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

Artisan Small Cap Fund Inv Shs (ARTSX) N-CSRSCertified 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		Alyssa Albertelli
Artisan Funds, Inc.		Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800		One Metro Center
Milwaukee, Wisconsin 53202		700 12th Street, N.W., Suite 900
		Washington, D.C. 20005-3948

(Name and address of agents for service)

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

Date of fiscal year end: 9/30/09

Date of reporting period: 3/31/09

Item 1.

Reports to Shareholders.

SEMIANNUAL

R E P O R T

March 31, 2009

ARTISAN GLOBAL VALUE FUND

ARTISAN INTERNATIONAL FUND

ARTISAN INTERNATIONAL SMALL CAP FUND

ARTISAN INTERNATIONAL VALUE FUND

ARTISAN MID CAP FUND

ARTISAN MID CAP VALUE FUND

ARTISAN OPPORTUNISTIC GROWTH FUND

ARTISAN OPPORTUNISTIC VALUE FUND

ARTISAN SMALL CAP FUND

ARTISAN SMALL CAP VALUE FUND

LOGO

ARTISAN

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, 2009. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Artisan Emerging Markets Fund, Artisan International Fund, Artisan International Value Fund and Artisan Mid Cap Fund offer other classes of shares. A report on each of the other classes is available under separate cover.

Artisan Funds offered through Artisan Distributors LLC, member FINRA.

TABLE OF CONTENTS


		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
2		Artisan Global Value Fund
4		Artisan International Fund
6		Artisan International Small Cap Fund
8		Artisan International Value Fund
10		Artisan Mid Cap Fund
12		Artisan Mid Cap Value Fund
14		Artisan Opportunistic Growth Fund
16		Artisan Opportunistic Value Fund
18		Artisan Small Cap Fund
20		Artisan Small Cap Value Fund

22		SCHEDULES OF INVESTMENTS
22		Artisan Global Value Fund
24		Artisan International Fund
27		Artisan International Small Cap Fund
29		Artisan International Value Fund
31		Artisan Mid Cap Fund
34		Artisan Mid Cap Value Fund
36		Artisan Opportunistic Growth Fund
38		Artisan Opportunistic Value Fund
40		Artisan Small Cap Fund
43		Artisan Small Cap Value Fund


46		STATEMENTS OF ASSETS AND LIABILITIES

50		STATEMENTS OF OPERATIONS


54		STATEMENTS OF CHANGES IN NET ASSETS


58		FINANCIAL HIGHLIGHTS

64		NOTES TO FINANCIAL STATEMENTS

81		SHAREHOLDER EXPENSE EXAMPLE

84		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

91		NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

93		PROXY VOTING POLICIES AND PROCEDURES

94		INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN GLOBAL VALUE FUND (ARTGX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Value Fund employs a bottom-up investment process to construct a diversified portfolio of securities of undervalued U.S. and non-U.S. companies. The Fund’s investment process is focused on identifying what the investment team considers to be high quality, undervalued businesses that offer the potential for superior risk/reward outcomes. The team’s in-depth research process focuses on four key investment characteristics:

Undervaluation. Determining the intrinsic value of the business is the heart of the team’s research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to the team’s estimate of the intrinsic value of a business.

Business quality. The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.

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 common stocks and other equity securities, both within and outside the U.S., with market capitalizations of at least $2 billion at the time of initial purchase.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 3/31/2009)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		Since Inception
Artisan Global Value Fund	-33.45	%	-32.56	%
MSCI ACWI (All Country World Index) Index^SM	-43.10		-41.12

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. 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 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’ voluntary undertaking to limit the Fund’s expenses to no more than 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, which would have been lower in its absence. In addition, the outside directors of Artisan Funds waived that portion of their fees allocable to the Fund through September 30, 2008. Absent that expense waiver, the Fund’s performance would have been lower. See page 92 for a description of each index.

INVESTING ENVIRONMENT

Global equities suffered additional losses during the six-month period ended March 31, 2009. Governments adopted an increasingly activist role in order to stem the decline and restore confidence, but investors remained concerned about declining economic conditions and continued instability in the world’s financial systems. Market weakness centered largely on financials, but every market sector ended the period with double-digit losses. Returns were similar on a regional basis as all major developed and emerging markets declined.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	26.7	%	14.6	%
Consumer Staples	10.4		15.3
Energy	—		2.7
Financials	19.4		22.8
Healthcare	15.6		11.0
Industrials	11.0		15.0
Information Technology	11.1		12.3
Telecommunication Services	1.8		2.2
Other assets less liabilities	4.0		4.1
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Global Value Fund declined - -28.17% during the period, holding up better than the MSCI All Country World Index^SM, which decreased -30.68% over the same period.

We remained focused on the intersection of balance sheet strength, business quality and valuation.

Performance of the following stocks had a positive impact on the portfolio during the six-month period: Google Inc., a search engine provider; Publicis Groupe, a French advertising services company; and Arch Capital Group Ltd., a provider of reinsurance and insurance products. Our worst performers included: Mohawk Industries, Inc., a provider of floor coverings in the U.S.; American Express Company, a credit card and business services company; Marsh & McLennan Companies, Inc., an insurance broker; Tyco Electronics Ltd., a U.S. electronic components manufacturer; and International Speedway Corporation, a promoter of motorsports activities in the U.S.

REGION ALLOCATION


Region	9/30/08		3/31/09
Americas	47.3	%	49.4	%
Europe	38.5		35.4
Pacific Basin	7.2		6.9
Emerging Markets	3.0		4.2

As a percentage of total net assets.

FUND CHANGES

During the period, we found several valuation opportunities. We continued to invest in certain holdings as their valuations fell and made new investments where we believed the risk/reward balance was more favorable than it was for those companies already in the portfolio. New purchases included previously mentioned Google Inc. and Publicis Groupe. We also added The Procter & Gamble Company, a consumer products manufacturer; 3M Company, a diversified global manufacturer; Daiwa Securities Group Inc., a Japanese financial services firm; and European integrated oil companies Total SA and Royal Dutch Shell PLC.

We exited a number of positions during the period, including Sekisui House, Ltd., Mattel, Inc., Neopost SA, Sanofi-Aventis, International Speedway Corporation, Nokia Corporation and Sodexo.

ARTISAN INTERNATIONAL FUND (ARTIX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Fund employs 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 the company’s 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 markets and emerging and less developed markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 3/31/2009)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan International Fund	-46.09	%	-13.40	%	-1.50	%	2.37	%	7.42	%
MSCI EAFE^® Growth Index	-45.36		-13.12		-1.99		-2.46		-0.06
MSCI EAFE^® Index	-46.51		-14.47		-2.18		-0.84		1.43

INVESTING ENVIRONMENT

Save for short-term rallies in December and March, international equities generally trended lower throughout the six months ended March 31, 2009. Economic and corporate reports continued to disappoint and the battle between the effects of fiscal and monetary stimulus endured. Emerging markets fared better than developed markets on the back of huge stimulus spending and continued economic growth. For this semiannual reporting period, the MSCI EAFE^® Index returned -31.11% and every sector suffered double digit losses. The financial sector was hit hardest, declining more than -45%. Losses were similarly broad on a regional basis. Every country in the Index experienced meaningful declines, with many falling by more than -30%.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	11.2	%	12.4	%
Consumer Staples	9.8		18.8
Energy	9.1		4.6
Financials	14.2		14.0
Healthcare	7.9		7.4
Industrials	17.4		12.7
Information Technology	4.7		9.0
Materials	7.4		6.5
Telecommunication Services	3.1		5.9
Utilities	9.4		4.4
Other assets less liabilities	5.8		4.3
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Fund held up better than the MSCI EAFE^® Index with a return of -29.79% for the six months ended March 31, 2009. We benefited from the relative outperformance of our financial holdings as well as our underweight position in the beaten up sector. Strong security selection in the technology sector also aided relative returns. Our Chinese companies, China Resources Land Limited, China Construction Bank and China Life Insurance Co., Limited, held up better than peers. Semiconductor manufacturing equipment producer ASML Holding N.V., credit and debit card transaction processor Redecard SA and integrated circuit manufacturer Taiwan Semiconductor Manufacturing Company Ltd. drove our relative outperformance in the technology sector. Anheuser-Busch InBev NV, Delhaize Group and Carrefour SA, holdings in the consumer staples sector, were other top contributors.

Relative returns were held back by weaknesses among our energy, utilities and materials holdings. SeaDrill Ltd., Gazprom, Fortum Oyj, National Grid PLC, Holcim Ltd. and Wacker Chemie AG were some of our biggest detractors in these sectors. Our underweight position in the relatively strong energy sector also worked against us.

FUND CHANGES

Throughout the turbulence, we have remained committed to our thematic and fundamental investment process. We seek to invest in companies with sustainable growth characteristics, trading at reasonable valuations with exposure to the secular themes we have identified. New purchases during the period included telecommunications services provider France Telecom SA, brewer Anheuser-Busch InBev NV, tobacco products producer Philip Morris International Inc., financial services provider Muenchener Rueckversicherungs-Gesellschaft AG, grocery chain operator Carrefour SA and oil services company Schlumberger Limited.

Our sales during the period included Electricite de France, SeaDrill Ltd., Mitsui & Co., Ltd., Lloyds TSB Group plc and Orkla ASA.

REGION ALLOCATION


Region	9/30/08		3/31/09
Europe	61.0	%	62.7	%
Emerging Markets	15.5		15.8
Pacific Basin	15.0		11.9
Americas	2.2		5.3
Middle East	0.5		—

As a percentage of total net assets.

ARTISAN INTERNATIONAL SMALL CAP FUND (ARTJX)

INVESTMENT PROCESS HIGHLIGHTS

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

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 (12/21/2001 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan International Small Cap Fund	-49.70	%	-13.54	%	1.97	%	9.33	%
MSCI EAFE^® Small Cap Index	-48.89		-19.35		-3.17		5.29
MSCI EAFE^® Index	-46.51		-14.47		-2.18		1.51

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 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 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. See page 92 for a description of each index.

INVESTING ENVIRONMENT

Save for short-term rallies in December and March, international small-cap equities generally trended lower throughout the six months ended March 31, 2009. Economic and corporate reports continued to disappoint and the battle between the effects of fiscal and monetary stimulus endured. Emerging markets fared better than developed markets on the back of huge stimulus spending and continued economic growth. For this semiannual reporting period, the MSCI EAFE^® Small Cap Index returned -29.58% and every sector suffered double digit losses. Losses were similarly broad on a regional basis. Every country in the Index experienced meaningful declines, with many falling by more than -30%.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	8.5	%	10.7	%
Consumer Staples	15.8		18.2
Energy	6.1		—
Financials	22.4		14.9
Healthcare	1.6		2.9
Industrials	21.3		24.3
Information Technology	9.9		14.2
Materials	2.6		2.4
Other assets less liabilities	11.8		12.4
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Small Cap Fund held up better than the MSCI EAFE^® Small Cap Index with a return of -26.24%. The outperformance of our industrials holdings was the primary driver of our relative strength. Rail and mass transport systems supplier Ansaldo STS SpA and Vossloh AG, a leader in rail infrastructure, were our top contributors in the sector. Schindler Holding AG, China Everbright International Limited and Intertek Group PLC also held up better than peers. Additionally, strong security selection in consumer staples and technology aided relative returns. Hengan International Group Company Limited and KWS Saat AG drove our relative outperformance in the consumer staples sector, while Wirecard AG was our top contributor in the technology sector.

Relative returns were held back by weaknesses among our financial and energy holdings. Two stocks, industrial real estate company Spazio Investment NV and Bank Sarasin & Cie AG, a leading private Swiss bank, were responsible for the vast majority of our relative underperformance in the financial sector. We sold a number of holdings in both sectors.

REGION ALLOCATION


Region	9/30/08		3/31/09
Europe	50.0	%	53.9	%
Emerging Markets	24.8		25.7
Pacific Basin	12.3		8.0
Americas	1.1		—

As a percentage of total net assets.

FUND CHANGES

Throughout the turbulence, we have remained committed to our thematic and fundamental investment process. We seek to invest in companies with sustainable growth characteristics, trading at reasonable valuations with exposure to the secular themes we have identified. During the period, we added three new names – global hotel operator InterContinental Hotels Group PLC, dental implants producer Nobel Biocare Holding AG and Domino’s Pizza Enterprises Limited, owner of the master franchise agreement for Domino’s Pizza^® restaurants in Australia and New Zealand.

We completely sold out of our energy names during the period with the sales of SeaDrill Ltd., Sibir Energy PLC, SBM Offshore NV, Socotherm S.p.A. and C.A.T. oil AG. The sales we made in the financial sector included Hong Kong Exchanges & Clearing Limited, Hellenic Exchanges S.A., Tian An China Investments Company Limited and Bursa Malaysia Bhd.

ARTISAN INTERNATIONAL VALUE FUND (ARTKX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Value Fund employs a bottom-up investment process to construct a diversified portfolio of stocks of undervalued non-U.S. companies. The Fund’s investment process is focused on identifying what the investment team believes are high quality, undervalued businesses that offer the potential for superior risk/reward outcomes. The team’s in-depth research process focuses on four key investment characteristics:

Business quality. The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.

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 common stocks and other equity securities of non-U.S. companies of all market capitalizations in developed and emerging markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 3/31/2009)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan International Value Fund	-35.96	%	-10.69	%	1.61	%	10.86	%
MSCI EAFE^® Value Index	-47.72		-15.92		-2.49		5.60
MSCI EAFE^® Index	-46.51		-14.47		-2.18		5.10

INVESTING ENVIRONMENT

International equities suffered additional losses during the six-month period ended March 31, 2009. Governments adopted an increasingly activist role in order to stem the decline and restore confidence, but investors remained concerned about declining economic conditions and continued instability in the world’s financial systems. Market weakness centered largely on financials, but every market sector ended the period with double-digit losses. Returns were similar on a regional basis as all major developed and emerging markets declined.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	22.3	%	20.1	%
Consumer Staples	13.0		12.5
Energy	—		2.9
Financials	19.0		18.7
Healthcare	13.5		9.3
Industrials	15.1		15.9
Information Technology	8.3		7.9
Materials	2.2		2.6
Telecommunication Services	1.6		1.8
Other assets less liabilities	5.0		8.3
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Value Fund declined -26.98% during the period, holding up better than the MSCI EAFE^® Index, which decreased -31.11% over the same period.

We remained focused on the intersection of balance sheet strength, business quality and valuation.

Performance of the following stocks had a positive impact on the portfolio during the six-month period: Lancashire Holdings Ltd, a U.K. specialty insurance provider; Publicis Groupe, a French advertising services company; and IGM Financial, Inc., a Canadian asset manager. Experian PLC, a U.K. credit-checking company, was our largest holding at the end of the period. The company’s share price recorded a single- digit loss, but it held up considerably better than the overall market in a challenging period for equities. Notable detractors included Societe Television Francaise 1, a French television channel owner; Covidien Limited, a U.S. medical products maker; Tyco Electronics Ltd., a U.S. electronic components manufacturer; MEITEC CORPORATION, a Japanese provider of outsourcing services primarily in the engineering industry; and Signet Jewelers Ltd., a jewelry retailer in the U.S. and U.K.

FUND CHANGES

During the period, we found several valuation opportunities. We continued to invest in certain holdings as their valuations fell and made new investments where we believed the risk/reward balance was more favorable than those companies already in the portfolio. New purchases included previously mentioned Publicis Groupe and IGM Financial, Inc. We also added Daiwa Securities Group Inc., a Japanese financial services firm; Nobel Biocare Holding AG, a Swiss dental implant maker; L’Oreal SA, a French cosmetics company; and European integrated oil companies Total SA and Royal Dutch Shell PLC.

We exited a number of positions during the period. Benfield Group Ltd, Kimberly-Clark de Mexico, S.A.B. de C.V., UNICHARM CORPORATION, Pfeiffer Vacuum Technology AG, Neopost SA, Nokia Corporation, Sanofi-Aventis, Sekisui House, Ltd., and Willis Group Holdings Limited were all sold.

REGION ALLOCATION


Region	9/30/08		3/31/09
Europe	63.8	%	60.5	%
Americas	10.7		11.8
Pacific Basin	14.2		11.8
Emerging Markets	6.3		7.6

As a percentage of total net assets.

ARTISAN MID CAP FUND (ARTMX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Fund employs a bottom-up investment process to construct a diversified portfolio of primarily U.S. mid-cap growth companies. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation.

The Fund’s investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

Franchise characteristics. These are characteristics that the team believes help to protect a company’s stream of cash flow from the effects of competition. The team looks for companies with at least two of the following characteristics: low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name.

Attractive valuations. Through its own fundamental research, the team estimates the amount a buyer would pay to buy the entire company (the company’s “intrinsic value” or “private market value”) and considers whether to purchase a stock if it sells at a discount to that estimate.

Accelerating profit cycle. The team tries to invest in companies that are well positioned for long-term growth, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the profit cycle.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 3/31/2009)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Mid Cap Fund	-34.54	%	-11.01	%	-2.05	%	6.26	%	10.25	%
Russell Midcap^® Growth Index	-39.58		-14.89		-3.91		-0.86		1.84
Russell Midcap^® Index	-40.81		-15.53		-3.53		2.27		3.89

INVESTING ENVIRONMENT

During the semiannual reporting period ended March 31, 2009, mid-cap stocks sank along with the broader market amid worsening economic conditions and turmoil in the financial sector. The Russell Midcap^® Index declined -33.80%. Growth stocks held up better than value names as the Russell Midcap^® Growth Index fell -29.81%, while its value counterpart tumbled -37.87%. Within the growth index, all sectors closed lower, with financial and energy stocks down the most.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	7.7	%	14.0	%
Consumer Staples	4.8		3.0
Energy	4.0		4.6
Financials	8.0		6.5
Healthcare	25.4		22.7
Industrials	14.9		14.0
Information Technology	28.5		31.8
Materials	1.6		1.5
Telecommunication Services	0.4		0.6
Utilities	2.0		—
Other assets less liabilities	2.7		1.3
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Mid Cap Fund returned -26.82% during the period, outperforming the Russell Midcap^® and Russell Midcap^® Growth indices. Relative to the benchmarks, the Fund benefited from strong security selection, particularly among our healthcare and industrials holdings, although our leading performers came from a variety of sectors. Sector positioning was also helpful, due in part to our low weighting in the energy sector. In the health care sector, Crop^SM holdings Cerner Corporation, a health care information technology company, specialty pharmaceuticals company Allergan, Inc. and C. R. Bard, Inc., a medical devices maker, were key to our strong relative performance. In the industrials sector, Roper Industries, Inc., an industrial products manufacturer, and contracting services company Quanta Services, Inc. were two companies that held up relatively well. Other standout performers included Hansen Natural Corporation, Broadcom Corporation and Best Buy Co., Inc.

Compared to the Russell Midcap^® Growth Index, the greatest sources of weakness included our relatively low weight in consumer discretionary stocks and underperformance in the financials and utilities sectors. The St. Joe Company, a real estate operating company, and credit card issuer Discover Financial Services were among our worst performing financial holdings. Our underperformance in the utilities sector was driven by independent power producers Calpine Corporation and Dynegy Inc.

FUND CHANGES

The most notable changes to the portfolio during the period were increased exposures to the consumer discretionary and information technology sectors. In the consumer discretionary sector, we purchased several new holdings, including YUM! Brands, Inc., Dick’s Sporting Goods, Inc. and CarMax, Inc. In the information technology sector, new purchases included VMware, Inc., Citrix Systems, Inc. and Quality Systems, Inc., among others.

We funded our new purchases in part with sales from a broad range of sectors. Celgene Corporation, AGCO Corporation, Calpine Corporation and Varian Medical Systems, Inc. were all Crop^SM positions that were sold during the period. We also sold ImClone Systems Incorporated, a Garden^SM position, after it received a premium takeout offer from Eli Lilly and Company.

ARTISAN MID CAP VALUE FUND (ARTQX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Value Fund employs a bottom-up investment process to construct a diversified portfolio of stocks of medium-sized U.S. companies that the investment 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 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 generally will not initiate a position in a company unless it has a market capitalization between $2 billion and $15 billion.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Value Fund	-31.16	%	-9.77	%	1.01	%	5.95	%
Russell Midcap^® Value Index	-42.51		-16.68		-3.81		1.92
Russell Midcap^® Index	-40.81		-15.53		-3.53		1.17

INVESTING ENVIRONMENT

For the six-month period ended March 31, 2009, the Russell Midcap^® Value and Russell Midcap^® indices returned -37.87% and
-33.80%, respectively. It was a challenging period for equity investors as the economic slowdown continued to take its toll. In the Russell Midcap^® Value Index, all sectors suffered double-digit declines and, in general, the more cyclical sectors were the weakest. The financials, energy, consumer discretionary, industrials and materials sectors all declined more than -40%. The traditionally defensive utilities and consumer staples sectors were more resilient.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	18.3	%	15.9	%
Consumer Staples	0.8		2.9
Energy	4.4		8.1
Financials	19.4		18.0
Healthcare	2.0		3.7
Industrials	27.6		24.2
Information Technology	20.5		21.0
Utilities	0.8		0.7
Other assets less liabilities	6.2		5.5
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Mid Cap Value Fund returned - -28.93% during the six-month period ended March 31, 2009. Our holdings in the industrials and consumer discretionary sectors were among our worst absolute performers. However, our stocks in those sectors held up considerably better than those in the Russell Midcap^® Value Index and contributed to our relative outperformance. We experienced a similar trend in the financials and technology sectors where our losses were less severe than the Index’s. We also benefited from our minimal investment in the REIT industry and our lack of investment in banks, both of which were particularly hard hit. Our minimal investment in the utilities and consumer staples sectors hurt our relative performance as those areas were more resilient than most. From an individual stock perspective, our leading performers included title insurer Fidelity National Financial, Inc., LCD glass manufacturer Corning Incorporated, auto parts and accessories retailer AutoZone, Inc., drafting and design software developer Autodesk, Inc. and mortgage REIT Annaly Capital Management, Inc. Our biggest decliners during the period included insurance provider White Mountains Insurance Group, Ltd., floor coverings manufacturer Mohawk Industries, Inc., land drilling contractor Nabors Industries Ltd., lighting fixtures manufacturer Acuity Brands, Inc., and trucking companies Con-way Inc. and Ryder System, Inc.

FUND CHANGES

One positive outcome of the weak environment was the emergence of new investment opportunities. During the period, we added the following companies to the portfolio: powertrain components manufacturer BorgWarner Inc., diversified defense company General Dynamics Corporation, drafting and design software developer Autodesk Inc., pharmaceutical distributor Cardinal Health, Inc., consumer credit information provider Equifax Inc., oil and gas company EOG Resources, Inc. and cruise line operator Carnival Corporation.

On the sale side, we trimmed or exited several of our retail names due to increased concern about industry fundamentals as a whole. During the period, we reduced our positions in AutoZone Inc., Kohl’s Corporation and Bed Bath & Beyond Inc., and we completely sold our positions in Limited Brands, Inc., Rent-A-Center, Inc. and Williams-Sonoma, Inc. Other sales during the period included Holly Corporation, BJ Services Company, Smithfield Foods, Inc. and SAIC, Inc.

ARTISAN OPPORTUNISTIC GROWTH FUND (ARTRX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Opportunistic Growth Fund employs a bottom-up investment process to construct a diversified portfolio of growth companies across a broad capitalization range. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation.

The Fund’s investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 3/31/2009)

LOGO

TOTAL RETURNS (as of 3/31/2009)


Fund / Index	Since Inception⁽¹⁾
Artisan Opportunistic Growth Fund	-33.80	%
Russell 1000^® Growth Index	-29.07
Russell 1000^® Index	-33.15

⁽¹⁾	For the period from commencement of operations (September 22, 2008) through March 31, 2009; 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. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The table above does 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’ voluntary undertaking to limit the Fund’s expenses to no more than 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, which would have been lower in its absence. In addition, the outside directors of Artisan Funds have waived that portion of their fees allocable to the Fund until September 30, 2009. Absent that expense waiver, the Fund’s performance would have been lower. See page 92 for a description of each index.

INVESTING ENVIRONMENT

During the semiannual reporting period ended March 31, 2009, stocks sank amid worsening economic conditions and turmoil in the financial sector. The Russell 1000^® Index declined -30.59% as of the end of the period. Growth stocks held up better than value names as the Russell 1000^® Growth Index fell -25.97%, while its value counterpart tumbled -35.22%. Within the Russell 1000^® Index, all sectors closed lower, although there was a fair amount of dispersion in returns. The financials sector, which has been at the center of the credit crisis, dropped by more than 50%. The telecommunication services and health care sectors held up best.

PERFORMANCE DISCUSSION

Artisan Opportunistic Growth Fund utilizes a bottom-up investment process to construct a diversified portfolio of growth companies across a broad capitalization range without regard for the sector composition of the benchmark. Because our sector weights and market cap characteristics vary quite widely from those of the index, discussing performance relative to a benchmark over the short-term will typically not provide meaningful insight about the portfolio. Instead, we expect that over the long term our security selection will be the primary driver of portfolio returns. For the six-month period ended March 31, 2009, the Fund returned -28.97%. Our top performers were Brazilian energy company Petroleo Brasileiro S.A., specialty coffee retailer Starbucks Corporation, consumer electronics retailer Best Buy Co., Inc., semiconductor company Broadcom Corporation, and online retailer Amazon.com, Inc. The Fund’s largest decliners were video game publisher Electronic Arts Inc., credit card issuer Discover Financial Services, money transfer company The Western Union Company, Spanish wind-turbine maker Gamesa Corporacion Tecnologica, S.A., and scientific equipment and consumables provider Thermo Fisher Scientific, Inc.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	6.4	%	17.3	%
Consumer Staples	10.2		6.5
Energy	2.0		5.2
Financials	12.2		13.3
Healthcare	19.2		16.7
Industrials	10.2		5.9
Information Technology	31.3		26.4
Materials	1.9		3.1
Telecommunication Services	1.1		—
Other assets less liabilities	5.5		5.6
Total	100.0	%	100.0	%

As a percentage of total net assets.

FUND CHANGES

The six-month period ended March 31, 2009 was the first full reporting period since inception of the Fund. The Fund typically holds between 30 and 50 stocks. The number of holdings increased from 36 to 44 during the period. Our list of purchases included Starbucks Corporation, JPMorgan Chase & Co., Apple Inc., Juniper Networks, Inc., and EMC Corporation. The investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

These purchases were partially funded with sales of AGCO Corporation, Analog Devices, Inc., Celgene Corporation, Avon Products, Inc. and Cisco Systems, Inc., among others.

REGION ALLOCATION


Region	9/30/08		3/31/09
Americas	89.5	%	88.9	%
Europe	3.9		2.8
Emerging Markets	1.1		2.7

As a percentage of total net assets.

ARTISAN OPPORTUNISTIC VALUE FUND (ARTLX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Opportunistic Value Fund employs a bottom-up investment process to construct a diversified portfolio of stocks that the team believes are undervalued, in solid financial condition with 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 will invest in U.S. companies with market capitalizations of at least $2 billion at the time of initial purchase, and may invest up to 25% of its net assets at market value at the time of purchase in non-U.S. securities.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 3/31/2009)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		Since Inception
Artisan Opportunistic Value Fund	-40.69	%	-13.20	%	-13.22	%
Russell 1000^® Value Index	-42.42		-15.40		-15.51
Russell 1000^® Index	-38.27		-13.24		-13.28

INVESTING ENVIRONMENT

Stocks of all sizes suffered losses during the six-month period ended March 31, 2009, as the economic slowdown continued to take its toll. The Russell 1000^® and Russell 1000^® Value indices returned -30.59% and -35.22%, respectively, during the period. Weakness in the market was broad across sectors, though the more cyclical businesses, such as financials, industrials and materials, fared the worst. The traditionally defensive utilities, consumer staples and healthcare sectors were more resilient.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	11.9	%	12.6	%
Consumer Staples	0.8		4.8
Energy	4.7		7.5
Financials	18.0		15.0
Healthcare	2.6		8.0
Industrials	13.8		14.5
Information Technology	44.0		33.0
Other assets less liabilities	4.2		4.6
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Opportunistic Value Fund is constructed from the bottom up without concern for the characteristics of a benchmark, so we expect security selection to be the primary driver of portfolio returns. For the six-month period ended March 31, 2009, the Fund returned -31.50%. Our strongest positive contributors to performance on a relative basis, were concentrated in the financials sector. They included title insurer Fidelity National Financial, Inc., mortgage REIT Annaly Capital Management, Inc. and specialty insurance and reinsurance provider Allied World Assurance Company Holdings, Ltd. We also benefited from strength in computer components manufacturer Intel Corporation. The Fund’s largest decliners during the period included floor coverings manufacturer Mohawk Industries, Inc., insurance company The Allstate Corporation, land drilling contractor Nabors Industries Ltd., investment management firm AllianceBernstein Holding L.P. and mobile phone operator Nokia Corporation.

FUND CHANGES

One positive outcome of the weak environment was the emergence of new investment opportunities. During the period, we added the following companies to the portfolio: oil and gas exploration and production company Apache Corporation, tobacco company Philip Morris International Inc., diversified defense company General Dynamics Corporation and entertainment company The Walt Disney Company.

We exited our positions in pork producer Smithfield Foods, Inc. and investment management firm AllianceBernstein Holding L.P. due to deteriorating fundamentals. We also sold integrated circuits manufacturer Taiwan Semiconductor Manufacturing Company Ltd. and electronics components distributor Arrow Electronics, Inc. in favor of other investment opportunities.

REGION ALLOCATION


Region	9/30/08		3/31/09
Americas	88.5	%	89.6	%
Europe	4.4		5.8
Emerging Markets	2.9		—

As a percentage of total net assets.

ARTISAN SMALL CAP FUND (ARTSX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Fund employs 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 will not initiate a position in a company unless it has a market capitalization of less than $2.5 billion and meets the team’s standards for earnings growth and sustainable growth prospects.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Small Cap Fund	-41.08	%	-20.97	%	-7.44	%	1.09	%	3.17	%
Russell 2000^® Growth Index	-36.36		-16.20		-5.37		-1.60		1.98
Russell 2000^® Index	-37.50		-16.80		-5.24		1.93		4.91

INVESTING ENVIRONMENT

The six months ended March 31, 2009 was a challenging period for small-cap stocks and the broader market in general, owing to distressed credit markets and deterioration in the economy. Small-cap stocks suffered severe declines with the Russell 2000^® and Russell 2000^® Growth indices plunging - -37.17% and -34.51%, respectively. Within the Russell 2000^® Growth Index, all sectors dropped by double-digit percentages. The most severe decline occurred in the energy sector as the price of oil lost over half its value, after starting the period priced at over $100 per barrel. Telecommunication services and consumer staples stocks held up best.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	10.6	%	11.0	%
Consumer Staples	2.7		2.9
Energy	7.1		8.3
Financials	5.4		6.2
Healthcare	18.0		15.0
Industrials	25.8		21.7
Information Technology	23.6		27.4
Materials	0.6		1.6
Telecommunication Services	0.7		—
Utilities	1.2		1.8
Other assets less liabilities	4.3		4.1
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Small Cap Fund returned - -35.07% during the period, outperforming the Russell 2000^® Index, but falling short of the Russell 2000^® Growth Index. Compared with the Russell 2000^® Growth Index, the Fund benefited from strong security selection in the industrials sector and an overweight position in the technology sector. Stocks that helped our relative performance in the industrials sector included ship refueling services company Aegean Marine Petroleum Network Inc., less-than-truckload provider Old Dominion Freight Line, Inc. and multi-discipline consulting firm FTI Consulting, Inc. Other leading performers on a relative basis during the period were sporting goods retailer Hibbett Sports, Inc., content-protection company Macrovision Corporation, and pet supplies retailer PETsMART, Inc.

The healthcare sector was the primary area of relative weakness. The Fund’s underperformance was driven in part by our underweight in the biotechnology industry, which held up better than the other industries in the sector. Also detracting from our performance in the sector were ICON PLC, a global clinical research services contractor, Psychiatric Solutions, Inc., a behavioral health services provider, and Wright Medical Group, Inc., an orthopedic device company. Other major detractors to performance were oil services contractor Hercules Offshore, Inc., oil and gas producer Carrizo Oil & Gas, Inc. and commodity risk management company FCStone Group, Inc.

FUND CHANGES

Record levels of volatility in the period created many new purchase opportunities. The biggest shifts occurred in the information technology and industrials sectors, which increased and decreased in weight, respectively. In the technology sector, we added Internet exchange services provider Equinix, Inc., information technology national security company ManTech International Corporation and design software company ANSYS, Inc. Other stocks that met our security selection criteria were chemicals producer Albemarle Corporation, previously mentioned FTI Consulting, Inc., and contract drilling company Atwood Oceanics, Inc.

Our exposure to the industrials sector declined due in part to reduced positions in Interline Brands, Inc. and AAR CORP. and sales of Healthcare Services Group, Inc., Innerworkings, Inc. and Ladish Co., Inc.

ARTISAN SMALL CAP VALUE FUND (ARTVX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Value Fund employs a bottom-up investment process to construct a diversified portfolio of small-cap U.S. 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 will not initiate a position in a company unless it has a market capitalization below $2 billion.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/29/1997 to 3/31/2009)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Small Cap Value Fund	-31.50	%	-11.54	%	-0.32	%	8.71	%	6.83	%
Russell 2000^® Value Index	-38.89		-17.54		-5.30		4.87		2.90
Russell 2000^® Index	-37.50		-16.80		-5.24		1.93		0.71

INVESTING ENVIRONMENT

The six-month period ended March 31, 2009 proved to be a challenging time for small-cap equity investors. Economic reports painted a gloomy picture and consumer confidence sunk to historic lows. For this semiannual reporting period, the Russell 2000^® Value and Russell 2000^® indices returned - -39.64% and -37.17%, respectively. Every sector in the Russell 2000^® Value Index suffered a double-digit decline. The traditionally defensive utilities, consumer staples and health care sectors held up best. The energy sector was hit hardest, losing more than -60%, and the consumer discretionary sector lost almost -50%.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	13.1	%	10.1	%
Consumer Staples	3.1		3.3
Energy	6.3		7.9
Financials	11.8		9.9
Healthcare	5.6		3.7
Industrials	20.3		25.9
Information Technology	28.1		30.4
Materials	2.3		5.1
Utilities	3.2		0.8
Other assets less liabilities	6.2		2.9
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Small Cap Value Fund held up better than the Russell 2000^® Value Index with a return of -32.58%. We benefited from our security selection as our holdings in most sectors outperformed those in the benchmark. Our outsized position in the relatively strong technology sector also aided relative returns. Our biggest gainers this period included civil construction and transportation contractor Granite Construction Incorporated, energy services company McDermott International, Inc., steel scrap recycler Schnitzer Steel Industries, Inc., chicken producer Sanderson Farms, Inc. and program management and consulting services provider MAXIMUS, Inc.

Our investments in the health care and utilities sectors held back results relative to the benchmark. AMN Healthcare Services, Inc., Cross Country Healthcare, Inc. and HealthSpring, Inc. were among our biggest detractors in the health care sector. Although our utilities holdings did not keep pace with those in the benchmark, our underweight position in the sector was a bigger negative. Ethan Allen Interiors Inc., Quanex Building Products Corporation, Cousins Properties Incorporated, Acuity Brands, Inc. and AnnTaylor Stores Corp. were among our weakest performers.

FUND CHANGES

One positive outcome of the weak environment was the emergence of new investment opportunities. Some of our largest purchases included McDermott International, Inc., semiconductor processing equipment company Varian Semiconductor Equipment Associates, Inc., computer products distributor Arrow Electronics, Inc., inland tank barge operator Kirby Corporation, construction materials manufacturer Eagle Materials Inc., specialty chemicals producer OM Group, Inc. and metal products manufacturer Mueller Industries, Inc.

We had a handful of takeouts that were completed during the period. Hilb Rogal & Hobbs Company was acquired by Willis Group Holdings Limited, Grey Wolf, Inc. was bought by Precision Drilling Trust and SI International Inc. was acquired by Serco Group plc. We also sold ALLETE, Inc., The Men’s Wearhouse, Inc., AnnTaylor Stores Corporation and UIL Holdings Corporation in favor of other opportunities.

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 95.9%

FRANCE - 5.2%
Publicis Groupe⁽¹⁾	16,210	$	415,034
Societe Television Francaise 1⁽¹⁾	29,828		233,461
Total SA⁽¹⁾	4,694		232,803

			881,298
HONG KONG - 2.7%
Guoco Group Limited⁽¹⁾	82,250		456,681

JAPAN - 4.2%
Credit Saison Co., Ltd.⁽¹⁾	25,500		251,276
Daiwa Securities Group Inc.⁽¹⁾	52,596		232,802
SANKYO CO., LTD.⁽¹⁾	5,548		240,141

			724,219
KOREA - 2.2%
SK Telecom Co., Ltd. (DR)	23,928		369,688

MEXICO - 2.0%
Grupo Modelo, S.A. de C.V., Series C	112,336		340,220

NETHERLANDS - 1.4%
Wolters Kluwer NV⁽¹⁾	14,705		238,736

SWITZERLAND - 10.2%
Adecco SA⁽¹⁾	13,709		428,893
Novartis AG⁽¹⁾	13,999		528,375
Panalpina Welttransport Holding AG⁽¹⁾	5,853		287,607
Pargesa Holding SA⁽¹⁾	9,141		485,472

			1,730,347
UNITED KINGDOM - 18.6%
Cadbury PLC⁽¹⁾	20,363		153,792
Cadbury PLC (DR)	2,825		85,598
Diageo plc⁽¹⁾	47,119		532,043
Experian PLC⁽¹⁾	134,438		842,198
Home Retail Group plc⁽¹⁾	114,727		367,266
Royal Dutch Shell PLC, Class A⁽¹⁾	10,304		231,195
Signet Jewelers Ltd.	46,331		530,490
Unilever PLC (DR)	23,028		435,920

			3,178,502
UNITED STATES - 49.4%
3M Company	10,061		500,233
American Express Company	33,566		457,505
Arch Capital Group Ltd., Series A Preferred, 8.00%	5,904		117,194


	Shares Held		Value

UNITED STATES (CONTINUED)
Arch Capital Group Ltd., Series B Preferred, 7.875%		15,930	$	296,935
The Bank of New York Mellon Corporation		24,924		704,103
Cintas Corporation		20,140		497,861
Dell Inc.⁽²⁾		43,205		409,583
Google Inc., Class A⁽²⁾		1,704		593,094
Johnson & Johnson		16,209		852,593
Marsh & McLennan Companies, Inc.		43,842		887,801
Microsoft Corporation		40,895		751,241
Mohawk Industries, Inc.⁽²⁾		7,053		210,673
The Procter & Gamble Company		12,144		571,861
The Sherwin-Williams Company		4,974		258,499
Tyco Electronics Ltd.		30,555		337,327
Wal-Mart Stores, Inc.		9,199		479,268
WellPoint Inc.⁽²⁾		13,155		499,495

				8,425,266

Total common and preferred stocks (Cost $19,349,787)				16,344,957

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $830,003⁽³⁾(Cost $830,000)	$	830,000		830,000


Total investments - 100.8% (Cost $20,179,787)				17,174,957

Other assets less liabilities - (0.8%)				(132,396	)


Total net assets - 100.0%⁽⁴⁾			$	17,042,561

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $6,157,775 or 36.1% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	7.50	%	11/15/2024	$	848,484

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


PORTFOLIO DIVERSIFICATION - March 31, 2009 (Unaudited)
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	2,494,300		14.6	%
Consumer Staples		2,598,702		15.3
Energy		463,998		2.7
Financials		3,889,769		22.8
Healthcare		1,880,463		11.0
Industrials		2,556,792		15.0
Information Technology		2,091,245		12.3
Telecommunication Services		369,688		2.2

Total common and preferred stocks		16,344,957		95.9
Short-term investments		830,000		4.9

Total investments		17,174,957		100.8
Other assets less liabilities		(132,396	)	(0.8	)

Total net assets	$	17,042,561		100.0	%


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	1,895,299	11.0	%
Euro		1,351,229	7 .9
Hong Kong dollar		456,681	2 .6
Japanese yen		724,219	4 .2
Mexican peso		340,220	2 .0
Swiss franc		1,730,347	10.1
US dollar		10,676,962	62.2

Total investments	$	17,174,957	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Marsh & McLennan Companies, Inc.	United States	5.2	%
Johnson & Johnson	United States	5.0
Experian PLC	United Kingdom	4.9
Microsoft Corporation	United States	4.4
The Bank of New York Mellon Corporation	United States	4.1
Google Inc.	United States	3.5
The Procter & Gamble Company	United States	3.4
Diageo plc	United Kingdom	3.1
Signet Jewelers Ltd.	United Kingdom	3.1
Novartis AG	Switzerland	3.1

Total		39.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS AND EQUITY-LINKED SECURITIES - 95.7%

BELGIUM - 2.7%
Anheuser-Busch InBev NV⁽¹⁾	4,427,502	$	122,258,266
Delhaize Group⁽¹⁾	1,198,546		77,733,249

			199,991,515
BRAZIL - 2.7%
Petroleo Brasileiro S.A., Preferred (DR)	3,921,249		96,070,601
Redecard SA	8,367,560		101,179,031

			197,249,632
CANADA - 2.5%
Canadian Pacific Railway Limited	6,105,810		180,915,150

CHINA - 7.2%
China Construction Bank, H Shares⁽¹⁾	209,744,100		119,113,330
China Life Insurance Co., Limited, H Shares⁽¹⁾	53,517,900		176,074,519
China Merchants Holdings International Company Limited⁽¹⁾	29,090,900		68,756,417
China Resources Land Limited⁽¹⁾	81,290,631		127,245,303
Guangzhou R&F Properties Company Limited, H Shares⁽¹⁾	6,318,400		7,328,504
Ping An Insurance (Group) Company of China Limited, H Shares⁽¹⁾	4,855,300		29,081,376

			527,599,449
FINLAND - 1.6%
Fortum Oyj⁽¹⁾	6,093,763		115,992,799

FRANCE - 13.8%
Accor SA⁽¹⁾	107,358		3,731,122
Alstom⁽¹⁾	1,719,145		89,002,694
BNP Paribas⁽¹⁾	1,357,207		55,939,426
Bouygues SA⁽¹⁾	4,342,228		154,915,632
Carrefour SA⁽¹⁾	1,853,105		72,219,089
France Telecom SA⁽¹⁾	6,175,278		140,431,784
LVMH Moet Hennessy Louis Vuitton SA⁽¹⁾	2,576,248		161,499,512
Technip SA⁽¹⁾	588,562		20,742,710
Unibail-Rodamco⁽¹⁾	282,163		40,146,687
Vinci SA⁽¹⁾	7,181,150		265,985,179

			1,004,613,835
GERMANY - 13.7%
Allianz SE⁽¹⁾	846,656		71,325,038


	Shares Held	Value

GERMANY (CONTINUED)
Bayer AG⁽¹⁾	5,389,022	$	258,168,458
Daimler AG⁽¹⁾	5,831,509		148,233,749
Deutsche Post AG⁽¹⁾	1,204,068		12,964,179
Fraport AG⁽¹⁾	2,205,066		70,942,630
Linde AG⁽¹⁾	2,858,072		194,210,886
Muenchener Rueckversicherungs-Gesellschaft AG⁽¹⁾	808,141		98,708,223
Wacker Chemie AG⁽¹⁾	1,775,435		147,781,347

			1,002,334,510
HONG KONG - 2.4%
The Bank of East Asia, Ltd.⁽¹⁾	23,730,840		45,885,174
Hutchison Whampoa Limited⁽¹⁾	7,521,906		37,036,985
Li & Fung Limited⁽¹⁾	12,632,000		29,801,762
NWS Holdings Limited⁽¹⁾	34,876,746		47,555,284
Sun Hung Kai Properties Limited⁽¹⁾	2,004,234		17,992,203

			178,271,408
INDIA - 1.2%
Housing Development Finance Corporation Ltd.⁽¹⁾	1,248,822		34,937,483
ICICI Bank Limited⁽¹⁾	2,180,220		14,489,638
ICICI Bank Limited (DR)	3,052,424		40,566,715

			89,993,836
ITALY - 1.0%
Intesa Sanpaolo⁽¹⁾	26,345,861		72,453,323

JAPAN - 9.5%
CANON INC.⁽¹⁾	2,258,200		65,870,984
DENSO CORPORATION⁽¹⁾	5,416,600		109,434,389
JAPAN TOBACCO INC.⁽¹⁾	83,074		221,859,579
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾	7,800,145		38,319,502
Mizuho Financial Group, Inc.⁽¹⁾	16,436,343		31,995,704
SUZUKI MOTOR CORPORATION⁽¹⁾	8,848,650		148,070,056
Toyota Motor Corporation⁽¹⁾	2,354,450		75,513,773

			691,063,987
KOREA - 1.2%
NHN Corp.⁽¹⁾⁽²⁾	823,176		90,465,559

LUXEMBOURG - 0.3%
RTL Group⁽¹⁾	537,234		22,132,329

NETHERLANDS - 4.2%
ASML Holding N.V.⁽¹⁾	17,190,143		304,289,092

RUSSIA - 2.2%
Gazprom (DR)⁽¹⁾	10,592,033		155,603,945


	Shares Held	Value

RUSSIA (CONTINUED)
RAO Unified Energy System, Equity Linked Security, 144A^{(1)(2)(3)(4)(5)(6)}	2,065,483	$	2,003,519

			157,607,464
SPAIN - 5.8%
Industria de Diseno Textil, S.A.⁽¹⁾	3,417,385		132,921,762
Telefonica S.A.⁽¹⁾	14,646,806		292,526,220

			425,447,982
SWITZERLAND - 9.2%
Holcim Ltd.⁽¹⁾	3,601,397		128,055,768
Nestle SA⁽¹⁾	9,182,193		310,812,514
Roche Holding AG⁽¹⁾	357,598		51,026,579
Roche Holding AG - Genussscheine⁽¹⁾⁽³⁾	1,342,816		184,361,237

			674,256,098
TAIWAN - 1.3%
Taiwan Semiconductor Manufacturing Company Ltd. (DR)	10,439,708		93,435,387

UNITED KINGDOM - 10.4%
Cadbury PLC⁽¹⁾	17,261,711		130,369,476
Kingfisher PLC⁽¹⁾	35,570,810		76,227,124
National Grid PLC⁽¹⁾	26,644,205		204,848,651
Smith & Nephew plc⁽¹⁾	4,104,689		25,373,258
Tesco PLC⁽¹⁾	29,408,248		140,747,137
Unilever PLC⁽¹⁾	395,629		7,498,447
William Morrison Supermarkets PLC⁽¹⁾	46,570,087		170,479,233

			755,543,326
UNITED STATES - 2.8%
Covidien Limited	658,126		21,876,108
Philip Morris International Inc.	3,281,884		116,769,433
Schlumberger Limited	1,574,370		63,950,909

			202,596,450

Total common and preferred stocks and equity-linked securities (Cost $9,403,422,057)			6,986,253,131


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $266,077,813⁽⁷⁾ (Cost $266,077,000)	$	266,077,000	$	266,077,000


Total investments - 99.3% (Cost $9,669,499,057)				7,252,330,131

Other assets less liabilities - 0.7%				48,857,240


Total net assets - 100.0%⁽⁸⁾			$	7,301,187,371

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $6,271,489,797 or 85.9% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾

Security is an equity-linked participation certificate issued by Merrill Lynch International & Co. C.V., guaranteed by Merrill Lynch & Co. Inc. As described in Note 2(i) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁵⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds, Inc. In total, the value of securities determined to be illiquid were $2,003,519, or less than 0.1% of total net assets.

⁽⁶⁾

Security is restricted and was acquired in a transaction under Rule 144A of the Securities Act of 1933. Restricted securities may be resold in transactions exempt from registration normally to qualified institutional buyers. This restricted security was acquired on May 23, 2008 at a cost of $215,987,557. In total, the value of restricted securities held by the Fund was $2,003,519 or less than 0.1% of total net assets.

⁽⁷⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.875	%	6/30/2012	$	91,045,904
U.S. Treasury Note	4.250		9/30/2012		100,018,100
U.S. Treasury Note	3.125		8/31/2013		80,340,000

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


PORTFOLIO DIVERSIFICATION - March 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	907,565,578	12.4	%
Consumer Staples		1,370,746,423	18.8
Energy		336,368,165	4.6
Financials		1,021,602,148	14.0
Healthcare		540,805,640	7.4
Industrials		928,074,150	12.7
Information Technology		655,240,053	9.0
Materials		470,048,001	6.5
Telecommunication Services		432,958,004	5.9
Utilities		322,844,969	4.4

Total common and preferred stocks		6,986,253,131	95.7
Short-term investments		266,077,000	3.6

Total investments		7,252,330,131	99.3
Other assets less liabilities		48,857,240	0.7

Total net assets	$	7,301,187,371	100.0	%


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	101,179,031	1.4	%
British pound		755,543,326	10.4
Euro		3,147,255,385	43.4
Hong Kong dollar		705,870,857	9.7
Indian rupee		49,427,121	0.7
Japanese yen		691,063,987	9.5
Korean won		90,465,559	1.3
Swiss franc		674,256,098	9.3
US dollar		1,037,268,767	14.3

Total investments	$	7,252,330,131	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Nestle SA	Switzerland	4.3	%
ASML Holding N.V.	Netherlands	4.2
Telefonica S.A.	Spain	4.0
Vinci SA	France	3.6
Bayer AG	Germany	3.5
Roche Holding AG	Switzerland	3.2
JAPAN TOBACCO INC.	Japan	3.0
National Grid PLC	United Kingdom	2.8
Linde AG	Germany	2.7
Canadian Pacific Railway Limited	Canada	2.5

Total		33.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 87.6%

AUSTRALIA - 0.6%
Domino’s Pizza Enterprises Limited⁽¹⁾	1,276,354	$	2,664,098

AUSTRIA - 1.6%
Flughafen Wien AG⁽¹⁾	225,660		6,590,148

CHINA - 6.4%
China Everbright International Limited⁽¹⁾	16,994,700		3,391,950
China Everbright Limited⁽¹⁾	3,398,600		5,263,925
China National Building Material Company Ltd., H Shares⁽¹⁾	4,752,000		7,041,707
Hengan International Group Company Limited⁽¹⁾	2,654,050		10,668,140

			26,365,722
EGYPT - 5.6%
Commercial International Bank (DR)⁽¹⁾	2,717,423		15,235,906
Eastern Tobacco⁽¹⁾	302,037		7,774,770

			23,010,676
FRANCE - 2.2%
Guyenne et Gascogne SA⁽¹⁾	119,377		8,882,701

GERMANY - 20.8%
Aixtron AG⁽¹⁾	1,078,642		5,562,943
KWS Saat AG⁽¹⁾	89,746		11,452,291
Praktiker Bau- und Heimwerkermaerkte Holding AG⁽¹⁾	1,771,822		9,315,295
Vossloh AG⁽¹⁾	207,692		22,071,995
Wacker Neuson SE⁽¹⁾	697,819		5,023,410
Wirecard AG⁽¹⁾⁽²⁾	4,821,666		32,081,319

			85,507,253
HONG KONG - 5.4%
Cafe De Coral Holdings Limited⁽¹⁾	4,688,000		9,206,522
Industrial and Commercial Bank of China (Asia) Limited⁽¹⁾	12,363,000		13,225,590

			22,432,112
ITALY - 11.7%
Ansaldo STS SpA⁽¹⁾	1,416,001		22,505,217
Davide Campari - Milano S.p.A.⁽¹⁾	2,440,993		15,518,742
Spazio Investment NV⁽¹⁾⁽³⁾	1,510,425		5,027,958
Tod’s S.p.A.⁽¹⁾	122,603		5,224,750

			48,276,667


	Shares Held	Value

JAPAN - 0.9%
USJ Co., Ltd.⁽¹⁾	7,719	$	3,815,801

KOREA - 6.0%
Gmarket Inc. (DR)⁽²⁾	1,274,696		20,917,761
Kangwon Land Inc.⁽¹⁾	400,796		4,001,032

			24,918,793
MEXICO - 2.0%
Empresas ICA S.A.B. de C.V.⁽²⁾	4,762,403		8,069,020

OMAN - 0.7%
Bank Muscat SAOG (DR)⁽¹⁾	455,985		2,773,268

PORTUGAL - 0.7%
CIMPOR-Cimentos de Portugal, SGPS, SA⁽¹⁾	564,221		2,805,626

SINGAPORE - 1.1%
SIA Engineering Company⁽¹⁾	3,588,700		4,429,507

SWEDEN - 0.1%
KABE Husvagnar AB, Class B⁽¹⁾	140,701		590,524

SWITZERLAND - 11.4%
Bank Sarasin & Cie AG, B Shares⁽¹⁾	768,531		16,179,061
Banque Cantonale Vaudoise⁽¹⁾	11,371		3,780,019
Nobel Biocare Holding AG⁽¹⁾	360,443		6,155,153
Schindler Holding AG, Participation Certificates⁽¹⁾⁽⁴⁾	311,753		14,717,417
Straumann Holding AG⁽¹⁾	38,693		5,987,714

			46,819,364
TURKEY - 5.0%
Coca-Cola Icecek AS⁽¹⁾	4,310,689		20,450,116

UNITED KINGDOM - 5.4%
InterContinental Hotels Group PLC⁽¹⁾	1,191,932		9,062,739
Intertek Group PLC⁽¹⁾	750,082		9,528,104
Robert Walters plc⁽¹⁾	3,236,209		3,563,815

			22,154,658

Total common stocks (Cost $510,670,412)			360,556,054


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $49,740,152⁽⁵⁾(Cost $49,740,000)	$	49,740,000	$	49,740,000


Total investments - 99.7% (Cost $560,410,412)				410,296,054

Other assets less liabilities - 0.3%				1,242,597


Total net assets - 100.0%⁽⁶⁾			$	411,538,651

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $331,569,273 or 80.6% of total net assets.

⁽²⁾	Non-income producing security.

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

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	50,738,069

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


PORTFOLIO DIVERSIFICATION - March 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	43,880,761	10.7	%
Consumer Staples		74,746,760	18.2
Financials		61,485,727	14.9
Healthcare		12,142,867	2.9
Industrials		99,890,583	24.3
Information Technology		58,562,023	14.2
Materials		9,847,333	2.4

Total common stocks		360,556,054	87.6
Short-term investments		49,740,000	12.1

Total investments		410,296,054	99.7
Other assets less liabilities		1,242,597	0.3

Total net assets	$	411,538,651	100.0	%


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	2,664,098	0.6	%
British pound		22,154,658	5.4
Egyptian pound		7,774,770	1.9
Euro		152,062,395	37.1
Hong Kong dollar		48,797,834	11.9
Japanese yen		3,815,801	0.9
Korean won		4,001,032	1.0
Mexican peso		8,069,020	2.0
Singapore dollar		4,429,507	1.1
Swedish krona		590,524	0.1
Swiss franc		46,819,364	11.4
Turkish lira		20,450,116	5.0
US dollar		88,666,935	21.6

Total investments	$	410,296,054	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany	7.8	%
Ansaldo STS SpA	Italy	5.5
Vossloh AG	Germany	5.4
Gmarket Inc.	Korea	5.1
Coca-Cola Icecek AS	Turkey	5.0
Bank Sarasin & Cie AG	Switzerland	3.9
Davide Campari - Milano S.p.A.	Italy	3.8
Commercial International Bank	Egypt	3.7
Schindler Holding AG	Switzerland	3.6
Industrial and Commercial Bank of China (Asia) Limited	Hong Kong	3.2

Total		47.0	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS AND EQUITY-LINKED SECURITIES - 91.7%

CANADA - 1.3%
IGM Financial, Inc.	523,355	$	12,623,117

FRANCE - 13.2%
Gemalto NV⁽¹⁾⁽²⁾	718,075		20,523,883
L’Oreal SA⁽¹⁾	187,053		12,898,624
Publicis Groupe⁽¹⁾	1,185,184		30,344,959
Societe Television Francaise 1⁽¹⁾	3,513,592		27,500,522
Sodexo⁽¹⁾	413,971		18,848,928
Total SA⁽¹⁾	278,578		13,816,316

			123,933,232
HONG KONG - 2.6%
Guoco Group Limited⁽¹⁾	4,403,600		24,450,319

IRELAND - 2.8%
Ryanair Holdings PLC, 144A^(1)(2)(3)(4)	6,803,519		26,151,216

JAPAN - 9.2%
Credit Saison Co., Ltd.⁽¹⁾	2,476,339		24,401,788
Daiwa Securities Group Inc.⁽¹⁾	5,272,431		23,336,944
MEITEC CORPORATION⁽¹⁾	1,012,861		12,612,638
SANKYO CO., LTD.⁽¹⁾	479,338		20,747,790
SEINO HOLDINGS CO., LTD.⁽¹⁾	1,179,800		5,690,065

			86,789,225
KOREA - 5.9%
Lotte Chilsung Beverage Co., Ltd.⁽¹⁾	11,967		7,460,567
Samsung Electronics Co., Ltd.⁽¹⁾	74,825		30,903,567
SK Telecom Co., Ltd. (DR)	1,110,407		17,155,788

			55,519,922
MEXICO - 1.7%
Grupo Modelo, S.A. de C.V., Series C	5,400,067		16,354,598

NETHERLANDS - 1.5%
Wolters Kluwer NV⁽¹⁾	885,399		14,374,456

SWITZERLAND - 17.8%
Adecco SA⁽¹⁾	1,014,390		31,735,686
Givaudan SA⁽¹⁾	46,233		23,949,585
Nobel Biocare Holding AG⁽¹⁾	857,711		14,646,817
Novartis AG⁽¹⁾	972,334		36,699,582
Panalpina Welttransport Holding AG⁽¹⁾	595,238		29,249,056
Pargesa Holding SA⁽¹⁾	545,601		28,976,504
Tamedia AG⁽¹⁾	70,228		2,634,253

			167,891,483


	Shares Held		Value

UNITED KINGDOM - 25.2%
Cadbury PLC⁽¹⁾		2,811,004	$	21,230,174
Carpetright PLC⁽¹⁾		2,170,027		12,844,822
Diageo plc⁽¹⁾		2,571,476		29,035,773
Experian PLC⁽¹⁾		7,098,432		44,468,710
Home Retail Group plc⁽¹⁾		4,382,074		14,027,966
Lancashire Holdings Ltd⁽¹⁾⁽²⁾		1,531,712		10,546,955
Rightmove PLC⁽¹⁾		2,672,762		10,020,933
Royal Dutch Shell PLC, Class A⁽¹⁾		610,621		13,700,771
Savills Plc⁽¹⁾		3,881,619		13,135,851
Signet Jewelers Ltd.		3,121,426		35,740,328
Unilever PLC (DR)		1,617,804		30,625,030
Vitec Group PLC⁽¹⁾		859,067		1,919,865

				237,297,178
UNITED STATES - 10.5%
Arch Capital Group Ltd.⁽²⁾		723,098		38,946,058
Covidien Limited		1,100,819		36,591,224
Tyco Electronics Ltd.		2,104,743		23,236,363

				98,773,645

Total common stocks and equity-linked securities (Cost $1,192,899,065)				864,158,391

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $65,279,199⁽⁵⁾ (Cost $65,279,000)	$	65,279,000		65,279,000


Total investments - 98.7% (Cost $1,258,178,065)				929,437,391

Other assets less liabilities - 1.3%				12,656,207


Total net assets - 100.0%⁽⁶⁾			$	942,093,598

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $652,885,885 or 69.3% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in Note 2(i) in Notes to Financial Statements equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁴⁾

Security is restricted and was acquired in a transaction under Rule 144A of the Securities Act of 1933. Restricted securities may be resold in transactions exempt from registration normally to qualified institutional buyers. This restricted security was acquired on various dates from September 17, 2008 to February 27, 2009 at an aggregate cost of $16,848,624. In total, the value of restricted securities held by the Fund was $26,151,216 or 2.8% of total net assets.

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	66,588,703

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


PORTFOLIO DIVERSIFICATION - March 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	189,004,822	20.1	%
Consumer Staples		117,604,766	12.5
Energy		27,517,087	2.9
Financials		176,417,536	18.7
Healthcare		87,937,623	9.3
Industrials		149,907,371	15.9
Information Technology		74,663,813	7.9
Materials		23,949,585	2.6
Telecommunication Services		17,155,788	1.8

Total common stocks		864,158,391	91.7
Short-term investments		65,279,000	7.0

Total investments		929,437,391	98.7
Other assets less liabilities		12,656,207	1.3

Total net assets	$	942,093,598	100.0	%


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	157,231,049	16.9	%
Canadian dollar		12,623,117	1.4
Euro		152,008,459	16.4
Hong Kong dollar		24,450,319	2.6
Japanese yen		86,789,225	9.3
Korean won		38,364,134	4.1
Mexican peso		16,354,598	1.8
Swiss franc		167,891,483	18.1
US dollar		273,725,007	29.4

Total investments	$	929,437,391	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Experian PLC	United Kingdom	4.7	%
Arch Capital Group Ltd.	United States	4.1
Novartis AG	Switzerland	3.9
Covidien Ltd.	United States	3.9
Signet Jewelers Ltd.	United Kingdom	3.8
Adecco SA	Switzerland	3.4
Samsung Electronics Co., Ltd.	Korea	3.3
Unilever plc	United Kingdom	3.3
Publicis Groupe	France	3.2
Panalpina Welttransport Holding AG	Switzerland	3.1

Total		36.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 98.7%

CONSUMER DISCRETIONARY - 14.0%
Auto Components - 2.9%
BorgWarner Inc.	2,070,099	$	42,023,010
Johnson Controls, Inc.	3,436,462		41,237,544

			83,260,554
Distributors - 0.8%
LKQ Corporation⁽¹⁾	1,556,301		22,208,415

Diversified Consumer Services - 0.4%
New Oriental Education & Technology Group, Inc. (DR)⁽¹⁾⁽²⁾	207,655		10,434,664

Hotels, Restaurants & Leisure - 3.6%
Chipotle Mexican Grill, Inc., Class A⁽¹⁾	123,700		8,211,206
Panera Bread Company, Class A⁽¹⁾	92,445		5,167,675
Starbucks Corporation⁽¹⁾	3,514,983		39,051,461
Starwood Hotels & Resorts Worldwide, Inc.	1,144,322		14,532,889
YUM! Brands, Inc.	1,265,632		34,779,567

			101,742,798
Multiline Retail - 2.1%
Kohl’s Corporation⁽¹⁾	1,414,264		59,851,652

Specialty Retail - 4.1%
Best Buy Co., Inc.	1,541,574		58,518,149
CarMax, Inc.⁽¹⁾	684,000		8,508,960
Dick’s Sporting Goods, Inc., Class A⁽¹⁾	1,077,600		15,377,352
GameStop Corp.⁽¹⁾	1,041,660		29,187,313
J. Crew Group, Inc.⁽¹⁾	339,226		4,470,999

			116,062,773
Textiles, Apparel & Luxury Goods - 0.1%
Polo Ralph Lauren Corporation, Class A	41,984		1,773,824

CONSUMER STAPLES - 3.0%
Beverages - 2.2%
Hansen Natural Corporation⁽¹⁾	1,738,412		62,582,832


	Shares Held	Value

CONSUMER STAPLES (CONTINUED)
Food Products - 0.8%
Bunge Limited	172,788	$	9,788,440
H.J. Heinz Company	379,733		12,553,973

			22,342,413
ENERGY - 4.6%
Energy Equipment & Services - 3.0%
Dresser-Rand Group Inc.⁽¹⁾	1,461,596		32,301,272
Smith International, Inc.	1,797,958		38,620,138
Weatherford International Ltd.⁽¹⁾	1,262,040		13,970,783

			84,892,193
Oil, Gas & Consumable Fuels - 1.6%
CONSOL Energy Inc.	234,300		5,913,732
Denbury Resources Inc.⁽¹⁾	441,500		6,560,690
Range Resources Corporation	782,231		32,196,628

			44,671,050
FINANCIALS - 6.5%
Capital Markets - 2.3%
Greenhill & Co., Inc.	135,486		10,005,641
Invesco Limited	3,915,915		54,274,582

			64,280,223
Commercial Banks - 0.9%
HDFC Bank Ltd. (DR)⁽²⁾	401,848		24,484,599

Consumer Finance - 0.6%
Discover Financial Services	2,540,160		16,028,410

Diversified Financial Services - 1.9%
CME Group Inc., Class A	217,741		53,649,205

Real Estate Management & Development - 0.8%
The St. Joe Company⁽¹⁾	1,377,287		23,055,784

HEALTHCARE - 22.7%
Health Care Equipment & Supplies - 5.9%
C.R. Bard, Inc.	988,055		78,767,745
Gen-Probe Incorporated⁽¹⁾	854,570		38,951,301
Intuitive Surgical, Inc.⁽¹⁾	300,562		28,661,592
NuVasive, Inc.⁽¹⁾	727,270		22,821,733

			169,202,371
Health Care Technology - 4.9%
Cerner Corporation⁽¹⁾	3,147,400		138,391,178


	Shares Held	Value

HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 5.0%
Illumina, Inc.⁽¹⁾	537,996	$	20,034,971
Thermo Fisher Scientific, Inc.⁽¹⁾	3,460,083		123,421,161

			143,456,132
Pharmaceuticals - 6.9%
Allergan, Inc.	3,734,661		178,367,409
Shire PLC (DR)⁽²⁾	542,744		19,506,219

			197,873,628
INDUSTRIALS - 14.0%
Aerospace & Defense - 1.6%
Precision Castparts Corp.	785,620		47,058,638

Air Freight & Logistics - 1.3%
C.H. Robinson Worldwide, Inc.	318,802		14,540,559
Expeditors International of Washington, Inc.	816,827		23,108,036

			37,648,595
Building Products - 0.4%
Owens Corning⁽¹⁾	1,327,963		12,004,785

Construction & Engineering - 2.9%
Fluor Corporation	811,119		28,024,161
Quanta Services, Inc.⁽¹⁾	2,525,928		54,181,156

			82,205,317
Electrical Equipment - 4.3%
Cooper Industries, Ltd.	1,131,931		29,271,736
First Solar, Inc.⁽¹⁾	220,155		29,214,568
Roper Industries, Inc.	1,494,054		63,422,592

			121,908,896
Machinery - 1.0%
PACCAR Inc	1,142,506		29,430,955

Professional Services - 1.9%
FTI Consulting, Inc.⁽¹⁾	592,744		29,328,973
Robert Half International Inc.	1,455,066		25,943,827

			55,272,800
Road & Rail - 0.6%
J.B. Hunt Transport Services, Inc.	743,726		17,931,234

INFORMATION TECHNOLOGY - 31.8%
Communications Equipment - 3.2%
Juniper Networks, Inc.⁽¹⁾	5,150,527		77,566,937
Polycom, Inc.⁽¹⁾	817,200		12,576,708

			90,143,645
Computers & Peripherals - 0.7%
Intermec, Inc.⁽¹⁾	1,346,104		13,999,482
NetApp, Inc.⁽¹⁾	491,875		7,299,425

			21,298,907


	Shares Held	Value

INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment & Instruments - 1.0%
Agilent Technologies, Inc.⁽¹⁾	851,200	$	13,082,944
Trimble Navigation Limited⁽¹⁾	953,099		14,563,353

			27,646,297
Internet Software & Services - 0.4%
Akamai Technologies, Inc.⁽¹⁾	352,300		6,834,620
VistaPrint Limited⁽¹⁾	184,800		5,080,152

			11,914,772
IT Services - 5.2%
Affiliated Computer Services, Inc., Class A⁽¹⁾	934,104		44,734,241
Cognizant Technology Solutions Corporation⁽¹⁾	1,817,700		37,789,983
The Western Union Company	5,208,847		65,475,207

			147,999,431
Semiconductors & Semiconductor Equipment - 9.2%
Analog Devices, Inc.	3,095,666		59,653,484
Broadcom Corporation, Class A⁽¹⁾	3,980,419		79,528,772
Cree, Inc.⁽¹⁾	1,417,911		33,363,446
MEMC Electronic Materials, Inc.⁽¹⁾	1,881,398		31,024,253
NVIDIA Corporation⁽¹⁾	4,587,176		45,229,555
Xilinx, Inc.	653,800		12,526,808

			261,326,318
Software - 12.1%
Adobe Systems Incorporated⁽¹⁾	657,100		14,055,369
Autodesk, Inc.⁽¹⁾	1,991,337		33,474,375
Blackboard Inc.⁽¹⁾	307,800		9,769,572
Citrix Systems, Inc.⁽¹⁾	1,094,260		24,774,046
Electronic Arts Inc.⁽¹⁾	4,238,835		77,104,409
Intuit Inc.⁽¹⁾	1,721,657		46,484,739
Mc Afee, Inc.⁽¹⁾	455,028		15,243,438
Quality Systems, Inc.	476,261		21,550,810
Red Hat, Inc.⁽¹⁾	2,483,588		44,307,210
salesforce.com, inc.⁽¹⁾	284,035		9,296,465
Shanda Interactive Entertainment Ltd, (DR)⁽¹⁾⁽²⁾	871,668		34,457,036
VMware, Inc., Class A⁽¹⁾	574,502		13,569,737

			344,087,206
MATERIALS - 1.5%
Chemicals - 1.5%
CF Industries Holdings, Inc.	158,387		11,266,067
Ecolab Inc.	919,518		31,934,860

			43,200,927


	Shares Held		Value

TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
NII Holdings, Inc.⁽¹⁾		1,080,808	$	16,212,120

Total common stocks (Cost $3,418,570,924)				2,807,535,541

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $44,587,136⁽³⁾ (Cost $44,587,000)	$	44,587,000		44,587,000

Total investments - 100.3% (Cost $3,463,157,924)				2,852,122,541

Other assets less liabilities - (0.3%)				(7,417,257	)


Total net assets - 100.0%⁽⁴⁾			$	2,844,705,284

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
HDFC Bank Ltd. (DR)	India	US dollar
New Oriental Education & Technology Group, Inc. (DR)	China	US dollar
Shanda Interactive Entertainment Ltd, (DR)	China	US dollar
Shire PLC (DR)	United Kingdom	US dollar

⁽³⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	45,481,258

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


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Allergan, Inc.	United States	6.3	%
Cerner Corporation	United States	4.9
Thermo Fisher Scientific, Inc.	United States	4.3
Broadcom Corporation	United States	2.8
C.R. Bard, Inc.	United States	2.8
Juniper Networks, Inc.	United States	2.7
Electronic Arts Inc.	United States	2.7
The Western Union Company	United States	2.3
Roper Industries, Inc.	United States	2.2
Hansen Natural Corporation	United States	2.2

Total		33.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 94.5%

CONSUMER DISCRETIONARY - 15.9%
Auto Components - 1.9%
BorgWarner Inc.	2,424,400	$	49,215,320

Automobiles - 1.5%
Thor Industries, Inc.⁽¹⁾	2,451,400		38,290,868

Hotels, Restaurants & Leisure - 1.7%
Carnival Corporation	1,996,500		43,124,400

Household Durables - 1.9%
Mohawk Industries, Inc.⁽²⁾	1,649,600		49,273,552

Leisure Equipment & Products - 1.9%
Mattel, Inc.	4,336,400		49,998,692

Media - 4.3%
Marvel Entertainment, Inc.⁽²⁾	2,161,900		57,398,445
Omnicom Group Inc.	2,374,400		55,560,960

			112,959,405
Multiline Retail - 0.9%
Kohl’s Corporation⁽²⁾	542,400		22,954,368

Specialty Retail - 1.8%
AutoZone, Inc.⁽²⁾	192,700		31,336,874
Bed Bath & Beyond Inc.⁽²⁾	657,300		16,268,175

			47,605,049
CONSUMER STAPLES - 2.9%
Food & Staples Retailing - 1.4%
Sysco Corporation	1,612,100		36,755,880

Food Products - 1.5%
H.J. Heinz Company	1,174,700		38,835,582

ENERGY - 8.1%
Energy Equipment & Services - 3.3%
Baker Hughes Incorporated	1,355,900		38,710,945
Nabors Industries Ltd.⁽²⁾	4,592,600		45,880,074

			84,591,019


	Shares Held	Value

ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels - 4.8%
Cimarex Energy Co.	2,249,390	$	41,343,788
EOG Resources, Inc.	793,500		43,452,060
Valero Energy Corporation	2,280,700		40,824,530

			125,620,378
FINANCIALS - 18.0%
Consumer Finance - 1.0%
The Student Loan Corporation	601,400		26,124,816

Insurance - 15.1%
Alleghany Corporation⁽²⁾	386,249		104,607,681
Allied World Assurance Company Holdings, Ltd	1,380,900		52,515,627
Arch Capital Group Ltd.⁽²⁾	929,773		50,077,574
Brown & Brown, Inc.	3,074,200		58,133,122
Fidelity National Financial, Inc.	2,244,331		43,786,898
The Progressive Corporation⁽²⁾	3,761,500		50,554,560
White Mountains Insurance Group, Ltd.	191,300		32,886,383

			392,561,845
Real Estate Investment Trusts (REITS) - 1.9%
Annaly Capital Management, Inc.	3,611,600		50,092,892

HEALTHCARE - 3.7%
Health Care Providers & Services - 3.7%
Cardinal Health, Inc.	1,405,900		44,257,732
CIGNA Corporation	2,886,800		50,778,812

			95,036,544
INDUSTRIALS - 24.2%
Aerospace & Defense - 4.6%
General Dynamics Corporation	1,148,100		47,749,479
Rockwell Collins, Inc.	2,162,800		70,593,792

			118,343,271
Commercial Services & Supplies - 2.5%
Cintas Corporation	2,630,600		65,028,432

Electrical Equipment - 4.6%
Acuity Brands, Inc.⁽¹⁾	1,866,600		42,073,164
Hubbell Inc., Class B	1,665,800		44,909,968
Thomas & Betts Corporation⁽²⁾	1,305,000		32,651,100

			119,634,232


	Shares Held	Value

INDUSTRIALS (CONTINUED)
Machinery - 1.8%
Dover Corporation	1,738,600	$	45,864,268

Marine - 0.8%
Alexander & Baldwin, Inc.	1,174,100		22,343,123

Professional Services - 5.8%
Equifax Inc.	1,787,000		43,692,150
Manpower Inc.	2,009,700		63,365,841
Robert Half International Inc.	2,399,400		42,781,302

			149,839,293
Road & Rail - 2.8%
Con-way Inc.⁽¹⁾	1,736,600		31,137,238
Ryder System, Inc.	1,454,100		41,165,571

			72,302,809
Trading Companies & Distributors - 1.3%
GATX Corporation	1,673,700		33,858,951

INFORMATION TECHNOLOGY - 21.0%
Communications Equipment - 1.4%
Corning Incorporated	2,761,000		36,638,470

Computers & Peripherals - 1.5%
Seagate Technology	6,346,000		38,139,460

Electronic Equipment & Instruments - 8.1%
Arrow Electronics, Inc.⁽²⁾	3,463,500		66,014,310
Avnet, Inc.⁽²⁾	4,022,800		70,439,228
Ingram Micro Inc., Class A⁽²⁾	5,800,100		73,313,264

			209,766,802
IT Services - 2.0%
Hewitt Associates, Inc.⁽²⁾	1,774,500		52,809,120

Semiconductors & Semiconductor Equipment - 6.2%
Analog Devices, Inc.	2,937,900		56,613,333
Lam Research Corporation⁽²⁾	2,561,400		58,323,078
National Semiconductor Corporation	4,398,900		45,176,703

			160,113,114
Software - 1.8%
Autodesk, Inc.⁽²⁾	2,724,300		45,795,483

UTILITIES - 0.7%
Multi-Utilities - 0.7%
TECO Energy, Inc.	1,543,400		17,208,910

Total common stocks (Cost $3,354,484,429)			2,450,726,348


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $148,408,453⁽³⁾ (Cost $148,408,000)	$	148,408,000	$	148,408,000


Total investments - 100.2% (Cost $3,502,892,429)				2,599,134,348

Other assets less liabilities - (0.2%)				(5,969,228	)


Total net assets - 100.0%⁽⁴⁾			$	2,593,165,120

⁽¹⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽²⁾	Non-income producing security.

⁽³⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	151,383,033

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


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Alleghany Corporation	United States	4.0	%
Ingram Micro Inc.	United States	2.8
Rockwell Collins, Inc.	United States	2.7
Avnet, Inc.	United States	2.7
Arrow Electronics, Inc.	United States	2.5
Cintas Corporation	United States	2.5
Manpower Inc.	United States	2.4
Lam Research Corporation	United States	2.2
Brown & Brown, Inc.	United States	2.2
Marvel Entertainment, Inc.	United States	2.2

Total		26.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

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

ARTISAN OPPORTUNISTIC GROWTH FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 94.4%

CONSUMER DISCRETIONARY - 17.3%
Auto Components - 3.3%
BorgWarner Inc.	4,500	$	91,350
Johnson Controls, Inc.	19,400		232,800

			324,150
Hotels, Restaurants & Leisure - 2.8%
Starbucks Corporation⁽¹⁾	24,900		276,639

Internet & Catalog Retail - 1.4%
Amazon.com, Inc.⁽¹⁾	1,800		132,192

Multiline Retail - 4.2%
Kohl’s Corporation⁽¹⁾	4,100		173,512
Target Corporation	6,765		232,648

			406,160
Specialty Retail - 4.2%
Best Buy Co., Inc.	7,975		302,731
GameStop Corp.⁽¹⁾	3,775		105,776

			408,507
Textiles, Apparel & Luxury Goods - 1.4%
NIKE, Inc., Class B	2,845		133,402

CONSUMER STAPLES - 6.5%
Food Products - 2.4%
H.J. Heinz Company	6,985		230,924

Tobacco - 4.1%
Philip Morris International Inc.	11,202		398,567

ENERGY - 5.2%
Energy Equipment & Services - 2.5%
Smith International, Inc.	11,175		240,039

Oil, Gas & Consumable Fuels - 2.7%
Petroleo Brasileiro S.A. (DR)⁽²⁾	8,725		265,851

FINANCIALS - 13.3%
Capital Markets - 4.3%
Invesco Limited	30,500		422,730

Consumer Finance - 1.4%
Discover Financial Services	21,424		135,185

Diversified Financial Services - 7.6%
CME Group Inc., Class A	2,230		549,450
JPMorgan Chase & Co.	7,250		192,705

			742,155


	Shares Held	Value

HEALTHCARE - 16.7%
Biotechnology - 3.2%
Celgene Corporation⁽¹⁾	3,065	$	136,086
Genzyme Corporation⁽¹⁾	2,895		171,934

			308,020
Health Care Equipment & Supplies - 1.5%
C.R. Bard, Inc.	1,825		145,489

Health Care Technology - 3.0%
Cerner Corporation⁽¹⁾	6,630		291,521

Life Sciences Tools & Services - 3.1%
Thermo Fisher Scientific, Inc.⁽¹⁾	8,430		300,698

Pharmaceuticals - 5.9%
Allergan, Inc.	11,940		570,254

INDUSTRIALS - 5.9%
Construction & Engineering - 1.0%
Quanta Services, Inc.⁽¹⁾	4,775		102,424

Electrical Equipment - 3.6%
First Solar, Inc.⁽¹⁾	1,285		170,519
Gamesa Corporacion Tecnologica, S.A.⁽²⁾⁽³⁾	14,125		181,216

			351,735
Machinery - 1.3%
PACCAR Inc	4,800		123,648

INFORMATION TECHNOLOGY - 26.4%
Communications Equipment - 6.8%
Corning Incorporated	15,200		201,704
Juniper Networks, Inc.⁽¹⁾	15,400		231,924
QUALCOMM Incorporated	3,700		143,967
Tandberg ASA⁽²⁾⁽³⁾	5,975		88,056

			665,651
Computers & Peripherals - 5.1%
Apple Inc.⁽¹⁾	2,750		289,080
EMC Corporation⁽¹⁾	18,300		208,620

			497,700
Internet Software & Services - 2.1%
Google Inc., Class A⁽¹⁾	600		208,836

IT Services - 2.1%
Cognizant Technology Solutions Corporation⁽¹⁾	9,650		200,624


	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment - 4.6%
Broadcom Corporation, Class A⁽¹⁾		12,300	$	245,754
MEMC Electronic Materials, Inc.⁽¹⁾		6,300		103,887
Xilinx, Inc.		5,400		103,464

				453,105
Software - 5.7%
Activision Blizzard, Inc.⁽¹⁾		11,200		117,152
Adobe Systems Incorporated⁽¹⁾		6,025		128,875
Oracle Corporation⁽¹⁾		17,100		308,997

				555,024
MATERIALS - 3.1%
Chemicals - 3.1%
Ecolab Inc.		2,725		94,639
Monsanto Company		1,190		98,889
The Mosaic Company		2,515		105,580

				299,108

Total common stocks (Cost $9,624,200)				9,190,338
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $346,001⁽⁴⁾ (Cost $346,000)	$	346,000		346,000


Total investments - 98.0% (Cost $9,970,200)				9,536,338

Other assets less liabilities - 2.0%				194,863


Total net assets - 100.0%⁽⁵⁾			$	9,731,201

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Gamesa Corporacion Tecnologica, S.A.	Spain	Euro
Petroleo Brasileiro S.A. (DR)	Brazil	US dollar
Tandberg ASA	Norway	Norwegian krone

⁽³⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $269,272 or 2.8% of total net assets.

⁽⁴⁾	Collateralized by:


Issuer	Maturity	Value
U.S. Treasury Bill	8/27/2009	$	354,574

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


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
Euro	$	181,216	1.9	%
Norwegian krone		88,056	0.9
US dollar		9,267,066	97.2

Total investments	$	9,536,338	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Allergan, Inc.	United States	5.9	%
CME Group Inc.	United States	5.6
Invesco Limited	United States	4.3
Philip Morris International Inc.	United States	4.1
Oracle Corporation	United States	3.2
Best Buy Co., Inc.	United States	3.1
Thermo Fisher Scientific, Inc.	United States	3.1
Cerner Corporation	United States	3.0
Apple Inc.	United States	3.0
Starbucks Corporation	United States	2.8

Total		38.1	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN OPPORTUNISTIC VALUE FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 95.4%

CONSUMER DISCRETIONARY - 12.6%
Hotels, Restaurants & Leisure - 2.9%
Carnival Corporation	169,400	$	3,659,040

Household Durables - 2.3%
Mohawk Industries, Inc.⁽¹⁾	98,300		2,936,221

Media - 7.4%
Comcast Corporation, Class A Special⁽²⁾	208,200		2,679,534
Omnicom Group Inc.	150,700		3,526,380
The Walt Disney Company	171,300		3,110,808

			9,316,722
CONSUMER STAPLES - 4.8%
Food Products - 1.9%
Unilever PLC (DR)⁽³⁾	128,200		2,426,826

Tobacco - 2.9%
Philip Morris International Inc.	104,600		3,721,668

ENERGY - 7.5%
Energy Equipment & Services - 2.2%
Nabors Industries Ltd.⁽¹⁾	280,700		2,804,193

Oil, Gas & Consumable Fuels - 5.3%
Apache Corporation	62,700		4,018,443
Valero Energy Corporation	151,600		2,713,640

			6,732,083
FINANCIALS - 15.0%
Insurance - 12.7%
Allied World Assurance Company Holdings, Ltd	52,900		2,011,787
The Allstate Corporation	129,150		2,473,223
Berkshire Hathaway Inc., Class B⁽¹⁾	2,270		6,401,400
Fidelity National Financial, Inc.	110,900		2,163,659
The Progressive Corporation⁽¹⁾	228,300		3,068,352

			16,118,421
Real Estate Investment Trusts (REITS) - 2.3%
Annaly Capital Management, Inc.	211,000		2,926,570

HEALTHCARE - 8.0%
Health Care Providers & Services - 4.1%
Cardinal Health, Inc.	79,500		2,502,660
CIGNA Corporation	154,900		2,724,691

			5,227,351


	Shares Held	Value

HEALTHCARE (CONTINUED)
Pharmaceuticals - 3.9%
Johnson & Johnson	45,900	$	2,414,340
Pfizer Inc.	183,400		2,497,908

			4,912,248
INDUSTRIALS - 14.5%
Aerospace & Defense - 8.6%
The Boeing Company	79,100		2,814,378
General Dynamics Corporation	80,900		3,364,631
Rockwell Collins, Inc.	141,800		4,628,352

			10,807,361
Industrial Conglomerates - 2.5%
3M Company	63,600		3,162,192

Professional Services - 3.4%
Manpower Inc.	138,000		4,351,140

INFORMATION TECHNOLOGY - 33.0%
Communications Equipment - 8.5%
Cisco Systems, Inc.⁽¹⁾	168,900		2,832,453
Corning Incorporated	228,300		3,029,541
Nokia Corporation (DR)⁽³⁾	417,800		4,875,726

			10,737,720
Computers & Peripherals - 6.8%
Dell Inc.⁽¹⁾	342,500		3,246,900
Hewlett-Packard Company	107,200		3,436,832
Seagate Technology	312,600		1,878,726

			8,562,458
Electronic Equipment & Instruments - 6.0%
Avnet, Inc.⁽¹⁾	166,600		2,917,166
Ingram Micro Inc., Class A⁽¹⁾	369,700		4,673,008

			7,590,174
IT Services - 3.6%
Accenture Ltd, Class A	165,200		4,541,348

Semiconductors & Semiconductor Equipment - 3.8%
Texas Instruments Incorporated	289,600		4,781,296

Software - 4.3%
Microsoft Corporation	293,800		5,397,106

Total common stocks (Cost $174,935,768)			120,712,138


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $4,679,014⁽⁴⁾(Cost $4,679,000)	$	4,679,000	$	4,679,000


Total investments - 99.1% (Cost $179,614,768)				125,391,138

Other assets less liabilities - 0.9%				1,119,654


Total net assets - 100.0%⁽⁵⁾			$	126,510,792

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

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


Security	Country	Trading Currency
Nokia Corporation (DR)	Finland	US dollar
Unilever PLC (DR)	United Kingdom	US dollar

⁽⁴⁾ Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	7.500	%	11/15/2024	$	1,085,448
U.S. Treasury Bond	7.625		2/15/2025		3,688,264

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


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Berkshire Hathaway Inc.	United States	5.1	%
Microsoft Corporation	United States	4.3
Nokia Corporation	Finland	3.9
Texas Instruments Incorporated	United States	3.8
Ingram Micro Inc.	United States	3.7
Rockwell Collins, Inc.	United States	3.7
Accenture Ltd	United States	3.6
Manpower Inc.	United States	3.4
Apache Corporation	United States	3.2
Philip Morris International Inc.	United States	2.9

Total		37.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 95.9%

CONSUMER DISCRETIONARY - 11.0%
Distributors - 2.5%
LKQ Corporation⁽¹⁾	496,000	$	7,077,920

Hotels, Restaurants & Leisure - 2.2%
Life Time Fitness, Inc.⁽¹⁾	272,500		3,422,600
WMS Industries Inc.⁽¹⁾	139,900		2,925,309

			6,347,909
Specialty Retail - 4.5%
The Gymboree Corporation⁽¹⁾	123,500		2,636,725
Hibbett Sports, Inc.⁽¹⁾	259,950		4,996,239
PETsMART, Inc.	192,800		4,041,088
TIFFANY & CO.	58,700		1,265,572

			12,939,624
Textiles, Apparel & Luxury Goods - 1.8%
Iconix Brand Group, Inc.⁽¹⁾	579,900		5,132,115

CONSUMER STAPLES - 2.9%
Food Products - 1.5%
Flowers Foods, Inc.	183,800		4,315,624

Personal Products - 1.4%
Bare Escentuals, Inc.⁽¹⁾	993,700		4,074,170

ENERGY - 8.3%
Energy Equipment & Services - 6.1%
Atwood Oceanics, Inc.⁽¹⁾	289,900		4,809,441
Core Laboratories N.V.	67,700		4,952,932
Dril-Quip, Inc.⁽¹⁾	181,100		5,559,770
Helmerich & Payne, Inc.	103,100		2,347,587

			17,669,730
Oil, Gas & Consumable Fuels - 2.2%
Carrizo Oil & Gas, Inc.⁽¹⁾	379,300		3,368,184
Comstock Resources, Inc.⁽¹⁾	37,200		1,108,560
Penn Virginia Corporation	157,100		1,724,958

			6,201,702
FINANCIALS - 6.2%
Capital Markets - 3.8%
Ares Capital Corporation	798,776		3,866,076
Greenhill & Co., Inc.	26,000		1,920,100
Investment Technology Group, Inc.⁽¹⁾	200,200		5,109,104

			10,895,280


	Shares Held	Value

FINANCIALS (CONTINUED)
Insurance - 2.4%
Reinsurance Group of America, Incorporated	123,100	$	3,987,209
Selective Insurance Group, Inc.	242,300		2,946,368

			6,933,577
HEALTHCARE - 15.0%
Biotechnology - 0.8%
Cepheid⁽¹⁾	325,600		2,246,640

Health Care Equipment & Supplies - 1.7%
VNUS Medical Technologies, Inc.⁽¹⁾	45,600		969,912
Wright Medical Group, Inc.⁽¹⁾	291,700		3,800,851

			4,770,763
Health Care Providers & Services - 7.9%
Catalyst Health Solutions, Inc.⁽¹⁾	191,300		3,791,566
Genoptix, Inc.⁽¹⁾	146,200		3,988,336
MEDNAX, Inc.⁽¹⁾	81,800		2,410,646
PSS World Medical, Inc.⁽¹⁾	322,100		4,622,135
Psychiatric Solutions, Inc.⁽¹⁾	296,300		4,660,799
VCA Antech, Inc.⁽¹⁾	148,400		3,346,420

			22,819,902
Health Care Technology - 2.8%
athenahealth, Inc.⁽¹⁾	120,300		2,900,433
Phase Forward Incorporated⁽¹⁾	407,800		5,215,762

			8,116,195
Life Sciences Tools & Services - 1.8%
ICON PLC (DR)⁽¹⁾⁽²⁾	324,600		5,242,290

INDUSTRIALS - 21.7%
Aerospace & Defense - 1.6%
AAR CORP.⁽¹⁾	365,200		4,579,608

Air Freight & Logistics - 1.5%
UTi Worldwide Inc.	358,300		4,281,685

Airlines - 0.9%
Allegiant Travel Company⁽¹⁾	57,000		2,591,220

Commercial Services & Supplies - 6.0%
Corrections Corporation of America⁽¹⁾	294,900		3,777,669
The GEO Group, Inc.⁽¹⁾	287,000		3,802,750
Mobile Mini, Inc.⁽¹⁾	306,200		3,527,424
Waste Connections, Inc.⁽¹⁾	234,125		6,017,012

			17,124,855


	Shares Held	Value

INDUSTRIALS (CONTINUED)
Electrical Equipment - 1.5%
General Cable Corporation⁽¹⁾	104,000	$	2,061,280
Regal Beloit Corporation	77,200		2,365,408

			4,426,688
Machinery - 3.8%
Actuant Corporation	473,300		4,889,189
Astec Industries, Inc.⁽¹⁾	53,200		1,395,436
The Middleby Corporation⁽¹⁾	145,000		4,702,350

			10,986,975
Professional Services - 2.9%
FTI Consulting, Inc.⁽¹⁾	106,700		5,279,516
Huron Consulting Group Inc.⁽¹⁾	75,100		3,186,493

			8,466,009
Road & Rail - 1.6%
Old Dominion Freight Line, Inc.⁽¹⁾	198,600		4,665,114

Trading Companies & Distributors - 0.6%
Interline Brands, Inc.⁽¹⁾	194,100		1,636,263

Transportation Infrastructure - 1.3%
Aegean Marine Petroleum Network Inc.⁽²⁾	216,600		3,628,050

INFORMATION TECHNOLOGY - 27.4%
Communications Equipment - 1.5%
Avocent Corporation⁽¹⁾	353,900		4,296,346

Electronic Equipment & Instruments - 1.7%
Brightpoint, Inc.⁽¹⁾	1,164,800		4,985,344

Internet Software & Services - 4.7%
Bankrate, Inc.⁽¹⁾	93,500		2,332,825
Equinix, Inc.⁽¹⁾	96,000		5,390,400
Omniture, Inc.⁽¹⁾	433,000		5,711,270

			13,434,495
IT Services - 3.8%
Euronet Worldwide, Inc.⁽¹⁾	571,780		7,467,447
ManTech International Corporation, Class A⁽¹⁾	83,400		3,494,460

			10,961,907
Semiconductors & Semiconductor Equipment - 5.8%
Atheros Communications, Inc.⁽¹⁾	254,500		3,730,970
Microsemi Corporation⁽¹⁾	469,000		5,440,400
Tessera Technologies, Inc.⁽¹⁾	409,300		5,472,341
Varian Semiconductor Equipment Associates, Inc.⁽¹⁾	90,000		1,949,400

			16,593,111


	Shares Held		Value

INFORMATION TECHNOLOGY (CONTINUED)
Software - 9.9%
ANSYS, Inc.⁽¹⁾		99,200	$	2,489,920
CommVault Systems, Inc.⁽¹⁾		454,800		4,989,156
Concur Technologies, Inc.⁽¹⁾		216,200		4,148,878
Informatica Corporation⁽¹⁾		377,800		5,009,628
Macrovision Corporation⁽¹⁾		288,600		5,134,194
Progress Software Corporation⁽¹⁾		259,800		4,510,128
Quest Software, Inc.⁽¹⁾		181,600		2,302,688

				28,584,592
MATERIALS - 1.6%
Chemicals - 1.6%
Albemarle Corporation		217,600		4,737,152

UTILITIES - 1.8%
Electrical Utilities - 1.8%
ITC Holdings Corp.		117,500		5,125,350

Total common stocks (Cost $322,498,789)				275,888,205

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $12,211,037⁽³⁾(Cost $12,211,000)	$	12,211,000		12,211,000


Total investments - 100.1% (Cost $334,709,789)				288,099,205

Other assets less liabilities - (0.1%)				(350,883	)


Total net assets - 100.0%⁽⁴⁾			$	287,748,322

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Aegean Marine Petroleum Network Inc.	Greece	US dollar
ICON PLC (DR)	Ireland	US dollar

⁽³⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	7.50	%	11/15/2024	$	12,459,720

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


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Euronet Worldwide, Inc.	United States	2.6	%
LKQ Corporation	United States	2.5
Waste Connections, Inc.	United States	2.1
Omniture, Inc.	United States	2.0
Dril-Quip, Inc.	United States	1.9
Tessera Technologies, Inc.	United States	1.9
Microsemi Corporation	United States	1.9
Equinix, Inc.	United States	1.9
FTI Consulting, Inc.	United States	1.8
ICON PLC	Ireland	1.8

Total		20.4	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.1%

CONSUMER DISCRETIONARY - 10.1%
Automobiles - 1.3%
Thor Industries, Inc.⁽¹⁾	1,053,400	$	16,454,108

Hotels, Restaurants & Leisure - 2.5%
International Speedway Corporation, Class A	636,500		14,041,190
Jack in the Box Inc.⁽²⁾	719,900		16,766,471

			30,807,661
Household Durables - 1.0%
Ethan Allen Interiors Inc.	1,153,100		12,983,906

Media - 3.3%
Belo Corp., Series A	1,840,000		1,122,400
The E.W. Scripps Company, Class A⁽³⁾	939,466		1,268,279
Marvel Entertainment, Inc.⁽²⁾	642,600		17,061,030
Meredith Corporation	933,000		15,525,120
World Wrestling Entertainment, Inc., Class A	508,400		5,866,936

			40,843,765
Specialty Retail - 1.0%
Rent-A-Center, Inc.⁽²⁾	666,385		12,907,877

Textiles, Apparel & Luxury Goods - 1.0%
Columbia Sportswear Company	407,600		12,195,392

CONSUMER STAPLES - 3.3%
Food Products - 2.1%
Sanderson Farms, Inc.	701,000		26,322,550

Tobacco - 1.2%
Universal Corporation	490,300		14,669,776

ENERGY - 7.9%
Energy Equipment & Services - 5.2%
Atwood Oceanics, Inc.⁽²⁾	368,100		6,106,779
Cal Dive International, Inc.⁽²⁾	1,921,787		13,010,498
Complete Production Services, Inc.⁽²⁾	917,200		2,824,976
Gulf Island Fabrication, Inc.	52,700		422,127
Oceaneering International, Inc.⁽²⁾	240,000		8,848,800
Parker Drilling Company⁽²⁾	2,309,000		4,248,560


	Shares Held	Value

ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Patterson-UTI Energy, Inc.	1,305,600	$	11,698,176
RPC, Inc.	1,455,100		9,647,313
Superior Energy Services, Inc.⁽²⁾	698,700		9,006,243

			65,813,472
Oil, Gas & Consumable Fuels - 2.7%
Forest Oil Corporation⁽²⁾	821,600		10,804,040
Holly Corporation	719,900		15,261,880
St. Mary Land & Exploration Company	569,400		7,533,162

			33,599,082
FINANCIALS - 9.9%
Consumer Finance - 0.8%
The Student Loan Corporation	233,900		10,160,616

Diversified Financial Services - 1.2%
PICO Holdings, Inc.⁽²⁾	516,100		15,519,127

Insurance - 6.6%
Assured Guaranty Ltd.	1,039,200		7,035,384
Max Capital Group Ltd.	831,800		14,340,232
Platinum Underwriters Holdings, Ltd.	362,000		10,266,320
Stewart Information Services Corporation⁽¹⁾	1,261,178		24,592,971
Willis Group Holdings Limited	350,546		7,712,012
Zenith National Insurance Corp.	766,700		18,485,137

			82,432,056
Real Estate Investment Trusts (REITS) - 1.3%
Cousins Properties Incorporated	1,000,600		6,443,864
Hatteras Financial Corporation	378,245		9,452,343

			15,896,207
HEALTHCARE - 3.7%
Health Care Equipment & Supplies - 0.1%
National Dentex Corporation⁽²⁾	257,000		999,730

Health Care Providers & Services - 2.5%
AMN Healthcare Services, Inc.⁽¹⁾⁽²⁾	2,010,000		10,251,000
Cross Country Healthcare, Inc.⁽¹⁾⁽²⁾	2,086,100		13,663,955
HealthSpring, Inc.⁽²⁾	860,600		7,203,222
Medical Staffing Network Holdings, Inc.⁽¹⁾⁽²⁾	1,567,900		235,185

			31,353,362


	Shares Held	Value

HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 1.1%
Varian Inc.⁽²⁾	569,400	$	13,517,556

INDUSTRIALS - 25.9%
Building Products - 1.2%
Quanex Building Products Corporation⁽¹⁾	1,937,075		14,721,770

Commercial Services & Supplies - 1.3%
ABM Industries Incorporated	313,100		5,134,840
Comfort Systems USA, Inc.	1,027,000		10,649,990

			15,784,830
Construction & Engineering - 2.0%
EMCOR Group, Inc.⁽²⁾	970,100		16,656,617
Granite Construction Incorporated	235,900		8,841,532

			25,498,149
Electrical Equipment - 3.6%
Acuity Brands, Inc.⁽¹⁾	815,500		18,381,370
Regal Beloit Corporation	545,000		16,698,800
Woodward Governor Company	939,800		10,506,964

			45,587,134
Industrial Conglomerates - 1.6%
McDermott International, Inc.⁽²⁾	1,490,700		19,960,473

Machinery - 4.9%
Astec Industries, Inc.⁽²⁾	528,800		13,870,424
Harsco Corporation	447,400		9,918,858
IDEX Corporation	622,300		13,609,701
Mueller Industries, Inc.	642,600		13,937,994
Nordson Corporation	380,300		10,811,929

			62,148,906
Marine - 1.4%
Kirby Corporation⁽²⁾	663,000		17,662,320

Professional Services - 7.2%
Diamond Management & Technology Consultants, Inc.⁽¹⁾	1,860,600		4,744,530
Hudson Highland Group, Inc.⁽²⁾	1,135,800		1,260,738
Kforce Inc.⁽¹⁾⁽²⁾	2,346,362		16,494,925
Korn/Ferry International⁽²⁾	1,403,200		12,712,992
Monster Worldwide, Inc.⁽²⁾	1,622,900		13,226,635
MPS Group, Inc.⁽²⁾	2,580,700		15,355,165
School Specialty, Inc.⁽²⁾	775,700		13,644,563
TrueBlue, Inc.⁽²⁾	1,509,000		12,449,250

			89,888,798
Road & Rail - 2.7%
Arkansas Best Corporation	620,300		11,798,106
Con-way Inc.⁽¹⁾	595,900		10,684,487
Old Dominion Freight Line, Inc.⁽²⁾	479,500		11,263,455

			33,746,048


	Shares Held	Value

INFORMATION TECHNOLOGY - 30.4%
Computers & Peripherals - 1.0%
Imation Corp.	994,500	$	7,607,925
Intermec, Inc.⁽²⁾	507,700		5,280,080
Xyratex Ltd⁽²⁾	120,200		264,440

			13,152,445
Electronic Equipment & Instruments - 3.8%
Arrow Electronics, Inc.⁽²⁾	970,100		18,490,106
Benchmark Electronics, Inc.⁽²⁾	1,138,800		12,754,560
Orbotech, Ltd.⁽¹⁾⁽²⁾⁽⁴⁾	2,649,139		10,040,237
RadiSys Corporation⁽²⁾	1,084,700		6,573,282

			47,858,185
Internet Software & Services - 0.7%
EarthLink, Inc.⁽²⁾	1,366,200		8,975,934

IT Services - 4.2%
CACI International Inc⁽²⁾	292,200		10,662,378
MAXIMUS, Inc.	642,300		25,602,078
SRA International, Inc., Class A⁽²⁾	1,162,000		17,081,400

			53,345,856
Semiconductors & Semiconductor Equipment - 8.6%
Actel Corporation⁽²⁾	1,031,100		10,434,732
ATMI, Inc.⁽²⁾	957,900		14,780,397
Cymer, Inc.⁽²⁾	848,000		18,876,480
Entegris, Inc.⁽²⁾	499,200		429,312
LTX Corporation⁽²⁾	3,769,700		1,055,516
Rudolph Technologies, Inc.⁽¹⁾⁽²⁾	1,771,000		5,366,130
Standard Microsystems Corporation⁽²⁾	1,063,600		19,782,960
Ultra Clean Holdings, Inc.⁽¹⁾⁽²⁾	1,327,900		1,420,853
Ultratech, Inc.⁽¹⁾⁽²⁾	1,342,200		16,764,078
Varian Semiconductor Equipment Associates, Inc.⁽²⁾	905,000		19,602,300

			108,512,758
Software - 12.1%
Fair Isaac Corporation	1,134,800		15,966,636
Jack Henry and Associates, Inc.	768,700		12,545,184
Lawson Software, Inc.⁽²⁾	4,388,600		18,651,550
Manhattan Associates, Inc.⁽¹⁾⁽²⁾	1,384,900		23,986,468
MicroStrategy Incorporated, Class A⁽²⁾	463,700		15,853,903
Progress Software Corporation⁽²⁾	654,800		11,367,328
SPSS Inc.⁽²⁾	752,500		21,393,575
TIBCO Software Inc.⁽²⁾	2,967,100		17,416,877
Tyler Technologies, Inc.⁽²⁾	967,000		14,147,210

			151,328,731
MATERIALS - 5.1%
Chemicals - 3.1%
H.B. Fuller Company	1,130,700		14,699,100


	Shares Held		Value

MATERIALS (CONTINUED)
Chemicals (Continued)
OM Group, Inc.⁽²⁾		738,200	$	14,262,024
Sensient Technologies Corporation		420,000		9,870,000

				38,831,124
Construction Materials - 1.2%
Eagle Materials Inc.		613,000		14,865,250

Metals & Mining - 0.8%
Schnitzer Steel Industries, Inc., Class A		310,100		9,734,039

UTILITIES - 0.8%
Electrical Utilities - 0.8%
El Paso Electric Company⁽²⁾		752,500		10,602,725

Total common stocks (Cost $1,844,460,055)				1,218,681,718

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $35,285,108⁽⁵⁾ (Cost $35,285,000)	$	35,285,000		35,285,000


Total investments - 99.9% (Cost $1,879,745,055)				1,253,966,718

Other assets less liabilities - 0.1%				1,072,696


Total net assets - 100.0%⁽⁶⁾			$	1,255,039,414

⁽¹⁾	Affiliated company as defined by the Investment Company Act of 1940. See Note (6) in Notes to Financial Statements.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

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

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	35,995,667

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


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Sanderson Farms, Inc.	United States	2.1	%
MAXIMUS, Inc.	United States	2.0
Stewart Information Services Corporation	United States	2.0
Manhattan Associates, Inc.	United States	1.9
SPSS Inc.	United States	1.7
McDermott International, Inc.	United States	1.6
Standard Microsystems Corporation	United States	1.6
Varian Semiconductor Equipment Associates, Inc.	United States	1.6
Cymer, Inc.	United States	1.5
Lawson Software, Inc.	United States	1.5

Total		17.5	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2009 (Unaudited)


	GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	16,344,957
Investments in securities, affiliated, at value		-
Short-term investments (repurchase agreements), at value		830,000

Total investments		17,174,957
Cash		683
Foreign currency		11
Net unrealized gain on foreign currency forward contracts		740
Receivable from investments sold		121,085
Receivable from fund shares sold		6,750
Dividends and interest receivable		37,488
Receivable from Adviser		85,346
Other assets		56

Total assets		17,427,116

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		-
Payable for investments purchased		44,631
Payable for fund shares redeemed		43,615
Payable for operating expenses		224,871
Payable for withholding taxes		995
Payable for advisory fees		70,387
Payable for deferred directors’ compensation		56

Total liabilities		384,555

Total net assets	$	17,042,561

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	22,170,028
Net unrealized depreciation on investments and foreign currency related transactions		(3,005,051	)
Accumulated undistributed net investment income (loss)		42,468
Accumulated undistributed net realized (losses) on investments and foreign currency related transactions		(2,164,884	)

	$	17,042,561

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	17,042,561
Institutional Shares
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		2,876,334
Institutional Shares
Net asset value, offering price and redemption price per share
Investor Shares	$	5.93
Institutional Shares
Cost of securities of unaffiliated issuers held	$	20,179,787
Cost of securities of affiliated issuers held	$	-
Cost of foreign currency	$	11


INTERNATIONAL			INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP

$	6,986,253,131		$	355,528,096		$	864,158,391		$	2,807,535,541
	-			5,027,958			-			-
	266,077,000			49,740,000			65,279,000			44,587,000

	7,252,330,131			410,296,054			929,437,391			2,852,122,541
	181			136			912			172
	816,732			22			11			-
	-			-			18,664			-
	29,372,910			2,225,690			1,356,615			4,308,477
	17,471,806			776,260			10,289,150			3,881,318
	32,236,527			1,743,456			4,377,800			1,790,076
	-			-			-			-
	153,224			10,385			14,966			56,359

	7,332,381,511			415,052,003			945,495,509			2,862,158,943


	104,496			15,867			-			-
	13,782,524			-			710,166			9,938,667
	6,013,543			2,724,986			1,704,352			3,473,976
	9,163,614			727,692			776,498			3,984,657
	1,976,739			34,422			195,929			-
	-			-			-			-
	153,224			10,385			14,966			56,359

	31,194,140			3,513,352			3,401,911			17,453,659

$	7,301,187,371		$	411,538,651		$	942,093,598		$	2,844,705,284


$	12,100,828,238		$	704,519,208		$	1,405,531,139		$	4,144,452,330
	(2,418,135,332	)		(150,195,480	)		(328,868,731	)		(611,035,383	)
	6,824,284			54,095			(5,029,738	)		(7,231,613	)
	(2,388,329,819	)		(142,839,172	)		(129,539,072	)		(681,480,050	)

$	7,301,187,371		$	411,538,651		$	942,093,598		$	2,844,705,284



$	5,229,893,791		$	411,538,651		$	804,602,106		$	2,497,284,137
$	2,071,293,580					$	137,491,492		$	347,421,147

	387,930,823			40,384,711			52,601,277			143,990,530
	152,731,026						8,995,143			19,472,696

$	13.48		$	10.19		$	15.30		$	17.34
$	13.56					$	15.29		$	17.84
$	9,669,499,057		$	536,807,189		$	1,258,178,065		$	3,463,157,924
$	-		$	23,603,223		$	-		$	-
$	892,467		$	23		$	11		$	-

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2009 (Unaudited) (Continued)


	MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	2,339,225,078
Investments in securities, affiliated, at value		111,501,270
Short-term investments (repurchase agreements), at value		148,408,000

Total investments		2,599,134,348
Cash		173
Receivable from investments sold		13,609,942
Receivable from fund shares sold		15,544,720
Dividends and interest receivable		3,983,772
Receivable from Adviser		-
Other assets		33,829

Total assets		2,632,306,784

LIABILITIES:
Payable for investments purchased		36,322,834
Payable for fund shares redeemed		1,298,853
Payable for operating expenses		1,486,148
Payable for advisory fees		-
Payable for deferred directors’ compensation		33,829

Total liabilities		39,141,664

Total net assets	$	2,593,165,120


NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	3,780,303,918
Net unrealized depreciation on investments and foreign currency related transactions		(903,758,081	)
Accumulated undistributed net investment income (loss)		11,334,856
Accumulated undistributed net realized (losses) on investments and foreign currency related transactions		(294,715,573	)

	$	2,593,165,120


SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	2,593,165,120
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		217,089,280
Net asset value, offering price and redemption price per share
Investor Shares	$	11.95
Cost of securities of unaffiliated issuers held	$	3,282,494,839
Cost of securities of affiliated issuers held	$	220,397,590


OPPORTUNISTIC GROWTH			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE

$	9,190,338		$	120,712,138		$	275,888,205		$	1,030,879,651
	-			-			-			187,802,067
	346,000			4,679,000			12,211,000			35,285,000

	9,536,338			125,391,138			288,099,205			1,253,966,718
	936			655			573			486
	88,742			1,512,917			2,886,934			64,581
	165,880			321,663			280,924			3,058,719
	12,395			282,421			376,888			452,140
	63,087			-			-			-
	-			1,722			10,469			103,321

	9,867,378			127,510,516			291,654,993			1,257,645,965


	23,287			694,460			2,258,462			735,692
	-			111,892			937,443			751,587
	80,997			191,650			700,297			1,097,786
	28,893			-			-			-
	-			1,722			10,469			21,486

	133,177			999,724			3,906,671			2,606,551

$	9,734,201		$	126,510,792		$	287,748,322		$	1,255,039,414



$	11,693,064		$	269,302,534		$	617,791,435		$	2,019,328,204
	(433,862	)		(54,223,630	)		(46,610,584	)		(625,778,337	)
	1,322			(90,075	)		(1,124,753	)		2,072,481
	(1,526,323	)		(88,478,037	)		(282,307,776	)		(140,582,934	)

$	9,734,201		$	126,510,792		$	287,748,322		$	1,255,039,414




$	9,734,201		$	126,510,792		$	287,748,322		$	1,255,039,414

	1,469,988			21,809,025			33,826,011			137,974,034

$	6.62		$	5.80		$	8.51		$	9.10
$	9,970,200		$	179,614,768		$	334,709,789		$	1,467,203,690
$	-		$	-		$	-		$	412,541,365

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2009 (Unaudited)


	GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	173,235
Dividends, from affiliated issuers⁽¹⁾		-
Interest		397

Total investment income		173,632

EXPENSES:
Advisory fees		70,387
Transfer agent fees
Investor Shares		58,569
Institutional Shares
Shareholder communications
Investor Shares		4,527
Institutional Shares
Custodian fees		10,930
Accounting fees		20,830
Professional fees		5,356
Less insurance recoveries⁽²⁾		-

Net professional fees		5,356
Registration fees
Investor Shares		15,382
Institutional Shares
Directors’ fees		3,000
Other operating expenses		1,946

Total operating expenses		190,927
Less amounts waived or paid by the Adviser or the board of directors		(85,346	)

Net Expenses		105,581

Net investment income (loss)		68,051

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		(1,905,323	)
Foreign currency related transactions		(665	)

		(1,905,988	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(1,745,320	)
Foreign currency related transactions		196

		(1,745,124	)

Net (loss) on investments and foreign currency related transactions		(3,651,112	)

Net (decrease) in net assets resulting from operations	$	(3,583,061	)

⁽¹⁾


Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Net of foreign taxes withheld on dividends, affiliated issuers		Including net realized (loss) on investments from affiliated issuers
Global Value	$	4,933	$	-	$	-
International		6,103,399		95,956		(68,638,629	)
International Small Cap		174,154		-		(1,101,493	)
International Value		551,561		-		(7,840,431	)
Mid Cap		-		-		(27,957,182	)

⁽²⁾

For the six months ended March 31, 2009, International Fund incurred $451,382 in total professional fees. As described in Note (9) in Notes to Financial Statements, International Fund received $45,668 in insurance recoveries relating to reimbursement of litigation defense costs, which amount was recorded as a reduction to professional fees during the six months ended March 31, 2009.


INTERNATIONAL			INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP

$	58,618,189		$	2,913,191		$	8,725,928		$	12,302,226
	863,602			998,943			-			-
	148,802			17,878			19,820			33,705

	59,630,593			3,930,012			8,745,748			12,335,931


	36,915,202			2,828,663			4,765,259			13,594,056

	9,175,299			518,569			921,547			5,044,527
	11,421						8,125			9,143

	803,815			61,489			196,277			430,283
	26,292						5,786			7,066
	3,587,423			303,748			226,884			53,746
	37,519			28,410			34,373			33,495
	451,382			65,232			52,456			97,870
	(45,668	)		-			-			-

	405,714			65,232			52,456			97,870

	95,183			24,554			37,037			35,992
	11,245						8,319			8,712
	232,207			13,433			26,513			82,603
	254,743			17,025			27,544			95,288

	51,556,063			3,861,123			6,310,120			19,492,781
	-			-			-			-

	51,556,063			3,861,123			6,310,120			19,492,781

	8,074,530			68,889			2,435,628			(7,156,850	)



	(2,336,026,812	)		(142,676,212	)		(127,360,128	)		(659,700,963	)
	(2,456,935	)		(89,768	)		9,786,848			-

	(2,338,483,747	)		(142,765,980	)		(117,573,280	)		(659,700,963	)

	(1,135,939,562	)		(44,379,122	)		(219,211,100	)		(487,411,380	)
	856,445			(37,782	)		359,978			-

	(1,135,083,117	)		(44,416,904	)		(218,851,122	)		(487,411,380	)

	(3,473,566,864	)		(187,182,884	)		(336,424,402	)		(1,147,112,343	)

$	(3,465,492,334	)	$	(187,113,995	)	$	(333,988,774	)	$	(1,154,269,193	)

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2009 (Unaudited) (Continued)


	MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	25,014,404
Dividends, from affiliated issuers⁽¹⁾		1,596,152
Interest		39,372

Total investment income		26,649,928

EXPENSES:
Advisory fees		11,531,308
Transfer agent fees
Investor Shares		3,029,390
Shareholder communications
Investor Shares		408,315
Custodian fees		32,159
Accounting fees		20,337
Professional fees		70,905
Registration fees
Investor Shares		66,328
Directors’ fees		67,691
Other operating expenses		41,146

Total operating expenses		15,267,579
Less amounts waived or paid by the Adviser or the board of directors		-

Net expenses		15,267,579

Net investment income (loss)		11,382,349

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		(287,463,217	)
Foreign currency related transactions		-

		(287,463,217	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(676,750,020	)
Foreign currency related transactions		-

		(676,750,020	)

Net (loss) on investments and foreign currency related transactions		(964,213,237	)

Net (decrease) in net assets resulting from operations	$	(952,830,888	)

⁽¹⁾


Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers			Net of foreign taxes withheld on dividends, affiliated issuers		Including net realized (loss) on investments from affiliated issuers
Mid Cap Value	$	-		$	-	$	(41,267,644	)
Opportunistic Value		(648	)		-		-
Small Cap		3,080			-		-
Small Cap Value		4,999			-		(37,265,011	)


OPPORTUNISTIC GROWTH			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE

$	46,303		$	1,695,465		$	1,410,513		$	8,953,622
	-			-			-			1,656,144
	174			1,869			3,988			16,150

	46,477			1,697,334			1,414,501			10,625,916


	28,893			678,697			1,750,740			6,350,382

	27,083			283,449			561,714			1,821,578

	6,204			31,833			105,459			167,011
	3,382			6,128			14,975			24,051
	17,561			19,332			22,557			22,177
	7,111			30,322			28,310			47,056

	12,552			26,468			17,172			29,081
	3,000			4,438			10,863			38,252
	2,456			6,106			12,412			27,162

	108,242			1,086,773			2,524,202			8,526,750
	(63,087	)		-			-			-

	45,155			1,086,773			2,524,202			8,526,750

	1,322			610,561			(1,109,701	)		2,099,166



	(1,514,673	)		(53,238,604	)		(190,708,004	)		(132,263,352	)
	(421	)		(112	)		-			(1,342	)

	(1,515,094	)		(53,238,716	)		(190,708,004	)		(132,264,694	)

	(46,606	)		(20,602,862	)		(9,054,582	)		(500,349,373	)
	(11	)		-			-			-

	(46,617	)		(20,602,862	)		(9,054,582	)		(500,349,373	)

	(1,561,711	)		(73,841,578	)		(199,762,586	)		(632,614,067	)

$	(1,560,389	)	$	(73,231,017	)	$	(200,872,287	)	$	(630,514,901	)

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets


	GLOBAL VALUE						INTERNATIONAL
	Six Months Ended 3/31/2009⁽¹⁾			Period Ended 9/30/2008⁽²⁾			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008
OPERATIONS:
Net investment income (loss)	$	68,051		$	100,710		$	8,074,530		$	217,906,295
Net realized gain (loss) on:
Investments		(1,905,323	)		(258,896	)		(2,336,026,812	)		660,360,491
Foreign currency related transactions		(665	)		(5,756	)		(2,456,935	)		(5,330,672	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(1,745,320	)		(1,259,510	)		(1,135,939,562	)		(6,035,684,040	)
Foreign currency related transactions		196			(417	)		856,445			(1,742,370	)

Net (decrease) in net assets resulting from operations		(3,583,061	)		(1,423,869	)		(3,465,492,334	)		(5,164,490,296	)

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(120,537	)		-			(73,117,872	)		(77,647,652	)
Institutional Shares								(37,487,951	)		(38,324,885	)
Net realized gains on investment transactions:
Investor Shares		-			-			(274,728,220	)		(1,707,284,385	)
Institutional Shares								(101,344,058	)		(637,085,303	)

Total distributions paid to shareholders		(120,537	)		-			(486,678,101	)		(2,460,342,225	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		11,180,663			10,989,365			(550,372,574	)		1,569,193,725

Total increase (decrease) in net assets		7,477,065			9,565,496			(4,502,543,009	)		(6,055,638,796	)

Net assets, beginning of period		9,565,496			-			11,803,730,380			17,859,369,176

Net assets, end of period	$	17,042,561		$	9,565,496		$	7,301,187,371		$	11,803,730,380


Accumulated undistributed net investment income (loss)	$	42,468		$	94,954		$	6,824,284		$	109,355,577

⁽¹⁾	Unaudited.

⁽²⁾	For the period from commencement of operations (December 10, 2007) through September 30, 2008.


INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE						MID CAP
Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008

$	68,889		$	11,189,287		$	2,435,628		$	28,452,080		$	(7,156,850	)	$	(38,496,793	)

	(142,676,212	)		44,166,209			(127,360,128	)		4,267,300			(659,700,963	)		258,568,758
	(89,768	)		(297,054	)		9,786,848			(125,520	)		-			638

	(44,379,122	)		(553,734,650	)		(219,211,100	)		(339,642,758	)		(487,411,380	)		(1,548,010,123	)
	(37,782	)		103,035			359,978			(559,100	)		-			(227	)

	(187,113,995	)		(498,573,173	)		(333,988,774	)		(307,607,998	)		(1,154,269,193	)		(1,327,937,747	)



	(6,726,028	)		(10,029,807	)		(10,176,045	)		(26,380,830	)		-			-
							(2,362,145	)		(4,772,229	)		-			-

	(8,348,645	)		(168,397,767	)		-			(86,616,796	)		(40,893,720	)		(883,929,699	)
							-			(13,775,532	)		(5,219,106	)		(121,786,964	)

	(15,074,673	)		(178,427,574	)		(12,538,190	)		(131,545,387	)		(46,112,826	)		(1,005,716,663	)



	(118,678,682	)		53,398,186			73,097,220			(158,902,687	)		(224,422,534	)		498,434,390

	(320,867,350	)		(623,602,561	)		(273,429,744	)		(598,056,072	)		(1,424,804,553	)		(1,835,220,020	)

	732,406,001			1,356,008,562			1,215,523,342			1,813,579,414			4,269,509,837			6,104,729,857

$	411,538,651		$	732,406,001		$	942,093,598		$	1,215,523,342		$	2,844,705,284		$	4,269,509,837


$	54,095		$	6,711,234		$	(5,029,738	)	$	5,072,824		$	(7,231,613	)	$	(74,763	)

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	MID CAP VALUE						OPPORTUNISTIC GROWTH
	Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Period Ended 9/30/2008⁽²⁾
OPERATIONS:
Net investment income (loss)	$	11,382,349		$	5,723,584		$	1,322		$	(754	)
Net realized gain (loss) on:
Investments		(287,463,217	)		100,480,649			(1,514,673	)		(11,229	)
Foreign currency related transactions		-			-			(421	)		244
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(676,750,020	)		(515,679,265	)		(46,606	)		(387,256	)
Foreign currency related transactions		-			-			(11	)		11

Net (decrease) in net assets resulting from operations		(952,830,888	)		(409,475,032	)		(1,560,389	)		(398,984	)

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(4,661,179	)		(12,115,617	)		-			-
Net realized gains on investment transactions:
Investor Shares		(23,963,223	)		(350,592,517	)		-			-

Total distributions paid to shareholders		(28,624,402	)		(362,708,134	)		-			-

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		343,158,359			582,895,533			5,629,107			6,064,467

Total increase (decrease) in net assets		(638,296,931	)		(189,287,633	)		4,068,718			5,665,483

Net assets, beginning of period		3,231,462,051			3,420,749,684			5,665,483			-

Net assets, end of period	$	2,593,165,120		$	3,231,462,051		$	9,734,201		$	5,665,483


Accumulated undistributed net investment income (loss)	$	11,334,856		$	4,613,686		$	1,322		$	-

⁽¹⁾	Unaudited.

⁽²⁾	For the period from commencement of operations (September 22, 2008) through September 30, 2008.


OPPORTUNISTIC VALUE						SMALL CAP						SMALL CAP VALUE
Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008

$	610,561		$	1,907,230		$	(1,109,701	)	$	(5,048,277	)	$	2,099,166		$	(3,012,815	)

	(53,238,604	)		(28,949,448	)		(190,708,004	)		(68,978,644	)		(132,263,352	)		82,299,823
	(112	)		19,392			-			-			(1,342	)		-

	(20,602,862	)		(37,237,206	)		(9,054,582	)		(195,897,458	)		(500,349,373	)		(213,271,509	)
	-			(11,067	)		-			-			-			-

	(73,231,017	)		(64,271,099	)		(200,872,287	)		(269,924,379	)		(630,514,901	)		(133,984,501	)



	(2,058,250	)		(2,875,226	)		-			-			-			-

	-			(18,663,452	)		(665,408	)		(103,275,284	)		(41,873,574	)		(339,487,445	)

	(2,058,250	)		(21,538,678	)		(665,408	)		(103,275,284	)		(41,873,574	)		(339,487,445	)



	(28,483,616	)		37,433,913			(97,840,788	)		(191,180,954	)		25,347,897			224,312,677

	(103,772,883	)		(48,375,864	)		(299,378,483	)		(564,380,617	)		(647,040,578	)		(249,159,269	)

	230,283,675			278,659,539			587,126,805			1,151,507,422			1,902,079,992			2,151,239,261

$	126,510,792		$	230,283,675		$	287,748,322		$	587,126,805		$	1,255,039,414		$	1,902,079,992


$	(90,075	)	$	1,357,614		$	(1,124,753	)	$	(15,052	)	$	2,072,481		$	(26,685	)

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⁽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 GLOBAL VALUE FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	8.32	$	0.03		$	(2.37	)	$	(2.34	)	$	(0.05	)	$	-
9/30/2008	⁽⁶⁾		10.00		0.10			(1.78	)		(1.68	)		-			-

ARTISAN INTERNATIONAL FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	20.34	$	0.01		$	(5.98	)	$	(5.97	)	$	(0.19	)	$	(0.70	)
9/30/2008			33.75		0.36			(9.10	)		(8.74	)		(0.20	)		(4.47	)
9/30/2007			28.75		0.31			7.45			7.76			(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	)		-
Institutional Shares
3/31/2009	⁽⁵⁾	$	20.51	$	0.03		$	(6.02	)	$	(5.99	)	$	(0.26	)	$	(0.70	)
9/30/2008			33.99		0.42			(9.16	)		(8.74	)		(0.27	)		(4.47	)
9/30/2007			28.92		0.37			7.52			7.89			(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	)		-

ARTISAN INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	14.28	$	-	⁽⁷⁾	$	(3.73	)	$	(3.73	)	$	(0.16	)	$	(0.20	)
9/30/2008			26.96		0.21			(9.26	)		(9.05	)		(0.20	)		(3.43	)
9/30/2007			22.77		0.11			8.54			8.65			(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	)

⁽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
Global Value Investor Shares	3/31/2009	2.71	%	(0.25	)%
	9/30/2008	3.53	%	(0.70	)%


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 to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(0.05	)	$	5.93	(28.17	)%	$	17.0	1.50	%	0.97	%	31.22	%
	-			8.32	(16.80	)		9.6	1.44		1.39		42.27



$	(0.89	)	$	13.48	(29.79	)%	$	5,229.9	1.40	%	0.10	%	32.20	%
	(4.67	)		20.34	(29.99	)		8,760.0	1.22		1.28		54.42
	(2.76	)		33.75	28.69			12,810.0	1.21		1.01		66.30
	(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

$	(0.96	)	$	13.56	(29.66	)%	$	2,071.3	1.04	%	0.48	%	32.20	%
	(4.74	)		20.51	(29.83	)		3,043.8	0.98		1.50		54.42
	(2.82	)		33.99	28.99			5,049.3	0.98		1.22		66.30
	(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



$	(0.36	)	$	10.19	(26.24	)%	$	411.5	1.71	%	0.03	%	8.40	%
	(3.63	)		14.28	(38.44	)		732.4	1.51		0.96		42.80
	(4.46	)		26.96	43.10			1,356.0	1.52		0.45		49.85
	(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

⁽⁵⁾

Unaudited. For the six months ended March 31, 2009.

⁽⁶⁾

For the period from commencement of operations (December 10, 2007) through September 30, 2008.

⁽⁷⁾

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

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 INTERNATIONAL VALUE FUND
Investor Shares
3/31/2009	⁽⁴⁾	$	21.20	$	0.04		$	(5.73	)	$	(5.69	)	$	(0.21	)	$	-
9/30/2008			28.49		0.45			(5.56	)		(5.11	)		(0.51	)		(1.67	)
9/30/2007			26.71		0.38			3.12			3.50			(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	)
Institutional Shares
3/31/2009	⁽⁴⁾	$	21.22	$	0.06		$	(5.73	)	$	(5.67	)	$	(0.26	)	$	-
9/30/2008			28.53		0.52			(5.58	)		(5.06	)		(0.58	)		(1.67	)
9/30/2007			26.71		0.41			3.14			3.55			(0.45	)		(1.28	)

ARTISAN MID CAP FUND
Investor Shares
3/31/2009	⁽⁴⁾	$	24.08	$	(0.05	)	$	(6.41	)	$	(6.46	)	$	-		$	(0.28	)
9/30/2008			37.06		(0.22	)		(6.86	)		(7.08	)		-			(5.90	)
9/30/2007			31.77		(0.24	)		9.00			8.76			-			(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			-			-
Institutional Shares
3/31/2009	⁽⁴⁾	$	24.71	$	(0.01	)	$	(6.58	)	$	(6.59	)	$	-		$	(0.28	)
9/30/2008			37.78		(0.14	)		(7.03	)		(7.17	)		-			(5.90	)
9/30/2007			32.24		(0.16	)		9.17			9.01			-			(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			-			-

ARTISAN MID CAP VALUE FUND
Investor Shares
3/31/2009	⁽⁴⁾	$	17.01	$	0.06		$	(4.98	)	$	(4.92	)	$	(0.02	)	$	(0.12	)
9/30/2008			21.70		0.03			(2.31	)		(2.28	)		(0.08	)		(2.33	)
9/30/2007			19.87		0.09			2.98			3.07			(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			-	⁽⁵⁾		(0.30	)
9/30/2004			12.22		0.10			3.47			3.57			-			(0.24	)

⁽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.


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⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾		Portfolio Turnover Rate⁽²⁾



$	(0.21	)	$	15.30	(26.98	)%	$	804.6	1.34	%	0.47	%	38.74	%
	(2.18	)		21.20	(19.10	)		1,029.4	1.23		1.83		44.72
	(1.72	)		28.49	13.28			1,594.7	1.23		1.34		45.60
	(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

$	(0.26	)	$	15.29	(26.95	)%	$	137.5	1.08	%	0.70	%	38.74	%
	(2.25	)		21.22	(18.92	)		186.1	1.03		2.10		44.72
	(1.73	)		28.53	13.48			218.9	1.06		1.47		45.60



$	(0.28	)	$	17.34	(26.82	)%	$	2,497.3	1.40	%	(0.55	)%	31.36	%
	(5.90	)		24.08	(22.47	)		3,732.3	1.24		(0.75	)	79.76
	(3.47	)		37.06	29.83			5,319.3	1.22		(0.73	)	71.04
	(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

$	(0.28	)	$	17.84	(26.66	)%	$	347.4	0.98	%	(0.13	)%	31.36	%
	(5.90	)		24.71	(22.23	)		537.2	0.95		(0.46	)	79.76
	(3.47	)		37.78	30.17			785.4	0.95		(0.47	)	71.04
	(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



$	(0.14	)	$	11.95	(28.93	)%	$	2,593.2	1.26	%	0.94	%	26.71	%
	(2.41	)		17.01	(11.16	)		3,231.5	1.21		0.18		69.77
	(1.24	)		21.70	15.88			3,420.7	1.20		0.41		53.62
	(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

⁽⁴⁾

Unaudited. For the six months ended March 31, 2009.

⁽⁵⁾

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

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 OPPORTUNISTIC GROWTH FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	9.32	$	-	⁽⁶⁾	$	(2.70	)	$	(2.70	)	$	-		$	-
9/30/2008	⁽⁷⁾		10.00		-	⁽⁶⁾		(0.68	)		(0.68	)		-			-

ARTISAN OPPORTUNISTIC VALUE FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	8.58	$	0.02		$	(2.72	)	$	(2.70	)	$	(0.08	)	$	-
9/30/2008			12.22		0.08			(2.70	)		(2.62	)		(0.14	)		(0.88	)
9/30/2007			10.41		0.20			1.73			1.93			(0.03	)		(0.09	)
9/30/2006	⁽⁸⁾		10.00		0.03			0.38			0.41			-			-

ARTISAN SMALL CAP FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	13.13	$	(0.03	)	$	(4.57	)	$	(4.60	)	$	-		$	(0.02	)
9/30/2008			19.89		(0.09	)		(4.82	)		(4.91	)		-			(1.85	)
9/30/2007			17.51		(0.13	)		2.87			2.74			-			(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			-			-

ARTISAN SMALL CAP VALUE FUND
Investor Shares
3/31/2009	⁽⁵⁾	$	13.93	$	0.02		$	(4.53	)	$	(4.51	)	$	-		$	(0.32	)
9/30/2008			18.13		(0.02	)		(1.09	)		(1.11	)		-			(3.09	)
9/30/2007			19.17		(0.01	)		1.44			1.43			-			(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	)

⁽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
Opportunistic Growth Investor Shares	3/31/2009	3.37	%	(1.92	)%
	9/30/2008	48.41	%	(47.60	)%
Opportunistic Value Investor Shares	9/30/2006	1.64	%	0.39	%

⁽⁵⁾	Unaudited. For the six months ended March 31, 2009.

⁽⁶⁾	Amount is between $0.005 and $(0.005) per share.

⁽⁷⁾	For the period from commencement of operations (September 22, 2008) through September 30, 2008.

⁽⁸⁾	For the period from commencement of operations (March 27, 2006) through September 30, 2006.


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⁾



$	-		$	6.62	(28.97	)%	$	9.7	1.41	%	0.04	%	50.22	%
	-			9.32	(6.80	)		5.7	1.50		(0.69	)	3.05



$	(0.08	)	$	5.80	(31.50	)%	$	126.5	1.44	%	0.81	%	35.80	%
	(1.02	)		8.58	(22.88	)		230.3	1.23		0.77		99.24
	(0.12	)		12.22	18.65			278.7	1.24		1.71		50.79
	-			10.41	4.10			75.0	1.49		0.55		34.07



$	(0.02	)	$	8.51	(35.07	)%	$	287.7	1.44	%	(0.63	)%	46.35	%
	(1.85	)		13.13	(26.64	)		587.1	1.22		(0.58	)	96.90
	(0.36	)		19.89	15.84			1,151.5	1.18		(0.70	)	74.32
	(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



$	(0.32	)	$	9.10	(32.58	)%	$	1,255.0	1.30	%	0.32	%	31.38	%
	(3.09	)		13.93	(5.77	)		1,902.1	1.20		(0.16	)	75.49
	(2.47	)		18.13	7.48			2,151.2	1.19		(0.03	)	72.38
	(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

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2009 (Unaudited)

(1)

Organization:


Fund Name		Inception Date
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007
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 Growth Fund (“Opportunistic Growth Fund” or “Opportunistic Growth”)		September 22, 2008
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 a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular class of shares, such as transfer agency fees, shareholder communication expenses and registration fees, were allocated directly to that class.

Artisan Emerging Markets Fund, also a series of Artisan Funds, Inc., commenced operations on June 26, 2006 and has offered Institutional Shares since inception. It began offering Advisor shares on June 2, 2008. The financial statements of both classes of Artisan Emerging Markets Fund are presented in separate reports.

(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.

NOTES TO FINANCIAL STATEMENTS

(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 attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

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

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.

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

NOTES TO FINANCIAL STATEMENTS

before the time for determination of NAV (“subsequent event”). A subsequent event might include a company-specific development (for example, announcement of a merger that is made after the close of the foreign market), a development that might affect an entire market or region (for example, imposition of foreign exchange controls by a foreign government), a potentially global development (such as a terrorist attack that may be expected to have an impact on investor expectations worldwide) or a significant change in one or more U.S. securities indexes. Artisan Funds monitored for subsequent events using several tools. An indication by any of those tools of a potential material change in the value of securities resulted in either a meeting of the valuation committee, which considered whether a subsequent event had occurred and whether local market closing prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by a third party research service. This third party research service was used to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

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

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

(b)

Fair Value Measurements – The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), on October 1, 2008. There was no impact on net assets upon adoption of FAS 157. The 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. In accordance with FAS 157, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

NOTES TO FINANCIAL STATEMENTS

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

•

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

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

The following table summarizes each Fund’s investments, based on the inputs used to determine their fair values as of March 31, 2009:


	Investments in Securities
Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs⁽²⁾			Level 3 - Significant Unobservable Inputs		Total
Global Value	$	10,187,182	$	6,987,775	⁽¹⁾			$	17,174,957
International		714,763,334		6,535,563,278	⁽¹⁾	$	2,003,519		7,252,330,131
International Small Cap		28,986,782		381,309,272	⁽¹⁾				410,296,054
International Value		211,272,504		718,164,887	⁽¹⁾				929,437,391
Mid Cap		2,807,535,541		44,587,000					2,852,122,541
Mid Cap Value		2,450,726,348		148,408,000					2,599,134,348
Opportunistic Growth		8,921,066		615,272	⁽¹⁾				9,536,338
Opportunistic Value		120,712,138		4,679,000					125,391,138
Small Cap		275,888,205		12,211,000					288,099,205
Small Cap Value		1,218,681,718		35,285,000					1,253,966,718

⁽¹⁾ Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading. ⁽²⁾ Includes repurchase agreements.

As of March 31, 2009, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows:


	INTERNATIONAL FUND
	Investments in Securities
Balance as of September 30, 2008	$	96,148,234
Realized gain (loss)⁽³⁾		(146,218,113	)
Change in unrealized appreciation (depreciation)⁽³⁾		91,960,401
Net purchases (sales)		(39,887,003	)
Transfers in (out) of Level 3		-

Balance as of March 31, 2009	$	2,003,519

Net change in unrealized appreciation (depreciation) for Level 3 investments held as of March 31, 2009⁽³⁾	$	91,960,401

⁽³⁾

Realized loss and change in unrealized appreciation are included in the related amounts on investments in the Statements of Operations.

(c)	Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal

NOTES TO FINANCIAL STATEMENTS

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.

Artisan Partners Limited Partnership (the “Adviser”) has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2009, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

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 foreign tax expense, if any, was recorded on an accrual basis and is included in “Payable for withholding taxes” on the accompanying Statements of Assets and Liabilities.

(d)

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.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes and cash denominated in foreign currencies were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Payables and receivables for securities transactions, dividend and reclaim receivables and other receivables and payables denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of 12:00 p.m. (Eastern Time) on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using a spot market rate of exchange as of 12:00 p.m. (Eastern Time) on the date of such transactions. 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. These foreign currency forward contracts, or spot contracts, generally settle within two business days. The Funds also may enter into foreign currency forward contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. Foreign currency forward contracts 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

NOTES TO FINANCIAL STATEMENTS

changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)

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

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

(h)

Securities lending – Each of the Funds may but does not currently intend to enter 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. Any such collateral will be held in a custody account maintained by State Street Bank & Trust Company, the Fund’s custodian. When securities are on loan, the Fund does not receive dividends on the securities loaned, but receives compensation from the borrower in lieu of such dividends. Gain or loss in the fair value of the securities loaned that may occur during the term of the loan will be for the account of the applicable Fund. In entering into securities lending arrangements, the 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. There were no securities on loan during the six months ended March 31, 2009.

(i)

Equity-linked participation certificates – Each of the Funds may invest in equity-linked participation certificates. Equity-linked participation certificates are derivative securities which are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities, subject to the credit risk of the issuing financial institution.

(j)

Transfer agent fees – Each Fund paid fees to, and reimbursed expenses of, the Funds’ transfer agent. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders 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, 2009 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

NOTES TO FINANCIAL STATEMENTS

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, 2009:


	Six Months Ended 3/31/09
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Global Value - Investor Shares	$	39,797	$	18,772	$	58,569
International - Investor Shares		293,782		8,881,517		9,175,299
International - Institutional Shares		11,421		-		11,421
International Small Cap - Investor Shares		47,744		470,825		518,569
International Value - Investor Shares		57,702		863,845		921,547
International Value - Institutional Shares		8,125		-		8,125
Mid Cap - Investor Shares		101,132		4,943,395		5,044,527
Mid Cap - Institutional Shares		9,143		-		9,143
Mid Cap Value - Investor Shares		167,113		2,862,277		3,029,390
Opportunistic Growth - Investor Shares		21,162		5,922		27,083
Opportunistic Value - Investor Shares		37,162		246,287		283,449
Small Cap - Investor Shares		71,838		489,876		561,714
Small Cap Value - Investor Shares		46,947		1,774,631		1,821,578

(k)

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:


Global Value	$	-
International		78,370
International Small Cap		3,078
International Value		4,354
Mid Cap		180,628
Mid Cap Value		100,973
Opportunistic Growth		985
Opportunistic Value		9,871
Small Cap		70,855
Small Cap Value		103,849

(l)

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

(m)	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

NOTES TO FINANCIAL STATEMENTS

arrangements is unknown. No claim had been made for indemnification pursuant to any such agreement of the Funds.

(n)

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.

Global Value Fund, 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 and otherwise in accordance with the Funds’ prospectus.

(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 Global Value Fund, International Fund, International Small Cap Fund, Opportunistic Growth 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

Global Value Fund pays a monthly management fee to the Adviser as follows:


Average Daily Net Assets	Annual Rate
Less than $1 billion	1.000	%
$1 billion to $4 billion	0.975
$4 billion to $8 billion	0.950
$8 billion to $12 billion	0.925
Greater than $12 billion	0.900

NOTES TO FINANCIAL STATEMENTS

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

Opportunistic Growth Fund and Opportunistic Value Fund pay 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 Adviser has voluntarily undertaken to reimburse Global Value Fund and Opportunistic Growth Fund for any ordinary operating expenses in excess of 1.50% of average daily net assets, annually.

The Adviser reimbursed Opportunistic Value Fund $395,804 for costs resulting from an administrative error that occurred during the six months ended March 31, 2009. This amount was recorded as an increase to fund share subscriptions, which had the primary effect of increasing paid-in-capital.

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

Each director who was not an affiliated person of the Adviser received an annual retainer, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increases by $10,000 with each new series of Artisan Funds and, during the six months ended March 31, 2009, was at the annual rate of $170,000. In addition, the non-interested chair of the board of directors received an annual retainer of $60,000, payable quarterly, and each chair of a board committee who was a non-interested director received an annual retainer of $30,000, payable quarterly. 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. Directors fees allocable to Opportunistic Growth Fund have been waived through September 30, 2009.

Artisan Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of Artisan Funds as selected by the individual directors. Each Fund purchased shares of 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 Statements of Assets and

NOTES TO FINANCIAL STATEMENTS

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.

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 (“SSB”), which expires August 2009, under which each Fund may borrow up to the lesser of (a) $75 million or (b) the lesser of (i) 10% of its adjusted net assets, with adjusted net assets being total assets less liabilities and the value of any assets pledged to anyone other than SSB, (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 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, 2009, there were no borrowings under the line of credit for Global Value Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Opportunistic Growth Fund, or Small Cap Value Fund. During the six months ended March 31, 2009, International Small Cap Fund, Opportunistic Value Fund, and Small Cap Fund paid interest of $356, $79, and $6 on maximum borrowings of $3,859,000, $740,306, and $266,271, 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, 2009 were as follows:


Fund	Security Purchases		Security Sales
Global Value	$	15,101,257	$	4,291,150
International		2,562,848,590		3,186,855,904
International Small Cap		36,243,611		134,690,045
International Value		418,278,348		362,498,212
Mid Cap		931,382,133		1,129,150,462
Mid Cap Value		1,036,995,857		653,541,592
Opportunistic Growth		8,622,955		3,227,412
Opportunistic Value		54,099,630		80,142,271
Small Cap		167,686,766		254,162,207
Small Cap Value		487,710,486		421,189,250

(6)

Transactions in securities of affiliates:

NOTES TO FINANCIAL STATEMENTS

Funds identify a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the Investment Company Act of 1940) during the six months ended March 31, 2009.


		As of 9/30/08										As of 3/31/09
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
International
	Shanghai Electric Group Company Limited, Series H⁽³⁾	150,931,921	$	2,961,958	$	113,000,839	$	(68,638,629	)	$	863,602	-	$	-
	Total⁽²⁾		$	2,961,958	$	113,000,839	$	(68,638,629	)	$	863,602		$	-
International Small Cap
	Spazio Investment NV	1,600,055	$	-	$	1,400,637	$	(1,101,493	)	$	998,943	1,510,425	$	5,027,958
	Total⁽²⁾		$	-	$	1,400,637	$	(1,101,493	)	$	998,943		$	5,027,958
International Value
	Benfield Group Plc⁽³⁾	11,241,209	$	-	$	66,529,213	$	(7,840,431	)	$	-	-	$	-
	Total⁽²⁾		$	-	$	66,529,213	$	(7,840,431	)	$	-		$	-
Mid Cap
	Intermec, Inc.⁽³⁾⁽⁴⁾	3,481,619	$	35,991	$	58,221,425	$	(27,957,182	)	$	-	1,346,104	$	13,999,482
	Total⁽²⁾		$	35,991	$	58,221,425	$	(27,957,182	)	$	-		$	-
Mid Cap Value
	Acuity Brands, Inc.	2,806,700	$	902,759	$	42,802,434	$	(13,641,283	)	$	665,704	1,866,600	$	42,073,164
	Con-way Inc.	2,001,900		2,410,904		17,247,192		(9,412,455	)		376,230	1,736,600		31,137,238
	Rent-A-Center, Inc.⁽³⁾⁽⁴⁾	2,455,300		159,079		48,647,156		(4,748,654	)		-	-		-
	Thor Industries, Inc.	2,682,100		2,770,242		18,257,702		(13,465,252	)		554,218	2,451,400		38,290,868
	Total⁽²⁾		$	6,242,984	$	126,954,484	$	(41,267,644	)	$	1,596,152		$	111,501,270
Small Cap Value
	Acuity Brands, Inc.	1,000,800	$	572,046	$	10,244,579	$	(3,274,206	)	$	235,105	815,500	$	18,381,370
	AMN Healthcare Services, Inc.⁽⁴⁾	2,009,800		1,197		-		-			-	2,010,000		10,251,000
	Con-way Inc.	572,700		525,327		-		-			116,860	595,900		10,684,487
	Cross Country Healthcare, Inc.⁽⁴⁾	2,155,000		-		1,238,606		(628,789	)		-	2,086,100		13,663,955
	Diamond Management & Technology Consultants, Inc.	1,897,400		-		405,258		(255,970	)		651,210	1,860,600		4,744,530
	Hudson Highland Group, Inc.⁽³⁾⁽⁴⁾	1,563,500		-		6,145,502		(4,745,036	)		-	1,135,800		1,260,738
	Intevac, Inc.⁽³⁾⁽⁴⁾	1,139,100		-		19,123,211		(13,936,965	)		-	-		-
	Kforce Inc.⁽⁴⁾	2,284,400		422,493		-		-			-	2,346,362		16,494,925
	Manhattan Associates, Inc.⁽⁴⁾	1,244,700		3,552,813		833,177		(373,692	)		-	1,384,900		23,986,468
	Medical Staffing Network Holdings, Inc.⁽⁴⁾	1,760,100		-		1,538,099		(1,505,617	)		-	1,567,900		235,185
	MicroStrategy Incorporated, Class A⁽³⁾⁽⁴⁾	462,000		492,999		833,799		(448,353	)		-	463,700		15,853,903
	National Dentex Corporation⁽³⁾⁽⁴⁾	415,800		-		2,816,107		(2,079,089	)		-	257,000		999,730

See notes on page 75.

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/08										As of 3/31/09
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
	Orbotech, Ltd.⁽⁴⁾	2,635,500		56,618		-		-			-	2,649,139		10,040,237
	Quanex Building Products Corporation⁽⁵⁾	1,838,375		1,898,509		762,973		(388,080	)		116,195	1,937,075		14,721,770
	Rent-A-Center, Inc.⁽³⁾⁽⁴⁾	1,638,400		291,357		21,326,645		(2,882,000	)		-	666,385		12,907,877
	Rudolph Technologies, Inc.⁽⁴⁾	1,771,000		-		-		-			-	1,771,000		5,366,130
	Sanderson Farms, Inc.⁽³⁾	1,045,200		3,026,588		16,062,621		(1,265,581	)		255,262	701,000		26,322,550
	SI International Inc.⁽³⁾⁽⁴⁾	834,500		-		23,787,932		1,012,327			-	-		-
	Stewart Information Services Corporation	1,447,400		3,826,880		16,368,528		(6,475,530	)		138,810	1,261,178		24,592,971
	Thor Industries, Inc.	1,019,300		386,643		-		-			142,702	1,053,400		16,454,108
	Ultra Clean Holdings, Inc.⁽⁴⁾	1,327,900		-		-		-			-	1,327,900		1,420,853
	Ultratech, Inc.⁽⁴⁾	1,176,300		1,867,976		205,038		(18,430	)		-	1,342,200		16,764,078
	Total⁽²⁾		$	16,921,446	$	121,692,075	$	(37,265,011	)	$	1,656,144		$	187,802,067

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

⁽²⁾	Total value as of March 31, 2009 is presented for only those issuers that were affiliates as of March 31, 2009.

⁽³⁾	Issuer was no longer an affiliate as of March 31, 2009.

⁽⁴⁾	Non-income producing security.

⁽⁵⁾	Issuer was not an affiliate as of September 30, 2008.

(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, 2009 were as follows:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized (Depreciation) on Investments
Global Value	$	20,899,412	$	213,364	$	(3,937,819	)	$	(3,724,455	)
International		9,836,613,026		378,041,587		(2,962,324,482	)		(2,584,282,895	)
International Small Cap		560,414,998		44,489,613		(194,608,557	)		(150,118,944	)
International Value		1,275,552,766		14,043,708		(360,159,083	)		(346,115,375	)
Mid Cap		3,531,062,598		112,977,060		(791,917,117	)		(678,940,057	)
Mid Cap Value		3,537,011,560		102,646,822		(1,040,524,034	)		(937,877,212	)
Opportunistic Growth		10,319,631		313,514		(1,096,807	)		(783,293	)
Opportunistic Value		188,675,447		674,191		(63,958,500	)		(63,284,309	)
Small Cap		365,576,323		16,723,165		(94,200,283	)		(77,477,118	)
Small Cap Value		1,896,309,465		53,817,159		(696,159,906	)		(642,342,747	)

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).

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, 2009 and the year ended September 30, 2008 were as follows:


	Six Months Ended 3/31/09				Year Ended 9/30/08
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends			Long-Term Capital Gain Distributions
Global Value	$	120,537	$	-	$	-	⁽¹⁾	$	-	⁽¹⁾
International		168,578,071		318,100,030		361,370,744			2,098,971,481
International Small Cap		8,261,764		6,812,909		35,072,445			143,355,129
International Value		12,538,190		-		75,430,570			56,114,817
Mid Cap		-		46,112,826		127,054,050			878,662,613
Mid Cap Value		4,661,179		23,963,223		133,648,047			229,060,087
Opportunistic Growth		-		-		-	⁽²⁾		-	⁽²⁾
Opportunistic Value		2,058,250		-		17,623,743			3,914,935
Small Cap		-		665,408		30,590,323			72,684,961
Small Cap Value		-		41,873,574		101,945,017			237,542,428

⁽¹⁾	For the period from commencement of operations (December 10, 2007) through September 30, 2008.

⁽²⁾	For the period from commencement of operations (September 22, 2008) through September 30, 2008.

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, passive foreign investment company transactions, foreign currency transactions, net investment losses and post-October losses. Gains on redemptions-in-kind for Mid Cap Fund of $1,020,536 were included in net realized gain (loss) on investments in the Statement of Operations for the period ended March 31, 2009, and were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2008 follows:


	As of 9/30/08
Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses
Global Value	$	98,096	$	-	$	188,442
International		168,511,911		318,081,129		-
International Small Cap		8,258,118		6,812,109		-
International Value		8,591,143		-		-
Mid Cap		-		46,098,021		-
Mid Cap Value		4,653,715		23,959,223		-
Opportunistic Growth		-		-		9,348
Opportunistic Value		1,235,962		-		33,825,163
Small Cap		-		-		70,339,287
Small Cap Value		-		41,867,860		-

As of September 30, 2008, none of the Funds had capital loss carryovers.

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:


	GLOBAL VALUE			INTERNATIONAL						INTERNATIONAL SMALL CAP
Six months ended March 31, 2009	Investor Shares			Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued	$	12,964,234		$	868,592,544		$	80,177,748		$	81,593,858
Net asset value of shares issued in reinvestment of dividends and distributions		119,040			331,783,609			136,080,351			14,306,941
Cost of shares redeemed⁽¹⁾		(1,902,611	)		(1,815,285,023	)		(151,721,803	)		(214,579,481	)

Net increase (decrease) from fund share transactions	$	11,180,663		$	(614,908,870	)	$	64,536,296		$	(118,678,682	)


Shares sold		2,021,548			60,567,848			5,662,672			8,059,451
Shares issued in reinvestment of dividends and distributions		17,454			22,089,455			9,017,916			1,308,961
Shares redeemed		(312,328	)		(125,426,261	)		(10,344,856	)		(20,287,123	)

Net increase (decrease) in capital shares		1,726,674			(42,768,958	)		4,335,732			(10,918,711	)


	GLOBAL VALUE			INTERNATIONAL						INTERNATIONAL SMALL CAP
Year ended September 30, 2008	Investor Shares⁽²⁾			Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued	$	12,217,315		$	2,769,106,273		$	154,759,460		$	338,978,430
Net asset value of shares issued in reinvestment of dividends and distributions		-			1,711,689,210			659,043,481			168,476,300
Cost of shares redeemed⁽¹⁾		(1,227,950	)		(2,910,764,948	)		(814,639,751	)		(454,056,544	)

Net increase (decrease) from fund share transactions	$	10,989,365		$	1,570,030,535		$	(836,810	)	$	53,398,186


Shares sold		1,289,375			99,755,202			5,745,726			15,891,243
Shares issued in reinvestment of dividends and distributions		-			59,207,513			22,647,542			7,514,554
Shares redeemed		(139,715	)		(107,847,385	)		(28,563,145	)		(22,390,636	)

Net increase (decrease) in capital shares		1,149,660			51,115,330			(169,877	)		1,015,161

⁽¹⁾	Net of redemption fees of:


Fund	3/31/2009		9/30/2008
Global Value - Investor Shares	$	6,924	$	614
International - Investor Shares		591,610		1,068,938
International - Institutional Shares		219,392		381,010
International Small Cap - Investor Shares		69,970		78,867
International Value - Investor Shares		545,512		76,325
International Value - Institutional Shares		96,412		13,231

⁽²⁾	For the period from commencement of operations (December 10, 2007) through September 30, 2008.

⁽³⁾	For the period from commencement of operations (September 22, 2008) through September 30, 2008.

NOTES TO FINANCIAL STATEMENTS


INTERNATIONAL VALUE						MID CAP						MID CAP VALUE			OPPORTUNISTIC GROWTH			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE
Investor Shares			Institutional Shares			Investor Shares			Institutional Shares			Investor Shares			Investor Shares			Investor Shares			Investor Shares			Investor Shares
$	347,070,940		$	10,587,108		$	282,564,977		$	26,289,270		$	828,354,862		$	5,902,206		$	39,476,290		$	37,975,234		$	256,465,397

	9,494,289			1,837,654			40,618,186			5,181,307			27,732,642			-			2,040,180			591,393			41,643,045
	(288,530,152	)		(7,362,619	)		(503,407,639	)		(75,668,635	)		(512,929,145	)		(273,099	)		(70,000,086	)		(136,407,415	)		(272,760,545	)

$	68,035,077		$	5,062,143		$	(180,224,476	)	$	(44,198,058	)	$	343,158,359		$	5,629,107		$	(28,483,616	)	$	(97,840,788	)	$	25,347,897


	20,985,308			625,091			16,463,665			1,522,794			67,517,567			903,850			6,379,933			4,240,282			26,207,241
	527,754			102,319			2,392,120			297,093			2,180,239			-			322,303			63,659			4,189,441
	(17,462,112	)		(503,640	)		(29,862,855	)		(4,090,060	)		(42,598,547	)		(41,555	)		(11,728,207	)		(15,196,667	)		(28,971,349	)

	4,050,950			223,770			(11,007,070	)		(2,270,173	)		27,099,259			862,295			(5,025,971	)		(10,892,726	)		1,425,333


INTERNATIONAL VALUE						MID CAP						MID CAP VALUE			OPPORTUNISTIC GROWTH			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE
Investor Shares			Institutional Shares			Investor Shares			Institutional Shares			Investor Shares			Investor Shares⁽³⁾			Investor Shares			Investor Shares			Investor Shares
$	303,006,196		$	50,740,000		$	1,053,457,971		$	18,291,682		$	1,282,164,200		$	6,064,467		$	134,089,246		$	114,409,460		$	497,079,274

	198,499,399			15,729,244			874,718,712			120,999,695			353,880,575			-			21,453,072			88,840,327			336,773,337
	(592,204,517	)		(34,673,009	)		(1,467,033,037	)		(102,000,633	)		(1,053,149,242	)		-			(118,108,405	)		(394,430,741	)		(609,539,934	)

$	(190,698,922	)	$	31,796,235		$	461,143,646		$	37,290,744		$	582,895,533		$	6,064,467		$	37,433,913		$	(191,180,954	)	$	224,312,677


	12,372,002			1,981,408			33,783,896			611,019			69,665,295			607,693			13,272,801			7,289,087			34,187,741
	3,939,976			629,926			28,651,121			3,870,752			19,573,041			-			2,084,847			5,335,755			24,653,978
	(23,733,942	)		(1,513,600	)		(50,970,079	)		(3,530,702	)		(56,912,215	)		-			(11,319,002	)		(25,799,968	)		(40,922,503	)

	(7,421,964	)		1,097,734			11,464,938			951,069			32,326,121			607,693			4,038,646			(13,175,126	)		17,919,216

NOTES TO FINANCIAL STATEMENTS

(9)

Litigation:

Artisan Funds and the Adviser were defendants in a lawsuit filed 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 year period prior to the filing of the lawsuit in September 2003. The basic allegations in the case were that Artisan Funds and the Adviser did not make appropriate price adjustments to the foreign securities owned by International Fund prior to calculating the Fund’s NAV, thereby allegedly enabling market timing traders to trade the Fund’s shares in such a way as to disadvantage long-term investors. Following years of procedural litigation in state and federal courts, the case was resolved and dismissed with prejudice in May 2008.

Certain legal fees incurred by Artisan Funds in defense of the lawsuit prior to its resolution and related insurance recoveries of $45,668 have been allocated to International Fund and were included in professional fees in the Statements of Operations. The resolution of the lawsuit did not have a material effect on the financial condition or results of operations of any Fund.

(10)

Recent Accounting Pronouncements:

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (FAS 161). FAS 161 requires enhanced disclosure relating to an entity’s use of derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. This standard was issued and is effective for fiscal years beginning after November 15, 2008. Management is currently evaluating the implications of FAS 161 and the impact on the Funds’ financial statement disclosures, if any.

In April 2009, the FASB issued Statement of Financial Accounting Standards Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions that are not Orderly” (FSP FAS 157-4). FSP FAS 157-4 provides guidance on (1) estimating the fair value of an asset or liability when the volume and level of activity for the asset or liability have significantly decreased and (2) identifying transactions that are not orderly. This FASB Staff Position was issued and is effective for interim and annual periods ending after June 15, 2009. Management is currently evaluating the implications of FSP FAS 157-4 and the impact on the Funds’ financial statement disclosures, if any.

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, 2008 to March 31, 2009.

Actual Expenses

The first line below each Fund’s name 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, 2009 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 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period 10/1/2008-3/31/2009⁽¹⁾
Artisan Global Value Fund - Investor Shares
Actual	$	1,000.00	$	718.26	$	6.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54
Artisan International Fund - Investor Shares
Actual	$	1,000.00	$	702.09	$	5.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.04
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	703.43	$	4.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.24

SHAREHOLDER EXPENSE EXAMPLE


	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period 10/1/2008-3/31/2009⁽¹⁾
Artisan International Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	737.55	$	7.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.40	$	8.60
Artisan International Value Fund - Investor Shares
Actual	$	1,000.00	$	730.15	$	5.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.74
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	730.50	$	4.66
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44
Artisan Mid Cap Fund - Investor Shares
Actual	$	1,000.00	$	731.78	$	6.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.04
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	733.38	$	4.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94
Artisan Mid Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	710.70	$	5.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.34
Artisan Opportunistic Growth Fund - Investor Shares
Actual	$	1,000.00	$	710.30	$	6.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.09
Artisan Opportunistic Value Fund - Investor Shares
Actual	$	1,000.00	$	685.01	$	6.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.24
Artisan Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	649.31	$	5.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.24
Artisan Small Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	674.20	$	5.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.54

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2009 (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, 2009
Artisan Global Value Fund - Investor Shares^(a)	1.50	%
Artisan International Fund - Investor Shares	1.40	%
Artisan International Fund - Institutional Shares	1.04	%

SHAREHOLDER EXPENSE EXAMPLE


Fund	Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended March 31, 2009
Artisan International Small Cap Fund - Investor Shares	1.71	%
Artisan International Value Fund - Investor Shares	1.34	%
Artisan International Value Fund - Institutional Shares	1.08	%
Artisan Mid Cap Fund - Investor Shares	1.40	%
Artisan Mid Cap Fund - Institutional Shares	0.98	%
Artisan Mid Cap Value Fund - Investor Shares	1.26	%
Artisan Opportunistic Growth Fund - Investor Shares^(a)	1.41	%
Artisan Opportunistic Value Fund - Investor Shares	1.44	%
Artisan Small Cap Fund - Investor Shares	1.44	%
Artisan Small Cap Value Fund - Investor Shares	1.30	%

^(a)	The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser or the board of directors.

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 May 10, 2006 (Emerging Markets Fund); August 9, 2007 (Global Value Fund); 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); February 9, 2006 (Opportunistic Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (each, an “Advisory Agreement” and together, the “Advisory Agreements”). The investment advisory agreement for Opportunistic Growth Fund dated May 15, 2008 continues through November 30, 2009, 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.

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 Advisory 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 Advisory 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 October 30, 2008 (the “Special Meeting”), at which meeting they gave preliminary consideration to information bearing on the continuation of each Advisory Agreement for the period from December 1, 2008 through November 30, 2009. The primary purpose of the 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 12, 2008 with their independent counsel to further consider the matters reviewed at the 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 13, 2008, at which time the board approved the continuation of each Advisory Agreement from December 1, 2008 through November 30, 2009.

Prior to the 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 in response to that request, other information Artisan

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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 peer groups and peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification originally selected by Lipper. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Funds’ 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 Special Meeting concerning the following:

•

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

•

The terms of each Advisory Agreement, including: a list of services performed by Artisan Partners; how the services performed by Artisan Partners under each Advisory Agreement differ from: (a) the services performed by Artisan Partners under other advisory agreements with registered investment companies or other accounts, and (b) the services typically performed by an investment adviser for registered investment companies and other accounts; Artisan Partners’ responsibility for making investment decisions and for observing investment objectives, policies, and restrictions; Artisan Partners’ standard of care; and termination provisions;

•

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

•

Litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations of the Securities and Exchange Commission (the “SEC”);

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors bearing on comparability, such as size, account-level charges, and investment objective); the method of computing fees; the frequency of payment of fees; a comparison of the fees charged by Artisan Partners to the Funds with the advisory fees charged by other investment advisers for managing mutual funds and other accounts with similar investment objectives and strategies; voluntary or contractual advisory fee limitations or reductions and relationship of fees to any fee limitation; the possible cost savings by Artisan Partners, incentives to effect savings, and sharing of savings with the Funds; any economies of scale as reflected in the basic management fees and any sliding scale reflecting increased size; 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; and information regarding other expenses, including expenses incurred by Artisan Partners and Artisan Distributors, LLC;

•

Potential “fall-out” benefits gained by Artisan Partners or its affiliates from its relationship with the Funds, in addition to the advisory fees, including: receipt of research paid for with commissions; the 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 and other services (“soft dollars”); Artisan Partners’ practices in light of SEC guidance under Section 28(e) of the Securities Exchange Act of 1934; research purchased with Artisan Partners’ cash; research available for purchase by cash; the execution of portfolio transactions through brokers who sell the Funds’ shares and steps taken to comply with Rule 12b-1(h) under the 1940 Act; and portfolio turnover rates;

•

Artisan Partners’ financial condition and stability;

•

The profitability to Artisan Partners of its relationship with each Fund, including: unaudited schedules showing Artisan Partners’ revenue, expenses and profits in providing services to the Funds, on a Fund-by-Fund basis; the assumptions and allocation methodologies utilized for profitability analysis; and Artisan Partners’ profit margins and comparisons with Artisan Partners’ profit margins on other accounts managed by Artisan Partners; and

•

Potential 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; the basis of sharing personnel, services, research and advice among clients; the basis of decisions 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; the basis of allocating purchases and sales of the same security, including initial public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; Artisan Partners’ investments on its own behalf and possible conflicts with the Funds; Artisan Partners’ code of ethics; and Artisan Partners’ proxy voting policies.

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel and subsequently requested updated information regarding implicit trading costs.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

On November 12, 2008, the independent directors 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 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 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, supervision of the pricing of the Funds’ portfolios and calculation of net asset value, provision of 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 each Fund’s short-term and long-term investment performance compared to broad-based and style specific market indexes for periods ended June 30, 2008 and September 30, 2008, Morningstar Ratings^™ (for those Funds rated by Morningstar), and Lipper rankings. The independent directors concluded that each of Emerging Markets Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Opportunistic Value Fund and Small Cap Value Fund had met its long-term performance standards by adhering to its investment strategy and outperforming its peers over long-term or since inception periods. After extensive discussion and a special presentation by the investment management team of Small Cap Fund, the directors concluded that, over the long-term, Small Cap Fund had adhered to its investment strategy and that performance on both a relative and absolute basis was acceptable. The directors also determined that, over shorter periods, each Fund had adhered to its investment strategy. 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 considered whether shareholders of the Funds have benefited or will benefit from economies of scale under the management fee structures in the Advisory Agreements. The independent directors reviewed breakpoints in the fee schedules in place for each Fund other than Emerging Markets Fund and International Small Cap Fund. The independent directors considered the fact that International Small Cap Fund was closed at a relatively low asset level and that as a result Artisan Partners had not (and was not likely) to enjoy economies of scale in its management. With respect to the Emerging Markets Fund, the independent directors considered the relatively low initial fee schedule put in place to generate investor interest. In their review, the independent directors considered the following:

•

The rates of fees paid by each Fund to Artisan Partners have been relatively stable or have declined as breakpoints have been realized, 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 Emerging Markets Fund, Global Value Fund, International Small Cap Fund and Opportunistic Value Fund) pays Artisan Partners a monthly fee at the annual rate of 1.000% of the Fund’s average daily net assets up to $500 million; 0.975% of average daily net assets on the next $250 million; 0.950% of average daily net assets on the next $250 million; and 0.925% of average daily net assets over $1 billion. The fees paid by International Fund to Artisan Partners are reduced to 0.900% of the Fund’s average daily net assets over $12 billion. Emerging Markets Fund pays Artisan Partners a monthly fee at the annual rate of 1.050% of the Fund’s average daily net assets. Global Value Fund pays Artisan Partners a monthly fee at the annual rate of 1.000% of the Fund’s average daily net assets up to $1 billion; 0.975% of average daily net assets from $1 billion to $4 billion; 0.950% of average daily net assets from $4 billion to $8 billion; 0.925% of average daily net assets from $8 billion to $12 billion; and 0.900% of average daily net assets over $12 billion. International Small Cap Fund pays Artisan Partners a monthly fee at the annual rate of 1.250% of the Fund’s average daily net assets. Opportunistic Value Fund pays Artisan Partners a monthly fee at the annual rate of 0.900% of the Fund’s average daily net assets up to $1 billion; 0.875% of average daily net assets from $1 billion to $4 billion; 0.850% of average daily net assets from $4 billion to $8 billion; 0.825% of average daily net assets from $8 billion to $12 billion; and 0.800% of average daily net assets in excess of $12 billion.

Profitability of Artisan Partners. The independent directors reviewed a profitability analysis for Artisan Partners for the twelve-month period ended June 30, 2008, 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, except Emerging Markets Fund and Global Value Fund, was profitable to Artisan Partners during the twelve months ended June 30, 2008.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Advisory Agreements and the management fees paid in return. The independent directors considered two potential benefits to Artisan Partners: (a) the potential conversion of a Fund shareholder to a separate account client; and (b) 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 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 by the Funds and other clients of Artisan Partners with soft dollars. 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. Each Artisan Partners’ investment team that obtains third party and proprietary research uses such research on behalf of the client accounts it manages, including the Funds.

The directors concluded their annual Advisory Agreement review at a regularly scheduled meeting on November 13, 2008. At the November 13th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and the November 12th meeting. The directors then considered whether any further discussion or review was necessary, concluding that the Special Meeting and the information reviewed by the independent directors at the November 12th and 13th meetings 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 each of Emerging Markets Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Opportunistic Value Fund and Small Cap Value Fund had met its long-term performance standards by adhering to its investment strategy and outperforming its peers over long-term or since inception periods. After extensive discussion and a special presentation by the investment management team of Small Cap Fund, the directors concluded that, over the long-term, Small Cap Fund had adhered to its investment strategy and that performance on both a relative and absolute basis was acceptable. The directors also determined that, over shorter periods, each Fund had adhered to its investment strategy.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

strategies and objectives, for which it provides few or no services other than portfolio management. The directors concluded that the Funds’ overall expense ratios are competitive and demonstrate Artisan Partners’ history of effective management of the Funds’ business and affairs. The directors also concluded that the shareholders of the Funds (except for International Small Cap Fund and Emerging Markets Fund) have appropriately benefited from economies of scale under the management fee structures in the Advisory Agreements. It was also concluded that Artisan Partners had not achieved (nor was likely to achieve) economies of scale in the management of International Small Cap Fund, because it closed at a small asset level. The directors also concluded that Artisan Partners had put in place a low initial fee schedule in lieu of breakpoints for Emerging Markets Fund.

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 primary fall-out benefits: (1) the potential conversion of Fund shareholders to separate account clients; 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 Artisan Partners’ separate account clients to Fund shareholders and from the institutional shareholders who choose to invest in the Funds because they want Artisan Partners’ services but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients.

Following those discussions, the board approved the continuation of each Advisory Agreement through November 30, 2009 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 AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of March 31, 2009. 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. 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 assigns securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI and Standard & Poor’s (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 or industry or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other 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.

Definitions of Portfolio Statistics

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

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. Fair value pricing is not employed by market indices.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The indices to which the Funds are compared are:

Artisan Global Value Fund – Morgan Stanley Capital International All Country World Index^SM (MSCI ACWI^SM) is a market-weighted index of global developed and emerging markets.

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 and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Mid Cap Fund – 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^® 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.

Artisan Opportunistic Growth and Artisan Opportunistic Value Funds – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies.

Artisan Opportunistic Growth Fund – Russell 1000^® Growth Index is a market-weighted index of those companies included in the Russell 1000^® Index with higher price-to-book ratios and higher forecasted growth values.

Artisan Opportunistic Value Fund – 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 and Artisan Small Cap Value Funds – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.

Artisan Small Cap Fund – 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^® 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.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

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.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners Limited Partnership. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The MSCI information may only be used by the reader, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the reader of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI Parties have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Funds, Inc. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Funds’ presentation thereof.

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 without charge, on the Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Artisan Fund, except Artisan Opportunistic Growth Fund, voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on the Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov. Artisan

PROXY VOTING POLICIES AND PROCEDURES

Opportunistic Growth Fund’s proxy voting record for the period ending June 30, 2009 will be available by August 31, 2009, without charge, on the Funds’ website and on the Securities and Exchange Commission’s website.

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 also may 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, 2009

ARTISAN EMERGING
MARKETS FUND

_________

ARTISAN INTERNATIONAL

FUND

_________

ARTISAN INTERNATIONAL

VALUE FUND

_________

ARTISAN MID CAP FUND

ARTISAN FUNDS, INC.

INSTITUTIONAL SHARES

TABLE OF CONTENTS


2		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
2		Artisan Emerging Markets Fund
4		Artisan International Fund
6		Artisan International Value Fund
8		Artisan Mid Cap Fund

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

45		SHAREHOLDER EXPENSE EXAMPLE

47		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

54		NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

56		PROXY VOTING POLICIES AND PROCEDURES

56		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.

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, 2009. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Each of the Funds offer other classes of shares. A report on each of the other classes is available under separate cover.

Artisan Funds offered through Artisan Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS


Artisan Emerging Markets Fund employs 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 believes that over the long term a stock’s price is directly related to the company’s ability to deliver sustainable earnings. The team determines a company’s sustainable earnings based upon financial and business analysis. The team’s financial analysis of a company’s balance sheet, income statement, and statement of cash flows focuses on identifying historical drivers of return on equity. The team’s business analysis examines a company’s competitive advantages and financial strength to assess sustainability. • Valuation. The team believes that investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. The team values a business and develops a price target based on the team’s assessment of the business’s sustainable earnings and cash flow expectations and the team’s risk analysis. • 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 $1,000,000 INVESTMENT (6/26/2006 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		Since Inception
Artisan Emerging Markets Fund - Institutional Shares	-50.97	%	-7.40	%
MSCI Emerging Markets Index^SM	-47.07		-5.11

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. 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 graph and table above do 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’ voluntary undertaking to limit the Fund’s expenses to no more than 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. Absent that expense waiver, the Fund’s performance would have been lower. See page 54 for a description of the index.

INVESTING ENVIRONMENT

During the six-month period ended March 31, 2009, global markets continued to work through the economic downturn and governments around the world took action aimed at improving the economic situation in their respective countries. With that backdrop, it was no surprise that equity markets struggled. The MSCI Emerging Markets Index^SM declined -26.91% during the period. From a regional perspective, the EMEA (Europe, Middle East & Africa) region suffered the largest declines. Stocks in Russia pulled back -48% as the resource-heavy economy was impacted by the fall in commodity prices. South Africa held up better with a -19% decline. In Latin America, stocks in Brazil fell -29% and Mexico declined nearly -40%. Asia was the most resilient region due in large part to the relative strength of China, as Chinese stocks fell only -9.5%.

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	10.6	%	10.7	%
Consumer Staples	8.4		7.9
Energy	14.8		14.1
Financials	13.6		12.3
Healthcare	2.6		2.7
Industrials	12.6		11.9
Information Technology	10.2		14.4
Materials	13.0		11.8
Telecommunication Services	9.5		9.5
Utilities	1.5		2.7
Other assets less liabilities	3.2		2.0
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Emerging Markets Fund returned -30.83% for the six-month period, underperforming the MSCI Emerging Markets Index^SM. We benefited from good security selection in Korea, where our stocks generally held up better than those in the Index. We also had a few solid performers among our Taiwanese holdings, including Taiwan Fertilizer Co., Ltd., Far Eastern Textile Ltd. and China Airlines. Other solid gainers in the portfolio included South African gold producer Gold Fields Limited, Brazilian oil company OGX Petroleo e Gas Participacoes SA, and two of our Chinese stocks – flavor/fragrance company Huabao International Holdings Limited and train-borne electrical systems provider Zhuzhou CSR Times Electric Co., Ltd.

On the downside, we were negatively impacted by weakness in our Mexican and Russian holdings. Some of our biggest decliners in these countries were America Movil SAB de C.V., Urbi, Desarrollos Urbanos, S.A. de C.V., Grupo Financiero Banorte S.A.B. de C.V., Razguliay Group, West Siberian Resources Ltd (listed on the Swedish exchange) and Sberbank. We were also hurt by our lack of investment in Chinese financials, which held up well in comparison to the overall market, and by the significant underperformance of Indian consulting and IT services provider Satyam Computer Services Limited, which we sold during the period.

FUND CHANGES

Our activity during the period was fairly broad-based, but some of the largest additions to the portfolio included Taiwanese compact disk read-only memory chip manufacturer MediaTek Inc., Taiwanese personal computer manufacturer HTC Corporation, Brazilian bank Itau Unibanco Banco Multiplo SA, Czech electricity generator CEZ and Brazilian freight transporter All-America Latina Logistica S.A. Our purchases were funded in part by the sales of Sberbank, Mining and Metallurgical Company Norilsk Nickel, Antofagasta plc, Krung Thai Bank Public Company Limited and Depa, Ltd.

REGION ALLOCATION


Region	9/30/08		3/31/09
Emerging Asia	36.2	%	43.8	%
Latin America	27.9		27.2
Emerging Europe, Middle East & Africa	27.5		23.5
Developed Markets	5.2		3.5

As a percentage of total net assets.

ARTISAN INTERNATIONAL FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Fund employs 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 markets and emerging and less developed markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $5,000,000 INVESTMENT (7/1/1997 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan International Fund – Institutional Shares	-45.92	%	-13.18	%	-1.27	%	2.59	%	5.20	%
MSCI EAFE^® Growth Index	-45.36		-13.12		-1.99		-2.46		-1.22
MSCI EAFE^® Index	-46.51		-14.47		-2.18		-0.84		0.20

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	11.2	%	12.4	%
Consumer Staples	9.8		18.8
Energy	9.1		4.6
Financials	14.2		14.0
Healthcare	7.9		7.4
Industrials	17.4		12.7
Information Technology	4.7		9.0
Materials	7.4		6.5
Telecommunication Services	3.1		5.9
Utilities	9.4		4.4
Other assets less liabilities	5.8		4.3
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Fund held up better than the MSCI EAFE^® Index with a return of -29.66% for the six months ended March 31, 2009. We benefited from the relative outperformance of our financial holdings as well as our underweight position in the beaten up sector. Strong security selection in the technology sector also aided relative returns. Our Chinese companies, China Resources Land Limited, China Construction Bank and China Life Insurance Co., Limited, held up better than peers. Semiconductor manufacturing equipment producer ASML Holding N.V., credit and debit card transaction processor Redecard SA and integrated circuit manufacturer Taiwan Semiconductor Manufacturing Company Ltd. drove our relative outperformance in the technology sector. Anheuser-Busch InBev NV, Delhaize Group and Carrefour SA, holdings in the consumer staples sector, were other top contributors.

FUND CHANGES

Our sales during the period included Electricite de France, SeaDrill Ltd., Mitsui & Co., Ltd., Lloyds TSB Group plc and Orkla ASA.

REGION ALLOCATION


Region	9/30/08		3/31/09
Europe	61.0	%	62.7	%
Emerging Markets	15.5		15.8
Pacific Basin	15.0		11.9
Americas	2.2		5.3
Middle East	0.5		—

As a percentage of total net assets.

ARTISAN INTERNATIONAL VALUE FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

Business quality. The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.

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 common stocks and other equity securities of non-U.S. companies of all market capitalizations in developed and emerging markets.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $5,000,000 INVESTMENT (10/1/2006 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		Since Inception
Artisan International Value Fund – Institutional Shares	-35.87	%	-14.70	%
MSCI EAFE^® Value Index	-47.72		-20.88
MSCI EAFE^® Index	-46.51		-18.61

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	22.3	%	20.1	%
Consumer Staples	13.0		12.5
Energy	—		2.9
Financials	19.0		18.7
Healthcare	13.5		9.3
Industrials	15.1		15.9
Information Technology	8.3		7.9
Materials	2.2		2.6
Telecommunication Services	1.6		1.8
Other assets less liabilities	5.0		8.3
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan International Value Fund declined -26.95% during the period, holding up better than the MSCI EAFE^® Index, which decreased -31.11% over the same period.

We remained focused on the intersection of balance sheet strength, business quality and valuation.

FUND CHANGES

During the period, we found several valuation opportunities. We continued to invest in certain holdings as their valuations fell and made new investments where we believed the risk/reward balance was more favorable than those companies already in the portfolio. New purchases included previously mentioned Publicis Groupe and IGM Financial, Inc. We also added Daiwa Securities Group Inc., a Japanese financial services firm; Nobel Biocare Holding AG, a Swiss dental implant maker; L’Oreal SA, a French cosmetics company; and European integrated oil companies Total SA and Royal Dutch Shell PLC.

REGION ALLOCATION


Region	9/30/08		3/31/09
Europe	63.8	%	60.5	%
Americas	10.7		11.8
Pacific Basin	14.2		11.8
Emerging Markets	6.3		7.6

As a percentage of total net assets.

ARTISAN MID CAP FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

The Fund’s investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $5,000,000 INVESTMENT (7/1/2000 to 3/31/2009)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2009)


Fund / Index	1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Fund – Institutional Shares	-34.32	%	-10.75	%	-1.79	%	-0.72	%
Russell Midcap^® Growth Index	-39.58		-14.89		-3.91		-6.43
Russell Midcap^® Index	-40.81		-15.53		-3.53		0.02

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	7.7	%	14.0	%
Consumer Staples	4.8		3.0
Energy	4.0		4.6
Financials	8.0		6.5
Healthcare	25.4		22.7
Industrials	14.9		14.0
Information Technology	28.5		31.8
Materials	1.6		1.5
Telecommunication Services	0.4		0.6
Utilities	2.0		—
Other assets less liabilities	2.7		1.3
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Mid Cap Fund returned -26.66% during the period, outperforming the Russell Midcap^® and Russell Midcap^® Growth indices. Relative to the benchmarks, the Fund benefited from strong security selection, particularly among our healthcare and industrials holdings, although our leading performers came from a variety of sectors. Sector positioning was also helpful, due in part to our low weighting in the energy sector. In the health care sector, Crop^SM holdings Cerner Corporation, a healthcare information technology company, specialty pharmaceuticals company Allergan, Inc. and C. R. Bard, Inc., a medical devices maker, were key to our strong relative performance. In the industrials sector, Roper Industries, Inc., an industrial products manufacturer, and contracting services company Quanta Services, Inc. were two companies that held up relatively well. Other standout performers included Hansen Natural Corporation, Broadcom Corporation and Best Buy Co., Inc.

FUND CHANGES

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value
COMMON AND
PREFERRED STOCKS - 98.0%

BRAZIL - 18.4%
All-America Latina Logistica S.A. (Units)	144,900	$	617,141
Companhia Energetica de Minas Gerais- CEMIG, Preferred⁽¹⁾	41,158		611,936
Companhia Vale do Rio Doce	156,300		2,088,717
Dufry South America Ltd (DR)	41,000		260,696
Empresa Brasileira de Aeronautica S.A.	120,900		404,954
Hypermarcas SA⁽²⁾	111,000		811,057
Itau Unibanco Banco Multiplo SA, Preferred⁽¹⁾	72,738		804,281
Marcopolo S.A., Preferred⁽¹⁾	211,300		300,588
Net Servicos de Comunicacao SA, Preferred⁽¹⁾⁽²⁾	72,900		537,067
OGX Petroleo e Gas Participacoes SA⁽²⁾	1,662		509,408
Petroleo Brasileiro S.A.	220,000		3,355,362
Randon SA Implementos e Participacoes, Preferred⁽¹⁾	104,800		249,830
Rodobens Negocios Imobiliarios SA	75,400		318,534
SEB - Sistema Educacional Brasileiro SA (Units)⁽¹⁾	76,700		259,882
Tim Participacoes S.A., Preferred⁽¹⁾	313,700		390,815
Votorantim Celulose e Papel S.A., Rights⁽¹⁾⁽²⁾	13,086		56
Exercise Price: 19.00 BRL, Expiration: 4/7/09
Wilson Sons Limited (DR)	63,321		315,274

			11,835,598
CHILE - 1.2%
Compania Cervecerias Unidas S.A.	54,034		303,614
Empresa Nacional de Telecomunicaciones S.A.	42,696		494,463

			798,077
CHINA - 12.6%
Airmedia Group, Inc. (DR)⁽²⁾	89,320		374,251
Ajisen China Holdings Limited⁽³⁾	662,000		329,741
Chaoda Modern Agriculture (Holdings) Limited⁽³⁾	1,526,536		909,338
China Dongxiang Group Company⁽³⁾	1,940,000		713,558
China Railway Construction Corporation, H Shares⁽²⁾⁽³⁾	506,000		660,912
Ctrip.com International Ltd. (DR)	2,074		56,828
GOME Electrical Appliances Holdings Limited⁽³⁾⁽⁴⁾	3,323,752		397,868
Huabao International Holdings Limited⁽³⁾	1,656,900		1,370,546


	Shares Held	Value
CHINA (CONTINUED)
Mindray Medical International Limited, Class A (DR)	33,302	$	616,420
New Oriental Education & Technology Group, Inc. (DR)⁽²⁾	17,654		887,114
Tingyi (Cayman Islands) Holding Corporation⁽³⁾	556,300		646,029
Weichai Power Co., Ltd., H Shares⁽³⁾	250,360		543,463
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽³⁾	627,200		637,784

			8,143,852
COLOMBIA - 0.6%
Almacenes Exito S.A.	84,567		362,297

CZECH REPUBLIC - 1.1%
CEZ⁽³⁾	19,318		685,554

EGYPT - 1.2%
Commercial International Bank⁽³⁾	56,703		328,292
Egyptian Financial Group-Hermes Holding⁽³⁾	155,518		434,552

			762,844
HONG KONG - 0.6%
Samson Holding Ltd.⁽³⁾	4,915,000		418,565

HUNGARY - 0.8%
MOL Hungarian Oil and Gas Nyrt.⁽³⁾	11,154		500,224

INDIA - 2.4%
Cairn India Ltd.⁽²⁾⁽³⁾	208,221		752,127
Dr. Reddy’s Laboratories Limited⁽³⁾	38,414		374,091
Piramal Healthcare Ltd.⁽³⁾	104,505		397,545

			1,523,763
ITALY - 0.5%
Tenaris S.A. (DR)	14,873		299,988

KAZAKSTAN - 1.4%
KazMunaiGas Exploration Production (DR)⁽³⁾	60,073		893,928

KOREA - 10.3%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽³⁾	33,004		516,122
Hyundai Development Company⁽³⁾	21,361		523,924
MegaStudy Co., Ltd.⁽³⁾	4,729		682,117
Samsung Electronics Co., Ltd.⁽³⁾	8,482		3,503,161
Shinhan Financial Group Co., Ltd.⁽²⁾⁽³⁾	40,147		720,690
Shinsegae Co., Ltd.⁽³⁾	2,266		708,160

			6,654,174


	Shares Held	Value
LUXEMBOURG - 0.5%
Ternium S.A. (DR)	43,916	$	300,825

MEXICO - 6.2%
America Movil SAB de C.V., Series L	927,978		1,257,831
Banco Compartamos SA de CV	271,562		508,040
Fomento Economico Mexicano SAB, Series UBD (Units)	243,597		618,408
Grupo Financiero Banorte S.A. de C.V.	321,228		426,112
Grupo Televisa S.A.	282,742		768,483
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽²⁾	507,917		445,346

			4,024,220
NETHERLANDS - 0.5%
Plaza Centers (Europe) BV⁽³⁾	370,306		308,825

PERU - 0.8%
Credicorp Limited	10,596		496,317

PHILIPPINES - 0.8%
Philippine Long Distance Telephone Company⁽³⁾	11,480		514,167

POLAND - 0.5%
Polski Koncern Naftowy Orlen S.A.⁽³⁾	48,756		333,967

RUSSIA - 3.7%
Globaltrans Investment PLC (DR)⁽²⁾⁽³⁾	68,722		99,333
LUKOIL (DR)⁽³⁾	30,415		1,142,592
Mobile TeleSystems (DR)	20,225		605,132
OAO TMK (DR)⁽³⁾	60,047		286,999
Razguliay Group⁽²⁾⁽⁴⁾	309,319		247,455

			2,381,511
SINGAPORE - 0.7%
Epure International Ltd.⁽³⁾	2,278,000		442,400

SOUTH AFRICA - 10.7%
ABSA Group Limited⁽³⁾	53,353		544,226
African Bank Investments Limited⁽³⁾	271,668		724,165
Gold Fields Limited⁽³⁾	107,962		1,214,457
Grindrod Limited⁽³⁾	390,330		499,866
Impala Platinum Holdings Limited⁽³⁾	62,296		1,045,486
Mondi Limited⁽³⁾	118,658		346,936
Mr. Price Group Limited⁽³⁾	174,062		446,333
MTN Group Limited⁽³⁾	101,389		1,124,729
Reunert Limited⁽³⁾	104,986		406,242
Tiger Brands Limited⁽³⁾	36,044		516,251

			6,868,691
SWEDEN - 0.7%
West Siberian Resources Ltd (DR)⁽³⁾	1,445,025		480,167

TAIWAN - 14.5%
Acer Inc.⁽³⁾	487,148		735,868
Cathay Financial Holding Co., Ltd.⁽³⁾	689,292		595,223


	Shares Held		Value
TAIWAN (CONTINUED)
China Airlines⁽²⁾⁽³⁾		1,669,000	$	418,182
Chinatrust Financial Holding Company Ltd.⁽³⁾		1,502,962		552,385
Far Eastern Textile Ltd.⁽³⁾		802,077		625,937
Far EasTone Telecommunications Co., Ltd.⁽³⁾		465,000		478,207
Hon Hai Precision Industry Co., Ltd.⁽³⁾		457,156		1,037,099
HTC Corporation⁽³⁾		71,000		878,978
MediaTek Inc.⁽³⁾		113,000		1,069,884
Taiwan Fertilizer Co., Ltd.⁽³⁾		428,000		879,950
Taiwan Semiconductor Manufacturing Company Ltd.⁽³⁾		1,341,441		2,042,621

				9,314,334
THAILAND - 3.2%
Bangkok Bank Public Company Limited (DR)⁽³⁾		196,000		415,442
Bumrungrad Hospital Public Company Limited (DR)⁽³⁾		715,100		361,102
Siam Commercial Bank Public Company Limited (DR)⁽³⁾		436,900		669,905
Total Access Communication Public Company Limited⁽³⁾		452,400		337,685
Total Access Communication Public Company Limited (DR)⁽³⁾		374,200		285,958

				2,070,092
TURKEY - 4.1%
Cimsa Cimento Sanayi ve Ticaret A.S.⁽³⁾		175,788		353,562
Tekfen Holding A.S.⁽³⁾		196,506		341,026
Tupras-Turkiye Petrol Rafinerileri A.S.⁽³⁾		50,274		506,156
Turk Hava Yollari Anonim Ortakligi⁽²⁾⁽³⁾		122,990		485,585
Turkcell Iletisim Hizmetleri AS⁽³⁾		123,452		604,324
Turkiye Sinai Kalkinma Bankasi A.S.⁽²⁾⁽³⁾		890,424		387,259

				2,677,912

Total common and preferred stocks (Cost $97,629,848)				63,092,292

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $1,098,003⁽⁵⁾ (Cost $1,098,000)	$	1,098,000		1,098,000


Total investments - 99.7% (Cost $98,727,848)				64,190,292

Other assets less liabilities - 0.3%				179,014


Total net assets -100.0%⁽⁶⁾			$	64,369,306

⁽¹⁾	Non-voting shares.

⁽²⁾	Non-income producing security.

⁽³⁾	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 $42,187,770 or 65.5% of total net assets.

⁽⁴⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds, Inc. In total, the value of securities determined to be illiquid were $645,323 or 1.0% of total net assets.

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	7.500	%	11/15/2024	$	1,123,668

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


PORTFOLIO DIVERSIFICATION - MARCH 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	6,896,383	10.7	%
Consumer Staples		5,122,609	7.9
Energy		9,060,918	14.1
Financials		7,915,714	12.3
Healthcare		1,749,158	2 .7
Industrials		7,646,163	11.9
Information Technology		9,267,611	14.4
Materials		7,600,535	11.8
Telecommunication Services		6,093,311	9.5
Utilities		1,739,890	2.7

Total common and preferred stocks		63,092,292	98.0
Short-term investments		1,098,000	1.7

Total investments		64,190,292	99.7
Other assets less liabilities		179,014	0.3

Total net assets	$	64,369,306	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	11,835,598	18.4	%
British pound		308,825	0.5
Chilean peso		798,077	1.2
Colombian peso		362,297	0.5
Czech koruna		685,554	1.1
Egyptian pound		762,844	1.2
Hong Kong dollar		6,627,804	10.3
Hungarian forint		500,224	0.8
Indian rupee		1,523,763	2.4
Korean won		6,654,174	10.4
Mexican peso		4,024,220	6.3
Philippine peso		514,167	0.8
Polish zloty		333,967	0.5
Singapore dollar		442,400	0.7
South African rand		6,868,691	10.7
Swedish krona		480,167	0.7
Taiwan dollar		9,314,334	14.5
Thai baht		1,784,134	2.8
Turkish lira		2,677,912	4.2
US dollar		7,691,140	12.0

Total investments	$	64,190,292	100.0	%


TOP TEN HOLDINGS - MARCH 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea	5.4	%
Petroleo Brasileiro S.A.	Brazil	5.2
Companhia Vale do Rio Doce	Brazil	3.2
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan	3.2
Huabao International Holdings Limited	China	2.1
America Movil SAB de C.V.	Mexico	2.0
Gold Fields Limited	South Africa	1.9
LUKOIL	Russia	1.8
MTN Group Limited	South Africa	1.7
MediaTek Inc.	Taiwan	1.7

Total		28.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS AND EQUITY-LINKED SECURITIES - 95.7%

BELGIUM - 2.7%
Anheuser-Busch InBev NV⁽¹⁾	4,427,502	$	122,258,266
Delhaize Group⁽¹⁾	1,198,546		77,733,249

			199,991,515
BRAZIL - 2.7%
Petroleo Brasileiro S.A., Preferred (DR)	3,921,249		96,070,601
Redecard SA	8,367,560		101,179,031

			197,249,632
CANADA - 2.5%
Canadian Pacific Railway Limited	6,105,810		180,915,150

CHINA - 7.2%
China Construction Bank, H Shares⁽¹⁾	209,744,100		119,113,330
China Life Insurance Co., Limited, H Shares⁽¹⁾	53,517,900		176,074,519
China Merchants Holdings International Company Limited⁽¹⁾	29,090,900		68,756,417
China Resources Land Limited⁽¹⁾	81,290,631		127,245,303
Guangzhou R&F Properties Company Limited, H Shares⁽¹⁾	6,318,400		7,328,504
Ping An Insurance (Group) Company of China Limited, H Shares⁽¹⁾	4,855,300		29,081,376

			527,599,449
FINLAND - 1.6%
Fortum Oyj⁽¹⁾	6,093,763		115,992,799

FRANCE - 13.8%
Accor SA⁽¹⁾	107,358		3,731,122
Alstom⁽¹⁾	1,719,145		89,002,694
BNP Paribas⁽¹⁾	1,357,207		55,939,426
Bouygues SA⁽¹⁾	4,342,228		154,915,632
Carrefour SA⁽¹⁾	1,853,105		72,219,089
France Telecom SA⁽¹⁾	6,175,278		140,431,784
LVMH Moet Hennessy Louis Vuitton SA⁽¹⁾	2,576,248		161,499,512
Technip SA⁽¹⁾	588,562		20,742,710
Unibail-Rodamco⁽¹⁾	282,163		40,146,687
Vinci SA⁽¹⁾	7,181,150		265,985,179

			1,004,613,835
GERMANY - 13.7%
Allianz SE⁽¹⁾	846,656		71,325,038


	Shares Held	Value

GERMANY (CONTINUED)
Bayer AG⁽¹⁾	5,389,022	$	258,168,458
Daimler AG⁽¹⁾	5,831,509		148,233,749
Deutsche Post AG⁽¹⁾	1,204,068		12,964,179
Fraport AG⁽¹⁾	2,205,066		70,942,630
Linde AG⁽¹⁾	2,858,072		194,210,886
Muenchener Rueckversicherungs-Gesellschaft AG⁽¹⁾	808,141		98,708,223
Wacker Chemie AG⁽¹⁾	1,775,435		147,781,347

			1,002,334,510
HONG KONG - 2.4%
The Bank of East Asia, Ltd.⁽¹⁾	23,730,840		45,885,174
Hutchison Whampoa Limited⁽¹⁾	7,521,906		37,036,985
Li & Fung Limited⁽¹⁾	12,632,000		29,801,762
NWS Holdings Limited⁽¹⁾	34,876,746		47,555,284
Sun Hung Kai Properties Limited⁽¹⁾	2,004,234		17,992,203

			178,271,408
INDIA - 1.2%
Housing Development Finance Corporation Ltd.⁽¹⁾	1,248,822		34,937,483
ICICI Bank Limited⁽¹⁾	2,180,220		14,489,638
ICICI Bank Limited (DR)	3,052,424		40,566,715

			89,993,836
ITALY - 1.0%
Intesa Sanpaolo⁽¹⁾	26,345,861		72,453,323

JAPAN - 9.5%
CANON INC.⁽¹⁾	2,258,200		65,870,984
DENSO CORPORATION⁽¹⁾	5,416,600		109,434,389
JAPAN TOBACCO INC.⁽¹⁾	83,074		221,859,579
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾	7,800,145		38,319,502
Mizuho Financial Group, Inc.⁽¹⁾	16,436,343		31,995,704
SUZUKI MOTOR CORPORATION⁽¹⁾	8,848,650		148,070,056
Toyota Motor Corporation⁽¹⁾	2,354,450		75,513,773

			691,063,987
KOREA - 1.2%
NHN Corp.⁽¹⁾⁽²⁾	823,176		90,465,559

LUXEMBOURG - 0.3%
RTL Group⁽¹⁾	537,234		22,132,329

NETHERLANDS - 4.2%
ASML Holding N.V.⁽¹⁾	17,190,143		304,289,092

RUSSIA - 2.2%
Gazprom (DR)⁽¹⁾	10,592,033		155,603,945


	Shares Held	Value

RUSSIA (CONTINUED)
RAO Unified Energy System, Equity Linked Security, 144A^{(1)(2)(3)(4)(5)(6)}	2,065,483	$	2,003,519

			157,607,464
SPAIN - 5.8%
Industria de Diseno Textil, S.A.⁽¹⁾	3,417,385		132,921,762
Telefonica S.A.⁽¹⁾	14,646,806		292,526,220

			425,447,982
SWITZERLAND - 9.2%
Holcim Ltd.⁽¹⁾	3,601,397		128,055,768
Nestle SA⁽¹⁾	9,182,193		310,812,514
Roche Holding AG⁽¹⁾	357,598		51,026,579
Roche Holding AG - Genussscheine⁽¹⁾⁽³⁾	1,342,816		184,361,237

			674,256,098
TAIWAN - 1.3%
Taiwan Semiconductor Manufacturing Company Ltd. (DR)	10,439,708		93,435,387

UNITED KINGDOM - 10.4%
Cadbury PLC⁽¹⁾	17,261,711		130,369,476
Kingfisher PLC⁽¹⁾	35,570,810		76,227,124
National Grid PLC⁽¹⁾	26,644,205		204,848,651
Smith & Nephew plc⁽¹⁾	4,104,689		25,373,258
Tesco PLC⁽¹⁾	29,408,248		140,747,137
Unilever PLC⁽¹⁾	395,629		7,498,447
William Morrison Supermarkets PLC⁽¹⁾	46,570,087		170,479,233

			755,543,326
UNITED STATES - 2.8%
Covidien Limited	658,126		21,876,108
Philip Morris International Inc.	3,281,884		116,769,433
Schlumberger Limited	1,574,370		63,950,909

			202,596,450

Total common and preferred stocks and equity-linked securities (Cost $9,403,422,057)			6,986,253,131


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $266,077,813⁽⁷⁾ (Cost $266,077,000)	$	266,077,000	$	266,077,000


Total investments - 99.3% (Cost $9,669,499,057)				7,252,330,131

Other assets less liabilities - 0.7%				48,857,240


Total net assets - 100.0%⁽⁸⁾			$	7,301,187,371

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $6,271,489,797 or 85.9% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾

⁽⁵⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds, Inc. In total, the value of securities determined to be illiquid were $2,003,519, or less than 0.1% of total net assets.

⁽⁶⁾

⁽⁷⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.875	%	6/30/2012	$	91,045,904
U.S. Treasury Note	4.250		9/30/2012		100,018,100
U.S. Treasury Note	3.125		8/31/2013		80,340,000

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


PORTFOLIO DIVERSIFICATION - March 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	907,565,578	12.4	%
Consumer Staples		1,370,746,423	18.8
Energy		336,368,165	4.6
Financials		1,021,602,148	14.0
Healthcare		540,805,640	7.4
Industrials		928,074,150	12.7
Information Technology		655,240,053	9.0
Materials		470,048,001	6.5
Telecommunication Services		432,958,004	5.9
Utilities		322,844,969	4.4

Total common and preferred stocks		6,986,253,131	95.7
Short-term investments		266,077,000	3.6

Total investments		7,252,330,131	99.3
Other assets less liabilities		48,857,240	0.7

Total net assets	$	7,301,187,371	100.0	%


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	101,179,031	1.4	%
British pound		755,543,326	10.4
Euro		3,147,255,385	43.4
Hong Kong dollar		705,870,857	9.7
Indian rupee		49,427,121	0.7
Japanese yen		691,063,987	9.5
Korean won		90,465,559	1.3
Swiss franc		674,256,098	9.3
US dollar		1,037,268,767	14.3

Total investments	$	7,252,330,131	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Nestle SA	Switzerland	4.3	%
ASML Holding N.V.	Netherlands	4.2
Telefonica S.A.	Spain	4.0
Vinci SA	France	3.6
Bayer AG	Germany	3.5
Roche Holding AG	Switzerland	3.2
JAPAN TOBACCO INC.	Japan	3.0
National Grid PLC	United Kingdom	2.8
Linde AG	Germany	2.7
Canadian Pacific Railway Limited	Canada	2.5

Total		33.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS AND EQUITY-LINKED SECURITIES - 91.7%

CANADA - 1.3%
IGM Financial, Inc.	523,355	$	12,623,117

FRANCE - 13.2%
Gemalto NV⁽¹⁾⁽²⁾	718,075		20,523,883
L’Oreal SA⁽¹⁾	187,053		12,898,624
Publicis Groupe⁽¹⁾	1,185,184		30,344,959
Societe Television Francaise 1⁽¹⁾	3,513,592		27,500,522
Sodexo⁽¹⁾	413,971		18,848,928
Total SA⁽¹⁾	278,578		13,816,316

			123,933,232
HONG KONG - 2.6%
Guoco Group Limited⁽¹⁾	4,403,600		24,450,319

IRELAND - 2.8%
Ryanair Holdings PLC, 144A^(1)(2)(3)(4)	6,803,519		26,151,216

JAPAN - 9.2%
Credit Saison Co., Ltd.⁽¹⁾	2,476,339		24,401,788
Daiwa Securities Group Inc.⁽¹⁾	5,272,431		23,336,944
MEITEC CORPORATION⁽¹⁾	1,012,861		12,612,638
SANKYO CO., LTD.⁽¹⁾	479,338		20,747,790
SEINO HOLDINGS CO., LTD.⁽¹⁾	1,179,800		5,690,065

			86,789,225
KOREA - 5.9%
Lotte Chilsung Beverage Co., Ltd.⁽¹⁾	11,967		7,460,567
Samsung Electronics Co., Ltd.⁽¹⁾	74,825		30,903,567
SK Telecom Co., Ltd. (DR)	1,110,407		17,155,788

			55,519,922
MEXICO - 1.7%
Grupo Modelo, S.A. de C.V., Series C	5,400,067		16,354,598

NETHERLANDS - 1.5%
Wolters Kluwer NV⁽¹⁾	885,399		14,374,456

SWITZERLAND - 17.8%
Adecco SA⁽¹⁾	1,014,390		31,735,686
Givaudan SA⁽¹⁾	46,233		23,949,585
Nobel Biocare Holding AG⁽¹⁾	857,711		14,646,817
Novartis AG⁽¹⁾	972,334		36,699,582
Panalpina Welttransport Holding AG⁽¹⁾	595,238		29,249,056
Pargesa Holding SA⁽¹⁾	545,601		28,976,504
Tamedia AG⁽¹⁾	70,228		2,634,253

			167,891,483


	Shares Held		Value

UNITED KINGDOM - 25.2%
Cadbury PLC⁽¹⁾		2,811,004	$	21,230,174
Carpetright PLC⁽¹⁾		2,170,027		12,844,822
Diageo plc⁽¹⁾		2,571,476		29,035,773
Experian PLC⁽¹⁾		7,098,432		44,468,710
Home Retail Group plc⁽¹⁾		4,382,074		14,027,966
Lancashire Holdings Ltd⁽¹⁾⁽²⁾		1,531,712		10,546,955
Rightmove PLC⁽¹⁾		2,672,762		10,020,933
Royal Dutch Shell PLC, Class A⁽¹⁾		610,621		13,700,771
Savills Plc⁽¹⁾		3,881,619		13,135,851
Signet Jewelers Ltd.		3,121,426		35,740,328
Unilever PLC (DR)		1,617,804		30,625,030
Vitec Group PLC⁽¹⁾		859,067		1,919,865

				237,297,178
UNITED STATES - 10.5%
Arch Capital Group Ltd.⁽²⁾		723,098		38,946,058
Covidien Limited		1,100,819		36,591,224
Tyco Electronics Ltd.		2,104,743		23,236,363

				98,773,645

Total common stocks and equity- linked securities (Cost $1,192,899,065)				864,158,391

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $65,279,199⁽⁵⁾ (Cost $65,279,000)	$	65,279,000		65,279,000


Total investments - 98.7% (Cost $1,258,178,065)				929,437,391

Other assets less liabilities - 1.3%				12,656,207


Total net assets - 100.0%⁽⁶⁾			$	942,093,598

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds, Inc. In total, securities valued at a fair value were $652,885,885 or 69.3% of total net assets.

⁽²⁾	Non-income producing security.

⁽³⁾	Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in Note 2(i) in Notes to Financial Statements equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁴⁾

Security is restricted and was acquired in a transaction under Rule 144A of the Securities Act of 1933. Restricted securities may be resold in transactions exempt from registration normally to qualified institutional buyers. This restricted security was acquired on various dates from September 17, 2008 to February 27, 2009 at an aggregate cost of $16,848,624. In total, the value of restricted securities held by the Fund was $26,151,216 or 2.8% of total net assets.

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	66,588,703

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


PORTFOLIO DIVERSIFICATION - March 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	189,004,822	20.1	%
Consumer Staples		117,604,766	12.5
Energy		27,517,087	2.9
Financials		176,417,536	18.7
Healthcare		87,937,623	9.3
Industrials		149,907,371	15.9
Information Technology		74,663,813	7.9
Materials		23,949,585	2.6
Telecommunication Services		17,155,788	1.8

Total common stocks		864,158,391	91.7
Short-term investments		65,279,000	7.0

Total investments		929,437,391	98.7
Other assets less liabilities		12,656,207	1.3

Total net assets	$	942,093,598	100.0	%


CURRENCY EXPOSURE - March 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	157,231,049	16.9	%
Canadian dollar		12,623,117	1.4
Euro		152,008,459	16.4
Hong Kong dollar		24,450,319	2.6
Japanese yen		86,789,225	9.3
Korean won		38,364,134	4.1
Mexican peso		16,354,598	1.8
Swiss franc		167,891,483	18.1
US dollar		273,725,007	29.4

Total investments	$	929,437,391	100.0	%


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Experian PLC	United Kingdom	4.7	%
Arch Capital Group Ltd.	United States	4.1
Novartis AG	Switzerland	3.9
Covidien Ltd.	United States	3.9
Signet Jewelers Ltd.	United Kingdom	3.8
Adecco SA	Switzerland	3.4
Samsung Electronics Co., Ltd.	Korea	3.3
Unilever plc	United Kingdom	3.3
Publicis Groupe	France	3.2
Panalpina Welttransport Holding AG	Switzerland	3.1

Total		36.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 98.7%

CONSUMER DISCRETIONARY - 14.0%
Auto Components - 2.9%
BorgWarner Inc.	2,070,099	$	42,023,010
Johnson Controls, Inc.	3,436,462		41,237,544

			83,260,554
Distributors - 0.8%
LKQ Corporation⁽¹⁾	1,556,301		22,208,415

Diversified Consumer Services - 0.4%
New Oriental Education & Technology Group, Inc. (DR)⁽¹⁾⁽²⁾	207,655		10,434,664

Hotels, Restaurants & Leisure - 3.6%
Chipotle Mexican Grill, Inc., Class A⁽¹⁾	123,700		8,211,206
Panera Bread Company, Class A⁽¹⁾	92,445		5,167,675
Starbucks Corporation⁽¹⁾	3,514,983		39,051,461
Starwood Hotels & Resorts Worldwide, Inc.	1,144,322		14,532,889
YUM! Brands, Inc.	1,265,632		34,779,567

			101,742,798
Multiline Retail - 2.1%
Kohl’s Corporation⁽¹⁾	1,414,264		59,851,652

Specialty Retail - 4.1%
Best Buy Co., Inc.	1,541,574		58,518,149
CarMax, Inc.⁽¹⁾	684,000		8,508,960
Dick’s Sporting Goods, Inc., Class A⁽¹⁾	1,077,600		15,377,352
GameStop Corp.⁽¹⁾	1,041,660		29,187,313
J. Crew Group, Inc.⁽¹⁾	339,226		4,470,999

			116,062,773
Textiles, Apparel & Luxury Goods - 0.1%
Polo Ralph Lauren Corporation, Class A	41,984		1,773,824

CONSUMER STAPLES - 3.0%
Beverages - 2.2%
Hansen Natural Corporation⁽¹⁾	1,738,412		62,582,832


	Shares Held	Value

CONSUMER STAPLES (CONTINUED)
Food Products - 0.8%
Bunge Limited	172,788	$	9,788,440
H.J. Heinz Company	379,733		12,553,973

			22,342,413
ENERGY - 4.6%
Energy Equipment & Services - 3.0%
Dresser-Rand Group Inc.⁽¹⁾	1,461,596		32,301,272
Smith International, Inc.	1,797,958		38,620,138
Weatherford International Ltd.⁽¹⁾	1,262,040		13,970,783

			84,892,193
Oil, Gas & Consumable Fuels - 1.6%
CONSOL Energy Inc.	234,300		5,913,732
Denbury Resources Inc.⁽¹⁾	441,500		6,560,690
Range Resources Corporation	782,231		32,196,628

			44,671,050
FINANCIALS - 6.5%
Capital Markets - 2.3%
Greenhill & Co., Inc.	135,486		10,005,641
Invesco Limited	3,915,915		54,274,582

			64,280,223
Commercial Banks - 0.9%
HDFC Bank Ltd. (DR)⁽²⁾	401,848		24,484,599

Consumer Finance - 0.6%
Discover Financial Services	2,540,160		16,028,410

Diversified Financial Services - 1.9%
CME Group Inc., Class A	217,741		53,649,205

Real Estate Management & Development - 0.8%
The St. Joe Company⁽¹⁾	1,377,287		23,055,784

HEALTHCARE - 22.7%
Health Care Equipment & Supplies - 5.9%
C.R. Bard, Inc.	988,055		78,767,745
Gen-Probe Incorporated⁽¹⁾	854,570		38,951,301
Intuitive Surgical, Inc.⁽¹⁾	300,562		28,661,592
NuVasive, Inc.⁽¹⁾	727,270		22,821,733

			169,202,371
Health Care Technology - 4.9%
Cerner Corporation⁽¹⁾	3,147,400		138,391,178


	Shares Held	Value

HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 5.0%
Illumina, Inc.⁽¹⁾	537,996	$	20,034,971
Thermo Fisher Scientific, Inc.⁽¹⁾	3,460,083		123,421,161

			143,456,132
Pharmaceuticals - 6.9%
Allergan, Inc.	3,734,661		178,367,409
Shire PLC (DR)⁽²⁾	542,744		19,506,219

			197,873,628
INDUSTRIALS - 14.0%
Aerospace & Defense - 1.6%
Precision Castparts Corp.	785,620		47,058,638

Air Freight & Logistics - 1.3%
C.H. Robinson Worldwide, Inc.	318,802		14,540,559
Expeditors International of Washington, Inc.	816,827		23,108,036

			37,648,595
Building Products - 0.4%
Owens Corning⁽¹⁾	1,327,963		12,004,785

Construction & Engineering - 2.9%
Fluor Corporation	811,119		28,024,161
Quanta Services, Inc.⁽¹⁾	2,525,928		54,181,156

			82,205,317
Electrical Equipment - 4.3%
Cooper Industries, Ltd.	1,131,931		29,271,736
First Solar, Inc.⁽¹⁾	220,155		29,214,568
Roper Industries, Inc.	1,494,054		63,422,592

			121,908,896
Machinery - 1.0%
PACCAR Inc	1,142,506		29,430,955

Professional Services - 1.9%
FTI Consulting, Inc.⁽¹⁾	592,744		29,328,973
Robert Half International Inc.	1,455,066		25,943,827

			55,272,800
Road & Rail - 0.6%
J.B. Hunt Transport Services, Inc.	743,726		17,931,234

INFORMATION TECHNOLOGY - 31.8%
Communications Equipment - 3.2%
Juniper Networks, Inc.⁽¹⁾	5,150,527		77,566,937
Polycom, Inc.⁽¹⁾	817,200		12,576,708

			90,143,645
Computers & Peripherals - 0.7%
Intermec, Inc.⁽¹⁾	1,346,104		13,999,482
NetApp, Inc.⁽¹⁾	491,875		7,299,425

			21,298,907


	Shares Held	Value

INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment & Instruments - 1.0%
Agilent Technologies, Inc.⁽¹⁾	851,200	$	13,082,944
Trimble Navigation Limited⁽¹⁾	953,099		14,563,353

			27,646,297
Internet Software & Services - 0.4%
Akamai Technologies, Inc.⁽¹⁾	352,300		6,834,620
VistaPrint Limited⁽¹⁾	184,800		5,080,152

			11,914,772
IT Services - 5.2%
Affiliated Computer Services, Inc., Class A⁽¹⁾	934,104		44,734,241
Cognizant Technology Solutions Corporation⁽¹⁾	1,817,700		37,789,983
The Western Union Company	5,208,847		65,475,207

			147,999,431
Semiconductors & Semiconductor Equipment - 9.2%
Analog Devices, Inc.	3,095,666		59,653,484
Broadcom Corporation, Class A⁽¹⁾	3,980,419		79,528,772
Cree, Inc.⁽¹⁾	1,417,911		33,363,446
MEMC Electronic Materials, Inc.⁽¹⁾	1,881,398		31,024,253
NVIDIA Corporation⁽¹⁾	4,587,176		45,229,555
Xilinx, Inc.	653,800		12,526,808

			261,326,318
Software - 12.1%
Adobe Systems Incorporated⁽¹⁾	657,100		14,055,369
Autodesk, Inc.⁽¹⁾	1,991,337		33,474,375
Blackboard Inc.⁽¹⁾	307,800		9,769,572
Citrix Systems, Inc.⁽¹⁾	1,094,260		24,774,046
Electronic Arts Inc.⁽¹⁾	4,238,835		77,104,409
Intuit Inc.⁽¹⁾	1,721,657		46,484,739
Mc Afee, Inc.⁽¹⁾	455,028		15,243,438
Quality Systems, Inc.	476,261		21,550,810
Red Hat, Inc.⁽¹⁾	2,483,588		44,307,210
salesforce.com, inc.⁽¹⁾	284,035		9,296,465
Shanda Interactive Entertainment Ltd, (DR)⁽¹⁾⁽²⁾	871,668		34,457,036
VMware, Inc., Class A⁽¹⁾	574,502		13,569,737

			344,087,206
MATERIALS - 1.5%
Chemicals - 1.5%
CF Industries Holdings, Inc.	158,387		11,266,067
Ecolab Inc.	919,518		31,934,860

			43,200,927


	Shares Held		Value

TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
NII Holdings, Inc.⁽¹⁾		1,080,808	$	16,212,120

Total common stocks (Cost $3,418,570,924)				2,807,535,541

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $44,587,136⁽³⁾ (Cost $44,587,000)	$	44,587,000		44,587,000


Total investments - 100.3% (Cost $3,463,157,924)				2,852,122,541

Other assets less liabilities - (0.3%)				(7,417,257	)


Total net assets - 100.0%⁽⁴⁾			$	2,844,705,284

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
HDFC Bank Ltd. (DR)	India	US dollar
New Oriental Education & Technology Group, Inc. (DR)	China	US dollar
Shanda Interactive Entertainment Ltd, (DR)	China	US dollar
Shire PLC (DR)	United Kingdom	US dollar

⁽³⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	8.125	%	8/15/2019	$	45,481,258

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


TOP TEN HOLDINGS - March 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Allergan, Inc.	United States	6.3	%
Cerner Corporation	United States	4.9
Thermo Fisher Scientific, Inc.	United States	4.3
Broadcom Corporation	United States	2.8
C.R. Bard, Inc.	United States	2.8
Juniper Networks, Inc.	United States	2.7
Electronic Arts Inc.	United States	2.7
The Western Union Company	United States	2.3
Roper Industries, Inc.	United States	2.2
Hansen Natural Corporation	United States	2.2

Total		33.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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, 2009 (Unaudited)


	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	63,092,292
Short-term investments (repurchase agreements), at value		1,098,000

Total investments		64,190,292
Cash		832
Foreign currency		38,302
Net unrealized gain on foreign currency forward contracts
Receivable from investments sold		8,755
Receivable from fund shares sold		77,000
Dividends and interest receivable		204,312
Receivable from Adviser		92,001
Other assets		448

Total assets		64,611,942

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		-
Payable for investments purchased		-
Payable for fund shares redeemed		-
Payable for operating expenses		212,655
Payable for withholding taxes		29,533
Payable for deferred directors’ compensation		448

Total liabilities		242,636

Total net assets	$	64,369,306

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	118,424,125
Net unrealized depreciation on investments and foreign currency related transactions		(34,539,086	)
Accumulated undistributed net investment income (loss)		30,105
Accumulated undistributed net realized (losses) on investments and foreign currency related transactions		(19,545,838	)

	$	64,369,306

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares
Institutional Shares	$	59,070,903
Advisor Shares	$	5,298,403
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares
Institutional Shares		7,784,437
Advisor Shares		697,610
Net asset value, offering price and redemption price per share
Investor Shares
Institutional Shares	$	7.59
Advisor Shares	$	7.60
Cost of securities of unaffiliated issuers held	$	98,727,848
Cost of securities of affiliated issuers held	$	-
Cost of foreign currency	$	37,907


INTERNATIONAL			INTERNATIONAL VALUE			MID CAP

$	6,986,253,131		$	864,158,391		$	2,807,535,541
	266,077,000			65,279,000			44,587,000

	7,252,330,131			929,437,391			2,852,122,541
	181			912			172
	816,732			11			-
	-			18,664			-
	29,372,910			1,356,615			4,308,477
	17,471,806			10,289,150			3,881,318
	32,236,527			4,377,800			1,790,076
	-			-			-
	153,224			14,966			56,359

	7,332,381,511			945,495,509			2,862,158,943


	104,496			-			-
	13,782,524			710,166			9,938,667
	6,013,543			1,704,352			3,473,976
	9,163,614			776,498			3,984,657
	1,976,739			195,929			-
	153,224			14,966			56,359

	31,194,140			3,401,911			17,453,659

$	7,301,187,371		$	942,093,598		$	2,844,705,284


$	12,100,828,238		$	1,405,531,139		$	4,144,452,330
	(2,418,135,332	)		(328,868,731	)		(611,035,383	)
	6,824,284			(5,029,738	)		(7,231,613	)
	(2,388,329,819	)		(129,539,072	)		(681,480,050	)

$	7,301,187,371		$	942,093,598		$	2,844,705,284



$	5,229,893,791		$	804,602,106		$	2,497,284,137
$	2,071,293,580		$	137,491,492		$	347,421,147


	387,930,823			52,601,277			143,990,530
	152,731,026			8,995,143			19,472,696


$	13.48		$	15.30		$	17.34
$	13.56		$	15.29		$	17.84

$	9,669,499,057		$	1,258,178,065		$	3,463,157,924
$	-		$	-		$	-
$	892,467		$	11		$	-

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2009 (Unaudited)


	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	441,051
Dividends, from affiliated issuers⁽¹⁾		-
Interest		720

Total investment income		441,771

EXPENSES:
Advisory fees		292,661
Transfer agent fees
Investor Shares
Institutional Shares		8,992
Advisor Shares		16,787
Shareholder communications
Investor Shares
Institutional Shares		7,215
Advisor Shares		1,609
Custodian fees		78,275
Accounting fees		26,845
Professional fees		41,248
Less insurance recoveries⁽²⁾		-

Net professional fees		41,248
Registration fees
Investor Shares
Institutional Shares		20,410
Advisor Shares		6,986
Directors’ fees		3,000
Other operating expenses		6,060

Total operating expenses		510,088
Less amounts waived or paid by the Adviser		(92,001	)

Net expenses		418,087

Net investment income (loss)		23,684

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		(17,798,747	)
Foreign currency related transactions		(138,234	)

		(17,936,981	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(3,892,528	)
Foreign currency related transactions		99,467

		(3,793,061	)

Net (loss) on investments and foreign currency related transactions		(21,730,042	)

Net (decrease) in net assets resulting from operations	$	(21,706,358	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Net of foreign taxes withheld on dividends, affiliated issuers		Including net realized (loss) on investments from affiliated issuers
	Emerging Markets	$	38,633	$	-	$	-
	International		6,103,399		95,956		(68,638,629	)
	International Value		551,561		-		(7,840,431	)
	Mid Cap		-		-		(27,957,182	)

⁽²⁾


INTERNATIONAL			INTERNATIONAL VALUE			MID CAP

$	58,618,189		$	8,725,928		$	12,302,226
	863,602			-			-
	148,802			19,820			33,705

	59,630,593			8,745,748			12,335,931


	36,915,202			4,765,259			13,594,056

	9,175,299			921,547			5,044,527
	11,421			8,125			9,143


	803,815			196,277			430,283
	26,292			5,786			7,066

	3,587,423			226,884			53,746
	37,519			34,373			33,495
	451,382			52,456			97,870
	(45,668	)		-			-

	405,714			52,456			97,870

	95,183			37,037			35,992
	11,245			8,319			8,712

	232,207			26,513			82,603
	254,743			27,544			95,288

	51,556,063			6,310,120			19,492,781
	-			-			-

	51,556,063			6,310,120			19,492,781

	8,074,530			2,435,628			(7,156,850	)



	(2,336,026,812	)		(127,360,128	)		(659,700,963	)
	(2,456,935	)		9,786,848			-

	(2,338,483,747	)		(117,573,280	)		(659,700,963	)

	(1,135,939,562	)		(219,211,100	)		(487,411,380	)
	856,445			359,978			-

	(1,135,083,117	)		(218,851,122	)		(487,411,380	)

	(3,473,566,864	)		(336,424,402	)		(1,147,112,343	)

$	(3,465,492,334	)	$	(333,988,774	)	$	(1,154,269,193	)

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 3/31/2009⁽¹⁾			Year Ended 9/30/2008

OPERATIONS:
Net investment income (loss)	$	23,684		$	875,308
Net realized gain (loss) on:
Investments		(17,798,747	)		(1,369,976	)
Foreign currency related transactions		(138,234	)		(80,293	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(3,892,528	)		(33,499,682	)
Foreign currency related transactions		99,467			(82,858	)

Net (decrease) in net assets resulting from operations		(21,706,358	)		(34,157,501	)

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares
Institutional Shares		(747,694	)		(39,728	)
Advisor Shares		(51,612	)		-
Net realized gains on investment transactions:
Investor Shares
Institutional Shares		(59,063	)		(1,484,717	)
Advisor Shares		(4,077	)		-

Total distributions paid to shareholders		(862,446	)		(1,524,445	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		13,928,698			90,274,995

Total increase (decrease) in net assets		(8,640,106	)		54,593,049

Net assets, beginning of period		73,009,412			18,416,363

Net assets, end of period	$	64,369,306		$	73,009,412


Accumulated undistributed net investment income (loss)	$	30,105		$	805,727

⁽¹⁾	Unaudited.


	INTERNATIONAL						INTERNATIONAL VALUE						MID CAP
Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008			Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008


$	8,074,530		$	217,906,295		$	2,435,628		$	28,452,080		$	(7,156,850	)	$	(38,496,793	)

	(2,336,026,812	)		660,360,491			(127,360,128	)		4,267,300			(659,700,963	)		258,568,758
	(2,456,935	)		(5,330,672	)		9,786,848			(125,520	)		-			638

	(1,135,939,562	)		(6,035,684,040	)		(219,211,100	)		(339,642,758	)		(487,411,380	)		(1,548,010,123	)
	856,445			(1,742,370	)		359,978			(559,100	)		-			(227	)

	(3,465,492,334	)		(5,164,490,296	)		(333,988,774	)		(307,607,998	)		(1,154,269,193	)		(1,327,937,747	)



	(73,117,872	)		(77,647,652	)		(10,176,045	)		(26,380,830	)		-			-
	(37,487,951	)		(38,324,885	)		(2,362,145	)		(4,772,229	)		-			-


	(274,728,220	)		(1,707,284,385	)		-			(86,616,796	)		(40,893,720	)		(883,929,699	)
	(101,344,058	)		(637,085,303	)		-			(13,775,532	)		(5,219,106	)		(121,786,964	)


	(486,678,101	)		(2,460,342,225	)		(12,538,190	)		(131,545,387	)		(46,112,826	)		(1,005,716,663	)


	(550,372,574	)		1,569,193,725			73,097,220			(158,902,687	)		(224,422,534	)		498,434,390

	(4,502,543,009	)		(6,055,638,796	)		(273,429,744	)		(598,056,072	)		(1,424,804,553	)		(1,835,220,020	)

	11,803,730,380			17,859,369,176			1,215,523,342			1,813,579,414			4,269,509,837			6,104,729,857

$	7,301,187,371		$	11,803,730,380		$	942,093,598		$	1,215,523,342		$	2,844,705,284		$	4,269,509,837


$	6,824,284		$	109,355,577		$	(5,029,738	)	$	5,072,824		$	(7,231,613	)	$	(74,763	)

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⁽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
3/31/2009	⁽⁵⁾	$	11.15	$	-	⁽⁷⁾	$	(3.43	)	$	(3.43	)	$	(0.12	)	$	(0.01	)
9/30/2008			16.71		0.18			(5.41	)		(5.23	)		(0.01	)		(0.32	)
9/30/2007			11.15		0.09			5.81			5.90			(0.03	)		(0.31	)
9/30/2006	⁽⁶⁾		10.00		0.03			1.12			1.15			-			-

ARTISAN INTERNATIONAL FUND
Institutional Shares
3/31/2009	⁽⁵⁾	$	20.51	$	0.03		$	(6.02	)	$	(5.99	)	$	(0.26	)	$	(0.70	)
9/30/2008			33.99		0.42			(9.16	)		(8.74	)		(0.27	)		(4.47	)
9/30/2007			28.92		0.37			7.52			7.89			(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	)		-

ARTISAN INTERNATIONAL VALUE FUND
Institutional Shares
3/31/2009	⁽⁵⁾	$	21.22	$	0.06		$	(5.73	)	$	(5.67	)	$	(0.26	)	$	-
9/30/2008			28.53		0.52			(5.58	)		(5.06	)		(0.58	)		(1.67	)
9/30/2007			26.71		0.41			3.14			3.55			(0.45	)		(1.28	)

ARTISAN MID CAP FUND
Institutional Shares
3/31/2009	⁽⁵⁾	$	24.71	$	(0.01	)	$	(6.58	)	$	(6.59	)	$	-		$	(0.28	)
9/30/2008			37.78		(0.14	)		(7.03	)		(7.17	)		-			(5.90	)
9/30/2007			32.24		(0.16	)		9.17			9.01			-			(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			-			-

⁽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	3/31/2009	1.75	%	(0.17	)%
	9/30/2008	1.51	%	1.16	%
	9/30/2007	3.19	%	(1.08	)%
	9/30/2006	7.58	%	(5.11	)%


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 to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(0.13	)	$	7.59	(30.83	)%	$	59.1	1.50	%	0.08	%	20.64	%
	(0.33	)		11.15	(31.91	)		69.8	1.50		1.17		42.24
	(0.34	)		16.71	53.99			18.4	1.44		0.67		71.28
	-			11.15	11.50			5.9	1.40		1.07		24.26



$	(0.96	)	$	13.56	(29.66	)%	$	2,071.3	1.04	%	0.48	%	32.20	%
	(4.74	)		20.51	(29.83	)		3,043.8	0.98		1.50		54.42
	(2.82	)		33.99	28.99			5,049.3	0.98		1.22		66.30
	(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



$	(0.26	)	$	15.29	(26.95	)%	$	137.5	1.08	%	0.70	%	38.74	%
	(2.25	)		21.22	(18.92	)		186.1	1.03		2.10		44.72
	(1.73	)		28.53	13.48			218.9	1.06		1.47		45.60



$	(0.28	)	$	17.84	(26.66	)%	$	347.4	0.98	%	(0.13	)%	31.36	%
	(5.90	)		24.71	(22.23	)		537.2	0.95		(0.46	)	79.76
	(3.47	)		37.78	30.17			785.4	0.95		(0.47	)	71.04
	(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

⁽⁵⁾

Unaudited. For the six months ended March 31, 2009.

⁽⁶⁾

For the period from commencement of operations (June 26, 2006) through September 30, 2006.

⁽⁷⁾

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

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2009 (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 eleven 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”), each a 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 offers shares of capital stock of two classes – Institutional Shares and Advisor Shares – and has offered Institutional Shares since the commencement of operations and began offering Advisor Shares on June 2, 2008. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored programs and institutional or other investors. All investments and exchanges are subject to approval by the Fund. 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.

(2)

Summary of significant accounting policies:

(a)

NOTES TO FINANCIAL STATEMENTS

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 non-U.S. securities, but only if they were traded in the U.S. The foreign markets in which the Funds invested were sometimes open on days when the NYSE was not open and the Funds did not calculate their NAVs, and sometimes were not open on days when the Funds did calculate their NAVs. Even on days on which both the foreign market and the NYSE were open, several hours may have passed between the time when trading in the foreign market closed and the time as of which the Funds calculate their NAVs. That was generally the case for markets in Europe, Asia, Australia and other far eastern markets; the regular closing time of foreign markets in North and South America was generally the same as the closing time of the NYSE and the time as of which the Funds calculated their NAVs.

The valuation committee concluded that a price determined under the Funds’ valuation procedures was not readily available if, among other things, the valuation committee believed that the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded but before the time for determination of NAV (“subsequent event”). A subsequent event might include a company-specific development (for example, announcement of a merger that is made after the close of the foreign market), a development that might affect an entire market or region (for example, imposition of foreign exchange controls by a foreign government), a potentially global development (such as a terrorist attack that may be expected to have an impact on investor expectations worldwide) or a significant change in one or more U.S. securities indexes. Artisan Funds monitored for subsequent events using several tools. An indication by any of those tools of a potential

NOTES TO FINANCIAL STATEMENTS

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.

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

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

(b)

NOTES TO FINANCIAL STATEMENTS

the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

•

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

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

The following table summarizes each Fund’s investments, based on the inputs used to determine their fair values as of March 31, 2009:


	Investments in Securities
Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs⁽²⁾			Level 3 - Significant Unobservable Inputs		Total
Emerging Markets	$	20,904,522	$	42,887,902	⁽¹⁾	$	397,868	$	64,190,292
International		714,763,334		6,535,563,278	⁽¹⁾		2,003,519		7,252,330,131
International Value		211,272,504		718,164,887	⁽¹⁾				929,437,391
Mid Cap		2,807,535,541		44,587,000					2,852,122,541
⁽¹⁾ Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading. ⁽²⁾ Includes repurchase agreements.

As of March 31, 2009, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows:


	EMERGING MARKETS FUND			INTERNATIONAL FUND
	Investments in Securities			Investments in Securities
Balance as of September 30, 2008	$	-		$	96,148,234
Realized gain (loss)⁽³⁾		-			(146,218,113	)
Change in unrealized appreciation (depreciation)⁽³⁾		(489,890	)		91,960,401
Net purchases (sales)		115,714			(39,887,003	)
Transfers in (out) of Level 3		772,044			-

Balance as of March 31, 2009	$	397,868		$	2,003,519

Net change in unrealized appreciation (depreciation) for Level 3 investments held as of March 31, 2009⁽³⁾	$	(489,890	)	$	91,960,401

⁽³⁾ Realized loss and change in unrealized appreciation and depreciation are included in the related amounts on investments in the Statements of Operations.

(c)

Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the

NOTES TO FINANCIAL STATEMENTS

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.

(d)

(e)

NOTES TO FINANCIAL STATEMENTS

changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)

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

(h)

(i)

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

(j)


Emerging Markets	$	-
International		78,370
International Value		4,354
Mid Cap		180,628

(k)

NOTES TO FINANCIAL STATEMENTS

(l)

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.

(m)

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 and otherwise in accordance with the Funds’ prospectus.

(3)

Transactions with affiliates:

Emerging Markets Fund


Average Daily Net Assets	Annual Rate
All	1.050	%

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

NOTES TO FINANCIAL STATEMENTS

International Value Fund and 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 receive no compensation from the Funds.

Artisan Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the 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.

(4)

Line of credit arrangement:

NOTES TO FINANCIAL STATEMENTS

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, 2009, there were no borrowings under the line of credit for Emerging Markets Fund, International Fund, International Value Fund, or Mid Cap Fund.

(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, 2009 were as follows:


Fund	Security Purchases		Security Sales
Emerging Markets	$	26,049,135	$	11,915,282
International		2,562,848,590		3,186,855,904
International Value		418,278,348		362,498,212
Mid Cap		931,382,133		1,129,150,462

(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, 2009. The Funds identify a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the Investment Company Act of 1940) during the six months ended March 31, 2009.


		As of 9/30/08										As of 3/31/09
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
International
	Shanghai Electric Group Company Limited, Series H⁽³⁾	150,931,921	$	2,961,958	$	113,000,839	$	(68,638,629	)	$	863,602	-	$	-
	Total⁽²⁾		$	2,961,958	$	113,000,839	$	(68,638,629	)	$	863,602		$	-
International Value
	Benfield Group Plc⁽³⁾	11,241,209	$	-	$	66,529,213	$	(7,840,431	)	$	-	-	$	-
	Total⁽²⁾		$	-	$	66,529,213	$	(7,840,431	)	$	-		$	-
Mid Cap
	Intermec, Inc.⁽³⁾⁽⁴⁾	3,481,619	$	35,991	$	58,221,425	$	(27,957,182	)	$	-	1,346,104	$	13,999,482
	Total⁽²⁾		$	35,991	$	58,221,425	$	(27,957,182	)	$	-		$	-

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

⁽²⁾	Total value as of March 31, 2009 is presented for only those issuers that were affiliates as of March 31, 2009.

⁽³⁾	Issuer was no longer an affiliate as of March 31, 2009.

⁽⁴⁾	Non-income producing security.

NOTES TO FINANCIAL STATEMENTS

(7)

Information for Federal income tax purposes:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized (Depreciation) on Investments
Emerging Markets	$	103,231,309	$	495,622	$	(39,536,639	)	$	(39,041,017	)
International		9,836,613,026		378,041,587		(2,962,324,482	)		(2,584,282,895	)
International Value		1,275,552,766		14,043,708		(360,159,083	)		(346,115,375	)
Mid Cap		3,531,062,598		112,977,060		(791,917,117	)		(678,940,057	)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2009 and the year ended September 30, 2008 were as follows:


	Six Months Ended 3/31/09				Year Ended 9/30/08
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Emerging Markets	$	862,446	$	-	$	1,241,033	$	283,412
International		168,578,071		318,100,030		361,370,744		2,098,971,481
International Value		12,538,190		-		75,430,570		56,114,817
Mid Cap		-		46,112,826		127,054,050		878,662,613

NOTES TO FINANCIAL STATEMENTS

Additional tax information as of and for the year ended September 30, 2008 follows:


	As of 9/30/08
Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post- October Losses
Emerging Markets	$	861,738	$	-	$	1,191,524
International		168,511,911		318,081,129		-
International Value		8,591,143		-		-
Mid Cap		-		46,098,021		-

As of September 30, 2008, none of the Funds had capital loss carryovers.

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						INTERNATIONAL
Six months ended March 31, 2009	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	11,666,628		$	2,981,817		$	868,592,544		$	80,177,748
Net asset value of shares issued in reinvestment of dividends and distributions		801,388			55,689			331,783,609			136,080,351
Cost of shares redeemed⁽¹⁾		(1,480,653	)		(96,171	)		(1,815,285,023	)		(151,721,803	)

Net increase (decrease) from fund share transactions	$	10,987,363		$	2,941,335		$	(614,908,870	)	$	64,536,296


Shares sold		1,633,017			415,964			60,567,848			5,662,672
Shares issued in reinvestment of dividends and distributions		104,212			7,232			22,089,455			9,017,916
Shares redeemed		(213,036	)		(13,276	)		(125,426,261	)		(10,344,856	)

Net increase (decrease) in capital shares		1,524,193			409,920			(42,768,958	)		4,335,732


	EMERGING MARKETS						INTERNATIONAL
Year ended September 30, 2008	Institutional Shares			Advisor Shares⁽²⁾			Investor Shares			Institutional Shares
Proceeds from shares issued	$	86,328,968		$	3,862,647		$	2,769,106,273		$	154,759,460
Net asset value of shares issued in reinvestment of dividends and distributions		1,510,191			-			1,711,689,210			659,043,481
Cost of shares redeemed⁽¹⁾		(1,424,727	)		(2,084	)		(2,910,764,948	)		(814,639,751	)

Net increase (decrease) from fund share transactions	$	86,414,432		$	3,860,563		$	1,570,030,535		$	(836,810	)


Shares sold		5,178,178			287,867			99,755,202			5,745,726
Shares issued in reinvestment of dividends and distributions		93,337			-			59,207,513			22,647,542
Shares redeemed		(113,088	)		(177	)		(107,847,385	)		(28,563,145	)

Net increase (decrease) in capital shares		5,158,427			287,690			51,115,330			(169,877	)

⁽¹⁾	Net of redemption fees of:


Fund	3/31/2009		9/30/2008
Emerging Markets - Institutional Shares	$	618	$	420
Emerging Markets - Advisor Shares		36		8
International - Investor Shares		591,610		1,068,938
International - Institutional Shares		219,392		381,010
International Value - Investor Shares		545,512		76,325
International Value - Institutional Shares		96,412		13,231

⁽²⁾	For the period from commencement of operations (June 2, 2008) through September 30, 2008.

NOTES TO FINANCIAL STATEMENTS


INTERNATIONAL VALUE						MID CAP
Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
$	347,070,940		$	10,587,108		$	282,564,977		$	26,289,270

	9,494,289			1,837,654			40,618,186			5,181,307
	(288,530,152	)		(7,362,619	)		(503,407,639	)		(75,668,635	)

$	68,035,077		$	5,062,143		$	(180,224,476	)	$	(44,198,058	)


	20,985,308			625,091			16,463,665			1,522,794
	527,754			102,319			2,392,120			297,093
	(17,462,112	)		(503,640	)		(29,862,855	)		(4,090,060	)

	4,050,950			223,770			(11,007,070	)		(2,270,173	)


INTERNATIONAL VALUE						MID CAP
Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
$	303,006,196		$	50,740,000		$	1,053,457,971		$	18,291,682

	198,499,399			15,729,244			874,718,712			120,999,695
	(592,204,517	)		(34,673,009	)		(1,467,033,037	)		(102,000,633	)

$	(190,698,922	)	$	31,796,235		$	461,143,646		$	37,290,744


	12,372,002			1,981,408			33,783,896			611,019
	3,939,976			629,926			28,651,121			3,870,752
	(23,733,942	)		(1,513,600	)		(50,970,079	)		(3,530,702	)

	(7,421,964	)		1,097,734			11,464,938			951,069

NOTES TO FINANCIAL STATEMENTS

(9)

Litigation:

(10)

Recent Accounting Pronouncements:

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, 2008 to March 31, 2009.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period 10/1/2008-3/31/2009⁽¹⁾
Artisan Emerging Markets Fund - Institutional Shares
Actual	$	1,000.00	$	691.70	$	6.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	703.43	$	4.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.24
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	730.50	$	4.66
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	733.38	$	4.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94

SHAREHOLDER EXPENSE EXAMPLE

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2009 (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, 2009
Artisan Emerging Markets Fund - Institutional Shares^(a)	1.50	%
Artisan International Fund - Institutional Shares	1.04	%
Artisan International Value Fund - Institutional Shares	1.08	%
Artisan Mid Cap Fund - Institutional Shares	0.98	%

^(a)	The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations of the Securities and Exchange Commission (the “SEC”);

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Artisan Partners’ financial condition and stability;

•

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

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

Definitions of Portfolio Statistics

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

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

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

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 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 Mid Cap Fund – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Trademarks

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI Parties have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

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 on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, 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 also is available without charge on its website at www.artemf.com and on the Securities and Exchange Commission’s website.

INFORMATION ABOUT PORTFOLIO SECURITIES

LOGO

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.399.1770

LOGO

ARTISAN

ANNUAL

REPORT

SEPTEMBER 30, 2008

ARTISAN EMERGING
MARKETS FUND

_________

ARTISAN FUNDS, INC.

ADVISOR SHARES

TABLE OF CONTENTS


2		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

4		SCHEDULE OF INVESTMENTS

7		STATEMENT OF ASSETS AND LIABILITIES

8		STATEMENT OF OPERATIONS

9		STATEMENT OF CHANGES IN NET ASSETS

10		FINANCIAL HIGHLIGHTS

12		NOTES TO FINANCIAL STATEMENTS


23		SHAREHOLDER EXPENSE EXAMPLE

24		FACTORS CONSIDERED IN RENEWING THE FUND’S ADVISORY AGREEMENT

31		NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS‘ CLASSIFICATION

32		PROXY VOTING POLICIES AND PROCEDURES

33		INFORMATION ON 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 Advisor Shares of Artisan Emerging Markets Fund. Before investing, investors should consider carefully the Fund’s investment objective, risks and charges and expenses. For more complete information on the Fund, including fees and expenses, please call 866.574.1770 for a free prospectus. 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 discussion presents information about the companies believed to be accurate, and the views of the portfolio managers, as of March 31, 2009. That information and those views may change, and the Fund disclaims any obligation to advise shareholders of any such changes. Artisan Emerging Markets Fund also offers an institutional class of shares for institutional investors meeting certain minimum investment requirements. A report on the institutional class is available under separate cover.

Artisan Funds offered through Artisan Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND (ARTZX)

INVESTMENT PROCESS HIGHLIGHTS


Artisan Emerging Markets Fund employs 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 believes that over the long term a stock’s price is directly related to the company’s ability to deliver sustainable earnings. The team determines a company’s sustainable earnings based upon financial and business analysis. The team’s financial analysis of a company’s balance sheet, income statement, and statement of cash flows focuses on identifying historical drivers of return on equity. The team’s business analysis examines a company’s competitive advantages and financial strength to assess sustainability. • Valuation. The team believes that investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. The team values a business and develops a price target based on the team’s assessment of the business’s sustainable earnings and cash flow expectations and the team’s risk analysis. • 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 (6/2/2008 to 3/31/2009)

LOGO

TOTAL RETURNS (as of 3/31/2009)


Fund / Index	Since Inception⁽¹⁾
Artisan Emerging Markets Fund - Advisor Shares	-55.69	%
MSCI Emerging Markets Index^SM	-51.86

⁽¹⁾	For the period from commencement of operations of the Fund’s Advisor Shares (June 2, 2008) through March 31, 2009; 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. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information call 866.574.1770. 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 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’ voluntary undertaking to limit the Fund’s expenses to no more than 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. Absent that expense waiver, the Fund’s performance would have been lower. See page 31 for a description of the index.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/08		3/31/09
Consumer Discretionary	10.6	%	10.7	%
Consumer Staples	8.4		7.9
Energy	14.8		14.1
Financials	13.6		12.3
Healthcare	2.6		2.7
Industrials	12.6		11.9
Information Technology	10.2		14.4
Materials	13.0		11.8
Telecommunication Services	9.5		9.5
Utilities	1.5		2.7
Other assets less liabilities	3.2		2.0
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Artisan Emerging Markets Fund returned -30.80% for the six-month period, underperforming the MSCI Emerging Markets Index^SM. We benefited from good security selection in Korea, where our stocks generally held up better than those in the Index. We also had a few solid performers among our Taiwanese holdings, including Taiwan Fertilizer Co., Ltd., Far Eastern Textile Ltd. and China Airlines. Other solid gainers in the portfolio included South African gold producer Gold Fields Limited, Brazilian oil company OGX Petroleo e Gas Participacoes SA, and two of our Chinese stocks – flavor/fragrance company Huabao International Holdings Limited and train-borne electrical systems provider Zhuzhou CSR Times Electric Co., Ltd.

FUND CHANGES

REGION ALLOCATION


Region	9/30/08		3/31/09
Emerging Asia	36.2	%	43.8	%
Latin America	27.9		27.2
Emerging Europe, Middle East & Africa	27.5		23.5
Developed Markets	5.2		3.5

As a percentage of total net assets.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2009 (Unaudited)


	Shares Held	Value
COMMON AND
PREFERRED STOCKS - 98.0%

BRAZIL - 18.4%
All-America Latina Logistica S.A. (Units)	144,900	$	617,141
Companhia Energetica de Minas Gerais- CEMIG, Preferred⁽¹⁾	41,158		611,936
Companhia Vale do Rio Doce	156,300		2,088,717
Dufry South America Ltd (DR)	41,000		260,696
Empresa Brasileira de Aeronautica S.A.	120,900		404,954
Hypermarcas SA⁽²⁾	111,000		811,057
Itau Unibanco Banco Multiplo SA, Preferred⁽¹⁾	72,738		804,281
Marcopolo S.A., Preferred⁽¹⁾	211,300		300,588
Net Servicos de Comunicacao SA, Preferred⁽¹⁾⁽²⁾	72,900		537,067
OGX Petroleo e Gas Participacoes SA⁽²⁾	1,662		509,408
Petroleo Brasileiro S.A.	220,000		3,355,362
Randon SA Implementos e Participacoes, Preferred⁽¹⁾	104,800		249,830
Rodobens Negocios Imobiliarios SA	75,400		318,534
SEB - Sistema Educacional Brasileiro SA (Units)⁽¹⁾	76,700		259,882
Tim Participacoes S.A., Preferred⁽¹⁾	313,700		390,815
Votorantim Celulose e Papel S.A., Rights⁽¹⁾⁽²⁾	13,086		56
Exercise Price: 19.00 BRL, Expiration: 4/7/09
Wilson Sons Limited (DR)	63,321		315,274

			11,835,598
CHILE - 1.2%
Compania Cervecerias Unidas S.A.	54,034		303,614
Empresa Nacional de Telecomunicaciones S.A.	42,696		494,463

			798,077
CHINA - 12.6%
Airmedia Group, Inc. (DR)⁽²⁾	89,320		374,251
Ajisen China Holdings Limited⁽³⁾	662,000		329,741
Chaoda Modern Agriculture (Holdings) Limited⁽³⁾	1,526,536		909,338
China Dongxiang Group Company⁽³⁾	1,940,000		713,558
China Railway Construction Corporation, H Shares⁽²⁾⁽³⁾	506,000		660,912
Ctrip.com International Ltd. (DR)	2,074		56,828
GOME Electrical Appliances Holdings Limited⁽³⁾⁽⁴⁾	3,323,752		397,868
Huabao International Holdings Limited⁽³⁾	1,656,900		1,370,546


	Shares Held	Value
CHINA (CONTINUED)
Mindray Medical International Limited, Class A (DR)	33,302	$	616,420
New Oriental Education & Technology Group, Inc. (DR)⁽²⁾	17,654		887,114
Tingyi (Cayman Islands) Holding Corporation⁽³⁾	556,300		646,029
Weichai Power Co., Ltd., H Shares⁽³⁾	250,360		543,463
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽³⁾	627,200		637,784

			8,143,852
COLOMBIA - 0.6%
Almacenes Exito S.A.	84,567		362,297

CZECH REPUBLIC - 1.1%
CEZ⁽³⁾	19,318		685,554

EGYPT - 1.2%
Commercial International Bank⁽³⁾	56,703		328,292
Egyptian Financial Group-Hermes Holding⁽³⁾	155,518		434,552

			762,844
HONG KONG - 0.6%
Samson Holding Ltd.⁽³⁾	4,915,000		418,565

HUNGARY - 0.8%
MOL Hungarian Oil and Gas Nyrt.⁽³⁾	11,154		500,224

INDIA - 2.4%
Cairn India Ltd.⁽²⁾⁽³⁾	208,221		752,127
Dr. Reddy’s Laboratories Limited⁽³⁾	38,414		374,091
Piramal Healthcare Ltd.⁽³⁾	104,505		397,545

			1,523,763
ITALY - 0.5%
Tenaris S.A. (DR)	14,873		299,988

KAZAKSTAN - 1.4%
KazMunaiGas Exploration Production (DR)⁽³⁾	60,073		893,928

KOREA - 10.3%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽³⁾	33,004		516,122
Hyundai Development Company⁽³⁾	21,361		523,924
MegaStudy Co., Ltd.⁽³⁾	4,729		682,117
Samsung Electronics Co., Ltd.⁽³⁾	8,482		3,503,161
Shinhan Financial Group Co., Ltd.⁽²⁾⁽³⁾	40,147		720,690
Shinsegae Co., Ltd.⁽³⁾	2,266		708,160

			6,654,174


	Shares Held	Value
LUXEMBOURG - 0.5%
Ternium S.A. (DR)	43,916	$	300,825

MEXICO - 6.2%
America Movil SAB de C.V., Series L	927,978		1,257,831
Banco Compartamos SA de CV	271,562		508,040
Fomento Economico Mexicano SAB, Series UBD (Units)	243,597		618,408
Grupo Financiero Banorte S.A. de C.V.	321,228		426,112
Grupo Televisa S.A.	282,742		768,483
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽²⁾	507,917		445,346

			4,024,220
NETHERLANDS - 0.5%
Plaza Centers (Europe) BV⁽³⁾	370,306		308,825

PERU - 0.8%
Credicorp Limited	10,596		496,317

PHILIPPINES - 0.8%
Philippine Long Distance Telephone Company⁽³⁾	11,480		514,167

POLAND - 0.5%
Polski Koncern Naftowy Orlen S.A.⁽³⁾	48,756		333,967

RUSSIA - 3.7%
Globaltrans Investment PLC (DR)⁽²⁾⁽³⁾	68,722		99,333
LUKOIL (DR)⁽³⁾	30,415		1,142,592
Mobile TeleSystems (DR)	20,225		605,132
OAO TMK (DR)⁽³⁾	60,047		286,999
Razguliay Group⁽²⁾⁽⁴⁾	309,319		247,455

			2,381,511
SINGAPORE - 0.7%
Epure International Ltd.⁽³⁾	2,278,000		442,400

SOUTH AFRICA - 10.7%
ABSA Group Limited⁽³⁾	53,353		544,226
African Bank Investments Limited⁽³⁾	271,668		724,165
Gold Fields Limited⁽³⁾	107,962		1,214,457
Grindrod Limited⁽³⁾	390,330		499,866
Impala Platinum Holdings Limited⁽³⁾	62,296		1,045,486
Mondi Limited⁽³⁾	118,658		346,936
Mr. Price Group Limited⁽³⁾	174,062		446,333
MTN Group Limited⁽³⁾	101,389		1,124,729
Reunert Limited⁽³⁾	104,986		406,242
Tiger Brands Limited⁽³⁾	36,044		516,251

			6,868,691
SWEDEN - 0.7%
West Siberian Resources Ltd (DR)⁽³⁾	1,445,025		480,167

TAIWAN - 14.5%
Acer Inc.⁽³⁾	487,148		735,868
Cathay Financial Holding Co., Ltd.⁽³⁾	689,292		595,223


	Shares Held		Value
TAIWAN (CONTINUED)
China Airlines⁽²⁾⁽³⁾		1,669,000	$	418,182
Chinatrust Financial Holding Company Ltd.⁽³⁾		1,502,962		552,385
Far Eastern Textile Ltd.⁽³⁾		802,077		625,937
Far EasTone Telecommunications Co., Ltd.⁽³⁾		465,000		478,207
Hon Hai Precision Industry Co., Ltd.⁽³⁾		457,156		1,037,099
HTC Corporation⁽³⁾		71,000		878,978
MediaTek Inc.⁽³⁾		113,000		1,069,884
Taiwan Fertilizer Co., Ltd.⁽³⁾		428,000		879,950
Taiwan Semiconductor Manufacturing Company Ltd.⁽³⁾		1,341,441		2,042,621

				9,314,334
THAILAND - 3.2%
Bangkok Bank Public Company Limited (DR)⁽³⁾		196,000		415,442
Bumrungrad Hospital Public Company Limited (DR)⁽³⁾		715,100		361,102
Siam Commercial Bank Public Company Limited (DR)⁽³⁾		436,900		669,905
Total Access Communication Public Company Limited⁽³⁾		452,400		337,685
Total Access Communication Public Company Limited (DR)⁽³⁾		374,200		285,958

				2,070,092
TURKEY - 4.1%
Cimsa Cimento Sanayi ve Ticaret A.S.⁽³⁾		175,788		353,562
Tekfen Holding A.S.⁽³⁾		196,506		341,026
Tupras-Turkiye Petrol Rafinerileri A.S.⁽³⁾		50,274		506,156
Turk Hava Yollari Anonim Ortakligi⁽²⁾⁽³⁾		122,990		485,585
Turkcell Iletisim Hizmetleri AS⁽³⁾		123,452		604,324
Turkiye Sinai Kalkinma Bankasi A.S.⁽²⁾⁽³⁾		890,424		387,259

				2,677,912

Total common and preferred stocks (Cost $97,629,848)				63,092,292

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.11%, dated 3/31/09, due 4/1/09, maturity value $1,098,003⁽⁵⁾ (Cost $1,098,000)	$	1,098,000		1,098,000


Total investments - 99.7% (Cost $98,727,848)				64,190,292

Other assets less liabilities - 0.3%				179,014


Total net assets -100.0%⁽⁶⁾			$	64,369,306

⁽¹⁾	Non-voting shares.

⁽²⁾	Non-income producing security.

⁽³⁾	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 $42,187,770 or 65.5% of total net assets.

⁽⁴⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds, Inc. In total, the value of securities determined to be illiquid were $645,323 or 1.0% of total net assets.

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	7.500	%	11/15/2024	$	1,123,668

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


PORTFOLIO DIVERSIFICATION - MARCH 31, 2009 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	6,896,383	10.7	%
Consumer Staples		5,122,609	7.9
Energy		9,060,918	14.1
Financials		7,915,714	12.3
Healthcare		1,749,158	2 .7
Industrials		7,646,163	11.9
Information Technology		9,267,611	14.4
Materials		7,600,535	11.8
Telecommunication Services		6,093,311	9.5
Utilities		1,739,890	2.7

Total common and preferred stocks		63,092,292	98.0
Short-term investments		1,098,000	1.7

Total investments		64,190,292	99.7
Other assets less liabilities		179,014	0.3

Total net assets	$	64,369,306	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2009 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	11,835,598	18.4	%
British pound		308,825	0.5
Chilean peso		798,077	1.2
Colombian peso		362,297	0.5
Czech koruna		685,554	1.1
Egyptian pound		762,844	1.2
Hong Kong dollar		6,627,804	10.3
Hungarian forint		500,224	0.8
Indian rupee		1,523,763	2.4
Korean won		6,654,174	10.4
Mexican peso		4,024,220	6.3
Philippine peso		514,167	0.8
Polish zloty		333,967	0.5
Singapore dollar		442,400	0.7
South African rand		6,868,691	10.7
Swedish krona		480,167	0.7
Taiwan dollar		9,314,334	14.5
Thai baht		1,784,134	2.8
Turkish lira		2,677,912	4.2
US dollar		7,691,140	12.0

Total investments	$	64,190,292	100.0	%


TOP TEN HOLDINGS - MARCH 31, 2009 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea	5.4	%
Petroleo Brasileiro S.A.	Brazil	5.2
Companhia Vale do Rio Doce	Brazil	3.2
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan	3.2
Huabao International Holdings Limited	China	2.1
America Movil SAB de C.V.	Mexico	2.0
Gold Fields Limited	South Africa	1.9
LUKOIL	Russia	1.8
MTN Group Limited	South Africa	1.7
MediaTek Inc.	Taiwan	1.7

Total		28.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

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

(DR) Depository Receipt, voting rights may vary.

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

ARTISAN FUNDS, INC.

Statement of Assets and Liabilities – March 31, 2009 (Unaudited)


	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	63,092,292
Short-term investments (repurchase agreements), at value		1,098,000

Total investments		64,190,292
Cash		832
Foreign currency		38,302
Receivable from investments sold		8,755
Receivable from fund shares sold		77,000
Dividends and interest receivable		204,312
Receivable from Adviser		92,001
Other assets		448

Total assets		64,611,942

LIABILITIES:
Payable for operating expenses		212,655
Payable for withholding taxes		29,533
Payable for deferred directors’ compensation		448

Total liabilities		242,636

Total net assets	$	64,369,306

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	118,424,125
Net unrealized depreciation on investments and foreign currency related transactions		(34,539,086	)
Accumulated undistributed net investment income		30,105
Accumulated undistributed net realized (losses) on investments and foreign currency related transactions		(19,545,838	)

	$	64,369,306

SUPPLEMENTARY INFORMATION:
Net assets
Institutional Shares	$	59,070,903
Advisor Shares	$	5,298,403
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Institutional Shares		7,784,437
Advisor Shares		697,610
Net asset value, offering price and redemption price per share
Institutional Shares	$	7.59
Advisor Shares	$	7.60
Cost of securities of unaffiliated issuers held	$	98,727,848
Cost of foreign currency	$	37,907

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

ARTISAN FUNDS, INC.

Statement of Operations – For the Six Months Ended March 31, 2009 (Unaudited)


	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	441,051
Interest		720

Total investment income		441,771

EXPENSES:
Advisory fees		292,661
Transfer agent fees
Institutional Shares		8,992
Advisor Shares		16,787
Shareholder communications
Institutional Shares		7,215
Advisor Shares		1,609
Custodian fees		78,275
Accounting fees		26,845
Professional fees		41,248
Registration fees
Institutional Shares		20,410
Advisor Shares		6,986
Directors’ fees		3,000
Other operating expenses		6,060

Total operating expenses		510,088
Less amounts waived or paid by the Adviser or the board of directors		(92,001	)

Net expenses		418,087

Net investment income		23,684

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized (loss) on:
Investments		(17,798,747	)
Foreign currency related transactions		(138,234	)

		(17,936,981	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(3,892,528	)
Foreign currency related transactions		99,467

		(3,793,061	)

Net (loss) on investments and foreign currency related transactions		(21,730,042	)

Net (decrease) in net assets resulting from operations	$	(21,706,358	)

⁽¹⁾ Net of foreign taxes withheld of $38,633.

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

ARTISAN FUNDS, INC.

Statement of Changes in Net Assets


	EMERGING MARKETS
	Six Months Ended 3/31/2009⁽¹⁾			Year Ended 9/30/2008

OPERATIONS:
Net investment income	$	23,684		$	875,308
Net realized (loss) on:
Investments		(17,798,747	)		(1,369,976	)
Foreign currency related transactions		(138,234	)		(80,293	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(3,892,528	)		(33,499,682	)
Foreign currency related transactions		99,467			(82,858	)

Net (decrease) in net assets resulting from operations		(21,706,358	)		(34,157,501	)

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Institutional Shares		(747,694	)		(39,728	)
Advisor Shares		(51,612	)		-
Net realized gains on investment transactions:
Institutional Shares		(59,063	)		(1,484,717	)
Advisor Shares		(4,077	)		-

Total distributions paid to shareholders		(862,446	)		(1,524,445	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		13,928,698			90,274,995

Total increase (decrease) in net assets		(8,640,106	)		54,593,049

Net assets, beginning of period		73,009,412			18,416,363

Net assets, end of period	$	64,369,306		$	73,009,412


Accumulated undistributed net investment income (loss)	$	30,105		$	805,727

⁽¹⁾	Unaudited.

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 Fund’s financial performance for the past 5 years or, if shorter, the period of the 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).


Period Ended		Net Asset Value Beginning of Period		Net Investment Income⁽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
Advisor Shares
3/31/2009	⁽⁵⁾	$	11.16	$	0.01	$	(3.44	)	$	(3.43	)	$	(0.12	)	$	(0.01	)
9/30/2008	⁽⁶⁾		17.43		0.04		(6.31	)		(6.27	)		-			-

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


	Period Ended	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets
Emerging Markets Advisor Shares	3/31/2009	3.01	%	(1.37	)%
	9/30/2008	9.73	%	(7.30	)%


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 to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	(0.13	)	$	7.60	(30.80	)%	$	5.3	1.50	%	0.14	%	20.64	%
	-			11.16	(35.97	)		3.2	1.50		0.93		42.24

⁽⁵⁾

Unaudited. For the six months ended March 31, 2009.

⁽⁶⁾

For the period from commencement of operations (June 2, 2008) through September 30, 2008.

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2009 (Unaudited)

(1)

Organization:

Emerging Markets Fund offers shares of capital stock of two classes – Institutional Shares and Advisor Shares – and began offering Advisor Shares on June 2, 2008. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored programs and institutional or other investors. All investments and exchanges are subject to approval by the Fund.

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.

(2)

Summary of significant accounting policies:

The following is a summary of significant accounting policies of Artisan 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 the 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 the Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of the Fund.

NOTES TO FINANCIAL STATEMENTS

Stock Exchange were valued at the mean of the most recent bid and asked quotations as of the time of valuation. Short-term investments, other than repurchase agreements, maturing within sixty days from the valuation date were valued at amortized cost, which approximates market value.

Emerging Markets Fund generally invested a significant portion, and perhaps as much as substantially all, of its total assets in securities principally traded in markets outside the U.S. The foreign markets in which the Fund invested were sometimes open on days when the NYSE was not open and the Fund did not calculate its NAV, and sometimes were not open on days when the Fund did calculate its NAV. 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 Fund calculates its NAV. 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 Fund calculated its NAV.

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

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

NOTES TO FINANCIAL STATEMENTS

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

(b)

Fair Value Measurements – The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), on October 1, 2008. There was no impact on net assets upon adoption of FAS 157. The 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. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

•

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

NOTES TO FINANCIAL STATEMENTS

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

The following table summarizes the Fund’s investments, based on the inputs used to determine their fair values as of March 31, 2009:

Investments in Securities

Level 1 Quoted

Prices

Level 2 - Other Significant
Observable Inputs⁽²⁾

Level 3 - Significant
Unobservable Inputs

Total

20,904,522

42,887,902

⁽¹⁾

397,868

64,190,292

⁽¹⁾

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

⁽²⁾

Includes repurchase agreements.

As of March 31, 2009, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows:


	Investments in Securities
Balance as of September 30, 2008	$	-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)⁽³⁾		(489,890	)
Net purchases (sales)		115,714
Transfers in (out) of Level 3		772,044

Balance as of March 31, 2009	$	397,868

Net change in unrealized appreciation (depreciation) for Level 3 investments held as of March 31, 2009⁽³⁾	$	(489,890	)

⁽³⁾

Change in unrealized depreciation is included in the related amount on investments in the Statement of Operations.

(c)

Taxes – No provision was made for federal income taxes or excise taxes since the 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 Fund may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

Artisan Partners Limited Partnerships (the “Adviser”) has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2009, no provision for income tax would be required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

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

(d)	Portfolio transactions – In determining the 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,

NOTES TO FINANCIAL STATEMENTS

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.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes and cash denominated in foreign currencies were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of the Fund’s NAV on the day of valuation. Payables and receivables for securities transactions, dividend and reclaim receivables and other receivables and payables denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of 12:00 p.m. (Eastern Time) on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using a spot market rate of exchange as of 12:00 p.m. (Eastern Time) on the date of such transactions. 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 Fund may enter into foreign currency forward contracts to hedge the foreign currency exposure on open payables and receivables. These foreign currency forward contracts, or spot contracts, generally settle within two business days. The Fund also may enter into foreign currency forward contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. 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 Fund 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 Fund’s 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.

(f)

Repurchase agreements – The Fund may enter into repurchase agreements with institutions that the Adviser determined were creditworthy pursuant to criteria adopted by the board of directors. Repurchase agreements were recorded at cost plus accrued interest and were collateralized in an amount greater than or equal to the repurchase price plus accrued interest. Collateral (in the form of U.S. government securities) was held by the Fund’s custodian and in the event of default on the obligation of the counterparty to repurchase, the Fund 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.

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

NOTES TO FINANCIAL STATEMENTS

(h)

Securities lending – The Fund may but does not currently intend to enter 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. Any such collateral will be held in a custody account maintained by State Street Bank & Trust Company, the Fund’s custodian. When securities are on loan, the Fund does not receive dividends on the securities loaned, but receives compensation from the borrower in lieu of such dividends. Gain or loss in the fair value of the securities loaned that may occur during the term of the loan will be for the account of the applicable Fund. In entering into securities lending arrangements, the 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. There were no securities on loan during the six months ended March 31, 2009.

(i)

Equity-linked participation certificates – The Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are derivative securities which are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities, subject to the credit risk of the issuing financial institution. The Fund did not invest in participation certificates during the six months ended March 31, 2009.

(j)

Transfer agent fees – The Fund paid fees to, and reimbursed expenses of, the Fund’s transfer agent. In addition, the Fund has authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders for Advisor Shares on the Fund’s 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, 2009, up to 0.40% annually of the average value of Fund shares held in such accounts. The 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 Fund’s transfer agent or other service providers if the shares were registered on the books of the Fund’s transfer agent. The balance of the fees incurred was paid by the Adviser. The Fund’s expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statement of Operations. The table below shows the fees and expenses to the Fund’s transfer agent and the fees to authorized agents incurred by each class of the Fund during the six months ended March 31, 2009:


	Six Months Ended 3/31/09
	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Institutional Shares	$	8,992	$	-	$	8,992
Advisor Shares		14,424		2,363		16,787

NOTES TO FINANCIAL STATEMENTS

(k)	Commission recapture – The Fund had the ability to direct portfolio trades to various brokers that have agreed to rebate a portion of the commissions generated. The Fund received no commission recapture rebates for the six months ended March 31, 2009.

(l)

(m)

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

(n)

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 Fund. 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 Artisan 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.

Emerging Markets 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. The 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 Fund waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Fund’s prospectus.

(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 Fund. In exchange for those services, Emerging Markets Fund paid a monthly management fee to the Adviser at the annual rate of 1.05% of the Fund’s average daily net assets.

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.

NOTES TO FINANCIAL STATEMENTS

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

Artisan Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of Artisan Funds as selected by the individual directors. The Fund purchased shares of 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 Fund, and did not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

(4)

Line of credit arrangement:

Artisan Funds is party to a line of credit agreement with State Street Bank and Trust Company (“SSB”), which expires August 2009, under which the Fund may borrow up to the lesser of (a) $75 million or (b) the lesser of (i) 10% of its adjusted net assets, with adjusted net assets being total assets less liabilities and the value of any assets pledged to anyone other than SSB, (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 would have been 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, 2009, there were no borrowings under the line of credit for Emerging Markets Fund.

NOTES TO FINANCIAL STATEMENTS

(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, 2009 were as follows:


Security Purchases		Security Sales
$26,049,135		$11,915,282

(6)

Information for Federal income tax purposes:


Cost of Investments	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized (Depreciation) on Investments
$103,231,309	$	495,622	$	(39,536,639	)	$	(39,041,017	)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2009 and the year ended September 30, 2008 were as follows:


Six Months Ended 3/31/09		Year Ended 9/30/08
Ordinary Income Dividends	Long-Term Capital Gain Distributions	Ordinary Income Dividends		Long-Term Capital Gain Distributions
$862,446	$ -	$	1,241,033	$	283,412

Additional tax information as of and for the year ended September 30, 2008 follows:


As of 9/30/08
Undistributed Ordinary Income	Undistributed Long-Term Gain	Post- October Losses
$861,738	$ -	$	1,191,524

As of September 30, 2008, the Fund did not have a capital loss carryover.

NOTES TO FINANCIAL STATEMENTS

(7)

Fund share activities:

Capital share transactions for the Fund were as follows:


Six months ended March 31, 2009	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	11,666,628		$	2,981,817
Net asset value of shares issued in reinvestment of dividends and distributions		801,388			55,689
Cost of shares redeemed⁽¹⁾		(1,480,653	)		(96,171	)

Net increase (decrease) from fund share transactions	$	10,987,363		$	2,941,335


Shares sold		1,633,017			415,964
Shares issued in reinvestment of dividends and distributions		104,212			7,232
Shares redeemed		(213,036	)		(13,276	)

Net increase (decrease) in capital shares		1,524,193			409,920


Year ended September 30, 2008	Institutional Shares			Advisor Shares⁽²⁾
Proceeds from shares issued	$	86,328,968		$	3,862,647
Net asset value of shares issued in reinvestment of dividends and distributions		1,510,191			-
Cost of shares redeemed⁽¹⁾		(1,424,727	)		(2,084	)

Net increase (decrease) from fund share transactions	$	86,414,432		$	3,860,563


Shares sold		5,178,178			287,867
Shares issued in reinvestment of dividends and distributions		93,337			-
Shares redeemed		(113,088	)		(177	)

Net increase (decrease) in capital shares		5,158,427			287,690

⁽¹⁾	Net of redemption fees of:

⁽²⁾	For the period from commencement of operations (June 2, 2008) through September 30, 2008.

(8)

Recent Accounting Pronouncements:

NOTES TO FINANCIAL STATEMENTS

(FSP FAS 157-4). FSP FAS 157-4 provides guidance on (1) estimating the fair value of an asset or liability when the volume and level of activity for the asset or liability have significantly decreased and (2) identifying transactions that are not orderly. This FASB Staff Position was issued and is effective for interim and annual periods ending after June 15, 2009. Management is currently evaluating the implications of FSP FAS 157-4 and the impact on the Fund’s financial statement disclosures, if any.

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 the 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, 2008 to March 31, 2009.

Actual Expenses

The first line below the Fund’s name 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 the 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 the Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for the six months ended March 31, 2009 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 the 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.


	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period 10/1/2008-3/31/2009⁽¹⁾
Artisan Emerging Markets Fund - Advisor Shares
Actual	$	1,000.00	$	692.00	$	6.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2009 (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, 2009
Artisan Emerging Markets Fund - Advisor Shares^(a)	1.50	%

^(a)

The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations of the Securities and Exchange Commission (the “SEC”);

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Artisan Partners’ financial condition and stability;

•

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.

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

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

Funds being reviewed, except Emerging Markets Fund and Global Value Fund, was profitable to Artisan Partners during the twelve months ended June 30, 2008.

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. The independent directors considered two potential benefits to Artisan Partners: (a) the potential conversion of a Fund shareholder to a separate account client; and (b) 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:

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners and the profits realized are reasonable in relation to the nature and quality of services provided and in comparison to fees Artisan Partners charges to other clients who have similar investment strategies and objectives, for which it provides few or no services other than portfolio management. The directors concluded that the Funds’ overall expense ratios are competitive and demonstrate Artisan Partners’ history of effective management of the Funds’ business and affairs. The directors also concluded that the shareholders of the Funds (except for International Small Cap Fund and Emerging Markets Fund) have appropriately benefited from economies of scale under the management fee structures in the Advisory Agreements. It was also concluded that Artisan Partners had not achieved (nor was likely to achieve) economies of scale in the management of International Small Cap Fund, because it closed at a small asset level. The directors also concluded that Artisan Partners had put in place a low initial fee schedule in lieu of breakpoints for Emerging Markets Fund.

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The discussion of the Fund included in this report includes statistical information about the portfolio of the Fund. Except as otherwise noted, that information is as of March 31, 2009. That information will vary with changes in the Fund’s portfolio investments. The performance information for the 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. 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.

The names of portfolio securities reflected in this report are as reported by the Fund’s data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Descriptions of Indices

The Fund’s performance is compared in this report to changes in a broad-based index of changes in prices of securities in the market in which the Fund invests. This index is unmanaged and its returns include reinvested dividends. Unlike the Fund’s returns, the returns of the 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 the index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.

The index to which the Fund is compared is the Morgan Stanley Capital International Emerging Markets Index^SM, a market-weighted index of companies in emerging markets.

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

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

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 866.574.1770. That information also is included in the Fund’s statement of additional information, which is available without charge, upon request, by calling 866.574.1770 and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on the Fund’s website at www.artemf.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 Fund’s fiscal year) on Form N-Q. The Fund’s Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may 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.

LOGO

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

866.574.1770

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 Schedules of Investments in securities of unaffiliated issuers as of March 31, 2009 are included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

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.

No material changes to report.

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:		May 19, 2009

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:		May 19, 2009

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

Date:		May 19, 2009

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