# EDGAR Filing Document

**Accession Number:** 0000935015
**File Stem:** 0001999371-25-007323
**Filing Date:** 2025-6
**Character Count:** 957761
**Document Hash:** d9bffde73e641d79dcbcb14008de94eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007323.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007323

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARTISAN PARTNERS FUNDS INC
- **CENTRAL INDEX KEY:** 0000935015

**ORGANIZATION NAME:**
- **EIN:** 391811840
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08932
- **FILM NUMBER:** 251029788

**BUSINESS ADDRESS:**
- **STREET 1:** 875 EAST WISCONSIN AVE STE 800
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-390-6100

**MAIL ADDRESS:**
- **STREET 1:** 875 EAST WISCONSIN AVE STE 800
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARTISAN FUNDS INC
- **DATE OF NAME CHANGE:** 19950310

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER FUNDS INC
- **DATE OF NAME CHANGE:** 19950109

## Series and Classes Contracts Data

### Artisan International Fund (Series ID: S000006493)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017760 | Institutional Shares | APHIX           |
| C000017761 | Investor Shares      | ARTIX           |
| C000141334 | Advisor Shares       | APDIX           |

### Artisan International Small-Mid Fund (Series ID: S000006494)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017762 | Investor Shares      | ARTJX           |
| C000168896 | Institutional Shares | APHJX           |
| C000206861 | Advisor Shares       | APDJX           |

### Artisan International Value Fund (Series ID: S000006495)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017763 | Investor Shares      | ARTKX           |
| C000037860 | Institutional Shares | APHKX           |
| C000141335 | Advisor Shares       | APDKX           |

### Artisan Mid Cap Fund (Series ID: S000006496)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017764 | Institutional Shares | APHMX           |
| C000017765 | Investor Shares      | ARTMX           |
| C000141336 | Advisor Shares       | APDMX           |

### Artisan Mid Cap Value Fund (Series ID: S000006497)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017766 | Investor Shares      | ARTQX           |
| C000110142 | Institutional Shares | APHQX           |
| C000141337 | Advisor Shares       | APDQX           |

### Artisan Small Cap Fund (Series ID: S000006498)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017767 | Investor Shares      | ARTSX           |
| C000113863 | Institutional Shares | APHSX           |
| C000177293 | Advisor Shares       | APDSX           |

### Artisan Value Fund (Series ID: S000006537)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017872 | Investor Shares      | ARTLX           |
| C000103056 | Institutional Shares | APHLX           |
| C000141338 | Advisor Shares       | APDLX           |

### Artisan Sustainable Emerging Markets Fund (Series ID: S000012854)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000034765 | Institutional Shares | APHEX           |
| C000063255 | Investor Shares      | ARTZX           |
| C000235949 | Advisor Shares       | APDEX           |

### Artisan Global Value Fund (Series ID: S000019611)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000054562 | Investor Shares      | ARTGX           |
| C000116602 | Institutional Shares | APHGX           |
| C000141339 | Advisor Shares       | APDGX           |

### Artisan Global Opportunities Fund (Series ID: S000023270)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000068053 | Investor Shares      | ARTRX           |
| C000103057 | Institutional Shares | APHRX           |
| C000141340 | Advisor Shares       | APDRX           |

### Artisan Global Equity Fund (Series ID: S000028207)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000086273 | Investor Shares      | ARTHX           |
| C000161820 | Institutional Shares | APHHX           |
| C000221236 | Advisor Shares       | APDHX           |

### Artisan High Income Fund (Series ID: S000044335)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000138112 | Investor Shares      | ARTFX           |
| C000138113 | Advisor Shares       | APDFX           |
| C000173655 | Institutional Shares | APHFX           |

### Artisan Developing World Fund (Series ID: S000049420)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156278 | Investor Shares      | ARTYX           |
| C000156279 | Advisor Shares       | APDYX           |
| C000156280 | Institutional Shares | APHYX           |

### Artisan Focus Fund (Series ID: S000056665)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000179292 | Investor Shares      | ARTTX           |
| C000200633 | Advisor Shares       | APDTX           |
| C000200634 | Institutional Shares | APHTX           |

### Artisan Global Discovery Fund (Series ID: S000058458)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000191852 | Investor Shares      | APFDX           |
| C000191853 | Institutional Shares | APHDX           |
| C000217727 | Advisor Shares       | APDDX           |

### Artisan Select Equity Fund (Series ID: S000067908)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000217731 | Institutional Shares | APHNX           |
| C000217732 | Investor Shares      | ARTNX           |
| C000217733 | Advisor Shares       | APDNX           |

### Artisan Floating Rate Fund (Series ID: S000074472)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000232414 | Institutional Shares | APHUX           |
| C000232415 | Investor Shares      | ARTUX           |
| C000232416 | Advisor Shares       | APDUX           |

### Artisan Emerging Markets Debt Opportunities Fund (Series ID: S000075101)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000233918 | Advisor Shares       | APDOX           |
| C000233919 | Institutional Shares | APHOX           |
| C000233920 | Investor Shares      | APFOX           |

### Artisan Global Unconstrained Fund (Series ID: S000075102)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000233921 | Advisor Shares       | APDPX           |
| C000233922 | Institutional Shares | APHPX           |
| C000233923 | Investor Shares      | APFPX           |

### Artisan Value Income Fund (Series ID: S000075425)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000234511 | Advisor Shares       | APDWX           |
| C000234512 | Institutional Shares | APHWX           |
| C000234513 | Investor Shares      | APFWX           |

### Artisan International Explorer Fund (Series ID: S000076279)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000235881 | Institutional Shares | ARHBX           |
| C000235883 | Advisor Shares       | ARDBX           |

?xml version='1.0' encoding='ASCII'?

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

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-08932**

**Artisan Partners Funds, Inc.**

(Exact name of registrant as specified in charter)

**875 East Wisconsin Avenue, Suite 800**

 **Milwaukee, Wisconsin 53202**

(Address of principal executive offices) (Zip Code)

---

| | |
|:---|:---|
| **Laura E. Simpson<br> Artisan Partners Funds, Inc.<br> 875 East Wisconsin Avenue, Suite 800<br> Milwaukee, Wisconsin 53202** | **Nathan Briggs<br> Simpson Thacher & Bartlett LLP<br> 900 G Street, N.W.<br> Washington, D.C. 20001** |

---

(Name and address of agents for service)

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

Date of fiscal year end: **9/30**

Date of reporting period: **3/31/25**

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

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

**Item 1.** **Report to Stockholders.**

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

![](apftsr001.jpg)

**Artisan Developing World Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report<br> March 31, 2025<br>Advisor Shares \| APDYX | This semi-annual shareholder report contains important information about Artisan Developing World Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3615730 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 35 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $18770 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36.45% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr002.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Australian dollar | 1.6% |
| Chinese yuan renminbi offshore | 3.4 |
| Euro | 7.7 |
| Hong Kong dollar | 8.8 |
| Indian rupee | 6.7 |
| U.S. dollar | 71.8 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr003.jpg)

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS\*** |  |  |
| **Company Name** | **Country** | **Percentage of** <br> **Total Net Assets** |
| Sea Ltd. | Singapore | 5.7% |
| MercadoLibre, Inc. | Brazil | 5.3 |
| Visa, Inc. | United States | 4.7 |
| Meituan | China | 4.5 |
| MakeMyTrip Ltd. | India | 4.4 |
| Adyen NV | Netherlands | 4.4 |
| Tencent Holdings Ltd. | China | 4.3 |
| NU Holdings Ltd. | Brazil | 4.0 |
| Crowdstrike Holdings, Inc. | United States | 3.9 |
| Grab Holdings Ltd. | Singapore | 3.8 |
| **Total** |  | 45.0% |

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Developing World Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDYX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Developing World Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report<br> March 31, 2025<br>Institutional Shares \| APHYX | This semi-annual shareholder report contains important information about Artisan Developing World Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3615730 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 35 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $18770 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36.45% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr004.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Australian dollar | 1.6% |
| Chinese yuan renminbi offshore | 3.4 |
| Euro | 7.7 |
| Hong Kong dollar | 8.8 |
| Indian rupee | 6.7 |
| U.S. dollar | 71.8 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr005.jpg)

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS\*** |  |  |
| **Company Name** | **Country** | **Percentage of** <br> **Total Net Assets** |
| Sea Ltd. | Singapore | 5.7% |
| MercadoLibre, Inc. | Brazil | 5.3 |
| Visa, Inc. | United States | 4.7 |
| Meituan | China | 4.5 |
| MakeMyTrip Ltd. | India | 4.4 |
| Adyen NV | Netherlands | 4.4 |
| Tencent Holdings Ltd. | China | 4.3 |
| NU Holdings Ltd. | Brazil | 4.0 |
| Crowdstrike Holdings, Inc. | United States | 3.9 |
| Grab Holdings Ltd. | Singapore | 3.8 |
| **Total** |  | 45.0% |

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Developing World Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHYX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Developing World Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTYX | This semi-annual shareholder report contains important information about Artisan Developing World Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3615730 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 35 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $18770 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36.45% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr006.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Australian dollar | 1.6% |
| Chinese yuan renminbi offshore | 3.4 |
| Euro | 7.7 |
| Hong Kong dollar | 8.8 |
| Indian rupee | 6.7 |
| U.S. dollar | 71.8 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr007.jpg)

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS\*** |  |  |
| **Company Name** | **Country** | **Percentage of** <br> **Total Net Assets** |
| Sea Ltd. | Singapore | 5.7% |
| MercadoLibre, Inc. | Brazil | 5.3 |
| Visa, Inc. | United States | 4.7 |
| Meituan | China | 4.5 |
| MakeMyTrip Ltd. | India | 4.4 |
| Adyen NV | Netherlands | 4.4 |
| Tencent Holdings Ltd. | China | 4.3 |
| NU Holdings Ltd. | Brazil | 4.0 |
| Crowdstrike Holdings, Inc. | United States | 3.9 |
| Grab Holdings Ltd. | Singapore | 3.8 |
| **Total** |  | 45.0% |

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Developing World Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTYX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Emerging Markets Debt Opportunities Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDOX | This semi-annual shareholder report contains important information about Artisan Emerging Markets Debt Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $94057 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 221 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $164 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 37.53% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr008.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr009.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | <br> **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Emerging Markets Debt Opportunities Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDOX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Emerging Markets Debt Opportunities Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHOX | This semi-annual shareholder report contains important information about Artisan Emerging Markets Debt Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $94057 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 221 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $164 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 37.53% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr010.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr011.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | <br> **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Emerging Markets Debt Opportunities Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHOX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Emerging Markets Debt Opportunities Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| APFOX | This semi-annual shareholder report contains important information about Artisan Emerging Markets Debt Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $94057 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 221 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $164 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 37.53% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr012.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr013.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | <br> **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Emerging Markets Debt Opportunities Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| APFOX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Floating Rate Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDUX | This semi-annual shareholder report contains important information about Artisan Floating Rate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $85081 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 102 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $149 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 44.52% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr014.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr015.jpg)

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS\*** |  |  |
| **Company Name** | **Country** | **Percentage of** <br> **Total Net Assets** |
| GSM Holdings, Inc. First Lien Term Loan | United States | 2.9% |
| Nexus Buyer LLC First Lien Term Loan | United States | 2.8 |
| Delta Topco, Inc. First Lien Term Loan | United States | 2.8 |
| UKG, Inc. First Lien Term Loan | United States | 2.3 |
| Nexus Buyer LLC Second Lien Term Loan | United States | 2.2 |
| Arches Buyer, Inc. First Lien Term Loan | United States | 2.2 |
| TKC Holdings, Inc. | United States | 2.0 |
| CCI Buyer, Inc. First Lien Term Loan | United States | 1.9 |
| Acrisure LLC First Lien Term Loan B1 | United States | 1.9 |
| BCPE Grill Parent, Inc. First Lien Term Loan | United States | 1.9 |
| **Total** |  | 22.9% |

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Floating Rate Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDUX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Floating Rate Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHUX | This semi-annual shareholder report contains important information about Artisan Floating Rate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $85081 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 102 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $149 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 44.52% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr016.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr017.jpg)

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS\*** |  |  |
| **Company Name** | **Country** | **Percentage of** <br> **Total Net Assets** |
| GSM Holdings, Inc. First Lien Term Loan | United States | 2.9% |
| Nexus Buyer LLC First Lien Term Loan | United States | 2.8 |
| Delta Topco, Inc. First Lien Term Loan | United States | 2.8 |
| UKG, Inc. First Lien Term Loan | United States | 2.3 |
| Nexus Buyer LLC Second Lien Term Loan | United States | 2.2 |
| Arches Buyer, Inc. First Lien Term Loan | United States | 2.2 |
| TKC Holdings, Inc. | United States | 2.0 |
| CCI Buyer, Inc. First Lien Term Loan | United States | 1.9 |
| Acrisure LLC First Lien Term Loan B1 | United States | 1.9 |
| BCPE Grill Parent, Inc. First Lien Term Loan | United States | 1.9 |
| **Total** |  | 22.9% |

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Floating Rate Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHUX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Floating Rate Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTUX | This semi-annual shareholder report contains important information about Artisan Floating Rate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $85081 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 102 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $149 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 44.52% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr018.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr019.jpg)

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS\*** |  |  |
| **Company Name** | **Country** | **Percentage of** <br> **Total Net Assets** |
| GSM Holdings, Inc. First Lien Term Loan | United States | 2.9% |
| Nexus Buyer LLC First Lien Term Loan | United States | 2.8 |
| Delta Topco, Inc. First Lien Term Loan | United States | 2.8 |
| UKG, Inc. First Lien Term Loan | United States | 2.3 |
| Nexus Buyer LLC Second Lien Term Loan | United States | 2.2 |
| Arches Buyer, Inc. First Lien Term Loan | United States | 2.2 |
| TKC Holdings, Inc. | United States | 2.0 |
| CCI Buyer, Inc. First Lien Term Loan | United States | 1.9 |
| Acrisure LLC First Lien Term Loan B1 | United States | 1.9 |
| BCPE Grill Parent, Inc. First Lien Term Loan | United States | 1.9 |
| **Total** |  | 22.9% |

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Floating Rate Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTUX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Focus Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDTX | This semi-annual shareholder report contains important information about Artisan Focus Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $989311 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $5437 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 131.24% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr020.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 4.3% |
| Euro | 4.7 |
| U.S. dollar | 91.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr021.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Focus Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDTX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Focus Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHTX | This semi-annual shareholder report contains important information about Artisan Focus Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $989311 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $5437 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 131.24% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr022.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 4.3% |
| Euro | 4.7 |
| U.S. dollar | 91.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr023.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Focus Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHTX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Focus Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTTX | This semi-annual shareholder report contains important information about Artisan Focus Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $989311 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 39 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $5437 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 131.24% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr024.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 4.3% |
| Euro | 4.7 |
| U.S. dollar | 91.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr025.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Focus Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTTX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Discovery Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDDX | This semi-annual shareholder report contains important information about Artisan Global Discovery Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $223291 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1193 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 34.96% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr026.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| British pound | 10.3% |
| Canadian dollar | 1.1 |
| Danish krone | 1.8 |
| Euro | 9.6 |
| Hong Kong dollar | 1.4 |
| Swedish krona | 0.9 |
| Swiss franc | 5.0 |
| U.S. dollar | 69.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr027.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | <br> **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Global Discovery Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDDX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Discovery Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHDX | This semi-annual shareholder report contains important information about Artisan Global Discovery Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $223291 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1193 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 34.96% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr028.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| British pound | 10.3% |
| Canadian dollar | 1.1 |
| Danish krone | 1.8 |
| Euro | 9.6 |
| Hong Kong dollar | 1.4 |
| Swedish krona | 0.9 |
| Swiss franc | 5.0 |
| U.S. dollar | 69.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr029.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Global Discovery Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHDX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Discovery Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| APFDX | This semi-annual shareholder report contains important information about Artisan Global Discovery Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $223291 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1193 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 34.96% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr030.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| British pound | 10.3% |
| Canadian dollar | 1.1 |
| Danish krone | 1.8 |
| Euro | 9.6 |
| Hong Kong dollar | 1.4 |
| Swedish krona | 0.9 |
| Swiss franc | 5.0 |
| U.S. dollar | 69.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr031.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Global Discovery Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| APFDX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Equity Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDHX | This semi-annual shareholder report contains important information about Artisan Global Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $156066 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $774 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 96.90% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr032.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr033.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Global Equity Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDHX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Equity Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHHX | This semi-annual shareholder report contains important information about Artisan Global Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $156066 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $774 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 96.90% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr034.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr035.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Global Equity Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHHX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Equity Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTHX | This semi-annual shareholder report contains important information about Artisan Global Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $156066 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $774 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 96.90% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr036.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr037.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Global Equity Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTHX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Opportunities Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDRX | This semi-annual shareholder report contains important information about Artisan Global Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $2009024 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 47 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $10529 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36.83% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr038.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 16.0% |
| Danish krone | 0.7 |
| Euro | 3.8 |
| Hong Kong dollar | 8.1 |
| Japanese yen | 1.8 |
| Swiss franc | 3.5 |
| U.S. dollar | 66.1 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr039.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Global Opportunities Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDRX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Opportunities Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHRX | This semi-annual shareholder report contains important information about Artisan Global Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $2009024 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 47 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $10529 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36.83% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr040.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 16.0% |
| Danish krone | 0.7 |
| Euro | 3.8 |
| Hong Kong dollar | 8.1 |
| Japanese yen | 1.8 |
| Swiss franc | 3.5 |
| U.S. dollar | 66.1 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr041.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Global Opportunities Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHRX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Opportunities Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTRX | This semi-annual shareholder report contains important information about Artisan Global Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $2009024 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 47 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $10529 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36.83% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr042.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 16.0% |
| Danish krone | 0.7 |
| Euro | 3.8 |
| Hong Kong dollar | 8.1 |
| Japanese yen | 1.8 |
| Swiss franc | 3.5 |
| U.S. dollar | 66.1 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr043.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Global Opportunities Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTRX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Unconstrained Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDPX | This semi-annual shareholder report contains important information about Artisan Global Unconstrained Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $300225 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 425 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $514 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 32.63% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr044.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

\* Portfolio composition is net of positions held short.

---

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

---

**PORTFOLIO DIVERSIFICATION\***

**(As a Percentage of Total Investments)**

![](apftsr045.jpg)

\* Portfolio diversification is net of positions held short.

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan Global Unconstrained Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDPX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Material Fund Changes**<br>This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.35% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Unconstrained Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHPX | This semi-annual shareholder report contains important information about Artisan Global Unconstrained Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $300225 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 425 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $514 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 32.63% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**![](apftsr046.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

\* Portfolio composition is net of positions held short.

---

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

---

**PORTFOLIO DIVERSIFICATION\***

**(As a Percentage of Total Investments)**

![](apftsr047.jpg)

\* Portfolio diversification is net of positions held short.

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan Global Unconstrained Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHPX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Material Fund Changes**<br>This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.35% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Unconstrained Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| APFPX | This semi-annual shareholder report contains important information about Artisan Global Unconstrained Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $300225 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 425 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $514 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 32.63% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**![](apftsr048.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

\* Portfolio composition is net of positions held short.

---

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

---

**PORTFOLIO DIVERSIFICATION\***

**(As a Percentage of Total Investments)**

![](apftsr049.jpg)

\* Portfolio diversification is net of positions held short.

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan Global Unconstrained Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| APFPX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Material Fund Changes**<br>This is a summary of certain changes of the Fund since September 30, 2024. On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase of less than 0.35% in the net asset value for the Fund. Effective March 14, 2025, the Fund's 2% redemption fee was eliminated. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDGX | This semi-annual shareholder report contains important information about Artisan Global Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $2528553 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $12193 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7.81% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**

![](apftsr050.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 14.3% |
| Euro | 20.4 |
| Hong Kong dollar | 1.9 |
| Korean won | 3.4 |
| Swiss franc | 9.0 |
| U.S. dollar | 51.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr051.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan Global Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDGX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHGX | This semi-annual shareholder report contains important information about Artisan Global Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $2528553 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $12193 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7.81% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**

![](apftsr052.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 14.3% |
| Euro | 20.4 |
| Hong Kong dollar | 1.9 |
| Korean won | 3.4 |
| Swiss franc | 9.0 |
| U.S. dollar | 51.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr053.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan Global Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHGX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Global Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTGX | This semi-annual shareholder report contains important information about Artisan Global Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $2528553 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $12193 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7.81% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**

![](apftsr054.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 14.3% |
| Euro | 20.4 |
| Hong Kong dollar | 1.9 |
| Korean won | 3.4 |
| Swiss franc | 9.0 |
| U.S. dollar | 51.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr055.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan Global Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTGX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan High Income Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDFX | This semi-annual shareholder report contains important information about Artisan High Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $9303798 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 237 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $30349 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12.97% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**![](apftsr056.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Euro | 0.1% |
| U.S. dollar | 99.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr057.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan High Income Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDFX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan High Income Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHFX | This semi-annual shareholder report contains important information about Artisan High Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $9303798 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 237 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $30349 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12.97% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION** 

**(As a Percentage of Total Net Assets)**

![](apftsr058.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Euro | 0.1% |
| U.S. dollar | 99.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr059.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan High Income Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHFX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan High Income Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTFX | This semi-annual shareholder report contains important information about Artisan High Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $9303798 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 237 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $30349 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12.97% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION** 

**(As a Percentage of Total Net Assets)**

![](apftsr060.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Euro | 0.1% |
| U.S. dollar | 99.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr061.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan High Income Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTFX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDIX | This semi-annual shareholder report contains important information about Artisan International Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $5029754 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 69 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $24035 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 60.76% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**![](apftsr066.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 19.0% |
| Chinese yuan renminbi offshore | 1 |
| Danish krone | 3.6 |
| Euro | 32.1 |
| Hong Kong dollar | 4.1 |
| Japanese yen | 7.2 |
| Korean won | 4.6 |
| Mexican peso | 0.7 |
| Swiss franc | 9.1 |
| U.S. dollar | 17.9 |
| Other | 0.7 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr067.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDIX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHIX | This semi-annual shareholder report contains important information about Artisan International Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $5029754 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 69 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $24035 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 60.76% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**![](apftsr068.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 19.0% |
| Chinese yuan renminbi offshore | 1 |
| Danish krone | 3.6 |
| Euro | 32.1 |
| Hong Kong dollar | 4.1 |
| Japanese yen | 7.2 |
| Korean won | 4.6 |
| Mexican peso | 0.7 |
| Swiss franc | 9.1 |
| U.S. dollar | 17.9 |
| Other | 0.7 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr069.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHIX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTIX | This semi-annual shareholder report contains important information about Artisan International Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $5029754 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 69 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $24035 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 60.76% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**![](apftsr070.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 19.0% |
| Chinese yuan renminbi offshore | 1 |
| Danish krone | 3.6 |
| Euro | 32.1 |
| Hong Kong dollar | 4.1 |
| Japanese yen | 7.2 |
| Korean won | 4.6 |
| Mexican peso | 0.7 |
| Swiss franc | 9.1 |
| U.S. dollar | 17.9 |
| Other | 0.7 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr071.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTIX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Explorer Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| ARDBX | This semi-annual shareholder report contains important information about Artisan International Explorer Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $263189 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1127 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22.74% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**![](apftsr062.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr063.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Explorer Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| ARDBX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Explorer Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| ARHBX | This semi-annual shareholder report contains important information about Artisan International Explorer Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $263189 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1127 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22.74% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**![](apftsr064.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr065.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Explorer Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| ARHBX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Small-Mid Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDJX | This semi-annual shareholder report contains important information about Artisan International Small-Mid Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3667060 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 132 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $22231 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17.20% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr072.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Brazilian real | 1.2% |
| British pound | 20.8 |
| Canadian dollar | 5.2 |
| Danish krone | 6.5 |
| Euro | 11.4 |
| Israel new shekel | 1 |
| Japanese yen | 19 |
| Swedish krona | 3.8 |
| Swiss franc | 3.7 |
| U.S. dollar | 25.3 |
| Other | 2.1 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr073.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Small-Mid Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDJX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Small-Mid Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHJX | This semi-annual shareholder report contains important information about Artisan International Small-Mid Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3667060 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 132 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $22231 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17.20% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr074.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Brazilian real | 1.2% |
| British pound | 20.8 |
| Canadian dollar | 5.2 |
| Danish krone | 6.5 |
| Euro | 11.4 |
| Israel new shekel | 1 |
| Japanese yen | 19 |
| Swedish krona | 3.8 |
| Swiss franc | 3.7 |
| U.S. dollar | 25.3 |
| Other | 2.1 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr075.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Small-Mid Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHJX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Small-Mid Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTJX | This semi-annual shareholder report contains important information about Artisan International Small-Mid Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3667060 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 132 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $22231 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17.20% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr076.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| Brazilian real | 1.2% |
| British pound | 20.8 |
| Canadian dollar | 5.2 |
| Danish krone | 6.5 |
| Euro | 11.4 |
| Israel new shekel | 1 |
| Japanese yen | 19 |
| Swedish krona | 3.8 |
| Swiss franc | 3.7 |
| U.S. dollar | 25.3 |
| Other | 2.1 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr077.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Small-Mid Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTJX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDKX | This semi-annual shareholder report contains important information about Artisan International Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $37064929 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $165177 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7.68% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr078.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr079.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDKX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHKX | This semi-annual shareholder report contains important information about Artisan International Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $37064929 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $165177 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7.68% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr080.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr081.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| <br> ![](apftsr001.jpg)<br>**Artisan International Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHKX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan International Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTKX | This semi-annual shareholder report contains important information about Artisan International Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request Artisan International Value Fund this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $37064929 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $165177 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7.68% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr082.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr083.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan International Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTKX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Mid Cap Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDMX | This semi-annual shareholder report contains important information about Artisan Mid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770 . **This report describes changes to the Fund that occurred during the reporting period.**<br>|

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3585511 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 64 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $19643 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 31.29% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**

![](apftsr084.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr085.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Mid Cap Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDMX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Material Fund Changes** <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. Effective January 1, 2025, Matthew Kamm and Jason White became co-lead portfolio managers of the Fund. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Mid Cap Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHMX | This semi-annual shareholder report contains important information about Artisan Mid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770 . **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3585511 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 64 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $19643 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 31.29% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr086.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr087.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Mid Cap Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHMX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Material Fund Changes** <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. Effective January 1, 2025, Matthew Kamm and Jason White became co-lead portfolio managers of the Fund. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Mid Cap Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTMX | This semi-annual shareholder report contains important information about Artisan Mid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770 . **This report describes changes to the Fund that occurred during the reporting period.** |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $3585511 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 64 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $19643 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 31.29% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr088.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr089.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Mid Cap Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTMX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Material Fund Changes** <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. Effective January 1, 2025, Matthew Kamm and Jason White became co-lead portfolio managers of the Fund. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Mid Cap Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDQX | This semi-annual shareholder report contains important information about Artisan Mid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $1049411 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 50 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $4996 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 18.18% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr090.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr091.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Mid Cap Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDQX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Mid Cap Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHQX | This semi-annual shareholder report contains important information about Artisan Mid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $1049411 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 50 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $4996 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 18.18% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION** 

**(As a Percentage of Total Net Assets)**

![](apftsr092.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr093.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Mid Cap Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHQX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Mid Cap Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTQX | This semi-annual shareholder report contains important information about Artisan Mid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $1049411 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 50 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $4996 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 18.18% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION** 

**(As a Percentage of Total Net Assets)**

![](apftsr094.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr095.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Mid Cap Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTQX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Select Equity Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDNX | This semi-annual shareholder report contains important information about Artisan Select Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $58663 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 29 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $150 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 16.24% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr096.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| British pound | 5.6% |
| Euro | 4.4 |
| Korean won | 3.4 |
| U.S. dollar | 86.6 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr097.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Select Equity Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDNX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Select Equity Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHNX | This semi-annual shareholder report contains important information about Artisan Select Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $58663 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 29 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $150 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 16.24% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr098.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| British pound | 5.6% |
| Euro | 4.4 |
| Korean won | 3.4 |
| U.S. dollar | 86.6 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr099.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Select Equity Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHNX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Select Equity Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTNX | This semi-annual shareholder report contains important information about Artisan Select Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus . You can also request this information by contacting us at 800.344.1770.  |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $58663 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 29 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $150 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 16.24% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr100.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of**<br> **Total Investments** |
| British pound | 5.6% |
| Euro | 4.4 |
| Korean won | 3.4 |
| U.S. dollar | 86.6 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr101.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Select Equity Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTNX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Small Cap Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDSX | This semi-annual shareholder report contains important information about Artisan Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.**  |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $1094307 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 58 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $6354 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 30.56% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr102.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr103.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Small Cap Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDSX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Small Cap Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHSX | This semi-annual shareholder report contains important information about Artisan Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.**  |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $1094307 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 58 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $6354 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 30.56% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr104.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr105.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Small Cap Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHSX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Small Cap Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTSX | This semi-annual shareholder report contains important information about Artisan Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. **This report describes changes to the Fund that occurred during the reporting period.**  |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $1094307 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 58 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $6354 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 30.56% |

---

**Graphical Representation of Holdings**

**PORTFOLIO COMPOSITION**

**(As a Percentage of Total Net Assets)**

![](apftsr106.jpg)

<sup>(1)</sup> Includes any short-term investments and net other assets (liabilities).

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| U.S. dollar | 100.0% |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr107.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
|  | **Material Fund Changes** |
| ![](apftsr001.jpg)<br>**Artisan Small Cap Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTSX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | <br>This is a summary of certain changes of the Fund since September 30, 2024. Effective December 31, 2024, Craigh Cepukenas stepped down as portfolio manager of the Fund. Mr. Cepukenas will remain an active member of the Artisan Partners Growth Team in an advisory capacity as a managing director. For more information, you may review the Fund's current prospectus, which is available at www.artisanpartners.com/prospectus or upon request by calling 800.344.1770.<br>**Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Sustainable Emerging Markets Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDEX | This semi-annual shareholder report contains important information about Artisan Sustainable Emerging Markets Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $225690 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $661 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12.67% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr108.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr109.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Sustainable Emerging Markets Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDEX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Sustainable Emerging Markets Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHEX | This semi-annual shareholder report contains important information about Artisan Sustainable Emerging Markets Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $225690 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $661 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12.67% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION** 

**(As a Percentage of Total Net Assets)**![](apftsr110.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr111.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Sustainable Emerging Markets Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHEX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Sustainable Emerging Markets Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTZX | This semi-annual shareholder report contains important information about Artisan Sustainable Emerging Markets Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $225690 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $661 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12.67% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr112.jpg)

---

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

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr113.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Sustainable Emerging Markets Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTZX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDLX | This semi-annual shareholder report contains important information about Artisan Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770.  |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $310041 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1117 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14.91% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

(As a Percentage of Total Net Assets)

![](apftsr114.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 3.5% |
| Euro | 14.8 |
| Swiss franc | 1.7 |
| U.S. dollar | 80.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr115.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDLX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHLX | This semi-annual shareholder report contains important information about Artisan Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $310041 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1117 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14.91% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

(As a Percentage of Total Net Assets)

![](apftsr116.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 3.5% |
| Euro | 14.8 |
| Swiss franc | 1.7 |
| U.S. dollar | 80.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr117.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHLX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Value Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| ARTLX | This semi-annual shareholder report contains important information about Artisan Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $310041 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $1117 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14.91% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr118.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 3.5% |
| Euro | 14.8 |
| Swiss franc | 1.7 |
| U.S. dollar | 80.0 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**![](apftsr119.jpg)

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Value Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| ARTLX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Value Income Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Advisor Shares \| APDWX | This semi-annual shareholder report contains important information about Artisan Value Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $16268 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 76 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $– |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14.73% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**![](apftsr120.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 2.1% |
| Euro | 5.6 |
| Hong Kong dollar | 1.4 |
| Swiss franc | 1 |
| U.S. dollar | 89.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr121.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Value Income Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Advisor Shares \| APDWX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Value Income Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Institutional Shares \| APHWX | This semi-annual shareholder report contains important information about Artisan Value Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $16268 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 76 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $– |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14.73% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

**(As a Percentage of Total Net Assets)**

![](apftsr122.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 2.1% |
| Euro | 5.6 |
| Hong Kong dollar | 1.4 |
| Swiss franc | 1 |
| U.S. dollar | 89.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr123.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Value Income Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Institutional Shares \| APHWX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

![](apftsr001.jpg)

**Artisan Value Income Fund**

---

| | |
|:---|:---|
| Semi-Annual Shareholder Report March 31, 2025<br>Investor Shares \| APFWX | This semi-annual shareholder report contains important information about Artisan Value Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.artisanpartners.com/prospectus. You can also request this information by contacting us at 800.344.1770. |

---

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

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

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Dollar values in thousands | Dollar values in thousands |
| &nbsp;&nbsp;Net Assets | $16268 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 76 |
| &nbsp;&nbsp;Total Investment Advisory Fees (net of waivers and reimbursements) | $– |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14.73% |

---

**Graphical Representation of Holdings**

**REGION ALLOCATION**

(As a Percentage of Total Net Assets)

![](apftsr124.jpg)

---

| | |
|:---|:---|
| **TRADING CURRENCIES** |  |
| **Currency** | **Percentage of** <br> **Total Investments** |
| British pound | 2.1% |
| Euro | 5.6 |
| Hong Kong dollar | 1.4 |
| Swiss franc | 1 |
| U.S. dollar | 89.9 |
| **Total investments** | 100.0% |

---

**PORTFOLIO DIVERSIFICATION**

**(As a Percentage of Total Investments)**

![](apftsr125.jpg)

**TOP TEN HOLDINGS\***

---

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

---

\* Excludes short-term investments.

---

| | |
|:---|:---|
| ![](apftsr001.jpg)<br>**Artisan Value Income Fund**<br>Semi-Annual Shareholder Report<br> March 31, 2025<br> Investor Shares \| APFWX<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;800.344.1770<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;www.artisanpartners.com<br>If you wish to view additional information about the Fund including but not limited to the prospectus, financial statements, holdings or proxy voting information, please visit www.artisanpartners.com/prospectus or call 800.344.1770. | **Householding**<br>If you have consented to receive a single copy of this document at a shared address and would like to revoke that consent, contact 800.344.1770. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable for semiannual reports.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable for semiannual reports.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable for semiannual reports.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable for semiannual reports.

**Item 6.** **Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Please
 see schedule of investments contained in the Financial Statements included under Item
 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 registrant's Financial Highlights are attached herewith.

![](financialstatements001.jpg)

ARTISAN PARTNERS FUNDS

---

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

---

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

---

| |
|:---|
| **TABLE OF CONTENTS** |
| **TABLE OF CONTENTS** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2 | [ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#a_001) |
|  | SCHEDULES OF INVESTMENTS |
| &nbsp;&nbsp;&nbsp;&nbsp;4 | [Artisan Developing World Fund](#a_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;5 | [Artisan Emerging Markets Debt Opportunities Fund](#a_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;11 | [Artisan Floating Rate Fund](#a_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;15 | [Artisan Focus Fund](#a_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;17 | [Artisan Global Discovery Fund](#a_006) |
| &nbsp;&nbsp;&nbsp;&nbsp;19 | [Artisan Global Equity Fund](#a_007) |
| &nbsp;&nbsp;&nbsp;&nbsp;21 | [Artisan Global Opportunities Fund](#a_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;22 | [Artisan Global Unconstrained Fund](#a_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;32 | [Artisan Global Value Fund](#a_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;33 | [Artisan High Income Fund](#a_011) |
| &nbsp;&nbsp;&nbsp;&nbsp;39 | [Artisan International Fund](#a_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;41 | [Artisan International Explorer Fund](#a_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;42 | [Artisan International Small-Mid Fund](#a_014) |
| &nbsp;&nbsp;&nbsp;&nbsp;44 | [Artisan International Value Fund](#a_015) |
| &nbsp;&nbsp;&nbsp;&nbsp;46 | [Artisan Mid Cap Fund](#a_016) |
| &nbsp;&nbsp;&nbsp;&nbsp;48 | [Artisan Mid Cap Value Fund](#a_017) |
| &nbsp;&nbsp;&nbsp;&nbsp;50 | [Artisan Select Equity Fund](#a_018) |
| &nbsp;&nbsp;&nbsp;&nbsp;51 | [Artisan Small Cap Fund](#a_019) |
| &nbsp;&nbsp;&nbsp;&nbsp;53 | [Artisan Sustainable Emerging Markets Fund](#a_020) |
| &nbsp;&nbsp;&nbsp;&nbsp;55 | [Artisan Value Fund](#a_021) |
| &nbsp;&nbsp;&nbsp;&nbsp;57 | [Artisan Value Income Fund](#a_022) |
| &nbsp;&nbsp;&nbsp;&nbsp;60 | [STATEMENTS OF ASSETS AND LIABILITIES](#a_024) |
| &nbsp;&nbsp;&nbsp;&nbsp;66 | [STATEMENTS OF OPERATIONS](#a_025) |
| &nbsp;&nbsp;&nbsp;&nbsp;72 | [STATEMENTS OF CHANGES IN NET ASSETS](#a_026) |
| &nbsp;&nbsp;&nbsp;&nbsp;79 | [FINANCIAL HIGHLIGHTS](#a_027) |
| &nbsp;&nbsp;&nbsp;&nbsp;91 | [NOTES TO FINANCIAL STATEMENTS](#a_028) |
| &nbsp;&nbsp;&nbsp;&nbsp;133 | [NOTES ON PORTFOLIO HOLDINGS' CLASSIFICATION](#a_029) |
| &nbsp;&nbsp;&nbsp;&nbsp;134 | [ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#a_030) |
| &nbsp;&nbsp;&nbsp;&nbsp;134 | [ITEM 9. PROXY DISCLOSURES](#a_031) |
| &nbsp;&nbsp;&nbsp;&nbsp;134 | [ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#a_032) |
| &nbsp;&nbsp;&nbsp;&nbsp;134 | [ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#a_033) |

---

---

| |
|:---|
| **ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS** |
| **ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS** |

---

**ARTISAN PARTNERS FUNDS, INC** 

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments

---

| | |
|:---|:---|
| **Investment Footnotes** | **Investment Footnotes** |
| \* | Non-income producing security. |
| # | Percentages for the various classifications relate to total net assets. |
| ^ | Amount rounds to less than $1 or 0.1% or 1 share. |
| ‡ | One contract is equal to 100 shares. |
| Company names are as reported by a data service provider and in some cases are translations; a company's legal name may be different. | 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** | **Investment Abbreviations** |
| ADR | American Depositary Receipt |
| BOA | Bank of America |
| BUBOR | Budapest Interbank Offered Rate |
| CDI | Certificate of Interbank Deposit |
| CGM | Citigroup Global Markets |
| CITI | Citibank, N.A. |
| DB | Deutsche Bank AG |
| ETF | Exchange Traded Fund |
| GDN | Global Depository Note |
| GDR | Global Depositary Receipt |
| GS | Goldman Sachs International |
| ICBCSB | ICBC Standard Bank Plc |
| IO | Interest Only |
| JIBAR | Johannesburg Interbank Average Rate |
| JPM | JPMorganChase Bank, N.A. |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| LSE | London Stock Exchange |
| MIBOR | Mumbai Interbank Offered Rate |
| MS | Morgan Stanley & Co International plc |
| MSCS | Morgan Stanley Capital Services, Inc. |
| OMO | Open Market Operation |
| OTC | Over-the-Counter |
| PIK | Payment-In-Kind |
| Preference | A special type of equity investment that shares in the earnings of the company and may have a dividend preference. Preference shares may also have liquidation preference. |
| PRIBOR | Prague Interbank Offered Rate |
| Registered shares | Shares in a company where the holder's name is recorded on the ownership certificate. Such shares cannot be sold until they are de-registered, which can take up to one week. |
| REIT | Real Estate Investment Trust |
| SCB | Standard Chartered Bank |
| SG | Societe Generale |
| SOFR | Secured Overnight Financing Rate |
| TDB | Toronto Dominion Bank |
| TIIE | Mexican Interbank Equilibrium Interest Rate |
| TIIEOIS | Mexican Interbank Equilibrium Interest Rate Overnight Index Swap |
| THOR | Thai Overnight Repurchase Rate |
| TONAR | Tokyo Overnight Average Rate |
| WIBOR | Warsaw Interbank Offer Rate |
| Zero Coupon | Indicates a debt security that does not pay periodic interest payments. Such security is issued at a discount and matures at face (principal) amount. |

---

---

| | |
|:---|:---|
| **2** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

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

---

Artisan Partners Funds<sub>3</sub>

ARTISAN DEVELOPING WORLD FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares<br> Held** | **Value** |
| **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** |
| **AUSTRALIA - 1.6%** | **AUSTRALIA - 1.6%** | **AUSTRALIA - 1.6%** |
| WiseTech Global Ltd.<sup>(1)</sup> | 1147 | $59006 |
| **BRAZIL - 9.3%** | **BRAZIL - 9.3%** | **BRAZIL - 9.3%** |
| MercadoLibre, Inc.<sup>\*</sup> | 98 | 191915 |
| NU Holdings Ltd., Class A<sup>\*</sup> | 14079 | 144170 |
|  |  | 336085 |
| **CHINA - 19.2%** | **CHINA - 19.2%** | **CHINA - 19.2%** |
| Kanzhun Ltd., ADR<sup>\*</sup> | 4696 | 90015 |
| KE Holdings, Inc., ADR | 3671 | 73759 |
| Kweichow Moutai Co. Ltd., Class A<sup>(1)</sup> | 337 | 72667 |
| Meituan, Class B<sup>(1)(2)\*</sup> | 7987 | 161489 |
| PDD Holdings, Inc., ADR<sup>\*</sup> | 763 | 90275 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A<sup>(1)</sup> | 1566 | 50788 |
| Tencent Holdings Ltd.<sup>(1)</sup> | 2441 | 155541 |
|  |  | 694534 |
| **FRANCE - 3.3%** | **FRANCE - 3.3%** | **FRANCE - 3.3%** |
| Hermes International SCA<sup>(1)</sup> | 16 | 41010 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>(1)</sup> | 125 | 77809 |
|  |  | 118819 |
| **INDIA - 14.3%** | **INDIA - 14.3%** | **INDIA - 14.3%** |
| Apollo Hospitals Enterprise Ltd.<sup>(1)</sup> | 1015 | 78397 |
| HDFC Bank Ltd., ADR | 1714 | 113885 |
| MakeMyTrip Ltd.<sup>\*</sup> | 1639 | 160615 |
| One 97 Communications Ltd.<sup>(1)\*</sup> | 4296 | 39035 |
| PB Fintech Ltd.<sup>(1)\*</sup> | 2116 | 39078 |
| Zomato Ltd.<sup>(1)\*</sup> | 36157 | 84965 |
|  |  | 515975 |
| **ITALY - 1.1%** | **ITALY - 1.1%** | **ITALY - 1.1%** |
| Ferrari NV | 97 | 41462 |
| **NETHERLANDS - 4.4%** | **NETHERLANDS - 4.4%** | **NETHERLANDS - 4.4%** |
| Adyen NV<sup>(1)(2)\*</sup> | 104 | 158860 |
| **SINGAPORE - 9.6%** | **SINGAPORE - 9.6%** | **SINGAPORE - 9.6%** |
| Grab Holdings Ltd., Class A<sup>\*</sup> | 30628 | 138745 |
| Sea Ltd., ADR<sup>\*</sup> | 1591 | 207588 |
|  |  | 346333 |
| **UNITED STATES - 33.2%** | **UNITED STATES - 33.2%** | **UNITED STATES - 33.2%** |
| Airbnb, Inc., Class A<sup>\*</sup> | 1100 | 131451 |
| ARM Holdings plc, ADR<sup>\*</sup> | 918 | 98060 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 430 | 109399 |
| Coca-Cola Co. (The) | 1609 | 115231 |
| Crowdstrike Holdings, Inc., Class A<sup>\*</sup> | 402 | 141624 |
| Mastercard, Inc., Class A | 45 | 24603 |
| Netflix, Inc.<sup>\*</sup> | 110 | 102495 |
| NVIDIA Corp. | 946 | 102580 |
| Snowflake, Inc., Class A<sup>\*</sup> | 546 | 79750 |
| Tradeweb Markets, Inc., Class A | 277 | 41104 |
| Veeva Systems, Inc., Class A<sup>\*</sup> | 363 | 84141 |
| Visa, Inc., Class A | 482 | 169040 |
|  |  | 1199478 |
| **Total common stocks** | **Total common stocks** | **Total common stocks** |
| &nbsp;&nbsp;&nbsp;(Cost $2,054,154) |  | 3470552 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **SHORT-TERM INVESTMENT - 3.4%** | **SHORT-TERM INVESTMENT - 3.4%** | **SHORT-TERM INVESTMENT - 3.4%** |
| 2 |  |  |
| **INVESTMENT COMPANY - 3.4%** | **INVESTMENT COMPANY - 3.4%** | **INVESTMENT COMPANY - 3.4%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(3)</sup> (Cost $124,167) | 124167 | $124167 |
| **Total investments - 99.4%**<br> (Cost $2,178,321) |  | 3594719 |
| **Other assets less liabilities - 0.6%** |  | 21011 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $3615730 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,018,645, or 28.2% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $320,349 or 8.9% of net assets.

<sup>(3)</sup> Represents the current yield as of March 31, 2025.

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of<br> Total Investments** |
| Communication Services | $555639 | 15.5% |
| Consumer Discretionary | 980991 | 27.3 |
| Consumer Staples | 187898 | 5.2 |
| Financials | 729775 | 20.3 |
| Health Care | 213326 | 5.9 |
| Industrials | 138745 | 3.9 |
| Information Technology | 590419 | 16.4 |
| Real Estate | 73759 | 2.1 |
| Short-Term Investment | 124167 | 3.4 |
| **Total investments** | $3594719 | 100.0% |

---

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

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

---

| | |
|:---|:---|
| **4** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN EMERGING MARKETS DEBT OPPORTUNITIES FUND

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> Amount** | **Value** |
| **SOVEREIGN GOVERNMENT BONDS - 49.4%** | **SOVEREIGN GOVERNMENT BONDS - 49.4%** | **SOVEREIGN GOVERNMENT BONDS - 49.4%** | **SOVEREIGN GOVERNMENT BONDS - 49.4%** |
| **ALBANIA - 1.6%** | **ALBANIA - 1.6%** | **ALBANIA - 1.6%** | **ALBANIA - 1.6%** |
| Albanian Government Bond | Albanian Government Bond | Albanian Government Bond | Albanian Government Bond |
| &nbsp;&nbsp;&nbsp;4.21%, 1/15/2026 | ALL | 14000 | $155 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/24/2026 | ALL | 13000 | 145 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/10/2027 | ALL | 11300 | 127 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/13/2028 | ALL | 9500 | 113 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/26/2029 | ALL | 21500 | 253 |
| &nbsp;&nbsp;&nbsp;5.63%, 11/8/2030 | ALL | 19000 | 231 |
| &nbsp;&nbsp;&nbsp;4.05%, 2/7/2032 | ALL | 46640 | 520 |
|  |  |  | 1544 |
| **ANGOLA - 1.7%** | **ANGOLA - 1.7%** | **ANGOLA - 1.7%** | **ANGOLA - 1.7%** |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| &nbsp;&nbsp;&nbsp;6.00%, 10/25/2027<sup>(1)</sup> |  | 280 | 265 |
| Republic of Angola | Republic of Angola | Republic of Angola | Republic of Angola |
| &nbsp;&nbsp;&nbsp;6.93%, 2/19/2027<sup>(1)</sup> |  | 83 | 78 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/9/2028<sup>(1)</sup> |  | 1150 | 1073 |
| &nbsp;&nbsp;&nbsp;8.00%, 11/26/2029<sup>(1)</sup> |  | 220 | 196 |
|  |  |  | 1612 |
| **ARGENTINA - 2.8%** | **ARGENTINA - 2.8%** | **ARGENTINA - 2.8%** | **ARGENTINA - 2.8%** |
| Argentine Republic | Argentine Republic | Argentine Republic | Argentine Republic |
| &nbsp;&nbsp;&nbsp;0.13%, 7/9/2030 | EUR | 364 | 283 |
| &nbsp;&nbsp;&nbsp;3.88%, 7/9/2035<sup>(2)</sup> | EUR | 2574 | 1712 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/9/2038<sup>(2)</sup> | EUR | 40 | 27 |
| &nbsp;&nbsp;&nbsp;3.00%, 7/9/2041<sup>(2)</sup> | EUR | 975 | 562 |
|  |  |  | 2584 |
| **BAHAMAS - 6.6%** | **BAHAMAS - 6.6%** | **BAHAMAS - 6.6%** | **BAHAMAS - 6.6%** |
| Commonwealth of the Bahamas | Commonwealth of the Bahamas | Commonwealth of the Bahamas | Commonwealth of the Bahamas |
| &nbsp;&nbsp;&nbsp;6.00%, 11/21/2028<sup>(1)</sup> |  | 2824 | 2715 |
| &nbsp;&nbsp;&nbsp;9.00%, 6/16/2029<sup>(1)</sup> |  | 620 | 647 |
| &nbsp;&nbsp;&nbsp;6.95%, 11/20/2029<sup>(1)</sup> |  | 253 | 244 |
| &nbsp;&nbsp;&nbsp;8.95%, 10/15/2032<sup>(1)</sup> |  | 2460 | 2549 |
|  |  |  | 6155 |
| **BENIN - 3.8%** | **BENIN - 3.8%** | **BENIN - 3.8%** | **BENIN - 3.8%** |
| Benin Government Bond | Benin Government Bond | Benin Government Bond | Benin Government Bond |
| &nbsp;&nbsp;&nbsp;4.88%, 1/19/2032<sup>(1)</sup> | EUR | 1980 | 1906 |
| &nbsp;&nbsp;&nbsp;4.95%, 1/22/2035<sup>(1)</sup> | EUR | 783 | 699 |
| &nbsp;&nbsp;&nbsp;6.88%, 1/19/2052<sup>(1)</sup> | EUR | 1116 | 971 |
|  |  |  | 3576 |
| **CAMEROON - 0.7%** | **CAMEROON - 0.7%** | **CAMEROON - 0.7%** | **CAMEROON - 0.7%** |
| Republic of Cameroon | Republic of Cameroon | Republic of Cameroon | Republic of Cameroon |
| &nbsp;&nbsp;&nbsp;9.50%, 11/19/2025<sup>(1)</sup> |  | 460 | 461 |
| &nbsp;&nbsp;&nbsp;5.95%, 7/7/2032<sup>(1)</sup> | EUR | 274 | 234 |
|  |  |  | 695 |
| **DOMINICAN REPUBLIC - 0.0%<sup>^</sup>** | **DOMINICAN REPUBLIC - 0.0%<sup>^</sup>** | **DOMINICAN REPUBLIC - 0.0%<sup>^</sup>** | **DOMINICAN REPUBLIC - 0.0%<sup>^</sup>** |
| Dominican Republic Government Bond, GDN | Dominican Republic Government Bond, GDN | Dominican Republic Government Bond, GDN | Dominican Republic Government Bond, GDN |
| &nbsp;&nbsp;&nbsp;6.50%, 11/27/2026<sup>(1)</sup> | DOP | 1450 | 22 |
| **EGYPT - 0.7%** | **EGYPT - 0.7%** | **EGYPT - 0.7%** | **EGYPT - 0.7%** |
| Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt |
| &nbsp;&nbsp;&nbsp;6.38%, 4/11/2031<sup>(1)</sup> | EUR | 675 | 621 |
| **EL SALVADOR - 0.3%** | **EL SALVADOR - 0.3%** | **EL SALVADOR - 0.3%** | **EL SALVADOR - 0.3%** |
| Republic of El Salvador | Republic of El Salvador | Republic of El Salvador | Republic of El Salvador |
| &nbsp;&nbsp;&nbsp;0.25%, 04/17/2030 IO<sup>(1)</sup> |  | 11545 | 274 |
| &nbsp;&nbsp;&nbsp;0.25%, 04/17/2030 IO<sup>(3)</sup> |  | 1020 | 24 |
|  |  |  | 298 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal<br> Amount** | **Value** |
| **GEORGIA - 1.0%** | **GEORGIA - 1.0%** | **GEORGIA - 1.0%** | **GEORGIA - 1.0%** |
| Republic of Georgia | Republic of Georgia | Republic of Georgia | Republic of Georgia |
| &nbsp;&nbsp;&nbsp;2.75%, 4/22/2026<sup>(1)</sup> |  | 980 | $939 |
| **GHANA - 1.4%** | **GHANA - 1.4%** | **GHANA - 1.4%** | **GHANA - 1.4%** |
| Republic of Ghana | Republic of Ghana | Republic of Ghana | Republic of Ghana |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 7/3/2026<sup>(1)</sup> |  | 1434 | 1349 |
| **INDONESIA - 4.5%** | **INDONESIA - 4.5%** | **INDONESIA - 4.5%** | **INDONESIA - 4.5%** |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| &nbsp;&nbsp;&nbsp;7.00%, 5/15/2027 | IDR | 770000 | 47 |
| &nbsp;&nbsp;&nbsp;6.38%, 4/15/2032 | IDR | 4100000 | 238 |
| &nbsp;&nbsp;&nbsp;7.50%, 8/15/2032 | IDR | 4500000 | 278 |
| &nbsp;&nbsp;&nbsp;7.00%, 2/15/2033 | IDR | 5500000 | 330 |
| &nbsp;&nbsp;&nbsp;6.63%, 2/15/2034 | IDR | 17000000 | 996 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/2036 | IDR | 9854000 | 639 |
| &nbsp;&nbsp;&nbsp;7.50%, 5/15/2038 | IDR | 1399000 | 86 |
| &nbsp;&nbsp;&nbsp;8.38%, 4/15/2039 | IDR | 2121000 | 141 |
| &nbsp;&nbsp;&nbsp;7.13%, 6/15/2043 | IDR | 24873000 | 1486 |
|  |  |  | 4241 |
| **IRAQ - 3.8%** | **IRAQ - 3.8%** | **IRAQ - 3.8%** | **IRAQ - 3.8%** |
| Republic of Iraq | Republic of Iraq | Republic of Iraq | Republic of Iraq |
| &nbsp;&nbsp;&nbsp;5.80%, 1/15/2028<sup>(1)</sup> |  | 3587 | 3524 |
| **NIGERIA - 1.7%** | **NIGERIA - 1.7%** | **NIGERIA - 1.7%** | **NIGERIA - 1.7%** |
| Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria |
| &nbsp;&nbsp;&nbsp;7.63%, 11/21/2025<sup>(1)</sup> |  | 1196 | 1201 |
| &nbsp;&nbsp;&nbsp;6.13%, 9/28/2028<sup>(1)</sup> |  | 450 | 411 |
|  |  |  | 1612 |
| **PAKISTAN - 1.7%** | **PAKISTAN - 1.7%** | **PAKISTAN - 1.7%** | **PAKISTAN - 1.7%** |
| Islamic Republic of Pakistan | Islamic Republic of Pakistan | Islamic Republic of Pakistan | Islamic Republic of Pakistan |
| &nbsp;&nbsp;&nbsp;6.88%, 12/5/2027<sup>(1)</sup> |  | 720 | 658 |
| &nbsp;&nbsp;&nbsp;7.38%, 4/8/2031<sup>(1)</sup> |  | 1040 | 888 |
|  |  |  | 1546 |
| **PAPUA NEW GUINEA - 1.6%** | **PAPUA NEW GUINEA - 1.6%** | **PAPUA NEW GUINEA - 1.6%** | **PAPUA NEW GUINEA - 1.6%** |
| Papua New Guinea Government International Bond | Papua New Guinea Government International Bond | Papua New Guinea Government International Bond | Papua New Guinea Government International Bond |
| &nbsp;&nbsp;&nbsp;8.38%, 10/4/2028<sup>(1)</sup> |  | 1525 | 1523 |
| **PERU - 6.1%** | **PERU - 6.1%** | **PERU - 6.1%** | **PERU - 6.1%** |
| Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria |
| &nbsp;&nbsp;&nbsp;7.30%, 8/12/2033<sup>(1)</sup> | PEN | 2200 | 632 |
| &nbsp;&nbsp;&nbsp;5.40%, 8/12/2034 | PEN | 20650 | 5122 |
|  |  |  | 5754 |
| **RWANDA - 1.4%** | **RWANDA - 1.4%** | **RWANDA - 1.4%** | **RWANDA - 1.4%** |
| Republic of Rwanda | Republic of Rwanda | Republic of Rwanda | Republic of Rwanda |
| &nbsp;&nbsp;&nbsp;5.50%, 8/9/2031<sup>(1)</sup> |  | 1580 | 1284 |
| **SOUTH AFRICA - 1.1%** | **SOUTH AFRICA - 1.1%** | **SOUTH AFRICA - 1.1%** | **SOUTH AFRICA - 1.1%** |
| Republic of South Africa | Republic of South Africa | Republic of South Africa | Republic of South Africa |
| &nbsp;&nbsp;&nbsp;8.25%, 3/31/2032 | ZAR | 20800 | 1043 |
| **TAJIKISTAN - 1.4%** | **TAJIKISTAN - 1.4%** | **TAJIKISTAN - 1.4%** | **TAJIKISTAN - 1.4%** |
| Republic of Tajikistan | Republic of Tajikistan | Republic of Tajikistan | Republic of Tajikistan |
| &nbsp;&nbsp;&nbsp;7.13%, 9/14/2027<sup>(1)</sup> |  | 1283 | 1270 |
| **TUNISIA - 0.8%** | **TUNISIA - 0.8%** | **TUNISIA - 0.8%** | **TUNISIA - 0.8%** |
| Tunisian Republic | Tunisian Republic | Tunisian Republic | Tunisian Republic |
| &nbsp;&nbsp;&nbsp;6.38%, 7/15/2026<sup>(1)</sup> | EUR | 755 | 787 |
| **UKRAINE - 2.4%** | **UKRAINE - 2.4%** | **UKRAINE - 2.4%** | **UKRAINE - 2.4%** |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |
| &nbsp;&nbsp;&nbsp;1.75%, 2/1/2029<sup>(1)(2)</sup> |  | 625 | 407 |

---

Artisan Partners Funds<sub>5</sub>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Principal<br> Amount** | **Value** | **Value** |
| Ukraine Government Bond (continued) | Ukraine Government Bond (continued) | Ukraine Government Bond (continued) | Ukraine Government Bond (continued) | Ukraine Government Bond (continued) |
| &nbsp;&nbsp;&nbsp;1.75%, 2/1/2035<sup>(1)(2)</sup> |  | 810 | $| 426 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/2035<sup>(1)(2)</sup> |  | 1603 |  | 887 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/2036<sup>(1)(2)</sup> |  | 937 |  | 536 |
|  |  |  |  | 2256 |
| **UZBEKISTAN - 0.2%** | **UZBEKISTAN - 0.2%** | **UZBEKISTAN - 0.2%** | **UZBEKISTAN - 0.2%** | **UZBEKISTAN - 0.2%** |
| Republic of Uzbekistan International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;15.50%, 2/25/2028<sup>(1)</sup> | UZS | 2500000 |  | 194 |
| **ZAMBIA - 2.1%** | **ZAMBIA - 2.1%** | **ZAMBIA - 2.1%** | **ZAMBIA - 2.1%** | **ZAMBIA - 2.1%** |
| Republic of Zambia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 6/30/2033<sup>(1)(2)</sup> |  | 2301 |  | 2015 |
| **Total Sovereign government bonds**<br> (Cost $45,905) |  |  |  | 46444 |
| **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** |
| **ANGOLA - 0.2%** | **ANGOLA - 0.2%** | **ANGOLA - 0.2%** | **ANGOLA - 0.2%** | **ANGOLA - 0.2%** |
| Azule Energy Finance plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.13%, 1/23/2030<sup>(1)</sup> |  | 200 |  | 201 |
| **ARGENTINA - 0.4%** | **ARGENTINA - 0.4%** | **ARGENTINA - 0.4%** | **ARGENTINA - 0.4%** | **ARGENTINA - 0.4%** |
| MSU Energy SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 12/5/2030<sup>(1)</sup> |  | 381 |  | 368 |
| **BRAZIL - 2.6%** | **BRAZIL - 2.6%** | **BRAZIL - 2.6%** | **BRAZIL - 2.6%** | **BRAZIL - 2.6%** |
| MC Brazil Downstream Trading SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 6/30/2031<sup>(1)</sup> |  | 829 |  | 684 |
| NewCo Holding USD 20 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.38%, 11/7/2029<sup>(1)</sup> |  | 240 |  | 244 |
| OHI Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 7/22/2029<sup>(1)</sup> |  | 810 |  | 835 |
| Trident Energy Finance plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;12.50%, 11/30/2029<sup>(1)</sup> |  | 550 |  | 567 |
| Unigel Luxembourg SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.50% Cash, 15.00% PIK, 12/31/2027<sup>(1)</sup> |  | 65 |  | 60 |
| &nbsp;&nbsp;&nbsp;11.00% Cash, 12.00% PIK, 12/31/2028<sup>(1)</sup> |  | 163 |  | 68 |
|  |  |  |  | 2458 |
| **CAMEROON - 0.6%** | **CAMEROON - 0.6%** | **CAMEROON - 0.6%** | **CAMEROON - 0.6%** | **CAMEROON - 0.6%** |
| Golar LNG Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 9/19/2029<sup>(1)</sup> |  | 600 |  | 604 |
| **COLOMBIA - 1.1%** |  |  |  |  |
| Canacol Energy Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 11/24/2028<sup>(1)</sup> |  | 200 |  | 105 |
| EnfraGen Energia Sur SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 12/30/2030<sup>(1)</sup> |  | 460 |  | 407 |
| Gran Tierra Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, 10/15/2029<sup>(1)</sup> |  | 570 |  | 505 |
|  |  |  |  | 1017 |
| **DOMINICAN REPUBLIC - 3.7%** |  |  |  |  |
| Banco Central de la Republica Dominicana, GDN |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, 12/5/2025<sup>(1)</sup> | DOP | 135320 |  | 2161 |
| &nbsp;&nbsp;&nbsp;13.00%, 1/30/2026<sup>(1)</sup> | DOP | 80020 |  | 1281 |
| &nbsp;&nbsp;&nbsp;9.00%, 12/11/2026<sup>(1)</sup> | DOP | 4360 |  | 67 |
|  |  |  |  | 3509 |
| **GUATEMALA - 0.5%** |  |  |  |  |
| Investment Energy Resources Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 4/26/2029<sup>(1)</sup> |  | 470 |  | 452 |
| **JAMAICA - 0.1%** |  |  |  |  |
| Digicel Intermediate Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00% Cash, 2.25% PIK, 5/25/2027 |  | 135 |  | 135 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal<br> Amount** | **Value** |
| **MOLDOVA, REPUBLIC OF - 0.4%** | **MOLDOVA, REPUBLIC OF - 0.4%** | **MOLDOVA, REPUBLIC OF - 0.4%** | **MOLDOVA, REPUBLIC OF - 0.4%** |
| Aragvi Finance International DAC | Aragvi Finance International DAC | Aragvi Finance International DAC | Aragvi Finance International DAC |
| &nbsp;&nbsp;&nbsp;11.13%, 11/20/2029<sup>(1)</sup> |  | 390 | $396 |
| **NETHERLANDS - 0.9%** | **NETHERLANDS - 0.9%** | **NETHERLANDS - 0.9%** | **NETHERLANDS - 0.9%** |
| Cie Maritime Monegasque Osv BV | Cie Maritime Monegasque Osv BV | Cie Maritime Monegasque Osv BV | Cie Maritime Monegasque Osv BV |
| &nbsp;&nbsp;&nbsp;14.00%, 3/28/2029 |  | 400 | 400 |
| Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV |
| &nbsp;&nbsp;&nbsp;15.00% Cash, 15.00% PIK, 12/31/2044<sup>(1)</sup> |  | 166 |  |
| VEON Holdings BV | VEON Holdings BV | VEON Holdings BV | VEON Holdings BV |
| &nbsp;&nbsp;&nbsp;3.38%, 11/25/2027<sup>(1)</sup> |  | 430 | 394 |
|  |  |  | 794 |
| **NIGERIA - 1.0%** | **NIGERIA - 1.0%** | **NIGERIA - 1.0%** | **NIGERIA - 1.0%** |
| SEPLAT Energy plc | SEPLAT Energy plc | SEPLAT Energy plc | SEPLAT Energy plc |
| &nbsp;&nbsp;&nbsp;9.13%, 3/21/2030<sup>(1)</sup> |  | 900 | 898 |
| **NORWAY - 0.3%** | **NORWAY - 0.3%** | **NORWAY - 0.3%** | **NORWAY - 0.3%** |
| Panoro Energy ASA | Panoro Energy ASA | Panoro Energy ASA | Panoro Energy ASA |
| &nbsp;&nbsp;&nbsp;10.25%, 12/11/2029 |  | 260 | 267 |
| **PARAGUAY - 0.3%** | **PARAGUAY - 0.3%** | **PARAGUAY - 0.3%** | **PARAGUAY - 0.3%** |
| Frigorifico Concepcion SA | Frigorifico Concepcion SA | Frigorifico Concepcion SA | Frigorifico Concepcion SA |
| &nbsp;&nbsp;&nbsp;7.70%, 7/21/2028<sup>(1)(4)</sup> |  | 310 | 235 |
| **SINGAPORE - 0.4%** | **SINGAPORE - 0.4%** | **SINGAPORE - 0.4%** | **SINGAPORE - 0.4%** |
| Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
| &nbsp;&nbsp;&nbsp;9.63%, 5/3/2029<sup>(1)</sup> |  | 350 | 366 |
| **TURKEY - 2.0%** | **TURKEY - 2.0%** | **TURKEY - 2.0%** | **TURKEY - 2.0%** |
| ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey <br> Cevre Otoyolu Yatirim ve I | ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey <br> Cevre Otoyolu Yatirim ve I | ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey <br> Cevre Otoyolu Yatirim ve I | ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey <br> Cevre Otoyolu Yatirim ve I |
| &nbsp;&nbsp;&nbsp;7.54%, 10/31/2027<sup>(1)</sup> |  | 970 | 973 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S | Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S | Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S | Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S |
| &nbsp;&nbsp;&nbsp;9.50%, 7/10/2036<sup>(1)</sup> |  | 948 | 924 |
|  |  |  | 1897 |
| **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** |
| Pearl Petroleum Co. Ltd. | Pearl Petroleum Co. Ltd. | Pearl Petroleum Co. Ltd. | Pearl Petroleum Co. Ltd. |
| &nbsp;&nbsp;&nbsp;13.00%, 5/15/2028<sup>(1)</sup> |  | 373 | 398 |
| **UNITED KINGDOM - 1.2%** | **UNITED KINGDOM - 1.2%** | **UNITED KINGDOM - 1.2%** | **UNITED KINGDOM - 1.2%** |
| ACG Holdco 1 Ltd. | ACG Holdco 1 Ltd. | ACG Holdco 1 Ltd. | ACG Holdco 1 Ltd. |
| &nbsp;&nbsp;&nbsp;14.75%, 1/13/2029 |  | 800 | 830 |
| Galileo Global Technologies Ltd. | Galileo Global Technologies Ltd. | Galileo Global Technologies Ltd. | Galileo Global Technologies Ltd. |
| &nbsp;&nbsp;&nbsp;13.75%, 3/4/2028<sup>(1)</sup> |  | 250 | 251 |
|  |  |  | 1081 |
| **UZBEKISTAN - 1.5%** | **UZBEKISTAN - 1.5%** | **UZBEKISTAN - 1.5%** | **UZBEKISTAN - 1.5%** |
| Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB |
| &nbsp;&nbsp;&nbsp;21.00%, 7/24/2027<sup>(1)</sup> | UZS | 18260000 | 1440 |
| **Total corporate bonds**<br> (Cost $16,640) |  |  | 16516 |
| **BANK LOANS - 4.0%** | **BANK LOANS - 4.0%** | **BANK LOANS - 4.0%** | **BANK LOANS - 4.0%** |
| **COTE D'IVOIRE - 1.0%** | **COTE D'IVOIRE - 1.0%** | **COTE D'IVOIRE - 1.0%** | **COTE D'IVOIRE - 1.0%** |
| Republic of Cote d'Ivoire First Lien Term Loan | Republic of Cote d'Ivoire First Lien Term Loan | Republic of Cote d'Ivoire First Lien Term Loan | Republic of Cote d'Ivoire First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 5.65%, 7/12/2025<sup>(5)(6)(7)</sup> | EUR | 870 | 939 |
| **PARAGUAY - 0.6%** | **PARAGUAY - 0.6%** | **PARAGUAY - 0.6%** | **PARAGUAY - 0.6%** |
| Frigorifico Concepcion SA First Lien Term Loan B | Frigorifico Concepcion SA First Lien Term Loan B | Frigorifico Concepcion SA First Lien Term Loan B | Frigorifico Concepcion SA First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.50%), 9.79%, 12/8/2026<sup>(5)(6)(7)</sup> |  | 600 | 534 |
| **TANZANIA - 2.4%** | **TANZANIA - 2.4%** | **TANZANIA - 2.4%** | **TANZANIA - 2.4%** |
| Tanzania (United Republic of) First Lien Term Loan | Tanzania (United Republic of) First Lien Term Loan | Tanzania (United Republic of) First Lien Term Loan | Tanzania (United Republic of) First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.20%), 9.46%, 2/6/2032<sup>(5)(6)(7)</sup> |  | 840 | 827 |
| Tanzania (United Republic of) Term Loan | Tanzania (United Republic of) Term Loan | Tanzania (United Republic of) Term Loan | Tanzania (United Republic of) Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.45%), 9.73%, 3/6/2031<sup>(5)(6)(7)</sup> |  | 1450 | 1425 |
|  |  |  | 2252 |

---

---

| | |
|:---|:---|
| **6** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Principal<br> Amount** | **Value** | **Value** |
| **Total bank loans**<br> (Cost $3,795) |  |  | $| 3725 |
| **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** |
| **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** |
| Lithium Argentina AG | Lithium Argentina AG | Lithium Argentina AG | Lithium Argentina AG | Lithium Argentina AG |
| &nbsp;&nbsp;&nbsp;1.75%, 1/15/2027 (Cost $143) |  | 177 |  | 146 |
|  |  | **Shares**<br> **Held** |  |  |
| **COMMON STOCK - 0.0%** | **COMMON STOCK - 0.0%** | **COMMON STOCK - 0.0%** | **COMMON STOCK - 0.0%** | **COMMON STOCK - 0.0%** |
| **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** |
| Stichting Administratiekantoor Unigel Creditors, ADR<br> (Cost $–)<sup>(5)(6)\*</sup> |  | 1 |  |  |
|  |  | **Principal**<br> **Amount** |  |  |
| **SHORT-TERM INVESTMENTS - 28.1%** | **SHORT-TERM INVESTMENTS - 28.1%** | **SHORT-TERM INVESTMENTS - 28.1%** | **SHORT-TERM INVESTMENTS - 28.1%** | **SHORT-TERM INVESTMENTS - 28.1%** |
| **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.2%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.2%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.2%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.2%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.2%** |
| Albanian Treasury Bill | Albanian Treasury Bill | Albanian Treasury Bill | Albanian Treasury Bill | Albanian Treasury Bill |
| &nbsp;&nbsp;&nbsp;2.77%, 3/26/2026<sup>(8)</sup> | ALL | 51200 |  | 544 |
| Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt |
| &nbsp;&nbsp;&nbsp;13.98%, 4/22/2025<sup>(8)</sup> | EGP | 6400 |  | 125 |
| &nbsp;&nbsp;&nbsp;17.43%, 4/29/2025<sup>(8)</sup> | EGP | 2700 |  | 53 |
| &nbsp;&nbsp;&nbsp;22.56%, 5/27/2025<sup>(8)</sup> | EGP | 88325 |  | 1687 |
| &nbsp;&nbsp;&nbsp;23.10%, 6/3/2025<sup>(8)</sup> | EGP | 19500 |  | 371 |
| &nbsp;&nbsp;&nbsp;23.52%, 6/10/2025<sup>(8)</sup> | EGP | 13500 |  | 255 |
| &nbsp;&nbsp;&nbsp;23.85%, 6/17/2025<sup>(8)</sup> | EGP | 37950 |  | 714 |
| &nbsp;&nbsp;&nbsp;24.11%, 6/24/2025<sup>(8)</sup> | EGP | 57175 |  | 1071 |
| &nbsp;&nbsp;&nbsp;24.59%, 7/8/2025<sup>(8)</sup> | EGP | 7525 |  | 139 |
| &nbsp;&nbsp;&nbsp;24.70%, 7/15/2025<sup>(8)</sup> | EGP | 13500 |  | 249 |
| &nbsp;&nbsp;&nbsp;24.04%, 8/5/2025<sup>(8)</sup> | EGP | 54500 |  | 995 |
| Banco Central del Uruguay | Banco Central del Uruguay | Banco Central del Uruguay | Banco Central del Uruguay | Banco Central del Uruguay |
| &nbsp;&nbsp;&nbsp;9.17%, 5/21/2025<sup>(8)</sup> | UYU | 11789 |  | 276 |
| &nbsp;&nbsp;&nbsp;9.23%, 5/28/2025<sup>(8)</sup> | UYU | 48695 |  | 1139 |
| &nbsp;&nbsp;&nbsp;9.35%, 6/20/2025<sup>(8)</sup> | UYU | 1000 |  | 23 |
| Nigeria OMO Bill | Nigeria OMO Bill | Nigeria OMO Bill | Nigeria OMO Bill | Nigeria OMO Bill |
| &nbsp;&nbsp;&nbsp;22.44%, 5/20/2025<sup>(8)</sup> | NGN | 955598 |  | 604 |
| &nbsp;&nbsp;&nbsp;23.85%, 6/17/2025<sup>(8)</sup> | NGN | 242000 |  | 150 |
| &nbsp;&nbsp;&nbsp;24.99%, 9/30/2025<sup>(8)</sup> | NGN | 1307598 |  | 757 |
| &nbsp;&nbsp;&nbsp;25.01%, 10/7/2025<sup>(8)</sup> | NGN | 890500 |  | 513 |
| &nbsp;&nbsp;&nbsp;25.01%, 12/2/2025<sup>(8)</sup> | NGN | 1548390 |  | 863 |
| &nbsp;&nbsp;&nbsp;19.74%, 12/9/2025<sup>(8)</sup> | NGN | 1990000 |  | 1140 |
| &nbsp;&nbsp;&nbsp;24.97%, 1/6/2026<sup>(8)</sup> | NGN | 525660 |  | 287 |
| &nbsp;&nbsp;&nbsp;24.47%, 2/10/2026<sup>(8)</sup> | NGN | 193000 |  | 104 |
| &nbsp;&nbsp;&nbsp;24.13%, 2/23/2026<sup>(8)</sup> | NGN | 425000 |  | 229 |
| &nbsp;&nbsp;&nbsp;24.87%, 2/24/2026<sup>(8)</sup> | NGN | 1143897 |  | 609 |
| &nbsp;&nbsp;&nbsp;24.18%, 2/25/2026<sup>(8)</sup> | NGN | 425000 |  | 229 |
| Republic of Albania | Republic of Albania | Republic of Albania | Republic of Albania | Republic of Albania |
| &nbsp;&nbsp;&nbsp;0.24%, 4/17/2025<sup>(8)</sup> | ALL | 7500 |  | 82 |
| &nbsp;&nbsp;&nbsp;0.07%, 5/1/2025<sup>(8)</sup> | ALL | 16800 |  | 184 |
| **Total sovereign government treasury bills**<br> (Cost $13,304) |  |  |  | 13392 |
| **U.S. TREASURY OBLIGATIONS - 13.5%** | **U.S. TREASURY OBLIGATIONS - 13.5%** | **U.S. TREASURY OBLIGATIONS - 13.5%** | **U.S. TREASURY OBLIGATIONS - 13.5%** | **U.S. TREASURY OBLIGATIONS - 13.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.30%, 4/1/2025 <sup>(8)</sup> |  | 4200 |  | 4200 |
| &nbsp;&nbsp;&nbsp;3.97%, 4/15/2025 <sup>(8)</sup> |  | 3150 |  | 3145 |
| &nbsp;&nbsp;&nbsp;4.07%, 4/22/2025 <sup>(8)</sup> |  | 1700 |  | 1696 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| U.S. Treasury Bills (continued) | U.S. Treasury Bills (continued) | U.S. Treasury Bills (continued) |
| &nbsp;&nbsp;&nbsp;4.10%, 4/29/2025 <sup>(8)</sup> | 3700 | $3688 |
| **Total U.S. treasury obligations**<br> (Cost $12,729) |  | 12729 |
|  | **Shares**<br> **Held** |  |
| **INVESTMENT COMPANY - 0.4%** | **INVESTMENT COMPANY - 0.4%** | **INVESTMENT COMPANY - 0.4%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(9)</sup> (Cost $355) | 355 | 355 |
| **Total short-term investments** <br> (Cost $26,388) |  | 26476 |
| **Total investments - 99.2%** <br> (Cost $92,871) |  | 93307 |
| **REVERSE REPURCHASE AGREEMENT - (0.2)%** <br> (Proceeds $(163)) |  | (163) |
| **Other assets less liabilities - 1.0%** |  | 913 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $94057 |

---

<sup>(1)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $46,770 or 49.7% of net assets.

<sup>(2)</sup> Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of March 31, 2025.

<sup>(3)</sup> 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.

<sup>(4)</sup> All or a position of the security has been pledge as collateral in connection with outstanding reverse repurchase agreements.

<sup>(5)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(6)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $3,725, or 4.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(7)</sup> Variable or floating rate security, linked to the referenced benchmark. Interest rates reset periodically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. The interest rate shown is the rate in effect as of March 31, 2025.

<sup>(8)</sup> Yield to maturity.

<sup>(9)</sup> Represents the current yield as of March 31, 2025.

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $529 | 0.6% |
| Consumer Staples | 1165 | 1.2 |
| Energy | 6693 | 7.2 |
| Financials | 8140 | 8.7 |
| Industrials | 1897 | 2.0 |
| Materials | 1104 | 1.2 |
| Sovereign Government Securities | 46444 | 49.8 |
| Utilities | 859 | 0.9 |
| Short-Term Investments | 26476 | 28.4 |
| **Total investments** | $93307 | 100.0% |

---

**FOREIGN CURRENCY FORWARD CONTRACTS**

Values in thousands

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| BRL<sup>\*\*</sup> | 44780 | USD | 7698 | CGM | 4/2/2025 | $149 |  |
| CZK | 3800 | EUR | 151 | SCB | 4/2/2025 | 1 |  |
| RON | 7225 | EUR | 1448 | SCB | 4/2/2025 | 4 |  |
| USD | 407 | UZS<sup>\*\*</sup> | 5260000 | ICBCSB | 4/2/2025 | 1 |  |
| UZS<sup>\*\*</sup> | 5260000 | USD | 397 | ICBCSB | 4/2/2025 | 9 |  |
| EGP<sup>\*\*</sup> | 19350 | USD | 383 | SG | 4/3/2025 |  | <sup>^</sup> |
| INR<sup>\*\*</sup> | 84899 | USD | 981 | CGM | 4/3/2025 | 12 |  |
| MYR<sup>\*\*</sup> | 3150 | USD | 709 | GS | 4/3/2025 | 1 |  |
| USD | 714 | MYR<sup>\*\*</sup> | 3150 | GS | 4/3/2025 | 4 |  |
| KZT<sup>\*\*</sup> | 140000 | USD | 260 | JPM | 4/9/2025 | 18 |  |

---

Artisan Partners Funds<sub>7</sub>

**FOREIGN CURRENCY FORWARD CONTRACTS (continued)**

Values in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| TJS<sup>\*\*</sup> | 4710 | USD | 426 | ICBCSB | 4/11/2025 | $6 |
| KZT<sup>\*\*</sup> | 116000 | USD | 214 | DB | 4/15/2025 | 15 |
| KZT<sup>\*\*</sup> | 227700 | USD | 426 | SG | 4/15/2025 | 25 |
| USD | 164 | MXN | 3300 | JPM | 4/21/2025 | 3 |
| UZS<sup>\*\*</sup> | 24250000 | USD | 1829 | ICBCSB | 4/21/2025 | 37 |
| KZT<sup>\*\*</sup> | 1412390 | USD | 2630 | DB | 4/22/2025 | 157 |
| TRY | 15742 | USD | 398 | SCB | 4/25/2025 | 4 |
| USD | 5920 | PEN<sup>\*\*</sup> | 21612 | CGM | 4/25/2025 | 41 |
| USD | 1142 | ZAR | 20838 | JPM | 4/25/2025 | 7 |
| USD | 763 | IDR<sup>\*\*</sup> | 12604743 | CGM | 4/30/2025 | 8 |
| USD | 220 | IDR<sup>\*\*</sup> | 3581257 | SCB | 4/30/2025 | 5 |
| USD | 379 | IDR<sup>\*\*</sup> | 6185596 | TDB | 4/30/2025 | 8 |
| BRL<sup>\*\*</sup> | 32680 | USD | 5641 | CGM | 5/5/2025 | 51 |
| BRL<sup>\*\*</sup> | 758 | USD | 131 | SCB | 5/5/2025 |  |
| CZK | 3800 | EUR | 152 | SCB | 5/5/2025 |  |
| EGP<sup>\*\*</sup> | 25424 | USD | 485 | ICBCSB | 5/5/2025 | 9 |
| PLN | 12490 | EUR | 2973 | SCB | 5/5/2025 | 1 |
| RON | 6375 | EUR | 1277 | SCB | 5/5/2025 |  |
| KZT<sup>\*\*</sup> | 130946 | USD | 255 | SG | 5/20/2025 | 1 |
| UZS<sup>\*\*</sup> | 2800000 | USD | 209 | CITI | 5/20/2025 | 5 |
| MYR<sup>\*\*</sup> | 645 | USD | 146 | MSCS | 5/21/2025 |  |
| USD | 146 | MYR<sup>\*\*</sup> | 645 | MSCS | 5/21/2025 | 1 |
| INR<sup>\*\*</sup> | 3993 | USD | 46 | CGM | 5/27/2025 |  |
| USD | 10349 | EUR | 9429 | SCB | 6/18/2025 | 109 |
| EGP<sup>\*\*</sup> | 16000 | USD | 299 | SG | 7/7/2025 | 4 |
| EGP<sup>\*\*</sup> | 6876 | USD | 126 | ICBCSB | 8/5/2025 | 3 |
| GTQ<sup>\*\*</sup> | 5650 | USD | 714 | CITI | 9/3/2025 | 16 |
| UZS<sup>\*\*</sup> | 6600000 | USD | 457 | JPM | 1/7/2026 | 14 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | 729 |
| EUR | 152 | CZK | 3800 | SCB | 4/2/2025 | (— |
| EUR | 3507 | PLN | 14700 | SCB | 4/2/2025 | (3) |
| EUR | 1451 | RON | 7225 | SCB | 4/2/2025 | (— |
| PLN | 14700 | EUR | 3529 | SCB | 4/2/2025 | (21) |
| USD | 2063 | BRL<sup>\*\*</sup> | 12100 | CGM | 4/2/2025 | (57) |
| PEN<sup>\*\*</sup> | 7592 | USD | 2081 | CGM | 4/3/2025 | (15) |
| USD | 365 | EGP<sup>\*\*</sup> | 19350 | SCB | 4/3/2025 | (18) |
| USD | 970 | INR<sup>\*\*</sup> | 84899 | CGM | 4/3/2025 | (24) |
| USD | 2065 | PEN<sup>\*\*</sup> | 7592 | TDB | 4/3/2025 | (2) |
| TRY | 80587 | USD | 2143 | SCB | 4/14/2025 | (55) |
| USD | 180 | TRY | 7100 | SCB | 4/14/2025 | (3) |
| KZT<sup>\*\*</sup> | 31030 | USD | 62 | DB | 4/18/2025 | (— |
| MXN | 82 | USD | 4 | JPM | 4/21/2025 | (— |
| UZS<sup>\*\*</sup> | 5260000 | USD | 405 | ICBCSB | 4/28/2025 | (1) |
| IDR<sup>\*\*</sup> | 3985000 | USD | 242 | CGM | 4/30/2025 | (3) |
| TRY | 53300 | USD | 1379 | SCB | 4/30/2025 | (28) |
| USD | 377 | EGP<sup>\*\*</sup> | 19350 | SG | 4/30/2025 | (— |
| KZT<sup>\*\*</sup> | 141513 | USD | 279 | ICBCSB | 5/14/2025 | (1) |
| KZT<sup>\*\*</sup> | 32004 | USD | 63 | DB | 5/19/2025 | (— |
| KZT<sup>\*\*</sup> | 29150 | USD | 57 | ICBCSB | 5/19/2025 | (— |
| KZT<sup>\*\*</sup> | 141513 | USD | 277 | MSCS | 5/19/2025 | (— |
| EUR | 134 | USD | 147 | SCB | 6/18/2025 | (2) |
| USD | 239 | EUR | 221 | SCB | 6/18/2025 | (1) |
| USD | 1640 | NGN<sup>\*\*</sup> | 2640000 | JPM | 6/23/2025 | (25) |
| TRY | 40794 | USD | 986 | SCB | 7/8/2025 | (30) |
| TRY | 26970 | USD | 639 | SCB | 9/10/2025 | (46) |
| TRY | 38394 | USD | 862 | SCB | 10/9/2025 | (42) |
| TRY | 9950 | USD | 206 | SCB | 12/18/2025 | (6 |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (383 |
| **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | $346 |

---

\*\* Non-deliverable.

---

| | |
|:---|:---|
| **8** | &nbsp;&nbsp;Artisan Partners Funds |

---

**FUTURES CONTRACTS**

Values in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **No. of**<br> **Contracts**  | **Expiration Date** | **Trading**<br> **Currency**  | **Notional**<br> **Amount**  | **Notional**<br> **Value**  | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**  |
| **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** |
| Euro-Bobl | (14) | 6/6/2025 | EUR | $(1400) | $(1783) | $15 |
| Euro-Bund | (28) | 6/6/2025 | EUR | (2800) | (3901) | 74 |
| Euro-Buxl | (3) | 6/6/2025 | EUR | (300) | (387) | (5) |
| Euro-Schatz | (7) | 6/6/2025 | EUR | (700) | (810) | 1 |
| U.S. Treasury 2 Year Note | (50) | 6/30/2025 | USD | (10000) | (10359) | (62) |
| U.S. Treasury 5 Year Note | (85) | 6/30/2025 | USD | (8500) | (9193) | (114) |
| U.S. Treasury 10 Year Note | (66) | 6/18/2025 | USD | (6600) | (7340) | (127) |
| **Net unrealized depreciation** |  |  |  |  |  | $(218) |
| The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. | The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. | The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. | The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. | The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. | The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. | The Fund has recorded an asset of $2 as of March 31, 2025, related to the current day's variation margin associated with these contracts. |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS - SELL PROTECTION**

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate**<br> **Received by the**<br> **Fund (%)** | **Frequency of Payment**<br> **Made/Received** | **Termination**<br> **Date** | **Credit Spread (bps)** | **Notional**<br> **Amount<sup>\*\*\*</sup>**  | **Upfront (Payments)**<br> **Receipts**<br> **($)** | **Unrealized Appreciation**<br> **(Depreciation)**<br> **($)** | **Value**<br> **($)** |
| Federative Republic of Brazil | 1.00 | Quarterly | 12/20/2034 | 281 | 1040 | (139) | 3 | (136) |
| Republic of Colombia | 1.00 | Quarterly | 6/20/2034 | 330 | 720 | (91) | (22) | (113) |
| Republic of Colombia | 1.00 | Quarterly | 12/20/2034 | 337 | 310 | (45) | (7) | (52) |
| **Total sell protection** |  |  |  |  |  | (275) | (26) | (301) |

---

\*\*\* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At March 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $2,070.

**CENTRALLY CLEARED INTEREST RATE SWAPS**

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (Frequency)** | **Fixed Rate (%) (Frequency)** | **Fund Pays/<br> Receives<br> Floating<br> Rate**  | **Termination Date** | **Notional Amount** | **Upfront Payments<br> (Receipts)<br> ($)**  | **Unrealized<br> Appreciation<br> (Depreciation)<br> ($)**  | **Value<br> ($)**  |
| 4 week TIIE monthly | 10.53 monthly | Pay | 12/29/2025 | MXN 283,100 |  | 194 | 194 |
| 4 week TIIE monthly | 9.52 monthly | Pay | 12/17/2025 | MXN 33,900 |  | 10 | 10 |
| 4 week TIIE monthly | 9.47 monthly | Pay | 12/10/2025 | MXN 50,600 |  | 14 | 14 |
| 6 month PRIBOR semi-annually | 3.82 annually | Pay | 4/5/2034 | CZK 79,500 | (51) | 139 | 88 |
| 3 month JIBAR quarterly | 8.86 quarterly | Pay | 2/13/2035 | ZAR 25,400 |  | 9 | 9 |
| 6 month PRIBOR semi-annually | 3.95 annually | Pay | 12/1/2030 | CZK 31,850 | 7 | 20 | 27 |
| 3 month JIBAR quarterly | 9.80 quarterly | Pay | 4/3/2034 | ZAR 25,300 | 61 | 50 | 111 |
| 1 day MIBOR semi-annually | 6.06 semi-annually | Pay | 2/24/2027 | INR 171,000 |  | 6 | 6 |
| 1 day MIBOR semi-annually | 6.07 semi-annually | Pay | 2/3/2030 | INR 35,360 |  | 3 | 3 |
| 1 day MIBOR semi-annually | 6.04 semi-annually | Pay | 2/4/2030 | INR 152,072 |  | 9 | 9 |
| 1 day MIBOR semi-annually | 6.06 semi-annually | Pay | 8/9/2029 | INR 235,000 |  | 17 | 17 |
| 1 day MIBOR semi-annually | 6.19 semi-annually | Pay | 5/26/2033 | INR 81,000 | (7) | 19 | 12 |
| **Total positive value** |  |  |  |  | 10 | 490 | 500 |
| 6 month PRIBOR semi-annually | 3.36 annually | Pay | 8/9/2034 | CZK 18,000 |  | (12) | (12) |
| 6 month PRIBOR semi-annually | 3.54 annually | Pay | 10/14/2034 | CZK 48,250 | (10) | (32) | (42) |
| 6 month PRIBOR semi-annually | 3.74 annually | Pay | 2/14/2035 | CZK 29,100 |  | (3) | (3) |
| 1 day CDI at termination | 14.45 at termination | Pay | 1/4/2027 | BRL 49,290 | 3 | (61) | (58) |
| 1 day TIIEOIS monthly | 8.96 monthly | Receive | 12/10/2025 | MXN 47,000 | (1) | (8) | (9) |
| 1 day TIIEOIS monthly | 8.96 monthly | Receive | 12/17/2025 | MXN 32,200 | (1) | (6) | (7) |
| 1 day TIIEOIS monthly | 8.96 monthly | Receive | 12/29/2025 | MXN 268,000 | (12) | (54) | (66) |
| **Total negative value** |  |  |  |  | (21) | (176) | (197) |
| **Total** |  |  |  |  | (11) | 314 | 303 |

---

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

Artisan Partners Funds<sub>9</sub>

**REVERSE REPURCHASE AGREEMENT**

Values in thousands

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest<br> Rate**  | **Trade Date** | **Maturity Date** | **Face value<br> ($)**  | **Face Value<br> Including Accrued<br> Interest ($)**  | **Type of Non Cash<br> Underlying Collateral**  | **Remaining<br> Contractual Maturity<br> of Agreement**  |
| Morgan Stanley & Co International plc | (3.50)% | 9/23/2024 | Open\* | (163) | (163) | Frigorifico Concepcion SA | Up to 25 Years\* |

---

\* Reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

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

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

---

| | |
|:---|:---|
| **10** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN FLOATING RATE FUND

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

Principal amount, shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **BANK LOANS - 87.9%** | **BANK LOANS - 87.9%** | **BANK LOANS - 87.9%** |
| **AUTOMOBILE COMPONENTS - 1.9%** | **AUTOMOBILE COMPONENTS - 1.9%** | **AUTOMOBILE COMPONENTS - 1.9%** |
| RealTruck Group, Inc. First Lien Term Loan | RealTruck Group, Inc. First Lien Term Loan | RealTruck Group, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.44%, 1/31/2028<sup>(1)</sup> | 714 | $698 |
| Wheel Pros, Inc. First Lien Term Loan | Wheel Pros, Inc. First Lien Term Loan | Wheel Pros, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.00%), 10.30%, 12/3/2029<sup>(1)</sup> | 885 | 887 |
|  |  | 1585 |
| **BROADLINE RETAIL - 1.1%** | **BROADLINE RETAIL - 1.1%** | **BROADLINE RETAIL - 1.1%** |
| CNT Holdings I Corp. First Lien Term Loan | CNT Holdings I Corp. First Lien Term Loan | CNT Holdings I Corp. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.80%, 11/8/2032<sup>(1)</sup> | 988 | 980 |
| **BUILDING PRODUCTS - 1.0%** | **BUILDING PRODUCTS - 1.0%** | **BUILDING PRODUCTS - 1.0%** |
| Eco Material Technologies, Inc. First Lien Term Loan | Eco Material Technologies, Inc. First Lien Term Loan | Eco Material Technologies, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.47%, 2/12/2032<sup>(1)</sup> | 858 | 854 |
| **CAPITAL MARKETS - 4.9%** | **CAPITAL MARKETS - 4.9%** | **CAPITAL MARKETS - 4.9%** |
| CPI Holdco B LLC First Lien Term Loan | CPI Holdco B LLC First Lien Term Loan | CPI Holdco B LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.25%), 6.57%, 5/19/2031<sup>(1)</sup> | 429 | 425 |
| Edelman Financial Engines Center LLC (The) First Lien Term Loan | Edelman Financial Engines Center LLC (The) First Lien Term Loan | Edelman Financial Engines Center LLC (The) First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 4/7/2028<sup>(1)</sup> | 1336 | 1331 |
| Edelman Financial Engines Center LLC (The) Second Lien Term Loan | Edelman Financial Engines Center LLC (The) Second Lien Term Loan | Edelman Financial Engines Center LLC (The) Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.57%, 10/20/2028<sup>(1)</sup> | 1250 | 1248 |
| Jump Financial LLC First Lien Term Loan B | Jump Financial LLC First Lien Term Loan B | Jump Financial LLC First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.25%), 8.55%, 2/26/2032<sup>(1)</sup> | 294 | 296 |
| PEX Holdings LLC First Lien Term Loan | PEX Holdings LLC First Lien Term Loan | PEX Holdings LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.05%, 11/26/2031<sup>(1)</sup> | 750 | 744 |
| Summit Acquisition, Inc. First Lien Term Loan | Summit Acquisition, Inc. First Lien Term Loan | Summit Acquisition, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.07%, 10/16/2031<sup>(1)</sup> | 147 | 147 |
|  |  | 4191 |
| **CHEMICALS - 1.7%** | **CHEMICALS - 1.7%** | **CHEMICALS - 1.7%** |
| Bakelite US Holdco, Inc. First Lien Term Loan | Bakelite US Holdco, Inc. First Lien Term Loan | Bakelite US Holdco, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.05%, 12/23/2031<sup>(1)</sup> | 1475 | 1456 |
| **COMMERCIAL SERVICES - 0.7%** | **COMMERCIAL SERVICES - 0.7%** | **COMMERCIAL SERVICES - 0.7%** |
| Digital Room Holdings, Inc. First Lien Term Loan | Digital Room Holdings, Inc. First Lien Term Loan | Digital Room Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.67%, 12/21/2028<sup>(1)</sup> | 563 | 557 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.4%** | **COMMERCIAL SERVICES & SUPPLIES - 1.4%** | **COMMERCIAL SERVICES & SUPPLIES - 1.4%** |
| OMNIA Partners LLC First Lien Term Loan B | OMNIA Partners LLC First Lien Term Loan B | OMNIA Partners LLC First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.05%, 7/25/2030<sup>(1)</sup> | 472 | 469 |
| Ryan LLC First Lien Term Loan | Ryan LLC First Lien Term Loan | Ryan LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 11/14/2030<sup>(1)</sup> | 733 | 730 |
|  |  | 1199 |
| **COMMUNICATIONS EQUIPMENT - 4.2%** | **COMMUNICATIONS EQUIPMENT - 4.2%** | **COMMUNICATIONS EQUIPMENT - 4.2%** |
| Delta Topco, Inc. First Lien Term Loan | Delta Topco, Inc. First Lien Term Loan | Delta Topco, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.21%, 11/30/2029<sup>(1)</sup> | 2369 | 2340 |
| Delta Topco, Inc. Second Lien Term Loan | Delta Topco, Inc. Second Lien Term Loan | Delta Topco, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.57%, 12/24/2030<sup>(1)</sup> | 1199 | 1196 |
|  |  | 3536 |
| **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** |
| Construction Partners, Inc. First Lien Term Loan | Construction Partners, Inc. First Lien Term Loan | Construction Partners, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.83%, 11/3/2031<sup>(1)</sup> | 466 | 463 |
| **CONTAINERS & PACKAGING - 2.7%** | **CONTAINERS & PACKAGING - 2.7%** | **CONTAINERS & PACKAGING - 2.7%** |
| Iris Holdings, Inc. First Lien Term Loan | Iris Holdings, Inc. First Lien Term Loan | Iris Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.14%, 6/28/2028<sup>(1)</sup> | 1346 | 1269 |
| Ring Container Technologies Group LLC First Lien Term Loan | Ring Container Technologies Group LLC First Lien Term Loan | Ring Container Technologies Group LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.07%, 8/14/2028<sup>(1)</sup> | 993 | 991 |
|  |  | 2260 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **DISTRIBUTORS - 0.6%** | **DISTRIBUTORS - 0.6%** | **DISTRIBUTORS - 0.6%** |
| Core & Main LP First Lien Term Loan D | Core & Main LP First Lien Term Loan D | Core & Main LP First Lien Term Loan D |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.00%), 6.27%, 7/27/2028<sup>(1)</sup> | 407 | $405 |
| Verde Purchaser LLC First Lien Term Loan | Verde Purchaser LLC First Lien Term Loan | Verde Purchaser LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.30%, 11/30/2030<sup>(1)</sup> | 134 | 133 |
|  |  | 538 |
| **DIVERSIFIED CONSUMER SERVICES - 1.8%** | **DIVERSIFIED CONSUMER SERVICES - 1.8%** | **DIVERSIFIED CONSUMER SERVICES - 1.8%** |
| KUEHG Corp. First Lien Term Loan | KUEHG Corp. First Lien Term Loan | KUEHG Corp. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.45%, 6/12/2030<sup>(1)</sup> | 927 | 925 |
| Wand NewCo 3, Inc. First Lien Term Loan | Wand NewCo 3, Inc. First Lien Term Loan | Wand NewCo 3, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.82%, 1/30/2031<sup>(1)</sup> | 592 | 582 |
|  |  | 1507 |
| **FINANCIAL SERVICES - 1.0%** | **FINANCIAL SERVICES - 1.0%** | **FINANCIAL SERVICES - 1.0%** |
| Blackhawk Network Holdings, Inc. First Lien Term Loan B2 | Blackhawk Network Holdings, Inc. First Lien Term Loan B2 | Blackhawk Network Holdings, Inc. First Lien Term Loan B2 |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.32%, 3/12/2029<sup>(1)</sup> | 898 | 893 |
| **FOOD - 0.6%** | **FOOD - 0.6%** | **FOOD - 0.6%** |
| Chefs' Warehouse, Inc. (The) First Lien Term Loan | Chefs' Warehouse, Inc. (The) First Lien Term Loan | Chefs' Warehouse, Inc. (The) First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 8/23/2029<sup>(1)</sup> | 473 | 475 |
| **FOOD PRODUCTS - 2.9%** | **FOOD PRODUCTS - 2.9%** | **FOOD PRODUCTS - 2.9%** |
| 1440 Foods Topco LLC First Lien Term Loan | 1440 Foods Topco LLC First Lien Term Loan | 1440 Foods Topco LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.32%, 11/5/2031<sup>(1)</sup> | 1336 | 1278 |
| B&G Foods, Inc. First Lien Term Loan B5 | B&G Foods, Inc. First Lien Term Loan B5 | B&G Foods, Inc. First Lien Term Loan B5 |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 10/10/2029<sup>(1)</sup> | 256 | 251 |
| Fiesta Purchaser, Inc. First Lien Term Loan | Fiesta Purchaser, Inc. First Lien Term Loan | Fiesta Purchaser, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.57%, 2/12/2031<sup>(1)</sup> | 543 | 539 |
| Hearthside Food Holding LLC First Lien Term Loan | Hearthside Food Holding LLC First Lien Term Loan | Hearthside Food Holding LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.50%), 10.80%, 3/31/2032<sup>(1)</sup> | 380 | 373 |
|  |  | 2441 |
| **FOOD SERVICE - 2.2%** | **FOOD SERVICE - 2.2%** | **FOOD SERVICE - 2.2%** |
| TKC Holdings, Inc. First Lien Term Loan | TKC Holdings, Inc. First Lien Term Loan | TKC Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.32%, 5/15/2028<sup>(1)</sup> | 1031 | 1019 |
| TKC Midco 1 LLC First Lien Term Loan | TKC Midco 1 LLC First Lien Term Loan | TKC Midco 1 LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;13.50% Cash, 13.50% PIK, 2/16/2027 | 881 | 815 |
|  |  | 1834 |
| **GROUND TRANSPORTATION - 0.6%** | **GROUND TRANSPORTATION - 0.6%** | **GROUND TRANSPORTATION - 0.6%** |
| Vortex Opco LLC First Lien Term Loan | Vortex Opco LLC First Lien Term Loan | Vortex Opco LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.25%), 10.55%, 4/30/2030<sup>(1)</sup> | 528 | 540 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%** |
| Medline Borrower LP First Lien Term Loan | Medline Borrower LP First Lien Term Loan | Medline Borrower LP First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.25%), 6.57%, 10/23/2028<sup>(1)</sup> | 394 | 393 |
| **HEALTH CARE PROVIDERS & SERVICES - 1.9%** | **HEALTH CARE PROVIDERS & SERVICES - 1.9%** | **HEALTH CARE PROVIDERS & SERVICES - 1.9%** |
| Mamba Purchaser, Inc. First Lien Term Loan | Mamba Purchaser, Inc. First Lien Term Loan | Mamba Purchaser, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 10/16/2028<sup>(1)</sup> | 1236 | 1233 |
| Surgery Center Holdings, Inc. First Lien Term Loan | Surgery Center Holdings, Inc. First Lien Term Loan | Surgery Center Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.07%, 12/19/2030<sup>(1)</sup> | 370 | 369 |
|  |  | 1602 |
| **HOTEL & RESORT REITS - 1.2%** | **HOTEL & RESORT REITS - 1.2%** | **HOTEL & RESORT REITS - 1.2%** |
| OEG Borrower LLC First Lien Term Loan | OEG Borrower LLC First Lien Term Loan | OEG Borrower LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.80%, 6/30/2031<sup>(1)</sup> | 995 | 993 |
| **HOTELS, RESTAURANTS & LEISURE - 4.9%** | **HOTELS, RESTAURANTS & LEISURE - 4.9%** | **HOTELS, RESTAURANTS & LEISURE - 4.9%** |
| BCPE Grill Parent, Inc. First Lien Term Loan | BCPE Grill Parent, Inc. First Lien Term Loan | BCPE Grill Parent, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.06%, 9/30/2030<sup>(1)</sup> | 1740 | 1599 |
| Life Time, Inc. First Lien Term Loan | Life Time, Inc. First Lien Term Loan | Life Time, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.80%, 10/22/2031<sup>(1)</sup> | 1183 | 1179 |

---

Artisan Partners Funds<sub>11</sub>

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** |
| Motion Finco SARL First Lien Term Loan B3 | Motion Finco SARL First Lien Term Loan B3 | Motion Finco SARL First Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.80%, 11/13/2029<sup>(1)(2)</sup> | 1486 | 1425 |
|  |  | 4203 |
| **HOUSEHOLD DURABLES - 1.7%** | **HOUSEHOLD DURABLES - 1.7%** | **HOUSEHOLD DURABLES - 1.7%** |
| TGP Holdings III LLC First Lien Term Loan | TGP Holdings III LLC First Lien Term Loan | TGP Holdings III LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.67%, 6/29/2028<sup>(1)</sup> | 1636 | 1489 |
| **INSURANCE - 15.7%** | **INSURANCE - 15.7%** | **INSURANCE - 15.7%** |
| Acrisure LLC First Lien Term Loan B1 | Acrisure LLC First Lien Term Loan B1 | Acrisure LLC First Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.07%, 2/15/2027<sup>(1)</sup> | 1645 | 1637 |
| Acrisure LLC First Lien Term Loan B6 | Acrisure LLC First Lien Term Loan B6 | Acrisure LLC First Lien Term Loan B6 |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 11/6/2030<sup>(1)</sup> | 1503 | 1491 |
| AmWINS Group, Inc. First Lien Term Loan | AmWINS Group, Inc. First Lien Term Loan | AmWINS Group, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.25%), 6.57%, 1/30/2032<sup>(1)</sup> | 499 | 495 |
| Amynta Agency Borrower, Inc. First Lien Term Loan | Amynta Agency Borrower, Inc. First Lien Term Loan | Amynta Agency Borrower, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.29%, 12/29/2031<sup>(1)</sup> | 611 | 604 |
| Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B | Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B | Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.03%, 2/18/2031<sup>(1)(2)</sup> | 1546 | 1525 |
| AssuredPartners, Inc. First Lien Term Loan | AssuredPartners, Inc. First Lien Term Loan | AssuredPartners, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 2/14/2031<sup>(1)</sup> | 209 | 209 |
| Baldwin Insurance Group Holdings LLC (The) First Lien Term Loan B1 | Baldwin Insurance Group Holdings LLC (The) First Lien Term Loan B1 | Baldwin Insurance Group Holdings LLC (The) First Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 5/27/2031<sup>(1)</sup> | 1192 | 1188 |
| Broadstreet Partners, Inc. First Lien Term Loan B | Broadstreet Partners, Inc. First Lien Term Loan B | Broadstreet Partners, Inc. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 6/16/2031<sup>(1)</sup> | 1224 | 1212 |
| Cross Financial Corp. First Lien Term Loan B3 | Cross Financial Corp. First Lien Term Loan B3 | Cross Financial Corp. First Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.57%, 10/24/2031<sup>(1)</sup> | 993 | 991 |
| Goosehead Insurance Holdings LLC First Lien Term Loan | Goosehead Insurance Holdings LLC First Lien Term Loan | Goosehead Insurance Holdings LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 1/8/2032<sup>(1)</sup> | 342 | 343 |
| HUB International Ltd. First Lien Term Loan | HUB International Ltd. First Lien Term Loan | HUB International Ltd. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.79%, 6/20/2030<sup>(1)</sup> | 224 | 223 |
| IMA Financial Group, Inc. First Lien Term Loan | IMA Financial Group, Inc. First Lien Term Loan | IMA Financial Group, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 11/1/2028<sup>(1)</sup> | 1177 | 1169 |
| Jones DesLauriers Insurance Management, Inc. First Lien Term Loan B | Jones DesLauriers Insurance Management, Inc. First Lien Term Loan B | Jones DesLauriers Insurance Management, Inc. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.07%, 3/15/2030<sup>(1)(2)</sup> | 993 | 979 |
| OneDigital Borrower LLC First Lien Term Loan | OneDigital Borrower LLC First Lien Term Loan | OneDigital Borrower LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.32%, 7/2/2031<sup>(1)</sup> | 923 | 916 |
| Truist Insurance Holdings LLC Second Lien Term Loan | Truist Insurance Holdings LLC Second Lien Term Loan | Truist Insurance Holdings LLC Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.05%, 5/6/2032<sup>(1)</sup> | 357 | 359 |
|  |  | 13341 |
| **INTERACTIVE MEDIA & SERVICES - 1.5%** | **INTERACTIVE MEDIA & SERVICES - 1.5%** | **INTERACTIVE MEDIA & SERVICES - 1.5%** |
| X Corp. First Lien Term Loan B1 | X Corp. First Lien Term Loan B1 | X Corp. First Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.50%), 10.98%, 10/26/2029<sup>(1)</sup> | 568 | 565 |
| X Corp. First Lien Term Loan B3 | X Corp. First Lien Term Loan B3 | X Corp. First Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;9.50%, 2/14/2030 | 725 | 743 |
|  |  | 1308 |
| **INVESTMENT COMPANIES - 5.0%** | **INVESTMENT COMPANIES - 5.0%** | **INVESTMENT COMPANIES - 5.0%** |
| Nexus Buyer LLC First Lien Term Loan | Nexus Buyer LLC First Lien Term Loan | Nexus Buyer LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 7/31/2031<sup>(1)</sup> | 2377 | 2361 |
| Nexus Buyer LLC Second Lien Term Loan | Nexus Buyer LLC Second Lien Term Loan | Nexus Buyer LLC Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.25%), 10.67%, 11/1/2029<sup>(1)</sup> | 1910 | 1898 |
|  |  | 4259 |
| **IT SERVICES - 2.2%** | **IT SERVICES - 2.2%** | **IT SERVICES - 2.2%** |
| Arches Buyer, Inc. First Lien Term Loan | Arches Buyer, Inc. First Lien Term Loan | Arches Buyer, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.67%, 12/6/2027<sup>(1)</sup> | 1876 | 1834 |
| **LEISURE PRODUCTS - 5.2%** | **LEISURE PRODUCTS - 5.2%** | **LEISURE PRODUCTS - 5.2%** |
| 19th Holdings Golf LLC First Lien Term Loan | 19th Holdings Golf LLC First Lien Term Loan | 19th Holdings Golf LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.66%, 2/7/2029<sup>(1)</sup> | 873 | 850 |
| Bulldog Purchaser, Inc. First Lien Term Loan | Bulldog Purchaser, Inc. First Lien Term Loan | Bulldog Purchaser, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.05%, 6/30/2031<sup>(1)</sup> | 150 | 150 |
| GSM Holdings, Inc. First Lien Term Loan | GSM Holdings, Inc. First Lien Term Loan | GSM Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.30%, 9/29/2031<sup>(1)</sup> | 2598 | 2429 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **LEISURE PRODUCTS (continued)** | **LEISURE PRODUCTS (continued)** | **LEISURE PRODUCTS (continued)** |
| MajorDrive Holdings IV LLC First Lien Term Loan | MajorDrive Holdings IV LLC First Lien Term Loan | MajorDrive Holdings IV LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.59%, 6/1/2028<sup>(1)</sup> | 204 | 185 |
| Peloton Interactive, Inc. First Lien Term Loan | Peloton Interactive, Inc. First Lien Term Loan | Peloton Interactive, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.50%), 9.81%, 5/30/2029<sup>(1)</sup> | 802 | 808 |
|  |  | 4422 |
| **MACHINERY - 0.6%** | **MACHINERY - 0.6%** | **MACHINERY - 0.6%** |
| Madison Safety & Flow LLC Term Loan First Lien | Madison Safety & Flow LLC Term Loan First Lien | Madison Safety & Flow LLC Term Loan First Lien |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.07%, 9/26/2031<sup>(1)</sup> | 498 | 496 |
| **MEDIA - 1.1%** | **MEDIA - 1.1%** | **MEDIA - 1.1%** |
| Virgin Media Bristol LLC First Lien Term Loan | Virgin Media Bristol LLC First Lien Term Loan | Virgin Media Bristol LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.93%, 1/31/2028<sup>(1)</sup> | 1000 | 972 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9%** |
| Forest City Enterprises LP First Lien Term Loan | Forest City Enterprises LP First Lien Term Loan | Forest City Enterprises LP First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.94%, 12/8/2025<sup>(1)</sup> | 1619 | 1576 |
| **PASSENGER AIRLINES - 1.5%** | **PASSENGER AIRLINES - 1.5%** | **PASSENGER AIRLINES - 1.5%** |
| Vista Management Holding, Inc. First Lien Term Loan B | Vista Management Holding, Inc. First Lien Term Loan B | Vista Management Holding, Inc. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.13%, 3/26/2031<sup>(1)</sup> | 1284 | 1274 |
| **PROFESSIONAL SERVICES - 1.0%** | **PROFESSIONAL SERVICES - 1.0%** | **PROFESSIONAL SERVICES - 1.0%** |
| VT Topco, Inc. First Lien Term Loan | VT Topco, Inc. First Lien Term Loan | VT Topco, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.30%, 8/9/2030<sup>(1)</sup> | 840 | 839 |
| **SOFTWARE - 6.4%** | **SOFTWARE - 6.4%** | **SOFTWARE - 6.4%** |
| Applied Systems, Inc. First Lien Term Loan B | Applied Systems, Inc. First Lien Term Loan B | Applied Systems, Inc. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.08%, 2/24/2031<sup>(1)</sup> | 1334 | 1333 |
| Applied Systems, Inc. Second Lien Term Loan | Applied Systems, Inc. Second Lien Term Loan | Applied Systems, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.50%), 8.83%, 2/23/2032<sup>(1)</sup> | 471 | 481 |
| Constant Contact, Inc. First Lien Term Loan | Constant Contact, Inc. First Lien Term Loan | Constant Contact, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.56%, 2/10/2028<sup>(1)</sup> | 143 | 133 |
| Ellucian Holdings, Inc. Second Lien Term Loan | Ellucian Holdings, Inc. Second Lien Term Loan | Ellucian Holdings, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.07%, 11/15/2032<sup>(1)</sup> | 113 | 114 |
| Orchid Merger Sub II LLC First Lien Term Loan | Orchid Merger Sub II LLC First Lien Term Loan | Orchid Merger Sub II LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.21%, 7/27/2027<sup>(1)</sup> | 711 | 422 |
| Renaissance Holdings Corp. First Lien Term Loan | Renaissance Holdings Corp. First Lien Term Loan | Renaissance Holdings Corp. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.32%, 4/5/2030<sup>(1)</sup> | 958 | 939 |
| Rithum Holdings, Inc. Second Lien Term Loan | Rithum Holdings, Inc. Second Lien Term Loan | Rithum Holdings, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 7.00%), 11.46%, 12/29/2028<sup>(1)</sup> | 60 | 55 |
| UKG, Inc. First Lien Term Loan | UKG, Inc. First Lien Term Loan | UKG, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.30%, 2/10/2031<sup>(1)</sup> | 1985 | 1980 |
|  |  | 5457 |
| **SPECIALTY RETAIL - 2.0%** | **SPECIALTY RETAIL - 2.0%** | **SPECIALTY RETAIL - 2.0%** |
| Evergreen Acqco 1 LP First Lien Term Loan | Evergreen Acqco 1 LP First Lien Term Loan | Evergreen Acqco 1 LP First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.05%, 4/26/2028<sup>(1)</sup> | 707 | 700 |
| Great Outdoors Group LLC First Lien Term Loan B | Great Outdoors Group LLC First Lien Term Loan B | Great Outdoors Group LLC First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.57%, 1/23/2032<sup>(1)</sup> | 998 | 994 |
|  |  | 1694 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.8%** |
| Ivanti Software, Inc. First Lien Term Loan | Ivanti Software, Inc. First Lien Term Loan | Ivanti Software, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.55%, 12/1/2027<sup>(1)</sup> | 868 | 612 |
| Ivanti Software, Inc. First Lien Term Loan B1 | Ivanti Software, Inc. First Lien Term Loan B1 | Ivanti Software, Inc. First Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.25%), 8.82%, 12/1/2027<sup>(1)</sup> | 43 | 31 |
|  |  | 643 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.4%** |
| Champ Acquisition Corp. First Lien Term Loan | Champ Acquisition Corp. First Lien Term Loan | Champ Acquisition Corp. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.50%), 8.80%, 11/7/2031<sup>(1)</sup> | 378 | 379 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.0%<sup>^</sup>** | **TRADING COMPANIES & DISTRIBUTORS - 0.0%<sup>^</sup>** | **TRADING COMPANIES & DISTRIBUTORS - 0.0%<sup>^</sup>** |
| Foundation Building Materials, Inc. First Lien Term Loan | Foundation Building Materials, Inc. First Lien Term Loan | Foundation Building Materials, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.80%, 1/31/2028<sup>(1)</sup> | 14 | 13 |
| **TRANSPORTATION - 0.7%** | **TRANSPORTATION - 0.7%** | **TRANSPORTATION - 0.7%** |
| SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan | SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan | SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 8.00%), 12.30%, 8/20/2029<sup>(1)</sup> | 57 | 56 |

---

---

| | |
|:---|:---|
| **12** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **TRANSPORTATION (continued)** | **TRANSPORTATION (continued)** | **TRANSPORTATION (continued)** |
| SIRVA Worldwide, Inc. First Lien Term Loan | SIRVA Worldwide, Inc. First Lien Term Loan | SIRVA Worldwide, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 8.00%), 12.30%, 8/20/2029<sup>(1)</sup> | 255 | 250 |
| &nbsp;&nbsp;&nbsp;12.32% Cash, 5.00% PIK, 8/20/2029 | 832 | 329 |
|  |  | 635 |
| **WIRELESS TELECOMMUNICATION SERVICES - 1.9%** | **WIRELESS TELECOMMUNICATION SERVICES - 1.9%** | **WIRELESS TELECOMMUNICATION SERVICES - 1.9%** |
| CCI Buyer, Inc. First Lien Term Loan | CCI Buyer, Inc. First Lien Term Loan | CCI Buyer, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.33%, 12/17/2027<sup>(1)</sup> | 1650 | 1649 |
| **Total bank loans** <br> (Cost $76,325) |  | 74780 |
| **CORPORATE BONDS - 3.9%** | **CORPORATE BONDS - 3.9%** | **CORPORATE BONDS - 3.9%** |
| **BANKS - 0.7%** | **BANKS - 0.7%** | **BANKS - 0.7%** |
| Goldman Sachs Capital II | Goldman Sachs Capital II | Goldman Sachs Capital II |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.03%), 5.35%, 5/5/2025<sup>(1)(3)</sup> | 720 | 623 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%** |
| Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/2027<sup>(4)</sup> | 218 | 199 |
| **HOTELS, RESTAURANTS & LEISURE - 2.4%** | **HOTELS, RESTAURANTS & LEISURE - 2.4%** | **HOTELS, RESTAURANTS & LEISURE - 2.4%** |
| Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
| &nbsp;&nbsp;&nbsp;6.63%, 2/1/2033<sup>(4)</sup> | 293 | 288 |
| TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;6.88%, 5/15/2028<sup>(4)</sup> | 371 | 368 |
| &nbsp;&nbsp;&nbsp;10.50%, 5/15/2029<sup>(4)</sup> | 1355 | 1350 |
|  |  | 2006 |
| **IT SERVICES - 0.1%** | **IT SERVICES - 0.1%** | **IT SERVICES - 0.1%** |
| Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/2028<sup>(4)</sup> | 110 | 100 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| &nbsp;&nbsp;&nbsp;8.38%, 12/1/2031<sup>(4)</sup> | 183 | 189 |
| S&S Holdings LLC | S&S Holdings LLC | S&S Holdings LLC |
| &nbsp;&nbsp;&nbsp;8.38%, 10/1/2031<sup>(4)</sup> | 209 | 197 |
|  |  | 386 |
| **Total corporate bonds**<br> (Cost $3,377) |  | 3314 |
|  | **Shares**<br> **Held** |  |
| **COMMON STOCKS - 0.5%** | **COMMON STOCKS - 0.5%** | **COMMON STOCKS - 0.5%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** |
| MP Topco Holdings LLC<sup>\*</sup> | 24 | 293 |
| **SOFTWARE - 0.2%** | **SOFTWARE - 0.2%** | **SOFTWARE - 0.2%** |
| Matrix Exit Equity<sup>\*</sup> | 16 | 156 |
| **TRANSPORTATION - 0.0%<sup>^</sup>** | **TRANSPORTATION - 0.0%<sup>^</sup>** | **TRANSPORTATION - 0.0%<sup>^</sup>** |
| SIRVA Worldwide, Inc.<sup>\*</sup> | 2 | 3 |
| **Total common stocks**<br> (Cost $391) |  | 452 |
| **PREFERRED STOCK - 0.1%** | **PREFERRED STOCK - 0.1%** | **PREFERRED STOCK - 0.1%** |
| **TRANSPORTATION - 0.1%** | **TRANSPORTATION - 0.1%** | **TRANSPORTATION - 0.1%** |
| Sirva Worldwide Preferred Stock (Cost $41)<sup>\*</sup> |  | 82 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants<sup>‡</sup>** | **Value** |
| **WARRANTS - 0.0%** | **WARRANTS - 0.0%** | **WARRANTS - 0.0%** |
| **FINANCIAL SERVICES - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10.00 <br> (Cost $—)<sup>(5)(6)(7)</sup>\* | 1 | $— |
|  | **Shares**<br> **Held** |  |
| **SHORT-TERM INVESTMENT - 8.3%** |  |  |
| **INVESTMENT COMPANY - 8.3%** |  |  |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(8)</sup> (Cost $7,021) | 7021 | 7021 |
| **Total investments - 100.7%** <br> (Cost $87,155) |  | 85649 |
| **Other assets less liabilities - (0.7%)** |  | (568) |
| **Total net assets - 100.0%<sup>#</sup>** |  | $85081 |

---

<sup>(1)</sup> Variable or floating rate security, linked to the referenced benchmark. Interest rates reset periodically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. The interest rate shown is the current rate as of March 31, 2025.

<sup>(2)</sup> The Fund considers the company to be from outside the United States.

---

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

---

<sup>(3)</sup> Perpetual security. The rate reflected was the rate in effect on March 31, 2025. The maturity date reflects the next call date.

<sup>(4)</sup> 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.

<sup>(5)</sup> Defaulted security and/or issuer.

<sup>(6)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(7)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(8)</sup> Represents the current yield as of March 31, 2025.

**UNFUNDED LOAN COMMITMENTS**

Values in thousands

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

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Unfunded<br> Commitment<br> Amount** | **Unfunded<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan | $33 | $33 | $(–)<sup>^</sup> |
|  | $33 | $33 | $(–)<sup>^</sup> |

---

Artisan Partners Funds<sub>13</sub>

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $4127 | 4.8% |
| Consumer Discretionary | 19192 | 22.4 |
| Consumer Staples | 4750 | 5.6 |
| Financials | 24880 | 29.0 |
| Health Care | 1996 | 2.3 |
| Industrials | 6954 | 8.1 |
| Information Technology | 11728 | 13.7 |
| Materials | 3715 | 4.3 |
| Real Estate | 1286 | 1.5 |
| Short-Term Investment | 7021 | 8.3 |
| **Total investments** | $85649 | 100.0% |

---

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

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

---

| | |
|:---|:---|
| **14** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN FOCUS FUND

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

Shares and dollar values in thousands except per share amounts

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 92.6%** | **COMMON STOCKS - 92.6%** | **COMMON STOCKS - 92.6%** |
| **AEROSPACE & DEFENSE - 22.3%** | **AEROSPACE & DEFENSE - 22.3%** | **AEROSPACE & DEFENSE - 22.3%** |
| Axon Enterprise, Inc.\* | 49 | $25600 |
| GE Aerospace | 338 | 67657 |
| Howmet Aerospace, Inc. | 309 | 40104 |
| Rolls-Royce Holdings plc<sup>(1)(2)</sup>\* | 4289 | 41466 |
| Safran SA<sup>(1)(2)</sup> | 57 | 15025 |
| TransDigm Group, Inc. | 22 | 30544 |
|  |  | 220396 |
| **BEVERAGES - 3.4%** | **BEVERAGES - 3.4%** | **BEVERAGES - 3.4%** |
| Primo Brands Corp., Class A | 959 | 34026 |
| **CAPITAL MARKETS - 9.9%** | **CAPITAL MARKETS - 9.9%** | **CAPITAL MARKETS - 9.9%** |
| CME Group, Inc. | 115 | 30439 |
| KKR & Co., Inc. | 86 | 9911 |
| Moody's Corp. | 33 | 15280 |
| Nasdaq, Inc. | 414 | 31382 |
| S&P Global, Inc. | 21 | 10831 |
|  |  | 97843 |
| **CHEMICALS - 2.0%** | **CHEMICALS - 2.0%** | **CHEMICALS - 2.0%** |
| Linde plc | 43 | 19928 |
| **COMMUNICATIONS EQUIPMENT - 3.2%** | **COMMUNICATIONS EQUIPMENT - 3.2%** | **COMMUNICATIONS EQUIPMENT - 3.2%** |
| Motorola Solutions, Inc. | 72 | 31556 |
| **ELECTRICAL EQUIPMENT - 3.1%** | **ELECTRICAL EQUIPMENT - 3.1%** | **ELECTRICAL EQUIPMENT - 3.1%** |
| Siemens Energy AG<sup>(1)(2)\*</sup> | 521 | 30429 |
| **FINANCIAL SERVICES - 1.0%** | **FINANCIAL SERVICES - 1.0%** | **FINANCIAL SERVICES - 1.0%** |
| Apollo Global Management, Inc. | 70 | 9649 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 3.9%** |
| Intuitive Surgical, Inc.<sup>\*</sup> | 78 | 38759 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.0%** |
| Vistra Corp. | 82 | 9682 |
| **OIL, GAS & CONSUMABLE FUELS - 8.4%** | **OIL, GAS & CONSUMABLE FUELS - 8.4%** | **OIL, GAS & CONSUMABLE FUELS - 8.4%** |
| Kinder Morgan, Inc. | 1394 | 39785 |
| Williams Cos., Inc. (The) | 727 | 43445 |
|  |  | 83230 |
| **PHARMACEUTICALS - 1.5%** | **PHARMACEUTICALS - 1.5%** | **PHARMACEUTICALS - 1.5%** |
| Eli Lilly & Co. | 18 | 15042 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.2%** |
| Analog Devices, Inc. | 96 | 19319 |
| NVIDIA Corp. | 731 | 79195 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR<sup>(1)</sup> | 434 | 72026 |
|  |  | 170540 |
| **SOFTWARE - 8.9%** | **SOFTWARE - 8.9%** | **SOFTWARE - 8.9%** |
| Microsoft Corp. | 236 | 88409 |
| **SPECIALIZED REITS - 6.8%** | **SPECIALIZED REITS - 6.8%** | **SPECIALIZED REITS - 6.8%** |
| Crown Castle, Inc. | 342 | 35687 |
| Equinix, Inc. | 38 | 31282 |
|  |  | 66969 |
| **Total common stocks** <br> (Cost $740,507) |  | 916458 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of** <br> **Contracts<sup>‡</sup>** | **Value** |
| **OPTIONS PURCHASED - 0.7%** | **OPTIONS PURCHASED - 0.7%** | **OPTIONS PURCHASED - 0.7%** |
| **PUT OPTIONS - 0.7%** | **PUT OPTIONS - 0.7%** | **PUT OPTIONS - 0.7%** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%** |
| NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| &nbsp;&nbsp;&nbsp;4/17/2025 at USD 115.00; Notional Amount: <br> USD 13,949 | 1287 | $1071 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. |
| &nbsp;&nbsp;&nbsp;4/17/2025 at USD 175.00; Notional Amount: <br> USD 18,725 | 1128 | 1382 |
|  |  | 2453 |
| **SOFTWARE - 0.4%** | **SOFTWARE - 0.4%** | **SOFTWARE - 0.4%** |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| &nbsp;&nbsp;&nbsp;4/17/2025 at USD 390.00; Notional Amount: <br> USD 85,063 | 2266 | 4022 |
| **Total Put Options** |  | 6475 |
| **Total Options Purchased**<br> (Cost $3,021) |  | 6475 |
|  | **Shares** <br> **Held** |  |
| **SHORT-TERM INVESTMENT - 5.0%** | **SHORT-TERM INVESTMENT - 5.0%** | **SHORT-TERM INVESTMENT - 5.0%** |
| **INVESTMENT COMPANY - 5.0%** | **INVESTMENT COMPANY - 5.0%** | **INVESTMENT COMPANY - 5.0%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(3)</sup> <br> (Cost $49,562) | 49562 | 49562 |
| **Total investments - 98.3%** <br> (Cost $793,090) |  | 972495 |
| **Other assets less liabilities - 1.7%** |  | 16816 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $989311 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

---

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

---

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

<sup>(3)</sup> Represents the current yield as of March 31, 2025.

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Consumer Staples | $34026 | 3.5% |
| Energy | 83230 | 8.6 |
| Financials | 107491 | 11.1 |
| Health Care | 53801 | 5.5 |
| Industrials | 250825 | 25.8 |
| Information Technology | 296981 | 30.6 |
| Materials | 19928 | 2 |
| Real Estate | 66969 | 6.9 |
| Utilities | 9682 | 1 |
| Short-Term Investment | 49562 | 5 |
| **Total investments** | $972495 | 100.0% |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **15** |

---

**FOREIGN CURRENCY FORWARD CONTRACTS**

Values in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**  |
| EUR | 29099 | USD | 30987 | JPM | 4/9/2025 | $490 |
| USD | 45637 | EUR | 41753 | JPM | 4/9/2025 | 473 |
| GBP | 2820 | USD | 3627 | JPM | 8/22/2025 | 15 |
| USD | 3959 | GBP | 3051 | JPM | 8/22/2025 | 18 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 996 |
| EUR | 13134 | USD | 14270 | JPM | 4/9/2025 | (63) |
| USD | 42456 | EUR | 41017 | JPM | 4/9/2025 | (1912) |
| GBP | 1469 | USD | 1901 | JPM | 8/22/2025 | (4) |
| USD | 41226 | GBP | 32660 | JPM | 8/22/2025 | (953) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2932) |
| **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | $(1936) |

---

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

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

---

| | |
|:---|:---|
| **16** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN GLOBAL DISCOVERY FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares<br> Held** | **Value** |
| **COMMON STOCKS - 93.7%** | **COMMON STOCKS - 93.7%** | **COMMON STOCKS - 93.7%** |
| **CANADA - 1.1%** | **CANADA - 1.1%** | **CANADA - 1.1%** |
| Colliers International Group, Inc. | 20 | $2360 |
| **DENMARK - 5.4%** | **DENMARK - 5.4%** | **DENMARK - 5.4%** |
| Ascendis Pharma A/S, ADR<sup>\*</sup> | 51 | 8003 |
| Novonesis (Novozymes) B, Class B<sup>(1)</sup> | 70 | 4080 |
|  |  | 12083 |
| **GERMANY - 6.5%** | **GERMANY - 6.5%** | **GERMANY - 6.5%** |
| adidas AG<sup>(1)</sup> | 19 | 4487 |
| Gerresheimer AG<sup>(1)</sup> | 33 | 2478 |
| Nemetschek SE<sup>(1)</sup> | 39 | 4475 |
| Sartorius AG (Preference)<sup>(1)</sup> | 13 | 3120 |
|  |  | 14560 |
| **HONG KONG - 1.4%** | **HONG KONG - 1.4%** | **HONG KONG - 1.4%** |
| Techtronic Industries Co. Ltd.<sup>(1)</sup> | 258 | 3112 |
| **ITALY - 1.0%** | **ITALY - 1.0%** | **ITALY - 1.0%** |
| Brunello Cucinelli SpA<sup>(1)</sup> | 21 | 2354 |
| **LUXEMBOURG - 0.9%** | **LUXEMBOURG - 0.9%** | **LUXEMBOURG - 0.9%** |
| CVC Capital Partners plc<sup>(1)(2)\*</sup> | 100 | 1977 |
| **NETHERLANDS - 5.5%** | **NETHERLANDS - 5.5%** | **NETHERLANDS - 5.5%** |
| Argenx SE, ADR<sup>\*</sup> | 17 | 10047 |
| Redcare Pharmacy NV<sup>(1)(3)\*</sup> | 18 | 2280 |
|  |  | 12327 |
| **SINGAPORE - 2.2%** | **SINGAPORE - 2.2%** | **SINGAPORE - 2.2%** |
| Sea Ltd., ADR<sup>\*</sup> | 37 | 4812 |
| **SWEDEN - 0.9%** | **SWEDEN - 0.9%** | **SWEDEN - 0.9%** |
| MIPS AB<sup>(1)(3)</sup> | 52 | 1990 |
| **SWITZERLAND - 5.0%** | **SWITZERLAND - 5.0%** | **SWITZERLAND - 5.0%** |
| Galderma Group AG<sup>(1)\*</sup> | 38 | 4021 |
| Sandoz Group AG<sup>(1)</sup> | 69 | 2913 |
| Temenos AG<sup>(1)</sup> | 28 | 2157 |
| VAT Group AG<sup>(1)(3)</sup> | 6 | 2028 |
|  |  | 11119 |
| **UNITED KINGDOM - 10.2%** | **UNITED KINGDOM - 10.2%** | **UNITED KINGDOM - 10.2%** |
| Babcock International Group plc<sup>(1)</sup> | 816 | 7621 |
| London Stock Exchange Group plc<sup>(1)</sup> | 51 | 7610 |
| Melrose Industries plc<sup>(1)</sup> | 666 | 4102 |
| Sage Group plc (The)<sup>(1)</sup> | 226 | 3536 |
|  |  | 22869 |
| **UNITED STATES - 53.6%** | **UNITED STATES - 53.6%** | **UNITED STATES - 53.6%** |
| API Group Corp.<sup>\*</sup> | 77 | 2764 |
| Aris Water Solutions, Inc., Class A | 72 | 2293 |
| Atlassian Corp., Class A<sup>\*</sup> | 12 | 2475 |
| Bright Horizons Family Solutions, Inc.<sup>\*</sup> | 30 | 3801 |
| CCC Intelligent Solutions Holdings, Inc.<sup>\*</sup> | 409 | 3692 |
| Chewy, Inc., Class A<sup>\*</sup> | 66 | 2132 |
| Clearwater Analytics Holdings, Inc., Class A<sup>\*</sup> | 85 | 2285 |
| Coherent Corp.<sup>\*</sup> | 29 | 1880 |
| Elastic NV<sup>\*</sup> | 21 | 1859 |
| FTAI Aviation Ltd. | 33 | 3667 |
| Gitlab, Inc., Class A<sup>\*</sup> | 49 | 2295 |
| GoDaddy, Inc., Class A<sup>\*</sup> | 11 | 2048 |
| Guidewire Software, Inc.<sup>\*</sup> | 29 | 5495 |
| Hubbell, Inc., Class B | 6 | 1912 |
| HubSpot, Inc.<sup>\*</sup> | 6 | 3621 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| Insmed, Inc.<sup>\*</sup> | 36 | $2771 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 47 | 4887 |
| JBT Marel Corp. | 24 | 2980 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 80 | 4187 |
| Liberty Media Corp-Liberty Formula One, Class C<sup>\*</sup> | 52 | 4678 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 28 | 3608 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 38 | 3836 |
| Modine Manufacturing Co.<sup>\*</sup> | 28 | 2127 |
| Monolithic Power Systems, Inc. | 7 | 4099 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 40 | 2340 |
| Pure Storage, Inc., Class A<sup>\*</sup> | 66 | 2944 |
| Saia, Inc.<sup>\*</sup> | 8 | 2646 |
| Samsara, Inc., Class A<sup>\*</sup> | 42 | 1609 |
| SentinelOne, Inc., Class A<sup>\*</sup> | 91 | 1659 |
| ServiceTitan, Inc., Class A<sup>\*</sup> | 12 | 1160 |
| SiteOne Landscape Supply, Inc.<sup>\*</sup> | 24 | 2936 |
| Spotify Technology SA<sup>\*</sup> | 6 | 3467 |
| Tradeweb Markets, Inc., Class A | 15 | 2215 |
| Twist Bioscience Corp.<sup>\*</sup> | 112 | 4383 |
| Tyler Technologies, Inc.<sup>\*</sup> | 11 | 6425 |
| US Foods Holding Corp.<sup>\*</sup> | 51 | 3353 |
| Veeva Systems, Inc., Class A<sup>\*</sup> | 16 | 3721 |
| Veracyte, Inc.<sup>\*</sup> | 72 | 2135 |
| West Pharmaceutical Services, Inc. | 15 | 3328 |
|  |  | 119713 |
| **Total common stocks** | **Total common stocks** | **Total common stocks** |
| &nbsp;&nbsp;&nbsp;(Cost $169,249) |  | 209276 |
| **SHORT-TERM INVESTMENT - 5.4%** | **SHORT-TERM INVESTMENT - 5.4%** | **SHORT-TERM INVESTMENT - 5.4%** |
| **2** |  |  |
| **INVESTMENT COMPANY - 5.4%** | **INVESTMENT COMPANY - 5.4%** | **INVESTMENT COMPANY - 5.4%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(4)</sup> (Cost $12,061) | 12061 | 12061 |
| **Total investments - 99.1%**<br> (Cost $181,310) |  | 221337 |
| **Other assets less liabilities - 0.9%** |  | 1954 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $223291 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $64,341, or 28.8% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> 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.

<sup>(3)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $6,298 or 2.8% of net assets.

<sup>(4)</sup> Represents the current yield as of March 31, 2025.

---

| | |
|:---|:---|
| Artisan Partners Funds | **17** |

---

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of<br> Total Investments** |
| Communication Services | $16565 | 7.5% |
| Consumer Discretionary | 16891 | 7.6 |
| Consumer Staples | 5633 | 2.5 |
| Energy | 2293 | 1 |
| Financials | 11802 | 5.3 |
| Health Care | 54147 | 24.6 |
| Industrials | 33768 | 15.3 |
| Information Technology | 61737 | 27.9 |
| Materials | 4080 | 1.8 |
| Real Estate | 2360 | 1.1 |
| Short-Term Investment | 12061 | 5.4 |
| **Total investments** | $221337 | 100.0% |

---

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

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

---

| | |
|:---|:---|
| **18** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN GLOBAL EQUITY FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares Held** | **Value** |
| **COMMON STOCKS - 93.0%** | **COMMON STOCKS - 93.0%** | **COMMON STOCKS - 93.0%** |
| **BELGIUM - 0.3%** | **BELGIUM - 0.3%** | **BELGIUM - 0.3%** |
| UCB SA<sup>(1)</sup> | 3 | $487 |
| **BRAZIL - 1.1%** | **BRAZIL - 1.1%** | **BRAZIL - 1.1%** |
| MercadoLibre, Inc.\* | 1 | 1768 |
| **CANADA - 0.2%** | **CANADA - 0.2%** | **CANADA - 0.2%** |
| Enbridge, Inc. | 8 | 363 |
| **CHILE - 0.7%** | **CHILE - 0.7%** | **CHILE - 0.7%** |
| Holding Bursatil Regional SA | 250 | 1120 |
| **CHINA - 12.0%** | **CHINA - 12.0%** | **CHINA - 12.0%** |
| Alibaba Group Holding Ltd., ADR | 26 | 3408 |
| Alibaba Group Holding Ltd.<sup>(1)</sup> | 10 | 171 |
| Budweiser Brewing Co. APAC Ltd.<sup>(1)(2)</sup> | 712 | 858 |
| Kuaishou Technology<sup>(1)(2)\*</sup> | 743 | 5250 |
| Meituan, ADR<sup>(3)\*</sup> | 68 | 2725 |
| Tencent Holdings Ltd., ADR | 29 | 1824 |
| Tencent Holdings Ltd.<sup>(1)</sup> | 18 | 1141 |
| Tencent Music Entertainment Group, ADR | 231 | 3326 |
|  |  | 18703 |
| **DENMARK - 1.3%** | **DENMARK - 1.3%** | **DENMARK - 1.3%** |
| NKT A/S<sup>(1)\*</sup> | 30 | 2040 |
| **FRANCE - 5.4%** | **FRANCE - 5.4%** | **FRANCE - 5.4%** |
| Accor SA<sup>(1)</sup> | 38 | 1738 |
| BNP Paribas SA<sup>(1)</sup> | 44 | 3706 |
| Cie de Saint-Gobain SA<sup>(1)</sup> | 19 | 1902 |
| Danone SA<sup>(1)</sup> | 14 | 1073 |
|  |  | 8419 |
| **GERMANY - 4.1%** | **GERMANY - 4.1%** | **GERMANY - 4.1%** |
| RENK Group AG<sup>(1)\*</sup> | 44 | 2094 |
| TUI AG(1)\* | 273 | 1859 |
| Vonovia SE<sup>(1)</sup> | 87 | 2356 |
|  |  | 6309 |
| **GREECE - 5.5%** | **GREECE - 5.5%** | **GREECE - 5.5%** |
| Alpha Services and Holdings SA<sup>(1)</sup> | 2835 | 6817 |
| Piraeus Financial Holdings SA<sup>(1)</sup> | 331 | 1821 |
|  |  | 8638 |
| **ITALY - 6.3%** | **ITALY - 6.3%** | **ITALY - 6.3%** |
| BFF Bank SpA<sup>(1)(2)</sup> | 630 | 5198 |
| Leonardo SpA<sup>(1)</sup> | 36 | 1765 |
| Mediobanca Banca di Credito Finanziario SpA<sup>(1)</sup> | 71 | 1329 |
| Wizz Air Holdings plc<sup>(1)(2)\*</sup> | 82 | 1579 |
|  |  | 9871 |
| **JAPAN - 2.3%** | **JAPAN - 2.3%** | **JAPAN - 2.3%** |
| Mitsubishi Heavy Industries Ltd.<sup>(1)</sup> | 100 | 1717 |
| Sumitomo Mitsui Financial Group, Inc.<sup>(1)</sup> | 44 | 1112 |
| Tokyo Gas Co. Ltd.<sup>(1)</sup> | 25 | 804 |
|  |  | 3633 |
| **PORTUGAL - 0.1%** | **PORTUGAL - 0.1%** | **PORTUGAL - 0.1%** |
| Jeronimo Martins SGPS SA<sup>(1)</sup> | 8 | 180 |
| **RUSSIA - 0.0%** | **RUSSIA - 0.0%** | **RUSSIA - 0.0%** |
| Sberbank of Russia PJSC<sup>(1)(4)(5)</sup> | 1137 |  |
| **SINGAPORE - 0.7%** | **SINGAPORE - 0.7%** | **SINGAPORE - 0.7%** |
| Singapore Technologies Engineering Ltd.<sup>(1)</sup> | 201 | 1010 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares Held** | **Value** |
| **SOUTH KOREA - 5.1%** | **SOUTH KOREA - 5.1%** | **SOUTH KOREA - 5.1%** |
| Hanwha Aerospace Co. Ltd.<sup>(1)</sup> | 10 | $4219 |
| LIG Nex1 Co. Ltd.<sup>(1)</sup> | 22 | 3652 |
|  |  | 7871 |
| **SPAIN - 2.3%** | **SPAIN - 2.3%** | **SPAIN - 2.3%** |
| Aena SME SA<sup>(1)(2)</sup> | 15 | 3578 |
| **SWITZERLAND - 6.1%** | **SWITZERLAND - 6.1%** | **SWITZERLAND - 6.1%** |
| Medacta Group SA<sup>(1)(2)</sup> | 4 | 594 |
| SGS SA<sup>(1)</sup> | 28 | 2750 |
| Straumann Holding AG<sup>(1)</sup> | 2 | 218 |
| UBS Group AG<sup>(1)</sup> | 196 | 5991 |
|  |  | 9553 |
| **UNITED ARAB EMIRATES - 1.1%** | **UNITED ARAB EMIRATES - 1.1%** | **UNITED ARAB EMIRATES - 1.1%** |
| Dubai Taxi Co. PJSC<sup>(1)</sup> | 2418 | 1645 |
| **UNITED KINGDOM - 14.7%** | **UNITED KINGDOM - 14.7%** | **UNITED KINGDOM - 14.7%** |
| 3i Group plc<sup>(1)</sup> | 28 | 1335 |
| Babcock International Group plc<sup>(1)</sup> | 553 | 5165 |
| Flutter Entertainment plc (LSE)<sup>(1)\*</sup> | 1 | 254 |
| Intermediate Capital Group plc<sup>(1)</sup> | 78 | 1981 |
| National Grid plc<sup>(1)</sup> | 474 | 6173 |
| Reckitt Benckiser Group plc<sup>(1)</sup> | 35 | 2336 |
| SSE plc<sup>(1)</sup> | 115 | 2366 |
| Tesco plc<sup>(1)</sup> | 241 | 1037 |
| Verona Pharma plc, ADR\* | 37 | 2322 |
|  |  | 22969 |
| **UNITED STATES - 23.7%** | **UNITED STATES - 23.7%** | **UNITED STATES - 23.7%** |
| Aon plc, Class A | 8 | 3278 |
| Arthur J Gallagher & Co. | 12 | 3980 |
| Blue Owl Capital, Inc., Class A | 105 | 2107 |
| Intercontinental Exchange, Inc. | 19 | 3274 |
| Live Nation Entertainment, Inc.\* | 17 | 2223 |
| Meta Platforms, Inc., Class A | 6 | 3175 |
| RTX Corp. | 39 | 5193 |
| S&P Global, Inc. | 7 | 3551 |
| Stryker Corp. | 5 | 1951 |
| Swiss Re AG<sup>(1)</sup> | 14 | 2441 |
| Synopsys, Inc.\* | 4 | 1533 |
| Visa, Inc., Class A | 12 | 4333 |
|  |  | 37039 |
| **Total common stocks** | **Total common stocks** | **Total common stocks** |
| &nbsp;&nbsp;&nbsp;(Cost $132,565) |  | 145196 |
| **SHORT-TERM INVESTMENT - 3.0%** | **SHORT-TERM INVESTMENT - 3.0%** | **SHORT-TERM INVESTMENT - 3.0%** |
| **INVESTMENT COMPANY - 3.0%** | **INVESTMENT COMPANY - 3.0%** | **INVESTMENT COMPANY - 3.0%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(6)(7)</sup> (Cost $4,621) | 4621 | 4621 |
| **Total investments - 96.0%** <br> (Cost $137,186) |  | 149817 |
| **Other assets less liabilities - 4.0%** |  | 6249 |
| **Total net assets - 100.0%#** |  | $156066 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $93,742, or 60.1% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

---

| | |
|:---|:---|
| Artisan Partners Funds | **19** |

---

<sup>(2)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $17,057 or 10.9% of net assets.

<sup>(3)</sup> All or a portion of security is on loan at March 31, 2025.

<sup>(4)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(5)</sup> Security is restricted.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Sberbank of Russia PJSC | 9/16/2021 - 2/11/2022 | $4750 | $– | 0.0% |

---

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

<sup>(7)</sup> Represents the current yield as of March 31, 2025.

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of Total Investments** |
| Communication Services | $16939 | 11.3% |
| Consumer Discretionary | 11923 | 8 |
| Consumer Staples | 5484 | 3.7 |
| Energy | 363 | 0.2 |
| Financials | 53374 | 35.7 |
| Health Care | 5572 | 3.7 |
| Industrials | 38309 | 25.6 |
| Information Technology | 1533 | 1 |
| Real Estate | 2356 | 1.6 |
| Utilities | 9343 | 6.2 |
| Short-Term Investment | 4621 | 3 |
| **Total investments** | $149817 | 100.0% |

---

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

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

---

| | |
|:---|:---|
| **20** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN GLOBAL OPPORTUNITIES FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares Held** | **Value** |
| **COMMON STOCKS - 95.6%** | **COMMON STOCKS - 95.6%** | **COMMON STOCKS - 95.6%** |
| **BELGIUM - 1.1%** | **BELGIUM - 1.1%** | **BELGIUM - 1.1%** |
| UCB SA<sup>(1)</sup> | 120 | $21079 |
| **CANADA - 2.7%** | **CANADA - 2.7%** | **CANADA - 2.7%** |
| Shopify, Inc., Class A\* | 559 | 53398 |
| **CHINA - 5.6%** | **CHINA - 5.6%** | **CHINA - 5.6%** |
| Meituan, Class B<sup>(1)(2)\*</sup> | 1432 | 28953 |
| Tencent Holdings Ltd.<sup>(1)</sup> | 1310 | 83471 |
|  |  | 112424 |
| **DENMARK - 0.7%** | **DENMARK - 0.7%** | **DENMARK - 0.7%** |
| Novo Nordisk A/S, Class B<sup>(1)</sup> | 200 | 13855 |
| **GERMANY - 2.7%** | **GERMANY - 2.7%** | **GERMANY - 2.7%** |
| adidas AG<sup>(1)</sup> | 231 | 54114 |
| **HONG KONG - 2.4%** | **HONG KONG - 2.4%** | **HONG KONG - 2.4%** |
| Techtronic Industries Co. Ltd.<sup>(1)</sup> | 3970 | 47817 |
| **JAPAN - 1.8%** | **JAPAN - 1.8%** | **JAPAN - 1.8%** |
| Keyence Corp.<sup>(1)</sup> | 91 | 35757 |
| **NETHERLANDS - 4.2%** | **NETHERLANDS - 4.2%** | **NETHERLANDS - 4.2%** |
| Argenx SE, ADR\* | 143 | 84441 |
| **SINGAPORE - 1.6%** | **SINGAPORE - 1.6%** | **SINGAPORE - 1.6%** |
| Sea Ltd., ADR\* | 252 | 32934 |
| **SWITZERLAND - 3.5%** | **SWITZERLAND - 3.5%** | **SWITZERLAND - 3.5%** |
| Lonza Group AG<sup>(1)</sup> | 114 | 69969 |
| **TAIWAN - 1.9%** | **TAIWAN - 1.9%** | **TAIWAN - 1.9%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 234 | 38871 |
| **UNITED KINGDOM - 15.7%** | **UNITED KINGDOM - 15.7%** | **UNITED KINGDOM - 15.7%** |
| AstraZeneca plc<sup>(1)</sup> | 391 | 57148 |
| BAE Systems plc<sup>(1)</sup> | 2924 | 59167 |
| London Stock Exchange Group plc<sup>(1)</sup> | 574 | 85158 |
| RELX plc<sup>(1)</sup> | 968 | 48605 |
| Sage Group plc (The)<sup>(1)</sup> | 1691 | 26421 |
| Unilever plc<sup>(1)</sup> | 670 | 39890 |
|  |  | 316389 |
| **UNITED STATES - 51.7%** | **UNITED STATES - 51.7%** | **UNITED STATES - 51.7%** |
| Advanced Micro Devices, Inc.\* | 298 | 30656 |
| Amazon.com, Inc.\* | 313 | 59474 |
| Apple, Inc. | 249 | 55231 |
| ARM Holdings plc, ADR\* | 239 | 25488 |
| Atlassian Corp., Class A\* | 107 | 22693 |
| Baker Hughes Co., Class A | 1131 | 49690 |
| Boston Scientific Corp.\* | 929 | 93740 |
| Carrier Global Corp. | 318 | 20171 |
| CBRE Group, Inc., Class A\* | 283 | 37017 |
| Danaher Corp. | 214 | 43936 |
| Eaton Corp. plc | 129 | 35175 |
| Ecolab, Inc. | 75 | 19083 |
| GE Vernova, Inc. | 133 | 40562 |
| Lam Research Corp. | 230 | 16691 |
| Linde plc | 97 | 45359 |
| Marvell Technology, Inc. | 397 | 24430 |
| Netflix, Inc.\* | 121 | 112931 |
| NIKE, Inc., Class B | 307 | 19499 |
| Oracle Corp. | 368 | 51382 |
| PayPal Holdings, Inc.\* | 444 | 28963 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares Held** | **Value** |
| **UNITED STATES (continued)** | **UNITED STATES (continued)** | **UNITED STATES (continued)** |
| S&P Global, Inc. | 67 | $33859 |
| Salesforce, Inc. | 62 | 16665 |
| Snowflake, Inc., Class A\* | 262 | 38290 |
| Starbucks Corp. | 105 | 10306 |
| Vertex Pharmaceuticals, Inc.\* | 73 | 35489 |
| West Pharmaceutical Services, Inc. | 88 | 19668 |
| Williams Cos., Inc. (The) | 360 | 21538 |
| Xylem, Inc. | 263 | 31410 |
|  |  | 1039396 |
| **Total common stocks** | **Total common stocks** | **Total common stocks** |
| &nbsp;&nbsp;&nbsp;(Cost $1,586,280) |  | 1920444 |
| **SHORT-TERM INVESTMENT - 2.7%** | **SHORT-TERM INVESTMENT - 2.7%** | **SHORT-TERM INVESTMENT - 2.7%** |
| **INVESTMENT COMPANY - 2.7%** | **INVESTMENT COMPANY - 2.7%** | **INVESTMENT COMPANY - 2.7%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(3)</sup> (Cost $53,994) | 53994 | 53994 |
| **Total investments - 98.3%** <br> (Cost $1,640,274) |  | 1974438 |
| **Other assets less liabilities - 1.7%** |  | 34586 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $2009024 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $671,404, or 33.4% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $28,953 or 1.4% of net assets.

<sup>(3)</sup> Represents the current yield as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO DIVERSIFICATION** | **PORTFOLIO DIVERSIFICATION** | **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands | Dollar values in thousands | Dollar values in thousands |
|  | **Value** | **Percentage<br> of Total Investments** |
| Communication Services | $229336 | 11.6% |
| Consumer Discretionary | 172346 | 8.7 |
| Consumer Staples | 39890 | 2.0 |
| Energy | 71228 | 3.6 |
| Financials | 147980 | 7.5 |
| Health Care | 439325 | 22.3 |
| Industrials | 282907 | 14.3 |
| Information Technology | 435973 | 22.1 |
| Materials | 64442 | 3.3 |
| Real Estate | 37017 | 1.9 |
| Short-Term Investment | 53994 | 2.7 |
| **Total investments** | $1974438 | 100.0% |

---

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

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **21** |

---

ARTISAN GLOBAL UNCONSTRAINED FUND

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal Amount** | **Value** |
| **SOVEREIGN GOVERNMENT BONDS - 43.4%** | **SOVEREIGN GOVERNMENT BONDS - 43.4%** | **SOVEREIGN GOVERNMENT BONDS - 43.4%** | **SOVEREIGN GOVERNMENT BONDS - 43.4%** |
| **ALBANIA - 1.7%** | **ALBANIA - 1.7%** | **ALBANIA - 1.7%** | **ALBANIA - 1.7%** |
| Albanian Government Bond | Albanian Government Bond | Albanian Government Bond | Albanian Government Bond |
| &nbsp;&nbsp;&nbsp;4.21%, 1/15/2026 | ALL | 23100 | $255 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/24/2026 | ALL | 16200 | 180 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/10/2027 | ALL | 14800 | 167 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/13/2028 | ALL | 12500 | 149 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/26/2029 | ALL | 21500 | 253 |
| &nbsp;&nbsp;&nbsp;5.63%, 11/8/2030 | ALL | 26000 | 316 |
| &nbsp;&nbsp;&nbsp;4.05%, 2/7/2032 | ALL | 133370 | 1488 |
| Republic of Albania | Republic of Albania | Republic of Albania | Republic of Albania |
| &nbsp;&nbsp;&nbsp;5.90%, 6/9/2028<sup>(1)</sup> | EUR | 2020 | 2288 |
|  |  |  | 5096 |
| **ANGOLA - 1.2%** | **ANGOLA - 1.2%** | **ANGOLA - 1.2%** | **ANGOLA - 1.2%** |
| Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
| &nbsp;&nbsp;&nbsp;6.00%, 10/25/2027<sup>(1)</sup> |  | 450 | 425 |
| Republic of Angola | Republic of Angola | Republic of Angola | Republic of Angola |
| &nbsp;&nbsp;&nbsp;6.93%, 2/19/2027<sup>(1)</sup> |  | 46 | 43 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/9/2028<sup>(1)</sup> |  | 2190 | 2044 |
| &nbsp;&nbsp;&nbsp;8.00%, 11/26/2029<sup>(1)</sup> |  | 1370 | 1218 |
|  |  |  | 3730 |
| **ARGENTINA - 1.4%** | **ARGENTINA - 1.4%** | **ARGENTINA - 1.4%** | **ARGENTINA - 1.4%** |
| Argentine Republic | Argentine Republic | Argentine Republic | Argentine Republic |
| &nbsp;&nbsp;&nbsp;0.13%, 7/9/2030 | EUR | 1852 | 1440 |
| &nbsp;&nbsp;&nbsp;3.88%, 7/9/2035<sup>(2)</sup> | EUR | 2022 | 1345 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/9/2038<sup>(2)</sup> | EUR | 44 | 29 |
| &nbsp;&nbsp;&nbsp;3.00%, 7/9/2041<sup>(2)</sup> | EUR | 2301 | 1328 |
|  |  |  | 4142 |
| **BAHAMAS - 4.8%** | **BAHAMAS - 4.8%** | **BAHAMAS - 4.8%** | **BAHAMAS - 4.8%** |
| Commonwealth of the Bahamas | Commonwealth of the Bahamas | Commonwealth of the Bahamas | Commonwealth of the Bahamas |
| &nbsp;&nbsp;&nbsp;6.00%, 11/21/2028<sup>(1)</sup> |  | 3916 | 3764 |
| &nbsp;&nbsp;&nbsp;9.00%, 6/16/2029<sup>(1)</sup> |  | 1462 | 1526 |
| &nbsp;&nbsp;&nbsp;6.95%, 11/20/2029<sup>(1)</sup> |  | 404 | 390 |
| &nbsp;&nbsp;&nbsp;8.95%, 10/15/2032<sup>(1)</sup> |  | 8517 | 8826 |
|  |  |  | 14506 |
| **BENIN - 2.9%** | **BENIN - 2.9%** | **BENIN - 2.9%** | **BENIN - 2.9%** |
| Benin Government Bond | Benin Government Bond | Benin Government Bond | Benin Government Bond |
| &nbsp;&nbsp;&nbsp;4.88%, 1/19/2032<sup>(1)</sup> | EUR | 1664 | 1602 |
| &nbsp;&nbsp;&nbsp;4.95%, 1/22/2035<sup>(1)</sup> | EUR | 4956 | 4421 |
| &nbsp;&nbsp;&nbsp;6.88%, 1/19/2052<sup>(1)</sup> | EUR | 2948 | 2566 |
|  |  |  | 8589 |
| **CAMEROON - 0.3%** | **CAMEROON - 0.3%** | **CAMEROON - 0.3%** | **CAMEROON - 0.3%** |
| Republic of Cameroon | Republic of Cameroon | Republic of Cameroon | Republic of Cameroon |
| &nbsp;&nbsp;&nbsp;9.50%, 11/19/2025<sup>(1)</sup> |  | 583 | 584 |
| &nbsp;&nbsp;&nbsp;5.95%, 7/7/2032<sup>(1)</sup> | EUR | 511 | 436 |
|  |  |  | 1020 |
| **COLOMBIA - 0.8%** | **COLOMBIA - 0.8%** | **COLOMBIA - 0.8%** | **COLOMBIA - 0.8%** |
| Republic of Colombia | Republic of Colombia | Republic of Colombia | Republic of Colombia |
| &nbsp;&nbsp;&nbsp;8.00%, 11/14/2035 |  | 2206 | 2222 |
| &nbsp;&nbsp;&nbsp;7.75%, 11/7/2036 |  | 250 | 243 |
|  |  |  | 2465 |
| **DOMINICAN REPUBLIC - 0.0%^** | **DOMINICAN REPUBLIC - 0.0%^** | **DOMINICAN REPUBLIC - 0.0%^** | **DOMINICAN REPUBLIC - 0.0%^** |
| Dominican Republic Government Bond, GDN | Dominican Republic Government Bond, GDN | Dominican Republic Government Bond, GDN | Dominican Republic Government Bond, GDN |
| &nbsp;&nbsp;&nbsp;6.50%, 11/27/2026<sup>(1)</sup> | DOP | 1230 | 18 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount** | **Value** |
| **EGYPT - 0.6%** | **EGYPT - 0.6%** | **EGYPT - 0.6%** | **EGYPT - 0.6%** |
| Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt |
| &nbsp;&nbsp;&nbsp;6.38%, 4/11/2031<sup>(1)</sup> | EUR | 2051 | $1887 |
| **EL SALVADOR - 0.3%** | **EL SALVADOR - 0.3%** | **EL SALVADOR - 0.3%** | **EL SALVADOR - 0.3%** |
| Republic of El Salvador | Republic of El Salvador | Republic of El Salvador | Republic of El Salvador |
| &nbsp;&nbsp;&nbsp;0.25%, 04/17/2030 IO<sup>(1)</sup> |  | 40240 | 954 |
| &nbsp;&nbsp;&nbsp;0.25%, 04/17/2030 IO<sup>(3)</sup> |  | 3105 | 74 |
|  |  |  | 1028 |
| **GEORGIA - 0.7%** | **GEORGIA - 0.7%** | **GEORGIA - 0.7%** | **GEORGIA - 0.7%** |
| Republic of Georgia | Republic of Georgia | Republic of Georgia | Republic of Georgia |
| &nbsp;&nbsp;&nbsp;2.75%, 4/22/2026<sup>(1)</sup> |  | 2200 | 2108 |
| **GHANA - 0.9%** | **GHANA - 0.9%** | **GHANA - 0.9%** | **GHANA - 0.9%** |
| Republic of Ghana | Republic of Ghana | Republic of Ghana | Republic of Ghana |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 7/3/2026<sup>(1)</sup> |  | 2995 | 2817 |
| **GUATEMALA - 0.6%** | **GUATEMALA - 0.6%** | **GUATEMALA - 0.6%** | **GUATEMALA - 0.6%** |
| Republic of Guatemala | Republic of Guatemala | Republic of Guatemala | Republic of Guatemala |
| &nbsp;&nbsp;&nbsp;4.50%, 5/3/2026<sup>(1)</sup> |  | 1650 | 1634 |
| **ICELAND - 3.8%** | **ICELAND - 3.8%** | **ICELAND - 3.8%** | **ICELAND - 3.8%** |
| Republic of Iceland | Republic of Iceland | Republic of Iceland | Republic of Iceland |
| &nbsp;&nbsp;&nbsp;8.00%, 6/12/2025 | ISK | 88686 | 670 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/2026 | ISK | 428443 | 3197 |
| &nbsp;&nbsp;&nbsp;8.00%, 4/15/2027 | ISK | 158000 | 1203 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/17/2035 | ISK | 813600 | 6312 |
|  |  |  | 11382 |
| **INDIA - 0.9%** | **INDIA - 0.9%** | **INDIA - 0.9%** | **INDIA - 0.9%** |
| Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) |
| &nbsp;&nbsp;&nbsp;7.00%, 3/1/2029<sup>(1)</sup> | INR | 80000 | 944 |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| &nbsp;&nbsp;&nbsp;6.50%, 4/17/2030 | INR | 63000 | 731 |
| Republic of India | Republic of India | Republic of India | Republic of India |
| &nbsp;&nbsp;&nbsp;7.54%, 5/23/2036 | INR | 88000 | 1099 |
|  |  |  | 2774 |
| **INDONESIA - 1.6%** | **INDONESIA - 1.6%** | **INDONESIA - 1.6%** | **INDONESIA - 1.6%** |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| &nbsp;&nbsp;&nbsp;7.00%, 5/15/2027 | IDR | 2480000 | 151 |
| &nbsp;&nbsp;&nbsp;6.88%, 4/15/2029 | IDR | 15900000 | 966 |
| &nbsp;&nbsp;&nbsp;7.50%, 8/15/2032 | IDR | 19200000 | 1185 |
| &nbsp;&nbsp;&nbsp;8.38%, 3/15/2034 | IDR | 30755000 | 2002 |
| &nbsp;&nbsp;&nbsp;7.13%, 6/15/2042 | IDR | 6672000 | 398 |
|  |  |  | 4702 |
| **IRAQ - 3.3%** | **IRAQ - 3.3%** | **IRAQ - 3.3%** | **IRAQ - 3.3%** |
| Republic of Iraq | Republic of Iraq | Republic of Iraq | Republic of Iraq |
| &nbsp;&nbsp;&nbsp;5.80%, 1/15/2028<sup>(1)</sup> |  | 9957 | 9781 |
| **KENYA - 0.3%** | **KENYA - 0.3%** | **KENYA - 0.3%** | **KENYA - 0.3%** |
| Republic of Kenya | Republic of Kenya | Republic of Kenya | Republic of Kenya |
| &nbsp;&nbsp;&nbsp;7.00%, 5/22/2027<sup>(1)</sup> |  | 800 | 799 |
| &nbsp;&nbsp;&nbsp;9.75%, 2/16/2031<sup>(1)</sup> |  | 5 | 5 |
|  |  |  | 804 |
| **NAMIBIA - 0.2%** | **NAMIBIA - 0.2%** | **NAMIBIA - 0.2%** | **NAMIBIA - 0.2%** |
| Republic of Namibia | Republic of Namibia | Republic of Namibia | Republic of Namibia |
| &nbsp;&nbsp;&nbsp;5.25%, 10/29/2025<sup>(1)</sup> |  | 500 | 496 |
| **NIGERIA - 2.4%** | **NIGERIA - 2.4%** | **NIGERIA - 2.4%** | **NIGERIA - 2.4%** |
| Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria |
| &nbsp;&nbsp;&nbsp;7.63%, 11/21/2025<sup>(1)</sup> |  | 2040 | 2048 |

---

---

| | |
|:---|:---|
| **22** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal Amount** | **Value** |
| Federal Republic of Nigeria (continued) | Federal Republic of Nigeria (continued) | Federal Republic of Nigeria (continued) | Federal Republic of Nigeria (continued) |
| &nbsp;&nbsp;&nbsp;6.13%, 9/28/2028<sup>(1)</sup> |  | 5760 | 5266 |
|  |  |  | 7314 |
| **PAKISTAN - 1.5%** | **PAKISTAN - 1.5%** | **PAKISTAN - 1.5%** | **PAKISTAN - 1.5%** |
| Islamic Republic of Pakistan | Islamic Republic of Pakistan | Islamic Republic of Pakistan | Islamic Republic of Pakistan |
| &nbsp;&nbsp;&nbsp;6.88%, 12/5/2027<sup>(1)</sup> |  | 4100 | 3746 |
| &nbsp;&nbsp;&nbsp;7.38%, 4/8/2031<sup>(1)</sup> |  | 825 | 705 |
|  |  |  | 4451 |
| **PAPUA NEW GUINEA - 0.5%** | **PAPUA NEW GUINEA - 0.5%** | **PAPUA NEW GUINEA - 0.5%** | **PAPUA NEW GUINEA - 0.5%** |
| Papua New Guinea Government International Bond | Papua New Guinea Government International Bond | Papua New Guinea Government International Bond | Papua New Guinea Government International Bond |
| &nbsp;&nbsp;&nbsp;8.38%, 10/4/2028<sup>(1)</sup> |  | 1495 | 1493 |
| **PARAGUAY - 0.1%** | **PARAGUAY - 0.1%** | **PARAGUAY - 0.1%** | **PARAGUAY - 0.1%** |
| Republic of Paraguay | Republic of Paraguay | Republic of Paraguay | Republic of Paraguay |
| &nbsp;&nbsp;&nbsp;7.90%, 2/9/2031<sup>(3)</sup> | PYG | 1800000 | 222 |
| **PERU - 4.2%** | **PERU - 4.2%** | **PERU - 4.2%** | **PERU - 4.2%** |
| Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria |
| &nbsp;&nbsp;&nbsp;6.95%, 8/12/2031 | PEN | 43100 | 12536 |
| **RWANDA - 1.4%** | **RWANDA - 1.4%** | **RWANDA - 1.4%** | **RWANDA - 1.4%** |
| Republic of Rwanda | Republic of Rwanda | Republic of Rwanda | Republic of Rwanda |
| &nbsp;&nbsp;&nbsp;5.50%, 8/9/2031<sup>(1)</sup> |  | 5090 | 4136 |
| **TAJIKISTAN - 0.6%** | **TAJIKISTAN - 0.6%** | **TAJIKISTAN - 0.6%** | **TAJIKISTAN - 0.6%** |
| Republic of Tajikistan | Republic of Tajikistan | Republic of Tajikistan | Republic of Tajikistan |
| &nbsp;&nbsp;&nbsp;7.13%, 9/14/2027<sup>(1)</sup> |  | 1919 | 1899 |
| **TRINIDAD AND TOBAGO - 0.8%** | **TRINIDAD AND TOBAGO - 0.8%** | **TRINIDAD AND TOBAGO - 0.8%** | **TRINIDAD AND TOBAGO - 0.8%** |
| Republic of Trinidad and Tobago | Republic of Trinidad and Tobago | Republic of Trinidad and Tobago | Republic of Trinidad and Tobago |
| &nbsp;&nbsp;&nbsp;4.50%, 8/4/2026<sup>(1)</sup> |  | 2400 | 2358 |
| **TUNISIA - 0.5%** | **TUNISIA - 0.5%** | **TUNISIA - 0.5%** | **TUNISIA - 0.5%** |
| Tunisian Republic | Tunisian Republic | Tunisian Republic | Tunisian Republic |
| &nbsp;&nbsp;&nbsp;6.38%, 7/15/2026<sup>(1)</sup> | EUR | 1565 | 1631 |
| **UKRAINE - 1.9%** | **UKRAINE - 1.9%** | **UKRAINE - 1.9%** | **UKRAINE - 1.9%** |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |
| &nbsp;&nbsp;&nbsp;1.75%, 2/1/2029<sup>(1)(2)</sup> |  | 2160 | 1406 |
| &nbsp;&nbsp;&nbsp;1.75%, 2/1/2035<sup>(1)(2)</sup> |  | 2135 | 1123 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/2035<sup>(1)(2)</sup> |  | 3583 | 1983 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/2036<sup>(1)(2)</sup> |  | 2097 | 1200 |
|  |  |  | 5712 |
| **UZBEKISTAN - 1.6%** | **UZBEKISTAN - 1.6%** | **UZBEKISTAN - 1.6%** | **UZBEKISTAN - 1.6%** |
| Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond | Republic of Uzbekistan International Bond |
| &nbsp;&nbsp;&nbsp;5.38%, 5/29/2027<sup>(1)</sup> | EUR | 2093 | 2291 |
| &nbsp;&nbsp;&nbsp;15.50%, 2/25/2028<sup>(1)</sup> | UZS | 32500000 | 2528 |
|  |  |  | 4819 |
| **ZAMBIA - 1.6%** | **ZAMBIA - 1.6%** | **ZAMBIA - 1.6%** | **ZAMBIA - 1.6%** |
| Republic of Zambia | Republic of Zambia | Republic of Zambia | Republic of Zambia |
| &nbsp;&nbsp;&nbsp;5.75%, 6/30/2033<sup>(1)(2)</sup> |  | 5454 | 4775 |
| **Total Sovereign government bonds** <br> (Cost $129,636) |  |  | 130325 |
| **CORPORATE BONDS - 14.1%** | **CORPORATE BONDS - 14.1%** | **CORPORATE BONDS - 14.1%** | **CORPORATE BONDS - 14.1%** |
| **ANGOLA - 0.2%** | **ANGOLA - 0.2%** | **ANGOLA - 0.2%** | **ANGOLA - 0.2%** |
| Azule Energy Finance plc | Azule Energy Finance plc | Azule Energy Finance plc | Azule Energy Finance plc |
| &nbsp;&nbsp;&nbsp;8.13%, 1/23/2030<sup>(1)</sup> |  | 584 | 586 |
| **ARGENTINA - 0.6%** | **ARGENTINA - 0.6%** | **ARGENTINA - 0.6%** | **ARGENTINA - 0.6%** |
| MSU Energy SA | MSU Energy SA | MSU Energy SA | MSU Energy SA |
| &nbsp;&nbsp;&nbsp;9.75%, 12/5/2030<sup>(1)</sup> |  | 1994 | 1924 |
| **BRAZIL - 2.4%** | **BRAZIL - 2.4%** | **BRAZIL - 2.4%** | **BRAZIL - 2.4%** |
| MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL | MC Brazil Downstream Trading SARL |
| &nbsp;&nbsp;&nbsp;7.25%, 6/30/2031<sup>(1)</sup> |  | 2523 | 2081 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount** | **Value** |
| NewCo Holding USD 20 SARL | NewCo Holding USD 20 SARL | NewCo Holding USD 20 SARL | NewCo Holding USD 20 SARL |
| &nbsp;&nbsp;&nbsp;9.38%, 11/7/2029<sup>(1)</sup> |  | 600 | 610 |
| OHI Group SA | OHI Group SA | OHI Group SA | OHI Group SA |
| &nbsp;&nbsp;&nbsp;13.00%, 7/22/2029<sup>(1)</sup> |  | 2260 | 2331 |
| Trident Energy Finance plc | Trident Energy Finance plc | Trident Energy Finance plc | Trident Energy Finance plc |
| &nbsp;&nbsp;&nbsp;12.50%, 11/30/2029<sup>(1)</sup> |  | 1920 | 1980 |
| Unigel Luxembourg SA | Unigel Luxembourg SA | Unigel Luxembourg SA | Unigel Luxembourg SA |
| &nbsp;&nbsp;&nbsp;13.50% Cash, 15.00% PIK, 12/31/2027<sup>(1)</sup> |  | 87 | 82 |
| &nbsp;&nbsp;&nbsp;11.00% Cash, 12.00% PIK, 12/31/2028<sup>(1)</sup> |  | 219 | 91 |
|  |  |  | 7175 |
| **CAMEROON - 0.3%** | **CAMEROON - 0.3%** | **CAMEROON - 0.3%** | **CAMEROON - 0.3%** |
| Golar LNG Ltd. | Golar LNG Ltd. | Golar LNG Ltd. | Golar LNG Ltd. |
| &nbsp;&nbsp;&nbsp;7.75%, 9/19/2029<sup>(1)</sup> |  | 1000 | 1007 |
| **COLOMBIA - 1.0%** | **COLOMBIA - 1.0%** | **COLOMBIA - 1.0%** | **COLOMBIA - 1.0%** |
| Canacol Energy Ltd. | Canacol Energy Ltd. | Canacol Energy Ltd. | Canacol Energy Ltd. |
| &nbsp;&nbsp;&nbsp;5.75%, 11/24/2028<sup>(1)</sup> |  | 960 | 505 |
| EnfraGen Energia Sur SA | EnfraGen Energia Sur SA | EnfraGen Energia Sur SA | EnfraGen Energia Sur SA |
| &nbsp;&nbsp;&nbsp;5.38%, 12/30/2030<sup>(1)</sup> |  | 1355 | 1198 |
| Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. | Gran Tierra Energy, Inc. |
| &nbsp;&nbsp;&nbsp;9.50%, 10/15/2029<sup>(1)</sup> |  | 1480 | 1311 |
|  |  |  | 3014 |
| **CZECH REPUBLIC - 0.2%** | **CZECH REPUBLIC - 0.2%** | **CZECH REPUBLIC - 0.2%** | **CZECH REPUBLIC - 0.2%** |
| Energo-Pro A/S | Energo-Pro A/S | Energo-Pro A/S | Energo-Pro A/S |
| &nbsp;&nbsp;&nbsp;8.50%, 2/4/2027<sup>(1)</sup> |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;11.00%, 11/2/2028<sup>(1)</sup> |  | 455 | 486 |
|  |  |  | 689 |
| **DOMINICAN REPUBLIC - 2.3%** | **DOMINICAN REPUBLIC - 2.3%** | **DOMINICAN REPUBLIC - 2.3%** | **DOMINICAN REPUBLIC - 2.3%** |
| Banco Central de la Republica Dominicana, GDN | Banco Central de la Republica Dominicana, GDN | Banco Central de la Republica Dominicana, GDN | Banco Central de la Republica Dominicana, GDN |
| &nbsp;&nbsp;&nbsp;12.00%, 10/3/2025<sup>(1)</sup> | DOP | 22700 | 361 |
| &nbsp;&nbsp;&nbsp;13.00%, 12/5/2025<sup>(1)</sup> | DOP | 230800 | 3686 |
| &nbsp;&nbsp;&nbsp;13.00%, 1/30/2026<sup>(1)</sup> | DOP | 125270 | 2005 |
| &nbsp;&nbsp;&nbsp;9.00%, 12/11/2026<sup>(1)</sup> | DOP | 56550 | 870 |
|  |  |  | 6922 |
| **GUATEMALA - 0.5%** | **GUATEMALA - 0.5%** | **GUATEMALA - 0.5%** | **GUATEMALA - 0.5%** |
| Investment Energy Resources Ltd. | Investment Energy Resources Ltd. | Investment Energy Resources Ltd. | Investment Energy Resources Ltd. |
| &nbsp;&nbsp;&nbsp;6.25%, 4/26/2029<sup>(1)</sup> |  | 1450 | 1393 |
| **JAMAICA - 0.2%** | **JAMAICA - 0.2%** | **JAMAICA - 0.2%** | **JAMAICA - 0.2%** |
| Digicel Intermediate Holdings Ltd. | Digicel Intermediate Holdings Ltd. | Digicel Intermediate Holdings Ltd. | Digicel Intermediate Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;9.00% Cash, 2.25% PIK, 5/25/2027 |  | 448 | 448 |
| **MOLDOVA, REPUBLIC OF - 0.4%** | **MOLDOVA, REPUBLIC OF - 0.4%** | **MOLDOVA, REPUBLIC OF - 0.4%** | **MOLDOVA, REPUBLIC OF - 0.4%** |
| Aragvi Finance International DAC | Aragvi Finance International DAC | Aragvi Finance International DAC | Aragvi Finance International DAC |
| &nbsp;&nbsp;&nbsp;11.13%, 11/20/2029<sup>(1)</sup> |  | 1035 | 1052 |
| **NETHERLANDS - 0.7%** | **NETHERLANDS - 0.7%** | **NETHERLANDS - 0.7%** | **NETHERLANDS - 0.7%** |
| Cie Maritime Monegasque Osv BV | Cie Maritime Monegasque Osv BV | Cie Maritime Monegasque Osv BV | Cie Maritime Monegasque Osv BV |
| &nbsp;&nbsp;&nbsp;14.00%, 3/28/2029 |  | 1000 | 1000 |
| Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV |
| &nbsp;&nbsp;&nbsp;15.00% Cash, 15.00% PIK, 12/31/2044<sup>(1)</sup> |  | 223 |  |
| VEON Holdings BV | VEON Holdings BV | VEON Holdings BV | VEON Holdings BV |
| &nbsp;&nbsp;&nbsp;3.38%, 11/25/2027<sup>(1)</sup> |  | 1210 | 1107 |
|  |  |  | 2107 |
| **NIGERIA - 0.8%** | **NIGERIA - 0.8%** | **NIGERIA - 0.8%** | **NIGERIA - 0.8%** |
| SEPLAT Energy plc | SEPLAT Energy plc | SEPLAT Energy plc | SEPLAT Energy plc |
| &nbsp;&nbsp;&nbsp;9.13%, 3/21/2030<sup>(1)</sup> |  | 2453 | 2448 |
| **NORWAY - 0.1%** | **NORWAY - 0.1%** | **NORWAY - 0.1%** | **NORWAY - 0.1%** |
| Panoro Energy ASA | Panoro Energy ASA | Panoro Energy ASA | Panoro Energy ASA |
| &nbsp;&nbsp;&nbsp;10.25%, 12/11/2029 |  | 212 | 218 |
| **PARAGUAY - 0.2%** | **PARAGUAY - 0.2%** | **PARAGUAY - 0.2%** | **PARAGUAY - 0.2%** |
| Frigorifico Concepcion SA | Frigorifico Concepcion SA | Frigorifico Concepcion SA | Frigorifico Concepcion SA |
| &nbsp;&nbsp;&nbsp;7.70%, 7/21/2028<sup>(1)(4)</sup> |  | 880 | 667 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **23** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal Amount** | **Value** |
| **PERU - 0.1%** | **PERU - 0.1%** | **PERU - 0.1%** | **PERU - 0.1%** |
| Cia de Minas Buenaventura SAA | Cia de Minas Buenaventura SAA | Cia de Minas Buenaventura SAA | Cia de Minas Buenaventura SAA |
| &nbsp;&nbsp;&nbsp;6.80%, 2/4/2032<sup>(1)</sup> |  | 272 | $276 |
| **SINGAPORE - 0.4%** | **SINGAPORE - 0.4%** | **SINGAPORE - 0.4%** | **SINGAPORE - 0.4%** |
| Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
| &nbsp;&nbsp;&nbsp;9.63%, 5/3/2029<sup>(1)</sup> |  | 1150 | 1204 |
| **TURKEY - 1.7%** | **TURKEY - 1.7%** | **TURKEY - 1.7%** | **TURKEY - 1.7%** |
| ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve I | ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve I | ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve I | ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve I |
| &nbsp;&nbsp;&nbsp;7.54%, 10/31/2027<sup>(1)</sup> |  | 2630 | 2637 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S | Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S | Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S | Limak Iskenderun Uluslararasi Liman Isletmeciligi A/S |
| &nbsp;&nbsp;&nbsp;9.50%, 7/10/2036<sup>(1)</sup> |  | 2384 | 2325 |
|  |  |  | 4962 |
| **UNITED ARAB EMIRATES - 0.2%** | **UNITED ARAB EMIRATES - 0.2%** | **UNITED ARAB EMIRATES - 0.2%** | **UNITED ARAB EMIRATES - 0.2%** |
| Pearl Petroleum Co. Ltd. | Pearl Petroleum Co. Ltd. | Pearl Petroleum Co. Ltd. | Pearl Petroleum Co. Ltd. |
| &nbsp;&nbsp;&nbsp;13.00%, 5/15/2028<sup>(1)</sup> |  | 600 | 640 |
| **UNITED KINGDOM - 1.1%** | **UNITED KINGDOM - 1.1%** | **UNITED KINGDOM - 1.1%** | **UNITED KINGDOM - 1.1%** |
| ACG Holdco 1 Ltd. | ACG Holdco 1 Ltd. | ACG Holdco 1 Ltd. | ACG Holdco 1 Ltd. |
| &nbsp;&nbsp;&nbsp;14.75%, 1/13/2029 |  | 2500 | 2594 |
| Galileo Global Technologies Ltd. | Galileo Global Technologies Ltd. | Galileo Global Technologies Ltd. | Galileo Global Technologies Ltd. |
| &nbsp;&nbsp;&nbsp;13.75%, 3/4/2028<sup>(1)</sup> |  | 625 | 628 |
|  |  |  | 3222 |
| **UZBEKISTAN - 0.7%** | **UZBEKISTAN - 0.7%** | **UZBEKISTAN - 0.7%** | **UZBEKISTAN - 0.7%** |
| Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB |
| &nbsp;&nbsp;&nbsp;21.00%, 7/24/2027<sup>(1)</sup> | UZS | 28220000 | 2225 |
| **Total corporate bonds** <br> (Cost $42,363) |  |  | 42179 |
|  |  | **Shares Held** |  |
| **COMMON STOCKS - 4.1%** | **COMMON STOCKS - 4.1%** | **COMMON STOCKS - 4.1%** | **COMMON STOCKS - 4.1%** |
| **AUSTRALIA - 0.1%** | **AUSTRALIA - 0.1%** | **AUSTRALIA - 0.1%** | **AUSTRALIA - 0.1%** |
| OceanaGold Corp. |  | 110 | 367 |
| Resolute Mining Ltd.<sup>(5)\*</sup> |  | 100 | 29 |
|  |  |  | 396 |
| **CANADA - 1.3%** | **CANADA - 1.3%** | **CANADA - 1.3%** | **CANADA - 1.3%** |
| Africa Oil Corp. |  | 545 | 779 |
| Allied Gold Corp.\* |  | 170 | 579 |
| Asante Gold Corp.\* |  | 50 | 41 |
| B2Gold Corp. |  | 143 | 406 |
| Centerra Gold, Inc. |  | 44 | 281 |
| G Mining Ventures Corp. |  | 43 | 561 |
| Galiano Gold, Inc.\* |  | 30 | 37 |
| K92 Mining, Inc.\* |  | 32 | 274 |
| New Gold, Inc.\* |  | 81 | 300 |
| Torex Gold Resources, Inc.\* |  | 24 | 662 |
|  |  |  | 3920 |
| **COLOMBIA - 2.0%** | **COLOMBIA - 2.0%** | **COLOMBIA - 2.0%** | **COLOMBIA - 2.0%** |
| Aris Mining Corp.\* |  | 1297 | 6018 |
| **GEORGIA - 0.2%** | **GEORGIA - 0.2%** | **GEORGIA - 0.2%** | **GEORGIA - 0.2%** |
| Georgia Capital plc<sup>(5)\*</sup> |  | 14 | 283 |
| Lion Finance Group plc<sup>(5)</sup> |  | 2 | 142 |
| TBC Bank Group plc<sup>(5)</sup> |  | 3 | 134 |
|  |  |  | 559 |
| **IVORY COAST - 0.2%** | **IVORY COAST - 0.2%** | **IVORY COAST - 0.2%** | **IVORY COAST - 0.2%** |
| Endeavour Mining plc<sup>(5)</sup> |  | 19 | 458 |
| **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** | **NETHERLANDS - 0.0%** |
| Stichting Administratiekantoor Unigel Creditors, ADR<sup>(5)(6)\*</sup> |  | 1 |  |
| **PERU - 0.0%^** | **PERU - 0.0%^** | **PERU - 0.0%^** | **PERU - 0.0%^** |
| Hochschild Mining plc<sup>(5)\*</sup> |  | 20 | 68 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares Held** | **Value** |
| **UNITED STATES - 0.3%** | **UNITED STATES - 0.3%** | **UNITED STATES - 0.3%** | **UNITED STATES - 0.3%** |
| Aura Minerals, Inc. |  | 45 | $870 |
| **Total common stocks**<br> (Cost $10,155) |  |  | 12289 |
|  |  | **Principal Amount** |  |
| **BANK LOANS - 2.9%** | **BANK LOANS - 2.9%** | **BANK LOANS - 2.9%** | **BANK LOANS - 2.9%** |
| **COTE D'IVOIRE - 1.3%** | **COTE D'IVOIRE - 1.3%** | **COTE D'IVOIRE - 1.3%** | **COTE D'IVOIRE - 1.3%** |
| Republic of Cote d'Ivoire First Lien Term Loan | Republic of Cote d'Ivoire First Lien Term Loan | Republic of Cote d'Ivoire First Lien Term Loan | Republic of Cote d'Ivoire First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 5.65%, 7/12/2025<sup>(5)(6)(7)</sup> | EUR | 3650 | 3939 |
| **PARAGUAY - 0.3%** | **PARAGUAY - 0.3%** | **PARAGUAY - 0.3%** | **PARAGUAY - 0.3%** |
| Frigorifico Concepcion SA First Lien Term Loan B | Frigorifico Concepcion SA First Lien Term Loan B | Frigorifico Concepcion SA First Lien Term Loan B | Frigorifico Concepcion SA First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.50%), 9.79%, 12/8/2026<sup>(5)(6)(7)</sup> |  | 800 | 712 |
| **TANZANIA - 1.3%** | **TANZANIA - 1.3%** | **TANZANIA - 1.3%** | **TANZANIA - 1.3%** |
| Tanzania (United Republic of) First Lien Term Loan | Tanzania (United Republic of) First Lien Term Loan | Tanzania (United Republic of) First Lien Term Loan | Tanzania (United Republic of) First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.20%), 9.46%, 2/6/2032<sup>(5)(6)(7)</sup> |  | 2040 | 2010 |
| Tanzania (United Republic of) Term Loan | Tanzania (United Republic of) Term Loan | Tanzania (United Republic of) Term Loan | Tanzania (United Republic of) Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.45%), 9.73%, 3/6/2031<sup>(5)(6)(7)</sup> |  | 2000 | 1965 |
|  |  |  | 3975 |
| **Total bank loans**<br> (Cost $8,638) |  |  | 8626 |
|  |  | **Shares Held** |  |
| **EXCHANGE TRADED FUND - 1.1%** | **EXCHANGE TRADED FUND - 1.1%** | **EXCHANGE TRADED FUND - 1.1%** | **EXCHANGE TRADED FUND - 1.1%** |
| **Equity Funds - 1.1%** | **Equity Funds - 1.1%** | **Equity Funds - 1.1%** | **Equity Funds - 1.1%** |
| &nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF <br> (Cost $2,933) |  | 58 | 3335 |
| **CLOSED END FUND - 0.2%** | **CLOSED END FUND - 0.2%** | **CLOSED END FUND - 0.2%** | **CLOSED END FUND - 0.2%** |
| **BERMUDA - 0.2%** | **BERMUDA - 0.2%** | **BERMUDA - 0.2%** | **BERMUDA - 0.2%** |
| &nbsp;&nbsp;&nbsp;ASA Gold and Precious Metals Ltd. (Cost $473) |  | 21 | 627 |
|  |  | **Principal Amount** |  |
| **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** | **CONVERTIBLE BOND - 0.1%** |
| **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** |
| Lithium Argentina AG | Lithium Argentina AG | Lithium Argentina AG | Lithium Argentina AG |
| &nbsp;&nbsp;&nbsp;1.75%, 1/15/2027 (Cost $345) |  | 427 | 351 |
| **SHORT-TERM INVESTMENTS - 33.8%** | **SHORT-TERM INVESTMENTS - 33.8%** | **SHORT-TERM INVESTMENTS - 33.8%** | **SHORT-TERM INVESTMENTS - 33.8%** |
| **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.4%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.4%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.4%** | **SOVEREIGN GOVERNMENT TREASURY BILLS - 14.4%** |
| Albanian Treasury Bill | Albanian Treasury Bill | Albanian Treasury Bill | Albanian Treasury Bill |
| &nbsp;&nbsp;&nbsp;2.77%, 3/26/2026<sup>(8)</sup> | ALL | 79600 | 846 |
| Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt | Arab Republic of Egypt |
| &nbsp;&nbsp;&nbsp;17.43%, 4/29/2025<sup>(8)</sup> | EGP | 7500 | 146 |
| &nbsp;&nbsp;&nbsp;19.50%, 5/6/2025<sup>(8)</sup> | EGP | 139750 | 2712 |
| &nbsp;&nbsp;&nbsp;21.85%, 5/20/2025<sup>(8)</sup> | EGP | 169800 | 3260 |
| &nbsp;&nbsp;&nbsp;22.56%, 5/27/2025<sup>(8)</sup> | EGP | 90425 | 1727 |
| &nbsp;&nbsp;&nbsp;23.10%, 6/3/2025<sup>(8)</sup> | EGP | 66300 | 1260 |
| &nbsp;&nbsp;&nbsp;23.52%, 6/10/2025<sup>(8)</sup> | EGP | 37550 | 710 |
| &nbsp;&nbsp;&nbsp;23.85%, 6/17/2025<sup>(8)</sup> | EGP | 118100 | 2222 |
| &nbsp;&nbsp;&nbsp;24.11%, 6/24/2025<sup>(8)</sup> | EGP | 214450 | 4015 |
| &nbsp;&nbsp;&nbsp;24.59%, 7/8/2025<sup>(8)</sup> | EGP | 20900 | 388 |
| &nbsp;&nbsp;&nbsp;24.70%, 7/15/2025<sup>(8)</sup> | EGP | 81650 | 1507 |
| &nbsp;&nbsp;&nbsp;24.04%, 8/5/2025<sup>(8)</sup> | EGP | 108300 | 1976 |
| Banco Central del Uruguay | Banco Central del Uruguay | Banco Central del Uruguay | Banco Central del Uruguay |
| &nbsp;&nbsp;&nbsp;9.17%, 5/21/2025<sup>(8)</sup> | UYU | 20265 | 475 |
| &nbsp;&nbsp;&nbsp;9.23%, 5/28/2025<sup>(8)</sup> | UYU | 83707 | 1957 |
| &nbsp;&nbsp;&nbsp;9.30%, 6/4/2025<sup>(8)</sup> | UYU | 14000 | 327 |

---

---

| | |
|:---|:---|
| **24** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal Amount** | **Value** | **Value** |
| Banco Central del Uruguay (continued) | Banco Central del Uruguay (continued) | Banco Central del Uruguay (continued) | Banco Central del Uruguay (continued) | Banco Central del Uruguay (continued) |
| &nbsp;&nbsp;&nbsp;9.35%, 6/20/2025<sup>(8)</sup> | UYU | 5000 | $| 116 |
| Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria | Federal Republic of Nigeria |
| &nbsp;&nbsp;&nbsp;6.72%, 4/10/2025<sup>(8)</sup> | NGN | 420000 |  | 273 |
| Nigeria OMO Bill | Nigeria OMO Bill | Nigeria OMO Bill | Nigeria OMO Bill | Nigeria OMO Bill |
| &nbsp;&nbsp;&nbsp;22.44%, 5/20/2025<sup>(8)</sup> | NGN | 1019482 |  | 644 |
| &nbsp;&nbsp;&nbsp;22.92%, 5/27/2025<sup>(8)</sup> | NGN | 480000 |  | 302 |
| &nbsp;&nbsp;&nbsp;23.85%, 6/17/2025<sup>(8)</sup> | NGN | 456000 |  | 283 |
| &nbsp;&nbsp;&nbsp;24.99%, 9/30/2025<sup>(8)</sup> | NGN | 2769483 |  | 1603 |
| &nbsp;&nbsp;&nbsp;25.01%, 10/7/2025<sup>(8)</sup> | NGN | 1400000 |  | 807 |
| &nbsp;&nbsp;&nbsp;25.01%, 12/2/2025<sup>(8)</sup> | NGN | 1698012 |  | 947 |
| &nbsp;&nbsp;&nbsp;19.74%, 12/9/2025<sup>(8)</sup> | NGN | 3985000 |  | 2284 |
| &nbsp;&nbsp;&nbsp;24.97%, 1/6/2026<sup>(8)</sup> | NGN | 509176 |  | 278 |
| &nbsp;&nbsp;&nbsp;24.48%, 2/3/2026<sup>(8)</sup> | NGN | 4100000 |  | 2212 |
| &nbsp;&nbsp;&nbsp;24.47%, 2/10/2026<sup>(8)</sup> | NGN | 1110000 |  | 597 |
| &nbsp;&nbsp;&nbsp;24.13%, 2/23/2026<sup>(8)</sup> | NGN | 1450000 |  | 782 |
| &nbsp;&nbsp;&nbsp;24.18%, 2/25/2026<sup>(8)</sup> | NGN | 1450000 |  | 780 |
| Republic of Albania | Republic of Albania | Republic of Albania | Republic of Albania | Republic of Albania |
| &nbsp;&nbsp;&nbsp;0.24%, 4/17/2025<sup>(8)</sup> | ALL | 30500 |  | 334 |
| &nbsp;&nbsp;&nbsp;0.07%, 5/1/2025<sup>(8)</sup> | ALL | 28000 |  | 306 |
| &nbsp;&nbsp;&nbsp;3.55%, 2/26/2026<sup>(8)</sup> | ALL | 138200 |  | 1462 |
| Republic of Iceland | Republic of Iceland | Republic of Iceland | Republic of Iceland | Republic of Iceland |
| &nbsp;&nbsp;&nbsp;7.11%, 4/16/2025<sup>(8)</sup> | ISK | 125000 |  | 943 |
| &nbsp;&nbsp;&nbsp;7.74%, 5/21/2025<sup>(8)</sup> | ISK | 528000 |  | 3952 |
| &nbsp;&nbsp;&nbsp;7.39%, 8/20/2025<sup>(8)</sup> | ISK | 30000 |  | 221 |
| &nbsp;&nbsp;&nbsp;7.86%, 9/17/2025<sup>(8)</sup> | ISK | 72000 |  | 525 |
| **Total sovereign government treasury bills**<br> (Cost $42,912) |  |  |  | 43179 |
| **U.S. TREASURY OBLIGATIONS - 13.8%** | **U.S. TREASURY OBLIGATIONS - 13.8%** | **U.S. TREASURY OBLIGATIONS - 13.8%** | **U.S. TREASURY OBLIGATIONS - 13.8%** | **U.S. TREASURY OBLIGATIONS - 13.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.30%, 4/1/2025 <sup>(8)</sup> |  | 8500 |  | 8500 |
| &nbsp;&nbsp;&nbsp;3.72%, 4/8/2025 <sup>(8)</sup> |  | 6430 |  | 6425 |
| &nbsp;&nbsp;&nbsp;3.97%, 4/15/2025 <sup>(8)</sup> |  | 8620 |  | 8606 |
| &nbsp;&nbsp;&nbsp;4.07%, 4/22/2025 <sup>(8)</sup> |  | 6900 |  | 6883 |
| &nbsp;&nbsp;&nbsp;4.10%, 4/29/2025 <sup>(8)</sup> |  | 11100 |  | 11063 |
| **Total U.S. treasury obligations** <br> (Cost $41,477) |  |  |  | 41477 |
| **REPURCHASE AGREEMENTS - 4.6%** | **REPURCHASE AGREEMENTS - 4.6%** | **REPURCHASE AGREEMENTS - 4.6%** | **REPURCHASE AGREEMENTS - 4.6%** | **REPURCHASE AGREEMENTS - 4.6%** |
| JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 2.50% payable to the Fund, collateralized by Par USD 1,335 Republic of Senegal, 6.25% due 5/23/2033 and a market value of $999<sup>(9)</sup> |  | 1285 |  | 1284 |
| JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 3.60% payable to the Fund, collateralized by Par USD 250 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $257<sup>(9)</sup> |  | 263 |  | 263 |
| JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 3.70% payable to the Fund, collateralized by Par USD 500 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $513<sup>(9)</sup> |  | 525 |  | 525 |
| JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 3.80% payable to the Fund, collateralized by Par USD 950 Republic of Paraguay, 2.74% due 1/29/2033 and a market value of $788<sup>(9)</sup> |  | 778 |  | 778 |
| JPMorgan Chase Bank, N.A., Dated 1/30/25, with an interest rate of 4.10% payable to the Fund, collateralized by Par USD 865 Dominican Republic Government Bond, 4.88% due 9/23/2032 and a market value of $787<sup>(9)</sup> |  | 797 |  | 797 |
| JPMorgan Chase Bank, N.A., Dated 2/12/25, with an interest rate of 4.00% payable to the Fund, collateralized by Par USD 500 Republic of Ecuador, Zero Coupon due 7/31/2030 and a market value of $241<sup>(9)</sup> |  | 291 |  | 291 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Value** |
| Morgan Stanley & Co International plc, Dated 1/27/25, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 2,000 Romania Government Bond, 4.00% due 2/14/2051 and a market value of $1,229<sup>(9)</sup> | 1339 | $| 1339 |
| Morgan Stanley & Co International plc, Dated 1/9/25, with an interest rate of 3.85% payable to the Fund, collateralized by Par USD 1,090 Hudbay Minerals, Inc., 6.13% due 4/1/2029 and a market value of $1,086<sup>(9)</sup> | 1159 |  | 1159 |
| Morgan Stanley & Co International plc, Dated 10/8/24, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 500 Republic of Paraguay, 2.74% due 1/29/2033 and a market value of $415<sup>(9)</sup> | 446 |  | 446 |
| Morgan Stanley & Co International plc, Dated 10/8/24, with an interest rate of 4.10% payable to the Fund, collateralized by Par USD 400 Dominican Republic Government Bond, 4.88% due 9/23/2032 and a market value of $364<sup>(9)</sup> | 397 |  | 397 |
| Morgan Stanley & Co International plc, Dated 10/8/24, with an interest rate of 4.10% payable to the Fund, collateralized by Par USD 400 Republic of Costa Rica, 6.55% due 4/3/2034 and a market value of $411<sup>(9)</sup> | 447 |  | 447 |
| Morgan Stanley & Co International plc, Dated 11/20/24, with an interest rate of 4.20% payable to the Fund, collateralized by Par USD 1,200 Republic of Ecuador, Zero Coupon due 7/31/2030 and a market value of $579<sup>(9)</sup> | 668 |  | 668 |
| Morgan Stanley & Co International plc, Dated 12/10/24, with an interest rate of 3.75% payable to the Fund, collateralized by Par USD 1,300 HTA Group Ltd., 7.50% due 6/4/2029 and a market value of $1,321<sup>(9)</sup> | 1392 |  | 1392 |
| Morgan Stanley & Co International plc, Dated 2/13/25, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 600 Romania Government Bond, 4.00% due 2/14/2051 and a market value of $369<sup>(9)</sup> | 397 |  | 397 |
| Morgan Stanley & Co International plc, Dated 2/18/25, with an interest rate of 3.75% payable to the Fund, collateralized by Par USD 800 HTA Group Ltd., 7.50% due 6/4/2029 and a market value of $813<sup>(9)</sup> | 865 |  | 865 |
| Morgan Stanley & Co International plc, Dated 3/12/25, with an interest rate of 3.95% payable to the Fund, collateralized by Par USD 600 Romania Government Bond, 4.00% due 2/14/2051 and a market value of $369<sup>(9)</sup> | 398 |  | 398 |
| Morgan Stanley & Co International plc, Dated 3/4/25, with an interest rate of 3.65% payable to the Fund, collateralized by Par USD 1,720 Republic of El Salvador, 7.65% due 6/15/2035 and a market value of $1,596<sup>(9)</sup> | 1751 |  | 1751 |
| Morgan Stanley & Co International plc, Dated 3/4/25, with an interest rate of 3.85% payable to the Fund, collateralized by Par USD 600 Hudbay Minerals, Inc., 6.13% due 4/1/2029 and a market value of $598<sup>(9)</sup> | 643 |  | 643 |
| **Total Repurchase Agreements** <br> (Cost $13,840) |  |  | 13840 |
|  | **Shares Held** |  |  |
| **INVESTMENT COMPANY - 1.0%** | **INVESTMENT COMPANY - 1.0%** | **INVESTMENT COMPANY - 1.0%** | **INVESTMENT COMPANY - 1.0%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, <br> 4.22%(10) (Cost $3,116) | 3116 |  | 3116 |
| **Total short-term investments** <br> (Cost $101,345) |  |  | 101612 |
| **Total investments - 99.7%** <br> (Cost $295,888) |  |  | 299344 |
| **SECURITIES SOLD SHORT - (6.8)%** | **SECURITIES SOLD SHORT - (6.8)%** | **SECURITIES SOLD SHORT - (6.8)%** | **SECURITIES SOLD SHORT - (6.8)%** |
| **COMMON STOCK - (0.5)%** | **COMMON STOCK - (0.5)%** | **COMMON STOCK - (0.5)%** | **COMMON STOCK - (0.5)%** |
| **UNITED KINGDOM - (0.5)%** | **UNITED KINGDOM - (0.5)%** | **UNITED KINGDOM - (0.5)%** | **UNITED KINGDOM - (0.5)%** |
| Ashmore Group plc<br> (Proceeds $(1905))<sup>(5)</sup> | (881) |  | (1697) |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **25** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **CORPORATE BONDS - (1.3)%** | **CORPORATE BONDS - (1.3)%** | **CORPORATE BONDS - (1.3)%** |
| **CANADA - (0.6)%** | **CANADA - (0.6)%** | **CANADA - (0.6)%** |
| Hudbay Minerals, Inc. | Hudbay Minerals, Inc. | Hudbay Minerals, Inc. |
| &nbsp;&nbsp;&nbsp;6.13%, 4/1/2029<sup>(3)</sup> | (1690) | $(1684) |
| **TANZANIA - (0.7)%** | **TANZANIA - (0.7)%** | **TANZANIA - (0.7)%** |
| HTA Group Ltd. | HTA Group Ltd. | HTA Group Ltd. |
| &nbsp;&nbsp;&nbsp;7.50%, 6/4/2029<sup>(1)</sup> | (2100) | (2134) |
| **Total corporate bonds** <br> (Proceeds $(3811)) |  | (3818) |
|  | **Shares Held** |  |
| **EXCHANGE TRADED FUND - (2.0)%** | **EXCHANGE TRADED FUND - (2.0)%** | **EXCHANGE TRADED FUND - (2.0)%** |
| **Equity Funds - (2.0)%** | **Equity Funds - (2.0)%** | **Equity Funds - (2.0)%** |
| &nbsp;&nbsp;&nbsp;VanEck Gold Miners ETF (Proceeds $(5099)) | (133) | (6110) |
|  | **Principal Amount** |  |
| **SOVEREIGN GOVERNMENT BONDS - (3.0)%** | **SOVEREIGN GOVERNMENT BONDS - (3.0)%** | **SOVEREIGN GOVERNMENT BONDS - (3.0)%** |
| **COSTA RICA - (0.4)%** | **COSTA RICA - (0.4)%** | **COSTA RICA - (0.4)%** |
| Republic of Costa Rica | Republic of Costa Rica | Republic of Costa Rica |
| &nbsp;&nbsp;&nbsp;6.55%, 4/3/2034<sup>(1)</sup> | (1150) | (1181) |
| **DOMINICAN REPUBLIC - (0.4)%** | **DOMINICAN REPUBLIC - (0.4)%** | **DOMINICAN REPUBLIC - (0.4)%** |
| Dominican Republic Government Bond | Dominican Republic Government Bond | Dominican Republic Government Bond |
| &nbsp;&nbsp;&nbsp;4.88%, 9/23/2032<sup>(1)</sup> | (1265) | (1151) |
| **ECUADOR - (0.3)%** | **ECUADOR - (0.3)%** | **ECUADOR - (0.3)%** |
| Republic of Ecuador | Republic of Ecuador | Republic of Ecuador |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 7/31/2030<sup>(1)</sup> | (1700) | (820) |
| **EL SALVADOR - (0.5)%** | **EL SALVADOR - (0.5)%** | **EL SALVADOR - (0.5)%** |
| Republic of El Salvador | Republic of El Salvador | Republic of El Salvador |
| &nbsp;&nbsp;&nbsp;7.65%, 6/15/2035<sup>(1)</sup> | (1720) | (1596) |
| **PARAGUAY - (0.4)%** | **PARAGUAY - (0.4)%** | **PARAGUAY - (0.4)%** |
| Republic of Paraguay | Republic of Paraguay | Republic of Paraguay |
| &nbsp;&nbsp;&nbsp;2.74%, 1/29/2033<sup>(1)</sup> | (1450) | (1203) |
| **ROMANIA - (0.7)%** | **ROMANIA - (0.7)%** | **ROMANIA - (0.7)%** |
| Romania Government Bond | Romania Government Bond | Romania Government Bond |
| &nbsp;&nbsp;&nbsp;4.00%, 2/14/2051<sup>(1)</sup> | (3200) | (1967) |
| **SENEGAL - (0.3)%** | **SENEGAL - (0.3)%** | **SENEGAL - (0.3)%** |
| Republic of Senegal | Republic of Senegal | Republic of Senegal |
| &nbsp;&nbsp;&nbsp;6.25%, 5/23/2033<sup>(1)</sup> | (1335) | (999) |
| **Total Sovereign government bonds** <br> (Proceeds $(9259)) |  | (8917) |
| **Total securities sold short** <br> (Proceeds $(20074)) |  | (20542) |
| **Total investments after securities sold short - 92.9%** <br> (Cost $275,814) |  | 278802 |
| **REVERSE REPURCHASE AGREEMENT - (0.1)%**<br> (Proceeds $(200)) |  | (200) |
| **Other assets less liabilities - 7.2%** |  | 21623 |
| **Total net assets - 100.0%#** |  | $300225 |

---

<sup>(1)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $117,032 or 39.0% of net assets.

<sup>(2)</sup> Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of March 31, 2025.

<sup>(3)</sup> 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.

<sup>(4)</sup> All or a position of the security has been pledge as collateral in connection with outstanding reverse repurchase agreements.

<sup>(5)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $8,043, or 2.7% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(6)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(7)</sup> Variable or floating rate security, linked to the referenced benchmark. Interest rates reset periodically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. The interest rate shown is the rate in effect as of March 31, 2025.

<sup>(8)</sup> Yield to maturity.

<sup>(9)</sup> Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

<sup>(10)</sup> Represents the current yield as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO DIVERSIFICATION** | **PORTFOLIO DIVERSIFICATION** | **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands | Dollar values in thousands | Dollar values in thousands |
|  | **Value** | **Percentage <br> of Total<br> Investments** |
| Communication Services | $1555 | 0.6% |
| Consumer Staples | 2431 | 0.9 |
| Energy | 19252 | 6.9 |
| Financials | 15923 | 5.7 |
| Industrials | 2828 | 1 |
| Investment Funds | (2775) | -1 |
| Materials | 12661 | 4.5 |
| Mutual Funds | 627 | 0.2 |
| Sovereign Government Securities | 121408 | 43.5 |
| Utilities | 3280 | 1.2 |
| Short-Term Investments | 101612 | 36.5 |
| **Total investments** | $278802 | 100.0% |

---

---

| | |
|:---|:---|
| **26** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **FOREIGN CURRENCY FORWARD CONTRACTS** |
| Values in thousands |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| BRL\*\* | 41425 | USD | 7121 | JPM | 4/2/2025 | $138 |
| EUR | 5331 | HUF | 2137900 | SCB | 4/2/2025 | 24 |
| HUF | 2137900 | EUR | 5304 | SCB | 4/2/2025 | 4 |
| PLN | 4200 | EUR | 1000 | SCB | 4/2/2025 | 3 |
| USD | 720 | UZS\*\* | 9300000 | ICBCSB | 4/2/2025 | 1 |
| UZS\*\* | 9300000 | USD | 702 | ICBCSB | 4/2/2025 | 17 |
| COP\*\* | 11897359 | USD | 2829 | JPM | 4/3/2025 | 15 |
| EGP\*\* | 30250 | USD | 598 | SG | 4/3/2025 |  |
| INR\*\* | 298504 | USD | 3481 | JPM | 4/3/2025 | 11 |
| USD | 2859 | COP\*\* | 11897359 | JPM | 4/3/2025 | 15 |
| USD | 650 | KWD | 200 | SCB | 4/3/2025 | 2 |
| USD | 2764 | PEN\*\* | 10102 | JPM | 4/3/2025 | 14 |
| USD | 969 | TWD\*\* | 31300 | JPM | 4/9/2025 | 28 |
| TJS\*\* | 6723 | USD | 608 | ICBCSB | 4/11/2025 | 9 |
| KZT\*\* | 650100 | USD | 1220 | DB | 4/15/2025 | 66 |
| KZT\*\* | 147000 | USD | 278 | SG | 4/15/2025 | 12 |
| KZT\*\* | 115000 | USD | 224 | SCB | 4/15/2025 | 3 |
| KZT\*\* | 225000 | USD | 415 | ICBCSB | 4/16/2025 | 30 |
| USD | 4676 | KWD | 1440 | SCB | 4/17/2025 | 5 |
| USD | 685 | KWD | 211 | SCB | 4/21/2025 |  |
| USD | 5149 | MXN | 103489 | JPM | 4/21/2025 | 106 |
| UZS\*\* | 55500000 | USD | 4188 | ICBCSB | 4/21/2025 | 84 |
| KZT\*\* | 1483410 | USD | 2762 | DB | 4/22/2025 | 166 |
| TRY | 54181 | USD | 1369 | SCB | 4/25/2025 | 14 |
| USD | 12897 | PEN\*\* | 47082 | JPM | 4/25/2025 | 90 |
| USD | 5778 | ZAR | 105468 | JPM | 4/25/2025 | 36 |
| USD | 747 | IDR\*\* | 12270285 | JPM | 4/30/2025 | 12 |
| USD | 1071 | IDR\*\* | 17449715 | SCB | 4/30/2025 | 25 |
| USD | 2224 | IDR\*\* | 36407986 | TDB | 4/30/2025 | 42 |
| BRL\*\* | 26695 | USD | 4608 | JPM | 5/5/2025 | 41 |
| PLN | 22400 | EUR | 5331 | SCB | 5/5/2025 | 2 |
| USD | 2435 | KWD | 750 | SCB | 5/5/2025 |  |
| USD | 753 | THB | 25320 | SCB | 5/13/2025 | 4 |
| USD | 1301 | KWD | 400 | JPM | 5/19/2025 | 3 |
| USD | 7285 | KWD | 2241 | SCB | 5/19/2025 | 9 |
| KZT\*\* | 870030 | USD | 1693 | SG | 5/20/2025 | 10 |
| UZS\*\* | 4300000 | USD | 320 | CITI | 5/20/2025 | 7 |
| UZS\*\* | 2500000 | USD | 188 | DB | 5/20/2025 | 3 |
| USD | 1337 | KWD | 405 | SCB | 6/12/2025 | 21 |
| UZS\*\* | 29550000 | USD | 2235 | JPM | 6/12/2025 | 5 |
| USD | 11981 | CNH | 86180 | SCB | 6/18/2025 | 57 |
| USD | 55280 | EUR | 50366 | SCB | 6/18/2025 | 581 |
| USD | 4191 | HKD | 32500 | SCB | 6/20/2025 | 7 |
| UZS\*\* | 12500000 | USD | 945 | ICBCSB | 6/20/2025 |  |
| USD | 1177 | KWD | 359 | SCB | 7/8/2025 | 10 |
| USD | 3054 | HKD | 23700 | SCB | 7/10/2025 | 2 |
| USD | 540 | THB | 18100 | SCB | 7/14/2025 | 3 |
| GTQ\*\* | 8550 | USD | 1081 | CITI | 9/3/2025 | 24 |
| USD | 895 | KWD | 270 | SCB | 9/16/2025 | 15 |
| USD | 3373 | TWD\*\* | 110045 | JPM | 9/22/2025 | 21 |
| USD | 3329 | TWD\*\* | 107900 | JPM | 10/14/2025 | 36 |
| USD | 932 | KWD | 280 | SCB | 12/16/2025 | 18 |
| USD | 1191 | KWD | 359 | SCB | 12/22/2025 | 19 |
| UZS\*\* | 14500000 | USD | 1003 | JPM | 1/7/2026 | 32 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1902 |
| BRL\*\* | 670 | USD | 117 | JPM | 4/2/2025 | (—) |
| EUR | 5347 | PLN | 22400 | SCB | 4/2/2025 | (2) |
| PLN | 18200 | EUR | 4370 | SCB | 4/2/2025 | (26) |
| USD | 2606 | BRL\*\* | 15400 | JPM | 4/2/2025 | (93) |
| KWD | 200 | USD | 649 | SCB | 4/3/2025 | (—) |
| PEN\*\* | 47082 | USD | 12906 | JPM | 4/3/2025 | (91) |
| USD | 570 | EGP\*\* | 30250 | SCB | 4/3/2025 | (28) |
| USD | 3451 | INR\*\* | 298504 | JPM | 4/3/2025 | (42) |
| USD | 10058 | PEN\*\* | 36979 | TDB | 4/3/2025 | (8) |
| TRY | 511442 | USD | 13602 | SCB | 4/14/2025 | (352) |
| USD | 2745 | TRY | 108000 | SCB | 4/14/2025 | (53) |
| KZT\*\* | 646700 | USD | 1287 | CITI | 4/15/2025 | (8) |
| KZT\*\* | 552200 | USD | 1116 | JPM | 4/15/2025 | (23) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** | **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** | **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** | **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** | **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** | **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** | **FOREIGN CURRENCY FORWARD CONTRACTS (continued)** |
| Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| KZT\*\* | 320000 | USD | 634 | SCB | 4/15/2025 | $(1) |
| KZT\*\* | 214360 | USD | 425 | DB | 4/18/2025 | (1) |
| UZS\*\* | 9300000 | USD | 715 | ICBCSB | 4/28/2025 | (1) |
| IDR\*\* | 8020000 | USD | 486 | JPM | 4/30/2025 | (5) |
| TRY | 100664 | USD | 2605 | SCB | 4/30/2025 | (53) |
| USD | 589 | EGP\*\* | 30250 | SG | 4/30/2025 | (1) |
| USD | 2818 | COP\*\* | 11897359 | JPM | 5/2/2025 | (15) |
| USD | 872 | GEL\*\* | 2500 | CITI | 5/5/2025 | (26) |
| USD | 2887 | GEL\*\* | 8200 | ICBCSB | 5/5/2025 | (61) |
| EUR | 5285 | HUF | 2137900 | SCB | 5/6/2025 | (3) |
| USD | 1292 | THB | 44400 | SCB | 5/13/2025 | (21) |
| KZT\*\* | 977666 | USD | 1925 | ICBCSB | 5/14/2025 | (8) |
| USD | 1963 | GEL\*\* | 5600 | ICBCSB | 5/14/2025 | (48) |
| KZT\*\* | 212641 | USD | 419 | DB | 5/19/2025 | (3) |
| KZT\*\* | 977666 | USD | 1917 | MSCS | 5/19/2025 | (3) |
| USD | 159 | EGP\*\* | 8400 | SG | 5/20/2025 | (3) |
| INR\*\* | 48600 | USD | 573 | JPM | 5/27/2025 | (6) |
| USD | 3465 | INR\*\* | 298504 | JPM | 5/27/2025 | (12) |
| USD | 1466 | GEL\*\* | 4150 | CITI | 6/5/2025 | (18) |
| EUR | 256 | USD | 282 | SCB | 6/18/2025 | (3) |
| USD | 2793 | EUR | 2583 | SCB | 6/18/2025 | (11) |
| USD | 2795 | NGN\*\* | 4500000 | JPM | 6/23/2025 | (42) |
| TRY | 61894 | USD | 1495 | SCB | 7/8/2025 | (45) |
| USD | 1095 | HKD | 8500 | SCB | 7/10/2025 | (—) |
| USD | 878 | GEL\*\* | 2600 | CITI | 7/14/2025 | (47) |
| USD | 314 | THB | 10800 | SCB | 7/14/2025 | (7) |
| TRY | 68300 | USD | 1617 | SCB | 9/10/2025 | (117) |
| USD | 629 | GEL\*\* | 1800 | ICBCSB | 9/29/2025 | (4) |
| TRY | 58253 | USD | 1308 | SCB | 10/9/2025 | (64) |
| TRY | 28000 | USD | 579 | SCB | 12/18/2025 | (17) |
| USD | 4154 | CNH | 30000 | SCB | 1/12/2026 | (52) |
| USD | 7202 | CNH | 51850 | SCB | 1/20/2026 | (69 |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1493 |
| **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | $409 |

---

\*\* Non-deliverable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands |
| **Description** | **No. of Contracts** | **Expiration Date** | **Trading Currency** | **Notional Amount** | **Notional Value** | **Unrealized Appreciation (Depreciation)** |
| **Long Positions Contracts** | **Long Positions Contracts** | **Long Positions Contracts** | **Long Positions Contracts** | **Long Positions Contracts** | **Long Positions Contracts** | **Long Positions Contracts** |
| U.S. Treasury Ultra Bond | 13 | 6/18/2025 | USD | $1300 | $1589 | $28 |
|  |  |  |  |  |  | 28 |
| **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** | **Short Positions Contracts** |
| Euro-Bobl | (65) | 6/6/2025 | EUR | (6500) | (8279) | 68 |
| Euro-BTP | (11) | 6/6/2025 | EUR | (1100) | (1398) | 23 |
| Euro-Bund | (143) | 6/6/2025 | EUR | (14300) | (19920) | 215 |
| Euro-Buxl | (8) | 6/6/2025 | EUR | (800) | (1032) | 2 |
| Euro-Schatz | (50) | 6/6/2025 | EUR | (5000) | (5783) | 6 |
| S&P 500 E-Mini Index | (16) | 6/20/2025 | USD | (1) | (4523) | (59) |
| U.S. Treasury 2 Year Note | (61) | 6/30/2025 | USD | (12200) | (12637) | (57) |
| U.S. Treasury 5 Year Note | (200) | 6/30/2025 | USD | (20000) | (21631) | (203) |
| U.S. Treasury 10 Year Note | (139) | 6/18/2025 | USD | (13900) | (15459) | (238) |
|  |  |  |  |  |  | (243) |
| **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  |  | $**(215)** |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **27** |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS - BUY PROTECTION** 

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate Paid by the Fund (%)** | **Frequency of Payments Made/Received** | **Termination Date** | **Notional Amount** | **Upfront (Payments) Receipts ($)** | **Unrealized Appreciation (Depreciation) ($)** | **Value ($)** |
| Bank of China Ltd. | 1.00 | Quarterly | 6/20/2029 | 550 | (4) | <sup>(8)</sup> | (12) |
| Bank of China Ltd. | 1.00 | Quarterly | 12/20/2029 | 780 | (16) | (—)^ | (16) |
| Export-Import Bank of China (The) | 1.00 | Quarterly | 6/20/2029 | 550 | (5) | (7) | (12) |
| Export-Import Bank of China (The) | 1.00 | Quarterly | 12/20/2029 | 780 | (16) | <sup>(1)</sup> | (17) |
| French Republic | 0.25 | Quarterly | 6/20/2034 | 12430 | 301 | 84 | 385 |
| French Republic | 0.25 | Quarterly | 12/20/2034 | 5620 | 179 | 13 | 192 |
| Hungary | 1.00 | Quarterly | 6/20/2027 | 965 | 19 | (26) | (7) |
| Hungary | 1.00 | Quarterly | 6/20/2028 | 300 | 6 | (7) | <sup>(1)</sup> |
| Hungary | 1.00 | Quarterly | 12/20/2028 | 1600 | 20 | (21) | <sup>(1)</sup> |
| Hungary | 1.00 | Quarterly | 6/20/2029 | 6550 | 30 | (15) | 15 |
| Hungary | 1.00 | Quarterly | 12/20/2029 | 1267 | 8 | 1 | 9 |
| Hungary | 1.00 | Quarterly | 6/20/2030 | 1267 | 18 | (4) | 14 |
| Kingdom of Saudi Arabia | 1.00 | Quarterly | 6/20/2029 | 6700 | (109) | 4 | (105) |
| Kingdom of Saudi Arabia | 1.00 | Quarterly | 6/20/2032 | 1070 | <sup>(9)</sup> | 2 | (7) |
| Kingdom of Saudi Arabia | 1.00 | Quarterly | 6/20/2033 | 2220 | (23) | 22 | <sup>(1)</sup> |
| Kingdom of Saudi Arabia | 1.00 | Quarterly | 12/20/2033 | 8085 | (50) | 66 | 16 |
| Kingdom of Saudi Arabia | 1.00 | Quarterly | 12/20/2034 | 19180 | 7 | 131 | 138 |
| Kingdom of Spain | 1.00 | Quarterly | 6/20/2032 | 570 | <sup>(9)</sup> | (11) | (20) |
| Kingdom of Spain | 1.00 | Quarterly | 6/20/2033 | 1170 | (20) | (19) | (39) |
| Kingdom of Spain | 1.00 | Quarterly | 12/20/2033 | 915 | (19) | (11) | (30) |
| Kingdom of Spain | 1.00 | Quarterly | 12/20/2034 | 4270 | (125) | <sup>(8)</sup> | (133) |
| Malaysia | 1.00 | Quarterly | 12/20/2027 | 500 | (4) | (5) | <sup>(9)</sup> |
| Malaysia | 1.00 | Quarterly | 6/20/2028 | 1290 | (18) | (7) | (25) |
| Markit CDX North American Emerging Markets Index Series 42-V1 | 1.00 | Quarterly | 12/20/2029 | 6640 | 150 | 30 | 180 |
| Markit CDX North American High Yield Index Series 43-V1 | 5.00 | Quarterly | 12/20/2029 | 5220 | (452) | 165 | (287) |
| Penerbangan Malaysia Bhd. | 1.00 | Quarterly | 12/20/2028 | 650 | (14) | 1 | (13) |
| Penerbangan Malaysia Bhd. | 1.00 | Quarterly | 12/20/2029 | 4415 | (106) | 11 | (95) |
| Petrobras Global Finance BV | 1.00 | Quarterly | 12/20/2027 | 390 | 17 | (16) | 1 |
| Republic of Chile | 1.00 | Quarterly | 6/20/2028 | 750 | (4) | (10) | (14) |
| Republic of Chile | 1.00 | Quarterly | 12/20/2028 | 4410 | (73) | (15) | (88) |
| Republic of Chile | 1.00 | Quarterly | 6/20/2032 | 950 | 41 | (50) | <sup>(9)</sup> |
| Republic of Chile | 1.00 | Quarterly | 12/20/2034 | 2150 | 5 | 4 | 9 |
| Republic of Colombia | 1.00 | Quarterly | 6/20/2028 | 100 | 5 | (4) | 1 |
| Republic of Indonesia | 1.00 | Quarterly | 12/20/2027 | 690 | 2 | <sup>(9)</sup> | (7) |
| Republic of Indonesia | 1.00 | Quarterly | 6/20/2028 | 2050 | (13) | (10) | (23) |
| Republic of Indonesia | 1.00 | Quarterly | 12/20/2028 | 5520 | (56) | 4 | (52) |
| Republic of Indonesia | 1.00 | Quarterly | 12/20/2029 | 11800 | (131) | 72 | (59) |
| Republic of Italy | 1.00 | Quarterly | 6/20/2034 | 4815 | 39 | (34) | 5 |
| Republic of Italy | 1.00 | Quarterly | 12/20/2034 | 4500 | 9 | 10 | 19 |
| Republic of Kazakhstan | 1.00 | Quarterly | 6/20/2028 | 2085 | 30 | (57) | (27) |
| Republic of Kazakhstan | 1.00 | Quarterly | 6/20/2029 | 325 | <sup>(1)</sup> | <sup>(2)</sup> | (3) |
| Republic of Panama | 1.00 | Quarterly | 12/20/2033 | 5400 | 617 | 102 | 719 |
| Republic of Peru | 1.00 | Quarterly | 6/20/2028 | 280 | <sup>(1)</sup> | (3) | (4) |
| Republic of Peru | 1.00 | Quarterly | 12/20/2028 | 3560 | (42) | 1 | (41) |
| Republic of Peru | 1.00 | Quarterly | 6/20/2032 | 300 | 11 | <sup>(8)</sup> | 3 |
| Republic of Peru | 1.00 | Quarterly | 12/20/2032 | 2210 | 50 | (19) | 31 |
| Republic of Peru | 1.00 | Quarterly | 6/20/2034 | 950 | 25 | 1 | 26 |
| Republic of Poland | 1.00 | Quarterly | 6/20/2027 | 325 | 1 | (6) | (5) |
| Republic of Poland | 1.00 | Quarterly | 12/20/2027 | 160 | 2 | (5) | (3) |
| Republic of Poland | 1.00 | Quarterly | 6/20/2028 | 1110 | <sup>(8)</sup> | (11) | (19) |
| Republic of Poland | 1.00 | Quarterly | 12/20/2028 | 1100 | (12) | (5) | (17) |
| Republic of Poland | 1.00 | Quarterly | 6/20/2029 | 3540 | (52) | (5) | (57) |

---

---

| | |
|:---|:---|
| **28** | &nbsp;&nbsp;Artisan Partners Funds |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS - BUY PROTECTION (continued)**

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate Paid by the Fund (%)** | **Frequency of Payments Made/Received** | **Termination Date** | **Notional Amount** | **Upfront (Payments) Receipts ($)** | **Unrealized Appreciation (Depreciation) ($)** | **Value ($)** |
| Republic of Poland | 1.00 | Quarterly | 12/20/2029 | 1200 | (19) | —^ | (19) |
| Republic of South Africa | 1.00 | Quarterly | 6/20/2028 | 600 | 29 | (19) | 10 |
| Republic of South Africa | 1.00 | Quarterly | 6/20/2029 | 9850 | 417 | (76) | 341 |
| Republic of South Africa | 1.00 | Quarterly | 12/20/2029 | 29070 | 1148 | 196 | 1344 |
| Republic of South Africa | 1.00 | Quarterly | 6/20/2032 | 765 | 81 | (1) | 80 |
| Republic of South Africa | 1.00 | Quarterly | 12/20/2032 | 220 | 29 | (3) | 26 |
| Republic of South Africa | 1.00 | Quarterly | 6/20/2033 | 2445 | 349 | (37) | 312 |
| Republic of South Africa | 1.00 | Quarterly | 12/20/2033 | 2235 | 333 | (25) | 308 |
| Republic of Turkiye (The) | 1.00 | Quarterly | 6/20/2030 | 4600 | 412 | 21 | 433 |
| Republic of Turkiye (The) | 1.00 | Quarterly | 6/20/2034 | 7080 | 1115 | 162 | 1277 |
| State of Qatar | 1.00 | Quarterly | 6/20/2029 | 5900 | (118) | (38) | (156) |
| State of Qatar | 1.00 | Quarterly | 12/20/2032 | 200 | (3) | (3) | (6) |
| State of Qatar | 1.00 | Quarterly | 6/20/2033 | 1500 | (27) | (14) | (41) |
| State of Qatar | 1.00 | Quarterly | 12/20/2034 | 7255 | (188) | —^ | (188) |
| United Mexican States | 1.00 | Quarterly | 12/20/2027 | 175 | 1 | (2) | (1) |
| United Mexican States | 1.00 | Quarterly | 6/20/2028 | 2960 | 5 | (15) | (10) |
| United Mexican States | 1.00 | Quarterly | 12/20/2028 | 3195 | (15) | 17 | 2 |
| United Mexican States | 1.00 | Quarterly | 6/20/2029 | 1700 | (4) | 11 | 7 |
| United Mexican States | 1.00 | Quarterly | 6/20/2034 | 7650 | 491 | 58 | 549 |
| **Total buy protection** |  |  |  |  | 4236 | 537 | 4773 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **29** |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS - SELL PROTECTION**

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate Received by the Fund (%)** | **Frequency of Payment Made/Received** | **Termination Date** | **Credit Spread (bps)** | **Notional Amount<sup>\*\*\*</sup>** | **Upfront (Payments) Receipts ($)** | **Unrealized Appreciation (Depreciation) ($)** | **Value ($)** |
| Federative Republic of Brazil | 1.00 | Quarterly | 6/20/2026 | 66 | 2050 | 7 | 2 | 9 |
| Federative Republic of Brazil | 1.00 | Quarterly | 12/20/2026 | 84 | 400 | 1 | (—)^ | 1 |
| Federative Republic of Brazil | 1.00 | Quarterly | 12/20/2034 | 281 | 4680 | (599) | (11) | (610) |
| Republic of Colombia | 1.00 | Quarterly | 6/20/2026 | 73 | 2050 | 7 | (—)^ | 7 |
| Republic of Colombia | 1.00 | Quarterly | 12/20/2026 | 99 | 400 | 1 | (1) | —^ |
| Republic of Colombia | 1.00 | Quarterly | 12/20/2034 | 337 | 3470 | (493) | (86) | (579) |
| Republic of Turkiye (The) | 1.00 | Quarterly | 6/20/2025 | 129 | 2050 | —^ | (1) | (1) |
| **Total sell protection** |  |  |  |  |  | (1076) | (97) | (1173) |

---

\*\*\* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At March 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $15,100.

**CENTRALLY CLEARED INTEREST RATE SWAPS**

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (Frequency)** | **Fixed Rate (%) (Frequency)** | **Fund Pays/ Receives Floating Rate** | **Termination Date** | **Notional Amount** | **Upfront Payments (Receipts) ($)** | **Unrealized Appreciation (Depreciation) ($)** | **Value ($)** |
| 6 month WIBOR semi-annually | 4.54 annually | Receive | 10/2/2028 | PLN 5,100 | 6 | 8 | 14 |
| 6 month PRIBOR semi-annually | 3.95 annually | Pay | 12/1/2030 | CZK 11,400 | 1 | 9 | 10 |
| 6 month PRIBOR semi-annually | 3.89 annually | Pay | 1/14/2035 | CZK 59,340 | 15 | 12 | 27 |
| 4 week TIIE monthly | 9.88 monthly | Pay | 12/24/2025 | MXN 172,100 |  | 77 | 77 |
| 6 month BUBOR semi-annually | 6.03 annually | Receive | 2/20/2033 | HUF 160,000 | 1 | 22 | 23 |
| 6 month BUBOR semi-annually | 6.46 annually | Receive | 3/28/2034 | HUF 48,000 |  | 4 | 4 |
| 6 month PRIBOR semi-annually | 3.90 annually | Pay | 4/10/2034 | CZK 13,000 | (8) | 26 | 18 |
| 1 day MIBOR semi-annually | 6.29 semi-annually | Pay | 11/4/2029 | INR 198,600 | 21 | 11 | 32 |
| 1 day MIBOR semi-annually | 6.07 semi-annually | Pay | 1/30/2027 | INR 683,000 | (3) | 26 | 23 |
| 1 day TONAR annually | 0.92 annually | Receive | 1/5/2033 | JPY 308,800 | (19) | 57 | 38 |
| 1 day MIBOR semi-annually | 6.19 semi-annually | Pay | 5/26/2033 | INR 45,100 |  | 6 | 6 |
| **Total positive value** |  |  |  |  | 14 | 258 | 272 |
| 6 month WIBOR semi-annually | 7.45 annually | Receive | 6/20/2032 | PLN 3,625 | (126) | (66) | (192) |
| 6 month WIBOR semi-annually | 5.24 annually | Receive | 1/14/2035 | PLN 2,140 | (1) | (15) | (16) |
| 6 month BUBOR semi-annually | 7.07 annually | Receive | 1/14/2035 | HUF 1,721,000 | (62) | 36 | (26) |
| 6 month WIBOR semi-annually | 5.11 annually | Receive | 3/28/2034 | PLN 5,400 | (27) | (3) | (30) |
| 6 month BUBOR semi-annually | 6.65 annually | Receive | 4/10/2034 | HUF 41,000 |  | (2) | (2) |
| 6 month WIBOR semi-annually | 5.30 annually | Receive | 4/15/2032 | PLN 1,491 | (3) | (20) | (23) |
| 6 month WIBOR semi-annually | 6.45 annually | Receive | 5/13/2032 | PLN 225 |  | (8) | (8) |
| 6 month BUBOR semi-annually | 8.16 annually | Receive | 6/17/2032 | HUF 174,000 | 8 | (63) | (55) |
| 6 month BUBOR semi-annually | 7.25 annually | Receive | 5/13/2032 | HUF 38,300 | (10) | 4 | (6) |
| 1 day CDI at termination | 14.44 at termination | Pay | 1/4/2027 | BRL 79,500 |  | (95) | (95) |
| 1 day THOR quarterly | 1.98 quarterly | Receive | 2/3/2030 | THB 50,600 | (5) | (26) | (31) |
| 1 day THOR quarterly | 2.89 quarterly | Receive | 6/17/2032 | THB 2,750 |  | (7) | (7) |
| 1 day THOR quarterly | 2.59 quarterly | Receive | 9/1/2032 | THB 7,450 | (1) | (13) | (14) |
| 1 day THOR quarterly | 2.99 quarterly | Receive | 9/26/2032 | THB 5,300 |  | (14) | (14) |
| 1 day THOR quarterly | 2.95 quarterly | Receive | 10/2/2028 | THB 23,260 |  | (36) | (36) |
| 1 day TIIEOIS monthly | 8.96 monthly | Receive | 12/24/2025 | MXN 166,000 | (6) | (33) | (39) |
| 1 day THOR quarterly | 2.83 quarterly | Receive | 8/17/2033 | THB 3,600 |  | (9) | (9) |
| **Total negative value** |  |  |  |  | (233) | (370) | (603) |
| **Total** |  |  |  |  | (219) | (112) | (331) |

---

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

---

| | |
|:---|:---|
| **30** | &nbsp;&nbsp;Artisan Partners Funds |

---

**OTC CREDIT DEFAULT SWAPS - BUY PROTECTION**

Notional amounts and values in thousands and reported in USD unless otherwise stated

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate Paid by the Fund (%)** | **Frequency of Payments Made/Received** | **Counterparty** | **Termination Date** | **Notional Amount** | **Upfront (Payments) Receipts ($)** | **Unrealized Appreciation (Depreciation) ($)** | **Value ($)** |
| China Construction Bank Corp/London | 1.00 | Quarterly | JPM | 6/20/2029 | 550 | (4) | (9) | (13) |
| China Construction Bank Corp/London | 1.00 | Quarterly | MS | 6/20/2029 | 780 | (17) | (1) | (18) |
| Industrial & Commercial Bank of China Ltd. | 1.00 | Quarterly | JPM | 6/20/2029 | 450 | (3) | (7) | (10) |
| Industrial & Commercial Bank of China Ltd. | 1.00 | Quarterly | MS | 6/20/2029 | 890 | (18) | (2) | (20) |
| **Total** |  |  |  |  |  | (42) | (19) | (61) |

---

**OTC INTEREST RATE SWAPS**

Values in thousands

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (Frequency)** | **Fixed Rate (%) (Frequency)** | **Fund Pays/ Receives Floating Rate** | **Counterparty** | **Termination Date** | **Notional Amount** | **Upfront Payments (Receipts) ($)** | **Unrealized Appreciation (Depreciation) ($)** | **Value ($)** |
| 3 month KLIBOR quarterly | 3.98 quarterly | Receive | GS | 8/15/2033 | MYR 1,550 | 1 | (11) | (10) |
| 3 month KLIBOR quarterly | 3.78 quarterly | Receive | GS | 3/14/2033 | MYR 2,210 | 6 | (13) | (7) |
| 3 month KLIBOR quarterly | 3.60 quarterly | Receive | JPM | 11/1/2029 | MYR 9,700 | (4) | (7) | (11) |
| 3 month KLIBOR quarterly | 3.76 quarterly | Receive | JPM | 2/13/2035 | MYR 350 |  | (1) | (1) |
| 3 month KLIBOR quarterly | 3.76 quarterly | Receive | JPM | 2/13/2035 | MYR 3,400 |  | (7) | (7) |
| **Total** |  |  |  |  |  | 3 | (39) | (36) |

---

**REVERSE REPURCHASE AGREEMENT** 

Values in thousands

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Face value ($)** | **Face Value Including Accrued Interest ($)** | **Type of Non Cash Underlying Collateral** | **Remaining Contractual Maturity of Agreement** |
| Morgan Stanley & Co International plc | (3.50)% | &nbsp;&nbsp;9/23/2024 | &nbsp;&nbsp;Open\* | (200) | (200) | &nbsp;&nbsp;Frigorifico Concepcion SA | &nbsp;&nbsp;Up to 25 Years\* |

---

\* Reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

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

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **31** |

---

ARTISAN GLOBAL VALUE FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares Held** | **Value** |
| **COMMON STOCKS AND EQUITY-LINKED SECURITY - 93.6%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 93.6%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 93.6%** |
| **BELGIUM - 0.9%** | **BELGIUM - 0.9%** | **BELGIUM - 0.9%** |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV<sup>(1)</sup> | 312 | $23297 |
| **CHINA - 1.9%** | **CHINA - 1.9%** | **CHINA - 1.9%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(1)</sup> | 2822 | 46787 |
| **FRANCE - 7.0%** | **FRANCE - 7.0%** | **FRANCE - 7.0%** |
| &nbsp;&nbsp;&nbsp;Danone SA<sup>(1)</sup> | 1455 | 111525 |
| &nbsp;&nbsp;&nbsp;Sodexo SA<sup>(1)</sup> | 417 | 26793 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE<sup>(1)</sup> | 599 | 38726 |
|  |  | 177044 |
| **GERMANY - 5.4%** | **GERMANY - 5.4%** | **GERMANY - 5.4%** |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG<sup>(1)</sup> | 622 | 24991 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG<sup>(1)</sup> | 658 | 112536 |
|  |  | 137527 |
| **IRELAND - 0.8%** | **IRELAND - 0.8%** | **IRELAND - 0.8%** |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings plc, Equity-Linked Security<sup>(1)(2)(3)\*</sup> | 953 | 19130 |
| **NETHERLANDS - 6.8%** | **NETHERLANDS - 6.8%** | **NETHERLANDS - 6.8%** |
| &nbsp;&nbsp;&nbsp;Heineken NV<sup>(1)</sup> | 582 | 47555 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV<sup>(1)\*</sup> | 3372 | 85671 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV<sup>(1)</sup> | 1412 | 38904 |
|  |  | 172130 |
| **SOUTH KOREA - 3.3%** | **SOUTH KOREA - 3.3%** | **SOUTH KOREA - 3.3%** |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd.<sup>(1)</sup> | 2135 | 84558 |
| **SWITZERLAND - 4.8%** | **SWITZERLAND - 4.8%** | **SWITZERLAND - 4.8%** |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA<sup>(1)</sup> | 341 | 59536 |
| &nbsp;&nbsp;&nbsp;UBS Group AG<sup>(1)</sup> | 2046 | 62692 |
|  |  | 122228 |
| **UNITED KINGDOM - 10.7%** | **UNITED KINGDOM - 10.7%** | **UNITED KINGDOM - 10.7%** |
| &nbsp;&nbsp;&nbsp;BAE Systems plc<sup>(1)</sup> | 2931 | 59306 |
| &nbsp;&nbsp;&nbsp;Compass Group plc<sup>(1)</sup> | 2788 | 92043 |
| &nbsp;&nbsp;&nbsp;Diageo plc<sup>(1)</sup> | 1095 | 28568 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc<sup>(1)</sup> | 52215 | 48851 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc<sup>(1)</sup> | 604 | 40835 |
|  |  | 269603 |
| **UNITED STATES - 52.0%** | **UNITED STATES - 52.0%** | **UNITED STATES - 52.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 621 | 95958 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 369 | 99396 |
| &nbsp;&nbsp;&nbsp;Aon plc, Class A | 95 | 37882 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 1292 | 108322 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 202 | 107470 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 1470 | 115056 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 948 | 67265 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 277 | 120335 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 508 | 34788 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 415 | 30181 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 281 | 68569 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 160 | 92487 |
| &nbsp;&nbsp;&nbsp;Novartis AG<sup>(1)</sup> | 916 | 101899 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 426 | 27824 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 321 | 90779 |
| &nbsp;&nbsp;&nbsp;Shell plc<sup>(1)</sup> | 2414 | 87851 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 874 | 29354 |
|  |  | 1315416 |
| **Total common stocks and equity-linked security** | **Total common stocks and equity-linked security** | **Total common stocks and equity-linked security** |
| &nbsp;&nbsp;&nbsp;(Cost $1,420,586) |  | 2367720 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares Held** | **Value** |
| **SHORT-TERM INVESTMENT - 5.2%** | **SHORT-TERM INVESTMENT - 5.2%** | **SHORT-TERM INVESTMENT - 5.2%** |
| **INVESTMENT COMPANY - 5.2%** | **INVESTMENT COMPANY - 5.2%** | **INVESTMENT COMPANY - 5.2%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(4)</sup> (Cost $131,722) | 131722 | $131722 |
| **Total investments - 98.8%** <br> (Cost $1,552,308) |  | 2499442 |
| **Other assets less liabilities - 1.2%** |  | **29111** |
| **Total net assets - 100.0%<sup>#</sup>** |  | $**2528553** |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,242,054, or 49.1% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Security** | <br>**Acquisition Date** |<br>**Cost** |<br>**Value** | **Percentage of**<br>**Total Net Assets** |
| Ryanair Holdings plc, Equity-Linked Security | 7/3/2024 - 8/13/2024 | $16871 | $19130 | 0.8% |

---

<sup>(3)</sup> Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

<sup>(4)</sup> Represents the current yield as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO DIVERSIFICATION** | **PORTFOLIO DIVERSIFICATION** | **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands | Dollar values in thousands | Dollar values in thousands |
|  | **Value** | **Percentage of Total Investments** |
| Communication Services | $227349 | 9.1% |
| Consumer Discretionary | 225159 | 9.0 |
| Consumer Staples | 228483 | 9.1 |
| Energy | 126577 | 5.1 |
| Financials | 857403 | 34.4 |
| Health Care | 342693 | 13.7 |
| Industrials | 132781 | 5.3 |
| Information Technology | 114739 | 4.6 |
| Materials | 112536 | 4.5 |
| Short-Term Investment | 131722 | 5.2 |
| **Total investments** | $2499442 | 100.0% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FOREIGN CURRENCY FORWARD CONTRACTS** | **FOREIGN CURRENCY FORWARD CONTRACTS** | **FOREIGN CURRENCY FORWARD CONTRACTS** | **FOREIGN CURRENCY FORWARD CONTRACTS** | **FOREIGN CURRENCY FORWARD CONTRACTS** | **FOREIGN CURRENCY FORWARD CONTRACTS** | **FOREIGN CURRENCY FORWARD CONTRACTS** |
| Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands | Values in thousands |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| CNH | 189217 | USD | 26420 | JPM | 12/17/2025 | $69 |
| USD | 15610 | CNH | 111337 | JPM | 12/17/2025 | 24 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | 93 |
| CNH | 135436 | USD | 19011 | JPM | 12/17/2025 | (51) |
| USD | 75945 | CNH | 546210 | JPM | 12/17/2025 | (520) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | (571) |
| **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | $(478) |

---

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

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

---

| | |
|:---|:---|
| **32** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN HIGH INCOME FUND

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br>**Amount** |<br>**Value** |
| **CORPORATE BONDS - 71.4%** |  |  |  |
| **AEROSPACE & DEFENSE - 0.2%** |  |  |  |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;6.63%, 3/1/2032<sup>(1)</sup> |  | 16145 | $16351 |
| **BROADLINE RETAIL - 1.7%** |  |  |  |
| Nordstrom, Inc. |  |  |  |
| &nbsp;&nbsp;4.00%, 3/15/2027 |  | 14636 | 14107 |
| &nbsp;&nbsp;4.25%, 8/1/2031 |  | 21278 | 18280 |
| &nbsp;&nbsp;4.38%, 4/1/2030 |  | 56341 | 50399 |
| &nbsp;&nbsp;5.00%, 1/15/2044 |  | 98226 | 72285 |
|  |  |  | 155071 |
| **BUILDING PRODUCTS - 1.0%** |  |  |  |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;6.38%, 3/1/2032<sup>(1)</sup> |  | 58446 | 58817 |
| &nbsp;&nbsp;6.75%, 3/1/2033<sup>(1)</sup> |  | 32340 | 32193 |
|  |  |  | 91010 |
| **CAPITAL MARKETS - 0.2%** |  |  |  |
| Jane Street Group |  |  |  |
| &nbsp;&nbsp;6.13%, 11/1/2032<sup>(1)</sup> |  | 15593 | 15343 |
| **CHEMICALS - 1.7%** |  |  |  |
| Methanex Corp. |  |  |  |
| &nbsp;&nbsp;5.13%, 10/15/2027<sup>(2)</sup> |  | 28114 | 27564 |
| &nbsp;&nbsp;5.25%, 12/15/2029<sup>(2)</sup> |  | 91452 | 87833 |
| &nbsp;&nbsp;5.65%, 12/1/2044<sup>(2)</sup> |  | 4854 | 3990 |
| SK Invictus Intermediate II SARL |  |  |  |
| &nbsp;&nbsp;5.00%, 10/30/2029<sup>(1)</sup> |  | 35487 | 33284 |
|  |  |  | 152671 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.3%** | **COMMERCIAL SERVICES & SUPPLIES - 0.3%** | **COMMERCIAL SERVICES & SUPPLIES - 0.3%** |  |
| Veritiv Operating Co. |  |  |  |
| &nbsp;&nbsp;10.50%, 11/30/2030<sup>(1)</sup> |  | 29753 | 31503 |
| **CONSTRUCTION & ENGINEERING - 0.3%** |  |  |  |
| Signature Aviation US Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;4.00%, 3/1/2028<sup>(1)</sup> |  | 32372 | 28487 |
| **CONSUMER FINANCE - 0.1%** |  |  |  |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;7.88%, 3/15/2030 |  | 8312 | 8615 |
| **CONTAINERS & PACKAGING - 1.8%** |  |  |  |
| Ardagh Metal Packaging Finance USA LLC |  |  |  |
| &nbsp;&nbsp;3.00%, 9/1/2029 | EUR | 8242 | 7459 |
| &nbsp;&nbsp;3.25%, 9/1/2028<sup>(1)</sup> |  | 41534 | 37226 |
| &nbsp;&nbsp;4.00%, 9/1/2029<sup>(1)</sup> |  | 60304 | 51350 |
| &nbsp;&nbsp;6.00%, 6/15/2027<sup>(1)</sup> |  | 6023 | 5939 |
| Canpack SA |  |  |  |
| &nbsp;&nbsp;3.88%, 11/15/2029<sup>(1)(2)</sup> |  | 3536 | 3208 |
| Iris Holding, Inc. |  |  |  |
| &nbsp;&nbsp;10.00%, 12/15/2028<sup>(1)</sup> |  | 42881 | 38233 |
| Pactiv Evergreen Group Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;4.00%, 10/15/2027<sup>(1)</sup> |  | 26608 | 26874 |
|  |  |  | 170289 |
| **DISTRIBUTORS - 0.8%** |  |  |  |
| American Builders & Contractors Supply Co., Inc. |  |  |  |
| &nbsp;&nbsp;3.88%, 11/15/2029<sup>(1)</sup> |  | 4150 | 3806 |
| Gates Corp. |  |  |  |
| &nbsp;&nbsp;6.88%, 7/1/2029<sup>(1)</sup> |  | 28074 | 28560 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value** | **Value** |
| **DISTRIBUTORS (continued)** |  |  |  |
| Windsor Holdings III LLC |  |  |  |
| &nbsp;&nbsp;8.50%, 6/15/2030<sup>(1)</sup> | 43264 | $| 44643 |
|  |  |  | 77009 |
| **DIVERSIFIED CONSUMER SERVICES - 0.4%** |  |  |  |
| Wand NewCo 3, Inc. |  |  |  |
| &nbsp;&nbsp;7.63%, 1/30/2032<sup>(1)</sup> | 32851 |  | 33618 |
| DIVERSIFIED REITS - 0.8% |  |  |  |
| Global Net Lease, Inc. |  |  |  |
| &nbsp;&nbsp;3.75%, 12/15/2027<sup>(1)</sup> | 53117 |  | 49993 |
| Necessity Retail REIT, Inc. (The) |  |  |  |
| &nbsp;&nbsp;4.50%, 9/30/2028<sup>(1)</sup> | 31343 |  | 29544 |
|  |  |  | 79537 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 8.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 8.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 8.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 8.4%** |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;5.13%, 1/15/2029<sup>(1)(2)</sup> | 4830 |  | 3795 |
| &nbsp;&nbsp;5.13%, 7/15/2029<sup>(1)(2)</sup> | 46069 |  | 36087 |
| &nbsp;&nbsp;5.50%, 10/15/2029<sup>(1)(2)</sup> | 110981 |  | 87936 |
| CCO Holdings LLC |  |  |  |
| &nbsp;&nbsp;4.25%, 2/1/2031<sup>(1)</sup> | 95593 |  | 84708 |
| &nbsp;&nbsp;4.25%, 1/15/2034<sup>(1)</sup> | 24208 |  | 19911 |
| &nbsp;&nbsp;4.50%, 8/15/2030<sup>(1)</sup> | 108069 |  | 98376 |
| &nbsp;&nbsp;4.50%, 5/1/2032 | 94019 |  | 81614 |
| &nbsp;&nbsp;4.75%, 3/1/2030<sup>(1)</sup> | 39605 |  | 36731 |
| &nbsp;&nbsp;5.00%, 2/1/2028<sup>(1)</sup> | 18210 |  | 17672 |
| &nbsp;&nbsp;5.13%, 5/1/2027<sup>(1)</sup> | 26053 |  | 25661 |
| &nbsp;&nbsp;6.38%, 9/1/2029<sup>(1)</sup> | 19741 |  | 19682 |
| Virgin Media Finance plc |  |  |  |
| &nbsp;&nbsp;5.00%, 7/15/2030<sup>(1)(2)</sup> | 147527 |  | 126474 |
| Virgin Media Secured Finance plc |  |  |  |
| &nbsp;&nbsp;4.50%, 8/15/2030<sup>(1)(2)</sup> | 25800 |  | 22694 |
| &nbsp;&nbsp;5.50%, 5/15/2029<sup>(1)(2)</sup> | 27393 |  | 25945 |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;4.00%, 3/1/2027<sup>(1)</sup> | 51798 |  | 47179 |
| &nbsp;&nbsp;6.13%, 3/1/2028<sup>(1)</sup> | 53801 |  | 44749 |
|  |  |  | 779214 |
| **ELECTRICAL EQUIPMENT - 1.2%** |  |  |  |
| Regal Rexnord Corp. |  |  |  |
| &nbsp;&nbsp;6.05%, 2/15/2026 | 1768 |  | 1781 |
| &nbsp;&nbsp;6.05%, 4/15/2028 | 3998 |  | 4102 |
| &nbsp;&nbsp;6.30%, 2/15/2030 | 52835 |  | 54950 |
| &nbsp;&nbsp;6.40%, 4/15/2033 | 46270 |  | 48030 |
|  |  |  | 108863 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.1%** |
| Insight Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;6.63%, 5/15/2032<sup>(1)</sup> | 7247 |  | 7304 |
| **FINANCIAL SERVICES - 1.1%** |  |  |  |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;3.50%, 6/1/2031 | 7513 |  | 6605 |
| &nbsp;&nbsp;6.50%, 5/15/2032<sup>(1)</sup> | 49364 |  | 49862 |
| Shift4 Payments LLC |  |  |  |
| &nbsp;&nbsp;6.75%, 8/15/2032<sup>(1)</sup> | 19548 |  | 19703 |
| WEX, Inc. |  |  |  |
| &nbsp;&nbsp;6.50%, 3/15/2033<sup>(1)</sup> | 31235 |  | 30893 |
|  |  |  | 107063 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **33** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **FOOD PRODUCTS - 0.2%** | **FOOD PRODUCTS - 0.2%** | **FOOD PRODUCTS - 0.2%** |
| Chobani Holdco II LLC | Chobani Holdco II LLC | Chobani Holdco II LLC |
| &nbsp;&nbsp;&nbsp;8.75% Cash, 9.50% PIK, 10/1/2029<sup>(1)</sup> | 15318 | $15999 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%** |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;3.88%, 4/1/2029<sup>(1)</sup> | 175967 | 164482 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/2029<sup>(1)</sup> | 59998 | 57573 |
| &nbsp;&nbsp;&nbsp;6.25%, 4/1/2029<sup>(1)</sup> | 30184 | 30568 |
|  |  | 252623 |
| **HEALTH CARE PROVIDERS & SERVICES - 0.2%** | **HEALTH CARE PROVIDERS & SERVICES - 0.2%** | **HEALTH CARE PROVIDERS & SERVICES - 0.2%** |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;3.50%, 9/1/2030 | 14382 | 13337 |
| Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;7.25%, 4/15/2032<sup>(1)</sup> | 6505 | 6433 |
|  |  | 19770 |
| **HOTEL & RESORT REITS - 0.6%** | **HOTEL & RESORT REITS - 0.6%** | **HOTEL & RESORT REITS - 0.6%** |
| XHR LP | XHR LP | XHR LP |
| &nbsp;&nbsp;&nbsp;4.88%, 6/1/2029<sup>(1)</sup> | 56701 | 53112 |
| &nbsp;&nbsp;&nbsp;6.63%, 5/15/2030<sup>(1)</sup> | 5449 | 5349 |
|  |  | 58461 |
| **HOTELS, RESTAURANTS & LEISURE - 14.1%** | **HOTELS, RESTAURANTS & LEISURE - 14.1%** | **HOTELS, RESTAURANTS & LEISURE - 14.1%** |
| Allwyn Entertainment Financing UK plc | Allwyn Entertainment Financing UK plc | Allwyn Entertainment Financing UK plc |
| &nbsp;&nbsp;&nbsp;7.88%, 4/30/2029<sup>(1)(2)</sup> | 4660 | 4816 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/2028<sup>(1)</sup> | 13445 | 12863 |
| &nbsp;&nbsp;&nbsp;5.75%, 3/1/2027<sup>(1)</sup> | 120587 | 120663 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/2029<sup>(1)</sup> | 147473 | 146440 |
| &nbsp;&nbsp;&nbsp;6.13%, 2/15/2033<sup>(1)</sup> | 80848 | 79670 |
| &nbsp;&nbsp;&nbsp;7.63%, 3/1/2026<sup>(1)</sup> | 7882 | 7884 |
| Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/2028<sup>(1)</sup> | 18039 | 17525 |
| &nbsp;&nbsp;&nbsp;5.75%, 4/1/2030<sup>(1)</sup> | 8334 | 8152 |
| Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
| &nbsp;&nbsp;&nbsp;6.38%, 4/29/2029<sup>(1)(2)</sup> | 16286 | 16593 |
| Lindblad Expeditions Holdings, Inc. | Lindblad Expeditions Holdings, Inc. | Lindblad Expeditions Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;9.00%, 5/15/2028<sup>(1)</sup> | 21875 | 22291 |
| Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/2027<sup>(1)</sup> | 39985 | 39751 |
| Merlin Entertainments Group US Holdings, Inc. | Merlin Entertainments Group US Holdings, Inc. | Merlin Entertainments Group US Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;7.38%, 2/15/2031<sup>(1)(2)</sup> | 39437 | 37250 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;4.63%, 9/1/2026 | 4758 | 4703 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/2028 | 40099 | 38612 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/2027 | 2484 | 2463 |
| Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
| &nbsp;&nbsp;&nbsp;6.63%, 11/15/2027<sup>(1)(2)</sup> | 42716 | 40805 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| &nbsp;&nbsp;&nbsp;5.88%, 3/15/2026<sup>(1)</sup> | 8377 | 8359 |
| &nbsp;&nbsp;&nbsp;5.88%, 2/15/2027<sup>(1)</sup> | 6824 | 6815 |
| &nbsp;&nbsp;&nbsp;6.75%, 2/1/2032<sup>(1)</sup> | 44884 | 44337 |
| &nbsp;&nbsp;&nbsp;7.75%, 2/15/2029<sup>(1)</sup> | 72482 | 75542 |
| &nbsp;&nbsp;&nbsp;8.13%, 1/15/2029<sup>(1)</sup> | 16983 | 17863 |
| NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. |
| &nbsp;&nbsp;&nbsp;6.13%, 3/15/2028<sup>(1)</sup> | 135465 | 135032 |
| Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
| &nbsp;&nbsp;&nbsp;6.63%, 2/1/2033<sup>(1)</sup> | 9123 | 8970 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/2026<sup>(1)</sup> | 19431 | 19132 |
| &nbsp;&nbsp;&nbsp;5.38%, 7/15/2027<sup>(1)</sup> | 8553 | 8520 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/31/2026<sup>(1)</sup> | 26365 | 26365 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/2028<sup>(1)</sup> | 49465 | 49261 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/2033<sup>(1)</sup> | 12378 | 12370 |
| &nbsp;&nbsp;&nbsp;6.25%, 3/15/2032<sup>(1)</sup> | 13336 | 13456 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** |
| SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/2029<sup>(1)</sup> | 43790 | 41483 |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| &nbsp;&nbsp;&nbsp;4.63%, 12/1/2031<sup>(1)</sup> | 29589 | 26586 |
| TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;6.88%, 5/15/2028<sup>(1)</sup> | 74486 | 74004 |
| &nbsp;&nbsp;&nbsp;10.50%, 5/15/2029<sup>(1)</sup> | 104597 | 104197 |
| Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |
| &nbsp;&nbsp;&nbsp;6.50%, 5/15/2032<sup>(1)</sup> | 39627 | 40066 |
|  |  | 1312839 |
| **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** |
| Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. |
| &nbsp;&nbsp;&nbsp;3.88%, 10/15/2031<sup>(1)</sup> | 19694 | 17291 |
| **INSURANCE - 13.5%** | **INSURANCE - 13.5%** | **INSURANCE - 13.5%** |
| Acrisure LLC | Acrisure LLC | Acrisure LLC |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/2029<sup>(1)</sup> | 20011 | 18724 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/1/2029<sup>(1)</sup> | 100689 | 96480 |
| &nbsp;&nbsp;&nbsp;7.50%, 11/6/2030<sup>(1)</sup> | 37584 | 38236 |
| &nbsp;&nbsp;&nbsp;8.25%, 2/1/2029<sup>(1)</sup> | 50006 | 51377 |
| &nbsp;&nbsp;&nbsp;8.50%, 6/15/2029<sup>(1)</sup> | 35984 | 37485 |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/2027<sup>(1)</sup> | 11678 | 11270 |
| &nbsp;&nbsp;&nbsp;5.88%, 11/1/2029<sup>(1)</sup> | 54415 | 52594 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/2031<sup>(1)</sup> | 54287 | 53293 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/2027<sup>(1)</sup> | 79202 | 78887 |
| &nbsp;&nbsp;&nbsp;7.00%, 1/15/2031<sup>(1)</sup> | 16488 | 16538 |
| &nbsp;&nbsp;&nbsp;7.38%, 10/1/2032<sup>(1)</sup> | 13184 | 13242 |
| AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| &nbsp;&nbsp;&nbsp;4.88%, 6/30/2029<sup>(1)</sup> | 7360 | 6938 |
| &nbsp;&nbsp;&nbsp;6.38%, 2/15/2029<sup>(1)</sup> | 11301 | 11387 |
| Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| &nbsp;&nbsp;&nbsp;7.75%, 2/15/2031<sup>(1)(2)</sup> | 109160 | 111196 |
| Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. | Ardonagh Group Finance Ltd. |
| &nbsp;&nbsp;&nbsp;8.88%, 2/15/2032<sup>(1)(2)</sup> | 280218 | 285267 |
| AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
| &nbsp;&nbsp;&nbsp;5.63%, 1/15/2029<sup>(1)</sup> | 1469 | 1466 |
| Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC |
| &nbsp;&nbsp;&nbsp;7.13%, 5/15/2031<sup>(1)</sup> | 61130 | 61946 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| &nbsp;&nbsp;&nbsp;5.88%, 4/15/2029<sup>(1)</sup> | 65204 | 62658 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/2030<sup>(1)</sup> | 54194 | 55820 |
| Jones Deslauriers Insurance Management, Inc. | Jones Deslauriers Insurance Management, Inc. | Jones Deslauriers Insurance Management, Inc. |
| &nbsp;&nbsp;&nbsp;8.50%, 3/15/2030<sup>(1)(2)</sup> | 82197 | 86350 |
| &nbsp;&nbsp;&nbsp;10.50%, 12/15/2030<sup>(1)(2)</sup> | 60806 | 65111 |
| Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
| &nbsp;&nbsp;&nbsp;4.38%, 2/1/2030<sup>(1)</sup> | 7638 | 7267 |
| &nbsp;&nbsp;&nbsp;5.88%, 8/1/2032<sup>(1)</sup> | 27358 | 27021 |
|  |  | 1250553 |
| **IT SERVICES - 1.7%** | **IT SERVICES - 1.7%** | **IT SERVICES - 1.7%** |
| Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/2028<sup>(1)</sup> | 177404 | 161493 |
| **MACHINERY - 2.2%** | **MACHINERY - 2.2%** | **MACHINERY - 2.2%** |
| Calderys Financing II LLC | Calderys Financing II LLC | Calderys Financing II LLC |
| &nbsp;&nbsp;&nbsp;11.75% Cash, 12.50% PIK, 6/1/2028<sup>(1)</sup> | 32672 | 32428 |
| Calderys Financing LLC | Calderys Financing LLC | Calderys Financing LLC |
| &nbsp;&nbsp;&nbsp;11.25%, 6/1/2028<sup>(1)(2)</sup> | 38672 | 40729 |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| &nbsp;&nbsp;&nbsp;7.50%, 1/1/2030<sup>(1)</sup> | 18527 | 19215 |
| &nbsp;&nbsp;&nbsp;9.50%, 1/1/2031<sup>(1)</sup> | 12093 | 12910 |
| Werner FinCo. LP | Werner FinCo. LP | Werner FinCo. LP |
| &nbsp;&nbsp;&nbsp;8.75% Cash, 5.75% PIK, 10/15/2028<sup>(1)</sup> | 50444 | 50352 |

---

---

| | |
|:---|:---|
| **34** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **MACHINERY (continued)** | **MACHINERY (continued)** | **MACHINERY (continued)** |
| Werner FinCo. LP (continued) | Werner FinCo. LP (continued) | Werner FinCo. LP (continued) |
| &nbsp;&nbsp;&nbsp;11.50%, 6/15/2028<sup>(1)</sup> | 55221 | 59918 |
|  |  | 215552 |
| **MEDIA - 3.1%** | **MEDIA - 3.1%** | **MEDIA - 3.1%** |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;3.38%, 2/15/2031<sup>(1)</sup> | 2366 | 1693 |
| &nbsp;&nbsp;&nbsp;4.13%, 12/1/2030<sup>(1)</sup> | 3919 | 2838 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/2031<sup>(1)</sup> | 16836 | 12208 |
| &nbsp;&nbsp;&nbsp;4.63%, 12/1/2030<sup>(1)</sup> | 103809 | 50517 |
| &nbsp;&nbsp;&nbsp;5.38%, 2/1/2028<sup>(1)</sup> | 8953 | 7636 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/2027<sup>(1)</sup> | 12343 | 11427 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/1/2029<sup>(1)</sup> | 21242 | 17578 |
| &nbsp;&nbsp;&nbsp;7.50%, 4/1/2028<sup>(1)</sup> | 57856 | 40912 |
| &nbsp;&nbsp;&nbsp;11.25%, 5/15/2028<sup>(1)</sup> | 16145 | 15608 |
| &nbsp;&nbsp;&nbsp;11.75%, 1/31/2029<sup>(1)</sup> | 11465 | 11119 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| &nbsp;&nbsp;&nbsp;11.75%, 11/15/2027<sup>(1)</sup> | 33558 | 35339 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| &nbsp;&nbsp;&nbsp;5.13%, 2/15/2027<sup>(1)</sup> | 27097 | 25539 |
| Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/2028<sup>(1)(2)</sup> | 22722 | 21476 |
| Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
| &nbsp;&nbsp;&nbsp;5.13%, 2/28/2030<sup>(1)(2)</sup> | 18989 | 16546 |
| Ziggo BV | Ziggo BV | Ziggo BV |
| &nbsp;&nbsp;&nbsp;4.88%, 1/15/2030<sup>(1)(2)</sup> | 24246 | 22210 |
|  |  | 292646 |
| **METALS & MINING - 1.2%** | **METALS & MINING - 1.2%** | **METALS & MINING - 1.2%** |
| Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
| &nbsp;&nbsp;&nbsp;3.88%, 2/15/2031 | 3702 | 3308 |
| &nbsp;&nbsp;&nbsp;4.13%, 1/15/2030 | 12069 | 11281 |
| Compass Minerals International, Inc. | Compass Minerals International, Inc. | Compass Minerals International, Inc. |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/2027<sup>(1)</sup> | 94942 | 91137 |
|  |  | 105726 |
| **OIL, GAS & CONSUMABLE FUELS - 1.7%** | **OIL, GAS & CONSUMABLE FUELS - 1.7%** | **OIL, GAS & CONSUMABLE FUELS - 1.7%** |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
| &nbsp;&nbsp;&nbsp;6.75%, 3/1/2029<sup>(1)</sup> | 24628 | 23933 |
| CrownRock LP | CrownRock LP | CrownRock LP |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/2029<sup>(1)</sup> | 29058 | 29507 |
| Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC | Magnolia Oil & Gas Operating LLC |
| &nbsp;&nbsp;&nbsp;6.88%, 12/1/2032<sup>(1)</sup> | 7783 | 7769 |
| MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
| &nbsp;&nbsp;&nbsp;5.88%, 2/1/2029<sup>(1)(2)</sup> | 66098 | 64998 |
| Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
| &nbsp;&nbsp;&nbsp;6.88%, 8/1/2026<sup>(1)(2)</sup> | 28417 | 28352 |
|  |  | 154559 |
| **PAPER & FOREST PRODUCTS - 0.3%** | **PAPER & FOREST PRODUCTS - 0.3%** | **PAPER & FOREST PRODUCTS - 0.3%** |
| Ahlstrom Holding 3 Oy | Ahlstrom Holding 3 Oy | Ahlstrom Holding 3 Oy |
| &nbsp;&nbsp;&nbsp;4.88%, 2/4/2028<sup>(1)(2)</sup> | 33404 | 31469 |
| **PASSENGER AIRLINES - 3.4%** | **PASSENGER AIRLINES - 3.4%** | **PASSENGER AIRLINES - 3.4%** |
| VistaJet Malta Finance plc | VistaJet Malta Finance plc | VistaJet Malta Finance plc |
| &nbsp;&nbsp;&nbsp;6.38%, 2/1/2030<sup>(1)(2)(3)</sup> | 270561 | 237020 |
| &nbsp;&nbsp;&nbsp;7.88%, 5/1/2027<sup>(1)(2)</sup> | 57489 | 56455 |
| &nbsp;&nbsp;&nbsp;9.50%, 6/1/2028<sup>(1)(2)</sup> | 19631 | 19429 |
|  |  | 312904 |
| **PERSONAL CARE PRODUCTS - 1.1%** | **PERSONAL CARE PRODUCTS - 1.1%** | **PERSONAL CARE PRODUCTS - 1.1%** |
| BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
| &nbsp;&nbsp;&nbsp;7.00%, 3/15/2030<sup>(1)</sup> | 77724 | 80307 |
| Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| &nbsp;&nbsp;&nbsp;3.75%, 4/1/2031<sup>(1)</sup> | 22886 | 20526 |
|  |  | 100833 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** |
| Anywhere Real Estate Group LLC | Anywhere Real Estate Group LLC | Anywhere Real Estate Group LLC |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/2029<sup>(1)</sup> | 36031 | $29457 |
| **SOFTWARE - 0.9%** | **SOFTWARE - 0.9%** | **SOFTWARE - 0.9%** |
| Castle US Holding Corp. | Castle US Holding Corp. | Castle US Holding Corp. |
| &nbsp;&nbsp;&nbsp;9.50%, 2/15/2028<sup>(1)</sup> | 25953 | 11512 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;6.50%, 6/1/2032<sup>(1)</sup> | 20066 | 20283 |
| UKG, Inc. | UKG, Inc. | UKG, Inc. |
| &nbsp;&nbsp;&nbsp;6.88%, 2/1/2031<sup>(1)</sup> | 58599 | 59445 |
|  |  | 91240 |
| **SPECIALIZED REITS - 0.2%** | **SPECIALIZED REITS - 0.2%** | **SPECIALIZED REITS - 0.2%** |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/2028<sup>(1)</sup> | 2053 | 1991 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/2030<sup>(1)</sup> | 16752 | 16062 |
|  |  | 18053 |
| **SPECIALTY RETAIL - 2.0%** | **SPECIALTY RETAIL - 2.0%** | **SPECIALTY RETAIL - 2.0%** |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| &nbsp;&nbsp;&nbsp;4.63%, 11/15/2029<sup>(1)</sup> | 27360 | 25639 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| &nbsp;&nbsp;&nbsp;6.63%, 10/1/2030<sup>(1)</sup> | 9413 | 9544 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/1/2036 | 10753 | 10717 |
| &nbsp;&nbsp;&nbsp;6.88%, 11/1/2035 | 26806 | 27154 |
| Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC |
| &nbsp;&nbsp;&nbsp;8.00%, 5/15/2032<sup>(1)</sup> | 20809 | 21448 |
| Evergreen Acqco 1 LP | Evergreen Acqco 1 LP | Evergreen Acqco 1 LP |
| &nbsp;&nbsp;&nbsp;9.75%, 4/26/2028<sup>(1)</sup> | 13564 | 14111 |
| Gap, Inc. (The) | Gap, Inc. (The) | Gap, Inc. (The) |
| &nbsp;&nbsp;&nbsp;3.63%, 10/1/2029<sup>(1)</sup> | 38970 | 35153 |
| &nbsp;&nbsp;&nbsp;3.88%, 10/1/2031<sup>(1)</sup> | 26947 | 23244 |
| Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
| &nbsp;&nbsp;&nbsp;7.75%, 10/15/2029<sup>(1)</sup> | 19384 | 17904 |
|  |  | 184914 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.2%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.2%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.2%** |
| S&S Holdings LLC | S&S Holdings LLC | S&S Holdings LLC |
| &nbsp;&nbsp;&nbsp;8.38%, 10/1/2031<sup>(1)</sup> | 23096 | 21819 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.3%** | **TRADING COMPANIES & DISTRIBUTORS - 0.3%** | **TRADING COMPANIES & DISTRIBUTORS - 0.3%** |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| &nbsp;&nbsp;&nbsp;6.00%, 12/15/2029<sup>(1)</sup> | 23069 | 23443 |
| **WIRELESS TELECOMMUNICATION SERVICES - 1.2%** | **WIRELESS TELECOMMUNICATION SERVICES - 1.2%** | **WIRELESS TELECOMMUNICATION SERVICES - 1.2%** |
| Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
| &nbsp;&nbsp;&nbsp;6.00%, 2/15/2028(1)(2)<sup>(4)</sup> | 89835 | 26272 |
| &nbsp;&nbsp;&nbsp;10.50%, 5/15/2027(1)(2)<sup>(4)</sup> | 25971 | 7594 |
| Vmed O2 UK Financing I plc | Vmed O2 UK Financing I plc | Vmed O2 UK Financing I plc |
| &nbsp;&nbsp;&nbsp;4.25%, 1/31/2031<sup>(1)(2)</sup> | 42712 | 36845 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/2032<sup>(1)(2)</sup> | 32524 | 32602 |
|  |  | 103313 |
| **Total corporate bonds** <br> (Cost $6,795,818) |  | 6636905 |
| **BANK LOANS - 21.3%** | **BANK LOANS - 21.3%** | **BANK LOANS - 21.3%** |
| **AUTOMOBILE COMPONENTS - 1.4%** | **AUTOMOBILE COMPONENTS - 1.4%** | **AUTOMOBILE COMPONENTS - 1.4%** |
| RealTruck Group, Inc. First Lien Term Loan | RealTruck Group, Inc. First Lien Term Loan | RealTruck Group, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.44%, 1/31/2028<sup>(5)</sup> | 85622 | 83722 |
| Wheel Pros, Inc. First Lien Term Loan | Wheel Pros, Inc. First Lien Term Loan | Wheel Pros, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.00%), 10.30%, 12/3/2029<sup>(5)</sup> | 48107 | 48227 |
|  |  | 131949 |
| **BUILDING PRODUCTS - 0.3%** | **BUILDING PRODUCTS - 0.3%** | **BUILDING PRODUCTS - 0.3%** |
| Eco Material Technologies, Inc. First Lien Term Loan | Eco Material Technologies, Inc. First Lien Term Loan | Eco Material Technologies, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.47%, 2/12/2032<sup>(5)</sup> | 23912 | 23808 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **35** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CAPITAL MARKETS - 0.5%** | **CAPITAL MARKETS - 0.5%** | **CAPITAL MARKETS - 0.5%** |
| CPI Holdco B LLC First Lien Term Loan | CPI Holdco B LLC First Lien Term Loan | CPI Holdco B LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.25%), 6.57%, 5/19/2031<sup>(5)</sup> | 23225 | $23036 |
| Summit Acquisition, Inc. First Lien Term Loan | Summit Acquisition, Inc. First Lien Term Loan | Summit Acquisition, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.07%, 10/16/2031<sup>(5)</sup> | 15495 | 15476 |
|  |  | 38512 |
| **COMMERCIAL SERVICES - 0.3%** | **COMMERCIAL SERVICES - 0.3%** | **COMMERCIAL SERVICES - 0.3%** |
| Digital Room Holdings, Inc. First Lien Term Loan | Digital Room Holdings, Inc. First Lien Term Loan | Digital Room Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.67%, 12/21/2028<sup>(5)</sup> | 28324 | 28059 |
| **COMMUNICATIONS EQUIPMENT - 0.9%** | **COMMUNICATIONS EQUIPMENT - 0.9%** | **COMMUNICATIONS EQUIPMENT - 0.9%** |
| Delta Topco, Inc. First Lien Term Loan | Delta Topco, Inc. First Lien Term Loan | Delta Topco, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.21%, 11/30/2029<sup>(5)</sup> | 25568 | 25258 |
| Delta Topco, Inc. Second Lien Term Loan | Delta Topco, Inc. Second Lien Term Loan | Delta Topco, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.57%, 12/24/2030<sup>(5)</sup> | 51167 | 51055 |
|  |  | 76313 |
| **CONTAINERS & PACKAGING - 1.4%** | **CONTAINERS & PACKAGING - 1.4%** | **CONTAINERS & PACKAGING - 1.4%** |
| Iris Holdings, Inc. First Lien Term Loan | Iris Holdings, Inc. First Lien Term Loan | Iris Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.14%, 6/28/2028<sup>(5)</sup> | 139532 | 131611 |
| **DISTRIBUTORS - 0.4%** | **DISTRIBUTORS - 0.4%** | **DISTRIBUTORS - 0.4%** |
| Verde Purchaser LLC First Lien Term Loan | Verde Purchaser LLC First Lien Term Loan | Verde Purchaser LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.30%, 11/30/2030<sup>(5)</sup> | 39465 | 39202 |
| **DIVERSIFIED CONSUMER SERVICES - 0.5%** | **DIVERSIFIED CONSUMER SERVICES - 0.5%** | **DIVERSIFIED CONSUMER SERVICES - 0.5%** |
| Wand NewCo 3, Inc. First Lien Term Loan | Wand NewCo 3, Inc. First Lien Term Loan | Wand NewCo 3, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.50%), 6.82%, 1/30/2031<sup>(5)</sup> | 49702 | 48906 |
| **FOOD PRODUCTS - 1.7%** | **FOOD PRODUCTS - 1.7%** | **FOOD PRODUCTS - 1.7%** |
| 1440 Foods Topco LLC First Lien Term Loan | 1440 Foods Topco LLC First Lien Term Loan | 1440 Foods Topco LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.32%, 11/5/2031<sup>(5)</sup> | 136185 | 130313 |
| Hearthside Food Holding LLC First Lien Term Loan | Hearthside Food Holding LLC First Lien Term Loan | Hearthside Food Holding LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.50%), 10.80%, 3/31/2032<sup>(5)</sup> | 31635 | 31003 |
|  |  | 161316 |
| **FOOD SERVICE - 1.0%** | **FOOD SERVICE - 1.0%** | **FOOD SERVICE - 1.0%** |
| TKC Holdings, Inc. First Lien Term Loan | TKC Holdings, Inc. First Lien Term Loan | TKC Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.32%, 5/15/2028<sup>(5)</sup> | 70550 | 69727 |
| TKC Midco 1 LLC First Lien Term Loan | TKC Midco 1 LLC First Lien Term Loan | TKC Midco 1 LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;13.50% Cash, 13.50% PIK, 2/16/2027 | 24642 | 22794 |
|  |  | 92521 |
| **GROUND TRANSPORTATION - 0.2%** | **GROUND TRANSPORTATION - 0.2%** | **GROUND TRANSPORTATION - 0.2%** |
| Vortex Opco LLC First Lien Term Loan | Vortex Opco LLC First Lien Term Loan | Vortex Opco LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.25%), 10.55%, 4/30/2030<sup>(5)</sup> | 15607 | 15958 |
| **HEALTH CARE PROVIDERS & SERVICES - 0.3%** | **HEALTH CARE PROVIDERS & SERVICES - 0.3%** | **HEALTH CARE PROVIDERS & SERVICES - 0.3%** |
| Surgery Center Holdings, Inc. First Lien Term Loan | Surgery Center Holdings, Inc. First Lien Term Loan | Surgery Center Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.07%, 12/19/2030<sup>(5)</sup> | 23500 | 23453 |
| **HOTELS, RESTAURANTS & LEISURE - 0.4%** | **HOTELS, RESTAURANTS & LEISURE - 0.4%** | **HOTELS, RESTAURANTS & LEISURE - 0.4%** |
| BCPE Grill Parent, Inc. First Lien Term Loan | BCPE Grill Parent, Inc. First Lien Term Loan | BCPE Grill Parent, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.06%, 9/30/2030<sup>(5)</sup> | 40710 | 37413 |
| **INSURANCE - 0.7%** | **INSURANCE - 0.7%** | **INSURANCE - 0.7%** |
| Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B | Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B | Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.03%, 2/18/2031(2)<sup>(5)</sup> | 11690 | 11529 |
| AssuredPartners, Inc. First Lien Term Loan | AssuredPartners, Inc. First Lien Term Loan | AssuredPartners, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 2/14/2031<sup>(5)</sup> | 3065 | 3067 |
| Goosehead Insurance Holdings LLC First Lien Term Loan | Goosehead Insurance Holdings LLC First Lien Term Loan | Goosehead Insurance Holdings LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 1/8/2032<sup>(5)</sup> | 9493 | 9505 |
| OneDigital Borrower LLC Second Lien Term Loan | OneDigital Borrower LLC Second Lien Term Loan | OneDigital Borrower LLC Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.57%, 7/2/2032<sup>(5)</sup> | 17961 | 17916 |
| Truist Insurance Holdings LLC Second Lien Term Loan | Truist Insurance Holdings LLC Second Lien Term Loan | Truist Insurance Holdings LLC Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.05%, 5/6/2032<sup>(5)</sup> | 25439 | 25614 |
|  |  | 67631 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **INTERACTIVE MEDIA & SERVICES - 3.0%** | **INTERACTIVE MEDIA & SERVICES - 3.0%** | **INTERACTIVE MEDIA & SERVICES - 3.0%** |
| X Corp. First Lien Term Loan B1 | X Corp. First Lien Term Loan B1 | X Corp. First Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.50%), 10.98%, 10/26/2029<sup>(5)</sup> | 34664 | $34437 |
| X Corp. First Lien Term Loan B3 | X Corp. First Lien Term Loan B3 | X Corp. First Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;9.50%, 2/14/2030 | 238117 | 244113 |
|  |  | 278550 |
| **INVESTMENT COMPANIES - 1.4%** | **INVESTMENT COMPANIES - 1.4%** | **INVESTMENT COMPANIES - 1.4%** |
| Nexus Buyer LLC First Lien Term Loan | Nexus Buyer LLC First Lien Term Loan | Nexus Buyer LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.50%), 7.82%, 7/31/2031<sup>(5)</sup> | 61595 | 61197 |
| Nexus Buyer LLC Second Lien Term Loan | Nexus Buyer LLC Second Lien Term Loan | Nexus Buyer LLC Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.25%), 10.67%, 11/1/2029<sup>(5)</sup> | 62871 | 62455 |
|  |  | 123652 |
| **IT SERVICES - 0.5%** | **IT SERVICES - 0.5%** | **IT SERVICES - 0.5%** |
| Arches Buyer, Inc. First Lien Term Loan | Arches Buyer, Inc. First Lien Term Loan | Arches Buyer, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.67%, 12/6/2027<sup>(5)</sup> | 51934 | 50774 |
| **LEISURE PRODUCTS - 1.9%** | **LEISURE PRODUCTS - 1.9%** | **LEISURE PRODUCTS - 1.9%** |
| Bulldog Purchaser, Inc. First Lien Term Loan | Bulldog Purchaser, Inc. First Lien Term Loan | Bulldog Purchaser, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.05%, 6/30/2031<sup>(5)</sup> | 12214 | 12165 |
| Bulldog Purchaser, Inc. Second Lien Term Loan | Bulldog Purchaser, Inc. Second Lien Term Loan | Bulldog Purchaser, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 6.75%), 11.08%, 6/28/2032<sup>(5)</sup> | 9545 | 9485 |
| GSM Holdings, Inc. First Lien Term Loan | GSM Holdings, Inc. First Lien Term Loan | GSM Holdings, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.00%), 9.30%, 9/29/2031<sup>(5)</sup> | 157246 | 147025 |
| MajorDrive Holdings IV LLC First Lien Term Loan | MajorDrive Holdings IV LLC First Lien Term Loan | MajorDrive Holdings IV LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.59%, 6/1/2028<sup>(5)</sup> | 15025 | 13589 |
|  |  | 182264 |
| **PASSENGER AIRLINES - 0.8%** | **PASSENGER AIRLINES - 0.8%** | **PASSENGER AIRLINES - 0.8%** |
| Vista Management Holding, Inc. First Lien Term Loan B | Vista Management Holding, Inc. First Lien Term Loan B | Vista Management Holding, Inc. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.13%, 3/26/2031<sup>(5)</sup> | 77077 | 76499 |
| **RETAIL - CONSUMER STAPLES - 0.0%^** | **RETAIL - CONSUMER STAPLES - 0.0%^** | **RETAIL - CONSUMER STAPLES - 0.0%^** |
| Arthur US Finco, Inc. First Lien Term Loan | Arthur US Finco, Inc. First Lien Term Loan | Arthur US Finco, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 5.25%), 9.58%, 12/14/2029<sup>(5)</sup> | 8 | 7 |
| **SOFTWARE - 3.2%** | **SOFTWARE - 3.2%** | **SOFTWARE - 3.2%** |
| Applied Systems, Inc. First Lien Term Loan B | Applied Systems, Inc. First Lien Term Loan B | Applied Systems, Inc. First Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;(SOFR + 2.75%), 7.08%, 2/24/2031<sup>(5)</sup> | 44408 | 44368 |
| Applied Systems, Inc. Second Lien Term Loan | Applied Systems, Inc. Second Lien Term Loan | Applied Systems, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.50%), 8.83%, 2/23/2032<sup>(5)</sup> | 19044 | 19435 |
| Castle US Holding Corp. First Lien Term Loan | Castle US Holding Corp. First Lien Term Loan | Castle US Holding Corp. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.75%), 8.32%, 1/29/2027<sup>(5)</sup> | 4792 | 2931 |
| Constant Contact, Inc. First Lien Term Loan | Constant Contact, Inc. First Lien Term Loan | Constant Contact, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.56%, 2/10/2028<sup>(5)</sup> | 7701 | 7176 |
| Constant Contact, Inc. Second Lien Term Loan | Constant Contact, Inc. Second Lien Term Loan | Constant Contact, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 7.50%), 12.06%, 2/12/2029<sup>(5)</sup> | 28018 | 23045 |
| Ellucian Holdings, Inc. Second Lien Term Loan | Ellucian Holdings, Inc. Second Lien Term Loan | Ellucian Holdings, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.07%, 11/15/2032<sup>(5)</sup> | 7727 | 7830 |
| Orchid Merger Sub II LLC First Lien Term Loan | Orchid Merger Sub II LLC First Lien Term Loan | Orchid Merger Sub II LLC First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.75%), 9.21%, 7/27/2027<sup>(5)</sup> | 21365 | 12672 |
| Renaissance Holdings Corp. First Lien Term Loan | Renaissance Holdings Corp. First Lien Term Loan | Renaissance Holdings Corp. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.32%, 4/5/2030<sup>(5)</sup> | 60893 | 59668 |
| Reorg Mobileum Acquisitionco LLC First Lien Term Loan A | Reorg Mobileum Acquisitionco LLC First Lien Term Loan A | Reorg Mobileum Acquisitionco LLC First Lien Term Loan A |
| &nbsp;&nbsp;&nbsp;5.32% Cash, 5.00% PIK, 9/11/2029 | 7905 | 7232 |
| Rithum Holdings, Inc. Second Lien Term Loan | Rithum Holdings, Inc. Second Lien Term Loan | Rithum Holdings, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 7.00%), 11.46%, 12/29/2028<sup>(5)</sup> | 10610 | 9836 |
| UKG, Inc. First Lien Term Loan | UKG, Inc. First Lien Term Loan | UKG, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.00%), 7.30%, 2/10/2031<sup>(5)</sup> | 104949 | 104671 |
|  |  | 298864 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.2%** |
| Ivanti Software, Inc. First Lien Term Loan | Ivanti Software, Inc. First Lien Term Loan | Ivanti Software, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.55%, 12/1/2027<sup>(5)</sup> | 23959 | 16891 |
| Ivanti Software, Inc. First Lien Term Loan B1 | Ivanti Software, Inc. First Lien Term Loan B1 | Ivanti Software, Inc. First Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.25%), 8.82%, 12/1/2027<sup>(5)</sup> | 4674 | 3336 |

---

---

| | |
|:---|:---|
| **36** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (continued)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (continued)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (continued)** |
| Ivanti Software, Inc. Second Lien Term Loan | Ivanti Software, Inc. Second Lien Term Loan | Ivanti Software, Inc. Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 7.25%), 11.82%, 12/1/2028<sup>(5)</sup> | 6435 | $2574 |
|  |  | 22801 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.0%^** | **TRADING COMPANIES & DISTRIBUTORS - 0.0%^** | **TRADING COMPANIES & DISTRIBUTORS - 0.0%^** |
| Foundation Building Materials, Inc. First Lien Term Loan | Foundation Building Materials, Inc. First Lien Term Loan | Foundation Building Materials, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 3.25%), 7.80%, 1/31/2028<sup>(5)</sup> | 1529 | 1447 |
| **TRANSPORTATION - 0.2%** | **TRANSPORTATION - 0.2%** | **TRANSPORTATION - 0.2%** |
| SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan | SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan | SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 8.00%), 12.30%, 8/20/2029<sup>(5)</sup> | 1712 | 1677 |
| SIRVA Worldwide, Inc. First Lien Term Loan | SIRVA Worldwide, Inc. First Lien Term Loan | SIRVA Worldwide, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 8.00%), 12.30%, 8/20/2029<sup>(5)</sup> | 7624 | 7471 |
| &nbsp;&nbsp;&nbsp;12.32% Cash, 5.00% PIK, 8/20/2029 | 24904 | 9837 |
|  |  | 18985 |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** |
| CCI Buyer, Inc. First Lien Term Loan | CCI Buyer, Inc. First Lien Term Loan | CCI Buyer, Inc. First Lien Term Loan |
| &nbsp;&nbsp;&nbsp;(SOFR + 4.00%), 8.33%, 12/17/2027<sup>(5)</sup> | 11418 | 11414 |
| **Total bank loans** <br> (Cost $2,024,696) |  | 1981909 |
|  | **Shares** **<br> Held** |  |
| **COMMON STOCKS - 0.4%** | **COMMON STOCKS - 0.4%** | **COMMON STOCKS - 0.4%** |
| **MACHINERY - 0.1%** | **MACHINERY - 0.1%** | **MACHINERY - 0.1%** |
| Utex Equity<sup>(4)</sup> | 364 | 12314 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** |
| MP Topco Holdings LLC\* | 2032 | 24381 |
| **SOFTWARE - 0.0%^** | **SOFTWARE - 0.0%^** | **SOFTWARE - 0.0%^** |
| Matrix Exit Equity\* | 355 | 3549 |
| **TRANSPORTATION - 0.0%^** | **TRANSPORTATION - 0.0%^** | **TRANSPORTATION - 0.0%^** |
| SIRVA Worldwide, Inc.\* | 47 | 95 |
| **Total common stocks** <br> (Cost $37,051) |  | 40339 |
| **PREFERRED STOCK - 0.0%^** | **PREFERRED STOCK - 0.0%^** | **PREFERRED STOCK - 0.0%^** |
| **TRANSPORTATION - 0.0%^** | **TRANSPORTATION - 0.0%^** | **TRANSPORTATION - 0.0%^** |
| Sirva Worldwide Preferred Stock (Cost $1,216)\* | 11 | 2446 |
|  | **No. of** <br> **Warrants<sup>‡</sup>** |  |
| **WARRANTS - 0.0%** |  |  |
| **FINANCIAL SERVICES - 0.0%** | **FINANCIAL SERVICES - 0.0%** | **FINANCIAL SERVICES - 0.0%** |
| &nbsp;&nbsp;&nbsp;Carnelian Point Holdings LP, expiring 6/30/2027, strike price 10.00 (Cost $—)<sup>(4)(6)(7)\*</sup> | 71 |  |
|  | **Shares <br> Held** |  |
| **SHORT-TERM INVESTMENT - 6.8%** | **SHORT-TERM INVESTMENT - 6.8%** | **SHORT-TERM INVESTMENT - 6.8%** |
| **INVESTMENT COMPANY - 6.8%** | **INVESTMENT COMPANY - 6.8%** | **INVESTMENT COMPANY - 6.8%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(8)(9)</sup> (Cost $634,922) | 634922 | 634922 |
| **Total investments - 99.9%** <br> (Cost $9,493,703) |  | 9296521 |
| **Other assets less liabilities - 0.1%** |  | 7277 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $9303798 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> The Fund considers the company to be from outside the United States.

---

| | | |
|:---|:---|:---|
|  |  | Trading |
| Security | Country | Currency |
| Ahlstrom Holding 3 Oy, 4.88%, 2/4/2028 | Finland | USD |
| Allwyn Entertainment Financing UK plc, 7.88%, 4/30/2029 | Czech Republic | USD |
| Altice France Holding SA, 6.00%, 2/15/2028 | Luxembourg | USD |
| Altice France Holding SA, 10.50%, 5/15/2027 | Luxembourg | USD |
| Altice France SA, 5.13%, 1/15/2029 | France | USD |
| Altice France SA, 5.13%, 7/15/2029 | France | USD |
| Altice France SA, 5.50%, 10/15/2029 | France | USD |
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 | United Kingdom | USD |
| Ardonagh Group Finance Ltd., 8.88%, 2/15/2032 | United Kingdom | USD |
| Ardonagh Group Finco Pty. Ltd. First Lien Term Loan B, 7.03%, 2/18/2031 | United Kingdom | USD |
| Calderys Financing LLC, 11.25%, 6/1/2028 | France | USD |
| Canpack SA, 3.88%, 11/15/2029 | Poland | USD |
| Flutter Treasury DAC, 6.38%, 4/29/2029 | Ireland | USD |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/2030 | Canada | USD |
| Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/2030 | Canada | USD |
| MEG Energy Corp., 5.88%, 2/1/2029 | Canada | USD |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 2/15/2031 | United Kingdom | USD |
| Methanex Corp., 5.13%, 10/15/2027 | Canada | USD |
| Methanex Corp., 5.25%, 12/15/2029 | Canada | USD |
| Methanex Corp., 5.65%, 12/1/2044 | Canada | USD |
| Motion Bondco DAC, 6.63%, 11/15/2027 | United Kingdom | USD |
| Strathcona Resources Ltd., 6.88%, 8/1/2026 | Canada | USD |
| Virgin Media Finance plc, 5.00%, 7/15/2030 | United Kingdom | USD |
| Virgin Media Secured Finance plc, 4.50%, 8/15/2030 | United Kingdom | USD |
| Virgin Media Secured Finance plc, 5.50%, 5/15/2029 | United Kingdom | USD |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/2028 | United Kingdom | USD |
| VistaJet Malta Finance plc, 6.38%, 2/1/2030 | Switzerland | USD |
| VistaJet Malta Finance plc, 7.88%, 5/1/2027 | Switzerland | USD |
| VistaJet Malta Finance plc, 9.50%, 6/1/2028 | Switzerland | USD |
| Vmed O2 UK Financing I plc, 4.25%, 1/31/2031 | United Kingdom | USD |
| Vmed O2 UK Financing I plc, 7.75%, 4/15/2032 | United Kingdom | USD |
| Ziggo Bond Co. BV, 5.13%, 2/28/2030 | Netherlands | USD |
| Ziggo BV, 4.88%, 1/15/2030 | Netherlands | USD |

---

<sup>(3)</sup> All or a portion of security is on loan at March 31, 2025.

<sup>(4)</sup> Defaulted securities and/or issuers.

<sup>(5)</sup> Variable or floating rate security, linked to the referenced benchmark. Interest rates reset periodically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. The interest rate shown is the current rate as of March 31, 2025.

<sup>(6)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(7)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(8)</sup> Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $45,290. This was collateralized by cash of $46,352 which was subsequently invested in an investment company.

<sup>(9)</sup> Represents the current yield as of March 31, 2025.

**UNFUNDED LOAN COMMITMENTS**

Values in thousands

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $976 or less than 0.1% of the total net assets as of March 31, 2025, which could be drawn at the option of the borrower:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Borrower** | **Unfunded**<br>**Commitment**<br>**Amount** | <br>**Unfunded**<br>**Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| SIRVA Worldwide, Inc. Delayed Draw First Lien Term Loan | $976 | $975 | $(–)^ |
|  | $976 | $975 | $(–)^ |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **37** |

---

**PORTFOLIO DIVERSIFICATION**

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of<br> Total Investments** |
| Communication Services | $1465137 | 15.7% |
| Consumer Discretionary | 2242295 | 24.1 |
| Consumer Staples | 370676 | 4.0 |
| Energy | 154559 | 1.7 |
| Financials | 1611369 | 17.3 |
| Health Care | 295846 | 3.2 |
| Industrials | 1007724 | 10.8 |
| Information Technology | 712338 | 7.7 |
| Materials | 591766 | 6.4 |
| Real Estate | 209889 | 2.3 |
| Short-Term Investment | 634922 | 6.8 |
| **Total investments** | $9296521 | 100.0% |

---

**FOREIGN CURRENCY FORWARD CONTRACTS**

Values in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement** <br> **Date** | **Unrealized** <br> **Depreciation** |
| USD | 7502 | EUR | 7290 | BOA | 4/10/2025 | $(384) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (384) |

---

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

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

---

| | |
|:---|:---|
| **38** | &nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN INTERNATIONAL FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 96.0%** |
| **BELGIUM - 4.1%** | **BELGIUM - 4.1%** | **BELGIUM - 4.1%** |
| Anheuser-Busch InBev SA/NV, ADR<sup>(1)</sup> | 503 | $30949 |
| Anheuser-Busch InBev SA/NV<sup>(2)</sup> | 1031 | 63460 |
| UCB SA<sup>(2)</sup> | 639 | 112686 |
|  |  | 207095 |
| **BRAZIL - 1.1%** | **BRAZIL - 1.1%** | **BRAZIL - 1.1%** |
| MercadoLibre, Inc.\* | 29 | 56417 |
| **CANADA - 0.2%** | **CANADA - 0.2%** | **CANADA - 0.2%** |
| Enbridge, Inc. | 262 | 11609 |
| **CHINA - 9.5%** | **CHINA - 9.5%** | **CHINA - 9.5%** |
| Alibaba Group Holding Ltd., ADR | 1192 | 157566 |
| Alibaba Group Holding Ltd.<sup>(2)</sup> | 598 | 9915 |
| Meituan, Class B<sup>(2)(3)\*</sup> | 3104 | 62753 |
| Tencent Holdings Ltd.<sup>(2)</sup> | 912 | 58099 |
| Tencent Holdings Ltd., ADR | 930 | 59398 |
| Tencent Music Entertainment Group, ADR | 5434 | 78306 |
| Wuliangye Yibin Co. Ltd., Class A<sup>(2)</sup> | 2743 | 49749 |
|  |  | 475786 |
| **DENMARK - 3.6%** | **DENMARK - 3.6%** | **DENMARK - 3.6%** |
| Danske Bank A/S<sup>(2)</sup> | 3143 | 103057 |
| NKT A/S<sup>(2)\*</sup> | 501 | 34214 |
| Novonesis (Novozymes) B, Class B<sup>(2)</sup> | 768 | 44745 |
|  |  | 182016 |
| **FRANCE - 13.0%** | **FRANCE - 13.0%** | **FRANCE - 13.0%** |
| Accor SA<sup>(2)</sup> | 1219 | 55666 |
| Air Liquide SA<sup>(2)</sup> | 767 | 146000 |
| AXA SA<sup>(2)</sup> | 1833 | 78240 |
| BNP Paribas SA<sup>(2)</sup> | 1819 | 151527 |
| Bureau Veritas SA<sup>(2)</sup> | 585 | 17693 |
| Cie de Saint-Gobain SA<sup>(2)</sup> | 606 | 60195 |
| Danone SA<sup>(2)</sup> | 586 | 44905 |
| Safran SA<sup>(2)</sup> | 370 | 97600 |
|  |  | 651826 |
| **GERMANY - 9.2%** | **GERMANY - 9.2%** | **GERMANY - 9.2%** |
| Allianz SE<sup>(2)</sup> | 289 | 110100 |
| Deutsche Boerse AG<sup>(2)</sup> | 453 | 133559 |
| Deutsche Telekom AG<sup>(2)</sup> | 3219 | 119202 |
| Vonovia SE<sup>(2)</sup> | 3632 | 97976 |
|  |  | 460837 |
| **GREECE - 0.8%** | **GREECE - 0.8%** | **GREECE - 0.8%** |
| Piraeus Financial Holdings SA<sup>(2)</sup> | 7524 | 41427 |
| **HONG KONG - 1.4%** | **HONG KONG - 1.4%** | **HONG KONG - 1.4%** |
| AIA Group Ltd.<sup>(2)</sup> | 9579 | 72413 |
| **IRELAND - 1.8%** | **IRELAND - 1.8%** | **IRELAND - 1.8%** |
| Ryanair Holdings plc, Equity-Linked Security<sup>(2)(4)(5)\*</sup> | 4447 | 89296 |
| **ITALY - 3.7%** | **ITALY - 3.7%** | **ITALY - 3.7%** |
| BFF Bank SpA<sup>(2)(3)</sup> | 6096 | 50322 |
| Mediobanca Banca di Credito Finanziario SpA<sup>(2)</sup> | 4149 | 77913 |
| Wizz Air Holdings plc<sup>(2)(3)\*</sup> | 3100 | 59929 |
|  |  | 188164 |
| **JAPAN - 7.2%** | **JAPAN - 7.2%** | **JAPAN - 7.2%** |
| Coca-Cola Bottlers Japan Holdings, Inc.<sup>(2)</sup> | 1934 | 31501 |
| Japan Post Bank Co. Ltd.<sup>(2)</sup> | 5573 | 56283 |
| Mitsubishi Heavy Industries Ltd.<sup>(2)</sup> | 3393 | 57981 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(2)</sup> | 4940 | 66715 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **JAPAN (continued)** | **JAPAN (continued)** | **JAPAN (continued)** |
| Nippon Sanso Holdings Corp.<sup>(2)</sup> | 1558 | 47086 |
| Resona Holdings, Inc.<sup>(2)</sup> | 4666 | 40389 |
| Sumitomo Mitsui Financial Group, Inc.<sup>(2)</sup> | 1435 | 36625 |
| Tokyo Gas Co. Ltd.<sup>(2)</sup> | 802 | 25507 |
|  |  | 362087 |
| **MEXICO - 1.3%** | **MEXICO - 1.3%** | **MEXICO - 1.3%** |
| Cemex SAB de CV, ADR | 4688 | 26301 |
| Wal-Mart de Mexico SAB de CV | 13136 | 36313 |
|  |  | 62614 |
| **NETHERLANDS - 2.5%** | **NETHERLANDS - 2.5%** | **NETHERLANDS - 2.5%** |
| Argenx SE<sup>(2)\*</sup> | 93 | 54693 |
| Argenx SE, ADR\* | 120 | 71197 |
|  |  | 125890 |
| **PORTUGAL - 0.1%** | **PORTUGAL - 0.1%** | **PORTUGAL - 0.1%** |
| Jeronimo Martins SGPS SA<sup>(2)</sup> | 246 | 5219 |
| **RUSSIA - 0.0%** | **RUSSIA - 0.0%** | **RUSSIA - 0.0%** |
| Sberbank of Russia PJSC<sup>(2)(6)(7)</sup> | 38445 |  |
| **SINGAPORE - 0.3%** | **SINGAPORE - 0.3%** | **SINGAPORE - 0.3%** |
| Singapore Technologies Engineering Ltd.<sup>(2)</sup> | 2961 | 14901 |
| **SOUTH KOREA - 4.6%** | **SOUTH KOREA - 4.6%** | **SOUTH KOREA - 4.6%** |
| Hanwha Aerospace Co. Ltd.<sup>(2)</sup> | 277 | 118082 |
| LIG Nex1 Co. Ltd.<sup>(2)</sup> | 674 | 114189 |
|  |  | 232271 |
| **SPAIN - 1.8%** | **SPAIN - 1.8%** | **SPAIN - 1.8%** |
| Aena SME SA<sup>(2)(3)</sup> | 384 | 90005 |
| **SWITZERLAND - 7.4%** | **SWITZERLAND - 7.4%** | **SWITZERLAND - 7.4%** |
| Medacta Group SA<sup>(2)(3)</sup> | 300 | 43153 |
| SGS SA<sup>(1)(2)</sup> | 862 | 85612 |
| Straumann Holding AG<sup>(2)</sup> | 58 | 6980 |
| UBS Group AG<sup>(2)</sup> | 7742 | 237225 |
|  |  | 372970 |
| **UNITED KINGDOM - 17.8%** | **UNITED KINGDOM - 17.8%** | **UNITED KINGDOM - 17.8%** |
| 3i Group plc<sup>(2)</sup> | 925 | 43343 |
| Babcock International Group plc<sup>(2)</sup> | 3043 | 28410 |
| British American Tobacco plc<sup>(2)</sup> | 2776 | 114434 |
| Flutter Entertainment plc (LSE)<sup>(2)\*</sup> | 37 | 8243 |
| London Stock Exchange Group plc<sup>(2)</sup> | 417 | 61807 |
| Melrose Industries plc<sup>(2)</sup> | 18423 | 113541 |
| National Grid plc<sup>(2)</sup> | 18963 | 247053 |
| Reckitt Benckiser Group plc<sup>(2)</sup> | 1117 | 75464 |
| RELX plc<sup>(2)</sup> | 2159 | 108472 |
| SSE plc<sup>(2)</sup> | 2962 | 60952 |
| Tesco plc<sup>(2)</sup> | 7251 | 31150 |
|  |  | 892869 |
| **UNITED STATES - 4.6%** | **UNITED STATES - 4.6%** | **UNITED STATES - 4.6%** |
| Aon plc, Class A | 374 | 149121 |
| Swiss Re AG<sup>(2)</sup> | 490 | 83219 |
|  |  | 232340 |
| **Total common stocks and equity-linked security** | **Total common stocks and equity-linked security** | **Total common stocks and equity-linked security** |
| &nbsp;&nbsp;&nbsp;(Cost $4,086,924) |  | 4828052 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **39** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** <br> **Held** | **Value** |
| **SHORT-TERM INVESTMENT - 3.5%** | **SHORT-TERM INVESTMENT - 3.5%** | **SHORT-TERM INVESTMENT - 3.5%** |
| 2 |  |  |
| **INVESTMENT COMPANY - 3.5%** | **INVESTMENT COMPANY - 3.5%** | **INVESTMENT COMPANY - 3.5%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%(8)(9) (Cost $175,970) | 175970 | $175970 |
| **Total investments - 99.5%** <br> (Cost $4,262,894) |  | 5004022 |
| **Other assets less liabilities - 0.5%** |  | 25732 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $5029754 |

---

<sup>(1)</sup> All or a portion of security is on loan at March 31, 2025.

<sup>(2)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $4,150,875, or 82.5% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(3)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $306,162 or 6.1% of net assets.

<sup>(4)</sup> Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Ryanair Holdings plc, Equity-Linked Security | 11/14/2013 - 10/22/2024 | $68992 | $89296 | 1.8% |

---

<sup>(5)</sup> Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

<sup>(6)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(7)</sup> Security is restricted.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Sberbank of Russia PJSC | 9/16/2021 - 2/11/2022 | $159810 | $– | 0.0% |

---

<sup>(8)</sup> Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $34,385. This was collateralized by cash of $35,907 which was subsequently invested in an investment company.

<sup>(9)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $315005 | 6.3% |
| Consumer Discretionary | 350560 | 7.0 |
| Consumer Staples | 483144 | 9.7 |
| Energy | 11609 | 0.2 |
| Financials | 1593285 | 31.7 |
| Health Care | 288709 | 5.8 |
| Industrials | 1090120 | 21.8 |
| Materials | 264132 | 5.3 |
| Real Estate | 97976 | 2.0 |
| Utilities | 333512 | 6.7 |
| Short-Term Investment | 175970 | 3.5 |
| **Total investments** | $5004022 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **40** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN INTERNATIONAL EXPLORER FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 84.0%** | **COMMON STOCKS - 84.0%** | **COMMON STOCKS - 84.0%** |
| **ARGENTINA - 2.9%** | **ARGENTINA - 2.9%** | **ARGENTINA - 2.9%** |
| Despegar.com Corp.\* | 410 | $7702 |
| **AUSTRALIA - 3.2%** | **AUSTRALIA - 3.2%** | **AUSTRALIA - 3.2%** |
| Steadfast Group Ltd.<sup>(1)</sup> | 2319 | 8426 |
| **BRAZIL - 1.2%** | **BRAZIL - 1.2%** | **BRAZIL - 1.2%** |
| Pluxee NV<sup>(1)</sup> | 158 | 3218 |
| **CANADA - 2.3%** | **CANADA - 2.3%** | **CANADA - 2.3%** |
| Knight Therapeutics, Inc.\* | 847 | 3620 |
| Real Matters, Inc.\* | 608 | 2465 |
|  |  | 6085 |
| **FRANCE - 5.8%** | **FRANCE - 5.8%** | **FRANCE - 5.8%** |
| Alten SA<sup>(1)</sup> | 156 | 15287 |
| **GERMANY - 0.8%** | **GERMANY - 0.8%** | **GERMANY - 0.8%** |
| Hensoldt AG<sup>(1)</sup> | 30 | 2032 |
| **INDIA - 0.8%** | **INDIA - 0.8%** | **INDIA - 0.8%** |
| Care Ratings Ltd.<sup>(1)</sup> | 164 | 2112 |
| **INDONESIA - 1.8%** | **INDONESIA - 1.8%** | **INDONESIA - 1.8%** |
| Mitra Adiperkasa Tbk. PT<sup>(1)</sup> | 57227 | 4654 |
| **IRELAND - 9.7%** | **IRELAND - 9.7%** | **IRELAND - 9.7%** |
| Glenveagh Properties plc<sup>(1)(2)\*</sup> | 15467 | 25385 |
| **ITALY - 0.9%** | **ITALY - 0.9%** | **ITALY - 0.9%** |
| Sesa SpA<sup>(1)</sup> | 32 | 2357 |
| **JAPAN - 13.9%** | **JAPAN - 13.9%** | **JAPAN - 13.9%** |
| Kansai Paint Co. Ltd.<sup>(1)</sup> | 678 | 9691 |
| Sato Holdings Corp.<sup>(1)</sup> | 657 | 9293 |
| Zuken, Inc.<sup>(1)</sup> | 556 | 17645 |
|  |  | 36629 |
| **NORWAY - 1.2%** | **NORWAY - 1.2%** | **NORWAY - 1.2%** |
| Spir Group ASA<sup>(1)\*</sup> | 3782 | 3210 |
| **SOUTH AFRICA - 1.1%** | **SOUTH AFRICA - 1.1%** | **SOUTH AFRICA - 1.1%** |
| Famous Brands Ltd.<sup>(1)</sup> | 950 | 3007 |
| **SOUTH KOREA - 2.0%** | **SOUTH KOREA - 2.0%** | **SOUTH KOREA - 2.0%** |
| Vitzrocell Co. Ltd.<sup>(1)</sup> | 329 | 5302 |
| **SWITZERLAND - 3.7%** | **SWITZERLAND - 3.7%** | **SWITZERLAND - 3.7%** |
| Medmix AG<sup>(1)(2)</sup> | 328 | 3881 |
| u-blox Holding AG<sup>(1)\*</sup> | 66 | 5745 |
|  |  | 9626 |
| **UNITED KINGDOM - 22.7%** | **UNITED KINGDOM - 22.7%** | **UNITED KINGDOM - 22.7%** |
| Allfunds Group plc<sup>(1)</sup> | 642 | 3672 |
| Elementis plc<sup>(1)</sup> | 3009 | 5042 |
| Essentra plc<sup>(1)</sup> | 2873 | 3703 |
| FD Technologies plc<sup>(1)\*</sup> | 53 | 1160 |
| FDM Group Holdings plc<sup>(1)</sup> | 2573 | 8339 |
| IDOX plc<sup>(1)\*</sup> | 4056 | 3043 |
| IQE plc<sup>(1)\*</sup> | 27578 | 3968 |
| Kingfisher plc<sup>(1)</sup> | 1890 | 6219 |
| LSL Property Services plc<sup>(1)</sup> | 469 | 1644 |
| Luxfer Holdings plc | 514 | 6094 |
| M&C Saatchi plc<sup>(1)</sup> | 5151 | 11105 |
| Sabre Insurance Group plc<sup>(1)(2)</sup> | 3456 | 5785 |
|  |  | 59774 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **UNITED STATES - 7.3%** | **UNITED STATES - 7.3%** | **UNITED STATES - 7.3%** |
| Impro Precision Industries Ltd.<sup>(1)(2)</sup> | 22578 | $8937 |
| Signify NV<sup>(1)(2)</sup> | 475 | 10336 |
|  |  | 19273 |
| **VIRGIN ISLANDS, BRITISH - 2.7%** | **VIRGIN ISLANDS, BRITISH - 2.7%** | **VIRGIN ISLANDS, BRITISH - 2.7%** |
| AdvancedAdvT Ltd.<sup>(1)\*</sup> | 3533 | 7074 |
| **Total common stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $214,146) |  | 221153 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal <br> Amount** | |
| **CONVERTIBLE BOND - 1.4%** | **CONVERTIBLE BOND - 1.4%** | **CONVERTIBLE BOND - 1.4%** | **CONVERTIBLE BOND - 1.4%** |
| **UNITED KINGDOM - 1.4%** | **UNITED KINGDOM - 1.4%** | **UNITED KINGDOM - 1.4%** | **UNITED KINGDOM - 1.4%** |
| IQE | IQE | IQE | IQE |
| &nbsp;&nbsp;&nbsp;0.00%, 3/13/2026 (Cost $3,622)<sup>(1)(3)</sup> | GBP | 3292 | 3645 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br> Held** | |
| **SHORT-TERM INVESTMENT - 14.1%** | **SHORT-TERM INVESTMENT - 14.1%** | **SHORT-TERM INVESTMENT - 14.1%** |
| 2 |  |  |
| **INVESTMENT COMPANY - 14.1%** | **INVESTMENT COMPANY - 14.1%** | **INVESTMENT COMPANY - 14.1%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, <br> 4.22%<sup>(4)</sup> (Cost $37,176) | 37176 | 37176 |
| **Total investments - 99.5%** <br> (Cost $254,944) |  | 261974 |
| **Other assets less liabilities - 0.5%** |  | 1215 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $263189 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $204,917, or 77.9% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $54,324 or 20.6% of net assets.

<sup>(3)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(4)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $11105 | 4.2% |
| Consumer Discretionary | 46967 | 17.9 |
| Financials | 23213 | 8.9 |
| Health Care | 7501 | 2.9 |
| Industrials | 41994 | 16.0 |
| Information Technology | 71473 | 27.4 |
| Materials | 18436 | 7.0 |
| Real Estate | 4109 | 1.6 |
| Short-Term Investment | 37176 | 14.1 |
| **Total investments** | $261974 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| Artisan Partners Funds | **41** |

---

ARTISAN INTERNATIONAL SMALL-MID FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** |
| **BELGIUM - 1.0%** | **BELGIUM - 1.0%** | **BELGIUM - 1.0%** |
| Azelis Group NV<sup>(1)</sup> | 2120 | $37329 |
| **BRAZIL - 1.1%** | **BRAZIL - 1.1%** | **BRAZIL - 1.1%** |
| Hapvida Participacoes e Investimentos SA<sup>(2)\*</sup> | 16485 | 6384 |
| Rumo SA | 5104 | 14561 |
| Vibra Energia SA | 6430 | 20125 |
|  |  | 41070 |
| **CANADA - 5.0%** | **CANADA - 5.0%** | **CANADA - 5.0%** |
| Altus Group Ltd. | 745 | 26643 |
| CAE, Inc.\* | 2567 | 63118 |
| Descartes Systems Group, Inc. (The)\* | 107 | 10819 |
| Docebo, Inc.\* | 241 | 6930 |
| Kinaxis, Inc.\* | 470 | 51826 |
| Lightspeed Commerce, Inc.\* | 2562 | 22410 |
|  |  | 181746 |
| **CHINA - 1.4%** | **CHINA - 1.4%** | **CHINA - 1.4%** |
| BeiGene Ltd., ADR\* | 196 | 53292 |
| **DENMARK - 5.8%** | **DENMARK - 5.8%** | **DENMARK - 5.8%** |
| ALK-Abello A/S, Class B<sup>(1)\*</sup> | 1065 | 21461 |
| Ambu A/S, Class B(1) | 5135 | 88063 |
| DSV A/S<sup>(1)</sup> | 112 | 21732 |
| FLSmidth & Co. A/S<sup>(1)</sup> | 827 | 39777 |
| Genmab A/S<sup>(1)\*</sup> | 219 | 42762 |
|  |  | 213795 |
| **FINLAND - 4.2%** | **FINLAND - 4.2%** | **FINLAND - 4.2%** |
| Cargotec OYJ<sup>(1)</sup> | 206 | 9405 |
| Fortum OYJ<sup>(1)</sup> | 1306 | 21404 |
| Huhtamaki OYJ<sup>(1)</sup> | 983 | 35064 |
| Kalmar OYJ, Class B<sup>(1)</sup> | 167 | 5507 |
| Metso Oyj<sup>(1)</sup> | 7971 | 82464 |
|  |  | 153844 |
| **FRANCE - 0.9%** | **FRANCE - 0.9%** | **FRANCE - 0.9%** |
| Lectra<sup>(1)</sup> | 1107 | 31773 |
| **GERMANY - 3.8%** | **GERMANY - 3.8%** | **GERMANY - 3.8%** |
| AIXTRON SE<sup>(1)</sup> | 1445 | 15855 |
| Brenntag SE<sup>(1)</sup> | 387 | 25005 |
| Fresenius Medical Care AG<sup>(1)</sup> | 618 | 30545 |
| Hannover Rueck SE<sup>(1)</sup> | 91 | 27112 |
| Hensoldt AG<sup>(1)</sup> | 609 | 40841 |
|  |  | 139358 |
| **ICELAND - 0.4%** | **ICELAND - 0.4%** | **ICELAND - 0.4%** |
| Embla Medical HF<sup>(1)\*</sup> | 3606 | 14700 |
| **INDIA - 2.5%** | **INDIA - 2.5%** | **INDIA - 2.5%** |
| PB Fintech Ltd.<sup>(1)\*</sup> | 641 | 11840 |
| Tech Mahindra Ltd.<sup>(1)</sup> | 477 | 7870 |
| WNS Holdings Ltd.\* | 1155 | 70999 |
|  |  | 90709 |
| **IRELAND - 1.0%** | **IRELAND - 1.0%** | **IRELAND - 1.0%** |
| AerCap Holdings NV | 290 | 29624 |
| COSMO Pharmaceuticals NV<sup>(1)</sup> | 120 | 7587 |
|  |  | 37211 |
| **ISRAEL - 5.9%** | **ISRAEL - 5.9%** | **ISRAEL - 5.9%** |
| Kornit Digital Ltd.\* | 2037 | 38862 |
| Nice Ltd., ADR\* | 716 | 110312 |
| Radware Ltd.\* | 1471 | 31802 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares <br> Held** | **Value** | **Value** |
| **ISRAEL (continued)** | **ISRAEL (continued)** | **ISRAEL (continued)** | **ISRAEL (continued)** |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.<sup>(1)</sup> | 153 | $| 11001 |
| Tel Aviv Stock Exchange Ltd.<sup>(1)</sup> | 2078 |  | 24503 |
|  |  |  | 216480 |
| **ITALY - 0.7%** | **ITALY - 0.7%** | **ITALY - 0.7%** | **ITALY - 0.7%** |
| Davide Campari-Milano NV<sup>(1)</sup> | 2251 |  | 13213 |
| Ermenegildo Zegna NV | 1484 |  | 10984 |
|  |  |  | 24197 |
| **JAPAN - 18.3%** | **JAPAN - 18.3%** | **JAPAN - 18.3%** | **JAPAN - 18.3%** |
| Ariake Japan Co. Ltd.<sup>(1)</sup> | 1354 |  | 55991 |
| Azbil Corp.<sup>(1)</sup> | 7876 |  | 60922 |
| CKD Corp.<sup>(1)</sup> | 2089 |  | 28449 |
| Daikokutenbussan Co. Ltd.<sup>(1)</sup> | 448 |  | 19868 |
| Daiseki Co. Ltd.<sup>(1)</sup> | 739 |  | 18507 |
| DMG Mori Co. Ltd.<sup>(1)</sup> | 1621 |  | 31566 |
| GMO Financial Gate, Inc.<sup>(1)</sup> | 233 |  | 8290 |
| GMO Payment Gateway, Inc.<sup>(1)</sup> | 825 |  | 44127 |
| Hamamatsu Photonics KK<sup>(1)</sup> | 1698 |  | 16593 |
| Harmonic Drive Systems, Inc.<sup>(1)</sup> | 1345 |  | 28617 |
| Japan Elevator Service Holdings Co. Ltd.<sup>(1)</sup> | 1842 |  | 33820 |
| MatsukiyoCocokara & Co.<sup>(1)</sup> | 2337 |  | 36576 |
| Menicon Co. Ltd.<sup>(1)</sup> | 1050 |  | 8770 |
| Money Forward, Inc.<sup>(1)\*</sup> | 772 |  | 20780 |
| MonotaRO Co. Ltd.<sup>(1)</sup> | 554 |  | 10354 |
| Morinaga Milk Industry Co. Ltd.<sup>(1)</sup> | 1562 |  | 32444 |
| NOF Corp.<sup>(1)</sup> | 2581 |  | 34965 |
| PILLAR Corp.<sup>(1)</sup> | 185 |  | 4147 |
| Rohm Co. Ltd.<sup>(1)</sup> | 1519 |  | 14575 |
| Rohto Pharmaceutical Co. Ltd.<sup>(1)</sup> | 2276 |  | 33943 |
| Sawai Group Holdings Co. Ltd.<sup>(1)</sup> | 1844 |  | 24342 |
| SCSK Corp.<sup>(1)</sup> | 1280 |  | 31593 |
| SG Holdings Co. Ltd.<sup>(1)</sup> | 2401 |  | 23956 |
| Suntory Beverage & Food Ltd.<sup>(1)</sup> | 947 |  | 31188 |
| Toyo Suisan Kaisha Ltd.<sup>(1)</sup> | 273 |  | 16084 |
|  |  |  | 670467 |
| **MEXICO - 0.5%** | **MEXICO - 0.5%** | **MEXICO - 0.5%** | **MEXICO - 0.5%** |
| Qualitas Controladora SAB de CV | 2276 |  | 19788 |
| **NETHERLANDS - 0.7%** | **NETHERLANDS - 0.7%** | **NETHERLANDS - 0.7%** | **NETHERLANDS - 0.7%** |
| IMCD NV<sup>(1)</sup> | 192 |  | 25601 |
| **NORWAY - 0.3%** | **NORWAY - 0.3%** | **NORWAY - 0.3%** | **NORWAY - 0.3%** |
| Nordic Semiconductor ASA<sup>(1)\*</sup> | 896 |  | 10978 |
| **SOUTH KOREA - 0.1%** | **SOUTH KOREA - 0.1%** | **SOUTH KOREA - 0.1%** | **SOUTH KOREA - 0.1%** |
| Hanmi Pharm Co. Ltd.<sup>(1)</sup> | 18 |  | 2699 |
| **SWEDEN - 3.7%** | **SWEDEN - 3.7%** | **SWEDEN - 3.7%** | **SWEDEN - 3.7%** |
| AAK AB(1) | 452 |  | 12622 |
| Beijer Ref AB, Class B<sup>(1)</sup> | 1558 |  | 21857 |
| Fortnox AB<sup>(1)</sup> | 2054 |  | 17857 |
| Surgical Science Sweden AB<sup>(1)\*</sup> | 297 |  | 3638 |
| Swedish Orphan Biovitrum AB<sup>(1)\*</sup> | 2777 |  | 79520 |
|  |  |  | 135494 |
| **SWITZERLAND - 2.1%** | **SWITZERLAND - 2.1%** | **SWITZERLAND - 2.1%** | **SWITZERLAND - 2.1%** |
| Baloise Holding AG<sup>(1)</sup> | 94 |  | 19630 |
| Burckhardt Compression Holding AG<sup>(1)</sup> | 12 |  | 8118 |
| dormakaba Holding AG<sup>(1)</sup> | 36 |  | 26973 |
| Inficon Holding AG<sup>(1)</sup> | 10 |  | 11014 |
| On Holding AG, Class A\* | 269 |  | 11797 |
|  |  |  | 77532 |

---

---

| | |
|:---|:---|
| **42** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **THAILAND - 1.2%** | **THAILAND - 1.2%** | **THAILAND - 1.2%** |
| Fabrinet\* | 225 | $44435 |
| **UNITED KINGDOM - 20.5%** | **UNITED KINGDOM - 20.5%** | **UNITED KINGDOM - 20.5%** |
| Alphawave IP Group plc<sup>(1)\*</sup> | 17278 | 21097 |
| Aviva plc<sup>(1)</sup> | 5525 | 39819 |
| Balfour Beatty plc<sup>(1)</sup> | 7030 | 39644 |
| Chemring Group plc<sup>(1)</sup> | 6849 | 32985 |
| ConvaTec Group plc<sup>(1)(2)</sup> | 38712 | 129162 |
| Games Workshop Group plc<sup>(1)</sup> | 127 | 22992 |
| Howden Joinery Group plc<sup>(1)</sup> | 2527 | 23617 |
| JD Sports Fashion plc<sup>(1)</sup> | 10913 | 9597 |
| JET2 plc<sup>(1)</sup> | 4642 | 74427 |
| LondonMetric Property plc, REIT<sup>(1)</sup> | 3927 | 9306 |
| Pearson plc<sup>(1)</sup> | 2836 | 44815 |
| Rotork plc<sup>(1)</sup> | 14966 | 60767 |
| Smiths Group plc<sup>(1)</sup> | 2317 | 58025 |
| St. James's Place plc<sup>(1)</sup> | 4676 | 59459 |
| Subsea 7 SA<sup>(1)</sup> | 1225 | 19574 |
| Taylor Wimpey plc<sup>(1)</sup> | 14330 | 20044 |
| Trainline plc<sup>(1)(2)\*</sup> | 8076 | 28377 |
| Weir Group plc (The)<sup>(1)</sup> | 1336 | 40330 |
| WH Smith plc<sup>(1)</sup> | 1232 | 16217 |
|  |  | 750254 |
| **UNITED STATES - 14.9%** | **UNITED STATES - 14.9%** | **UNITED STATES - 14.9%** |
| Agilysys, Inc.\* | 393 | 28512 |
| Agios Pharmaceuticals, Inc.\* | 281 | 8224 |
| Alcon AG<sup>(1)</sup> | 593 | 56021 |
| Alkermes plc\* | 1118 | 36905 |
| Avidity Biosciences, Inc.\* | 633 | 18683 |
| Bridgebio Pharma, Inc.\* | 231 | 7978 |
| Calix, Inc.\* | 718 | 25435 |
| Celcuity, Inc.\* | 327 | 3302 |
| CyberArk Software Ltd.\* | 73 | 24537 |
| Denali Therapeutics, Inc.\* | 423 | 5751 |
| Edgewise Therapeutics, Inc.\* | 633 | 13925 |
| Enphase Energy, Inc.\* | 130 | 8050 |
| Five9, Inc.\* | 693 | 18823 |
| Glaukos Corp.\* | 206 | 20282 |
| Inspire Medical Systems, Inc.\* | 105 | 16741 |
| Insulet Corp.\* | 147 | 38575 |
| Ionis Pharmaceuticals, Inc.\* | 138 | 4166 |
| Legend Biotech Corp., ADR\* | 769 | 26101 |
| LivaNova plc\* | 400 | 15700 |
| Madrigal Pharmaceuticals, Inc.\* | 94 | 31110 |
| Myriad Genetics, Inc.\* | 1556 | 13799 |
| Nurix Therapeutics, Inc.\* | 449 | 5330 |
| Ocular Therapeutix, Inc.\* | 807 | 5913 |
| Penumbra, Inc.\* | 74 | 19743 |
| Replimune Group, Inc.\* | 406 | 3959 |
| RxSight, Inc.\* | 1239 | 31297 |
| SolarEdge Technologies, Inc.\* | 531 | 8589 |
| STAAR Surgical Co.\* | 241 | 4255 |
| Tarsus Pharmaceuticals, Inc.\* | 421 | 21652 |
| ViewRay, Inc.\* | 9051 | 1 |
| Vir Biotechnology, Inc.\* | 549 | 3555 |
| WaVe Life Sciences Ltd.\* | 1617 | 13065 |
| Wolfspeed, Inc.\* | 2353 | 7199 |
|  |  | 547178 |
| **Total common stocks** | **Total common stocks** | **Total common stocks** |
| &nbsp;&nbsp;&nbsp;(Cost $3,276,249) |  | 3519930 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **Total investments - 96.0%** <br> (Cost $3,276,249) |  | $3519930 |
| **Other assets less liabilities - 4.0%** |  | 147130 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $3667060 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $2,384,062, or 65.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $163,923 or 4.5% of net assets.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Consumer Discretionary | $184948 | 5.3% |
| Consumer Staples | 262930 | 7.5 |
| Energy | 19574 | 0.6 |
| Financials | 254568 | 7.2 |
| Health Care | 938958 | 26.7 |
| Industrials | 1066837 | 30.3 |
| Information Technology | 660586 | 18.7 |
| Materials | 74176 | 2.1 |
| Real Estate | 35949 | 1 |
| Utilities | 21404 | 0.6 |
| **Total investments** | $3519930 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| Artisan Partners Funds | **43** |

---

ARTISAN INTERNATIONAL VALUE FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares<br> Held** | **Value** |
| **COMMON STOCKS AND EQUITY-LINKED SECURITY - 85.9%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 85.9%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 85.9%** |
| **BELGIUM - 1.0%** | **BELGIUM - 1.0%** | **BELGIUM - 1.0%** |
| Groupe Bruxelles Lambert NV<sup>(1)</sup> | 4739 | $354309 |
| **BERMUDA - 0.4%** | **BERMUDA - 0.4%** | **BERMUDA - 0.4%** |
| Voussoir RE Ltd. (Preferred Shares)<sup>(1)(2)(3)\*</sup> | 1 | 142700 |
| **BRAZIL - 1.1%** | **BRAZIL - 1.1%** | **BRAZIL - 1.1%** |
| Pluxee NV<sup>(1)</sup> | 11677 | 238146 |
| Pluxee NV (Registered shares)<sup>(1)(3)</sup> | 737 | 15037 |
| Telefonica Brasil SA, ADR | 16476 | 143675 |
|  |  | 396858 |
| **CANADA - 3.4%** | **CANADA - 3.4%** | **CANADA - 3.4%** |
| Alimentation Couche-Tard, Inc. | 10888 | 536990 |
| Suncor Energy, Inc. | 19182 | 742720 |
|  |  | 1279710 |
| **CHINA - 3.2%** | **CHINA - 3.2%** | **CHINA - 3.2%** |
| Alibaba Group Holding Ltd.<sup>(1)</sup> | 63839 | 1058497 |
| Anhui Conch Cement Co. Ltd., Class H<sup>(1)</sup> | 47262 | 133622 |
| Hengan International Group Co. Ltd.<sup>(1)</sup> | 5212 | 14615 |
|  |  | 1206734 |
| **FINLAND - 1.9%** | **FINLAND - 1.9%** | **FINLAND - 1.9%** |
| Nokia OYJ<sup>(1)</sup> | 49218 | 259549 |
| Nokia OYJ, ADR | 83160 | 438253 |
|  |  | 697802 |
| **FRANCE - 9.5%** | **FRANCE - 9.5%** | **FRANCE - 9.5%** |
| Capgemini SE<sup>(1)</sup> | 2212 | 330712 |
| Danone SA<sup>(1)</sup> | 6464 | 495346 |
| Danone SA (Registered shares)<sup>(1)(3)</sup> | 16321 | 1250687 |
| Safran SA<sup>(1)</sup> | 4025 | 1061704 |
| Sodexo SA<sup>(1)</sup> | 5192 | 333559 |
| Sodexo SA (Registered shares)<sup>(1)(3)</sup> | 737 | 47367 |
|  |  | 3519375 |
| **GERMANY - 3.0%** | **GERMANY - 3.0%** | **GERMANY - 3.0%** |
| Brenntag SE<sup>(1)(4)</sup> | 12278 | 793285 |
| Fresenius Medical Care AG<sup>(1)</sup> | 6300 | 311130 |
|  |  | 1104415 |
| **INDIA - 2.9%** | **INDIA - 2.9%** | **INDIA - 2.9%** |
| HCL Technologies Ltd.<sup>(1)</sup> | 58620 | 1086506 |
| **IRELAND - 1.7%** | **IRELAND - 1.7%** | **IRELAND - 1.7%** |
| Ryanair Holdings plc<sup>(1)</sup> | 2473 | 49658 |
| Ryanair Holdings plc, Equity-Linked Security<sup>(1)(5)(6)\*</sup> | 29773 | 597784 |
|  |  | 647442 |
| **JAPAN - 1.1%** | **JAPAN - 1.1%** | **JAPAN - 1.1%** |
| Nintendo Co. Ltd.<sup>(1)</sup> | 1951 | 133084 |
| Seven & i Holdings Co. Ltd.<sup>(1)</sup> | 17970 | 261156 |
|  |  | 394240 |
| **MEXICO - 0.5%** | **MEXICO - 0.5%** | **MEXICO - 0.5%** |
| Gruma SAB de CV, Class B | 10400 | 186962 |
| **NETHERLANDS - 4.6%** | **NETHERLANDS - 4.6%** | **NETHERLANDS - 4.6%** |
| Koninklijke Philips NV<sup>(1)(4)\*</sup> | 50208 | 1275628 |
| Universal Music Group NV<sup>(1)</sup> | 15556 | 428749 |
|  |  | 1704377 |
| **SOUTH KOREA - 5.2%** | **SOUTH KOREA - 5.2%** | **SOUTH KOREA - 5.2%** |
| NAVER Corp.<sup>(1)</sup> | 2277 | 297097 |
| Samsung C&T Corp.<sup>(1)</sup> | 1371 | 109571 |
| Samsung Electronics Co. Ltd.<sup>(1)</sup> | 28284 | 1120107 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **SOUTH KOREA (continued)** | **SOUTH KOREA (continued)** | **SOUTH KOREA (continued)** |
| Samsung Electronics Co. Ltd. (Preference)<sup>(1)</sup> | 12354 | 399609 |
|  |  | 1926384 |
| **SWITZERLAND - 10.8%** | **SWITZERLAND - 10.8%** | **SWITZERLAND - 10.8%** |
| ABB Ltd.<sup>(1)</sup> | 27202 | 1407726 |
| Barry Callebaut AG<sup>(1)(4)</sup> | 427 | 566877 |
| Cie Financiere Richemont SA<sup>(1)</sup> | 4640 | 810294 |
| DSM-Firmenich AG<sup>(1)</sup> | 2285 | 226481 |
| UBS Group AG<sup>(1)</sup> | 32539 | 997047 |
|  |  | 4008425 |
| **UNITED KINGDOM - 16.9%** | **UNITED KINGDOM - 16.9%** | **UNITED KINGDOM - 16.9%** |
| Associated British Foods plc<sup>(1)</sup> | 24045 | 594739 |
| Berkeley Group Holdings plc<sup>(1)(4)</sup> | 7022 | 326432 |
| Compass Group plc<sup>(1)</sup> | 26939 | 889413 |
| Diageo plc<sup>(1)</sup> | 20736 | 540929 |
| Lloyds Banking Group plc<sup>(1)</sup> | 1014809 | 949427 |
| Pearson plc<sup>(1)</sup> | 30243 | 477868 |
| RELX plc<sup>(1)</sup> | 18107 | 909526 |
| Unilever plc<sup>(1)</sup> | 26394 | 1572408 |
|  |  | 6260742 |
| **UNITED STATES - 18.7%** | **UNITED STATES - 18.7%** | **UNITED STATES - 18.7%** |
| Arch Capital Group Ltd. | 17163 | 1650739 |
| CNH Industrial NV | 25361 | 311430 |
| Garmin Ltd. | 4337 | 941743 |
| Holcim AG<sup>(1)</sup> | 8197 | 881780 |
| ICON plc\* | 3131 | 547955 |
| Novartis AG<sup>(1)</sup> | 12558 | 1396874 |
| Sensata Technologies Holding plc<sup>(4)</sup> | 10729 | 260395 |
| Willis Towers Watson plc | 2753 | 930402 |
|  |  | 6921318 |
| **Total common stocks and equity-linked security** | **Total common stocks and equity-linked security** | **Total common stocks and equity-linked security** |
| &nbsp;&nbsp;&nbsp;(Cost $22,349,735) |  | 31838299 |
| **SHORT-TERM INVESTMENT - 13.1%** | **SHORT-TERM INVESTMENT - 13.1%** | **SHORT-TERM INVESTMENT - 13.1%** |
| **INVESTMENT COMPANY - 13.1%** | **INVESTMENT COMPANY - 13.1%** | **INVESTMENT COMPANY - 13.1%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional <br> Class, 4.22%<sup>(7)</sup> (Cost $4,839,848) | 4839848 | 4839848 |
| **MISCELLANEOUS SECURITIES - 0.2%(8)** | **MISCELLANEOUS SECURITIES - 0.2%(8)** | **MISCELLANEOUS SECURITIES - 0.2%(8)** |
| **Total Miscellaneous Securities** <br> (Cost $79,736) |  | 79971 |
| **Total investments - 99.2%** <br> (Cost $27,269,319) |  | 36758118 |
| **Other assets less liabilities - 0.8%** |  | 306811 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $37064929 |

---

<sup>(1)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $25,227,006, or 68.1% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(2)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(3)</sup> Security is restricted.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Danone SA (Registered shares) | 5/17/2023 - 9/12/2023 | $1004813 | $1250687 | 3.4% |
| Pluxee NV (Registered shares) | 2/1/2024 | 18836 | 15037 | 0.0% |
| Sodexo SA (Registered shares) | 9/4/2020 | 46862 | 47367 | 0.1% |
| Voussoir RE Ltd. (Preferred Shares) | 1/13/2023 | 100000 | 142700 | 0.4% |

---

---

| | |
|:---|:---|
| **44** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

<sup>(4)</sup> Affiliated company as defined under the Investment Company Act of 1940. See note 10 in Notes to Financial Statements for additional information.

<sup>(5)</sup> Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Ryanair Holdings plc, Equity-Linked Security | 11/14/2013 - 11/6/2024 | $461539 | $597784 | 1.6% |

---

<sup>(6)</sup> Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

<sup>(7)</sup> Represents the current yield as of March 31, 2025.

<sup>(8)</sup> Represents unrestricted previously undisclosed common stocks which the Fund has held for less than one year. One or more securities valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $1002605 | 2.7% |
| Consumer Discretionary | 4885173 | 13.3 |
| Consumer Staples | 6020709 | 16.4 |
| Energy | 742720 | 2.0 |
| Financials | 5277807 | 14.4 |
| Health Care | 3531587 | 9.6 |
| Industrials | 5501079 | 15.0 |
| Information Technology | 3634736 | 9.9 |
| Materials | 1241883 | 3.4 |
| Miscellaneous Securities | 79971 | 0.2 |
| Short-Term Investment | 4839848 | 13.1 |
| **Total investments** | $36758118 | 100.0% |

---

---

| |
|:---|
| **FOREIGN CURRENCY FORWARD CONTRACTS** |
| Values in thousands |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| CNH | 509319 | USD | 71223 | JPM | 1/28/2026 | $237 |
| USD | 418050 | CNH | 2971410 | JPM | 1/28/2026 | 1142 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  |  | 1379 |
| CNH | 2895742 | USD | 407274 | JPM | 1/28/2026 | (982) |
| USD | 1071622 | CNH | 7680493 | JPM | 1/28/2026 | (6003) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  |  | (6985) |
| **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  |  | $(5606) |

---

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

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **45** |

---

ARTISAN MID CAP FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **BIOTECHNOLOGY - 12.9%** | **BIOTECHNOLOGY - 12.9%** | **BIOTECHNOLOGY - 12.9%** |
| Argenx SE, ADR<sup>(1)\*</sup> | 312 | $184459 |
| Ascendis Pharma A/S, ADR<sup>(1)\*</sup> | 939 | 146329 |
| Insmed, Inc.\* | 802 | 61158 |
| Twist Bioscience Corp.\* | 1102 | 43259 |
| Veracyte, Inc.\* | 893 | 26475 |
|  |  | 461680 |
| **CAPITAL MARKETS - 5.2%** | **CAPITAL MARKETS - 5.2%** | **CAPITAL MARKETS - 5.2%** |
| Ares Management Corp., Class A | 166 | 24336 |
| LPL Financial Holdings, Inc. | 135 | 44322 |
| Robinhood Markets, Inc., Class A\* | 1087 | 45225 |
| Tradeweb Markets, Inc., Class A | 484 | 71923 |
|  |  | 185806 |
| **COMMUNICATIONS EQUIPMENT - 0.8%** | **COMMUNICATIONS EQUIPMENT - 0.8%** | **COMMUNICATIONS EQUIPMENT - 0.8%** |
| Arista Networks, Inc.\* | 382 | 29615 |
| **CONSTRUCTION & ENGINEERING - 1.3%** | **CONSTRUCTION & ENGINEERING - 1.3%** | **CONSTRUCTION & ENGINEERING - 1.3%** |
| API Group Corp.\* | 1314 | 46989 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%** |
| US Foods Holding Corp.\* | 854 | 55894 |
| **DIVERSIFIED CONSUMER SERVICES - 1.3%** | **DIVERSIFIED CONSUMER SERVICES - 1.3%** | **DIVERSIFIED CONSUMER SERVICES - 1.3%** |
| Bright Horizons Family Solutions, Inc.\* | 361 | 45806 |
| **ELECTRICAL EQUIPMENT - 0.8%** | **ELECTRICAL EQUIPMENT - 0.8%** | **ELECTRICAL EQUIPMENT - 0.8%** |
| Hubbell, Inc., Class B | 92 | 30356 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%** |
| Coherent Corp.\* | 467 | 30343 |
| **ENERGY EQUIPMENT & SERVICES - 2.5%** | **ENERGY EQUIPMENT & SERVICES - 2.5%** | **ENERGY EQUIPMENT & SERVICES - 2.5%** |
| Baker Hughes Co., Class A | 2020 | 88791 |
| **ENTERTAINMENT - 10.2%** | **ENTERTAINMENT - 10.2%** | **ENTERTAINMENT - 10.2%** |
| Liberty Media Corp-Liberty Formula One, Class C\* | 920 | 82838 |
| Live Nation Entertainment, Inc.\* | 685 | 89477 |
| ROBLOX Corp., Class A\* | 503 | 29339 |
| Spotify Technology SA\* | 221 | 121290 |
| Take-Two Interactive Software, Inc.\* | 207 | 42883 |
|  |  | 365827 |
| **GROUND TRANSPORTATION - 1.2%** | **GROUND TRANSPORTATION - 1.2%** | **GROUND TRANSPORTATION - 1.2%** |
| Saia, Inc.\* | 120 | 41776 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.8%** |
| Dexcom, Inc.\* | 631 | 43075 |
| Insulet Corp.\* | 170 | 44672 |
| iRhythm Technologies, Inc.\* | 651 | 68196 |
| Masimo Corp.\* | 104 | 17322 |
|  |  | 173265 |
| **HEALTH CARE TECHNOLOGY - 1.5%** | **HEALTH CARE TECHNOLOGY - 1.5%** | **HEALTH CARE TECHNOLOGY - 1.5%** |
| Veeva Systems, Inc., Class A\* | 238 | 55128 |
| **HOTELS, RESTAURANTS & LEISURE - 5.7%** | **HOTELS, RESTAURANTS & LEISURE - 5.7%** | **HOTELS, RESTAURANTS & LEISURE - 5.7%** |
| Chipotle Mexican Grill, Inc., Class A\* | 1208 | 60668 |
| DoorDash, Inc., Class A\* | 460 | 84139 |
| Viking Holdings Ltd.\* | 754 | 29973 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** |
| Wingstop, Inc. | 138 | 31169 |
|  |  | 205949 |
| **HOUSEHOLD DURABLES - 0.6%** | **HOUSEHOLD DURABLES - 0.6%** | **HOUSEHOLD DURABLES - 0.6%** |
| NVR, Inc.\* | 3 | 20502 |
| **INSURANCE - 1.3%** | **INSURANCE - 1.3%** | **INSURANCE - 1.3%** |
| Arthur J Gallagher & Co. | 136 | 46823 |
| **IT SERVICES - 4.9%** | **IT SERVICES - 4.9%** | **IT SERVICES - 4.9%** |
| Cloudflare, Inc., Class A\* | 167 | 18825 |
| GoDaddy, Inc., Class A\* | 186 | 33466 |
| Shopify, Inc., Class A<sup>(1)\*</sup> | 750 | 71639 |
| Snowflake, Inc., Class A\* | 343 | 50115 |
|  |  | 174045 |
| **LIFE SCIENCES TOOLS & SERVICES - 2.8%** | **LIFE SCIENCES TOOLS & SERVICES - 2.8%** | **LIFE SCIENCES TOOLS & SERVICES - 2.8%** |
| West Pharmaceutical Services, Inc. | 452 | 101176 |
| **MACHINERY - 2.7%** | **MACHINERY - 2.7%** | **MACHINERY - 2.7%** |
| Ingersoll Rand, Inc. | 445 | 35582 |
| Xylem, Inc. | 514 | 61427 |
|  |  | 97009 |
| **PROFESSIONAL SERVICES - 1.6%** | **PROFESSIONAL SERVICES - 1.6%** | **PROFESSIONAL SERVICES - 1.6%** |
| Parsons Corp.\* | 464 | 27481 |
| Verisk Analytics, Inc., Class A | 96 | 28477 |
|  |  | 55958 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.5%** |
| CBRE Group, Inc., Class A\* | 408 | 53403 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%** |
| Lattice Semiconductor Corp.\* | 1710 | 89698 |
| MACOM Technology Solutions Holdings, Inc.\* | 464 | 46623 |
| Marvell Technology, Inc. | 591 | 36367 |
| Monolithic Power Systems, Inc. | 100 | 57961 |
|  |  | 230649 |
| **SOFTWARE - 16.4%** | **SOFTWARE - 16.4%** | **SOFTWARE - 16.4%** |
| Atlassian Corp., Class A\* | 414 | 87750 |
| CCC Intelligent Solutions Holdings, Inc.\* | 5510 | 49757 |
| Gitlab, Inc., Class A\* | 838 | 39383 |
| Guidewire Software, Inc.\* | 365 | 68308 |
| HubSpot, Inc.\* | 83 | 47454 |
| Nutanix, Inc., Class A\* | 511 | 35655 |
| Samsara, Inc., Class A\* | 675 | 25855 |
| Synopsys, Inc.\* | 123 | 52840 |
| Tyler Technologies, Inc.\* | 226 | 131307 |
| Zscaler, Inc.\* | 259 | 51318 |
|  |  | 589627 |
| **SPECIALTY RETAIL - 2.7%** | **SPECIALTY RETAIL - 2.7%** | **SPECIALTY RETAIL - 2.7%** |
| AutoZone, Inc.\* | 18 | 67044 |
| Dick's Sporting Goods, Inc. | 149 | 30101 |
|  |  | 97145 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.6%** |
| Pure Storage, Inc., Class A\* | 1268 | 56118 |

---

---

| | |
|:---|:---|
| **46** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br> Held** | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.3%** |
| Deckers Outdoor Corp.\* | 417 | $46615 |
| **TRADING COMPANIES & DISTRIBUTORS - 2.2%** | **TRADING COMPANIES & DISTRIBUTORS - 2.2%** | **TRADING COMPANIES & DISTRIBUTORS - 2.2%** |
| Ferguson Enterprises, Inc. | 139 | 22281 |
| FTAI Aviation Ltd. | 506 | 56136 |
|  |  | 78417 |
| **Total common stocks** <br> (Cost $2,513,595) |  | 3464712 |
| **SHORT-TERM INVESTMENT - 1.6%** | **SHORT-TERM INVESTMENT - 1.6%** | **SHORT-TERM INVESTMENT - 1.6%** |
| **INVESTMENT COMPANY - 1.6%** | **INVESTMENT COMPANY - 1.6%** | **INVESTMENT COMPANY - 1.6%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional <br> Class, 4.22%<sup>(2)</sup> (Cost $57,656) | 57656 | 57656 |
| &nbsp;&nbsp;&nbsp;**Total investments - 98.2%**<br> (Cost $2,571,251) |  | 3522368 |
| **Other assets less liabilities - 1.8%** |  | 63143 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $3585511 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

---

| | | |
|:---|:---|:---|
| Security | Country | Trading Currency |
| Argenx SE | Netherlands | USD |
| Ascendis Pharma A/S | Denmark | USD |
| Shopify, Inc. | Canada | USD |

---

<sup>(2)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $365827 | 10.4% |
| Consumer Discretionary | 416019 | 11.8 |
| Consumer Staples | 55894 | 1.6 |
| Energy | 88791 | 2.5 |
| Financials | 232630 | 6.6 |
| Health Care | 791248 | 22.5 |
| Industrials | 350505 | 10.0 |
| Information Technology | 1110395 | 31.5 |
| Real Estate | 53403 | 1.5 |
| Short-Term Investment | 57656 | 1.6 |
| **Total investments** | $3522368 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| Artisan Partners Funds | **47** |

---

ARTISAN MID CAP VALUE FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** |
| **AIR FREIGHT & LOGISTICS - 2.1%** | **AIR FREIGHT & LOGISTICS - 2.1%** | **AIR FREIGHT & LOGISTICS - 2.1%** |
| Expeditors International of Washington, Inc. | 181 | $21808 |
| **BANKS - 6.8%** | **BANKS - 6.8%** | **BANKS - 6.8%** |
| Fifth Third Bancorp | 334 | 13103 |
| First Citizens BancShares, Inc., Class A | 18 | 33213 |
| M&T Bank Corp. | 67 | 12023 |
| WaFd, Inc. | 445 | 12708 |
|  |  | 71047 |
| **CAPITAL MARKETS - 0.9%** | **CAPITAL MARKETS - 0.9%** | **CAPITAL MARKETS - 0.9%** |
| Moelis & Co., Class A | 171 | 10006 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.3%** |
| Dollar General Corp. | 202 | 17786 |
| Kroger Co. (The) | 447 | 30286 |
| Sysco Corp. | 240 | 18009 |
|  |  | 66081 |
| **DISTRIBUTORS - 4.3%** | **DISTRIBUTORS - 4.3%** | **DISTRIBUTORS - 4.3%** |
| Genuine Parts Co. | 188 | 22402 |
| LKQ Corp. | 542 | 23071 |
|  |  | 45473 |
| **ELECTRIC UTILITIES - 5.6%** | **ELECTRIC UTILITIES - 5.6%** | **ELECTRIC UTILITIES - 5.6%** |
| Alliant Energy Corp. | 413 | 26576 |
| OGE Energy Corp. | 691 | 31741 |
|  |  | 58317 |
| **ELECTRICAL EQUIPMENT - 1.8%** | **ELECTRICAL EQUIPMENT - 1.8%** | **ELECTRICAL EQUIPMENT - 1.8%** |
| nVent Electric plc | 356 | 18636 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.9%** |
| Vontier Corp. | 914 | 30012 |
| **ENERGY EQUIPMENT & SERVICES - 2.1%** | **ENERGY EQUIPMENT & SERVICES - 2.1%** | **ENERGY EQUIPMENT & SERVICES - 2.1%** |
| NOV, Inc. | 1440 | 21912 |
| **ENTERTAINMENT - 2.6%** | **ENTERTAINMENT - 2.6%** | **ENTERTAINMENT - 2.6%** |
| Electronic Arts, Inc. | 39 | 5584 |
| Warner Music Group Corp., Class A | 687 | 21529 |
|  |  | 27113 |
| **FINANCIAL SERVICES - 2.5%** | **FINANCIAL SERVICES - 2.5%** | **FINANCIAL SERVICES - 2.5%** |
| Corebridge Financial, Inc. | 831 | 26242 |
| **FOOD PRODUCTS - 2.5%** | **FOOD PRODUCTS - 2.5%** | **FOOD PRODUCTS - 2.5%** |
| Tyson Foods, Inc., Class A | 410 | 26165 |
| **GROUND TRANSPORTATION - 3.1%** | **GROUND TRANSPORTATION - 3.1%** | **GROUND TRANSPORTATION - 3.1%** |
| U-Haul Holding Co. | 549 | 32466 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%** |
| Baxter International, Inc. | 771 | 26376 |
| **HEALTH CARE PROVIDERS & SERVICES - 4.5%** | **HEALTH CARE PROVIDERS & SERVICES - 4.5%** | **HEALTH CARE PROVIDERS & SERVICES - 4.5%** |
| Centene Corp.\* | 353 | 21453 |
| Humana, Inc. | 96 | 25531 |
|  |  | 46984 |
| **HOTELS, RESTAURANTS & LEISURE - 6.5%** | **HOTELS, RESTAURANTS & LEISURE - 6.5%** | **HOTELS, RESTAURANTS & LEISURE - 6.5%** |
| Expedia Group, Inc. | 177 | 29797 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** | **HOTELS, RESTAURANTS & LEISURE (continued)** |
| MGM Resorts International\* | 532 | 15777 |
| Vail Resorts, Inc. | 143 | 22881 |
|  |  | 68455 |
| **INDUSTRIAL REITS - 1.2%** | **INDUSTRIAL REITS - 1.2%** | **INDUSTRIAL REITS - 1.2%** |
| Lineage, Inc. | 216 | 12678 |
| **INSURANCE - 4.0%** | **INSURANCE - 4.0%** | **INSURANCE - 4.0%** |
| Arch Capital Group Ltd. | 141 | 13525 |
| Globe Life, Inc. | 219 | 28828 |
|  |  | 42353 |
| **INTERACTIVE MEDIA & SERVICES - 1.6%** | **INTERACTIVE MEDIA & SERVICES - 1.6%** | **INTERACTIVE MEDIA & SERVICES - 1.6%** |
| IAC, Inc.\* | 373 | 17141 |
| **LEISURE PRODUCTS - 1.3%** | **LEISURE PRODUCTS - 1.3%** | **LEISURE PRODUCTS - 1.3%** |
| Polaris, Inc. | 342 | 14014 |
| **LIFE SCIENCES TOOLS & SERVICES - 5.4%** | **LIFE SCIENCES TOOLS & SERVICES - 5.4%** | **LIFE SCIENCES TOOLS & SERVICES - 5.4%** |
| Bio-Rad Laboratories, Inc., Class A\* | 48 | 11695 |
| ICON plc\* | 107 | 18779 |
| Waters Corp.\* | 71 | 25987 |
|  |  | 56461 |
| **MACHINERY - 2.2%** | **MACHINERY - 2.2%** | **MACHINERY - 2.2%** |
| Otis Worldwide Corp. | 224 | 23164 |
| **MEDIA - 6.0%** | **MEDIA - 6.0%** | **MEDIA - 6.0%** |
| Cable One, Inc. | 72 | 19245 |
| News Corp., Class A | 838 | 22810 |
| Omnicom Group, Inc. | 257 | 21339 |
|  |  | 63394 |
| **OIL, GAS & CONSUMABLE FUELS - 2.3%** | **OIL, GAS & CONSUMABLE FUELS - 2.3%** | **OIL, GAS & CONSUMABLE FUELS - 2.3%** |
| Permian Resources Corp., Class A | 1743 | 24134 |
| **PROFESSIONAL SERVICES - 3.4%** | **PROFESSIONAL SERVICES - 3.4%** | **PROFESSIONAL SERVICES - 3.4%** |
| Genpact Ltd. | 704 | 35476 |
| **RETAIL REITS - 2.1%** | **RETAIL REITS - 2.1%** | **RETAIL REITS - 2.1%** |
| NNN REIT, Inc. | 516 | 22013 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%** |
| Analog Devices, Inc. | 125 | 25246 |
| **SOFTWARE - 2.6%** | **SOFTWARE - 2.6%** | **SOFTWARE - 2.6%** |
| Check Point Software Technologies Ltd.<sup>(1)\*</sup> | 101 | 23105 |
| Dolby Laboratories, Inc., Class A | 55 | 4413 |
|  |  | 27518 |
| **SPECIALIZED REITS - 4.8%** | **SPECIALIZED REITS - 4.8%** | **SPECIALIZED REITS - 4.8%** |
| Lamar Advertising Co., Class A | 278 | 31676 |
| Public Storage | 61 | 18335 |
|  |  | 50011 |
| **SPECIALTY RETAIL - 1.8%** | **SPECIALTY RETAIL - 1.8%** | **SPECIALTY RETAIL - 1.8%** |
| Asbury Automotive Group, Inc.\* | 84 | 18642 |
| Vitamin Oldco Holdings, Inc. (escrow shares)<sup>(2)(3)\*</sup> | 220 |  |
|  |  | 18642 |
| **Total common stocks** <br> (Cost $748,973) |  | 1029338 |

---

---

| | |
|:---|:---|
| **48** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **SHORT-TERM INVESTMENT - 1.0%** | **SHORT-TERM INVESTMENT - 1.0%** | **SHORT-TERM INVESTMENT - 1.0%** |
| **INVESTMENT COMPANY - 1.0%** | **INVESTMENT COMPANY - 1.0%** | **INVESTMENT COMPANY - 1.0%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class,<br> 4.22%<sup>(4)</sup> (Cost $10,753) | 10753 | $10753 |
| **Total investments - 99.1%** <br> (Cost $759,726) |  | 1040091 |
| **Other assets less liabilities - 0.9%** |  | 9320 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $1049411 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

<u>Security </u> <u> Country </u> <u> Trading Currency </u> <br> Check Point Software Technologies Ltd. Israel USD

<sup>(2)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $0, or 0.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(3)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(4)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $107649 | 10.4% |
| Consumer Discretionary | 146584 | 14.1 |
| Consumer Staples | 92246 | 8.9 |
| Energy | 46046 | 4.4 |
| Financials | 149649 | 14.4 |
| Health Care | 129820 | 12.5 |
| Industrials | 131550 | 12.6 |
| Information Technology | 82775 | 8 |
| Real Estate | 84702 | 8.1 |
| Utilities | 58317 | 5.6 |
| Short-Term Investment | 10753 | 1 |
| **Total investments** | $1040091 | 100.0% |

---

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

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **49** |

---

ARTISAN SELECT EQUITY FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 90.2%** | **COMMON STOCKS - 90.2%** | **COMMON STOCKS - 90.2%** |
| **AUTOMOBILES - 1.3%** | **AUTOMOBILES - 1.3%** | **AUTOMOBILES - 1.3%** |
| Harley-Davidson, Inc. | 29 | $740 |
| **BANKS - 3.9%** | **BANKS - 3.9%** | **BANKS - 3.9%** |
| Citigroup, Inc. | 32 | 2268 |
| **BROADLINE RETAIL - 1.9%** | **BROADLINE RETAIL - 1.9%** | **BROADLINE RETAIL - 1.9%** |
| Alibaba Group Holding Ltd., ADR<sup>(1)</sup> | 8 | 1113 |
| **CAPITAL MARKETS - 10.1%** | **CAPITAL MARKETS - 10.1%** | **CAPITAL MARKETS - 10.1%** |
| Bank of New York Mellon Corp. (The) | 34 | 2873 |
| Charles Schwab Corp. (The) | 39 | 3060 |
|  |  | 5933 |
| **CHEMICALS - 4.0%** | **CHEMICALS - 4.0%** | **CHEMICALS - 4.0%** |
| Axalta Coating Systems Ltd.\* | 70 | 2332 |
| **CONSTRUCTION MATERIALS - 4.4%** | **CONSTRUCTION MATERIALS - 4.4%** | **CONSTRUCTION MATERIALS - 4.4%** |
| Heidelberg Materials AG<sup>(1)(2)</sup> | 15 | 2592 |
| **CONSUMER FINANCE - 4.8%** | **CONSUMER FINANCE - 4.8%** | **CONSUMER FINANCE - 4.8%** |
| American Express Co. | 11 | 2832 |
| **FINANCIAL SERVICES - 7.8%** | **FINANCIAL SERVICES - 7.8%** | **FINANCIAL SERVICES - 7.8%** |
| Berkshire Hathaway, Inc., Class B\* | 7 | 3590 |
| PayPal Holdings, Inc.\* | 16 | 1021 |
|  |  | 4611 |
| **HEALTH CARE PROVIDERS & SERVICES - 10.3%** | **HEALTH CARE PROVIDERS & SERVICES - 10.3%** | **HEALTH CARE PROVIDERS & SERVICES - 10.3%** |
| Elevance Health, Inc. | 8 | 3385 |
| Henry Schein, Inc.\* | 39 | 2647 |
|  |  | 6032 |
| **HOTELS, RESTAURANTS & LEISURE - 4.5%** | **HOTELS, RESTAURANTS & LEISURE - 4.5%** | **HOTELS, RESTAURANTS & LEISURE - 4.5%** |
| Aramark | 76 | 2629 |
| **INSURANCE - 12.5%** | **INSURANCE - 12.5%** | **INSURANCE - 12.5%** |
| Aon plc, Class A | 3 | 1141 |
| Everest Group Ltd. | 4 | 1382 |
| Marsh & McLennan Cos., Inc. | 9 | 2100 |
| Progressive Corp. (The) | 10 | 2729 |
|  |  | 7352 |
| **INTERACTIVE MEDIA & SERVICES - 9.0%** | **INTERACTIVE MEDIA & SERVICES - 9.0%** | **INTERACTIVE MEDIA & SERVICES - 9.0%** |
| Alphabet, Inc., Class A | 18 | 2755 |
| Meta Platforms, Inc., Class A | 4 | 2543 |
|  |  | 5298 |
| **MACHINERY - 2.7%** | **MACHINERY - 2.7%** | **MACHINERY - 2.7%** |
| Snap-on, Inc. | 5 | 1596 |
| **OIL, GAS & CONSUMABLE FUELS - 5.6%** | **OIL, GAS & CONSUMABLE FUELS - 5.6%** | **OIL, GAS & CONSUMABLE FUELS - 5.6%** |
| Shell plc(2) | 90 | 3262 |
| **PASSENGER AIRLINES - 1.9%** | **PASSENGER AIRLINES - 1.9%** | **PASSENGER AIRLINES - 1.9%** |
| Southwest Airlines Co. | 33 | 1122 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%** |
| Lam Research Corp. | 18 | 1294 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.3%** |
| Samsung Electronics Co. Ltd.<sup>(1)(2)</sup> | 49 | 1956 |
| **Total common stocks** <br> (Cost $38,116) |  | 52962 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **SHORT-TERM INVESTMENT - 9.2%** | **SHORT-TERM INVESTMENT - 9.2%** | **SHORT-TERM INVESTMENT - 9.2%** |
| **INVESTMENT COMPANY - 9.2%** | **INVESTMENT COMPANY - 9.2%** | **INVESTMENT COMPANY - 9.2%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class,<br> 4.22%<sup>(3)</sup> (Cost $5,368) | 5368 | $5368 |
| **Total investments - 99.4%** <br> (Cost $43,484) |  | 58330 |
| **Other assets less liabilities - 0.6%** |  | 333 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $58663 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

---

| | | |
|:---|:---|:---|
| Security | Country | Trading Currency |
| Alibaba Group Holding Ltd. | China | USD |
| Heidelberg Materials AG | Germany | EUR |
| Samsung Electronics Co. Ltd. | South Korea | KRW |

---

<sup>(2)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $7,810, or 13.3% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(3)</sup> Represents the current yield as of March 31, 2025.

**PORTFOLIO DIVERSIFICATION** 

Dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $5297 | 9.1% |
| Consumer Discretionary | 4482 | 7.7 |
| Energy | 3262 | 5.6 |
| Financials | 22996 | 39.4 |
| Health Care | 6032 | 10.3 |
| Industrials | 2718 | 4.7 |
| Information Technology | 3250 | 5.6 |
| Materials | 4925 | 8.4 |
| Short-Term Investment | 5368 | 9.2 |
| **Total investments** | $58330 | 100.0% |

---

---

| |
|:---|
| **FOREIGN CURRENCY FORWARD CONTRACTS** |
| Values in thousands |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| CNH | 9289 | USD | 1295 | JPM | 12/17/2025 | $5 |
| USD | 601 | CNH | 4287 | JPM | 12/17/2025 | 1 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  |  | 6 |
| CNH | 3482 | USD | 489 | JPM | 12/17/2025 | (1) |
| USD | 2269 | CNH | 16319 | JPM | 12/17/2025 | (16) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  |  | (17) |
| **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  |  | $(11) |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **50** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN SMALL CAP FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** |
| **AEROSPACE & DEFENSE - 1.8%** | **AEROSPACE & DEFENSE - 1.8%** | **AEROSPACE & DEFENSE - 1.8%** |
| Kratos Defense & Security Solutions, Inc.\* | 391 | $11603 |
| Loar Holdings, Inc.\* | 113 | 7959 |
|  |  | 19562 |
| **AUTOMOBILE COMPONENTS - 1.8%** | **AUTOMOBILE COMPONENTS - 1.8%** | **AUTOMOBILE COMPONENTS - 1.8%** |
| Modine Manufacturing Co.\* | 261 | 20031 |
| **BEVERAGES - 2.1%** | **BEVERAGES - 2.1%** | **BEVERAGES - 2.1%** |
| Vita Coco Co., Inc. (The)\* | 751 | 23033 |
| **BIOTECHNOLOGY - 15.5%** | **BIOTECHNOLOGY - 15.5%** | **BIOTECHNOLOGY - 15.5%** |
| Ascendis Pharma A/S, ADR<sup>(1)\*</sup> | 397 | 61840 |
| Halozyme Therapeutics, Inc.\* | 461 | 29389 |
| Insmed, Inc.\* | 252 | 19210 |
| Iovance Biotherapeutics, Inc.\* | 1760 | 5859 |
| Twist Bioscience Corp.\* | 723 | 28387 |
| Veracyte, Inc.\* | 846 | 25073 |
|  |  | 169758 |
| **BUILDING PRODUCTS - 1.0%** | **BUILDING PRODUCTS - 1.0%** | **BUILDING PRODUCTS - 1.0%** |
| Trex Co., Inc.\* | 181 | 10537 |
| **CAPITAL MARKETS - 1.4%** | **CAPITAL MARKETS - 1.4%** | **CAPITAL MARKETS - 1.4%** |
| Hamilton Lane, Inc., Class A | 104 | 15435 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.9%** | **COMMERCIAL SERVICES & SUPPLIES - 1.9%** | **COMMERCIAL SERVICES & SUPPLIES - 1.9%** |
| VSE Corp. | 172 | 20588 |
| **DIVERSIFIED CONSUMER SERVICES - 1.7%** | **DIVERSIFIED CONSUMER SERVICES - 1.7%** | **DIVERSIFIED CONSUMER SERVICES - 1.7%** |
| Bright Horizons Family Solutions, Inc.\* | 143 | 18175 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%** |
| Flex Ltd.\* | 801 | 26509 |
| Novanta, Inc.\* | 137 | 17455 |
|  |  | 43964 |
| **ENERGY EQUIPMENT & SERVICES - 1.1%** | **ENERGY EQUIPMENT & SERVICES - 1.1%** | **ENERGY EQUIPMENT & SERVICES - 1.1%** |
| Aris Water Solutions, Inc., Class A | 384 | 12316 |
| **GROUND TRANSPORTATION - 1.6%** | **GROUND TRANSPORTATION - 1.6%** | **GROUND TRANSPORTATION - 1.6%** |
| Saia, Inc.\* | 51 | 17961 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 8.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 8.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 8.7%** |
| Inspire Medical Systems, Inc.\* | 88 | 13980 |
| Integer Holdings Corp.\* | 67 | 7955 |
| iRhythm Technologies, Inc.\* | 229 | 23981 |
| Lantheus Holdings, Inc.\* | 170 | 16545 |
| Penumbra, Inc.\* | 74 | 19670 |
| PROCEPT BioRobotics Corp.\* | 221 | 12902 |
|  |  | 95033 |
| **HEALTH CARE PROVIDERS & SERVICES - 1.4%** | **HEALTH CARE PROVIDERS & SERVICES - 1.4%** | **HEALTH CARE PROVIDERS & SERVICES - 1.4%** |
| HealthEquity, Inc.\* | 173 | 15281 |
| **HOTELS, RESTAURANTS & LEISURE - 0.8%** | **HOTELS, RESTAURANTS & LEISURE - 0.8%** | **HOTELS, RESTAURANTS & LEISURE - 0.8%** |
| Sweetgreen, Inc., Class A\* | 370 | 9250 |
| **HOUSEHOLD DURABLES - 2.9%** | **HOUSEHOLD DURABLES - 2.9%** | **HOUSEHOLD DURABLES - 2.9%** |
| Installed Building Products, Inc. | 65 | 11062 |
| SharkNinja, Inc.\* | 176 | 14655 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares<br> Held** | **Value** | **Value** |
| **HOUSEHOLD DURABLES (continued)** | **HOUSEHOLD DURABLES (continued)** | **HOUSEHOLD DURABLES (continued)** | **HOUSEHOLD DURABLES (continued)** |
| Smith Douglas Homes Corp.\* | 324 | $| 6321 |
|  |  |  | 32038 |
| **LIFE SCIENCES TOOLS & SERVICES - 4.1%** | **LIFE SCIENCES TOOLS & SERVICES - 4.1%** | **LIFE SCIENCES TOOLS & SERVICES - 4.1%** | **LIFE SCIENCES TOOLS & SERVICES - 4.1%** |
| Charles River Laboratories International, Inc.\* | 33 |  | 4956 |
| Repligen Corp.\* | 160 |  | 20400 |
| Stevanato Group SpA<sup>(1)</sup> | 980 |  | 20004 |
|  |  |  | 45360 |
| **MACHINERY - 5.5%** | **MACHINERY - 5.5%** | **MACHINERY - 5.5%** | **MACHINERY - 5.5%** |
| Flowserve Corp. | 282 |  | 13787 |
| JBT Marel Corp. | 148 |  | 18143 |
| SPX Technologies, Inc.\* | 219 |  | 28244 |
|  |  |  | 60174 |
| **PROFESSIONAL SERVICES - 1.1%** | **PROFESSIONAL SERVICES - 1.1%** | **PROFESSIONAL SERVICES - 1.1%** | **PROFESSIONAL SERVICES - 1.1%** |
| Parsons Corp.\* | 201 |  | 11900 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** |
| Colliers International Group, Inc.<sup>(1)</sup> | 129 |  | 15588 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.1%** |
| Astera Labs, Inc.\* | 122 |  | 7305 |
| Lattice Semiconductor Corp.\* | 731 |  | 38335 |
| MACOM Technology Solutions Holdings, Inc.\* | 319 |  | 31976 |
|  |  |  | 77616 |
| **SOFTWARE - 22.3%** | **SOFTWARE - 22.3%** | **SOFTWARE - 22.3%** | **SOFTWARE - 22.3%** |
| CCC Intelligent Solutions Holdings, Inc.\* | 2392 |  | 21603 |
| Clearwater Analytics Holdings, Inc., Class A\* | 822 |  | 22030 |
| Confluent, Inc., Class A\* | 709 |  | 16609 |
| Elastic NV\* | 161 |  | 14314 |
| Freshworks, Inc., Class A\* | 748 |  | 10557 |
| Gitlab, Inc., Class A\* | 432 |  | 20294 |
| Guidewire Software, Inc.\* | 265 |  | 49736 |
| Intapp, Inc.\* | 427 |  | 24942 |
| Procore Technologies, Inc.\* | 361 |  | 23810 |
| SentinelOne, Inc., Class A\* | 580 |  | 10540 |
| ServiceTitan, Inc., Class A\* | 95 |  | 9067 |
| Workiva, Inc., Class A\* | 264 |  | 20070 |
|  |  |  | 243572 |
| **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** | **TEXTILES, APPAREL & LUXURY GOODS - 2.0%** |
| Birkenstock Holding plc<sup>(1)\*</sup> | 123 |  | 5644 |
| Crocs, Inc.\* | 148 |  | 15679 |
|  |  |  | 21323 |
| **TRADING COMPANIES & DISTRIBUTORS - 4.5%** | **TRADING COMPANIES & DISTRIBUTORS - 4.5%** | **TRADING COMPANIES & DISTRIBUTORS - 4.5%** | **TRADING COMPANIES & DISTRIBUTORS - 4.5%** |
| Applied Industrial Technologies, Inc. | 112 |  | 25265 |
| FTAI Aviation Ltd. | 122 |  | 13548 |
| SiteOne Landscape Supply, Inc.\* | 85 |  | 10322 |
|  |  |  | 49135 |
| **Total common stocks** <br> (Cost $873,924) |  |  | 1047630 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **51** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **SHORT-TERM INVESTMENT - 2.7%** | **SHORT-TERM INVESTMENT - 2.7%** | **SHORT-TERM INVESTMENT - 2.7%** |
| **INVESTMENT COMPANY - 2.7%** | **INVESTMENT COMPANY - 2.7%** | **INVESTMENT COMPANY - 2.7%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class,<br> 4.22%<sup>(2)</sup> (Cost $29,684) | 29684 | $29684 |
| &nbsp;&nbsp;&nbsp;**Total investments - 98.4%**<br> (Cost $903,608) |  | 1077314 |
| **Other assets less liabilities - 1.6%** |  | 16993 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $1094307 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

---

| | | |
|:---|:---|:---|
| Security | Country | Trading Currency |
| Ascendis Pharma A/S | Denmark | USD |
| Birkenstock Holding plc | Germany | USD |
| Colliers International Group, Inc. | Canada | USD |
| Stevanato Group SpA | Italy | USD |

---

<sup>(2)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Consumer Discretionary | $100817 | 9.4% |
| Consumer Staples | 23033 | 2.1 |
| Energy | 12316 | 1.1 |
| Financials | 15435 | 1.4 |
| Health Care | 325434 | 30.2 |
| Industrials | 189856 | 17.6 |
| Information Technology | 365151 | 34.1 |
| Real Estate | 15588 | 1.4 |
| Short-Term Investment | 29684 | 2.7 |
| **Total investments** | $1077314 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **52** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN SUSTAINABLE EMERGING MARKETS FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 93.1%** | **COMMON STOCKS - 93.1%** | **COMMON STOCKS - 93.1%** |
| **ARGENTINA - 1.4%** | **ARGENTINA - 1.4%** | **ARGENTINA - 1.4%** |
| Vista Energy SAB de CV, ADR\* | 70 | $3255 |
| **BRAZIL - 8.7%** | **BRAZIL - 8.7%** | **BRAZIL - 8.7%** |
| GPS Participacoes e Empreendimentos SA<sup>(1)</sup> | 1094 | 2518 |
| Itau Unibanco Holding SA (Preference) | 710 | 3907 |
| MercadoLibre, Inc.\* | 4 | 8038 |
| Vale SA | 262 | 2608 |
| Vivara Participacoes SA | 410 | 1431 |
| VTEX, Class A\* | 212 | 1076 |
|  |  | 19578 |
| **CHINA - 16.9%** | **CHINA - 16.9%** | **CHINA - 16.9%** |
| Alibaba Group Holding Ltd.<sup>(2)</sup> | 648 | 10736 |
| Baidu, Inc., Class A<sup>(2)\*</sup> | 160 | 1842 |
| China Traditional Chinese Medicine Holdings Co. Ltd.<sup>(2)\*</sup> | 5731 | 1442 |
| NIO, Inc., ADR<sup>(3)\*</sup> | 121 | 463 |
| Prosus NV<sup>(2)</sup> | 177 | 8272 |
| Trip.com Group Ltd.<sup>(2)</sup> | 71 | 4526 |
| Wuxi Biologics Cayman, Inc.<sup>(2)(4)\*</sup> | 1371 | 4772 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H<sup>(2)</sup> | 1449 | 6012 |
|  |  | 38065 |
| **EGYPT - 0.6%** | **EGYPT - 0.6%** | **EGYPT - 0.6%** |
| Commercial International Bank - Egypt (CIB), GDR<sup>(2)(4)</sup> | 948 | 1432 |
| **GEORGIA - 0.6%** | **GEORGIA - 0.6%** | **GEORGIA - 0.6%** |
| Lion Finance Group plc<sup>(2)</sup> | 19 | 1326 |
| **GREECE - 2.8%** | **GREECE - 2.8%** | **GREECE - 2.8%** |
| Alpha Services and Holdings SA<sup>(2)</sup> | 1106 | 2660 |
| Metlen Energy & Metals SA<sup>(2)</sup> | 82 | 3629 |
|  |  | 6289 |
| **HONG KONG - 1.3%** | **HONG KONG - 1.3%** | **HONG KONG - 1.3%** |
| AIA Group Ltd.<sup>(2)</sup> | 399 | 3015 |
| **INDIA - 10.2%** | **INDIA - 10.2%** | **INDIA - 10.2%** |
| Dabur India Ltd.<sup>(2)</sup> | 300 | 1778 |
| Havells India Ltd.<sup>(2)</sup> | 205 | 3667 |
| ICICI Bank Ltd.<sup>(2)</sup> | 588 | 9262 |
| Infosys Ltd.<sup>(2)</sup> | 154 | 2822 |
| Reliance Industries Ltd.<sup>(2)</sup> | 370 | 5507 |
|  |  | 23036 |
| **INDONESIA - 1.4%** | **INDONESIA - 1.4%** | **INDONESIA - 1.4%** |
| Bank Rakyat Indonesia Persero Tbk. PT<sup>(2)</sup> | 7975 | 1929 |
| Indofood CBP Sukses Makmur Tbk. PT<sup>(2)</sup> | 2018 | 1237 |
|  |  | 3166 |
| **KAZAKHSTAN - 1.5%** | **KAZAKHSTAN - 1.5%** | **KAZAKHSTAN - 1.5%** |
| Kaspi.KZ JSC, ADR<sup>(4)</sup> | 37 | 3455 |
| **MALAYSIA - 1.3%** | **MALAYSIA - 1.3%** | **MALAYSIA - 1.3%** |
| Frontken Corp. Bhd.<sup>(2)</sup> | 1959 | 1639 |
| MR DIY Group M Bhd.<sup>(2)(4)</sup> | 3814 | 1208 |
|  |  | 2847 |
| **MEXICO - 3.6%** | **MEXICO - 3.6%** | **MEXICO - 3.6%** |
| Cemex SAB de CV | 4459 | 2503 |
| Gentera SAB de CV | 2661 | 4101 |
| Prologis Property Mexico SA de CV, REIT | 472 | 1517 |
|  |  | 8121 |
| **PANAMA - 1.0%** | **PANAMA - 1.0%** | **PANAMA - 1.0%** |
| Copa Holdings SA, Class A | 25 | 2281 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **PERU - 2.1%** | **PERU - 2.1%** | **PERU - 2.1%** |
| Cia de Minas Buenaventura SAA, ADR | 109 | $1701 |
| Credicorp Ltd. | 16 | 3061 |
|  |  | 4762 |
| **RUSSIA - 0.0%** | **RUSSIA - 0.0%** | **RUSSIA - 0.0%** |
| Sberbank of Russia PJSC<sup>(2)(5)(6)\*</sup> | 265 |  |
| **SINGAPORE - 0.8%** | **SINGAPORE - 0.8%** | **SINGAPORE - 0.8%** |
| Sea Ltd., ADR\* | 13 | 1755 |
| **SLOVENIA - 0.5%** | **SLOVENIA - 0.5%** | **SLOVENIA - 0.5%** |
| Nova Ljubljanska Banka dd, GDR<sup>(2)(4)</sup> | 39 | 1190 |
| **SOUTH AFRICA - 3.0%** | **SOUTH AFRICA - 3.0%** | **SOUTH AFRICA - 3.0%** |
| FirstRand Ltd.<sup>(2)</sup> | 932 | 3658 |
| MTN Group Ltd.<sup>(2)</sup> | 475 | 3200 |
|  |  | 6858 |
| **SOUTH KOREA - 9.6%** | **SOUTH KOREA - 9.6%** | **SOUTH KOREA - 9.6%** |
| Cosmax, Inc.<sup>(2)</sup> | 25 | 2769 |
| Doosan Enerbility Co. Ltd.<sup>(2)\*</sup> | 178 | 2861 |
| HD Hyundai Electric Co. Ltd.<sup>(2)</sup> | 7 | 1354 |
| Kia Corp.<sup>(2)</sup> | 44 | 2766 |
| LG Energy Solution Ltd.<sup>(2)\*</sup> | 5 | 1122 |
| Samsung Biologics Co. Ltd.<sup>(2)(4)\*</sup> | 7 | 4729 |
| Shinhan Financial Group Co. Ltd.<sup>(2)</sup> | 44 | 1411 |
| SK Hynix, Inc.<sup>(2)</sup> | 34 | 4541 |
|  |  | 21553 |
| **TAIWAN - 18.5%** | **TAIWAN - 18.5%** | **TAIWAN - 18.5%** |
| E Ink Holdings, Inc.<sup>(2)</sup> | 919 | 7396 |
| MediaTek, Inc.<sup>(2)</sup> | 182 | 7666 |
| Taiwan Semiconductor Manufacturing Co. Ltd.(2) | 954 | 26585 |
|  |  | 41647 |
| **THAILAND - 0.6%** | **THAILAND - 0.6%** | **THAILAND - 0.6%** |
| Bangkok Bank PCL<sup>(2)</sup> | 311 | 1355 |
| **TURKEY - 0.6%** | **TURKEY - 0.6%** | **TURKEY - 0.6%** |
| BIM Birlesik Magazalar A/S<sup>(2)</sup> | 119 | 1437 |
| **UNITED ARAB EMIRATES - 1.3%** | **UNITED ARAB EMIRATES - 1.3%** | **UNITED ARAB EMIRATES - 1.3%** |
| ADNOC Logistics & Services<sup>(2)</sup> | 1228 | 1649 |
| Borouge plc<sup>(2)</sup> | 1889 | 1257 |
|  |  | 2906 |
| **UNITED KINGDOM - 1.9%** | **UNITED KINGDOM - 1.9%** | **UNITED KINGDOM - 1.9%** |
| Anglogold Ashanti plc | 114 | 4236 |
| **UNITED STATES - 0.8%** | **UNITED STATES - 0.8%** | **UNITED STATES - 0.8%** |
| Globant SA\* | 15 | 1801 |
| **VIETNAM - 2.1%** | **VIETNAM - 2.1%** | **VIETNAM - 2.1%** |
| Vietnam Technological & Commercial Joint Stock Bank<sup>(2)</sup> | 4291 | 4633 |
| **Total common stocks** | **Total common stocks** | **Total common stocks** |
| &nbsp;&nbsp;&nbsp;(Cost $174,053) |  | 209999 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of Warrants<sup>‡</sup>** | **Value** |
| **WARRANTS - 1.0%** | **WARRANTS - 1.0%** | **WARRANTS - 1.0%** |
| **Cayman Islands - 1.0%** | **Cayman Islands - 1.0%** | **Cayman Islands - 1.0%** |
| &nbsp;&nbsp;&nbsp;Talos III Spc, expiring 1/27/2026, strike price 0.00001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> (Cost $2,109)<sup>(2)\*</sup>  | $778 | 2307 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **53** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **SHORT-TERM INVESTMENT - 6.1%** | **SHORT-TERM INVESTMENT - 6.1%** | **SHORT-TERM INVESTMENT - 6.1%** |
| 2 |  |  |
| **INVESTMENT COMPANY - 6.1%** | **INVESTMENT COMPANY - 6.1%** | **INVESTMENT COMPANY - 6.1%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%(7)(8) (Cost $13,748) | 13748 | $13748 |
| **Total investments - 100.2%** <br> (Cost $189,910) |  | 226054 |
| **Other assets less liabilities - (0.2)%** |  | (364) |
| **Total net assets - 100.0%<sup>#</sup>** |  | $225690 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $162,599, or 72.0% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(3)</sup> All or a portion of security is on loan at March 31, 2025.

<sup>(4)</sup> Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At March 31, 2025, the value of these securities was $16,786 or 7.4% of net assets.

<sup>(5)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(6)</sup> Security is restricted.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Sberbank of Russia PJSC | 1/8/2019 - 3/25/2020 | $772 | $– | 0.0% |

---

<sup>(7)</sup> Security is partially used as collateral for securities lending. At March 31, 2025, the Fund had loaned securities with a total value of $439. This was collateralized by cash of $2,944 which was subsequently invested in an investment company.

<sup>(8)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of Total Investments** |
| Communication Services | $7873 | 3.5% |
| Consumer Discretionary | 37440 | 16.6 |
| Consumer Staples | 7221 | 3.2 |
| Energy | 10411 | 4.6 |
| Financials | 48702 | 21.5 |
| Health Care | 10943 | 4.8 |
| Industrials | 25083 | 11.1 |
| Information Technology | 50811 | 22.5 |
| Materials | 12305 | 5.4 |
| Real Estate | 1517 | 0.7 |
| Short-Term Investment | 13748 | 6.1 |
| **Total investments** | $226054 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **54** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN VALUE FUND

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

Shares and dollar values in thousands

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** |
| **AEROSPACE & DEFENSE - 5.6%** | **AEROSPACE & DEFENSE - 5.6%** | **AEROSPACE & DEFENSE - 5.6%** |
| Airbus SE<sup>(1)(2)</sup> | 45 | $8013 |
| Safran SA<sup>(1)(2)</sup> | 35 | 9321 |
|  |  | 17334 |
| **AIR FREIGHT & LOGISTICS - 3.6%** | **AIR FREIGHT & LOGISTICS - 3.6%** | **AIR FREIGHT & LOGISTICS - 3.6%** |
| United Parcel Service, Inc., Class B | 100 | 11041 |
| **BANKS - 10.3%** | **BANKS - 10.3%** | **BANKS - 10.3%** |
| Bank of America Corp. | 188 | 7844 |
| PNC Financial Services Group, Inc. (The) | 37 | 6563 |
| US Bancorp | 172 | 7260 |
| Wells Fargo & Co. | 143 | 10287 |
|  |  | 31954 |
| **BEVERAGES - 6.2%** | **BEVERAGES - 6.2%** | **BEVERAGES - 6.2%** |
| Diageo plc<sup>(1)(2)</sup> | 297 | 7746 |
| Heineken Holding NV<sup>(1)(2)</sup> | 157 | 11431 |
|  |  | 19177 |
| **CAPITAL MARKETS - 7.0%** | **CAPITAL MARKETS - 7.0%** | **CAPITAL MARKETS - 7.0%** |
| CME Group, Inc. | 31 | 8171 |
| Goldman Sachs Group, Inc. (The) | 15 | 8198 |
| Morgan Stanley | 46 | 5420 |
|  |  | 21789 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%** |
| Dollar General Corp. | 59 | 5174 |
| **ENERGY EQUIPMENT & SERVICES - 2.8%** | **ENERGY EQUIPMENT & SERVICES - 2.8%** | **ENERGY EQUIPMENT & SERVICES - 2.8%** |
| Schlumberger NV | 208 | 8697 |
| **ENTERTAINMENT - 2.5%** | **ENTERTAINMENT - 2.5%** | **ENTERTAINMENT - 2.5%** |
| Electronic Arts, Inc. | 12 | 1737 |
| Walt Disney Co. (The) | 60 | 5923 |
|  |  | 7660 |
| **FINANCIAL SERVICES - 10.2%** | **FINANCIAL SERVICES - 10.2%** | **FINANCIAL SERVICES - 10.2%** |
| Berkshire Hathaway, Inc., Class B\* | 11 | 5633 |
| Fiserv, Inc.\* | 40 | 8829 |
| PayPal Holdings, Inc.\* | 150 | 9772 |
| Visa, Inc., Class A | 21 | 7487 |
|  |  | 31721 |
| **FOOD PRODUCTS - 5.0%** | **FOOD PRODUCTS - 5.0%** | **FOOD PRODUCTS - 5.0%** |
| Kerry Group plc, Class A<sup>(1)(2)</sup> | 97 | 10212 |
| Nestle SA<sup>(2)</sup> | 53 | 5356 |
|  |  | 15568 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 6.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 6.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 6.7%** |
| Baxter International, Inc. | 210 | 7179 |
| Koninklijke Philips NV<sup>(1)(2)\*</sup> | 260 | 6604 |
| Medtronic plc | 78 | 6972 |
|  |  | 20755 |
| **HEALTH CARE PROVIDERS & SERVICES - 5.0%** | **HEALTH CARE PROVIDERS & SERVICES - 5.0%** | **HEALTH CARE PROVIDERS & SERVICES - 5.0%** |
| Cigna Group (The) | 26 | 8559 |
| Humana, Inc. | 27 | 7015 |
|  |  | 15574 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **HOTELS, RESTAURANTS & LEISURE - 3.3%** | **HOTELS, RESTAURANTS & LEISURE - 3.3%** | **HOTELS, RESTAURANTS & LEISURE - 3.3%** |
| Booking Holdings, Inc. | 2 | $7168 |
| Compass Group plc<sup>(1)(2)</sup> | 95 | 3129 |
|  |  | 10297 |
| **INSURANCE - 2.2%** | **INSURANCE - 2.2%** | **INSURANCE - 2.2%** |
| Arch Capital Group Ltd. | 70 | 6771 |
| **INTERACTIVE MEDIA & SERVICES - 4.7%** | **INTERACTIVE MEDIA & SERVICES - 4.7%** | **INTERACTIVE MEDIA & SERVICES - 4.7%** |
| Alphabet, Inc., Class C | 56 | 8689 |
| Meta Platforms, Inc., Class A | 10 | 5802 |
|  |  | 14491 |
| **MEDIA - 3.1%** | **MEDIA - 3.1%** | **MEDIA - 3.1%** |
| Comcast Corp., Class A | 263 | 9691 |
| **OIL, GAS & CONSUMABLE FUELS - 5.6%** | **OIL, GAS & CONSUMABLE FUELS - 5.6%** | **OIL, GAS & CONSUMABLE FUELS - 5.6%** |
| Diamondback Energy, Inc. | 45 | 7198 |
| EOG Resources, Inc. | 79 | 10072 |
|  |  | 17270 |
| **PHARMACEUTICALS - 2.4%** | **PHARMACEUTICALS - 2.4%** | **PHARMACEUTICALS - 2.4%** |
| Merck & Co., Inc. | 84 | 7528 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%** |
| NXP Semiconductors NV<sup>(1)</sup> | 32 | 6126 |
| Texas Instruments, Inc. | 42 | 7578 |
|  |  | 13704 |
| **TOBACCO - 5.1%** | **TOBACCO - 5.1%** | **TOBACCO - 5.1%** |
| Altria Group, Inc. | 53 | 3152 |
| Philip Morris International, Inc. | 79 | 12556 |
|  |  | 15708 |
| **Total common stocks** <br> (Cost $217,931) |  | 301904 |
| **SHORT-TERM INVESTMENT - 1.7%** | **SHORT-TERM INVESTMENT - 1.7%** | **SHORT-TERM INVESTMENT - 1.7%** |
| **INVESTMENT COMPANY - 1.7%** | **INVESTMENT COMPANY - 1.7%** | **INVESTMENT COMPANY - 1.7%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class,<br> 4.22%<sup>(3)</sup> (Cost $5,265) | 5265 | 5265 |
| **Total investments - 99.1%** <br> (Cost $223,196) |  | 307169 |
| **Other assets less liabilities - 0.9%** |  | 2872 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $310041 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

---

| | | |
|:---|:---|:---|
| Security | Country | Trading Currency |
| Airbus SE | France | EUR |
| Compass Group plc | United Kingdom | GBP |
| Diageo plc | United Kingdom | GBP |
| Heineken Holding NV | Netherlands | EUR |
| Kerry Group plc | Ireland | EUR |
| Koninklijke Philips NV | Netherlands | EUR |
| NXP Semiconductors NV | China | USD |
| Safran SA | France | EUR |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **55** |

---

<sup>(2)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $61,812, or 19.9% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(3)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $31841 | 10.4% |
| Consumer Discretionary | 10296 | 3.4 |
| Consumer Staples | 55627 | 18.1 |
| Energy | 25967 | 8.5 |
| Financials | 92236 | 30.0 |
| Health Care | 43858 | 14.3 |
| Industrials | 28375 | 9.2 |
| Information Technology | 13704 | 4.4 |
| Short-Term Investment | 5265 | 1.7 |
| **Total investments** | $307169 | 100.0% |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **56** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN VALUE INCOME FUND

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

Principal amount, shares and dollar values in thousands

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares<br> Held** | | **Value** |
| **COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.4%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.4%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.4%** | **COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.4%** |
| **AIR FREIGHT & LOGISTICS - 1.9%** | **AIR FREIGHT & LOGISTICS - 1.9%** | **AIR FREIGHT & LOGISTICS - 1.9%** | **AIR FREIGHT & LOGISTICS - 1.9%** |
| United Parcel Service, Inc., Class B | 3 |  | $312 |
| **AIRLINES - 2.0%** | **AIRLINES - 2.0%** | **AIRLINES - 2.0%** | **AIRLINES - 2.0%** |
| Ryanair Holdings plc, Equity-Linked Security<sup>(1)(2)(3)(4)\*</sup> | 16 |  | 330 |
| **BANKS - 7.5%** | **BANKS - 7.5%** | **BANKS - 7.5%** | **BANKS - 7.5%** |
| Bank of America Corp. | 6 |  | 267 |
| Fifth Third Bancorp | 3 |  | 117 |
| M&T Bank Corp. | 1 |  | 137 |
| PNC Financial Services Group, Inc. (The) | 1 |  | 203 |
| US Bancorp | 3 |  | 135 |
| Wells Fargo & Co. | 5 |  | 364 |
|  |  |  | 1223 |
| **BEVERAGES - 5.9%** | **BEVERAGES - 5.9%** | **BEVERAGES - 5.9%** | **BEVERAGES - 5.9%** |
| Coca-Cola Co. (The) | 4 |  | 271 |
| Diageo plc<sup>(1)(2)</sup> | 10 |  | 265 |
| Heineken Holding NV<sup>(1)(2)</sup> | 6 |  | 416 |
|  |  |  | 952 |
| **CAPITAL MARKETS - 4.7%** | **CAPITAL MARKETS - 4.7%** | **CAPITAL MARKETS - 4.7%** | **CAPITAL MARKETS - 4.7%** |
| CME Group, Inc. | 1 |  | 249 |
| Goldman Sachs Group, Inc. (The) |  | ^ | 177 |
| Moelis & Co., Class A | 2 |  | 106 |
| Morgan Stanley | 2 |  | 232 |
|  |  |  | 764 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%** |
| Sysco Corp. | 3 |  | 191 |
| **DISTRIBUTORS - 3.0%** | **DISTRIBUTORS - 3.0%** | **DISTRIBUTORS - 3.0%** | **DISTRIBUTORS - 3.0%** |
| Genuine Parts Co. | 2 |  | 242 |
| LKQ Corp. | 6 |  | 243 |
|  |  |  | 485 |
| **ELECTRIC UTILITIES - 10.0%** | **ELECTRIC UTILITIES - 10.0%** | **ELECTRIC UTILITIES - 10.0%** | **ELECTRIC UTILITIES - 10.0%** |
| Alliant Energy Corp. | 5 |  | 301 |
| Evergy, Inc. | 4 |  | 297 |
| IDACORP, Inc. | 2 |  | 219 |
| OGE Energy Corp. | 9 |  | 395 |
| PPL Corp. | 12 |  | 416 |
|  |  |  | 1628 |
| **ELECTRICAL EQUIPMENT - 1.1%** | **ELECTRICAL EQUIPMENT - 1.1%** | **ELECTRICAL EQUIPMENT - 1.1%** | **ELECTRICAL EQUIPMENT - 1.1%** |
| nVent Electric plc | 3 |  | 174 |
| **ENERGY EQUIPMENT & SERVICES - 1.5%** | **ENERGY EQUIPMENT & SERVICES - 1.5%** | **ENERGY EQUIPMENT & SERVICES - 1.5%** | **ENERGY EQUIPMENT & SERVICES - 1.5%** |
| Schlumberger NV | 6 |  | 245 |
| **ENTERTAINMENT - 1.7%** | **ENTERTAINMENT - 1.7%** | **ENTERTAINMENT - 1.7%** | **ENTERTAINMENT - 1.7%** |
| Warner Music Group Corp., Class A | 9 |  | 268 |
| FINANCIAL SERVICES - 3.4% | FINANCIAL SERVICES - 3.4% | FINANCIAL SERVICES - 3.4% | FINANCIAL SERVICES - 3.4% |
| Corebridge Financial, Inc. | 10 |  | 300 |
| Visa, Inc., Class A | 1 |  | 260 |
|  |  |  | 560 |
| **FOOD PRODUCTS - 4.7%** | **FOOD PRODUCTS - 4.7%** | **FOOD PRODUCTS - 4.7%** | **FOOD PRODUCTS - 4.7%** |
| Kerry Group plc, Class A<sup>(1)(2)</sup> | 3 |  | 263 |
| Nestle SA<sup>(2)</sup> | 2 |  | 162 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **FOOD PRODUCTS (continued)** | **FOOD PRODUCTS (continued)** | **FOOD PRODUCTS (continued)** |
| Tyson Foods, Inc., Class A | 5 | 333 |
|  |  | 758 |
| **GAS UTILITIES - 0.5%** | **GAS UTILITIES - 0.5%** | **GAS UTILITIES - 0.5%** |
| Atmos Energy Corp. | 1 | 82 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%** |
| Baxter International, Inc. | 8 | 280 |
| Koninklijke Philips NV<sup>(1)(2)\*</sup> | 9 | 235 |
| Medtronic plc | 3 | 304 |
|  |  | 819 |
| **HEALTH CARE REITS - 1.7%** | **HEALTH CARE REITS - 1.7%** | **HEALTH CARE REITS - 1.7%** |
| Universal Health Realty Income Trust | 7 | 268 |
| **HOTELS, RESTAURANTS & LEISURE - 3.3%** | **HOTELS, RESTAURANTS & LEISURE - 3.3%** | **HOTELS, RESTAURANTS & LEISURE - 3.3%** |
| Compass Group plc<sup>(1)(2)</sup> | 3 | 84 |
| MGM China Holdings Ltd.<sup>(1)(2)</sup> | 166 | 223 |
| Vail Resorts, Inc. | 1 | 235 |
|  |  | 542 |
| **INDUSTRIAL REITS - 1.6%** | **INDUSTRIAL REITS - 1.6%** | **INDUSTRIAL REITS - 1.6%** |
| Lineage, Inc. | 4 | 256 |
| **LEISURE PRODUCTS - 1.5%** | **LEISURE PRODUCTS - 1.5%** | **LEISURE PRODUCTS - 1.5%** |
| Polaris, Inc. | 6 | 251 |
| **MACHINERY - 2.3%** | **MACHINERY - 2.3%** | **MACHINERY - 2.3%** |
| Otis Worldwide Corp. | 4 | 372 |
| **MEDIA - 4.9%** | **MEDIA - 4.9%** | **MEDIA - 4.9%** |
| Cable One, Inc. | 1 | 155 |
| Comcast Corp., Class A<sup>(5)</sup> | 11 | 404 |
| Omnicom Group, Inc. | 3 | 243 |
|  |  | 802 |
| **OIL, GAS & CONSUMABLE FUELS - 5.9%** | **OIL, GAS & CONSUMABLE FUELS - 5.9%** | **OIL, GAS & CONSUMABLE FUELS - 5.9%** |
| Diamondback Energy, Inc. | 2 | 278 |
| EOG Resources, Inc. | 3 | 429 |
| Permian Resources Corp., Class A | 18 | 245 |
|  |  | 952 |
| **PHARMACEUTICALS - 2.0%** | **PHARMACEUTICALS - 2.0%** | **PHARMACEUTICALS - 2.0%** |
| Merck & Co., Inc. | 4 | 323 |
| **RETAIL REITS - 1.7%** | **RETAIL REITS - 1.7%** | **RETAIL REITS - 1.7%** |
| NNN REIT, Inc. | 7 | 282 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%** |
| NXP Semiconductors NV<sup>(1)</sup> | 1 | 235 |
| Texas Instruments, Inc. | 1 | 239 |
|  |  | 474 |
| **SPECIALIZED REITS - 4.6%** | **SPECIALIZED REITS - 4.6%** | **SPECIALIZED REITS - 4.6%** |
| Lamar Advertising Co., Class A | 5 | 539 |
| Public Storage | 1 | 202 |
|  |  | 741 |
| **TOBACCO - 4.9%** | **TOBACCO - 4.9%** | **TOBACCO - 4.9%** |
| Altria Group, Inc. | 2 | 137 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **57** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | **Value** |
| **TOBACCO (continued)** |  |  |
| Philip Morris International, Inc.<sup>(5)</sup> | 4 | $668 |
|  |  | 805 |
| **Total common stocks and equity-linked security** <br> (Cost $13,846) |  | 14859 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | |
| **CONVERTIBLE BONDS - 2.4%** | | |
| **MEDIA - 1.1%** | | |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 3/15/2026 | 106 | 100 |
| &nbsp;&nbsp;&nbsp;1.13%, 3/15/2028 | 97 | 77 |
|  |  | 177 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.3%** |  |  |
| Redwood Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 6/15/2027 | 215 | 212 |
| **Total convertible bonds** <br> (Cost $399) |  | 389 |
| **CORPORATE BONDS - 2.3%** |  |  |
| **BROADLINE RETAIL - 1.3%** |  |  |
| ANGI Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 8/15/2028<sup>(6)</sup> | 228 | 207 |
| **MEDIA - 1.0%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2030<sup>(6)</sup> | 209 | 166 |
| **Total corporate bonds** <br> (Cost $366) |  | 373 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares <br> Held** | |
| **PREFERRED STOCK - 1.7%** | **PREFERRED STOCK - 1.7%** | **PREFERRED STOCK - 1.7%** |
| **BANKS - 1.7%** | **BANKS - 1.7%** | **BANKS - 1.7%** |
| WaFd, Inc. Series A, 4.88%(7) (Cost $234) | 17 | 280 |
| **CONVERTIBLE PREFERRED STOCK - 0.9%** | **CONVERTIBLE PREFERRED STOCK - 0.9%** | **CONVERTIBLE PREFERRED STOCK - 0.9%** |
| **AEROSPACE & DEFENSE - 0.9%** | **AEROSPACE & DEFENSE - 0.9%** | **AEROSPACE & DEFENSE - 0.9%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;6.00%, 10/15/2027 (Cost $131) | 3 | 150 |
| **SHORT-TERM INVESTMENT - 1.2%** | **SHORT-TERM INVESTMENT - 1.2%** | **SHORT-TERM INVESTMENT - 1.2%** |
| **INVESTMENT COMPANY - 1.2%** | **INVESTMENT COMPANY - 1.2%** | **INVESTMENT COMPANY - 1.2%** |
| BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class, 4.22%<sup>(8)</sup> (Cost $195) | 195 | 195 |
| **Total investments - 99.9%** <br> (Cost $15,171) |  | 16246 |
| **WRITTEN OPTION CONTRACTS - (0.3)%** <br> (Premiums received $(23)) |  | (52) |
| **Other assets less liabilities - 0.4%** |  | 74 |
| **Total net assets - 100.0%<sup>#</sup>** |  | $16268 |

---

<sup>(1)</sup> The Fund considers the company to be from outside the United States.

---

| | | |
|:---|:---|:---|
| Security | Country | Trading Currency |
| Compass Group plc | United Kingdom | GBP |
| Diageo plc | United Kingdom | GBP |
| Heineken Holding NV | Netherlands | EUR |
| Kerry Group plc | Ireland | EUR |
| Koninklijke Philips NV | Netherlands | EUR |
| MGM China Holdings Ltd. | Macau | HKD |
| NXP Semiconductors NV | China | USD |
| Ryanair Holdings plc, Equity-Linked Security | Ireland | USD |

---

<sup>(2)</sup> Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,978, or 12.2% of total net assets. See notes 2(b) and 4 in Notes to Financial Statements for additional information.

<sup>(3)</sup> Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition Date | Cost | Value | Percentage of Total Net Assets |
| Ryanair Holdings plc, Equity-Linked Security | 3/12/2024 - 10/22/2024 | $296 | $330 | 2.0% |

---

<sup>(4)</sup> Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

<sup>(5)</sup> At March 31, 2025, all or a portion of this security was pledged to cover collateral requirements for written options.

<sup>(6)</sup> 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.

<sup>(7)</sup> Perpetual security. The rate reflected was the rate in effect on March 31, 2025.

<sup>(8)</sup> Represents the current yield as of March 31, 2025.

---

| |
|:---|
| **PORTFOLIO DIVERSIFICATION** |
| Dollar values in thousands |

---

---

| | | |
|:---|:---|:---|
|  | **Value** | **Percentage of <br> Total Investments** |
| Communication Services | $1413 | 8.7% |
| Consumer Discretionary | 1486 | 9.2 |
| Consumer Staples | 2705 | 16.7 |
| Energy | 1197 | 7.4 |
| Financials | 3041 | 18.7 |
| Health Care | 1142 | 7.0 |
| Industrials | 1338 | 8.2 |
| Information Technology | 473 | 2.9 |
| Real Estate | 1547 | 9.5 |
| Utilities | 1709 | 10.5 |
| Short-Term Investment | 195 | 1.2 |
| **Total investments** | $16246 | 100.0% |

---

---

| | |
|:---|:---|
| **58** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **WRITTEN OPTION CONTRACTS** |
| Dollar values in thousands except exercise price |
| **Call Options** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Number of Contracts‡** | **Description** | **Exercise Price** | **Notional Amount** | **Expiration Date** | **Premiums Paid (Received) by Fund** | **Market Value** | **Unrealized Appreciation (Depreciation)** |
| 8 | Altria Group, Inc. | $55.00 | $48 | 06/20/25 | $(2) | $(5) | $(3) |
| 2 | Atmos Energy Corp. | 145.00 | 31 | 08/15/25 | (1) | (3) | (2) |
| 2 | CME Group, Inc. | 260.00 | 53 | 09/19/25 | (2) | (4) | (2) |
| 7 | Coca-Cola Co. (The) | 67.50 | 50 | 06/20/25 | (2) | (4) | (2) |
| 1 | Goldman Sachs Group, Inc. (The) | 670.00 | 55 | 07/18/25 | (2) |  | 2 |
| 3 | Morgan Stanley | 150.00 | 35 | 09/19/25 | (1) |  | 1 |
| 5 | Otis Worldwide Corp. | 100.00 | 52 | 05/16/25 | (2) | (3) | (1) |
| 5 | Philip Morris International, Inc. | 125.00 | 79 | 06/20/25 | (2) | (18) | (16) |
| 5 | Philip Morris International, Inc. | 155.00 | 79 | 09/19/25 | (4) | (7) | (3) |
| 1 | Visa, Inc. | 315.00 | 35 | 06/20/25 | (2) | (4) | (2) |
| 1 | Visa, Inc. | 355.00 | 35 | 06/20/25 | (1) | (1) |  |
| 1 | Visa, Inc. | 340.00 | 35 | 09/19/25 | (2) | (3 | (1 |
| **Total written option contracts** | **Total written option contracts** |  |  |  | $(23) | $(52 | $(29 |

---

Definitions of abbreviations and footnotes are detailed on pages 2-3. <br>The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| Artisan Partners Funds | **59** |

---

ARTISAN PARTNERS FUNDS

**Statements of Assets and Liabilities —** March 31, 2025 (Unaudited)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DEVELOPING WORLD** | **EMERGING MARKETS** <br> **DEBT OPPORTUNITIES\*** | **FLOATING RATE** | **FOCUS** |
| **ASSETS:** | | | | |
| Investments in securities, unaffiliated, at value | $3470552 | $66831 | $78628 | $922933 |
| Short-term investments, at value | 124167 | 26476 | 7021 | 49562 |
| &nbsp;&nbsp;&nbsp;Total investments | 3594719 | 93307 | 85649 | 972495 |
| Cash | 23497 | 202 | 980 | 10287 |
| Cash pledged for centrally cleared swap contracts |  | 1962 |  |  |
| Deposits with broker for foreign currency forward contracts |  | 2283 |  |  |
| Deposits with broker for futures contracts |  | 479 |  |  |
| Foreign currency | 117 | 104 |  | 2 |
| Unrealized appreciation on foreign currency forward contracts |  | 729 |  | 996 |
| Receivable from investments sold | 15271 | 51 | 319 | 28404 |
| Receivable from fund shares sold | 3555 | 198 | 123 | 2271 |
| Receivable for variation margin on futures contracts |  | 2 |  |  |
| Receivable for variation margin on centrally cleared swap contracts |  | 12 |  |  |
| Receivable from the Adviser |  | 45 |  |  |
| Dividends and interest receivable | 1820 | 1309 | 367 | 705 |
| Other assets | 481 | 12 | 20 | 149 |
| &nbsp;&nbsp;&nbsp;Total assets | 3639460 | 100695 | 87458 | 1015309 |
| **LIABILITIES:** |  |  |  |  |
| Reverse repurchase agreements |  | 163 |  |  |
| Unrealized depreciation on unfunded loan commitments |  |  |  |  |
| Unrealized depreciation on foreign currency forward contracts |  | 383 |  | 2932 |
| Dividends payable |  |  | 6 |  |
| Payable for investments purchased | 17435 | 5615 | 1968 | 22036 |
| Payable for fund shares redeemed | 3308 | 13 | 221 | 526 |
| Payable for return of cash collateral for foreign currency forward contracts |  | 230 |  |  |
| Payable for operating expenses | 771 | 181 | 170 | 237 |
| Payable for management fees | 515 |  | 2 | 136 |
| Payable for deferred director's compensation | 445 | 9 | 10 | 131 |
| Payable for foreign taxes on unrealized gains | 1256 | 44 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 23730 | 6638 | 2377 | 25998 |
| &nbsp;&nbsp;&nbsp;Total net assets | $3615730 | $94057 | $85081 | $989311 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Fund shares issued and outstanding | $2606407 | $94083 | $88226 | $760188 |
| Total distributable earnings (loss) | 1009323 | (26) | (3145 | 229123 |
| &nbsp;&nbsp;&nbsp;Total net assets | $3615730 | $94057 | $85081 | $989311 |
| **SUPPLEMENTARY INFORMATION:**<br>|  |  |  |  |
| Net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $333609 | $6413 | $24543 | $39154 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $1799729 | $27925 | $27256 | $652408 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $1482392 | $59719 | $33282 | $297749 |
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | 15404580 | 625711 | 2592759 | 1856242 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | 82080851 | 2726073 | 2879945 | 30670058 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 67118958 | 5825765 | 3517295 | 13945119 |
| Net asset value per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $21.66 | $10.25 | $9.47 | $21.09 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $21.93 | $10.24 | $9.46 | $21.27 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $22.09 | $10.25 | $9.46 | $21.35 |
| Cost of total investments | $2178321 | $92871 | $87155 | $793090 |
| Cost of foreign currency held | $91 | $104 | $— | $2 |

---

\* Consolidated statement

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| **60** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Assets and Liabilities —** March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **GLOBAL DISCOVERY** | | **GLOBAL EQUITY** | **GLOBAL**<br>**OPPORTUNITIES** | **GLOBAL** <br> **UNCONSTRAINED\*** |
| **ASSETS:** | | | | | |
| Investments in securities, unaffiliated, at value | $209276 |  | $145196 | $1920444 | $197732 |
| Short-term investments, at value | 12061 |  | 4621 | 53994 | 101612 |
| &nbsp;&nbsp;&nbsp;Total investments | 221337 |  | 149817 | 1974438 | 299344 |
| Cash | 1927 |  | 1477 | 21344 | 5562 |
| Cash pledged for centrally cleared swap contracts |  |  |  |  | 13473 |
| Deposits with broker for foreign currency forward contracts |  |  |  |  | 7621 |
| Deposits with broker for futures contracts |  |  |  |  | 1407 |
| Foreign currency | 60 |  | 92 | 1502 | 2065 |
| Unrealized appreciation on foreign currency forward contracts |  |  |  |  | 1902 |
| Security lending income receivable |  | ^ | 30 |  |  |
| Receivable from investments sold | 619 |  | 7199 | 20066 | 1172 |
| Receivable from fund shares sold | 20 |  | 54 | 4594 | 5516 |
| Receivable for variation margin on centrally cleared swap contracts |  |  |  |  | 147 |
| Receivable from the Adviser |  |  |  |  | 42 |
| Dividends and interest receivable | 182 |  | 470 | 1938 | 3930 |
| Other assets | 26 |  | 28 | 407 | 13 |
| &nbsp;&nbsp;&nbsp;Total assets | 224171 |  | 159167 | 2024289 | 342194 |
| **LIABILITIES:** |  |  |  |  |  |
| Swap contracts, at value |  |  |  |  | 97<sup>(1)</sup> |
| Short positions in securities, at value |  |  |  |  | 20542 |
| Reverse repurchase agreements |  |  |  |  | 200 |
| Unrealized depreciation on foreign currency forward contracts |  |  |  |  | 1493 |
| Payable for investments purchased | 675 |  | 592 | 9215 | 18776 |
| Payable for fund shares redeemed | 26 |  | 20 | 4823 | 155 |
| Payable for variation margin on futures contracts |  |  |  |  | 9 |
| Payable for return of cash collateral for foreign currency forward contracts |  |  |  |  | 300 |
| Payable upon return of securities loaned |  |  | 2292 |  |  |
| Payable for operating expenses | 125 |  | 157 | 596 | 315 |
| Payable for management fees | 30 |  | 15 | 247 |  |
| Payable for deferred director's compensation | 24 |  | 25 | 384 | 9 |
| Payable for foreign taxes on unrealized gains |  |  |  |  | 73 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 880 |  | 3101 | 15265 | 41969 |
| &nbsp;&nbsp;&nbsp;Total net assets | $223291 |  | $156066 | $2009024 | $300225 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| Fund shares issued and outstanding | $164015 |  | $120788 | $1348850 | $297018 |
| Total distributable earnings | 59276 |  | 35278 | 660174 | 3207 |
| &nbsp;&nbsp;&nbsp;Total net assets | $223291 |  | $156066 | $2009024 | $300225 |
| **SUPPLEMENTARY INFORMATION:** |  |  |  |  |  |
| Net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $31042 |  | $59833 | $590992 | $15330 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $15956 |  | $5078 | $415935 | $218183 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $176293 |  | $91155 | $1002097 | $66712 |
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | 1535647 |  | 2930714 | 19481264 | 1477359 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | 785696 |  | 248684 | 13501630 | 21020692 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 8601724 |  | 4397006 | 31895325 | 6425228 |
| Net asset value per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $20.21 |  | $20.42 | $30.34 | $10.38 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $20.31 |  | $20.42 | $30.81 | $10.38 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $20.50 |  | $20.73 | $31.42 | $10.38 |
| Cost of total investments | $181310 |  | $137186 | $1640274 | $295888 |
| Cost of foreign currency held | $61 |  | $92 | $1502 | $2012 |
| Value of securities on loan | $— |  | $2199 | $— | $— |
| Proceeds from short positions in securities | $— |  | $— | $— | $20074 |

---

---

| | |
|:---|:---|
| \* | Consolidated statement |
| ^ | Amount rounds to less than $1 |
| <sup>(1)</sup> | Net of upfront payments paid of $45 |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **61** |

---

ARTISAN PARTNERS FUNDS

**Statements of Assets and Liabilities —** March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL VALUE**  | **HIGH INCOME**  | **INTERNATIONAL**  | **INTERNATIONAL** <br> **EXPLORER** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities, unaffiliated, at value | $2367720 | $8661599 | $4828052 | $224798 |
| Short-term investments, at value | 131722 | 634922 | 175970 | 37176 |
| &nbsp;&nbsp;&nbsp;Total investments | 2499442 | 9296521 | 5004022 | 261974 |
| Cash | 15479 | 70327 | 41152 | 340 |
| Foreign currency | 5140 | 268 | 12775 | 227 |
| Unrealized appreciation on foreign currency forward contracts | 93 |  |  |  |
| Security lending income receivable |  | 34 | 54 |  |
| Receivable from investments sold | 2875 | 24634 | 22492 | 1 |
| Receivable from fund shares sold | 1809 | 15366 | 6116 | 2728 |
| Dividends and interest receivable | 7792 | 133649 | 25431 | 850 |
| Other assets | 286 | 876 | 924 | 11 |
| &nbsp;&nbsp;&nbsp;Total assets | 2532916 | 9541675 | 5112966 | 266131 |
| **LIABILITIES:** |  |  |  |  |
| Unrealized depreciation on unfunded loan commitments |  |  |  |  |
| Unrealized depreciation on foreign currency forward contracts | 571 | 384 |  |  |
| Dividends payable |  | 15537 |  |  |
| Payable for investments purchased | 868 | 145562 | 40342 | 2501 |
| Payable for fund shares redeemed | 1976 | 27260 | 4116 | 253 |
| Payable upon return of securities loaned |  | 46352 | 35907 |  |
| Payable for operating expenses | 342 | 1344 | 1318 | 105 |
| Payable for management fees | 344 | 851 | 653 | 38 |
| Payable for deferred director's compensation | 262 | 587 | 876 | 8 |
| Payable for foreign taxes on unrealized gains |  |  |  | 37 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4363 | 237877 | 83212 | 2942 |
| &nbsp;&nbsp;&nbsp;Total net assets | $2528553 | $9303798 | $5029754 | $263189 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Fund shares issued and outstanding | $1577067 | $9718136 | $3524772 | $242631 |
| Total distributable earnings (loss) | 951486 | (414338 | 1504982 | 20558 |
| &nbsp;&nbsp;&nbsp;Total net assets | $2528553 | $9303798 | $5029754 | $263189 |
| **SUPPLEMENTARY INFORMATION:** |  |  |  |  |
| Net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $237206 | $656374 | $1471163 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $367701 | $3592782 | $875797 | $189298 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $1923646 | $5054642 | $2682794 | $73891 |
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | 9883079 | 72467442 | 49857144 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | 15350055 | 396957439 | 29842435 | 15082371 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 80064184 | 558468851 | 90392830 | 5884911 |
| Net asset value per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $24.00 | $9.06 | $29.51 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $23.95 | $9.05 | $29.35 | $12.55 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $24.03 | $9.05 | $29.68 | $12.56 |
| Cost of total investments | $1552308 | $9493703 | $4262894 | $254944 |
| Cost of foreign currency held | $5143 | $255 | $12850 | $226 |
| Value of securities on loan | $— | $45290 | $34385 | $— |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| **62** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Assets and Liabilities —** March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL** <br> **SMALL-MID** | **INTERNATIONAL VALUE** | **MID CAP** | | **MID CAP VALUE**  |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities, unaffiliated, at value | $3519930 | $28695653 | $3464712 |  | $1029338 |
| Investments in securities, affiliated, at value |  | 3222617 |  |  |  |
| Short-term investments, at value |  | 4839848 | 57656 |  | 10753 |
| &nbsp;&nbsp;&nbsp;Total investments | 3519930 | 36758118 | 3522368 |  | 1040091 |
| Cash | 16517 | 201885 | 33281 |  | 9379 |
| Foreign currency | 1859 | 68257 |  | ^ |  |
| Unrealized appreciation on foreign currency forward contracts |  | 1379 |  |  |  |
| Receivable from investments sold | 117301 | 209 |  |  | 554 |
| Receivable from fund shares sold | 3627 | 47555 | 44302 |  | 384 |
| Dividends and interest receivable | 16604 | 169584 | 853 |  | 1268 |
| Other assets | 406 | 2538 | 618 |  | 227 |
| &nbsp;&nbsp;&nbsp;Total assets | 3676244 | 37249525 | 3601422 |  | 1051903 |
| **LIABILITIES:** |  |  |  |  |  |
| Unrealized depreciation on foreign currency forward contracts |  | 6985 |  |  |  |
| Payable for investments purchased | 3544 | 27595 | 6074 |  |  |
| Payable for fund shares redeemed | 3121 | 65172 | 8045 |  | 1817 |
| Payable for operating expenses | 664 | 4923 | 752 |  | 352 |
| Payable for management fees | 533 | 4756 | 465 |  | 129 |
| Payable for deferred director's compensation | 364 | 2201 | 575 |  | 194 |
| Payable for foreign taxes on unrealized gains | 958 | 72964 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 9184 | 184596 | 15911 |  | 2492 |
| &nbsp;&nbsp;&nbsp;Total net assets | $3667060 | $37064929 | $3585511 |  | $1049411 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| Fund shares issued and outstanding | $3360025 | $27652138 | $2191681 |  | $671154 |
| Total distributable earnings | 307035 | 9412791 | 1393830 |  | 378257 |
| &nbsp;&nbsp;&nbsp;Total net assets | $3667060 | $37064929 | $3585511 |  | $1049411 |
| **SUPPLEMENTARY INFORMATION:** |  |  |  |  |  |
| Net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $134847 | $3137954 | $941909 |  | $300671 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $783129 | $11424809 | $473861 |  | $184189 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $2749084 | $22502166 | $2169741 |  | $564551 |
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | 8008397 | 63515830 | 30008524 |  | 19483140 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | 46191633 | 231789578 | 14727388 |  | 12016744 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 160238842 | 454141095 | 56263855 |  | 36793846 |
| Net asset value per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $16.84 | $49.40 | $31.39 |  | $15.43 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $16.95 | $49.29 | $32.18 |  | $15.33 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $17.16 | $49.55 | $38.56 |  | $15.34 |
| Cost of total investments excluding affiliated issuers | $3276249 | $23847480 | $2571251 |  | $759726 |
| Cost of securities of affiliated issuers held | $— | $3421839 | $— |  | $— |
| Cost of foreign currency held | $1843 | $68451 | $— | ^ | $— |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **63** |

---

ARTISAN PARTNERS FUNDS

**Statements of Assets and Liabilities —** March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SELECT EQUITY**  | **SMALL CAP** | | **SUSTAINABLE** <br> **EMERGING MARKETS** | **VALUE**  | |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities, unaffiliated, at value | $52962 | $1047630 |  | $212306 | $301904 |  |
| Short-term investments, at value | 5368 | 29684 |  | 13748 | 5265 |  |
| &nbsp;&nbsp;&nbsp;Total investments | 58330 | 1077314 |  | 226054 | 307169 |  |
| Cash | 276 | 13846 |  | 616 | 1881 |  |
| Foreign currency | 32 |  |  | 1406 |  | ^ |
| Unrealized appreciation on foreign currency forward contracts | 6 |  |  |  |  |  |
| Security lending income receivable |  |  | ^ |  |  |  |
| Receivable from investments sold | 76 | 7666 |  | 176 | 83 |  |
| Receivable from fund shares sold | 1 | 745 |  | 2508 | 247 |  |
| Dividends and interest receivable | 60 | 194 |  | 323 | 1054 |  |
| Other assets | 15 | 249 |  | 21 | 39 |  |
| &nbsp;&nbsp;&nbsp;Total assets | 58796 | 1100014 |  | 231104 | 310473 |  |
| **LIABILITIES:** |  |  |  |  |  |  |
| Unrealized depreciation on foreign currency forward contracts | 17 |  |  |  |  |  |
| Payable for investments purchased |  | 3570 |  | 1367 |  |  |
| Payable for fund shares redeemed |  | 1276 |  | 87 | 238 |  |
| Payable upon return of securities loaned |  |  |  | 2944 |  |  |
| Payable for operating expenses | 98 | 476 |  | 156 | 144 |  |
| Payable for management fees | 3 | 149 |  | 7 | 14 |  |
| Payable for deferred director's compensation | 15 | 236 |  | 19 | 36 |  |
| Payable for foreign taxes on unrealized gains |  |  |  | 834 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 133 | 5707 |  | 5414 | 432 |  |
| &nbsp;&nbsp;&nbsp;Total net assets | $58663 | $1094307 |  | $225690 | $310041 |  |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Fund shares issued and outstanding | $42754 | $824733 |  | $339276 | $188372 |  |
| Total distributable earnings (loss) | 15909 | 269574 |  | (113586 | 121669 |  |
| &nbsp;&nbsp;&nbsp;Total net assets | $58663 | $1094307 |  | $225690 | $310041 |  |
| **SUPPLEMENTARY INFORMATION:** |  |  |  |  |  |  |
| Net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $3851 | $426842 |  | $13906 | $78093 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $1930 | $211015 |  | $62412 | $73941 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $52882 | $456450 |  | $149372 | $158007 |  |
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | 236936 | 13485182 |  | 782812 | 5314540 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | 118558 | 6581601 |  | 3517356 | 5066924 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 3267365 | 13883118 |  | 8259558 | 10822345 |  |
| Net asset value per share |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $16.25 | $31.65 |  | $17.76 | $14.69 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $16.28 | $32.06 |  | $17.74 | $14.59 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $16.18 | $32.88 |  | $18.08 | $14.60 |  |
| Cost of total investments | $43484 | $903608 |  | $189910 | $223196 |  |
| Cost of foreign currency held | $32 | $— |  | $1390 | $— | ^ |
| Value of securities on loan | $— | $— |  | $439 | $— |  |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| **64** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Assets and Liabilities —** March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | |
|:---|:---|:---|
| | **VALUE INCOME** | |
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in securities, unaffiliated, at value | $16051 |  |
| Short-term investments, at value | 195 |  |
| &nbsp;&nbsp;&nbsp;Total investments | 16246 |  |
| Cash | 95 |  |
| Foreign currency |  | ^ |
| Receivable from the Adviser | 5 |  |
| Dividends and interest receivable | 56 |  |
| Other assets | 9 |  |
| &nbsp;&nbsp;&nbsp;Total assets | 16411 |  |
| **LIABILITIES:** |  |  |
| Written options, at value | 52 | <sup>(1)</sup> |
| Payable for operating expenses | 82 |  |
| Payable for deferred director's compensation | 9 |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 143 |  |
| &nbsp;&nbsp;&nbsp;Total net assets | $16268 |  |
| **NET ASSETS CONSIST OF:** |  |  |
| Fund shares issued and outstanding | $15157 |  |
| Total distributable earnings | 1111 |  |
| &nbsp;&nbsp;&nbsp;Total net assets | $16268 |  |
| **SUPPLEMENTARY INFORMATION:** |  |  |
| Net assets |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $966 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $2185 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $13117 |  |
| Shares outstanding (Indefinite number of shares authorized, $0.01 par value) |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | 92067 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | 207938 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 1247767 |  |
| Net asset value per share |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | $10.50 |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | $10.51 |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $10.51 |  |
| Cost of total investments | $15171 |  |
| Cost of foreign currency held | $— | ^ |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |
| <sup>(1)</sup> | Premiums received $23 |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **65** |

---

ARTISAN PARTNERS FUNDS

**Statements of Operations —** For the Six Months Ended March 31, 2025 (Unaudited)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DEVELOPING WORLD** | **EMERGING MARKETS**<br>**DEBT OPPORTUNITIES \*** | **FLOATING RATE** | **FOCUS** |
| **INVESTMENT INCOME:** | | | | |
| Dividends, from unaffiliated issuers <sup>(1)</sup> | $7587 | $32 | $184 | $6592 |
| Interest <sup>(2)</sup> | 1008 | 3910 | 3125 | 310 |
| &nbsp;&nbsp;&nbsp;Total investment income | 8595 | 3942 | 3309 | 6902 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 18770 | 311 | 264 | 5437 |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 432 | 19 | 27 | 58 |
| &nbsp;&nbsp;&nbsp;Advisor | 804 | 24 | 23 | 324 |
| &nbsp;&nbsp;&nbsp;Institutional | 11 | 10 | 11 | 10 |
| Shareholder Communications | 14 | 22 | 21 | 25 |
| Custodian fees | 100 | 39 | 2 | 17 |
| Accounting fees | 39 | 75 | 98 | 35 |
| Professional fees | 104 | 62 | 37 | 61 |
| ReFlow fees |  |  |  | 161 |
| Registration fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 7 | 14 | 16 | 6 |
| &nbsp;&nbsp;&nbsp;Advisor | 22 | 14 | 15 | 9 |
| &nbsp;&nbsp;&nbsp;Institutional | 11 | 15 | 15 | 16 |
| Director's fees | 58 | 3 | 3 | 16 |
| Interest expense |  | 2 |  |  |
| Other operating expenses | 57 | 8 | 7 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 20429 | 618 | 539 | 6197 |
| Less amounts waived or paid by the Adviser |  | (147) | (115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 20429 | 471 | 424 | 6197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (11834) | 3471 | 2885 | 705 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** | **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** | **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(2)</sup> | 310515 | 210 | (278) | 119432 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  | 367 |  | 3233 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (45) | (580) |  | (108 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  | 843 |  |  |
| &nbsp;&nbsp;&nbsp;Written options |  |  |  | (4612 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  | 133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) | 310470 | 973 | (278) | 117945 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(3)</sup> | (210430) | (1406) | (899) | (101156 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  | 208 |  | (431 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (16) | (138) |  | (1 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  | (156) |  |  |
| &nbsp;&nbsp;&nbsp;Written options |  |  |  | (548 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  | (406) |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded loan commitments |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total decrease in unrealized appreciation or depreciation | (210446) | (1898) | (898) | (102136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on investments and foreign currency related transactions | 100024 | (925) | (1176) | 15809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $88190 | $2546 | $1709 | $16514 |
| <sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes withheld on dividends, unaffiliated issuers | $208 | $— | $— | $117 |
| <sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes withheld on interest |  | 174 |  |  |
| <sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes on realized gains |  | 13 |  |  |
| <sup>(4)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of increase(decrease) in foreign taxes on unrealized gains | (5994) |  |  |  |
| \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated statement. |  |  |  |  |
| ^&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount rounds to less than $1. |  |  |  |  |

---

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

---

| | |
|:---|:---|
| **66** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Operations —** For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL DISCOVERY** | **GLOBAL EQUITY** | **GLOBAL OPPORTUNITIES** | **GLOBAL** <br> **UNCONSTRAINED \*** |
| **INVESTMENT INCOME:** | | | | |
| Dividends, from unaffiliated issuers <sup>(1)</sup> | $483 | $831 | $7043 | $291 |
| Interest <sup>(2)</sup> | 43 | 82 | 989 | 7149 |
| Income from securities lending | 2 | 32 |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 528 | 945 | 8032 | 7440 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 1206 | 791 | 10529 | 805 |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 49 | 90 | 792 | 25 |
| &nbsp;&nbsp;&nbsp;Advisor | 20 | 14 | 260 | 56 |
| &nbsp;&nbsp;&nbsp;Institutional | 11 | 11 | 11 | 15 |
| Shareholder Communications | 12 | 10 | 32 | 25 |
| Custodian fees | 9 | 21 | 46 | 62 |
| Accounting fees | 39 | 39 | 39 | 130 |
| Professional fees | 34 | 52 | 105 | 66 |
| ReFlow fees |  |  | 425 |  |
| Registration fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 5 | 14 | 8 | 14 |
| &nbsp;&nbsp;&nbsp;Advisor | 13 | 7 | 18 | 31 |
| &nbsp;&nbsp;&nbsp;Institutional | 11 | 9 | 10 | 14 |
| Director's fees | 4 | 3 | 32 | 3 |
| Interest expense |  |  |  | 1 |
| Dividends on securities sold short |  |  |  | 111 |
| Interest on securities sold short |  |  |  | 227 |
| Other operating expenses | 10 | 6 | 43 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1423 | 1067 | 12350 | 1595 |
| Less amounts waived or paid by the Adviser | (13) | (17) |  | (291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1410 | 1050 | 12350 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (882) | (105) | (4318) | 6136 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** | **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(2)</sup> | 25228 | 30808 | 353071 | 1197 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  |  | (312 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (3) | (15) | (96) | (356 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  | 822 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  |  | (261 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | (874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain | 25225 | 30793 | 352975 | 216 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(3)</sup> | (25840) | (19830) | (476203) | 442 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  |  | 801 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (7) | (9) | (37) | (207 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  | (81 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | 1384 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  |  | (88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in unrealized appreciation or depreciation | (25847) | (19839) | (476240) | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on investments and foreign currency related transactions | (622) | 10954 | (123265) | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(1504) | $10849 | $(127583) | $8603 |
| <sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes withheld on dividends, unaffiliated issuers | $3 | $31 | $145 | $4 |
| <sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes withheld on interest |  |  |  | 252 |
| <sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes on realized gains |  |  |  | 16 |
| <sup>(4)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of increase(decrease) in foreign taxes on unrealized gains |  |  |  | (4) |
| \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated statement. |  |  |  |  |
| ^&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount rounds to less than $1. |  |  |  |  |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **67** |

---

ARTISAN PARTNERS FUNDS

**Statements of Operations —** For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL VALUE** | **HIGH INCOME** | **INTERNATIONAL** | **INTERNATIONAL** <br> **EXPLORER** |
| **INVESTMENT INCOME:** | | | | |
| Dividends, from unaffiliated issuers <sup>(1)</sup> | $20011 | $17521 | $36537 | $1896 |
| Interest | 2648 | 331685 | 5946 | 9 |
| Income from securities lending |  | 317 | 68 |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 22659 | 349523 | 42551 | 1905 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 12193 | 30349 | 24035 | 1127 |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 273 | 778 | 1633 |  |
| &nbsp;&nbsp;&nbsp;Advisor | 148 | 1698 | 393 | 66 |
| &nbsp;&nbsp;&nbsp;Institutional | 7 | 9 | 9 | 10 |
| Shareholder Communications | 19 | 182 | 41 | 14 |
| Custodian fees | 45 | 39 | 223 | 17 |
| Accounting fees | 39 | 89 | 39 | 39 |
| Professional fees | 88 | 197 | 147 | 33 |
| Registration fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 16 | 26 | 17 |  |
| &nbsp;&nbsp;&nbsp;Advisor | 15 | 52 | 24 | 13 |
| &nbsp;&nbsp;&nbsp;Institutional | 10 | 61 | 16 | 6 |
| Director's fees | 36 | 145 | 72 | 3 |
| Other operating expenses | 44 | 134 | 102 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 12933 | 33759 | 26751 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 9726 | 315764 | 15800 | 570 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 70903 | (109944 | 842499 | 14562 |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  |  |  | (642) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  | 521 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | 85 | (13 | (891) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) | 70988 | (109436 | 841608 | 13915 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(2)</sup> | 37423 | (32400 | (565068) | (7224) |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  |  |  | (1409) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (478) | (246 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (192) | 10 | (730) | (1) |
| &nbsp;&nbsp;&nbsp;Unfunded loan commitments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in unrealized appreciation or depreciation | 36753 | (32636 | (565798) | (8634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on investments and foreign currency related transactions | 107741 | (142072 | 275810 | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $117467 | $173692 | $291610 | $5851 |
| <sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Net of foreign taxes withheld on dividends, unaffiliated issuers | $740 | $— | $3123 | $81 |
| <sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Net of increase(decrease) in foreign taxes on unrealized gains |  |  |  | (119) |
| ^&nbsp;&nbsp;&nbsp;&nbsp; Amount rounds to less than $1. |  |  |  |  |

---

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

---

| | |
|:---|:---|
| **68** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Operations —** For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **INTERNATIONAL** <br> **SMALL-MID** | **INTERNATIONAL VALUE** | **MID CAP** | **MID CAP VALUE** |
| **INVESTMENT INCOME:** | | | | |
| Dividends, from unaffiliated issuers <sup>(1)</sup> | $19869 | $420772 | $5245 | $12522 |
| Dividends, from affiliated issuers |  | 15390 |  |  |
| Interest | 751 | 33645 | 726 | 213 |
| Income from securities lending |  | 537 |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 20620 | 470344 | 5971 | 12735 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 22231 | 165177 | 19643 | 4996 |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 211 | 3545 | 1377 | 369 |
| &nbsp;&nbsp;&nbsp;Advisor | 468 | 5386 | 265 | 122 |
| &nbsp;&nbsp;&nbsp;Institutional | 8 | 13 | 8 | 11 |
| Shareholder Communications | 211 | 403 | 119 | 34 |
| Custodian fees | 177 | 1117 | 26 | 8 |
| Accounting fees | 39 | 39 | 28 | 28 |
| Professional fees | 203 | 711 | 102 | 46 |
| ReFlow fees |  |  |  | 78 |
| Registration fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 16 | 19 | 9 | 18 |
| &nbsp;&nbsp;&nbsp;Advisor | 29 | 96 | 19 | 15 |
| &nbsp;&nbsp;&nbsp;Institutional | 45 | 77 | 19 | 18 |
| Director's fees | 65 | 541 | 56 | 16 |
| Other operating expenses | 73 | 519 | 79 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 23776 | 177643 | 21750 | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (3156) | 292701 | (15779) | 6946 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** | **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 114992 | 197463 | 555682 | 94138 |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (636) |  | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain | 114356 | 197463 | 555676 | 94138 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(2)</sup> | (496625) | (371288 | (593330) | (152819) |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  | (783735 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  | (5606 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (357) | (4256 | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total decrease in unrealized appreciation or depreciation | (496982) | (1164885 | (593335) | (152819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on investments and foreign currency related transactions | (382626) | (967422 | (37659) | (58681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(385782) | $(674721 | $(53438) | $(51735) |
| <sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes withheld on dividends, unaffiliated issuers | $1576 | $27323 | $— | $— |
| <sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of increase(decrease) in foreign taxes on unrealized gains | (999) | (25680) |  |  |
| ^&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount rounds to less than $1. |  |  |  |  |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **69** |

---

ARTISAN PARTNERS FUNDS

**Statements of Operations —** For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SELECT EQUITY** | **SMALL CAP** | **SUSTAINABLE EMERGING MARKETS** | **VALUE** |
| **INVESTMENT INCOME:** | | | | |
| Dividends, from unaffiliated issuers <sup>(1)</sup> | $407 | $1078 | $1464 | $3791 |
| Interest | 6 | 307 | 13 | 444 |
| Income from securities lending |  | 16 | 3 |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 413 | 1401 | 1480 | 4235 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 202 | 6354 | 736 | 1218 |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 19 | 581 | 29 | 99 |
| &nbsp;&nbsp;&nbsp;Advisor | 11 | 137 | 29 | 53 |
| &nbsp;&nbsp;&nbsp;Institutional | 11 | 11 | 10 | 11 |
| Shareholder Communications | 9 | 45 | 8 | 18 |
| Custodian fees | 3 | 12 | 41 | 6 |
| Accounting fees | 28 | 28 | 39 | 28 |
| Professional fees | 21 | 49 | 48 | 32 |
| ReFlow fees |  |  |  | 32 |
| Registration fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | 14 | 12 | 5 | 15 |
| &nbsp;&nbsp;&nbsp;Advisor | 14 | 21 | 5 | 16 |
| &nbsp;&nbsp;&nbsp;Institutional | 14 | 9 | 6 | 9 |
| Director's fees | 3 | 16 | 3 | 5 |
| Other operating expenses | 3 | 28 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 352 | 7303 | 964 | 1552 |
| Less amounts waived or paid by the Adviser | (52 |  | (75) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 300 | 7303 | 889 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 113 | (5902) | 591 | 2784 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** | **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 1744 | 173871 | (1079) | 37910 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (1 |  | (54) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) | 1743 | 173871 | (1133) | 37885 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers <sup>(2)</sup> | 500 | (279932) | (6151) | (35568) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (11 |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | 9 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in unrealized appreciation or depreciation | 489 | (279932) | (6142) | (35569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on investments and foreign currency related transactions | 2232 | (106061) | (7275) | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $2345 | $(111963) | $(6684) | $5100 |
| <sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign taxes withheld on dividends, unaffiliated issuers | $4 | $5 | $155 | $13 |
| <sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net of increase(decrease) in foreign taxes on unrealized gains |  |  | (396) |  |
| ^&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount rounds to less than $1. |  |  |  |  |

---

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

---

| | |
|:---|:---|
| **70** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Operations —** For the Six Months Ended March 31, 2025 (Unaudited) (Continued)

Dollar values in thousands

---

| | |
|:---|:---|
| | **VALUE INCOME** |
| **INVESTMENT INCOME:** | |
| Dividends, from unaffiliated issuers <sup>(1)</sup> | $249 |
| Interest | 38 |
| Income from securities lending |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 287 |
| **EXPENSES:** |  |
| Management fees | 57 |
| Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;Investor | 20 |
| &nbsp;&nbsp;&nbsp;Advisor | 11 |
| &nbsp;&nbsp;&nbsp;Institutional | 11 |
| Shareholder Communications | 10 |
| Custodian fees | 3 |
| Accounting fees | 35 |
| Professional fees | 25 |
| Registration fees |  |
| &nbsp;&nbsp;&nbsp;Investor | 13 |
| &nbsp;&nbsp;&nbsp;Advisor | 13 |
| &nbsp;&nbsp;&nbsp;Institutional | 13 |
| Director's fees | 3 |
| Other operating expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 221 |
| Less amounts waived or paid by the Adviser | (135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 201 |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 352 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (2 |
| &nbsp;&nbsp;&nbsp;Written options | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain | 359 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (761 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |
| &nbsp;&nbsp;&nbsp;Written options | (24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total decrease in unrealized appreciation or depreciation | (785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on investments and foreign currency related transactions | (426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(225 |
| <sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Net of foreign taxes withheld on dividends, unaffiliated issuers<br>| $— |
| ^&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount rounds to less than $1. |  |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **71** |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets**

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **EMERGING MARKETS DEBT**<br> **OPPORTUNITIES\*** | **EMERGING MARKETS DEBT**<br> **OPPORTUNITIES\*** |
| | **Six Months Ended** <br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended** <br> **3/31/2025** | **Year Ended**<br> **9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $(11834) | $(13904) | $3471 | $4474 |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 310515 | 212756 | 210 | 1088 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  | (1) | 367 | (316 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (45) | (211) | (580) | (135 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | 843 | (614 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  | 133 | (513 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (210430) | 932085 | (1406) | 2479 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  | 1 | 208 | 407 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (16) | 44 | (138) | 46 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  |  | (6 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | (156) | (218 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  | (406) | 777 |
| Net increase in net assets resulting from operations | 88190 | 1130770 | 2546 | 7469 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  |  | (209) | (397 |
| &nbsp;&nbsp;&nbsp;Advisor Shares |  |  | (1256) | (1792 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  | (2531) | (3582 |
| Total distributions to shareholders |  |  | (3996) | (5771 |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from fund share activities | (80175) | (332403) | 19918 | 37582 |
| Total increase in net assets | 8015 | 798367 | 18468 | 39280 |
| Net assets, beginning of period | 3607715 | 2809348 | 75589 | 36309 |
| Net assets, end of period | $3615730 | $3607715 | $94057 | $75589 |

---

\* Consolidated statement

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| **72** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets** (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **FLOATING RATE** | **FLOATING RATE** | **FOCUS** | **FOCUS** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended**<br> **9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income | $2885 | $6304 | $705 | $1685 |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (278) | (1196) | 119432 | 153029 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  | 3233 | 2947 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | (108) | 31 |
| &nbsp;&nbsp;&nbsp;Written options |  |  | (4612) | (21741) |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (899) | 395 | (101156) | 228085 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  | (431) | (3219) |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | (1) | 2 |
| &nbsp;&nbsp;&nbsp;Written options |  |  | (548) | 543 |
| &nbsp;&nbsp;&nbsp;Unfunded loan commitments | 1 | (1) |  |  |
| Net increase in net assets resulting from operations | 1709 | 5502 | 16514 | 361362 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | (568) | (1042) | (4815) |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (927) | (2036) | (78437) |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1274) | (2964) | (37595) |  |
| Total distributions to shareholders | (2769) | (6042) | (120847) |  |
| Tax return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares |  | (81) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | (117) |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares |  | (41) |  |  |
| Total return of capital |  | (239) |  |  |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from fund share activities | 13326 | 21429 | (67358) | (122196) |
| Total increase (decrease) in net assets | 12266 | 20650 | (171691) | 239166 |
| Net assets, beginning of period | 72815 | 52165 | 1161002 | 921836 |
| Net assets, end of period | $85081 | $72815 | $989311 | $1161002 |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **73** |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets** (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended 9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $(882) | $(1252) | $(105) | $457 |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 25228 | 31510 | 30808 | 19359 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (3) | 32 | (15) | (1) |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (25840) | 19344 | (19830) | 26670 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (7) | 5 | (9) | 44 |
| Net increase (decrease) in net assets resulting from operations | (1504) | 49639 | 10849 | 46529 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | (281) |  | (6881) | (630) |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (143) |  | (520) | (47) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1664) |  | (10398) | (1114) |
| Total distributions to shareholders | (2088) |  | (17799) | (1791) |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net decrease in net assets resulting from fund share activities | (16512) | (25815) | (18480) | (49304) |
| Total increase (decrease) in net assets | (20104) | 23824 | (25430) | (4566) |
| Net assets, beginning of period | 243395 | 219571 | 181496 | 186062 |
| Net assets, end of period | $223291 | $243395 | $156066 | $181496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL UNCONSTRAINED\*** | **GLOBAL UNCONSTRAINED\*** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income (loss) | $(4318) | $(7568) | $6136 | $5520 |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 353071 | 742723 | 1197 | 1235 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  | (312) | (355) |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (96) | 208 | (356) | (304) |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | (261) | (94) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | 822 | (889) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  | (874) | (921) |
| Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (476203) | 5691 | 442 | 3752 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  | 801 | (277) |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (37) | 56 | (207) | 147 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | (88) | (469) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | (81) | (350) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  | 1384 | (820) |
| Net increase (decrease) in net assets resulting from operations | (127583) | 741110 | 8603 | 6175 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;Investor Shares | (73932) | (16515) | (364) | (327) |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (53701) | (11043) | (3466) | (3527) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (137227) | (35857) | (1206) | (2140) |
| Total distributions to shareholders | (264860) | (63415) | (5036) | (5994) |
| **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** |
| Net increase (decrease) in net assets resulting from fund share activities | (155537) | (737836) | 178289 | 70917 |
| Total increase (decrease) in net assets | (547980) | (60141) | 181856 | 71098 |
| Net assets, beginning of period | 2557004 | 2617145 | 118369 | 47271 |
| Net assets, end of period | $2009024 | $2557004 | $300225 | $118369 |

---

\* Consolidated statement

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

---

| | |
|:---|:---|
| **74** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets** (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL VALUE** | **GLOBAL VALUE** | **HIGH INCOME** | **HIGH INCOME** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended**<br> **9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income | $9726 | $30939 | $315764 | $619195 |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 70903 | 97092 | (109944 | (34521) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  | 521 | (154) |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | 85 | 348 | (13 | 5 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 37423 | 454003 | (32400 | 536385 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (478) |  | (246 | (112) |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (192) | 239 | 10 | 5 |
| &nbsp;&nbsp;&nbsp;Unfunded loan commitments |  |  |  | 9 |
| Net increase in net assets resulting from operations | 117467 | 582621 | 173692 | 1120812 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | (11534) | (6088) | (20789 | (49559) |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (17630) | (8466) | (120295 | (253878) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (98824) | (52295) | (169183 | (315660) |
| Total distributions to shareholders | (127988) | (66849) | (310267 | (619097) |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from fund share activities | 29290 | (57705) | 615035 | 1164556 |
| Total increase in net assets | 18769 | 458067 | 478460 | 1666271 |
| Net assets, beginning of period | 2509784 | 2051717 | 8825338 | 7159067 |
| Net assets, end of period | $2528553 | $2509784 | $9303798 | $8825338 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended**<br> **9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income | $15800 | $45918 | $570 | $1288 |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 842499 | 418724 | 14562 | 2474 |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  |  | (642) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (891) | (37) | (5) | 21 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (565068) | 715754 | (7224) | 14812 |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  |  | (1409) | 3329 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (730) | 1641 | (1) | 3 |
| Net increase in net assets resulting from operations | 291610 | 1182000 | 5851 | 21927 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | (133001) | (27670) |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (79291) | (16210) | (3347) | (842) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (259564) | (56844) | (1288) | (778) |
| Total distributions to shareholders | (471856) | (100724) | (4635) | (1620) |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from fund share activities | (76927) | (680964) | 102824 | 63153 |
| Total increase (decrease) in net assets | (257173) | 400312 | 104040 | 83460 |
| Net assets, beginning of period | 5286927 | 4886615 | 159149 | 75689 |
| Net assets, end of period | $5029754 | $5286927 | $263189 | $159149 |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **75** |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets** (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $(3156) | $9069 | $292701 | $512379 |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 114992 | 200231 | 197463 | 1076374 |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  | (280) |  | 3001 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (636) | 358 |  | 3010 |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (496625) | 525460 | (371288 | 5940606 |
| &nbsp;&nbsp;&nbsp;Investments, from affiliated issuers |  | 53485 | (783735 | 89591 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts |  |  | (5606 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (357) | 332 | (4256 | 4498 |
| Net increase (decrease) in net assets resulting from operations | (385782) | 788655 | (674721 | 7629459 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | (1570) |  | (94786 | (105512) |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (9470) | (31) | (343928 | (354826) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (31492) | (2174) | (718358 | (798550) |
| Total distributions to shareholders | (42532) | (2205) | (1157072 | (1258888) |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from fund share activities | (652107) | (118697) | 2679782 | 1705622 |
| Total increase (decrease) in net assets | (1080421) | 667753 | 847989 | 8076193 |
| Net assets, beginning of period | 4747481 | 4079728 | 36216940 | 28140747 |
| Net assets, end of period | $3667060 | $4747481 | $37064929 | $36216940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **MID CAP** | **MID CAP** | **MID CAP VALUE** | **MID CAP VALUE** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income (loss) | $(15779) | $(34810) | $6946 | $10231 |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 555682 | 598564 | 94138 | 155161 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (6) | (9) |  |  |
| Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (593330) | 127557 | (152819) | 53400 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (5) | 5 |  |  |
| Net increase (decrease) in net assets resulting from operations | (53438) | 691307 | (51735) | 218792 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;Investor Shares | (156823) |  | (13106) | (57449) |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (77709) |  | (8513) | (39705) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (278151) |  | (24801) | (87696) |
| Total distributions to shareholders | (512683) |  | (46420) | (184850) |
| **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** |
| Net decrease in net assets resulting from fund share activities | (153164) | (862606) | (26933) | (6330) |
| Total increase (decrease) in net assets | (719285) | (171299) | (125088) | 27612 |
| Net assets, beginning of period | 4304796 | 4476095 | 1174499 | 1146887 |
| Net assets, end of period | $3585511 | $4304796 | $1049411 | $1174499 |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| **76** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets** (Continued)

Dollar values in thousands

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SELECT EQUITY** | **SELECT EQUITY** | **SMALL CAP** | **SMALL CAP** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** |
| **OPERATIONS:** | | | | |
| Net investment income (loss) | $113 | $293 | $(5902) | $(14094) |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 1744 | 1106 | 173871 | 357340 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (1 | 1 |  |  |
| Net increase (decrease) in unrealized appreciation or depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 500 | 10915 | (279932) | (7256) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (11 |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | 2345 | 12315 | (111963) | 335990 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Shares | (37 | (13 | (24495) |  |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (21 | (9 | (13874) |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (662 | (228 | (26327) |  |
| Total distributions to shareholders | (720 | (250 | (64696) |  |
| **FUND SHARE ACTIVITIES:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from fund share activities | 4925 | 3045 | (121793) | (567892) |
| Total increase (decrease) in net assets | 6550 | 15110 | (298452) | (231902) |
| Net assets, beginning of period | 52113 | 37003 | 1392759 | 1624661 |
| Net assets, end of period | $58663 | $52113 | $1094307 | $1392759 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SUSTAINABLE EMERGING <br> MARKETS** | **SUSTAINABLE EMERGING <br> MARKETS** | &nbsp;&nbsp;**VALUE** | &nbsp;&nbsp;**VALUE** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** | **Six Months Ended**<br> **3/31/2025** | **Year Ended**<br> **9/30/2024** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $591 | $1936 | $2784 | $4517 |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (1079) | (2272) | 37910 | 29702 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (54) | (24) | (25) | 63 |
| Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (6151) | 32093 | (35568) | 37452 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | 9 | 8 | (1) | 8 |
| Net increase (decrease) in net assets resulting from operations | (6684) | 31741 | 5100 | 71742 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;Investor Shares | (171) | (60) | (5699) | (4354) |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (544) | (202) | (6079) | (4951) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1229) | (363) | (11930) | (7352) |
| Total distributions to shareholders | (1944) | (625) | (23708) | (16657) |
| **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** |
| Net increase (decrease) in net assets resulting from fund share activities | 64963 | 42737 | (19907) | (2231) |
| Total increase (decrease) in net assets | 56335 | 73853 | (38515) | 52854 |
| Net assets, beginning of period | 169355 | 95502 | 348556 | 295702 |
| Net assets, end of period | $225690 | $169355 | $310041 | $348556 |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| Artisan Partners Funds | **77** |

---

ARTISAN PARTNERS FUNDS

**Statements of Changes in Net Assets** (Continued)

Dollar values in thousands

---

| | | |
|:---|:---|:---|
| | **VALUE INCOME** | **VALUE INCOME** |
| | **Six Months Ended**<br> **3/31/2025** | **Year Ended** <br> **9/30/2024** |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| Net investment income | $201 | $417 |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | 352 | 191 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions | (2 | 2 |
| &nbsp;&nbsp;&nbsp;Written options | 9 | 29 |
| Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: | Net increase (decrease) in unrealized appreciation or depreciation on: |
| &nbsp;&nbsp;&nbsp;Investments, from unaffiliated issuers | (761 | 2598 |
| &nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  |
| &nbsp;&nbsp;&nbsp;Written options | (24 | (7 |
| Net increase (decrease) in net assets resulting from operations | (225 | 3230 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;Investor Shares | (11 | (25 |
| &nbsp;&nbsp;&nbsp;Advisor Shares | (25 | (55 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (151 | (318 |
| Total distributions to shareholders | (187 | (398 |
| **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** | **FUND SHARE ACTIVITIES:** |
| Net increase in net assets resulting from fund share activities | 294 | 2468 |
| Total increase (decrease) in net assets | (118 | 5300 |
| Net assets, beginning of period | 16386 | 11086 |
| Net assets, end of period | $16268 | $16386 |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

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

---

| | |
|:---|:---|
| **78** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>**  | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>**  | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>**  | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>**  | **Ratio of Net Investment Income (Loss) to Average Net** <br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>**  |
| **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** |
| **Investor Shares** | | | | | | | | | | | | | | |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 21.16 | (0.09) | 0.59 | 0.50 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.66 | 2.36% | $&nbsp;&nbsp;&nbsp;&nbsp; 333609 | 1.30% | n/a | (0.83)% | 36.45% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.84 | (0.11) | 6.43 | 6.32 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.16 | 42.59% | $&nbsp;&nbsp;&nbsp;&nbsp; 348562 | 1.31% | n/a | (0.64)% | 60.10% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.12 | (0.11) | 2.85 | 2.74 | (0.02) |  | (0.02) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.84 | 22.60% | $&nbsp;&nbsp;&nbsp;&nbsp; 281835 | 1.30% | n/a | (0.74)% | 67.53% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 25.55 | (0.17) | (11.19) | (11.36) |  | (2.07) | (2.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.12 | (48.39)% | $&nbsp;&nbsp;&nbsp;&nbsp; 349016 | 1.28% | n/a | (0.92)% | 87.26% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 22.98 | (0.29) | 3.97 | 3.68 |  | (1.11) | (1.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 25.55 | 16.15% | $&nbsp;&nbsp;&nbsp;&nbsp; 899701 | 1.26% | n/a | (1.09)% | 126.20% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.44 | (0.17) | 9.71 | 9.54 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 22.98 | 71.06% | $&nbsp;&nbsp;&nbsp;&nbsp; 643044 | 1.28% | n/a | (0.96)% | 138.63% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 21.41 | (0.07) | 0.59 | 0.52 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.93 | 2.48% | $&nbsp;&nbsp;&nbsp;&nbsp;1799729 | 1.13% | n/a | (0.66)% | 36.45% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.98 | (0.08) | 6.51 | 6.43 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.41 | 42.86% | $&nbsp;&nbsp;&nbsp;&nbsp;1716768 | 1.13% | n/a | (0.46)% | 60.10% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.25 | (0.08) | 2.86 | 2.78 | (0.05) |  | (0.05) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.98 | 22.80% | $&nbsp;&nbsp;&nbsp;&nbsp;1318082 | 1.13% | n/a | (0.56)% | 67.53% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 25.77 | (0.14) | (11.31) | (11.45) |  | (2.07) | (2.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.25 | (48.32)% | $&nbsp;&nbsp;&nbsp;&nbsp;1620067 | 1.11% | n/a | (0.75)% | 87.26% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.13 | (0.24) | 3.99 | 3.75 |  | (1.11) | (1.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 25.77 | 16.35% | $&nbsp;&nbsp;&nbsp;&nbsp;4648125 | 1.09% | n/a | (0.92)% | 126.20% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.51 | (0.14) | 9.76 | 9.62 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 23.13 | 71.28% | $&nbsp;&nbsp;&nbsp;&nbsp;3513504 | 1.13% | n/a | (0.81)% | 138.63% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 21.55 | (0.06) | 0.60 | 0.54 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 22.09 | 2.51% | $&nbsp;&nbsp;&nbsp;&nbsp;1482392 | 1.04% | n/a | (0.58)% | 36.45% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.07 | (0.07) | 6.55 | 6.48 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.55 | 43.00% | $&nbsp;&nbsp;&nbsp;&nbsp;1542385 | 1.05% | n/a | (0.38)% | 60.10% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.33 | (0.07) | 2.88 | 2.81 | (0.07) |  | (0.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.07 | 22.88% | $&nbsp;&nbsp;&nbsp;&nbsp;1209431 | 1.05% | n/a | (0.48)% | 67.53% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 25.90 | (0.12) | (11.38) | (11.50) |  | (2.07) | (2.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.33 | (48.27)% | $&nbsp;&nbsp;&nbsp;&nbsp;1282523 | 1.03% | n/a | (0.66)% | 87.26% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.22 | (0.22) | 4.01 | 3.79 |  | (1.11) | (1.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 25.90 | 16.46% | $&nbsp;&nbsp;&nbsp;&nbsp;3178364 | 1.00% | n/a | (0.83)% | 126.20% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.55 | (0.13) | 9.80 | 9.67 | —<sup>(5)</sup> |  | —<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 23.22 | 71.45% | $&nbsp;&nbsp;&nbsp;&nbsp;2475795 | 1.04% | n/a | (0.72)% | 138.63% |
| **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.43 | 0.44 | (0.12) | 0.32 | (0.39) | (0.11) | (0.50) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.25 | 3.05% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6413 | 1.26%\* | 2.81%\* | 8.51% | 37.53% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.14 | 0.79 | 0.60 | 1.39 | (0.89) | (0.21) | (1.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.43 | 14.60% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744 | 1.28%\* | 3.22%\* | 7.67% | 101.04% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | 0.68 | 0.81 | 1.49 | (0.72) | (0.23) | (0.95) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.14 | 16.01% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646 | 1.30%\* | 8.04%\* | 6.64% | 147.67% |
| 4/7/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.24 | (0.41) | (0.17) | (0.23) |  | (0.23) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | (1.72)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | 1.25% | 170.55% | 5.07% | 38.16% |
| **Advisor Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.42 | 0.43 | (0.11) | 0.32 | (0.39) | (0.11) | (0.50) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.24 | 3.11% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27925 | 1.16%\* | 1.55%\* | 8.34% | 37.53% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.14 | 0.80 | 0.59 | 1.39 | (0.90) | (0.21) | (1.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.42 | 14.61% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24074 | 1.18%\* | 1.85%\* | 7.82% | 101.04% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | 0.70 | 0.80 | 1.50 | (0.73) | (0.23) | (0.96) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.14 | – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9466 | 1.20%\* | 2.99%\* | 6.80% | 147.67% |
| 4/7/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.24 | (0.41) | (0.17) | (0.23) |  | (0.23) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | (1.78)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 | 1.15% | 28.37% | 5.02% | 38.16% |
| **Institutional Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.43 | 0.43 | (0.11) | 0.32 | (0.39) | (0.11) | (0.50) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.25 | 3.13% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59719 | 1.11%\* | 1.35%\* | 8.36% | 37.53% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.15 | 0.81 | 0.59 | 1.40 | (0.91) | (0.21) | (1.12) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.43 | 14.68% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47771 | 1.13%\* | 1.64%\* | 7.91% | 101.04% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | 0.71 | 0.81 | 1.52 | (0.74) | (0.23) | (0.97) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.15 | – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24197 | 1.13%\* | 1.97%\* | 6.99% | 147.67% |
| 4/7/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.23 | (0.39) | (0.16) | (0.24) |  | (0.24) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | (1.65)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20678 | 1.10% | 1.57% | 4.84% | 38.16% |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **79** |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized Gains** | **Return of <br> Capital** | **Total Distributions** | **Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income (Loss) to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 9.58 | 0.35 | (0.12) | 0.23 | (0.34) |  |  | (0.34) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.47 | 2.38% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24543 | 1.20% | 1.63% | 7.23% | 44.52% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.68 | 0.84 | (0.09) | 0.75 | (0.82) |  | (0.03) | (0.85) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.58 | 8.09% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12805 | 1.20% | 1.78% | 8.76% | 72.77% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.30 | 0.82 | 0.38 | 1.20 | (0.82) |  |  | (0.82) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.68 | 12.97% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5590 | 1.20% | 2.74% | 8.63% | 76.50% |
| 12/1/2021 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.32 | (0.72) | (0.40) | (0.30) |  |  | (0.30) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.30 | (4.17)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2451 | 1.20% | 7.19% | 4.02% | 48.90% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 9.58 | 0.36 | (0.14) | 0.22 | (0.34) |  |  | (0.34) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.46 | 2.55% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27256 | 1.10% | 1.42% | 7.44% | 44.52% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.68 | 0.85 | (0.09) | 0.76 | (0.83) |  | (0.03) | (0.86) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.58 | 8.09% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24111 | 1.10% | 1.45% | 8.89% | 72.77% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.30 | 0.82 | 0.40 | 1.22 | (0.84) |  |  | (0.84) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.68 | 13.09% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18031 | 1.10% | 1.57% | 8.66% | 76.50% |
| 12/1/2021 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.33 | (0.72) | (0.39) | (0.31) |  |  | (0.31) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.30 | (4.09)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16705 | 1.10% | 1.61% | 4.16% | 48.90% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 9.58 | 0.36 | (0.14) | 0.22 | (0.34) |  |  | (0.34) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.46 | 2.47% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33282 | 1.05% | 1.26% | 7.52% | 44.52% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.68 | 0.86 | (0.09) | 0.77 | (0.84) |  | (0.03) | (0.87) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.58 | 8.15% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35899 | 1.05% | 1.27% | 8.95% | 72.77% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.30 | 0.82 | 0.40 | 1.22 | (0.84) |  |  | (0.84) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.68 | 13.15% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28544 | 1.05% | 1.36% | 8.73% | 76.50% |
| 12/1/2021 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.33 | (0.72) | (0.39) | (0.31) |  |  | (0.31) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.30 | (4.07)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28077 | 1.05% | 1.27% | 4.10% | 48.90% |
| **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 23.63 | (0.01) | 0.25 | 0.24 |  | (2.78) |  | (2.78) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.09 | 0.51% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39154 | 1.34% | n/a | (0.09)% | 131.24% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.43 | —<sup>(5)</sup> | 7.20 | 7.20 |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 23.63 | 43.76% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42763 | 1.29% | n/a | 0.02% | 401.50% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.19 | (0.02) | 1.31 | 1.29 | (0.05) |  |  | (0.05) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.43 | 8.57% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47959 | 1.30% | n/a | (0.14)% | 271.28% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 22.30 | (0.06) | (3.61) | (3.67) |  | (3.44) |  | (3.44) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.19 | (20.76)% | $&nbsp;&nbsp;&nbsp;&nbsp; 237102 | 1.24% | n/a | (0.31)% | 240.40% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 18.34 | (0.11) | 4.73 | 4.62 |  | (0.66) |  | (0.66) | $&nbsp;&nbsp;&nbsp;&nbsp; 22.30 | 25.70% | $&nbsp;&nbsp;&nbsp;&nbsp; 340450 | 1.25% | n/a | (0.52)% | 316.74% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.63 | (0.06) | 3.35 | 3.29 | (0.04) | (0.54) |  | (0.58) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.34 | 21.76% | $&nbsp;&nbsp;&nbsp;&nbsp; 262246 | 1.30% | n/a | (0.39)% | 285.25% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 23.79 | 0.01 | 0.25 | 0.26 |  | (2.78) |  | (2.78) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.27 | 0.59% | $&nbsp;&nbsp;&nbsp;&nbsp; 652408 | 1.16% | n/a | 0.08% | 131.24% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | 0.03 | 7.24 | 7.27 |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 23.79 | 43.95% | $&nbsp;&nbsp;&nbsp;&nbsp; 677071 | 1.14% | n/a | 0.13% | 401.50% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.25 | 0.01 | 1.34 | 1.35 | (0.08) |  |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | 8.83% | $&nbsp;&nbsp;&nbsp;&nbsp; 517439 | 1.12% | n/a | 0.06% | 271.28% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 22.36 | (0.03) | (3.64) | (3.67) |  | (3.44) |  | (3.44) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.25 | (20.60)% | $&nbsp;&nbsp;&nbsp;&nbsp; 817890 | 1.10% | n/a | (0.17)% | 240.40% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 18.36 | (0.08) | 4.74 | 4.66 |  | (0.66) |  | (0.66) | $&nbsp;&nbsp;&nbsp;&nbsp; 22.36 | 25.84% | $&nbsp;&nbsp;&nbsp;&nbsp;1219909 | 1.10% | n/a | (0.36)% | 316.74% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.66 | (0.04) | 3.35 | 3.31 | (0.07) | (0.54) |  | (0.61) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.36 | 21.98% | $&nbsp;&nbsp;&nbsp;&nbsp; 735871 | 1.13% | n/a | (0.26)% | 285.25% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 23.87 | 0.03 | 0.24 | 0.27 | (0.01) | (2.78) |  | (2.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.35 | 0.65% | $&nbsp;&nbsp;&nbsp;&nbsp; 297749 | 1.08% | n/a | 0.24% | 131.24% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.56 | 0.05 | 7.26 | 7.31 |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 23.87 | 44.08% | $&nbsp;&nbsp;&nbsp;&nbsp; 441168 | 1.05% | n/a | 0.24% | 401.50% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.30 | 0.03 | 1.33 | 1.36 | (0.10) |  |  | (0.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.56 | 8.94% | $&nbsp;&nbsp;&nbsp;&nbsp; 356438 | 1.03% | n/a | 0.15% | 271.28% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 22.40 | (0.02) | (3.64) | (3.66) |  | (3.44) |  | (3.44) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.30 | (20.56)% | $&nbsp;&nbsp;&nbsp;&nbsp; 553450 | 1.01% | n/a | (0.08)% | 240.40% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 18.37 | (0.06) | 4.75 | 4.69 |  | (0.66) |  | (0.66) | $&nbsp;&nbsp;&nbsp;&nbsp; 22.40 | 25.93% | $&nbsp;&nbsp;&nbsp;&nbsp; 738016 | 1.01% | n/a | (0.27)% | 316.74% |
| 2/3/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.37 | (0.01) | 2.01 | 2.00 |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 18.37 | 12.28% | $&nbsp;&nbsp;&nbsp;&nbsp; 437948 | 1.04% | n/a | (0.14)% | 285.25% |

---

---

| | |
|:---|:---|
| **80** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income (Loss) to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 20.61 | (0.10) | (0.12) | (0.22) |  | (0.18) | (0.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.21 | (1.12)% | $&nbsp;&nbsp;&nbsp;&nbsp; 31042 | 1.39% | n/a | (0.96)% | 34.96% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.53 | (0.15) | 4.23 | 4.08 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 20.61 | 24.68% | $&nbsp;&nbsp;&nbsp;&nbsp; 33480 | 1.40% | 1.44% | (0.80)% | 58.22% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.15 | (0.12) | 2.50 | 2.38 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 16.53 | 16.82% | $&nbsp;&nbsp;&nbsp;&nbsp; 32117 | 1.40% | 1.43% | (0.76)% | 50.02% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.07 | (0.17) | (7.02) | (7.19) |  | (1.73) | (1.73) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.15 | (33.87)% | $&nbsp;&nbsp;&nbsp;&nbsp; 36925 | 1.38% | n/a | (0.91)% | 59.23% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 18.40 | (0.20) | 5.27 | 5.07 |  | (0.40) | (0.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.07 | 27.93% | $&nbsp;&nbsp;&nbsp;&nbsp; 63547 | 1.38% | n/a | (0.96)% | 47.02% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.39 | (0.13) | 5.14 | 5.01 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 18.40 | 37.42% | $&nbsp;&nbsp;&nbsp;&nbsp;106480 | 1.35% | n/a | (0.89)% | 40.44% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 20.70 | (0.09) | (0.12) | (0.21) |  | (0.18) | (0.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.31 | (1.07)% | $&nbsp;&nbsp;&nbsp;&nbsp; 15956 | 1.30% | 1.45% | (0.87)% | 34.96% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.58 | (0.13) | 4.25 | 4.12 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 20.70 | 24.85% | $&nbsp;&nbsp;&nbsp;&nbsp; 18701 | 1.30% | 1.41% | (0.70)% | 58.22% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.18 | (0.10) | 2.50 | 2.40 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 16.58 | 16.93% | $&nbsp;&nbsp;&nbsp;&nbsp; 17886 | 1.30% | 1.41% | (0.61)% | 50.02% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.09 | (0.16) | (7.02) | (7.18) |  | (1.73) | (1.73) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.18 | (33.79)% | $&nbsp;&nbsp;&nbsp;&nbsp; 13438 | 1.30% | 1.41% | (0.84)% | 59.23% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 18.41 | (0.19) | 5.27 | 5.08 |  | (0.40) | (0.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.09 | 27.97% | $&nbsp;&nbsp;&nbsp;&nbsp; 19954 | 1.30% | 1.40% | (0.88)% | 47.02% |
| 2/3/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.96 | (0.08) | 3.53 | 3.45 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 18.41 | 23.06% | $&nbsp;&nbsp;&nbsp;&nbsp; 19698 | 1.30% | 1.74% | (0.73)% | 40.44% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 20.86 | (0.07) | (0.11) | (0.18) |  | (0.18) | (0.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.50 | (0.96)% | $&nbsp;&nbsp;&nbsp;&nbsp;176293 | 1.08% | n/a | (0.66)% | 34.96% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.68 | (0.09) | 4.27 | 4.18 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 20.86 | 25.06% | $&nbsp;&nbsp;&nbsp;&nbsp;191214 | 1.09% | n/a | (0.49)% | 58.22% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.25 | (0.07) | 2.52 | 2.45 | (0.02) |  | (0.02) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.68 | 17.19% | $&nbsp;&nbsp;&nbsp;&nbsp;169568 | 1.09% | n/a | (0.42)% | 50.02% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.15 | (0.11) | (7.06) | (7.17) |  | (1.73) | (1.73) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.25 | (33.65)% | $&nbsp;&nbsp;&nbsp;&nbsp;182038 | 1.06% | n/a | (0.58)% | 59.23% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 18.41 | (0.14) | 5.28 | 5.14 |  | (0.40) | (0.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.15 | 28.30% | $&nbsp;&nbsp;&nbsp;&nbsp;270640 | 1.08% | n/a | (0.63)% | 47.02% |
| 2/3/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.96 | (0.07) | 3.52 | 3.45 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 18.41 | 23.06% | $&nbsp;&nbsp;&nbsp;&nbsp; 84267 | 1.20% | n/a | (0.62)% | 40.44% |
| **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 21.41 | (0.03) | 1.19 | 1.16 | (0.15) | (2.00) | (2.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.42 | 5.87% | $&nbsp;&nbsp;&nbsp;&nbsp; 59833 | 1.35% | 1.35% | (0.28)% | 96.90% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.48 | 0.02 | 5.07 | 5.09 | (0.16) |  | (0.16) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.41 | 31.12% | $&nbsp;&nbsp;&nbsp;&nbsp; 74466 | 1.35% | n/a | 0.11% | 136.55% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.19 | 0.07 | 2.36 | 2.43 | (0.14) |  | (0.14) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.48 | 17.16% | $&nbsp;&nbsp;&nbsp;&nbsp; 66468 | 1.30% | n/a | 0.40% | 131.91% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.46 | 0.06 | (6.59) | (6.53) |  | (3.74) | (3.74) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.19 | (31.48)% | $&nbsp;&nbsp;&nbsp;&nbsp; 66270 | 1.28% | n/a | 0.33% | 92.81% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.03 | (0.11) | 4.33 | 4.22 |  | (2.79) | (2.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.46 | 19.70% | $&nbsp;&nbsp;&nbsp;&nbsp;151122 | 1.26% | n/a | (0.47)% | 119.10% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 20.60 | (0.05) | 4.26 | 4.21 |  | (1.78) | (1.78) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.03 | 21.90% | $&nbsp;&nbsp;&nbsp;&nbsp;134498 | 1.26% | n/a | (0.27)% | 137.93% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 21.42 | (0.02) | 1.20 | 1.18 | (0.18) | (2.00) | (2.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.42 | 6.01% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 | 1.25% | 1.87% | (0.15)% | 96.90% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.49 | 0.04 | 5.06 | 5.10 | (0.17) |  | (0.17) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.42 | 31.20% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | 1.25% | 2.09% | 0.21% | 136.55% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.19 | 0.08 | 2.37 | 2.45 | (0.15) |  | (0.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.49 | 17.26% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 | 1.25% | 1.79% | 0.46% | 131.91% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.46 | 0.03 | (6.56) | (6.53) |  | (3.74) | (3.74) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.19 | (31.48)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 | 1.25% | 1.61% | 0.14% | 92.81% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.04 | (0.11) | 4.32 | 4.21 |  | (2.79) | (2.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.46 | 19.64% | $&nbsp;&nbsp;&nbsp;&nbsp; 14273 | 1.25% | 1.62% | (0.46)% | 119.10% |
| 8/5/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 22.81 | (0.02) | 0.25 | 0.23 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 23.04 | 1.01% | $&nbsp;&nbsp;&nbsp;&nbsp; 13092 | 1.25% | 2.51% | (0.53)% | 137.93% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 21.74 | —<sup>(5)</sup> | 1.20 | 1.20 | (0.21) | (2.00) | (2.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.73 | 6.03% | $&nbsp;&nbsp;&nbsp;&nbsp; 91155 | 1.09% | n/a | (0.01)% | 96.90% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.73 | 0.07 | 5.15 | 5.22 | (0.21) |  | (0.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.74 | 31.47% | $&nbsp;&nbsp;&nbsp;&nbsp;102643 | 1.09% | n/a | 0.37% | 136.55% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.40 | 0.11 | 2.41 | 2.52 | (0.19) |  | (0.19) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.73 | 17.52% | $&nbsp;&nbsp;&nbsp;&nbsp;115132 | 1.04% | n/a | 0.67% | 131.91% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.72 | 0.13 | (6.71) | (6.58) |  | (3.74) | (3.74) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.40 | (31.34)% | $&nbsp;&nbsp;&nbsp;&nbsp;105954 | 1.04% | n/a | 0.72% | 92.81% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.21 | (0.06) | 4.36 | 4.30 |  | (2.79) | (2.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.72 | 19.91% | $&nbsp;&nbsp;&nbsp;&nbsp;168343 | 1.05% | n/a | (0.24)% | 119.10% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 20.71 | (0.03) | 4.32 | 4.29 | (0.01) | (1.78) | (1.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.21 | 22.17% | $&nbsp;&nbsp;&nbsp;&nbsp;109307 | 1.05% | n/a | (0.12)% | 137.93% |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **81** |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income (Loss) to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 36.12 | (0.09) | (1.77) | (1.86) |  | (3.92) | (3.92) | $&nbsp;&nbsp;&nbsp;&nbsp; 30.34 | (6.01)% | $&nbsp;&nbsp;&nbsp;&nbsp; 590992 | 1.19% | n/a | (0.51)% | 36.83% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 28.01 | (0.14) | 8.96 | 8.82 |  | (0.71) | (0.71) | $&nbsp;&nbsp;&nbsp;&nbsp; 36.12 | 32.13% | $&nbsp;&nbsp;&nbsp;&nbsp; 707994 | 1.18% | n/a | (0.44)% | 52.39% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.32 | (0.08) | 3.77 | 3.69 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 28.01 | 15.17% | $&nbsp;&nbsp;&nbsp;&nbsp; 680672 | 1.14% | n/a | (0.28)% | 34.14% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 39.09 | (0.08) | (10.71) | (10.79) |  | (3.98) | (3.98) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.32 | (31.13)% | $&nbsp;&nbsp;&nbsp;&nbsp; 782904 | 1.14% | n/a | (0.26)% | 37.32% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 34.89 | (0.10) | 6.70 | 6.60 |  | (2.40) | (2.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 39.09 | 19.89% | $&nbsp;&nbsp;&nbsp;&nbsp;1514576 | 1.13% | n/a | (0.27)% | 44.44% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 27.06 | (0.06) | 9.80 | 9.74 |  | (1.91) | (1.91) | $&nbsp;&nbsp;&nbsp;&nbsp; 34.89 | 38.37% | $&nbsp;&nbsp;&nbsp;&nbsp;1358867 | 1.14% | n/a | (0.23)% | 44.27% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 36.60 | (0.07) | (1.80) | (1.87) |  | (3.92) | (3.92) | $&nbsp;&nbsp;&nbsp;&nbsp; 30.81 | (5.95)% | $&nbsp;&nbsp;&nbsp;&nbsp; 415935 | 1.06% | n/a | (0.39)% | 36.83% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 28.34 | (0.10) | 9.07 | 8.97 |  | (0.71) | (0.71) | $&nbsp;&nbsp;&nbsp;&nbsp; 36.60 | 32.28% | $&nbsp;&nbsp;&nbsp;&nbsp; 517357 | 1.05% | n/a | (0.30)% | 52.39% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.57 | (0.05) | 3.82 | 3.77 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 28.34 | 15.34% | $&nbsp;&nbsp;&nbsp;&nbsp; 466663 | 1.01% | n/a | (0.16)% | 34.14% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 39.40 | (0.04) | (10.81) | (10.85) |  | (3.98) | (3.98) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.57 | (31.03)% | $&nbsp;&nbsp;&nbsp;&nbsp; 625332 | 1.00% | n/a | (0.13)% | 37.32% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 35.10 | (0.05) | 6.75 | 6.70 |  | (2.40) | (2.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 39.40 | 20.07% | $&nbsp;&nbsp;&nbsp;&nbsp;1253950 | 0.99% | n/a | (0.12)% | 44.44% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 27.21 | (0.03) | 9.86 | 9.83 | (0.03) | (1.91) | (1.94) | $&nbsp;&nbsp;&nbsp;&nbsp; 35.10 | 38.52% | $&nbsp;&nbsp;&nbsp;&nbsp; 957127 | 1.01% | n/a | (0.09)% | 44.27% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 37.23 | (0.05) | (1.84) | (1.89) |  | (3.92) | (3.92) | $&nbsp;&nbsp;&nbsp;&nbsp; 31.42 | (5.90)% | $&nbsp;&nbsp;&nbsp;&nbsp;1002097 | 0.95% | n/a | (0.27)% | 36.83% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 28.78 | (0.07) | 9.23 | 9.16 |  | (0.71) | (0.71) | $&nbsp;&nbsp;&nbsp;&nbsp; 37.23 | 32.45% | $&nbsp;&nbsp;&nbsp;&nbsp;1331653 | 0.94% | n/a | (0.21)% | 52.39% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.93 | (0.01) | 3.86 | 3.85 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 28.78 | 15.44% | $&nbsp;&nbsp;&nbsp;&nbsp;1469810 | 0.91% | n/a | (0.05)% | 34.14% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 39.89 | (0.01) | (10.97) | (10.98) |  | (3.98) | (3.98) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.93 | (30.97)% | $&nbsp;&nbsp;&nbsp;&nbsp;1765829 | 0.90% | n/a | (0.03)% | 37.32% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 35.47 | (0.01) | 6.83 | 6.82 |  | (2.40) | (2.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 39.89 | 20.20% | $&nbsp;&nbsp;&nbsp;&nbsp;2970987 | 0.89% | n/a | (0.03)% | 44.44% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 27.47 | —<sup>(5)</sup> | 9.96 | 9.96 | (0.05) | (1.91) | (1.96) | $&nbsp;&nbsp;&nbsp;&nbsp; 35.47 | 38.67% | $&nbsp;&nbsp;&nbsp;&nbsp;2466599 | 0.90% | n/a | 0.01% | 44.27% |
| **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** |
| Investor Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.08 | 0.37 | 0.22 | 0.59 | (0.25) | (0.04) | (0.29) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.38 | 5.87% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15330 | 1.65%\* | 2.33%\* | 7.17% | 32.63% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.04 | 0.71 | 0.13 | 0.84 | (0.61) | (0.19) | (0.80) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.08 | 8.87% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10710 | 1.63%(6)\* | 3.43%\* | 7.01% | 68.63% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.10 | 0.58 | 0.44 | 1.02 | (0.86) | (0.22) | (1.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.04 | 10.82% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064 | 2.09%\* | 9.88%\* | 5.81% | 158.84% |
| 3/31/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.17 | 0.04 | 0.21 | (0.11) |  | (0.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.10 | 2.10% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 | 1.75%\* | 54.50%\* | 3.28% | 40.30% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.09 | 0.37 | 0.22 | 0.59 | (0.26) | (0.04) | (0.30) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.38 | 5.92% | $&nbsp;&nbsp;&nbsp;&nbsp; 218183 | 1.54%\* | 1.83%\* | 7.22% | 32.63% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.05 | 0.70 | 0.15 | 0.85 | (0.62) | (0.19) | (0.81) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.09 | 8.87% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75963 | 1.58%(6)\* | 2.03%\* | 6.92% | 68.63% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.11 | 0.57 | 0.46 | 1.03 | (0.87) | (0.22) | (1.09) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.05 | 10.87% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22848 | 1.88%\* | 3.31%\* | 5.67% | 158.84% |
| 3/31/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.18 | 0.04 | 0.22 | (0.11) |  | (0.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.11 | 2.24% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011 | 1.62%\* | 9.54%\* | 3.66% | 40.30% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.09 | 0.38 | 0.21 | 0.59 | (0.26) | (0.04) | (0.30) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.38 | 5.95% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66712 | 1.50%\* | 1.87%\* | 7.32% | 32.63% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.05 | 0.68 | 0.18 | 0.86 | (0.63) | (0.19) | (0.82) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.09 | 8.92% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31696 | 1.60%(6)\* | 2.06%\* | 6.77% | 68.63% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.11 | 0.60 | 0.44 | 1.04 | (0.88) | (0.22) | (1.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.05 | 10.97% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23359 | 1.92%\* | 2.91%\* | 6.02% | 158.84% |
| 3/31/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.14 | 0.09 | 0.23 | (0.12) |  | (0.12) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.11 | 2.27% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12558 | 1.48%\* | 2.57%\* | 2.82% | 40.30% |

---

---

| | |
|:---|:---|
| **82** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to** <br> **Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 24.11 | 0.07 | 1.01 | 1.08 | (0.24) | (0.95) | (1.19) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.00 | 4.74% | $&nbsp;&nbsp;&nbsp;&nbsp; 237206 | 1.26% | n/a | 0.57% | 7.81% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.22 | 0.25 | 5.24 | 5.49 | (0.16) | (0.44) | (0.60) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.11 | 29.24% | $&nbsp;&nbsp;&nbsp;&nbsp; 241559 | 1.26% | n/a | 1.13% | 16.35% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.56 | 0.16 | 4.15 | 4.31 | (0.05) | (0.60) | (0.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 19.22 | 28.28% | $&nbsp;&nbsp;&nbsp;&nbsp; 209160 | 1.26% | n/a | 0.86% | 13.77% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.58 | 0.16 | (4.26) | (4.10) | (0.19) | (1.73) | (1.92) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.56 | (21.10)% | $&nbsp;&nbsp;&nbsp;&nbsp; 199274 | 1.25% | n/a | 0.83% | 24.37% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.94 | 0.17 | 5.48 | 5.65 | (0.01) |  | (0.01) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.58 | 35.46% | $&nbsp;&nbsp;&nbsp;&nbsp; 287469 | 1.24% | n/a | 0.80% | 39.62% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.12 | 0.07 | (1.01) | (0.94) | (0.24) |  | (0.24) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.94 | (5.63)% | $&nbsp;&nbsp;&nbsp;&nbsp; 242744 | 1.26% | n/a | 0.42% | 37.09% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 24.08 | 0.09 | 1.01 | 1.10 | (0.28) | (0.95) | (1.23) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.95 | 4.83% | $&nbsp;&nbsp;&nbsp;&nbsp; 367701 | 1.10% | n/a | 0.74% | 7.81% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.20 | 0.29 | 5.22 | 5.51 | (0.19) | (0.44) | (0.63) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.08 | 29.43% | $&nbsp;&nbsp;&nbsp;&nbsp; 337314 | 1.11% | n/a | 1.31% | 16.35% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.55 | 0.18 | 4.15 | 4.33 | (0.08) | (0.60) | (0.68) | $&nbsp;&nbsp;&nbsp;&nbsp; 19.20 | 28.46% | $&nbsp;&nbsp;&nbsp;&nbsp; 254503 | 1.11% | n/a | 0.99% | 13.77% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.57 | 0.19 | (4.26) | (4.07) | (0.22) | (1.73) | (1.95) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.55 | (21.01)% | $&nbsp;&nbsp;&nbsp;&nbsp; 254970 | 1.11% | n/a | 0.97% | 24.37% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.91 | 0.19 | 5.49 | 5.68 | (0.02) |  | (0.02) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.57 | 35.70% | $&nbsp;&nbsp;&nbsp;&nbsp; 324013 | 1.10% | n/a | 0.95% | 39.62% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.09 | 0.09 | (1.01) | (0.92) | (0.26) |  | (0.26) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.91 | (5.48)% | $&nbsp;&nbsp;&nbsp;&nbsp; 259859 | 1.12% | n/a | 0.54% | 37.09% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 24.16 | 0.10 | 1.02 | 1.12 | (0.30) | (0.95) | (1.25) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.03 | 4.91% | $&nbsp;&nbsp;&nbsp;&nbsp;1923646 | 1.01% | n/a | 0.82% | 7.81% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.26 | 0.30 | 5.25 | 5.55 | (0.21) | (0.44) | (0.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.16 | 29.55% | $&nbsp;&nbsp;&nbsp;&nbsp;1930911 | 1.01% | n/a | 1.38% | 16.35% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.60 | 0.20 | 4.16 | 4.36 | (0.10) | (0.60) | (0.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 19.26 | 28.58% | $&nbsp;&nbsp;&nbsp;&nbsp;1588054 | 1.01% | n/a | 1.11% | 13.77% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.63 | 0.21 | (4.27) | (4.06) | (0.24) | (1.73) | (1.97) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.60 | (20.92)% | $&nbsp;&nbsp;&nbsp;&nbsp;1363881 | 1.01% | n/a | 1.07% | 24.37% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.96 | 0.21 | 5.50 | 5.71 | (0.04) |  | (0.04) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.63 | 35.80% | $&nbsp;&nbsp;&nbsp;&nbsp;1863947 | 1.01% | n/a | 1.01% | 39.62% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.14 | 0.11 | (1.01) | (0.90) | (0.28) |  | (0.28) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.96 | (5.37)% | $&nbsp;&nbsp;&nbsp;&nbsp;1321157 | 1.02% | n/a | 0.67% | 37.09% |
| **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 9.19 | 0.31 | (0.14) | 0.17 | (0.30) |  | (0.30) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.06 | 1.90% | $&nbsp;&nbsp;&nbsp;&nbsp; 656374 | 0.94% | n/a | 6.75% | 12.97% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.63 | 0.66 | 0.56 | 1.22 | (0.66) |  | (0.66) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.19 | 14.64% | $&nbsp;&nbsp;&nbsp;&nbsp; 609401 | 0.95% | n/a | 7.43% | 32.01% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.46 | 0.63 | 0.28 | 0.91 | (0.68) | (0.06) | (0.74) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.63 | 10.44% | $&nbsp;&nbsp;&nbsp;&nbsp; 698504 | 0.94% | n/a | 7.29% | 18.46% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.28 | 0.51 | (1.58) | (1.07) | (0.53) | (0.22) | (0.75) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.46 | (11.00)% | $&nbsp;&nbsp;&nbsp;&nbsp; 756049 | 0.94% | n/a | 5.34% | 55.84% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.53 | 0.55 | 0.74 | 1.29 | (0.54) |  | (0.54) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.28 | 13.79% | $&nbsp;&nbsp;&nbsp;&nbsp;1436340 | 0.95% | n/a | 5.42% | 58.10% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.66 | 0.60 | (0.13) | 0.47 | (0.60) |  | (0.60) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.53 | 5.14% | $&nbsp;&nbsp;&nbsp;&nbsp;1149422 | 0.96% | n/a | 6.43% | 71.78% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 9.19 | 0.31 | (0.14) | 0.17 | (0.31) |  | (0.31) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.05 | 1.98% | $&nbsp;&nbsp;&nbsp;&nbsp;3592782 | 0.79% | n/a | 6.91% | 12.97% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.62 | 0.67 | 0.58 | 1.25 | (0.68) |  | (0.68) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.19 | 14.83% | $&nbsp;&nbsp;&nbsp;&nbsp;3486020 | 0.79% | n/a | 7.56% | 32.01% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.45 | 0.64 | 0.28 | 0.92 | (0.69) | (0.06) | (0.75) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.62 | 10.62% | $&nbsp;&nbsp;&nbsp;&nbsp;3021295 | 0.79% | n/a | 7.46% | 18.46% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.27 | 0.53 | (1.59) | (1.06) | (0.54) | (0.22) | (0.76) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.45 | (10.88)% | $&nbsp;&nbsp;&nbsp;&nbsp;2570217 | 0.79% | n/a | 5.56% | 55.84% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.53 | 0.56 | 0.74 | 1.30 | (0.56) |  | (0.56) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.27 | 13.86% | $&nbsp;&nbsp;&nbsp;&nbsp;3263582 | 0.79% | n/a | 5.56% | 58.10% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.66 | 0.61 | (0.13) | 0.48 | (0.61) |  | (0.61) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.53 | 5.29% | $&nbsp;&nbsp;&nbsp;&nbsp;2281480 | 0.82% | n/a | 6.57% | 71.78% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 9.19 | 0.32 | (0.15) | 0.17 | (0.31) |  | (0.31) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.05 | 2.03% | $&nbsp;&nbsp;&nbsp;&nbsp;5054642 | 0.69% | n/a | 7.00% | 12.97% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.62 | 0.68 | 0.57 | 1.25 | (0.68) |  | (0.68) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.19 | 14.95% | $&nbsp;&nbsp;&nbsp;&nbsp;4729917 | 0.69% | n/a | 7.65% | 32.01% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.45 | 0.65 | 0.28 | 0.93 | (0.70) | (0.06) | (0.76) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.62 | 10.72% | $&nbsp;&nbsp;&nbsp;&nbsp;3439268 | 0.70% | n/a | 7.56% | 18.46% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.27 | 0.54 | (1.59) | (1.05) | (0.55) | (0.22) | (0.77) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.45 | (10.81)% | $&nbsp;&nbsp;&nbsp;&nbsp;2482806 | 0.70% | n/a | 5.68% | 55.84% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.53 | 0.57 | 0.74 | 1.31 | (0.57) |  | (0.57) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.27 | 13.97% | $&nbsp;&nbsp;&nbsp;&nbsp;2372161 | 0.70% | n/a | 5.63% | 58.10% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.66 | 0.62 | (0.13) | 0.49 | (0.62) |  | (0.62) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.53 | 5.40% | $&nbsp;&nbsp;&nbsp;&nbsp;1385864 | 0.72% | n/a | 6.67% | 71.78% |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **83** |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 30.73 | 0.07 | 1.47 | 1.54 | (0.24) | (2.52) | (2.76) | $&nbsp;&nbsp;&nbsp;&nbsp; 29.51 | 5.55% | $&nbsp;&nbsp;&nbsp;&nbsp;1471163 | 1.19% | n/a | 0.48% | 60.76% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.86 | 0.20 | 6.15 | 6.35 | (0.27) | (0.21) | (0.48) | $&nbsp;&nbsp;&nbsp;&nbsp; 30.73 | 25.92% | $&nbsp;&nbsp;&nbsp;&nbsp;1533080 | 1.19% | n/a | 0.72% | 83.27% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 20.93 | 0.25 | 4.29 | 4.54 | (0.30) | (0.31) | (0.61) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.86 | 21.79% | $&nbsp;&nbsp;&nbsp;&nbsp;1513239 | 1.19% | n/a | 1.00% | 76.96% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.66 | 0.28 | (8.90) | (8.62) | (0.24) | (6.87) | (7.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.93 | (29.32)% | $&nbsp;&nbsp;&nbsp;&nbsp;1575634 | 1.19% | n/a | 1.03% | 50.49% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.86 | 0.24 | 4.68 | 4.92 | (0.08) | (1.04) | (1.12) | $&nbsp;&nbsp;&nbsp;&nbsp; 36.66 | 15.32% | $&nbsp;&nbsp;&nbsp;&nbsp;3019360 | 1.18% | n/a | 0.69% | 67.41% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.52 | 0.08 | 2.00 | 2.08 | (0.30) | (1.44) | (1.74) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.86 | 6.52% | $&nbsp;&nbsp;&nbsp;&nbsp;3142072 | 1.19% | n/a | 0.27% | 53.82% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 30.59 | 0.09 | 1.46 | 1.55 | (0.27) | (2.52) | (2.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 29.35 | 5.63% | $&nbsp;&nbsp;&nbsp;&nbsp; 875797 | 1.06% | n/a | 0.62% | 60.76% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.77 | 0.25 | 6.11 | 6.36 | (0.33) | (0.21) | (0.54) | $&nbsp;&nbsp;&nbsp;&nbsp; 30.59 | 26.07% | $&nbsp;&nbsp;&nbsp;&nbsp; 870424 | 1.05% | n/a | 0.89% | 83.27% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 20.87 | 0.28 | 4.28 | 4.56 | (0.35) | (0.31) | (0.66) | $&nbsp;&nbsp;&nbsp;&nbsp; 24.77 | 21.99% | $&nbsp;&nbsp;&nbsp;&nbsp; 791282 | 1.05% | n/a | 1.14% | 76.96% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.58 | 0.32 | (8.86) | (8.54) | (0.30) | (6.87) | (7.17) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.87 | (29.24)% | $&nbsp;&nbsp;&nbsp;&nbsp; 829517 | 1.05% | n/a | 1.18% | 50.49% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.80 | 0.30 | 4.65 | 4.95 | (0.13) | (1.04) | (1.17) | $&nbsp;&nbsp;&nbsp;&nbsp; 36.58 | 15.47% | $&nbsp;&nbsp;&nbsp;&nbsp;1718258 | 1.04% | n/a | 0.84% | 67.41% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.46 | 0.15 | 1.98 | 2.13 | (0.35) | (1.44) | (1.79) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.80 | 6.71% | $&nbsp;&nbsp;&nbsp;&nbsp;1799962 | 1.04% | n/a | 0.48% | 53.82% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 30.91 | 0.10 | 1.48 | 1.58 | (0.29) | (2.52) | (2.81) | $&nbsp;&nbsp;&nbsp;&nbsp; 29.68 | 5.67% | $&nbsp;&nbsp;&nbsp;&nbsp;2682794 | 0.96% | n/a | 0.68% | 60.76% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 25.03 | 0.28 | 6.17 | 6.45 | (0.36) | (0.21) | (0.57) | $&nbsp;&nbsp;&nbsp;&nbsp; 30.91 | 26.19% | $&nbsp;&nbsp;&nbsp;&nbsp;2883423 | 0.96% | n/a | 0.99% | 83.27% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.09 | 0.31 | 4.32 | 4.63 | (0.38) | (0.31) | (0.69) | $&nbsp;&nbsp;&nbsp;&nbsp; 25.03 | 22.04% | $&nbsp;&nbsp;&nbsp;&nbsp;2582094 | 0.96% | n/a | 1.23% | 76.96% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.90 | 0.35 | (8.95) | (8.60) | (0.34) | (6.87) | (7.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.09 | (29.14)% | $&nbsp;&nbsp;&nbsp;&nbsp;2588387 | 0.97% | n/a | 1.28% | 50.49% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.08 | 0.33 | 4.69 | 5.02 | (0.16) | (1.04) | (1.20) | $&nbsp;&nbsp;&nbsp;&nbsp; 36.90 | 15.56% | $&nbsp;&nbsp;&nbsp;&nbsp;4920404 | 0.95% | n/a | 0.93% | 67.41% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.72 | 0.17 | 2.01 | 2.18 | (0.38) | (1.44) | (1.82) | $&nbsp;&nbsp;&nbsp;&nbsp; 33.08 | 6.80% | $&nbsp;&nbsp;&nbsp;&nbsp;4718706 | 0.96% | n/a | 0.55% | 53.82% |
| **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** |
| **Advisor Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 12.59 | 0.03 | 0.22 | 0.25 | (0.10) | (0.19) | (0.29) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.55 | 2.06% | $&nbsp;&nbsp;&nbsp;&nbsp; 189298 | 1.25% | n/a | 0.52% | 22.74% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.47 | 0.13 | 2.21 | 2.34 | (0.07) | (0.15) | (0.22) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.59 | 22.75% | $&nbsp;&nbsp;&nbsp;&nbsp; 101836 | 1.40% | 1.44%(7) | 1.10% | 15.52% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.69 | 0.12 | 1.67 | 1.79 | (0.01) |  | (0.01) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.47 | 20.62% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39616 | 1.40% | 1.75% | 1.10% | 23.97% |
| 5/16/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.02 | (1.33) | (1.31) |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 8.69 | (13.10)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5811 | 1.40% | 6.08% | 0.64% | 11.60% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 12.59 | 0.03 | 0.23 | 0.26 | (0.10) | (0.19) | (0.29) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.56 | 2.13% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73891 | 1.22% | n/a | 0.56% | 22.74% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.48 | 0.12 | 2.21 | 2.33 | (0.07) | (0.15) | (0.22) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.59 | 22.70% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57313 | 1.33% | 1.37%(7) | 1.05% | 15.52% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.69 | 0.14 | 1.67 | 1.81 | (0.02) |  | (0.02) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.48 | 20.80% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36073 | 1.35% | 1.59% | 1.31% | 23.97% |
| 5/16/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.01 | (1.32) | (1.31) |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 8.69 | (13.10)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14725 | 1.35% | 2.91% | 0.25% | 11.60% |

---

---

| | |
|:---|:---|
| **84** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized<br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers(<sup>3)</sup>** | **Ratio of Net Investment Income (Loss) to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.59 | (0.03) | (1.57) | (1.60) |  | (0.15) | (0.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.84 | (8.64)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134847 | 1.32% | n/a | (0.37)% | 17.20% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.55 | —<sup>(5)</sup> | 3.04 | 3.04 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 18.59 | 19.55% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203785 | 1.32% | n/a | (0.02)% | 33.05% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.90 | (0.03) | 1.68 | 1.65 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 15.55 | 11.87% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264373 | 1.30% | n/a | (0.16)% | 26.46% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.19 | (0.06) | (6.65) | (6.71) |  | (0.58) | (0.58) | $&nbsp;&nbsp;&nbsp;&nbsp; 13.90 | (32.53)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301480 | 1.28% | n/a | (0.32)% | 22.12% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.33 | (0.09) | 4.06 | 3.97 | (0.11) |  | (0.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.19 | 22.99% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531882 | 1.30% | n/a | (0.42)% | 28.29% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.61 | 0.16 | 3.58 | 3.74 | (0.02) |  | (0.02) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.33 | 27.52% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400490 | 1.33% | n/a | 1.06% | 27.84% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.71 | (0.02) | (1.58) | (1.60) | (0.01) | (0.15) | (0.16) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.95 | (8.65)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783129 | 1.16% | n/a | (0.21)% | 17.20% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.62 | 0.03 | 3.06 | 3.09 | —<sup>(5)</sup> |  | —<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.71 | 19.85% | $&nbsp;&nbsp;&nbsp;&nbsp; 1176167 | 1.15% | n/a | 0.15% | 33.05% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.94 | —<sup>(5)</sup> | 1.68 | 1.68 | —<sup>(5)</sup> |  | —<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.62 | 12.08% | $&nbsp;&nbsp;&nbsp;&nbsp; 1142603 | 1.14% | n/a | 0.01% | 26.46% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.23 | (0.03) | (6.68) | (6.71) |  | (0.58) | (0.58) | $&nbsp;&nbsp;&nbsp;&nbsp; 13.94 | (32.47)% | $&nbsp;&nbsp;&nbsp;&nbsp; 1161239 | 1.14% | n/a | (0.16)% | 22.12% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.35 | (0.05) | 4.06 | 4.01 | (0.13) |  | (0.13) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.23 | 23.20% | $&nbsp;&nbsp;&nbsp;&nbsp; 1856538 | 1.14% | n/a | (0.26)% | 28.29% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.62 | 0.20 | 3.57 | 3.77 | (0.04) |  | (0.04) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.35 | 27.70% | $&nbsp;&nbsp;&nbsp;&nbsp; 1223773 | 1.18% | n/a | 1.32% | 27.84% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.94 | (0.01) | (1.60) | (1.61) | (0.02) | (0.15) | (0.17) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.16 | (8.52)% | $&nbsp;&nbsp;&nbsp;&nbsp; 2749084 | 1.07% | n/a | (0.11)% | 17.20% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.81 | 0.04 | 3.10 | 3.14 | (0.01) |  | (0.01) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.94 | 19.88% | $&nbsp;&nbsp;&nbsp;&nbsp; 3367529 | 1.07% | n/a | 0.25% | 33.05% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.12 | 0.02 | 1.69 | 1.71 | (0.02) |  | (0.02) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.81 | 12.10% | $&nbsp;&nbsp;&nbsp;&nbsp; 2672752 | 1.07% | n/a | 0.09% | 26.46% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 21.47 | (0.01) | (6.76) | (6.77) |  | (0.58) | (0.58) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.12 | (32.38)% | $&nbsp;&nbsp;&nbsp;&nbsp; 2505844 | 1.06% | n/a | (0.08)% | 22.12% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.54 | (0.04) | 4.11 | 4.07 | (0.14) |  | (0.14) | $&nbsp;&nbsp;&nbsp;&nbsp; 21.47 | 23.30% | $&nbsp;&nbsp;&nbsp;&nbsp; 3897436 | 1.06% | n/a | (0.17)% | 28.29% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.76 | 0.23 | 3.59 | 3.82 | (0.04) |  | (0.04) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.54 | 27.85% | $&nbsp;&nbsp;&nbsp;&nbsp; 1836163 | 1.09% | n/a | 1.49% | 27.84% |
| **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 52.03 | 0.36 | (1.42) | (1.06) | (0.36) | (1.21) | (1.57) | $&nbsp;&nbsp;&nbsp;&nbsp; 49.40 | (1.95)% | $&nbsp;&nbsp;&nbsp;&nbsp; 3137954 | 1.18% | n/a | 1.45% | 7.68% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 42.69 | 0.65 | 10.40 | 11.05 | (0.88) | (0.83) | (1.71) | $&nbsp;&nbsp;&nbsp;&nbsp; 52.03 | 26.51% | $&nbsp;&nbsp;&nbsp;&nbsp; 3160578 | 1.19% | n/a | 1.37% | 14.78% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.96 | 0.47 | 9.98 | 10.45 | (0.08) | (0.64) | (0.72) | $&nbsp;&nbsp;&nbsp;&nbsp; 42.69 | 31.97% | $&nbsp;&nbsp;&nbsp;&nbsp; 2661694 | 1.18% | n/a | 1.13% | 19.48% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 44.49 | 0.45 | (7.77) | (7.32) | (1.17) | (3.04) | (4.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.96 | (18.40)% | $&nbsp;&nbsp;&nbsp;&nbsp; 2059112 | 1.19% | n/a | 1.13% | 22.69% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.94 | 1.01 | 10.88 | 11.89 | (0.09) | (0.25) | (0.34) | $&nbsp;&nbsp;&nbsp;&nbsp; 44.49 | 36.13% | $&nbsp;&nbsp;&nbsp;&nbsp; 2728996 | 1.18% | n/a | 2.39% | 32.90% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 34.87 | 0.19 | (1.06) | (0.87) | (0.23) | (0.83) | (1.06) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.94 | (2.71)% | $&nbsp;&nbsp;&nbsp;&nbsp; 1983618 | 1.19% | n/a | 0.57% | 28.06% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 51.91 | 0.39 | (1.40) | (1.01) | (0.40) | (1.21) | (1.61) | $&nbsp;&nbsp;&nbsp;&nbsp; 49.29 | (1.87)% | $&nbsp;&nbsp;&nbsp;&nbsp;11424809 | 1.05% | n/a | 1.59% | 7.68% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 42.66 | 0.73 | 10.36 | 11.09 | (1.01) | (0.83) | (1.84) | $&nbsp;&nbsp;&nbsp;&nbsp; 51.91 | 26.68% | $&nbsp;&nbsp;&nbsp;&nbsp;10859010 | 1.04% | n/a | 1.54% | 14.78% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.89 | 0.54 | 9.95 | 10.49 | (0.08) | (0.64) | (0.72) | $&nbsp;&nbsp;&nbsp;&nbsp; 42.66 | 32.17% | $&nbsp;&nbsp;&nbsp;&nbsp; 7949554 | 1.04% | n/a | 1.31% | 19.48% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 44.46 | 0.52 | (7.76) | (7.24) | (1.29) | (3.04) | (4.33) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.89 | (18.27)% | $&nbsp;&nbsp;&nbsp;&nbsp; 4705187 | 1.05% | n/a | 1.29% | 22.69% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.90 | 1.14 | 10.78 | 11.92 | (0.11) | (0.25) | (0.36) | $&nbsp;&nbsp;&nbsp;&nbsp; 44.46 | 36.31% | $&nbsp;&nbsp;&nbsp;&nbsp; 6072617 | 1.04% | n/a | 2.70% | 32.90% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 34.81 | 0.27 | (1.09) | (0.82) | (0.26) | (0.83) | (1.09) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.90 | (2.56)% | $&nbsp;&nbsp;&nbsp;&nbsp; 3645568 | 1.05% | n/a | 0.81% | 28.06% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 52.18 | 0.42 | (1.41) | (0.99) | (0.43) | (1.21) | (1.64) | $&nbsp;&nbsp;&nbsp;&nbsp; 49.55 | (1.81)% | $&nbsp;&nbsp;&nbsp;&nbsp;22502166 | 0.95% | n/a | 1.69% | 7.68% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 42.89 | 0.77 | 10.44 | 11.21 | (1.09) | (0.83) | (1.92) | $&nbsp;&nbsp;&nbsp;&nbsp; 52.18 | 26.81% | $&nbsp;&nbsp;&nbsp;&nbsp;22197352 | 0.95% | n/a | 1.63% | 14.78% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.04 | 0.56 | 10.01 | 10.57 | (0.08) | (0.64) | (0.72) | $&nbsp;&nbsp;&nbsp;&nbsp; 42.89 | 32.27% | $&nbsp;&nbsp;&nbsp;&nbsp;17529499 | 0.95% | n/a | 1.36% | 19.48% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 44.69 | 0.55 | (7.80) | (7.25) | (1.36) | (3.04) | (4.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 33.04 | (18.20)% | $&nbsp;&nbsp;&nbsp;&nbsp;13366731 | 0.95% | n/a | 1.36% | 22.69% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.06 | 1.16 | 10.86 | 12.02 | (0.14) | (0.25) | (0.39) | $&nbsp;&nbsp;&nbsp;&nbsp; 44.69 | 36.45% | $&nbsp;&nbsp;&nbsp;&nbsp;13304215 | 0.95% | n/a | 2.72% | 32.90% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 34.96 | 0.28 | (1.08) | (0.80) | (0.27) | (0.83) | (1.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 33.06 | (2.48)% | $&nbsp;&nbsp;&nbsp;&nbsp; 7944724 | 0.96% | n/a | 0.85% | 28.06% |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **85** |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income (Loss) to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 37.05 | (0.16) | (0.27) | (0.43) |  | (5.23) | (5.23) | $&nbsp;&nbsp;&nbsp;&nbsp; 31.39 | (2.68)% | $&nbsp;&nbsp;&nbsp;&nbsp; 941909 | 1.20% | n/a | (0.92)% | 31.29% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 31.95 | (0.32) | 5.42 | 5.10 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 37.05 | 15.96% | $&nbsp;&nbsp;&nbsp;&nbsp;1184394 | 1.19% | n/a | (0.92)% | 44.94% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 28.45 | (0.26) | 3.84 | 3.58 | (0.08) |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 31.95 | 12.62% | $&nbsp;&nbsp;&nbsp;&nbsp;1350885 | 1.20% | n/a | (0.83)% | 46.87% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 53.28 | (0.37) | (15.87) | (16.24) |  | (8.59) | (8.59) | $&nbsp;&nbsp;&nbsp;&nbsp; 28.45 | (36.55)% | $&nbsp;&nbsp;&nbsp;&nbsp;1387480 | 1.18% | n/a | (0.97)% | 34.12% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 47.75 | (0.49) | 13.20 | 12.71 |  | (7.18) | (7.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 53.28 | 29.84% | $&nbsp;&nbsp;&nbsp;&nbsp;2495355 | 1.18% | n/a | (0.98)% | 40.72% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 37.16 | (0.31) | 15.43 | 15.12 |  | (4.53) | (4.53) | $&nbsp;&nbsp;&nbsp;&nbsp; 47.75 | 45.66% | $&nbsp;&nbsp;&nbsp;&nbsp;2106948 | 1.18% | n/a | (0.81)% | 44.52% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 37.84 | (0.14) | (0.29) | (0.43) |  | (5.23) | (5.23) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.18 | (2.61)% | $&nbsp;&nbsp;&nbsp;&nbsp; 473861 | 1.06% | n/a | (0.78)% | 31.29% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 32.58 | (0.28) | 5.54 | 5.26 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 37.84 | 16.14% | $&nbsp;&nbsp;&nbsp;&nbsp; 616589 | 1.05% | n/a | (0.77)% | 44.94% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.02 | (0.22) | 3.91 | 3.69 | (0.13) |  | (0.13) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.58 | 12.76% | $&nbsp;&nbsp;&nbsp;&nbsp; 619561 | 1.05% | n/a | (0.69)% | 46.87% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 54.11 | (0.32) | (16.18) | (16.50) |  | (8.59) | (8.59) | $&nbsp;&nbsp;&nbsp;&nbsp; 29.02 | (36.46)% | $&nbsp;&nbsp;&nbsp;&nbsp; 572155 | 1.05% | n/a | (0.83)% | 34.12% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 48.33 | (0.43) | 13.39 | 12.96 |  | (7.18) | (7.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 54.11 | 30.02% | $&nbsp;&nbsp;&nbsp;&nbsp; 923543 | 1.04% | n/a | (0.85)% | 40.72% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 37.52 | (0.27) | 15.61 | 15.34 |  | (4.53) | (4.53) | $&nbsp;&nbsp;&nbsp;&nbsp; 48.33 | 45.83% | $&nbsp;&nbsp;&nbsp;&nbsp; 667057 | 1.05% | n/a | (0.68)% | 44.52% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 44.38 | (0.15) | (0.44) | (0.59) |  | (5.23) | (5.23) | $&nbsp;&nbsp;&nbsp;&nbsp; 38.56 | (2.59)% | $&nbsp;&nbsp;&nbsp;&nbsp;2169741 | 0.96% | n/a | (0.68)% | 31.29% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 38.17 | (0.29) | 6.50 | 6.21 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 44.38 | 16.27% | $&nbsp;&nbsp;&nbsp;&nbsp;2503813 | 0.96% | n/a | (0.68)% | 44.94% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.98 | (0.22) | 4.57 | 4.35 | (0.16) |  | (0.16) | $&nbsp;&nbsp;&nbsp;&nbsp; 38.17 | 12.86% | $&nbsp;&nbsp;&nbsp;&nbsp;2505649 | 0.96% | n/a | (0.60)% | 46.87% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 61.87 | (0.33) | (18.97) | (19.30) |  | (8.59) | (8.59) | $&nbsp;&nbsp;&nbsp;&nbsp; 33.98 | (36.41)% | $&nbsp;&nbsp;&nbsp;&nbsp;2285588 | 0.95% | n/a | (0.74)% | 34.12% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 54.25 | (0.43) | 15.23 | 14.80 |  | (7.18) | (7.18) | $&nbsp;&nbsp;&nbsp;&nbsp; 61.87 | 30.15% | $&nbsp;&nbsp;&nbsp;&nbsp;4000122 | 0.95% | n/a | (0.75)% | 40.72% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 41.54 | (0.26) | 17.50 | 17.24 |  | (4.53) | (4.53) | $&nbsp;&nbsp;&nbsp;&nbsp; 54.25 | 45.98% | $&nbsp;&nbsp;&nbsp;&nbsp;4015667 | 0.95% | n/a | (0.59)% | 44.52% |
| **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 16.84 | 0.09 | (0.84) | (0.75) | (0.08) | (0.58) | (0.66) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.43 | (4.69)% | $&nbsp;&nbsp;&nbsp;&nbsp; 300671 | 1.18% | n/a | 1.10% | 18.18% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | 0.12 | 2.90 | 3.02 | (0.11) | (2.59) | (2.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.84 | 20.67% | $&nbsp;&nbsp;&nbsp;&nbsp; 352773 | 1.23% | n/a | 0.76% | 23.41% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.11 | 0.12 | 2.61 | 2.73 | (0.05) | (3.27) | (3.32) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | 16.19% | $&nbsp;&nbsp;&nbsp;&nbsp; 365299 | 1.22% | n/a | 0.69% | 27.81% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.12 | 0.12 | (3.07) | (2.95) | (0.04) | (3.02) | (3.06) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.11 | (15.39)% | $&nbsp;&nbsp;&nbsp;&nbsp; 391804 | 1.20% | n/a | 0.57% | 15.17% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.26 | 0.12 | 7.10 | 7.22 | (0.09) | (0.27) | (0.36) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.12 | 44.94% | $&nbsp;&nbsp;&nbsp;&nbsp; 693149 | 1.20% | n/a | 0.56% | 16.04% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.81 | 0.15 | (1.71) | (1.56) | (0.12) | (1.87) | (1.99) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.26 | (8.93)% | $&nbsp;&nbsp;&nbsp;&nbsp; 541320 | 1.21% | n/a | 0.90% | 43.12% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 16.74 | 0.10 | (0.83) | (0.73) | (0.10) | (0.58) | (0.68) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.33 | (4.60)% | $&nbsp;&nbsp;&nbsp;&nbsp; 184189 | 1.07% | n/a | 1.21% | 18.18% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.44 | 0.14 | 2.88 | 3.02 | (0.13) | (2.59) | (2.72) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.74 | 20.80% | $&nbsp;&nbsp;&nbsp;&nbsp; 216475 | 1.11% | n/a | 0.89% | 23.41% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.06 | 0.14 | 2.61 | 2.75 | (0.10) | (3.27) | (3.37) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.44 | 16.39% | $&nbsp;&nbsp;&nbsp;&nbsp; 247854 | 1.07% | n/a | 0.83% | 27.81% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.07 | 0.15 | (3.07) | (2.92) | (0.07) | (3.02) | (3.09) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.06 | (15.29)% | $&nbsp;&nbsp;&nbsp;&nbsp; 397898 | 1.04% | n/a | 0.72% | 15.17% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.23 | 0.16 | 7.07 | 7.23 | (0.12) | (0.27) | (0.39) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.07 | 45.12% | $&nbsp;&nbsp;&nbsp;&nbsp; 551822 | 1.05% | n/a | 0.73% | 16.04% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.77 | 0.17 | (1.70) | (1.53) | (0.14) | (1.87) | (2.01) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.23 | (8.76)% | $&nbsp;&nbsp;&nbsp;&nbsp; 518198 | 1.06% | n/a | 1.02% | 43.12% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 16.77 | 0.11 | (0.84) | (0.73) | (0.12) | (0.58) | (0.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.34 | (4.61)% | $&nbsp;&nbsp;&nbsp;&nbsp; 564551 | 0.95% | n/a | 1.34% | 18.18% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.47 | 0.15 | 2.89 | 3.04 | (0.15) | (2.59) | (2.74) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.77 | 20.90% | $&nbsp;&nbsp;&nbsp;&nbsp; 605251 | 1.01% | n/a | 0.98% | 23.41% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.08 | 0.15 | 2.62 | 2.77 | (0.11) | (3.27) | (3.38) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.47 | 16.53% | $&nbsp;&nbsp;&nbsp;&nbsp; 533734 | 1.00% | n/a | 0.91% | 27.81% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 23.09 | 0.16 | (3.06) | (2.90) | (0.09) | (3.02) | (3.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.08 | (15.21)% | $&nbsp;&nbsp;&nbsp;&nbsp; 518265 | 0.98% | n/a | 0.78% | 15.17% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.24 | 0.17 | 7.08 | 7.25 | (0.13) | (0.27) | (0.40) | $&nbsp;&nbsp;&nbsp;&nbsp; 23.09 | 45.22% | $&nbsp;&nbsp;&nbsp;&nbsp; 783375 | 0.98% | n/a | 0.79% | 16.04% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.80 | 0.18 | (1.71) | (1.53) | (0.16) | (1.87) | (2.03) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.24 | (8.76)% | $&nbsp;&nbsp;&nbsp;&nbsp; 619243 | 1.00% | n/a | 1.08% | 43.12% |

---

---

| | |
|:---|:---|
| **86** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income (Loss)<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income (Loss) to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.76 | 0.02 | 0.66 | 0.68 | (0.01) | (0.18) | (0.19) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.25 | 4.36% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3851 | 1.25% | 2.97% | 0.28% | 16.24% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 11.97 | 0.07 | 3.78 | 3.85 | (0.06) |  | (0.06) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.76 | 32.32% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3416 | 1.25% | 3.12% | 0.51% | 19.09% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.84 | 0.05 | 2.38 | 2.43 | (0.01) | (0.29) | (0.30) | $&nbsp;&nbsp;&nbsp;&nbsp; 11.97 | 24.93% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2796 | 1.25% | 3.17% | 0.41% | 26.63% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.48 | 0.01 | (3.00) | (2.99) |  | (0.65) | (0.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.84 | (23.43)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345 | 1.25% | 3.16% | 0.05% | 20.96% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.17 | (0.01) | 3.32 | 3.31 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 13.48 | 32.55% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919 | 1.25% | 4.35% | (0.05)% | 34.69% |
| 2/28/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | —<sup>(5)</sup> | 0.17 | 0.17 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 10.17 | 1.70% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 | 1.25% | 17.96% | 0.03% | 26.96% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.79 | 0.03 | 0.67 | 0.70 | (0.03) | (0.18) | (0.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.28 | 4.45% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1930 | 1.15% | 3.70% | 0.40% | 16.24% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 11.99 | 0.09 | 3.79 | 3.88 | (0.08) |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.79 | 32.47% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382 | 1.15% | 3.83% | 0.62% | 19.09% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.87 | 0.05 | 2.38 | 2.43 | (0.02) | (0.29) | (0.31) | $&nbsp;&nbsp;&nbsp;&nbsp; 11.99 | 24.90% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1239 | 1.15% | 3.66% | 0.44% | 26.63% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.49 | 0.02 | (2.99) | (2.97) |  | (0.65) | (0.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.87 | (23.26)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1561 | 1.15% | 3.68% | 0.14% | 20.96% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.18 | 0.01 | 3.30 | 3.31 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 13.49 | 32.51% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784 | 1.15% | 4.83% | 0.05% | 34.69% |
| 2/28/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.01 | 0.17 | 0.18 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 10.18 | 1.80% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 | 1.15% | 9.66% | 0.15% | 26.96% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.71 | 0.03 | 0.66 | 0.69 | (0.04) | (0.18) | (0.22) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.18 | 4.41% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52882 | 1.10% | 1.11% | 0.43% | 16.24% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 11.93 | 0.09 | 3.77 | 3.86 | (0.08) |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.71 | 32.54% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47315 | 1.10% | 1.18% | 0.66% | 19.09% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 9.81 | 0.07 | 2.37 | 2.44 | (0.03) | (0.29) | (0.32) | $&nbsp;&nbsp;&nbsp;&nbsp; 11.93 | 25.12% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32968 | 1.10% | 1.34% | 0.56% | 26.63% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.44 | 0.03 | (2.99) | (2.96) | (0.02) | (0.65) | (0.67) | $&nbsp;&nbsp;&nbsp;&nbsp; 9.81 | (23.33)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25650 | 1.10% | 1.39% | 0.22% | 20.96% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.18 | 0.02 | 3.30 | 3.32 | (0.06) |  | (0.06) | $&nbsp;&nbsp;&nbsp;&nbsp; 13.44 | 32.71% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19903 | 1.10% | 1.56% | 0.16% | 34.69% |
| 2/28/2020 (commencement) - 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.01 | 0.17 | 0.18 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 10.18 | 1.80% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11266 | 1.10% | 2.36% | 0.20% | 26.96% |
| **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 36.74 | (0.18) | (3.08) | (3.26) |  | (1.83) | (1.83) | $&nbsp;&nbsp;&nbsp;&nbsp; 31.65 | (9.59)% | $&nbsp;&nbsp;&nbsp;&nbsp; 426842 | 1.24% | n/a | (1.02)% | 30.56% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.52 | (0.34) | 7.56 | 7.22 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 36.74 | 24.46% | $&nbsp;&nbsp;&nbsp;&nbsp; 515060 | 1.23% | n/a | (1.03)% | 46.72% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 27.82 | (0.31) | 2.09 | 1.78 | (0.08) |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 29.52 | 6.38% | $&nbsp;&nbsp;&nbsp;&nbsp; 526681 | 1.23% | n/a | (1.01)% | 30.14% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.34 | (0.36) | (17.09) | (17.45) |  | (5.07) | (5.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 27.82 | (38.24)% | $&nbsp;&nbsp;&nbsp;&nbsp; 571380 | 1.20% | n/a | (1.00)% | 33.64% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 42.80 | (0.53) | 10.77 | 10.24 |  | (2.70) | (2.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 50.34 | 24.45% | $&nbsp;&nbsp;&nbsp;&nbsp;1089099 | 1.19% | n/a | (1.06)% | 39.79% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.17 | (0.38) | 12.66 | 12.28 |  | (2.65) | (2.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 42.80 | 39.51% | $&nbsp;&nbsp;&nbsp;&nbsp; 896297 | 1.20% | n/a | (1.05)% | 40.59% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 37.16 | (0.16) | (3.11) | (3.27) |  | (1.83) | (1.83) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.06 | (9.50)% | $&nbsp;&nbsp;&nbsp;&nbsp; 211015 | 1.10% | n/a | (0.89)% | 30.56% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 29.82 | (0.29) | 7.63 | 7.34 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 37.16 | 24.61% | $&nbsp;&nbsp;&nbsp;&nbsp; 284862 | 1.08% | n/a | (0.89)% | 46.72% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 28.08 | (0.26) | 2.10 | 1.84 | (0.10) |  | (0.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 29.82 | 6.56% | $&nbsp;&nbsp;&nbsp;&nbsp; 262669 | 1.07% | n/a | (0.86)% | 30.14% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.70 | (0.32) | (17.23) | (17.55) |  | (5.07) | (5.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 28.08 | (38.16)% | $&nbsp;&nbsp;&nbsp;&nbsp; 361941 | 1.06% | n/a | (0.87)% | 33.64% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 43.03 | (0.47) | 10.84 | 10.37 |  | (2.70) | (2.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 50.70 | 24.63% | $&nbsp;&nbsp;&nbsp;&nbsp;1325015 | 1.06% | n/a | (0.93)% | 39.79% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.30 | (0.34) | 12.72 | 12.38 |  | (2.65) | (2.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 43.03 | 39.66% | $&nbsp;&nbsp;&nbsp;&nbsp; 999213 | 1.08% | n/a | (0.94)% | 40.59% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 38.05 | (0.15) | (3.19) | (3.34) |  | (1.83) | (1.83) | $&nbsp;&nbsp;&nbsp;&nbsp; 32.88 | (9.46)% | $&nbsp;&nbsp;&nbsp;&nbsp; 456450 | 1.01% | n/a | (0.79)% | 30.56% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 30.50 | (0.27) | 7.82 | 7.55 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 38.05 | 24.75% | $&nbsp;&nbsp;&nbsp;&nbsp; 592837 | 1.00% | n/a | (0.81)% | 46.72% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 28.74 | (0.25) | 2.16 | 1.91 | (0.15) |  | (0.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 30.50 | 6.62% | $&nbsp;&nbsp;&nbsp;&nbsp; 835311 | 1.00% | n/a | (0.78)% | 30.14% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 51.74 | (0.28) | (17.65) | (17.93) |  | (5.07) | (5.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 28.74 | (38.12)% | $&nbsp;&nbsp;&nbsp;&nbsp; 882206 | 0.98% | n/a | (0.78)% | 33.64% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 43.82 | (0.43) | 11.05 | 10.62 |  | (2.70) | (2.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 51.74 | 24.76% | $&nbsp;&nbsp;&nbsp;&nbsp;1633941 | 0.96% | n/a | (0.83)% | 39.79% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 33.83 | (0.31) | 12.95 | 12.64 |  | (2.65) | (2.65) | $&nbsp;&nbsp;&nbsp;&nbsp; 43.82 | 39.82% | $&nbsp;&nbsp;&nbsp;&nbsp;1106482 | 0.99% | n/a | (0.84)% | 40.59% |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **87** |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.50 | 0.05 | (0.60) | (0.55) | (0.19) |  | (0.19) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.76 | (2.97)% | $&nbsp;&nbsp;&nbsp;&nbsp; 13906 | 1.15% | 1.40% | 0.52% | 12.67% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.02 | 0.20 | 3.35 | 3.55 | (0.07) |  | (0.07) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.50 | 23.70% | $&nbsp;&nbsp;&nbsp;&nbsp; 16135 | 1.15% | 1.61% | 1.21% | 11.71% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.48 | 0.18 | 2.47 | 2.65 | (0.11) |  | (0.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.02 | 21.37% | $&nbsp;&nbsp;&nbsp;&nbsp; 13658 | 1.15% | 1.74% | 1.22% | 28.77% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.25 | 0.18 | (6.75) | (6.57) | (0.20) |  | (0.20) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.48 | (34.51)% | $&nbsp;&nbsp;&nbsp;&nbsp; 12297 | 1.26%(8) | 1.58% | 1.06% | 21.48% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.39 | 0.07 | 3.11 | 3.18 | (0.32) |  | (0.32) | $&nbsp;&nbsp;&nbsp;&nbsp; 19.25 | 19.50% | $&nbsp;&nbsp;&nbsp;&nbsp; 61975 | 1.35% | 1.75% | 0.36% | 23.22% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.22 | 0.24 | 1.20 | 1.44 | (0.27) |  | (0.27) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.39 | 9.58% | $&nbsp;&nbsp;&nbsp;&nbsp; 46541 | 1.35% | 1.73% | 1.59% | 21.57% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.49 | 0.06 | (0.60) | (0.54) | (0.21) |  | (0.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 17.74 | (2.94)% | $&nbsp;&nbsp;&nbsp;&nbsp; 62412 | 1.05% | 1.16% | 0.70% | 12.67% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.01 | 0.22 | 3.34 | 3.56 | (0.08) |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.49 | 23.83% | $&nbsp;&nbsp;&nbsp;&nbsp; 47511 | 1.05% | 1.22% | 1.31% | 11.71% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.47 | 0.21 | 2.47 | 2.68 | (0.14) |  | (0.14) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.01 | 21.58% | $&nbsp;&nbsp;&nbsp;&nbsp; 37476 | 1.05% | 1.33% | 1.40% | 28.77% |
| 4/28/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 14.61 | 0.06 | (2.20) | (2.14) |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 12.47 | (14.65)% | $&nbsp;&nbsp;&nbsp;&nbsp; 26872 | 1.05% | 1.97% | 0.96% | 21.48% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 18.84 | 0.06 | (0.61) | (0.55) | (0.21) |  | (0.21) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.08 | (2.89)% | $&nbsp;&nbsp;&nbsp;&nbsp;149372 | 1.00% | 1.05% | 0.70% | 12.67% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.29 | 0.24 | 3.39 | 3.63 | (0.08) |  | (0.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 18.84 | 23.86% | $&nbsp;&nbsp;&nbsp;&nbsp;105709 | 1.00% | 1.10% | 1.42% | 11.71% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.71 | 0.23 | 2.50 | 2.73 | (0.15) |  | (0.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.29 | 21.57% | $&nbsp;&nbsp;&nbsp;&nbsp; 44368 | 1.00% | 1.26% | 1.51% | 28.77% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.55 | 0.18 | (6.85) | (6.67) | (0.17) |  | (0.17) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.71 | (34.46)% | $&nbsp;&nbsp;&nbsp;&nbsp; 23562 | 1.07%(8) | 1.45% | 1.13% | 21.48% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.56 | 0.10 | 3.14 | 3.24 | (0.25) |  | (0.25) | $&nbsp;&nbsp;&nbsp;&nbsp; 19.55 | 19.74% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794 | 1.20% | 1.89% | 0.51% | 23.22% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 15.25 | 0.27 | 1.21 | 1.48 | (0.17) |  | (0.17) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.56 | 9.73% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 | 1.20% | 2.29% | 1.72% | 21.57% |
| **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** | **VALUE** |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.56 | 0.12 | 0.10 | 0.22 | (0.20) | (0.89) | (1.09) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.69 | 1.35% | $&nbsp;&nbsp;&nbsp;&nbsp; 78093 | 0.98% | 1.10% | 1.60% | 14.91% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.21 | 0.18 | 2.87 | 3.05 | (0.13) | (0.57) | (0.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.56 | 24.10% | $&nbsp;&nbsp;&nbsp;&nbsp; 84289 | 0.98% | 1.09% | 1.26% | 25.33% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.02 | 0.13 | 3.14 | 3.27 | (0.03) | (2.05) | (2.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 13.21 | 29.09% | $&nbsp;&nbsp;&nbsp;&nbsp; 83594 | 1.06%(9) | 1.09% | 1.00% | 38.07% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.28 | 0.13 | (2.44) | (2.31) | (0.16) | (1.79) | (1.95) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.02 | (16.50)% | $&nbsp;&nbsp;&nbsp;&nbsp; 82183 | 1.06% | n/a | 0.86% | 27.96% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.41 | 0.10 | 4.82 | 4.92 | (0.06) | (0.99) | (1.05) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.28 | 41.36% | $&nbsp;&nbsp;&nbsp;&nbsp;108551 | 1.05% | n/a | 0.67% | 25.99% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.88 | 0.09 | (0.02) | 0.07 | (0.11) | (0.43) | (0.54) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.41 | 0.35% | $&nbsp;&nbsp;&nbsp;&nbsp; 78717 | 1.08% | n/a | 0.73% | 39.07% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.47 | 0.13 | 0.09 | 0.22 | (0.21) | (0.89) | (1.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.59 | 1.40% | $&nbsp;&nbsp;&nbsp;&nbsp; 73941 | 0.88% | 0.98% | 1.67% | 14.91% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.14 | 0.19 | 2.86 | 3.05 | (0.15) | (0.57) | (0.72) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.47 | 24.29% | $&nbsp;&nbsp;&nbsp;&nbsp; 95835 | 0.88% | 0.97% | 1.36% | 25.33% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 11.97 | 0.15 | 3.12 | 3.27 | (0.05) | (2.05) | (2.10) | $&nbsp;&nbsp;&nbsp;&nbsp; 13.14 | 29.30% | $&nbsp;&nbsp;&nbsp;&nbsp; 87610 | 0.88% | 0.97% | 1.20% | 38.07% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.21 | 0.15 | (2.42) | (2.27) | (0.18) | (1.79) | (1.97) | $&nbsp;&nbsp;&nbsp;&nbsp; 11.97 | (16.35)% | $&nbsp;&nbsp;&nbsp;&nbsp; 54633 | 0.88% | 0.96% | 1.02% | 27.96% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.37 | 0.13 | 4.79 | 4.92 | (0.09) | (0.99) | (1.08) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.21 | 41.53% | $&nbsp;&nbsp;&nbsp;&nbsp; 99646 | 0.88% | 0.95% | 0.84% | 25.99% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.83 | 0.11 | (0.02) | 0.09 | (0.12) | (0.43) | (0.55) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.37 | 0.54% | $&nbsp;&nbsp;&nbsp;&nbsp; 84035 | 0.88% | 0.92% | 0.94% | 39.07% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 15.48 | 0.13 | 0.10 | 0.23 | (0.22) | (0.89) | (1.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 14.60 | 1.46% | $&nbsp;&nbsp;&nbsp;&nbsp;158007 | 0.83% | 0.84% | 1.74% | 14.91% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 13.15 | 0.20 | 2.86 | 3.06 | (0.16) | (0.57) | (0.73) | $&nbsp;&nbsp;&nbsp;&nbsp; 15.48 | 24.33% | $&nbsp;&nbsp;&nbsp;&nbsp;168432 | 0.83% | 0.85% | 1.42% | 25.33% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 11.98 | 0.15 | 3.13 | 3.28 | (0.06) | (2.05) | (2.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 13.15 | 29.35% | $&nbsp;&nbsp;&nbsp;&nbsp;124498 | 0.85%(10) | 0.85% | 1.20% | 38.07% |
| 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 16.24 | 0.15 | (2.43) | (2.28) | (0.19) | (1.79) | (1.98) | $&nbsp;&nbsp;&nbsp;&nbsp; 11.98 | (16.34)% | $&nbsp;&nbsp;&nbsp;&nbsp; 90279 | 0.85% | n/a | 1.01% | 27.96% |
| 9/30/2021 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.40 | 0.13 | 4.80 | 4.93 | (0.10) | (0.99) | (1.09) | $&nbsp;&nbsp;&nbsp;&nbsp; 16.24 | 41.61% | $&nbsp;&nbsp;&nbsp;&nbsp;163069 | 0.83% | n/a | 0.88% | 25.99% |
| 9/30/2020 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.86 | 0.12 | (0.02) | 0.10 | (0.13) | (0.43) | (0.56) | $&nbsp;&nbsp;&nbsp;&nbsp; 12.40 | 0.64% | $&nbsp;&nbsp;&nbsp;&nbsp;123440 | 0.82% | n/a | 1.02% | 39.07% |

---

---

| | |
|:---|:---|
| **88** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Less Distributions From** | **Less Distributions From** | **Less Distributions From** | | | | | | | |
| | <br>**Net Asset Value, Beginning of Period** | <br>**Net Investment Income<sup>(1)</sup>** | <br>**Net Realized and Unrealized Gain (Loss) on Investments** | <br>**Total from Operations** | **Net Investment Income** | **Net Realized <br> Gains** | **Total <br> Distributions** | <br>**Net Asset Value, End of Period** | **Total <br> Return<sup>(2)</sup>** | **Net Assets, End of Period (000)** | **Ratio of Expenses to Average Net Assets<sup>(3)(4)</sup>** | **Ratio of Expenses to Average Net Assets Excluding Waivers<sup>(3)</sup>** | **Ratio of Net Investment Income to Average Net**<br> **Assets<sup>(3)(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** |
| **Investor Shares** | | | | | | | | | | | | | | |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.77 | 0.12 | (0.28) | (0.16) | (0.11) |  | (0.11) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.50 | (1.43)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 | 1.20% | 8.47% | 2.35% | 14.73% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.77 | 0.28 | 1.98 | 2.26 | (0.26) |  | (0.26) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.77 | 26.05% | $&nbsp;&nbsp;&nbsp;&nbsp; 1032 | 1.20% | 8.59% | 2.84% | 29.11% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.15 | 0.24 | 0.63 | 0.87 | (0.25) |  | (0.25) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.77 | 10.67% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754 | 1.20% | 9.07% | 2.67% | 30.15% |
| 2/28/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.15 | (1.86) | (1.71) | (0.14) |  | (0.14) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.15 | (17.16)% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 | 1.20% | 13.46% | 2.73% | 15.65% |
| **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.78 | 0.13 | (0.28) | (0.15) | (0.12) |  | (0.12) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.51 | (1.38)% | $&nbsp;&nbsp;&nbsp;&nbsp; 2185 | 1.10% | 3.98% | 2.46% | 14.73% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.77 | 0.29 | 1.99 | 2.28 | (0.27) |  | (0.27) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.78 | 26.27% | $&nbsp;&nbsp;&nbsp;&nbsp; 2216 | 1.10% | 4.18% | 2.94% | 29.11% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.15 | 0.26 | 0.61 | 0.87 | (0.25) |  | (0.25) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.77 | 10.68% | $&nbsp;&nbsp;&nbsp;&nbsp; 1774 | 1.10% | 4.35% | 2.86% | 30.15% |
| 2/28/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.16 | (1.86) | (1.70) | (0.15) |  | (0.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.15 | (17.11)% | $&nbsp;&nbsp;&nbsp;&nbsp; 1178 | 1.10% | 9.98% | 2.86% | 15.65% |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| 3/31/2025<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.78 | 0.13 | (0.28) | (0.15) | (0.12) |  | (0.12) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.51 | (1.35)% | $&nbsp;&nbsp;&nbsp;&nbsp;13117 | 1.05% | 2.08% | 2.52% | 14.73% |
| 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.78 | 0.29 | 1.98 | 2.27 | (0.27) |  | (0.27) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.78 | 26.18% | $&nbsp;&nbsp;&nbsp;&nbsp;13138 | 1.05% | 2.21% | 2.97% | 29.11% |
| 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; 8.15 | 0.26 | 0.62 | 0.88 | (0.25) |  | (0.25) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.78 | 10.83% | $&nbsp;&nbsp;&nbsp;&nbsp; 8558 | 1.05% | 2.42% | 2.88% | 30.15% |
| 2/28/2022 (commencement) - 9/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.16 | (1.86) | (1.70) | (0.15) |  | (0.15) | $&nbsp;&nbsp;&nbsp;&nbsp; 8.15 | (17.10)% | $&nbsp;&nbsp;&nbsp;&nbsp; 7195 | 1.05% | 2.55% | 2.86% | 15.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Computed
 based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Periods
 less than twelve months (where applicable) are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Periods
 less than twelve months (where applicable) are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes
 the effect of expenses waived or paid by the Adviser, if applicable.

<sup>(5)</sup> Amount is between $0.005 and $(0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Expense
 limit from October 1, 2023 to May 30, 2024 was 1.45% for Investor Shares, 1.35% for Advisor
 Shares and 1.30% for Institutional Shares. Expense limit was lowered effective May 31,
 2024 to 1.24% for Investor Shares, 1.14% for Advisor Shares and 1.09% for Institutional
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Adviser
 voluntarily waived expenses related to the proxy during the year.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Expense
 limit from October 1, 2021 to February 28, 2022 was 1.35% for Investor Shares and 1.20%
 for Institutional Shares. Expense limit was lowered effective March 1, 2022 to 1.15%
 for Investor Shares and 1.00% for Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(9) There
 was no expense limit prior to July 1, 2023. Effective July 1, 2023, expense limit was
 0.98%.

&nbsp;&nbsp;&nbsp;&nbsp;(10) There
 was no expense limit prior to July 1, 2023. Effective July 1, 2023, expense limit was
 0.83%.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Unaudited.
 For the six months ended March 31, 2025.

---

| | |
|:---|:---|
| Artisan Partners Funds | **89** |

---

ARTISAN PARTNERS FUNDS

**Financial Highlights —** For a share outstanding throughout each period

\* Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below. Refer to 2(n) in Notes to Financial Statements for additional information.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund** | **Ratio of Expenses to** <br> **Average Net Assets<sup>@</sup>**<br> **(annualized)** | **Ratio of Expenses to** <br> **Average Net Assets** <br> **Excluding Waivers** <br> **(annualized)** |
| **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** |
| Investor | Investor | Investor | Investor |
| 3/31/2025 | 3/31/2025 | 1.25% | 2.80% |
| 9/30/2024 | 9/30/2024 | 1.25% | 3.18% |
| 9/30/2023 | 9/30/2023 | 1.25% | 7.98% |
| Advisor | Advisor | Advisor | Advisor |
| 3/31/2025 | 3/31/2025 | 1.15% | 1.54% |
| 9/30/2024 | 9/30/2024 | 1.15% | 1.81% |
| 9/30/2023 | 9/30/2023 | 1.15% | 2.95% |
| Institutional | Institutional | Institutional | Institutional |
| 3/31/2025 | 3/31/2025 | 1.10% | 1.35% |
| 9/30/2024 | 9/30/2024 | 1.10% | 1.60% |
| 9/30/2023 | 9/30/2023 | 1.10% | 1.95% |
| **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** |
| Investor | Investor | Investor | Investor |
| 3/31/2025 | 3/31/2025 | 1.24% | 1.93% |
| 9/30/2024 | 9/30/2024 | 1.31% | 3.11% |
| 9/30/2023 | 9/30/2023 | 1.45% | 9.23% |
| 3/31/2022 (Commencement) - 9/30/2022 | 3/31/2022 (Commencement) - 9/30/2022 | 1.45% | 53.92% |
| Advisor | Advisor | Advisor | Advisor |
| 3/31/2025 | 3/31/2025 | 1.14% | 1.44% |
| 9/30/2024 | 9/30/2024 | 1.24% | 1.69% |
| 9/30/2023 | 9/30/2023 | 1.35% | 9.22% |
| 3/31/2022 (Commencement) - 9/30/2022 | 3/31/2022 (Commencement) - 9/30/2022 | 1.35% | 9.22% |
| Institutional | Institutional | Institutional | Institutional |
| 3/31/2025 | 3/31/2025 | 1.09% | 1.46% |
| 9/30/2024 | 9/30/2024 | 1.23% | 1.69% |
| 9/30/2023 | 9/30/2023 | 1.30% | 2.26% |
| 3/31/2022 (Commencement) - 9/30/2022 | 3/31/2022 (Commencement) - 9/30/2022 | 1.30% | 2.38% |
| @ | Includes the effect of expenses waived or paid by the Adviser, if applicable. |  |  |

---

---

| | |
|:---|:---|
| **90** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

ARTISAN PARTNERS FUNDS

**Notes to Financial Statements —** March 31, 2025

**(1)** **Organization** 

Artisan Partners Funds, Inc. ("Artisan Partners Funds") was incorporated on January 5, 1995 as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of March 31, 2025, Artisan Partners Funds is a series company comprised of twenty-one series and follows specialized accounting and reporting under FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a "Fund" and collectively the "Funds") are included in this report:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor Shares**<br> **Inception Date** | **Advisor Shares**<br> **Inception Date** | **Institutional Shares**<br> **Inception Date** |
| Artisan Developing World Fund ("Developing World Fund") | June 29, 2015 | June 29, 2015 | June 29, 2015 |
| Artisan Emerging Markets Debt Opportunities Fund ("Emerging Markets Debt Opportunities Fund") | April 7, 2022 | April 7, 2022 | April 7, 2022 |
| Artisan Floating Rate Fund ("Floating Rate Fund") | December 1, 2021 | December 1, 2021 | December 1, 2021 |
| Artisan Focus Fund ("Focus Fund") | April 24, 2017 | July 31, 2018 | February 3, 2020 |
| Artisan Global Discovery Fund ("Global Discovery Fund") | August 21, 2017 | February 3, 2020 | February 3, 2020 |
| Artisan Global Equity Fund ("Global Equity Fund") | March 29, 2010 | August 5, 2020 | October 15, 2015 |
| Artisan Global Opportunities Fund ("Global Opportunities Fund") | September 22, 2008 | April 1, 2015 | July 26, 2011 |
| Artisan Global Unconstrained Fund ("Global Unconstrained Fund") | March 31, 2022 | March 31, 2022 | March 31, 2022 |
| Artisan Global Value Fund ("Global Value Fund") | December 10, 2007 | April 1, 2015 | July 17, 2012 |
| Artisan High Income Fund ("High Income Fund") | March 19, 2014 | March 19, 2014 | October 3, 2016 |
| Artisan International Fund ("International Fund") | December 28, 1995 | April 1, 2015 | July 1, 1997 |
| Artisan International Explorer Fund ("International Explorer Fund") | N/A | May 16, 2022 | May 16, 2022 |
| Artisan International Small-Mid Fund ("International Small-Mid Fund") | December 21, 2001 | December 4, 2018 | April 12, 2016 |
| Artisan International Value Fund ("International Value Fund") | September 23, 2002 | April 1, 2015 | October 1, 2006 |
| Artisan Mid Cap Fund ("Mid Cap Fund") | June 27, 1997 | April 1, 2015 | July 1, 2000 |
| Artisan Mid Cap Value Fund ("Mid Cap Value Fund") | March 28, 2001 | April 1, 2015 | February 1, 2012 |
| Artisan Select Equity Fund ("Select Equity Fund") | February 28, 2020 | February 28, 2020 | February 28, 2020 |
| Artisan Small Cap Fund ("Small Cap Fund") | March 28, 1995 | February 1, 2017 | May 7, 2012 |
| Artisan Sustainable Emerging Markets Fund ("Sustainable Emerging Markets Fund") | June 2, 2008 | April 25, 2022 | June 26, 2006 |
| Artisan Value Fund ("Value Fund") | March 27, 2006 | April 1, 2015 | July 26, 2011 |
| Artisan Value Income Fund ("Value Income Fund") | February 28, 2022 | February 28, 2022 | February 28, 2022 |

---

During the reporting period, Developing World Fund, Floating Rate Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Small-Mid Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Sustainable Emerging Markets Fund, Value Fund, and Value Income Fund operated as open-end, diversified mutual funds. During the reporting period, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, International Explorer Fund, and Select Equity Fund operated as open-end, non-diversified mutual funds. The investment objective of each Fund (except Developing World Fund, Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund, High Income Fund and Value Income Fund) is to seek long-term capital growth. Developing World Fund's and Focus Fund's investment objective is to seek long-term capital appreciation. Emerging Markets Debt Opportunities Fund's, Floating Rate Fund's and Global Unconstrained Fund's investment objective is to provide total return through a combination of current income and long-term capital appreciation. High Income Fund's investment objective is to provide total return through a combination of current income and capital appreciation. Value Income Fund's investment objective is to provide total return through a combination of income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, since the inception dates listed above, except for International Explorer Fund which only offers Advisor Shares and Institutional Shares. Investor Shares of the Funds are generally available to members of the general public. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to a Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund's portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

---

| | |
|:---|:---|
| Artisan Partners Funds | **91** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

The investment adviser for each Fund is Artisan Partners Limited Partnership (the "Adviser" or "Artisan Partners"). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP ("Artisan Holdings"). Artisan Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund may make investments in securities, derivatives and other instruments, directly or through one or more wholly-owned subsidiaries. References herein to each such Fund include references to a subsidiary in respect of the Fund's investment exposure. The allocation of the Fund's portfolio in a subsidiary will vary over time. Each such Fund will treat a subsidiary's assets as assets of the Fund for purposes of determining compliance with various provisions of the 1940 Act applicable to the Fund.

**(2)** **Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies of the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles ("US GAAP").

(a) Investments
 in Subsidiaries – Emerging Markets Debt Opportunities Fund and Global Unconstrained
 Fund may make investments in securities, derivatives and other instruments, directly
 or through investments in Artisan Emerging Markets Debt Opportunities Subsidiary Ltd.
 and Artisan Global Unconstrained Subsidiary Ltd., respectively, each a wholly owned subsidiary
 of the respective Fund organized under the laws of the Cayman Islands (each referred
 to herein as the "Subsidiary" or collectively the "Subsidiaries").
 The consolidated financial statements include the accounts of each Fund and its Subsidiary.
 All intercompany transactions and balances have been eliminated. As of March 31, 2025,
 Artisan Emerging Markets Debt Opportunities Subsidiary Ltd. had $9,609,258 in net assets,
 representing 10.22% of Emerging Markets Debt Opportunities Fund's net assets and
 Artisan Global Unconstrained Subsidiary Ltd. had $22,545,019 in net assets, representing
 7.51% of Global Unconstrained Fund's net assets.

(b) Valuation
 – The net asset value ("NAV") of the shares of each class of each Fund
 was determined as of the close of regular session trading on the New York Stock Exchange
 ("NYSE") (usually 4:00 p.m., Eastern Time) each day the NYSE was open for
 regular session trading. For financial reporting purposes, information available subsequent
 to the close of NYSE trading and up to the date of issuance of the financial statements
 was considered in determining a fair value for investments held in each Fund and the
 resulting NAV presented. The NAV of each class of shares was determined by dividing the
 value of each Fund's securities and other assets attributed to that class, less
 its liabilities attributed to that class, by the number of outstanding shares of that
 class of that Fund.

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

Fixed income securities, including loan participation notes, are fair valued using prices from the Funds' pricing vendors. Such prices were generally evaluations based on the judgment of the Funds' pricing vendors, which may consider, among other

---

| | |
|:---|:---|
| **92** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

On January 2, 2025, the fair value methodology used to value emerging markets debt, as determined by a third party vendor, held by the Funds was changed from using bid pricing to using the midpoint between the bid and ask price. The change resulted in a one-time increase in the net asset value of less than 0.40% for Artisan Emerging Markets Debt Opportunities Fund and less than 0.35% for Artisan Global Unconstrained Fund, respectively. There was no or de minimis impact on other Funds.

Rule 2a-5 under the 1940 Act ("Rule 2a-5") established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of Section 29(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds have adopted a valuation policy compliant with Rule 2a-5 and Rule 31a-4. Artisan Partners was designated by the board of directors as the valuation designee for the Funds pursuant to Rule 2a-5. In its capacity as valuation designee, Artisan Partners, among other things, is responsible for establishing a valuation committee to establish fair valuation methodologies and determining, in good faith, the fair value of all of the assets of the Funds for which there are no readily available market quotations. Securities or other assets for which market quotations are not readily available are valued by Artisan Partners, as valuation designee, in accordance with Procedures for Valuation of Portfolio Securities by Artisan Partners Limited Partnership and under the general oversight of Artisan Partners Funds' board of directors. A market quotation will be considered not readily available, and a Fund may therefore use fair value pricing, if there are not quoted prices (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, and/or any such quotation is not deemed reliable.

When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair value utilized by the Funds as described above could differ from the value realized on the sale of those securities or assets in the future and the differences may be material to the NAV of the applicable Fund.

(c) Taxes
 – No provision was made for federal income taxes or excise taxes since each Fund
 intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code
 applicable to regulated investment companies and (ii) distribute to its shareholders
 substantially all of its taxable income as well as net realized gains from the sale of
 investment securities. The Funds utilize earnings and profits distributed to shareholders
 on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken or expected to be taken, on federal income tax returns for all remaining open tax years (fiscal years 2021 through 2024) and have concluded that, as of March 31, 2025, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and Wisconsin Department of Revenue.

As of and during the period ended March 31, 2025, the Funds did not have any liabilities for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any material interest or penalties.

The Funds are subject to taxes imposed on foreign dividend income and realized and unrealized gains on securities traded in certain foreign countries in which the Funds invest. Withholding taxes on foreign dividends have been accrued based on the Funds' understanding of the applicable country's tax rules and rates. Foreign taxes imposed on realized and unrealized gains was based on the Funds' understanding of the applicable country's tax rules and rates and, if applicable, was recorded on an accrual basis and is included in "Net realized gain (loss) on investments" and "Net increase (decrease) in unrealized appreciation or depreciation on investments", as applicable, on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in "Payable for foreign taxes" on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on realized and unrealized gains.

(d) Portfolio
 Transactions – For financial reporting purposes, security transactions and shareholder
 transactions were recorded on trade date in accordance with US GAAP. Net realized gains
 and losses on securities were computed on specific security lot identification.

---

| | |
|:---|:---|
| Artisan Partners Funds | **93** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

(e) Restricted
 Securities – The Funds may invest in securities that are subject to restrictions
 on resale and there may be no liquid secondary market or ready purchaser for such securities.
 These securities generally may be resold in transactions exempt from registration or
 to the public if the securities are registered. Disposal of these securities may involve
 time consuming negotiations and expenses, and prompt sale at an acceptable price may
 be difficult. Information regarding restricted securities, if any, is included in the
 footnotes to each Fund's Schedule of Investments.

(f) Foreign
 Currency Translation – Values of foreign investments, open foreign currency forward
 contracts, payables for foreign taxes, payables and receivables for securities transactions,
 dividend and reclaim receivables, other receivables and payables, and cash denominated
 in a foreign currency were translated into US dollars using a spot market rate of exchange
 as of the time of determination of each Fund's NAV on the day of valuation. Purchases
 and sales of investments and dividend and interest income were translated into US dollars
 using the current spot market rate of exchange on the date of such transactions. The
 portion of security gains or losses resulting from changes in foreign exchange rates
 was included with net realized and unrealized gain or loss from investments, as appropriate,
 for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-US securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through US dollar denominated depositary receipts and equity-linked securities). The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and unrealized gains and losses on foreign currency forward contracts are presented separately on the Statements of Assets and Liabilities and included in other assets less liabilities in the Schedules of Investments. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign taxes accrued on the Funds' books and the US dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(g) Depositary
 Receipts – Each Fund may invest in depositary receipts. Depositary receipts are
 typically issued by a financial institution (a "depositary"), evidencing
 ownership interests in a security issued by an issuer and deposited with the depositary.

(h) Equity-Linked
 Securities and Credit-Linked Notes – Each Fund, except Mid Cap Value Fund and Small
 Cap Fund, may invest in equity-linked securities. Emerging Markets Debt Opportunities
 Fund and Global Unconstrained Fund may invest in credit-linked notes. Equity-linked securities
 and credit-linked notes are designed to provide synthetic exposure to one or more underlying
 securities. An investment in an equity-linked security or credit-linked note typically
 entitles the holder to a return equal to the market return of the underlying security
 or securities. There is no off-balance sheet risk associated with the equity-linked
 securities or credit-linked notes that the Funds purchase and, in those cases, the Funds'
 potential loss is limited to the purchase price of the securities. The Funds are exposed
 to credit risk associated with the counterparty to the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Use
 of Estimates – The preparation of financial statements in conformity with US GAAP
 requires management to make estimates and assumptions that affect the reported amounts
 and disclosures in the financial statements. Actual results could differ from those estimates.

(j) Indemnifications
 – Artisan Partners Funds indemnifies its officers and directors for certain liabilities
 that may arise from the performance of their duties to Artisan Partners Funds. In the
 normal course of business, the Funds also enter into contracts in which the Funds agree
 to indemnify the other party or parties against various potential costs or liabilities.
 A Fund's maximum exposure under such arrangements is unknown. As of March 31, 2025,
 no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k) When-Issued/Delayed
 Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery
 securities. Securities purchased on a when-issued or delayed delivery basis are purchased
 for delivery beyond the normal settlement date at a stated price, and no income accrues
 to the Fund on such securities prior to delivery date. Payment and delivery for when-issued
 and delayed delivery securities can take place a month or more after the date of the
 transaction. Purchasing securities on a when-issued or delayed delivery basis may involve
 a risk that the market price at the time of delivery may be lower than the agreed upon
 purchase price.

(l) Unfunded
 Commitments – Pursuant to the terms of certain term loan agreements, Emerging Markets
 Debt Opportunities

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| | |
|:---|:---|
| **94** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

Fund, Floating Rate Fund, Global Unconstrained Fund, and High Income Fund may be obligated to fund term loan commitments at the borrower's discretion. During the period, Floating Rate Fund and High Income Fund had unfunded loan commitments, which were recorded at market value. Unrealized gains and losses are presented separately on the Statements of Operations. As of March 31, 2025, Floating Rate Fund and High Income Fund had unfunded loan commitments in the amount of $32,609 and $975,633, respectively.

(m) Redemption
 Fees – Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained
 Fund and High Income Fund generally impose a 2% redemption fee on the redemption or exchange
 of shares owned for 90 days or less. Effective March 14, 2025, Emerging Markets Debt
 Opportunities Fund and Global Unconstrained Fund eliminated the 2% redemption fee. Redemption
 fees were recorded as a reduction in the cost of shares redeemed and had the primary
 effect of increasing paid-in capital. Each Fund reserves the right to waive or reduce
 the 2% redemption fee on shares held 90 days or less at its discretion when the Fund
 believes such waiver is in the best interest of the Fund, including, but not limited
 to, when it determines that imposition of the redemption fee is not necessary to protect
 the Fund from the effects of short- term trading. During the period ended March 31, 2025,
 Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Global Unconstrained Fund
 and High Income Fund waived the redemption fee for shares held by certain authorized
 agents or other Fund intermediaries and otherwise in accordance with the Funds'
 prospectus.

(n) Securities
 Sold Short – The Funds may sell securities short or maintain a short position in
 anticipation of the decline in the market value of a particular security (a short sale),
 including securities that the Funds do not own. To complete a short sale, the Funds must
 borrow the security to make delivery to the buyer. The Funds are required to pay the
 lender any dividends or interest on the security, which accrues during the period of
 the loan.

In order to terminate the short sale, the Fund that borrowed the security is obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Fund will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Fund terminates the short sale. This loss may be unlimited. The Fund will realize a gain if the security declines in price between those dates. The gain is limited to the price at which the Fund sold the security short. The amount of any economic gain will be decreased, and the amount of any economic loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds incur expenses as a result of executing short sales.

During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund engaged in short sales and paid interest on securities sold short, which is included in Interest in the Statements of Operations. During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statements of Operations. As of March 31, 2025, Global Unconstrained Fund had open short sale positions.

(o) Repurchase
 Agreements - Repurchase agreements are transactions in which a Fund purchases a security
 from a bank or recognized securities dealer and simultaneously commits to resell that
 security to the bank or dealer at an agreed-upon price, date and market rate of interest
 unrelated to the coupon rate or maturity of the purchased security. Although repurchase
 agreements carry certain risks not associated with direct investments in securities,
 a Fund will enter into repurchase agreements only with banks and dealers believed by
 Artisan Partners to present acceptable credit risks. Artisan Partners will review and
 monitor the creditworthiness of such institutions and will consider the capitalization
 of the institution, Artisan Partners' prior dealings with the institution, any
 rating of the institution's senior long-term debt by independent rating agencies
 and other relevant factors. The terms of a repurchase agreement entered to settle a short
 sale may provide that the cash purchase price paid by the Fund is more than the value
 of purchased securities that effectively collateralize the repurchase price payable by
 the counterparty.

To the extent that the proceeds from any sale of collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution that is party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the Fund's ability to sell the collateral and the Fund could suffer a loss. However, with respect to financial institutions whose bankruptcy or liquidation proceedings are subject to the US Bankruptcy Code, each Fund intends to comply with provisions under the Bankruptcy Code that would allow it to immediately sell such collateral. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund held repurchase agreements during the period ended March 31, 2025. As of March 31, 2025, Global Unconstrained Fund had open repurchase agreements.

(p) Reverse
 Repurchase Agreements - The Funds may enter into reverse repurchase agreements with banks
 and securities

---

| | |
|:---|:---|
| Artisan Partners Funds | **95** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

dealers. A reverse repurchase agreement is a repurchase agreement in which a Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs. The gross amount of cash received in exchange for securities sold plus accrued interest payments to be made by the Fund to counterparties are reflected as a reverse repurchase agreements on the Statement of Assets and Liabilities. Reverse repurchase agreements are recorded at contract value. Fair value of such agreements is equivalent to contract value and would represent Level 2 Investments. Interest payments made on reverse repurchase agreements are recorded as a component of interest expense on the Statement of Operations.

For the period ended March 31, 2025, the average borrowings for Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund were $495,694 over 182 days and $495,571 over 182 days, respectively. The average borrowing rate for each fund was 0.93% and 0.47%, respectively. As of March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund had open reverse repurchase agreements.

(q) Securities
 Lending – In order to generate incremental revenue, a Fund may participate in a
 securities lending program, in which securities from its portfolio may be loaned to third
 parties. As a matter of policy, securities loans by such Funds are made to broker-dealers
 or other financial institutions pursuant to agreements requiring that the loans be continuously
 secured by collateral consisting of cash or short-term debt obligations at least equal
 at all times to the value of the securities on loan, "marked-to-market" daily.
 The risks in lending portfolio securities, as with other extensions of credit, include
 possible delay in recovery of the securities or possible loss of rights in the collateral
 should the borrower fail financially. If a borrower defaults, the value of the collateral
 may decline before a Fund can dispose of it. The borrower pays to a participating Fund
 an amount equal to any dividends or interest received on securities lent (known as "manufactured
 payments" or "substitute payments"). Manufactured payments for dividends
 or interest received by a participating Fund while its securities are loaned out will
 not be considered qualified dividend income and will have other tax implications. To
 the extent that a Fund makes a distribution of income received by the Fund pursuant to
 loans of its portfolio securities, such income will not constitute qualified dividend
 income to noncorporate shareholders and will not be eligible for the dividends-received
 deduction for corporate shareholders. A participating Fund retains all or a portion of
 the interest or dividend received on investment of the cash collateral and/or receives
 a fee from the borrower. The Funds will typically invest cash collateral in government
 money market funds. A participating Fund bears the risk of any loss on the investment
 of the collateral; any such loss may exceed, potentially by a substantial amount, any
 profit to the Fund from its securities lending activities. A participating Fund may recall
 loaned securities on demand.

Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending ("GSAL"), currently serves as the securities lending agent for the Funds. GSAL receives as compensation for its services a portion of the amount earned by each Fund for lending securities.

Income from the securities lending program is recorded when earned or as soon as reliable information became available from the lending agent. Net income for each Fund is reflected in the Statements of Operations under "Income from securities lending." During the period ended March 31, 2025, Global Discovery Fund, Global Equity Fund, Global Unconstrained Fund, High Income Fund, International Fund, International Value Fund, Small Cap Fund, Sustainable Emerging Markets Fund, and Value Income Fund participated in the securities lending program. As of March 31, 2025, Global Equity Fund, High Income Fund, International Fund, and Sustainable Emerging Markets Fund had securities on loan.

(r) ReFlow
 Liquidity Program – The Funds may participate in the ReFlow Fund, LLC ("ReFlow")
 liquidity program ("Program"), which is designed to provide an alternative
 liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant
 to the Program, ReFlow provides participating mutual funds (such as the Funds) with a
 source of cash to meet all, or a portion, of net shareholder redemptions. Following purchases
 of a Fund's shares, ReFlow then generally redeems those shares when the Fund experiences
 net sales, at the end of a maximum holding period determined by ReFlow or at other times
 at ReFlow's or Artisan Partners' discretion. For use of the ReFlow service,
 a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying
 to the purchase amount a fee rate determined through an automated daily auction among
 participating mutual funds. The current minimum fee rate is 14 basis points of the value
 of the Fund shares purchased by ReFlow, although a Fund may submit a bid at a higher
 fee rate if it determines that doing so is in the best interest of the Fund and its shareholders.
 In accordance with federal securities laws, ReFlow is prohibited from acquiring more
 than 3% of the outstanding voting securities of a Fund. ReFlow will not be subject to
 the Funds' investment minimums, redemption fees, if applicable, or trading that
 is considered inappropriate, which may include frequent or short-term trading. ReFlow
 will periodically redeem its entire share position in a Fund and request that such redemption
 be met in-kind in accordance with Artisan Partners Funds' policy on purchases and
 redemptions in-kind. During the period ended March 31, 2025, Focus Fund, Global Opportunities
 Fund, Mid Cap Value Fund and Value Fund participated in the ReFlow program.

---

| | |
|:---|:---|
| **96** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

Fees associated with ReFlow are disclosed in the Statement of Operations. Certain offsetting benefits of utilizing the ReFlow service, such as reduced transactions costs, may impact net increase in net assets resulting from operations in the Statements of Operations. Gains on redemptions in-kind are included in net realized gain (loss) on investments in the Statements of Operations and will not be recognized for Federal income tax purposes. The shares ReFlow subscribed to, redemptions in-kind, gains on redemptions in-kind, fees and total expense ratio ("TER") impact during the period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares ReFlow**<br> **Subscribed to** | **Redemptions In-Kind**<br> **(in thousands)\*** | **Gain on** **<br>Redemptions In-Kind <br>(in thousands)** | **ReFlow Fees**<br> **(in thousands)** | **Impact to TER** |
| Focus | 4797097 | $101103 | $46506 | $161 | .03% |
| Global Opportunities | 8739527 | 283339 | 176008 | 425 | .04 |
| Mid Cap Value | 3407775 | 52706 | 47237 | 78 | .01 |
| Value | 1490313 | 21595 | 13927 | 32 | .02 |

---

\* Includes value of securities redeemed in-kind.

(s) Other
 – Dividend income less foreign taxes accrued or withheld, if any, was generally
 recorded on the ex-dividend date. In some cases, information was not available to the
 Funds on the ex-dividend date. In such cases, which may have included private placements
 and foreign securities, dividends were recorded, revised or canceled as soon after the
 ex-dividend date as reliable information became available to the Funds. During the period
 ended March 31, 2025 Developing World Fund, Focus Fund, Global Equity Fund, Global Opportunities
 Fund, Global Value Fund, International Small-Mid Fund and International Value Fund received
 EU tax reclaim payments and interest on tax reclaim payments in the amount of €446,000,
€87,000, €46,000, €71,000, €1,792,000, €980,000, and €19,947,000 respectively. These reclaims were
not previously accrued for due to the uncertainty of collectability and interest on the tax reclaim payments. The amount of tax
reclaims is included in "Dividends, from unaffiliated issuers" and interest on those tax reclaim payments is included
in "Interest" on the accompanying Statements of Operations. Reclaims and interest received on reclaims that are received
in a currency other than USD are converted to USD using the foreign currency translation as outlined in the Notes to Financial
Statements. Non-cash dividends related to corporate actions, if any, were included in dividend income, and generally recorded
at the fair market value of securities received. Interest income was recorded on the accrual basis and included accretion of discounts
and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to the
Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used,
depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized
gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses
attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

(t) New
 Accounting Pronouncements - In November 2023, the Financial Accounting Standards Board
 ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU
 2023-07"), "Segment Reporting (Topic 280)", which requires public entities
 to provide disclosure of significant segment expenses that are regularly provided to
 the chief operating decision maker ("CODM"). ASU 2023-07, among other things,
 (i) requires a single segment public entity to provide all necessary disclosures required
 by Topic 280, (ii) requires a public entity to disclose the title and position of the
 CODM and an explanation of how the CODM uses the reported measure(s) of segment profit
 and loss in assessing segment performance and deciding how to allocate resources and
 (iii) provides the ability for a public entity to elect more than one performance measure.
 ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim
 periods within fiscal years beginning after December 15, 2024; early adoption is permitted.
 Management is currently evaluating the amendment and its impact to the financial statements.

In December 2023, FASB issued ASU No. 2023-09 ("ASU 2023-09"), "Improvements to Income Tax Disclosures", which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**(3)** **Risks:** 

Like all mutual funds, the Funds take investment risks and it is possible for a shareholder to lose money by investing in a Fund. Investors in each Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. This

---

| | |
|:---|:---|
| Artisan Partners Funds | **97** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

section describes certain of the principal risks associated with investing in each Fund, but is not a complete list of every risk involved in investing in each Fund and the Fund may be exposed to additional risks not listed below. An investment in a Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.

The success of a Fund is dependent on such Fund's investment team's investment decisions, which are based, in part, on the research process employed by the Fund's investment team. The portfolio securities selected by the investment team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. To the extent an investment team considers environmental, social and governance factors in its research process, such Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company's securities may rise or fall in response to company, market, economic or other news.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions and closures, impact the ability to complete redemptions, impact Artisan Partners Funds and its service providers' business functions and affect Fund performance. For example, the global outbreak of the 2019 novel coronavirus ("COVID-19"), together with resulting voluntary and governmental actions, including, without limitation, mandatory business closures, public gathering limitations, restrictions on travel and quarantines, meaningfully disrupted the global economy and markets.

Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and equity-linked securities) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

In addition, geopolitical events adversely affect global economies and securities markets, subjecting a Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other crossborder trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Investment risks typically are greater in emerging and developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. The securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security may fall in response to increases in interest rates. Each Fund that may invest in fixed income securities may invest in debt securities without considering the maturity of the investment. The value of a security with a longer duration will generally

---

| | |
|:---|:---|
| **98** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect each Fund's debt investments unfavorably.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument of an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities in which a Fund invests may be rated below investment grade or be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as "junk bonds." These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds.

Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Floating Rate Fund and High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which a Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, a Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford a Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.

Some floating or variable rate obligations or investments of a Fund may have previously referenced the London Interbank Offered Rate ("LIBOR"). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Public and private sector actors have worked to establish alternative reference rates, like Secured Overnight Financing Rate ("SOFR") or Term SOFR, to be used in place of LIBOR. It is expected that the financing arrangements entered into by a Fund will therefore likely reference risk free rates ("RFRs") as the applicable interest rate. The RFRs are conceptually and operationally different from LIBOR. For example, overnight rate RFRs may only be determinable on a "backward" looking basis and therefore are only known at the end of an interest period, whereas LIBOR was a "forward" looking rate. Moreover, certain RFRs (such as SOFR for U.S. dollar debt) are not well established in the market, and all RFRs remain novel in comparison to LIBOR. There consequently remains some uncertainty as to what the economic, accounting, commercial, tax and legal implications of the use of RFRs will be and how they will perform over significant time periods, particularly as market participants are still becoming accustomed to the use of such benchmarks. Given the relative novelty of the use of RFRs in financial markets, the exact impact of the use of the RFRs remains to be seen. All of the aforementioned may adversely affect a Fund's investments (including in respect of its volatility, value and liquidity) and, as a result, its performance and/or NAV.

As non-diversified funds, Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, International Explorer Fund, and Select Equity Fund may invest a larger portion of their assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer's performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

Operational failures, cyber-attacks or other disruptions that affect the Funds' service providers, the Funds' counterparties, other market participants or the issuers of securities held by the Funds may adversely affect the Funds and their shareholders, including by causing losses for the Funds or impairing Fund operations.

A Fund's use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. For example, changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index. The skills needed to successfully execute derivative strategies may be different

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| | |
|:---|:---|
| Artisan Partners Funds | **99** |

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

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from those needed for other types of transactions. If a Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction.

In addition to the risks of an adverse change in the value of the underlying reference asset, a Fund's use of derivatives, including, but not limited to, over-the-counter ("OTC") derivatives, involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. Derivatives transactions can create investment leverage and may be highly volatile, and a Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in, and may in the future result in, new regulation of derivative instruments and a Fund's use of such instruments. New regulations could, among other things, restrict a Fund's ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and a Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise choose. In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivatives risk management program that takes into account how a Fund's derivatives use affects its investment portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management.

Emerging Markets Debt Opportunities Fund's and Global Unconstrained Fund's investments in debt obligations of sovereign governments may lose value due to the government entity's unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt.

**(4)** **Fair Value Measurements:** 

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an asset or purchasing a liability in an orderly transaction to/from an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds' investments. The three-tier hierarchy of inputs is summarized in three broad levels:

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

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques for the Funds' major classes of assets are found in Note 2(b). A description of the fair value leveling techniques are described below:

Equity securities, ETFs, investment companies, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, sovereign bonds, equity-linked securities, foreign currency forward contracts, treasury bills, other derivatives, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, are generally categorized as Level 2. Securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the

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|:---|:---|
| **100** | &nbsp;&nbsp;Artisan Partners Funds |

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

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observability of the inputs utilized.

The following table summarizes each Fund's investments by major security type, based on the inputs used to determine their fair values as of March 31, 2025 (in thousands). Refer to each Fund's Schedule of Investments for industry or country classifications.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **Developing World** | | | | |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $1199478 | $– | $– | $1199478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 864634 | 681960 | – | 1546594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 41462 | 277679 | – | 319141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | 346333 | 59006 | – | 405339 |
| Investment Company | 124167 | – | – | 124167 |
| Total Assets | 2576074 | 1018645 | – | 3594719 |
| Total Liabilities | – | – | – | – |
| Total | 2576074 | 1018645 | – | 3594719 |
| **Emerging Markets Debt Opportunities** |  |  |  |  |
| Assets Description |  |  |  |  |
| Sovereign Government Bonds | – | 46444 | – | 46444 |
| Corporate Bonds | – | 16516 | – | 16516 |
| Bank Loans | – | – | 3725 | 3725 |
| Convertible Bond | – | 146 | – | 146 |
| Common Stock | – | – | –<sup>(1)</sup> | – |
| Sovereign Government Treasury Bills | – | 13392 | – | 13392 |
| U.S. Treasury Obligations | – | 12729 | – | 12729 |
| Investment Company | 355 | – | – | 355 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | 729 | – | 729 |
| Futures<sup>(2)</sup> | 90 | – | – | 90 |
| Centrally Cleared Credit Default Swaps<sup>(2)</sup> | – | 3 | – | 3 |
| Centrally Cleared Interest Rate Swaps<sup>(2)</sup> | – | 490 | – | 490 |
| Total Assets | 445 | 90449 | 3725 | 94619 |
| Liabilities Description |  |  |  |  |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (383) | – | (383) |
| Futures<sup>(2)</sup> | (308) | – | – | (308) |
| Centrally Cleared Credit Default Swaps<sup>(2)</sup> | – | (29) | – | (29) |
| Centrally Cleared Interest Rate Swaps<sup>(2)</sup> | – | (176) | – | (176) |
| Total Liabilities | (308) | (588) | – | (896) |
| Total | 137 | 89861 | 3725 | 93723 |
| **Floating Rate** |  |  |  |  |
| Assets Description |  |  |  |  |
| Bank Loans | – | 74780 | – | 74780 |
| Corporate Bonds | – | 3314 | – | 3314 |
| Common Stocks | – | 452 | – | 452 |
| Preferred Stock | – | 82 | – | 82 |
| Warrants | – | – | –<sup>(1)</sup> | – |
| Investment Company | 7021 | – | – | 7021 |
| Total Assets | 7021 | 78628 | – | 85649 |
| Total Liabilities | – | – | – | – |
| Total | 7021 | 78628 | – | 85649 |
| **Focus** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks | 829538 | 86920 | – | 916458 |
| Options Purchased | 6475 | – | – | 6475 |
| Investment Company | 49562 |  |  | 49562 |

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| | |
|:---|:---|
| Artisan Partners Funds | **101** |

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **Focus (continued)** | | | | |
| Foreign Currency Forward Contracts<sup>(2)</sup> | $– | $996 | $– | $996 |
| Total Assets | 885575 | 87916 | – | 973491 |
| Liabilities Description |  |  |  |  |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (2932) | – | (2932) |
| Total Liabilities | – | (2932) | – | (2932) |
| Total | 885575 | 84984 | – | 970559 |
| **Global Discovery** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 122073 | – | – | 122073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 18050 | 61229 | – | 79279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | 4812 | 3112 | – | 7924 |
| Investment Company | 12061 | – | – | 12061 |
| Total Assets | 156996 | 64341 | – | 221337 |
| Total Liabilities | – | – | – | – |
| Total | 156996 | 64341 | – | 221337 |
| **Global Equity** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 34961 | 2441 | – | 37402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 14171 | 25574 | –<sup>(1)</sup> | 39745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 2322 | 61084 | – | 63406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | – | 4643 | – | 4643 |
| Investment Company | 4621 | – | – | 4621 |
| Total Assets | 56075 | 93742 | – | 149817 |
| Total Liabilities | – | – | – | – |
| Total | 56075 | 93742 | – | 149817 |
| **Global Opportunities** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 1092794 | – | – | 1092794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 38871 | 112424 | – | 151295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 84441 | 475406 | – | 559847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | 32934 | 83574 | – | 116508 |
| Investment Company | 53994 | – | – | 53994 |
| Total Assets | 1303034 | 671404 | – | 1974438 |
| Total Liabilities | – | – | – | – |
| Total | 1303034 | 671404 | – | 1974438 |
| **Global Unconstrained** |  |  |  |  |
| Assets Description |  |  |  |  |
| Sovereign Government Bonds | – | 130325 | – | 130325 |
| Corporate Bonds | – | 42179 | – | 42179 |
| Common Stocks | 11175 | 1114 | –<sup>(1)</sup> | 12289 |
| Bank Loans | – | – | 8626 | 8626 |
| Exchange Traded Fund | 3335 | – | – | 3335 |
| Closed End Fund | 627 | – | – | 627 |
| Convertible Bond | – | 351 | – | 351 |
| Sovereign Government Treasury Bills | – | 43179 | – | 43179 |
| U.S. Treasury Obligations | – | 41477 | – | 41477 |
| Repurchase Agreements |  | 13840 |  | 13840 |

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| | |
|:---|:---|
| **102** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

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---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **Global Unconstrained (continued)** | | | | |
| Assets Description |  |  |  |  |
| Investment Company | $3116 | $– | $– | $3116 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | 1902 | – | 1902 |
| Futures<sup>(2)</sup> | 342 | – | – | 342 |
| Centrally Cleared Credit Default Swaps<sup>(2)</sup> | – | 1191 | – | 1191 |
| Centrally Cleared Interest Rate Swaps<sup>(2)</sup> | – | 298 | – | 298 |
| Total Assets | 18595 | 275856 | 8626 | 303077 |
| Liabilities Description |  |  |  |  |
| Common Stock | – | (1697) | – | (1697) |
| Corporate Bonds | – | (3818) | – | (3818) |
| Exchange Traded Fund | (6110) | – | – | (6110) |
| Sovereign Government Bonds | – | (8917) | – | (8917) |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (1493) | – | (1493) |
| Futures<sup>(2)</sup> | (557) | – | – | (557) |
| Centrally Cleared Credit Default Swaps<sup>(2)</sup> | – | (751) | – | (751) |
| Centrally Cleared Interest Rate Swaps<sup>(2)</sup> | – | (410) | – | (410) |
| OTC Credit Default Swaps<sup>(2)</sup> | – | (19) | – | (19) |
| OTC Interest Rate Swaps<sup>(2)</sup> | – | (39) | – | (39) |
| Total Liabilities | (6667) | (17144) | – | (23811) |
| Total | 11928 | 258712 | 8626 | 279266 |
| **Global Value** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks and Equity-Linked Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 1125666 | 189750 | – | 1315416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | – | 131345 | – | 131345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | – | 920959 | – | 920959 |
| Investment Company | 131722 | – | – | 131722 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | 93 | – | 93 |
| Total Assets | 1257388 | 1242147 | – | 2499535 |
| Liabilities Description |  |  |  |  |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (571) | – | (571) |
| Total Liabilities | – | (571) | – | (571) |
| Total | 1257388 | 1241576 | – | 2498964 |
| **High Income** |  |  |  |  |
| Assets Description |  |  |  |  |
| Corporate Bonds | – | 6636905 | – | 6636905 |
| Bank Loans | – | 1981909 | – | 1981909 |
| Common Stocks | – | 40339 | – | 40339 |
| Preferred Stock | – | 2446 | – | 2446 |
| Warrants | – | – | –<sup>(1)</sup> | – |
| Investment Company | 634922 | – | – | 634922 |
| Total Assets | 634922 | 8661599 | – | 9296521 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (384) | – | (384) |
| Total Liabilities | – | (384) | – | (384) |
| Total | 634922 | 8661215 | – | 9296137 |
| **International** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks and Equity-Linked Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 160730 | 83219 | – | 243949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 414301 | 454214 | –<sup>(1)</sup> | 868515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 102146 | 3164041 | – | 3266187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | – | 449401 | – | 449401 |
| Investment Company | 175970 | – | – | 175970 |
| Total Assets | 853147 | 4150875 |  | 5004022 |

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| | |
|:---|:---|
| Artisan Partners Funds | **103** |

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **International (continued)** | | | | |
| Total Liabilities | $– | $– | $– | $– |
| Total | 853147 | 4150875 | – | 5004022 |
| **International Explorer** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 6085 | 19273 | – | 25358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 7702 | 18293 | – | 25995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 6094 | 118651 | – | 124745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | – | 45055 | – | 45055 |
| Convertible Bond |  |  |  |  |
| Europe | – | – | 3645 | 3645 |
| Investment Company | 37176 | – | – | 37176 |
| Total Assets | 57057 | 201272 | 3645 | 261974 |
| Total Liabilities | – | – | – | – |
| Total | 57057 | 201272 | 3645 | 261974 |
| **International Small-Mid** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 672903 | 56021 | – | 728924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 229584 | 37109 | – | 266693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 52405 | 1584961 | – | 1637366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middle East | 180976 | 35504 | – | 216480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | – | 670467 | – | 670467 |
| Total Assets | 1135868 | 2384062 | – | 3519930 |
| Total Liabilities | – | – | – | – |
| Total | 1135868 | 2384062 | – | 3519930 |
| **International Value** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks and Equity-Linked Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 5922374 | 2278654 | – | 8201028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 330637 | 4472807 | 142700 | 4946144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 438253 | 17858634 | – | 18296887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | – | 394240 | – | 394240 |
| Investment Company | 4839848 | – | – | 4839848 |
| Miscellaneous Securities | – | 79971 | – | 79971 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | 1379 | – | 1379 |
| Total Assets | 11531112 | 25085685 | 142700 | 36759497 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (6985) | – | (6985) |
| Total Liabilities | – | (6985) | – | (6985) |
| Total | 11531112 | 25078700 | 142700 | 36752512 |
| **Mid Cap** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks | 3464712 | – | – | 3464712 |
| Investment Company | 57656 | – | – | 57656 |
| Total Assets | 3522368 | – | – | 3522368 |
| Total Liabilities | – | – | – | – |
| Total | 3522368 | – | – | 3522368 |

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| | |
|:---|:---|
| **104** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

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---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **Mid Cap Value** | | | | |
| Assets Description |  |  |  |  |
| Common Stocks | $1029338 | $– | $–<sup>(1)</sup> | $1029338 |
| Investment Company | 10753 | – | – | 10753 |
| Total Assets | 1040091 | – | – | 1040091 |
| Total Liabilities | – | – | – | – |
| Total | 1040091 | – | – | 1040091 |
| **Select Equity** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks | 45152 | 7810 | – | 52962 |
| Investment Company | 5368 | – | – | 5368 |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | 6 | – | 6 |
| Total Assets | 50520 | 7816 | – | 58336 |
| Liabilities Description |  |  |  |  |
| Foreign Currency Forward Contracts<sup>(2)</sup> | – | (17) | – | (17) |
| Total Liabilities | – | (17) | – | (17) |
| Total | 50520 | 7799 | – | 58319 |
| **Small Cap** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks | 1047630 | – | – | 1047630 |
| Investment Company | 29684 | – | – | 29684 |
| Total Assets | 1077314 | – | – | 1077314 |
| Total Liabilities | – | – | – | – |
| Total | 1077314 | – | – | 1077314 |
| **Sustainable Emerging Markets** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | 1801 | – | – | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | 41915 | 157277 | –<sup>(1)</sup> | 199192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 4236 | – | – | 4236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin | 1755 | 3015 | – | 4770 |
| Investment Company | 13748 | – | – | 13748 |
| Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets | – | 2307 | – | 2307 |
| Total Assets | 63455 | 162599 | – | 226054 |
| Total Liabilities | – | – | – | – |
| Total | 63455 | 162599 | – | 226054 |
| **Value** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks | 240092 | 61812 | – | 301904 |
| Investment Company | 5265 | – | – | 5265 |
| Total Assets | 245357 | 61812 | – | 307169 |
| Total Liabilities | – | – | – | – |
| Total | 245357 | 61812 | – | 307169 |
| **Value Income** |  |  |  |  |
| Assets Description |  |  |  |  |
| Common Stocks and Equity-Linked Security | 12881 | 1978 | – | 14859 |
| Convertible Bonds | – | 389 | – | 389 |
| Corporate Bonds | – | 373 | – | 373 |
| Preferred Stock | 280 | – | – | 280 |
| Convertible Preferred Stock | 150 | – | – | 150 |
| Investment Company | 195 | – | – | 195 |
| Total Assets | 13506 | 2740 |  | 16246 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **105** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| **Value Income (continued)** | | | | |
| Liabilities Description |  |  |  |  |
| Written Options | $(52) | $– | $– | $(52) |
| Total Liabilities | (52) | – | – | (52) |
| Total | 13454 | 2740 | – | 16194 |

---

<sup>(1)</sup> Includes one or more securities valued at $0.

<sup>(2)</sup> Foreign currency forward contracts, futures contracts, OTC swap contracts and centrally cleared swap contracts are valued at unrealized appreciation (depreciation).

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Fair Value at<br> March 31, 2025** | **Valuation<br> Technique** | **Unobservable Input(s)** | **Range** | **Weighted<br> Average** | **Impact to Fair<br> Value from an<br> Increase in<br> Input** |
| **Emerging Markets Debt Opportunities** | **Emerging Markets Debt Opportunities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | $–<sup>(1)</sup> | Cost | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 1959 | Broker quote | Single broker quote<sup>(2)</sup> | $85.50 - $99.38 | $95.96 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 1766 | Market Comparable(s) | Model-derived based on change in option-adjusted spread of comparables<sup>(3)</sup> | $98.21 - $100.48 | $99.67 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3725 |  |  |  |  |  |
| **Floating Rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant | –<sup>(1)</sup> | Cost | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| **Global Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | –<sup>(1)</sup> | Last quote in a restricted market | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| **Global Unconstrained** | **Global Unconstrained** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | –<sup>(1)</sup> | Cost | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 2677 | Broker quote | Single broker quote<sup>(4)</sup> | $85.50 - $99.38 | $96.03 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 5949 | Market Comparable(s) | Model-derived based on change in option-adjusted spread of comparables<sup>(3)</sup> | $98.21 - $100.48 | $99.71 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 8626 |  |  |  |  |  |
| **High Income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant | –<sup>(1)</sup> | Cost | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| **International** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | –<sup>(1)</sup> | Last quote in a restricted market | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| **International Explorer** | **International Explorer** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bond | 3645 | Cost plus accretion | Commutation price and date | $85.00 - $85.72 | $85.33 | Increase |
| **International Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 142700 | Mark-to-Model approach | Net collateral, net earned premiums, and fair value of loss reserves | $127120 - $147700 | $139036 | Increase |
| **Mid Cap Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | –<sup>(1)</sup> | Cost | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |
| **Sustainable Emerging Markets** | **Sustainable Emerging Markets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | –<sup>(1)</sup> | Last quote in a restricted market | 100% discount for uncertainty of liquidation value | N/A | N/A | N/A |

---

<sup>(1)</sup> Includes one or more securities valued at $0.

<sup>(2)</sup> At times during the period, unobservable input(s) were model-derived based on change in option-adjusted spread of comparables with a range of $82.12 - $100.60 and weighted average of $96.23.

<sup>(3)</sup> At times during the period, unobservable input(s) were single broker quote with a range of $99.50.

<sup>(4)</sup> At times during the period, unobservable input(s) were model-derived based on change in option-adjusted spread of comparables with a range of $82.12 - $100.60 and weighted average of $96.30.

---

| | |
|:---|:---|
| **106** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

As of March 31, 2025, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Emerging Markets Debt**<br> **Opportunities Fund** | **Floating Rate Fund** | **Global Equity Fund** | **Global Unconstrained Fund** | **High Income Fund** |
| Balance as of September 30, 2024 | $2756 | $–<sup>(1)</sup> | $–<sup>(1)</sup> | $3730 | $–<sup>(1)</sup> |
| Transfers into Level 3 | – | – | – | – | – |
| Net change in unrealized appreciation (depreciation) | 86 | – | – | 197 | – |
| Purchases | 1745 | – | – | 5838 | – |
| Sales | (765) | – | – | (1007) | – |
| Accrued Amortization | –<sup>(2)</sup> | – | – | –<sup>(2)</sup> | – |
| Realized Gain/Loss | (97) | – | – | (132) | – |
| Transfers out of Level 3 | – | – | – | – | – |
| Balance as of March 31, 2025 | $3725 | $–<sup>(1)</sup> | $–<sup>(1)</sup> | $8626 | $–<sup>(1)</sup> |
| Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2025 | $40 | $– | $– | $136 | $– |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **International Fund** | **International Explorer Fund** | **International Value Fund** | **Mid Cap Value Fund** | **Sustainable Emerging Markets Fund** |
| Balance as of September 30, 2024 | $–<sup>(1)</sup> | $– | $146720 | $–<sup>(1)</sup> | $–<sup>(1)</sup> |
| Transfers into Level 3 | – | – | – | – | – |
| Net change in unrealized appreciation (depreciation) | – | 23 | (4020) | – | – |
| Purchases | – | 3622 | – | – | – |
| Sales | – | – | – | – | – |
| Accrued Amortization | – | – | – | – | – |
| Realized Gain/Loss | – | – | – | – | – |
| Transfers out of Level 3 | – | – | – | – | – |
| Balance as of March 31, 2025 | $–<sup>(1)</sup> | $3645 | $142700 | $–<sup>(1)</sup> | $–<sup>(1)</sup> |
| Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2025 | $– | $23 | $(4020) | $– | $– |

---

<sup>(1)</sup> Includes one or more securities valued at $0.

<sup>(2)</sup> Amount rounds to less than $1

**(5) Transfer Agent and Authorized Agent Fees:**

Each Fund paid fees to, and reimbursed certain expenses of, the Funds' transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively "authorized agents") to accept purchase, exchange and redemption orders on the Funds' behalf. Some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund's behalf. Those services typically included recordkeeping, transaction processing for shareholders' accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage of the average value of Fund shares held in such accounts. For Investor Shares and Advisor Shares of the Funds, each Fund paid all or a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds' transfer agent or other service providers if the shares were registered on the books of the Funds' transfer agent. For Institutional Shares, the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders' accounts or any other services that an intermediary may provide to its clients. Artisan Partners, at its own expense, pays certain authorized agents for accounting and shareholder services (to the extent those fees are not paid by a Fund), and for distribution and marketing services performed with respect to the Funds. The Funds' expenses incurred for services provided by authorized agents are included in "Transfer agent fees" in the Statements of Operations. The table below shows the fees and expenses to the Funds' transfer agent and the fees to authorized agents incurred by each class of each Fund during the period ended March 31, 2025 (in thousands):

---

| | |
|:---|:---|
| Artisan Partners Funds | **107** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended 3/31/2025** | **Six Months Ended 3/31/2025** | **Six Months Ended 3/31/2025** | **Six Months Ended 3/31/2025** |
| <br>**Fund** | **Fees and Expenses<br> to Transfer Agent** | **Fees to<br> Authorized<br> Agents** | | **Total** |
| Developing World - Investor Shares | $15 | $417 |  | $432 |
| Developing World - Advisor Shares | 6 | 798 |  | 804 |
| Developing World - Institutional Shares | 11 |  |  | 11 |
| Emerging Markets Debt Opportunities - Investor Shares | 11 | 8 |  | 19 |
| Emerging Markets Debt Opportunities - Advisor Shares | 10 | 14 |  | 24 |
| Emerging Markets Debt Opportunities - Institutional Shares | 10 |  |  | 10 |
| Floating Rate - Investor Shares | 11 | 16 |  | 27 |
| Floating Rate - Advisor Shares | 10 | 13 |  | 23 |
| Floating Rate - Institutional Shares | 11 |  |  | 11 |
| Focus - Investor Shares | 13 | 45 |  | 58 |
| Focus - Advisor Shares | 6 | 318 |  | 324 |
| Focus - Institutional Shares | 10 |  |  | 10 |
| Global Discovery - Investor Shares | 13 | 36 |  | 49 |
| Global Discovery - Advisor Shares | 11 | 9 |  | 20 |
| Global Discovery - Institutional Shares | 11 |  |  | 11 |
| Global Equity - Investor Shares | 14 | 76 |  | 90 |
| Global Equity - Advisor Shares | 10 | 4 |  | 14 |
| Global Equity - Institutional Shares | 11 |  |  | 11 |
| Global Opportunities - Investor Shares | 20 | 772 |  | 792 |
| Global Opportunities - Advisor Shares | 10 | 250 |  | 260 |
| Global Opportunities - Institutional Shares | 11 |  |  | 11 |
| Global Unconstrained - Investor Shares | 11 | 14 |  | 25 |
| Global Unconstrained - Advisor Shares | 7 | 49 |  | 56 |
| Global Unconstrained - Institutional Shares | 15 |  |  | 15 |
| Global Value - Investor Shares | 16 | 257 |  | 273 |
| Global Value - Advisor Shares | 7 | 141 |  | 148 |
| Global Value - Institutional Shares | 7 |  |  | 7 |
| High Income - Investor Shares | 7 | 771 |  | 778 |
| High Income - Advisor Shares | 12 | 1686 |  | 1698 |
| High Income - Institutional Shares | 9 |  |  | 9 |
| International - Investor Shares | 74 | 1559 |  | 1633 |
| International - Advisor Shares | 11 | 382 |  | 393 |
| International - Institutional Shares | 9 |  |  | 9 |
| International Explorer - Advisor Shares | 5 | 61 |  | 66 |
| International Explorer - Institutional Shares | 10 |  |  | 10 |
| International Small-Mid - Investor Shares | 19 | 192 |  | 211 |
| International Small-Mid - Advisor Shares | 7 | 461 |  | 468 |
| International Small-Mid - Institutional Shares | 8 |  |  | 8 |
| International Value - Investor Shares | 24 | 3521 |  | 3545 |
| International Value - Advisor Shares | 13 | 5373 |  | 5386 |
| International Value - Institutional Shares | 13 |  |  | 13 |
| Mid Cap - Investor Shares | 39 | 1338 |  | 1377 |
| Mid Cap - Advisor Shares | 6 | 259 |  | 265 |
| Mid Cap - Institutional Shares | 8 |  |  | 8 |
| Mid Cap Value - Investor Shares | 35 | 334 |  | 369 |
| Mid Cap Value - Advisor Shares | 12 | 110 |  | 122 |
| Mid Cap Value - Institutional Shares | 11 |  |  | 11 |
| Select Equity - Investor Shares | 11 | 8 |  | 19 |
| Select Equity - Advisor Shares | 11 |  | ^ | 11 |
| Select Equity - Institutional Shares | 11 |  |  | 11 |
| Small Cap - Investor Shares | 35 | 546 |  | 581 |
| Small Cap - Advisor Shares | 10 | 127 |  | 137 |
| Small Cap - Institutional Shares | 11 |  |  | 11 |
| Sustainable Emerging Markets - Investor Shares | 12 | 17 |  | 29 |
| Sustainable Emerging Markets - Advisor Shares | 10 | 19 |  | 29 |
| Sustainable Emerging Markets - Institutional Shares | 10 |  |  | 10 |

---

---

| | |
|:---|:---|
| **108** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended 3/31/2025** | **Six Months Ended 3/31/2025** | **Six Months Ended 3/31/2025** |
| <br>**Fund** | **Fees and Expenses<br> to Transfer Agent** | **Fees to<br> Authorized<br> Agents** | **Total** |
| Value - Investor Shares | $15 | $84 | $99 |
| Value - Advisor Shares | 11 | 42 | 53 |
| Value - Institutional Shares | 11 |  | 11 |
| Value Income - Investor Shares | 11 | 9 | 20 |
| Value Income - Advisor Shares | 10 | 1 | 11 |
| Value Income - Institutional Shares | 11 |  | 11 |

---

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

**(6) Derivative Transactions**

Each Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

In connection with Rule 18f-4 under the 1940 Act, the Funds have adopted a derivative risk management program that takes into account how its derivatives use affects its portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management. To the extent a Fund is not a limited derivatives user (as defined in Rule 18f-4), Rule 18f-4, among other things, limits a Fund's derivatives exposure through a value-at-risk test and requires such Funds to adopt and implement a derivatives risk management program that is reasonably designed to manage the Funds' derivatives risks. Subject to certain conditions, Funds that are limited derivatives users are not subject to the full requirements of Rule 18f-4. In order to qualify as a limited derivatives user, a Fund's derivatives "exposure" (as defined in Rule 18f-4) cannot exceed 10% of its net assets, excluding certain currency or interest rate derivatives used for hedging purposes in accordance with specific requirements set out in Rule 18f-4. Emerging Markets Debt Opportunities Fund, Floating Rate Fund, Focus Fund, Global Unconstrained Fund and High Income Fund are full derivatives users while the remaining Funds are limited derivatives users.

**Foreign Currency Forward Contracts**

Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Forward currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in US dollars or foreign currencies). A Fund may not engage in speculative currency exchange transactions. Emerging Markets Debt Opportunities Fund, Focus Fund, Global Unconstrained Fund, Global Value Fund, High Income Fund, International Value Fund, and Select Equity Fund each used foreign currency contracts for hedging currency exposure during the period ended March 31, 2025.

At the maturity of a forward contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.

**Futures Transactions**

Each Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain

---

| | |
|:---|:---|
| Artisan Partners Funds | **109** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

exposure to a particular market or instrument during the period ended March 31, 2025.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as Deposits with broker in the Statements of Assets and Liabilities.

There are risks associated with a Fund's transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund's portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

**Options Transactions**

Each Fund may purchase and write (sell) put options and call options on securities or indexes.

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments in securities, at value and written options, at value, respectively, in the Statements of Assets and Liabilities. Focus Fund, Global Unconstrained Fund, and Value Income Fund held option contracts during the period ended March 31, 2025.

Each Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. Swaptions are generally subject to the same risks involved in a Fund's use of options. None of the Funds invested in swaptions during the period.

If a written option expires, a Fund realizes a gain equal to the premium received at the time the option was written. If a purchased option expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from writing a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statements of Operations. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. During the period ended March 31, 2025, Focus Fund and Value Income Fund used options transactions to enhance alpha and minimize downside market risk. Global Unconstrained Fund used options to create investment leverage.

**Swap Transactions**

Each Fund may enter into swap agreements and other types of over-the-counter transactions such as caps, floors and collars with broker-dealers or other financial institutions for hedging or investment purposes. An example of one type of swap involves the exchange by the Fund with another party of their respective commitments to pay or receive cash flows, for example, an exchange of floating rate payments for fixed-rate payments. The purchase of a cap entitles the purchaser, to the extent that a specified index or other underlying financial measure exceeds a predetermined value on a predetermined date or dates, to receive payments on a notional principal amount from the party selling the cap. The purchase of a floor entitles the purchaser, to the extent that a specified index or other underlying financial measure falls or other underlying measure below a predetermined value on a predetermined date or dates, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of a cap and a floor.

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statements of Operations. Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market factors. These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes

---

| | |
|:---|:---|
| **110** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party or derivatives clearing organization when the swap contract is executed and is recorded as Cash pledged on the Statements of Assets and Liabilities.

Swap agreements and similar transactions can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structures, swap agreements may increase or decrease a Fund's exposure to long-or short-term interest rates (in the United States or abroad), foreign currency values, mortgage securities, mortgage rates, corporate borrowing rates, or other factors such as security prices, inflation rates or the volatility of an index or one or more securities. For example, if a Fund agrees to exchange payments in US dollars for payments in a non-US currency, the swap agreement would tend to decrease a Fund's exposure to US interest rates and increase its exposure to that non-US currency and interest rates.

A Fund's ability to realize a profit from such transactions will depend on the ability of the financial institutions with which it enters into the transactions to meet their obligations to a Fund. If a counterparty's creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses. If a default occurs by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of a counterparty's insolvency.

Under certain circumstances, suitable transactions may not be available to a Fund, or a Fund may be unable to close out its position under such transactions at the same time, or at the same price, as if it had purchased comparable publicly traded securities. Swaps carry counterparty risks that cannot be fully anticipated. Also, because swap transactions typically involve a contract between the two parties, such swap investments can be extremely illiquid, as it is uncertain as to whether another counterparty would wish to take assignment of the rights under the swap contract at a price acceptable to a Fund.

A credit default swap on a bond is an agreement between a Fund and a counterparty that enables a Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments, which may be based on, among other things, a fixed or floating rate of interest, to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors (for example, a specific default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). As a credit protection seller in a credit default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty following certain negative credit events as to a specified third-party debtor, such as default by a US or non-US corporate issuer on its debt obligations. In return for its obligation, a Fund would receive from the counterparty a periodic stream of payments, which may be based on, among other things, a fixed or floating rate of interest, over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments, and would have no payment obligations to the counterparty. A Fund may sell credit protection in order to earn additional income and/or to take a synthetic long position in the underlying security or basket of securities.

Each Fund may enter into credit default swap contracts as protection buyer in order to hedge against the risk of default on the debt of a particular issuer or basket of issuers or attempt to profit from a deterioration or perceived deterioration in the creditworthiness of the particular issuer(s) (also known as buying credit protection).

Each Fund may enter into credit default swap contracts as seller protection. A protection seller may have to pay out amounts following a negative credit event greater than the value of the reference obligation delivered to it by its counterparty and the amount of periodic payments previously received by it from the counterparty. When a Fund acts as a seller of credit default swap protection, it is exposed to, among other things, leverage risk because if an event of default occurs the seller must pay the buyer up to the full notional value of the reference obligation. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement.

Each Fund may also engage in total return swaps, in which payments made by a Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity or fixed-income security, a combination of such securities, or an index). Total return swap agreements may be used to obtain exposure to a security, commodity, or market without owning

---

| | |
|:---|:---|
| Artisan Partners Funds | **111** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

or taking physical custody of such security or investing directly in such market. Swaps carry counterparty risks that cannot be fully anticipated. Each Fund may also enter into swap agreements on futures contracts including, but not limited to, index futures contracts. Swap agreements on futures contracts are generally subject to the same risks involved in the Fund's use of futures contracts, in addition to the risks involved in the Fund's use of swap agreements. A total return swap, or a swap on a futures contract, may add leverage to a portfolio by providing investment exposure to an underlying asset or market where the Fund does not own or take physical custody of such asset or invest directly in such market.

Many swaps are complex and often valued subjectively. Many over-the-counter derivatives are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values a Fund realizes when it closes or sells an over-the-counter derivative. Valuation risk is more pronounced when a Fund enters into over-the-counter derivatives with specialized terms because the market value of those derivatives in some cases is determined in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, undercollateralization and/or errors in calculation of the Fund's NAV. During the period ended March 31, 2025, Emerging Markets Debt Opportunities Fund and Global Unconstrained Fund used swap transactions to create investment leverage.

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2025 was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk Exposure Category** | **Derivative Instrument** | **Statement of assets and Liabilities Location** | **Value** |
| Emerging Markets Debt Opportunities | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $729 |
|  | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (383 |
|  | Interest rate | Futures contracts | Payable for variation margin on futures contracts | (218 |
|  | Credit | Centrally cleared swap contracts | Payable for variation margin on centrally cleared swap contracts | (26 |
|  | Interest rate | Centrally cleared swap contracts | Receivable for variation margin on centrally cleared swap contracts | 314 |
| Focus | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | 996 |
|  | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (2932 |
|  | Equity | Purchased options contracts | Investments in securities, unaffiliated, at value | 6475 |
| Global Unconstrained | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | 1902 |
|  | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (1493 |
|  | Interest rate | Futures contracts | Payable for variation margin on futures contracts | (156 |
|  | Equity | Futures contracts | Payable for variation margin on futures contracts | (59 |
|  | Credit | Centrally cleared swap contracts | Receivable for variation margin on centrally cleared swap contracts | 440 |
|  | Interest rate | Centrally cleared swap contracts | Payable for variation margin on centrally cleared swap contracts | (112 |
|  | Credit | Over the counter swap contracts | Swap contracts, at value | (61 |
|  | Interest rate | Over the counter swap contracts | Swap contracts, at value | (36 |
| Global Value | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | 93 |
|  | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (571 |
| High Income | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (384 |
| International Value | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | 1379 |
|  | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (6985 |
| Select Equity | Foreign currency | Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | 6 |
|  | Foreign currency | Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (17 |
| Value Income | Equity | Written options contract | Written options, at value | (52 |

---

\* Futures contracts and centrally cleared swap contracts are valued in this table at unrealized appreciation (depreciation). Amounts reported in the Statements of Assets and Liabilities reflect only the current day's variation margin related to these contracts.

The effect of derivative instruments in the amount of realized gain (loss) and net increase (decrease) in unrealized appreciation or depreciation recognized on the Statements of Operations for the period ended March 31, 2025 was as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Risk Exposure**<br> **Category** | **Derivative**<br> **Instrument** | **Statement of**<br> **Operations Location** | **Net Realized Gain (Loss)** | **Statement of**<br> **Operations Location** | **Unrealized Appreciation**<br> **(Depreciation)** |
| Emerging Markets Debt Opportunities | Foreign currency | Foreign currency forward<br> contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts | $367 | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | $208 |
|  | Interest rate | Futures contracts | Net realized gain (loss) on<br> futures contracts | 843 | Net increase (decrease) in unrealized appreciation or depreciation on futures contracts | (156) |
|  | Credit | Centrally cleared swap<br> contracts | Net realized gain (loss) on<br> swap contracts | 61 | Net increase (decrease) in unrealized appreciation or depreciation on swap contracts | (22) |

---

---

| | |
|:---|:---|
| **112** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Risk Exposure<br> Category** | **Derivative<br> Instrument** | **Statement of<br> Operations Location** | **Net Realized<br> Gain (Loss)** | **Statement of<br> Operations Location** | **Unrealized Appreciation<br> (Depreciation)** |
|  | Interest rate | Centrally cleared swap<br> contracts | Net realized gain (loss) on<br> swap contracts | 72 | Net increase (decrease) in unrealized appreciation or depreciation on swap contracts | (384) |
| Focus | Foreign currency | Foreign currency forward contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts | 3233 | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | (431) |
|  | Equity | Written options contracts | Net realized gain (loss) on<br> written options | (4612) | Net increase (decrease) in unrealized appreciation or depreciation on written options | (548) |
|  | Equity | Purchased option contracts | Net realized gain (loss) on<br> investments, from unaffiliated<br> issuers | 58950 | Net increase (decrease) in unrealized appreciation or depreciation on investments, from unaffiliated issuers | (8368) |
| Global Unconstrained | Foreign currency | Foreign currency forward contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts | (312) | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | 801 |
|  | Interest rate | Futures contracts | Net realized gain (loss) on<br> futures contracts | 636 | Net increase (decrease) in unrealized appreciation or depreciation on futures contracts | (90) |
|  | Equity | Futures contracts | Net realized gain (loss) on<br> futures contracts | 186 | Net increase (decrease) in unrealized appreciation or depreciation on futures contracts | 9 |
|  | Equity | Purchased option contracts | Net realized gain (loss) on<br> investments, from unaffiliated<br> issuers | (64) | Net increase (decrease) in unrealized appreciation or depreciation on investments, from unaffiliated issuers | 59 |
|  | Credit | Centrally cleared swap<br> contracts | Net realized gain (loss) on<br> swap contracts | (1036) | Net increase (decrease) in unrealized appreciation or depreciation on swap contracts | 1386 |
|  | Interest rate | Centrally cleared swap<br> contracts | Net realized gain (loss) on<br> swap contracts | 162 | Net increase (decrease) in unrealized appreciation or depreciation on swap contracts | (2) |
| Global Value | Foreign currency | Foreign currency forward contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts |  | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | (478) |
| High Income | Foreign currency | Foreign currency forward contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts | 521 | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | (246) |
| International Value | Foreign currency | Foreign currency forward contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts |  | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | (5606) |
| Select Equity | Foreign currency | Foreign currency forward contracts | Net realized gain (loss) on<br> foreign currency forward<br> contracts |  | Net increase (decrease) in unrealized appreciation or depreciation on foreign currency forward contracts | (11) |
| Value Income | Equity | Written options contracts | Net realized gain (loss) on<br> written options | 9 | Net increase (decrease) in unrealized appreciation or depreciation on written options | (24) |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **113** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

The average monthly amount outstanding for each derivative type for the period ended March 31, 2025 was as follows (dollar value in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative Type** | **Average Monthly Notional Amount** |
| Emerging Markets Debt Opportunities | Centrally cleared credit default swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3534 |
|  | Centrally cleared interest rate swaps | 26327 |
|  | Foreign currency forward contracts - purchased | 36301 |
|  | Foreign currency forward contracts - sold | 27527 |
|  | Futures contracts - short | 33914 |
|  | Overnight index swap | 14004 |
|  | Variable rate swap | 5172 |
| Focus | Foreign currency forward contracts - purchased | 48910 |
|  | Foreign currency forward contracts - sold | 109771 |
|  | Purchased options contracts | 65845 |
|  | Written options contracts | 2675 |
| Global Unconstrained | Centrally cleared credit default swaps | 148193 |
|  | Centrally cleared interest rate swaps | 17590 |
|  | Foreign currency forward contracts - purchased | 55354 |
|  | Foreign currency forward contracts - sold | 109587 |
|  | Futures contracts - long | 949 |
|  | Futures contracts - short | 51676 |
|  | Overnight index swap | 14907 |
|  | Purchased options contracts | 1 |
|  | Variable rate swap | 7571 |
| Global Value | Foreign currency forward contracts - purchased | 9568 |
|  | Foreign currency forward contracts - sold | 42827 |
| High Income | Foreign currency forward contracts - sold | 7648 |
| International Value | Foreign currency forward contracts - purchased | 100196 |
|  | Foreign currency forward contracts - sold | 397574 |
| Select Equity | Foreign currency forward contracts - purchased | 351 |
|  | Foreign currency forward contracts - sold | 1308 |
| Value Income | Written options contracts | 40 |

---

**Master Netting Agreements**

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party's obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party's obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangement in the statement of assets and liabilities. All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA") and net of the related collateral received/pledged by the Fund as of March 31, 2025 (in thousands). Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | |
|:---|:---|
| **114** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| <br>**Fund** | **Counterparty** | **Gross Asset Amounts**<br> **Presented in Statements of**<br> **Assets and Liabilities<sup>†</sup>** | **Financial Instrument** | **Collateral**<br> **Received<sup>\*</sup>** | **Net Amount**<br> **(Not Less Than $0)** |
| Emerging Markets Debt Opportunities | Citibank, N.A. | $21 | $— | $— | $21 |
|  | Citigroup Global Markets | 261 | (99 |  | 162 |
|  | Deutsche Bank AG | 172 |  | (172) |  |
|  | Goldman Sachs International | 5 |  |  | 5 |
|  | ICBC Standard Bank Plc | 65 | (2 |  | 63 |
|  | JPMorgan Chase Bank, N.A. | 42 | (25 |  | 17 |
|  | Morgan Stanley | 1 |  |  | 1 |
|  | Societe Generale | 30 |  |  | 30 |
|  | Standard Chartered Bank | 124 | (124 |  |  |
|  | Toronto Dominion Bank | 8 | (2 |  | 6 |
| Focus | JPMorgan Chase Bank, N.A. | 996 | (996 |  |  |
| Global Unconstrained | Citibank, N.A. | 31 | (31 |  |  |
|  | Deutsche Bank AG | 235 | (4 | (231) |  |
|  | ICBC Standard Bank Plc | 141 | (122 |  | 19 |
|  | JPMorgan Chase Bank, N.A. | 603 | (360 | (60) | 183 |
|  | Societe Generale | 22 | (4 |  | 18 |
|  | Standard Chartered Bank | 828 | (828 |  |  |
|  | Toronto Dominion Bank | 42 | (8 |  | 34 |
| Global Value | JPMorgan Chase Bank, N.A. | 93 | (93 |  |  |
| International Value | JPMorgan Chase Bank, N.A. | 1379 | (1379 |  |  |
| Select Equity | JPMorgan Chase Bank, N.A. | 6 | (6 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| <br>**Fund** | **Counterparty** | **Gross Liability Amounts**<br> **Presented in Statements of**<br> **Assets and Liabilities<sup>†</sup>** | **Gross Liability Amounts**<br> **Presented in Statements of**<br> **Assets and Liabilities<sup>†</sup>** | **Financial Instrument** | **Collateral**<br> **Pledged<sup>\*</sup>** | **Net Amount**<br> **(Not Less Than $0)** |
| Emerging Markets Debt Opportunities | Citigroup Global Markets | $99 |  | $(99 | $— | $— |
|  | Deutsche Bank AG |  | ^ |  |  |  |
|  | ICBC Standard Bank Plc | 2 |  | (2 |  |  |
|  | JPMorgan Chase Bank, N.A. | 25 |  | (25 |  |  |
|  | Morgan Stanley |  | ^ |  |  |  |
|  | Societe Generale |  | ^ |  |  |  |
|  | Standard Chartered Bank | 255 |  | (124 | (131) |  |
|  | Toronto Dominion Bank | 2 |  | (2 |  |  |
| Focus | JPMorgan Chase Bank, N.A. | 2932 |  | (996 |  | 1936 |
| Global Unconstrained | Citibank, N.A. | 99 |  | (31 |  | 68 |
|  | Deutsche Bank AG | 4 |  | (4 |  |  |
|  | Goldman Sachs International | 24 |  |  |  | 24 |
|  | ICBC Standard Bank Plc | 122 |  | (122 |  |  |
|  | JPMorgan Chase Bank, N.A. | 360 |  | (360 |  |  |
|  | Morgan Stanley | 3 |  |  |  | 3 |
|  | Morgan Stanley & Co International plc | 3 |  |  |  | 3 |
|  | Societe Generale | 4 |  | (4 |  |  |
|  | Standard Chartered Bank | 924 |  | (828 | (96) |  |
|  | Toronto Dominion Bank | 8 |  | (8 |  |  |
| Global Value | JPMorgan Chase Bank, N.A. | 571 |  | (93 |  | 478 |
| High Income | Bank of America | 384 |  |  |  | 384 |
| International Value | JPMorgan Chase Bank, N.A. | 6985 |  | (1379 |  | 5606 |
| Select Equity | JPMorgan Chase Bank, N.A. | 17 |  | (6 |  | 11 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | All asset and liability amounts in this table are valued at unrealized appreciation (depreciation). |

---

<sup>\*</sup> The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

---

| | |
|:---|:---|
| <sup>^</sup> | Amount rounds to less than $1. |

---

The Funds enter into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a

---

| | |
|:---|:---|
| Artisan Partners Funds | **115** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position.

**(7)** **Related Party Transactions** 

(a) Investment
Advisory Agreement – The Adviser, with which the officers and one director of the Funds are affiliated, provided investment
advisory and administrative services to the Funds during the period ended March 31, 2025. In exchange for those services, each
Fund paid a monthly management fee to the Adviser as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Developing World** | **Developing World** | **Emerging Markets Debt Opportunities**<br> **Select Equity** | **Emerging Markets Debt Opportunities**<br> **Select Equity** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $1 billion | 1.050% | Up to $1 billion | 0.750% |
| $1 billion to $2 billion | 1.025 | $1 billion to $2 billion | 0.725 |
| $2 billion to $3.5 billion | 1.000 | $2 billion to $3.5 billion | 0.700 |
| $3.5 billion to $5 billion | 0.975 | $3.5 billion to $5 billion | 0.675 |
| Over $5 billion | 0.950 | Over $5 billion | 0.650 |
| **Floating Rate** | **Floating Rate** | **Focus** | **Focus** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $1 billion | 0.680% | Up to $1 billion | 1.000% |
| $1 billion to $2 billion | 0.660 | $1 billion to $2 billion | 0.975 |
| $2 billion to $3.5 billion | 0.640 | $2 billion to $3.5 billion | 0.950 |
| $3.5 billion to $10 billion | 0.620 | $3.5 billion to $5 billion | 0.925 |
| Over $10 billion | 0.600 | Over $5 billion | 0.900 |
| **Global Discovery** | **Global Discovery** | **Global Equity** | **Global Equity** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $1 billion | 0.975% | Up to $1 billion | 0.900% |
| $1 billion to $2 billion | 0.950 | $1 billion to $2 billion | 0.875 |
| $2 billion to $3.5 billion | 0.925 | $2 billion to $3.5 billion | 0.850 |
| $3.5 billion to $5 billion | 0.900 | $3.5 billion to $5 billion | 0.825 |
| Over $5 billion | 0.875 | Over $5 billion | 0.800 |
| **Global Opportunities** | **Global Opportunities** | **Global Unconstrained** | **Global Unconstrained** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $1 billion | 0.900% | Up to $1 billion | 0.950% |
| $1 billion to $4 billion | 0.875 | $1 billion to $2 billion | 0.925 |
| $4 billion to $8 billion | 0.850 | $2 billion to $3.5 billion | 0.900 |
| $8 billion to $12 billion | 0.825 | $3.5 billion to $5 billion | 0.875 |
| Over $12 billion | 0.800 | Over $5 billion | 0.850 |
| **Global Value** | **Global Value** | **High Income** | **High Income** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $1 billion | 1.000% | Up to $1 billion | 0.725% |
| $1 billion to $4 billion | 0.975 | $1 billion to $2 billion | 0.700 |
| $4 billion to $8 billion | 0.950 | $2 billion to $3.5 billion | 0.675 |
| $8 billion to $12 billion | 0.925 | $3.5 billion to $10 billion | 0.650 |
| Over $12 billion | 0.900 | Over $10 billion | 0.625 |
| **International** | **International** | **International Explorer** | **International Explorer** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $500 million | 1.000% | Up to $500 million | 1.050% |
| $500 million to $750 million | 0.975 | Over $500 million | 1.000 |
| $750 million to $1 billion | 0.950 |  |  |
| $1 billion to $12 billion | 0.925 |  |  |
| Over $12 billion | 0.900 |  |  |

---

---

| | |
|:---|:---|
| **116** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | |
|:---|:---|:---|:---|
| **International Small-Mid** | **International Small-Mid** | **International Value Mid Cap Small Cap** | **International Value Mid Cap Small Cap** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $2 billion | 1.050% | Up to $500 million | 1.000% |
| $2 billion to $3 billion | 1.025 | $500 million to $750 million | 0.975 |
| $3 billion to $4 billion | 1.000 | $750 million to $1 billion | 0.950 |
| $4 billion to $5 billion | 0.975 | Over $1 billion | 0.925 |
| Over $5 billion | 0.950 |  |  |
| **Mid Cap Value** | **Mid Cap Value** | **Sustainable Emerging Markets** | **Sustainable Emerging Markets** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $500 million | 0.920% | Up to $1 billion | 0.850% |
| $500 million to $750 million | 0.895 | $1 billion to $2 billion | 0.825 |
| $750 million to $1 billion | 0.870 | $2 billion to $3.5 billion | 0.800 |
| Over $1 billion | 0.845 | $3.5 billion to $5 billion | 0.775 |
|  |  | Over $5 billion | 0.750 |
| **Value** | **Value** | **Value Income** | **Value Income** |
| **Average Daily Net Assets** | **Annual Rate** | **Average Daily Net Assets** | **Annual Rate** |
| Up to $50 million | 0.800% | Up to $1 billion | 0.700% |
| $50 million to $100 million | 0.760 | $1 billion to $2 billion | 0.675 |
| $100 million to $500 million | 0.720 | $2 billion to $3.5 billion | 0.650 |
| $500 million to $7.5 billion | 0.680 | $3.5 billion to $5 billion | 0.625 |
| Over $7.5 billion | 0.640 | Over $5 billion | 0.600 |

---

(b) Expense Waivers and
 Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees, and to
 the extent that the fee waiver is insufficient to reimburse any ordinary operating expenses, to the extent necessary to cause
 total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to
 the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on
 securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser)
 not to exceed the percentages of average daily net assets indicated below. The contractual limits continue through January
 31, 2026 at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the
 current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the period ended
 March 31, 2025 (dollar values in thousands).

For the period ended March 31, 2025, Value Income Fund incurred operating expenses of approximately $78,000 that were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser at March 31, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit as a % of**<br> **Average Daily Net Assets** | **Expenses**<br>**Waived**<br>|
| Emerging Markets Debt Opportunities - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | 33 |
| Emerging Markets Debt Opportunities - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | 51 |
| Emerging Markets Debt Opportunities - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | 63 |
| Floating Rate - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | 35 |
| Floating Rate - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | 42 |
| Floating Rate - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | 38 |
| Focus - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |  |
| Global Discovery - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |  |
| Global Discovery - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | 13 |
| Global Discovery - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |  |
| Global Equity - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | 2 |
| Global Equity - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | 15 |
| Global Equity - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |  |
| Global Unconstrained - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | 43 |
| Global Unconstrained - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | 173 |
| Global Unconstrained - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | 75 |
| International Explorer - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |  |
| International Explorer - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |  |
| Select Equity - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | 28 |
| Select Equity - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | 22 |
| Select Equity - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | 2 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **117** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit as a % of<br> Average Daily Net Assets** | **Expenses Waived** |
| Sustainable Emerging Markets - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | 19 |
| Sustainable Emerging Markets - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | 27 |
| Sustainable Emerging Markets - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | 29 |
| Value - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | 48 |
| Value - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | 43 |
| Value - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | 10 |
| Value Income - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | 37 |
| Value Income - Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | 31 |
| Value Income - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | 67 |

---

(c) Officers and
 Directors – The officers and director of the Funds who are affiliated with the Adviser receive no compensation from the
 Funds. For the period ended March 31, 2025, directors of the Funds who are not affiliated persons of the Adviser
 ("independent directors") received compensation for their services based on an annual fee of$325,000.

In addition, the independent chair and each committee chair receives an annual supplemental retainer as follows:

---

| | |
|:---|:---|
| | **Amount** |
| Independent board chair | $125000 |
| Audit committee chair | $45000 |
| Governance and nominating committee chair | $30000 |
| Education committee chair | $30000 |

---

These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of "Other assets" on the Statements of Assets and Liabilities. Deferral of directors' fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

(d) Distribution
– Shares of the Funds are offered for sale by Artisan Partners Distributors LLC ("Distributors"). Distributors
is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

**(8) Line of Credit Arrangement:**

Artisan Partners Funds is party to a line of credit agreement with a syndicate of lenders, led by JPMorgan Chase Bank N.A., as lender and administrative agent that expires on June 4, 2025. Under the line of credit, each Fund can borrow an amount that would not exceed the lesser of (a) 33 1/3% of its adjusted net assets (for Floating Rate Fund, 20% from October 1, 2024 to November 12, 2024, and then 25% thereafter) with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund's prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund was a party; provided that the aggregate borrowings by all the Funds may not exceed $400 million. The Funds paid a commitment fee at the annual rate of 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the highest of (i) Daily Simple SOFR in effect on such day plus 0.10% plus 1.00%, (ii) the federal funds effective rate in effect on such day plus 1.00% or (iii) the overnight bank funding rate in effect on such day plus 1.00%. The Funds also paid an agent's fee and arrangement fee to JPMorgan Chase Bank N.A. and the Funds' and administrative agent's legal expenses in connection with the line of credit, each as incurred. The fees were allocated to each Fund based on average net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the period ended March 31, 2025, there were borrowings under the line of credit as follows (dollar values in thousands):

---

| | |
|:---|:---|
| **118** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Number of Days<br> Utilizing Line of Credit** | **Average<br> Borrowings** | **Average Borrowing Rates** |
| Global Equity | 3 | $2083 | 5.41% |
| International | 2 | 67075 | 5.40% |
| International Small-Mid | 5 | 37590 | 5.44% |

---

All fees and interest expense related to the line of credit are included in other operating expenses in the Statements of Operations. There were no borrowings outstanding at March 31, 2025.

**(9) Investment Transactions:**

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the period ended March 31, 2025 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Security Purchases** | **Security Sales** |
| Developing World | $1283455 | $1412778 |
| Emerging Markets Debt Opportunities | 31125 | 24547 |
| Floating Rate | 44446 | 31269 |
| Focus | 1291088 | 1367815 |
| Global Discovery | 82168 | 101261 |
| Global Equity | 161785 | 204842 |
| Global Opportunities | 828475 | 957440 |
| Global Unconstrained | 140357 | 41031 |
| Global Value | 182244 | 260692 |
| High Income | 1746990 | 1078397 |
| International | 2969489 | 3417521 |
| International Explorer | 118613 | 40959 |
| International Small-Mid | 721902 | 1333560 |
| International Value | 3732999 | 2359591 |
| Mid Cap | 1269478 | 2003094 |
| Mid Cap Value | 206576 | 197865 |
| Select Equity | 10984 | 8036 |
| Small Cap | 387305 | 585650 |
| Sustainable Emerging Markets | 71079 | 21570 |
| Value | 47937 | 60929 |
| Value Income | 2687 | 2371 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **119** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

**(10) Transactions in Securities of Affiliates:**

The table below shows information about securities of Fund "affiliates" (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the period ended March 31, 2025 (shares and dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company's outstanding voting securities (as defined by the 1940 Act) during the period ended March 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of**<br> **9/30/2024** | **As of**<br> **9/30/2024** | | | | | **As of**<br> **3/31/2025** | **As of**<br> **3/31/2025** | |
| <br>**Funds** | **Shares**<br> **Balance** | **Value** |<br>**Purchases at Cost** |<br>**Proceeds from**<br> **Sales** |<br>**Net Realized Gain**<br> **(Loss)** | **Net Increase (Decrease) in**<br> **Unrealized**<br>**Appreciation or**<br> **Depreciation** | **Share Balance** | **Value** |<br>**Dividend Income<sup>@</sup>** |
| **International Explorer** | **International Explorer** | **International Explorer** | **International Explorer** | | | | | | |
| M&C Saatchi plc<sup>(1)†</sup> | 6358 | $15472 | $3545 | $(5861) | $(642 | $(1409) | 5151 | $11105 | $— |
| Total<sup>#</sup> |  | $15472 | $3545 | $(5861) | $(642 | $(1409) |  | $— | $— |
| **International Value** | **International Value** | **International Value** | **International Value** |  |  |  |  |  |  |
| Barry Callebaut AG<sup>(1)‡</sup> | 260 | 480483 | 231818 |  |  | (145424) | 427 | 566877 | 10090 |
| Berkeley Group Holdings plc<sup>(1)</sup> | 5739 | 362130 | 60688 |  |  | (96386) | 7022 | 326432 | 2984 |
| Brenntag SE<sup>(1)</sup> | 9844 | 733975 | 148579 |  |  | (89269) | 12278 | 793285 |  |
| Koninklijke Philips NV<sup>(1)</sup>\*<sup>‡</sup> | 45331 | 1484541 | 129504 |  |  | (338417) | 50208 | 1275628 |  |
| Sensata Technologies |  |  |  |  |  |  |  |  |  |
| Holding plc | 9305 | 333662 | 40972 |  |  | (114239) | 10729 | 260395 | 2316 |
| Total |  | $3394791 | $611561 | $— | $— | $(783735) |  | $3222617 | $15390 |

---

---

| | |
|:---|:---|
| <sup>@</sup> | Net of foreign taxes withheld, if any. |
| <sup>†</sup> | Issuer was not an affiliate as of March 31, 2025. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>#</sup> | Total value as of March 31, 2025 is presented only for those issuers that were affiliates as of March 31, 2025. |
| <sup>(1)</sup> | Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. See notes 2(b) and 4 in Notes to Financial Statements for additional information. |
| <sup>^</sup> | Amount rounds to less than $1. |
| <sup>‡</sup> | Issuer was not an affiliate as of September 30, 2024. |

---

---

| | |
|:---|:---|
| **120** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

**(11) Information for Federal Income Tax Purposes:**

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of March 31, 2025 was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost<br> of Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized Appreciation<br> (Depreciation)<br> on Investments** |
| Developing World | $2178321 | $1489200 | $(72802) | $1416398 |
| Emerging Markets Debt Opportunities | 92871 | 3015 | (2217) | 798 |
| Floating Rate | 87155 | 313 | (1819) | (1506) |
| Focus | 793090 | 184299 | (6830) | 177469 |
| Global Discovery | 181310 | 48184 | (8157) | 40027 |
| Global Equity | 137186 | 20122 | (7491) | 12631 |
| Global Opportunities | 1640274 | 408045 | (73881) | 334164 |
| Global Unconstrained | 275776 | 9716 | (6226) | 3490 |
| Global Value | 1552308 | 998245 | (51589) | 946656 |
| High Income | 9493703 | 118273 | (315839) | (197566) |
| International | 4262894 | 1000161 | (259033) | 741128 |
| International Explorer | 254944 | 20371 | (13341) | 7030 |
| International Small-Mid | 3276249 | 659350 | (415669) | 243681 |
| International Value | 27269319 | 10562931 | (1079738) | 9483193 |
| Mid Cap | 2571251 | 1084359 | (133242) | 951117 |
| Mid Cap Value | 759726 | 311750 | (31385) | 280365 |
| Select Equity | 43484 | 16271 | (1436) | 14835 |
| Small Cap | 903608 | 248393 | (74687) | 173706 |
| Sustainable Emerging Markets | 189910 | 45557 | (9413) | 36144 |
| Value | 223196 | 91397 | (7424) | 83973 |
| Value Income | 15148 | 1914 | (868) | 1046 |

---

The Funds' tax-basis capital gains and losses are determined only at the end of each fiscal year. Accordingly, the table above does not include tax adjustments and reflects the aggregate book cost as of March 31, 2025.

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions).

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2025 and the year ended September 30, 2024 were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> 3/31/2025** | **Six Months Ended<br> 3/31/2025** | **Year Ended<br> 9/30/2024** | **Year Ended<br> 9/30/2024** |
| <br>**Fund** | **Ordinary<br> Income<br> Dividends** | **Long-Term<br> Capital Gain<br> Distributions** | **Ordinary<br> Income<br> Dividends** | **Long-Term<br> Capital Gain<br> Distributions** |
| Developing World | $— | $— | $— | $— |
| Emerging Markets Debt Opportunities | 3179 | 817 | 5540 | 231 |
| Floating Rate | 2769 |  | 6042 |  |
| Focus | 197 | 120650 |  |  |
| Global Discovery |  | 2088 |  |  |
| Global Equity | 1517 | 16282 | 1791 |  |
| Global Opportunities |  | 264860 |  | 63415 |
| Global Unconstrained | 4470 | 566 | 5784 | 210 |
| Global Value | 29922 | 98066 | 23757 | 43092 |
| High Income | 310267 |  | 619097 |  |
| International | 45928 | 425928 | 61760 | 38964 |
| International Explorer | 1576 | 3059 | 1569 | 51 |
| International Small-Mid | 4800 | 37732 | 2205 |  |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **121** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> 3/31/2025** | **Six Months Ended<br> 3/31/2025** | **Year Ended<br> 9/30/2024** | **Year Ended<br> 9/30/2024** |
| <br>**Fund** | **Ordinary<br> Income<br> Dividends** | **Long-Term<br> Capital Gain<br> Distributions** | **Ordinary<br> Income<br> Dividends** | **Long-Term<br> Capital Gain<br> Distributions** |
| International Value | $302020 | $855052 | $706320 | $552568 |
| Mid Cap |  | 512683 |  |  |
| Mid Cap Value | 6953 | 39467 | 9170 | 175680 |
| Select Equity | 124 | 596 | 250 |  |
| Small Cap |  | 64696 |  |  |
| Sustainable Emerging Markets | 1944 |  | 625 |  |
| Value | 4605 | 19103 | 3388 | 13269 |
| Value Income | 187 |  | 398 |  |

---

Floating Rate Fund had a return of capital during the year ended September 30, 2024 in the amount of $239 (in thousands).

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, straddle loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and qualified late year ordinary losses.

Gains on redemptions in-kind for Focus Fund, Global Opportunities Fund, Mid Cap Value Fund, and Value Fund of approximately $46,506, $176,008, $47,237, and $13,927 (in thousands), respectively, were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2025, and will not be recognized for Federal income tax purposes. These net realized gains represent permanent book/tax differences and will be reclassified to "Fund shares issued and outstanding" on the Statements of Assets and Liabilities at September 30, 2025.

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were recorded in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, dividends in excess and utilization of earnings and profits distributed to shareholders on redemption of Fund shares. These reclassifications have no impact on the net asset values of the Funds.

Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at September 30, 2024 as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Undistributed Net<br> Investment<br> Income (Loss)** | **Accumulated Net<br> Realized<br> Gain (Loss)** | **Fund Shares<br> Issued and<br> Outstanding** |
| Developing World | $13918 | $212 | $(14130) |
| Emerging Markets Debt Opportunities | (1165) | 837 | 328 |
| Floating Rate | (113) | 352 | (239) |
| Focus | 2779 | (26975) | 24196 |
| Global Discovery | 1093 | (32) | (1061) |
| Global Equity | 8 | (322) | 314 |
| Global Opportunities | 7549 | (450313) | 442764 |
| Global Unconstrained | (1867) | 1462 | 405 |
| Global Value | (1862) | (2553) | 4415 |
| High Income | (5008) | 5008 |  |
| International | (3851) | (21214) | 25065 |
| International Explorer | (49) | 19 | 30 |
| International Small-Mid | (19) | (130) | 149 |
| International Value | (35400) | (31063) | 66463 |
| Mid Cap | 31943 | (51382) | 19439 |
| Mid Cap Value | (2043) | (103363) | 105406 |
| Select Equity | (1) | (1) | 2 |
| Small Cap | 15325 | (2) | (15323) |
| Sustainable Emerging Markets | 94 | (94) |  |
| Value | (297) | (11308) | 11605 |
| Value Income | (4) | 8 | (4) |

---

---

| | |
|:---|:---|
| **122** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds' fiscal year, September 30. 2024. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds' fiscal year, September 30, 2024.

Additional tax information as of and for the year ended September 30, 2024 follows (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Gain** | **Qualified<br> Late Year<br> Capital<br> Losses** | **Qualified<br> Late Year<br> Ordinary<br> Losses** | **Other**<br> **Deferred**<br> **Gains**<br> **(Losses)<sup>\*</sup>** | **Tax Components of<br> Net Assets<br> Appreciation<br> (Depreciation)** | **Total**<br> **Distributable** <br> **Earnings** |
| Developing World | $— | $— | $— | $(10960) | $(566464) | $1498557 | $921133 |
| Emerging Markets Debt Opportunities | 524 |  |  |  | (7) | 1051 | 1568 |
| Floating Rate |  |  |  |  | (1476) | (609) | (2085) |
| Focus | 120847 |  |  |  | (108) | 212717 | 333456 |
| Global Discovery |  |  |  | (929) | (196) | 63993 | 62868 |
| Global Equity | 7265 | 6891 |  |  | (20) | 28092 | 42228 |
| Global Opportunities | 28608 | 231697 |  |  | (309) | 792621 | 1052617 |
| Global Unconstrained |  |  | (52) | (398) | (7) | 281 | (176) |
| Global Value | 30394 | 76911 |  |  | (202) | 854904 | 962007 |
| High Income | 4119 |  |  |  | (100162) | (181720) | (277763) |
| International | 107008 | 308047 |  |  | (682) | 1270855 | 1685228 |
| International Explorer | 2677 | 1407 |  |  | (6) | 15264 | 19342 |
| International Small-Mid | 30299 |  |  |  | (303) | 705353 | 735349 |
| International Value | 125406 | 855052 |  |  | (1742) | 10265868 | 11244584 |
| Mid Cap |  | 464642 |  | (25842) | (459) | 1521610 | 1959951 |
| Mid Cap Value | 5537 | 39467 |  |  | (150) | 431558 | 476412 |
| Select Equity | 208 | 181 |  |  | (13) | 13908 | 14284 |
| Small Cap |  | 28810 |  | (10590) | (193) | 428206 | 446233 |
| Sustainable Emerging Markets | 1943 |  |  |  | (146135) | 39234 | (104958) |
| Value | 4545 | 16850 |  |  | (28) | 118910 | 140277 |
| Value Income | 14 |  |  |  | (324) | 1833 | 1523 |

---

\* Other deferred gains and losses relate to (a) distribution payable at year end (b) other items including deferred compensation and capital loss carryforward.

---

| | |
|:---|:---|
| Artisan Partners Funds | **123** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

As of September 30, 2024, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Unexpiring –ST** | **Unexpiring –LT** | **Utilized in CY** |
| Developing World | $393777 | $172319 | $— |
| Floating Rate | 294 | 1165 | 236 |
| Focus |  |  | 17995 |
| Global Discovery | 177 |  | 29741 |
| Global Equity |  |  | 5209 |
| High Income |  | 84144 |  |
| International Small-Mid |  |  | 176845 |
| Mid Cap |  |  | 80161 |
| Select Equity |  |  | 626 |
| Small Cap |  |  | 304204 |
| Sustainable Emerging Markets<sup>(1)</sup> | 6622 | 139498 |  |
| Value Income |  | 317 | 231 |

---

(1) Due
 to an equity shift in the ordinary course of business, the utilization of certain capital
 loss carryovers is subject to annual limitations of $1,323 pursuant to Internal Revenue
 Code Sections 382-383.

**(12) Fund Share Activities:**

Capital share transactions for the Funds were as follows (dollar values in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** | **DEVELOPING WORLD** |
|  | **Six Months Ended**<br>**3/31/2025** | **Six Months Ended**<br>**3/31/2025** | **Year Ended**<br>**9/30/2024** | **Year Ended**<br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 949629 | $21024 | 2260629 | $41103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 11477881 | 255690 | 17209611 | 306632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 2850999 | 63630 | 9470471 | 173955 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (2017847) | (43841) | (4782636) | (83404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (9599113) | (213008) | (24979183) | (448117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (7297573) | (163670) | (18139548) | (322572) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (1068218) | (22817) | (2522007) | (42301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1878768 | 42682 | (7769572) | (141485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (4446574) | (100040) | (8669077) | (148617) |

---

---

| | |
|:---|:---|
| **124** | &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** | **EMERGING MARKETS DEBT OPPORTUNITIES** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 296426 | $3076 | 299520 | $3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 851120 | 8815 | 1434347 | 14651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1124140 | 11636 | 2018080 | 20690 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 20229 | 208 | 38979 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 121917 | 1256 | 176170 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 245479 | 2531 | 351850 | 3582 |
| Cost of shares redeemed<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (50094) | (517) | (240227) | (2455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (557579) | (5784) | (233702) | (2381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (125764) | (1303) | (172971) | (1770) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 266561 | 2767 | 98272 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 415458 | 4287 | 1376815 | 14062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1243855 | 12864 | 2196959 | 22502 |
| Redemption Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares |  | 1 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |  | 12 |

---

(1) Net
 of redemption fees.

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** | **FLOATING RATE** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 1633476 | $15659 | 1152100 | $11131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 564916 | 5405 | 1439602 | 13878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 199309 | 1905 | 1138330 | 10990 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 55531 | 530 | 106570 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 97060 | 927 | 220116 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 133281 | 1273 | 320090 | 3078 |
| Cost of shares redeemed<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (432418) | (4146) | (499829) | (4803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (298898) | (2856) | (1005725) | (9656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (563431) | (5371) | (659762) | (6331) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 1256589 | 12043 | 758841 | 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 363078 | 3476 | 653993 | 6338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (230841) | (2193) | 798658 | 7737 |
| Redemption Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares |  | 1 |  |  |

---

(1) Net
 of redemption fees.

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **125** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOCUS** | **FOCUS** | **FOCUS** | **FOCUS** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 107492 | $2504 | 116680 | $2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 3686397 | 83966 | 7175067 | 148818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 6167288 | 146126 | 6360345 | 133164 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 217177 | 4793 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2967663 | 66031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1439619 | 32147 |  |  |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (278024) | (6379) | (1225590) | (22951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (4446461) | (102263) | (10036503) | (190731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (12141380) | (294283) | (9399122) | (192901) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 46645 | 918 | (1108910) | (20546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2207599 | 47734 | (2861436) | (41913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (4534473) | (116010) | (3038777) | (59737) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** | **GLOBAL DISCOVERY** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 64447 | $1392 | 192850 | $3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 72605 | 1550 | 143357 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 152639 | 3305 | 150301 | 2884 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 12646 | 275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 6471 | 141 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 75655 | 1664 |  |  |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (165660) | (3531) | (511082) | (9622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (196913) | (4209) | (318321) | (5954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (790981) | (17099) | (1149526) | (19573) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (88567) | (1864) | (318232) | (5934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (117837) | (2518) | (174964) | (3192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (562687) | (12130) | (999225) | (16689) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** | **GLOBAL EQUITY** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 25592 | $527 | 82977 | $1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 56207 | 1166 | 12320 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 133507 | 2784 | 600053 | 11382 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 350238 | 6816 | 36149 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 26739 | 520 | 2708 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 485082 | 9580 | 53013 | 931 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (923904) | (19288) | (673456) | (12850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (39022) | (788) | (80869) | (1608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (943910) | (19797) | (2812400) | (49698) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (548074) | (11945) | (554330) | (10596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 43924 | 898 | (65841) | (1323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (325321) | (7433) | (2159334) | (37385) |

---

---

| | |
|:---|:---|
| **126** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** | **GLOBAL OPPORTUNITIES** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 365245 | $12225 | 822654 | $26429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 892322 | 30729 | 2378118 | 77151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 10056154 | 342190 | 20529331 | 684447 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2172374 | 71515 | 554307 | 16042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1425193 | 47630 | 334163 | 9791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3575538 | 121819 | 1039282 | 30950 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (2657315) | (89407) | (6074937) | (194959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (2952295) | (99932) | (5044757) | (161436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (17505063) | (592306) | (36861699) | (1226251) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (119696) | (5667) | (4697976) | (152488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (634780) | (21573) | (2332476) | (74494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (3873371) | (128297) | (15293086) | (510854) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** | **GLOBAL UNCONSTRAINED** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 480718 | $4956 | 1037276 | $10518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 13842312 | 143447 | 5918584 | 59721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3295354 | 34305 | 660536 | 6660 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 35443 | 364 | 32526 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 336873 | 3466 | 352013 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 117207 | 1206 | 214436 | 2140 |
| Cost of shares redeemed<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (100861) | (1037) | (113739) | (1139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (687437) | (7094) | (1015780) | (10242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (128394) | (1324) | (59306) | (595) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 415300 | 4283 | 956063 | 9706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 13491748 | 139819 | 5254817 | 53006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3284167 | 34187 | 815666 | 8205 |
| Redemption Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  | 1 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |  |  |

---

(1) Net
 of redemption fees.

---

| | |
|:---|:---|
| ^ | Amount rounds to less than $1 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **127** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** | **GLOBAL VALUE** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 435280 | $10283 | 986048 | $21584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1869290 | 44335 | 3291289 | 71160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 4344801 | 102983 | 6890935 | 151576 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 481375 | 10918 | 291866 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 739417 | 16733 | 402727 | 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3715300 | 84300 | 2171350 | 43166 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (1054464) | (24726) | (2139890) | (44999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (1265793) | (29584) | (2941207) | (63998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (7919724) | (185952) | (11588417) | (249979) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (137809) | (3525) | (861976) | (17616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1342914 | 31484 | 752809 | 15148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 140377 | 1331 | (2526132) | (55237) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** | **HIGH INCOME** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 11662865 | $106670 | 15487168 | $137626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 63539727 | 580878 | 148532479 | 1325782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 101483058 | 927907 | 238842629 | 2126920 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2123819 | 19405 | 5198051 | 46415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 11887521 | 108514 | 25720648 | 229790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 9511304 | 86821 | 17524078 | 156630 |
| Cost of shares redeemed(1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (7608081) | (69622) | (35344255) | (315745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (57953647) | (529675) | (145167624) | (1292153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (67422884) | (615863) | (140390710) | (1250709) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 6178603 | 56453 | (14659036) | (131704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 17473601 | 159717 | 29085503 | 263419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 43571478 | 398865 | 115975997 | 1032841 |
| Redemption Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares |  | 12 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares |  | 45 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  | 117 |  | 612 |

---

(1) Net
 of redemption fees.

---

| | |
|:---|:---|
| **128** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** | **INTERNATIONAL** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 1368272 | $40105 | 2580564 | $72252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2202975 | 63849 | 2965904 | 82088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 2587700 | 75950 | 7996945 | 223704 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 4721162 | 130587 | 1054796 | 27172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2418450 | 66507 | 527203 | 13507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 8165610 | 227086 | 1798773 | 46534 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (6126255) | (178172) | (14608791) | (400961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (3232693) | (93162) | (6987804) | (190113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (13647313) | (409677) | (19672549) | (555147) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (36821) | (7480) | (10973431) | (301537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1388732 | 37194 | (3494697) | (94518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2894003) | (106641) | (9876831) | (284909) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** | **INTERNATIONAL EXPLORER** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 7320538 | $90826 | 4634193 | $54396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1785679 | 21668 | 1945289 | 22115 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 275892 | 3347 | 79668 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 50740 | 615 | 28336 | 299 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (601299) | (7379) | (409487) | (4661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (502468) | (6253) | (866129) | (9837) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 6995131 | 86794 | 4304374 | 50576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1333951 | 16030 | 1107496 | 12577 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** | **INTERNATIONAL SMALL-MID** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 342380 | $6025 | 2079964 | $34184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 5542764 | 98692 | 10186802 | 173836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 21280500 | 382738 | 39508760 | 689565 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 84461 | 1511 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 476054 | 8569 | 1583 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1566056 | 28518 | 111228 | 1970 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (3377849) | (59046) | (8123473) | (138710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (22673545) | (400380) | (20476373) | (345004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (40367968) | (718734) | (30881179) | (534566) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (2951008) | (51510) | (6043509) | (104526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (16654727) | (293119) | (10287988) | (171140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (17521412) | (307478) | 8738809 | 156969 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **129** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** | **INTERNATIONAL VALUE** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 5825714 | $288308 | 9470387 | $442765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 41971533 | 2065534 | 59644964 | 2795835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 56471238 | 2810453 | 68040589 | 3197211 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 1925001 | 92871 | 2280936 | 103630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 6497531 | 312723 | 7195795 | 327592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 13069709 | 632573 | 15057881 | 687839 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (4984086) | (245161) | (13349484) | (626202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (25850589) | (1264508) | (44030638) | (2057122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (40800827) | (2013011) | (66374944) | (3165926) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2766629 | 136018 | (1598161) | (79807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 22618475 | 1113749 | 22810121 | 1066305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 28740120 | 1430015 | 16723526 | 719124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MID CAP** | **MID CAP** | **MID CAP** | **MID CAP** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2240677 | $78996 | 3329372 | $117517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1966913 | 74004 | 3233312 | 113324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3392480 | 142384 | 7009480 | 292864 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 3432748 | 120764 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2128128 | 76698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 5860894 | 253132 |  |  |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (7630768) | (272570) | (13647685) | (485712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (5663215) | (208267) | (5955369) | (213333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (9411837) | (418305) | (16226618) | (687266) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (1957343) | (72810) | (10318313) | (368195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (1568174) | (57565) | (2722057) | (100009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (158463) | (22789) | (9217138) | (394402) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** | **MID CAP VALUE** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 316825 | $5096 | 1010946 | $16207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 763230 | 12336 | 2269193 | 35194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 4578705 | 73493 | 13197761 | 206592 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 789690 | 12864 | 3832202 | 56372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 520500 | 8416 | 2685677 | 39238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1481460 | 23970 | 5642336 | 82491 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (2573127) | (41679) | (6000108) | (95250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (2198108) | (35227) | (7096336) | (109146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (5365707) | (86202) | (15153968) | (238028) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (1466612) | (23719) | (1156960) | (22671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (914378) | (14475) | (2141466) | (34714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 694458 | 11261 | 3686129 | 51055 |

---

---

| | |
|:---|:---|
| **130** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** | **SELECT EQUITY** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 52144 | $857 | 21504 | $296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 74804 | 1210 | 25509 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 235911 | 3778 | 240969 | 3458 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2305 | 37 | 1049 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1301 | 21 | 717 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 41583 | 662 | 17886 | 228 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (34360) | (539) | (39340) | (498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (45046) | (732) | (42024) | (627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (22775) | (369) | (9941) | (139) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 20089 | 355 | (16787) | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 31059 | 499 | (15798) | (313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 254719 | 4071 | 248914 | 3547 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** | **SMALL CAP** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 430750 | $15576 | 922931 | $29316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 588748 | 21678 | 1637662 | 53700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 570731 | 21262 | 2047850 | 68266 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 645109 | 23856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 364826 | 13659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 599190 | 22997 |  |  |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (1611484) | (58384) | (4745541) | (154735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (2036907) | (74418) | (2781650) | (91188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2867958) | (108019) | (13851029) | (473251) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (535625) | (18952) | (3822610) | (125419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (1083333) | (39081) | (1143988) | (37488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (1698037) | (63760) | (11803179) | (404985) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** | **SUSTAINABLE EMERGING MARKETS** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 199292 | $3573 | 322922 | $5264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 1071544 | 19263 | 923399 | 14416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 3022598 | 56127 | 3428276 | 54783 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 9382 | 165 | 3903 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 30871 | 544 | 13179 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 68427 | 1228 | 23260 | 363 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (298115) | (5265) | (363910) | (5971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (155228) | (2758) | (863484) | (13722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (442711) | (7914) | (742630) | (12658) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (89441) | (1527) | (37085) | (647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 947187 | 17049 | 73094 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 2648314 | 49441 | 2708906 | 42488 |

---

---

| | |
|:---|:---|
| Artisan Partners Funds | **131** |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VALUE** | **VALUE** | **VALUE** | **VALUE** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 93211 | $1408 | 386979 | $5496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 416172 | 6221 | 1401488 | 19521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 2114393 | 31842 | 4763117 | 67010 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 374527 | 5554 | 326064 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 388794 | 5723 | 366399 | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 810453 | 11930 | 525506 | 6832 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (570963) | (8636) | (1624426) | (23225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (1934483) | (29116) | (2237505) | (31773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (2984485) | (44833) | (3873189) | (55123) |
| Net increase (decrease) from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (103225) | (1674) | (911383) | (13461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (1129517) | (17172) | (469618) | (7489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (59639) | (1061) | 1415434 | 18719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** | **VALUE INCOME** |
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **3/31/2025** | **3/31/2025** | **9/30/2024** | **9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 2211 | $24 | 15985 | $151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 195 | 2 | 305 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 28464 | 299 | 250053 | 2413 |
| Net asset value of shares issued in reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | 1038 | 11 | 2493 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2382 | 25 | 5485 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 14511 | 151 | 31642 | 318 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (7033) | (74) | (8596) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (254) | (3) | (2406) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (13511) | (141) | (38517) | (386) |
| Net increase from fund share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | (3784) | (39) | 9882 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | 2323 | 24 | 3384 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 29464 | 309 | 243178 | 2345 |

---

**(13) Subsequent Events:**

The Funds have evaluated subsequent events through the date of issuance of the Funds' financial statements and have determined there is no impact to the Funds' financial statements.

---

| | |
|:---|:---|
| **132** | &nbsp;&nbsp;Artisan Partners Funds |

---

---

| |
|:---|
| **NOTES ON PORTFOLIO HOLDINGS' CLASSIFICATION** |
| **NOTES ON PORTFOLIO HOLDINGS' CLASSIFICATION** |

---

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of March 31, 2025. That information will vary with changes in a Fund's portfolio investments.

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgment may consider an issuer to be from a country other than the country designated by the securities information vendors. A vendor's criteria may include the identity of the jurisdiction of the issuer's incorporation, the main equity trading market for the issuer's securities, the geographical distribution of the issuer's operations and the location of the issuer's headquarters. The Adviser may also consider other criteria such as the source of a company's revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry in this report, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS®) developed by MSCI Inc. and Standard & Poor's (to the extent available) as primary sources for most Funds and FactSet Research Systems, Inc. (to the extent available) as a secondary source for this information. The Adviser uses the Sustainable Industry Classification System ("SICS®"), developed by the Sustainability Accounting Standards Board ("SASB"), as the primary source with respect to Sustainable Emerging Markets Fund. The Adviser assigns debt securities in accordance with the classifications developed by Bloomberg Finance L.P. In the event the Adviser's securities information vendors do not classify a security to a particular sector or industry, or if the Adviser determines that a different classification is more appropriate, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and/or other publicly available information. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds' data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

**Trademarks**

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor's Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers ("GICS Parties") makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

The Sustainable Industry Classification System (SICS®) is the exclusive intellectual property of Sustainability Accounting Standards Board (SASB).

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer.

---

| | |
|:---|:---|
| Artisan Partners Funds | **133** |

---

---

| |
|:---|
| **ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS** |
| **ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS** |

---

None.

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| |
|:---|
| **ITEM 9. PROXY DISCLOSURES** |
| **ITEM 9. PROXY DISCLOSURES** |

---

None.

---

| |
|:---|
| **ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS** |
| **ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS** |

---

See Statement of Operations in Item 7

---

| |
|:---|
| **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** |
| **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** |

---

None.

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| | |
|:---|:---|
| **134** | &nbsp;&nbsp;Artisan Partners Funds |

---

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** 

See Proxy Disclosures under Item 7(a) of this Form.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

See Statement of Operations under Item 7(a) of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

No material changes to report.

**Item 16.** **Controls and Procedures.** 

(a) The registrant's principal executive and principal financial officers have concluded, based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the "Disclosure Controls") as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-CSR (the "Report"), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant's management, including the registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19.** **Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not
 applicable for semiannual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not
 applicable.

[(3)](ex99-cert.htm) [Certifications of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(3)(i) and (a)(3)(ii).](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not
 applicable.

[(b)](ex99-906cert.htm) [Certification of Gregory K. Ramirez, Principal Executive Officer and Shannon K. Jagodinski, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b).](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Artisan Partners Funds, Inc.

---

| | |
|:---|:---|
| By: | /s/ Gregory K. Ramirez |
|  | Gregory K. Ramirez |
|  | Principal Executive Officer |
| Date: | June 6, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Gregory K. Ramirez |
|  | Gregory K. Ramirez |
|  | Principal Executive Officer |
| Date: | June 6, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Shannon K. Jagodinski |
|  | Shannon K. Jagodinski |
|  | Principal Financial Officer |
| Date: | June 6, 2025 |

---

## Ex-99.Cert

[Artisan Partners Funds, Inc. N-CSRS](artisan-ncsrs_033125.htm)

**Exhibit (a)(3)(i)** 

I, Gregory K. Ramirez, certify that:

1. I have reviewed this report on Form N-CSR of Artisan Partners Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 6, 2025

---

| |
|:---|
| /s/ Gregory K. Ramirez |
| Gregory K. Ramirez |
| Principal Executive Officer |

---

Exhibit (a)(3)(ii)

I, Shannon K. Jagodinski, certify that:

1. I have reviewed this report on Form N-CSR of Artisan Partners Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 6, 2025

---

| |
|:---|
| /s/ Shannon K. Jagodinski |
| Shannon K. Jagodinski |
| Principal Financial Officer |

---

## Exhibit 99.906

[Artisan Partners Funds, Inc. N-CSRS](artisan-ncsrs_033125.htm)

**Exhibit (b)** 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a)<br> and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Artisan Partners Funds, Inc. ("Artisan Funds") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of Artisan Funds does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Artisan Funds as of, and for, the periods presented in the Report.

Dated: June 6, 2025

---

| |
|:---|
| /s/ Gregory K. Ramirez |
| Gregory K. Ramirez |
| Principal Executive Officer |

---

Dated: June 6, 2025

---

| |
|:---|
| /s/ Shannon K. Jagodinski |
| Shannon K. Jagodinski |
| Principal Financial Officer |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Artisan Funds and will be retained by Artisan Funds and furnished to the Securities and Exchange Commission or its staff upon request.