NPORT-EX 2 d416653d8k.htm HTML

ARTISAN PARTNERS FUNDS, INC

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

for the 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, 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/descriptions

 

ADR    American Depositary Receipt
BOA    Bank of America
BUBOR    Budapest Interbank Offered Rate
CDI    Certificate of Interbank Deposit
CITI    Citibank, N.A.
ETF    Exchange Traded Fund
GDR    Global Depositary Receipt
ICE    Intercontinental Exchange
JIBAR    Johannesburg Interbank Average Rate
JPM    JPMorganChase Bank, N.A.
LIBOR    London Interbank Offered Rate
NYRS    New York Registry Shares
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 a liquidation preference.
PRIBOR    Prague Interbank Offered Rate
SCB    Standard Chartered Bank
SOFR    Secured Overnight Financing Rate
SPDR    Standard & Poor’s Depository Receipts
TIIE    Mexican Interbank Equilibrium Interest Rate
THOR    Thai Overnight Repurchase Rate
UBS AG    Union Bank of Switzerland
WIBOR    Warsaw Interbank Offer Rate

 

Currency abbreviations

 

AED    Emirati dirham    KRW    Korean won
AUD    Australian dollar    KZT    Kazakhstan tenge
BRL    Brazilian real    MXN    Mexican peso
CAD    Canadian dollar    MYR    Malaysia ringgit
CHF    Swiss franc    NOK    Norwegian krone
CLP    Chilean peso    PEN    Peruvian nuevo sol
CNY    Chinese yuan    PLN    Polish zloty
CZK    Czech koruna    RON    Romanian leu
DKK    Danish krone    RUB    Russian Ruble
DOP    Dominican peso    RSD    Serbian dinar
EUR    Euro    SEK    Swedish krona
GEL    Georgian lari    SGD    Singapore dollar
GBP    British pound    THB    Thailand baht
HKD    Hong Kong dollar    TWD    New Taiwan dollar
HUF    Hungarian forint    UGX    Ugandan shilling
IDR    Indonesian rupiah    USD    U.S. dollar
ILS    Israel new shekel   

UYU

  

Uruguayan peso

INR    Indian rupee   

UZS

  

Uzbekistani som

ISK    Iceland krona   

VND

  

Vietnamese dong

JPY    Japanese yen   

ZAR

  

South African rand

KES    Kenyan shilling      


Artisan Developing World Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 98.9%

     

Brazil - 8.9%

     

MercadoLibre, Inc. *

     218      $ 184,574  

NU Holdings Ltd., Class A *

     21,253        86,499  
     

 

 

 
        271,073  
     

 

 

 

China - 24.9%

     

Bilibili, Inc., ADR *

     3,237        76,689  

JD Health International, Inc. *(1)

     7,039        64,373  

Kanzhun Ltd., ADR *

     1,722        35,087  

KE Holdings, Inc., ADR *

     5,736        80,068  

Kweichow Moutai Co. Ltd., Class A (1)

     388        96,028  

Meituan, Class B *(1)

     6,490        143,494  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (1)

     1,592        72,282  

Tencent Holdings Ltd. (1)

     1,666        70,796  

Wuxi Biologics Cayman, Inc. *(1)

     11,077        85,040  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (1)

     850        35,264  
     

 

 

 
        759,121  
     

 

 

 

France - 5.4%

     

Hermes International (1)

     22        34,131  

LVMH Moet Hennessy Louis Vuitton SE (1)

     130        94,171  

Sartorius Stedim Biotech (1)

     107        34,974  
     

 

 

 
        163,276  
     

 

 

 

India - 3.1%

     

HDFC Bank Ltd., ADR

     1,397        95,596  
     

 

 

 

Netherlands - 7.7%

     

Adyen NV *(1)

     104        144,262  

ASML Holding NV, NYRS

     167        91,263  
     

 

 

 
        235,525  
     

 

 

 

Russia - 0.0%

     

Yandex NV, Class A *(1)(2)(3)

     1,677        —    
     

 

 

 

Singapore - 7.0%

     

Grab Holdings Ltd., Class A *

     10,599        34,127  

Sea Ltd., ADR *

     3,432        178,544  
     

 

 

 
        212,671  
     

 

 

 

United States - 41.9%

     

Airbnb, Inc., Class A *

     2,331        199,260  

Align Technology, Inc. *

     293        61,873  

Crowdstrike Holdings, Inc., Class A *

     1,419        149,363  

Estee Lauder Cos., Inc. (The), Class A

     296        73,339  

Mastercard, Inc., Class A

     102        35,404  

Netflix, Inc. *

     319        94,119  

NVIDIA Corp.

     1,257        183,770  

Snap, Inc., Class A *

     8,590        76,878  

Snowflake, Inc., Class A *

     508        72,892  

Unity Software, Inc. *

     3,168        90,580  

Veeva Systems, Inc., Class A *

     557        89,956  

Visa, Inc., Class A

     723        150,161  
     

 

 

 
        1,277,595  
     

 

 

 

Total common stocks (Cost $2,721,185)

        3,014,857  
     

 

 

 

Total investments - 98.9% (Cost $2,721,185)

        3,014,857  

Other assets less liabilities - 1.1%

        34,735  
     

 

 

 

Total net assets - 100.0% #

      $ 3,049,592  
     

 

 

 

 

(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 $874,815, or 28.7% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan Developing World Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(3) 

Security is restricted.

 

Security

   Acquisition Dates      Cost      Value      Percentage of
Total Net Assets
 

Yandex NV

     10/13/2016 - 01/25/2022      $ 48,814      $ —          0.0

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 532,113        17.7

Consumer Discretionary

     720,003        23.9

Consumer Staples

     169,367        5.6

Financials

     182,095        6.0

Health Care

     379,389        12.6

Industrials

     34,127        1.1

Information Technology

     917,695        30.4

Real Estate

     80,068        2.7
  

 

 

    

 

 

 

Total investments

   $ 3,014,857        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

CNY

   $ 203,574        6.7

EUR

     307,538        10.2

HKD

     363,703        12.1

USD

     2,140,042        71.0
  

 

 

    

 

 

 

Total investments

   $ 3,014,857        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Emerging Markets Debt Opportunities Fund

Schedule of Investments

December 31, 2022 (Unaudited)

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

 

     Principal
Amount
       Value  

SOVEREIGN GOVERNMENT BONDS - 69.9%

 

Albania - 1.3%

 

Republic of Albania 3.50%, 10/9/2025

   EUR  300        $ 298  

Angola - 2.7%

       

Republic of Angola

       

(ICE LIBOR USD 6 Month + 7.50%), 12.64%, 7/1/2023 (1)

     458          459  

6.93%, 2/19/2027

     186          169  
       

 

 

 
          628  
       

 

 

 

Armenia - 1.0%

       

Republic of Armenia 3.60%, 2/2/2031

     290          230  

Benin - 3.3%

       

Benin Government Bond 4.88%, 1/19/2032

   EUR  930          771  

Cameroon - 2.5%

       

Republic of Cameroon 9.50%, 11/19/2025

     600          581  

Colombia - 1.8%

       

Republic of Colombia 2.63%, 3/15/2023

     425          422  

Croatia - 1.8%

       

Republic of Croatia 1.75%, 3/4/2041

   EUR  580          437  

Dominican Republic - 6.9%

       

Dominican Republic Government Bond

       

8.90%, 2/15/2023

   DOP  39,950          705  

11.50%, 5/10/2024

   DOP  3,700          66  

6.88%, 1/29/2026

     100          101  

9.75%, 6/5/2026

   DOP  16,000          272  

4.88%, 9/23/2032

     300          249  

5.30%, 1/21/2041

     150          116  

5.88%, 1/30/2060

     150          110  
       

 

 

 
          1,619  
       

 

 

 

Egypt - 2.7%

       

Arab Republic of Egypt

       

4.75%, 4/11/2025

   EUR  400          381  

8.75%, 9/30/2051

     400          268  
       

 

 

 
          649  
       

 

 

 

El Salvador - 0.5%

       

Republic of El Salvador 7.75%, 1/24/2023

     120          116  

Georgia - 1.9%

       

Republic of Georgia 8.13%, 1/25/2023

   GEL  1,220          451  

Indonesia - 4.0%

       

Republic of Indonesia

       

6.38%, 4/15/2032

   IDR  4,100,000          253  

8.25%, 5/15/2036

   IDR  9,854,000          690  
       

 

 

 
          943  
       

 

 

 

Iraq - 4.4%

 

Republic of Iraq

       

6.75%, 3/9/2023

   $ 400          394  

5.80%, 1/15/2028

     698          642  
       

 

 

 
          1,036  
       

 

 

 

Ivory Coast - 1.7%

       

Republic of Cote d’Ivoire 5.25%, 3/22/2030

   EUR  445          401  

Kenya - 0.8%

       

Republic of Kenya 6.88%, 6/24/2024

     200          184  

Macedonia - 3.9%

       

Republic of North Macedonia

       

5.63%, 7/26/2023

   EUR  748          799  

2.75%, 1/18/2025

   EUR  120          119  
       

 

 

 
          918  
       

 

 

 

Mongolia - 1.7%

       

State of Mongolia 8.75%, 3/9/2024

     415          399  

Nigeria - 2.8%

       

Federal Republic of Nigeria

       

7.63%, 11/21/2025 (2)

     521          479  

9.25%, 1/21/2049

     232          173  
       

 

 

 
          652  
       

 

 

 

Papua New Guinea - 1.1%

       

Papua New Guinea Government International Bond 8.38%, 10/4/2028

     300          260  

Paraguay - 0.8%

       

Republic of Paraguay 4.63%, 1/25/2023

     205          203  

Peru - 4.5%

       

Bonos de la Tesoreria 6.15%, 8/12/2032

   PEN  4,650          1,075  

Romania - 7.6%

       

Romania Government Bond

       

2.88%, 5/26/2028

   EUR  280          259  

6.63%, 9/27/2029 (2)

   EUR  190          204  

3.62%, 5/26/2030

   EUR  660          576  

Series 10Y, 8.25%, 9/29/2032

   RON  2,710          588  

4.63%, 4/3/2049

   EUR  200          155  
       

 

 

 
          1,782  
       

 

 

 

Serbia - 6.6%

       

Republic of Serbia

       

2.00%, 4/6/2023

   RSD  89,800          812  

1.50%, 6/26/2029

   EUR  195          149  

1.65%, 3/3/2033

   EUR  905          586  
       

 

 

 
          1,547  
       

 

 

 


Artisan Emerging Markets Debt Opportunities Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

Uzbekistan - 3.6%

 

Republic of Uzbekistan 14.50%, 11/25/2023

   UZS  10,000,000          862  
       

 

 

 

Total Sovereign Government Bonds (Cost $16,444)

 

       16,464  
       

 

 

 

CORPORATE BONDS - 11.3%

       

Brazil - 2.1%

       

MC Brazil Downstream Trading SARL 7.25%, 6/30/2031

   $ 300          247  

Unigel Luxembourg SA 8.75%, 10/1/2026

     253          252  
       

 

 

 
       499  
       

 

 

 

Chile - 1.0%

       

ATP Tower Holdings LLC 4.05%, 4/27/2026 (2)

     270          238  
       

 

 

 

China - 0.5%

       

CAR, Inc. 9.75%, 3/31/2024

     128          110  
       

 

 

 

Colombia - 2.8%

       

Aris Mining Corp. 6.88%, 8/9/2026

     277          216  

EnfraGen Energia Sur SA 5.38%, 12/30/2030

     280          196  

Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025

     275          240  
       

 

 

 
       652  
       

 

 

 

Czech Republic - 0.4%

       

Energo-Pro A/S 4.50%, 5/4/2024

   EUR 100          100  
       

 

 

 

Georgia - 0.9%

       

Georgia Capital JSC 6.13%, 3/9/2024

     225          213  
       

 

 

 

Mexico - 1.0%

       

Electricidad Firme de Mexico Holdings SA de CV 4.90%, 11/20/2026

     277          243  
       

 

 

 

Nigeria - 1.0%

       

SEPLAT Energy plc 7.75%, 4/1/2026

     285          225  
       

 

 

 

Peru - 0.7%

       

PetroTal Corp. 12.00%, 2/16/2024

     150          151  
       

 

 

 

Tanzania - 0.9%

       

HTA Group Ltd. 7.00%, 12/18/2025 (2)

     240          221  
       

 

 

 

Total corporate bonds (Cost $2,684)

          2,652  
       

 

 

 

SHORT-TERM INVESTMENTS - 13.3%

 

SOVEREIGN GOVERNMENT TREASURY BILL - 2.8%

 

Banco Central del Uruguay 5.13%, 1/4/2023 (Cost $665) (3)

   UYU  27,000          675  
       

 

 

 

U.S. TREASURY OBLIGATIONS - 7.6%

       

U.S. Treasury Bills 3.66%, 1/3/2023 (3)

     900          900  

U.S. Treasury Bills 4.10%, 2/28/2023 (3)

     900          894  
       

 

 

 

Total U.S. Treasury Obligations (Cost $1,794)

 

       1,794  
       

 

 

 
     Shares Held           

INVESTMENT COMPANIES - 2.9%

       

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04%230

 

       230  

Federated Treasury Obligations Fund - Institutional Class, 4.15%223

 

       223  

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.18%223

 

       223  
       

 

 

 

Total investment companies (Cost $676)

 

       676  
       

 

 

 

Total short-term investments (Cost $3,135)

 

       3,145  
       

 

 

 

Total investments - 94.5% (Cost $22,263)

 

       22,261  

Other assets less liabilities - 5.5%

 

       1,293  
       

 

 

 

Total net assets - 100.0% #

 

     $ 23,554  
       

 

 

 

 

(1) 

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022.


Artisan Emerging Markets Debt Opportunities Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

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

(3) 

Yield to maturity.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Energy

   $ 963        4.3

Financials

     213        1.0

Foreign Government Securities

     16,464        73.9

Industrials

     569        2.6

Materials

     468        2.1

Utilities

     439        2.0

Short-Term Investment

     3,145        14.1
  

 

 

    

 

 

 

Total investments

   $ 22,261        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

DOP

   $ 1,043        4.7

EUR

     5,235        23.5

GEL

     451        2.0

IDR

     943        4.2

PEN

     1,075        4.8

RON

     588        2.7

RSD

     812        3.7

USD

     10,577        47.5

UYU

     675        3.0

UZS

     862        3.9
  

 

 

    

 

 

 

Total investments

   $ 22,261        100.0
  

 

 

    

 

 

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased

     Currency Sold      Counterparty    Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

HUF

     641,534        EUR       1,551      SCB      1/3/2023      $ 59  

IDR**

     4,013,621        USD       255      CITI      1/3/2023        3  

BRL**

     5,156        USD       951      CITI      1/4/2023        25  

USD

     986        BRL **      5,156      CITI      1/4/2023        9  

PEN**

     4,091        USD       1,073      CITI      1/6/2023        4  

PLN

     4,742        EUR       996      SCB      1/23/2023        13  

KZT**

     410,890        USD       854      SCB      2/9/2023        25  

RON

     775        EUR       156      JPM      2/13/2023        —  

EUR

     90        USD       95      SCB      3/15/2023        1  

CZK

     16,000        EUR       652      SCB      3/20/2023        4  

HUF

     641,534        EUR       1,554      SCB      4/3/2023        3  

RSD

     38,442        EUR       321      JPM      4/28/2023        4  

UZS**

     567,859        USD       49      JPM      5/4/2023        2 (1) 

KES**

     123,000        USD       901      SCB      12/6/2023        62  
                

 

 

 

Total unrealized appreciation

 

     214  
                

 

 

 


Artisan Emerging Markets Debt Opportunities Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Currency Purchased

     Currency Sold      Counterparty    Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

EUR

     1,604      HUF     641,534      SCB      1/3/2023      $ (3

USD

     257      IDR**     4,013,621      CITI      1/3/2023        (1

USD

     1,064      PEN**     4,091      CITI      1/6/2023        (13

USD

     611      RON     2,858      JPM      1/9/2023        (7

MXN

     11,447      USD     587      SCB      1/31/2023        (3

BRL**

     5,156      USD     978      CITI      2/2/2023        (7

USD

     1,070      PEN**     4,091      CITI      2/6/2023        (4

RON

     7,965      EUR     1,604      JPM      2/13/2023        (1

USD

     6,209      EUR     5,832      SCB      3/15/2023        (64

USD

     268      IDR**     4,200,000      CITI      5/23/2023        (1

USD

     254      IDR**     4,013,621      CITI      6/30/2023        (3
                

 

 

 

Total unrealized depreciation

 

     (107
                

 

 

 

Net unrealized appreciation

 

   $ 107  
                

 

 

 

 

** 

Non-deliverable.

(1) 

Valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

FUTURES CONTRACTS

Dollar values in thousands

Description

   No. of
Contracts
    Expiration
Date
     Trading
Currency
     Notional 
Amount
    Notional 
Value
    Unrealized
Appreciation/
(Depreciation)
 

Short Positions Contracts

 

Euro-Bobl

     (16     3/8/2023        EUR      $ (1,600   $ (1,982   $ 59  

Euro-Bund

     (15     3/8/2023        EUR        (1,500     (2,134     116  

Euro-Schatz

     (11     3/8/2023        EUR        (1,100     (1,241     13  

U.S. Treasury 2 Year Note

     (22     3/31/2023        USD        (4,400     (4,512     (5

U.S. Treasury 5 Year Note

     (6     3/31/2023        USD        (600     (648     2  

U.S. Treasury 10 Year Note

     (10     3/22/2023        USD        (1,000     (1,123     6  

U.S. Treasury Long Bond

     (3     3/22/2023        USD        (300     (376     3  
              

 

 

 

Net unrealized appreciation

 

       $ 194  
              

 

 

 


Artisan Emerging Markets Debt Opportunities Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Centrally Cleared Credit Default Swap-Sell Protection

(Dollar values in thousands)

 

Reference Entity

   Financing Rate
(Paid) / Received
by the Fund (%)
     Frequency of
Payments
Made/Received
   Termination
Date
     Notional
Amount
     Upfront
(Payments)
Receipts ($)
    Unrealized
Appreciation
(Depreciation) ($)
     Value ($)  

Republic of South Africa

     1.00      Quarterly      6/20/2023        USD 205        (1     2        1  
              

 

 

   

 

 

    

 

 

 

Total

 

     (1     2        1  
              

 

 

   

 

 

    

 

 

 

Centrally Cleared Interest Rate Swaps

(Values in thousands)

 

Floating Rate Index

(Frequency)                 

   Fixed Rate (%)
(Frequency)
   Fund
Pays/
Receives

Floating
Rate
     Termination
Date
     Notional Amount      Upfront
Payments
(Receipts)

($)
    Unrealized
Appreciation
(Depreciation)

($)
    Value ($)  

1 day CDI at termination

   12.70 at termination      Pay        1/3/2028        BRL 2,100        —         4       4  
              

 

 

   

 

 

   

 

 

 

Total unrealized appreciation

 

           —         4       4  
              

 

 

   

 

 

   

 

 

 

4 week TIIE monthly

   8.55 monthly      Pay        4/2/2027        MXN 13,500        —         (8     (8

4 week TIIE monthly

   8.65 monthly      Pay        5/17/2032        MXN 8,570        —         (3     (3

4 week TIIE monthly

   8.73 monthly      Pay        6/21/2032        MXN 7,200        —         —       —  

4 week TIIE monthly

   8.72 monthly      Pay        9/1/2032        MXN 9,900        (5     4       (1

4 week TIIE monthly

   8.70 monthly      Pay        11/25/2027        MXN 8,500        —         (2     (2

3 month JIBAR quarterly

   8.93 quarterly      Pay        11/30/2032        ZAR 4,550        —         (5     (5

1 day CDI at termination

   11.39 at termination      Pay        1/2/2032        BRL 640        —         (12     (12

1 day CDI at termination

   11.29 at termination      Pay        1/2/2032        BRL 750        —         (15     (15

1 day CDI at termination

   11.41 at termination      Pay        1/2/2026        BRL 3,950        —         (27     (27

1 day CDI at termination

   11.44 at termination      Pay        1/3/2028        BRL 2,400        —         (24     (24
              

 

 

   

 

 

   

 

 

 

Total unrealized depreciation

 

           (5     (92     (97
              

 

 

   

 

 

   

 

 

 

Total

 

     (5     (88     (93
              

 

 

   

 

 

   

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Floating Rate Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

 

     Principal
Amount
     Value  

BANK LOANS - 79.3%

     

Auto Parts & Equipment - 0.5%

     

Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 8.82%, 5/11/2028 (1)

   $ 343      $ 230  
     

 

 

 

Building Materials - 0.8%

     

CP Atlas Buyer, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 11/23/2027 (1)

     410        358  
     

 

 

 

Chemicals - 1.0%

     

Iris Holding, Inc. First Lien Term Loan (SOFR + 4.75%), 8.94%, 6/28/2028 (1)

     499        452  
     

 

 

 

Commercial Services - 14.3%

     

Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%),
9.63%, 12/21/2028 (1)

     576        493  

Employbridge Holding Co. First Lien Term Loan B

     

(ICE LIBOR USD 3 Month + 4.75%, 9.48%, 7/19/2028 (1)

     15        12  

(ICE LIBOR USD 3 Month + 4.75%, 9.49%, 7/19/2028 (1)

     1,480        1,200  

KUEHG Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 8.48%, 2/21/2025 (1)

     2,405        2,304  

National Intergovernmental Purchasing Alliance Co. First Lien Term Loan (SOFR + 3.50%),
8.08%, 5/23/2025 (1)

     363        357  

National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (SOFR + 7.50%),
12.08%, 5/26/2026 (1)

     315        309  

Neptune BidCo US, Inc. First Lien Term Loan B (SOFR + 5.00%), 8.82%, 4/11/2029 (1)

     857        763  

Spin Holdco, Inc. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 8.77%, 3/4/2028 (1)

     750        630  

Trans Union LLC First Lien Term Loan B5 (ICE LIBOR USD 1 Month + 1.75%), 6.13%, 11/16/2026 (1)

     743        732  
     

 

 

 
        6,800  
     

 

 

 

Diversified Financial Services - 3.8%

     

Advisor Group Holdings, Inc. First Lien Term Loan B1 (ICE LIBOR USD 1 Month + 4.50%), 8.88%, 7/31/2026 (1)

     118        116  

Edelman Financial Engines Center LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 4/7/2028 (1)

     638        594  

Edelman Financial Engines Center LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 11.13%, 7/20/2026 (1)

     1,250        1,120  
     

 

 

 
        1,830  
     

 

 

 

Entertainment - 3.2%

     

Formula One Management Ltd. First Lien Term Loan B (SOFR + 3.25%), 7.57%, 1/15/2030 (1)

     1,500        1,498  
     

 

 

 

Food - 4.3%

     

B&G Foods, Inc. First Lien Term Loan B4 (ICE LIBOR USD 1 Month + 2.50%), 6.88%, 10/10/2026 (1)

     985        927  

Dairyland USA Corp. First Lien Term Loan (SOFR + 4.75%), 9.17%, 8/23/2029 (1)

     998        986  

Shearer’s Foods LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 9/23/2027 (1)

     118        113  
     

 

 

 
        2,026  
     

 

 

 

Food Service - 2.3%

     

TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 9.89%, 5/15/2028 (1)

     1,212        1,007  

TKC Midco 1 LLC First Lien Term Loan 12.00% Cash, 13.00% PIK, 2/15/2027

     187        107  
     

 

 

 
        1,114  
     

 

 

 

Healthcare-Products - 2.5%

     

Medline Borrower LP First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 10/23/2028 (1)

     1,255        1,191  
     

 

 

 

Healthcare-Services - 0.4%

     

Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%),
8.05%, 8/31/2026 (1)

     183        180  
     

 

 

 


Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

 

Home Furnishings - 0.7%

 

Weber-Stephen Products LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%),
7.63%, 10/30/2027 (1)

     401        337  
     

 

 

 

Household Products/Wares - 2.0%

     

VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 7/21/2028 (1)

     1,049        943  
     

 

 

 

Insurance - 7.5%

     

Acrisure LLC First Lien Term Loan B3 (ICE LIBOR USD 1 Month + 4.25%), 8.63%, 2/15/2027 (1)

     233        225  

AssuredPartners, Inc. First Lien Term Loan (SOFR + 3.50%), 7.82%, 2/12/2027 (1)

     767        743  

AssuredPartners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 2/12/2027 (1)

     573        556  

BroadStreet Partners, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%),
7.38%, 1/27/2027 (1)

     737        713  

Hub International Ltd. First Lien Term Loan B (SOFR + 4.00%), 8.22%, 11/10/2029 (1)

     500        494  

USI, Inc., First Lien Term Loan B (SOFR + 3.75%), 8.33%, 11/22/2029 (1)

     802        793  
     

 

 

 
        3,524  
     

 

 

 

Internet - 1.5%

     

Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 12/6/2027 (1)

     796        735  
     

 

 

 

Investment Companies - 2.4%

     

Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 10.63%, 11/5/2029 (1)

     1,211        1,118  
     

 

 

 

Leisure Time - 3.2%

     

Carnival Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 10/18/2028 (1)

     579        541  

MajorDrive Holdings IV LLC First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%),
8.81%, 6/1/2028 (1)

     118        111  

NCL Corp., Ltd. First Lien Term Loan A (ICE LIBOR USD 3 Month + 1.75%), 5.42%, 1/2/2024 (1)

     957        909  
     

 

 

 
        1,561  
     

 

 

 

Pharmaceuticals - 1.0%

     

Covetrus, Inc. First Lien Term Loan (SOFR + 5.00%), 9.58%, 10/13/2029 (1)

     500        467  
     

 

 

 

Software - 19.3%

     

Applied Systems, Inc. First Lien Term Loan B (SOFR + 4.50%), 9.08%, 9/18/2026 (1)

     232        230  

Applied Systems, Inc. Second Lien Term Loan (SOFR + 6.75%), 10.91%, 9/17/2027 (1)

     118        117  

Central Parent, Inc. First Lien Term Loan B (SOFR + 4.50%), 9.08%, 7/6/2029 (1)

     500        495  

CommerceHub, Inc. First Lien Term Loan B (SOFR + 4.00%), 7.67%, 12/29/2027 (1)

     496        454  

CommerceHub, Inc. Second Lien Term Loan B (SOFR + 7.00%), 11.53%, 12/29/2028 (1)

     60        47  

Epicor Software Corp. First Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%),
7.63%, 7/30/2027 (1)

     578        554  

Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 9.55%, 3/1/2029 (1)

     924        739  

Orchid Finco LLC First Lien Term Loan B (SOFR + 4.75%), 9.58%, 7/27/2027 (1)

     818        704  

RealPage, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 7.38%, 4/24/2028 (1)

     430        408  

Renaissance Holdings Corp. First Lien Term Loan

     

(ICE LIBOR USD 1 Month + 3.25%), 7.63%, 5/30/2025 (1)

     232        221  

(SOFR + 4.50%), 8.72%, 3/30/2029 (1)

     995        954  

Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%),
11.38%, 5/29/2026 (1)

     120        111  

SS&C Technologies Holdings, Inc. First Lien Term Loan B3 (ICE LIBOR USD 1 Month + 1.75%),
6.13%, 4/16/2025 (1)

     443        434  


Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

 

SS&C Technologies Holdings, Inc. First Lien Term Loan B4 (ICE LIBOR USD 1 Month + 1.75%), 6.13%, 4/16/2025 (1)

     360        353  

UKG, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 7.00%, 5/4/2026 (1)

     1,932        1,835  

UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 9.00%, 5/3/2027  (1)

     257        235  

Virgin Pulse, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 8.38%, 4/6/2028 (1)

     1,485        1,252  
     

 

 

 
        9,143  
     

 

 

 

Telecommunications - 6.2%

     

Gridiron Fiber Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 9.23%, 10/4/2028 (1)

     2,184        1,957  

Maxar Technologies, Inc. First Lien Term Loan B (SOFR + 4.25%), 8.67%, 6/14/2029 (1)

     995        994  
     

 

 

 
        2,951  
     

 

 

 

Transportation - 2.4%

     

SIRVA Worldwide, Inc. First Lien Term Loan

     

(ICE LIBOR USD 3 Month + 5.50%, 9.88%, 8/4/2025 (1)

     887        785  

(ICE LIBOR USD 3 Month + 5.50%, 9.91%, 8/4/2025 (1)

     200        177  

(ICE LIBOR USD 3 Month + 5.50%, 10.23%, 8/4/2025 (1)

     176        156  
     

 

 

 
        1,118  
     

 

 

 

Total bank loans (Cost $39,964)

        37,576  
     

 

 

 

CORPORATE BONDS - 7.5%

     

Banks - 1.1%

     

Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 5.53%, 1/30/2023 (1)(2)

     720        541  
     

 

 

 

Diversified Financial Services - 0.4%

     

AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (3)

     194        195  
     

 

 

 

Healthcare-Products - 1.0%

     

Medline Borrower LP 3.88%, 4/1/2029 (3)

     600        484  
     

 

 

 

Insurance - 1.7%

     

Acrisure LLC 4.25%, 2/15/2029 (3)

     320        264  

Ryan Specialty Group LLC 4.38%, 2/1/2030 (3)

     650        563  
     

 

 

 
        827  
     

 

 

 

Internet - 1.0%

     

Arches Buyer, Inc. 4.25%, 6/1/2028 (3)

     585        458  
     

 

 

 

Machinery-Diversified - 0.2%

     

Chart Industries, Inc. 7.50%, 1/1/2030 (3)

     80        80  
     

 

 

 

Miscellaneous Manufacturing - 1.1%

     

General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 8.10%, 3/15/2023 (1)(2)

     510        501  
     

 

 

 

Retail - 1.0%

     

Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (3)

     500        467  
     

 

 

 

Total corporate bonds (Cost $3,822)

        3,553  
     

 

 

 
     No. of
Warrants
        

WARRANTS - 0.0%

     

Diversified Financial Services - 0.0%

     

Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $—) *(4)(5)

     1        —    
     

 

 

 
     Shares Held         

SHORT-TERM INVESTMENTS - 9.1%

     

INVESTMENT COMPANIES - 9.1%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04%

     1,464        1,464  

Federated Treasury Obligations Fund - Institutional Class, 4.15%

     1,420        1,420  

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.18%

     1,421        1,421  
     

 

 

 

Total short-term investments (Cost $4,305)

        4,305  
     

 

 

 
            Value  

Total investments - 95.9% (Cost $48,091)

      $ 45,434  

Other assets less liabilities - 4.1%

        1,933  
     

 

 

 

Total net assets - 100.0% #

      $ 47,367  
     

 

 

 

 

(1) 

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022.


Artisan Floating Rate Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

Perpetual security. The rate reflected was the rate in effect on December 31, 2022. The maturity date reflects the next call date.

(3) 

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

(4) 

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 $–, or 0.0% of total net assets. See notes (A) and (B) in the accompanying notes.

(5) 

Defaulted security.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 4,449        9.8

Consumer Discretionary

     2,128        4.7

Consumer Staples

     4,083        9.0

Financials

     8,798        19.4

Health Care

     2,322        5.1

Industrials

     8,561        18.8

Information Technology

     10,336        22.7

Materials

     452        1.0

Short-Term Investments

     4,305        9.5  
  

 

 

    

 

 

 

Total investments

   $ 45,434        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Focus Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 95.7%

 

Aerospace & Defense - 4.1%

 

TransDigm Group, Inc.

     99      $ 62,156  
     

 

 

 

Capital Markets - 5.5%

     

Moody’s Corp.

     27        7,469  

S&P Global, Inc.

     230        76,991  
     

 

 

 
        84,460  
     

 

 

 

Chemicals - 2.2%

     

Air Products and Chemicals, Inc.

     75        23,264  

Linde plc (1)

     31        10,105  
     

 

 

 
        33,369  
     

 

 

 

Communications Equipment - 4.3%

     

Motorola Solutions, Inc.

     255        65,771  
     

 

 

 

Construction & Engineering - 2.6%

     

Quanta Services, Inc.

     280        39,846  
     

 

 

 

Electric Utilities - 9.0%

     

Constellation Energy Corp.

     349        30,089  

NextEra Energy, Inc.

     1,295        108,244  
     

 

 

 
        138,333  
     

 

 

 

Equity Real Estate Investment Trusts (REITs) - 7.6%

     

American Tower Corp.

     398        84,424  

SBA Communications Corp.

     117        32,838  
     

 

 

 
        117,262  
     

 

 

 

Health Care Equipment & Supplies - 3.8%

     

Dexcom, Inc. *

     304        34,425  

Intuitive Surgical, Inc. *

     92        24,390  
     

 

 

 
        58,815  
     

 

 

 

Health Care Providers & Services - 16.1%

     

Elevance Health, Inc.

     142        72,947  

McKesson Corp.

     218        81,958  

UnitedHealth Group, Inc.

     174        92,323  
     

 

 

 
        247,228  
     

 

 

 

Hotels, Restaurants & Leisure - 3.7%

     

Starbucks Corp.

     564        55,990  
     

 

 

 

IT Services - 6.7%

     

Visa, Inc., Class A

     497        103,232  
     

 

 

 

Life Sciences Tools & Services - 1.1%

     

Danaher Corp.

     32        8,469  

Thermo Fisher Scientific, Inc.

     15        8,489  
     

 

 

 
        16,958  
     

 

 

 

Oil, Gas & Consumable Fuels - 0.5%

     

Cheniere Energy, Inc.

     51        7,684  
     

 

 

 

Personal Products - 1.3%

     

Estee Lauder Cos., Inc. (The), Class A

     82        20,259  
     

 

 

 

Pharmaceuticals - 1.7%

     

Eli Lilly & Co.

     70        25,737  
     

 

 

 

Road & Rail - 7.6%

     

Canadian Pacific Railway Ltd. (1)

     1,573        117,365  
     

 

 

 

Semiconductors & Semiconductor Equipment - 6.2%

     

Advanced Micro Devices, Inc. *

     769        49,802  

NVIDIA Corp.

     310        45,373  
     

 

 

 
        95,175  
     

 

 

 

Software - 4.2%

 

Microsoft Corp.

     130        31,207  

Oracle Corp.

     397        32,487  
     

 

 

 
        63,694  
     

 

 

 

Textiles, Apparel & Luxury Goods - 1.3%

     

NIKE, Inc., Class B

     170        19,897  
     

 

 

 

Wireless Telecommunication Services - 6.2%

     

T-Mobile US, Inc. *

     679        95,085  
     

 

 

 

Total common stocks (Cost $1,389,307)

 

     1,468,316  
     

 

 

 
     No. of
Contracts
        

OPTIONS PURCHASED - 1.2%

     

Call Options - 1.2%

     

Internet & Direct Marketing Retail - 0.5%

     

Amazon.com, Inc. 9/15/2023 at USD 50.00; Notional Amount: USD 17,069

     2,032        7,590  
     

 

 

 

Personal Products - 0.6%

     

Estee Lauder Cos., Inc. (The) 6/16/2023 at USD 230.00; Notional Amount: USD 65,030

     2,621        9,855  
     

 

 

 

Textiles, Apparel & Luxury Goods - 0.1%

     

NIKE, Inc. 6/16/2023 at USD 120.00; Notional Amount: USD 14,334

     1,225        1,283  
     

 

 

 

Total Call Options

        18,728  
     

 

 

 

Total Options Purchased (Cost $14,595)

        18,728  
     

 

 

 
     Shares Held         

SHORT-TERM INVESTMENT - 1.6%

     

INVESTMENT COMPANY - 1.6%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $25,091)

     25,091        25,091  
     

 

 

 

Total investments - 98.5% (Cost $1,428,993)

 

     1,512,135  

Other assets less liabilities - 1.5%

 

     22,884  
     

 

 

 

Total net assets - 100.0%#

 

   $ 1,535,019  
     

 

 

 


Artisan Focus Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

(1) 

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

 

Security

   Country    Trading Currency

Canadian Pacific Railway Ltd.

   Canada    USD

Linde plc

   United Kingdom    USD

 

PORTFOLIO DIVERSIFICATION

 

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 95,085        6.3

Consumer Discretionary

     84,760        5.6

Consumer Staples

     30,114        2.0

Energy

     7,685        0.5

Financials

     84,460        5.6

Health Care

     348,737        23.1

Industrials

     219,368        14.5

Information Technology

     327,871        21.7

Materials

     33,368        2.2

Real Estate

     117,262        7.7

Utilities

     138,334        9.1

Short-Term Investment

     25,091        1.7
  

 

 

    

 

 

 

Total investments

   $ 1,512,135        100.0
  

 

 

    

 

 

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased

     Currency Sold      Counterparty      Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

CAD

     55,881        USD        40,921        JPM        2/2/2023      $ 356  

USD

     156,714        CAD        210,219        JPM        2/2/2023        1,434  
                 

 

 

 

Total unrealized appreciation

 

     1,790  
                 

 

 

 

CAD

     3,326        USD        2,458        JPM        2/2/2023        (1
                 

 

 

 

Total unrealized depreciation

 

     (1
                 

 

 

 

Net unrealized appreciation

 

   $ 1,789  
                 

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Global Discovery Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 94.9%

 

Brazil - 2.3%

 

Hapvida Participacoes e Investimentos SA *(1)

     2,141      $ 2,082  

NU Holdings Ltd., Class A *

     515        2,097  

XP, Inc., Class A *

     85        1,299  
     

 

 

 
        5,478  
     

 

 

 

Canada - 2.1%

     

Altus Group Ltd.

     48        1,920  

CAE, Inc. *

     161        3,117  
     

 

 

 
        5,037  
     

 

 

 

China - 0.7%

     

Silergy Corp. (1)

     122        1,730  
     

 

 

 

Denmark - 6.1%

     

Ascendis Pharma A/S, ADR *

     72        8,822  

Genmab A/S *(1)

     3        1,437  

Vestas Wind Systems A/S (1)

     146        4,280  
     

 

 

 
        14,539  
     

 

 

 

Finland - 1.4%

     

Metso Outotec OYJ (1)

     321        3,311  
     

 

 

 

Germany - 3.8%

     

CTS Eventim AG & Co. KGaA *(1)

     64        4,063  

Gerresheimer AG (1)

     58        3,889  

Puma SE (1)

     18        1,105  
     

 

 

 
        9,057  
     

 

 

 

Hong Kong - 3.8%

     

Techtronic Industries Co. Ltd. (1)

     817        9,102  
     

 

 

 

Iceland - 0.9%

     

Marel HF (1)

     641        2,208  
     

 

 

 

Italy - 2.0%

     

Davide Campari-Milano NV (1)

     117        1,184  

Industrie De Nora SpA *(1)

     76        1,159  

Moncler SpA (1)

     44        2,338  
     

 

 

 
        4,681  
     

 

 

 

Japan - 1.7%

     

Obic Co. Ltd. (1)

     27        4,007  
     

 

 

 

Luxembourg - 1.8%

     

Eurofins Scientific SE (1)

     58        4,194  
     

 

 

 

Netherlands - 2.5%

     

Argenx SE, ADR *

     16        6,000  
     

 

 

 

Norway - 1.3%

     

Nordic Semiconductor ASA *(1)

     186        3,107  
     

 

 

 

United Kingdom - 5.8%

     

CNH Industrial NV (1)

     452        7,258  

London Stock Exchange Group plc (1)

     52        4,508  

Smiths Group plc (1)

     104        2,008  
     

 

 

 
        13,774  
     

 

 

 

United States - 58.7%

     

Advanced Micro Devices, Inc. *

     101        6,546  

Arista Networks, Inc. *

     31        3,787  

Atlassian Corp., Class A *

     30        3,893  

Bentley Systems, Inc., Class B

     53        1,969  

Bill.com Holdings, Inc. *

     20        2,190  

Boston Scientific Corp. *

     234        10,820  

Catalent, Inc. *

     115        5,179  

Ceridian HCM Holding, Inc. *

     37        2,402  

Cooper Cos., Inc. (The)

     8        2,672  

Datadog, Inc., Class A *

     7        480  

First Republic Bank

     23        2,781  

Five Below, Inc. *

     14        2,479  

Global Payments, Inc.

     43        4,249  

Guidewire Software, Inc. *

     45        2,818  

HubSpot, Inc. *

     16        4,728  

Ingersoll Rand, Inc.

     104        5,435  

iRhythm Technologies, Inc. *

     33        3,096  

Lattice Semiconductor Corp. *

     110        7,120  

MACOM Technology Solutions Holdings, Inc. *

     28        1,789  

Monolithic Power Systems, Inc.

     7        2,515  

Morningstar, Inc.

     18        3,862  

Nasdaq, Inc.

     115        7,064  

Novanta, Inc. *

     11        1,524  

ON Semiconductor Corp. *

     100        6,217  

Papa John’s International, Inc.

     16        1,303  

S&P Global, Inc.

     4        1,403  

Saia, Inc. *

     6        1,162  

SVB Financial Group *

     12        2,674  

Take-Two Interactive Software, Inc. *

     17        1,720  

Teledyne Technologies, Inc. *

     13        5,069  

Tradeweb Markets, Inc., Class A

     53        3,472  

Valmont Industries, Inc.

     21        6,986  

Veeva Systems, Inc., Class A *

     73        11,802  

Workiva, Inc. *

     49        4,073  

Zscaler, Inc. *

     42        4,741  
     

 

 

 
        140,020  
     

 

 

 

Total common stocks (Cost $213,404)

 

     226,245  
     

 

 

 


Artisan Global Discovery Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

SHORT-TERM INVESTMENT - 3.7%

     

INVESTMENT COMPANY - 3.7%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $8,799)

     8,799        8,799  
     

 

 

 

Total investments - 98.6% (Cost $222,203)

 

     235,044  

Other assets less liabilities - 1.4%

 

     3,272  
     

 

 

 

Total net assets - 100.0%#

 

   $ 238,316  
     

 

 

 


Artisan Global Discovery Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

(1) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $62,970, or 26.4% of total net assets. See notes (A) and (B) in the accompanying notes.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 5,783        2.5

Consumer Discretionary

     7,225        3.1

Consumer Staples

     1,184        0.5

Financials

     29,160        12.4

Health Care

     59,993        25.5

Industrials

     46,026        19.6

Information Technology

     74,954        31.9

Real Estate

     1,920        0.8

Short-Term Investment

     8,799        3.7  
  

 

 

    

 

 

 

Total investments

   $ 235,044        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

BRL

   $ 2,082        0.9

CAD

     5,037        2.1

DKK

     5,717        2.4

EUR

     30,709        13.1

GBP

     6,516        2.8

HKD

     9,102        3.9

JPY

     4,007        1.7

NOK

     3,107        1.3

TWD

     1,730        0.7

USD

     167,037        71.1
  

 

 

    

 

 

 

Total investments

   $ 235,044        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Global Equity Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 96.8%

 

Belgium - 1.2%

 

UCB SA (1)

     30      $ 2,344  
     

 

 

 

Canada - 4.4%

     

Canadian National Railway Co.

     18        2,120  

Canadian Pacific Railway Ltd.

     71        5,293  

Descartes Systems Group, Inc. (The) *

     14        948  
     

 

 

 
        8,361  
     

 

 

 

China - 10.4%

     

Alibaba Group Holding Ltd., ADR *

     57        5,037  

ANTA Sports Products Ltd. (1)

     105        1,379  

China Longyuan Power Group Corp. Ltd., Class H (1)

     1,465        1,792  

China Tourism Group Duty Free Corp. Ltd., Class A (1)

     107        3,334  

Luckin Coffee, Inc., ADR *

     76        1,667  

Trip.com Group Ltd., ADR *

     119        4,087  

Wuliangye Yibin Co. Ltd., Class A (1)

     104        2,680  
     

 

 

 
        19,976  
     

 

 

 

Denmark - 5.9%

     

Ascendis Pharma A/S, ADR *

     22        2,637  

Novo Nordisk A/S, ADR

     7        963  

Novo Nordisk A/S, Class B (1)

     29        3,968  

ROCKWOOL A/S, Class B (1)

     16        3,788  
     

 

 

 
        11,356  
     

 

 

 

Finland - 0.6%

     

Neste OYJ (1)

     26        1,211  
     

 

 

 

France - 4.5%

     

BNP Paribas SA (1)

     59        3,352  

EssilorLuxottica SA (1)

     4        795  

LVMH Moet Hennessy Louis Vuitton SE (1)

     4        2,940  

Pernod Ricard SA (1)

     7        1,434  
     

 

 

 
        8,521  
     

 

 

 

Germany - 1.9%

     

Deutsche Telekom AG (1)

     114        2,278  

Dr Ing hc F Porsche AG (Preference) *(1)

     13        1,346  
     

 

 

 
        3,624  
     

 

 

 

Hong Kong - 0.2%

     

AIA Group Ltd. (1)

     37        412  
     

 

 

 

India - 1.0%

     

Reliance Industries Ltd. (1)

     63        1,926  
     

 

 

 

Italy - 2.7%

     

BFF Bank SpA (1)

     644        5,105  
     

 

 

 

Japan - 1.2%

 

Azbil Corp. (1)

     95        2,393  
     

 

 

 

Netherlands - 7.0%

     

Adyen NV *(1)

     1        721  

Argenx SE, ADR *

     14        5,461  

Argenx SE *(1)

     0        50  

ING Groep NV (1)

     321        3,911  

Shell plc (1)

     115        3,257  
     

 

 

 
        13,400  
     

 

 

 

Norway - 0.6%

     

Volue ASA *(1)

     377        1,082  
     

 

 

 

Russia - 0.0%

     

MMC Norilsk Nickel PJSC, ADR (1)(2)(3)

     136        —    

Sberbank of Russia PJSC *(1)(2)(3)

     1,137        —    
     

 

 

 
        —    
     

 

 

 

Singapore - 2.3%

     

DBS Group Holdings Ltd. (1)

     80        2,036  

United Overseas Bank Ltd. (1)

     102        2,336  
     

 

 

 
        4,372  
     

 

 

 

Spain - 1.6%

     

Ferrovial SA (1)

     114        2,982  
     

 

 

 

Sweden - 1.6%

     

Nibe Industrier AB, Class B (1)

     319        2,982  
     

 

 

 

Switzerland - 3.1%

     

Cie Financiere Richemont SA (1)

     17        2,226  

UBS Group AG (1)

     199        3,713  
     

 

 

 
        5,939  
     

 

 

 

Taiwan - 0.1%

     

Taiwan Semiconductor Manufacturing Co. Ltd. (1)

     12        175  
     

 

 

 

United Arab Emirates - 0.5%

     

Americana Restaurants International plc *(1)

     1,133        916  
     

 

 

 

United Kingdom - 5.6%

     

AstraZeneca plc, ADR

     31        2,075  

AstraZeneca plc (1)

     12        1,637  

BAE Systems plc (1)

     190        1,968  

Linde plc (1)

     4        1,368  

TechnipFMC plc *

     119        1,451  

Unilever plc (1)

     42        2,117  
     

 

 

 
        10,616  
     

 

 

 

United States - 40.4%

     

Amazon.com, Inc. *

     52        4,368  

Aon plc, Class A

     9        2,840  

Arthur J Gallagher & Co.

     4        843  

Baker Hughes Co.

     102        3,014  

Booking Holdings, Inc. *

     2        3,613  

Carrier Global Corp.

     86        3,562  


Artisan Global Equity Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

Charles River Laboratories International, Inc. *

     7        1,548  

Chesapeake Energy Corp.

     28        2,610  

Cigna Corp.

     8        2,506  

Darling Ingredients, Inc. *

     58        3,657  

Halozyme Therapeutics, Inc. *

     179        10,184  

Intercontinental Exchange, Inc.

     45        4,597  

Intuit, Inc.

     5        2,091  

Natera, Inc. *

     28        1,121  

Norfolk Southern Corp.

     16        3,916  

Schlumberger Ltd.

     186        9,954  

Stryker Corp.

     13        3,161  

TJX Cos., Inc. (The)

     45        3,595  

T-Mobile US, Inc. *

     44        6,183  

Trane Technologies plc

     15        2,567  

Visa, Inc., Class A

     7        1,383  
     

 

 

 
        77,313  
     

 

 

 

Total common stocks (Cost $175,374)

 

     185,006  
     

 

 

 

SHORT-TERM INVESTMENT - 2.2%

     

INVESTMENT COMPANY - 2.2%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $4,256)

     4,256        4,256  
     

 

 

 

Total investments - 99.0% (Cost $179,630)

 

     189,262  

Other assets less liabilities - 1.0%

 

     1,896  
     

 

 

 

Total net assets - 100.0% #

 

   $ 191,158  
     

 

 

 

 

(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 $75,954, or 39.7% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan Global Equity Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(3) 

Security is restricted.

 

Security

   Acquisition Dates      Cost      Value      Percentage of
Total Net Assets
 

MMC Norilsk Nickel PJSC

     11/09/2020 - 01/14/2022      $ 4,291      $ —          0.0

Sberbank of Russia PJSC

     09/16/2021 - 02/11/2022        4,750        —          0.0

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 8,461        4.5

Consumer Discretionary

     34,508        18.2

Consumer Staples

     9,888        5.2

Energy

     23,423        12.4

Financials

     29,145        15.4

Health Care

     38,450        20.3

Industrials

     29,178        15.4

Information Technology

     8,793        4.7

Materials

     1,368        0.7

Utilities

     1,792        1.0

Short-Term Investment

     4,256        2.2  
  

 

 

    

 

 

 

Total investments

   $ 189,262        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

AED

   $ 916        0.5

CAD

     8,361        4.4

CHF

     5,939        3.1

CNY

     6,014        3.2

DKK

     7,756        4.1

EUR

     29,837        15.8

GBP

     8,979        4.7

HKD

     3,583        1.9

INR

     1,926        1.0

JPY

     2,393        1.3

NOK

     1,082        0.6

RUB

     0        0.0

SEK

     2,982        1.6

SGD

     4,372        2.3

TWD

     175        0.1

USD

     104,947        55.4
  

 

 

    

 

 

 

Total investments

   $ 189,262        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Global Opportunities Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 95.2%

 

Brazil - 1.0%

 

NU Holdings Ltd., Class A *

     6,872      $ 27,971  
     

 

 

 

Denmark - 6.7%

 

Genmab A/S *(1)

     74        31,320  

Novo Nordisk A/S, Class B (1)

     775        104,909  

Vestas Wind Systems A/S (1)

     1,761        51,448  
     

 

 

 
        187,677  
     

 

 

 

Germany - 1.2%

 

BioNTech SE, ADR

     226        34,022  
     

 

 

 

Hong Kong - 7.3%

 

AIA Group Ltd. (1)

     6,122        67,446  

Techtronic Industries Co. Ltd. (1)

     12,494        139,118  
     

 

 

 
        206,564  
     

 

 

 

Japan - 4.0%

 

Hoya Corp. (1)

     446        43,134  

Keyence Corp. (1)

     182        71,136  
     

 

 

 
        114,270  
     

 

 

 

Netherlands - 1.2%

 

Adyen NV *(1)

     25        35,012  
     

 

 

 

Spain - 0.6%

 

Banco Bilbao Vizcaya Argentaria SA (1)

     2,676        16,158  
     

 

 

 

Sweden - 3.7%

 

Hexagon AB, Class B (1)

     5,360        56,346  

Telefonaktiebolaget LM Ericsson, Class B (1)

     8,139        47,663  
     

 

 

 
        104,009  
     

 

 

 

Switzerland - 7.4%

 

Cie Financiere Richemont SA (1)

     216        27,935  

Lonza Group AG (1)

     207        101,967  

UBS Group AG (1)

     4,253        79,265  
     

 

 

 
        209,167  
     

 

 

 

United Kingdom - 8.7%

 

AstraZeneca plc (1)

     730        99,029  

CNH Industrial NV (1)

     5,364        86,153  

London Stock Exchange Group plc (1)

     686        59,185  
     

 

 

 
        244,367  
     

 

 

 

United States - 53.4%

 

Advanced Micro Devices, Inc. *

     1,827        118,338  

Airbnb, Inc., Class A *

     460        39,341  

Alphabet, Inc., Class A *

     926        81,690  

Amazon.com, Inc. *

     288        24,208  

Aptiv plc *

     294        27,403  

Arista Networks, Inc. *

     358        43,489  

Atlassian Corp., Class A *

     498        64,127  

Boston Scientific Corp. *

     2,726        126,153  

Charles Schwab Corp. (The)

     1,136        94,612  

Chipotle Mexican Grill, Inc. *

     43        60,279  

CoStar Group, Inc. *

     273        21,082  

Danaher Corp.

     297        78,749  

Ingersoll Rand, Inc.

     1,097        57,323  

Intuit, Inc.

     45        17,402  

Lowe’s Cos., Inc.

     182        36,197  

Lululemon Athletica, Inc. *

     211        67,630  

Netflix, Inc. *

     96        28,242  

NextEra Energy, Inc.

     1,721        143,888  

ON Semiconductor Corp. *

     948        59,132  

Progressive Corp. (The)

     613        79,572  

S&P Global, Inc.

     42        14,162  

SVB Financial Group *

     133        30,701  

Tesla, Inc.*

     79        9,674  

Veeva Systems, Inc., Class A *

     899        145,027  

Zscaler, Inc. *

     330        36,977  
     

 

 

 
        1,505,398  
     

 

 

 

Total common stocks (Cost $2,037,040)

 

     2,684,615  
  

 

 

 

SHORT-TERM INVESTMENT - 3.2%

 

INVESTMENT COMPANY - 3.2%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $89,203)

     89,203        89,203  
     

 

 

 

Total investments - 98.4% (Cost $2,126,243)

 

     2,773,818  

Other assets less liabilities - 1.6%

 

     43,763  
  

 

 

 

Total net assets - 100.0% #

 

   $ 2,817,581  
  

 

 

 

 

(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 $1,117,224, or 39.7% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan Global Opportunities Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 109,932        4.0

Consumer Discretionary

     292,667        10.5  

Financials

     469,072        16.9  

Health Care

     764,310        27.6  

Industrials

     355,124        12.8  

Information Technology

     549,622        19.8  

Utilities

     143,888        5.2  

Short-Term Investment

     89,203        3.2  
  

 

 

    

 

 

 

Total investments

   $ 2,773,818        100.0
  

 

 

    

 

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

CHF

   $ 209,167        7.5

DKK

     187,677        6.8  

EUR

     137,323        5.0  

GBP

     158,214        5.7  

HKD

     206,564        7.5  

JPY

     114,270        4.1  

SEK

     104,009        3.7  

USD

     1,656,594        59.7  
  

 

 

    

 

 

 

Total investments

   $ 2,773,818        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Global Unconstrained Fund

Schedule of Investments

December 31, 2022 (Unaudited)

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

 

     Principal
Amount
     Value  

SOVEREIGN GOVERNMENT BONDS - 69.8%

     

Albania - 1.2%

     

Republic of Albania 3.50%, 10/9/2025

   EUR 200      $ 198  

Angola - 2.4%

     

Republic of Angola (ICE LIBOR USD 6 Month + 7.50%), 12.64%, 7/1/2023 (1)

     300        301  

6.93%, 2/19/2027

     103        93  
     

 

 

 
        394  
     

 

 

 

Armenia - 1.0%

     

Republic of Armenia 3.60%, 2/2/2031

     210        167  

Benin - 3.3%

     

Benin Government Bond 4.88%, 1/19/2032

   EUR 650        539  

Bolivia - 1.9%

     

Plurinational State of Bolivia 5.95%, 8/22/2023

     315        311  

Brazil - 0.6%

     

Notas do Tesouro Nacional 10.00%, 1/1/2031

   BRL 540        89  

Cameroon - 2.4%

     

Republic of Cameroon 9.50%, 11/19/2025

     400        387  

Colombia - 1.7%

     

Republic of Colombia 2.63%, 3/15/2023

     275        273  

Croatia - 1.9%

     

Republic of Croatia 1.75%, 3/4/2041

   EUR 400        301  

Dominican Republic - 6.5%

     

Dominican Republic Government Bond

     

8.90%, 2/15/2023

   DOP 22,350        394  

11.50%, 5/10/2024

   DOP 4,700        83  

9.75%, 6/5/2026

   DOP 5,500        94  

4.88%, 9/23/2032

     300        249  

5.30%, 1/21/2041

     150        116  

5.88%, 1/30/2060

     150        110  
     

 

 

 
        1,046  
     

 

 

 

Egypt - 5.0%

     

Arab Republic of Egypt

     

4.75%, 4/16/2026

   EUR 750        666  

8.75%, 9/30/2051

     200        134  
     

 

 

 
        800  
     

 

 

 

El Salvador - 0.5%

     

Republic of El Salvador 7.75%, 1/24/2023

     85        82  

Georgia - 2.0%

     

Republic of Georgia 8.13%, 1/25/2023

   GEL 860        318  

Iceland - 4.7%

     

Republic of Iceland 1.50%, 5/15/2023

   ISK 109,596        760  

Iraq - 4.5%

     

Republic of Iraq

     

6.75%, 3/9/2023

     400        394  

5.80%, 1/15/2028

     358        329  
     

 

 

 
        723  
     

 

 

 

Ivory Coast - 1.3%

     

Republic of Cote d’Ivoire 5.38%, 7/23/2024

     215        207  

Kenya - 1.1%

     

Republic of Kenya 6.88%, 6/24/2024

     200        183  

Macedonia - 4.5%

     

Republic of North Macedonia

     

5.63%, 7/26/2023

   EUR 580        619  

2.75%, 1/18/2025

   EUR 100        100  
     

 

 

 
        719  
     

 

 

 

Mongolia - 1.5%

     

State of Mongolia 8.75%, 3/9/2024

     260        250  

Nigeria - 2.5%

     

Federal Republic of Nigeria

     

7.63%, 11/21/2025(2)

     286        263  

8.25%, 9/28/2051

     210        140  
     

 

 

 
        403  
     

 

 

 

Papua New Guinea - 1.1%

     

Papua New Guinea Government International Bond 8.38%, 10/4/2028

     200        174  

Paraguay - 0.7%

     

Republic of Paraguay 4.63%, 1/25/2023

     115        114  

Peru - 2.1%

     

Bonos de la Tesoreria 6.15%, 8/12/2032

   PEN 1,500        347  

Romania - 6.3%

     

Romania Government Bond

     

2.88%, 5/26/2028

   EUR 200        185  

6.63%, 9/27/2029 (2)

   EUR 130        140  

3.62%, 5/26/2030

   EUR 450        393  

Series 10Y, 8.25%, 9/29/2032

   RON 1,050        228  

4.63%, 4/3/2049

   EUR 100        77  
     

 

 

 
        1,023  
     

 

 

 

Serbia - 7.4%

     

Republic of Serbia

     

2.00%, 4/6/2023

   RSD 75,500        683  

1.50%, 6/26/2029

   EUR 200        153  

1.65%, 3/3/2033

   EUR 550        356  
     

 

 

 
        1,192  
     

 

 

 

Uzbekistan - 1.7%

     

Republic of Uzbekistan

     

14.50%, 11/25/2023 (2)

   UZS 330,000        29  

14.50%, 11/25/2023

   UZS 2,800,000        241  
     

 

 

 
        270  
     

 

 

 

Total Sovereign Government Bonds (Cost $11,092)

        11,270  
     

 

 

 


Artisan Global Unconstrained Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

CORPORATE BONDS - 12.7%

    

Brazil - 1.9%

    

MC Brazil Downstream Trading SARL 7.25%, 6/30/2031

     200       165  

Unigel Luxembourg SA 8.75%, 10/1/2026

     140       139  
    

 

 

 
       304  
    

 

 

 
    

Chile - 1.1%

    

ATP Tower Holdings LLC 4.05%, 4/27/2026 (2)

     200       176  
    

 

 

 

China - 0.4%

    

CAR, Inc. 9.75%, 3/31/2024

     72       62  
    

 

 

 
    

Colombia - 2.8%

    

Aris Mining Corp. 6.88%, 8/9/2026

     200       156  

EnfraGen Energia Sur SA 5.38%, 12/30/2030

     200       140  

Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025

     179       156  
    

 

 

 
       452  
    

 

 

 

Czech Republic - 0.6%

    

Energo-Pro A/S 4.50%, 5/4/2024

   EUR  100       100  
    

 

 

 

Georgia - 1.2%

    

Georgia Capital JSC 6.13%, 3/9/2024

     200       190  
    

 

 

 

Mexico - 1.0%

    

Electricidad Firme de Mexico Holdings SA de CV 4.90%, 11/20/2026

     186       163  
    

 

 

 

Nigeria - 1.0%

    

SEPLAT Energy plc 7.75%, 4/1/2026

     200       158  
    

 

 

 

Peru - 0.6%

    

PetroTal Corp. 12.00%, 2/16/2024 (2)

     100       101  
    

 

 

 

Tanzania - 1.1%

    

HTA Group Ltd. 7.00%, 12/18/2025 (2)

     200       184  
    

 

 

 

Uzbekistan - 1.0%

    

Uzauto Motors AJ 4.85%, 5/4/2026

     200       165  
    

 

 

 

Total corporate bonds (Cost $2,050)

       2,055  
    

 

 

 
     Shares Held        

COMMON STOCK - 0.3%

    

Georgia - 0.3%

    

Georgia Capital plc (Cost $31) *(3)

     5       40  
    

 

 

 

EXCHANGE TRADED FUND - 0.2%

    

Equity Funds

    

SPDR S&P 500 ETF Trust (Cost $36)

     —       34  
    

 

 

 
     Principal
Amount
       

SHORT-TERM INVESTMENTS - 22.7%

    

U.S. TREASURY OBLIGATIONS - 1.5%

    

U.S. Treasury Bills 3.73%, 1/3/2023 (4)

   $ 50       50  

U.S. Treasury Bills 3.94%, 2/21/2023 (4)

     100       100  

U.S. Treasury Bills 4.10%, 2/28/2023 (4)

     100       99  
    

 

 

 

Total U.S. Treasury Obligations (Cost $249)

       249  
    

 

 

 

REPURCHASE AGREEMENTS - 16.8%

    

JPMorgan Chase Bank, N.A., Dated 12/15/22, with an interest rate of 2.75% payable by the Portfolio, collateralized by Par 550 Arab Republic of Egypt, 3.88% due 2/16/2026 and a market value of $458 (6)

     492       492  

JPMorgan Chase Bank, N.A., Dated 12/15/22, with an interest rate of 3.25% payable by the Portfolio, collateralized by Par 500 Republic of Paraguay, 4.70% due 3/27/2027 and a market value of $495 (6)

     526       526  


Artisan Global Unconstrained Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

JPMorgan Chase Bank, N.A., Dated 12/15/22, with an interest rate of 3.35% payable by the Portfolio, collateralized by Par 600 Republic of Guatemala, 4.50% due 5/3/2026 and a market value of $580 (6)

     613       613  

JPMorgan Chase Bank, N.A., Dated 12/15/22, with an interest rate of 3.95% payable by the Portfolio, collateralized by Par 550 Oriental Republic of Uruguay, 4.38% due 10/27/2027 and a market value of $557 (6)

     590       590  

Merrill Lynch Pierce Fenner & Smith, Inc., Dated 12/15/22, with an interest rate of 2.25% payable by the Portfolio, collateralized by Par 500 Plurinational State of Bolivia, 7.50% due 3/2/2030 and a market value of $459 (6)

     486       485  
    

 

 

 

Total Repurchase Agreements (Cost $2,706)

 

    2,706  
 

 

 

 
     Shares Held        

INVESTMENT COMPANIES - 4.4%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04%

     242       242  

Federated Treasury Obligations Fund - Institutional Class, 4.15%

     234       234  

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.18%

     235       235  
    

 

 

 

Total investment companies (Cost $711)

 

    711  
 

 

 

 

Total short-term investments (Cost $3,666)

       3,666  
    

 

 

 

Total investments - 105.7% (Cost $16,875)

 

    17,065  
 

 

 

 

SECURITIES SOLD SHORT - (16.3)%

 

COMMON STOCK - (0.5)%

 

United Kingdom - (0.5)%

 

Ashmore Group plc (Proceeds $(74)) (3)

     (29     (83
    

 

 

 
     Principal
Amount
       

SOVEREIGN GOVERNMENT BONDS - (15.8)%

 

Bolivia - (2.8)%

 

Plurinational State of Bolivia 7.50%, 3/2/2030 (5)

   $ (500     (459

Egypt - (2.8)%

    

Arab Republic of Egypt 3.88%, 2/16/2026 (5)

     (550     (458

Guatemala - (3.6)%

    

Republic of Guatemala 4.50%, 5/3/2026 (5)

     (600     (580

Paraguay - (3.1)%

    

Republic of Paraguay 4.70%, 3/27/2027 (5)

     (500     (495

Uruguay - (3.5)%

    

Oriental Republic of Uruguay 4.38%, 10/27/2027 (5)

     (550     (557
    

 

 

 

Total Sovereign Government Bonds (Proceeds $(2,541))

       (2,549
    

 

 

 

Total securities sold short (Proceeds (2,615))

       (2,632
    

 

 

 

Total investments after securities sold short- 89.4% (Cost $14,260)

       14,433  

Other assets less liabilities - 10.6%

       1,713  
    

 

 

 

Total net assets - 100.0%#

     $ 16,146  
    

 

 

 

 

 

(1) 

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022.


Artisan Global Unconstrained Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

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

(3) 

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 $(43), or -0.3% of total net assets. See notes (A) and (B) in the accompanying notes.

(4) 

Yield to maturity.

(5) 

At December 31, 2022, all or a portion of this security was pledged to cover collateral requirements for repurchase agreements.

(6) 

Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

 

PORTFOLIO DIVERSIFICATION
Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Consumer Discretionary

   $ 165        1.0

Energy

     680        4.0  

Financials

     230        1.3  

Foreign Government Securities

     11,270        66.0  

Industrials

     422        2.5  

Investment Funds

     34        0.2  

Materials

     295        1.7  

Utilities

     303        1.8  

Short-Term Investment

     3,666        21.5  
  

 

 

    

 

 

 

Total investments

   $ 17,065        100.0
  

 

 

    

 

 

 

 

TRADING CURRENCIES
Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

BRL

   $ 89        0.5

DOP

     571        3.4  

EUR

     3,827        22.4  

GBP

     40        0.2  

GEL

     318        1.9  

ISK

     760        4.5  

PEN

     347        2.0  

RON

     228        1.3  

RSD

     683        4.0  

USD

     9,932        58.2  

UZS

     270        1.6  
  

 

 

    

 

 

 

Total investments

   $ 17,065        100.0
  

 

 

    

 

 

 


Artisan Global Unconstrained Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased

    

Currency Sold

    

Counterparty

   Settlement
Date
   Unrealized
Appreciation
(Depreciation)
 

HUF

     245,331      EUR      593      SCB    1/3/2023    $ 23  

BRL**

     1,161      USD      214      JPM    1/4/2023      6  

USD

     222      BRL**      1,161      JPM    1/4/2023      2  

PEN**

     1,311      USD      344      JPM    1/6/2023      1  

PLN

     2,062      EUR      432      SCB    1/23/2023      7  

KZT**

     100,000      USD      209      JPM    2/9/2023      5  

KZT**

     194,510      USD      404      SCB    2/9/2023      12  

RON

     1,450      EUR      291      JPM    2/13/2023      1  

CZK

     5,600      EUR      228      SCB    3/20/2023      1  

HUF

     245,331      EUR      594      SCB    4/3/2023      1  

UZS**

     555,000      USD      47      JPM    4/26/2023      2 (1) 

RSD

     15,246      EUR      127      JPM    4/28/2023      2  

UZS**

     2,971,581      USD      254      JPM    5/4/2023      11 (1) 

UZS**

     750,000      USD      63      JPM    6/22/2023      3 (1) 

KES**

     42,000      USD      308      SCB    12/6/2023      21  
                 

 

 

 

Total unrealized appreciation

        98  
     

 

 

 

EUR

     613      HUF      245,331      SCB    1/3/2023      (1

USD

     341      PEN**      1,311      JPM    1/6/2023      (4

USD

     627      ZAR      11,338      SCB    1/6/2023      (41

USD

     237      RON      1,106      JPM    1/9/2023      (3

BRL**

     1,161      USD      220      JPM    2/2/2023      (2

USD

     343      PEN**      1,311      JPM    2/6/2023      (1

RON

     3,128      EUR      630      JPM    2/13/2023      —  

USD

     5,804      EUR      5,451      SCB    3/15/2023      (60

USD

     154      UGX**      700,000      SCB    6/18/2024      (14

USD

     128      UGX**      560,000      SCB    6/18/2024      (7
                 

 

 

 

Total unrealized depreciation

        (133
     

 

 

 

Net unrealized depreciation

      $ (35
     

 

 

 

 

** 

Non-deliverable.

(1) 

Valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.


Artisan Global Unconstrained Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

FUTURES CONTRACTS    

Dollar values in thousands    

 

Description

   No. of
Contracts
    Expiration
Date
     Trading
Currency
     Notional
Amount
    Notional
Value
    Unrealized
Appreciation/
(Depreciation)
 

Long Positions Contracts

 

 

U.S. Treasury 5 Year Note

     5       3/31/2023        USD      $ 500     $ 540     $ (4

U.S. Treasury 10 Year Note

     6       3/22/2023        USD        600       674       (15
              

 

 

 
                 (19
              

 

 

 

Short Positions Contracts

 

 

Euro-Bobl

     (24     3/8/2023        EUR        (2,400     (2,974     83  

Euro-BTP

     (4     3/8/2023        EUR        (400     (466     20  

Euro-Bund

     (7     3/8/2023        EUR        (700     (996     52  

Euro-Schatz

     (7     3/8/2023        EUR        (700     (790     8  

S&P 500 E-Mini Index

     (1     3/17/2023        USD        —   ^     (193     5  

U.S. Treasury 2 Year Note

     (14     3/31/2023        USD        (2,800     (2,871     (2

U.S. Treasury 10 Year Ultra Note

     (1     3/22/2023        USD        (100     (118     1  

U.S. Treasury Long Bond

     (1     3/22/2023        USD        (100     (125     1  
              

 

 

 
               $ 168  
              

 

 

 

Net unrealized appreciation

 

          $ 149  
         

 

 

 

Centrally Cleared Credit Default Swaps-Buy Protection

(Dollar values in thousands)

 

Reference Entity

   Financing Rate
(Paid) /Received
by the Fund (%)
    

Frequency of Payments

Made/Received

   Termination
Date
    

Notional

Amount

   Upfront
(Payments)
Receipts
    

Unrealized

Appreciation

(Depreciation)

   Value  

Hungary

     1.00      Quarterly      6/20/2027      USD 965      38      (4)      34  

Kingdom of Saudi Arabia

     1.00      Quarterly      6/20/2032      USD 1,070      (12    4      (8

Kingdom of Spain

     1.00      Quarterly      6/20/2032      USD 570      (11    2      (9

Petrobras Global Finance BV

     1.00      Quarterly      12/20/2027      USD 210      19      (2)      17  

Republic of Chile

     1.00      Quarterly      6/20/2032      USD 650      36      —  ^      36  

Republic of Colombia

     1.00      Quarterly      12/20/2027      USD 100      7      —  ^      7  

Republic of Indonesia

     1.00      Quarterly      12/20/2027      USD 965      5      (5)      —  ^  

Republic of Peru

     1.00      Quarterly      6/20/2032      USD 300      15      2      17  

Republic of Poland

     1.00      Quarterly      6/20/2027      USD 325      2      (1)      1  

Republic of Poland

     1.00      Quarterly      12/20/2027      USD 160      4      (3)      1  

Republic of South Africa

     1.00      Quarterly      6/20/2032      USD 765      107      12      119  

United Mexican States

     1.00      Quarterly      12/20/2027      USD 175      2      —  ^      2  
              

 

 

    

 

  

 

 

 
        212      5      217  
     

 

 

    

 

  

 

 

 


Artisan Global Unconstrained Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Centrally Cleared Credit Default Swaps-Sell Protection

(Dollar values in thousands)

 

Reference Entity

   Financing Rate
(Paid) /Received
by the Fund (%)
     Frequency of Payments
Made/Received
   Termination
Date
   Notional
Amount
     Upfront
(Payments)
Receipts
    Unrealized
Appreciation
(Depreciation)
     Value  

Emirate of Abu Dhabi

     1.00      Quarterly    6/20/2027      USD 290        6       1        7  

Hungary

     1.00      Quarterly    12/20/2023      USD 310        (1     1        —   ^

Republic of Colombia

     1.00      Quarterly    12/20/2023      USD 310        (3     3        —  

Republic of South Africa

     1.00      Quarterly    6/20/2023      USD 135        (1     1        —  
              

 

 

   

 

 

    

 

 

 
        1       6        7  
     

 

 

   

 

 

    

 

 

 

Total

 

     213       11        224  
  

 

 

   

 

 

    

 

 

 

Centrally Cleared Interest Rate Swaps

(Values in thousands)

 

Floating Rate Index (Frequency)

   Fixed Rate (%)
(Frequency)
   Fund Pays/
Receives
Floating Rate
     Termination
Date
    

Notional

Amount

   Upfront Payments
(Receipts)
    Unrealized
Appreciation
(Depreciation)
    Value  

6 month WIBOR semi-annually

   5.30 annually      Receive        4/15/2032      PLN 536      —         4       4  

6 month PRIBOR semi-annually

   3.86 annually      Receive        4/4/2032      CZK 2,710      —         7       7  

6 month BUBOR semi-annually

   7.25 annually      Receive        5/13/2032      HUF 8,300      —         3       3  

4 week TIIE monthly

   8.75 monthly      Pay        5/18/2032      MXN 2,235      —       —  ^       —  

6 month BUBOR semi-annually

   8.16 annually      Receive        6/17/2032      HUF 103,300      11       4       15  

1 day TONAR annually

   0.92 annually      Receive        1/5/2033      JPY 66,000      —         —         —    
              

 

 

   

 

 

   

 

 

 

Total unrealized appreciation

              11       18       29  
           

 

 

   

 

 

   

 

 

 

6 month WIBOR semi-annually

   7.45 annually      Receive        6/20/2032      PLN 350      (1     (9     (10

6 month WIBOR semi-annually

   6.45 annually      Receive        5/13/2032      PLN 225      —         (3     (3

4 week TIIE monthly

   8.72 monthly      Pay        9/1/2032      MXN 3,400      —         —       —  

4 week TIIE monthly

   8.73 monthly      Pay        6/21/2032      MXN 1,300      —         —       —  

6 month PRIBOR semi-annually

   4.99 annually      Receive        5/13/2032      CZK 2,800      —         (4     (4

6 month PRIBOR semi-annually

   5.75 annually      Receive        6/17/2032      CZK 2,360      (2     (9     (11

1 day THOR quarterly

   2.89 quarterly      Receive        6/17/2032      THB 2,750      —         (3     (3

1 day THOR quarterly

   2.59 quarterly      Receive        9/1/2032      THB 2,150      —         (1     (1

1 day CDI at termination

   11.39 at termination      Pay        1/2/2032      BRL 325      —         (6     (6

1 day THOR quarterly

   2.99 quarterly      Receive        9/26/2032      THB 5,300      —         (6     (6

1 day CDI at termination

   11.29 at termination      Pay        1/2/2032      BRL 300      —         (6     (6

1 day CDI at termination

   11.44 at termination      Pay        1/3/2028      BRL 900      —         (9     (9

1 day CDI at termination

   12.31 at termination      Pay        1/3/2028      BRL 600      —         (1     (1
              

 

 

   

 

 

   

 

 

 

Total unrealized depreciation

              (3     (57     (60
           

 

 

   

 

 

   

 

 

 

Total

 

        8       (39     (31
     

 

 

   

 

 

   

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Global Value Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 96.7%

 

Belgium - 1.5%

 

Groupe Bruxelles Lambert NV (1)

     365      $ 29,236  
     

 

 

 

Brazil - 0.7%

     

Telefonica Brasil SA, ADR

     1,808        12,927  
     

 

 

 

Canada - 1.1%

     

Imperial Oil Ltd.

     420        20,437  
     

 

 

 

China - 3.4%

     

Alibaba Group Holding Ltd. *(1)

     5,845        64,535  

NXP Semiconductors NV

     12        1,946  
     

 

 

 
        66,481  
     

 

 

 

France - 7.7%

     

Danone SA (1)

     1,688        88,926  

Sodexo SA (1)

     318        30,425  

TotalEnergies SE (1)

     473        29,539  
     

 

 

 
        148,890  
     

 

 

 

Germany - 4.8%

     

Daimler Truck Holding AG *(1)

     767        23,755  

HeidelbergCement AG (1)

     1,213        69,174  
     

 

 

 
        92,929  
     

 

 

 

Japan - 2.7%

     

Nintendo Co. Ltd. (1)

     1,268        53,082  
     

 

 

 

Netherlands - 6.2%

     

ING Groep NV (1)

     2,544        31,035  

Koninklijke Philips NV (1)

     2,905        43,597  

Shell plc (1)

     1,628        46,261  
     

 

 

 
        120,893  
     

 

 

 

South Korea - 4.2%

     

Samsung Electronics Co. Ltd. (1)

     1,858        81,949  
     

 

 

 

Switzerland - 13.2%

     

Cie Financiere Richemont SA (1)

     466        60,331  

Novartis AG (1)

     1,118        101,274  

Swatch Group AG (The) (1)

     13        3,603  

UBS Group AG (1)

     4,918        91,670  
     

 

 

 
        256,878  
     

 

 

 

United Kingdom - 8.8%

     

BAE Systems plc (1)

     5,572        57,592  

Compass Group plc (1)

     3,419        78,995  

Lloyds Banking Group plc (1)

     61,398        33,716  
     

 

 

 
        170,303  
     

 

 

 

United States - 42.4%

     

Advance Auto Parts, Inc.

     96        14,105  

Alphabet, Inc., Class A *

     697        61,512  

American Express Co.

     399        58,882  

Bank of New York Mellon Corp. (The)

     1,892        86,136  

Berkshire Hathaway, Inc., Class B *

     252        77,782  

Citigroup, Inc.

     1,312        59,349  

Dentsply Sirona, Inc.

     999        31,812  

Elevance Health, Inc.

     184        94,533  

Expedia Group, Inc. *

     384        33,671  

Lam Research Corp.

     86        36,117  

Marsh & McLennan Cos., Inc.

     331        54,743  

Meta Platforms, Inc., Class A *

     446        53,686  

Progressive Corp. (The)

     407        52,770  

Sensata Technologies Holding plc

     488        19,709  

Southwest Airlines Co. *

     987        33,239  

Willis Towers Watson plc

     226        55,157  
     

 

 

 
        823,203  
     

 

 

 

Total common stocks (Cost $1,611,006)

 

     1,877,208  
     

 

 

 

SHORT-TERM INVESTMENT - 2.2%

     

INVESTMENT COMPANY - 2.2%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $42,025)

     42,025        42,025  
     

 

 

 

Total investments - 98.9% (Cost $1,653,031)

 

     1,919,233  

Other assets less liabilities - 1.1%

 

     20,591  
     

 

 

 

Total net assets - 100.0%#

 

   $ 1,939,824  
     

 

 

 

 

(1) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,018,695, or 52.5% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan Global Value Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 181,207        9.4

Consumer Discretionary

     285,665        14.9

Consumer Staples

     88,926        4.6

Energy

     96,237        5.0

Financials

     630,476        32.9

Health Care

     271,216        14.1

Industrials

     134,295        7.0

Information Technology

     120,012        6.3

Materials

     69,174        3.6

Short-Term Investment

     42,025        2.2  
  

 

 

    

 

 

 

Total investments

   $ 1,919,233        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

CAD

   $ 20,437        1.1

CHF

     256,878        13.4

EUR

     345,687        18.0

GBP

     216,564        11.3

HKD

     64,535        3.3

JPY

     53,082        2.8

KRW

     81,949        4.3

USD

     880,101        45.8
  

 

 

    

 

 

 

Total investments

   $ 1,919,233        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan High Income Fund

Schedule of Investments

December 31, 2022 (Unaudited)

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

 

     Principal
Amount
     Value  

CORPORATE BONDS - 75.9%

     

Advertising - 0.2%

     

CMG Media Corp. 8.88%, 12/15/2027 (1)

   $ 15,947      $ 12,003  
     

 

 

 

Aerospace & Defense - 1.0%

     

Bombardier, Inc.

     

6.00%, 2/15/2028 (1)(2)

     51,291        47,430  

7.13%, 6/15/2026 (1)(2)

     8,689        8,430  

TransDigm, Inc. 4.63%, 1/15/2029

     470        413  
     

 

 

 
        56,273  
     

 

 

 

Airlines - 1.6%

     

Delta Air Lines, Inc.

     

3.75%, 10/28/2029

     47,512        39,493  

4.38%, 4/19/2028

     9,849        8,778  

7.38%, 1/15/2026

     41,503        42,405  
     

 

 

 
        90,676  
     

 

 

 

Building Materials - 0.6%

     

Eco Material Technologies, Inc. 7.88%, 1/31/2027 (1)

     21,037        20,097  

New Enterprise Stone & Lime Co., Inc.

     

5.25%, 7/15/2028 (1)

     4,361        3,873  

9.75%, 7/15/2028 (1)

     14,000        12,935  
     

 

 

 
        36,905  
     

 

 

 

Chemicals - 3.7%

     

Consolidated Energy Finance SA 5.63%, 10/15/2028 (1)(2)

     17,085        14,517  

Diamond BC BV 4.63%, 10/1/2029 (1)

     32,752        26,283  

Iris Holding, Inc. 10.00%, 12/15/2028 (1)

     37,718        30,954  

LSF11 A5 HoldCo LLC 6.63%, 10/15/2029 (1)

     8,542        7,057  

Methanex Corp.

     

5.13%, 10/15/2027 (2)

     28,114        26,076  

5.25%, 12/15/2029 (2)

     81,326        72,157  

5.65%, 12/1/2044 (2)

     4,854        3,677  

SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (1)(2)

     31,571        25,888  
     

 

 

 
        206,609  
     

 

 

 

Commercial Services - 2.0%

     

Neptune Bidco US, Inc. 9.29%, 4/15/2029 (1)

     70,767        66,698  

PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (1)

     16,154        10,495  

United Rentals North America, Inc. 6.00%, 12/15/2029 (1)

     33,315        33,107  
     

 

 

 
        110,300  
     

 

 

 

Distribution/Wholesale - 0.1%

     

American Builders & Contractors Supply Co., Inc. 3.88%, 11/15/2029 (1)

     3,705        3,029  
     

 

 

 

Diversified Financial Services - 6.2%

     

AG Issuer LLC 6.25%, 3/1/2028 (1)

     44,996        41,349  

NFP Corp.

     

4.88%, 8/15/2028 (1)

     26,065        22,189  

6.88%, 8/15/2028 (1)

     210,016        173,112  

VistaJet Malta Finance plc

     

6.38%, 2/1/2030 (1)(2)

     110,149        88,320  

7.88%, 5/1/2027 (1)(2)

     38,637        34,856  
     

 

 

 
        359,826  
     

 

 

 

Electronics - 0.1%

     

Sensata Technologies BV 5.88%, 9/1/2030 (1)

     8,422        7,982  
     

 

 

 

Energy-Alternate Sources - 0.4%

     

Sunnova Energy Corp. 5.88%, 9/1/2026 (1)

     28,481        25,445  
     

 

 

 

Engineering & Construction - 0.5%

     

Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028 (1)

     32,372        30,671  
     

 

 

 

Entertainment - 1.2%

     

Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (1)

     26,793        24,184  

Motion Bondco DAC 6.63%, 11/15/2027 (1)(2)

     13,203        11,349  

Penn Entertainment, Inc. 4.13%, 7/1/2029 (1)

     28,417        22,450  

SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029 (1)

     16,424        14,300  
     

 

 

 
        72,283  
     

 

 

 

Food - 1.1%

     

B&G Foods, Inc. 5.25%, 9/15/2027

     21,141        16,213  

H-Food Holdings LLC 8.50%, 6/1/2026 (1)

     79,712        46,233  
     

 

 

 
        62,446  
     

 

 

 

Food Service - 0.9%

     

TKC Holdings, Inc.

     

6.88%, 5/15/2028 (1)

     16,184        12,645  

10.50%, 5/15/2029 (1)

     65,171        36,522  
     

 

 

 
        49,167  
     

 

 

 

Forest Products & Paper - 0.4%

     

Ahlstrom-Munksjo Holding 3 Oy 4.88%, 2/4/2028 (1)(2)

     29,751        23,933  
     

 

 

 

Hand/Machine Tools - 0.5%

     

Werner FinCo LP 8.75%, 7/15/2025 (1)

     46,856        31,394  
     

 

 

 

Healthcare-Products - 2.7%

     

Medline Borrower LP

     

3.88%, 4/1/2029 (1)

     138,407        111,550  

5.25%, 10/1/2029 (1)

     58,203        46,229  
     

 

 

 
        157,779  
     

 

 

 


Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

Healthcare-Services - 0.3%

     

HCA, Inc. 3.50%, 9/1/2030

     12,810        11,048  

Surgery Center Holdings, Inc. 6.75%, 7/1/2025 (1)

     4,477        4,413  
     

 

 

 
        15,461  
     

 

 

 

Home Furnishings - 0.2%

     

Tempur Sealy International, Inc. 3.88%, 10/15/2031 (1)

     17,543        13,772  
     

 

 

 

Insurance - 9.9%

     

Acrisure LLC

     

4.25%, 2/15/2029 (1)

     23,420        19,331  

6.00%, 8/1/2029 (1)

     94,545        77,265  

7.00%, 11/15/2025 (1)

     92,952        85,405  

10.13%, 8/1/2026 (1)

     48,540        47,211  

Alliant Holdings Intermediate LLC

     

4.25%, 10/15/2027 (1)

     2,569        2,301  

5.88%, 11/1/2029 (1)

     15,595        12,825  

6.75%, 10/15/2027 (1)

     10,008        8,996  

Ardonagh Midco 2 plc 11.50% Cash, 12.75% PIK, 1/15/2027 (1)(2)

     137,607        130,726  

AssuredPartners, Inc. 7.00%, 8/15/2025 (1)

     25,180        24,351  

BroadStreet Partners, Inc. 5.88%, 4/15/2029 (1)

     67,061        57,074  

GTCR AP Finance, Inc. 8.00%, 5/15/2027 (1)

     58,606        56,137  

Highlands Holdings Bond Issuer Ltd. 7.63% Cash, 8.38% PIK, 10/15/2025 (1)(2)

     10,082        9,377  

Jones Deslauriers Insurance Management, Inc. 10.50%, 12/15/2030 (1)(2)

     37,258        36,694  

Ryan Specialty Group LLC 4.38%, 2/1/2030 (1)

     6,905        5,979  
     

 

 

 
        573,672  
     

 

 

 

Internet - 2.1%

     

Arches Buyer, Inc. 4.25%, 6/1/2028 (1)

     128,038        100,139  

Cars.com, Inc. 6.38%, 11/1/2028 (1)

     17,239        15,306  

Millennium Escrow Corp. 6.63%, 8/1/2026 (1)

     9,223        5,903  
     

 

 

 
        121,348  
     

 

 

 

Iron/Steel - 0.4%

     

Commercial Metals Co.

     

3.88%, 2/15/2031

     3,461        2,910  

4.13%, 1/15/2030

     11,253        9,957  

4.38%, 3/15/2032

     9,352        8,136  
     

 

 

 
        21,003  
     

 

 

 

Leisure Time - 7.6%

     

Carnival Corp.

     

4.00%, 8/1/2028 (1)

     13,445        10,963  

5.75%, 3/1/2027 (1)

     110,287        78,750  

6.00%, 5/1/2029 (1)

     83,290        55,503  

7.63%, 3/1/2026 (1)

     7,882        6,247  

10.50%, 6/1/2030 (1)

     18,945        15,411  

Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (1)

     4,169        4,280  

Lindblad Expeditions LLC 6.75%, 2/15/2027 (1)

     38,037        34,506  

MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (1)

     14,881        11,104  

NCL Corp. Ltd.

     

3.63%, 12/15/2024 (1)

     17,414        14,878  

5.88%, 3/15/2026 (1)

     47,354        37,195  

5.88%, 2/15/2027 (1)

     6,824        5,912  

7.75%, 2/15/2029 (1)

     35,092        26,408  

NCL Finance Ltd. 6.13%, 3/15/2028 (1)

     76,451        56,438  

Royal Caribbean Cruises Ltd.

     

4.25%, 7/1/2026 (1)

     19,431        15,707  

5.38%, 7/15/2027 (1)

     8,553        6,925  

5.50%, 8/31/2026 (1)

     26,365        22,180  

5.50%, 4/1/2028 (1)

     35,497        28,328  
     

 

 

 
        430,735  
     

 

 

 

Lodging - 0.9%

     

Boyd Gaming Corp. 4.75%, 6/15/2031 (1)

     9,302        8,093  

MGM Resorts International

     

4.63%, 9/1/2026

     4,248        3,894  

4.75%, 10/15/2028

     35,704        31,164  

5.50%, 4/15/2027

     2,223        2,068  

Station Casinos LLC 4.63%, 12/1/2031 (1)

     16,806        13,481  
     

 

 

 
        58,700  
     

 

 

 

Machinery-Diversified - 0.5%

     

Chart Industries, Inc.

     

7.50%, 1/1/2030 (1)

     16,494        16,581  

9.50%, 1/1/2031 (1)

     10,765        11,041  
     

 

 

 
        27,622  
     

 

 

 

Media - 11.2%

     

CCO Holdings LLC

     

4.25%, 2/1/2031 (1)

     56,581        45,384  

4.25%, 1/15/2034 (1)

     24,208        17,867  

4.50%, 8/15/2030 (1)

     81,193        67,078  

4.50%, 5/1/2032

     94,019        74,839  

4.75%, 3/1/2030 (1)

     31,605        27,257  

CSC Holdings LLC

     

4.50%, 11/15/2031 (1)

     8,967        6,221  

4.63%, 12/1/2030 (1)

     96,194        53,160  

5.25%, 6/1/2024

     15,676        14,595  

5.38%, 2/1/2028 (1)

     6,632        5,347  

6.50%, 2/1/2029 (1)

     12,161        9,942  

7.50%, 4/1/2028 (1)

     57,856        39,342  

Sinclair Television Group, Inc.

     

5.13%, 2/15/2027 (1)

     47,938        39,099  

5.50%, 3/1/2030 (1)

     83,118        58,118  


Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

UPC Holding BV 5.50%, 1/15/2028 (1)(2)

     2,774        2,462  

Virgin Media Finance plc 5.00%, 7/15/2030 (1)(2)

     92,925        74,531  

Virgin Media Secured Finance plc

     

4.50%, 8/15/2030 (1)(2)

     22,046        18,418  

5.50%, 5/15/2029 (1)(2)

     27,393        24,538  

Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028 (1)(2)

     17,967        15,705  

Ziggo Bond Co. BV

     

5.13%, 2/28/2030 (1)(2)

     12,976        10,478  

6.00%, 1/15/2027 (1)(2)

     27,070        25,187  

Ziggo BV 4.88%, 1/15/2030 (1)(2)

     24,246        20,288  
     

 

 

 
        649,856  
     

 

 

 

Mining - 1.0%

     

Compass Minerals International, Inc.

     

4.88%, 7/15/2024 (1)

     10,392        9,989  

6.75%, 12/1/2027 (1)

     52,402        50,306  
     

 

 

 
        60,295  
     

 

 

 

Oil & Gas - 4.4%

     

Callon Petroleum Co.

     

8.00%, 8/1/2028 (1)

     101,921        97,159  

8.25%, 7/15/2025

     3,046        3,031  

CrownRock LP 5.00%, 5/1/2029 (1)

     25,862        23,237  

Laredo Petroleum, Inc.

     

7.75%, 7/31/2029 (1)

     54,024        48,626  

10.13%, 1/15/2028

     4,330        4,223  

MEG Energy Corp. 5.88%, 2/1/2029 (1)(2)

     33,922        31,989  

SM Energy Co.

     

5.63%, 6/1/2025

     8,964        8,605  

6.50%, 7/15/2028

     19,447        18,645  

6.63%, 1/15/2027

     4,218        4,063  

Strathcona Resources Ltd. 6.88%, 8/1/2026 (1)(2)

     34,068        24,865  
     

 

 

 
        264,443  
     

 

 

 

Packaging & Containers - 0.4%

     

Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030 (1)

     20,692        17,712  

Sealed Air Corp. 5.00%, 4/15/2029 (1)

     4,531        4,259  
     

 

 

 
        21,971  
     

 

 

 

Pharmaceuticals - 1.5%

     

BellRing Brands, Inc. 7.00%, 3/15/2030 (1)

     69,183        66,571  

Prestige Brands, Inc. 3.75%, 4/1/2031 (1)

     21,328        17,589  
     

 

 

 
        84,160  
     

 

 

 

Real Estate - 0.4%

     

Realogy Group LLC 5.75%, 1/15/2029 (1)

     33,573        25,394  
     

 

 

 

Real Estate Investment Trusts (REITS) - 2.0%

     

Global Net Lease, Inc. 3.75%, 12/15/2027 (1)

     50,616        41,855  

Iron Mountain, Inc.

     

5.00%, 7/15/2028 (1)

     1,919        1,724  

5.25%, 7/15/2030 (1)

     14,936        12,979  

Necessity Retail REIT, Inc. (The) 4.50%, 9/30/2028 (1)

     31,343        23,037  

Uniti Group LP 4.75%, 4/15/2028 (1)

     17,806        14,245  

XHR LP 4.88%, 6/1/2029 (1)

     29,209        23,926  
     

 

 

 
        117,766  
     

 

 

 

Retail - 5.6%

     

Asbury Automotive Group, Inc. 4.63%, 11/15/2029 (1)

     24,366        20,532  

Bath & Body Works, Inc.

     

6.63%, 10/1/2030 (1)

     8,389        7,872  

6.75%, 7/1/2036

     9,581        8,421  

6.88%, 11/1/2035

     23,874        21,222  

Brinker International, Inc. 5.00%, 10/1/2024 (1)

     25,349        24,434  

Gap, Inc. (The)

     

3.63%, 10/1/2029 (1)

     34,357        24,235  

3.88%, 10/1/2031 (1)

     23,637        16,490  

LCM Investments Holdings II LLC 4.88%, 5/1/2029 (1)

     26,332        21,086  

Nordstrom, Inc.

     

4.00%, 3/15/2027

     14,636        12,186  

4.25%, 8/1/2031

     10,415        7,448  

4.38%, 4/1/2030

     48,672        36,591  

5.00%, 1/15/2044

     98,226        59,672  

Patrick Industries, Inc. 4.75%, 5/1/2029 (1)

     6,869        5,701  

Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (1)

     17,756        14,296  

SRS Distribution, Inc.

     

6.00%, 12/1/2029 (1)

     48,122        38,298  

6.13%, 7/1/2029 (1)

     2,803        2,266  

Superior Plus LP

     

4.25%, 5/18/2028 (1)(2)

   CAD  6,705        4,308  

4.50%, 3/15/2029 (1)(2)

     1,684        1,440  
     

 

 

 
        326,498  
     

 

 

 

Software - 0.2%

     

Castle US Holding Corp. 9.50%, 2/15/2028 (1)

     25,953        10,187  
     

 

 

 

Telecommunications - 4.1%

     

Altice France Holding SA

     

6.00%, 2/15/2028 (1)(2)

     87,835        51,848  

10.50%, 5/15/2027 (1)(2)

     25,971        19,803  

Altice France SA

     

5.13%, 1/15/2029 (1)(2)

     8,119        6,105  

5.13%, 7/15/2029 (1)(2)

     8,550        6,410  

5.50%, 1/15/2028 (1)(2)

     7,974        6,244  

5.50%, 10/15/2029 (1)(2)

     98,372        75,012  


Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

Level 3 Financing, Inc. 3.75%, 7/15/2029 (1)

   $ 1,710       1,230  

Vmed O2 UK Financing I plc 4.25%, 1/31/2031 (1)(2)

     42,712       34,576  

Zayo Group Holdings, Inc.

    

4.00%, 3/1/2027 (1)

     25,706       18,986  

6.13%, 3/1/2028 (1)

     35,262       19,996  
    

 

 

 
       240,210  
    

 

 

 

Total corporate bonds (Cost $5,174,366)

       4,399,814  
    

 

 

 

BANK LOANS - 14.6%

    

Auto Parts & Equipment - 0.8%

    

Wheel Pros, Inc. First Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 8.82%, 5/11/2028 (3)

     65,009       43,630  
    

 

 

 

Chemicals - 0.5%

    

CPC Acquisition Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 8.48%, 12/29/2027 (3)

     38,006       27,326  
    

 

 

 

Commercial Services - 2.9%

    

Ankura Consulting Group LLC Second Lien Term Loan (ICE LIBOR USD 3 Month + 8.00%),
12.36%, 3/19/2029 (3)

     17,830       14,888  

Digital Room Holdings, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%),
9.63%, 12/21/2028 (3)

     28,981       24,815  

Employbridge Holding Co. First Lien Term Loan B

    

(ICE LIBOR USD 3 Month + 4.75%), 9.48%, 7/19/2028 (3)

     529       429  

(ICE LIBOR USD 3 Month + 4.75%), 9.49%, 7/19/2028 (3)

     51,690       41,890  

National Intergovernmental Purchasing Alliance Co. Second Lien Term Loan (SOFR + 7.50%), 12.08%, 5/26/2026 (3)

     7,320       7,174  

Neptune BidCo US, Inc. First Lien Term Loan B (SOFR + 5.00%), 8.82%, 4/11/2029 (3)

     24,313       21,654  

New SK Holdco Sub LLC First Lien Term Loan (SOFR + 6.75%), 11.17%, 6/30/2027 (3)

     66,844       57,333  
    

 

 

 
       168,183  
    

 

 

 

Entertainment - 0.2%

    

J&J Ventures Gaming LLC First Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 8.73%, 4/26/2028 (3)

     13,410       12,807  

Lucky Bucks LLC First Lien Term Loan B

    

(ICE LIBOR USD 3 Month + 5.50%, 10.23%), 7/30/2027 (3)

     —       —  

(ICE LIBOR USD 3 Month + 5.50%, 10.43%), 7/30/2027 (3)

     4,092       2,322  
    

 

 

 
       15,129  
    

 

 

 

Food Service - 1.2%

    

TKC Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%), 9.89%, 5/15/2028 (3)

     68,453       56,901  

TKC Midco 1 LLC First Lien Term Loan 12.00% Cash, 13.00% PIK, 2/15/2027

     18,035       10,280  
    

 

 

 
       67,181  
    

 

 

 

Healthcare-Services - 0.5%

    

Surgery Center Holdings, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 8.05%, 8/31/2026 (3)

     30,073       29,656  
    

 

 

 

Home Furnishings - 0.2%

    

Weber-Stephen Products LLC First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 10/30/2027 (3)

     16,638       13,975  
    

 

 

 

Household Products/Wares - 0.0%^

    

VC GB Holdings I Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 7/21/2028 (3)

     2,959       2,659  
    

 

 

 

Internet - 0.1%

    

Arches Buyer, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 12/6/2027 (3)

     8,785       8,108  
    

 

 

 

Investment Companies - 0.9%

    

Nexus Buyer LLC Second Lien Term Loan (ICE LIBOR USD 1 Month + 6.25%), 10.63%, 11/5/2029 (3)

     59,570       54,978  
    

 

 

 

Leisure Time - 0.2%

    

NCL Corp., Ltd. First Lien Term Loan A (ICE LIBOR USD 3 Month + 1.75%), 5.42%, 1/2/2024 (3)

     12,637       12,005  
    

 

 

 

Retail - 0.5%

    

Fogo De Chao, Inc. First Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 8.63%, 4/7/2025 (3)

     12,983       12,196  


Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

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

 

Portillo’s Holdings LLC First Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%),
9.88%, 9/6/2024 (3)

     18,948        18,770  
     

 

 

 
        30,966  
     

 

 

 

Software - 5.1%

     

Applied Systems, Inc. Second Lien Term Loan (SOFR + 6.75%), 10.91%, 9/17/2027 (3)

     28,103        27,787  

Castle US Holding Corp. First Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%),
8.13%, 1/29/2027 (3)

     4,885        2,974  

CommerceHub, Inc. Second Lien Term Loan B (SOFR + 7.00%), 11.53%, 12/29/2028 (3)

     10,610        8,342  

Constant Contact, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%),
11.41%, 2/12/2029 (3)

     28,018        21,107  

Ivanti Software, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 7.25%),
12.01%, 12/1/2028 (3)

     6,435        3,628  

Matrix Parent, Inc. First Lien Term Loan (SOFR + 5.00%), 9.55%, 3/1/2029 (3)

     21,054        16,843  

Orchid Finco LLC First Lien Term Loan B (SOFR + 4.75%), 9.58%, 7/27/2027 (3)

     24,582        21,141  

Renaissance Holdings Corp. First Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 5/30/2025 (3)

     61,606        58,618  

Renaissance Holdings Corp. Second Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 11.38%, 5/29/2026 (3)

     36,536        33,781  

UKG, Inc. Second Lien Term Loan (ICE LIBOR USD 3 Month + 5.25%), 9.00%, 5/3/2027 (3)

     74,902        68,573  

Virgin Pulse, Inc. First Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%),
8.38%, 4/6/2028 (3)

     34,797        29,334  
     

 

 

 
        292,128  
     

 

 

 

Telecommunications - 0.9%

     

Delta Topco, Inc. Second Lien Term Loan (SOFR + 7.25%), 11.65%, 12/1/2028 (3)

     35,575        27,704  

Gridiron Fiber Corp. First Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%),
9.23%, 10/4/2028 (3)

     23,666        21,211  
     

 

 

 
        48,915  
     

 

 

 

Transportation - 0.6%

     

SIRVA Worldwide, Inc. First Lien Term Loan

     

(ICE LIBOR USD 3 Month + 5.50%), 9.88%, 8/4/2025 (3)

     26,552        23,498  

(ICE LIBOR USD 3 Month + 5.50%), 9.91%, 8/4/2025 (3)

     5,986        5,298  

(ICE LIBOR USD 3 Month + 5.50%), 10.23%, 8/4/2025 (3)

     5,262        4,657  
     

 

 

 
        33,453  
     

 

 

 

Total bank loans (Cost $978,081)

        848,292  
     

 

 

 
     Shares Held         

COMMON STOCK - 0.4%

     

Miscellaneous Manufacturing - 0.4%

     

Utex Equity (Cost $10,178) *(4)(5)

     364        23,841  
     

 

 

 
     No. of
Warrants
        

WARRANTS - 0.0%

     

Diversified Financial Services - 0.0%

     

Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10 (Cost $—) *(4)(5)

   $ 71        —    
     

 

 

 
     Shares Held         

SHORT-TERM INVESTMENT - 6.8%

     

INVESTMENT COMPANY - 6.8%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $395,157)

     395,157        395,157  
     

 

 

 

Total investments - 97.7% (Cost $6,557,782)

        5,667,104  

Other assets less liabilities - 2.3%

        130,852  
     

 

 

 

Total net assets - 100.0% #

      $ 5,797,956  
     

 

 

 

 

(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.


Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

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

 

Security

   Country    Trading Currency

Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 2/4/2028

   Finland    USD

Altice France Holding SA, 6.00%, 2/15/2028

   Luxembourg    USD

Altice France Holding SA, 10.50%, 5/15/2027

   Luxembourg    USD

Altice France SA, 5.13%, 1/15/2029

   France    USD

Altice France SA, 5.13%, 7/15/2029

   France    USD

Altice France SA, 5.50%, 1/15/2028

   France    USD

Altice France SA, 5.50%, 10/15/2029

   France    USD

Ardonagh Midco 2 plc, 11.50%, 1/15/2027

   United Kingdom    USD

Bombardier, Inc., 6.00%, 2/15/2028

   Canada    USD

Bombardier, Inc., 7.13%, 6/15/2026

   Canada    USD

Consolidated Energy Finance SA, 5.63%, 10/15/2028

   Switzerland    USD

Highlands Holdings Bond Issuer Ltd., 7.63%, 10/15/2025

   Bermuda    USD

Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/2030

   Canada    USD

MEG Energy Corp., 5.88%, 2/1/2029

   Canada    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

SK Invictus Intermediate II SARL, 5.00%, 10/30/2029

   Luxembourg    USD

Strathcona Resources Ltd., 6.88%, 8/1/2026

   Canada    USD

Superior Plus LP, 4.25%, 5/18/2028

   Canada    CAD

Superior Plus LP, 4.50%, 3/15/2029

   Canada    USD

UPC Holding BV, 5.50%, 1/15/2028

   Netherlands    USD

Virgin Media Finance plc, 5.00%, 7/15/2030

   United Kingdom    USD

Virgin Media Secured Finance plc, 4.50%, 8/15/2030

   United Kingdom    USD

Virgin Media Secured Finance plc, 5.50%, 5/15/2029

   United Kingdom    USD

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028

   United Kingdom    USD

VistaJet Malta Finance plc, 6.38%, 2/1/2030

   Switzerland    USD

VistaJet Malta Finance plc, 7.88%, 5/1/2027

   Switzerland    USD

Vmed O2 UK Financing I plc, 4.25%, 1/31/2031

   United Kingdom    USD

Ziggo Bond Co. BV, 5.13%, 2/28/2030

   Netherlands    USD

Ziggo Bond Co. BV, 6.00%, 1/15/2027

   Netherlands    USD

Ziggo BV, 4.88%, 1/15/2030s

   Netherlands    USD

 

(3) 

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022.

(4) 

Defaulted securities.

(5) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $23,841, or 0.4% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan High Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 981,419        17.3

Consumer Discretionary

     1,054,915        18.6  

Consumer Staples

     216,446        3.8  

Energy

     289,888        5.1  

Financials

     1,067,463        18.8  

Health Care

     202,896        3.6  

Industrials

     544,061        9.6  

Information Technology

     410,562        7.3  

Materials

     361,137        6.4  

Real Estate

     143,160        2.5  

Short-Term Investment

     395,157        7.0  
  

 

 

    

 

 

 

Total investments

   $ 5,667,104        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

CAD

   $ 4,308        0.1

USD

     5,662,796        99.9  
  

 

 

    

 

 

 

Total investments

   $ 5,667,104        100.0
  

 

 

    

 

 

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased

   Currency Sold     

Counterparty

   Settlement
Date
   Unrealized
Appreciation
 

USD

   4,325      CAD        5,782      BOA    1/23/2023    $ 54  
                 

 

 

 

Total unrealized appreciation

   $ 54  
                 

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan International Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS AND EQUITY-LINKED SECURITY - 95.4%

     

Belgium - 1.9%

     

UCB SA (1)

     1,250      $ 98,439  
     

 

 

 

Canada - 5.5%

     

Canadian National Railway Co.

     726        86,238  

Canadian Pacific Railway Ltd.

     2,423        180,616  

Kinaxis, Inc. *

     233        26,139  
     

 

 

 
        292,993  
     

 

 

 

China - 4.8%

     

Alibaba Group Holding Ltd., ADR *

     1,590        140,042  

ANTA Sports Products Ltd. (1)

     2,930        38,409  

Wuliangye Yibin Co. Ltd., Class A (1)

     2,879        74,547  
     

 

 

 
        252,998  
     

 

 

 

Denmark - 4.3%

     

Ascendis Pharma A/S, ADR *

     742        90,620  

Novo Nordisk A/S, ADR

     194        26,233  

Novo Nordisk A/S, Class B (1)

     843        114,200  
     

 

 

 
        231,053  
     

 

 

 

France - 14.3%

     

Air Liquide SA (1)

     1,312        186,652  

Airbus SE (1)

     683        81,261  

BNP Paribas SA (1)

     4,060        231,048  

Capgemini SE (1)

     502        84,202  

EssilorLuxottica SA (1)

     121        22,016  

LVMH Moet Hennessy Louis Vuitton SE (1)

     123        89,515  

Pernod Ricard SA (1)

     202        39,636  

Safran SA (1)

     227        28,340  
     

 

 

 
        762,670  
     

 

 

 

Germany - 12.3%

     

Allianz SE (1)

     403        86,651  

Deutsche Boerse AG (1)

     1,280        220,863  

Deutsche Post AG (1)

     399        15,036  

Deutsche Telekom AG (1)

     10,713        213,691  

Dr Ing hc F Porsche AG (Preference) *(1)

     554        56,253  

Porsche Automobil Holding SE (Preference) (1)

     182        10,005  

Volkswagen AG (Preference) (1)

     432        53,813  
     

 

 

 
        656,312  
     

 

 

 

Hong Kong - 0.2%

     

AIA Group Ltd. (1)

     1,048        11,541  
     

 

 

 

India - 1.4%

     

Reliance Industries Ltd. (1)

     2,357        72,318  
     

 

 

 

Ireland - 2.4%

     

Ryanair Holdings plc, Equity-Linked Security *(1)(2)(3)

     9,658        126,370  
     

 

 

 

Italy - 1.4%

     

Intesa Sanpaolo SpA (1)

     33,630        75,028  
     

 

 

 

Netherlands - 9.9%

     

Adyen NV *(1)

     16        22,780  

Argenx SE, ADR *

     431        163,428  

Argenx SE *(1)

     13        4,820  

ING Groep NV (1)

     12,240        149,337  

Shell plc (1)

     6,616        188,003  
     

 

 

 
        528,368  
     

 

 

 

Russia - 0.0%

     

MMC Norilsk Nickel PJSC, ADR (1)(4)(5)

     4,881        —    

Sberbank of Russia PJSC *(1)(4)(5)

     38,445        —    
     

 

 

 
        —    
     

 

 

 

Singapore - 2.2%

     

DBS Group Holdings Ltd. (1)

     2,198        55,652  

United Overseas Bank Ltd. (1)

     2,704        62,016  
     

 

 

 
        117,668  
     

 

 

 

Spain - 1.1%

     

Ferrovial SA (1)

     2,271        59,396  
     

 

 

 

Switzerland - 7.5%

     

Alcon, Inc. (1)

     1,444        99,173  

Barry Callebaut AG (1)

     20        39,797  

Cie Financiere Richemont SA (1)

     1,008        130,497  

Medacta Group SA (1)

     326        36,504  

UBS Group AG (1)

     4,882        90,997  
     

 

 

 
        396,968  
     

 

 

 

Taiwan - 0.1%

     

Taiwan Semiconductor Manufacturing Co. Ltd. (1)

     355        5,174  
     

 

 

 

United Kingdom - 14.1%

     

AstraZeneca plc, ADR

     891        60,428  

AstraZeneca plc (1)

     327        44,357  

BAE Systems plc (1)

     5,280        54,571  

Barclays plc (1)

     76,183        146,468  

Diageo plc (1)

     1,995        88,117  

International Consolidated Airlines Group SA *(1)(6)

     14,463        21,530  

Linde plc (1)

     768        251,045  

Tesco plc (1)

     9,158        24,831  

Unilever plc (1)

     1,171        59,088  
     

 

 

 
        750,435  
     

 

 

 

United States - 12.0%

     

Amazon.com, Inc. *

     951        79,889  

Aon plc, Class A

     544        163,384  

ICON plc *

     122        23,739  

Nestle SA (1)

     898        103,649  

Schlumberger Ltd.

     4,965        265,422  
     

 

 

 
        636,083  
     

 

 

 

Total common stocks and equity-linked security (Cost $4,536,203)

        5,073,814  
     

 

 

 


Artisan International Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

SHORT-TERM INVESTMENTS - 2.8%

     

INVESTMENT COMPANIES - 2.8%

     

BlackRock Liquidity FedFund - Institutional Shares, 4.03% (7)

     18,681        18,681  

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04%

     130,275        130,275  
     

 

 

 

Total investment companies (Cost $148,956)

        148,956  
     

 

 

 

Total investments - 98.2% (Cost $4,685,159)

        5,222,770  

Other assets less liabilities - 1.8%

        96,633  
     

 

 

 

Total net assets - 100.0% #

      $ 5,319,403  
     

 

 

 

 

 

(1) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,767,636, or 70.8% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan International Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

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

 

Security

   Acquisition Date      Cost      Value      Percentage of
Total Net Assets
 

Ryanair Holdings plc

     11/14/2013 - 11/08/2022      $ 107,527      $ 126,370        2.4

 

(3)

Security is an equity-linked security issued by HSBC Bank plc. Equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

(4)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(5) 

Security is restricted.

 

Security

   Acquisition Date      Cost      Value      Percentage of
Total Net Assets
 

MMC Norilsk Nickel PJSC

     11/09/2020 - 01/14/2022      $ 151,723      $        0.0

Sberbank of Russia PJSC

     09/16/2021 - 02/11/2022        159,810               0.0

 

(6) 

All or a portion of security is on loan at December 31, 2022.

(7) 

At December 31, 2022, the Portfolio had loaned securities with a total value of $17,168. This was collateralized by cash of $18,681 which was subsequently invested in an investment company.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 213,691        4.1

Consumer Discretionary

     598,423        11.5  

Consumer Staples

     429,665        8.2  

Energy

     525,743        10.1  

Financials

     1,292,985        24.8  

Health Care

     783,957        15.0  

Industrials

     653,358        12.4  

Information Technology

     138,295        2.6  

Materials

     437,697        8.4  

Short-Term Investment

     148,956        2.9  
  

 

 

    

 

 

 

Total investments

   $ 5,222,770        100.0
  

 

 

    

 

 

 


Artisan International Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

CAD

   $ 292,993        5.6

CHF

     500,617        9.6  

CNY

     74,547        1.4  

DKK

     114,200        2.2  

EUR

     2,079,827        39.8  

GBP

     626,965        12.0  

HKD

     49,950        1.0  

INR

     72,318        1.4  

RUB

     0        0.0

SGD

     117,668        2.2

TWD

     5,174        0.1  

USD

     1,288,511        24.7
  

 

 

    

 

 

 

Total investments

   $ 5,222,770        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan International Explorer Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 86.7%

 

Argentina - 4.9%

 

Despegar.com Corp. *

     298      $ 1,526  
     

 

 

 

Australia - 4.6%

 

Steadfast Group Ltd. (1)

     383        1,425  
     

 

 

 

Canada - 5.8%

 

ATS Corp. *

     43        1,346  

Knight Therapeutics, Inc. *

     80        305  

Real Matters, Inc. *

     55        170  
     

 

 

 
        1,821  
     

 

 

 

China - 1.5%

 

China Isotope & Radiation Corp. (1)

     275        469  
     

 

 

 

Denmark - 1.0%

 

ALK-Abello A/S *(1)

     22        310  
     

 

 

 

France - 2.0%

 

Alten SA (1)

     5        632  
     

 

 

 

Germany - 6.3%

 

AlzChem Group AG (1)

     33        589  

Hensoldt AG (1)

     59        1,393  
     

 

 

 
        1,982  
     

 

 

 

India - 2.4%

 

Care Ratings Ltd. (1)

     104        762  
     

 

 

 

Indonesia - 5.4%

 

Mitra Adiperkasa Tbk. PT *(1)

     18,099        1,683  
     

 

 

 

Ireland - 4.6%

 

Glenveagh Properties plc *(1)

     1,589        1,441  
     

 

 

 

Italy - 1.2%

 

Enav SpA (1)

     92        389  
     

 

 

 

Japan - 10.3%

 

Horiba Ltd. (1)

     13        581  

NexTone, Inc. *(1)

     10        337  

Sato Holdings Corp. (1)

     86        1,233  

Zuken, Inc. (1)

     47        1,069  
     

 

 

 
        3,220  
     

 

 

 

Mexico - 2.6%

 

Qualitas Controladora SAB de CV

     180        796  
     

 

 

 

Norway - 1.2%

 

Sikri Group ASA *(1)

     451        376  
     

 

 

 

South Africa - 3.2%

 

Bid Corp. Ltd. (1)

     18        346  

Cashbuild Ltd. (1)

     15        169  

Famous Brands Ltd. (1)

     133        493  
     

 

 

 
        1,008  
     

 

 

 

South Korea - 2.5%

 

Vitzrocell Co. Ltd. *(1)

     76        770  
     

 

 

 

Switzerland - 1.4%

 

Medmix AG (1)

     23        445  
     

 

 

 

United Kingdom - 19.8%

 

Essentra plc (1)

     190        541  

IDOX plc (1)

     1,438        1,126  

IQE plc *(1)

     944        567  

LSL Property Services plc (1)

     119        360  

Luxfer Holdings plc

     44        610  

M&C Saatchi plc *(1)

     1,444        2,637  

Oxford Biomedica plc *(1)

     64        344  
     

 

 

 
        6,185  
     

 

 

 

United States - 6.0%

 

Impro Precision Industries Ltd. (1)

     3,183        902  

Signify NV (1)

     29        969  
     

 

 

 
        1,871  
     

 

 

 

Total common stocks (Cost $27,676)

 

     27,111  
  

 

 

 

SHORT-TERM INVESTMENTS - 13.1%

 

INVESTMENT COMPANIES - 13.1%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04%

     1,390        1,390  

Federated Treasury Obligations Fund - Institutional Class, 4.15%

     1,350        1,350  

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.18%

     1,350        1,350  
     

 

 

 

Total investment companies (Cost $4,090)

 

     4,090  
  

 

 

 

Total investments - 99.8% (Cost $31,766)

 

     31,201  

Other assets less liabilities - 0.2%

 

     51  
  

 

 

 

Total net assets - 100.0% #

 

   $ 31,252  
  

 

 

 

 

(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 $22,358, or 71.5% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan International Explorer Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 2,974        9.5

Consumer Discretionary

     5,312        17.1  

Consumer Staples

     346        1.1  

Financials

     2,983        9.6  

Health Care

     1,873        6.0  

Industrials

     7,612        24.4  

Information Technology

     4,351        13.9  

Materials

     1,130        3.6  

Real Estate

     530        1.7  

Short-Term Investments

     4,090        13.1  
  

 

 

    

 

 

 

Total investments

   $ 31,201        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

AUD

   $ 1,425        4.6

CAD

     1,821        5.8  

CHF

     445        1.4  

DKK

     310        1.0  

EUR

     5,413        17.3  

GBP

     5,575        17.9  

HKD

     1,371        4.4  

IDR

     1,683        5.4  

INR

     762        2.4  

JPY

     3,220        10.3  

KRW

     770        2.5  

MXN

     796        2.6  

NOK

     376        1.2  

USD

     6,226        20.0  

ZAR

     1,008        3.2  
  

 

 

    

 

 

 

Total investments

   $ 31,201        100.0
  

 

 

    

 

 

 

FOREIGN CURRENCY FORWARD CONTRACTS

Values in thousands

 

Currency Purchased

     Currency Sold      Counterparty    Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

ZAR

     3,187        USD        184      JPM      2/1/2023      $ 3  
                 

 

 

 

Total unrealized appreciation

        3  
     

 

 

 

USD

     325        ZAR        6,013      JPM      2/1/2023        (28
                 

 

 

 

Total unrealized depreciation

        (28
     

 

 

 

Net unrealized depreciation

      $ (25
     

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan International Small-Mid Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 95.5%

 

Australia - 0.2%

 

Telix Pharmaceuticals Ltd. *(1)

     1,467      $ 7,249  
     

 

 

 

Belgium - 0.5%

 

Azelis Group NV (1)

     757        21,456  
     

 

 

 

Brazil - 1.5%

 

Hapvida Participacoes e Investimentos SA *(1)

     15,498        15,075  

Rumo SA (1)

     6,757        23,949  

Vibra Energia SA (1)

     8,511        25,034  
     

 

 

 
        64,058  
     

 

 

 

Canada - 5.4%

 

Altus Group Ltd.

     978        39,018  

CAE, Inc. *

     3,245        62,770  

Descartes Systems Group, Inc. (The) *

     562        39,148  

Kinaxis, Inc. *

     341        38,303  

Lightspeed Commerce, Inc. *

     2,029        28,989  

Whitecap Resources, Inc.

     2,262        17,938  
     

 

 

 
        226,166  
     

 

 

 

China - 0.1%

 

Jacobio Pharmaceuticals Group Co. Ltd. *(1)

     5,766        3,864  
     

 

 

 

Costa Rica - 0.3%

 

Establishment Labs Holdings, Inc. *

     178        11,669  
     

 

 

 

Denmark - 6.5%

 

ALK-Abello A/S *(1)

     1,270        17,621  

Ambu A/S, Class B *(1)

     4,362        55,340  

Carlsberg A/S, Class B (1)

     180        23,814  

DSV A/S (1)

     197        31,213  

FLSmidth & Co. A/S (1)

     776        28,225  

Genmab A/S *(1)

     146        61,667  

Royal Unibrew A/S (1)

     123        8,791  

Tryg A/S (1)

     665        15,780  

Vestas Wind Systems A/S (1)

     1,081        31,585  
     

 

 

 
        274,036  
     

 

 

 

Finland - 2.5%

 

Metso Outotec OYJ (1)

     9,225        95,169  

Revenio Group OYJ (1)

     267        11,043  
     

 

 

 
        106,212  
     

 

 

 

France - 3.0%

 

Gaztransport Et Technigaz SA (1)

     438        46,764  

Lectra (1)

     1,465        55,287  

Ubisoft Entertainment SA *(1)

     820        23,286  
     

 

 

 
        125,337  
     

 

 

 

Germany - 5.2%

 

AIXTRON SE (1)

     2,459        71,013  

Carl Zeiss Meditec AG (1)

     170        21,464  

Duerr AG (1)

     565        19,066  

Gerresheimer AG (1)

     748        50,278  

Hamburger Hafen und Logistik AG (1)

     1,193        15,178  

Symrise AG (1)

     411        44,694  
     

 

 

 
        221,693  
     

 

 

 

Iceland - 0.5%

 

Ossur HF *(1)

     4,573        22,133  
     

 

 

 

India - 2.3%

 

IndiaMart InterMesh Ltd. (1)

     443        23,079  

PB Fintech Ltd. *(1)

     1,846        9,987  

WNS Holdings Ltd., ADR *

     786        62,896  
     

 

 

 
        95,962  
     

 

 

 

Israel - 7.1%

 

Kornit Digital Ltd. *

     2,478        56,916  

Nice Ltd., ADR *

     883        169,809  

Radware Ltd. *

     1,822        35,983  

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (1)

     197        13,804  

Tel Aviv Stock Exchange Ltd. (1)

     3,931        23,481  
     

 

 

 
        299,993  
     

 

 

 

Italy - 1.4%

 

Davide Campari-Milano NV (1)

     2,991        30,317  

Moncler SpA (1)

     534        28,414  
     

 

 

 
        58,731  
     

 

 

 

Japan - 12.9%

 

Azbil Corp. (1)

     2,363        59,834  

Carenet, Inc. (1)(2)

     3,152        26,548  

CKD Corp. (1)(2)

     3,819        54,594  

Daikokutenbussan Co. Ltd. (1)(2)

     793        32,434  

en Japan, Inc. (1)

     604        11,023  

Fujitec Co. Ltd. (1)

     2,020        46,026  

GMO Financial Gate, Inc. (1)

     141        16,092  

Internet Initiative Japan, Inc. (1)

     236        4,406  

Jeol Ltd. (1)

     585        15,721  

Kobe Bussan Co. Ltd. (1)

     631        18,208  

Money Forward, Inc. *(1)

     815        25,237  

Morinaga Milk Industry Co. Ltd. (1)

     794        30,193  

Rohm Co. Ltd. (1)

     549        39,201  

Rohto Pharmaceutical Co. Ltd. (1)

     659        11,696  

SCSK Corp. (1)

     589        8,890  

SG Holdings Co. Ltd. (1)

     3,819        53,238  

Temairazu, Inc. (1)

     310        11,689  

Toshiba Corp. (1)

     1,900        66,617  

Ubicom Holdings, Inc. (1)(2)

     807        13,593  
     

 

 

 
        545,240  
     

 

 

 

Netherlands - 2.2%

 

IMCD NV (1)

     383        54,676  

Koninklijke DSM NV (1)

     309        37,895  

Merus NV *

     89        1,378  
     

 

 

 
        93,949  
     

 

 

 

Spain - 0.3%

 

Almirall SA (1)

     1,445        13,983  
     

 

 

 

Sweden - 3.4%

 

AAK AB (1)

     1,149        19,634  

Fortnox AB (1)

     10,862        49,454  


Artisan International Small-Mid Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

Swedish Orphan Biovitrum AB *(1)

     3,581        73,985  
     

 

 

 
        143,073  
     

 

 

 

Switzerland - 6.4%

 

Alcon, Inc. (1)

     1,188        81,630  

Baloise Holding AG (1)

     267        41,196  

Barry Callebaut AG (1)

     23        45,541  

Belimo Holding AG (1)

     83        39,516  

Burckhardt Compression Holding AG (1)

     68        40,326  

Tecan Group AG (1)

     45        20,422  
     

 

 

 
        268,631  
     

 

 

 

Thailand - 1.6%

 

Fabrinet *

     542        69,486  
     

 

 

 

United Kingdom - 15.2%

 

Alphawave IP Group plc *(1)

     17,953        21,994  

Balfour Beatty plc (1)

     5,888        23,971  

boohoo Group plc *(1)

     10,907        4,679  

Britvic plc (1)

     3,016        28,362  

ConvaTec Group plc (1)

     37,056        104,196  

Croda International plc (1)

     187        14,910  

Howden Joinery Group plc (1)

     7,330        49,816  

JD Sports Fashion plc (1)

     14,995        22,889  

JET2 plc (1)

     5,607        65,076  

Oxford Biomedica plc *(1)

     1,627        8,680  

Rotork plc (1)

     15,654        58,118  

RS Group plc (1)

     6,929        75,114  

Smiths Group plc (1)

     1,182        22,782  

Spirax-Sarco Engineering plc (1)

     313        40,196  

St. James’s Place plc (1)

     2,750        36,416  

Subsea 7 SA (1)

     2,362        27,163  

Trainline plc *(1)

     8,235        27,350  

YouGov plc (1)

     788        9,723  
     

 

 

 
        641,435  
     

 

 

 

United States - 17.0%

 

Agilysys, Inc. *

     723        57,189  

Akero Therapeutics, Inc. *

     149        8,157  

Alkermes plc *

     1,203        31,423  

Avidity Biosciences, Inc. *

     812        18,012  

BioCryst Pharmaceuticals, Inc. *

     1,816        20,842  

Chart Industries, Inc. *

     84        9,652  

CyberArk Software Ltd. *

     519        67,259  

Envista Holdings Corp. *

     1,229        41,371  

Glaukos Corp. *

     1,195        52,176  

Ingersoll Rand, Inc.

     1,077        56,279  

Inspire Medical Systems, Inc. *

     71        17,873  

Lantheus Holdings, Inc. *

     269        13,724  

Legend Biotech Corp., ADR *

     669        33,381  

Madrigal Pharmaceuticals, Inc. *

     134        38,858  

MaxCyte, Inc. *

     794        4,334  

Model N, Inc. *

     1,627        65,973  

Monday.com Ltd. *

     177        21,552  

Myriad Genetics, Inc. *

     1,389        20,150  

Pacific Biosciences of California, Inc. *

     407        3,331  

Relay Therapeutics, Inc. *

     188        2,804  

Seagen, Inc. *

     76        9,725  

STAAR Surgical Co. *

     148        7,200  

Varex Imaging Corp. *

     550        11,157  

Verastem, Inc. *

     1,246        502  

ViewRay, Inc. *(2)

     10,340        46,323  

Wolfspeed, Inc. *

     828        57,172  
     

 

 

 
        716,419  
     

 

 

 

Total common stocks (Cost $3,809,877)

 

     4,030,775  
  

 

 

 

SHORT-TERM INVESTMENT - 3.1%

 

INVESTMENT COMPANY - 3.1%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $132,477)

     132,477        132,477  
     

 

 

 

Total investments - 98.6% (Cost $3,942,354)

 

     4,163,252  

Other assets less liabilities - 1.4%

 

     58,533  
  

 

 

 

Total net assets - 100.0%#

 

   $ 4,221,785  
  

 

 

 

 

(1) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,680,053, or 63.5% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan International Small-Mid Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

Affiliated company as defined under the Investment Company Act of 1940.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 37,415        0.9

Consumer Discretionary

     120,055        2.9  

Consumer Staples

     262,794        6.3  

Energy

     91,865        2.2  

Financials

     126,860        3.1  

Health Care

     1,005,289        24.1  

Industrials

     1,175,626        28.2  

Information Technology

     1,074,354        25.8  

Materials

     97,499        2.4  

Real Estate

     39,018        0.9  

Short-Term Investment

     132,477        3.2  
  

 

 

    

 

 

 

Total investments

   $ 4,163,252        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

AUD

   $ 7,249        0.2

BRL

     64,058        1.5  

CAD

     226,166        5.4  

CHF

     268,631        6.4  

DKK

     296,169        7.1  

EUR

     639,983        15.4  

GBP

     614,272        14.8  

HKD

     3,864        0.1  

ILS

     37,285        0.9  

INR

     33,066        0.8  

JPY

     545,240        13.1  

NOK

     27,163        0.7  

SEK

     143,073        3.4  

USD

     1,257,033        30.2  
  

 

 

    

 

 

 

Total investments

   $ 4,163,252        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan International Value Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS AND EQUITY-LINKED SECURITY - 93.1%

 

Belgium - 1.8%

 

Groupe Bruxelles Lambert NV (1)

     5,098      $ 408,397  
     

 

 

 

Brazil - 0.7%

 

Telefonica Brasil SA, ADR

     21,156        151,267  
     

 

 

 

Canada - 3.9%

 

Alimentation Couche-Tard, Inc.

     12,850        564,664  

Suncor Energy, Inc.

     10,805        342,759  
     

 

 

 
        907,423  
     

 

 

 

China - 6.4%

 

Alibaba Group Holding Ltd. *(1)

     45,800        505,683  

Anhui Conch Cement Co. Ltd., Class H (1)

     49,331        171,058  

Hengan International Group Co. Ltd. (1)

     46,985        248,990  

Trip.com Group Ltd.*(1)

     15,889        552,184  
     

 

 

 
        1,477,915  
     

 

 

 

Finland - 1.5%

 

Nokia OYJ, ADR

     62,173        288,482  

Nokia OYJ (1)

     14,436        67,077  
     

 

 

 
        355,559  
     

 

 

 

France - 10.3%

 

Danone SA (1)

     20,155        1,061,854  

Safran SA (1)

     5,848        730,733  

Sodexo SA (1)

     5,332        510,118  

Sodexo SA (Registered Shares) (1)(2)

     737        70,530  
     

 

 

 
        2,373,235  
     

 

 

 

Germany - 2.4%

 

adidas AG (1)

     2,443        333,474  

Fresenius Medical Care AG & Co. KGaA (1)

     6,687        218,719  
     

 

 

 
        552,193  
     

 

 

 

India - 3.7%

 

HCL Technologies Ltd. (1)

     54,993        687,963  

Indus Towers Ltd. (1)

     69,504        159,630  
     

 

 

 
        847,593  
     

 

 

 

Ireland - 2.9%

 

CRH plc (1)

     6,531        258,580  

Ryanair Holdings plc *(1)

     1,846        24,149  

Ryanair Holdings plc, Equity-Linked Security *(1)(3)(4)

     28,969        379,039  
     

 

 

 
        661,768  
     

 

 

 

Italy - 0.1%

 

Iveco Group NV *(1)

     4,472        26,546  
     

 

 

 

Japan - 2.1%

 

Nintendo Co. Ltd. (1)

     5,050        211,464  

Seven & i Holdings Co. Ltd. (1)

     6,523        279,028  
     

 

 

 
        490,492  
     

 

 

 

Mexico - 0.8%

 

Gruma SAB de CV, Class B

     13,169        175,924  
     

 

 

 

Netherlands - 5.5%

 

ING Groep NV (1)

     49,082        598,817  

Koninklijke Philips NV (1)

     27,783        417,000  

Universal Music Group NV (1)

     10,106        243,947  
     

 

 

 
        1,259,764  
     

 

 

 

South Korea - 6.8%

 

NAVER Corp.(1)

     2,169        308,037  

Samsung Electronics Co. Ltd. (1)

     19,149        844,454  

Samsung Electronics Co. Ltd. (Preference) (1)

     10,041        404,008  
     

 

 

 
        1,556,499  
     

 

 

 

Spain - 1.2%

 

CaixaBank SA (1)

     69,092        271,206  
     

 

 

 

Switzerland - 13.4%

 

ABB Ltd. (1)

     26,384        803,604  

Accelleron Industries AG* (1)

     1,362        28,210  

Cie Financiere Richemont SA(1)

     4,278        553,565  

Novartis AG (1)

     12,996        1,177,180  

UBS Group AG (1)

     27,983        521,600  
     

 

 

 
        3,084,159  
     

 

 

 

United Kingdom - 14.4%

 

Associated British Foods plc (1)

     15,130        288,245  

Berkeley Group Holdings plc (1)(5)

     5,437        247,542  

CNH Industrial NV (1)

     22,532        361,870  

Compass Group plc (1)

     41,085        949,340  

Inchcape plc (1)

     6,132        60,530  

Liberty Global plc, Class A *

     9,636        182,402  

Liberty Global plc, Class C *

     6,333        123,058  

Lloyds Banking Group plc (1)

     796,207        437,224  

RELX plc (London Stock Exchange) (1)

     22,561        625,068  

RELX plc (Turquoise Stock Exchange) (1)

     1,323        36,493  
     

 

 

 
        3,311,772  
     

 

 

 

United States - 15.2%

 

Arch Capital Group Ltd. *(5)

     21,095        1,324,339  

Garmin Ltd.

     5,092        469,947  

Holcim AG *(1)

     12,224        630,335  

Sensata Technologies Holding plc (5)

     8,290        334,738  

Willis Towers Watson plc

     3,012        736,719  
     

 

 

 
        3,496,078  
     

 

 

 

Total common stocks and equity-linked security (Cost $18,512,452)

 

     21,407,790  
  

 

 

 

SHORT-TERM INVESTMENT - 5.7%

 

INVESTMENT COMPANY - 5.7%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $1,321,502)

     1,321,502        1,321,502  
     

 

 

 

Total investments - 98.8% (Cost $19,833,954)

 

     22,729,292  

Other assets less liabilities - 1.2%

 

     281,003  
  

 

 

 

Total net assets - 100.0%#

 

   $ 23,010,295  
  

 

 

 

 

(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 $16,713,491, or 72.6% of total net assets. See notes (A) and (B) in the accompanying notes.


Artisan International Value Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(2) 

Security is restricted.

 

Security

   Acquisition
Date
   Cost      Value      Percentage of
Total Net Assets
 

Sodexo SA (Registered Shares)

   09/04/2020    $   63,852      $   70,530        0.3

 

(3)

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

 

Security

   Acquisition
Dates
     Cost      Value      Percentage of
Total Net Assets
 

Ryanair Holdings plc

     11/14/2013 - 10/20/2022      $   322,520      $   379,039        1.6

 

(4) 

Security is an equity-linked security issued by HSBC Bank plc. Equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

(5) 

Affiliated company as defined under the Investment Company Act of 1940.

OTC TOTAL RETURN SWAP

(Values in thousands)

 

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
     Value  

Gruma SAB de CV

   Fed funds rate + 0.70% and decrease in total return of reference entity    Increase in total return of reference entity    Monthly    UBS AG      9/21/2023      USD 1,800      —          452        452  
                    

 

 

    

 

 

    

 

 

 

Total

                       —          452        452  
                    

 

 

    

 

 

    

 

 

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 1,379,805        6.1

Consumer Discretionary

     4,252,913        18.7  

Consumer Staples

     2,618,705        11.5  

Energy

     342,759        1.5  

Financials

     4,298,302        18.9  

Health Care

     1,812,899        8.0  

Industrials

     3,350,450        14.7  

Information Technology

     2,291,984        10.1  

Materials

     1,059,973        4.7  

Short-Term Investment

     1,321,502        5.8  
  

 

 

    

 

 

 

Total investments

   $ 22,729,292        100.0 % 
  

 

 

    

 

 

 


Artisan International Value Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

CAD

   $ 907,423        4.0

CHF

     3,714,494        16.3  

EUR

     5,639,510        24.8  

GBP

     2,607,949        11.5  

HKD

     1,477,915        6.5  

INR

     847,593        3.7  

JPY

     490,492        2.2  

KRW

     1,556,499        6.8  

MXN

     175,924        0.8  

USD

     5,311,493        23.4  
  

 

 

    

 

 

 

Total investments

   $ 22,729,292        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-Port Part F.


Artisan Mid Cap Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 96.2%

 

Auto Components - 0.7%

 

Aptiv plc *

     303      $ 28,255  
     

 

 

 

Banks - 2.6%

 

First Republic Bank

     503        61,366  

SVB Financial Group *

     198        45,650  
     

 

 

 
        107,016  
     

 

 

 

Biotechnology - 11.0%

 

Argenx SE, ADR *(1)

     384        145,555  

Ascendis Pharma A/S, ADR *(1)

     1,335        163,065  

BioNTech SE, ADR (1)

     356        53,455  

Exact Sciences Corp. *

     602        29,784  

Genmab A/S *(1)(2)

     48        20,536  

Halozyme Therapeutics, Inc. *

     616        35,032  
     

 

 

 
        447,427  
     

 

 

 

Building Products - 1.0%

 

Advanced Drainage Systems, Inc.

     198        16,246  

Trex Co., Inc. *

     584        24,709  
     

 

 

 
        40,955  
     

 

 

 

Capital Markets - 7.8%

 

LPL Financial Holdings, Inc.

     207        44,647  

MSCI, Inc.

     211        98,158  

Nasdaq, Inc.

     2,045        125,440  

Tradeweb Markets, Inc., Class A

     766        49,730  
     

 

 

 
        317,975  
     

 

 

 

Communications Equipment - 2.2%

 

Arista Networks, Inc. *

     719        87,300  
     

 

 

 

Electronic Equipment, Instruments & Components - 2.0%

 

Teledyne Technologies, Inc. *

     200        79,967  
     

 

 

 

Entertainment - 0.8%

 

Take-Two Interactive Software, Inc. *

     301        31,387  
     

 

 

 

Health Care Equipment & Supplies - 4.3%

 

Cooper Cos., Inc. (The)

     110        36,464  

Dexcom, Inc. *

     598        67,761  

Envista Holdings Corp. *

     1,288        43,377  

iRhythm Technologies, Inc. *

     285        26,696  
     

 

 

 
        174,298  
     

 

 

 

Health Care Technology - 4.5%

 

Veeva Systems, Inc., Class A *

     1,133        182,924  
     

 

 

 

Hotels, Restaurants & Leisure - 2.9%

 

Chipotle Mexican Grill, Inc. *

     85        117,767  
     

 

 

 

Insurance - 1.6%

 

Arthur J Gallagher & Co.

     105        19,785  

Ryan Specialty Holdings, Inc., Class A *

     1,113        46,210  
     

 

 

 
        65,995  
     

 

 

 

Interactive Media & Services - 2.0%

 

Match Group, Inc. *

     572        23,719  

ZoomInfo Technologies, Inc., Class A *

     1,915        57,659  
     

 

 

 
        81,378  
     

 

 

 

Internet & Direct Marketing Retail - 1.8%

 

Etsy, Inc. *

     401        48,039  

Global-e Online Ltd. *(1)

     1,205        24,877  
     

 

 

 
        72,916  
     

 

 

 

IT Services - 4.2%

 

Global Payments, Inc.

     1,437        142,674  

Shopify, Inc., Class A *(1)

     866        30,053  
     

 

 

 
        172,727  
     

 

 

 

Life Sciences Tools & Services - 6.4%

 

Agilent Technologies, Inc.

     730        109,216  

Repligen Corp. *

     335        56,683  

West Pharmaceutical Services, Inc.

     409        96,301  
     

 

 

 
        262,200  
     

 

 

 

Machinery - 6.1%

 

CNH Industrial NV (1)

     3,841        61,692  

Fortive Corp.

     1,019        65,457  

Ingersoll Rand, Inc.

     2,329        121,684  
     

 

 

 
        248,833  
     

 

 

 

Multiline Retail - 0.6%

 

Dollar Tree, Inc. *

     169        23,838  
     

 

 

 

Pharmaceuticals - 2.5%

 

Catalent, Inc. *

     2,255        101,504  
     

 

 

 

Professional Services - 2.1%

 

CoStar Group, Inc. *

     786        60,768  

Verisk Analytics, Inc.

     128        22,513  
     

 

 

 
        83,281  
     

 

 

 

Road & Rail - 0.5%

 

Saia, Inc. *

     94        19,763  
     

 

 

 

Semiconductors & Semiconductor Equipment - 8.4%

 

Lattice Semiconductor Corp. *

     2,352        152,621  

Marvell Technology, Inc.

     534        19,797  

Monolithic Power Systems, Inc.

     197        69,532  

ON Semiconductor Corp. *

     1,634        101,929  
     

 

 

 
        343,879  
     

 

 

 

Software - 17.3%

 

Atlassian Corp., Class A *

     795        102,297  

Bentley Systems, Inc., Class B

     826        30,536  

Bill.com Holdings, Inc. *

     542        59,027  

Ceridian HCM Holding, Inc. *

     496        31,823  

Datadog, Inc., Class A *

     775        56,989  

HubSpot, Inc. *

     541        156,495  

Synopsys, Inc. *

     322        102,697  

Tyler Technologies, Inc. *

     201        64,913  

Zscaler, Inc. *

     905        101,297  
     

 

 

 
        706,074  
     

 

 

 

Specialty Retail - 1.3%

 

Five Below, Inc. *

     296        52,323  
     

 

 

 

Textiles, Apparel & Luxury Goods - 1.6%

 

Lululemon Athletica, Inc. *

     208        66,598  
     

 

 

 

Total common stocks (Cost $3,095,988)

 

     3,916,580  
  

 

 

 


Artisan Mid Cap Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

SHORT-TERM INVESTMENT - 2.8%

 

INVESTMENT COMPANY - 2.8%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $114,803)

     114,803        114,803  
     

 

 

 

Total investments - 99.0% (Cost $3,210,791)

 

     4,031,383  

Other assets less liabilities - 1.0%

 

     41,912  
  

 

 

 

Total net assets - 100.0%#

 

   $ 4,073,295  
  

 

 

 

 

(1) 

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


Artisan Mid Cap Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Security

   Country    Trading Currency

Argenx SE

   Netherlands    USD

Ascendis Pharma A/S

   Denmark    USD

BioNTech SE

   Germany    USD

CNH Industrial NV

   United Kingdom    USD

Genmab A/S

   Denmark    DKK

Global-e Online Ltd.

   Israel    USD

Shopify, Inc.

   Canada    USD

 

(2) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $20,536, or 0.5% of total net assets. See notes (A) and (B) in the accompanying notes.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 112,766        2.8

Consumer Discretionary

     361,697        9.0  

Financials

     490,988        12.2  

Health Care

     1,168,351        29.0  

Industrials

     392,832        9.7  

Information Technology

     1,389,946        34.5  

Short-Term Investment

     114,803        2.8  
  

 

 

    

 

 

 

Total investments

   $ 4,031,383        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

DKK

   $ 20,536        0.5

USD

     4,010,847        99.5  
  

 

 

    

 

 

 

Total investments

   $ 4,031,383        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Mid Cap Value Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 97.5%

 

Aerospace & Defense - 1.7%

 

CAE, Inc. *(1)

     1,165      $ 22,535  
     

 

 

 

Air Freight & Logistics - 1.9%

 

Expeditors International of Washington, Inc.

     241        25,080  
     

 

 

 

Auto Components - 4.0%

 

BorgWarner, Inc.

     632        25,432  

Gentex Corp.

     951        25,922  
     

 

 

 
        51,354  
     

 

 

 

Banks - 5.5%

 

First Citizens BancShares, Inc., Class A

     40        30,497  

M&T Bank Corp.

     147        21,312  

Washington Federal, Inc.

     572        19,188  
     

 

 

 
        70,997  
     

 

 

 

Capital Markets - 4.8%

 

Carlyle Group, Inc. (The)

     556        16,591  

Moelis & Co., Class A

     581        22,293  

Northern Trust Corp.

     266        23,555  
     

 

 

 
        62,439  
     

 

 

 

Chemicals - 2.6%

 

Celanese Corp.

     162        16,590  

Corteva, Inc.

     295        17,367  
     

 

 

 
        33,957  
     

 

 

 

Consumer Finance - 2.2%

 

Synchrony Financial

     883        29,001  
     

 

 

 

Diversified Consumer Services - 1.5%

 

H&R Block, Inc.

     517        18,875  
     

 

 

 

Electric Utilities - 2.8%

 

OGE Energy Corp.

     920        36,367  
     

 

 

 

Electrical Equipment - 2.5%

 

nVent Electric plc

     822        31,604  
     

 

 

 

Electronic Equipment, Instruments & Components - 2.2%

 

Vontier Corp.

     1,462        28,266  
     

 

 

 

Energy Equipment & Services - 3.1%

 

NOV, Inc.

     1,917        40,044  
     

 

 

 

Entertainment - 3.4%

 

Electronic Arts, Inc.

     196        23,928  

Warner Bros Discovery, Inc. *

     2,061        19,540  
     

 

 

 
        43,468  
     

 

 

 

Equity Real Estate Investment Trusts (REITs) - 3.9%

 

Lamar Advertising Co., Class A

     371        34,996  

Public Storage

     53        14,829  
     

 

 

 
        49,825  
     

 

 

 

Food & Staples Retailing - 3.7%

 

Kroger Co. (The)

     596        26,561  

Sysco Corp.

     277        21,208  
     

 

 

 
        47,769  
     

 

 

 

Food Products - 2.0%

 

Tyson Foods, Inc., Class A

     411        25,584  
     

 

 

 

Health Care Equipment & Supplies - 2.5%

 

Dentsply Sirona, Inc.

     1,000        31,850  
     

 

 

 

Health Care Providers & Services - 3.9%

 

AmerisourceBergen Corp.

     119        19,742  

Centene Corp. *

     368        30,180  
     

 

 

 
        49,922  
     

 

 

 

Hotels, Restaurants & Leisure - 6.5%

 

Expedia Group, Inc. *

     298        26,083  

Marriott International, Inc., Class A

     208        31,042  

Vail Resorts, Inc.

     114        27,101  
     

 

 

 
        84,226  
     

 

 

 

Insurance - 8.2%

 

Arch Capital Group Ltd. *

     695        43,661  

Globe Life, Inc.

     375        45,181  

Progressive Corp. (The)

     126        16,339  
     

 

 

 
        105,181  
     

 

 

 

Interactive Media & Services - 1.7%

 

IAC, Inc. *

     504        22,364  
     

 

 

 

Machinery - 1.8%

 

Otis Worldwide Corp.

     298        23,311  
     

 

 

 

Media - 8.9%

 

Cable One, Inc.

     39        27,871  

Liberty Broadband Corp., Class C *

     83        6,359  

Liberty Media Corp.-Liberty SiriusXM, Class A *

     309        12,154  

Liberty Media Corp.-Liberty SiriusXM, Class C *

     307        12,026  

News Corp., Class A

     1,537        27,977  

Omnicom Group, Inc.

     355        28,950  
     

 

 

 
        115,337  
     

 

 

 

Real Estate Management & Development - 1.3%

 

Jones Lang LaSalle, Inc. *

     108        17,185  
     

 

 

 

Road & Rail - 3.5%

 

U-Haul Holding Co., Series N

     730        40,133  

U-Haul Holding Co.

     84        5,032  
     

 

 

 
        45,165  
     

 

 

 

Semiconductors & Semiconductor Equipment - 3.9%

 

Analog Devices, Inc.

     310        50,883  
     

 

 

 

Software - 2.1%

 

Check Point Software Technologies Ltd. *(1)

     215        27,163  
     

 

 

 

Specialty Retail - 2.3%

 

AutoNation, Inc. *

     271        29,031  
     

 

 

 

Technology Hardware, Storage & Peripherals - 1.4%

 

NetApp, Inc.

     297        17,846  
     

 

 

 

Trading Companies & Distributors - 1.7%

 

Air Lease Corp.

     569        21,863  
     

 

 

 

Total common stocks (Cost $841,829)

 

     1,258,492  
  

 

 

 

SHORT-TERM INVESTMENT - 1.6%

 

INVESTMENT COMPANY - 1.6%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $21,139)

     21,139        21,139  
     

 

 

 


Artisan Mid Cap Value Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

Total investments - 99.1% (Cost $862,968)

     1,279,631  

Other assets less liabilities - 0.9%

     11,162  
  

 

 

 

Total net assets - 100.0%#

   $ 1,290,793  
  

 

 

 

 

(1) 

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

 

Security

   Country    Trading Currency

CAE, Inc.

   Canada    USD

Check Point Software Technologies Ltd.

   Israel    USD

 

PORTFOLIO DIVERSIFICATION

     

Dollar values in thousands

     
     Value      Percentage of
Total Investments
 

Communication Services

   $ 181,170        14.2

Consumer Discretionary

     183,485        14.3  

Consumer Staples

     73,353        5.7  

Energy

     40,044        3.1  

Financials

     267,618        20.9  

Health Care

     81,772        6.4  

Industrials

     169,557        13.3  

Information Technology

     124,158        9.7  

Materials

     33,957        2.7  

Real Estate

     67,011        5.2  

Utilities

     36,367        2.8  

Short-Term Investment

     21,139        1.7  
  

 

 

    

 

 

 

Total investments

   $ 1,279,631        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Select Equity Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 93.0%

 

Air Freight & Logistics - 1.5%

 

FedEx Corp.

     3      $ 517  
     

 

 

 

Airlines - 1.7%

 

Southwest Airlines Co. *

     17        580  
     

 

 

 

Automobiles - 4.6%

 

Harley-Davidson, Inc.

     37        1,528  
     

 

 

 

Banks - 4.6%

 

Citigroup, Inc.

     34        1,530  
     

 

 

 

Capital Markets - 5.4%

 

Bank of New York Mellon Corp. (The)

     39        1,788  
     

 

 

 

Chemicals - 6.1%

 

Axalta Coating Systems Ltd. *

     80        2,028  
     

 

 

 

Construction Materials - 5.4%

 

HeidelbergCement AG (1)(2)

     31        1,784  
     

 

 

 

Consumer Finance - 4.9%

 

American Express Co.

     11        1,636  
     

 

 

 

Diversified Financial Services - 5.9%

 

Berkshire Hathaway, Inc., Class B *

     6        1,974  
     

 

 

 

Food Products - 5.0%

 

Danone SA (1)(2)

     31        1,658  
     

 

 

 

Health Care Equipment & Supplies - 5.2%

 

Dentsply Sirona, Inc.

     54        1,725  
     

 

 

 

Health Care Providers & Services - 4.9%

 

Elevance Health, Inc.

     3        1,633  
     

 

 

 

Hotels, Restaurants & Leisure - 6.5%

 

Aramark

     26        1,089  

Expedia Group, Inc. *

     12        1,069  
     

 

 

 
        2,158  
     

 

 

 

Insurance - 7.8%

 

Marsh & McLennan Cos., Inc.

     6        984  

Progressive Corp. (The)

     13        1,630  
     

 

 

 
        2,614  
     

 

 

 

Interactive Media & Services - 9.6%

 

Alphabet, Inc., Class A *

     17        1,535  

Meta Platforms, Inc., Class A *

     14        1,652  
     

 

 

 
        3,187  
     

 

 

 

Internet & Direct Marketing Retail - 4.2%

 

Alibaba Group Holding Ltd., ADR *(1)

     16        1,398  
     

 

 

 

Semiconductors & Semiconductor Equipment - 2.6%

 

Lam Research Corp.

     2        861  
     

 

 

 

Specialty Retail - 2.0%

 

Advance Auto Parts, Inc.

     5        662  
     

 

 

 

Technology Hardware, Storage & Peripherals - 5.1%

 

Samsung Electronics Co. Ltd. (1)(2)

     39        1,699  
     

 

 

 

Total common stocks (Cost $32,374)

 

     30,960  
  

 

 

 

SHORT-TERM INVESTMENT - 6.6%

 

INVESTMENT COMPANY - 6.6%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $2,187)

     2,187        2,187  
     

 

 

 

Total investments - 99.6% (Cost $34,561)

 

     33,147  

Other assets less liabilities - 0.4%

 

     135  
  

 

 

 

Total net assets - 100.0% #

 

   $ 33,282  
  

 

 

 

 

(1) 

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


Artisan Select Equity Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Security

   Country    Trading Currency

Alibaba Group Holding Ltd.

   China    USD

Danone SA

   France    EUR

HeidelbergCement AG

   Germany    EUR

Samsung Electronics Co. Ltd.

   South Korea    KRW

 

(2) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $5,141, or 15.4% of total net assets. See notes (A) and (B) in the accompanying notes.

 

PORTFOLIO DIVERSIFICATION

     

Dollar values in thousands

     
     Value      Percentage of
Total Investments
 

Communication Services

   $ 3,187        9.6

Consumer Discretionary

     5,746        17.4  

Consumer Staples

     1,658        5.0  

Financials

     9,542        28.8  

Health Care

     3,358        10.1  

Industrials

     1,097        3.3  

Information Technology

     2,560        7.7  

Materials

     3,812        11.5  

Short-Term Investment

     2,187        6.6  
  

 

 

    

 

 

 

Total investments

   $ 33,147        100.0
  

 

 

    

 

 

 

 

TRADING CURRENCIES

     

Dollar values in thousands

     
     Value      Percentage of
Total Investments
 

EUR

   $ 3,442        10.4

KRW

     1,699        5.1  

USD

     28,006        84.5  
  

 

 

    

 

 

 

Total investments

   $ 33,147        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Small Cap Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 99.1%

 

Banks - 1.8%

 

Live Oak Bancshares, Inc.

     425      $ 12,827  

SVB Financial Group *

     88        20,296  
     

 

 

 
        33,123  
     

 

 

 

Biotechnology - 24.4%

 

Argenx SE, ADR *(1)

     253        95,783  

Ascendis Pharma A/S, ADR *(1)

     703        85,916  

Avid Bioservices, Inc. *

     626        8,621  

Denali Therapeutics, Inc. *

     244        6,773  

Exact Sciences Corp. *

     352        17,447  

Halozyme Therapeutics, Inc. *

     3,209        182,609  

Iovance Biotherapeutics, Inc. *

     1,530        9,774  

Veracyte, Inc. *

     2,092        49,641  
     

 

 

 
        456,564  
     

 

 

 

Building Products - 1.2%

 

Advanced Drainage Systems, Inc.

     164        13,403  

Trex Co., Inc. *

     229        9,704  
     

 

 

 
        23,107  
     

 

 

 

Capital Markets - 2.0%

 

MarketAxess Holdings, Inc.

     34        9,394  

Morningstar, Inc.

     130        28,170  
     

 

 

 
        37,564  
     

 

 

 

Construction & Engineering - 5.2%

 

Valmont Industries, Inc.

     295        97,673  
     

 

 

 

Diversified Consumer Services - 1.9%

 

Chegg, Inc. *

     1,411        35,650  
     

 

 

 

Electrical Equipment - 1.4%

 

Shoals Technologies Group, Inc., Class A *

     1,024        25,272  
     

 

 

 

Electronic Equipment, Instruments & Components - 3.0%

 

Novanta, Inc. *

     414        56,244  
     

 

 

 

Food Products - 0.6%

 

Freshpet, Inc. *

     193        10,181  
     

 

 

 

Health Care Equipment & Supplies - 7.1%

 

Envista Holdings Corp. *

     434        14,607  

iRhythm Technologies, Inc. *

     262        24,511  

Penumbra, Inc. *

     71        15,809  

Shockwave Medical, Inc. *

     381        78,264  
     

 

 

 
        133,191  
     

 

 

 

Health Care Providers & Services - 1.0%

 

Option Care Health, Inc. *

     625        18,808  
     

 

 

 

Hotels, Restaurants & Leisure - 4.8%

 

Papa John’s International, Inc.

     438        36,059  

Wingstop, Inc.

     388        53,378  
     

 

 

 
        89,437  
     

 

 

 

Interactive Media & Services - 0.6%

 

Eventbrite, Inc., Class A *

     1,735        10,169  
     

 

 

 

Internet & Direct Marketing Retail - 1.6%

 

Etsy, Inc. *

     167        20,061  

Global-e Online Ltd. *(1)

     490        10,120  
     

 

 

 
        30,181  
     

 

 

 

Life Sciences Tools & Services - 2.7%

 

Azenta, Inc. *

     383        22,312  

Repligen Corp. *

     169        28,604  
     

 

 

 
        50,916  
     

 

 

 

Machinery - 0.6%

 

John Bean Technologies Corp.

     51        4,636  

Kornit Digital Ltd. *(1)

     267        6,144  
     

 

 

 
        10,780  
     

 

 

 

Pharmaceuticals - 1.8%

 

Catalent, Inc. *

     740        33,294  
     

 

 

 

Semiconductors & Semiconductor Equipment - 13.8%

 

Allegro MicroSystems, Inc. *(1)

     996        29,910  

Ambarella, Inc. *

     147        12,047  

Lattice Semiconductor Corp. *

     1,840        119,370  

MACOM Technology Solutions Holdings, Inc. *

     215        13,525  

Monolithic Power Systems, Inc.

     176        62,305  

Wolfspeed, Inc. *

     308        21,262  
     

 

 

 
        258,419  
     

 

 

 

Software - 20.4%

 

Bentley Systems, Inc., Class B

     813        30,065  

Blackline, Inc. *

     971        65,324  

Ceridian HCM Holding, Inc. *

     389        24,962  

Clearwater Analytics Holdings, Inc., Class A *

     569        10,676  

DoubleVerify Holdings, Inc. *

     1,304        28,634  

Freshworks, Inc., Class A *

     777        11,428  

Gitlab, Inc., Class A *

     190        8,648  

Guidewire Software, Inc. *

     638        39,911  

HubSpot, Inc. *

     100        28,776  

Olo, Inc., Class A *

     1,222        7,637  

Paycor HCM, Inc. *

     770        18,831  

Procore Technologies, Inc. *

     120        5,685  

Sprout Social, Inc., Class A *

     237        13,380  

Tyler Technologies, Inc. *

     128        41,373  

Workiva, Inc. *

     539        45,292  
     

 

 

 
        380,622  
     

 

 

 

Specialty Retail - 3.2%

 

Five Below, Inc. *

     100        17,711  

Floor & Decor Holdings, Inc., Class A *

     401        27,947  

Leslie’s, Inc. *

     1,184        14,460  
     

 

 

 
        60,118  
     

 

 

 

Total common stocks (Cost $1,379,068)

 

     1,851,313  
  

 

 

 

Total investments - 99.1% (Cost $1,379,068)

 

     1,851,313  

Other assets less liabilities - 0.9%

 

     16,493  
  

 

 

 

Total net assets - 100.0% #

 

   $ 1,867,806  
  

 

 

 

 

(1) 

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


Artisan Small Cap Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Security

   Country    Trading
Currency

Allegro MicroSystems, Inc.

   Japan    USD

Argenx SE

   Netherlands    USD

Ascendis Pharma A/S

   Denmark    USD

Global-e Online Ltd.

   Israel    USD

Kornit Digital Ltd.

   Israel    USD

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 10,169        0.5

Consumer Discretionary

     215,386        11.6  

Consumer Staples

     10,181        0.6  

Financials

     70,688        3.8  

Health Care

     692,773        37.4  

Industrials

     156,833        8.5  

Information Technology

     695,283        37.6  
  

 

 

    

 

 

 

Total investments

   $ 1,851,313        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.


Artisan Sustainable Emerging Markets Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 97.0%

 

Argentina - 1.3%

 

Despegar.com Corp. *

     94      $ 480  

Loma Negra Cia Industrial Argentina SA, ADR

     57        392  
     

 

 

 
        872  
     

 

 

 

Brazil - 8.7%

 

Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (1)

     687        146  

GPS Participacoes e Empreendimentos SA *(1)(2)

     381        856  

Itau Unibanco Holding SA (Preference) (1)

     224        1,065  

Lojas Renner SA (1)

     155        584  

MercadoLibre, Inc. *

     2        1,727  

Vale SA (1)

     95        1,617  
     

 

 

 
        5,995  
     

 

 

 

Chile - 1.8%

 

Empresa Nacional de Telecomunicaciones SA

     193        666  

Vina Concha y Toro SA

     448        566  
     

 

 

 
        1,232  
     

 

 

 

China - 22.0%

 

Alibaba Group Holding Ltd. *(1)

     251        2,768  

Baidu, Inc., Class A *(1)

     69        989  

Baozun, Inc., ADR *

     19        98  

China Traditional Chinese Medicine Holdings Co. Ltd. (1)

     3,100        1,410  

Estun Automation Co. Ltd., Class A (1)

     636        1,983  

Kingsoft Cloud Holdings Ltd., ADR *

     58        221  

NIO, Inc., ADR *

     34        331  

Noah Holdings Ltd., ADR *

     28        429  

Prosus NV *(1)

     28        1,909  

Tongwei Co. Ltd., Class A (1)

     102        564  

Trip.com Group Ltd. *(1)

     31        1,062  

Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A *(1)

     208        706  

Zhuzhou CRRC Times Electric Co. Ltd., Class H (1)

     557        2,764  
     

 

 

 
        15,234  
     

 

 

 

Greece - 3.8%

 

Alpha Services & Holdings SA *(1)

     1,052        1,123  

Mytilineos SA (1)

     69        1,500  
     

 

 

 
        2,623  
     

 

 

 

Hong Kong - 4.8%

 

AIA Group Ltd. (1)

     133        1,470  

China High Precision Automation Group Ltd. *(1)(3)

     9,066        —    

Sino Biopharmaceutical Ltd. (1)

     3,197        1,872  
     

 

 

 
        3,342  
     

 

 

 

India - 9.8%

 

Havells India Ltd. (1)

     88        1,177  

ICICI Bank Ltd. (1)

     236        2,529  

Infosys Ltd. (1)

     57        1,027  

Reliance Industries Ltd. (1)

     67        2,047  
     

 

 

 
        6,780  
     

 

 

 

Indonesia - 2.4%

 

Bank Rakyat Indonesia Persero Tbk. PT (1)

     3,437        1,089  

Indofood CBP Sukses Makmur Tbk. PT (1)

     893        573  
     

 

 

 
        1,662  
     

 

 

 

Kazakhstan - 2.1%

 

Kaspi.KZ JSC, GDR (1)

     21        1,475  
     

 

 

 

Malaysia - 1.4%

 

Public Bank Bhd. (1)

     1,001        981  
     

 

 

 

Mexico - 2.2%

 

Cemex SAB de CV *

     1,084        440  

Corp. Inmobiliaria Vesta SAB de CV

     463        1,098  
     

 

 

 
        1,538  
     

 

 

 

Peru - 1.4%

 

Credicorp Ltd.

     7        934  
     

 

 

 

Portugal - 0.8%

 

Jeronimo Martins SGPS SA (1)

     25        534  
     

 

 

 

Russia - 0.0%

 

LUKOIL PJSC, ADR *(1)(3)(4)

     19        —    

MMC Norilsk Nickel PJSC, ADR (1)(3)(4)

     39        —    

Ozon Holdings plc, ADR *(1)(3)(4)

     25        —    

Polyus PJSC, GDR *(1)(3)(4)

     23        —    

Sberbank of Russia PJSC *(1)(3)(4)

     265        —    

Yandex NV, Class A *(1)(3)(4)

     14        —    
     

 

 

 
        —    
     

 

 

 

Singapore - 0.3%

 

Sea Ltd., ADR *

     4        227  
     

 

 

 

South Africa - 3.0%

 

FirstRand Ltd. (1)

     294        1,072  

MTN Group Ltd. (1)

     134        1,003  
     

 

 

 
        2,075  
     

 

 

 

South Korea - 11.3%

 

HYBE Co. Ltd. *(1)

     6        827  

Samsung Biologics Co. Ltd. *(1)

     2        1,453  

Samsung Electronics Co. Ltd. (1)

     108        4,753  

Shinhan Financial Group Co. Ltd. (1)

     28        769  
     

 

 

 
        7,802  
     

 

 

 

Taiwan - 16.1%

 

E Ink Holdings, Inc. (1)

     412        2,156  

MediaTek, Inc. (1)

     92        1,864  

Sunny Friend Environmental Technology Co. Ltd. (1)

     180        1,013  


Artisan Sustainable Emerging Markets Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

Taiwan Semiconductor Manufacturing Co. Ltd. (1)

     419        6,102  
     

 

 

 
        11,135  
     

 

 

 

Thailand - 0.8%

 

Bangkok Bank PCL (1)

     134        573  
     

 

 

 

United Arab Emirates - 1.0%

 

Americana Restaurants International plc *(1)

     890        720  
     

 

 

 

United States - 1.1%

 

Globant SA *

     4        723  
     

 

 

 

Vietnam - 0.9%

 

Vietnam Technological & Commercial Joint Stock Bank *(1)

     557        611  
     

 

 

 

Total common stocks (Cost $72,545)

 

     67,068  
  

 

 

 

SHORT-TERM INVESTMENT - 2.8%

 

INVESTMENT COMPANY - 2.8%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $1,969)

     1,969        1,969  
     

 

 

 

Total investments - 99.8% (Cost $74,514)

 

     69,037  

Other assets less liabilities - 0.2%

 

     123  
  

 

 

 

Total net assets - 100.0% #

 

   $ 69,160  
  

 

 

 

 

(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 $58,736, or 84.9% of total net assets. See notes (A) and (B) in the accompanying notes.

(2) 

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

(3) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(4)

Security is restricted.

 

 

Security

   Acquisition Dates      Cost      Value      Percentage of
Total Net Assets
 

LUKOIL PJSC

     11/27/2008 - 12/23/2021      $ 1,026      $ —          0.0

MMC Norilsk Nickel PJSC

     09/25/2013 - 12/23/2021        736        —          0.0

Ozon Holdings plc

     11/24/2020 - 12/23/2021        900        —          0.0

Polyus PJSC

     10/13/2017 - 12/23/2021        1,226        —          0.0

Sberbank of Russia PJSC

     01/08/2019 - 03/25/2020        772        —          0.0

Yandex NV

     03/10/2015 - 12/31/2021        613        —          0.0


Artisan Sustainable Emerging Markets Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 3,712        5.4

Consumer Discretionary

     9,679        14.0  

Consumer Staples

     2,237        3.2  

Energy

     2,047        3.0  

Financials

     14,120        20.4  

Health Care

     4,735        6.9  

Industrials

     9,439        13.7  

Information Technology

     17,552        25.4  

Materials

     2,449        3.5  

Real Estate

     1,098        1.6  

Short-Term Investment

     1,969        2.9  
  

 

 

    

 

 

 

Total investments

   $ 69,037        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

AED

   $ 720        1.0

BRL

     4,268        6.2  

CLP

     1,232        1.8  

CNY

     3,253        4.7  

EUR

     5,066        7.3  

HKD

     12,335        17.9  

IDR

     1,662        2.4  

INR

     6,780        9.8  

KRW

     7,802        11.3  

MXN

     1,538        2.2  

MYR

     981        1.4  

THB

     573        0.8  

TWD

     11,135        16.2  

USD

     9,006        13.1  

VND

     611        0.9  

ZAR

     2,075        3.0  
  

 

 

    

 

 

 

Total investments

   $ 69,037        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Value Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 98.3%

     

Aerospace & Defense - 9.7%

     

Airbus SE (1)(2)

     53      $ 6,300  

Northrop Grumman Corp.

     9        4,908  

Raytheon Technologies Corp.

     48        4,846  

Safran SA (1)(2)

     45        5,633  
     

 

 

 
        21,687  
     

 

 

 

Air Freight & Logistics - 2.9%

     

FedEx Corp.

     37        6,452  
     

 

 

 

Banks - 2.2%

     

Bank of America Corp.

     151        5,016  
     

 

 

 

Beverages - 2.2%

     

Heineken Holding NV (1)(2)

     62        4,796  
     

 

 

 

Biotechnology - 1.7%

     

Vertex Pharmaceuticals, Inc.*

     13        3,863  
     

 

 

 

Capital Markets - 8.6%

     

Blackstone, Inc., Class A

     45        3,340  

CME Group, Inc.

     27        4,468  

Goldman Sachs Group, Inc. (The)

     16        5,452  

Morgan Stanley

     71        6,040  
     

 

 

 
        19,300  
     

 

 

 

Consumer Finance - 2.2%

     

Synchrony Financial

     151        4,959  
     

 

 

 

Diversified Financial Services - 2.0%

     

Berkshire Hathaway, Inc., Class B*

     15        4,519  
     

 

 

 

Energy Equipment & Services - 3.7%

     

Schlumberger Ltd.

     153        8,177  
     

 

 

 

Entertainment - 7.9%

     

Electronic Arts, Inc.

     38        4,604  

Netflix, Inc. *

     19        5,582  

Walt Disney Co. (The) *

     52        4,476  

Warner Bros Discovery, Inc. *

     322        3,051  
     

 

 

 
        17,713  
     

 

 

 

Health Care Equipment & Supplies - 4.3%

     

Koninklijke Philips NV (1)(2)

     211        3,172  

Medtronic plc

     83        6,415  
     

 

 

 
        9,587  
     

 

 

 

Health Care Providers & Services - 2.3%

     

Cigna Corp.

     15        5,112  
     

 

 

 

Hotels, Restaurants & Leisure - 9.3%

     

Booking Holdings, Inc.*

     4        7,759  

Compass Group plc (1)(2)

     329        7,608  

Marriott International, Inc., Class A

     37        5,498  
     

 

 

 
        20,865  
     

 

 

 

Insurance - 3.4%

     

Arch Capital Group Ltd. *

     119        7,476  
     

 

 

 

Interactive Media & Services - 7.3%

     

Alphabet, Inc., Class C *

     100        8,901  

Meta Platforms, Inc., Class A *

     62        7,405  
     

 

 

 
        16,306  
     

 

 

 

IT Services - 5.1%

     

Fiserv, Inc. *

     48        4,887  

Visa, Inc., Class A

     31        6,469  
     

 

 

 
        11,356  
     

 

 

 

Media - 3.3%

     

Comcast Corp., Class A

     211        7,363  
     

 

 

 

Oil, Gas & Consumable Fuels - 3.9%

     

EOG Resources, Inc.

     66        8,601  
     

 

 

 

Pharmaceuticals - 2.7%

     

Merck & Co., Inc.

     55        6,083  
     

 

 

 

Semiconductors & Semiconductor Equipment - 1.8%

     

NXP Semiconductors NV (1)

     26        4,033  
     

 

 

 

Specialty Retail - 1.5%

     

AutoNation, Inc. *

     30        3,263  
     

 

 

 

Technology Hardware, Storage & Peripherals - 2.5%

     

Samsung Electronics Co. Ltd. (Preference) (1)(2)

     137        5,495  
     

 

 

 

Tobacco - 5.9%

     

Altria Group, Inc.

     129        5,907  

Philip Morris International, Inc.

     72        7,273  
     

 

 

 
        13,180  
     

 

 

 

Trading Companies & Distributors - 1.9%

     

Air Lease Corp.

     108        4,134  
     

 

 

 

Total common stocks (Cost $160,064)

        219,336  
     

 

 

 

SHORT-TERM INVESTMENT - 0.6%

     

INVESTMENT COMPANY - 0.6%

     

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04% (Cost $1,401)

     1,401        1,401  
     

 

 

 

Total investments - 98.9% (Cost $161,465)

        220,737  

Other assets less liabilities - 1.1%

        2,530  
     

 

 

 

Total net assets - 100.0% #

      $ 223,267  
     

 

 

 

 

(1)

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


Artisan Value Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Security

   Country    Trading Currency

Airbus SE

   France    EUR

Compass Group plc

   United Kingdom    GBP

Heineken Holding NV

   Netherlands    EUR

Koninklijke Philips NV

   Netherlands    EUR

NXP Semiconductors NV

   China    USD

Safran SA

   France    EUR

Samsung Electronics Co. Ltd.

   South Korea    KRW

 

(2) 

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $33,004, or 14.8% of total net assets. See notes (A) and (B) in the accompanying notes.

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 41,381        18.8

Consumer Discretionary

     24,128        10.9  

Consumer Staples

     17,976        8.1  

Energy

     16,778        7.6  

Financials

     41,271        18.7  

Health Care

     24,645        11.2  

Industrials

     32,273        14.6  

Information Technology

     20,884        9.5  

Short-Term Investment

     1,401        0.6  
  

 

 

    

 

 

 

Total investments

   $ 220,737        100.0
  

 

 

    

 

 

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

EUR

   $ 19,901        9.0

GBP

     7,608        3.4  

KRW

     5,495        2.5  

USD

     187,733        85.1  
  

 

 

    

 

 

 

Total investments

   $ 220,737        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Artisan Value Income Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

 

     Shares Held      Value  

COMMON STOCKS - 91.6%

 

Aerospace & Defense - 5.8%

 

Airbus SE (1)(2)

     1      $ 153  

Raytheon Technologies Corp.

     2        243  

Safran SA (1)(2)

     1        168  
     

 

 

 
        564  
     

 

 

 

Banks - 5.6%

 

Bank of America Corp.

     6        189  

Bank of Hawaii Corp.

     3        213  

Washington Federal, Inc.

     4        147  
     

 

 

 
        549  
     

 

 

 

Beverages - 4.8%

 

Coca-Cola Co. (The)

     3        211  

Heineken Holding NV (1)(2)

     3        258  
     

 

 

 
        469  
     

 

 

 

Capital Markets - 14.1%

 

Blackstone, Inc., Class A

     2        132  

Carlyle Group, Inc. (The)

     4        132  

CME Group, Inc.

     1        168  

Cohen & Steers, Inc.

     3        176  

GCM Grosvenor, Inc., Class A

     18        137  

Goldman Sachs Group, Inc. (The)

     0        141  

Moelis & Co., Class A

     4        142  

Morgan Stanley

     2        163  

Northern Trust Corp.

     2       
185
 
     

 

 

 
        1,376  
     

 

 

 

Consumer Finance - 1.4%

 

Synchrony Financial

     4        140  
     

 

 

 

Diversified Consumer Services - 1.6%

 

H&R Block, Inc. (3)

     4        156  
     

 

 

 

Electric Utilities - 6.7%

 

IDACORP, Inc.

     1        116  

OGE Energy Corp.

     6        227  

Portland General Electric Co. (3)

     3        135  

PPL Corp.

     6        170  
     

 

 

 
        648  
     

 

 

 

Electrical Equipment - 2.3%

 

nVent Electric plc

     6        220  
     

 

 

 

Equity Real Estate Investment Trusts (REITs) - 9.1%

 

Camden Property Trust

     1        115  

Lamar Advertising Co., Class A

     4        334  

Public Storage

     1        195  

STORE Capital Corp.

     8        242  
     

 

 

 
        886  
     

 

 

 

Food & Staples Retailing - 1.4%

 

Sysco Corp.

     2        139  
     

 

 

 

Food Products - 1.8%

 

Tyson Foods, Inc., Class A

     3        180  
     

 

 

 

Gas Utilities - 1.6%

 

Atmos Energy Corp.

     1        160  
     

 

 

 

Health Care Equipment & Supplies - 3.6%

 

Koninklijke Philips NV (1)(2)

     7        99  

Medtronic plc

     3        256  
     

 

 

 
        355  
     

 

 

 

Hotels, Restaurants & Leisure - 4.1%

 

Compass Group plc (1)(2)

     10        229  

Vail Resorts, Inc.

     1        166  
     

 

 

 
        395  
     

 

 

 

IT Services - 1.9%

 

Visa, Inc., Class A

     1        185  
     

 

 

 

Machinery - 2.3%

 

Otis Worldwide Corp.

     3        227  
     

 

 

 

Media - 6.9%

 

Cable One, Inc.

     0        170  

Comcast Corp., Class A

     9        315  

Omnicom Group, Inc.

     2        184  
     

 

 

 
        669  
     

 

 

 

Oil, Gas & Consumable Fuels - 3.1%

 

EOG Resources, Inc.

     2        303  
     

 

 

 

Pharmaceuticals - 2.2%

 

Merck & Co., Inc.

     2        213  
     

 

 

 

Technology Hardware, Storage & Peripherals - 4.2%

 

NetApp, Inc.

     3        185  

Samsung Electronics Co. Ltd. (Preference)  (1)(2)

     5        220  
     

 

 

 
        405  
     

 

 

 

Tobacco - 7.1%

 

Altria Group, Inc.

     7        335  

Philip Morris International, Inc.

     3        353  
     

 

 

 
        688  
     

 

 

 

Total common stocks (Cost $9,780)

 

     8,927  
  

 

 

 
     Principal
Amount
        

CORPORATE BONDS - 4.2%

 

Aerospace & Defense - 2.1%

 

Boeing Co. (The) 1.43%, 2/4/2024

   $ 215        206  
     

 

 

 

Energy Equipment & Services - 0.6%

 

Weatherford International Ltd. 11.00%, 12/1/2024 (4)

     57        58  
     

 

 

 

Trading Companies & Distributors - 1.5%

 

Air Lease Corp. Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.15%), 4.12%, 12/15/2026 (5)(6)

     219        150  
     

 

 

 

Total corporate bonds (Cost $449)

 

     414  
  

 

 

 


Artisan Value Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

Principal amount, shares and dollar values in thousands

 

CONVERTIBLE BONDS - 2.6%

     

Media - 1.2%

 

Cable One, Inc.

 

  

Zero Coupon, 3/15/2026

     80      $ 63  

1.13%, 3/15/2028

     77        57  
     

 

 

 
        120  
     

 

 

 

Mortgage Real Estate Investment Trusts (REITs) - 1.4%

 

Redwood Trust, Inc. 7.75%, 6/15/2027 (4)

     165        140  
     

 

 

 

Total convertible bonds (Cost $282)

 

     260  
  

 

 

 
     Share Held         

CONVERTIBLE PREFERRED STOCK - 1.7%

 

Health Care Equipment & Supplies - 1.7%

 

Boston Scientific Corp. Series A, 5.50%, 6/1/2023 (Cost $164)

     1        162  
     

 

 

 

SHORT-TERM INVESTMENTS - 0.2%

 

INVESTMENT COMPANIES - 0.2%

 

BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.04%

     5        5  

Federated Treasury Obligations Fund - Institutional Class, 4.15%

     5        5  

Fidelity Investments Money Market Treasury Portfolio - Institutional Class, 4.18%

     5        5  
     

 

 

 

Total short-term investments (Cost $15)

 

     15  
  

 

 

 

Total investments - 100.3% (Cost $10,690)

 

     9,778  

Written Option Contracts - 0.0% ^ (Premiums received $(2))

 

     (1

Other assets less liabilities - (0.3%)

 

     (30
     

 

 

 

Total net assets - 100.0% #

 

   $ 9,747  
  

 

 

 

 

(1) 

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


Artisan Value Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Security

   Country    Trading Currency

Airbus SE

   France    EUR

Compass Group plc

   United Kingdom    GBP

Heineken Holding NV

   Netherlands    EUR

Koninklijke Philips NV

   Netherlands    EUR

Safran SA

   France    EUR

Samsung Electronics Co. Ltd.

   South Korea    KRW

 

(2) 

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 $1,127, or 11.6% of total net assets. See notes (A) and (B) in the accompanying notes.

(3) 

At December 31, 2022, 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 December 31, 2022. The maturity date reflects the next call date.

(6) 

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022.

Written Option Contracts

Call Options

Dollar values in thousands except exercise price

 

No. of
Contracts
  

Description

   Exercise
Price
     Notional
Amount
     Expiration
Date
     Premiums
Paid/(Received)
by Fund
     Market
Value
     Unrealized
Appreciation
 
2    Airbus SE    EUR  120.00      $ 24        2/17/23      $ —      $ —      $ —  
8    H&R Block, Inc.    $ 43.00        29        7/21/23        (2      (1      1  
              

 

 

    

 

 

    

 

 

 

Total written option contracts

     $ (2    $ (1    $ 1  
  

 

 

    

 

 

    

 

 

 

PORTFOLIO DIVERSIFICATION

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

Communication Services

   $ 789        8.0

Consumer Discretionary

     552        5.6  

Consumer Staples

     1,476        15.1  

Energy

     361        3.7  

Financials

     2,205        22.5  

Health Care

     730        7.5  

Industrials

     1,367        14.0  

Information Technology

     589        6.0  

Real Estate

     886        9.1  

Utilities

     808        8.3  

Short-Term Investments

     15        0.2  
  

 

 

    

 

 

 

Total investments

   $ 9,778        100.0
  

 

 

    

 

 

 


Artisan Value Income Fund

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

TRADING CURRENCIES

Dollar values in thousands

 

     Value      Percentage of
Total Investments
 

EUR

   $ 678        6.9

GBP

     229        2.3  

KRW

     220        2.3  

USD

     8,651        88.5  
  

 

 

    

 

 

 

Total investments

   $ 9,778        100.0
  

 

 

    

 

 

 

Definitions of abbreviations and footnotes are detailed on page 1.

See notes to N-PORT Part F.


Notes to N-PORT Part F – December 31, 2022 (UNAUDITED)

As of December 31, 2022, Artisan Partners Funds, Inc. (“Artisan Partners Funds”) is a series company comprised of twenty-one series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

(A) Valuation:

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

In determining each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for an equity security from the principal exchange, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security if market quotations are not readily available. Repurchase agreements and reverse repurchase agreements are valued at cost plus accrued interest. Exchange traded option contracts were valued at the mid price (average of the bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange. Over-the-counter derivatives (including total return swaps, over-the-counter options on total return swaps, and certain other derivatives) are valued using prices provided by the Funds’ pricing vendors. Prices obtained from independent pricing services may use various observable and unobservable inputs, including, but not limited to, information provided by broker-dealers, pricing formulas, estimates of market values obtained from data relating to investments or securities with similar characteristics and/or discounted cash flow or spread curve models that might be applicable. Shares of open-end investment companies (excluding exchange traded funds) were valued at the latest net asset value reported by the investment company.


Notes to N-PORT Part F – December 31, 2022 (UNAUDITED) - (continued)

 

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

A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 29(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds. Under the Rule, Artisan Partners has been designated by Artisan Partners Funds’ board of directors as the valuation designee for the Funds. In its capacity as valuation designee, Artisan Partners, among other things, is responsible for establishing fair valuation methodologies and determining, in good faith, the fair value of all of the assets of the Funds for which there are no readily available market quotations. Securities or other assets for which market quotations are not readily available are valued by Artisan Partners, as valuation designee, in accordance with Artisan Partners’ Procedures for Valuation of Portfolio Securities Held by Artisan Partners Funds, Inc. and under the general oversight of Artisan Partners Funds’ board of directors. A market quotation will be considered not readily available, and a Fund may therefore use fair value pricing, if there are not quoted prices (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, and/or any such quotation is not reliable.

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 values 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 could be material to the NAV of the applicable Fund.

(B) Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed


based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

 

   

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

   

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

   

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques for the Funds’ major classes of assets are found in Note (A). 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, equity-linked securities, foreign currency forward contracts, treasury bills, other derivatives, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of December 31, 2022 (in thousands):

 

Fund   

Level 1 - Unadjusted

Quoted Prices

   

Level 2 - Other

Significant

Observable

Inputs

   

Level 3 - Significant

Unobservable

Inputs

    Total  

Developing World

        

Common Stocks (1)

        

Americas

   $ 1,277,595     $ —       $ —       $ 1,277,595  

Emerging Markets

     558,513       567,277       —   (3)      1,125,790  

Europe

     91,263       307,538       —         398,801  

Pacific Basin

     212,671       —         —         212,671  

Total Investments

   $ 2,140,042     $ 874,815     $ —   (3)    $ 3,014,857  

Emerging Markets Debt Opportunities

        

Sovereign Government Bonds (1)

   $ —       $ 16,464     $ —       $ 16,464  

Corporate Bonds (1)

     —         2,652       —         2,652  

Sovereign Government Treasury Bill

     —         675       —         675  

U.S. Treasury Obligations

     —         1,794       —         1,794  

Investment Companies

     676       —         —         676  

Total Investments

     676       21,585       —         22,261  

Foreign Currency Forward Contracts (2)

     —         105       2       107  

Futures (2)

     194       —         —         194  

Centrally Cleared Credit Default Swaps (2)

     —         2       —         2  

Centrally Cleared Interest Rate Swaps (2)

     —         (88     —         (88

Total

   $ 870     $ 21,604     $ 2     $ 22,476  

Floating Rate

        

Bank Loans (1)

   $ —       $ 37,576     $ —       $ 37,576  

Corporate Bonds (1)

     —         3,553       —         3,553  

Warrants

     —         —   (3)      —         —    

Investment Companies

     4,305       —         —         4,305  

Total Investments

   $ 4,305     $ 41,129     $ —       $ 45,434  

Focus

        

Common Stocks (1)

   $ 1,468,316     $ —       $ —       $ 1,468,316  

Options Purchased

     18,728       —         —         18,728  

Investment Company

     25,091       —         —         25,091  

Total Investments

     1,512,135       —         —         1,512,135  

Foreign Currency Forward Contracts (2)

     —         1,789       —         1,789  

Total

   $ 1,512,135     $ 1,789     $ —       $ 1,513,924  

Global Discovery

        

Common Stocks (1)

        

Americas

   $ 145,057     $ —       $ —       $ 145,057  

Emerging Markets

     3,396       6,020       —         9,416  

Europe

     14,822       43,841       —         58,663  

Pacific Basin

     —         13,109       —         13,109  

Investment Company

     8,799       —         —         8,799  

Total Investments

   $ 172,074     $ 62,970     $ —       $ 235,044  

Global Equity

        

Common Stocks (1)

        

Americas

   $ 85,674     $ —       $ —       $ 85,674  

Emerging Markets

     10,791       12,202       —   (3)      22,993  

Europe

     12,587       56,575       —         69,162  

Pacific Basin

     —         7,177       —         7,177  

Investment Company

     4,256       —         —         4,256  

Total Investments

   $ 113,308     $ 75,954     $ —   (3)    $ 189,262  

Global Opportunities

        

Common Stocks (1)

        

Americas

   $ 1,505,398     $ —       $ —       $ 1,505,398  

Emerging Markets

     27,971       —         —         27,971  

Europe

     34,022       796,390       —         830,412  

Pacific Basin

     —         320,834       —         320,834  

Investment Company

     89,203       —         —         89,203  

Total Investments

   $ 1,656,594     $ 1,117,224     $ —       $ 2,773,818  

Global Unconstrained

                                

Sovereign Government Bonds (1)

   $ —       $ 11,270     $ —       $ 11,270  

Corporate Bonds (1)

     —         2,055       —         2,055  

Common Stock (1)

     —         40       —         40  

Exchange Traded Fund (1)

     34       —         —         34  

U.S. Treasury Obligations

     —         249       —         249  

Repurchase Agreements

     —         2,706       —         2,706  

Investment Companies

     711       —         —         711  

Total Investments before securities sold short

     745       16,320       —         17,065  

Common Stock (1)

     —         (83     —         (83

Sovereign Government Bonds (1)

     —         (2,549     —         (2,549

Total Investments after securities sold short

     745       13,688       —         14,433  

Foreign Currency Forward Contracts (2)

     —         (51     16       (35

Futures (2)

     149       —         —         149  

Centrally Cleared Credit Default Swaps (2)

     —         11       —         11  

Centrally Cleared Interest Rate Swaps (2)

     —         (39     —         (39

Total

   $ 894     $ 13,609     $ 16     $ 14,519  

Global Value

        

Common Stocks (1)

        

Americas

   $ 843,640     $ —       $ —       $ 843,640  

Emerging Markets

     14,873       146,484       —         161,357  

Europe

     —         819,129       —         819,129  

Pacific Basin

     —         53,082       —         53,082  

Investment Company

     42,025       —         —         42,025  

Total Investments

   $ 900,538     $ 1,018,695     $ —       $ 1,919,233  

High Income

        

Corporate Bonds (1)

   $ —       $ 4,399,814     $ —       $ 4,399,814  

Bank Loans (1)

     —         848,292       —         848,292  

Common Stock (1)

     —         23,841       —         23,841  

Warrants

     —         —   (3)      —         —    

Investment Company

     395,157       —         —         395,157  

Total Investments

     395,157       5,271,947       —         5,667,104  

Foreign Currency Forward Contracts(2)

     —         54       —         54  

Total

   $ 395,157     $ 5,272,001     $ —       $ 5,667,158  

International

        

Common Stocks and Equity-Linked Security (1)

        

Americas

   $ 825,427     $ 103,649     $ —       $ 929,076  

Emerging Markets

     140,042       190,448       —   (3)      330,490  

Europe

     340,709       3,344,330       —         3,685,039  

Pacific Basin

     —         129,209       —         129,209  

Investment Companies

     148,956       —         —         148,956  

Total Investments

   $ 1,455,134     $ 3,767,636     $ —   (3)    $ 5,222,770  

International Explorer

        

Common Stocks (1)

        

Americas

   $ 1,821     $ 1,871     $ —       $ 3,692  

Emerging Markets

     2,322       4,692       —         7,014  

Europe

     610       11,150       —         11,760  

Pacific Basin

     —         4,645       —         4,645  

Investment Companies

     4,090       —         —         4,090  

Total Investments

   $ 8,843     $ 22,358     $ —       $ 31,201  

Foreign Currency Forward Contracts (2)

     —         (25     —         (25

Total

   $ 8,843     $ 22,333     $ —       $ 31,176  

International Small-Mid

        

Common Stocks (1)

        

Americas

   $ 942,585     $ —       $ —       $ 942,585  

Emerging Markets

     144,051       123,121       —         267,172  

Europe

     1,378.00       1,967,158       —         1,968,536  

Middle East

     262,708       37,285       —         299,993  

Pacific Basin

     —         552,489       —         552,489  

Investment Company

     132,477       —         —         132,477  

Total Investments

   $ 1,483,199     $ 2,680,053     $ —       $ 4,163,252  

International Value

        

Common Stocks and Equity-Linked Security (1)

        

Americas

   $ 3,773,166     $ 630,335     $ —       $ 4,403,501  

Emerging Markets

     327,191       3,882,007       —         4,209,198  

Europe

     593,942       11,710,657       —         12,304,599  

Pacific Basin

     —         490,492       —         490,492  

Investment Company

     1,321,502       —         —         1,321,502  

Total Investments

     6,015,801       16,713,491       —         22,729,292  

OTC Total Return Swap (1)

     —         452       —         452  

Total

     6,015,801       16,713,943       —         22,729,744  

Mid Cap

        

Common Stocks (1)

   $ 3,896,044     $ 20,536     $ —       $ 3,916,580  

Investment Company

     114,803       —         —         114,803  

Total Investments

   $ 4,010,847     $ 20,536     $ —       $ 4,031,383  

Mid Cap Value

        

Common Stocks (1)

   $ 1,258,492     $ —       $ —       $ 1,258,492  

Investment Company

     21,139       —         —         21,139  

Total Investments

   $ 1,279,631     $ —       $ —       $ 1,279,631  

Select Equity

        

Common Stocks (1)

   $ 25,819     $ 5,141     $ —       $ 30,960  

Investment Company

     2,187       —         —         2,187  

Total Investments

   $ 28,006     $ 5,141     $ —       $ 33,147  

Small Cap

        

Common Stocks (1)

   $ 1,851,313     $ —       $ —       $ 1,851,313  

Total Investments

   $ 1,851,313     $ —       $ —       $ 1,851,313  

Sustainable Emerging Markets

        

Common Stocks (1)

        

Americas

   $ 723     $ —       $ —       $ 723  

Emerging Markets

     7,382       54,860       —   (3)      62,242  

Europe

     —         534             534  

Pacific Basin

     227       3,342       —   (3)      3,569  

Investment Company

     1,969       —               1,969  

Total Investments

   $ 10,301     $ 58,736     $ —   (3)    $ 69,037  

Value

        

Common Stocks (1)

   $ 186,332     $ 33,004     $ —       $ 219,336  

Investment Company

     1,401       —               1,401  

Total Investments

   $ 187,733     $ 33,004     $ —       $ 220,737  

Value Income

        

Common Stocks (1)

   $ 7,800     $ 1,127     $ —       $ 8,927  

Corporate Bonds (1)

     —         414       —         414  

Convertible Bonds (1)

     —         260       —         260  

Convertible Preferred Stock (1)

     162       —         —         162  

Investment Companies

     15       —         —         15  

Total Investments

     7,977       1,801       —         9,778  

Written Option Contracts

     (1     —         —         (1

Total

   $ 7,976     $ 1,801     $ —       $ 9,777  

 

(1) 

See the Fund’s Schedule of Investments for industry or country classifications.

(2) 

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

(3) 

Includes one or more securities valued at $0.

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

 

Assets

   Fair Value at December 31, 2022    

Unobservable Input(s)

   Impact to Fair
Value from an
Increase in Input
 

Developing World Fund

       

Common Stock

   $ —   (1)    Last quote in inactive market less 100% discount      N/A  

Emerging Markets Debt Opportunities Fund

       

Foreign Currency Forward Contract

   $ 2     Forward points      Decrease  

Global Equity Fund

       

Common Stock

   $ —   (1)    Last quote in inactive market less 100% discount      N/A  

Global Unconstrained Fund

       

Foreign Currency Forward Contract

   $ 16     Forward points      Decrease  

International Fund

       

Common Stock

   $ —   (1)    Last quote in inactive market less 100% discount      N/A  

Sustainable Emerging Markets Fund

       

Common Stock

   $ —   (1)    Last quote in inactive market less 100% discount      N/A  

 

(1) 

Includes one or more securities valued at $0.

As of December 31, 2022, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

 

     Developing World
Fund
    Emerging
Markets Debt
Opportunities
Fund
    Global Equity
Fund
    Global
Unconstrained
Fund
    International
Fund
    Sustainable
Emerging
Markets Fund
 

Balance as of September 30, 2022

   $ —   (1)    $ 1     $ —   (1)    $ 8     $ —   (1)    $ —   (1) 

Transfers into Level 3

     —         —         —         —         —         —    

Net change in unrealized appreciation (depreciation)

     —         1       —         8       —         93  

Purchases

     —         —   (1)      —         —   (1)      —         —    

Sales

     —         —         —         —         —         (20

Realized Gain/(Loss)

     —         —   (2)      —         —   (2)      —         (73
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2022

   $ —   (1)    $ 2     $ —   (1)    $ 16     $ —   (1)    $ —   (1) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for investments held as of December 31, 2022

   $ —       $ 2     $ —       $ 16     $ —       $ —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Includes one or more securities valued at $0.

(2) 

Amount rounds to less than $1.


Notes to N-PORT Part F – December 31, 2021 (UNAUDITED)

 

(C) Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended December 31, 2022 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the period ended December 31, 2022.

Transactions in securities of affiliates:

 

    As of
09/30/2022
                            As of
12/31/2022
       

Funds

  Shares
Balance
    Value     Purchases
at Cost
    Proceeds from
Sales
    Net
Realized
Gain (Loss)
    Net Increase
(Decrease) in
Unrealized
Appreciation or
Depreciation
    Share
Balance
    Value     Dividend
Income@
 

International Small-Mid Fund

                 

Carenet, Inc.(1)

    3,363     $ 27,595     $ —       $ (1,826   $ (774   $ 1,553       3,152     $ 26,548     $  128  

CKD Corp.(1)

    4,057       48,288       —         (3,212     (2,199     11,717       3,819       54,594       78  

Daikokutenbussan Co. Ltd.(1)

    838       30,492       —         (1,602     (1,824     5,368       793       32,434       —    

Model N, Inc.*†

    2,003       68,548       —         (14,151     (285     11,861       1,627       65,973       —    

Ubicom Holdings, Inc.(1)

    847       12,677       —         (641     (791     2,348       807       13,593       —    

ViewRay, Inc.*

    11,030       40,149       —         (3,046     (682     9,902       10,340       46,323       —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total#

    $ 227,749     $ —       $ (24,478   $  (6,555   $ 42,749       $ 173,492     $ 206  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

International Value Fund

                 

Arch Capital Group Ltd.*

    23,073     $  1,050,732     $  12,958     $  (130,956   $  35,598     $  356,007       21,095     $ 1,324,339     $ —    

Berkeley Group Holdings plc(1)

    5,543       203,196       2,527       (7,674     (4,735     54,228       5,437       247,542       —    

Sensata Technologies Holding plc

    8,750       326,188       —         (19,376     (6,806     34,732       8,290       334,738       942  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    $ 1,580,116     $ 15,485     $ (158,006   $ 24,057     $ 444,967       $ 1,906,619     $ 942  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

@

Net of foreign taxes withheld, if any.

Issuer was not an affiliate as of December 31, 2022.

*

Non-income producing security.

#

Total value as of December 31, 2022 is presented only for those issuers that were affiliates as of December 31, 2022.

(1)

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes (A) and (B) in the accompanying notes.