Artisan Small Cap Fund Inv Shs NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-08932

Artisan 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, #800

Milwaukee, Wisconsin 53202

Bruce A. Rosenblum

Bell, Boyd & Lloyd LLP

1615 L Street, N.W., Suite 1200

Washington, D.C. 20036

(Name and address of agents for service)

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

Date of fiscal year end: 09/30/07

Date of reporting period: 03/31/07

Item 1.

Reports to Shareholders.

SEMIANNUAL

R E P O R T

MARCH 31, 2007

ARTISAN INTERNATIONAL FUND

ARTISAN INTERNATIONAL SMALL CAP FUND

ARTISAN INTERNATIONAL VALUE FUND

ARTISAN MID CAP FUND

ARTISAN MID CAP VALUE FUND

ARTISAN OPPORTUNISTIC VALUE FUND

ARTISAN SMALL CAP FUND

ARTISAN SMALL CAP VALUE FUND

LOGO

ARTISAN FUNDS, INC.

INVESTOR SHARES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of Artisan Funds. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For a prospectus, which contains that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanfunds.com. Read it carefully before you invest or send money.

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of March 31, 2007. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Artisan International Fund, Artisan International Value Fund and Artisan Mid Cap Fund offer institutional classes of shares for institutional investors meeting certain minimum investment requirements. A report on each institutional class is available under separate cover.

Artisan Funds offered through Artisan Distributors LLC, member NASD.

TABLE OF CONTENTS


2		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
2		Artisan International Fund
4		Artisan International Small Cap Fund
6		Artisan International Value Fund
8		Artisan Mid Cap Fund
10		Artisan Mid Cap Value Fund
12		Artisan Opportunistic Value Fund
14		Artisan Small Cap Fund
16		Artisan Small Cap Value Fund
18		Top Ten Holdings – All Funds

20		SCHEDULES OF INVESTMENTS
20		Artisan International Fund
23		Artisan International Small Cap Fund
26		Artisan International Value Fund
28		Artisan Mid Cap Fund
31		Artisan Mid Cap Value Fund
33		Artisan Opportunistic Value Fund
35		Artisan Small Cap Fund
38		Artisan Small Cap Value Fund

42		STATEMENTS OF ASSETS AND LIABILITIES



46		STATEMENTS OF OPERATIONS

50		STATEMENTS OF CHANGES IN NET ASSETS

54		FINANCIAL HIGHLIGHTS

60		NOTES TO FINANCIAL STATEMENTS

76		SHAREHOLDER EXPENSE EXAMPLE

78		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

85		NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

87		PROXY VOTING POLICIES AND PROCEDURES

87		INFORMATION ABOUT PORTFOLIO SECURITIES

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan International Fund (inception 12/28/95)	18.86	%	19.28	%	13.33	%	12.81	%	14.79	%
Artisan International Small Cap Fund (inception 12/21/01)	20.22		27.04		27.67		NA		27.21
Artisan International Value Fund (inception 9/23/02)	20.85		22.49		NA		NA		30.44
Artisan Mid Cap Fund (inception 6/27/97)	5.17		10.39		7.60		NA		17.18
Artisan Mid Cap Value Fund (inception 3/28/01)	13.45		17.54		16.72		NA		16.12
Artisan Opportunistic Value Fund (inception 3/27/06)	18.10		NA		NA		NA		17.65
Artisan Small Cap Fund (inception 3/28/95)	(4.74	)	9.45		7.83		7.75		9.54
Artisan Small Cap Value Fund (inception 9/29/97)	12.50		16.95		15.30		NA		14.00

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in a Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The performance information shown for Artisan International Fund, Artisan International Small Cap Fund and Artisan International Value Fund does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Artisan International Small Cap Fund’s investments in initial public offerings (IPOs) made a material contribution to the Fund’s performance. IPO investments are not an integral component of the Fund’s investment process and may not be available in the future. The performance information shown for Artisan Opportunistic Value Fund reflects Artisan Partners’ undertaking to limit the Fund’s expenses when they exceed 1.50%, which may be terminated at any time, has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance. In addition, the outside directors of Artisan Funds have waived that portion of their fees allocable to Artisan Opportunistic Value Fund for the fiscal year ended September 30, 2006. Absent that expense waiver, the Fund’s performance would have been lower.

Artisan International, Artisan International Small Cap, Artisan International Value & Artisan Opportunistic Value: International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems and higher transaction costs. These risks are typically greater in emerging markets.

Artisan International, Artisan International Small Cap, Artisan Mid Cap & Artisan Small Cap: Growth stocks may underperform other asset types during a given period.

Artisan International Value, Artisan Opportunistic Value, Artisan Mid Cap Value & Artisan Small Cap Value: Value stocks may underperform other asset types during a given period.

Artisan International Small Cap, Artisan International Value, Artisan Small Cap & Artisan Small Cap Value: Stocks of smaller companies tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies.

Artisan International Value, Artisan Mid Cap, and Artisan Mid Cap Value & Artisan Opportunistic Value: Stocks of medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods.

ARTISAN INTERNATIONAL FUND (ARTIX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Fund uses a fundamental stock selection process focused on identifying long-term growth opportunities.

Themes. The investment team’s thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally. Changing demographics, developing technology, privatization of economic resources and outsourcing are among the long-term catalysts for change that currently form the basis for the team’s investment themes. The team incorporates these catalysts along with sector and regional fundamentals into a long-term global framework for investment analysis and decision-making.

Sustainable Growth. The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high quality companies that are well managed, have a dominant or improving market position and competitive advantages compared to industry and regional peers.

Valuation. The team assesses the relationship between its estimate of a company’s sustainable growth prospects and its stock price. The team uses multiple valuation metrics to establish price targets.

The Fund primarily invests in non-U.S. growth companies of all market capitalizations in developed and emerging markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/95 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan International Fund	18.86	%	19.28	%	13.33	%	12.81	%	14.79	%
MSCI EAFE^® Growth Index	17.77		17.55		13.47		5.81		5.26
MSCI EAFE^® Index	20.20		19.83		15.78		8.31		7.76

INVESTING ENVIRONMENT

During the six-month period ended March 31, 2007, the MSCI EAFE^® Index generated a strong 14.85% return. Gains across the markets were fairly broad-based, though slightly stronger in Europe than in the Far East, due in large part to the underperformance of Japanese stocks. Emerging markets stocks outpaced developed markets. China and Brazil were standouts advancing more than 30% each. In the MSCI EAFE^® Index, the industrials and materials sectors were leaders, gaining more than 20% each, while the healthcare and technology sectors posted small single-digit advances.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Consumer Discretionary	11.8	%	11.4	%
Consumer Staples	9.8		9.3
Energy	6.5		4.2
Financials	37.3		32.4
Healthcare	5.7		3.9
Industrials	10.9		14.4
Information Technology	4.8		5.7
Materials	0.0	⁽¹⁾	1.5
Telecommunication Services	4.8		7.3
Utilities	7.7		8.4
Other assets less liabilities	0.7		1.5
Total	100.0	%	100.0	%

As a percentage of total net assets.

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

PERFORMANCE DISCUSSION

The Fund outperformed the MSCI EAFE^® Index during the semiannual reporting period with a gain of 15.76%. The primary driver of strength relative to the Index was positive security selection as two of our key themes, infrastructure and demographics, produced a number of winners. Strength in those themes contributed to positive results in several sectors. Our list of several top contributors in those themes included French construction company Bouygues SA, Japanese heavy machine manufacturer Mitsubishi Heavy Industries, Ltd., French electricity producer Electricite de France, Chinese wireless provider China Mobile Ltd., British grocer William Morrison Supermarkets PLC and Italian energy infrastructure provider Saipem S.p.A. The biggest detractor to performance was the financial sector. Within the sector we were hurt most by Japanese retail affiliated credit card company Credit Saison Co., Ltd., Japanese leasing company ORIX Corporation and Japanese consumer finance company AIFUL CORPORATION. We sold AIFUL due to reduced expectations for future growth.

FUND CHANGES

During the period, we continued to use our fundamental stock selection process to manage a portfolio of companies with what we consider to be reasonable valuations, attractive sustainable growth potential and exposure to the secular themes we have identified.

Two of our purchases could be found in a developing alternative energy trend in our infrastructure theme. We purchased Spanish wind energy turbine maker GamesaCorpocation Tecnologica, S.A. and German specialty chemicals company Wacker Chemie AG. Wacker Chemie’s Polysilicon division has products that are used in solar panels. Other additions in our infrastructure theme included U.K. utility National Grid PLC and German airport operator Fraport AG.

Those additions were funded in large part by several sales in Japan. During the period, we sold our positions in insurance company Millea Holdings, Inc., bank holding company Mitsubishi UFJ Financial Group, Inc., game manufacturer SEGA SAMMY HOLDINGS, INC. and general contracting company TAISEI CORPORATION.

REGION ALLOCATION


Region	9/30/06		3/31/07
Europe	55.4	%	56.9	%
Pacific Basin	29.0		20.8
Emerging Markets	14.0		19.9
Americas	0.9		0.9

As a percentage of total net assets.

ARTISAN INTERNATIONAL SMALL CAP FUND (ARTJX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Small Cap Fund uses a fundamental stock selection process focused on identifying long-term growth opportunities among small non-U.S. companies.

Valuation. The team assesses the relationship between its estimate of a company’s sustainable growth prospects and its stock price. The team uses multiple valuation metrics to establish price targets.

The Fund primarily invests in non-U.S. small-cap growth companies in developed and emerging markets with market capitalizations less than $3 billion at the time of investment.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/01 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan International Small Cap Fund	20.22	%	27.04	%	27.67	%	27.21	%
MSCI EAFE^® Small Cap Index	15.55		23.32		24.29		24.71
MSCI EAFE^® Index	20.20		19.83		15.78		15.54

INVESTING ENVIRONMENT

During the semiannual reporting period ended March 31, 2007, international small-cap stocks showed considerable strength as the MSCI EAFE^® Small Cap Index advanced 19.64% in U.S. dollars. Every sector in the Index posted double-digit gains. The telecommunications, energy and industrial sectors were the leaders. The consumer discretionary, consumer staples and technology sectors trailed.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Consumer Discretionary	7.3	%	10.1	%
Consumer Staples	7.1		8.4
Energy	10.1		7.3
Financials	31.5		33.6
Healthcare	2.9		2.1
Industrials	29.4		31.3
Information Technology	0.1		1.1
Materials	3.2		0.7
Telecommunication Services	1.3		1.4
Utilities	2.2		1.6
Other assets less liabilities	4.9		2.4
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund returned 20.86% for the six-month period ended March 31, 2007. Outperformance relative to the Index was driven in part by strong stock selection in the consumer staples and industrial sectors. Our underperformers were not concentrated in any one area. In the consumer staples sector, Mexican food retailer Organización Soriana S.A.B. de C.V., Turkish soft drink bottler Coca-Cola Icecek AS and South African retailer Massmart Holdings Limited were the strongest performers. Among our industrial stocks, Swiss pumps manufacturer Sulzer AG was our largest positive contributor. Its stock reached our target price during the period and we sold our position. Other solid contributors in the industrials sector included Hong Kong-based environmental protection project management provider China Everbright International Limited (a new purchase during the period), German railroad equipment manufacturer Vossloh AG, and Chinese airport operator Beijing Capital International Airport Company Limited. On the downside, our two biggest decliners in the portfolio were from the United Kingdom—Queen’s Walk Investment Ltd., an investment company investing primarily in asset-backed securities, and NETeller PLC, a provider of online money transfer services for Internet gaming companies. Other underperformers included Dutch office products distributor Corporate Express, Japanese real estate firm CREED CORPORATION, and Korean casino and hotel services provider Kangwon Land Inc.

REGION ALLOCATION


Region	9/30/06		3/31/07
Europe	43.8	%	47.3	%
Pacific Basin	24.0		25.9
Emerging Markets	24.9		23.3
Americas	2.4		1.1

As a percentage of total net assets.

FUND CHANGES

Activity was high during the period as we purchased a number of new names and sold several others. We were attracted to our new positions based on the sustainable growth characteristics we look for in potential investments. In addition to China Everbright International, our largest purchases included Spazio Investment NV (Dutch holding company that manages investments in the Italian industrial real estate market), Kowloon Development Company Limited (Hong Kong-based real estate development company), Tele Atlas NV (based in the Netherlands, a world leader in key segments of the navigation market, including personal and auto navigation, wireless/location-based services, emergency services and fleet-based services), HASEKO Corporation (Japanese general contractor that specializes in condominium construction), and CDNetworks Co., Ltd. (Korean provider of Content Delivery Network (CDN) service to local Internet content providers in the domestic and overseas markets).

Our biggest sales during the period were Korea Investment Holdings Co., Ltd., Sulzer, Banco Latinoamericano de Exportaciones, S.A., Aur Resources, Inc., Acergy SA, Panva Gas Holdings Limited and FINETEC Corporation.

ARTISAN INTERNATIONAL VALUE FUND (ARTKX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Value Fund uses a bottom-up investment process focused on identifying what the investment team believes are high quality, undervalued businesses that offer the potential for superior risk/reward outcomes.

Undervaluation. Determining the intrinsic value of the business is the heart of the team’s research process. As long-term investors, it is the team’s core belief that valuation is the most crucial determinant of stock market return over the long-term.

Business quality. The team seeks to invest in companies with a history of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. This criteria helps rule out businesses that are statistically cheap, but whose values are deteriorating over time.

Financial strength. The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.

Shareholder-oriented management. The team’s research process attempts to identify management teams with a history of building value for shareholders.

The Fund primarily invests in undervalued, non-U.S. companies of all market capitalizations in developed and emerging markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/02 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		Since Inception
Artisan International Value Fund	20.85	%	22.49	%	30.44	%
MSCI EAFE^® Value Index	22.58		22.05		26.97
MSCI EAFE^® Index	20.20		19.83		24.14

INVESTING ENVIRONMENT

During the semiannual reporting period ended March 31, 2007, international stocks continued their strong run of performance as the MSCI EAFE^® Index gained 14.85%. Not only did international equities broadly outperform their domestic counterparts, but foreign currencies also appreciated relative to the dollar. This continued a pair of trends that has been generally consistent for the past five years. We attribute this to increasing concerns about the health of the U.S. economy—interest rates have risen, the war in Iraq continues to take a heavy psychological and financial toll, and there are mounting problems in the subprime mortgage market.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Consumer Discretionary	26.3	%	26.5	%
Consumer Staples	17.0		15.1
Financials	18.4		14.6
Healthcare	—		1.5
Industrials	16.5		22.4
Information Technology	2.8		1.0
Materials	4.4		3.4
Telecommunication Services	5.1		5.6
Utilities	1.1		—
Other assets less liabilities	8.4		9.9
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Value Fund increased 13.52% during the six-month period ended March 31, 2007.

As value investors, our primary task is the purchase of shares of companies that are selling at a meaningful discount to our estimate of intrinsic value. Thus, our efforts are centered around monitoring business performance and the consequent impact on intrinsic value. As a result, our views on performance are a function of the fundamentals of the companies owned in the portfolio.

The share prices of the following companies had a meaningful positive impact on the portfolio during the semiannual period: Galiform Plc (formerly MFI Furniture Group PLC), a U.K. trade kitchen business; Pfeiffer Vacuum Technology AG, a German vacuum pumps manufacturer; Countrywide PLC, a U.K. service provider to companies in the residential property industry; Vodafone Group PLC, a global wireless telecommunications company; and Diageo PLC, a U.K.-based beverage company. Countrywide was the subject of a takeover bid during the semiannual period, which drove its stock price to new highs. We exited our position after the stock price rose close to our estimate of fair value. The number of stocks in the portfolio that posted losses was limited. U.K.-based reinsurance broker Benfield Group Plc, Korean beverage company Lotte Chilsung Beverage Co., Ltd. and Japanese pachinko machine manufacturer SANKYO CO., LTD. were three stocks that declined during the period. We used the weakness as an opportunity to build our position in Sankyo.

FUND CHANGES

As stock prices rose, we exited a number of positions that reached our estimates of intrinsic value. These sales included: Amdocs Limited, Renault SA, Grupo Televisa S.A., Euronext NV, Brit Insurance Holdings PLC, Red Electrica de Espana, Cementir S.p.A. and Gruma S.A.B.

Proceeds from those sales funded the purchases of Switzerland-based temporary employment company Adecco SA, French pharmaceutical company Sanofi-Aventis, Hong Kong real estate development company Pacific Century Premium Developments Limited and Japanese consumer finance companies TAKEFUJI CORPORATION and ACOM CO., LTD, among others.

REGION ALLOCATION


Region	9/30/06		3/31/07
Europe	54.3	%	52.7	%
Pacific Basin	14.0		17.7
Americas	12.5		10.9
Emerging Markets	10.8		8.8

As a percentage of total net assets.

ARTISAN MID CAP FUND (ARTMX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. mid-cap growth companies.

Security Selection. The team’s investment process begins by identifying companies possessing franchise characteristics (strong competitive positions), selling at attractive valuations and benefiting from an accelerating trend. The investment team looks for companies that are well positioned for long-term growth, driven by demand for their products and services, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the profit cycle.

Capital Allocation. Based on the investment team’s fundamental analysis of a company’s profit cycle, portfolio holdings develop through three stages. Garden^SM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. Crop^SM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. Harvest^SM investments are positions that are being reduced as they near the team’s estimate of full valuation or their profit cycle begins to decelerate.

Broad Diversification. The team looks for investment opportunities across the entire economy so that it can find sustainable growth regardless of the sector or industry.

The Fund primarily invests in medium-sized U.S. growth companies. The Fund generally maintains median and weighted average market capitalizations of less than $10 billion.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/97 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index		1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Fund	��	5.17	%	10.39	%	7.60	%	17.18	%
Russell Midcap^® Growth Index		6.90		12.41		9.45		8.15
Russell Midcap^® Index		11.79		15.72		12.91		11.54

INVESTING ENVIRONMENT

In a strong six-month period for stocks, mid-caps were the preferred market cap group, outdistancing small and large-cap stocks. In the mid-cap space, investors preferred value as the Russell Midcap^® Growth Index gained 11.18% compared to the 13.77% return for the Russell Midcap^® Value Index. In the Russell Midcap^® Growth Index, commodity sensitive materials and energy stocks were preferred, while healthcare and technology stocks were among those that trailed the pack. Housing market concerns and credit distress in the subprime mortgage industry also led to sub par returns for financial stocks.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Auto & Transportation	2.1	%	3.5	%
Consumer Discretionary	16.6		18.6
Consumer Staples	2.2		3.9
Financial Services	16.2		14.6
Healthcare	17.5		19.5
Materials & Processing	6.1		7.4
Other	3.1		1.3
Other Energy	4.8		3.8
Producer Durables	5.5		4.0
Technology	19.9		19.2
Utilities	3.5		2.0
Other assets less liabilities	2.5		2.2
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund gained a solid 9.94% for the six-month period ended March 31, 2007. The Fund’s strongest gains relative to the Index could be found in the materials, healthcare and consumer staples sectors.

Our list of leading performers in those sectors included complex metal components manufacturer Precision Castparts Corp., agribusiness and food products company Bunge Limited, biopharmaceutical company MedImmune, Inc., healthcare information technology company Cerner Corporation and grocery operator Supervalu Inc. Investors Financial Services Corp. was another strong contributor as it increased nearly 35%, due in large part to a premium takeout offer from State Street Corporation. We pared back our position on news of the pending takeout.

The technology sector was the primary source of underperformance for the Fund. Within the technology sector, weakness generally centered on two positions—Advanced Micro Devices, Inc. and Intermec, Inc. We sold our position in semiconductor chip manufacturer Advanced Micro Devices because we believed the risks were not skewed in our favor. We continued to hold Intermec, which is an applied technologies company with a broad product offering that includes a franchise in RFID (radio frequency identification) technology.

FUND CHANGES

During the period, we initiated positions in a number of new companies; many were Garden^SM investments, but several made it into our top 30 investments, which we generally consider to be our Crop^SM holdings. All of our new positions met the conditions of our security selection process—they possessed franchise characteristics, were selling at attractive valuations and were benefiting from an accelerating trend.

Our largest three purchases were beverage company Hansen Natural Corporation, Linux operating system distributor Red Hat, Inc. and surgical systems company Intuitive Surgical, Inc.

ARTISAN MID CAP VALUE FUND (ARTQX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Value Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. mid-cap value companies that the investment team believes are undervalued, in sound financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.

Attractive valuation. The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range.

Sound financial condition. The team favors companies with an acceptable level of debt and positive cash flow. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interests of the companies’ shareholders.

Attractive business economics. The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.

The Fund primarily invests in U.S. securities with market capitalizations between $1.5 billion and $10 billion at the time of purchase.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/01 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Value Fund	13.45	%	17.54	%	16.72	%	16.12	%
Russell Midcap^® Value Index	17.13		18.58		15.22		15.36
Russell Midcap^® Index	11.79		15.72		12.91		12.57

INVESTING ENVIRONMENT

In the six-month period ended March 31, 2007 mid-cap stocks showed considerable strength as the Russell Midcap^® Value and Russell Midcap^® indices increased 13.77% and 12.38%, respectively. Every sector in the Russell Midcap^® Value Index posted strong gains. The leaders were the energy and materials sectors. The producer durables, healthcare and technology sectors underperformed the market during the period.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Auto & Transportation	6.0	%	9.2	%
Consumer Discretionary	31.0		18.6
Consumer Staples	4.2		4.4
Financial Services	26.9		26.9
Healthcare	—		1.4
Materials & Processing	4.3		3.4
Other Energy	15.0		18.8
Producer Durables	1.1		2.9
Technology	8.6		7.3
Other assets less liabilities	2.9		7.1
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund increased 13.00% during the six-month period ended March 31, 2007. Strong stock selection in the technology sector added significant value to the Fund’s relative performance. We also benefited from strength among our financial and consumer staples holdings. Detracting from performance were certain holdings in the consumer discretionary sector and our absence from a strong utilities group. Electronic components distributor Avnet, Inc. and analog and digital signal processor manufacturer Analog Devices, Inc. were our leading contributors in the technology sector.

Among our financial holdings, our strongest performers included two of our property and casualty insurance and reinsurance providers, Alleghany Corporation and White Mountains Insurance Group, Ltd., as well as real estate investment trust Annaly Capital Management, Inc. Our lack of investment in the banking industry also contributed positively to relative performance as the group underperformed. All three of our protein producers—Tyson Foods, Inc., Pilgrim’s Pride Corporation and Smithfield Foods, Inc. (a new purchase during the period)—were solid performers. Other positive contributors included two of our energy-related holdings—oil and gas exploration and production company Noble Energy, Inc. and oil tanker owner Teekay Shipping Corporation. In the consumer discretionary sector, our underperformers were household furnishings companies Furniture Brands International, Inc. and Leggett & Platt, Incorporated as well as athletic footwear and apparel retailer Foot Locker, Inc.

FUND CHANGES

In addition to Smithfield Foods, our largest purchases during the period were GATX Corporation (a railcar leasing company), Alexander & Baldwin, Inc. (a diversified company with ocean transportation and property development and management operations), IndyMac Bancorp, Inc. (a holding company for IndyMac Bank, the 9th largest thrift nationwide (based on assets) and the 9th largest mortgage originator) and BJ Services Company (the third largest provider of pressure pumping services for the petroleum industry). We were attracted to all of our new positions based on the key characteristics of our investment process: attractive valuation, sound financial condition and attractive business economics.

Our purchases were funded in part by the sales of Hilton Hotels Corporation, Hasbro, Inc., Pogo Producing Company, Manpower Inc. and H&R Block, Inc.

ARTISAN OPPORTUNISTIC VALUE FUND (ARTLX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Opportunistic Value Fund uses a bottom-up investment process to construct a flexible portfolio of value-oriented companies that the team believes are undervalued, in solid financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.

Attractive business economics. The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.

The Fund primarily invests in securities with market capitalizations greater than $1.5 billion at the time of initial purchase.

The Fund can invest up to 25% of its assets in non-U.S. securities.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/06 to 3/31/07)

LOGO

TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		Since Inception
Artisan Opportunistic Value Fund	18.10	%	17.65	%
Russell 1000^® Value Index	16.83		15.96
Russell 1000^® Index	11.84		11.37

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The Fund’s performance information reflects Artisan Partners’ undertaking to limit the Fund’s expenses, which may be terminated at any time, has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance. In addition, the outside directors of Artisan Funds have waived that portion of their fees allocable to the Fund for the fiscal year ended September 30, 2006. Absent that expense waiver, the Fund’s performance would have been lower. See page 86 for a description of each index.

INVESTING ENVIRONMENT

Stocks of all sizes made strong advances during the six-month period ended March 31, 2007. Though large-cap stocks as a whole generated solid gains in excess of 8%, as measured by the Russell 1000^® Index they trailed both small- and mid-cap companies during the period, which returned over 11% and 12%, respectively. Strength in the market was broad across sectors. Materials, utilities and energy stocks were among the strongest performers. In contrast, the healthcare, technology and financial sectors failed to keep pace with the broad market.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Auto & Transportation	2.1	%	2.1	%
Consumer Discretionary	24.2		19.5
Consumer Staples	—		2.1
Financial Services	31.7		31.5
Healthcare	3.6		2.4
Integrated Oils	2.4		2.5
Materials & Processing	2.8		—
Other	3.8		3.7
Other Energy	10.0		9.8
Producer Durables	—		6.8
Technology	16.7		11.7
Other assets less liabilities	2.7		7.9
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund is constructed from the bottom-up without concern for the characteristics of a benchmark, and our sector weights and market cap characteristics also varied quite widely from those of the Index. For the six-month period ended March 31, 2007, the Fund increased 13.22%. Our strongest positive contributors to performance were electronic components distributor Avnet, Inc., athletic footwear and apparel retailer NIKE, Inc., oil and natural gas producer Apache Corporation, financial services provider Royal Bank of Scotland Group plc and oil refiner Valero Energy Corporation. The Fund’s largest decliners were auto insurance provider The Progressive Corporation and two of our more recent purchases, banking and financial services group BNP Paribas and holding company IndyMac Bancorp.

FUND CHANGES

In addition to BNP Paribas and IndyMac Bancorp, our purchases during the period included Nokia Corporation (the world’s largest maker of mobile phones), Ingersoll-Rand Company Limited (a global provider of climate control, industrial, compact vehicle, construction and security products), Statoil ASA (a Norwegian oil and gas company), Ingram Micro Inc. (the largest distributor of IT related products in the world), Smithfield Foods, Inc. (the largest hog producer and pork processor in the world) and Allied World Assurance Company Holdings, Ltd. (specialty insurance and reinsurance provider). We were attracted to these new positions based on the key characteristics of our investment process: attractive valuation, sound financial condition and attractive business economics.

All six of our sales during the period were due to valuation. We sold the following companies as their prices reached our target selling ranges—ConocoPhillips, International Business Machines Corporation, Countrywide Financial Corporation, The Dow Chemical Company, Rent-A-Center, Inc. and Johnson & Johnson.

ARTISAN SMALL CAP FUND (ARTSX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. small-cap growth companies.

Competitive advantages. A sustainable competitive advantage is critical to producing above average growth and profitability. Identifying the source of a company’s competitive advantage lends confidence to the team’s assessment of intrinsic value.

Return on invested capital. The team believes that, over time, a company with improving returns on its invested capital will be rewarded with a higher valuation. The team determines how much capital investment is needed to achieve a company’s continued growth and analyzes management’s ability to use that capital in the most effective way to support that growth.

Intrinsic value. The team estimates a company’s intrinsic value—the value it thinks a buyer would pay to buy the entire company. The team bases its buy and sell targets for a company’s stock on its intrinsic value estimates.

The Fund primarily invests in companies with market capitalizations between $300 million and $1.5 billion that meet its standards for earnings growth and sustainable growth prospects.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/95 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Small Cap Fund	(4.74	%)	9.45	%	7.83	%	7.75	%	9.54	%
Russell 2000^® Growth Index	1.56		9.41		7.88		6.31		7.07
Russell 2000^® Index	5.91		12.00		10.95		10.23		11.26

INVESTING ENVIRONMENT

Small-cap stocks, as measured by the Russell 2000^® Index, tacked on a nice gain over the six-month period ended March 31, 2007, advancing 11.02%. Growth stocks held a slight advantage over value stocks as the Russell 2000^® Growth Index gained 11.46% compared to the 10.62% return for the Russell 2000^® Value Index for the same period. Though performance was strong over the full period, returns were not achieved without some volatility as subprime mortgage industry woes and a sell-off in Chinese stocks contributed to a bumpy ride during February and March of 2007. Across the sectors in the Russell 2000^® Growth Index, the standout performers were materials, consumer staples and transportation stocks. Not surprisingly, amid the subprime mortgage industry concerns, financials were laggards.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Auto & Transportation	5.4	%	5.8	%
Consumer Discretionary	23.1		24.0
Financial Services	19.8		14.1
Healthcare	10.1		13.4
Materials & Processing	4.7		4.3
Other Energy	6.8		7.3
Producer Durables	5.3		6.6
Technology	21.8		20.0
Utilities	—		1.5
Other assets less liabilities	3.0		3.0
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund gained 6.47% for the six-month period ended March 31, 2007. The Fund had strong performers in the utilities, healthcare and technology sectors. The materials sector was the Fund’s primary source of weakness relative to the Russell 2000^® Growth Index. In the utilities sector, our leading performer was electricity transmission company ITC Holdings Corp. (a new purchase during the period), which generated a solid gain. Among our healthcare stocks, ventricular assist device maker Thoratec Corporation and clinical research services company ICON PLC were top contributors to performance as each returned more than 20%. Their contributions to the Fund’s return were partially offset by weakness in respiratory pharmaceutical company Adams Respiratory Therapeutics, Inc. We sold our position in Adams Respiratory Therapeutics due to lower growth expectations.

In the technology sector, the Fund benefited from the strength of customer intelligence software company Witness Systems, Inc. and applied technologies company Aeroflex Incorporated, both of which received takeout offers during the period. We sold our position in Witness Systems and reduced our weight in Aeroflex.

Our low weight in commodity-sensitive stocks was part of the reason for the Fund’s underperformance in the materials sector. Roofing materials company Beacon Roofing Supply, Inc. also declined, which further contributed to our negative results in the sector. We sold our position in Beacon due to lower growth expectations.

FUND CHANGES

During the period, a pick up in volatility presented us with a number of opportunities. We used those opportunities to invest in companies that met our security selection criteria: competitive advantages, return on invested capital and intrinsic valuation. Our largest purchases were Transaction Systems Architects, Inc., an electronic payment software maker; Microsemi Corporation, a semiconductor company; Brightpoint, Inc., a wireless services company; and Iconix Brand Group, Inc., a brand manager.

Our purchases were funded by the sales already mentioned, and others, including Open Solutions Inc., F5 Networks, Inc., Central Garden & Pet Company and Max Re Capital Ltd.

ARTISAN SMALL CAP VALUE FUND (ARTVX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Value Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. small-cap value companies that the investment team believes are undervalued, in sound financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.

Attractive business economics. The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.

The Fund primarily invests in U.S. securities with market capitalizations below $1.5 billion at the time of purchase.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/29/97 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan Small Cap Value Fund	12.50	%	16.95	%	15.30	%	14.00	%
Russell 2000^® Value Index	10.38		14.47		13.61		11.17
Russell 2000^® Index	5.91		12.00		10.95		7.54

INVESTING ENVIRONMENT

The six-month period ended March 31, 2007, was a very strong period for small cap stocks as the Russell 2000^® Value and Russell 2000^® indices increased 10.62% and 11.02%, respectively. Most sectors in the Russell 2000^® Value Index posted double-digit returns—consumer staples and materials were two of the leaders. The financials sector significantly underperformed during the same period.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Auto & Transportation	3.5	%	4.5	%
Consumer Discretionary	30.3		22.8
Consumer Staples	1.9		1.7
Financial Services	14.0		12.0
Healthcare	4.2		4.8
Materials & Processing	9.8		9.4
Other	—		1.1
Other Energy	12.0		17.9
Producer Durables	2.9		5.4
Technology	11.6		11.1
Utilities	2.5		1.9
Other assets less liabilities	7.3		7.4
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund gained 10.98% for the six-month period ended March 31, 2007, which compared to the 10.62% return for the Russell 2000^® Value Index. The Fund was generally supported by the returns of our financial and healthcare stocks during the period. Conversely, selection in the consumer discretionary sector hurt the Fund’s relative results. In the financials sector, our list of leading contributors included title insurance provider Stewart Information Services Corporation and our insurance brokers Hub International Limited and Hilb Rogal & Hobbs Company. Our lack of investment in the banking industry also contributed positively to relative performance as the group underperformed. Among our healthcare holdings, two of our strongest contributors were medical instruments developer CONMED Corporation and health and security imaging systems manufacturer Analogic Corporation. Other top contributors included casing and tubing manufacturer Lone Star Technologies, Inc., automotive and residential materials and components manufacturer Quanex Corporation and oil services company RPC, Inc. In the consumer discretionary sector, among our underperformers were residential furniture manufacturer Furniture Brands International, Inc. and human resources services provider Gevity HR, Inc. Other holdings that underperformed during the period included oil and gas company Stone Energy Corporation, mortgage banking company Accredited Home Lenders Holding Co., and flat panel displays inspecting equipment manufacturer Orbotech, Ltd.

FUND CHANGES

We found opportunities during the period to purchase several new names and sold several others. We were attracted to all of our new positions based on the key characteristics of our investment process: attractive valuation, sound financial condition and attractive business economics.

We found several attractive investment opportunities in the computer services and software industry. We bought CACI International Inc., SRA International, Inc. and SI International Inc., all of which provide information technology services to federal government agencies; SonicWALL, Inc., a provider of Internet security solutions for broadband customers in small- to mid-sized businesses; and webMethods, Inc., a provider of integration software services. We also purchased Grey Wolf, Inc. (a land drilling contractor), CARBO Ceramics Inc. (a materials supplier to the oil and gas industry) and Walter Industries, Inc. (a diversified company with operations primarily in two distinct segments—coal mining and natural gas production, and homebuilding and financing for lower income customers), among others.

Our sales during the period included Applebee’s International, Inc., Albemarle Corporation, Open Text Corporation and Superior Industries International, Inc.

ARTISAN FUNDS, INC.

Top Ten Holdings – March 31, 2007 (Unaudited)

ARTISAN INTERNATIONAL FUND


Company Name	Country	3/31/07
UBS AG	Switzerland	3.1	%
Allianz SE	Germany	2.5
Bouygues SA	France	2.4
Nestle SA	Switzerland	2.4
Fortum Oyj	Finland	2.1
Mitsubishi Heavy Industries, Ltd.	Japan	2.1
Publishing & Broadcasting Limited	Australia	2.1
Kookmin Bank	South Korea	2.0
Swiss Re	Switzerland	2.0
Credit Saison Co., Ltd.	Japan	1.9
Total		22.6	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN INTERNATIONAL VALUE FUND


Company Name	Country	3/31/07
Diageo PLC	United Kingdom	5.1	%
Tyco International Ltd.	United States	4.9
Wolters Kluwer NV	Netherlands	4.5
Vodafone Group PLC	United Kingdom	4.0
Pfeiffer Vacuum Technology AG	Germany	3.7
Galiform Plc	United Kingdom	3.6
Adecco SA	Switzerland	3.5
Benfield Group Plc	United Kingdom	3.4
Givaudan SA	Switzerland	3.0
Heidelberger Druckmaschinen AG	Germany	3.0
Total		38.7	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN INTERNATIONAL SMALL CAP FUND


Company Name	Country	3/31/07
Spazio Investment NV	Italy	3.2	%
Fraser & Neave Limited	Singapore	2.7
Empresas ICA S.A.B. de C.V.	Mexico	2.6
Sibir Energy PLC	United Kingdom	2.2
Bank Sarasin & Cie AG	Switzerland	2.2
NTT URBAN DEVELOPMENT CORPORATION	Japan	2.0
Vossloh AG	Germany	2.0
Geodis SA	France	1.9
Commercial International Bank	Egypt	1.9
CREED CORPORATION	Japan	1.8
Total		22.5	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN MID CAP FUND


Company Name	Country	3/31/07
Thermo Fisher Scientific, Inc.	United States	4.5	%
Electronic Arts Inc.	United States	4.3
MedImmune, Inc.	United States	3.0
Allergan, Inc.	United States	2.8
Chico's FAS, Inc.	United States	2.6
MGIC Investment Corporation	United States	2.5
Supervalu Inc.	United States	2.1
NII Holdings, Inc.	United States	1.9
Hansen Natural Corporation	United States	1.8
Intermec, Inc.	United States	1.8
Total		27.3	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN MID CAP VALUE FUND


Company Name	Country	3/31/07
Alleghany Corporation	United States	3.7	%
Avnet, Inc.	United States	3.2
Nabors Industries Ltd.	United States	2.8
Pioneer Natural Resources Company	United States	2.7
Noble Energy, Inc.	United States	2.6
Forest Oil Corporation	United States	2.5
Ingram Micro Inc.	United States	2.5
Fidelity National Financial, Inc.	United States	2.4
The Student Loan Corporation	United States	2.4
Hewitt Associates, Inc.	United States	2.4
Total		27.2	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN SMALL CAP FUND


Company Name	Country	3/31/07
Global Cash Access Holdings, Inc.	United States	1.9	%
W-H Energy Services, Inc.	United States	1.9
HealthExtras, Inc.	United States	1.8
optionsXpress Holdings, Inc.	United States	1.8
K-V Pharmaceutical Company	United States	1.8
Avocent Corporation	United States	1.8
Transaction Systems Architects, Inc.	United States	1.8
Euronet Worldwide, Inc.	United States	1.7
Microsemi Corporation	United States	1.7
Actuant Corporation	United States	1.7
Total		17.9	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN OPPORTUNISTIC VALUE FUND


Company Name	Country	3/31/07
Apache Corporation	United States	4.9	%
Wal-Mart Stores, Inc.	United States	4.9
Royal Bank of Scotland Group PLC	United Kingdom	4.7
American International Group, Inc.	United States	4.7
BNP Paribas	France	4.2
Nokia Corporation	Finland	4.0
Berkshire Hathaway Inc.	United States	3.7
Avnet, Inc.	United States	3.6
NIKE, Inc.	United States	3.5
The Progressive Corporation	United States	2.9
Total		41.1	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN SMALL CAP VALUE FUND


Company Name	Country	3/31/07
Stewart Information Services Corporation	United States	3.0	%
Lone Star Technologies, Inc.	United States	2.7
Lawson Software, Inc.	United States	2.2
St. Mary Land & Exploration Company	United States	2.1
Hilb Rogal & Hobbs Company	United States	2.1
Orbotech Ltd.	Israel	2.0
Quanex Corporation	United States	1.9
Ethan Allen Interiors Inc.	United States	1.9
Tetra Tech, Inc.	United States	1.9
Zale Corporation	United States	1.8
Total		21.6	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 98.5%

AUSTRALIA - 2.1%
Publishing & Broadcasting Limited	20,919,713	$	335,983,921

AUSTRIA - 1.0%
Wiener Staedtische Versicherung AG	2,241,674		159,010,094

BELGIUM - 2.0%
Dexia SA	2,430,313		72,527,565
Fortis	5,560,111		253,871,085
Umicore	9,380		1,667,780

			328,066,430
BRAZIL - 0.3%
Vivo Participacoes S.A., Preferred (ADR)	13,530,268		47,491,241

CANADA - 0.9%
Nortel Networks Corporation⁽¹⁾	6,278,900		151,007,545

CHINA - 7.1%
China Construction Bank	124,150,000		70,865,681
China Life Insurance Co., Limited, Series H	57,212,500		164,750,912
China Merchants Holdings International Company Limited	38,801,000		163,874,448
China Mobile Ltd.	20,342,700		185,111,150
China Netcom Group Corporation (Hong Kong) Limited	49,380,100		129,240,807
China Resources Enterprise Ltd	17,826,200		59,432,074
China Resources Land Limited	69,382,300		83,470,099
China Unicom Limited	188,297,500		271,354,687
Denway Motors Limited	19,166,100		8,364,549
Tencent Holdings Limited	2,569,600		8,386,101

			1,144,850,508
DENMARK - 0.3%
A P Moeller - Maersk A/S, Series B	5,176		54,008,014

FINLAND - 2.2%
Fortum Oyj⁽²⁾	11,871,479		346,191,407

FRANCE - 11.3%
Alstom⁽¹⁾	1,581,586		205,254,807
Bouygues SA	5,108,002		394,740,913
Carrefour SA	3,790,879		277,256,518
Electricite de France (EDF)	3,222,197		270,142,393


	Shares Held	Value

FRANCE (CONTINUED)
LVMH Moet Hennessy Louis Vuitton SA	2,158,767	$	239,498,681
Technip SA	2,626,443		192,688,692
Vinci SA	1,521,641		235,832,026

			1,815,414,030
GERMANY - 10.0%
Allianz SE	1,972,290		404,977,238
Bayerische Motoren Werke (BMW) AG	827,391		48,819,791
DaimlerChrysler AG	1,992,255		163,407,135
Deutsche Post AG	6,267,158		189,709,146
E.ON AG	1,017,700		138,369,363
Fraport AG	2,254,345		164,667,012
IVG Immobilien AG	1,241,382		59,450,064
Linde AG	562,961		60,651,340
RWE AG	1,624,498		171,849,093
United Internet AG	1,852,470		36,005,753
Wacker Chemie AG⁽¹⁾	1,027,445		178,426,622

			1,616,332,557
HONG KONG - 4.9%
The Bank of East Asia, Ltd.	5,012,300		29,155,825
Hutchison Whampoa Limited	19,473,800		187,173,786
MTR Corporation Limited	27,340,800		68,443,853
NWS Holdings Limited	38,262,246		103,570,295
Sun Hung Kai Properties Limited	18,813,400		217,424,972
Swire Pacific Limited, A Shares	17,048,177		191,242,428

			797,011,159
ITALY - 3.7%
Hera SpA	7,168,780		30,165,708
Intesa Sanpaolo	16,518,998		125,450,353
Mediobanca S.p.A.	5,196,386		115,716,349
Telecom Italia S.p.A. - RNC	22,702,705		56,136,036
UniCredito Italiano SpA	29,060,970		276,600,330

			604,068,776
JAPAN - 12.8%
Chugai Pharmaceutical Co., Ltd.	5,895,900		149,098,625
Credit Saison Co., Ltd.⁽³⁾	9,332,200		307,272,030
JAPAN TOBACCO INC.	52,487	��	257,891,828
Jupiter Telecommunications Co., Ltd.⁽¹⁾	227,341		190,994,221
KEYENCE CORPORATION	252,850		57,054,324
KUBOTA CORPORATION	3,224,900		28,269,872
Mitsubishi Estate Company Ltd.	4,657,400		152,954,328
Mitsubishi Heavy Industries, Ltd.	53,478,200		345,811,171
Mitsui Fudosan Co., Ltd.	4,213,900		123,727,885


	Shares Held	Value

JAPAN (CONTINUED)
Mizuho Financial Group, Inc.	10,399	$	66,979,303
NTT Data Corporation	21,083		107,168,338
ORIX Corporation	1,091,970		284,483,019

			2,071,704,944
LUXEMBOURG - 0.6%
RTL Group	772,286		92,849,248

MEXICO - 2.2%
Grupo Televisa S.A. (ADR)	8,131,029		242,304,664
Wal-Mart de Mexico SA de CV	27,476,200		117,315,091

			359,619,755
NETHERLANDS - 3.1%
ASML Holding N.V.⁽¹⁾	10,238,656		252,893,451
ASML Holding N.V., NY Shares⁽¹⁾	620,474		15,356,732
ING Groep N.V.	4,295,360		181,606,338
Unilever NV CVA	1,467,933		42,748,457

			492,604,978
NORWAY - 1.3%
Renewable Energy Corp AS⁽¹⁾	2,322,800		52,545,120
SeaDrill Ltd.⁽¹⁾	9,982,405		164,230,212

			216,775,332
PORTUGAL - 0.1%
Sonae, S.G.P.S., S.A.	6,014,294		13,577,790

RUSSIA - 3.6%
LUKOIL (ADR)	3,139,682		271,582,493
NovaTek OAO (GDR)	872,583		50,609,814
OAO TMK (GDR)⁽¹⁾⁽⁴⁾	1,059,675		35,605,080
RAO Unified Energy System (UES)(GDR)	1,640,060		223,458,175

			581,255,562
SINGAPORE - 1.0%
Singapore Airlines Limited	15,385,400		168,340,401

SOUTH AFRICA - 0.6%
MTN Group Limited	6,571,374		89,224,666

SOUTH KOREA - 5.5%
Hana Financial Group Inc.	3,928,484		203,355,836
Kookmin Bank	3,603,853		323,304,840
NHN Corp.⁽¹⁾	1,013,266		148,629,579
Shinhan Financial Group Co., Ltd.	3,628,338		208,259,196

			883,549,451
SPAIN - 2.2%
Bolsas y Mercados Espanoles	177,172		8,683,614
Gamesa Corporacion Tecnologica, S.A. (Gamesa)	4,908,680		177,701,761
Industria de Diseno Textil, S.A. (Inditex)	2,733,417		169,901,285

			356,286,660


	Shares Held		Value

SWITZERLAND - 11.6%
Adecco SA		2,808,659	$	178,322,052
Nestle SA		999,674		389,331,128
Novartis AG		3,138,997		180,050,274
Roche Holding AG		228,776		44,375,183
Roche Holding AG - Genussscheine		1,413,621		250,116,047
Swiss Re		3,447,086		314,880,094
UBS AG		8,550,066		508,015,278

				1,865,090,056

TAIWAN - 0.6%
Taiwan Semiconductor Manufacturing Company Ltd. (ADR)		8,586,138		92,300,984

UNITED KINGDOM - 7.5%
Barclays PLC		10,032,195		142,338,722
British Sky Broadcasting Group plc		6,194,112		68,746,405
Cadbury Schweppes PLC		12,066,733		154,820,737
Carnival PLC		1,496,098		72,100,896
Kingfisher PLC		28,473,347		155,906,968
Lloyds TSB Group plc		15,873,850		174,929,128
National Grid PLC		11,487,375		180,278,245
Vodafone Group Plc		3,391,251		9,042,553
William Morrison Supermarkets PLC		42,657,451		259,175,353

				1,217,339,007

Total common and preferred stocks (Cost $11,221,220,267)				15,899,954,516
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.9%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $149,644,326, collateralized by $68,050,275 market value Federal National Mortgage Association Note, 6.30%, due 12/21/26, and $84,525,000 market value Federal National Mortgage Association Note, 6.625%, due 11/15/30 (Cost $149,582,000)	$	149,582,000		149,582,000


Total investments - 99.4% (Cost $11,370,802,267)				16,049,536,516

Other assets less liabilities - 0.6%				90,537,515


Total net assets - 100.0%⁽⁵⁾			$	16,140,074,031

⁽¹⁾	Non-income producing security.

⁽²⁾	11,500,000 shares of the security, with a value of $335,358,482, were on loan at March 31, 2007.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽⁴⁾	Valued at a fair value in accordance with procedures established by the Board of Directors of Artisan Funds. In total, securities valued at a fair value were $35,605,080 or 0.2% of total net assets.

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

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

(GDR) Global Depository Receipt


PORTFOLIO DIVERSIFICATION - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,848,309,838	11.4	%
Consumer Staples		1,498,539,112	9.3
Energy		679,111,211	4.2
Financials		5,225,302,606	32.4
Healthcare		623,640,129	3.9
Industrials		2,320,161,514	14.4
Information Technology		921,347,927	5.7
Materials		240,745,742	1.5
Telecommunication Services		1,182,342,053	7.3
Utilities		1,360,454,384	8.4

Total common and preferred stocks		15,899,954,516	98.5
Short-term investments		149,582,000	0.9

Total investments		16,049,536,516	99.4
Other assets less liabilities		90,537,515	0.6

Total net assets	$	16,140,074,031	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	335,983,921	2.1	%
British pound		1,217,339,007	7.6
Danish krone		54,008,014	0.3
Euro		5,809,045,238	36.2
Hong Kong dollar		1,941,861,667	12.1
Japanese yen		2,071,704,944	12.9
Mexican peso		117,315,091	0.7
Norwegian krone		216,775,332	1.4
Singapore dollar		168,340,401	1.0
South African rand		89,224,666	0.6
South Korean won		883,549,451	5.5
Swiss franc		1,865,090,056	11.6
US dollar		1,279,298,728	8.0

Total investments	$	16,049,536,516	100.0	%

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

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.6%

AUSTRALIA - 1.0%
Billabong International Limited	844,362	$	11,408,996

AUSTRIA - 3.2%
C.A.T. oil AG⁽¹⁾	304,049		9,544,851
Flughafen Wien AG	127,899		12,525,299
Wienerberger AG	216,243		13,504,590

			35,574,740
BRAZIL - 0.2%
GVT Holding SA⁽¹⁾	162,200		1,873,688

CANADA - 1.1%
Great Canadian Gaming Corporation⁽¹⁾	1,150,400		11,817,881

CHINA - 7.9%
Beijing Capital International Airport Company Limited, Series H	18,328,600		18,203,102
China Everbright International Limited	60,910,800		17,150,286
China Everbright Limited⁽¹⁾	11,868,600		12,151,891
Hengan International Group Company Limited	5,249,900		15,386,537
Hi Sun Technology (China) Limited⁽¹⁾	545,700		174,602
Shanghai Electric Group Company Limited, Series H	32,652,300		15,253,202
Xinhua Finance Limited⁽¹⁾	15,397		9,655,790

			87,975,410
DENMARK - 0.3%
TK Development A/S⁽¹⁾	144,100		2,880,579

EGYPT - 1.9%
Commercial International Bank (GDR)⁽²⁾	2,140,747		20,872,283

FINLAND - 1.5%
Metso Corporation	326,300		17,239,366

FRANCE - 6.7%
Geodis SA	97,703		20,966,180
Guyenne et Gascogne SA	120,566		19,343,078
Kaufman & Broad S.A.	261,579		19,648,467
Norbert Dentressangle	152,000		14,213,445

			74,171,170


	Shares Held	Value

GERMANY - 3.4%
DIC Asset AG	123,546	$	5,281,246
Vossloh AG	233,094		22,391,238
Wirecard AG⁽¹⁾	899,003		9,955,736

			37,628,220
GREECE - 1.3%
Greek Postal Savings Bank⁽¹⁾	496,300		12,556,886
Metka S.A.	112,470		2,010,252

			14,567,138
HONG KONG - 6.9%
Cafe De Coral Holdings Limited	4,818,000		8,706,746
Chen Hsong Holdings Limited	7,752,200		5,059,988
Emperor Entertainment Hotel Limited	26,860,200		5,122,122
Hong Kong Exchanges & Clearing Limited	2,078,000		20,212,197
Imagi International Holdings Limited⁽¹⁾	6,120,200		3,328,963
Kowloon Development Company Limited	8,599,900		16,509,695
Tian An China Investments Company Limited⁽¹⁾	22,987,400		17,652,064

			76,591,775
INDIA - 2.5%
Indiabulls Financial Services Ltd.	1,651,313		16,032,534
Indiabulls Real Estate Ltd⁽¹⁾	1,651,313		11,245,569

			27,278,103
ITALY - 9.3%
Azimut Holding SpA	1,228,673		18,136,618
Davide Campari - Milano S.p.A.	474,607		4,672,608
Pirelli & C. Real Estate S.p.A.	214,202		16,249,990
Socotherm S.p.A.	1,015,711		15,861,432
Spazio Investment NV⁽³⁾	1,769,487		35,456,540
Tod’s S.p.A.	153,950		13,431,270

			103,808,458
JAPAN - 11.0%
CREED CORPORATION	6,327		20,510,132
HASEKO Corporation⁽¹⁾	3,407,800		12,435,115
NTT URBAN DEVELOPMENT CORPORATION	9,670		22,648,676
Ozeki Company, Ltd.	387,400		10,717,278
Pasona Inc.	7,285		15,393,457
Raito Kogyo Co., Ltd.	2,397,100		7,750,298
SHIZUOKA GAS CO., LTD.	1,906,000		13,538,035
SHO-BOND CORPORATION	1,287,700		13,877,962
USJ Co., Ltd.⁽¹⁾	13,490		5,872,683

			122,743,636


	Shares Held	Value

MEXICO - 3.4%
Empresas ICA S.A.B. de C.V.⁽¹⁾	7,491,150	$	28,856,358
Organizacion Soriana S.A.B. de C.V., Series B	3,047,100		9,013,006

			37,869,364
NETHERLANDS - 4.4%
Buhrmann NV	628,235		8,459,416
SBM Offshore NV	319,898		11,533,792
Tele Atlas NV⁽¹⁾	567,386		12,748,595
VastNed Retail NV	158,273		16,132,033

			48,873,836
NORWAY - 3.4%
Electromagnetic GeoServices AS⁽¹⁾	210,050		5,028,096
Scandinavian Property Development ASA (SPD)⁽¹⁾⁽²⁾	1,400,000		11,746,705
Sea Production Ltd.⁽¹⁾⁽²⁾	1,000,000		1,974,236
SeaDrill Ltd.⁽¹⁾	906,530		14,914,203
Sealift Ltd.⁽¹⁾⁽²⁾	1,500,000		3,825,083

			37,488,323
OMAN - 0.7%
Bank Muscat SAOG (GDR)⁽²⁾	414,532		4,684,212
Bank Muscat SAOG, Reg S (GDR)⁽²⁾	242,872		2,744,454

			7,428,666
PHILIPPINES - 0.1%
First Gen Corporation	627,800		728,638

PORTUGAL - 0.7%
CIMPOR-Cimentos de Portugal, SGPS, SA	931,019		7,810,447

RUSSIA - 1.2%
Uralsvyazinform (ADR)⁽²⁾	1,067,900		13,882,700

SINGAPORE - 7.0%
Fraser & Neave Limited	8,878,600		29,846,001
Jaya Holdings Limited	13,987,200		13,368,118
SIA Engineering Company	4,214,200		13,055,229
Singapore Exchange Limited	4,177,000		18,033,385
Want Want Holdings Limited	1,928,000		3,759,600

			78,062,333
SOUTH AFRICA - 1.1%
Massmart Holdings Limited	1,101,482		12,807,224

SOUTH KOREA - 2.0%
CDNetworks Co., Ltd.⁽¹⁾	436,272		12,381,444
Kangwon Land Inc.	534,356		10,024,855

			22,406,299
SWEDEN - 2.2%
D. Carnegie & Co AB	440,800		9,169,130
Elekta AB, B Shares	786,272		14,159,607
Gant Company AB⁽¹⁾	36,100		1,274,367

			24,603,104


	Shares Held		Value
SWITZERLAND - 5.7%
Bank Sarasin & Cie AG, B Shares		6,836	$	24,696,572
Banque Cantonale Vaudoise (BCV)		11,371		5,413,425
iQ Power AG⁽¹⁾		1,386,491		4,056,196
Schindler Holding AG, Participation Certificates		319,396		19,450,524
Straumann Holding AG⁽¹⁾		33,588		9,632,900

				63,249,617
THAILAND - 0.4%
Bangkok Bank Public Company Limited		1,479,900		4,776,598

TURKEY - 1.9%
Akenerji Elektrik Uretim AS⁽¹⁾		972,781		3,298,510
Coca-Cola Icecek AS⁽¹⁾		2,217,815		17,844,489

				21,142,999
UNITED KINGDOM - 5.2%
IMI PLC		914,996		10,443,330
Investec PLC		1,288,180		16,679,932
Queen’s Walk Investment Ltd.		728,254		5,768,930
Sibir Energy PLC⁽¹⁾		2,675,890		24,749,017

				57,641,209

Total common stocks (Cost $737,427,217)				1,085,202,800
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.0%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $10,998,581, collateralized by $11,217,169 market value Federal Home Loan Bank Note, 5.625%, due 3/14/36 (Cost $10,994,000)	$	10,994,000		10,994,000


Total investments - 98.6% (Cost $748,421,217)				1,096,196,800

Other assets less liabilities - 1.4%				15,954,835


Total net assets - 100.0%⁽⁴⁾			$	1,112,151,635

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the Board of Directors of Artisan Funds. In total, securities valued at a fair value were $59,729,673 or 5.4% of total net assets.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

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

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

(GDR) Global Depository Receipt


PORTFOLIO DIVERSIFICATION - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	111,661,329	10.1	%
Consumer Staples		93,543,820	8.4
Energy		81,631,391	7.3
Financials		373,364,398	33.6
Healthcare		23,792,507	2.1
Industrials		347,695,893	31.3
Information Technology		12,381,444	1.1
Materials		7,810,447	0.7
Telecommunication Services		15,756,388	1.4
Utilities		17,565,183	1.6

Total common stocks		1,085,202,800	97.6
Short-term investments		10,994,000	1.0

Total investments		1,096,196,800	98.6
Other assets less liabilities		15,954,835	1.4

Total net assets	$	1,112,151,635	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	11,408,996	1.0	%
Brazilian real		1,873,688	0.2
British pound		51,872,279	4.7
Canadian dollar		11,817,881	1.1
Danish krone		2,880,579	0.3
Euro		349,498,501	31.9
Hong Kong dollar		154,911,395	14.1
Indian rupee		27,278,103	2.5
Japanese yen		132,399,426	12.1
Mexican peso		37,869,364	3.5
Norwegian krone		37,488,323	3.4
Philippine peso		728,638	0.1
Singapore dollar		74,302,733	6.8
South African rand		12,807,224	1.2
South Korean won		22,406,299	2.0
Swedish krona		24,603,104	2.2
Swiss franc		59,193,421	5.4
Thai baht		4,776,598	0.4
Turkish lira		21,142,999	1.9
US dollar		56,937,249	5.2

Total investments	$	1,096,196,800	100.0	%

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

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 90.1%

BERMUDA - 1.2%
Lancashire Holdings Ltd⁽¹⁾	3,622,158	$	24,163,449

CANADA - 2.8%
CanWest Global Communications Corp.⁽¹⁾	5,991,900		57,401,831

FRANCE - 3.1%
Gemalto NV⁽¹⁾	81,027		1,869,304
Sanofi-Aventis	360,718		31,369,422
Vivendi	744,289		30,245,344

			63,484,070
GERMANY - 7.7%
Bayerische Motoren Werke (BMW) AG	340,644		20,099,528
Heidelberger Druckmaschinen AG	1,333,367		61,094,419
Pfeiffer Vacuum Technology AG⁽²⁾	822,027		74,824,863

			156,018,810
HONG KONG - 3.3%
Guoco Group Limited	3,183,600		44,778,606
Pacific Century Premium Developments Limited	68,766,900		21,738,561

			66,517,167
JAPAN - 14.4%
ACOM CO., LTD	449,570		19,113,592
Central Japan Railway Company	4,092		46,531,568
MEITEC CORPORATION⁽²⁾	1,832,900		59,105,737
SANKYO CO., LTD.	1,204,500		52,947,301
Sekisui House, Ltd.	3,199,700		49,798,454
TAKEFUJI CORPORATION	569,340		22,852,836
UNI-CHARM CORPORATION	665,200		42,111,270

			292,460,758
MEXICO - 4.2%
Grupo Modelo, S.A. de C.V., Series C	7,861,200		40,273,672
Kimberly-Clark de Mexico, S.A. de C.V., Class A	9,840,700		43,906,822

			84,180,494


	Shares Held	Value
NETHERLANDS - 4.5%
Wolters Kluwer NV	3,008,566	$	90,266,585

SOUTH KOREA - 3.4%
Honam Petrochemical Corporation	96,747		8,381,038
Lotte Chilsung Beverage Co., Ltd.	14,600		18,637,968
Lotte Confectionery Co., Ltd.	7,705		9,868,755
SK Telecom Co., Ltd. (ADR)	1,364,100		31,947,222

			68,834,983
SWITZERLAND - 8.7%
Adecco SA	1,103,156		70,039,489
Givaudan SA	66,441		61,457,173
Panalpina Welttransport Holding AG	26,831		4,488,946
Pargesa Holding SA	281,483		29,534,693
Tamedia AG	81,060		11,006,789

			176,527,090
UNITED KINGDOM - 28.7%
Benfield Group Plc	10,716,586		68,379,870
Carpetright PLC	1,040,855		23,821,098
Diageo PLC	5,073,939		102,792,972
Experian Group Ltd.	3,332,696		38,398,515
Galiform Plc⁽¹⁾	23,637,823		72,448,161
Home Retail Group	5,939,371		51,893,774
Signet Group PLC	24,663,421		60,910,039
SurfControl PLC⁽¹⁾⁽²⁾	1,871,963		17,497,770
Unilever PLC (ADR)	1,586,816		47,715,557
Vitec Group PLC	1,316,870		15,392,926
Vodafone Group PLC (ADR)	3,014,468		80,968,611

			580,219,293
UNITED STATES - 8.1%
Arch Capital Group Ltd.⁽¹⁾	312,336		21,304,439
Tyco International Ltd.	3,125,300		98,603,215
Willis Group Holdings Limited	1,108,500		43,874,430

			163,782,084

Total common stocks (Cost $1,532,753,477)			1,823,856,614


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.0%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $183,032,232, collateralized by $28,556,625 market value Federal Home Loan Bank Note, 5.625%, due 3/14/36, and $158,061,000 market value Federal National Mortgage Association Note, 6.00%, due 4/18/36 (Cost $182,956,000)	$	182,956,000	$	182,956,000


Total investments - 99.1% (Cost $1,715,709,477)				2,006,812,614

Other assets less liabilities - 0.9%				17,683,205


Total net assets - 100.0%⁽³⁾			$	2,024,495,819

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽³⁾	Percentages for the various classifications relate to total net assets.

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt


PORTFOLIO DIVERSIFICATION -MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	536,231,830	26.5	%
Consumer Staples		305,307,016	15.1
Financials		295,740,476	14.6
Healthcare		31,369,422	1.5
Industrials		453,086,752	22.4
Information Technology		19,367,074	1.0
Materials		69,838,211	3.4
Telecommunication Services		112,915,833	5.6

Total common stocks		1,823,856,614	90.1
Short-term investments		182,956,000	9.0

Total investments		2,006,812,614	99.1
Other assets less liabilities		17,683,205	0.9

Total net assets	$	2,024,495,819	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	475,698,574	23.7	%
Canadian dollar		57,401,831	2.9
Euro		309,769,465	15.4
Hong Kong dollar		66,517,167	3.3
Japanese yen		292,460,758	14.6
Mexican peso		84,180,494	4.2
South Korean won		36,887,761	1.8
Swiss franc		176,527,090	8.8
US dollar		507,369,474	25.3

Total investments	$	2,006,812,614	100.0	%

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

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.8%

AUTO & TRANSPORTATION - 3.5%
Air Transport - 1.2%
Southwest Airlines Co.	4,136,600	$	60,808,020

Auto Parts: Original Equipment - 1.2%
BorgWarner Inc.	864,000		65,162,880

Transportation Miscellaneous - 1.1%
C.H. Robinson Worldwide, Inc.	756,000		36,099,000
Expeditors International of Washington, Inc.	571,900		23,630,908

			59,729,908
CONSUMER DISCRETIONARY - 18.6%
Advertising Agencies - 1.3%
Clear Channel Outdoor Holdings, Inc., Class A⁽¹⁾	1,820,300		47,892,093
Focus Media Holding Limited (ADR)⁽¹⁾⁽²⁾	282,600		22,172,796

			70,064,889
Cable Television Services - 0.3%
TiVo Inc.⁽¹⁾	2,057,100		13,062,585

Consumer Electronics - 6.6%
Electronic Arts Inc.⁽¹⁾	4,527,900		228,025,044
Harman International Industries, Incorporated	367,500		35,309,400
VeriSign, Inc.⁽¹⁾	1,118,400		28,094,208
Yahoo! Inc.⁽¹⁾	1,875,000		58,668,750

			350,097,402
Radio & TV Broadcasters - 0.5%
XM Satellite Radio Holdings Inc.⁽¹⁾	2,068,900		26,730,188

Restaurants - 0.8%
YUM! Brands, Inc.	751,500		43,406,640

Retail - 5.8%
Amazon.com, Inc.⁽¹⁾	2,130,200		84,760,658
Chico’s FAS, Inc.⁽¹⁾	5,692,268		139,062,107
Kohl’s Corporation⁽¹⁾	540,700		41,423,027
The TJX Companies, Inc.	1,451,500		39,132,440

			304,378,232
Services: Commercial - 1.0%
Iron Mountain Incorporated⁽¹⁾	1,515,450		39,598,708
Robert Half International Inc.	357,505		13,231,260

			52,829,968


	Shares Held	Value

CONSUMER DISCRETIONARY - (CONTINUED)
Textiles Apparel Manufacturers - 1.8%
Polo Ralph Lauren Corporation, Class A	944,100	$	83,222,415
Quiksilver, Inc.⁽¹⁾	1,155,300		13,401,480

			96,623,895
Toys - 0.5%
Marvel Entertainment, Inc.⁽¹⁾	1,038,600		28,821,150

CONSUMER STAPLES - 3.9%
Beverage: Soft Drinks - 1.8%
Hansen Natural Corporation⁽¹⁾	2,519,900		95,453,812

Drug & Grocery Store Chains - 2.1%
Supervalu Inc.	2,837,700		110,868,939

FINANCIAL SERVICES - 14.6%
Banks: Outside New York City - 2.3%
Investors Financial Services Corp.	886,000		51,520,900
Northern Trust Corporation	878,100		52,808,934
UCBH Holdings, Inc.	914,600		17,029,852

			121,359,686
Diversified Financial Services - 1.5%
CB Richard Ellis Group, Inc.⁽¹⁾	1,464,000		50,039,520
Greenhill & Co., Inc.	512,000		31,431,680

			81,471,200
Financial Data Processing Services & Systems - 4.1%
Alliance Data Systems Corporation⁽¹⁾	1,509,800		93,033,876
Global Payments Inc.	674,500		22,973,470
Paychex, Inc.	532,100		20,150,627
The Western Union Company	3,589,500		78,789,525

			214,947,498
Financial Information Services - 1.6%
Equifax Inc.	2,317,800		84,483,810

Financial Miscellaneous - 2.5%
MGIC Investment Corporation	2,275,400		134,066,568

Insurance: Multi-Line - 1.4%
Aon Corporation	733,600		27,847,456
CIGNA Corporation	318,800		45,480,008

			73,327,464


	Shares Held	Value

FINANCIAL SERVICES (CONTINUED)
Securities Brokerage & Services - 1.2%
The Bear Stearns Companies Inc.	172,000	$	25,860,200
Investment Technology Group, Inc.⁽¹⁾	1,018,500		39,925,200

			65,785,400
HEALTHCARE - 19.5%
Biotechnology Research & Production -0.6%
Celgene Corporation⁽¹⁾	561,200		29,440,552

Drugs & Pharmaceuticals - 6.0%
Allergan, Inc.	1,317,800		146,038,596
Barr Pharmaceuticals, Inc.⁽¹⁾	249,300		11,555,055
MedImmune, Inc.⁽¹⁾	4,422,300		160,927,497

			318,521,148
Electronics: Medical Systems - 2.7%
Intuitive Surgical, Inc.⁽¹⁾	662,200		80,503,654
Varian Medical Systems, Inc.⁽¹⁾	1,332,500		63,546,925

			144,050,579
Health Care Management Services - 1.2%
Cerner Corporation⁽¹⁾	1,153,500		62,808,075

Health Care Services - 0.9%
Express Scripts, Inc.⁽¹⁾	556,700		44,936,824

Medical & Dental Instruments & Supplies - 8.1%
Gen-Probe Incorporated⁽¹⁾	740,100		34,843,908
Patterson Companies, Inc.⁽¹⁾	2,593,600		92,046,864
Thermo Fisher Scientific, Inc.⁽¹⁾	5,045,300		235,867,775
Ventana Medical Systems, Inc.⁽¹⁾	1,532,100		64,194,990

			426,953,537
MATERIALS & PROCESSING - 7.4%
Agriculture Fishing & Ranching - 1.7%
Bunge Limited	1,077,500		88,592,050

Chemicals - 1.6%
Ecolab Inc.	1,346,200		57,886,600
Energy Conversion Devices, Inc.⁽¹⁾	742,900		25,956,926

			83,843,526
Diversified Materials & Processing - 0.8%
Hexcel Corporation⁽¹⁾	2,074,100		41,170,885

Engineering & Contracting Services - 0.7%
Quanta Services, Inc.⁽¹⁾	1,548,600		39,055,692

Metal Fabricating - 1.8%
Precision Castparts Corp.	890,200		92,625,310

Real Estate - 0.8%
The St. Joe Company	847,000		44,306,570


	Shares Held	Value

OTHER - 1.3%
Multi-Sector Companies - 1.3%
McDermott International, Inc.⁽¹⁾	1,419,100	$	69,507,518

OTHER ENERGY - 3.8%
Coal - 0.6%
CONSOL Energy Inc.	788,900		30,869,657

Machinery: Oil Well Equipment & Services - 3.2%
Dresser-Rand Group Inc.⁽¹⁾	1,811,800		55,187,428
Helix Energy Solutions Group, Inc.⁽¹⁾	1,647,200		61,424,088
Smith International, Inc.	1,135,500		54,560,775

			171,172,291
Oil: Crude Producers - 0.0%⁽³⁾
Denbury Resources Inc.⁽¹⁾	27,500		819,225

PRODUCER DURABLES - 4.0%
Diversified Production - 0.3%
Danaher Corporation	230,500		16,469,225

Electrical Equipment & Components - 1.3%
Cooper Industries, Ltd., Class A	1,468,500		66,067,815

Identification Control & Filter Devices -2.0%
ESCO Technologies Inc.⁽¹⁾	579,800		25,986,636
Roper Industries, Inc.	1,399,400		76,799,072

			102,785,708
Machinery: Industrial/Specialty - 0.4%
Joy Global Inc.	433,723		18,606,717

TECHNOLOGY - 19.2%
Communications Technology - 3.1%
Ciena Corporation⁽¹⁾	1,509,300		42,184,935
Corning Incorporated⁽¹⁾	1,146,700		26,075,958
JDS Uniphase Corporation⁽¹⁾	1,727,149		26,304,479
Juniper Networks, Inc.⁽¹⁾	3,552,700		69,917,136

			164,482,508
Computer Services Software & Systems - 5.2%
Adobe Systems Incorporated⁽¹⁾	758,396		31,625,113
Autodesk, Inc.⁽¹⁾	1,981,300		74,496,880
Cadence Design Systems, Inc.⁽¹⁾	1,548,600		32,613,516
NAVTEQ Corporation⁽¹⁾	1,558,800		53,778,600
Red Hat, Inc.⁽¹⁾	3,521,300		80,743,409

			273,257,518
Computer Technology - 4.2%
Intermec, Inc.⁽¹⁾⁽⁴⁾	4,206,000		93,962,040
Network Appliance, Inc.⁽¹⁾	1,644,400		60,053,488
SanDisk Corporation⁽¹⁾	1,548,600		67,828,680
Zebra Technologies Corporation⁽¹⁾	47,400		1,830,114

			223,674,322


	Shares Held	Value

TECHNOLOGY (CONTINUED)
Electronics - 0.5%
Avid Technology, Inc.⁽¹⁾	723,600	$	25,239,168

Electronics: Semi-Conductors/Components - 4.8%
Analog Devices, Inc.	1,055,200		36,393,848
Broadcom Corporation, Class A⁽¹⁾	2,115,450		67,842,482
Integrated Device Technology, Inc.⁽¹⁾	2,619,400		40,391,148
Linear Technology Corporation	2,619,800		82,759,482
Spansion Inc., Class A⁽¹⁾	1,937,100		23,613,249

			251,000,209
Electronics: Technology - 1.4%
Rockwell Automation, Inc.	466,900		27,953,303
Trimble Navigation Limited⁽¹⁾	1,641,400		44,055,176

			72,008,479
UTILITIES - 2.0%
Utilities: Telecommunications - 2.0%
Level 3 Communications, Inc.⁽¹⁾	1,359,000		8,289,900
NII Holdings, Inc.⁽¹⁾	1,341,300		99,497,634

			107,787,534

Total common stocks (Cost $4,080,492,832)			5,163,532,776


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $88,052,673, collateralized by $89,781,188 market value Federal National Mortgage Association Note, 6.125%, due 8/17/26 (Cost $88,016,000)	$	88,016,000	$	88,016,000


Total investments - 99.5% (Cost $4,168,508,832)				5,251,548,776

Other assets less liabilities - 0.5%				26,748,187


Total net assets - 100.0%⁽⁵⁾			$	5,278,296,963

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the issuer to be from China. See the Fund's Statement of Additional Information for information on how a particular country is assigned. The security trades on a U.S. exchange.

⁽³⁾	Represents less than 0.1% of total net assets.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

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

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

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

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 92.9%

AUTO & TRANSPORTATION - 9.2%
Recreational Vehicles & Boats - 1.4%
Thor Industries, Inc.	1,127,400	$	44,408,286

Shipping - 3.8%
Alexander & Baldwin, Inc.	1,030,800		51,993,552
Teekay Shipping Corporation	1,221,500		66,095,365

			118,088,917
Truckers - 4.0%
Con-way Inc.	1,407,700		70,159,768
YRC Worldwide Inc.⁽¹⁾	1,396,200		56,155,164

			126,314,932
CONSUMER DISCRETIONARY - 18.6%
Household Furnishings - 5.0%
Furniture Brands International, Inc.⁽²⁾	2,025,500		31,962,390
Leggett & Platt, Incorporated	2,560,600		58,048,802
Mohawk Industries, Inc.⁽¹⁾	826,600		67,822,530

			157,833,722
Rental & Leasing Services: Consumer - 0.7%
Rent-A-Center, Inc.⁽¹⁾	781,400		21,863,572

Retail - 7.4%
AutoZone, Inc.⁽¹⁾	463,700		59,418,518
Chico’s FAS, Inc.⁽¹⁾	628,400		15,351,812
Claire’s Stores, Inc.	1,198,500		38,495,820
Foot Locker, Inc.	2,738,500		64,491,675
Zale Corporation⁽¹⁾⁽²⁾	2,015,900		53,179,442

			230,937,267
Services: Commercial - 2.4%
Hewitt Associates, Inc.⁽¹⁾	2,560,700		74,849,261

Textiles Apparel Manufacturers - 1.9%
Liz Claiborne Inc.	1,354,300		58,031,755

Toys - 1.2%
Marvel Entertainment, Inc.⁽¹⁾	1,324,100		36,743,775

CONSUMER STAPLES - 4.4%
Foods - 4.4%
Pilgrim’s Pride Corporation	1,355,100		44,975,769
Smithfield Foods, Inc.⁽¹⁾	1,978,700		59,262,065
Tyson Foods, Inc., Class A	1,718,300		33,352,203

			137,590,037


	Shares Held	Value

FINANCIAL SERVICES - 26.9%
Finance: Small Loan - 2.4%
The Student Loan Corporation	406,800	$	75,632,256

Financial Data Processing Services & Systems - 1.0%
Fidelity National Information Services, Inc.	695,368		31,611,429

Financial Miscellaneous - 3.3%
Fidelity National Financial, Inc.	3,159,831		75,867,542
MBIA Inc.	443,000		29,012,070

			104,879,612
Insurance: Multi-Line - 4.8%
Alleghany Corporation⁽¹⁾	314,086		117,342,530
Arthur J. Gallagher & Co.	1,199,300		33,976,169

			151,318,699
Insurance: Property-Casualty - 4.7%
Allied World Assurance Company Holdings, Ltd	1,327,700		56,759,175
Arch Capital Group Ltd.⁽¹⁾	289,573		19,751,774
White Mountains Insurance Group, Ltd.	125,900		71,322,350

			147,833,299
Real Estate Investment Trusts (REIT) - 2.4%
Annaly Capital Management, Inc.	4,770,900		73,853,532

Rental & Leasing Services: Commercial - 4.0%
GATX Corporation	1,183,200		56,556,960
Ryder System, Inc.	1,382,700		68,222,418

			124,779,378
Savings & Loan - 2.9%
IndyMac Bancorp, Inc.	1,617,000		51,824,850
Washington Federal, Inc.	1,631,516		38,275,365

			90,100,215
Securities Brokerage & Services - 1.4%
Nuveen Investments, Inc.	932,700		44,116,710

HEALTHCARE - 1.4%
Health Care Management Services - 1.4%
Community Health Systems, Inc.⁽¹⁾	1,270,400		44,781,600


	Shares Held	Value

MATERIALS & PROCESSING - 3.4%
Building: Roofing & Wallboard - 1.4%
USG Corporation⁽¹⁾	923,300	$	43,099,644

Chemicals - 2.0%
The Lubrizol Corporation	1,212,800		62,495,584

OTHER ENERGY - 18.8%
Machinery: Oil Well Equipment & Services - 4.4%
BJ Services Company	1,813,200		50,588,280
Nabors Industries Ltd.⁽¹⁾	2,993,400		88,814,178

			139,402,458
Oil: Crude Producers - 14.4%
Apache Corporation	885,046		62,572,752
Cimarex Energy Co.	1,819,000		67,339,380
Forest Oil Corporation⁽¹⁾⁽²⁾	2,394,100		79,891,117
Mariner Energy, Inc.⁽¹⁾⁽²⁾	2,475,691		47,359,969
Noble Energy, Inc.	1,373,100		81,905,415
Pioneer Natural Resources Company	1,943,304		83,775,836
XTO Energy Inc.	563,742		30,898,699

			453,743,168
PRODUCER DURABLES - 2.9%
Diversified Production - 1.4%
Dover Corporation	931,500		45,466,515

Identification Control & Filter Devices - 1.5%
Hubbell Incorporated	999,200		48,201,408

TECHNOLOGY - 7.3%
Computer Technology - 2.5%
Ingram Micro Inc.⁽¹⁾	4,130,900		79,767,679

Electronics: Semi-Conductors/ Components - 4.8%
Analog Devices, Inc.	1,486,100		51,255,589
Avnet, Inc.⁽¹⁾	2,740,800		99,052,512

			150,308,101

Total common stocks (Cost $2,517,336,010)			2,918,052,811


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.7%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $303,704,491, collateralized by $309,651,300 market value Federal National Mortgage Association Note, 5.45%, due 10/18/21 (Cost $303,578,000)	$	303,578,000	$	303,578,000


Total investments - 102.6% (Cost $2,820,914,010)				3,221,630,811

Other assets less liabilities - (2.6%)				(80,994,342	)


Total net assets - 100.0%⁽³⁾			$	3,140,636,469

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽³⁾	Percentages for the various classifications relate to total net assets.

Security names may not represent the legal name of the entity.

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

ARTISAN OPPORTUNISTIC VALUE FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 92.1%

AUTO & TRANSPORTATION - 2.1%
Truckers - 2.1%
YRC Worldwide Inc.⁽¹⁾	79,400	$	3,193,468

CONSUMER DISCRETIONARY - 19.5%
Household Furnishings - 2.1%
Mohawk Industries, Inc.⁽¹⁾	39,300		3,224,565

Leisure Time - 2.7%
Carnival Corporation	88,600		4,151,796

Retail - 6.9%
Foot Locker, Inc.	135,200		3,183,960
Wal-Mart Stores, Inc.	161,900		7,601,205

			10,785,165
Services: Commercial - 4.3%
Accenture Ltd, Class A	84,300		3,248,922
Hewitt Associates, Inc.⁽¹⁾	116,000		3,390,680

			6,639,602
Shoes - 3.5%
NIKE, Inc., Class B	51,700		5,493,642

CONSUMER STAPLES - 2.1%
Foods - 2.1%
Smithfield Foods, Inc.⁽¹⁾	110,400		3,306,480

FINANCIAL SERVICES - 31.5%
Banks: Outside New York City - 10.6%
Bank of America Corporation	52,600		2,683,652
BNP Paribas ⁽²⁾	61,700		6,444,572
Royal Bank of Scotland Group PLC⁽²⁾	187,300		7,312,591

			16,440,815
Diversified Financial Services - 2.8%
Citigroup Inc.	83,800		4,302,292

Finance: Small Loan - 2.4%
The Student Loan Corporation	19,900		3,699,808

Financial Miscellaneous - 1.8%
Fidelity National Financial, Inc.	118,300		2,840,383

Insurance: Multi-Line - 6.6%
Alleghany Corporation⁽¹⁾	122		45,579
The Allstate Corporation	49,300		2,960,958
American International Group, Inc.	108,300		7,279,926

			10,286,463


	Shares Held	Value

FINANCIAL SERVICES (CONTINUED)
Insurance: Property-Casualty - 3.6%
Allied World Assurance Company Holdings, Ltd	21,900	$	936,225
The Progressive Corporation	209,700		4,575,654

			5,511,879
Real Estate Investment Trusts (REIT) - 2.1%
Annaly Capital Management, Inc.	206,200		3,191,976

Savings & Loan - 1.6%
IndyMac Bancorp, Inc.	75,100		2,406,955

HEALTHCARE - 2.4%
Health Care Management Services - 2.4%
Aetna Inc.	86,200		3,774,698

INTEGRATED OILS - 2.5%
Oil: Intergrated International - 2.5%
Statoil ASA (ADR)⁽²⁾	143,200		3,877,856

OTHER - 3.7%
Multi-Sector Companies - 3.7%
Berkshire Hathaway Inc., Class B⁽¹⁾	1,580		5,751,200

OTHER ENERGY - 9.8%
Energy Miscellaneous - 2.0%
Valero Energy Corporation	47,300		3,050,377

Machinery: Oil Well Equipment & Services - 2.9%
Nabors Industries Ltd.⁽¹⁾	149,900		4,447,533

Oil: Crude Producers - 4.9%
Apache Corporation	108,600		7,678,020

PRODUCER DURABLES - 6.8%
Machinery: Industrial/ Specialty - 2.8%
Ingersoll-Rand Company Limited	101,200		4,389,044

Telecommunications Equipment - 4.0%
Nokia Corporation (ADR)⁽¹⁾⁽²⁾	270,900		6,209,028


	Shares Held		Value

TECHNOLOGY - 11.7%
Computer Services Software & Systems - 2.5%
Microsoft Corporation		139,070	$	3,875,881

Computer Technology - 3.7%
Dell Inc.⁽¹⁾		82,900		1,924,109
Ingram Micro Inc.⁽¹⁾		200,700		3,875,517

				5,799,626
Electronics: Semi-Conductors/Components - 5.5%
Analog Devices, Inc.		87,500		3,017,875
Avnet, Inc.⁽¹⁾		154,500		5,583,630

				8,601,505

Total common stocks (Cost $130,713,957)				142,930,057
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.5%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $8,546,560, collateralized by $8,715,680 market value U.S. Treasury Bill, 4.875%, due 9/27/07 (Cost $8,543,000)	$	8,543,000		8,543,000


Total investments - 97.6% (Cost $139,256,957)				151,473,057

Other assets less liabilities - 2.4%				3,753,936


Total net assets - 100.0%⁽³⁾			$	155,226,993

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the issuer 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	Issuer Country	Trading Currency
BNP Paribas	France	Euro
Nokia Corporation (ADR)	Finland	US dollar
Royal Bank of Scotland Group PLC	United Kingdom	British pound
Statoil ASA (ADR)	Norway	US dollar

⁽³⁾	Percentages for the various classifications relate to total net assets.

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

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

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.0%

AUTO & TRANSPORTATION - 5.8%
Air Transport - 1.4%
AirTran Holdings, Inc.⁽¹⁾	1,659,400	$	17,042,038

Auto Parts: After Market - 1.5%
Keystone Automotive Industries, Inc.⁽¹⁾	521,000		17,557,700
Transportation Miscellaneous - 1.4%
Pacer International, Inc.	634,800		17,101,512

Truckers - 1.5%
Old Dominion Freight Line, Inc.⁽¹⁾	624,000		17,977,440

CONSUMER DISCRETIONARY - 24.0%
Advertising Agencies - 1.1%
inVentiv Health, Inc.⁽¹⁾	353,600		13,539,344

Education Services - 3.0%
Bright Horizons Family Solutions, Inc.⁽¹⁾	478,300		18,055,825
Strayer Education, Inc.	138,500		17,312,500

			35,368,325
Restaurants - 1.5%
RARE Hospitality International, Inc.⁽¹⁾	596,250		17,941,162

Retail - 5.0%
Guitar Center, Inc.⁽¹⁾	347,800		15,692,736
Hibbett Sporting Goods, Inc.⁽¹⁾	409,350		11,703,316
Tween Brands, Inc.⁽¹⁾	401,900		14,355,868
United Natural Foods, Inc.⁽¹⁾	559,700		17,149,208

			58,901,128
Services: Commercial - 7.1%
The Advisory Board Company⁽¹⁾	370,700		18,764,834
CRA International, Inc.⁽¹⁾	329,800		17,208,964
The GEO Group, Inc.⁽¹⁾	387,350		17,554,702
Kenexa Corporation⁽¹⁾	56,200		1,749,506
Resources Connection, Inc.⁽¹⁾	322,500		10,316,775
Waste Connections, Inc.⁽¹⁾	610,725		18,285,107

			83,879,888
Shoes - 1.6%
Iconix Brand Group, Inc.⁽¹⁾	927,900		18,929,160

Textiles Apparel Manufacturers -1.5%
Carter’s, Inc.⁽¹⁾	712,800		18,062,352


	Shares Held	Value
CONSUMER DISCRETIONARY (CONTINUED)
Wholesalers - 3.2%
Brightpoint, Inc.⁽¹⁾	1,681,700	$	19,238,648
LKQ Corporation⁽¹⁾	840,200		18,366,772

			37,605,420
FINANCIAL SERVICES - 14.1%
Banks: Outside New York City - 3.4%
Alabama National BanCorporation	188,300		13,333,523
Westamerica Bancorporation	206,800		9,961,556
Wintrust Financial Corporation	384,000		17,130,240

			40,425,319
Diversified Financial Services - 1.7%
Euronet Worldwide, Inc.⁽¹⁾	758,900		20,384,054

Finance: Small Loan - 0.8%
Nelnet, Inc., Class A	373,000		8,940,810

Financial Miscellaneous - 2.4%
Global Cash Access Holdings, Inc.⁽¹⁾	1,335,900		22,296,171
Triad Guaranty Inc.⁽¹⁾	135,200		5,598,632

			27,894,803
Insurance: Property-Casualty - 0.9%
Ohio Casualty Corporation	373,100		11,174,345

Investment Management Companies - 1.7%
National Financial Partners Corp.	416,700		19,547,397

Rental & Leasing Services: Commercial - 1.4%
Williams Scotsman International, Inc.⁽¹⁾	829,300		16,304,038

Securities Brokerage & Services - 1.8%
optionsXpress Holdings, Inc.	895,600		21,082,424

HEALTHCARE - 13.4%
Biotechnology Research & Production - 1.4%
ArthroCare Corporation⁽¹⁾	472,400		17,025,296

Drugs & Pharmaceuticals - 1.8%
K-V Pharmaceutical Company, Class A⁽¹⁾	847,600		20,961,148

Electronics: Medical Systems - 0.8%
NxStage Medical, Inc.⁽¹⁾	708,600		9,438,552


	Shares Held	Value
HEALTHCARE (CONTINUED)
Health Care Facilities - 1.5%
ICON PLC (ADR)⁽¹⁾⁽²⁾	411,800	$	17,542,680

Health Care Management Services - 2.8%
HealthExtras, Inc.⁽¹⁾	733,900		21,121,642
Sierra Health Services, Inc.⁽¹⁾	282,300		11,622,291

			32,743,933
Medical & Dental Instruments & Supplies - 5.1%
DJO Incorporated⁽¹⁾	397,900		15,080,410
ICU Medical, Inc.⁽¹⁾	259,200		10,160,640
PSS World Medical, Inc.⁽¹⁾	848,400		17,935,176
Thoratec Corporation⁽¹⁾	845,100		17,662,590

			60,838,816
MATERIALS & PROCESSING - 4.3%
Agriculture Fishing & Ranching - 1.2%
The Andersons, Inc.	331,700		14,727,480

Building: Heating & Plumbing - 1.6%
Interline Brands, Inc.⁽¹⁾	840,100		18,414,992

Metal Fabricating - 1.5%
Kaydon Corporation	412,700		17,564,512

OTHER ENERGY - 7.3%
Machinery: Oil Well Equipment & Services - 4.3%
Core Laboratories N.V.⁽¹⁾⁽²⁾	167,600		14,049,908
Dril-Quip, Inc.⁽¹⁾	171,100		7,405,208
Hornbeck Offshore Services, Inc.⁽¹⁾	257,700		7,383,105
W-H Energy Services, Inc.⁽¹⁾	468,400		21,893,016

			50,731,237
Offshore Drilling - 1.6%
Hercules Offshore, Inc.⁽¹⁾	741,200		19,463,912

Oil: Crude Producers - 1.4%
Bill Barrett Corporation⁽¹⁾	500,700		16,227,687

PRODUCER DURABLES - 6.6%
Identification Control & Filter Devices - 1.5%
ESCO Technologies Inc.⁽¹⁾	401,000		17,972,820

Machinery: Industrial/ Specialty - 2.8%
Actuant Corporation	391,500		19,892,115
Columbus McKinnon Corporation⁽¹⁾	565,500		12,661,545

			32,553,660


	Shares Held	Value
PRODUCER DURABLES (CONTINUED)
Machinery: Specialty - 1.1%
Bucyrus International, Inc.	245,000	$	12,617,500

Production Technology Equipment - 1.2%
Axcelis Technologies, Inc.⁽¹⁾	1,802,200		13,768,808

TECHNOLOGY - 20.0%
Communications Technology - 3.1%
AudioCodes Ltd.⁽¹⁾⁽²⁾	1,284,500		8,683,220
Avocent Corporation⁽¹⁾	771,100		20,796,567
Ixia⁽¹⁾	751,400		6,988,020

			36,467,807
Computer Services Software & Systems - 11.0%
CommVault Systems, Inc.⁽¹⁾	544,000		8,812,800
Concur Technologies, Inc.⁽¹⁾	702,100		12,258,666
Epicor Software Corporation⁽¹⁾	669,100		9,307,181
Informatica Corporation⁽¹⁾	1,220,100		16,385,943
Macrovision Corporation⁽¹⁾	739,400		18,521,970
Progress Software Corporation⁽¹⁾	516,700		16,121,040
SRA International, Inc., Class A⁽¹⁾	542,900		13,225,044
Transaction Systems Architects, Inc.⁽¹⁾	640,800		20,755,512
Wind River Systems, Inc.⁽¹⁾	1,468,000		14,591,920

			129,980,076
Computer Technology - 0.6%
Aruba Networks, Inc.⁽¹⁾	506,200		7,425,954

Electronics - 1.2%
Aeroflex Incorporated⁽¹⁾	1,104,200		14,520,230

Electronics: Semi-Conductors/ Components - 4.1%
DSP Group, Inc.⁽¹⁾	1,002,400		19,045,600
Microsemi Corporation⁽¹⁾	976,800		20,327,208
Tessera Technologies, Inc.⁽¹⁾	221,900		8,818,306

			48,191,114
UTILITIES - 1.5%
Utilities: Electrical - 1.5%
ITC Holdings Corp.	400,500		17,337,645


Total common stocks (Cost $1,016,184,081)			1,146,174,518


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.0%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $23,622,839, collateralized by $24,087,950 market value Federal Home Loan Mortgage Corporation Note, 6.75%, due 3/15/31 (Cost $23,613,000)	$	23,613,000	$	23,613,000


Total investments - 99.0% (Cost $1,039,797,081)				1,169,787,518

Other assets less liabilities - 1.0%				11,669,275


Total net assets - 100.0%⁽³⁾			$	1,181,456,793

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the issuer 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	Issuer Country	Trading Currency
AudioCodes Ltd.	Israel	US dollar
Core Laboratories N.V.	Netherlands	US dollar
ICON PLC (ADR)	Ireland	US dollar

⁽³⁾	Percentages for the various classifications relate to total net assets.

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

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

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 92.6%

AUTO & TRANSPORTATION - 4.5%
Auto Parts: After Market - 0.9%
Commercial Vehicle Group, Inc⁽¹⁾	962,300	$	19,823,380

Auto Trucks & Parts - 0.8%
Wabash National Corporation	1,236,100		19,060,662

Shipping - 1.6%
OMI Corporation	1,338,600		35,954,796

Truckers - 1.2%
Arkansas Best Corporation	770,600		27,394,830

CONSUMER DISCRETIONARY - 22.8%
Consumer Electronics - 1.2%
EarthLink, Inc.⁽¹⁾	3,706,300		27,241,305

Household Furnishings - 2.8%
Ethan Allen Interiors Inc.	1,199,200		42,379,728
Furniture Brands International, Inc.⁽²⁾	1,390,900		21,948,402

			64,328,130
Radio & TV Broadcasters - 0.4%
World Wrestling Entertainment, Inc., Class A	607,900		9,908,770

Rental & Leasing Services: Consumer - 0.6%
Rent-A-Center, Inc.⁽¹⁾	491,200		13,743,776

Retail - 6.6%
1-800 CONTACTS, INC.⁽¹⁾	675,500		11,348,400
Global Imaging Systems, Inc.⁽¹⁾	557,000		10,861,500
Lithia Motors, Inc., Class A	393,500		10,785,835
MarineMax, Inc.⁽¹⁾⁽²⁾	1,231,200		28,539,216
Sonic Automotive, Inc., Class A	1,146,300		32,669,550
Stein Mart, Inc.	398,600		6,505,152
Tuesday Morning Corporation	442,300		6,563,732
Zale Corporation⁽¹⁾⁽²⁾	1,586,600		41,854,508

			149,127,893
Services: Commercial - 9.4%
AMN Healthcare Services, Inc.⁽¹⁾	461,400		10,436,868
Cross Country Healthcare, Inc.⁽¹⁾⁽²⁾	1,970,900		35,929,507


	Shares Held	Value
CONSUMER DISCRETIONARY (CONTINUED)
Services: Commercial (Continued)
Diamond Management & Technology Consultants, Inc.	957,300	$	11,190,837
Gevity HR, Inc.⁽²⁾	1,689,400		33,348,756
Hudson Highland Group, Inc.⁽¹⁾	1,051,800		16,397,562
Korn/Ferry International⁽¹⁾	583,500		13,385,490
Medical Staffing Network Holdings, Inc.⁽¹⁾⁽²⁾	1,548,900		9,835,515
Tetra Tech, Inc.⁽¹⁾	2,209,700		42,116,882
Watson Wyatt Worldwide, Inc.	827,200		40,243,280

			212,884,697
Textiles Apparel Manufacturers - 1.1%
Kellwood Company	844,650		24,773,585

Toys - 0.5%
Marvel Entertainment, Inc.⁽¹⁾	391,000		10,850,250

Wholesalers - 0.2%
United Stationers Inc.⁽¹⁾	88,000		5,272,960

CONSUMER STAPLES - 1.7%
Foods - 1.7%
Sanderson Farms, Inc.⁽²⁾	1,054,100		39,064,946

FINANCIAL SERVICES - 12.0%
Finance Companies - 1.3%
Accredited Home Lenders Holding Co.⁽¹⁾	487,300		4,517,271
Assured Guaranty Ltd.	939,600		25,669,872

			30,187,143
Financial Miscellaneous - 3.0%
Stewart Information Services Corporation⁽²⁾	1,610,100		67,286,079

Insurance: Multi-Line - 5.4%
Hilb Rogal & Hobbs Company	956,100		46,896,705
Hub International Limited⁽³⁾	425,600		17,739,008
Max Re Capital Ltd.	655,200		16,694,496
PICO Holdings, Inc.⁽¹⁾	614,200		26,232,482
Security Capital Assurance Ltd	490,900		13,858,107

			121,420,798
Investment Management Companies - 0.6%
GAMCO Investors, Inc., Class A	317,900		13,774,607


	Shares Held	Value
FINANCIAL SERVICES (CONTINUED)
Real Estate Investment Trusts (REIT) - 1.7%
Annaly Capital Management, Inc.	1,858,400	$	28,768,032
Eagle Hospitality Properties Trust, Inc.	883,400		9,849,910

			38,617,942
HEALTHCARE - 4.8%
Electronics: Medical Systems - 2.1%
Analogic Corporation	579,600		36,445,248
Datascope Corp.	309,000		11,182,710

			47,627,958
Health Care Management Services - 0.9%
HealthSpring, Inc.⁽¹⁾	901,200		21,223,260

Medical & Dental Instruments & Supplies - 1.3%
CONMED Corporation⁽¹⁾	781,800		22,852,014
National Dentex Corporation⁽¹⁾⁽²⁾	413,500		5,822,080

			28,674,094
Medical Services - 0.5%
America Service Group Inc.⁽¹⁾⁽²⁾	603,600		10,062,012

MATERIALS & PROCESSING - 9.4%
Building Materials - 0.6%
Building Materials Holding Corporation	609,100		11,030,801
Simpson Manufacturing Co., Inc.	41,900		1,292,196

			12,322,997
Chemicals - 1.2%
MacDermid, Incorporated	772,800		26,947,536

Engineering & Contracting Services - 0.0%⁽⁴⁾
Dycom Industries, Inc.⁽¹⁾	25,800		672,348

Metal Fabricating - 4.6%
Lone Star Technologies, Inc.⁽¹⁾	942,000		62,200,260
Quanex Corporation	1,002,675		42,463,286

			104,663,546
Paper - 1.3%
Albany International Corp., Class A	833,500		29,955,990

Steel - 1.7%
Schnitzer Steel Industries, Inc., Class A	978,900		39,322,413

OTHER - 1.1%
Multi-Sector Companies - 1.1%
Walter Industries, Inc.	1,008,200		24,952,950


	Shares Held	Value
OTHER ENERGY - 17.9%
Energy Miscellaneous - 0.7%
Aventine Renewable Energy Holdings, Inc.⁽¹⁾	905,700	$	16,501,854

Machinery: Oil Well Equipment & Services - 3.5%
CARBO Ceramics Inc.	580,900		27,040,895
RPC Inc.	2,192,500		36,527,050
Superior Energy Services, Inc.⁽¹⁾	447,400		15,421,878

			78,989,823
Offshore Drilling - 1.8%
Atwood Oceanics, Inc.⁽¹⁾	689,500		40,466,755

Oil: Crude Producers - 11.9%
Cimarex Energy Co.	1,047,900		38,793,258
Energy Partners, Ltd.⁽¹⁾	493,400		8,955,210
Forest Oil Corporation⁽¹⁾⁽²⁾	964,258		32,177,289
Grey Wolf, Inc.⁽¹⁾	4,998,600		33,490,620
Mariner Energy, Inc.⁽¹⁾⁽²⁾	1,921,297		36,754,412
Plains Exploration & Production Company⁽¹⁾	231,793		10,463,136
Rosetta Resources Inc.⁽¹⁾	1,261,600		25,913,264
St. Mary Land & Exploration Company	1,288,000		47,243,840
Stone Energy Corporation⁽¹⁾	608,700		18,072,303
VeraSun Energy Corporation⁽¹⁾	851,200		16,913,344

			268,776,676
PRODUCER DURABLES - 5.4%
Electrical Equipment & Components - 0.3%
Power-One, Inc.⁽¹⁾	1,119,200		6,401,824

Manufactured Housing - 0.7%
Champion Enterprises, Inc.⁽¹⁾	1,702,000		14,977,600

Production Technology Equipment - 4.4%
ATMI, Inc.⁽¹⁾	128,700		3,934,359
Entegris, Inc.⁽¹⁾	2,279,900		24,394,930
LTX Corporation⁽¹⁾⁽²⁾	3,261,500		19,960,380
Orbotech, Ltd.^(1)(2)(3)	2,083,900		45,908,317
Ultratech, Inc.⁽¹⁾	409,300		5,570,573

			99,768,559
TECHNOLOGY - 11.1%
Communications Technology - 2.4%
ADC Telecommunications, Inc.⁽¹⁾	326,100		5,458,914
ADTRAN, Inc.	249,200		6,068,020
Black Box Corporation	258,400		9,441,936
CSG Systems International, Inc.⁽¹⁾	669,500		16,750,890
Standard Microsystems Corporation⁽¹⁾	558,000		17,041,320

			54,761,080


	Shares Held	Value
TECHNOLOGY (CONTINUED)
Computer Services Software & Systems - 7.2%
Altiris, Inc.⁽¹⁾	300,300	$	9,882,873
CACI International Inc⁽¹⁾	355,200		16,644,672
CIBER, Inc.⁽¹⁾	1,697,700		13,360,899
Keane, Inc.⁽¹⁾	1,115,800		15,152,564
Lawson Software, Inc.⁽¹⁾	6,256,300		50,613,467
Manhattan Associates, Inc.⁽¹⁾	985,900		27,043,237
SI International Inc.⁽¹⁾	302,200		8,676,162
SonicWALL, Inc.⁽¹⁾	735,800		6,151,288
SRA International, Inc., Class A⁽¹⁾	561,100		13,668,396
webMethods, Inc.⁽¹⁾	326,600		2,348,254

			163,541,812
Computer Technology - 0.8%
Komag, Incorporated⁽¹⁾	553,800		18,125,874

Electrical & Electronics - 0.3%
Benchmark Electronics, Inc.⁽¹⁾	351,900		7,270,254

Electronics: Semi-Conductors/Components - 0.4%
Actel Corporation⁽¹⁾	571,900		9,447,788

UTILITIES - 1.9%
Utilities: Electrical - 0.3%
El Paso Electric Company⁽¹⁾	267,800		7,056,530

Utilities: Gas Distributors - 0.6%
SEMCO Energy, Inc.⁽¹⁾	1,676,240		12,772,949

Utilities: Telecommunications - 1.0%
IDT Corporation	538,700		6,076,536
IDT Corporation, Class B	557,500		6,327,625
USA Mobility, Inc.	519,800		10,359,614

			22,763,775

Total common stocks (Cost $1,744,377,703)			2,098,764,806


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.1%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $161,674,336, collateralized by $53,687,500 market value Federal Home Loan Bank Note, 5.75%, due 6/12/26, and $111,153,000 market value Federal National Mortgage Association Note, 5.80%, due 2/9/26 (Cost $161,607,000)	$	161,607,000	$	161,607,000


Total investments - 99.7% (Cost $1,905,984,703)				2,260,371,806

Other assets less liabilities - 0.3%				6,539,840


Total net assets - 100.0%⁽⁵⁾			$	2,266,911,646

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽³⁾	The Fund considers the issuer 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	Issuer Country	Trading Currency
Hub International Limited	Canada	US dollar
Orbotech, Ltd.	Israel	US dollar

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

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

Security names may not represent the legal name of the entity.

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2007 (Unaudited)


	INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	15,592,682,486
Investments in securities, affiliated, at value		307,272,030
Short-term investments (repurchase agreements), at value		149,582,000

Total investments		16,049,536,516
Cash		934
Foreign currency		15,487,846
Receivable from investments sold		211,726,918
Receivable from fund shares sold		29,148,897
Dividends and interest receivable		51,553,050
Other assets		97,324

Total assets		16,357,551,485

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		367,838
Payable for investments purchased		199,457,664
Payable for fund shares redeemed		7,273,821
Payable for operating expenses		5,720,757
Payable for withholding taxes		4,560,050
Payable for deferred directors’ compensation		97,324

Total liabilities		217,477,454

Total net assets	$	16,140,074,031

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	10,957,121,416
Net unrealized appreciation on investments and foreign currency related transactions		4,678,833,701
Accumulated undistributed net investment loss		(180,575,295	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions		684,694,209

	$	16,140,074,031

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	11,457,417,180
Institutional Shares	$	4,682,656,851
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		377,412,661
Institutional Shares		153,334,241
Net asset value, offering price and redemption price per share
Investor Shares	$	30.36
Institutional Shares	$	30.54
Cost of securities of unaffiliated issuers held	$	11,078,891,800
Cost of securities of affiliated issuers held	$	291,910,467
Cost of foreign currency	$	15,435,093
Value of security on loan	$	335,358,482	⁽¹⁾

⁽¹⁾	Included in investments in securities, unaffiliated, at value, above.


INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP

$	1,049,746,260		$	1,672,428,244		$	5,069,570,736
	35,456,540			151,428,370			93,962,040
	10,994,000			182,956,000			88,016,000

	1,096,196,800			2,006,812,614			5,251,548,776
	729			984			963
	2,504,866			3			-
	23,751,723			-			52,116,853
	2,669,387			25,982,380			19,809,667
	2,527,346			6,165,544			1,252,342
	6,767			7,833			41,223

	1,127,657,618			2,038,969,358			5,324,769,824


	26,692			133			-
	13,113,061			4,309,627			23,720,522
	160,634			9,051,841			19,076,446
	364,124			907,532			3,634,670
	1,834,705			196,573			-
	6,767			7,833			41,223

	15,505,983			14,473,539			46,472,861

$	1,112,151,635		$	2,024,495,819		$	5,278,296,963


$	710,542,875		$	1,675,572,185		$	3,811,575,214
	346,158,045			291,144,996			1,083,039,944
	(19,739,852	)		(6,396,072	)		(19,538,055	)
	75,190,567			64,174,710			403,219,860

$	1,112,151,635		$	2,024,495,819		$	5,278,296,963



$	1,112,151,635		$	1,891,680,891		$	4,509,485,478
			$	132,814,928		$	768,811,485

	48,847,631			66,265,556			143,689,301
				4,650,132			24,062,902

$	22.77		$	28.55		$	31.38
			$	28.56		$	31.95
$	720,769,664		$	1,595,380,870		$	4,057,413,519
$	27,651,553		$	120,328,607		$	111,095,313
$	2,504,658		$	3		$	-
$	-		$	-		$	-

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2007 (Unaudited) (Continued)


	MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	2,705,659,893
Investments in securities, affiliated, at value		212,392,918
Short-term investments (repurchase agreements), at value		303,578,000

Total investments		3,221,630,811
Cash		668
Receivable from investments sold		285,708
Receivable from fund shares sold		8,101,025
Dividends and interest receivable		3,132,856
Other assets		19,815

Total assets		3,233,170,883

LIABILITIES:
Payable for investments purchased		88,720,266
Payable for fund shares redeemed		1,821,858
Payable for operating expenses		1,972,475
Payable for withholding taxes		-
Payable for deferred directors’ compensation		19,815

Total liabilities		92,534,414

Total net assets	$	3,140,636,469

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,617,258,718
Net unrealized appreciation on investments and foreign currency related transactions		400,716,801
Accumulated undistributed net investment income (loss)		3,422,478
Accumulated undistributed net realized gains on investments and foreign currency related transactions		119,238,472

	$	3,140,636,469

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	3,140,636,469
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		148,427,931
Net asset value, offering price and redemption price per share
Investor Shares	$	21.16
Cost of securities of unaffiliated issuers held	$	2,603,808,271
Cost of securities of affiliated issuers held	$	217,105,739


OPPORTUNISTIC VALUE		SMALL CAP			SMALL CAP VALUE

$	142,930,057	$	1,146,174,518		$	1,670,273,387
	-		-			428,491,419
	8,543,000		23,613,000			161,607,000

	151,473,057		1,169,787,518			2,260,371,806
	999		900			562
	3,858,880		14,610,927			15,204,807
	811,202		3,022,953			3,787,063
	321,938		326,930			1,664,060
	251		9,201			291,928

	156,466,327		1,187,758,429			2,281,320,226


	1,034,687		4,751,061			12,831,728
	1,784		875,046			257,331
	202,612		666,328			1,299,837
	-		-			5,592
	251		9,201			14,092

	1,239,334		6,301,636			14,408,580

$	155,226,993	$	1,181,456,793		$	2,266,911,646


$	140,239,565	$	1,033,336,124		$	1,788,383,282
	12,219,979		129,990,437			354,387,103
	206,977		(4,811,494	)		1,235,060
	2,560,472		22,941,726			122,906,201

$	155,226,993	$	1,181,456,793		$	2,266,911,646



$	155,226,993	$	1,181,456,793		$	2,266,911,646

	13,314,148		64,645,493			121,098,629

$	11.66	$	18.28		$	18.72
$	139,256,957	$	1,039,797,081		$	1,523,025,699
$	-	$	-		$	382,959,004

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

ARTISAN FUNDS, INC.

Statements of Operations — For the Six Months Ended March 31, 2007 (Unaudited)


	INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	87,469,856
Dividends, from affiliated issuers⁽¹⁾		2,062,995
Interest		3,801,427
Securities lending		904,819
Other		860,550

Total investment income		95,099,647

EXPENSES:
Advisory fees		69,545,256
Transfer agent fees
Investor Shares		11,115,943
Institutional Shares		12,824
Shareholder communications
Investor Shares		678,770
Institutional Shares		19,448
Custodian fees		3,926,796
Accounting fees		38,042
Professional fees		336,712
Registration fees
Investor Shares		50,064
Institutional Shares		7,297
Directors’ fees		205,974
Other operating expenses		267,583

Total operating expenses		86,204,709

Net investment income (loss)		8,894,938

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		812,193,316
Foreign currency related transactions		(954,623	)

		811,238,693
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		1,387,615,231
Foreign currency related transactions		168,798

		1,387,784,029

Net gain on investments and foreign currency related transactions		2,199,022,722

Net increase in net assets resulting from operations	$	2,207,917,660


⁽¹⁾
Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers	Net of foreign taxes withheld on dividends, affiliated issuers	Including net realized gain (loss) on investments from affiliated issuers
International	$9,599,777	$155,279	$(51,131,555	)
International Small Cap	423,973	46,000	191,354
International Value	163,262	47,471	(137,512	)
Mid Cap	-	-	2,503,374


	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP

$	6,327,961		$	13,590,156		$	10,769,402
	260,669			630,690			-
	626,246			3,898,352			2,057,644
	-			-			-
	-			-			-

	7,214,876			18,119,198			12,827,046


	6,524,811			8,321,725			25,316,096

	817,640			1,659,178			6,067,157
				7,358			11,632

	41,669			168,196			522,752
				11,191			7,661
	348,023			330,439			73,065
	27,041			37,283			33,143
	24,912			32,744			93,429

	20,475			101,951			28,376
				30,743			7,524
	14,154			21,638			76,272
	100,639			35,200			106,392

	7,919,364			10,757,646			32,343,499

	(704,488	)		7,361,552			(19,516,453	)



	76,236,893			82,956,508			416,492,639
	(408,207	)		(337,318	)		-

	75,828,686			82,619,190			416,492,639

	120,959,626			115,982,167			118,672,579
	(808,940	)		60,874			-

	120,150,686			116,043,041			118,672,579

	195,979,372			198,662,231			535,165,218

$	195,274,884		$	206,023,783		$	515,648,765

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

ARTISAN FUNDS, INC.

Statements of Operations — For the Six Months Ended March 31, 2007 (Unaudited) (Continued)


	MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	15,717,366
Dividends, from affiliated issuers⁽¹⁾		824,080
Interest		4,169,223
Other		-

Total investment income		20,710,669

EXPENSES:
Advisory fees		13,525,903
Transfer agent fees
Investor Shares		3,130,679
Shareholder communications
Investor Shares		353,963
Custodian fees		37,040
Accounting fees		21,434
Professional fees		46,691
Registration fees
Investor Shares		63,178
Directors’ fees		38,479
Other operating expenses		58,587

Total operating expenses		17,275,954

Net investment income (loss)		3,434,715

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		141,549,630
Foreign currency related transactions		-

		141,549,630
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		197,560,496
Foreign currency related transactions		-

		197,560,496

Net gain on investments and foreign currency related transactions		339,110,126

Net increase in net assets resulting from operations	$	342,544,841


⁽¹⁾
Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers	Net of foreign taxes withheld on dividends, affiliated issuers	Including net realized gain on investments from affiliated issuers
Mid Cap Value	$ -	$ -	$ 5,155,140
Opportunistic Value	-	-	-
Small Cap	-	-	-
Small Cap Value	13,519	-	12,644,385


OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE

$	913,863		$	1,442,347		$	7,660,213
	-			-			2,772,066
	233,293			1,152,745			3,705,556
	-			31,693			-

	1,147,156			2,626,785			14,137,835


	517,813			6,103,444			10,292,131

	221,622			1,047,494			2,245,416

	15,934			133,200			167,846
	6,755			22,638			31,466
	30,573			22,990			23,324
	15,608			26,844			35,187

	46,904			29,890			27,470
	3,000			17,801			29,681
	4,813			29,270			43,420

	863,022			7,433,571			12,895,941

	284,134			(4,806,786	)		1,241,894



	2,987,833			34,105,315			146,039,164
	(2,829	)		-			-

	2,985,004			34,105,315			146,039,164

	9,788,051			51,367,550			76,771,715
	4,399			-			-

	9,792,450			51,367,550			76,771,715

	12,777,454			85,472,865			222,810,879

$	13,061,588		$	80,666,079		$	224,052,773

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets


	INTERNATIONAL
	Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006
OPERATIONS:
Net investment income (loss)	$	8,894,938		$	91,268,255
Net realized gain (loss) on:
Investments		812,193,316			1,705,050,798
Foreign currency related transactions		(954,623	)		(3,919,900	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		1,387,615,231			485,434,611
Foreign currency related transactions		168,798			249,502

Net increase in net assets resulting from operations		2,207,917,660			2,278,083,266

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(149,579,439	)		(129,259,160	)
Institutional Shares		(69,406,628	)		(71,446,014	)
Net realized gains on investment transactions:
Investor Shares		(800,773,961	)		-
Institutional Shares		(332,232,670	)		-

Total distributions paid to shareholders		(1,351,992,698	)		(200,705,174	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		1,366,296,679			165,474,731

Total increase (decrease) in net assets		2,222,221,641			2,242,852,823

Net assets, beginning of period		13,917,852,390			11,674,999,567

Net assets, end of period	$	16,140,074,031		$	13,917,852,390


Accumulated undistributed net investment income (loss)	$	(180,575,295	)	$	29,515,834

⁽¹⁾	Unaudited.


INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE						MID CAP
Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006			Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006			Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006

$	(704,488	)	$	3,700,720		$	7,361,552		$	18,549,621		$	(19,516,453	)	$	(29,617,835	)

	76,236,893			165,713,461			82,956,508			63,848,919			416,492,639			701,530,781
	(408,207	)		(381,598	)		(337,318	)		(230,417	)		-			-

	120,959,626			(1,545,057	)		115,982,167			103,014,146			118,672,579			(251,537,673	)
	(808,940	)		(617,231	)		60,874			36,872			-			-

	195,274,884			166,870,295			206,023,783			185,219,141			515,648,765			420,375,273



	(29,082,285	)		(7,528,607	)		(24,384,271	)		(13,095,062	)		-			-
							(1,768,836	)					-			-

	(156,285,811	)		(71,173,967	)		(71,597,063	)		(16,600,079	)		(480,601,368	)		(209,469,474	)
							(3,867,611	)					(82,408,794	)		(41,213,795	)

	(185,368,096	)		(78,702,574	)		(101,617,781	)		(29,695,141	)		(563,010,162	)		(250,683,269	)


	162,482,963			70,444,652			607,514,779			555,837,073			(44,136,485	)		(655,280,963	)

	172,389,751			158,612,373			711,920,781			711,361,073			(91,497,882	)		(485,588,959	)

	939,761,884			781,149,511			1,312,575,038			601,213,965			5,369,794,845			5,855,383,804

$	1,112,151,635		$	939,761,884		$	2,024,495,819		$	1,312,575,038		$	5,278,296,963		$	5,369,794,845


$	(19,739,852	)	$	10,046,921		$	(6,396,072	)	$	12,395,483		$	(19,538,055	)	$	(21,602	)

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	MID CAP VALUE
	Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006
OPERATIONS:
Net investment income (loss)	$	3,434,715		$	8,980,992
Net realized gain (loss) on:
Investments		141,549,630			142,494,534
Foreign currency related transactions		-			-
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		197,560,496			(2,012,828	)
Foreign currency related transactions		-			-

Net increase in net assets resulting from operations		342,544,841			149,462,698

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(7,420,350	)		(1,572,879	)
Net realized gains on investment transactions:
Investor Shares		(156,158,979	)		(115,690,210	)

Total distributions paid to shareholders		(163,579,329	)		(117,263,089	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		318,349,265			(160,035,696	)

Total increase (decrease) in net assets		497,314,777			(127,836,087	)

Net assets, beginning of period		2,643,321,692			2,771,157,779

Net assets, end of period	$	3,140,636,469		$	2,643,321,692


Accumulated undistributed net investment income (loss)	$	3,422,478		$	7,408,113

⁽¹⁾	Unaudited.

⁽²⁾	For the period from commencement of operations (March 27, 2006) through September 30, 2006.


OPPORTUNISTIC VALUE						SMALL CAP						SMALL CAP VALUE
Six Months Ended 3/31/2007⁽¹⁾			Period Ended 9/30/2006⁽²⁾			Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006			Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006

$	284,134		$	134,163		$	(4,806,786	)	$	(8,764,671	)	$	1,241,894		$	(1,667,593	)

	2,987,833			513,722			34,105,315			32,875,407			146,039,164			264,972,761
	(2,829	)		(2,194	)		-			-			-			-

	9,788,051			2,428,049			51,367,550			(23,271,457	)		76,771,715			(60,339,075	)
	4,399			(520	)		-			-			-			-

	13,061,588			3,073,220			80,666,079			839,279			224,052,773			202,966,093



	(262,233	)		-			-			-			-			-

	(938,254	)		-			(24,611,864	)		(36,967,423	)		(264,220,232	)		(205,122,847	)

	(1,200,487	)		-			(24,611,864	)		(36,967,423	)		(264,220,232	)		(205,122,847	)


	68,409,797			71,882,875			(138,416,768	)		196,696,072			267,596,982			320,766,182

	80,270,898			74,956,095			(82,362,553	)		160,567,928			227,429,523			318,609,428

	74,956,095			-			1,263,819,346			1,103,251,418			2,039,482,123			1,720,872,695

$	155,226,993		$	74,956,095		$	1,181,456,793		$	1,263,819,346		$	2,266,911,646		$	2,039,482,123


$	206,977		$	185,076		$	(4,811,494	)	$	(4,708	)	$	1,235,060		$	(6,834	)

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

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period

The financial highlights table is intended to help you understand the Funds’ financial performance for the past 5 years or, if shorter, the period of a Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).


Year or Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains

ARTISAN INTERNATIONAL FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	28.75	$	0.01		$	4.36		$	4.37		$	(0.43	)	$	(2.33	)
9/30/2006			24.40		0.18			4.58			4.76			(0.41	)		-
9/30/2005			19.33		0.21			4.98			5.19			(0.12	)		-
9/30/2004			16.54		0.12			2.85			2.97			(0.18	)		-
9/30/2003	⁽⁶⁾		15.63		0.02			0.89			0.91			-			-
6/30/2003			18.15		0.20			(2.62	)		(2.42	)		(0.10	)		-
6/30/2002			19.53		0.15			(1.46	)		(1.31	)		(0.07	)		-
Institutional Shares
3/31/2007	⁽⁵⁾	$	28.92	$	0.04		$	4.40		$	4.44		$	(0.49	)	$	(2.33	)
9/30/2006			24.54		0.22			4.62			4.84			(0.46	)		-
9/30/2005			19.44		0.25			5.01			5.26			(0.16	)		-
9/30/2004			16.63		0.16			2.86			3.02			(0.21	)		-
9/30/2003	⁽⁶⁾		15.71		0.03			0.89			0.92			-			-
6/30/2003			18.24		0.25			(2.65	)		(2.40	)		(0.13	)		-
6/30/2002			19.62		0.18			(1.46	)		(1.28	)		(0.10	)		-

ARTISAN INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	22.77	$	(0.02	)	$	4.48		$	4.46		$	(0.70	)	$	(3.76	)
9/30/2006			20.86		0.09			3.90			3.99			(0.20	)		(1.88	)
9/30/2005			16.40		0.19			6.16			6.35			(0.12	)		(1.77	)
9/30/2004			13.84		0.15			2.93			3.08			(0.03	)		(0.49	)
9/30/2003	⁽⁶⁾		12.10		-	⁽⁷⁾		1.74			1.74			-			-
6/30/2003			10.50		0.03			1.59			1.62			-			(0.02	)
6/30/2002	⁽⁸⁾		10.00		-	⁽⁷⁾		0.50	⁽⁹⁾		0.50			-			-

ARTISAN INTERNATIONAL VALUE FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	26.71	$	0.12		$	3.44		$	3.56		$	(0.44	)	$	(1.28	)
9/30/2006			22.38		0.53			4.87			5.40			(0.47	)		(0.60	)
9/30/2005			18.54		0.28			3.88			4.16			(0.11	)		(0.21	)
9/30/2004			14.32		0.28			4.33			4.61			(0.09	)		(0.30	)
9/30/2003	⁽⁶⁾		13.01		0.02			1.29			1.31			-			-
6/30/2003	⁽¹⁰⁾		10.00		0.09			2.92			3.01			-			-
Institutional Shares
3/31/2007	⁽⁵⁾	$	26.71	$	0.14		$	3.44		$	3.58		$	(0.45	)	$	(1.28	)

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾	Periods less than twelve months (where applicable) are not annualized.

⁽³⁾	Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾

The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by the Adviser or the Board of Directors. Absent expenses waived or paid by the Adviser or the Board of Directors, the ratios of expenses to average net assets and net investment income (loss) to average net assets would have been as follows:


	Year or Period Ended	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets
International Investor Shares	9/30/2003	1.23	%	0.49	%
International Institutional Shares	9/30/2003	1.00		0.73
International Small Cap Investor Shares	9/30/2003	1.69		0.05
International Value Investor Shares	9/30/2003	2.80		(0.34	)
	6/30/2003	5.02		(1.43	)


Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾		Net Assets End of Period (millions)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(2.76	)	$	30.36	15.76	%	$	11,457.4	1.21	%	0.05	%	31.90	%
	(0.41	)		28.75	19.84			9,801.9	1.20		0.66		57.80
	(0.12	)		24.40	26.97			7,686.9	1.19		0.94		56.15
	(0.18	)		19.33	18.04			6,130.2	1.22		0.64		54.96
	-			16.54	5.82			5,544.7	1.23		0.49		15.23
	(0.10	)		15.63	(13.30	)		5,182.8	1.20		1.35		37.13
	(0.07	)		18.15	(6.73	)		5,289.6	1.21		0.82		50.67

$	(2.82	)	$	30.54	15.90	%	$	4,682.7	0.99	%	0.27	%	31.90	%
	(0.46	)		28.92	20.07			4,116.0	1.00		0.82		57.80
	(0.16	)		24.54	27.21			3,988.1	0.99		1.11		56.15
	(0.21	)		19.44	18.31			3,622.1	1.01		0.85		54.96
	-			16.63	5.86			3,354.7	1.00		0.73		15.23
	(0.13	)		15.71	(13.09	)		2,975.0	1.01		1.68		37.13
	(0.10	)		18.24	(6.52	)		2,062.0	1.01		1.01		50.67



$	(4.46	)	$	22.77	20.86	%	$	1,112.2	1.52	%	(0.13	)%	27.29	%
	(2.08	)		22.77	21.63			939.8	1.53		0.41		62.21
	(1.89	)		20.86	42.13			781.1	1.53		1.03		57.25
	(0.52	)		16.40	22.66			515.0	1.57		0.95		81.03
	-			13.84	14.46			391.3	1.68		0.06		13.28
	(0.02	)		12.10	15.53			238.6	1.77		0.28		62.79
	-			10.50	5.00			74.5	2.39		(0.02	)	25.14



$	(1.72	)	$	28.55	13.52	%	$	1,891.7	1.25	%	0.84	%	22.58	%
	(1.07	)		26.71	25.38			1,312.6	1.25		2.18		42.52
	(0.32	)		22.38	22.71			601.2	1.31		1.33		53.15
	(0.39	)		18.54	32.81			217.5	1.56		1.61		14.66
	-			14.32	10.07			23.6	2.00		0.46		9.30
	-			13.01	30.10			16.3	2.45		1.14		17.42

$	(1.73	)	$	28.56	13.60	%	$	132.8	1.08	%	1.01	%	22.58	%

⁽⁵⁾

Unaudited. For the six months ended March 31, 2007.

⁽⁶⁾

For the period from July 1, 2003 to September 30, 2003. Artisan Funds changed its fiscal year-end from June 30 to September 30 effective September 30, 2003.

⁽⁷⁾

Amount is between $0.005 and $(0.005) per share.

⁽⁸⁾

For the period from commencement of operations (December 21, 2001) through June 30, 2002.

⁽⁹⁾

The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

⁽¹⁰⁾

For the period from commencement of operations (September 23, 2002) through June 30, 2003.

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

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period (Continued)


Year or Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains

ARTISAN MID CAP FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	31.77	$	(0.12	)	$	3.20		$	3.08		$	-		$	(3.47	)
9/30/2006			30.84		(0.17	)		2.43			2.26			-			(1.33	)
9/30/2005			26.13		(0.18	)		4.89			4.71			-			-
9/30/2004			23.11		(0.20	)		3.22			3.02			-			-
9/30/2003	⁽⁶⁾		21.81		(0.05	)		1.35			1.30			-			-
6/30/2003			22.13		(0.11	)		(0.21	)⁽⁷⁾		(0.32	)		-			-
6/30/2002			26.43		(0.19	)		(4.11	)		(4.30	)		-			-
Institutional Shares
3/31/2007	⁽⁵⁾	$	32.24	$	(0.08	)	$	3.26		$	3.18		$	-		$	(3.47	)
9/30/2006			31.21		(0.10	)		2.46			2.36			-			(1.33	)
9/30/2005			26.38		(0.12	)		4.95			4.83			-			-
9/30/2004			23.28		(0.14	)		3.24			3.10			-			-
9/30/2003	⁽⁶⁾		21.96		(0.03	)		1.35			1.32			-			-
6/30/2003			22.24		(0.07	)		(0.21	)⁽⁷⁾		(0.28	)		-			-
6/30/2002			26.48		(0.13	)		(4.11	)		(4.24	)		-			-

ARTISAN MID CAP VALUE FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	19.87	$	0.02		$	2.51		$	2.53		$	(0.06	)	$	(1.18	)
9/30/2006			19.60		0.06			1.04			1.10			(0.01	)		(0.82	)
9/30/2005			15.55		(0.01	)		4.36			4.35			-	⁽⁸⁾		(0.30	)
9/30/2004			12.22		0.10			3.47			3.57			-			(0.24	)
9/30/2003	⁽⁶⁾		11.64		(0.01	)		0.59			0.58			-			-
6/30/2003			10.82		(0.03	)		0.85			0.82			-			-
6/30/2002			11.18		(0.09	)		(0.19	)		(0.28	)		-			(0.08	)

ARTISAN OPPORTUNISTIC VALUE FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	10.41	$	0.03		$	1.34		$	1.37		$	(0.03	)	$	(0.09	)
9/30/2006	⁽⁹⁾		10.00		0.03			0.38			0.41			-			-

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾	Periods less than twelve months (where applicable) are not annualized.

⁽³⁾	Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾


	Year or Period Ended	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets
Mid Cap Investor Shares	9/30/2003	1.20	%	(0.81	)%
Mid Cap Institutional Shares	9/30/2003	0.98		(0.59	)
Mid Cap Value Investor Shares	9/30/2003	1.63		(0.35	)
	6/30/2002	2.53		(1.40	)
	6/30/2001	5.17		(3.84	)
Opportunistic Value Investor Shares	9/30/2006	1.64		0.39


Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾		Net Assets End of Period (millions)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(3.47	)	$	31.38	9.94	%	$	4,509.5	1.24	%	(0.76	)%	31.05	%
	(1.33	)		31.77	7.42			4,571.9	1.18		(0.55	)	73.59
	-			30.84	18.06			4,874.0	1.18		(0.63	)	83.00
	-			26.13	13.02			4,042.7	1.19		(0.77	)	101.09
	-			23.11	6.01			2,583.2	1.20		(0.81	)	26.52
	-			21.81	(1.45	)		2,286.6	1.20		(0.56	)	102.85
	-			22.13	(16.27	)		1,855.5	1.22		(0.77	)	121.14

$	(3.47	)	$	31.95	10.11	%	$	768.8	0.95	%	(0.48	)%	31.05	%
	(1.33	)		32.24	7.66			797.9	0.95		(0.31	)	73.59
	-			31.21	18.35			981.3	0.95		(0.40	)	83.00
	-			26.38	13.27			1,036.0	0.96		(0.54	)	101.09
	-			23.28	6.06			929.6	0.98		(0.59	)	26.52
	-			21.96	(1.26	)		829.0	1.00		(0.36	)	102.85
	-			22.24	(16.04	)		449.8	1.02		(0.56	)	121.14



$	(1.24	)	$	21.16	13.00	%	$	3,140.6	1.21	%	0.24	%	25.61	%
	(0.83	)		19.87	5.87			2,643.3	1.20		0.33		47.73
	(0.30	)		19.60	28.42			2,771.2	1.22		(0.04	)	51.60
	(0.24	)		15.55	29.60			312.3	1.39		0.73		53.79
	-			12.22	4.98			77.4	1.59		(0.31	)	11.90
	-			11.64	7.58			64.5	1.78		(0.34	)	45.55
	(0.08	)		10.82	(2.37	)		22.0	1.95		(0.82	)	167.70



$	(0.12	)	$	11.66	13.22	%	$	155.2	1.50	%	0.49	%	22.01	%
	-			10.41	4.10			75.0	1.49		0.55		34.07

⁽⁵⁾

Unaudited. For the six months ended March 31, 2007.

⁽⁶⁾

For the period from July 1, 2003 to September 30, 2003. Artisan Funds changed its fiscal year-end from June 30 to September 30 effective September 30, 2003.

⁽⁷⁾

The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

⁽⁸⁾

Amount is between $0.005 and $(0.005) per share.

⁽⁹⁾

For the period from commencement of operations (March 27, 2006) through September 30, 2006.

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

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period (Continued)


Year or Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains

ARTISAN SMALL CAP FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	17.51	$	(0.07	)	$	1.20		$	1.13		$	-		$	(0.36	)
9/30/2006			17.95		(0.13	)		0.26			0.13			-			(0.57	)
9/30/2005			15.12		(0.13	)		3.49			3.36			-			(0.53	)
9/30/2004			12.53		(0.14	)		2.73			2.59			-			-
9/30/2003	⁽⁶⁾		11.90		(0.04	)		0.67			0.63			-			-
6/30/2003			11.99		(0.10	)		0.07	⁽⁷⁾		(0.03	)		-			(0.06	)
6/30/2002			13.99		(0.13	)		(1.81	)		(1.94	)		-			(0.06	)

ARTISAN SMALL CAP VALUE FUND
Investor Shares
3/31/2007	⁽⁵⁾	$	19.17	$	0.01		$	2.01		$	2.02		$	-		$	(2.47	)
9/30/2006			19.51		(0.02	)		2.00			1.98			-			(2.32	)
9/30/2005			17.63		(0.03	)		3.69			3.66			-			(1.78	)
9/30/2004			13.67		(0.03	)		4.19			4.16			-			(0.20	)
9/30/2003	⁽⁶⁾		13.15		(0.01	)		0.53			0.52			-			-
6/30/2003			13.48		(0.03	)		0.20			0.17			-			(0.50	)
6/30/2002			13.05		(0.01	)		1.16			1.15			(0.01	)		(0.71	)

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾	Periods less than twelve months (where applicable) are not annualized.

⁽³⁾	Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾


	Year or Period Ended	Ratio of Expenses to Average Net Assets		Ratio of Net Investment (Loss) to Average Net Assets
Small Cap Investor Shares	9/30/2003	1.46	%	(1.18	)%
Small Cap Value Investor Shares	9/30/2003	1.20		(0.41	)


Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾		Net Assets End of Period (millions)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(0.36	)	$	18.28	6.47	%	$	1,181.5	1.18	%	(0.76	)%	40.53	%
	(0.57	)		17.51	0.74			1,263.8	1.15		(0.70	)	101.98
	(0.53	)		17.95	22.64			1,103.3	1.18		(0.80	)	78.60
	-			15.12	20.67			239.6	1.27		(0.95	)	119.40
	-			12.53	5.29			127.9	1.44		(1.16	)	30.18
	(0.06	)		11.90	(0.11	)		116.0	1.39		(0.98	)	127.41
	(0.06	)		11.99	(13.90	)		131.9	1.31		(1.00	)	139.72



$	(2.47	)	$	18.72	10.98	%	$	2,266.9	1.19	%	0.11	%	30.79	%
	(2.32	)		19.17	11.40			2,039.5	1.17		(0.09	)	58.88
	(1.78	)		19.51	22.42			1,720.9	1.18		(0.16	)	56.03
	(0.20	)		17.63	30.76			1,192.8	1.18		(0.17	)	41.31
	-			13.67	3.95			775.2	1.20		(0.40	)	12.20
	(0.50	)		13.15	1.90			702.5	1.21		(0.21	)	49.57
	(0.72	)		13.48	9.65			623.5	1.20		(0.10	)	33.59

⁽⁵⁾

Unaudited. For the six months ended March 31, 2007.

⁽⁶⁾

For the period from July 1, 2003 to September 30, 2003. Artisan Funds changed its fiscal year-end from June 30 to September 30 effective September 30, 2003.

⁽⁷⁾

The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2007 (Unaudited)

(1)

Organization:


Fund Name		Inception Date
Artisan International Fund (“International Fund” or “International”)		December 28, 1995
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)		December 21, 2001
Artisan International Value Fund (“International Value Fund” or “International Value”)		September 23, 2002
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001
Artisan Opportunistic Value Fund (“Opportunistic Value Fund” or “Opportunistic Value”)		March 27, 2006
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)		March 28, 1995
Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)		September 29, 1997

Each Fund’s investment objective is to seek long-term capital growth. Each Fund has offered shares of capital stock of the class designated Investor Shares since the commencement of its operations. International Fund, International Value Fund and Mid Cap Fund began offering Institutional Shares on July 1, 1997, October 1, 2006 and July 1, 2000, respectively. Institutional Shares are sold to institutional investors meeting certain minimum investment requirements.

Each class of shares has equal rights with respect to portfolio assets and voting privileges. Each class has exclusive voting rights with respect to any matters involving only that class.

Income, expenses not specific to either class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular class of shares, such as transfer agency fees, shareholder communication expenses and registration fees, were allocated directly to that class.

Artisan Emerging Markets Fund (inception date June 26, 2006), also a series of Artisan Funds, Inc., offered only Institutional Shares during the period covered by this report. The financial statements of Artisan Emerging Markets Fund have been presented in a separate report.

(2)

Summary of significant accounting policies:

The following is a summary of significant accounting policies of the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles.

(a)

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, but sometimes earlier) 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

NOTES TO FINANCIAL STATEMENTS

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 was valued at the closing price as of the time of valuation on the exchange or market on which the security was principally traded (the “principal exchange”). The closing price provided by each 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 for a security from the principal exchange as of the time of valuation, the security was valued using the most recent bid quotation on the principal exchange, 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 maturing within sixty days of the valuation date were valued at amortized cost, which approximates market value.

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.

International Fund, International Small Cap Fund and International Value Fund generally invested a significant portion, and perhaps as much as substantially all, of their total assets in securities principally traded in markets outside the U.S. Each of the other Funds had the ability to invest 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.

NOTES TO FINANCIAL STATEMENTS

States 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 the differences may have been material to the NAV of the applicable Fund or to the information presented.

There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions.

(b)

Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds may be subject to taxes on realized gains from the sale of investment securities imposed by certain countries in which the Funds invest. The Funds recorded the foreign tax expense, if any, on an accrual basis. The taxes were included in “Payable for withholding taxes” on the accompanying Statement of Assets and Liabilities.

(c)

Portfolio transactions – In determining a Fund’s NAV, security transactions and shareholder 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 and shareholder transactions were recorded on trade date in accordance with United States generally accepted accounting principles. Net realized gains and losses on securities were computed on specific security lot identification.

(d)

Foreign currency translation – Values of 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

NOTES TO FINANCIAL STATEMENTS

12:00 p.m. (Eastern Time) on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency forward contracts to hedge the foreign currency exposure on open payables and receivables. Foreign currency forward contracts, if any, were recorded at market value and any related realized and unrealized gains and losses were reported as foreign currency related transactions for financial reporting purposes. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss. The Funds could be exposed to loss if the counterparties fail to perform under these contracts.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized from the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(e)

Repurchase agreements – Each Fund may enter into repurchase agreements with institutions that Artisan Partners Limited Partnership (“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 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.

(f)

Securities lending – International Fund entered into securities lending transactions secured by collateral in the form of U.S. Government securities at least equal to, at all times, the fair value of the securities loaned. Unrealized gain or loss in the value of the security loaned as of March 31, 2007 was accounted for in the financial statements of the International Fund. All other Artisan Funds may enter into securities lending transactions, but did not do so during the period covered by these financial statements. In entering into securities lending arrangements a fund takes the risk that the borrower may not provide additional collateral when required or return the securities when due or, if the borrower defaults, the fund may experience delays in selling collateral or the collateral may not be sufficient to cover the value of securities lent.

During the six months ended March 31, 2007, International Fund earned $904,819 from securities lending transactions which was included in the accompanying Statement of Operations. International Fund had one security on loan at March 31, 2007 as disclosed on the accompanying Schedules of Investments, with a value of $335,358,482, which was collateralized by U.S. Treasury Notes, with a value of $350,071,532 at March 31, 2007.

(g)	Transfer agent fees – The Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other

NOTES TO FINANCIAL STATEMENTS

organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders for Investor Shares on the Funds’ behalf. Many authorized agents charged a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. The fee was either based on the number of accounts to which the intermediary provided such services, or a percentage, as of March 31, 2007, up to 0.40% annually of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the six months ended March 31, 2007:


	Six Months Ended 3/31/07
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
International - Investor Shares	$	324,143	$	10,791,800	$	11,115,943
International - Institutional Shares		12,824		-		12,824
International Small Cap - Investor Shares		48,526		769,114		817,640
International Value - Investor Shares		82,688		1,576,490		1,659,178
International Value - Institutional Shares		7,358		-		7,358
Mid Cap - Investor Shares		145,803		5,921,354		6,067,157
Mid Cap - Institutional Shares		11,632		-		11,632
Mid Cap Value - Investor Shares		168,600		2,962,079		3,130,679
Opportunistic Value - Investor Shares		61,111		160,511		221,622
Small Cap - Investor Shares		90,856		956,638		1,047,494
Small Cap Value - Investor Shares		52,943		2,192,473		2,245,416

(h)

Commission recapture – Each of the Funds had the ability to direct portfolio trades to various brokers that have agreed to rebate a portion of the commissions generated. Such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations as follows:


International	$	105,699
International Small Cap		5,678
International Value		101,209
Mid Cap		338,166
Mid Cap Value		151,040
Opportunistic Value		1,460
Small Cap		112,810
Small Cap Value		118,690

NOTES TO FINANCIAL STATEMENTS

(i)

Use of estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles required management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(j)

Indemnifications – In the normal course of business, the Funds have entered into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. The Funds’ maximum exposure under these arrangements is unknown. No claim had been made for indemnification pursuant to any such agreement of the Funds.

(k)

Other – Dividend income less foreign taxes withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Fund on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was reported on the accrual basis. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to Artisan Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were used, depending on the nature of the expense item. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including but not limited to when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries.

(3)

Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Funds were affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, each Fund (with the exception of International Fund, International Small Cap Fund and Opportunistic Value Fund) paid a monthly management fee to the Adviser as follows:


Average Daily Net Assets	Annual Rate
Less than $500 million	1.000	%
$500 million to $750 million	0.975
$750 million to $1 billion	0.950
Greater than $1 billion	0.925

NOTES TO FINANCIAL STATEMENTS

International Fund paid a monthly management fee to the Adviser as follows:


Average Daily Net Assets	Annual Rate
Less than $500 million	1.000	%
$500 million to $750 million	0.975	��
$750 million to $1 billion	0.950
$1 billion to $12 billion	0.925
Greater than $12 billion	0.900

International Small Cap Fund paid a monthly management fee to the Adviser at an annual rate of 1.250% of average daily net assets.

Opportunistic Value Fund paid a monthly management fee to the Adviser as follows:


Average Daily Net Assets	Annual Rate
Less than $1 billion	0.900	%
$1 billion to $4 billion	0.875
$4 billion to $8 billion	0.850
$8 billion to $12 billion	0.825
Greater than $12 billion	0.800

The officers and director of Artisan Funds who are affiliated with the Adviser received no compensation from the Funds.

Prior to April 1, 2007, each director who was not an interested person of Artisan Funds or the Adviser received an annual retainer of $140,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. In addition, the non-interested chair of the Board of Directors received an additional annual retainer of $60,000, payable quarterly, and each chair of a board committee who was a non-interested director received an additional annual retainer of $30,000, payable quarterly. Effective April 1, 2007, each director who is not an interested person of Artisan Funds or the Adviser will receive an annual retainer of $150,000, payable quarterly. The other additional annual retainer fees were unchanged. These fees were generally allocated to each of the Artisan Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Funds has adopted a deferred compensation plan for independent directors that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Artisan Funds as selected by the individual directors. Each Fund purchased shares of the Artisan Funds selected for deferral by the director in amounts equal to his investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of "Other assets" on the Statement of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

NOTES TO FINANCIAL STATEMENTS

Shares of Artisan Funds were offered for sale by Artisan Distributors LLC (“Distributors”). Distributors is wholly owned by the Adviser. All distribution expenses relating to the Funds were paid by the Adviser.

(4)

Line of credit arrangement:

Artisan Funds is party to a line of credit agreement with State Street Bank and Trust Company, which expires August 2007, under which each Fund may borrow up to the lesser of (a) $75 million or (b) the lesser of (i) 10% of its total assets (after giving effect to the loan) or (ii) the maximum amount the Fund may have borrowed under the Investment Company Act of 1940, the limitations included in the Fund’s prospectus, or any limit or restriction under any law or regulation to which the Fund was subject or any agreement to which the Fund or Artisan Funds is a party; provided that the aggregate borrowings by all Artisan Funds may not exceed $100 million. Artisan Funds paid a commitment fee at the annual rate of 0.10% on the unused portion of the line of credit. Interest was charged on any borrowings at the current Federal Funds rate plus 0.50%. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the six months ended March 31, 2007, there were no borrowings under the line of credit for International Value Fund, Mid Cap Value Fund, Opportunistic Value Fund, Small Cap Fund and Small Cap Value Fund. During the six months ended March 31, 2007, International Fund, International Small Cap Fund and Mid Cap Fund paid interest of $16,120, $14,022 and $2,579 on maximum borrowings of $25,231,293, $14,996,194 and $15,972,538, respectively.

(5)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the six months ended March 31, 2007 were as follows:


Fund	Security Purchases		Security Sales
International	$	4,766,367,577	$	4,893,896,528
International Small Cap		278,073,937		284,057,184
International Value		779,903,317		357,577,375
Mid Cap		1,647,471,112		2,254,624,140
Mid Cap Value		706,233,394		694,960,731
Opportunistic Value		80,844,080		23,661,674
Small Cap		490,413,519		654,421,216
Small Cap Value		624,062,217		637,847,899

(6)

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 six months ended March 31, 2007. The Funds have identified a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the Investment Company Act of 1940) during the six months ended March 31, 2007.

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/06										As of 3/31/07
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
International	Credit Saison Co., Ltd.	9,284,400	$	1,556,870	$	-	$	-		$	2,062,995	9,332,200	$	307,272,030
	TAISEI CORPORATION⁽²⁾	54,263,300		-		233,887,164		(51,131,555	)		-	-		-
	Total⁽³⁾			1,556,870		233,887,164		(51,131,555	)		2,062,995			307,272,030
International Small Cap	Spazio Investment NV⁽⁴⁾	-	$	28,486,887		835,335		191,354			260,669	1,769,487		35,456,540
	Total⁽³⁾			28,486,887		835,335		191,354			260,669			35,456,540
International Value	MEITEC CORPORATION⁽⁴⁾	1,282,600		17,361,391		-		-			630,690	1,832,900		59,105,737
	Pfeiffer Vacuum Technology AG	714,441		11,128,617		2,275,406		(4,487	)		-	822,027		74,824,863
	SurfControl PLC⁽⁵⁾	1,603,124		4,678,771		2,187,031		(133,025	)		-	1,871,963		17,497,770
	Total⁽³⁾			33,168,779		4,462,437		(137,512	)		630,690			151,428,370
Mid Cap	Intermec, Inc.⁽⁵⁾	3,374,500		18,604,186		-		-			-	4,206,000		93,962,040
	Marvel Entertainment, Inc.⁽²⁾⁽⁵⁾	1,361,100		73,515		6,100,823		2,503,374			-	1,038,600		28,821,150
	Total⁽³⁾			18,677,701		6,100,823		2,503,374			-			93,962,040
Mid Cap Value	Forest Oil Corporation⁽⁴⁾⁽⁵⁾	1,107,300		40,511,068		-		-			-	2,394,100		79,891,117
	Furniture Brands International, Inc.	2,696,700		2,013,965		18,246,933		(5,310,801	)		824,080	2,025,500		31,962,390
	Mariner Energy, Inc.⁽⁴⁾⁽⁵⁾	1,116,191		25,669,834		-		-			-	2,475,691		47,359,969
	Marvel Entertainment, Inc.⁽²⁾⁽⁵⁾	2,440,500		2,613,734		21,453,723		11,777,699			-	1,324,100		36,743,775
	Zale Corporation⁽⁵⁾	2,543,200		2,750,683		19,860,867		(1,311,758	)		-	2,015,900		53,179,442
	Total⁽³⁾			73,559,284		59,561,523		5,155,140			824,080			212,392,918
Small Cap Value	America Service Group Inc.⁽⁵⁾	603,600		-		-		-			-	603,600		10,062,012
	Cross Country Healthcare, Inc.⁽⁵⁾	2,097,500		2,837,440		5,278,882		1,207,574			-	1,970,900		35,929,507
	Diamond Management & Technology Consultants, Inc.⁽²⁾	2,079,700		4,865,754		13,720,299		7,767,919			620,010	957,300		11,190,837
	Forest Oil Corporation⁽⁴⁾⁽⁵⁾	616,258		10,911,974		-		-			-	964,258		32,177,289
	Furniture Brands International, Inc.	2,012,900		-		15,053,820		(4,979,032	)		615,120	1,390,900		21,948,402
	Gevity HR, Inc.⁽⁴⁾	305,600		29,796,413		-		-			87,111	1,689,400		33,348,756
	LTX Corporation⁽⁴⁾⁽⁵⁾	2,465,500		4,107,485		191,197		47,606			-	3,261,500		19,960,380
	Manhattan Associates, Inc.⁽²⁾⁽⁵⁾	1,539,600		-		11,576,184		4,381,247			-	985,900		27,043,237
	MarineMax, Inc.⁽⁴⁾⁽⁵⁾	294,000		22,450,484		-		-			-	1,231,200		28,539,216
	Mariner Energy, Inc.⁽⁴⁾⁽⁵⁾	1,260,997		12,904,853		-		-			-	1,921,297		36,754,412
	Marvel Entertainment, Inc.⁽²⁾⁽⁵⁾	576,200		-		2,637,746		2,424,798			-	391,000		10,850,250
	Medical Staffing Network Holdings, Inc.⁽⁵⁾	1,548,900		-		-		-			-	1,548,900		9,835,515
	National Dentex Corporation⁽⁵⁾	413,500		-		-		-			-	413,500		5,822,080
	Orbotech, Ltd.⁽⁴⁾⁽⁵⁾	1,277,200		19,579,061		-		-			-	2,083,900		45,908,317
	Sanderson Farms, Inc.	1,197,500		-		3,979,123		1,093,531			287,400	1,054,100		39,064,946
	Stewart Information Services Corporation	1,501,100		4,300,986		-		-			1,162,425	1,610,100		67,286,079
	Zale Corporation⁽⁵⁾	2,005,500		-		11,480,436		700,742			-	1,586,600		41,854,508
	Total⁽³⁾			111,754,450		63,917,687		12,644,385			2,772,066			428,491,419

See notes on next page.

NOTES TO FINANCIAL STATEMENTS

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

⁽²⁾	Issuer was no longer an affiliate as of March 31, 2007.

⁽³⁾	Total value as of 3/31/2007 is presented for only those issuers that were affiliates as of March 31, 2007.

⁽⁴⁾	Issuer was not an affiliate as of September 30, 2006.

⁽⁵⁾	Non-income producing security.

(7)

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 on investments as of March 31, 2007 were as follows:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
International	$	11,546,348,154	$	4,569,978,662	$	(66,790,300	)	$	4,503,188,362
International Small Cap		799,442,318		311,261,122		(14,506,640	)		296,754,482
International Value		1,737,037,016		279,655,570		(9,879,972	)		269,775,598
Mid Cap		4,184,985,895		1,124,736,645		(58,173,764	)		1,066,562,881
Mid Cap Value		2,823,003,718		426,927,222		(28,300,129	)		398,627,093
Opportunistic Value		139,416,403		13,101,870		(1,045,216	)		12,056,654
Small Cap		1,046,167,850		149,999,928		(26,380,260	)		123,619,668
Small Cap Value		1,906,812,173		410,364,957		(56,805,324	)		353,559,633

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions).

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2007 and the year ended September 30, 2006 were as follows:


	Six Months Ended 3/31/07				Year Ended 9/30/06
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends			Long-Term Capital Gain Distributions
International	$	218,986,067	$	1,133,006,631	$	200,705,174		$	-
International Small Cap		50,533,801		134,834,295		33,534,988			45,167,586
International Value		58,575,571		43,042,210		20,163,763			9,531,378
Mid Cap		26,122,960		536,887,202		30,312,731			220,370,538
Mid Cap Value		80,938,738		82,640,591		91,428,711			25,834,378
Opportunistic Value		1,200,487		-		-	⁽¹⁾		-	⁽¹⁾
Small Cap		16,675,263		7,936,601		19,680,637			17,286,786
Small Cap Value		86,156,248		178,063,984		52,669,430			152,453,417

⁽¹⁾	For the period from commencement of operations (March 27, 2006) through September 30, 2006.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that may differ from U.S. generally accepted accounting principles.

NOTES TO FINANCIAL STATEMENTS

These differences were due to differing treatments for items such as net short-term gains, wash sale loss deferrals, foreign currency transactions, net investment losses and capital loss carryovers. Gains on redemptions-in-kind for International Fund and Mid Cap Fund of $29,012,833 and $13,451,833, respectively, were included in net realized gain (loss) on investments in the Statement of Operations for the year ended September 30, 2006, and were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2006 follows:


	As of 9/30/06				Year Ended 9/30/06
Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Capital Loss Carryforward Utilized		Post-October Losses
International	$	212,453,758	$	1,018,713,221	$	617,923,426	$	-
International Small Cap		48,705,322		134,831,447		-		-
International Value		46,295,790		37,751,013		-		-
Mid Cap		26,118,296		536,884,861		-		-
Mid Cap Value		72,061,396		71,446,073		-		-
Opportunistic Value		879,512		-		-		2,194	⁽¹⁾
Small Cap		16,656,782		5,964,573		-		-
Small Cap Value		85,448,393		156,651,531		-		-

⁽¹⁾	For the period from commencement of operations (March 27, 2006) through September 30, 2006.

As of September 30, 2006, none of the Funds had capital loss carryforwards.

NOTES TO FINANCIAL STATEMENTS

[THIS PAGE INTENTIONALLY LEFT BLANK]

NOTES TO FINANCIAL STATEMENTS

(8)

Fund share activities:

Capital share transactions for the Funds were as follows:


	INTERNATIONAL						INTERNATIONAL SMALL CAP
Six months ended March 31, 2007	Investor Shares			Institutional Shares			Investor Shares
Net asset value of shares transferred
Proceeds from shares issued	$	1,221,409,213		$	236,054,876		$	104,256,713
Net asset value of shares issued in reinvestment of dividends and distributions		914,418,120			375,581,486			175,371,856
Cost of shares redeemed⁽¹⁾		(1,084,675,284	)		(296,491,732	)		(117,145,606	)

Net increase (decrease) from fund share transactions	$	1,051,152,049		$	315,144,630		$	162,482,963


Shares transferred
Shares sold		41,461,883			7,738,949			4,596,601
Shares issued in reinvestment of dividends and distributions		31,850,161			13,013,911			8,191,119
Shares redeemed		(36,878,516	)		(9,746,297	)		(5,218,863	)

Net increase (decrease) in capital shares		36,433,528			11,006,563			7,568,857


	INTERNATIONAL						INTERNATIONAL SMALL CAP
Year ended September 30, 2006	Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued	$	2,314,789,322		$	316,068,084		$	183,703,921
Net asset value of shares issued in reinvestment of dividends and distributions		121,587,382			67,354,311			76,365,043
Cost of shares redeemed⁽¹⁾		(1,736,641,589	)		(917,682,779	)		(189,624,312	)

Net increase (decrease) from fund share transactions	$	699,735,115		$	(534,260,384	)	$	70,444,652


Shares sold		85,995,680			12,075,907			8,475,604
Shares issued in reinvestment of dividends and distributions		5,049,329			2,785,484			4,198,188
Shares redeemed		(65,072,487	)		(35,034,422	)		(8,846,307	)

Net increase (decrease) in capital shares		25,972,522			(20,173,031	)		3,827,485

⁽¹⁾

Net of redemption fees of:


Fund	Six Months Ended 3/31/2007		Year Ended 9/30/2006
International - Investor Shares	$	308,767	$	863,753
International - Institutional Shares		134,383		389,313
International Small Cap - Investor Shares		4,071		29,405
International Value - Investor Shares		206,124		222,110
International Value - Institutional Shares		13,709		-

⁽²⁾

For the period from commencement of operations (March 27, 2006) through September 30, 2006.

NOTES TO FINANCIAL STATEMENTS


INTERNATIONAL VALUE						MID CAP						MID CAP VALUE			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE
Investor Shares			Institutional Shares			Investor Shares			Institutional Shares			Investor Shares			Investor Shares			Investor Shares			Investor Shares
$	(78,194,778	)	$	78,194,778
	756,869,688			43,712,430		$	292,786,604		$	17,273,694		$	489,596,371		$	77,965,104		$	96,562,686		$	227,663,441
	88,578,891			6,278,901			474,031,867			81,886,968			157,266,155			1,195,855			20,175,067			261,614,624
	(285,963,748	)		(1,961,383	)		(786,263,400	)		(123,852,218	)		(328,513,261	)		(10,751,162	)		(255,154,521	)		(221,681,083	)

$	481,290,053		$	126,224,726		$	(19,444,929	)	$	(24,691,556	)	$	318,349,265		$	68,409,797		$	(138,416,768	)	$	267,596,982


	(2,927,547	)		2,927,547
	27,108,609			1,568,426			9,211,352			522,516			23,462,966			6,951,937			5,260,008			12,137,987
	3,182,856			225,617			15,430,725			2,620,383			7,766,230			107,252			1,113,414			14,477,843
	(10,237,063	)		(71,458	)		(24,845,108	)		(3,823,512	)		(15,850,054	)		(948,028	)		(13,902,598	)		(11,890,809	)

	17,126,855			4,650,132			(203,031	)		(680,613	)		15,379,142			6,111,161			(7,529,176	)		14,725,021


INTERNATIONAL VALUE						MID CAP						MID CAP VALUE			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE
Investor Shares						Investor Shares			Institutional Shares			Investor Shares			Investor Shares⁽²⁾			Investor Shares			Investor Shares
$	711,293,524					$	902,753,102		$	55,931,735		$	1,278,114,752		$	76,696,206		$	469,041,774		$	482,338,945
	28,357,891						205,964,332			40,056,662			113,719,066			-			29,151,935			198,667,438
	(183,814,342	)					(1,552,986,575	)		(307,000,219	)		(1,551,869,514	)		(4,813,331	)		(301,497,637	)		(360,240,201	)

$	555,837,073					$	(444,269,141	)	$	(211,011,822	)	$	(160,035,696	)	$	71,882,875		$	196,696,072		$	320,766,182


	28,589,432						28,570,035			1,750,257			66,702,499			7,689,378			25,960,358			26,431,133
	1,344,769						6,671,990			1,280,993			6,061,606			-			1,669,642			11,477,024
	(7,654,580	)					(49,375,193	)		(9,727,021	)		(81,083,86	)		(486,391	)		(16,910,947	)		(19,722,554	)

	22,279,621						(14,133,168	)		(6,695,771	)		(8,319,764	)		7,202,987			10,719,053			18,185,603

NOTES TO FINANCIAL STATEMENTS

(9)

Litigation:

Artisan Funds and the Adviser were defendants in a lawsuit in the Circuit Court of the Third Judicial Circuit, Madison County, Illinois that sought certification of a plaintiff class consisting of all persons in the United States who held shares in International Fund for a period of more than 14 days during the five years prior to the filing of the lawsuit. The suit sought compensatory and punitive damages under state law, as well as interest, costs and attorney’s fees. The lawsuit alleged, in summary, that Artisan Funds and the Adviser exposed long-term International Fund shareholders to trading by market timers by allegedly (a) failing to properly evaluate daily whether a significant event affecting the value of International Fund’s securities had occurred after foreign markets had closed but before the calculation of the Fund’s NAV; (b) failing to implement the Fund’s portfolio valuation and share pricing policies and procedures; (c) allowing portfolio valuation and share policies and procedures that benefited market timers at the expense of long-term shareholders; and (d) failing to know and implement applicable rules and regulations concerning the calculation of NAV.

Artisan Funds and the Adviser removed the lawsuit from state court to federal district court. The federal district court ordered the case remanded to Illinois state court. Artisan Funds and the Adviser then appealed the remand order to the United States Court of Appeals for the Seventh Circuit and, on April 5, 2005, the Court of Appeals ruled in favor of Artisan Funds and the Adviser. As a result, the action was dismissed with prejudice in May 2005. The plaintiff subsequently sought and was granted review by the United States Supreme Court on the question of whether the Court of Appeals had jurisdiction to hear the appeal. On June 15, 2006, the United States Supreme Court ruled that the Court of Appeals had lacked jurisdiction to hear the appeal of Artisan Funds and the Adviser, vacated the judgment of the Court of Appeals and remanded the case to the Court of Appeals with instructions to dismiss the appeal for lack of jurisdiction. On October 16, 2006, the Court of Appeals dismissed the appeal and remanded the case to state court. Artisan Funds and the Adviser have again removed the action from state court to federal court and intend to continue to defend the lawsuit vigorously.

Certain legal fees incurred by Artisan Funds in defense of the lawsuit have been allocated to International Fund and were included in professional fees in the Statement of Operations. As of the date of this report, Artisan Funds does not believe that the action described herein will have a material effect on the financial condition of any Fund.

(10)

Recent Accounting Pronouncements:

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be deemed to be uncertain and would be recorded as tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in fund NAV calculations as late as the fund’s last

NOTES TO FINANCIAL STATEMENTS

NAV calculation in the first required financial statement reporting period. As a result, the Funds will incorporate FIN 48 in its semi-annual report on March 31, 2008. As of the date of this report, management is evaluating the implications of FIN 48 and its impact to the financial statements has not yet been determined.

In September 2006, FASB issued Statement on Financial Accounting Standards No. 157, "Fair Value Measurements” (FAS 157). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of March 31, 2007, the Funds did not believe the adoption of FAS 157 would impact the amounts reported in the financial statements, however, additional disclosures would be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of Artisan Funds, you may incur transaction costs, including redemption fees, and you will incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2006 to March 31, 2007.

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line below each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended March 31, 2007 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.


	Beginning Account Value 10/1/2006	Ending Account Value 3/31/2007	Expenses Paid During Period 10/1/2006-3/31/2007⁽¹⁾
Artisan International Fund - Investor Shares
Actual	$1,000.00	$1,157.61	$6.51
Hypothetical (5% return before expenses)	$1,000.00	$1,018.90	$6.09
Artisan International Fund - Institutional Shares
Actual	$1,000.00	$1,158.99	$5.33
Hypothetical (5% return before expenses)	$1,000.00	$1,020.00	$4.99
Artisan International Small Cap Fund - Investor Shares
Actual	$1,000.00	$1,208.56	$8.37
Hypothetical (5% return before expenses)	$1,000.00	$1,017.35	$7.64

SHAREHOLDER EXPENSE EXAMPLE


	Beginning Account Value 10/1/2006	Ending Account Value 3/31/2007	Expenses Paid During Period 10/1/2006-3/31/2007⁽¹⁾
Artisan International Value Fund - Investor Shares
Actual	$1,000.00	$1,135.16	$6.65
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	$6.29
Artisan International Value Fund - Institutional Shares
Actual	$1,000.00	$1,135.96	$5.75
Hypothetical (5% return before expenses)	$1,000.00	$1,019.55	$5.44
Artisan Mid Cap Fund - Investor Shares
Actual	$1,000.00	$1,099.36	$6.49
Hypothetical (5% return before expenses)	$1,000.00	$1,018.75	$6.24
Artisan Mid Cap Fund - Institutional Shares
Actual	$1,000.00	$1,101.11	$4.98
Hypothetical (5% return before expenses)	$1,000.00	$1,020.19	$4.78
Artisan Mid Cap Value Fund - Investor Shares
Actual	$1,000.00	$1,129.97	$6.43
Hypothetical (5% return before expenses)	$1,000.00	$1,018.90	$6.09
Artisan Opportunistic Value Fund - Investor Shares
Actual	$1,000.00	$1,132.17	$7.97
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	$7.54
Artisan Small Cap Fund - Investor Shares
Actual	$1,000.00	$1,064.66	$6.07
Hypothetical (5% return before expenses)	$1,000.00	$1,019.05	$5.94
Artisan Small Cap Value Fund - Investor Shares
Actual	$1,000.00	$1,109.76	$6.26
Hypothetical (5% return before expenses)	$1,000.00	$1,019.00	$5.99

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2007 (shown below); multiplied by the average account value over the period; multiplied by 182/365 (to reflect the one-half year period).


Fund		Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended March 31, 2007
Artisan International Fund - Investor Shares		1.21%
Artisan International Fund - Institutional Shares		0.99
Artisan International Small Cap Fund - Investor Shares		1.52
Artisan International Value Fund - Investor Shares		1.25
Artisan International Value Fund - Institutional Shares		1.08
Artisan Mid Cap Fund - Investor Shares		1.24
Artisan Mid Cap Fund - Institutional Shares		0.95
Artisan Mid Cap Value Fund - Investor Shares		1.21
Artisan Opportunistic Value Fund - Investor Shares		1.50
Artisan Small Cap Fund - Investor Shares		1.18
Artisan Small Cap Value Fund - Investor Shares		1.19

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“Artisan Partners”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to Investment Advisory Agreements dated December 28, 1995, as amended November 17, 2005 (International Fund); November 7, 2001 (International Small Cap Fund); August 9, 2002 (International Value Fund); April 10, 1997 (Mid Cap Fund); January 25, 2001 (Mid Cap Value Fund); March 27, 1995 (Small Cap Fund) and August 20, 1997 (Small Cap Value Fund) (the “Advisory Agreements”). The advisory agreement for Opportunistic Value Fund dated February 9, 2006, continues through November 30, 2007, and so was not considered at the meetings described below. Artisan Partners is a Delaware limited partnership the sole general partner of which is Artisan Investment Corporation. Artisan Investment Corporation was incorporated on December 7, 1994 for the sole purpose of acting as general partner of Artisan Partners. Artisan Investment Corporation is owned by ZFIC, Inc., a Wisconsin Corporation, which is controlled by Mr. Ziegler and Ms. Ziegler, who together own 100% of its voting stock. The principal address of Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. Artisan Partners also has offices at 100 Pine Street, Suite 2950, San Francisco, California 94111; One Maritime Plaza, Suite 1450, San Francisco, California 94111; Five Concourse Parkway NE, Suite 2120, Atlanta, Georgia 30328; 1350 Avenue of the Americas Suite 3005, New York, New York 10019 and 800 Delaware Avenue, Suite 800, Wilmington, Delaware 19801.

The Advisory Agreement for each Fund may be continued from year to year only so long as the continuance is approved annually (a) by the vote of a majority of the directors of Artisan Funds who are not “interested persons” of Artisan Funds or Artisan Partners cast in person at a meeting called for the purpose of voting on such approval, and (b) by the board of directors or by the vote of a majority (as defined in the 1940 Act) of the outstanding shares of the Fund. Each Advisory Agreement provides that Artisan Partners shall not be liable for any loss suffered by a Fund or its shareholders as a consequence of any act or omission in connection with investment advisory or portfolio services under the agreement, except by reason of willful misfeasance, bad faith or gross negligence on the part of Artisan Partners in the performance of its duties or from reckless disregard by Artisan Partners of its obligations and duties under the Advisory Agreement. Each Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

The directors of Artisan Funds held a special meeting of the board on November 3, 2006 (the “November Special Meeting”), at which meeting they gave preliminary consideration to information bearing on continuation of each Advisory Agreement for the period from December 1, 2006 through November 30, 2007. The primary purpose of the November Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

The independent directors of Artisan Funds next met in executive session on November 9, 2006 with their independent counsel to further consider the matters reviewed at the November Special Meeting and to reach certain conclusions in connection with the review and approval of the Advisory Agreements. The full board then met at a regular meeting on November 10, 2006, at which time they approved the continuation of each Advisory Agreement from December 1, 2006 to November 30, 2007.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Prior to the November Special Meeting, independent counsel to the independent directors sent to Artisan Partners a request for information to be provided to the directors in connection with their consideration of the continuation of the Advisory Agreements. Artisan Partners provided materials to the directors that included responses to that request, other information Artisan Partners believed was useful in evaluating the continuation of the Advisory Agreements and extensive reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to each Fund’s performance and expenses compared to the performance and expenses of a relatively small peer group and a larger peer universe of funds determined by Lipper to be comparable. Artisan Partners also provided additional reports prepared by Lipper comparing certain of the Funds’ performance and expenses to different peer groups and peer universes that Artisan Partners believed were more appropriate for comparative purposes than the peer groups and peer universes selected by Lipper. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Funds’ investment advisory agreements.

In evaluating the Advisory Agreements, the directors reviewed the available information and discussed with representatives of Artisan Partners each Fund’s operations, the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Funds, the overall expense ratios of each class of shares of the Funds, and economies of scale and other benefits derived by Artisan Partners from its relationship with the Funds. In addition to the third party reports by Lipper and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the November Special Meeting concerning the following:

•

The terms of each Advisory Agreement, including: a list of services performed by Artisan Partners; Artisan Partners’ responsibility for making investment decisions and for observing investment objectives, policies and restrictions of each Artisan Fund; Artisan Partners’ standard of care; and termination provisions;

•

Artisan Partners’ personnel and operations, including: the education, experience and number of Artisan Partners’ investment personnel; Artisan Partners’ assessment of its ability to attract and retain capable investment and business professionals through compensation programs and equity participation and recent hiring and retention information; Artisan Partners’ research and decision-making processes, including methods adopted to ensure compliance with investment objectives, policies and restrictions of the Funds; policies relating to the assignment of Artisan Partners’ personnel to the various Funds’ portfolios; the compensation of Artisan Partners’ personnel with primary responsibility for managing the Funds; the time and attention of Artisan Partners’ personnel devoted to the Funds; and the adequacy and sophistication of Artisan Partners’ technology and systems with respect to investment and administrative matters;

•

Each Fund’s short- and long-term investment performance, including a comparison for various time periods with (1) other Artisan Partners client accounts managed in the same investment strategy, (2) other mutual funds having similar investment objectives, and (3) appropriate market indices;

•

Potential for conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest,

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

including: the type and number of other clients served by Artisan Partners in each of its investment strategies; the basis of sharing personnel, services, research and advice among clients; the basis of decisions by Artisan Partners to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; Artisan Partners’ methodology of allocating investment opportunities, including initial public offerings, among the Funds and other clients; potential advantages and disadvantages in having an investment adviser that has other clients; Artisan Partners’ own investments and possible conflicts with the Funds; Artisan Partners’ code of ethics; any litigation pending, threatened or settled involving Artisan Partners; and results of any regulatory examinations;

•

Potential “fall-out” benefits gained by Artisan Partners or its affiliates from their relationship with the Funds, including: benefits to Artisan Partners in attracting and retaining other clients and the method of estimating other benefits;

•

Brokerage and portfolio transactions, including: the standards and performance in seeking best execution; commissions paid, including commissions by purpose; allocation of brokerage for research products and services (soft dollars); Artisan Partners’ practices in light of SEC guidance under Section 28(e) of the Securities Exchange Act of 1934; and portfolio turnover rates;

•

The structure of advisory fees charged, including: the method of computing fees; recognition of economies of scale through breakpoints in the fees; the frequency of the payment of fees; a comparison of the fees charged by Artisan Partners to the Funds with the fees charged by Artisan Partners to other accounts managed by Artisan Partners in the same investment strategies, including other mutual funds for which Artisan Partners provides sub-advisory services; a comparison of the fees charged by Artisan Partners to the Funds with the management fees charged by other investment advisers for managing mutual funds with similar investment objectives and strategies; and potential cost savings by Artisan Partners, incentives to effect savings and the sharing of savings with the Funds;

•

The effect of advisory and other fees on the Funds’ total expenses, including: comparisons of expenses and expense ratios with those of other mutual funds, taking into account comparability factors such as size, account-level charges and investment objective; voluntary expense limitations or reductions and the relationship of expenses to expense limitations; the allocation of certain expenses between Artisan Partners, Distributor and the Funds; and fees paid to service providers other than Artisan Partners, including custodial, transfer agent and shareholder servicing fees;

•

The financial condition and stability of Artisan Partners, including Artisan Partners’ consolidated balance sheet; and

•

The profitability to Artisan Partners of its relationship with each Fund, including: unaudited schedules showing Artisan Partners’ revenues, costs and profits in providing services to the Funds, on a fund-by-fund basis; the methods of allocating expenses in compiling those statements and the impact different methods would have on overall profitability; and Artisan Partners’ profit margins and appropriate comparisons with Artisan Partners’ profit margins on private account advisory fees.

At the end of the November Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

independent counsel and subsequently requested additional supplemental material concerning the funds for which Artisan Partners serves as subadviser.

On November 9, 2006, the independent directors then again met separately with their independent counsel to review and discuss relevant information regarding the continuation of the Advisory Agreements and the information presented and discussed at the November Special Meeting. In the course of this review process, the independent directors reviewed and discussed the following information:

The nature, extent and quality of Artisan Partners’ services. The independent directors reviewed the nature, extent and the quality of Artisan Partners’ services to the Funds and considered the following:

•

Because Artisan Partners’ principal responsibility is management of the Funds’ investment portfolios, the investment performance achieved by Artisan Partners is an important measure of the quality of the services provided.

•

Besides investment management, Artisan Partners provides the Funds with general administration services, including the preparation of regulatory filings, supervises the pricing of the Funds’ portfolios and calculation of net asset value, provides services to certain of the Funds’ shareholders and management of the Funds’ relationships with its third party service providers, including its custodian, fund accounting agent, transfer agent, lawyers and auditors.

•

The quality of Artisan Partners’ services to the Funds in absolute terms and relative to mutual fund industry standards.

•

The sufficiency and quality of Artisan Partners personnel.

•

Artisan Partners’ financial condition.

The investment performance of each Fund. The independent directors reviewed for each Fund for periods ended June 30, 2006 short-term and long-term investment performance compared to broad-based and style specific market indexes, performance for the period January 1, 2006 through September 30, 2006 compared to the same indexes, Morningstar ratings^™ (for those Funds rated by Morningstar) and Lipper rankings. The independent directors concluded that the overall investment performance of each Fund has been good to excellent and with respect to Artisan Small Cap Fund performance has been acceptable. In reaching that conclusion, the independent directors considered the following:

•

Because of each Fund’s style specific investment strategy, the investment performance of each Fund and, in particular, its performance compared to a broad based market index is affected by the relative performance of growth-oriented stocks and value-oriented stocks in the market overall.

•

A fund’s relative performance in the Lipper performance universe may be significantly influenced by the style category in which Lipper places the fund.

•

The performance of each Fund, without taking expenses into account, was consistent with the performance, before expenses, of other accounts managed by Artisan Partners in the same investment strategy.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Cost of services, economies of scale and benefits derived by Artisan Partners. The independent directors reviewed the overall expense ratio of each class of shares of each Fund in comparison to the expense ratios of its peers in relation to the nature and quality of services provided and in relation to the fees Artisan Partners charges its other clients who have similar investment strategies and objectives (but to whom Artisan Partners generally provides few or no services other than portfolio management). The independent directors also considered whether shareholders of the Funds have benefited or will benefit from economies of scale under the management fee structures in the Advisory Agreements, including the fact that since International Small Cap Fund closed at a relatively low asset level, Artisan Partners is not likely to enjoy economies of scale in its management. In their review, the independent directors considered the following:

•

The rates of fee paid by each Fund to Artisan Partners have been stable or have decreased as a percentage of Fund assets as a result of fee breakpoints, but the aggregate dollar amounts of the fees paid have increased as the Funds have grown.

•

In return for its services, each Fund, other than Artisan International Small Cap Fund, pays Artisan Partners a monthly fee at the annual rate of 1% of the Fund’s average daily net assets up to $500 million; 0.975 of 1% of the next $250 million; 0.950 of 1% of the next $250 million; and 0.925 of 1% of average daily net assets over $1 billion. In addition, Artisan International Fund pays Artisan Partners a monthly fee at the annual rate of 0.900 of 1% of the Fund’s average daily net assets over $12 billion. Artisan International Small Cap Fund pays Artisan Partners a monthly fee at the annual rate of 1.25% of the Fund’s average daily net assets.

•

Although the management fee paid to Artisan Partners by many of the Funds was slightly higher than the median of fees paid by other funds in Lipper’s expense groups for the respective Funds, each Fund’s total expense ratio generally was lower than or comparable to the median total expense ratio of those other funds.

Profitability of Artisan Partners. The independent directors reviewed a profitability analysis for Artisan Partners for the twelve-month period ended June 30, 2006, including a comparison of the fees charged to the Funds and Artisan Partners’ separate account clients. The independent directors also considered the fact that the relationship with each of the Funds being reviewed was profitable to Artisan Partners during the twelve-months ended June 30, 2006.

Other benefits derived by the Funds or Artisan Partners. The independent directors then reviewed the potential benefits that Artisan Partners may derive as a result of its relationship with the Funds, other than the services provided by Artisan Partners pursuant to the Advisory Agreements and the management fees paid in return. For Artisan Partners, the independent directors considered two potential benefits to Artisan Partners: (1) the potential conversion of a Fund shareholder to a separate account client; and (2) the acquisition of research products and services in return for commissions (“soft dollars”). The independent directors noted that, although Artisan Partners derives or may derive those additional benefits, the Funds also benefit in similar fashion. In reaching those conclusions, the independent directors considered the following:

•

Artisan Partners does not solicit the Funds’ shareholders to become separate account clients nor to purchase other goods or services provided by Artisan Partners or its

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

affiliates. Artisan Partners refers potential separate account clients that do not meet Artisan Partners’ minimum separate account size requirements to the Funds.

•

Artisan Partners utilizes third-party research products and services and proprietary research from executing brokers paid for with soft dollars paid by the Funds and by other clients of Artisan Partners. Artisan Partners’ use of soft dollars provides Artisan Partners, and thereby the Funds, with access to third party and proprietary research and also helps Artisan Partners maintain important and open relationships with brokers. Use of a Fund’s commissions for soft dollar purposes is on the same terms as every other client account managed by Artisan Partners in the same investment strategy.

The directors concluded their annual Advisory Agreement contract review at a regularly scheduled meeting on November 10, 2006. At the November 10th meeting, the independent directors and counsel to the independent directors reviewed with the full board the information discussed at the November 9th meeting. The directors then considered whether any further discussion or review was necessary, concluding that the November Special Meeting and the information reviewed by the independent directors at the November 9th meeting provided a strong basis for considering the continuation of the Advisory Agreements. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds was appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreements. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.

The investment performance of each Fund. The directors concluded that the overall performance of each Fund has been good to excellent and with respect to Artisan Small Cap Fund, performance has been acceptable.

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the overall expense ratio of each class of shares of each Fund was within an acceptable range of, and in line with industry averages. The directors concluded that the fees each Fund pays to Artisan Partners (and Artisan Partners’ corresponding profits) are reasonable in relation to the nature and quality of services provided to the Funds and in relation to the fees Artisan Partners charges its other clients who have similar investment strategies and objectives (but to whom Artisan Partners generally provides few or no services other than portfolio management). The directors also concluded that shareholders of the Funds (except for Artisan International Small Cap Fund) have benefited or will benefit from economies of scale under the management fee structures in the Advisory Agreements, and that, because International Small Cap Fund closed at such a small asset level, Artisan Partners is not likely to enjoy economies of scale in its management.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

directors concluded there were two principal benefits: (1) the potential conversion of a Fund shareholder to a separate account client; and (2) the acquisition of research products and services in return for commissions (“soft dollars”). The directors concluded that, although Artisan Partners derives or may derive those additional benefits, the Funds also could benefit from conversions of separate account clients to Fund investors and did benefit from Artisan Partners’ use of soft dollars with respect to its separate account clients. Following those discussions, the board approved the continuation of each Advisory Agreement through November 30, 2007 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of March 31, 2007. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this Report was prepared by the Adviser using information reported by FactSet Databases (“FactSet”). For the purposes of assigning portfolio securities to a particular country, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. The Adviser currently uses MSCI as its primary source and FactSet as a secondary source for this information. As a result, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Opportunistic Value Fund, Artisan Small Cap Fund and Artisan Small Cap Value Fund routinely hold securities of issuers organized outside the U.S., but with their primary trading markets in the U.S. In addition, those Funds may hold a limited number of non-U.S. securities that are traded in the U.S., directly or as ADRs. Also based on the designations of the securities information vendors, Artisan International Fund, Artisan International Small Cap Fund and Artisan International Value Fund routinely hold securities of issuers organized within the U.S. and/or issuers with their primary trading markets in the U.S. In the event (i) the Adviser’s securities information vendors do not assign a security to a particular country or if the published classification appears to be erroneous, or (ii) its primary vendor does not assign a security to a particular country and the secondary vendor has assigned a security to a particular country by using a methodology that is not the same as the methodology the primary vendor uses to assign a country, the Adviser assigns the security to a country using the primary vendor’s published criteria (to the extent available) or the Adviser’s own judgment. The primary information vendor’s criteria include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. Country designations may change over time.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser considers an issuer to be included in a particular sector and industry as classified by its securities information vendors, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Opportunistic Value Fund, Artisan Small Cap Fund and Artisan Small Cap Value Fund assign securities in accordance with the sector and industry classifications provided by The Frank Russell Company (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. Artisan International Fund, Artisan International Small Cap Fund and Artisan International Value Fund assign securities for these purposes in accordance with the sector and industry classifications provided by MSCI (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. In the event the Adviser’s securities information vendors do not classify a security to a particular sector and industry or if the published classification appears to be erroneous, the Adviser will classify the security according to the Adviser’s own judgment, using other securities information vendors, the company description and publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Definitions of Portfolio Statistics

Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Market capitalization is the aggregate value of all a company’s outstanding common stock. Market capitalization is calculated by FactSet using the price as of the most recent month-end multiplied by the number of shares outstanding as shown in the financial statements of the issuer. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median. Weighted Average Market Cap is the average of the market capitalizations of the companies in the portfolio weighted by the size of each company’s position within the portfolio.

Descriptions of Indices

Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the market in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index.

The indices to which the Funds are compared are:

Artisan International, Artisan International Small Cap and Artisan International Value Funds – Morgan Stanley Capital International EAFE^® Index (MSCI EAFE^®) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Fund – Morgan Stanley Capital International EAFE^® Growth Index (MSCI EAFE^® Growth) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, with higher price-to-book ratios. MSCI EAFE Growth’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Small Cap Fund – Morgan Stanley Capital International EAFE^® Small Cap Index (MSCI EAFE^® Small Cap) is a market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

Artisan International Value Fund – Morgan Stanley Capital International EAFE^® Value Index (MSCI EAFE^® Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, with lower price-to-book ratios.

Artisan Mid Cap Fund – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies. The Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies. The Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Artisan Opportunistic Value Fund – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies. The Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap Fund – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies. Russell 2000^® Growth Index is a market-weighted index of those small companies included in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values.

Artisan Small Cap Value Fund – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies. The Russell 2000^® Value Index is a market-weighted index of those small companies included in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Funds’ statement of additional information, which is available on the Funds’ website at www.artisanfunds.com and the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Artisan Fund voted proxies relating to portfolio securities held during the twelve months ended June 30 is available on the Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You may also review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.344.1770

WWW.ARTISANFUNDS.COM

LOGO

ARTISAN

SEMIANNUAL

REPORT

MARCH 31, 2007

ARTISAN EMERGING
MARKETS FUND

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ARTISAN INTERNATIONAL

FUND

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ARTISAN INTERNATIONAL

VALUE FUND

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ARTISAN MID CAP FUND

ARTISAN FUNDS, INC.

INSTITUTIONAL SHARES

TABLE OF CONTENTS


1		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
1		Artisan Emerging Markets Fund
3		Artisan International Fund
5		Artisan International Value Fund
7		Artisan Mid Cap Fund
9		Top Ten Holdings — All Funds

10		SCHEDULES OF INVESTMENTS
10		Artisan Emerging Markets Fund
13		Artisan International Fund
16		Artisan International Value Fund
18		Artisan Mid Cap Fund

22		STATEMENTS OF ASSETS AND LIABILITIES

24		STATEMENTS OF OPERATIONS

26		STATEMENTS OF CHANGES IN NET ASSETS


28		FINANCIAL HIGHLIGHTS

30		NOTES TO FINANCIAL STATEMENTS

44		SHAREHOLDER EXPENSE EXAMPLE

46		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

52		NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

54		PROXY VOTING POLICIES AND PROCEDURES

54		INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of the Institutional Shares of Artisan Emerging Markets Fund, Artisan International Fund, Artisan International Value Fund and Artisan Mid Cap Fund. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For more complete information on any Fund, including fees and expenses, please call 800.399.1770 for a free prospectus. Read it carefully before you invest or send money.

Artisan Funds offered through Artisan Distributors LLC, member NASD.

ARTISAN EMERGING MARKETS FUND

INSTITUTIONAL SHARES


INVESTMENT PROCESS HIGHLIGHTS
Artisan Emerging Markets Fund uses a fundamental research process to construct a diversified portfolio of emerging market companies. The team’s investment process is focused on identifying companies that are priced at a discount relative to the team’s estimate of their sustainable earnings. • Sustainable Earnings. The team estimates a company’s sustainable earnings based upon financial and business analysis. The team’s financial analysis focuses on a company’s balance sheet, income statement, and statement of cash flows within a normalized return on equity model to assess earnings potential. The team’s business analysis examines a company’s competitive advantages and financial strength to assess sustainability. The team believes that over the long-term a stock’s price is directly related to the company’s sustainable earnings. • Valuation. The team values a business and develops a price target based on its sustainable earnings and cash flow expectations and risk analysis. The team believes that investment opportunities develop when businesses with sustainable earnings are undervalued relative to historical, industry and regional valuations. • Risk Analysis. The team believes that a disciplined risk framework allows greater focus on fundamental stock selection. The team incorporates its assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. The team’s risk-rating assessment includes a review of the currency, interest rate, monetary and fiscal policy and political risks to which a company is exposed.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/26/06 to 3/31/07)

LOGO

TOTAL RETURNS (as of 3/31/07)


Fund / Index	Since Inception⁽¹⁾
Artisan Emerging Markets Fund – Institutional Shares	37.79	%
MSCI Emerging Markets Index^SM	34.73

⁽¹⁾	For the period from commencement of operations (June 26, 2006) through March 31, 2007; not annualized.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. The Fund’s return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to the Fund’s performance. IPO investments are not an integral component of the Fund’s investment process and may not be available in the future. For current to most recent month-end performance information call 800.399.1770. The table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ undertaking to limit the Fund’s expenses, which may be terminated at any time, has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance. In addition, the outside directors of Artisan Funds have waived that portion of their fees allocable to the Fund through the first six months of its operations. Absent that expense waiver, the Fund’s performance would have been lower. See page 53 for a description of each index.

INVESTING ENVIRONMENT

With the exception of some China induced volatility in the latter part of February, the six-month period ended March 31, 2007 was a strong period for emerging markets, which advanced more than 20%. Despite the volatility, China was a leader, increasing more than 30%. Other leaders that also returned more than 30% included Brazil, South Africa and Poland. Taiwan, South Korea, Russia and India were on the list of laggards, though each country generated positive returns. As a group, emerging markets outperformed their developed market counterparts. Across sectors, materials stocks were the clear leaders, moving over 38% higher, while technology stocks managed to eke out only a 2% gain.

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Consumer Discretionary	7.6	%	11.2	%
Consumer Staples	7.5		7.9
Energy	12.0		10.1
Financials	17.4		16.8
Healthcare	2.5		4.8
Industrials	8.2		11.3
Information Technology	17.0		12.5
Materials	12.1		12.0
Telecommunication Services	12.8		10.7
Utilities	1.8		1.2
Other assets less liabilities	1.1		1.5
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund gained 23.58% for the six- month period ended March 31, 2007, outperforming the MSCI Emerging Markets Index^SM. In the Fund, our list of leading contributors was fairly broad, but we had a number of standouts in China, Russia, Turkey and Mexico. Three of our top contributors in China were additions to the portfolio during the period – train-borne electrical systems provider Zhuzhou CSR Times Electric Co., Ltd., China Coal Energy Company and GOME Electrical Appliances Holdings Limited, a home appliance and consumer electronics retail chain. Diesel engine manufacturer Weichai Power Co., Ltd. and educational services company New Oriental Education & Technology Group, Inc. were also on our list of leaders in China. Russian nickel producer Mining and Metallurgical Company Norilsk Nickel, Turkish bank Turkiye Garanti Bankasi A.S. and Mexican copper producer Grupo Mexico SAB de CV were several of the Fund’s other top contributors to performance during the period.

On the downside, our low weight in a very strong Malaysian market and a select few underperforming stocks in South Africa and South Korea hurt the Fund on a relative basis. In South Africa, Gold Fields Limited and Sasol produced positive returns, in U.S. dollar terms, but their gains came up short of the Index. In South Korea, Samsung Electronics Co., Ltd. and Hyundai Motor Company both posted losses.

FUND CHANGES

The volatility during the period provided us with a number of opportunities to reallocate capital in the portfolio. Our activity was fairly broad-based, but we believe all our purchases possessed sustainable earnings growth potential and were trading at attractive valuation levels.

In addition to Zhuzhou CSR Times Electric, China Coal Energy and GOME Electrical Appliances, our list of purchases also included Russian wireless provider Mobile TeleSystems and entry level housing construction company Consorcio ARA, S.A. de C.V. (Mexico). Our purchases were funded in part by the sales of Infosys Technologies Limited, America Movil SAB de C.V. and NovaTek OAO.

REGION ALLOCATION


Region	9/30/06		3/31/07
Emerging Asia	49.4	%	46.4	%
Emerging Europe, Middle East & Africa	23.4		26.0
Latin America	23.4		22.7
Developed Markets	2.7		3.4

As a percentage of total net assets.

ARTISAN INTERNATIONAL FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Fund uses a fundamental stock selection process focused on identifying long-term growth opportunities.

The Fund primarily invests in non-U.S. growth companies of all market capitalizations in developed and emerging markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (7/1/97 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan International Fund — Institutional Shares	19.11	%	19.53	%	13.57	%	13.03	%
MSCI EAFE^® Growth Index	17.77		17.55		13.47		4.63
MSCI EAFE^® Index	20.20		19.83		15.78		7.18

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Consumer Discretionary	11.8	%	11.4	%
Consumer Staples	9.8		9.3
Energy	6.5		4.2
Financials	37.3		32.4
Healthcare	5.7		3.9
Industrials	10.9		14.4
Information Technology	4.8		5.7
Materials	0.0	⁽¹⁾	1.5
Telecommunication Services	4.8		7.3
Utilities	7.7		8.4
Other assets less liabilities	0.7		1.5
Total	100.0	%	100.0	%

As a percentage of total net assets.

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

PERFORMANCE DISCUSSION

The Fund outperformed the MSCI EAFE^® Index during the semiannual reporting period with a gain of 15.90%. The primary driver of strength relative to the Index was positive security selection as two of our key themes, infrastructure and demographics, produced a number of winners. Strength in those themes contributed to positive results in several sectors. Our list of several top contributors in those themes included French construction company Bouygues SA, Japanese heavy machine manufacturer Mitsubishi Heavy Industries, Ltd., French electricity producer Electricite de France, Chinese wireless provider China Mobile Ltd., British grocer William Morrison Supermarkets PLC and Italian energy infrastructure provider Saipem S.p.A. The biggest detractor to performance was the financial sector. Within the sector we were hurt most by Japanese retail affiliated credit card company Credit Saison Co., Ltd., Japanese leasing company ORIX Corporation and Japanese consumer finance company AIFUL CORPORATION. We sold AIFUL due to reduced expectations for future growth.

FUND CHANGES

REGION ALLOCATION


Region	9/30/06		3/31/07
Europe	55.4	%	56.9	%
Pacific Basin	29.0		20.8
Emerging Markets	14.0		19.9
Americas	0.9		0.9

As a percentage of total net assets.

ARTISAN INTERNATIONAL VALUE FUND
INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

Shareholder-oriented management. The team’s research process attempts to identify management teams with a history of building value for shareholders.

The Fund primarily invests in undervalued, non-U.S. companies of all market capitalizations in developed and emerging markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (10/1/06 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	Since Inception⁽¹⁾
Artisan International Value Fund—Institutional Shares	13.60	%
MSCI EAFE^® Value Index	14.86
MSCI EAFE^® Index	14.85

⁽¹⁾	For the period from commencement of operations (October 1, 2006) through March 31, 2007; not annualized.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Consumer Discretionary	26.3	%	26.5	%
Consumer Staples	17.0		15.1
Financials	18.4		14.6
Healthcare	—		1.5
Industrials	16.5		22.4
Information Technology	2.8		1.0
Materials	4.4		3.4
Telecommunication Services	5.1		5.6
Utilities	1.1		—
Other assets less liabilities	8.4		9.9
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Value Fund increased 13.60% during the six-month period ended March 31, 2007.

FUND CHANGES

REGION ALLOCATION


Region	9/30/06		3/31/07
Europe	54.3	%	52.7	%
Pacific Basin	14.0		17.7
Americas	12.5		10.9
Emerging Markets	10.8		8.8

As a percentage of total net assets.

ARTISAN MID CAP FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Fund uses a bottom-up investment process to construct a diversified portfolio of U.S. mid-cap growth companies.

Broad Diversification. The team looks for investment opportunities across the entire economy so that it can find sustainable growth regardless of the sector or industry.

The Fund primarily invests in medium-sized U.S. growth companies. The Fund generally maintains median and weighted average market capitalizations of less than $10 billion.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (7/1/00 to 3/31/07)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/07)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Fund—Institutional Shares	5.43	%	10.66	%	7.85	%	5.02	%
Russell Midcap^® Growth Index	6.90		12.41		9.45		(0.46	)
Russell Midcap^® Index	11.79		15.72		12.91		9.62

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/06		3/31/07
Auto & Transportation	2.1	%	3.5	%
Consumer Discretionary	16.6		18.6
Consumer Staples	2.2		3.9
Financial Services	16.2		14.6
Healthcare	17.5		19.5
Materials & Processing	6.1		7.4
Other	3.1		1.3
Other Energy	4.8		3.8
Producer Durables	5.5		4.0
Technology	19.9		19.2
Utilities	3.5		2.0
Other assets less liabilities	2.5		2.2
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund gained a solid 10.11% for the six-month period ended March 31, 2007. The Fund’s strongest gains relative to the Index could be found in the materials, healthcare and consumer staples sectors.

FUND CHANGES

Our largest three purchases were beverage company Hansen Natural Corporation, Linux operating system distributor Red Hat, Inc. and surgical systems company Intuitive Surgical, Inc.

ARTISAN FUNDS, INC.

Top Ten Holdings – March 31, 2007 (Unaudited)

ARTISAN EMERGING MARKETS FUND


Company Name	Country	3/31/07
Samsung Electronics Co., Ltd.	South Korea	4.2	%
Petroleo Brasileiro S.A. - Petrobras	Brazil	3.1
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan	3.0
LUKOIL	Russia	2.9
Companhia Vale do Rio Doce (CVRD)	Brazil	2.8
Kookmin Bank	South Korea	2.2
Hon Hai Precision Industry Co., Ltd. (Foxconn)	Taiwan	2.1
Zhuzhou CSR Times Electric Co., Ltd.	China	1.9
Mobile TeleSystems	Russia	1.8
Teva Pharmaceutical Industries Ltd.	Israel	1.8
Total		25.8	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN INTERNATIONAL VALUE FUND


Company Name	Country	3/31/07
Diageo PLC	United Kingdom	5.1	%
Tyco International Ltd.	United States	4.9
Wolters Kluwer NV	Netherlands	4.5
Vodafone Group PLC	United Kingdom	4.0
Pfeiffer Vacuum Technology AG	Germany	3.7
Galiform Plc	United Kingdom	3.6
Adecco SA	Switzerland	3.5
Benfield Group Plc	United Kingdom	3.4
Givaudan SA	Switzerland	3.0
Heidelberger Druckmaschinen AG	Germany	3.0
Total		38.7	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN INTERNATIONAL FUND


Company Name	Country	3/31/07
UBS AG	Switzerland	3.1	%
Allianz SE	Germany	2.5
Bouygues SA	France	2.4
Nestle SA	Switzerland	2.4
Fortum Oyj	Finland	2.1
Mitsubishi Heavy Industries, Ltd.	Japan	2.1
Publishing & Broadcasting Limited	Australia	2.1
Kookmin Bank	South Korea	2.0
Swiss Re	Switzerland	2.0
Credit Saison Co., Ltd.	Japan	1.9
Total		22.6	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN MID CAP FUND


Company Name	Country	3/31/07
Thermo Fisher Scientific, Inc.	United States	4.5	%
Electronic Arts Inc.	United States	4.3
MedImmune, Inc.	United States	3.0
Allergan, Inc.	United States	2.8
Chico’s FAS, Inc.	United States	2.6
MGIC Investment Corporation	United States	2.5
Supervalu Inc.	United States	2.1
NII Holdings, Inc.	United States	1.9
Hansen Natural Corporation	United States	1.8
Intermec, Inc.	United States	1.8
Total		27.3	%

As a percentage of total net assets. Top 10 Holdings are determined by issuer.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 98.5%

BAHRAIN - 0.5%
Investcorp Bank B.S.C. (GDR)⁽¹⁾⁽²⁾	1,388	$	36,088

BRAZIL - 14.3%
American Banknote SA	4,600		41,305
Banco Itau Holding Financeira SA, Preferred	2,700		94,224
Companhia Brasileira de Distribuicao Grupo Pao de Acucar, Preferred	1,700,000		49,507
Companhia Energetica de Minas Gerais- CEMIG, Preferred	1,000,000		49,022
Companhia Vale do Rio Doce (CVRD)	5,700		211,091
Duratex S.A., Preferred	2,000		39,460
EDP - Energias do Brasil SA	3,200		46,906
Empresa Brasileira de Aeronautica S.A. (Embraer)	6,400		72,968
Klabin Segall SA⁽²⁾	5,600		44,821
Petroleo Brasileiro S.A. - Petrobras	9,300		233,549
Telesp - Telecomunicacoes de Sao Paulo S.A.	1,600		35,723
Tim Participacoes S.A., Preferred⁽²⁾	17,800,000		57,885
Unibanco - Uniao de Bancos Brasileiros S.A. (Unit)	7,900		69,748
Votorantim Celulose e Papel S.A., Preferred	2,300		42,175

			1,088,384
CHILE - 1.6%
Compania Cervecerias Unidas S.A. (ADR)	1,900		59,698
Empresa Nacional de Telecomunicaciones S.A. (ENTEL)	4,146		59,526

			119,224
CHINA - 9.9%
Chaoda Modern Agriculture (Holdings) Limited	98,000		68,732
China Coal Energy Company, H Shares⁽²⁾	64,000		68,313
China Huiyuan Juice Group Limited⁽²⁾	45,500		55,437
Geely Automobile Holdings Limited	525,000		69,207
GOME Electrical Appliances Holdings Limited	68,888		76,616
Mindray Medical International Limited, Class A (ADR)	2,300		54,763
New Oriental Education & Technology Group, Inc. (ADR)⁽²⁾	2,033		82,397
Samson Holding Ltd.	107,000		61,350


	Shares Held	Value

CHINA (CONTINUED)
Weichai Power Co., Ltd., H Shares	15,000	$	77,942
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽²⁾	86,000		140,884

			755,641
COLOMBIA - 0.5%
Suramericana de Inversiones S.A.	4,790		40,014

EGYPT - 3.9%
Egyptian Financial Group-Hermes Holding⁽¹⁾⁽²⁾	9,145		60,525
El Sewedy Cables Holding Company⁽¹⁾⁽²⁾	4,912		37,942
Orascom Construction Industries (OCI)⁽¹⁾	987		49,556
Orascom Telecom Holding SAE⁽¹⁾	1,173		81,340
Telecom Egypt⁽¹⁾	23,278		65,671

			295,034
HONG KONG - 1.4%
Huabao International Holdings Limited	100,000		60,536
Tingyi (Cayman Islands) Holding Corporation	46,000		44,331

			104,867
INDIA - 4.7%
Bajaj Hindusthan Limited	14,941		67,993
Dr. Reddy’s Laboratories Limited	2,808		46,838
Hindalco Industries Limited	15,924		47,884
ITC Limited	12,700		44,121
Jaiprakash Associates Ltd.	2,901		35,708
Punjab National Bank Limited	2,720		29,725
Wockhardt Limited	9,619		87,637

			359,906
INDONESIA - 1.1%
PT Telekomunikasi Indonesia, Series B	79,500		85,816

ISRAEL - 2.8%
Makhteshim-Agan Industries Ltd.⁽¹⁾	6,639		41,641
Strauss Group Ltd.⁽¹⁾	3,422		37,035
Teva Pharmaceutical Industries Ltd.⁽¹⁾	3,671		135,786

			214,462
LEBANON - 0.5%
SOLIDERE (GDR)⁽¹⁾	2,400		38,280

MEXICO - 6.3%
Consorcio ARA, S.A. de C.V.	41,600		71,606
Fomento Economico Mexicano, S.A.B. de C.V., Series UBD	8,800		97,086
Grupo Aeroportuario del Pacifico SA de CV, Class B	11,800		50,799


	Shares Held	Value

MEXICO (CONTINUED)
Grupo Financiero Banorte S.A.B. de C.V.	15,300	$	72,451
Grupo Mexico SAB de CV	18,100		83,627
Grupo Televisa S.A., Series CPO	17,500		104,208

			479,777
NETHERLANDS - 1.0%
Kardan NV⁽²⁾	2,607		39,005
Plaza Centers (Europe) BV⁽²⁾	10,681		39,673

			78,678
PAKISTAN - 0.4%
Pakistan Telecommunication Company Limited, Class A	43,500		33,944

PHILIPPINES - 0.6%
Philippine Long Distance Telephone Company	900		47,098

POLAND - 0.8%
Polski Koncern Naftowy Orlen S.A.⁽²⁾	3,480		57,705

RUSSIA - 6.9%
LUKOIL (ADR)	2,524		218,326
Mining and Metallurgical Company Norilsk Nickel (ADR)	617		117,230
Mobile TeleSystems (ADR)	2,450		137,102
VolgaTelecom (ADR)⁽¹⁾	4,300		52,976

			525,634
SOUTH AFRICA - 6.3%
Edgars Consolidated Stores Limited	9,095		56,906
Ellerine Holdings Limited	3,733		42,195
Gold Fields Limited	4,785		88,715
Impala Platinum Holdings Limited	2,803		88,099
Reunert Limited	3,713		41,304
Sasol	3,639		121,417
Steinhoff International Holdings Limited	13,643		43,913

			482,549
SOUTH KOREA - 14.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.	1,570		57,657
GS Engineering & Construction Corp.	620		55,489
Hyundai Development Company	906		49,980
Hyundai Motor Company	1,552		109,042
Kookmin Bank	1,903		170,720
Korean Air Lines Co., Ltd.	1,028		40,156
LG Telecom Ltd.⁽²⁾	4,762		54,160


	Shares Held	Value

SOUTH KOREA (CONTINUED)
MegaStudy Co., Ltd.	287	$	50,335
Samsung Electronics Co., Ltd.	534		319,560
Shinhan Financial Group Co., Ltd.	1,970		113,074
Shinsegae Co., Ltd.	133		76,339

			1,096,512
TAIWAN - 12.1%
Acer Inc.	42,160		80,901
AU Optronics Corp.	43,000		61,462
Cathay Financial Holding Co., Ltd.	46,088		95,680
Chinatrust Financial Holding Company Ltd.	100,440		78,459
Far Eastern Textile Ltd.	86,740		74,704
Hon Hai Precision Industry Co., Ltd. (Foxconn)	23,800		159,664
Taishin Financial Holdings Co., Ltd.⁽²⁾	209,000		107,367
Taiwan Fertilizer Co., Ltd.	24,000		39,889
Taiwan Semiconductor Manufacturing Company Ltd.	110,000		225,704

			923,830
THAILAND - 3.2%
Bumrungrad Hospital Public Company Limited (NVDR)	33,700		38,263
Krung Thai Bank Public Company Limited (NVDR)⁽²⁾	151,200		52,257
The Siam Cement Public Company Limited (NVDR)	6,700		45,164
Siam Commercial Bank Public Company Limited (NVDR)	31,200		60,600
Total Access Communication Public Company Limited⁽²⁾	9,600		43,392

			239,676
TURKEY - 4.3%
Akcansa Cimento A.S.⁽²⁾	6,042		37,762
Tofas Turk Otomobil Fabrikasi AS	11,318		43,093
Tupras-Turkiye Petrol Rafinerileri A.S.	3,032		67,523
Turk Sise ve Cam Fabrikalari AS (Sisecam)⁽²⁾	11,411		43,447
Turkcell Iletisim Hizmetleri AS (Turkcell)	12,170		62,074
Turkiye Garanti Bankasi A.S. (Unit)	16,170		72,602

			326,501
UNITED KINGDOM - 1.0%
Anglo American PLC	1,413		74,436

Total common and preferred stocks (Cost $6,231,268)			7,504,056


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.8%
Repurchase agreement with State Street Bank and Trust Company, 5.00%, dated 3/30/07, due 4/2/07, maturity value $137,057, collateralized by $142,275 market value Federal National Mortgage Association Note, 5.625%, due 11/15/21 (Cost $137,000)	$	137,000	$	137,000


Total investments - 100.3% (Cost $6,368,268)				7,641,056

Other assets less liabilities - (0.3%)				(26,178	)


Total net assets - 100.0%⁽³⁾			$	7,614,878

⁽¹⁾	Valued at a fair value in accordance with procedures established by the Board of Directors of Artisan Funds. In total, securities valued at a fair value were $636,840 or 8.4% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Percentages for the various classifications relate to total net assets.

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

(GDR) Global Depository Receipt

(NVDR) Non-Voting Depository Receipt


PORTFOLIO DIVERSIFICATION - MARCH 31, 2007 (Unaudited)
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	854,315		11.2	%
Consumer Staples		600,279		7.9
Energy		766,833		10.1
Financials		1,277,033		16.8
Healthcare		363,287		4.8
Industrials		862,830		11.3
Information Technology		949,131		12.5
Materials		917,713		12.0
Telecommunication Services		816,707		10.7
Utilities		95,928		1.2

Total common and preferred stocks		7,504,056		98.5
Short-term investments		137,000		1.8

Total investments		7,641,056		100.3
Other assets less liabilities		(26,178	)	(0.3	)

Total net assets	$	7,614,878		100.0	%


CURRENCY EXPOSURE - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	1,088,384	14.2	%
British pound		114,109	1.5
Chilean peso		59,526	0.8
Colombian peso		40,014	0.5
Egyptian pound		295,034	3.9
Euro		39,005	0.5
Hong Kong dollar		723,348	9.5
Indian rupee		359,906	4.7
Indonesian rupiah		85,816	1.1
Israeli shekel		214,462	2.8
Mexican peso		479,777	6.3
Pakistani rupee		33,944	0.4
Philippine peso		47,098	0.6
Polish zloty		57,705	0.8
South African rand		482,549	6.3
South Korean won		1,096,512	14.3
Taiwan dollar		923,830	12.1
Thai baht		196,284	2.6
Turkish lira		326,501	4.3
US dollar		977,252	12.8

Total investments	$	7,641,056	100.0

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 98.5%

AUSTRALIA - 2.1%
Publishing & Broadcasting Limited	20,919,713	$	335,983,921

AUSTRIA - 1.0%
Wiener Staedtische Versicherung AG	2,241,674		159,010,094

BELGIUM - 2.0%
Dexia SA	2,430,313		72,527,565
Fortis	5,560,111		253,871,085
Umicore	9,380		1,667,780

			328,066,430
BRAZIL - 0.3%
Vivo Participacoes S.A., Preferred (ADR)	13,530,268		47,491,241

CANADA - 0.9%
Nortel Networks Corporation⁽¹⁾	6,278,900		151,007,545

CHINA - 7.1%
China Construction Bank	124,150,000		70,865,681
China Life Insurance Co., Limited, Series H	57,212,500		164,750,912
China Merchants Holdings International Company Limited	38,801,000		163,874,448
China Mobile Ltd.	20,342,700		185,111,150
China Netcom Group Corporation (Hong Kong) Limited	49,380,100		129,240,807
China Resources Enterprise Ltd	17,826,200		59,432,074
China Resources Land Limited	69,382,300		83,470,099
China Unicom Limited	188,297,500		271,354,687
Denway Motors Limited	19,166,100		8,364,549
Tencent Holdings Limited	2,569,600		8,386,101

			1,144,850,508
DENMARK - 0.3%
A P Moeller - Maersk A/S, Series B	5,176		54,008,014

FINLAND - 2.2%
Fortum Oyj⁽²⁾	11,871,479		346,191,407

FRANCE - 11.3%
Alstom⁽¹⁾	1,581,586		205,254,807
Bouygues SA	5,108,002		394,740,913
Carrefour SA	3,790,879		277,256,518
Electricite de France (EDF)	3,222,197		270,142,393


	Shares Held	Value

FRANCE (CONTINUED)
LVMH Moet Hennessy Louis Vuitton SA	2,158,767	$	239,498,681
Technip SA	2,626,443		192,688,692
Vinci SA	1,521,641		235,832,026

			1,815,414,030
GERMANY - 10.0%
Allianz SE	1,972,290		404,977,238
Bayerische Motoren Werke (BMW) AG	827,391		48,819,791
DaimlerChrysler AG	1,992,255		163,407,135
Deutsche Post AG	6,267,158		189,709,146
E.ON AG	1,017,700		138,369,363
Fraport AG	2,254,345		164,667,012
IVG Immobilien AG	1,241,382		59,450,064
Linde AG	562,961		60,651,340
RWE AG	1,624,498		171,849,093
United Internet AG	1,852,470		36,005,753
Wacker Chemie AG⁽¹⁾	1,027,445		178,426,622

			1,616,332,557
HONG KONG - 4.9%
The Bank of East Asia, Ltd.	5,012,300		29,155,825
Hutchison Whampoa Limited	19,473,800		187,173,786
MTR Corporation Limited	27,340,800		68,443,853
NWS Holdings Limited	38,262,246		103,570,295
Sun Hung Kai Properties Limited	18,813,400		217,424,972
Swire Pacific Limited, A Shares	17,048,177		191,242,428

			797,011,159
ITALY - 3.7%
Hera SpA	7,168,780		30,165,708
Intesa Sanpaolo	16,518,998		125,450,353
Mediobanca S.p.A.	5,196,386		115,716,349
Telecom Italia S.p.A. - RNC	22,702,705		56,136,036
UniCredito Italiano SpA	29,060,970		276,600,330

			604,068,776
JAPAN - 12.8%
Chugai Pharmaceutical Co., Ltd.	5,895,900		149,098,625
Credit Saison Co., Ltd.⁽³⁾	9,332,200		307,272,030
JAPAN TOBACCO INC.	52,487		257,891,828
Jupiter Telecommunications Co., Ltd.⁽¹⁾	227,341		190,994,221
KEYENCE CORPORATION	252,850		57,054,324
KUBOTA CORPORATION	3,224,900		28,269,872
Mitsubishi Estate Company Ltd.	4,657,400		152,954,328
Mitsubishi Heavy Industries, Ltd.	53,478,200		345,811,171
Mitsui Fudosan Co., Ltd.	4,213,900		123,727,885


	Shares Held	Value

JAPAN (CONTINUED)
Mizuho Financial Group, Inc.	10,399	$	66,979,303
NTT Data Corporation	21,083		107,168,338
ORIX Corporation	1,091,970		284,483,019

			2,071,704,944
LUXEMBOURG - 0.6%
RTL Group	772,286		92,849,248

MEXICO - 2.2%
Grupo Televisa S.A. (ADR)	8,131,029		242,304,664
Wal-Mart de Mexico SA de CV	27,476,200		117,315,091

			359,619,755
NETHERLANDS - 3.1%
ASML Holding N.V.⁽¹⁾	10,238,656		252,893,451
ASML Holding N.V., NY Shares⁽¹⁾	620,474		15,356,732
ING Groep N.V.	4,295,360		181,606,338
Unilever NV CVA	1,467,933		42,748,457

			492,604,978
NORWAY - 1.3%
Renewable Energy Corp AS⁽¹⁾	2,322,800		52,545,120
SeaDrill Ltd.⁽¹⁾	9,982,405		164,230,212

			216,775,332
PORTUGAL - 0.1%
Sonae, S.G.P.S., S.A.	6,014,294		13,577,790

RUSSIA - 3.6%
LUKOIL (ADR)	3,139,682		271,582,493
NovaTek OAO (GDR)	872,583		50,609,814
OAO TMK (GDR)⁽¹⁾⁽⁴⁾	1,059,675		35,605,080
RAO Unified Energy System (UES)(GDR)	1,640,060		223,458,175

			581,255,562
SINGAPORE - 1.0%
Singapore Airlines Limited	15,385,400		168,340,401

SOUTH AFRICA - 0.6%
MTN Group Limited	6,571,374		89,224,666

SOUTH KOREA - 5.5%
Hana Financial Group Inc.	3,928,484		203,355,836
Kookmin Bank	3,603,853		323,304,840
NHN Corp.⁽¹⁾	1,013,266		148,629,579
Shinhan Financial Group Co., Ltd.	3,628,338		208,259,196

			883,549,451
SPAIN - 2.2%
Bolsas y Mercados Espanoles	177,172		8,683,614
Gamesa Corporacion Tecnologica, S.A. (Gamesa)	4,908,680		177,701,761
Industria de Diseno Textil, S.A. (Inditex)	2,733,417		169,901,285

			356,286,660


	Shares Held		Value

SWITZERLAND - 11.6%
Adecco SA		2,808,659	$	178,322,052
Nestle SA		999,674		389,331,128
Novartis AG		3,138,997		180,050,274
Roche Holding AG		228,776		44,375,183
Roche Holding AG - Genussscheine		1,413,621		250,116,047
Swiss Re		3,447,086		314,880,094
UBS AG		8,550,066		508,015,278

				1,865,090,056

TAIWAN - 0.6%
Taiwan Semiconductor Manufacturing Company Ltd. (ADR)		8,586,138		92,300,984

UNITED KINGDOM - 7.5%
Barclays PLC		10,032,195		142,338,722
British Sky Broadcasting Group plc		6,194,112		68,746,405
Cadbury Schweppes PLC		12,066,733		154,820,737
Carnival PLC		1,496,098		72,100,896
Kingfisher PLC		28,473,347		155,906,968
Lloyds TSB Group plc		15,873,850		174,929,128
National Grid PLC		11,487,375		180,278,245
Vodafone Group Plc		3,391,251		9,042,553
William Morrison Supermarkets PLC		42,657,451		259,175,353

				1,217,339,007

Total common and preferred stocks (Cost $11,221,220,267)				15,899,954,516
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.9%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $149,644,326, collateralized by $68,050,275 market value Federal National Mortgage Association Note, 6.30%, due 12/21/26, and $84,525,000 market value Federal National Mortgage Association Note, 6.625%, due 11/15/30 (Cost $149,582,000)	$	149,582,000		149,582,000


Total investments - 99.4% (Cost $11,370,802,267)				16,049,536,516

Other assets less liabilities - 0.6%				90,537,515


Total net assets - 100.0%⁽⁵⁾			$	16,140,074,031

⁽¹⁾	Non-income producing security.

⁽²⁾	11,500,000 shares of the security, with a value of $335,358,482, were on loan at March 31, 2007.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽⁴⁾	Valued at a fair value in accordance with procedures established by the Board of Directors of Artisan Funds. In total, securities valued at a fair value were $35,605,080 or 0.2% of total net assets.

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

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

(GDR) Global Depository Receipt


PORTFOLIO DIVERSIFICATION - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,848,309,838	11.4	%
Consumer Staples		1,498,539,112	9.3
Energy		679,111,211	4.2
Financials		5,225,302,606	32.4
Healthcare		623,640,129	3.9
Industrials		2,320,161,514	14.4
Information Technology		921,347,927	5.7
Materials		240,745,742	1.5
Telecommunication Services		1,182,342,053	7.3
Utilities		1,360,454,384	8.4

Total common and preferred stocks		15,899,954,516	98.5
Short-term investments		149,582,000	0.9

Total investments		16,049,536,516	99.4
Other assets less liabilities		90,537,515	0.6

Total net assets	$	16,140,074,031	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	335,983,921	2.1	%
British pound		1,217,339,007	7.6
Danish krone		54,008,014	0.3
Euro		5,809,045,238	36.2
Hong Kong dollar		1,941,861,667	12.1
Japanese yen		2,071,704,944	12.9
Mexican peso		117,315,091	0.7
Norwegian krone		216,775,332	1.4
Singapore dollar		168,340,401	1.0
South African rand		89,224,666	0.6
South Korean won		883,549,451	5.5
Swiss franc		1,865,090,056	11.6
US dollar		1,279,298,728	8.0

Total investments	$	16,049,536,516	100.0	%

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

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 90.1%

BERMUDA - 1.2%
Lancashire Holdings Ltd⁽¹⁾	3,622,158	$	24,163,449

CANADA - 2.8%
CanWest Global Communications Corp.⁽¹⁾	5,991,900		57,401,831

FRANCE - 3.1%
Gemalto NV⁽¹⁾	81,027		1,869,304
Sanofi-Aventis	360,718		31,369,422
Vivendi	744,289		30,245,344

			63,484,070
GERMANY - 7.7%
Bayerische Motoren Werke (BMW) AG	340,644		20,099,528
Heidelberger Druckmaschinen AG	1,333,367		61,094,419
Pfeiffer Vacuum Technology AG⁽²⁾	822,027		74,824,863

			156,018,810
HONG KONG - 3.3%
Guoco Group Limited	3,183,600		44,778,606
Pacific Century Premium Developments Limited	68,766,900		21,738,561

			66,517,167
JAPAN - 14.4%
ACOM CO., LTD	449,570		19,113,592
Central Japan Railway Company	4,092		46,531,568
MEITEC CORPORATION⁽²⁾	1,832,900		59,105,737
SANKYO CO., LTD.	1,204,500		52,947,301
Sekisui House, Ltd.	3,199,700		49,798,454
TAKEFUJI CORPORATION	569,340		22,852,836
UNI-CHARM CORPORATION	665,200		42,111,270

			292,460,758
MEXICO - 4.2%
Grupo Modelo, S.A. de C.V., Series C	7,861,200		40,273,672
Kimberly-Clark de Mexico, S.A. de C.V., Class A	9,840,700		43,906,822

			84,180,494


	Shares Held	Value
NETHERLANDS - 4.5%
Wolters Kluwer NV	3,008,566	$	90,266,585

SOUTH KOREA - 3.4%
Honam Petrochemical Corporation	96,747		8,381,038
Lotte Chilsung Beverage Co., Ltd.	14,600		18,637,968
Lotte Confectionery Co., Ltd.	7,705		9,868,755
SK Telecom Co., Ltd. (ADR)	1,364,100		31,947,222

			68,834,983
SWITZERLAND - 8.7%
Adecco SA	1,103,156		70,039,489
Givaudan SA	66,441		61,457,173
Panalpina Welttransport Holding AG	26,831		4,488,946
Pargesa Holding SA	281,483		29,534,693
Tamedia AG	81,060		11,006,789

			176,527,090
UNITED KINGDOM - 28.7%
Benfield Group Plc	10,716,586		68,379,870
Carpetright PLC	1,040,855		23,821,098
Diageo PLC	5,073,939		102,792,972
Experian Group Ltd.	3,332,696		38,398,515
Galiform Plc⁽¹⁾	23,637,823		72,448,161
Home Retail Group	5,939,371		51,893,774
Signet Group PLC	24,663,421		60,910,039
SurfControl PLC⁽¹⁾⁽²⁾	1,871,963		17,497,770
Unilever PLC (ADR)	1,586,816		47,715,557
Vitec Group PLC	1,316,870		15,392,926
Vodafone Group PLC (ADR)	3,014,468		80,968,611

			580,219,293
UNITED STATES - 8.1%
Arch Capital Group Ltd.⁽¹⁾	312,336		21,304,439
Tyco International Ltd.	3,125,300		98,603,215
Willis Group Holdings Limited	1,108,500		43,874,430

			163,782,084

Total common stocks (Cost $1,532,753,477)			1,823,856,614


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.0%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $183,032,232, collateralized by $28,556,625 market value Federal Home Loan Bank Note, 5.625%, due 3/14/36, and $158,061,000 market value Federal National Mortgage Association Note, 6.00%, due 4/18/36 (Cost $182,956,000)	$	182,956,000	$	182,956,000


Total investments - 99.1% (Cost $1,715,709,477)				2,006,812,614

Other assets less liabilities - 0.9%				17,683,205


Total net assets - 100.0%⁽³⁾			$	2,024,495,819

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽³⁾	Percentages for the various classifications relate to total net assets.

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt


PORTFOLIO DIVERSIFICATION - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	536,231,830	26.5	%
Consumer Staples		305,307,016	15.1
Financials		295,740,476	14.6
Healthcare		31,369,422	1.5
Industrials		453,086,752	22.4
Information Technology		19,367,074	1.0
Materials		69,838,211	3.4
Telecommunication Services		112,915,833	5.6

Total common stocks		1,823,856,614	90.1
Short-term investments		182,956,000	9.0

Total investments		2,006,812,614	99.1
Other assets less liabilities		17,683,205	0.9

Total net assets	$	2,024,495,819	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2007 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	475,698,574	23.7	%
Canadian dollar		57,401,831	2.9
Euro		309,769,465	15.4
Hong Kong dollar		66,517,167	3.3
Japanese yen		292,460,758	14.6
Mexican peso		84,180,494	4.2
South Korean won		36,887,761	1.8
Swiss franc		176,527,090	8.8
US dollar		507,369,474	25.3

Total investments	$	2,006,812,614	100.0	%

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

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2007 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.8%

AUTO & TRANSPORTATION - 3.5%
Air Transport - 1.2%
Southwest Airlines Co.	4,136,600	$	60,808,020

Auto Parts: Original Equipment - 1.2%
BorgWarner Inc.	864,000		65,162,880

Transportation Miscellaneous - 1.1%
C.H. Robinson Worldwide, Inc.	756,000		36,099,000
Expeditors International of Washington, Inc.	571,900		23,630,908

			59,729,908
CONSUMER DISCRETIONARY - 18.6%
Advertising Agencies - 1.3%
Clear Channel Outdoor Holdings, Inc., Class A⁽¹⁾	1,820,300		47,892,093
Focus Media Holding Limited (ADR)⁽¹⁾⁽²⁾	282,600		22,172,796

			70,064,889
Cable Television Services - 0.3%
TiVo Inc.⁽¹⁾	2,057,100		13,062,585

Consumer Electronics - 6.6%
Electronic Arts Inc.⁽¹⁾	4,527,900		228,025,044
Harman International Industries, Incorporated	367,500		35,309,400
VeriSign, Inc.⁽¹⁾	1,118,400		28,094,208
Yahoo! Inc.⁽¹⁾	1,875,000		58,668,750

			350,097,402
Radio & TV Broadcasters - 0.5%
XM Satellite Radio Holdings Inc.⁽¹⁾	2,068,900		26,730,188

Restaurants - 0.8%
YUM! Brands, Inc.	751,500		43,406,640

Retail - 5.8%
Amazon.com, Inc.⁽¹⁾	2,130,200		84,760,658
Chico’s FAS, Inc.⁽¹⁾	5,692,268		139,062,107
Kohl’s Corporation⁽¹⁾	540,700		41,423,027
The TJX Companies, Inc.	1,451,500		39,132,440

			304,378,232
Services: Commercial - 1.0%
Iron Mountain Incorporated⁽¹⁾	1,515,450		39,598,708
Robert Half International Inc.	357,505		13,231,260

			52,829,968


	Shares Held	Value

CONSUMER DISCRETIONARY - (CONTINUED)
Textiles Apparel Manufacturers - 1.8%
Polo Ralph Lauren Corporation, Class A	944,100	$	83,222,415
Quiksilver, Inc.⁽¹⁾	1,155,300		13,401,480

			96,623,895
Toys - 0.5%
Marvel Entertainment, Inc.⁽¹⁾	1,038,600		28,821,150

CONSUMER STAPLES - 3.9%
Beverage: Soft Drinks - 1.8%
Hansen Natural Corporation⁽¹⁾	2,519,900		95,453,812

Drug & Grocery Store Chains - 2.1%
Supervalu Inc.	2,837,700		110,868,939

FINANCIAL SERVICES - 14.6%
Banks: Outside New York City - 2.3%
Investors Financial Services Corp.	886,000		51,520,900
Northern Trust Corporation	878,100		52,808,934
UCBH Holdings, Inc.	914,600		17,029,852

			121,359,686
Diversified Financial Services - 1.5%
CB Richard Ellis Group, Inc.⁽¹⁾	1,464,000		50,039,520
Greenhill & Co., Inc.	512,000		31,431,680

			81,471,200
Financial Data Processing Services & Systems - 4.1%
Alliance Data Systems Corporation⁽¹⁾	1,509,800		93,033,876
Global Payments Inc.	674,500		22,973,470
Paychex, Inc.	532,100		20,150,627
The Western Union Company	3,589,500		78,789,525

			214,947,498
Financial Information Services - 1.6%
Equifax Inc.	2,317,800		84,483,810

Financial Miscellaneous - 2.5%
MGIC Investment Corporation	2,275,400		134,066,568

Insurance: Multi-Line - 1.4%
Aon Corporation	733,600		27,847,456
CIGNA Corporation	318,800		45,480,008

			73,327,464


	Shares Held	Value

FINANCIAL SERVICES (CONTINUED)
Securities Brokerage & Services - 1.2%
The Bear Stearns Companies Inc.	172,000	$	25,860,200
Investment Technology Group, Inc.⁽¹⁾	1,018,500		39,925,200

			65,785,400
HEALTHCARE - 19.5%
Biotechnology Research & Production -0.6%
Celgene Corporation⁽¹⁾	561,200		29,440,552

Drugs & Pharmaceuticals - 6.0%
Allergan, Inc.	1,317,800		146,038,596
Barr Pharmaceuticals, Inc.⁽¹⁾	249,300		11,555,055
MedImmune, Inc.⁽¹⁾	4,422,300		160,927,497

			318,521,148
Electronics: Medical Systems - 2.7%
Intuitive Surgical, Inc.⁽¹⁾	662,200		80,503,654
Varian Medical Systems, Inc.⁽¹⁾	1,332,500		63,546,925

			144,050,579
Health Care Management Services - 1.2%
Cerner Corporation⁽¹⁾	1,153,500		62,808,075

Health Care Services - 0.9%
Express Scripts, Inc.⁽¹⁾	556,700		44,936,824

Medical & Dental Instruments & Supplies - 8.1%
Gen-Probe Incorporated⁽¹⁾	740,100		34,843,908
Patterson Companies, Inc.⁽¹⁾	2,593,600		92,046,864
Thermo Fisher Scientific, Inc.⁽¹⁾	5,045,300		235,867,775
Ventana Medical Systems, Inc.⁽¹⁾	1,532,100		64,194,990

			426,953,537
MATERIALS & PROCESSING - 7.4%
Agriculture Fishing & Ranching - 1.7%
Bunge Limited	1,077,500		88,592,050

Chemicals - 1.6%
Ecolab Inc.	1,346,200		57,886,600
Energy Conversion Devices, Inc.⁽¹⁾	742,900		25,956,926

			83,843,526
Diversified Materials & Processing - 0.8%
Hexcel Corporation⁽¹⁾	2,074,100		41,170,885

Engineering & Contracting Services - 0.7%
Quanta Services, Inc.⁽¹⁾	1,548,600		39,055,692

Metal Fabricating - 1.8%
Precision Castparts Corp.	890,200		92,625,310

Real Estate - 0.8%
The St. Joe Company	847,000		44,306,570


	Shares Held	Value

OTHER - 1.3%
Multi-Sector Companies - 1.3%
McDermott International, Inc.⁽¹⁾	1,419,100	$	69,507,518

OTHER ENERGY - 3.8%
Coal - 0.6%
CONSOL Energy Inc.	788,900		30,869,657

Machinery: Oil Well Equipment & Services - 3.2%
Dresser-Rand Group Inc.⁽¹⁾	1,811,800		55,187,428
Helix Energy Solutions Group, Inc.⁽¹⁾	1,647,200		61,424,088
Smith International, Inc.	1,135,500		54,560,775

			171,172,291
Oil: Crude Producers - 0.0%⁽³⁾
Denbury Resources Inc.⁽¹⁾	27,500		819,225

PRODUCER DURABLES - 4.0%
Diversified Production - 0.3%
Danaher Corporation	230,500		16,469,225

Electrical Equipment & Components - 1.3%
Cooper Industries, Ltd., Class A	1,468,500		66,067,815

Identification Control & Filter Devices -2.0%
ESCO Technologies Inc.⁽¹⁾	579,800		25,986,636
Roper Industries, Inc.	1,399,400		76,799,072

			102,785,708
Machinery: Industrial/Specialty - 0.4%
Joy Global Inc.	433,723		18,606,717

TECHNOLOGY - 19.2%
Communications Technology - 3.1%
Ciena Corporation⁽¹⁾	1,509,300		42,184,935
Corning Incorporated⁽¹⁾	1,146,700		26,075,958
JDS Uniphase Corporation⁽¹⁾	1,727,149		26,304,479
Juniper Networks, Inc.⁽¹⁾	3,552,700		69,917,136

			164,482,508
Computer Services Software & Systems - 5.2%
Adobe Systems Incorporated⁽¹⁾	758,396		31,625,113
Autodesk, Inc.⁽¹⁾	1,981,300		74,496,880
Cadence Design Systems, Inc.⁽¹⁾	1,548,600		32,613,516
NAVTEQ Corporation⁽¹⁾	1,558,800		53,778,600
Red Hat, Inc.⁽¹⁾	3,521,300		80,743,409

			273,257,518
Computer Technology - 4.2%
Intermec, Inc.⁽¹⁾⁽⁴⁾	4,206,000		93,962,040
Network Appliance, Inc.⁽¹⁾	1,644,400		60,053,488
SanDisk Corporation⁽¹⁾	1,548,600		67,828,680
Zebra Technologies Corporation⁽¹⁾	47,400		1,830,114

			223,674,322


	Shares Held	Value

TECHNOLOGY (CONTINUED)
Electronics - 0.5%
Avid Technology, Inc.⁽¹⁾	723,600	$	25,239,168

Electronics: Semi-Conductors/Components - 4.8%
Analog Devices, Inc.	1,055,200		36,393,848
Broadcom Corporation, Class A⁽¹⁾	2,115,450		67,842,482
Integrated Device Technology, Inc.⁽¹⁾	2,619,400		40,391,148
Linear Technology Corporation	2,619,800		82,759,482
Spansion Inc., Class A⁽¹⁾	1,937,100		23,613,249

			251,000,209
Electronics: Technology - 1.4%
Rockwell Automation, Inc.	466,900		27,953,303
Trimble Navigation Limited⁽¹⁾	1,641,400		44,055,176

			72,008,479
UTILITIES - 2.0%
Utilities: Telecommunications - 2.0%
Level 3 Communications, Inc.⁽¹⁾	1,359,000		8,289,900
NII Holdings, Inc.⁽¹⁾	1,341,300		99,497,634

			107,787,534

Total common stocks (Cost $4,080,492,832)			5,163,532,776


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 5.00%, dated 3/30/07, due 4/2/07, maturity value $88,052,673, collateralized by $89,781,188 market value Federal National Mortgage Association Note, 6.125%, due 8/17/26 (Cost $88,016,000)	$	88,016,000	$	88,016,000


Total investments - 99.5% (Cost $4,168,508,832)				5,251,548,776

Other assets less liabilities - 0.5%				26,748,187


Total net assets - 100.0%⁽⁵⁾			$	5,278,296,963

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the issuer to be from China. See the Fund's Statement of Additional Information for information on how a particular country is assigned. The security trades on a U.S. exchange.

⁽³⁾	Represents less than 0.1% of total net assets.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

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

Security names may not represent the legal name of the entity.

(ADR) American Depository Receipt

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2007 (Unaudited)


	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	7,504,056
Investments in securities, affiliated, at value		-
Short-term investments (repurchase agreements), at value		137,000

Total investments		7,641,056
Cash		692
Foreign currency		6,347
Receivable from investments sold		-
Receivable from fund shares sold		-
Dividends and interest receivable		20,721
Receivable from Adviser		64,622
Other assets		-

Total assets		7,733,438

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		-
Payable for investments purchased		-
Payable for fund shares redeemed		-
Payable for operating expenses		76,681
Payable for withholding taxes		6,394
Payable for advisory fees		35,485
Payable for deferred directors’ compensation		-

Total liabilities		118,560

Total net assets	$	7,614,878

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	5,830,431
Net unrealized appreciation on investments and foreign currency related transactions		1,268,852
Accumulated undistributed net investment loss		(1,377	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions		516,972

	$	7,614,878

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares
Institutional Shares	$	7,614,878
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares
Institutional Shares		568,024
Net asset value, offering price and redemption price per share
Investor Shares
Institutional Shares	$	13.41
Cost of securities of unaffiliated issuers held	$	6,368,268
Cost of securities of affiliated issuers held	$	-
Cost of foreign currency	$	6,390
Value of security on loan	$	-

⁽¹⁾	Included in investments in securities, unaffiliated, at value, above.


INTERNATIONAL			INTERNATIONAL VALUE			MID CAP

$	15,592,682,486		$	1,672,428,244		$	5,069,570,736
	307,272,030			151,428,370			93,962,040
	149,582,000			182,956,000			88,016,000

	16,049,536,516			2,006,812,614			5,251,548,776
	934			984			963
	15,487,846			3			-
	211,726,918			-			52,116,853
	29,148,897			25,982,380			19,809,667
	51,553,050			6,165,544			1,252,342
	-			-			-
	97,324			7,833			41,223

	16,357,551,485			2,038,969,358			5,324,769,824


	367,838			133			-
	199,457,664			4,309,627			23,720,522
	7,273,821			9,051,841			19,076,446
	5,720,757			907,532			3,634,670
	4,560,050			196,573			-
	-			-			-
	97,324			7,833			41,223

	217,477,454			14,473,539			46,472,861

$	16,140,074,031		$	2,024,495,819		$	5,278,296,963


$	10,957,121,416		$	1,675,572,185		$	3,811,575,214
	4,678,833,701			291,144,996			1,083,039,944
	(180,575,295	)		(6,396,072	)		(19,538,055	)
	684,694,209			64,174,710			403,219,860

$	16,140,074,031		$	2,024,495,819		$	5,278,296,963



$	11,457,417,180		$	1,891,680,891		$	4,509,485,478
$	4,682,656,851		$	132,814,928		$	768,811,485

	377,412,661			66,265,556			143,689,301
	153,334,241			4,650,132			24,062,902

$	30.36		$	28.55		$	31.38
$	30.54		$	28.56		$	31.95
$	11,078,891,800		$	1,595,380,870		$	4,057,413,519
$	291,910,467		$	120,328,607		$	111,095,313
$	15,435,093		$	3		$	-
$	335,358,482	⁽¹⁾	$	-		$	-

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

ARTISAN FUNDS, INC.

Statements of Operations — For the Six Months Ended March 31, 2007 (Unaudited)


	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	53,229
Dividends, from affiliated issuers⁽¹⁾		-
Interest		3,073
Securities lending		-
Other		-

Total investment income		56,302

EXPENSES:
Advisory fees		35,485
Transfer agent fees
Investor Shares
Institutional Shares		6,912
Shareholder communications
Investor Shares
Institutional Shares		6,033
Custodian fees		11,924
Accounting fees		15,516
Professional fees		17,210
Registration fees
Investor Shares
Institutional Shares		14,152
Directors’ fees		3,000
Other operating expenses		2,104

Total operating expenses before amounts waived or paid by the Adviser or the Board of Directors		112,336

Less amounts waived or paid by the Adviser or Board of Directors		(64,622	)

Net Expenses		47,714

Net investment income (loss)		8,588

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		568,493
Foreign currency related transactions		(12,151	)

		556,342
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		829,725
Foreign currency related transactions		67

		829,792

Net gain on investments and foreign currency related transactions		1,386,134

Net increase in net assets resulting from operations	$	1,394,722


⁽¹⁾
Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers	Net of foreign taxes withheld on dividends, affiliated issuers	Including net realized gain (loss) on investments from affiliated issuers
Emerging Markets	$ 6,009	$ -	$ -
International	9,599,777	155,279	(51,131,555	)
International Value	163,262	47,471	(137,512	)
Mid Cap	-	-	2,503,374


	INTERNATIONAL			INTERNATIONAL VALUE			MID CAP

$	87,469,856		$	13,590,156		$	10,769,402
	2,062,995			630,690			-
	3,801,427			3,898,352			2,057,644
	904,819			-			-
	860,550			-			-

	95,099,647			18,119,198			12,827,046


	69,545,256			8,321,725			25,316,096

	11,115,943			1,659,178			6,067,157
	12,824			7,358			11,632

	678,770			168,196			522,752
	19,448			11,191			7,661
	3,926,796			330,439			73,065
	38,042			37,283			33,143
	336,712			32,744			93,429

	50,064			101,951			28,376
	7,297			30,743			7,524
	205,974			21,638			76,272
	267,583			35,200			106,392

	86,204,709			10,757,646			32,343,499

	-			-			-

	86,204,709			10,757,646			32,343,499

	8,894,938			7,361,552			(19,516,453	)



	812,193,316			82,956,508			416,492,639
	(954,623	)		(337,318	)		-

	811,238,693			82,619,190			416,492,639

	1,387,615,231			115,982,167			118,672,579
	168,798			60,874			-

	1,387,784,029			116,043,041			118,672,579

	2,199,022,722			198,662,231			535,165,218

$	2,207,917,660		$	206,023,783		$	515,648,765

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets


	EMERGING MARKETS
	Six Months Ended 3/31/2007⁽¹⁾			Period Ended 9/30/2006⁽²⁾
OPERATIONS:
Net investment income (loss)	$	8,588		$	15,542
Net realized gain (loss) on:
Investments		568,493			126,872
Foreign currency related transactions		(12,151	)		(9,914	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		829,725			443,063
Foreign currency related transactions		67			(4,003	)

Net increase in net assets resulting from operations		1,394,722			571,560

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares
Institutional Shares		(15,593	)		-
Net realized gains on investment transactions:
Investor Shares
Institutional Shares		(166,242	)		-

Total distributions paid to shareholders		(181,835	)		-

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		520,431			5,310,000

Total increase (decrease) in net assets		1,733,318			5,881,560

Net assets, beginning of period		5,881,560			-

Net assets, end of period	$	7,614,878		$	5,881,560


Accumulated undistributed net investment income (loss)	$	(1,377	)	$	5,628

⁽¹⁾	Unaudited.

⁽²⁾	For the period from commencement of operations (June 26, 2006) through September 30, 2006.


INTERNATIONAL						INTERNATIONAL VALUE						MID CAP
Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006			Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006			Six Months Ended 3/31/2007⁽¹⁾			Year Ended 9/30/2006

$	8,894,938		$	91,268,255		$	7,361,552		$	18,549,621		$	(19,516,453	)	$	(29,617,835	)

	812,193,316			1,705,050,798			82,956,508			63,848,919			416,492,639			701,530,781
	(954,623	)		(3,919,900	)		(337,318	)		(230,417	)		-			-

	1,387,615,231			485,434,611			115,982,167			103,014,146			118,672,579			(251,537,673	)
	168,798			249,502			60,874			36,872			-			-

	2,207,917,660			2,278,083,266			206,023,783			185,219,141			515,648,765			420,375,273



	(149,579,439	)		(129,259,160	)		(24,384,271	)		(13,095,062	)		-			-
	(69,406,628	)		(71,446,014	)		(1,768,836	)					-			-

	(800,773,961	)		-			(71,597,063	)		(16,600,079	)		(480,601,368	)		(209,469,474	)
	(332,232,670	)		-			(3,867,611	)					(82,408,794	)		(41,213,795	)

	(1,351,992,698	)		(200,705,174	)		(101,617,781	)		(29,695,141	)		(563,010,162	)		(250,683,269	)


	1,366,296,679			165,474,731			607,514,779			555,837,073			(44,136,485	)		(655,280,963	)

	2,222,221,641			2,242,852,823			711,920,781			711,361,073			(91,497,882	)		(485,588,959	)

	13,917,852,390			11,674,999,567			1,312,575,038			601,213,965			5,369,794,845			5,855,383,804

$	16,140,074,031		$	13,917,852,390		$	2,024,495,819		$	1,312,575,038		$	5,278,296,963		$	5,369,794,845


$	(180,575,295	)	$	29,515,834		$	(6,396,072	)	$	12,395,483		$	(19,538,055	)	$	(21,602	)

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

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period


Year or Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains

ARTISAN EMERGING MARKETS FUND
Institutional Shares
3/31/2007	⁽⁵⁾	$	11.15	$	0.02		$	2.58		$	2.60		$	(0.03	)	$	(0.31	)
9/30/2006	⁽⁶⁾		10.00		0.03			1.12			1.15			-			-

ARTISAN INTERNATIONAL FUND
Institutional Shares
3/31/2007	⁽⁵⁾	$	28.92	$	0.04		$	4.40		$	4.44		$	(0.49	)	$	(2.33	)
9/30/2006			24.54		0.22			4.62			4.84			(0.46	)		-
9/30/2005			19.44		0.25			5.01			5.26			(0.16	)		-
9/30/2004			16.63		0.16			2.86			3.02			(0.21	)		-
9/30/2003	⁽⁷⁾		15.71		0.03			0.89			0.92			-			-
6/30/2003			18.24		0.25			(2.65	)		(2.40	)		(0.13	)		-
6/30/2002			19.62		0.18			(1.46	)		(1.28	)		(0.10	)		-

ARTISAN INTERNATIONAL VALUE FUND
Institutional Shares
3/31/2007	⁽⁵⁾	$	26.71	$	0.14		$	3.44		$	3.58		$	(0.45	)	$	(1.28	)

ARTISAN MID CAP FUND
Institutional Shares
3/31/2007	⁽⁵⁾	$	32.24	$	(0.08	)	$	3.26		$	3.18		$	-		$	(3.47	)
9/30/2006			31.21		(0.10	)		2.46			2.36			-			(1.33	)
9/30/2005			26.38		(0.12	)		4.95			4.83			-			-
9/30/2004			23.28		(0.14	)		3.24			3.10			-			-
9/30/2003	⁽⁷⁾		21.96		(0.03	)		1.35			1.32			-			-
6/30/2003			22.24		(0.07	)		(0.21	)⁽⁸⁾		(0.28	)		-			-
6/30/2002			26.48		(0.13	)		(4.11	)		(4.24	)		-			-

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾	Periods less than twelve months (where applicable) are not annualized.

⁽³⁾	Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾


	Year or Period Ended	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets
Emerging Markets Institutional Shares	3/31/2007	3.32	%	(1.66	)%
	9/30/2006	7.58		(5.11	)
International Institutional Shares	9/30/2003	1.00		0.73
Mid Cap Institutional Shares	9/30/2003	0.98		(0.59	)


Total Distributions			Net Asset Value End of Period		Total Return⁽²⁾		Net Assets End of Period (millions)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(0.34	)	$	13.41	23.58	%	$	7.6	1.41	%	0.25	%	35.92	%
	-			11.15	11.50			5.9	1.40		1.07		24.26



$	(2.82	)	$	30.54	15.90	%	$	4,682.7	0.99	%	0.27	%	31.90	%
	(0.46	)		28.92	20.07			4,116.0	1.00		0.82		57.80
	(0.16	)		24.54	27.21			3,988.1	0.99		1.11		56.15
	(0.21	)		19.44	18.31			3,622.1	1.01		0.85		54.96
	-			16.63	5.86			3,354.7	1.00		0.73		15.23
	(0.13	)		15.71	(13.09	)		2,975.0	1.01		1.68		37.13
	(0.10	)		18.24	(6.52	)		2,062.0	1.01		1.01		50.67



$	(1.73	)	$	28.56	13.60	%	$	132.8	1.08	%	1.01	%	22.58	%



$	(3.47	)	$	31.95	10.11	%	$	768.8	0.95	%	(0.48	)%	31.05	%
	(1.33	)		32.24	7.66			797.9	0.95		(0.31	)	73.59
	-			31.21	18.35			981.3	0.95		(0.40	)	83.00
	-			26.38	13.27			1,036.0	0.96		(0.54	)	101.09
	-			23.28	6.06			929.6	0.98		(0.59	)	26.52
	-			21.96	(1.26	)		829.0	1.00		(0.36	)	102.85
	-			22.24	(16.04	)		449.8	1.02		(0.56	)	121.14

⁽⁵⁾

Unaudited. For the six months ended March 31, 2007.

⁽⁶⁾

For the period from commencement of operations (June 26, 2006) through September 30, 2006.

⁽⁷⁾

For the period from July 1, 2003 to September 30, 2003. Artisan Funds changed its fiscal year-end from June 30 to September 30 effective September 30, 2003.

⁽⁸⁾

The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2007 (Unaudited)

(1)

Organization:

Artisan Funds, Inc. (“Artisan Funds”) was incorporated on January 5, 1995, as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended. Artisan Funds is a series comprised of nine open-end, diversified mutual funds. Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”), Artisan International Fund (“International Fund” or “International”), Artisan International Value Fund (“International Value Fund” or “International Value”) and Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”), four series of Artisan Funds (each a “Fund” and collectively the “Funds”), commenced operations on June 26, 2006, December 28, 1995, September 23, 2002 and June 27, 1997, respectively. Each Fund’s investment objective is to seek long-term capital growth.

Emerging Markets Fund only offers shares of capital stock of one class—Institutional Shares. International Fund, International Value Fund and Mid Cap Fund offer shares of capital stock of two classes—Institutional Shares and Investor Shares—and have offered Investor Shares since the commencement of operations. International Fund, International Value Fund and Mid Cap Fund began offering Institutional Shares on July 1, 1997, October 1, 2006 and July 1, 2000, respectively. Institutional Shares are sold to institutional investors meeting certain minimum investment requirements. Each class of shares has equal rights with respect to portfolio assets and voting privileges. Each class has exclusive voting rights with respect to any matters involving only that class. Income, expenses not specific to either class and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular class of shares, such as transfer agency fees, shareholder communication expenses and registration fees, are allocated directly to that class.

(2)

Summary of significant accounting policies:

(a)

NOTES TO FINANCIAL STATEMENTS

security from the principal exchange as of the time of valuation, the security was valued using the most recent bid quotation on the principal exchange, 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 maturing within sixty days of the valuation date were valued at amortized cost, which approximates market value.

Emerging Markets Fund, International 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. Mid Cap Fund had the ability to 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 United States 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.

NOTES TO FINANCIAL STATEMENTS

(b)

(c)

(d)

NOTES TO FINANCIAL STATEMENTS

losses were treated as ordinary income or loss. The Funds could be exposed to loss if the counterparties fail to perform under these contracts.

(e)

(f)

During the six months ended March 31, 2007, International Fund earned $904,819 from securities lending transactions, which was included in the accompanying Statement of Operations. International Fund had one security on loan at March 31, 2007 as disclosed on the accompanying Schedules of Investments, with a value of $335,358,482, which was collateralized by U.S. Treasury Notes, with a value of $350,071,532 at March 31, 2007.

(g)


Emerging Markets	$	-
International		105,699
International Value		101,209
Mid Cap		338,166

NOTES TO FINANCIAL STATEMENTS

(h)

(i)

(j)

Emerging Markets Fund, International Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including but not limited to when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries.

(3)

Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Funds were affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, each Fund paid a monthly management fee to the Adviser as follows:

Emerging Markets Fund


Average Daily Net Assets	Annual Rate
All	1.050	%

NOTES TO FINANCIAL STATEMENTS

International Fund


Average Daily Net Assets	Annual Rate
Less than $500 million	1.000	%
$500 million to $750 million	0.975
$750 million to $1 billion	0.950
$1 billion to $12 billion	0.925
Greater than $12 billion	0.900

International Value Fund & Mid Cap Fund


Average Daily Net Assets	Annual Rate
Less than $500 million	1.000	%
$500 million to $750 million	0.975
$750 million to $1 billion	0.950
Greater than $1 billion	0.925

The Adviser has voluntarily undertaken to reimburse Emerging Markets Fund for any ordinary operating expenses in excess of 1.50% of average daily net assets, annually.

The officers and director of Artisan Funds who are affiliated with the Adviser received no compensation from the Funds.

NOTES TO FINANCIAL STATEMENTS

(4)

Line of credit arrangement:

Artisan Funds is party to a line of credit agreement with State Street Bank and Trust Company, which expires August 2007, under which each Fund may borrow up to the lesser of (a) $75 million or (b) the lesser of (i) 10% of its total assets (after giving effect to the loan) or (ii) the maximum amount the Fund may have borrowed under the Investment Company Act of 1940, the limitations included in the Fund’s prospectus, or any limit or restriction under any law or regulation to which the Fund was subject or any agreement to which the Fund or Artisan Funds is a party; provided that the aggregate borrowings by all Artisan Funds may not exceed $100 million. Artisan Funds paid a commitment fee at the annual rate of 0.10% on the unused portion of the line of credit. Interest was charged on any borrowings at the current Federal Funds rate plus 0.50%. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the six months ended March 31, 2007, there were no borrowings under the line of credit for Emerging Markets Fund and International Value Fund. During the six months ended March 31, 2007, International Fund and Mid Cap Fund paid interest of $16,120 and $2,579 on maximum borrowings of $25,231,293 and $15,972,538, respectively.

(5)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the six months ended March 31, 2007 were as follows:


Fund	Security Purchases		Security Sales
Emerging Markets	$	2,694,304	$	2,402,233
International		4,766,367,577		4,893,896,528
International Value		779,903,317		357,577,375
Mid Cap		1,647,471,112		2,254,624,140

(6)

Transactions in securities of affiliates:

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/06										As of 3/31/07
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
International	Credit Saison Co., Ltd.	9,284,400	$	1,556,870	$	-	$	-		$	2,062,995	9,332,200	$	307,272,030
	TAISEI CORPORATION⁽²⁾	54,263,300		-		233,887,164		(51,131,555	)		-	-		-
	Total⁽³⁾			1,556,870		233,887,164		(51,131,555	)		2,062,995			307,272,030
International Value	MEITEC CORPORATION⁽⁴⁾	1,282,600		17,361,391		-		-			630,690	1,832,900		59,105,737
	Pfeiffer Vacuum Technology AG	714,441		11,128,617		2,275,406		(4,487	)		-	822,027		74,824,863
	SurfControl PLC⁽⁵⁾	1,603,124		4,678,771		2,187,031		(133,025	)		-	1,871,963		17,497,770
	Total⁽³⁾			33,168,779		4,462,437		(137,512	)		630,690			151,428,370
Mid Cap	Intermec, Inc.⁽⁵⁾	3,374,500		18,604,186		-		-			-	4,206,000		93,962,040
	Marvel Entertainment, Inc.⁽²⁾⁽⁵⁾	1,361,100		73,515		6,100,823		2,503,374			-	1,038,600		28,821,150
	Total⁽³⁾			18,677,701		6,100,823		2,503,374			-			93,962,040

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

⁽²⁾	Issuer was no longer an affiliate as of March 31, 2007.

⁽³⁾	Total value as of 3/31/2007 is presented for only those issuers that were affiliates as of March 31, 2007.

⁽⁴⁾	Issuer was not an affiliate as of September 30, 2006.

⁽⁵⁾	Non-income producing security.

(7)

Information for Federal income tax purposes:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	6,369,991	$	1,354,777	$	(83,712	)	$	1,271,065
International		11,546,348,154		4,569,978,662		(66,790,300	)		4,503,188,362
International Value		1,737,037,016		279,655,570		(9,879,972	)		269,775,598
Mid Cap		4,184,985,895		1,124,736,645		(58,173,764	)		1,066,562,881

NOTES TO FINANCIAL STATEMENTS

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2007 and the year ended September 30, 2006 were as follows:


	Six Months Ended 3/31/07				Year Ended 9/30/06
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Emerging Markets	$	181,835	$	-	-	⁽¹⁾	-	⁽¹⁾
International		218,986,067		1,133,006,631	200,705,174		-
International Value		58,575,571		43,042,210	20,163,763		9,531,378
Mid Cap		26,122,960		536,887,202	30,312,731		220,370,538

⁽¹⁾	For the period from commencement of operations (June 26, 2006) through September 30, 2006.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that may differ from U.S. generally accepted accounting principles. These differences were due to differing treatments for items such as net short-term gains, wash sale loss deferrals, foreign currency transactions, net investment losses and capital loss carryovers. Gains on redemptions-in-kind for International Fund and Mid Cap Fund, for the year ended September 30, 2006, of $29,012,833 and $13,451,833, respectively, were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2006 follows:


	As of 9/30/06				Year Ended 9/30/06
Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Capital Loss Carryforward Utilized			Post-October Losses
Emerging Markets	$	143,395	$	-	$	-	⁽¹⁾	$	8,572	⁽¹⁾
International		212,453,758		1,018,713,221		617,923,426			-
International Value		46,295,790		37,751,013		-			-
Mid Cap		26,118,296		536,884,861		-			-

⁽¹⁾	For the period from commencement of operations (June 26, 2006) through September 30, 2006.

As of September 30, 2006, none of the Funds had capital loss carryforwards.

NOTES TO FINANCIAL STATEMENTS

[THIS PAGE INTENTIONALLY LEFT BLANK]

NOTES TO FINANCIAL STATEMENTS

(8)

Fund share activities:

Capital share transactions for the Funds were as follows:



	EMERGING MARKETS
Six months ended March 31, 2007	Institutional Shares
Net asset value of shares transferred
Proceeds from shares issued	$	350,000
Net asset value of shares issued in reinvestment of dividends and distributions		181,510
Cost of shares redeemed⁽¹⁾		(11,079	)

Net increase (decrease) from fund share transactions	$	520,431


Shares transferred
Shares sold		27,038
Shares issued in reinvestment of dividends and distributions		14,521
Shares redeemed		(946	)

Net increase (decrease) in capital shares		40,613


	EMERGING MARKETS
Year ended September 30, 2006	Institutional Shares⁽²⁾
Proceeds from shares issued	$	5,310,000
Net asset value of shares issued in reinvestment of dividends and distributions		-
Cost of shares redeemed⁽¹⁾		-

Net increase (decrease) from fund share transactions	$	5,310,000


Shares sold		527,411
Shares issued in reinvestment of dividends and distributions		-
Shares redeemed		-

Net increase (decrease) in capital shares		527,411

⁽¹⁾

Net of redemption fees of:


Fund	Six Months Ended 3/31/2007		Year Ended 9/30/2006
Emerging Markets - Institutional Shares	$	-	$	-	⁽²⁾
International - Investor Shares		308,767		863,753
International - Institutional Shares		134,383		389,313
International Value - Investor Shares		206,124		222,110
International Value - Institutional Shares		13,709

⁽²⁾

For the period from commencement of operations (June 26, 2006) through September 30, 2006.

NOTES TO FINANCIAL STATEMENTS


INTERNATIONAL						INTERNATIONAL VALUE						MID CAP
Investor Shares			Institutional Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
						$	(78,194,778	)	$	78,194,778
$	1,221,409,213		$	236,054,876			756,869,688			43,712,430		$	292,786,604		$	17,273,694
	914,418,120			375,581,486			88,578,891			6,278,901			474,031,867			81,886,968
	(1,084,675,284	)		(296,491,732	)		(285,963,748	)		(1,961,383	)		(786,263,400	)		(123,852,218	)

$	1,051,152,049		$	315,144,630		$	481,290,053		$	126,224,726		$	(19,444,929	)	$	(24,691,556	)


							(2,927,547	)		2,927,547
	41,461,883			7,738,949			27,108,609			1,568,426			9,211,352			522,516
	31,850,161			13,013,911			3,182,856			225,617			15,430,725			2,620,383
	(36,878,516	)		(9,746,297	)		(10,237,063	)		(71,458	)		(24,845,108	)		(3,823,512	)

	36,433,528			11,006,563			17,126,855			4,650,132			(203,031	)		(680,613	)


INTERNATIONAL						INTERNATIONAL VALUE						MID CAP
Investor Shares			Institutional Shares			Investor Shares						Investor Shares			Institutional Shares
$	2,314,789,322		$	316,068,084		$	711,293,524					$	902,753,102		$	55,931,735
	121,587,382			67,354,311			28,357,891						205,964,332			40,056,662
	(1,736,641,589	)		(917,682,779	)		(183,814,342	)					(1,552,986,575	)		(307,000,219	)

$	699,735,115		$	(534,260,384	)	$	555,837,073					$	(444,269,141	)	$	(211,011,822	)


	85,995,680			12,075,907			28,589,432						28,570,035			1,750,257
	5,049,329			2,785,484			1,344,769						6,671,990			1,280,993
	(65,072,487	)		(35,034,422	)		(7,654,580	)					(49,375,193	)		(9,727,021	)

	25,972,522			(20,173,031	)		22,279,621						(14,133,168	)		(6,695,771	)

NOTES TO FINANCIAL STATEMENTS

(9)

Litigation:

(10)

Recent Accounting Pronouncements:

NOTES TO FINANCIAL STATEMENTS

In September 2006, FASB issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of March 31, 2007, the Funds did not believe the adoption of FAS 157 would impact the amounts reported in the financial statements, however, additional disclosures would be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

SHAREHOLDER EXPENSE EXAMPLE

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2006 to March 31, 2007.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 10/1/2006		Ending Account Value 3/31/2007		Expenses Paid During Period 10/1/2006-3/31/2007⁽¹⁾
Artisan Emerging Markets Fund - Institutional Shares
Actual	$	1,000.00	$	1,235.80	$	7.86
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.09
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	1,158.99	$	5.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	$	4.99
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	1,135.96	$	5.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44

SHAREHOLDER EXPENSE EXAMPLE


	Beginning Account Value 10/1/2006		Ending Account Value 3/31/2007		Expenses Paid During Period 10/1/2006-3/31/2007⁽¹⁾
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	1,101.11	$	4.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2007 (shown below); multiplied by the average account value over the period; multiplied by 182/365 (to reflect the one-half year period).


Fund		Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended March 31, 2007
Artisan Emerging Markets Fund - Institutional Shares		1.41%
Artisan International Fund - Institutional Shares		0.99
Artisan International Value Fund - Institutional Shares		1.08
Artisan Mid Cap Fund - Institutional Shares		0.95

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“Artisan Partners”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to Investment Advisory Agreements dated December 28, 1995, as amended November 17, 2005 (International Fund); November 7, 2001 (International Small Cap Fund); August 9, 2002 (International Value Fund); April 10, 1997 (Mid Cap Fund); January 25, 2001 (Mid Cap Value Fund); March 27, 1995 (Small Cap Fund) and August 20, 1997 (Small Cap Value Fund) (the “Advisory Agreements”). The advisory agreements for Opportunistic Value Fund dated February 9, 2006, and Emerging Markets Fund dated May 10, 2006, continue through November 30, 2007, and so were not considered at the meetings described below. Artisan Partners is a Delaware limited partnership the sole general partner of which is Artisan Investment Corporation. Artisan Investment Corporation was incorporated on December 7, 1994 for the sole purpose of acting as general partner of Artisan Partners. Artisan Investment Corporation is owned by ZFIC, Inc., a Wisconsin Corporation, which is controlled by Mr. Ziegler and Ms. Ziegler, who together own 100% of its voting stock. The principal address of Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. Artisan Partners also has offices at 100 Pine Street, Suite 2950, San Francisco, California 94111; One Maritime Plaza, Suite 1450, San Francisco, California 94111; Five Concourse Parkway NE, Suite 2120, Atlanta, Georgia 30328; 1350 Avenue of the Americas Suite 3005, New York, New York 10019 and 800 Delaware Avenue, Suite 800, Wilmington, Delaware 19801.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Potential for conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including: the type and number of other clients served by Artisan Partners in each of its investment strategies; the basis of sharing personnel, services, research and advice among

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

clients; the basis of decisions by Artisan Partners to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; Artisan Partners’ methodology of allocating investment opportunities, including initial public offerings, among the Funds and other clients; potential advantages and disadvantages in having an investment adviser that has other clients; Artisan Partners’ own investments and possible conflicts with the Funds; Artisan Partners’ code of ethics; any litigation pending, threatened or settled involving Artisan Partners; and results of any regulatory examinations;

•

The financial condition and stability of Artisan Partners, including Artisan Partners’ consolidated balance sheet; and

•

At the end of the November Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel and subsequently requested additional supplemental material concerning the funds for which Artisan Partners serves as subadviser.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

The quality of Artisan Partners’ services to the Funds in absolute terms and relative to mutual fund industry standards.

•

The sufficiency and quality of Artisan Partners personnel.

•

Artisan Partners’ financial condition.

•

A fund’s relative performance in the Lipper performance universe may be significantly influenced by the style category in which Lipper places the fund.

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

generally provides few or no services other than portfolio management). The independent directors also considered whether shareholders of the Funds have benefited or will benefit from economies of scale under the management fee structures in the Advisory Agreements, including the fact that since International Small Cap Fund closed at a relatively low asset level, Artisan Partners is not likely to enjoy economies of scale in its management. In their review, the independent directors considered the following:

•

Artisan Partners does not solicit the Funds’ shareholders to become separate account clients nor to purchase other goods or services provided by Artisan Partners or its affiliates. Artisan Partners refers potential separate account clients that do not meet Artisan Partners’ minimum separate account size requirements to the Funds.

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners maintain important and open relationships with brokers. Use of a Fund’s commissions for soft dollar purposes is on the same terms as every other client account managed by Artisan Partners in the same investment strategy.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreements and the management fees paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded there were two principal benefits: (1) the potential conversion of a Fund shareholder to a separate account client; and (2) the acquisition of research products and services in return for commissions (“soft dollars”). The directors concluded that, although Artisan Partners derives or may derive those additional benefits, the Funds also could benefit from conversions of separate account clients to Fund investors and did benefit from Artisan Partners’ use of soft dollars with respect to its separate account clients. Following those discussions, the board approved the continuation of each Advisory Agreement through November 30, 2007 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of March 31, 2007. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this Report was prepared by the Adviser using information reported by FactSet Databases (“FactSet”). For the purposes of assigning portfolio securities to a particular country, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. The Adviser currently uses MSCI as its primary source and FactSet as a secondary source for this information. As a result, Artisan Mid Cap Fund, routinely holds securities of issuers organized outside the U.S., but with their primary trading markets in the U.S. In addition, Artisan Mid Cap Fund may hold a limited number of non-U.S. securities that are traded in the U.S., directly or as ADRs. Also based on the designations of the securities information vendors, Artisan International Fund and Artisan International Value Fund routinely hold securities of issuers organized within the U.S. and/or issuers with their primary trading markets in the U.S. Artisan Emerging Markets Fund may hold securities of issuers organized in developed markets or traded in developed markets. In the event (i) the Adviser’s securities information vendors do not assign a security to a particular country or if the published classification appears to be erroneous, or (ii) its primary vendor does not assign a security to a particular country and the secondary vendor has assigned a security to a particular country by using a methodology that is not the same as the methodology the primary vendor uses to assign a country, the Adviser assigns the security to a country using the primary vendor’s published criteria (to the extent available) or the Adviser’s own judgment. The primary information vendor’s criteria include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. Country designations may change over time.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser considers an issuer to be included in a particular sector and industry as classified by its securities information vendors, Artisan Mid Cap Fund assigns securities in accordance with the sector and industry classifications provided by The Frank Russell Company (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. Artisan Emerging Markets Fund, Artisan International Fund and Artisan International Value Fund assign securities for these purposes in accordance with the sector and industry classifications provided by MSCI (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. In the event the Adviser’s securities information vendors do not classify a security to a particular sector and industry or if the published classification appears to be erroneous, the Adviser will classify the security according to the Adviser’s own judgment, using other securities information vendors, the company description and publicly available information about the company’s peer group. Sector and industry classifications may change over time.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Definitions of Portfolio Statistics

Descriptions of Indices

The indices to which the Funds are compared are:

Artisan Emerging Markets Fund – Morgan Stanley Capital International Emerging Markets Index^SM is a market-weighted index of companies in emerging markets.

Artisan International Fund – Morgan Stanley Capital International EAFE^® Index (MSCI EAFE^®) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. Morgan Stanley Capital International EAFE^® Growth Index (MSCI EAFE^® Growth) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, with higher price-to-book ratios.

Artisan International Value Fund – Morgan Stanley Capital International EAFE^® Index (MSCI EAFE^®) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. Morgan Stanley Capital International EAFE^® Value Index (MSCI EAFE^® Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, with lower price-to-book ratios.

Trademarks

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.399.1770. That information also is included in Artisan Funds’ statement of additional information, which is available without charge, upon request, by calling 800.399.1770 and at the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how Artisian International Fund, Artisian International Value Fund and Artisian Mid Cap Fund voted proxies relating to portfolio securities held during the twelve months ended June 30 is available on the Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. Information relating to Artisan Emerging Markets Fund will be available for the twelve months ended June 30, 2007 on its website at www.artemf.com and on the SEC’s website at www.sec.gov in August 2007.

INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.399.1770

Item 2.

Code of Ethics.

Not applicable for semiannual reports.

Item 3.

Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

The Schedule of Investments in securities of unaffiliated issuers is included as part of the semiannual reports to shareholders filed under Item 1 of this Form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

The registrant has a governance and nominating committee, which is responsible for selecting and nominating persons for election or appointment as members of registrant’s board of directors. At a meeting of the committee held on August 19, 2004, the committee adopted guidelines by which the committee, which is comprised entirely of independent directors, will consider any candidates for board membership (whether recommended by a shareholder, the committee, the board of directors or management personnel). At a meeting of the committee held on February 8, 2007, the committee revised the guidelines to include the consideration of the effect of the registrant’s retirement policy on the potential length of service of any candidate.

Item 11.

Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), 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) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a)	(1)	Not applicable for semiannual reports

	(2)	Certifications of Andrew A. Ziegler, Principal Executive Officer and Lawrence A. Totsky, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)

(b)		Certification of Andrew A. Ziegler, Principal Executive Officer and Lawrence A. Totsky, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

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/ Andrew A. Ziegler
		Andrew A. Ziegler
		Principal Executive Officer
Date:		June 7, 2007

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/ Andrew A. Ziegler
		Andrew A. Ziegler
		Principal Executive Officer
Date:		June 7, 2007

By:		/s/ Lawrence A. Totsky
		Lawrence A. Totsky
		Principal Financial Officer
Date:		June 7, 2007

Artisan Small Cap Fund Inv Shs (ARTSX) N-CSRSCertified semi-annual shareholder report (management investment company)