Artisan Value Fund Inv Shs NCSR Certified annual shareholder report (management investment company)

Artisan Value Fund Inv Shs (ARTLX) N-CSRCertified 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 Partners 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 Partners 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: 9/30/11

Date of reporting period: 9/30/11

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.

ANNUAL

REPORT

September 30, 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)

LOGO

ARTISAN FUNDS

INVESTOR SHARES

TABLE OF CONTENTS


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

		SCHEDULES OF INVESTMENTS
24		Artisan Global Equity Fund
27		Artisan Global Value Fund
29		Artisan Growth Opportunities Fund
31		Artisan International Fund
34		Artisan International Small Cap Fund
37		Artisan International Value Fund
40		Artisan Mid Cap Fund
43		Artisan Mid Cap Value Fund
46		Artisan Small Cap Fund
49		Artisan Small Cap Value Fund
52		Artisan Value Fund

54		STATEMENTS OF ASSETS AND LIABILITIES


60		STATEMENTS OF OPERATIONS

66		STATEMENTS OF CHANGES IN NET ASSETS

72		FINANCIAL HIGHLIGHTS

83		NOTES TO FINANCIAL STATEMENTS

107		REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

109		SHAREHOLDER EXPENSE EXAMPLE

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

114		PROXY VOTING POLICIES AND PROCEDURES

115		INFORMATION ABOUT PORTFOLIO SECURITIES

116		DIRECTORS AND OFFICERS

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

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

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2011. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Artisan Emerging Markets Fund, Artisan Growth Opportunities Fund, Artisan International Fund, Artisan International Value Fund, Artisan Mid Cap Fund and Artisan Value Fund, offer other classes of shares. Reports on each of the other classes are available under separate cover.

Artisan Funds offered through Artisan Partners Distributors LLC, member FINRA.

ARTISAN GLOBAL EQUITY FUND (ARTHX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			Since Inception
Artisan Global Equity Fund		-2.66	%		-0.28	%
MSCI ACWI^SM (All Country World Index)		-6.01			-3.67

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to the Fund’s performance. IPO investments are not an integral component of the Fund’s investment process and may not be available in the future. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance, which would have been lower in its absence. See page 113 for a description of the index.

INVESTING ENVIRONMENT

Although corporate earnings were generally solid during the period, global equity markets were volatile as various macro events, ranging from sovereign debt woes in Europe and the U.S. to natural disasters in Japan and political turmoil in Egypt, weighed on investor sentiment. Coupled with fears of a slowdown in global growth, the MSCI All Country World Index^SM ended the period in the red with declines across all regions. Buoyed by the U.S., which managed to turn out an approximately 1% gain, the Americas was the best faring region. Sector-wise, the traditionally defensive consumer staples and health care sectors posted gains while the financials, materials and industrials sectors suffered the largest declines.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		14.0	%		16.9	%
Consumer Staples		15.3			21.8
Energy		3.9			4.7
Financials		20.9			14.5
Healthcare		8.4			8.6
Industrials		9.7			9.9
Information Technology		21.0			12.7
Materials		7.4			5.6
Telecommunication Services		—			1.8
Other assets less liabilities		(0.6	)		3.5
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Global Equity Fund declined 2.66%, outperforming the MSCI All Country World Index^SM, which fell 6.01% over the same period.

Over the past year, the Fund had several strong performers, including Japanese oil and natural gas holding company INPEX CORPORATION, fast-food restaurant operator McDonald’s Corporation and Hargreaves Lansdown PLC, a provider of investment management products and services in the U.K. Also contributing to our results was the Fund’s participation in initial public offerings, two of which were the top contributors to performance – Chinese internet content and application services provider ChinaCache International Holdings Ltd. and Chinese hypermarket operator Sun Art Retail Group.

Notable detractors over the past year included: Camelot Information Systems, Inc., a provider of enterprise application services and financial industry information technology services; Halliburton Company, an oilfield services company; Akzo Nobel N.V., a manufacturer of paints, coatings and specialty chemicals; MGM Resorts International, an operator of gaming, hospitality and entertainment resorts; and Bayer AG, a producer of health care and agricultural products.

REGION ALLOCATION


Region	9/30/10			9/30/11
Europe		40.4	%		38.7	%
Americas		28.5			36.7
Pacific Basin		10.3			11.7
Emerging Markets		21.4			9.4

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including food processing company DANONE S.A., insurance and financial services provider AIA Group Ltd., consumer goods company Unilever NV, non-alcoholic beverage manufacturer The Coca-Cola Company, and consumer packaged goods provider The Procter & Gamble Company. We funded these purchases in part by selling our positions in previously mentioned ChinaCache International Holdings Ltd., Cisco Systems Inc., UBS AG, Tesco plc and Agricultural Bank of China Limited.

ARTISAN GLOBAL VALUE FUND (ARTGX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Global Value Fund		-0.23	%		5.03	%		-0.96	%
MSCI ACWI^SM (All Country World Index)		-6.01			0.59			-7.77

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance, which would have been lower in its absence. See page 113 for a description of the index.

INVESTING ENVIRONMENT

Global equity markets experienced volatility during the year ended September 30, 2011 stemming from concerns over a global economic slowdown, indecision on the political fronts in the U.S. and Europe, sovereign debt downgrades and worries over contagion from Europe’s debt crisis. The tragic earthquake and tsunami in Japan and turmoil in the Middle East also contributed to market volatility. Despite the fear in the marketplace, many companies continued to report steady earnings results during the period.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		16.8	%		17.3	%
Consumer Staples		11.5			13.2
Energy		2.2			2.1
Financials		26.8			26.8
Healthcare		8.6			7.9
Industrials		17.9			11.9
Information Technology		10.1			13.7
Materials		1.0			1.7
Other assets less liabilities		5.1			5.4
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Global Value Fund declined 0.23%, outperforming the MSCI All Country World Index^SM, which fell 6.01% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: MasterCard Incorporated, a payment solutions company; Experian PLC, a credit and marketing services firm; Accenture plc, a provider of management and technology consulting services; Signet Jewelers Ltd., a jewelry retailer in the U.S. and U.K.; and Arch Capital Group Ltd., a provider of reinsurance and insurance products.

Notable detractors included financial services providers Lloyds Banking Group plc, ING Groep N.V., and The Bank of New York Mellon Corporation; medical systems, consumer electronics and lighting manufacturer Koninklijke Philips Electronics N.V.; and aggregates and cement producer HeidelbergCement AG.

REGION ALLOCATION


Region	9/30/10			9/30/11
Americas		51.7	%		54.2	%
Europe		37.9			32.6
Pacific Basin		5.3			7.8

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including household goods maker Kao Corporation, discount store operator Target Corporation; home improvement retailer Lowe’s Companies, Inc.; previously mentioned HeidelbergCement AG and previously mentioned Koninklijke Philips Electronics N.V. We funded these purchases in part by selling our positions in Sodexo, Cintas Corporation, The Procter & Gamble Company, Home Retail Group plc and Royal Dutch Shell PLC.

ARTISAN GROWTH OPPORTUNITIES FUND (ARTRX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Growth Opportunities Fund		0.14	%		5.70	%		3.22	%
MSCI ACWI^SM (All Country World Index)		-6.01			0.59			-1.65
Russell 1000^® Index¹		0.91			1.61			0.34

¹	Effective January 28, 2011, the Fund’s benchmark was changed from the Russell 1000^® Index to the MSCI ACWI (All Country World Index) Index^SM, to provide an appropriate comparison in light of the Fund’s investment strategy.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance, which would have been lower in its absence. See page 113 for a description of each index.

INVESTING ENVIRONMENT

For the one-year period ended September 30, 2011, the global stock markets, as represented by the MSCI All Country World Index^SM, posted negative returns. The best performing sectors included consumer staples and health care, whereas, financials and materials trailed. For much of the period, the economic backdrop was a disappointingly slow global economic recovery with some setbacks along the way including weakening sentiment caused by high sovereign debt levels in developed regions.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		14.5	%		13.2	%
Consumer Staples		—			2.9
Energy		2.2			6.7
Financials		3.3			5.4
Healthcare		9.8			18.2
Industrials		22.5			13.4
Information Technology		42.1			28.1
Materials		—			4.1
Other assets less liabilities		5.6			8.0
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Growth Opportunities Fund returned 0.14%, outperforming the MSCI All Country World Index^SM, but underperforming the Russell 1000^® Index, which returned -6.01% and 0.91%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Cerner Corporation, a health care information technology provider; Apple Inc., a manufacturer of computers and electronic media devices; Starbucks Corporation, a specialty coffee retailer; Polo Ralph Lauren Corporation, an apparel designer and marketer; and Precision Castparts Corp., a manufacturer of complex metal components.

Notable detractors included: Telefonaktiebologet LM Ericsson, a manufacturer of products for wired and mobile communications, Citrix Systems, Inc., a technology solutions provider, Juniper Networks, Inc., a network infrastructure developer, Hexagon AB, an industrial and commercial group, and Baker Hughes Incorporated, a supplier of oil field services.

REGION ALLOCATION


Region	9/30/10			9/30/11
Americas		72.3	%		62.0	%
Emerging Markets		9.6			17.2
Europe		8.5			9.6
Pacific Basin		4.0			3.2

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Monsanto Company, a provider of agricultural products for farmers, Discover Financial Services, a payment services provider, Regeneron Pharmaceuticals, Inc., a biopharmaceutical company and Baidu, Inc., an Internet search engine provider. We funded these purchases in part by selling our positions in Cummins Inc., C.H. Robinson Worldwide, Inc., Trimble Navigation Limited and Localiza Rent a Car SA.

ARTISAN INTERNATIONAL FUND (ARTIX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund		-9.95	%		-0.79	%		-2.53	%		4.64	%		8.45	%
MSCI EAFE^® Growth Index		-8.79			-0.63			-2.16			4.86			2.11
MSCI EAFE^® Index		-9.36			-1.13			-3.46			5.03			3.40

INVESTING ENVIRONMENT

Over the past twelve-month period, investors reacted to a plethora of macroeconomic events happening in all parts of the globe, which sent stocks into some dramatic swings that were as abrupt as they were frequent. Developed and emerging markets alike were hard hit with meaningful declines in stock prices. When it came to the debt issues facing the U.S. and Europe, the biggest factor to weigh on stocks seemed to be the lack of decisive action from policymakers in both regions. Political stalemates and ambiguity about next steps for debt-laden countries only added to investor worry. Renewed fears of higher inflation and a hard landing for China’s economy also impacted sentiment across the globe, as China has been a key driver of global growth during this tough economic period. The combination of these events and other macroeconomic concerns resulted in negative returns for the MSCI EAFE^® Index.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		19.2	%		19.0	%
Consumer Staples		15.4			28.6
Energy		—			4.4
Financials		24.4			14.8
Healthcare		5.3			2.2
Industrials		16.4			12.9
Information Technology		9.3			4.4
Materials		6.6			7.6
Telecommunication Services		1.3			2.5
Utilities		0.4			—
Other assets less liabilities		1.7			3.6
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan International Fund declined 9.95%, underperforming the MSCI EAFE^® Growth and MSCI EAFE^® indices, which fell 8.79% and 9.36%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Netherlands based semiconductor manufacturing equipment developer ASML Holding N.V., Macau casino operators Sands China Ltd. and Wynn Macau, Limited, Japanese cigarette and tobacco products manufacturer JAPAN TOBACCO INC. and U.K. listed credit and marketing services provider Experian PLC.

Notable detractors included: Brazilian oil and gas producer Petroleo Brasileiro S.A., Canadian freight and intermodal services provider Canadian Pacific Railway Limited, Hong Kong based property developer Sun Hung Kai Properties Limited, Italian truck and tractor manufacturer Fiat Industrial SpA, and Chinese flavors and fragrances producer Huabao International Holdings Limited.

REGION ALLOCATION


Region	9/30/10			9/30/11
Europe		60.9	%		52.2	%
Pacific Basin		20.2			31.2
Emerging Markets		11.0			7.9
Americas		6.2			5.1

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Japanese cigarette and tobacco products manufacturer JAPAN TOBACCO INC., Netherlands based branded and packaged consumer goods company Unilever NV, Hong Kong based insurance company AIA Group Ltd., Japanese household and chemical products manufacturer Kao Corporation and French food processing company DANONE S.A. We funded these purchases in part by selling our positions in ASML Holding N.V., Tesco plc, Experian PLC, ING Groep N.V. and Kingfisher plc.

ARTISAN INTERNATIONAL SMALL CAP FUND (ARTJX)

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan International Small Cap Fund		-11.70	%		6.23	%		1.10	%		12.31	%
MSCI EAFE^® Small Cap Index		-5.50			5.64			-1.88			9.54
MSCI EAFE^® Index		-9.36			-1.13			-3.46			4.68

INVESTING ENVIRONMENT

The year ended September 30, 2011 was flecked with geopolitical and natural disasters that left investors jittery about the prospects for a global economic recovery. Escalating sovereign debt concerns in Europe, the downgrading of the U.S. national credit rating and the possibility of an economic hard landing in China only served to heighten investor anxiety over the prospects for global growth. Ultimately, the MSCI EAFE^® Small Cap Index posted a loss for the period, with all European markets declining. In the Pacific Basin, a strong showing from Japan (up approximately 12%) helped counter double-digit losses in Hong Kong and Singapore.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		33.1	%		26.9	%
Consumer Staples		15.6			12.8
Financials		6.5			2.9
Healthcare		4.4			5.0
Industrials		22.5			26.2
Information Technology		8.9			8.5
Materials		4.0			4.1
Utilities		4.2			5.2
Other assets less liabilities		0.8			8.4
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan International Small Cap Fund declined 11.70%, underperforming the MSCI EAFE^® Small Cap and MSCI EAFE^® indices, which fell 5.50% and 9.36%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Bulgari S.p.A., a luxury goods manufacturer; SJM Holdings Limited, a casino operator in Macau; Melco Crown Entertainment Ltd., a casino operator in Macau; Wirecard AG, a provider of Internet payment and processing services, and Davide Campari – Milano S.p.A., a producer of spirits, wines and soft drinks.

Notable detractors included: Longtop Financial Technologies Limited, a Chinese software application developer; Beijing Enterprises Water Group Limited, a developer of water treatment systems; Smurfit Kappa Group PLC, a packaging products manufacturer; China Gas Holdings Ltd., a natural gas services operator; and Wacker Neuson SE, a manufacturer of light construction equipment and construction machines.

REGION ALLOCATION


Region	9/30/10			9/30/11
Europe		58.4	%		52.7	%
Emerging Markets		25.1			22.0
Pacific Basin		12.8			16.9
Americas		2.9			—

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Alliance Global Group, Inc., a holding company engaged in the food and beverage, real estate development and fast food restaurant business; Rubis, a company engaged in the storage and distribution of petroleum and other liquid products; Eurofins Scientific, a provider of bio-analytical testing services; AUTOBACS SEVEN CO., LTD., a Japanese retailer of automotive related products and services and NTN CORPORATION, a manufacturer of bearings and machinery parts for industrial use. We funded these purchases in part by selling our positions in Finning International Inc., Punch Taverns plc, Mothercare plc, Remy Cointreau SA and Enterprise Inns plc.

ARTISAN INTERNATIONAL VALUE FUND (ARTKX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan International Value Fund		-4.01	%		4.90	%		1.13	%		13.35	%
MSCI EAFE^® Value Index		-9.99			-1.69			-4.82			7.99
MSCI EAFE^® Index		-9.36			-1.13			-3.46			7.62

INVESTING ENVIRONMENT

International equity markets experienced volatility during the year ended September 30, 2011 stemming from concerns over a global economic slowdown, indecision on the political fronts in the U.S. and Europe, sovereign debt downgrades and worries over contagion from Europe’s debt crisis. The tragic earthquake and tsunami in Japan and turmoil in the Middle East also contributed to market volatility. Despite fear in the marketplace, many companies continued to report steady earnings results during the period.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		22.7	%		23.4	%
Consumer Staples		9.2			14.9
Energy		4.5			2.6
Financials		21.1			21.7
Healthcare		7.3			7.9
Industrials		18.1			15.6
Information Technology		7.7			7.0
Materials		3.2			2.5
Other assets less liabilities		6.2			4.4
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan International Value Fund declined 4.01%, outperforming the MSCI EAFE^® Value and MSCI EAFE^® indices, which fell 9.99% and 9.36%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Credit Saison Co., Ltd., a consumer card company; Experian PLC, a credit and marketing services firm; Accenture plc, a provider of management and technology consulting services; Signet Jewelers Ltd., a jewelry retailer in the U.S. and U.K.; and Arch Capital Group Ltd., a provider of reinsurance and insurance products.

Notable detractors included financial services providers ING Groep N.V. and Lloyds Banking Group plc; medical systems, consumer electronics and lighting manufacturer Koninklijke Philips Electronics N.V.; international brewer Carlsberg A/S; and aggregates and cement producer HeidelbergCement AG.

REGION ALLOCATION


Region	9/30/10			9/30/11
Europe		63.8	%		61.9	%
Americas		18.5			17.0
Pacific Basin		11.1			16.2
Emerging Markets		0.4			0.5

As a percentage of total net assets.

FUND CHANGES

We identified some new investment opportunities for the portfolio during the period, including household goods maker Kao Corporation, previously mentioned Koninklijke Philips Electronics N.V., previously mentioned ING Groep N.V., food retailer Koninklijke Ahold NV and lighting equipment manufacturer Stanley Electric Co., Ltd. We funded these purchases in part by selling our positions in Givaudan SA, Royal Dutch Shell PLC and Home Retail Group plc.

ARTISAN MID CAP FUND (ARTMX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund		5.38	%		9.53	%		5.76	%		7.90	%		12.92	%
Russell Midcap^® Growth Index		0.80			5.89			1.64			6.70			5.32
Russell Midcap^® Index		-0.88			3.96			0.56			7.45			7.09

INVESTING ENVIRONMENT

For the one-year period ended September 30, 2011 mid-cap stocks, as represented by the Russell Midcap^® Index, finished slightly negative. Mid-cap growth stocks, as represented by the Russell Midcap^® Growth Index performed better. The best performing sectors in the Russell Midcap^® Growth Index included consumer staples, utilities and consumer discretionary, whereas, telecommunications services and information technology trailed. For much of the period, the economic backdrop was a slower than initially expected economic recovery, but there were also some setbacks along the way including weakening sentiment caused by high sovereign debt levels in developed regions. Overall, corporate earnings remained relatively healthy throughout the period.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		20.7	%		19.6	%
Consumer Staples		—			2.6
Energy		5.0			7.3
Financials		7.4			5.1
Healthcare		12.4			22.5
Industrials		18.7			12.6
Information Technology		33.5			25.9
Other assets less liabilities		2.3			4.4
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Mid Cap Fund returned 5.38%, outperforming the Russell Mid Cap^® Growth and Russell Mid Cap^® indices, which fell 0.80% and 0.88%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Cerner Corporation, a health care information technology provider; lululemon athletica inc., a specialty apparel retailer; Regeneron Pharmaceuticals, Inc., a biopharmaceutical company; athenahealth, Inc., an internet-based business services provider; and Polo Ralph Lauren Corporation, an apparel designer and marketer.

Notable detractors included: Comerica Incorporated, a bank holding company; MercadoLibre, Inc., an online trading site operator; Ctrip.com International Ltd., an airline and hotel accommodation consolidator; Citrix Systems, Inc., a technology solutions provider; and Juniper Networks, Inc., a network infrastructure developer.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Regeneron Pharmaceuticals, Inc., a biopharmaceutical company; Teradata Corporation, an enterprise data warehouse; Discover Financial Services, a payment services provider; and Cepheid, a molecular diagnostics company. We funded these purchases in part by selling our positions in Cummins Inc., C.H. Robinson Worldwide, Inc., GSI Commerce, Inc. and NetApp, Inc.

ARTISAN MID CAP VALUE FUND (ARTQX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund		2.51	%		4.89	%		3.51	%		10.92	%		9.44	%
Russell Midcap^® Value Index		-2.36			1.98			-0.84			7.54			6.76
Russell Midcap^® Index		-0.88			3.96			0.56			7.45			6.10

INVESTING ENVIRONMENT

The one-year period ended September 30, 2011 began strongly, with equities turning in solid gains through the first nine months buoyed by steady corporate profits. Equities fell sharply in the final three months of the period due to a variety of macroeconomic concerns, including the stability of the European banking system owing to sovereign debt exposures and slowing economic growth in the U.S. and around the world.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		7.9	%		7.3	%
Consumer Staples		6.0			5.5
Energy		8.4			7.1
Financials		18.1			21.8
Healthcare		4.2			3.2
Industrials		20.6			18.9
Information Technology		22.9			25.0
Utilities		8.6			7.9
Other assets less liabilities		3.3			3.3
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Mid Cap Value Fund returned 2.51%, outperforming the Russell Midcap^® Value and Russell Midcap^® indices which fell 2.36% and 0.88%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: National Semiconductor Corporation, a semiconductor manufacturer; Nabors Industries Ltd., a land-based drilling contractor; Range Resources Corporation, an independent exploration and production company; Pride International, Inc., an offshore drilling contractor; and American Water Works Company, Inc., a waste and wastewater services provider.

Notable detractors included: Lexmark International, Inc., a worldwide printer vendor; SAIC, Inc., a research, engineering and technical services firm; Ensco plc, a global offshore driller; Manpower Inc., a provider of temporary staffing services; and The Allstate Corporation, a personal lines insurer.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including previously mentioned Lexmark International, Inc., in addition to Spirit AeroSystems Holdings, Inc., a maker of aerostructures; Loews Corporation, a diversified holding company; Broadridge Financial Solutions, Inc., a provider of investor communication and trade processing services; and Northern Trust Corporation, a provider of financial services. We funded these purchases in part by selling our positions in previously mentioned Nabors Industries Ltd., in addition to Cintas Corporation, Stryker Corporation, Acuity Brands, Inc. and H.J. Heinz Company.

ARTISAN SMALL CAP FUND (ARTSX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund		11.18	%		6.90	%		0.75	%		5.80	%		6.69	%
Russell 2000^® Growth Index		-1.12			2.07			0.96			5.45			4.71
Russell 2000^® Index		-3.53			-0.37			-1.02			6.12			7.06

INVESTING ENVIRONMENT

For the one-year period ended September 30, 2011 small-cap stocks, as represented by the Russell 2000^® Index, finished negative. Small-cap growth stocks, as represented by the Russell 2000^® Growth Index, performed better though still negative. The best performing sector in the Russell 2000^® Growth Index was consumer staples, whereas the materials sector trailed. For much of the period, the economic backdrop was a slower than initially expected economic recovery, but there were also some setbacks along the way including weakening sentiment caused by high sovereign debt levels in developed regions. Overall corporate earnings remained relatively healthy throughout the period.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		13.8	%		17.7	%
Consumer Staples		1.4			5.0
Energy		4.7			4.0
Financials		9.7			4.4
Healthcare		13.4			23.5
Industrials		19.5			18.9
Information Technology		33.4			22.4
Utilities		1.5			0.3
Other assets less liabilities		2.6			3.8
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Small Cap Fund returned 11.18%, outperforming the Russell 2000^® Growth and Russell 2000^® indices, which fell 1.12% and 3.53%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Cepheid, a molecular diagnostics provider; Ulta Salon, Cosmetics & Fragrance, Inc., a specialty cosmetics retailer; athenahealth, Inc., an internet-based business services company; Regeneron Pharmaceuticals, Inc., a biopharmaceutical company; and Varian Semiconductor Equipment Associates, Inc., a manufacturer of semiconductor processing equipment.

Notable detractors included: ReachLocal, Inc., an online marketing provider, FirstMerit Corporation, a bank holding company, Acuity Brands, Inc., a manufacturer of lighting equipment, MercadoLibre Inc., an online trading site for Latin American markets and K12 Inc., an online educational company.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Regeneron Pharmaceuticals, Inc., a biopharmaceutical company; Woodward Governor Company, a manufacturer of energy control solutions; Universal Display Corporation, a manufacturer of organic light emitting diode technologies for displays; and Thomas & Betts Corporation, a manufacturer of electrical components. We funded these purchases in part by selling our positions in Rovi Corporation, Atheros Communications, Inc., GSI Commerce, Inc. and Moog Inc.

ARTISAN SMALL CAP VALUE FUND (ARTVX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/29/1997 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Value Fund		-3.61	%		2.01	%		1.46	%		9.70	%		9.05	%
Russell 2000^® Value Index		-5.99			-2.78			-3.08			6.47			5.50
Russell 2000^® Index		-3.53			-0.37			-1.02			6.12			3.90

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		6.4	%		12.1	%
Consumer Staples		2.3			1.5
Energy		12.0			10.4
Financials		7.8			8.9
Healthcare		2.6			2.4
Industrials		21.7			27.6
Information Technology		29.8			23.9
Materials		3.9			5.9
Telecommunication Services		—			1.5
Utilities		10.1			4.3
Other assets less liabilities		3.4			1.5
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Small Cap Value Fund returned -3.61%, outperforming the Russell 2000^® Value Index, but trailing the Russell 2000^® Index, which fell 5.99% and 3.53%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Patterson-UTI Energy, Inc., an onshore drilling rig contractor; MicroStrategy Incorporated, a provider of business intelligence software; Monster Worldwide, Inc., an internet company; Varian Semiconductor Equipment Associates, Inc., a supplier of semiconductor manufacturing equipment; and Lawson Software, Inc., an enterprise software developer.

Notable detractors included: exploration and production companies Forest Oil Corporation, Comstock Resources, Inc., and Penn Virginia Corporation; Quad/Graphics, Inc., a provider of print solutions; and Atlas Air Worldwide Holdings, Inc., a provider of outsourced wide-body freighter aircraft.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Intersil Corporation, a manufacturer of analog integrated circuits; Hatteras Financial Corp., a mortgage real estate investment trust; and Cloud Peak Energy Inc., a U.S. coal producer. We funded these purchases in part by selling our positions in previously mentioned Patterson-UTI Energy, Inc. and Varian Semiconductor Equipment Associates, Inc., in addition to Anixter International Inc.

ARTISAN VALUE FUND (ARTLX)

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Value Fund		3.10	%		2.90	%		-0.06	%		0.68	%
Russell 1000^® Value Index		-1.89			-1.52			-3.53			-2.14
Russell 1000^® Index		0.91			1.61			-0.91			-0.29

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		—	%		9.1	%
Consumer Staples		4.6			10.3
Energy		12.8			10.8
Financials		23.5			27.4
Healthcare		14.5			2.9
Industrials		8.2			2.6
Information Technology		34.0			34.4
Other assets less liabilities		2.4			2.5
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Value Fund returned 3.10%, outperforming the Russell 1000^® Value and Russell 1000^® indices which returned -1.89% and 0.91%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: National Semiconductor Corporation, a semiconductor manufacturer; Exxon Mobil Corporation, an integrated oil and gas company; Nabors Industries Ltd., a land-based drilling contractor; Accenture plc, a consulting services provider; and International Business Machines Corporation, an information technology company.

Notable detractors included: Hewlett-Packard Company, a diversified technology company; Cisco Systems, Inc., a communications networking solutions provider; Cimarex Energy Co., an independent oil and gas exploration and production company; and diversified financial services firms The Bank of New York Mellon Corporation and The Goldman Sachs Group, Inc.

REGION ALLOCATION


Region	9/30/10			9/30/11
Americas		97.6	%		91.8	%
Europe		—			5.7

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including previously mentioned Cisco Systems, Inc., in addition to Apple Inc., a consumer electronics company; Avnet, Inc., a global distributor of electronic components and computer products; and retailers Target Corporation and Tesco plc. We funded these purchases in part by selling our positions in previously mentioned International Business Machines Corporation and Accenture plc, in addition to Baxter International Inc., Pfizer Inc. and Johnson & Johnson.

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON AND PREFERRED STOCKS - 96.5%

BELGIUM - 1.9%
Anheuser-Busch InBev NV⁽¹⁾		3,963	$	210

BRAZIL - 2.0%
Banco Daycoval SA, Preferred⁽²⁾		20,700		94
Fleury SA		10,300		123

				217
CANADA - 1.1%
Canadian National Railway Company		1,798		120

DENMARK - 1.1%
Novo Nordisk A/S, Class B⁽¹⁾		1,195		119

FRANCE - 9.6%
Air Liquide SA⁽¹⁾		1,202		141
Christian Dior SA⁽¹⁾		1,112		124
DANONE S.A.⁽¹⁾		4,306		265
Ipsos⁽¹⁾		4,177		135
Pernod Ricard SA⁽¹⁾		1,825		143
Schneider Electric SA⁽¹⁾		4,406		237

				1,045
GERMANY - 4.0%
Bayer AG⁽¹⁾		2,249		124
Henkel AG & Co.⁽¹⁾		3,585		157
Linde AG⁽¹⁾		1,135		151

				432
HONG KONG - 6.0%
AIA Group Ltd.⁽¹⁾		83,195		236
Dairy Farm International Holdings Limited⁽¹⁾		8,900		76
Samsonite International SA⁽¹⁾⁽³⁾		79,360		111
Sands China Ltd.⁽¹⁾⁽³⁾		99,610		229

				652
INDIA - 2.6%
Housing Development Finance Corporation Ltd.⁽¹⁾		22,165		287

JAPAN - 5.7%
CANON INC.⁽¹⁾		2,800		127
INPEX CORPORATION⁽¹⁾		28		173
Kao Corporation⁽¹⁾		5,800		161
LAWSON, INC.⁽¹⁾		2,800		158

				619

KOREA - 1.1%
Samsung Electronics Co., Ltd.⁽¹⁾		179	$	125

NETHERLANDS - 3.6%
Akzo Nobel N.V.⁽¹⁾		3,862		171
Unilever NV (DR)⁽¹⁾		7,201		228

				399
PERU - 1.1%
Credicorp Ltd.		1,327		122

PHILIPPINES - 1.6%
Alliance Global Group, Inc.⁽¹⁾		618,830		131
Puregold Price Club, Inc.^(1)(3)(4)		150,000		43

				174
RUSSIA - 1.0%
Gazprom (DR)⁽¹⁾		10,985		105

SWITZERLAND - 8.1%
Givaudan SA⁽¹⁾		186		145
Julius Baer Group Ltd.⁽¹⁾		3,451		115
Nestle SA⁽¹⁾		6,516		358
Sonova Holding AG⁽¹⁾		1,324		119
Swatch Group AG - Bearer Shares⁽¹⁾		436		143

				880
UNITED KINGDOM - 10.4%
Experian PLC⁽¹⁾		9,849		111
GlaxoSmithKline PLC⁽¹⁾		7,260		150
HSBC Holdings plc⁽¹⁾		21,865		167
Petrofac Limited⁽¹⁾		5,224		97
Prudential plc⁽¹⁾		15,025		129
Standard Chartered plc⁽¹⁾		4,841		97
Vodafone Group Plc⁽¹⁾		75,325		194
WPP plc⁽¹⁾		20,676		191

				1,136
UNITED STATES - 35.6%
3M Company		2,334		168
Abercrombie & Fitch Co.		2,933		181
Accenture plc, Class A		2,578		136
Allergan, Inc.		1,746		144
American Express Company		4,033		181
Apple Inc.⁽³⁾		431		164
CME Group Inc., Class A		645		159
The Coca-Cola Company		3,323		224
Colgate-Palmolive Company		1,561		138


	Shares Held		Value

UNITED STATES (CONTINUED)
The Dun & Bradstreet Corporation		2,826	$	173
EMC Corporation⁽³⁾		10,678		224
Google Inc., Class A⁽³⁾		567		292
Halliburton Company		4,478		137
MasterCard Incorporated, Class A		387		123
McDonald’s Corporation		2,306		202
Movado Group, Inc.		12,585		153
Oracle Corporation		6,656		191
The Procter & Gamble Company		3,505		221
Thermo Fisher Scientific Inc.⁽³⁾		3,234		164
United Technologies Corporation		1,926		135
The Walt Disney Company		5,851		176
YUM! Brands, Inc.		3,943		195

				3,881

Total common and preferred stocks (Cost $10,986)				10,523

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $541 (Cost $541)⁽⁵⁾	$	541	$	541


Total investments - 101.4% (Cost $11,527)				11,064

Other assets less liabilities - (1.4%)				(156	)


Total net assets - 100.0%⁽⁶⁾			$	10,908

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $6,183 or 56.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽²⁾	Non-voting shares.

⁽³⁾	Non-income producing security.

⁽⁴⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities determined to be illiquid were $43, or 0.4% of total net assets.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	557

⁽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.


FOREIGN CURRENCY FORWARD CONTRACTS
Dollar values in thousands
Description	Counterparty	Trans- action Type	Settlement Date		Cost on Origination Date			Value			Unrealized Appreciation (Depreciation)
Japanese Yen	State Street Bank and Trust Company	Buy		11/17/2011	$	(173	)	$	(172	)	$	(1	)
Japanese Yen	State Street Bank and Trust Company	Sell		11/17/2011		173			172			1

					$	-		$	-		$	-


PORTFOLIO DIVERSIFICATION - September 30, 2011
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	1,840			16.9	%
Consumer Staples		2,382			21.8
Energy		512			4.7
Financials		1,587			14.5
Healthcare		943			8.6
Industrials		1,075			9.9
Information Technology		1,382			12.7
Materials		608			5.6
Telecommunication Services		194			1.8

Total common and preferred stocks		10,523			96.5
Short-term investments		541			4.9

Total investments		11,064			101.4
Other assets less liabilities		(156	)		(1.4	)

Total net assets	$	10,908			100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	217		2.0	%
British pound		1,136		10.3
Canadian dollar		120		1.1
Danish krone		119		1.1
Euro		2,086		18.8
Hong Kong dollar		576		5.2
Indian rupee		287		2.6
Japanese yen		619		5.6
Korean won		125		1.1
Philippine peso		174		1.6
Swiss franc		880		7.9
U.S. dollar		4,725		42.7

Total investments	$	11,064		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Nestle SA	Switzerland		3.3	%
Google Inc.	United States		2.7
Housing Development Finance Corporation Ltd.	India		2.6
DANONE S.A.	France		2.4
Schneider Electric SA	France		2.2
AIA Group Ltd.	Hong Kong		2.2
Sands China Ltd.	Hong Kong		2.1
Unilever NV	Netherlands		2.1
The Coca-Cola Company	United States		2.1
EMC Corporation	United States		2.1

Total			23.8	%

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

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

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 94.6%

BELGIUM - 1.6%
Groupe Bruxelles Lambert S.A.⁽¹⁾		15,408	$	1,084

FRANCE - 4.5%
Publicis Groupe⁽¹⁾		37,482		1,569
Total SA⁽¹⁾		31,325		1,381

				2,950
GERMANY - 1.7%
HeidelbergCement AG⁽¹⁾		30,482		1,102

HONG KONG - 0.8%
Guoco Group Limited⁽¹⁾		56,673		513

IRELAND - 1.1%
Ryanair Holdings PLC, Equity-Linked Security, 144A^(1)(2)(3)(4)⁽⁵⁾		167,027		739

JAPAN - 7.0%
Credit Saison Co., Ltd.⁽¹⁾		64,400		1,239
Daiwa Securities Group Inc.⁽¹⁾		119,016		444
Kao Corporation⁽¹⁾		54,200		1,508
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾		131,228		590
SANKYO CO., LTD.⁽¹⁾		13,048		704
Stanley Electric Co., Ltd.⁽¹⁾		9,700		146

				4,631
NETHERLANDS - 2.5%
ING Groep N.V.⁽¹⁾⁽²⁾		115,105		810
Koninklijke Philips Electronics N.V.⁽¹⁾		45,857		821

				1,631
SWITZERLAND - 7.2%
Adecco SA⁽¹⁾		24,186		948
Novartis AG⁽¹⁾		36,608		2,043
Panalpina Welttransport Holding AG⁽¹⁾⁽²⁾		12,135		1,033
Pargesa Holding SA - Bearer Shares⁽¹⁾		10,203		697

				4,721
UNITED KINGDOM - 14.0%
BAE Systems plc⁽¹⁾		74,494		307
Compass Group PLC⁽¹⁾		336,436		2,721
Diageo plc⁽¹⁾		112,845		2,147
Experian PLC⁽¹⁾		77,733		874
Lloyds Banking Group plc⁽¹⁾⁽²⁾		1,696,008		899
Unilever PLC (DR)		71,182		2,220

				9,168

UNITED STATES - 54.2%
3M Company		27,037	$	1,941
Accenture plc, Class A		12,436		655
American Express Company		38,857		1,745
Arch Capital Group Ltd.⁽²⁾⁽⁶⁾		78,490		2,565
The Bank of New York Mellon Corporation		105,516		1,962
Becton, Dickinson and Company		11,150		818
The Chubb Corporation		36,234		2,174
Cisco Systems, Inc.		47,940		743
CVS Caremark Corporation		21,347		717
Fidelity National Financial, Inc.		43,669		663
Google Inc., Class A⁽²⁾		4,295		2,209
Johnson & Johnson		36,944		2,354
Lockheed Martin Corporation		15,402		1,119
Lowe’s Companies, Inc.		72,655		1,405
Marsh & McLennan Companies, Inc.		84,366		2,239
MasterCard Incorporated, Class A		9,719		3,082
Mohawk Industries, Inc.⁽²⁾		26,416		1,133
Signet Jewelers Ltd.⁽²⁾		65,252		2,206
Target Corporation		29,995		1,471
TE Connectivity Ltd.		82,993		2,335
Wal-Mart Stores, Inc.		39,908		2,071

				35,607

Total common stocks (Cost $60,555)				62,146

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $4,589 (Cost $4,589)⁽⁷⁾	$	4,589	$	4,589


Total investments - 101.6% (Cost $65,144)				66,735

Other assets less liabilities - (1.6%)				(1,069	)


Total net assets - 100.0%⁽⁸⁾			$	65,666

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $24,319 or 37.0% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	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.

⁽⁵⁾	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		8/26/09-9/22/11	$	692	$	739		1.1	%

⁽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		4.625	%		2/15/2040	$	4,682

⁽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
Dollar values in thousands
Description	Counterparty	Trans- action Type	Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation
Japanese Yen	State Street Bank and Trust Company	Sell		11/17/2011	$	3,350	$	3,337	$	13
Japanese Yen	State Street Bank and Trust Company	Sell		11/17/2011		208		208		-	⁽¹⁾
Japanese Yen	State Street Bank and Trust Company	Sell		11/17/2011		140		138		2

					$	3,698	$	3,683	$	15

⁽¹⁾	Amount rounds to less than $1.


PORTFOLIO DIVERSIFICATION - September 30, 2011
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	11,355			17.3	%
Consumer Staples		8,663			13.2
Energy		1,381			2.1
Financials		17,624			26.8
Healthcare		5,215			7.9
Industrials		7,782			11.9
Information Technology		9,024			13.7
Materials		1,102			1.7

Total common stocks		62,146			94.6
Short-term investments		4,589			7.0

Total investments		66,735			101.6
Other assets less liabilities		(1,069	)		(1.6	)

Total net assets	$	65,666			100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	6,948		10.4	%
Euro		7,506		11.2
Hong Kong dollar		513		0.8
Japanese yen		4,631		6.9
Swiss franc		4,721		7.1
U.S. dollar		42,416		63.6

Total investments	$	66,735		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
MasterCard Incorporated	United States		4.7	%
Compass Group PLC	United Kingdom		4.1
Arch Capital Group Ltd.	United States		3.9
Johnson & Johnson	United States		3.6
TE Connectivity Ltd	United States		3.6
Marsh & McLennan Companies, Inc.	United States		3.4
Unilever PLC	United Kingdom		3.4
Google Inc.	United States		3.4
Signet Jewelers Ltd.	United States		3.4
The Chubb Corporation	United States		3.3

Total			36.8	%

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

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

ARTISAN GROWTH OPPORTUNITIES FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 92.0%

BRAZIL - 6.3%
Anhanguera Educacional Participacoes SA		101,900	$	1,312
BR Malls Participacoes		122,500		1,252
Mills Estruturas e Servicos de Engenharia SA		375,550		3,855
OdontoPrev SA		231,550		3,422

				9,841
CANADA - 0.7%
Tourmaline Oil Corp.⁽¹⁾		39,900		1,173

CHINA - 5.9%
Baidu, Inc., Class A (DR)⁽¹⁾		33,100		3,539
Ctrip.com International, Ltd. (DR)⁽¹⁾		61,602		1,981
Shandong Weigao Group Medical Polymer Company Limited, H Shares⁽²⁾		1,777,900		1,986
Tsingtao Brewery Company Limited, H Shares⁽²⁾		300,800		1,625

				9,131
HONG KONG - 1.3%
Wynn Macau Limited⁽²⁾		856,269		1,968

INDIA - 3.2%
HDFC Bank Limited (DR)		96,900		2,825
Jubilant Foodworks Limited⁽¹⁾⁽²⁾		132,325		2,139

				4,964
JAPAN - 1.9%
FANUC CORP.⁽²⁾		21,200		2,919

SWEDEN - 3.4%
Hexagon AB, Class B⁽²⁾		222,645		2,898
Telefonaktiebolaget LM Ericsson (DR), Class B		253,500		2,421

				5,319
SWITZERLAND - 1.7%
Compagnie Financiere Richemont SA - Bearer Shares⁽²⁾		59,350		2,635

TURKEY - 1.8%
Coca-Cola Icecek AS⁽²⁾		209,367		2,843

UNITED KINGDOM - 4.5%
ARM Holdings PLC⁽²⁾		272,250		2,330
Rotork plc⁽²⁾		123,600		2,975
The Weir Group PLC⁽²⁾		73,000		1,749

				7,054

UNITED STATES - 61.3%
Agilent Technologies, Inc.⁽¹⁾		130,613	$	4,082
Allergan, Inc.		83,225		6,856
Apple Inc.⁽¹⁾		20,975		7,995
Baker Hughes Incorporated		60,800		2,807
Biogen Idec Inc.⁽¹⁾		31,000		2,888
Broadcom Corporation, Class A		105,300		3,505
Cerner Corporation⁽¹⁾		72,058		4,937
Citrix Systems, Inc.⁽¹⁾		62,050		3,384
Discover Financial Services		189,800		4,354
eBay Inc.⁽¹⁾		57,600		1,699
EMC Corporation⁽¹⁾		268,700		5,640
Google Inc., Class A⁽¹⁾		13,520		6,954
IHS Inc.⁽¹⁾		72,400		5,416
Monsanto Company		105,000		6,304
National Oilwell Varco, Inc.		70,750		3,624
Occidental Petroleum Corporation		40,450		2,892
Polo Ralph Lauren Corporation, Class A		30,050		3,897
Precision Castparts Corp.		25,375		3,945
Regeneron Pharmaceuticals, Inc.⁽¹⁾		72,300		4,208
salesforce.com, inc.⁽¹⁾		16,300		1,863
Starbucks Corporation		179,202		6,682
Teradata Corporation⁽¹⁾		28,400		1,520

				95,452

Total common stocks (Cost $140,466)				143,299

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $10,298 (Cost $10,298)⁽³⁾	$	10,298	$	10,298


Total investments - 98.6% (Cost $150,764)				153,597

Other assets less liabilities - 1.4%				2,130


Total net assets - 100.0%⁽⁴⁾			$	155,727

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $26,067 or 16.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽³⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	10,504

⁽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

Dollar values in thousands

Description

Counterparty

Trans-
action
Type

Settlement
Date

Cost on
Origination
Date

Value

Unrealized
Appreciation

Japanese Yen

State Street Bank and Trust Company

Sell

11/17/2011

1,350

1,345


PORTFOLIO DIVERSIFICATION - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	20,614		13.2	%
Consumer Staples		4,468		2.9
Energy		10,496		6.7
Financials		8,431		5.4
Healthcare		28,379		18.2
Industrials		20,859		13.4
Information Technology		43,748		28.1
Materials		6,304		4.1

Total common stocks		143,299		92.0
Short-term investments		10,298		6.6

Total investments		153,597		98.6
Other assets less liabilities		2,130		1.4

Total net assets	$	155,727		100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	9,841		6.4	%
British pound		7,054		4.6
Canadian dollar		1,173		0.8
Hong Kong dollar		5,579		3.6
Indian rupee		2,139		1.4
Japanese yen		2,919		1.9
Swedish krona		2,898		1.9
Swiss franc		2,635		1.7
Turkish lira		2,843		1.8
U.S. dollar		116,516		75.9

Total investments	$	153,597		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		5.1	%
Google Inc.	United States		4.5
Allergan, Inc.	United States		4.4
Starbucks Corporation	United States		4.3
Monsanto Company	United States		4.0
EMC Corporation	United States		3.6
IHS Inc.	United States		3.5
Cerner Corporation	United States		3.2
Discover Financial Services	United States		2.8
Regeneron Pharmaceuticals, Inc.	United States		2.7

Total			38.1	%

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

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 96.4%

AUSTRALIA - 3.1%
Asciano Ltd⁽¹⁾		49,436,719	$	68,046
Coca-Cola Amatil Limited⁽¹⁾		1,052,858		12,047
Foster’s Group Limited⁽¹⁾		25,432,636		129,113
Treasury Wine Estates⁽¹⁾		8,697,648		32,163

				241,369
BELGIUM - 4.6%
Anheuser-Busch InBev NV⁽¹⁾		6,845,441		363,037

BRAZIL - 1.0%
Petroleo Brasileiro S.A. (DR)		3,455,548		77,577

CANADA - 3.2%
Canadian National Railway Company		696,160		46,350
Canadian Pacific Railway Limited		4,239,583		203,882

				250,232
CHINA - 4.1%
Baidu, Inc., Class A (DR)⁽²⁾		1,967,771		210,374
Beijing Enterprises Holdings Ltd.⁽¹⁾		7,931,853		39,691
China Mobile Limited⁽¹⁾		1,648,500		16,087
China Resources Land Limited⁽¹⁾		34,262,700		35,959
MGM China Holdings Ltd.⁽¹⁾⁽²⁾		16,200,400		20,981

				323,092
FRANCE - 11.1%
Air Liquide SA⁽¹⁾		396,988		46,423
BNP Paribas⁽¹⁾		1,669,512		66,083
DANONE S.A.⁽¹⁾		1,934,859		119,074
LVMH Moet Hennessy Louis Vuitton SA⁽¹⁾		348,730		46,244
Pernod Ricard SA⁽¹⁾		2,346,610		183,994
Publicis Groupe⁽¹⁾		1,346,780		56,385
Schneider Electric SA⁽¹⁾		1,779,804		95,822
Societe Generale⁽¹⁾		63,234		1,657
Technip SA⁽¹⁾		192,686		15,420
Unibail-Rodamco⁽¹⁾		894,650		159,446
Vinci SA⁽¹⁾		1,801,612		77,360

				867,908
GERMANY - 10.8%
BASF AG⁽¹⁾		462,331		28,052
Bayer AG⁽¹⁾		2,786,103		153,113
Beiersdorf AG⁽¹⁾		1,540,904		82,520
Brenntag AG⁽¹⁾		974,859		84,769
Daimler AG⁽¹⁾		2,512,796		111,303

GERMANY (CONTINUED)
Linde AG⁽¹⁾		2,176,886	$	290,337
Siemens AG⁽¹⁾		1,018,573		92,020

				842,114
HONG KONG - 15.3%
AIA Group Ltd.⁽¹⁾		76,791,700		218,325
BOC Hong Kong (Holdings) Limited⁽¹⁾		17,464,450		36,725
Cheung Kong (Holdings) Limited⁽¹⁾		6,027,013		64,520
Galaxy Entertainment Group Limited⁽¹⁾⁽²⁾		18,992,324		26,681
Hang Seng Bank Limited⁽¹⁾		5,367,677		62,899
Henderson Land Development Company Limited⁽¹⁾		14,134,700		62,793
Hongkong Land Holdings Limited⁽¹⁾		10,162,926		44,994
NWS Holdings Limited⁽¹⁾		35,434,846		47,117
Sands China Ltd.⁽¹⁾⁽²⁾		135,974,230		312,739
Sino Land Company Limited⁽¹⁾		71,510,690		95,136
Sun Hung Kai Properties Limited⁽¹⁾		7,827,400		88,685
Wynn Macau Limited⁽¹⁾		58,315,598		134,007

				1,194,621
INDIA - 1.1%
Coal India Limited⁽¹⁾		1,912,534		12,876
Housing Development Finance Corporation Ltd.⁽¹⁾		5,598,354		72,392

				85,268
ITALY - 0.9%
Fiat Industrial SpA⁽¹⁾⁽²⁾		10,041,047		74,870

JAPAN - 11.9%
BRIDGESTONE CORPORATION⁽¹⁾		3,975,800		90,149
HONDA MOTOR CO., LTD.⁽¹⁾		6,737,200		197,535
JAPAN TOBACCO INC.⁽¹⁾		61,717		287,939
Kao Corporation⁽¹⁾		4,887,500		135,953
MITSUI & CO., LTD.⁽¹⁾		2,717,514		39,333
SOFTBANK Corp⁽¹⁾		6,169,400		180,596

				931,505
KOREA - 0.9%
NHN Corp.⁽¹⁾⁽²⁾		391,813		73,868

NETHERLANDS - 5.4%
Akzo Nobel N.V.⁽¹⁾		2,721,854		120,327
Koninklijke Vopak NV⁽¹⁾		558,508		26,757
Unilever NV (DR)⁽¹⁾		8,815,121		279,210

				426,294


	Shares Held		Value

NIGERIA - 0.0%⁽³⁾
Nigerian Breweries Plc.		165,343	$	83

RUSSIA - 0.8%
Gazprom (DR)⁽¹⁾		6,999,487		66,953

SINGAPORE - 0.9%
City Developments Limited⁽¹⁾		2,905,730		21,093
Genting Singapore PLC⁽¹⁾⁽²⁾		42,552,571		49,451

				70,544
SWEDEN - 0.5%
Sandvik AB⁽¹⁾		3,245,047		37,276

SWITZERLAND - 8.9%
Adecco SA⁽¹⁾		1,983,903		77,795
Compagnie Financiere Richemont SA - Bearer Shares⁽¹⁾		1,788,519		79,394
Givaudan SA⁽¹⁾		87,410		68,287
Nestle SA⁽¹⁾		5,495,819		302,107
Swatch Group AG - Bearer Shares⁽¹⁾		505,302		165,596

				693,179
UNITED KINGDOM - 10.0%
BG Group plc⁽¹⁾		1,985,494		37,808
GlaxoSmithKline PLC⁽¹⁾		1,004,473		20,739
Imperial Tobacco Group plc⁽¹⁾		4,759,812		160,741
Johnson Matthey PLC⁽¹⁾		1,532,331		37,507
Land Securities Group plc⁽¹⁾		5,196,611		51,761
Prudential plc⁽¹⁾		2,695,802		23,074
Reckitt Benckiser Group PLC⁽¹⁾		114,937		5,866
Royal Dutch Shell PLC, Class A⁽¹⁾		1,484,429		45,834
SABMiller plc⁽¹⁾		2,950,553		95,899
Standard Chartered plc⁽¹⁾		2,690,586		53,702
Tate & Lyle PLC⁽¹⁾		4,970,259		48,084
WPP plc⁽¹⁾		21,584,874		199,059

				780,074
UNITED STATES - 1.9%
Accenture plc, Class A		1,144,077		60,270
Schlumberger Limited		1,459,357		87,167

				147,437

Total common stocks (Cost $7,850,584)				7,547,301
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $128,934 (Cost $246,213)⁽⁴⁾	$	246,213	$	246,213


Total investments - 99.6% (Cost $8,096,797)				7,793,514

Other assets less liabilities - 0.4%				32,894


Total net assets - 100.0%⁽⁵⁾			$	7,826,408

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $6,861,598 or 87.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

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

⁽⁴⁾	Collateralized by:


lssuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	251,141

⁽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 - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,489,524		19.0	%
Consumer Staples		2,237,830		28.6
Energy		343,635		4.4
Financials		1,159,244		14.8
Healthcare		173,852		2.2
Industrials		1,011,088		12.9
Information Technology		344,512		4.4
Materials		590,933		7.6
Telecommunication Services		196,683		2.5

Total common stocks		7,547,301		96.4
Short-term investments		246,213		3.2

Total investments		7,793,514		99.6
Other assets less liabilities		32,894		0.4

Total net assets	$	7,826,408		100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	241,369		3.1	%
British pound		734,240		9.4
Euro		2,620,057		33.6
Hong Kong dollar		1,262,345		16.2
Indian rupee		85,268		1.1
Japanese yen		931,505		12.0
Korean won		73,868		0.9
Nigerian naira		83		0.0	⁽¹⁾
Singapore dollar		70,544		0.9
Swedish krona		37,276		0.5
Swiss franc		693,179		8.9
U.S. dollar		1,043,780		13.4

Total investments	$	7,793,514		100.0	%

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


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Anheuser-Busch InBev NV	Belgium		4.6	%
Sands China Ltd.	Hong Kong		4.0
Nestle SA	Switzerland		3.9
Linde AG	Germany		3.7
JAPAN TOBACCO INC.	Japan		3.7
Unilever NV	Netherlands		3.6
AIA Group Ltd.	Hong Kong		2.8
Baidu, Inc.	China		2.7
Canadian Pacific Railway Limited	Canada		2.6
WPP plc	United Kingdom		2.5

Total			34.1	%

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.

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 91.6%

AUSTRALIA - 2.4%
Domino’s Pizza Enterprises Limited⁽¹⁾		2,140,737	$	13,532

AUSTRIA - 2.0%
Flughafen Wien AG⁽¹⁾		255,756		10,938

BRAZIL - 1.0%
Arcos Dorados Holdings Inc., Class A		50,936		1,181
M Dias Branco SA		216,100		4,293

				5,474
CHINA - 12.6%
AMVIG Holdings Ltd⁽¹⁾		9,352,000		5,273
Beijing Enterprises Water Group Limited⁽¹⁾⁽²⁾		58,818,000		10,628
China Everbright International Limited⁽¹⁾		18,449,700		4,216
China Gas Holdings Ltd.⁽¹⁾		19,688,000		4,837
China Lodging Group Ltd. (DR)⁽²⁾		359,774		4,925
Hengan International Group Company Limited⁽¹⁾		892,050		7,046
Hengdeli Holdings Limited⁽¹⁾		14,666,000		4,962
Intime Department Store Group Company Limited⁽¹⁾		11,321,300		12,885
New World Department Store China⁽¹⁾		8,219,000		4,545
Parkson Retail Group Ltd.⁽¹⁾		2,231,000		2,637
Yingde Gases⁽¹⁾		8,815,000		8,000

				69,954
FRANCE - 8.8%
Eurofins Scientific⁽¹⁾		133,063		10,064
Gemalto NV⁽¹⁾		120,799		5,759
Havas SA⁽¹⁾		880,344		3,209
Ipsos⁽¹⁾		503,298		16,254
Rubis⁽¹⁾		268,450		13,533

				48,819
GERMANY - 18.1%
Gerresheimer AG⁽¹⁾		330,840		13,702
GfK SE⁽¹⁾		549,047		20,390
Sixt AG⁽¹⁾		477,070		8,996
Wacker Neuson SE⁽¹⁾		1,398,421		15,838
Wirecard AG⁽¹⁾		2,686,168		41,222

				100,148
HONG KONG - 6.1%
Chow Sang Sang Holdings International Limited⁽¹⁾		2,249,800		4,747

HONG KONG (CONTINUED)
Galaxy Entertainment Group Limited⁽¹⁾⁽²⁾		1,403,000	$	1,971
Oriental Watch Holdings Limited⁽¹⁾		2,254,000		1,032
SJM Holdings Limited⁽¹⁾		12,749,000		22,192
Sun Hung Kai & Co. Limited⁽¹⁾		7,928,912		3,952

				33,894
IRELAND - 1.7%
Smurfit Kappa Group PLC⁽¹⁾⁽²⁾		1,557,927		9,279

ITALY - 7.2%
Davide Campari - Milano S.p.A.⁽¹⁾		3,568,180		26,024
Marr SpA⁽¹⁾		1,346,082		13,923

				39,947
JAPAN - 2.9%
AUTOBACS SEVEN CO., LTD.⁽¹⁾		211,700		9,468
NTN CORPORATION⁽¹⁾		1,451,000		6,802

				16,270
KENYA - 0.1%
East African Breweries Limited⁽¹⁾		336,800		549

NETHERLANDS - 3.5%
Imtech NV⁽¹⁾		692,996		19,479

PHILIPPINES - 3.3%
Alliance Global Group, Inc.⁽¹⁾		87,369,000		18,471

RUSSIA - 3.1%
Globaltrans Investment PLC (DR)⁽¹⁾		748,231		10,117
Pharmstandard⁽¹⁾⁽²⁾		56,781		3,791
TransContainer OAO (DR)⁽¹⁾		340,793		3,230

				17,138
SINGAPORE - 5.5%
City Developments Limited⁽¹⁾		675,972		4,907
Mandarin Oriental International Limited⁽¹⁾		3,557,000		4,819
Petra Foods Limited		2,377,000		3,181
SIA Engineering Company⁽¹⁾		4,022,700		11,647
Super Group Ltd.⁽¹⁾		4,798,000		5,719

				30,273
SWITZERLAND - 3.5%
Bank Sarasin & Cie AG, B Shares⁽¹⁾		242,502		7,407
Schindler Holding AG, Participation Certificates⁽³⁾		111,214		11,908

				19,315


	Shares Held		Value

TURKEY - 1.9%
Bizim Toptan Satis Magazalari AS⁽¹⁾		378,028	$	4,427
Coca-Cola Icecek AS⁽¹⁾		450,724		6,120

				10,547
UNITED KINGDOM - 7.9%
Aegis Group plc⁽¹⁾		7,540,226		14,483
Babcock International Group plc⁽¹⁾		2,317,495		23,557
Informa PLC⁽¹⁾		1,187,894		6,040

				44,080

Total common stocks (Cost $472,057)				508,107

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $50,781 (Cost $50,781)⁽⁴⁾	$	50,781	$	50,781


Total investments - 100.8% (Cost $522,838)				558,888

Other assets less liabilities - (0.8%)				(4,162	)


Total net assets - 100.0%⁽⁵⁾			$	554,726

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $482,619 or 87.0% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


lssuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	51,797

⁽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 - September 30, 2011
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	149,272			26.9	%
Consumer Staples		71,282			12.8
Financials		16,266			2.9
Healthcare		27,557			5.0
Industrials		145,199			26.2
Information Technology		46,981			8.5
Materials		22,552			4.1
Utilities		28,998			5.2

Total common stocks		508,107			91.6
Short-term investments		50,781			9.2

Total investments		558,888			100.8
Other assets less liabilities		(4,162	)		(0.8	)

Total net assets	$	554,726			100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	13,532		2.4	%
Brazilian real		4,293		0.8
British pound		44,080		7.9
Euro		228,610		40.9
Hong Kong dollar		98,923		17.7
Japanese yen		16,270		2.9
Kenyan shilling		549		0.1
Philippine peso		18,471		3.3
Singapore dollar		25,454		4.5
Swiss franc		19,315		3.5
Turkish lira		10,547		1.9
U.S. dollar		78,844		14.1

Total investments	$	558,888		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		7.4	%
Davide Campari - Milano S.p.A.	Italy		4.7
Babcock International Group plc	United Kingdom		4.2
SJM Holdings Limited	Hong Kong		4.0
GfK SE	Germany		3.7
Imtech NV	Netherlands		3.5
Alliance Global Group, Inc.	Philippines		3.3
Ipsos	France		2.9
Wacker Neuson SE	Germany		2.9
Aegis Group plc	United Kingdom		2.6

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.

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 95.6%

BELGIUM - 1.9%
Groupe Bruxelles Lambert S.A.⁽¹⁾		1,144,756	$	80,558

DENMARK - 1.6%
Carlsberg A/S, Class B⁽¹⁾		1,160,705		68,848

FRANCE - 9.8%
Gemalto NV⁽¹⁾		402,447		19,186
Publicis Groupe⁽¹⁾		3,108,322		130,135
Societe Television Francaise 1⁽¹⁾		2,493,791		30,986
Sodexo⁽¹⁾		650,082		42,836
Sodexo - Registered Shares⁽¹⁾⁽⁷⁾		1,284,779		84,659
Total SA⁽¹⁾		2,532,970		111,680

				419,482
GERMANY - 2.5%
HeidelbergCement AG⁽¹⁾		2,938,597		106,206

HONG KONG - 1.7%
Guoco Group Limited⁽¹⁾		7,896,737		71,507

IRELAND - 3.6%
ICON PLC (DR)⁽²⁾⁽³⁾		2,871,675		46,177
Ryanair Holdings PLC, Equity-Linked Security, 144A^{(1)(2)(4)(5)(6)}		24,712,760		109,313

				155,490
JAPAN - 14.5%
Aderans Co., Ltd.^(1)(2)(3)		2,420,067		22,437
Credit Saison Co., Ltd.⁽¹⁾		6,929,859		133,361
Daiwa Securities Group Inc.⁽¹⁾		11,011,748		41,089
Kao Corporation⁽¹⁾		5,093,600		141,686
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾⁽⁶⁾		3,654,200		16,424
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾		12,559,582		56,450
NIFCO INC.⁽¹⁾		1,032,900		26,473
SANKYO CO., LTD.⁽¹⁾		1,471,638		79,392
SEINO HOLDINGS CO., LTD.⁽¹⁾		2,550,800		20,709
Stanley Electric Co., Ltd.⁽¹⁾		5,343,300		80,710

				618,731
NETHERLANDS - 6.7%
ING Groep N.V.⁽¹⁾⁽²⁾		14,025,601		98,712
Koninklijke Ahold NV⁽¹⁾		6,895,959		81,084
Koninklijke Philips Electronics N.V.⁽¹⁾		6,060,429		108,486

				288,282

SWITZERLAND - 11.2%
Adecco SA⁽¹⁾		1,769,230	$	69,377
Nestle SA⁽¹⁾		1,055,703		58,032
Novartis AG⁽¹⁾		2,875,346		160,472
Panalpina Welttransport Holding AG⁽¹⁾⁽²⁾		1,093,317		93,035
Pargesa Holding SA - Bearer Shares⁽¹⁾		1,359,825		92,942
Tamedia AG⁽¹⁾⁽²⁾		29,467		3,832

				477,690
THAILAND - 0.5%
Thai Beverage Public Company Limited⁽¹⁾		112,795,183		21,934

UNITED KINGDOM - 24.6%
BAE Systems plc⁽¹⁾		6,016,491		24,804
Carpetright PLC⁽¹⁾		2,956,377		22,647
Compass Group PLC⁽¹⁾		28,032,023		226,680
Diageo plc⁽¹⁾		6,368,535		121,166
Experian PLC⁽¹⁾		7,183,210		80,813
Lancashire Holdings Ltd⁽¹⁾		3,425,355		36,678
Lloyds Banking Group plc⁽¹⁾⁽²⁾		140,810,098		74,666
Michael Page International plc⁽¹⁾		7,922,419		45,068
Qinetiq Group PLC⁽¹⁾⁽³⁾		62,402,252		112,477
Reed Elsevier PLC⁽¹⁾		18,618,505		141,838
Savills Plc⁽¹⁾⁽³⁾		9,951,406		44,068
Unilever PLC (DR)		3,923,853		122,385

				1,053,290
UNITED STATES - 17.0%
Accenture plc, Class A		1,633,267		86,041
Arch Capital Group Ltd.⁽²⁾⁽³⁾		5,572,034		182,066
Covidien plc		2,988,380		131,788
Signet Jewelers Ltd.⁽²⁾		3,882,479		131,228
TE Connectivity Ltd.		6,920,314		194,738

				725,861

Total common stocks (Cost $4,117,862)				4,087,879


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $128,934 (Cost $128,934)⁽⁸⁾	$	128,934	$	128,934


Total investments - 98.6% (Cost $4,246,796)				4,216,813

Other assets less liabilities - 1.4%				58,669


Total net assets - 100.0%⁽⁹⁾			$	4,275,482

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $3,193,456 or 74.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽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⁾	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 UFG 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- 9/26/2011	$	102,300	$	109,313		2.6	%
Mitsubishi UFJ Financial Group, Inc.		12/14/2009		17,639		16,424		0.4

					$	125,737		3.0	%

⁽⁷⁾	Shares are registered with the issuing company and not tradable until converted back to bearer shares.

⁽⁸⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	131,519

⁽⁹⁾	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

Dollar values in thousands

Description

Counterparty

Transaction
Type

Settlement
Date

Cost on
Origination
Date

Value

Unrealized
Appreciation

Japanese Yen

State Street Bank and Trust Company

Sell

11/17/2011

483,128

481,223

1,905


PORTFOLIO DIVERSIFICATION - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,001,416		23.4	%
Consumer Staples		637,572		14.9
Energy		111,680		2.6
Financials		928,521		21.7
Healthcare		338,437		7.9
Industrials		664,082		15.6
Information Technology		299,965		7.0
Materials		106,206		2.5

Total common stocks		4,087,879		95.6
Short-term investments		128,934		3.0

Total investments		4,216,813		98.6
Other assets less liabilities		58,669		1.4

Total net assets	$	4,275,482		100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	930,905		22.1	%
Danish krone		68,848		1.6
Euro		1,003,841		23.8
Hong Kong dollar		71,507		1.7
Japanese yen		618,731		14.7
Singapore dollar		21,934		0.5
Swiss franc		477,690		11.3
U.S. dollar		1,023,357		24.3

Total investments	$	4,216,813		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		5.3	%
TE Connectivity Ltd	United States		4.6
Arch Capital Group Ltd.	United States		4.3
Novartis AG	Switzerland		3.8
Reed Elsevier PLC	United Kingdom		3.3
Kao Corporation	Japan		3.3
Credit Saison Co., Ltd.	Japan		3.1
Covidien plc	United States		3.1
Signet Jewelers Ltd.	United States		3.1
Publicis Groupe	France		3.0

Total			36.9	%

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), which represents 2.2% of the Fund’s total net assets, and Groupe Bruxelles Lambert SA (GBL), which represents 1.9% of the Fund’s total net assets. Pargesa is the parent company of GBL. If you aggregated the Fund’s holdings of both securities, the aggregated amount would be one of the Fund’s top ten holdings.

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

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 95.6%

CONSUMER DISCRETIONARY - 19.6%
Auto Components - 1.5%
BorgWarner Inc.⁽¹⁾		1,132,114	$	68,527
Gentex Corporation		321,300		7,727

				76,254
Automobiles - 0.3%
Tesla Motors, Inc.⁽¹⁾		538,685		13,138

Distributors - 1.5%
LKQ Corporation⁽¹⁾		3,161,870		76,391

Diversified Consumer Services - 1.0%
New Oriental Education & Technology Group, Inc. (DR)⁽¹⁾⁽²⁾		2,088,400		47,970

Hotels, Restaurants & Leisure - 5.7%
Arcos Dorados Holdings Inc., Class A⁽²⁾		1,892,900		43,896
Chipotle Mexican Grill, Inc.⁽¹⁾		236,224		71,564
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾		2,161,831		69,524
Starwood Hotels & Resorts Worldwide, Inc.		1,581,999		61,413
Wynn Resorts, Limited		333,923		38,428

				284,825
Internet & Catalog Retail - 0.4%
Netflix, Inc.⁽¹⁾		164,767		18,645

Specialty Retail - 1.7%
Tractor Supply Company		625,700		39,137
Ulta Salon, Cosmetics & Fragrance, Inc.⁽¹⁾		733,500		45,646

				84,783
Textiles, Apparel & Luxury Goods - 7.5%
Coach, Inc.		2,130,023		110,399
Fossil, Inc.⁽¹⁾		1,229,135		99,634
lululemon athletica inc.⁽¹⁾		940,716		45,766
Polo Ralph Lauren Corporation, Class A		733,522		95,138
Under Armour, Inc., Class A⁽¹⁾		380,800		25,289

				376,226
CONSUMER STAPLES - 2.6%
Food Products - 2.6%
Diamond Foods, Inc.		525,800		41,954

CONSUMER STAPLES (CONTINUED)
Food Products (Continued)
Mead Johnson Nutrition Company		377,100	$	25,956
TreeHouse Foods, Inc.⁽¹⁾		973,800		60,220

				128,130
ENERGY - 7.3%
Energy Equipment & Services - 6.0%
Cameron International Corporation⁽¹⁾		3,174,549		131,871
Core Laboratories N.V.		762,510		68,496
Dresser-Rand Group Inc.⁽¹⁾		2,523,327		102,270

				302,637
Oil, Gas & Consumable Fuels - 1.3%
Cabot Oil & Gas Corporation		474,900		29,401
Noble Energy, Inc.		469,700		33,255

				62,656
FINANCIALS - 5.1%
Capital Markets - 1.0%
Ares Capital Corporation		3,501,709		48,218

Commercial Banks - 0.8%
HDFC Bank Limited (DR)⁽²⁾		1,326,090		38,655

Consumer Finance - 2.1%
Discover Financial Services		4,670,310		107,137

Diversified Financial Services - 1.2%
CME Group Inc., Class A		250,665		61,764

HEALTHCARE - 22.5%
Biotechnology - 6.5%
Alexion Pharmaceuticals, Inc.⁽¹⁾		810,500		51,921
Cepheid⁽¹⁾		2,030,600		78,848
Incyte Corporation⁽¹⁾		1,831,682		25,589
Pharmasset, Inc.⁽¹⁾		464,200		38,236
Regeneron Pharmaceuticals, Inc.⁽¹⁾		2,232,613		129,938

				324,532
Health Care Equipment & Supplies - 2.2%
Edwards Lifesciences Corporation⁽¹⁾		808,081		57,600
Intuitive Surgical, Inc.⁽¹⁾		142,813		52,024

				109,624
Health Care Providers & Services - 0.5%
AMERIGROUP Corporation⁽¹⁾		675,700		26,359


	Shares Held		Value

HEALTHCARE (CONTINUED)
Health Care Technology - 6.4%
athenahealth, Inc.⁽¹⁾⁽³⁾		1,956,015	$	116,481
Cerner Corporation⁽¹⁾		2,973,724		203,760

				320,241
Life Sciences Tools & Services - 4.1%
Agilent Technologies, Inc.⁽¹⁾		3,437,815		107,432
Illumina, Inc.⁽¹⁾		1,098,183		44,938
Mettler-Toledo International Inc.⁽¹⁾		374,600		52,429

				204,799
Pharmaceuticals - 2.8%
Allergan, Inc.		1,703,196		140,309

INDUSTRIALS - 12.6%
Aerospace & Defense - 2.6%
Precision Castparts Corp.		822,596		127,881

Electrical Equipment - 4.0%
Cooper Industries plc		1,596,676		73,639
Roper Industries, Inc.		1,864,812		128,504

				202,143
Machinery - 1.6%
Gardner Denver, Inc.		1,269,334		80,666

Professional Services - 4.4%
IHS Inc.⁽¹⁾		1,881,617		140,764
Verisk Analytics, Inc., Class A⁽¹⁾		2,357,427		81,968

				222,732
INFORMATION TECHNOLOGY - 25.9%
Communications Equipment - 2.1%
Aruba Networks, Inc.⁽¹⁾		1,676,300		35,051
Juniper Networks, Inc.⁽¹⁾		4,178,785		72,126

				107,177
Electronic Equipment & Instruments - 4.2%
IPG Photonics Corporation⁽¹⁾		1,098,500		47,719
Trimble Navigation Limited⁽¹⁾		2,996,165		100,521
Universal Display Corporation⁽¹⁾		1,331,200		63,818

				212,058
Internet Software & Services - 2.6%
MercadoLibre, Inc.		1,320,763		70,991
OpenTable, Inc.⁽¹⁾		861,966		39,659
SINA Corporation⁽¹⁾⁽²⁾		307,000		21,984

				132,634
IT Services - 2.6%
Teradata Corporation⁽¹⁾		2,395,204		128,215

Semiconductors & Semiconductor Equipment - 3.9%
Altera Corporation		783,900		24,716
ARM Holdings PLC (DR)⁽²⁾		2,581,725		65,834

INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment (Continued)
Broadcom Corporation, Class A		3,188,576	$	106,148

				196,698
Software - 10.5%
ANSYS, Inc.⁽¹⁾		1,859,118		91,171
Citrix Systems, Inc.⁽¹⁾		1,561,918		85,171
Concur Technologies, Inc.⁽¹⁾		359,365		13,375
Qlik Technologies Inc.⁽¹⁾		2,632,300		57,016
Red Hat, Inc.⁽¹⁾		2,068,141		87,400
salesforce.com, inc.⁽¹⁾		899,911		102,842
VMware, Inc., Class A⁽¹⁾		1,118,868		89,935

				526,910

Total common stocks (Cost $3,651,540)				4,790,407

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $241,658 (Cost $241,658)⁽⁴⁾	$	241,658	$	241,658


Total investments - 100.4% (Cost $3,893,198)				5,032,065

Other assets less liabilities - (0.4%)				(21,309	)


Total net assets - 100.0%⁽⁵⁾			$	5,010,756

⁽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
Arcos Dorados Holdings Inc., Class A	Brazil	US dollar
ARM Holdings PLC (DR)	United Kingdom	US dollar
Ctrip.com International, Ltd. (DR)	China	US dollar
HDFC Bank Limited (DR)	India	US dollar
New Oriental Education & Technology Group, Inc. (DR)	China	US dollar
SINA Corporation	China	US 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:


lssuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	246,492

⁽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.


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Cerner Corporation	United States		4.1	%
IHS Inc.	United States		2.8
Allergan, Inc.	United States		2.8
Cameron International Corporation	United States		2.6
Regeneron Pharmaceuticals, Inc.	United States		2.6
Roper Industries, Inc.	United States		2.6
Teradata Corporation	United States		2.6
Precision Castparts Corp.	United States		2.6
athenahealth, Inc.	United States		2.3
Coach, Inc.	United States		2.2

Total			27.2	%

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

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

ARTISAN MID CAP VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 96.7%

CONSUMER DISCRETIONARY - 7.3%
Diversified Consumer Services - 1.9%
H&R Block, Inc.		8,944,000	$	119,045

Household Durables - 1.3%
Mohawk Industries, Inc.⁽¹⁾		1,857,500		79,705

Leisure Equipment & Products - 2.3%
Mattel, Inc.		5,433,300		140,668

Media - 1.8%
Omnicom Group Inc.		2,998,200		110,454

CONSUMER STAPLES - 5.5%
Food & Staples Retailing - 4.0%
The Kroger Co.		7,151,200		157,040
Sysco Corporation		3,492,600		90,458

				247,498
Food Products - 1.5%
Campbell Soup Company		2,804,100		90,769

ENERGY - 7.1%
Energy Equipment & Services - 2.1%
Ensco PLC (DR)⁽²⁾		2,969,674		120,064
Patterson-UTI Energy, Inc.		604,400		10,480

				130,544
Oil, Gas & Consumable Fuels - 5.0%
Cimarex Energy Co.		2,160,790		120,356
Range Resources Corporation		1,192,500		69,714
Southwestern Energy Company⁽¹⁾		3,656,500		121,871

				311,941
FINANCIALS - 21.8%
Capital Markets - 1.6%
Northern Trust Corporation		2,856,700		99,927

Insurance - 17.3%
Alleghany Corporation⁽¹⁾⁽³⁾		599,507		172,958
Allied World Assurance Company Holdings, Ltd		1,171,000		62,894
The Allstate Corporation		4,476,400		106,046
Aon Corporation		3,504,928		147,137
Arch Capital Group Ltd.⁽¹⁾⁽³⁾		4,083,819		133,439
Fidelity National Financial, Inc.		6,460,881		98,076

FINANCIALS (CONTINUED)
Insurance (Continued)
Loews Corporation		3,128,900	$	108,103
The Progressive Corporation		8,506,500		151,075
W. R. Berkley Corporation		3,083,700		91,555

				1,071,283
Real Estate Investment Trusts (REITS) - 2.9%
Annaly Capital Management, Inc.		6,339,700		105,429
Hatteras Financial Corp.		3,026,500		76,147

				181,576
HEALTHCARE - 3.2%
Health Care Providers & Services - 3.2%
CIGNA Corporation		3,841,550		161,115
Quest Diagnostics Incorporated		718,400		35,460

				196,575
INDUSTRIALS - 18.9%
Aerospace & Defense - 5.7%
L-3 Communications Holdings, Inc.		1,853,200		114,843
Rockwell Collins, Inc.		2,817,453		148,649
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾		5,795,700		92,441

				355,933
Construction & Engineering - 2.0%
Jacobs Engineering Group Inc.⁽¹⁾		3,950,100		127,549

Electrical Equipment - 1.7%
Hubbell Inc., Class B		2,125,000		105,272

Machinery - 1.2%
Flowserve Corporation		1,025,300		75,872

Professional Services - 7.5%
The Dun & Bradstreet Corporation		1,797,200		110,096
Equifax Inc.		4,178,000		128,432
ManpowerGroup		2,493,500		83,831
Towers Watson & Co., Class A		2,382,700		142,438

				464,797
Road & Rail - 0.8%
Ryder System, Inc.		1,388,000		52,064

INFORMATION TECHNOLOGY - 25.0%
Computers & Peripherals - 1.8%
Lexmark International, Inc.⁽¹⁾⁽³⁾		4,113,200		111,180


	Shares Held		Value

INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment & Instruments - 8.7%
Arrow Electronics, Inc.⁽¹⁾⁽³⁾		4,982,100	$	138,403
Avnet, Inc.⁽¹⁾		6,353,610		165,702
FLIR Systems, Inc.		3,144,900		78,780
Ingram Micro Inc.⁽¹⁾⁽³⁾		9,752,200		157,303

				540,188
Internet Software & Services - 0.8%
Open Text Corporation⁽¹⁾⁽²⁾		926,200		48,274

IT Services - 7.6%
Broadridge Financial Solutions, Inc.		4,820,000		97,075
SAIC, Inc.⁽¹⁾		8,820,200		104,167
Total System Services, Inc.		7,692,800		130,239
The Western Union Company		8,998,600		137,589

				469,070
Semiconductors & Semiconductor Equipment - 4.2%
Analog Devices, Inc.		4,448,300		139,009
Applied Materials, Inc.		11,541,000		119,449

				258,458
Software - 1.9%
SYNOPSYS, INC.⁽¹⁾		4,839,300		117,885

UTILITIES - 7.9%
Electrical Utilities - 0.8%
Westar Energy, Inc.		1,881,600		49,712

Multi-Utilities - 5.3%
DTE Energy Company		899,400		44,089
OGE Energy Corp.		1,843,500		88,101
SCANA Corporation		2,086,200		84,387
Wisconsin Energy Corporation		689,700		21,581
Xcel Energy Inc.		3,654,100		90,220

				328,378
Water Utilities - 1.8%
American Water Works Company, Inc.		3,746,300		113,063

Total common stocks (Cost $5,968,382)				5,997,680

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $208,269 (Cost $208,269)⁽⁴⁾	$	208,269	$	208,269


Total investments - 100.1% (Cost $6,176,651)				6,205,949

Other assets less liabilities - (0.1%)				(5,485	)


Total net assets - 100.0%⁽⁵⁾			$	6,200,464

⁽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
Ensco PLC (DR)	United Kingdom	US dollar
Open Text Corporation	Canada	US 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:


lssuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	212,440

⁽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.


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Alleghany Corporation	United States		2.8	%
Avnet, Inc.	United States		2.7
CIGNA Corporation	United States		2.6
Ingram Micro Inc.	United States		2.5
The Kroger Co.	United States		2.5
The Progressive Corporation	United States		2.4
Rockwell Collins, Inc.	United States		2.4
Aon Corporation	United States		2.4
Towers Watson & Co.	United States		2.3
Mattel, Inc.	United States		2.3

Total			24.9	%

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

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

ARTISAN SMALL CAP FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 96.2%

CONSUMER DISCRETIONARY - 17.7%
Automobiles - 0.3%
Tesla Motors, Inc.⁽¹⁾		35,000	$	854

Distributors - 3.2%
LKQ Corporation⁽¹⁾		432,400		10,447

Diversified Consumer Services - 2.3%
K12 Inc.⁽¹⁾		297,000		7,562

Hotels, Restaurants & Leisure - 0.9%
BJ’s Restaurants, Inc.⁽¹⁾		18,500		816
Dunkin’ Brands Group, Inc.⁽¹⁾		74,400		2,061

				2,877
Internet & Catalog Retail - 1.0%
HomeAway, Inc.⁽¹⁾		42,900		1,442
MakeMyTrip Limited⁽¹⁾⁽²⁾		84,400		1,863

				3,305
Media - 0.4%
ReachLocal, Inc.⁽¹⁾		134,000		1,457

Specialty Retail - 5.7%
Francesca’s Collections, Inc.⁽¹⁾⁽³⁾		85,800		1,820
Monro Muffler Brake, Inc.		147,500		4,863
Teavana Holdings, Inc.⁽¹⁾		80,300		1,633
Ulta Salon, Cosmetics & Fragrance, Inc.⁽¹⁾		163,500		10,175

				18,491
Textiles, Apparel & Luxury Goods - 3.9%
Iconix Brand Group, Inc.⁽¹⁾		250,700		3,961
Vera Bradley, Inc.⁽¹⁾		113,000		4,074
The Warnaco Group, Inc.⁽¹⁾		104,900		4,835

				12,870
CONSUMER STAPLES - 5.0%
Food & Staples Retailing - 1.4%
The Fresh Market, Inc.⁽¹⁾		116,300		4,438

Food Products - 3.6%
Diamond Foods, Inc.		50,800		4,053
TreeHouse Foods, Inc.⁽¹⁾		127,300		7,872

				11,925

ENERGY - 4.0%
Energy Equipment & Services - 2.8%
Core Laboratories N.V.		43,900	$	3,943
Dril-Quip, Inc.⁽¹⁾		94,900		5,116

				9,059
Oil, Gas & Consumable Fuels - 1.2%
Oasis Petroleum Inc.⁽¹⁾		105,400		2,354
Rosetta Resources Inc.⁽¹⁾		43,100		1,475

				3,829
FINANCIALS - 4.4%
Capital Markets - 3.0%
Ares Capital Corporation		702,061		9,667

Commercial Banks - 1.4%
FirstMerit Corporation		182,600		2,074
MB Financial, Inc.		163,500		2,407

				4,481
HEALTHCARE - 23.5%
Biotechnology - 8.2%
Cepheid⁽¹⁾		387,400		15,043
Incyte Corporation⁽¹⁾		235,500		3,290
Regeneron Pharmaceuticals, Inc.⁽¹⁾		144,900		8,433

				26,766
Health Care Equipment & Supplies - 7.2%
DexCom Inc.⁽¹⁾		221,700		2,660
HeartWare International, Inc.⁽¹⁾		67,200		4,328
Masimo Corporation		332,300		7,194
NxStage Medical, Inc.⁽¹⁾		211,200		4,406
Thoratec Corporation⁽¹⁾		77,200		2,520
ZOLL Medical Corporation⁽¹⁾		65,000		2,453

				23,561
Health Care Providers & Services - 4.4%
AMERIGROUP Corporation⁽¹⁾		82,300		3,210
HMS Holdings Corp.⁽¹⁾		461,900		11,266

				14,476
Health Care Technology - 3.7%
athenahealth, Inc.⁽¹⁾⁽⁴⁾		204,500		12,178

INDUSTRIALS - 18.9%
Aerospace & Defense - 2.9%
Hexcel Corporation⁽¹⁾		417,600		9,254
The KEYW Holding Corporation⁽¹⁾		24,300		173

				9,427


	Shares Held		Value

INDUSTRIALS (CONTINUED)
Electrical Equipment - 7.0%
Acuity Brands, Inc.		191,600	$	6,905
Regal Beloit Corporation		82,900		3,762
Thomas & Betts Corporation⁽¹⁾		143,000		5,707
Woodward, Inc.		235,700		6,458

				22,832
Machinery - 6.4%
Chart Industries, Inc.⁽¹⁾		74,100		3,125
IDEX Corporation		284,100		8,853
Robbins & Myers, Inc.		190,200		6,602
Titan International, Inc.		165,900		2,488

				21,068
Professional Services - 0.9%
RPX Corporation⁽¹⁾		147,300		3,051

Trading Companies & Distributors - 1.7%
Beacon Roofing Supply, Inc.⁽¹⁾		352,300		5,633

INFORMATION TECHNOLOGY - 22.4%
Communications Equipment - 1.7%
Aruba Networks, Inc.⁽¹⁾		119,800		2,505
Finisar Corporation⁽¹⁾		181,300		3,180

				5,685
Electronic Equipment & Instruments - 4.0%
Aeroflex Holding Corp.⁽¹⁾		265,500		2,416
Cognex Corporation		166,400		4,511
Universal Display Corporation⁽¹⁾		125,900		6,036

				12,963
Internet Software & Services - 4.4%
LogMeIn, Inc.⁽¹⁾		130,100		4,321
MercadoLibre, Inc.		96,700		5,198
OpenTable, Inc.⁽¹⁾		73,500		3,382
Travelzoo Inc.⁽¹⁾		66,700		1,467

				14,368
Semiconductors & Semiconductor Equipment - 1.9%
Cavium Networks, Inc.⁽¹⁾		89,600		2,420
Microsemi Corporation⁽¹⁾		239,300		3,824

				6,244
Software - 10.4%
ANSYS, Inc.⁽¹⁾		99,600		4,884
CommVault Systems, Inc.⁽¹⁾		209,300		7,757
Concur Technologies, Inc.⁽¹⁾		100,100		3,726
Fortinet, Inc.⁽¹⁾		98,400		1,653
Informatica Corporation⁽¹⁾		109,600		4,488
NetSuite Inc.⁽¹⁾		156,500		4,227
OPNET Technologies, Inc.		24,100		841
Qlik Technologies Inc.⁽¹⁾		239,800		5,194
RealPage, Inc.⁽¹⁾		53,200		1,088

				33,858

UTILITIES - 0.3%
Electrical Utilities - 0.3%
ITC Holdings Corp.		10,800	$	836

Total common stocks (Cost $266,795)				314,208

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $14,180 (Cost $14,180)⁽⁵⁾	$	14,180	$	14,180


Total investments - 100.5% (Cost $280,975)				328,388

Other assets less liabilities - (0.5%)				(1,688	)


Total net assets - 100.0%⁽⁶⁾			$	326,700

⁽¹⁾	Non-income producing security.

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

⁽³⁾	Non-voting shares.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	14,469

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

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


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Cepheid	United States		4.6	%
athenahealth, Inc.	United States		3.7
HMS Holdings Corp.	United States		3.4
LKQ Corporation	United States		3.2
Ulta Salon, Cosmetics & Fragrance, Inc.	United States		3.1
Ares Capital Corporation	United States		3.0
Hexcel Corporation	United States		2.8
IDEX Corporation	United States		2.7
Regeneron Pharmaceuticals, Inc.	United States		2.6
TreeHouse Foods, Inc.	United States		2.4

Total			31.5	%

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

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

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 98.5%

CONSUMER DISCRETIONARY - 12.1%
Diversified Consumer Services - 3.3%
Coinstar, Inc.⁽¹⁾		309,200	$	12,368
Matthews International Corporation		1,351,113		41,560
Regis Corporation		2,268,000		31,956

				85,884
Hotels, Restaurants & Leisure - 1.1%
Jack in the Box Inc.⁽¹⁾		1,479,708		29,476

Household Durables - 0.4%
Universal Electronics Inc.⁽¹⁾		723,400		11,856

Internet & Catalog Retail - 0.3%
PetMed Express, Inc.		832,500		7,492

Media - 2.9%
Arbitron Inc.		513,500		16,987
DreamWorks Animation SKG, Inc., Class A⁽¹⁾		1,659,300		30,166
Meredith Corporation		1,225,355		27,742

				74,895
Specialty Retail - 2.6%
Rent-A-Center, Inc.		2,498,662		68,588

Textiles, Apparel & Luxury Goods - 1.5%
Skechers U.S.A., Inc., Class A⁽¹⁾		2,241,100		31,443
The Warnaco Group, Inc.⁽¹⁾		146,100		6,734

				38,177
CONSUMER STAPLES - 1.5%
Food Products - 1.5%
Cal-Maine Foods, Inc.		896,900		28,190
Darling International Inc.⁽¹⁾		886,700		11,163

				39,353
Tobacco - 0.0%⁽²⁾
Universal Corporation		31,400		1,126

ENERGY - 10.4%
Energy Equipment & Services - 4.2%
Cal Dive International, Inc.⁽¹⁾		1,619,141		3,092
GulfMark Offshore, Inc.⁽¹⁾		657,800		23,904
Parker Drilling Company⁽¹⁾		3,095,347		13,589

ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
SEACOR Holdings Inc.		221,600	$	17,774
Superior Energy Services, Inc.⁽¹⁾		541,125		14,199
Tidewater Inc.		861,300		36,218

				108,776
Oil, Gas & Consumable Fuels - 6.2%
Cloud Peak Energy Inc.⁽¹⁾		2,473,200		41,921
Comstock Resources, Inc.⁽¹⁾		1,957,290		30,260
Forest Oil Corporation⁽¹⁾		2,301,790		33,146
Lone Pine Resources Inc.^(1)(3)(4)		1,423,000		9,392
Penn Virginia Corporation⁽⁵⁾		2,298,900		12,805
World Fuel Services Corporation		1,091,800		35,647

				163,171
FINANCIALS - 8.9%
Commercial Banks - 0.5%
First Financial Bancorp		939,800		12,969

Diversified Financial Services - 1.0%
PICO Holdings, Inc.⁽¹⁾⁽⁵⁾		1,323,090		27,137

Insurance - 3.4%
Allied World Assurance Company Holdings, Ltd		342,455		18,393
Alterra Capital Holdings Limited		600,975		11,400
Endurance Specialty Holdings Ltd.		697,823		23,831
Platinum Underwriters Holdings, Ltd.		1,134,500		34,886

				88,510
Real Estate Investment Trusts (REITS) - 4.0%
Anworth Mortgage Asset Corporation		1,816,300		12,351
Cypress Sharpridge Investments, Inc.		1,322,300		15,987
Hatteras Financial Corp.⁽⁵⁾		1,812,500		45,602
Pebblebrook Hotel Trust		904,794		14,160
Potlatch Corporation		500,501		15,776

				103,876
HEALTHCARE - 2.4%
Biotechnology - 0.4%
Enzon Pharmaceuticals, Inc.⁽¹⁾		1,575,300		11,090

Health Care Equipment & Supplies - 1.4%
CONMED Corporation⁽¹⁾⁽⁵⁾		1,574,059		36,219


	Shares Held		Value

HEALTHCARE (CONTINUED)
Life Sciences Tools & Services - 0.6%
ICON PLC (DR)^(1)(3)(5)		921,041	$	14,810

INDUSTRIALS - 27.6%
Aerospace & Defense - 2.7%
Curtiss-Wright Corporation		605,400		17,454
Spirit AeroSystems Holdings, Inc., Class A⁽¹⁾		2,045,879		32,632
Teledyne Technologies Incorporated⁽¹⁾		393,572		19,230

				69,316
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings, Inc.⁽¹⁾		783,300		26,076

Airlines - 1.1%
Allegiant Travel Company⁽¹⁾		379,900		17,905
Hawaiian Holdings, Inc.⁽¹⁾⁽⁵⁾		2,548,300		10,728

				28,633
Building Products - 0.9%
Quanex Building Products Corporation⁽⁵⁾		1,909,726		20,911
Simpson Manufacturing Co., Inc.		107,400		2,677

				23,588
Commercial Services & Supplies - 3.6%
Quad/Graphics, Inc., Class A		920,600		16,635
Sykes Enterprises, Incorporated⁽¹⁾⁽⁵⁾		3,130,694		46,804
Tetra Tech, Inc.⁽¹⁾		1,599,900		29,982

				93,421
Construction & Engineering - 4.8%
Comfort Systems USA, Inc.⁽⁵⁾		2,698,526		22,452
EMCOR Group, Inc.⁽¹⁾		2,711,862		55,132
Granite Construction Incorporated		1,420,662		26,666
ORION MARINE GROUP, INC.⁽¹⁾⁽⁵⁾		1,851,400		10,683
Tutor Perini Corporation		868,200		9,976

				124,909
Electrical Equipment - 1.3%
Encore Wire Corporation		223,600		4,602
Woodward, Inc.		1,038,233		28,448

				33,050
Machinery - 3.6%
Astec Industries, Inc.⁽¹⁾		967,681		28,334
Harsco Corporation		294,800		5,716
Kaydon Corporation		687,700		19,723
Mueller Industries, Inc.		1,019,824		39,355

				93,128
Marine - 0.8%
Kirby Corporation⁽¹⁾		390,902		20,577

Professional Services - 6.4%
CRA International, Inc.⁽¹⁾⁽⁵⁾		661,700		13,241
FTI Consulting, Inc.⁽¹⁾		1,849,765		68,090
Kforce Inc.⁽¹⁾		1,732,600		16,997

INDUSTRIALS (CONTINUED)
Professional Services (Continued)
School Specialty, Inc.⁽¹⁾⁽⁵⁾		1,769,253	$	12,615
Towers Watson & Co., Class A		700,987		41,905
TrueBlue, Inc.⁽¹⁾		1,309,688		14,839

				167,687
Road & Rail - 1.4%
Ryder System, Inc.		981,864		36,830

INFORMATION TECHNOLOGY - 23.9%
Communications Equipment - 0.5%
Ixia⁽¹⁾		1,606,300		12,320

Computers & Peripherals - 5.1%
Diebold, Incorporated		2,122,366		58,386
Intermec, Inc.⁽¹⁾		1,618,919		10,555
Lexmark International, Inc.⁽¹⁾⁽⁵⁾		1,471,587		39,777
QLogic Corporation⁽¹⁾		1,896,300		24,045

				132,763
Electronic Equipment & Instruments - 4.2%
Arrow Electronics, Inc.⁽¹⁾⁽⁵⁾		1,317,447		36,599
AVX Corporation		169,200		2,008
Benchmark Electronics, Inc.⁽¹⁾		1,343,101		17,474
Orbotech, Ltd.⁽¹⁾⁽³⁾		713,214		6,904
Power-One, Inc.⁽¹⁾		3,083,600		13,876
RadiSys Corporation⁽¹⁾		1,200,597		7,348
Tech Data Corporation⁽¹⁾		590,000		25,506

				109,715
Internet Software & Services - 1.2%
EarthLink, Inc.		4,763,540		31,106

IT Services - 3.5%
CACI International Inc⁽¹⁾		847,650		42,332
CoreLogic, Inc.⁽¹⁾		1,631,500		17,408
ManTech International Corporation, Class A		978,168		30,695

				90,435
Semiconductors & Semiconductor Equipment - 4.0%
Intersil Corporation		4,606,300		47,399
Lattice Semiconductor Corporation⁽¹⁾		2,609,000		13,697
Rudolph Technologies, Inc.⁽¹⁾		1,343,628		8,989
Ultratech, Inc.⁽¹⁾⁽⁵⁾		1,948,353		33,414

				103,499
Software - 5.4%
Manhattan Associates, Inc.⁽¹⁾⁽⁵⁾		1,184,624		39,187
MicroStrategy Incorporated, Class A⁽¹⁾		237,571		27,100
Progress Software Corporation⁽¹⁾		2,249,723		39,483
Rosetta Stone Inc.⁽¹⁾⁽⁵⁾		1,179,600		10,793


	Shares Held		Value

INFORMATION TECHNOLOGY (CONTINUED)
Software (Continued)
Websense, Inc.⁽¹⁾		1,417,637	$	24,525

				141,088
MATERIALS - 5.9%
Chemicals - 4.9%
H.B. Fuller Company⁽⁵⁾		3,158,433		57,547
Minerals Technologies Inc.		503,800		24,822
Sensient Technologies Corporation		1,408,815		45,857

				128,226
Construction Materials - 0.5%
Eagle Materials Inc.		738,019		12,288

Metals & Mining - 0.5%
Schnitzer Steel Industries, Inc., Class A		383,000		14,094

TELECOMMUNICATION SERVICES - 1.5%
Diversified Telecommunication Services - 1.5%
Atlantic Tele-Network, Inc.		667,700		21,954
Neutral Tandem, Inc.⁽¹⁾⁽⁵⁾		1,850,400		17,912

				39,866
UTILITIES - 4.3%
Electrical Utilities - 4.2%
ALLETE, Inc.		601,987		22,051
Cleco Corporation		1,216,771		41,540
IDACORP, Inc.		152,197		5,750
Portland General Electric Company		1,670,980		39,585

				108,926
Multi-Utilities - 0.1%
NorthWestern Corporation		106,748		3,409

Total common stocks (Cost $2,816,973)				2,568,355

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $41,200 (Cost $41,200)⁽⁶⁾	$	41,200	$	41,200


Total investments - 100.1% (Cost $2,858,173)				2,609,555

Other assets less liabilities - (0.1%)				(2,292	)


Total net assets - 100.0%⁽⁷⁾			$	2,607,263

⁽¹⁾	Non-income producing security.

⁽²⁾	Represents less than 0.1% of total net assets.

⁽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	US dollar
Lone Pine Resources Inc.	Canada	US dollar
Orbotech, Ltd.	Israel	US dollar

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	42,029

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

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

(DR) Depositary Receipt, voting rights may vary.


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Rent-A-Center, Inc.	United States		2.6	%
FTI Consulting, Inc.	United States		2.6
Diebold, Incorporated	United States		2.2
H.B. Fuller Company	United States		2.2
EMCOR Group, Inc.	United States		2.1
Intersil Corporation	United States		1.8
Sykes Enterprises, Incorporated	United States		1.8
Sensient Technologies Corporation	United States		1.8
Hatteras Financial Corp.	United States		1.7
CACI International Inc	United States		1.6

Total			20.4	%

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

The Fund owns Forest Oil Corp, which represents 1.3% of the Fund’s total net assets, and Lone Pine Resources Inc., which represents 0.4% of the Fund’s total net assets. Forest Oil Corp is the parent company of Lone Pine Resources Inc. If you aggregated the Fund’s holdings of both securities, the aggregated amount would be one of the Fund’s top ten holdings.

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

ARTISAN VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 97.5%

CONSUMER DISCRETIONARY - 9.1%
Diversified Consumer Services - 2.4%
H&R Block, Inc.		829,900	$	11,046

Hotels, Restaurants & Leisure - 2.8%
Carnival Corporation & plc		427,500		12,953

Multiline Retail - 3.9%
Target Corporation		369,900		18,140

CONSUMER STAPLES - 10.3%
Food & Staples Retailing - 8.2%
Tesco plc⁽¹⁾⁽²⁾		2,901,800		16,974
Wal-Mart Stores, Inc.		401,400		20,833

				37,807
Food Products - 2.1%
Unilever PLC (DR)⁽²⁾		303,760		9,474

ENERGY - 10.8%
Oil, Gas & Consumable Fuels - 10.8%
Apache Corporation		203,100		16,297
Chesapeake Energy Corporation		366,100		9,354
Cimarex Energy Co.		260,700		14,521
Exxon Mobil Corporation		130,200		9,456

				49,628
FINANCIALS - 27.4%
Capital Markets - 6.4%
The Bank of New York Mellon Corporation		991,500		18,432
The Goldman Sachs Group, Inc.		118,300		11,185

				29,617
Insurance - 18.9%
Aflac Incorporated		292,900		10,237
The Allstate Corporation		414,750		9,825
Arch Capital Group Ltd.⁽³⁾⁽⁴⁾		439,300		14,354
Berkshire Hathaway Inc., Class B⁽³⁾		346,930		24,646
The Chubb Corporation		254,900		15,292
The Progressive Corporation		727,600		12,922

				87,276

FINANCIALS (CONTINUED)
Real Estate Investment Trusts (REITS) - 2.1%
Annaly Capital Management, Inc.		580,400	$	9,652

HEALTHCARE - 2.9%
Health Care Providers & Services - 2.9%
CIGNA Corporation		320,000		13,421

INDUSTRIALS - 2.6%
Construction & Engineering - 2.6%
Jacobs Engineering Group Inc.⁽³⁾		374,300		12,086

INFORMATION TECHNOLOGY - 34.4%
Communications Equipment - 5.3%
Cisco Systems, Inc.		1,586,500		24,575

Computers & Peripherals - 8.7%
Apple Inc.⁽³⁾		82,400		31,409
Hewlett-Packard Company		396,000		8,890

				40,299
Electronic Equipment & Instruments - 6.8%
Avnet, Inc.⁽³⁾		585,800		15,278
Ingram Micro Inc.⁽³⁾⁽⁴⁾		1,000,700		16,141

				31,419
IT Services - 5.0%
Total System Services, Inc.		656,300		11,111
The Western Union Company		794,700		12,151

				23,262
Semiconductors & Semiconductor Equipment - 3.4%
Texas Instruments Incorporated		593,900	$	15,828

Software - 5.2%
Microsoft Corporation		965,500		24,031

Total common stocks (Cost $474,554)				450,514


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $10,526 (Cost $10,526)⁽⁵⁾	$	10,526	$	10,526


Total investments - 99.8% (Cost $485,080)				461,040

Other assets less liabilities - 0.2%				1,122


Total net assets - 100.0%⁽⁶⁾			$	462,162

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $16,974 or 3.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽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
Tesco plc	United Kingdom	British pound
Unilever PLC (DR)	United Kingdom	US dollar

⁽³⁾	Non-income producing security.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	7,460
U.S. Treasury Note		2.375	%		6/30/2018		3,281

						$	10,741

⁽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.


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		6.8	%
Berkshire Hathaway Inc.	United States		5.3
Cisco Systems, Inc.	United States		5.3
Microsoft Corporation	United States		5.2
Wal-Mart Stores, Inc.	United States		4.5
The Bank of New York Mellon Corporation	United States		4.0
Target Corporation	United States		3.9
Tesco plc	United Kingdom		3.7
Apache Corporation	United States		3.5
Ingram Micro Inc.	United States		3.5

Total			45.7	%

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.

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011

Dollar values in thousands, except per share amounts


	GLOBAL EQUITY			GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	10,523		$	59,581
Investments in securities, affiliated, at value		-			2,565
Short-term investments (repurchase agreements), at value		541			4,589

Total investments		11,064			66,735
Cash		1			-	⁽¹⁾
Foreign currency		2			-	⁽¹⁾
Unrealized gain on foreign currency contracts		2			16
Receivable from investments sold		134			317
Receivable from fund shares sold		5			262
Dividends and interest receivable		24			123
Receivable from Adviser		28			21

Total assets		11,260			67,474

LIABILITIES:
Unrealized loss on foreign currency contracts		1			2
Payable for investments purchased		146			1,149
Payable for fund shares redeemed		-			25
Payable for operating expenses		76			86
Payable for advisory fees		128			543
Payable for foreign taxes		1			3

Total liabilities		352			1,808

Total net assets	$	10,908		$	65,666

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	11,191		$	63,473
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(464	)		1,605
Accumulated undistributed net investment income (loss)		27			(325	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions		154			913

	$	10,908		$	65,666

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	10,908		$	65,666
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		1,109,659			7,077,121
Net asset value, offering price and redemption price per share
Investor Shares	$	9.83		$	9.28
Cost of securities of unaffiliated issuers held	$	11,527		$	63,218
Cost of securities of affiliated issuers held	$	-		$	1,926
Cost of foreign currency	$	2		$	-	⁽¹⁾

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	GROWTH OPPORTUNITIES			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	143,299		$	7,547,301
Short-term investments (repurchase agreements), at value		10,298			246,213

Total investments		153,597			7,793,514
Cash		-	⁽¹⁾		1
Foreign currency		38			110
Unrealized gain on foreign currency contracts		7			177
Receivable from investments sold		2,973			74,930
Receivable from fund shares sold		117			78,968
Dividends and interest receivable		96			23,509
Receivable from Adviser		17			-

Total assets		156,845			7,971,209

LIABILITIES:
Unrealized loss on foreign currency contracts		2			317
Payable for investments purchased		950			119,321
Payable for fund shares redeemed		27			20,304
Payable for operating expenses		115			3,519
Payable for foreign taxes		24			1,340

Total liabilities		1,118			144,801

Total net assets	$	155,727		$	7,826,408

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	152,783		$	9,921,895
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		2,822			(304,086	)
Accumulated undistributed net investment income (loss)		(412	)		121,055
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		534			(1,912,456	)

	$	155,727		$	7,826,408

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	142,758		$	5,837,067
Institutional Shares	$	12,969		$	1,989,341
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		13,100,025			317,791,282
Institutional Shares		1,191,589			107,522,505
Net asset value, offering price and redemption price per share
Investor Shares	$	10.90		$	18.37
Institutional Shares	$	10.88		$	18.50
Cost of securities of unaffiliated issuers held	$	150,764		$	8,096,797
Cost of foreign currency	$	39		$	119

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	508,107			$	3,680,655
Investments in securities, affiliated, at value		-				407,224
Short-term investments (repurchase agreements), at value		50,781				128,934

Total investments		558,888				4,216,813
Cash		-	⁽¹⁾			1
Foreign currency		27				163
Unrealized gain on foreign currency contracts		1				2,107
Receivable from investments sold		-				38,361
Receivable from fund shares sold		758				15,990
Dividends and interest receivable		1,200				14,949

Total assets		560,874		��		4,288,384

LIABILITIES:
Unrealized loss on foreign currency contracts		16				69
Payable for investments purchased		3,641				6,151
Payable for fund shares redeemed		2,240				4,888
Payable for operating expenses		234				1,359
Payable for foreign taxes		17				435

Total liabilities		6,148				12,902

Total net assets	$	554,726			$	4,275,482


NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	563,018			$	4,347,141
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		36,026				(27,868	)
Accumulated undistributed net investment income (loss)		2,367				(12,850	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(46,685	)			(30,941	)

	$	554,726			$	4,275,482


SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	554,726			$	3,232,649
Institutional Shares					$	1,042,833
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		33,751,009				137,916,092
Institutional Shares						44,432,407
Net asset value, offering price and redemption price per share
Investor Shares	$	16.44			$	23.44
Institutional Shares					$	23.47
Cost of securities of unaffiliated issuers held	$	522,838			$	3,869,535
Cost of securities of affiliated issuers held	$	-			$	377,261
Cost of foreign currency	$	28			$	171

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	4,673,926		$	5,284,397
Investments in securities, affiliated, at value		116,481			713,283
Short-term investments (repurchase agreements), at value		241,658			208,269

Total investments		5,032,065			6,205,949
Cash		1			-	⁽¹⁾
Receivable from investments sold		23,902			407
Receivable from fund shares sold		6,484			23,540
Dividends and interest receivable		1,750			18,033

Total assets		5,064,202			6,247,929

LIABILITIES:
Payable for investments purchased		46,537			9,158
Payable for fund shares redeemed		4,120			35,275
Payable for operating expenses		2,789			3,032

Total liabilities		53,446			47,465

Total net assets	$	5,010,756		$	6,200,464


NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	3,982,761		$	5,701,978
Net unrealized appreciation on investments and foreign currency related transactions		1,138,867			29,298
Accumulated undistributed net investment income		-			24,143
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(110,872	)		445,045

	$	5,010,756		$	6,200,464


SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	4,500,786		$	6,200,464
Institutional Shares	$	509,970
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		144,527,373			328,334,672
Institutional Shares		15,822,765
Net asset value, offering price and redemption price per share
Investor Shares	$	31.14		$	18.88
Institutional Shares	$	32.23
Cost of securities of unaffiliated issuers held	$	3,813,634		$	5,462,114
Cost of securities of affiliated issuers held	$	79,564		$	714,537

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	SMALL CAP			SMALL CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	302,030		$	2,059,119
Investments in securities, affiliated, at value		12,178			509,236
Short-term investments (repurchase agreements), at value		14,180			41,200

Total investments		328,388			2,609,555
Cash		-	⁽¹⁾		1
Receivable from investments sold		2,787			11,349
Receivable from fund shares sold		2,132			3,123
Dividends and interest receivable		23			3,984

Total assets		333,330			2,628,012

LIABILITIES:
Payable for investments purchased		6,235			17,670
Payable for fund shares redeemed		129			1,702
Payable for operating expenses		266			1,377

Total liabilities		6,630			20,749

Total net assets	$	326,700		$	2,607,263


NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	432,299		$	2,625,922
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		47,413			(248,618	)
Accumulated undistributed net investment income		-			1,066
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(153,012	)		228,893

	$	326,700		$	2,607,263


SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	326,700		$	2,607,263
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		20,404,347			182,376,038
Net asset value, offering price and redemption price per share
Investor Shares	$	16.01		$	14.30
Cost of securities of unaffiliated issuers held	$	274,366		$	2,244,833
Cost of securities of affiliated issuers held	$	6,609		$	613,340

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	420,019
Investments in securities, affiliated, at value		30,495
Short-term investments (repurchase agreements), at value		10,526

Total investments		461,040
Cash		1
Receivable from fund shares sold		805
Dividends and interest receivable		914

Total assets		462,760

LIABILITIES:
Payable for fund shares redeemed		272
Payable for operating expenses		326

Total liabilities		598

Total net assets	$	462,162


NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	545,229
Net unrealized depreciation on investments and foreign currency related transactions		(24,040	)
Accumulated undistributed net investment income		2,606
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(61,633	)

	$	462,162


SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	408,647
Institutional Shares	$	53,515
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		44,853,835
Institutional Shares		5,870,145
Net asset value, offering price and redemption price per share
Investor Shares	$	9.11
Institutional Shares	$	9.12
Cost of securities of unaffiliated issuers held	$	457,079
Cost of securities of affiliated issuers held	$	28,001

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011

Dollar values in thousands


	GLOBAL EQUITY			GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	228		$	1,118
Interest		-	⁽²⁾		1

Total investment income		228			1,119

EXPENSES:
Advisory fees		128			543
Transfer agent fees
Investor Shares		86			193
Shareholder communications
Investor Shares		12			19
Custodian fees		23			34
Accounting fees		38			50
Professional fees		55			44
Registration fees
Investor Shares		52			41
Directors’ fees		6			6
Other operating expenses		-	⁽²⁾		5

Total operating expenses		400			935
Less amounts waived or paid by the Adviser		(208	)		(120	)

Net Expenses		192			815

Net investment income		36			304

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		582			1,882
Foreign currency related transactions		(7	)		(140	)

		575			1,742
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(962	)		(5,271	)
Foreign currency related transactions		6			6

		(956	)		(5,265	)

Net loss on investments and foreign currency related transactions		(381	)		(3,523	)

Net decrease in net assets resulting from operations	$	(345	)	$	(3,219	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	Global Equity		$21	$	-
	Global Value		52		26

⁽²⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	GROWTH OPPORTUNITIES			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	918		$	234,572
Interest		1			35
Other		-			9

Total investment income		919			234,616

EXPENSES:
Advisory fees		1,235			90,895
Transfer agent fees
Investor Shares		384			16,429
Institutional Shares		4			22
Shareholder communications
Investor Shares		26			717
Institutional Shares		1			34
Custodian fees		42			3,992
Accounting fees		39			69
Professional fees		110			397
Registration fees
Investor Shares		61			84
Institutional Shares		22			39
Directors’ fees		6			311
Other operating expenses		5			142

Total operating expenses		1,935			113,131
Less amounts waived or paid by the Adviser		(17	)		-

Net Expenses		1,918			113,131

Net investment income (loss)		(999	)		121,485

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		2,181			994,852
Foreign currency related transactions		(432	)		(79	)

		1,749			994,773
Net decrease in unrealized appreciation or depreciation on:
Investments		(14,114	)		(1,875,691	)
Foreign currency related transactions		(9	)		(1,399	)

		(14,123	)		(1,877,090	)

Net loss on investments and foreign currency related transactions		(12,374	)		(882,317	)

Net decrease in net assets resulting from operations	$	(13,373	)	$	(760,832	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized loss on investments from affiliated issuers
	Growth Opportunities	$	24	$	-
	International		18,737		(4,123	)

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	13,571		$	98,683
Dividends, from affiliated issuers⁽¹⁾		-			3,587
Interest		4			49

Total investment income		13,575			102,319

EXPENSES:
Advisory fees		9,196			42,061
Transfer agent fees
Investor Shares		1,115			6,539
Institutional Shares		-			22
Shareholder communications
Investor Shares		64			463
Institutional Shares		-			23
Custodian fees		443			1,118
Accounting fees		51			69
Professional fees		82			209
Registration fees
Investor Shares		46			218
Institutional Shares		-			80
Directors’ fees		24			136
Other operating expenses		15			68

Total operating expenses		11,036			51,006

Net investment income		2,539			51,313

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		74,403			140,973
Foreign currency related transactions		(115	)		(18,918	)

		74,288			122,055
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(138,137	)		(483,261	)
Foreign currency related transactions		(65	)		1,338

		(138,202	)		(481,923	)

Net loss on investments and foreign currency related transactions		(63,914	)		(359,868	)

Net decrease in net assets resulting from operations	$	(61,375	)	$	(308,555	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	International Small Cap	$	1,122	$	-
	International Value		6,735		3,755

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	27,781		$	122,105
Dividends, from affiliated issuers⁽¹⁾		-			3,954
Interest		32			44

Total investment income		27,813			126,103

EXPENSES:
Advisory fees		53,152			62,517
Transfer agent fees
Investor Shares		14,266			16,154
Institutional Shares		20			-
Shareholder communications
Investor Shares		437			1,029
Institutional Shares		19			-
Custodian fees		202			115
Accounting fees		65			39
Professional fees		211			258
Registration fees
Investor Shares		147			189
Institutional Shares		24			-
Directors’ fees		178			208
Other operating expenses		77			98

Total operating expenses		68,798			80,607

Net investment income (loss)		(40,985	)		45,496

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain on:
Investments⁽¹⁾		665,237			585,460

		665,237			585,460
Net decrease in unrealized appreciation or depreciation on:
Investments		(348,059	)		(531,683	)

		(348,059	)		(531,683	)

Net gain on investments and foreign currency related transactions		317,178			53,777

Net increase in net assets resulting from operations	$	276,193		$	99,273


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	Mid Cap	$	78	$	8,059
	Mid Cap Value		-		60,302

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	SMALL CAP			SMALL CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	1,764		$	31,543
Dividends, from affiliated issuers⁽¹⁾		80			7,587
Interest		2			22

Total investment income		1,846			39,152

EXPENSES:
Advisory fees		3,300			29,202
Transfer agent fees
Investor Shares		686			6,987
Shareholder communications
Investor Shares		89			565
Custodian fees		26			72
Accounting fees		39			40
Professional fees		49			147
Registration fees
Investor Shares		49			111
Directors’ fees		10			98
Other operating expenses		9			48

Total operating expenses		4,257			37,270

Net investment income (loss)		(2,411	)		1,882

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain on:
Investments⁽¹⁾		81,909			317,544

		81,909			317,544
Net decrease in unrealized appreciation or depreciation on:
Investments		(48,672	)		(422,880	)

		(48,672	)		(422,880	)

Net gain (loss) on investments and foreign currency related transactions		33,237			(105,336	)

Net increase (decrease) in net assets resulting from operations	$	30,826		$	(103,454	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated issuers
	Small Cap	$	7	$	3,638
	Small Cap Value		-		(15,261	)

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	8,062
Interest		3

Total investment income		8,065

EXPENSES:
Advisory fees		2,953
Transfer agent fees
Investor Shares		1,033
Institutional Shares		5
Shareholder communications
Investor Shares		84
Institutional Shares		2
Custodian fees		21
Accounting fees		39
Professional fees		60
Registration fees
Investor Shares		95
Institutional Shares		10
Directors’ fees		11
Other operating expenses		9

Total operating expenses		4,322

Net investment income		3,743

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		32,265
Foreign currency related transactions		(41	)

		32,224
Net decrease in unrealized appreciation or depreciation on:
Investments		(42,872	)
Foreign currency related transactions		(1	)

		(42,873	)

Net loss on investments and foreign currency related transactions		(10,649	)

Net decrease in net assets resulting from operations	$	(6,906	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	Value	$	62	$	651

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

ARTISAN FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	GLOBAL EQUITY						GLOBAL VALUE
	Year Ended 9/30/2011			Period Ended 9/30/2010⁽¹⁾			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income	$	36		$	32		$	304		$	223
Net realized gain (loss) on:
Investments		582			(228	)		1,882			1,683
Foreign currency related transactions		(7	)		(13	)		(140	)		(5	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(962	)		499			(5,271	)		1,326
Foreign currency related transactions		6			(7	)		6			5

Net increase (decrease) in net assets resulting from operations		(345	)		283			(3,219	)		3,232

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(70	)		-			(313	)		(689	)
Net realized gains on investment transactions:
Investor Shares		(88	)		-			-			-

Total distributions paid to shareholders		(158	)		-			(313	)		(689	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		942			10,186			34,444			3,593

Total increase in net assets		439			10,469			30,912			6,136

Net assets, beginning of period		10,469			-			34,754			28,618

Net assets, end of period	$	10,908		$	10,469		$	65,666		$	34,754


Accumulated undistributed net investment income (loss)	$	27		$	80		$	(325	)	$	(204	)

⁽¹⁾	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.

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GROWTH OPPORTUNITIES						INTERNATIONAL
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(999	)	$	(536	)	$	121,485		$	90,536
Net realized gain (loss) on:
Investments		2,181			2,089			994,852			(67,630	)
Foreign currency related transactions		(432	)		(74	)		(79	)		(3,039	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(14,114	)		9,555			(1,875,691	)		224,422
Foreign currency related transactions		(9	)		(1	)		(1,399	)		1,804

Net increase (decrease) in net assets resulting from operations		(13,373	)		11,033			(760,832	)		246,093

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(61,274	)		(94,522	)
Institutional Shares		-			-			(26,489	)		(34,566	)
Net realized gains on investment transactions:
Investor Shares		(1,034	)		-			-			-

Total distributions paid to shareholders		(1,034	)		-			(87,763	)		(129,088	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		97,676			15,868			(973,666	)		(1,096,191	)

Total increase (decrease) in net assets		83,269			26,901			(1,822,261	)		(979,186	)

Net assets, beginning of period		72,458			45,557			9,648,669			10,627,855

Net assets, end of period	$	155,727		$	72,458		$	7,826,408		$	9,648,669


Accumulated undistributed net investment income (loss)	$	(412	)	$	(1	)	$	121,055		$	87,458

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

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income	$	2,539		$	1,066		$	51,313		$	36,645
Net realized gain (loss) on:
Investments		74,403			12,982			140,973			(19,658	)
Foreign currency related transactions		(115	)		(639	)		(18,918	)		(905	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(138,137	)		70,057			(483,261	)		263,315
Foreign currency related transactions		(65	)		265			1,338			715

Net increase (decrease) in net assets resulting from operations		(61,375	)		83,731			(308,555	)		280,112

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(457	)		(4,971	)		(39,445	)		(34,820	)
Institutional Shares								(12,501	)		(7,409	)

Total distributions paid to shareholders		(457	)		(4,971	)		(51,946	)		(42,229	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(180,835	)		22,830			1,298,269			1,080,085

Total increase (decrease) in net assets		(242,667	)		101,590			937,768			1,317,968

Net assets, beginning of period		797,393			695,803			3,337,714			2,019,746

Net assets, end of period	$	554,726		$	797,393		$	4,275,482		$	3,337,714


Accumulated undistributed net investment income (loss)	$	2,367		$	403		$	(12,850	)	$	7,327

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

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP						MID CAP VALUE
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(40,985	)	$	(32,865	)	$	45,496		$	32,300
Net realized gain on:
Investments		665,237			94,003			585,460			405,320
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(348,059	)		818,287			(531,683	)		164,927

Net increase in net assets resulting from operations		276,193			879,425			99,273			602,547

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(48,963	)		(19,094	)
Net realized gains on investment transactions:
Investor Shares		-			-			(97,741	)		-

Total distributions paid to shareholders		-			-			(146,704	)		(19,094	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(143,118	)		(144,809	)		508,268			528,218

Total increase in net assets		133,075			734,616			460,837			1,111,671

Net assets, beginning of period		4,877,681			4,143,065			5,739,627			4,627,956

Net assets, end of period	$	5,010,756		$	4,877,681		$	6,200,464		$	5,739,627


Accumulated undistributed net investment income (loss)	$	-		$	(133	)	$	24,143		$	31,569

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

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SMALL CAP						SMALL CAP VALUE
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(2,411	)	$	(2,483	)	$	1,882		$	2,778
Net realized gain on:
Investments		81,909			59,720			317,544			77,884
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(48,672	)		(18,183	)		(422,880	)		141,087

Net increase (decrease) in net assets resulting from operations		30,826			39,054			(103,454	)		221,749

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(2,837	)		(2,598	)

Total distributions paid to shareholders		-			-			(2,837	)		(2,598	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(26,856	)		(153,320	)		23,138			314,770

Total increase (decrease) in net assets		3,970			(114,266	)		(83,153	)		533,921

Net assets, beginning of period		322,730			436,996			2,690,416			2,156,495

Net assets, end of period	$	326,700		$	322,730		$	2,607,263		$	2,690,416


Accumulated undistributed net investment income (loss)	$	-		$	(21	)	$	1,066		$	2,769

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

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	VALUE
	Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income	$	3,743		$	1,996
Net realized gain (loss) on:
Investments		32,265			9,335
Foreign currency related transactions		(41	)		3
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(42,872	)		8,010
Foreign currency related transactions		(1	)		-

Net increase (decrease) in net assets resulting from operations		(6,906	)		19,344

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(2,455	)		(840	)
Institutional Shares		-			-

Total distributions paid to shareholders		(2,455	)		(840	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		205,150			66,759

Total increase in net assets		195,789			85,263

Net assets, beginning of period		266,373			181,110

Net assets, end of period	$	462,162		$	266,373


Accumulated undistributed net investment income	$	2,606		$	1,405

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

ARTISAN FUNDS

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).


	ARTISAN GLOBAL EQUITY FUND
	Investor Shares

	Year or Period Ended

	9/30/2011			9/30/2010⁽¹⁾

Net Asset Value Beginning of Period	$	10.23		$	10.00
Net Investment Income (Loss)⁽²⁾		(0.03	)		0.03
Net Realized and Unrealized Gain (Loss) on Investments		(0.23	)		0.20

Total Income (Loss) from Investment Operations		(0.26	)		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	$	9.83		$	10.23

Total Return⁽³⁾		(2.66	)%		2.30	%
Net Assets End of Period (millions)	$	10.9		$	10.5
Ratio of Expenses to Average Net Assets⁽⁴⁾⁽⁵⁾		1.50	%		1.50	%
Ratio of Net Investment Income to Average Net Assets⁽⁴⁾⁽⁵⁾		0.28	%		0.69	%
Portfolio Turnover Rate⁽³⁾		150.01	%		60.81	%

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

⁽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.

⁽⁵⁾

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


Year or Period Ended		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets
	9/30/2011		3.12	%		(1.34	)%
	9/30/2010		3.66	%		(1.47	)%

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

ARTISAN FUNDS

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


	ARTISAN GLOBAL VALUE FUND
	Investor Shares

	Year or Period Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008⁽¹⁾

Net Asset Value Beginning of Period	$	9.37		$	8.64		$	8.32		$	10.00
Net Investment Income⁽²⁾		0.06			0.06			0.08			0.10
Net Realized and Unrealized Gain (Loss) on Investments		(0.07	)		0.87			0.29			(1.78	)

Total Income (Loss) from Investment Operations		(0.01	)		0.93			0.37			(1.68	)

Dividends from Net Investment Income		(0.08	)		(0.20	)		(0.05	)		-

Total Distributions		(0.08	)		(0.20	)		(0.05	)		-

Net Asset Value End of Period	$	9.28		$	9.37		$	8.64		$	8.32

Total Return⁽³⁾		(0.23	)%		10.98	%		4.65	%		(16.80	)%
Net Assets End of Period (millions)	$	65.7		$	34.8		$	28.6		$	9.6
Ratio of Expenses to Average Net Assets⁽⁴⁾⁽⁵⁾		1.50	%		1.50	%		1.50	%		1.44	%
Ratio of Net Investment Income to Average Net Assets⁽⁴⁾⁽⁵⁾		0.56	%		0.71	%		1.11	%		1.39	%
Portfolio Turnover Rate⁽³⁾		32.32	%		34.52	%		56.57	%		42.27	%

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

⁽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.

⁽⁵⁾

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
	9/30/2011		1.72	%		0.34	%
	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.

ARTISAN FUNDS

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


	ARTISAN GROWTH OPPORTUNITIES FUND
	Investor Shares

	Year or Period Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008⁽¹⁾

Net Asset Value Beginning of Period	$	10.99		$	9.14		$	9.32		$	10.00
Net Investment Loss⁽²⁾		(0.09	)		(0.09	)		(0.05	)		-	⁽⁴⁾
Net Realized and Unrealized Gain (Loss) on Investments		0.13			1.94			(0.13	)		(0.68	)

Total Income (Loss) from Investment Operations		0.04			1.85			(0.18	)		(0.68	)

Distributions from Net Realized Gains		(0.13	)		-			-			-

Total Distributions		(0.13	)		-			-			-

Net Asset Value End of Period	$	10.90		$	10.99		$	9.14		$	9.32

Total Return⁽⁴⁾		0.14	%		20.24	%		(1.93	)%		(6.80	)%
Net Assets End of Period (millions)	$	142.8		$	72.5		$	45.6		$	5.7
Ratio of Expenses to Average Net Assets⁽⁵⁾⁽⁶⁾		1.40	%		1.50	%		1.47	%		1.50	%
Ratio of Net Investment Loss to Average Net Assets⁽⁵⁾⁽⁶⁾		(0.73	)%		(0.91	)%		(0.59	)%		(0.69	)%
Portfolio Turnover Rate⁽⁴⁾		76.18	%		79.99	%		101.01	%		3.05	%

⁽¹⁾	For the period from commencement of operations September 22, 2008 through September 30, 2008.

⁽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.

⁽⁶⁾


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.

ARTISAN FUNDS

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


	ARTISAN INTERNATIONAL FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	20.57		$	20.16		$	20.34		$	33.75		$	28.75
Net Investment Income⁽¹⁾		0.26			0.17			0.23			0.36			0.31
Net Realized and Unrealized Gain (Loss) on Investments		(2.28	)		0.49			0.48			(9.10	)		7.45

Total Income (Loss) from Investment Operations		(2.02	)		0.66			0.71			(8.74	)		7.76

Dividends from Net Investment Income		(0.18	)		(0.25	)		(0.19	)		(0.20	)		(0.43	)
Distributions from Net Realized Gains		-			-			(0.70	)		(4.47	)		(2.33	)

Total Distributions		(0.18	)		(0.25	)		(0.89	)		(4.67	)		(2.76	)

Net Asset Value End of Period	$	18.37		$	20.57		$	20.16		$	20.34		$	33.75

Total Return		(9.95	)%		3.27	%		5.00	%		(29.99	)%		28.69	%
Net Assets End of Period (millions)	$	5,837.1		$	7,294.7		$	7,715.1		$	8,760.0		$	12,810.0
Ratio of Expenses to Average Net Assets		1.22	%		1.23	%		1.22	%		1.22	%		1.21	%
Ratio of Net Investment Income to Average Net Assets		1.18	%		0.86	%		1.47	%		1.28	%		1.01	%
Portfolio Turnover Rate		70.36	%		70.51	%		82.38	%		54.42	%		66.30	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN INTERNATIONAL SMALL CAP FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	18.63		$	16.66		$	14.28		$	26.96		$	22.77
Net Investment Income⁽¹⁾		0.07			0.02			0.12			0.21			0.11
Net Realized and Unrealized Gain (Loss) on Investments		(2.25	)		2.07			2.62			(9.26	)		8.54

Total Income (Loss) from Investment Operations		(2.18	)		2.09			2.74			(9.05	)		8.65

Dividends from Net Investment Income		(0.01	)		(0.12	)		(0.16	)		(0.20	)		(0.70	)
Distributions from Net Realized Gains		-			-			(0.20	)		(3.43	)		(3.76	)

Total Distributions		(0.01	)		(0.12	)		(0.36	)		(3.63	)		(4.46	)

Net Asset Value End of Period	$	16.44		$	18.63		$	16.66		$	14.28		$	26.96

Total Return		(11.70	)%		12.60	%		20.59	%		(38.44	)%		43.10	%
Net Assets End of Period (millions)	$	554.7		$	797.4		$	695.8		$	732.4		$	1,356.0
Ratio of Expenses to Average Net Assets		1.50	%		1.50	%		1.50	%		1.51	%		1.52	%
Ratio of Net Investment Income to Average Net Assets		0.35	%		0.14	%		0.99	%		0.96	%		0.45	%
Portfolio Turnover Rate		44.76	%		73.90	%		58.42	%		42.80	%		49.85	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN INTERNATIONAL VALUE FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	24.74		$	22.83		$	21.20		$	28.49		$	26.71
Net Investment Income⁽¹⁾		0.30			0.31			0.17			0.45			0.38
Net Realized and Unrealized Gain (Loss) on Investments		(1.25	)		2.02			1.67			(5.56	)		3.12

Total Income (Loss) from Investment Operations		(0.95	)		2.33			1.84			(5.11	)		3.50

Dividends from Net Investment Income		(0.35	)		(0.42	)		(0.21	)		(0.51	)		(0.44	)
Distributions from Net Realized Gains		-			-			-			(1.67	)		(1.28	)

Total Distributions		(0.35	)		(0.42	)		(0.21	)		(2.18	)		(1.72	)

Net Asset Value End of Period	$	23.44		$	24.74		$	22.83		$	21.20		$	28.49

Total Return		(4.01	)%		10.39	%		8.95	%		(19.10	)%		13.28	%
Net Assets End of Period (millions)	$	3,232.6		$	2,688.2		$	1,739.5		$	1,029.4		$	1,594.7
Ratio of Expenses to Average Net Assets		1.18	%		1.21	%		1.25	%		1.23	%		1.23	%
Ratio of Net Investment Income to Average Net Assets		1.10	%		1.34	%		0.95	%		1.83	%		1.34	%
Portfolio Turnover Rate		30.90	%		21.02	%		55.49	%		44.72	%		45.60	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN MID CAP FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	29.55		$	24.28		$	24.08		$	37.06		$	31.77
Net Investment Loss⁽¹⁾		(0.26	)		(0.20	)		(0.11	)		(0.22	)		(0.24	)
Net Realized and Unrealized Gain (Loss) on Investments		1.85			5.47			0.59			(6.86	)		9.00

Total Income (Loss) from Investment Operations		1.59			5.27			0.48			(7.08	)		8.76

Dividends from Net Investment Income		-			-			-			-			-
Distributions from Net Realized Gains		-			-			(0.28	)		(5.90	)		(3.47	)

Total Distributions		-			-			(0.28	)		(5.90	)		(3.47	)

Net Asset Value End of Period	$	31.14		$	29.55		$	24.28		$	24.08		$	37.06

Total Return		5.38	%		21.71	%		2.47	%		(22.47	)%		29.83	%
Net Assets End of Period (millions)	$	4,500.8		$	4,375.2		$	3,688.6		$	3,732.3		$	5,319.3
Ratio of Expenses to Average Net Assets		1.24	%		1.23	%		1.23	%		1.24	%		1.22	%
Ratio of Net Investment Loss to Average Net Assets		(0.75	)%		(0.77	)%		(0.57	)%		(0.75	)%		(0.73	)%
Portfolio Turnover Rate		62.87	%		63.46	%		68.39	%		79.76	%		71.04	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN MID CAP VALUE FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	18.86		$	16.85		$	17.01		$	21.70		$	19.87
Net Investment Income⁽¹⁾		0.14			0.11			0.08			0.03			0.09
Net Realized and Unrealized Gain (Loss) on Investments		0.36			1.97			(0.10	)		(2.31	)		2.98

Total Income (Loss) from Investment Operations		0.50			2.08			(0.02	)		(2.28	)		3.07

Dividends from Net Investment Income		(0.16	)		(0.07	)		(0.02	)		(0.08	)		(0.06	)
Distributions from Net Realized Gains		(0.32	)		-			(0.12	)		(2.33	)		(1.18	)

Total Distributions		(0.48	)		(0.07	)		(0.14	)		(2.41	)		(1.24	)

Net Asset Value End of Period	$	18.88		$	18.86		$	16.85		$	17.01		$	21.70

Total Return		2.51	%		12.35	%		0.21	%		(11.16	)%		15.88	%
Net Assets End of Period (millions)	$	6,200.5		$	5,739.6		$	4,628.0		$	3,231.5		$	3,420.7
Ratio of Expenses to Average Net Assets		1.20	%		1.21	%		1.21	%		1.21	%		1.20	%
Ratio of Net Investment Income to Average Net Assets		0.68	%		0.60	%		0.62	%		0.18	%		0.41	%
Portfolio Turnover Rate		31.85	%		37.71	%		53.84	%		69.77	%		53.62	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN SMALL CAP FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	14.40		$	12.88		$	13.13		$	19.89		$	17.51
Net Investment Loss⁽¹⁾		(0.13	)		(0.09	)		(0.05	)		(0.09	)		(0.13	)
Net Realized and Unrealized Gain (Loss) on Investments		1.74			1.61			(0.18	)		(4.82	)		2.87

Total Income (Loss) from Investment Operations		1.61			1.52			(0.23	)		(4.91	)		2.74

Distributions from Net Realized Gains		-			-			-			(1.85	)		(0.36	)
Distributions from Tax Return of Capital		-			-			(0.02	)		-			-
										��
Total Distributions		-			-			(0.02	)		(1.85	)		(0.36	)

Net Asset Value End of Period	$	16.01		$	14.40		$	12.88		$	13.13		$	19.89

Total Return		11.18	%		11.80	%		(1.73	)%		(26.64	)%		15.84	%
Net Assets End of Period (millions)	$	326.7		$	322.7		$	437.0		$	587.1		$	1,151.5
Ratio of Expenses to Average Net Assets		1.29	%		1.31	%		1.26	%		1.22	%		1.18	%
Ratio of Net Investment Loss to Average Net Assets		(0.73	)%		(0.67	)%		(0.47	)%		(0.58	)%		(0.70	)%
Portfolio Turnover Rate		80.26	%		62.67	%		80.51	%		96.90	%		74.32	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN SMALL CAP VALUE FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	14.85		$	13.56		$	13.93		$	18.13		$	19.17
Net Investment Income (Loss)⁽¹⁾		0.01			0.02			0.02			(0.02	)		(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.54	)		1.29			(0.07	)		(1.09	)		1.44

Total Income (Loss) from Investment Operations		(0.53	)		1.31			(0.05	)		(1.11	)		1.43

Dividends from Net Investment Income		(0.02	)		(0.02	)		-			-			-
Distributions from Net Realized Gains		-			-			(0.32	)		(3.09	)		(2.47	)

Total Distributions		(0.02	)		(0.02	)		(0.32	)		(3.09	)		(2.47	)

Net Asset Value End of Period	$	14.30		$	14.85		$	13.56		$	13.93		$	18.13

Total Return		(3.61	)%		9.64	%		0.46	%		(5.77	)%		7.48	%
Net Assets End of Period (millions)	$	2,607.3		$	2,690.4		$	2,156.5		$	1,902.1		$	2,151.2
Ratio of Expenses to Average Net Assets		1.20	%		1.22	%		1.22	%		1.20	%		1.19	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.06	%		0.11	%		0.20	%		(0.16	)%		(0.03	)%
Portfolio Turnover Rate		47.45	%		37.14	%		63.05	%		75.49	%		72.38	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN VALUE FUND
	Investor Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	8.91		$	8.12		$	8.58		$	12.22		$	10.41
Net Investment Income⁽¹⁾		0.09			0.07			0.06			0.08			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.19			0.76			(0.44	)		(2.70	)		1.73

Total Income (Loss) from Investment Operations		0.28			0.83			(0.38	)		(2.62	)		1.93

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	$	9.11		$	8.91		$	8.12		$	8.58		$	12.22

Total Return		3.10	%		10.19	%		(4.10	)%		(22.88	)%		18.65	%
Net Assets End of Period (millions)	$	408.6		$	266.4		$	181.1		$	230.3		$	278.7
Ratio of Expenses to Average Net Assets		1.10	%		1.27	%		1.32	%		1.23	%		1.24	%
Ratio of Net Investment Income to Average Net Assets		0.95	%		0.86	%		0.84	%		0.77	%		1.71	%
Portfolio Turnover Rate		78.36	%		70.69	%		85.44	%		99.24	%		50.79	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

Notes to Financial Statements – September 30, 2011

(1)

Organization:


Fund Name	Inception Date
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007
Artisan 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. Growth Opportunities Fund, International Fund, International Value Fund, Mid Cap Fund and Value Fund began offering Institutional Shares on July 26, 2011, July 1, 1997, October 1, 2006, July 1, 2000 and July 26, 2011, 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” or “Artisan Partners”). 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.

NOTES TO FINANCIAL STATEMENTS

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 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 were 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 paragraphs did not reflect a fair value of the security.

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

NOTES TO FINANCIAL STATEMENTS

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 calculated 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 indices. Artisan Funds monitored for subsequent events using several tools. An indication by any of those tools of a potential material change in the value of securities resulted in either a meeting of the valuation committee, which considered whether a subsequent event had occurred and whether local market closing prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by a third party research service. This third party research service was used to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

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

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

(b)	Fair value measurements – Under generally accepted accounting principles for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require

NOTES TO FINANCIAL STATEMENTS

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 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 by major security type, based on the inputs used to determine their fair values as of September 30, 2011 (in thousands):


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Global Equity
Equity Securities⁽¹⁾:
Americas	$	4,001	$	-		$	-	$	4,001
Emerging Markets		339		691			-		1,030
Europe		-		4,221			-		4,221
Pacific Basin		-		1,271			-		1,271
Repurchase Agreements		-		541			-		541
Total Investments in Securities		4,340		6,724			-		11,064
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		-		-			-		-
Total	$	4,340	$	6,724	⁽²⁾	$	-	$	11,064

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Global Value
Equity and Equity-Linked Securities⁽¹⁾:
Americas	$	35,607	$	-		$	-	$	35,607
Europe		2,220		19,175			-		21,395
Pacific Basin		-		5,144			-		5,144
Repurchase Agreements		-		4,589			-		4,589
Total Investments in Securities		37,827		28,908			-		66,735
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		-		15			-		15
Total	$	37,827	$	28,923	⁽²⁾	$	-	$	66,750
Growth Opportunities
Equity Securities⁽¹⁾:
Americas	$	96,625	$	-		$	-	$	96,625
Emerging Markets		18,186		8,593			-		26,779
Europe		2,421		12,587			-		15,008
Pacific Basin		-		4,887			-		4,887
Repurchase Agreements		-		10,298			-		10,298
Total Investments in Securities		117,232		36,365			-		153,597
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		-		5			-		5
Total	$	117,232	$	36,370	⁽²⁾	$	-	$	153,602
International
Equity Securities⁽¹⁾:
Americas	$	397,669	$	-		$	-	$	397,669
Emerging Markets		288,034		338,807			-		626,841
Europe		-		4,084,752			-		4,084,752
Middle East		-		-			-		-
Pacific Basin		-		2,438,039			-		2,438,039
Repurchase Agreements		-		246,213			-		246,213
Total	$	685,703	$	7,107,811	⁽²⁾	$	-	$	7,793,514
International Small Cap
Equity Securities⁽¹⁾:
Emerging Markets	$	10,399	$	111,734		$	-	$	122,133
Europe		11,908		280,097			-		292,005
Pacific Basin		3,181		90,788			-		93,969
Repurchase Agreements		-		50,781			-		50,781
Total	$	25,488	$	533,400	⁽²⁾	$	-	$	558,888

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
International Value
Equity and Equity-Linked Securities⁽¹⁾:
Americas	$	725,861	$	-		$	-	$	725,861
Emerging Markets		-		21,934			-		21,934
Europe		168,562		2,481,284			-		2,649,846
Pacific Basin		-		690,238			-		690,238
Repurchase Agreements		-		128,934			-		128,934
Total Investments in Securities		894,423		3,322,390			-		4,216,813
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		-		1,905			-		1,905
Total	$	894,423	$	3,324,295	⁽²⁾	$	-	$	4,218,718
Mid Cap
Equity Securities⁽¹⁾	$	4,790,407	$	-		$	-	$	4,790,407
Repurchase Agreements		-		241,658			-		241,658
Total	$	4,790,407	$	241,658		$	-	$	5,032,065
Mid Cap Value
Equity Securities⁽¹⁾	$	5,997,680	$	-		$	-	$	5,997,680
Repurchase Agreements		-		208,269			-		208,269
Total	$	5,997,680	$	208,269		$	-	$	6,205,949
Small Cap Fund
Equity Securities⁽¹⁾	$	314,208	$	-		$	-	$	314,208
Repurchase Agreements		-		14,180			-		14,180
Total	$	314,208	$	14,180		$	-	$	328,388
Small Cap Value Fund
Equity Securities⁽¹⁾	$	2,568,355	$	-		$	-	$	2,568,355
Repurchase Agreements		-		41,200			-		41,200
Total	$	2,568,355	$	41,200		$	-	$	2,609,555

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Value
Equity Securities⁽¹⁾:
Consumer Discretionary	$	42,139	$	-		$	-	$	42,139
Consumer Staples		30,307		16,974			-		47,281
Energy		49,628		-			-		49,628
Financials		126,545		-			-		126,545
Healthcare		13,421		-			-		13,421
Industrials		12,086		-			-		12,086
Information Technology		159,414		-			-		159,414
Repurchase Agreements		-		10,526			-		10,526
Total	$	433,540	$	27,500	⁽²⁾	$	-	$	461,040

⁽¹⁾See Fund’s Schedule of Investments for sector or country classifications.
⁽²⁾Includes securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading.
⁽³⁾Derivative instruments are valued at unrealized appreciation.

Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between levels as of the end of the period. At September 30, 2011, the fair market value of certain securities were adjusted, resulting in their Level 2 classification, due to developments that occurred between the time of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE. The following table summarizes security transfers from Level 1 to Level 2 for each Fund as of September 30, 2011 (in thousands):


	Transfers from Level 1 to Level 2
Global Equity	$	4,135
Global Value		19,193
Growth Opportunities Fund		9,831
International		4,297,816
International Small Cap		381,965
International Value		2,395,331

As of September 30, 2011, there were no transfers of 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.

NOTES TO FINANCIAL STATEMENTS

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 each state’s 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 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 (a) foreign currency contracts, and (b) foreign currency forward contracts. Foreign currency contracts are used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are used to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. Open foreign currency contracts and foreign currency forward contracts, if any, were recorded at market value and recorded in the Statements of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions are recorded in the Statement of Operations.

As of September 30, 2011, Global Equity, Global Value, Growth Opportunities and International Value had outstanding foreign currency forward contracts, as shown on the Schedule of Investments. Foreign currency contracts are not separately disclosed in the Schedule of Investments.

NOTES TO FINANCIAL STATEMENTS

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 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 that the Fund 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 that expire are treated as realized gains. Premiums received from writing options that 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 that 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 year ended September 30, 2011 as follows:


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

NOTES TO FINANCIAL STATEMENTS

(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 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. There is no off-balance sheet risk associated with equity-linked participation certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds’ management on a periodic basis.

(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 September 30, 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

NOTES TO FINANCIAL STATEMENTS

the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2011 (in thousands):


	Year Ended 9/30/11
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Global Equity - Investor Shares	$	62	$	24	$	86
Global Value - Investor Shares		67		126		193
Growth Opportunities - Investor Shares		68		316		384
Growth Opportunities - Institutional Shares⁽¹⁾		4		-		4
International - Investor Shares		641		15,788		16,429
International - Institutional Shares		22		-		22
International Small Cap - Investor Shares		77		1,038		1,115
International Value - Investor Shares		470		6,069		6,539
International Value - Institutional Shares		22		-		22
Mid Cap - Investor Shares		114		14,152		14,266
Mid Cap - Institutional Shares		20		-		20
Mid Cap Value - Investor Shares		556		15,598		16,154
Small Cap - Investor Shares		98		588		686
Small Cap Value - Investor Shares		103		6,884		6,987
Value - Investor Shares		93		940		1,033
Value - Institutional Shares⁽¹⁾		5		-		5

⁽¹⁾For the period of commencement of operations July 26, 2011 through September 30, 2011.

(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 year ended September 30, 2011 as follows (in thousands):


Global Equity	$	-	⁽¹⁾
Global Value		1
Growth Opportunities		8
International		554
International Small Cap		46
International Value		116
Mid Cap		353
Mid Cap Value		332
Small Cap		44
Small Cap Value		283
Value		35

⁽¹⁾ Amount rounds to less than $1.

NOTES TO FINANCIAL STATEMENTS

(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 has been made for indemnification pursuant to any such agreement of the Funds.

(n)

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

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

Global Equity Fund, Global Value Fund, Growth Opportunities Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on Fund 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 Fund 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.

(o)

New accounting pronouncement – In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-4, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRS”). ASU No. 2011-4 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and disclosing information about fair value measurements in accordance with GAAP and IFRS. ASU No. 2011-4 is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. The Funds’ management is currently evaluating the impact these amendments may have on the Funds’ financial statements.

NOTES TO FINANCIAL STATEMENTS

(3)

Derivative transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2011 was as follows (in thousands):


Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Equity	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	1
	Foreign currency forward contracts	Unrealized loss on foreign currency contracts		(1	)
Total			$	-	⁽¹⁾
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	15
Growth Opportunities	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	5
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	1,905

⁽¹⁾	Amount rounds to less than $1.

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2011 was as follows (in thousands):

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


Fund	Risk Exposure Category	Statement of Operations location	Value
Global Equity	Foreign currency forward contracts	Net realized gain (loss) on foreign currency related transactions	$	-	⁽¹⁾
Global Value	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	(140	)
Growth Opportunities	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	(78	)
	Purchased Options	Net realized loss on investments	$	(5	)
	Written Options	Net realized gain on investments		9
Total			$	(74	)
International Value	Foreign currency forward contracts	Net realized gain (loss) on foreign currency related transactions	$	(19,617	)

⁽¹⁾	Amount rounds to less than $1.

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 in unrealized appreciation or depreciation on foreign currency related transactions	$	-	⁽¹⁾
Global Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		15
Growth Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		5
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		1,905

⁽¹⁾	Amount rounds to less than $1.

NOTES TO FINANCIAL STATEMENTS

Volume of derivative activity

For the year ended September 30, 2011, Global Equity Fund, Global Value Fund and Growth Opportunities Fund each held and closed out of two foreign currency forward contracts in addition to one foreign currency forward contract that is presented on each of the respective Schedules of Investments. International Value Fund held and closed out of three foreign currency forward contracts in addition to one foreign currency forward contract that is presented on the Schedule of Investments.

For the year ended September 30, 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

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.

NOTES TO FINANCIAL STATEMENTS

Growth Opportunities Fund paid and Value Fund (for the period 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 the fee waiver is insufficient, to reimburse Global Equity Fund, Global Value Fund and Growth Opportunities 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, 2013, at which time the Adviser will determine whether to renew, revise or discontinue it. For the year ended September 30, 2011, expenses of approximately $208,000, $120,000 and $17,000 incurred by Global Equity Fund, Global Value Fund and Growth Opportunities 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-interested chair of a board committee were not changed from the prior period. These fees were generally allocated to each of Artisan Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

NOTES TO FINANCIAL STATEMENTS

invested in shares of Artisan Funds as selected by the individual directors. Each Fund would purchase 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. As of September 30, 2011, no current directors have elected to participate in the deferred compensation plan.

Shares of Artisan Funds were offered for sale by Artisan Partners 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 2012, 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 Funds’ 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. For the period October 1, 2010 to August 15, 2011, 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%. For the period October 1, 2010 to August 15, 2011, SSB agreed to waive 0.025% of the commitment fee by reducing the Funds’ custody expenses. Effective August 16, 2011, Artisan Funds paid a commitment fee at the annual rate of 0.10% 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%. 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 year ended September 30, 2011, there were no borrowings under the line of credit for 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 year ended September 30, 2011, Global Equity Fund had maximum borrowings of $329,000 and International Small Cap Fund had maximum borrowings of $3,393,000.

(6)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the year ended September 30, 2011 were as follows (in thousands):


Fund	Security Purchases		Security Sales
Global Equity	$	19,092	$	18,724
Global Value		49,148		16,580
Growth Opportunities		184,741		97,935
International		6,663,902		7,722,484
International Small Cap		316,695		535,748
International Value		2,553,612		1,271,546
Mid Cap		3,391,387		3,563,461
Mid Cap Value		2,531,672		2,020,802
Small Cap		254,737		287,675
Small Cap Value		1,504,884		1,389,424
Value		472,084		293,026

NOTES TO FINANCIAL STATEMENTS

(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 year ended September 30, 2011 (dollar values in thousands). 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 year ended September 30, 2011.


		As of 9/30/10											As of 9/30/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance		Value
Global Value
	Arch Capital Group Ltd.⁽²⁾		14,900	$	1,098	$	45	$	3		$	-		78,490	$	2,565
	Signet Jewelers Ltd.⁽²⁾⁽³⁾		45,395		1,178		350		23			-		65,252		2,206
	Total⁽⁴⁾			$	2,276	$	395	$	26		$	-			$	2,565
International
	E-Commerce China Dangdang, Inc., Class A (DR)⁽²⁾⁽³⁾		-	$	30,194	$	30,194	$	(4,123	)	$	-		-	$	-
	Total⁽⁴⁾			$	30,194	$	30,194	$	(4,123	)	$	-		-	$	-
International Value
	Aderans Co., Ltd.⁽⁵⁾		1,956,400	$	6,353	$	1,403	$	(1	)	$	-		2,420,067	$	22,437
	Arch Capital Group Ltd.⁽²⁾		1,543,774		37,892		8,881		666			-		5,572,034		182,066
	ICON PLC (DR)⁽²⁾⁽⁵⁾		-		63,891		4,787		882			-		2,871,675		46,177
	Qinetiq Group PLC		41,112,031		41,700		-		-			1,616		62,402,252		112,476
	Savills Plc		8,553,847		11,700		3,325		196			1,971		9,951,406		44,068
	Signet Jewelers Ltd.⁽²⁾⁽³⁾		4,397,187		19,009		35,945		2,012			-		3,882,479		131,228
	Total⁽⁴⁾			$	180,545	$	54,341	$	3,755		$	3,587			$	407,224
Mid Cap
	athenahealth, Inc.⁽²⁾		1,680,000	$	18,599	$	5,814	$	685		$	-		1,956,015	$	116,481
	GSI Commerce, Inc.⁽³⁾		3,010,400		4,912		77,506		7,374			-		-		-
	Total⁽⁴⁾			$	23,511	$	83,320	$	8,059		$	-			$	116,481
Mid Cap Value
	Acuity Brands, Inc.⁽³⁾		1,816,815	$	-	$	60,542	$	41,750		$	380		-	$	-
	Alleghany Corporation⁽²⁾		560,601		9,171		0		0			-		599,507		172,958
	Arch Capital Group Ltd.⁽²⁾		1,667,173		3,675		24,249		6,918			-		4,083,819		133,439
	Arrow Electronics, Inc.⁽²⁾		4,584,000		14,434		-		-			-		4,982,100		138,403
	Hubbell Inc., Class B⁽³⁾⁽⁵⁾		2,635,900		1,371		25,856		11,990			3,574		2,125,000		105,273
	Ingram Micro Inc.⁽²⁾		8,219,600		28,572		-		-			-		9,752,200		157,303
	Lexmark International, Inc.⁽²⁾⁽⁵⁾		-		159,080		2,658		(356	)		-		4,113,200		111,180
	Total⁽⁴⁾			$	216,303	$	113,305	$	60,302		$	3,954			$	713,283

See notes on page 101.

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/10											As of 9/30/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance		Value
Small Cap
	Acuity Brands, Inc.⁽³⁾⁽⁵⁾		94,000	$	7,599	$	2,732	$	(196	)	$	80		191,600	$	6,905
	athenahealth, Inc.⁽²⁾		210,300		3,518		3,380		242			-		204,500		12,178
	GSI Commerce, Inc.⁽³⁾		356,200		94		6,501		3,592			-		-		-
	Total⁽⁴⁾			$	11,211	$	12,613	$	3,638		$	80			$	12,178
Small Cap Value
	Actel Corporation⁽³⁾		2,060,954	$	-	$	25,259	$	17,774		$	-		-	$	-
	Acuity Brands, Inc.⁽³⁾		552,899		-		20,508		10,844			105		-		-
	AMN Healthcare Services, Inc.⁽³⁾		1,772,616		-		27,832		(16,117	)		-		-		-
	Arrow Electronics, Inc.⁽²⁾		1,504,847		1,398		5,844		4,056			-		1,317,447		36,599
	Comfort Systems USA, Inc.		2,815,126		-		1,518		(122	)		551		2,698,526		22,452
	CONMED Corporation⁽²⁾		1,574,059		-		-		-			-		1,574,059		36,219
	CRA International, Inc.⁽²⁾		625,800		893		-		-			-		661,700		13,241
	Cross Country Healthcare, Inc.⁽³⁾		1,693,026		-		23,929		(11,455	)		-		-		-
	H.B. Fuller Company⁽⁵⁾		2,153,533		21,200		-		-			788		3,158,433		57,547
	Hatteras Financial Corp.⁽⁵⁾		-		53,439		-		-			4,909		1,812,500		45,603
	Hawaiian Holdings, Inc.⁽²⁾⁽⁵⁾		-		14,138		-		-			-		2,548,300		10,728
	ICON PLC (DR)⁽²⁾⁽⁵⁾		-		19,049		-		-			-		921,041		14,810
	Lexmark International, Inc.⁽²⁾⁽⁵⁾		591,887		30,786		-		-			-		1,471,587		39,777
	Manhattan Associates, Inc.⁽²⁾		1,564,924		-		9,497		4,211			-		1,184,624		39,187
	Neutral Tandem, Inc.⁽²⁾⁽⁵⁾		-		28,015		-		-			-		1,850,400		17,912
	Orbotech, Ltd.⁽²⁾⁽³⁾		2,447,487		1,038		41,156		(18,354	)		-		713,214		6,904
	ORION MARINE GROUP, INC.⁽²⁾⁽⁵⁾		1,059,900		9,625		-		-			-		1,851,400		10,683
	Penn Virginia Corporation⁽⁵⁾		694,800		24,275		-		-			453		2,298,900		12,805
	PetMed Express, Inc.⁽³⁾⁽⁵⁾		-		22,550		9,523		(4,073	)		495		832,500		7,493
	PICO Holdings, Inc.⁽²⁾⁽⁵⁾		1,105,390		6,002		-		-			-		1,323,090		27,137
	Quanex Building Products Corporation⁽⁵⁾		1,659,226		4,189		-		-			286		1,909,726		20,912
	RadiSys Corporation⁽²⁾⁽³⁾		1,878,597		-		7,793		(2,509	)		-		1,200,597		7,348
	Rosetta Stone Inc.⁽²⁾⁽⁵⁾		-		15,969		-		-			-		1,179,600		10,793
	Rudolph Technologies, Inc.⁽²⁾⁽³⁾		2,819,378		2,903		23,403		(2,767	)		-		1,343,628		8,989
	School Specialty, Inc.⁽²⁾		1,769,253		-		-		-			-		1,769,253		12,615
	Sykes Enterprises, Incorporated⁽²⁾		2,548,994		10,879		-		-			-		3,130,694		46,804
	Ultra Clean Holdings, Inc.⁽³⁾		1,558,796		-		16,195		(1,895	)		-		-		-
	Ultratech, Inc.⁽²⁾		1,944,953		10,198		6,101		5,146			-		1,948,353		33,414
	Total⁽⁴⁾			$	276,546	$	218,558	$	(15,261	)	$	7,587			$	509,238

See notes on page 101.

100

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/10											As of 9/30/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance		Value
Value
	Arch Capital Group Ltd.⁽²⁾		139,500	$	5,973	$	4,231	$	743		$	-		439,300	$	14,354
	Ingram Micro Inc.⁽²⁾		540,200		9,085		595		(92	)		-		1,000,700		16,141
	Total⁽⁴⁾			$	15,058	$	4,826	$	651		$	-			$	30,495

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

⁽²⁾	Non-income producing security.

⁽³⁾	Issuer was no longer an affiliate as of September 30, 2011.

⁽⁴⁾	Total value as of September 30, 2011 is presented for only those issuers that were affiliates as of September 30, 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 (depreciation) on investments as of September 30, 2011 were as follows (in thousands):


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Global Equity	$	11,564	$	408	$	(908	)	$	(500	)
Global Value		65,837		5,304		(4,406	)		898
Growth Opportunities		151,649		15,967		(14,019	)		1,948
International		8,175,187		652,241		(1,033,914	)		(381,673	)
International Small Cap		528,043		95,448		(64,603	)		30,845
International Value		4,300,722		357,063		(440,972	)		(83,909	)
Mid Cap		3,918,826		1,267,624		(154,385	)		1,113,239
Mid Cap Value		6,207,224		487,469		(488,744	)		(1,275	)
Small Cap		288,142		67,246		(27,000	)		40,246
Small Cap Value		2,867,525		203,393		(461,363	)		(257,970	)
Value		493,964		12,658		(45,582	)		(32,924	)

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).

101

NOTES TO FINANCIAL STATEMENTS

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


	Year Ended 9/30/11				Year Ended 9/30/10
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Global Equity	$	158	$	-	$	-	$	-
Global Value		313		-		689		-
Growth Opportunities		224		810		-		-
International		87,763		-		129,088		-
International Small Cap		457		-		4,971		-
International Value		51,946		-		42,229		-
Mid Cap Value		80,288		66,416		19,094		-
Small Cap Value		2,837		-		2,598		-
Value		2,455		-		840		-

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 United States 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 $78,603,000 were included in net realized gain (loss) on investments in the Statements of Operations for the year ended September 30, 2011, and were not recognized for Federal income tax purposes.

Additional tax information as of and for the year ended September 30, 2011 follows (in thousands):


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses			Other Deferred Gains (Losses)⁽¹⁾
Global Equity	$	219	$	-	$	-		$	(2	)
Global Value		-		1,391		(96	)		-
Growth Opportunities		-		1,422		(406	)		(20	)
International		120,926		-		-			(1,361	)
International Small Cap		2,353		-		-			(11	)
International Value		-		12,238		-			12
Mid Cap		-		-		-			(192	)
Mid Cap Value		137,477		362,284		-			-
Small Cap Value		52,049		187,262		-			-
Value		2,606		-		-			(4	)

⁽¹⁾ Other deferred gains and losses relate to (a) gains or losses on transactions that occurred subsequent to year end that affected the distributable earnings at September 30, 2011 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

102

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2011, the Funds had capital loss carryovers as follows (in thousands):


	Expiring 2017		Expiring 2018		Total
International	$	52,715	$	1,780,664	$	1,833,379
International Small Cap		-		41,479		41,479
Mid Cap		-		85,052		85,052
Small Cap		12,975		132,871		145,846
Value		4,793		47,952		52,745

For the year ended September 30, 2011, the Funds used capital loss carryovers as follows (in thousands):


	Capital Loss Carryovers Used
Global Value	$	472
International		793,973
International Small Cap		76,904
International Value		119,740
Mid Cap		550,188
Small Cap		76,989
Small Cap Value		57,835
Value		30,711

103

NOTES TO FINANCIAL STATEMENTS

(9)

Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):


	GLOBAL EQUITY			GLOBAL VALUE			GROWTH OPPORTUNITIES					INTERNATIONAL
Year ended September 30, 2011	Investor Shares			Investor Shares			Investor Shares			Institutional Shares⁽¹⁾		Investor Shares			Institutional Shares
Proceeds from shares issued	$	3,476		$	42,770		$	116,536		$	1,599	$	1,303,630		$	200,095
Net asset value of shares transferred		-			-			(14,153	)		14,153		-			-
Net asset value of shares issued in reinvestment of dividends and distributions		157			308			1,027			-		54,788			25,401
Cost of shares redeemed⁽²⁾		(2,691	)		(8,634	)		(21,486	)		-		(2,190,720	)		(366,860	)

Net increase (decrease) from fund share transactions	$	942		$	34,444		$	81,924		$	15,752	$	(832,302	)	$	(141,364	)


Shares sold		305,877			4,188,478			9,228,735			133,801		60,685,817			9,123,456
Shares transferred		-			-			(1,057,788	)		1,057,788		-			-
Shares issued in reinvestment of dividends and distributions		14,140			30,390			85,008			-		2,556,612			1,178,671
Shares redeemed		(233,297	)		(851,645	)		(1,746,821	)		-		(100,130,658	)		(16,394,727	)

Net increase (decrease) in capital shares		86,720			3,367,223			6,509,134			1,191,589		(36,888,229	)		(6,092,600	)


	GLOBAL EQUITY			GLOBAL VALUE			GROWTH OPPORTUNITIES					INTERNATIONAL
Year ended September 30, 2010	Investor Shares⁽³⁾			Investor Shares			Investor Shares					Investor Shares			Institutional Shares
Proceeds from shares issued	$	10,367		$	8,653		$	30,913				$	1,714,559		$	254,936
Net asset value of shares issued in reinvestment of dividends and distributions		-			681			-					85,907			32,933
Cost of shares redeemed⁽²⁾		(181	)		(5,741	)		(15,045	)				(2,313,013	)		(871,513	)

Net increase (decrease) from fund share transactions	$	10,186		$	3,593		$	15,868				$	(512,547	)	$	(583,644	)


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	)

⁽¹⁾	For the period from commencement of operations July 26, 2011 through September 30, 2011.

⁽²⁾	Net of redemption fees of:


Fund	9/30/2011		9/30/2010
Global Equity - Investor Shares	$	1	$	0
Global Value - Investor Shares		16		6
Growth Opportunities - Investor Shares		4		-
Growth Opportunities - Institutional Shares		-		-
International - Investor Shares		460		528
International - Institutional Shares		157		168

⁽³⁾	For the period from commencement of operations March 29, 2010 through September 30, 2010.

104

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE						MID CAP
Year ended September 30, 2011	Investor Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	134,384		$	1,396,183		$	547,792		$	1,160,346		$	66,013
Net asset value of shares issued in reinvestment of dividends and distributions		416			32,185			11,352			-			-
Cost of shares redeemed⁽¹⁾		(315,635	)		(617,777	)		(71,466	)		(1,278,871	)		(90,606	)

Net increase (decrease) from fund share transactions	$	(180,835	)	$	810,591		$	487,678		$	(118,525	)	$	(24,593	)


Shares sold		6,925,299			51,358,305			20,384,767			33,974,631			1,869,251
Shares issued in reinvestment of dividends and distributions		21,365			1,197,336			422,463			-			-
Shares redeemed		(15,988,028	)		(23,292,083	)		(2,603,912	)		(37,508,365	)		(2,521,038	)

Net increase (decrease) in capital shares		(9,041,364	)		29,263,558			18,203,318			(3,533,734	)		(651,787	)


	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		$	1,211,662		$	330,197		$	744,135		$	19,299
Net asset value of shares issued in reinvestment of dividends and distributions		4,715			31,364			5,319			-			-
Cost of shares redeemed⁽¹⁾		(213,357	)		(483,111	)		(15,346	)		(842,511	)		(65,732	)

Net increase (decrease) from fund share transactions	$	22,830		$	759,915		$	320,170		$	(98,376	)	$	(46,433	)


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	)

⁽¹⁾	Net of redemption fees of:


Fund	9/30/2011		9/30/2010
International Small Cap - Investor Shares	$	10	$	38
International Value - Investor Shares		279		323
International Value - Institutional Shares		84		71

105

NOTES TO FINANCIAL STATEMENTS


	MID CAP VALUE			SMALL CAP			SMALL CAP VALUE			VALUE
Year ended September 30, 2011	Investor Shares			Investor Shares			Investor Shares			Investor Shares			Institutional Shares⁽¹⁾
Proceeds from shares issued	$	1,807,081		$	161,710		$	661,190		$	273,248		$	36,577
Net asset value of shares transferred		-			-			-			(21,242	)		21,242
Net asset value of shares issued in reinvestment of dividends and distributions		137,560			-			2,731			2,273			-
Cost of shares redeemed		(1,436,373	)		(188,566	)		(640,783	)		(106,948	)		-

Net increase (decrease) from fund share transactions	$	508,268		$	(26,856	)	$	23,138		$	147,331		$	57,819


Shares sold		86,270,818			9,258,288			39,082,613			27,593,098			3,866,137
Shares transferred		-			-			-			(2,004,008	)		2,004,008
Shares issued in reinvestment of dividends and distributions		6,905,600			-			162,466			241,039			-
Shares redeemed		(69,234,568	)		(11,269,301	)		(37,996,832	)		(10,864,145	)		-

Net increase (decrease) in capital shares		23,941,850			(2,011,013	)		1,248,247			14,965,984			5,870,145


	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	$	1,697,862		$	78,066		$	862,413		$	130,447
Net asset value of shares issued in reinvestment of dividends and distributions		17,788			-			2,474			811
Cost of shares redeemed		(1,187,432	)		(231,386	)		(550,117	)		(64,499	)

Net increase (decrease) from fund share transactions	$	528,218		$	(153,320	)	$	314,770		$	66,759


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⁾	For the period from commencement of operations July 26, 2011 through September 30, 2011.

(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.

106

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Artisan Partners Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Artisan Global Equity Fund, Artisan Global Value Fund, Artisan Growth Opportunities Fund (formerly 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, and Artisan Value Fund (formerly Artisan Opportunistic Value Fund) (eleven of the twelve portfolios constituting Artisan Partners Funds, Inc. (formerly Artisan Funds, Inc.)) (the “Funds”) as of September 30, 2011, the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Artisan Global Equity Fund, Artisan Global Value Fund, Artisan Growth Opportunities 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, and Artisan Value Fund of Artisan Partners Funds, Inc. at September 30, 2011, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Chicago, Illinois

November 21, 2011

107

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):

The Internal Revenue Code requires that shareholders be notified within 60 days of the Funds’ fiscal year-end of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Funds.

Each Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2011 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2011 that are eligible for the dividends received deduction available to certain corporate shareholders.


Fund	Long-Term Capital Gains		Qualified Dividend Income			Dividends Received Deduction
Global Equity	$	41		81.33	%		17.21	%
Global Value		66		100.00			100.00
Growth Opportunities		1,498		37.06			26.19
International		-		100.00			7.40
International Small Cap		-		100.00			-
International Value		166		100.00			-
Mid Cap		-		-			-
Mid Cap Value		89,312		89.55			89.04
Small Cap		-		-			-
Small Cap Value		10,760		99.83			99.81
Value		-		100.00			100.00

108

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 April 1, 2011 to September 30, 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 September 30, 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 4/1/2011		Ending Account Value 9/30/2011		Expenses Paid During Period 4/1/2011-9/30/2011⁽¹⁾
Artisan Global Equity Fund - Investor Shares
Actual	$	1,000.00	$	850.35	$	6.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59
Artisan Global Value Fund - Investor Shares
Actual	$	1,000.00	$	890.60	$	7.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59
Artisan Growth Opportunities Fund - Investor Shares
Actual	$	1,000.00	$	831.90	$	6.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.38

See notes on page 110.

109

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2011		Ending Account Value 9/30/2011		Expenses Paid During Period 4/1/2011-9/30/2011⁽¹⁾
Artisan International Fund - Investor Shares
Actual	$	1,000.00	$	818.30	$	5.52
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.12
Artisan International Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	809.50	$	6.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.54
Artisan International Value Fund - Investor Shares
Actual	$	1,000.00	$	842.90	$	5.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.92
Artisan Mid Cap Fund - Investor Shares
Actual	$	1,000.00	$	862.80	$	5.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.12
Artisan Mid Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	852.80	$	5.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97
Artisan Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	863.10	$	6.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53
Artisan Small Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	775.50	$	5.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97
Artisan Value Fund - Investor Shares
Actual	$	1,000.00	$	889.60	$	5.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended September 30, 2011 (shown below), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).


Fund	Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended September 30, 2011
Artisan Global Equity Fund - Investor Shares⁽¹⁾		1.50	%
Artisan Global Value Fund - Investor Shares⁽¹⁾		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	%

See notes on page 111.

110

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


Fund	Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended September 30, 2011
Artisan Mid Cap Value Fund - Investor Shares		1.18	%
Artisan Small Cap Fund - Investor Shares		1.29	%
Artisan Small Cap Value Fund - Investor Shares		1.18	%
Artisan Value Fund - Investor Shares		1.10	%

⁽¹⁾ The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

111

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

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of September 30, 2011. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”). For the purposes of assigning portfolio securities to a particular country, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. The Adviser currently uses MSCI Inc. as its primary source and FactSet as a secondary source for this information. In the event (i) the Adviser’s securities information vendors do not assign a security to a particular country or if the published classification appears to be clearly 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 class currently 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. 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 clearly 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.

Definition of Portfolio Statistic

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

Descriptions of Indices

Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the markets in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.

112

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

The indices to which the Funds are compared are:

Artisan Global Equity, Artisan Global Value and Artisan Growth Opportunities Funds – Morgan Stanley Capital International All Country World Index^SM (MSCI ACWI^SM) is a market-weighted index of global developed and emerging markets.

Artisan Growth Opportunities and Artisan Value Funds – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies.

Artisan International, Artisan International Small Cap and Artisan International Value Funds – Morgan Stanley Capital International EAFE^® Index (MSCI EAFE^®) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE^®’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Fund – Morgan Stanley Capital International EAFE^® Growth Index (MSCI EAFE^® Growth) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibits growth investment style characteristics according to MSCI’s methodology. MSCI EAFE^® Growth’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Small Cap Fund – Morgan Stanley Capital International EAFE^® Small Cap Index (MSCI EAFE^® Small Cap) is a market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

Artisan International Value Fund – Morgan Stanley Capital International EAFE^® Value Index (MSCI EAFE^® Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibits value investment style characteristics according to MSCI’s methodology.

Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Mid Cap Fund – Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap and Artisan Small Cap Value Funds – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.

Artisan Small Cap Fund – Russell 2000^® Growth Index is a market-weighted index of those small companies included in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values.

Artisan Small Cap Value Fund – Russell 2000^® Value Index is a market-weighted index of those small companies included in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Value Fund – Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values.

113

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

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, 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 as a basis for or a component of any financial instruments or products or any indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. 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. (www.mscibarra.com)

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Funds. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Funds’ presentation thereof.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Funds’ statements of additional information, which are available without charge, on the Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

114

PROXY VOTING POLICIES AND PROCEDURES

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.

115

DIRECTORS AND OFFICERS

The board of directors has overall responsibility for the conduct of the affairs of Artisan Funds. Each director serves an indefinite term of unlimited duration until the next annual meeting of shareholders and until the election and qualification of his or her successor. The board of directors may fill any vacancy on the board provided that after such appointment at least two-thirds of the directors have been elected by the shareholders. The shareholders may remove a director by a vote of a majority of the outstanding shares of the Funds at any meeting of shareholders called for the purpose of removing such director.

The board of directors elects the officers of Artisan Funds. Each officer serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed or disqualified. The board of directors may remove any officer with or without cause at any time.

The names and ages of the directors and officers as of November 17, 2011, the position each holds with the Funds, the date each was first elected to office, their principal business occupations and other directorships they have held during at least the last five years are shown below. Each director oversees all twelve series of Artisan Funds.



Name and Age at 11/17/11	Position(s) Held with Artisan Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Directors who are not “interested persons” of Artisan Funds:
David A. Erne – 68	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 2/4/05	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	Trustee, Northwestern Mutual Life Insurance Company (individual life insurance, disability insurance and annuity company).
Thomas R. Hefty – 64	Director	3/27/95	Retired; from January 2007 to February 2008, President, Kern Family Foundation (private, grant-making organization); until December 2006, of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI; until December 2006, Adjunct Professor, Department of Business and Economics, Ripon College; until December 2002, Chairman of the Board and Chief Executive Officer of Cobalt Corporation (provider of managed care and specialty business services).	None.
Patrick S. Pittard – 65	Director	8/9/01	Chief Executive Officer of ACT Bridge, Inc. (enterprise talent management firm); Distinguished Executive in Residence (teaching position), University of Georgia; until October 2001, Chairman of the Board, President and Chief Executive Officer of Heidrick & Struggles International, Inc. (executive search firm).	Director, Lincoln National Corporation (insurance and investment management company); former Director, Cbeyond, Inc. (telecommunications company, formerly Cbeyond Communications, Inc.).

116

DIRECTORS AND OFFICERS



Name and Age at 11/17/11	Position(s) Held with Artisan Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Howard B. Witt – 71	Director	3/27/95	Retired; until December 2004, Chairman of the Board, President and Chief Executive Officer of Littelfuse, Inc. (manufacturer of advanced circuit protection devices).	Former Director, Franklin Electric Co., Inc. (manufacturer of electric motors).
Director who is an “interested person” of Artisan Funds:
Andrew A. Ziegler – 54*	Director	1/5/95	Managing Director of Artisan Partners; until February 2010, President and Chief Executive Officer of Artisan Funds.	None.
Officers:
Eric R. Colson – 41	President and Chief Executive Officer	2/9/10	Managing Director and Chief Executive Officer of Artisan Partners since January 2010; prior thereto, Managing Director and Chief Operating Officer – Investment Operations of Artisan Partners.	None.
Brooke J. Billick – 57	Chief Compliance Officer	8/19/04	Chief Compliance Officer and Associate Counsel of Artisan Partners; Chief Compliance Officer of Artisan Partners Distributors LLC.	None.
Gregory K. Ramirez – 41	Chief Financial Officer and Treasurer	2/8/11	Managing Director and since March 2010 Chief Accounting Officer of Artisan Partners; Assistant Treasurer of Artisan Partners Distributors LLC; until February 2011, Assistant Secretary and Assistant Treasurer of Artisan Funds.	None.
Sarah A. Johnson – 39	General Counsel, Vice President and Secretary	2/8/11	Managing Director (since March 2010) and Associate Counsel of Artisan Partners; until February 2011, Assistant Secretary of Artisan Funds.	None.
James S. Hamman, Jr. – 42	Vice President and Assistant Secretary	2/8/11	Associate Counsel of Artisan Partners since March 2010; from January 2008 until February 2010, Principal of Elite Investment Partners, LLC; prior thereto, Executive Vice President, General Counsel and Secretary of Calamos Asset Management, Inc.	None.

Mr. Ziegler is an “interested person” of Artisan Funds, as defined in the Investment Company Act of 1940, because he is a Managing Director of Artisan Partners and an officer of Artisan Investments GP LLC (the general partner of Artisan Partners). Mr. Ziegler and Carlene M. Ziegler (who are married to each other) control Artisan Partners.

117

DIRECTORS AND OFFICERS

The business address of the officers and director affiliated with Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The address of the other directors is Mr. Erne, Mr. Hefty, Mr. Pittard and Mr. Witt – c/o Artisan Funds, 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

Artisan Funds’ statement of additional information (SAI) contains further information about the directors. Please call 800.344.1770 or visit our website at www.artisanfunds.com for a free copy of the SAI.

118

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.344.1770

WWW.ARTISANFUNDS.COM

LOGO

ANNUAL

REPORT

SEPTEMBER 30, 2011

ARTISAN EMERGING MARKETS FUND

ARTISAN GROWTH OPPORTUNITIES FUND

(formerly known as

Artisan Opportunistic Growth Fund)

ARTISAN INTERNATIONAL FUND

ARTISAN INTERNATIONAL VALUE FUND

ARTISAN MID CAP FUND

ARTISAN VALUE FUND

(formerly known as

Artisan Opportunistic Value Fund)

ARTISAN FUNDS

INSTITUTIONAL SHARES

TABLE OF CONTENTS


				MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
	2			Artisan Emerging Markets Fund
	4			Artisan Growth Opportunities Fund
	6			Artisan International Fund
	8			Artisan International Value Fund
	10			Artisan Mid Cap Fund
	12			Artisan Value Fund

				SCHEDULES OF INVESTMENTS
	14			Artisan Emerging Markets Fund
	17			Artisan Growth Opportunities Fund
	19			Artisan International Fund
	22			Artisan International Value Fund
	25			Artisan Mid Cap Fund
	28			Artisan Value Fund

	30			STATEMENTS OF ASSETS AND LIABILITIES

	33			STATEMENTS OF OPERATIONS

	36			STATEMENTS OF CHANGES IN NET ASSETS

	39			FINANCIAL HIGHLIGHTS

	45			NOTES TO FINANCIAL STATEMENTS

	64			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

	66			SHAREHOLDER EXPENSE EXAMPLE

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

	70			PROXY VOTING POLICIES AND PROCEDURES

	70			INFORMATION ABOUT PORTFOLIO SECURITIES

	71			DIRECTORS AND OFFICERS

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

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

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2011. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Each of the Funds offer other classes of shares. A report on each of the other classes is available under separate cover.

Artisan Funds offered through Artisan Partners Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

Artisan Emerging Markets Fund employs a fundamental research process to construct a diversified portfolio of emerging market companies. The team’s investment process is focused on identifying companies that are priced at a discount relative to the team’s estimate of their sustainable earnings.

•

Sustainable Earnings. The team believes that over the long term a stock’s price is directly related to the company’s ability to deliver sustainable earnings. The team determines a company’s sustainable earnings based upon financial and strategic analyses. The financial analysis of a company’s balance sheet, income statement, and statement of cash flows focuses on identifying historical drivers of return on equity. The strategic analysis examines a company’s competitive advantages and financial strength to assess sustainability.

•

Valuation. The team believes that investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. The team values a business and develops a price target based on their assessment of the business’s sustainable earnings and cash flow expectations and the team’s risk analysis.

•

Risk Analysis. The team believes that a disciplined risk framework allows greater focus on fundamental stock selection. The team incorporates its assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. The risk-rating assessment includes a review of the currency, interest rate, monetary and fiscal policy and political risks to which a company is exposed.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Emerging Markets Fund – Institutional Shares		-24.67	%		1.77	%		2.02	%		4.05	%
MSCI Emerging Markets Index^SM		-16.15			6.27			4.87			6.90

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information call 800.399.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance. Absent that expense waiver, the Fund’s performance would have been lower. See page 68 for a description of the index.

INVESTING ENVIRONMENT

Emerging markets, as measured by the MSCI Emerging Markets Index^SM, advanced in the first half of the period despite inflation concerns in emerging markets and political turmoil in the Middle East and North Africa. However, in the latter half of the period, sovereign debt concerns in the developed world and fears of an economic hard landing in China heightened investor risk aversion and weighed heavily on emerging markets, erasing earlier gains. Emerging Asia held up the best, as many countries in the region had losses confined to single-digits. From a regional perspective, Latin America fared the worst, with Brazil posting losses of approximately 26%. All of the BRIC (Brazil, Russia, India, China) nations posted double-digit declines, with Brazil suffering the largest setback, while Russia, India and China retreated approximately 12%, 25% and 24%, respectively.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		8.3	%		12.0	%
Consumer Staples		7.3			5.2
Energy		11.0			10.3
Financials		15.8			18.0
Healthcare		2.7			3.4
Industrials		9.5			7.8
Information Technology		12.5			18.3
Materials		14.8			13.4
Telecommunication Services		10.5			7.7
Utilities		3.0			2.0
Other assets less liabilities		4.6			1.9
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Emerging Markets Fund declined 24.67%, underperforming the MSCI Emerging Markets Index^SM, which fell 16.15% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Polski Koncern Naftowy Orlen S.A., a refiner and distributor of petroleum products; Taiwan Semiconductor Manufacturing Company Ltd., a manufacturer of integrated circuits; Fleury SA, a medical services provider; Empresa Nacional de Telecomunicaciones S.A. (ENTEL), a telecommunications services provider in Chile; and Tim Participacoes S.A., a provider of mobile telecommunications services.

Notable detractors included: Petroleo Brasileiro S.A.– Petrobras, an oil and natural gas producer; Hypermarcas SA, a consumer goods manufacturer; China Yurun Food Group Limited, a meat product supplier in China; LSR Group O.J.S.C., a real estate developer; and Vale SA, a metals and mining company.

REGION ALLOCATION


Region	9/30/10			9/30/11
Emerging Asia		44.8	%		48.1	%
Latin America		25.0			26.4
Europe, Middle East & Africa		23.9			20.8
Developed Markets		1 .7			2.8

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including CNOOC Limited, a producer of crude oil and natural gas; Infosys Limited, an IT consulting and software services provider; KB Financial Group, Inc., the holding company for Kookmin Bank; Mahindra & Mahindra Ltd., a manufacturer of automobiles, farm equipment and automotive components; and Sinopharm Group Co., a pharmacy distribution company. We funded these purchases in part by selling our positions in China Mobile Limited, Siam Commercial Bank Public Company Limited, Companhia de Bebidas das Americas (AmBev), Iguatemi Empresa de Shopping Centers SA, and ABSA Group Limited.

ARTISAN GROWTH OPPORTUNITIES FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (7/26/2011 to 9/30/2011)

LOGO

TOTAL RETURNS (as of 9/30/2011)


Fund / Index	Since Inception⁽¹⁾
Artisan Growth Opportunities Fund – Institutional Shares		-18.68	%
MSCI ACWI^SM (All Country World Index)		-18.19

⁽¹⁾	For the period from commencement of operations (July 26, 2011) through September 30, 2011; not annualized.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. The Fund’s return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. For current to most recent month-end performance information call 800.399.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance, which would have been lower in its absence. See page 69 for a description of each index.

INVESTING ENVIRONMENT

During the time period since inception through September 30, 2011, global stocks, as represented by the MSCI All Country World Index, posted negative returns. The best relative performing sectors included consumer staples and utilities, whereas, energy and materials trailed. The economic backdrop included signs of a slowing global economic recovery and weakening sentiment caused by high sovereign debt levels in developed regions.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		14.5	%		13.2	%
Consumer Staples		—			2.9
Energy		2.2			6.7
Financials		3.3			5.4
Healthcare		9.8			18.2
Industrials		22.5			13.4
Information Technology		42.1			28.1
Materials		—			4.1
Other assets less liabilities		5.6			8.0
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the since-inception period ended September 30, 2011 Artisan Growth Opportunities Fund declined 18.68%, underperforming the MSCI All Country World Index^SM which fell 18.19%.

The following stocks had a positive relative impact on the portfolio’s performance compared to the benchmark during the period: Cerner Corporation, a health care information technology provider, Regeneron Pharmaceuticals, Inc., a biopharmaceutical company, Coca-Cola Icecek AS, a bottler and distributor of beverages and Allergan, Inc., a specialty pharmaceutical company.

Notable detractors included: National Oilwell Varco, Inc., a provider of equipment for drilling rigs, Hexagon AB, an industrial and commercial group, Agilent Technologies, Inc., a provider of test and measurement instrumentation, EMC Corporation, a provider of data storage solutions and Baker Hughes Incorporated, a provider of oilfield products and services.

REGION ALLOCATION


Region	9/30/10			9/30/11
Americas		72.3	%		62.0	%
Emerging Markets		9.6			17.2
Europe		8.5			9.6
Pacific Basin		4.0			3.2

As a percentage of total net assets.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Broadcom Corporation, a producer of products for wired and wireless communication devices, salesforce.com, inc., a provider of on demand customer relationship management services, Tsingtao Brewery Company Limited, a beer producer and Teradata Corporation, a data warehousing company. We funded these purchases in part by selling our positions in Oracle Corporation, ABB Limited, Edwards Lifesciences Corporation and Comerica Incorporated.

ARTISAN INTERNATIONAL FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (7/1/1997 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Institutional Shares		-9.76	%		-0.56	%		-2.30	%		4.86	%		6.75	%
MSCI EAFE^® Growth Index		-8.79			-0.63			-2.16			4.86			1.37
MSCI EAFE^® Index		-9.36			-1.13			-3.46			5.03			2.57

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		19.2	%		19.0	%
Consumer Staples		15.4			28.6
Energy		—			4.4
Financials		24.4			14.8
Healthcare		5.3			2.2
Industrials		16.4			12.9
Information Technology		9.3			4.4
Materials		6.6			7.6
Telecommunication Services		1.3			2.5
Utilities		0.4			—
Other assets less liabilities		1.7			3.6
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan International Fund declined 9.76%, underperforming the MSCI EAFE^® Growth and MSCI EAFE^® indices, which fell 8.79% and 9.36%, respectively, over the same period.

REGION ALLOCATION


Region	9/30/10			9/30/11
Europe		60.9	%		52.2	%
Pacific Basin		20.2			31.2
Emerging Markets		11.0			7.9
Americas		6.2			5.1

As a percentage of total net assets.

FUND CHANGES

ARTISAN INTERNATIONAL VALUE FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (10/1/2006 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan International Value Fund – Institutional Shares		-3.84	%		5.11	%		1.33	%		1.33	%
MSCI EAFE^® Value Index		-9.99			-1.69			-4.82			-4.82
MSCI EAFE^® Index		-9.36			-1.13			-3.46			-3.46

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		22.7	%		23.4	%
Consumer Staples		9.2			14.9
Energy		4.5			2.6
Financials		21.1			21.7
Healthcare		7.3			7.9
Industrials		18.1			15.6
Information Technology		7.7			7.0
Materials		3.2			2.5
Other assets less liabilities		6.2			4.4
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan International Value Fund declined 3.84%, outperforming the MSCI EAFE^® Value and MSCI EAFE^® indices, which fell 9.99% and 9.36%, respectively, over the same period.

REGION ALLOCATION


Region	9/30/10			9/30/11
Europe		63.8	%		61.9	%
Americas		18.5			17.0
Pacific Basin		11.1			16.2
Emerging Markets		0.4			0.5

As a percentage of total net assets.

FUND CHANGES

ARTISAN MID CAP FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (7/1/2000 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Institutional Shares		5.67	%		9.83	%		6.05	%		8.17	%		4.80	%
Russell Midcap^® Growth Index		0.80			5.89			1.64			6.70			-0.50
Russell Midcap^® Index		-0.88			3.96			0.56			7.45			4.83

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		20.7	%		19.6	%
Consumer Staples		—			2.6
Energy		5.0			7.3
Financials		7.4			5.1
Healthcare		12.4			22.5
Industrials		18.7			12.6
Information Technology		33.5			25.9
Other assets less liabilities		2.3			4.4
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Mid Cap Fund returned 5.67%, outperforming the Russell Mid Cap^® Growth and Russell Mid Cap^® indices, which fell 0.80% and 0.88%, respectively, over the same period.

FUND CHANGES

ARTISAN VALUE FUND

INSTITUTIONAL SHARES

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (7/26/2011 to 9/30/2011)

LOGO

TOTAL RETURNS (as of 9/30/2011)


Fund / Index	Since Inception ⁽¹⁾
Artisan Value Fund – Institutional Shares		-13.96	%
Russell 1000^® Value Index		-15.89
Russell 1000^® Index		-15.42

⁽¹⁾	For the period from commencement of operations (July 26, 2011) through September 30, 2011; not annualized.

INVESTING ENVIRONMENT

Equity markets were volatile during the since-inception period ended September 30, 2011. Equities fell sharply due to a variety of macro concerns, including the stability of the European banking system owing to sovereign debt exposures and slowing economic growth in the U.S. and around the world.

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		—	%		9.1	%
Consumer Staples		4.6			10.3
Energy		12.8			10.8
Financials		23.5			27.4
Healthcare		14.5			2.9
Industrials		8.2			2.6
Information Technology		34.0			34.4
Other assets less liabilities		2.4			2.5
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the since-inception period ended September 30, 2011, Artisan Value Fund declined 13.96%, outperforming the Russell 1000^® Value and Russell 1000^® indices which fell 15.89% and 15.42%, respectively, over the same period.

While not immune to the market downturn, the following stocks helped the relative performance of the portfolio during the period: Fidelity National Financial, Inc., a title insurance company; Annaly Capital Management, Inc., a real estate investment trust; Nestle SA, a leading food manufacturer; Pfizer Inc., a pharmaceutical company; and Arch Capital Group Ltd., an insurance and reinsurance provider.

Notable detractors included: Hewlett-Packard Company, a diversified technology company; independent oil and gas exploration and production companies Apache Corporation and Cimarex Energy Co.; and diversified financial services firms The Bank of New York Mellon Corporation and The Goldman Sachs Group, Inc.

REGION ALLOCATION


Region	9/30/10			9/30/11
Americas		97.6	%		91.8	%
Europe		—			5.7

As a percentage of total net assets.

FUND CHANGES

We identified one new investment opportunity for the portfolio during the period: Carnival Corporation, the largest cruise vacation group in the world. We funded this purchase in part by selling our positions in previously mentioned Nestle SA, Fidelity National Financial, Inc. and Pfizer Inc., in addition to Lockheed Martin Corporation and Applied Materials, Inc.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON AND PREFERRED STOCKS - 98.1%

BRAZIL - 18.3%
Anhanguera Educacional Participacoes SA		365,300	$	4,702
Banco do Brasil S.A.⁽¹⁾⁽²⁾		107,980		1,427
Banco do Brasil S.A.		347,400		4,589
BM&F BOVESPA SA		1,623,200		7,588
BR Properties SA		738,314		6,707
Companhia Energetica de Minas Gerais-CEMIG, Preferred⁽³⁾		452,171		6,669
Companhia Vale do Rio Doce		973,462		22,081
Fibria Celulose S.A.		507,700		3,861
Hypermarcas SA		1,289,400		6,062
Julio Simoes Logistica SA⁽¹⁾⁽²⁾		293,100		1,372
Julio Simoes Logistica SA		462,400		2,164
Magazine Luiza SA⁽⁴⁾		488,900		3,053
Magnesita Refratarios SA⁽⁴⁾		906,200		2,916
PDG Realty SA Empreendimentos e Participacoes		1,821,939		5,940
Petroleo Brasileiro S.A.		2,098,245		23,323
Randon SA Implementos e Participacoes, Preferred⁽³⁾		1,271,017		6,875
Tim Participacoes S.A.		1,130,867		5,233
Totvs SA		463,700		7,892

				122,454
CHILE - 0.8%
Empresa Nacional de Telecomunicaciones S.A.		291,448		5,607

CHINA - 12.6%
Ajisen China Holdings Limited⁽⁵⁾		6,066,913		6,946
Chaoda Modern Agriculture (Holdings) Limited⁽⁵⁾		12,474,536		2,243
China High Precision Automation Group Ltd.⁽⁵⁾		9,066,000		3,440
China Rongsheng Heavy Industries Group Holdings Limited⁽⁵⁾		14,116,500		3,725
China Yurun Food Group Limited⁽⁵⁾		3,466,000		3,702
CNOOC Limited⁽⁵⁾		6,141,000		9,836
Digital China Holdings Limited⁽⁵⁾		3,186,000		4,082
GOME Electrical Appliances Holdings Limited⁽⁵⁾		23,878,881		5,494
Huabao International Holdings Limited⁽⁵⁾		9,598,322		7,824
Huaneng Power International, Inc., H Shares⁽⁵⁾		9,416,700		3,899

CHINA (CONTINUED)
Mindray Medical International Limited, Class A (DR)		267,384	$	6,313
Noah Holdings Ltd. (DR)⁽⁴⁾		437,025		4,021
Sinopharm Group Co⁽⁵⁾		2,646,100		6,907
Springland International Holdings Ltd.⁽⁵⁾		8,140,000		5,211
Tingyi (Cayman Islands) Holding Corporation⁽⁵⁾		1,873,659		4,559
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽⁵⁾		3,597,200		5,868

				84,070
COLOMBIA - 0.8%
Grupo de Inversiones Suramericana		312,217		5,371

EGYPT - 1.1%
Commercial International Bank Egypt SAE⁽⁵⁾		1,023,353		3,940
Egyptian Financial Group-Hermes Holding⁽⁴⁾⁽⁵⁾		1,310,634		3,712

				7,652
HONG KONG - 0.8%
AIA Group Ltd.⁽⁵⁾		1,866,465		5,306

HUNGARY - 0.9%
MOL Hungarian Oil and Gas Nyrt., Class A⁽⁴⁾⁽⁵⁾		85,415		5,757

INDIA - 5.2%
India Cements Limited⁽⁵⁾		2,797,261		4,097
Infosys Limited⁽⁵⁾		191,836		9,714
Mahindra & Mahindra Ltd.⁽⁵⁾		445,667		7,267
Nagarjuna Construction Company Ltd.⁽⁵⁾		2,427,898		2,960
Power Finance Corporation⁽⁵⁾		1,425,551		4,294
Reliance Infrastructure Ltd.⁽⁵⁾		407,599		3,044
Welspun Corporation Ltd.⁽⁵⁾		1,443,002		3,206

				34,582
INDONESIA - 5.8%
Indofood CBP Sukses Makmur TBK PT⁽⁵⁾		7,506,000		4,163
PT Astra International Tbk⁽⁵⁾		1,915,500		13,529
PT Bank Negara Indonesia Tbk⁽⁵⁾		21,423,018		8,815
PT Gudang Garam Tbk⁽⁵⁾		1,140,500		6,684
PT Telekomunikasi Indonesia Tbk⁽⁵⁾		6,911,385		5,929

				39,120
ITALY - 0.6%
Tenaris S.A. (DR)		145,244		3,696


	Shares Held		Value

KAZAKHSTAN - 0.8%
KazMunaiGas Exploration Production (DR)⁽⁵⁾		364,211	$	5,323

KOREA - 11.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽⁵⁾		283,904		5,309
E-Mart Co., Ltd.⁽⁴⁾⁽⁵⁾		25,390		6,351
KB Financial Group, Inc.⁽⁵⁾		267,162		8,725
LOCK&LOCK CO., LTD.⁽⁵⁾		213,470		5,747
LOCK&LOCK CO., LTD., Rights⁽⁵⁾		18,259		78
Samsung Electronics Co., Ltd.⁽⁵⁾		51,699		36,216
Shinhan Financial Group Co., Ltd.⁽⁵⁾		293,320		10,257
Shinsegae Co., Ltd.⁽⁵⁾		16,330		3,717

				76,400
MEXICO - 6.5%
America Movil SAB de C.V., Series L		13,879,775		15,413
Genomma Lab Internacional SA⁽⁴⁾		3,088,226		5,093
Grupo Financiero Banorte S.A. de C.V., O Shares		1,948,819		5,759
Grupo Televisa S.A., Series CPO		1,755,854		6,441
OHL Mexico SAB de CV⁽⁴⁾		3,770,100		6,089
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽⁴⁾		3,267,259		4,403

				43,198
RUSSIA - 5.7%
Eurasia Drilling Company Ltd. (DR)⁽⁵⁾		157,363		2,863
Eurasia Drilling Company Ltd., 144A (DR)⁽⁵⁾		26,670		485
Globaltrans Investment PLC (DR)⁽⁵⁾		402,853		5,447
LSR Group O.J.S.C. (DR)⁽⁵⁾		1,608,262		5,847
LUKOIL (DR)⁽⁵⁾		258,310		13,004
Magnitogorsk Iron & Steel Works (DR)⁽⁵⁾		872,734		4,119
Mobile TeleSystems (DR)		498,796		6,135

				37,900
SOUTH AFRICA - 7.8%
African Bank Investments Limited⁽⁵⁾		2,004,829		8,151
Harmony Gold Mining Company Limited⁽⁵⁾		713,275		8,376
Impala Platinum Holdings Limited⁽⁵⁾		478,095		9,691
Mondi Limited⁽⁵⁾		664,461		4,710
Mr. Price Group Limited⁽⁵⁾		1,050,178		8,716
MTN Group Limited⁽⁵⁾		782,959		12,810

				52,454
SWEDEN - 0.7%
Alliance Oil Company Ltd. (DR)⁽³⁾⁽⁵⁾		439,223		4,663

TAIWAN - 11.6%
Chinatrust Financial Holding Company Ltd.⁽⁵⁾		10,091,136		5,739
E Ink Holdings Inc.⁽⁵⁾		5,623,000		11,661
Far Eastern Textile Ltd.⁽⁵⁾		5,004,213		5,098
Hon Hai Precision Industry Co., Ltd.⁽⁵⁾		4,437,921		9,907
HTC Corporation⁽⁵⁾		491,251		10,792
MediaTek Incorporation⁽⁵⁾		802,794		8,747
Taiwan Fertilizer Co., Ltd.⁽⁵⁾		2,376,000		5,753

TAIWAN (CONTINUED)
Taiwan Semiconductor Manufacturing Company Ltd.⁽⁵⁾		8,811,647	$	19,965

				77,662
THAILAND - 1.5%
Bangkok Bank Public Company Limited (DR)⁽⁵⁾		1,406,800		6,294
Bumrungrad Hospital Public Company Limited (DR)⁽⁵⁾		3,295,200		4,037

				10,331
TURKEY - 3.9%
Bizim Toptan Satis Magazalari AS⁽⁵⁾		92,628		1,085
Cimsa Cimento Sanayi ve Ticaret A.S.⁽⁵⁾		668,518		2,695
Emlak Konut Gayrimenkul Yatirim⁽⁵⁾		3,814,768		4,895
Ford Otomotiv Sanayi A.S.⁽⁵⁾		736,431		5,134
Tekfen Holding A.S.⁽⁵⁾		1,072,086		3,274
Turk Ekonomi Bankasi A.S.⁽⁵⁾		3,919,348		3,504
Turkiye Sinai Kalkinma Bankasi A.S.⁽⁵⁾		5,422,974		5,781

				26,368
UNITED ARAB EMIRATES - 0.6%
Air Arabia⁽⁵⁾		21,440,109		3,663

UNITED KINGDOM - 0.7%
Antofagasta plc⁽⁵⁾		336,587		4,779

Total common and preferred stocks (Cost $846,000)				656,356

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $7,346 (Cost $7,346)⁽⁶⁾	$	7,346	$	7,346


Total investments - 99.2% (Cost $853,346)				663,702

Other assets less liabilities - 0.8%				5,577


Total net assets - 100.0%⁽⁷⁾			$	669,279

⁽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.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Banco do Brasil S.A.		7/1/2010	$	1,477	$	1,427		0.2	%
Julio Simoes Logistica SA		4/20/2010		1,339		1,372		0.2	%

					$	2,799		0.4	%

⁽²⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities determined to be illiquid were $2,799, or 0.4% of total net assets.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Non-incoming producing shares.

⁽⁵⁾	Valued at fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $459,561, or 68.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.625	%		11/15/2020	$	7,494

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

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

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2011 Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	80,553		12.0	%
Consumer Staples		34,849		5.2
Energy		68,950		10.3
Financials		120,722		18.0
Healthcare		22,350		3.4
Industrials		51,844		7.8
Information Technology		122,416		18.3
Materials		89,933		13.4
Telecommunication Services		51,127		7.7
Utilities		13,612		2.0

Total common and preferred stocks		656,356		98.1
Short-term investments		7,346		1.1

Total investments		663,702		99.2
Other assets less liabilities		5,577		0.8

Total net assets	$	669,279		100.0	%


CURRENCY EXPOSURE - September 30, 2011 Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	122,454		18.4	%
British pound		4,779		0.7
Chilean peso		5,607		0.8
Colombian peso		5,371		0.8
Egyptian pound		7,652		1.2
Hong Kong dollar		79,042		11.9
Hungarian forint		5,757		0.9
Indian rupee		34,582		5.2
Indonesian rupiah		39,120		5.9
Korean won		76,400		11.5
Mexican peso		43,198		6.5
South African rand		52,454		7.9
Swedish krona		4,663		0.7
Taiwan dollar		77,662		11.7
Thai baht		10,331		1.6
Turkish lira		26,368		4.0
U.S. dollar		64,599		9.7
United Arab Emirates dirham		3,663		0.6

Total investments	$	663,702		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.4	%
Petroleo Brasileiro S.A.	Brazil		3.5
Companhia Vale do Rio Doce	Brazil		3.3
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan		3.0
America Movil SAB de C.V.	Mexico		2.3
PT Astra International Tbk	Indonesia		2.0
LUKOIL	Russia		1.9
MTN Group Limited	South Africa		1.9
E Ink Holdings Inc.	Taiwan		1.7
HTC Corporation	Taiwan		1.6

Total			26.6	%

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

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

ARTISAN GROWTH OPPORTUNITIES FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 92.0%

BRAZIL - 6.3%
Anhanguera Educacional Participacoes SA		101,900	$	1,312
BR Malls Participacoes		122,500		1,252
Mills Estruturas e Servicos de Engenharia SA		375,550		3,855
OdontoPrev SA		231,550		3,422

				9,841
CANADA - 0.7%
Tourmaline Oil Corp.⁽¹⁾		39,900		1,173

CHINA - 5.9%
Baidu, Inc., Class A (DR)⁽¹⁾		33,100		3,539
Ctrip.com International, Ltd. (DR)⁽¹⁾		61,602		1,981
Shandong Weigao Group Medical Polymer Company Limited, H Shares⁽²⁾		1,777,900		1,986
Tsingtao Brewery Company Limited, H Shares⁽²⁾		300,800		1,625

				9,131
HONG KONG - 1.3%
Wynn Macau Limited⁽²⁾		856,269		1,968

INDIA - 3.2%
HDFC Bank Limited (DR)		96,900		2,825
Jubilant Foodworks Limited⁽¹⁾⁽²⁾		132,325		2,139

				4,964
JAPAN - 1.9%
FANUC CORP.⁽²⁾		21,200		2,919

SWEDEN - 3.4%
Hexagon AB, Class B⁽²⁾		222,645		2,898
Telefonaktiebolaget LM Ericsson (DR), Class B		253,500		2,421

				5,319
SWITZERLAND - 1.7%
Compagnie Financiere Richemont SA - Bearer Shares⁽²⁾		59,350		2,635

TURKEY - 1.8%
Coca-Cola Icecek AS⁽²⁾		209,367		2,843

UNITED KINGDOM - 4.5%
ARM Holdings PLC⁽²⁾		272,250		2,330
Rotork plc⁽²⁾		123,600		2,975
The Weir Group PLC⁽²⁾		73,000		1,749

				7,054

UNITED STATES - 61.3%
Agilent Technologies, Inc.⁽¹⁾		130,613	$	4,082
Allergan, Inc.		83,225		6,856
Apple Inc.⁽¹⁾		20,975		7,995
Baker Hughes Incorporated		60,800		2,807
Biogen Idec Inc.⁽¹⁾		31,000		2,888
Broadcom Corporation, Class A		105,300		3,505
Cerner Corporation⁽¹⁾		72,058		4,937
Citrix Systems, Inc.⁽¹⁾		62,050		3,384
Discover Financial Services		189,800		4,354
eBay Inc.⁽¹⁾		57,600		1,699
EMC Corporation⁽¹⁾		268,700		5,640
Google Inc., Class A⁽¹⁾		13,520		6,954
IHS Inc.⁽¹⁾		72,400		5,416
Monsanto Company		105,000		6,304
National Oilwell Varco, Inc.		70,750		3,624
Occidental Petroleum Corporation		40,450		2,892
Polo Ralph Lauren Corporation, Class A		30,050		3,897
Precision Castparts Corp.		25,375		3,945
Regeneron Pharmaceuticals, Inc.⁽¹⁾		72,300		4,208
salesforce.com, inc.⁽¹⁾		16,300		1,863
Starbucks Corporation		179,202		6,682
Teradata Corporation⁽¹⁾		28,400		1,520

				95,452

Total common stocks (Cost $140,466)				143,299

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $10,298 (Cost $10,298)⁽³⁾	$	10,298	$	10,298


Total investments - 98.6% (Cost $150,764)				153,597

Other assets less liabilities - 1.4%				2,130


Total net assets - 100.0%⁽⁴⁾			$	155,727

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $26,067 or 16.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽³⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	10,504

⁽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

Dollar values in thousands

Description

Counterparty

Trans-
action
Type

Settlement
Date

Cost on
Origination
Date

Value

Unrealized
Appreciation

Japanese Yen

State Street Bank and Trust Company

Sell

11/17/2011

1,350

1,345


PORTFOLIO DIVERSIFICATION - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	20,614		13.2	%
Consumer Staples		4,468		2.9
Energy		10,496		6.7
Financials		8,431		5.4
Healthcare		28,379		18.2
Industrials		20,859		13.4
Information Technology		43,748		28.1
Materials		6,304		4.1

Total common stocks		143,299		92.0
Short-term investments		10,298		6.6

Total investments		153,597		98.6
Other assets less liabilities		2,130		1.4

Total net assets	$	155,727		100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	9,841		6.4	%
British pound		7,054		4.6
Canadian dollar		1,173		0.8
Hong Kong dollar		5,579		3.6
Indian rupee		2,139		1.4
Japanese yen		2,919		1.9
Swedish krona		2,898		1.9
Swiss franc		2,635		1.7
Turkish lira		2,843		1.8
U.S. dollar		116,516		75.9

Total investments	$	153,597		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		5.1	%
Google Inc.	United States		4.5
Allergan, Inc.	United States		4.4
Starbucks Corporation	United States		4.3
Monsanto Company	United States		4.0
EMC Corporation	United States		3.6
IHS Inc.	United States		3.5
Cerner Corporation	United States		3.2
Discover Financial Services	United States		2.8
Regeneron Pharmaceuticals, Inc.	United States		2.7

Total			38.1	%

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

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

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 96.4%

AUSTRALIA - 3.1%
Asciano Ltd⁽¹⁾		49,436,719	$	68,046
Coca-Cola Amatil Limited⁽¹⁾		1,052,858		12,047
Foster’s Group Limited⁽¹⁾		25,432,636		129,113
Treasury Wine Estates⁽¹⁾		8,697,648		32,163

				241,369
BELGIUM - 4.6%
Anheuser-Busch InBev NV⁽¹⁾		6,845,441		363,037

BRAZIL - 1.0%
Petroleo Brasileiro S.A. (DR)		3,455,548		77,577

CANADA - 3.2%
Canadian National Railway Company		696,160		46,350
Canadian Pacific Railway Limited		4,239,583		203,882

				250,232
CHINA - 4.1%
Baidu, Inc., Class A (DR)⁽²⁾		1,967,771		210,374
Beijing Enterprises Holdings Ltd.⁽¹⁾		7,931,853		39,691
China Mobile Limited⁽¹⁾		1,648,500		16,087
China Resources Land Limited⁽¹⁾		34,262,700		35,959
MGM China Holdings Ltd.⁽¹⁾⁽²⁾		16,200,400		20,981

				323,092
FRANCE - 11.1%
Air Liquide SA⁽¹⁾		396,988		46,423
BNP Paribas⁽¹⁾		1,669,512		66,083
DANONE S.A.⁽¹⁾		1,934,859		119,074
LVMH Moet Hennessy Louis Vuitton SA⁽¹⁾		348,730		46,244
Pernod Ricard SA⁽¹⁾		2,346,610		183,994
Publicis Groupe⁽¹⁾		1,346,780		56,385
Schneider Electric SA⁽¹⁾		1,779,804		95,822
Societe Generale⁽¹⁾		63,234		1,657
Technip SA⁽¹⁾		192,686		15,420
Unibail-Rodamco⁽¹⁾		894,650		159,446
Vinci SA⁽¹⁾		1,801,612		77,360

				867,908
GERMANY - 10.8%
BASF AG⁽¹⁾		462,331		28,052
Bayer AG⁽¹⁾		2,786,103		153,113
Beiersdorf AG⁽¹⁾		1,540,904		82,520
Brenntag AG⁽¹⁾		974,859		84,769
Daimler AG⁽¹⁾		2,512,796		111,303

GERMANY (CONTINUED)
Linde AG⁽¹⁾		2,176,886	$	290,337
Siemens AG⁽¹⁾		1,018,573		92,020

				842,114
HONG KONG - 15.3%
AIA Group Ltd.⁽¹⁾		76,791,700		218,325
BOC Hong Kong (Holdings) Limited⁽¹⁾		17,464,450		36,725
Cheung Kong (Holdings) Limited⁽¹⁾		6,027,013		64,520
Galaxy Entertainment Group Limited⁽¹⁾⁽²⁾		18,992,324		26,681
Hang Seng Bank Limited⁽¹⁾		5,367,677		62,899
Henderson Land Development Company Limited⁽¹⁾		14,134,700		62,793
Hongkong Land Holdings Limited⁽¹⁾		10,162,926		44,994
NWS Holdings Limited⁽¹⁾		35,434,846		47,117
Sands China Ltd.⁽¹⁾⁽²⁾		135,974,230		312,739
Sino Land Company Limited⁽¹⁾		71,510,690		95,136
Sun Hung Kai Properties Limited⁽¹⁾		7,827,400		88,685
Wynn Macau Limited⁽¹⁾		58,315,598		134,007

				1,194,621
INDIA - 1.1%
Coal India Limited⁽¹⁾		1,912,534		12,876
Housing Development Finance Corporation Ltd.⁽¹⁾		5,598,354		72,392

				85,268
ITALY - 0.9%
Fiat Industrial SpA⁽¹⁾⁽²⁾		10,041,047		74,870

JAPAN - 11.9%
BRIDGESTONE CORPORATION⁽¹⁾		3,975,800		90,149
HONDA MOTOR CO., LTD.⁽¹⁾		6,737,200		197,535
JAPAN TOBACCO INC.⁽¹⁾		61,717		287,939
Kao Corporation⁽¹⁾		4,887,500		135,953
MITSUI & CO., LTD.⁽¹⁾		2,717,514		39,333
SOFTBANK Corp⁽¹⁾		6,169,400		180,596

				931,505
KOREA - 0.9%
NHN Corp.⁽¹⁾⁽²⁾		391,813		73,868

NETHERLANDS - 5.4%
Akzo Nobel N.V.⁽¹⁾		2,721,854		120,327
Koninklijke Vopak NV⁽¹⁾		558,508		26,757
Unilever NV (DR)⁽¹⁾		8,815,121		279,210

				426,294


	Shares Held		Value

NIGERIA - 0.0%⁽³⁾
Nigerian Breweries Plc.		165,343	$	83

RUSSIA - 0.8%
Gazprom (DR)⁽¹⁾		6,999,487		66,953

SINGAPORE - 0.9%
City Developments Limited⁽¹⁾		2,905,730		21,093
Genting Singapore PLC⁽¹⁾⁽²⁾		42,552,571		49,451

				70,544
SWEDEN - 0.5%
Sandvik AB⁽¹⁾		3,245,047		37,276

SWITZERLAND - 8.9%
Adecco SA⁽¹⁾		1,983,903		77,795
Compagnie Financiere Richemont SA - Bearer Shares⁽¹⁾		1,788,519		79,394
Givaudan SA⁽¹⁾		87,410		68,287
Nestle SA⁽¹⁾		5,495,819		302,107
Swatch Group AG - Bearer Shares⁽¹⁾		505,302		165,596

				693,179
UNITED KINGDOM - 10.0%
BG Group plc⁽¹⁾		1,985,494		37,808
GlaxoSmithKline PLC⁽¹⁾		1,004,473		20,739
Imperial Tobacco Group plc⁽¹⁾		4,759,812		160,741
Johnson Matthey PLC⁽¹⁾		1,532,331		37,507
Land Securities Group plc⁽¹⁾		5,196,611		51,761
Prudential plc⁽¹⁾		2,695,802		23,074
Reckitt Benckiser Group PLC⁽¹⁾		114,937		5,866
Royal Dutch Shell PLC, Class A⁽¹⁾		1,484,429		45,834
SABMiller plc⁽¹⁾		2,950,553		95,899
Standard Chartered plc⁽¹⁾		2,690,586		53,702
Tate & Lyle PLC⁽¹⁾		4,970,259		48,084
WPP plc⁽¹⁾		21,584,874		199,059

				780,074
UNITED STATES - 1.9%
Accenture plc, Class A		1,144,077		60,270
Schlumberger Limited		1,459,357		87,167

				147,437

Total common stocks (Cost $7,850,584)				7,547,301
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $128,934 (Cost $246,213)⁽⁴⁾	$	246,213	$	246,213


Total investments - 99.6% (Cost $8,096,797)				7,793,514

Other assets less liabilities - 0.4%				32,894


Total net assets - 100.0%⁽⁵⁾			$	7,826,408

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $6,861,598 or 87.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

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

⁽⁴⁾	Collateralized by:


lssuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	251,141

⁽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 - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,489,524		19.0	%
Consumer Staples		2,237,830		28.6
Energy		343,635		4.4
Financials		1,159,244		14.8
Healthcare		173,852		2.2
Industrials		1,011,088		12.9
Information Technology		344,512		4.4
Materials		590,933		7.6
Telecommunication Services		196,683		2.5

Total common stocks		7,547,301		96.4
Short-term investments		246,213		3.2

Total investments		7,793,514		99.6
Other assets less liabilities		32,894		0.4

Total net assets	$	7,826,408		100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	241,369		3.1	%
British pound		734,240		9.4
Euro		2,620,057		33.6
Hong Kong dollar		1,262,345		16.2
Indian rupee		85,268		1.1
Japanese yen		931,505		12.0
Korean won		73,868		0.9
Nigerian naira		83		0.0	⁽¹⁾
Singapore dollar		70,544		0.9
Swedish krona		37,276		0.5
Swiss franc		693,179		8.9
U.S. dollar		1,043,780		13.4

Total investments	$	7,793,514		100.0	%

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


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Anheuser-Busch InBev NV	Belgium		4.6	%
Sands China Ltd.	Hong Kong		4.0
Nestle SA	Switzerland		3.9
Linde AG	Germany		3.7
JAPAN TOBACCO INC.	Japan		3.7
Unilever NV	Netherlands		3.6
AIA Group Ltd.	Hong Kong		2.8
Baidu, Inc.	China		2.7
Canadian Pacific Railway Limited	Canada		2.6
WPP plc	United Kingdom		2.5

Total			34.1	%

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.

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 95.6%

BELGIUM - 1.9%
Groupe Bruxelles Lambert S.A.⁽¹⁾		1,144,756	$	80,558

DENMARK - 1.6%
Carlsberg A/S, Class B⁽¹⁾		1,160,705		68,848

FRANCE - 9.8%
Gemalto NV⁽¹⁾		402,447		19,186
Publicis Groupe⁽¹⁾		3,108,322		130,135
Societe Television Francaise 1⁽¹⁾		2,493,791		30,986
Sodexo⁽¹⁾		650,082		42,836
Sodexo - Registered Shares⁽¹⁾⁽⁷⁾		1,284,779		84,659
Total SA⁽¹⁾		2,532,970		111,680

				419,482
GERMANY - 2.5%
HeidelbergCement AG⁽¹⁾		2,938,597		106,206

HONG KONG - 1.7%
Guoco Group Limited⁽¹⁾		7,896,737		71,507

IRELAND - 3.6%
ICON PLC (DR)⁽²⁾⁽³⁾		2,871,675		46,177
Ryanair Holdings PLC, Equity-Linked Security, 144A^{(1)(2)(4)(5)(6)}		24,712,760		109,313

				155,490
JAPAN - 14.5%
Aderans Co., Ltd.^(1)(2)(3)		2,420,067		22,437
Credit Saison Co., Ltd.⁽¹⁾		6,929,859		133,361
Daiwa Securities Group Inc.⁽¹⁾		11,011,748		41,089
Kao Corporation⁽¹⁾		5,093,600		141,686
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾⁽⁶⁾		3,654,200		16,424
Mitsubishi UFJ Financial Group, Inc.⁽¹⁾		12,559,582		56,450
NIFCO INC.⁽¹⁾		1,032,900		26,473
SANKYO CO., LTD.⁽¹⁾		1,471,638		79,392
SEINO HOLDINGS CO., LTD.⁽¹⁾		2,550,800		20,709
Stanley Electric Co., Ltd.⁽¹⁾		5,343,300		80,710

				618,731
NETHERLANDS - 6.7%
ING Groep N.V.⁽¹⁾⁽²⁾		14,025,601		98,712
Koninklijke Ahold NV⁽¹⁾		6,895,959		81,084
Koninklijke Philips Electronics N.V.⁽¹⁾		6,060,429		108,486

				288,282

SWITZERLAND - 11.2%
Adecco SA⁽¹⁾		1,769,230	$	69,377
Nestle SA⁽¹⁾		1,055,703		58,032
Novartis AG⁽¹⁾		2,875,346		160,472
Panalpina Welttransport Holding AG⁽¹⁾⁽²⁾		1,093,317		93,035
Pargesa Holding SA - Bearer Shares⁽¹⁾		1,359,825		92,942
Tamedia AG⁽¹⁾⁽²⁾		29,467		3,832

				477,690
THAILAND - 0.5%
Thai Beverage Public Company Limited⁽¹⁾		112,795,183		21,934

UNITED KINGDOM - 24.6%
BAE Systems plc⁽¹⁾		6,016,491		24,804
Carpetright PLC⁽¹⁾		2,956,377		22,647
Compass Group PLC⁽¹⁾		28,032,023		226,680
Diageo plc⁽¹⁾		6,368,535		121,166
Experian PLC⁽¹⁾		7,183,210		80,813
Lancashire Holdings Ltd⁽¹⁾		3,425,355		36,678
Lloyds Banking Group plc⁽¹⁾⁽²⁾		140,810,098		74,666
Michael Page International plc⁽¹⁾		7,922,419		45,068
Qinetiq Group PLC⁽¹⁾⁽³⁾		62,402,252		112,477
Reed Elsevier PLC⁽¹⁾		18,618,505		141,838
Savills Plc⁽¹⁾⁽³⁾		9,951,406		44,068
Unilever PLC (DR)		3,923,853		122,385

				1,053,290
UNITED STATES - 17.0%
Accenture plc, Class A		1,633,267		86,041
Arch Capital Group Ltd.⁽²⁾⁽³⁾		5,572,034		182,066
Covidien plc		2,988,380		131,788
Signet Jewelers Ltd.⁽²⁾		3,882,479		131,228
TE Connectivity Ltd.		6,920,314		194,738

				725,861

Total common stocks (Cost $4,117,862)				4,087,879


	Par Amount		Value

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $128,934 (Cost $128,934)⁽⁸⁾	$	128,934	$	128,934


Total investments - 98.6% (Cost $4,246,796)				4,216,813

Other assets less liabilities - 1.4%				58,669


Total net assets - 100.0%⁽⁹⁾			$	4,275,482

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $3,193,456 or 74.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽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⁾	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	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC		9/17/08- 9/26/2011	$	102,300	$	109,313		2.6	%
Mitsubishi UFJ Financial Group, Inc.		12/14/2009		17,639		16,424		0.4

					$	125,737		3.0	%

⁽⁷⁾	Shares are registered with the issuing company and not tradable until converted back to bearer shares.

⁽⁸⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	131,519

⁽⁹⁾	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

Dollar values in thousands

Description

Counterparty

Transaction
Type

Settlement
Date

Cost on
Origination
Date

Value

Unrealized
Appreciation

Japanese Yen

State Street Bank and Trust Company

Sell

11/17/2011

483,128

481,223

1,905


PORTFOLIO DIVERSIFICATION - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,001,416		23.4	%
Consumer Staples		637,572		14.9
Energy		111,680		2.6
Financials		928,521		21.7
Healthcare		338,437		7.9
Industrials		664,082		15.6
Information Technology		299,965		7.0
Materials		106,206		2.5

Total common stocks		4,087,879		95.6
Short-term investments		128,934		3.0

Total investments		4,216,813		98.6
Other assets less liabilities		58,669		1.4

Total net assets	$	4,275,482		100.0	%


CURRENCY EXPOSURE - September 30, 2011
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	930,905		22.1	%
Danish krone		68,848		1.6
Euro		1,003,841		23.8
Hong Kong dollar		71,507		1.7
Japanese yen		618,731		14.7
Singapore dollar		21,934		0.5
Swiss franc		477,690		11.3
U.S. dollar		1,023,357		24.3

Total investments	$	4,216,813		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		5.3	%
TE Connectivity Ltd	United States		4.6
Arch Capital Group Ltd.	United States		4.3
Novartis AG	Switzerland		3.8
Reed Elsevier PLC	United Kingdom		3.3
Kao Corporation	Japan		3.3
Credit Saison Co., Ltd.	Japan		3.1
Covidien plc	United States		3.1
Signet Jewelers Ltd.	United States		3.1
Publicis Groupe	France		3.0

Total			36.9	%

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

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

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 95.6%

CONSUMER DISCRETIONARY - 19.6%
Auto Components - 1.5%
BorgWarner Inc.⁽¹⁾		1,132,114	$	68,527
Gentex Corporation		321,300		7,727

				76,254
Automobiles - 0.3%
Tesla Motors, Inc.⁽¹⁾		538,685		13,138

Distributors - 1.5%
LKQ Corporation⁽¹⁾		3,161,870		76,391

Diversified Consumer Services - 1.0%
New Oriental Education & Technology Group, Inc. (DR)⁽¹⁾⁽²⁾		2,088,400		47,970

Hotels, Restaurants & Leisure - 5.7%
Arcos Dorados Holdings Inc., Class A⁽²⁾		1,892,900		43,896
Chipotle Mexican Grill, Inc.⁽¹⁾		236,224		71,564
Ctrip.com International, Ltd. (DR)⁽¹⁾⁽²⁾		2,161,831		69,524
Starwood Hotels & Resorts Worldwide, Inc.		1,581,999		61,413
Wynn Resorts, Limited		333,923		38,428

				284,825
Internet & Catalog Retail - 0.4%
Netflix, Inc.⁽¹⁾		164,767		18,645

Specialty Retail - 1.7%
Tractor Supply Company		625,700		39,137
Ulta Salon, Cosmetics & Fragrance, Inc.⁽¹⁾		733,500		45,646

				84,783
Textiles, Apparel & Luxury Goods - 7.5%
Coach, Inc.		2,130,023		110,399
Fossil, Inc.⁽¹⁾		1,229,135		99,634
lululemon athletica inc.⁽¹⁾		940,716		45,766
Polo Ralph Lauren Corporation, Class A		733,522		95,138
Under Armour, Inc., Class A⁽¹⁾		380,800		25,289

				376,226
CONSUMER STAPLES - 2.6%
Food Products - 2.6%
Diamond Foods, Inc.		525,800		41,954

CONSUMER STAPLES (CONTINUED)
Food Products (Continued)
Mead Johnson Nutrition Company		377,100	$	25,956
TreeHouse Foods, Inc.⁽¹⁾		973,800		60,220

				128,130
ENERGY - 7.3%
Energy Equipment & Services - 6.0%
Cameron International Corporation⁽¹⁾		3,174,549		131,871
Core Laboratories N.V.		762,510		68,496
Dresser-Rand Group Inc.⁽¹⁾		2,523,327		102,270

				302,637
Oil, Gas & Consumable Fuels - 1.3%
Cabot Oil & Gas Corporation		474,900		29,401
Noble Energy, Inc.		469,700		33,255

				62,656
FINANCIALS - 5.1%
Capital Markets - 1.0%
Ares Capital Corporation		3,501,709		48,218

Commercial Banks - 0.8%
HDFC Bank Limited (DR)⁽²⁾		1,326,090		38,655

Consumer Finance - 2.1%
Discover Financial Services		4,670,310		107,137

Diversified Financial Services - 1.2%
CME Group Inc., Class A		250,665		61,764

HEALTHCARE - 22.5%
Biotechnology - 6.5%
Alexion Pharmaceuticals, Inc.⁽¹⁾		810,500		51,921
Cepheid⁽¹⁾		2,030,600		78,848
Incyte Corporation⁽¹⁾		1,831,682		25,589
Pharmasset, Inc.⁽¹⁾		464,200		38,236
Regeneron Pharmaceuticals, Inc.⁽¹⁾		2,232,613		129,938

				324,532
Health Care Equipment & Supplies - 2.2%
Edwards Lifesciences Corporation⁽¹⁾		808,081		57,600
Intuitive Surgical, Inc.⁽¹⁾		142,813		52,024

				109,624
Health Care Providers & Services - 0.5%
AMERIGROUP Corporation⁽¹⁾		675,700		26,359


	Shares Held		Value

HEALTHCARE (CONTINUED)
Health Care Technology - 6.4%
athenahealth, Inc.⁽¹⁾⁽³⁾		1,956,015	$	116,481
Cerner Corporation⁽¹⁾		2,973,724		203,760

				320,241
Life Sciences Tools & Services - 4.1%
Agilent Technologies, Inc.⁽¹⁾		3,437,815		107,432
Illumina, Inc.⁽¹⁾		1,098,183		44,938
Mettler-Toledo International Inc.⁽¹⁾		374,600		52,429

				204,799
Pharmaceuticals - 2.8%
Allergan, Inc.		1,703,196		140,309

INDUSTRIALS - 12.6%
Aerospace & Defense - 2.6%
Precision Castparts Corp.		822,596		127,881

Electrical Equipment - 4.0%
Cooper Industries plc		1,596,676		73,639
Roper Industries, Inc.		1,864,812		128,504

				202,143
Machinery - 1.6%
Gardner Denver, Inc.		1,269,334		80,666

Professional Services - 4.4%
IHS Inc.⁽¹⁾		1,881,617		140,764
Verisk Analytics, Inc., Class A⁽¹⁾		2,357,427		81,968

				222,732
INFORMATION TECHNOLOGY - 25.9%
Communications Equipment - 2.1%
Aruba Networks, Inc.⁽¹⁾		1,676,300		35,051
Juniper Networks, Inc.⁽¹⁾		4,178,785		72,126

				107,177
Electronic Equipment & Instruments - 4.2%
IPG Photonics Corporation⁽¹⁾		1,098,500		47,719
Trimble Navigation Limited⁽¹⁾		2,996,165		100,521
Universal Display Corporation⁽¹⁾		1,331,200		63,818

				212,058
Internet Software & Services - 2.6%
MercadoLibre, Inc.		1,320,763		70,991
OpenTable, Inc.⁽¹⁾		861,966		39,659
SINA Corporation⁽¹⁾⁽²⁾		307,000		21,984

				132,634
IT Services - 2.6%
Teradata Corporation⁽¹⁾		2,395,204		128,215

Semiconductors & Semiconductor Equipment - 3.9%
Altera Corporation		783,900		24,716
ARM Holdings PLC (DR)⁽²⁾		2,581,725		65,834

INFORMATION TECHNOLOGY (CONTINUED)
Semiconductors & Semiconductor Equipment (Continued)
Broadcom Corporation, Class A		3,188,576	$	106,148

				196,698
Software - 10.5%
ANSYS, Inc.⁽¹⁾		1,859,118		91,171
Citrix Systems, Inc.⁽¹⁾		1,561,918		85,171
Concur Technologies, Inc.⁽¹⁾		359,365		13,375
Qlik Technologies Inc.⁽¹⁾		2,632,300		57,016
Red Hat, Inc.⁽¹⁾		2,068,141		87,400
salesforce.com, inc.⁽¹⁾		899,911		102,842
VMware, Inc., Class A⁽¹⁾		1,118,868		89,935

				526,910

Total common stocks (Cost $3,651,540)				4,790,407

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $241,658 (Cost $241,658)⁽⁴⁾	$	241,658	$	241,658


Total investments - 100.4% (Cost $3,893,198)				5,032,065

Other assets less liabilities - (0.4%)				(21,309	)


Total net assets - 100.0%⁽⁵⁾			$	5,010,756

⁽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
Arcos Dorados Holdings Inc., Class A	Brazil	US dollar
ARM Holdings PLC (DR)	United Kingdom	US dollar
Ctrip.com International, Ltd. (DR)	China	US dollar
HDFC Bank Limited (DR)	India	US dollar
New Oriental Education & Technology Group, Inc. (DR)	China	US dollar
SINA Corporation	China	US 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:


lssuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	246,492

⁽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.


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Cerner Corporation	United States		4.1	%
IHS Inc.	United States		2.8
Allergan, Inc.	United States		2.8
Cameron International Corporation	United States		2.6
Regeneron Pharmaceuticals, Inc.	United States		2.6
Roper Industries, Inc.	United States		2.6
Teradata Corporation	United States		2.6
Precision Castparts Corp.	United States		2.6
athenahealth, Inc.	United States		2.3
Coach, Inc.	United States		2.2

Total			27.2	%

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

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

ARTISAN VALUE FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 97.5%

CONSUMER DISCRETIONARY - 9.1%
Diversified Consumer Services - 2.4%
H&R Block, Inc.		829,900	$	11,046

Hotels, Restaurants & Leisure - 2.8%
Carnival Corporation & plc		427,500		12,953

Multiline Retail - 3.9%
Target Corporation		369,900		18,140

CONSUMER STAPLES - 10.3%
Food & Staples Retailing - 8.2%
Tesco plc⁽¹⁾⁽²⁾		2,901,800		16,974
Wal-Mart Stores, Inc.		401,400		20,833

				37,807
Food Products - 2.1%
Unilever PLC (DR)⁽²⁾		303,760		9,474

ENERGY - 10.8%
Oil, Gas & Consumable Fuels - 10.8%
Apache Corporation		203,100		16,297
Chesapeake Energy Corporation		366,100		9,354
Cimarex Energy Co.		260,700		14,521
Exxon Mobil Corporation		130,200		9,456

				49,628
FINANCIALS - 27.4%
Capital Markets - 6.4%
The Bank of New York Mellon Corporation		991,500		18,432
The Goldman Sachs Group, Inc.		118,300		11,185

				29,617
Insurance - 18.9%
Aflac Incorporated		292,900		10,237
The Allstate Corporation		414,750		9,825
Arch Capital Group Ltd.⁽³⁾⁽⁴⁾		439,300		14,354
Berkshire Hathaway Inc., Class B⁽³⁾		346,930		24,646
The Chubb Corporation		254,900		15,292
The Progressive Corporation		727,600		12,922

				87,276

FINANCIALS (CONTINUED)
Real Estate Investment Trusts (REITS) - 2.1%
Annaly Capital Management, Inc.		580,400	$	9,652

HEALTHCARE - 2.9%
Health Care Providers & Services - 2.9%
CIGNA Corporation		320,000		13,421

INDUSTRIALS - 2.6%
Construction & Engineering - 2.6%
Jacobs Engineering Group Inc.⁽³⁾		374,300		12,086

INFORMATION TECHNOLOGY - 34.4%
Communications Equipment - 5.3%
Cisco Systems, Inc.		1,586,500		24,575

Computers & Peripherals - 8.7%
Apple Inc.⁽³⁾		82,400		31,409
Hewlett-Packard Company		396,000		8,890

				40,299
Electronic Equipment & Instruments - 6.8%
Avnet, Inc.⁽³⁾		585,800		15,278
Ingram Micro Inc.⁽³⁾⁽⁴⁾		1,000,700		16,141

				31,419
IT Services - 5.0%
Total System Services, Inc.		656,300		11,111
The Western Union Company		794,700		12,151

				23,262
Semiconductors & Semiconductor Equipment - 3.4%
Texas Instruments Incorporated		593,900	$	15,828

Software - 5.2%
Microsoft Corporation		965,500		24,031

Total common stocks (Cost $474,554)				450,514


	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $10,526 (Cost $10,526)⁽⁵⁾	$	10,526	$	10,526


Total investments - 99.8% (Cost $485,080)				461,040

Other assets less liabilities - 0.2%				1,122


Total net assets - 100.0%⁽⁶⁾			$	462,162

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $16,974 or 3.7% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽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
Tesco plc	United Kingdom	British pound
Unilever PLC (DR)	United Kingdom	US dollar

⁽³⁾	Non-income producing security.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (7) in Notes to Financial Statements.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.625	%		2/15/2040	$	7,460
U.S. Treasury Note		2.375	%		6/30/2018		3,281

						$	10,741

⁽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.


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		6.8	%
Berkshire Hathaway Inc.	United States		5.3
Cisco Systems, Inc.	United States		5.3
Microsoft Corporation	United States		5.2
Wal-Mart Stores, Inc.	United States		4.5
The Bank of New York Mellon Corporation	United States		4.0
Target Corporation	United States		3.9
Tesco plc	United Kingdom		3.7
Apache Corporation	United States		3.5
Ingram Micro Inc.	United States		3.5

Total			45.7	%

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.

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011

Dollar values in thousands, except per share amounts


	EMERGING MARKETS			GROWTH OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value	$	656,356		$	143,299
Short-term investments (repurchase agreements), at value		7,346			10,298

Total investments		663,702			153,597
Cash		1			-	⁽¹⁾
Foreign currency		1,709			38
Unrealized gain on foreign currency contracts		8			7
Receivable from investments sold		1,527			2,973
Receivable from fund shares sold		2,818			117
Dividends and interest receivable		870			96
Receivable from Adviser		-			17

Total assets		670,635			156,845

LIABILITIES:
Unrealized loss on foreign currency contracts		-			2
Payable for investments purchased		-			950
Payable for fund shares redeemed		815			27
Payable for operating expenses		357			115
Payable for foreign taxes		184			24

Total liabilities		1,356			1,118

Total net assets	$	669,279		$	155,727

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	865,018		$	152,783
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(189,873	)		2,822
Accumulated undistributed net investment income (loss)		4,668			(412	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(10,534	)		534

	$	669,279		$	155,727

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares				$	142,758
Institutional Shares	$	352,093		$	12,969
Advisor Shares	$	317,186
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares					13,100,025
Institutional Shares		30,955,712			1,191,589
Advisor Shares		27,871,355
Net asset value, offering price and redemption price per share
Investor Shares				$	10.90
Institutional Shares	$	11.37		$	10.88
Advisor Shares	$	11.38
Cost of securities of unaffiliated issuers held	$	853,346		$	150,764
Cost of foreign currency	$	1,723		$	39

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	INTERNATIONAL			INTERNATIONAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	7,547,301		$	3,680,655
Investments in securities, affiliated, at value		-			407,224
Short-term investments (repurchase agreements), at value		246,213			128,934

Total investments		7,793,514			4,216,813
Cash		1			1
Foreign currency		110			163
Unrealized gain on foreign currency contracts		177			2,107
Receivable from investments sold		74,930			38,361
Receivable from fund shares sold		78,968			15,990
Dividends and interest receivable		23,509			14,949

Total assets		7,971,209			4,288,384

LIABILITIES:
Unrealized loss on foreign currency contracts		317			69
Payable for investments purchased		119,321			6,151
Payable for fund shares redeemed		20,304			4,888
Payable for operating expenses		3,519			1,359
Payable for foreign taxes		1,340			435

Total liabilities		144,801			12,902

Total net assets	$	7,826,408		$	4,275,482

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	9,921,895		$	4,347,141
Net unrealized depreciation on investments and foreign currency related transactions		(304,086	)		(27,868	)
Accumulated undistributed net investment income		121,055			(12,850	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(1,912,456	)		(30,941	)

	$	7,826,408		$	4,275,482

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	5,837,067		$	3,232,649
Institutional Shares	$	1,989,341		$	1,042,833
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		317,791,282			137,916,092
Institutional Shares		107,522,505			44,432,407
Net asset value, offering price and redemption price per share
Investor Shares	$	18.37		$	23.44
Institutional Shares	$	18.50		$	23.47
Cost of securities of unaffiliated issuers held	$	8,096,797		$	3,869,535
Cost of securities of affiliated issuers held		-		$	377,261
Cost of foreign currency	$	119		$	171

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Assets and Liabilities – September 30, 2011 (Continued)

Dollar values in thousands, except per share amounts


	MID CAP			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	4,673,926		$	420,019
Investments in securities, affiliated, at value		116,481			30,495
Short-term investments (repurchase agreements), at value		241,658			10,526

Total investments		5,032,065			461,040
Cash		1			1
Receivable from investments sold		23,902			-
Receivable from fund shares sold		6,484			805
Dividends and interest receivable		1,750			914

Total assets		5,064,202			462,760

LIABILITIES:
Payable for investments purchased		46,537			-
Payable for fund shares redeemed		4,120			272
Payable for operating expenses		2,789			326

Total liabilities		53,446			598

Total net assets	$	5,010,756		$	462,162

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	3,982,761		$	545,229
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		1,138,867			(24,040	)
Accumulated undistributed net investment income		-			2,606
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(110,872	)		(61,633	)

	$	5,010,756		$	462,162

SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	4,500,786		$	408,647
Institutional Shares	$	509,970		$	53,515
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		144,527,373			44,853,835
Institutional Shares		15,822,765			5,870,145
Net asset value, offering price and redemption price per share
Investor Shares	$	31.14		$	9.11
Institutional Shares	$	32.23		$	9.12
Cost of securities of unaffiliated issuers held	$	3,813,634		$	457,079
Cost of securities of affiliated issuers held	$	79,564		$	28,001

⁽¹⁾	Amount rounds to less than $1.

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011

Dollar values in thousands


	EMERGING MARKETS			GROWTH OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	20,809		$	918
Interest		3			1

Total investment income		20,812			919

EXPENSES:
Advisory fees		8,324			1,235
Transfer agent fees
Investor Shares					384
Institutional Shares		20			4
Advisor Shares		962
Shareholder communications
Investor Shares					26
Institutional Shares		18			1
Advisor Shares		36
Custodian fees		717			42
Accounting fees		70			39
Professional fees		82			110
Registration fees
Investor Shares					61
Institutional Shares		56			22
Advisor Shares		141
Directors’ fees		24			6
Other operating expenses		16			5

Total operating expenses		10,466			1,935
Less amounts waived or paid by the Adviser		-			(17	)

Net Expenses		-			1,918

Net investment income (loss)		10,346			(999	)

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		9,473			2,181
Foreign currency related transactions		(2,693	)		(432	)

		6,780			1,749
Net increase (decrease) unrealized appreciation or depreciation on:
Investments		(255,535	)		(14,114	)
Foreign currency related transactions		336			(9	)

		(255,199	)		(14,123	)

Net loss on investments and foreign currency related transactions		(248,419	)		(12,374	)

Net decrease in net assets resulting from operations	$	(238,073	)	$	(13,373	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized loss on investments from affiliated issuers
	Emerging Markets	$	1,704	$	-
	Growth Opportunities		24		-

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	INTERNATIONAL			INTERNATIONAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	234,572		$	98,683
Dividends, from affiliated issuers⁽¹⁾		-			3,587
Interest		35			49
Other		9			-

Total investment income		234,616			102,319

EXPENSES:
Advisory fees		90,895			42,061
Transfer agent fees
Investor Shares		16,429			6,539
Institutional Shares		22			22
Shareholder communications
Investor Shares		717			463
Institutional Shares		34			23
Custodian fees		3,992			1,118
Accounting fees		69			69
Professional fees		397			209
Registration fees
Investor Shares		84			218
Institutional Shares		39			80
Directors’ fees		311			136
Other operating expenses		142			68

Total operating expenses		113,131			51,006

Net investment income		121,485			51,313

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		994,852			140,973
Foreign currency related transactions		(79	)		(18,918	)

		994,773			122,055
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(1,875,691	)		(483,261	)
Foreign currency related transactions		(1,399	)		1,338

		(1,877,090	)		(481,923	)

Net loss on investments and foreign currency related transactions		(882,317	)		(359,868	)

Net decrease in net assets resulting from operations	$	(760,832	)	$	(308,555	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	International	$	18,737	$	(4,123	)
	International Value		6,735		3,755

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

ARTISAN FUNDS

Statements of Operations – For the Year Ended September 30, 2011 (Continued)

Dollar values in thousands


	MID CAP			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	27,781		$	8,062
Interest		32			3

Total investment income		27,813			8,065

EXPENSES:
Advisory fees		53,152			2,953
Transfer agent fees
Investor Shares		14,266			1,033
Institutional Shares		20			5
Shareholder communications
Investor Shares		437			84
Institutional Shares		19			2
Custodian fees		202			21
Accounting fees		65			39
Professional fees		211			60
Registration fees
Investor Shares		147			95
Institutional Shares		24			10
Directors’ fees		178			11
Other operating expenses		77			9

Total operating expenses		68,798			4,322

Net investment income (loss)		(40,985	)		3,743

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments⁽¹⁾		665,237			32,265
Foreign currency related transactions		-			(41	)

		665,237			32,224
Net decrease in unrealized appreciation or depreciation on:
Investments		(348,059	)		(42,872	)
Foreign currency related transactions		-			(1	)

		(348,059	)		(42,873	)

Net gain (loss) on investments and foreign currency related transactions		317,178			(10,649	)

Net increase (decrease) in net assets resulting from operations	$	276,193		$	(6,906	)


⁽¹⁾	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	Mid Cap	$	78	$	8,059
	Value		62		651

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

ARTISAN FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	EMERGING MARKETS						GROWTH OPPORTUNITIES
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	10,346		$	3,575		$	(999	)	$	(536	)
Net realized gain (loss) on:
Investments		9,473			9,712			2,181			2,089
Foreign currency related transactions		(2,693	)		(1,401	)		(432	)		(74	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(255,535	)		43,790			(14,114	)		9,555
Foreign currency related transactions		336			(484	)		(9	)		(1	)

Net increase (decrease) in net assets resulting from operations		(238,073	)		55,192			(13,373	)		11,033

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			-			-
Institutional Shares		(3,345	)		(988	)		-			-
Advisor Shares		(1,835	)		(509	)		-			-
Net realized gains on investment transactions:
Investor Shares		-			-			(1,034	)		-

Total distributions paid to shareholders		(5,180	)		(1,497	)		(1,034	)		-

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		392,736			311,692			97,676			15,868

Total increase in net assets		149,483			365,387			83,269			26,901

Net assets, beginning of period		519,796			154,409			72,458			45,557

Net assets, end of period	$	669,279		$	519,796		$	155,727		$	72,458


Accumulated undistributed net investment income (loss)	$	4,668		$	2,512		$	(412	)	$	(1	)

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

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL						INTERNATIONAL VALUE
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income	$	121,485		$	90,536		$	51,313		$	36,645
Net realized gain (loss) on:
Investments		994,852			(67,630	)		140,973			(19,658	)
Foreign currency related transactions		(79	)		(3,039	)		(18,918	)		(905	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(1,875,691	)		224,422			(483,261	)		263,315
Foreign currency related transactions		(1,399	)		1,804			1,338			715

Net increase (decrease) in net assets resulting from operations		(760,832	)		246,093			(308,555	)		280,112

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(61,274	)		(94,522	)		(39,445	)		(34,820	)
Institutional Shares		(26,489	)		(34,566	)		(12,501	)		(7,409	)
Net realized gains on investment transactions:
Investor Shares		-			-			-			-

Total distributions paid to shareholders		(87,763	)		(129,088	)		(51,946	)		(42,229	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(973,666	)		(1,096,191	)		1,298,269			1,080,085

Total increase (decrease) in net assets		(1,822,261	)		(979,186	)		937,768			1,317,968

Net assets, beginning of period		9,648,669			10,627,855			3,337,714			2,019,746

Net assets, end of period	$	7,826,408		$	9,648,669		$	4,275,482		$	3,337,714


Accumulated undistributed net investment income (loss)	$	121,055		$	87,458		$	(12,850	)	$	7,327

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

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP						VALUE
	Year Ended 9/30/2011			Year Ended 9/30/2010			Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income (loss)	$	(40,985	)	$	(32,865	)	$	3,743		$	1,996
Net realized gain on:
Investments		665,237			94,003			32,265			9,335
Foreign currency related transactions		-			-			(41	)		3
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(348,059	)		818,287			(42,872	)		8,010
Foreign currency related transactions		-			-			(1	)		-

Net increase (decrease) in net assets resulting from operations		276,193			879,425			(6,906	)		19,344

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(2,455	)		(840	)
Net realized gains on investment transactions:
Investor Shares		-			-			-			-

Total distributions paid to shareholders		-			-			(2,455	)		(840	)

FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(143,118	)		(144,809	)		205,150			66,759

Total increase in net assets		133,075			734,616			195,789			85,263

Net assets, beginning of period		4,877,681			4,143,065			266,373			181,110

Net assets, end of period	$	5,010,756		$	4,877,681		$	462,162		$	266,373


Accumulated undistributed net investment income (loss)	$	-		$	(133	)	$	2,606		$	1,405

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

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period


	ARTISAN EMERGING MARKETS FUND
	Institutional Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	15.23		$	13.02		$	11.15		$	16.71		$	11.15
Net Investment Income⁽¹⁾		0.21			0.17			0.09			0.18			0.09
Net Realized and Unrealized Gain (Loss) on Investments		(3.93	)		2.15			1.91			(5.41	)		5.81

Total Income (Loss) from Investment Operations		(3.72	)		2.32			2.00			(5.23	)		5.90

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	$	11.37		$	15.23		$	13.02		$	11.15		$	16.71

Total Return		(24.67	)%		17.94	%		18.66	%		(31.91	)%		53.99	%
Net Assets End of Period (millions)	$	352.1		$	284.2		$	104.0		$	69.8		$	18.4
Ratio of Expenses to Average Net Assets⁽²⁾		1.19	%		1.31	%		1.50	%		1.50	%		1.44	%
Ratio of Net Investment Income to Average Net Assets⁽²⁾		1.41	%		1.25	%		1.02	%		1.17	%		0.67	%
Portfolio Turnover Rate		30.86	%		25.89	%		56.88	%		42.24	%		71.28	%

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾


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	)%

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

ARTISAN FUNDS

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


	ARTISAN GROWTH OPPORTUNITIES FUND
	Institutional Shares

	9/30/2011⁽¹⁾

Net Asset Value Beginning of Period	$	13.38
Net Investment Loss⁽²⁾		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		(2.48	)

Total Loss from Investment Operations		(2.50	)

Distributions from Net Realized Gains		-

Total Distributions		-

Net Asset Value End of Period	$	10.88

Total Return⁽³⁾		(18.68	)%
Net Assets End of Period (millions)	$	13.0
Ratio of Expenses to Average Net Assets⁽⁴⁾⁽⁵⁾		1.50	%
Ratio of Net Investment Loss to Average Net Assets⁽⁴⁾⁽⁵⁾		(0.72	)%
Portfolio Turnover Rate⁽³⁾		76.18	%

⁽¹⁾	For the period from commencement of operations July 26, 2011 through September 30, 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.

⁽⁵⁾


Year or Period Ended	Ratio of Expenses to Average Net Assets			Ratio of Net Investment (Loss) to Average Net Assets
9/30/2011		2.22	%		(1.44	)%

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

ARTISAN FUNDS

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


	ARTISAN INTERNATIONAL FUND
	Institutional Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	20.72		$	20.29		$	20.51		$	33.99		$	28.92
Net Investment Income⁽¹⁾		0.32			0.22			0.28			0.42			0.37
Net Realized and Unrealized Gain (Loss) on Investments		(2.31	)		0.49			0.46			(9.16	)		7.52

Total Income (Loss) from Investment Operations		(1.99	)		0.71			0.74			(8.74	)		7.89

Dividends from Net Investment Income		(0.23	)		(0.28	)		(0.26	)		(0.27	)		(0.49	)
Distributions from Net Realized Gains		-			-			(0.70	)		(4.47	)		(2.33	)

Total Distributions		(0.23	)		(0.28	)		(0.96	)		(4.74	)		(2.82	)

Net Asset Value End of Period	$	18.50		$	20.72		$	20.29		$	20.51		$	33.99

Total Return		(9.76	)%		3.54	%		5.25	%		(29.83	)%		28.99	%
Net Assets End of Period (millions)	$	1,989.3		$	2,353.9		$	2,912.7		$	3,043.8		$	5,049.3
Ratio of Expenses to Average Net Assets		0.99	%		0.98	%		0.99	%		0.98	%		0.98	%
Ratio of Net Investment Income to Average Net Assets		1.42	%		1.10	%		1.76	%		1.50	%		1.22	%
Portfolio Turnover Rate		70.36	%		70.51	%		82.38	%		54.42	%		66.30	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN INTERNATIONAL VALUE FUND
	Institutional Shares

	Year Ended

	9/30/2011			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⁽¹⁾		0.35			0.36			0.21			0.52			0.41
Net Realized and Unrealized Gain (Loss) on Investments		(1.24	)		2.02			1.66			(5.58	)		3.14

Total Income (Loss) from Investment Operations		(0.89	)		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	$	23.47		$	24.76		$	22.83		$	21.22		$	28.53

Total Return		(3.84	)%		10.66	%		9.14	%		(18.92	)%		13.48	%
Net Assets End of Period (millions)	$	1,042.8		$	649.6		$	280.2		$	186.1		$	218.9
Ratio of Expenses to Average Net Assets		0.99	%		1.01	%		1.04	%		1.03	%		1.06	%
Ratio of Net Investment Income to Average Net Assets		1.30	%		1.57	%		1.17	%		2.10	%		1.47	%
Portfolio Turnover Rate		30.90	%		21.02	%		55.49	%		44.72	%		45.60	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN MID CAP FUND
	Institutional Shares

	Year Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007

Net Asset Value Beginning of Period	$	30.50		$	25.00		$	24.71		$	37.78		$	32.24
Net Investment Loss⁽¹⁾		(0.16	)		(0.14	)		(0.06	)		(0.14	)		(0.16	)
Net Realized and Unrealized Gain (Loss) on Investments		1.89			5.64			0.63			(7.03	)		9.17

Total Income (Loss) from Investment Operations		1.73			5.50			0.57			(7.17	)		9.01

Dividends from Net Investment Income		-			-			-			-			-
Distributions from Net Realized Gains		-			-			(0.28	)		(5.90	)		(3.47	)

Total Distributions		-			-			(0.28	)		(5.90	)		(3.47	)

Net Asset Value End of Period	$	32.23		$	30.50		$	25.00		$	24.71		$	37.78

Total Return		5.67	%		22.00	%		2.77	%		(22.23	)%		30.17	%
Net Assets End of Period (millions)	$	510.0		$	502.4		$	454.5		$	537.2		$	785.4
Ratio of Expenses to Average Net Assets		0.96	%		0.96	%		0.97	%		0.95	%		0.95	%
Ratio of Net Investment Loss to Average Net Assets		(0.47	)%		(0.51	)%		(0.32	)%		(0.46	)%		(0.47	)%
Portfolio Turnover Rate		62.87	%		63.46	%		68.39	%		79.76	%		71.04	%

⁽¹⁾	Computed based on average shares outstanding.

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

ARTISAN FUNDS

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


	ARTISAN VALUE FUND
	Institutional Shares

	Year or Period Ended

	9/30/2011⁽¹⁾

Net Asset Value Beginning of Period	$	10.60
Net Investment Income⁽²⁾		0.02
Net Realized and Unrealized Loss on Investments		(1.50	)

Total Loss from Investment Operations		(1.48	)

Dividends from Net Investment Income		-
Distributions from Net Realized Gains		-

Total Distributions		-

Net Asset Value End of Period	$	9.12

Total Return⁽³⁾		(13.96	)%
Net Assets End of Period (millions)	$	53.5
Ratio of Expenses to Average Net Assets⁽⁴⁾		1.09	%
Ratio of Net Investment Income to Average Net Assets⁽⁴⁾		1.02	%
Portfolio Turnover Rate⁽³⁾		78.36	%

⁽¹⁾	For the period from commencement of operations July 26, 2011 through September 30, 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.

ARTISAN FUNDS

Notes to Financial Statements – September 30, 2011

(1)

Organization:

Artisan Partners 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 Partners Funds, Inc. changed its name from Artisan Funds, Inc. but continues 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 Growth Opportunities Fund (“Growth Opportunities Fund” or “Growth Opportunities”), Artisan International Fund (“International Fund” or “International”), Artisan International Value Fund (“International Value Fund” or “International Value”), Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”) and Artisan Value Fund (“Value Fund” or “Value”), each a series of Artisan Funds (each a “Fund,” and collectively, the “Funds”), commenced operations on June 26, 2006, September 22, 2008, December 28, 1995, September 23, 2002, June 27, 1997 and March 27, 2006, 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. Growth Opportunities Fund, International Fund, International Value Fund, Mid Cap Fund and Value Fund offer shares of capital stock of two classes – Institutional Shares and Investor Shares – and have offered Investor Shares since the commencement of operations. Growth Opportunities Fund, International Fund, International Value Fund, Mid Cap Fund and Value Fund began offering Institutional Shares on July 26, 2011, July 1, 1997, October 1, 2006, July 1, 2000 and July 26, 2011, 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.

Each Fund is managed by Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”).

(2)

Summary of significant accounting policies:

NOTES TO FINANCIAL STATEMENTS

(a)

Emerging Markets Fund, Growth Opportunities 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. 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 calculated their NAVs. That was generally the case for markets in Europe, Asia, Australia and other far eastern markets; the regular closing time of foreign markets in North and South America was generally the same as the closing time of the NYSE and the time as of which the Funds calculated their NAVs.

NOTES TO FINANCIAL STATEMENTS

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 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.

NOTES TO FINANCIAL STATEMENTS

(b)

Fair value measurements – Under generally accepted accounting principles for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable 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 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 by major security type, based on the inputs used to determine their fair values as of September 30, 2011 (in thousands):


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Equity Securities⁽¹⁾
Developed Markets	$	3,696	$	14,748		$	-	$	18,444
Emerging Asia		10,334		311,831			-		322,165
Emerging Europe, Middle East & Africa		6,135		132,982			-		139,117
Latin America		176,630		-			-		176,630
Repurchase Agreements		-		7,346			-		7,346
Total	$	196,795	$	466,907	⁽²⁾		-	$	663,702

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Growth Opportunities
Equity Securities⁽¹⁾:
Americas	$	96,625	$	-		$	-	$	96,625
Emerging Markets		18,186		8,593			-		26,779
Europe		2,421		12,587			-		15,008
Pacific Basin		-		4,887			-		4,887
Repurchase Agreements		-		10,298			-		10,298
Total Investments in Securities		117,232		36,365			-		153,597
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		-		5			-		5
Total	$	117,232	$	36,370	⁽²⁾	$	-	$	153,602
International
Equity Securities⁽¹⁾:
Americas	$	397,669	$	-		$	-	$	397,669
Emerging Markets		288,034		338,807			-		626,841
Europe		-		4,084,752			-		4,084,752
Middle East		-		-			-		-
Pacific Basin		-		2,438,039			-		2,438,039
Repurchase Agreements		-		246,213			-		246,213
Total	$	685,703	$	7,107,811	⁽²⁾	$	-	$	7,793,514
International Value
Equity and Equity-Linked Securities⁽¹⁾:
Americas	$	725,861	$	-		$	-	$	725,861
Emerging Markets		-		21,934			-		21,934
Europe		168,562		2,481,284			-		2,649,846
Pacific Basin		-		690,238			-		690,238
Repurchase Agreements		-		128,934			-		128,934
Total Investments in Securities		894,423		3,322,390			-		4,216,813
Derivatives:
Foreign Currency Forward Contracts⁽³⁾		-		1,905			-		1,905
Total	$	894,423	$	3,324,295	⁽²⁾	$	-	$	4,218,718
Mid Cap
Equity Securities⁽¹⁾	$	4,790,407	$	-		$	-	$	4,790,407
Repurchase Agreements		-		241,658			-		241,658
Total	$	4,790,407	$	241,658		$	-	$	5,032,065

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Value
Equity Securities⁽¹⁾:
Consumer Discretionary	$	42,139	$	-		$	-	$	42,139
Consumer Staples		30,307		16,974			-		47,281
Energy		49,628		-			-		49,628
Financials		126,545		-			-		126,545
Healthcare		13,421		-			-		13,421
Industrials		12,086		-			-		12,086
Information Technology		159,414		-			-		159,414
Repurchase Agreements		-		10,526			-		10,526
Total	$	433,540	$	27,500	⁽²⁾	$	-	$	461,040
⁽¹⁾See Fund’s Schedule of Investments for sector or country classifications.
⁽²⁾Includes securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading.
⁽³⁾Derivative instruments are valued at unrealized appreciation.


	Transfers from Level 1 to Level 2
Emerging Markets	$	357,984
Growth Opportunities Fund		9,831
International		4,297,816
International Value		2,395,331

As of September 30, 2011, there were no transfers of Level 3 securities.

(c)

The Funds have analyzed the tax positions taken on federal income tax returns for all open tax years (fiscal years 2008 through 2010) and have concluded that as of September 30, 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 each state’s department of revenue.

NOTES TO FINANCIAL STATEMENTS

(d)

(e)

As of September 30, 2011, Growth Opportunities and International Value had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency contracts are not separately disclosed in the Schedules of Investments.

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.

NOTES TO FINANCIAL STATEMENTS

(f)

Growth Opportunities Fund entered into written call options during the year ended September 30, 2011 as follows:


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

NOTES TO FINANCIAL STATEMENTS

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.

(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 – Emerging Markets Fund, Growth Opportunities Fund, International 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. There is no off-balance sheet risk associated with equity-linked participation certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds’ management on a periodic basis.

(j)


Emerging Markets	$	6
Growth Opportunities		8
International		554
International Value		116
Mid Cap		353
Value		35

(k)

(l)

(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

NOTES TO FINANCIAL STATEMENTS

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.

Emerging Markets Fund, Growth Opportunities Fund, International Fund and International Value Fund generally imposed a 2% redemption fee on Fund 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 Fund 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.

(n)

(3)

Derivative transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2011 was as follows (in thousands):


Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Growth Opportunities	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	5
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	1,905

⁽¹⁾	Amount rounds to less than $1.

NOTES TO FINANCIAL STATEMENTS

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2011 was as follows (in thousands):

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


Fund	Risk Exposure Category	Statement of Operations location	Value
Growth Opportunities	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	(78	)
	Purchased Options	Net realized loss on investments	$	(5	)
	Written Options	Net realized gain on investments		9
Total			$	(74	)
International Value	Foreign currency forward contracts	Net realized gain (loss) on foreign currency related transactions	$	(19,617	)

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


Fund	Risk Exposure Category	Statement of Operations location	Value
Growth Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		5
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		1,905

Volume of derivative activity

For the year ended September 30, 2011, Growth Opportunities Fund held and closed out of two foreign currency forward contracts in addition to one foreign currency forward contract that is presented on each of the respective Schedules of Investments. International Value Fund held and closed out of three foreign currency forward contracts in addition to one foreign currency forward contract that is presented on the Schedule of Investments.

For the year ended September 30, 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, each Fund paid a monthly management fee to the Adviser as follows:

Emerging Markets Fund


Average Daily Net Assets	Annual Rate
All		1.050	%

NOTES TO FINANCIAL STATEMENTS

International 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

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

Growth Opportunities Fund and Value Fund (for the period October 1, 2010 to November 30, 2010)


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

Value Fund (for the period December 1, 2010 to September 30, 2011)


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 the fee waiver is insufficient, to reimburse Emerging Markets and Growth Opportunities 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, 2013, at which time the Adviser will determine whether to renew, revise or discontinue it. For the year ended September 30, 2011, expenses of approximately $17 incurred by Growth Opportunities Fund were waived by the Adviser.

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

NOTES TO FINANCIAL STATEMENTS

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 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 would be invested in shares of Artisan Funds as selected by the individual directors. Each Fund would purchase 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. As of September 30, 2011, no current directors have elected to participate in the deferred compensation plan.

(5)

Line of credit arrangement:

NOTES TO FINANCIAL STATEMENTS

(6)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the year ended September 30, 2011 were as follows (in thousands):


Fund	Security Purchases		Security Sales
Emerging Markets	$	640,060	$	233,805
Growth Opportunities		184,741		97,935
International		6,663,902		7,722,484
International Value		2,553,612		1,271,546
Mid Cap		3,391,387		3,563,461
Value		472,084		293,026

(7)

Transactions in securities of affiliates:


		As of 9/30/10											As of 9/30/11
Fund	Security	Share Balance		Purchase Cost		Sales Cost		Net Realized Gain (Loss)			Dividend Income⁽¹⁾		Share Balance		Value
International
	E-Commerce China Dangdang, Inc., Class A (DR)⁽²⁾⁽³⁾		-	$	30,194	$	30,194	$	(4,123	)	$	-		-	$	-
	Total⁽⁴⁾			$	30,194	$	30,194	$	(4,123	)	$	-		-	$	-
International Value
	Aderans Co., Ltd.⁽⁵⁾		1,956,400	$	6,353	$	1,403	$	(1	)	$	-		2,420,067	$	22,437
	Arch Capital Group Ltd.⁽²⁾		1,543,774		37,892		8,881		666			-		5,572,034		182,066
	ICON PLC (DR)⁽²⁾⁽⁵⁾		-		63,891		4,787		882			-		2,871,675		46,177
	Qinetiq Group PLC		41,112,031		41,700		-		-			1,616		62,402,252		112,476
	Savills Plc		8,553,847		11,700		3,325		196			1,971		9,951,406		44,068
	Signet Jewelers Ltd.⁽²⁾⁽³⁾		4,397,187		19,009		35,945		2,012			-		3,882,479		131,228
	Total⁽⁴⁾			$	180,545	$	54,341	$	3,755		$	3,587			$	407,224
Mid Cap
	athenahealth, Inc.⁽²⁾		1,680,000	$	18,599	$	5,814	$	685		$	-		1,956,015	$	116,481
	GSI Commerce, Inc.⁽³⁾		3,010,400		4,912		77,506		7,374			-		-		-
	Total⁽⁴⁾			$	23,511	$	83,320	$	8,059		$	-			$	116,481
Value
	Arch Capital Group Ltd.⁽²⁾		139,500	$	5,973	$	4,231	$	743		$	-		439,300	$	14,354
	Ingram Micro Inc.⁽²⁾		540,200		9,085		595		(92	)		-		1,000,700		16,141
	Total⁽⁴⁾			$	15,058	$	4,826	$	651		$	-			$	30,495

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

⁽²⁾	Non-income producing security.

⁽³⁾	Issuer was no longer an affiliate as of September 30, 2011.

⁽⁴⁾	Total value as of September 30, 2011 is presented for only those issuers that were affiliates as of September 30, 2011.

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

NOTES TO FINANCIAL STATEMENTS

(8)

Information for Federal income tax purposes:


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Emerging Markets	$	863,270	$	19,069	$	(218,637	)	$	(199,568	)
Growth Opportunities		151,649		15,967		(14,019	)		1,948
International		8,175,187		652,241		(1,033,914	)		(381,673	)
International Value		4,300,722		357,063		(440,972	)		(83,909	)
Mid Cap		3,918,826		1,267,624		(154,385	)		1,113,239
Value		493,964		12,658		(45,582	)		(32,924	)


	Year Ended 9/30/11				Year Ended 9/30/10
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Emerging Markets	$	5,180	$	-	$	1,497	$	-
Growth Opportunities		224		810		-		-
International		87,763		-		129,088		-
International Value		51,946		-		42,229		-
Value		2,455		-		840		-

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 United States generally accepted accounting principles for such items as net short-term gains, passive foreign investment company transactions, foreign currency transactions and net investment losses. Gains on redemptions-in-kind for Mid Cap Fund of $78,603,000 were included in net realized gain (loss) on investments in the Statements of Operations for the year ended September 30, 2011, and were not recognized for Federal income tax purposes.

NOTES TO FINANCIAL STATEMENTS

Additional tax information as of and for the year ended September 30, 2011 follows (in thousands):


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Post-October Losses			Other Deferred Gains (Losses)⁽¹⁾
Emerging Markets	$	5,629	$	1,871	$	-		$	(3,671	)
Growth Opportunities		-		1,422		(406	)		(20	)
International		120,926		-		-			(1,361	)
International Value		-		12,238		-			12
Mid Cap		-		-		-			(192	)
Value		2,606		-		-			(4	)

⁽¹⁾	Other deferred gains and losses relate to (a) gains or losses on transactions that occurred subsequent to year end that affected the distributable earnings at September 30, 2011 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

As of September 30, 2011, the Funds had capital loss carryovers as follows (in thousands):


	Expiring 2017		Expriring 2018		Total
International	$	52,715	$	1,780,664	$	1,833,379
Mid Cap		-		85,052		85,052
Value		4,793		47,952		52,745

For the year ended September 30, 2011, the Funds used capital loss carryovers as follows (in thousands):


	Capital Loss Carryovers Used
Emerging Markets	$	10,901
International		793,973
International Value		119,740
Mid Cap		550,188
Value		30,711

NOTES TO FINANCIAL STATEMENTS

(9)

Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):


	EMERGING MARKETS						GROWTH OPPORTUNITIES					INTERNATIONAL
Year ended September 30, 2011	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares⁽¹⁾		Investor Shares			Institutional Shares
Proceeds from shares issued	$	208,436		$	302,182		$	116,536		$	1,599	$	1,303,630		$	200,095
Net asset value of shares transferred		-			-			(14,153	)		14,153		-			-
Net asset value of shares issued in reinvestment of dividends and distributions		3,270			1,764			1,027			-		54,788			25,401
Cost of shares redeemed⁽²⁾		(18,510	)		(104,406	)		(21,486	)		-		(2,190,720	)		(366,860	)

Net increase (decrease) from fund share transactions	$	193,196		$	199,540		$	81,924		$	15,752	$	(832,302	)	$	(141,364	)


Shares sold		13,451,736			19,672,672			9,228,735			133,801		60,685,817			9,123,456
Shares transferred		-			-			(1,057,788	)		1,057,788		-			-
Shares issued in reinvestment of dividends and distributions		208,694			112,253			85,008			-		2,556,612			1,178,671
Shares redeemed		(1,368,082	)		(7,374,302	)		(1,746,821	)		-		(100,130,658	)		(16,394,727	)

Net increase (decrease) in capital shares		12,292,348			12,410,623			6,509,134			1,191,589		(36,888,229	)		(6,092,600	)


	EMERGING MARKETS						GROWTH OPPORTUNITIES					INTERNATIONAL
Year ended September 30, 2010	Institutional Shares			Advisor Shares			Investor Shares					Investor Shares			Institutional Shares
Proceeds from shares issued	$	173,421		$	177,493		$	30,913				$	1,714,559		$	254,936
Net asset value of shares issued in reinvestment of dividends and distributions		984			500			-					85,907			32,933
Cost of shares redeemed⁽²⁾		(23,531	)		(17,173	)		(15,045	)				(2,313,013	)		(871,513	)

Net increase (decrease) from fund share transactions	$	150,873		$	160,819		$	15,868				$	(512,547	)	$	(583,644	)


Shares sold		12,304,761			12,812,565			3,195,776					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	)		(1,589,013	)				(119,470,363	)		(44,484,274	)

Net increase (decrease) in capital shares		10,678,029			11,589,061			1,606,763					(28,067,089	)		(29,933,439	)

⁽¹⁾	For the period from commencement of operations July 26, 2011 through September 30, 2011.

⁽²⁾	Net of redemption fees of:


Fund	9/30/2011		9/30/2010
Emerging Markets - Institutional Shares	$	29	$	2
Emerging Markets - Advisor Shares		26		2
Growth Opportunities - Investor Shares		4		-
International - Investor Shares		460		528
International - Institutional Shares		157		168

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL VALUE						MID CAP
Year ended September 30, 2011	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	1,396,183		$	547,792		$	1,160,346		$	66,013
Net asset value of shares issued in reinvestment of dividends and distributions		32,185			11,352			-			-
Cost of shares redeemed⁽¹⁾		(617,777	)		(71,466	)		(1,278,871	)		(90,606	)

Net increase (decrease) from fund share transactions	$	810,591		$	487,678		$	(118,525	)	$	(24,593	)


Shares sold		51,358,305			20,384,767			33,974,631			1,869,251
Shares issued in reinvestment of dividends and distributions		1,197,336			422,463			-			-
Shares redeemed		(23,292,083	)		(2,603,912	)		(37,508,365	)		(2,521,038	)

Net increase (decrease) in capital shares		29,263,558			18,203,318			(3,533,734	)		(651,787	)


	INTERNATIONAL VALUE						MID CAP
Year ended September 30, 2010	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	1,211,662		$	330,197		$	744,135		$	19,299
Net asset value of shares issued in reinvestment of dividends and distributions		31,364			5,319			-			-
Cost of shares redeemed⁽¹⁾		(483,111	)		(15,346	)		(842,511	)		(65,732	)

Net increase (decrease) from fund share transactions	$	759,915		$	320,170		$	(98,376	)	$	(46,433	)


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	9/30/2011		9/30/2010
International Value - Investor Shares		279		323
International Value - Institutional Shares		84		71

NOTES TO FINANCIAL STATEMENTS


	VALUE
Year ended September 30, 2011	Investor Shares			Institutional Shares⁽¹⁾
Proceeds from shares issued	$	273,248		$	36,577
Net asset value of shares transferred		(21,242	)		21,242
Net asset value of shares issued in reinvestment of dividends and distributions		2,273			-
Cost of shares redeemed		(106,948	)		-

Net increase (decrease) from fund share transactions	$	147,331		$	57,819


Shares sold		27,593,098			3,866,137
Shares transferred		(2,004,008	)		2,004,008
Shares issued in reinvestment of dividends and distributions		241,039			-
Shares redeemed		(10,864,145	)		-

Net increase (decrease) in capital shares		14,965,984			5,870,145


	VALUE
Year ended September 30, 2010	Investor Shares
Proceeds from shares issued	$	130,447
Net asset value of shares issued in reinvestment of dividends and distributions		811
Cost of shares redeemed		(64,499	)

Net increase (decrease) from fund share transactions	$	66,759


Shares sold		15,026,128
Shares issued in reinvestment of dividends and distributions		94,772
Shares redeemed		(7,544,347	)

Net increase (decrease) in capital shares		7,576,553

⁽¹⁾	For the period from commencement of operations July 26, 2011 through September 30, 2011.

(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.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Artisan Partners Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Artisan Emerging Markets Fund, Artisan Growth Opportunities Fund (formerly Artisan Opportunistic Growth Fund), Artisan International Fund, Artisan International Value Fund, Artisan Mid Cap Fund, and Artisan Value Fund (formerly Artisan Opportunistic Value Fund) (six of the twelve portfolios constituting Artisan Partners Funds, Inc. (formerly Artisan Funds, Inc.)) (the “Funds”) as of September 30, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Artisan Emerging Markets Fund, Artisan Growth Opportunities Fund, Artisan International Fund, Artisan International Value Fund, Artisan Mid Cap Fund, and Artisan Value Fund of Artisan Partners Funds, Inc. at September 30, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Chicago, Illinois

November 21, 2011

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):


Fund	Long-Term Capital Gains		Qualified Dividend Income			Dividends Received Deduction
Emerging Markets	$	297		83.00	%		-	%
Growth Opportunities		1,498		37.06			26.19
International		-		100.00			7.40
International Value		166		100.00			-
Mid Cap		-		-			-
Value		-		100.00			100.00

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2011 to September 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 4/1/2011		Ending Account Value 9/30/2011		Expenses Paid During Period 4/1/2011-9/30/2011⁽¹⁾
Artisan Emerging Markets Fund - Institutional Shares
Actual	$	1,000.00	$	713.70	$	5.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.02
Artisan Growth Opportunities Fund - Institutional Shares⁽²⁾
Actual	$	1,000.00	$	813.20	$	2.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,006.23	$	2.68
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	818.90	$	4.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	4.96

See notes on page 67.

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2011		Ending Account Value 9/30/2011		Expenses Paid During Period 4/1/2011-9/30/2011⁽¹⁾
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	843.90	$	4.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	4.96
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	864.10	$	4.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.26	$	4.86
Artisan Value Fund - Institutional Shares⁽²⁾
Actual	$	1,000.00	$	860.40	$	1.86
Hypothetical (5% return before expenses)	$	1,000.00	$	1,007.18	$	2.01

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended September 30, 2011 (shown below), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

⁽²⁾	For the period from commencement of operations July 26, 2011 through September 30, 2011.


Fund	Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended September 30, 2011
Artisan Emerging Markets Fund - Institutional Shares		1.19	%
Artisan Growth Opportunities Fund - Institutional Shares⁽¹⁾⁽²⁾		1.50	%
Artisan International Fund - Institutional Shares		0.98	%
Artisan International Value Fund - Institutional Shares		0.98	%
Artisan Mid Cap Fund - Institutional Shares		0.96	%
Artisan Value Fund - Institutional Shares⁽²⁾		1.09	%

⁽¹⁾ The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser. ⁽²⁾ For the period from commencement of operations July 26, 2011 through September 30, 2011.

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

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of

September 30, 2011. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research systems, Inc. (“FactSet”). For the purposes of assigning portfolio securities to a particular country, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. The Adviser currently uses MSCI Inc. as its primary source and FactSet as a secondary source for this information. In the event (i) the Adviser’s securities information vendors do not assign a security to a particular country or if the published classification appears to be clearly 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 currently 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.

Descriptions of Indices

The indices to which the Funds are compared are:

Artisan Emerging Markets Fund – Morgan Stanley Capital International Emerging Markets Index^SM is a market-weighted index of companies in emerging markets.

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

Artisan Growth Opportunities Fund – Morgan Stanley Capital International All Country World Index^SM (MSCI ACWI^SM) is a market-weighted index of global developed and emerging markets.

Artisan International and Artisan International Value Funds – Morgan Stanley Capital International EAFE^® Index (MSCI EAFE^®) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE^®’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan Mid Cap Fund – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Value Fund – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies.

Artisan Value Fund – Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forcasted growth values.

Trademarks

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

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 as a basis for or a component of any financial instruments or products or any indices. None of the MSCI information is intended to constitute investment advice of a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. 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. (www.mscibarra.com)

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 ABOUT PORTFOLIO SECURITIES

DIRECTORS AND OFFICERS



Name and Age at 11/17/11	Position(s) Held with Artisan Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Directors who are not “interested persons” of Artisan Funds:
David A. Erne – 68	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 2/4/05	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	Trustee, Northwestern Mutual Life Insurance Company (individual life insurance, disability insurance and annuity company).
Thomas R. Hefty – 64	Director	3/27/95	Retired; from January 2007 to February 2008, President, Kern Family Foundation (private, grant-making organization); until December 2006, of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI; until December 2006, Adjunct Professor, Department of Business and Economics, Ripon College; until December 2002, Chairman of the Board and Chief Executive Officer of Cobalt Corporation (provider of managed care and specialty business services).	None.
Patrick S. Pittard – 65	Director	8/9/01	Chief Executive Officer of ACT Bridge, Inc. (enterprise talent management firm); Distinguished Executive in Residence (teaching position), University of Georgia; until October 2001, Chairman of the Board, President and Chief Executive Officer of Heidrick & Struggles International, Inc. (executive search firm).	Director, Lincoln National Corporation (insurance and investment management company); former Director, Cbeyond, Inc. (telecommunications company, formerly Cbeyond Communications, Inc.).

DIRECTORS AND OFFICERS



Name and Age at 11/17/11	Position(s) Held with Artisan Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Howard B. Witt – 71	Director	3/27/95	Retired; until December 2004, Chairman of the Board, President and Chief Executive Officer of Littelfuse, Inc. (manufacturer of advanced circuit protection devices).	Former Director, Franklin Electric Co., Inc. (manufacturer of electric motors).
Director who is an “interested person” of Artisan Funds:
Andrew A. Ziegler – 54*	Director	1/5/95	Managing Director of Artisan Partners; until February 2010, President and Chief Executive Officer of Artisan Funds.	None.
Officers:
Eric R. Colson – 41	President and Chief Executive Officer	2/9/10	Managing Director and Chief Executive Officer of Artisan Partners since January 2010; prior thereto, Managing Director and Chief Operating Officer – Investment Operations of Artisan Partners.	None.
Brooke J. Billick – 57	Chief Compliance Officer	8/19/04	Chief Compliance Officer and Associate Counsel of Artisan Partners; Chief Compliance Officer of Artisan Partners Distributors LLC.	None.
Gregory K. Ramirez – 41	Chief Financial Officer and Treasurer	2/8/11	Managing Director and since March 2010 Chief Accounting Officer of Artisan Partners; Assistant Treasurer of Artisan Partners Distributors LLC; until February 2011, Assistant Secretary and Assistant Treasurer of Artisan Funds.	None.
Sarah A. Johnson – 39	General Counsel, Vice President and Secretary	2/8/11	Managing Director (since March 2010) and Associate Counsel of Artisan Partners; until February 2011, Assistant Secretary of Artisan Funds.	None.
James S. Hamman, Jr. – 42	Vice President and Assistant Secretary	2/8/11	Associate Counsel of Artisan Partners since March 2010; from January 2008 until February 2010, Principal of Elite Investment Partners, LLC; prior thereto, Executive Vice President, General Counsel and Secretary of Calamos Asset Management, Inc.	None.

DIRECTORS AND OFFICERS

The business address of the officers and director affiliated with Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The addresses of the other directors are: Mr. Erne, Mr. Hefty, Mr. Pittard and Mr. Witt – c/o Artisan Funds, 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

Artisan Funds’ statement of additional information (SAI) contains further information about the directors. Please call 800.399.1770 for a free copy of the SAI.

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

800.399.1770

LOGO

ANNUAL

REPORT

SEPTEMBER 30, 2011

ARTISAN EMERGING MARKETS FUND

ARTISAN FUNDS

ADVISOR SHARES

TABLE OF CONTENTS


	2			MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

	4			SCHEDULE OF INVESTMENTS

	7			STATEMENT OF ASSETS AND LIABILITIES

	8			STATEMENT OF OPERATIONS

	9			STATEMENT OF CHANGES IN NET ASSETS

	10			FINANCIAL HIGHLIGHTS

	11			NOTES TO FINANCIAL STATEMENTS

	22			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


	24			SHAREHOLDER EXPENSE EXAMPLE

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

	26			PROXY VOTING POLICIES AND PROCEDURES

	27			INFORMATION ABOUT PORTFOLIO SECURITIES

	28			DIRECTORS AND OFFICERS

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the audited financial statements contained herein are provided for the general information of the shareholders of the Advisor Shares of Artisan Emerging Markets Fund. Before investing, investors should consider carefully the Fund’s investment objective, risks and charges and expenses. For more complete information on the Fund, including fees and expenses, please call 866.574.1770 for a free prospectus. Read it carefully before you invest or send money.

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussion presents information about the companies believed to be accurate, and the views of the portfolio manager, as of September 30, 2011. That information and those views may change, and the Fund disclaims any obligation to advise shareholders of any such changes. Artisan Emerging Markets Fund also offers an institutional class of shares for institutional investors meeting certain minimum investment requirements. A report on the institutional class is available under separate cover.

Artisan Funds offered through Artisan Partners Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND (ARTZX)

INVESTMENT PROCESS HIGHLIGHTS

•

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/2/2008 to 9/30/2011)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2011)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Emerging Markets Fund - Advisor Shares		-24.86	%		1.63	%		-11.25	%
MSCI Emerging Markets Index^SM		-16.15			6.27			-6.82

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information call 866.574.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance. Absent that expense waiver, the Fund’s performance would have been lower. See page 25 for a description of the index.

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/10			9/30/11
Consumer Discretionary		8.3	%		12.0	%
Consumer Staples		7.3			5.2
Energy		11.0			10.3
Financials		15.8			18.0
Healthcare		2.7			3.4
Industrials		9.5			7.8
Information Technology		12.5			18.3
Materials		14.8			13.4
Telecommunication Services		10.5			7.7
Utilities		3.0			2.0
Other assets less liabilities		4.6			1.9
Total		100.0	%		100.0	%

As a percentage of total net assets.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2011, Artisan Emerging Markets Fund declined 24.86%, underperforming the MSCI Emerging Markets Index^SM, which fell 16.15% over the same period.

REGION ALLOCATION


Region	9/30/10			9/30/11
Emerging Asia		44.8	%		48.1	%
Latin America		25.0			26.4
Europe, Middle East & Africa		23.9			20.8
Developed Markets		1 .7			2.8

As a percentage of total net assets.

FUND CHANGES

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2011

Dollar values in thousands


	Shares Held		Value

COMMON AND PREFERRED STOCKS - 98.1%

BRAZIL - 18.3%
Anhanguera Educacional Participacoes SA		365,300	$	4,702
Banco do Brasil S.A.⁽¹⁾⁽²⁾		107,980		1,427
Banco do Brasil S.A.		347,400		4,589
BM&F BOVESPA SA		1,623,200		7,588
BR Properties SA		738,314		6,707
Companhia Energetica de Minas Gerais-CEMIG, Preferred⁽³⁾		452,171		6,669
Companhia Vale do Rio Doce		973,462		22,081
Fibria Celulose S.A.		507,700		3,861
Hypermarcas SA		1,289,400		6,062
Julio Simoes Logistica SA⁽¹⁾⁽²⁾		293,100		1,372
Julio Simoes Logistica SA		462,400		2,164
Magazine Luiza SA⁽⁴⁾		488,900		3,053
Magnesita Refratarios SA⁽⁴⁾		906,200		2,916
PDG Realty SA Empreendimentos e Participacoes		1,821,939		5,940
Petroleo Brasileiro S.A.		2,098,245		23,323
Randon SA Implementos e Participacoes, Preferred⁽³⁾		1,271,017		6,875
Tim Participacoes S.A.		1,130,867		5,233
Totvs SA		463,700		7,892

				122,454
CHILE - 0.8%
Empresa Nacional de Telecomunicaciones S.A.		291,448		5,607

CHINA - 12.6%
Ajisen China Holdings Limited⁽⁵⁾		6,066,913		6,946
Chaoda Modern Agriculture (Holdings) Limited⁽⁵⁾		12,474,536		2,243
China High Precision Automation Group Ltd.⁽⁵⁾		9,066,000		3,440
China Rongsheng Heavy Industries Group Holdings Limited⁽⁵⁾		14,116,500		3,725
China Yurun Food Group Limited⁽⁵⁾		3,466,000		3,702
CNOOC Limited⁽⁵⁾		6,141,000		9,836
Digital China Holdings Limited⁽⁵⁾		3,186,000		4,082
GOME Electrical Appliances Holdings Limited⁽⁵⁾		23,878,881		5,494
Huabao International Holdings Limited⁽⁵⁾		9,598,322		7,824
Huaneng Power International, Inc., H Shares⁽⁵⁾		9,416,700		3,899

CHINA (CONTINUED)
Mindray Medical International Limited, Class A (DR)		267,384	$	6,313
Noah Holdings Ltd. (DR)⁽⁴⁾		437,025		4,021
Sinopharm Group Co⁽⁵⁾		2,646,100		6,907
Springland International Holdings Ltd.⁽⁵⁾		8,140,000		5,211
Tingyi (Cayman Islands) Holding Corporation⁽⁵⁾		1,873,659		4,559
Zhuzhou CSR Times Electric Co., Ltd., H Shares⁽⁵⁾		3,597,200		5,868

				84,070
COLOMBIA - 0.8%
Grupo de Inversiones Suramericana		312,217		5,371

EGYPT - 1.1%
Commercial International Bank Egypt SAE⁽⁵⁾		1,023,353		3,940
Egyptian Financial Group-Hermes Holding⁽⁴⁾⁽⁵⁾		1,310,634		3,712

				7,652
HONG KONG - 0.8%
AIA Group Ltd.⁽⁵⁾		1,866,465		5,306

HUNGARY - 0.9%
MOL Hungarian Oil and Gas Nyrt., Class A⁽⁴⁾⁽⁵⁾		85,415		5,757

INDIA - 5.2%
India Cements Limited⁽⁵⁾		2,797,261		4,097
Infosys Limited⁽⁵⁾		191,836		9,714
Mahindra & Mahindra Ltd.⁽⁵⁾		445,667		7,267
Nagarjuna Construction Company Ltd.⁽⁵⁾		2,427,898		2,960
Power Finance Corporation⁽⁵⁾		1,425,551		4,294
Reliance Infrastructure Ltd.⁽⁵⁾		407,599		3,044
Welspun Corporation Ltd.⁽⁵⁾		1,443,002		3,206

				34,582
INDONESIA - 5.8%
Indofood CBP Sukses Makmur TBK PT⁽⁵⁾		7,506,000		4,163
PT Astra International Tbk⁽⁵⁾		1,915,500		13,529
PT Bank Negara Indonesia Tbk⁽⁵⁾		21,423,018		8,815
PT Gudang Garam Tbk⁽⁵⁾		1,140,500		6,684
PT Telekomunikasi Indonesia Tbk⁽⁵⁾		6,911,385		5,929

				39,120
ITALY - 0.6%
Tenaris S.A. (DR)		145,244		3,696


	Shares Held		Value

KAZAKHSTAN - 0.8%
KazMunaiGas Exploration Production (DR)⁽⁵⁾		364,211	$	5,323

KOREA - 11.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽⁵⁾		283,904		5,309
E-Mart Co., Ltd.⁽⁴⁾⁽⁵⁾		25,390		6,351
KB Financial Group, Inc.⁽⁵⁾		267,162		8,725
LOCK&LOCK CO., LTD.⁽⁵⁾		213,470		5,747
LOCK&LOCK CO., LTD., Rights⁽⁵⁾		18,259		78
Samsung Electronics Co., Ltd.⁽⁵⁾		51,699		36,216
Shinhan Financial Group Co., Ltd.⁽⁵⁾		293,320		10,257
Shinsegae Co., Ltd.⁽⁵⁾		16,330		3,717

				76,400
MEXICO - 6.5%
America Movil SAB de C.V., Series L		13,879,775		15,413
Genomma Lab Internacional SA⁽⁴⁾		3,088,226		5,093
Grupo Financiero Banorte S.A. de C.V., O Shares		1,948,819		5,759
Grupo Televisa S.A., Series CPO		1,755,854		6,441
OHL Mexico SAB de CV⁽⁴⁾		3,770,100		6,089
Urbi, Desarrollos Urbanos, S.A. de C.V.⁽⁴⁾		3,267,259		4,403

				43,198
RUSSIA - 5.7%
Eurasia Drilling Company Ltd. (DR)⁽⁵⁾		157,363		2,863
Eurasia Drilling Company Ltd., 144A (DR)⁽⁵⁾		26,670		485
Globaltrans Investment PLC (DR)⁽⁵⁾		402,853		5,447
LSR Group O.J.S.C. (DR)⁽⁵⁾		1,608,262		5,847
LUKOIL (DR)⁽⁵⁾		258,310		13,004
Magnitogorsk Iron & Steel Works (DR)⁽⁵⁾		872,734		4,119
Mobile TeleSystems (DR)		498,796		6,135

				37,900
SOUTH AFRICA - 7.8%
African Bank Investments Limited⁽⁵⁾		2,004,829		8,151
Harmony Gold Mining Company Limited⁽⁵⁾		713,275		8,376
Impala Platinum Holdings Limited⁽⁵⁾		478,095		9,691
Mondi Limited⁽⁵⁾		664,461		4,710
Mr. Price Group Limited⁽⁵⁾		1,050,178		8,716
MTN Group Limited⁽⁵⁾		782,959		12,810

				52,454
SWEDEN - 0.7%
Alliance Oil Company Ltd. (DR)⁽³⁾⁽⁵⁾		439,223		4,663

TAIWAN - 11.6%
Chinatrust Financial Holding Company Ltd.⁽⁵⁾		10,091,136		5,739
E Ink Holdings Inc.⁽⁵⁾		5,623,000		11,661
Far Eastern Textile Ltd.⁽⁵⁾		5,004,213		5,098
Hon Hai Precision Industry Co., Ltd.⁽⁵⁾		4,437,921		9,907
HTC Corporation⁽⁵⁾		491,251		10,792
MediaTek Incorporation⁽⁵⁾		802,794		8,747
Taiwan Fertilizer Co., Ltd.⁽⁵⁾		2,376,000		5,753

TAIWAN (CONTINUED)
Taiwan Semiconductor Manufacturing Company Ltd.⁽⁵⁾		8,811,647	$	19,965

				77,662
THAILAND - 1.5%
Bangkok Bank Public Company Limited (DR)⁽⁵⁾		1,406,800		6,294
Bumrungrad Hospital Public Company Limited (DR)⁽⁵⁾		3,295,200		4,037

				10,331
TURKEY - 3.9%
Bizim Toptan Satis Magazalari AS⁽⁵⁾		92,628		1,085
Cimsa Cimento Sanayi ve Ticaret A.S.⁽⁵⁾		668,518		2,695
Emlak Konut Gayrimenkul Yatirim⁽⁵⁾		3,814,768		4,895
Ford Otomotiv Sanayi A.S.⁽⁵⁾		736,431		5,134
Tekfen Holding A.S.⁽⁵⁾		1,072,086		3,274
Turk Ekonomi Bankasi A.S.⁽⁵⁾		3,919,348		3,504
Turkiye Sinai Kalkinma Bankasi A.S.⁽⁵⁾		5,422,974		5,781

				26,368
UNITED ARAB EMIRATES - 0.6%
Air Arabia⁽⁵⁾		21,440,109		3,663

UNITED KINGDOM - 0.7%
Antofagasta plc⁽⁵⁾		336,587		4,779

Total common and preferred stocks (Cost $846,000)				656,356

	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 9/30/11, due 10/3/11, maturity value $7,346 (Cost $7,346)⁽⁶⁾	$	7,346	$	7,346


Total investments - 99.2% (Cost $853,346)				663,702

Other assets less liabilities - 0.8%				5,577


Total net assets - 100.0%⁽⁷⁾			$	669,279

⁽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.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Banco do Brasil S.A.		7/1/2010	$	1,477	$	1,427		0.2	%
Julio Simoes Logistica SA		4/20/2010		1,339		1,372		0.2	%

					$	2,799		0.4	%

⁽²⁾	Security has been determined to be illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities determined to be illiquid were $2,799, or 0.4% of total net assets.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Non-incoming producing shares.

⁽⁵⁾	Valued at fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $459,561, or 68.7% of total net assets. See notes 2(a) in Notes to Financial Statements for additional information.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.625	%		11/15/2020	$	7,494

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

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

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2011 Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	80,553		12.0	%
Consumer Staples		34,849		5.2
Energy		68,950		10.3
Financials		120,722		18.0
Healthcare		22,350		3.4
Industrials		51,844		7.8
Information Technology		122,416		18.3
Materials		89,933		13.4
Telecommunication Services		51,127		7.7
Utilities		13,612		2.0

Total common and preferred stocks		656,356		98.1
Short-term investments		7,346		1.1

Total investments		663,702		99.2
Other assets less liabilities		5,577		0.8

Total net assets	$	669,279		100.0	%


CURRENCY EXPOSURE - September 30, 2011 Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	122,454		18.4	%
British pound		4,779		0.7
Chilean peso		5,607		0.8
Colombian peso		5,371		0.8
Egyptian pound		7,652		1.2
Hong Kong dollar		79,042		11.9
Hungarian forint		5,757		0.9
Indian rupee		34,582		5.2
Indonesian rupiah		39,120		5.9
Korean won		76,400		11.5
Mexican peso		43,198		6.5
South African rand		52,454		7.9
Swedish krona		4,663		0.7
Taiwan dollar		77,662		11.7
Thai baht		10,331		1.6
Turkish lira		26,368		4.0
U.S. dollar		64,599		9.7
United Arab Emirates dirham		3,663		0.6

Total investments	$	663,702		100.0	%


TOP TEN HOLDINGS - September 30, 2011
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.4	%
Petroleo Brasileiro S.A.	Brazil		3.5
Companhia Vale do Rio Doce	Brazil		3.3
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan		3.0
America Movil SAB de C.V.	Mexico		2.3
PT Astra International Tbk	Indonesia		2.0
LUKOIL	Russia		1.9
MTN Group Limited	South Africa		1.9
E Ink Holdings Inc.	Taiwan		1.7
HTC Corporation	Taiwan		1.6

Total			26.6	%

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

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

ARTISAN FUNDS

Statement of Assets and Liabilities – September 30, 2011

Dollar values in thousands, except per share amounts


	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	656,356
Short-term investments (repurchase agreements), at value		7,346

Total investments		663,702
Cash		1
Foreign currency		1,709
Net unrealized gain on foreign currency forward contracts		8
Receivable from investments sold		1,527
Receivable from fund shares sold		2,818
Dividends and interest receivable		870

Total assets		670,635

LIABILITIES:
Payable for fund shares redeemed		815
Payable for operating expenses		357
Payable for foreign taxes		184

Total liabilities		1,356

Total net assets	$	669,279

NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	865,018
Net unrealized depreciation on investments and foreign currency related transactions		(189,873	)
Accumulated undistributed net investment income		4,668
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(10,534	)

	$	669,279

SUPPLEMENTARY INFORMATION:
Net assets
Institutional Shares	$	352,093
Advisor Shares	$	317,186
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Institutional Shares		30,955,712
Advisor Shares		27,871,355
Net asset value, offering price and redemption price per share
Institutional Shares	$	11.37
Advisor Shares	$	11.38
Cost of securities of unaffiliated issuers held	$	853,346
Cost of foreign currency	$	1,723

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

ARTISAN FUNDS

Statement of Operations – For the Year Ended September 30, 2011

Dollar values in thousands


	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	20,809
Interest		3

Total investment income		20,812

EXPENSES:
Advisory fees		8,324
Transfer agent fees
Institutional Shares		20
Advisor Shares		962
Shareholder communications
Institutional Shares		18
Advisor Shares		36
Custodian fees		717
Accounting fees		70
Professional fees		82
Registration fees
Institutional Shares		56
Advisor Shares		141
Directors’ fees		24
Other operating expenses		16

Total operating expenses		10,466

Net investment income		10,346

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		9,473
Foreign currency related transactions		(2,693	)

		6,780
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(255,535	)
Foreign currency related transactions		336

		(255,199	)

Net loss on investments and foreign currency related transactions		(248,419	)

Net decrease in net assets resulting from operations	$	(238,073	)

⁽¹⁾ Net of foreign taxes withheld of $1,704.

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

ARTISAN FUNDS

Statement of Changes in Net Assets

Dollar values in thousands


	EMERGING MARKETS
	Year Ended 9/30/2011			Year Ended 9/30/2010
OPERATIONS:
Net investment income	$	10,346		$	3,575
Net realized gain (loss) on:
Investments		9,473			9,712
Foreign currency related transactions		(2,693	)		(1,401	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		(255,535	)		43,790
Foreign currency related transactions		336			(484	)

Net increase (decrease) in net assets resulting from operations		(238,073	)		55,192

DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Institutional Shares		(3,345	)		(988	)
Advisor Shares		(1,835	)		(509	)

Total distributions paid to shareholders		(5,180	)		(1,497	)

FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		392,736			311,692

Total increase in net assets		149,483			365,387

Net assets, beginning of period		519,796			154,409

Net assets, end of period	$	669,279		$	519,796


Accumulated undistributed net investment income	$	4,668		$	2,512

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

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

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


	ARTISAN EMERGING MARKETS FUND
	Advisor Shares

	Year or Period Ended

	9/30/2011			9/30/2010			9/30/2009			9/30/2008⁽¹⁾

Net Asset Value Beginning of Period	$	15.24		$	13.03		$	11.16		$	17.43
Net Investment Income⁽²⁾		0.18			0.18			0.07			0.04
Net Realized and Unrealized Gain (Loss) on Investments		(3.94	)		2.12			1.93			(6.31	)

Total Income (Loss) from Investment Operations		(3.76	)		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	$	11.38		$	15.24		$	13.03		$	11.16

Total Return⁽³⁾		(24.86	)%		17.75	%		18.64	%		(35.97	)%
Net Assets End of Period (millions)	$	317.2		$	235.6		$	50.4		$	3.2
Ratio of Expenses to Average Net Assets⁽⁴⁾⁽⁵⁾		1.47	%		1.50	%		1.50	%		1.50	%
Ratio of Net Investment Income to Average Net Assets⁽⁴⁾⁽⁵⁾		1.19	%		1.28	%		0.70	%		0.93	%
Portfolio Turnover Rate⁽³⁾		30.86	%		25.89	%		56.88	%		42.24	%

⁽¹⁾	For the period from commencement of operations June 2, 2008 through September 30, 2008.

⁽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.

⁽⁵⁾


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.

ARTISAN FUNDS

Notes to Financial Statements – September 30, 2011

(1)

Organization:

Emerging Markets Fund offers shares of capital stock of two classes – Institutional Shares and Advisor Shares – and began offering Advisor Shares on June 2, 2008. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored programs and institutional or other investors. All investments and exchanges are subject to approval by the Fund. The financial statements of Institutional Shares are presented in a separate report.

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

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

NOTES TO FINANCIAL STATEMENTS

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.

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 calculated 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 indices. 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

NOTES TO FINANCIAL STATEMENTS

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.

(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

NOTES TO FINANCIAL STATEMENTS

•

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 September 30, 2011 (in thousands):


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Equity Securities⁽¹⁾
Developed Markets	$	3,696	$	14,748			-	$	18,444
Emerging Asia		10,334		311,831			-		322,165
Emerging Europe, Middle East & Africa		6,135		132,982			-		139,117
Latin America		176,630		-			-		176,630
Repurchase Agreements		-		7,346			-		7,346
Total	$	196,795	$	466,907	⁽²⁾		-	$	663,702

⁽¹⁾

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

⁽²⁾

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

Transfers between investment levels may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognizes transfers between levels as of the end of the period. At September 30, 2011, the fair market values of certain securities were adjusted, resulting in their Level 2 classification, due to developments that occurred between the time of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE. Transfers from Level 1 to Level 2 for the Fund as of September 30, 2011 were approximately $357,984,000.

(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 2008 through 2011) and has concluded that as of September 30, 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

NOTES TO FINANCIAL STATEMENTS

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 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 the 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 (a) foreign currency contracts, and (b) foreign currency forward contracts. Foreign currency contracts are used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are used to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. Open foreign currency contracts and foreign currency forward contracts were recorded at market value and recorded in the Statements of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions are recorded in the Statement of Operations.

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 year ended September 30, 2011, the Fund entered only into forward currency 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

NOTES TO FINANCIAL STATEMENTS

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

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

(h)

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. There is no off-balance sheet risk associated with equity-linked participation certificates and the Fund’s potential loss is limited to the purchase price of the securities. The Fund is exposed to credit risk associated with the counterparty to the transaction, which is monitored by Fund management on a periodic basis.

(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 September 30, 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 year ended September 30, 2011 (in thousands).


	Year Ended 9/30/11
	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Institutional Shares	$	20	$	-	$	20
Advisor Shares		64		898		962

NOTES TO FINANCIAL STATEMENTS

(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. Such cash rebates totalled $6,000 and were made directly to the Fund and were included in net realized gain or loss on investments in the Statement of Operations for the year ended September 30, 2011.

(k)

(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 has 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.

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.

(n)

NOTES TO FINANCIAL STATEMENTS

measuring fair value and disclosing information about fair value measurements in accordance with GAAP and IFRS. ASU No. 2011-4 is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. The Fund’s management is currently evaluating the impact these amendments may have on the Fund’s financial statements.

(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 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 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. As of September 30, 2011, no current directors have elected to participate in the deferred compensation plan.

(4)

Line of credit arrangement:

NOTES TO FINANCIAL STATEMENTS

the Fund may borrow under applicable law, (c) the limitations included in the Funds’ 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. For the period October 1, 2010 to August 15, 2011, 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%. For the period October 1, 2010 to August 15, 2011, SSB agreed to waive 0.025% of the commitment fee by reducing the Funds’ custody expenses. Effective August 16, 2011, Artisan Funds paid a commitment fee at the annual rate of 0.10% 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%. 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 year ended September 30, 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 year ended September 30, 2011 were $640,060,000 and $233,805,000, respectively.

(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 depreciation on investments as of September 30, 2011 were as follows (in thousands):


Cost of Investments	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation on Investments
$863,270	$	19,069	$	(218,637	)	$	(199,568	)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the years ending September 30, 2011 and September 30, 2010 were as follows (in thousands):

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

NOTES TO FINANCIAL STATEMENTS

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, passive foreign investment company transactions and foreign currency transactions.

Additional tax information as of and for the year ended September 30, 2011 follows (in thousands):

Undistributed

Ordinary Income

Undistributed
Long-Term Gain

Post-October
Losses

Other Deferred
Gains (Losses)⁽¹⁾

$5,629

$1,871

$ -

$(3,671)

⁽¹⁾	Other deferred gains and losses relate to (a) gains or losses on transactions that occurred subsequent to year end that affected the distributable earnings at September 30, 2011 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

For the year ending September 30, 2011, the Fund used $10,901,000 of capital loss carryovers.

NOTES TO FINANCIAL STATEMENTS

(7)

Fund share activities:

Capital share transactions for the Fund were as follows (dollar values in thousands):


	EMERGING MARKETS
Year ended September 30, 2011	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	208,436		$	302,182
Net asset value of shares issued in reinvestment of dividends and distributions		3,270			1,764
Cost of shares redeemed⁽¹⁾		(18,510	)		(104,406	)

Net increase from fund share transactions	$	193,196		$	199,540


Shares sold		13,451,736			19,672,672
Shares issued in reinvestment of dividends and distributions		208,694			112,253
Shares redeemed		(1,368,082	)		(7,374,302	)

Net increase in capital shares		12,292,348			12,410,623


	EMERGING MARKETS
Year ended September 30, 2010	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	173,421		$	177,493
Net asset value of shares issued in reinvestment of dividends and distributions		984			500
Cost of shares redeemed⁽¹⁾		(23,531	)		(17,173	)

Net increase from fund share transactions	$	150,873		$	160,819


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:


	9/30/2011		9/30/2010
Emerging Markets - Institutional Shares	$	29	$	2
Emerging Markets - Advisor Shares	$	26	$	2

(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.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Artisan Partners Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Artisan Emerging Markets Fund (one of the twelve portfolios constituting Artisan Partners Funds, Inc. (formerly Artisan Funds, Inc.)) (the “Fund”) as of September 30, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2011, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Artisan Emerging Markets Fund of Artisan Partners Funds, Inc. at September 30, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Chicago, Illinois

November 21, 2011

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):

The Internal Revenue Code requires that shareholders be notified within 60 days of the Fund’s fiscal year-end of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Fund.

The Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2011 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2011 that are eligible for the dividends received deduction available to certain corporate shareholders.


Long-Term Capital Gains	Qualified Dividend Income			Dividends Received Deduction
$297		83.00	%		-	%

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2011 to September 30, 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 September 30, 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.


	Beginning Account Value 4/1/2011		Ending Account Value 9/30/2011		Expenses Paid During Period 4/1/2011-9/30/2011⁽¹⁾
Artisan Emerging Markets Fund - Advisor Shares
Actual	$	1,000.00	$	712.60	$	6.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.44

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six-month period ended September 30, 2011 (shown below), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


Fund	Annualized Ratio of Expenses to Average Net Assets for the Six-Month Period Ended September 30, 2011
Artisan Emerging Markets Fund - Advisor Shares		1.47	%

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

The discussion of the Fund included in this report includes statistical information about the portfolio of the Fund. Except as otherwise noted, that information is as of September 30, 2011. That information will vary with changes in the Fund’s portfolio investments. The performance information for the Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”). For the purposes of assigning portfolio securities to a particular country, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. The Adviser currently uses MSCI Inc. as its primary source and FactSet as a secondary source for this information. In the event (i) the Adviser’s securities information vendors do not assign a security to a particular country or if the published classification appears to be clearly 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 currently include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. Country designations may change over time.

The names of portfolio securities reflected in this report are as reported by the Fund’s data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Description of Index

The Fund’s performance is compared in this report to changes in a broad-based index of changes in prices of securities in the market in which the Fund invests. This index is unmanaged and its returns include reinvested dividends. Unlike the Fund’s returns, the returns of the index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in the index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.

The index to which the Fund is compared is the Morgan Stanley Capital International Emerging Markets Index^SM, a market-weighted index of companies in emerging markets.

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

Trademarks

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 866.574.1770. That information also is included in Artisan Funds’ statement of additional information, which is available without charge, on the Fund’s website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on the Fund’s website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Fund’s Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.

DIRECTORS AND OFFICERS



Name and Age at 11/17/11	Position(s) Held with Artisan Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Directors who are not “interested persons” of Artisan Funds:
David A. Erne – 68	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 2/4/05	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	Trustee, Northwestern Mutual Life Insurance Company (individual life insurance, disability insurance and annuity company).
Thomas R. Hefty – 64	Director	3/27/95	Retired; from January 2007 to February 2008, President, Kern Family Foundation (private, grant-making organization); until December 2006, of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI; until December 2006, Adjunct Professor, Department of Business and Economics, Ripon College; until December 2002, Chairman of the Board and Chief Executive Officer of Cobalt Corporation (provider of managed care and specialty business services).	None.
Patrick S. Pittard – 65	Director	8/9/01	Chief Executive Officer of ACT Bridge, Inc. (enterprise talent management firm); Distinguished Executive in Residence (teaching position), University of Georgia; until October 2001, Chairman of the Board, President and Chief Executive Officer of Heidrick & Struggles International, Inc. (executive search firm).	Director, Lincoln National Corporation (insurance and investment management company); former Director, Cbeyond, Inc. (telecommunications company, formerly Cbeyond Communications, Inc.).

DIRECTORS AND OFFICERS



Name and Age at 11/17/11	Position(s) Held with Artisan Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Howard B. Witt – 71	Director	3/27/95	Retired; until December 2004, Chairman of the Board, President and Chief Executive Officer of Littelfuse, Inc. (manufacturer of advanced circuit protection devices).	Former Director, Franklin Electric Co., Inc. (manufacturer of electric motors).
Director who is an “interested person” of Artisan Funds:
Andrew A. Ziegler – 54*	Director	1/5/95	Managing Director of Artisan Partners; until February 2010, President and Chief Executive Officer of Artisan Funds.	None.
Officers:
Eric R. Colson – 41	President and Chief Executive Officer	2/9/10	Managing Director and Chief Executive Officer of Artisan Partners since January 2010; prior thereto, Managing Director and Chief Operating Officer – Investment Operations of Artisan Partners.	None.
Brooke J. Billick – 57	Chief Compliance Officer	8/19/04	Chief Compliance Officer and Associate Counsel of Artisan Partners; Chief Compliance Officer of Artisan Partners Distributors LLC.	None.
Gregory K. Ramirez – 41	Chief Financial Officer and Treasurer	2/8/11	Managing Director and since March 2010 Chief Accounting Officer of Artisan Partners; Assistant Treasurer of Artisan Partners Distributors LLC; until February 2011, Assistant Secretary and Assistant Treasurer of Artisan Funds.	None.
Sarah A. Johnson – 39	General Counsel, Vice President and Secretary	2/8/11	Managing Director (since March 2010) and Associate Counsel of Artisan Partners; until February 2011, Assistant Secretary of Artisan Funds.	None.
James S. Hamman, Jr. – 42	Vice President and Assistant Secretary	2/8/11	Associate Counsel of Artisan Partners since March 2010; from January 2008 until February 2010, Principal of Elite Investment Partners, LLC; prior thereto, Executive Vice President, General Counsel and Secretary of Calamos Asset Management, Inc.	None.

DIRECTORS AND OFFICERS

Artisan Funds’ statement of additional information (SAI) contains further information about the directors. Please call 866.574.1770 or visit our website at www.artisanfunds.com for a free copy of the SAI.

LOGO

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

866.574.1770

Item 2.

Code of Ethics.

(a) Registrant has adopted a code of ethics (the “Code”) that applies to its principal executive officer, principal financial officer and principal accounting officer (the “Covered Officers”).

(b) No disclosures are required pursuant to this Item 2(b).

(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.

(e) Not applicable.

(f) A copy of the Code is filed as Exhibit (a)(1) to this Form N-CSR.

Item 3.

Audit Committee Financial Expert.

Registrant’s board of directors has determined that Thomas R. Hefty, member and chairman of the registrant’s audit committee, qualifies as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Mr. Hefty is “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including, without limitation, for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP, are summarized in the tables below. The tables summarize fees billed (or to be billed) by the registrant’s principal accountant for work performed relating to each applicable period identified below.

Fees:


	Fiscal Year Ended September 30, 2011		Fiscal Year Ended September 30, 2010
Audit Fees (a)	$	257,900	$	238,000
Audit-Related Fees (b)	$	48,800	$	45,700
Tax Fees (c)	$	212,450	$	203,000
All Other Fees (d)	$	—		—

(a) “Audit Fees” include amounts for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements, including for 2011, portions of which have not been billed at the time of this filing and fees billed for consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed for each of the last two fiscal years. The fees billed during the fiscal year ended September 30, 2011 also include consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of institutional shares of Artisan Growth Opportunities Fund and Artisan Value Fund.

(b) “Audit-Related Fees” include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements. Audit-related fees have not been reported under the item “audit fees” in the chart above.

The fees billed by Ernst & Young LLP during the fiscal years ended September 30, 2011 and September 30, 2010 include fees incurred for services for review procedures performed in conjunction with the semiannual reports to shareholders as of March 31, 2011 and March 31, 2010.

(c) “Tax Fees” include amounts for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning.

The fees shown in the table above for the fiscal year ended September 30, 2011 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2011, which have not been billed as of the time of this filing; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2011, which also have not yet been billed as of the time of this filing; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2010 and the excise year ended December 31, 2010, and the semiannual period ended March 31, 2011; and (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2010.

The fees shown in the table above for the fiscal year ended September 30, 2010 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2010; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2010; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2009 and the excise year ended December 31, 2009, and the semiannual period ended March 31, 2010; and (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2009.

(d) None.

(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chairman to exercise that authority in the intervals between meetings; and the chairman presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees for the fiscal years ended September 30, 2011 and September 30, 2010 by the registrant’s principal accountant for non-audit services rendered to the registrant are shown in the tables above and described under Items 4(b) – (d) above. For the registrant’s fiscal years ended September 30, 2011 and September 30, 2010, Ernst & Young LLP served as the registrant’s principal accountant and provided no services and billed no fees for non-audit services rendered to the registrant’s adviser or entities controlling, controlled by or under common control with the adviser.

(h) The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. The provisions of Rule 2-01(c)(7) were effective on May 6, 2003. No such services were rendered on or after May 6, 2003.

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 September 30, 2011 are included as part of the annual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11.

Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a)	(1)	Code of Ethics for Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1)

	(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 Partners Funds, Inc.


By:		/S/ ERIC R. COLSON
		Eric R. Colson
		Principal Executive Officer

Date:		December 2, 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:		December 2, 2011


By:		/S/ GREGORY K. RAMIREZ
		Gregory K. Ramirez
		Principal Financial Officer

Date:		December 2, 2011

Year Ended 9/30/11

Year Ended 9/30/10

Ordinary
Income
Dividends

Long-Term
Capital Gain
Distributions

Ordinary
Income
Dividends

Long-Term
Capital Gain
Distributions