Artisan Partners Funds, Inc.

N-Q 1 dnq.htm ARTISAN PARTNERS FUNDS, INC. Artisan Partners Funds, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

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, WI 53202

(Address of principal executive offices) (Zip Code)


Sarah A. Johnson		Alyssa Albertelli
Artisan Partners Funds, Inc.		Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800		One Metro Center, 700 12th Street, N.W., Suite 900
Milwaukee, Wisconsin 53202		Washington, D.C. 20005

(Name and address of agents for service)

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

Date of fiscal year end: 09/30

Date of reporting period: 6/30/2011

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Schedule of Investments.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON AND PREFERRED STOCKS - 96.0%

BRAZIL - 19.0%
Anhanguera Educacional Participacoes SA		167,000	$	3,555
Banco do Brasil S.A.⁽¹⁾⁽²⁾		107,980		1,937
Banco do Brasil S.A.		351,700		6,310
BM&F BOVESPA SA		1,638,400		10,845
BR Properties SA		745,314		8,357
Companhia Energetica de Minas Gerais-CEMIG, Preferred⁽³⁾		456,471		9,263
Companhia Vale do Rio Doce		982,662		31,161
Fibria Celulose S.A.		512,500		6,748
Fleury SA		391,904		5,708
Hypermarcas SA		1,187,300		11,183
Julio Simoes Logistica SA⁽¹⁾⁽²⁾		293,100		2,160
Julio Simoes Logistica SA		469,500		3,460
Magazine Luiza SA⁽⁴⁾		493,600		5,140
Magnesita Refratarios SA⁽⁴⁾		911,900		4,441
PDG Realty SA Empreendimentos e Participacoes		1,628,139		9,170
Petroleo Brasileiro S.A.		2,117,845		35,622
Randon SA Implementos e Participacoes, Preferred⁽³⁾		1,191,216		9,465
Tim Participacoes S.A., Preferred⁽³⁾		1,357,920		6,569
Totvs SA		401,900		7,417

				178,511

CHILE - 0.6%
Empresa Nacional de Telecomunicaciones S.A.		294,159		5,973

CHINA - 14.1%
Ajisen China Holdings Limited⁽⁵⁾		5,804,913		12,098
Chaoda Modern Agriculture (Holdings) Limited⁽⁵⁾		12,474,536		5,384
China High Precision Automation Group Ltd.⁽⁵⁾		8,898,000		6,977
China Rongsheng Heavy Industries Group Holdings Limited⁽⁵⁾		11,086,000		6,729
China Yurun Food Group Limited⁽⁵⁾		3,499,000		9,916
CNOOC Limited⁽⁵⁾		6,198,000		14,593
Digital China Holdings Limited⁽⁵⁾		2,522,000		4,072
GOME Electrical Appliances Holdings Limited⁽⁵⁾		33,752,587		13,481
Huabao International Holdings Limited⁽⁵⁾		7,410,322		6,756
Huaneng Power International, Inc., H Shares⁽⁵⁾		9,504,700		5,022
Mindray Medical International Limited, Class A (DR)		269,871		7,570
Noah Holdings Ltd. (DR)⁽⁴⁾		441,091		4,958
Sinopharm Group Co, H Shares⁽⁵⁾		1,528,500		5,147
Springland International Holdings Ltd.⁽⁵⁾		8,217,000		6,887
Tingyi (Cayman Islands) Holding Corporation⁽⁵⁾		3,261,925		10,121
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽⁵⁾		3,629,200		12,240

				131,951

COLOMBIA - 0.7%
Grupo de Inversiones Suramericana		315,122		6,734

EGYPT - 1.0%
Commercial International Bank Egypt SAE⁽⁵⁾		1,032,872		5,184
Egyptian Financial Group-Hermes Holding⁽⁵⁾		1,318,832		4,441

				9,625

HONG KONG - 0.7%
AIA Group Ltd.⁽⁴⁾⁽⁵⁾		1,883,865		6,569

HUNGARY - 1.0%
MOL Hungarian Oil and Gas Nyrt., Class A⁽⁴⁾⁽⁵⁾		86,210		9,884

INDIA - 4.7%
India Cements Limited⁽⁵⁾		2,826,374		4,486
Infosys Limited⁽⁵⁾		193,621		12,590
Mahindra & Mahindra Ltd.⁽⁵⁾		358,048		5,630
Nagarjuna Construction Company Ltd.⁽⁵⁾		2,478,186		4,499
Power Finance Corporation⁽⁵⁾		1,438,812		5,931
Reliance Infrastructure Ltd.⁽⁴⁾⁽⁵⁾		410,149		4,921
Welspun Corporation Ltd.⁽⁵⁾		1,452,028		5,669

				43,726

INDONESIA - 4.4%
Indofood CBP Sukses Makmur TBK PT⁽⁵⁾		7,576,500		4,774
PT Astra International Tbk⁽⁵⁾		1,933,500		14,346
PT Bank Negara Indonesia Tbk⁽⁵⁾		21,623,018		9,794
PT Gudang Garam Tbk⁽⁵⁾		1,151,000		6,697
PT Telekomunikasi Indonesia Tbk⁽⁵⁾		6,975,885		5,991

				41,602

ITALY - 0.7%
Tenaris S.A. (DR)		146,596		6,704

KAZAKSTAN - 0.8%
KazMunaiGas Exploration Production (DR)⁽⁵⁾		367,599		7,316

KOREA - 10.7%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽⁵⁾		286,564		12,277
E-Mart Co., Ltd.⁽⁴⁾		22,317		5,111
KB Financial Group, Inc.⁽⁵⁾		172,726		8,216
LG Electronics Inc.⁽⁵⁾		100,230		7,823
LOCK&LOCK CO., LTD.⁽⁵⁾		134,540		5,476
MegaStudy Co., Ltd.⁽⁵⁾		28,685		3,861
Samsung Electronics Co., Ltd.⁽⁵⁾		52,181		40,557
Shinhan Financial Group Co., Ltd.⁽⁵⁾		265,926		12,702
Shinsegae Co., Ltd.⁽⁵⁾		13,700		4,362

				100,385

MEXICO - 6.3%
America Movil SAB de C.V., Series L		14,008,874		18,892
Genomma Lab Internacional SA⁽⁴⁾		3,116,951		7,933
Grupo Financiero Banorte S.A. de C.V., O Shares		1,966,947		8,931
Grupo Televisa S.A., Series CPO		1,772,187		8,723
OHL Mexico SAB de CV⁽⁴⁾		3,805,167		7,654
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽⁴⁾		3,297,650		7,238

				59,371

RUSSIA - 6.2%
Eurasia Drilling Company Ltd. (DR)⁽⁵⁾		158,347		4,690
Eurasia Drilling Company Ltd., 144A (DR)⁽⁵⁾		26,670		790
Globaltrans Investment PLC (DR)⁽⁵⁾		406,601		7,559
LSR Group O.J.S.C. (DR)⁽⁵⁾		1,083,756		8,567
LUKOIL (DR)⁽⁵⁾		260,714		16,583
Magnitogorsk Iron & Steel Works (DR)⁽⁵⁾		880,853		10,024
Mobile TeleSystems (DR)		503,437		9,575

				57,788

SOUTH AFRICA - 7.3%
African Bank Investments Limited⁽⁵⁾		2,023,477		10,311
Harmony Gold Mining Company Limited⁽⁵⁾		688,029		9,123
Impala Platinum Holdings Limited⁽⁵⁾		482,542		13,026
Mondi Limited⁽⁵⁾		832,682		8,134
Mr. Price Group Limited⁽⁵⁾		1,059,947		10,700
MTN Group Limited⁽⁵⁾		790,242		16,838

				68,132

SWEDEN - 0.8%
Alliance Oil Company Ltd. (DR)⁽⁴⁾⁽⁵⁾		443,309		7,689

TAIWAN - 10.9%
Cathay Financial Holding Co., Ltd.⁽⁵⁾		4,096,356		6,361
Chinatrust Financial Holding Company Ltd.⁽⁵⁾		9,502,299		8,296
E Ink Holdings Inc.⁽⁴⁾⁽⁵⁾		6,034,000		11,377
Far Eastern Textile Ltd.⁽⁵⁾		4,904,091		7,656
Hon Hai Precision Industry Co., Ltd.⁽⁵⁾		4,072,656		14,048
HTC Corporation⁽⁵⁾		472,620		16,145
MediaTek Incorporation⁽⁵⁾		810,794		8,839
Taiwan Fertilizer Co., Ltd.⁽⁵⁾		2,397,000		7,396
Taiwan Semiconductor Manufacturing Company Ltd.⁽⁵⁾		8,894,647		22,513

				102,631

THAILAND - 1.2%
Bangkok Bank Public Company Limited (DR)⁽⁵⁾		1,420,000		7,309
Bumrungrad Hospital Public Company Limited (DR)⁽⁵⁾		3,325,900		3,955

				11,264

TURKEY - 3.7%
Bizim Toptan Satis Magazalari AS⁽⁵⁾		284,053		4,551
Cimsa Cimento Sanayi ve Ticaret A.S.⁽⁵⁾		672,700		3,590
Emlak Konut Gayrimenkul Yatirim⁽⁵⁾		3,850,251		6,502
Ford Otomotiv Sanayi A.S.⁽⁵⁾		743,281		6,392
Turk Ekonomi Bankasi A.S.⁽⁵⁾		3,955,803		4,705
Turkiye Sinai Kalkinma Bankasi A.S.⁽⁵⁾		5,473,415		8,771

				34,511

UNITED ARAB EMIRATES - 0.4%
Air Arabia⁽⁵⁾		21,574,217		3,912

UNITED KINGDOM - 0.8%
Antofagasta plc⁽⁵⁾		339,719		7,601

Total common and preferred stocks (Cost $855,194)				901,879

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $30,707⁽⁶⁾ (Cost $30,707)	$	30,707	$	30,707


Total investments - 99.3% (Cost $885,901)				932,586

Other assets less liabilities - 0.7%				6,263


Total net assets - 100.0%⁽⁷⁾			$	938,849

⁽¹⁾	The shares of Banco do Brasil S.A. and Julio Simoes Logistica SA were acquired in a private placement and are restricted. The shares of Banco do Brasil S.A. and Julio Simoes Logistica SA are freely tradeable outside the United States, where the Fund expects to trade them.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Banco do Brasil S.A.		7/1/2010	$	1,477	$	1,937		0.2	%
Julio Simoes Logistica SA		4/20/2010		1,339		2,160		0.2	%

					$	4,097		0.4	%

⁽²⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities determined to be illiquid were $4,097, or 0.4% of total net assets.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Non-income producing security.

⁽⁵⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $617,373 or 65.8% of total net assets.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		3.625	%		2/15/2021	$	31,323

⁽⁷⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company's legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

Unaudited

(dollar values in thousands)


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	119,406		12.7	%
Consumer Staples		57,737		6.1
Energy		103,871		11.1
Financials		161,731		17.2
Healthcare		30,313		3.2
Industrials		77,611		8.3
Information Technology		144,535		15.4
Materials		123,631		13.2
Telecommunication Services		63,838		6.8
Utilities		19,206		2.0

Total common and preferred stocks		901,879		96.0
Short-term investments		30,707		3.3

Total investments		932,586		99.3
Other assets less liabilities		6,263		0.7

Total net assets	$	938,849		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
Brazilian real	$	178,511		19.2	%
British pound		7,601		0.8
Chilean peso		5,973		0.6
Colombian peso		6,734		0.7
Egyptian pound		9,625		1.0
Hong Kong dollar		125,992		13.5
Hungarian forint		9,884		1.1
Indian rupee		43,726		4.7
Indonesian rupiah		41,602		4.5
Korean won		100,385		10.8
Mexican peso		59,371		6.4
South African rand		68,132		7.3
Swedish krona		7,689		0.8
Taiwan dollar		102,631		11.0
Thai baht		11,264		1.2
Turkish lira		34,511		3.7
U.S. dollar		115,043		12.3
United Arab Emirates dirham		3,912		0.4

Total investments	$	932,586		100.0	%

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.5%

AUSTRALIA - 2.3%
Asciano Ltd⁽¹⁾		106,980	$	189
Foster’s Group Limited⁽¹⁾		25,189		139

				328

BELGIUM - 1.9%
Anheuser-Busch InBev NV⁽¹⁾		4,665		270

BRAZIL - 2.0%
Banco Daycoval SA, Preferred⁽²⁾		23,400		147
Fleury SA		9,800		143

				290

CANADA - 1.1%
Canadian National Railway Company		2,027		162

CHINA - 1.7%
Camelot Information Systems, Inc. (DR)⁽³⁾		16,205		242

DENMARK - 0.9%
Novo Nordisk A/S, Class B⁽¹⁾		1,092		137

FRANCE - 10.1%
Air Liquide SA⁽¹⁾		1,415		203
Christian Dior SA⁽¹⁾		1,310		206
DANONE S.A.⁽¹⁾		3,929		293
Ipsos⁽¹⁾		3,233		151
Pernod Ricard SA⁽¹⁾		2,148		212
Schneider Electric SA⁽¹⁾		2,381		398

				1,463

GERMANY - 5.4%
Bayer AG⁽¹⁾		3,703		298
Linde AG⁽¹⁾		1,151		202
Siemens AG⁽¹⁾		2,119		291

				791

HONG KONG - 5.2%
AIA Group Ltd.⁽¹⁾⁽³⁾		93,795		327
Dairy Farm International Holdings Limited⁽¹⁾		9,800		80
Sands China Ltd.⁽¹⁾⁽³⁾		130,390		354

				761

INDIA - 1.7%
Housing Development Finance Corporation Ltd.⁽¹⁾		15,657		247

JAPAN - 5.3%
CANON INC.⁽¹⁾		3,100		148
INPEX CORPORATION⁽¹⁾		35		258
LAWSON, INC.⁽¹⁾		3,100		163
TOYOTA MOTOR CORPORATION⁽¹⁾		4,900		206

				775

KOREA - 1.1%
Samsung Electronics Co., Ltd.⁽¹⁾		206		160

NETHERLANDS - 2.8%
Akzo Nobel N.V.⁽¹⁾		4,123		260
Unilever NV (DR)⁽¹⁾		4,425		145

				405

PERU - 1.2%
Credicorp Ltd.		2,038		175

PHILIPPINES - 1.5%
Alliance Global Group, Inc.⁽¹⁾		862,400		219

RUSSIA - 1.3%
Gazprom (DR)⁽¹⁾		12,932		189

SPAIN - 1.7%
Amadeus IT Holding SA⁽¹⁾⁽³⁾		11,984		249

SWEDEN - 1.2%
Assa Abloy AB, Class B⁽¹⁾		6,711		180

SWITZERLAND - 8.5%
Givaudan SA⁽¹⁾⁽³⁾		138		146
Julius Baer Group Ltd.⁽¹⁾⁽³⁾		4,061		168
Nestle SA⁽¹⁾		7,670		477
Swatch Group AG - Bearer Shares⁽¹⁾		495		250
UBS AG⁽¹⁾⁽³⁾		11,105		202

				1,243

UNITED KINGDOM - 9.5%
Experian PLC⁽¹⁾		11,107		141
GlaxoSmithKline PLC⁽¹⁾		8,546		183
HSBC Holdings plc⁽¹⁾		24,160		240
Standard Chartered plc⁽¹⁾		5,459		143
Vodafone Group Plc⁽¹⁾		105,443		280
WPP plc⁽¹⁾		31,305		392

				1,379

UNITED STATES - 31.1%
Abercrombie & Fitch Co.		2,746		184
Accenture plc, Class A		3,427		207
Allergan, Inc.		1,969		164
American Express Company		3,843		199
Apple Inc.⁽³⁾		365		123
The Bank of New York Mellon Corporation		10,797		277
CME Group Inc., Class A		597		174
The Coca-Cola Company		3,189		215
Colgate-Palmolive Company		1,760		154
The Dun & Bradstreet Corporation		2,787		211
EMC Corporation⁽³⁾		13,664		376
Franklin Resources, Inc.		1,135		149
Google Inc., Class A⁽³⁾		639		324
Halliburton Company		4,579		234
McDonald’s Corporation		3,341		282
MGM Resorts International⁽³⁾		13,238		175
Movado Group, Inc.		11,601		198
Oracle Corporation		7,506		247
Thermo Fisher Scientific Inc.⁽³⁾		2,294		148
United Technologies Corporation		1,644		145
The Walt Disney Company		3,700		144
YUM! Brands, Inc.		3,708		205

				4,535

Total common and preferred stocks (Cost $12,765)				14,200

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $390⁽⁴⁾ (Cost $390)	$	390	$	390


Total investments - 100.2% (Cost $13,155)				14,590

Other assets less liabilities - (0.2%)				(25	)


Total net assets - 100.0%⁽⁵⁾			$	14,565

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $8,796 or 60.4% of total net assets.

⁽²⁾	Non-voting shares.

⁽³⁾	Non-income producing security.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	401

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)

Description

Counterparty

Transaction
Type

Settlement Date

Cost on
Origination Date

Value

Unrealized
Depreciation

Japanese Yen

State Street Bank and Trust Company

Sell

8/18/2011

210

212

)

Unrealized Depreciation on foreign currency forward contracts is included in Other assets less liabilities on the Schedule of Investments.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value			Percentage of Total Net Assets
Consumer Discretionary	$	2,747			18.9	%
Consumer Staples		2,148			14.7
Energy		681			4.7
Financials		2,448			16.8
Healthcare		1,073			7.4
Industrials		1,936			13.3
Information Technology		2,076			14.2
Materials		811			5.6
Telecommunication Services		280			1.9

Total common and preferred stocks		14,200			97.5
Short-term investments		390			2.7

Total investments		14,590			100.2
Other assets less liabilities		(25	)		(0.2	)

Total net assets	$	14,565			100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
Australian dollar	$	328		2.2	%
Brazilian real		290		2.0
British pound		1,379		9.5
Canadian dollar		162		1.1
Danish krone		137		0.9
Euro		3,178		21.8
Hong Kong dollar		681		4.7
Indian rupee		247		1.7
Japanese yen		775		5.3
Korean won		160		1.1
Philippine peso		219		1.5
Swedish krona		180		1.2
Swiss franc		1,243		8.5
U.S. dollar		5,611		38.5

Total investments	$	14,590		100.0	%

ARTISAN GLOBAL VALUE FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 93.7%

BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.⁽¹⁾		12,978	$	1,154

FRANCE - 4.8%
Publicis Groupe⁽¹⁾		33,472		1,868
Total SA⁽¹⁾		24,196		1,399

				3,267

GERMANY - 1.2%
HeidelbergCement AG⁽¹⁾		13,144		838

HONG KONG - 1.1%
Guoco Group Limited⁽¹⁾		61,595		756

IRELAND - 1.1%
Ryanair Holdings PLC, Equity-Linked Security, 144A^(1)(2)(3)(4)		150,495		775

JAPAN - 6.1%
Credit Saison Co., Ltd.⁽¹⁾		56,900		958
Daiwa Securities Group Inc.⁽¹⁾		132,596		584
Kao Corporation⁽¹⁾		49,000		1,288
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾		122,028		594
SANKYO CO., LTD.⁽¹⁾		11,748		607
Stanley Electric Co., Ltd.⁽¹⁾		7,100		124

				4,155

NETHERLANDS - 5.2%
ING Groep N.V.⁽¹⁾⁽⁵⁾		130,496		1,610
Koninklijke Ahold NV⁽¹⁾		74,987		1,008
Koninklijke Philips Electronics N.V.⁽¹⁾		37,003		950

				3,568

SWITZERLAND - 8.2%
Adecco SA⁽¹⁾⁽⁵⁾		19,532		1,252
Novartis AG⁽¹⁾		30,433		1,864
Panalpina Welttransport Holding AG⁽¹⁾⁽⁵⁾		11,079		1,521
Pargesa Holding SA - Bearer Shares⁽¹⁾		10,203		945

				5,582

UNITED KINGDOM - 13.9%
BAE Systems plc⁽¹⁾		135,972		695
Compass Group PLC⁽¹⁾		288,515		2,783
Diageo plc⁽¹⁾		98,612		2,015
Experian PLC⁽¹⁾		68,593		874
Lloyds Banking Group plc⁽¹⁾⁽⁵⁾		1,395,527		1,097
Unilever PLC (DR)		64,174		2,079

				9,543

UNITED STATES - 50.4%
3M Company		15,927		1,511
Accenture plc, Class A		17,451		1,054
American Express Company		34,988		1,809
Arch Capital Group Ltd.⁽⁵⁾⁽⁶⁾		70,683		2,256
The Bank of New York Mellon Corporation		75,816		1,942
Becton, Dickinson and Company		9,175		791
The Chubb Corporation		32,549		2,038
Cisco Systems, Inc.		42,985		671
CVS Caremark Corporation		19,806		744
Fidelity National Financial, Inc.		30,783		485
Google Inc., Class A⁽⁵⁾		3,589		1,817
Johnson & Johnson		33,276		2,213
Lockheed Martin Corporation		13,599		1,101
Marsh & McLennan Companies, Inc.		75,877		2,367
MasterCard Incorporated, Class A		10,849		3,269
Microsoft Corporation		21,574		561
Mohawk Industries, Inc.⁽⁵⁾		23,619		1,417
Signet Jewelers Ltd.⁽⁵⁾		57,806		2,706
Target Corporation		27,057		1,269
TE Connectivity Ltd.		68,691		2,525
Wal-Mart Stores, Inc.		36,388		1,934

				34,480

Total common stocks (Cost $53,118)				64,118

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $3,862⁽⁷⁾ (Cost $3,862)	$	3,862	$	3,862


Total investments - 99.3% (Cost $56,980)				67,980

Other assets less liabilities - 0.7%				492


Total net assets - 100.0%⁽⁸⁾			$	68,472

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $27,559 or 40.2% of total net assets.

⁽²⁾	Non-voting shares.

⁽³⁾	Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in Note (G) in Notes to Form N-Q, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁴⁾	Security is restricted. Ryanair Holdings PLC was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. The shares of Ryanair Holdings PLC may be resold in transactions exempt from registration to qualified institutional buyers.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC		8/26/09 - 6/3/11	$	699	$	775		1.1	%

⁽⁵⁾	Non-income producing security.

⁽⁶⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Financial Statements.

⁽⁷⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	3,941

⁽⁸⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


Description	Counterparty	Transaction Type	Settlement Date		Cost on Origination Date		Value		Unrealized (Depreciation) Appreciation
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011	$	875	$	886	$	(11	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011		819		829		(10	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011		1,137		1,127		10

					$	2,831	$	2,842	$	(11	)

Unrealized (Depreciation) Appreciation on foreign currency forward contracts is included in Other assets less liabilities on the Schedule of Investments.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	10,774		15.7	%
Consumer Staples		9,068		13.3
Energy		1,399		2.0
Financials		18,595		27.2
Healthcare		4,868		7.1
Industrials		8,679		12.7
Information Technology		9,897		14.5
Materials		838		1.2

Total common stocks		64,118		93.7
Short-term investments		3,862		5.6

Total investments		67,980		99.3
Other assets less liabilities		492		0.7

Total net assets	$	68,472		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
British pound	$	7,464		11.0	%
Euro		9,602		14.1
Hong Kong dollar		756		1.1
Japanese yen		4,155		6.1
Swiss franc		5,582		8.2
U.S. dollar		40,421		59.5

Total investments	$	67,980		100.0	%

ARTISAN GROWTH OPPORTUNITIES FUND (FORMERLY ARTISAN OPPORTUNISTIC GROWTH FUND)

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 95.0%

BRAZIL - 5.3%
Anhanguera Educacional Participacoes SA		66,100	$	1,407
Mills Estruturas e Servicos de Engenharia SA		236,150		3,405
OdontoPrev SA		175,550		2,925
Totvs SA		96,550		1,782

				9,519

CHINA - 4.3%
Baidu, Inc., Class A (DR)⁽¹⁾		23,800		3,335
Ctrip.com International, Ltd. (DR)⁽¹⁾		58,802		2,533
Shandong Weigao Group Medical Polymer Company Limited, H Shares⁽²⁾		1,198,100		1,741

				7,609

HONG KONG - 2.1%
Wynn Macau Limited⁽²⁾		1,136,700		3,752

INDIA - 3.6%
HDFC Bank Limited (DR)		20,400		3,598
Jubilant Foodworks Limited⁽¹⁾⁽²⁾		130,025		2,762

				6,360

JAPAN - 1.1%
FANUC CORP.⁽²⁾		11,600		1,934

SWEDEN - 4.7%
Hexagon AB, Class B⁽²⁾		217,845		5,365
Telefonaktiebolaget LM Ericsson (DR), Class B		209,400		3,011

				8,376

SWITZERLAND - 5.2%
ABB Limited (DR)⁽¹⁾		214,300		5,561
Compagnie Financiere Richemont SA - Bearer Shares⁽²⁾		56,950		3,729

				9,290

UNITED KINGDOM - 5.6%
ARM Holdings PLC⁽²⁾		276,450		2,615
Rotork plc⁽²⁾		112,200		3,036
The Weir Group PLC⁽²⁾		129,100		4,408

				10,059

UNITED STATES - 63.1%
Agilent Technologies, Inc.⁽¹⁾		161,250		8,242
Allergan, Inc.		74,225		6,179
Apple Inc.⁽¹⁾		20,175		6,772
Baker Hughes Incorporated		62,800		4,557
Cerner Corporation⁽¹⁾		78,158		4,776
Citrix Systems, Inc.⁽¹⁾		70,950		5,676
Comerica Incorporated		62,000		2,143
Discover Financial Services		160,500		4,293
Edwards Lifesciences Corporation⁽¹⁾		43,500		3,792
EMC Corporation⁽¹⁾		326,400		8,992
Google Inc., Class A⁽¹⁾		9,395		4,758
IHS Inc.⁽¹⁾		52,900		4,413
Juniper Networks, Inc.⁽¹⁾		152,300		4,798
Monsanto Company		87,100		6,318
National Oilwell Varco, Inc.		51,050		3,993
Occidental Petroleum Corporation		33,850		3,522
Oracle Corporation		218,300		7,184
Polo Ralph Lauren Corporation, Class A		27,550		3,654
Precision Castparts Corp.		45,375		7,471
Regeneron Pharmaceuticals, Inc.⁽¹⁾		58,300		3,306
Starbucks Corporation		155,002		6,121
Trimble Navigation Limited⁽¹⁾		42,790		1,696

				112,656

Total common stocks (Cost $137,873)				169,555

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $10,280⁽³⁾ (Cost $10,280)	$	10,280	$	10,280


Total investments - 100.8% (Cost $148,153)				179,835

Other assets less liabilities - (0.8%)				(1,404	)


Total net assets - 100.0%⁽⁴⁾			$	178,431

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $29,342 or 16.4% of total net assets.

⁽³⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		3.625	%		2/15/2021	$	10,490

⁽⁴⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company's legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


Description	Counterparty	Transaction Type	Settlement Date		Cost on Origination Date		Value		Unrealized (Depreciation) Appreciation
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011	$	826	$	836	$	(10	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011		50		50		—

					$	876	$	886	$	(10	)

Unrealized (Depreciation) Appreciation on foreign currency forward contracts is included in Other assets less liabilities on the Schedule of Investments.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value			Percentage of Total Net Assets
Consumer Discretionary	$	23,958			13.4	%
Energy		12,072			6.8
Financials		10,034			5.6
Healthcare		30,961			17.4
Industrials		35,593			19.9
Information Technology		50,619			28.4
Materials		6,318			3.5

Total common stocks		169,555			95.0
Short-term investments		10,280			5.8

Total investments		179,835			100.8
Other assets less liabilities		(1,404	)		(0.8	)

Total net assets	$	178,431			100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
Brazilian real	$	9,519		5.3	%
British pound		10,059		5.6
Hong Kong dollar		5,493		3.0
Indian rupee		2,762		1.5
Japanese yen		1,934		1.1
Swedish krona		5,365		3.0
Swiss franc		3,729		2.1
U.S. dollar		140,974		78.4

Total investments	$	179,835		100.0	%

ARTISAN INTERNATIONAL FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 95.9%

AUSTRALIA - 3.1%
Asciano Ltd⁽¹⁾		67,171,212	$	118,898
Coca-Cola Amatil Limited⁽¹⁾		1,435,210		17,610
Foster‘s Group Limited⁽¹⁾		25,880,634		143,273
Treasury Wine Estates⁽²⁾		8,626,878		31,459

				311,240

BELGIUM - 3.4%
Anheuser-Busch InBev NV⁽¹⁾		5,824,552		337,737

BRAZIL - 1.0%
Petroleo Brasileiro S.A. (DR)		2,882,678		97,608

CANADA - 3.3%
Canadian National Railway Company		698,627		55,820
Canadian Pacific Railway Limited		4,301,913		268,095

				323,915

CHINA - 6.1%
Baidu, Inc., Class A (DR)⁽²⁾		1,788,209		250,582
Beijing Enterprises Holdings Ltd.⁽¹⁾		7,901,853		41,337
China Construction Bank, H Shares⁽¹⁾		108,463,600		90,417
China Resources Land Limited⁽¹⁾		23,572,700		42,561
Ctrip.com International, Ltd. (DR)⁽²⁾		1,292,147		55,666
Huabao International Holdings Limited⁽¹⁾		76,828,359		70,048
MGM China Holdings Ltd.⁽²⁾		6,739,600		12,437
Sinopharm Group Co, H Shares⁽¹⁾		11,063,500		37,257

				600,305

FRANCE - 10.4%
BNP Paribas⁽¹⁾		1,659,149		127,963
DANONE S.A.⁽¹⁾		785,000		58,572
LVMH Moet Hennessy Louis Vuitton SA⁽¹⁾		240,355		43,259
Pernod Ricard SA⁽¹⁾		2,381,111		234,712
PPR S.A.⁽¹⁾		59,870		10,662
Publicis Groupe⁽¹⁾		1,370,506		76,506
Schneider Electric SA⁽¹⁾		755,320		126,193
Unibail-Rodamco⁽¹⁾		883,120		204,085
Vinci SA⁽¹⁾		2,267,690		145,263

				1,027,215

GERMANY - 14.3%
BASF AG⁽¹⁾		1,309,184		128,117
Bayer AG⁽¹⁾		3,651,736		293,585
Beiersdorf AG⁽¹⁾		1,563,562		101,463
Brenntag AG⁽¹⁾		765,008		88,924
Daimler AG⁽¹⁾		3,079,680		231,779
Linde AG⁽¹⁾		1,902,729		333,599
Siemens AG⁽¹⁾		1,783,520		244,886

				1,422,353



HONG KONG - 18.2%
AIA Group Ltd.⁽¹⁾⁽²⁾	66,667,900	232,460
The Bank of East Asia, Ltd.⁽¹⁾	5,185,900	21,375
BOC Hong Kong (Holdings) Limited⁽¹⁾	23,788,412	69,074
Cheung Kong (Holdings) Limited⁽¹⁾	9,034,000	132,856
Galaxy Entertainment Group Limited⁽¹⁾	19,062,324	41,119
Hang Seng Bank Limited⁽¹⁾	4,846,577	77,512
Henderson Land Development Company Limited⁽¹⁾	14,353,700	93,148
Hong Kong Exchanges & Clearing Limited⁽¹⁾	4,879,500	102,789
Hongkong Land Holdings Limited⁽¹⁾	6,904,926	49,218
NWS Holdings Limited⁽¹⁾	35,561,846	47,651
Sands China Ltd.⁽¹⁾⁽²⁾	166,413,125	451,263
Sino Land Company Limited⁽¹⁾	65,525,800	106,284
Sun Hung Kai Properties Limited⁽¹⁾	9,140,100	133,038
Wynn Macau Limited⁽¹⁾	73,614,078	243,010

		1,800,797

INDIA - 1.1%
Coal India Limited⁽¹⁾	1,366,357	12,039
Housing Development Finance Corporation Ltd.⁽¹⁾	6,154,140	97,064

		109,103

ITALY - 1.7%
Fiat Industrial SpA⁽¹⁾⁽²⁾	8,135,097	105,169
Intesa Sanpaolo⁽¹⁾	24,221,064	64,413

		169,582

JAPAN - 9.4%
BRIDGESTONE CORPORATION⁽¹⁾	4,034,700	92,857
CANON INC.⁽¹⁾	2,208,400	105,312
HONDA MOTOR CO., LTD.⁽¹⁾	5,993,800	231,023
JAPAN TOBACCO INC.⁽¹⁾	35,751	137,971
Mitsubishi Corporation⁽¹⁾	2,225,200	55,752
MITSUI & CO., LTD.⁽¹⁾	7,400,500	127,978
SOFTBANK Corp⁽¹⁾	4,904,300	185,749

		936,642

KOREA - 0.7%
NHN Corp.⁽¹⁾⁽²⁾	374,189	66,379

NETHERLANDS - 2.9%
Akzo Nobel N.V.⁽¹⁾	2,573,207	162,325
Unilever NV (DR)⁽¹⁾	3,914,318	128,233

		290,558

RUSSIA - 1.1%
Gazprom (DR)⁽¹⁾	7,104,136	104,051

SINGAPORE - 0.9%
City Developments Limited⁽¹⁾	2,881,730	24,499
Genting Singapore PLC⁽¹⁾⁽²⁾	39,674,571	62,606

		87,105

SPAIN - 0.9%
Industria de Diseno Textil, S.A.⁽¹⁾	974,433	88,982

SWEDEN - 0.8%
Sandvik AB⁽¹⁾	4,423,257	77,558



SWITZERLAND - 8.3%
Adecco SA⁽¹⁾⁽²⁾		2,877,021		184,456
Compagnie Financiere Richemont SA - Bearer Shares⁽¹⁾		464,855		30,440
Givaudan SA⁽¹⁾⁽²⁾		34,213		36,197
Nestle SA⁽¹⁾		5,573,782		346,406
Swatch Group AG - Bearer Shares⁽¹⁾		454,033		229,076

				826,575

UNITED KINGDOM - 7.5%
BG Group plc⁽¹⁾		1,983,921		45,026
Imperial Tobacco Group plc⁽¹⁾		3,690,153		122,691
Johnson Matthey PLC⁽¹⁾		789,709		24,920
Kingfisher PLC⁽¹⁾		21,484,557		92,140
Prudential plc⁽¹⁾		817,480		9,447
SABMiller plc⁽¹⁾		2,704,674		98,608
Standard Chartered plc⁽¹⁾		1,963,427		51,594
Tate & Lyle PLC⁽¹⁾		3,515,123		34,754
WPP plc⁽¹⁾		21,418,069		268,142

				747,322

UNITED STATES - 0.8%
Accenture plc, Class A		1,313,031		79,333

Total common stocks (Cost $7,707,623)				9,504,360

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/2011, due 7/1/2011, maturity value $557,597⁽³⁾ (Cost $557,597)	$	557,597	$	557,597


Total investments - 101.5% (Cost $8,265,220)				10,061,957

Other assets less liabilities - (1.5%)				(145,200	)


Total net assets - 100.0%⁽⁴⁾			$	9,916,757

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $8,653,360 or 87.3% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.375	%		7/31/2017	$	203,117
U.S. Treasury Note		2.625	%		8/15/2020		137,375
U.S. Treasury Note		3.625	%		2/15/2021		228,259

						$	568,751

⁽⁴⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company‘s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value			Percentage of Total Net Assets
Consumer Discretionary	$	2,260,967			22.8	%
Consumer Staples		1,793,489			18.1
Energy		258,724			2.6
Financials		1,729,797			17.5
Healthcare		330,842			3.3
Industrials		1,687,980			17.0
Information Technology		501,606			5.1
Materials		755,206			7.6
Telecommunication Services		185,749			1.9

Total common stocks		9,504,360			95.9
Short-term investments		557,597			5.6

Total investments		10,061,957			101.5
Other assets less liabilities		(145,200	)		(1.5	)

Total net assets	$	9,916,757			100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
Australian dollar	$	311,240		3.1	%
British pound		747,322		7.4
Euro		3,336,427		33.1
Hong Kong dollar		2,045,636		20.3
Indian rupee		109,103		1.1
Japanese yen		936,642		9.3
Korean won		66,379		0.7
Singapore dollar		87,105		0.9
Swedish krona		77,558		0.8
Swiss franc		826,575		8.2
U.S. dollar		1,517,970		15.1

Total investments	$	10,061,957		100.0	%

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 92.3%

AUSTRALIA - 2.1%
Domino’s Pizza Enterprises Limited⁽¹⁾		2,332,627	$	15,135

AUSTRIA - 1.8%
Flughafen Wien AG⁽¹⁾		255,756		13,008

BRAZIL - 0.7%
Arcos Dorados Holdings Inc., Class A		50,936		1,074
M Dias Branco SA		145,500		3,869

				4,943

CHINA - 15.9%
AMVIG Holdings Ltd⁽¹⁾		9,352,000		7,251
Beijing Enterprises Water Group Limited⁽¹⁾⁽²⁾		63,106,000		17,498
China Everbright International Limited⁽¹⁾		19,143,700		7,461
China Gas Holdings Ltd.⁽¹⁾		20,470,000		8,133
China Lodging Group Ltd. (DR)⁽²⁾		359,774		6,404
Hengan International Group Company Limited⁽¹⁾		1,334,050		12,037
Hengdeli Holdings Limited⁽¹⁾		13,936,000		7,429
Intime Department Store Group Company Limited⁽¹⁾		13,020,800		22,112
Longtop Financial Technologies Limited (DR)⁽¹⁾⁽²⁾⁽³⁾		503,502		1,908
Maoye International Holdings Ltd.⁽¹⁾		13,819,130		6,921
New World Department Store China⁽¹⁾		10,228,000		8,078
Parkson Retail Group Ltd.⁽¹⁾		2,498,500		3,668
Yingde Gases⁽¹⁾		9,405,000		8,687

				117,587

FRANCE - 7.5%
Boiron SA⁽¹⁾		34,434		1,539
Eurofins Scientific⁽¹⁾		133,063		12,252
Gemalto NV⁽¹⁾		127,290		6,086
Havas SA⁽¹⁾		1,245,486		6,649
Ipsos⁽¹⁾		345,048		16,160
Rubis⁽¹⁾		102,737		13,028

				55,714

GERMANY - 17.8%
Gerresheimer AG⁽¹⁾		311,533		14,870
GfK SE⁽¹⁾		508,750		26,853
Sixt AG⁽¹⁾		239,791		13,395
Wacker Neuson SE⁽¹⁾		1,486,588		25,610
Wirecard AG⁽¹⁾		2,845,583		50,859

				131,587

HONG KONG - 8.8%
Chow Sang Sang Holdings International Limited⁽¹⁾		2,703,800		9,175
Galaxy Entertainment Group Limited⁽¹⁾⁽²⁾		1,403,000		3,026
Shangri-La Asia Limited⁽¹⁾		4,566,000		11,269
SJM Holdings Limited⁽¹⁾		15,008,000		35,868
Sun Hung Kai & Co. Limited⁽¹⁾		7,928,912		5,841

				65,179

IRELAND - 2.7%
Smurfit Kappa Group PLC⁽¹⁾⁽²⁾		1,656,757		19,751



ITALY - 6.5%
Davide Campari - Milano S.p.A.⁽¹⁾		3,817,898		31,380
Marr SpA⁽¹⁾		1,291,755		16,642

				48,022

JAPAN - 1.1%
NTN CORPORATION⁽¹⁾		1,451,000		8,257

NETHERLANDS - 3.7%
Imtech NV⁽¹⁾		779,716		27,574

PHILIPPINES - 3.0%
Alliance Global Group, Inc.⁽¹⁾		87,369,000		22,154

RUSSIA - 2.6%
Globaltrans Investment PLC (DR)⁽¹⁾		609,419		11,330
Pharmstandard⁽¹⁾⁽²⁾		56,781		4,292
TransContainer OAO (DR)⁽¹⁾		321,238		3,854

				19,476

SINGAPORE - 4.7%
City Developments Limited⁽¹⁾		711,972		6,053
Mandarin Oriental International Limited⁽¹⁾		3,557,000		7,444
Petra Foods Limited⁽¹⁾		1,351,000		2,179
SIA Engineering Company⁽¹⁾		4,279,700		15,165
Super Group Ltd.⁽¹⁾		3,106,000		3,622

				34,463

SWITZERLAND - 3.6%
Bank Sarasin & Cie AG, B Shares⁽¹⁾		314,229		12,444
Schindler Holding AG, Participation Certificates⁽¹⁾⁽⁴⁾		119,282		14,500

				26,944

TURKEY - 2.7%
Bizim Toptan Satis Magazalari AS⁽¹⁾		545,127		8,735
Coca-Cola Icecek AS ⁽¹⁾		779,793		11,504

				20,239

UNITED KINGDOM - 7.1%
Aegis Group plc⁽¹⁾		7,540,226		19,353
Babcock International Group plc⁽¹⁾		2,190,060		25,024
Informa PLC⁽¹⁾		1,187,894		8,238

				52,615

Total common stocks (Cost $500,244)				682,648

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $52,524⁽⁵⁾ (Cost $52,524)	$	52,524	$	52,524


Total investments - 99.4% (Cost $552,768)				735,172

Other assets less liabilities - 0.6%				4,331


Total net assets - 100.0%⁽⁶⁾			$	739,503

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $671,301 or 90.8% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities determined to be illiquid were $1,908 or 0.3% of total net assets.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	53,579

⁽⁶⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company's legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

Unaudited

(dollar values in thousands)


	Value		Percentage of Total Assets
Consumer Discretionary	$	214,856		29.0	%
Consumer Staples		89,968		12.2
Financials		24,338		3.3
Healthcare		32,953		4.5
Industrials		187,332		25.3
Information Technology		58,853		8.0
Materials		35,689		4.8
Utilities		38,659		5.2

Total common stocks		682,648		92.3
Short-term investments		52,524		7.1

Total investments		735,172		99.4
Other assets less liabilities		4,331		0.6

Total net assets	$	739,503		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
Australian dollar	$	15,135		2.1	%
Brazilian real		3,869		0.5
British pound		52,615		7.2
Euro		295,656		40.2
Hong Kong dollar		174,454		23.7
Japanese yen		8,257		1.1
Philippine peso		22,154		3.0
Singapore dollar		27,019		3.7
Swiss franc		26,944		3.7
Turkish lira		20,239		2.7
U.S. dollar		88,830		12.1

Total investments	$	735,172		100.0	%

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 92.2%

BELGIUM - 1.8%
Groupe Bruxelles Lambert S.A.⁽¹⁾		1,051,284	$	93,452

DENMARK - 1.2%
Carlsberg A/S, Class B⁽¹⁾		563,597		61,327

FRANCE - 10.7%
Gemalto NV⁽¹⁾		906,818		43,357
Publicis Groupe⁽¹⁾		2,996,316		167,264
Societe Television Francaise 1⁽¹⁾		2,877,733		52,390
Sodexo⁽¹⁾		1,927,169		150,997
Total SA⁽¹⁾		2,428,277		140,442

				554,450

GERMANY - 2.5%
HeidelbergCement AG⁽¹⁾		2,010,356		128,155

HONG KONG - 1.9%
Guoco Group Limited⁽¹⁾		8,088,822		99,276

IRELAND - 3.0%
ICON PLC (DR)⁽²⁾		2,164,039		50,985
Ryanair Holdings PLC, Equity-Linked Security, 144A^(1)(3)(4)(5)		20,619,795		106,241

				157,226

JAPAN - 11.5%
Aderans Co., Ltd.⁽¹⁾⁽⁶⁾		2,410,400		24,476
Credit Saison Co., Ltd.⁽¹⁾		6,902,159		116,189
Daiwa Securities Group Inc.⁽¹⁾		13,137,131		57,876
Kao Corporation⁽¹⁾		4,913,400		129,128
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾⁽⁵⁾		3,654,200		17,790
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾		12,494,306		60,826
NIFCO INC.⁽¹⁾		867,600		22,968
SANKYO CO., LTD.⁽¹⁾		1,555,738		80,405
SEINO HOLDINGS CO., LTD.⁽¹⁾		2,540,800		18,289
Stanley Electric Co., Ltd.⁽¹⁾		4,152,500		72,654

				600,601

NETHERLANDS - 6.8%
ING Groep N.V.⁽¹⁾⁽²⁾		12,259,929		151,230
Koninklijke Ahold NV⁽¹⁾		6,868,123		92,291
Koninklijke Philips Electronics N.V.⁽¹⁾		4,397,298		112,853

				356,374

SWITZERLAND - 13.3%
Adecco SA⁽¹⁾⁽²⁾		2,559,219		164,081
Nestle SA⁽¹⁾		1,458,964		90,674
Novartis AG⁽¹⁾		2,657,899		162,816
Panalpina Welttransport Holding AG⁽¹⁾⁽²⁾		1,042,172		143,074
Pargesa Holding SA - Bearer Shares⁽¹⁾		1,357,266		125,722
Tamedia AG⁽¹⁾⁽²⁾		33,039		4,871

				691,238

THAILAND - 0.4%
Thai Beverage Public Company Limited⁽¹⁾		89,567,744		20,073

UNITED KINGDOM - 22.8%
BAE Systems plc⁽¹⁾		10,994,603		56,205
Carpetright PLC⁽¹⁾		2,685,879		28,064
Compass Group PLC⁽¹⁾		27,916,472		269,290
Diageo plc ⁽¹⁾		6,976,650		142,548
Experian PLC⁽¹⁾		6,034,553		76,855
Lancashire Holdings Ltd⁽¹⁾		4,321,848		45,262
Lloyds Banking Group plc⁽¹⁾⁽²⁾		136,759,262		107,460
Qinetiq Group PLC^(1)(2)(6)		60,959,193		118,094
Reed Elsevier PLC⁽¹⁾		17,380,679		158,067
Savills Plc⁽¹⁾⁽⁶⁾		9,711,154		60,941
Unilever PLC (DR)		3,907,949		126,578

				1,189,364

UNITED STATES - 16.3%
Accenture plc, Class A		1,956,102		118,188
Arch Capital Group Ltd.⁽²⁾⁽⁶⁾		5,549,423		177,138
Covidien plc		2,867,941		152,660
Signet Jewelers Ltd.⁽²⁾		3,867,020		181,015
TE Connectivity Ltd.		6,019,955		221,294

				850,295

Total common stocks (Cost $3,939,560)				4,801,831

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $393,804⁽⁷⁾ (Cost $393,804)	$	393,804	$	393,804


Total investments - 99.8% (Cost $4,333,364)				5,195,635

Other assets less liabilities - 0.2%				12,234


Total net assets - 100.0%⁽⁸⁾			$	5,207,869

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $3,756,183 or 72.1% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in Note (G) in Notes to Form N-Q, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁵⁾

Security is restricted. Ryanair Holdings PLC was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. The shares of Ryanair Holdings PLC may be resold in transactions exempt from registration to qualified institutional buyers. The shares of Mitsubishi UFJ Financial Group, Inc., were acquired in a private placement and are freely tradeable outside the United States, where the Fund expects to trade them.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC		9/17/08 - 6/30/11	$	89,330	$	106,241		2.0	%
Mitsubishi UFJ Financial Group, Inc.		12/14/2009	$	17,639	$	17,790		0.4	%

					$	124,031		2.4	%

⁽⁶⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽⁷⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	401,682

⁽⁸⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


Description	Counterparty	Transaction Type	Settlement Date		Cost on Origination Date		Value		Unrealized (Depreciation) Appreciation
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011	$	145,869	$	147,634	$	(1,765	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011		125,193		126,731		(1,538	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/18/2011		155,124		153,808		1,316

					$	426,186	$	428,173	$	(1,987	)

Unrealized (Depreciation) Appreciation on foreign currency forward contracts is included in Other assets less liabilities on the Schedule of Investments.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,187,985		22.8	%
Consumer Staples		687,095		13.2
Energy		140,442		2.7
Financials		1,113,162		21.4
Healthcare		366,461		7.0
Industrials		795,692		15.3
Information Technology		382,839		7.3
Materials		128,155		2.5

Total common stocks		4,801,831		92.2
Short-term investments		393,804		7.6

Total investments		5,195,635		99.8
Other assets less liabilities		12,234		0.2

Total net assets	$	5,207,869		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2011

(Unaudited)

(dollar values in thousands)


	Value		Percentage of Total Investments
British pound	$	1,062,786		20.4	%
Danish krone		61,327		1.2
Euro		1,238,672		23.8
Hong Kong dollar		99,276		1.9
Japanese yen		600,601		11.6
Singapore dollar		20,073		0.4
Swiss franc		691,238		13.3
U.S. dollar		1,421,662		27.4

Total investments	$	5,195,635		100.0	%

ARTISAN MID CAP FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 95.4%

CONSUMER DISCRETIONARY - 18.2%
Auto Components - 1.0%
BorgWarner Inc.⁽¹⁾		726,714	$	58,711

Automobiles - 0.3%
Tesla Motors, Inc.⁽¹⁾		562,285		16,379

Distributors - 1.4%
LKQ Corporation⁽¹⁾		3,300,570		86,112

Diversified Consumer Services - 0.3%
New Oriental Education & Technology Group, Inc. (DR)⁽¹⁾⁽²⁾		166,600		18,613

Hotels, Restaurants & Leisure - 6.1%
Arcos Dorados Holdings Inc., Class A⁽²⁾		1,436,200		30,289
Chipotle Mexican Grill, Inc.⁽¹⁾		246,624		76,007
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾		2,044,231		88,066
Starwood Hotels & Resorts Worldwide, Inc.		1,571,499		88,067
Wynn Resorts, Limited		618,623		88,797

				371,226

Internet & Catalog Retail - 0.6%
Netflix, Inc.⁽¹⁾		131,367		34,509

Specialty Retail - 0.5%
CarMax, Inc.⁽¹⁾		592,600		19,597
Ulta Salon, Cosmetics & Fragrance, Inc.⁽¹⁾		193,900		12,522

				32,119

Textiles, Apparel & Luxury Goods - 8.0%
Coach, Inc.		2,223,423		142,143
Fossil, Inc.⁽¹⁾		1,609,235		189,439
lululemon athletica inc.⁽¹⁾		545,008		60,943
Polo Ralph Lauren Corporation, Class A		744,122		98,678

				491,203

CONSUMER STAPLES - 0.7%
Food Products - 0.7%
Diamond Foods, Inc.		382,000		29,162
TreeHouse Foods, Inc.⁽¹⁾		284,700		15,548

				44,710

ENERGY - 6.7%
Energy Equipment & Services - 6.7%
Cameron International Corporation⁽¹⁾		3,244,049		163,143
Core Laboratories N.V.		891,010		99,383
Dresser-Rand Group Inc.⁽¹⁾		2,725,427		146,492

				409,018

FINANCIALS - 6.2%
Capital Markets - 0.7%
Ares Capital Corporation		2,837,809		45,604

Commercial Banks - 1.7%
Comerica Incorporated		1,600,560		55,331
HDFC Bank Limited (DR)⁽²⁾		276,938		48,849

				104,180

Consumer Finance - 2.0%
Discover Financial Services		4,505,410		120,520

Diversified Financial Services - 1.8%
CME Group Inc., Class A		367,665		107,207

HEALTHCARE - 20.0%
Biotechnology - 4.5%
Alexion Pharmaceuticals, Inc.⁽¹⁾		895,600		42,120
Cepheid⁽¹⁾		1,775,300		61,496
Incyte Corporation⁽¹⁾		1,813,582		34,349
Pharmasset, Inc.⁽¹⁾		207,600		23,293
Regeneron Pharmaceuticals, Inc.⁽¹⁾		2,041,613		115,780

				277,038

Health Care Equipment & Supplies - 3.3%
Edwards Lifesciences Corporation⁽¹⁾		1,414,531		123,319
Intuitive Surgical, Inc.⁽¹⁾		217,013		80,753

				204,072

Health Care Technology - 4.9%
athenahealth, Inc.⁽¹⁾⁽³⁾		2,039,415		83,820
Cerner Corporation⁽¹⁾		3,549,524		216,911

				300,731

Life Sciences Tools & Services - 4.9%
Agilent Technologies, Inc.⁽¹⁾		4,157,115		212,470
Illumina, Inc.⁽¹⁾		1,204,083		90,487

				302,957

Pharmaceuticals - 2.4%
Allergan, Inc.		1,777,896		148,010

INDUSTRIALS - 16.5%
Aerospace & Defense - 3.2%
Precision Castparts Corp.		1,194,296		196,641

Electrical Equipment - 5.4%
Cooper Industries plc		3,084,276		184,039
Roper Industries, Inc.		1,769,912		147,434

				331,473

Machinery - 4.8%
Gardner Denver, Inc.		1,876,534		157,723
PACCAR Inc		1,798,904		91,906
SPX Corporation		511,849		42,309

				291,938

Professional Services - 3.1%
IHS Inc.⁽¹⁾		1,583,917		132,130
Verisk Analytics, Inc., Class A⁽¹⁾		1,718,427		59,492

				191,622

INFORMATION TECHNOLOGY - 27.1%
Communications Equipment - 3.0%
JDS Uniphase Corporation⁽¹⁾		2,281,000		38,001
Juniper Networks, Inc.⁽¹⁾		4,579,185		144,244

				182,245

Computers & Peripherals - 1.5%
NetApp, Inc.⁽¹⁾		1,713,037		90,414

Electronic Equipment & Instruments - 3.0%
IPG Photonics Corporation⁽¹⁾		644,700		46,876
Trimble Navigation Limited⁽¹⁾		3,099,365		122,859
Universal Display Corporation⁽¹⁾		443,100		15,548

				185,283

Internet Software & Services - 1.9%
LinkedIn Corporation, Class A⁽¹⁾		5,600		505
MercadoLibre, Inc.		934,963		74,180
OpenTable, Inc.⁽¹⁾		527,466		43,843

				118,528

IT Services - 2.4%
Teradata Corporation⁽¹⁾		2,444,004		147,129

Semiconductors & Semiconductor Equipment - 2.5%
ARM Holdings PLC (DR)⁽²⁾		2,694,925		76,617
Broadcom Corporation, Class A		1,698,376		57,133
Varian Semiconductor Equipment Associates, Inc.⁽¹⁾		333,831		20,511

				154,261

Software - 12.8%
ANSYS, Inc.⁽¹⁾		2,498,118		136,572
Autodesk, Inc.⁽¹⁾		1,174,935		45,353
Blackboard Inc.⁽¹⁾		1,282,705		55,657
Citrix Systems, Inc.⁽¹⁾		1,940,218		155,217
Concur Technologies, Inc.⁽¹⁾		705,165		35,308
Qlik Technologies Inc.⁽¹⁾		1,680,300		57,231
Red Hat, Inc.⁽¹⁾		2,008,941		92,210
salesforce.com, inc.⁽¹⁾		535,911		79,840
VMware, Inc., Class A⁽¹⁾		1,278,768		128,171

				785,559

Total common stocks (Cost $3,746,766)				5,848,012

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $299,113⁽⁴⁾ (Cost $299,113)	$	299,113	$	299,113


Total investments - 100.3% (Cost $4,045,879)				6,147,125

Other assets less liabilities - (0.3%)				(19,318	)


Total net assets - 100.0%⁽⁵⁾			$	6,127,807

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund‘s Statement of Additional Information for information on how a particular country is assigned.


Security	Country	Trading Currency
Arcos Dorados Holdings Inc., Class A	Brazil	US dollar
ARM Holdings PLC (DR)	United Kingdom	US dollar
Ctrip.com International, Ltd. (DR)	China	US dollar
HDFC Bank Limited (DR)	India	US dollar
New Oriental Education & Technology Group, Inc. (DR)	China	US dollar

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	305,100

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company‘s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

ARTISAN MID CAP VALUE FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 94.0%

CONSUMER DISCRETIONARY - 6.4%
Diversified Consumer Services - 1.8%
H&R Block, Inc.		8,102,800	$	129,969

Household Durables - 1.1%
Mohawk Industries, Inc.⁽¹⁾		1,331,900		79,901

Leisure Equipment & Products - 1.9%
Mattel, Inc.		5,117,500		140,680

Media - 1.6%
Omnicom Group Inc.		2,486,900		119,769

CONSUMER STAPLES - 5.4%
Food & Staples Retailing - 3.9%
The Kroger Co.		7,151,200		177,350
Sysco Corporation		3,426,400		106,835

				284,185

Food Products - 1.5%
Campbell Soup Company		3,117,500		107,710
H.J. Heinz Company		78,800		4,198

				111,908

ENERGY - 7.3%
Energy Equipment & Services - 1.5%
Ensco PLC (DR)⁽²⁾		2,067,674		110,207

Oil, Gas & Consumable Fuels - 5.8%
Cimarex Energy Co.		1,717,190		154,410
Range Resources Corporation		2,274,000		126,207
Southwestern Energy Company⁽¹⁾		3,415,300		146,448

				427,065

FINANCIALS - 17.4%
Insurance - 15.4%
Alleghany Corporation⁽¹⁾⁽³⁾		599,507		199,702
Allied World Assurance Company Holdings, Ltd		1,171,000		67,426
The Allstate Corporation		4,476,400		136,665
Aon Corporation		3,504,928		179,803
Arch Capital Group Ltd.⁽¹⁾⁽³⁾		4,083,819		130,356
Fidelity National Financial, Inc.		9,953,481		156,668
The Progressive Corporation		7,350,100		157,145
W. R. Berkley Corporation		3,083,700		100,035

				1,127,800

Real Estate Investment Trusts (REITS) - 2.0%
Annaly Capital Management, Inc.		6,604,800		119,151
Hatteras Financial Corp.		1,062,600		29,997

				149,148

HEALTHCARE - 3.2%
Health Care Providers & Services - 3.2%
CIGNA Corporation		3,669,550		188,725
Quest Diagnostics Incorporated		718,400		42,457

				231,182

INDUSTRIALS - 19.1%
Aerospace & Defense - 4.8%
L-3 Communications Holdings, Inc.		1,895,200		165,735
Rockwell Collins, Inc.		1,225,153		75,580
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾		5,046,100		111,014

				352,329

Commercial Services & Supplies - 1.0%
Cintas Corporation		2,124,700		70,179

Construction & Engineering - 1.9%
Jacobs Engineering Group Inc.⁽¹⁾		3,172,200		137,198

Electrical Equipment - 1.9%
Hubbell Inc., Class B		2,125,000		138,019

Machinery - 1.2%
Flowserve Corporation		782,400		85,978

Professional Services - 7.1%
The Dun & Bradstreet Corporation		1,797,200		135,760
Equifax Inc.		4,178,000		145,060
ManpowerGroup		1,425,800		76,494
Towers Watson & Co., Class A		2,486,900		163,414

				520,728

Road & Rail - 1.2%
Ryder System, Inc.		1,503,200		85,457

INFORMATION TECHNOLOGY - 25.8%
Computers & Peripherals - 1.6%
Lexmark International, Inc.⁽¹⁾⁽³⁾		4,113,200		120,352

Electronic Equipment & Instruments - 7.7%
Arrow Electronics, Inc.⁽¹⁾⁽³⁾		4,808,000		199,532
Avnet, Inc.⁽¹⁾		5,892,610		187,856
Ingram Micro Inc.⁽¹⁾⁽³⁾		9,752,200		176,905

				564,293

Internet Software & Services - 1.2%
Open Text Corporation⁽¹⁾⁽²⁾		1,411,500		90,364

IT Services - 7.5%
Broadridge Financial Solutions, Inc.		3,684,000		88,674
SAIC, Inc.⁽¹⁾		8,820,200		148,356
Total System Services, Inc.		7,692,800		142,932
The Western Union Company		8,234,400		164,935

				544,897

Semiconductors & Semiconductor Equipment - 6.1%
Analog Devices, Inc.		3,457,600		135,330
Applied Materials, Inc.		9,821,300		127,775
National Semiconductor Corporation		7,373,900		181,472

				444,577

Software - 1.7%
SYNOPSYS, INC.⁽¹⁾		4,839,300		124,418

UTILITIES - 9.4%
Electrical Utilities - 1.2%
Westar Energy, Inc.		3,143,000		84,578

Multi-Utilities - 6.2%
DTE Energy Company		1,557,500		77,906
OGE Energy Corp.		2,505,100		126,057
SCANA Corporation		2,818,500		110,964
Wisconsin Energy Corporation		666,900		20,907
Xcel Energy Inc.		4,962,700		120,594

				456,428

Water Utilities - 2.0%
American Water Works Company, Inc.		4,896,400		144,199

Total common stocks (Cost $5,594,513)				6,875,808

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $416,378⁽⁴⁾ (Cost $416,378)	$	416,378	$	416,378


Total investments - 99.7% (Cost $6,010,891)				7,292,186

Other assets less liabilities - 0.3%				18,844


Total net assets - 100.0%⁽⁵⁾			$	7,311,030

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Funds Statement of Additional Information for information on how a particular country is assigned.


Security	Country	Trading Currency
Ensco PLC (DR)	United Kingdom	US dollar
Open Text Corporation	Canada	US dollar

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Form N-Q.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	382,770
U.S. Treasury Note		3.625	%		2/15/2021		41,935

							424,705

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

ARTISAN SMALL CAP FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 96.1%

CONSUMER DISCRETIONARY - 15.1%
Automobiles - 0.3%
Tesla Motors, Inc.⁽¹⁾		33,200	$	967

Distributors - 2.9%
LKQ Corporation⁽¹⁾		401,800		10,483

Diversified Consumer Services - 2.2%
K12 Inc.⁽¹⁾		235,700		7,811

Hotels, Restaurants & Leisure - 1.1%
BJ’s Restaurants, Inc.⁽¹⁾		43,800		2,293
Home Inns & Hotels Management, Inc. (DR)⁽¹⁾⁽²⁾		41,600		1,582

				3,875

Internet & Catalog Retail - 0.9%
HomeAway, Inc.⁽¹⁾		39,400		1,525
MakeMyTrip Limited⁽¹⁾⁽²⁾		73,700		1,806

				3,331

Media - 0.7%
ReachLocal, Inc.⁽¹⁾		117,800		2,454

Specialty Retail - 4.2%
Monro Muffler Brake, Inc.		138,300		5,157
Ulta Salon, Cosmetics & Fragrance, Inc.⁽¹⁾		152,900		9,874

				15,031

Textiles, Apparel & Luxury Goods - 2.8%
Iconix Brand Group, Inc.⁽¹⁾		235,000		5,687
Vera Bradley, Inc.⁽¹⁾		44,100		1,685
The Warnaco Group, Inc.⁽¹⁾		51,700		2,701

				10,073

CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 0.9%
The Fresh Market, Inc.⁽¹⁾		86,700		3,354

Food Products - 2.4%
Diamond Foods, Inc.		44,200		3,374
TreeHouse Foods, Inc.⁽¹⁾		96,500		5,270

				8,644

ENERGY - 3.2%
Energy Equipment & Services - 3.2%
Core Laboratories N.V.		53,700		5,990
Dril-Quip, Inc.⁽¹⁾		77,800		5,277

				11,267

FINANCIALS - 5.1%
Capital Markets - 2.7%
Ares Capital Corporation		607,961		9,770

Commercial Banks - 2.4%
FirstMerit Corporation		259,100		4,278
MB Financial, Inc.		225,200		4,333

				8,611

HEALTHCARE - 19.8%
Biotechnology - 6.9%
Cepheid⁽¹⁾		378,000		13,094
Incyte Corporation⁽¹⁾		206,500		3,911
Regeneron Pharmaceuticals, Inc.⁽¹⁾		134,500		7,628

				24,633

Health Care Equipment & Supplies - 7.3%
Align Technology, Inc.⁽¹⁾		117,500		2,679
DexCom Inc.⁽¹⁾		168,900		2,447
HeartWare International, Inc.⁽¹⁾		48,100		3,563
Masimo Corporation		309,600		9,189
NxStage Medical, Inc.⁽¹⁾		125,100		2,605
Thoratec Corporation⁽¹⁾		111,300		3,653
ZOLL Medical Corporation⁽¹⁾		30,300		1,717

				25,853

Health Care Providers & Services - 3.0%
HMS Holdings Corp.⁽¹⁾		138,700		10,662

Health Care Technology - 2.3%
athenahealth, Inc.⁽¹⁾⁽³⁾		199,500		8,199

Life Sciences Tools & Services - 0.3%
Pacific Biosciences of California, Inc.⁽¹⁾		77,500		907

INDUSTRIALS - 23.0%
Aerospace & Defense - 4.0%
Hexcel Corporation⁽¹⁾		390,100		8,539
The KEYW Holding Corporation⁽¹⁾		143,100		1,773
MOOG INC., Class A⁽¹⁾		92,100		4,008

				14,320

Electrical Equipment - 8.1%
Acuity Brands, Inc.		176,500		9,845
Regal Beloit Corporation		76,600		5,115
Thomas & Betts Corporation⁽¹⁾		192,300		10,355
Woodward, Inc.		102,700		3,580

				28,895

Machinery - 8.1%
Chart Industries, Inc.⁽¹⁾		18,100		977
IDEX Corporation		234,200		10,738
Robbins & Myers, Inc.		253,800		13,413
Titan International, Inc.		152,900		3,709

				28,837

Professional Services - 1.1%
RPX Corporation⁽¹⁾		137,600		3,857

Road & Rail - 0.2%
Zipcar, Inc.⁽¹⁾		41,000		837

Trading Companies & Distributors - 1.5%
Beacon Roofing Supply, Inc.⁽¹⁾		235,300		5,370

INFORMATION TECHNOLOGY - 25.3%
Communications Equipment - 0.2%
Riverbed Technology, Inc.⁽¹⁾		20,400		808

Computers & Peripherals - 0.5%
Stratasys, Inc.⁽¹⁾		53,300		1,796

Electronic Equipment & Instruments - 2.7%
Aeroflex Holding Corp.⁽¹⁾		244,600		4,439
Cognex Corporation		101,400		3,593
Universal Display Corporation⁽¹⁾		43,700		1,533

				9,565

Internet Software & Services - 4.9%
LogMeIn, Inc.⁽¹⁾		122,100		4,709
MercadoLibre, Inc.		59,100		4,689
OpenTable, Inc.⁽¹⁾		44,400		3,691
Responsys, Inc.⁽¹⁾		112,000		1,986
Travelzoo Inc.⁽¹⁾		39,400		2,547

				17,622

Semiconductors & Semiconductor Equipment - 3.6%
Cavium Networks, Inc.⁽¹⁾		42,000		1,831
Microsemi Corporation⁽¹⁾		224,400		4,600
Varian Semiconductor Equipment Associates, Inc.⁽¹⁾		105,200		6,463

				12,894

Software - 13.4%
ANSYS, Inc.⁽¹⁾		119,200		6,517
Blackboard Inc.⁽¹⁾		55,800		2,421
CommVault Systems, Inc.⁽¹⁾		262,700		11,677
Concur Technologies, Inc.⁽¹⁾		96,100		4,812
Informatica Corporation⁽¹⁾		198,800		11,616
NetSuite Inc.⁽¹⁾		118,900		4,661
OPNET Technologies, Inc.		22,400		917
Qlik Technologies Inc.⁽¹⁾		148,300		5,051

				47,672

UTILITIES - 1.3%
Electrical Utilities - 1.3%
ITC Holdings Corp.		64,900		4,658

Total common stocks (Cost $225,079)				343,056

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $14,860⁽⁴⁾ (Cost $14,860)	$	14,860	$	14,860


Total investments - 100.2% (Cost $239,939)				357,916

Other assets less liabilities - (0.2%)				(864	)


Total net assets - 100.0%⁽⁵⁾			$	357,052

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for information on how a particular country is assigned.


Security	Country	Trading Currency
Home Inns & Hotels Management, Inc. (DR)	China	US dollar
MakeMyTrip Limited	India	US dollar

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	15,158

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 94.5%

CONSUMER DISCRETIONARY - 10.2%
Diversified Consumer Services - 3.2%
Coinstar, Inc.⁽¹⁾		334,500	$	18,244
Matthews International Corporation		1,351,113		54,247
Regis Corporation		2,268,000		34,746

				107,237

Hotels, Restaurants & Leisure - 1.0%
Jack in the Box Inc.⁽¹⁾		1,479,708		33,708

Household Durables - 0.5%
Universal Electronics Inc.⁽¹⁾		631,500		15,952

Internet & Catalog Retail - 0.5%
PetMed Express, Inc.⁽²⁾		1,368,900		16,221

Media - 2.2%
Arbitron Inc.		434,300		17,950
DreamWorks Animation SKG, Inc., Class A⁽¹⁾		868,000		17,447
Meredith Corporation		1,185,855		36,916

				72,313

Specialty Retail - 2.1%
Rent-A-Center, Inc.		2,261,362		69,107

Textiles, Apparel & Luxury Goods - 0.7%
Skechers U.S.A., Inc., Class A⁽¹⁾		1,673,700		24,235

CONSUMER STAPLES - 2.4%
Food Products - 1.6%
Cal-Maine Foods, Inc.		1,145,400		36,607
Darling International Inc.⁽¹⁾		886,700		15,695

				52,302

Tobacco - 0.8%
Universal Corporation		663,786		25,005

ENERGY - 10.7%
Energy Equipment & Services - 4.2%
Cal Dive International, Inc.⁽¹⁾		2,809,579		16,801
GulfMark Offshore, Inc.⁽¹⁾		621,400		27,460
Parker Drilling Company⁽¹⁾		3,095,347		18,108
SEACOR Holdings Inc.		175,900		17,583
Superior Energy Services, Inc.⁽¹⁾		677,225		25,152
Tidewater Inc.		628,100		33,798

				138,902

Oil, Gas & Consumable Fuels - 6.5%
Cloud Peak Energy Inc.⁽¹⁾		2,150,700		45,810
Comstock Resources, Inc.⁽¹⁾		1,915,790		55,156
Forest Oil Corporation⁽¹⁾		1,668,890		44,576
Lone Pine Resources Inc.⁽¹⁾⁽³⁾⁽⁴⁾		526,600		5,592
Penn Virginia Corporation⁽²⁾		2,298,900		30,368
World Fuel Services Corporation		931,900		33,483

				214,985

FINANCIALS - 6.7%
Diversified Financial Services - 1.1%
PICO Holdings, Inc.⁽¹⁾⁽²⁾		1,278,690		37,082

Insurance - 3.0%
Allied World Assurance Company Holdings, Ltd		227,855		13,120
Alterra Capital Holdings Limited		895,175		19,962
Endurance Specialty Holdings Ltd.		697,823		28,841
Platinum Underwriters Holdings, Ltd.		1,134,500		37,711

				99,634

Real Estate Investment Trusts (REITS) - 2.6%
Hatteras Financial Corp.		1,812,500		51,167
Pebblebrook Hotel Trust		904,794		18,268
Potlatch Corporation		500,501		17,653

				87,088

HEALTHCARE - 2.4%
Biotechnology - 0.5%
Enzon Pharmaceuticals, Inc.⁽¹⁾		1,575,300		15,832

Health Care Equipment & Supplies - 1.4%
CONMED Corporation⁽¹⁾⁽²⁾		1,574,059		44,829

Life Sciences Tools & Services - 0.5%
ICON PLC (DR)⁽¹⁾⁽³⁾		770,741		18,159

INDUSTRIALS - 24.0%
Aerospace & Defense - 1.9%
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾		1,912,579		42,077
Teledyne Technologies Incorporated⁽¹⁾		393,572		19,820

				61,897

Air Freight & Logistics - 0.8%
Atlas Air Worldwide Holdings, Inc.⁽¹⁾		442,100		26,309

Airlines - 0.8%
Allegiant Travel Company⁽¹⁾		342,100		16,934
Hawaiian Holdings, Inc.⁽¹⁾		1,814,900		10,345

				27,279

Building Products - 0.9%
Quanex Building Products Corporation⁽²⁾		1,909,726		31,300

Commercial Services & Supplies - 3.4%
Quad/Graphics, Inc., Class A		801,700		31,154
Sykes Enterprises, Incorporated⁽¹⁾⁽²⁾		2,939,194		63,281
Tetra Tech, Inc.⁽¹⁾		881,900		19,843

				114,278

Construction & Engineering - 4.9%
Comfort Systems USA, Inc.⁽²⁾		2,698,526		28,631
EMCOR Group, Inc.⁽¹⁾		2,180,462		63,909
Granite Construction Incorporated		1,420,662		34,849
ORION MARINE GROUP, INC.⁽¹⁾⁽²⁾		1,851,400		17,422
Tutor Perini Corporation		868,200		16,652

				161,463

Electrical Equipment - 1.1%
Woodward, Inc.		1,038,233		36,193

Machinery - 2.7%
Astec Industries, Inc.⁽¹⁾		977,981		36,166
Kaydon Corporation		409,300		15,275
Mueller Industries, Inc.		1,006,324		38,150

				89,591

Marine - 0.7%
Kirby Corporation⁽¹⁾		429,202		24,323

Professional Services - 5.6%
CRA International, Inc.⁽¹⁾⁽²⁾		661,700		17,925
FTI Consulting, Inc.⁽¹⁾		1,818,665		69,000
School Specialty, Inc.⁽¹⁾⁽²⁾		1,769,253		25,459
Towers Watson & Co., Class A		824,587		54,184
TrueBlue, Inc.⁽¹⁾		1,309,688		18,964

				185,532

Road & Rail - 1.2%
Ryder System, Inc.		676,764		38,474

INFORMATION TECHNOLOGY - 23.3%
Computers & Peripherals - 3.8%
Diebold, Incorporated		1,924,866		59,690
Intermec, Inc.⁽¹⁾		1,787,819		19,737
Lexmark International, Inc.⁽¹⁾⁽²⁾		1,471,587		43,059
QLogic Corporation⁽¹⁾		261,700		4,166

				126,652

Electronic Equipment & Instruments - 3.8%
Arrow Electronics, Inc.⁽¹⁾		1,268,647		52,649
Benchmark Electronics, Inc.⁽¹⁾		1,343,101		22,161
Orbotech, Ltd.⁽¹⁾⁽³⁾		1,170,987		14,930
Power-One, Inc.⁽¹⁾		3,083,600		24,977
RadiSys Corporation⁽¹⁾⁽²⁾		1,553,897		11,328

				126,045

Internet Software & Services - 1.1%
EarthLink, Inc.		4,763,540		36,655

IT Services - 4.5%
CACI International Inc⁽¹⁾		865,550		54,599
CoreLogic, Inc.⁽¹⁾		948,400		15,848
Jack Henry and Associates, Inc.		578,820		17,370
ManTech International Corporation, Class A		978,168		43,450
SRA International, Inc., Class A⁽¹⁾		567,253		17,539

				148,806

Semiconductors & Semiconductor Equipment - 3.8%
Intersil Corporation		3,204,600		41,179
Lattice Semiconductor Corporation⁽¹⁾		2,286,900		14,911
LTX-Credence Corporation⁽¹⁾		478,262		4,276
Rudolph Technologies, Inc.⁽¹⁾		1,394,278		14,933
Ultra Clean Holdings, Inc.⁽¹⁾		468,496		4,254
Ultratech, Inc.⁽¹⁾⁽²⁾		1,521,753		46,231

				125,784

Software - 6.3%
Fair Isaac Corporation		255,668		7,721
Lawson Software, Inc.⁽¹⁾		1,722,269		19,324
Manhattan Associates, Inc.⁽¹⁾⁽²⁾		1,299,724		44,762
MicroStrategy Incorporated, Class A⁽¹⁾		257,171		41,836
Progress Software Corporation⁽¹⁾		1,800,323		43,442
Rosetta Stone Inc.⁽¹⁾⁽²⁾		1,081,000		17,447
Websense, Inc.⁽¹⁾		1,365,537		35,463

				209,995

MATERIALS - 5.3%
Chemicals - 5.0%
H.B. Fuller Company⁽²⁾		3,100,233		75,708
Minerals Technologies Inc.		503,800		33,397
Sensient Technologies Corporation		1,536,815		56,970

				166,075

Construction Materials - 0.3%
Eagle Materials Inc.		361,419		10,073

TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 1.9%
Atlantic Tele-Network, Inc.		667,700		25,613
Neutral Tandem, Inc.⁽¹⁾⁽²⁾		1,850,400		32,234
Premiere Global Services, Inc.⁽¹⁾		728,400		5,813

				63,660

UTILITIES - 7.6%
Electrical Utilities - 6.3%
ALLETE, Inc.		1,196,187		49,091
Cleco Corporation		1,861,271		64,865
IDACORP, Inc.		753,597		29,767
Portland General Electric Company		2,591,480		65,513

				209,236

Multi-Utilities - 1.3%
NorthWestern Corporation		752,148		24,904
Vectren Corporation		622,416		17,340

				42,244

Total common stocks (Cost $2,647,599)				3,134,455

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $152,557⁽⁵⁾ (Cost $152,557)	$	152,557	$	152,557


Total investments - 99.1% (Cost $2,800,156)				3,287,012

Other assets less liabilities - 0.9%				28,789


Total net assets - 100.0%⁽⁶⁾			$	3,315,801

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽³⁾	The Fund considers the company to be from outside of the United States. See the Fund's Statement of Additional Information for information on how a particular country is assigned.


Security	Country	Trading Currency
ICON PLC (DR)	Ireland	US dollar
Lone Pine Resources Inc.	Canada	US dollar
Orbotech, Ltd.	Israel	US dollar

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:

Issuer

Rate

Maturity

Value

U.S. Treasury Note

4.500

8/15/2039

155,611

⁽⁶⁾	Percentage for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company's legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

ARTISAN VALUE FUND (FORMERLY ARTISAN OPPORTUNISTIC VALUE FUND)

Schedule of Investments - June 30, 2011

(Unaudited)

(dollar values in thousands)


	Shares Held		Value
COMMON STOCKS - 96.0%

CONSUMER DISCRETIONARY - 6.6%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		580,300	$	9,308

Multiline Retail - 4.6%
Target Corporation		455,100		21,349

CONSUMER STAPLES - 12.7%
Food & Staples Retailing - 7.5%
Tesco plc ^{(1) (2)}		2,420,900		15,635
Wal-Mart Stores, Inc.		355,900		18,913

				34,548

Food Products - 5.2%
Nestle SA⁽¹⁾⁽²⁾		151,700		9,428
Unilever PLC (DR)⁽²⁾		439,260		14,228

				23,656

ENERGY - 9.9%
Oil, Gas & Consumable Fuels - 9.9%
Apache Corporation		140,300		17,312
Chesapeake Energy Corporation		323,000		9,590
Cimarex Energy Co.		105,100		9,451
Exxon Mobil Corporation		111,200		9,049

				45,402

FINANCIALS - 23.7%
Capital Markets - 5.8%
The Bank of New York Mellon Corporation		673,200		17,247
The Goldman Sachs Group, Inc.		69,500		9,250

				26,497

Insurance - 16.7%
Aflac Incorporated		202,300		9,443
The Allstate Corporation		301,150		9,194
Arch Capital Group Ltd.⁽³⁾⁽⁴⁾		387,800		12,379
Berkshire Hathaway Inc., Class B⁽³⁾		132,930		10,287
The Chubb Corporation		225,700		14,131
Fidelity National Financial, Inc.		640,300		10,078
The Progressive Corporation		522,700		11,175

				76,687

Real Estate Investment Trusts (REITS) - 1.2%
Annaly Capital Management, Inc.		308,500		5,565

HEALTHCARE - 6.4%
Health Care Equipment & Supplies - 1.7%
Baxter International Inc.		132,100		7,885

Health Care Providers & Services - 3.2%
CIGNA Corporation		283,500		14,580

Pharmaceuticals - 1.5%
Pfizer Inc.		338,200		6,967

INDUSTRIALS - 4.0%
Aerospace & Defense - 2.0%
Lockheed Martin Corporation		111,900		9,061

Construction & Engineering - 2.0%
Jacobs Engineering Group Inc.⁽³⁾		214,000		9,256

INFORMATION TECHNOLOGY - 32.7%
Communications Equipment - 4.6%
Cisco Systems, Inc.		1,355,500		21,159

Computers & Peripherals - 9.5%
Apple Inc.⁽³⁾		78,420		26,323
Hewlett-Packard Company		479,100		17,439

				43,762

Electronic Equipment & Instruments - 3.5%
Ingram Micro Inc.⁽³⁾⁽⁴⁾		884,900		16,052

IT Services - 5.0%
Total System Services, Inc.		580,600		10,788
The Western Union Company		619,100		12,401

				23,189

Semiconductors & Semiconductor Equipment - 4.5%
Applied Materials, Inc.		540,400		7,031
Texas Instruments Incorporated		420,300		13,798

				20,829

Software - 5.6%
Microsoft Corporation		989,500		25,727

Total common stocks (Cost $409,161)				441,479

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/30/11, due 7/1/11, maturity value $14,247⁽⁵⁾ (Cost $14,247)	$	14,247	$	14,247


Total investments - 99.1% (Cost $423,408)				455,726

Other assets less liabilities - 0.9%				3,988


Total net assets - 100.0%⁽⁶⁾			$	459,714

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $25,063 or 5.5% of total net assets.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund‘s Statement of Additional Information for information on how a particular country is assigned.


Security	Country	Trading Currency
Nestle SA	Switzerland	Swiss franc
Tesco plc	United Kingdom	British pound
Unilever PLC (DR)	United Kingdom	U.S. Dollar

⁽³⁾	Non-income producing security.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	14,534

⁽⁶⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company‘s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.

ARTISAN FUNDS

Notes to Form NQ – June 30, 2011 (Unaudited)

(A) Organization:

As of June 30, 2011, Artisan Funds is a series comprised of twelve open-end, diversified mutual funds (each a “Fund” and collectively the “Funds”):


Fund Name
Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)
Artisan Growth Opportunities Fund (“Growth Opportunities Fund” or “Growth Opportunities”)
Artisan International Fund (“International Fund” or “International”)
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)
Artisan International Value Fund (“International Value Fund” or “International Value”)
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)
Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)
Artisan Value Fund (“Value Fund” or “Value”)

Effective July 1, 2011, Artisan Funds, Inc. changed its name to Artisan Partners Funds, Inc. but continues to do business as Artisan Funds. Artisan Growth Opportunities Fund changed its name from Artisan Opportunistic Growth Fund effective January 28, 2011. Artisan Value Fund changed its name from Artisan Opportunistic Value Fund effective December 1, 2010. Each Fund is managed by Artisan Partners Limited Partnership (the “Adviser”). Artisan Global Equity Fund is sub-advised by Artisan Partners UK LLP.

(B) Security 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. 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 NAV, each equity security traded on a securities exchange, including over-the-counter securities, was valued at the closing price as of the time of valuation on the exchange or market designated by the Fund’s accounting agent or pricing vendor as the principal exchange (the “principal exchange”). The closing price provided by the pricing vendor for a principal exchange may differ 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 from the principal exchange as of the time of valuation, the security was valued using the closing price on another exchange on which the security traded (if such price is made available by the pricing vendor) or the most recent bid quotation on the principal exchange or, if not available, another exchange or in the over-the-counter market. Short-term investments, other than repurchase agreements, maturing within sixty days from the valuation date were valued at amortized cost, which approximates market value.

Exchange traded option contracts were valued at the last sale or official closing price on the exchange where an option is principally traded or, if no sales or closing prices are available, at the mean of the most recent bid and ask quotation on the principal exchange.

Securities for which prices were not readily available were valued by Artisan Funds’ valuation committee (the “valuation committee”) at a fair value determined in good faith under procedures established by and under the general supervision of Artisan Funds’ board of directors (the “board of directors”). A price was considered to be not readily available if, among other things, the valuation committee believed that the price determined as described in the preceding paragraph did not reflect a fair value of the security.

Emerging Markets Fund, Global Equity Fund, Global Value Fund, International Fund, International Small Cap Fund and International Value Fund generally invested a significant portion, and perhaps as much as substantially all, of their total assets in securities principally traded in markets outside the U.S. Growth Opportunities Fund and Value Fund had the ability to invest, and did invest, in securities principally traded outside the U.S. The foreign markets in which the Funds invested were sometimes open on days when the NYSE was not open and the Funds did not calculate their NAVs, and sometimes were not open on days when the Funds did calculate their NAVs. Even on days on which both the foreign market and the NYSE were open, several hours may have passed between the time when trading in the foreign market closed and the time as of which the Funds calculate their NAVs. That was generally the case for markets in Europe, Asia, Australia and other far eastern markets; the regular closing time of foreign markets in North and South America was generally the same as the closing time of the NYSE and the time as of which the Funds calculated their NAVs.

The valuation committee concluded that a price determined under the Funds’ valuation procedures was not readily available if, among other things, the valuation committee believed that the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded but before the time for determination of NAV (“subsequent event”). A subsequent event might include a company-specific development (for example, announcement of a merger that is made after the close of the foreign market), a development that might affect an entire market or region (for example, imposition of foreign exchange controls by a foreign government), a potentially global development (such as a terrorist attack that may be expected to have an impact on investor expectations worldwide) or a significant change in one or more U.S. securities indexes. Artisan Funds monitored for subsequent events using several tools. An indication by any of those tools of a potential material change in the value of securities resulted in either a meeting of the valuation committee, which considered whether a subsequent event had occurred and whether local market closing prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by a third party research service. This third party research service was used to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

Estimates of fair values utilized by the Funds as described above may differ from the value realized on the subsequent sale of those securities and from quoted or published prices for those securities. The differences may have been material to the NAV of the applicable Fund or to the information presented.

Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investment in foreign securities (including, but not limited to, depositary receipts and participation certificates) 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 and political instability. The risks of foreign investments are typically greater in emerging and less developed markets.

(C) Fair Value Measurements:

Under generally accepted accounting principles for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – 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, etc. Securities trading primarily outside the U.S., whose value the Fund adjusted as result of significant market movements following the close of local trading, are classified as level 2.)

•

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of June 30, 2011 (in thousands):


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Equity Securities⁽¹⁾
Developed Markets	$	6,704	$	21,859		$	—	$	28,563
Emerging Asia		17,639		413,920			—		431,559
Emerging Europe, Middle East & Africa		9,575		181,594			—		191,169
Latin America		250,588		—			—		250,588
Repurchase Agreements		—		30,707			—		30,707
Total	$	284,506	$	648,080	⁽²⁾	$	—	$	932,586
Global Equity
Equity Securities⁽¹⁾
Americas	$	4,697	$	—		$	—		4,697
Emerging Markets		707		815			—		1,522
Europe		—		6,117			—		6,117
Pacific Basin		—		1,864			—		1,864
Repurchase Agreements		—		390			—		390
Total Investments in Securities		5,404		9,186			—		14,590
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		(2	)		—		(2	)
Total	$	5,404	$	9,184	⁽²⁾	$	—	$	14,588
Global Value
Equity and Equity-Linked Securities⁽¹⁾
Americas	$	34,480	$	—		$	—	$	34,480
Europe		2,079		22,648			—		24,727
Pacific Basin		—		4,911			—		4,911
Repurchase Agreements		—		3,862			—		3,862
Total Investments in Securities		36,559		31,421			—		67,980
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		(11	)		—		(11	)
Total	$	36,559	$	31,410	⁽²⁾	$	—	$	67,969
Growth Opportunities
Equity Securities⁽¹⁾
Americas	$	112,656	$	—		$	—	$	112,656
Emerging Markets		18,985		4,503			—		23,488
Europe		8,572		19,153			—		27,725
Pacific Basin		—		5,686			—		5,686
Repurchase Agreements		—		10,280			—		10,280
Total Investments in Securities		140,213		39,622			—		179,835
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		(10	)		—		(10	)
Total	$	140,213	$	39,612	⁽²⁾	$	—	$	179,825
International
Equity Securities⁽¹⁾
Americas	$	403,248	$	—		$	—	$	403,248
Emerging Markets		416,293		561,153			—		977,446
Europe		—		4,987,882			—		4,987,882
Pacific Basin		31,459		3,104,325			—		3,135,784
Repurchase Agreements		—		557,597			—		557,597
Total	$	851,000	$	9,210,957	⁽²⁾	$	—	$	10,061,957
International Small Cap
Equity Securities⁽¹⁾
Emerging Markets	$	11,347	$	171,144		$	1,908		184,399
Europe		—		375,215			—		375,215
Pacific Basin		—		123,034			—		123,034
Repurchase Agreements		—		52,524			—		52,524
Total	$	11,347	$	721,917	⁽²⁾	$	1,908	$	735,172
International Value
Equity and Equity-Linked Securities⁽¹⁾
Americas	$	850,295	$	—		$	—	$	850,295
Emerging Markets		—		20,073			—		20,073
Europe		177,563		3,054,024			—		3,231,587
Pacific Basin		—		699,876			—		699,876
Repurchase Agreements		—		393,804			—		393,804
Total Investments in Securities		1,027,858		4,167,777			—		5,195,635
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		(1,987	)		—		(1,987	)
Total	$	1,027,858	$	4,165,790	⁽²⁾	$	—	$	5,193,648
Mid Cap
Equity Securities⁽¹⁾	$	5,848,012	$	—		$	—	$	5,848,012
Repurchase Agreements		—		299,113			—		299,113
Total	$	5,848,012	$	299,113		$	—	$	6,147,125
Mid Cap Value
Equity Securities⁽¹⁾	$	6,875,808	$	—		$	—	$	6,875,808
Repurchase Agreements		—		416,378			—		416,378
Total	$	6,875,808	$	416,378		$	—	$	7,292,186
Small Cap
Equity Securities⁽¹⁾	$	343,056	$	—		$	—	$	343,056
Repurchase Agreements		—	$	14,860			—		14,860
Total	$	343,056	$	14,860		$	—	$	357,916
Small Cap Value
Equity Securities⁽¹⁾	$	3,134,455	$	—		$	—	$	3,134,455
Repurchase Agreements		—		152,557			—		152,557
Total	$	3,134,455	$	152,557		$	—	$	3,287,012
Value
Equity Securities⁽¹⁾
Consumer Discretionary	$	30,657	$	—		$	—	$	30,657
Consumer Staples		33,141		25,063			—		58,204
Energy		45,402		—			—		45,402
Financials		108,749		—			—		108,749
Healthcare		29,432		—			—		29,432
Industrials		18,317		—			—		18,317
Information Technology		150,718		—			—		150,718
Repurchase Agreements		—		14,247			—		14,247
Total	$	416,416	$	39,310		$	—	$	455,726

⁽¹⁾	See Fund’s Schedule of Investments for sector or country classifications.

⁽²⁾	Includes securities trading primarily outside the U.S. whose value the Fund adjusted as result of significant market movements following the close of local trading.

⁽³⁾	Derivative instruments are valued at unrealized depreciation.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between the levels as of the end of the period. At June 30, 2011, the fair market value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE which resulted in their Level 2 classification. The following table summarizes security transfers from Level 1 to Level 2 for each Fund as of June 30, 2011 (in thousands):


	Transfers from Level 1 to Level 2
Emerging Markets	$	471,953
Global Equity		6,174
Global Value		20,966
Growth Opportunities		15,461
International		6,395,707
International Small Cap		549,052
International Value		3,042,058

As of June 30, 2011, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determine fair value, is as follows (in thousands):


	International Small Cap Fund⁽³⁾
Balance as of September 30, 2010	$	—
Transfers into Level 3⁽⁴⁾		1,908

Balance as of June 30, 2011	$	1,908

Net change in unrealized appreciation (depreciation) for investments held as of 6/30/10	$	(13,216	)

⁽³⁾	All Level 3 securities were equity securities with a regional classification of emerging markets.

⁽⁴⁾	Transferred from Level 1 to Level 3 because of lack of observable market data due to a halt in trading.

(D) Repurchase agreements:

Each Fund may enter into repurchase agreements with institutions that the Adviser determined were creditworthy pursuant to criteria adopted by the board of directors. Repurchase agreements were recorded at cost plus accrued interest and were collateralized in an amount greater than or equal to the repurchase price plus accrued interest. Collateral (in the form of U.S. government securities) was held by the Funds’ custodian and in the event of default on the obligation of the counterparty to repurchase, the Funds had the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the proceeds from any sale of such collateral were less than the repurchase price, the Fund would suffer a loss.

(E) Depositary receipts:

Each of the Funds 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.

(F) Foreign currency translation:

Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in foreign currency were translated into U.S. 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 U.S. dollars using a spot market rate of exchange on the date of such transactions.

The Funds may enter into foreign currency contracts to facilitate the purchase and sale of non-U.S. securities. These foreign currency contracts generally settle within three business days. The Funds also may enter into foreign currency forward contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. As of June 30, 2011, Global Equity, Global Value, Growth Opportunities, and International Value had outstanding foreign currency contracts, as shown on the Schedule of Investments, to hedge against foreign currency exchange rate risk on non-U.S. dollar denominated investment securities.

(G) Equity-linked participation certificates:

Emerging Markets Fund, Global Equity Fund, Global Value Fund, Growth Opportunities Fund, International Fund, International Small Cap Fund, International Value Fund, and Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are derivative securities which are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities, subject to the credit risk of the issuing financial institution.

(H) Investment transactions:

Security transactions were accounted for no later than one business day after trade date, in accordance with applicable regulations. However, for financial reporting purposes, security transactions were recorded on trade date in accordance with United States generally accepted accounting principles. The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the nine months ended June 30, 2011 were as follows (in thousands):


Fund	Security Purchases		Security Sales
Emerging Markets	$	599,986	$	180,261
Global Equity		15,710		13,880
Global Value		37,489		12,480
Growth Opportunities		142,556		62,901
International		4,902,474		6,005,229
International Small Cap		280,593		476,053
International Value		2,073,881		970,425
Mid Cap		2,401,858		2,587,897
Mid Cap Value		1,573,228		1,236,562
Small Cap		157,803		221,441
Small Cap Value		1,071,896		1,068,821
Value		336,530		200,371

(I) 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 June 30, 2011 were as follows (in thousands):


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	898,001	$	91,172	$	(56,587	)	$	34,585
Global Equity		13,190		1,576		(176	)		1,400
Global Value		57,922		10,978		(920	)		10,058
Growth Opportunities		148,422		32,616		(1,203	)		31,413
International		8,322,769		1,907,403		(168,215	)		1,739,188
International Small Cap		558,040		199,150		(22,018	)		177,132
International Value		4,418,860		830,597		(53,822	)		776,775
Mid Cap		4,060,368		2,119,582		(32,825	)		2,086,757
Mid Cap Value		6,041,824		1,296,365		(46,003	)		1,250,362
Small Cap		244,825		115,151		(2,060	)		113,091
Small Cap Value		2,810,605		576,616		(100,209	)		476,407
Value		428,416		37,226		(9,916	)		27,310

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).

(J) Transactions in securities of affiliates:

The table below shows information about securities of the Funds’ “affiliates” (as defined below) that were held by the Funds, purchased or sold by the Funds, or from which dividends were received by the Funds during the nine months ended June 30, 2011 (dollar values in thousands). The Funds identify a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the Investment Company Act of 1940) during the nine months ended June 30, 2011.


Fund	Security	As of 9/30/10 Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		As of 6/30/11 Share Balance		As of 6/30/11 Value
Global Value
	Arch Capital Group Ltd.⁽²⁾		14,900	$	843	$	45	$	3		$	—		70,683	$	2,256
	Signet Jewelers Ltd.⁽²⁾⁽³⁾		45,395		897		350		23			—		57,806		2,706
	Total⁽⁴⁾			$	1,740	$	395	$	26		$	—			$	2,256
International
	E-Commerce China Dangdang, Inc., Class A (DR)⁽³⁾⁽⁵⁾		—	$	30,194	$	30,194	$	(4,123	)	$	—		—	$	—
	Total⁽⁴⁾			$	30,194	$	30,194	$	(4,123	)	$	—			$	—
International Value
	Aderans Co., Ltd.⁽⁵⁾		1,956,400	$	6,267	$	1,403	$	(1	)	$	—		2,410,400	$	24,476
	Arch Capital Group Ltd.⁽²⁾		1,543,774		37,178		8,881		666			—		5,549,423		177,138
	ICON PLC (DR)^(2)(3)(5)		—		49,508		4,787		882			—		2,164,039		50,985
	Qinetiq Group PLC⁽²⁾		41,112,031		39,133		—		—			—		60,959,193		118,094
	Savills Plc		8,553,847		—		3,325		196			1,479		9,711,154		60,941
	Signet Jewelers Ltd.⁽²⁾⁽³⁾		4,397,187		18,494		35,945		2,012			—		3,867,020		181,015
	Total⁽⁴⁾			$	150,580	$	54,341	$	3,755		$	1,479			$	380,649
Mid Cap
	athenahealth, Inc.⁽²⁾		1,680,000	$	18,599	$	1,854	$	266		$	—		2,039,415	$	83,820
	GSI Commerce, Inc.⁽³⁾⁽²⁾		3,010,400		4,912		77,506		7,374			—		—		—
	Total⁽⁴⁾			$	23,511	$	79,360	$	7,640		$	—			$	83,820
Mid Cap Value
	Acuity Brands, Inc.⁽³⁾		1,816,815	$	—	$	60,542	$	41,750		$	380		—	$	—
	Alleghany Corporation⁽²⁾		560,601		9,171		—		—			—		599,507		199,701
	Arch Capital Group Ltd.⁽²⁾		1,667,173		3,675		24,249		6,918			—		4,083,819		130,356
	Arrow Electronics, Inc.⁽²⁾		4,584,000		9,408		—		—			—		4,808,000		199,533
	Hubbell Inc., Class B⁽³⁾⁽⁵⁾		2,635,900		1,371		25,856		11,990			2,766		2,125,000		138,019
	Ingram Micro Inc.⁽²⁾		8,219,600		28,572		—		—			—		9,752,200		176,905
	Lexmark International, Inc.⁽²⁾⁽⁵⁾		—		159,080		2,658		(356	)		—		4,113,200		120,352
	Total⁽⁴⁾			$	211,277	$	113,305	$	60,302		$	3,146			$	826,847
Small Cap
	Acuity Brands, Inc.⁽³⁾⁽⁵⁾		94,000	$	6,343	$	2,006	$	(27	)	$	56		176,500	$	9,845
	athenahealth, Inc.⁽²⁾		210,300		1,623		1,735		101			—		199,500		8,199
	GSI Commerce, Inc.⁽³⁾		356,200		94		6,501		3,592			—		—		—
	Total⁽⁴⁾			$	8,060	$	10,242	$	3,666		$	56			$	8,199
Small Cap Value
	Actel Corporation⁽³⁾		2,060,954	$	—	$	25,259	$	17,774		$	—		—	$	—
	Acuity Brands, Inc.⁽³⁾		552,899		—		20,508		10,844			66		—		—
	AMN Healthcare Services, Inc.⁽³⁾		1,772,616		—		27,832		(16,117	)		—		—		—
	Arrow Electronics, Inc.⁽²⁾⁽³⁾		1,504,847		—		5,844		4,056			—		1,268,647		52,649
	Comfort Systems USA, Inc.		2,815,126		—		1,518		(122	)		416		2,698,526		28,631
	CONMED Corporation⁽²⁾		1,574,059		—		—		—			—		1,574,059		44,829
	CRA International, Inc.⁽²⁾		625,800		893		—		—			—		661,700		17,925
	Cross Country Healthcare, Inc.⁽³⁾		1,693,026		—		23,929		11,455			—		—		—
	H.B. Fuller Company⁽⁵⁾		2,153,533		—		—		—			—		3,100,233		75,708
	ICON PLC (DR)^(2)(3)(5)		—		16,408		—		—			—		770,741		18,159
	Lexmark International, Inc.⁽²⁾⁽⁵⁾		591,887		30,786		—		—			—		1,471,587		43,059
	Manhattan Associates, Inc.⁽²⁾		1,564,924		—		6,672		2,737			—		1,299,724		44,762
	Neutral Tandem, Inc.⁽²⁾⁽⁵⁾		—		28,015		—		—			—		1,850,400		32,234
	Orbotech, Ltd.⁽²⁾⁽³⁾		2,447,487		—		29,420		(13,114	)		—		1,170,987		14,930
	ORION MARINE GROUP, INC.⁽²⁾⁽⁵⁾		1,059,900		9,625		—		—			—		1,851,400		17,422
	Penn Virginia Corporation⁽⁵⁾		694,800		24,275		—		—			324		2,298,900		30,368
	PetMed Express, Inc.⁽⁵⁾		—		22,550		—		—			326		1,368,900		16,221
	PICO Holdings, Inc.⁽²⁾⁽⁵⁾		1,105,390		4,798		—		—			—		1,278,690		37,082
	Quanex Building Products Corporation⁽⁵⁾		1,659,226		4,189		—		—			209		1,909,726		31,300
	RadiSys Corporation⁽²⁾		1,878,597		—		3,899		(1,422	)		—		1,553,897		11,328
	Rosetta Stone Inc.⁽²⁾⁽⁵⁾		—		14,620		—		—			—		1,081,000		17,447
	Rudolph Technologies, Inc.⁽²⁾⁽³⁾		2,819,378		—		18,742		(2,119	)		—		1,394,278		14,933
	School Specialty, Inc.⁽²⁾		1,769,253		—		—		—			—		1,769,253		25,459
	Sykes Enterprises, Incorporated⁽²⁾		2,548,994		7,755		—		—			—		2,939,194		63,281
	Ultra Clean Holdings, Inc.⁽²⁾⁽³⁾		1,558,796		—		13,093		(1,752	)		—		468,496		4,254
	Ultratech, Inc.⁽²⁾		1,944,953		—		6,101		5,146			—		1,521,753		46,231
	Total⁽⁴⁾			$	163,914	$	182,817	$	17,366		$	1,341			$	583,287
Value
	Arch Capital Group Ltd.⁽²⁾		139,500	$	3,901	$	3,820	$	749		$	—		387,800	$	12,379
	Ingram Micro Inc.⁽²⁾		540,200		6,665		—		—			—		884,900		16,052
	Total⁽⁴⁾			$	10,566	$	3,820	$	749		$	—			$	28,433

(1)	Net of foreign taxes withheld, if any.

(2)	Non-income producing security.

(3)	Issuer was no longer an affiliate as of June 30, 2011.

(4)	Total value as of June 30, 2011 is presented for only those issuers that were affiliates as of June 30, 2011.

(5)	Issuer was not an affiliate as of September 30, 2010.

Item 2.

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, as amended, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-Q (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, as amended) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.

Exhibits.

(a)	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2), are attached hereto as Exhibits (a)(1) and (a)(2).

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/ Eric. R. Colson
		Eric R. Colson
		Principal Executive Officer
Date:		August 26, 2011

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/ Eric R. Colson
		Eric R. Colson
		Principal Executive Officer

Date:		August 26, 2011

By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Financial Officer

Date:		August 26, 2011