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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, WI 53202

(Address of principal executive offices) (Zip Code)

Sarah A. Johnson	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

Date of reporting period: 3/31/11

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

REPORT

March 31, 2011

ARTISAN GLOBAL EQUITY FUND

ARTISAN GLOBAL VALUE FUND

ARTISAN GROWTH OPPORTUNITIES FUND (formerly known as

Artisan Opportunistic Growth Fund)

ARTISAN INTERNATIONAL FUND

ARTISAN INTERNATIONAL SMALL CAP FUND

ARTISAN INTERNATIONAL VALUE FUND

ARTISAN MID CAP FUND

ARTISAN MID CAP VALUE FUND

ARTISAN SMALL CAP FUND

ARTISAN SMALL CAP VALUE FUND

ARTISAN VALUE FUND (formerly known as Artisan

Opportunistic Value Fund)

ARTISAN FUNDS

INVESTOR SHARES

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Global Equity Fund
5	Artisan Global Value Fund
8	Artisan Growth Opportunities Fund
10	Artisan International Fund
13	Artisan International Small Cap Fund
16	Artisan International Value Fund
19	Artisan Mid Cap Fund
22	Artisan Mid Cap Value Fund
25	Artisan Small Cap Fund
28	Artisan Small Cap Value Fund
32	Artisan Value Fund
34	STATEMENTS OF ASSETS AND LIABILITIES
40	STATEMENTS OF OPERATIONS
46	STATEMENTS OF CHANGES IN NET ASSETS

52	FINANCIAL HIGHLIGHTS
63	NOTES TO FINANCIAL STATEMENTS
84	SHAREHOLDER EXPENSE EXAMPLE
87	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
92	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
93	PROXY VOTING POLICIES AND PROCEDURES
93	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

Effective July 1, 2011, Artisan Funds, Inc. will change its name to Artisan Partners Funds, Inc. but will continue to do business as Artisan Funds.

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.

Artisan Funds offered through Artisan Distributors LLC, member FINRA.

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.6%
AUSTRALIA - 2.0%
Asciano Ltd		78,916	$	142,031
Foster’s Group Limited		22,284		131,843
				273,874
BELGIUM - 1.5%
Anheuser-Busch InBev NV		3,739		212,990
BRAZIL - 1.0%
Banco Daycoval SA, Preferred(1)		17,600		131,516
CANADA - 1.1%
Canadian National Railway Company		1,971		148,714
CHINA - 2.6%
Camelot Information Systems, Inc. (DR)(2)		13,733		227,830
ShangPharma Corporation (DR)(2)		10,775		130,485
				358,315
DENMARK - 1.0%
Novo Nordisk A/S, Class B		1,092		137,195
FRANCE - 11.0%
Air Liquide SA		1,345		178,719
Christian Dior SA		1,245		175,259
DANONE S.A.		3,549		231,841
Ipsos		3,143		153,961
Pernod Ricard SA		2,041		190,616
Schneider Electric SA		2,088		356,869
Total SA		3,712		225,971
				1,513,236
GERMANY - 5.1%
Bayer AG		3,608		279,388
Siemens AG		2,064		282,886
Tom Tailor Holding AG(2)		6,841		132,822
				695,096
HONG KONG - 4.5%
AIA Group Ltd.(2)		90,800		279,571
Dairy Farm International Holdings Limited		9,800		81,536
Sands China Ltd.(2)		111,590		249,044
				610,151
INDIA - 1.7%
Housing Development Finance Corporation Ltd.		14,878		232,870

	Shares Held		Value
JAPAN - 6.4%
INPEX CORPORATION		34	$	257,923
KDDI CORPORATION		25		154,785
LAWSON, INC.		3,000		144,626
NITTO DENKO CORPORATION		2,200		116,639
TOYOTA MOTOR CORPORATION		5,000		201,371
				875,344
KOREA - 1.2%
Samsung Electronics Co., Ltd.		200		169,926
NETHERLANDS - 2.5%
Akzo Nobel N.V.		2,815		193,407
Arcadis N.V.		5,910		142,847
				336,254
PERU - 1.0%
Credicorp Ltd.		1,365		143,229
PHILIPPINES - 1.6%
Alliance Global Group, Inc.		795,300		218,433
RUSSIA - 2.3%
Gazprom (DR)		6,143		198,849
Pharmstandard (DR)(2)		4,355		121,722
				320,571
SPAIN - 1.6%
Amadeus IT Holding SA(2)		11,388		217,877
SWITZERLAND - 8.0%
Givaudan SA(2)		138		138,751
Julius Baer Group Ltd.		3,104		134,704
Nestle SA		7,462		427,735
Swatch Group AG - Bearer Shares		470		207,803
UBS AG(2)		10,552		189,327
				1,098,320
TURKEY - 1.0%
Turkiye Is Bankasi, C Shares		43,018		137,631
UNITED KINGDOM - 12.6%
Anglo American PLC		2,729		140,398
CPP Group PLC		102,588		253,440
Experian PLC		11,107		137,554
GlaxoSmithKline PLC		8,311		158,590
HSBC Holdings plc		23,550		242,163
Standard Chartered plc		5,459		141,606
Tesco plc		19,824		121,164

2

	Shares Held		Value
UNITED KINGDOM (CONTINUED)
Vodafone Group Plc		88,781	$	251,376
WPP plc		22,158		273,170
				1,719,461
UNITED STATES - 27.9%
Accenture plc, Class A		3,256		178,982
Allergan, Inc.		1,914		135,932
American Express Company		2,811		127,057
Apple Inc.(2)		365		127,184
The Bank of New York Mellon Corporation		8,131		242,873
CME Group Inc., Class A		442		133,285
Coach, Inc.		2,715		141,289
The Dun & Bradstreet Corporation		2,648		212,476
EMC Corporation(2)		13,299		353,088
Franklin Resources, Inc.		1,351		168,983
Google Inc., Class A(2)		428		250,898
Halliburton Company		3,460		172,446
Hewlett-Packard Company		6,383		261,512
JPMorgan Chase & Co.		4,485		206,759
McDonald’s Corporation		2,345		178,431
Mead Johnson Nutrition Company		2,288		132,544
NIKE, Inc., Class B		1,375		104,088
Oracle Corporation		7,317		244,168
Thermo Fisher Scientific Inc.(2)		2,231		123,932
United Technologies Corporation		1,644		139,165
YUM! Brands, Inc.		3,523		181,012
				3,816,104
Total common and preferred stocks (Cost $12,172,136)				13,367,107
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $651,000(3) (Cost $651,000)	$	651,000		651,000
Total investments - 102.4% (Cost $12,823,136)				14,018,107
Other assets less liabilities - (2.4%)				(323,796	)
Total net assets - 100.0%(4)			$	13,694,311

⁽¹⁾  Non-voting shares.

⁽²⁾  Non-income producing security.

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039		666,996

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

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

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS
Description	Counterparty	Transaction Type		Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation
Japanese Yen	State Street Bank and Trust Company		Sell		5/19/2011	$	655,000	$	637,739	$	17,261

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	1,998,250			14.6	%
Consumer Staples		1,893,328			13.8
Energy		855,189			6.3
Financials		2,511,574			18.3
Healthcare		1,087,244			7.9
Industrials		1,815,982			13.3
Information Technology		2,031,465			14.8
Materials		767,914			5.6
Telecommunication Services		406,161			3.0
Total common and preferred stocks		13,367,107			97.6
Short-term investments		651,000			4.8
Total investments		14,018,107			102.4
Other assets less liabilities		(323,796	)		(2.4	)
Total net assets	$	13,694,311			100.0	%

3

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Australian dollar	$	273,874		1.9	%
Brazilian real		131,516		0.9
British pound		1,719,461		12.3
Canadian dollar		148,714		1.1
Danish krone		137,195		1.0
Euro		2,975,453		21.2
Hong Kong dollar		528,615		3.8
Indian rupee		232,870		1.7
Japanese yen		875,344		6.2
Korean won		169,926		1.2
Philippine peso		218,433		1.6
Swiss franc		1,098,320		7.8
Turkish lira		137,631		1.0
U.S. dollar		5,370,755		38.3
Total investments	$	14,018,107		100.0	%

REGION ALLOCATION
	9/30/10			3/31/11
Europe		40.4	%		43.3	%
Americas		28.5			29.0
Pacific Basin		10.3			12.9
Emerging Markets		21.4			12.4

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country		Percentage of Total Net Assets
Nestle SA		Switzerland		3.1	%
Schneider Electric SA		France		2.6
EMC Corporation		United States		2.6
Siemens AG		Germany		2.1
AIA Group Ltd.		Hong Kong		2.0
Bayer AG		Germany		2.0
WPP plc		United Kingdom		2.0
Hewlett-Packard Company		United States		1.9
INPEX CORPORATION		Japan		1.9
CPP Group PLC		United Kingdom		1.9
Total				22.1	%

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

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

4

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS AND EQUITY LINKED SECURITIES - 94.8%
BELGIUM - 1.4%
Groupe Bruxelles Lambert S.A.		8,474	$	791,296
FRANCE - 7.7%
Publicis Groupe		28,544		1,600,909
Sodexo		20,985		1,532,499
Total SA		20,013		1,218,307
				4,351,715
GERMANY - 1.3%
HeidelbergCement AG		10,795		753,995
HONG KONG - 1.2%
Guoco Group Limited		56,950		702,856
IRELAND - 1.0%
Ryanair Holdings PLC, Equity-Linked Security, 144A(1)(2)(3)(4)		126,063		594,926
JAPAN - 5.4%
Credit Saison Co., Ltd.		46,800		752,806
Daiwa Securities Group Inc.		107,596		494,129
Kao Corporation		36,100		900,547
Mitsubishi UFJ Financial Group, Inc.		90,328		416,999
SANKYO CO., LTD.		9,648		494,695
				3,059,176
NETHERLANDS - 3.8%
ING Groep N.V.(5)		100,710		1,274,687
Koninklijke Ahold NV		64,973		871,811
				2,146,498
SWITZERLAND - 8.7%
Adecco SA		16,576		1,090,028
Novartis AG		26,771		1,452,075
Panalpina Welttransport Holding AG(5)		9,418		1,175,071
Pargesa Holding SA		12,754		1,221,940
				4,939,114
UNITED KINGDOM - 14.6%
BAE Systems plc		111,423		580,741
Compass Group PLC		240,521		2,162,653
Diageo plc		84,170		1,600,051
Experian PLC		106,437		1,318,160
Lloyds Banking Group plc(5)		1,031,921		961,626
Unilever PLC (DR)		54,784		1,677,486
				8,300,717

	Shares Held		Value
UNITED STATES - 49.7%
3M Company		13,946	$	1,303,951
Accenture plc, Class A		21,776		1,197,027
American Express Company		29,812		1,347,502
Arch Capital Group Ltd.(5)(6)		21,472		2,129,808
The Bank of New York Mellon Corporation		62,363		1,862,783
Becton, Dickinson and Company		15,299		1,218,106
The Chubb Corporation		27,586		1,691,298
Cintas Corporation		25,469		770,947
Google Inc., Class A(5)		1,167		684,107
Johnson & Johnson		28,429		1,684,418
Lockheed Martin Corporation		11,772		946,469
Marsh & McLennan Companies, Inc.		64,838		1,932,821
MasterCard Incorporated, Class A		10,625		2,674,525
Microsoft Corporation		17,275		438,094
Mohawk Industries, Inc.(5)		24,411		1,492,733
The Procter & Gamble Company		12,784		787,494
Signet Jewelers Ltd.(5)		52,359		2,409,561
TE Connectivity Ltd.		58,712		2,044,352
Wal-Mart Stores, Inc.		30,959		1,611,416
				28,227,412
Total common stocks and equity linked securities (Cost $43,342,178)				53,867,705
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $3,036,001(7) (Cost $3,036,000)	$	3,036,000		3,036,000
Total investments - 100.2% (Cost $46,378,178)				56,903,705
Other assets less liabilities - (0.2%)				(104,855	)
Total net assets - 100.0%(8)			$	56,798,850

⁽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 $594,926 or 1.0% of total net assets.

5

⁽²⁾  Non-voting shares.

⁽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. The shares of Ryanair Holdings PLC may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Dates	Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC	8/26/09- 3/22/11	$	575,511	$	594,926		1.0	%

⁽⁵⁾  Non-income producing security.

⁽⁶⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	3,097,491

⁽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) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS
Description	Counterparty	Transaction Type		Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation
Japanese Yen	State Street Bank and Trust Company		Sell		5/19/2011	$	900,000	$	857,345	$	42,655

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	9,693,050			17.1	%
Consumer Staples		7,448,805			13.1
Energy		1,218,307			2.1
Financials		15,580,551			27.4
Healthcare		4,354,599			7.7
Industrials		7,780,293			13.7
Information Technology		7,038,105			12.4
Materials		753,995			1.3
Total common stocks and equity linked securities		53,867,705			94.8
Short-term investments		3,036,000			5.4
Total investments		56,903,705			100.2
Other assets less liabilities		(104,855	)		(0.2	)
Total net assets	$	56,798,850			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
British pound	$	6,623,231		11.6	%
Euro		8,638,430		15.2
Hong Kong dollar		702,856		1.2
Japanese yen		3,059,176		5.4
Swiss franc		4,939,114		8.7
U.S. dollar		32,940,898		57.9
Total investments	$	56,903,705		100.0	%

REGION ALLOCATION
	9/30/10			3/31/11
Americas		51.7	%		49.7	%
Europe		37.9			38.5
Pacific Basin		5.3			6.6

As a percentage of total net assets.

6

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
MasterCard Incorporated	United States		4.7	%
Signet Jewelers Ltd.	United States		4.2
Compass Group PLC	United Kingdom		3.8
Arch Capital Group Ltd.	United States		3.7
TE Connectivity Ltd.	United States		3.6
Marsh & McLennan Companies, Inc.	United States		3.4
The Bank of New York Mellon Corporation	United States		3.3
The Chubb Corporation	United States		3.0
Johnson & Johnson	United States		3.0
Unilever PLC	United Kingdom		3.0
Total			35.7	%

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

The Fund owns Pargesa Holding SA (Pargesa) and Groupe Bruxelles Lambert SA (GBL), which represent 2.2% and 1.4%, respectively, of the Fund’s total net assets. Pargesa is the parent company of GBL. If aggregated, the Fund’s holdings of both securities would represent 3.6% of the Fund’s total net assets.

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

7

ARTISAN GROWTH OPPORTUNITIES FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 99.3%
BRAZIL - 5.2%
Anhanguera Educacional Participacoes SA		59,500	$	1,457,024
Mills Estruturas e Servicos de Engenharia SA		153,750		1,690,388
OdontoPrev SA		158,050		2,582,779
Totvs SA		85,150		1,635,043
				7,365,234
CHINA - 1.1%
Ctrip.com International, Ltd. (DR)(1)		37,002		1,535,213
HONG KONG - 1.9%
Wynn Macau Limited		954,100		2,667,808
INDIA - 2.1%
HDFC BANK LIMITED (DR)		9,223		1,567,357
Jubilant Foodworks Limited(1)		116,300		1,403,189
				2,970,546
JAPAN - 0.7%
FANUC CORP.		7,000		1,059,510
SWEDEN - 2.2%
Hexagon AB		127,745		3,049,980
SWITZERLAND - 5.4%
ABB Limited (DR)(1)		191,400		4,629,966
Compagnie Financiere Richemont SA		51,850		2,994,711
				7,624,677
UNITED KINGDOM - 5.0%
ARM Holdings PLC		260,150		2,399,661
Rotork plc		102,100		2,859,751
The Weir Group PLC		67,700		1,879,940
				7,139,352
UNITED STATES - 75.7%
Agilent Technologies, Inc.(1)		144,050		6,450,559
Allergan, Inc.		66,325		4,710,402
Apple Inc.(1)		13,475		4,695,364
Baker Hughes Incorporated		29,800		2,188,214
Broadcom Corporation, Class A		37,925		1,493,486
Capital One Financial Corporation		41,150		2,138,154
Cerner Corporation(1)		34,879		3,878,545
Citrix Systems, Inc.(1)		47,050		3,456,293
Comerica Incorporated		43,900		1,612,008
Edwards Lifesciences Corporation(1)		38,700		3,366,900
EMC Corporation(1)		291,200		7,731,360

	Shares Held		Value
UNITED STATES (CONTINUED)
Google Inc., Class A(1)		15,795	$	9,259,187
IHS Inc.(1)		37,900		3,363,625
IntercontinentalExchange, Inc.(1)		25,000		3,088,500
JPMorgan Chase & Co.		61,025		2,813,252
Juniper Networks, Inc.(1)		115,300		4,851,824
Monsanto Company		63,300		4,574,058
National Oilwell Varco, Inc.		71,450		5,663,842
Occidental Petroleum Corporation		30,150		3,150,373
Oracle Corporation		179,200		5,979,904
Polo Ralph Lauren Corporation, Class A		24,550		3,035,608
Precision Castparts Corp.		40,475		5,957,110
Regeneron Pharmaceuticals, Inc.(1)		49,600		2,229,024
Starbucks Corporation		138,302		5,110,259
Trimble Navigation Limited(1)		124,350		6,284,649
				107,082,500
Total common stocks (Cost $112,346,115)				140,494,820
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $8,512,002(2) (Cost $8,512,000)	$	8,512,000		8,512,000
Total investments - 105.3% (Cost $120,858,115)				149,006,820
Other assets less liabilities - (5.3%)				(7,521,419	)
Total net assets - 100.0%(3)			$	141,485,401

⁽¹⁾  Non-income producing security.

⁽²⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	8,686,112

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

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

(DR) Depositary Receipt, voting rights may vary.

8

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	18,203,812			12.9	%
Energy		11,002,429			7.8
Financials		11,219,271			7.9
Healthcare		23,218,209			16.4
Industrials		24,490,270			17.3
Information Technology		47,786,771			33.8
Materials		4,574,058			3.2
Total common stocks		140,494,820			99.3
Short-term investments		8,512,000			6.0
Total investments		149,006,820			105.3
Other assets less liabilities		(7,521,419	)		(5.3	)
Total net assets	$	141,485,401			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Brazilian real	$	7,365,234		4 .9	%
British pound		7,139,352		4.8
Hong Kong dollar		2,667,808		1.8
Indian rupee		1,403,189		0.9
Japanese yen		1,059,510		0.7
Swedish krona		3,049,980		2.1
Swiss franc		2,994,711		2.0
U.S. dollar		123,327,036		82.8
Total investments	$	149,006,820		100.0	%

REGION ALLOCATION
	9/30/10			3/31/11
Americas		72.3	%		75.7	%
Europe		8.5			12.6
Emerging Markets		9.6			8.4
Pacific Basin		4.0			2.6

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Google Inc.,	United States		6.5	%
EMC Corporation	United States		5.5
Agilent Technologies, Inc.	United States		4.6
Trimble Navigation Limited	United States		4.4
Oracle Corporation	United States		4.2
Precision Castparts Corp.	United States		4.2
National Oilwell Varco, Inc.	United States		4.0
Starbucks Corporation	United States		3.6
Juniper Networks, Inc.	United States		3.4
Allergan, Inc.	United States		3.3
Total			43.7	%

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

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

9

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 95.5%
AUSTRALIA - 2.8%
Asciano Ltd		59,635,470	$	107,330,041
Coca-Cola Amatil Limited		1,587,568		19,278,260
Foster’s Group Limited		25,880,634		153,122,264
				279,730,565
BELGIUM - 1.9%
Anheuser-Busch InBev NV		3,247,042		184,965,574
BRAZIL - 1.0%
Petroleo Brasileiro S.A. (DR)		2,427,985		98,163,434
CANADA - 2.7%
Canadian National Railway Company		698,627		52,585,654
Canadian Pacific Railway Limited		3,325,418		213,957,394
				266,543,048
CHINA - 7.7%
Baidu, Inc., Class A (DR)(1)		1,669,970		230,138,566
Beijing Enterprises Holdings Ltd.		7,901,853		45,205,399
China Construction Bank, H Shares		122,296,100		114,615,008
China Overseas Land & Investment Limited		21,597,168		44,146,399
China Resources Land Limited		24,694,700		46,223,889
Ctrip.com International, Ltd. (DR)(1)		2,058,472		85,406,003
E-Commerce China Dangdang, Inc., Class A (DR)(1)		890,204		18,364,909
Huabao International Holdings Limited		78,738,359		121,469,979
SINA Corporation(1)		302,599		32,390,197
Tencent Holdings Limited		1,242,300		30,280,718
				768,241,067
FRANCE - 9.1%
BNP Paribas		1,684,554		123,211,079
Compagnie de Saint-Gobain		482,271		29,529,502
LVMH Moet Hennessy Louis Vuitton SA		146,623		23,210,593
Natixis(1)		14,990,880		84,789,060
Pernod Ricard SA		2,437,304		227,628,209
Publicis Groupe		1,191,619		66,832,746
Unibail-Rodamco		883,120		191,300,510
Vinci SA		2,464,026		153,980,455
				900,482,154

	Shares Held		Value
GERMANY - 13.0%
BASF AG		1,351,040	$	116,853,720
Bayer AG		3,871,012		299,754,818
Beiersdorf AG		1,548,804		94,526,130
Brenntag AG(1)		611,613		67,920,692
Daimler AG(1)		3,860,795		272,755,093
Linde AG		1,287,881		203,416,779
Siemens AG		1,708,966		234,226,361
				1,289,453,593
HONG KONG - 17.5%
AIA Group Ltd.(1)		61,257,300		188,610,002
The Bank of East Asia, Ltd.		5,667,500		24,153,297
BOC Hong Kong (Holdings) Limited		24,467,412		79,738,370
Cheung Kong (Holdings) Limited		9,034,000		147,497,670
Galaxy Entertainment Group Limited(1)		19,775,324		28,778,714
Hang Seng Bank Limited		5,539,677		89,448,989
Henderson Land Development Company Limited		15,798,700		109,474,122
Hong Kong Exchanges & Clearing Limited		4,972,800		107,849,324
Hongkong Land Holdings Limited		6,904,926		48,334,482
NWS Holdings Limited		42,282,411		64,685,666
Sands China Ltd.(1)		170,209,125		379,869,051
Sino Land Company Limited		66,627,800		118,718,952
Sun Hung Kai Properties Limited		8,779,100		139,047,139
Wynn Macau Limited		75,827,772		212,025,897
				1,738,231,675
INDIA - 1.2%
Coal India Limited		1,366,357		10,585,858
Housing Development Finance Corporation Ltd.		6,817,544		106,708,055
				117,293,913
ITALY - 2.1%
Fiat Industrial SpA(1)		8,213,575		117,915,972
Intesa Sanpaolo		29,877,361		88,410,469
				206,326,441
JAPAN - 8.9%
BRIDGESTONE CORPORATION		3,871,800		81,131,851
CANON INC.		2,208,400		96,109,738
HONDA MOTOR CO., LTD.		4,634,900		174,129,148
JAPAN TOBACCO INC.		8,968		32,398,221
KDDI CORPORATION		5,358		33,173,479
KUBOTA CORPORATION		3,046,400		28,713,364

10

	Shares Held		Value
JAPAN (CONTINUED)
MITSUI & CO., LTD.		13,943,300	$	249,933,401
SOFTBANK Corp		4,654,600		185,781,101
				881,370,303
NETHERLANDS - 3.0%
Akzo Nobel N.V.		1,869,592		128,451,866
ING Groep N.V.(1)		12,077,325		152,862,799
TNT NV		821,101		21,062,316
				302,376,981
RUSSIA - 1.4%
Gazprom (DR)		4,201,123		135,990,351
SINGAPORE - 1.0%
City Developments Limited		3,036,730		27,753,375
Genting Singapore PLC(1)		42,258,571		68,726,752
				96,480,127
SPAIN - 1.3%
Amadeus IT Holding SA(1)		1,321,230		25,278,026
Industria de Diseno Textil, S.A.		1,319,988		105,918,254
				131,196,280
SWEDEN - 0.8%
Sandvik AB		4,491,140		84,743,861
SWITZERLAND - 8.2%
ABB Limited(1)		4,255,151		102,197,747
Adecco SA		2,877,021		189,191,147
Nestle SA		5,523,760		316,631,425
Swatch Group AG - Bearer Shares		464,539		205,388,446
				813,408,765
UNITED KINGDOM - 11.4%
BG Group plc		1,983,921		49,362,194
Experian PLC		13,677,775		169,391,275
Imperial Tobacco Group plc		3,447,760		106,580,321
Kingfisher PLC		44,317,106		174,818,828
Standard Chartered plc		1,963,427		50,931,101
Tesco plc		30,160,839		184,343,011
WPP plc		21,549,878		265,672,725
Xstrata plc		5,482,546		128,144,543
				1,129,243,998
UNITED STATES - 0.5%
Accenture plc, Class A		948,710		52,150,589
Total common stocks (Cost $7,671,291,918)				9,476,392,719

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/2011, due 4/1/2011, maturity value $235,869,066(2) (Cost $235,869,000)	$	235,869,000	$	235,869,000
Total investments - 97.9% (Cost $7,907,160,918)				9,712,261,719
Other assets less liabilities - 2.1%				208,655,471
Total net assets - 100.0%(3)			$	9,920,917,190

⁽¹⁾ Non-income producing security.

⁽²⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	5,341,024
U.S. Treasury Bond		4.375	%		11/15/2039		235,248,110
						$	240,589,134

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	2,163,029,010		21.8	%
Consumer Staples		1,319,473,415		13.3
Energy		294,101,837		3.0
Financials		2,083,824,091		21.0
Healthcare		299,754,818		3.0
Industrials		1,932,570,247		19.5
Information Technology		466,347,834		4.7
Materials		698,336,887		7.0
Telecommunication Services		218,954,580		2.2
Total common stocks		9,476,392,719		95.5
Short-term investments		235,869,000		2.4
Total investments		9,712,261,719		97.9
Other assets less liabilities		208,655,471		2.1
Total net assets	$	9,920,917,190		100.0	%

11

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Australian dollar	$	279,730,565		2.9	%
British pound		1,129,243,998		11.6
Euro		3,014,801,023		31.0
Hong Kong dollar		2,091,838,585		21.5
Indian rupee		117,293,913		1.2
Japanese yen		881,370,303		9.1
Singapore dollar		96,480,127		1.0
Swedish krona		84,743,861		0.9
Swiss franc		813,408,765		8.4
U.S. dollar		1,203,350,579		12.4
Total investments	$	9,712,261,719		100.0	%

REGION ALLOCATION
	9/30/10	3/31/11
Europe	60.9		50.8
Pacific Basin	20.2		30.2
Emerging Markets	11.0		11.3
Americas	6.2		3.2

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Sands China Ltd.	Hong Kong		3.8	%
Nestle SA	Switzerland		3.2
Bayer AG	Germany		3.0
Daimler AG	Germany		2.7
WPP plc	United Kingdom		2.7
MITSUI & CO., LTD.	Japan		2.5
Siemens AG	Germany		2.4
Baidu, Inc.	China		2.3
Pernod Ricard SA	France		2.3
Canadian Pacific Railway Limited	Canada		2.2
Total			27.1	%

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

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

12

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 96.2%
AUSTRALIA - 2.1%
Domino’s Pizza Enterprises Limited		2,522,592	$	16,177,302
AUSTRIA - 2.2%
Flughafen Wien AG		268,708		17,041,374
BRAZIL - 0.5%
M Dias Branco SA		147,600		3,525,802
CHINA - 17.4%
AMVIG Holdings Ltd		9,484,000		7,315,502
Beijing Enterprises Water Group Limited(1)		66,324,000		23,277,413
China Everbright International Limited		20,598,700		10,036,456
China Gas Holdings Ltd.		25,356,000		12,484,779
Hengan International Group Company Limited		1,658,550		12,313,511
Hengdeli Holdings Limited		14,132,000		7,448,843
Intime Department Store Group Company Limited		13,977,800		18,975,975
Longtop Financial Technologies Limited (DR)(1)		227,483		7,147,516
Maoye International Holdings Ltd.		5,245,000		2,258,872
New World Department Store China		11,048,000		7,726,520
Qihoo 360 Technology Co. Ltd. (DR)(1)		55,853		1,652,690
REXLot Holdings Limited		128,375,000		14,193,198
Yingde Gases(1)		10,254,500		8,568,981
				133,400,256
EGYPT - 0.3%
Commercial International Bank Egypt SAE (DR)		477,573		2,621,876
FRANCE - 6.4%
Boiron SA		34,434		1,454,235
Eurofins Scientific		86,521		7,630,488
Gemalto NV		139,155		6,844,186
Havas SA		1,263,048		6,782,275
Ipsos		365,412		17,899,889
Rubis		69,658		8,314,137
				48,925,210
GERMANY - 21.1%
Gerresheimer AG(1)		536,112		24,540,817

	Shares Held		Value
GERMANY (CONTINUED)
GfK SE		499,973	$	27,616,182
Sixt AG		400,994		20,393,031
Tom Tailor Holding AG(1)		436,279		8,470,633
Wacker Neuson SE(1)		1,469,249		23,175,095
Wirecard AG		3,211,487		57,596,923
				161,792,681
HONG KONG - 9.9%
Chow Sang Sang Holdings International Limited		2,914,800		6,497,693
Galaxy Entertainment Group Limited(1)		910,000		1,324,309
Man Wah Holdings Limited		5,844,100		7,558,175
Melco Crown Entertainment Limited (DR)(1)		2,007,627		15,257,965
Shangri-La Asia Limited		4,880,000		12,472,042
SJM Holdings Limited		16,433,000		28,984,934
Sun Hung Kai & Co. Limited		4,498,512		3,631,867
				75,726,985
IRELAND - 2.4%
Smurfit Kappa Group PLC(1)		1,457,411		18,485,706
ITALY - 5.8%
Davide Campari - Milano S.p.A.		4,040,199		27,334,815
Marr SpA		1,372,476		16,883,227
				44,218,042
JAPAN - 0.3%
NTN CORPORATION		461,000		2,211,337
NETHERLANDS - 4.5%
Arcadis N.V.		159,987		3,866,940
Imtech NV		829,610		30,792,180
				34,659,120
PHILIPPINES - 1.5%
Alliance Global Group, Inc.		41,323,400		11,349,653
RUSSIA - 1.4%
Globaltrans Investment PLC (DR)		327,506		6,022,835
Pharmstandard(1)(2)		48,645		4,760,476
				10,783,311
SINGAPORE - 3.9%
City Developments Limited		779,972		7,128,344
Mandarin Oriental International Limited		3,607,000		7,538,630
SIA Engineering Company		4,609,700		14,811,015
				29,477,989

13

	Shares Held		Value
SWITZERLAND - 4.4%
Bank Sarasin & Cie AG, B Shares		392,568	$	17,096,048
Burckhardt Compression Holding AG		3,739		1,177,470
Schindler Holding AG, Participation Certificates(3)		126,824		15,243,734
				33,517,252
TURKEY - 3.7%
Bizim Toptan Satis Magazalari AS(1)		552,814		11,277,900
Coca-Cola Icecek AS		1,331,005		16,680,125
				27,958,025
UNITED KINGDOM - 8.4%
Aegis Group plc		7,843,606		17,980,687
Babcock International Group plc		2,327,156		23,183,307
Informa PLC		1,204,644		8,052,681
Mothercare plc		2,336,963		14,995,816
				64,212,491
Total common stocks (Cost $542,345,794)				736,084,412
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $32,158,009(4) (Cost $32,158,000)	$	32,158,000		32,158,000
Total investments - 100.4% (Cost $574,503,794)				768,242,412
Other assets less liabilities - (0.4%)				(2,889,539	)
Total net assets - 100.0%(5)			$	765,352,873

⁽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 $4,760,476 or 0.6% of total net assets.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.375	%		11/15/2039	$	32,805,314

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	248,212,621			32.4	%
Consumer Staples		99,365,033			13.0
Financials		30,478,135			4.0
Healthcare		38,386,016			5.0
Industrials		167,954,774			21.9
Information Technology		73,241,315			9.6
Materials		34,370,189			4.5
Utilities		44,076,329			5.8
Total common stocks		736,084,412			96.2
Short-term investments		32,158,000			4.2
Total investments		768,242,412			100.4
Other assets less liabilities		(2,889,539	)		(0.4	)
Total net assets	$	765,352,873			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Australian dollar	$	16,177,302		2.1	%
Brazilian real		3,525,802		0.5
British pound		64,212,491		8.4
Euro		325,122,133		42.3
Hong Kong dollar		185,069,070		24.1
Japanese yen		2,211,337		0.3
Philippine peso		11,349,653		1.5
Singapore dollar		21,939,359		2.8
Swiss franc		33,517,252		4.4
Turkish lira		27,958,025		3.6
U.S. dollar		77,159,988		10.0
Total investments	$	768,242,412		100.0	%

REGION ALLOCATION
	9/30/10			3/31/11
Europe		58.4	%		55.2	%
Emerging Markets		25.1			24.8
Pacific Basin		12.8			16.2
Americas		2.9			-

As a percentage of total net assets.

14

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		7.5	%
Imtech NV	Netherlands		4.0
SJM Holdings Limited	Hong Kong		3.8
GfK SE	Germany		3.6
Davide Campari - Milano S.p.A.	Italy		3.6
Gerresheimer AG	Germany		3.2
Beijing Enterprises Water Group Limited	China		3.0
Babcock International Group plc	United Kingdom		3.0
Wacker Neuson SE	Germany		3.0
Sixt AG	Germany		2.7
Total			37.4	%

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.

15

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS AND EQUITY LINKED SECURITIES -91.2%
BELGIUM - 1.3%
Groupe Bruxelles Lambert S.A.		700,010	$	65,366,422
DENMARK - 1.2%
Carlsberg A/S, Class B		550,776		59,304,836
FRANCE - 10.7%
Gemalto NV		869,474		42,764,127
Publicis Groupe		2,838,842		159,218,347
Societe Television Francaise 1		2,997,400		55,031,720
Sodexo		1,841,128		134,454,422
Total SA		2,178,677		132,628,707
				524,097,323
GERMANY - 2.7%
HeidelbergCement AG		1,885,623		131,704,493
HONG KONG - 2.1%
Guoco Group Limited		8,093,700		99,889,465
IRELAND - 2.9%
ICON PLC (DR)(1)(2)		2,321,186		50,114,406
Ryanair Holdings PLC, Equity-Linked Security, 144A(3)(4)(5)(6)		19,585,595		92,429,790
				142,544,196
JAPAN - 9.7%
Credit Saison Co., Ltd.		6,115,559		98,372,421
Daiwa Securities Group Inc.		13,137,131		60,331,619
Kao Corporation		4,099,600		102,268,213
Mitsubishi UFJ Financial Group, Inc.(6)		3,654,200		16,869,594
Mitsubishi UFJ Financial Group, Inc.		8,448,406		39,002,018
NIFCO INC.		392,500		9,399,615
SANKYO CO., LTD.		1,500,038		76,913,466
SEINO HOLDINGS CO., LTD.		2,540,800		19,182,765
Stanley Electric Co., Ltd.		1,537,600		25,417,168
Unihair Co., Ltd.(2)		2,410,900		28,143,591
				475,900,470
KOREA - 0.5%
Lotte Chilsung Beverage Co., Ltd.		26,147		25,599,962

	Shares Held		Value
NETHERLANDS - 4.1%
ING Groep N.V.(1)		8,811,899	$	111,532,276
Koninklijke Ahold NV		6,636,358		89,046,944
				200,579,220
SWITZERLAND - 14.1%
Adecco SA		2,235,123		146,980,326
Givaudan SA(1)		42,215		42,444,804
Nestle SA		1,408,508		80,738,101
Novartis AG		2,654,901		144,003,449
Panalpina Welttransport Holding AG(1)		894,880		111,652,965
Pargesa Holding SA		1,583,837		151,744,862
Tamedia AG		84,446		10,664,928
				688,229,435
THAILAND - 0.3%
Thai Beverage Public Company Limited		69,635,696		16,020,906
UNITED KINGDOM - 23.6%
BAE Systems plc		7,821,984		40,768,517
Carpetright PLC		2,511,694		27,419,096
Compass Group PLC		27,916,472		251,011,970
Diageo plc		6,804,163		129,345,505
Experian PLC		11,708,412		145,001,862
Lancashire Holdings Ltd		4,895,323		46,922,111
Lloyds Banking Group plc(1)		95,420,509		88,920,396
Qinetiq Group PLC(1)(2)		57,578,829		112,411,745
Reed Elsevier PLC		16,709,614		144,749,963
Savills Plc(2)		9,065,083		52,075,613
Unilever PLC (DR)		3,776,712		115,642,921
				1,154,269,699
UNITED STATES - 18.0%
Accenture plc, Class A		2,252,980		123,846,311
Arch Capital Group Ltd.(1)(2)		1,810,188		179,552,548
Covidien plc		3,690,349		191,676,727
Signet Jewelers Ltd.(1)		4,061,955		186,931,169
TE Connectivity Ltd		5,788,674		201,561,629
				883,568,384
Total common stocks and equity linked securities (Cost $3,642,904,897)				4,467,074,811

16

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $447,201,124(7) (Cost $447,201,000)	$	447,201,000	$	447,201,000
Total investments - 100.3% (Cost $4,090,105,897)				4,914,275,811
Other assets less liabilities - (0.3%)				(13,897,857	)
Total net assets - 100.0%(8)			$	4,900,377,954

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽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 $92,429,790 or 1.9% of total net assets.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  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.

⁽⁶⁾  Security is restricted. Ryanair Holdings PLC was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. The shares of Ryanair Holdings PLC may be resold in transactions exempt from registration to qualified institutional buyers. The shares of Mitsubishi UFJ Financial Group, Inc., were acquired in a private placement and 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		9/17/08- 3/25/11	$	83,995,765	$	92,429,790		1.9	%
Mitsubishi UFJ Financial Group, Inc.		12/14/2009		17,639,402		16,869,594		0.3	%
					$	109,299,384		2.2	%

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	456,149,706

⁽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) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS
Description	Counterparty	Transaction Type		Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation
Japanese Yen	State Street Bank and Trust Company		Sell		5/19/2011	$	150,000,000	$	142,890,757	$	7,109,243

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	1,081,211,864			22.1	%
Consumer Staples		646,110,979			13.2
Energy		132,628,707			2. 7
Financials		1,010,579,345			20.6
Healthcare		385,794,582			7.9
Industrials		668,427,970			13.6
Information Technology		368,172,067			7.5
Materials		174,149,297			3.6
Total common stocks and equity linked securities		4,467,074,811			91.2
Short-term investments		447,201,000			9.1
Total investments		4,914,275,811			100.3
Other assets less liabilities		(13,897,857	)		(0.3	)
Total net assets	$	4,900,377,954			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
British pound	$	1,038,626,778		21.1	%
Danish krone		59,304,836		1.2
Euro		1,014,177,248		20.7
Hong Kong dollar		99,889,465		2.0
Japanese yen		475,900,470		9.7
Korean won		25,599,962		0.5
Singapore dollar		16,020,906		0.3
Swiss franc		688,229,435		14.0
U.S. dollar		1,496,526,711		30.5
Total investments	$	4,914,275,811		100.0	%

17

REGION ALLOCATION
	9/30/10			3/31/11
Europe		63.8	%		60.6	%
Americas		18.5			18.0
Pacific Basin		11.1			11.8
Emerging Markets		0.4			0.8

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		5.1	%
TE Connectivity Ltd	United States		4.1
Covidien plc	United States		3.9
Signet Jewelers Ltd.	United States		3.8
Arch Capital Group Ltd.	United States		3.7
Publicis Groupe	France		3.2
Pargesa Holding SA	Switzerland		3.1
Adecco SA	Switzerland		3.0
Experian PLC	United Kingdom		3.0
Reed Elsevier PLC	United Kingdom		3.0
Total			35.9	%

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 Fund owns Pargesa Holding SA (Pargesa) and Groupe Bruxelles Lambert SA (GBL), which represent 3.1% and 1.3%, respectively, of the Fund’s total net assets. Pargesa is the parent company of GBL. If aggregated, the Fund’s holdings of both securities would represent 4.4% of the Fund’s total net assets.

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

18

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 94.5%
CONSUMER DISCRETIONARY - 16.6%
Auto Components - 1.2%
BorgWarner Inc.(1)		871,864	$	69,478,842
Automobiles - 0.2%
Tesla Motors, Inc.(1)		361,685		10,018,675
Distributors - 1.3%
LKQ Corporation(1)		3,272,070		78,856,887
Hotels, Restaurants & Leisure - 5.4%
Chipotle Mexican Grill, Inc., Class A(1)		244,924		66,709,950
Ctrip.com International, Ltd. (DR)(1)(2)		1,415,931		58,746,977
Starwood Hotels & Resorts Worldwide, Inc.		2,043,499		118,768,162
Wynn Resorts, Limited		612,523		77,943,552
				322,168,641
Household Durables - 0.6%
Garmin Ltd.		995,872		33,720,226
Internet & Catalog Retail - 0.5%
Netflix, Inc.(1)		130,467		30,963,733
Specialty Retail - 0.3%
CarMax, Inc.(1)		494,800		15,883,080
Textiles, Apparel & Luxury Goods - 7.1%
Coach, Inc.		2,186,723		113,797,065
Fossil, Inc.(1)		1,593,435		149,225,188
lululemon athletica inc.(1)		783,408		69,762,482
Polo Ralph Lauren Corporation, Class A		736,422		91,058,580
				423,843,315
ENERGY - 6.8%
Energy Equipment & Services - 6.5%
Cameron International Corporation(1)		2,942,249		168,002,418

	Shares Held		Value
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Core Laboratories N.V.		451,010	$	46,079,692
Dresser-Rand Group Inc.(1)		2,396,554		128,503,226
Helmerich & Payne, Inc.		695,212		47,754,112
				390,339,448
Oil, Gas & Consumable Fuels - 0.3%
Oasis Petroleum Inc.(1)		527,900		16,692,198
FINANCIALS - 6.8%
Capital Markets - 0.8%
Ares Capital Corporation		2,807,309		47,443,522
Commercial Banks - 2.4%
Comerica Incorporated		1,585,760		58,229,107
FirstMerit Corporation		2,322,846		39,627,753
HDFC BANK LIMITED (DR)(2)		272,938		46,383,084
				144,239,944
Consumer Finance - 1.2%
Discover Financial Services		2,997,810		72,307,177
Diversified Financial Services - 2.4%
CME Group Inc., Class A		364,970		110,056,704
MSCI Inc.(1)		961,678		35,408,984
				145,465,688
HEALTHCARE - 17.9%
Biotechnology - 2.4%
Alexion Pharmaceuticals, Inc.(1)		331,500		32,712,420
Incyte Corporation(1)		1,445,982		22,918,815
Regeneron Pharmaceuticals, Inc.(1)		2,011,213		90,383,912
				146,015,147
Health Care Equipment & Supplies - 4.2%
Edwards Lifesciences Corporation(1)		1,399,331		121,741,797
Intuitive Surgical, Inc.(1)		193,317		64,463,487
Masimo Corporation		657,406		21,760,139
St. Jude Medical, Inc.		831,400		42,617,564
				250,582,987
Health Care Technology - 4.6%
athenahealth, Inc.(1)(3)		1,682,715		75,940,928
Cerner Corporation(1)		1,762,285		195,966,092
				271,907,020

19

	Shares Held		Value
HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 4.6%
Agilent Technologies, Inc.(1)		4,123,915	$	184,668,914
Illumina, Inc.(1)		1,322,083		92,638,356
				277,307,270
Pharmaceuticals - 2.1%
Allergan, Inc.		1,759,618		124,968,070
INDUSTRIALS - 17.4%
Aerospace & Defense - 2.9%
Precision Castparts Corp.		1,180,475		173,742,311
Air Freight & Logistics - 1.1%
Expeditors International of Washington, Inc.		1,358,377		68,109,023
Electrical Equipment - 6.6%
Cooper Industries plc		3,053,776		198,190,062
Regal Beloit Corporation		556,786		41,107,510
Roper Industries, Inc.		1,755,305		151,763,670
				391,061,242
Machinery - 4.1%
Gardner Denver, Inc.		1,732,434		135,181,825
PACCAR Inc		1,652,604		86,513,819
SPX Corporation		296,549		23,543,025
				245,238,669
Professional Services - 2.7%
IHS Inc.(1)		1,352,117		120,000,384
Verisk Analytics, Inc., Class A(1)		1,276,827		41,828,853
				161,829,237
INFORMATION TECHNOLOGY - 28.2%
Communications Equipment - 2.5%
Juniper Networks, Inc.(1)		3,567,579		150,123,724
Computers & Peripherals - 1.1%
NetApp, Inc.(1)		1,419,517		68,392,329
Electronic Equipment & Instruments - 3.5%
Trimble Navigation Limited(1)		3,867,979		195,487,659
Universal Display Corporation(1)		248,700		13,688,448
				209,176,107

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Internet Software & Services - 2.8%
GSI Commerce, Inc.(1)		2,200,690	$	64,414,196
MercadoLibre, Inc.		842,863		68,802,907
OpenTable, Inc.(1)		295,566		31,433,444
				164,650,547
IT Services - 2.5%
Booz Allen Hamilton Holding Corporation, Class A(1)		773,165		13,924,702
Cognizant Technology Solutions Corporation, Class A(1)		662,691		53,943,047
Teradata Corporation(1)		1,654,904		83,903,633
				151,771,382
Semiconductors & Semiconductor Equipment - 5.0%
ARM Holdings PLC (DR)(2)		2,788,125		78,541,481
Broadcom Corporation, Class A		1,597,735		62,918,804
Cree, Inc.(1)		624,003		28,803,978
First Solar, Inc.(1)		210,327		33,828,995
Marvell Technology Group Ltd.(1)		1,472,873		22,903,175
Varian Semiconductor Equipment Associates, Inc.(1)		1,476,631		71,867,631
				298,864,064
Software - 10.8%
Adobe Systems Incorporated(1)		777,100		25,768,636
ANSYS, Inc.(1)		2,208,418		119,674,171
Autodesk, Inc.(1)		545,235		24,050,316
Blackboard Inc.(1)		1,383,205		50,127,349
Citrix Systems, Inc.(1)		1,340,518		98,474,452
Concur Technologies, Inc.(1)		689,465		38,230,834
Qlik Technologies Inc.(1)		606,500		15,769,000
Red Hat, Inc.(1)		1,804,233		81,894,136
salesforce.com, inc.(1)		448,111		59,858,667
VanceInfo Technologies Inc. (DR)(1)(2)		1,345,683		42,267,903
VMware, Inc., Class A(1)		1,081,568		88,191,055
				644,306,519
MATERIALS - 0.8%
Metals & Mining - 0.8%
Allegheny Technologies Incorporated		693,581		46,969,305
Total common stocks (Cost $3,570,746,747)				5,646,436,329

20

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $332,066,092(4) (Cost $332,066,000)	$	332,066,000	$	332,066,000
Total investments - 100.1% (Cost $3,902,812,747)				5,978,502,329
Other assets less liabilities - (0.1%)				(3,327,175	)
Total net assets - 100.0%(5)			$	5,975,175,154

⁽¹⁾ Non-income producing security.

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

Security	Country	Trading Currency
ARM Holdings PLC (DR)	United Kingdom	U.S. dollar
Ctrip.com International, Ltd. (DR)	China	U.S. dollar
HDFC BANK LIMITED (DR)	India	U.S. dollar
VanceInfo Technologies Inc. (DR)	China	U.S. dollar

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039		338,707,819

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	984,933,399			16.5	%
Energy		407,031,645			6.8
Financials		409,456,330			6.9
Healthcare		1,070,780,493			17.9
Industrials		1,039,980,482			17.4
Information Technology		1,687,284,674			28.2
Materials		46,969,305			0.8
Total common stocks		5,646,436,329			94.5
Short-term investments		332,066,000			5.6
Total investments		5,978,502,329			100.1
Other assets less liabilities		(3,327,175	)		(0.1	)
Total net assets	$	5,975,175,154			100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Cooper Industries plc	United States		3.3	%
Cerner Corporation	United States		3.3
Trimble Navigation Limited	United States		3.3
Agilent Technologies, Inc.	United States		3.1
Precision Castparts Corp.	United States		2.9
Cameron International Corporation	United States		2.8
Roper Industries, Inc.	United States		2.5
Juniper Networks, Inc.	United States		2.5
Fossil, Inc.	United States		2.5
Gardner Denver, Inc.	United States		2.3
Total			28.5	%

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.

21

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 94.1%
CONSUMER DISCRETIONARY - 6.7%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		8,583,600	$	143,689,464
Household Durables - 1.2%
Mohawk Industries, Inc.(1)		1,441,000		88,117,150
Leisure Equipment & Products - 1.8%
Mattel, Inc.		5,026,700		125,315,631
Media - 1.7%
Omnicom Group Inc.		2,415,100		118,484,806
CONSUMER STAPLES - 5.9%
Food & Staples Retailing - 3.6%
The Kroger Co.		6,943,500		166,435,695
Sysco Corporation		3,367,600		93,282,520
				259,718,215
Food Products - 2.3%
Campbell Soup Company		3,062,800		101,409,308
H.J. Heinz Company		1,362,000		66,492,840
				167,902,148
ENERGY - 8.7%
Energy Equipment & Services - 3.0%
Nabors Industries Ltd.(1)		2,503,300		76,050,254
Pride International, Inc.(1)		3,299,300		141,704,935
				217,755,189
Oil, Gas & Consumable Fuels - 5.7%
Cimarex Energy Co.		1,018,690		117,393,836
Range Resources Corporation		2,510,300		146,752,138
Southwestern Energy Company(1)		3,345,000		143,734,650
				407,880,624
FINANCIALS - 17.1%
Insurance - 15.4%
Alleghany Corporation(1)(2)		581,707		192,533,383
Allied World Assurance Company Holdings, Ltd		1,171,000		73,409,990
The Allstate Corporation		4,343,300		138,030,074
Aon Corporation		3,399,628		180,044,299

	Shares Held		Value
FINANCIALS (CONTINUED)
Insurance (Continued)
Arch Capital Group Ltd.(1)(2)		1,340,273	$	132,941,679
Fidelity National Financial, Inc.		9,769,681		138,045,592
The Progressive Corporation		7,204,100		152,222,633
W. R. Berkley Corporation		2,991,200		96,346,552
				1,103,574,202
Real Estate Investment Trusts (REITS) - 1.7%
Annaly Capital Management, Inc.		6,817,800		118,970,610
HEALTHCARE - 2.8%
Health Care Providers & Services - 2.8%
CIGNA Corporation		3,589,250		158,931,990
Quest Diagnostics Incorporated		696,400		40,196,208
				199,128,198
INDUSTRIALS - 19.2%
Aerospace & Defense - 4.1%
L-3 Communications Holdings, Inc.		2,125,300		166,432,243
Rockwell Collins, Inc.		539,053		34,946,806
Spirit AeroSystems Holdings, Inc., Class A(1)		3,719,300		95,474,431
				296,853,480
Commercial Services & Supplies - 1.5%
Cintas Corporation		3,428,600		103,783,722
Construction & Engineering - 2.2%
Jacobs Engineering Group Inc.(1)		3,083,200		158,568,976
Electrical Equipment - 3.1%
Acuity Brands, Inc.		527,015		30,825,107
Hubbell Inc., Class B		2,656,800		188,712,504
				219,537,611
Machinery - 1.0%
Flowserve Corporation		579,100		74,588,080
Professional Services - 6.3%
The Dun & Bradstreet Corporation		871,600		69,937,184
Equifax Inc.		4,054,200		157,505,670
Manpower Inc.		1,367,900		86,013,552
Towers Watson & Co., Class A		2,416,500		134,019,090
				447,475,496

22

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Road & Rail - 1.0%
Ryder System, Inc.		1,457,300	$	73,739,380
INFORMATION TECHNOLOGY - 24.6%
Computers & Peripherals - 2.0%
Lexmark International, Inc.(1)(2)		3,866,400		143,211,456
Electronic Equipment & Instruments - 7.7%
Arrow Electronics, Inc.(1)(2)		4,664,300		195,340,884
Avnet, Inc.(1)		5,408,210		184,365,879
Ingram Micro Inc.(1)(2)		8,234,200		173,165,226
				552,871,989
Internet Software & Services - 1.3%
Open Text Corporation(1)(3)		1,450,000		90,364,000
IT Services - 6.2%
Broadridge Financial Solutions, Inc.		228,200		5,177,858
SAIC, Inc.(1)		8,072,700		136,590,084
Total System Services, Inc.		7,501,300		135,173,426
The Western Union Company		7,987,300		165,896,221
				442,837,589
Semiconductors & Semiconductor Equipment - 5.7%
Analog Devices, Inc.		3,383,800		133,254,044
Applied Materials, Inc.		8,683,000		135,628,460
National Semiconductor Corporation		9,753,300		139,862,322
				408,744,826
Software - 1.7%
SYNOPSYS, INC.(1)		4,418,900		122,182,585
UTILITIES - 9.1%
Electrical Utilities - 1.1%
Westar Energy, Inc.		2,907,300		76,810,866
Multi-Utilities - 6.1%
DTE Energy Company		1,516,500		74,247,840
OGE Energy Corp.		2,638,500		133,402,560
SCANA Corporation		2,765,700		108,885,609
Wisconsin Energy Corporation		101,800		3,104,900
Xcel Energy Inc.		4,821,500		115,185,635
				434,826,544

	Shares Held		Value
UTILITIES (CONTINUED)
Water Utilities - 1.9%
American Water Works Company, Inc.		4,774,500	$	133,924,725
Total common stocks (Cost $5,291,429,523)				6,730,857,562
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $377,065,105(4) (Cost $377,065,000)	$	377,065,000		377,065,000
Total investments - 99.3% (Cost $5,668,494,523)				7,107,922,562
Other assets less liabilities - 0.7%				46,956,370
Total net assets - 100.0%(5)			$	7,154,878,932

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

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

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.375	%		11/15/2039	$	384,607,306

⁽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.

23

PORTFOLIO DIVERSIFICATION
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	475,607,051		6.6	%
Consumer Staples		427,620,363		6.0
Energy		625,635,813		8.7
Financials		1,222,544,812		17.1
Healthcare		199,128,198		2.8
Industrials		1,374,546,745		19.2
Information Technology		1,760,212,445		24.6
Utilities		645,562,135		9.0
Total common stocks		6,730,857,562		94.0
Short-term investments		377,065,000		5.3
Total investments		7,107,922,562		99.3
Other assets less liabilities		46,956,370		0.7
Total net assets	$	7,154,878,932		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Arrow Electronics, Inc.	United States		2.7	%
Alleghany Corporation	United States		2.7
Hubbell Inc.	United States		2.6
Avnet, Inc.	United States		2.6
Aon Corporation	United States		2.5
Ingram Micro Inc.	United States		2.4
The Kroger Co.	United States		2.3
L-3 Communications Holdings, Inc.	United States		2.3
The Western Union Company	United States		2.3
CIGNA Corporation	United States		2.2
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.

24

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 95.2%
CONSUMER DISCRETIONARY - 12.5%
Automobiles - 0.2%
Tesla Motors, Inc.(1)		20,500	$	567,850
Distributors - 2.8%
LKQ Corporation(1)		387,800		9,345,980
Diversified Consumer Services - 1.5%
K12 Inc.(1)		144,900		4,883,130
Hotels, Restaurants & Leisure - 1.0%
BJ’s Restaurants, Inc.(1)		42,700		1,679,391
Home Inns & Hotels Management, Inc. (DR)(1)(2)		40,300		1,594,671
				3,274,062
Internet & Catalog Retail - 0.5%
MakeMyTrip Limited(1)(2)		58,300		1,708,773
Specialty Retail - 3.9%
Monro Muffler Brake, Inc.		184,100		6,071,618
Ulta Salon, Cosmetics & Fragrance, Inc.(1)		146,200		7,036,606
				13,108,224
Textiles, Apparel & Luxury Goods - 2.6%
Iconix Brand Group, Inc.(1)		224,900		4,830,852
lululemon athletica inc.(1)		28,500		2,537,925
Vera Bradley, Inc.(1)		36,400		1,536,444
				8,905,221
CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 0.5%
The Fresh Market, Inc.(1)		48,700		1,837,938
Food Products - 2.1%
Diamond Foods, Inc.		35,500		1,980,900
TreeHouse Foods, Inc.(1)		87,600		4,981,812
				6,962,712
ENERGY - 4.3%
Energy Equipment & Services - 3.3%
Core Laboratories N.V.		51,300		5,241,321

	Shares Held		Value
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Dril-Quip, Inc.(1)		74,400	$	5,879,832
				11,121,153
Oil, Gas & Consumable Fuels - 1.0%
Comstock Resources, Inc.(1)		108,200		3,347,708
FINANCIALS - 7.2%
Capital Markets - 2.9%
Ares Capital Corporation		581,761		9,831,761
Commercial Banks - 2.6%
FirstMerit Corporation		249,700		4,259,882
MB Financial, Inc.		215,500		4,516,880
				8,776,762
Consumer Finance - 0.4%
Green Dot Corporation, Class  A(1)		33,300		1,428,903
Insurance - 1.3%
Reinsurance Group of America, Incorporated		67,100		4,212,538
HEALTHCARE - 16.2%
Biotechnology - 6.0%
Cepheid(1)		378,000		10,591,560
Incyte Corporation(1)		169,700		2,689,745
Regeneron Pharmaceuticals, Inc.(1)		153,100		6,880,314
				20,161,619
Health Care Equipment & Supplies - 5.8%
Align Technology, Inc.(1)		64,700		1,325,056
DexCom Inc.(1)		116,600		1,809,632
HeartWare International, Inc.(1)		46,200		3,951,486
Masimo Corporation		298,000		9,863,800
NxStage Medical, Inc.(1)		109,900		2,415,602
				19,365,576
Health Care Providers & Services - 1.9%
HMS Holdings Corp.(1)		78,700		6,441,595
Health Care Technology - 2.2%
athenahealth, Inc.(1)(3)		166,300		7,505,119

25

	Shares Held		Value
HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 0.3%
Pacific Biosciences of California, Inc.(1)		76,600	$	1,076,230
INDUSTRIALS - 19.6%
Aerospace & Defense - 3.6%
Hexcel Corporation(1)		270,600		5,328,114
MOOG INC., Class A(1)		144,100		6,615,631
				11,943,745
Electrical Equipment - 7.8%
Acuity Brands, Inc.		164,200		9,604,058
Regal Beloit Corporation		90,200		6,659,466
Thomas & Betts Corporation(1)		168,900		10,044,483
				26,308,007
Machinery - 7.7%
IDEX Corporation		231,600		10,109,340
The Middleby Corporation(1)		23,500		2,190,670
Robbins & Myers, Inc.		237,500		10,922,625
Titan International, Inc.		92,400		2,458,764
				25,681,399
Trading Companies & Distributors - 0.5%
Beacon Roofing Supply, Inc.(1)		84,600		1,731,762
INFORMATION TECHNOLOGY - 31.5%
Communications Equipment - 0.2%
Riverbed Technology, Inc.(1)		20,000		753,000
Computers & Peripherals - 1.1%
Stratasys, Inc.(1)		80,800		3,797,600
Electronic Equipment & Instruments - 4.0%
Aeroflex Holding Corp.(1)		223,200		4,064,472
Brightpoint, Inc.(1)		289,800		3,141,432
Elster Group SE (DR)(1)(2)		140,900		2,289,625
Universal Display Corporation(1)		68,600		3,775,744
				13,271,273
Internet Software & Services - 7.0%
Constant Contact, Inc.(1)		47,900		1,671,710
GSI Commerce, Inc.(1)		282,200		8,259,994
LogMeIn, Inc.(1)		116,700		4,920,072
MercadoLibre, Inc.		34,600		2,824,398
OpenTable, Inc.(1)		34,600		3,679,710
Travelzoo Inc.(1)		32,100		2,137,539
				23,493,423

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
IT Services - 0.3%
Booz Allen Hamilton Holding Corporation, Class A(1)		51,300	$	923,913
Semiconductors & Semiconductor Equipment - 5.8%
Atheros Communications, Inc.(1)		140,200		6,259,930
Microsemi Corporation(1)		214,600		4,444,366
Nanometrics Incorporated(1)		131,700		2,382,453
Varian Semiconductor Equipment Associates, Inc.(1)		129,600		6,307,632
				19,394,381
Software - 13.1%
ANSYS, Inc.(1)		114,200		6,188,498
Blackboard Inc.(1)		102,600		3,718,224
CommVault Systems, Inc.(1)		248,900		9,926,132
Concur Technologies, Inc.(1)		91,900		5,095,855
Informatica Corporation(1)		195,300		10,200,519
NetSuite Inc.(1)		90,200		2,623,016
Qlik Technologies Inc.(1)		100,900		2,623,400
RealD Inc.(1)		47,100		1,288,656
VanceInfo Technologies Inc. (DR)(1)(2)		75,300		2,365,173
				44,029,473
UTILITIES - 1.3%
Electrical Utilities - 1.3%
ITC Holdings Corp.		62,000		4,333,800
Total common stocks (Cost $194,712,547)				319,524,630
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $16,009,004(5) (Cost $16,009,000)	$	16,009,000		16,009,000
Total investments - 100.0% (Cost $210,721,547)				335,533,630
Other assets less liabilities - (0.0%)(4)				(114,594	)
Total net assets - 100.0%(6)			$	335,419,036

⁽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.

26

Security	Country	Trading Currency
Elster Group SE (DR)	Germany	U.S. dollar
Home Inns & Hotels Management, Inc. (DR)	China	U.S. dollar
MakeMyTrip Limited	India	U.S. dollar
VanceInfo Technologies Inc. (DR)	China	U.S. dollar

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁴⁾  Amount is between (0.1%) and 0.1% of total net assets.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.375	%		11/15/2039	$	16,332,646

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	41,793,240			12.5	%
Consumer Staples		8,800,650			2.6
Energy		14,468,861			4.3
Financials		24,249,964			7.2
Healthcare		54,550,139			16.3
Industrials		65,664,913			19.6
Information Technology		105,663,063			31.5
Utilities		4,333,800			1.3
Total common stocks		319,524,630			95.3
Short-term investments		16,009,000			4.8
Total investments		335,533,630			100.1
Other assets less liabilities		(114,594	)		(0.1	)
Total net assets	$	335,419,036			100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Robbins & Myers, Inc.	United States		3.3	%
Cepheid	United States		3.2
Informatica Corporation	United States		3.0
IDEX Corporation	United States		3.0
Thomas & Betts Corporation	United States		3.0
CommVault Systems, Inc.	United States		3.0
Masimo Corporation	United States		2.9
Ares Capital Corporation	United States		2.9
Acuity Brands, Inc.	United States		2.9
LKQ Corporation	United States		2.8
Total			30.0	%

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.

27

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 94.4%
CONSUMER DISCRETIONARY - 9.0%
Diversified Consumer Services - 3.1%
Coinstar, Inc.(1)		759,900	$	34,894,608
Matthews International Corporation		1,351,113		52,085,406
Regis Corporation		942,700		16,723,498
				103,703,512
Hotels, Restaurants & Leisure - 1.0%
Jack in the Box Inc.(1)		1,479,708		33,559,777
Household Durables - 0.2%
Universal Electronics Inc.(1)		266,400		7,874,784
Internet & Catalog Retail - 0.6%
PetMed Express, Inc.(2)		1,239,800		19,663,228
Media - 1.7%
Arbitron Inc.		434,300		17,385,029
Meredith Corporation		1,185,855		40,224,202
				57,609,231
Specialty Retail - 2.2%
Rent-A-Center, Inc.		2,144,162		74,852,695
Textiles, Apparel & Luxury Goods - 0.2%
Skechers U.S.A., Inc.(1)		289,200		5,940,168
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 0.6%
Ruddick Corporation		486,705		18,781,946
Food Products - 1.5%
Cal-Maine Foods, Inc.		1,145,400		33,789,300
Darling International Inc.(1)		1,127,800		17,334,286
				51,123,586
Tobacco - 1.0%
Universal Corporation		780,486		33,982,360
ENERGY - 10.5%
Energy Equipment & Services - 5.4%
Cal Dive International, Inc.(1)		3,478,479		24,279,783
GulfMark Offshore, Inc.(1)		517,200		23,020,572
Parker Drilling Company(1)		3,327,847		22,995,423

	Shares Held		Value
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Patterson-UTI Energy, Inc.		541,431	$	15,912,657
SEACOR Holdings Inc.		175,900		16,263,714
Superior Energy Services, Inc.(1)		1,358,925		55,715,925
Tidewater Inc.		425,200		25,448,220
				183,636,294
Oil, Gas & Consumable Fuels - 5.1%
Comstock Resources, Inc.(1)		1,858,990		57,517,151
Forest Oil Corporation(1)		1,260,990		47,703,252
Penn Virginia Corporation		1,889,700		32,049,312
World Fuel Services Corporation		835,800		33,941,838
				171,211,553
FINANCIALS - 6.6%
Diversified Financial Services - 1.0%
PICO Holdings, Inc.(1)(2)		1,146,890		34,475,513
Insurance - 3.1%
Allied World Assurance Company Holdings, Ltd		227,855		14,284,230
Alterra Capital Holdings Limited		895,175		19,998,210
Endurance Specialty Holdings Ltd.		633,423		30,923,711
Platinum Underwriters Holdings, Ltd.		1,041,400		39,666,926
Stewart Information Services Corporation		64,447		675,405
				105,548,482
Real Estate Investment Trusts (REITS) - 2.5%
Hatteras Financial Corp.		1,671,100		46,991,332
Pebblebrook Hotel Trust		904,794		20,041,187
Potlatch Corporation		395,601		15,903,160
				82,935,679
HEALTHCARE - 2.6%
Biotechnology - 0.5%
Enzon Pharmaceuticals, Inc.(1)		1,575,300		17,170,770
Health Care Equipment & Supplies - 1.4%
CONMED Corporation(1)(2)		1,574,059		41,366,271
Immucor, Inc.(1)		346,500		6,853,770
				48,220,041

28

	Shares Held		Value
HEALTHCARE (CONTINUED)
Health Care Providers & Services - 0.2%
AMN Healthcare Services, Inc.(1)		345,616	$	2,993,035
Cross Country Healthcare, Inc.(1)		601,926		4,713,081
				7,706,116
Life Sciences Tools & Services - 0.5%
ICON PLC (DR)(1)(2)(3)		770,741		16,640,298
INDUSTRIALS - 22.5%
Aerospace & Defense - 2.0%
Spirit AeroSystems Holdings, Inc., Class A(1)		1,912,579		49,095,903
Teledyne Technologies Incorporated(1)		364,072		18,826,163
				67,922,066
Airlines - 0.2%
Allegiant Travel Company		56,200		2,462,122
Hawaiian Holdings, Inc.(1)		629,700		3,784,497
				6,246,619
Building Products - 1.0%
Quanex Building Products Corporation		1,659,226		32,570,606
Commercial Services & Supplies - 3.0%
Quad/Graphics, Inc., Class A(1)		801,700		34,104,318
Sykes Enterprises, Incorporated(1)(2)		2,939,194		58,107,865
Tetra Tech, Inc.(1)		359,300		8,871,117
				101,083,300
Construction & Engineering - 4.7%
Comfort Systems USA, Inc.(2)		2,815,126		39,608,823
EMCOR Group, Inc.(1)		1,951,862		60,449,166
Granite Construction Incorporated		1,420,662		39,920,602
ORION MARINE GROUP, INC.(1)(2)		1,851,400		19,884,036
				159,862,627
Electrical Equipment - 1.3%
Acuity Brands, Inc.		117,299		6,860,819
Woodward Governor Company		1,038,233		35,881,333
				42,742,152
Machinery - 2.8%
Astec Industries, Inc.(1)		1,066,281		39,761,619
IDEX Corporation		211,962		9,252,141
Kaydon Corporation		237,900		9,323,301
Mueller Industries, Inc.		968,924		35,481,997
				93,819,058
Marine - 1.1%
Kirby Corporation(1)		673,102		38,562,014

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Professional Services - 5.3%
CRA International, Inc.(1)(2)		625,800	$	18,041,814
FTI Consulting, Inc.(1)		1,818,665		69,709,429
School Specialty, Inc.(1)(2)		1,769,253		25,300,318
Towers Watson & Co., Class A		902,287		50,040,837
TrueBlue, Inc.(1)		1,067,088		17,916,408
				181,008,806
Road & Rail - 1.1%
Ryder System, Inc.		723,064		36,587,038
INFORMATION TECHNOLOGY - 26.5%
Computers & Peripherals - 3.7%
Diebold, Incorporated		1,589,166		56,351,826
Intermec, Inc.(1)		2,258,319		24,367,262
Lexmark International, Inc.(1)(2)		1,225,987		45,410,558
				126,129,646
Electronic Equipment & Instruments - 4.1%
Arrow Electronics, Inc.(1)(2)		1,308,447		54,797,760
Benchmark Electronics, Inc.(1)		1,343,101		25,478,626
Orbotech, Ltd.(1)(3)		1,524,687		19,576,981
Power-One, Inc.(1)		2,634,300		23,050,125
RadiSys Corporation(1)(2)		1,878,497		16,267,784
				139,171,276
Internet Software & Services - 1.1%
EarthLink, Inc.		4,763,540		37,298,518
IT Services - 4.3%
CACI International Inc(1)		865,550		53,075,526
Jack Henry and Associates, Inc.		678,020		22,978,098
ManTech International Corporation, Class A(1)		752,368		31,900,403
SRA International, Inc., Class A(1)		1,318,553		37,394,163
				145,348,190
Semiconductors & Semiconductor Equipment - 4.3%
Intersil Corporation		2,703,200		33,654,840
Lattice Semiconductor Corporation(1)		1,588,700		9,373,330
LTX-Credence Corporation(1)		822,662		7,510,904
Rudolph Technologies, Inc.(1)(2)		2,545,178		27,844,247
Ultra Clean Holdings, Inc.(1)(2)		1,136,096		11,747,233
Ultratech, Inc.(1)(2)		1,628,353		47,873,578
Varian Semiconductor Equipment Associates, Inc.(1)		131,246		6,387,743
				144,391,875

29

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Software - 9.0%
Fair Isaac Corporation		749,466	$	23,690,620
Lawson Software, Inc.(1)		5,827,269		70,509,955
Manhattan Associates, Inc.(1)(2)		1,564,924		51,204,313
MicroStrategy Incorporated, Class A(1)		580,771		78,102,084
Progress Software Corporation(1)		1,373,823		39,964,511
Rosetta Stone Inc.(1)		285,500		3,771,455
Websense, Inc.(1)		1,625,237		37,331,694
				304,574,632
MATERIALS - 4.9%
Chemicals - 4.6%
H.B. Fuller Company(2)		3,100,233		66,593,005
Minerals Technologies Inc.		389,500		26,688,540
Sensient Technologies Corporation		1,724,715		61,813,786
				155,095,331
Construction Materials - 0.3%
Eagle Materials Inc.		361,419		10,936,539
TELECOMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 1.6%
Atlantic Tele-Network, Inc.		667,700		24,831,763
Neutral Tandem, Inc.(1)(2)		1,850,400		27,293,400
Premiere Global Services, Inc.(1)		418,200		3,186,684
				55,311,847
UTILITIES - 7.1%
Electrical Utilities - 5.9%
ALLETE, Inc.		1,196,187		46,615,407
Cleco Corporation		1,861,271		63,822,983
IDACORP, Inc.		753,597		28,712,046
Portland General Electric Company		2,591,480		61,599,480
				200,749,916
Multi-Utilities - 1.2%
NorthWestern Corporation		752,148		22,790,084
Vectren Corporation		622,416		16,929,715
				39,719,799
Total common stocks (Cost $2,528,952,484)				3,193,767,888

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $168,951,047(4) (Cost $168,951,000)	$	168,951,000	$	168,951,000
Total investments - 99.4% (Cost $2,697,903,484)				3,362,718,888
Other assets less liabilities - 0.6%				19,390,849
Total net assets - 100.0%(5)			$	3,382,109,737

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

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

Security	Country	Trading Currency
ICON PLC (DR)	Ireland	U.S. dollar
Orbotech, Ltd.	Israel	U.S. dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039		172,332,655

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

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

(DR) Depositary Receipt, voting rights may vary.

30

PORTFOLIO DIVERSIFICATION
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	303,203,396		9.0	%
Consumer Staples		103,887,892		3.1
Energy		354,847,847		10.5
Financials		222,959,674		6.6
Healthcare		89,737,224		2.7
Industrials		760,404,286		22.5
Information Technology		896,914,139		26.4
Materials		166,031,869		4.9
Telecommunication Services		55,311,847		1.6
Utilities		240,469,715		7.1
Total common stocks		3,193,767,888		94.4
Short-term investments		168,951,000		5.0
Total investments		3,362,718,888		99.4
Other assets less liabilities		19,390,849		0.6
Total net assets	$	3,382,109,737		100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
MicroStrategy Incorporated	United States		2.3	%
Rent-A-Center, Inc.	United States		2.2
Lawson Software, Inc.	United States		2.1
FTI Consulting, Inc.	United States		2.1
H.B. Fuller Company	United States		2.0
Cleco Corporation	United States		1.9
Sensient Technologies Corporation	United States		1.8
Portland General Electric Company	United States		1.8
EMCOR Group, Inc.	United States		1.8
Sykes Enterprises, Incorporated	United States		1.7
Total			19.7	%

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

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

31

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 93.6%
CONSUMER DISCRETIONARY - 6.3%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		512,100	$	8,572,554
Multiline Retail - 4.3%
Target Corporation		360,000		18,003,600
CONSUMER STAPLES - 14.6%
Food & Staples Retailing - 8.1%
Tesco plc(1)		2,499,500		15,276,941
Wal-Mart Stores, Inc.		362,600		18,873,330
				34,150,271
Food Products - 6.5%
Nestle SA(1)		194,600		11,154,807
Unilever PLC (DR)(1)		535,960		16,411,095
				27,565,902
ENERGY - 8.3%
Energy Equipment & Services - 1.3%
Nabors Industries Ltd.(2)		181,500		5,513,970
Oil, Gas & Consumable Fuels - 7.0%
Apache Corporation		102,600		13,432,392
Chesapeake Energy Corporation		237,000		7,944,240
Exxon Mobil Corporation		95,500		8,034,415
				29,411,047
FINANCIALS - 18.6%
Capital Markets - 2.7%
The Bank of New York Mellon Corporation		376,800		11,255,016
Insurance - 14.0%
The Allstate Corporation		252,950		8,038,751
Arch Capital Group Ltd.(2)(3)		118,500		11,754,015
Berkshire Hathaway Inc., Class B(2)		96,430		8,064,441
The Chubb Corporation		207,000		12,691,170
Fidelity National Financial, Inc.		586,600		8,288,658
The Progressive Corporation		479,400		10,129,722
				58,966,757
Real Estate Investment Trusts (REITS) - 1.9%
Annaly Capital Management, Inc.		461,700		8,056,665

	Shares Held		Value
HEALTHCARE - 10.1%
Health Care Equipment & Supplies - 3.5%
Baxter International Inc.		274,200		14,743,734
Health Care Providers & Services - 2.7%
CIGNA Corporation		260,000		11,512,800
Pharmaceuticals - 3.9%
Johnson & Johnson		141,600		8,389,800
Pfizer Inc.		409,000		8,306,790
				16,696,590
INDUSTRIALS - 6.4%
Aerospace & Defense - 4.0%
L-3 Communications Holdings, Inc.		109,700		8,590,607
Lockheed Martin Corporation		102,600		8,249,040
				16,839,647
Construction & Engineering - 2.4%
Jacobs Engineering Group Inc.(2)		196,400		10,100,852
INFORMATION TECHNOLOGY - 29.3%
Communications Equipment - 4.3%
Cisco Systems, Inc.		1,048,900		17,988,635
Computers & Peripherals - 2.8%
Hewlett-Packard Company		291,900		11,959,143
Electronic Equipment & Instruments - 3.7%
Ingram Micro Inc.(2)(3)		739,400		15,549,582
IT Services - 7.0%
International Business Machines Corporation		51,300		8,365,491
Total System Services, Inc.		532,500		9,595,650
The Western Union Company		567,800		11,793,206
				29,754,347
Semiconductors & Semiconductor Equipment - 6.5%
Applied Materials, Inc.		396,400		6,191,768
National Semiconductor Corporation		561,200		8,047,608
Texas Instruments Incorporated		385,600		13,326,336
				27,565,712

32

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Software - 5.0%
Microsoft Corporation		828,400	$	21,008,224
Total common stocks (Cost $348,541,596)				395,215,048
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $26,837,007(4) - (Cost $26,837,000)	$	26,837,000		26,837,000
Total investments - 99.9% (Cost $375,378,596)				422,052,048
Other assets less liabilities - 0.1%				286,393
Total net assets -100.0%(5)			$	422,338,441

⁽¹⁾  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
Nestle SA	Switzerland	Swiss franc
Tesco plc	United Kingdom	British pound
Unilever PLC (DR)	United Kingdom	U.S. dollar

⁽²⁾  Non-income producing security.

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.375	%		11/15/2039	$	27,374,435

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	26,576,154		6.3	%
Consumer Staples		61,716,173		14.6
Energy		34,925,017		8.2
Financials		78,278,438		18.5
Healthcare		42,953,124		10.2
Industrials		26,940,499		6.4
Information Technology		123,825,643		29.3
Total common		395,215,048		93.5
Short-term investments		26,837,000		6.4
Total investments		422,052,048		99.9
Other assets less liabilities		286,393		0.1
Total net assets	$	422,338,441		100.0	%

REGION ALLOCATION
	9/30/10			3/31/11
Americas		97.6	%		83.5	%
Europe		-			10.1

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Microsoft Corporation	United States		5.0	%
Wal-Mart Stores, Inc.	United States		4.5
Target Corporation	United States		4.3
Cisco Systems, Inc.	United States		4.3
Unilever PLC	United Kingdom		3.9
Ingram Micro Inc.	United States		3.7
Tesco plc	United Kingdom		3.6
Baxter International Inc.	United States		3.5
Apache Corporation	United States		3.2
Texas Instruments Incorporated	United States		3.2
Total			39.2	%

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.

33

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited)

	GLOBAL EQUITY			GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	13,367,107		$	51,737,897
Investments in securities, affiliated, at value		-			2,129,808
Short-term investments (repurchase agreements), at value		651,000			3,036,000
Total investments		14,018,107			56,903,705
Cash		39			614
Foreign currency		3,025			11
Net unrealized gain on foreign currency forward contracts		16,849			44,972
Receivable from investments sold		174,823			137,059
Receivable from fund shares sold		625			428,802
Dividends and interest receivable		35,789			115,370
Receivable from Adviser		18,709			8,201
Other assets		74			649
Total assets		14,268,040			57,639,383
LIABILITIES:
Payable for investments purchased		483,895			549,309
Payable for fund shares redeemed		1,201			27,794
Payable for operating expenses		19,994			38,492
Payable for foreign taxes		7,406			3,399
Payable for advisory fees		61,159			220,890
Payable for deferred directors’ compensation		74			649
Total liabilities		573,729			840,533
Total net assets	$	13,694,311		$	56,798,850
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	11,999,587		$	46,605,285
Net unrealized appreciation on investments and foreign currency related transactions		1,206,517			10,570,256
Accumulated undistributed net investment loss		(13,512	)		(381,372	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions		501,719			4,681
	$	13,694,311		$	56,798,850
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	13,694,311		$	56,798,850
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		1,184,603			5,448,572
Net asset value, offering price and redemption price per share
Investor Shares	$	11.56		$	10.42
Cost of securities of unaffiliated issuers held	$	12,823,136		$	44,917,662
Cost of securities of affiliated issuers held	$	-		$	1,460,516
Cost of foreign currency	$	3,000		$	11

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

34

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited) (Continued)

	GROWTH OPPORTUNITIES			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	140,494,820		$	9,476,392,719
Short-term investments (repurchase agreements), at value		8,512,000			235,869,000
Total investments		149,006,820			9,712,261,719
Cash		942			155
Foreign currency		21,830			1,199,519
Net unrealized gain on foreign currency forward contracts		-			1,017,973
Receivable from investments sold		717,488			267,619,004
Receivable from fund shares sold		473,366			13,528,914
Dividends and interest receivable		62,269			27,879,923
Other assets		764			465,708
Total assets		150,283,479			10,023,972,915
LIABILITIES:
Net unrealized loss on foreign currency forward contracts		4,409			-
Payable for investments purchased		8,694,644			86,672,174
Payable for fund shares redeemed		54,408			11,517,303
Payable for operating expenses		41,308			3,562,268
Payable for foreign taxes		2,545			838,272
Payable for deferred directors’ compensation		764			465,708
Total liabilities		8,798,078			103,055,725
Total net assets	$	141,485,401		$	9,920,917,190
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	107,340,179		$	10,300,147,333
Net unrealized appreciation on investments and foreign currency related transactions		28,148,289			1,806,499,154
Accumulated undistributed net investment income (loss)		(510,879	)		31,863,189
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		6,507,812			(2,217,592,486	)
	$	141,485,401		$	9,920,917,190
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	141,485,401		$	7,389,932,683
Institutional Shares				$	2,530,984,507
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		10,811,820			329,180,113
Institutional Shares					112,057,503
Net asset value, offering price and redemption price per share
Investor Shares	$	13.09		$	22.45
Institutional Shares				$	22.59
Cost of securities of unaffiliated issuers held	$	120,858,115		$	7,907,160,918
Cost of foreign currency	$	21,856		$	1,198,013

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

35

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited) (Continued)

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	736,084,412		$	4,044,776,908
Investments in securities, affiliated, at value		-			422,297,903
Short-term investments (repurchase agreements), at value		32,158,000			447,201,000
Total investments		768,242,412			4,914,275,811
Cash		461			634
Foreign currency		53,945			376,886
Net unrealized gain on foreign currency forward contracts		7,083			7,288,809
Receivable from investments sold		1,834,372			8,696,613
Receivable from fund shares sold		477,736			5,871,080
Dividends and interest receivable		811,676			13,914,036
Other assets		31,856			69,628
Total assets		771,459,541			4,950,493,497
LIABILITIES:
Payable for investments purchased		5,398,877			46,452,730
Payable for fund shares redeemed		399,881			2,230,932
Payable for operating expenses		274,114			863,472
Payable for foreign taxes		1,940			498,781
Payable for deferred directors’ compensation		31,856			69,628
Total liabilities		6,106,668			50,115,543
Total net assets	$	765,352,873		$	4,900,377,954
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	644,852,116		$	4,172,005,604
Net unrealized appreciation on investments and foreign currency related transactions		193,797,356			831,602,704
Accumulated undistributed net investment loss		(3,823,631	)		(21,547,472	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(69,472,968	)		(81,682,882	)
	$	765,352,873		$	4,900,377,954
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	765,352,873		$	3,764,150,121
Institutional Shares				$	1,136,227,833
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		37,691,277			135,367,777
Institutional Shares					40,851,060
Net asset value, offering price and redemption price per share
Investor Shares	$	20.31		$	27.81
Institutional Shares				$	27.81
Cost of securities of unaffiliated issuers held	$	574,503,794		$	3,743,151,846
Cost of securities of affiliated issuers held	$	-		$	346,954,051
Cost of foreign currency	$	53,007		$	376,074

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

36

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited) (Continued)

	MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	5,570,495,401		$	5,893,664,934
Investments in securities, affiliated, at value		75,940,928			837,192,628
Short-term investments (repurchase agreements), at value		332,066,000			377,065,000
Total investments		5,978,502,329			7,107,922,562
Cash		872			308
Receivable from investments sold		21,375,327			36,655,372
Receivable from fund shares sold		12,213,465			22,164,851
Dividends and interest receivable		2,145,744			15,809,457
Other assets		183,738			151,084
Total assets		6,014,421,475			7,182,703,634
LIABILITIES:
Payable for investments purchased		29,711,516			19,920,005
Payable for fund shares redeemed		7,794,268			5,732,535
Payable for operating expenses		1,556,799			2,021,078
Payable for deferred directors’ compensation		183,738			151,084
Total liabilities		39,246,321			27,824,702
Total net assets	$	5,975,175,154		$	7,154,878,932
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	4,096,054,362		$	5,543,511,189
Net unrealized appreciation on investments and foreign currency related transactions		2,075,689,582			1,439,428,039
Accumulated undistributed net investment income (loss)		(15,731,106	)		10,106,259
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(180,837,684	)		161,833,445
	$	5,975,175,154		$	7,154,878,932
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	5,374,310,857		$	7,154,878,932
Institutional Shares	$	600,864,297
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		148,900,776			323,140,661
Institutional Shares		16,110,124
Net asset value, offering price and redemption price per share
Investor Shares	$	36.09		$	22.14
Institutional Shares	$	37.30
Cost of securities of unaffiliated issuers held	$	3,835,704,234		$	5,009,767,943
Cost of securities of affiliated issuers held	$	67,108,513		$	658,726,580

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

37

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited) (Continued)

	SMALL CAP			SMALL CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	312,019,511		$	2,571,647,844
Investments in securities, affiliated, at value		7,505,119			622,120,044
Short-term investments (repurchase agreements), at value		16,009,000			168,951,000
Total investments		335,533,630			3,362,718,888
Cash		160			556
Receivable from investments sold		948,581			26,047,207
Receivable from fund shares sold		3,657,594			9,373,785
Dividends and interest receivable		18,328			2,699,870
Other assets		26,213			80,669
Total assets		340,184,506			3,400,920,975
LIABILITIES:
Payable for investments purchased		3,508,535			14,785,808
Payable for fund shares redeemed		913,629			2,776,063
Payable for operating expenses		317,093			1,168,698
Payable for deferred directors’ compensation		26,213			80,669
Total liabilities		4,765,470			18,811,238
Total net assets	$	335,419,036		$	3,382,109,737
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	393,935,909		$	2,627,894,257
Net unrealized appreciation on investments and foreign currency related transactions		124,812,083			664,815,404
Accumulated undistributed net investment loss		(1,070,081	)		(160,431	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(182,258,875	)		89,560,507
	$	335,419,036		$	3,382,109,737
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	335,419,036		$	3,382,109,737
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		18,085,504			183,403,863
Net asset value, offering price and redemption price per share
Investor Shares	$	18.55		$	18.44
Cost of securities of unaffiliated issuers held	$	205,899,496		$	2,175,757,135
Cost of securities of affiliated issuers held	$	4,822,051		$	522,146,349

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

38

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited) (Continued)

	VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	367,911,451
Investments in securities, affiliated, at value		27,303,597
Short-term investments (repurchase agreements), at value		26,837,000
Total investments		422,052,048
Cash		915
Receivable from investments sold		5,139,399
Receivable from fund shares sold		1,767,535
Dividends and interest receivable		857,131
Other assets		7,116
Total assets		429,824,144
LIABILITIES:
Payable for investments purchased		7,122,764
Payable for fund shares redeemed		178,818
Payable for operating expenses		177,005
Payable for deferred directors’ compensation		7,116
Total liabilities		7,485,703
Total net assets	$	422,338,441
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	452,790,513
Net unrealized appreciation on investments and foreign currency related transactions		46,673,452
Accumulated undistributed net investment income		881,181
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(78,006,705	)
	$	422,338,441
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	422,338,441
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		41,265,007
Net asset value, offering price and redemption price per share
Investor Shares	$	10.23
Cost of securities of unaffiliated issuers held	$	354,716,682
Cost of securities of affiliated issuers held	$	20,661,914

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

39

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited)

	GLOBAL EQUITY			GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	67,854		$	466,307
Interest		22			278
Total investment income		67,876			466,585
EXPENSES:
Advisory fees		61,159			220,890
Transfer agent fees
Investor Shares		37,777			81,120
Shareholder communications
Investor Shares		7,189			8,544
Custodian fees		7,509			7,774
Accounting fees		19,104			24,844
Professional fees		20,853			19,185
Registration fees
Investor Shares		14,561			13,741
Directors’ fees		2,937			2,894
Other operating expenses		111			2,593
Total operating expenses		171,200			381,585
Less amounts waived or paid by the Adviser		(79,465	)		(50,250	)
Net expenses		91,735			331,335
Net investment income (loss)		(23,859	)		135,250
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		879,277			875,617
Foreign currency related transactions		(817	)		3,801
		878,460			879,418
Net increase in unrealized appreciation or depreciation on:
Investments		696,454			3,662,540
Foreign currency related transactions		18,740			38,558
		715,194			3,701,098
Net gain on investments and foreign currency related transactions		1,593,654			4,580,516
Net increase in net assets resulting from operations	$	1,569,795		$	4,715,766

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated  issuers
	Global Equity	$	3,811	$	-
	Global Value		19,128		31,700

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

40

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited) (Continued)

	GROWTH OPPORTUNITIES			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	247,967		$	89,645,510
Interest		544			16,128
Other		-			9,090
Total investment income		248,511			89,670,728
EXPENSES:
Advisory fees		466,960			46,374,429
Transfer agent fees
Investor Shares		150,530			8,072,338
Institutional Shares					11,256
Shareholder communications
Investor Shares		9,390			486,106
Institutional Shares					17,242
Custodian fees		14,890			1,896,532
Accounting fees		18,865			37,108
Professional fees		76,957			195,055
Registration fees
Investor Shares		15,371			118,434
Institutional Shares					13,634
Directors’ fees		2,898			153,537
Other operating expenses		2,631			127,297
Total operating expenses		758,492			57,502,968
Net investment income (loss)		(509,981	)		32,167,760
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		7,118,443			690,307,122
Foreign currency related transactions		(82,293	)		(590,884	)
		7,036,150			689,716,238
Net increase in unrealized appreciation or depreciation on:
Investments		11,201,911			232,692,336
Foreign currency related transactions		190			802,893
		11,202,101			233,495,229
Net gain on investments and foreign currency related transactions		18,238,251			923,211,467
Net increase in net assets resulting from operations	$	17,728,270		$	955,379,227

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized loss on investments from affiliated issuers
	Growth Opportunities	$	3,993	$	-
	International		2,987,856		(923,916	)

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

41

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited) (Continued)

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	1,958,032		$	45,981,561
Interest		2,212			31,372
Total investment income		1,960,244			46,012,933
EXPENSES:
Advisory fees		4,796,930			19,158,420
Transfer agent fees
Investor Shares		570,101			2,862,363
Institutional Shares					10,076
Shareholder communications
Investor Shares		35,814			173,086
Institutional Shares					9,447
Custodian fees		205,520			433,186
Accounting fees		25,347			34,098
Professional fees		39,432			81,364
Registration fees
Investor Shares		32,786			67,002
Institutional Shares					26,281
Directors’ fees		12,255			52,322
Other operating expenses		11,471			34,626
Total operating expenses		5,729,656			22,942,271
Net investment income (loss)		(3,769,412	)		23,070,662
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		51,664,884			88,571,572
Foreign currency related transactions		(50,281	)		556,165
		51,614,603			89,127,737
Net increase in unrealized appreciation or depreciation on:
Investments		19,551,296			370,892,302
Foreign currency related transactions		17,477			6,657,093
		19,568,773			377,549,395
Net gain on investments and foreign currency related transactions		71,183,376			466,677,132
Net increase in net assets resulting from operations	$	67,413,964		$	489,747,794

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	International Small Cap	$	82,311	$	-
	International Value		2,449,828		1,346,865

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

42

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited) (Continued)

	MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	17,117,237		$	62,768,276
Dividends, from affiliated issuers		-			2,307,302
Interest		18,324			26,701
Total investment income		17,135,561			65,102,279
EXPENSES:
Advisory fees		25,891,625			29,739,656
Transfer agent fees
Investor Shares		6,183,812			6,934,096
Institutional Shares		9,824
Shareholder communications
Investor Shares		244,436			504,283
Institutional Shares		8,313
Custodian fees		78,969			49,624
Accounting fees		30,122			18,954
Professional fees		81,760			114,648
Registration fees
Investor Shares		59,358			82,611
Institutional Shares		12,353
Directors’ fees		76,567			91,743
Other operating expenses		56,172			66,864
Total operating expenses		32,733,311			37,602,479
Net investment income (loss)		(15,597,750	)		27,499,800
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments(1)		517,452,925			271,276,795
		517,452,925			271,276,795
Net increase in unrealized appreciation or depreciation on:
Investments		588,763,268			878,446,951
		588,763,268			878,446,951
Net gain on investments and foreign currency related transactions		1,106,216,193			1,149,723,746
Net increase in net assets resulting from operations	$	1,090,618,443		$	1,177,223,546

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated issuers
	Mid Cap	$	18,661	$	(5,283,043	)
	Mid Cap Value		-		6,561,424

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

43

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited) (Continued)

	SMALL CAP			SMALL CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	951,682		$	17,030,581
Dividends, from affiliated issuers		34,918			858,359
Interest		1,127			14,984
Total investment income		987,727			17,903,924
EXPENSES:
Advisory fees		1,587,487			14,334,791
Transfer agent fees
Investor Shares		308,897			3,187,830
Shareholder communications
Investor Shares		51,094			233,301
Custodian fees		11,061			33,484
Accounting fees		19,670			20,691
Professional fees		23,885			52,493
Registration fees
Investor Shares		22,800			59,575
Directors’ fees		5,325			42,459
Other operating expenses		6,558			32,223
Total operating expenses		2,036,777			17,996,847
Net investment loss		(1,049,050	)		(92,923	)
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments(1)		52,662,558			164,272,862
		52,662,558			164,272,862
Net increase in unrealized appreciation or depreciation on:
Investments		28,727,347			490,552,905
		28,727,347			490,552,905
Net gain on investments and foreign currency related transactions		81,389,905			654,825,767
Net increase in net assets resulting from operations	$	80,340,855		$	654,732,844

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from  affiliated issuers
	Small Cap		$2,665	$	243,519
	Small Cap Value		-		(5,001,317	)

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

44

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited) (Continued)

	VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers	$	3,724,568
Interest		1,314
Total investment income		3,725,882
EXPENSES:
Advisory fees		1,273,572
Transfer agent fees
Investor Shares		398,269
Shareholder communications
Investor Shares		29,769
Custodian fees		5,333
Accounting fees		19,174
Professional fees		23,534
Registration fees
Investor Shares		35,375
Directors’ fees		4,268
Other operating expenses		5,603
Total operating expenses		1,794,897
Net investment income		1,930,985
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		15,975,416
Foreign currency related transactions		(38,921	)
		15,936,495
Net increase in unrealized appreciation or depreciation on:
Investments		27,840,540
		27,840,540
Net gain on investments and foreign currency related transactions		43,777,035
Net increase in net assets resulting from operations	$	45,708,020

(1)	Fund	Including net realized gain on investments from affiliated issuers
	Value	$	748,884

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

45

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets

	GLOBAL EQUITY						GLOBAL VALUE
	Six Months Ended 3/31/2011(1)			Period  Ended 9/30/2010(2)			Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(23,859	)	$	32,342		$	135,250		$	222,637
Net realized gain (loss) on:
Investments		879,277			(228,291	)		875,617			1,683,349
Foreign currency related transactions		(817	)		(12,867	)		3,801			(4,914	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		696,454			498,517			3,662,540			1,326,050
Foreign currency related transactions		18,740			(7,194	)		38,558			5,612
Net increase in net assets resulting from operations		1,569,795			282,507			4,715,766			3,232,734
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(69,465	)		-			(312,729	)		(689,211	)
Net realized gains on investment transactions:
Investor Shares		(88,113	)		-			-			-
Total distributions paid to shareholders		(157,578	)		-			(312,729	)		(689,211	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		1,813,561			10,186,026			17,642,004			3,592,721
Total increase in net assets		3,225,778			10,468,533			22,045,041			6,136,244
Net assets, beginning of period		10,468,533			-			34,753,809			28,617,565
Net assets, end of period	$	13,694,311		$	10,468,533		$	56,798,850		$	34,753,809
Accumulated undistributed net investment income (loss)	$	(13,512	)	$	79,812		$	(381,372	)	$	(203,893	)

⁽¹⁾  Unaudited.

⁽²⁾  For the period from commencement of operations (March 29, 2010) through September 30, 2010.

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

46

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)

	GROWTH OPPORTUNITIES						INTERNATIONAL
	Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010			Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(509,981	)	$	(535,856	)	$	32,167,760		$	90,536,270
Net realized gain (loss) on:
Investments		7,118,443			2,089,255			690,307,122			(67,630,198	)
Foreign currency related transactions		(82,293	)		(74,747	)		(590,884	)		(3,039,027	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		11,201,911			9,554,952			232,692,336			224,421,663
Foreign currency related transactions		190			(812	)		802,893			1,804,497
Net increase in net assets resulting from operations		17,728,270			11,032,792			955,379,227			246,093,205
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(61,274,468	)		(94,522,015	)
Institutional Shares								(26,488,599	)		(34,565,734	)
Net realized gains on investment transactions:
Investor Shares		(1,033,689	)		-			-			-
Institutional Shares								-			-
Total distributions paid to shareholders		(1,033,689	)		-			(87,763,067	)		(129,087,749	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		52,333,086			15,867,902			(595,367,879	)		(1,096,191,271	)
Total increase (decrease) in net assets		69,027,667			26,900,694			272,248,281			(979,185,815	)
Net assets, beginning of period		72,457,734			45,557,040			9,648,668,909			10,627,854,724
Net assets, end of period	$	141,485,401		$	72,457,734		$	9,920,917,190		$	9,648,668,909
Accumulated undistributed net investment income (loss)	$	(510,879	)	$	(898	)	$	31,863,189		$	87,458,496

⁽¹⁾  Unaudited.

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

47

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)

	INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE
	Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010			Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(3,769,412	)	$	1,066,083		$	23,070,662		$	36,644,861
Net realized gain (loss) on:
Investments		51,664,884			12,981,799			88,571,572			(19,658,432	)
Foreign currency related transactions		(50,281	)		(639,009	)		556,165			(904,711	)
Net increase in unrealized appreciation or depreciation on:
Investments		19,551,296			70,056,884			370,892,302			263,314,758
Foreign currency related transactions		17,477			265,210			6,657,093			715,584
Net increase in net assets resulting from operations		67,413,964			83,730,967			489,747,794			280,112,060
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(457,152	)		(4,971,337	)		(39,444,683	)		(34,819,928	)
Institutional Shares								(12,500,865	)		(7,409,299	)
Net realized gains on investment transactions:
Investor Shares		-			-			-			-
Institutional Shares								-			-
Total distributions paid to shareholders		(457,152	)		(4,971,337	)		(51,945,548	)		(42,229,227	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(98,996,848	)		22,830,547			1,124,861,626			1,080,085,597
Total increase (decrease) in net assets		(32,040,036	)		101,590,177			1,562,663,872			1,317,968,430
Net assets, beginning of period		797,392,909			695,802,732			3,337,714,082			2,019,745,652
Net assets, end of period	$	765,352,873		$	797,392,909		$	4,900,377,954		$	3,337,714,082
Accumulated undistributed net investment income (loss)	$	(3,823,631	)	$	402,933		$	(21,547,472	)	$	7,327,414

⁽¹⁾  Unaudited.

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

48

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)

	MID CAP						MID CAP VALUE
	Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010			Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(15,597,750	)	$	(32,865,037	)	$	27,499,800		$	32,300,076
Net realized gain on:
Investments		517,452,925			94,003,462			271,276,795			405,319,693
Net increase in unrealized appreciation or depreciation on:
Investments		588,763,268			818,286,600			878,446,951			164,926,367
Net increase in net assets resulting from operations		1,090,618,443			879,425,025			1,177,223,546			602,546,136
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(48,962,527	)		(19,093,720	)
Institutional Shares		-			-
Net realized gains on investment transactions:
Investor Shares		-			-			(97,741,335	)		-
Institutional Shares		-			-
Total distributions paid to shareholders		-			-			(146,703,862	)		(19,093,720	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		6,875,330			(144,809,327	)		384,732,142			528,218,264
Total increase in net assets		1,097,493,773			734,615,698			1,415,251,826			1,111,670,680
Net assets, beginning of period		4,877,681,381			4,143,065,683			5,739,627,106			4,627,956,426
Net assets, end of period	$	5,975,175,154		$	4,877,681,381		$	7,154,878,932		$	5,739,627,106
Accumulated undistributed net investment income (loss)	$	(15,731,106	)	$	(133,356	)	$	10,106,259		$	31,568,986

⁽¹⁾  Unaudited.

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

49

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)

	SMALL CAP						SMALL CAP VALUE
	Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010			Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(1,049,050	)	$	(2,482,926	)	$	(92,923	)	$	2,777,510
Net realized gain on:
Investments		52,662,558			59,720,387			164,272,862			77,884,279
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		28,727,347			(18,182,975	)		490,552,905			141,087,265
Net increase in net assets resulting from operations		80,340,855			39,054,486			654,732,844			221,749,054
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(2,836,580	)		(2,598,102	)
Net realized gains on investment transactions:
Investor Shares		-			-			-			-
Total distributions paid to shareholders		-			-			(2,836,580	)		(2,598,102	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(67,651,407	)		(153,320,610	)		39,797,412			314,769,811
Total increase (decrease) in net assets		12,689,448			(114,266,124	)		691,693,676			533,920,763
Net assets, beginning of period		322,729,588			436,995,712			2,690,416,061			2,156,495,298
Net assets, end of period	$	335,419,036		$	322,729,588		$	3,382,109,737		$	2,690,416,061
Accumulated undistributed net investment income (loss)	$	(1,070,081	)	$	(21,031	)	$	(160,431	)	$	2,769,072

⁽¹⁾  Unaudited.

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

50

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)

	VALUE
	Six Months Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income	$	1,930,985		$	1,996,263
Net realized gain (loss) on:
Investments		15,975,416			9,334,770
Foreign currency related transactions		(38,921	)		3,274
Net increase in unrealized appreciation or depreciation on:
Investments		27,840,540			8,009,731
Net increase in net assets resulting from operations		45,708,020			19,344,038
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(2,454,913	)		(840,245	)
Net realized gains on investment transactions:
Investor Shares		-			-
Total distributions paid to shareholders		(2,454,913	)		(840,245	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		112,712,365			66,759,201
Total increase in net assets		155,965,472			85,262,994
Net assets, beginning of period		266,372,969			181,109,975
Net assets, end of period	$	422,338,441		$	266,372,969
Accumulated undistributed net investment income	$	881,181		$	1,405,109

⁽¹⁾  Unaudited.

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

51

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) held throughout the entire period.

	ARTISAN GLOBAL EQUITY FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010(2)
Net Asset Value Beginning of Period	$	10.23		$	10.00
Net Investment Income (Loss)(3)		(0.02	)		0.03
Net Realized and Unrealized Gain on Investments		1.49			0.20
Total Income from Investment Operations		1.47			0.23
Dividends from Net Investment Income		(0.06	)		-
Distributions from Net Realized Gains		(0.08	)		-
Total Distributions		(0.14	)		-
Net Asset Value End of Period	$	11.56		$	10.23
Total Return(4)		14.47	%		2.30	%
Net Assets End of Period (millions)	$	13.7		$	10.5
Ratio of Expenses to Average Net Assets(5)(6)		1.50	%		1.50	%
Ratio of Net Investment Income (Loss) to Average Net Assets(5)(6)		(0.39	)%		0.69	%
Portfolio Turnover Rate(4)		81.86	%		60.81	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  For the period from commencement of operations (March 29, 2010) through September 30, 2010.

⁽³⁾  Computed based on average shares outstanding.

⁽⁴⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁵⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁶⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by Artisan Partners Limited Partnership (the “Adviser”). Absent expenses waived or paid by the Adviser, the ratios of expenses to average net assets and net investment income (loss) to average net assets would have been as follows:

Year or Period Ended	Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets
3/31/2011		2.80	%		(1.69	)%
9/30/2010		3.66	%		(1.47	)%

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

52

ARTISAN FUNDS, INC.

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

	ARTISAN GLOBAL VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008(2)
Net Asset Value Beginning of Period	$	9.37		$	8.64		$	8.32		$	10.00
Net Investment Income(3)		0.03			0.06			0.08			0.10
Net Realized and Unrealized Gain (Loss) on Investments		1.10			0.87			0.29			(1.78	)
Total Income (Loss) from Investment Operations		1.13			0.93			0.37			(1.68	)
Dividends from Net Investment Income		(0.08	)		(0.20	)		(0.05	)		-
Distributions from Net Realized Gains		-			-			-			-
Total Distributions		(0.08	)		(0.20	)		(0.05	)		-
Net Asset Value End of Period	$	10.42		$	9.37		$	8.64		$	8.32
Total Return(4)		12.03	%		10.98	%		4.65	%		(16.80	)%
Net Assets End of Period (millions)	$	56.8		$	34.8		$	28.6		$	9.6
Ratio of Expenses to Average Net Assets(5)(6)		1.50	%		1.50	%		1.50	%		1.44	%
Ratio of Net Investment Income to Average Net Assets(5)(6)		0.61	%		0.71	%		1.11	%		1.39	%
Portfolio Turnover Rate(4)		14.04	%		34.52	%		56.57	%		42.27	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

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

⁽³⁾  Computed based on average shares outstanding.

⁽⁴⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁵⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁶⁾  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
3/31/2011		1.73	%		0.38	%
9/30/2010		1.96	%		0.26	%
9/30/2009		2.16	%		0.45	%
9/30/2008		3.53	%		(0.70	)%

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

53

ARTISAN FUNDS, INC.

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

	ARTISAN GROWTH OPPORTUNITIES FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008(2)
Net Asset Value Beginning of Period	$	10.99		$	9.14		$	9.32		$	10.00
Net Investment Loss(3)		(0.06	)		(0.09	)		(0.05	)		-	(4)
Net Realized and Unrealized Gain (Loss) on Investments		2.29			1.94			(0.13	)		(0.68	)
Total Income (Loss) from Investment Operations		2.23			1.85			(0.18	)		(0.68	)
Dividends from Net Investment Income		-			-			-			-
Distributions from Net Realized Gains		(0.13	)		-			-			-
Total Distributions		(0.13	)		-			-			-
Net Asset Value End of Period	$	13.09		$	10.99		$	9.14		$	9.32
Total Return(5)		20.37	%		20.24	%		(1.93	)%		(6.80	)%
Net Assets End of Period (millions)	$	141.5		$	72.5		$	45.6		$	5.7
Ratio of Expenses to Average Net Assets(6)(7)		1.46	%		1.50	%		1.47	%		1.50	%
Ratio of Net Investment Loss to Average Net Assets(6)(7)		(0.98	)%		(0.91	)%		(0.59	)%		(0.69	)%
Portfolio Turnover Rate(5)		38.01	%		79.99	%		101.01	%		3.05	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

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

⁽³⁾  Computed based on average shares outstanding.

⁽⁴⁾  Amount is between $0.005 and $(0.005) per share.

⁽⁵⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁶⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁷⁾  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 Loss to Average Net Assets
9/30/2010		1.54	%		(0.95	)%
9/30/2009		2.24	%		(1.36	)%
9/30/2008		48.41	%		(47.60	)%

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

54

ARTISAN FUNDS, INC.

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

	ARTISAN INTERNATIONAL FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	20.57		$	20.16		$	20.34		$	33.75		$	28.75		$	24.40
Net Investment Income(2)		0.06			0.17			0.23			0.36			0.31			0.18
Net Realized and Unrealized Gain (Loss) on Investments		2.00			0.49			0.48			(9.10	)		7.45			4.58
Total Income (Loss) from Investment Operations		2.06			0.66			0.71			(8.74	)		7.76			4.76
Dividends from Net Investment Income		(0.18	)		(0.25	)		(0.19	)		(0.20	)		(0.43	)		(0.41	)
Distributions from Net Realized Gains		-			-			(0.70	)		(4.47	)		(2.33	)		-
Total Distributions		(0.18	)		(0.25	)		(0.89	)		(4.67	)		(2.76	)		(0.41	)
Net Asset Value End of Period	$	22.45		$	20.57		$	20.16		$	20.34		$	33.75		$	28.75
Total Return(3)		10.05	%		3.27	%		5.00	%		(29.99	)%		28.69	%		19.84	%
Net Assets End of Period (millions)	$	7,389.9		$	7,294.7		$	7,715.1		$	8,760.0		$	12,810.0		$	9,801.9
Ratio of Expenses to Average Net Assets(4)		1.21	%		1.23	%		1.22	%		1.22	%		1.21	%		1.20	%
Ratio of Net Investment Income to Average Net Assets(4)		0.59	%		0.86	%		1.47	%		1.28	%		1.01	%		0.66	%
Portfolio Turnover Rate(3)		34.51	%		70.51	%		82.38	%		54.42	%		66.30	%		57.80	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

55

ARTISAN FUNDS, INC.

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

	ARTISAN INTERNATIONAL SMALL CAP FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	18.63		$	16.66		$	14.28		$	26.96		$	22.77		$	20.86
Net Investment Income (Loss)(2)		(0.10	)		0.02			0.12			0.21			0.11			0.09
Net Realized and Unrealized Gain (Loss) on Investments		1.79			2.07			2.62			(9.26	)		8.54			3.90
Total Income (Loss) from Investment Operations		1.69			2.09			2.74			(9.05	)		8.65			3.99
Dividends from Net Investment Income		(0.01	)		(0.12	)		(0.16	)		(0.20	)		(0.70	)		(0.20	)
Distributions from Net Realized Gains		-			-			(0.20	)		(3.43	)		(3.76	)		(1.88	)
Total Distributions		(0.01	)		(0.12	)		(0.36	)		(3.63	)		(4.46	)		(2.08	)
Net Asset Value End of Period	$	20.31		$	18.63		$	16.66		$	14.28		$	26.96		$	22.77
Total Return(3)		9.09	%		12.60	%		20.59	%		(38.44	)%		43.10	%		21.63	%
Net Assets End of Period (millions)	$	765.4		$	797.4		$	695.8		$	732.4		$	1,356.0		$	939.8
Ratio of Expenses to Average Net Assets(4)		1.49	%		1.50	%		1.50	%		1.51	%		1.52	%		1.53	%
Ratio of Net Investment Income (Loss) to Average Net Assets(4)		(0.98	)%		0.14	%		0.99	%		0.96	%		0.45	%		0.41	%
Portfolio Turnover Rate(3)		27.32	%		73.90	%		58.42	%		42.80	%		49.85	%		62.21	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

56

ARTISAN FUNDS, INC.

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

	ARTISAN INTERNATIONAL VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	24.74		$	22.83		$	21.20		$	28.49		$	26.71		$	22.38
Net Investment Income(2)		0.15			0.31			0.17			0.45			0.38			0.53
Net Realized and Unrealized Gain (Loss) on Investments		3.27			2.02			1.67			(5.56	)		3.12			4.87
Total Income (Loss) from Investment Operations		3.42			2.33			1.84			(5.11	)		3.50			5.40
Dividends from Net Investment Income		(0.35	)		(0.42	)		(0.21	)		(0.51	)		(0.44	)		(0.47	)
Distributions from Net Realized Gains		-			-			-			(1.67	)		(1.28	)		(0.60	)
Total Distributions		(0.35	)		(0.42	)		(0.21	)		(2.18	)		(1.72	)		(1.07	)
Net Asset Value End of Period	$	27.81		$	24.74		$	22.83		$	21.20		$	28.49		$	26.71
Total Return(3)		13.89	%		10.39	%		8.95	%		(19.10	)%		13.28	%		25.38	%
Net Assets End of Period (millions)	$	3,764.2		$	2,688.2		$	1,739.5		$	1,029.4		$	1,594.7		$	1,312.6
Ratio of Expenses to Average Net Assets(4)		1.17	%		1.21	%		1.25	%		1.23	%		1.23	%		1.25	%
Ratio of Net Investment Income to Average Net Assets(4)		1.09	%		1.34	%		0.95	%		1.83	%		1.34	%		2.18	%
Portfolio Turnover Rate(3)		16.73	%		21.02	%		55.49	%		44.72	%		45.60	%		42.52	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

57

ARTISAN FUNDS, INC.

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

	ARTISAN MID CAP FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	29.55		$	24.28		$	24.08		$	37.06		$	31.77		$	30.84
Net Investment Loss(2)		(0.10	)		(0.20	)		(0.11	)		(0.22	)		(0.24	)		(0.17	)
Net Realized and Unrealized Gain (Loss) on Investments		6.64			5.47			0.59			(6.86	)		9.00			2.43
Total Income (Loss) from Investment Operations		6.54			5.27			0.48			(7.08	)		8.76			2.26
Dividends from Net Investment Income		-			-			-			-			-			-
Distributions from Net Realized Gains		-			-			(0.28	)		(5.90	)		(3.47	)		(1.33	)
Total Distributions		-			-			(0.28	)		(5.90	)		(3.47	)		(1.33	)
Net Asset Value End of Period	$	36.09		$	29.55		$	24.28		$	24.08		$	37.06		$	31.77
Total Return(3)		22.13	%		21.71	%		2.47	%		(22.47	)%		29.83	%		7.42	%
Net Assets End of Period (millions)	$	5,374.3		$	4,375.2		$	3,688.6		$	3,732.3		$	5,319.3		$	4,571.9
Ratio of Expenses to Average Net Assets(4)		1.21	%		1.23	%		1.23	%		1.24	%		1.22	%		1.18	%
Ratio of Net Investment Loss to Average Net Assets(4)		(0.59	)%		(0.77	)%		(0.57	)%		(0.75	)%		(0.73	)%		(0.55	)%
Portfolio Turnover Rate(3)		27.51	%		63.46	%		68.39	%		79.76	%		71.04	%		73.59	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

58

ARTISAN FUNDS, INC.

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

	ARTISAN MID CAP VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	18.86		$	16.85		$	17.01		$	21.70		$	19.87		$	19.60
Net Investment Income(2)		0.09			0.11			0.08			0.03			0.09			0.06
Net Realized and Unrealized Gain (Loss) on Investments		3.67			1.97			(0.10	)		(2.31	)		2.98			1.04
Total Income (Loss) from Investment Operations		3.76			2.08			(0.02	)		(2.28	)		3.07			1.10
Dividends from Net Investment Income		(0.16	)		(0.07	)		(0.02	)		(0.08	)		(0.06	)		(0.01	)
Distributions from Net Realized Gains		(0.32	)		-			(0.12	)		(2.33	)		(1.18	)		(0.82	)
Total Distributions		(0.48	)		(0.07	)		(0.14	)		(2.41	)		(1.24	)		(0.83	)
Net Asset Value End of Period	$	22.14		$	18.86		$	16.85		$	17.01		$	21.70		$	19.87
Total Return(3)		20.21	%		12.35	%		0.21	%		(11.16	)%		15.88	%		5.87	%
Net Assets End of Period (millions)	$	7,154.9		$	5,739.6		$	4,628.0		$	3,231.5		$	3,420.7		$	2,643.3
Ratio of Expenses to Average Net Assets(4)		1.18	%		1.21	%		1.21	%		1.21	%		1.20	%		1.20	%
Ratio of Net Investment Income to Average Net Assets(4)		0.86	%		0.60	%		0.62	%		0.18	%		0.41	%		0.33	%
Portfolio Turnover Rate(3)		13.71	%		37.71	%		53.84	%		69.77	%		53.62	%		47.73	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

59

ARTISAN FUNDS, INC.

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

	ARTISAN SMALL CAP FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	14.40		$	12.88		$	13.13		$	19.89		$	17.51		$	17.95
Net Investment Loss(2)		(0.05	)		(0.09	)		(0.05	)		(0.09	)		(0.13	)		(0.13	)
Net Realized and Unrealized Gain (Loss) on Investments		4.20			1.61			(0.18	)		(4.82	)		2.87			0.26
Total Income (Loss) from Investment Operations		4.15			1.52			(0.23	)		(4.91	)		2.74			0.13
Dividends from Net Investment Income		-			-			-			-			-			-
Distributions from Net Realized Gains		-			-			-			(1.85	)		(0.36	)		(0.57	)
Distributions from Tax Return of Capital		-			-			(0.02	)		-			-			-
Total Distributions		-			-			(0.02	)		(1.85	)		(0.36	)		(0.57	)
Net Asset Value End of Period	$	18.55		$	14.40		$	12.88		$	13.13		$	19.89		$	17.51
Total Return(3)		28.82	%		11.80	%		(1.73	)%		(26.64	)%		15.84	%		0.74	%
Net Assets End of Period (millions)	$	335.4		$	322.7		$	437.0		$	587.1		$	1,151.5		$	1,263.8
Ratio of Expenses to Average Net Assets(4)		1.28	%		1.31	%		1.26	%		1.22	%		1.18	%		1.15	%
Ratio of Net Investment Loss to Average Net Assets(4)		(0.66	)%		(0.67	)%		(0.47	)%		(0.58	)%		(0.70	)%		(0.70	)%
Portfolio Turnover Rate(3)		28.55	%		62.67	%		80.51	%		96.90	%		74.32	%		101.98	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

60

ARTISAN FUNDS, INC.

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

	ARTISAN SMALL CAP VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	14.85		$	13.56		$	13.93		$	18.13		$	19.17		$	19.51
Net Investment Income (Loss)(2)		-	(3)		0.02			0.02			(0.02	)		(0.01	)		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		3.61			1.29			(0.07	)		(1.09	)		1.44			2.00
Total Income (Loss) from Investment Operations		3.61			1.31			(0.05	)		(1.11	)		1.43			1.98
Dividends from Net Investment Income		(0.02	)		(0.02	)		-			-			-			-
Distributions from Net Realized Gains		-			-			(0.32	)		(3.09	)		(2.47	)		(2.32	)
Total Distributions		(0.02	)		(0.02	)		(0.32	)		(3.09	)		(2.47	)		(2.32	)
Net Asset Value End of Period	$	18.44		$	14.85		$	13.56		$	13.93		$	18.13		$	19.17
Total Return(4)		24.29	%		9.64	%		0.46	%		(5.77	)%		7.48	%		11.40	%
Net Assets End of Period (millions)	$	3,382.1		$	2,690.4		$	2,156.5		$	1,902.1		$	2,151.2		$	2,039.5
Ratio of Expenses to Average Net Assets(5)		1.18	%		1.22	%		1.22	%		1.20	%		1.19	%		1.17	%
Ratio of Net Investment Income (Loss) to Average Net Assets(5)		(0.01	)%		0.11	%		0.20	%		(0.16	)%		(0.03	)%		(0.09	)%
Portfolio Turnover Rate(4)		23.98	%		37.14	%		63.05	%		75.49	%		72.38	%		58.88	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Amount is between $0.005 and $(0.005) per share.

⁽⁴⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁵⁾  Periods less than twelve months (where applicable) are annualized.

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

61

ARTISAN FUNDS, INC.

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

	ARTISAN VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006(2)
Net Asset Value Beginning of Period	$	8.91		$	8.12		$	8.58		$	12.22		$	10.41		$	10.00
Net Investment Income(3)		0.06			0.07			0.06			0.08			0.20			0.03
Net Realized and Unrealized Gain (Loss) on Investments		1.34			0.76			(0.44	)		(2.70	)		1.73			0.38
Total Income (Loss) from Investment Operations		1.40			0.83			(0.38	)		(2.62	)		1.93			0.41
Dividends from Net Investment Income		(0.08	)		(0.04	)		(0.08	)		(0.14	)		(0.03	)		-
Distributions from Net Realized Gains		-			-			-			(0.88	)		(0.09	)		-
Total Distributions		(0.08	)		(0.04	)		(0.08	)		(1.02	)		(0.12	)		-
Net Asset Value End of Period	$	10.23		$	8.91		$	8.12		$	8.58		$	12.22		$	10.41
Total Return(4)		15.88	%		10.19	%		(4.10	)%		(22.88	)%		18.65	%		4.10	%
Net Assets End of Period (millions)	$	422.3		$	266.4		$	181.1		$	230.3		$	278.7		$	75.0
Ratio of Expenses to Average Net Assets(5)(6)		1.10	%		1.27	%		1.32	%		1.23	%		1.24	%		1.49	%
Ratio of Net Investment Income to Average Net Assets(5)(6)		1.19	%		0.86	%		0.84	%		0.77	%		1.71	%		0.55	%
Portfolio Turnover Rate(4)		38.64	%		70.69	%		85.44	%		99.24	%		50.79	%		34.07	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

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

⁽³⁾  Computed based on average shares outstanding.

⁽⁴⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁵⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁶⁾  The ratios of expenses to average net assets and net investment income 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 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 to Average Net Assets
9/30/2006		1.64	%		0.39	%

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

62

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2011 (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. Effective July 1, 2011, Artisan Funds, Inc. will change its name to Artisan Partners Funds, Inc. but will continue to do business as Artisan Funds. Artisan Funds is a series comprised of twelve open-end, diversified mutual funds. The following funds (each a “Fund” and collectively the “Funds”) are covered by this report:

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 Growth Opportunities Fund (“Growth Opportunities Fund” or “Growth Opportunities”)		September 22, 2008
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 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
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006

Artisan Growth Opportunities Fund changed its name from Artisan Opportunistic Growth Fund effective January 28, 2011. Artisan Value Fund changed its name from Artisan Opportunistic Value Fund effective December 1, 2010.

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.

63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

(2) Summary of significant accounting policies:

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

(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 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. Short-term investments, other than repurchase agreements, maturing within sixty days from the valuation date were valued at amortized cost, which approximates market value.

Exchange traded option contracts were valued at the last sale or official closing price on the exchange where an option is principally traded or, if no sales or closing prices are available, at the mean of the most recent bid and ask quotation on the principal exchange.

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

64

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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

Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investment in foreign securities (including, but not limited to, 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

65

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks, etc. Securities primarily traded outside the U.S., whose values were adjusted as a result of significant market movements, are classified as level 2.)

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

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

The following table summarizes each Fund’s investments, based on the inputs used to determine their fair values as of March 31, 2011:

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Global Equity
Equity Securities(1):	$	13,367,107	$	-	$	-	$	13,367,107
Repurchase Agreements		-		651,000		-		651,000
Total Investment in Securities		13,367,107		651,000		-		14,018,107
Derivatives:
Foreign Currency Forward Contracts(2)		-		17,261		-		17,261
Total	$	13,367,107	$	668,261	$	-	$	14,035,368
Global Value
Equity and Equity-Linked Securities(1):
Americas	$	28,227,412	$	-	$	-	$	28,227,412
Europe		21,283,335		594,926		-		21,878,261
Pacific Basin	$	3,762,032	$	-	$	-	$	3,762,032

66

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Global Value (continued)
Repurchase Agreements		-		3,036,000				3,036,000
Total Investment in Securities		53,272,779		3,630,926		-		56,903,705
Derivatives:
Foreign Currency Forward Contracts(2)		-		42,655		-		42,655
Total	$	53,272,779	$	3,673,581	$	-	$	56,946,360
Growth Opportunities
Equity Securities(1)	$	140,494,820	$	-	$	-	$	140,494,820
Repurchase Agreements		-		8,512,000		-		8,512,000
Total	$	140,494,820	$	8,512,000	$	-	$	149,006,820
International
Equity Securities(1)	$	9,476,392,719	$	-	$	-	$	9,476,392,719
Repurchase Agreements		-		235,869,000		-		235,869,000
Total	$	9,476,392,719	$	235,869,000	$	-	$	9,712,261,719
International Small Cap
Equity Securities(1):
Emerging Markets	$	184,878,444	$	4,760,476	$	-	$	189,638,920
Europe		422,851,878		-		-		422,851,878
Pacific Basin		123,593,614		-		-		123,593,614
Repurchase Agreements		-		32,158,000		-		32,158,000
Total	$	731,323,936	$	36,918,476	$	-	$	768,242,412
International Value
Equity and Equity-Linked Securities(1):
Americas	$	883,568,384	$	-	$	-	$	883,568,384
Emerging Markets		41,620,868		-		-		41,620,868
Europe		2,873,665,833		92,429,790		-		2,966,095,623
Pacific Basin		575,789,936		-		-		575,789,936
Repurchase Agreements		-		447,201,000		-		447,201,000
Total Investment in Securities		4,374,645,021		539,630,790		-		4,914,275,811
Derivatives:
Foreign Currency Forward Contracts(2)		-		7,109,243		-		7,109,243
Total	$	4,374,645,021	$	546,740,033	$	-	$	4,921,385,054

67

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Mid Cap
Equity Securities(1)	$	5,646,436,329	$	-	$	-	$	5,646,436,329
Repurchase Agreements		-		332,066,000		-		332,066,000
Total	$	5,646,436,329	$	332,066,000	$	-	$	5,978,502,329
Mid Cap Value
Equity Securities(1)	$	6,730,857,562	$	-	$	-	$	6,730,857,562
Repurchase Agreements		-		377,065,000		-		377,065,000
Total	$	6,730,857,562	$	377,065,000	$	-	$	7,107,922,562
Small Cap
Equity Securities(1)	$	319,524,630	$	-	$	-	$	319,524,630
Repurchase Agreements		-		16,009,000		-		16,009,000
Total	$	319,524,630	$	16,009,000	$	-	$	335,533,630
Small Cap Value
Equity Securities(1)	$	3,193,767,888	$	-	$	-	$	3,193,767,888
Repurchase Agreements		-		168,951,000		-		168,951,000
Total	$	3,193,767,888	$	168,951,000	$	-	$	3,362,718,888
Value Fund
Equity Securities(1)	$	395,215,048	$	-	$	-	$	395,215,048
Repurchase Agreements		-		26,837,000		-		26,837,000
Total	$	395,215,048	$	26,837,000	$	-	$	422,052,048
(1) See Fund’s Schedule of Investments for sector or country classification.
(2) Derivative instruments are valued at unrealized appreciation (depreciation).

As of March 31, 2011, there were no transfers between Level 1, Level 2, and Level 3 securities.

(c) Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the 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 (fiscal years 2007 through 2010) and have concluded that as of March 31, 2011, 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 “Net realized gain

68

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(loss) on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, including withholding taxes of foreign dividends, is included in “Payable for foreign 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 regulations. 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, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using the current spot market rate of exchange on the date of such transactions. The 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 contracts to facilitate the purchase and sale of non-U.S. securities. These foreign currency contracts generally settle within three 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. As of March 31, 2011, Global Equity, Global Value, and International Value had outstanding foreign currency contracts, as shown on the Schedule of Investments, to hedge against foreign currency exchange rate risk on non-U.S. dollar denominated investment securities. Foreign currency forward contracts were recorded at market value and any related realized and unrealized gains and losses were reported as foreign currency related transactions for financial reporting purposes. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss. The Funds could be exposed to loss if the counterparties fail to perform under these contracts.

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

(f) Options – The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. As a holder of a call option, the Fund has the right, but not the obligation, to purchase a security at the exercise price during the exercise period. As the writer of a call option, the Fund has the obligation

69

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

to sell the security at the exercise price during the exercise period in the event the option is exercised. As a holder of a put option, the Fund has the right, but not the obligation, to sell a security at the exercise price during the exercise period. As the writer of a put option, the Fund has the obligation to buy the underlying security at the exercise price during the exercise period in the event the option is exercised.

The premium that the Fund pays when purchasing an option or receives when writing an option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the market value of an option at the time of the trade.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in the Statements of Assets and Liabilities as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss.

When the Fund purchases an option, the Fund pays a non-refundable premium to the seller (writer) of the option. The Fund includes the premium paid in the Statements of Assets and Liabilities as an equivalent asset. The amount of the asset is subsequently marked to market to reflect the current value of the option purchased. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments in the Statements of Operations. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.

Growth Opportunities Fund entered into written call options during the six months ended March 31, 2011 as follows:

	Number of Contracts			Premiums Received
Options outstanding at beginning of period		-			-
Options written		40		$	11,153
Options terminated in closing transactions		(40	)		(11,153	)
Options outstanding at end of period		-			-

(g) 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

70

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

any sale of such collateral were less than the repurchase price, the Fund would have suffered a loss.

(h) 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.

(i) Equity-linked participation certificates – Global Equity Fund, Global Value Fund, Growth Opportunities Fund, International Fund, International Small Cap Fund, International Value Fund, and 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 and authorized agent fees – Each Fund paid fees to, and reimbursed expenses of, the Funds’ transfer agent. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders for Investor Shares on the Funds’ behalf. Many authorized agents charged a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. The fee was either based on the number of accounts to which the intermediary provided such services, or was a percentage, as of March 31, 2011 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, 2011:

	Six Months Ended 3/31/11
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Global Equity - Investor Shares	$	26,256	$	11,521	$	37,777
Global Value - Investor Shares		32,444		48,676		81,120
Growth Opportunities - Investor Shares		32,759		117,771		150,530
International - Investor Shares		295,732		7,776,606		8,072,338
International - Institutional Shares		11,256		-		11,256
International Small Cap - Investor Shares		37,652		532,449		570,101

71

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/11
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
International Value - Investor Shares	$	237,842	$	2,624,521	$	2,862,363
International Value - Institutional Shares		10,076		-		10,076
Mid Cap - Investor Shares		59,831		6,123,981		6,183,812
Mid Cap - Institutional Shares		9,824		-		9,824
Mid Cap Value - Investor Shares		266,271		6,667,825		6,934,096
Small Cap - Investor Shares		49,167		259,730		308,897
Small Cap Value - Investor Shares		63,559		3,124,271		3,187,830
Value - Investor Shares		41,445		356,824		398,269

(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 for the six months ended March 31, 2011 as follows:

Global Equity	$	–
Global Value		93
Growth Opportunities		3,018
International		52,261
International Small Cap		7,015
International Value		38,882
Mid Cap		82,017
Mid Cap Value		39,785
Small Cap		10,268
Small Cap Value		90,045
Value		7,550

(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

72

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

(3) Derivative Transactions:

The fair value of derivative instruments as reported within the Statements of Assets and Liabilities as of March 31, 2011 was as follows:

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Equity	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	17,261
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		42,655
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		7,109,243

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2011 was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Growth Opportunities	Purchased Options	Net realized gain (loss) on investments	$	(4,555	)
	Written Options	Net realized gain (loss) on investments		9,416
Total			$	4,861
International Value	Foreign currency forward contracts	Net realized gain (loss) on foreign currency related transactions	$	221,059

73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Equity	Foreign currency forward contracts	Net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions	$	17,261
Global Value	Foreign currency forward contracts	Net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions		42,655
International Value	Foreign currency forward contracts	Net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions		7,109,243

Volume of derivative activity

For Global Equity Fund and Global Value Fund, the foreign currency forward contracts that are presented in the Schedule of Investments are the only derivatives entered into during the six months ended March 31, 2011.

For the period ended March 31, 2011, International Value Fund held and closed out of one foreign currency forward contract in addition to the foreign currency forward contracts that are presented in the Schedule of Investments.

For the six months ended March 31, 2011, Growth Opportunities Fund held and closed out of 40 written call option contracts and 80 purchased put option contracts.

(4) 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, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund paid a monthly management fee to the Adviser as follows:

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

Global Equity Fund and Global Value Fund paid 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

74

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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

Growth Opportunities Fund pays and Value Fund (for the period from October 1, 2010 to November 30, 2010) paid a monthly management fee to the Adviser as follows:

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

Effective December 1, 2010, Value Fund paid a monthly management fee to the Adviser as follows:

Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

The Adviser has contractually agreed to waive its management fee, and to the extent that fee waiver is insufficient, to reimburse Global Equity Fund and Global Value 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. This contract continues through February 1, 2012, at which time the Adviser will determine whether to renew, revise or discontinue it. For the six months ended March 31, 2011, expenses of $79,465 and $50,250 incurred by Global Equity Fund and Global Value Fund, respectively, were waived by the Adviser.

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

Prior to April 1, 2011, each director who was not an affiliated person of the Adviser received an annual retainer of $180,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increased 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, 2011, each director who was not an affiliated person of the Adviser receives an annual retainer of $200,000, payable quarterly, which will increase by $10,000 with each new series of Artisan Funds. The additional

annual retainer fees for the non-interested chair of the board of directors and each non-

75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

interested chair of a board committee were not changed from the prior period. 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 the Artisan Funds as selected by the individual directors. Each Fund purchased shares of the Artisan Funds selected for deferral by the director in amounts equal to his investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statement of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

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.

(5) 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 2011, under which each Fund may borrow up $75 million, provided that such borrowing does not exceed the least of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the loan, (b) the maximum amount the Fund may borrow under the applicable law, (c) the limitations included in the Fund’s prospectus, or (d) any limitations on borrowings in any agreement with any governmental authority or regulator; 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 0.125% on the unused portion of the line of credit and interest was charged on any borrowings at the current Federal Funds rate plus 1.25%. SSB has agreed to waive 0.025% of the commitment fee by reducing the Funds’ custody expenses. The commitment fee and the related waiver are allocated to each Fund based on net assets. 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, 2011, there were no borrowings under the line of credit for Global Equity Fund, Global Value Fund, Growth Opportunities Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Small Cap Value Fund, and Value Fund. During the six months ended March 31, 2011, International Small Cap Fund paid interest of $140 on maximum borrowings of $3,393,330.

(6) 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, 2011 were as follows:

Fund	Security Purchases		Security Sales
Global Equity	$	11,102,709	$	9,824,610
Global Value		22,268,540		5,908,225
Growth Opportunities		91,529,439		37,786,122

76

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Security Purchases		Security Sales
International	$	3,338,155,525	$	4,271,995,369
International Small Cap		203,791,838		329,856,864
International Value		1,534,137,647		621,783,363
Mid Cap		1,449,673,877		1,673,568,741
Mid Cap Value		965,613,168		830,078,767
Small Cap		87,235,315		163,261,127
Small Cap Value		686,084,255		696,703,177
Value		212,885,856		121,334,806

(7) 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, 2011. 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, 2011.

		As of 9/30/10						Net Realized Gain (Loss)					As of 3/31/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
Global Value
	Arch Capital Group Ltd.(2)		14,900	$	609,322	$	21,887	$	545		$	-		21,472	$	2,129,808
	Signet Jewelers Ltd.(2)(3)		45,395		521,292		211,032		31,155			-		52,359		2,409,561
	Total(4)			$	1,130,614	$	232,919	$	31,700		$	-			$	2,129,808
International
	E-Commerce China Dangdang, Inc., Class A (DR)(2)(3) (5)		-	$	30,193,583	$	5,338,532	$	(923,916	)	$	-		890,204	$	18,364,909
	Total(4)			$	30,193,583	$	5,338,532	$	(923,916	)	$	-			$	-
International Value
	Arch Capital Group Ltd.(2)		1,543,774	$	32,547,657	$	8,253,801	$	589,803		$	-		1,810,188	$	179,552,548
	ICON PLC (DR)(2)(5)		-		48,081,355		-		-			-		2,321,186		50,114,406
	Qinetiq Group PLC(2)		41,112,031		32,705,362		-		-			-		57,578,829		112,411,745
	Savills Plc		8,553,847		6,208,738		3,325,476		195,934			-		9,065,083		52,075,613
	Signet Jewelers Ltd.(2)(3)		4,397,187		10,573,483		21,782,181		561,627			-		4,061,955		186,931,169
	Unihair Co., Ltd.(5)		1,956,400		6,267,457		1,396,697		(499	)		-		2,410,900		28,143,591
	Total(4)			$	136,384,052	$	34,758,155	$	1,346,865		$	-			$	422,297,903
Mid Cap
	athenahealth, Inc.(2)		1,680,000	$	2,184,392	$	1,854,446	$	266,146		$	-		1,682,715	$	75,940,928
	GSI Commerce, Inc.(2)(3)		3,010,400		4,546,779		25,430,466		(5,549,189	)		-		2,200,690		64,414,196
	Total(4)			$	6,731,171	$	27,284,912	$	(5,283,043	)	$	-			$	75,940,928
Mid Cap Value
	Acuity Brands, Inc.(3)		1,816,815	$	-	$	-	$	-		$	348,794		527,015	$	30,825,107
	Alleghany Corporation(2)		560,601		3,222,454		7		(7	)		-		581,707		192,533,383

See notes on page 78.

77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/10						Net Realized Gain (Loss)					As of 3/31/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
	Arch Capital Group Ltd.(2)		1,667,173	$	1,521,708	$	24,249,018	$	6,917,651		$	-		1,340,273	$	132,941,679
	Arrow Electronics, Inc.(2)		4,584,000		3,345,594		-		-			-		4,664,300		195,340,884
	Hubbell Inc., Class B(3)(5)		2,635,900		1,370,513		-		-			1,958,508		2,656,800		188,712,504
	Ingram Micro Inc.(2)		8,219,600		290,803		-		-			-		8,234,200		173,165,226
	Lexmark International, Inc.(2)(5)		-		150,741,673		2,658,311		(356,220	)		-		3,866,400		143,211,456
	Total(4)			$	160,492,745	$	26,907,336	$	6,561,424		$	2,307,302			$	837,192,628
Small Cap
	Acuity Brands, Inc.(3)(5)		94,000	$	5,633,143	$	2,006,074	$	(27,250	)	$	34,918		164,200	$	9,604,058
	athenahealth, Inc.(2)		210,300		86,014		1,734,971		100,595			-		166,300		7,505,119
	GSI Commerce, Inc.(2)(3)		356,200		93,900		1,602,655		170,174			-		282,200		8,259,994
	Total(4)			$	5,813,057	$	5,343,700	$	243,519		$	34,918			$	7,505,119
Small Cap Value
	Actel Corporation(3)		2,060,954	$	-	$	25,258,727	$	17,773,992		$	-		-	$	-
	Acuity Brands, Inc.(3)		552,899		-		17,002,317		7,369,189			98,410		117,299		6,860,819
	AMN Healthcare Services, Inc.(2)(3)		1,772,616		-		25,166,571		(16,186,011	)		-		345,616		2,993,035
	Arrow Electronics, Inc.(2)		1,504,847		-		4,883,425		3,216,791			-		1,308,447		54,797,760
	Comfort Systems USA, Inc.		2,815,126		-		-		-			281,513		2,815,126		39,608,823
	CONMED Corporation(2)		1,574,059		-		-		-			-		1,574,059		41,366,271
	CRA International, Inc.(2)		625,800		-		-		-			-		625,800		18,041,814
	Cross Country Healthcare, Inc.(2)(3)		1,693,026		-		17,568,740		(9,259,206	)		-		601,926		4,713,081
	H.B. Fuller Company(5)		2,153,533		-		-		-			323,461		3,100,233		66,593,005
	ICON PLC (DR)(2)(5)		-		16,408,351		-		-			-		770,741		16,640,298
	Lexmark International, Inc.(2)(5)		591,887		22,704,929		-		-			-		1,225,987		45,410,558
	Manhattan Associates, Inc.(2)		1,564,924		-		-		-			-		1,564,924		51,204,313
	Neutral Tandem, Inc.(2)(5)		-		28,015,455		-		-			-		1,850,400		27,293,400
	Orbotech, Ltd.(2)(3)		2,447,487		-		21,695,965		(9,861,840	)		-		1,524,687		19,576,981
	ORION MARINE GROUP, INC.(2)(5)		1,059,900		9,624,784		-		-			-		1,851,400		19,884,036
	PetMed Express, Inc.(5)		-		20,847,839		-		-			154,975		1,239,800		19,663,228
	PICO Holdings, Inc.(2)(5)		1,105,390		1,153,882		-		-			-		1,146,890		34,475,513
	RadiSys Corporation(2)		1,878,597		-		1,227		(228	)		-		1,878,497		16,267,784
	Rudolph Technologies, Inc.(2)		2,819,378		-		3,778,703		(620,189	)		-		2,545,178		27,844,247
	School Specialty, Inc.(2)		1,769,253		-		-		-			-		1,769,253		25,300,318
	Sykes Enterprises, Incorporated(2)		2,548,994		7,754,561		-		-			-		2,939,194		58,107,865
	Ultra Clean Holdings, Inc.(2)		1,558,796		-		5,540,980		(908,327	)		-		1,136,096		11,747,233
	Ultratech, Inc.(2)		1,944,953		-		4,677,313		3,474,512			-		1,628,353		47,873,578
	Total(4)			$	106,509,801	$	125,573,968	$	(5,001,317	)	$	858,359			$	622,120,044
Value
	Arch Capital Group Ltd.(2)		139,500	$	2,810,975	$	3,820,260	$	748,884		$	-		118,500	$	11,754,015
	Ingram Micro Inc.(2)		540,200		3,901,460		-		-			-		739,400		15,549,582
	Total(4)			$	6,712,435	$	3,820,260	$	748,884		$	-			$	27,303,597

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

⁽²⁾  Non-income producing security.

⁽³⁾  Issuer was no longer an affiliate as of March 31, 2011.

⁽⁴⁾  Total value as of March 31, 2011 is presented for only those issuers that were affiliates as of March 31, 2011.

⁽⁵⁾  Issuer was not an affiliate as of September 30, 2010.

78

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(8) 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, 2011 was as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Global Equity	$	12,853,801	$	1,296,009	$	(131,703	)	$	1,164,306
Global Value		47,412,567		9,774,752		(283,614	)		9,491,138
Growth Opportunities		121,064,544		28,348,677		(406,401	)		27,942,276
International		7,973,658,416		1,847,830,795		(109,227,492	)		1,738,603,303
International Small Cap		579,692,055		207,220,619		(18,670,262	)		188,550,357
International Value		4,183,856,078		752,537,898		(22,118,165	)		730,419,733
Mid Cap		3,917,331,794		2,092,846,424		(31,675,889	)		2,061,170,535
Mid Cap Value		5,704,820,476		1,435,938,812		(32,836,726	)		1,403,102,086
Small Cap		217,800,393		119,576,650		(1,843,413	)		117,733,237
Small Cap Value		2,710,323,394		714,276,034		(61,880,540	)		652,395,494
Value		381,483,029		46,136,357		(5,567,338	)		40,569,019

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

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2011 and the year ended September 30, 2010 were as follows:

	Six Months Ended 3/31/11				Year Ended 9/30/10
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends			Long-Term Capital Gain Distributions
Global Equity	$	157,578	$	-	$	-	(1)	$	-	(1)
Global Value		312,729		-		689,211			-
Growth Opportunities		603,862		429,827		-			-
International		87,763,067		-		129,087,749			-
International Small Cap		457,152		-		4,971,337			-
International Value		51,945,548		-		42,229,227			-
Mid Cap		-		-		-			-
Mid Cap Value		80,287,523		66,416,339		19,093,720			-
Small Cap		-		-		-			-
Small Cap Value		2,836,580		-		2,598,102			-
Value		2,454,913		-		840,245			-

⁽¹⁾  For the period from commencement of operations (March 29, 2010) through September 30, 2010.

79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The classification of the distributions made through March 31, 2011 for federal income tax purposes are preliminary; final classification of the distributions will be determined as of each Fund’s fiscal year end.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of U.S. generally accepted accounting principles for such items as net short-term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and post-October losses. Gains on redemptions-in-kind for Mid Cap Fund of $78,602,979 were included in net realized gain (loss) on investments in the Statements of Operations for the period ended March 31, 2011, and were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2010 follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses
Global Equity	$	106,929	$	-	$	272,115
Global Value		158,684		-		-
Growth Opportunities		223,789		414,177		-
International		87,734,055		-		186,125,712
International Small Cap		456,066		-		-
International Value		31,175,089		-		14,002,705
Mid Cap		-		-		46,910,687
Mid Cap Value		58,074,721		-		-
Small Cap		-		-		-
Small Cap Value		2,825,081		-		-
Value		1,409,938		-		3,836,582

As of September 30, 2010, the Funds had capital loss carryovers as follows:

	Expiring 2017		Expiring 2018		Total
Global Equity			$	-	$	-
Global Value	$	237,042		235,208		472,250
Growth Opportunities		-		-		-
International		846,687,411		1,780,663,697		2,627,351,108
International Small Cap		42,384,176		75,999,009		118,383,185
International Value		21,273,231		98,466,874		119,740,105
Mid Cap		133,629,309		501,610,833		635,240,142
Mid Cap Value		-		-		-
Small Cap		89,964,498		132,870,516		222,835,014
Small Cap Value		22,928,816		34,906,601		57,835,417
Value		35,503,974		47,952,348		83,456,322

For the year ended September 30, 2010, Growth Opportunities Fund and Mid Cap Value Fund used $199,888 and $63,364,689 of capital loss carryovers, respectively.

80

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(9) Fund share activities:

Capital share transactions for the Funds were as follows:

	GLOBAL EQUITY			GLOBAL VALUE			GROWTH OPPORTUNITIES			INTERNATIONAL
Six Months ended March 31, 2011	Investor Shares			Investor Shares			Investor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	2,558,024		$	21,441,760		$	58,104,210		$	605,249,952		$	102,644,605
Net asset value of shares issued in reinvestment of dividends and distributions		157,231			308,153			1,026,899			54,788,200			25,400,368
Cost of shares redeemed(1)		(901,694	)		(4,107,909	)		(6,798,023	)		(1,218,957,656	)		(164,493,348	)
Net increase (decrease) from fund share transactions	$	1,813,561		$	17,642,004		$	52,333,086		$	(558,919,504	)	$	(36,448,375	)
Shares sold		226,590			2,112,742			4,690,931			27,630,056			4,689,740
Shares issued in reinvestment of dividends and distributions		14,140			30,390			85,008			2,556,612			1,178,671
Shares redeemed		(79,066	)		(404,459	)		(555,010	)		(55,686,066	)		(7,426,014	)
Net increase (decrease) in capital shares		161,664			1,738,673			4,220,929			(25,499,398	)		(1,557,603	)
	GLOBAL EQUITY			GLOBAL VALUE			GROWTH OPPORTUNITIES			INTERNATIONAL
Year ended September 30, 2010	Investor Shares(2)			Investor Shares			Investor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	10,366,799		$	8,652,979		$	30,912,669		$	1,714,558,253		$	254,936,522
Net asset value of shares issued in reinvestment of dividends and distributions		-			681,070			-			85,906,490			32,932,785
Cost of shares redeemed(1)		(180,773	)		(5,741,328	)		(15,044,767	)		(2,313,012,514	)		(871,512,807	)
Net increase (decrease) from fund share transactions	$	10,186,026		$	3,592,721		$	15,867,902		$	(512,547,771	)	$	(583,643,500	)
Shares sold		1,042,184			969,513			3,195,776			87,169,342			12,936,483
Shares issued in reinvestment of dividends and distributions		-			78,194			-			4,233,932			1,614,352
Shares redeemed		(19,245	)		(650,835	)		(1,589,013	)		(119,470,363	)		(44,484,274	)
Net increase (decrease) in capital shares		1,022,939			396,872			1,606,763			(28,067,089	)		(29,933,439	)

See notes on page 83.

81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE						MID CAP
Six Months ended March 31, 2011	Investor Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	78,803,048		$	977,460,144		$	412,467,997		$	632,119,853		$	18,112,900
Net asset value of shares issued in reinvestment of dividends and distributions		416,193			32,184,397			11,351,575			-			-
Cost of shares redeemed(1)		(178,216,089	)		(277,300,826	)		(31,301,661	)		(610,604,764	)		(32,752,659	)
Net increase (decrease) from fund share transactions	$	(98,996,848	)	$	732,343,715		$	392,517,911		$	21,515,089		$	(14,639,759	)
Shares sold		4,032,165			35,811,633			15,339,445			19,020,056			560,720
Shares issued in reinvestment of dividends and distributions		21,365			1,197,336			422,463			-			-
Shares redeemed		(9,154,626	)		(10,293,727	)		(1,139,938	)		(18,180,387	)		(925,148	)
Net increase (decrease) in capital shares		(5,101,096	)		26,715,242			14,621,970			839,669			(364,428	)
	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE						MID CAP
Year ended September 30, 2010	Investor Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	231,472,763		$	1,211,662,210		$	330,197,912		$	744,135,004		$	19,299,101
Net asset value of shares issued in reinvestment of dividends and distributions		4,715,018			31,364,232			5,318,821			-			-
Cost of shares redeemed(1)		(213,357,234	)		(483,111,162	)		(15,346,416	)		(842,511,453	)		(65,731,979	)
Net increase (decrease) from fund share transactions	$	22,830,547		$	759,915,280		$	320,170,317		$	(98,376,449	)	$	(46,432,878	)
Shares sold		13,620,398			52,013,751			14,377,757			28,632,435			694,723
Shares issued in reinvestment of dividends and distributions		280,489			1,378,042			233,794			-			-
Shares redeemed		(12,880,474	)		(20,943,757	)		(655,580	)		(32,462,368	)		(2,402,397	)
Net increase (decrease) in capital shares		1,020,413			32,448,036			13,955,971			(3,829,933	)		(1,707,674	)

See notes on page 83.

82

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE			SMALL CAP			SMALL CAP VALUE			VALUE
Six Months ended March 31, 2011	Investor Shares			Investor Shares			Investor Shares			Investor Shares
Proceeds from shares issued	$	897,788,696		$	49,056,509		$	362,967,547		$	155,748,761
Net asset value of shares issued in reinvestment of dividends and distributions		137,559,542			-			2,731,048			2,273,000
Cost of shares redeemed(1)		(650,616,096	)		(116,707,916	)		(325,901,183	)		(45,309,396	)
Net increase (decrease) from fund share transactions	$	384,732,142		$	(67,651,407	)	$	39,797,412		$	112,712,365
Shares sold		43,604,373			2,935,417			21,511,231			15,781,522
Shares issued in reinvestment of dividends and distributions		6,905,600			-			162,466			241,039
Shares redeemed		(31,762,133	)		(7,265,272	)		(19,397,624	)		(4,645,406	)
Net increase (decrease) in capital shares		18,747,840			(4,329,855	)		2,276,073			11,377,155
	MID CAP VALUE			SMALL CAP			SMALL CAP VALUE			VALUE
Year ended September 30, 2010	Investor Shares			Investor Shares			Investor Shares			Investor Shares
Proceeds from shares issued	$	1,697,861,880		$	78,065,645		$	862,413,646		$	130,447,358
Net asset value of shares issued in reinvestment of dividends and distributions		17,787,983			-			2,473,612			811,247
Cost of shares redeemed(1)		(1,187,431,599	)		(231,386,255	)		(550,117,447	)		(64,499,404	)
Net increase (decrease) from fund share transactions	$	528,218,264		$	(153,320,610	)	$	314,769,811		$	66,759,201
Shares sold		95,065,167			5,784,828			59,983,122			15,026,128
Shares issued in reinvestment of dividends and distributions		1,003,270			-			176,813			94,772
Shares redeemed		(66,387,040	)		(17,293,770	)		(38,107,726	)		(7,544,347	)
Net increase (decrease) in capital shares		29,681,397			(11,508,942	)		22,052,209			7,576,553

⁽¹⁾  Net of redemption fees of:

Fund	3/31/2011		9/30/2010
Global Equity - Investor Shares	$	693	$	190
Global Value - Investor Shares		2,506		5,596
International - Investor Shares		169,839		527,683
International - Institutional Shares		57,122		167,725
International Small Cap - Investor Shares		3,958		37,834
International Value - Investor Shares		120,555		323,433
International Value - Institutional Shares		35,541		70,638

⁽²⁾  For the period from commencement of operations (March 29, 2010) through September 30, 2010.

(10) Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

83

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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, 2010 to March 31, 2011.

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, 2011 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 10/1/2010		Ending Account Value 3/31/2011		Expenses Paid During Period 10/1/2010-3/31/2011(1)
Artisan Global Equity Fund - Investor Shares
Actual	$	1,000.00	$	1,144.70	$	8.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54
Artisan Global Value Fund - Investor Shares
Actual	$	1,000.00	$	1,120.30	$	7.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54
Artisan Growth Opportunities Fund - Investor Shares
Actual	$	1,000.00	$	1,203.70	$	8.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.34

See notes on page 85.

84

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2010		Ending Account Value 3/31/2011		Expenses Paid During Period 10/1/2010-3/31/2011(1)
Artisan International Fund - Investor Shares
Actual	$	1,000.00	$	1,100.50	$	6.34
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09
Artisan International Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,090.90	$	7.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.49
Artisan International Value Fund - Investor Shares
Actual	$	1,000.00	$	1,138.90	$	6.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	5.89
Artisan Mid Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,221.30	$	6.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09
Artisan Mid Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	1,202.10	$	6.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94
Artisan Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,288.20	$	7.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44
Artisan Small Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	1,242.90	$	6.60
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94
Artisan Value Fund - Investor Shares
Actual	$	1,000.00	$	1,158.80	$	5.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2011 (shown below), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

85

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

Fund	Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended March 31, 2011
Artisan Global Equity Fund - Investor Shares(a)		1.50	%
Artisan Global Value Fund - Investor Shares(a)		1.50	%
Artisan Growth Opportunities Fund - Investor Shares		1.46	%
Artisan International Fund - Investor Shares		1.21	%
Artisan International Small Cap Fund - Investor Shares		1.49	%
Artisan International Value Fund - Investor Shares		1.17	%
Artisan Mid Cap Fund - Investor Shares		1.21	%
Artisan Mid Cap Value Fund - Investor Shares		1.18	%
Artisan Small Cap Fund - Investor Shares		1.28	%
Artisan Small Cap Value Fund - Investor Shares		1.18	%
Artisan Value Fund - Investor Shares		1.10	%
(a)  The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

86

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 (Growth Opportunities Fund); February 9, 2006, as amended December 1, 2010 (Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (each, an “Advisory Agreement” and together, the “Advisory Agreements”). The investment advisory and sub-advisory agreements for Global Equity Fund dated February 9, 2010 continue through November 30, 2011, and so were not considered at the meetings described below. 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 28, 2010 (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, 2010 through November 30, 2011. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints. The directors were also presented with a related proposal to lower the investment advisory fee schedule applicable to Value Fund.

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

87

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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 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. In the case of Value Fund, Artisan Partners provided an additional report prepared by Lipper showing how the Fund would compare to its current peer group if the proposed lower advisory fee schedule had been in place. 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 structure for 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

88

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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 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

89

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

• Potential conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including: the type and number of other clients served by Artisan Partners; the basis of sharing personnel, services, research and advice among clients; the basis of decisions to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; the basis of allocating purchases and sales of the same security, including initial public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; Artisan Partners’ investments on its own behalf and possible conflicts with the Funds; Artisan Partners’ code of ethics; and Artisan Partners’ proxy voting policies.

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented.

On November 8, 2010, the independent directors again met separately with their independent counsel to review and discuss relevant information regarding the continuation of the Advisory Agreements and the information presented and discussed at the Special Meeting. The directors concluded their annual Advisory Agreement review at a regularly scheduled meeting on November 9, 2010. At the November 9th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and the November 8th 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 8th and 9th meetings provided a strong basis for considering the continuation of the Advisory Agreements (as amended in the case of Value Fund). 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, 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, and Growth Opportunities 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 over the long-term appeared favorable.

The cost of services to be provided and profits to be realized by Artisan Partners. The directors concluded that the Funds’ overall expense ratios are competitive and demonstrate

90

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners’ history of effective management of the Funds’ business and affairs. It was also concluded that reductions in the investment advisory fee schedule applicable to Value Fund would further enhance the competitiveness of the Fund’s expense ratio. The directors concluded that the costs of services provided by Artisan Partners and the profits realized are reasonable in relation to the nature and quality of the services provided and in comparison to the fees charged by mutual funds considered by Lipper to be within the same peer category or universe.

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund have appropriately benefited from economies of scale under the management fee structures in the Advisory Agreements. The directors concluded that the shareholders of each of Global Value Fund and Growth Opportunities Fund are expected to benefit from economies of scale as soon as each Fund’s assets reach the level at which the Fund will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreements. The directors also concluded that shareholders of Value Fund would benefit from economies of scale under the management fee structure in the Advisory Agreement due to reductions in the investment advisory fee schedule proposed by Artisan Partners and approved by the Board. It was also concluded that Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund, because the Fund 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.

Comparison of the services to be rendered and the amounts to be paid under the investment advisory agreement with those under other investment advisory agreements. 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 the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients.

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, 2011 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

91

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, 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.

92

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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.

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.

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

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.

93

ARTISAN FUNDS P.O. BOX 8412 BOSTON, MA 02266-8412   800.344.1770 WWW.ARTISANFUNDS.COM

SEMIANNUAL

REPORT

MARCH 31, 2011

ARTISAN EMERGING

MARKETS FUND

ARTISAN INTERNATIONAL FUND

ARTISAN INTERNATIONAL VALUE FUND

ARTISAN MID CAP FUND

ARTISAN FUNDS

INSTITUTIONAL SHARES

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Emerging Markets Fund
5	Artisan International Fund
8	Artisan International Value Fund
11	Artisan Mid Cap Fund
14	STATEMENTS OF ASSETS AND LIABILITIES
16	STATEMENTS OF OPERATIONS
18	STATEMENTS OF CHANGES IN NET ASSETS
20	FINANCIAL HIGHLIGHTS
24	NOTES TO FINANCIAL STATEMENTS

38	SHAREHOLDER EXPENSE EXAMPLE
40	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
45	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
46	PROXY VOTING POLICIES AND PROCEDURES
46	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

Effective July 1, 2011, Artisan Funds, Inc. will change its name to Artisan Partners Funds, Inc. but will continue to do business as Artisan Funds.

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of the Institutional Shares of Artisan Emerging Markets Fund, Artisan International Fund, Artisan International Value Fund and Artisan Mid Cap Fund. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For more complete information on any Fund, including fees and expenses, please call 800.399.1770 for a free prospectus. Read it carefully before you invest or send money.

Artisan Funds offered through Artisan Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.8%
BRAZIL - 19.5%
Banco do Brasil S.A.(1)(2)		107,980	$	1,954,374
Banco do Brasil S.A.		274,300		4,964,668
BM&F BOVESPA SA		1,540,900		11,184,066
BR Properties SA		524,000		5,504,303
Companhia Energetica de Minas Gerais- CEMIG, Preferred(3)		385,071		7,356,362
Companhia Vale do Rio Doce		924,262		30,202,050
Empresa Brasileira de Aeronautica S.A.		831,200		6,872,998
Fibria Celulose S.A.(4)		482,200		7,782,421
Fleury SA		448,561		6,662,545
Hypermarcas SA(4)		929,800		12,301,277
Julio Simoes Logistica SA(1)(2)(4)		293,100		1,775,493
Julio Simoes Logistica SA(4)		424,200		2,569,650
Magnesita Refratarios SA(4)		857,700		4,517,943
PDG Realty SA Empreendimentos e Participacoes		1,034,500		5,804,073
Petroleo Brasileiro S.A.		1,991,845		39,796,640
Randon SA Implementos e Participacoes, Preferred(3)		752,100		5,136,383
SLC Agricola SA		385,316		5,413,989
Tim Participacoes S.A., Preferred(3)		1,277,120		5,483,485
Totvs SA		378,000		7,258,322
Wilson Sons Limited (DR)		269,921		4,384,470
				176,925,512
CHILE - 0.8%
Empresa Nacional de Telecomunicaciones S.A.		445,383		7,282,406
CHINA - 13.7%
Ajisen China Holdings Limited		5,459,913		10,528,787
Chaoda Modern Agriculture (Holdings) Limited		10,418,536		6,482,662
China High Precision Automation Group Ltd.		8,369,000		6,068,118
China Mobile Limited		1,819,000		16,755,224
China Rongsheng Heavy Industries Group Holdings Limited(4)		6,444,000		5,608,485
China Yurun Food Group Limited		1,772,000		5,957,126
Digital China Holdings Limited		2,372,000		4,513,129
GOME Electrical Appliances Holdings Limited(4)		31,744,587		11,141,244
Huabao International Holdings Limited		10,769,576		16,614,268

	Shares Held		Value
CHINA (CONTINUED)
Mindray Medical International Limited, Class A (DR)(4)		253,802	$	6,395,810
Noah Holdings Ltd. (DR)(4)		414,826		6,068,904
Springland International Holdings Ltd.(4)		7,729,000		5,832,608
Tingyi (Cayman Islands) Holding Corporation		3,764,300		9,243,128
Zhuzhou CSR Times Electric Co., Ltd., H Shares		3,415,200		12,995,985
				124,205,478
COLOMBIA - 0.5%
Grupo de Inversiones Suramericana		246,222		4,891,549
EGYPT - 1.0%
Commercial International Bank Egypt SAE(4)		728,526		4,029,233
Egyptian Financial Group-Hermes Holding		1,235,270		4,551,813
Talaat Moustafa Group(4)		681,937		535,526
				9,116,572
HONG KONG - 0.7%
AIA Group Ltd.(4)		2,202,200		6,780,530
HUNGARY - 0.8%
MOL Hungarian Oil and Gas Nyrt., Class A(4)		58,384		7,463,412
INDIA - 4.8%
Cairn India Ltd.(4)		1,345,400		10,581,882
India Cements Limited		2,658,072		5,722,052
Nagarjuna Construction Company Ltd.		2,785,858		6,321,983
Power Finance Corporation		1,353,137		7,613,008
Reliance Infrastructure Ltd.		447,305		7,053,366
Welspun Corporation Ltd.		1,365,565		6,308,025
				43,600,316
INDONESIA - 3.9%
Indofood CBP Sukses Makmur TBK PT(4)		7,126,000		4,337,387
PT Astra International Tbk		1,818,500		11,904,048
PT Bank Negara Indonesia Tbk		20,336,018		9,283,454
PT Gudang Garam Tbk		872,000		4,191,008
PT Telekomunikasi Indonesia, Series B		6,560,885		5,538,042
				35,253,939
ITALY - 0.9%
Tenaris S.A. (DR)		167,369		8,278,071
KAZAKSTAN - 0.9%
KazMunaiGas Exploration Production (DR)		345,711		7,778,497

2

	Shares Held		Value
KOREA - 10.5%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		269,514	$	8,365,880
KB Financial Group, Inc.		162,442		8,514,896
LG Electronics Inc.		94,262		9,022,754
LOCK&LOCK CO., LTD.		105,720		3,686,394
MegaStudy Co., Ltd.		26,977		4,153,713
Samsung Electronics Co., Ltd.		49,075		41,695,519
Shinhan Financial Group Co., Ltd.		250,097		11,365,455
Shinsegae Co., Ltd.		35,940		8,551,292
				95,355,903
MEXICO - 6.8%
America Movil SAB de C.V., Series L		6,587,344		19,156,517
Bolsa Mexicana de Valores SA		2,254,327		4,745,772
Genomma Lab Internacional SA(4)		2,931,346		6,629,412
Grupo Financiero Banorte S.A. de C.V., O Shares		1,849,823		8,709,111
Grupo Televisa S.A., Series CPO (4)		1,666,659		8,202,667
OHL Mexico SAB de CV (4)		3,580,724		6,607,863
Urbi, Desarrollos Urbanos, S.A. de C.V.(4)		3,101,286		7,209,292
				61,260,634
POLAND - 0.8%
Polski Koncern Naftowy Orlen S.A. (4)		399,812		7,413,052
RUSSIA - 6.2%
Eurasia Drilling Company Ltd. (DR)		149,028		5,066,952
Eurasia Drilling Company Ltd., 144A (DR)		26,670		906,780
Globaltrans Investment PLC (DR)		382,391		7,032,170
LSR Group O.J.S.C. (DR)		642,975		6,159,700
LUKOIL (DR)		214,111		15,341,053
Magnitogorsk Iron & Steel Works (DR)		828,402		12,119,521
Mobile TeleSystems (DR)		473,460		10,051,556
				56,677,732
SOUTH AFRICA - 8.0%
ABSA Group Limited		457,017		9,218,030
African Bank Investments Limited		1,301,753		7,285,199
Harmony Gold Mining Company Limited		647,059		9,496,894
Impala Platinum Holdings Limited		555,477		16,072,294
Mondi Limited		816,458		8,001,650
Mr. Price Group Limited		844,224		7,643,565
MTN Group Limited		743,186		15,003,239
				72,720,871
SWEDEN - 0.9%
Alliance Oil Company Ltd. (DR)(4)		416,912		7,939,420
TAIWAN - 10.6%
Cathay Financial Holding Co., Ltd.		3,853,356		6,361,874
Chinatrust Financial Holding Company Ltd.		8,938,299		7,598,914
E Ink Holdings Inc.(4)		5,676,000		9,178,032

	Shares Held		Value
TAIWAN (CONTINUED)
Far Eastern Textile Ltd.		4,613,091	$	7,129,886
Hon Hai Precision Industry Co., Ltd.		3,830,656		13,417,359
HTC Corporation		446,620		17,465,968
MediaTek Incorporation		762,794		8,767,598
Taiwan Fertilizer Co., Ltd.		2,256,000		6,636,084
Taiwan Semiconductor Manufacturing Company Ltd.		8,365,647		20,084,494
				96,640,209
THAILAND - 1.3%
Bangkok Bank Public Company Limited (DR)		1,335,600		7,595,411
Bumrungrad Hospital Public Company Limited (DR)		3,128,000		3,930,038
				11,525,449
TURKEY - 3.9%
Bizim Toptan Satis Magazalari AS (4)		269,169		5,491,288
Cimsa Cimento Sanayi ve Ticaret A.S.		637,764		4,192,419
Emlak Konut Gayrimenkul Yatirim (3)		3,620,980		6,238,015
Ford Otomotiv Sanayi A.S.		702,773		6,713,450
Turk Ekonomi Bankasi A.S.		3,720,246		5,180,227
Turkiye Sinai Kalkinma Bankasi A.S.		4,504,055		7,876,007
				35,691,406
UNITED ARAB EMIRATES - 0.5%
Air Arabia		20,289,534		4,198,501
UNITED KINGDOM - 0.8%
Antofagasta plc		319,491		6,975,495
Total common and preferred stocks (Cost $789,903,157)				887,974,954
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $20,680,006(5) (Cost $20,680,000)	$	20,680,000		20,680,000
Total investments - 100.1% (Cost $810,583,157)				908,654,954
Other assets less liabilities - (0.1%)				(1,294,164	)
Total net assets - 100.0% (6)			$	907,360,790

⁽¹⁾  The shares of Banco do Brasil S.A. and Julio Simoes Logistica SA were acquired in a private placement and are restricted. The shares of Banco do Brasil S.A. and Julio Simoes Logistica SA are freely tradeable outside the United States, where the Fund expects to trade them.

3

Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Banco do Brasil S.A.		7/1/2010	$	1,477,126	$	1,954,374		0.2	%
Julio Simoes Logistica SA		4/20/2010		1,338,815		1,775,493		0.2	%
					$	3,729,867		0.4	%

⁽²⁾  Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds, Inc. In total, the value of securities determined to be illiquid were $3,729,867, or 0.4% of total net assets.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Non-income producing security.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.375	%		11/15/2039	$	21,098,418

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	88,156,201			9.7	%
Consumer Staples		61,969,157			6.8
Energy		110,565,759			12.2
Financials		158,050,339			17.4
Healthcare		23,617,805			2.6
Industrials		78,999,747			8.7
Information Technology		128,448,539			14.2
Materials		144,487,210			15.9
Telecommunication Services		79,270,469			8.7
Utilities		14,409,728			1.6
Total common and preferred stocks		887,974,954			97.8
Short-term investments		20,680,000			2.3
Total investments		908,654,954			100.1
Other assets less liabilities		(1,294,164	)		(0.1	)
Total net assets	$	907,360,790			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Brazilian real	$	176,925,512		19.5	%
British pound		6,975,495		0.8
Chilean peso		7,282,406		0.8
Colombian peso		4,891,549		0.5
Egyptian pound		9,116,572		1.0
Hong Kong dollar		118,521,294		13.0
Hungarian forint		7,463,412		0.8
Indian rupee		43,600,316		4.8
Indonesian rupiah		35,253,939		3.9
Korean won		95,355,903		10.5
Mexican peso		61,260,634		6.7
Polish zloty		7,413,052		0.8
South African rand		72,720,871		8.0
Swedish krona		7,939,420		0.9
Taiwan dollar		96,640,209		10.6
Thai baht		11,525,449		1.3
Turkish lira		35,691,406		3.9
U.S. dollar		105,879,014		11.7
United Arab Emirates dirham		4,198,501		0.5
Total investments	$	908,654,954		100.0	%

REGION ALLOCATION

	9/30/10		3/31/11
Emerging Asia		44.8%		44.8	%
Latin America		25.0		27.6
Europe, Middle East & Africa		23.9		22.1
Developed Markets		1.7		3.3
As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		4.6	%
Petroleo Brasileiro S.A.	Brazil		4.4
Companhia Vale do Rio Doce	Brazil		3.3
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan		2.2
America Movil SAB de C.V.	Mexico		2.1
HTC Corporation	Taiwan		1.9
China Mobile Limited	China		1.8
Huabao International Holdings Limited	China		1.8
Impala Platinum Holdings Limited	South Africa		1.8
LUKOIL	Russia		1.7
Total			25.6	%

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.

4

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 95.5%
AUSTRALIA - 2.8%
Asciano Ltd		59,635,470	$	107,330,041
Coca-Cola Amatil Limited		1,587,568		19,278,260
Foster’s Group Limited		25,880,634		153,122,264
				279,730,565
BELGIUM - 1.9%
Anheuser-Busch InBev NV		3,247,042		184,965,574
BRAZIL - 1.0%
Petroleo Brasileiro S.A. (DR)		2,427,985		98,163,434
CANADA - 2.7%
Canadian National Railway Company		698,627		52,585,654
Canadian Pacific Railway Limited		3,325,418		213,957,394
				266,543,048
CHINA - 7.7%
Baidu, Inc., Class A (DR)(1)		1,669,970		230,138,566
Beijing Enterprises Holdings Ltd.		7,901,853		45,205,399
China Construction Bank, H Shares		122,296,100		114,615,008
China Overseas Land & Investment Limited		21,597,168		44,146,399
China Resources Land Limited		24,694,700		46,223,889
Ctrip.com International, Ltd. (DR)(1)		2,058,472		85,406,003
E-Commerce China Dangdang, Inc., Class A (DR)(1)		890,204		18,364,909
Huabao International Holdings Limited		78,738,359		121,469,979
SINA Corporation(1)		302,599		32,390,197
Tencent Holdings Limited		1,242,300		30,280,718
				768,241,067
FRANCE - 9.1%
BNP Paribas		1,684,554		123,211,079
Compagnie de Saint-Gobain		482,271		29,529,502
LVMH Moet Hennessy Louis Vuitton SA		146,623		23,210,593
Natixis(1)		14,990,880		84,789,060
Pernod Ricard SA		2,437,304		227,628,209
Publicis Groupe		1,191,619		66,832,746
Unibail-Rodamco		883,120		191,300,510
Vinci SA		2,464,026		153,980,455
				900,482,154

	Shares Held		Value
GERMANY - 13.0%
BASF AG		1,351,040	$	116,853,720
Bayer AG		3,871,012		299,754,818
Beiersdorf AG		1,548,804		94,526,130
Brenntag AG(1)		611,613		67,920,692
Daimler AG(1)		3,860,795		272,755,093
Linde AG		1,287,881		203,416,779
Siemens AG		1,708,966		234,226,361
				1,289,453,593
HONG KONG - 17.5%
AIA Group Ltd.(1)		61,257,300		188,610,002
The Bank of East Asia, Ltd.		5,667,500		24,153,297
BOC Hong Kong (Holdings) Limited		24,467,412		79,738,370
Cheung Kong (Holdings) Limited		9,034,000		147,497,670
Galaxy Entertainment Group Limited(1)		19,775,324		28,778,714
Hang Seng Bank Limited		5,539,677		89,448,989
Henderson Land Development Company Limited		15,798,700		109,474,122
Hong Kong Exchanges & Clearing Limited		4,972,800		107,849,324
Hongkong Land Holdings Limited		6,904,926		48,334,482
NWS Holdings Limited		42,282,411		64,685,666
Sands China Ltd.(1)		170,209,125		379,869,051
Sino Land Company Limited		66,627,800		118,718,952
Sun Hung Kai Properties Limited		8,779,100		139,047,139
Wynn Macau Limited		75,827,772		212,025,897
				1,738,231,675
INDIA - 1.2%
Coal India Limited		1,366,357		10,585,858
Housing Development Finance Corporation Ltd.		6,817,544		106,708,055
				117,293,913
ITALY - 2.1%
Fiat Industrial SpA(1)		8,213,575		117,915,972
Intesa Sanpaolo		29,877,361		88,410,469
				206,326,441
JAPAN - 8.9%
BRIDGESTONE CORPORATION		3,871,800		81,131,851
CANON INC.		2,208,400		96,109,738
HONDA MOTOR CO., LTD.		4,634,900		174,129,148
JAPAN TOBACCO INC.		8,968		32,398,221
KDDI CORPORATION		5,358		33,173,479
KUBOTA CORPORATION		3,046,400		28,713,364

5

	Shares Held		Value
JAPAN (CONTINUED)
MITSUI & CO., LTD.		13,943,300	$	249,933,401
SOFTBANK Corp		4,654,600		185,781,101
				881,370,303
NETHERLANDS - 3.0%
Akzo Nobel N.V.		1,869,592		128,451,866
ING Groep N.V.(1)		12,077,325		152,862,799
TNT NV		821,101		21,062,316
				302,376,981
RUSSIA - 1.4%
Gazprom (DR)		4,201,123		135,990,351
SINGAPORE - 1.0%
City Developments Limited		3,036,730		27,753,375
Genting Singapore PLC(1)		42,258,571		68,726,752
				96,480,127
SPAIN - 1.3%
Amadeus IT Holding SA(1)		1,321,230		25,278,026
Industria de Diseno Textil, S.A.		1,319,988		105,918,254
				131,196,280
SWEDEN - 0.8%
Sandvik AB		4,491,140		84,743,861
SWITZERLAND - 8.2%
ABB Limited(1)		4,255,151		102,197,747
Adecco SA		2,877,021		189,191,147
Nestle SA		5,523,760		316,631,425
Swatch Group AG - Bearer Shares		464,539		205,388,446
				813,408,765
UNITED KINGDOM - 11.4%
BG Group plc		1,983,921		49,362,194
Experian PLC		13,677,775		169,391,275
Imperial Tobacco Group plc		3,447,760		106,580,321
Kingfisher PLC		44,317,106		174,818,828
Standard Chartered plc		1,963,427		50,931,101
Tesco plc		30,160,839		184,343,011
WPP plc		21,549,878		265,672,725
Xstrata plc		5,482,546		128,144,543
				1,129,243,998
UNITED STATES - 0.5%
Accenture plc, Class A		948,710		52,150,589
Total common stocks (Cost $7,671,291,918)				9,476,392,719

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/2011, due 4/1/2011, maturity value $235,869,066(2) (Cost $235,869,000)	$	235,869,000	$	235,869,000
Total investments - 97.9% (Cost $7,907,160,918)				9,712,261,719
Other assets less liabilities - 2.1%				208,655,471
Total net assets - 100.0%(3)			$	9,920,917,190

⁽¹⁾ Non-income producing security.

⁽²⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	5,341,024
U.S. Treasury Bond		4.375	%		11/15/2039		235,248,110
						$	240,589,134

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	2,163,029,010		21.8	%
Consumer Staples		1,319,473,415		13.3
Energy		294,101,837		3.0
Financials		2,083,824,091		21.0
Healthcare		299,754,818		3.0
Industrials		1,932,570,247		19.5
Information Technology		466,347,834		4.7
Materials		698,336,887		7.0
Telecommunication Services		218,954,580		2.2
Total common stocks		9,476,392,719		95.5
Short-term investments		235,869,000		2.4
Total investments		9,712,261,719		97.9
Other assets less liabilities		208,655,471		2.1
Total net assets	$	9,920,917,190		100.0	%

6

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Australian dollar	$	279,730,565		2.9	%
British pound		1,129,243,998		11.6
Euro		3,014,801,023		31.0
Hong Kong dollar		2,091,838,585		21.5
Indian rupee		117,293,913		1.2
Japanese yen		881,370,303		9.1
Singapore dollar		96,480,127		1.0
Swedish krona		84,743,861		0.9
Swiss franc		813,408,765		8.4
U.S. dollar		1,203,350,579		12.4
Total investments	$	9,712,261,719		100.0	%

REGION ALLOCATION
	9/30/10	3/31/11
Europe	60.9		50.8
Pacific Basin	20.2		30.2
Emerging Markets	11.0		11.3
Americas	6.2		3.2

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Sands China Ltd.	Hong Kong		3.8	%
Nestle SA	Switzerland		3.2
Bayer AG	Germany		3.0
Daimler AG	Germany		2.7
WPP plc	United Kingdom		2.7
MITSUI & CO., LTD.	Japan		2.5
Siemens AG	Germany		2.4
Baidu, Inc.	China		2.3
Pernod Ricard SA	France		2.3
Canadian Pacific Railway Limited	Canada		2.2
Total			27.1	%

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

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

7

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS AND EQUITY LINKED SECURITIES -91.2%
BELGIUM - 1.3%
Groupe Bruxelles Lambert S.A.		700,010	$	65,366,422
DENMARK - 1.2%
Carlsberg A/S, Class B		550,776		59,304,836
FRANCE - 10.7%
Gemalto NV		869,474		42,764,127
Publicis Groupe		2,838,842		159,218,347
Societe Television Francaise 1		2,997,400		55,031,720
Sodexo		1,841,128		134,454,422
Total SA		2,178,677		132,628,707
				524,097,323
GERMANY - 2.7%
HeidelbergCement AG		1,885,623		131,704,493
HONG KONG - 2.1%
Guoco Group Limited		8,093,700		99,889,465
IRELAND - 2.9%
ICON PLC (DR)(1)(2)		2,321,186		50,114,406
Ryanair Holdings PLC, Equity-Linked Security, 144A(3)(4)(5)(6)		19,585,595		92,429,790
				142,544,196
JAPAN - 9.7%
Credit Saison Co., Ltd.		6,115,559		98,372,421
Daiwa Securities Group Inc.		13,137,131		60,331,619
Kao Corporation		4,099,600		102,268,213
Mitsubishi UFJ Financial Group, Inc.(6)		3,654,200		16,869,594
Mitsubishi UFJ Financial Group, Inc.		8,448,406		39,002,018
NIFCO INC.		392,500		9,399,615
SANKYO CO., LTD.		1,500,038		76,913,466
SEINO HOLDINGS CO., LTD.		2,540,800		19,182,765
Stanley Electric Co., Ltd.		1,537,600		25,417,168
Unihair Co., Ltd.(2)		2,410,900		28,143,591
				475,900,470
KOREA - 0.5%
Lotte Chilsung Beverage Co., Ltd.		26,147		25,599,962

	Shares Held		Value
NETHERLANDS - 4.1%
ING Groep N.V.(1)		8,811,899	$	111,532,276
Koninklijke Ahold NV		6,636,358		89,046,944
				200,579,220
SWITZERLAND - 14.1%
Adecco SA		2,235,123		146,980,326
Givaudan SA(1)		42,215		42,444,804
Nestle SA		1,408,508		80,738,101
Novartis AG		2,654,901		144,003,449
Panalpina Welttransport Holding AG(1)		894,880		111,652,965
Pargesa Holding SA		1,583,837		151,744,862
Tamedia AG		84,446		10,664,928
				688,229,435
THAILAND - 0.3%
Thai Beverage Public Company Limited		69,635,696		16,020,906
UNITED KINGDOM - 23.6%
BAE Systems plc		7,821,984		40,768,517
Carpetright PLC		2,511,694		27,419,096
Compass Group PLC		27,916,472		251,011,970
Diageo plc		6,804,163		129,345,505
Experian PLC		11,708,412		145,001,862
Lancashire Holdings Ltd		4,895,323		46,922,111
Lloyds Banking Group plc(1)		95,420,509		88,920,396
Qinetiq Group PLC(1)(2)		57,578,829		112,411,745
Reed Elsevier PLC		16,709,614		144,749,963
Savills Plc(2)		9,065,083		52,075,613
Unilever PLC (DR)		3,776,712		115,642,921
				1,154,269,699
UNITED STATES - 18.0%
Accenture plc, Class A		2,252,980		123,846,311
Arch Capital Group Ltd.(1)(2)		1,810,188		179,552,548
Covidien plc		3,690,349		191,676,727
Signet Jewelers Ltd.(1)		4,061,955		186,931,169
TE Connectivity Ltd		5,788,674		201,561,629
				883,568,384
Total common stocks and equity linked securities (Cost $3,642,904,897)				4,467,074,811

8

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $447,201,124(7) (Cost $447,201,000)	$	447,201,000	$	447,201,000
Total investments - 100.3% (Cost $4,090,105,897)				4,914,275,811
Other assets less liabilities - (0.3%)				(13,897,857	)
Total net assets - 100.0%(8)			$	4,900,377,954

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽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 $92,429,790 or 1.9% of total net assets.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  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.

⁽⁶⁾  Security is restricted. Ryanair Holdings PLC was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. The shares of Ryanair Holdings PLC may be resold in transactions exempt from registration to qualified institutional buyers. The shares of Mitsubishi UFJ Financial Group, Inc., were acquired in a private placement and 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		9/17/08- 3/25/11	$	83,995,765	$	92,429,790		1.9	%
Mitsubishi UFJ Financial Group, Inc.		12/14/2009		17,639,402		16,869,594		0.3	%
					$	109,299,384		2.2	%

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	456,149,706

⁽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) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS
Description	Counterparty	Transaction Type		Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation
Japanese Yen	State Street Bank and Trust Company		Sell		5/19/2011	$	150,000,000	$	142,890,757	$	7,109,243

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	1,081,211,864			22.1	%
Consumer Staples		646,110,979			13.2
Energy		132,628,707			2. 7
Financials		1,010,579,345			20.6
Healthcare		385,794,582			7.9
Industrials		668,427,970			13.6
Information Technology		368,172,067			7.5
Materials		174,149,297			3.6
Total common stocks and equity linked securities		4,467,074,811			91.2
Short-term investments		447,201,000			9.1
Total investments		4,914,275,811			100.3
Other assets less liabilities		(13,897,857	)		(0.3	)
Total net assets	$	4,900,377,954			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
British pound	$	1,038,626,778		21.1	%
Danish krone		59,304,836		1.2
Euro		1,014,177,248		20.7
Hong Kong dollar		99,889,465		2.0
Japanese yen		475,900,470		9.7
Korean won		25,599,962		0.5
Singapore dollar		16,020,906		0.3
Swiss franc		688,229,435		14.0
U.S. dollar		1,496,526,711		30.5
Total investments	$	4,914,275,811		100.0	%

9

REGION ALLOCATION
	9/30/10			3/31/11
Europe		63.8	%		60.6	%
Americas		18.5			18.0
Pacific Basin		11.1			11.8
Emerging Markets		0.4			0.8

As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		5.1	%
TE Connectivity Ltd	United States		4.1
Covidien plc	United States		3.9
Signet Jewelers Ltd.	United States		3.8
Arch Capital Group Ltd.	United States		3.7
Publicis Groupe	France		3.2
Pargesa Holding SA	Switzerland		3.1
Adecco SA	Switzerland		3.0
Experian PLC	United Kingdom		3.0
Reed Elsevier PLC	United Kingdom		3.0
Total			35.9	%

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 Fund owns Pargesa Holding SA (Pargesa) and Groupe Bruxelles Lambert SA (GBL), which represent 3.1% and 1.3%, respectively, of the Fund’s total net assets. Pargesa is the parent company of GBL. If aggregated, the Fund’s holdings of both securities would represent 4.4% of the Fund’s total net assets.

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

10

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON STOCKS - 94.5%
CONSUMER DISCRETIONARY - 16.6%
Auto Components - 1.2%
BorgWarner Inc.(1)		871,864	$	69,478,842
Automobiles - 0.2%
Tesla Motors, Inc.(1)		361,685		10,018,675
Distributors - 1.3%
LKQ Corporation(1)		3,272,070		78,856,887
Hotels, Restaurants & Leisure - 5.4%
Chipotle Mexican Grill, Inc., Class A(1)		244,924		66,709,950
Ctrip.com International, Ltd. (DR)(1)(2)		1,415,931		58,746,977
Starwood Hotels & Resorts Worldwide, Inc.		2,043,499		118,768,162
Wynn Resorts, Limited		612,523		77,943,552
				322,168,641
Household Durables - 0.6%
Garmin Ltd.		995,872		33,720,226
Internet & Catalog Retail - 0.5%
Netflix, Inc.(1)		130,467		30,963,733
Specialty Retail - 0.3%
CarMax, Inc.(1)		494,800		15,883,080
Textiles, Apparel & Luxury Goods - 7.1%
Coach, Inc.		2,186,723		113,797,065
Fossil, Inc.(1)		1,593,435		149,225,188
lululemon athletica inc.(1)		783,408		69,762,482
Polo Ralph Lauren Corporation, Class A		736,422		91,058,580
				423,843,315
ENERGY - 6.8%
Energy Equipment & Services - 6.5%
Cameron International Corporation(1)		2,942,249		168,002,418

	Shares Held		Value
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Core Laboratories N.V.		451,010	$	46,079,692
Dresser-Rand Group Inc.(1)	��	2,396,554		128,503,226
Helmerich & Payne, Inc.		695,212		47,754,112
				390,339,448
Oil, Gas & Consumable Fuels - 0.3%
Oasis Petroleum Inc.(1)		527,900		16,692,198
FINANCIALS - 6.8%
Capital Markets - 0.8%
Ares Capital Corporation		2,807,309		47,443,522
Commercial Banks - 2.4%
Comerica Incorporated		1,585,760		58,229,107
FirstMerit Corporation		2,322,846		39,627,753
HDFC BANK LIMITED (DR)(2)		272,938		46,383,084
				144,239,944
Consumer Finance - 1.2%
Discover Financial Services		2,997,810		72,307,177
Diversified Financial Services - 2.4%
CME Group Inc., Class A		364,970		110,056,704
MSCI Inc.(1)		961,678		35,408,984
				145,465,688
HEALTHCARE - 17.9%
Biotechnology - 2.4%
Alexion Pharmaceuticals, Inc.(1)		331,500		32,712,420
Incyte Corporation(1)		1,445,982		22,918,815
Regeneron Pharmaceuticals, Inc.(1)		2,011,213		90,383,912
				146,015,147
Health Care Equipment & Supplies - 4.2%
Edwards Lifesciences Corporation(1)		1,399,331		121,741,797
Intuitive Surgical, Inc.(1)		193,317		64,463,487
Masimo Corporation		657,406		21,760,139
St. Jude Medical, Inc.		831,400		42,617,564
				250,582,987
Health Care Technology - 4.6%
athenahealth, Inc.(1)(3)		1,682,715		75,940,928
Cerner Corporation(1)		1,762,285		195,966,092
				271,907,020

11

	Shares Held		Value
HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 4.6%
Agilent Technologies, Inc.(1)		4,123,915	$	184,668,914
Illumina, Inc.(1)		1,322,083		92,638,356
				277,307,270
Pharmaceuticals - 2.1%
Allergan, Inc.		1,759,618		124,968,070
INDUSTRIALS - 17.4%
Aerospace & Defense - 2.9%
Precision Castparts Corp.		1,180,475		173,742,311
Air Freight & Logistics - 1.1%
Expeditors International of Washington, Inc.		1,358,377		68,109,023
Electrical Equipment - 6.6%
Cooper Industries plc		3,053,776		198,190,062
Regal Beloit Corporation		556,786		41,107,510
Roper Industries, Inc.		1,755,305		151,763,670
				391,061,242
Machinery - 4.1%
Gardner Denver, Inc.		1,732,434		135,181,825
PACCAR Inc		1,652,604		86,513,819
SPX Corporation		296,549		23,543,025
				245,238,669
Professional Services - 2.7%
IHS Inc.(1)		1,352,117		120,000,384
Verisk Analytics, Inc., Class A(1)		1,276,827		41,828,853
				161,829,237
INFORMATION TECHNOLOGY - 28.2%
Communications Equipment - 2.5%
Juniper Networks, Inc.(1)		3,567,579		150,123,724
Computers & Peripherals - 1.1%
NetApp, Inc.(1)		1,419,517		68,392,329
Electronic Equipment & Instruments - 3.5%
Trimble Navigation Limited(1)		3,867,979		195,487,659
Universal Display Corporation(1)		248,700		13,688,448
				209,176,107

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Internet Software & Services - 2.8%
GSI Commerce, Inc.(1)		2,200,690	$	64,414,196
MercadoLibre, Inc.		842,863		68,802,907
OpenTable, Inc.(1)		295,566		31,433,444
				164,650,547
IT Services - 2.5%
Booz Allen Hamilton Holding Corporation, Class A(1)		773,165		13,924,702
Cognizant Technology Solutions Corporation, Class A(1)		662,691		53,943,047
Teradata Corporation(1)		1,654,904		83,903,633
				151,771,382
Semiconductors & Semiconductor Equipment - 5.0%
ARM Holdings PLC (DR)(2)		2,788,125		78,541,481
Broadcom Corporation, Class A		1,597,735		62,918,804
Cree, Inc.(1)		624,003		28,803,978
First Solar, Inc.(1)		210,327		33,828,995
Marvell Technology Group Ltd.(1)		1,472,873		22,903,175
Varian Semiconductor Equipment Associates, Inc.(1)		1,476,631		71,867,631
				298,864,064
Software - 10.8%
Adobe Systems Incorporated(1)		777,100		25,768,636
ANSYS, Inc.(1)		2,208,418		119,674,171
Autodesk, Inc.(1)		545,235		24,050,316
Blackboard Inc.(1)		1,383,205		50,127,349
Citrix Systems, Inc.(1)		1,340,518		98,474,452
Concur Technologies, Inc.(1)		689,465		38,230,834
Qlik Technologies Inc.(1)		606,500		15,769,000
Red Hat, Inc.(1)		1,804,233		81,894,136
salesforce.com, inc.(1)		448,111		59,858,667
VanceInfo Technologies Inc. (DR)(1)(2)		1,345,683		42,267,903
VMware, Inc., Class A(1)		1,081,568		88,191,055
				644,306,519
MATERIALS - 0.8%
Metals & Mining - 0.8%
Allegheny Technologies Incorporated		693,581		46,969,305
Total common stocks (Cost $3,570,746,747)				5,646,436,329

12

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $332,066,092(4) (Cost $332,066,000)	$	332,066,000	$	332,066,000
Total investments - 100.1% (Cost $3,902,812,747)				5,978,502,329
Other assets less liabilities - (0.1%)				(3,327,175	)
Total net assets - 100.0%(5)			$	5,975,175,154

⁽¹⁾ Non-income producing security.

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

Security	Country	Trading Currency
ARM Holdings PLC (DR)	United Kingdom	U.S. dollar
Ctrip.com International, Ltd. (DR)	China	U.S. dollar
HDFC BANK LIMITED (DR)	India	U.S. dollar
VanceInfo Technologies Inc. (DR)	China	U.S. dollar

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039		338,707,819

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	984,933,399			16.5	%
Energy		407,031,645			6.8
Financials		409,456,330			6.9
Healthcare		1,070,780,493			17.9
Industrials		1,039,980,482			17.4
Information Technology		1,687,284,674			28.2
Materials		46,969,305			0.8
Total common stocks		5,646,436,329			94.5
Short-term investments		332,066,000			5.6
Total investments		5,978,502,329			100.1
Other assets less liabilities		(3,327,175	)		(0.1	)
Total net assets	$	5,975,175,154			100.0	%

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Cooper Industries plc	United States		3.3	%
Cerner Corporation	United States		3.3
Trimble Navigation Limited	United States		3.3
Agilent Technologies, Inc.	United States		3.1
Precision Castparts Corp.	United States		2.9
Cameron International Corporation	United States		2.8
Roper Industries, Inc.	United States		2.5
Juniper Networks, Inc.	United States		2.5
Fossil, Inc.	United States		2.5
Gardner Denver, Inc.	United States		2.3
Total			28.5	%

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.

13

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited)

	EMERGING MARKETS			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	887,974,954		$	9,476,392,719
Short-term investments (repurchase agreements), at value		20,680,000			235,869,000
Total investments		908,654,954			9,712,261,719
Cash		295			155
Foreign currency		1,405,754			1,199,519
Net unrealized gain on foreign currency forward contracts		-			1,017,973
Receivable from investments sold		514,066			267,619,004
Receivable from fund shares sold		1,613,245			13,528,914
Dividends and interest receivable		2,209,083			27,879,923
Other assets		5,499			465,708
Total assets		914,402,896			10,023,972,915
LIABILITIES:
Net unrealized loss on foreign currency forward contracts		69			-
Payable for investments purchased		6,070,589			86,672,174
Payable for fund shares redeemed		224,950			11,517,303
Payable for operating expenses		208,541			3,562,268
Payable for foreign taxes		532,458			838,272
Payable for deferred directors’ compensation		5,499			465,708
Total liabilities		7,042,106			103,055,725
Total net assets	$	907,360,790		$	9,920,917,190
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	826,318,534		$	10,300,147,333
Net unrealized appreciation on investments and foreign currency related transactions		97,743,550			1,806,499,154
Accumulated undistributed net investment income (loss)		(2,693,259	)		31,863,189
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(14,008,035	)		(2,217,592,486	)
	$	907,360,790		$	9,920,917,190
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares				$	7,389,932,683
Institutional Shares	$	486,616,822		$	2,530,984,507
Advisor Shares	$	420,743,968
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares					329,180,113
Institutional Shares		30,540,831			112,057,503
Advisor Shares		26,353,757
Net asset value, offering price and redemption price per share
Investor Shares				$	22.45
Institutional Shares	$	15.93		$	22.59
Advisor Shares	$	15.97
Cost of securities of unaffiliated issuers held	$	810,583,157		$	7,907,160,918
Cost of foreign currency	$	1,400,099		$	1,198,013

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

14

ARTISAN FUNDS, INC.

Statements of Assets and Liabilities – March 31, 2011 (Unaudited) (Continued)

	INTERNATIONAL VALUE			MID CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	4,044,776,908		$	5,570,495,401
Investments in securities, affiliated, at value		422,297,903			75,940,928
Short-term investments (repurchase agreements), at value		447,201,000			332,066,000
Total investments		4,914,275,811			5,978,502,329
Cash		634			872
Foreign currency		376,886			-
Net unrealized gain on foreign currency forward contracts		7,288,809			-
Receivable from investments sold		8,696,613			21,375,327
Receivable from fund shares sold		5,871,080			12,213,465
Dividends and interest receivable		13,914,036			2,145,744
Other assets		69,628			183,738
Total assets		4,950,493,497			6,014,421,475
LIABILITIES:
Payable for investments purchased		46,452,730			29,711,516
Payable for fund shares redeemed		2,230,932			7,794,268
Payable for operating expenses		863,472			1,556,799
Payable for foreign taxes		498,781			-
Payable for deferred directors’ compensation		69,628			183,738
Total liabilities		50,115,543			39,246,321
Total net assets	$	4,900,377,954		$	5,975,175,154
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	4,172,005,604		$	4,096,054,362
Net unrealized appreciation on investments and foreign currency related transactions		831,602,704			2,075,689,582
Accumulated undistributed net investment loss		(21,547,472	)		(15,731,106	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(81,682,882	)		(180,837,684	)
	$	4,900,377,954		$	5,975,175,154
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	3,764,150,121		$	5,374,310,857
Institutional Shares	$	1,136,227,833		$	600,864,297
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		135,367,777			148,900,776
Institutional Shares		40,851,060			16,110,124
Net asset value, offering price and redemption price per share
Investor Shares	$	27.81		$	36.09
Institutional Shares	$	27.81		$	37.30
Cost of securities of unaffiliated issuers held	$	3,743,151,846		$	3,835,704,234
Cost of securities of affiliated issuers held	$	346,954,051		$	67,108,513
Cost of foreign currency	$	376,074		$	-

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

15

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited)

	EMERGING MARKETS			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	4,543,520		$	89,645,510
Interest		2,901			16,128
Other		-			9,090
Total investment income		4,546,421			89,670,728
EXPENSES:
Advisory fees		3,665,868			46,374,429
Transfer agent fees
Investor Shares					8,072,338
Institutional Shares		9,979			11,256
Advisor Shares		396,160
Shareholder communications
Investor Shares					486,106
Institutional Shares		7,080			17,242
Advisor Shares		15,708
Custodian fees		288,245			1,896,532
Accounting fees		34,447			37,108
Professional fees		31,141			195,055
Registration fees
Investor Shares					118,434
Institutional Shares		20,670			13,634
Advisor Shares		87,964
Directors’ fees		7,307			153,537
Other operating expenses		7,366			127,297
Total operating expenses		4,571,935			57,502,968
Net investment income (loss)		(25,514	)		32,167,760
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		7,405,246			690,307,122
Foreign currency related transactions		(1,837,032	)		(590,884	)
		5,568,214			689,716,238
Net increase in unrealized appreciation or depreciation on:
Investments		32,181,179			232,692,336
Foreign currency related transactions		236,430			802,893
		32,417,609			233,495,229
Net gain on investments and foreign currency related transactions		37,985,823			923,211,467
Net increase in net assets resulting from operations	$	37,960,309		$	955,379,227

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized loss on investments from affiliated issuers
	Emerging Markets	$	390,263	$	-
	International		2,987,856		(923,916	)

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

16

ARTISAN FUNDS, INC.

Statements of Operations – For the Six Months Ended March 31, 2011 (Unaudited) (Continued)

	INTERNATIONAL VALUE		MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	45,981,561	$	17,117,237
Interest		31,372		18,324
Total investment income		46,012,933		17,135,561
EXPENSES:
Advisory fees		19,158,420		25,891,625
Transfer agent fees
Investor Shares		2,862,363		6,183,812
Institutional Shares		10,076		9,824
Shareholder communications
Investor Shares		173,086		244,436
Institutional Shares		9,447		8,313
Custodian fees		433,186		78,969
Accounting fees		34,098		30,122
Professional fees		81,364		81,760
Registration fees
Investor Shares		67,002		59,358
Institutional Shares		26,281		12,353
Directors’ fees		52,322		76,567
Other operating expenses		34,626		56,172
Total operating expenses		22,942,271		32,733,311
Net investment income (loss)		23,070,662		(15,597,750	)
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments(1)		88,571,572		517,452,925
Foreign currency related transactions		556,165		-
		89,127,737		517,452,925
Net increase in unrealized appreciation or depreciation on:
Investments		370,892,302		588,763,268
Foreign currency related transactions		6,657,093		-
		377,549,395		588,763,268
Net gain on investments and foreign currency related transactions		466,677,132		1,106,216,193
Net increase in net assets resulting from operations	$	489,747,794	$	1,090,618,443

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated  issuers
	International Value	$	2,449,828	$	1,346,865
	Mid Cap		18,661		(5,283,043	)

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

17

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets

	EMERGING MARKETS						INTERNATIONAL
	Six Months  Ended 3/31/2011(1)			Year Ended 9/30/2010			Six Months  Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(25,514	)	$	3,574,960		$	32,167,760		$	90,536,270
Net realized gain (loss) on:
Investments		7,405,246			9,711,870			690,307,122			(67,630,198	)
Foreign currency related transactions		(1,837,032	)		(1,401,436	)		(590,884	)		(3,039,027	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		32,181,179			43,790,024			232,692,336			224,421,663
Foreign currency related transactions		236,430			(483,849	)		802,893			1,804,497
Net increase in net assets resulting from operations		37,960,309			55,191,569			955,379,227			246,093,205
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares								(61,274,468	)		(94,522,015	)
Institutional Shares		(3,345,019	)		(988,454	)		(26,488,599	)		(34,565,734	)
Advisor Shares		(1,834,920	)		(508,663	)
Net realized gains on investment transactions:
Investor Shares								-			-
Institutional Shares		-			-			-			-
Advisor Shares		-			-
Total distributions paid to shareholders		(5,179,939	)		(1,497,117	)		(87,763,067	)		(129,087,749	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		354,784,388			311,692,460			(595,367,879	)		(1,096,191,271	)
Total increase (decrease) in net assets		387,564,758			365,386,912			272,248,281			(979,185,815	)
Net assets, beginning of period		519,796,032			154,409,120			9,648,668,909			10,627,854,724
Net assets, end of period	$	907,360,790		$	519,796,032		$	9,920,917,190		$	9,648,668,909
Accumulated undistributed net investment income (loss)	$	(2,693,259	)	$	2,512,194		$	31,863,189		$	87,458,496

⁽¹⁾  Unaudited.

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

18

ARTISAN FUNDS, INC.

Statements of Changes in Net Assets (Continued)

	INTERNATIONAL VALUE						MID CAP
	Six Months  Ended 3/31/2011(1)			Year Ended 9/30/2010			Six Months  Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	23,070,662		$	36,644,861		$	(15,597,750	)	$	(32,865,037	)
Net realized gain (loss) on:
Investments		88,571,572			(19,658,432	)		517,452,925			94,003,462
Foreign currency related transactions		556,165			(904,711	)		-			-
Net increase in unrealized appreciation or depreciation on:
Investments		370,892,302			263,314,758			588,763,268			818,286,600
Foreign currency related transactions		6,657,093			715,584			-			-
Net increase in net assets resulting from operations		489,747,794			280,112,060			1,090,618,443			879,425,025
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(39,444,683	)		(34,819,928	)		-			-
Institutional Shares		(12,500,865	)		(7,409,299	)		-			-
Net realized gains on investment transactions:
Investor Shares		-			-			-			-
Institutional Shares		-			-			-			-
Total distributions paid to shareholders		(51,945,548	)		(42,229,227	)		-			-
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		1,124,861,626			1,080,085,597			6,875,330			(144,809,327	)
Total increase in net assets		1,562,663,872			1,317,968,430			1,097,493,773			734,615,698
Net assets, beginning of period		3,337,714,082			2,019,745,652			4,877,681,381			4,143,065,683
Net assets, end of period	$	4,900,377,954		$	3,337,714,082		$	5,975,175,154		$	4,877,681,381
Accumulated undistributed net investment income (loss)	$	(21,547,472	)	$	7,327,414		$	(15,731,106	)	$	(133,356	)

⁽¹⁾  Unaudited.

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

19

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period

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

	ARTISAN EMERGING MARKETS FUND
	Institutional Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006(2)
Net Asset Value Beginning of Period	$	15.23		$	13.02		$	11.15		$	16.71		$	11.15		$	10.00
Net Investment Income(3)		0.01			0.17			0.09			0.18			0.09			0.03
Net Realized and Unrealized Gain (Loss) on Investments		0.83			2.15			1.91			(5.41	)		5.81			1.12
Total Income (Loss) from Investment Operations		0.84			2.32			2.00			(5.23	)		5.90			1.15
Dividends from Net Investment Income		(0.14	)		(0.11	)		(0.12	)		(0.01	)		(0.03	)		-
Distributions from Net Realized Gains		-			-			(0.01	)		(0.32	)		(0.31	)		-
Total Distributions		(0.14	)		(0.11	)		(0.13	)		(0.33	)		(0.34	)		-
Net Asset Value End of Period	$	15.93		$	15.23		$	13.02		$	11.15		$	16.71		$	11.15
Total Return(4)		5.54	%		17.94	%		18.66	%		(31.91	)%		53.99	%		11.50	%
Net Assets End of Period (millions)	$	486.6		$	284.2		$	104.0		$	69.8		$	18.4		$	5.9
Ratio of Expenses to Average Net Assets(5)(6)		1.17	%		1.31	%		1.50	%		1.50	%		1.44	%		1.40	%
Ratio of Net Investment Income to Average Net Assets(5)(6)		0.12	%		1.25	%		1.02	%		1.17	%		0.67	%		1.07	%
Portfolio Turnover Rate(4)		15.15	%		25.89	%		56.88	%		42.24	%		71.28	%		24.26	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  For the period from commencement of operations (June 26, 2006) through September 30, 2006.

⁽³⁾  Computed based on average shares outstanding.

⁽⁴⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁵⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁶⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by Artisan Partners Limited Partnership (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
	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	)%

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

20

ARTISAN FUNDS, INC.

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

	ARTISAN INTERNATIONAL FUND
	Institutional Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	20.72		$	20.29		$	20.51		$	33.99		$	28.92		$	24.54
Net Investment Income(2)		0.09			0.22			0.28			0.42			0.37			0.22
Net Realized and Unrealized Gain (Loss) on Investments		2.01			0.49			0.46			(9.16	)		7.52			4.62
Total Income (Loss) from Investment Operations		2.10			0.71			0.74			(8.74	)		7.89			4.84
Dividends from Net Investment Income		(0.23	)		(0.28	)		(0.26	)		(0.27	)		(0.49	)		(0.46	)
Distributions from Net Realized Gains		-			-			(0.70	)		(4.47	)		(2.33	)		-
Total Distributions		(0.23	)		(0.28	)		(0.96	)		(4.74	)		(2.82	)		(0.46	)
Net Asset Value End of Period	$	22.59		$	20.72		$	20.29		$	20.51		$	33.99		$	28.92
Total Return(3)		10.19	%		3.54	%		5.25	%		(29.83	)%		28.99	%		20.07	%
Net Assets End of Period (millions)	$	2,531.0		$	2,353.9		$	2,912.7		$	3,043.8		$	5,049.3		$	4,116.0
Ratio of Expenses to Average Net Assets(4)		0.98	%		0.98	%		0.99	%		0.98	%		0.98	%		1.00	%
Ratio of Net Investment Income to Average Net Assets(4)		0.81	%		1.10	%		1.76	%		1.50	%		1.22	%		0.82	%
Portfolio Turnover Rate(3)		34.51	%		70.51	%		82.38	%		54.42	%		66.30	%		57.80	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

21

ARTISAN FUNDS, INC.

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

	ARTISAN INTERNATIONAL VALUE FUND
	Institutional Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	24.76		$	22.83		$	21.22		$	28.53		$	26.71
Net Investment Income(2)		0.17			0.36			0.21			0.52			0.41
Net Realized and Unrealized Gain (Loss) on Investments		3.28			2.02			1.66			(5.58	)		3.14
Total Income (Loss) from Investment Operations		3.45			2.38			1.87			(5.06	)		3.55
Dividends from Net Investment Income		(0.40	)		(0.45	)		(0.26	)		(0.58	)		(0.45	)
Distributions from Net Realized Gains		-			-			-			(1.67	)		(1.28	)
Total Distributions		(0.40	)		(0.45	)		(0.26	)		(2.25	)		(1.73	)
Net Asset Value End of Period	$	27.81		$	24.76		$	22.83		$	21.22		$	28.53
Total Return(3)		13.94	%		10.66	%		9.14	%		(18.92	)%		13.48	%
Net Assets End of Period (millions)	$	1,136.2		$	649.6		$	280.2		$	186.1		$	218.9
Ratio of Expenses to Average Net Assets(4)		0.98	%		1.01	%		1.04	%		1.03	%		1.06	%
Ratio of Net Investment Income to Average Net Assets(4)		1.28	%		1.57	%		1.17	%		2.10	%		1.47	%
Portfolio Turnover Rate(3)		16.73	%		21.02	%		55.49	%		44.72	%		45.60	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

22

ARTISAN FUNDS, INC.

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

	ARTISAN MID CAP FUND
	Institutional Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008			9/30/2007			9/30/2006
Net Asset Value Beginning of Period	$	30.50		$	25.00		$	24.71		$	37.78		$	32.24		$	31.21
Net Investment Loss(2)		(0.06	)		(0.14	)		(0.06	)		(0.14	)		(0.16	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments		6.86			5.64			0.63			(7.03	)		9.17			2.46
Total Income (Loss) from Investment Operations		6.80			5.50			0.57			(7.17	)		9.01			2.36
Dividends from Net Investment Income		-			-			-			-			-			-
Distributions from Net Realized Gains		-			-			(0.28	)		(5.90	)		(3.47	)		(1.33	)
Total Distributions		-			-			(0.28	)		(5.90	)		(3.47	)		(1.33	)
Net Asset Value End of Period	$	37.30		$	30.50		$	25.00		$	24.71		$	37.78		$	32.24
Total Return(3)		22.30	%		22.00	%		2.77	%		(22.23	)%		30.17	%		7.66	%
Net Assets End of Period (millions)	$	600.9		$	502.4		$	454.5		$	537.2		$	785.4		$	797.9
Ratio of Expenses to Average Net Assets(4)		0.96	%		0.96	%		0.97	%		0.95	%		0.95	%		0.95	%
Ratio of Net Investment Loss to Average Net Assets(4)		(0.33	)%		(0.51	)%		(0.32	)%		(0.46	)%		(0.47	)%		(0.31	)%
Portfolio Turnover Rate(3)		27.51	%		63.46	%		68.39	%		79.76	%		71.04	%		73.59	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

⁽²⁾  Computed based on average shares outstanding.

⁽³⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁴⁾  Periods less than twelve months (where applicable) are annualized.

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

23

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2011 (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. Effective July 1, 2011, Artisan Funds, Inc. will change its name to Artisan Partners Funds, Inc. but will continue to do business as Artisan Funds. 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.

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”).

(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

24

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 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. Short-term investments, other than repurchase agreements, maturing within sixty days from the valuation date were valued at amortized cost, which approximates market value.

Exchange traded option contracts were valued at the last sale or official closing price on the exchange where an option is principally traded or, if no sales or closing prices are available, at the mean of the most recent bid and ask quotation on the principal exchange.

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

Emerging Markets Fund, 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.

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

25

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 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 each Fund would receive upon

26

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks, etc. Securities primarily traded outside the U.S., whose values were adjusted as a result of significant market movements, are classified as level 2.)

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

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

The following table summarizes each Fund’s investments, based on the inputs used to determine their fair values as of March 31, 2011:

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Emerging Markets
Equity Securities(1)	$	887,974,954	$	-	$	-	$	887,974,954
Repurchase Agreements		-		20,680,000		-		20,680,000
Total	$	887,974,954	$	20,680,000	$	-	$	908,654,954
International
Equity Securities(1)	$	9,476,392,719	$	-	$	-	$	9,476,392,719
Repurchase Agreements		-		235,869,000		-		235,869,000
Total	$	9,476,392,719	$	235,869,000	$	-	$	9,712,261,719
International Value
Equity and Equity-Linked Securities(1):
Americas	$	883,568,384	$	-	$	-	$	883,568,384
Emerging Markets		41,620,868		-		-		41,620,868
Europe		2,873,665,833		92,429,790		-		2,966,095,623
Pacific Basin		575,789,936		-		-		575,789,936
Repurchase Agreements		-		447,201,000		-		447,201,000
Total Investment in Securities		4,374,645,021		539,630,790		-		4,914,275,811

27

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Derivatives:
Foreign Currency Forward Contracts(2)		-		7,109,243		-		7,109,243
Total	$	4,374,645,021	$	546,740,033	$	-	$	4,921,385,054
Mid Cap
Equity Securities(1)	$	5,646,436,329	$	-	$	-	$	5,646,436,329
Repurchase Agreements		-		332,066,000		-		332,066,000
Total	$	5,646,436,329	$	332,066,000	$	-	$	5,978,502,329
(1) See Fund’s Schedule of Investments for sector or country classification.
(2) Derivative instruments are valued at unrealized appreciation (depreciation).

As of March 31, 2011, there were no significant transfers between Level 1, Level 2, and Level 3 securities.

(c) Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the 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 (fiscal years 2007 through 2010) and have concluded that as of March 31, 2011, 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 “Net realized gain (loss) on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, including withholding taxes on foreign dividends, is included in “Payable for foreign 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 regulations. 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, payables and receivables for

28

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using a current spot market rate of exchange 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 contracts to facilitate the purchase and sale of non-U.S. securities. These foreign currency contracts generally settle within three 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. As of March 31, 2011, International Value had outstanding foreign currency contracts, as shown on the Schedule of Investments, to hedge against foreign currency exchange rate risk on non-U.S. dollar denominated investment securities. Foreign currency forward contracts were recorded at market value and any related realized and unrealized gains and losses were reported as foreign currency related transactions for financial reporting purposes. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss. The Funds could be exposed to loss if the counterparties fail to perform under these contracts.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized from the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from 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) Equity-linked participation certificates – Emerging Markets Fund, International Fund, and International Value Fund may invest in equity-linked participation certificates.

29

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

(i) 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 for the period ended March 31, 2011 as follows:

Emerging Markets	$	-
International		52,261
International Value		38,882
Mid Cap		82,017

(j) 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.

(k) 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.

(l) 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.

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%

30

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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) Derivative Transactions:

The fair value of derivative instruments as reported within the Statements of Assets and Liabilities as of March 31, 2011 was as follows:

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	7,109,243

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2011 was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
International Value	Foreign currency forward contracts	Net realized gain (loss) on foreign currency related transactions	$	221,059

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
International Value	Foreign currency forward contracts	Net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions	$	7,109,243

Volume of derivative activity

For the period ended March 31, 2011, International Value Fund held and closed out of one foreign currency forward contract in addition to the foreign currency forward contracts that are presented in the Schedule of Investments.

(4) Transactions with affiliates:

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

Emerging Markets Fund

Average Daily Net Assets	Annual Rate
All		1.050	%

31

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Prior to April 1, 2011, each director who was not an affiliated person of the Adviser received an annual retainer of $180,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increased 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, 2011, each director who was not an affiliated person of the Adviser receives an annual retainer of $200,000, payable quarterly, which will increase by $10,000 with each new series of Artisan Funds. The additional annual retainer fees for the non-interested chair of the board of directors and each non-interested chair of a board committee were not changed from the prior period. 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 the Artisan Funds as selected by the individual directors. Each Fund purchased shares of the Artisan Funds selected for deferral by the director in amounts equal to his investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statement of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

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.

32

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(5) 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 2011, under which each Fund may borrow up $75 million, provided that such borrowing does not exceed the least of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the loan, (b) the maximum amount the Fund may borrow under the applicable law, (c) the limitations included in the Fund’s prospectus, or (d) any limitations on borrowings in any agreement with any governmental authority or regulator; 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 0.125% on the unused portion of the line of credit and interest was charged on any borrowings at the current Federal Funds rate plus 1.25%. SSB has agreed to waive 0.025% of the commitment fee by reducing the Funds’ custody expenses. The commitment fee and the related waiver are allocated to each Fund based on net assets. 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, 2011, there were no borrowings under the line of credit for Emerging Markets Fund, International Fund, International Value Fund or Mid Cap Fund.

(6) 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, 2011 were as follows:

Fund	Security Purchases		Security Sales
Emerging Markets	$	454,819,199	$	102,555,587
International		3,338,155,525		4,271,995,369
International Value		1,534,137,647		621,783,363
Mid Cap		1,449,673,877		1,673,568,741

(7) 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, 2011. 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, 2011.

		As of 9/30/10						Net Realized Gain (Loss)					As of 3/31/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
International
	E-Commerce China Dangdang, Inc., Class A (DR)(2)(3)(5)		-	$	30,193,583	$	5,338,532	$	(923,916	)	$	-		890,204	$	18,364,909
	Total(4)			$	30,193,583	$	5,338,532	$	(923,916	)	$	-			$	-

33

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/10						Net Realized Gain (Loss)					As of 3/31/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
International Value
	Arch Capital Group Ltd.(2)		1,543,774	$	32,547,657	$	8,253,801	$	589,803		$	-		1,810,188	$	179,552,548
	ICON PLC (DR)(2)(5)		-		48,081,355		-		-			-		2,321,186		50,114,406
	Qinetiq Group PLC(2)		41,112,031		32,705,362		-		-			-		57,578,829		112,411,745
	Savills Plc		8,553,847		6,208,738		3,325,476		195,934			-		9,065,083		52,075,613
	Signet Jewelers Ltd.(2)(3)		4,397,187		10,573,483		21,782,181		561,627			-		4,061,955		186,931,169
	Unihair Co., Ltd.(5)		1,956,400		6,267,457		1,396,697		(499	)		-		2,410,900		28,143,591
	Total(4)			$	136,384,052	$	34,758,155	$	1,346,865		$	-			$	422,297,903
Mid Cap
	athenahealth, Inc.(2)		1,680,000	$	2,184,392	$	1,854,446	$	266,146		$	-		1,682,715	$	75,940,928
	GSI Commerce, Inc.(2)(3)		3,010,400		4,546,779		25,430,466		(5,549,189	)		-		2,200,690		64,414,196
	Total(4)			$	6,731,171	$	27,284,912	$	(5,283,043	)	$	-			$	75,940,928

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

⁽²⁾  Non-income producing security.

⁽³⁾  Issuer was no longer an affiliate as of March 31, 2011.

⁽⁴⁾  Total value as of March 31, 2011 is presented for only those issuers that were affiliates as of March 31, 2011.

⁽⁵⁾  Issuer was not an affiliate as of September 30, 2010.

(8) 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, 2011 was as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	822,697,981	$	110,613,024	$	(24,656,051	)	$	85,956,973
International		7,973,658,416		1,847,830,795		(109,227,492	)		1,738,603,303
International Value		4,183,856,078		752,537,898		(22,118,165	)		730,419,733
Mid Cap		3,917,331,794		2,092,846,424		(31,675,889	)		2,061,170,535

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).

34

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, 2011 and the year ended September 30, 2010 were as follows:

	Six Months Ended 3/31/11				Year Ended 9/30/10
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Emerging Markets	$	5,179,939	$	-	$	1,497,117	$	-
International		87,763,067		-		129,087,749		-
International Value		51,945,548		-		42,229,227		-
Mid Cap		-		-		-		-

The classification of the distributions made through March 31, 2011 for federal income tax purposes are preliminary; final classification of the distributions will be determined as of each Fund’s fiscal year end.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of U.S. generally accepted accounting principles for such items as net short-term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and post-October losses. Gains on redemptions-in-kind for Mid Cap Fund of $78,602,979 were included in net realized gain (loss) on investments in the Statement of Operations for the period ended March 31, 2011, and were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2010 follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses
Emerging Markets	$	4,825,565	$	-	$	-
International		87,734,055		-		186,125,712
International Value		31,175,089		-		14,002,705
Mid Cap		-		-		46,910,687

As of September 30, 2010, the Funds had capital loss carryovers as follows:

	Expiring 2017		Expiring 2018		Total
Emerging Markets	$	4,542,143	$	6,358,806	$	10,900,949
International		846,687,411		1,780,663,697		2,627,351,108
International Value		21,273,231		98,466,874		119,740,105
Mid Cap		133,629,309		501,610,833		635,240,142

35

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(9) Fund share activities:

Capital share transactions for the Funds were as follows:

	EMERGING MARKETS						INTERNATIONAL
Six Months ended March 31, 2011	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	183,670,857		$	189,335,569		$	605,249,952		$	102,644,605
Net asset value of shares issued in reinvestment of dividends and distributions		3,270,228			1,763,497			54,788,200			25,400,368
Cost of shares redeemed(1)		(2,439,048	)		(20,816,715	)		(1,218,957,656	)		(164,493,348	)
Net increase (decrease) from fund share transactions	$	184,502,037		$	170,282,351		$	(558,919,504	)	$	(36,448,375	)
Shares sold		11,829,702			12,105,319			27,630,056			4,689,740
Shares issued in reinvestment of dividends and distributions		208,694			112,253			2,556,612			1,178,671
Shares redeemed		(160,929	)		(1,324,547	)		(55,686,066	)		(7,426,014	)
Net increase (decrease) in capital shares		11,877,467			10,893,025			(25,499,398	)		(1,557,603	)
	EMERGING MARKETS						INTERNATIONAL
Year ended September 30, 2010	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	173,420,897		$	177,492,508		$	1,714,558,253		$	254,936,522
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)		(23,531,254	)		(17,173,168	)		(2,313,012,514	)		(871,512,807	)
Net increase (decrease) from fund share transactions	$	150,873,350		$	160,819,110		$	(512,547,771	)	$	(583,643,500	)
Shares sold		12,304,761			12,812,565			87,169,342			12,936,483
Shares issued in reinvestment of dividends and distributions		73,686			37,352			4,233,932			1,614,352
Shares redeemed		(1,700,418	)		(1,260,856	)		(119,470,363	)		(44,484,274	)
Net increase (decrease) in capital shares		10,678,029			11,589,061			(28,067,089	)		(29,933,439	)
	INTERNATIONAL VALUE						MID CAP
Six Months ended March 31, 2011	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	977,460,144		$	412,467,997		$	632,119,853		$	18,112,900
Net asset value of shares issued in reinvestment of dividends and distributions		32,184,397			11,351,575			-			-
Cost of shares redeemed(1)		(277,300,826	)		(31,301,661	)		(610,604,764	)		(32,752,659	)
Net increase (decrease) from fund share transactions	$	732,343,715		$	392,517,911		$	21,515,089		$	(14,639,759	)
Shares sold		35,811,633			15,339,445			19,020,056			560,720
Shares issued in reinvestment of dividends and distributions		1,197,336			422,463			-			-
Shares redeemed		(10,293,727	)		(1,139,938	)		(18,180,387	)		(925,148	)
Net increase (decrease) in capital shares		26,715,242			14,621,970			839,669			(364,428	)

See notes on page 37.

36

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE						MID CAP
Year ended September 30, 2010	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	1,211,662,210		$	330,197,912		$	744,135,004		$	19,299,101
Net asset value of shares issued in reinvestment of dividends and distributions		31,364,232			5,318,821			-			-
Cost of shares redeemed(1)		(483,111,162	)		(15,346,416	)		(842,511,453	)		(65,731,979	)
Net increase (decrease) from fund share transactions	$	759,915,280		$	320,170,317		$	(98,376,449	)	$	(46,432,878	)
Shares sold		52,013,751			14,377,757			28,632,435			694,723
Shares issued in reinvestment of dividends and distributions		1,378,042			233,794			-			-
Shares redeemed		(20,943,757	)		(655,580	)		(32,462,368	)		(2,402,397	)
Net increase (decrease) in capital shares		32,448,036			13,955,971			(3,829,933	)		(1,707,674	)

⁽¹⁾  Net of redemption fees of:

Fund	3/31/2011		9/30/2010
Emerging Markets - Institutional Shares	$	10,952	$	1,851
Emerging Markets - Advisor Shares		9,493		1,609
International - Investor Shares		169,839		527,683
International - Institutional Shares		57,122		167,725
International Value - Investor Shares		120,555		323,433
International Value - Institutional Shares		35,541		70,638

(10) Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.

37

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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, 2010 to March 31, 2011.

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, 2011 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 10/1/2010		Ending Account Value 3/31/2011		Expenses Paid During Period 10/1/2010-3/31/2011(1)
Artisan Emerging Markets Fund - Institutional Shares
Actual	$	1,000.00	$	1,054.50	$	7.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.39
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	1,101.90	$	5.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	1,139.40	$	5.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94

See notes on page 39.

38

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2010		Ending Account Value 3/31/2011		Expenses Paid During Period 10/1/2010-3/31/2011(1)
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	1,223.00	$	5.32
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, 2011 (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, 2011
Artisan Emerging Markets Fund - Institutional Shares		1.17	%
Artisan International Fund - Institutional Shares		0.98	%
Artisan International Value Fund - Institutional Shares		0.98	%
Artisan Mid Cap Fund - Institutional Shares		0.96	%

39

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 (Growth Opportunities Fund); February 9, 2006, as amended December 1, 2010 (Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (each, an “Advisory Agreement” and together, the “Advisory Agreements”). The investment advisory and sub-advisory agreements for Global Equity Fund dated February 9, 2010 continue through November 30, 2011, and so were not considered at the meetings described below. 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 28, 2010 (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, 2010 through November 30, 2011. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints. The directors were also presented with a related proposal to lower the investment advisory fee schedule applicable to Value Fund.

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

40

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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 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. In the case of Value Fund, Artisan Partners provided an additional report prepared by Lipper showing how the Fund would compare to its current peer group if the proposed lower advisory fee schedule had been in place. 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 structure for 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

41

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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 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

42

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

• Potential conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including: the type and number of other clients served by Artisan Partners; the basis of sharing personnel, services, research and advice among clients; the basis of decisions to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; the basis of allocating purchases and sales of the same security, including initial public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; Artisan Partners’ investments on its own behalf and possible conflicts with the Funds; Artisan Partners’ code of ethics; and Artisan Partners’ proxy voting policies.

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented.

On November 8, 2010, the independent directors again met separately with their independent counsel to review and discuss relevant information regarding the continuation of the Advisory Agreements and the information presented and discussed at the Special Meeting. The directors concluded their annual Advisory Agreement review at a regularly scheduled meeting on November 9, 2010. At the November 9th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and the November 8th 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 8th and 9th meetings provided a strong basis for considering the continuation of the Advisory Agreements (as amended in the case of Value Fund). 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, 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, and Growth Opportunities 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 over the long-term appeared favorable.

The cost of services to be provided and profits to be realized by Artisan Partners. The directors concluded that the Funds’ overall expense ratios are competitive and demonstrate

43

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners’ history of effective management of the Funds’ business and affairs. It was also concluded that reductions in the investment advisory fee schedule applicable to Value Fund would further enhance the competitiveness of the Fund’s expense ratio. The directors concluded that the costs of services provided by Artisan Partners and the profits realized are reasonable in relation to the nature and quality of the services provided and in comparison to the fees charged by mutual funds considered by Lipper to be within the same peer category or universe.

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund have appropriately benefited from economies of scale under the management fee structures in the Advisory Agreements. The directors concluded that the shareholders of each of Global Value Fund and Growth Opportunities Fund are expected to benefit from economies of scale as soon as each Fund’s assets reach the level at which the Fund will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreements. The directors also concluded that shareholders of Value Fund would benefit from economies of scale under the management fee structure in the Advisory Agreement due to reductions in the investment advisory fee schedule proposed by Artisan Partners and approved by the Board. It was also concluded that Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund, because the Fund 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.

Comparison of the services to be rendered and the amounts to be paid under the investment advisory agreement with those under other investment advisory agreements. 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 the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients.

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, 2011 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

44

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, 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.

45

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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.

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

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.

46

ARTISAN FUNDS P.O. BOX 8412 BOSTON, MA 02266-8412   800.399.1770

SEMIANNUAL

REPORT

MARCH 31, 2011

ARTISAN EMERGING MARKETS FUND

ARTISAN FUNDS

ADVISOR SHARES

TABLE OF CONTENTS

2	SCHEDULE OF INVESTMENTS
5	STATEMENT OF ASSETS AND LIABILITIES
6	STATEMENT OF OPERATIONS
7	STATEMENT OF CHANGES IN NET ASSETS
8	FINANCIAL HIGHLIGHTS
9	NOTES TO FINANCIAL STATEMENTS

19	SHAREHOLDER EXPENSE EXAMPLE
20	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
25	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
26	PROXY VOTING POLICIES AND PROCEDURES
27	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

Effective July 1, 2011, Artisan Funds, Inc. will change its name to Artisan Partners Funds, Inc. but will continue to do business as Artisan Funds.

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.

Artisan Funds offered through Artisan Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2011 (Unaudited)

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.8%
BRAZIL - 19.5%
Banco do Brasil S.A.(1)(2)		107,980	$	1,954,374
Banco do Brasil S.A.		274,300		4,964,668
BM&F BOVESPA SA		1,540,900		11,184,066
BR Properties SA		524,000		5,504,303
Companhia Energetica de Minas Gerais- CEMIG, Preferred(3)		385,071		7,356,362
Companhia Vale do Rio Doce		924,262		30,202,050
Empresa Brasileira de Aeronautica S.A.		831,200		6,872,998
Fibria Celulose S.A.(4)		482,200		7,782,421
Fleury SA		448,561		6,662,545
Hypermarcas SA(4)		929,800		12,301,277
Julio Simoes Logistica SA(1)(2)(4)		293,100		1,775,493
Julio Simoes Logistica SA(4)		424,200		2,569,650
Magnesita Refratarios SA(4)		857,700		4,517,943
PDG Realty SA Empreendimentos e Participacoes		1,034,500		5,804,073
Petroleo Brasileiro S.A.		1,991,845		39,796,640
Randon SA Implementos e Participacoes, Preferred(3)		752,100		5,136,383
SLC Agricola SA		385,316		5,413,989
Tim Participacoes S.A., Preferred(3)		1,277,120		5,483,485
Totvs SA		378,000		7,258,322
Wilson Sons Limited (DR)		269,921		4,384,470
				176,925,512
CHILE - 0.8%
Empresa Nacional de Telecomunicaciones S.A.		445,383		7,282,406
CHINA - 13.7%
Ajisen China Holdings Limited		5,459,913		10,528,787
Chaoda Modern Agriculture (Holdings) Limited		10,418,536		6,482,662
China High Precision Automation Group Ltd.		8,369,000		6,068,118
China Mobile Limited		1,819,000		16,755,224
China Rongsheng Heavy Industries Group Holdings Limited(4)		6,444,000		5,608,485
China Yurun Food Group Limited		1,772,000		5,957,126
Digital China Holdings Limited		2,372,000		4,513,129
GOME Electrical Appliances Holdings Limited(4)		31,744,587		11,141,244
Huabao International Holdings Limited		10,769,576		16,614,268

		Shares Held		Value
CHINA (CONTINUED)
Mindray Medical International Limited, Class A (DR)(4)			253,802	$	6,395,810
Noah Holdings Ltd. (DR)(4)			414,826		6,068,904
Springland International Holdings Ltd.(4)			7,729,000		5,832,608
Tingyi (Cayman Islands) Holding Corporation			3,764,300		9,243,128
Zhuzhou CSR Times Electric Co., Ltd., H Shares			3,415,200		12,995,985
					124,205,478
COLOMBIA - 0.5%
Grupo de Inversiones Suramericana			246,222		4,891,549
EGYPT - 1.0%
Commercial International Bank Egypt SAE(4)			728,526		4,029,233
Egyptian Financial Group-Hermes Holding			1,235,270		4,551,813
Talaat Moustafa Group(4)			681,937		535,526
					9,116,572
HONG KONG - 0.7%
AIA Group Ltd.(4)			2,202,200		6,780,530
HUNGARY - 0.8%
MOL Hungarian Oil and Gas Nyrt., Class A(4)			58,384		7,463,412
INDIA - 4.8%
Cairn India Ltd.(4)			1,345,400		10,581,882
India Cements Limited			2,658,072		5,722,052
Nagarjuna Construction Company Ltd.			2,785,858		6,321,983
Power Finance Corporation			1,353,137		7,613,008
Reliance Infrastructure Ltd.			447,305		7,053,366
Welspun Corporation Ltd.			1,365,565		6,308,025
					43,600,316
INDONESIA - 3.9%
Indofood CBP Sukses Makmur TBK PT(4)	��		7,126,000		4,337,387
PT Astra International Tbk			1,818,500		11,904,048
PT Bank Negara Indonesia Tbk			20,336,018		9,283,454
PT Gudang Garam Tbk			872,000		4,191,008
PT Telekomunikasi Indonesia, Series B			6,560,885		5,538,042
					35,253,939
ITALY - 0.9%
Tenaris S.A. (DR)			167,369		8,278,071
KAZAKSTAN - 0.9%
KazMunaiGas Exploration Production (DR)			345,711		7,778,497

2

	Shares Held		Value
KOREA - 10.5%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		269,514	$	8,365,880
KB Financial Group, Inc.		162,442		8,514,896
LG Electronics Inc.		94,262		9,022,754
LOCK&LOCK CO., LTD.		105,720		3,686,394
MegaStudy Co., Ltd.		26,977		4,153,713
Samsung Electronics Co., Ltd.		49,075		41,695,519
Shinhan Financial Group Co., Ltd.		250,097		11,365,455
Shinsegae Co., Ltd.		35,940		8,551,292
				95,355,903
MEXICO - 6.8%
America Movil SAB de C.V., Series L		6,587,344		19,156,517
Bolsa Mexicana de Valores SA		2,254,327		4,745,772
Genomma Lab Internacional SA(4)		2,931,346		6,629,412
Grupo Financiero Banorte S.A. de C.V., O Shares		1,849,823		8,709,111
Grupo Televisa S.A., Series CPO (4)		1,666,659		8,202,667
OHL Mexico SAB de CV (4)		3,580,724		6,607,863
Urbi, Desarrollos Urbanos, S.A. de C.V.(4)		3,101,286		7,209,292
				61,260,634
POLAND - 0.8%
Polski Koncern Naftowy Orlen S.A. (4)		399,812		7,413,052
RUSSIA - 6.2%
Eurasia Drilling Company Ltd. (DR)		149,028		5,066,952
Eurasia Drilling Company Ltd., 144A (DR)		26,670		906,780
Globaltrans Investment PLC (DR)		382,391		7,032,170
LSR Group O.J.S.C. (DR)		642,975		6,159,700
LUKOIL (DR)		214,111		15,341,053
Magnitogorsk Iron & Steel Works (DR)		828,402		12,119,521
Mobile TeleSystems (DR)		473,460		10,051,556
				56,677,732
SOUTH AFRICA - 8.0%
ABSA Group Limited		457,017		9,218,030
African Bank Investments Limited		1,301,753		7,285,199
Harmony Gold Mining Company Limited		647,059		9,496,894
Impala Platinum Holdings Limited		555,477		16,072,294
Mondi Limited		816,458		8,001,650
Mr. Price Group Limited		844,224		7,643,565
MTN Group Limited		743,186		15,003,239
				72,720,871
SWEDEN - 0.9%
Alliance Oil Company Ltd. (DR)(4)		416,912		7,939,420
TAIWAN - 10.6%
Cathay Financial Holding Co., Ltd.		3,853,356		6,361,874
Chinatrust Financial Holding Company Ltd.		8,938,299		7,598,914
E Ink Holdings Inc.(4)		5,676,000		9,178,032

	Shares Held		Value
TAIWAN (CONTINUED)
Far Eastern Textile Ltd.		4,613,091	$	7,129,886
Hon Hai Precision Industry Co., Ltd.		3,830,656		13,417,359
HTC Corporation		446,620		17,465,968
MediaTek Incorporation		762,794		8,767,598
Taiwan Fertilizer Co., Ltd.		2,256,000		6,636,084
Taiwan Semiconductor Manufacturing Company Ltd.		8,365,647		20,084,494
				96,640,209
THAILAND - 1.3%
Bangkok Bank Public Company Limited (DR)		1,335,600		7,595,411
Bumrungrad Hospital Public Company Limited (DR)		3,128,000		3,930,038
				11,525,449
TURKEY - 3.9%
Bizim Toptan Satis Magazalari AS (4)		269,169		5,491,288
Cimsa Cimento Sanayi ve Ticaret A.S.		637,764		4,192,419
Emlak Konut Gayrimenkul Yatirim (3)		3,620,980		6,238,015
Ford Otomotiv Sanayi A.S.		702,773		6,713,450
Turk Ekonomi Bankasi A.S.		3,720,246		5,180,227
Turkiye Sinai Kalkinma Bankasi A.S.		4,504,055		7,876,007
				35,691,406
UNITED ARAB EMIRATES - 0.5%
Air Arabia		20,289,534		4,198,501
UNITED KINGDOM - 0.8%
Antofagasta plc		319,491		6,975,495
Total common and preferred stocks (Cost $789,903,157)				887,974,954
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/31/11, due 4/1/11, maturity value $20,680,006(5) (Cost $20,680,000)	$	20,680,000		20,680,000
Total investments - 100.1% (Cost $810,583,157)				908,654,954
Other assets less liabilities - (0.1%)				(1,294,164	)
Total net assets - 100.0% (6)			$	907,360,790

⁽¹⁾  The shares of Banco do Brasil S.A. and Julio Simoes Logistica SA were acquired in a private placement and are restricted. The shares of Banco do Brasil S.A. and Julio Simoes Logistica SA are freely tradeable outside the United States, where the Fund expects to trade them.

3

Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Banco do Brasil S.A.		7/1/2010	$	1,477,126	$	1,954,374		0.2	%
Julio Simoes Logistica SA		4/20/2010		1,338,815		1,775,493		0.2	%
					$	3,729,867		0.4	%

⁽²⁾  Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds, Inc. In total, the value of securities determined to be illiquid were $3,729,867, or 0.4% of total net assets.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Non-income producing security.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.375	%		11/15/2039	$	21,098,418

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	88,156,201			9.7	%
Consumer Staples		61,969,157			6.8
Energy		110,565,759			12.2
Financials		158,050,339			17.4
Healthcare		23,617,805			2.6
Industrials		78,999,747			8.7
Information Technology		128,448,539			14.2
Materials		144,487,210			15.9
Telecommunication Services		79,270,469			8.7
Utilities		14,409,728			1.6
Total common and preferred stocks		887,974,954			97.8
Short-term investments		20,680,000			2.3
Total investments		908,654,954			100.1
Other assets less liabilities		(1,294,164	)		(0.1	)
Total net assets	$	907,360,790			100.0	%

CURRENCY EXPOSURE
	Value		Percentage of Total Investments
Brazilian real	$	176,925,512		19.5	%
British pound		6,975,495		0.8
Chilean peso		7,282,406		0.8
Colombian peso		4,891,549		0.5
Egyptian pound		9,116,572		1.0
Hong Kong dollar		118,521,294		13.0
Hungarian forint		7,463,412		0.8
Indian rupee		43,600,316		4.8
Indonesian rupiah		35,253,939		3.9
Korean won		95,355,903		10.5
Mexican peso		61,260,634		6.7
Polish zloty		7,413,052		0.8
South African rand		72,720,871		8.0
Swedish krona		7,939,420		0.9
Taiwan dollar		96,640,209		10.6
Thai baht		11,525,449		1.3
Turkish lira		35,691,406		3.9
U.S. dollar		105,879,014		11.7
United Arab Emirates dirham		4,198,501		0.5
Total investments	$	908,654,954		100.0	%

REGION ALLOCATION

	9/30/10		3/31/11
Emerging Asia		44.8%		44.8	%
Latin America		25.0		27.6
Europe, Middle East & Africa		23.9		22.1
Developed Markets		1.7		3.3
As a percentage of total net assets.

TOP TEN HOLDINGS
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		4.6	%
Petroleo Brasileiro S.A.	Brazil		4.4
Companhia Vale do Rio Doce	Brazil		3.3
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan		2.2
America Movil SAB de C.V.	Mexico		2.1
HTC Corporation	Taiwan		1.9
China Mobile Limited	China		1.8
Huabao International Holdings Limited	China		1.8
Impala Platinum Holdings Limited	South Africa		1.8
LUKOIL	Russia		1.7
Total			25.6	%

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.

4

ARTISAN FUNDS, INC.

Statement of Assets and Liabilities – March 31, 2011 (Unaudited)

	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	887,974,954
Short-term investments (repurchase agreements), at value		20,680,000
Total investments		908,654,954
Cash		295
Foreign currency		1,405,754
Receivable from investments sold		514,066
Receivable from fund shares sold		1,613,245
Dividends and interest receivable		2,209,083
Other assets		5,499
Total assets		914,402,896
LIABILITIES:
Net unrealized loss on foreign currency forward contracts		69
Payable for investments purchased		6,070,589
Payable for fund shares redeemed		224,950
Payable for operating expenses		208,541
Payable for foreign taxes		532,458
Payable for deferred directors’ compensation		5,499
Total liabilities		7,042,106
Total net assets	$	907,360,790
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	826,318,534
Net unrealized appreciation on investments and foreign currency related transactions		97,743,550
Accumulated undistributed net investment loss		(2,693,259	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(14,008,035	)
	$	907,360,790
SUPPLEMENTARY INFORMATION:
Net assets
Institutional Shares	$	486,616,822
Advisor Shares	$	420,743,968
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Institutional Shares		30,540,831
Advisor Shares		26,353,757
Net asset value, offering price and redemption price per share
Institutional Shares	$	15.93
Advisor Shares	$	15.97
Cost of securities of unaffiliated issuers held	$	810,583,157
Cost of foreign currency	$	1,400,099

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

5

ARTISAN FUNDS, INC.

Statement of Operations – For the Six Months Ended March 31, 2011 (Unaudited)

	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	4,543,520
Interest		2,901
Total investment income		4,546,421
EXPENSES:
Advisory fees		3,665,868
Transfer agent fees
Institutional Shares		9,979
Advisor Shares		396,160
Shareholder communications
Institutional Shares		7,080
Advisor Shares		15,708
Custodian fees		288,245
Accounting fees		34,447
Professional fees		31,141
Registration fees
Institutional Shares		20,670
Advisor Shares		87,964
Directors’ fees		7,307
Other operating expenses		7,366
Total operating expenses		4,571,935
Net investment loss		(25,514	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		7,405,246
Foreign currency related transactions		(1,837,032	)
		5,568,214
Net increase in unrealized appreciation or depreciation on:
Investments		32,181,179
Foreign currency related transactions		236,430
		32,417,609
Net gain on investments and foreign currency related transactions		37,985,823
Net increase in net assets resulting from operations	$	37,960,309

⁽¹⁾  Net of foreign taxes withheld $390,263

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

6

ARTISAN FUNDS, INC.

Statement of Changes in Net Assets

	EMERGING MARKETS
	Six Months  Ended 3/31/2011(1)			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(25,514	)	$	3,574,960
Net realized gain (loss) on:
Investments		7,405,246			9,711,870
Foreign currency related transactions		(1,837,032	)		(1,401,436	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		32,181,179			43,790,024
Foreign currency related transactions		236,430			(483,849	)
Net increase in net assets resulting from operations		37,960,309			55,191,569
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Institutional Shares		(3,345,019	)		(988,454	)
Advisor Shares		(1,834,920	)		(508,663	)
Net realized gains on investment transactions:
Institutional Shares		-			-
Advisor Shares		-			-
Total distributions paid to shareholders		(5,179,939	)		(1,497,117	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		354,784,388			311,692,460
Total increase in net assets		387,564,758			365,386,912
Net assets, beginning of period		519,796,032			154,409,120
Net assets, end of period	$	907,360,790		$	519,796,032
Accumulated undistributed net investment income (loss)	$	(2,693,259	)	$	2,512,194

⁽¹⁾  Unaudited.

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

7

ARTISAN FUNDS, INC.

Financial Highlights – For a share outstanding throughout each period

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

	ARTISAN EMERGING MARKETS FUND
	Advisor Shares
	Year or Period Ended
	3/31/2011(1)			9/30/2010			9/30/2009			9/30/2008(2)
Net Asset Value Beginning of Period	$	15.24		$	13.03		$	11.16		$	17.43
Net Investment Income (Loss)(3)		(0.01	)		0.18			0.07			0.04
Net Realized and Unrealized Gain (Loss) on Investments		0.84			2.12			1.93			(6.31	)
Total Income (Loss) from Investment Operations		0.83			2.30			2.00			(6.27	)
Dividends from Net Investment Income		(0.10	)		(0.09	)		(0.12	)		-
Distributions from Net Realized Gains		-			-			(0.01	)		-
Total Distributions		(0.10	)		(0.09	)		(0.13	)		-
Net Asset Value End of Period	$	15.97		$	15.24		$	13.03		$	11.16
Total Return(4)		5.45	%		17.75	%		18.64	%		(35.97	)%
Net Assets End of Period (millions)	$	420.7		$	235.6		$	50.4		$	3.2
Ratio of Expenses to Average Net Assets(5)(6)		1.47	%		1.50	%		1.50	%		1.50	%
Ratio of Net Investment Income (Loss) to Average Net Assets(5)(6)		(0.16	)%		1.28	%		0.70	%		0.93	%
Portfolio Turnover Rate(4)		15.15	%		25.89	%		56.88	%		42.24	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2011.

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

⁽³⁾  Computed based on average shares outstanding.

⁽⁴⁾  Periods less than twelve months (where applicable) are not annualized.

⁽⁵⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁶⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by Artisan Partners Limited Partnership (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
	9/30/2010		1.73	%		1.04	%
	9/30/2009		3.00	%		(0.80	)%
	9/30/2008		9.73	%		(7.30	)%

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

8

ARTISAN FUNDS, INC.

Notes to Financial Statements – March 31, 2011 (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. Effective July 1, 2011, Artisan Funds, Inc. will change its name to Artisan Partners Funds, Inc. but will continue to do business as Artisan Funds. Artisan Funds is a series comprised of twelve open-end, diversified mutual funds. Artisan Emerging Markets Fund (the “Fund”) commenced operations on June 26, 2006. The 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 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.

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.

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.

In determining NAV, each equity security traded on a securities exchange, including 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

9

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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. Short-term investments, other than repurchase agreements, maturing within sixty days from the valuation date were valued at amortized cost, which approximates market value.

Exchange traded option contracts were valued at the last sale or official closing price on the exchange where an option is principally traded or, if no sales or closing prices are available, at the mean of the most recent bid and ask quotation on the principal exchange.

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

Emerging Markets Fund 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

10

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

service was used to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

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

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

11

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

• Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks, etc. Securities primarily traded outside the U.S., whose values were adjusted as a result of significant market movements, are classified as level 2.)

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

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

The following table summarizes the Fund’s investments, based on the inputs used to determine their fair values as of March 31, 2011:

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Equity Securities(1)	$	887,974,954	$	-	$	-	$	887,974,954
Repurchase Agreements		-		20,680,000		-		20,680,000
Total	$	887,974,954	$	20,680,000	$	-	$	908,654,954

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

As of March 31, 2011, there were no significant transfers between Level 1, Level 2, and Level 3 securities.

(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 remaining open tax years (fiscal years 2007 through 2010) and has concluded that as of March 31, 2011, 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 “Net realized gain (loss) on investments” on the accompanying Statement of Operations. The amount of foreign tax owed, including withholding taxes of foreign dividends, is included in “Payable for foreign 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 regulations. However, for financial reporting

12

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using a current spot market rate of exchange 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 contracts to facilitate the purchase and sale of non-U.S. securities. These foreign currency contracts generally settle within three business days. The Fund also may enter into foreign currency forward contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. Foreign currency forward contracts, if any, were recorded at market value and any related realized and unrealized gains and losses were reported as foreign currency related transactions for financial reporting purposes. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss. The Fund could be exposed to loss if the counterparties fail to perform under these contracts. For the period ended March 31, 2011, the Fund entered only into spot 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.

13

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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) 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.

(i) Transfer agent and authorized 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, 2011, 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 portion of the total fees and expenses to the Fund’s transfer agent and the fees to authorized agents incurred by each class of the Fund during the period ended March 31, 2011.

	Six Months Ended 3/31/11
	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Institutional Shares	$	9,979	$	-	$	9,979
Advisor Shares		31,347		364,813		396,160

(j) 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 period ended March 31, 2011.

(k) 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.

14

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(l) 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.

(m) 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 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.

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

(3) Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Funds were affiliated, provided investment advisory and administrative services to the Fund. In exchange for those services, Emerging Markets Fund paid a monthly management fee to the Adviser at the annual rate of 1.05% of the Fund’s average daily net assets.

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

Prior to April 1, 2011, each director who was not an affiliated person of the Adviser received an annual retainer of $180,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increased by $10,000 with each new series of Artisan Fund. 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

15

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

received an annual retainer of $30,000, payable quarterly. Effective April 1, 2011, each director who was not an affiliated person of the Adviser receives an annual retainer of $200,000, payable quarterly, which will increase by $10,000 with each new series of Artisan Funds. The additional annual retainer fees for the non-interested chair of the board of directors and each non-interested chair of a board committee were not changed from the prior period. 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 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.

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 Fund 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 2011, under which each Fund may borrow up to $75 million, provided that such borrowing does not exceed the least of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money), after giving effect to the loan, (b) the maximum amount the Fund may borrow under applicable law, (c) the limitations included in the Fund’s prospectus, or (d) any limitations on borrowings in any agreement with any governmental authority or regulator; 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 0.125% on the unused portion of the line of credit and interest was charged on any borrowings at the current Federal Funds rate plus 1.25%. SSB agreed to waive 0.025% of the commitment fee by reducing the Funds’ custody expenses. The commitment fee and the related waiver are allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the period ended March 31, 2011, 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 period ended March 31, 2011 were $454,819,199 and $102,555,587, respectively.

16

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(6) 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, 2011 were as follows:

Cost of Investments	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
$822,697,981	$	110,613,024	$	(24,656,051	)	$	85,956,973

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

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2011 and the year ended September 30, 2010 were as follows:

Six Months Ended 3/31/11		Year Ended 9/30/10
Ordinary Income Dividends	Long-Term Capital Gain Distributions	Ordinary Income Dividends	Long-Term Capital Gain Distributions
$5,179,939	$      -	$1,497,117	$      -

The classification of the distributions made through March 31, 2011 for federal income tax purposes are preliminary; final classification of the distributions will be determined as of the Fund’s fiscal year end.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of U.S. generally accepted accounting principles. These differences were due to differing treatments for such items as net short- term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and post-October losses.

Additional tax information as of and for the year ended September 30, 2010 follows:

Undistributed Ordinary Income	Undistributed Long-Term Gain	Post-October Losses
$4,825,565	$          -	$      -

As of September 30, 2010, the Fund had capital loss carryovers of $4,542,143 and $6,358,806 with expiration dates of 2017 and 2018, respectively.

17

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(7) Fund share activities:

Capital share transactions for the Fund were as follows:

Six months ended March 31, 2011	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	183,670,857		$	189,335,569
Net asset value of shares issued in reinvestment of dividends and distributions		3,270,228			1,763,497
Cost of shares redeemed(1)		(2,439,048	)		(20,816,715	)
Net increase from fund share transactions	$	184,502,037		$	170,282,351
Shares sold		11,829,702			12,105,319
Shares issued in reinvestment of dividends and distributions		208,694			112,253
Shares redeemed		(160,929	)		(1,324,547	)
Net increase in capital shares		11,877,467			10,893,025
Year ended September 30, 2010	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	173,420,897		$	177,492,508
Net asset value of shares issued in reinvestment of dividends and distributions		983,707			499,770
Cost of shares redeemed(1)		(23,531,254	)		(17,173,168	)
Net increase from fund share transactions	$	150,873,350		$	160,819,110
Shares sold		12,304,761			12,812,565
Shares issued in reinvestment of dividends and distributions		73,686			37,352
Shares redeemed		(1,700,418	)		(1,260,856	)
Net increase in capital shares		10,678,029			11,589,061

⁽¹⁾  Net of redemption fees of:

	3/31/2011		9/30/2010
Institutional Shares	$	10,952	$	1,851
Advisor Shares		9,493		1,609

(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.

18

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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, 2010 to March 31, 2011.

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, 2011 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.

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 10/1/2010		Ending Account Value 3/31/2011		Expenses Paid During Period 10/1/2010-3/31/2011(1)
Artisan Emerging Markets Fund - Advisor Shares
Actual	$	1,000.00	$	1,054.50	$	7.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.39

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended March 31, 2011 (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, 2011
Artisan Emerging Markets Fund - Advisor Shares		1.47	%

19

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“Artisan Partners”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to investment advisory agreements dated 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 (Growth Opportunities Fund); February 9, 2006, as amended December 1, 2010 (Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (each, an “Advisory Agreement” and together, the “Advisory Agreements”). The investment advisory and sub-advisory agreements for Global Equity Fund dated February 9, 2010 continue through November 30, 2011, and so were not considered at the meetings described below. 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 28, 2010 (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, 2010 through November 30, 2011. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints. The directors were also presented with a related proposal to lower the investment advisory fee schedule applicable to Value Fund.

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

20

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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 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. In the case of Value Fund, Artisan Partners provided an additional report prepared by Lipper showing how the Fund would compare to its current peer group if the proposed lower advisory fee schedule had been in place. 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 structure for 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;

21

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 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

22

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

number of other clients served by Artisan Partners; the basis of sharing personnel, services, research and advice among clients; the basis of decisions to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; the basis of allocating purchases and sales of the same security, including initial public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; Artisan Partners’ investments on its own behalf and possible conflicts with the Funds; Artisan Partners’ code of ethics; and Artisan Partners’ proxy voting policies.

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented.

On November 8, 2010, the independent directors again met separately with their independent counsel to review and discuss relevant information regarding the continuation of the Advisory Agreements and the information presented and discussed at the Special Meeting. The directors concluded their annual Advisory Agreement review at a regularly scheduled meeting on November 9, 2010. At the November 9th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and the November 8th 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 8th and 9th meetings provided a strong basis for considering the continuation of the Advisory Agreements (as amended in the case of Value Fund). 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, 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, and Growth Opportunities 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 over the long-term appeared favorable.

The cost of services to be provided and profits to be realized by Artisan Partners. 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. It was also concluded that reductions in the investment advisory fee schedule applicable to Value

23

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Fund would further enhance the competitiveness of the Fund’s expense ratio. The directors concluded that the costs of services provided by Artisan Partners and the profits realized are reasonable in relation to the nature and quality of the services provided and in comparison to the fees charged by mutual funds considered by Lipper to be within the same peer category or universe.

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund have appropriately benefited from economies of scale under the management fee structures in the Advisory Agreements. The directors concluded that the shareholders of each of Global Value Fund and Growth Opportunities Fund are expected to benefit from economies of scale as soon as each Fund’s assets reach the level at which the Fund will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreements. The directors also concluded that shareholders of Value Fund would benefit from economies of scale under the management fee structure in the Advisory Agreement due to reductions in the investment advisory fee schedule proposed by Artisan Partners and approved by the Board. It was also concluded that Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund, because the Fund 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.

Comparison of the services to be rendered and the amounts to be paid under the investment advisory agreement with those under other investment advisory agreements. 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 the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients.

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, 2012 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

24

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

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 Fund’s data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

25

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, 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.

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.

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.

26

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.

27

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, 2011 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.

The Board of Directors of Artisan Funds, Inc. (the “Board”) recently approved changes to the procedures by which shareholders may recommend nominees to the Board. Effective May 10, 2011, a shareholder nominee recommendation received when the Governance and Nominating Committee of the Board is not actively recruiting new directors will be kept on file for two years after receipt of the recommendation.

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 Gregory K. Ramirez, 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 Gregory K. Ramirez, 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 3, 2011

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 3, 2011
By:	/S/    GREGORY K. RAMIREZ
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 3, 2011