Artisan Partners Funds, Inc.

N-Q 1 d382580dnq.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		Rajib Chanda
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: 6/30/2012

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, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON AND PREFERRED STOCKS - 96.4%

BRAZIL - 15.1%
Anhanguera Educacional Participacoes SA		492,400	$	6,276
Banco do Brasil S.A.⁽¹⁾⁽²⁾		107,980		1,050
Banco do Brasil S.A.		407,700		3,964
BM&F BOVESPA SA		1,406,876		7,180
BR Properties SA		494,620		5,836
Companhia Energetica de Minas Gerais-CEMIG, Preferred⁽³⁾		640,138		11,961
Companhia Vale do Rio Doce		958,013		19,141
Hypermarcas SA⁽⁴⁾		1,812,438		10,711
Julio Simoes Logistica SA		805,700		3,783
Magazine Luiza SA		680,700		3,186
Magnesita Refratarios SA		953,900		3,039
PDG Realty SA Empreendimentos e Participacoes		2,255,539		3,942
Petroleo Brasileiro S.A.		2,300,889		21,651
Randon SA Implementos e Participacoes, Preferred⁽³⁾		1,329,124		5,956
Tim Participacoes S.A.		1,119,644		6,221
Totvs SA		249,109		4,800

				118,697

CHILE - 0.6%
Empresa Nacional de Telecomunicaciones S.A.		242,084		4,593

CHINA - 12.9%
Ajisen (China) Holdings Limited⁽⁵⁾		6,843,913		4,770
Chaoda Modern Agriculture (Holdings) Limited^(2)(4)(5)		12,474,536		96
China High Precision Automation Group Ltd.⁽²⁾⁽⁵⁾		9,066,000		2,571
China Life Insurance Co., Limited, H Shares⁽⁵⁾		2,368,800		6,208
China Rongsheng Heavy Industries Group Holdings Limited⁽⁵⁾		13,676,901		3,201
China Shenhua Energy Company Limited⁽⁵⁾		1,255,000		4,426
China Unicom (Hong Kong) Limited⁽⁵⁾		4,499,500		5,641
China Yurun Food Group Limited⁽⁵⁾		3,926,000		3,466
CNOOC Limited⁽⁵⁾		6,959,000		14,038
Digital China Holdings Limited⁽⁵⁾		4,623,460		8,139
GOME Electrical Appliances Holdings Limited⁽⁵⁾		36,416,881		4,852
Huabao International Holdings Limited⁽⁵⁾		13,687,322		6,737
Huaneng Power International, Inc., H Shares⁽⁵⁾		13,400,900		10,126
Mindray Medical International Limited, Class A (DR)		181,335		5,493
Noah Holdings Ltd. (DR)		447,412		2,201
Sinopharm Group Co, H Shares⁽⁵⁾		2,998,900		8,304
Springland International Holdings Ltd.⁽⁵⁾		6,370,590		3,588
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽⁵⁾		2,726,515		7,507

				101,364

COLOMBIA - 1.0%
Grupo de Inversiones Suramericana		353,871		6,133
Grupo de Inversiones Suramericana, Preferred⁽³⁾		87,762		1,600

				7,733

EGYPT - 1.2%
Commercial International Bank Egypt SAE⁽⁵⁾		1,362,133		5,845
Egyptian Financial Group-Hermes Holding⁽⁴⁾⁽⁵⁾		1,922,810		3,266

				9,111

HONG KONG - 0.9%
AIA Group Ltd.⁽⁵⁾		2,115,465		7,294

HUNGARY - 0.9%
MOL Hungarian Oil and Gas Nyrt., Class A⁽⁵⁾		96,856		7,010

INDIA - 6.3%
ICICI Bank Limited⁽⁵⁾		498,059		8,010
India Cements Limited⁽⁵⁾		4,197,959		6,549
Infosys Limited⁽⁵⁾		217,538		9,820
Mahindra & Mahindra Ltd.⁽⁵⁾		505,386		6,406


Power Finance Corporation⁽⁵⁾	2,403,980	$	7,684
Reliance Infrastructure Ltd.⁽⁵⁾	711,556		7,194
Welspun Corporation Ltd.⁽⁵⁾	1,636,369		3,514

			49,177

INDONESIA - 4.6%
Indofood CBP Sukses Makmur TBK PT⁽⁴⁾⁽⁵⁾	8,509,000		5,257
PT Astra International Tbk⁽⁵⁾	18,764,370		13,721
PT Bank Negara Indonesia Tbk⁽⁵⁾	24,291,018		9,987
PT Gudang Garam Tbk⁽⁵⁾	760,473		5,035
PT Telekomunikasi Indonesia Tbk⁽⁵⁾	2,541,653		2,212

			36,212

ITALY - 0.7%
Tenaris S.A. (DR)	164,702		5,760

KAZAKHSTAN - 0.9%
KazMunaiGas Exploration Production (DR)⁽⁵⁾	412,369		6,986

KOREA - 13.1%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽⁵⁾	321,894		7,483
E-Mart Co., Ltd.⁽⁵⁾	28,686		6,301
Hyundai Mobis⁽⁵⁾	33,534		8,118
KB Financial Group, Inc.⁽⁵⁾	302,912		9,866
LOCK&LOCK CO., LTD.⁽⁵⁾	261,249		7,755
Samsung Electronics Co., Ltd.⁽⁵⁾	44,843		47,544
Shinhan Financial Group Co., Ltd.⁽⁵⁾	332,580		11,575
Shinsegae Co., Ltd.⁽⁵⁾	22,375		4,126

			102,768

MEXICO - 5.8%
America Movil SAB de C.V., Series L	13,613,683		17,798
Grupo Financiero Banorte S.A. de C.V., O Shares	1,598,207		8,260
Grupo Televisa S.A., Series CPO	2,208,215		9,510
OHL Mexico SAB de CV⁽⁴⁾	5,095,269		6,207
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽⁴⁾	3,705,089		3,566

			45,341

PANAMA - 0.6%
Copa Holdings SA, Class A⁽³⁾	61,768		5,095

PERU - 0.5%
Cementos Pacasmayo S.A.A. (DR)⁽⁴⁾	375,881		3,808

PHILIPPINES - 0.9%
Philippine Long Distance Telephone Company⁽⁵⁾	111,275		7,006

RUSSIA - 5.9%
Globaltrans Investment PLC (DR)⁽⁵⁾	447,642		8,056
LSR Group O.J.S.C. (DR)⁽⁵⁾	1,815,587		7,802
LUKOIL (DR)⁽⁵⁾	292,920		16,375
Mobile TeleSystems (DR)	473,623		8,146
Polymetal International PLC⁽⁵⁾	408,957		5,860

			46,239

SOUTH AFRICA - 5.4%
African Bank Investments Limited⁽⁵⁾	2,048,410		9,109
Harmony Gold Mining Company Limited⁽⁵⁾	981,212		9,210
Impala Platinum Holdings Limited⁽⁵⁾	325,775		5,418
Imperial Holdings Limited⁽⁵⁾	270,430		5,706
Mondi Limited⁽⁵⁾	504,958		4,314
Mr. Price Group Limited⁽⁵⁾	376,916		5,164
Naspers Limited, N Shares⁽⁵⁾	67,167		3,592

			42,513

SWEDEN - 0.9%
Alliance Oil Company Ltd. (DR)⁽⁴⁾⁽⁵⁾	751,907		6,883

TAIWAN - 10.4%
Chinatrust Financial Holding Company Ltd.⁽⁵⁾	11,992,669		6,903
E Ink Holdings Inc.⁽⁵⁾	6,079,000		6,713
Far Eastern Textile Ltd.⁽⁵⁾	5,670,213		6,041
Hon Hai Precision Industry Co., Ltd.⁽⁵⁾	5,486,921		16,545
HTC Corporation⁽⁵⁾	430,251		5,657
MediaTek Incorporation⁽⁵⁾	904,794		8,385
Taiwan Fertilizer Co., Ltd.⁽⁵⁾	2,682,000		6,201


Taiwan Semiconductor Manufacturing Company Ltd.⁽⁵⁾		9,127,647	$	24,984

				81,429

THAILAND - 2.9%
Advanced Info Service Public Company Limited (DR)⁽⁵⁾		917,000		5,354
Bangkok Bank Public Company Limited (DR)⁽⁵⁾		1,594,800		9,655
Bumrungrad Hospital Public Company Limited (DR)⁽⁵⁾		2,380,616		5,260
PTT Exploration and Production Public Company Limited (DR)⁽⁵⁾		545,100		2,894

				23,163

TURKEY - 3.5%
Emlak Konut Gayrimenkul Yatirim⁽⁵⁾		5,785,925		7,127
Tekfen Holding A.S.⁽⁵⁾		2,203,008		8,075
Turk Ekonomi Bankasi A.S.⁽⁴⁾⁽⁵⁾		3,571,457		3,725
Turkiye Sinai Kalkinma Bankasi A.S.⁽⁵⁾		8,163,553		8,327

				27,254

UNITED ARAB EMIRATES - 0.5%
Air Arabia⁽⁵⁾		22,946,168		3,745

UNITED KINGDOM - 0.9%
Antofagasta plc⁽⁵⁾		400,820		6,879

Total common and preferred stocks (Cost $863,092)				756,060

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $21,947 - (Cost $21,947)⁽⁶⁾	$	21,947	$	21,947


Total investments - 99.2% (Cost $885,039)				778,007

Other assets less liabilities - 0.8%				6,151


Total net assets - 100.0%⁽⁷⁾			$	784,158

⁽¹⁾	The shares of Banco do Brasil S.A. were acquired in a private placement and are restricted. The shares of Banco do Brasil S.A. 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	$	1,050		0.1	%

⁽²⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Partners Funds, Inc. (“Artisan Funds”). In total, the value of securities determined to be illiquid were $3,717, or 0.5% 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 $549,193 or 70.0% of total net assets.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	22,390

⁽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.

See Notes to Form N-Q.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	86,523		11.0	%
Consumer Staples		30,866		4.0
Energy		86,023		11.0
Financials		158,607		20.2
Healthcare		19,057		2.4
Industrials		65,149		8.3
Information Technology		135,158		17.2
Materials		88,425		11.3
Telecommunication Services		56,971		7.3
Utilities		29,281		3.7

Total common and preferred stocks		756,060		96.4
Short-term investments		21,947		2.8

Total investments		778,007		99.2
Other assets less liabilities		6,151		0.8

Total net assets	$	784,158		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
Brazilian real	$	118,697		15.2	%
British pound		12,739		1.6
Chilean peso		4,593		0.6
Colombian peso		7,733		1.0
Egyptian pound		9,111		1.2
Hong Kong dollar		100,964		13.0
Hungarian forint		7,010		0.9
Indian rupee		49,177		6.3
Indonesian rupiah		36,212		4.6
Korean won		102,768		13.2
Mexican peso		45,341		5.8
Philippine peso		7,006		0.9
South African rand		42,513		5.5
Swedish krona		6,883		0.9
Taiwan dollar		81,429		10.5
Thai baht		23,163		3.0
Turkish lira		27,254		3.5
U.S. dollar		91,669		11.8
United Arab Emirates dirham		3,745		0.5

Total investments	$	778,007		100.0	%

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.9%

BELGIUM - 1.6%
Anheuser-Busch InBev NV⁽¹⁾		2,570	$	200

BRAZIL - 1.2%
Arcos Dorados Holdings, Inc., Class A		9,999		148

CANADA - 1.4%
Canadian Pacific Railway Limited		2,362		173

CHINA - 2.3%
China Mobile Limited⁽¹⁾		13,100		144
Sun Art Retail Group Ltd.⁽¹⁾		122,500		135

				279

DENMARK - 1.3%
Novo Nordisk A/S, Class B⁽¹⁾		1,109		160

FRANCE - 8.2%
Air Liquide SA⁽¹⁾		1,178		135
Christian Dior SA⁽¹⁾		1,161		160
DANONE S.A.⁽¹⁾		3,281		204
Eurofins Scientific⁽¹⁾		1,595		198
Pernod Ricard SA⁽¹⁾		1,626		174
Schneider Electric SA⁽¹⁾		2,534		141

				1,012

GERMANY - 3.6%
Brenntag AG⁽¹⁾		1,170		129
ElringKlinger AG⁽¹⁾		6,497		155
Wirecard AG⁽¹⁾		8,610		167

				451

HONG KONG - 3.4%
AIA Group Ltd.⁽¹⁾		83,995		290
Samsonite International SA⁽¹⁾		74,666		126

				416

INDIA - 1.7%
Housing Development Finance Corporation Ltd.⁽¹⁾		18,203		213

INDONESIA - 0.9%
PT Bank Rakyat Indonesia (Persero) Tbk⁽¹⁾		157,500		108

IRELAND - 1.6%
Glanbia plc⁽¹⁾		26,051		193

JAPAN - 7.6%
CALBEE, Inc.⁽¹⁾		4,500		282
JAPAN TOBACCO INC.⁽¹⁾		9,600		284
Kao Corporation⁽¹⁾		6,364		176
LAWSON, INC.⁽¹⁾		2,800		196

				938

KOREA - 1.5%
Samsung Electronics Co., Ltd., Preferred⁽¹⁾⁽²⁾		273		181

LUXEMBOURG - 1.2%
L’Occitane International SA⁽¹⁾		55,000		152

NETHERLANDS - 2.9%
Akzo Nobel N.V.⁽¹⁾		3,175		149
Unilever NV (DR)⁽¹⁾		6,422		215

				364

PHILIPPINES - 1.2%
Alliance Global Group, Inc.⁽¹⁾		551,730		153



SWITZERLAND - 5.8%
Nestle SA⁽¹⁾		7,030	$	419
Sonova Holding AG⁽¹⁾		1,557		150
Swatch Group AG - Bearer Shares⁽¹⁾		388		154

				723

UNITED KINGDOM - 9.3%
Experian PLC⁽¹⁾		10,776		152
HSBC Holdings plc⁽¹⁾		25,504		225
Prudential plc⁽¹⁾		16,401		190
Rotork plc⁽¹⁾		3,935		122
SABMiller plc⁽¹⁾		5,848		235
Standard Chartered plc⁽¹⁾		4,490		98
WPP plc⁽¹⁾		10,279		125

				1,147

UNITED STATES - 41.2%
3M Company		2,081		186
Accenture plc, Class A		2,360		142
Air Products and Chemicals, Inc.		1,855		150
Allergan, Inc.		1,847		171
American Express Company		4,033		235
Anadarko Petroleum Corporation		3,689		244
Apple Inc.⁽³⁾		488		285
CME Group Inc., Class A		575		154
The Coca-Cola Company		2,631		206
Colgate-Palmolive Company		1,894		197
Comcast Corporation, Class A		6,229		199
Dresser-Rand Group Inc.⁽³⁾		2,606		116
eBay Inc.⁽³⁾		3,247		136
EMC Corporation⁽³⁾		8,252		211
Fossil, Inc.⁽³⁾		2,066		158
Google Inc., Class A⁽³⁾		599		347
JPMorgan Chase & Co.		4,019		144
Liberty Global, Inc., Series A⁽³⁾		3,193		158
MasterCard Incorporated, Class A		679		292
Monsanto Company		1,591		132
Precision Castparts Corp.		717		118
Schlumberger Limited		3,612		234
Thermo Fisher Scientific Inc.		2,883		150
United Technologies Corporation		2,003		151
Wal-Mart Stores, Inc.		2,962		207
The Walt Disney Company		4,376		212
YUM! Brands, Inc.		2,609		168

				5,103

Total common and preferred stocks (Cost $10,950)				12,114

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $230 - (Cost $230)⁽⁴⁾	$	230	$	230


Total investments - 99.7% (Cost $11,180)				12,344

Other assets less liabilities - 0.3%				31


Total net assets - 100.0%⁽⁵⁾			$	12,375

⁽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 $6,690 or 54.1% of total net assets.

⁽²⁾	Non-voting shares.

⁽³⁾	Non-income producing security.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	238

⁽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.

See Notes to Form N-Q.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,915		15.5	%
Consumer Staples		3,323		26.8
Energy		594		4.8
Financials		1,657		13.4
Healthcare		829		6.7
Industrials		1,325		10.7
Information Technology		1,761		14.2
Materials		566		4.6
Telecommunication Services		144		1.2

Total common and preferred stocks		12,114		97.9
Short-term investments		230		1.8

Total investments		12,344		99.7
Other assets less liabilities		31		0.3

Total net assets	$	12,375		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
British pound	$	1,147		9.3	%
Danish krone		160		1.3
Euro		2,220		18.0
Hong Kong dollar		847		6.9
Indian rupee		213		1.7
Indonesian rupiah		108		0.9
Japanese yen		938		7.6
Korean won		181		1.5
Philippine peso		153		1.2
Swiss franc		723		5.8
U.S. dollar		5,654		45.8

Total investments	$	12,344		100.0	%

ARTISAN GLOBAL OPPORTUNITIES FUND (FORMERLY ARTISAN GROWTH OPPORTUNITIES FUND)

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 93.5%

AUSTRALIA - 0.9%
James Hardie Industries SE⁽¹⁾		258,176	$	2,115

BRAZIL - 8.3%
Anhanguera Educacional Participacoes SA		336,696		4,292
BR Malls Participacoes		177,800		2,036
Mills Estruturas e Servicos de Engenharia SA		298,322		4,099
OdontoPrev SA		929,850		4,722
Qualicorp SA⁽²⁾		278,031		2,431
Raia Drogasil S.A.		233,000		2,349

				19,929

CANADA - 1.6%
Tourmaline Oil Corp.⁽²⁾		145,128		3,832

CHINA - 3.3%
Baidu, Inc., Class A (DR)⁽²⁾		41,240		4,742
Shandong Weigao Group Medical Polymer Company Limited, H Shares⁽¹⁾		959,572		1,065
Tsingtao Brewery Company Limited, H Shares⁽¹⁾		376,814		2,156

				7,963

FRANCE - 2.2%
Ingenico⁽¹⁾		26,693		1,295
Sanofi⁽¹⁾		53,680		4,071

				5,366

GERMANY - 1.8%
Linde AG⁽¹⁾		7,700		1,199
SAP AG (DR)		50,566		3,002

				4,201

HONG KONG - 1.2%
Hong Kong Exchanges & Clearing Limited⁽¹⁾		99,203		1,422
Wynn Macau Limited⁽¹⁾		620,557		1,462

				2,884

INDIA - 2.2%
HDFC Bank Limited (DR)		124,061		4,044
Jubilant Foodworks Limited⁽¹⁾⁽²⁾		56,861		1,200

				5,244

INDONESIA - 0.5%
PT Bank Central Asia Tbk⁽¹⁾		1,442,750		1,126

JAPAN - 2.0%
FANUC CORP.⁽¹⁾		28,679		4,712

SWEDEN - 3.3%
Hexagon AB, Class B⁽¹⁾		458,182		7,901

SWITZERLAND - 1.4%
Compagnie Financiere Richemont SA - Bearer Shares⁽¹⁾		59,128		3,245

UNITED KINGDOM - 4.2%
ARM Holdings PLC⁽¹⁾		623,436		4,965
Rotork plc⁽¹⁾		165,523		5,113

				10,078

UNITED STATES - 60.6%
Agilent Technologies, Inc.		173,039		6,790
Amazon.com, Inc.⁽²⁾		11,500		2,626
Apple Inc.⁽²⁾		20,778		12,134
Biogen Idec Inc.⁽²⁾		56,992		8,229
Cerner Corporation⁽²⁾		59,877		4,949
Citrix Systems, Inc.⁽²⁾		59,691		5,010
Discover Financial Services		255,885		8,849


eBay Inc.⁽²⁾		217,893	$	9,154
EMC Corporation⁽²⁾		358,888		9,198
Facebook, Inc., Class A⁽²⁾		88,113		2,742
Google Inc., Class A⁽²⁾		18,612		10,796
IHS Inc.⁽²⁾		99,257		10,693
Johnson Controls, Inc.		55,609		1,541
Monsanto Company		148,966		12,331
National Oilwell Varco, Inc.		90,486		5,831
Occidental Petroleum Corporation		63,469		5,444
Polo Ralph Lauren Corporation, Class A		32,634		4,571
Precision Castparts Corp.		19,137		3,148
Regeneron Pharmaceuticals, Inc.⁽²⁾		78,461		8,962
salesforce.com, inc.⁽²⁾		21,057		2,911
Starbucks Corporation		168,590		8,989

				144,898

Total common stocks (Cost $209,982)				223,494

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $15,139 - (Cost $15,139)⁽³⁾	$	15,139	$	15,139


Total investments - 99.8% (Cost $225,121)				238,633

Other assets less liabilities - 0.2%				373


Total net assets - 100.0%⁽⁴⁾			$	239,006

⁽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 $43,047 or 18.0% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	15,445

⁽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.

See Notes to Form N-Q.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2012

Unaudited

Dollar values in thousands


Description	Counterparty	Transaction Type	Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation (Depreciation)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	1,886	$	1,842	$	44
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	66	$	67	$	(1	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	734	$	759	$	(24	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	230	$	230	$	—	⁽¹⁾
Japanese Yen	State Street Bank and Trust Company	Buy		8/16/2012	$	718	$	712	$	(6	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	88	$	88	$	—	⁽¹⁾
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	236	$	237	$	(1)

									$	12

⁽¹⁾	Amount rounds to less than $1.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	27,926		11.7	%
Consumer Staples		4,505		1.9
Energy		15,107		6.3
Financials		17,477		7.3
Healthcare		38,788		16.2
Industrials		30,196		12.6
Information Technology		73,850		30.9
Materials		15,645		6.6

Total common stocks		223,494		93.5
Short-term investments		15,139		6.3

Total investments		238,633		99.8
Other assets less liabilities		373		0.2

Total net assets	$	239,006		100.0	%

CURRENCY EXPOSURE⁽¹⁾ - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
Australian dollar	$	2,115		0.9	%
Brazilian real		19,929		8.3
British pound		10,078		4.2
Canadian dollar		3,832		1.6
Euro		6,565		2.7
Hong Kong dollar		6,105		2.6
Indian rupee		1,200		0.5
Indonesian rupiah		1,126		0.5
Japanese yen		4,712		2.0
Swedish krona		7,901		3.3
Swiss franc		3,245		1.4
U.S. dollar		171,825		72.0

Total investments	$	238,633		100.0	%

⁽¹⁾	Excludes currency exposure to foreign currency forward contracts.

ARTISAN GLOBAL VALUE FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 91.8%

BELGIUM - 1.6%
Groupe Bruxelles Lambert S.A.⁽¹⁾		41,773	$	2,839

FRANCE - 4.5%
Publicis Groupe⁽¹⁾		84,664		3,872
Total SA⁽¹⁾		90,987		4,106

				7,978

GERMANY - 1.4%
HeidelbergCement AG⁽¹⁾		50,389		2,419

HONG KONG - 0.2%
Guoco Group Limited⁽¹⁾		48,647		379

IRELAND - 1.0%
Ryanair Holdings PLC, Equity-Linked Security, 144A^{(1)(2)(3)(4)(5)}		359,443		1,821

JAPAN - 4.1%
Credit Saison Co., Ltd.⁽¹⁾		94,000		2,086
Kao Corporation⁽¹⁾		120,500		3,323
SANKYO CO., LTD.⁽¹⁾		25,457		1,242
Stanley Electric Co., Ltd.⁽¹⁾		34,700		536

				7,187

NETHERLANDS - 1.5%
DE Master Blenders 1753 NV - When issued⁽²⁾⁽⁶⁾		59,576		672
ING Groep N.V.⁽¹⁾⁽²⁾		286,321		1,932

				2,604

NORWAY - 1.2%
Orkla ASA⁽¹⁾		279,812		2,031

SWITZERLAND - 4.9%
Adecco SA⁽¹⁾		71,509		3,182
Novartis AG⁽¹⁾		87,778		4,896
Pargesa Holding SA - Bearer Shares⁽¹⁾		10,203		608

				8,686

UNITED KINGDOM - 15.1%
Compass Group PLC⁽¹⁾		767,256		8,048
Diageo plc⁽¹⁾		233,372		6,004
Experian PLC⁽¹⁾		110,937		1,567
Lloyds Banking Group plc⁽¹⁾⁽²⁾		4,015,970		1,975
Tesco plc⁽¹⁾		852,152		4,142
Unilever PLC (DR)		149,099		5,029

				26,765

UNITED STATES - 56.3%
3M Company		61,425		5,504
Accenture plc, Class A		29,730		1,787
American Express Company		76,275		4,440
Aon Corporation		126,414		5,914
Arch Capital Group Ltd.⁽²⁾⁽⁷⁾		154,205		6,120
The Bank of New York Mellon Corporation		268,933		5,903
Becton, Dickinson and Company		26,889		2,010
The Chubb Corporation		51,129		3,723
Cisco Systems, Inc.		157,034		2,696
CVS Caremark Corporation		22,153		1,035
Fidelity National Financial, Inc.		170,836		3,290
Google Inc., Class A⁽²⁾		10,849		6,293
Hasbro, Inc.		73,458		2,488
Johnson & Johnson		83,783		5,660
Marsh & McLennan Companies, Inc.		164,574		5,304
MasterCard Incorporated, Class A		13,474		5,795
Mohawk Industries, Inc.⁽²⁾		15,689		1,096
Oracle Corporation		215,607		6,404


The Progressive Corporation		134,483	$	2,801
Signet Jewelers Ltd.		127,578		5,615
Target Corporation		83,241		4,844
TE Connectivity Ltd.		198,058		6,320
Wal-Mart Stores, Inc.		67,209		4,686

				99,728

Total common stocks and equity-linked securities (Cost $149,424)				162,437

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $14,743 - (Cost $14,743)⁽⁸⁾	$	14,743	$	14,743


Total investments - 100.1% (Cost $164,167)				177,180

Other assets less liabilities - (0.1%)				(183	)


Total net assets - 100.0%⁽⁹⁾			$	176,997

⁽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 $57,008 or 32.2% 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.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC		8/26/09 - 6/25/12	$	1,735	$	1,821		1.0	%

⁽⁶⁾	Cash in the amount of $643 has been segregated to cover the when-issued purchase commitment and is included in Short-Term Investments.

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

⁽⁸⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	15,039

⁽⁹⁾	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.

See Notes to Form N-Q.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2012

Unaudited

Dollar values in thousands


Description	Counterparty	Transaction Type	Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation (Depreciation)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	3,204	$	3,129	$	75
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		246		247		(1	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		223		228		(5	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		65		67		(2	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		159		165		(4	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		466		478		(13	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		24		23		(1	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		324		329		(5	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		152		151		1
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		81		80		1
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		154		155		(1	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		669		674		(5	)

									$	40

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value			Percentage of Total Net Assets
Consumer Discretionary	$	27,741			15.7	%
Consumer Staples		24,891			14.1
Energy		4,106			2.3
Financials		47,314			26.7
Healthcare		12,566			7.1
Industrials		14,105			8.0
Information Technology		29,295			16.5
Materials		2,419			1.4

Total common stocks and equity-linked securities		162,437			91.8
Short-term investments		14,743			8.3

Total investments		177,180			100.1
Other assets less liabilities		(183	)		(0.1	)

Total net assets	$	176,997			100.0	%

CURRENCY EXPOSURE⁽¹⁾ - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
British pound	$	21,736		12.3	%
Euro		17,661		10.0
Hong Kong dollar		379		0.2
Japanese yen		7,187		4.1
Norwegian krone		2,031		1.1
Swiss franc		8,686		4.9
U.S. dollar		119,500		67.4

Total investments	$	177,180		100.0	%

⁽¹⁾	Excludes currency exposure to foreign currency forward contracts.

ARTISAN INTERNATIONAL FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON AND PREFERRED STOCKS - 95.9%

AUSTRALIA - 0.3%
Coca-Cola Amatil Limited⁽¹⁾		1,653,492	$	22,710

BELGIUM - 4.7%
Anheuser-Busch InBev NV⁽¹⁾		4,975,412		386,802
Telenet Group Holding NV⁽¹⁾		116,311		5,081
UCB SA⁽¹⁾		540,989		27,299

				419,182

BRAZIL - 0.6%
Arcos Dorados Holdings, Inc., Class A		3,768,852		55,704

CANADA - 3.7%
Canadian National Railway Company		21,243		1,792
Canadian Pacific Railway Limited		4,516,298		330,864

				332,656

CHINA - 7.6%
Baidu, Inc., Class A (DR)⁽²⁾		2,317,571		266,474
China Construction Bank Corporation, H Shares⁽¹⁾		114,819,000		79,165
China Mobile Limited⁽¹⁾		14,855,370		163,461
China Resources Land Limited⁽¹⁾		43,136,341		89,306
Tencent Holdings Limited⁽¹⁾		2,810,314		82,990

				681,396

FRANCE - 9.4%
Air Liquide SA⁽¹⁾		555,718		63,580
DANONE S.A.⁽¹⁾		2,303,500		143,007
LVMH Moet Hennessy Louis Vuitton SA⁽¹⁾		384,808		58,652
Pernod Ricard SA⁽¹⁾		1,830,927		195,866
Schneider Electric SA⁽¹⁾		2,721,270		151,626
Technip SA⁽¹⁾		259,875		27,119
Unibail-Rodamco⁽¹⁾		730,224		134,723
Zodiac Aerospace⁽¹⁾		714,033		72,655

				847,228

GERMANY - 12.3%
Bayer AG⁽¹⁾		799,686		57,664
Beiersdorf AG⁽¹⁾		2,171,920		140,921
Brenntag AG⁽¹⁾		1,319,446		145,968
Daimler AG⁽¹⁾		1,703,869		76,630
Henkel AG & Co. KGaA, Preferred⁽¹⁾⁽³⁾		1,954,000		129,768
Kabel Deutschland Holding AG⁽¹⁾⁽²⁾		255,674		15,911
Linde AG⁽¹⁾		2,525,778		393,410
Muenchener Rueckversicherungs-Gesellschaft AG⁽¹⁾		980,488		138,337

				1,098,609

HONG KONG - 11.1%
AIA Group Ltd.⁽¹⁾		81,178,063		279,898
BOC Hong Kong (Holdings) Limited⁽¹⁾		21,507,544		66,191
Hang Seng Bank Limited⁽¹⁾		7,476,088		102,070
Henderson Land Development Company Limited⁽¹⁾		10,989,565		61,199
Hongkong Land Holdings Limited⁽¹⁾		10,536,799		60,675
MGM China Holdings Ltd.⁽¹⁾		8,950,811		13,767
Sands China Ltd.⁽¹⁾		37,907,806		121,432
Sino Land Company Limited⁽¹⁾		68,715,276		104,128

Sun Hung Kai Properties Limited⁽¹⁾		9,185,493		108,938
Wynn Macau Limited⁽¹⁾		33,182,680		78,200

				996,498

INDIA - 0.4%
Coal India Limited⁽¹⁾		5,844,357		36,430

ITALY - 1.2%
Fiat Industrial SpA⁽¹⁾		10,540,924		103,875

JAPAN - 13.1%


BRIDGESTONE CORPORATION⁽¹⁾		3,479,220	$	79,806
HONDA MOTOR CO., LTD.⁽¹⁾		7,640,344		266,149
JAPAN TOBACCO INC.⁽¹⁾		15,392,800		456,143
Kao Corporation⁽¹⁾		7,470,067		206,024
NGK INSULATORS, LTD.⁽¹⁾		7,489,000		82,658
SOFTBANK Corp⁽¹⁾		2,346,274		87,232

				1,178,012

KOREA - 0.8%
Samsung Electronics Co., Ltd.⁽¹⁾		69,347		73,523

NETHERLANDS - 5.6%
Akzo Nobel N.V.⁽¹⁾		1,759,126		82,749
Koninklijke Vopak NV⁽¹⁾		1,307,434		83,841
Unilever NV (DR)⁽¹⁾		9,873,754		330,478
Ziggo NV⁽¹⁾⁽²⁾		283,836		9,075

				506,143

NIGERIA - 0.2%
Nigerian Breweries Plc.		31,441,503		19,657

SINGAPORE - 0.9%
City Developments Limited⁽¹⁾		3,494,310		31,228
Genting Singapore PLC⁽¹⁾		42,538,434		47,739

				78,967

SPAIN - 0.6%
Grifols S.A.⁽¹⁾⁽²⁾		2,187,852		55,494

SWITZERLAND - 7.3%
Compagnie Financiere Richemont SA - Bearer Shares⁽¹⁾		969,897		53,228
Givaudan SA⁽¹⁾		83,203		81,720
Nestle SA⁽¹⁾		5,457,407		325,542
Roche Holding AG - Genussscheine⁽¹⁾⁽³⁾		574,883		99,241
Swatch Group AG - Bearer Shares⁽¹⁾		246,488		97,526

				657,257

UNITED KINGDOM - 11.9%
Diageo plc⁽¹⁾		1,871,485		48,144
HSBC Holdings plc⁽¹⁾		22,069,112		194,593
Imperial Tobacco Group plc⁽¹⁾		5,991,892		230,551
Johnson Matthey PLC⁽¹⁾		1,931,213		66,962
Kingfisher plc⁽¹⁾		9,025,403		40,809
Land Securities Group plc⁽¹⁾		2,127,981		24,679
Prudential plc⁽¹⁾		3,294,049		38,166
Reckitt Benckiser Group PLC⁽¹⁾		110,003		5,802
Royal Dutch Shell PLC, Class A⁽¹⁾		1,128,100		38,121
SABMiller plc⁽¹⁾		4,765,660		191,424
Tate & Lyle PLC⁽¹⁾		5,137,644		52,207
William Morrison Supermarkets plc⁽¹⁾		5,902,238		24,633
WPP plc⁽¹⁾		9,229,592		112,179

				1,068,270

UNITED STATES - 4.2%
Covidien plc		3,696,936		197,786
Liberty Global, Inc., Series A⁽²⁾		402,886		19,995
Schlumberger Limited		2,240,335		145,420
Virgin Media Inc.		351,333		8,569

				371,770

Total common and preferred stocks (Cost $7,549,569)				8,603,381
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $368,137 - (Cost $368,137)⁽⁴⁾	$	368,137	$	368,137


Total investments - 100.0% (Cost $7,917,706)				8,971,518

Other assets less liabilities - 0.0%⁽⁵⁾				1,337


Total net assets - 100.0%⁽⁶⁾			$	8,972,855

⁽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 $7,557,120 or 84.2% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:

Issuer

Rate

Maturity

Value

U.S. Treasury Bond

4.625

2/15/2040

375,506

⁽⁵⁾	Represents less than 0.1% of total net assets.

⁽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.

See Notes to Form N-Q.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,146,296		12.8	%
Consumer Staples		2,909,679		32.4
Energy		247,090		2.8
Financials		1,513,296		16.9
Healthcare		437,484		4.9
Industrials		973,279		10.8
Information Technology		422,987		4.7
Materials		688,421		7.7
Telecommunication Services		264,849		2.9

Total common and preferred stocks		8,603,381		95.9
Short-term investments		368,137		4.1

Total investments		8,971,518		100.0
Other assets less liabilities		1,337		0.0	⁽¹⁾

Total net assets	$	8,972,855		100.0	%

⁽¹⁾	Represents less than 0.1% of total net assets.

CURRENCY EXPOSURE - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
Australian dollar	$	22,710		0.3	%
British pound		1,030,149		11.5
Euro		3,068,652		34.2
Hong Kong dollar		1,350,745		15.1
Indian rupee		36,430		0.4
Japanese yen		1,178,012		13.1
Korean won		73,523		0.8
Nigeria naira		19,657		0.2
Singapore dollar		78,967		0.9
Swiss franc		657,257		7.3
U.S. dollar		1,455,416		16.2

Total investments	$	8,971,518		100.0	%

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.7%

AUSTRALIA - 1.2%
Domino’s Pizza Enterprises Limited⁽¹⁾		707,066	$	7,322

BRAZIL - 3.8%
M Dias Branco SA		472,600		13,883
Raia Drogasil S.A.		967,500		9,754

				23,637

CHINA - 10.4%
AMVIG Holdings Ltd⁽¹⁾		11,662,000		5,145
Beijing Enterprises Water Group Limited⁽¹⁾		30,458,000		5,749
China Everbright International Limited⁽¹⁾		6,036,700		2,867
Golden Eagle Retail Group Ltd.⁽¹⁾		669,000		1,379
Hengan International Group Company Limited⁽¹⁾		678,050		6,584
Intime Department Store Group Company Limited⁽¹⁾		14,113,300		14,019
New World Department Store China⁽¹⁾		7,763,000		4,202
Parkson Retail Group Ltd.⁽¹⁾		9,432,500		8,565
Yingde Gases⁽¹⁾		17,662,500		16,110

				64,620

DENMARK - 0.2%
Royal Unibrew A/S⁽¹⁾		18,178		1,151

FRANCE - 12.2%
Eurofins Scientific⁽¹⁾		183,404		22,733
Gemalto NV⁽¹⁾		120,052		8,634
Ingenico⁽¹⁾		54,679		2,654
Ipsos⁽¹⁾		590,206		17,385
Rubis⁽¹⁾		474,240		24,400

				75,806

GERMANY - 18.0%
Gerresheimer AG⁽¹⁾		326,493		15,376
GfK SE⁽¹⁾		539,934		26,794
Sixt AG⁽¹⁾		384,090		6,427
Wacker Neuson SE⁽¹⁾		1,121,726		14,822
Wirecard AG⁽¹⁾		2,535,723		49,131

				112,550

HONG KONG - 2.6%
SJM Holdings Limited⁽¹⁾		8,588,932		15,981

IRELAND - 2.2%
Glanbia plc⁽¹⁾		1,900,679		14,058

ITALY - 5.9%
Davide Campari - Milano S.p.A.⁽¹⁾		3,710,863		25,843
Marr SpA⁽¹⁾		1,195,651		11,186

				37,029

JAPAN - 5.7%
AUTOBACS SEVEN CO., LTD.⁽¹⁾		539,700		26,423
CALBEE, Inc.⁽¹⁾		51,500		3,227
SUGI HOLDINGS CO., LTD.⁽¹⁾		185,200		6,083

				35,733
KENYA - 0.5%
East African Breweries Limited⁽¹⁾		1,154,300		3,125

LUXEMBOURG - 3.4%
L’Occitane International SA⁽¹⁾		7,734,750		21,423

PERU - 1.4%
Ferreyros S.A.		10,169,375		8,699

PHILIPPINES - 4.4%
Alliance Global Group, Inc.⁽¹⁾		98,438,800		27,241



RUSSIA - 0.2%
Pharmstandard⁽¹⁾⁽²⁾		31,941	$	1,412

SINGAPORE - 6.5%
City Developments Limited⁽¹⁾		654,972		5,853
Petra Foods Limited⁽¹⁾		5,988,000		11,872
SIA Engineering Company⁽¹⁾		3,981,700		12,589
Super Group Ltd.⁽¹⁾		6,021,000		10,010

				40,324

SPAIN - 0.2%
Pescanova, S.A.⁽¹⁾		42,636		1,164

SWITZERLAND - 2.0%
Schindler Holding AG, Participation Certificates⁽¹⁾⁽³⁾		110,312		12,336

UNITED KINGDOM - 11.9%
Aegis Group plc⁽¹⁾		5,332,801		13,538
APR Energy PLC⁽¹⁾		976,491		10,404
Babcock International Group plc⁽¹⁾		2,413,573		32,296
Big Yellow Group PLC⁽¹⁾		1,087,153		4,960
Britvic Plc⁽¹⁾		2,230,183		11,535
Dignity PLC⁽¹⁾		96,613		1,222

				73,955

Total common stocks (Cost $476,537)				577,566

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $40,915 - (Cost $40,915)⁽⁴⁾	$	40,915	$	40,915


Total investments - 99.3% (Cost $517,452)				618,481

Other assets less liabilities - 0.7%				4,593


Total net assets - 100.0%⁽⁵⁾			$	623,074

⁽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 $545,230 or 87.5% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	41,735

⁽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.

See Notes to Form N-Q.

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Net Assets
Consumer Discretionary	$	158,253		25.4	%
Consumer Staples		129,475		20.8
Financials		10,813		1.7
Healthcare		39,521		6.4
Industrials		117,277		18.8
Information Technology		60,419		9.7
Materials		21,255		3.4
Utilities		40,553		6.5

Total common stocks		577,566		92.7
Short-term investments		40,915		6.6

Total investments		618,481		99.3
Other assets less liabilities		4,593		0.7

Total net assets	$	623,074		100.0	%

CURRENCY EXPOSURE - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
Australian dollar	$	7,322		1.2	%
Brazilian real		23,637		3.8
British pound		73,955		12.0
Danish krone		1,151		0.2
Euro		240,607		38.9
Hong Kong dollar		102,024		16.5
Japanese yen		35,733		5.8
Kenya shilling		3,125		0.5
Peruvian nuevo sol		8,699		1.4
Philippine peso		27,241		4.4
Singapore dollar		40,324		6.5
Swiss franc		12,336		2.0
U.S. dollar		42,327		6.8

Total investments	$	618,481		100.0	%

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 91.0%

BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.⁽¹⁾		1,431,936	$	97,314

DENMARK - 1.8%
Carlsberg A/S, Class B⁽¹⁾		1,289,355		101,598

FRANCE - 7.9%
Publicis Groupe⁽¹⁾		2,835,252		129,661
Societe Television Francaise 1⁽¹⁾		3,597,667		28,807
Sodexo⁽¹⁾		709,777		55,305
Sodexo - Registered Shares⁽¹⁾⁽²⁾		1,284,779		100,108
Total SA⁽¹⁾		3,043,282		137,341

				451,222

GERMANY - 2.9%
HeidelbergCement AG⁽¹⁾		2,450,849		117,656
Wincor Nixdorf AG⁽¹⁾		1,296,244		45,949

				163,605

HONG KONG - 1.0%
Guoco Group Limited⁽¹⁾		7,545,736		58,696

IRELAND - 3.8%
ICON PLC (DR)⁽³⁾⁽⁴⁾		4,245,959		95,661
Ryanair Holdings PLC, Equity-Linked Security, 144A^{(1)(3)(5)(6)(7)}		23,493,490		119,039

				214,700

JAPAN - 10.7%
Aderans Co., Ltd.^(1)(3)(4)		2,444,767		29,951
CALBEE, Inc.⁽¹⁾		88,000		5,515
Credit Saison Co., Ltd.⁽¹⁾		6,872,459		152,502
Kao Corporation⁽¹⁾		6,938,400		191,361
NIFCO INC.⁽¹⁾		1,220,500		29,518
SANKYO CO., LTD.⁽¹⁾		1,595,792		77,859
SEINO HOLDINGS CO., LTD.⁽¹⁾		1,205,240		8,078
Stanley Electric Co., Ltd.⁽¹⁾		7,303,100		112,731

				607,515

NETHERLANDS - 6.4%
DE Master Blenders 1753 NV - When issued⁽³⁾⁽⁸⁾		2,136,281		24,088
ING Groep N.V.⁽¹⁾⁽³⁾		19,577,250		132,084
Koninklijke Ahold NV⁽¹⁾		8,139,505		100,860
Koninklijke Philips Electronics N.V.⁽¹⁾		5,456,262		107,890

				364,922

NORWAY - 1.1%
Orkla ASA⁽¹⁾		8,412,697		61,063

SWITZERLAND - 8.4%
Adecco SA⁽¹⁾		1,915,071		85,224
Novartis AG⁽¹⁾		3,385,989		188,870
Panalpina Welttransport Holding AG⁽¹⁾⁽⁴⁾		1,395,597		125,246
Pargesa Holding SA - Bearer Shares⁽¹⁾		1,344,272		80,101

				479,441

THAILAND - 0.6%
Thai Beverage Public Company Limited⁽¹⁾		131,947,183		35,541

UNITED KINGDOM - 25.7%
Carpetright PLC⁽¹⁾⁽³⁾		3,161,793		33,548
Compass Group PLC⁽¹⁾		32,620,837		342,168
Diageo plc⁽¹⁾		6,902,398		177,566
Experian PLC⁽¹⁾		6,506,924		91,918
Lloyds Banking Group plc⁽¹⁾⁽³⁾		178,166,250		87,635
Michael Page International plc⁽¹⁾		11,629,078		68,535
Qinetiq Group PLC⁽¹⁾⁽⁴⁾		57,191,303		140,862
Reed Elsevier PLC⁽¹⁾		22,085,999		177,184


Savills Plc ⁽¹⁾⁽⁴⁾		10,043,194	$	55,042
Tesco plc ⁽¹⁾		25,049,857		121,764
Unilever PLC (DR)		5,077,018		171,248

				1,467,470

UNITED STATES - 19.0%
Accenture plc, Class A		1,359,800		81,710
Aon Corporation		4,134,848		193,428
Arch Capital Group Ltd.⁽³⁾⁽⁴⁾		5,690,613		225,860
Covidien plc		3,534,046		189,072
Signet Jewelers Ltd.		3,531,276		155,411
TE Connectivity Ltd.		7,449,450		237,712

				1,083,193

Total common stocks and equity-linked securities (Cost $4,703,753)				5,186,280

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $526,437 - (Cost $526,437)⁽⁹⁾	$	526,437	$	526,437


Total investments - 100.2% (Cost $5,230,190)				5,712,717

Other assets less liabilities - (0.2%)				(12,876	)


Total net assets - 100.0%⁽¹⁰⁾			$	5,699,841

⁽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 $3,812,090 or 66.9% of total net assets.

⁽²⁾	Shares are registered with the issuing company and not tradable until converted back to bearer shares.

⁽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⁾	Non-voting shares.

⁽⁶⁾	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.

⁽⁷⁾	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		9/17/08 - 6/25/12	$	98,625	$	119,039		2.1	%

⁽⁸⁾	Cash in the amount of $23,081 has been segregated to cover the when-issued purchase commitment and is included in Short-Term Investments.

⁽⁹⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	536,972

⁽¹⁰⁾	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.

See Notes to Form N-Q.

FOREIGN CURRENCY FORWARD CONTRACTS - JUNE 30, 2012

Unaudited

Dollar values in thousands


Description	Counterparty	Transaction Type	Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation (Depreciation)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	411,922	$	402,238	$	9,684
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		28,138		28,259		(121	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		15,841		16,140		(299	)
Japanese Yen	State Street Bank and Trust Company	Buy		8/16/2012		28,261		28,018		(243	)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		16,194		16,091		102
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		12,984		12,838		146
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		13,740		13,842		(102	)

									$	9,167

PORTFOLIO DIVERSIFICATION - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value			Percentage of Total Net Assets
Consumer Discretionary	$	1,242,300			21.8	%
Consumer Staples		959,492			16.8
Energy		137,341			2.4
Financials		1,082,662			19.0
Healthcare		473,603			8.3
Industrials		807,855			14.2
Information Technology		365,371			6.4
Materials		117,656			2.1

Total common stocks and equity-linked securities		5,186,280			91.0
Short-term investments		526,437			9.2

Total investments		5,712,717			100.2
Other assets less liabilities		(12,876	)		(0.2	)

Total net assets	$	5,699,841			100.0	%

CURRENCY EXPOSURE⁽¹⁾ - JUNE 30, 2012

Unaudited

Dollar values in thousands


	Value		Percentage of Total Investments
British pound	$	1,296,222		22.7	%
Danish krone		101,598		1.8
Euro		1,196,102		20.9
Hong Kong dollar		58,696		1.0
Japanese yen		607,515		10.6
Norwegian krone		61,063		1.1
Singapore dollar		35,541		0.6
Swiss franc		479,441		8.4
U.S. dollar		1,876,539		32.9

Total investments	$	5,712,717		100.0	%

⁽¹⁾	Excludes exposure to foreign currency forward contracts.

ARTISAN MID CAP FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.0%

CONSUMER DISCRETIONARY - 19.4%
Auto Components - 1.8%
BorgWarner Inc.⁽¹⁾		1,774,214	$	116,371

Automobiles - 0.6%
Tesla Motors, Inc.⁽¹⁾		1,260,185		39,431

Distributors - 1.8%
LKQ Corporation⁽¹⁾		3,367,170		112,463

Diversified Consumer Services - 0.9%
New Oriental Education & Technology Group, Inc. (DR)⁽¹⁾⁽²⁾		2,224,200		54,493

Hotels, Restaurants & Leisure - 3.9%
Chipotle Mexican Grill, Inc.⁽¹⁾		283,424		107,687
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾		520,230		8,719
Starwood Hotels & Resorts Worldwide, Inc.		1,849,099		98,076
Wynn Resorts, Limited		281,075		29,153

				243,635

Internet & Catalog Retail - 0.2%
Netflix, Inc.⁽¹⁾		175,667		12,028

Specialty Retail - 2.6%
Tractor Supply Company		866,700		71,988
Ulta Salon, Cosmetics & Fragrance, Inc.		988,500		92,306

				164,294

Textiles, Apparel & Luxury Goods - 7.6%
Coach, Inc.		2,383,023		139,359
Fossil, Inc.⁽¹⁾		1,672,535		128,016
lululemon athletica inc.⁽¹⁾		768,416		45,821
Polo Ralph Lauren Corporation, Class A		866,722		121,393
Under Armour, Inc., Class A⁽¹⁾		481,400		45,483

				480,072

CONSUMER STAPLES - 2.0%
Food Products - 2.0%
Mead Johnson Nutrition Company		793,800		63,909
TreeHouse Foods, Inc.⁽¹⁾		1,037,100		64,601

				128,510

ENERGY - 7.6%
Energy Equipment & Services - 4.9%
Cameron International Corporation⁽¹⁾		2,943,849		125,732
Core Laboratories N.V.		281,010		32,569
Dresser-Rand Group Inc.⁽¹⁾		2,890,527		128,744
Oceaneering International, Inc.		448,900		21,484

				308,529

Oil, Gas & Consumable Fuels - 2.7%
Cabot Oil & Gas Corporation		1,871,100		73,721
Noble Energy, Inc.		1,126,900		95,584

				169,305

FINANCIALS - 4.9%
Capital Markets - 1.2%
Ares Capital Corporation		4,642,509		74,094

Commercial Banks - 0.7%
HDFC Bank Limited (DR)⁽²⁾		1,405,090		45,806

Consumer Finance - 3.0%
Discover Financial Services		5,496,610		190,073

HEALTHCARE - 23.7%



Biotechnology - 8.4%
Alexion Pharmaceuticals, Inc.⁽¹⁾	657,500	$	65,290
ARIAD Pharmaceuticals, Inc.⁽¹⁾	2,058,800		35,432
Cepheid⁽¹⁾⁽³⁾	3,265,800		146,145
Incyte Corporation⁽¹⁾	2,933,682		66,595
Regeneron Pharmaceuticals, Inc.⁽¹⁾	1,632,813		186,500
Vertex Pharmaceuticals Incorporated⁽¹⁾	571,700		31,969

			531,931

Health Care Equipment & Supplies - 1.8%
Edwards Lifesciences Corporation⁽¹⁾	487,581		50,367
Intuitive Surgical, Inc.⁽¹⁾	110,413		61,146

			111,513

Health Care Providers & Services - 3.2%
AMERIGROUP Corporation⁽¹⁾	1,804,900		118,961
Cigna Corporation	1,027,500		45,210
DaVita Inc.⁽¹⁾	389,000		38,204

			202,375

Health Care Technology - 5.1%
athenahealth, Inc.⁽¹⁾⁽³⁾	1,930,915		152,870
Cerner Corporation⁽¹⁾	2,079,324		171,877

			324,747

Life Sciences Tools & Services - 4.4%
Agilent Technologies, Inc.	4,270,515		167,575
Mettler-Toledo International Inc.⁽¹⁾	730,900		113,911

			281,486

Pharmaceuticals - 0.8%
Allergan, Inc.	531,296		49,182

INDUSTRIALS - 13.3%
Aerospace & Defense - 1.4%
Precision Castparts Corp.	522,296		85,912

Building Products - 0.6%
Owens Corning⁽¹⁾	1,432,400		40,881

Electrical Equipment - 2.6%
Rockwell Automation, Inc.	1,247,900		82,436
Roper Industries, Inc.	826,012		81,428

			163,864

Machinery - 2.7%
Chart Industries, Inc.⁽¹⁾	697,300		47,946
Pall Corporation	1,042,100		57,117
Woodward, Inc.	1,628,400		64,224

			169,287

Professional Services - 6.0%
IHS Inc.⁽¹⁾	2,214,917		238,613
Verisk Analytics, Inc., Class A⁽¹⁾	2,890,527		142,387

			381,000

INFORMATION TECHNOLOGY - 24.1%
Communications Equipment - 2.0%
Aruba Networks, Inc.⁽¹⁾	3,976,000		59,839
Juniper Networks, Inc.⁽¹⁾	3,965,385		64,675

			124,514

Electronic Equipment & Instruments - 4.5%
FLIR Systems, Inc.⁽³⁾	1,536,900		29,970
IPG Photonics Corporation⁽¹⁾	2,180,200		95,035
Trimble Navigation Limited⁽¹⁾	2,987,665		137,462
Universal Display Corporation⁽¹⁾	657,400		23,627

			286,094

Internet Software & Services - 1.4%
LinkedIn Corporation, Class A⁽¹⁾	519,900		55,250
MercadoLibre, Inc.	426,863		32,356

			87,606

IT Services - 2.8%
Teradata Corporation⁽¹⁾	1,743,104		125,521
VeriFone Systems, Inc.⁽¹⁾	1,550,400		51,303

			176,824

Semiconductors & Semiconductor Equipment - 2.7%
Altera Corporation	1,282,200		43,390


ARM Holdings PLC (DR)⁽²⁾		4,108,525	$	97,742
Broadcom Corporation, Class A		937,876		31,700

				172,832

Software - 10.7%
ANSYS, Inc.⁽¹⁾		1,557,818		98,314
Citrix Systems, Inc.⁽¹⁾		1,389,518		116,636
Concur Technologies, Inc.⁽¹⁾		1,891,230		128,793
MICROS Systems, Inc.⁽¹⁾		48,900		2,504
Qlik Technologies Inc.⁽¹⁾		2,060,200		45,572
Red Hat, Inc.⁽¹⁾		1,476,541		83,395
salesforce.com, inc.⁽¹⁾		586,911		81,146
VMware, Inc., Class A⁽¹⁾		1,354,768		123,338

				679,698

Total common stocks (Cost $4,193,013)				6,008,850

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $331,689 - (Cost $331,689)⁽⁴⁾	$	331,689	$	331,689


Total investments - 100.2% (Cost $4,524,702)				6,340,539

Other assets less liabilities - (0.2%)				(14,016	)


Total net assets - 100.0%⁽⁵⁾			$	6,326,523

⁽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
ARM Holdings PLC (DR)	United Kingdom	U.S. dollar
Ctrip.com International, Ltd. (DR)	China	U.S. dollar
HDFC Bank Limited (DR)	India	U.S. dollar
New Oriental Education & Technology Group, Inc. (DR)	China	U.S. 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		4.625	%		2/15/2040	$	338,328

⁽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.

See Notes to Form N-Q.

ARTISAN MID CAP VALUE FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.0%

CONSUMER DISCRETIONARY - 7.4%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		9,729,879	$	155,483

Household Durables - 1.3%
Mohawk Industries, Inc.⁽¹⁾		1,519,054		106,076

Leisure Equipment & Products - 2.1%
Mattel, Inc.		5,159,603		167,378

Media - 2.0%
Omnicom Group Inc.		3,247,686		157,838

CONSUMER STAPLES - 4.7%
Food & Staples Retailing - 3.9%
The Kroger Co.		8,318,222		192,900
Sysco Corporation		3,810,773		113,599

				306,499

Food Products - 0.8%
Campbell Soup Company		1,790,531		59,768

ENERGY - 10.9%
Energy Equipment & Services - 5.0%
Ensco PLC⁽²⁾		3,228,763		151,655
McDermott International, Inc.⁽¹⁾		11,091,762		123,562
Patterson-UTI Energy, Inc.⁽³⁾		8,119,100		118,214

				393,431

Oil, Gas & Consumable Fuels - 5.9%
Cimarex Energy Co.		3,260,739		179,732
Hess Corporation		2,688,800		116,828
Southwestern Energy Company⁽¹⁾		5,342,963		170,601

				467,161

FINANCIALS - 21.1%
Capital Markets - 1.5%
Northern Trust Corporation		2,579,789		118,722

Insurance - 16.6%
Alleghany Corporation⁽¹⁾		652,935		221,835
Allied World Assurance Company Holdings, Ltd		1,260,326		100,158
The Allstate Corporation		4,871,509		170,941
Aon Corporation		3,238,643		151,504
Arch Capital Group Ltd.⁽¹⁾⁽³⁾		3,941,760		156,448
Fidelity National Financial, Inc.		4,757,729		91,634
Loews Corporation		3,640,483		148,932
The Progressive Corporation		9,965,593		207,583
Validus Holdings, Ltd.		1,833,379		58,723

				1,307,758

Real Estate Investment Trusts (REITS) - 3.0%
Annaly Capital Management, Inc.		8,214,424		137,838
Hatteras Financial Corp.		3,320,709		94,972

				232,810

HEALTHCARE - 3.9%
Health Care Equipment & Supplies - 0.9%
Becton, Dickinson and Company		953,900		71,304

Health Care Providers & Services - 2.1%
Cigna Corporation		3,759,700		165,427

Life Sciences Tools & Services - 0.9%
Covance Inc.⁽¹⁾		1,423,600		68,119


INDUSTRIALS - 18.6%
Aerospace & Defense - 5.8%
L-3 Communications Holdings, Inc.	2,003,575	$	148,285
Rockwell Collins, Inc.	3,321,784		163,930
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾	5,879,796		140,116

			452,331

Commercial Services & Supplies - 0.7%
Republic Services, Inc.	2,196,300		58,114

Construction & Engineering - 2.2%
Jacobs Engineering Group Inc.⁽¹⁾	4,515,822		170,969

Electrical Equipment - 2.2%
Hubbell Inc., Class B	2,186,980		170,453

Machinery - 1.6%
Flowserve Corporation	1,113,115		127,730

Marine - 0.0%⁽⁴⁾
Kirby Corporation⁽¹⁾	52,800		2,486

Professional Services - 5.3%
The Dun & Bradstreet Corporation	2,069,116		147,259
Equifax Inc.	770,905		35,924
ManpowerGroup	2,697,679		98,870
Towers Watson & Co., Class A	2,252,448		134,922

			416,975

Road & Rail - 0.8%
Ryder System, Inc.⁽³⁾	1,754,813		63,191

INFORMATION TECHNOLOGY - 27.3%
Computers & Peripherals - 1.5%
Lexmark International, Inc.⁽³⁾	4,478,598		119,041

Electronic Equipment & Instruments - 9.1%
Arrow Electronics, Inc.⁽¹⁾⁽³⁾	5,434,637		178,310
Avnet, Inc.⁽¹⁾⁽³⁾	6,888,193		212,570
FLIR Systems, Inc.⁽³⁾	7,271,467		141,794
Ingram Micro Inc.⁽¹⁾⁽³⁾	10,567,959		184,622

			717,296

Internet Software & Services - 1.4%
Open Text Corporation⁽¹⁾⁽²⁾	2,134,565		106,515

IT Services - 6.6%
Broadridge Financial Solutions, Inc.	5,486,952		116,707
SAIC, Inc.⁽¹⁾	10,822,820		131,173
Total System Services, Inc.	2,557,609		61,204
The Western Union Company	12,322,738		207,515

			516,599

Semiconductors & Semiconductor Equipment - 6.5%
Analog Devices, Inc.	5,290,550		199,295
Applied Materials, Inc.	13,579,938		155,626
Lam Research Corporation⁽¹⁾	4,033,400		152,220

			507,141

Software - 2.2%
BMC Software, Inc.⁽¹⁾	1,040,752		44,419
SYNOPSYS, INC.⁽¹⁾	4,478,661		131,807

			176,226

UTILITIES - 2.1%
Electrical Utilities - 0.6%
OGE Energy Corp.	852,429		44,147

Multi-Utilities - 0.6%
SCANA Corporation	995,243		47,612

Water Utilities - 0.9%
American Water Works Company, Inc.	1,951,168		66,886


Total common stocks (Cost $6,835,229)			$	7,541,486

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $252,932 - (Cost $252,932)⁽⁵⁾	$	252,932	$	252,932


Total investments - 99.2% (Cost $7,088,161)				7,794,418

Other assets less liabilities - 0.8%				62,086


Total net assets - 100.0%⁽⁶⁾			$	7,856,504

⁽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
Ensco PLC	United Kingdom	U.S. dollar
Open Text Corporation	Canada	U.S. 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⁾	Represents less than 0.1% of total net assets.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	257,994

⁽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.

See Notes to Form N-Q.

ARTISAN SMALL CAP FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.8%

CONSUMER DISCRETIONARY - 15.9%
Automobiles - 0.6%
Tesla Motors, Inc.⁽¹⁾		99,600	$	3,116

Distributors - 3.5%
LKQ Corporation⁽¹⁾		530,500		17,719

Diversified Consumer Services - 0.3%
K12 Inc.⁽¹⁾		66,600		1,552

Hotels, Restaurants & Leisure - 2.3%
Dunkin’ Brands Group, Inc.		252,100		8,657
Peet’s Coffee & Tea, Inc.⁽¹⁾		48,900		2,936

				11,593

Internet & Catalog Retail - 0.7%
HomeAway, Inc.⁽¹⁾		159,800		3,474

Media - 0.5%
Pandora Media, Inc.⁽¹⁾		230,500		2,505

Specialty Retail - 5.9%
Francesca’s Collections, Inc.⁽¹⁾		232,300		6,274
Monro Muffler Brake, Inc.		156,500		5,202
Ulta Salon, Cosmetics & Fragrance, Inc.		190,100		17,752

				29,228

Textiles, Apparel & Luxury Goods - 2.1%
Deckers Outdoor Corporation⁽¹⁾		17,000		748
Vera Bradley, Inc.⁽¹⁾		175,700		3,704
The Warnaco Group, Inc.⁽¹⁾		146,200		6,225

				10,677

CONSUMER STAPLES - 4.4%
Food & Staples Retailing - 2.1%
The Fresh Market, Inc.⁽¹⁾		195,700		10,495

Food Products - 2.3%
Annie’s, Inc.⁽¹⁾		43,600		1,825
TreeHouse Foods, Inc.⁽¹⁾		157,375		9,803

				11,628

ENERGY - 4.0%
Energy Equipment & Services - 2.1%
Dril-Quip, Inc.⁽¹⁾		163,300		10,711

Oil, Gas & Consumable Fuels - 1.9%
Oasis Petroleum Inc.⁽¹⁾		186,600		4,512
Rosetta Resources Inc.⁽¹⁾		132,600		4,858

				9,370

FINANCIALS - 3.0%
Capital Markets - 3.0%
Ares Capital Corporation		923,283		14,736

HEALTHCARE - 21.1%
Biotechnology - 7.3%
ARIAD Pharmaceuticals, Inc.⁽¹⁾		293,700		5,055
Cepheid⁽¹⁾⁽²⁾		478,700		21,422
Incyte Corporation⁽¹⁾		448,000		10,170

				36,647

Health Care Equipment & Supplies - 3.4%
DexCom Inc.⁽¹⁾		471,600		6,112
HeartWare International, Inc.⁽¹⁾		76,025		6,751


NxStage Medical, Inc.⁽¹⁾	247,600	$	4,150

			17,013

Health Care Providers & Services - 6.8%
Acadia Healthcare Company, Inc.⁽¹⁾	288,900		5,067
AMERIGROUP Corporation⁽¹⁾	231,100		15,232
HMS Holdings Corp.⁽¹⁾	409,000		13,624

			33,923

Health Care Technology - 3.1%
athenahealth, Inc.⁽¹⁾⁽²⁾	194,500		15,399

Pharmaceuticals - 0.5%
VIVUS, Inc.⁽¹⁾	84,100		2,400

INDUSTRIALS - 19.0%
Aerospace & Defense - 1.5%
Hexcel Corporation⁽¹⁾	198,100		5,109
Teledyne Technologies Incorporated⁽¹⁾	40,900		2,521

			7,630

Electrical Equipment - 3.5%
Acuity Brands, Inc.	237,000		12,066
Regal Beloit Corporation	88,400		5,504

			17,570

Machinery - 8.9%
Chart Industries, Inc.⁽¹⁾	131,500		9,042
IDEX Corporation	374,300		14,590
Proto Labs, Inc.⁽¹⁾	22,700		653
Robbins & Myers, Inc.	130,300		5,449
Westport Innovations Inc.⁽¹⁾⁽³⁾	62,500		2,297
Woodward, Inc.	315,400		12,439

			44,470

Professional Services - 1.9%
The Advisory Board Company⁽¹⁾	132,000		6,546
RPX Corporation⁽¹⁾	192,200		2,758

			9,304

Trading Companies & Distributors - 3.2%
Beacon Roofing Supply, Inc.⁽¹⁾	643,100		16,219

INFORMATION TECHNOLOGY - 27.4%
Communications Equipment - 2.8%
Acme Packet, Inc.⁽¹⁾	144,400		2,693
Aruba Networks, Inc.⁽¹⁾	392,000		5,900
Finisar Corporation⁽¹⁾	352,500		5,273

			13,866

Electronic Equipment & Instruments - 6.0%
Cognex Corporation	227,500		7,200
FARO Technologies, Inc.⁽¹⁾	46,400		1,952
FEI Company⁽¹⁾	120,300		5,755
IPG Photonics Corporation⁽¹⁾	195,700		8,531
Maxwell Technologies, Inc.⁽¹⁾	160,900		1,055
Universal Display Corporation⁽¹⁾	153,300		5,510

			30,003

Internet Software & Services - 2.9%
CoStar Group, Inc.⁽¹⁾	71,900		5,838
LogMeIn, Inc.⁽¹⁾	172,700		5,271
MercadoLibre, Inc.	41,300		3,131

			14,240

Semiconductors & Semiconductor Equipment - 1.1%
Cavium Networks, Inc.⁽¹⁾	192,200		5,382


Software - 14.6%
CommVault Systems, Inc.⁽¹⁾	303,000		15,020
Concur Technologies, Inc.⁽¹⁾	205,300		13,981
Fortinet, Inc.⁽¹⁾	440,400		10,226
Guidewire Software, Inc.⁽¹⁾	150,300		4,226
Informatica Corporation⁽¹⁾	152,700		6,468
NetSuite Inc.⁽¹⁾	184,200		10,089
Qlik Technologies Inc.⁽¹⁾	278,200		6,154
RealPage, Inc.⁽¹⁾	303,000		7,017

			73,181



Total common stocks (Cost $364,209)			$	474,051

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $27,053 - (Cost $27,053)⁽⁴⁾	$	27,053	$	27,053


Total investments - 100.2% (Cost $391,262)				501,104

Other assets less liabilities - (0.2%)				(970	)


Total net assets - 100.0%⁽⁵⁾			$	500,134

⁽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 Canada. See the Fund’s Statement of Additional Information for information on how a particular country is assigned. The security trades in U.S. dollars.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.625	%		8/15/2020	$	27,599

⁽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.

See Notes to Form N-Q.

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.6%

CONSUMER DISCRETIONARY - 14.9%
Diversified Consumer Services - 4.2%
Coinstar, Inc.⁽¹⁾		487,300	$	33,458
Matthews International Corporation⁽²⁾		1,476,100		47,958
Regis Corporation		2,021,600		36,308

				117,724

Hotels, Restaurants & Leisure - 2.2%
Jack in the Box Inc.⁽¹⁾		1,120,408		31,237
WMS Industries Inc.⁽¹⁾		1,468,200		29,291

				60,528

Household Durables - 0.3%
Universal Electronics Inc.⁽¹⁾		742,000		9,772

Media - 3.6%
Arbitron Inc.		541,500		18,952
DreamWorks Animation SKG, Inc., Class A⁽¹⁾		2,310,400		44,036
Meredith Corporation		1,155,155		36,896

				99,884

Specialty Retail - 2.1%
Rent-A-Center, Inc.		1,708,662		57,650

Textiles, Apparel & Luxury Goods - 2.5%
Skechers U.S.A., Inc., Class A⁽¹⁾		1,833,200		37,342
The Warnaco Group, Inc.⁽¹⁾		741,500		31,573

				68,915

CONSUMER STAPLES - 1.0%
Food Products - 1.0%
Cal-Maine Foods, Inc.		236,000		9,228
Darling International Inc.⁽¹⁾		1,075,000		17,727

				26,955

ENERGY - 12.0%
Energy Equipment & Services - 5.9%
GulfMark Offshore, Inc.⁽¹⁾		701,700		23,886
Key Energy Services, Inc.⁽¹⁾		1,061,200		8,065
Newpark Resources, Inc.⁽¹⁾		2,422,700		14,294
Parker Drilling Company⁽¹⁾		2,346,447		10,582
SEACOR Holdings Inc.⁽¹⁾		216,600		19,360
Superior Energy Services, Inc.⁽¹⁾		770,125		15,580
Tidewater Inc.		830,300		38,493
Unit Corporation⁽¹⁾		890,500		32,850

				163,110

Oil, Gas & Consumable Fuels - 6.1%
Cloud Peak Energy Inc.⁽¹⁾⁽²⁾		3,108,600		52,566
Comstock Resources, Inc.⁽¹⁾		2,382,590		39,122
Forest Oil Corporation⁽¹⁾		3,806,490		27,902
Lone Pine Resources Inc.⁽¹⁾		2,909,011		8,000
World Fuel Services Corporation		1,091,000		41,491

				169,081

FINANCIALS - 6.3%
Diversified Financial Services - 1.0%
PICO Holdings, Inc.⁽¹⁾⁽²⁾		1,191,290		26,697

Insurance - 3.2%
Allied World Assurance Company Holdings, Ltd		292,155		23,218
Alterra Capital Holdings Limited		488,475		11,406
Endurance Specialty Holdings Ltd.		473,023		18,126
Platinum Underwriters Holdings, Ltd.		914,500		34,842

				87,592

Real Estate Investment Trusts (REITS) - 2.1%
Anworth Mortgage Asset Corporation		1,632,500		11,509


Hatteras Financial Corp.	1,162,100	$	33,236
Potlatch Corporation	445,201		14,220

			58,965

HEALTHCARE - 2.9%
Biotechnology - 0.3%
Enzon Pharmaceuticals, Inc.⁽¹⁾	1,419,900		9,755

Health Care Equipment & Supplies - 1.5%
CONMED Corporation	1,078,959		29,855
STERIS Corporation	345,000		10,823

			40,678

Life Sciences Tools & Services - 1.1%
ICON PLC (DR)^(1)(2)(3)	1,392,141		31,365

INDUSTRIALS - 26.8%
Aerospace & Defense - 2.9%
Curtiss-Wright Corporation	826,300		25,657
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾	1,672,579		39,858
Teledyne Technologies Incorporated⁽¹⁾	243,172		14,992

			80,507

Air Freight & Logistics - 1.3%
Atlas Air Worldwide Holdings, Inc.⁽¹⁾	835,900		36,370

Airlines - 0.5%
Hawaiian Holdings, Inc.⁽¹⁾	2,290,300		14,910

Building Products - 1.0%
Quanex Building Products Corporation	1,481,726		26,493

Commercial Services & Supplies - 3.4%
Quad/Graphics, Inc., Class A	826,300		11,882
Sykes Enterprises, Incorporated⁽¹⁾⁽²⁾	2,839,794		45,323
Tetra Tech, Inc.⁽¹⁾	1,480,100		38,601

			95,806

Construction & Engineering - 5.4%
Comfort Systems USA, Inc.⁽²⁾	2,442,726		24,476
EMCOR Group, Inc.	2,542,962		70,745
Granite Construction Incorporated	1,315,662		34,352
ORION MARINE GROUP, INC.⁽¹⁾⁽²⁾	1,672,600		11,641
Tutor Perini Corporation⁽¹⁾	774,100		9,808

			151,022

Electrical Equipment - 0.5%
Encore Wire Corporation	530,800		14,215

Machinery - 5.1%
Astec Industries, Inc.⁽¹⁾	770,081		23,626
CIRCOR International, Inc.	232,600		7,929
Harsco Corporation	1,002,900		20,439
Kaydon Corporation	1,187,300		25,396
Mueller Industries, Inc.	758,124		32,288
Woodward, Inc.	842,333		33,222

			142,900

Professional Services - 4.8%
CRA International, Inc.⁽¹⁾⁽²⁾	730,779		10,735
FTI Consulting, Inc.⁽¹⁾	1,992,765		57,292
Kforce Inc.⁽¹⁾	1,008,400		13,573
Towers Watson & Co., Class A	569,587		34,118
TrueBlue, Inc.⁽¹⁾	1,115,088		17,262

			132,980

Road & Rail - 1.9%
Ryder System, Inc.⁽²⁾	1,465,964		52,789

INFORMATION TECHNOLOGY - 24.7%
Communications Equipment - 1.5%
ADTRAN, Inc.	758,100		22,887
Ixia⁽¹⁾	1,455,988		17,501

			40,388

Computers & Peripherals - 5.6%
Diebold, Incorporated	1,905,266		70,323
Intermec, Inc.⁽¹⁾	1,386,119		8,594


Lexmark International, Inc.⁽²⁾		1,319,587	$	35,075
Logitech International S.A.⁽¹⁾⁽³⁾		822,300		8,774
QLogic Corporation⁽¹⁾		2,370,200		32,448

				155,214

Electronic Equipment & Instruments - 4.2%
Arrow Electronics, Inc.⁽¹⁾⁽²⁾		1,183,247		38,822
Benchmark Electronics, Inc.⁽¹⁾		1,247,401		17,401
Power-One, Inc.⁽¹⁾		3,176,800		14,359
Tech Data Corporation⁽¹⁾		962,700		46,373

				116,955

Internet Software & Services - 1.4%
EarthLink, Inc.		5,160,840		38,397

IT Services - 2.9%
CACI International Inc⁽¹⁾		782,150		43,034
CoreLogic, Inc.⁽¹⁾		1,018,800		18,654
ManTech International Corporation, Class A		798,168		18,733

				80,421

Semiconductors & Semiconductor Equipment - 4.2%
Intersil Corporation		4,684,900		49,894
Nanometrics Incorporated⁽¹⁾		270,200		4,150
Rudolph Technologies, Inc.⁽¹⁾		511,851		4,463
Ultratech, Inc.⁽¹⁾⁽²⁾		1,833,037		57,741

				116,248

Software - 4.9%
MicroStrategy Incorporated, Class A⁽¹⁾		324,871		42,188
Progress Software Corporation⁽¹⁾		2,151,923		44,911
Rosetta Stone Inc.⁽¹⁾		887,100		12,277
Websense, Inc.⁽¹⁾⁽²⁾		1,893,237		35,460

				134,836

MATERIALS - 6.3%
Chemicals - 5.0%
H.B. Fuller Company		2,422,633		74,375
Minerals Technologies Inc.		457,300		29,167
Sensient Technologies Corporation		972,115		35,706

				139,248

Metals & Mining - 1.3%
Schnitzer Steel Industries, Inc., Class A⁽²⁾		1,298,900		36,395

TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.7%
Atlantic Tele-Network, Inc.		608,714		20,532
Neutral Tandem, Inc.⁽¹⁾⁽²⁾		2,049,600		27,014

				47,546

Total common stocks (Cost $2,545,206)				2,682,311

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $74,121 - (Cost $74,121)⁽⁴⁾	$	74,121	$	74,121


Total investments - 99.3% (Cost $2,619,327)				2,756,432

Other assets less liabilities - 0.7%				19,746


Total net assets - 100.0%⁽⁵⁾			$	2,776,178

⁽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	U.S. dollar
Logitech International S.A.	Switzerland	U.S. dollar

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	75,608

⁽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.

See Notes to Form N-Q.

ARTISAN VALUE FUND

Schedule of Investments - June 30, 2012

Unaudited

Dollar values in thousands


	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.8%

CONSUMER DISCRETIONARY - 4.9%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		923,200	$	14,753

Multiline Retail - 2.9%
Target Corporation		365,800		21,286

CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 2.8%
Tesco plc⁽¹⁾⁽²⁾		4,313,449		20,967

ENERGY - 16.5%
Energy Equipment & Services - 7.4%
Baker Hughes Incorporated		566,800		23,295
National Oilwell Varco, Inc.		237,100		15,279
Noble Corporation		500,400		16,278

				54,852

Oil, Gas & Consumable Fuels - 9.1%
Apache Corporation		345,500		30,366
Cimarex Energy Co.		333,800		18,399
Royal Dutch Shell PLC (DR)⁽²⁾		284,600		19,191

				67,956

FINANCIALS - 25.6%
Capital Markets - 4.9%
The Bank of New York Mellon Corporation		801,500		17,593
The Goldman Sachs Group, Inc.		198,305		19,010

				36,603

Insurance - 18.3%
Alleghany Corporation⁽³⁾		47,436		16,116
The Allstate Corporation		425,250		14,922
Arch Capital Group Ltd.⁽³⁾⁽⁴⁾		528,200		20,964
Berkshire Hathaway Inc., Class B⁽³⁾		461,330		38,443
The Chubb Corporation		295,700		21,533
The Progressive Corporation		1,163,100		24,227

				136,205

Real Estate Investment Trusts (REITS) - 2.4%
Annaly Capital Management, Inc.		1,082,900		18,171

HEALTHCARE - 4.2%
Health Care Equipment & Supplies - 1.9%
Becton, Dickinson and Company		191,700		14,330

Health Care Providers & Services - 2.3%
Cigna Corporation		395,000		17,380

INDUSTRIALS - 2.6%
Construction & Engineering - 2.6%
Jacobs Engineering Group Inc.⁽³⁾		505,200		19,127

INFORMATION TECHNOLOGY - 33.0%
Communications Equipment - 4.1%
Cisco Systems, Inc.		1,760,000		30,219

Computers & Peripherals - 4.1%
Apple Inc.⁽³⁾		52,664		30,756

Electronic Equipment & Instruments - 5.5%
Avnet, Inc.⁽³⁾⁽⁴⁾		668,000		20,614


Ingram Micro Inc.⁽³⁾⁽⁴⁾		1,173,100	$	20,494

				41,108

Internet Software & Services - 3.4%
Google Inc., Class A⁽³⁾		44,100		25,581

IT Services - 3.2%
The Western Union Company		1,417,200		23,866

Semiconductors & Semiconductor Equipment - 6.4%
Samsung Electronics Co., Ltd., Preferred^(1)(2)(5)		36,927		24,437
Texas Instruments Incorporated		807,400		23,164

				47,601

Software - 6.3%
Microsoft Corporation		477,300		14,601
Oracle Corporation		1,096,300		32,560

				47,161

MATERIALS - 5.0%
Chemicals - 2.9%
The Mosaic Company		399,400		21,871

Metals & Mining - 2.1%
Newmont Mining Corporation		319,400		15,494

TELECOMMUNICATION SERVICES - 3.2%
Wireless Telecommunication Services - 3.2%
Vodafone Group Plc (DR)⁽²⁾		851,800		24,004

Total common and preferred stocks (Cost $683,271)				729,291

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 6/29/12, due 7/2/12, maturity value $7,942 - (Cost $7,942)⁽⁶⁾	$	7,942	$	7,942


Total investments - 98.8% (Cost $691,213)				737,233

Other assets less liabilities - 1.2%				8,651


Total net assets - 100.0%⁽⁷⁾			$	745,884

⁽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 $45,404 or 6.1% 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
Royal Dutch Shell PLC (DR)	United Kingdom	U.S. dollar
Samsung Electronics Co., Ltd., Preferred	Korea	Korean won
Tesco plc	United Kingdom	British pound
Vodafone Group 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⁾	Non-voting shares.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	8,108

⁽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.

See Notes to Form N-Q.

ARTISAN PARTNERS FUNDS, INC.

Notes to Form N-Q – June 30, 2012 (Unaudited)

(A) Organization:

As of June 30, 2012, Artisan Funds is a series company 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 Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)
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”)

Each Fund is managed by Artisan Partners Limited Partnership (the “Adviser”). The Adviser is wholly-owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Global Equity Fund is sub-advised by Artisan Partners UK LLP (“Artisan UK”). A wholly-owned subsidiary of Artisan Holdings is the founding member of Artisan UK.

Artisan Global Opportunities Fund changed its name from Artisan Growth Opportunities Fund effective July 9, 2012.

(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 the Nasdaq Stock Market, and over-the-counter securities, were valued at the closing price as of the time of valuation on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for a principal exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. 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 were available, at the mean of the most recent bid and ask quotation on the principal exchange.

Global Equity Fund, Global Opportunities Fund and Global Value Fund generally invested a significant portion of their total assets in securities principally traded in markets outside the U.S. Emerging Markets 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. Each of the other Funds had the ability to invest, and some 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 calculated 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.

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, and a Fund may therefore have used fair value pricing, if, among other things, the valuation committee believed that the price determined did not reflect a fair value of the security or 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 (a “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 values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Funds monitored for subsequent events using several tools, including the use of a third party research service 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. 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 the third party research service.

When fair value pricing is employed, the value of a portfolio security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Estimates of fair values utilized by the Funds as described above may differ from the value realized on the sale of those securities and the differences may have been material to the NAV of the applicable Fund.

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; political instability and expropriation and nationalization risks.

The risks of foreign investments typically are greater in emerging and less developed markets. For example, political and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. High levels of national debt tend to make these markets heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

(C) Fair Value Measurements:

Under United States 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 and securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading)

•

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

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, 2012 (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	$	5,760	$	21,056	$	—	$	26,816


Emerging Asia		7,694		390,758			2,667		401,119
Emerging Europe, Middle East & Africa		8,146		134,712			—		142,858
Latin America		185,267		—			—		185,267
Repurchase Agreements		—		21,947			—		21,947
Total	$	206,867	$	568,473	⁽²⁾	$	2,667	$	778,007
Global Equity
Equity Securities⁽¹⁾
Americas	$	5,276	$	—		$	—	$	5,276
Emerging Markets		148		934			—		1,082
Europe		—		4,402			—		4,402
Pacific Basin		—		1,354			—		1,354
Repurchase Agreements		—		230			—		230
Total	$	5,424	$	6,920	⁽²⁾	$	—	$	12,344
Global Opportunities
Equity Securities⁽¹⁾
Americas	$	148,730	$	—		$	—	$	148,730
Emerging Markets		28,715		6,842			—		35,557
Europe		3,002		30,031			—		33,033
Pacific Basin		—		6,174			—		6,174
Repurchase Agreements				15,139					15,139
Total Investments in Securities		180,447		58,186			—		238,633
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		12			—		12
Total	$	180,447	$	58,198	⁽²⁾	$	—	$	238,645
Global Value
Equity and Equity-Linked Securities⁽¹⁾
Americas	$	99,728	$	—		$	—	$	99,728
Europe		5,701		49,442			—		55,143
Pacific Basin		—		7,566			—		7,566
Repurchase Agreements		—		14,743			—		14,743
Total Investments in Securities		105,429		71,751			—		177,180
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		40			—		40
Total	$	105,429	$	71,791	⁽²⁾	$	—	$	177,220
International
Equity Securities⁽¹⁾
Americas	$	704,426	$	—		$	—	$	704,426
Emerging Markets		341,835		524,875			—		866,710
Europe		—		4,756,058			—		4,756,058
Pacific Basin		—		2,276,187			—		2,276,187
Repurchase Agreements		—		368,137			—		368,137
Total	$	1,046,261	$	7,925,257	⁽²⁾	$	—	$	8,971,518
International Small Cap
Equity Securities⁽¹⁾
Emerging Markets	$	32,336	$	96,398		$	—	$	128,734
Europe		—		349,472			—		349,472
Pacific Basin		—		99,360			—		99,360


Repurchase Agreements		—		40,915			—		40,915
Total	$	32,336	$	586,145	⁽²⁾	$	—	$	618,481
International Value
Equity and Equity-Linked Securities⁽¹⁾
Americas	$	1,083,193	$	—		$	—	$	1,083,193
Emerging Markets		—		35,541			—		35,541
Europe		290,997		3,110,338			—		3,401,335
Pacific Basin		—		666,211			—		666,211
Repurchase Agreements		—		526,437			—		526,437
Total Investments in Securities		1,374,190		4,338,527			—		5,712,717
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		—		9,167			—		9,167
Total	$	1,374,190	$	4,347,694	⁽²⁾	$	—	$	5,721,884
Mid Cap
Equity Securities⁽¹⁾	$	6,008,850	$	—		$	—	$	6,008,850
Repurchase Agreements		—		331,689			—		331,689
Total	$	6,008,850	$	331,689		$	—	$	6,340,539
Mid Cap Value
Equity Securities⁽¹⁾	$	7,541,486	$	—		$	—	$	7,541,486
Repurchase Agreements		—		252,932			—		252,932
Total	$	7,541,486	$	252,932		$	—	$	7,794,418
Small Cap
Equity Securities⁽¹⁾	$	474,051	$	—		$	—	$	474,051
Repurchase Agreements		—		27,053			—		27,053
Total	$	474,051	$	27,053		$	—	$	501,104
Small Cap Value
Equity Securities⁽¹⁾	$	2,682,311	$	—		$	—	$	2,682,311
Repurchase Agreements		—		74,121			—		74,121
Total	$	2,682,311	$	74,121		$	—	$	2,756,432
Value
Equity Securities⁽¹⁾
Consumer Discretionary	$	36,039	$	—		$	—	$	36,039
Consumer Staples		—		20,967			—		20,967
Energy		122,808		—			—		122,808
Financials		190,979		—			—		190,979
Healthcare		31,710		—			—		31,710
Industrials		19,127		—			—		19,127
Information Technology		221,855		24,437			—		246,292
Materials		37,365		—			—		37,365
Telecommunication Services		24,004		—			—		24,004
Utilities		—		—			—		—
Repurchase Agreements		—		7,942			—		7,942
Total	$	683,887	$	53,346	⁽²⁾	$	—	$	737,233

⁽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 appreciation.

Transfers between 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, 2012, the fair market value of certain securities was adjusted due to developments that 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 between levels for each Fund as of June 30, 2012 (in thousands):


	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 3
Emerging Markets	$	—	$	2,667
International Small Cap		24,208		—

As of June 30, 2012, two equity securities held in Emerging Markets Fund were classified as Level 3 due to a halt in trading. Due to the lack of observable market data for these securities, fair market values were determined in good faith by the valuation committee using various inputs, including unobservable inputs of discounts for illiquidity ranging from 20% to 90%. Increasing or decreasing the discounts for illiquidity decreased or increased the calculated fair market value of the securities, respectively. As of June 30, 2012, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows (in thousands):


	Emerging Markets Fund⁽¹⁾
Balance as of September 30, 2011	$	—
Transfers from Level 2 to Level 3		2,667

Balance as of June 30, 2012	$	2,667

Net change in unrealized appreciation (depreciation) for investments held as of June 30, 2012	$	—

⁽¹⁾	All Level 3 securities were equity securities with a regional classification of Emerging Asia.

(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 have suffered 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 a 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 the current spot market rate of exchange on the date of such transactions.

The Funds may enter into (a) foreign currency spot contracts and (b) foreign currency forward contracts. Foreign currency spot contracts are used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are used to hedge against foreign currency exchange rate risks on non-U.S. dollar denominated investment securities. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value.

As of June 30, 2012, Global Value, Global Opportunities, and International Value had outstanding foreign currency forward contracts, as shown on the Schedule of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

(G) Equity-linked participation certificates:

Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund and International 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. There is no off-balance sheet risk associated with equity-linked participation certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Adviser on a periodic basis.

(H) Investment transactions:

Security transactions were accounted for no later than one business day after trade date, in accordance with applicable law. 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, 2012 were as follows (in thousands):


Fund	Security Purchases		Security Sales
Emerging Markets	$	244,529	$	183,747
Global Equity		8,542		9,091
Global Opportunities		198,872		74,848
Global Value		110,785		22,511
International		3,735,458		4,174,981
International Small Cap		216,563		220,380
International Value		1,349,878		769,573
Mid Cap		2,210,599		1,905,499
Mid Cap Value		1,901,483		1,306,891
Small Cap		319,707		258,091
Small Cap Value		560,248		863,880
Value		511,972		313,740

(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, 2012 were as follows (in thousands):


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Emerging Markets	$	911,304	$	63,476	$	(196,773	)	$	(133,297	)
Global Equity		11,228		1,477		(361	)		1,116
Global Opportunities		226,308		21,453		(9,128	)		12,325
Global Value		165,808		16,093		(4,721	)		11,372
International		7,980,154		1,249,345		(257,981	)		991,364
International Small Cap		523,327		129,542		(34,388	)		95,154
International Value		5,285,207		718,773		(291,263	)		427,510
Mid Cap		4,540,093		1,951,938		(151,492	)		1,800,446
Mid Cap Value		7,120,916		948,806		(275,304	)		673,502
Small Cap		402,234		117,066		(18,196	)		98,870
Small Cap Value		2,638,486		383,947		(266,001	)		117,946
Value		705,218		53,823		(21,808	)		32,015

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, 2012 (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, as amended) during the nine months ended June 30, 2012.


Fund	Security	As of 9/30/11 Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		As of 6/30/12 Share Balance		As of 6/30/12 Value
Global Value
	Arch Capital Group Ltd.⁽²⁾		78,490	$	3,328	$	502	$	(14	)	$	—		154,205	$	6,120

	Total⁽³⁾			$	3,328	$	502	$	(14	)	$	—			$	6,120
International Value
	Aderans Co., Ltd.⁽²⁾		2,420,067	$	645	$	413	$	(55	)	$	—		2,444,767	$	29,951
	Arch Capital Group Ltd.⁽²⁾		5,572,034		32,809		24,051		3,051			—		5,690,613		225,860
	Carpetright PLC^(2)(4)(5)		2,956,377		4,476		3,345		(856	)		—		3,161,793		33,548
	ICON PLC (DR)⁽²⁾		2,871,675		26,184		6		—	⁽⁶⁾		—		4,245,959		95,661
	Panalpina Welttransport Holding AG⁽⁵⁾		1,093,317		36,834		10,454		(1,996	)		2,111		1,395,597		125,246
	Qinetiq Group PLC		62,402,252		12,533		23,808		1,431			565		57,191,303		140,862
	Savills Plc		9,951,406		4,331		4,893		(577	)		961		10,043,194		55,042

	Total⁽³⁾			$	117,812	$	66,970	$	998		$	3,637			$	706,170
Mid Cap
	athenahealth, Inc.⁽²⁾		1,956,015	$	20,372	$	21,584	$	8,646		$	—		1,930,915	$	152,870
	Cepheid⁽²⁾⁽⁵⁾		2,030,600		45,885		28,441		40,818			—		3,265,800		146,145
	FLIR Systems, Inc.⁽⁵⁾		—		39,398		—		—			108		1,536,900		29,970

	Total⁽³⁾			$	105,655	$	50,025	$	49,464		$	108			$	328,985
Mid Cap Value
	Alleghany Corporation⁽²⁾⁽⁴⁾		599,507	$	17,390	$	410	$	354		$	—		652,935	$	221,835
	Arch Capital Group Ltd.⁽²⁾		4,083,819		15,635		15,697		4,942			—		3,941,760		156,448
	Arrow Electronics, Inc.⁽²⁾		4,982,100		18,064		431		398			—		5,434,637		178,310
	Avnet, Inc.⁽²⁾⁽⁵⁾		6,353,610		18,904		470		433			—		6,888,193		212,570
	FLIR Systems, Inc.⁽⁵⁾		3,144,900		96,691		415		60			979		7,271,467		141,794
	Hatteras Financial Corp.⁽⁴⁾⁽⁵⁾		3,026,500		25,403		18,335		(31	)		8,905		3,320,709		94,972
	Ingram Micro Inc.⁽²⁾		9,752,200		15,999		542		260			—		10,567,959		184,622
	Lexmark International, Inc.		4,113,200		12,726		607		30			3,456		4,478,598		119,041
	Patterson-UTI Energy, Inc.⁽⁵⁾		604,400		128,149		122		42			712		8,119,100		118,214
	Ryder System, Inc.⁽⁵⁾		1,388,000		19,451		162		177			1,368		1,754,813		63,191

	Total⁽³⁾			$	368,412	$	37,191	$	6,665		$	15,420			$	1,174,190
Small Cap
	athenahealth, Inc.⁽²⁾		204,500	$	7,481	$	7,841	$	1,736		$	—		194,500	$	15,399
	Cepheid⁽²⁾⁽⁵⁾		387,400		7,372		4,024		(124	)		—		478,700		21,422

	Total⁽³⁾			$	14,853	$	11,865	$	1,612		$	—			$	36,821
Small Cap Value
	Arrow Electronics, Inc.⁽²⁾		1,317,447	$	—	$	3,425	$	905		$	—		1,183,247	$	38,822
	Cloud Peak Energy Inc.⁽²⁾⁽⁵⁾		2,473,200		15,708		5,286		(1,085	)		—		3,108,600		52,566
	Comfort Systems USA, Inc.		2,698,526		—		3,259		(788	)		381		2,442,726		24,476
	Comstock Resources, Inc.^(2)(4)(5)		1,957,290		8,528		9,297		(5,865	)		—		2,382,590		39,122
	CONMED Corporation⁽⁴⁾		1,574,059		—		10,503		3,720			332		1,078,959		29,855
	CRA International, Inc.⁽²⁾		661,700		2,017		1,450		(325	)		—		730,779		10,735
	H.B. Fuller Company⁽⁴⁾		3,158,433		—		17,702		1,641			640		2,422,633		74,375
	Hatteras Financial Corp.⁽⁴⁾		1,812,500		2,671		22,815		(1,699	)		4,147		1,162,100		33,236
	Hawaiian Holdings, Inc.⁽²⁾⁽⁴⁾		2,548,300		—		1,591		(184	)		—		2,290,300		14,910
	ICON PLC (DR)⁽²⁾		921,041		12,341		2,367		(404	)		—		1,392,141		31,365
	Lexmark International, Inc.		1,471,587		—		5,837		(1,397	)		1,093		1,319,587		35,075
	Manhattan Associates, Inc.⁽²⁾⁽⁴⁾		1,184,624		—		25,811		27,383			—		—		—
	Matthews International Corporation⁽⁵⁾		1,351,113		9,481		5,859		(843	)		389		1,476,100		47,958
	Neutral Tandem, Inc.⁽²⁾		1,850,400		4,188		2,811		(1,067	)		—		2,049,600		27,014


Fund	Security	As of 9/30/11 Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		As of 6/30/12 Share Balance		As of 6/30/12 Value
	ORION MARINE GROUP, INC.⁽²⁾		1,851,400		—		2,357		(1,240	)		—		1,672,600		11,641
	Penn Virginia Corporation⁽⁴⁾		2,298,900		—		34,834		(24,021	)		124		—		—
	PICO Holdings, Inc.⁽²⁾		1,323,090		—		4,264		(1,572	)		—		1,191,290		26,697
	Quanex Building Products Corporation⁽⁴⁾		1,909,726		247		7,447		(339	)		203		1,481,726		26,493
	Rosetta Stone Inc.⁽²⁾⁽⁴⁾		1,179,600		—		4,084		(609	)		—		887,100		12,277
	Ryder System, Inc.⁽⁵⁾		981,864		23,566		4,601		(131	)		890		1,465,964		52,789
	Schnitzer Steel Industries, Inc., Class A⁽⁵⁾		383,000		36,720		2,517		(427	)		229		1,298,900		36,395
	School Specialty, Inc.⁽²⁾⁽⁴⁾		1,769,253		—		42,634		(36,666	)		—		—		—
	Sykes Enterprises, Incorporated⁽²⁾		3,130,694		—		6,923		(2,567	)		—		2,839,794		45,323
	Ultratech, Inc.⁽²⁾		1,948,353		1,282		4,630		(88	)		—		1,833,037		57,741
	Universal Electronics Inc.^(2)(4)(5)		723,400		1,026		1,425		(657	)		—		742,000		9,772
	Websense, Inc.⁽²⁾⁽⁵⁾		1,417,637		11,394		3,735		(727	)		—		1,893,237		35,460

	Total⁽³⁾			$	129,169	$	237,464	$	(49,052	)	$	8,428			$	534,057
Value
	Alleghany Corporation^(2)(4)(5)		—	$	15,094	$	476	$	(5	)	$	—		47,436	$	16,116
	Arch Capital Group Ltd.⁽²⁾		439,300		6,071		2,681		81			—		528,200		20,964
	Avnet, Inc.⁽²⁾⁽⁵⁾		585,800		6,768		3,694		(95	)		—		668,000		20,614
	Ingram Micro Inc.⁽²⁾		1,000,700		6,518		3,506		(279	)		—		1,173,100		20,494

	Total⁽³⁾			$	34,451	$	10,357	$	(298	)	$	—			$	62,072

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

(2)	Non-income producing security.

(3)	Total value as of June 30, 2012 is presented for only those issuers that were affiliates as of June 30, 2012.

(4)	Issuer was no longer an affiliate as of June 30, 2012.

(5)	Issuer was not an affiliate as of September 30, 2011.

(6)	Amount rounds to less than $1.

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 29, 2012

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 29, 2012


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

Date: August 29, 2012