornit
Digital
Ltd.
*
1,848
36,791
Nice
Ltd.,
ADR
*
660
111,402
Radware
Ltd.
*
1,802
53,037
Rami
Levy
Chain
Stores
Hashikma
Marketing
2006
Ltd.
141
13,584
Shares
Held
Value
ISRAEL
(continued)
Tel
Aviv
Stock
Exchange
Ltd.
1,508
$
29,152
243,966
ITALY
-
1
.2
%
Davide
Campari-Milano
NV
2,058
13,846
Ermenegildo
Zegna
NV
1,392
11,901
Fincantieri
SpA
*
1,025
19,748
45,495
JAPAN
-
17
.8
%
Ariake
Japan
Co.
Ltd.
1,272
58,484
Azbil
Corp.
7,617
72,461
baudroie,
Inc.
*
58
1,268
CKD
Corp.
1,940
35,472
Daikokutenbussan
Co.
Ltd.
398
19,401
Daiseki
Co.
Ltd.
648
15,689
DMG
Mori
Co.
Ltd.
761
17,548
GMO
Financial
Gate,
Inc.
207
7,772
GMO
Payment
Gateway,
Inc.
748
48,526
Hamamatsu
Photonics
KK
126
1,539
Harmonic
Drive
Systems,
Inc.
1,267
24,640
Japan
Elevator
Service
Holdings
Co.
Ltd.
1,684
48,603
MatsukiyoCocokara
&
Co.
2,138
44,049
Menicon
Co.
Ltd.
985
7,651
Money
Forward,
Inc.
*
1,171
39,886
MonotaRO
Co.
Ltd.
388
7,663
Morinaga
Milk
Industry
Co.
Ltd.
1,429
32,114
NOF
Corp.
2,361
45,339
Otsuka
Corp.
71
1,438
Rohm
Co.
Ltd.
2,039
26,015
Rohto
Pharmaceutical
Co.
Ltd.
1,550
22,011
Sawai
Group
Holdings
Co.
Ltd.
1,966
25,025
SCSK
Corp.
777
23,447
SG
Holdings
Co.
Ltd.
1,881
20,982
Suntory
Beverage
&
Food
Ltd.
866
27,720
Toyo
Suisan
Kaisha
Ltd.
250
16,634
691,377
MEXICO
-
1
.0
%
Corp.
Inmobiliaria
Vesta
SAB
de
CV
6,293
17,316
Qualitas
Controladora
SAB
de
CV
2,114
21,734
39,050
NETHERLANDS
-
0
.6
%
IMCD
NV
179
24,001
NORWAY
-
0
.3
%
Nordic
Semiconductor
ASA
*
851
11,461
SOUTH
KOREA
-
0
.1
%
Hanmi
Pharm
Co.
Ltd.
14
2,920
SWEDEN
-
2
.3
%
Beijer
Ref
AB,
Class
B
1,447
22,837
Surgical
Science
Sweden
AB
*
252
4,082
Swedish
Orphan
Biovitrum
AB
*
2,070
63,064
89,983
SWITZERLAND
-
2
.3
%
Baloise
Holding
AG
87
20,488
dormakaba
Holding
AG
33
30,170
Inficon
Holding
AG
98
13,160
Landis+Gyr
Group
AG
*
156
10,944
44
Artisan
Partners
Funds
Shares
Held
Value
SWITZERLAND
(continued)
On
Holding
AG,
Class
A
*
251
$
13,086
87,848
THAILAND
-
1
.7
%
Fabrinet
*
225
66,305
UNITED
KINGDOM
-
24
.6
%
Admiral
Group
plc
374
16,795
Aviva
plc
5,746
48,835
Balfour
Beatty
plc
6,430
46,073
Burberry
Group
plc
*
927
15,036
Cerillion
plc
386
8,235
Chemring
Group
plc
6,593
51,129
ConvaTec
Group
plc
(1)
35,894
142,096
Games
Workshop
Group
plc
118
26,228
Howden
Joinery
Group
plc
2,347
27,575
JD
Sports
Fashion
plc
9,559
11,643
JET2
plc
4,177
105,794
LondonMetric
Property
plc,
REIT
3,700
10,310
Melrose
Industries
plc
3,560
25,939
Pearson
plc
1,842
27,086
Rotork
plc
15,020
66,225
Smiths
Group
plc
2,119
65,330
St.
James's
Place
plc
3,764
61,177
Subsea
7
SA
915
17,178
Taylor
Wimpey
plc
17,640
28,754
Trainline
plc
(1)
*
7,501
28,685
Weir
Group
plc
(The)
1,243
42,501
WH
Smith
plc
1,300
19,445
WNS
Holdings
Ltd.
*
1,061
67,116
959,185
UNITED
STATES
-
13
.2
%
Agilysys,
Inc.
*
418
47,958
Agios
Pharmaceuticals,
Inc.
*
261
8,671
Alcon
AG
463
40,979
Alkermes
plc
*
1,026
29,352
Avidity
Biosciences,
Inc.
*
588
16,694
Bicara
Therapeutics,
Inc.
*
270
2,509
Bridgebio
Pharma,
Inc.
*
211
9,115
Calix,
Inc.
*
800
42,562
Celcuity,
Inc.
*
274
3,653
CyberArk
Software
Ltd.
*
44
17,803
Edgewise
Therapeutics,
Inc.
*
914
11,985
Five9,
Inc.
*
644
17,052
Glaukos
Corp.
*
191
19,770
Inspire
Medical
Systems,
Inc.
*
96
12,476
Insulet
Corp.
*
128
40,194
Ionis
Pharmaceuticals,
Inc.
*
237
9,354
Legend
Biotech
Corp.,
ADR
*
1,409
50,023
LivaNova
plc
*
828
37,299
Madrigal
Pharmaceuticals,
Inc.
*
87
26,401
Nurix
Therapeutics,
Inc.
*
391
4,451
Ocular
Therapeutix,
Inc.
*
720
6,678
Replimune
Group,
Inc.
*
352
3,273
RxSight,
Inc.
*
1,500
19,500
SolarEdge
Technologies,
Inc.
*
493
10,058
Tarsus
Pharmaceuticals,
Inc.
*
358
14,517
ViewRay,
Inc.
*
9,051
1
Vir
Biotechnology,
Inc.
*
549
2,765
WaVe
Life
Sciences
Ltd.
*
1,514
9,844
514,937
Total
common
stocks
(
Cost
$2,994,028)
3,791,226
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
0
.5
%
2
INVESTMENT
COMPANY
-
0.5%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$17,661)
17,661
$
17,661
Total
investments
-
97.9%
(Cost
$3,011,689)
3,808,887
Other
assets
less
liabilities
-
2.1%
83,762
Total
net
assets
-
100.0%
#
$
3,892,649
(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
June
30,
2025,
the
value
of
these
securities
was
$184,398
or
4.7%
of
net
assets.  
(2)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Consumer
Discretionary
$
205,761
5
.4
%
Consumer
Staples
273,630
7
.2
Energy
17,178
0
.5
Financials
309,014
8
.1
Health
Care
891,754
23
.3
Industrials
1,190,847
31
.3
Information
Technology
728,418
19
.1
Materials
99,192
2
.6
Real
Estate
52,734
1
.4
Utilities
22,698
0
.6
Short-Term
Investment
17,661
0
.5
Total
investments
$
3,808,887
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
BRL
$
72,440
1
.9
%
CAD
196,499
5
.2
CHF
124,060
3
.3
DKK
229,447
6
.0
EUR
482,352
12
.7
GBP
874,891
23
.0
ILS
42,736
1
.1
INR
8,852
0
.2
JPY
691,377
18
.1
KRW
2,920
0
.1
MXN
39,050
1
.0
NOK
28,639
0
.7
SEK
89,983
2
.4
USD
925,641
24
.3
Total
investments
$
3,808,887
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
INTERNATIONAL
VALUE
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
45
Artisan
Partners
Funds
Security
Acquisition
Date
Cost
Value
Percentage
of
Total
Net
Assets
Danone
SA
(Registered
shares)
5/17/2023
-
9/12/2023
$
1,004,813
$
1,333,509
3.4%
Pluxee
NV
(Registered
shares)
2/1/2024
18,836
16,058
0.0%
Sodexo
SA
(Registered
shares)
9/4/2020
46,862
45,334
0.1%
Voussoir
RE
Ltd.
(Preferred
Shares)
1/13/2023
100,000
144,670
0.4%
Shares
Held
Value
COMMON
STOCKS
-
88.1%
BELGIUM
-
1
.3
%
Groupe
Bruxelles
Lambert
NV
5,826
$
496,204
BERMUDA
-
0
.4
%
Voussoir
RE
Ltd.
(Preferred
Shares)
(1)(2)(3)
*
1
144,670
BRAZIL
-
0
.7
%
Pluxee
NV
12,016
261,719
Pluxee
NV
(Registered
shares)
(1)(3)
*
737
16,058
277,777
CANADA
-
3
.9
%
Alimentation
Couche-Tard,
Inc.
11,186
556,058
Suncor
Energy,
Inc.
26,810
1,004,270
1,560,328
CHINA
-
2
.1
%
Alibaba
Group
Holding
Ltd.
49,132
687,226
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
51,656
131,346
818,572
FINLAND
-
1
.8
%
Nokia
OYJ
50,565
262,434
Nokia
OYJ,
ADR
85,436
442,561
704,995
FRANCE
-
10
.0
%
Alstom
SA
*
3,962
92,404
Capgemini
SE
2,752
470,137
Danone
SA
5,542
452,811
Danone
SA
(Registered
shares)
(1)(3)
16,321
1,333,509
Safran
SA
3,525
1,145,619
Sodexo
SA
6,508
400,159
Sodexo
SA
(Registered
shares)
(1)(3)
737
45,334
3,939,973
GERMANY
-
3
.4
%
Brenntag
SE
(4)
14,448
956,482
Fresenius
Medical
Care
AG
6,472
370,908
1,327,390
INDIA
-
2
.8
%
HCL
Technologies
Ltd.
54,944
1,107,467
IRELAND
-
1
.7
%
Ryanair
Holdings
plc
23,833
674,344
JAPAN
-
0
.7
%
Seven
&
i
Holdings
Co.
Ltd.
17,970
289,881
MEXICO
-
0
.5
%
Gruma
SAB
de
CV,
Class
B
10,770
185,752
NETHERLANDS
-
4
.7
%
Koninklijke
Philips
NV
(4)
56,521
1,358,872
Universal
Music
Group
NV
15,982
517,331
1,876,203
SOUTH
KOREA
-
5
.9
%
NAVER
Corp.
1,742
338,895
Samsung
C&T
Corp.
1,445
172,802
Samsung
Electronics
Co.
Ltd.
31,239
1,384,196
Samsung
Electronics
Co.
Ltd.
(Preference)
12,354
453,108
2,349,001
SWITZERLAND
-
11
.3
%
ABB
Ltd.
25,067
1,494,647
Barry
Callebaut
AG
(4)
537
585,103
Shares
Held
Value
SWITZERLAND
(continued)
Cie
Financiere
Richemont
SA
4,767
$
897,925
DSM-Firmenich
AG
2,767
294,142
UBS
Group
AG
35,433
1,199,037
4,470,854
UNITED
KINGDOM
-
17
.7
%
Associated
British
Foods
plc
26,244
741,377
Berkeley
Group
Holdings
plc
(4)
7,289
386,196
Compass
Group
plc
28,516
965,631
Diageo
plc
39,339
987,098
Lloyds
Banking
Group
plc
802,959
845,374
Pearson
plc
31,757
467,078
RELX
plc
17,828
963,456
Unilever
plc
27,117
1,647,072
7,003,282
UNITED
STATES
-
19
.2
%
Amrize
Ltd.
*
8,421
420,088
Arch
Capital
Group
Ltd.
17,649
1,606,960
CNH
Industrial
NV
26,055
337,673
Garmin
Ltd.
4,657
971,922
Holcim
AG
8,421
625,144
ICON
plc
(4)
*
5,370
780,995
Novartis
AG
13,414
1,625,798
Sensata
Technologies
Holding
plc
(4)
11,148
335,657
Willis
Towers
Watson
plc
2,828
866,918
7,571,155
Total
common
stocks
(
Cost
$24,049,809)
34,797,848
SHORT-TERM
INVESTMENT
-
9.0%
INVESTMENT
COMPANY
-
9.0%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(5)
(Cost
$3,546,760)
3,546,760
3,546,760
MISCELLANEOUS
SECURITIES
-
1.5%
(6)
Total
Miscellaneous
Securities
(Cost
$583,103)
590,348
T
otal
investments
-
98.6%
(Cost
$28,179,672
)
38,934,956
Other
assets
less
liabilities
-
1.4%
555,684
Total
net
assets
-
100.0%
#
$39,490,640
(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
$1,539,571,
or
3.9%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(2)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(3)
Security
is
restricted.
(4)
Affiliated
company
as
defined
under
the
Investment
Company
Act
of
1940.
(5)
Represents
the
current
yield
as
of
June
30,
2025.
(6)
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.
46
Artisan
Partners
Funds
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
856,226
2
.2
%
Consumer
Discretionary
4,821,471
12
.4
Consumer
Staples
6,778,661
17
.4
Energy
1,004,270
2
.6
Financials
5,436,940
14
.0
Health
Care
4,136,573
10
.5
Industrials
6,173,084
15
.9
Information
Technology
4,119,903
10
.6
Materials
1,470,720
3
.8
Miscellaneous  Securities
590,348
1
.5
Short-Term
Investment
3,546,760
9
.1
Total
investments
$
38,934,956
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CAD
$
1,560,328
4
.0
%
CHF
6,847,742
17
.6
EUR
9,148,467
23
.5
GBP
7,063,579
18
.2
HKD
818,572
2
.1
INR
1,107,467
2
.8
JPY
819,932
2
.1
KRW
2,349,001
6
.0
MXN
185,752
0
.5
USD
9,034,116
23
.2
Total
investments
$
38,934,956
100
.0
%
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
CNH
6,607,703
USD
926,821
JPM
1/28/2026
10,933
Total
unrealized
appreciation
10,933
USD
1,601,142
CNH
11,449,998
JPM
1/28/2026
(
23,822
)
Total
unrealized
depreciation
(
23,822
)
Net
unrealized
depreciation
(
12,889
)
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
MID
CAP
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
47
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
98.3%
AEROSPACE
&
DEFENSE
-
1
.2
%
BWX
Technologies,
Inc.
323
$
46,543
BIOTECHNOLOGY
-
11
.9
%
Argenx
SE,
ADR
(1)
*
291
160,226
Ascendis
Pharma
A/S,
ADR
(1)
*
876
151,137
Insmed,
Inc.
*
789
79,395
Twist
Bioscience
Corp.
*
818
30,102
Veracyte,
Inc.
*
1,181
31,929
452,789
BROADLINE
RETAIL
-
0
.4
%
Etsy,
Inc.
*
293
14,692
CAPITAL
MARKETS
-
3
.5
%
Ares
Management
Corp.,
Class
A
172
29,710
LPL
Financial
Holdings,
Inc.
126
47,382
Robinhood
Markets,
Inc.,
Class
A
*
455
42,559
Tradeweb
Markets,
Inc.,
Class
A
86
12,602
132,253
COMMUNICATIONS
EQUIPMENT
-
1
.3
%
Arista
Networks,
Inc.
*
473
48,391
CONSTRUCTION
&
ENGINEERING
-
3
.0
%
API
Group
Corp.
*
1,459
74,507
Comfort
Systems
USA,
Inc.
74
39,442
113,949
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1
.9
%
US
Foods
Holding
Corp.
*
928
71,434
DIVERSIFIED
CONSUMER
SERVICES
-
1
.6
%
Bright
Horizons
Family
Solutions,
Inc.
*
366
45,266
Duolingo,
Inc.,
Class
A
*
36
14,733
59,999
ELECTRICAL
EQUIPMENT
-
0
.7
%
Hubbell,
Inc.,
Class
B
69
28,060
ENERGY
EQUIPMENT
&
SERVICES
-
2
.1
%
Baker
Hughes
Co.,
Class
A
2,117
81,177
ENTERTAINMENT
-
12
.1
%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
*
858
89,698
Live
Nation
Entertainment,
Inc.
*
639
96,683
ROBLOX
Corp.,
Class
A
*
799
84,101
Spotify
Technology
SA
*
206
157,948
Take-Two
Interactive
Software,
Inc.
*
138
33,446
461,876
FINANCIAL
SERVICES
-
0
.5
%
Jack
Henry
&
Associates,
Inc.
119
21,380
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
5
.9
%
Dexcom,
Inc.
*
868
75,735
Insulet
Corp.
*
165
51,802
iRhythm
Technologies,
Inc.
*
623
95,975
223,512
HEALTH
CARE
PROVIDERS
&
SERVICES
-
1
.2
%
Cencora,
Inc.
159
47,798
Shares
Held
Value
HEALTH
CARE
TECHNOLOGY
-
1
.9
%
Veeva
Systems,
Inc.,
Class
A
*
247
$
71,154
HOTELS,
RESTAURANTS
&
LEISURE
-
5
.5
%
DoorDash,
Inc.,
Class
A
*
429
105,842
Viking
Holdings
Ltd.
*
762
40,600
Wingstop,
Inc.
189
63,508
209,950
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
-
1
.0
%
Vistra
Corp.
200
38,745
INSURANCE
-
0
.5
%
Ryan
Specialty
Holdings,
Inc.,
Class
A
281
19,105
INTERACTIVE
MEDIA
&
SERVICES
-
0
.6
%
Reddit,
Inc.,
Class
A
*
158
23,723
IT
SERVICES
-
6
.2
%
Cloudflare,
Inc.,
Class
A
*
266
52,179
Shopify,
Inc.,
Class
A
(1)
*
700
80,721
Snowflake,
Inc.,
Class
A
*
470
105,178
238,078
LIFE
SCIENCES
TOOLS
&
SERVICES
-
3
.2
%
Waters
Corp.
*
74
25,899
West
Pharmaceutical
Services,
Inc.
438
95,889
121,788
MACHINERY
-
4
.1
%
Ingersoll
Rand,
Inc.
557
46,293
RBC
Bearings,
Inc.
*
122
46,948
Xylem,
Inc.
480
62,040
155,281
PROFESSIONAL
SERVICES
-
1
.4
%
Parsons
Corp.
*
463
33,229
Verisk
Analytics,
Inc.,
Class
A
61
18,971
52,200
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1
.5
%
CBRE
Group,
Inc.,
Class
A
*
409
57,259
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
3
.7
%
Lattice
Semiconductor
Corp.
*
911
44,627
MACOM
Technology
Solutions
Holdings,
Inc.
*
368
52,779
Monolithic
Power
Systems,
Inc.
62
45,240
142,646
SOFTWARE
-
15
.7
%
Atlassian
Corp.,
Class
A
*
468
95,027
CCC
Intelligent
Solutions
Holdings,
Inc.
*
6,839
64,354
Fair
Isaac
Corp.
*
16
29,028
Guidewire
Software,
Inc.
*
300
70,739
HubSpot,
Inc.
*
51
28,604
Nutanix,
Inc.,
Class
A
*
286
21,895
Samsara,
Inc.,
Class
A
*
1,187
47,216
Synopsys,
Inc.
*
115
58,917
Tyler
Technologies,
Inc.
*
211
124,879
48
Artisan
Partners
Funds
Security
Country
Trading
Currency
Argenx
SE
Netherlands
USD
Ascendis
Pharma
A/S
Denmark
USD
Shopify,
Inc.
Canada
USD
Shares
Held
Value
SOFTWARE
(continued)
Zscaler,
Inc.
*
180
$
56,389
597,048
SPECIALTY
RETAIL
-
2
.4
%
AutoZone,
Inc.
*
19
72,081
Floor
&
Decor
Holdings,
Inc.,
Class
A
*
243
18,481
90,562
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
-
1
.5
%
Pure
Storage,
Inc.,
Class
A
*
988
56,913
TRADING
COMPANIES
&
DISTRIBUTORS
-
1
.8
%
Ferguson
Enterprises,
Inc.
174
37,891
FTAI
Aviation
Ltd.
266
30,556
68,447
Total
common
stocks
(
Cost
$2,491,426)
3,746,752
SHORT-TERM
INVESTMENT
-
1.0%
INVESTMENT
COMPANY
-
1.0%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$37,220)
37,220
37,220
Total
investments
-
99.3%
(Cost
$2,528,646)
3,783,972
Other
assets
less
liabilities
-
0.7%
24,960
Total
net
assets
-
100.0%
#
$
3,808,932
(1)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(2)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
485,599
12
.8
%
Consumer
Discretionary
375,202
9
.9
Consumer
Staples
71,434
1
.9
Energy
81,177
2
.2
Financials
172,737
4
.6
Health
Care
917,040
24
.2
Industrials
464,482
12
.3
Information
Technology
1,083,077
28
.6
Real
Estate
57,259
1
.5
Utilities
38,745
1
.0
Short-Term
Investment
37,220
1
.0
Total
investments
$
3,783,972
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
MID
CAP
VALUE
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
49
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
99.4%
AIR
FREIGHT
&
LOGISTICS
-
0
.8
%
Expeditors
International
of
Washington,
Inc.
72
$
8,273
BANKS
-
7
.3
%
Fifth
Third
Bancorp
334
13,748
First
Citizens
BancShares,
Inc.,
Class
A
18
35,046
M&T
Bank
Corp.
67
13,049
WaFd,
Inc.
445
13,019
74,862
CAPITAL
MARKETS
-
1
.0
%
Moelis
&
Co.,
Class
A
171
10,685
CONSTRUCTION
MATERIALS
-
1
.4
%
Amrize
Ltd.
(1)
*
296
14,687
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
3
.4
%
Dollar
General
Corp.
154
17,560
Sysco
Corp.
233
17,670
35,230
DISTRIBUTORS
-
4
.2
%
Genuine
Parts
Co.
188
22,810
LKQ
Corp.
542
20,072
42,882
ELECTRIC
UTILITIES
-
5
.3
%
Alliant
Energy
Corp.
404
24,439
OGE
Energy
Corp.
677
30,031
54,470
ELECTRICAL
EQUIPMENT
-
2
.6
%
nVent
Electric
plc
356
26,041
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
-
5
.3
%
CDW
Corp.
114
20,438
Vontier
Corp.
914
33,712
54,150
ENERGY
EQUIPMENT
&
SERVICES
-
1
.7
%
NOV,
Inc.
1,398
17,375
ENTERTAINMENT
-
2
.3
%
Warner
Music
Group
Corp.,
Class
A
876
23,858
FINANCIAL
SERVICES
-
2
.2
%
Corebridge
Financial,
Inc.
630
22,381
FOOD
PRODUCTS
-
2
.2
%
Tyson
Foods,
Inc.,
Class
A
410
22,938
GROUND
TRANSPORTATION
-
2
.9
%
U-Haul
Holding
Co.
537
29,170
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
4
.2
%
Align
Technology,
Inc.
*
117
22,193
Baxter
International,
Inc.
672
20,359
42,552
HEALTH
CARE
PROVIDERS
&
SERVICES
-
4
.2
%
Centene
Corp.
*
299
16,256
Shares
Held
Value
HEALTH
CARE
PROVIDERS
&
SERVICES
(continued)
Humana,
Inc.
110
$
26,789
43,045
HOTELS,
RESTAURANTS
&
LEISURE
-
6
.7
%
Expedia
Group,
Inc.
162
27,338
MGM
Resorts
International
*
532
18,305
Vail
Resorts,
Inc.
143
22,393
68,036
INDUSTRIAL
REITS
-
1
.1
%
Lineage,
Inc.
247
10,759
INSURANCE
-
3
.3
%
Arch
Capital
Group
Ltd.
159
14,512
Globe
Life,
Inc.
155
19,294
33,806
INTERACTIVE
MEDIA
&
SERVICES
-
3
.5
%
IAC,
Inc.
*
373
13,932
Pinterest,
Inc.,
Class
A
*
596
21,358
35,290
LEISURE
PRODUCTS
-
1
.3
%
Polaris,
Inc.
321
13,055
LIFE
SCIENCES
TOOLS
&
SERVICES
-
5
.6
%
Bio-Rad
Laboratories,
Inc.,
Class
A
*
47
11,285
ICON
plc
*
149
21,618
Waters
Corp.
*
71
24,610
57,513
MACHINERY
-
2
.1
%
Otis
Worldwide
Corp.
220
21,743
MEDIA
-
4
.3
%
Cable
One,
Inc.
29
3,898
News
Corp.,
Class
A
723
21,503
Omnicom
Group,
Inc.
257
18,515
43,916
OIL,
GAS
&
CONSUMABLE
FUELS
-
2
.0
%
Permian
Resources
Corp.,
Class
A
1,484
20,215
PROFESSIONAL
SERVICES
-
3
.0
%
Genpact
Ltd.
704
30,990
RETAIL
REITS
-
2
.1
%
NNN
REIT,
Inc.
505
21,789
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
2
.4
%
Analog
Devices,
Inc.
102
24,344
SOFTWARE
-
1
.7
%
Check
Point
Software
Technologies
Ltd.
(2)
*
80
17,607
SPECIALIZED
REITS
-
5
.0
%
Lamar
Advertising
Co.,
Class
A
274
33,310
Public
Storage
61
17,975
51,285
SPECIALTY
RETAIL
-
2
.0
%
Asbury
Automotive
Group,
Inc.
*
84
20,136
50
Artisan
Partners
Funds
Security
Country
Trading
Currency
Check
Point
Software
Technologies
Ltd.
Israel
USD
Shares
Held
Value
SPECIALTY
RETAIL
(continued)
Vitamin
Oldco
Holdings,
Inc.
(escrow
shares)
(3)(4)
*
220
$
20,136
TRADING
COMPANIES
&
DISTRIBUTORS
-
2
.3
%
Ferguson
Enterprises,
Inc.
105
22,969
Total
common
stocks
(
Cost
$769,212)
1,016,052
SHORT-TERM
INVESTMENT
-
1.3%
INVESTMENT
COMPANY
-
1.3%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(5)(6)
(Cost
$13,510)
13,510
13,510
Total
investments
-
100.7%
(Cost
$782,722)
1,029,562
Other
assets
less
liabilities
-
(0.7%)
(7,329)
Total
net
assets
-
100.0%
#
$
1,022,233
(1)
All
or
a
portion
of
security
is
on
loan
at
June
30,
2025.
(2)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(3)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$0,
or
0.0%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(4)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(5)
Security
is
partially
used
as
collateral
for
securities
lending.
At
June
30,
2025,
the
Fund
had
loaned
securities
with
a
total
value
of
$13,388.
This
was
collateralized
by
cash
of
$13,510
which
was
subsequently
invested
in
an
investment
company.
(6)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
103,062
10
.0
%
Consumer
Discretionary
144,109
14
.0
Consumer
Staples
58,168
5
.6
Energy
37,590
3
.7
Financials
141,734
13
.8
Health
Care
143,111
13
.9
Industrials
139,186
13
.5
Information
Technology
96,101
9
.4
Materials
14,687
1
.4
Real
Estate
83,833
8
.1
Utilities
54,471
5
.3
Short-Term
Investment
13,510
1
.3
Total
investments
$
1,029,562
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
SELECT
EQUITY
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
51
Artisan
Partners
Funds
Security
Country
Trading
Currency
Heidelberg
Materials
AG
Germany
EUR
Samsung
Electronics
Co.
Ltd.
South
Korea
KRW
Shares
Held
Value
COMMON
STOCKS
-
94.2%
AUTOMOBILES
-
1.1%
Harley-Davidson,
Inc.
31
$
728
BANKS
-
4.4%
Citigroup,
Inc.
34
2,932
CAPITAL
MARKETS
-
10.2%
Bank
of
New
York
Mellon
Corp.
(The)
36
3,287
Charles
Schwab
Corp.
(The)
39
3,522
6,809
CHEMICALS
-
3.9%
Axalta
Coating
Systems
Ltd.
*
87
2,589
CONSTRUCTION
MATERIALS
-
5.4%
Heidelberg
Materials
AG
(1)
15
3,622
CONSUMER
FINANCE
-
5.5%
American
Express
Co.
12
3,682
FINANCIAL
SERVICES
-
6.4%
Berkshire
Hathaway,
Inc.,
Class
B
*
6
2,875
PayPal
Holdings,
Inc.
*
19
1,392
4,267
HEALTH
CARE
PROVIDERS
&
SERVICES
-
9.6%
Elevance
Health,
Inc.
9
3,346
Henry
Schein,
Inc.
*
42
3,073
6,419
HOTELS,
RESTAURANTS
&
LEISURE
-
5.3%
Aramark
84
3,532
INSURANCE
-
11.1%
Aon
plc,
Class
A
3
1,115
Everest
Group
Ltd.
4
1,502
Marsh
&
McLennan
Cos.,
Inc.
9
2,034
Progressive
Corp.
(The)
10
2,727
7,378
INTERACTIVE
MEDIA
&
SERVICES
-
11.0%
Alphabet,
Inc.,
Class
A
20
3,510
Meta
Platforms,
Inc.,
Class
A
5
3,792
7,302
LIFE
SCIENCES
TOOLS
&
SERVICES
-
3.5%
IQVIA
Holdings,
Inc.
*
15
2,296
MACHINERY
-
3.6%
Snap-on,
Inc.
8
2,360
OIL,
GAS
&
CONSUMABLE
FUELS
-
5.1%
Shell
plc
98
3,419
PASSENGER
AIRLINES
-
1.7%
Southwest
Airlines
Co.
35
1,142
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
2.9%
Lam
Research
Corp.
20
1,910
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
-
3.5%
Samsung
Electronics
Co.
Ltd.
(1)
52
2,303
Total
common
stocks
(
Cost
$44,422)
62,690
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
5.1%
INVESTMENT
COMPANY
-
5.1%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$3,408)
3,408
$
3,408
Total
investments
-
99.3%
(Cost
$47,830)
66,098
Other
assets
less
liabilities
-
0.7%
454
Total
net
assets
-
100.0%
#
$
66,552
(1)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(2)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
7,302
11
.0
%
Consumer
Discretionary
4,260
6
.4
Energy
3,419
5
.2
Financials
25,068
37
.9
Health
Care
8,715
13
.2
Industrials
3,502
5
.3
Information
Technology
4,213
6
.4
Materials
6,211
9
.4
Short-Term
Investment
3,408
5
.2
Total
investments
$
66,098
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
EUR
$
3,622
5
.5
%
GBP
3,419
5
.2
KRW
2,303
3
.4
USD
56,754
85
.9
Total
investments
$
66,098
100
.0
%
FOREIGN
CURRENCY
FORWARD
CONTRACTS
Values
in
thousands
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
CNH
20,606
USD
2,878
JPM
12/17/2025
38
Total
unrealized
appreciation
38
USD
2,870
CNH
20,606
JPM
12/17/2025
(
46
)
Total
unrealized
depreciation
(
46
)
Net
unrealized
depreciation
(
8
)
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
SMALL
CAP
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
52
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
98.0%
AEROSPACE
&
DEFENSE
-
4
.3
%
BWX
Technologies,
Inc.
131
$
18,892
Kratos
Defense
&
Security
Solutions,
Inc.
*
416
19,338
Loar
Holdings,
Inc.
*
107
9,180
47,410
AUTOMOBILE
COMPONENTS
-
2
.2
%
Modine
Manufacturing
Co.
*
247
24,311
BEVERAGES
-
2
.3
%
Vita
Coco
Co.,
Inc.
(The)
*
711
25,655
BIOTECHNOLOGY
-
15
.4
%
Ascendis
Pharma
A/S,
ADR
(1)
*
375
64,761
Halozyme
Therapeutics,
Inc.
*
314
16,338
Insmed,
Inc.
*
276
27,797
Madrigal
Pharmaceuticals,
Inc.
*
28
8,366
Rhythm
Pharmaceuticals,
Inc.
*
68
4,309
Twist
Bioscience
Corp.
*
747
27,500
Veracyte,
Inc.
*
800
21,616
170,687
CAPITAL
MARKETS
-
2
.1
%
Hamilton
Lane,
Inc.,
Class
A
98
13,890
Marex
Group
plc
(1)
228
8,993
22,883
COMMERCIAL
SERVICES
&
SUPPLIES
-
2
.3
%
VSE
Corp.
197
25,815
DIVERSIFIED
CONSUMER
SERVICES
-
2
.0
%
Bright
Horizons
Family
Solutions,
Inc.
*
178
21,987
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
-
4
.5
%
Flex
Ltd.
*
826
41,223
Novanta,
Inc.
*
67
8,621
49,844
ENERGY
EQUIPMENT
&
SERVICES
-
0
.9
%
Aris
Water
Solutions,
Inc.,
Class
A
429
10,153
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
9
.0
%
Inspire
Medical
Systems,
Inc.
*
83
10,770
Integer
Holdings
Corp.
*
85
10,446
iRhythm
Technologies,
Inc.
*
217
33,353
Lantheus
Holdings,
Inc.
*
160
13,123
Penumbra,
Inc.
*
78
20,144
PROCEPT
BioRobotics
Corp.
*
209
12,063
99,899
HEALTH
CARE
PROVIDERS
&
SERVICES
-
2
.3
%
HealthEquity,
Inc.
*
240
25,185
HOTELS,
RESTAURANTS
&
LEISURE
-
2
.0
%
Cava
Group,
Inc.
*
65
5,461
Wingstop,
Inc.
49
16,526
21,987
HOUSEHOLD
DURABLES
-
2
.6
%
Installed
Building
Products,
Inc.
61
10,943
Shares
Held
Value
HOUSEHOLD
DURABLES
(continued)
SharkNinja,
Inc.
*
185
$
18,321
29,264
LIFE
SCIENCES
TOOLS
&
SERVICES
-
3
.5
%
Repligen
Corp.
*
83
10,312
Stevanato
Group
SpA
(1)
1,179
28,810
39,122
MACHINERY
-
5
.9
%
Flowserve
Corp.
268
14,014
JBT
Marel
Corp.
140
16,884
SPX
Technologies,
Inc.
*
207
34,777
65,675
PROFESSIONAL
SERVICES
-
1
.5
%
Parsons
Corp.
*
240
17,219
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1
.4
%
Colliers
International
Group,
Inc.
(1)
121
15,792
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
7
.7
%
Astera
Labs,
Inc.
*
116
10,444
Lattice
Semiconductor
Corp.
*
639
31,304
MACOM
Technology
Solutions
Holdings,
Inc.
*
301
43,165
84,913
SOFTWARE
-
19
.0
%
CCC
Intelligent
Solutions
Holdings,
Inc.
*
2,783
26,184
Clearwater
Analytics
Holdings,
Inc.,
Class
A
*
421
9,226
Confluent,
Inc.,
Class
A
*
670
16,705
Elastic
NV
*
151
12,762
Gitlab,
Inc.,
Class
A
*
260
11,747
Guidewire
Software,
Inc.
*
188
44,351
Intapp,
Inc.
*
513
26,483
Procore
Technologies,
Inc.
*
385
26,371
SentinelOne,
Inc.,
Class
A
*
548
10,022
ServiceTitan,
Inc.,
Class
A
(2)
*
154
16,523
Vertex,
Inc.,
Class
A
*
296
10,461
210,835
SPECIALTY
RETAIL
-
1
.0
%
Warby
Parker,
Inc.,
Class
A
*
491
10,765
TEXTILES,
APPAREL
&
LUXURY
GOODS
-
1
.5
%
Birkenstock
Holding
plc
(1)
*
347
17,043
TRADING
COMPANIES
&
DISTRIBUTORS
-
4
.6
%
Applied
Industrial
Technologies,
Inc.
124
28,818
FTAI
Aviation
Ltd.
112
12,855
SiteOne
Landscape
Supply,
Inc.
*
80
9,672
51,345
Total
common
stocks
(
Cost
$842,405)
1,087,789
53
Artisan
Partners
Funds
Security
Country
Trading
Currency
Ascendis
Pharma
A/S
Denmark
USD
Birkenstock
Holding
plc
Germany
USD
Colliers
International
Group,
Inc.
Canada
USD
Marex
Group
plc
United
Kingdom
USD
Stevanato
Group
SpA
Italy
USD
Shares
Held
Value
SHORT-TERM
INVESTMENT
-
1.4%
INVESTMENT
COMPANY
-
1.4%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(3)(4)
(Cost
$15,327)
15,327
$
15,327
Total
investments
-
99.4%
(Cost
$857,732)
1,103,116
Other
assets
less
liabilities
-
0.6%
6,329
Total
net
assets
-
100.0%
#
$
1,109,445
(1)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(2)
All
or
a
portion
of
security
is
on
loan
at
June
30,
2025.
(3)
Security
is
partially
used
as
collateral
for
securities
lending.
At
June
30,
2025,
the
Fund
had
loaned
securities
with
a
total
value
of
$2,626.
This
was
collateralized
by
cash
of
$2,701
which
was
subsequently
invested
in
an
investment
company.
(4)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Consumer
Discretionary
$
125,357
11
.4
%
Consumer
Staples
25,655
2
.3
Energy
10,153
0
.9
Financials
22,883
2
.1
Health
Care
334,891
30
.4
Industrials
207,466
18
.8
Information
Technology
345,592
31
.3
Real
Estate
15,792
1
.4
Short-Term
Investment
15,327
1
.4
Total
investments
$
1,103,116
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
SUSTAINABLE
EMERGING
MARKETS
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
54
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
98.3%
ARGENTINA
-
1.5%
Vista
Energy
SAB
de
CV,
ADR
*
89
$
4,236
BRAZIL
-
9.2%
GPS
Participacoes
e
Empreendimentos
SA
(1)
1,279
3,732
Itau
Unibanco
Holding
SA
(Preference)
731
4,963
MercadoLibre,
Inc.
*
4
9,158
Vale
SA
270
2,614
Vivara
Participacoes
SA
617
3,074
VTEX,
Class
A
*
224
1,476
25,017
CHINA
-
16.4%
Alibaba
Group
Holding
Ltd.
679
9,502
Baidu,
Inc.,
Class
A
*
171
1,819
BYD
Co.
Ltd.,
Class
H
206
3,215
Prosus
NV
87
4,845
Tencent
Holdings
Ltd.
161
10,329
Trip.com
Group
Ltd.
74
4,322
Wuxi
Biologics
Cayman,
Inc.
(2)
*
1,438
4,699
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
1,520
6,120
44,851
EGYPT
-
0.6%
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(2)
1,017
1,708
GEORGIA
-
0.7%
Lion
Finance
Group
plc
20
1,912
GREECE
-
3.2%
Alpha
Bank
SA
1,166
4,105
Metlen
Energy
&
Metals
SA
85
4,591
8,696
HONG
KONG
-
1.4%
AIA
Group
Ltd.
418
3,753
INDIA
-
9.9%
Dabur
India
Ltd.
322
1,823
Havells
India
Ltd.
215
3,896
ICICI
Bank
Ltd.
617
10,397
Infosys
Ltd.
175
3,278
Lemon
Tree
Hotels
Ltd.
(2)
*
477
779
Reliance
Industries
Ltd.
388
6,797
26,970
INDONESIA
-
1.2%
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
8,366
1,927
Indofood
CBP
Sukses
Makmur
Tbk.
PT
2,222
1,437
3,364
KAZAKHSTAN
-
1.2%
Kaspi.KZ
JSC,
ADR
38
3,256
MALAYSIA
-
1.3%
Frontken
Corp.
Bhd.
2,054
1,932
MR
DIY
Group
M
Bhd.
(2)
4,198
1,635
3,567
MEXICO
-
3.7%
Cemex
SAB
de
CV
4,596
3,181
Gentera
SAB
de
CV
1,974
4,212
Prologis
Property
Mexico
SA
de
CV,
REIT
710
2,678
10,071
PANAMA
-
1.2%
Copa
Holdings
SA,
Class
A
29
3,219
Shares
Held
Value
PERU
-
2.4%
Cia
de
Minas
Buenaventura
SAA,
ADR
166
$
2,726
Credicorp
Ltd.
17
3,788
6,514
RUSSIA
-
0.0%
Sberbank
of
Russia
PJSC
(3)(4)(5)
*
265
SINGAPORE
-
0.8%
Sea
Ltd.,
ADR
*
14
2,257
SLOVENIA
-
0.9%
Nova
Ljubljanska
Banka
dd,
GDR
(2)
67
2,383
SOUTH
AFRICA
-
2.9%
FirstRand
Ltd.
965
4,125
MTN
Group
Ltd.
489
3,894
8,019
SOUTH
KOREA
-
13.3%
Cosmax,
Inc.
26
5,367
Doosan
Enerbility
Co.
Ltd.
*
186
9,439
HD
Hyundai
Electric
Co.
Ltd.
7
2,646
Kia
Corp.
46
3,299
Samsung
Biologics
Co.
Ltd.
(2)
*
7
5,277
Shinhan
Financial
Group
Co.
Ltd.
53
2,424
SK
Hynix,
Inc.
36
7,772
36,224
TAIWAN
-
19.4%
E
Ink
Holdings,
Inc.
985
7,454
MediaTek,
Inc.
195
8,336
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
1,023
37,108
52,898
THAILAND
-
0.5%
Bangkok
Bank
PCL
(3)
334
1,427
TURKEY
-
0.6%
BIM
Birlesik
Magazalar
A/S
128
1,588
UNITED
ARAB
EMIRATES
-
1.1%
ADNOC
Logistics
&
Services
1,317
1,671
Borouge
plc
2,079
1,438
3,109
UNITED
KINGDOM
-
2.0%
Anglogold
Ashanti
plc
118
5,359
UNITED
STATES
-
0.7%
Globant
SA
*
20
1,839
VIETNAM
-
2.2%
Vietnam
Technological
&
Commercial
Joint
Stock
Bank
*
4,582
6,000
Total
common
stocks
(
Cost
$189,598)
268,237
55
Artisan
Partners
Funds
Security
Acquisition
Date
Cost
Value
Percentage
of
Total
Net
Assets
Sberbank
of
Russia
PJSC
1/8/2019
-
3/25/2020
$
772
$
0.0%
No.
of
Warrants
Value
WARRANT
-
1.1%
Cayman
Islands
-
1.1%
Talos
III
Spc,
expiring
1/27/2026,
strike
price
$0.00001
(Cost
$2,685)
(3)
*
1,005
$
2,888
Total
investments
-
99.4%
(Cost
$192,283)
271,125
Other
assets
less
liabilities
-
0.6%
1,686
Total
net
assets
-
100.0%
#
$
272,811
(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)
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
June
30,
2025,
the
value
of
these
securities
was
$16,481
or
6.0%
of
net
assets.  
(3)
Valued
at
a
fair
value
in
accordance
with
procedures
established
by
the
board
of
directors
of
Artisan
Partners
Funds.
In
total,
securities
valued
at
a
fair
value
were
$4,315,
or
1.6%
of
total
net
assets.
See
notes
(2)
and
(3)
in
the
accompanying
notes.
(4)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(5)
Security
is
restricted.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
19,775
7
.3
%
Consumer
Discretionary
39,829
14
.7
Consumer
Staples
10,215
3
.8
Energy
12,704
4
.7
Financials
59,268
21
.9
Health
Care
9,976
3
.7
Industrials
35,575
13
.1
Information
Technology
65,787
24
.2
Materials
15,318
5
.6
Real
Estate
2,678
1
.0
Total
investments
$
271,125
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
AED
$
3,109
1
.2
%
BRL
14,383
5
.3
EUR
15,924
5
.9
GBP
1,912
0
.7
HKD
43,759
16
.1
IDR
3,364
1
.2
INR
26,970
9
.9
KRW
36,224
13
.4
MXN
10,071
3
.7
MYR
3,567
1
.3
THB
1,427
0
.5
TRY
1,588
0
.6
TWD
52,898
19
.5
USD
41,910
15
.5
VND
6,000
2
.2
ZAR
8,019
3
.0
Total
investments
$
271,125
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
VALUE
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Shares
and
dollar
values
in
thousands
56
Artisan
Partners
Funds
Security
Country
Trading
Currency
Airbus
SE
France
EUR
ASML
Holding
NV
Netherlands
EUR
Diageo
plc
United
Kingdom
GBP
Heineken
Holding
NV
Netherlands
EUR
Kerry
Group
plc
Ireland
EUR
Koninklijke
Philips
NV
Netherlands
EUR
NXP
Semiconductors
NV
Netherlands
USD
Safran
SA
France
EUR
Shares
Held
Value
COMMON
STOCKS
-
96.3%
AEROSPACE
&
DEFENSE
-
6
.0
%
Airbus
SE
(1)
39
$
8,233
Safran
SA
(1)
34
11,155
19,388
AIR
FREIGHT
&
LOGISTICS
-
2
.6
%
United
Parcel
Service,
Inc.,
Class
B
81
8,203
BANKS
-
9
.5
%
Bank
of
America
Corp.
188
8,895
PNC
Financial
Services
Group,
Inc.
(The)
37
6,960
US
Bancorp
55
2,487
Wells
Fargo
&
Co.
154
12,333
30,675
BEVERAGES
-
5
.8
%
Diageo
plc
(1)
323
8,104
Heineken
Holding
NV
(1)
143
10,629
18,733
CAPITAL
MARKETS
-
6
.3
%
CME
Group,
Inc.
21
5,684
Goldman
Sachs
Group,
Inc.
(The)
12
8,235
Morgan
Stanley
45
6,357
20,276
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1
.7
%
Dollar
General
Corp.
47
5,378
ENERGY
EQUIPMENT
&
SERVICES
-
2
.1
%
Schlumberger
NV
202
6,832
ENTERTAINMENT
-
2
.2
%
Walt
Disney
Co.
(The)
58
7,230
FINANCIAL
SERVICES
-
9
.4
%
Berkshire
Hathaway,
Inc.,
Class
B
*
10
4,991
Fiserv,
Inc.
*
39
6,696
PayPal
Holdings,
Inc.
*
150
11,131
Visa,
Inc.,
Class
A
21
7,585
30,403
FOOD
PRODUCTS
-
4
.3
%
Kerry
Group
plc,
Class
A
(1)
79
8,674
Nestle
SA
54
5,334
14,008
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
5
.5
%
Baxter
International,
Inc.
173
5,233
Koninklijke
Philips
NV
(1)
253
6,071
Medtronic
plc
75
6,570
17,874
HEALTH
CARE
PROVIDERS
&
SERVICES
-
5
.1
%
Cigna
Group
(The)
25
8,354
Humana,
Inc.
34
8,215
16,569
HOTELS,
RESTAURANTS
&
LEISURE
-
2
.7
%
Booking
Holdings,
Inc.
2
8,748
Shares
Held
Value
INSURANCE
-
2
.0
%
Arch
Capital
Group
Ltd.
70
$
6,410
INTERACTIVE
MEDIA
&
SERVICES
-
5
.0
%
Alphabet,
Inc.,
Class
C
54
9,584
Meta
Platforms,
Inc.,
Class
A
9
6,511
16,095
LIFE
SCIENCES
TOOLS
&
SERVICES
-
2
.2
%
Thermo
Fisher
Scientific,
Inc.
18
7,136
MEDIA
-
2
.8
%
Comcast
Corp.,
Class
A
255
9,106
OIL,
GAS
&
CONSUMABLE
FUELS
-
4
.7
%
Diamondback
Energy,
Inc.
45
6,186
EOG
Resources,
Inc.
76
9,126
15,312
PHARMACEUTICALS
-
2
.0
%
Merck
&
Co.,
Inc.
81
6,450
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
10
.4
%
ASML
Holding
NV
(1)
10
8,098
Lam
Research
Corp.
81
7,932
NXP
Semiconductors
NV
(1)
36
7,947
Texas
Instruments,
Inc.
47
9,668
33,645
TOBACCO
-
4
.0
%
Altria
Group,
Inc.
38
2,239
Philip
Morris
International,
Inc.
59
10,730
12,969
Total
common
stocks
(
Cost
$217,251)
311,440
SHORT-TERM
INVESTMENT
-
3.2%
INVESTMENT
COMPANY
-
3.2%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(2)
(Cost
$10,226)
10,226
10,226
Total
investments
-
99.5%
(Cost
$227,477)
321,666
Other
assets
less
liabilities
-
0.5%
1,491
Total
net
assets
-
100.0%
#
$
323,157
(1)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
57
Artisan
Partners
Funds
(2)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
32,431
10
.1
%
Consumer
Discretionary
8,747
2
.7
Consumer
Staples
51,089
15
.9
Energy
22,144
6
.9
Financials
87,764
27
.3
Health
Care
48,028
14
.9
Industrials
27,591
8
.6
Information
Technology
33,646
10
.4
Short-Term
Investment
10,226
3
.2
Total
investments
$
321,666
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CHF
$
5,335
1
.7
%
EUR
52,861
16
.4
GBP
8,104
2
.5
USD
255,366
79
.4
Total
investments
$
321,666
100
.0
%
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
VALUE
INCOME
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
amount,
shares
and
dollar
values
in
thousands
58
Artisan
Partners
Funds
Shares
Held
Value
COMMON
STOCKS
-
93.9%
AIR
FREIGHT
&
LOGISTICS
-
1
.2
%
United
Parcel
Service,
Inc.,
Class
B
2
$
201
BANKS
-
7
.6
%
Bank
of
America
Corp.
6
303
Fifth
Third
Bancorp
3
123
M&T
Bank
Corp.
1
149
PNC
Financial
Services
Group,
Inc.
(The)
1
216
Wells
Fargo
&
Co.
6
443
1,234
BEVERAGES
-
5
.6
%
Coca-Cola
Co.
(The)
3
218
Diageo
plc
(1)
11
269
Heineken
Holding
NV
(1)
6
427
914
CAPITAL
MARKETS
-
5
.3
%
CME
Group,
Inc.
1
243
Goldman
Sachs
Group,
Inc.
(The)
^
230
Moelis
&
Co.,
Class
A
2
113
Morgan
Stanley
2
280
866
CONSTRUCTION
MATERIALS
-
1
.4
%
Amrize
Ltd.
(2)
*
4
223
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1
.2
%
Sysco
Corp.
3
193
DISTRIBUTORS
-
2
.8
%
Genuine
Parts
Co.
2
246
LKQ
Corp.
6
211
457
ELECTRIC
UTILITIES
-
9
.7
%
Alliant
Energy
Corp.
5
283
Evergy,
Inc.
4
297
IDACORP,
Inc.
2
218
OGE
Energy
Corp.
9
381
PPL
Corp.
12
390
1,569
ELECTRICAL
EQUIPMENT
-
1
.5
%
nVent
Electric
plc
3
244
ENERGY
EQUIPMENT
&
SERVICES
-
1
.2
%
Schlumberger
NV
6
198
ENTERTAINMENT
-
1
.7
%
Warner
Music
Group
Corp.,
Class
A
10
273
FINANCIAL
SERVICES
-
3
.5
%
Corebridge
Financial,
Inc.
10
337
Visa,
Inc.,
Class
A
1
228
565
FOOD
PRODUCTS
-
4
.5
%
Kerry
Group
plc,
Class
A
(1)
3
277
Nestle
SA
2
164
Shares
Held
Value
FOOD
PRODUCTS
(continued)
Tyson
Foods,
Inc.,
Class
A
5
$
292
733
GAS
UTILITIES
-
0
.5
%
Atmos
Energy
Corp.
1
82
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
4
.7
%
Baxter
International,
Inc.
8
248
Koninklijke
Philips
NV
(1)(2)
9
222
Medtronic
plc
3
295
765
HEALTH
CARE
REITS
-
1
.6
%
Universal
Health
Realty
Income
Trust
7
262
HOTELS,
RESTAURANTS
&
LEISURE
-
3
.1
%
MGM
China
Holdings
Ltd.
(1)
166
272
Vail
Resorts,
Inc.
1
231
503
INDUSTRIAL
REITS
-
1
.0
%
Lineage,
Inc.
4
160
LEISURE
PRODUCTS
-
1
.5
%
Polaris,
Inc.
6
240
MACHINERY
-
2
.2
%
Otis
Worldwide
Corp.
4
357
MEDIA
-
3
.7
%
Cable
One,
Inc.
^
7
Comcast
Corp.,
Class
A
(3)
11
390
Omnicom
Group,
Inc.
3
211
608
OIL,
GAS
&
CONSUMABLE
FUELS
-
5
.4
%
Diamondback
Energy,
Inc.
2
239
EOG
Resources,
Inc.
3
401
Permian
Resources
Corp.,
Class
A
18
241
881
PASSENGER
AIRLINES
-
2
.9
%
Ryanair
Holdings
plc
(1)
16
465
PHARMACEUTICALS
-
1
.8
%
Merck
&
Co.,
Inc.
4
285
RETAIL
REITS
-
1
.8
%
NNN
REIT,
Inc.
7
285
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
7
.0
%
ASML
Holding
NV
(1)
^
274
Lam
Research
Corp.
3
256
NXP
Semiconductors
NV
(1)
1
311
Texas
Instruments,
Inc.
1
302
1,143
SPECIALIZED
REITS
-
4
.8
%
Lamar
Advertising
Co.,
Class
A
5
575
Public
Storage
1
198
773
59
Artisan
Partners
Funds
Security
Country
Trading
Currency
ASML
Holding
NV
Netherlands
EUR
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
Netherlands
USD
Ryanair
Holdings
plc
Ireland
EUR
Shares
Held
Value
TOBACCO
-
4
.7
%
Altria
Group,
Inc.
1
$
87
Philip
Morris
International,
Inc.
(3)
4
675
762
Total
common
stocks
(
Cost
$13,781)
15,241
Principal
Amount
CORPORATE
BONDS
-
2.3%
BROADLINE
RETAIL
-
1
.3
%
ANGI
Group
LLC
3.88%,
8/15/2028
(4)
228
212
MEDIA
-
1
.0
%
Cable
One,
Inc.
4.00%,
11/15/2030
(4)
209
165
Total
corporate
bonds
(
Cost
$369)
377
Shares
Held
PREFERRED
STOCK
-
1.6%
BANKS
-
1
.6
%
WaFd,
Inc.
Series
A,
4.88%
(5)
(Cost
$234)
17
266
Principal
Amount
CONVERTIBLE
BOND
-
0.5%
MEDIA
-
0
.5
%
Cable
One,
Inc.
1.13%,
3/15/2028
(Cost
$94)
97
74
Shares
Held
SHORT-TERM
INVESTMENT
-
2.9%
INVESTMENT
COMPANY
-
2.9%
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class,
4.22%
(6)(7)
(Cost
$473)
473
473
Total
investments
-
101.2%
(Cost
$14,951)
16,431
WRITTEN
OPTION
CONTRACTS
-
(0.3)%
(Premiums
received
$(26))
(
45
)
Other
assets
less
liabilities
-
(0.9%)
(150)
Total
net
assets
-
100.0%
#
$
16,236
(1)
The
Fund
considers
the
company
to
be
from
outside
the
United
States.
(2)
All
or
a
portion
of
security
is
on
loan
at
June
30,
2025.
(3)
At
June
30,
2025,
all
or
a
portion
of
this
security
was
pledged
to
cover
collateral
requirements
for
written
options.
(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)
Perpetual
security.
The
rate
reflected
was
the
rate
in
effect
on
June
30,
2025.
(6)
Security
is
partially
used
as
collateral
for
securities
lending.
At
June
30,
2025,
the
Fund
had
loaned
securities
with
a
total
value
of
$208.
This
was
collateralized
by
cash
of
$210
which
was
subsequently
invested
in
an
investment
company.
(7)
Represents
the
current
yield
as
of
June
30,
2025.
PORTFOLIO
DIVERSIFICATION
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
Communication
Services
$
1,120
6
.8
%
Consumer
Discretionary
1,412
8
.6
Consumer
Staples
2,602
15
.8
Energy
1,079
6
.6
Financials
2,930
17
.8
Health
Care
1,050
6
.4
Industrials
1,267
7
.7
Information
Technology
1,143
6
.9
Materials
223
1
.4
Real
Estate
1,480
9
.0
Utilities
1,652
10
.1
Short-Term
Investment
473
2
.9
Total
investments
$
16,431
100
.0
%
TRADING
CURRENCIES
Dollar
values
in
thousands
Value
Percentage
of
Total
Investments
CHF
$
164
1
.0
%
EUR
1,665
10
.1
GBP
269
1
.6
HKD
272
1
.7
USD
14,061
85
.6
Total
investments
$
16,431
100
.0
%
60
Artisan
Partners
Funds
WRITTEN
OPTION
CONTRACTS
Dollar
values
in
thousands
except
exercise
price
Call
Options
Number
of
Contracts
Description
Exercise
Price
($)
Notional
Amount
($)
Expiration
Date
Premiums
Paid
(Received)
by
Fund
($)
Market
Value
($)
Unrealized
Appreciation
(Depreciation)
($)
2
Atmos
Energy
Corp.
145.00
31
08/15/25
(
1
)
(
2
)
(
1
)
2
CME
Group,
Inc.
260.00
55
09/19/25
(
2
)
(
4
)
(
2
)
2
CME
Group,
Inc.
310.00
55
12/19/25
(
2
)
(
1
)
1
5
Coca-Cola
Co.
(The)
77.50
35
11/21/25
(
2
)
(
1
)
1
14
Corebridge
Financial,
Inc.
36.00
50
08/15/25
(
2
)
(
2
)
^
1
Goldman
Sachs
Group,
Inc.
(The)
695.00
71
08/15/25
(
3
)
(
4
)
(
1
)
5
Otis
Worldwide
Corp.
100.00
50
11/21/25
(
2
)
(
3
)
(
1
)
5
Philip
Morris
International,
Inc.
155.00
91
09/19/25
(
4
)
(
15
)
(
11
)
5
Philip
Morris
International,
Inc.
175.00
91
11/21/25
(
5
)
(
9
)
(
4
)
1
Visa,
Inc.
340.00
36
09/19/25
(
2
)
(
3
)
(
1
)
1
Visa,
Inc.
380.00
36
12/19/25
(
1
)
(
1
)
^
Total
written
option
contracts
$
$
$
Total
written
option
contracts
(
26
)
(
45
)
(
19
)
Definitions
of
abbreviations
and
footnotes
are
detailed
on
pages
1-2.
See
notes
to
N-PORT
Part
F.
ARTISAN
PARTNERS
FUNDS
Notes
to
N-PORT
Part
F
June
30,
2025
(UNAUDITED)
61
Artisan
Partners
Funds
As
of
June
30,
2025,
Artisan
Partners
Funds,
Inc.
(“Artisan
Partners
Funds”)
is
a
series
company
comprised
of
twenty-one
series
and
follows
specialized
accounting
and
reporting
under
FASB
Accounting
Standards
Codification
Topic
946,
Financial
Services
Investment
Companies. 
(1)
Investments
in
Subsidiaries: 
Emerging
Markets
Debt
Opportunities
Fund
and
Global
Unconstrained
Fund
may
make
investments
in
securities,
derivatives
and
other
instruments,
directly
or
through
investments
in
Artisan
Emerging
Markets
Debt
Opportunities
Subsidiary
Ltd.
and
Artisan
Global
Unconstrained
Subsidiary
Ltd.,
respectively,
each
a
wholly
owned
subsidiary
of
the
respective
Fund
organized
under
the
laws
of
the
Cayman
Islands
(each
referred
to
herein
as
the
“Subsidiary”
or
collectively
the
“Subsidiaries”).
The
consolidated
Schedules
of
Investments
include
the
holdings
of
each
Fund
and
its
Subsidiary.
All
intercompany
transactions
and
balances
have
been
eliminated.
As
of
June
30,
2025,
Artisan
Emerging
Markets
Debt
Opportunities
Subsidiary
Ltd.
had
$7,066,384
in
net
assets,
representing
6.53%
of
Emerging
Markets
Debt
Opportunities
Fund’s
net
assets
and
Artisan
Global
Unconstrained
Subsidiary
Ltd.
had
$17,302,784
in
net
assets,
representing
4.47%
of
Global
Unconstrained
Fund’s
net
assets. 
(2)
Valuation: 
The
net
asset
value
(“NAV”)
of
the
shares
of
each
class
of
each
Fund
is
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
is
open
for
regular
session
trading.
For
financial
reporting
purposes,
information
available
subsequent
to
the
close
of
NYSE
trading
and
up
to
the
date
of
issuance
of
the Schedules
of
Investments is
considered
in
determining
a
fair
value
for
investments
held
in
each
Fund
and
the
resulting
NAV
presented. 
In
determining
each
Fund’s
NAV
for
financial
reporting
purposes,
each
equity
security
and
exchange
traded
fund
(“ETF”)
held
by
the
Fund
traded
on
a
securities
exchange,
or
over-the-counter
is
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
is
valued
using
(i)
the
closing
price
on
another
exchange
on
which
the
security
traded
(if
such
price
is
made
available
by
a
pricing
vendor)
or
(ii)
the
most
recent
bid
quotation
on
the
principal
exchange
or,
if
such
bid
is
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
is
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
are
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
are
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)
are
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
are
generally
evaluations
based
on
the
judgment
of
the
Funds’
pricing
vendors,
which
may
consider,
among
other
factors,
the
prices
at
which
securities
actually
trade,
broker-dealer
quotations,
pricing
formulas,
estimates
of
market
values
obtained
from
yield
data
relating
to
investments
or
securities
with
similar
characteristics
and/or
discounted
cash
flow
models
that
might
be
applicable. 
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
Notes
to
N-PORT
Part
F
62
Artisan
Partners
Funds
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. 
(3)
Fair
Value
Measurements: 
Under
US
GAAP
for
fair
value
measurement,
accounting
standards
clarify
the
definition
of
fair
value
for
financial
reporting,
establish
a
framework
for
measuring
fair
value
and
require
additional
disclosures
about
the
use
of
fair
value
measurements.
In
accordance
with
this
standard,
fair
value
is
defined
as
the
price
that
each
Fund
would
receive
upon
selling
an
asset
or
purchasing
a
liability
in
an
orderly
transaction
to/from
an
independent
buyer/seller
in
the
principal
or
most
advantageous
market
of
the
investment.
The
standard
establishes
a
three-tier
hierarchy
to
distinguish
between
(1)
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
an
asset
or
liability
developed
based
on
the
market
data
obtained
from
sources
independent
of
the
reporting
entity
(observable
inputs)
and
(2)
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
an
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances
(unobservable
inputs)
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Various
inputs
are
used
in
determining
the
value
of
the
Funds’
investments.
The
three-tier
hierarchy
of
inputs
is
summarized
in
three
broad
levels: 
Level
1
unadjusted
quoted
prices
in
active
markets
for
identical
investments 
Level
2
other
significant
observable
inputs
(including
but
not
limited
to
quoted
prices
for
similar
securities,
interest
rates,
credit
risks
and
securities
trading
primarily
outside
the
US
where
the
applicable
trading
market
was
closed
or
factors
were
applied
to
prices
as
a
result
of
significant
market
movements
following
the
close
of
local
trading) 
Level
3
significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
a
fair
value
of
investments
and
discounts
for
lack
of
marketability) 
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
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
June
30,
2025
(in
thousands).
Refer
to
each
Fund’s
Schedule
of
Investments
for
industry
or
country
classifications. 
Notes
to
N-PORT
Part
F
63
Artisan
Partners
Funds
Fund
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Developing
World
Assets
Description
Common
Stocks
Americas
$
1,491,238
$
$
$
1,491,238
Emerging
Markets
1,722,711
1,722,711
Europe
307,929
307,929
Pacific
Basin
508,647
508,647
Investment
Company
147,055
147,055
Total
Assets
4,177,580
4,177,580
0
Emerging
Markets
Debt
Opportunities
Assets
Description
Sovereign
Government
Bonds
55,539
55,539
Corporate
Bonds
18,541
1,579
20,120
Bank
Loans
5,455
5,455
Convertible
Bond
144
144
Common
Stock
(1)
(1)
Sovereign
Government
Treasury
Bills
12,641
12,641
U.S.
Treasury
Obligations
8,081
8,081
Investment
Company
3,058
3,058
Foreign
Currency
Forward
Contracts
(2)
852
852
Futures
Contracts
(2)
33
33
Centrally
Cleared
Interest
Rate
Swaps
(2)
659
659
Total
Assets
3,091
96,457
7,034
106,582
Liabilities
Description
Foreign
Currency
Forward
Contracts
(2)
(777
)
(777
)
Futures
Contracts
(2)
(289
)
(289
)
Centrally
Cleared
Interest
Rate
Swaps
(2)
(181
)
(181
)
Total
Liabilities
(289
)
(958
)
(1,247
)
Total
2,802
95,499
7,034
105,335
0
Floating
Rate
Assets
Description
Bank
Loans
78,459
78,459
Corporate
Bonds
3,579
3,579
Common
Stocks
624
624
Preferred
Stock
64
64
Warrant
(1)
(1)
Investment
Company
5,714
5,714
Total
Assets
5,714
82,726
(1)
88,440
0
Focus
Assets
Description
Common
Stocks
1,164,571
1,164,571
Options
Purchased
36,563
36,563
Investment
Company
13,628
13,628
Foreign
Currency
Forward
Contracts
(2)
1,785
1,785
OTC
Total
Return
Swap
Contracts
(2)
19,593
19,593
Total
Assets
1,214,762
21,378
1,236,140
Liabilities
Description
Foreign
Currency
Forward
Contracts
(2)
(9,748
)
(9,748
)
Total
Liabilities
(9,748
)
(9,748
)
Total
1,214,762
11,630
1,226,392
0
Global
Discovery
Assets
Description
Common
Stocks
Americas
140,627
140,627
Notes
to
N-PORT
Part
F
64
Artisan
Partners
Funds
Fund
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Global
Discovery
(continued)
Assets
Description
(continued)
Europe
$
80,924
$
$
$
80,924
Pacific
Basin
8,339
8,339
Investment
Company
9,848
9,848
Total
Assets
239,738
239,738
0
Global
Equity
Assets
Description
Common
Stocks
Americas
35,004
35,004
Emerging
Markets
49,472
(1)
49,472
Europe
82,109
82,109
Pacific
Basin
9,235
9,235
Right
Emerging
Markets
93
93
Investment
Company
5,917
5,917
Total
Assets
181,737
93
(1)
181,830
0
Global
Opportunities
Assets
Description
Common
Stocks
Americas
1,231,378
1,231,378
Emerging
Markets
117,546
117,546
Europe
542,644
542,644
Pacific
Basin
106,002
106,002
Investment
Company
70,557
70,557
Total
Assets
2,068,127
2,068,127
0
Global
Unconstrained
Assets
Description
Sovereign
Government
Bonds
173,769
173,769
Corporate
Bonds
58,604
7,337
65,941
Common
Stocks
18,083
(1)
18,083
Bank
Loans
16,108
16,108
Exchange
Traded
Fund
5,569
5,569
Closed
End
Fund
773
773
Convertible
Bond
347
347
Warrant
110
110
Sovereign
Government
Treasury
Bills
56,123
56,123
U.S.
Treasury
Obligations
21,773
21,773
Repurchase
Agreements
20,431
20,431
Investment
Company
9,715
9,715
Foreign
Currency
Forward
Contracts
(2)
1,462
1,462
Futures
Contracts
(2)
217
217
Centrally
Cleared
Credit
Default
Swaps
(2)
270
270
Centrally
Cleared
Interest
Rate
Swaps
(2)
428
428
OTC
Credit
Default
Swaps
(2)
1
1
Total
Assets
34,357
333,208
23,555
391,120
Liabilities
Description
Common
Stock
(1,236
)
(1,236
)
Sovereign
Government
Bonds
(9,007
)
(9,007
)
Exchange
Traded
Fund
(9,043
)
(
9,043
)
Corporate
Bonds
(11,042
)
(11,042
)
Foreign
Currency
Forward
Contracts
(2)
(4,694
)
(4,694
)
Futures
Contracts
(2)
(707
)
(707
)
Centrally
Cleared
Credit
Default
Swaps
(2)
(2,100
)
(2,100
)
Centrally
Cleared
Interest
Rate
Swaps
(2)
(409
)
(409
)
Notes
to
N-PORT
Part
F
65
Artisan
Partners
Funds
Fund
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Global
Unconstrained
(continued)
Liabilities
Description
(continued)
OTC
Credit
Default
Swaps
(2)
$
$
(21
)
$
$
(21
)
OTC
Interest
Rate
Swaps
(2)
(102
)
(102
)
Total
Liabilities
(10,986
)
(27,375
)
(38,361
)
Total
23,371
305,833
23,555
352,759
0
Global
Value
Assets
Description
Common
Stocks
Americas
1,535,863
1,535,863
Emerging
Markets
98,699
98,699
Europe
1,009,993
1,009,993
Investment
Company
128,277
128,277
Foreign
Currency
Forward
Contracts
(2)
1,168
1,168
Total
Assets
2,772,832
1,168
2,774,000
Liabilities
Description
Foreign
Currency
Forward
Contracts
(2)
(1,497
)
(1,497
)
Total
Liabilities
(1,497
)
(1,497
)
Total
2,772,832
(329
)
2,772,503
0
High
Income
Assets
Description
Corporate
Bonds
6,543,209
6,543,209
Bank
Loans
2,413,416
2,413,416
Common
Stocks
52,897
52,897
Preferred
Stock
1,902
1,902
Warrant
(1)
(1)
Investment
Company
825,432
825,432
Foreign
Currency
Forward
Contracts
(2)
31
31
Total
Assets
825,432
9,011,455
(1)
9,836,887
Liabilities
Description
Foreign
Currency
Forward
Contracts
(2)
(568
)
(568
)
Total
Liabilities
(568
)
(568
)
Total
825,432
9,010,887
(1)
9,836,319
0
International
Assets
Description
Common
Stocks
Americas
323,867
323,867
Emerging
Markets
1,065,667
(1)
1,065,667
Europe
3,767,499
3,767,499
Pacific
Basin
445,944
445,944
Right
Emerging
Markets
2,422
2,422
Investment
Company
90,857
90,857
Total
Assets
5,693,834
2,422
(1)
5,696,256
0
International
Explorer
Assets
Description
Common
Stocks
Americas
31,677
31,677
Emerging
Markets
23,354
23,354
Europe
165,814
165,814
Pacific
Basin
60,021
60,021
Corporate
Bond
Europe
4,130
4,130
Notes
to
N-PORT
Part
F
66
Artisan
Partners
Funds
Fund
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
International
Explorer
(continued)
Assets
Description
(continued)
Investment
Company
$
47,159
$
$
$
47,159
Total
Assets
328,025
4,130
332,155
0
International
Small-Mid
Assets
Description
Common
Stocks
Americas
711,436
711,436
Emerging
Markets
250,098
250,098
Europe
1,894,349
1,894,349
Middle
East
243,966
243,966
Pacific
Basin
691,377
691,377
Investment
Company
17,661
17,661
Total
Assets
3,808,887
3,808,887
0
International
Value
Assets
Description
Common
Stocks
Americas
9,131,483
9,131,483
Emerging
Markets
4,722,511
16,058
144,670
4,883,239
Europe
19,114,402
1,378,843
20,493,245
Pacific
Basin
289,881
289,881
Investment
Company
3,546,760
3,546,760
Miscellaneous
Securities
590,348
590,348
Foreign
Currency
Forward
Contracts
(2)
10,933
10,933
Total
Assets
37,395,385
1,405,834
144,670
38,945,889
Liabilities
Description
Foreign
Currency
Forward
Contracts
(2)
(23,822
)
(23,822
)
Total
Liabilities
(23,822
)
(23,822
)
Total
37,395,385
1,382,012
144,670
38,922,067
0
Mid
Cap
Assets
Description
Common
Stocks
3,746,752
3,746,752
Investment
Company
37,220
37,220
Total
Assets
3,783,972
3,783,972
0
Mid
Cap
Value
Assets
Description
Common
Stocks
1,016,052
(1)
1,016,052
Investment
Company
13,510
13,510
Total
Assets
1,029,562
(1)
1,029,562
0
Select
Equity
Assets
Description
Common
Stocks
62,690
62,690
Investment
Company
3,408
3,408
Foreign
Currency
Forward
Contracts
(2)
38
38
Total
Assets
66,098
38
66,136
Liabilities
Description
Foreign
Currency
Forward
Contracts
(2)
(46
)
(46
)
Total
Liabilities
(46
)
(46
)
Total
66,098
(8
)
66,090
0
Notes
to
N-PORT
Part
F
67
Artisan
Partners
Funds
Fund
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Small
Cap
Assets
Description
Common
Stocks
$
1,087,789
$
$
$
1,087,789
Investment
Company
15,327
15,327
Total
Assets
1,103,116
1,103,116
0
Sustainable
Emerging
Markets
Assets
Description
Common
Stocks
Americas
1,839
1,839
Emerging
Markets
253,602
1,427
(1)
255,029
Europe
5,359
5,359
Pacific
Basin
6,010
6,010
Warrant
Emerging
Markets
2,888
2,888
Total
Assets
266,810
4,315
(1)
271,125
0
Value
Assets
Description
Common
Stocks
311,440
311,440
Investment
Company
10,226
10,226
Total
Assets
321,666
321,666
0
Value
Income
Assets
Description
Common
Stocks
15,241
15,241
Corporate
Bonds
377
377
Preferred
Stock
266
266
Convertible
Bond
74
74
Investment
Company
473
473
Total
Assets
15,980
451
16,431
Liabilities
Description
Written
Options
(45
)
(45
)
Total
Liabilities
(45
)
(45
)
Total
15,935
451
16,386
(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).
Notes
to
N-PORT
Part
F
68
Artisan
Partners
Funds
Information
about
Level
3
fair
value
measurements
(dollar
values
in
thousands): 
.
Assets
Fair
Value
at
June
30,
2025
Valuation
Technique
Unobservable
Input(s)
Range
Weighted
Average
Impact
to
Fair
Value
from
an
Increase
in
Input
Emerging
Markets
Debt
Opportunities
Corporate
Bond
$
1,579
Market
comparable(s)
Model-derived
based
on
yield
driven
by
option-
adjusted
spread
of
comparables
21.37%
21.37%
Increase
Common
Stock
(1)
Cost
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
Bank
Loans
1,931
Broker
quote
Single
broker
quote
$90.00
-
$98.50
$96.32
Increase
Bank
Loans
3,524
Market
Comparable(s)
Model-derived
based
on
change
in
option-
adjusted
spread
of
comparables
(33.34)%
-
1.29%
(13.16)%
Increase
Total
7,034
Floating
Rate
Warrant
(1)
Cost
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
Global
Equity
Common
Stock
(1)
Last
quote
in
a
restricted
market
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
Global
Unconstrained
Common
Stock
(1)
Cost
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
Bank
Loans
3,001
Broker
quote
Single
broker
quote
$90.00
-
$98.50
$96.62
Increase
Bank
Loans
13,107
Market
Comparable(s)
Model-derived
based
on
change
in
option-
adjusted
spread
of
comparables
(33.34)%
-
1.29%
(15.56)%
Increase
Corporate
Bond
7,337
Market
comparable(s)
Model-derived
based
on
yield
driven
by
option-
adjusted
spread
of
comparables
21.37%
21.37%
Increase
Warrant
110
Broker
quote
Single
broker
quote
$7.40
$7.40
Increase
Total
23,555
High
Income
Warrant
(1)
Cost
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
International
Common
Stock
(1)
Last
quote
in
a
restricted
market
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
International
Explorer
Corporate
Bond
4,130
Mark-to-Model
approach
Transaction
date
and
price
$85.00
$85.00
Increase
International
Value
Common
Stock
144,670
Mark-to-Model
approach
Collateral
Income
Net
Earned
Premiums
Profit
Commission
Losses
$13,626
-
$15,229
$108,393
-
$109,889
$(6,415)
-
$(6,726)
$(74,424)
-
$(74,929)
$14,428
$109,141
$(6,571)
$(74,677)
Increase
Increase
Increase
Increase
Mid
Cap
Value
Common
Stock
(1)
Cost
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
Sustainable
Emerging
Markets
Common
Stock
(1)
Last
quote
in
a
restricted
market
100%
discount
for
uncertainty
of
liquidation
value
N/A
N/A
N/A
(1)
Includes
one
or
more
securities
valued
at
$0.
Notes
to
N-PORT
Part
F
69
Artisan
Partners
Funds
(4)
Transactions
in
Securities
of
Affiliates: 
The
table
below
shows
information
about
securities
of
Fund
“affiliates”
(as
defined
below)
that
were
held
by
a
Fund,
purchased
or
sold
by
a
Fund,
or
from
which
dividends
were
received
by
a
Fund
during
the
period
ended
June
30,
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
June
30,
2025. 
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)
316
1,097
Purchases
4,910
19,981
Sales
(850
)
(1,121
)
Accrued
Amortization
(2)
(2)
Realized
Gain/Loss
(98
)
(132
)
Transfers
out
of
Level
3
Balance
as
of  June
30,
2025
$
7,034
$
(1)
$
(1)
$
23,555
$
(1)
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
held
as
of  June
30,
2025
$
270
$
$
$
1,036
$
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)
310
(2,050
)
Purchases
3,622
Sales
Accrued
Amortization
198
Realized
Gain/Loss
Transfers
out
of
Level
3
Balance
as
of  June
30,
2025
$
(1)
$
4,130
$
144,670
$
(1)
$
(1)
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
held
as
of  June
30,
2025
$
$
310
$
(2,050
)
$
$
(1)
Includes
one
or
more
securities
valued
at
$0.
(2)
Amount
rounds
to
less
than
$1
As
of
9/30/2024
Net
Net
Net
Net
Increase
(Decrease)
in
Unrealized  
As
of
6/30/2025
Funds
Shares
Balance
Value
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gain
(Loss)
Appreciation
or
Depreciation
Share
Balance
Value
Dividend
Income
@
International
Explorer
M&C
Saatchi
plc
6,358
$
15,472
$
3,545
$
(5,861)
$
(642)
$
1,168
5,151
$
13,682
$
133
Total
#
$15,472
$3,545
$(5,861)
$(642)
$1,168
$—
$133
International
Value
Barry
Callebaut
AG
260
480,483
341,436
(236,816)
537
585,103
10,090
Berkeley
Group
Holdings
plc
5,739
362,130
75,948
(51,882)
7,289
386,196
2,984
Brenntag
SE
9,844
733,975
283,706
(61,199)
14,448
956,482
28,134
ICON
plc*
911,800
(130,805)
5,370
780,995
Koninklijke
Philips
NV
45,331
1,484,541
271,334
(397,003)
56,521
1,358,872
43,194
Sensata
Technologies
Holding
plc
9,305
333,662
52,079
(50,084)
11,148
335,657
3,603
Total
$3,394,791
$1,936,303
$—
$—
$(927,789)
$4,403,305
$88,005
@
Net
of
foreign
taxes
withheld,
if
any.
Issuer
was
not
an
affiliate
as
of
June
30,
2025.
#
Total
value
as
of
June
30,
2025
is
presented
only
for
those
issuers
that
were
affiliates
as
of
June
30,
2025.
Issuer
was
not
an
affiliate
as
of
September
30,
2024.
*
Non-income
producing
security.