N-Q

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 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)

Janet D. Olsen Artisan Funds, Inc. 875 East Wisconsin Avenue, Suite 800 Milwaukee, Wisconsin 53202 Alyssa Albertelli Ropes & Gray LLP One Metro Center, 700 12th Street, N.W., Suite 900 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: 09/30/10

Date of reporting period: 12/31/09

Item 1. Schedule of Investments.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON AND PREFERRED STOCKS - 96.8%
BRAZIL - 20.1%
Amil Participacoes SA(1)(2)	167,900	$	1,308,865
CETIP(2)	217,500		1,780,227
Companhia Energetica de Minas Gerais- CEMIG, Preferred(1)(3)	83,547		1,513,263
Companhia Vale do Rio Doce(1)	251,162		7,278,479
Dufry South America Ltd (DR)(1)	89,300		1,836,074
Empresa Brasileira de Aeronautica S.A.(1)(2)	197,600		1,091,432
Hypermarcas SA(1)(2)	92,000		2,111,661
Iguatemi Empresa de Shopping Centers SA(1)	57,800		1,122,764
Itau Unibanco Holdings SA, Preferred(1)(3)	175,451		3,970,562
Marcopolo S.A., Preferred(1)(3)	346,600		1,343,478
OGX Petroleo e Gas Participacoes SA(1)	184,000		1,798,685
Petroleo Brasileiro S.A.(1)	371,200		8,869,271
Randon SA Implementos e Participacoes, Preferred(1)(3)	116,900		1,039,851
Rodobens Negocios Imobiliarios SA(1)	117,600		1,212,749
SEB- Sistema Educacional Brasileiro SA (Units)(1)(3)	119,400		1,502,071
SLC Agricola SA(1)	122,582		1,146,781
Tele Norte Leste Participacoes S.A.(1)	60,500		1,540,263
Tim Participacoes S.A., Preferred(1)(3)	578,900		1,721,912
Wilson Sons Limited (DR)(1)	109,921		1,356,031
			43,544,419
CHILE - 1.3%
Compania Cervecerias Unidas S.A.(1)	177,268		1,387,394
Empresa Nacional de Telecomunicaciones S.A.(1)	98,483		1,425,376
			2,812,770
CHINA - 12.5%
Airmedia Group, Inc. (DR)(2)	143,733		1,079,435
Ajisen China Holdings Limited(1)	1,688,913		1,439,641
Chaoda Modern Agriculture (Holdings) Limited(1)	3,112,536		3,310,771
China Dongxiang Group Company(1)	3,272,000		2,517,571
China Mobile Limited(1)	489,500		4,562,686
China Railway Construction Corporation, H Shares(1)	1,000,000		1,272,367
GOME Electrical Appliances Holdings Limited(1)(2)	7,703,587		2,771,890
Huabao International Holdings Limited(1)	2,762,900		2,982,720
Mindray Medical International Limited, Class A (DR)	55,738		1,890,633
New Oriental Education & Technology Group, Inc. (DR)(2)	11,974		905,354
Tingyi (Cayman Islands) Holding Corporation(1)	908,300		2,248,149
Zhuzhou CSR Times Electric Co., Ltd., H Shares(1)	1,023,200		2,080,421
			27,061,638
CZECH REPUBLIC - 0.7%
CEZ(1)	32,735		1,535,617
EGYPT - 1.2%
Commercial International Bank(1)	110,610		1,100,019
Egyptian Financial Group-Hermes Holding(1)	320,399		1,452,790
			2,552,809

HONG KONG - 0.6%
Samson Holding Ltd.(1)	7,942,955	1,254,661
HUNGARY - 0.7%
MOL Hungarian Oil and Gas Nyrt., Class A(1)(2)	16,569	1,478,053
INDIA - 4.1%
Cairn India Ltd.(1)(2)	397,882	2,395,248
India Cements Limited(1)	763,855	2,019,813
Patni Computer Systems Ltd(1)	142,599	1,481,003
Piramal Healthcare Ltd.(1)	49,096	389,141
Power Finance Corporation(1)	280,604	1,562,331
Welspun Gujarat Stahl Rohren Ltd.(1)	194,812	1,124,490
		8,972,026
INDONESIA - 2.9%
PT Bank Rakyat Indonesia(1)	2,009,000	1,623,312
PT Indocement Tunggal Prakarsa Tbk(1)	1,524,595	2,224,217
PT Telekomunikasi Indonesia(1)	2,438,000	2,439,604
		6,287,133
ITALY - 0.6%
Tenaris S.A. (DR)	29,869	1,273,913
KOREA - 8.5%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.(1)(2)	79,714	1,191,842
Hyundai Development Company(1)(2)	35,021	1,137,239
MegaStudy Co., Ltd.(1)(2)	7,978	1,634,664
Samsung Electronics Co., Ltd.(1)	13,558	9,259,883
Shinhan Financial Group Co., Ltd.(1)(2)	73,977	2,747,039
Shinsegae Co., Ltd.(1)(2)	5,322	2,456,727
		18,427,394
KAZAKSTAN - 1.2%
KazMunaiGas Exploration Production (DR)(1)	101,435	2,523,395
MEXICO - 5.9%
America Movil SAB de C.V., Series L(3)	1,732,191	4,074,264
Bolsa Mexicana de Valores SA(2)	828,061	972,253
Fomento Economico Mexicano SAB, Series UBD (Units)	400,610	1,921,899
Grupo Financiero Banorte S.A.B. de C.V.	528,421	1,905,741
Grupo Televisa S.A.	475,845	1,979,838
Urbi, Desarrollos Urbanos, S.A. de C.V.(2)	835,712	1,884,536
		12,738,531
NETHERLANDS - 0.8%
Plaza Centers (Europe) BV(1)(2)	726,264	1,721,942
POLAND - 0.6%
Polski Koncern Naftowy Orlen S.A.(1)(2)	113,992	1,338,346
RUSSIA - 5.0%
Globaltrans Investment PLC (DR)(1)(2)	195,136	1,916,668
Globaltrans Investment PLC, 144A (DR)(1)(2)	53,097	521,530
LUKOIL (DR)(1)	81,342	4,556,357
Magnit(1)	16,954	1,209,160
Mobile TeleSystems (DR)	34,718	1,697,363
Razguliay Group(1)(2)	640,466	1,003,288
		10,904,366

SINGAPORE - 0.9%
Epure International Ltd.(1)	3,740,000	1,933,174
SOUTH AFRICA - 9.1%
ABSA Group Limited(1)	130,643	2,262,219
African Bank Investments Limited(1)	371,391	1,497,747
Barloworld Limited(1)	193,587	1,176,158
Gold Fields Limited(1)	153,602	2,021,017
Grindrod Limited(1)	669,588	1,612,528
Harmony Gold Mining Company Limited(1)	125,849	1,284,917
Impala Platinum Holdings Limited(1)	123,293	3,351,735
Mondi Limited(1)	345,487	1,950,594
Mr. Price Group Limited(1)	242,941	1,147,849
MTN Group Limited(1)	211,276	3,361,266
		19,666,030
SWEDEN - 0.8%
Alliance Oil Co Ltd. (DR)(1)	118,853	1,698,585
TAIWAN - 11.5%
Acer Inc.(1)	791,599	2,364,864
Cathay Financial Holding Co., Ltd.(1)(2)	1,102,292	2,042,423
Chinatrust Financial Holding Company Ltd.(1)	2,495,838	1,543,679
Far Eastern Textile Ltd.(1)	1,358,698	1,688,938
Far EasTone Telecommunications Co., Ltd.(1)	838,000	997,602
Hon Hai Precision Industry Co., Ltd.(1)	860,729	4,049,047
HTC Corporation(1)	187,400	2,132,800
MediaTek Incorporation(1)	185,214	3,216,417
Taiwan Fertilizer Co., Ltd.(1)	699,000	2,472,458
Taiwan Semiconductor Manufacturing Company Ltd.(1)	2,208,647	4,430,406
		24,938,634
THAILAND - 2.8%
Bangkok Bank Public Company Limited (DR)(1)	395,900	1,378,215
Bumrungrad Hospital Public Company Limited (DR)(1)	1,174,300	1,038,632
Glow Energy Pcl (DR)(1)	1,003,000	990,001
Siam Commercial Bank Public Company Limited (DR)(1)	717,200	1,868,430
Total Access Communication Public Company Limited (DR)(1)	749,600	800,314
		6,075,592
TURKEY - 4.5%
Cimsa Cimento Sanayi ve Ticaret A.S.(1)	339,546	1,711,159
Ford Otomotiv Sanayi A.S.(1)	243,362	1,474,677
Tekfen Holding A.S.(1)(2)	330,730	1,078,991
Tupras-Turkiye Petrol Rafinerileri A.S.(1)	60,211	1,192,201
Turkcell Iletisim Hizmetleri AS(1)	312,503	2,199,137
Turkiye Sinai Kalkinma Bankasi A.S.(1)(2)	1,754,261	2,120,927
		9,777,092
UNITED ARAB EMIRATES - 0.5%
Air Arabia(1)	4,633,938	1,150,326
Total common and preferred stocks (Cost $176,588,714)		209,666,446

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $9,892,000(4) (Cost $9,892,000)	$	9,892,000	$	9,892,000
Total investments - 101.4% (Cost $186,480,714)				219,558,446
Other assets less liabilities - (1.4%)				(2,934,946	)
Total net assets - 100.0%(5)			$	216,623,500

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $188,300,990 or 86.9% of total net assets.

⁽²⁾ Non-income producing security.

⁽³⁾ Non-voting shares.

⁽⁴⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.500	%	2/15/2039	$	10,092,544

⁽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) Depository Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - DECEMBER 31, 2009

(Unaudited)

	Value			Percentage of Total Net Assets
Consumer Discretionary	$	22,641,010		10.4	%
Consumer Staples		16,795,830		7.8
Energy		27,124,054		12.5
Financials		33,981,485		15.7
Healthcare		3,318,406		1.5
Industrials		19,657,800		9.1
Information Technology		26,934,420		12.4
Materials		28,421,599		13.1
Telecommunication Services		24,819,787		11.5
Utilities		5,972,055		2.8
Total common and preferred stocks		209,666,446		96.8
Short-term investments		9,892,000		4.6
Total investments		219,558,446		101.4
Other assets less liabilities		(2,934,946	)	(1.4	)
Total net assets	$	216,623,500		100.0	%

CURRENCY EXPOSURE - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Investments
Brazilian real	$	43,544,419	19.8	%
British pound		1,721,942	0.8
Chilean peso		2,812,770	1.3
Czech koruna		1,535,617	0.7
Egyptian pound		2,552,809	1.2
Hong Kong dollar		24,440,877	11.1
Hungarian forint		1,478,053	0.7
Indian rupee		8,972,026	4.1
Indonesian rupiah		6,287,133	2.9
Korean won		18,427,394	8.4
Mexican peso		12,738,531	5.8
Polish zloty		1,338,346	0.6
Singapore dollar		1,933,174	0.9
South African rand		19,666,030	8.9
Swedish krona		1,698,585	0.8
Taiwan dollar		24,938,634	11.3
Thai baht		6,075,592	2.8
Turkish lira		9,777,092	4.4
United Arab Emirates dirham		1,150,326	0.5
U.S. dollar		28,469,096	13.0
Total investments	$	219,558,446	100.0	%

1

ARTISAN GLOBAL VALUE FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 94.2%
FRANCE - 7.9%
Publicis Groupe(1)	20,377	$	826,631
Societe Television Francaise 1(1)	25,314		467,471
Sodexo(1)	13,608		777,223
Total SA(1)	5,563		356,486
			2,427,811
HONG KONG - 2.8%
Guoco Group Limited(1)	80,250		854,201
IRELAND - 1.5%
Ryanair Holdings PLC, Equity-Linked Security, 144A(1)(2)(3)(4)	97,296		455,548
JAPAN - 3.4%
Credit Saison Co., Ltd.(1)	37,000		414,233
Daiwa Securities Group Inc.(1)	59,596		298,768
Sankyo Co., Ltd.(1)	6,348		316,220
			1,029,221
NETHERLANDS - 1.2%
Wolters Kluwer NV(1)	17,052		373,749
SWITZERLAND - 12.3%
Adecco SA(1)	11,416		630,266
Givaudan SA(1)	878		698,756
Novartis AG(1)	16,284		887,189
Panalpina Welttransport Holding AG(1)	8,763		557,852
Pargesa Holding SA(1)	11,239		984,238
			3,758,301
UNITED KINGDOM - 21.7%
Cadbury PLC(1)	8,099		104,220
Cadbury PLC (DR)	4,832		248,317
Compass Group PLC(1)	107,664		768,962
Diageo PLC(1)	58,416		1,018,738
Experian PLC(1)	154,328		1,525,629
Home Retail Group PLC(1)	64,357		293,365
Royal Dutch Shell PLC, Class A(1)	12,231		367,462
Signet Jewelers Ltd.(4)	49,166		1,313,716
Unilever PLC (DR)	31,178		994,578
			6,634,987

UNITED STATES - 43.4%
3M Company		5,840		482,793
American Express Company		35,885		1,454,060
Arch Capital Group Ltd.(4)(5)		14,118		1,010,143
The Bank of New York Mellon Corporation		38,520		1,077,404
Cintas Corporation		28,804		750,344
Covidien PLC		11,403		546,090
Dell Inc.(4)		25,598		367,587
Johnson & Johnson		16,761		1,079,576
Marsh & McLennan Companies, Inc.		46,435		1,025,285
Microsoft Corporation		24,837		757,280
Mohawk Industries, Inc.(4)		15,460		735,896
The Procter & Gamble Company		18,151		1,100,495
The Sherwin-Williams Company		6,264		386,176
Sysco Corporation		23,481		656,059
Tyco Electronics Ltd.		38,670		949,349
Wal-Mart Stores, Inc.		13,687		731,570
WellPoint Inc.(4)		2,990		174,287
				13,284,394
Total common stocks and equity-linked securities (Cost $22,325,637)				28,818,212
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $1,867,000(6) (Cost $1,867,000)	$	1,867,000	$	1,867,000
Total investments - 100.3% (Cost $24,192,637)				30,685,212
Other assets less liabilities - (0.3%)				(102,570	)
Total net assets - 100.0%(7)			$	30,582,642

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $12,977,207 or 42.4% of total net assets.

⁽²⁾ 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.

⁽³⁾ Security is restricted and was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. Restricted securities may be resold in transactions exempt from registration normally to qualified institutional buyers. Ryanair Holdings PLC was acquired on various dates from September 17, 2008 to November 3, 2009 at an aggregate cost of $436,548. In total, the value of restricted securities held by the Fund was $455,548 or 1.5% of total net assets.

⁽⁴⁾ Non-income producing security.

⁽⁵⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽⁶⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.500	%	2/15/2039	$	1,905,119

⁽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) Depository Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - DECEMBER 31, 2009

(Unaudited)

	Value			Percentage of Total Net Assets
Consumer Discretionary	$	6,259,409		20.4	%
Consumer Staples		4,853,977		15.9
Energy		723,948		2.3
Financials		7,118,332		23.3
Healthcare		2,687,142		8.8
Industrials		4,402,432		14.4
Information Technology		2,074,216		6.8
Materials		698,756		2.3
Total common stocks		28,818,212		94.2
Short-term investments		1,867,000		6.1
Total investments		30,685,212		100.3
Other assets less liabilities		(102,570	)	(0.3	)
Total net assets	$	30,582,642		100.0	%

CURRENCY EXPOSURE - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Investments
British pound	$	3,710,914	12.1	%
Euro		3,624,570	11.8
Hong Kong dollar		854,201	2.8
Japanese yen		1,029,221	3.4
Swiss franc		3,758,301	12.2
U.S. dollar		17,708,005	57.7
Total investments	$	30,685,212	100.0	%

2

ARTISAN INTERNATIONAL FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 98.3%
AUSTRALIA - 0.2%
Incitec Pivot Limited(1)	7,045,868	$	22,328,966
BELGIUM - 1.4%
Anheuser-Busch InBev NV(1)	2,095,323		108,252,978
Umicore(1)	1,120,403		37,309,330
			145,562,308
BRAZIL - 1.6%
Petroleo Brasileiro S.A., Preferred (DR)	3,987,960		169,049,624
CANADA - 2.2%
Canadian Pacific Railway Limited	4,245,479		229,255,866
CHINA - 5.8%
China Construction Bank, H Shares(1)	172,387,100		146,732,874
China Life Insurance Co., Limited, H Shares(1)	36,247,900		177,604,270
China Merchants Bank Co., Ltd., H Shares(1)	9,841,420		25,530,596
China Merchants Holdings International Company Limited(1)	20,918,674		67,389,098
Evergrande Real Estate Group Limited(2)	103,453,000		57,374,558
Huabao International Holdings Limited(1)	37,002,000		39,945,924
Industrial and Commercial Bank of China Ltd, H Shares(1)	87,828,000		72,076,573
Wynn Macau Ltd.(1)(2)	20,652,872		25,197,402
			611,851,295
DENMARK - 1.3%
Carlsberg A/S, B Shares(1)	187,198		13,814,583
Danske Bank A/S(1)(2)	5,232,627		119,141,553
			132,956,136
FRANCE - 12.3%
Accor S.A.(1)	3,343,745		181,645,031
AXA SA(1)	747,507		17,678,720
BNP Paribas(1)	2,445,678		192,997,294
Compagnie de Saint-Gobain(1)	803,726		43,142,120
Credit Agricole S.A.(1)	3,150,220		54,919,847
Natixis(1)(2)	19,558,714		97,363,966
Pernod Ricard SA(1)	3,084,480		264,757,207
Societe Generale(1)	2,716,318		187,948,708
Unibail-Rodamco(1)	488,069		107,442,583
Vinci SA(1)	2,713,331		151,973,822
			1,299,869,298
GERMANY - 15.6%
Allianz SE(1)	1,106,498		137,728,983
Bayer AG(1)	4,679,123		373,979,447
Daimler AG(1)	5,133,494		274,267,169
Deutsche Boerse AG(1)	698,499		58,074,131
Deutsche Post AG(1)	7,206,161		138,655,323
Linde AG(1)	2,922,326		351,745,787
Muenchener Rueckversicherungs-Gesellschaft AG(1)	1,632,266		254,449,051
Rhoen-Klinikum AG(1)	52,496		1,283,992
RWE AG(1)	621,662		60,411,603
			1,650,595,486

HONG KONG - 1.9%
The Bank of East Asia, Ltd.(1)	18,959,235	74,680,985
Li & Fung Limited(1)	16,952,899	69,444,793
NWS Holdings Limited(1)	33,563,746	61,897,493
		206,023,271
INDIA - 2.4%
Housing Development Finance Corporation Ltd.(1)	1,248,822	71,974,810
ICICI Bank Limited(1)	2,180,220	40,793,006
ICICI Bank Limited (DR)	3,639,014	137,227,218
		249,995,034
IRELAND - 0.2%
The Governor and Company of the Bank of Ireland(1)(2)	12,493,764	23,432,419
ITALY - 3.1%
Assicurazioni Generali S.p.A.(1)	4,587,253	122,989,350
Intesa Sanpaolo(1)(2)	44,606,531	199,865,387
		322,854,737
JAPAN - 3.8%
DENSO CORPORATION(1)	3,393,734	101,710,927
MITSUI & CO., LTD.(1)	10,961,800	155,187,418
Nitori Co., Ltd.(1)	85,800	6,384,229
SUZUKI MOTOR CORPORATION(1)	5,777,406	141,864,991
		405,147,565
MEXICO - 1.5%
Grupo Televisa S.A. (DR)	7,551,401	156,767,085
NETHERLANDS - 10.1%
Akzo Nobel N.V.(1)	1,829,776	120,605,437
ASML Holding N.V.(1)	13,736,782	467,228,883
Heineken Holding NV(1)	2,106,715	88,264,965
Heineken NV(1)	2,507,712	118,824,198
ING Groep N.V.(1)(2)	25,996,320	251,310,952
TNT NV(1)	618,324	18,926,181
		1,065,160,616
NORWAY - 0.4%
Yara International ASA(1)	929,507	42,087,774
SINGAPORE - 2.0%
Genting Singapore PLC(1)(2)	110,654,799	101,342,341
Oversea-Chinese Banking Corporation Limited(1)	17,052,900	109,771,673
		211,114,014
SPAIN - 2.4%
Industria de Diseno Textil, S.A.(1)	1,687,257	104,548,662
Telefonica S.A.(1)	5,474,264	152,576,221
		257,124,883
SWEDEN - 1.6%
AB SKF, Class B(1)	2,642,181	45,382,117
Sandvik AB(1)	5,926,172	71,034,098
Skandinaviska Enskilda Banken AB (SEB), Class A(1)(2)	9,470,572	58,224,195
		174,640,410

SWITZERLAND - 12.0%
Credit Suisse Group AG(1)		3,393,918		167,154,325
Holcim Ltd.(1)(2)		3,264,505		253,052,215
Nestle SA(1)		5,178,614		251,591,556
Novartis AG(1)		3,869,333		210,809,899
Roche Holding AG(1)		340,244		59,404,295
Roche Holding AG - Genussscheine(1)(3)		1,416,235		240,924,483
UBS AG(1)(2)		5,631,858		86,516,146
				1,269,452,919
TAIWAN - 1.3%
Taiwan Semiconductor Manufacturing Company Ltd. (DR)		12,262,088		140,278,287
TURKEY - 0.0%(4)
Coca-Cola Icecek AS(1)		348,439		3,499,340
UNITED KINGDOM - 10.3%
Experian PLC(1)		10,763,381		106,402,759
HSBC Holdings plc(1)		17,869,959		203,845,625
Imperial Tobacco Group plc(1)		5,890,139		185,628,865
Kingfisher PLC(1)		31,448,512		115,280,412
National Grid PLC(1)		12,685,208		138,663,261
Smith & Nephew PLC(1)		13,403,413		137,627,747
Standard Chartered plc(1)		1,553,099		38,893,613
Tesco PLC(1)		23,410,646		160,850,171
				1,087,192,453
UNITED STATES - 4.9%
Accenture PLC, Class A		3,807,576		158,014,404
Activision Blizzard, Inc.(2)		5,720,580		63,555,644
Covidien PLC		3,418,151		163,695,251
Philip Morris International Inc.		2,709,813		130,585,888
				515,851,187
Total common and preferred stocks (Cost $8,663,412,306)				10,392,090,973
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $234,979,000(5) (Cost $234,979,000)	$	234,979,000	$	234,979,000
Total investments - 100.5% (Cost $8,898,391,306)				10,627,069,973
Other assets less liabilities - (0.5%)				(55,954,300	)
Total net assets - 100.0%(6)			$	10,571,115,673

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $8,986,287,148 or 85.0% of total net assets.

⁽²⁾ Non-income producing security.

⁽³⁾ Non-voting shares.

⁽⁴⁾ Represents less than 0.1% of total net assets.

⁽⁵⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.500	%	4/30/2012	$	66,408,638
U.S. Treasury Note	3.125		8/31/2013		73,395,000
U.S. Treasury Note	2.625		12/31/2014		99,875,000
				$	239,678,638

⁽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) Depository Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - DECEMBER 31, 2009

(Unaudited)

	Value			Percentage of Total Net Assets
Consumer Discretionary	$	1,278,453,042		12.1	%
Consumer Staples		1,326,069,751		12.6
Energy		169,049,624		1.6
Financials		3,293,743,411		31.2
Healthcare		1,187,725,114		11.2
Industrials		1,089,246,295		10.3
Information Technology		829,077,218		7.8
Materials		867,075,433		8.2
Telecommunication Services		152,576,221		1.4
Utilities		199,074,864		1.9
Total common and preferred stocks		10,392,090,973		98.3
Short-term investments		234,979,000		2.2
Total investments		10,627,069,973		100.5
Other assets less liabilities		(55,954,300	)	(0.5	)
Total net assets	$	10,571,115,673		100.0	%

CURRENCY EXPOSURE - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Investments
Australian dollar	$	22,328,966	0.2	%
British pound		1,049,670,835	9.9
Danish krone		132,956,136	1.3
Euro		4,764,599,747	44.8
Hong Kong dollar		855,396,184	8.1
Indian rupee		112,767,816	1.1
Japanese yen		405,147,565	3.8
Norwegian krone		42,087,774	0.4
Singapore dollar		211,114,014	2.0
Swedish krona		174,640,410	1.6
Swiss franc		1,269,452,919	11.9
Turkish lira		3,499,340	0.0	1
U.S. dollar		1,583,408,267	14.9
Total investments	$	10,627,069,973	100.0	%

¹ Represents less than 0.1% of total investments.

3

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON STOCKS - 97.0%
AUSTRALIA - 2.6%
Centamin Egypt Limited(1)(2)	2,358,502	$	4,631,512
Domino’s Pizza Enterprises Limited(1)	3,143,650		15,219,211
			19,850,723
AUSTRIA - 4.1%
bwin Interactive Entertainment AG(1)(2)	227,821		13,574,756
Flughafen Wien AG(1)	356,359		17,791,402
			31,366,158
CANADA - 1.9%
Finning International Inc.	894,043		14,258,868
CHINA - 13.2%
Beijing Capital Land Limited, H Shares(1)	4,112,000		1,839,256
China Everbright International Limited(1)	25,404,700		13,006,273
China Everbright Limited(1)	2,086,600		5,119,143
China Gas Holdings Ltd.(1)	16,978,000		9,185,367
China National Building Material Company Ltd., H Shares(1)	4,752,000		9,677,551
China Real Estate Information Corp. (DR)(2)	471,430		5,176,301
Hengan International Group Company Limited(1)	2,533,050		18,781,909
Intime Department Store Group Company Limited(1)	9,711,000		8,953,650
Ports Design Limited(1)	2,901,000		8,983,555
REXLot Holdings Limited(1)	140,675,000		15,703,785
Tong Ren Tang Technologies Company Limited, H Shares(1)	349,000		627,314
Yingde Gases(1)(2)	3,454,000		3,534,606
			100,588,710
EGYPT - 4.9%
Commercial International Bank (DR)(1)	2,471,324		24,399,011
Eastern Tobacco(1)	602,194		12,506,409
			36,905,420
FRANCE - 3.0%
Laurent-Perrier(1)	59,498		4,596,412
Meetic(1)(2)	328,557		8,949,278
Remy Cointreau SA(1)	190,297		9,647,975
			23,193,665
GERMANY - 15.1%
Gerresheimer AG(1)	533,622		17,925,092
Praktiker Bau- und Heimwerkermaerkte Holding AG(1)	1,944,066		21,507,297
Sixt AG(1)	166,815		5,250,877
Wacker Neuson SE(1)	1,164,841		13,721,684
Wirecard AG(1)	4,101,120		56,384,128
			114,789,078

HONG KONG - 6.9%
Beijing Enterprises Water Group Limited(1)(2)	44,446,000	14,736,262
Cafe De Coral Holdings Limited(1)	4,868,000	11,106,245
Industrial and Commercial Bank of China (Asia) Limited(1)	12,457,000	26,957,240
		52,799,747
INDIA - 0.6%
ACC Limited(1)	226,011	4,226,810
ITALY - 7.1%
Azimut Holding SpA(1)	637,304	8,507,298
Bulgari S.p.A.(1)	1,431,007	11,815,543
Davide Campari - Milano S.p.A.(1)	2,461,996	25,650,095
Geox SpA(1)	1,108,193	7,623,800
		53,596,736
MALAYSIA - 0.5%
PureCircle(1)(2)	965,263	3,791,367
SINGAPORE - 3.0%
City Developments Limited(1)	690,000	5,628,556
Raffles Education Corp Ltd(1)	18,992,000	5,421,517
SIA Engineering Company(1)	4,906,700	11,571,964
		22,622,037
SWITZERLAND - 10.4%
Bank Sarasin & Cie AG, B Shares(1)(2)	754,188	28,502,647
Nobel Biocare Holding AG(1)	475,249	15,905,559
Schindler Holding AG, Participation Certificates(1)(3)	284,436	21,820,839
Straumann Holding AG(1)	43,986	12,398,407
		78,627,452
THAILAND - 1.2%
CP ALL PCL(1)	12,012,400	8,917,326
TURKEY - 5.2%
Coca-Cola Icecek AS(1)	3,935,101	39,519,849

UNITED KINGDOM - 17.3%
888 Holdings PLC(1)		3,265,025		5,806,218
The Berkeley Group Holdings PLC(1)(2)		841,406		11,063,164
Bovis Homes Group PLC(1)(2)		1,028,681		7,175,382
Catlin Group Limited(1)		1,194,993		6,555,855
InterContinental Hotels Group PLC(1)		1,062,779		15,208,566
Mothercare plc(1)		644,822		7,067,574
Persimmon plc(1)(2)		1,211,747		9,175,688
Playtech Ltd.(1)		1,422,103		9,554,022
Premier Foods PLC(1)(2)		38,083,765		21,793,172
Redrow plc(1)(2)		4,457,662		9,564,701
Robert Walters plc(1)		939,470		3,220,028
SSL International plc(1)		1,532,915		19,344,028
VT Group plc(1)		658,985		5,493,977
				131,022,375
Total common stocks (Cost $605,487,416)				736,076,321
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $30,475,000(4) (Cost $30,475,000)	$	30,475,000	$	30,475,000
Total investments - 101.0% (Cost $635,962,416)				766,551,321
Other assets less liabilities - (1.0%)				(7,394,508	)
Total net assets - 100.0%(5)			$	759,156,813

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $716,641,152 or 94.4% of total net assets.

⁽²⁾ Non-income producing security.

⁽³⁾ Non-voting shares.

⁽⁴⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.250	%	12/31/2016	$	31,085,100

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

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

(DR) Depository Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - DECEMBER 31, 2009

(Unaudited)

	Value			Percentage of Total Net Assets
Consumer Discretionary	$	184,970,652		24.4	%
Consumer Staples		145,204,514		19.1
Financials		112,685,307		14.9
Healthcare		66,200,400		8.7
Industrials		106,135,912		14.0
Information Technology		89,623,690		11.8
Materials		22,070,479		2.9
Utilities		9,185,367		1.2
Total common stocks		736,076,321		97.0
Short-term investments		30,475,000		4.0
Total investments		766,551,321		101.0
Other assets less liabilities		(7,394,508	)	(1.0	)
Total net assets	$	759,156,813		100.0	%

CURRENCY EXPOSURE - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Investments
Australian dollar	$	15,219,211	2.0	%
British pound		139,445,254	18.2
Canadian dollar		14,258,868	1.9
Egyptian pound		12,506,409	1.6
Euro		222,945,637	29.1
Hong Kong dollar		148,212,156	19.3
Indian rupee		4,226,810	0.5
Singapore dollar		22,622,037	2.9
Swiss franc		78,627,452	10.3
Thai baht		8,917,326	1.2
Turkish lira		39,519,849	5.2
U.S. dollar		60,050,312	7.8
Total investments	$	766,551,321	100.0	%

4

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 92.0%
BELGIUM - 0.8%
Groupe Bruxelles Lambert S.A.(1)	192,258	$	18,093,291
CANADA - 0.3%
MDS Inc.(2)	929,318		7,277,444
FRANCE - 12.7%
Gemalto NV(1)(2)	849,071		36,541,240
Publicis Groupe(1)	1,807,146		73,310,257
Societe Television Francaise 1(1)	3,278,131		60,536,946
Sodexo(1)	1,036,949		59,225,497
Total SA(1)	1,062,400		68,080,244
			297,694,184
HONG KONG - 3.2%
Guoco Group Limited(1)	7,023,800		74,763,094
IRELAND - 2.3%
Ryanair Holdings PLC, Equity-Linked Security, 144A(1)(2)(3)(4)	11,370,419		53,237,295
JAPAN - 8.6%
Aderans Holdings Company Limited(1)	1,501,900		17,633,237
Credit Saison Co., Ltd.(1)	4,129,259		46,229,027
Daiwa Securities Group Inc.(1)	7,548,431		37,841,966
MEITEC CORPORATION(1)	1,168,052		15,737,056
Mitsubishi UFJ Financial Group, Inc.(1)	2,125,400		10,406,359
Mitsubishi UFJ Financial Group, Inc.(1)(5)	3,654,200		17,891,653
Sankyo Co., Ltd.(1)	931,838		46,418,695
SEINO HOLDINGS CO., LTD.(1)	1,352,800		8,568,537
			200,726,530
KOREA - 0.6%
Lotte Chilsung Beverage Co., Ltd.(1)(2)	19,453		14,069,752
NETHERLANDS - 1.5%
Wolters Kluwer NV(1)	1,628,862		35,701,691
SINGAPORE - 0.1%
ARA Asset Management Limited(1)	1,488,000		917,265
SWITZERLAND - 18.9%
Adecco SA(1)	1,574,766		86,941,311
Givaudan SA(1)	99,857		79,471,164
Nestle SA(1)	784,590		38,117,577
Novartis AG(1)	1,534,276		83,590,781
Panalpina Welttransport Holding AG(1)	885,116		56,346,439
Pargesa Holding SA(1)	1,022,578		89,550,634
Tamedia AG(1)	110,411		7,933,339
			441,951,245

UNITED KINGDOM - 28.9%
Brit Insurance Holdings PLC(1)	8,517,204	27,029,237
Cadbury PLC(1)	2,158,025	27,769,907
Carpetright PLC(1)	1,452,542	22,088,043
Compass Group PLC(1)	9,173,144	65,516,820
Diageo PLC(1)	4,681,627	81,644,641
Experian PLC(1)	12,267,224	121,269,189
Home Retail Group PLC(1)	7,109,286	32,407,010
Lancashire Holdings Ltd(1)	3,589,568	25,775,016
Reed Elsevier PLC(1)	698,919	5,739,361
Royal Dutch Shell PLC, Class A(1)	1,534,626	46,105,564
Savills Plc(1)	5,451,006	28,167,877
Signet Jewelers Ltd.(2)	3,718,426	99,356,343
Unilever PLC (DR)	2,670,549	85,190,513
Vitec Group PLC(1)	1,321,051	8,249,473
		676,308,994
UNITED STATES - 14.1%
Accenture PLC, Class A	752,849	31,243,233
Arch Capital Group Ltd.(2)(6)	1,503,385	107,567,197
Covidien PLC	2,176,829	104,248,341
Tyco Electronics Ltd.	3,541,431	86,942,131
		330,000,902
Total common stocks and equity-linked securities (Cost $1,886,661,424)		2,150,741,687

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $166,146,000(7) (Cost $166,146,000)	$	166,146,000	$	166,146,000
Total investments - 99.1% (Cost $2,052,807,424)				2,316,887,687
Other assets less liabilities - 0.9%				22,094,016
Total net assets - 100.0%(8)			$	2,338,981,703

⁽¹⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $1,628,916,485 or 69.6% of total net assets.

⁽²⁾ Non-income producing security.

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

⁽⁴⁾ Security is restricted and was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. Restricted securities may be resold in transactions exempt from registration normally to qualified institutional buyers. Ryanair Holdings PLC was acquired on various dates from September 17, 2008 to November 5, 2009 at an aggregate cost of $47,189,809. In total, the value of these restricted securities acquired in a transaction under Rule 144A and held by the Fund was $53,237,295 or 2.3% of total net assets.

⁽⁵⁾ Security is restricted and was acquired in a private placement and is not deemed to be liquid in the United States; however, the shares of the security are freely tradeable outside the United States, where the Fund expects to trade them. Mitsubishi UFJ Financial Group, Inc. was acquired on December 14, 2009 at an aggregate cost of $17,639,402. In total, the value of these restricted securities acquired in a private placement and held by the Fund was $17,891,653 or 0.8% of total net assets.

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

⁽⁷⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.000	%	9/30/2016	$	17,231,875
U.S. Treasury Note	3.125		10/31/2016		152,239,975
					169,471,850

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

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

(DR) Depository Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Net Assets
Consumer Discretionary	$	516,483,475	22.1	%
Consumer Staples		264,425,627	11.3
Energy		114,185,808	4.9
Financials		484,232,616	20.7
Healthcare		195,116,566	8.4
Industrials		342,099,827	14.6
Information Technology		154,726,604	6.6
Materials		79,471,164	3.4
Total common stocks		2,150,741,687	92.0
Short-term investments		166,146,000	7.1
Total investments		2,316,887,687	99.1
Other assets less liabilities		22,094,016	0.9
Total net assets	$	2,338,981,703	100.0	%

CURRENCY EXPOSURE - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Investments
British pound	$	445,656,574	19.2	%
Canadian dollar		7,277,444	0.3
Euro		450,832,025	19.5
Hong Kong dollar		74,763,094	3.2
Japanese yen		200,726,530	8.7
Korean won		14,069,752	0.6
Singapore dollar		917,265	0.0	1
Swiss franc		441,951,245	19.1
U.S. dollar		680,693,758	29.4
Total investments	$	2,316,887,687	100.0	%

¹ Represents less than 0.1% of total investments.

5

ARTISAN MID CAP FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON STOCKS - 95.9%
CONSUMER DISCRETIONARY - 17.7%
Auto Components - 1.7%
BorgWarner Inc.	785,499	$	26,094,277
Johnson Controls, Inc.	1,795,062		48,897,489
			74,991,766
Distributors - 0.9%
LKQ Corporation(1)	2,100,001		41,139,020
Hotels, Restaurants & Leisure - 4.5%
Chipotle Mexican Grill, Inc., Class A(1)	250,300		22,066,448
Ctrip.com International, Ltd. (DR)(1)(2)	851,200		61,167,232
Home Inns & Hotels Management, Inc. (DR)(1)(2)	698,700		24,699,045
Panera Bread Company, Class A(1)	249,700		16,722,409
Starbucks Corporation(1)	567,283		13,081,546
Starwood Hotels & Resorts Worldwide, Inc.	1,475,622		53,963,496
Wynn Resorts, Limited	69,800		4,064,454
			195,764,630
Household Durables - 1.9%
Gafisa S.A. (DR)(2)	785,900		25,431,724
Harman International Industries, Incorporated	1,607,300		56,705,544
			82,137,268
Multiline Retail - 3.5%
Kohl’s Corporation(1)	2,862,664		154,383,469
Specialty Retail - 3.6%
Best Buy Co., Inc.	398,274		15,715,892
CarMax, Inc.(1)	1,271,400		30,831,450
Dick’s Sporting Goods, Inc., Class A(1)	2,263,200		56,285,784
O’Reilly Automotive, Inc.(1)	1,472,900		56,146,948
			158,980,074
Textiles, Apparel & Luxury Goods - 1.6%
Coach, Inc.	1,454,500		53,132,885
Polo Ralph Lauren Corporation, Class A	213,500		17,289,230
			70,422,115
CONSUMER STAPLES - 1.9%
Beverages - 1.9%
Hansen Natural Corporation(1)	2,196,112		84,330,701
ENERGY - 3.2%
Energy Equipment & Services - 1.6%
Cameron International Corporation(1)	909,800		38,029,640
Dresser-Rand Group Inc.(1)	701,396		22,171,128
Smith International, Inc.	335,058		9,103,526
			69,304,294
Oil, Gas & Consumable Fuels - 1.6%
Range Resources Corporation	1,363,331		67,962,050
FINANCIALS - 5.0%
Capital Markets - 2.5%
Greenhill & Co., Inc.	554,886		44,524,053
TD AMERITRADE Holding Corporation(1)	3,248,100		62,948,178
			107,472,231
Commercial Banks - 0.5%
HDFC Bank Ltd. (DR)(2)	174,848		22,744,228
Diversified Financial Services - 2.0%
CME Group Inc., Class A	136,941		46,005,329
IntercontinentalExchange, Inc.(1)	365,600		41,056,880
			87,062,209
HEALTHCARE - 16.4%
Biotechnology - 0.7%
Human Genome Sciences, Inc.(1)	519,100		15,884,460
Vertex Pharmaceuticals Incorporated(1)	297,400		12,743,590
			28,628,050
Health Care Equipment & Supplies - 2.0%
Edwards Lifesciences Corporation(1)	487,400		42,330,690
Intuitive Surgical, Inc.(1)	100,012		30,335,640
NuVasive, Inc.(1)	466,570		14,920,909
			87,587,239
Health Care Providers & Services - 1.5%
Community Health Systems, Inc.(1)	1,865,400		66,408,240
Health Care Technology - 6.7%
athenahealth, Inc.(1)	1,385,400		62,675,496
Cerner Corporation(1)	2,601,500		214,467,660
Quality Systems, Inc.	248,761		15,619,703
			292,762,859
Life Sciences Tools & Services - 1.1%
Illumina, Inc.(1)	1,563,596		47,924,217
Pharmaceuticals - 4.4%
Allergan, Inc.	3,061,861		192,927,862
INDUSTRIALS - 14.1%
Aerospace & Defense - 2.7%
Precision Castparts Corp.	1,057,420		116,686,297
Air Freight & Logistics - 0.9%
C.H. Robinson Worldwide, Inc.	292,102		17,155,150
Expeditors International of Washington, Inc.	609,027		21,151,508
			38,306,658
Building Products - 0.3%
Owens Corning(1)	477,063		12,231,895
Construction & Engineering - 3.2%
AECOM Technology Corporation(1)	770,500		21,188,750
Fluor Corporation	1,403,519		63,214,496
Quanta Services, Inc.(1)	2,552,128		53,186,347
			137,589,593
Electrical Equipment - 1.8%
First Solar, Inc.(1)	138,655		18,773,887
Roper Industries, Inc.	1,170,054		61,275,728
			80,049,615
Machinery - 1.8%
Cummins Inc.	1,122,800		51,491,608
PACCAR Inc	699,906		25,385,591
			76,877,199

Professional Services - 1.7%
IHS Inc., Class A(1)		534,900		29,317,869
Robert Half International Inc.		516,600		13,808,718
Verisk Analytics, Inc., Class A(1)		1,005,000		30,431,400
				73,557,987
Road & Rail - 1.2%
J.B. Hunt Transport Services, Inc.		1,624,826		52,433,135
Trading Companies & Distributors - 0.5%
Watsco, Inc., Class A		400,000		19,592,000
INFORMATION TECHNOLOGY - 34.9%
Communications Equipment - 2.6%
CommScope, Inc.(1)		1,640,900		43,533,077
Juniper Networks, Inc.(1)		2,543,127		67,825,197
				111,358,274
Computers & Peripherals - 1.6%
NetApp, Inc.(1)		2,041,275		70,199,447
Electronic Equipment & Instruments - 3.6%
Agilent Technologies, Inc.(1)		3,623,600		112,585,252
Trimble Navigation Limited(1)		1,791,599		45,148,295
				157,733,547
Internet Software & Services - 3.0%
GSI Commerce, Inc.(1)		588,100		14,931,859
MercadoLibre, Inc.(1)		973,900		50,516,193
NetEase.com, Inc. (DR)(1)(2)		1,037,400		39,016,614
VistaPrint Limited(1)		470,200		26,641,532
				131,106,198
IT Services - 2.6%
Cognizant Technology Solutions Corporation, Class A(1)		709,000		32,117,700
The Western Union Company		4,265,347		80,401,791
				112,519,491
Semiconductors & Semiconductor Equipment - 9.4%
Analog Devices, Inc.		3,058,566		96,589,514
ARM Holdings PLC (DR)(2)		8,073,800		69,111,728
Broadcom Corporation, Class A(1)		2,160,919		67,960,902
Cree, Inc.(1)		1,015,711		57,255,629
MEMC Electronic Materials, Inc.(1)		2,889,098		39,349,515
NVIDIA Corporation(1)		4,241,976		79,240,112
				409,507,400
Software - 12.1%
ANSYS, Inc.(1)		1,306,000		56,758,760
AsiaInfo Holdings, Inc.(1)		791,500		24,117,005
Autodesk, Inc.(1)		2,647,337		67,268,833
Blackboard Inc.(1)		952,000		43,211,280
Citrix Systems, Inc.(1)		2,398,960		99,820,726
Electronic Arts Inc.(1)		2,404,235		42,675,171
Mc Afee, Inc.(1)		459,728		18,651,165
Red Hat, Inc.(1)		2,033,688		62,840,959
salesforce.com, inc.(1)		686,535		50,645,687
SolarWinds, Inc.(1)		685,600		15,775,656
VMware, Inc., Class A(1)		1,110,402		47,058,837
				528,824,079
MATERIALS - 2.7%
Chemicals - 2.7%
Agrium Inc.(2)		1,377,900		84,740,850
Ecolab Inc.		747,018		33,302,062
				118,042,912
Total common stocks (Cost $3,298,679,960)				4,179,548,249
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $191,856,000(3) (Cost $191,856,000)	$	191,856,000	$	191,856,000
Total investments - 100.3% (Cost $3,490,535,960)				4,371,404,249
Other assets less liabilities - (0.3%)				(11,075,491	)
Total net assets - 100.0%(4)			$	4,360,328,758

⁽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
Agrium Inc.	Canada	U.S. dollar
ARM Holdings PLC (DR)	United Kingdom	U.S. dollar
Ctrip.com International, Ltd. (DR)	China	U.S. dollar
Gafisa S.A. (DR)	Brazil	U.S. dollar
HDFC Bank Ltd. (DR)	India	U.S. dollar
Home Inns & Hotels Management, Inc. (DR)	China	U.S. dollar
NetEase.com, Inc. (DR)	China	U.S. dollar

⁽³⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	2.875	%	6/30/2010	$	99,993,230
U.S. Treasury Note	0.875		1/31/2011		95,704,438
				$	195,697,668

⁽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) Depository Receipt, voting rights may vary.

6

ARTISAN MID CAP VALUE FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held		Value
COMMON STOCKS - 94.7%
CONSUMER DISCRETIONARY - 12.8%
Auto Components - 1.3%
BorgWarner Inc.		2,006,600	$	66,659,252
Diversified Consumer Services - 1.9%
H&R Block, Inc.		4,467,000		101,043,540
Hotels, Restaurants & Leisure - 2.2%
Burger King Holdings, Inc.		5,112,300		96,213,486
Carnival Corporation(1)		609,800		19,324,562
				115,538,048
Household Durables - 1.4%
Mohawk Industries, Inc.(1)		1,512,500		71,995,000
Leisure Equipment & Products - 1.7%
Mattel, Inc.		4,577,900		91,466,442
Media - 3.9%
Marvel Entertainment, Inc.(1)		1,704,100		92,157,728
Omnicom Group Inc.		2,883,900		112,904,685
				205,062,413
Specialty Retail - 0.4%
AutoZone, Inc.(1)		131,500		20,786,205
CONSUMER STAPLES - 6.9%
Food & Staples Retailing - 3.8%
The Kroger Co.		5,384,600		110,545,838
Sysco Corporation		3,146,100		87,902,034
				198,447,872
Food Products - 3.1%
Campbell Soup Company		2,430,100		82,137,380
H.J. Heinz Company		1,976,400		84,510,864
				166,648,244
ENERGY - 7.3%
Energy Equipment & Services - 3.2%
Nabors Industries Ltd.(1)		6,201,400		135,748,646
Pride International, Inc.(1)		988,700		31,549,417
				167,298,063
Oil, Gas & Consumable Fuels - 4.1%
Cimarex Energy Co.		3,035,190		160,774,014
EOG Resources, Inc.		594,900		57,883,770
				218,657,784
FINANCIALS - 16.8%
Consumer Finance - 0.3%
The Student Loan Corporation		313,000		14,576,410
Insurance - 15.0%
Alleghany Corporation(1)(2)		506,276		139,732,176
Allied World Assurance Company Holdings, Ltd		1,865,500		85,943,585
The Allstate Corporation		3,620,000		108,744,800
Arch Capital Group Ltd.(1)(2)		1,581,073		113,125,773
Brown & Brown, Inc.		3,781,300		67,949,961
Fidelity National Financial, Inc.		8,219,281		110,631,522
The Progressive Corporation(1)		5,082,100		91,426,979
W. R. Berkley Corporation		3,035,100		74,784,864
				792,339,660
Real Estate Investment Trusts (REITS) - 1.5%
Annaly Capital Management, Inc.		4,618,300		80,127,505
HEALTHCARE - 6.3%
Health Care Equipment & Supplies - 2.1%
Stryker Corporation		2,200,700		110,849,259
Health Care Providers & Services - 2.9%
Cardinal Health, Inc.		1,562,100		50,362,104
CIGNA Corporation		2,856,450		100,746,992
				151,109,096
Life Sciences Tools & Services - 1.3%
Covance Inc.(1)		1,240,400		67,688,628
INDUSTRIALS - 21.6%
Aerospace & Defense - 4.2%
L-3 Communications Holdings, Inc.		1,341,100		116,608,645
Rockwell Collins, Inc.		1,904,253		105,419,446
				222,028,091
Commercial Services & Supplies - 1.8%
Cintas Corporation		3,690,600		96,140,130
Electrical Equipment - 3.8%
Acuity Brands, Inc.(2)		2,530,915		90,201,811
Hubbell Inc., Class B		2,339,400		110,653,620
				200,855,431
Machinery - 1.9%
Dover Corporation		2,359,500		98,178,795
Marine - 0.7%
Alexander & Baldwin, Inc.		1,149,500		39,347,385
Professional Services - 6.4%
The Dun & Bradstreet Corporation		1,099,100		92,731,067
Equifax Inc.		3,630,100		112,133,789
Manpower Inc.		1,179,800		64,393,484
Robert Half International Inc.		2,539,100		67,870,143
				337,128,483
Road & Rail - 1.6%
Ryder System, Inc.		2,026,800		83,443,356
Trading Companies & Distributors - 1.2%
GATX Corporation		2,188,100		62,907,875
INFORMATION TECHNOLOGY - 17.4%
Computers & Peripherals - 0.7%
Seagate Technology		2,133,700		38,812,003
Electronic Equipment & Instruments - 6.7%
Arrow Electronics, Inc.(1)		3,569,600		105,695,856
Avnet, Inc.(1)		4,083,110		123,146,598
Ingram Micro Inc., Class A(1)		7,119,000		124,226,550
				353,069,004
IT Services - 5.5%
Hewitt Associates, Inc.(1)		2,783,100		117,613,806
SAIC, Inc.(1)		4,860,300		92,054,082
Total System Services, Inc.		4,709,000		81,324,430
				290,992,318
Semiconductors & Semiconductor Equipment - 3.8%
Analog Devices, Inc.		2,484,900		78,473,142
Lam Research Corporation(1)		690,900		27,090,189
National Semiconductor Corporation		6,251,800		96,027,648
				201,590,979
Software - 0.7%
SYNOPSYS, INC.(1)		1,708,400		38,063,152
UTILITIES - 5.6%
Electrical Utilities - 1.5%
PPL Corporation		2,541,000		82,099,710
Multi-Utilities - 3.1%
OGE Energy Corp.		2,188,100		80,719,009
SCANA Corporation		2,218,400		83,589,312
				164,308,321
Water Utilities - 1.0%
American Water Works Company, Inc.		2,349,500		52,652,295
Total common stocks (Cost $4,362,767,620)				5,001,910,749
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $340,238,000(3) (Cost $340,238,000)	$	340,238,000	$	340,238,000
Total investments - 101.1% (Cost $4,703,005,620)				5,342,148,749
Other assets less liabilities - (1.1%)				(59,392,011	)
Total net assets - 100.0%(4)			$	5,282,756,738

⁽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⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	0.875	%	1/31/2011	$	347,045,563

⁽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.

7

ARTISAN OPPORTUNISTIC GROWTH FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held		Value
COMMON STOCKS - 92.1%
CONSUMER DISCRETIONARY - 14.6%
Auto Components - 2.7%
Johnson Controls, Inc.		55,894	$	1,522,553
Hotels, Restaurants & Leisure - 3.3%
Ctrip.com International, Ltd. (DR)(1)(2)		16,500		1,185,690
Starbucks Corporation(1)		28,952		667,633
				1,853,323
Household Durables - 1.1%
Gafisa S.A.(2)(3)		36,900		598,289
Multiline Retail - 3.7%
Kohl’s Corporation(1)		38,400		2,070,912
Specialty Retail - 1.3%
Best Buy Co., Inc.		18,350		724,091
Textiles, Apparel & Luxury Goods - 2.5%
NIKE, Inc., Class B		21,445		1,416,871
CONSUMER STAPLES - 2.0%
Food Products - 2.0%
Tingyi (Cayman Islands) Holding Corporation(2)(3)		469,500		1,162,067
ENERGY - 6.6%
Energy Equipment & Services - 2.5%
Schlumberger Limited		21,500		1,399,435
Oil, Gas & Consumable Fuels - 4.1%
Petroleo Brasileiro S.A. (DR)(2)		23,325		1,112,136
Range Resources Corporation		24,100		1,201,385
				2,313,521
FINANCIALS - 5.6%
Capital Markets - 1.5%
TD AMERITRADE Holding Corporation(1)		43,500		843,030
Diversified Financial Services - 4.1%
CME Group Inc., Class A		2,635		885,228
JPMorgan Chase & Co.		34,975		1,457,408
				2,342,636
HEALTHCARE - 11.6%
Health Care Providers & Services - 2.9%
Community Health Systems, Inc.(1)		45,500		1,619,800
Health Care Technology - 3.8%
Cerner Corporation(1)		25,790		2,126,128
Pharmaceuticals - 4.9%
Allergan, Inc.		43,575		2,745,661
INDUSTRIALS - 9.9%
Aerospace & Defense - 1.5%
Precision Castparts Corp.		7,600		838,660
Construction & Engineering - 1.5%
Quanta Services, Inc.(1)		39,975		833,079
Electrical Equipment - 3.0%
ABB Limited (DR)(1)(2)		42,800		817,480
Gamesa Corporacion Tecnologica, S.A.(2)(3)		51,725		867,098
				1,684,578
Machinery - 2.7%
Cummins Inc.		16,900		775,034
Weg S.A.(2)(3)		72,300		757,942
				1,532,976
Road & Rail - 1.2%
Localiza Rent a Car SA(2)(3)		64,400		710,773
INFORMATION TECHNOLOGY - 39.5%
Computers & Peripherals - 9.1%
Apple Inc.(1)		12,250		2,583,035
EMC Corporation(1)		146,700		2,562,849
				5,145,884
Electronic Equipment & Instruments - 6.0%
Agilent Technologies, Inc.(1)		73,200		2,274,324
Corning Incorporated		58,500		1,129,635
				3,403,959
Internet Software & Services - 8.3%
eBay Inc.(1)		97,700		2,299,858
Google Inc., Class A(1)		3,835		2,377,623
				4,677,481
IT Services - 4.0%
Visa Inc., Class A		25,800		2,256,468
Semiconductors & Semiconductor Equipment - 8.3%
ARM Holdings PLC(2)(3)		537,100		1,535,831
Broadcom Corporation, Class A(1)		32,425		1,019,766
MediaTek Incorporation(2)(3)		33,600		583,496
MEMC Electronic Materials, Inc.(1)		43,740		595,739
NVIDIA Corporation(1)		51,720		966,130
				4,700,962
Software - 3.8%
Citrix Systems, Inc.(1)		51,700		2,151,237
MATERIALS - 2.3%
Chemicals - 2.3%
The Mosaic Company		21,465		1,282,104
Total common stocks (Cost $43,264,858)				51,956,478
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $4,362,000(4) (Cost $4,362,000)	$	4,362,000	$	4,362,000
Total investments - 99.9% (Cost $47,626,858)				56,318,478
Other assets less liabilities - 0.1%				79,624
Total net assets - 100.0%(5)			$	56,398,102

⁽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
ABB Limited (DR)	Switzerland	U.S. dollar
ARM Holdings PLC	United Kingdom	British pound
Ctrip.com International, Ltd. (DR)	China	U.S. dollar
Gafisa S.A.	Brazil	Brazilian real
Gamesa Corporacion Tecnologica, S.A.	Spain	Euro
Localiza Rent a Car SA	Brazil	Brazilian real
MediaTek Incorporation	Taiwan	Taiwan dollar
Petroleo Brasileiro S.A. (DR)	Brazil	U.S. dollar
Tingyi (Cayman Islands) Holding Corporation	China	Hong Kong dollar
Weg S.A.	Brazil	Brazilian real

⁽³⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $6,215,496 or 11.0% of total net assets.

⁽⁴⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.000	%	9/30/2016	$	4,453,625

⁽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) Depository Receipt, voting rights may vary.

CURRENCY EXPOSURE - DECEMBER 31, 2009

(Unaudited)

	Value		Percentage of Total Investments
Brazilian real	$	2,067,004	3.7	%
British pound		1,535,831	2.7
Euro		867,098	1.5
Hong Kong dollar		1,162,067	2.1
Taiwan dollar		583,496	1.0
U.S. dollar		50,102,982	89.0
Total investments	$	56,318,478	100.0	%

8

ARTISAN OPPORTUNISTIC VALUE FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held		Value
COMMON STOCKS - 94.7%
CONSUMER DISCRETIONARY - 8.9%
Hotels, Restaurants & Leisure - 2.3%
McDonald’s Corporation		79,000	$	4,932,760
Household Durables - 1.7%
Mohawk Industries, Inc.(1)		73,800		3,512,880
Media - 4.9%
Comcast Corporation, Class A Special(2)		353,700		5,662,737
Omnicom Group Inc.		115,700		4,529,655
				10,192,392
CONSUMER STAPLES - 14.1%
Food & Staples Retailing - 7.0%
The Kroger Co.		310,300		6,370,459
Wal-Mart Stores, Inc.		155,400		8,306,130
				14,676,589
Food Products - 5.8%
Kraft Foods Inc.		234,400		6,370,992
Nestle SA(3)(4)		118,200		5,742,487
				12,113,479
Tobacco - 1.3%
Philip Morris International Inc.		58,900		2,838,391
ENERGY - 5.8%
Energy Equipment & Services - 3.2%
Nabors Industries Ltd.(1)		309,800		6,781,522
Oil, Gas & Consumable Fuels - 2.6%
Apache Corporation		53,200		5,488,644
FINANCIALS - 22.5%
Insurance - 20.6%
Alleghany Corporation(1)		22,600		6,237,600
The Allstate Corporation		216,850		6,514,174
Arch Capital Group Ltd.(1)(5)		114,500		8,192,475
Berkshire Hathaway Inc., Class B(1)		2,610		8,576,460
The Chubb Corporation		81,600		4,013,088
Fidelity National Financial, Inc.		389,800		5,246,708
The Progressive Corporation(1)		252,000		4,533,480
				43,313,985
Real Estate Investment Trusts (REITS) - 1.9%
Annaly Capital Management, Inc.		228,200		3,959,270
HEALTHCARE - 12.3%
Health Care Equipment & Supplies - 4.2%
Baxter International Inc.		92,900		5,451,372
Stryker Corporation		68,700		3,460,419
				8,911,791
Health Care Providers & Services - 2.0%
CIGNA Corporation		117,700		4,151,279
Pharmaceuticals - 6.1%
Johnson & Johnson		114,100		7,349,181
Pfizer Inc.		303,100		5,513,389
				12,862,570
INDUSTRIALS - 9.1%
Aerospace & Defense - 9.1%
Lockheed Martin Corporation		112,000		8,439,200
Raytheon Company		136,800		7,047,936
Rockwell Collins, Inc.		64,500		3,570,720
				19,057,856
INFORMATION TECHNOLOGY - 22.0%
Computers & Peripherals - 6.1%
Hewlett-Packard Company		166,800		8,591,868
International Business Machines Corporation		33,000		4,319,700
				12,911,568
Electronic Equipment & Instruments - 6.5%
Avnet, Inc.(1)		120,800		3,643,328
Corning Incorporated		167,300		3,230,563
Ingram Micro Inc., Class A(1)		389,800		6,802,010
				13,675,901
IT Services - 4.0%
Accenture PLC, Class A		201,400		8,358,100
Semiconductors & Semiconductor Equipment - 2.9%
Texas Instruments Incorporated		230,800		6,014,648
Software - 2.5%
Microsoft Corporation		171,900		5,241,231
Total common stocks (Cost $179,134,663)				198,994,856
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $10,265,000(6) (Cost $10,265,000)	$	10,265,000	$	10,265,000
Total investments - 99.6% (Cost $189,399,663)				209,259,856
Other assets less liabilities - 0.4%				779,545
Total net assets - 100.0%(7)			$	210,039,401

⁽¹⁾ Non-income producing security.

⁽²⁾ Non-voting shares.

⁽³⁾ Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $5,742,487 or 2.7% of total net assets.

⁽⁴⁾ The Fund considers the company to be from Switzerland. See the Fund’s Statement of Additional Information for information on how a particular country is assigned. The security trades in Swiss franc.

⁽⁵⁾ Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (J) in Notes to Form N-Q.

⁽⁶⁾ Collateralized by:

Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.500	%	2/15/2039	$	10,471,900

⁽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.

9

ARTISAN SMALL CAP FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON STOCKS - 95.5%
CONSUMER DISCRETIONARY - 11.4%
Distributors - 2.2%
LKQ Corporation(1)	412,900	$	8,088,711
Hotels, Restaurants & Leisure - 2.3%
7 Days Group Holdings Ltd. (DR)(1)(2)	223,300		2,786,784
Home Inns & Hotels Management, Inc. (DR)(1)(2)	33,700		1,191,295
WMS Industries(1)	118,300		4,732,000
			8,710,079
Specialty Retail - 5.4%
The Gymboree Corporation(1)	85,200		3,705,348
Hibbett Sports, Inc.(1)	300,950		6,617,891
Monro Muffler Brake, Inc.	111,000		3,711,840
PETsMART, Inc.	233,900		6,242,791
			20,277,870
Textiles, Apparel & Luxury Goods - 1.5%
Iconix Brand Group, Inc.(1)	453,900		5,741,835
CONSUMER STAPLES - 3.2%
Food Products - 1.4%
Flowers Foods, Inc.	219,300		5,210,568
Personal Products - 1.8%
Bare Escentuals, Inc.(1)	235,200		2,876,496
Chattem, Inc.(1)	41,000		3,825,300
			6,701,796
ENERGY - 6.6%
Energy Equipment & Services - 3.4%
Atwood Oceanics, Inc.(1)	78,600		2,817,810
Core Laboratories N.V.	52,200		6,165,864
Dril-Quip, Inc.(1)	68,700		3,880,176
			12,863,850
Oil, Gas & Consumable Fuels - 3.2%
Carrizo Oil & Gas, Inc.(1)	220,000		5,827,800
Comstock Resources, Inc.(1)	148,600		6,028,702
			11,856,502
FINANCIALS - 7.2%
Capital Markets - 4.7%
Ares Capital Corporation	898,861		11,190,819
Artio Global Investors Inc., Class A(1)	55,500		1,414,695
Greenhill & Co., Inc.	21,100		1,693,064
Investment Technology Group, Inc.(1)	165,200		3,254,440
			17,553,018
Commercial Banks - 0.8%
MB Financial, Inc.	151,900		2,995,468
Insurance - 1.7%
Reinsurance Group of America, Incorporated	134,800		6,423,220
HEALTHCARE - 14.2%
Biotechnology - 1.2%
AMAG Pharamaceuticals, Inc.(1)	64,700		2,460,541
Cepheid(1)	154,600		1,929,408
			4,389,949
Health Care Equipment & Supplies - 1.1%
Masimo Corporation(1)	130,100		3,957,642
Health Care Providers & Services - 7.0%
Catalyst Health Solutions, Inc.(1)	160,500		5,853,435
Clarient, Inc.(1)	948,000		2,512,200
Genoptix, Inc.(1)	150,600		5,350,818
PSS World Medical, Inc.(1)	372,600		8,409,582
Psychiatric Solutions, Inc.(1)	199,500		4,217,430
			26,343,465
Health Care Technology - 3.7%
athenahealth, Inc.(1)	123,500		5,587,140
Phase Forward Incorporated(1)	543,000		8,335,050
			13,922,190
Life Sciences Tools & Services - 1.2%
ICON PLC (DR)(1)(2)	208,100		4,522,013
INDUSTRIALS - 20.6%
Aerospace & Defense - 2.1%
AAR CORP.(1)	257,000		5,905,860
Hexcel Corporation(1)	157,200		2,040,456
			7,946,316
Air Freight & Logistics - 0.8%
UTi Worldwide Inc.	211,400		3,027,248
Airlines - 0.7%
Allegiant Travel Company(1)	52,900		2,495,293
Commercial Services & Supplies - 7.0%
Clean Harbors, Inc.(1)	73,300		4,369,413
Corrections Corporation of America(1)	260,300		6,390,365
The GEO Group, Inc.(1)	253,700		5,550,956
Waste Connections, Inc.(1)	301,125		10,039,507
			26,350,241
Electrical Equipment - 0.8%
Regal-Beloit Corporation	58,100		3,017,714
Machinery - 4.6%
Actuant Corporation	150,600		2,790,618
Astec Industries, Inc.(1)(3)	114,300		3,079,242
IDEX Corporation	137,400		4,280,010
The Middleby Corporation(1)	60,800		2,980,416
Robbins & Myers, Inc.	172,400		4,054,848
			17,185,134
Professional Services - 1.4%
FTI Consulting, Inc.(1)	114,300		5,390,388
Road & Rail - 1.6%
Old Dominion Freight Line, Inc.(1)	197,500		6,063,250
Transportation Infrastructure - 1.6%
Aegean Marine Petroleum Network Inc.(2)	212,700		5,844,996
INFORMATION TECHNOLOGY - 29.8%
Communications Equipment - 1.0%
Riverbed Technology, Inc.(1)	165,200		3,794,644
Computers & Peripherals - 1.2%
STEC, Inc.(1)	98,400		1,607,856
Synaptics Incorporated(1)	99,100		3,037,415
			4,645,271
Electronic Equipment & Instruments - 1.8%
Brightpoint, Inc.(1)	907,700		6,671,595
Internet Software & Services - 4.0%
Equinix, Inc.(1)	60,800		6,453,920
GSI Commerce, Inc.(1)	331,600		8,419,324
			14,873,244
IT Services - 3.6%
Euronet Worldwide, Inc.(1)	395,080		8,672,006
ManTech International Corporation, Class A(1)	98,400		4,750,752
			13,422,758
Semiconductors & Semiconductor Equipment - 5.5%
Atheros Communications, Inc.(1)	212,700		7,282,848
Microsemi Corporation(1)	331,600		5,885,900
Nanometrics Incorporated(1)	185,600		2,102,848
Tessera Technologies, Inc.(1)	190,900		4,442,243
Varian Semiconductor Equipment Associates, Inc.(1)	21,100		757,068
			20,470,907
Software - 12.7%
ANSYS, Inc.(1)	132,100		5,741,066
AsiaInfo Holdings, Inc.(1)	61,400		1,870,858
CommVault Systems, Inc.(1)	294,600		6,979,074
Concur Technologies, Inc.(1)	121,600		5,198,400
Informatica Corporation(1)	280,100		7,243,386
Progress Software Corporation(1)	197,500		5,768,975
Quest Software, Inc.(1)	195,500		3,597,200
Rovi Corporation(1)	204,100		6,504,667
SolarWinds, Inc.(1)	210,700		4,848,207
			47,751,833
MATERIALS - 0.9%
Chemicals - 0.9%
Albemarle Corporation	94,500		3,436,965
UTILITIES - 1.6%
Electrical Utilities - 1.6%
ITC Holdings Corp.	111,600		5,813,244
Total common stocks (Cost $241,395,083)			357,759,217
Total investments - 95.5% (Cost $241,395,083)			357,759,217
Other assets less liabilities - 4.5%			16,962,835
Total net assets - 100.0%(4)		$	374,722,052

⁽¹⁾ Non-income producing security.

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

Security	Country	Trading Currency
7 Days Group Holdings Ltd. (DR)	China	U.S. dollar
Aegean Marine Petroleum Network Inc.	Greece	U.S. dollar
Home Inns & Hotels Management, Inc. (DR)	China	U.S. dollar
ICON PLC (DR)	Ireland	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⁾ 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) Depository Receipt, voting rights may vary.

10

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments - December 31, 2009

(Unaudited)

	Shares Held	Value
COMMON STOCKS - 93.8%
CONSUMER DISCRETIONARY - 6.2%
Diversified Consumer Services - 0.8%
Matthews International Corporation	553,000	$	19,592,790
Hotels, Restaurants & Leisure - 2.4%
International Speedway Corporation, Class A	1,060,100		30,159,845
Jack in the Box Inc.(1)	1,378,800		27,120,996
			57,280,841
Media - 1.7%
Meredith Corporation	1,021,400		31,510,190
World Wrestling Entertainment, Inc., Class A	596,400		9,142,812
			40,653,002
Specialty Retail - 1.3%
Rent-A-Center, Inc.(1)	1,772,485		31,408,434
CONSUMER STAPLES - 4.1%
Food & Staples Retailing - 1.0%
Ruddick Corporation	949,000		24,417,770
Food Products - 0.5%
Sanderson Farms, Inc.	297,000		12,521,520
Personal Products - 1.2%
Chattem, Inc.(1)	305,300		28,484,490
Tobacco - 1.4%
Universal Corporation	731,700		33,372,837
ENERGY - 8.5%
Energy Equipment & Services - 5.4%
Cal Dive International, Inc.(1)	3,955,388		29,902,733
Parker Drilling Company(1)	3,697,000		18,300,150
Patterson-UTI Energy, Inc.	1,753,100		26,910,085
RPC, Inc.	1,566,300		16,289,520
Seahawk Drilling, Inc.(1)(2)	806,500		18,178,510
Superior Energy Services, Inc.(1)	756,200		18,368,098
			127,949,096
Oil, Gas & Consumable Fuels - 3.1%
Comstock Resources, Inc.(1)	485,400		19,692,678
Forest Oil Corporation(1)	1,444,000		32,129,000
Holly Corporation	854,800		21,908,524
			73,730,202
FINANCIALS - 8.5%
Consumer Finance - 0.6%
The Student Loan Corporation	321,500		14,972,255
Diversified Financial Services - 1.0%
PICO Holdings, Inc.(1)	734,100		24,027,093
Insurance - 6.2%
Allied World Assurance Company Holdings, Ltd	393,600		18,133,152
Aspen Insurance Holdings Limited	437,100		11,124,195
Assured Guaranty Ltd.	910,400		19,810,304
Endurance Specialty Holdings Ltd.	246,300		9,169,749
Max Capital Group Ltd.	625,400		13,946,420
Platinum Underwriters Holdings, Ltd.	632,700		24,226,083
Stewart Information Services Corporation(2)	1,161,778		13,104,856
Willis Group Holdings Limited	416,246		10,980,570
Zenith National Insurance Corp.	927,300		27,596,448
			148,091,777
Real Estate Investment Trusts (REITS) - 0.7%
Hatteras Financial Corporation	94,645		2,646,274
Pebblebrook Hotel Trust(1)	574,700		12,649,147
			15,295,421
HEALTHCARE - 4.5%
Health Care Equipment & Supplies - 1.2%
CONMED Corporation(1)	1,110,800		25,326,240
National Dentex Corporation(1)	247,700		2,501,770
			27,828,010
Health Care Providers & Services - 2.5%
AMN Healthcare Services, Inc.(1)(2)	2,438,900		22,096,434
Cross Country Healthcare, Inc.(1)(2)	2,317,100		22,962,461
HealthSpring, Inc.(1)	795,000		13,999,950
Medical Staffing Network Holdings, Inc.(1)	1,530,300		627,423
			59,686,268
Life Sciences Tools & Services - 0.8%
Varian Inc.(1)	340,500		17,549,370
INDUSTRIALS - 22.1%
Aerospace & Defense - 1.9%
Spirit AeroSystems Holdings, Inc., Class A(1)	1,374,000		27,287,640
Teledyne Technologies Incorporated(1)	432,200		16,579,192
			43,866,832
Building Products - 1.0%
Quanex Building Products Corporation	1,401,775		23,788,122
Commercial Services & Supplies - 0.4%
Sykes Enterprises, Incorporated(1)	386,400		9,841,608
Construction & Engineering - 3.9%
Comfort Systems USA, Inc.(2)	2,236,100		27,593,474
EMCOR Group, Inc.(1)	1,304,000		35,077,600
Granite Construction Incorporated	888,600		29,910,276
			92,581,350
Electrical Equipment - 2.7%
Acuity Brands, Inc.(2)	908,000		32,361,120
Woodward Governor Company	1,246,000		32,109,420
			64,470,540
Industrial Conglomerates - 0.5%
McDermott International, Inc.(1)	470,900		11,306,309
Machinery - 3.0%
Astec Industries, Inc.(1)(2)	1,016,600		27,387,204
IDEX Corporation	772,700		24,069,605
Mueller Industries, Inc.	789,600		19,613,664
			71,070,473
Marine - 0.7%
Kirby Corporation(1)	502,300		17,495,109
Professional Services - 6.4%
CRA International, Inc.(1)	246,300		6,563,895
Diamond Management & Technology Consultants, Inc.	1,145,100		8,439,387
Hudson Highland Group, Inc.(1)(2)	1,349,000		6,394,260
Kforce Inc.(1)	238,700		2,983,750
Korn/Ferry International(1)	598,900		9,881,850
Monster Worldwide, Inc.(1)	1,716,900		29,874,060
School Specialty, Inc.(1)(2)	1,183,200		27,675,048
TrueBlue, Inc.(1)	1,504,400		22,280,164
Watson Wyatt Worldwide, Inc.	794,500		37,754,640
			151,847,054
Road & Rail - 1.6%
Arkansas Best Corporation	732,300		21,551,589
Ryder System, Inc.	405,700		16,702,669
			38,254,258
INFORMATION TECHNOLOGY - 24.5%
Computers & Peripherals - 2.6%
Imation Corp.(1)	1,176,000		10,254,720
Intermec, Inc.(1)	2,005,800		25,794,588
Lexmark International, Inc., Class A(1)	997,300		25,909,854
			61,959,162
Electronic Equipment & Instruments - 4.9%
Anixter International Inc.(1)	265,600		12,509,760
Arrow Electronics, Inc.(1)	1,009,400		29,888,334
Benchmark Electronics, Inc.(1)	1,252,800		23,690,448
Coherent, Inc.(1)	438,400		13,033,632
Orbotech, Ltd.(1)(2)(3)	2,440,479		22,867,288
RadiSys Corporation(1)(2)	1,499,600		14,321,180
			116,310,642
Internet Software & Services - 0.6%
EarthLink, Inc.	1,622,700		13,484,637
IT Services - 3.4%
CACI International Inc(1)	472,800		23,096,280
MAXIMUS, Inc.	608,500		30,425,000
SRA International, Inc., Class A(1)	1,374,000		26,243,400
			79,764,680
Semiconductors & Semiconductor Equipment - 4.7%
Actel Corporation(1)(2)	1,729,000		20,540,520
ATMI, Inc.(1)	605,300		11,270,686
LTX Corporation(1)	3,804,100		6,771,298
Rudolph Technologies, Inc.(1)(2)	2,128,400		14,302,848
Standard Microsystems Corporation(1)	584,400		12,143,832
Ultra Clean Holdings, Inc.(1)(2)	1,594,444		11,145,164
Ultratech, Inc.(1)(2)	1,736,200		25,799,932
Varian Semiconductor Equipment Associates, Inc.(1)	268,500		9,633,780
			111,608,060
Software - 8.3%
Fair Isaac Corporation	1,224,300		26,089,833
Jack Henry and Associates, Inc.	729,300		16,861,416
Lawson Software, Inc.(1)	5,365,600		35,681,240
Manhattan Associates, Inc.(1)(2)	1,598,600		38,414,358
MicroStrategy Incorporated, Class A(1)	268,000		25,197,360
Progress Software Corporation(1)	969,000		28,304,490
TIBCO Software Inc.(1)	1,418,600		13,661,118
Websense, Inc.(1)	765,400		13,363,884
			197,573,699

MATERIALS - 4.9%
Chemicals - 4.5%
H.B. Fuller Company		1,535,800		34,939,450
Olin Corporation		1,531,000		26,823,120
OM Group, Inc.(1)		574,700		18,039,833
Sensient Technologies Corporation		1,055,300		27,754,390
				107,556,793
Construction Materials - 0.4%
Eagle Materials Inc.		335,700		8,744,985
UTILITIES - 10.5%
Electrical Utilities - 7.7%
ALLETE, Inc.		843,800		27,575,384
Cleco Corporation		1,354,700		37,023,951
El Paso Electric Company(1)		1,640,700		33,273,396
The Empire District Electric Company		905,500		16,960,015
IDACORP, Inc.		852,400		27,234,180
Portland General Electric Company		1,632,400		33,317,284
UIL Holdings Corporation		295,500		8,297,640
				183,681,850
Gas Utilities - 0.5%
Northwest Natural Gas Company		280,100		12,615,704
Multi-Utilities - 2.3%
NorthWestern Corporation		1,026,300		26,704,326
Vectren Corporation		1,103,500		27,234,380
				53,938,706
Total common stocks (Cost $2,108,951,165)				2,228,621,749
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 12/31/09, due 1/4/10, maturity value $139,297,000(4) (Cost $139,297,000)	$	139,297,000	$	139,297,000
Total investments - 99.7% (Cost $2,248,248,165)				2,367,918,749
Other assets less liabilities - 0.3%				6,555,319
Total net assets - 100.0%(5)			$	2,374,474,068

⁽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 Israel. 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	3.000	%	9/30/2016	$	142,086,438

⁽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.

11

ARTISAN FUNDS, INC.

Notes to Form NQ – December 31, 2009 (Unaudited)

(A) Organization:

As of December 31, 2009, Artisan Funds, Inc. (“Artisan Funds”) is a series comprised of eleven 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 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 Opportunistic Growth Fund (“Opportunistic Growth Fund” or “Opportunistic Growth”)

Artisan Opportunistic Value Fund (“Opportunistic Value Fund” or “Opportunistic Value”)

Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)

Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)

Each Fund is managed by Artisan Partners Limited Partnership (the “Adviser”).

(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, was valued at the closing price as of the time of valuation on the exchange or market designated by the Fund’s accounting agent or pricing vendor as the principal exchange (the “principal exchange”). The closing price provided by the pricing vendor for a principal exchange may differ and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information from the principal exchange as of the time of valuation, the security was valued using the closing price on another exchange on which the security traded (if such price is made available by the pricing vendor) or the most recent bid quotation on the principal exchange or, if not available, another exchange or in the over-the-counter market, except that securities listed on the London Stock Exchange were valued at the mean of the most recent bid and asked quotations as of the time of valuation. Short-term investments, other than repurchase agreements, maturing within sixty days from the valuation date were valued at amortized cost, which approximates market value.

12

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

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

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

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

Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investment in foreign securities (including, but not limited to, depository receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices and political instability. The risks of foreign investments are typically greater in emerging and less developed markets.

(C) Fair Value Measurements:

Under generally accepted accounting principles for fair value measurement, accounting standards provide guidance on 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, prepayment speeds, credit risks, etc.)

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

13

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 December 31, 2009:

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Equity Securities(1)
Emerging Asia	$	3,875,422	$	87,886,995		$	—	$	91,762,417
Latin America		14,518,758		44,576,962			—		59,095,720
Emerging Europe, Middle East & Africa		1,697,363		49,228,671			—		50,926,034
Developed Markets		1,273,913		6,608,362			—		7,882,275
Repurchase Agreements		—		9,892,000			—		9,892,000
Total	$	21,365,456	$	198,192,990	(2)	$	—	$	219,558,446
Global Value
Equity Securities(1)
Americas	$	12,738,304	$	—		$	—	$	12,738,304
Emerging Markets		—		—			—		—
Europe		2,556,611		11,093,785			—		13,650,396
Pacific Basin		546,090		1,883,422			—		2,429,512
Repurchase Agreements		—		1,867,000			—		1,867,000
Total	$	15,841,005	$	14,844,207	(2)	$	—	$	30,685,212
International
Equity Securities(1)
Americas	$	745,107,053	$	—		$	—	$	745,107,053
Emerging Markets		660,696,772		670,743,893			—		1,331,440,665
Europe		—		7,470,929,439			—		7,470,929,439
Pacific Basin		—		844,613,816			—		844,613,816
Repurchase Agreements		—		234,979,000			—		234,979,000
Total	$	1,405,803,825	$	9,221,266,148	(2)	$	—	$	10,627,069,973
International Small Cap
Equity Securities(1)
Americas	$	14,258,868	$	—		$	—	$	14,258,868
Emerging Markets		5,176,301		188,773,182			—		193,949,483
Europe		—		432,595,463			—		432,595,463
Pacific Basin		—		95,272,507			—		95,272,507
Repurchase Agreements		—		30,475,000			—		30,475,000
Total	$	19,435,169	$	747,116,152	(2)	$	—	$	766,551,321

International Value
Equity Securities(1)
Americas	$	337,278,346	$	—		$	—	$	337,278,346
Emerging Markets		—		14,069,752			—		14,069,752
Europe		184,546,856		1,338,439,844			—		1,522,986,700
Pacific Basin		—		276,406,889			—		276,406,889
Repurchase Agreements		—		166,146,000			—		166,146,000
Total	$	521,825,202	$	1,795,062,485	(2)	$	—	$	2,316,887,687
Mid Cap
Equity Securities(1)	$	4,179,548,249	$	—		$	—	$	4,179,548,249
Repurchase Agreements		—	$	191,856,000			—		191,856,000
Total	$	4,179,548,249	$	191,856,000		$	—	$	4,371,404,249
Mid Cap Value
Equity Securities(1)	$	5,001,910,749	$	—		$	—	$	5,001,910,749
Repurchase Agreements		—	$	340,238,000			—		340,238,000
Total	$	5,001,910,749	$	340,238,000		$	—	$	5,342,148,749
Opportunistic Growth Fund
Equity Securities
Consumer Discretionary	$	7,587,750	$	598,289		$	—	$	8,186,039
Consumer Staples		—		1,162,067			—		1,162,067
Energy		3,712,956		—			—		3,712,956
Financials		3,185,666		—			—		3,185,666
Health Care		6,491,589		—			—		6,491,589
Industrials		3,264,253		2,335,812			—		5,600,065
Information Technology		20,216,664		2,119,327			—		22,335,991
Materials		1,282,105		—			—		1,282,105
Repurchase Agreements		—		4,362,000			—		4,362,000
Total	$	45,740,983	$	10,577,495	(2)	$	—	$	56,318,478
Opportunistic Value Fund
Equity Securities
Consumer Discretionary	$	18,638,032	$	—		$	—	$	18,638,032
Consumer Staples		23,885,972		5,742,487			—		29,628,459
Energy		12,270,166		—			—		12,270,166
Financials		47,273,255		—			—		47,273,255
Health Care		25,925,640		—			—		25,925,640
Industrials		19,057,856		—			—		19,057,856
Information Technology		46,201,448		—			—		46,201,448
Repurchase Agreements		—		10,265,000			—		10,265,000
Total	$	193,252,369	$	16,007,487	(2)	$	—	$	209,259,856
Small Cap Fund
Equity Securities(1)	$	357,759,217	$	—		$	—	$	357,759,217
Repurchase Agreements		—		—			—		—
Total	$	357,759,217	$	—		$	—	$	357,759,217
Small Cap Value Fund
Equity Securities(1)	$	2,228,621,749	$	—		$	—	$	2,228,621,749
Repurchase Agreements		—		139,297,000			—		139,297,000
Total	$	2,228,621,749	$	139,297,000		$	—	$	2,367,918,749

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

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

(D) Repurchase agreements:

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

(E) Depository receipts:

Each of the Funds may invest in depository receipts. Depository receipts are typically issued by a financial institution (a “depository”), evidencing ownership interests in a security issued by an issuer and deposited with the depository.

(F) Foreign currency translation:

Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes and cash denominated in foreign currencies 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. Payables and receivables for securities transactions, dividend and reclaim receivables and other receivables and payables denominated in a foreign currency were translated into U.S. dollars

using a spot market rate of exchange as of 12:00 p.m. (Eastern Time) on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using a spot market rate of exchange as of 12:00 p.m. (Eastern Time) on the date of such transactions.

14

(G) Equity-linked participation certificates:

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

(H) Investment transactions:

Security transactions were accounted for no later than one business day after trade date, in accordance with applicable 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 three months ended December 31, 2009 were as follows:

Fund	Security Purchases		Security Sales
Emerging Markets	$	56,092,888	$	8,587,533
Global Value		2,404,769		2,280,152
International		1,530,815,492		2,015,051,387
International Small Cap		138,223,712		120,371,235
International Value		377,784,745		109,163,660
Mid Cap		649,261,318		690,593,570
Mid Cap Value		828,529,713		442,212,697
Opportunistic Growth		17,638,079		10,733,584
Opportunistic Value		49,270,939		38,564,297
Small Cap		46,452,442		130,061,366
Small Cap Value		389,304,973		269,153,292

(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 December 31, 2009 were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	197,777,634	$	27,071,010	$	(5,290,198	)	$	21,780,812
Global Value		25,443,030		5,560,069		(317,887	)		5,242,182
International		9,007,222,419		1,863,414,456		(243,566,902	)		1,619,847,554
International Small Cap		636,687,347		181,223,420		(51,359,446	)		129,863,974
International Value		2,114,516,509		264,533,725		(62,162,547	)		202,371,178
Mid Cap		3,523,992,121		976,349,848		(128,937,720	)		847,412,128
Mid Cap Value		4,753,761,549		703,947,951		(115,560,751	)		588,387,200
Opportunistic Growth		47,834,132		8,915,368		(431,022	)		8,484,346
Opportunistic Value		197,170,310		18,772,512		(6,682,966	)		12,089,546
Small Cap		263,629,547		98,791,050		(4,661,380	)		94,129,670
Small Cap Value		2,266,964,827		290,123,733		(189,169,811	)		100,953,922

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 three months ended December 31, 2009. 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 three months ended December 31, 2009.

15

Fund	Security	As of 9/30/09 Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income(1)		As of 12/31/09 Share Balance	As of 12/31/09 Value
Global Value
	Arch Capital Group Ltd.(2)(3)	13,901	$	28,796	$	13,258	$	(128	)	$	—	14,118	$	1,010,143
	Total(4)		$	28,796	$	13,258	$	(128	)	$	—		$	1,010,143
International Value
	Arch Capital Group Ltd.(2)(3)	1,276,234	$	2,608,680	$	—	$	—		$	—	1,503,385	$	107,567,197
	Total(4)		$	2,608,680	$	—	$	—		$	—		$	107,567,197
Mid Cap Value
	Acuity Brands, Inc.	2,418,315	$	8,016,828	$	5,424,399	$	(862,673	)	$	310,455	2,530,915	$	90,201,811
	Alleghany Corporation(3)	475,576		8,070,608		—		—			—	506,276		139,732,176
	Arch Capital Group Ltd.(2)(3)	1,414,873		11,630,322		—		—			—	1,581,073		113,125,773
	Total(4)		$	27,717,758	$	5,424,399	$	(862,673	)	$	310,455		$	343,059,760
Opportunistic Value
	Arch Capital Group Ltd.(2)(3)	69,700	$	3,157,113	$	—	$	—		$	—	114,500	$	8,192,475
	Total(4)		$	3,157,113	$	—	$	—		$	—		$	8,192,475
Small Cap
	Astec Industries, Inc.(2)(3)	140,900	$	—	$	762,408	$	(74,233	)	$	—	114,300	$	3,079,242
	Total(4)		$	—	$	762,408	$	(74,233	)	$	—		$	3,079,242
Small Cap Value
	Actel Corporation(2)(3)	1,305,900	$	4,951,216	$	—	$	—		$	—	1,729,000	$	20,540,520
	Acuity Brands, Inc.	897,200		1,266,748		1,331,919		(381,411	)		113,139	908,000		32,361,120
	AMN Healthcare Services, Inc.(3)	2,231,300		1,804,614		—		—			—	2,438,900		22,096,434
	Astec Industries, Inc.(2)(3)	668,100		8,882,447		—		—			—	1,016,600		27,387,204
	Comfort Systems USA, Inc.(2)	1,700,600		6,162,620		—		—			110,290	2,236,100		27,593,474
	Cross Country Healthcare, Inc.(3)	2,147,700		1,769,407		440,888		(193,242	)		—	2,317,100		22,962,461
	Diamond Management & Technology Consultants, Inc.(5)	1,658,000		—		4,933,309		(1,258,902	)		104,853	1,145,100		8,439,387
	Hudson Highland Group, Inc.(2)(3)	1,220,200		541,736		—		—			—	1,349,000		6,394,260
	Manhattan Associates, Inc.(3)	1,503,300		2,746,944		472,592		(51,271	)		—	1,598,600		38,414,358
	Medical Staffing Network Holdings, Inc.(3)(5)	1,577,900		—		223,656		(211,950	)		—	1,530,300		627,423
	Orbotech, Ltd.(3)	2,243,779		1,937,003		—		—			—	2,440,479		22,867,288
	Quanex Building Products Corporation(5)	2,030,475		408,852		10,766,941		73,421			45,164	1,401,775		23,788,122
	RadiSys Corporation(3)	1,294,500		1,813,474		—		—			—	1,499,600		14,321,180
	Rudolph Technologies, Inc.(3)	1,922,600		1,411,566		—		—			—	2,128,400		14,302,848
	School Specialty, Inc.(2)(3)	851,600		7,842,024		—		—			—	1,183,200		27,675,048
	Seahawk Drilling, Inc.(2)(3)	366,100		10,313,737		—		—			—	806,500		18,178,510
	Stewart Information Services Corporation	1,120,678		432,975		—		—			58,089	1,161,778		13,104,856
	Ultra Clean Holdings, Inc.(3)	1,455,900		902,111		—		—			—	1,594,444		11,145,164
	Ultratech, Inc.(3)	1,434,300		4,072,127		—		—			—	1,736,200		25,799,932
	Total(4)		$	57,259,601	$	18,169,305	$	(2,023,355	)	$	431,535		$	345,144,657

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

⁽²⁾ Issuer was not an affiliate as of September 30, 2009.

⁽³⁾ Non-income producing security.

⁽⁴⁾ Total value as of December 31, 2009 is presented for only those issuers that were affiliates as of December 31, 2009.

⁽⁵⁾ Issuer was no longer an affiliate as of December 31, 2009.

16

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 ensure that 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 Funds, Inc.

By:	/s/    Eric R. Colson
	Eric R. Colson
	Principal Executive Officer

Date: February 23, 2010

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: February 23, 2010

By:	/s/    Lawrence A. Totsky
	Lawrence A. Totsky
	Principal Financial Officer

Date: February 23, 2010

EX-99.CERT

Exhibit (a)(1)

CERTIFICATIONS

I, Eric R. Colson, certify that:

1. I have reviewed this report on Form N-Q of Artisan Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2010

/s/    Eric R. Colson

Eric R. Colson

Principal Executive Officer

Exhibit (a)(2)

CERTIFICATIONS

I, Lawrence A. Totsky, certify that:

1. I have reviewed this report on Form N-Q of Artisan Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2010

/s/    Lawrence A. Totsky

Lawrence A. Totsky

Principal Financial Officer