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

Artisan International Fund Inv Shs (ARTIX) 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: 9/30/10

Date of reporting period: 3/31/10

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Shareholders.

SEMIANNUAL

R E P O R T

MARCH 31, 2010

ARTISAN GLOBAL EQUITY FUND

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, 2010. 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. Reports on each of the other classes are 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 Equity Fund
4		Artisan Global Value Fund
6		Artisan International Fund
8		Artisan International Small Cap Fund
10		Artisan International Value Fund
12		Artisan Mid Cap Fund
14		Artisan Mid Cap Value Fund
16		Artisan Opportunistic Growth Fund
18		Artisan Opportunistic Value Fund
20		Artisan Small Cap Fund
22		Artisan Small Cap Value Fund

		SCHEDULES OF INVESTMENTS
24		Artisan Global Equity Fund
27		Artisan Global Value Fund
29		Artisan International Fund
32		Artisan International Small Cap Fund
35		Artisan International Value Fund
38		Artisan Mid Cap Fund
41		Artisan Mid Cap Value Fund
44		Artisan Opportunistic Growth Fund
46		Artisan Opportunistic Value Fund
48		Artisan Small Cap Fund
51		Artisan Small Cap Value Fund

54		STATEMENTS OF ASSETS AND LIABILITIES

60		STATEMENTS OF OPERATIONS


66		STATEMENTS OF CHANGES IN NET ASSETS

72		FINANCIAL HIGHLIGHTS

78		NOTES TO FINANCIAL STATEMENTS

97		SHAREHOLDER EXPENSE EXAMPLE

100		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

105		FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENTS

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

112		PROXY VOTING POLICIES AND PROCEDURES

113		INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN GLOBAL EQUITY FUND (ARTHX)

Artisan Global Equity Fund, the twelfth series of Artisan Funds, Inc. began operations on March 29, 2010. This semiannual report has been designed to provide an overview of the Fund. We will review the investment process and have provided portfolio statistics as an indication of the Fund’s initial positioning.

INVESTMENT APPROACH

Artisan Global Equity Fund seeks to invest in well-managed, quality growth companies around the globe that the team believes are exposed to secular growth themes and have strong brands and reasonable valuations.

INVESTMENT TEAM

The Fund is co-managed by Barry Dargan and Mark Yockey. Mr. Yockey is also the portfolio manager of Artisan International Fund and Artisan International Small Cap Fund. The duo is supported by Artisan’s deep and highly experienced global equity analyst team.

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Equity Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities. The investment team’s thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally.

Themes. Changing demographics, developing technology, privatization of economic resources, outsourcing and infrastructure are among the long-term catalysts for change that currently form the basis for our investment themes. The team incorporates these catalysts along with sector and regional fundamentals into a long-term global framework for investment analysis and decision-making.

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

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

PERFORMANCE HISTORY

The Fund’s performance and growth of an assumed $10,000 investment chart have been omitted due to the Fund’s short performance history, but will be included in the September 2010 annual report.

PORTFOLIO CONSTRUCTION

•

Capitalization Range. The Fund primarily invests in U.S. and non-U.S. companies of all market capitalizations.

•

Emerging Markets. The Fund can invest up to 30% of its assets in emerging markets at time of purchase.

•

Position Size. The Fund’s maximum position size is 5% of assets at the time of purchase in 75% of the portfolio, but in the remaining 25% of the portfolio the team can invest up to 10% of Fund assets at the time of purchase in a single position.

SECTOR DIVERSIFICATION


Sector	3/31/10
Consumer Discretionary	10.7	%
Consumer Staples	17.0
Energy	6.4
Financials	14.0
Healthcare	14.2
Industrials	5.1
Information Technology	14.4
Materials	8.8
Telecommunication Services	2.8
Other assets less liabilities	6.6
Total	100.0	%

As a percentage of total net assets.

REGION ALLOCATION


Region	3/31/10
Europe	36.1	%
Americas	32.5
Emerging Markets	13.2
Pacific Basin	11.6

As a percentage of total net assets.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		Since Inception
Artisan Global Value Fund	9.56	%	59.63	%	-2.02	%
MSCI ACWI^SM (All Country World Index)	7.90		55.48		-10.31

⁽¹⁾	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 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’ agreement to limit the Fund’s expenses to no more than 1.50%, which 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. See page 111 for a description of the index.

INVESTING ENVIRONMENT

Global equity markets, as measured by the MSCI All Country World Index^SM, advanced 7.90% during the six-month period ended March 31, 2010 as economies around the world began to show signs of stabilization. The economic environment, however, remained muted as concerns surrounding large government deficits in several developed markets, including the U.S., weighed on sentiment.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	21.5	%	22.9	%
Consumer Staples	14.2		14.5
Energy	2.3		2.1
Financials	22.6		27.5
Healthcare	9.3		8.1
Industrials	14.5		14.6
Information Technology	9.1		5.6
Materials	2.4		—
Other assets less liabilities	4.1		4.7
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Though the economic environment was still uneven, our portfolio returned 9.56% as 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 Fund: American Express Company, a credit card company; Signet Jewelers Ltd., a jewelry retailer in the U.S. and U.K.; Experian PLC, a U.K. credit-verification company; Compass Group PLC, a contract caterer; and Tyco Electronics Ltd., a U.S. electronic components manufacturer. Some of our worst performers included: SANKYO CO., LTD., a Japanese pachinko machine manufacturer; Cintas Corporation, a U.S. uniform manufacturer; Dell Inc., a U.S. computer maker; Pargesa Holding SA, a Swiss holding company; and Home Retail Group plc, a U.K. home and general merchandise retailer.

REGION ALLOCATION


Region	9/30/09		3/31/10
Americas	43.0	%	45.5	%
Europe	45.2		42.5
Pacific Basin	6.4		7.3
Emerging Markets	1.3		—

As a percentage of total net assets.

FUND CHANGES

Although new investments were harder to find as markets improved, we did identify several new investment opportunities for the portfolio during the period. New purchases included food distributor Sysco Corporation, British lender Lloyds Banking Group plc, U.S. property and casualty insurer The Chubb Corporation, U.S. for-profit education company Apollo Group, Inc. and Japanese megabank Mitsubishi UFJ Financial Group, Inc. Our sales during the period included Givaudan SA, Grupo Modelo, S.A. de C.V. and Cadbury PLC.

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, outsourcing and infrastructure 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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan International Fund	1.11	%	51.22	%	-6.16	%	4.90	%	-0.03	%	10.03	%
MSCI EAFE^® Growth Index	6.20		50.61		-5.70		4.24		-1.26		2.85
MSCI EAFE^® Index	3.06		54.44		-7.02		3.75		1.27		4.46

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

The MSCI EAFE^® Index was up 3.06% during the six-month period ended March 31, 2010. The market environment was choppy during the period as countries and economies around the globe continued to deal with the aftermath of the financial crisis. Concerns mounted over Greece’s ability to refinance its debt and the contagion spread over to other sovereign debt issues within the EU. Sentiment improved late in the period when government officials in Greece passed austerity measures aimed at lowering its budget deficit and restoring confidence in its financial condition. Most market sectors posted solid gains during the period. The most notable exception was the financials sector, which dipped 5%, largely due to weakness among European banks. International currencies were generally weak against the U.S. dollar during the period, which eroded some of the gains in the market for U.S. dollar based investors.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	12.1	%	14.9	%
Consumer Staples	14.2		12.8
Energy	4.5		1.3
Financials	30.7		26.1
Healthcare	10.1		10.5
Industrials	11.2		15.3
Information Technology	6.4		8.0
Materials	6.6		8.2
Telecommunication Services	1.6		—
Utilities	1.5		1.8
Other assets less liabilities	1.1		1.1
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund ended the period with a return of 1.11%.

Our top performers came from a variety of sectors and included semiconductor manufacturer ASML Holding N.V., multinational food company Nestle SA, rail and freight services provider Canadian Pacific Railway Limited, trading company MITSUI & CO., LTD. and gases and engineering company Linde AG.

On the downside, several of our European financial holdings were among our biggest decliners during the period. Included in that group were ING Groep N.V. (Netherlands), Societe Generale (France) and Intesa Sanpaolo (Italy), as well as two positions we sold during the period, The Governor and Company of the Bank of Ireland (Ireland) and Credit Suisse Group AG (Switzerland).

REGION ALLOCATION


Region	9/30/09		3/31/10
Europe	68.7	%	64.9	%
Pacific Basin	9.5		13.9
Emerging Markets	13.9		12.8
Americas	6.8		7.3

As a percentage of total net assets.

FUND CHANGES

We look to invest in companies with attractive growth rates, trading at reasonable valuations, with exposure to the long-term themes we have identified. Our larger purchases during the period included Netherlands-based mail and logistics services provider TNT NV, Japanese auto manufacturer HONDA MOTOR CO., LTD., Hong Kong-based resort and casino operator Sands China Ltd., German electric company RWE AG and Hong Kong-based flavor and fragrances company Huabao International Holdings Limited.

Sales during the period included Gazprom, Heineken Holding NV, Telefonica S.A., Allianz SE and Assicurazioni Generali S.p.A.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		Since Inception
Artisan International Small Cap Fund	3.05	%	68.48	%	-3.25	%	8.94	%	15.19	%
MSCI EAFE^® Small Cap Index	3.69		70.02		-8.27		3.60		11.57
MSCI EAFE^® Index	3.06		54.44		-7.02		3.75		6.79

⁽¹⁾	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, 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 111 for a description of each index.

INVESTING ENVIRONMENT

International small-cap equities, as measured by the MSCI EAFE^® Small Cap Index, generally trended lower for the first part of the fiscal year until March, when stocks rebounded sharply, recovering losses suffered earlier in the period. Lingering aftershocks of the financial crisis, sovereign debt concerns in the euro zone and a potential slowdown in Chinese bank lending all contributed to the general decline in returns until the upturn in March, when Greece passed austerity measures aimed at reducing its budget deficit and euro zone leaders agreed to create a financial safety net with the IMF to help restore confidence in the euro. The shift in investor sentiment helped the Index end up 3.69% for this semiannual reporting period with all sectors, except financials, generating positive returns. Not surprisingly, the euro zone’s most troubled countries, Greece, Ireland, Portugal, Spain and Italy, comprised the only country decliners in the Index.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	21.8	%	28.6	%
Consumer Staples	20.7		15.4
Financials	17.2		12.4
Healthcare	8.4		8.7
Industrials	16.8		17.5
Information Technology	8.8		9.0
Materials	3.5		2.4
Utilities	—		1.6
Other assets less liabilities	2.8		4.4
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund trailed the MSCI EAFE^® Small Cap Index over the last six months with a return of 3.05%. Our underperformance largely stemmed from the technology and consumer discretionary sectors. Wirecard AG, a global leader in the e-payment industry, was one of our weakest performers in the technology sector and overall. Home improvement retailer Praktiker Bau-Und Heimwerkermaerkte Holding AG was also a big detractor and largely responsible for stymieing our consumer discretionary holdings.

The primary driver of our absolute performance, as well as the major source of relative strength, was the industrials sector with Schindler Holding AG, and Beijing Enterprises Water Group Limited leading the way. Strong stock selection in the financials sector, led by our commercial bank holdings, Commercial International Bank and Industrial and Commercial Bank of China (Asia) Limited, generated positive results in marked contrast to the Index’s loss in this sector.

Regionally, our Pacific Basin holdings outperformed those in the Index and our investments in emerging markets, particularly China, proved positive. Our German and U.K. stocks were the largest performance detractors in Europe.

REGION ALLOCATION


Region	9/30/09		3/31/10
Europe	61.4	%	56.6	%
Emerging Markets	23.3		22.7
Pacific Basin	10.2		13.1
Americas	2.3		3.2

As a percentage of total net assets.

FUND CHANGES

As we maneuver through an environment where countries and economies are working through the lasting effects of the global financial crisis, we remain committed to our investment process. We seek to invest in companies with attractive growth rates, trading at reasonable valuations, with exposure to the long-term themes we have identified. Our larger purchases during the period included water treatment company Beijing Enterprises Water Group Limited and U.K. pub companies Punch Taverns plc and Enterprise Inns plc. Sales during the period included Praktiker Bau-Und Heimwerkermaerkte Holding AG, Sky Deutschland AG, Intertek Group plc and Centamin Egypt Limited.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		Since Inception
Artisan International Value Fund	7.35	%	60.19	%	-1.90	%	7.13	%	16.42	%
MSCI EAFE^® Value Index	0.04		58.52		-8.40		3.20		11.46
MSCI EAFE^® Index	3.06		54.44		-7.02		3.75		10.62

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

International equity markets, as measured by the MSCI EAFE^® Index, advanced 3.06% during the six-month period ended March 31, 2010. The economic environment remained muted as concerns surrounding large government deficits in several developed markets, including Greece and the U.S., weighed on sentiment.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	23.4	%	23.3	%
Consumer Staples	10.0		9.3
Energy	4.7		4.3
Financials	17.9		21.8
Healthcare	8.8		7.3
Industrials	14.6		16.4
Information Technology	6.1		7.5
Materials	3.2		2.5
Telecommunication Services	1.4		—
Other assets less liabilities	9.9		7.6
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Though the economic environment was still uneven, our portfolio returned 7.35% as we remained focused on the intersection of balance sheet strength, business quality and valuation.

Over the six-month period, we saw a few businesses or industries where revenue growth returned. Corporations also strengthened their balance sheets and continued to cut costs, as at least a partial offset to revenue declines. Equities that made positive contributions to the Fund’s performance included: Signet Jewelers Ltd., a jewelry retailer in the U.S. and U.K.; Experian PLC, a U.K. credit-checking company; Compass Group PLC, a U.K. contract caterer; Tyco Electronics Ltd., a U.S. electronic components manufacturer and Credit Saison Co., Ltd., a Japanese credit card company. Some of the worst performing equities in the portfolio during the period were SANKYO CO., LTD., a Japanese pachinko machine manufacturer; Brit Insurance Holdings NV, a U.K. insurance and reinsurance company; Gemalto NV, a French smart card maker; SEINO HOLDINGS CO., LTD., a Japanese transportation company; and Pargesa Holding SA, a Swiss holding company.

REGION ALLOCATION


Region	9/30/09		3/31/10
Europe	64.2	%	66.1	%
Americas	13.0		14.0
Pacific Basin	10.2		11.7
Emerging Markets	2.7		0.6

As a percentage of total net assets.

FUND CHANGES

Although new investments were harder to find as markets improved, we did identify several new investment opportunities for the portfolio during the period. We acquired shares in previously mentioned Brit Insurance Holdings NV, publishing group Reed Elsevier PLC, British lender Lloyds Banking Group plc, British defense technology contractor Qinetiq Group PLC, Japanese megabank Mitsubishi UFJ Financial Group, Inc. and Japanese wigmaker Aderans Holdings Company Limited. We funded these purchases in part by selling our shares in Cadbury PLC, SK Telecom Co., Ltd. and Grupo Modelo, S.A. de C.V.

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 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Mid Cap Fund	12.07	%	56.92	%	1.69	%	5.98	%	3.80	%	13.34	%
Russell Midcap^® Growth Index	14.88		63.00		-2.04		4.27		-1.69		5.66
Russell Midcap^® Index	15.10		67.71		-3.30		4.20		4.84		7.86

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

During the six months ended March 31, 2010, strong earnings reports and evidence that economic and business conditions were steadily improving lifted U.S. mid-cap stocks higher. The Russell Midcap^® Index gained 15.10% in the period. Value stocks were slightly favored over growth stocks in the mid-cap market segment as the Russell Midcap^® Value Index returned 15.32%, while the Russell Midcap^® Growth Index returned 14.88%. Within the Russell Midcap^® Growth Index, most sectors earned double-digit percentage gains. The strongest performing sector was health care, rising more than 19%. The utilities sector was the only sector to lose ground, declining 3%.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	16.0	%	19.9	%
Consumer Staples	3.0		1.6
Energy	2.1		5.2
Financials	6.5		5.3
Healthcare	17.8		15.7
Industrials	13.2		12.9
Information Technology	34.7		35.3
Materials	2.4		1.9
Exchange Traded Funds	0.7		—
Other assets less liabilities	3.6		2.2
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund participated in the gain, returning 12.07% in the period. The technology, materials and energy sectors were sources of positive returns. In the technology sector, returns were led by Cree, Inc., a provider of LED (Light Emitting Diode) chips and lighting solutions, ARM Holdings PLC, a developer and licenser of microprocessors and Agilent Technologies, Inc., a manufacturer of test and measurement products, among others. Top performers in the materials and energy sectors included fertilizer company Agrium Inc. and energy services and equipment provider Smith International, Inc.

Returns on holdings in the health care sector were not as strong. Our underperformers in the health care sector included Illumina, Inc., a developer of tools for genetic analysis, and athenahealth, Inc., a clinical billing software provider. The industrials and financials sectors were also areas of underperformance. In the industrials sector, solar panel maker First Solar, Inc. and contracting services company Quanta Services, Inc. detracted from returns. Our results in the financials sector suffered from our lack of real estate investment trusts (REITS) and a negative return by brokerage services provider TD Ameritrade Holding Corporation.

FUND CHANGES

The most notable changes to the portfolio during the period were increased exposure to the consumer discretionary and energy sectors and a reduced weighting in the health care sector. In the consumer discretionary sector, we added to our positions in Harman International Industries, Incorporated and Ctrip.com International, Ltd. and purchased Polo Ralph Lauren Corporation and Gafisa S.A. In the energy sector, we increased our position in Smith International, Inc. Other significant purchases included Cummins Inc., Edwards Lifesciences Corporation and GSI Commerce, Inc.

Our reduced weighting in the health care sector was due in part to the sale of C.R. Bard, Inc. and a reduced position in Cerner Corporation. In addition to these sales, our new purchases were funded with sales in other sectors, such as sales of TD Ameritrade Holding Corporation, Quanta Services, Inc., CommScope, Inc., Invesco Limited and Ecolab Inc., among others.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Value Fund	10.50	%	55.81	%	0.29	%	5.80	%	10.59	%
Russell Midcap^® Value Index	15.32		72.41		-5.22		3.71		8.05
Russell Midcap^® Index	15.10		67.71		-3.30		4.20		7.01

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

The Russell Midcap^® and Russell Midcap^® Value indices gained 15.10% and 15.32%, respectively, during the six-month period ended March 31, 2010. After a volatile start to the period, equities rallied strongly during the latter part of February and throughout March, led by gains in the traditionally cyclical sectors. For the period as a whole, the consumer discretionary, industrials and health care sectors posted the strongest returns while the utilities, telecom and energy sectors lagged, as they have since the initial market rebound in March 2009.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	12.3	%	10.5	%
Consumer Staples	6.9		7.5
Energy	10.3		8.8
Financials	13.9		17.2
Healthcare	6.8		3.7
Industrials	22.9		20.0
Information Technology	16.4		19.1
Utilities	3.1		7.8
Other assets less liabilities	7.4		5.4
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund participated in the advance with a return of 10.50%. A number of our best performers came from the health care sector. Leading orthopedic company Stryker Corporation, drug distributor Cardinal Health, Inc. and managed care services provider CIGNA Corporation were our top performers in the health care sector. We sold our position in Cardinal Health during the period. Our minimal investment in the relatively weak energy and utilities sectors also boosted returns relative to the Index. From an individual stock perspective, our leading contributors during the period included oil and gas exploration and production company Cimarex Energy Co., light fixtures company Acuity Brands, Inc., toy company Mattel, Inc., aerospace and defense company Rockwell Collins, Inc. and information services provider Equifax Inc.

The financial sector was a source of underperformance. Our insurance companies did not keep pace with those in the Index, held back by insurance brokerage Brown & Brown, Inc., property and casualty insurer Allied World Assurance Company Holdings, Ltd and title insurer Fidelity National Financial, Inc. Also hurting returns within the sector was our minimal investment in REITs and our lack of banking exposure. The consumer discretionary and technology sectors were also sources of relative weakness. Within these sectors, H&R Block, Inc., Omnicom Group Inc., Total System Services, Inc., The Western Union Company and Ingram Micro Inc. were our worst relative performers.

FUND CHANGES

We had one takeout completed during the period: Marvel Entertainment, Inc. by The Walt Disney Company. We exited our positions in Dover Corporation, Covance Inc., Seagate Technology, Lam Research Corporation and Thomas & Betts Corporation. Purchases during the period included property and casualty insurer The Allstate Corporation, money transfer services provider The Western Union Company, electronic payment processor Total Systems Services, Inc., construction and engineering firm Jacobs Engineering Group Inc. and utilities American Water Works Company Inc., OGE Energy Corp. and Xcel Energy 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 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		Since Inception
Artisan Opportunistic Growth Fund	10.94	%	53.17	%	0.92	%
Russell 1000^® Growth Index	12.96		49.75		4.05
Russell 1000^® Index	12.11		51.60		0.89

⁽¹⁾	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’ agreement to limit the Fund’s expenses to no more than 1.50%, which 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. See page 111 for a description of each index.

INVESTING ENVIRONMENT

During the reporting period ending March 31, 2010, strong earnings reports and evidence that economic and business conditions were steadily improving presented a positive environment for stocks. The Russell 1000^® Index gained 12.11% as of the end of the period. Growth stocks were slightly favored versus value stocks as the Russell 1000^® Growth Index advanced 12.96%, while its value counterpart returned 11.28%. Within the Russell 1000^® Index, all sectors had positive returns, though there was a fair degree of variation. The consumer discretionary and industrials sectors were the leaders, each rising more than 18%. The utilities and telecommunications sectors, on the other hand, rose less than 5%.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	15.1	%	15.2	%
Energy	4.3		7.0
Financials	7.8		6.1
Healthcare	12.6		11.6
Industrials	10.9		10.2
Information Technology	41.8		41.7
Materials	1.4		2.1
Other assets less liabilities	6.1		6.1
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

For the six-month period ended March 31, 2010, the Fund returned 10.94%. Our top contributors were ARM Holdings PLC, a developer and licenser of microprocessors, consumer electronics company Apple Inc., Agilent Technologies, Inc., a manufacturer of test and measurement products, electronic payments company Visa Inc., and Cummins Inc., a manufacturer of diesel and natural gas engines. The Fund’s largest detractors were wind-turbine maker Gamesa Corporacion Tecnologica, S.A., solar panel producer First Solar, Inc., video game publisher Activision Blizzard, Inc., MEMC Electronic Materials, Inc., a manufacturer of silicon wafers for the semiconductor industry and silicon to the solar industry, and contracting services company Quanta Services, Inc.

REGION ALLOCATION


Region	9/30/09		3/31/10
Americas	79.8	%	72.9	%
Emerging Markets	1.9		13.7
Europe	12.2		7.3

As a percentage of total net assets.

FUND CHANGES

The investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle. During the six-month period ended March 31, 2010, the Fund’s number of holdings decreased from 39 to 37. Our purchases included Cummins Inc., Ctrip.com International, Ltd., Compagnie Financiere Richemont SA, Precision Castparts Corp. and Wynn Macau Limited.

These purchases were partially funded with sales of Activision Blizzard, Inc., Bank of America Corporation, Best Buy Co., Inc., C.R. Bard, Inc. and CSX Corporation, among others.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		Since Inception
Artisan Opportunistic Value Fund	12.41	%	57.38	%	-4.49	%	0.67	%
Russell 1000^® Value Index	11.28		53.56		-7.33		-1.94
Russell 1000^® Index	12.11		51.60		-3.98		-0.32

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

The Russell 1000^® and Russell 1000^® Value indices gained 12.11% and 11.28%, respectively, during the six-month period ended March 31, 2010. After a volatile start to the period, equities rallied strongly during the latter part of February and throughout March, led by large gains in the traditionally cyclical sectors. For the period as a whole, the consumer discretionary, industrials and health care sectors posted the strongest returns while the utilities, telecom and energy sectors lagged, as they have since the initial market rebound in March 2009.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	12.6	%	4.9	%
Consumer Staples	14.2		11.3
Energy	5.8		9.6
Financials	18.9		21.2
Healthcare	10.8		10.5
Industrials	8.3		6.9
Information Technology	26.5		30.6
Other assets less liabilities	2.9		5.0
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

For the six-month period ended March 31, 2010, the Fund returned 12.41%. We benefited from our energy and consumer staples holdings. Our top contributors in these two sectors included contract driller Nabors Industries Ltd. and exploration and production company Apache Corporation in the energy sector and food manufacturer Nestle SA, retailer Wal-Mart Stores, Inc. and international cigarette producer Phillip Morris International Inc. in the consumer staples sector. The outperformance of our health care companies, led by managed care services provider CIGNA Corporation and orthopedic company Stryker Corporation, and our lack of investment in the utilities and telecom sectors also boosted returns relative to the Index. We sold our position in Stryker during the period.

On the downside, our consumer discretionary stocks did not keep pace with those in the Index. Global advertising and marketing services agency Omnicom Group Inc. and floor coverings manufacturer Mohawk Industries, Inc., two holdings that we sold during the period, were our primary detractors. Our technology and industrials holdings also fell short of those in the Index. In those sectors, technology distributor Ingram Micro Inc., mobile phone maker Nokia Corporation, money transfer services provider The Western Union Company and aerospace and defense company Lockheed Martin Corporation were our biggest detractors relative to the Index. We sold our position in Nokia during the period.

REGION ALLOCATION


Region	9/30/09		3/31/10
Americas	89.4	%	94.0	%
Europe	7.7		1.0

As a percentage of total net assets.

FUND CHANGES

Our purchases this period included a number of technology companies, including IT infrastructure provider International Business Machines Corporation, The Western Union Company, electronic payment processor Total Systems Services, Inc. and semiconductor equipment provider Applied Materials, Inc. We also initiated positions in property and casualty insurer Alleghany Corporation, aerospace and defense company Raytheon Company, integrated oil and gas company Exxon Mobil Corporation, food manufacturer Kraft Foods Inc. and diversified global health care company Baxter International Inc. Sales included Rockwell Collins, Inc., Unilever PLC, Avnet, Inc., The Walt Disney Company and Dell Inc.

ARTISAN SMALL CAP FUND (ARTSX)

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Fund employs a bottom-up investment process to construct a diversified portfolio of primarily U.S. small-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.

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 (3/28/1995 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Small Cap Fund	8.93	%	64.86	%	-5.11	%	0.57	%	1.86	%	6.44	%
Russell 2000^® Growth Index	12.07		60.32		-2.42		3.82		-1.53		5.10
Russell 2000^® Index	13.07		62.76		-3.99		3.36		3.68		8.03

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

During the six months ending March 31, 2010, strong earnings reports and evidence that economic and business conditions were steadily improving lifted small-cap stocks higher. The Russell 2000^® Index gained 13.07% in the period. Value stocks were preferred over growth stocks among the small-cap market cap segment as the Russell 2000^® Value Index climbed 14.01%, while the Russell 2000^® Growth Index returned 12.07%. Within the Russell 2000^® Growth Index, all sectors had positive returns, though there was a significant level of dispersion. The consumer discretionary and consumer staples sectors were the leaders, each rising more than 20%. The utilities and telecommunications sectors trailed with gains of nearly 3%.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	10.1	%	12.5	%
Consumer Staples	3.7		1.6
Energy	7.4		5.6
Financials	7.4		8.3
Healthcare	14.8		16.3
Industrials	20.6		17.4
Information Technology	28.9		32.1
Materials	1.3		1.0
Utilities	1.4		1.6
Other assets less liabilities	4.4		3.6
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund participated in the strong market, gaining 8.93% in the period. Compared with the Russell 2000^® Growth Index, the Fund benefited from positive stock selection in the industrials, financials and consumer staples sectors. Our top contributors to return in these sectors were Waste Connections, Inc., a solid waste services company, Ares Capital Corporation, a business development company, and Bare Escentuals, Inc., a mineral-based cosmetics retailer. Across the rest of the portfolio, winners included e-commerce services provider GSI Commerce, Inc., semiconductor company Atheros Communications, Inc. and specialty retailer PETsMART, Inc.

The health care sector was an area of relative weakness. Detracting from our performance in this sector were Clarient, Inc., an oncology-focused laboratory services provider, Phase Forward Incorporated, a data management solutions provider for clinical trials, and biopharmaceutical company AMAG Pharmaceuticals, Inc. Other weak performers were Euronet Worldwide, Inc., an electronic payments provider, Tessera Technologies, Inc., a provider of miniaturization technologies for the electronics industry, and STEC, Inc., a producer of enterprise storage solid-state drives (SSDs).

FUND CHANGES

The biggest sector-level shifts in the portfolio during the period were increased positions in the technology and consumer discretionary sectors and decreased exposures to the industrials and consumer staples sectors. In the consumer discretionary sector, we added to our positions in LKQ Corporation and Monro Muffler Brake, Inc. In the technology sector, we increased our positions in Atheros Communications, Inc. and GSI Commerce, Inc.

In the industrials sector, our reduced weighting was due in part to the sale of Corrections Corporation of America and UTi Worldwide Inc. Our consumer staples weighting decreased due in part to sales of Bare Escentuals, Inc. and Chattem, 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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/29/1997 to 3/31/2010)

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan Small Cap Value Fund	11.93	%	66.78	%	0.87	%	6.58	%	12.09	%	10.70	%
Russell 2000^® Value Index	14.01		65.07		-5.71		2.75		8.90		6.87
Russell 2000^® Index	13.07		62.76		-3.99		3.36		3.68		4.66

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

The Russell 2000^® and Russell 2000^® Value indices gained 13.07% and 14.01%, respectively, during the six-month period ended March 31, 2010. After a volatile start to the period, equities rallied strongly during the latter part of February and throughout March, led by gains in the traditionally cyclical sectors. For the period as a whole, the consumer discretionary, industrials and health care sectors posted the strongest returns while the utilities, telecom and energy sectors lagged, as they have since the initial market rebound in March 2009.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	5.8	%	6.7	%
Consumer Staples	2.6		2.7
Energy	7.8		8.8
Financials	8.6		8.2
Healthcare	5.6		3.1
Industrials	22.8		22.9
Information Technology	24.9		27.3
Materials	4.7		4.4
Utilities	9.1		10.5
Other assets less liabilities	8.1		5.4
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund participated in the advance with a return of 11.93%.

Our technology holdings outperformed those in the Index. Printer vendor Lexmark International, Inc., commercial services provider MAXIMUS, Inc. and software companies MicroStrategy Incorporated, Manhattan Associates, Inc. and Progress Software Corporation were some of our top contributors during the period. We also benefited from strong stock selection in the consumer staples and industrials sectors. Takeout targets Chattem, Inc. and MPS Group, Inc. were two of our strongest performers in these sectors. Other top contributors included leaf tobacco merchant Universal Corporation in the consumer staples sector and light fixtures company Acuity Brands, Inc. and industrial machinery manufacturer Woodward Governor Company in the industrials sector.

The declines of several of our energy companies contributed to our underperformance. Marine contractor Cal Dive International, Inc., oil and natural gas exploration and production company Comstock Resources, Inc. and contract drilling services providers Seahawk Drilling, Inc. and Parker Drilling Company were our biggest detractors in the sector. Weakness of certain holdings in the consumer discretionary, financials and materials sectors also weighed on relative returns. International Speedway Corporation, The Student Loan Corporation, Allied World Assurance Company Holdings, Ltd and Eagle Materials Inc. were among our detractors in these sectors.

FUND CHANGES

We had two takeouts completed during the period: SPSS Inc. by International Business Machines Corporation and new purchase Chattem, Inc. by Sanofi-Aventis. We also sold three other positions as they were in the process of being acquired: Varian Inc. by Agilent Technologies, Inc., Marvel Entertainment, Inc. by The Walt Disney Company, and MPS Group, Inc. by Adecco SA. Other sales during the period included Kforce Inc., Regal-Beloit Corporation and Sanderson Farms, Inc.

Our new purchase activity slowed during the period as the run-up in valuations made it more difficult to find new ideas that met our investment criteria. Comstock Resources, Inc. was our largest purchase. Smaller additions included consulting services provider FTI Consulting, Inc., Web security solutions provider Websense, Inc. and financial self-service solutions provider Diebold, Incorporated.

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 93.4%

BRAZIL - 2.1%
Companhia de Bebidas das Americas, Preferred⁽¹⁾	565	$	51,787
Natura Cosmeticos SA	1,900		38,569
Petroleo Brasileiro S.A., Preferred (DR)	1,951		77,240

			167,596
CHINA - 1.6%
China Pacific Insurance (Group) Company, Ltd., H Shares⁽²⁾	17,200		76,427
Huabao International Holdings Limited	43,100		51,514

			127,941
DENMARK - 0.9%
Novo Nordisk A/S, Class B	954		74,028

FRANCE - 4.3%
Air Liquide SA	630		75,629
Christian Dior SA	1,016		108,381
DANONE S.A.	1,251		75,359
Pernod Ricard SA	887		75,320

			334,689
GERMANY - 4.8%
Bayer AG	1,097		74,202
Deutsche Boerse AG	992		73,531
Henkel AG & Co. KGaA, Preferred⁽¹⁾	1,388		74,726
Linde AG	628		74,931
Symrise AG	3,297		78,508

			375,898
HONG KONG - 2.9%
Dairy Farm International Holdings Limited	5,300		34,980
Esprit Holdings Limited	11,800		93,163
Li & Fung Limited	20,700		101,710

			229,853
INDONESIA - 0.7%
PT Bank Rakyat Indonesia	61,500		55,759

ISRAEL - 2.8%
Teva Pharmaceutical Industries Limited (DR)	3,499		220,717

JAPAN - 8.7%
CANON INC.	1,600		74,104
FAST RETAILING CO., LTD.	295		51,276


	Shares Held	Value

JAPAN (CONTINUED)
HISAMITSU PHARMACEUTICAL CO., INC.	1,025	$	38,099
HOYA	2,700		74,193
INPEX CORPORATION	21		154,091
Nitori Co., Ltd.	500		37,972
Nomura Holdings, Inc.	9,900		72,961
SANTEN PHARMACEUTICAL CO., LTD.	1,200		36,017
Shin-Etsu Chemical Co., Ltd.	1,570		91,187
UNICHARM CORPORATION	535		51,674

			681,574
KOREA - 1.4%
Amorepacific Corporation	52		37,824
Samsung Electronics Co., Ltd.	103		74,465

			112,289
NETHERLANDS - 1.0%
Akzo Nobel N.V.	1,331		75,855

PERU - 0.5%
Credicorp Ltd.	431		38,006

RUSSIA - 1.7%
Gazprom (DR)	5,830		136,014

SOUTH AFRICA - 1.0%
MTN Group Limited⁽²⁾	4,899		75,330

SPAIN - 2.8%
Industria de Diseno Textil, S.A.	1,114		73,433
Telefonica S.A.	6,170		146,170

			219,603
SWITZERLAND - 9.1%
Julius Baer Group Ltd.	3,154		114,416
Nestle SA	4,403		225,495
Roche Holding AG - Genussscheine⁽¹⁾	927		150,339
Swatch Group AG	175		55,799
Synthes, Inc.	596		74,387
UBS AG⁽²⁾	5,951		96,738

			717,174
TAIWAN - 0.9%
Taiwan Semiconductor Manufacturing Company Ltd. (DR)	7,048		73,933

THAILAND - 0.5%
CP ALL PCL⁽²⁾⁽³⁾	44,600		37,931


	Shares Held	Value

UNITED KINGDOM - 13.2%
Babcock International Group plc	10,692	$	97,756
BHP Billiton Plc	4,921		168,768
Experian PLC	11,272		110,928
HSBC Holdings plc	16,334		165,576
Reckitt Benckiser Group PLC	2,077		114,002
Reed Elsevier PLC	9,455		75,398
SSL International plc	3,075		37,937
Standard Chartered plc	2,774		75,666
Tesco plc	14,247		94,143
WPP plc	9,213		95,488

			1,035,662
UNITED STATES - 32.5%
3M Company	919		76,801
Accenture plc, Class A	3,509		147,203
Allergan, Inc.	1,160		75,771
Apple Inc.⁽²⁾	320		75,178
The Bank of New York Mellon Corporation	2,408		74,359
Church & Dwight Company, Inc.	1,107		74,114
Cisco Systems, Inc.⁽²⁾	4,918		128,016
CME Group Inc., Class A	354		111,903
Colgate-Palmolive Company	876		74,688
Covidien plc	1,884		94,727
DENTSPLY International Inc	1,618		56,387
The Dun & Bradstreet Corporation	1,002		74,569
eBay Inc.⁽²⁾	2,032		54,762
EMC Corporation⁽²⁾	4,118		74,289
Franklin Resources, Inc.	671		74,414
The Goldman Sachs Group, Inc.	428		73,030
Google Inc., Class A⁽²⁾	232		131,546
Hess Corporation	922		57,671
Johnson & Johnson	2,006		130,791
Mead Johnson Nutrition Company	1,421		73,935
Monsanto Company	1,047		74,777
NIKE, Inc., Class B	1,007		74,014
Oracle Corporation	2,895		74,373
PepsiCo, Inc.	1,117		73,901
The Procter & Gamble Company	2,045		129,387
Schlumberger Limited	1,180		74,883
Thermo Fisher Scientific Inc.⁽²⁾	1,107		56,944
Verisk Analytics, Inc., Class A⁽²⁾	1,325		37,365
Visa Inc., Class A	825		75,100
The Walt Disney Company	2,108		73,590
The Western Union Company	4,337		73,556

			2,552,044

Total common and preferred stocks (Cost $7,357,526)			7,341,896


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 90.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $7,082,000⁽⁴⁾ (Cost $7,082,000)	$	7,082,000	$	7,082,000


Total investments - 183.5% (Cost $14,439,526)				14,423,896

Other assets less liabilities - (83.5%)				(6,562,351	)


Total net assets - 100.0%⁽⁵⁾			$	7,861,545

⁽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, Inc. In total, securities valued at a fair value were $37,931 or 0.5% of total net assets.

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.625	%	11/15/2016	$	2,565,483
U.S. Treasury Note	1.375		1/15/2013		4,663,313

				$	7,228,796

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - March 31, 2010 (Unaudited)
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	840,224		10.7	%
Consumer Staples		1,337,835		17.0
Energy		499,899		6.4
Financials		1,102,786		14.0
Healthcare		1,120,346		14.2
Industrials		397,419		5.1
Information Technology		1,130,718		14.4
Materials		691,169		8.8
Telecommunication Services		221,500		2.8

Total common and preferred stocks		7,341,896		93.4
Short-term investments		7,082,000		90.1

Total investments		14,423,896		183.5
Other assets less liabilities		(6,562,351	)	(83.5	)

Total net assets	$	7,861,545		100.0	%


CURRENCY EXPOSURE - March 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	90,356	0.6	%
British pound		1,035,662	7.2
Danish krone		74,028	0.5
Euro		1,006,045	7.0
Hong Kong dollar		322,814	2.2
Indonesian rupiah		55,759	0.4
Japanese yen		681,574	4.7
Korean won		112,289	0.8
South African rand		75,330	0.5
Swiss franc		717,174	5.0
Thai baht		37,931	0.3
U.S. dollar		10,214,934	70.8

Total investments	$	14,423,896	100.0	%


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Nestle SA	Switzerland	2.9	%
Teva Pharmaceutical Industries Limited	Israel	2.8
BHP Billiton Plc	United Kingdom	2.1
HSBC Holdings plc	United Kingdom	2.1
INPEX CORPORATION	Japan	2.0
Roche Holding AG	Switzerland	1.9
Accenture plc	United States	1.9
Telefonica S.A.	Spain	1.9
Gazprom	Russia	1.7
Google Inc.	United States	1.7

Total		21.0	%

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.

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

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS AND EQUITY-LINKED SECURITIES - 95.3%

FRANCE - 7.5%
Publicis Groupe	18,834	$	805,881
Societe Television Francaise 1	26,039		483,054
Sodexo	13,834		826,807
Total SA	5,628		326,711

			2,442,453
HONG KONG - 2.6%
Guoco Group Limited	81,250		849,728

IRELAND - 1.5%
Ryanair Holdings PLC, Equity-Linked Security, 144A^(1)(2)(3)(4)	97,296		483,599

JAPAN - 4.7%
Credit Saison Co., Ltd.	37,100		575,409
Daiwa Securities Group Inc.	59,596		313,630
Mitsubishi UFJ Financial Group, Inc.	60,200		315,520
SANKYO CO., LTD.	6,548		323,933

			1,528,492
NETHERLANDS - 1.2%
Wolters Kluwer NV	17,158		372,066

SWITZERLAND - 10.0%
Adecco SA	11,494		652,424
Novartis AG	16,414		886,549
Panalpina Welttransport Holding AG	8,909		756,640
Pargesa Holding SA	11,301		959,256

			3,254,869
UNITED KINGDOM - 22.3%
Compass Group PLC	87,298		696,817
Diageo plc	54,983		922,809
Experian PLC	156,142		1,536,590
Home Retail Group plc	119,895		493,059
Lloyds Banking Group plc⁽⁴⁾	585,819		558,013
Royal Dutch Shell PLC, Class A	12,276		355,073
Signet Jewelers Ltd.⁽⁴⁾	49,395		1,597,434
Unilever plc (DR)	36,711		1,074,898

			7,234,693
UNITED STATES - 45.5%
3M Company	5,965		498,495
American Express Company	34,477		1,422,521
Apollo Group, Inc., Class A⁽⁴⁾⁽⁵⁾	7,865		482,046
Arch Capital Group Ltd.⁽⁴⁾⁽⁶⁾	13,821		1,053,851


	Shares Held		Value

UNITED STATES (CONTINUED)
The Bank of New York Mellon Corporation		38,837	$	1,199,287
The Chubb Corporation		10,441		541,366
Cintas Corporation		29,200		820,228
Covidien plc		11,640		585,259
Dell Inc.⁽⁴⁾		26,278		394,433
Johnson & Johnson		17,725		1,155,670
Marsh & McLennan Companies, Inc.		46,690		1,140,170
Microsoft Corporation		11,995		351,094
Mohawk Industries, Inc.⁽⁴⁾		16,940		921,197
The Procter & Gamble Company		14,936		945,001
The Sherwin-Williams Company		6,315		427,399
Sysco Corporation		23,652		697,734
Tyco Electronics Ltd.		38,619		1,061,250
Wal-Mart Stores, Inc.		19,492		1,083,755

				14,780,756

Total common stocks and equity-linked securities (Cost $23,616,123)				30,946,656

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $1,750,000⁽⁷⁾ (Cost $1,750,000)	$	1,750,000		1,750,000


Total investments - 100.7% (Cost $25,366,123)				32,696,656

Other assets less liabilities - (0.7%)				(219,839	)


Total net assets - 100.0%⁽⁸⁾			$	32,476,817

⁽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 $483,599 or 1.5% of total net assets.

⁽²⁾	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.

⁽³⁾

Security is restricted and was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. Restricted securities may be resold in transactions exempt from registration normally to qualified institutional buyers. Ryanair Holdings PLC was acquired on various dates from August 26, 2009 to November 3, 2009 at an aggregate cost of $436,548. In total, the value of these restricted securities held by the Fund was $483,599 or 1.5% of total net assets.

⁽⁴⁾	Non-income producing security.

⁽⁵⁾	Non-voting shares.

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

⁽⁷⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.625	%	11/15/2016	$	1,789,743

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - March 31, 2010 (Unaudited)
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	7,429,693		22.9	%
Consumer Staples		4,724,197		14.5
Energy		681,784		2.1
Financials		8,928,751		27.5
Healthcare		2,627,478		8.1
Industrials		4,747,976		14.6
Information Technology		1,806,777		5.6

Total common stocks		30,946,656		95.3
Short-term investments		1,750,000		5.4

Total investments		32,696,656		100.7
Other assets less liabilities		(219,839	)	(0.7	)

Total net assets	$	32,476,817		100.0	%


CURRENCY EXPOSURE - March 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	4,207,288	12.9	%
Euro		3,653,191	11.2
Hong Kong dollar		849,728	2.6
Japanese yen		1,528,492	4.7
Swiss franc		3,254,869	9.9
U.S. dollar		19,203,088	58.7

Total investments	$	32,696,656	100.0	%


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Signet Jewelers Ltd.	United Kingdom	4.9	%
Experian PLC	United Kingdom	4.7
American Express Company	United States	4.4
The Bank of New York Mellon Corporation	United States	3.7
Johnson & Johnson	United States	3.6
Marsh & McLennan Companies, Inc.	United States	3.5
Wal-Mart Stores, Inc.	United States	3.3
Unilever plc	United Kingdom	3.3
Tyco Electronics Ltd.	United States	3.3
Arch Capital Group Ltd.	United States	3.2

Total		37.9	%

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.

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2010 (Unaudited)


		Shares Held	Value

COMMON AND PREFERRED STOCKS - 98.9%

AUSTRALIA - 0.2%
Foster’s Group Limited		4,050,176	$	19,661,049

BELGIUM - 1.5%
Anheuser-Busch InBev NV		1,987,856		100,133,295
Umicore		1,451,958		50,703,924

				150,837,219
BRAZIL - 1.3%
Petroleo Brasileiro S.A., Preferred (DR)		3,467,624		137,283,234

CANADA - 2.3%
Canadian Pacific Railway Limited		4,218,471		237,246,809

CHINA - 7.6%
Baidu, Inc., Class A (DR)⁽¹⁾		51,837		30,946,689
Beijing Enterprises Holdings Ltd.		5,260,470		36,586,326
China Construction Bank, H Shares		172,387,100		140,986,970
China Life Insurance Co., Limited, H Shares		31,712,900		151,942,542
China Merchants Bank Co., Ltd., H Shares		11,120,804		30,078,486
China Merchants Holdings International Company Limited		15,554,265		56,894,243
Ctrip.com International, Ltd. (DR)⁽¹⁾		510,206		20,000,075
Huabao International Holdings Limited		80,561,405		96,288,739
Industrial and Commercial Bank of China Ltd, H Shares		129,116,800		98,613,855
Tencent Holdings Limited	��	1,010,500		20,264,011
Wynn Macau Limited⁽¹⁾		69,329,672		99,830,084

				782,432,020
DENMARK - 1.2%
Danske Bank A/S⁽¹⁾		5,110,524		125,727,903

FRANCE - 12.5%
Accor S.A.		2,443,762		135,195,374
BNP Paribas		2,727,893		209,496,688
Compagnie de Saint-Gobain		1,189,302		57,185,395
Credit Agricole S.A.		3,781,281		66,189,169
Natixis⁽¹⁾		19,801,049		106,843,463
Pernod Ricard SA		2,960,307		251,375,639


	Shares Held	Value

FRANCE (CONTINUED)
Societe Generale	2,576,520	$	162,045,174
Unibail-Rodamco	615,157		124,629,314
Vinci SA	3,070,721		180,974,887

			1,293,935,103
GERMANY - 13.7%
Bayer AG	4,223,307		285,666,917
Daimler AG	4,898,618		230,611,859
Deutsche Boerse AG	291,010		21,570,737
Deutsche Post AG	11,835,137		205,329,038
Linde AG	2,610,379		311,461,189
Muenchener Rueckversicherungs-Gesellschaft AG	1,626,456		263,942,344
Rhoen-Klinikum AG	52,496		1,343,626
RWE AG	1,092,986		96,841,479

			1,416,767,189
HONG KONG - 4.1%
The Bank of East Asia, Ltd.	15,875,835		58,683,899
Esprit Holdings Limited	8,912,800		70,367,987
Li & Fung Limited	27,734,899		136,276,704
NWS Holdings Limited	33,563,746		66,917,833
Sands China Ltd.⁽¹⁾	61,192,264		97,097,426

			429,343,849
INDIA - 2.5%
Housing Development Finance Corporation Ltd.	1,248,822		75,535,720
ICICI Bank Limited	1,675,413		35,639,145
ICICI Bank Limited (DR)	3,355,985		143,300,560

			254,475,425
ITALY - 1.6%
Intesa Sanpaolo⁽¹⁾	44,606,531		166,133,397

JAPAN - 8.0%
DENSO CORPORATION	3,393,734		101,096,900
FAST RETAILING CO., LTD.	430,450		74,818,831
HONDA MOTOR CO., LTD.	3,154,100		111,333,084
Mitsubishi Corporation	1,062,200		27,836,025
Mitsubishi UFJ Financial Group, Inc.	5,564,800		29,166,242
MITSUI & CO., LTD.	14,769,600		248,187,417
Nitori Co., Ltd.	1,015,050		77,086,908
SUZUKI MOTOR CORPORATION	5,331,006		117,636,810
The Tokyo Electric Power Company, Incorporated	1,550,100		41,318,314

			828,480,531


	Shares Held	Value

NETHERLANDS - 9.9%
Akzo Nobel N.V.	2,429,679	$	138,469,099
ASML Holding N.V.	13,736,782		490,928,021
ING Groep N.V.⁽¹⁾	25,996,320		259,547,475
TNT NV	4,907,157		140,709,339

			1,029,653,934
SINGAPORE - 1.6%
Genting Singapore PLC⁽¹⁾	98,584,799		62,366,451
Oversea-Chinese Banking Corporation Limited	17,052,900		106,173,029

			168,539,480
SPAIN - 0.7%
Industria de Diseno Textil, S.A.	1,182,433		77,944,205

SWEDEN - 1.2%
AB SKF, Class B	2,642,181		46,947,874
Sandvik AB	5,926,172		74,070,995

			121,018,869
SWITZERLAND - 10.8%
Holcim Ltd.⁽¹⁾	3,409,524		254,162,165
Nestle SA	5,815,029		297,810,666
Novartis AG	3,869,333		208,989,486
Roche Holding AG	340,244		56,761,115
Roche Holding AG - Genussscheine⁽²⁾	1,301,588		211,088,342
UBS AG⁽¹⁾	5,658,391		91,981,052

			1,120,792,826
TAIWAN - 1.4%
Taiwan Semiconductor Manufacturing Company Ltd. (DR)	12,262,088		128,629,303
Uni-President Enterprises Corp.	10,111,000		11,509,309

			140,138,612
TURKEY - 0.0%⁽³⁾
Coca-Cola Icecek AS	348,439		2,961,531

UNITED KINGDOM - 11.8%
Carnival plc	591,478		24,279,195
Experian PLC	20,372,331		200,483,728
HSBC Holdings plc	18,787,002		190,609,357
Imperial Tobacco Group plc	6,064,662		184,982,687
Kingfisher PLC	33,175,167		107,936,001
National Grid PLC	5,432,144		52,880,598
Smith & Nephew PLC	12,080,417		120,349,719
Standard Chartered plc	1,553,099		42,363,952
Tesco plc	44,797,052		296,016,661

			1,219,901,898
UNITED STATES - 5.0%
Accenture plc, Class A	3,807,576		159,727,813
Covidien plc	3,925,270		197,362,576


	Shares Held		Value

UNITED STATES (CONTINUED)
Philip Morris International Inc.		3,012,404	$	157,126,993

				514,217,382

Total common and preferred stocks (Cost $8,802,259,308)				10,237,492,465

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $102,820,000⁽⁴⁾ (Cost $102,820,000)	$	102,820,000		102,820,000


Total investments - 99.9% (Cost $8,905,079,308)				10,340,312,465

Other assets less liabilities - 0.1%				7,101,289


Total net assets - 100.0%⁽⁵⁾			$	10,347,413,754

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

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

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.375	%	6/30/2013	$	104,878,862

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - March 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,543,877,894	14.9	%
Consumer Staples		1,321,577,830	12.8
Energy		137,283,234	1.3
Financials		2,701,200,473	26.1
Healthcare		1,081,561,781	10.5
Industrials		1,579,369,909	15.3
Information Technology		830,495,837	8.0
Materials		851,085,116	8.2
Utilities		191,040,391	1.8

Total common and preferred stocks		10,237,492,465	98.9
Short-term investments		102,820,000	1.0

Total investments		10,340,312,465	99.9
Other assets less liabilities		7,101,289	0.1

Total net assets	$	10,347,413,754	100.0	%


CURRENCY EXPOSURE - March 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	19,661,049	0.2	%
British pound		1,186,324,204	11.5
Danish krone		125,727,903	1.2
Euro		4,135,271,047	40.0
Hong Kong dollar		1,194,406,799	11.6
Indian rupee		111,174,865	1.1
Japanese yen		828,480,531	8.0
Singapore dollar		168,539,480	1.6
Swedish krona		121,018,869	1.2
Swiss franc		1,120,792,826	10.8
Taiwan dollar		11,509,309	0.1
Turkish lira		2,961,531	0.0	⁽¹⁾
U.S. dollar		1,314,444,052	12.7

Total investments	$	10,340,312,465	100.0	%

⁽¹⁾	Represents less than 0.1% of total investments.


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
ASML Holding N.V.	Netherlands	4.7	%
Linde AG	Germany	3.0
Nestle SA	Switzerland	2.9
Tesco plc	United Kingdom	2.9
Bayer AG	Germany	2.8
Roche Holding AG	Switzerland	2.6
Muenchener Rueckversicherungs-Gesellschaft AG	Germany	2.6
ING Groep N.V.	Netherlands	2.5
Holcim Ltd.	Switzerland	2.5
Pernod Ricard SA	France	2.4

Total		28.9	%

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.

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

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 95.6%

AUSTRALIA - 1.9%
Domino’s Pizza Enterprises Limited	3,065,747	$	15,107,330

AUSTRIA - 4.4%
bwin Interactive Entertainment AG⁽¹⁾	286,999		16,881,519
Flughafen Wien AG	331,050		16,463,431
Wienerberger AG⁽¹⁾	91,816		1,788,243

			35,133,193
CANADA - 2.1%
Finning International Inc.	931,417		16,873,995

CHINA - 14.4%
Beijing Capital Land Limited, H Shares	10,828,000		4,253,521
China Everbright International Limited	23,915,700		12,166,921
China Gas Holdings Ltd.	23,298,000		13,082,948
China National Building Material Company Ltd., H Shares	3,284,000		6,352,923
China Real Estate Information Corp. (DR)⁽¹⁾	496,478		4,974,710
Hengan International Group Company Limited	2,426,550		18,095,405
Intime Department Store Group Company Limited	9,711,000		9,405,509
New World Department Store China	5,621,000		5,393,496
Ports Design Limited	2,470,000		6,235,245
REXLot Holdings Limited	160,325,000		22,920,533
Yingde Gases⁽¹⁾	9,977,000		11,025,232

			113,906,443
EGYPT - 2.9%
Commercial International Bank (DR)	1,570,693		18,377,108
Eastern Tobacco	197,642		4,486,969

			22,864,077
FRANCE - 3.7%
Laurent-Perrier	68,940		5,540,274
Meetic⁽¹⁾	340,582		10,442,164
Remy Cointreau SA	201,605		10,415,394
Vilmorin & Cie	23,941		2,458,500

			28,856,332
GERMANY - 9.9%
Gerresheimer AG	604,897		18,913,652
Sixt AG	208,377		6,664,606
Wacker Neuson SE	1,264,345		14,481,196
Wirecard AG	4,047,122		38,263,731

			78,323,185


	Shares Held	Value

HONG KONG - 8.2%
Beijing Enterprises Water Group Limited⁽¹⁾	47,222,000	$	17,455,278
Cafe De Coral Holdings Limited	5,102,000		11,972,623
Industrial and Commercial Bank of China (Asia) Limited	9,528,000		23,929,678
Shangri-La Asia Limited	2,900,000		5,669,833
SJM Holdings Limited	8,919,000		5,858,505

			64,885,917
INDIA - 0.2%
ACC Limited	72,000		1,518,503

ITALY - 5.3%
Azimut Holding SpA	656,588		8,313,946
Bulgari S.p.A.	1,339,106		10,906,245
Davide Campari - Milano S.p.A.	2,097,553		22,423,677

			41,643,868
JAPAN - 0.7%
Nichi-iko Pharmaceutical Co., Ltd.	196,300		5,515,885

RUSSIA - 0.2%
Pharmstandard⁽¹⁾⁽²⁾	24,350		1,965,840

SINGAPORE - 2.3%
City Developments Limited	690,000		5,228,207
SIA Engineering Company	5,008,700		12,710,165

			17,938,372
SPAIN - 0.6%
Sol Melia, S.A.	516,528		4,444,023

SWITZERLAND - 9.0%
Bank Sarasin & Cie AG, B Shares⁽¹⁾	633,062		26,267,510
Nobel Biocare Holding AG	475,249		12,710,567
Schindler Holding AG, Participation Certificates⁽³⁾	241,995		21,298,498
Straumann Holding AG	43,986		10,950,612

			71,227,187
THAILAND - 1.2%
CP ALL PCL⁽¹⁾⁽²⁾	11,000,300		9,355,443

TURKEY - 3.8%
Coca-Cola Icecek AS	3,544,968		30,130,184

UNITED KINGDOM - 23.7%
888 Holdings PLC	5,658,721		8,518,407
Babcock International Group plc	1,373,274		12,555,750


	Shares Held		Value

UNITED KINGDOM (CONTINUED)
The Berkeley Group Holdings PLC⁽¹⁾		862,833	$	10,658,095
Catlin Group Limited		1,232,924		6,739,201
Enterprise Inns plc⁽¹⁾		9,159,754		16,679,901
Greene King PLC		1,272,185		8,652,678
InterContinental Hotels Group PLC		442,561		6,930,766
Marston’s PLC		2,399,879		3,339,543
Mothercare plc		1,183,993		10,789,233
PartyGaming plc⁽¹⁾		1,977,534		9,605,900
Persimmon plc⁽¹⁾		1,246,099		8,802,391
Playtech Ltd.		1,691,597		13,861,783
Premier Foods PLC⁽¹⁾		39,005,083		18,786,962
Punch Taverns plc⁽¹⁾		14,232,350		17,278,062
Redrow plc⁽¹⁾		4,457,662		9,585,293
SSL International plc		1,486,712		18,341,963
VT Group plc		492,389		5,603,999

				186,729,927
UNITED STATES - 1.1%
AsiaInfo Holdings, Inc.⁽¹⁾		319,956		8,472,435

Total common stocks (Cost $625,300,746)				754,892,139

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $8,568,000⁽⁴⁾ (Cost $8,568,000)	$	8,568,000		8,568,000


Total investments - 96.7% (Cost $633,868,746)				763,460,139

Other assets less liabilities - 3.3%				25,847,629


Total net assets - 100.0%⁽⁵⁾			$	789,307,768

⁽¹⁾	Non-income producing security.

⁽²⁾	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 $11,321,283 or 1.4% of total net assets.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Issuer	Maturity	Value
U.S. Treasury Bill	5/20/2010	$	8,743,251

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - March 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	225,635,130	28.6	%
Consumer Staples		121,692,808	15.4
Financials		98,083,881	12.4
Healthcare		68,398,519	8.7
Industrials		138,062,082	17.5
Information Technology		71,040,113	9.0
Materials		18,896,658	2.4
Utilities		13,082,948	1.6

Total common stocks		754,892,139	95.6
Short-term investments		8,568,000	1.1

Total investments		763,460,139	96.7
Other assets less liabilities		25,847,629	3.3

Total net assets	$	789,307,768	100.0	%


CURRENCY EXPOSURE - March 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	15,107,330	2.0	%
British pound		186,729,927	24.5
Canadian dollar		16,873,995	2.2
Egyptian pound		4,486,969	0.6
Euro		188,400,601	24.7
Hong Kong dollar		173,817,650	22.8
Indian rupee		1,518,503	0.2
Japanese yen		5,515,885	0.7
Singapore dollar		17,938,372	2.4
Swiss franc		71,227,187	9.3
Thai baht		9,355,443	1.2
Turkish lira		30,130,184	3.9
U.S. dollar		42,358,093	5.5

Total investments	$	763,460,139	100.0	%


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany	4.8	%
Coca-Cola Icecek AS	Turkey	3.8
Bank Sarasin & Cie AG	Switzerland	3.3
Industrial and Commercial Bank of China (Asia) Limited	Hong Kong	3.0
REXLot Holdings Limited	China	2.9
Davide Campari - Milano S.p.A.	Italy	2.8
Schindler Holding AG	Switzerland	2.7
Gerresheimer AG	Germany	2.4
Premier Foods PLC	United Kingdom	2.4
Commercial International Bank	Egypt	2.3

Total		30.4	%

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.

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

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments - March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS AND EQUITY-LINKED SECURITIES - 92.4%

BELGIUM - 0.7%
Groupe Bruxelles Lambert S.A.	216,493	$	19,129,225

FRANCE - 12.0%
Gemalto NV⁽¹⁾	961,919		41,626,892
Publicis Groupe	1,866,971		79,885,088
Societe Television Francaise 1	3,682,460		68,313,994
Sodexo	1,265,854		75,655,389
Total SA	1,190,334		69,100,028

			334,581,391
HONG KONG - 2.8%
Guoco Group Limited	7,488,800		78,319,292

IRELAND - 2.3%
Ryanair Holdings PLC, Equity-Linked Security, 144A^(1)(2)(3)(4)	12,930,719		64,270,765

JAPAN - 8.8%
Aderans Holdings Company Limited	1,649,900		19,571,495
Credit Saison Co., Ltd.	4,611,159		71,517,601
Daiwa Securities Group Inc.	8,324,431		43,808,108
MEITEC CORPORATION	734,747		14,390,007
Mitsubishi UFJ Financial Group, Inc.	2,831,800		14,842,037
Mitsubishi UFJ Financial Group, Inc.⁽⁴⁾	3,654,200		19,152,401
SANKYO CO., LTD.	1,036,438		51,273,139
SEINO HOLDINGS CO., LTD.	1,468,800		10,463,374

			245,018,162
KOREA - 0.6%
Lotte Chilsung Beverage Co., Ltd.	21,573		16,492,682

NETHERLANDS - 1.0%
Wolters Kluwer NV	1,275,524		27,659,347

SINGAPORE - 0.1%
ARA Asset Management Limited	3,164,000		2,578,334

SWITZERLAND - 17.7%
Adecco SA	1,652,671		93,809,142
Givaudan SA	80,233		70,386,499
Nestle SA	882,371		45,189,714
Novartis AG	1,708,101		92,257,542
Panalpina Welttransport Holding AG	993,802		84,403,423
Pargesa Holding SA	1,134,566		96,304,682


	Shares Held		Value

SWITZERLAND (CONTINUED)
Tamedia AG		124,422	$	10,148,228

				492,499,230
UNITED KINGDOM - 32.4%
Brit Insurance Holdings NV		2,978,456		34,011,526
Carpetright PLC		1,710,914		20,770,483
Compass Group PLC		9,483,880		75,700,756
Diageo plc		5,282,285		88,655,438
Experian PLC		15,100,173		148,600,520
Home Retail Group plc		9,709,182		39,928,258
Lancashire Holdings Ltd		4,037,560		29,495,346
Lloyds Banking Group plc⁽¹⁾		55,662,944		53,020,855
Qinetiq Group PLC		19,855,890		40,375,934
Reed Elsevier PLC		7,179,245		57,250,584
Royal Dutch Shell PLC, Class A		1,742,447		50,398,850
Savills Plc		6,146,972		32,461,524
Signet Jewelers Ltd.⁽¹⁾		4,147,639		134,134,645
Unilever plc (DR)		2,987,517		87,474,498
Vitec Group PLC		1,321,051		8,119,009

				900,398,226
UNITED STATES - 14.0%
Accenture plc, Class A		1,334,978		56,002,327
Arch Capital Group Ltd.⁽¹⁾⁽⁵⁾		1,465,031		111,708,614
Covidien plc		2,198,645		110,547,871
Tyco Electronics Ltd.		3,990,945		109,671,169

				387,929,981

Total common stocks and equity-linked securities (Cost $2,210,364,223)				2,568,876,635

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $186,854,000⁽⁶⁾ (Cost $186,854,000)	$	186,854,000		186,854,000


Total investments - 99.1% (Cost $2,397,218,223)				2,755,730,635

Other assets less liabilities - 0.9%				24,083,422


Total net assets - 100.0%⁽⁷⁾			$	2,779,814,057

⁽¹⁾	Non-income producing security.

⁽²⁾	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 $64,270,765 or 2.3% of total net assets.

⁽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. Ryanair Holdings PLC was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. Restricted securities under Rule 144A may be resold in transactions exempt from registration normally to qualified institutional buyers. Mitsubishi UFJ Financial Group, Inc., was acquired in a private placement and is not deemed to be illiquid in the United States; however, the shares of the Mitsubishi UFJ Financial Group, Inc are freely tradeable outside the United States, where the Fund expects to trade them.


Security	Acquisition Dates	Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC	9/17/2008- 3/31/2010	$	54,812,778	$	64,270,765	2.3	%
Mitsubishi UFJ Financial Group, Inc.	12/14/2009		17,639,402		19,152,401	0.7	%

Total Restricted Securities				$	83,423,166	3.0	%

⁽⁵⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (6) in Notes to Financial Statements.

⁽⁶⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	1.375	%	3/15/2012	$	36,854,350
U.S. Treasury Note	1.375		9/15/2012		153,738,388

				$	190,592,738

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - March 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	648,838,920	23.3	%
Consumer Staples		257,383,827	9.3
Energy		119,498,878	4.3
Financials		606,349,545	21.8
Healthcare		202,805,413	7.3
Industrials		456,313,165	16.4
Information Technology		207,300,388	7.5
Materials		70,386,499	2.5

Total common stocks		2,568,876,635	92.4
Short-term investments		186,854,000	6.7

Total investments		2,755,730,635	99.1
Other assets less liabilities		24,083,422	0.9

Total net assets	$	2,779,814,057	100.0	%


CURRENCY EXPOSURE - March 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	628,390,233	22.8	%
Euro		496,039,578	18.0
Hong Kong dollar		78,319,292	2.8
Japanese yen		245,018,162	8.9
Korean won		16,492,682	0.6
Singapore dollar		2,578,334	0.1
Swiss franc		492,499,230	17.9
U.S. dollar		796,393,124	28.9

Total investments	$	2,755,730,635	100.0	%


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Experian PLC	United Kingdom	5.3	%
Signet Jewelers Ltd.	United Kingdom	4.8
Arch Capital Group Ltd.	United States	4.0
Covidien plc	United States	4.0
Tyco Electronics Ltd.	United States	3.9
Pargesa Holding SA	Switzerland	3.5
Adecco SA	Switzerland	3.4
Novartis AG	Switzerland	3.3
Diageo plc	United Kingdom	3.2
Unilever plc	United Kingdom	3.1

Total		38.5	%

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.

The Fund owns Pargesa Holding SA (Pargesa) which represents 3.5% of the Fund’s total net assets, and Groupe Bruxelles Lambert SA (GBL) which represents 0.7% of the Fund’s total net assests. Pargesa is the parent company of GBL. If aggregated, the Fund’s holdings of both securities would represent 4.2% of the Fund’s total net assets.

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

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.8%

CONSUMER DISCRETIONARY - 19.9%
Auto Components - 1.8%
BorgWarner Inc.⁽¹⁾	1,117,899	$	42,681,384
Johnson Controls, Inc.	1,235,662		40,764,489

			83,445,873
Distributors - 1.5%
LKQ Corporation⁽¹⁾	3,464,201		70,323,280

Hotels, Restaurants & Leisure - 5.8%
Chipotle Mexican Grill, Inc., Class A⁽¹⁾	301,500		33,970,005
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾	2,054,100		80,520,720
Home Inns & Hotels Management, Inc. (DR)⁽¹⁾⁽²⁾	787,500		25,782,750
Panera Bread Company, Class A⁽¹⁾	115,100		8,803,999
Starbucks Corporation⁽¹⁾	567,283		13,767,958
Starwood Hotels & Resorts Worldwide, Inc.	1,505,622		70,222,210
Wynn Resorts, Limited	485,300		36,800,299

			269,867,941
Household Durables - 2.7%
Gafisa S.A. (DR)⁽²⁾	2,436,900		33,483,006
Harman International Industries, Incorporated	1,962,900		91,824,462

			125,307,468
Multiline Retail - 3.3%
Kohl’s Corporation⁽¹⁾	2,798,764		153,316,292

Specialty Retail - 2.2%
Dick’s Sporting Goods, Inc., Class A⁽¹⁾	2,094,400		54,684,784
O’Reilly Automotive, Inc.⁽¹⁾	1,129,700		47,119,787

			101,804,571
Textiles, Apparel & Luxury Goods - 2.6%
Coach, Inc.	1,856,600		73,372,832
Polo Ralph Lauren Corporation, Class A	571,900		48,634,376

			122,007,208


	Shares Held	Value

CONSUMER STAPLES - 1.6%
Beverages - 1.6%
Hansen Natural Corporation⁽¹⁾	1,710,712	$	74,210,687

ENERGY - 5.2%
Energy Equipment & Services - 3.7%
Cameron International Corporation⁽¹⁾	1,300,100		55,722,286
Dresser-Rand Group Inc.⁽¹⁾	701,396		22,037,862
Smith International, Inc.	2,232,858		95,610,980

			173,371,128
Oil, Gas & Consumable Fuels - 1.5%
Range Resources Corporation	1,466,031		68,712,873

FINANCIALS - 5.3%
Capital Markets - 1.8%
Ares Capital Corporation	2,677,300		39,731,132
Greenhill & Co., Inc.	554,886		45,550,592

			85,281,724
Commercial Banks - 1.2%
FirstMerit Corporation	618,400		13,338,888
HDFC Bank Limited (DR)⁽²⁾	321,848		44,862,393

			58,201,281
Diversified Financial Services - 2.3%
CME Group Inc., Class A	334,841		105,846,589

HEALTHCARE - 15.7%
Biotechnology - 0.6%
Human Genome Sciences, Inc.⁽¹⁾	519,100		15,676,820
Vertex Pharmaceuticals Incorporated⁽¹⁾	297,400		12,154,738

			27,831,558
Health Care Equipment & Supplies - 2.8%
Edwards Lifesciences Corporation⁽¹⁾	698,900		69,107,232
Intuitive Surgical, Inc.⁽¹⁾	79,812		27,784,952
NuVasive, Inc.⁽¹⁾	736,270		33,279,404

			130,171,588
Health Care Providers & Services - 1.5%
Community Health Systems, Inc.⁽¹⁾	1,885,200		69,620,436


	Shares Held	Value

HEALTHCARE (CONTINUED)
Health Care Technology - 5.1%
athenahealth, Inc.⁽¹⁾⁽³⁾	1,772,200	$	64,791,632
Cerner Corporation⁽¹⁾	2,060,800		175,291,648

			240,083,280
Life Sciences Tools & Services - 1.5%
Illumina, Inc.⁽¹⁾	1,824,796		70,984,564

Pharmaceuticals - 4.2%
Allergan, Inc.	3,017,461		197,100,552

INDUSTRIALS - 12.9%
Aerospace & Defense - 3.1%
Precision Castparts Corp.	1,150,220		145,744,376

Air Freight & Logistics - 1.9%
C.H. Robinson Worldwide, Inc.	614,702		34,331,107
Expeditors International of Washington, Inc.	1,545,227		57,049,781

			91,380,888
Construction & Engineering - 1.0%
AECOM Technology Corporation⁽¹⁾	885,300		25,115,961
Fluor Corporation	499,319		23,223,327

			48,339,288
Electrical Equipment - 1.4%
Roper Industries, Inc.	1,176,054		68,022,963

Machinery - 2.4%
Cummins Inc.	1,667,600		103,307,820
PACCAR Inc	250,006		10,835,260

			114,143,080
Professional Services - 1.3%
IHS Inc., Class A⁽¹⁾	534,900		28,601,103
Verisk Analytics, Inc., Class A⁽¹⁾	1,163,500		32,810,700

			61,411,803
Road & Rail - 1.3%
J.B. Hunt Transport Services, Inc.	1,682,226		60,358,269

Trading Companies & Distributors - 0.5%
Watsco, Inc., Class A	410,800		23,366,304

INFORMATION TECHNOLOGY - 35.3%
Communications Equipment - 1.5%
Juniper Networks, Inc.⁽¹⁾	2,319,827		71,172,292


	Shares Held	Value

INFORMATION TECHNOLOGY (CONTINUED)
Computers & Peripherals - 1.5%
NetApp, Inc.⁽¹⁾	2,172,675	$	70,742,298

Electronic Equipment & Instruments - 4.7%
Agilent Technologies, Inc.⁽¹⁾	4,154,900		142,887,011
Trimble Navigation Limited⁽¹⁾	2,663,799		76,504,307

			219,391,318
Internet Software & Services - 4.2%
GSI Commerce, Inc.⁽¹⁾	1,767,800		48,915,026
MercadoLibre, Inc.⁽¹⁾	1,614,100		77,815,761
NetEase.com, Inc. (DR)⁽¹⁾⁽²⁾	129,200		4,582,724
Vistaprint N.V.⁽¹⁾	1,188,100		68,018,725

			199,332,236
IT Services - 2.3%
Cognizant Technology Solutions Corporation, Class A⁽¹⁾	730,700		37,251,086
The Western Union Company	4,070,947		69,043,261

			106,294,347
Semiconductors & Semiconductor Equipment - 8.8%
Analog Devices, Inc.	1,584,066		45,652,782
ARM Holdings PLC (DR)⁽²⁾	8,073,800		86,308,922
Broadcom Corporation, Class A	2,160,919		71,699,292
Cree, Inc.⁽¹⁾	844,711		59,315,606
MEMC Electronic Materials, Inc.⁽¹⁾	3,745,598		57,420,017
NVIDIA Corporation⁽¹⁾	5,424,476		94,277,393

			414,674,012
Software - 12.3%
ANSYS, Inc.⁽¹⁾	1,314,500		56,707,530
AsiaInfo Holdings, Inc.⁽¹⁾	960,000		25,420,800
Autodesk, Inc.⁽¹⁾	2,659,237		78,234,753
Blackboard Inc.⁽¹⁾	1,321,100		55,037,026
Citrix Systems, Inc.⁽¹⁾	2,417,060		114,737,838
Concur Technologies, Inc.⁽¹⁾	525,900		21,567,159
Electronic Arts Inc.⁽¹⁾	1,248,535		23,297,663
Mc Afee, Inc.⁽¹⁾	459,728		18,448,885
Red Hat, Inc.⁽¹⁾	2,071,188		60,623,673
salesforce.com, inc.⁽¹⁾	686,535		51,112,531
SolarWinds, Inc.⁽¹⁾	685,600		14,850,096
VMware, Inc., Class A⁽¹⁾	1,102,502		58,763,357

			578,801,311
MATERIALS - 1.9%
Chemicals - 1.9%
Agrium Inc.⁽²⁾	1,236,700		87,348,121

Total common stocks (Cost $3,419,949,319)			4,588,011,799


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $113,520,000⁽⁴⁾ (Cost $113,520,000)	$	113,520,000	$	113,520,000


Total investments - 100.2% (Cost $3,533,469,319)				4,701,531,799

Other assets less liabilities - (0.2%)				(8,374,572	)


Total net assets - 100.0%⁽⁵⁾			$	4,693,157,227

⁽¹⁾	Non-income producing security.

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


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

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

⁽⁴⁾	Collateralized by:


Issuer	Maturity	Value
U.S. Treasury Bill	4/22/2010	$	24,557,715
U.S. Treasury Bill	5/20/2010		91,236,749

		$	115,794,464

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

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

(DR) Depository Receipt, voting rights may vary.


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Allergan, Inc.	United States	4.2	%
Cerner Corporation	United States	3.7
Kohl’s Corporation	United States	3.3
Precision Castparts Corp.	United States	3.1
Agilent Technologies, Inc.	United States	3.0
Citrix Systems, Inc.	United States	2.4
CME Group Inc.	United States	2.3
Cummins Inc.	United States	2.2
Smith International, Inc.	United States	2.0
NVIDIA Corporation	United States	2.0

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.

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

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 94.6%

CONSUMER DISCRETIONARY - 10.5%
Auto Components - 1.4%
BorgWarner Inc.⁽¹⁾	2,120,100	$	80,945,418

Diversified Consumer Services - 1.9%
H&R Block, Inc.	6,043,300		107,570,740

Hotels, Restaurants & Leisure - 1.8%
Burger King Holdings, Inc.	4,843,300		102,968,558

Household Durables - 1.5%
Mohawk Industries, Inc.⁽¹⁾	1,598,000		86,899,240

Leisure Equipment & Products - 1.5%
Mattel, Inc.	3,713,200		84,438,168

Media - 2.0%
Omnicom Group Inc.	3,046,900		118,250,189

Specialty Retail - 0.4%
AutoZone, Inc.⁽¹⁾	138,500		23,972,965

CONSUMER STAPLES - 7.5%
Food & Staples Retailing - 3.8%
The Kroger Co.	5,689,000		123,223,740
Sysco Corporation	3,323,900		98,055,050

			221,278,790
Food Products - 3.7%
Campbell Soup Company	3,281,300		115,993,955
H.J. Heinz Company	2,088,100		95,238,241

			211,232,196
ENERGY - 8.8%
Energy Equipment & Services - 2.4%
Nabors Industries Ltd.⁽¹⁾	6,522,500		128,036,675
Pride International, Inc.⁽¹⁾	415,500		12,510,705

			140,547,380
Oil, Gas & Consumable Fuels - 6.4%
Chesapeake Energy Corporation	1,825,000		43,143,000


	Shares Held	Value

ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (Continued)
Cimarex Energy Co.	3,089,390	$	183,447,978
EOG Resources, Inc.	628,600		58,422,084
Southwestern Energy Company⁽¹⁾	2,078,100		84,620,232

			369,633,294
FINANCIALS - 17.2%
Consumer Finance - 0.2%
The Student Loan Corporation	258,100		9,170,293

Insurance - 15.5%
Alleghany Corporation⁽¹⁾⁽²⁾	516,402		150,169,562
Allied World Assurance Company Holdings, Ltd	1,970,900		88,394,865
The Allstate Corporation	3,824,700		123,576,057
Arch Capital Group Ltd.⁽¹⁾⁽²⁾	1,592,873		121,456,566
Brown & Brown, Inc.	4,293,400		76,937,728
Fidelity National Financial, Inc.	10,079,581		149,379,391
The Progressive Corporation	5,369,400		102,501,846
W. R. Berkley Corporation	3,206,700		83,662,803

			896,078,818
Real Estate Investment Trusts (REITS) - 1.5%
Annaly Capital Management, Inc.	4,879,400		83,828,092

HEALTHCARE - 3.7%
Health Care Equipment & Supplies - 1.8%
Stryker Corporation	1,843,100		105,462,182

Health Care Providers & Services - 1.9%
CIGNA Corporation	2,940,450		107,561,661

INDUSTRIALS - 20.0%
Aerospace & Defense - 3.7%
L-3 Communications Holdings, Inc.	1,416,900		129,830,547
Rockwell Collins, Inc.	1,369,853		85,739,099

			215,569,646
Commercial Services & Supplies - 2.0%
Cintas Corporation	4,112,300		115,514,507


	Shares Held	Value

INDUSTRIALS (CONTINUED)
Construction & Engineering - 1.9%
Jacobs Engineering Group Inc.⁽¹⁾	2,429,000	$	109,766,510

Electrical Equipment - 3.7%
Acuity Brands, Inc.⁽²⁾	2,169,215		91,562,565
Hubbell Inc., Class B	2,471,600		124,642,788

			216,205,353
Marine - 0.3%
Alexander & Baldwin, Inc.	501,900		16,587,795

Professional Services - 6.3%
The Dun & Bradstreet Corporation	1,225,200		91,179,384
Equifax Inc.	3,835,300		137,303,740
Manpower Inc.	1,246,500		71,200,080
Robert Half International Inc.	1,475,800		44,908,594
Towers Watson & Co., Class A	380,000		18,050,000

			362,641,798
Road & Rail - 1.4%
Ryder System, Inc.⁽²⁾	2,141,400		83,000,664

Trading Companies & Distributors - 0.7%
GATX Corporation	1,312,700		37,608,855

INFORMATION TECHNOLOGY - 19.1%
Electronic Equipment & Instruments - 6.7%
Arrow Electronics, Inc.⁽¹⁾	3,771,400		113,632,282
Avnet, Inc.⁽¹⁾	4,357,310		130,719,300
Ingram Micro Inc., Class A⁽¹⁾⁽²⁾	8,139,400		142,846,470

			387,198,052
IT Services - 7.8%
Hewitt Associates, Inc.⁽¹⁾	2,983,000		118,663,740
SAIC, Inc.⁽¹⁾	5,547,800		98,196,060
Total System Services, Inc.	7,414,900		116,117,334
The Western Union Company	6,988,800		118,530,048

			451,507,182
Semiconductors & Semiconductor Equipment - 2.9%
Analog Devices, Inc.	2,546,200		73,381,484
National Semiconductor Corporation	6,605,200		95,445,140

			168,826,624
Software - 1.7%
SYNOPSYS, INC.⁽¹⁾	4,368,000		97,712,160


	Shares Held		Value

UTILITIES - 7.8%
Electrical Utilities - 1.3%
PPL Corporation		2,684,700	$	74,393,037

Multi-Utilities - 4.7%
OGE Energy Corp.		2,461,000		95,831,340
SCANA Corporation		2,482,300		93,309,657
Xcel Energy Inc.		4,016,400		85,147,680

				274,288,677
Water Utilities - 1.8%
American Water Works Company, Inc.		4,719,600		102,698,496

Total common stocks (Cost $4,815,931,318)				5,463,357,340

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $279,329,000⁽³⁾ (Cost $279,329,000)	$	279,329,000		279,329,000


Total investments - 99. 4% (Cost $5,095,260,318)				5,742,686,340

Other assets less liabilities - 0.6%				35,574,897


Total net assets - 100.0%⁽⁴⁾			$	5,778,261,237

⁽¹⁾	Non-income producing security.

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

⁽³⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.375	%	6/30/2013	$	188,030,128
U.S. Treasury Note	1.375		9/15/2012		96,886,613

				$	284,916,741

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

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


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Cimarex Energy Co.	United States	3.2	%
Alleghany Corporation	United States	2.6
Fidelity National Financial, Inc.	United States	2.6
Ingram Micro Inc.	United States	2.5
Equifax Inc.	United States	2.4
Avnet, Inc.	United States	2.3
L-3 Communications Holdings, Inc.	United States	2.2
Nabors Industries Ltd.	United States	2.2
Hubbell Inc.	United States	2.2
The Allstate Corporation	United States	2.1

Total		24.3	%

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.

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

ARTISAN OPPORTUNISTIC GROWTH FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 93.9%

CONSUMER DISCRETIONARY - 15.2%
Auto Components - 2.3%
Johnson Controls, Inc.	43,994	$	1,451,362

Hotels, Restaurants & Leisure - 5.5%
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾	39,500		1,548,400
Starbucks Corporation⁽¹⁾	30,452		739,070
Wynn Macau Limited⁽¹⁾⁽²⁾	847,900		1,220,919

			3,508,389
Household Durables - 1.6%
Gafisa S.A.⁽²⁾	150,600		1,040,782

Multiline Retail - 2.9%
Kohl’s Corporation⁽¹⁾	34,200		1,873,476

Textiles, Apparel & Luxury Goods - 2.9%
Compagnie Financiere Richemont SA (A Units)⁽²⁾	35,400		1,370,810
Polo Ralph Lauren Corporation, Class A	6,000		510,240

			1,881,050
ENERGY - 7.0%
Energy Equipment & Services - 3.2%
Schlumberger Limited	32,225		2,044,998

Oil, Gas & Consumable Fuels - 3.8%
Petroleo Brasileiro S.A. (DR)⁽²⁾	26,225		1,166,750
Range Resources Corporation	27,000		1,265,490

			2,432,240
FINANCIALS - 6.1%
Commercial Banks - 1.8%
HDFC Bank Limited (DR)⁽²⁾	8,125		1,132,544

Diversified Financial Services - 4.3%
CME Group Inc., Class A	5,180		1,637,450
JPMorgan Chase & Co.	25,175		1,126,581

			2,764,031
HEALTHCARE - 11.6%
Health Care Equipment & Supplies - 1.4%
Edwards Lifesciences Corporation⁽¹⁾	8,800		870,144

Health Care Providers & Services - 2.7%
Community Health Systems, Inc.⁽¹⁾	47,800		1,765,254


	Shares Held	Value

HEALTHCARE (CONTINUED)
Health Care Technology - 2.8%
Cerner Corporation⁽¹⁾	21,179	$	1,801,486

Pharmaceuticals - 4.7%
Allergan, Inc.	45,775		2,990,023

INDUSTRIALS - 10.2%
Aerospace & Defense - 2.1%
Precision Castparts Corp.	10,400		1,317,784

Electrical Equipment - 2.0%
ABB Limited (DR)⁽¹⁾⁽²⁾	59,100		1,290,744

Machinery - 4.4%
Cummins Inc.	31,000		1,920,450
Weg S.A.⁽²⁾	84,400		901,735

			2,822,185
Road & Rail - 1.7%
Localiza Rent a Car SA⁽²⁾	102,000		1,078,303

INFORMATION TECHNOLOGY - 41.7%
Computers & Peripherals - 10.0%
Apple Inc.⁽¹⁾	14,725		3,459,344
EMC Corporation⁽¹⁾	163,900		2,956,756

			6,416,100
Electronic Equipment & Instruments - 6.0%
Agilent Technologies, Inc.⁽¹⁾	93,800		3,225,782
Corning Incorporated	31,000		626,510

			3,852,292
Internet Software & Services - 8.4%
eBay Inc.⁽¹⁾	78,400		2,112,880
Google Inc., Class A⁽¹⁾	5,755		3,263,143

			5,376,023
IT Services - 3.8%
Visa Inc., Class A	27,100		2,466,913

Semiconductors & Semiconductor Equipment - 9.4%
ARM Holdings PLC⁽²⁾	565,300		2,044,238
Broadcom Corporation, Class A	34,225		1,135,585
MediaTek Incorporation⁽²⁾	39,700		688,793
MEMC Electronic Materials, Inc.⁽¹⁾	61,040		935,743
NVIDIA Corporation⁽¹⁾	72,420		1,258,660

			6,063,019


	Shares Held		Value

INFORMATION TECHNOLOGY (CONTINUED)
Software - 4.1%
Citrix Systems, Inc.⁽¹⁾		56,000	$	2,658,320

MATERIALS - 2.1%
Chemicals - 2.1%
The Mosaic Company		22,265		1,353,044

Total common stocks (Cost $48,577,570)				60,250,506
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $3,906,000⁽⁴⁾ (Cost $3,906,000)	$	3,906,000		3,906,000


Total investments - 100.0% (Cost $52,483,570)				64,156,506

Other assets less liabilities - 0.0%⁽³⁾				(21,067	)


Total net assets - 100.0%⁽⁵⁾			$	64,135,439

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
ABB Limited (DR)	Switzerland	U.S. dollar
ARM Holdings PLC	United Kingdom	British pound
Compagnie Financiere Richemont SA (A Units)	Switzerland	Swiss franc
Ctrip.com International, Ltd. (DR)	China	U.S. dollar
Gafisa S.A.	Brazil	Brazilian real
HDFC Bank Limited (DR)	India	U.S. dollar
Localiza Rent a Car SA	Brazil	Brazilian real
MediaTek Incorporation	Taiwan	Taiwan dollar
Petroleo Brasileiro S.A. (DR)	Brazil	U.S. dollar
Weg S.A.	Brazil	Brazilian real
Wynn Macau Limited	China	Hong Kong dollar

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

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.625	%	11/15/2016	$	3,989,520

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

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

(DR) Depository Receipt, voting rights may vary.


CURRENCY EXPOSURE - March 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	3,020,820	4.7	%
British pound		2,044,238	3.2
Hong Kong dollar		1,220,919	1.9
Swiss franc		1,370,810	2.1
Taiwan dollar		688,793	1.1
U.S. dollar		55,810,926	87.0

Total investments	$	64,156,506	100.0	%


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States	5.4	%
Google Inc.	United States	5.1
Agilent Technologies, Inc.	United States	5.0
Allergan, Inc.	United States	4.7
EMC Corporation	United States	4.6
Citrix Systems, Inc.	United States	4.1
Visa Inc.	United States	3.8
eBay Inc.	United States	3.3
Schlumberger Limited	United States	3.2
ARM Holdings Plc	United Kingdom	3.2

Total		42.4	%

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.

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

ARTISAN OPPORTUNISTIC VALUE FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 95.0%

CONSUMER DISCRETIONARY - 4.9%
Hotels, Restaurants & Leisure - 2.0%
McDonald’s Corporation	74,300	$	4,957,296

Media - 2.9%
Comcast Corporation, Class A⁽¹⁾	401,300		7,211,361

CONSUMER STAPLES - 11.3%
Food & Staples Retailing - 6.4%
The Kroger Co.	275,300		5,962,998
Wal-Mart Stores, Inc.	182,300		10,135,880

			16,098,878
Food Products - 3.9%
Kraft Foods Inc., Class A	244,300		7,387,632
Nestle SA⁽²⁾	49,800		2,550,455

			9,938,087
Tobacco - 1.0%
Philip Morris International Inc.	48,000		2,503,680

ENERGY - 9.6%
Energy Equipment & Services - 2.2%
Nabors Industries Ltd.⁽³⁾	286,800		5,629,884

Oil, Gas & Consumable Fuels - 7.4%
Apache Corporation	60,000		6,090,000
Chesapeake Energy Corporation	224,600		5,309,544
Exxon Mobil Corporation	111,000		7,434,780

			18,834,324
FINANCIALS - 21.2%
Insurance - 19.3%
Alleghany Corporation⁽³⁾	27,438		7,978,970
The Allstate Corporation	246,050		7,949,876
Arch Capital Group Ltd.⁽³⁾⁽⁴⁾	114,500		8,730,625
Berkshire Hathaway Inc., Class B⁽³⁾	77,400		6,290,298
The Chubb Corporation	99,000		5,133,150
Fidelity National Financial, Inc.	498,000		7,380,360
The Progressive Corporation	285,800		5,455,922

			48,919,201
Real Estate Investment Trusts (REITS) - 1.9%
Annaly Capital Management, Inc.	282,000		4,844,760


	Shares Held	Value

HEALTHCARE - 10.5%
Health Care Equipment & Supplies - 2.6%
Baxter International Inc.	114,000	$	6,634,800

Health Care Providers & Services - 1.9%
CIGNA Corporation	133,500		4,883,430

Pharmaceuticals - 6.0%
Johnson & Johnson	149,300		9,734,360
Pfizer Inc.	315,000		5,402,250

			15,136,610
INDUSTRIALS - 6.9%
Aerospace & Defense - 6.9%
Lockheed Martin Corporation	118,500		9,861,570
Raytheon Company	131,400		7,505,568

			17,367,138
INFORMATION TECHNOLOGY - 30.6%
Computers & Peripherals - 7.9%
Hewlett-Packard Company	189,000		10,045,350
International Business Machines Corporation	77,300		9,913,725

			19,959,075
Electronic Equipment & Instruments - 5.6%
Corning Incorporated	314,000		6,345,940
Ingram Micro Inc., Class A⁽³⁾⁽⁴⁾	441,800		7,753,590

			14,099,530
IT Services - 8.6%
Accenture plc, Class A	228,800		9,598,160
Total System Services, Inc.	362,300		5,673,618
The Western Union Company	386,300		6,551,648

			21,823,426
Semiconductors & Semiconductor Equipment - 4.6%
Applied Materials, Inc.	393,800		5,308,424
Texas Instruments Incorporated	261,800		6,406,246

			11,714,670
Software - 3.9%
Microsoft Corporation	339,800		9,945,946

Total common stocks (Cost $213,590,822)			240,502,096


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $9,677,000⁽⁵⁾ (Cost $9,677,000)	$	9,677,000	$	9,677,000


Total investments - 98.8% (Cost $223,267,822)				250,179,096

Other assets less liabilities - 1.2%				3,029,184


Total net assets - 100.0%⁽⁶⁾			$	253,208,280

⁽¹⁾	Non-voting shares.

⁽²⁾	The Fund considers the company to be from Switzerland. See the Fund’s Statement of Additional Information for information on how a particular country is assigned. The security trades in U.S. dollars.

⁽³⁾	Non-income producing security.

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

⁽⁵⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.625	%	11/15/2016	$	9,874,062

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

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


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wal-Mart Stores, Inc.	United States	4.0	%
Hewlett-Packard Company	United States	4.0
Microsoft Corporation	United States	3.9
International Business Machines Corporation	United States	3.9
Lockheed Martin Corporation	United States	3.9
Johnson & Johnson	United States	3.8
Accenture plc	United States	3.8
Arch Capital Group Ltd.	United States	3.4
Alleghany Corporation	United States	3.2
The Allstate Corporation	United States	3.1

Total		37.0	%

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.

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

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 96.4%

CONSUMER DISCRETIONARY - 12.5%
Distributors - 3.0%
LKQ Corporation⁽¹⁾	583,700	$	11,849,110

Hotels, Restaurants & Leisure - 1.7%
Home Inns & Hotels Management, Inc. (DR)⁽¹⁾⁽²⁾	46,500		1,522,410
WMS Industries⁽¹⁾	119,100		4,995,054

			6,517,464
Specialty Retail - 6.0%
The Gymboree Corporation⁽¹⁾	124,700		6,438,261
Hibbett Sports, Inc.⁽¹⁾	303,150		7,754,577
Monro Muffler Brake, Inc.	142,800		5,106,528
PETsMART, Inc.	121,900		3,895,924

			23,195,290
Textiles, Apparel & Luxury Goods - 1.8%
Iconix Brand Group, Inc.⁽¹⁾	457,300		7,024,128

CONSUMER STAPLES - 1.6%
Food Products - 1.6%
Flowers Foods, Inc.	155,000		3,834,700
TreeHouse Foods, Inc.⁽¹⁾	53,700		2,355,819

			6,190,519
ENERGY - 5.6%
Energy Equipment & Services - 3.1%
Core Laboratories N.V.	52,600		6,880,080
Dril-Quip, Inc.⁽¹⁾	82,200		5,001,048

			11,881,128
Oil, Gas & Consumable Fuels - 2.5%
Carrizo Oil & Gas, Inc.⁽¹⁾	221,600		5,085,720
Comstock Resources, Inc.⁽¹⁾	149,800		4,763,640

			9,849,360
FINANCIALS - 8.3%
Capital Markets - 4.5%
Ares Capital Corporation	898,861		13,339,097
Artio Global Investors Inc., Class A	55,800		1,380,492
Greenhill & Co., Inc.	33,100		2,717,179

			17,436,768
Commercial Banks - 2.0%
FirstMerit Corporation	51,000		1,100,070
MB Financial, Inc.	288,300		6,495,399

			7,595,469


	Shares Held	Value

FINANCIALS (CONTINUED)
Insurance - 1.8%
Reinsurance Group of America, Incorporated	135,800	$	7,132,216

HEALTHCARE - 16.3%
Biotechnology - 1.9%
AMAG Pharamaceuticals, Inc.⁽¹⁾	110,300		3,850,573
Cepheid⁽¹⁾	205,700		3,595,636

			7,446,209
Health Care Equipment & Supplies - 1.8%
Masimo Corporation	146,100		3,878,955
NuVasive, Inc.⁽¹⁾	66,300		2,996,760

			6,875,715
Health Care Providers & Services - 7.4%
Catalyst Health Solutions, Inc.⁽¹⁾	114,900		4,754,562
Clarient, Inc.⁽¹⁾	955,300		2,502,886
Genoptix, Inc.⁽¹⁾	177,200		6,288,828
Health Management Associates, Inc.⁽¹⁾	265,000		2,279,000
HMS Holdings Corp.⁽¹⁾	73,400		3,742,666
PSS World Medical, Inc.⁽¹⁾	392,800		9,234,728

			28,802,670
Health Care Technology - 4.2%
athenahealth, Inc.⁽¹⁾⁽³⁾	212,300		7,761,688
Phase Forward Incorporated⁽¹⁾	593,800		7,760,966
Quality Systems, Inc.	15,800		970,752

			16,493,406
Life Sciences Tools & Services - 1.0%
ICON PLC (DR)⁽¹⁾⁽²⁾	147,200		3,886,080

INDUSTRIALS - 17.4%
Aerospace & Defense - 3.2%
AAR CORP.⁽¹⁾	258,900		6,425,898
Hexcel Corporation⁽¹⁾	422,900		6,106,676

			12,532,574
Commercial Services & Supplies - 5.1%
Clean Harbors, Inc.⁽¹⁾	77,400		4,300,344
The GEO Group, Inc.⁽¹⁾	255,600		5,065,992
Waste Connections, Inc.⁽¹⁾	303,325		10,300,917

			19,667,253


	Shares Held	Value

INDUSTRIALS (CONTINUED)
Electrical Equipment - 0.9%
Regal-Beloit Corporation	58,500	$	3,475,485

Machinery - 3.7%
IDEX Corporation	164,300		5,438,330
The Middleby Corporation⁽¹⁾	61,200		3,524,508
Robbins & Myers, Inc.	221,000		5,264,220

			14,227,058
Professional Services - 1.2%
FTI Consulting, Inc.⁽¹⁾	115,100		4,525,732

Road & Rail - 1.7%
Old Dominion Freight Line, Inc.⁽¹⁾	199,100		6,647,949

Transportation Infrastructure - 1.6%
Aegean Marine Petroleum Network Inc.⁽²⁾	214,300		6,081,834

INFORMATION TECHNOLOGY - 32.1%
Communications Equipment - 1.1%
Riverbed Technology, Inc.⁽¹⁾	145,100		4,120,840

Computers & Peripherals - 1.1%
STEC, Inc.⁽¹⁾	99,100		1,187,218
Synaptics Incorporated⁽¹⁾	110,400		3,048,144

			4,235,362
Electronic Equipment & Instruments - 1.9%
Brightpoint, Inc.⁽¹⁾	973,900		7,333,467

Internet Software & Services - 3.5%
GSI Commerce, Inc.⁽¹⁾	410,200		11,350,234
Vistaprint N.V.⁽¹⁾	39,000		2,232,750

			13,582,984
IT Services - 3.5%
Euronet Worldwide, Inc.⁽¹⁾	468,980		8,643,302
ManTech International Corporation, Class A⁽¹⁾	99,100		4,839,053

			13,482,355
Semiconductors & Semiconductor Equipment - 5.7%
Atheros Communications, Inc.⁽¹⁾	252,600		9,778,146
Microsemi Corporation⁽¹⁾	334,200		5,795,028
Nanometrics Incorporated⁽¹⁾	187,000		1,772,760
Tessera Technologies, Inc.⁽¹⁾	192,400		3,901,872
Varian Semiconductor Equipment Associates, Inc.⁽¹⁾	21,200		702,144

			21,949,950


	Shares Held		Value

INFORMATION TECHNOLOGY (CONTINUED)
Software - 15.3%
ANSYS, Inc.⁽¹⁾		154,400	$	6,660,816
AsiaInfo Holdings, Inc.⁽¹⁾		120,500		3,190,840
Blackboard Inc.⁽¹⁾		105,300		4,386,798
CommVault Systems, Inc.⁽¹⁾		429,600		9,171,960
Concur Technologies, Inc.⁽¹⁾		137,000		5,618,370
Informatica Corporation⁽¹⁾		311,900		8,377,634
Progress Software Corporation⁽¹⁾		199,100		6,257,713
Quest Software, Inc.⁽¹⁾		197,000		3,504,630
Rovi Corporation⁽¹⁾		205,700		7,637,641
SolarWinds, Inc.⁽¹⁾		215,500		4,667,730

				59,474,132
MATERIALS - 1.0%
Chemicals - 1.0%
Albemarle Corporation		93,100		3,968,853

UTILITIES - 1.6%
Electrical Utilities - 1.6%
ITC Holdings Corp.		112,400		6,182,000

Total common stocks (Cost $263,906,376)				373,663,360

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $12,718,000⁽⁴⁾ (Cost $12,718,000)	$	12,718,000		12,718,000


Total investments - 99.7% (Cost $276,624,376)				386,381,360

Other assets less liabilities - 0.3%				1,236,308


Total net assets - 100.0%⁽⁵⁾			$	387,617,668

⁽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
Home Inns & Hotels Management, Inc. (DR)	China	US dollar
ICON PLC (DR)	Ireland	US dollar

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

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.625	%	11/15/2016	$	12,977,022

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

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

(DR) Depository Receipt, voting rights may vary.


TOP TEN HOLDINGS - March 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Ares Capital Corporation	United States	3.4	%
LKQ Corporation	United States	3.1
GSI Commerce, Inc.	United States	2.9
Waste Connections, Inc.	United States	2.7
Atheros Communications, Inc.	United States	2.5
PSS World Medical, Inc.	United States	2.4
CommVault Systems, Inc.	United States	2.4
Euronet Worldwide, Inc.	United States	2.2
Informatica Corporation	United States	2.2
athenahealth, Inc.	United States	2.0

Total		25.8	%

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.

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

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 94.6%

CONSUMER DISCRETIONARY - 6.7%
Diversified Consumer Services - 1.0%
Matthews International Corporation	694,900	$	24,668,950

Hotels, Restaurants & Leisure - 2.3%
International Speedway Corporation, Class A	1,060,100		27,318,777
Jack in the Box Inc.⁽¹⁾	1,378,800		32,470,740

			59,789,517
Media - 1.7%
Meredith Corporation	1,021,400		35,146,374
World Wrestling Entertainment, Inc., Class A	527,900		9,132,670

			44,279,044
Specialty Retail - 1.7%
Rent-A-Center, Inc.⁽¹⁾	1,894,985		44,816,395

CONSUMER STAPLES - 2.7%
Food & Staples Retailing - 1.3%
Ruddick Corporation	1,055,700		33,402,348

Tobacco - 1.4%
Universal Corporation	696,700		36,709,123

ENERGY - 8.8%
Energy Equipment & Services - 4.9%
Cal Dive International, Inc.⁽¹⁾	4,355,588		31,926,460
Parker Drilling Company⁽¹⁾	4,165,400		20,535,422
Patterson-UTI Energy, Inc.	2,286,500		31,942,405
RPC, Inc.	954,000		10,618,020
Seahawk Drilling, Inc.⁽¹⁾⁽²⁾	806,500		15,202,525
Superior Energy Services, Inc.⁽¹⁾	724,500		15,228,990

			125,453,822
Oil, Gas & Consumable Fuels - 3.9%
Comstock Resources, Inc.⁽¹⁾	1,258,200		40,010,760
Forest Oil Corporation⁽¹⁾	1,444,000		37,284,080
Holly Corporation	854,800		23,857,468

			101,152,308


	Shares Held	Value

FINANCIALS - 8.2%
Consumer Finance - 0.4%
The Student Loan Corporation	321,500	$	11,422,895

Diversified Financial Services - 1.2%
PICO Holdings, Inc.⁽¹⁾	822,100		30,573,899

Insurance - 6.1%
Allied World Assurance Company Holdings, Ltd	393,600		17,652,960
Aspen Insurance Holdings Limited	440,700		12,709,788
Assured Guaranty Ltd.	563,600		12,382,292
Endurance Specialty Holdings Ltd.	311,700		11,579,655
Max Capital Group Ltd.	625,400		14,377,946
Platinum Underwriters Holdings, Ltd.	632,700		23,460,516
Stewart Information Services Corporation⁽²⁾	1,161,778		16,032,536
Willis Group Holdings Limited	416,246		13,024,337
Zenith National Insurance Corp.	927,300		35,534,136

			156,754,166
Real Estate Investment Trusts (REITS) - 0.5%
Pebblebrook Hotel Trust⁽¹⁾	574,700		12,085,941

HEALTHCARE - 3.1%
Health Care Equipment & Supplies - 1.1%
CONMED Corporation⁽¹⁾	1,110,800		26,448,148
National Dentex Corporation⁽¹⁾	229,600		2,238,600

			28,686,748
Health Care Providers & Services - 2.0%
AMN Healthcare Services, Inc.⁽¹⁾⁽²⁾	2,438,900		21,462,320
Cross Country Healthcare, Inc.⁽¹⁾⁽²⁾	2,199,100		22,232,901
HealthSpring, Inc.⁽¹⁾	490,400		8,631,040
Medical Staffing Network Holdings, Inc.⁽¹⁾	1,508,600		211,204

			52,537,465


	Shares Held	Value

INDUSTRIALS - 22.9%
Aerospace & Defense - 1.8%
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾	1,151,200	$	26,915,056
Teledyne Technologies Incorporated⁽¹⁾	457,500		18,881,025

			45,796,081
Building Products - 1.0%
Quanex Building Products Corporation	1,473,975		24,364,807

Commercial Services & Supplies - 0.8%
Sykes Enterprises, Incorporated⁽¹⁾	857,100		19,576,164

Construction & Engineering - 4.3%
Comfort Systems USA, Inc.⁽²⁾	2,481,900		30,998,931
EMCOR Group, Inc.⁽¹⁾	1,664,600		40,999,098
Granite Construction Incorporated	1,261,000		38,107,420

			110,105,449
Electrical Equipment - 2.8%
Acuity Brands, Inc.⁽²⁾	748,000		31,573,080
Woodward Governor Company	1,246,000		39,847,080

			71,420,160
Industrial Conglomerates - 0.3%
McDermott International, Inc.⁽¹⁾	325,500		8,762,460

Machinery - 3.2%
Astec Industries, Inc.⁽¹⁾⁽²⁾	1,203,800		34,862,048
IDEX Corporation	772,700		25,576,370
Mueller Industries, Inc.	823,100		22,050,849

			82,489,267
Marine - 1.1%
Kirby Corporation⁽¹⁾	710,000		27,086,500

Professional Services - 6.0%
CRA International, Inc.⁽¹⁾	367,400		8,420,808
Diamond Management & Technology Consultants, Inc.	771,600		6,057,060
FTI Consulting, Inc.⁽¹⁾	662,300		26,041,636
Hudson Highland Group, Inc.⁽¹⁾	1,427,700		6,281,880
Korn/Ferry International⁽¹⁾	418,900		7,393,585
School Specialty, Inc.⁽¹⁾⁽²⁾	1,613,600		36,644,856
Towers Watson & Co., Class A	852,200		40,479,500
TrueBlue, Inc.⁽¹⁾	1,489,100		23,081,050

			154,400,375
Road & Rail - 1.6%
Arkansas Best Corporation	484,900		14,488,812
Ryder System, Inc.⁽²⁾	687,200		26,635,872

			41,124,684


	Shares Held	Value

INFORMATION TECHNOLOGY - 27.3%
Computers & Peripherals - 3.2%
Diebold, Incorporated	405,300	$	12,872,328
Imation Corp.⁽¹⁾	1,230,900		13,552,209
Intermec, Inc.⁽¹⁾	2,071,400		29,372,452
Lexmark International, Inc., Class A⁽¹⁾	698,400		25,198,272

			80,995,261
Electronic Equipment & Instruments - 4.9%
Anixter International Inc.⁽¹⁾	573,700		26,877,845
Arrow Electronics, Inc.⁽¹⁾	1,009,400		30,413,222
Benchmark Electronics, Inc.⁽¹⁾	1,252,800		25,983,072
Coherent, Inc.⁽¹⁾	41,200		1,316,752
Orbotech, Ltd.^(1)(2)(3)	2,440,479		26,430,388
RadiSys Corporation⁽¹⁾⁽²⁾	1,614,600		14,466,816

			125,488,095
Internet Software & Services - 2.0%
EarthLink, Inc.	1,945,400		16,613,716
Monster Worldwide, Inc.⁽¹⁾	2,048,200		34,020,602

			50,634,318
IT Services - 3.6%
CACI International Inc⁽¹⁾	651,900		31,845,315
MAXIMUS, Inc.	484,800		29,538,864
SRA International, Inc., Class A⁽¹⁾	1,539,000		31,995,810

			93,379,989
Semiconductors & Semiconductor Equipment - 5.1%
Actel Corporation⁽¹⁾⁽²⁾	1,810,400		25,074,040
ATMI, Inc.⁽¹⁾	486,900		9,402,039
LTX Corporation⁽¹⁾	3,804,100		11,526,423
Rudolph Technologies, Inc.⁽¹⁾⁽²⁾	2,128,400		18,240,388
Standard Microsystems Corporation⁽¹⁾	584,400		13,604,832
Ultra Clean Holdings, Inc.⁽¹⁾⁽²⁾	1,594,444		13,584,663
Ultratech, Inc.⁽¹⁾⁽²⁾	1,736,200		23,612,320
Varian Semiconductor Equipment Associates, Inc.⁽¹⁾	453,900		15,033,168

			130,077,873
Software - 8.5%
Fair Isaac Corporation	1,214,000		30,762,760
Jack Henry and Associates, Inc.	823,900		19,823,034
Lawson Software, Inc.⁽¹⁾	5,931,700		39,208,537
Manhattan Associates, Inc.⁽¹⁾⁽²⁾	1,585,100		40,388,348
MicroStrategy Incorporated, Class A⁽¹⁾	333,400		28,362,338
Progress Software Corporation⁽¹⁾	817,800		25,703,454
TIBCO Software Inc.⁽¹⁾	1,056,500		11,399,635
Websense, Inc.⁽¹⁾	1,007,800		22,947,606

			218,595,712


	Shares Held		Value

MATERIALS - 4.4%
Chemicals - 4.1%
H.B. Fuller Company		1,668,200	$	38,718,922
Olin Corporation		1,087,800		21,342,636
OM Group, Inc.⁽¹⁾		303,400		10,279,192
Sensient Technologies Corporation		1,234,700		35,880,382

				106,221,132
Construction Materials - 0.3%
Eagle Materials Inc.		335,700		8,909,478

UTILITIES - 10.5%
Electrical Utilities - 7.8%
ALLETE, Inc.		1,093,600		36,613,728
Cleco Corporation		1,417,900		37,645,245
El Paso Electric Company⁽¹⁾		1,640,700		33,798,420
The Empire District Electric Company		969,600		17,472,192
IDACORP, Inc.		999,800		34,613,076
Portland General Electric Company		1,775,000		34,275,250
UIL Holdings Corporation		266,800		7,337,000

				201,754,911

Gas Utilities - 0.5%
Northwest Natural Gas Company		280,400		13,066,640

Multi-Utilities - 2.2%
NorthWestern Corporation		1,130,600		30,311,386
Vectren Corporation		1,103,500		27,278,520

				57,589,906

Total common stocks (Cost $2,224,770,615)				2,434,171,883

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $135,058,000⁽⁴⁾ (Cost $135,058,000)	$	135,058,000		135,058,000


Total investments - 99.8% (Cost $2,359,828,615)				2,569,229,883

Other assets less liabilities - 0.2%				4,318,637


Total net assets - 100.0%⁽⁵⁾			$	2,573,548,520

⁽¹⁾	Non-income producing security.

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

⁽³⁾	The Fund considers the company to be from Israel. See the Fund’s Statement of Additional Information for information on how a particular country is assigned. The security trades in U.S. dollars.

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	4.000	%	2/15/2015	$	137,762,848

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

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

TOP TEN HOLDINGS - March 31, 2010 (Unaudited)


Company Name	Country	Percentage of Total Net Assets
Rent-A-Center, Inc.	United States	1.7	%
EMCOR Group, Inc.	United States	1.6
Towers Watson & Co.	United States	1.6
Manhattan Associates, Inc.	United States	1.6
Comstock Resources, Inc.	United States	1.6
Woodward Governor Company	United States	1.5
Lawson Software, Inc.	United States	1.5
H.B. Fuller Company	United States	1.5
Granite Construction Incorporated	United States	1.5
Cleco Corporation	United States	1.5

Total		15.6	%

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.

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited)


	GLOBAL EQUITY			GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	7,341,896		$	29,892,805
Investments in securities, affiliated, at value		-			1,053,851
Short-term investments (repurchase agreements), at value		7,082,000			1,750,000

Total investments		14,423,896			32,696,656
Cash		786			883
Foreign currency		-			11
Net unrealized gain on foreign currency forward contracts		17,119			-
Receivable from investments sold		-			160,949
Receivable from fund shares sold		797,577			148,606
Dividends and interest receivable		-			76,542
Receivable from Adviser		2,582			59,271
Other assets		-			326

Total assets		15,241,960			33,143,244

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		-			55
Payable for investments purchased		7,375,613			379,866
Payable for operating expenses		2,682			134,308
Payable for withholding taxes		1,920			1,605
Payable for advisory fees		200			150,267
Payable for deferred directors’ compensation		-			326

Total liabilities		7,380,415			666,427

Total net assets	$	7,861,545		$	32,476,817

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	7,880,362		$	27,108,624
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(16,710	)		7,331,451
Accumulated undistributed net investment loss		(299	)		(419,874	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(1,808	)		(1,543,384	)

	$	7,861,545		$	32,476,817

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	7,861,545		$	32,476,817
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		788,087			3,509,647
Net asset value, offering price and redemption price per share
Investor Shares	$	9.98		$	9.25
Cost of securities of unaffiliated issuers held	$	14,439,526		$	24,571,934
Cost of securities of affiliated issuers held	$	-		$	794,189
Cost of foreign currency	$	-		$	11

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited) (Continued)


	INTERNATIONAL			INTERNATIONAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	10,237,492,465		$	754,892,139
Short-term investments (repurchase agreements), at value		102,820,000			8,568,000

Total investments		10,340,312,465			763,460,139
Cash		9,942,764			287
Foreign currency		5,217,422			201
Receivable from investments sold		66,610,350			15,342,240
Receivable from fund shares sold		23,716,640			15,521,915
Dividends and interest receivable		22,531,513			1,748,291
Other assets		335,637			22,350

Total assets		10,468,666,791			796,095,423

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		94,784			38,386
Payable for investments purchased		101,301,739			5,221,919
Payable for fund shares redeemed		14,432,846			409,801
Payable for operating expenses		4,100,414			242,275
Payable for withholding taxes		987,617			852,924
Payable for deferred directors’ compensation		335,637			22,350

Total liabilities		121,253,037			6,787,655

Total net assets	$	10,347,413,754		$	789,307,768

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	11,611,798,446		$	798,639,700
Net unrealized appreciation on investments and foreign currency related transactions		1,435,702,385			128,827,357
Accumulated undistributed net investment loss		(14,444	)		(2,148,973	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(2,700,072,633	)		(136,010,316	)

	$	10,347,413,754		$	789,307,768

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	7,898,468,881		$	789,307,768
Institutional Shares	$	2,448,944,873
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		392,148,882			46,282,769
Institutional Shares		120,851,920
Net asset value, offering price and redemption price per share
Investor Shares	$	20.14		$	17.05
Institutional Shares	$	20.26
Cost of securities of unaffiliated issuers held	$	8,905,079,308		$	633,868,746
Cost of foreign currency	$	5,218,900		$	200

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited) (Continued)


	INTERNATIONAL VALUE			MID CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	2,457,168,021		$	4,523,220,167
Investments in securities, affiliated, at value		111,708,614			64,791,632
Short-term investments (repurchase agreements), at value		186,854,000			113,520,000

Total investments		2,755,730,635			4,701,531,799
Cash		297			861
Foreign currency		29			-
Net unrealized gain on foreign currency forward contracts		266,492			-
Receivable from investments sold		563,677			22,602,567
Receivable from fund shares sold		55,027,930			5,599,555
Dividends and interest receivable		8,753,458			784,684
Other assets		38,700			125,928

Total assets		2,820,381,218			4,730,645,394

LIABILITIES:
Payable for investments purchased		38,414,043			29,298,029
Payable for fund shares redeemed		1,005,807			5,501,114
Payable for operating expenses		648,542			2,563,096
Payable for withholding taxes		460,069			-
Payable for deferred directors’ compensation		38,700			125,928

Total liabilities		40,567,161			37,488,167

Total net assets	$	2,779,814,057		$	4,693,157,227

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,594,789,064		$	4,317,541,199
Net unrealized appreciation on investments and foreign currency related transactions		358,608,929			1,168,062,480
Accumulated undistributed net investment loss		(15,129,185	)		(16,780,962	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(158,454,751	)		(775,665,490	)

	$	2,779,814,057		$	4,693,157,227

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	2,291,129,889		$	4,202,122,581
Institutional Shares	$	488,684,168		$	491,034,646
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		95,215,974			154,426,292
Institutional Shares		20,310,951			17,508,599
Net asset value, offering price and redemption price per share
Investor Shares	$	24.06		$	27.21
Institutional Shares	$	24.06		$	28.05
Cost of securities of unaffiliated issuers held	$	2,311,049,928		$	3,462,424,376
Cost of securities of affiliated issuers held	$	86,168,295		$	71,044,943
Cost of foreign currency	$	29			-

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited) (Continued)


	MID CAP VALUE			OPPORTUNISTIC GROWTH
ASSETS:
Investments in securities, unaffiliated, at value	$	4,874,321,513		$	60,250,506
Investments in securities, affiliated, at value		589,035,827			-
Short-term investments (repurchase agreements), at value		279,329,000			3,906,000

Total investments		5,742,686,340			64,156,506
Cash		91			689
Foreign currency		-			68,080
Receivable from investments sold		30,068,470			1,128,912
Receivable from fund shares sold		15,711,765			79,002
Dividends and interest receivable		14,030,962			15,251
Receivable from Adviser		-			13,558
Other assets		91,648			178

Total assets		5,802,589,276			65,462,176

LIABILITIES:
Payable for investments purchased		17,892,844			901,836
Payable for fund shares redeemed		3,978,506			5,100
Payable for operating expenses		2,365,041			175,755
Payable for withholding taxes		-			321
Payable for advisory fees		-			243,547
Payable for deferred directors’ compensation		91,648			178

Total liabilities		24,328,039			1,326,737

Total net assets	$	5,778,261,237		$	64,135,439

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	5,281,754,489		$	51,814,337
Net unrealized appreciation on investments and foreign currency related transactions		647,426,022			11,640,171
Accumulated undistributed net investment income (loss)		18,943,292			(282,990	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(169,862,566	)		963,921

	$	5,778,261,237		$	64,135,439

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	5,778,261,237		$	64,135,439
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		311,475,368			6,324,441
Net asset value, offering price and redemption price per share
Investor Shares	$	18.55		$	10.14
Cost of securities of unaffiliated issuers held	$	4,572,223,009		$	52,483,570
Cost of securities of affiliated issuers held	$	523,037,309		$	-
Cost of foreign currency	$	-		$	68,046

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited) (Continued)


	OPPORTUNISTIC VALUE			SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	224,017,881		$365,901,672
Investments in securities, affiliated, at value		16,484,215		7,761,688
Short-term investments (repurchase agreements), at value		9,677,000		12,718,000

Total investments		250,179,096		386,381,360
Cash		863		326
Receivable from investments sold		5,099,432		6,345,588
Receivable from fund shares sold		926,645		1,103,443
Dividends and interest receivable		541,667		22,394
Other assets		4,364		20,289

Total assets		256,752,067		393,873,400

LIABILITIES:
Payable for investments purchased		3,252,278		5,627,429
Payable for fund shares redeemed		135,742		330,380
Payable for operating expenses		151,403		277,634
Payable for deferred directors’ compensation		4,364		20,289

Total liabilities		3,543,787		6,255,732

Total net assets	$	253,208,280		$387,617,668

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	321,811,895		$535,021,866
Net unrealized appreciation on investments and foreign currency related transactions		26,911,274		109,756,984
Accumulated undistributed net investment income (loss)		387,072		(1,185,426	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(95,901,961	)	(255,975,756	)

	$	253,208,280		$387,617,668

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	253,208,280		$387,617,668
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		27,869,951		27,618,578
Net asset value, offering price and redemption price per share
Investor Shares	$	9.09		$ 14.03
Cost of securities of unaffiliated issuers held	$	208,933,205		$269,785,434
Cost of securities of affiliated issuers held	$	14,334,617		$ 6,838,942

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited) (Continued)


	SMALL CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	2,036,729,851
Investments in securities, affiliated, at value		397,442,032
Short-term investments (repurchase agreements), at value		135,058,000

Total investments		2,569,229,883
Cash		301
Receivable from investments sold		5,504,280
Receivable from fund shares sold		6,537,030
Dividends and interest receivable		1,281,190
Other assets		51,729

Total assets		2,582,604,413

LIABILITIES:
Payable for investments purchased		4,569,679
Payable for fund shares redeemed		3,104,176
Payable for operating expenses		1,330,309
Payable for deferred directors’ compensation		51,729

Total liabilities		9,055,893

Total net assets	$	2,573,548,520

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,421,838,272
Net unrealized appreciation on investments and foreign currency related transactions		209,401,268
Accumulated undistributed net investment income		591,232
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(58,282,252	)

	$	2,573,548,520

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	2,573,548,520
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		169,744,026
Net asset value, offering price and redemption price per share
Investor Shares	$	15.16
Cost of securities of unaffiliated issuers held	$	1,915,237,818
Cost of securities of affiliated issuers held	$	444,590,797

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited)


	GLOBAL EQUITY⁽¹⁾			GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾	$	-		$	313,133
Interest		1			96

Total investment income		1			313,229

EXPENSES:
Advisory fees		200			150,267
Transfer agent fees
Investor Shares		695			60,109
Shareholder communications
Investor Shares		61			2,208
Custodian fees		444			5,476
Accounting fees		205			21,551
Professional fees		601			19,898
Registration fees
Investor Shares		616			20,365
Directors’ fees		48			3,000
Other operating expenses		12			1,798

Total operating expenses		2,882			284,672
Less amounts waived or paid by the Adviser		(2,582	)		(59,271	)

Net Expenses		300			225,401

Net investment income (loss)		(299	)		87,828

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽²⁾		-			932,205
Foreign currency related transactions		(1,808	)		(3,589	)

		(1,808	)		928,616
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(15,630	)		1,793,596
Foreign currency related transactions		(1,080	)		359

		(16,710	)		1,793,955

Net gain (loss) on investments and foreign currency related transactions		(18,518	)		2,722,571

Net increase (decrease) in net assets resulting from operations	$	(18,818	)	$	2,810,399

⁽¹⁾	For the period from commencement of operations (March 29, 2010) through March 31, 2010.


⁽²⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated issuers
	Global Equity	$	-	$	-
	Global Value		12,008		(25	)

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited) (Continued)


	INTERNATIONAL			INTERNATIONAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	59,810,650		$	3,378,843
Interest		17,449			1,260

Total investment income		59,828,099			3,380,103

EXPENSES:
Advisory fees		47,914,583			4,608,884
Transfer agent fees
Investor Shares		8,388,380			544,522
Institutional Shares		11,527
Shareholder communications
Investor Shares		508,071			18,772
Institutional Shares		14,220
Custodian fees		1,818,931			211,979
Accounting fees		31,250			22,859
Professional fees		239,389			28,219
Registration fees
Investor Shares		403,113			43,946
Institutional Shares		8,812
Directors’ fees		204,008			15,389
Other operating expenses		261,514			10,364

Total operating expenses		59,803,798			5,504,934

Net investment income (loss)		24,301			(2,124,831	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		18,329,042			(1,741,076	)
Foreign currency related transactions		(1,830,151	)		(199,872	)

		16,498,891			(1,940,948	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		87,246,355			25,460,955
Foreign currency related transactions		1,678,265			(540,087	)

		88,924,620			24,920,868

Net gain on investments and foreign currency related transactions		105,423,511			22,979,920

Net increase in net assets resulting from operations	$	105,447,812		$	20,855,089


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers
	International	$	5,217,031
	International Small Cap		180,142

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited) (Continued)


	INTERNATIONAL VALUE			MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	26,925,750		$	8,858,869
Interest		11,308			8,876

Total investment income		26,937,058			8,867,745

EXPENSES:
Advisory fees		11,098,993			20,221,144
Transfer agent fees
Investor Shares		1,919,440			4,714,535
Institutional Shares		9,271			9,177
Shareholder communications
Investor Shares		94,892			233,552
Institutional Shares		1,230			3,392
Custodian fees		288,552			44,884
Accounting fees		32,545			24,111
Professional fees		50,028			86,135
Registration fees
Investor Shares		74,375			56,896
Institutional Shares		15,517			7,109
Directors’ fees		41,792			91,644
Other operating expenses		26,874			51,837

Total operating expenses		13,653,509			25,544,416

Net investment income (loss)		13,283,549			(16,676,671	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		(6,760,461	)		16,628,580
Foreign currency related transactions		(542,103	)		-

		(7,302,564	)		16,628,580
Net increase in unrealized appreciation or depreciation on:
Investments		168,549,557			499,422,766
Foreign currency related transactions		36,405			-

		168,585,962			499,422,766

Net gain on investments and foreign currency related transactions		161,283,398			516,051,346

Net increase in net assets resulting from operations	$	174,566,947		$	499,374,675


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated issuers
	International Value	$	1,617,142	$	70,505
	Mid Cap		11,368		-

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited) (Continued)


	MID CAP VALUE		OPPORTUNISTIC GROWTH
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	48,498,460	$	123,076
Dividends, from affiliated issuers⁽¹⁾		1,647,101		-
Interest		18,622		220

Total investment income		50,164,183		123,296

EXPENSES:
Advisory fees		24,190,265		243,547
Transfer agent fees
Investor Shares		5,926,316		97,254
Shareholder communications
Investor Shares		436,262		6,736
Custodian fees		50,595		7,137
Accounting fees		18,144		23,495
Professional fees		129,178		12,921
Registration fees
Investor Shares		206,681		24,540
Directors’ fees		110,616		3,000
Other operating expenses		71,269		839

Total operating expenses		31,139,326		419,469
Less amounts waived or paid by the Adviser		-		(13,558	)

Net Expenses		31,139,326		405,911

Net investment income (loss)		19,024,857		(282,615	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		246,617,617		1,843,351
Foreign currency related transactions		-		(33,059	)

		246,617,617		1,810,292
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		251,371,301		4,281,094
Foreign currency related transactions		-		(32,971	)

		251,371,301		4,248,123

Net gain on investments and foreign currency related transactions		497,988,918		6,058,415

Net increase in net assets resulting from operations	$	517,013,775	$	5,775,800


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized (loss) on investments from affiliated issuers
	Mid Cap Value	$	-	$	(745,631	)
	Opportunistic Growth		1,954		-

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited) (Continued)


	OPPORTUNISTIC VALUE			SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	2,214,600		$	1,301,206
Interest		433			849

Total investment income		2,215,033			1,302,055

EXPENSES:
Advisory fees		938,767			1,966,115
Transfer agent fees
Investor Shares		289,897			371,418
Shareholder communications
Investor Shares		20,254			50,276
Custodian fees		5,528			8,238
Accounting fees		18,304			17,455
Professional fees		27,358			22,228
Registration fees
Investor Shares		18,323			17,773
Directors’ fees		3,489			9,233
Other operating expenses		4,058			6,257

Total operating expenses		1,325,978			2,468,993

Net investment income (loss)		889,055			(1,166,938	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		7,541,214			38,727,297
Foreign currency related transactions		(5,571	)		-

		7,535,643			38,727,297
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		16,088,093			(4,510,727	)

Net gain on investments and foreign currency related transactions		23,623,736			34,216,570

Net increase in net assets resulting from operations	$	24,512,791		$	33,049,632


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized (loss) on investments from affiliated issuers
	Opportunistic Value	$	-	$	-
	Small Cap		1,858		(93,317	)

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited) (Continued)


	SMALL CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers	$	13,702,523
Dividends, from affiliated issuers		1,048,432
Interest		7,881

Total investment income		14,758,836

EXPENSES:
Advisory fees		11,072,862
Transfer agent fees
Investor Shares		2,574,000
Shareholder communications
Investor Shares		189,762
Custodian fees		24,429
Accounting fees		18,087
Professional fees		34,246
Registration fees
Investor Shares		72,528
Directors’ fees		46,992
Other operating expenses		79,306

Total operating expenses		14,112,212

Net investment income		646,624

NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments⁽¹⁾		91,307,132
Net increase in unrealized appreciation or depreciation on:
Investments		176,226,034

Net gain on investments and foreign currency related transactions		267,533,166

Net increase in net assets resulting from operations	$	268,179,790


⁽¹⁾	Fund	Including net realized (loss) on investments from affiliated issuers
	Small Cap Value	$	(2,209,165	)

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets


	GLOBAL EQUITY			GLOBAL VALUE
	Period Ended 3/31/2010⁽¹⁾⁽²⁾			Six Months Ended 3/31/2010⁽²⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	(299	)	$	87,828		$	206,576
Net realized gain (loss) on:
Investments		-			932,205			(2,211,339	)
Foreign currency related transactions		(1,808	)		(3,589	)		(1,249	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(15,630	)		1,793,596			6,796,447
Foreign currency related transactions		(1,080	)		359			976

Net increase (decrease) in net assets resulting from operations		(18,817	)		2,810,399			4,791,411

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			(689,211	)		(120,537	)

Total distributions paid to shareholders		-			(689,211	)		(120,537	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		7,880,362			1,738,064			14,381,195

Total increase in net assets		7,861,545			3,859,252			19,052,069

Net assets, beginning of period		-			28,617,565			9,565,496

Net assets, end of period	$	7,861,545		$	32,476,817		$	28,617,565


Accumulated undistributed net investment income (loss)	$	(299	)	$	(419,874	)	$	181,509

⁽¹⁾	For the period from commencement of operations (March 29, 2010) through March 31, 2010.

⁽²⁾	Unaudited.

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	INTERNATIONAL						INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009			Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	24,301		$	132,762,575		$	(2,124,831	)	$	5,108,638
Net realized gain (loss) on:
Investments		18,329,042			(2,628,919,339	)		(1,741,076	)		(134,000,418	)
Foreign currency related transactions		(1,830,151	)		(2,414,432	)		(199,872	)		(142,407	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		87,246,355			2,629,216,166			25,460,955			209,865,674
Foreign currency related transactions		1,678,265			613,814			(540,087	)		(180,609	)

Net increase in net assets resulting from operations		105,447,812			131,258,784			20,855,089			80,650,878

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(94,522,015	)		(73,117,872	)		(4,971,337	)		(6,726,029	)
Institutional Shares		(34,565,734	)		(37,487,951	)
Net realized gains on investment transactions:
Investor Shares		-			(274,728,222	)		-			(8,348,645	)
Institutional Shares		-			(101,344,058	)

Total distributions paid to shareholders		(129,087,749	)		(486,678,103	)		(4,971,337	)		(15,074,674	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(256,801,033	)		(820,456,337	)		77,621,284			(102,179,473	)

Total increase (decrease) in net assets		(280,440,970	)		(1,175,875,656	)		93,505,036			(36,603,269	)

Net assets, beginning of period		10,627,854,724			11,803,730,380			695,802,732			732,406,001

Net assets, end of period	$	10,347,413,754		$	10,627,854,724		$	789,307,768		$	695,802,732


Accumulated undistributed net investment income (loss)	$	(14,444	)	$	129,049,002		$	(2,148,973	)	$	4,947,196

⁽¹⁾	Unaudited.

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	INTERNATIONAL VALUE						MID CAP
	Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009			Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	13,283,549		$	11,511,387		$	(16,676,671	)	$	(17,497,526	)
Net realized gain (loss) on:
Investments		(6,760,461	)		(139,186,395	)		16,628,580			(769,509,214	)
Foreign currency related transactions		(542,103	)		9,770,470			-			-
Net increase in unrealized appreciation or depreciation on:
Investments		168,549,557			299,492,429			499,422,766			792,263,717
Foreign currency related transactions		36,405			548,147			-			-

Net increase in net assets resulting from operations		174,566,947			182,136,038			499,374,675			5,256,977

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(34,819,928	)		(10,176,045	)		-			-
Institutional Shares		(7,409,299	)		(2,362,145	)		-			-
Net realized gains on investment transactions:
Investor Shares		-			-			-			(40,893,720	)
Institutional Shares		-			-			-			(5,219,106	)

Total distributions paid to shareholders		(42,229,227	)		(12,538,190	)		-			(46,112,826	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		627,730,685			634,624,462			50,716,869			(85,588,305	)

Total increase (decrease) in net assets		760,068,405			804,222,310			550,091,544			(126,444,154	)

Net assets, beginning of period		2,019,745,652			1,215,523,342			4,143,065,683			4,269,509,837

Net assets, end of period	$	2,779,814,057		$	2,019,745,652		$	4,693,157,227		$	4,143,065,683


Accumulated undistributed net investment income (loss)	$	(15,129,185	)	$	13,816,491		$	(16,780,962	)	$	(104,290	)

⁽¹⁾	Unaudited.

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 3/31/2010⁽¹⁾			Year Ended 9/30/2009			Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	19,024,857		$	19,063,713		$	(282,615	)	$	(109,264	)
Net realized gain (loss) on:
Investments		246,617,617			(409,231,827	)		1,843,351			(835,142	)
Foreign currency related transactions		-			-			(33,059	)		447
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		251,371,301			623,062,782			4,281,094			7,779,098
Foreign currency related transactions		-			-			(32,971	)		195

Net increase in net assets resulting from operations		517,013,775			232,894,668			5,775,800			6,835,334

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(19,093,720	)		(4,661,179	)		-			-
Net realized gains on investment transactions:
Investor Shares		-			(23,963,286	)		-			-

Total distributions paid to shareholders		(19,093,720	)		(28,624,465	)		-			-

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		652,384,756			1,192,224,172			12,802,599			33,056,223

Total increase in net assets		1,150,304,811			1,396,494,375			18,578,399			39,891,557

Net assets, beginning of period		4,627,956,426			3,231,462,051			45,557,040			5,665,483

Net assets, end of period	$	5,778,261,237		$	4,627,956,426		$	64,135,439		$	45,557,040


Accumulated undistributed net investment income (loss)	$	18,943,292		$	19,012,157		$	(282,990	)	$	(374	)

⁽¹⁾	Unaudited.

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	OPPORTUNISTIC VALUE						SMALL CAP
	Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009			Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	889,055		$	1,304,526		$	(1,166,938	)	$	(1,674,671	)
Net realized gain (loss) on:
Investments		7,541,214			(68,445,898	)		38,727,297			(203,855,722	)
Foreign currency related transactions		(5,571	)		11,020			-			-
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		16,088,093			44,443,949			(4,510,727	)		151,823,713

Net increase (decrease) in net assets resulting from operations		24,512,791			(22,686,403	)		33,049,632			(53,706,680	)

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(840,245	)		(2,058,250	)		-			-
Net realized gains on investment transactions:
Investor Shares		-			-			-			-
Tax return of capital:
Investor Shares		-			-			-			(665,408	)

Total distributions paid to shareholders		(840,245	)		(2,058,250	)		-			(665,408	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		48,425,759			(24,429,047	)		(82,427,676	)		(95,759,005	)

Total increase (decrease) in net assets		72,098,305			(49,173,700	)		(49,378,044	)		(150,131,093	)

Net assets, beginning of period		181,109,975			230,283,675			436,995,712			587,126,805

Net assets, end of period	$	253,208,280		$	181,109,975		$	387,617,668		$	436,995,712


Accumulated undistributed net investment income (loss)	$	387,072		$	338,264		$	(1,185,426	)	$	(18,488	)

⁽¹⁾	Unaudited.

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	SMALL CAP VALUE
	Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income	$	646,624		$	2,997,650
Net realized gain (loss) on:
Investments		91,307,132			(141,698,056	)
Foreign currency related transactions		-			(1,342	)
Net increase in unrealized appreciation or depreciation on:
Investments		176,226,034			158,604,198

Net increase in net assets resulting from operations		268,179,790			19,902,450

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(2,598,102	)		-
Net realized gains on investment transactions:
Investor Shares		-			(41,873,575	)

Total distributions paid to shareholders		(2,598,102	)		(41,873,575	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		151,471,534			276,386,431

Total increase in net assets		417,053,222			254,415,306

Net assets, beginning of period		2,156,495,298			1,902,079,992

Net assets, end of period	$	2,573,548,520		$	2,156,495,298


Accumulated undistributed net investment income	$	591,232		$	2,542,709

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


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

ARTISAN GLOBAL EQUITY FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	10.00	$	-	⁽⁶⁾	$	(0.02	)	$	(0.02	)	$	-		$	-

ARTISAN GLOBAL VALUE FUND
Investor Shares
3/31/2010	⁽⁷⁾	$	8.64	$	0.03		$	0.78		$	0.81		$	(0.20	)	$	-
9/30/2009			8.32		0.08			0.29			0.37			(0.05	)		-
9/30/2008	⁽⁸⁾		10.00		0.10			(1.78	)		(1.68	)		-			-

ARTISAN INTERNATIONAL FUND
Investor Shares
3/31/2010	⁽⁷⁾	$	20.16	$	(0.01	)	$	0.24		$	0.23		$	(0.25	)	$	-
9/30/2009			20.34		0.23			0.48			0.71			(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	)		-

ARTISAN INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2010	⁽⁷⁾	$	16.66	$	(0.05	)	$	0.56		$	0.51		$	(0.12	)	$	-
9/30/2009			14.28		0.12			2.62			2.74			(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	)

⁽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 Equity Investor Shares	3/31/2010	14.43	%	(14.43	)%
Global Value Investor Shares	3/31/2010	1.89	%	0.19	%
	9/30/2009	2.16	%	0.45	%
	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 (Loss) to Average Net Assets⁽³⁾⁽⁴⁾		Portfolio Turnover Rate⁽²⁾



$	-		$	9.98	(0.30	)%	$	7.9	1.50	%	(1.50	)%	0.00	%



$	(0.20	)	$	9.25	9.56	%	$	32.5	1.50	%	0.58	%	17.48	%
	(0.05	)		8.64	4.65			28.6	1.50		1.11		56.57
	-			8.32	(16.80	)		9.6	1.44		1.39		42.27



$	(0.25	)	$	20.14	1.11	%	$	7,898.5	1.22	%	(0.06	)%	36.53	%
	(0.89	)		20.16	5.00			7,715.1	1.22		1.47		82.38
	(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



$	(0.12	)	$	17.05	3.05	%	$	789.3	1.49	%	(0.58	)%	34.17	%
	(0.36	)		16.66	20.59			695.8	1.50		0.99		58.42
	(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

⁽⁵⁾

Unaudited. For the period from commencement of operations (March 29, 2010) through March 31, 2010.

⁽⁶⁾

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

⁽⁷⁾

Unaudited. For the six months ended March 31, 2010.

⁽⁸⁾

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

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
3/31/2010	⁽⁵⁾	$	22.83	$	0.13		$	1.52		$	1.65		$	(0.42	)	$	-
9/30/2009			21.20		0.17			1.67			1.84			(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	)

ARTISAN MID CAP FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	24.28	$	(0.10	)	$	3.03		$	2.93		$	-		$	-
9/30/2009			24.08		(0.11	)		0.59			0.48			-			(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			-			-

ARTISAN MID CAP VALUE FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	16.85	$	0.06		$	1.71		$	1.77		$	(0.07	)	$	-
9/30/2009			17.01		0.08			(0.10	)		(0.02	)		(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			-	⁽⁶⁾		(0.30	)

ARTISAN OPPORTUNISTIC GROWTH FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	9.14	$	(0.05	)	$	1.05		$	1.00		$	-		$	-
9/30/2009			9.32		(0.05	)		(0.13	)		(0.18	)		-			-
9/30/2008	⁽⁶⁾		10.00		-	⁽⁷⁾		(0.68	)		(0.68	)		-			-

⁽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	3/31/2010	1.55	%	(1.09	)%
	9/30/2009	2.24	%	(1.36	)%
	9/30/2008	48.41	%	(47.60	)%


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



$	(0.42	)	$	24.06	7.35	%	$	2,291.1	1.20	%	1.09	%	10.57	%
	(0.21	)		22.83	8.95			1,739.5	1.25		0.95		55.49
	(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



$	-		$	27.21	12.07	%	$	4,202.1	1.21	%	(0.80	)%	32.42	%
	(0.28	)		24.28	2.47			3,688.6	1.23		(0.57	)	68.39
	(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



$	(0.07	)	$	18.55	10.50	%	$	5,778.3	1.20	%	0.74	%	21.06	%
	(0.14	)		16.85	0.21			4,628.0	1.21		0.62		53.84
	(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



$	-		$	10.14	10.94	%	$	64.1	1.50	%	(1.04	)%	39.58	%
	-			9.14	(1.93	)		45.6	1.47		(0.59	)	101.01
	-			9.32	(6.80	)		5.7	1.50		(0.69	)	3.05

⁽⁵⁾

Unaudited. For the six months ended March 31, 2010.

⁽⁶⁾

For the period from commencement of operations (September 22, 2008) 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			Distributions from Tax Return of Capital

ARTISAN OPPORTUNISTIC VALUE FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	8.12	$	0.04		$	0.97		$	1.01		$	(0.04	)	$	-
9/30/2009			8.58		0.06			(0.44	)		(0.38	)		(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	⁽⁶⁾		10.00		0.03			0.38			0.41			-			-

ARTISAN SMALL CAP FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	12.88	$	(0.04	)	$	1.19		$	1.15		$	-		$	-		$	-
9/30/2009			13.13		(0.05	)		(0.18	)		(0.23	)		-			-			(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	)		-

ARTISAN SMALL CAP VALUE FUND
Investor Shares
3/31/2010	⁽⁵⁾	$	13.56	$	-	⁽⁷⁾	$	1.62		$	1.62		$	(0.02	)	$	-		$	-
9/30/2009			13.93		0.02			(0.07	)		(0.05	)		-			(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	)		-

⁽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 Value Investor Shares	9/30/2006	1.64	%	0.39	%


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



$	(0.04	)	$	9.09	12.41	%	$	253.2	1.27	%	0.85	%	41.45	%
	(0.08	)		8.12	(4.10	)		181.1	1.32		0.84		85.44
	(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



$	-		$	14.03	8.93	%	$	387.6	1.26	%	(0.59	)%	29.29	%
	(0.02	)		12.88	(1.73	)		437.0	1.26		(0.47	)	80.51
	(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



$	(0.02	)	$	15.16	11.93	%	$	2,573.5	1.21	%	0.06	%	19.16	%
	(0.32	)		13.56	0.46			2,156.5	1.22		0.20		63.05
	(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

⁽⁵⁾

Unaudited. For the six months ended March 31, 2010.

⁽⁶⁾

For the period from commencement of operations (March 27, 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, 2010 (Unaudited)

(1)

Organization:


Fund Name		Inception Date
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010
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.

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

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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(2)

Summary of significant accounting policies:

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

(a)

Security valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) 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 Equity Fund, Global Value Fund, International Fund, International Small Cap Fund and International Value Fund generally invested a significant portion, and perhaps as much as substantially all, of their total assets in securities principally traded in markets outside the U.S. Opportunistic Growth Fund and Opportunistic Value Fund had the ability to invest, and did invest, in securities principally traded outside the U.S. The foreign markets in which the Funds invested were sometimes open on days when the NYSE was not open and the Funds did not calculate their NAVs, and sometimes were not open on days when the Funds did calculate their NAVs. Even on days on which both the foreign market and the NYSE were open, several hours may have passed between the time when trading in the foreign market closed and the time as of which the Funds calculate their NAVs. That was generally the case for markets in

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Europe, Asia, Australia and other far eastern markets; the regular closing time of foreign markets in North and South America was generally the same as the closing time of the NYSE and the time as of which the Funds calculated their NAVs.

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

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

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

(b)

Fair value measurements – Under generally accepted accounting principles for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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, 2010:


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs	Total
Global Equity
Equity Securities⁽¹⁾
Americas	$	2,552,044	$	-	-	$	2,552,044
Emerging Markets		1,007,585		37,931	-		1,045,516
Europe		2,832,909		-	-		2,832,909
Pacific Basin		911,427		-	-		911,427
Repurchase Agreements		-		7,082,000	-		7,082,000
Total	$	7,303,965	$	7,119,931	-	$	14,423,896
Global Value
Equity Securities⁽¹⁾
Americas	$	14,780,756	$	-	-	$	14,780,756
Emerging Markets		-		-	-		-
Europe		13,304,081		483,599	-		13,787,680
Pacific Basin		2,378,220		-	-		2,378,220
Repurchase Agreements		-		1,750,000	-		1,750,000
Total	$	30,463,057	$	2,233,599	-	$	32,696,656
International
Equity Securities⁽¹⁾
Americas	$	751,464,191	$	-	-	$	751,464,191
Emerging Markets		1,317,290,822		-	-		1,317,290,822
Europe		6,722,712,543		-	-		6,722,712,543
Pacific Basin		1,446,024,909		-	-		1,446,024,909
Repurchase Agreements		-		102,820,000	-		102,820,000
Total	$	10,237,492,465	$	102,820,000	-	$	10,340,312,465

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs	Total
International Small Cap
Equity Securities⁽¹⁾
Americas	$	25,346,430	$	-	-	$	25,346,430
Emerging Markets		168,419,207		11,321,283	-		179,740,490
Europe		446,357,715		-	-		446,357,715
Pacific Basin		103,447,504		-	-		103,447,504
Repurchase Agreements		-		8,568,000	-		8,568,000
Total	$	743,570,856	$	19,889,283	-	$	763,460,139
International Value
Equity Securities⁽¹⁾
Americas	$	387,929,981	$	-	-	$	387,929,981
Emerging Markets		16,492,682		-	-		16,492,682
Europe		1,774,267,419		64,270,765	-		1,838,538,184
Pacific Basin		325,915,788		-	-		325,915,788
Repurchase Agreements		-		186,854,000	-		186,854,000
Total	$	2,504,605,870	$	251,124,765	-	$	2,755,730,635
Mid Cap
Equity Securities⁽¹⁾	$	4,588,011,799		-	-	$	4,588,011,799
Repurchase Agreements		-	$	113,520,000	-		113,520,000
Total	$	4,588,011,799	$	113,520,000	-	$	4,701,531,799
Mid Cap Value
Equity Securities⁽¹⁾	$	5,463,357,340	$	-	-	$	5,463,357,340
Repurchase Agreements		-		279,329,000	-		279,329,000
Total	$	5,463,357,340	$	279,329,000	-	$	5,742,686,340
Opportunistic Growth Fund
Equity Securities⁽¹⁾	$	60,250,506		-	-	$	60,250,506
Repurchase Agreements		-	$	3,906,000	-		3,906,000
Total	$	60,250,506	$	3,906,000	-	$	64,156,506
Opportunistic Value Fund
Equity Securities⁽¹⁾	$	240,502,096		-	-	$	240,502,096
Repurchase Agreements		-	$	9,677,000	-		9,677,000
Total	$	240,502,096	$	9,677,000	-	$	250,179,096
Small Cap Fund
Equity Securities⁽¹⁾	$	373,663,360		-	-	$	373,663,360
Repurchase Agreements		-	$	12,718,000	-		12,718,000
Total	$	373,663,360	$	12,718,000	-	$	386,381,360
Small Cap Value Fund
Equity Securities ⁽¹⁾	$	2,434,171,883		-	-	$	2,434,171,883
Repurchase Agreements		-	$	135,058,000	-		135,058,000
Total	$	2,434,171,883	$	135,058,000	-	$	2,569,229,883

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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(c)

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

The Funds have analyzed the tax positions taken on federal income tax returns for all open tax years and have concluded that as of March 31, 2010, no provision for income tax is 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, although they generally do not do so. 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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

(h)

Securities lending – Each of the Funds may 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 and Trust Company, the Funds’ 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, 2010.

(i)

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

(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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

“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 was a percentage, as of March 31, 2010 up to 0.40% annually, of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the six months ended March 31, 2010:


	Six Months Ended 3/31/10
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Global Equity - Investor Shares⁽¹⁾	$	481	$	214	$	695
Global Value - Investor Shares		28,039		32,070		60,109
International - Investor Shares		296,710		8,091,670		8,388,380
International - Institutional Shares		11,527		-		11,527
International Small Cap - Investor Shares		37,571		506,951		544,522
International Value - Investor Shares		61,163		1,858,283		1,919,446
International Value - Institutional Shares		9,271		-		9,271
Mid Cap - Investor Shares		74,108		4,640,427		4,714,535
Mid Cap - Institutional Shares		9,177		-		9,177
Mid Cap Value - Investor Shares		239,407		5,686,909		5,926,316
Opportunistic Growth - Investor Shares		33,584		63,401		97,254
Opportunistic Value - Investor Shares		39,680		250,217		289,897
Small Cap - Investor Shares		51,262		320,156		371,418
Small Cap Value - Investor Shares		45,536		2,528,464		2,574,000

⁽¹⁾For the period of commencement of operations (March 29, 2010) through March 31, 2010.

(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 Equity⁽¹⁾	$	–
Global Value		89
International		–
International Small Cap		765

⁽¹⁾

For the period of commencement of operations (March 29, 2010) through March 31, 2010.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


International Value	$	23,579
Mid Cap		146,912
Mid Cap Value		221,814
Opportunistic Growth		3,931
Opportunistic Value		12,730
Small Cap		30,803
Small Cap Value		97,402

(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 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 Equity Fund, 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.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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 Equity Fund, Global Value Fund, International Fund, International Small Cap Fund, Opportunistic Growth Fund, and Opportunistic Value 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
Greater than $1 billion	0.925

Global Equity Fund and Global Value Fund pay 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

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 contractually agreed to waive its management fee, and to the extent that fee waiver is insufficient, to reimburse Global Equity Fund, Global Value Fund, and Opportunistic Growth Fund for any ordinary operating expenses in an amount sufficient to cause the Fund’s ordinary operating expenses, including the management fee, to be not more than 1.50% of average daily net assets, annually. For the period ended March 31, 2010, the Adviser paid operating expenses on behalf of Global Equity Fund, Global Value Fund, and Opportunistic Growth Fund. Global Equity Fund, Global Value Fund, and Opportunistic Growth Fund reimburse the Adviser annually for operating expenses paid on their behalf up

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

to 1.50% of average daily net assets, annually. The amount of operating expenses owed to the Adviser is included in payable for advisory fees and payable for operating expenses on the Statements of Assets and Liabilities for Global Equity Fund, Global Value Fund, and Opportunistic Growth Fund.

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

Prior to April 1, 2010, each director who was not an affiliated person of the Adviser received an annual retainer of $170,000, 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. 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. Effective April 1, 2010, each director who was not an affiliated person of Artisan Funds or the Adviser received an annual retainer of $180,000, payable quarterly, due to the commencement of operations of Global Equity Fund. The other additional annual retainer fees were unchanged. These fees were generally allocated to each of the Artisan Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Funds has adopted a deferred compensation plan for 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 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.

Shares of Artisan Funds were offered for sale by Artisan Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. 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 in August 2010, under which each Fund may borrow up to the lesser of (a) $75 million or (b) the lesser of (i) 33 1/3% 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 borrow 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 0.15% on the unused portion of the line of credit and interest was charged on any borrowings at the current Federal Funds rate plus

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1.25%. SSB has agreed to waive 0.05% of the commitment fee by reducing the Funds’ custody expenses until August 2010. 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, 2010, there were no borrowings under the line of credit for Global Equity Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Opportunistic Growth Fund, Opportunistic Value Fund, or Small Cap Value Fund. During the six months ended March 31, 2010, Small Cap Fund paid interest of $1,555 on maximum borrowings of $6,680,325.

(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, 2010 were as follows:


Fund	Security Purchases		Security Sales
Global Equity⁽¹⁾	$	7,357,526	$	-
Global Value		5,762,392		4,982,209
International		3,629,731,630		4,003,688,236
International Small Cap		294,592,244		243,598,248
International Value		813,576,243		226,483,794
Mid Cap		1,411,976,448		1,335,292,380
Mid Cap Value		1,746,464,182		1,014,610,854
Opportunistic Growth		31,891,728		19,786,651
Opportunistic Value		124,614,979		83,624,989
Small Cap		109,348,814		187,583,604
Small Cap Value		648,392,628		415,866,327

⁽¹⁾	For the period of commencement of operations (March 29, 2010) through March 31, 2010.

(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, 2010. 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, 2010.


		As of 9/30/09										As of 3/31/10
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
Global Value	Arch Capital Group Ltd.⁽²⁾⁽³⁾	13,901	$	28,796	$	34,134	$	(25	)	$	-	13,821	$	1,053,851
	Total⁽⁴⁾		$	28,796	$	34,134	$	(25	)	$	-		$	1,053,851

See notes on page 91.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


		As of 9/30/09										As of 3/31/10
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
International Value
	Arch Capital Group Ltd.⁽²⁾⁽³⁾	1,276,234	$	15,503,884	$	2,666,744	$	70,505		$	-	1,465,031	$	111,708,614
	Total⁽⁴⁾		$	15,503,884	$	2,666,744	$	70,505		$	-		$	111,708,614
Mid Cap
	athenahealth, Inc.⁽²⁾⁽³⁾	833,900	$	38,205,101	$	-	$	-		$	-	1,772,200	$	64,791,632
	Total⁽⁴⁾		$	38,205,101	$	-	$	-		$	-		$	64,791,632
Mid Cap Value
	Acuity Brands, Inc.	2,418,315	$	10,981,976	$	23,680,220	$	(745,631	)	$	644,076	2,169,215	$	91,562,565
	Alleghany Corporation⁽³⁾	475,576		8,070,608		-		-			-	516,402		150,169,562
	Arch Capital Group Ltd.⁽²⁾⁽³⁾	1,414,873		12,475,627		-		-			-	1,592,873		121,456,566
	Ingram Micro Inc., Class A⁽²⁾⁽³⁾	6,496,000		28,639,143		-		-			-	8,139,400		142,846,470
	Ryder System, Inc.⁽²⁾	1,844,300		11,566,423		-		-			1,003,025	2,141,400		83,000,664
	Total⁽⁴⁾		$	71,733,777	$	23,680,220	$	(745,631	)	$	1,647,101		$	589,035,827
Opportunistic Value
	Arch Capital Group Ltd.⁽²⁾⁽³⁾	69,700	$	3,157,113	$	-	$	-		$	-	114,500	$	8,730,625
	Ingram Micro Inc., Class A⁽²⁾⁽³⁾	360,500		1,457,668		-		-			-	441,800		7,753,590
	Total⁽⁴⁾		$	4,614,781	$	-	$	-		$	-		$	16,484,215
Small Cap
	Astec Industries, Inc.^(2)(3)(5)	140,900	$	-	$	3,705,424	$	(176,209	)	$	-	-	$	-
	athenahealth, Inc.⁽²⁾⁽³⁾	110,800		4,974,841		1,106,111		82,892			-	212,300		7,761,688
	Total⁽⁴⁾		$	4,974,841	$	4,811,535	$	(93,317	)	$	-		$	7,761,688
Small Cap Value
	Actel Corporation⁽²⁾⁽³⁾	1,305,900	$	5,847,682	$	-	$	-		$	-	1,810,400	$	25,074,040
	Acuity Brands, Inc.	897,200		1,266,748		8,720,434		(1,120,748	)		231,179	748,000		31,573,080
	AMN Healthcare Services, Inc.⁽³⁾	2,231,300		1,804,614		-		-			-	2,438,900		21,462,320
	Astec Industries, Inc.⁽²⁾⁽³⁾	668,100		13,548,902		-		-			-	1,203,800		34,862,048
	Comfort Systems USA, Inc.⁽²⁾	1,700,600		9,012,718		-		-			234,385	2,481,900		30,998,931
	Cross Country Healthcare, Inc.⁽³⁾	2,147,700		1,769,407		2,530,715		(1,081,373	)		-	2,199,100		22,232,901
	Diamond Management & Technology Consultants, Inc.⁽⁵⁾	1,658,000		-		7,666,858		(1,061,012	)		165,270	771,600		6,057,060
	Hudson Highland Group, Inc.^(2)(3)(5)	1,220,200		895,359		-		-			-	1,427,700		6,281,880
	Manhattan Associates, Inc.⁽³⁾	1,503,300		2,746,944		813,153		(50,670	)		-	1,585,100		40,388,348
	Medical Staffing Network Holdings, Inc.⁽³⁾⁽⁵⁾	1,577,900		-		548,293		(520,564	)		-	1,508,600		211,204
	Orbotech, Ltd.⁽³⁾	2,243,779		1,937,003		-		-			-	2,440,479		26,430,388
	Quanex Building Products Corporation⁽⁵⁾	2,030,475		1,522,225		10,766,941		73,421			89,384	1,473,975		24,364,807
	RadiSys Corporation⁽³⁾	1,294,500		2,705,816		-		-			-	1,614,600		14,466,816

See notes on page 91.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


		As of 9/30/09										As of 3/31/10
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance	Value
	Rudolph Technologies, Inc.⁽³⁾	1,922,600		1,411,566		-		-			-	2,128,400		18,240,388
	Ryder System, Inc.⁽²⁾	482,500		10,524,237		2,586,873		1,551,781			270,125	687,200		26,635,872
	School Specialty, Inc.⁽²⁾⁽³⁾	851,600		17,224,467		-		-			-	1,613,600		36,644,856
	Seahawk Drilling, Inc.⁽²⁾⁽³⁾	366,100		10,313,737		-		-			-	806,500		15,202,525
	Stewart Information Services Corporation	1,120,678		432,975		-		-			58,089	1,161,778		16,032,536
	Ultra Clean Holdings, Inc.⁽³⁾	1,455,900		902,111		-		-			-	1,594,444		13,584,663
	Ultratech, Inc.⁽³⁾	1,434,300		4,072,127		-		-			-	1,736,200		23,612,320
	Total⁽⁴⁾		$	87,938,638	$	33,633,267	$	(2,209,165	)	$	1,048,432		$	397,442,032

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

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

⁽³⁾	Non-income producing security.

⁽⁴⁾	Total value as of March 31, 2010 is presented for only those issuers that were affiliates as of March 31, 2010.

⁽⁵⁾	Issuer was no longer an affiliate as of March 31, 2010.

(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 (depreciation) on investments as of March 31, 2010 were as follows:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Global Equity	$	14,439,526	$	35,786	$	(51,416)		$	(15,630)
Global Value		26,579,006		6,302,597		(184,947	)		6,117,650
International		9,007,443,552		1,623,414,514		(290,545,601	)		1,332,868,913
International Small Cap		634,761,983		163,399,563		(34,701,407	)		128,698,156
International Value		2,456,647,044		323,685,505		(24,601,914	)		299,083,591
Mid Cap		3,566,976,802		1,209,502,280		(74,947,283	)		1,134,554,997
Mid Cap Value		5,146,976,865		688,603,427		(92,893,952	)		595,709,475
Opportunistic Growth		52,648,150		11,657,135		(148,779	)		11,508,356
Opportunistic Value		229,226,001		24,116,218		(3,163,123	)		20,953,095
Small Cap		295,299,102		98,270,650		(7,188,392	)		91,082,258
Small Cap Value		2,378,496,023		351,424,998		(160,691,138	)		190,733,860

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 (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2010 and the year ended September 30, 2009 was as follows:


	Six Months Ended 3/31/10				Year Ended 9/30/09
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions		Tax Return of Capital Distributions
Global Equity⁽¹⁾	$	-	$	-		NA		NA		NA
Global Value		689,211		-	$	120,537	$	-	$	-
International		129,087,749		-		168,596,974		318,081,129		-
International Small Cap		4,971,337		-		8,262,565		6,812,109		-
International Value		42,229,227		-		12,538,190		-		-
Mid Cap		-		-		-		46,112,826		-
Mid Cap Value		19,093,720		-		4,665,242		23,959,223		-
Opportunistic Growth		-		-		-		-		-
Opportunistic Value		840,245		-		2,058,250		-		-
Small Cap		-		-		-		-		665,408
Small Cap Value		2,598,102		-		19,312		41,854,263		-

⁽¹⁾	For the period of commencement of operations (March 29, 2010) through March 31, 2010.

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 International Fund of $123,107,002 were included in net realized gain (loss) on investments in the Statement of Operations for the period ended March 31, 2010, and were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2009 follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses
Global Value	$	689,180	$	-	$	1,454,259
International		129,070,165		-		1,743,954,947
International Small Cap		4,969,618		-		91,175,656
International Value		40,471,520		-		100,777,481
Mid Cap		-		-		623,684,822
Mid Cap Value		19,078,639		-		293,694,457
Opportunistic Growth		-		-		388,671
Opportunistic Value		341,609		-		58,295,184
Small Cap		-		-		178,632,090
Small Cap Value		2,582,903		-		107,261,562

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of September 30, 2009, the Funds had capital loss carryovers as follows:


	Net Capital Loss Carryover		Expiration
Global Value	$	237,042	2017
International		846,687,411	2017
International Small Cap		42,384,176	2017
International Value		21,273,231	2017
Mid Cap		133,629,309	2017
Mid Cap Value		63,364,689	2017
Opportunistic Growth		199,888	2017
Opportunistic Value		35,503,974	2017
Small Cap		89,964,498	2017
Small Cap Value		22,928,816	2017

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(8)

Fund share activities:

Capital share transactions for the Funds were as follows:


	GLOBAL EQUITY		GLOBAL VALUE			INTERNATIONAL						INTERNATIONAL SMALL CAP
Six Months ended March 31, 2010	Investor Shares⁽¹⁾		Investor Shares			Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued	$	7,880,362	$	4,409,698		$	1,037,740,753		$	103,802,798		$	146,936,574
Net asset value of shares issued in reinvestment of dividends and distributions		-		681,070			85,906,490			32,932,785			4,715,018
Cost of shares redeemed⁽²⁾		-		(3,352,704	)		(931,452,819	)		(585,731,040	)		(74,030,308	)

Net increase (decrease) from fund share transactions	$	7,880,362	$	1,738,064		$	192,194,424		$	(448,995,457	)	$	77,621,284


Shares sold		788,087		496,086			51,491,302			5,174,340			8,601,053
Shares issued in reinvestment of dividends and distributions		-		78,194			4,233,932			1,614,352			280,489
Shares redeemed		-		(377,660	)		(46,322,952	)		(29,485,317	)		(4,370,733	)

Net increase (decrease) in capital shares		788,087		196,620			9,402,282			(22,696,625	)		4,510,809


			GLOBAL VALUE			INTERNATIONAL						INTERNATIONAL SMALL CAP
Year ended September 30, 2009			Investor Shares			Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued			$	19,624,420		$	1,592,516,571		$	172,950,986		$	176,434,127
Net asset value of shares issued in reinvestment of dividends and distributions				119,040			331,783,610			136,080,351			14,306,941
Cost of shares redeemed⁽²⁾				(5,362,265	)		(2,620,368,565	)		(433,419,290	)		(292,920,541	)

Net increase (decrease) from fund share transactions			$	14,381,195		$	(696,068,384	)	$	(124,387,953	)	$	(102,179,473	)


Shares sold				2,913,263			102,961,075			11,471,176			14,930,821
Shares issued in reinvestment of dividends and distributions				17,454			22,089,455			9,017,916			1,308,961
Shares redeemed				(767,349	)		(173,003,712	)		(25,335,842	)		(25,771,244	)

Net increase (decrease) in capital shares				2,163,368			(47,953,182	)		(4,846,750	)		(9,531,462	)

⁽¹⁾	For the period from commencement of operations (March 29, 2010) through March 31, 2010.

⁽²⁾	Net of redemption fees of:


Fund	3/31/2010		9/30/2009
Global Value - Investor Shares	$	2,275	$	9,174
International - Investor Shares		217,212		940,168
International - Institutional Shares		68,776		357,772
International Small Cap - Investor Shares		14,751		84,469

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


	INTERNATIONAL VALUE						MID CAP						MID CAP VALUE
Six Months ended March 31, 2010	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued	$	583,014,527		$	187,486,944		$	470,150,921		$	3,251,910		$	1,093,501,110
Net asset value of shares issued in reinvestment of dividends and distributions		31,364,232			5,318,821			-			-			17,787,983
Cost of shares redeemed⁽¹⁾		(173,348,008	)		(6,105,831	)		(401,707,626	)		(20,978,336	)		(458,904,337	)

Net increase (decrease) from fund share transactions	$	441,030,751		$	186,699,934		$	68,443,295		$	(17,726,426	)	$	652,384,756


Shares sold		25,120,456			8,066,804			18,596,494			126,721			61,782,652
Shares issued in reinvestment of dividends and distributions		1,378,042			233,794			-			-			1,003,270
Shares redeemed		(7,487,022	)		(262,767	)		(16,061,242	)		(800,348	)		(26,021,979	)

Net increase (decrease) in capital shares		19,011,476			8,037,831			2,535,252			(673,627	)		36,763,943


	INTERNATIONAL VALUE						MID CAP						MID CAP VALUE
Year ended September 30, 2009	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares			Investor Shares
Proceeds from shares issued	$	998,478,418		$	89,768,173		$	736,881,835		$	40,963,051		$	2,001,278,772
Net asset value of shares issued in reinvestment of dividends and distributions		9,494,289			1,837,654			40,618,187			5,181,307			27,732,642
Cost of shares redeemed⁽¹⁾		(442,674,211	)		(22,279,861	)		(787,631,410	)		(121,601,275	)		(836,787,242	)

Net increase (decrease) from fund share transactions	$	565,298,496		$	69,325,966		$	(10,131,388	)	$	(75,456,917	)	$	1,192,224,172


Shares sold		52,470,821			4,662,123			38,015,250			2,178,933			146,741,963
Shares issued in reinvestment of dividends and distributions		527,754			102,319			2,392,119			297,093			2,180,239
Shares redeemed		(25,344,403	)		(1,262,697	)		(43,513,929	)		(6,036,669	)		(64,200,797	)

Net increase (decrease) in capital shares		27,654,172			3,501,745			(3,106,560	)		(3,560,643	)		84,721,405

⁽¹⁾	Net of redemption fees of:


Fund	3/31/2010		9/30/2009
International Value - Investor Shares	$	124,861	$	604,391
International Value - Institutional Shares		24,273		107,009

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


	OPPORTUNISTIC GROWTH			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE
Six Months ended March 31, 2010	Investor Shares			Investor Shares			Investor Shares			Investor Shares
Proceeds from shares issued	$	19,651,603		$	69,244,072		$	54,968,500		$	376,077,067
Net asset value of shares issued in reinvestment of dividends and distributions		-			811,247			-			2,473,612
Cost of shares redeemed⁽¹⁾		(6,849,004	)		(21,629,560	)		(137,396,176	)		(227,079,145	)

Net increase (decrease) from fund share transactions	$	12,802,599		$	48,425,759		$	(82,427,676	)	$	151,471,534


Shares sold		2,073,228			7,984,859			4,106,857			26,422,176
Shares issued in reinvestment of dividends and distributions		-			94,772			-			176,813
Shares redeemed		(732,915	)		(2,520,978	)		(10,412,580	)		(15,930,545	)

Net increase (decrease) in capital shares		1,340,313			5,558,653			(6,305,723	)		10,668,444


	OPPORTUNISTIC GROWTH			OPPORTUNISTIC VALUE			SMALL CAP			SMALL CAP VALUE
Year ended September 30, 2009	Investor Shares			Investor Shares			Investor Shares			Investor Shares
Proceeds from shares issued	$	36,443,180		$	77,642,687		$	127,203,222		$	663,675,871
Net asset value of shares issued in reinvestment of dividends and distributions		-			2,040,180			591,391			41,643,045
Cost of shares redeemed⁽¹⁾		(3,386,957	)		(104,111,914	)		(223,553,618	)		(428,932,485	)

Net increase (decrease) from fund share transactions	$	33,056,223		$	(24,429,047	)	$	(95,759,005	)	$	276,386,431


Shares sold		4,790,702			11,576,435			12,593,776			60,531,651
Shares issued in reinvestment of dividends and distributions		-			322,303			63,659			4,189,441
Shares redeemed		(414,267	)		(16,422,436	)		(23,451,871	)		(42,194,212	)

Net increase (decrease) in capital shares		4,376,435			(4,523,698	)		(10,794,436	)		22,526,880

⁽¹⁾	Net of redemption fees of:


Fund	3/31/2010		9/30/2009
Opportunistic Growth - Investor Shares	$	915	-

(9)

Subsequent Events:

The Funds have evaluated subsequent events through the issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

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, 2009 to March 31, 2010.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line below each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended March 31, 2010 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 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period 10/1/2009-3/31/2010⁽¹⁾
Artisan Global Equity Fund - Investor Shares⁽²⁾
Actual	$	1,000.00	$	997.00	$	0.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	0.12
Artisan Global Value Fund - Investor Shares
Actual	$	1,000.00	$	1,095.60	$	7.84
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54
Artisan International Fund - Investor Shares
Actual	$	1,000.00	$	1,011.10	$	6.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14

See notes on page 99.

SHAREHOLDER EXPENSE EXAMPLE


	Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period 10/1/2009-3/31/2010⁽¹⁾
Artisan International Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,030.50	$	7.54
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.49
Artisan International Value Fund - Investor Shares
Actual	$	1,000.00	$	1,073.50	$	6.20
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04
Artisan Mid Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,120.70	$	6.40
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09
Artisan Mid Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	1,105.00	$	6.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04
Artisan Opportunistic Growth Fund - Investor Shares
Actual	$	1,000.00	$	1,109.40	$	7.89
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54
Artisan Opportunistic Value Fund - Investor Shares
Actual	$	1,000.00	$	1,124.10	$	6.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.39
Artisan Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,089.30	$	6.56
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.34
Artisan Small Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	1,119.30	$	6.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09

See notes on page 99.

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, 2010 (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, 2010
Artisan Global Equity Fund - Investor Shares^(a)(b)		1.50%
Artisan Global Value Fund - Investor Shares^(b)		1.50%
Artisan International Fund - Investor Shares		1.22%
Artisan International Small Cap Fund - Investor Shares		1.49%
Artisan International Value Fund - Investor Shares		1.20%
Artisan Mid Cap Fund - Investor Shares		1.21%
Artisan Mid Cap Value Fund - Investor Shares		1.20%
Artisan Opportunistic Growth Fund - Investor Shares^(b)		1.50%
Artisan Opportunistic Value Fund - Investor Shares		1.27%
Artisan Small Cap Fund - Investor Shares		1.26%
Artisan Small Cap Value Fund - Investor Shares		1.21%

^(a)

For the period from commencement of operations (March 29, 2010) through March 31, 2010.

^(b)

The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

⁽²⁾

The account value and the expenses paid for Global Equity Fund have been presented for the period from commencement of operations (March 29, 2010) through March 31, 2010. Assuming a six month period, the actual account value as of March 31, 2010 and the expenses paid during period 10/1/2009- 3/31/2010 would have been as follows:


	Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period 10/1/09-3/31/10
Artisan Global Equity Fund - Investor Shares
Actual	$	1,000.00	$	997.00	$	7.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54

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); May 15, 2008 (Opportunistic Growth 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”). Artisan Partners, a Delaware limited partnership, is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly-owned by Artisan Partners Holdings LP (“Artisan Partners Holdings”). Artisan Partners Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Investment Corporation, a Wisconsin corporation. Artisan Partners was founded in March 2009 and succeeded to the investment management business of Artisan Partners Holdings during 2009. Artisan Partners Holdings was founded in December 1994 and began providing investment management services in March 1995. 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 29, 2009 (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, 2009 through November 30, 2010. 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.

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 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

100

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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”);

•

Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors

101

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

bearing on comparability, such as size, account-level charges, and investment objective); the structure of the advisory fees, including the method of computing fees and the frequency of payment of fees; a comparison of the advisory fees charged by Artisan Partners to the Funds with the advisory fees charged by other advisory organizations for managing mutual funds and other accounts, especially funds and accounts having similar investment goals and providing similar service; 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 advisory 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 for managing other accounts including other mutual funds to which Artisan Partners provides sub-advisory services, with similar investment goals, including an explanation of any material differences, as well as any differences attributable to variations in service levels; information regarding other expenses, including expenses incurred by each of: (a) Artisan Partners, as adviser and administrator, (b) Artisan Distributors LLC, as the principal underwriter and (c) the Funds; custodian, shareholder servicing and transfer agent fees; and information regarding payments to financial intermediaries;

•

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 and 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 and financial arrangements between Artisan Partners and its parent organization;

•

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; 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

102

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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.

On October 29, 2009 and November 11, 2009, the independent directors 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. The directors concluded their annual Advisory Agreement review at a regularly scheduled meeting on November 12, 2009. At the November 12th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and the November 11th 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 11th and 12th 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 International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap 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 periods. The directors also concluded that each of Emerging Markets Fund, Global Value Fund, Opportunistic Growth Fund and Opportunistic Value Fund had adhered to its investment strategy and performed satisfactorily or better since inception periods. In addition, the directors concluded that, over the long-term, Small Cap Fund had adhered to its investment strategy and that performance was acceptable. Moreover, based on recent changes to the investment management team of Small Cap Fund, the directors concluded that prospects for the performance of that Fund were favorable.

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 (i) the fees charged by mutual funds considered by Lipper, Inc. to be within the same peer category or universe and (ii) the fees charged and the array of services offered to other Artisan clients, including its separate account 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 (or are expected to benefit) 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

103

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Small Cap Fund, because it closed at a small asset level. The directors also concluded that Artisan Partners had appropriately 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, 2010 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

104

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“APLP”) is responsible for the management of Artisan Global Equity Fund’s (the “Fund”) investment portfolio, the supervision of the Fund’s sub-advisory relationship, and for the overall management of the Fund’s business and affairs pursuant to an investment advisory agreement dated February 9, 2010 (the “Advisory Agreement”). Artisan Partners UK LLP (“Artisan UK,” and collectively with APLP, “Artisan Partners”) serves as the Fund’s investment sub-adviser pursuant to a sub-advisory agreement with APLP dated February 9, 2010 (the “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Advisory Agreements”). Under the terms of the Sub-Advisory Agreement, Artisan UK manages the investment of the Fund’s assets, subject to the general supervision of APLP and Artisan Funds’ board of directors.

APLP, a Delaware limited partnership, is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly-owned by Artisan Partners Holdings LP (“Artisan Partners Holdings”). Artisan Partners Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Investment Corporation, a Wisconsin corporation. APLP was founded in March 2009 and succeeded to the investment management business of Artisan Partners Holdings during 2009. Artisan Partners Holdings was founded in December 1994 and began providing investment management services in March 1995. Artisan UK is a limited liability partnership organized under the laws of England and Wales. Artisan UK’s founding partner is Artisan Partners Limited, a private limited company incorporated under the laws of England and Wales. The sole shareholder of Artisan Partners Limited is Artisan Partners Holdings. Artisan UK was founded in December 2009. The principal address of APLP and Artisan UK is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

The Advisory Agreements for the Fund must be approved initially (a) by the vote of a majority of the directors of Artisan Funds who are not “interested persons” of the Fund 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 Investment Company Act of 1940 (the “1940 Act”)) of the outstanding shares of the Fund. The Advisory Agreement provides that APLP shall not be liable for any loss suffered by the 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 APLP in the performance of its duties or from reckless disregard by APLP of its obligations and duties under the Advisory Agreement. The Advisory Agreement provides that APLP is authorized to appoint one or more qualified sub-advisers to assist in the performance of the Advisory Agreement. The Sub-Advisory Agreement provides that Artisan UK shall not be liable for any loss suffered by APLP or the Fund as a consequence of any act or omission of Artisan UK, or of any members, employees or agents of Artisan UK, in connection with investment advisory or portfolio services under the agreement, except by reason of willful misfeasance, bad faith or gross negligence on the part of Artisan UK in the performance of its duties or by reason of reckless disregard by Artisan UK of its obligations and duties under the Sub-Advisory Agreement. The Advisory Agreements will be in effect until November 30, 2011 and will terminate automatically in the event of an assignment (as defined in the 1940 Act).

The Fund’s board of directors, including a quorum of the independent directors, formally considered the initial approval of the Advisory Agreements at a meeting held on February 9, 2010 (the “Meeting”).

105

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENTS

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with the initial approval of the Advisory Agreements. Artisan Partners provided materials to the directors in response to that request, other information Artisan Partners believed was useful in evaluating the Advisory Agreements and reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to the Fund’s management fees and expenses compared to the management fees and expenses of a peer group determined by Lipper to be comparable. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Fund’s Advisory Agreements.

In evaluating the Advisory Agreements, the directors reviewed the available information and discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund, and the prospect for economies of scale and other benefits being derived by Artisan Partners from its relationship with the Fund. In addition to the third party reports by Lipper and the memorandum from independent counsel, the directors reviewed the information provided prior to the 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 Fund; the time and attention of Artisan Partners’ investment personnel devoted to the Fund; Artisan Partners’ research and decision-making processes, including methods adopted to ensure compliance with investment objectives, policies and restrictions of the Fund; 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 the Advisory Agreements, including: a list of services performed by Artisan Partners; how the services performed by Artisan Partners 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 of the Fund; Artisan Partners’ standard of care; and termination provisions;

•

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”);

•

Information regarding fee arrangements, including: a comparison of the estimated total expenses and total expense ratio of the Fund with other mutual funds (taking into account factors bearing on comparability, such as size, account-level charges, and investment objective); the structure of the proposed advisory fees, including: the method of computing fees, and the frequency of payment of fees; a comparison of the proposed advisory fees charged by APLP to the Fund with the advisory fees charged by other

106

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENTS

advisory organizations for managing mutual funds and other accounts, especially funds and accounts having similar investment goals and providing similar service; voluntary or contractual advisory fee limitations or reductions and relationship of fees to any fee limitation; the possible cost savings by APLP, incentives to effect savings, and sharing of savings with the Fund; any economies of scale as reflected in the basic advisory fees and any sliding scale reflecting increased size; a comparison of fees proposed to be charged by APLP to the Fund with the fees charged by APLP for managing other accounts including other mutual funds to which APLP provides sub-advisory services, with similar investment goals, including an explanation of any material differences, as well as any differences attributable to variations in service levels; information regarding other expenses, including expenses incurred by each of: (a) APLP, as adviser and administrator, (b) Artisan Distributors LLC, as the principal underwriter and (c) the Fund; custodian, shareholder servicing and transfer agent fees; and information regarding payments to financial intermediaries;

•

Potential “fall-out” benefits gained by Artisan Partners or its affiliates from their proposed relationship with the Fund, in addition to the proposed advisory fees, including receipt of research paid for with commissions and 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 products 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; and research available for purchase by cash;

•

Artisan Partners’ financial condition and stability and financial arrangements between APLP and its parent organization;

•

The potential profitability to Artisan Partners of its relationship with the Fund; and

•

Potential for conflicts of interest between the Fund 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 Fund and other clients where the same security might be bought or sold for a number of clients; the basis for allocating purchases and sales of the same security, including initial public offerings, among the Fund and other clients of Artisan Partners; the potential 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 Fund; Artisan Partners’ code of ethics; and APLP’s proxy voting policies.

At the end of the Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel. In the course of reviewing and discussing the relevant information regarding the initial approval of the Fund’s Advisory Agreements, the directors 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 services provided to the Fund by APLP and Artisan UK would be

107

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENTS

appropriate and consistent with, and in some cases more advantageous to the Fund than, the terms of the Advisory Agreements. The directors concluded that Artisan Partners has sufficient and well qualified personnel, with appropriate education and experience, to serve the Fund effectively and that key personnel, including the proposed investment management team, would not be undesirably overextended in assuming management responsibilities for the Fund.

The investment performance of the Fund. Because the Fund was not yet in operation, the directors noted that the Fund had no performance history of its own to review. However, the directors reviewed the performance history of the proposed investment management team and concluded that the proposed investment management team had produced positive historical results. In particular, the directors noted that Mr. Yockey, proposed co-portfolio manager of the Fund, had produced positive historical results for Artisan International Fund and Artisan International Small Cap Fund over the long term, and Mr. Dargan, proposed co-portfolio manager for the Fund, had produced positive historical results for other global and international mutual funds for which he had served as portfolio manager.

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the overall estimated expense ratio of the Fund (after giving effect to APLP’s contractual undertaking to reimburse the Fund for ordinary operating expenses in excess of 1.50% of the Fund’s average net assets annually) was reasonable in relation to the nature, extent and quality of services to be provided to the Fund and in comparison to (i) the fees charged by mutual funds considered by Lipper to be within the same peer category or universe and (ii) the fees charged and the array of services offered to other Artisan clients, including APLP’s separate account clients, who have similar investment strategies and objectives, for which it provides few or no services other than portfolio management. The directors noted that APLP expects the fee schedule for separately managed accounts in its global equity strategy to be the same as that of the separately managed accounts in its global value strategy. The directors also noted that the proposed management fee schedule would be the same as Artisan Global Value Fund and would include breakpoints at $1 billion, $4 billion, $8 billion and $12 billion, which represent the same breakpoints that are currently in place for Artisan Global Value Fund, Artisan Opportunistic Growth Fund and Artisan Opportunistic Value Fund. It was the conclusion of the board that these breakpoints properly took into account such economies of scale as could be anticipated at this point from possible growth of the Fund’s assets.

Other benefits derived by the Fund or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreements and the proposed management fees paid in return, the Fund and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded that there were potentially 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 may derive those additional benefits, the Fund 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 Fund because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum

108

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL EQUITY FUND’S ADVISORY AGREEMENTS

separate account size requirements. The directors also concluded that the Fund could benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients.

Following those discussions, the board approved the Fund’s Advisory Agreements through November 30, 2011 by the unanimous vote of all directors present at the meeting, constituting a quorum, and also by the unanimous vote of all the “non-interested” directors present at the meeting, constituting a quorum.

109

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, 2010. 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 Inc. 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 Inc. 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.

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 markets 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.

110

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

The indices to which the Funds are compared are:

Artisan Global Equity and Artisan Global Value Funds – 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, that exhibits growth investment style characteristics according to MSCI’s methodology. 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, that exhibits value investment style characteristics according to MSCI’s methodology.

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.

111

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

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.

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’ statements of additional information, which are available without charge, on the Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

112

PROXY VOTING POLICIES AND PROCEDURES

Information relating to how each Artisan Fund, except Artisan Global Equity 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 Global Equity Fund’s proxy voting record for the period ending June 30, 2010 will be available by August 31, 2010, without charge, on the Funds’ website and on the Securities and Exchange Commission 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.

113

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.344.1770

WWW.ARTISANFUNDS.COM

LOGO

ARTISAN

SEMIANNUAL

REPORT

MARCH 31, 2010

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

21		STATEMENTS OF ASSETS AND LIABILITIES

23		STATEMENTS OF OPERATIONS

25		STATEMENTS OF CHANGES IN NET ASSETS

28		FINANCIAL HIGHLIGHTS


32		NOTES TO FINANCIAL STATEMENTS

45		SHAREHOLDER EXPENSE EXAMPLE

47		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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

54		PROXY VOTING POLICIES AND PROCEDURES

54		INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of the Institutional Shares of Artisan Emerging Markets Fund, Artisan International Fund, Artisan International Value Fund and Artisan Mid Cap Fund. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For more complete information on any Fund, including fees and expenses, please call 800.399.1770 for a free prospectus. Read it carefully before you invest or send money.

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, 2010. 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 strategic analysis. The 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 strategic 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 their 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 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 3/31/2010)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		Since Inception
Artisan Emerging Markets Fund – Institutional Shares	10.27	%	89.16	%	3.54	%	11.96	%
MSCI Emerging Markets Index^SM	11.16		81.08		5.16		12.68

⁽¹⁾	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. 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’ agreement to limit the Fund’s expenses to no more than 1.50%, which 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 52 for a description of the index.

INVESTING ENVIRONMENT

Emerging markets stocks were up 11.16% during the six-month period ended March 31, 2010, as measured by the MSCI Emerging Markets Index^SM. From a regional perspective, the EMEA (Europe, Middle East & Africa) region was the strongest performing region as stocks in Russia and South Africa posted gains of approximately 18% and 14%, respectively. Strong results in Latin America were driven by 22% gains in Mexican stocks and 13% gains in Brazilian stocks. Asia lagged other regions but still put up strong numbers. India was among the strongest Asian countries advancing nearly 13%, while China and Korea gained 6-8%. Taiwan trailed the overall market by a wide margin with a gain of only 4%.

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	10.9	%	9.6	%
Consumer Staples	6.2		6.9
Energy	12.7		11.1
Financials	14.8		16.0
Healthcare	2.2		1.8
Industrials	10.8		9.8
Information Technology	12.9		12.6
Materials	11.3		14.0
Telecommunication Services	11.8		10.7
Utilities	2.6		1.8
Other assets less liabilities	3.8		5.7
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund returned 10.27% during the six-month period. We benefited from the strength of our holdings in China, Turkey, Russia and Brazil. Some of our leading performers in these countries were fruit and vegetable producer Chaoda Modern Agriculture (Holdings) Limited, water treatment services provider Sound Global Ltd., investment and development bank Turkiye Sinai Kalkinma Bankasi A.S., rail freight transportation services provider Globaltrans Investment PLC, consumer products manufacturer Hypermarcas SA and truck and luxury coach manufacturer Marcopolo S.A.

On the downside, we were negatively impacted by our lack of investment in Israel, which advanced more than 25% in the Index, and by the underperformance of our holdings in Taiwan and Korea. Our biggest decliners in Taiwan were fertilizer manufacturer and land owner Taiwan Fertilizer Co., Ltd. and financial services provider Chinatrust Financial Holding Company Ltd. In Korea, our results were hindered by weakness in online educational programs provider MegaStudy Co., Ltd. and residential construction company Hyundai Development Company. Other weak performers in the portfolio included Samson Holding Ltd., real estate developer Rodobens Negocios Imobiliarios SA and Turkcell Iletisim Hizmetleri AS.

REGION ALLOCATION


Region	9/30/09		3/31/10
Emerging Asia	41.9	%	42.2	%
Emerging Europe, Middle East & Africa	24.1		25.0
Latin America	26.0		24.8
Developed Markets	4.2		2.3

As a percentage of total net assets.

FUND CHANGES

Our largest additions to the portfolio during the period included: Indian cement manufacturer India Cements Limited, Brazilian stock exchange operator BM&F BOVESPA SA, Russian steel manufacturer Magnitogorsk Iron & Steel Works, Indonesian auto manufacturer PT Astra International Tbk and Indian pipe manufacturer Welspun-Gujarat Stahl Ltd. Our purchases were funded in part by the sales of Gold Fields Limited, Turk Hava Yollari Anonim Ortakligi, All America Latina Logistica, Dufry South America Ltd and Sound Global Ltd.

ARTISAN INTERNATIONAL FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (7/1/1997 to 3/31/2010)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		10-Year		Since Inception
Artisan International Fund – Institutional Shares	1.24	%	51.48	%	-5.94	%	5.14	%	0.18	%	8.25	%
MSCI EAFE^® Growth Index	6.20		50.61		-5.70		4.24		-1.26		2.10
MSCI EAFE^® Index	3.06		54.44		-7.02		3.75		1.27		3.66

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	12.1	%	14.9	%
Consumer Staples	14.2		12.8
Energy	4.5		1.3
Financials	30.7		26.1
Healthcare	10.1		10.5
Industrials	11.2		15.3
Information Technology	6.4		8.0
Materials	6.6		8.2
Telecommunication Services	1.6		—
Utilities	1.5		1.8
Other assets less liabilities	1.1		1.1
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund ended the period with a return of 1.24%.

REGION ALLOCATION


Region	9/30/09		3/31/10
Europe	68.7	%	64.9	%
Pacific Basin	9.5		13.9
Emerging Markets	13.9		12.8
Americas	6.8		7.3

As a percentage of total net assets.

FUND CHANGES

Sales during the period included Gazprom, Heineken Holding NV, Telefonica S.A., Allianz SE and Assicurazioni Generali S.p.A.

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.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (10/1/2006 to 3/31/2010)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		Since Inception
Artisan International Value Fund – Institutional Shares	7.49	%	60.60	%	-1.69	%	2.21	%
MSCI EAFE^® Value Index	0.04		58.52		-8.40		-3.50
MSCI EAFE^® Index	3.06		54.44		-7.02		-2.26

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	23.4	%	23.3	%
Consumer Staples	10.0		9.3
Energy	4.7		4.3
Financials	17.9		21.8
Healthcare	8.8		7.3
Industrials	14.6		16.4
Information Technology	6.1		7.5
Materials	3.2		2.5
Telecommunication Services	1.4		—
Other assets less liabilities	9.9		7.6
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

Though the economic environment was still uneven, our portfolio returned 7.49% as we remained focused on the intersection of balance sheet strength, business quality and valuation.

REGION ALLOCATION


Region	9/30/09		3/31/10
Europe	64.2	%	66.1	%
Americas	13.0		14.0
Pacific Basin	10.2		11.7
Emerging Markets	2.7		0.6

As a percentage of total net assets.

FUND CHANGES

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 $1,000,000 INVESTMENT (7/1/2000 to 3/31/2010)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Months⁽¹⁾		1-Year		3-Year		5-Year		Since Inception
Artisan Mid Cap Fund – Institutional Shares	12.16	%	57.17	%	1.95	%	6.25	%	4.07	%
Russell Midcap^® Growth Index	14.88		63.00		-2.04		4.27		-0.95
Russell Midcap^® Index	15.10		67.71		-3.30		4.20		5.47

⁽¹⁾	Not annualized.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	16.0	%	19.9	%
Consumer Staples	3.0		1.6
Energy	2.1		5.2
Financials	6.5		5.3
Healthcare	17.8		15.7
Industrials	13.2		12.9
Information Technology	34.7		35.3
Materials	2.4		1.9
Exchange Traded Funds	0.7		—
Other assets less liabilities	3.6		2.2
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund participated in the gain, returning 12.16% in the period. The technology, materials and energy sectors were sources of positive returns. In the technology sector, returns were led by Cree, Inc., a provider of LED (Light Emitting Diode) chips and lighting solutions, ARM Holdings PLC, a developer and licenser of microprocessors and Agilent Technologies, Inc., a manufacturer of test and measurement products, among others. Top performers in the materials and energy sectors included fertilizer company Agrium Inc. and energy services and equipment provider Smith International, Inc.

FUND CHANGES

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 94.3%

BRAZIL - 17.6%
Amil Participacoes SA	203,000	$	1,580,988
BM&F BOVESPA SA	407,200		2,756,875
Companhia Energetica de Minas Gerais-CEMIG, Preferred⁽¹⁾	100,747		1,672,366
Companhia Vale do Rio Doce	303,762		9,761,857
Empresa Brasileira de Aeronautica S.A.	288,900		1,709,016
Fleury SA⁽²⁾	121,500		1,298,113
Hypermarcas SA⁽²⁾	152,500		1,865,142
Iguatemi Empresa de Shopping Centers SA	106,300		1,790,247
Itau Unibanco Holdings SA, Preferred⁽¹⁾	224,251		4,917,923
Marcopolo S.A., Preferred⁽¹⁾	419,500		1,887,143
Petroleo Brasileiro S.A.	471,900		10,534,726
Randon SA Implementos e Participacoes, Preferred⁽¹⁾	141,000		1,087,024
Rodobens Negocios Imobiliarios SA	142,100		998,819
SEB - Sistema Educacional Brasileiro SA (Units)⁽¹⁾	137,400		1,854,303
SLC Agricola SA	147,982		1,209,918
Tele Norte Leste Participacoes S.A.	87,800		1,885,995
Tim Participacoes S.A., Preferred⁽¹⁾	700,900		1,958,823
Wilson Sons Limited (DR)	129,821		1,704,569

			50,473,847
CHILE - 1.1%
Compania Cervecerias Unidas S.A.	214,778		1,604,358
Empresa Nacional de Telecomunicaciones S.A.	119,319		1,623,284

			3,227,642
CHINA - 11.6%
Airmedia Group, Inc. (DR)⁽²⁾	183,645		1,147,781
Ajisen China Holdings Limited	2,040,913		2,005,624
Chaoda Modern Agriculture (Holdings) Limited	3,758,536		4,003,361
China Dongxiang Group Company	3,961,000		2,841,584
China Mobile Limited	591,000		5,686,022
China Railway Construction Corporation, H Shares	1,209,500		1,487,681
GOME Electrical Appliances Holdings Limited⁽²⁾	9,329,587		3,136,198
Huabao International Holdings Limited	3,349,600		4,003,515
Mindray Medical International Limited, Class A (DR)	67,530		2,459,443


	Shares Held	Value

CHINA (CONTINUED)
New Oriental Education & Technology Group, Inc. (DR)⁽²⁾	18,445	$	1,577,232
Tingyi (Cayman Islands) Holding Corporation	1,088,300		2,565,076
Zhuzhou CSR Times Electric Co., Ltd., H Shares	1,235,200		2,335,414

			33,248,931
CZECH REPUBLIC - 0.6%
CEZ	39,658		1,873,367

EGYPT - 2.0%
Commercial International Bank	157,181		1,855,569
Egyptian Financial Group-Hermes Holding	539,401		3,087,889
Orascom Construction Industries	17,679		848,630

			5,792,088
HONG KONG - 0.5%
Samson Holding Ltd.	9,107,955		1,536,713

HUNGARY - 0.7%
MOL Hungarian Oil and Gas Nyrt., Class A⁽²⁾	20,072		2,053,574

INDIA - 5.1%
Cairn India Ltd.⁽²⁾	482,077		3,273,442
India Cements Limited	1,009,184		2,944,718
Nagarjuna Construction Company Ltd.	543,295		1,972,538
Patni Computer Systems Ltd	172,770		2,062,696
Power Finance Corporation	339,980		1,959,457
Welspun Gujarat Stahl Rohren Ltd.	380,304		2,318,080

			14,530,931
INDONESIA - 3.5%
PT Astra International Tbk	527,000		2,426,650
PT Bank Rakyat Indonesia	2,432,000		2,204,956
PT Indocement Tunggal Prakarsa Tbk	1,844,095		2,887,890
PT Telekomunikasi Indonesia	2,951,500		2,611,086

			10,130,582
ITALY - 0.5%
Tenaris S.A. (DR)	36,186		1,553,827

KAZAKSTAN - 1.1%
KazMunaiGas Exploration Production (DR)	122,896		3,031,844


	Shares Held	Value

KOREA - 8.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.	96,534	$	1,851,419
Hyundai Development Company	42,381		1,237,962
MegaStudy Co., Ltd.	9,662		1,592,614
Samsung Electronics Co., Ltd.	17,566		12,699,623
Shinhan Financial Group Co., Ltd.	89,587		3,519,503
Shinsegae Co., Ltd.	6,443		3,046,538

			23,947,659
MEXICO - 6.1%
America Movil SAB de C.V., Series L	2,319,763		5,844,555
Bolsa Mexicana de Valores SA⁽²⁾	1,003,290		1,590,495
Fomento Economico Mexicano SAB, Series UBD (Units)	485,382		2,308,791
Grupo Financiero Banorte S.A.B. de C.V.	640,241		2,839,819
Grupo Televisa S.A.	576,541		2,436,033
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽²⁾	1,012,562		2,338,178

			17,357,871
NETHERLANDS - 0.5%
Plaza Centers (Europe) BV⁽²⁾	646,147		1,323,712

POLAND - 0.7%
Polski Koncern Naftowy Orlen S.A.⁽²⁾	138,109		1,875,877

RUSSIA - 6.0%
Globaltrans Investment PLC (DR)⁽²⁾	214,628		2,800,895
LUKOIL (DR)	98,552		5,587,898
Magnit	20,811		1,810,557
Magnitogorsk Iron & Steel Works (DR)⁽²⁾	218,787		2,651,698
Mobile TeleSystems (DR)	50,086		2,779,773
Razguliay Group⁽²⁾⁽³⁾	806,642		1,444,259

			17,075,080
SOUTH AFRICA - 8.8%
ABSA Group Limited	158,286		3,092,376
African Bank Investments Limited	449,980		2,199,319
Barloworld Limited	234,550		1,587,228
Grindrod Limited	971,165		2,041,330
Harmony Gold Mining Company Limited	223,987		2,115,710
Impala Platinum Holdings Limited	178,266		5,237,539
Mondi Limited	418,596		3,091,878
Mr. Price Group Limited	294,347		1,608,376
MTN Group Limited⁽²⁾	280,772		4,317,345

			25,291,101
SWEDEN - 0.8%
Alliance Oil Co Ltd. (DR)⁽²⁾	144,000		2,288,452

TAIWAN - 10.4%
Acer Inc.	622,599		1,838,900
Cathay Financial Holding Co., Ltd.⁽²⁾	1,330,292		2,220,085


	Shares Held		Value

TAIWAN (CONTINUED)
Chinatrust Financial Holding Company Ltd.		3,020,838	$	1,712,170
Far Eastern Textile Ltd.		1,642,698		1,805,219
Hon Hai Precision Industry Co., Ltd.		1,037,729		4,492,970
HTC Corporation		276,400		3,228,931
MediaTek Incorporation		220,214		3,820,704
Prime View International Co., Ltd.⁽²⁾		1,197,000		2,167,249
Taiwan Fertilizer Co., Ltd.		842,000		2,691,070
Taiwan Semiconductor Manufacturing Company Ltd.		3,006,647		5,822,432

				29,799,730
THAILAND - 3.2%
Bangkok Bank Public Company Limited (DR)		479,200		1,948,811
Bumrungrad Hospital Public Company Limited (DR)		1,422,400		1,352,677
Glow Energy Pcl (DR)		1,490,500		1,774,679
Siam Commercial Bank Public Company Limited (DR)		868,600		2,471,353
Total Access Communication Public Company Limited (DR)		1,339,000		1,552,884

				9,100,404
TURKEY - 4.4%
Cimsa Cimento Sanayi ve Ticaret A.S.		411,394		2,317,522
Ford Otomotiv Sanayi A.S.		265,519		1,924,368
Tekfen Holding A.S.⁽²⁾		472,882		1,775,936
Tupras-Turkiye Petrol Rafinerileri A.S.		72,949		1,658,205
Turkcell Iletisim Hizmetleri AS		378,631		2,307,585
Turkiye Sinai Kalkinma Bankasi A.S.⁽²⁾		1,809,135		2,693,886

				12,677,502
UNITED ARAB EMIRATES - 0.7%
Air Arabia		7,254,521		1,935,592

Total common and preferred stocks (Cost $231,479,385)				270,126,326

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $9,104,000⁽⁴⁾ (Cost $9,104,000)	$	9,104,000		9,104,000


Total investments - 97.5% (Cost $240,583,385)				279,230,326

Other assets less liabilities - 2.5%				7,159,611


Total net assets - 100.0%⁽⁵⁾			$	286,389,937

⁽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, Inc. In total, securities valued at a fair value were $1,444,259 or 0.5% of total net assets.

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	4.625	%	11/15/2016	$	9,283,716

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	27,424,473	9.6	%
Consumer Staples		19,858,000	6.9
Energy		31,857,845	11.1
Financials		45,765,433	16.0
Healthcare		5,110,233	1.8
Industrials		28,067,596	9.8
Information Technology		36,133,505	12.6
Materials		40,021,477	14.0
Telecommunication Services		30,567,352	10.7
Utilities		5,320,412	1.8

Total common and preferred stocks		270,126,326	94.3
Short-term investments		9,104,000	3.2

Total investments		279,230,326	97.5
Other assets less liabilities		7,159,611	2.5

Total net assets	$	286,389,937	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	50,473,847	18.1	%
British pound		1,323,712	0.5
Chilean peso		3,227,642	1.1
Czech koruna		1,873,367	0.7
Egyptian pound		5,792,088	2.1
Hong Kong dollar		29,601,188	10.6
Hungarian forint		2,053,574	0.7
Indian rupee		14,530,931	5.2
Indonesian rupiah		10,130,582	3.6
Korean won		23,947,659	8.6
Mexican peso		17,357,871	6.2
Polish zloty		1,875,877	0.7
South African rand		25,291,101	9.0
Swedish krona		2,288,452	0.8
Taiwan dollar		29,799,730	10.7
Thai baht		9,100,404	3.3
Turkish lira		12,677,502	4.5
United Arab Emirates dirham		1,935,592	0.7
U.S. dollar		35,949,207	12.9

Total investments	$	279,230,326	100.0	%


TOP TEN HOLDINGS - MARCH 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea	4.4	%
Petroleo Brasileiro S.A.	Brazil	3.7
Companhia Vale do Rio Doce	Brazil	3.4
America Movil SAB de C.V.	Mexico	2.0
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan	2.0
China Mobile Limited	China	2.0
LUKOIL	Russia	2.0
Impala Platinum Holdings Limited	South Africa	1.8
Itau Unibanco Holdings SA	Brazil	1.7
Hon Hai Precision Industry Co., Ltd.	Taiwan	1.6

Total		24.6	%

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.

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 98.9%

AUSTRALIA - 0.2%
Foster’s Group Limited	4,050,176	$	19,661,049

BELGIUM - 1.5%
Anheuser-Busch InBev NV	1,987,856		100,133,295
Umicore	1,451,958		50,703,924

			150,837,219
BRAZIL - 1.3%
Petroleo Brasileiro S.A., Preferred (DR)	3,467,624		137,283,234

CANADA - 2.3%
Canadian Pacific Railway Limited	4,218,471		237,246,809

CHINA - 7.6%
Baidu, Inc., Class A (DR)⁽¹⁾	51,837		30,946,689
Beijing Enterprises Holdings Ltd.	5,260,470		36,586,326
China Construction Bank, H Shares	172,387,100		140,986,970
China Life Insurance Co., Limited, H Shares	31,712,900		151,942,542
China Merchants Bank Co., Ltd., H Shares	11,120,804		30,078,486
China Merchants Holdings International Company Limited	15,554,265		56,894,243
Ctrip.com International, Ltd. (DR)⁽¹⁾	510,206		20,000,075
Huabao International Holdings Limited	80,561,405		96,288,739
Industrial and Commercial Bank of China Ltd, H Shares	129,116,800		98,613,855
Tencent Holdings Limited	1,010,500		20,264,011
Wynn Macau Limited⁽¹⁾	69,329,672		99,830,084

			782,432,020
DENMARK - 1.2%
Danske Bank A/S⁽¹⁾	5,110,524		125,727,903

FRANCE - 12.5%
Accor S.A.	2,443,762		135,195,374
BNP Paribas	2,727,893		209,496,688
Compagnie de Saint-Gobain	1,189,302		57,185,395
Credit Agricole S.A.	3,781,281		66,189,169
Natixis⁽¹⁾	19,801,049		106,843,463
Pernod Ricard SA	2,960,307		251,375,639


	Shares Held	Value

FRANCE (CONTINUED)
Societe Generale	2,576,520	$	162,045,174
Unibail-Rodamco	615,157		124,629,314
Vinci SA	3,070,721		180,974,887

			1,293,935,103
GERMANY - 13.7%
Bayer AG	4,223,307		285,666,917
Daimler AG	4,898,618		230,611,859
Deutsche Boerse AG	291,010		21,570,737
Deutsche Post AG	11,835,137		205,329,038
Linde AG	2,610,379		311,461,189
Muenchener Rueckversicherungs-Gesellschaft AG	1,626,456		263,942,344
Rhoen-Klinikum AG	52,496		1,343,626
RWE AG	1,092,986		96,841,479

			1,416,767,189
HONG KONG - 4.1%
The Bank of East Asia, Ltd.	15,875,835		58,683,899
Esprit Holdings Limited	8,912,800		70,367,987
Li & Fung Limited	27,734,899		136,276,704
NWS Holdings Limited	33,563,746		66,917,833
Sands China Ltd.⁽¹⁾	61,192,264		97,097,426

			429,343,849
INDIA - 2.5%
Housing Development Finance Corporation Ltd.	1,248,822		75,535,720
ICICI Bank Limited	1,675,413		35,639,145
ICICI Bank Limited (DR)	3,355,985		143,300,560

			254,475,425
ITALY - 1.6%
Intesa Sanpaolo⁽¹⁾	44,606,531		166,133,397

JAPAN - 8.0%
DENSO CORPORATION	3,393,734		101,096,900
FAST RETAILING CO., LTD.	430,450		74,818,831
HONDA MOTOR CO., LTD.	3,154,100		111,333,084
Mitsubishi Corporation	1,062,200		27,836,025
Mitsubishi UFJ Financial Group, Inc.	5,564,800		29,166,242
MITSUI & CO., LTD.	14,769,600		248,187,417
Nitori Co., Ltd.	1,015,050		77,086,908
SUZUKI MOTOR CORPORATION	5,331,006		117,636,810
The Tokyo Electric Power Company, Incorporated	1,550,100		41,318,314

			828,480,531


	Shares Held	Value

NETHERLANDS - 9.9%
Akzo Nobel N.V.	2,429,679	$	138,469,099
ASML Holding N.V.	13,736,782		490,928,021
ING Groep N.V.⁽¹⁾	25,996,320		259,547,475
TNT NV	4,907,157		140,709,339

			1,029,653,934
SINGAPORE - 1.6%
Genting Singapore PLC⁽¹⁾	98,584,799		62,366,451
Oversea-Chinese Banking Corporation Limited	17,052,900		106,173,029

			168,539,480
SPAIN - 0.7%
Industria de Diseno Textil, S.A.	1,182,433		77,944,205

SWEDEN - 1.2%
AB SKF, Class B	2,642,181		46,947,874
Sandvik AB	5,926,172		74,070,995

			121,018,869
SWITZERLAND - 10.8%
Holcim Ltd.⁽¹⁾	3,409,524		254,162,165
Nestle SA	5,815,029		297,810,666
Novartis AG	3,869,333		208,989,486
Roche Holding AG	340,244		56,761,115
Roche Holding AG - Genussscheine⁽²⁾	1,301,588		211,088,342
UBS AG⁽¹⁾	5,658,391		91,981,052

			1,120,792,826
TAIWAN - 1.4%
Taiwan Semiconductor Manufacturing Company Ltd. (DR)	12,262,088		128,629,303
Uni-President Enterprises Corp.	10,111,000		11,509,309

			140,138,612
TURKEY - 0.0%⁽³⁾
Coca-Cola Icecek AS	348,439		2,961,531

UNITED KINGDOM - 11.8%
Carnival plc	591,478		24,279,195
Experian PLC	20,372,331		200,483,728
HSBC Holdings plc	18,787,002		190,609,357
Imperial Tobacco Group plc	6,064,662		184,982,687
Kingfisher PLC	33,175,167		107,936,001
National Grid PLC	5,432,144		52,880,598
Smith & Nephew PLC	12,080,417		120,349,719
Standard Chartered plc	1,553,099		42,363,952
Tesco plc	44,797,052		296,016,661

			1,219,901,898
UNITED STATES - 5.0%
Accenture plc, Class A	3,807,576		159,727,813
Covidien plc	3,925,270		197,362,576


	Shares Held		Value

UNITED STATES (CONTINUED)
Philip Morris International Inc.		3,012,404	$	157,126,993

				514,217,382

Total common and preferred stocks (Cost $8,802,259,308)				10,237,492,465

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $102,820,000⁽⁴⁾ (Cost $102,820,000)	$	102,820,000		102,820,000


Total investments - 99.9% (Cost $8,905,079,308)				10,340,312,465

Other assets less liabilities - 0.1%				7,101,289


Total net assets - 100.0%⁽⁵⁾			$	10,347,413,754

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

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

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	3.375	%	6/30/2013	$	104,878,862

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,543,877,894	14.9	%
Consumer Staples		1,321,577,830	12.8
Energy		137,283,234	1.3
Financials		2,701,200,473	26.1
Healthcare		1,081,561,781	10.5
Industrials		1,579,369,909	15.3
Information Technology		830,495,837	8.0
Materials		851,085,116	8.2
Utilities		191,040,391	1.8

Total common and preferred stocks		10,237,492,465	98.9
Short-term investments		102,820,000	1.0

Total investments		10,340,312,465	99.9
Other assets less liabilities		7,101,289	0.1

Total net assets	$	10,347,413,754	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Australian dollar	$	19,661,049	0.2	%
British pound		1,186,324,204	11.5
Danish krone		125,727,903	1.2
Euro		4,135,271,047	40.0
Hong Kong dollar		1,194,406,799	11.6
Indian rupee		111,174,865	1.1
Japanese yen		828,480,531	8.0
Singapore dollar		168,539,480	1.6
Swedish krona		121,018,869	1.2
Swiss franc		1,120,792,826	10.8
Taiwan dollar		11,509,309	0.1
Turkish lira		2,961,531	0.0	⁽¹⁾
U.S. dollar		1,314,444,052	12.7

Total investments	$	10,340,312,465	100.0	%

⁽¹⁾	Represents less than 0.1% of total investments.


TOP TEN HOLDINGS - MARCH 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
ASML Holding N.V.	Netherlands	4.7	%
Linde AG	Germany	3.0
Nestle SA	Switzerland	2.9
Tesco plc	United Kingdom	2.9
Bayer AG	Germany	2.8
Roche Holding AG	Switzerland	2.6
Muenchener Rueckversicherungs-Gesellschaft AG	Germany	2.6
ING Groep N.V.	Netherlands	2.5
Holcim Ltd.	Switzerland	2.5
Pernod Ricard SA	France	2.4

Total		28.9	%

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.

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

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS AND EQUITY-LINKED SECURITIES - 92.4%

BELGIUM - 0.7%
Groupe Bruxelles Lambert S.A.	216,493	$	19,129,225

FRANCE - 12.0%
Gemalto NV⁽¹⁾	961,919		41,626,892
Publicis Groupe	1,866,971		79,885,088
Societe Television Francaise 1	3,682,460		68,313,994
Sodexo	1,265,854		75,655,389
Total SA	1,190,334		69,100,028

			334,581,391
HONG KONG - 2.8%
Guoco Group Limited	7,488,800		78,319,292

IRELAND - 2.3%
Ryanair Holdings PLC, Equity-Linked Security, 144A^(1)(2)(3)(4)	12,930,719		64,270,765

JAPAN - 8.8%
Aderans Holdings Company Limited	1,649,900		19,571,495
Credit Saison Co., Ltd.	4,611,159		71,517,601
Daiwa Securities Group Inc.	8,324,431		43,808,108
MEITEC CORPORATION	734,747		14,390,007
Mitsubishi UFJ Financial Group, Inc.	2,831,800		14,842,037
Mitsubishi UFJ Financial Group, Inc⁽⁴⁾	3,654,200		19,152,401
SANKYO CO., LTD.	1,036,438		51,273,139
SEINO HOLDINGS CO., LTD.	1,468,800		10,463,374

			245,018,162
KOREA - 0.6%
Lotte Chilsung Beverage Co., Ltd.	21,573		16,492,682

NETHERLANDS - 1.0%
Wolters Kluwer NV	1,275,524		27,659,347

SINGAPORE - 0.1%
ARA Asset Management Limited	3,164,000		2,578,334

SWITZERLAND - 17.7%
Adecco SA	1,652,671		93,809,142
Givaudan SA	80,233		70,386,499
Nestle SA	882,371		45,189,714
Novartis AG	1,708,101		92,257,542
Panalpina Welttransport Holding AG	993,802		84,403,423
Pargesa Holding SA	1,134,566		96,304,682


	Shares Held		Value

SWITZERLAND (CONTINUED)
Tamedia AG		124,422	$	10,148,228

				492,499,230
UNITED KINGDOM - 32.4%
Brit Insurance Holdings NV		2,978,456		34,011,526
Carpetright PLC		1,710,914		20,770,483
Compass Group PLC		9,483,880		75,700,756
Diageo plc		5,282,285		88,655,438
Experian PLC		15,100,173		148,600,520
Home Retail Group plc		9,709,182		39,928,258
Lancashire Holdings Ltd		4,037,560		29,495,346
Lloyds Banking Group plc⁽¹⁾		55,662,944		53,020,855
Qinetiq Group PLC		19,855,890		40,375,934
Reed Elsevier PLC		7,179,245		57,250,584
Royal Dutch Shell PLC, Class A		1,742,447		50,398,850
Savills Plc		6,146,972		32,461,524
Signet Jewelers Ltd.⁽¹⁾		4,147,639		134,134,645
Unilever plc (DR)		2,987,517		87,474,498
Vitec Group PLC		1,321,051		8,119,009

				900,398,226
UNITED STATES - 14.0%
Accenture plc, Class A		1,334,978		56,002,327
Arch Capital Group Ltd.⁽¹⁾⁽⁵⁾		1,465,031		111,708,614
Covidien plc		2,198,645		110,547,871
Tyco Electronics Ltd.		3,990,945		109,671,169

				387,929,981

Total common stocks and equity-linked securities (Cost $2,210,364,223)				2,568,876,635

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $186,854,000⁽⁶⁾ (Cost $186,854,000)	$	186,854,000		186,854,000


Total investments - 99.1% (Cost $2,397,218,223)				2,755,730,635

Other assets less liabilities - 0.9%				24,083,422


Total net assets - 100.0%⁽⁷⁾			$	2,779,814,057

⁽¹⁾	Non-income producing security.

⁽²⁾	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 $64,270,765 or 2.3% of total net assets.

⁽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	Acquisition Dates	Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC	9/17/2008 - 3/31/2010	$	54,812,778	$	64,270,765	2.3	%
Mitsubishi UFJ Financial Group, Inc.	12/14/2009		17,639,402		19,152,401	0.7	%

Total Restricted Securities				$	83,423,166	3.0	%

⁽⁵⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (6) in Notes to Financial Statements.

⁽⁶⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Note	1.375	%	3/15/2012	$	36,854,350
U.S. Treasury Note	1.375		9/15/2012		153,738,388

				$	190,592,738

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	648,838,920	23.3	%
Consumer Staples		257,383,827	9.3
Energy		119,498,878	4.3
Financials		606,349,545	21.8
Healthcare		202,805,413	7.3
Industrials		456,313,165	16.4
Information Technology		207,300,388	7.5
Materials		70,386,499	2.5

Total common stocks		2,568,876,635	92.4
Short-term investments		186,854,000	6.7

Total investments		2,755,730,635	99.1
Other assets less liabilities		24,083,422	0.9

Total net assets	$	2,779,814,057	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
British pound	$	628,390,233	22.8	%
Euro		496,039,578	18.0
Hong Kong dollar		78,319,292	2.8
Japanese yen		245,018,162	8.9
Korean won		16,492,682	0.6
Singapore dollar		2,578,334	0.1
Swiss franc		492,499,230	17.9
U.S. dollar		796,393,124	28.9

Total investments	$	2,755,730,635	100.0	%


TOP TEN HOLDINGS - MARCH 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Experian PLC	United Kingdom	5.3	%
Signet Jewelers Ltd.	United Kingdom	4.8
Arch Capital Group Ltd.	United States	4.0
Covidien plc	United States	4.0
Tyco Electronics Ltd.	United States	3.9
Pargesa Holding SA	Switzerland	3.5
Adecco SA	Switzerland	3.4
Novartis AG	Switzerland	3.3
Diageo plc	United Kingdom	3.2
Unilever plc	United Kingdom	3.1

Total		38.5	%

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.

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

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON STOCKS - 97.8%

CONSUMER DISCRETIONARY - 19.9%
Auto Components - 1.8%
BorgWarner Inc.⁽¹⁾	1,117,899	$	42,681,384
Johnson Controls, Inc.	1,235,662		40,764,489

			83,445,873
Distributors - 1.5%
LKQ Corporation⁽¹⁾	3,464,201		70,323,280

Hotels, Restaurants & Leisure - 5.8%
Chipotle Mexican Grill, Inc., Class A⁽¹⁾	301,500		33,970,005
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾	2,054,100		80,520,720
Home Inns & Hotels Management, Inc. (DR)⁽¹⁾⁽²⁾	787,500		25,782,750
Panera Bread Company, Class A⁽¹⁾	115,100		8,803,999
Starbucks Corporation⁽¹⁾	567,283		13,767,958
Starwood Hotels & Resorts Worldwide, Inc.	1,505,622		70,222,210
Wynn Resorts, Limited	485,300		36,800,299

			269,867,941
Household Durables - 2.7%
Gafisa S.A. (DR)⁽²⁾	2,436,900		33,483,006
Harman International Industries, Incorporated	1,962,900		91,824,462

			125,307,468
Multiline Retail - 3.3%
Kohl’s Corporation⁽¹⁾	2,798,764		153,316,292

Specialty Retail - 2.2%
Dick’s Sporting Goods, Inc., Class A⁽¹⁾	2,094,400		54,684,784
O’Reilly Automotive, Inc.⁽¹⁾	1,129,700		47,119,787

			101,804,571
Textiles, Apparel & Luxury Goods - 2.6%
Coach, Inc.	1,856,600		73,372,832
Polo Ralph Lauren Corporation, Class A	571,900		48,634,376

			122,007,208


	Shares Held	Value

CONSUMER STAPLES - 1.6%
Beverages - 1.6%
Hansen Natural Corporation⁽¹⁾	1,710,712	$	74,210,687

ENERGY - 5.2%
Energy Equipment & Services - 3.7%
Cameron International Corporation⁽¹⁾	1,300,100		55,722,286
Dresser-Rand Group Inc.⁽¹⁾	701,396		22,037,862
Smith International, Inc.	2,232,858		95,610,980

			173,371,128
Oil, Gas & Consumable Fuels - 1.5%
Range Resources Corporation	1,466,031		68,712,873

FINANCIALS - 5.3%
Capital Markets - 1.8%
Ares Capital Corporation	2,677,300		39,731,132
Greenhill & Co., Inc.	554,886		45,550,592

			85,281,724
Commercial Banks - 1.2%
FirstMerit Corporation	618,400		13,338,888
HDFC Bank Limited (DR)⁽²⁾	321,848		44,862,393

			58,201,281
Diversified Financial Services - 2.3%
CME Group Inc., Class A	334,841		105,846,589

HEALTHCARE - 15.7%
Biotechnology - 0.6%
Human Genome Sciences, Inc.⁽¹⁾	519,100		15,676,820
Vertex Pharmaceuticals Incorporated⁽¹⁾	297,400		12,154,738

			27,831,558
Health Care Equipment & Supplies - 2.8%
Edwards Lifesciences Corporation⁽¹⁾	698,900		69,107,232
Intuitive Surgical, Inc.⁽¹⁾	79,812		27,784,952
NuVasive, Inc.⁽¹⁾	736,270		33,279,404

			130,171,588
Health Care Providers & Services - 1.5%
Community Health Systems, Inc.⁽¹⁾	1,885,200		69,620,436


	Shares Held	Value

HEALTHCARE (CONTINUED)
Health Care Technology - 5.1%
athenahealth, Inc.⁽¹⁾⁽³⁾	1,772,200	$	64,791,632
Cerner Corporation⁽¹⁾	2,060,800		175,291,648

			240,083,280
Life Sciences Tools & Services - 1.5%
Illumina, Inc.⁽¹⁾	1,824,796		70,984,564

Pharmaceuticals - 4.2%
Allergan, Inc.	3,017,461		197,100,552

INDUSTRIALS - 12.9%
Aerospace & Defense - 3.1%
Precision Castparts Corp.	1,150,220		145,744,376

Air Freight & Logistics - 1.9%
C.H. Robinson Worldwide, Inc.	614,702		34,331,107
Expeditors International of Washington, Inc.	1,545,227		57,049,781

			91,380,888
Construction & Engineering - 1.0%
AECOM Technology Corporation⁽¹⁾	885,300		25,115,961
Fluor Corporation	499,319		23,223,327

			48,339,288
Electrical Equipment - 1.4%
Roper Industries, Inc.	1,176,054		68,022,963

Machinery - 2.4%
Cummins Inc.	1,667,600		103,307,820
PACCAR Inc	250,006		10,835,260

			114,143,080
Professional Services - 1.3%
IHS Inc., Class A⁽¹⁾	534,900		28,601,103
Verisk Analytics, Inc., Class A⁽¹⁾	1,163,500		32,810,700

			61,411,803
Road & Rail - 1.3%
J.B. Hunt Transport Services, Inc.	1,682,226		60,358,269

Trading Companies & Distributors - 0.5%
Watsco, Inc., Class A	410,800		23,366,304

INFORMATION TECHNOLOGY - 35.3%
Communications Equipment - 1.5%
Juniper Networks, Inc.⁽¹⁾	2,319,827		71,172,292

Computers & Peripherals - 1.5%
NetApp, Inc.⁽¹⁾	2,172,675		70,742,298


	Shares Held	Value

INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment & Instruments - 4.7%
Agilent Technologies, Inc.⁽¹⁾	4,154,900	$	142,887,011
Trimble Navigation Limited⁽¹⁾	2,663,799		76,504,307

			219,391,318
Internet Software & Services - 4.2%
GSI Commerce, Inc.⁽¹⁾	1,767,800		48,915,026
MercadoLibre, Inc.⁽¹⁾	1,614,100		77,815,761
NetEase.com, Inc. (DR)⁽¹⁾⁽²⁾	129,200		4,582,724
Vistaprint N.V.⁽¹⁾	1,188,100		68,018,725

			199,332,236
IT Services - 2.3%
Cognizant Technology Solutions Corporation, Class A⁽¹⁾	730,700		37,251,086
The Western Union Company	4,070,947		69,043,261

			106,294,347
Semiconductors & Semiconductor Equipment - 8.8%
Analog Devices, Inc.	1,584,066		45,652,782
ARM Holdings PLC (DR)⁽²⁾	8,073,800		86,308,922
Broadcom Corporation, Class A	2,160,919		71,699,292
Cree, Inc.⁽¹⁾	844,711		59,315,606
MEMC Electronic Materials, Inc.⁽¹⁾	3,745,598		57,420,017
NVIDIA Corporation⁽¹⁾	5,424,476		94,277,393

			414,674,012
Software - 12.3%
ANSYS, Inc.⁽¹⁾	1,314,500		56,707,530
AsiaInfo Holdings, Inc.⁽¹⁾	960,000		25,420,800
Autodesk, Inc.⁽¹⁾	2,659,237		78,234,753
Blackboard Inc.⁽¹⁾	1,321,100		55,037,026
Citrix Systems, Inc.⁽¹⁾	2,417,060		114,737,838
Concur Technologies, Inc.⁽¹⁾	525,900		21,567,159
Electronic Arts Inc.⁽¹⁾	1,248,535		23,297,663
Mc Afee, Inc.⁽¹⁾	459,728		18,448,885
Red Hat, Inc.⁽¹⁾	2,071,188		60,623,673
salesforce.com, inc.⁽¹⁾	686,535		51,112,531
SolarWinds, Inc.⁽¹⁾	685,600		14,850,096
VMware, Inc., Class A⁽¹⁾	1,102,502		58,763,357

			578,801,311
MATERIALS - 1.9%
Chemicals - 1.9%
Agrium Inc.⁽²⁾	1,236,700		87,348,121

Total common stocks (Cost $3,419,949,319)			4,588,011,799


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $113,520,000⁽⁴⁾ (Cost $113,520,000)	$	113,520,000	$	113,520,000


Total investments - 100.2% (Cost $3,533,469,319)				4,701,531,799

Other assets less liabilities - (0.2%)				(8,374,572	)


Total net assets - 100.0%⁽⁵⁾			$	4,693,157,227

⁽¹⁾	Non-income producing security.

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


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

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

⁽⁴⁾	Collateralized by:


Issuer	Maturity	Value
U.S. Treasury Bill	4/22/2010	$	24,557,715
U.S. Treasury Bill	5/20/2010		91,236,749

		$	115,794,464

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

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

(DR) Depository Receipt, voting rights may vary.


TOP TEN HOLDINGS - MARCH 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Allergan, Inc.	United States	4.2	%
Cerner Corporation	United States	3.7
Kohl’s Corporation	United States	3.3
Precision Castparts Corp.	United States	3.1
Agilent Technologies, Inc.	United States	3.0
Citrix Systems, Inc.	United States	2.4
CME Group Inc.	United States	2.3
Cummins Inc.	United States	2.2
Smith International, Inc.	United States	2.0
NVIDIA Corporation	United States	2.0

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.

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited)


	EMERGING MARKETS			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	270,126,326		$	10,237,492,465
Short-term investments (repurchase agreements), at value		9,104,000			102,820,000

Total investments		279,230,326			10,340,312,465
Cash		273			9,942,764
Foreign currency		279,923			5,217,422
Net unrealized gain on foreign currency forward contracts		3,894			-
Receivable from investments sold		1,777,772			66,610,350
Receivable from fund shares sold		11,745,667			23,716,640
Dividends and interest receivable		578,796			22,531,513
Receivable from Adviser		141,861			-
Other assets		1,846			335,637

Total assets		293,760,358			10,468,666,791

LIABILITIES:
Net unrealized loss on foreign currency forward contracts		-			94,784
Payable for investments purchased		6,724,770			101,301,739
Payable for fund shares redeemed		5,296			14,432,846
Payable for operating expenses		424,956			4,100,414
Payable for withholding taxes		213,553			987,617
Payable for deferred directors’ compensation		1,846			335,637

Total liabilities		7,370,421			121,253,037

Total net assets	$	286,389,937		$	10,347,413,754

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	271,997,081		$	11,611,798,446
Net unrealized appreciation on investments and foreign currency related transactions		38,462,925			1,435,702,385
Accumulated undistributed net investment loss		(1,053,593	)		(14,444	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(23,016,476	)		(2,700,072,633	)

	$	286,389,937		$	10,347,413,754

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares				$	7,898,468,881
Institutional Shares	$	145,946,526		$	2,448,944,873
Advisor Shares	$	140,443,411
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares					392,148,882
Institutional Shares		10,247,398			120,851,920
Advisor Shares		9,843,299
Net asset value, offering price and redemption price per share
Investor Shares				$	20.14
Institutional Shares	$	14.24		$	20.26
Advisor Shares	$	14.27
Cost of securities of unaffiliated issuers held	$	240,583,385		$	8,905,079,308
Cost of foreign currency	$	279,586		$	5,218,900

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

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2010 (Unaudited) (Continued)


	INTERNATIONAL VALUE			MID CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	2,457,168,021		$	4,523,220,167
Investments in securities, affiliated, at value		111,708,614			64,791,632
Short-term investments (repurchase agreements), at value		186,854,000			113,520,000

Total investments		2,755,730,635			4,701,531,799
Cash		297			861
Foreign currency		29			-
Net unrealized gain on foreign currency forward contracts		266,492			-
Receivable from investments sold		563,677			22,602,567
Receivable from fund shares sold		55,027,930			5,599,555
Dividends and interest receivable		8,753,458			784,684
Other assets		38,700			125,928

Total assets		2,820,381,218			4,730,645,394

LIABILITIES:
Payable for investments purchased		38,414,043			29,298,029
Payable for fund shares redeemed		1,005,807			5,501,114
Payable for operating expenses		648,542			2,563,096
Payable for withholding taxes		460,069			-
Payable for deferred directors’ compensation		38,700			125,928

Total liabilities		40,567,161			37,488,167

Total net assets	$	2,779,814,057		$	4,693,157,227

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,594,789,064		$	4,317,541,199
Net unrealized appreciation on investments and foreign currency related transactions		358,608,929			1,168,062,480
Accumulated undistributed net investment loss		(15,129,185	)		(16,780,962	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(158,454,751	)		(775,665,490	)

	$	2,779,814,057		$	4,693,157,227

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	2,291,129,889		$	4,202,122,581
Institutional Shares	$	488,684,168		$	491,034,646
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		95,215,974			154,426,292
Institutional Shares		20,310,951			17,508,599
Net asset value, offering price and redemption price per share
Investor Shares	$	24.06		$	27.21
Institutional Shares	$	24.06		$	28.05
Cost of securities of unaffiliated issuers held	$	2,311,049,928		$	3,462,424,376
Cost of securities of affiliated issuers held	$	86,168,295		$	71,044,943
Cost of foreign currency	$	29			-

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited)


	EMERGING MARKETS			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	1,225,176		$	59,810,650
Interest		501			17,449

Total investment income		1,225,677			59,828,099

EXPENSES:
Advisory fees		1,110,713			47,914,583
Transfer agent fees
Investor Shares					8,388,380
Institutional Shares		8,492			11,527
Advisor Shares		149,993
Shareholder communications
Investor Shares					508,071
Institutional Shares		719			14,220
Advisor Shares		16,272
Custodian fees		172,611			1,818,931
Accounting fees		30,377			31,250
Professional fees		41,191			239,389
Registration fees
Investor Shares					403,113
Institutional Shares		27,465			8,812
Advisor Shares		76,409
Directors’ fees		3,464			204,008
Other operating expenses		3,007			261,514

Total operating expenses		1,640,713			59,803,798

Less amounts waived or paid by the Adviser		(141,861	)		-

Net Expenses		1,498,852			59,803,798

Net investment income (loss)		(273,175	)		24,301

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		5,292,507			18,329,042
Foreign currency related transactions		(139,953	)		(1,830,151	)

		5,152,554			16,498,891
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		16,546,347			87,246,355
Foreign currency related transactions		(103,188	)		1,678,265

		16,443,159			88,924,620

Net gain on investments and foreign currency related transactions		21,595,713			105,423,511

Net increase in net assets resulting from operations	$	21,322,538		$	105,447,812


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers
	Emerging Markets	$	87,876
	International		5,217,031

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

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2010 (Unaudited) (Continued)


	INTERNATIONAL VALUE			MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	26,925,750		$	8,858,869
Interest		11,308			8,876

Total investment income		26,937,058			8,867,745

EXPENSES:
Advisory fees		11,098,993			20,221,144
Transfer agent fees
Investor Shares		1,919,440			4,714,535
Institutional Shares		9,271			9,177
Shareholder communications
Investor Shares		94,892			233,552
Institutional Shares		1,230			3,392
Custodian fees		288,552			44,884
Accounting fees		32,545			24,111
Professional fees		50,028			86,135
Registration fees
Investor Shares		74,375			56,896
Institutional Shares		15,517			7,109
Directors’ fees		41,792			91,644
Other operating expenses		26,874			51,837

Total operating expenses		13,653,509			25,544,416

Net investment income (loss)		13,283,549			(16,676,671	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		(6,760,461	)		16,628,580
Foreign currency related transactions		(542,103	)		-

		(7,302,564	)		16,628,580
Net increase in unrealized appreciation or depreciation on:
Investments		168,549,557			499,422,766
Foreign currency related transactions		36,405			-

		168,585,962			499,422,766

Net gain on investments and foreign currency related transactions		161,283,398			516,051,346

Net increase in net assets resulting from operations	$	174,566,947		$	499,374,675


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated issuers
	International Value	$	1,617,142	$	70,505
	Mid Cap		11,368		-

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets


	EMERGING MARKETS						INTERNATIONAL
	Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009			Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	(273,175	)	$	743,057		$	24,301		$	132,762,575
Net realized gain (loss) on:
Investments		5,292,507			(26,362,147	)		18,329,042			(2,628,919,339	)
Foreign currency related transactions		(139,953	)		(230,806	)		(1,830,151	)		(2,414,432	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		16,546,347			52,745,622			87,246,355			2,629,216,166
Foreign currency related transactions		(103,188	)		20,169			1,678,265			613,814

Net increase in net assets resulting from operations		21,322,538			26,915,895			105,447,812			131,258,784

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares								(94,522,015	)		(73,117,872	)
Institutional Shares		(988,454	)		(747,694	)		(34,565,734	)		(37,487,951	)
Advisor Shares		(508,663	)		(51,612	)
Net realized gains on investment transactions:
Investor Shares								-			(274,728,222	)
Institutional Shares		-			(59,063	)		-			(101,344,058	)
Advisor Shares		-			(4,077	)

Total distributions paid to shareholders		(1,497,117	)		(862,446	)		(129,087,749	)		(486,678,103	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		112,155,396			55,346,259			(256,801,033	)		(820,456,337	)

Total increase (decrease) in net assets		131,980,817			81,399,708			(280,440,970	)		(1,175,875,656	)

Net assets, beginning of period		154,409,120			73,009,412			10,627,854,724			11,803,730,380

Net assets, end of period	$	286,389,937		$	154,409,120		$	10,347,413,754		$	10,627,854,724


Accumulated undistributed net investment income (loss)	$	(1,053,593	)	$	716,697		$	(14,444	)	$	129,049,002

⁽¹⁾	Unaudited.

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

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)


	INTERNATIONAL VALUE						MID CAP
	Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009			Six Months Ended 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	13,283,549		$	11,511,387		$	(16,676,671	)	$	(17,497,526	)
Net realized gain (loss) on:
Investments		(6,760,461	)		(139,186,395	)		16,628,580			(769,509,214	)
Foreign currency related transactions		(542,103	)		9,770,470			-			-
Net increase in unrealized appreciation or depreciation on:
Investments		168,549,557			299,492,429			499,422,766			792,263,717
Foreign currency related transactions		36,405			548,147			-			-

Net increase in net assets resulting from operations		174,566,947			182,136,038			499,374,675			5,256,977

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(34,819,928	)		(10,176,045	)		-			-
Institutional Shares		(7,409,299	)		(2,362,145	)		-			-
Net realized gains on investment transactions:
Investor Shares		-			-			-			(40,893,720	)
Institutional Shares		-			-			-			(5,219,106	)

Total distributions paid to shareholders		(42,229,227	)		(12,538,190	)		-			(46,112,826	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		627,730,685			634,624,462			50,716,869			(85,588,305	)

Total increase (decrease) in net assets		760,068,405			804,222,310			550,091,544			(126,444,154	)

Net assets, beginning of period		2,019,745,652			1,215,523,342			4,143,065,683			4,269,509,837

Net assets, end of period	$	2,779,814,057		$	2,019,745,652		$	4,693,157,227		$	4,143,065,683


Accumulated undistributed net investment income (loss)	$	(15,129,185	)	$	13,816,491		$	(16,780,962	)	$	(104,290	)

⁽¹⁾	Unaudited.

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period


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

ARTISAN EMERGING MARKETS FUND
Institutional Shares
3/31/2010	⁽⁵⁾	$	13.02	$	(0.02	)	$	1.35		$	1.33		$	(0.11	)	$	-
9/30/2009			11.15		0.09			1.91			2.00			(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
3/31/2010	⁽⁵⁾	$	20.29	$	0.02		$	0.23		$	0.25		$	(0.28	)	$	-
9/30/2009			20.51		0.28			0.46			0.74			(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	)		-

⁽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	9/30/2009	1.81	%	0.71	%
	9/30/2008	1.51	%	1.16	%
	9/30/2007	3.19	%	(1.08	)%
	9/30/2006	7.58	%	(5.11	)%

⁽⁵⁾	Unaudited. For the six months ended March 31, 2010.

⁽⁶⁾	For the period from commencement of operations (June 26, 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⁾



$	(0.11	)	$	14.24	10.27	%	$	145.9	1.36	%	(0.24	)%	11.99	%
	(0.13	)		13.02	18.66			104.0	1.50		1.02		56.88
	(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



$	(0.28	)	$	20.26	1.24	%	$	2,448.9	0.98	%	0.18	%	36.53	%
	(0.96	)		20.29	5.25			2,912.7	0.99		1.76		82.38
	(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

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
Institutional Shares
3/31/2010	⁽⁴⁾	$	22.83	$	0.16		$	1.52		$	1.68		$	(0.45	)	$	-
9/30/2009			21.22		0.21			1.66			1.87			(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
3/31/2010	⁽⁴⁾	$	25.00	$	(0.07	)	$	3.12		$	3.05		$	-		$	-
9/30/2009			24.71		(0.06	)		0.63			0.57			-			(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			-			-

⁽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⁾	Unaudited. For the six months ended March 31, 2010.


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⁾



$	(0.45	)	$	24.06	7.49	%	$	488.7	1.00	%	1.35	%	10.57	%
	(0.26	)		22.83	9.14			280.2	1.04		1.17		55.49
	(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



$	-		$	28.05	12.16	%	$	491.0	0.96	%	(0.55	)%	32.42	%
	(0.28	)		25.00	2.77			454.5	0.97		(0.32	)	68.39
	(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

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2010 (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 twelve 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.

Each Fund is managed by Artisan Partners Limited Partnership (the “Adviser”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”).

(2)

Summary of significant accounting policies:

(a)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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. 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 (UNAUDITED)

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.

The risks of foreign investments are typically 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)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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, 2010:


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Equity Securities⁽¹⁾
Emerging Asia	$	120,758,237	$	-	$	-	$	120,758,237
Latin America		71,059,360		-		-		71,059,360
Emerging Europe, Middle East & Africa		70,161,766		1,444,259		-		71,606,025
Developed Markets		6,702,704		-		-		6,702,704
Repurchase Agreements		-		9,104,000		-		9,104,000
Total	$	268,682,067	$	10,548,259	$	-	$	279,230,326
International
Equity Securities⁽¹⁾
Americas	$	751,464,191	$	-	$	-	$	751,464,191
Emerging Markets		1,317,290,822		-		-		1,317,290,822
Europe		6,722,712,543		-		-		6,722,712,543
Pacific Basin		1,446,024,909		-		-		1,446,024,909
Repurchase Agreements		-		102,820,000		-		102,820,000
Total	$	10,237,492,465	$	102,820,000	$	-	$	10,340,312,465

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
International Value
Equity Securities⁽¹⁾
Americas	$	387,929,981	$	-	$	-	$	387,929,981
Emerging Markets		16,492,682		-		-		16,492,682
Europe		1,774,267,419		64,270,765		-		1,838,538,184
Pacific Basin		325,915,788		-		-		325,915,788
Repurchase Agreements		-		186,854,000		-		186,854,000
Total	$	2,504,605,870	$	251,124,765	$	-	$	2,755,730,635
Mid Cap
Equity Securities⁽¹⁾	$	4,588,011,799		-	$	-	$	4,588,011,799
Repurchase Agreements		-	$	113,520,000		-		113,520,000
Total	$	4,588,011,799	$	113,520,000	$	-	$	4,701,531,799

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

(c)

(d)

(e)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

(f)

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

(h)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2010.

(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		-
International Value		23,579
Mid Cap		146,912

(k)

(l)

(m)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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 contractually agreed to waive its management fee, and to the extent that fee waiver is insufficient, to reimburse Emerging Markets Fund for any ordinary operating expenses in an amount sufficient to cause the Fund’s ordinary operating expenses, including the management fee, to be not more than 1.50% of average daily net assets, annually. For the period ended March 31, 2010, the Adviser paid operating expenses on behalf of the Adviser Shares of Emerging Markets Fund. Emerging Markets Fund reimburses the Adviser

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

annually for operating expenses paid on their behalf up to 1.50% of average daily net assets, annually. The amount of operating expenses owed to the Adviser is included in payable for advisory fees and payable for operating expenses on the Statements of Assets and Liabilities for Emerging Markets Fund.

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

(4)

Line of credit arrangement:

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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, 2010 were as follows:


Fund	Security Purchases		Security Sales
Emerging Markets	$	123,724,963	$	24,265,947
International		3,629,731,630		4,003,688,236
International Value		813,576,243		226,483,794
Mid Cap		1,411,976,448		1,335,292,380

(6)

Transactions in securities of affiliates:


		As of 9/30/09									As of 3/31/10
Fund	Security	Share Balance	Purchase Cost		Sales Cost		Net Realized Gain (Loss)		Dividend Income⁽¹⁾		Share Balance	Value
International Value
	Arch Capital Group Ltd.⁽²⁾⁽³⁾	1,276,234	$	15,503,884	$	2,666,744	$	70,505	$	-	1,465,031	$	111,708,614
	Total⁽⁴⁾		$	15,503,884	$	2,666,744	$	70,505	$	-		$	111,708,614
Mid Cap
	athenahealth, Inc.⁽²⁾⁽³⁾	833,900	$	38,205,101	$	-	$	-	$	-	1,772,200	$	64,791,632
	Total⁽⁴⁾		$	38,205,101	$	-	$	-	$	-		$	64,791,632

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

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

⁽³⁾	Non-income producing security.

⁽⁴⁾	Total value as of March 31, 2010 is presented for only those issuers that were affiliates as of March 31, 2010.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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, 2010 were as follows:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	250,872,746	$	33,656,175	$	(5,298,595	)	$	28,357,580
International		9,007,443,552		1,623,414,514		(290,545,601	)		1,332,868,913
International Value		2,456,647,044		323,685,505		(24,601,914	)		299,083,591
Mid Cap		3,566,976,802		1,209,502,280		(74,947,283	)		1,134,554,997

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2010 and the year ended September 30, 2009 was as follows:


	Six Months Ended 3/31/10				Year Ended 9/30/09
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions		Tax Return of Capital Distributions
Emerging Markets	$	1,497,117	$	-	$	862,446	$	-	$	-
International		129,087,749		-		168,596,974		318,081,129		-
International Value		42,229,227		-		12,538,190		-		-
Mid Cap		-		-		-		46,112,826		-

Additional tax information as of and for the year ended September 30, 2009 follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses
Emerging Markets	$	1,495,995	$	-	$	13,611,288
International		129,070,165		-		1,743,954,947
International Value		40,471,520		-		100,777,481
Mid Cap		-		-		623,684,822

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of September 30, 2009, the Funds had capital loss carryovers as follows:


	Net Capital Loss Carryover		Expiration
Emerging Markets	$	4,542,143	2017
International		846,687,411	2017
International Value		21,273,231	2017
Mid Cap		133,629,309	2017

(8)

Fund share activities:

Capital share transactions for the Funds were as follows:


	EMERGING MARKETS						INTERNATIONAL
Six Months ended March 31, 2010	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	39,528,000		$	86,916,106		$	1,037,740,753		$	103,802,798
Net asset value of shares issued in reinvestment of dividends and distributions		983,707			499,770			85,906,490			32,932,785
Cost of shares redeemed⁽¹⁾		(10,117,038	)		(5,655,149	)		(931,452,819	)		(585,731,040	)

Net increase (decrease) from fund share transactions	$	30,394,669		$	81,760,727		$	192,194,424		$	(448,995,457	)


Shares sold		2,933,942			6,353,090			51,491,302			5,174,340
Shares issued in reinvestment of dividends and distributions		73,686			37,352			4,233,932			1,614,352
Shares redeemed		(745,565	)		(418,813	)		(46,322,952	)		(29,485,317	)

Net increase (decrease) in capital shares		2,262,063			5,971,629			9,402,282			(22,696,625	)


	EMERGING MARKETS						INTERNATIONAL
Year ended September 30, 2009	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	36,046,627		$	42,105,884		$	1,592,516,571		$	172,950,986
Net asset value of shares issued in reinvestment of dividends and distributions		801,388			55,689			331,783,610			136,080,351
Cost of shares redeemed⁽¹⁾		(20,916,631	)		(2,746,698	)		(2,620,368,565	)		(433,419,290	)

Net increase (decrease) from fund share transactions	$	15,931,384		$	39,414,875		$	(696,068,384	)	$	(124,387,953	)


Shares sold		3,727,344			3,845,456			102,961,075			11,471,176
Shares issued in reinvestment of dividends and distributions		104,212			7,232			22,089,455			9,017,916
Shares redeemed		(2,106,464	)		(268,708	)		(173,003,712	)		(25,335,842	)

Net increase (decrease) in capital shares		1,725,092			3,583,980			(47,953,182	)		(4,846,750	)

⁽¹⁾	Net of redemption fees of:


Fund	3/31/2010		9/30/2009
Emerging Markets - Institutional Shares	$	742	$	618
Emerging Markets - Advisor Shares		528		36
International - Investor Shares		217,212		940,168
International - Institutional Shares		68,776		357,772

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


	INTERNATIONAL VALUE						MID CAP
Six Months ended March 31, 2010	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	583,014,527		$	187,486,944		$	470,150,921		$	3,251,910
Net asset value of shares issued in reinvestment of dividends and distributions		31,364,232			5,318,821			-			-
Cost of shares redeemed⁽¹⁾		(173,348,008	)		(6,105,831	)		(401,707,626	)		(20,978,336	)

Net increase (decrease) from fund share transactions	$	441,030,751		$	186,699,934		$	68,443,295		$	(17,726,426	)


Shares sold		25,120,456			8,066,804			18,596,494			126,721
Shares issued in reinvestment of dividends and distributions		1,378,042			233,794			-			-
Shares redeemed		(7,487,022	)		(262,767	)		(16,061,242	)		(800,348	)

Net increase (decrease) in capital shares		19,011,476			8,037,831			2,535,252			(673,627	)


	INTERNATIONAL VALUE						MID CAP
Year ended September 30, 2009	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	998,478,418		$	89,768,173		$	736,881,835		$	40,963,051
Net asset value of shares issued in reinvestment of dividends and distributions		9,494,289			1,837,654			40,618,187			5,181,307
Cost of shares redeemed⁽¹⁾		(442,674,211	)		(22,279,861	)		(787,631,410	)		(121,601,275	)

Net increase (decrease) from fund share transactions	$	565,298,496		$	69,325,966		$	(10,131,388	)	$	(75,456,917	)


Shares sold		52,470,821			4,662,123			38,015,250			2,178,933
Shares issued in reinvestment of dividends and distributions		527,754			102,319			2,392,119			297,093
Shares redeemed		(25,344,403	)		(1,262,697	)		(43,513,929	)		(6,036,669	)

Net increase (decrease) in capital shares		27,654,172			3,501,745			(3,106,560	)		(3,560,643	)

⁽¹⁾	Net of redemption fees of:


Fund	3/31/2010		9/30/2009
International Value - Investor Shares	$	124,861	$	604,391
International Value - Institutional Shares		24,273		107,009

(9)

Subsequent Events:

The Funds have evaluated subsequent events through the issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

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, 2009 to March 31, 2010.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period 10/1/2009-3/31/2010⁽¹⁾
Artisan Emerging Markets Fund - Institutional Shares
Actual	$	1,000.00	$	1,102.70	$	7.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.84
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	1,012.40	$	4.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	1,074.90	$	5.17
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04

SHAREHOLDER EXPENSE EXAMPLE


	Beginning Account Value 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period 10/1/2009-3/31/2010⁽¹⁾
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	1,121.60	$	5.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.84

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2010 (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, 2010
Artisan Emerging Markets Fund - Institutional Shares		1.36%
Artisan International Fund - Institutional Shares		0.98%
Artisan International Value Fund - Institutional Shares		1.00%
Artisan Mid Cap Fund - Institutional Shares		0.96%

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”);

•

Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Artisan Partners’ financial condition and stability and financial arrangements between Artisan Partners and its parent organization;

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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

Descriptions of Indices

The indices to which the Funds are compared are:

Artisan Emerging Markets Fund – Morgan Stanley Capital International Emerging Markets Index^SM is a market-weighted index of companies in emerging markets.

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

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

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 Artisan 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 ABOUT PORTFOLIO SECURITIES

LOGO

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.399.1770

LOGO

ARTISAN

SEMIANNUAL

REPORT

MARCH 31, 2010

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


22		SHAREHOLDER EXPENSE EXAMPLE

23		FACTORS CONSIDERED IN RENEWING THE FUND’S ADVISORY AGREEMENT

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

29		PROXY VOTING POLICIES AND PROCEDURES

30		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 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, 2010. 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

•

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/2/2008 to 3/31/2010)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2010)


Fund / Index	Six Month⁽¹⁾		1-Year		Since Inception
Artisan Emerging Markets Fund - Advisor Shares	10.26	%	89.03	%	-9.25	%
MSCI Emerging Markets Index^SM	11.16		81.08		-7.23

⁽¹⁾	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’ agreement to limit the Fund’s expenses to no more than 1.50%, which 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 28 for a description of the index.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/09		3/31/10
Consumer Discretionary	10.9	%	9.6	%
Consumer Staples	6.2		6.9
Energy	12.7		11.1
Financials	14.8		16.0
Healthcare	2.2		1.8
Industrials	10.8		9.8
Information Technology	12.9		12.6
Materials	11.3		14.0
Telecommunication Services	11.8		10.7
Utilities	2.6		1.8
Other assets less liabilities	3.8		5.7
Total	100.0	%	100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

The Fund returned 10.26% during the six-month period. We benefited from the strength of our holdings in China, Turkey, Russia and Brazil. Some of our leading performers in these countries were fruit and vegetable producer Chaoda Modern Agriculture (Holdings) Limited, water treatment services provider Sound Global Ltd., investment and development bank Turkiye Sinai Kalkinma Bankasi A.S., rail freight transportation services provider Globaltrans Investment PLC, consumer products manufacturer Hypermarcas SA and truck and luxury coach manufacturer Marcopolo S.A.

REGION ALLOCATION


Region	9/30/09		3/31/10
Emerging Asia	41.9	%	42.2	%
Emerging Europe, Middle East & Africa	24.1		25.0
Latin America	26.0		24.8
Developed Markets	4.2		2.3

As a percentage of total net assets.

FUND CHANGES

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2010 (Unaudited)


	Shares Held	Value

COMMON AND PREFERRED STOCKS - 94.3%

BRAZIL - 17.6%
Amil Participacoes SA	203,000	$	1,580,988
BM&F BOVESPA SA	407,200		2,756,875
Companhia Energetica de Minas Gerais- CEMIG, Preferred⁽¹⁾	100,747		1,672,366
Companhia Vale do Rio Doce	303,762		9,761,857
Empresa Brasileira de Aeronautica S.A.	288,900		1,709,016
Fleury SA⁽²⁾	121,500		1,298,113
Hypermarcas SA⁽²⁾	152,500		1,865,142
Iguatemi Empresa de Shopping Centers SA	106,300		1,790,247
Itau Unibanco Holdings SA, Preferred⁽¹⁾	224,251		4,917,923
Marcopolo S.A., Preferred⁽¹⁾	419,500		1,887,143
Petroleo Brasileiro S.A.	471,900		10,534,726
Randon SA Implementos e Participacoes, Preferred⁽¹⁾	141,000		1,087,024
Rodobens Negocios Imobiliarios SA	142,100		998,819
SEB - Sistema Educacional Brasileiro SA (Units)⁽¹⁾	137,400		1,854,303
SLC Agricola SA	147,982		1,209,918
Tele Norte Leste Participacoes S.A.	87,800		1,885,995
Tim Participacoes S.A., Preferred⁽¹⁾	700,900		1,958,823
Wilson Sons Limited (DR)	129,821		1,704,569

			50,473,847
CHILE - 1.1%
Compania Cervecerias Unidas S.A.	214,778		1,604,358
Empresa Nacional de Telecomunicaciones S.A.	119,319		1,623,284

			3,227,642
CHINA - 11.6%
Airmedia Group, Inc. (DR)⁽²⁾	183,645		1,147,781
Ajisen China Holdings Limited	2,040,913		2,005,624
Chaoda Modern Agriculture (Holdings) Limited	3,758,536		4,003,361
China Dongxiang Group Company	3,961,000		2,841,584
China Mobile Limited	591,000		5,686,022
China Railway Construction Corporation, H Shares	1,209,500		1,487,681
GOME Electrical Appliances Holdings Limited⁽²⁾	9,329,587		3,136,198
Huabao International Holdings Limited	3,349,600		4,003,515
Mindray Medical International Limited, Class A (DR)	67,530		2,459,443


	Shares Held	Value

CHINA (CONTINUED)
New Oriental Education & Technology Group, Inc. (DR)⁽²⁾	18,445	$	1,577,232
Tingyi (Cayman Islands) Holding Corporation	1,088,300		2,565,076
Zhuzhou CSR Times Electric Co., Ltd., H Shares	1,235,200		2,335,414

			33,248,931
CZECH REPUBLIC - 0.6%
CEZ	39,658		1,873,367

EGYPT - 2.0%
Commercial International Bank	157,181		1,855,569
Egyptian Financial Group-Hermes Holding	539,401		3,087,889
Orascom Construction Industries	17,679		848,630

			5,792,088
HONG KONG - 0.5%
Samson Holding Ltd.	9,107,955		1,536,713

HUNGARY - 0.7%
MOL Hungarian Oil and Gas Nyrt., Class A⁽²⁾	20,072		2,053,574

INDIA - 5.1%
Cairn India Ltd.⁽²⁾	482,077		3,273,442
India Cements Limited	1,009,184		2,944,718
Nagarjuna Construction Company Ltd.	543,295		1,972,538
Patni Computer Systems Ltd	172,770		2,062,696
Power Finance Corporation	339,980		1,959,457
Welspun Gujarat Stahl Rohren Ltd.	380,304		2,318,080

			14,530,931
INDONESIA - 3.5%
PT Astra International Tbk	527,000		2,426,650
PT Bank Rakyat Indonesia	2,432,000		2,204,956
PT Indocement Tunggal Prakarsa Tbk	1,844,095		2,887,890
PT Telekomunikasi Indonesia	2,951,500		2,611,086

			10,130,582
ITALY - 0.5%
Tenaris S.A. (DR)	36,186		1,553,827

KAZAKSTAN - 1.1%
KazMunaiGas Exploration Production (DR)	122,896		3,031,844


	Shares Held	Value

KOREA - 8.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.	96,534	$	1,851,419
Hyundai Development Company	42,381		1,237,962
MegaStudy Co., Ltd.	9,662		1,592,614
Samsung Electronics Co., Ltd.	17,566		12,699,623
Shinhan Financial Group Co., Ltd.	89,587		3,519,503
Shinsegae Co., Ltd.	6,443		3,046,538

			23,947,659
MEXICO - 6.1%
America Movil SAB de C.V., Series L	2,319,763		5,844,555
Bolsa Mexicana de Valores SA⁽²⁾	1,003,290		1,590,495
Fomento Economico Mexicano SAB, Series UBD (Units)	485,382		2,308,791
Grupo Financiero Banorte S.A.B. de C.V.	640,241		2,839,819
Grupo Televisa S.A.	576,541		2,436,033
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽²⁾	1,012,562		2,338,178

			17,357,871
NETHERLANDS - 0.5%
Plaza Centers (Europe) BV⁽²⁾	646,147		1,323,712

POLAND - 0.7%
Polski Koncern Naftowy Orlen S.A.⁽²⁾	138,109		1,875,877

RUSSIA - 6.0%
Globaltrans Investment PLC (DR)⁽²⁾	214,628		2,800,895
LUKOIL (DR)	98,552		5,587,898
Magnit	20,811		1,810,557
Magnitogorsk Iron & Steel Works (DR)⁽²⁾	218,787		2,651,698
Mobile TeleSystems (DR)	50,086		2,779,773
Razguliay Group⁽²⁾⁽³⁾	806,642		1,444,259

			17,075,080
SOUTH AFRICA - 8.8%
ABSA Group Limited	158,286		3,092,376
African Bank Investments Limited	449,980		2,199,319
Barloworld Limited	234,550		1,587,228
Grindrod Limited	971,165		2,041,330
Harmony Gold Mining Company Limited	223,987		2,115,710
Impala Platinum Holdings Limited	178,266		5,237,539
Mondi Limited	418,596		3,091,878
Mr. Price Group Limited	294,347		1,608,376
MTN Group Limited⁽²⁾	280,772		4,317,345

			25,291,101
SWEDEN - 0.8%
Alliance Oil Co Ltd. (DR)⁽²⁾	144,000		2,288,452

TAIWAN - 10.4%
Acer Inc.	622,599		1,838,900
Cathay Financial Holding Co., Ltd.⁽²⁾	1,330,292		2,220,085


	Shares Held		Value

TAIWAN (CONTINUED)
Chinatrust Financial Holding Company Ltd.		3,020,838	$	1,712,170
Far Eastern Textile Ltd.		1,642,698		1,805,219
Hon Hai Precision Industry Co., Ltd.		1,037,729		4,492,970
HTC Corporation		276,400		3,228,931
MediaTek Incorporation		220,214		3,820,704
Prime View International Co., Ltd.⁽²⁾		1,197,000		2,167,249
Taiwan Fertilizer Co., Ltd.		842,000		2,691,070
Taiwan Semiconductor Manufacturing Company Ltd.		3,006,647		5,822,432

				29,799,730
THAILAND - 3.2%
Bangkok Bank Public Company Limited (DR)		479,200		1,948,811
Bumrungrad Hospital Public Company Limited (DR)		1,422,400		1,352,677
Glow Energy Pcl (DR)		1,490,500		1,774,679
Siam Commercial Bank Public Company Limited (DR)		868,600		2,471,353
Total Access Communication Public Company Limited (DR)		1,339,000		1,552,884

				9,100,404
TURKEY - 4.4%
Cimsa Cimento Sanayi ve Ticaret A.S.		411,394		2,317,522
Ford Otomotiv Sanayi A.S.		265,519		1,924,368
Tekfen Holding A.S.⁽²⁾		472,882		1,775,936
Tupras-Turkiye Petrol Rafinerileri A.S.		72,949		1,658,205
Turkcell Iletisim Hizmetleri AS		378,631		2,307,585
Turkiye Sinai Kalkinma Bankasi A.S.⁽²⁾		1,809,135		2,693,886

				12,677,502
UNITED ARAB EMIRATES - 0.7%
Air Arabia		7,254,521		1,935,592

Total common and preferred stocks (Cost $231,479,385)				270,126,326

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/10, due 4/1/10, maturity value $9,104,000⁽⁴⁾ (Cost $9,104,000)	$	9,104,000		9,104,000


Total investments - 97.5% (Cost $240,583,385)				279,230,326

Other assets less liabilities - 2.5%				7,159,611


Total net assets - 100.0%⁽⁵⁾			$	286,389,937

⁽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, Inc. In total, securities valued at a fair value were $1,444,259 or 0.5% of total net assets.

⁽⁴⁾	Collateralized by:


Issuer	Rate		Maturity	Value
U.S. Treasury Bond	4.625	%	11/15/2016	$	9,283,716

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

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

(DR) Depository Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	27,424,473	9.6	%
Consumer Staples		19,858,000	6.9
Energy		31,857,845	11.1
Financials		45,765,433	16.0
Healthcare		5,110,233	1.8
Industrials		28,067,596	9.8
Information Technology		36,133,505	12.6
Materials		40,021,477	14.0
Telecommunication Services		30,567,352	10.7
Utilities		5,320,412	1.8

Total common and preferred stocks		270,126,326	94.3
Short-term investments		9,104,000	3.2

Total investments		279,230,326	97.5
Other assets less liabilities		7,159,611	2.5

Total net assets	$	286,389,937	100.0	%


CURRENCY EXPOSURE - MARCH 31, 2010 (Unaudited)
	Value		Percentage of Total Investments
Brazilian real	$	50,473,847	18.1	%
British pound		1,323,712	0.5
Chilean peso		3,227,642	1.1
Czech koruna		1,873,367	0.7
Egyptian pound		5,792,088	2.1
Hong Kong dollar		29,601,188	10.6
Hungarian forint		2,053,574	0.7
Indian rupee		14,530,931	5.2
Indonesian rupiah		10,130,582	3.6
Korean won		23,947,659	8.6
Mexican peso		17,357,871	6.2
Polish zloty		1,875,877	0.7
South African rand		25,291,101	9.0
Swedish krona		2,288,452	0.8
Taiwan dollar		29,799,730	10.7
Thai baht		9,100,404	3.3
Turkish lira		12,677,502	4.5
United Arab Emirates dirham		1,935,592	0.7
U.S. dollar		35,949,207	12.9

Total investments	$	279,230,326	100.0	%


TOP TEN HOLDINGS - MARCH 31, 2010 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea	4.4	%
Petroleo Brasileiro S.A.	Brazil	3.7
Companhia Vale do Rio Doce	Brazil	3.4
America Movil SAB de C.V.	Mexico	2.0
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan	2.0
China Mobile Limited	China	2.0
LUKOIL	Russia	2.0
Impala Platinum Holdings Limited	South Africa	1.8
Itau Unibanco Holdings SA	Brazil	1.7
Hon Hai Precision Industry Co., Ltd.	Taiwan	1.6

Total		24.6	%

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.

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

ARTISAN FUNDS, INC.

Statement of Assets and Liabilities – March 31, 2010 (Unaudited)


	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	270,126,326
Short-term investments (repurchase agreements), at value		9,104,000

Total investments		279,230,326
Cash		273
Foreign currency		279,923
Net unrealized gain on foreign currency forward contracts		3,894
Receivable from investments sold		1,777,772
Receivable from fund shares sold		11,745,667
Dividends and interest receivable		578,796
Receivable from Adviser		141,861
Other assets		1,846

Total assets		293,760,358

LIABILITIES:
Payable for investments purchased		6,724,770
Payable for fund shares redeemed		5,296
Payable for operating expenses		424,956
Payable for withholding taxes		213,553
Payable for deferred directors’ compensation		1,846

Total liabilities		7,370,421

Total net assets	$	286,389,937

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	271,997,081
Net unrealized appreciation on investments and foreign currency related transactions		38,462,925
Accumulated undistributed net investment loss		(1,053,593	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(23,016,476	)

	$	286,389,937

SUPPLEMENTARY INFORMATION:
Net assets
Institutional Shares	$	145,946,526
Advisor Shares	$	140,443,411
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Institutional Shares		10,247,398
Advisor Shares		9,843,299
Net asset value, offering price and redemption price per share
Institutional Shares	$	14.24
Advisor Shares	$	14.27
Cost of securities of unaffiliated issuers held	$	240,583,385
Cost of foreign currency	$	279,586

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

ARTISAN FUNDS, INC.

Statement of Operations – For the Six Months Ended March 31, 2010 (Unaudited)


	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	1,225,176
Interest		501

Total investment income		1,225,677

EXPENSES:
Advisory fees		1,110,713
Transfer agent fees
Institutional Shares		8,492
Advisor Shares		149,993
Shareholder communications
Institutional Shares		719
Advisor Shares		16,272
Custodian fees		172,611
Accounting fees		30,377
Professional fees		41,191
Registration fees
Institutional Shares		27,465
Advisor Shares		76,409
Directors’ fees		3,464
Other operating expenses		3,007

Total operating expenses		1,640,713
Less amounts waived or paid by the Adviser		(141,861	)

Net Expenses		1,498,852

Net investment loss		(273,175	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		5,292,507
Foreign currency related transactions		(139,953	)

		5,152,554
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		16,546,347
Foreign currency related transactions		(103,188	)

		16,443,159

Net gain on investments and foreign currency related transactions		21,595,713

Net increase in net assets resulting from operations	$	21,322,538

⁽¹⁾	Net of foreign taxes withheld of $87,876

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 3/31/2010⁽¹⁾			Year Ended 9/30/2009
OPERATIONS:
Net investment income (loss)	$	(273,175	)	$	743,057
Net realized gain (loss) on:
Investments		5,292,507			(26,362,147	)
Foreign currency related transactions		(139,953	)		(230,806	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		16,546,347			52,745,622
Foreign currency related transactions		(103,188	)		20,169

Net increase in net assets resulting from operations		21,322,538			26,915,895

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Institutional Shares		(988,454	)		(747,694	)
Advisor Shares		(508,663	)		(51,612	)
Net realized gains on investment transactions:
Institutional Shares		-			(59,063	)
Advisor Shares		-			(4,077	)

Total distributions paid to shareholders		(1,497,117	)		(862,446	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		112,155,396			55,346,259

Total increase in net assets		131,980,817			81,399,708

Net assets, beginning of period		154,409,120			73,009,412

Net assets, end of period	$	286,389,937		$	154,409,120


Accumulated undistributed net investment income (loss)	$	(1,053,593	)	$	716,697

⁽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 a Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).


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

ARTISAN EMERGING MARKETS FUND
Advisor Shares
3/31/2010	⁽⁵⁾	$	13.03	$	(0.02	)	$	1.35		$	1.33		$	(0.09	)	$	-
9/30/2009			11.16		0.07			1.93			2.00			(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⁾


	Year or Period Ended	Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets
Emerging Markets Advisor Shares	3/31/2010	1.82	%	(0.61	)%
	9/30/2009	3.00	%	(0.80	)%
	9/30/2008	9.73	%	(7.30	)%

⁽⁵⁾	Unaudited. For the six months ended March 31, 2010.

⁽⁶⁾	For the period from commencement of operations (June 2, 2008) through September 30, 2008.

ARTISAN FUNDS, INC.

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


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



$	(0.09	)	$	14.27	10.26	%	$	140.4	1.50	%	(0.28	)%	11.99	%
	(0.13	)		13.03	18.64			50.4	1.50		0.70		56.88
	-			11.16	(35.97	)		3.2	1.50		0.93		42.24

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

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2010 (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. The financial statements of Institutional Shares are presented in a separate report.

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.

The Fund is managed by Artisan Partners Limited Partnership (the “Adviser”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”).

(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) 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

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.

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.

NOTES TO FINANCIAL STATEMENTS

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.

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 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 – Under generally accepted accounting principles for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that 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. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the 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, 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, 2010:


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Equity Securities⁽¹⁾
Emerging Asia	$	120,758,237	$	-	$	-	$	120,758,237
Latin America		71,059,360		-		-		71,059,360
Emerging Europe, Middle East & Africa		70,161,766		1,444,259		-		71,606,025
Developed Markets		6,702,704		-		-		6,702,704
Repurchase Agreements		-		9,104,000		-		9,104,000
Total	$	268,682,067	$	10,548,259	$	-	$	279,230,326

⁽¹⁾

See Fund’s Schedule of Investments for country classifications.

(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.

The Fund has analyzed the tax positions taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2010, 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, 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)

NOTES TO FINANCIAL STATEMENTS

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, although they generally do not do so. 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)	Depositary receipts – The Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(h)

Securities lending – The Fund may 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 and Trust Company, the Fund’s custodian.

NOTES TO FINANCIAL STATEMENTS

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, 2010.

(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, 2010.

(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 authorized agent provided such services, or was a percentage (as of March 31, 2010, 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, 2010.


	Six Months Ended 3/31/10
	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Institutional Shares	$	8,492	$	-	$	8,492
Advisor Shares		30,909		119,084		149,993

(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, 2010.

NOTES TO FINANCIAL STATEMENTS

(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.

NOTES TO FINANCIAL STATEMENTS

six months ended March 31, 2010, the Adviser paid operating expenses on behalf of the Advisor Shares of Emerging Markets Fund. Emerging Markets Fund reimburses the Adviser annually for operating expenses paid on its behalf up to 1.50% of average daily net assets, annually. The amount of operating expenses owed to the Adviser is included in payable for operating expenses on the Statements of Assets and Liabilities for Emerging Markets Fund.

The officers and director of Artisan Funds who are affiliated with the Adviser receive no compensation from Artisan 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 Artisan 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 in August 2010, under which the Fund may borrow up to the lesser of (a) $75 million or (b) the lesser of (i) 33¹/3% 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 borrow 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 0.15% on the unused portion of the line

NOTES TO FINANCIAL STATEMENTS

of credit and interest was charged on any borrowings at the current Federal Funds rate plus 1.25%. SSB has agreed to waive 0.05% of the commitment fee by reducing the Funds’ custody expenses until August 2010. 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, 2010, there were no borrowings under the line of credit for the 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, 2010 were $123,724,963 and $24,265,947, respectively.

(6)

Information for Federal income tax purposes:


Cost of Investments	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
$250,872,746	$	33,656,175	$	(5,298,595	)	$	28,357,580

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2010 and the year ended September 30, 2009 were as follows:

NOTES TO FINANCIAL STATEMENTS

Additional tax information as of and for the year ended September 30, 2009 follows:

Undistributed

Ordinary Income

Undistributed
Long-Term Gain

Post-October
Losses

$1,495,995

$ -

$13,611,288

As of September 30, 2009, the Fund had a capital loss carryover of $4,542,143 with an expiration of 2017.

(7)

Fund share activities:

Capital share transactions for the Fund were as follows:


Six months ended March 31, 2010	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	39,528,000		$	86,916,106
Net asset value of shares issued in reinvestment of dividends and distributions		983,707			499,770
Cost of shares redeemed⁽¹⁾		(10,117,038	)		(5,655,149	)

Net increase from fund share transactions	$	30,394,669		$	81,760,727


Shares sold		2,933,942			6,353,090
Shares issued in reinvestment of dividends and distributions		73,686			37,352
Shares redeemed		(745,565	)		(418,813	)

Net increase in capital shares		2,262,063			5,971,629


Year ended September 30, 2009	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	36,046,627		$	42,105,884
Net asset value of shares issued in reinvestment of dividends and distributions		801,388			55,689
Cost of shares redeemed⁽¹⁾		(20,916,631	)		(2,746,698	)

Net increase from fund share transactions	$	15,931,384		$	39,414,875


Shares sold		3,727,344			3,845,456
Shares issued in reinvestment of dividends and distributions		104,212			7,232
Shares redeemed		(2,106,464	)		(268,708	)

Net increase in capital shares		1,725,092			3,583,980

⁽¹⁾	Net of redemption fees of:


	3/31/2010		9/30/2009
Institutional Shares	$	742	$	618
Advisor Shares		528		36

(8)

Subsequent Events

The Fund evaluated subsequent events through the issuance of the Fund’s financial statements and has determined there is no impact to the Fund’s financial statements.

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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, 2009 to March 31, 2010.

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, 2010 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 10/1/2009		Ending Account Value 3/31/2010		Expenses Paid During Period 10/1/2009-3/31/2010⁽¹⁾
Artisan Emerging Markets Fund - Advisor Shares
Actual	$	1,000.00	$	1,102.60	$	7.86
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	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, 2010 (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, 2010
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”);

•

Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Artisan Partners’ financial condition and stability and financial arrangements between Artisan Partners and its parent organization;

•

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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, 2010. 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 Inc. 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.

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

Trademarks

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 866.574.1770. That information also is included in Artisan Funds’ statement of additional information, which is available without charge, on the Fund’s website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

PROXY VOTING POLICIES AND PROCEDURES

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.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The 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, 2010 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”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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 Eric R. Colson, 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 Eric R. Colson, 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/ ERIC R. COLSON
		Eric R. Colson
		Principal Executive Officer

Date:		June 4, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/S/ ERIC R. COLSON
		Eric R. Colson
		Principal Executive Officer

Date:		June 4, 2010

By:		/S/ LAWRENCE A. TOTSKY
		Lawrence A. Totsky
		Principal Financial Officer

Date:		June 4, 2010

Six Months Ended 3/31/10

Year Ended 9/30/09

Ordinary
Income
Dividends

Long-Term
Capital Gain
Distributions

Ordinary
Income
Dividends

Long-Term
Capital Gain
Distributions

$1,497,117