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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan 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	Rajib Chanda
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

Date of reporting period: 3/31/12

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

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

Item 1. Reports to Shareholders.

SEMIANNUAL

REPORT

March 31, 2012

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

ARTISAN VALUE FUND

ARTISAN FUNDS

INVESTOR SHARES

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Global Equity Fund
5	Artisan Global Value Fund
7	Artisan Growth Opportunities Fund
10	Artisan International Fund
13	Artisan International Small Cap Fund
15	Artisan International Value Fund
18	Artisan Mid Cap Fund
21	Artisan Mid Cap Value Fund
23	Artisan Small Cap Fund
26	Artisan Small Cap Value Fund
29	Artisan Value Fund
31	STATEMENTS OF ASSETS AND LIABILITIES
37	STATEMENTS OF OPERATIONS
43	STATEMENTS OF CHANGES IN NET ASSETS

49	FINANCIAL HIGHLIGHTS
60	NOTES TO FINANCIAL STATEMENTS
82	SHAREHOLDER EXPENSE EXAMPLE
85	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
90	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
91	PROXY VOTING POLICIES AND PROCEDURES
91	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

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

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

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.6%
AUSTRALIA - 1.9%
QBE Insurance Group Limited		15,659	$	230
BRAZIL - 2.3%
Arcos Dorados Holdings, Inc., Class A		9,999		181
Banco Daycoval SA, Preferred(1)		20,000		107
				288
CANADA - 0.9%
Canadian National Railway Company		1,340		106
CHINA - 2.5%
China Mobile Limited		13,100		144
Sun Art Retail Group Ltd.(2)		120,500		163
				307
DENMARK - 1.2%
Novo Nordisk A/S, Class B		1,090		151
FRANCE - 7.7%
Air Liquide SA		1,053		140
Christian Dior SA		1,142		175
DANONE S.A.		1,785		125
Eurofins Scientific		1,569		171
Pernod Ricard SA		1,599		167
Schneider Electric SA		2,492		163
				941
GERMANY - 3.1%
Brenntag AG		1,151		141
ElringKlinger AG		4,104		118
Wirecard AG		6,509		124
				383
HONG KONG - 4.6%
AIA Group Ltd.		82,595		303
Samsonite International SA(2)		73,166		133
Sands China Ltd.		31,558		123
				559
INDIA - 2.4%
Housing Development Finance Corporation Ltd.		21,912		290
INDONESIA - 1.0%
PT Bank Rakyat Indonesia (Persero) Tbk		155,000		118
IRELAND - 1.0%
Glanbia plc		16,652		123
JAPAN - 6.8%
CALBEE, Inc.		3,100	$	158
CANON INC.		2,800		132
JAPAN TOBACCO INC.		31		175
Kao Corporation		7,600		199
LAWSON, INC.		2,800		176
				840
KOREA - 1.4%
Samsung Electronics Co., Ltd.		156		176
LUXEMBOURG - 1.1%
L’Occitane International SA		54,000		129
NETHERLANDS - 3.2%
Akzo Nobel N.V.		3,122		184
Unilever NV (DR)		6,315		215
				399
PERU - 1.2%
Credicorp Ltd.		1,163		153
PHILIPPINES - 1.3%
Alliance Global Group, Inc.		542,630		159
SWITZERLAND - 6.6%
Julius Baer Group Ltd.		3,026		122
Nestle SA		6,100		384
Sonova Holding AG		1,160		129
Swatch Group AG - Bearer Shares		382		176
				811
UNITED KINGDOM - 9.4%
APR Energy PLC(2)		8,128		123
Experian PLC		8,637		135
HSBC Holdings plc		25,079		223
Prudential plc		16,128		193
SABMiller plc		5,751		231
Standard Chartered plc		4,415		110
WPP plc		10,107		138
				1,153
UNITED STATES - 38.0%
3M Company		2,046		183
Accenture plc, Class A		2,320		150
Air Products and Chemicals, Inc.		1,824		167
Allergan, Inc.		1,816		173
American Express Company		3,966		229
Anadarko Petroleum Corporation		3,627		284
Apple Inc.(2)		479		287

2

	Shares Held		Value
UNITED STATES (CONTINUED)
CME Group Inc., Class A		565	$	163
The Coca-Cola Company		3,373		250
Colgate-Palmolive Company		1,862		182
DIRECTV(2)		3,139		155
eBay Inc.(2)		3,247		120
EMC Corporation(2)		8,114		242
Google Inc., Class A(2)		544		349
Joy Global Inc.		1,730		127
MasterCard Incorporated, Class A		667		280
Movado Group, Inc.		6,736		165
Schlumberger Limited		3,552		248
Thermo Fisher Scientific Inc.		2,835		160
United Technologies Corporation		1,969		163
Wal-Mart Stores, Inc.		3,443		211
The Walt Disney Company		5,131		225
YUM! Brands, Inc.		2,242		160
				4,673
Total common and preferred stocks (Cost $10,144)				11,989
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $185 (Cost $185)(3)	$	185	$	185
Total investments - 99.1% (Cost $10,329)				12,174
Other assets less liabilities - 0.9%				110
Total net assets - 100.0%(4)			$	12,284

⁽¹⁾ Non-voting shares.

⁽²⁾ Non-income producing security.

⁽³⁾ Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.250	%		4/15/2014	$	189

⁽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.

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,878		15.3	%
Consumer Staples		2,759		22.5
Energy		532		4.3
Financials		2,241		18.2
Healthcare		784		6.4
Industrials		1,177		9.6
Information Technology		1,860		15.1
Materials		491		4.0
Telecommunication Services		144		1.2
Utilities		123		1.0
Total common and preferred stocks		11,989		97.6
Short-term investments		185		1.5
Total investments		12,174		99.1
Other assets less liabilities		110		0.9
Total net assets	$	12,284		100.0	%

CURRENCY EXPOSURE - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	230		1.9	%
Brazilian real		107		0.9
British pound		1,153		9.5
Canadian dollar		106		0.9
Danish krone		151		1.2
Euro		1,846		15.2
Hong Kong dollar		995		8.2
Indian rupee		290		2.4
Indonesian rupiah		118		1.0
Japanese yen		840		6.9
Korean won		176		1.4
Philippine peso		159		1.3
Swiss franc		811		6.6
U.S. dollar		5,192		42.6
Total investments	$	12,174		100.0	%

3

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Nestle SA	Switzerland		3.1	%
Google Inc.	United States		2.8
AIA Group Ltd.	Hong Kong		2.5
Housing Development Finance Corporation Ltd.	India		2.4
Apple Inc.	United States		2.3
Anadarko Petroleum Corporation	United States		2.3
MasterCard Incorporated	United States		2.3
The Coca-Cola Company	United States		2.0
Schlumberger Limited	United States		2.0
EMC Corporation	United States		2.0
Total			23.7	%

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.

4

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 91.4%
BELGIUM - 1.9%
Groupe Bruxelles Lambert S.A.		37,140	$	2,875
FRANCE - 4.9%
Publicis Groupe		69,850		3,851
Total SA		65,340		3,332
				7,183
GERMANY - 1.6%
HeidelbergCement AG		39,393		2,384
HONG KONG - 0.3%
Guoco Group Limited		56,673		494
IRELAND - 1.3%
Ryanair Holdings PLC, Equity-Linked Security, 144A(1)(2)(3)(4)(5)		312,538		1,867
JAPAN - 3.8%
Credit Saison Co., Ltd.		77,200		1,562
Kao Corporation		96,900		2,543
SANKYO CO., LTD.		21,357		1,048
Stanley Electric Co., Ltd.		25,100		399
				5,552
NETHERLANDS - 1.2%
ING Groep N.V.(5)		212,115		1,767
SWITZERLAND - 4.9%
Adecco SA		49,668		2,603
Novartis AG		71,468		3,955
Pargesa Holding SA - Bearer Shares		10,203		734
				7,292
UNITED KINGDOM - 14.8%
Compass Group PLC		624,637		6,549
Diageo plc		194,221		4,668
Experian PLC		90,296		1,407
Lloyds Banking Group plc(5)		3,107,673		1,670
Tesco plc		692,743		3,657
Unilever PLC (DR)		121,389		4,012
				21,963
UNITED STATES - 56.7%
3M Company		51,429		4,588
Accenture plc, Class A		24,466		1,578
American Express Company		70,591		4,084
Aon Corporation		63,520		3,116
Arch Capital Group Ltd.(5)(6)		125,544		4,675
The Bank of New York Mellon Corporation		208,751		5,037
UNITED STATES (CONTINUED)
Becton, Dickinson and Company		21,894	$	1,700
The Chubb Corporation		41,631		2,877
Cisco Systems, Inc.		88,610		1,874
CVS Caremark Corporation		39,121		1,753
Fidelity National Financial, Inc.		139,081		2,508
Google Inc., Class A(5)		8,837		5,667
Johnson & Johnson		68,214		4,499
Lockheed Martin Corporation		28,090		2,524
Marsh & McLennan Companies, Inc.		156,978		5,147
MasterCard Incorporated, Class A		15,018		6,316
Mohawk Industries, Inc.(5)		14,910		992
Oracle Corporation		148,824		4,340
The Progressive Corporation		102,460		2,375
Signet Jewelers Ltd.		105,497		4,988
Target Corporation		67,774		3,949
TE Connectivity Ltd.		156,707		5,759
Wal-Mart Stores, Inc.		60,760		3,719
				84,065
Total common stocks and equity- linked securities (Cost $117,898)				135,442
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 19.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $28,255 (Cost $28,255)(7)	$	28,255	$	28,255
Total investments - 110.5% (Cost $146,153)				163,697
Other assets less liabilities - (10.5%)				(15,489	)
Total net assets - 100.0%(8)			$	148,208

⁽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 $1,867 or 1.3% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽²⁾  Non-voting shares.

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

5

⁽⁴⁾  Security is restricted. Ryanair Holdings PLC was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended. The shares of Ryanair Holdings PLC may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC		8/26/09-3/28/12	$	794	$	1,867		1.3	%

⁽⁵⁾  Non-income producing security.

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

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	28,820

⁽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 - March 31, 2012 (Unaudited)
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	Sell		8/16/2012	$	159	$	159	$	-	(1)
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		466		462		4
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		3,204		3,024		180
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		246		239		7
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		223		220		3
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		65		65		-	(1)
					$	4,363	$	4,169	$	194

⁽¹⁾  Amount rounds to less than $1.

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	21,776			14.7	%
Consumer Staples		20,352			13.7
Energy		3,332			2.2
Financials		38,921			26.3
Healthcare		10,154			6.9
Industrials		12,989			8.8
Information Technology		25,534			17.2
Materials		2,384			1.6
Total common stocks		135,442			91.4
Short-term investments		28,255			19.1
Total investments		163,697			110.5
Other assets less liabilities		(15,489	)		(10.5	)
Total net assets	$	148,208			100.0	%

CURRENCY EXPOSURE(1) - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	17,951		11.0	%
Euro		16,076		9.8
Hong Kong dollar		494		0.3
Japanese yen		5,552		3.4
Swiss franc		7,292		4.4
U.S. dollar		116,332		71.1
Total investments	$	163,697		100.0	%

⁽¹⁾  Excludes currency exposure to foreign currency forward contracts.

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		4.4	%
MasterCard Incorporated	United States		4.3
TE Connectivity Ltd	United States		3.9
Google Inc.	United States		3.8
Marsh & McLennan Companies, Inc.	United States		3.5
The Bank of New York Mellon Corporation	United States		3.4
Signet Jewelers Ltd.	United States		3.4
Arch Capital Group Ltd.	United States		3.2
Diageo plc	United Kingdom		3.1
3M Company	United States		3.1
Total			36.1	%

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.

6

ARTISAN GROWTH OPPORTUNITIES FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.0%
AUSTRALIA - 0.8%
James Hardie Industries SE		295,100	$	2,348
BRAZIL - 7.4%
Anhanguera Educacional Participacoes SA		310,496		3,742
BR Malls Participacoes		219,300		2,858
Mills Estruturas e Servicos de Engenharia SA		498,005		6,356
Multiplus SA		74,803		1,541
OdontoPrev SA		372,350		6,323
Qualicorp SA(1)		213,531		1,831
				22,651
CANADA - 1.1%
Tourmaline Oil Corp.(1)		156,100		3,451
CHINA - 4.0%
Ajisen (China) Holdings Limited		1,185,354		1,557
Baidu, Inc., Class A (DR)(1)		55,000		8,017
Tsingtao Brewery Company Limited, H Shares		489,700		2,636
				12,210
FINLAND - 0.7%
Nokia Corporation (DR)		416,200		2,285
FRANCE - 1.1%
Sanofi		45,000		3,495
GERMANY - 1.2%
SAP AG (DR)		54,600		3,812
HONG KONG - 1.5%
Hong Kong Exchanges & Clearing Limited		127,723		2,145
Wynn Macau Limited		810,400		2,385
				4,530
INDIA - 2.3%
HDFC Bank Limited (DR)		156,200		5,326
Jubilant Foodworks Limited(1)		69,561		1,587
				6,913
INDONESIA - 0.6%
PT Bank Central Asia Tbk		1,912,000		1,673
JAPAN - 2.0%
FANUC CORP.		34,400		6,101
SWEDEN - 4.6%
Hexagon AB, Class B		514,845		9,992
SWEDEN (CONTINUED)
Telefonaktiebolaget LM Ericsson, Class B (DR)		405,000	$	4,175
				14,167
SWITZERLAND - 1.5%
Compagnie Financiere Richemont SA - Bearer Shares		74,350		4,662
TURKEY - 1.0%
Coca-Cola Icecek AS		241,355		3,081
UNITED KINGDOM - 5.1%
ARM Holdings PLC		709,850		6,722
Rotork plc		208,300		6,827
The Weir Group PLC		72,100		2,034
				15,583
UNITED STATES - 61.1%
Agilent Technologies, Inc.		213,213		9,490
Allergan, Inc.		47,425		4,526
Apple Inc.(1)		33,175		19,887
Biogen Idec Inc.(1)		58,600		7,382
Broadcom Corporation, Class A		105,200		4,134
Cerner Corporation(1)		79,858		6,082
Citrix Systems, Inc.(1)		73,743		5,819
Discover Financial Services		299,100		9,972
eBay Inc.(1)		166,000		6,124
EMC Corporation(1)		423,700		12,660
Google Inc., Class A(1)		22,220		14,248
IHS Inc.(1)		117,053		10,962
Johnson Controls, Inc.		68,500		2,225
Monsanto Company		165,500		13,200
National Oilwell Varco, Inc.		111,550		8,865
Occidental Petroleum Corporation		78,150		7,442
Polo Ralph Lauren Corporation, Class A		27,711		4,831
Precision Castparts Corp.		24,975		4,318
Regeneron Pharmaceuticals, Inc.(1)		149,400		17,423
salesforce.com, inc.(1)		41,000		6,335
Starbucks Corporation		207,977		11,624
				187,549
Total common stocks (Cost $244,790)				294,511

7

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $18,805 (Cost $18,805)(2)	$	18,805	$	18,805
Total investments - 102.1% (Cost $263,595)				313,316
Other assets less liabilities - (2.1%)				(6,364	)
Total net assets - 100.0%(3)			$	306,952

⁽¹⁾  Non-income producing security.

⁽²⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.000	%		11/12/2021	$	19,183

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

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

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2012 (Unaudited)
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		8/16/2012	$	734	$	733	$	1
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		1886		1780		106
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		66		65		1
					$	2,686	$	2,578	$	108

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	32,613			10.6	%
Consumer Staples		5,717			1.9
Energy		19,758			6.4
Financials		21,974			7.2
Healthcare		54,721			17.8
Industrials		39,970			13.0
Information Technology		104,210			34.0
Materials		15,548			5.1
Total common stocks		294,511			96.0
Short-term investments		18,805			6.1
Total investments		313,316			102.1
Other assets less liabilities		(6,364	)		(2.1	)
Total net assets	$	306,952			100.0	%

CURRENCY EXPOSURE(1) - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	2,348		0.8	%
Brazilian real		22,651		7.2
British pound		15,583		5.0
Canadian dollar		3,451		1.1
Euro		3,495		1.1
Hong Kong dollar		8,723		2.8
Indian rupee		1,587		0.5
Indonesian rupiah		1,673		0.5
Japanese yen		6,101		1.9
Swedish krona		9,992		3.2
Swiss franc		4,662		1.5
Turkish lira		3,081		1.0
U.S. dollar		229,969		73.4
Total investments	$	313,316		100.0	%

⁽¹⁾  Excludes currency exposure to foreign currency forward contracts.

8

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		6.5	%
Regeneron Pharmaceuticals, Inc.	United States		5.7
Google Inc.	United States		4.6
Monsanto Company	United States		4.3
EMC Corporation	United States		4.1
Starbucks Corporation	United States		3.8
IHS Inc.	United States		3.6
Hexagon AB	Sweden		3.3
Discover Financial Services	United States		3.2
Agilent Technologies, Inc.	United States		3.1
Total			42.2	%

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.

9

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.2%
AUSTRALIA - 0.6%
Coca-Cola Amatil Limited		1,662,524	$	21,475
Treasury Wine Estates		8,324,431		35,354
				56,829
BELGIUM - 3.9%
Anheuser-Busch InBev NV		5,002,588		365,489
BRAZIL - 0.5%
Arcos Dorados Holdings, Inc., Class A		2,511,082		45,425
CANADA - 3.8%
Canadian National Railway Company		21,243		1,687
Canadian Pacific Railway Limited		4,662,790		354,139
				355,826
CHINA - 7.8%
Baidu, Inc., Class A (DR)(1)		2,254,803		328,683
Beijing Enterprises Holdings Ltd.		6,612,330		40,148
China Construction Bank Corporation, H Shares		78,505,000		60,757
China Mobile Limited		14,936,870		164,361
China Resources Land Limited		38,436,341		66,028
Tencent Holdings Limited		2,488,714		69,480
				729,457
FRANCE - 10.4%
Air Liquide SA		430,271		57,362
DANONE S.A.		1,851,833		129,170
LVMH Moet Hennessy Louis Vuitton SA		386,910		66,489
Pernod Ricard SA		1,840,928		192,491
Schneider Electric SA		2,736,134		178,773
Societe Generale		1,925,561		56,409
Technip SA		459,086		54,083
Unibail-Rodamco		832,632		166,517
Zodiac Aerospace		676,471		70,435
				971,729
GERMANY - 11.4%
Allianz SE		706,172		84,265
Bayer AG		232,865		16,380
Beiersdorf AG		2,183,784		142,495
Brenntag AG		1,476,834		180,854
Daimler AG		1,458,513		87,943
Henkel AG & Co. KGaA, Preferred(2)		789,356		57,839
Linde AG		2,195,253		393,937
GERMANY (CONTINUED)
Muenchener Rueckversicherungs-Gesellschaft AG		698,490	$	105,315
				1,069,028
HONG KONG - 12.3%
AIA Group Ltd.		81,621,463		299,030
BOC Hong Kong (Holdings) Limited		21,625,044		59,733
Hang Seng Bank Limited		6,820,488		90,904
Henderson Land Development Company Limited		11,882,565		65,261
Hongkong Land Holdings Limited		10,594,799		61,556
MGM China Holdings Ltd.		12,223,067		22,319
NWS Holdings Limited		18,164,101		27,741
Sands China Ltd.		47,328,764		184,670
Sino Land Company Limited		75,283,276		120,212
Sun Hung Kai Properties Limited		7,479,493		92,945
Wynn Macau Limited		42,355,730		124,631
				1,149,002
INDIA - 0.4%
Coal India Limited		5,844,357		39,102
ITALY - 1.2%
Fiat Industrial SpA(1)		10,598,499		113,082
JAPAN - 13.1%
BRIDGESTONE CORPORATION		3,904,620		94,632
HONDA MOTOR CO., LTD.		7,682,144		291,897
JAPAN TOBACCO INC.		67,652		380,885
Kao Corporation		7,510,967		197,098
MITSUI & CO., LTD.		3,252,100		53,318
NGK INSULATORS, LTD.		4,128,000		58,900
SOFTBANK Corp		4,951,074		146,373
				1,223,103
KOREA - 1.6%
NHN Corp.		386,193		88,619
Samsung Electronics Co., Ltd.		52,694		59,296
				147,915
NETHERLANDS - 4.8%
Akzo Nobel N.V.		1,711,025		101,024
Koninklijke Vopak NV		1,314,576		75,732
Unilever NV (DR)		7,877,608		268,070
Ziggo NV(1)		90,650		2,828
				447,654
NIGERIA - 0.2%
Nigerian Breweries Plc.		30,175,522		18,656

10

	Shares Held		Value
SINGAPORE - 1.1%
City Developments Limited		3,514,310	$	31,731
Genting Singapore PLC(1)		50,815,298		68,923
				100,654
SPAIN - 0.5%
Grifols S.A.(1)		2,373,638		50,652
SWEDEN - 0.3%
Sandvik AB		1,829,597		26,410
SWITZERLAND - 7.8%
Adecco SA		1,184,431		62,062
Compagnie Financiere Richemont SA - Bearer Shares		1,558,971		97,749
Givaudan SA		83,658		80,627
Nestle SA		5,259,992		330,971
Swatch Group AG - Bearer Shares		351,125		161,618
				733,027
UNITED KINGDOM - 11.9%
Diageo plc		1,672,320		40,190
HSBC Holdings plc		22,189,654		196,912
Imperial Tobacco Group plc		5,907,415		239,530
Johnson Matthey PLC		1,941,762		73,267
Land Securities Group plc		6,978,379		80,645
Prudential plc		3,312,042		39,600
Reckitt Benckiser Group PLC		110,003		6,216
Royal Dutch Shell PLC, Class A		1,134,262		39,710
SABMiller plc		3,587,139		143,986
Standard Chartered plc		2,590,466		64,638
Tate & Lyle PLC		5,165,706		58,251
WPP plc		9,730,582		132,995
				1,115,940
UNITED STATES - 3.6%
Accenture plc, Class A		958,374		61,815
Covidien plc		1,966,509		107,529
Schlumberger Limited		2,387,663		166,969
				336,313
Total common and preferred stocks (Cost $7,487,197)				9,095,293
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $159,801 (Cost $159,801)(3)	$	159,801	$	159,801
Total investments - 98.9% (Cost $7,646,998)				9,255,094
Other assets less liabilities - 1.1%				100,026
Total net assets - 100.0%(4)			$	9,355,120

⁽¹⁾  Non-income producing security.

⁽²⁾  Non-voting shares.

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	163,002

⁽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.

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,379,291		14.7	%
Consumer Staples		2,628,166		28.1
Energy		299,864		3.2
Financials		1,742,458		18.6
Healthcare		174,561		1.9
Industrials		1,243,281		13.3
Information Technology		607,893		6.5
Materials		706,217		7.5
Telecommunication Services		313,562		3.4
Total common and preferred stocks		9,095,293		97.2
Short-term investments		159,801		1.7
Total investments		9,255,094		98.9
Other assets less liabilities		100,026		1.1
Total net assets	$	9,355,120		100.0	%

11

CURRENCY EXPOSURE - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	56,829		0.6	%
British pound		1,076,230		11.6
Euro		3,057,344		33.1
Hong Kong dollar		1,488,220		16.1
Indian rupee		39,102		0.4
Japanese yen		1,223,103		13.2
Korean won		147,915		1.6
Nigeria naira		18,656		0.2
Singapore dollar		100,654		1.1
Swedish krona		26,410		0.3
Swiss franc		733,027		7.9
U.S. dollar		1,287,604		13.9
Total investments	$	9,255,094		100.0	%

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Linde AG	Germany		4.2	%
JAPAN TOBACCO INC.	Japan		4.1
Anheuser-Busch InBev NV	Belgium		3.9
Canadian Pacific Railway Limited	Canada		3.8
Nestle SA	Switzerland		3.5
Baidu, Inc.	China		3.5
AIA Group Ltd.	Hong Kong		3.2
HONDA MOTOR CO., LTD.	Japan		3.1
Unilever NV	Netherlands		2.9
Imperial Tobacco Group plc	United Kingdom		2.6
Total			34.8	%

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 Fund owns HSBC Holdings plc (HSBC), which represents 2.1% of the Fund’s total net assets, and Hang Seng Bank Limited (Hang Seng Bank), which represents 1.0% of the Fund’s total net assets. HSBC is the parent company of Hang Seng Bank. 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.

12

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 98.1%
AUSTRALIA - 1.7%
Domino’s Pizza Enterprises Limited		1,151,242	$	10,852
BRAZIL - 2.8%
M Dias Branco SA		395,900		10,367
Raia Drogasil S.A.		824,600		8,018
				18,385
CHINA - 13.6%
AMVIG Holdings Ltd		11,788,000		6,345
Beijing Enterprises Water Group Limited(1)		44,488,000		10,140
China Everbright International Limited		17,894,700		8,388
China Lodging Group Ltd. (DR)(1)		317,772		3,715
Golden Eagle Retail Group Ltd.		677,000		1,721
Hengan International Group Company Limited		685,550		6,904
Intime Department Store Group Company Limited		13,739,300		17,162
New World Department Store China		7,847,000		5,052
Parkson Retail Group Ltd.		8,934,000		10,136
Yingde Gases		17,267,500		19,612
				89,175
FINLAND - 0.9%
Nokian Renkaat Oyj		125,464		6,114
FRANCE - 10.3%
Eurofins Scientific		166,719		18,189
Gemalto NV		121,348		8,010
Ipsos		536,221		19,227
Rubis		386,657		22,610
				68,036
GERMANY - 19.3%
Gerresheimer AG		358,392		15,678
GfK SE		533,556		28,464
Sixt AG		443,817		9,530
Wacker Neuson SE		1,362,947		24,276
Wirecard AG		2,563,080		48,797
				126,745
HONG KONG - 3.5%
SJM Holdings Limited		10,351,932		21,009
Sun Hung Kai & Co. Limited		4,088,285		2,253
				23,262
IRELAND - 3.5%
Glanbia plc		1,335,555		9,904
IRELAND (CONTINUED)
Smurfit Kappa Group PLC(1)		1,447,840	$	13,200
				23,104
ITALY - 5.7%
Davide Campari - Milano S.p.A.		3,515,802		23,938
Marr SpA		1,203,921		13,584
				37,522
JAPAN - 3.8%
AUTOBACS SEVEN CO., LTD.		511,800		24,672
KENYA - 0.3%
East African Breweries Limited		886,900		2,157
LUXEMBOURG - 2.6%
L’Occitane International SA		7,269,250		17,299
NETHERLANDS - 3.2%
Imtech NV		653,824		20,902
PERU - 1.0%
Ferreyros S.A.		5,665,843		6,565
PHILIPPINES - 4.1%
Alliance Global Group, Inc.		90,843,000		26,659
RUSSIA - 2.2%
Globaltrans Investment PLC (DR)		652,450		11,157
Pharmstandard(1)(2)		56,781		3,487
				14,644
SINGAPORE - 5.9%
City Developments Limited		662,972		5,986
Mandarin Oriental International Limited		1,529,000		2,469
Petra Foods Limited		5,346,000		10,334
SIA Engineering Company		4,024,700		12,903
Super Group Ltd.		5,180,000		7,438
				39,130
SPAIN - 0.2%
Pescanova, S.A.		43,096		1,365
SWITZERLAND - 2.0%
Schindler Holding AG, Participation Certificates(3)		111,503		13,414
UNITED KINGDOM - 11.5%
Aegis Group plc		6,546,267		19,350

13

	Shares Held		Value
UNITED KINGDOM (CONTINUED)
APR Energy PLC(1)		630,702		9,533
Babcock International Group plc		2,485,983		31,672
Big Yellow Group PLC		1,008,912		4,583
Britvic Plc		749,606		4,613
Informa PLC		873,880		6,171
				75,922
Total common stocks and investments - 98.1% (Cost $507,110)				645,924
Other assets less liabilities - 1.9%				12,556
Total net assets - 100.0%(4)			$	658,480

⁽¹⁾  Non-income producing security.

⁽²⁾  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 $3,487 or 0.5% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

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

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	193,413		29.4	%
Consumer Staples		98,622		15.0
Financials		12,822		2.0
Healthcare		37,354		5.7
Industrials		165,466		25.1
Information Technology		56,807		8.6
Materials		39,157		5.9
Utilities		42,283		6.4
Total common stocks and investments		645,924		98.1
Other assets less liabilities		12,556		1.9
Total net assets	$	658,480		100.0	%

CURRENCY EXPOSURE - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	10,852		1.7	%
Brazilian real		18,385		2.9
British pound		75,922		11.8
Euro		283,788		43.9
Hong Kong dollar		126,021		19.5
Japanese yen		24,672		3.8
Kenya shilling		2,157		0.3
Peruvian nuevo sol		6,565		1.0
Philippine peso		26,659		4.1
Singapore dollar		36,661		5.7
Swiss franc		13,414		2.1
U.S. dollar		20,828		3.2
Total investments	$	645,924		100.0	%

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		7.4	%
Babcock International Group plc	United Kingdom		4.8
GfK SE	Germany		4.3
Alliance Global Group, Inc.	Philippines		4.0
AUTOBACS SEVEN CO., LTD.	Japan		3.7
Wacker Neuson SE	Germany		3.7
Davide Campari - Milano S.p.A.	Italy		3.6
Rubis	France		3.4
SJM Holdings Limited	Hong Kong		3.2
Imtech NV	Netherlands		3.2
Total			41.3	%

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

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

14

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 90.0%
BELGIUM - 2.0%
Groupe Bruxelles Lambert S.A.		1,379,102	$	106,753
DENMARK - 1.8%
Carlsberg A/S, Class B		1,155,074		95,437
FRANCE - 8.5%
Publicis Groupe		2,590,578		142,815
Societe Television Francaise 1		2,508,784		30,719
Sodexo		507,658		41,680
Sodexo - Registered Shares(1)		1,284,779		105,484
Total SA		2,726,678		139,062
				459,760
GERMANY - 2.4%
HeidelbergCement AG		2,148,306		130,037
HONG KONG - 1.2%
Guoco Group Limited		7,824,737		68,216
IRELAND - 3.9%
ICON PLC (DR)(2)(3)		3,797,702		80,587
Ryanair Holdings PLC, Equity-Linked Security, 144A(2)(4)(5)(6)(7)		21,959,370		131,207
				211,794
JAPAN - 9.8%
Aderans Co., Ltd.(2)(3)		2,388,767		27,186
Credit Saison Co., Ltd.		6,266,859		126,821
Kao Corporation		6,299,800		165,316
NIFCO INC.		999,600		27,318
SANKYO CO., LTD.		1,444,092		70,835
SEINO HOLDINGS CO., LTD.		1,128,240		8,151
Stanley Electric Co., Ltd.		6,467,500		102,752
				528,379
NETHERLANDS - 5.9%
ING Groep N.V.(2)		14,803,945		123,341
Koninklijke Ahold NV		7,278,644		100,861
Koninklijke Philips Electronics N.V.		4,616,627		93,589
				317,791
SWITZERLAND - 9.9%
Adecco SA		1,640,697		85,970
Nestle SA		1,114,286		70,114
Novartis AG		3,034,910		167,967
Panalpina Welttransport Holding AG(2)		1,078,431		115,226
Pargesa Holding SA - Bearer Shares		1,344,272		96,647
SWITZERLAND (CONTINUED)
Tamedia AG		2,987	$	376
				536,300
THAILAND - 0.6%
Thai Beverage Public Company Limited		120,409,183		31,131
UNITED KINGDOM - 25.5%
Carpetright PLC(2)		3,086,304		33,840
Compass Group PLC		29,408,836		308,344
Diageo plc		6,169,458		148,268
Experian PLC		5,792,697		90,292
Lloyds Banking Group plc(2)		148,624,318		79,887
Michael Page International plc		9,749,554		74,853
Qinetiq Group PLC(3)		63,359,285		161,440
Reed Elsevier PLC		19,651,732		174,453
Savills Plc(3)		9,282,439		56,048
Tesco plc		21,434,686		113,140
Unilever PLC (DR)		4,141,603		136,880
				1,377,445
UNITED STATES - 18.5%
Accenture plc, Class A		1,424,450		91,877
Aon Corporation		2,898,983		142,224
Arch Capital Group Ltd.(2)(3)		5,114,761		190,474
Covidien plc		3,258,857		178,194
Signet Jewelers Ltd.		3,247,472		153,540
TE Connectivity Ltd.		6,616,293		243,149
				999,458
Total common stocks and equity- linked securities (Cost $4,080,477)				4,862,501
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $487,567 (Cost $487,567)(8)	$	487,567	$	487,567
Total investments - 99.0% (Cost $4,568,044)				5,350,068
Other assets less liabilities - 1.0%				51,440
Total net assets - 100.0%(9)			$	5,401,508

15

⁽¹⁾  Shares are registered with the issuing company and not tradable until converted back to bearer shares.

⁽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⁾  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 $131,207 or 2.4% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽⁵⁾  Non-voting shares.

⁽⁶⁾  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.

⁽⁷⁾  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		9/17/08-3/22/12	$	6,656	$	131,207		2.4	%

⁽⁸⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	497,320

⁽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 - March 31, 2012 (Unaudited)
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		8/16/2012	$	411,922	$	388,761	$	23,161
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		28,138		27,312		826
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		15,841		15,600		241
					$	455,901	$	431,673	$	24,228

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,192,156		22.1	%
Consumer Staples		888,333		16.4
Energy		139,062		2.6
Financials		990,411		18.3
Healthcare		426,748		7.9
Industrials		760,728		14.1
Information Technology		335,026		6.2
Materials		130,037		2.4
Total common stocks		4,862,501		90.0
Short-term investments		487,567		9.0
Total investments		5,350,068		99.0
Other assets less liabilities		51,440		1.0
Total net assets	$	5,401,508		100.0	%

CURRENCY EXPOSURE(1) - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	1,240,565		23.2	%
Danish krone		95,437		1.8
Euro		1,145,548		21.4
Hong Kong dollar		68,216		1.3
Japanese yen		528,379		9.9
Singapore dollar		31,131		0.6
Swiss franc		536,300		10.0
U.S. dollar		1,704,492		31.8
Total investments	$	5,350,068		100.0	%

⁽¹⁾  Excludes currency exposure to foreign currency forward contracts.

16

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		5.7	%
TE Connectivity Ltd	United States		4.5
Arch Capital Group Ltd.	United States		3.5
Covidien plc	United States		3.3
Reed Elsevier PLC	United Kingdom		3.2
Novartis AG	Switzerland		3.1
Kao Corporation	Japan		3.1
Qinetiq Group PLC	United Kingdom		3.0
Signet Jewelers Ltd.	United States		2.8
Diageo plc	United Kingdom		2.7
Total			34.9	%

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 1.8% of the Fund’s total net assets, and Groupe Bruxelles S.A. (GBL), which represents 2.0% 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.

17

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.8%
CONSUMER DISCRETIONARY - 20.9%
Auto Components - 1.9%
BorgWarner Inc. (1)		1,480,014	$	124,824
Automobiles - 0.6%
Tesla Motors, Inc.(1)		1,058,385		39,414
Distributors - 1.5%
LKQ Corporation(1)		3,217,270		100,282
Diversified Consumer Services - 0.9%
New Oriental Education & Technology Group, Inc. (DR)(1)(2)		2,125,100		58,355
Hotels, Restaurants & Leisure - 4.9%
Arcos Dorados Holdings, Inc., Class A(2)		2,146,200		38,825
Chipotle Mexican Grill, Inc.(1)		265,624		111,031
Ctrip.com International, Ltd. (DR)(1)(2)		1,842,231		39,866
Starwood Hotels & Resorts Worldwide, Inc.		1,766,699		99,660
Wynn Resorts, Limited		269,875		33,702
				323,084
Internet & Catalog Retail - 0.3%
Netflix, Inc.(1)		168,667		19,403
Specialty Retail - 2.3%
Tractor Supply Company		746,300		67,585
Ulta Salon, Cosmetics & Fragrance, Inc.		881,300		81,864
				149,449
Textiles, Apparel & Luxury Goods - 8.5%
Coach, Inc.		2,276,923		175,961
Fossil, Inc.(1)		1,328,235		175,300
lululemon athletica inc.(1)		737,916		55,108
Polo Ralph Lauren Corporation, Class A		642,622		112,028
Under Armour, Inc., Class A(1)		425,900		40,035
				558,432
CONSUMER STAPLES - 2.5%
Food Products - 2.5%
Green Mountain Coffee Roasters, Inc.(1)		982,500		46,020
Mead Johnson Nutrition Company		674,600		55,641
TreeHouse Foods, Inc.(1)		990,900		58,959
				160,620
ENERGY - 7.0%
Energy Equipment & Services - 4.7%
Cameron International Corporation(1)		2,664,849	$	140,784
Core Laboratories N.V.		269,810		35,499
Dresser-Rand Group Inc.(1)		2,761,827		128,121
				304,404
Oil, Gas & Consumable Fuels - 2.3%
Cabot Oil & Gas Corporation		1,787,800		55,726
Noble Energy, Inc.		944,500		92,353
				148,079
FINANCIALS - 4.2%
Capital Markets - 1.1%
Ares Capital Corporation		4,435,809		72,525
Commercial Banks - 0.7%
HDFC Bank Limited (DR)(2)		1,349,290		46,011
Consumer Finance - 2.4%
Discover Financial Services		4,752,110		158,435
HEALTHCARE - 23.2%
Biotechnology - 8.5%
Alexion Pharmaceuticals, Inc.(1)		628,300		58,344
Cepheid(1)(3)		3,090,700		129,284
Incyte Corporation(1)		2,555,282		49,317
Regeneron Pharmaceuticals, Inc.(1)		2,719,713		317,173
				554,118
Health Care Equipment & Supplies - 1.7%
Edwards Lifesciences Corporation(1)		725,281		52,750
Intuitive Surgical, Inc.(1)		106,013		57,433
				110,183
Health Care Providers & Services - 2.3%
AMERIGROUP Corporation(1)		1,526,400		102,696
Cigna Corporation		986,700		48,595
				151,291
Health Care Technology - 5.1%
athenahealth, Inc.(1)(3)		2,306,415		170,952
Cerner Corporation(1)		2,108,324		160,570
				331,522
Life Sciences Tools & Services - 4.4%
Agilent Technologies, Inc.		4,080,415		181,619
Mettler-Toledo International Inc.(1)		560,800		103,608
				285,227

18

	Shares Held		Value
HEALTHCARE (CONTINUED)
Pharmaceuticals - 1.2%
Allergan, Inc.		796,896	$	76,048
INDUSTRIALS - 11.2%
Aerospace & Defense - 1.4%
Precision Castparts Corp.		535,496		92,587
Electrical Equipment - 2.3%
Rockwell Automation, Inc.		788,500		62,843
Roper Industries, Inc.		914,112		90,643
				153,486
Machinery - 2.6%
Chart Industries, Inc.(1)		328,400		24,082
Gardner Denver, Inc.		699,934		44,110
Pall Corporation		855,900		51,037
Woodward, Inc.		1,198,400		51,327
				170,556
Professional Services - 4.9%
IHS Inc.(1)		2,002,817		187,564
Verisk Analytics, Inc., Class A(1)		2,761,827		129,723
				317,287
INFORMATION TECHNOLOGY - 26.8%
Communications Equipment - 1.8%
Aruba Networks, Inc.(1)		1,800,500		40,115
Juniper Networks, Inc.(1)		3,496,485		80,000
				120,115
Electronic Equipment & Instruments - 5.1%
FLIR Systems, Inc.		1,265,000		32,017
IPG Photonics Corporation(1)		1,505,300		78,351
Trimble Navigation Limited(1)		3,048,565		165,903
Universal Display Corporation(1)		1,585,400		57,915
				334,186
Internet Software & Services - 2.5%
Akamai Technologies, Inc.(1)		952,900		34,971
LinkedIn Corporation, Class A(1)		337,300		34,401
MercadoLibre, Inc.		510,163		49,889
SINA Corporation(1)(2)		657,800		42,757
				162,018
IT Services - 2.6%
Teradata Corporation(1)		1,665,504		113,504
VeriFone Systems, Inc.(1)		1,155,300		59,925
				173,429
Semiconductors & Semiconductor Equipment - 3.6%
Altera Corporation		1,201,700		47,852
ARM Holdings PLC (DR)(2)		3,567,225		100,917
Broadcom Corporation, Class A		2,181,776		85,744
				234,513
INFORMATION TECHNOLOGY (CONTINUED)
Software - 11.2%
ANSYS, Inc.(1)		1,488,418	$	96,777
Citrix Systems, Inc.(1)		1,327,718		104,770
Concur Technologies, Inc.(1)		1,317,930		75,623
Qlik Technologies Inc.(1)		2,888,300		92,426
Red Hat, Inc.(1)		1,336,641		80,051
salesforce.com, inc.(1)		881,311		136,171
VMware, Inc., Class A(1)		1,294,468		145,459
				731,277
Total common stocks (Cost $3,918,334)				6,261,160
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $296,054 (Cost $296,054)(4)	$	296,054	$	296,054
Total investments - 100.3% (Cost $4,214,388)				6,557,214
Other assets less liabilities - (0.3%)				(19,840	)
Total net assets - 100.0%(5)			$	6,537,374

⁽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.

19

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	216,187
U.S. Treasury Note		3.625	%		2/15/2020		85,790
						$	301,977

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		4.9	%
IHS Inc.	United States		2.9
Agilent Technologies, Inc.	United States		2.8
Coach, Inc.	United States		2.7
Fossil, Inc.	United States		2.7
athenahealth, Inc.	United States		2.6
Trimble Navigation Limited	United States		2.5
Cerner Corporation	United States		2.5
Discover Financial Services	United States		2.4
VMware, Inc.	United States		2.2
Total			28.2	%

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

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

20

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.1%
CONSUMER DISCRETIONARY - 7.5%
Diversified Consumer Services - 1.9%
H&R Block, Inc.		9,385,979	$	154,587
Household Durables - 1.6%
Mohawk Industries, Inc.(1)		1,963,154		130,569
Leisure Equipment & Products - 2.0%
Mattel, Inc.		4,893,803		164,725
Media - 2.0%
Omnicom Group Inc.		3,151,186		159,608
CONSUMER STAPLES - 4.8%
Food & Staples Retailing - 3.6%
The Kroger Co.		7,562,822		183,247
Sysco Corporation		3,668,873		109,553
				292,800
Food Products - 1.2%
Campbell Soup Company		2,948,631		99,811
ENERGY - 9.2%
Energy Equipment & Services - 4.7%
Ensco PLC (DR)(2)		3,108,163		164,515
McDermott International, Inc.(1)		9,881,162		126,578
Patterson-UTI Energy, Inc.		5,463,200		94,459
				385,552
Oil, Gas & Consumable Fuels - 4.5%
Cimarex Energy Co.		2,867,239		216,391
Southwestern Energy Company(1)		4,906,763		150,147
				366,538
FINANCIALS - 20.7%
Capital Markets - 1.7%
Northern Trust Corporation		2,993,589		142,046
Insurance - 15.9%
Alleghany Corporation(1)		638,735		210,208
Allied World Assurance Company Holdings, Ltd		1,215,426		83,463
The Allstate Corporation		4,704,209		154,863
Aon Corporation		3,138,143		153,957
Arch Capital Group Ltd.(1)(3)		3,826,460		142,497
Fidelity National Financial, Inc.		7,194,529		129,717
FINANCIALS (CONTINUED)
Insurance - (Continued)
Loews Corporation		3,511,283	$	139,995
The Progressive Corporation		9,633,593		223,307
Validus Holdings, Ltd.		1,777,679		55,019
				1,293,026
Real Estate Investment Trusts (REITS) - 3.1%
Annaly Capital Management, Inc.		9,002,024		142,412
Hatteras Financial Corp.(3)		3,833,909		106,966
				249,378
HEALTHCARE - 3.0%
Health Care Providers & Services - 2.3%
Cigna Corporation		3,767,200		185,535
Life Sciences Tools & Services - 0.7%
Covance Inc.(1)		1,125,600		53,612
INDUSTRIALS - 18.8%
Aerospace & Defense - 5.3%
L-3 Communications Holdings, Inc.		1,935,675		136,988
Rockwell Collins, Inc.		2,700,984		155,469
Spirit AeroSystems Holdings, Inc., Class A(1)		5,692,896		139,248
				431,705
Construction & Engineering - 2.3%
Jacobs Engineering Group Inc.(1)		4,164,022		184,758
Electrical Equipment - 2.0%
Hubbell Inc., Class B		2,112,780		166,022
Machinery - 1.5%
Flowserve Corporation		1,080,415		124,799
Professional Services - 6.6%
The Dun & Bradstreet Corporation		1,890,716		160,200
Equifax Inc.		2,506,405		110,933
ManpowerGroup		2,587,779		122,583
Towers Watson & Co., Class A		2,173,348		143,593
				537,309
Road & Rail - 1.1%
Ryder System, Inc.(3)		1,706,613		90,109
INFORMATION TECHNOLOGY - 27.3%
Computers & Peripherals - 1.8%
Lexmark International, Inc.(3)		4,344,098		144,398

21

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment & Instruments - 9.6%
Arrow Electronics, Inc.(1)(3)		5,244,437	$	220,109
Avnet, Inc.(1)(3)		6,662,493		242,448
FLIR Systems, Inc.		5,054,467		127,929
Ingram Micro Inc.(1)(3)		10,241,259		190,078
					��
				780,564
Internet Software & Services - 1.2%
Open Text Corporation(1)(2)		1,553,065		94,970
IT Services - 7.4%
Broadridge Financial Solutions, Inc.		5,289,452		126,471
SAIC, Inc.(1)		9,438,320		124,586
Total System Services, Inc.		6,734,309		155,360
The Western Union Company		11,082,538		195,053
				601,470
Semiconductors & Semiconductor Equipment - 4.8%
Analog Devices, Inc.		4,659,250		188,234
Applied Materials, Inc.		13,144,838		163,522
Lam Research Corporation(1)		869,700		38,806
				390,562
Software - 2.5%
BMC Software, Inc.(1)		1,800,652		72,314
SYNOPSYS, INC.(1)		4,345,261		133,226
				205,540
UTILITIES - 2.8%
Multi-Utilities - 2.0%
OGE Energy Corp.		1,147,929		61,414
SCANA Corporation		967,843		44,143
Xcel Energy Inc.		2,295,822		60,770
				166,327
Water Utilities - 0.8%
American Water Works Company, Inc.		1,890,668		64,339
Total common stocks (Cost $6,353,824)				7,660,659
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $437,749 (Cost $437,749)(4)	$	437,749	$	437,749
Total investments - 99.5% (Cost $6,791,573)				8,098,408
Other assets less liabilities - 0.5%				44,375
Total net assets - 100.0%(5)			$	8,142,783

⁽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:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	446,508

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Avnet, Inc.	United States		3.0	%
The Progressive Corporation	United States		2.7
Arrow Electronics, Inc.	United States		2.7
Cimarex Energy Co.	United States		2.7
Alleghany Corporation	United States		2.6
The Western Union Company	United States		2.4
Ingram Micro Inc.	United States		2.3
Analog Devices, Inc.	United States		2.3
CIGNA Corporation	United States		2.3
Jacobs Engineering Group Inc.	United States		2.3
Total			25.3	%

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

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

22

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.5%
CONSUMER DISCRETIONARY - 15.5%
Automobiles - 0.6%
Tesla Motors, Inc.(1)		82,800	$	3,083
Distributors - 3.1%
LKQ Corporation(1)		510,900		15,925
Diversified Consumer Services - 0.3%
K12 Inc.(1)		63,300		1,496
Hotels, Restaurants & Leisure - 1.0%
Dunkin’ Brands Group, Inc.		130,700		3,935
Peet’s Coffee & Tea, Inc.(1)		15,800		1,164
				5,099
Internet & Catalog Retail - 0.9%
HomeAway, Inc.(1)		83,400		2,116
MakeMyTrip Limited(1)(2)		107,600		2,472
				4,588
Media - 0.4%
Pandora Media, Inc.(1)		220,300		2,249
Specialty Retail - 6.4%
Francesca’s Collections, Inc.(1)(3)		152,400		4,817
Monro Muffler Brake, Inc.		174,300		7,232
Teavana Holdings Inc.(1)		122,200		2,410
Ulta Salon, Cosmetics & Fragrance, Inc.		193,200		17,946
				32,405
Textiles, Apparel & Luxury Goods - 2.8%
Deckers Outdoor Corporation(1)		16,300		1,028
Vera Bradley, Inc.(1)		167,900		5,069
The Warnaco Group, Inc.(1)		139,700		8,158
				14,255
CONSUMER STAPLES - 3.6%
Food & Staples Retailing - 1.7%
The Fresh Market, Inc.(1)		183,600		8,804
Food Products - 1.9%
Annie’s, Inc.(1)		15,900		554
TreeHouse Foods, Inc.(1)		150,400		8,949
				9,503
ENERGY - 3.7%
Energy Equipment & Services - 2.0%
Core Laboratories N.V.		16,300		2,145
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Dril-Quip, Inc.(1)		118,900	$	7,731
				9,876
Oil, Gas & Consumable Fuels - 1.7%
Oasis Petroleum Inc.(1)		91,300		2,815
Rosetta Resources Inc.(1)		114,900		5,602
				8,417
FINANCIALS - 2.9%
Capital Markets - 2.9%
Ares Capital Corporation		885,861		14,484
HEALTHCARE - 21.2%
Biotechnology - 6.4%
Cepheid(1)(4)		457,400		19,133
Incyte Corporation(1)		378,000		7,295
Regeneron Pharmaceuticals, Inc.(1)		48,700		5,679
				32,107
Health Care Equipment & Supplies - 3.9%
DexCom Inc.(1)		336,300		3,508
HeartWare International, Inc.(1)		79,400		5,216
NxStage Medical, Inc.(1)		331,800		6,394
ZOLL Medical Corporation(1)		51,300		4,752
				19,870
Health Care Providers & Services - 6.6%
Acadia Healthcare Company, Inc.(1)		230,400		3,755
Accretive Health, Inc.(1)		308,700		6,165
AMERIGROUP Corporation(1)		176,300		11,861
HMS Holdings Corp.(1)		375,200		11,710
				33,491
Health Care Technology - 4.0%
athenahealth, Inc.(1)(4)		270,400		20,042
Pharmaceuticals - 0.3%
VIVUS, Inc.(1)		57,700		1,290
INDUSTRIALS - 21.8%
Aerospace & Defense - 1.6%
Hexcel Corporation(1)		344,200		8,264
Electrical Equipment - 4.9%
Acuity Brands, Inc.		226,400		14,225
Regal Beloit Corporation		135,200		8,862

23

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Electrical Equipment (Continued)
Thomas & Betts Corporation(1)		20,400	$	1,467
				24,554
Machinery - 9.7%
Chart Industries, Inc.(1)		112,700		8,264
IDEX Corporation		348,100		14,665
Proto Labs, Inc.(1)		21,900		747
Robbins & Myers, Inc.		124,500		6,480
Titan International, Inc.		195,000		4,612
Westport Innovations Inc.(1)(2)		28,000		1,146
Woodward, Inc.		301,400		12,909
				48,823
Professional Services - 2.5%
The Advisory Board Company(1)		63,100		5,592
CoStar Group, Inc.(1)		57,500		3,970
RPX Corporation(1)		183,600		3,114
				12,676
Trading Companies & Distributors - 3.1%
Beacon Roofing Supply, Inc.(1)		614,600		15,832
INFORMATION TECHNOLOGY - 26.8%
Communications Equipment - 3.0%
Acme Packet, Inc.(1)		127,900		3,520
Aruba Networks, Inc.(1)		210,800		4,697
Finisar Corporation(1)		336,900		6,788
				15,005
Electronic Equipment & Instruments - 5.6%
Cognex Corporation		203,400		8,616
FEI Company(1)		77,700		3,816
IPG Photonics Corporation(1)		137,400		7,152
Maxwell Technologies, Inc.(1)		102,000		1,870
Universal Display Corporation(1)		181,400		6,626
				28,080
Internet Software & Services - 2.7%
Demandware, Inc.(1)		42,600		1,269
LogMeIn, Inc.(1)		165,000		5,813
MercadoLibre, Inc.		40,000		3,912
Travelzoo Inc.(1)		105,900		2,436
				13,430
Semiconductors & Semiconductor Equipment - 2.4%
Cavium Networks, Inc.(1)		200,800		6,213
Microsemi Corporation(1)		271,500		5,821
				12,034
Software - 13.1%
ANSYS, Inc.(1)		102,500		6,665
CommVault Systems, Inc.(1)		256,300		12,723
Concur Technologies, Inc.(1)		160,000		9,181
Fortinet, Inc.(1)		231,000		6,387
INFORMATION TECHNOLOGY (CONTINUED)
Software - (Continued)
Informatica Corporation(1)		147,000	$	7,776
NetSuite Inc.(1)		166,700		8,383
Qlik Technologies Inc.(1)		314,900		10,077
RealPage, Inc.(1)		261,400		5,011
				66,203
Total common stocks (Cost $340,731)				481,885
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $17,588 (Cost $17,588)(5)	$	17,588	$	17,588
Total investments - 99.0% (Cost $358,319)				499,473
Other assets less liabilities - 1.0%				5,268
Total net assets - 100.0%(6)			$	504,741

⁽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
MakeMyTrip Limited	India	US dollar
Westport Innovations Inc.	Canada	US dollar

⁽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		5.000	%		5/15/2037	$	17,946

⁽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.

24

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
athenahealth, Inc.	United States		4.0	%
Cepheid	United States		3.8
Ulta Salon, Cosmetics & Fragrance, Inc.	United States		3.6
LKQ Corporation	United States		3.2
Beacon Roofing Supply, Inc.	United States		3.1
IDEX Corporation	United States		2.9
Ares Capital Corporation	United States		2.9
Acuity Brands, Inc.	United States		2.8
Woodward Governor Company	United States		2.6
CommVault Systems, Inc.	United States		2.5
Total			31.4	%

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

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

25

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.3%
CONSUMER DISCRETIONARY - 13.8%
Diversified Consumer Services - 4.3%
Coinstar, Inc.(1)		657,900	$	41,810
Matthews International Corporation(2)		1,524,500		48,235
Regis Corporation		2,068,500		38,122
School Specialty, Inc.(1)		832,653		2,948
				131,115
Hotels, Restaurants & Leisure - 1.7%
Jack in the Box Inc.(1)		1,400,308		33,565
WMS Industries Inc.(1)		764,700		18,146
				51,711
Household Durables - 0.5%
Universal Electronics Inc.(1)		686,100		13,708
Media - 3.3%
Arbitron Inc.		556,800		20,590
DreamWorks Animation SKG, Inc., Class A(1)		2,381,300		43,935
Meredith Corporation		1,148,255		37,272
				101,797
Specialty Retail - 2.2%
Rent-A-Center, Inc.		1,759,062		66,405
Textiles, Apparel & Luxury Goods - 1.8%
Skechers U.S.A., Inc., Class A(1)		2,255,900		28,695
The Warnaco Group, Inc.(1)		468,700		27,372
				56,067
CONSUMER STAPLES - 1.2%
Food Products - 1.2%
Cal-Maine Foods, Inc.		420,600		16,092
Darling International Inc.(1)		1,108,300		19,307
				35,399
ENERGY - 10.5%
Energy Equipment & Services - 4.6%
GulfMark Offshore, Inc.(1)		616,100		28,316
Newpark Resources, Inc.(1)		1,154,800		9,458
Parker Drilling Company(1)		2,420,547		14,451
SEACOR Holdings Inc.(1)		223,600		21,416
Superior Energy Services, Inc.(1)		796,725		21,002
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Tidewater Inc.		856,200	$	46,252
				140,895
Oil, Gas & Consumable Fuels - 5.9%
Cloud Peak Energy Inc.(1)		3,009,200		47,937
Comstock Resources, Inc.(1)(2)		2,462,990		38,989
Forest Oil Corporation(1)		2,965,190		35,938
Lone Pine Resources Inc.(1)		3,002,511		19,516
World Fuel Services Corporation		915,700		37,544
				179,924
FINANCIALS - 6.7%
Diversified Financial Services - 0.9%
PICO Holdings, Inc.(1)(2)		1,220,290		28,616
Insurance - 2.8%
Allied World Assurance Company Holdings, Ltd		300,055		20,605
Alterra Capital Holdings Limited		432,075		9,929
Endurance Specialty Holdings Ltd.		528,123		21,474
Platinum Underwriters Holdings, Ltd.		940,200		34,317
				86,325
Real Estate Investment Trusts (REITS) - 3.0%
Anworth Mortgage Asset Corporation		1,672,400		11,004
Cypress Sharpridge Investments, Inc.		1,216,300		15,921
Hatteras Financial Corp.(2)		1,758,900		49,073
Potlatch Corporation		456,101		14,294
				90,292
HEALTHCARE - 2.7%
Biotechnology - 0.3%
Enzon Pharmaceuticals, Inc.(1)		1,448,300		9,906
Health Care Equipment & Supplies - 1.5%
CONMED Corporation		1,117,459		33,379
STERIS Corporation		354,400		11,206
				44,585
Life Sciences Tools & Services - 0.9%
ICON PLC (DR)(1)(2)(3)		1,351,441		28,678

26

	Shares Held		Value
INDUSTRIALS - 25.5%
Aerospace & Defense - 2.6%
Curtiss-Wright Corporation		467,800	$	17,313
Spirit AeroSystems Holdings, Inc., Class A(1)		1,724,379		42,178
Teledyne Technologies Incorporated(1)		312,172		19,682
				79,173
Air Freight & Logistics - 1.3%
Atlas Air Worldwide Holdings, Inc.(1)		796,100		39,176
Airlines - 0.4%
Hawaiian Holdings, Inc.(1)		2,352,600		12,304
Building Products - 1.0%
Quanex Building Products Corporation		1,759,826		31,026
Commercial Services & Supplies - 3.2%
Quad/Graphics, Inc., Class A		848,200		11,790
Sykes Enterprises, Incorporated(1)(2)		2,916,694		46,084
Tetra Tech, Inc.(1)		1,520,400		40,078
				97,952
Construction & Engineering - 5.4%
Comfort Systems USA, Inc.(2)		2,505,826		27,339
EMCOR Group, Inc.		2,625,862		72,789
Granite Construction Incorporated		1,340,362		38,522
ORION MARINE GROUP, INC.(1)(2)		1,708,400		12,352
Tutor Perini Corporation(1)		788,200		12,280
				163,282
Electrical Equipment - 0.2%
Encore Wire Corporation		227,200		6,755
Machinery - 4.3%
Astec Industries, Inc.(1)		796,281		29,048
Harsco Corporation		539,100		12,647
Kaydon Corporation		674,700		17,212
Mueller Industries, Inc.		779,924		35,448
Woodward, Inc.		868,733		37,208
				131,563
Professional Services - 5.3%
CRA International, Inc.(1)(2)		621,479		15,674
FTI Consulting, Inc.(1)		1,855,765		69,628
Kforce Inc.(1)		1,099,000		16,375
Towers Watson & Co., Class A		586,487		38,749
TrueBlue, Inc.(1)		1,196,288		21,390
				161,816
Road & Rail - 1.8%
Ryder System, Inc.(2)		1,041,864		55,010
INFORMATION TECHNOLOGY -25.2%
Communications Equipment - 1.2%
ADTRAN, Inc.		565,100	$	17,625
Ixia(1)		1,496,388		18,690
				36,315
Computers & Peripherals - 5.6%
Diebold, Incorporated		1,968,466		75,825
Intermec, Inc.(1)		1,405,619		10,865
Lexmark International, Inc.(2)		1,348,287		44,817
Logitech International S.A.(1)(3)		1,079,700		8,422
QLogic Corporation(1)		1,764,400		31,336
				171,265
Electronic Equipment & Instruments - 4.3%
Arrow Electronics, Inc.(1)(2)		1,208,247		50,710
Benchmark Electronics, Inc.(1)		1,272,301		20,980
Orbotech, Ltd.(1)(3)		55,840		647
Power-One, Inc.(1)		3,269,500		14,876
Tech Data Corporation(1)		808,900		43,891
				131,104
Internet Software & Services - 1.3%
EarthLink, Inc.		4,974,240		39,744
IT Services - 3.2%
CACI International Inc(1)		767,350		47,798
CoreLogic, Inc.(1)		1,055,000		17,218
ManTech International Corporation, Class A		892,168		30,744
				95,760
Semiconductors & Semiconductor Equipment - 3.7%
Intersil Corporation		4,537,100		50,816
Rudolph Technologies, Inc.(1)		535,201		5,946
Ultratech, Inc.(1)(2)		1,884,437		54,611
				111,373
Software - 5.9%
Manhattan Associates, Inc.(1)		568,251		27,009
MicroStrategy Incorporated, Class A(1)		336,171		47,064
Progress Software Corporation(1)		2,218,523		52,402
Rosetta Stone Inc.(1)(2)		1,088,300		11,231
Websense, Inc.(1)(2)		1,948,737		41,099
				178,805
MATERIALS - 6.8%
Chemicals - 5.0%
H.B. Fuller Company(2)		2,541,433		83,435
Minerals Technologies Inc.		462,200		30,233
Sensient Technologies Corporation		1,017,715		38,673
				152,341

27

	Shares Held		Value
MATERIALS (CONTINUED)
Construction Materials - 0.4%
Eagle Materials Inc.		303,819	$	10,558
Metals & Mining - 1.4%
Schnitzer Steel Industries, Inc., Class A		1,040,000		41,491
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 1.4%
Atlantic Tele-Network, Inc.		619,614		22,529
Neutral Tandem, Inc.(1)(2)		1,732,000		21,113
				43,642
UTILITIES - 1.5%
Electrical Utilities - 1.5%
Cleco Corporation		560,171		22,211
Portland General Electric Company		879,370		21,967
				44,178
Total common stocks (Cost $2,529,827)				2,900,056
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $137,922 (Cost $137,922)(4)	$	137,922	$	137,922
Total investments - 99.8% (Cost $2,667,749)				3,037,978
Other assets less liabilities - 0.2%				5,490
Total net assets - 100.0%(5)			$	3,043,468

⁽¹⁾  Non-income producing security.

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

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

Security	Country	Trading Currency
ICON PLC (DR)	Ireland	US dollar
Logitech International S.A.	Switzerland	US dollar
Orbotech, Ltd.	Israel	US dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		3.625	%		2/15/2020		140,682

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
H.B. Fuller Company	United States		2.7	%
Diebold, Incorporated	United States		2.5
EMCOR Group, Inc.	United States		2.4
FTI Consulting, Inc.	United States		2.3
Rent-A-Center, Inc.	United States		2.2
Ryder System, Inc.	United States		1.8
Ultratech, Inc.	United States		1.8
Progress Software Corporation	United States		1.7
Intersil Corporation	United States		1.7
Arrow Electronics, Inc.	United States		1.7
Total			20.8	%

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.

28

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.2%
CONSUMER DISCRETIONARY - 4.7%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		898,400	$	14,797
Multiline Retail - 2.7%
Target Corporation		356,000		20,744
CONSUMER STAPLES - 7.5%
Food & Staples Retailing - 5.5%
Tesco plc(1)		4,789,779		25,282
Wal-Mart Stores, Inc.		265,600		16,255
				41,537
Food Products - 2.0%
Unilever PLC (DR)(1)		463,320		15,313
ENERGY - 14.3%
Energy Equipment & Services - 5.8%
Baker Hughes Incorporated		648,600		27,202
Noble Corporation		435,100		16,303
				43,505
Oil, Gas & Consumable Fuels - 8.5%
Apache Corporation		265,600		26,677
Cimarex Energy Co.		302,200		22,807
Exxon Mobil Corporation		169,500		14,701
				64,185
FINANCIALS - 24.3%
Capital Markets - 4.5%
The Bank of New York Mellon Corporation		779,700		18,814
The Goldman Sachs Group, Inc.		119,805		14,900
				33,714
Insurance - 17.4%
Alleghany Corporation(2)		46,636		15,348
The Allstate Corporation		491,550		16,182
Arch Capital Group Ltd.(2)(3)		514,200		19,149
Berkshire Hathaway Inc., Class B(2)		429,430		34,848
The Chubb Corporation		288,200		19,918
The Progressive Corporation		1,135,700		26,326
				131,771
Real Estate Investment Trusts (REITS) - 2.4%
Annaly Capital Management, Inc.		1,169,600		18,503
HEALTHCARE - 4.4%
Health Care Equipment & Supplies - 1.9%
Becton, Dickinson and Company		186,500	$	14,482
Health Care Providers & Services - 2.5%
Cigna Corporation		383,900		18,907
INDUSTRIALS - 2.9%
Construction & Engineering - 2.9%
Jacobs Engineering Group Inc.(2)		491,600		21,812
INFORMATION TECHNOLOGY - 31.6%
Communications Equipment - 4.2%
Cisco Systems, Inc.		1,491,700		31,549
Computers & Peripherals - 7.6%
Apple Inc.(2)		67,572		40,507
Hewlett-Packard Company		695,000		16,562
				57,069
Electronic Equipment & Instruments - 5.9%
Avnet, Inc.(2)(3)		649,800		23,646
Ingram Micro Inc.(2)(3)		1,147,000		21,288
				44,934
IT Services - 4.2%
Total System Services, Inc.		330,950		7,635
The Western Union Company		1,378,600		24,263
				31,898
Semiconductors & Semiconductor Equipment - 3.5%
Texas Instruments Incorporated		785,400		26,397
Software - 6.2%
Microsoft Corporation		638,500		20,592
Oracle Corporation		909,700		26,527
				47,119
TELECOMMUNICATION SERVICES - 2.5%
Wireless Telecommunication Services - 2.5%
Vodafone Group Plc (DR)(1)		683,300		18,907
Total common stocks (Cost $609,670)				697,143

29

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $58,413 (Cost $58,413)(4)	$	58,413	$	58,413
Total investments - 99.9% (Cost $668,083)				755,556
Other assets less liabilities - 0.1%				493
Total net assets - 100.0%(5)			$	756,049

⁽¹⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for information on how a particular country is assigned.

Security	Country	Trading Currency
Tesco plc	United Kingdom	British pound
Unilever PLC (DR)	United Kingdom	US dollar
Vodafone Group Plc (DR)	United Kingdom	US dollar

⁽²⁾  Non-income producing security.

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

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	59,583

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		5.4	%
Berkshire Hathaway Inc.	United States		4.6
Cisco Systems, Inc.	United States		4.2
Baker Hughes Incorporated	United States		3.6
Apache Corporation	United States		3.5
Oracle Corporation	United States		3.5
Texas Instruments Incorporated	United States		3.5
The Progressive Corporation	United States		3.5
Tesco plc	United Kingdom		3.3
The Western Union Company	United States		3.2
Total			38.3	%

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

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

30

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited)

Dollar values in thousands, except per share amounts

	GLOBAL EQUITY			GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	11,989		$	130,767
Investments in securities, affiliated, at value		-			4,675
Short-term investments (repurchase agreements), at value		185			28,255
Total investments		12,174			163,697
Cash		1			-	(1)
Foreign currency		8			4
Unrealized gain on foreign currency forward and spot contracts		-	(1)		214
Receivable from investments sold		159			1,004
Receivable from fund shares sold		30			497
Dividends and interest receivable		35			202
Total assets		12,407			165,618
LIABILITIES:
Unrealized loss on foreign currency forward and spot contracts		-			4
Payable for investments purchased		41			16,551
Payable for fund shares redeemed		11			798
Payable for operating expenses		70			52
Payable for foreign taxes		1			5
Total liabilities		123			17,410
Total net assets	$	12,284		$	148,208
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	10,301		$	130,509
Net unrealized appreciation on investments and foreign currency related transactions		1,845			17,731
Accumulated undistributed net investment income (loss)		11			(95	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions		127			63
	$	12,284		$	148,208
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	12,284		$	148,208
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		1,025,009			13,386,609
Net asset value, offering price and redemption price per share
Investor Shares	$	11.98		$	11.07
Cost of securities of unaffiliated issuers held	$	10,329		$	142,498
Cost of securities of affiliated issuers held	$	-		$	3,655
Cost of foreign currency	$	8		$	4

⁽¹⁾  Amount rounds to less than $1.

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

31

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	GROWTH OPPORTUNITIES			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	294,511		$	9,095,293
Short-term investments (repurchase agreements), at value		18,805			159,801
Total investments		313,316			9,255,094
Cash		1			1
Foreign currency		1			1,690
Unrealized gain on foreign currency forward and spot contracts		108			58
Receivable from investments sold		-			145,520
Receivable from fund shares sold		638			9,608
Dividends and interest receivable		115			32,104
Total assets		314,179			9,444,075
LIABILITIES:
Unrealized loss on foreign currency forward and spot contracts		2			411
Payable for investments purchased		6,776			35,935
Payable for fund shares redeemed		233			48,498
Payable for operating expenses		124			2,964
Payable for foreign taxes		92			1,147
Total liabilities		7,227			88,955
Total net assets	$	306,952		$	9,355,120
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	260,747		$	9,564,855
Net unrealized appreciation on investments and foreign currency related transactions		49,742			1,608,018
Accumulated undistributed net investment income (loss)		(1,105	)		32,098
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(2,432	)		(1,849,851	)
	$	306,952		$	9,355,120
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	169,016		$	6,998,634
Institutional Shares	$	137,936		$	2,356,486
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		12,319,536			305,639,938
Institutional Shares		10,054,781			102,340,078
Net asset value, offering price and redemption price per share
Investor Shares	$	13.72		$	22.90
Institutional Shares	$	13.72		$	23.03
Cost of securities of unaffiliated issuers held	$	263,595		$	7,646,998
Cost of foreign currency	$	1		$	1,690

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

32

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	645,924		$	4,346,766
Investments in securities, affiliated, at value		-			515,735
Short-term investments (repurchase agreements), at value		-			487,567
Total investments		645,924			5,350,068
Cash		-			-	(1)
Foreign currency		158			1,335
Unrealized gain on foreign currency forward and spot contracts		1			24,234
Receivable from investments sold		8,510			5,947
Receivable from fund shares sold		7,351			19,292
Dividends and interest receivable		1,074			13,515
Total assets		663,018			5,414,391
LIABILITIES:
Unrealized loss on foreign currency forward and spot contracts		20			1
Due to custodian		619			-
Payable for investments purchased		3,146			3,380
Payable for fund shares redeemed		389			7,921
Payable for operating expenses		299			1,075
Payable for foreign taxes		65			506
Total liabilities		4,538			12,883
Total net assets	$	658,480		$	5,401,508
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	557,910		$	4,641,539
Net unrealized appreciation on investments and foreign currency related transactions		138,799			806,226
Accumulated undistributed net investment income (loss)		(777	)		113
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(37,452	)		(46,370	)
	$	658,480		$	5,401,508
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	658,480		$	4,045,924
Institutional Shares				$	1,355,584
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		33,345,447			144,916,265
Institutional Shares					48,470,184
Net asset value, offering price and redemption price per share
Investor Shares	$	19.75		$	27.92
Institutional Shares				$	27.97
Cost of securities of unaffiliated issuers held	$	507,110		$	4,190,473
Cost of securities of affiliated issuers held	$	-		$	377,571
Cost of foreign currency	$	157		$	1,335

⁽¹⁾  Amount rounds to less than $1.

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

33

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	5,960,924		$	6,524,054
Investments in securities, affiliated, at value		300,236			1,136,605
Short-term investments (repurchase agreements), at value		296,054			437,749
Total investments		6,557,214			8,098,408
Cash		-	(1)		-	(1)
Receivable from investments sold		-			22,927
Receivable from fund shares sold		19,128			25,589
Dividends and interest receivable		2,429			17,193
Total assets		6,578,771			8,164,117
LIABILITIES:
Payable for investments purchased		31,324			8,048
Payable for fund shares redeemed		7,579			11,536
Payable for operating expenses		2,494			1,750
Total liabilities		41,397			21,334
Total net assets	$	6,537,374		$	8,142,783
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	4,114,863		$	6,690,708
Net unrealized appreciation on investments and foreign currency related transactions		2,342,826			1,306,835
Accumulated undistributed net investment income (loss)		(21,199	)		10,806
Accumulated undistributed net realized gains on investments and foreign currency related transactions		100,884			134,434
	$	6,537,374		$	8,142,783
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	5,498,450		$	8,104,011
Institutional Shares	$	1,038,924		$	38,772
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		138,178,391			375,995,478
Institutional Shares		25,193,761			1,798,588
Net asset value, offering price and redemption price per share
Investor Shares	$	39.79		$	21.55
Institutional Shares	$	41.24		$	21.56
Cost of securities of unaffiliated issuers held	$	4,015,682		$	5,862,839
Cost of securities of affiliated issuers held	$	198,706		$	928,734

⁽¹⁾  Amount rounds to less than $1.

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

34

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	SMALL CAP			SMALL CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	442,710		$	2,242,990
Investments in securities, affiliated, at value		39,175			657,066
Short-term investments (repurchase agreements), at value		17,588			137,922
Total investments		499,473			3,037,978
Cash		1			1
Receivable from investments sold		2,624			5,089
Receivable from fund shares sold		9,131			4,416
Dividends and interest receivable		243			3,296
Total assets		511,472			3,050,780
LIABILITIES:
Net unrealized loss on foreign currency forward contracts		-	(1)		-
Payable for investments purchased		5,715			5,358
Payable for fund shares redeemed		882			974
Payable for operating expenses		134			980
Total liabilities		6,731			7,312
Total net assets	$	504,741		$	3,043,468
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	509,958		$	2,664,092
Net unrealized appreciation on investments and foreign currency related transactions		141,154			370,229
Accumulated undistributed net investment income (loss)		(1,433	)		9,489
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(144,938	)		(342	)
	$	504,741		$	3,043,468
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	504,741		$	2,929,647
Institutional Shares				$	113,821
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		24,510,087			178,487,101
Institutional Shares					6,934,535
Net asset value, offering price and redemption price per share
Investor Shares	$	20.59		$	16.41
Institutional Shares				$	16.41
Cost of securities of unaffiliated issuers held	$	339,807		$	2,075,342
Cost of securities of affiliated issuers held	$	18,512		$	592,407

⁽¹⁾  Amount rounds to less than $1.

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

35

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	633,060
Investments in securities, affiliated, at value		64,083
Short-term investments (repurchase agreements), at value		58,413
Total investments		755,556
Cash		–	(1)
Receivable from investments sold		6,180
Receivable from fund shares sold		1,542
Dividends and interest receivable		1,365
Total assets		764,643
LIABILITIES:
Payable for investments purchased		8,094
Payable for fund shares redeemed		266
Payable for operating expenses		234
Total liabilities		8,594
Total net assets	$	756,049
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	724,628
Net unrealized appreciation on investments and foreign currency related transactions		87,473
Accumulated undistributed net investment income		363
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(56,415	)
	$	756,049
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	664,751
Institutional Shares	$	91,298
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		59,631,633
Institutional Shares		8,183,814
Net asset value, offering price and redemption price per share
Investor Shares	$	11.15
Institutional Shares	$	11.16
Cost of securities of unaffiliated issuers held	$	616,031
Cost of securities of affiliated issuers held	$	52,052

⁽¹⁾  Amount rounds to less than $1.

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

36

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited)

Dollar values in thousands

	GLOBAL EQUITY			GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	98		$	935
Interest		-	(2)		-	(2)
Total investment income		98			935
EXPENSES:
Advisory fees		57			470
Transfer agent fees
Investor Shares		43			131
Shareholder communications
Investor Shares		3			10
Custodian fees		12			24
Accounting fees		19			26
Professional fees		24			17
Registration fees
Investor Shares		32			22
Directors’ fees		3			3
Other operating expenses		2			2
Total operating expenses		195			705
Less amounts waived or paid by the Adviser		(109	)		-
Net Expenses		86			705
Net investment income		12			230
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(2)		166			483
Foreign currency related transactions		(2	)		60
		164			543
Net increase in unrealized appreciation or depreciation on:
Investments		2,308			15,952
Foreign currency related transactions		1			174
		2,309			16,126
Net gain on investments and foreign currency related transactions		2,473			16,669
Net increase in net assets resulting from operations	$	2,485		$	16,899

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized (loss) on investments from affiliated issuers
	Global Equity	$	4	$	-
	Global Value		36		(14	)

⁽²⁾  Amount rounds to less than $1.

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

37

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	GROWTH OPPORTUNITIES			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	497		$	81,255
Interest		1			22
Total investment income		498			81,277
EXPENSES:
Advisory fees		835			40,306
Transfer agent fees
Investor Shares		206			6,118
Institutional Shares		4			12
Shareholder communications
Investor Shares		15			355
Institutional Shares		-	(2)		20
Custodian fees		24			1,884
Accounting fees		23			37
Professional fees		34			207
Registration fees
Investor Shares		28			52
Institutional Shares		14			19
Directors’ fees		4			189
Other operating expenses		4			94
Total operating expenses		1,191			49,293
Net investment income (loss)		(693	)		31,984
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		(1,230	)		65,412
Foreign currency related transactions		(125	)		(2,807	)
		(1,355	)		62,605
Net increase in unrealized appreciation or depreciation on:
Investments		46,889			1,911,379
Foreign currency related transactions		31			726
		46,920			1,912,105
Net gain on investments and foreign currency related transactions		45,565			1,974,710
Net increase in net assets resulting from operations	$	44,872		$	2,006,694

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers
	Growth Opportunities	$	6
	International		3,230

⁽²⁾  Amount rounds to less than $1.

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

38

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	3,697		$	42,253
Dividends, from affiliated issuers(1)		-			565
Interest		1			16
Total investment income		3,698			42,834
EXPENSES:
Advisory fees		3,686			22,354
Transfer agent fees
Investor Shares		442			3,069
Institutional Shares					12
Shareholder communications
Investor Shares		31			254
Institutional Shares					14
Custodian fees		217			631
Accounting fees		26			36
Professional fees		34			108
Registration fees
Investor Shares		29			75
Institutional Shares					28
Directors’ fees		14			94
Other operating expenses		9			46
Total operating expenses		4,488			26,721
Net investment income (loss)		(790	)		16,113
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		9,305			(11,639	)
Foreign currency related transactions		(72	)		8,450
		9,233			(3,189	)
Net increase in unrealized appreciation or depreciation on:
Investments		102,763			812,004
Foreign currency related transactions		10			22,090
		102,773			834,094
Net gain on investments and foreign currency related transactions		112,006			830,905
Net increase in net assets resulting from operations	$	111,216		$	847,018

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated  issuers		Including net realized gain on investments from affiliated  issuers
	International Small Cap	$	88	$	-
	International Value		2,861		2,555

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

39

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	12,823		$	63,394
Dividends, from affiliated issuers(1)		-			8,645
Interest		14			18
Total investment income		12,837			72,057
EXPENSES:
Advisory fees		26,829			34,143
Transfer agent fees
Investor Shares		6,406			7,041
Institutional Shares		11			4
Shareholder communications
Investor Shares		252			553
Institutional Shares		11			2
Custodian fees		115			63
Accounting fees		30			19
Professional fees		120			139
Registration fees
Investor Shares		71			135
Institutional Shares		16			5
Directors’ fees		115			138
Other operating expenses		60			70
Total operating expenses		34,036			42,312
Net investment income (loss)		(21,199	)		29,745
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments(1)		211,756			189,126
Net increase in unrealized appreciation or depreciation on:
Investments		1,203,959			1,277,537
Net gain on investments and foreign currency related transactions		1,415,715			1,466,663
Net increase in net assets resulting from operations	$	1,394,516		$	1,496,408

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	Mid Cap	$	55	$	40,239
	Mid Cap Value		-		17,037

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

40

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP			SMALL CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	1,231		$	21,564
Dividends, from affiliated issuers(1)		-			5,086
Interest		1			5
Total investment income		1,232			26,655
EXPENSES:
Advisory fees		2,161			13,726
Transfer agent fees
Investor Shares		362			2,846
Institutional Shares					4
Shareholder communications
Investor Shares		45			313
Institutional Shares					2
Custodian fees		18			41
Accounting fees		21			21
Professional fees		18			58
Registration fees
Investor Shares		30			42
Institutional Shares					5
Directors’ fees		6			64
Other operating expenses		5			32
Total operating expenses		2,666			17,154
Net investment income (loss)		(1,434	)		9,501
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments(1)		8,074			9,018
Net increase in unrealized appreciation or depreciation on:
Investments		93,742			618,847
Net gain on investments and foreign currency related transactions		101,816			627,865
Net increase in net assets resulting from operations	$	100,382		$	637,366

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain (loss) on investments from affiliated issuers
	Small Cap	$	4	$	216
	Small Cap Value		-		(44,246	)

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

41

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers	$	5,342
Interest		11
Total investment income		5,353
EXPENSES:
Advisory fees		2,163
Transfer agent fees
Investor Shares		649
Institutional Shares		5
Shareholder communications
Investor Shares		47
Institutional Shares		1
Custodian fees		14
Accounting fees		23
Professional fees		25
Registration fees
Investor Shares		50
Institutional Shares		7
Directors’ fees		9
Other operating expenses		6
Total operating expenses		2,999
Net investment income		2,354
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		5,222
Foreign currency related transactions		(4	)
		5,218
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		111,512
Foreign currency related transactions		1
		111,513
Net gain on investments and foreign currency related transactions		116,731
Net increase in net assets resulting from operations	$	119,085

⁽¹⁾ Including net realized loss on investments from affiliated issuers of $ 113.

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

42

ARTISAN FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	GLOBAL EQUITY						GLOBAL VALUE
	Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income	$	12		$	36		$	230		$	304
Net realized gain (loss) on:
Investments		166			582			483			1,882
Foreign currency related transactions		(2	)		(7	)		60			(140	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		2,308			(962	)		15,952			(5,271	)
Foreign currency related transactions		1			6			174			6
Net increase (decrease) in net assets resulting from operations		2,485			(345	)		16,899			(3,219	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(28	)		(70	)		-			(313	)
Net realized gains on investment transactions:
Investor Shares		(191	)		(88	)		(1,393	)		-
Total distributions paid to shareholders		(219	)		(158	)		(1,393	)		(313	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(890	)		942			67,036			34,444
Total increase in net assets		1,376			439			82,542			30,912
Net assets, beginning of period		10,908			10,469			65,666			34,754
Net assets, end of period	$	12,284		$	10,908		$	148,208		$	65,666
Accumulated undistributed net investment income (loss)	$	11		$	27		$	(95	)	$	(325	)

⁽¹⁾  Unaudited.

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

43

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GROWTH OPPORTUNITIES						INTERNATIONAL
	Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income (loss)	$	(693	)	$	(999	)	$	31,984		$	121,485
Net realized gain (loss) on:
Investments		(1,230	)		2,181			65,412			994,852
Foreign currency related transactions		(125	)		(432	)		(2,807	)		(79	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		46,889			(14,114	)		1,911,379			(1,875,691	)
Foreign currency related transactions		31			(9	)		726			(1,399	)
Net increase (decrease) in net assets resulting from operations		44,872			(13,373	)		2,006,694			(760,832	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(87,816	)		(61,274	)
Institutional Shares		-			-			(33,126	)		(26,489	)
Net realized gains on investment transactions:
Investor Shares		(1,240	)		(1,034	)		-			-
Institutional Shares		(371	)		-			-			-
Total distributions paid to shareholders		(1,611	)		(1,034	)		(120,942	)		(87,763	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		107,964			97,676			(357,040	)		(973,666	)
Total increase (decrease) in net assets		151,225			83,269			1,528,712			(1,822,261	)
Net assets, beginning of period		155,727			72,458			7,826,408			9,648,669
Net assets, end of period	$	306,952		$	155,727		$	9,355,120		$	7,826,408
Accumulated undistributed net investment income (loss)	$	(1,105	)	$	(412	)	$	32,098		$	121,055

⁽¹⁾  Unaudited.

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

44

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE
	Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income (loss)	$	(790	)	$	2,539		$	16,113		$	51,313
Net realized gain (loss) on:
Investments		9,305			74,403			(11,639	)		140,973
Foreign currency related transactions		(72	)		(115	)		8,450			(18,918	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		102,763			(138,137	)		812,004			(483,261	)
Foreign currency related transactions		10			(65	)		22,090			1,338
Net increase (decrease) in net assets resulting from operations		111,216			(61,375	)		847,018			(308,555	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(2,354	)		(457	)		(1,955	)		(39,445	)
Institutional Shares								(1,195	)		(12,501	)
Net realized gains on investment transactions:
Investor Shares		-			-			(9,181	)		-
Institutional Shares								(3,059	)		-
Total distributions paid to shareholders		(2,354	)		(457	)		(15,390	)		(51,946	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(5,108	)		(180,835	)		294,398			1,298,269
Total increase (decrease) in net assets		103,754			(242,667	)		1,126,026			937,768
Net assets, beginning of period		554,726			797,393			4,275,482			3,337,714
Net assets, end of period	$	658,480		$	554,726		$	5,401,508		$	4,275,482
Accumulated undistributed net investment income (loss)	$	(777	)	$	2,367		$	113		$	(12,850	)

⁽¹⁾  Unaudited.

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

45

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP						MID CAP VALUE
	Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income (loss)	$	(21,199	)	$	(40,985	)	$	29,745		$	45,496
Net realized gain on:
Investments		211,756			665,237			189,126			585,460
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		1,203,959			(348,059	)		1,277,537			(531,683	)
Net increase in net assets resulting from operations		1,394,516			276,193			1,496,408			99,273
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(43,082	)		(48,963	)
Institutional Shares		-			-			-			-
Net realized gains on investment transactions:
Investor Shares		-			-			(499,737	)		(97,741	)
Institutional Shares		-			-			-			-
Total distributions paid to shareholders		-			-			(542,819	)		(146,704	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		132,102			(143,118	)		988,730			508,268
Total increase in net assets		1,526,618			133,075			1,942,319			460,837
Net assets, beginning of period		5,010,756			4,877,681			6,200,464			5,739,627
Net assets, end of period	$	6,537,374		$	5,010,756		$	8,142,783		$	6,200,464
Accumulated undistributed net investment income (loss)	$	(21,199	)	$	-		$	10,806		$	24,143

⁽¹⁾  Unaudited.

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

46

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP						SMALL CAP VALUE
	Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income (loss)	$	(1,434	)	$	(2,411	)	$	9,501		$	1,882
Net realized gain on:
Investments		8,074			81,909			9,018			317,544
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		93,742			(48,672	)		618,847			(422,880	)
Net increase (decrease) in net assets resulting from operations		100,382			30,826			637,366			(103,454	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(1,078	)		(2,837	)
Institutional Shares								-			-
Net realized gains on investment transactions:
Investor Shares		-			-			(238,253	)		-
Institutional Shares								-			-
Total distributions paid to shareholders		-			-			(239,331	)		(2,837	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		77,659			(26,856	)		38,170			23,138
Total increase (decrease) in net assets		178,041			3,970			436,205			(83,153	)
Net assets, beginning of period		326,700			322,730			2,607,263			2,690,416
Net assets, end of period	$	504,741		$	326,700		$	3,043,468		$	2,607,263
Accumulated undistributed net investment income (loss)	$	(1,433	)	$	-		$	9,489		$	1,066

⁽¹⁾  Unaudited.

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

47

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	VALUE
	Six Months Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income	$	2,354		$	3,743
Net realized gain (loss) on:
Investments		5,222			32,265
Foreign currency related transactions		(4	)		(41	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		111,512			(42,872	)
Foreign currency related transactions		1			(1	)
Net increase (decrease) in net assets resulting from operations		119,085			(6,906	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(3,915	)		(2,455	)
Institutional Shares		(682	)		-
Total distributions paid to shareholders		(4,597	)		(2,455	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		179,399			205,150
Total increase in net assets		293,887			195,789
Net assets, beginning of period		462,162			266,373
Net assets, end of period	$	756,049		$	462,162
Accumulated undistributed net investment income	$	363		$	2,606

⁽¹⁾  Unaudited.

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

48

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) held throughout the entire period.

	ARTISAN GLOBAL EQUITY FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010(2)
Net Asset Value Beginning of Period	$	9.83		$	10.23		$	10.00
Net Investment Income (Loss)(3)		0.01			(0.03	)		0.03
Net Realized and Unrealized Gain (Loss) on Investments		2.35			(0.23	)		0.20
Total Income (Loss) from Investment Operations		2.36			(0.26	)		0.23
Dividends from Net Investment Income		(0.03	)		(0.06	)		-
Distributions from Net Realized Gains		(0.18	)		(0.08	)		-
Total Distributions		(0.21	)		(0.14	)		-
Net Asset Value End of Period	$	11.98		$	9.83		$	10.23
Total Return(4)		24.33	%		(2.66	)%		2.30	%
Net Assets End of Period (millions)	$	12.3		$	10.9		$	10.5
Ratio of Expenses to Average Net Assets(5)(6)		1.50	%		1.50	%		1.50	%
Ratio of Net Investment Income to Average Net Assets(5)(6)		0.22	%		0.28	%		0.69	%
Portfolio Turnover Rate(4)		50.60	%		150.01	%		60.81	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

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

⁽³⁾  Computed based on average shares outstanding.

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

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

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

Year or     Period Ended		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets
	3/31/2012		3.40	%		(1.69	)%
	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.

49

ARTISAN FUNDS

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

	ARTISAN GLOBAL VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008(2)
Net Asset Value Beginning of Period	$	9.28		$	9.37		$	8.64		$	8.32		$	10.00
Net Investment Income(3)		0.03			0.06			0.06			0.08			0.10
Net Realized and Unrealized Gain (Loss) on Investments		1.93			(0.07	)		0.87			0.29			(1.78	)
Total Income (Loss) from Investment Operations		1.96			(0.01	)		0.93			0.37			(1.68	)
Dividends from Net Investment Income		-			(0.08	)		(0.20	)		(0.05	)		-
Distributions from Net Realized Gains		(0.17	)		-			-			-			-
Total Distributions		(0.17	)		(0.08	)		(0.20	)		(0.05	)		-
Net Asset Value End of Period	$	11.07		$	9.28		$	9.37		$	8.64		$	8.32
Total Return(4)		21.31	%		(0.23	)%		10.98	%		4.65	%		(16.80	)%
Net Assets End of Period (millions)	$	148.2		$	65.7		$	34.8		$	28.6		$	9.6
Ratio of Expenses to Average Net Assets(5)(6)		1.50	%		1.50	%		1.50	%		1.50	%		1.44	%
Ratio of Net Investment Income to Average Net Assets(5)(6)		0.49	%		0.56	%		0.71	%		1.11	%		1.39	%
Portfolio Turnover Rate(4)		15.58	%		32.32	%		34.52	%		56.57	%		42.27	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

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

⁽³⁾  Computed based on average shares outstanding.

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

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

⁽⁶⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by the Adviser or the board of directors. Absent expenses waived or paid by the Adviser or the board of directors, the ratios of expenses to average net assets and net investment income (loss) to average net assets would have been as follows:

Year or Period Ended	Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets
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.

50

ARTISAN FUNDS

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

	ARTISAN GROWTH OPPORTUNITIES FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008(2)
Net Asset Value Beginning of Period	$	10.90		$	10.99		$	9.14		$	9.32		$	10.00
Net Investment Loss(3)		(0.05	)		(0.09	)		(0.09	)		(0.05	)		-	(7)
Net Realized and Unrealized Gain (Loss) on Investments		2.98			0.13			1.94			(0.13	)		(0.68	)
Total Income (Loss) from Investment Operations		2.93			0.04			1.85			(0.18	)		(0.68	)
Dividends from Net Investment Income		-			-			-			-			-
Distributions from Net Realized Gains		(0.11	)		(0.13	)		-			-			-
Total Distributions		(0.11	)		(0.13	)		-			-			-
Net Asset Value End of Period	$	13.72		$	10.90		$	10.99		$	9.14		$	9.32
Total Return(4)		27.27	%		0.14	%		20.24	%		(1.93	)%		(6.80	)%
Net Assets End of Period (millions)	$	169.0		$	142.8		$	72.5		$	45.6		$	5.7
Ratio of Expenses to Average Net Assets(5)(6)		1.33	%		1.40	%		1.50	%		1.47	%		1.50	%
Ratio of Net Investment Loss to Average Net Assets(5)(6)		(0.83	)%		(0.73	)%		(0.91	)%		(0.59	)%		(0.69	)%
Portfolio Turnover Rate(4)		18.24	%		76.18	%		79.99	%		101.01	%		3.05	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

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

⁽³⁾  Computed based on average shares outstanding.

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

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

⁽⁶⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by 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 loss to average net assets would have been as follows:

Year or Period Ended	Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets
9/30/2010		1.54	%		(0.95	)%
9/30/2009		2.24	%		(1.36	)%
9/30/2008		48.41	%		(47.60	)%

⁽⁷⁾  Amount is between $0.005 and $(0.005) per share.

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

51

ARTISAN FUNDS

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

	ARTISAN INTERNATIONAL FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	18.37		$	20.57		$	20.16		$	20.34		$	33.75		$	28.75
Net Investment Income(2)		0.07			0.26			0.17			0.23			0.36			0.31
Net Realized and Unrealized Gain (Loss) on Investments		4.74			(2.28	)		0.49			0.48			(9.10	)		7.45
Total Income (Loss) from Investment Operations		4.81			(2.02	)		0.66			0.71			(8.74	)		7.76
Dividends from Net Investment Income		(0.28	)		(0.18	)		(0.25	)		(0.19	)		(0.20	)		(0.43	)
Distributions from Net Realized Gains		-			-			-			(0.70	)		(4.47	)		(2.33	)
Total Distributions		(0.28	)		(0.18	)		(0.25	)		(0.89	)		(4.67	)		(2.76	)
Net Asset Value End of Period	$	22.90		$	18.37		$	20.57		$	20.16		$	20.34		$	33.75
Total Return(3)		26.51	%		(9.95	)%		3.27	%		5.00	%		(29.99	)%		28.69	%
Net Assets End of Period (millions)	$	6,998.6		$	5,837.1		$	7,294.7		$	7,715.1		$	8,760.0		$	12,810.0
Ratio of Expenses to Average Net Assets(4)		1.19	%		1.22	%		1.23	%		1.22	%		1.22	%		1.21	%
Ratio of Net Investment Income to Average Net Assets(4)		0.69	%		1.18	%		0.86	%		1.47	%		1.28	%		1.01	%
Portfolio Turnover Rate(3)		31.38	%		70.36	%		70.51	%		82.38	%		54.42	%		66.30	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽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.

52

ARTISAN FUNDS

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

	ARTISAN INTERNATIONAL SMALL CAP FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	16.44		$	18.63		$	16.66		$	14.28		$	26.96		$	22.77
Net Investment Income (Loss)(2)		(0.02	)		0.07			0.02			0.12			0.21			0.11
Net Realized and Unrealized Gain (Loss) on Investments		3.40			(2.25	)		2.07			2.62			(9.26	)		8.54
Total Income (Loss) from Investment Operations		3.38			(2.18	)		2.09			2.74			(9.05	)		8.65
Dividends from Net Investment Income		(0.07	)		(0.01	)		(0.12	)		(0.16	)		(0.20	)		(0.70	)
Distributions from Net Realized Gains		-			-			-			(0.20	)		(3.43	)		(3.76	)
Total Distributions		(0.07	)		(0.01	)		(0.12	)		(0.36	)		(3.63	)		(4.46	)
Net Asset Value End of Period	$	19.75		$	16.44		$	18.63		$	16.66		$	14.28		$	26.96
Total Return(3)		20.66	%		(11.70	)%		12.60	%		20.59	%		(38.44	)%		43.10	%
Net Assets End of Period (millions)	$	658.5		$	554.7		$	797.4		$	695.8		$	732.4		$	1,356.0
Ratio of Expenses to Average Net Assets(4)		1.52	%		1.50	%		1.50	%		1.50	%		1.51	%		1.52	%
Ratio of Net Investment Income (Loss) to Average Net Assets(4)		(0.27	)%		0.35	%		0.14	%		0.99	%		0.96	%		0.45	%
Portfolio Turnover Rate(3)		21.82	%		44.76	%		73.90	%		58.42	%		42.80	%		49.85	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽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.

53

ARTISAN FUNDS

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

	ARTISAN INTERNATIONAL VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009				9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	23.44		$	24.74		$	22.83		$	21.20			$	28.49		$	26.71
Net Investment Income(2)		0.08			0.30			0.31			0.17				0.45			0.38
Net Realized and Unrealized Gain (Loss) on Investments		4.48			(1.25	)		2.02			1.67				(5.56	)		3.12
													��
Total Income (Loss) from Investment Operations		4.56			(0.95	)		2.33			1.84				(5.11	)		3.50
Dividends from Net Investment Income		(0.01	)		(0.35	)		(0.42	)		(0.21	)			(0.51	)		(0.44	)
Distributions from Net Realized Gains		(0.07	)		-			-			-				(1.67	)		(1.28	)
Total Distributions		(0.08	)		(0.35	)		(0.42	)		(0.21	)			(2.18	)		(1.72	)
Net Asset Value End of Period	$	27.92		$	23.44		$	24.74		$	22.83			$	21.20		$	28.49
Total Return(3)		19.52	%		(4.01	)%		10.39	%		8.95	%			(19.10	)%		13.28	%
Net Assets End of Period (millions)	$	4,045.9		$	3,232.6		$	2,688.2		$	1,739.5			$	1,029.4		$	1,594.7
Ratio of Expenses to Average Net Assets(4)		1.16	%		1.18	%		1.21	%		1.25	%			1.23	%		1.23	%
Ratio of Net Investment Income to Average Net Assets(4)		0.63	%		1.10	%		1.34	%		0.95	%			1.83	%		1.34	%
Portfolio Turnover Rate(3)		13.70	%		30.90	%		21.02	%		55.49	%			44.72	%		45.60	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽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.

54

ARTISAN FUNDS

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

	ARTISAN MID CAP FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	31.14		$	29.55		$	24.28		$	24.08		$	37.06		$	31.77
Net Investment Loss(2)		(0.14	)		(0.26	)		(0.20	)		(0.11	)		(0.22	)		(0.24	)
Net Realized and Unrealized Gain (Loss) on Investments		8.79			1.85			5.47			0.59			(6.86	)		9.00
Total Income (Loss) from Investment Operations		8.65			1.59			5.27			0.48			(7.08	)		8.76
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	$	39.79		$	31.14		$	29.55		$	24.28		$	24.08		$	37.06
Total Return(3)		27.78	%		5.38	%		21.71	%		2.47	%		(22.47	)%		29.83	%
Net Assets End of Period (millions)	$	5,498.5		$	4,500.8		$	4,375.2		$	3,688.6		$	3,732.3		$	5,319.3
Ratio of Expenses to Average Net Assets(4)		1.21	%		1.24	%		1.23	%		1.23	%		1.24	%		1.22	%
Ratio of Net Investment Loss to Average Net Assets(4)		(0.77	)%		(0.75	)%		(0.77	)%		(0.57	)%		(0.75	)%		(0.73	)%
Portfolio Turnover Rate(3)		23.69	%		62.87	%		63.46	%		68.39	%		79.76	%		71.04	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  Computed based on average shares outstanding.

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

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

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

55

ARTISAN FUNDS

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

	ARTISAN MID CAP VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	18.88		$	18.86		$	16.85		$	17.01		$	21.70		$	19.87
Net Investment Income(2)		0.08			0.14			0.11			0.08			0.03			0.09
Net Realized and Unrealized Gain (Loss) on Investments		4.21			0.36			1.97			(0.10	)		(2.31	)		2.98
Total Income (Loss) from Investment Operations		4.29			0.50			2.08			(0.02	)		(2.28	)		3.07
Dividends from Net Investment Income		(0.13	)		(0.16	)		(0.07	)		(0.02	)		(0.08	)		(0.06	)
Distributions from Net Realized Gains		(1.49	)		(0.32	)		-			(0.12	)		(2.33	)		(1.18	)
Total Distributions		(1.62	)		(0.48	)		(0.07	)		(0.14	)		(2.41	)		(1.24	)
Net Asset Value End of Period	$	21.55		$	18.88		$	18.86		$	16.85		$	17.01		$	21.70
Total Return(3)		23.82	%		2.51	%		12.35	%		0.21	%		(11.16	)%		15.88	%
Net Assets End of Period (millions)	$	8,104.0		$	6,200.5		$	5,739.6		$	4,628.0		$	3,231.5		$	3,420.7
Ratio of Expenses to Average Net Assets(4)		1.16	%		1.20	%		1.21	%		1.21	%		1.21	%		1.20	%
Ratio of Net Investment Income to Average Net Assets(4)		0.81	%		0.68	%		0.60	%		0.62	%		0.18	%		0.41	%
Portfolio Turnover Rate(3)		12.09	%		31.85	%		37.71	%		53.84	%		69.77	%		53.62	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  Computed based on average shares outstanding.

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

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

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

56

ARTISAN FUNDS

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

	ARTISAN SMALL CAP FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	16.01		$	14.40		$	12.88		$	13.13		$	19.89		$	17.51
Net Investment Loss(2)		(0.06	)		(0.13	)		(0.09	)		(0.05	)		(0.09	)		(0.13	)
Net Realized and Unrealized Gain (Loss) on Investments		4.64			1.74			1.61			(0.18	)		(4.82	)		2.87
Total Income (Loss) from Investment Operations		4.58			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	$	20.59		$	16.01		$	14.40		$	12.88		$	13.13		$	19.89
Total Return(3)		28.61	%		11.18	%		11.80	%		(1.73	)%		(26.64	)%		15.84	%
Net Assets End of Period (millions)	$	504.7		$	326.7		$	322.7		$	437.0		$	587.1		$	1,151.5
Ratio of Expenses to Average Net Assets(4)		1.23	%		1.29	%		1.31	%		1.26	%		1.22	%		1.18	%
Ratio of Net Investment Loss to Average Net Assets(4)		(0.66	)%		(0.73	)%		(0.67	)%		(0.47	)%		(0.58	)%		(0.70	)%
Portfolio Turnover Rate(3)		39.58	%		80.26	%		62.67	%		80.51	%		96.90	%		74.32	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  Computed based on average shares outstanding.

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

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

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

57

ARTISAN FUNDS

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

	ARTISAN SMALL CAP VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	14.30		$	14.85		$	13.56		$	13.93		$	18.13		$	19.17
Net Investment Income (Loss)(2)		0.05			0.01			0.02			0.02			(0.02	)		(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments		3.42			(0.54	)		1.29			(0.07	)		(1.09	)		1.44
Total Income (Loss) from Investment Operations		3.47			(0.53	)		1.31			(0.05	)		(1.11	)		1.43
Dividends from Net Investment Income		(0.01	)		(0.02	)		(0.02	)		-			-			-
Distributions from Net Realized Gains		(1.35	)		-			-			(0.32	)		(3.09	)		(2.47	)
Total Distributions		(1.36	)		(0.02	)		(0.02	)		(0.32	)		(3.09	)		(2.47	)
Net Asset Value End of Period	$	16.41		$	14.30		$	14.85		$	13.56		$	13.93		$	18.13
Total Return(3)		25.49	%		(3.61	)%		9.64	%		0.46	%		(5.77	)%		7.48	%
Net Assets End of Period (millions)	$	2,929.6		$	2,607.3		$	2,690.4		$	2,156.5		$	1,902.1		$	2,151.2
Ratio of Expenses to Average Net Assets(4)		1.18	%		1.20	%		1.22	%		1.22	%		1.20	%		1.19	%
Ratio of Net Investment Income (Loss) to Average Net Assets(4)		0.64	%		0.06	%		0.11	%		0.20	%		(0.16	)%		(0.03	)%
Portfolio Turnover Rate(3)		11.66	%		47.45	%		37.14	%		63.05	%		75.49	%		72.38	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  Computed based on average shares outstanding.

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

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

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

58

ARTISAN FUNDS

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

	ARTISAN VALUE FUND
	Investor Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	9.11		$	8.91		$	8.12		$	8.58		$	12.22		$	10.41
Net Investment Income(2)		0.04			0.09			0.07			0.06			0.08			0.20
Net Realized and Unrealized Gain (Loss) on Investments		2.08			0.19			0.76			(0.44	)		(2.70	)		1.73
Total Income (Loss) from Investment Operations		2.12			0.28			0.83			(0.38	)		(2.62	)		1.93
Dividends from Net Investment Income		(0.08	)		(0.08	)		(0.04	)		(0.08	)		(0.14	)		(0.03	)
Distributions from Net Realized Gains		-			-			-			-			(0.88	)		(0.09	)
Total Distributions		(0.08	)		(0.08	)		(0.04	)		(0.08	)		(1.02	)		(0.12	)
Net Asset Value End of Period	$	11.15		$	9.11		$	8.91		$	8.12		$	8.58		$	12.22
Total Return(3)		23.43	%		3.10	%		10.19	%		(4.10	)%		(22.88	)%		18.65	%
Net Assets End of Period (millions)	$	664.8		$	408.6		$	266.4		$	181.1		$	230.3		$	278.7
Ratio of Expenses to Average Net Assets(4)		1.03	%		1.10	%		1.27	%		1.32	%		1.23	%		1.24	%
Ratio of Net Investment Income to Average Net Assets(4)		0.75	%		0.95	%		0.86	%		0.84	%		0.77	%		1.71	%
Portfolio Turnover Rate(3)		33.59	%		78.36	%		70.69	%		85.44	%		99.24	%		50.79	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  Computed based on average shares outstanding.

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

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

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

59

ARTISAN FUNDS

Notes to Financial Statements – March 31, 2012 (Unaudited)

(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 will continue to do business as Artisan Funds. Artisan Funds is a series comprised of twelve open-end, diversified mutual funds. The following funds (each a “Fund” and collectively the “Funds”) are covered by this report:

Fund Name	Inception Date
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007
Artisan Growth Opportunities Fund (“Growth Opportunities Fund” or “Growth Opportunities”)		September 22, 2008
Artisan International Fund (“International Fund” or “International”)		December 28, 1995
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)		December 21, 2001
Artisan International Value Fund (“International Value Fund” or “International Value”)		September 23, 2002
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)		March 28, 1995
Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)		September 29, 1997
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006

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, Mid Cap Value Fund, Small Cap Value Fund and Value Fund began offering Institutional Shares on July 26, 2011, July 1, 1997, October 1, 2006, July 1, 2000, February 1, 2012, February 1, 2012 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.

60

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

(2) Summary of significant accounting policies:

The following is a summary of significant accounting policies of 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 each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining NAV, each equity security traded on a securities exchange, including the Nasdaq Stock Market, and over-the-counter securities were valued at the closing price as of the time of valuation on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for a principal exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary 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.

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

61

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

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, and a Fund may therefore have used fair value pricing, if, among other things, the valuation committee believed that the price determined did not reflect a fair value of the security or 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 (a “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 values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Funds monitored for subsequent events using several tools, including the use of a third party research service 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. 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 the third party research service.

When fair value pricing is employed, the value of a portfolio security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Estimates of fair values utilized by the Funds as described above may differ from the value realized on the sale of those securities and the differences may have been material to the NAV of the applicable Fund.

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; political instability and expropriation and nationalization risks. The risks of foreign investments are typically greater in emerging and less developed markets.

62

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(b) Fair value measurements – Under United States 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 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and 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)

• 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 March 31, 2012 (in thousands):

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Global Equity
Equity Securities(1)	$	11,989	$	-	$	-	$	11,989
Repurchase Agreements		-		185		-		185
Total	$	11,989	$	185	$	-	$	12,174
Global Value
Equity and Equity-Linked Securities(1)
Americas	$	84,065	$	-	$	-	$	84,065
Europe		43,464		1,867		-		45,331
Pacific Basin		6,046		-		-		6,046
Repurchase Agreements		-		28,255		-		28,255
Total Investments in Securities		133,575		30,122		-		163,697

63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 –Significant Unobservable Inputs		Total
Global Value (continued)
Derivatives:
Foreign Currency Forward Contracts(2)		-		194		-		194
Total	$	133,575	$	30,316	$	-	$	163,891
Growth Opportunities
Equity Securities(1)	$	294,511	$	-	$	-	$	294,511
Repurchase Agreements		-		18,805		-		18,805
Total Investments in Securities		294,511		18,805		-		313,316
Derivatives:
Foreign Currency Forward Contracts(2)		-		108		-		108
Total	$	294,511	$	18,913	$	-	$	313,424
International
Equity Securities(1)	$	9,095,293	$	-	$	-	$	9,095,293
Repurchase Agreements		-		159,801		-		159,801
Total	$	9,095,293	$	159,801	$	-	$	9,255,094
International Small Cap
Equity Securities(1)
Emerging Markets	$	154,098	$	3,487	$	-	$	157,585
Europe		390,423		-		-		390,423
Pacific Basin		97,916		-		-		97,916
Total	$	642,437	$	3,487	$	-	$	645,924
International Value
Equity and Equity-Linked Securities(1)
Americas	$	999,458	$	-	$	-	$	999,458
Emerging Markets		31,131		-		-		31,131
Europe		3,104,110		131,207		-		3,235,317
Pacific Basin		596,595		-		-		596,595
Repurchase Agreements		-		487,567		-		487,567
Total Investments in Securities		4,731,294		618,774		-		5,350,068
Derivatives:
Foreign Currency Forward Contracts(2)		-		24,228		-		24,228
Total	$	4,731,294	$	643,002	$	-	$	5,374,296
Mid Cap
Equity Securities(1)	$	6,261,160	$	-	$	-	$	6,261,160
Repurchase Agreements		-		296,054		-		296,054
Total	$	6,261,160	$	296,054	$	-	$	6,557,214

64

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 –Significant Unobservable Inputs		Total
Mid Cap Value
Equity Securities(1)	$	7,660,659	$	-	$	-	$	7,660,659
Repurchase Agreements		-		437,749		-		437,749
Total	$	7,660,659	$	437,749	$	-	$	8,098,408
Small Cap Fund
Equity Securities(1)	$	481,885	$	-	$	-	$	481,885
Repurchase Agreements		-		17,588		-		17,588
Total	$	481,885	$	17,588	$	-	$	499,473
Small Cap Value Fund
Equity Securities(1)	$	2,900,056	$	-	$	-	$	2,900,056
Repurchase Agreements		-		137,922		-		137,922
Total	$	2,900,056	$	137,922	$	-	$	3,037,978
Value
Equity Securities(1)	$	697,143	$	-	$	-	$	697,143
Repurchase Agreements		-		58,413		-		58,413
Total	$	697,143	$	58,413	$	-	$	755,556
(1) See the Fund’s Schedule of Investments for sector or country classifications.
(2) Derivative instruments are valued at unrealized appreciation.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between the levels as of the end of the period. At September 30, 2011, the fair market value of certain securities was adjusted 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 which resulted in their Level 2 classification. The following table summarizes security transfers between Level 1 and Level 2 for each Fund as of March 31, 2012 (in thousands):

	Transfers from Level 2 to Level 1
Global Equity	$	4,621
Global Value		41,841
Growth Opportunities		24,081
International		7,153,521
International Small Cap		534,892
International Value		3,401,229
Value Fund		25,282

As of March 31, 2012, 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

65

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

the sale of investment securities. The Funds may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2008 through 2011) and have concluded that as of March 31, 2012, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and 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 spot contracts and (b) foreign currency forward contracts. Foreign currency spot 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 non-U.S. dollar denominated investment securities. Open foreign currency spot 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 and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

66

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of March 31, 2012, Global Value, Growth Opportunities and International Value had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

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

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

67

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

During the six months ended March 31, 2012, the Funds did not enter into any options contracts.

(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 and International Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are derivative securities which are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities, subject to the credit risk of the issuing financial institution. 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 authorized agent provided such services, or was a percentage, as of March 31, 2012 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. The balance of the fees incurred was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer

68

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

agent and the fees to authorized agents incurred by each class of each Fund during the six months ended March 31, 2012 (in thousands):

	Six Months Ended 3/31/12
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Global Equity - Investor Shares	$	33	$	10	$	43
Global Value - Investor Shares		34		97		131
Growth Opportunities - Investor Shares		36		170		206
Growth Opportunities - Institutional Shares		4		-		4
International - Investor Shares		352		5,766		6,118
International - Institutional Shares		12		-		12
International Small Cap - Investor Shares		42		400		442
International Value - Investor Shares		242		2,827		3,069
International Value - Institutional Shares		12		-		12
Mid Cap - Investor Shares		69		6,337		6,406
Mid Cap - Institutional Shares		11		-		11
Mid Cap Value - Investor Shares		293		6,748		7,041
Mid Cap Value - Institutional Shares(1)		4		-		4
Small Cap - Investor Shares		53		309		362
Small Cap Value - Investor Shares		53		2,793		2,846
Small Cap Value - Institutional Shares(1)		4		-		4
Value - Investor Shares		52		597		649
Value - Institutional Shares		5		-		5
(1) For the period of commencement of operations February 1, 2012 through March 31, 2012.

(k) Commission recapture – Each of the Funds had the ability to direct portfolio trades to various brokers that have agreed to rebate a portion of the commissions generated. Such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the six months ended March 31, 2012 as follows (in thousands):

Growth Opportunities	$	8
International		100
International Value		51
Mid Cap		66
Mid Cap Value		98
Small Cap		11
Small Cap Value		85
Value		16

(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

69

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

various potential costs or liabilities. The Funds’ maximum exposure under these arrangements is unknown. No claim was 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 shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including but not limited to when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(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.

70

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(3) Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2012 was as follows (in thousands):

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	194
	Foreign currency forward contracts	Unrealized loss on foreign currency contracts		-	(1)
Total			$	194
Growth Opportunities	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	108
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	24,228

⁽¹⁾  Amount rounds to less than $1.

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2012 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	$	64
Growth Opportunities	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	37
International Value	Foreign currency forward contracts	Net realized gain (loss) on foreign currency related transactions	$	8,446

⁽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 Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	179
Growth Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		103
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		22,323

Volume of derivative activity

For the six months ended March 31, 2012, Global Value Fund, Growth Opportunities Fund and International Value Fund each held and closed out of two foreign currency forward contracts in addition to opening one foreign currency forward contract that is presented on each of the respective Schedules of Investments. Global Equity Fund closed out of one foreign currency forward contract during the six months ended March 31, 2012.

(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

71

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

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

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

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

72

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

February 1, 2013, at which time the Adviser will determine whether to renew, revise or discontinue it. For the six months ended March 31, 2012, Global Equity Fund incurred management fees of $57,000 that were waived by the Adviser and operating expenses of $52,000 that were reimbursed by the Adviser.

The officers and director of Artisan Funds who are affiliated with the Adviser receive no compensation from the Funds. Each director who was not an affiliated person of the Adviser received an annual retainer of $200,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increases by $10,000 with each new series of Artisan Funds. In addition, the non-interested chair of the board of directors received an annual retainer of $60,000, payable quarterly, and each chair of a board committee who was a non-interested director received an annual retainer of $30,000, payable quarterly. 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 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 March 31, 2012, no 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. 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 is allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the six months ended March 31, 2012, 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 Value Fund and Value Fund. During the six months ended March 31, 2012, Global Equity Fund, International Small Cap Fund and Small Cap Fund had maximum borrowings of $46,000, $617,000 and $7,888,000, respectively.

73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(6) Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the six months ended March 31, 2012 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Global Equity	$	5,680	$	6,688
Global Value		70,972		14,111
Growth Opportunities		139,324		33,760
International		2,636,208		3,064,907
International Small Cap		150,829		125,081
International Value		611,028		636,724
Mid Cap		1,358,177		1,299,457
Mid Cap Value		1,035,103		838,632
Small Cap		227,263		161,244
Small Cap Value		324,864		620,331
Value		317,874		187,963

(7) Transactions in securities of affiliates:

The table below shows information about securities of the Funds’ “affiliates” (as defined below) that were held by the Funds, purchased or sold by the Funds, or from which dividends were received by the Funds during the six months ended March 31, 2012 (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, as amended) during the six months ended March 31, 2012.

		As of 9/30/11						Net Realized Gain (Loss)					As of 3/31/12
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
Global Value
	Arch Capital Group Ltd.(2)		78,490	$	2,231	$	502	$	(14	)	$	-		125,544	$	4,675
	Total(3)			$	2,231	$	502	$	(14	)	$	-			$	4,675
International Value
	Aderans Co., Ltd.(2)		2,420,067	$	-	$	413	$	(55	)	$	-		2,388,767	$	27,186
	Arch Capital Group Ltd.(2)		5,572,034		10,807		24,051		3,051			-��		5,114,761		190,474
	ICON PLC (DR)(2)		2,871,675		16,423		-		-			-		3,797,702		80,587
	Qinetiq Group PLC		62,402,252		6,659		4,712		136			565		63,359,285	$	161,440
	Savills Plc		9,951,406		489		4,893		(577	)		-		9,282,439		56,048
	Total(3)			$	34,378	$	34,069	$	2,555		$	565			$	515,735

74

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/11						Net Realized Gain (Loss)					As of 3/31/12
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
Mid Cap
	athenahealth, Inc.(2)		1,956,015	$	19,377	$	1,345	$	72		$	-		2,306,415	$	170,952
	Cepheid(2)(4)		2,030,600		38,938		19,671		40,167			-		3,090,700		129,284
	Total(3)			$	58,315	$	21,016	$	40,239		$	-			$	300,236
Mid Cap Value
	Alleghany Corporation(2)(5)		599,507	$	12,655	$	410	$	354		$	-		638,735	$	210,208
	Arch Capital Group Ltd.(2)		4,083,819		11,197		15,697		4,942			-		3,826,460		142,497
	Arrow Electronics, Inc.(2)		4,982,100		10,888		431		398			-		5,244,437		220,109
	Avnet, Inc.(2)(4)		6,353,610		11,361		470		433			-		6,662,493		242,448
	Hatteras Financial Corp.(4)		3,026,500		22,285		350		12			5,656		3,833,909		106,966
	Ingram Micro Inc.(2)		9,752,200		10,006		542		260			-		10,241,259		190,078
	Lexmark International, Inc.		4,113,200		8,765		607		30			2,125		4,344,098		144,398
	Ryder System, Inc.(4)		1,388,000		17,238		41,139		10,608			864		1,706,613		90,109
	Total(3)			$	104,395	$	59,646	$	17,037		$	8,645			$	1,136,605
Small Cap
	athenahealth, Inc.(2)		204,500	$	6,077	$	2,525	$	226		$	-		270,400	$	20,042
	Cepheid(2)(4)		387,400		5,223		2,671		(10	)		-		457,400		19,133
	Total(3)			$	11,300	$	5,196	$	216		$	-			$	39,175
Small Cap Value
	Arrow Electronics, Inc.(2)		1,317,447	$	-	$	2,838	$	621		$	-		1,208,247	$	50,710
	Comfort Systems USA, Inc.		2,698,526		-		2,467		(605	)		256		2,505,826		27,339
	Comstock Resources, Inc.(2)(4)		1,957,290		8,528		6,152		(3,907	)		-		2,462,990		38,989
	CONMED Corporation(5)		1,574,059		-		9,749		3,424			169		1,117,459		33,379
	CRA International, Inc.(2)		661,700		118		1,154		(231	)		-		621,479		15,674
	H.B. Fuller Company		3,158,433		-		15,052		480			-		2,541,433		83,435
	Hatteras Financial Corp.		1,812,500		2,671		4,709		(823	)		3,006		1,758,900		49,073
	Hawaiian Holdings, Inc.(2)(5)		2,548,300		-		1,207		(169	)		-		2,352,600		12,304
	ICON PLC (DR)(2)		921,041		10,579		1,448		(380	)		-		1,351,441		28,678
	Lexmark International, Inc.		1,471,587		-		4,736		(1,050	)		691		1,348,287		44,817
	Manhattan Associates, Inc.(2)(5)		1,184,624		-		13,949		13,086			-		568,251		27,009
	Matthews International Corporation(4)		1,351,113		9,481		4,176		(624	)		251		1,524,500		48,235
	Neutral Tandem, Inc.(2)		1,850,400		-		2,038		(870	)		-		1,732,000		21,113
	ORION MARINE GROUP, INC.(2)		1,851,400		-		1,894		(1,019	)		-		1,708,400		12,352
	Penn Virginia Corporation(5)		2,298,900		-		34,834		(24,021	)		-		-		-
	PICO Holdings, Inc.(2)		1,323,090		-		3,350		(1,303	)		-		1,220,290		28,616
	Quanex Building Products Corporation(5)		1,909,726		247		2,835		(829	)		141		1,759,826		31,026
	Rosetta Stone Inc.(2)		1,179,600		-		1,288		(587	)		-		1,088,300		11,231
	Ryder System, Inc.(4)		981,864		6,865		3,079		157			572		1,041,864		55,010
	School Specialty, Inc.(2)(5)		1,769,253		-	$	26,198		(22,667	)		-		832,653		2,948
	Sykes Enterprises, Incorporated(2)		3,130,694		-		5,123		(1,948	)		-		2,916,694		46,084

75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/11						Net Realized Gain (Loss)					As of 3/31/12
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
	Ultratech, Inc.(2)		1,948,353	$	1,282	$	3,390	$	(434	)	$	-	$	1,884,437	$	54,611
	Websense, Inc.(2)(4)		1,417,637		11,394		2,552		(547	)		-		1,948,737		41,099
	Total(3)			$	51,165	$	154,218	$	(44,246	)	$	5,086			$	657,066
Value
	Alleghany Corporation(2)(4)(5)		-	$	14,354	$	-	$	-		$	-		46,636	$	15,348
	Arch Capital Group Ltd.(2)		439,300		4,767		1,895		83			-		514,200		19,149
	Avnet, Inc.(2)(4)		585,800		5,285		2,758		16			-		649,800		23,646
	Ingram Micro Inc.(2)		1,000,700		5,237		2,648		(212	)		-		1,147,000		21,288
	Total(3)			$	29,643	$	7,301	$	(113	)	$	-			$	64,083

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

⁽²⁾  Non-income producing security.

⁽³⁾  Total value as of March 31, 2012 is presented for only those issuers that were affiliates as of March 31, 2012.

⁽⁴⁾  Issuer was not an affiliate as of September 30, 2011.

⁽⁵⁾  Issuer was no longer an affiliate as of March 31, 2012.

(8) Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation on investments as of March 31, 2012 were as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Global Equity	$	10,385	$	1,886	$	(97	)	$	1,789
Global Value		147,073		17,911		(1,287	)		16,624
Growth Opportunities		264,481		52,621		(3,786	)		48,835
International		7,716,542		1,713,377		(174,825	)		1,538,552
International Small Cap		512,659		147,914		(14,649	)		133,265
International Value		4,628,672		897,047		(175,651	)		721,396
Mid Cap		4,231,719		2,419,215		(93,720	)		2,325,495
Mid Cap Value		6,825,594		1,369,232		(96,418	)		1,272,814
Small Cap		367,974		140,865		(9,366	)		131,499
Small Cap Value		2,683,291		550,540		(195,853	)		354,687
Value		681,386		87,888		(13,718	)		74,170

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).

76

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2012 and the year ended September 30, 2011 were as follows (in thousands):

	Six Months Ended 3/31/12				Year Ended 9/30/11
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Global Equity	$	219	$	-	$	158	$	-
Global Value		-		1,393		313		-
Growth Opportunities		-		1,611		604		430
International		120,942		-		87,763		-
International Small Cap		2,354		-		457		-
International Value		3,150		12,240		51,946		-
Mid Cap Value		165,166		377,653		80,288		66,416
Small Cap Value		52,068		187,263		2,837
Value		4,597		-		2,455		-

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 International Fund and Mid Cap Value Fund of $24,204,000 and $9,304,000, respectively, were included in net realized gain (loss) on investments in the Statements of Operations for the six months ended March 31, 2012, 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.

77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

78

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(9) Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):

	GLOBAL EQUITY			GLOBAL VALUE			GROWTH OPPORTUNITIES						INTERNATIONAL
Six months ended March 31, 2012	Investor Shares			Investor Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	567		$	75,783		$	27,087		$	115,866		$	663,137		$	205,730
Net asset value of shares issued in reinvestment of dividends and distributions		218			1,360			1,207			356			74,375			31,736
Cost of shares redeemed(1)		(1,675	)		(10,107	)		(34,693	)		(1,859	)		(987,580	)		(344,438	)
Net increase (decrease) from fund share transactions	$	(890	)	$	67,036		$	(6,399	)	$	114,363		$	(250,068	)	$	(106,972	)
Shares sold		51,478			7,140,698			2,120,162			8,968,749			31,687,658			9,961,064
Shares issued in reinvestment of dividends and distributions		21,609			138,584			110,071			32,475			3,910,356			1,660,721
Shares redeemed		(157,736	)		(969,793	)		(3,010,722	)		(138,031	)		(47,749,358	)		(16,804,212	)
Net increase (decrease) in capital shares		(84,649	)		6,309,489			(780,489	)		8,863,193			(12,151,344	)		(5,182,427	)
	GLOBAL EQUITY			GLOBAL VALUE			GROWTH OPPORTUNITIES						INTERNATIONAL
Year ended September 30, 2011	Investor Shares			Investor Shares			Investor Shares			Institutional Shares(2)			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(1)		(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	)

⁽¹⁾  Net of redemption fees of:

Fund	3/31/2012		9/30/2011
Global Equity - Investor Shares	$	-	$	1
Global Value - Investor Shares		25		16
Growth Opportunities - Investor Shares		6		4
Growth Opportunities - Institutional Shares		1		-
International - Investor Shares		189		460
International - Institutional Shares		63		157

⁽²⁾  For the period from commencement of operations July 26, 2011 through September 30, 2011.

79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE						MID CAP
Six months ended March 31, 2012	Investor Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	75,150		$	643,825		$	132,904		$	600,990		$	416,869
Net asset value of shares issued in reinvestment of dividends and distributions		2,186			8,766			4,096			-			-
Cost of shares redeemed(1)		(82,444	)		(465,135	)		(30,058	)		(824,807	)		(60,950	)
Net increase (decrease) from fund share transactions	$	(5,108	)	$	187,456		$	106,942		$	(223,817	)	$	355,919
Shares sold		4,111,629			24,918,827			5,033,040			16,776,766			11,007,345
Shares issued in reinvestment of dividends and distributions		133,547			361,475			168,689			-			-
Shares redeemed		(4,650,738	)		(18,280,129	)		(1,163,953	)		(23,125,748	)		(1,636,349	)
Net increase (decrease) in capital shares		(405,562	)		7,000,173			4,037,776			(6,348,982	)		9,370,996
	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	)

⁽¹⁾  Net of redemption fees of:

Fund	3/31/2012		9/30/2011
International Small Cap - Investor Shares	$	8	$	10
International Value - Investor Shares		78		279
International Value - Institutional Shares		26		84

80

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE						SMALL CAP			SMALL CAP VALUE					VALUE
Six months ended March 31, 2012	Investor Shares			Institutional Shares(1)			Investor Shares			Investor Shares			Institutional Shares(1)		Investor Shares			Institutional Shares
Proceeds from shares issued	$	1,277,246		$	4,054		$	233,924		$	285,372		$	2,635	$	222,652		$	29,367
Net asset value of shares transferred		(34,342	)		34,342			-			(110,287	)		110,287		-			-
Net asset value of shares issued in reinvestment of dividends and distributions		510,446			-			-			232,282			-		3,598			682
Cost of shares redeemed		(802,516	)		(500	)		(156,265	)		(482,119	)		-		(70,786	)		(6,114	)
Net increase (decrease) from fund share transactions	$	950,834		$	37,896		$	77,659		$	(74,752	)	$	112,922	$	155,464		$	23,935
Shares sold		61,601,617			188,048			12,059,435			18,066,751			159,891		21,277,632			2,851,063
Shares transferred		(1,633,828	)		1,633,828			-			(6,774,644	)		6,774,644		-			-
Shares issued in reinvestment of dividends and distributions		26,809,143			-			-			16,041,566			-		369,799			70,062
Shares redeemed		(39,116,126	)		(23,288	)		(7,953,695	)		(31,222,611	)		-		(6,869,633	)		(607,456	)
Net increase (decrease) in capital shares		47,660,806			1,798,588			4,105,740			(3,888,938	)		6,934,535		14,777,798			2,313,669
	MID CAP VALUE						SMALL CAP			SMALL CAP VALUE					VALUE
Year ended September 30, 2011	Investor Shares						Investor Shares			Investor Shares					Investor Shares			Institutional Shares(2)
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

⁽¹⁾  For the period from commencement of operations February 1, 2012 through March 31, 2012.

⁽²⁾  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. On May 8, 2012, Small Cap Fund began offering Institutional Shares.

There were no other items requiring adjustment of the financial statements or additional disclosure.

81

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2011 to March 31, 2012.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line below each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended March 31, 2012 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning Account Value 10/1/2011		Ending Account Value 3/31/2012		Expenses Paid During Period 10/1/2011-3/31/2012(1)
Artisan Global Equity Fund - Investor Shares
Actual	$	1,000.00	$	1,243.30	$	8.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57
Artisan Global Value Fund - Investor Shares
Actual	$	1,000.00	$	1,213.10	$	8.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57
Artisan Growth Opportunities Fund - Investor Shares
Actual	$	1,000.00	$	1,272.70	$	7.56
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.71

See notes on page 83.

82

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2011		Ending Account Value 3/31/2012		Expenses Paid During Period 10/1/2011-3/31/2012(1)
Artisan International Fund - Investor Shares
Actual	$	1,000.00	$	1,266.80	$	6.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.01
Artisan International Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,206.60	$	7.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	6.21
Artisan International Value Fund - Investor Shares
Actual	$	1,000.00	$	1,195.20	$	6.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.86
Artisan Mid Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,277.80	$	6.89
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.11
Artisan Mid Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	1,238.20	$	6.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.86
Artisan Small Cap Fund - Investor Shares
Actual	$	1,000.00	$	1,286.10	$	7.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.21
Artisan Small Cap Value Fund - Investor Shares
Actual	$	1,000.00	$	1,254.90	$	6.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	5.96
Artisan Value Fund - Investor Shares
Actual	$	1,000.00	$	1,234.30	$	5.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.85	$	5.20

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2012 (shown below), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

83

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

Fund	Annualized Ratio of Expenses to Average Net Assets for the Six Month Period Ended March 31, 2012
Artisan Global Equity Fund - Investor Shares(a)		1.50	%
Artisan Global Value Fund - Investor Shares		1.50	%
Artisan Growth Opportunities Fund - Investor Shares		1.33	%
Artisan International Fund - Investor Shares		1.19	%
Artisan International Small Cap Fund - Investor Shares		1.52	%
Artisan International Value Fund - Investor Shares		1.16	%
Artisan Mid Cap Fund - Investor Shares		1.21	%
Artisan Mid Cap Value Fund - Investor Shares		1.16	%
Artisan Small Cap Fund - Investor Shares		1.23	%
Artisan Small Cap Value Fund - Investor Shares		1.18	%
Artisan Value Fund - Investor Shares		1.03	%

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

84

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“APLP”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to investment advisory agreements dated May 10, 2006 (Emerging Markets Fund); February 9, 2010 (Global Equity Fund); August 9, 2007 (Global Value Fund); December 28, 1995, as amended November 17, 2005 (International Fund); November 7, 2001 (International Small Cap Fund); August 9, 2002 (International Value Fund); April 10, 1997 (Mid Cap Fund); January 25, 2001 (Mid Cap Value Fund); May 15, 2008 (Growth Opportunities Fund); February 9, 2006, as amended December 1, 2010 (Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (together, the “Investment Advisory Agreements”). Artisan Partners UK LLP (“Artisan UK,” and together with APLP, “Artisan Partners”) is the sub-adviser to Global Equity Fund and, with APLP, manages the investment of Global Equity Fund’s assets. Artisan UK is subject to the general supervision of APLP pursuant to an investment sub-advisory agreement dated February 9, 2010 (the “Sub-advisory Agreement,” and together with the “Investment Advisory Agreements,” the “Advisory Agreements” and each, an “Advisory Agreement”).

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

The directors of Artisan Funds held a special meeting of the board on October 28, 2011 (the “Special Meeting”), at which meeting they gave preliminary consideration to information bearing on the continuation of each Advisory Agreement for the period from December 1, 2011 through November 30, 2012. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

Prior to the Special Meeting, independent counsel to the independent directors sent to Artisan Partners a request for information to be provided to the directors in connection with their consideration of the continuation of the Advisory Agreements. Artisan Partners provided materials to the directors in response to that request, other information Artisan Partners believed was useful in evaluating the continuation of the Advisory Agreements and

85

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

extensive reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to each Fund’s performance and expenses compared to the performance and expenses of a relatively small peer group and a larger peer universe of funds determined by Lipper to be comparable. Artisan Partners also provided additional reports prepared by Lipper comparing certain of the Funds’ performance and expenses to peer groups and peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification originally selected by Lipper. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Funds’ Advisory Agreements.

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

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

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

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

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

86

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

• Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors bearing on comparability, such as size, account-level charges, and investment objective); the structure of the advisory fees, including the method of computing fees and the frequency of payment of fees; a comparison of the advisory fees charged by Artisan Partners to the Funds with the advisory fees charged by other advisory organizations for managing mutual funds and other accounts, especially funds and accounts having similar investment goals and providing similar service; voluntary or contractual advisory fee limitations or reductions and relationship of fees to any fee limitation; the possible cost savings by Artisan Partners, incentives to effect savings, and sharing of savings with the Funds; any economies of scale as reflected in the basic advisory fees and any sliding scale reflecting increased size; a comparison of the fees charged by Artisan Partners to the Funds with the fees charged by Artisan Partners for managing other accounts including other mutual funds to which Artisan Partners provides sub-advisory services, with similar investment goals, including an explanation of any material differences, as well as any differences attributable to variations in service levels; information regarding other expenses, including expenses incurred by each of: (a) APLP, as adviser and administrator, (b) Artisan UK, as sub-adviser, (c) Artisan Partners Distributors LLC, as the principal underwriter, and (d) the Funds; custodian, shareholder servicing and transfer agent fees; and information regarding payments to financial intermediaries;

• Potential “fall-out” benefits gained by Artisan Partners or its affiliates from its relationship with the Funds, in addition to the advisory fees, including receipt of research paid for with commissions and the benefits to Artisan Partners in attracting and retaining other clients; and the method of estimating other benefits;

• Brokerage and portfolio transactions, including: the standards and performance in seeking best execution; allocation of brokerage for research and other services (“soft dollars”); Artisan Partners’ practices in light of SEC guidance under Section 28(e) of the Securities Exchange Act of 1934; research purchased with Artisan Partners’ cash; research available for purchase by cash; the execution of portfolio transactions through brokers who sell the Funds’ shares and steps taken to comply with Rule 12b-1(h) under the 1940 Act; and portfolio turnover rates;

• Artisan Partners’ financial condition and stability and financial arrangements between Artisan Partners and its parent organization;

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

• Potential conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including: the type and number of other clients served by Artisan Partners; the basis of sharing personnel, services, research and advice among clients; the basis of decisions to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; the basis of allocating purchases and sales of the same security, including initial

87

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; Artisan Partners’ investments on its own behalf and possible conflicts with the Funds; and Artisan Partners’ code of ethics.

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented. Following the Special Meeting, the directors requested follow-up information from Artisan Partners on the Funds’ non-management expenses and descriptions of non-portfolio management services provided by Artisan Partners to (a) the Funds, (b) funds for which Artisan Partners serves as sub-adviser, and (c) Artisan Partners’ separate account clients, which Artisan Partners provided prior to the November 7 and 8, 2011 board meeting.

On November 7 and 8, 2011, the independent directors met separately in executive sessions with their independent counsel to review and discuss all relevant information, including the follow-up information, regarding the continuation of the Advisory Agreements and the information presented and discussed at the Special Meeting. At the November 8th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and during the executive sessions held on November 7th and 8th. The directors then considered whether any further discussion or review was necessary, concluding that the Special Meeting and the information reviewed by the independent directors at the November 8th meeting provided a strong basis for considering the continuation of the Advisory Agreements. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent, and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds was appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreements. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.

The investment performance of each Fund. The directors concluded that each of International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Value Fund, and Small Cap Value Fund had met its long-term performance standards by adhering to its investment strategy and outperforming its peers over long-term periods. The directors also concluded that each of Global Value Fund, Growth Opportunities Fund, and Global Equity Fund had adhered to its investment strategy and performed satisfactorily or better since inception periods. In addition, the directors concluded that Small Cap Fund had adhered to its investment strategy, that changes to the investment management team of Small Cap Fund had contributed to improved performance over the short-term, and that prospects for the performance of that Fund over the long-term appeared favorable. The directors also concluded that Emerging Markets Fund had adhered to its investment strategy and philosophy over its medium-term (four-year) operating history and noted that performance should be viewed over a long-term full market cycle.

The costs of services to be provided and profits to be realized by Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the profits realized, are reasonable in relation to the nature and quality of services provided, and

88

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

in comparison to fees charged by mutual funds considered by Lipper to be in the same peer category or universe.

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

Comparisons of the services to be rendered and the amounts to be paid under the investment advisory agreement with those under other investment advisory agreements. The directors concluded that the costs of the services provided by Artisan Partners, and the profits realized, are reasonable in relation to the nature and quality of services provided and in comparison to (i) the fees charged by mutual funds considered by Lipper to be within the same peer category or universe and (ii) the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients and mutual funds for which it serves as sub-adviser.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreements and the management fees paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded there were two primary fall-out benefits: (1) the potential conversion of Fund shareholders to separate account clients, and (2) the acquisition of research products and services in return for commissions (“soft dollars”). The directors concluded that, although Artisan Partners derives or may derive those additional benefits, the Funds also could benefit from conversions of Artisan Partners’ separate account clients to Fund shareholders and from the institutional shareholders who choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients.

Following those discussions, the board approved the continuation of each Advisory Agreement through November 30, 2012 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

89

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgement may consider an issuer to be from a country other than the country designated by the securities information vendors. The Adviser currently uses MSCI Inc. as its primary source and FactSet Research Systems, Inc. (“FactSet”) as a secondary source for this information. The primary information vendor’s criteria include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser assigns securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners Limited Partnership. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

90

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

The MSCI information may only be used by the reader, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the reader of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI Parties have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Funds’ statements of additional information, which are available without charge, on Artisan Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Artisan Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on Artisan 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.

91

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

SEMIANNUAL

REPORT

MARCH 31, 2012

ARTISAN EMERGING

MARKETS FUND

ARTISAN GROWTH OPPORTUNITIES FUND

ARTISAN INTERNATIONAL FUND

ARTISAN INTERNATIONAL VALUE FUND

ARTISAN MID CAP FUND

ARTISAN MID CAP VALUE FUND

ARTISAN SMALL CAP VALUE FUND

ARTISAN VALUE FUND

ARTISAN FUNDS

INSTITUTIONAL SHARES

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Emerging Markets Fund
5	Artisan Growth Opportunities Fund
8	Artisan International Fund
11	Artisan International Value Fund
14	Artisan Mid Cap Fund
17	Artisan Mid Cap Value Fund
19	Artisan Small Cap Value Fund
22	Artisan Value Fund
24	STATEMENTS OF ASSETS AND LIABILITIES
28	STATEMENTS OF OPERATIONS
32	STATEMENTS OF CHANGES IN NET ASSETS
36	FINANCIAL HIGHLIGHTS

44	NOTES TO FINANCIAL STATEMENTS
64	SHAREHOLDER EXPENSE EXAMPLE
66	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
71	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
72	PROXY VOTING POLICIES AND PROCEDURES
72	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of 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 800.399.1770. Read it carefully before you invest or send money.

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

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 94.4%
BRAZIL - 18.2%
Anhanguera Educacional Participacoes SA		477,700	$	5,757
Banco do Brasil S.A.(1)(2)		107,980		1,535
Banco do Brasil S.A.		391,600		5,567
BM&F BOVESPA SA		1,460,830		8,995
BR Properties SA		655,717		8,420
Companhia Energetica de Minas Gerais-CEMIG, Preferred(3)		496,171		11,854
Companhia Vale do Rio Doce		1,068,662		25,115
Fibria Celulose S.A.		778,191		6,395
Hypermarcas SA		1,824,100		12,840
Julio Simoes Logistica SA		780,400		4,784
Magazine Luiza SA(4)		678,200		4,443
Magnesita Refratarios SA(4)		923,900		3,477
PDG Realty SA Empreendimentos e Participacoes		2,208,739		7,635
Petroleo Brasileiro S.A.		2,304,045		30,671
Randon SA Implementos e Participacoes, Preferred(3)		1,395,517		8,990
Tim Participacoes S.A.		1,241,467		7,923
Totvs SA		314,979		5,815
				160,216
CHILE - 0.5%
Empresa Nacional de Telecomunicaciones S.A.		234,459		4,741
CHINA - 11.7%
Ajisen (China) Holdings Limited		6,660,913		8,749
Chaoda Modern Agriculture (Holdings) Limited(2)(4)(5)		12,474,536		402
China High Precision Automation Group Ltd.(2)(5)		9,066,000		2,720
China Rongsheng Heavy Industries Group Holdings Limited		15,501,500		4,072
China Yurun Food Group Limited		3,804,000		5,418
CNOOC Limited		6,741,000		13,854
Digital China Holdings Limited		5,830,000		11,637
GOME Electrical Appliances Holdings Limited		26,221,881		5,436
Huabao International Holdings Limited		13,257,322		8,536
Huaneng Power International, Inc., H Shares		10,332,700		5,628
Mindray Medical International Limited, Class A (DR)		293,658		9,682
Noah Holdings Ltd. (DR)		445,711		3,557
CHINA (CONTINUED)
Sinopharm Group Co, H Shares		2,905,300	$	8,100
Springland International Holdings Ltd.		7,074,722		5,120
Zhuzhou CSR Times Electric Co., Ltd., H Shares		3,947,200		10,074
				102,985
COLOMBIA - 0.9%
Grupo de Inversiones Suramericana		342,897		5,979
Grupo de Inversiones Suramericana, Preferred(3)(4)		84,999		1,603
				7,582
EGYPT - 1.1%
Commercial International Bank Egypt SAE		1,319,223		5,473
Egyptian Financial Group-Hermes Holding(4)		2,006,918		4,442
				9,915
HONG KONG - 0.9%
AIA Group Ltd.		2,049,065		7,507
HUNGARY - 0.9%
MOL Hungarian Oil and Gas Nyrt., Class A(4)		93,806		7,817
INDIA - 6.0%
ICICI Bank Limited		319,462		5,562
India Cements Limited		4,065,710		8,878
Infosys Limited		210,686		11,828
Mahindra & Mahindra Ltd.		489,465		6,716
Nagarjuna Construction Company Ltd.		2,359,530		2,570
Power Finance Corporation		2,328,249		8,391
Reliance Infrastructure Ltd.		447,654		5,146
Welspun Corporation Ltd.		1,584,820		4,184
				53,275
INDONESIA - 4.6%
Indofood CBP Sukses Makmur TBK PT		8,242,000		4,912
PT Astra International Tbk		1,817,987		14,703
PT Bank Negara Indonesia Tbk		23,526,518		10,292
PT Gudang Garam Tbk		736,973		4,437
PT Telekomunikasi Indonesia Tbk		7,588,385		5,809
				40,153
ITALY - 0.7%
Tenaris S.A. (DR)		159,515		6,098
KAZAKHSTAN - 0.9%
KazMunaiGas Exploration Production (DR)		399,380		8,099

2

	Shares Held		Value
KOREA - 11.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		311,774	$	8,337
E-Mart Co., Ltd.		27,881		6,152
KB Financial Group, Inc.		293,382		10,707
LOCK&LOCK CO., LTD.		253,029		7,481
Samsung Electronics Co., Ltd.		45,860		51,605
Shinhan Financial Group Co., Ltd.		322,110		12,437
Shinsegae Co., Ltd.		17,931		3,782
				100,501
MEXICO - 5.4%
America Movil SAB de C.V., Series L		14,402,335		17,922
Grupo Financiero Banorte S.A. de C.V., O Shares		2,140,349		9,514
Grupo Televisa S.A., Series CPO		2,236,095		9,461
OHL Mexico SAB de CV(4)		4,099,425		6,473
Urbi, Desarrollos Urbanos, S.A. de C.V.(4)		3,588,368		4,303
				47,673
PANAMA - 0.5%
Copa Holdings SA, Class A(3)		59,824		4,738
PERU - 0.5%
Cementos Pacasmayo S.A.A. (DR)(4)		374,451		4,306
RUSSIA - 6.5%
Eurasia Drilling Company Ltd. (DR)		172,741		4,762
Eurasia Drilling Company Ltd., 144A (DR)		26,670		735
Globaltrans Investment PLC (DR)		529,181		9,049
LSR Group O.J.S.C. (DR)		1,758,392		10,375
LUKOIL (DR)		283,693		17,078
Magnitogorsk Iron & Steel Works (DR)(4)		958,505		5,660
Mobile TeleSystems (DR)		547,814		10,047
				57,706
SOUTH AFRICA - 6.4%
African Bank Investments Limited		1,983,879		10,309
Harmony Gold Mining Company Limited		950,302		10,331
Impala Platinum Holdings Limited		315,514		6,215
Imperial Holdings Limited		261,912		5,292
Mondi Limited		729,762		6,850
Mr. Price Group Limited		365,044		4,489
MTN Group Limited		757,082		13,326
				56,812
SWEDEN - 0.6%
Alliance Oil Company Ltd. (DR)(4)		482,389		5,323
TAIWAN - 10.5%
Chinatrust Financial Holding Company Ltd.		11,078,136		6,963
Chinatrust Financial Holding Company Ltd., Rights(2)(5)		553,533		42
E Ink Holdings Inc.		5,889,000		7,702
Far Eastern Textile Ltd.		5,493,213		6,356
TAIWAN (CONTINUED)
Hon Hai Precision Industry Co., Ltd.		5,315,921	$	20,623
HTC Corporation		535,251		10,827
MediaTek Incorporation		877,794		8,402
Taiwan Fertilizer Co., Ltd.		2,605,000		6,743
Taiwan Semiconductor Manufacturing Company Ltd.		8,841,647		25,433
				93,091
THAILAND - 1.7%
Bangkok Bank Public Company Limited (DR)		1,544,700		9,263
Bumrungrad Hospital Public Company Limited (DR)		3,347,900		5,806
				15,069
TURKEY - 3.2%
Emlak Konut Gayrimenkul Yatirim(4)		5,603,650		7,294
Ford Otomotiv Sanayi A.S.		460,000		4,336
Tekfen Holding A.S.		2,133,607		7,398
Turk Ekonomi Bankasi A.S.(4)		3,987,273		4,027
Turkiye Sinai Kalkinma Bankasi A.S.		4,252,703		5,345
				28,400
UNITED ARAB EMIRATES - 0.5%
Air Arabia(4)(5)		22,223,290		4,343
UNITED KINGDOM - 0.8%
Antofagasta plc		388,195		7,153
Total common and preferred stocks (Cost $876,446)				833,503
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $26,480 (Cost $26,480)(6)	$	26,480	$	26,480
Total investments - 97.4% (Cost $902,926)				859,983
Other assets less liabilities - 2.6%				22,923
Total net assets - 100.0%(7)			$	882,906

3

⁽¹⁾  The shares of Banco do Brasil S.A. were acquired in a private placement and are restricted. The shares of Banco do Brasil S.A. 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	$	1,535		0.2	%

⁽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 was $4,699, or 0.5% of total net assets.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Non-income producing security.

⁽⁵⁾  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 $7,507 or 0.9% 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		3.375	%		11/15/2019	$	27,010

⁽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 - March 31, 2012 (Unaudited) Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	90,222		10.2	%
Consumer Staples		34,161		3.9
Energy		94,437		10.7
Financials		163,599		18.5
Healthcare		23,588		2.7
Industrials		77,184		8.7
Information Technology		156,592		17.7
Materials		111,324		12.6
Telecommunication Services		59,768		6.8
Utilities		22,628		2.6
Total common and preferred stocks		833,503		94.4
Short-term investments		26,480		3.0
Total investments		859,983		97.4
Other assets less liabilities		22,923		2.6
Total net assets	$	882,906		100.0	%

CURRENCY EXPOSURE - March 31, 2012 (Unaudited) Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	160,216		18.6	%
British pound		7,153		0.8
Chilean peso		4,741		0.6
Colombian peso		7,582		0.9
Egyptian pound		9,915		1.2
Hong Kong dollar		97,253		11.3
Hungarian forint		7,817		0.9
Indian rupee		53,275		6.2
Indonesian rupiah		40,153		4.7
Korean won		100,501		11.7
Mexican peso		47,673		5.5
South African rand		56,812		6.6
Swedish krona		5,323		0.6
Taiwan dollar		93,091		10.8
Thai baht		15,069		1.8
Turkish lira		28,400		3.3
U.S. dollar		120,666		14.0
United Arab Emirates dirham		4,343		0.5
Total investments	$	859,983		100.0	%

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.8	%
Petroleo Brasileiro S.A.	Brazil		3.5
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan		2.9
Companhia Vale do Rio Doce	Brazil		2.8
Hon Hai Precision Industry Co., Ltd.	Taiwan		2.3
America Movil SAB de C.V.	Mexico		2.0
LUKOIL	Russia		1.9
PT Astra International Tbk	Indonesia		1.7
CNOOC Limited	China		1.6
MTN Group Limited	South Africa		1.5
Total			26.0	%

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

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

4

ARTISAN GROWTH OPPORTUNITIES FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.0%
AUSTRALIA - 0.8%
James Hardie Industries SE		295,100	$	2,348
BRAZIL - 7.4%
Anhanguera Educacional Participacoes SA		310,496		3,742
BR Malls Participacoes		219,300		2,858
Mills Estruturas e Servicos de Engenharia SA		498,005		6,356
Multiplus SA		74,803		1,541
OdontoPrev SA		372,350		6,323
Qualicorp SA(1)		213,531		1,831
				22,651
CANADA - 1.1%
Tourmaline Oil Corp.(1)		156,100		3,451
CHINA - 4.0%
Ajisen (China) Holdings Limited		1,185,354		1,557
Baidu, Inc., Class A (DR)(1)		55,000		8,017
Tsingtao Brewery Company Limited, H Shares		489,700		2,636
				12,210
FINLAND - 0.7%
Nokia Corporation (DR)		416,200		2,285
FRANCE - 1.1%
Sanofi		45,000		3,495
GERMANY - 1.2%
SAP AG (DR)		54,600		3,812
HONG KONG - 1.5%
Hong Kong Exchanges & Clearing Limited		127,723		2,145
Wynn Macau Limited		810,400		2,385
				4,530
INDIA - 2.3%
HDFC Bank Limited (DR)		156,200		5,326
Jubilant Foodworks Limited(1)		69,561		1,587
				6,913
INDONESIA - 0.6%
PT Bank Central Asia Tbk		1,912,000		1,673
JAPAN - 2.0%
FANUC CORP.		34,400		6,101
SWEDEN - 4.6%
Hexagon AB, Class B		514,845		9,992
SWEDEN (CONTINUED)
Telefonaktiebolaget LM Ericsson, Class B (DR)		405,000	$	4,175
				14,167
SWITZERLAND - 1.5%
Compagnie Financiere Richemont SA - Bearer Shares		74,350		4,662
TURKEY - 1.0%
Coca-Cola Icecek AS		241,355		3,081
UNITED KINGDOM - 5.1%
ARM Holdings PLC		709,850		6,722
Rotork plc		208,300		6,827
The Weir Group PLC		72,100		2,034
				15,583
UNITED STATES - 61.1%
Agilent Technologies, Inc.		213,213		9,490
Allergan, Inc.		47,425		4,526
Apple Inc.(1)		33,175		19,887
Biogen Idec Inc.(1)		58,600		7,382
Broadcom Corporation, Class A		105,200		4,134
Cerner Corporation(1)		79,858		6,082
Citrix Systems, Inc.(1)		73,743		5,819
Discover Financial Services		299,100		9,972
eBay Inc.(1)		166,000		6,124
EMC Corporation(1)		423,700		12,660
Google Inc., Class A(1)		22,220		14,248
IHS Inc.(1)		117,053		10,962
Johnson Controls, Inc.		68,500		2,225
Monsanto Company		165,500		13,200
National Oilwell Varco, Inc.		111,550		8,865
Occidental Petroleum Corporation		78,150		7,442
Polo Ralph Lauren Corporation, Class A		27,711		4,831
Precision Castparts Corp.		24,975		4,318
Regeneron Pharmaceuticals, Inc.(1)		149,400		17,423
salesforce.com, inc.(1)		41,000		6,335
Starbucks Corporation		207,977		11,624
				187,549
Total common stocks (Cost $244,790)				294,511

5

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $18,805 (Cost $18,805)(2)	$	18,805	$	18,805
Total investments - 102.1% (Cost $263,595)				313,316
Other assets less liabilities - (2.1%)				(6,364	)
Total net assets - 100.0%(3)			$	306,952

⁽¹⁾  Non-income producing security.

⁽²⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.000	%		11/12/2021	$	19,183

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

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

(DR) Depositary Receipt, voting rights may vary.

FOREIGN CURRENCY FORWARD CONTRACTS - March 31, 2012 (Unaudited)
Dollar values in thousands
Description	Counterparty	Tran- saction Type	Settlement Date		Cost on Origination Date		Value		Unrealized Appreciation
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012	$	734	$	733	$	1
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		1886		1780		106
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		66		65		1
					$	2,686	$	2,578	$	108

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	32,613			10.6	%
Consumer Staples		5,717			1.9
Energy		19,758			6.4
Financials		21,974			7.2
Healthcare		54,721			17.8
Industrials		39,970			13.0
Information Technology		104,210			34.0
Materials		15,548			5.1
Total common stocks		294,511			96.0
Short-term investments		18,805			6.1
Total investments		313,316			102.1
Other assets less liabilities		(6,364	)		(2.1	)
Total net assets	$	306,952			100.0	%

CURRENCY EXPOSURE(1) - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	2,348		0.8	%
Brazilian real		22,651		7.2
British pound		15,583		5.0
Canadian dollar		3,451		1.1
Euro		3,495		1.1
Hong Kong dollar		8,723		2.8
Indian rupee		1,587		0.5
Indonesian rupiah		1,673		0.5
Japanese yen		6,101		1.9
Swedish krona		9,992		3.2
Swiss franc		4,662		1.5
Turkish lira		3,081		1.0
U.S. dollar		229,969		73.4
Total investments	$	313,316		100.0	%

⁽¹⁾  Excludes currency exposure to foreign currency forward contracts.

6

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		6.5	%
Regeneron Pharmaceuticals, Inc.	United States		5.7
Google Inc.	United States		4.6
Monsanto Company	United States		4.3
EMC Corporation	United States		4.1
Starbucks Corporation	United States		3.8
IHS Inc.	United States		3.6
Hexagon AB	Sweden		3.3
Discover Financial Services	United States		3.2
Agilent Technologies, Inc.	United States		3.1
Total			42.2	%

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.

7

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 97.2%
AUSTRALIA - 0.6%
Coca-Cola Amatil Limited		1,662,524	$	21,475
Treasury Wine Estates		8,324,431		35,354
				56,829
BELGIUM - 3.9%
Anheuser-Busch InBev NV		5,002,588		365,489
BRAZIL - 0.5%
Arcos Dorados Holdings, Inc., Class A		2,511,082		45,425
CANADA - 3.8%
Canadian National Railway Company		21,243		1,687
Canadian Pacific Railway Limited		4,662,790		354,139
				355,826
CHINA - 7.8%
Baidu, Inc., Class A (DR)(1)		2,254,803		328,683
Beijing Enterprises Holdings Ltd.		6,612,330		40,148
China Construction Bank Corporation, H Shares		78,505,000		60,757
China Mobile Limited		14,936,870		164,361
China Resources Land Limited		38,436,341		66,028
Tencent Holdings Limited		2,488,714		69,480
				729,457
FRANCE - 10.4%
Air Liquide SA		430,271		57,362
DANONE S.A.		1,851,833		129,170
LVMH Moet Hennessy Louis Vuitton SA		386,910		66,489
Pernod Ricard SA		1,840,928		192,491
Schneider Electric SA		2,736,134		178,773
Societe Generale		1,925,561		56,409
Technip SA		459,086		54,083
Unibail-Rodamco		832,632		166,517
Zodiac Aerospace		676,471		70,435
				971,729
GERMANY - 11.4%
Allianz SE		706,172		84,265
Bayer AG		232,865		16,380
Beiersdorf AG		2,183,784		142,495
Brenntag AG		1,476,834		180,854
Daimler AG		1,458,513		87,943
Henkel AG & Co. KGaA, Preferred(2)		789,356		57,839
Linde AG		2,195,253		393,937
GERMANY (CONTINUED)
Muenchener Rueckversicherungs-Gesellschaft AG		698,490	$	105,315
				1,069,028
HONG KONG - 12.3%
AIA Group Ltd.		81,621,463		299,030
BOC Hong Kong (Holdings) Limited		21,625,044		59,733
Hang Seng Bank Limited		6,820,488		90,904
Henderson Land Development Company Limited		11,882,565		65,261
Hongkong Land Holdings Limited		10,594,799		61,556
MGM China Holdings Ltd.		12,223,067		22,319
NWS Holdings Limited		18,164,101		27,741
Sands China Ltd.		47,328,764		184,670
Sino Land Company Limited		75,283,276		120,212
Sun Hung Kai Properties Limited		7,479,493		92,945
Wynn Macau Limited		42,355,730		124,631
				1,149,002
INDIA - 0.4%
Coal India Limited		5,844,357		39,102
ITALY - 1.2%
Fiat Industrial SpA(1)		10,598,499		113,082
JAPAN - 13.1%
BRIDGESTONE CORPORATION		3,904,620		94,632
HONDA MOTOR CO., LTD.		7,682,144		291,897
JAPAN TOBACCO INC.		67,652		380,885
Kao Corporation		7,510,967		197,098
MITSUI & CO., LTD.		3,252,100		53,318
NGK INSULATORS, LTD.		4,128,000		58,900
SOFTBANK Corp		4,951,074		146,373
				1,223,103
KOREA - 1.6%
NHN Corp.		386,193		88,619
Samsung Electronics Co., Ltd.		52,694		59,296
				147,915
NETHERLANDS - 4.8%
Akzo Nobel N.V.		1,711,025		101,024
Koninklijke Vopak NV		1,314,576		75,732
Unilever NV (DR)		7,877,608		268,070
Ziggo NV(1)		90,650		2,828
				447,654
NIGERIA - 0.2%
Nigerian Breweries Plc.		30,175,522		18,656

8

	Shares Held		Value
SINGAPORE - 1.1%
City Developments Limited		3,514,310	$	31,731
Genting Singapore PLC(1)		50,815,298		68,923
				100,654
SPAIN - 0.5%
Grifols S.A.(1)		2,373,638		50,652
SWEDEN - 0.3%
Sandvik AB		1,829,597		26,410
SWITZERLAND - 7.8%
Adecco SA		1,184,431		62,062
Compagnie Financiere Richemont SA - Bearer Shares		1,558,971		97,749
Givaudan SA		83,658		80,627
Nestle SA		5,259,992		330,971
Swatch Group AG - Bearer Shares		351,125		161,618
				733,027
UNITED KINGDOM - 11.9%
Diageo plc		1,672,320		40,190
HSBC Holdings plc		22,189,654		196,912
Imperial Tobacco Group plc		5,907,415		239,530
Johnson Matthey PLC		1,941,762		73,267
Land Securities Group plc		6,978,379		80,645
Prudential plc		3,312,042		39,600
Reckitt Benckiser Group PLC		110,003		6,216
Royal Dutch Shell PLC, Class A		1,134,262		39,710
SABMiller plc		3,587,139		143,986
Standard Chartered plc		2,590,466		64,638
Tate & Lyle PLC		5,165,706		58,251
WPP plc		9,730,582		132,995
				1,115,940
UNITED STATES - 3.6%
Accenture plc, Class A		958,374		61,815
Covidien plc		1,966,509		107,529
Schlumberger Limited		2,387,663		166,969
				336,313
Total common and preferred stocks (Cost $7,487,197)				9,095,293
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $159,801 (Cost $159,801)(3)	$	159,801	$	159,801
Total investments - 98.9% (Cost $7,646,998)				9,255,094
Other assets less liabilities - 1.1%				100,026
Total net assets - 100.0%(4)			$	9,355,120

⁽¹⁾  Non-income producing security.

⁽²⁾  Non-voting shares.

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	163,002

⁽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.

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,379,291		14.7	%
Consumer Staples		2,628,166		28.1
Energy		299,864		3.2
Financials		1,742,458		18.6
Healthcare		174,561		1.9
Industrials		1,243,281		13.3
Information Technology		607,893		6.5
Materials		706,217		7.5
Telecommunication Services		313,562		3.4
Total common and preferred stocks		9,095,293		97.2
Short-term investments		159,801		1.7
Total investments		9,255,094		98.9
Other assets less liabilities		100,026		1.1
Total net assets	$	9,355,120		100.0	%

9

CURRENCY EXPOSURE - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	56,829		0.6	%
British pound		1,076,230		11.6
Euro		3,057,344		33.1
Hong Kong dollar		1,488,220		16.1
Indian rupee		39,102		0.4
Japanese yen		1,223,103		13.2
Korean won		147,915		1.6
Nigeria naira		18,656		0.2
Singapore dollar		100,654		1.1
Swedish krona		26,410		0.3
Swiss franc		733,027		7.9
U.S. dollar		1,287,604		13.9
Total investments	$	9,255,094		100.0	%

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Linde AG	Germany		4.2	%
JAPAN TOBACCO INC.	Japan		4.1
Anheuser-Busch InBev NV	Belgium		3.9
Canadian Pacific Railway Limited	Canada		3.8
Nestle SA	Switzerland		3.5
Baidu, Inc.	China		3.5
AIA Group Ltd.	Hong Kong		3.2
HONDA MOTOR CO., LTD.	Japan		3.1
Unilever NV	Netherlands		2.9
Imperial Tobacco Group plc	United Kingdom		2.6
Total			34.8	%

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 Fund owns HSBC Holdings plc (HSBC), which represents 2.1% of the Fund’s total net assets, and Hang Seng Bank Limited (Hang Seng Bank), which represents 1.0% of the Fund’s total net assets. HSBC is the parent company of Hang Seng Bank. 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.

10

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 90.0%
BELGIUM - 2.0%
Groupe Bruxelles Lambert S.A.		1,379,102	$	106,753
DENMARK - 1.8%
Carlsberg A/S, Class B		1,155,074		95,437
FRANCE - 8.5%
Publicis Groupe		2,590,578		142,815
Societe Television Francaise 1		2,508,784		30,719
Sodexo		507,658		41,680
Sodexo - Registered Shares(1)		1,284,779		105,484
Total SA		2,726,678		139,062
				459,760
GERMANY - 2.4%
HeidelbergCement AG		2,148,306		130,037
HONG KONG - 1.2%
Guoco Group Limited		7,824,737		68,216
IRELAND - 3.9%
ICON PLC (DR)(2)(3)		3,797,702		80,587
Ryanair Holdings PLC, Equity-Linked Security, 144A(2)(4)(5)(6)(7)		21,959,370		131,207
				211,794
JAPAN - 9.8%
Aderans Co., Ltd.(2)(3)		2,388,767		27,186
Credit Saison Co., Ltd.		6,266,859		126,821
Kao Corporation		6,299,800		165,316
NIFCO INC.		999,600		27,318
SANKYO CO., LTD.		1,444,092		70,835
SEINO HOLDINGS CO., LTD.		1,128,240		8,151
Stanley Electric Co., Ltd.		6,467,500		102,752
				528,379
NETHERLANDS - 5.9%
ING Groep N.V.(2)		14,803,945		123,341
Koninklijke Ahold NV		7,278,644		100,861
Koninklijke Philips Electronics N.V.		4,616,627		93,589
				317,791
SWITZERLAND - 9.9%
Adecco SA		1,640,697		85,970
Nestle SA		1,114,286		70,114
Novartis AG		3,034,910		167,967
Panalpina Welttransport Holding AG(2)		1,078,431		115,226
Pargesa Holding SA - Bearer Shares		1,344,272		96,647
SWITZERLAND (CONTINUED)
Tamedia AG		2,987	$	376
				536,300
THAILAND - 0.6%
Thai Beverage Public Company Limited		120,409,183		31,131
UNITED KINGDOM - 25.5%
Carpetright PLC(2)		3,086,304		33,840
Compass Group PLC		29,408,836		308,344
Diageo plc		6,169,458		148,268
Experian PLC		5,792,697		90,292
Lloyds Banking Group plc(2)		148,624,318		79,887
Michael Page International plc		9,749,554		74,853
Qinetiq Group PLC(3)		63,359,285		161,440
Reed Elsevier PLC		19,651,732		174,453
Savills Plc(3)		9,282,439		56,048
Tesco plc		21,434,686		113,140
Unilever PLC (DR)		4,141,603		136,880
				1,377,445
UNITED STATES - 18.5%
Accenture plc, Class A		1,424,450		91,877
Aon Corporation		2,898,983		142,224
Arch Capital Group Ltd.(2)(3)		5,114,761		190,474
Covidien plc		3,258,857		178,194
Signet Jewelers Ltd.		3,247,472		153,540
TE Connectivity Ltd.		6,616,293		243,149
				999,458
Total common stocks and equity-linked securities (Cost $4,080,477)				4,862,501
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 9.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $487,567 (Cost $487,567)(8)	$	487,567	$	487,567
Total investments - 99.0% (Cost $4,568,044)				5,350,068
Other assets less liabilities - 1.0%				51,440
Total net assets - 100.0%(9)			$	5,401,508

11

⁽¹⁾  Shares are registered with the issuing company and not tradable until converted back to bearer shares.

⁽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⁾  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 $131,207 or 2.4% of total net assets. See notes 2(a) and 2(b) in Notes to Financial Statements for additional information.

⁽⁵⁾  Non-voting shares.

⁽⁶⁾  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.

⁽⁷⁾  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		9/17/08-3/22/12	$	90,855	$	131,207		2.4	%

⁽⁸⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	497,320

⁽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 - March 31, 2012 (Unaudited)

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		8/16/2012	$	411,922	$	338,761	$	23,161
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		28,138		27,312		826
Japanese Yen	State Street Bank and Trust Company	Sell		8/16/2012		15,841		15,600		241
					$	455,901	$	431,673	$	24,228

PORTFOLIO DIVERSIFICATION - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,192,156		22.1	%
Consumer Staples		888,333		16.4
Energy		139,062		2.6
Financials		990,411		18.3
Healthcare		426,748		7.9
Industrials		760,728		14.1
Information Technology		335,026		6.2
Materials		130,037		2.4
Total common stocks		4,862,501		90.0
Short-term investments		487,567		9.0
Total investments		5,350,068		99.0
Other assets less liabilities		51,440		1.0
Total net assets	$	5,401,508		100.0	%

CURRENCY EXPOSURE(1) - March 31, 2012 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	1,240,565		23.2	%
Danish krone		95,437		1.8
Euro		1,145,548		21.4
Hong Kong dollar		68,216		1.3
Japanese yen		528,379		9.9
Singapore dollar		31,131		0.6
Swiss franc		536,300		10.0
U.S. dollar		1,704,492		31.8
Total investments	$	5,350,068		100.0	%

⁽¹⁾  Excludes currency exposure to foreign currency forward contracts.

12

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group PLC	United Kingdom		5.7	%
TE Connectivity Ltd	United States		4.5
Arch Capital Group Ltd.	United States		3.5
Covidien plc	United States		3.3
Reed Elsevier PLC	United Kingdom		3.2
Novartis AG	Switzerland		3.1
Kao Corporation	Japan		3.1
Qinetiq Group PLC	United Kingdom		3.0
Signet Jewelers Ltd.	United States		2.8
Diageo plc	United Kingdom		2.7
Total			34.9	%

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 1.8% of the Fund’s total net assets, and Groupe Bruxelles S.A. (GBL), which represents 2.0% 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.

13

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.8%
CONSUMER DISCRETIONARY - 20.9%
Auto Components - 1.9%
BorgWarner Inc. (1)		1,480,014	$	124,824
Automobiles - 0.6%
Tesla Motors, Inc.(1)		1,058,385		39,414
Distributors - 1.5%
LKQ Corporation(1)		3,217,270		100,282
Diversified Consumer Services - 0.9%
New Oriental Education & Technology Group, Inc. (DR)(1)(2)		2,125,100		58,355
Hotels, Restaurants & Leisure - 4.9%
Arcos Dorados Holdings, Inc., Class A(2)		2,146,200		38,825
Chipotle Mexican Grill, Inc.(1)		265,624		111,031
Ctrip.com International, Ltd. (DR)(1)(2)		1,842,231		39,866
Starwood Hotels & Resorts Worldwide, Inc.		1,766,699		99,660
Wynn Resorts, Limited		269,875		33,702
				323,084
Internet & Catalog Retail - 0.3%
Netflix, Inc.(1)		168,667		19,403
Specialty Retail - 2.3%
Tractor Supply Company		746,300		67,585
Ulta Salon, Cosmetics & Fragrance, Inc.		881,300		81,864
				149,449
Textiles, Apparel & Luxury Goods - 8.5%
Coach, Inc.		2,276,923		175,961
Fossil, Inc.(1)		1,328,235		175,300
lululemon athletica inc.(1)		737,916		55,108
Polo Ralph Lauren Corporation, Class A		642,622		112,028
Under Armour, Inc., Class A(1)		425,900		40,035
				558,432
CONSUMER STAPLES - 2.5%
Food Products - 2.5%
Green Mountain Coffee Roasters, Inc.(1)		982,500		46,020
Mead Johnson Nutrition Company		674,600		55,641
TreeHouse Foods, Inc.(1)		990,900		58,959
				160,620
ENERGY - 7.0%
Energy Equipment & Services - 4.7%
Cameron International Corporation(1)		2,664,849	$	140,784
Core Laboratories N.V.		269,810		35,499
Dresser-Rand Group Inc.(1)		2,761,827		128,121
				304,404
Oil, Gas & Consumable Fuels - 2.3%
Cabot Oil & Gas Corporation		1,787,800		55,726
Noble Energy, Inc.		944,500		92,353
				148,079
FINANCIALS - 4.2%
Capital Markets - 1.1%
Ares Capital Corporation		4,435,809		72,525
Commercial Banks - 0.7%
HDFC Bank Limited (DR)(2)		1,349,290		46,011
Consumer Finance - 2.4%
Discover Financial Services		4,752,110		158,435
HEALTHCARE - 23.2%
Biotechnology - 8.5%
Alexion Pharmaceuticals, Inc.(1)		628,300		58,344
Cepheid(1)(3)		3,090,700		129,284
Incyte Corporation(1)		2,555,282		49,317
Regeneron Pharmaceuticals, Inc.(1)		2,719,713		317,173
				554,118
Health Care Equipment & Supplies - 1.7%
Edwards Lifesciences Corporation(1)		725,281		52,750
Intuitive Surgical, Inc.(1)		106,013		57,433
				110,183
Health Care Providers & Services - 2.3%
AMERIGROUP Corporation(1)		1,526,400		102,696
Cigna Corporation		986,700		48,595
				151,291
Health Care Technology - 5.1%
athenahealth, Inc.(1)(3)		2,306,415		170,952
Cerner Corporation(1)		2,108,324		160,570
				331,522
Life Sciences Tools & Services - 4.4%
Agilent Technologies, Inc.		4,080,415		181,619
Mettler-Toledo International Inc.(1)		560,800		103,608
				285,227

14

	Shares Held		Value
HEALTHCARE (CONTINUED)
Pharmaceuticals - 1.2%
Allergan, Inc.		796,896	$	76,048
INDUSTRIALS - 11.2%
Aerospace & Defense - 1.4%
Precision Castparts Corp.		535,496		92,587
Electrical Equipment - 2.3%
Rockwell Automation, Inc.		788,500		62,843
Roper Industries, Inc.		914,112		90,643
				153,486
Machinery - 2.6%
Chart Industries, Inc.(1)		328,400		24,082
Gardner Denver, Inc.		699,934		44,110
Pall Corporation		855,900		51,037
Woodward, Inc.		1,198,400		51,327
				170,556
Professional Services - 4.9%
IHS Inc.(1)		2,002,817		187,564
Verisk Analytics, Inc., Class A(1)		2,761,827		129,723
				317,287
INFORMATION TECHNOLOGY - 26.8%
Communications Equipment - 1.8%
Aruba Networks, Inc.(1)		1,800,500		40,115
Juniper Networks, Inc.(1)		3,496,485		80,000
				120,115
Electronic Equipment & Instruments - 5.1%
FLIR Systems, Inc.		1,265,000		32,017
IPG Photonics Corporation(1)		1,505,300		78,351
Trimble Navigation Limited(1)		3,048,565		165,903
Universal Display Corporation(1)		1,585,400		57,915
				334,186
Internet Software & Services - 2.5%
Akamai Technologies, Inc.(1)		952,900		34,971
LinkedIn Corporation, Class A(1)		337,300		34,401
MercadoLibre, Inc.		510,163		49,889
SINA Corporation(1)(2)		657,800		42,757
				162,018
IT Services - 2.6%
Teradata Corporation(1)		1,665,504		113,504
VeriFone Systems, Inc.(1)		1,155,300		59,925
				173,429
Semiconductors & Semiconductor Equipment - 3.6%
Altera Corporation		1,201,700		47,852
ARM Holdings PLC (DR)(2)		3,567,225		100,917
Broadcom Corporation, Class A		2,181,776		85,744
				234,513
INFORMATION TECHNOLOGY (CONTINUED)
Software - 11.2%
ANSYS, Inc.(1)		1,488,418	$	96,777
Citrix Systems, Inc.(1)		1,327,718		104,770
Concur Technologies, Inc.(1)		1,317,930		75,623
Qlik Technologies Inc.(1)		2,888,300		92,426
Red Hat, Inc.(1)		1,336,641		80,051
salesforce.com, inc.(1)		881,311		136,171
VMware, Inc., Class A(1)		1,294,468		145,459
				731,277
Total common stocks (Cost $3,918,334)				6,261,160
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $296,054 (Cost $296,054)(4)	$	296,054	$	296,054
Total investments - 100.3% (Cost $4,214,388)				6,557,214
Other assets less liabilities - (0.3%)				(19,840	)
Total net assets - 100.0%(5)			$	6,537,374

⁽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.

15

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	216,187
U.S. Treasury Note		3.625	%		2/15/2020		85,790
						$	301,977

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		4.9	%
IHS Inc.	United States		2.9
Agilent Technologies, Inc.	United States		2.8
Coach, Inc.	United States		2.7
Fossil, Inc.	United States		2.7
athenahealth, Inc.	United States		2.6
Trimble Navigation Limited	United States		2.5
Cerner Corporation	United States		2.5
Discover Financial Services	United States		2.4
VMware, Inc.	United States		2.2
Total			28.2	%

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

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

16

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.1%
CONSUMER DISCRETIONARY - 7.5%
Diversified Consumer Services - 1.9%
H&R Block, Inc.		9,385,979	$	154,587
Household Durables - 1.6%
Mohawk Industries, Inc.(1)		1,963,154		130,569
Leisure Equipment & Products - 2.0%
Mattel, Inc.		4,893,803		164,725
Media - 2.0%
Omnicom Group Inc.		3,151,186		159,608
CONSUMER STAPLES - 4.8%
Food & Staples Retailing - 3.6%
The Kroger Co.		7,562,822		183,247
Sysco Corporation		3,668,873		109,553
				292,800
Food Products - 1.2%
Campbell Soup Company		2,948,631		99,811
ENERGY - 9.2%
Energy Equipment & Services - 4.7%
Ensco PLC (DR)(2)		3,108,163		164,515
McDermott International, Inc.(1)		9,881,162		126,578
Patterson-UTI Energy, Inc.		5,463,200		94,459
				385,552
Oil, Gas & Consumable Fuels - 4.5%
Cimarex Energy Co.		2,867,239		216,391
Southwestern Energy Company(1)		4,906,763		150,147
				366,538
FINANCIALS - 20.7%
Capital Markets - 1.7%
Northern Trust Corporation		2,993,589		142,046
Insurance - 15.9%
Alleghany Corporation(1)		638,735		210,208
Allied World Assurance Company Holdings, Ltd		1,215,426		83,463
The Allstate Corporation		4,704,209		154,863
Aon Corporation		3,138,143		153,957
Arch Capital Group Ltd.(1)(3)		3,826,460		142,497
Fidelity National Financial, Inc.		7,194,529		129,717
FINANCIALS (CONTINUED)
Insurance - (Continued)
Loews Corporation		3,511,283	$	139,995
The Progressive Corporation		9,633,593		223,307
Validus Holdings, Ltd.		1,777,679		55,019
				1,293,026
Real Estate Investment Trusts (REITS) - 3.1%
Annaly Capital Management, Inc.		9,002,024		142,412
Hatteras Financial Corp.(3)		3,833,909		106,966
				249,378
HEALTHCARE - 3.0%
Health Care Providers & Services - 2.3%
Cigna Corporation		3,767,200		185,535
Life Sciences Tools & Services - 0.7%
Covance Inc.(1)		1,125,600		53,612
INDUSTRIALS - 18.8%
Aerospace & Defense - 5.3%
L-3 Communications Holdings, Inc.		1,935,675		136,988
Rockwell Collins, Inc.		2,700,984		155,469
Spirit AeroSystems Holdings, Inc., Class A(1)		5,692,896		139,248
				431,705
Construction & Engineering - 2.3%
Jacobs Engineering Group Inc.(1)		4,164,022		184,758
Electrical Equipment - 2.0%
Hubbell Inc., Class B		2,112,780		166,022
Machinery - 1.5%
Flowserve Corporation		1,080,415		124,799
Professional Services - 6.6%
The Dun & Bradstreet Corporation		1,890,716		160,200
Equifax Inc.		2,506,405		110,933
ManpowerGroup		2,587,779		122,583
Towers Watson & Co., Class A		2,173,348		143,593
				537,309
Road & Rail - 1.1%
Ryder System, Inc.(3)		1,706,613		90,109
INFORMATION TECHNOLOGY - 27.3%
Computers & Peripherals - 1.8%
Lexmark International, Inc.(3)		4,344,098		144,398

17

	Shares Held		Value
INFORMATION TECHNOLOGY (CONTINUED)
Electronic Equipment & Instruments - 9.6%
Arrow Electronics, Inc.(1)(3)		5,244,437	$	220,109
Avnet, Inc.(1)(3)		6,662,493		242,448
FLIR Systems, Inc.		5,054,467		127,929
Ingram Micro Inc.(1)(3)		10,241,259		190,078
				780,564
Internet Software & Services - 1.2%
Open Text Corporation(1)(2)		1,553,065		94,970
IT Services - 7.4%
Broadridge Financial Solutions, Inc.		5,289,452		126,471
SAIC, Inc.(1)		9,438,320		124,586
Total System Services, Inc.		6,734,309		155,360
The Western Union Company		11,082,538		195,053
				601,470
Semiconductors & Semiconductor Equipment - 4.8%
Analog Devices, Inc.		4,659,250		188,234
Applied Materials, Inc.		13,144,838		163,522
Lam Research Corporation(1)		869,700		38,806
				390,562
Software - 2.5%
BMC Software, Inc.(1)		1,800,652		72,314
SYNOPSYS, INC.(1)		4,345,261		133,226
				205,540
UTILITIES - 2.8%
Multi-Utilities - 2.0%
OGE Energy Corp.		1,147,929		61,414
SCANA Corporation		967,843		44,143
Xcel Energy Inc.		2,295,822		60,770
				166,327
Water Utilities - 0.8%
American Water Works Company, Inc.		1,890,668		64,339
Total common stocks (Cost $6,353,824)				7,660,659
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $437,749 (Cost $437,749)(4)	$	437,749	$	437,749
Total investments - 99.5% (Cost $6,791,573)				8,098,408
Other assets less liabilities - 0.5%				44,375
Total net assets - 100.0%(5)			$	8,142,783

⁽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:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	446,508

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Avnet, Inc.	United States		3.0	%
The Progressive Corporation	United States		2.7
Arrow Electronics, Inc.	United States		2.7
Cimarex Energy Co.	United States		2.7
Alleghany Corporation	United States		2.6
The Western Union Company	United States		2.4
Ingram Micro Inc.	United States		2.3
Analog Devices, Inc.	United States		2.3
CIGNA Corporation	United States		2.3
Jacobs Engineering Group Inc.	United States		2.3
Total			25.3	%

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

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

18

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.3%
CONSUMER DISCRETIONARY - 13.8%
Diversified Consumer Services - 4.3%
Coinstar, Inc.(1)		657,900	$	41,810
Matthews International Corporation(2)		1,524,500		48,235
Regis Corporation		2,068,500		38,122
School Specialty, Inc.(1)		832,653		2,948
				131,115
Hotels, Restaurants & Leisure - 1.7%
Jack in the Box Inc.(1)		1,400,308		33,565
WMS Industries Inc.(1)		764,700		18,146
				51,711
Household Durables - 0.5%
Universal Electronics Inc.(1)		686,100		13,708
Media - 3.3%
Arbitron Inc.		556,800		20,590
DreamWorks Animation SKG, Inc., Class A(1)		2,381,300		43,935
Meredith Corporation		1,148,255		37,272
				101,797
Specialty Retail - 2.2%
Rent-A-Center, Inc.		1,759,062		66,405
Textiles, Apparel & Luxury Goods - 1.8%
Skechers U.S.A., Inc., Class A(1)		2,255,900		28,695
The Warnaco Group, Inc.(1)		468,700		27,372
				56,067
CONSUMER STAPLES - 1.2%
Food Products - 1.2%
Cal-Maine Foods, Inc.		420,600		16,092
Darling International Inc.(1)		1,108,300		19,307
				35,399
ENERGY - 10.5%
Energy Equipment & Services - 4.6%
GulfMark Offshore, Inc.(1)		616,100		28,316
Newpark Resources, Inc.(1)		1,154,800		9,458
Parker Drilling Company(1)		2,420,547		14,451
SEACOR Holdings Inc.(1)		223,600		21,416
Superior Energy Services, Inc.(1)		796,725		21,002
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Tidewater Inc.		856,200	$	46,252
				140,895
Oil, Gas & Consumable Fuels - 5.9%
Cloud Peak Energy Inc.(1)		3,009,200		47,937
Comstock Resources, Inc.(1)(2)		2,462,990		38,989
Forest Oil Corporation(1)		2,965,190		35,938
Lone Pine Resources Inc.(1)		3,002,511		19,516
World Fuel Services Corporation		915,700		37,544
				179,924
FINANCIALS - 6.7%
Diversified Financial Services - 0.9%
PICO Holdings, Inc.(1)(2)		1,220,290		28,616
Insurance - 2.8%
Allied World Assurance Company Holdings, Ltd		300,055		20,605
Alterra Capital Holdings Limited		432,075		9,929
Endurance Specialty Holdings Ltd.		528,123		21,474
Platinum Underwriters Holdings, Ltd.		940,200		34,317
				86,325
Real Estate Investment Trusts (REITS) - 3.0%
Anworth Mortgage Asset Corporation		1,672,400		11,004
Cypress Sharpridge Investments, Inc.		1,216,300		15,921
Hatteras Financial Corp.(2)		1,758,900		49,073
Potlatch Corporation		456,101		14,294
				90,292
HEALTHCARE - 2.7%
Biotechnology - 0.3%
Enzon Pharmaceuticals, Inc.(1)		1,448,300		9,906
Health Care Equipment & Supplies - 1.5%
CONMED Corporation		1,117,459		33,379
STERIS Corporation		354,400		11,206
				44,585
Life Sciences Tools & Services - 0.9%
ICON PLC (DR)(1)(2)(3)		1,351,441		28,678

19

	Shares Held		Value
INDUSTRIALS - 25.5%
Aerospace & Defense - 2.6%
Curtiss-Wright Corporation		467,800	$	17,313
Spirit AeroSystems Holdings, Inc., Class A(1)		1,724,379		42,178
Teledyne Technologies Incorporated(1)		312,172		19,682
				79,173
Air Freight & Logistics - 1.3%
Atlas Air Worldwide Holdings, Inc.(1)		796,100		39,176
Airlines - 0.4%
Hawaiian Holdings, Inc.(1)		2,352,600		12,304
Building Products - 1.0%
Quanex Building Products Corporation		1,759,826		31,026
Commercial Services & Supplies - 3.2%
Quad/Graphics, Inc., Class A		848,200		11,790
Sykes Enterprises, Incorporated(1)(2)		2,916,694		46,084
Tetra Tech, Inc.(1)		1,520,400		40,078
				97,952
Construction & Engineering - 5.4%
Comfort Systems USA, Inc.(2)		2,505,826		27,339
EMCOR Group, Inc.		2,625,862		72,789
Granite Construction Incorporated		1,340,362		38,522
ORION MARINE GROUP, INC.(1)(2)		1,708,400		12,352
Tutor Perini Corporation(1)		788,200		12,280
				163,282
Electrical Equipment - 0.2%
Encore Wire Corporation		227,200		6,755
Machinery - 4.3%
Astec Industries, Inc.(1)		796,281		29,048
Harsco Corporation		539,100		12,647
Kaydon Corporation		674,700		17,212
Mueller Industries, Inc.		779,924		35,448
Woodward, Inc.		868,733		37,208
				131,563
Professional Services - 5.3%
CRA International, Inc.(1)(2)		621,479		15,674
FTI Consulting, Inc.(1)		1,855,765		69,628
Kforce Inc.(1)		1,099,000		16,375
Towers Watson & Co., Class A		586,487		38,749
TrueBlue, Inc.(1)		1,196,288		21,390
				161,816
Road & Rail - 1.8%
Ryder System, Inc.(2)		1,041,864		55,010
INFORMATION TECHNOLOGY -25.2%
Communications Equipment - 1.2%
ADTRAN, Inc.		565,100	$	17,625
Ixia(1)		1,496,388		18,690
				36,315
Computers & Peripherals - 5.6%
Diebold, Incorporated		1,968,466		75,825
Intermec, Inc.(1)		1,405,619		10,865
Lexmark International, Inc.(2)		1,348,287		44,817
Logitech International S.A.(1)(3)		1,079,700		8,422
QLogic Corporation(1)		1,764,400		31,336
				171,265
Electronic Equipment & Instruments - 4.3%
Arrow Electronics, Inc.(1)(2)		1,208,247		50,710
Benchmark Electronics, Inc.(1)		1,272,301		20,980
Orbotech, Ltd.(1)(3)		55,840		647
Power-One, Inc.(1)		3,269,500		14,876
Tech Data Corporation(1)		808,900		43,891
				131,104
Internet Software & Services - 1.3%
EarthLink, Inc.		4,974,240		39,744
IT Services - 3.2%
CACI International Inc(1)		767,350		47,798
CoreLogic, Inc.(1)		1,055,000		17,218
ManTech International Corporation, Class A		892,168		30,744
				95,760
Semiconductors & Semiconductor Equipment - 3.7%
Intersil Corporation		4,537,100		50,816
Rudolph Technologies, Inc.(1)		535,201		5,946
Ultratech, Inc.(1)(2)		1,884,437		54,611
				111,373
Software - 5.9%
Manhattan Associates, Inc.(1)		568,251		27,009
MicroStrategy Incorporated, Class A(1)		336,171		47,064
Progress Software Corporation(1)		2,218,523		52,402
Rosetta Stone Inc.(1)(2)		1,088,300		11,231
Websense, Inc.(1)(2)		1,948,737		41,099
				178,805
MATERIALS - 6.8%
Chemicals - 5.0%
H.B. Fuller Company(2)		2,541,433		83,435
Minerals Technologies Inc.		462,200		30,233
Sensient Technologies Corporation		1,017,715		38,673
				152,341

20

	Shares Held		Value
MATERIALS (CONTINUED)
Construction Materials - 0.4%
Eagle Materials Inc.		303,819	$	10,558
Metals & Mining - 1.4%
Schnitzer Steel Industries, Inc., Class A		1,040,000		41,491
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 1.4%
Atlantic Tele-Network, Inc.		619,614		22,529
Neutral Tandem, Inc.(1)(2)		1,732,000		21,113
				43,642
UTILITIES - 1.5%
Electrical Utilities - 1.5%
Cleco Corporation		560,171		22,211
Portland General Electric Company		879,370		21,967
				44,178
Total common stocks (Cost $2,529,827)				2,900,056
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $137,922 (Cost $137,922)(4)	$	137,922	$	137,922
Total investments - 99.8% (Cost $2,667,749)				3,037,978
Other assets less liabilities - 0.2%				5,490
Total net assets - 100.0%(5)			$	3,043,468

⁽¹⁾  Non-income producing security.

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

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

Security	Country	Trading Currency
ICON PLC (DR)	Ireland	US dollar
Logitech International S.A.	Switzerland	US dollar
Orbotech, Ltd.	Israel	US dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		3.625	%		2/15/2020		140,682

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
H.B. Fuller Company	United States		2.7	%
Diebold, Incorporated	United States		2.5
EMCOR Group, Inc.	United States		2.4
FTI Consulting, Inc.	United States		2.3
Rent-A-Center, Inc.	United States		2.2
Ryder System, Inc.	United States		1.8
Ultratech, Inc.	United States		1.8
Progress Software Corporation	United States		1.7
Intersil Corporation	United States		1.7
Arrow Electronics, Inc.	United States		1.7
Total			20.8	%

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.

21

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 92.2%
CONSUMER DISCRETIONARY - 4.7%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		898,400	$	14,797
Multiline Retail - 2.7%
Target Corporation		356,000		20,744
CONSUMER STAPLES - 7.5%
Food & Staples Retailing - 5.5%
Tesco plc(1)		4,789,779		25,282
Wal-Mart Stores, Inc.		265,600		16,255
				41,537
Food Products - 2.0%
Unilever PLC (DR)(1)		463,320		15,313
ENERGY - 14.3%
Energy Equipment & Services - 5.8%
Baker Hughes Incorporated		648,600		27,202
Noble Corporation		435,100		16,303
				43,505
Oil, Gas & Consumable Fuels - 8.5%
Apache Corporation		265,600		26,677
Cimarex Energy Co.		302,200		22,807
Exxon Mobil Corporation		169,500		14,701
				64,185
FINANCIALS - 24.3%
Capital Markets - 4.5%
The Bank of New York Mellon Corporation		779,700		18,814
The Goldman Sachs Group, Inc.		119,805		14,900
				33,714
Insurance - 17.4%
Alleghany Corporation(2)		46,636		15,348
The Allstate Corporation		491,550		16,182
Arch Capital Group Ltd.(2)(3)		514,200		19,149
Berkshire Hathaway Inc., Class B(2)		429,430		34,848
The Chubb Corporation		288,200		19,918
The Progressive Corporation		1,135,700		26,326
				131,771
Real Estate Investment Trusts (REITS) - 2.4%
Annaly Capital Management, Inc.		1,169,600		18,503
HEALTHCARE - 4.4%
Health Care Equipment & Supplies - 1.9%
Becton, Dickinson and Company		186,500	$	14,482
Health Care Providers & Services - 2.5%
Cigna Corporation		383,900		18,907
INDUSTRIALS - 2.9%
Construction & Engineering - 2.9%
Jacobs Engineering Group Inc.(2)		491,600		21,812
INFORMATION TECHNOLOGY - 31.6%
Communications Equipment - 4.2%
Cisco Systems, Inc.		1,491,700		31,549
Computers & Peripherals - 7.6%
Apple Inc.(2)		67,572		40,507
Hewlett-Packard Company		695,000		16,562
				57,069
Electronic Equipment & Instruments - 5.9%
Avnet, Inc.(2)(3)		649,800		23,646
Ingram Micro Inc.(2)(3)		1,147,000		21,288
				44,934
IT Services - 4.2%
Total System Services, Inc.		330,950		7,635
The Western Union Company		1,378,600		24,263
				31,898
Semiconductors & Semiconductor Equipment - 3.5%
Texas Instruments Incorporated		785,400		26,397
Software - 6.2%
Microsoft Corporation		638,500		20,592
Oracle Corporation		909,700		26,527
				47,119
TELECOMMUNICATION SERVICES - 2.5%
Wireless Telecommunication Services - 2.5%
Vodafone Group Plc (DR)(1)		683,300		18,907
Total common stocks (Cost $609,670)				697,143

22

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $58,413 (Cost $58,413)(4)	$	58,413	$	58,413
Total investments - 99.9% (Cost $668,083)				755,556
Other assets less liabilities - 0.1%				493
Total net assets - 100.0%(5)			$	756,049

⁽¹⁾  The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for information on how a particular country is assigned.

Security	Country	Trading Currency
Tesco plc	United Kingdom	British pound
Unilever PLC (DR)	United Kingdom	US dollar
Vodafone Group Plc (DR)	United Kingdom	US dollar

⁽²⁾  Non-income producing security.

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

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		5.000	%		5/15/2037	$	59,583

⁽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 - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Apple Inc.	United States		5.4	%
Berkshire Hathaway Inc.	United States		4.6
Cisco Systems, Inc.	United States		4.2
Baker Hughes Incorporated	United States		3.6
Apache Corporation	United States		3.5
Oracle Corporation	United States		3.5
Texas Instruments Incorporated	United States		3.5
The Progressive Corporation	United States		3.5
Tesco plc	United Kingdom		3.3
The Western Union Company	United States		3.2
Total			38.3	%

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

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

23

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited)

Dollar values in thousands, except per share amounts

	EMERGING MARKETS			GROWTH OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value	$	833,503		$	294,511
Short-term investments (repurchase agreements), at value		26,480			18,805
Total investments		859,983			313,316
Cash		1			1
Foreign currency		549			1
Unrealized gain on foreign currency forward and spot contracts		-			108
Receivable from fund shares sold		21,633			638
Dividends and interest receivable		2,035			115
Total assets		884,201			314,179
LIABILITIES:
Unrealized loss on foreign currency forward and spot contracts		-			2
Payable for investments purchased		-			6,776
Payable for fund shares redeemed		110			233
Payable for operating expenses		318			124
Payable for foreign taxes		867			92
Total liabilities		1,295			7,227
Total net assets	$	882,906		$	306,952
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	954,664		$	260,747
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(43,654	)		49,742
Accumulated undistributed net investment loss		(687	)		(1,105	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(27,417	)		(2,432	)
	$	882,906		$	306,952
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares				$	169,016
Institutional Shares	$	576,259		$	137,936
Advisor Shares	$	306,647
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares					12,319,536
Institutional Shares		43,423,728			10,054,781
Advisor Shares		23,050,319
Net asset value, offering price and redemption price per share
Investor Shares				$	13.72
Institutional Shares	$	13.27		$	13.72
Advisor Shares	$	13.30
Cost of securities of unaffiliated issuers held	$	902,926		$	263,595
Cost of foreign currency	$	549		$	1

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

24

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	INTERNATIONAL			INTERNATIONAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	9,095,293		$	4,346,766
Investments in securities, affiliated, at value		-			515,735
Short-term investments (repurchase agreements), at value		159,801			487,567
Total investments		9,255,094			5,350,068
Cash		1			-	(1)
Foreign currency		1,690			1,335
Unrealized gain on foreign currency forward and spot contracts		58			24,234
Receivable from investments sold		145,520			5,947
Receivable from fund shares sold		9,608			19,292
Dividends and interest receivable		32,104			13,515
Total assets		9,444,075			5,414,391
LIABILITIES:
Unrealized loss on foreign currency forward and spot contracts		411			1
Payable for investments purchased		35,935			3,380
Payable for fund shares redeemed		48,498			7,921
Payable for operating expenses		2,964			1,075
Payable for foreign taxes		1,147			506
Total liabilities		88,955			12,883
Total net assets	$	9,355,120		$	5,401,508
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	9,564,855		$	4,641,539
Net unrealized appreciation on investments and foreign currency related transactions		1,608,018			806,226
Accumulated undistributed net investment income		32,098			113
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(1,849,851	)		(46,370	)
	$	9,355,120		$	5,401,508
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	6,998,634		$	4,045,924
Institutional Shares	$	2,356,486		$	1,355,584
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		305,639,938			144,916,265
Institutional Shares		102,340,078			48,470,184
Net asset value, offering price and redemption price per share
Investor Shares	$	22.90		$	27.92
Institutional Shares	$	23.03		$	27.97
Cost of securities of unaffiliated issuers held	$	7,646,998		$	4,190,473
Cost of securities of affiliated issuers held	$	-		$	377,571
Cost of foreign currency	$	1,690		$	1,335

⁽¹⁾  Amount rounds to less than $1.

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

25

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	5,960,924		$	6,524,054
Investments in securities, affiliated, at value		300,236			1,136,605
Short-term investments (repurchase agreements), at value		296,054			437,749
Total investments		6,557,214			8,098,408
Cash		-	(1)		-	(1)
Receivable from investments sold		-			22,927
Receivable from fund shares sold		19,128			25,589
Dividends and interest receivable		2,429			17,193
Total assets		6,578,771			8,164,117
LIABILITIES:
Payable for investments purchased		31,324			8,048
Payable for fund shares redeemed		7,579			11,536
Payable for operating expenses		2,494			1,750
Total liabilities		41,397			21,334
Total net assets	$	6,537,374		$	8,142,783
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	4,114,863		$	6,690,708
Net unrealized appreciation on investments and foreign currency related transactions		2,342,826			1,306,835
Accumulated undistributed net investment income (loss)		(21,199	)		10,806
Accumulated undistributed net realized gains on investments and foreign currency related transactions		100,884			134,434
	$	6,537,374		$	8,142,783
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	5,498,450		$	8,104,011
Institutional Shares	$	1,038,924		$	38,772
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		138,178,391			375,995,478
Institutional Shares		25,193,761			1,798,588
Net asset value, offering price and redemption price per share
Investor Shares	$	39.79		$	21.55
Institutional Shares	$	41.24		$	21.56
Cost of securities of unaffiliated issuers held	$	4,015,682		$	5,862,839
Cost of securities of affiliated issuers held	$	198,706		$	928,734

⁽¹⁾  Amount rounds to less than $1.

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

26

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands, except per share amounts

	SMALL CAP VALUE			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	2,242,990		$	633,060
Investments in securities, affiliated, at value		657,066			64,083
Short-term investments (repurchase agreements), at value		137,922			58,413
Total investments		3,037,978			755,556
Cash		1			-	(1)
Receivable from investments sold		5,089			6,180
Receivable from fund shares sold		4,416			1,542
Dividends and interest receivable		3,296			1,365
Total assets		3,050,780			764,643
LIABILITIES:
Payable for investments purchased		5,358			8,094
Payable for fund shares redeemed		974			266
Payable for operating expenses		980			234
Total liabilities		7,312			8,594
Total net assets	$	3,043,468		$	756,049
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	2,664,092		$	724,628
Net unrealized appreciation on investments and foreign currency related transactions		370,229			87,473
Accumulated undistributed net investment income		9,489			363
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(342	)		(56,415	)
	$	3,043,468		$	756,049
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	2,929,647		$	664,751
Institutional Shares	$	113,821		$	91,298
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		178,487,101			59,631,633
Institutional Shares		6,934,535			8,183,814
Net asset value, offering price and redemption price per share
Investor Shares	$	16.41		$	11.15
Institutional Shares	$	16.41		$	11.16
Cost of securities of unaffiliated issuers held	$	2,075,342		$	616,031
Cost of securities of affiliated issuers held	$	592,407		$	52,052

⁽¹⁾  Amount rounds to less than $1.

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

27

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS			GROWTH OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	5,638		$	497
Interest		1			1
Total investment income		5,639			498
EXPENSES:
Advisory fees		4,226			835
Transfer agent fees
Investor Shares					206
Institutional Shares		11			4
Advisor Shares		380
Shareholder communications
Investor Shares					15
Institutional Shares		11			-	(2)
AdvisorShares		24
Custodian fees		380			24
Accounting fees		36			23
Professional fees		40			34
Registration fees
Investor Shares					28
Institutional Shares		32			14
AdvisorShares		37
Directors’ fees		17			4
Other operating expenses		11			4
Total operating expenses		5,205			1,191
Net investment income (loss)		434			(693	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized loss on:
Investments		(14,466	)		(1,230	)
Foreign currency related transactions		(544	)		(125	)
		(15,010	)		(1,355	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		146,701			46,889
Foreign currency related transactions		(482	)		31
		146,219			46,920
Net gain on investments and foreign currency related transactions		131,209			45,565
Net increase in net assets resulting from operations	$	131,643		$	44,872

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers
	Emerging Markets	$	418
	Growth Opportunities		6

⁽²⁾  Amount rounds to less than $1.

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

28

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL			INTERNATIONAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	81,255		$	42,253
Dividends, from affiliated issuers(1)		-			565
Interest		22			16
Total investment income		81,277			42,834
EXPENSES:
Advisory fees		40,306			22,354
Transfer agent fees
Investor Shares		6,118			3,069
Institutional Shares		12			12
Shareholder communications
Investor Shares		355			254
Institutional Shares		20			14
Custodian fees		1,884			631
Accounting fees		37			36
Professional fees		207			108
Registration fees
Investor Shares		52			75
Institutional Shares		19			28
Directors’ fees		189			94
Other operating expenses		94			46
Total operating expenses		49,293			26,721
Net investment income		31,984			16,113
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		65,412			(11,639	)
Foreign currency related transactions		(2,807	)		8,450
		62,605			(3,189	)
Net increase in unrealized appreciation on:
Investments		1,911,379			812,004
Foreign currency related transactions		726			22,090
		1,912,105			834,094
Net gain on investments and foreign currency related transactions		1,974,710			830,905
Net increase in net assets resulting from operations	$	2,006,694		$	847,018

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	International	$	3,230	$	-
	International Value		2,861		2,555

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

29

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	12,823		$	63,394
Dividends, from affiliated issuers(1)		-			8,645
Interest		14			18
Total investment income		12,837			72,057
EXPENSES:
Advisory fees		26,829			34,143
Transfer agent fees
Investor Shares		6,406			7,041
Institutional Shares		11			4
Shareholder communications
Investor Shares		252			553
Institutional Shares		11			2
Custodian fees		115			63
Accounting fees		30			19
Professional fees		120			139
Registration fees
Investor Shares		71			135
Institutional Shares		16			5
Directors’ fees		115			138
Other operating expenses		60			70
Total operating expenses		34,036			42,312
Net investment income (loss)		(21,199	)		29,745
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gain on:
Investments(1)		211,756			189,126
Net increase in unrealized appreciation on:
Investments		1,203,959			1,277,537
Net gain on investments and foreign currency related transactions		1,415,715			1,466,663
Net increase in net assets resulting from operations	$	1,394,516		$	1,496,408

(1)	Fund	Net of foreign taxes withheld on dividends, unaffiliated issuers		Including net realized gain on investments from affiliated issuers
	Mid Cap	$	55	$	40,239
	Mid Cap Value		-		17,037

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

30

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2012 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP VALUE		VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers	$	21,564	$	5,342
Dividends, from affiliated issuers		5,086		-
Interest		5		11
Total investment income		26,655		5,353
EXPENSES:
Advisory fees		13,726		2,163
Transfer agent fees
Investor Shares		2,846		649
Institutional Shares		4		5
Shareholder communications
Investor Shares		313		47
Institutional Shares		2		1
Custodian fees		41		14
Accounting fees		21		23
Professional fees		58		25
Registration fees
Investor Shares		42		50
Institutional Shares		5		7
Directors’ fees		64		9
Other operating expenses		32		6
Total operating expenses		17,154		2,999
Net investment income		9,501		2,354
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments(1)		9,018		5,222
Foreign currency related transactions		-		(4	)
		9,018		5,218
Net increase in unrealized appreciation on:
Investments		618,847		111,512
Foreign currency related transactions		-		1
		618,847		111,513
Net gain on investments and foreign currency related transactions		627,865		116,731
Net increase in net assets resulting from operations	$	637,366	$	119,085

(1)	Fund	Including net realized loss on investments from affiliated issuers
	Small Cap Value	$	(44,246	)
	Value		(113	)

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

31

ARTISAN FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	EMERGING MARKETS						GROWTH OPPORTUNITIES
	Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income (loss)	$	434		$	10,346		$	(693	)	$	(999	)
Net realized gain (loss) on:
Investments		(14,466	)		9,473			(1,230	)		2,181
Foreign currency related transactions		(544	)		(2,693	)		(125	)		(432	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		146,701			(255,535	)		46,889			(14,114	)
Foreign currency related transactions		(482	)		336			31			(9	)
Net increase (decrease) in net assets resulting from operations		131,643			(238,073	)		44,872			(13,373	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares								-			-
Institutional Shares		(3,946	)		(3,345	)		-			-
Advisor Shares		(1,843	)		(1,835	)
Net realized gains on investment transactions:
Investor Shares								(1,240	)		(1,034	)
Institutional Shares		(1,096	)		-			(371	)		-
Advisor Shares		(777	)		-
Total distributions paid to shareholders		(7,662	)		(5,180	)		(1,611	)		(1,034	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		89,646			392,736			107,964			97,676
Total increase in net assets		213,627			149,483			151,225			83,269
Net assets, beginning of period		669,279			519,796			155,727			72,458
Net assets, end of period	$	882,906		$	669,279		$	306,952		$	155,727
Accumulated undistributed net investment income (loss)	$	(687	)	$	4,668		$	(1,105	)	$	(412	)

⁽¹⁾  Unaudited.

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

32

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL						INTERNATIONAL VALUE
	Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income	$	31,984		$	121,485		$	16,113		$	51,313
Net realized gain (loss) on:
Investments		65,412			994,852			(11,639	)		140,973
Foreign currency related transactions		(2,807	)		(79	)		8,450			(18,918	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		1,911,379			(1,875,691	)		812,004			(483,261	)
Foreign currency related transactions		726			(1,399	)		22,090			1,338
Net increase (decrease) in net assets resulting from operations		2,006,694			(760,832	)		847,018			(308,555	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(87,816	)		(61,274	)		(1,955	)		(39,445	)
Institutional Shares		(33,126	)		(26,489	)		(1,195	)		(12,501	)
Net realized gains on investment transactions:
Investor Shares		-			-			(9,181	)		-
Institutional Shares		-			-			(3,059	)		-
Total distributions paid to shareholders		(120,942	)		(87,763	)		(15,390	)		(51,946	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(357,040	)		(973,666	)		294,398			1,298,269
Total increase (decrease) in net assets		1,528,712			(1,822,261	)		1,126,026			937,768
Net assets, beginning of period		7,826,408			9,648,669			4,275,482			3,337,714
Net assets, end of period	$	9,355,120		$	7,826,408		$	5,401,508		$	4,275,482
Accumulated undistributed net investment income (loss)	$	32,098		$	121,055		$	113		$	(12,850	)

⁽¹⁾  Unaudited.

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

33

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP						MID CAP VALUE
	Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income (loss)	$	(21,199	)	$	(40,985	)	$	29,745		$	45,496
Net realized gain on:
Investments		211,756			665,237			189,126			585,460
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		1,203,959			(348,059	)		1,277,537			(531,683	)
Net increase in net assets resulting from operations		1,394,516			276,193			1,496,408			99,273
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		-			-			(43,082	)		(48,963	)
Institutional Shares		-			-			-			-
Net realized gains on investment transactions:
Investor Shares		-			-			(499,737	)		(97,741	)
Institutional Shares		-			-			-			-
Total distributions paid to shareholders		-			-			(542,819	)		(146,704	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		132,102			(143,118	)		988,730			508,268
Total increase in net assets		1,526,618			133,075			1,942,319			460,837
Net assets, beginning of period		5,010,756			4,877,681			6,200,464			5,739,627
Net assets, end of period	$	6,537,374		$	5,010,756		$	8,142,783		$	6,200,464
Accumulated undistributed net investment income (loss)	$	(21,199	)	$	-		$	10,806		$	24,143

⁽¹⁾  Unaudited.

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

34

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP VALUE						VALUE
	Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011			Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income	$	9,501		$	1,882		$	2,354		$	3,743
Net realized gain (loss) on:
Investments		9,018			317,544			5,222			32,265
Foreign currency related transactions		-			-			(4	)		(41	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		618,847			(422,880	)		111,512			(42,872	)
Foreign currency related transactions		-			-			1			(1	)
Net increase (decrease) in net assets resulting from operations		637,366			(103,454	)		119,085			(6,906	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(1,078	)		(2,837	)		(3,915	)		(2,455	)
Institutional Shares		-			-			(682	)		-
Net realized gains on investment transactions:
Investor Shares		(238,253	)		-			-			-
Institutional Shares		-			-			-			-
Total distributions paid to shareholders		(239,331	)		(2,837	)		(4,597	)		(2,455	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		38,170			23,138			179,399			205,150
Total increase in net assets		436,205			(83,153	)		293,887			195,789
Net assets, beginning of period		2,607,263			2,690,416			462,162			266,373
Net assets, end of period	$	3,043,468		$	2,607,263		$	756,049		$	462,162
Accumulated undistributed net investment income	$	9,489		$	1,066		$	363		$	2,606

⁽¹⁾  Unaudited.

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

35

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) held throughout the entire period.

	ARTISAN EMERGING MARKETS FUND
	Institutional Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	11.37		$	15.23		$	13.02		$	11.15		$	16.71		$	11.15
Net Investment Income(2)		0.01			0.21			0.17			0.09			0.18			0.09
Net Realized and Unrealized Gain (Loss) on Investments		2.02			(3.93	)		2.15			1.91			(5.41	)		5.81
Total Income (Loss) from Investment Operations		2.03			(3.72	)		2.32			2.00			(5.23	)		5.90
Dividends from Net Investment Income		(0.10	)		(0.14	)		(0.11	)		(0.12	)		(0.01	)		(0.03	)
Distributions from Net Realized Gains		(0.03	)		-			-			(0.01	)		(0.32	)		(0.31	)
Total Distributions		(0.13	)		(0.14	)		(0.11	)		(0.13	)		(0.33	)		(0.34	)
Net Asset Value End of Period	$	13.27		$	11.37		$	15.23		$	13.02		$	11.15		$	16.71
Total Return(3)		18.09	%		(24.67	)%		17.94	%		18.66	%		(31.91	)%		53.99	%
Net Assets End of Period (millions)	$	576.3		$	352.1		$	284.2		$	104.0		$	69.8		$	18.4
Ratio of Expenses to Average Net Assets(4)(5)		1.19	%		1.19	%		1.31	%		1.50	%		1.50	%		1.44	%
Ratio of Net Investment Income to Average Net Assets(4)(5)		0.22	%		1.41	%		1.25	%		1.02	%		1.17	%		0.67	%
Portfolio Turnover Rate(3)		12.07	%		30.86	%		25.89	%		56.88	%		42.24	%		71.28	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

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

Year or Period Ended	Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets
9/30/2009		1.81	%		0.71	%
9/30/2008		1.51	%		1.16	%
9/30/2007		3.19	%		(1.08	)%

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

36

ARTISAN FUNDS

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

	ARTISAN GROWTH OPPORTUNITIES FUND
	Institutional Shares
	Period Ended
	3/31/2012(1)			9/30/2011(2)
Net Asset Value Beginning of Period	$	10.88		$	13.38
Net Investment Loss(3)		(0.03	)		(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments		2.98			(2.48	)
Total Income (Loss) from Investment Operations		2.95			(2.50	)
Distributions from Net Realized Gains		(0.11	)		-
Total Distributions		(0.11	)		-
Net Asset Value End of Period	$	13.72		$	10.88
Total Return(4)		27.39	%		(18.68	)%
Net Assets End of Period (millions)	$	137.9		$	13.0
Ratio of Expenses to Average Net Assets(5)(6)		1.09	%		1.50	%
Ratio of Net Investment Loss to Average Net Assets(5)(6)		(0.58	)%		(0.72	)%
Portfolio Turnover Rate(4)		18.24	%		76.18	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  For the period from commencement of operations July 26, 2011 through September 30, 2011.

⁽³⁾  Computed based on average shares outstanding.

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

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

⁽⁶⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by the Adviser. Absent expenses waived or paid by the Adviser, the ratios of expenses to average net assets and net investment 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		2.22	%		(1.44	)%

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

37

ARTISAN FUNDS

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

	ARTISAN INTERNATIONAL FUND
	Institutional Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	18.50		$	20.72		$	20.29		$	20.51		$	33.99		$	28.92
Net Investment Income(2)		0.09			0.32			0.22			0.28			0.42			0.37
Net Realized and Unrealized Gain (Loss) on Investments		4.78			(2.31	)		0.49			0.46			(9.16	)		7.52
Total Income (Loss) from Investment Operations		4.87			(1.99	)		0.71			0.74			(8.74	)		7.89
Dividends from Net Investment Income		(0.34	)		(0.23	)		(0.28	)		(0.26	)		(0.27	)		(0.49	)
Distributions from Net Realized Gains		-			-			-			(0.70	)		(4.47	)		(2.33	)
Total Distributions		(0.34	)		(0.23	)		(0.28	)		(0.96	)		(4.74	)		(2.82	)
Net Asset Value End of Period	$	23.03		$	18.50		$	20.72		$	20.29		$	20.51		$	33.99
Total Return(3)		26.68	%		(9.76	)%		3.54	%		5.25	%		(29.83	)%		28.99	%
Net Assets End of Period (millions)	$	2,356.5		$	1,989.3		$	2,353.9		$	2,912.7		$	3,043.8		$	5,049.3
Ratio of Expenses to Average Net Assets(4)		0.99	%		0.99	%		0.98	%		0.99	%		0.98	%		0.98	%
Ratio of Net Investment Income to Average Net Assets(4)		0.89	%		1.42	%		1.10	%		1.76	%		1.50	%		1.22	%
Portfolio Turnover Rate(3)		31.38	%		70.36	%		70.51	%		82.38	%		54.42	%		66.30	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽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.

38

ARTISAN FUNDS

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

	ARTISAN INTERNATIONAL VALUE FUND
	Institutional Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	23.47		$	24.76		$	22.83		$	21.22		$	28.53		$	26.71
Net Investment Income(2)		0.11			0.35			0.36			0.21			0.52			0.41
Net Realized and Unrealized Gain (Loss) on Investments		4.49			(1.24	)		2.02			1.66			(5.58	)		3.14
Total Income (Loss) from Investment Operations		4.60			(0.89	)		2.38			1.87			(5.06	)		3.55
Dividends from Net Investment Income		(0.03	)		(0.40	)		(0.45	)		(0.26	)		(0.58	)		(0.45	)
Distributions from Net Realized Gains		(0.07	)		-			-			-			(1.67	)		(1.28	)
Total Distributions		(0.10	)		(0.40	)		(0.45	)		(0.26	)		(2.25	)		(1.73	)
Net Asset Value End of Period	$	27.97		$	23.47		$	24.76		$	22.83		$	21.22		$	28.53
Total Return(3)		19.64	%		(3.84	)%		10.66	%		9.14	%		(18.92	)%		13.48	%
Net Assets End of Period (millions)	$	1,355.6		$	1,042.8		$	649.6		$	280.2		$	186.1		$	218.9
Ratio of Expenses to Average Net Assets(4)		0.98	%		0.99	%		1.01	%		1.04	%		1.03	%		1.06	%
Ratio of Net Investment Income to Average Net Assets(4)		0.81	%		1.30	%		1.57	%		1.17	%		2.10	%		1.47	%
Portfolio Turnover Rate(3)		13.70	%		30.90	%		21.02	%		55.49	%		44.72	%		45.60	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽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.

39

ARTISAN FUNDS

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

	ARTISAN MID CAP FUND
	Institutional Shares
	Year or Period Ended
	3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008			9/30/2007
Net Asset Value Beginning of Period	$	32.23		$	30.50		$	25.00		$	24.71		$	37.78		$	32.24
Net Investment Loss(2)		(0.09	)		(0.16	)		(0.14	)		(0.06	)		(0.14	)		(0.16	)
Net Realized and Unrealized Gain (Loss) on Investments		9.10			1.89			5.64			0.63			(7.03	)		9.17
Total Income (Loss) from Investment Operations		9.01			1.73			5.50			0.57			(7.17	)		9.01
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	$	41.24		$	32.23		$	30.50		$	25.00		$	24.71		$	37.78
Total Return(3)		27.96	%		5.67	%		22.00	%		2.77	%		(22.23	)%		30.17	%
Net Assets End of Period (millions)	$	1,038.9		$	510.0		$	502.4		$	454.5		$	537.2		$	785.4
Ratio of Expenses to Average Net Assets(4)		0.96	%		0.96	%		0.96	%		0.97	%		0.95	%		0.95	%
Ratio of Net Investment Loss to Average Net Assets(4)		(0.51	)%		(0.47	)%		(0.51	)%		(0.32	)%		(0.46	)%		(0.47	)%
Portfolio Turnover Rate(3)		23.69	%		62.87	%		63.46	%		68.39	%		79.76	%		71.04	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽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.

40

ARTISAN FUNDS

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

	ARTISAN MID CAP VALUE FUND
	Institutional Shares
	Period Ended
	3/31/2012(1)
Net Asset Value Beginning of Period	$	20.93
Net Investment Income(2)		0.05
Net Realized and Unrealized Gain on Investments		0.58
Total Income from Investment Operations		0.63
Net Asset Value End of Period	$	21.56
Total Return(3)		3.01	%
Net Assets End of Period (millions)	$	38.8
Ratio of Expenses to Average Net Assets(4)		1.13	%
Ratio of Net Investment Income to Average Net Assets(4)		1.34	%
Portfolio Turnover Rate(3)		12.09	%

⁽¹⁾  Unaudited. For the period from commencement of operations February 1, 2012 through March 31, 2012.

⁽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.

41

ARTISAN FUNDS

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

	ARTISAN SMALL CAP VALUE FUND
	Institutional Shares
	Period Ended
	3/31/2012(1)
Net Asset Value Beginning of Period	$	16.16
Net Investment Income(2)		0.06
Net Realized and Unrealized Gain on Investments		0.19
Total Income from Investment Operations		0.25
Net Asset Value End of Period	$	16.41
Total Return(3)		1.55	%
Net Assets End of Period (millions)	$	113.8
Ratio of Expenses to Average Net Assets(4)		1.02	%
Ratio of Net Investment Income to Average Net Assets(4)		2.14	%
Portfolio Turnover Rate(3)		11.66	%

⁽¹⁾  Unaudited. For the period from commencement of operations February 1, 2012 through March 31, 2012.

⁽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.

42

ARTISAN FUNDS

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

	ARTISAN VALUE FUND
	Institutional Shares
	Period Ended
	3/31/2012(1)			9/30/2011(2)
Net Asset Value Beginning of Period	$	9.12		$	10.60
Net Investment Income(3)		0.05			0.02
Net Realized and Unrealized Gain (Loss) on Investments		2.08			(1.50	)
Total Income (Loss) from Investment Operations		2.13			(1.48	)
Dividends from Net Investment Income		(0.09	)		-
Total Distributions		(0.09	)		-
Net Asset Value End of Period	$	11.16		$	9.12
Total Return(4)		23.54	%		(13.96	)%
Net Assets End of Period (millions)	$	91.3		$	53.5
Ratio of Expenses to Average Net Assets(5)		0.78	%		1.09	%
Ratio of Net Investment Income to Average Net Assets(5)		1.01	%		1.02	%
Portfolio Turnover Rate(4)		33.59	%		78.36	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

⁽²⁾  For the period from commencement of operations July 26, 2011 through September 30, 2011.

⁽³⁾  Computed based on average shares outstanding.

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

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

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

43

ARTISAN FUNDS

Notes to Financial Statements – March 31, 2012 (Unaudited)

(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 will continue to do business as Artisan Funds. Artisan Funds is a series comprised of twelve open-end, diversified mutual funds. The following funds (each a “Fund” and collectively the “Funds”) are covered by this report:

Fund Name	Inception Date
Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)		June 26, 2006
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 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 Value Fund (“Small Cap Value Fund” or “Small Cap Value”)		September 29, 1997
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006

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, Mid Cap Value Fund, Small Cap Value 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, Mid Cap Value Fund, Small Cap Value Fund and Value Fund began offering Institutional Shares on July 26, 2011, July 1, 1997, October 1, 2006, July 1, 2000, February 1, 2012, February 1, 2012 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.

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”).

44

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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 each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining NAV, each equity security traded on a securities exchange, including the Nasdaq Stock Market, and over-the-counter securities were valued at the closing price as of the time of valuation on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for a principal exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary 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.

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

45

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, and a Fund may therefore have used fair value pricing, if, among other things, the valuation committee believed that the price determined did not reflect a fair value of the security or 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 (a “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 values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Funds monitored for subsequent events using several tools, including the use of a third party research service 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. 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 the third party research service.

When fair value pricing is employed, the value of a portfolio security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Estimates of fair values utilized by the Funds as described above may differ from the value realized on the sale of those securities and the differences may have been material to the NAV of the applicable Fund.

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; political instability and expropriation and nationalization risks.

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. These 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

46

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

heightened risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. High levels of national debt tend to make such markets also heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

(b) Fair value measurements – Under United States 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 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and 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)

• 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 March 31, 2012 (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	$	26,081	$	-	$	-	$	26,081
Emerging Asia		401,910		42		3,122		405,074
Emerging Europe, Middle East & Africa		168,749		4,343		-		173,092
Latin America		229,256		-		-		229,256
Repurchase Agreements		-		26,480		-		26,480
Total	$	825,996	$	30,865	$	3,122	$	859,983

47

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Growth Opportunities
Equity Securities(1)	$	294,511	$	-	$	-	$	294,511
Repurchase Agreements		-		18,805		-		18,805
Total Investments in Securities		294,511		18,805		-		313,316
Derivatives:
Foreign Currency Forward Contracts(2)		-		108		-		108
Total	$	294,511	$	18,913	$	-	$	313,424
International
Equity Securities(1)	$	9,095,293	$	-	$	-	$	9,095,293
Repurchase Agreements		-		159,801		-		159,801
Total	$	9,095,293	$	159,801	$	-	$	9,255,094
International Value
Equity and Equity-Linked Securities(1)
Americas	$	999,458	$	-	$	-	$	999,458
Emerging Markets		31,131		-		-		31,131
Europe		3,104,110		131,207		-		3,235,317
Pacific Basin		596,595		-		-		596,595
Repurchase Agreements		-		487,567		-		487,567
Total Investments in Securities		4,731,294		618,774		-		5,350,068
Derivatives:
Foreign Currency Forward Contracts(2)		-		24,228		-		24,228
Total	$	4,731,294	$	643,002	$	-	$	5,374,296
Mid Cap
Equity Securities(1)	$	6,261,160	$	-	$	-	$	6,261,160
Repurchase Agreements		-		296,054		-		296,054
Total	$	6,261,160	$	296,054	$	-	$	6,557,214
Mid Cap Value
Equity Securities(1)	$	7,660,659	$	-	$	-	$	7,660,659
Repurchase Agreements		-		437,749		-		437,749
Total	$	7,660,659	$	437,749	$	-	$	8,098,408
Small Cap Value
Equity Securities(1)	$	2,900,056	$	-	$	-	$	2,900,056
Repurchase Agreements		-		137,922		-		137,922
Total	$	2,900,056	$	137,922	$	-	$	3,037,978

48

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Value
Equity Securities(1)	$	697,143	$	-	$	-	$	697,143
Repurchase Agreements		-		58,413		-		58,413
Total	$	697,143	$	58,413	$	-	$	755,556
(1) See the Fund’s Schedule of Investments for sector or country classifications.
(2) Derivative instruments are valued at unrealized appreciation.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between the levels as of the end of the period. At September 30, 2011, the fair market value of certain securities was adjusted 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 which resulted in their Level 2 classification. The following table summarizes security transfers between Level 1 and Level 2 for each Fund as of March 31, 2012 (in thousands):

	Transfers from Level 2 to Level 1
Emerging Markets	$	552,475
Growth Opportunities		24,081
International		7,153,521
International Value		3,401,229
Value		25,282

As of March 31, 2012, the reconciliation of assets for which significant unobservable inputs (Level 3) were used to determine fair value is as follows (in thousands):

	Emerging Markets(1)
Balance as of September 30, 2011	$	-
Transfers into Level 3(2)		3,122
Balance as of March 31, 2012	$	3,122
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2012	$	-

⁽¹⁾  All Level 3 securities were equity securities with a regional classification of Emerging Asia.

⁽²⁾  Transferred from Level 2 to Level 3 because of lack of observable market data due to a halt in trading.

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

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2008 through 2011) and have concluded that as of March 31, 2012, no provision for income tax would be required in the Funds’

49

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

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 spot contracts and (b) foreign currency forward contracts. Foreign currency spot 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 non-U.S. dollar denominated investment securities. Open foreign currency spot 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 and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

As of March 31, 2012, Growth Opportunities and International Value had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

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)

50

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

During the six months ended March 31, 2012, the Funds did not enter into any options contracts.

(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

51

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 and International Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are derivative securities which are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities, subject to the credit risk of the issuing financial institution. 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) Commission recapture – Each of the Funds had the ability to direct portfolio trades to various brokers that have agreed to rebate a portion of the commissions generated. Such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the six months ended March 31, 2012 as follows (in thousands):

Growth Opportunities	$	8
International		100
International Value		51
Mid Cap		66
Mid Cap Value		98
Small Cap Value		85
Value		16

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

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

(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 Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities

52

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

received. Interest income was reported on the accrual basis. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to Artisan Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were used, depending on the nature of the expense item. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class.

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

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

(n) 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.

(3) Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2012 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	$	108
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency contracts	$	24,228

53

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The effect of derivative instruments on the Statements of Operations for the six months ended March 31, 2012 was as follows (in thousands):

Amount of Realized Gain on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Growth Opportunities	Foreign currency forward contracts	Net realized on foreign currency related transactions	$	37
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	8,446

Change in Unrealized Appreciation 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 on foreign currency related transactions	$	103
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation on foreign currency related transactions		22,323

Volume of derivative activity

For the six months ended March 31, 2012, Growth Opportunities Fund and International Value Fund each held and closed out of two foreign currency forward contracts in addition to opening one foreign currency forward contract that is presented on each of the respective Schedules of Investments.

(4) Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Funds were affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, International Value Fund, Mid Cap Fund, Mid Cap Value 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

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

Emerging Markets Fund paid a monthly management fee to the Adviser at an annual rate of 1.050% of average daily net assets.

54

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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 Emerging Markets 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.

The officers and director of Artisan Funds who are affiliated with the Adviser receive no compensation from the Funds. Each director who was not an affiliated person of the Adviser received an annual retainer of $200,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increases by $10,000 with each new series of Artisan Funds. In addition, the non-interested chair of the board of directors received an annual retainer of $60,000, payable quarterly, and each chair of a board committee who was a non-interested director received an annual retainer of $30,000, payable quarterly. 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 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 March 31, 2012, no 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.

55

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(5) Line of credit arrangement:

Artisan Funds is party to a line of credit agreement with State Street Bank and Trust Company (“SSB”), which expires in August 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. 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 is allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the six months ended March 31, 2012, there were no borrowings under the line of credit for Growth Opportunities Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Value Fund and Value Fund. During the six months ended March 31, 2012, Emerging Markets Fund had maximum borrowings of $1,931,000.

(6) Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the six months ended March 31, 2012 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Emerging Markets	$	131,524	$	93,658
Growth Opportunities		139,324		33,760
International		2,636,208		3,064,907
International Value		611,028		636,724
Mid Cap		1,358,177		1,299,457
Mid Cap Value		1,035,103		838,632
Small Cap Value		324,864		620,331
Value		317,874		187,963

(7) Transactions in securities of affiliates:

The table below shows information about securities of the Funds’ “affiliates” (as defined below) that were held by the Funds, purchased or sold by the Funds, or from which dividends were received by the Funds during the six months ended March 31, 2012 (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, as amended) during the six months ended March 31, 2012.

56

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/11						Net Realized Gain (Loss)					As of 3/31/12
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
International Value
	Aderans Co., Ltd.(2)		2,420,067	$	-	$	413	$	(55	)	$	-		2,388,767	$	27,186
	Arch Capital Group Ltd.(2)		5,572,034		10,807		24,051		3,051			-		5,114,761		190,474
	ICON PLC (DR)(2)		2,871,675		16,423		-		-			-		3,797,702		80,587
	Qinetiq Group PLC		62,402,252	$	6,659	$	4,712	$	136		$	565		63,359,285	$	161,440
	Savills Plc		9,951,406		489		4,893		(577	)		-		9,282,439		56,048
	Total(3)			$	34,378	$	34,069	$	2,555		$	565			$	515,735
Mid Cap
	athenahealth, Inc.(2)		1,956,015	$	19,377	$	1,345	$	72		$	-		2,306,415	$	170,952
	Cepheid(2)(4)		2,030,600		38,938		19,671		40,167			-		3,090,700		129,284
	Total(3)			$	58,315	$	21,016	$	40,239		$	-			$	300,236
Mid Cap Value
	Alleghany Corporation(2)(5)		599,507	$	12,655	$	410	$	354		$	-		638,735	$	210,208
	Arch Capital Group Ltd.(2)		4,083,819		11,197		15,697		4,942			-		3,826,460		142,497
	Arrow Electronics, Inc.(2)		4,982,100		10,888		431		398			-		5,244,437		220,109
	Avnet, Inc.(2)(4)		6,353,610		11,361		470		433			-		6,662,493		242,448
	Hatteras Financial Corp.(4)		3,026,500		22,285		350		12			5,656		3,833,909		106,966
	Ingram Micro Inc.(2)		9,752,200		10,006		542		260			-		10,241,259		190,078
	Lexmark International, Inc.		4,113,200		8,765		607		30			2,125		4,344,098		144,398
	Ryder System, Inc.(4)		1,388,000		17,238		41,139		10,608			864		1,706,613		90,109
	Total(3)			$	104,395	$	59,646	$	17,037		$	8,645			$	1,136,605
Small Cap Value
	Arrow Electronics, Inc.(2)		1,317,447	$	-	$	2,838	$	621		$	-		1,208,247	$	50,710
	Comfort Systems USA, Inc.		2,698,526		-		2,467		(605	)		256		2,505,826		27,339
	Comstock Resources, Inc.(2)(4)		1,957,290		8,528		6,152		(3,907	)		-		2,462,990		38,989
	CONMED Corporation(5)		1,574,059		-		9,749		3,424			169		1,117,459		33,379
	CRA International, Inc.(2)		661,700		118		1,154		(231	)		-		621,479		15,674
	H.B. Fuller Company		3,158,433		-		15,052		480			-		2,541,433		83,435
	Hatteras Financial Corp.		1,812,500		2,671		4,709		(823	)		3,006		1,758,900		49,073
	Hawaiian Holdings, Inc.(2)(5)		2,548,300		-		1,207		(169	)		-		2,352,600		12,304
	ICON PLC (DR)(2)		921,041		10,579		1,448		(380	)		-		1,351,441		28,678
	Lexmark International, Inc.		1,471,587		-		4,736		(1,050	)		691		1,348,287		44,817
	Manhattan Associates, Inc.(2)(5)		1,184,624		-		13,949		13,086			-		568,251		27,009
	Matthews International Corporation(4)		1,351,113		9,481		4,176		(624	)		251		1,524,500		48,235
	Neutral Tandem, Inc.(2)		1,850,400		-		2,038		(870	)		-		1,732,000		21,113
	ORION MARINE GROUP, INC.(2)		1,851,400		-		1,894		(1,019	)		-		1,708,400		12,352
	Penn Virginia Corporation(5)		2,298,900		-		34,834		(24,021	)		-		-		-
	PICO Holdings, Inc.(2)		1,323,090		-		3,350		(1,303	)		-		1,220,290		28,616
	Quanex Building Products Corporation(5)		1,909,726		247		2,835		(829	)		141		1,759,826		31,026
	Rosetta Stone Inc.(2)		1,179,600		-		1,288		(587	)		-		1,088,300		11,231
	Ryder System, Inc.(4)		981,864		6,865		3,079		157			572		1,041,864		55,010

57

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/11						Net Realized Gain (Loss)					As of 3/31/12
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income(1)		Share Balance		Value
	School Specialty, Inc.(2)(5)		1,769,253	$	-	$	26,198	$	(22,667	)	$	-		832,653	$	2,948
	Sykes Enterprises, Incorporated(2)		3,130,694		-		5,123		(1,948	)		-		2,916,694		46,084
	Ultratech, Inc.(2)		1,948,353		1,282		3,390		(434	)		-		1,884,437		54,611
	Websense, Inc.(2)(4)		1,417,637		11,394		2,552		(547	)		-		1,948,737		41,099
	Total(3)			$	51,165	$	154,218	$	(44,246	)	$	5,086			$	657,066
Value
	Alleghany Corporation(2)(4)(5)		-	$	14,354	$	-	$	-		$	-		46,636	$	15,348
	Arch Capital Group Ltd.(2)		439,300		4,767		1,895		83			-		514,200		19,149
	Avnet, Inc.(2)(4)		585,800		5,285		2,758		16			-		649,800		23,646
	Ingram Micro Inc.(2)		1,000,700		5,237		2,648		(212	)		-		1,147,000		21,288
	Total(3)			$	29,643	$	7,301	$	(113	)	$	-			$	64,083

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

⁽²⁾  Non-income producing security.

⁽³⁾  Total value as of March 31, 2012 is presented for only those issuers that were affiliates as of March 31, 2012.

⁽⁴⁾  Issuer was not an affiliate as of September 30, 2011.

⁽⁵⁾  Issuer was no longer an affiliate as of March 31, 2012.

(8) Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation on investments as of March 31, 2012 were as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	927,789	$	76,553	$	(144,359	)	$	(67,806	)
Growth Opportunities		264,481		52,621		(3,786	)		48,835
International		7,716,542		1,713,377		(174,825	)		1,538,552
International Value		4,628,672		897,047		(175,651	)		721,396
Mid Cap		4,231,719		2,419,215		(93,720	)		2,325,495
Mid Cap Value		6,825,594		1,369,232		(96,418	)		1,272,814
Small Cap Value		2,683,291		550,540		(195,853	)		354,687
Value		681,386		87,888		(13,718	)		74,170

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).

58

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2012 and the year ended September 30, 2011 were as follows (in thousands):

	Six Months Ended 3/31/12				Year Ended 9/30/11
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Emerging Markets	$	5,789	$	1,873	$	5,180	$	-
Growth Opportunities		-		1,611		604		430
International		120,942		-		87,763		-
International Value		3,150		12,240		51,946		-
Mid Cap Value		165,166		377,653		80,288		66,416
Small Cap Value		52,068		187,263		2,837		-
Value		4,597		-		2,455		-

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 International Fund and Mid Cap Value Fund of $24,204,000 and $9,304,000, respectively, were included in net realized gain (loss) on investments in the Statements of Operations for the six months ended March 31, 2012, 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)
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	)
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.

59

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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
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
Small Cap Value		57,835
Value		30,711

60

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(9) Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):

	EMERGING MARKETS						GROWTH OPPORTUNITIES						INTERNATIONAL
Six months ended March 31, 2012	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	168,860		$	66,965		$	27,087		$	115,866		$	663,137		$	205,730
Net asset value of shares issued in reinvestment of dividends and distributions		4,973			2,064			1,207			356			74,375			31,736
Cost of shares redeemed(1)		(25,335	)		(127,881	)		(34,693	)		(1,859	)		(987,580	)		(344,438	)
Net increase (decrease) from fund share transactions	$	148,498		$	(58,852	)	$	(6,399	)	$	114,363		$	(250,068	)	$	(106,972	)
Shares sold		13,992,456			5,351,576			2,120,162			8,968,749			31,687,658			9,961,064
Shares issued in reinvestment of dividends and distributions		440,061			182,171			110,071			32,475			3,910,356			1,660,721
Shares redeemed		(1,964,501	)		(10,354,783	)		(3,010,722	)		(138,031	)		(47,749,358	)		(16,804,212	)
Net increase (decrease) in capital shares		12,468,016			(4,821,036	)		(780,489	)		8,863,193			(12,151,344	)		(5,182,427	)
	EMERGING MARKETS						GROWTH OPPORTUNITIES						INTERNATIONAL
Year ended September 30, 2011	Institutional Shares			Advisor Shares			Investor Shares			Institutional Shares(2)			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(1)		(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	)

⁽¹⁾  Net of redemption fees of:

Fund	3/31/2012		9/30/2011
Emerging Markets - Institutional Shares	$	19	$	29
Emerging Markets - Advisor Shares		13		26
Growth Opportunities - Investor Shares		6		4
Growth Opportunities - Institutional Shares		1		-
International - Investor Shares		189		460
International - Institutional Shares		63		157

⁽²⁾  For the period from commencement of operations July 26, 2011 through September 30, 2011.

61

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE						MID CAP
Six months ended March 31, 2012	Investor Shares			Institutional Shares			Investor Shares			Institutional Shares
Proceeds from shares issued	$	643,825		$	132,904		$	600,990		$	416,869
Net asset value of shares issued in reinvestment of dividends and distributions		8,766			4,096			-			-
Cost of shares redeemed(1)		(465,135	)		(30,058	)		(824,807	)		(60,950	)
Net increase (decrease) from fund share transactions	$	187,456		$	106,942		$	(223,817	)	$	355,919
Shares sold		24,918,827			5,033,040			16,776,766			11,007,345
Shares issued in reinvestment of dividends and distributions		361,475			168,689			-			-
Shares redeemed		(18,280,129	)		(1,163,953	)		(23,125,748	)		(1,636,349	)
Net increase (decrease) in capital shares		7,000,173			4,037,776			(6,348,982	)		9,370,996
	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	)

⁽¹⁾  Net of redemption fees of:

Fund	3/31/2012		9/30/2011
International Value - Investor Shares	$	78	$	279
International Value - Institutional Shares		26		84

62

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE						SMALL CAP VALUE					VALUE
Six months ended March 31, 2012	Investor Shares			Institutional Shares(1)			Investor Shares			Institutional Shares(1)		Investor Shares			Institutional Shares
Proceeds from shares issued	$	1,277,246		$	4,054		$	285,372		$	2,635	$	222,652		$	29,367
Net asset value of shares transferred		(34,342	)		34,342			(110,287	)		110,287		-			-
Net asset value of shares issued in reinvestment of dividends and distributions		510,446			-			232,282			-		3,598			682
Cost of shares redeemed		(802,516	)		(500	)		(482,119	)		-		(70,786	)		(6,114	)
Net increase (decrease) from fund share transactions	$	950,834		$	37,896		$	(74,752	)	$	112,922	$	155,464		$	23,935
Shares sold		61,601,617			188,048			18,066,751			159,891		21,277,632			2,851,063
Shares transferred		(1,633,828	)		1,633,828			(6,774,644	)		6,774,644		-			-
Shares issued in reinvestment of dividends and distributions		26,809,143			-			16,041,566			-		369,799			70,062
Shares redeemed		(39,116,126	)		(23,288	)		(31,222,611	)		-		(6,869,633	)		(607,456	)
Net increase (decrease) in capital shares		47,660,806			1,798,588			(3,888,938	)		6,934,535		14,777,798			2,313,669
	MID CAP VALUE						SMALL CAP VALUE					VALUE
Year ended September 30, 2011	Investor Shares						Investor Shares					Investor Shares			Institutional Shares(2)
Proceeds from shares issued	$	1,807,081					$	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	)					(640,783	)				(106,948	)		-
Net increase (decrease) from fund share transactions	$	508,268					$	23,138				$	147,331		$	57,819
Shares sold		86,270,818						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	)					(37,996,832	)				(10,864,145	)		-
Net increase (decrease) in capital shares		23,941,850						1,248,247					14,965,984			5,870,145

⁽¹⁾  For the period from commencement of operations February 1, 2012 through March 31, 2012.

⁽²⁾  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. On May 8, 2012, Small Cap Fund began offering Institutional Shares.

There were no other items requiring adjustment of the financial statements or additional disclosure.

63

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2011 to March 31, 2012.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line below each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended March 31, 2012 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning Account Value 10/1/2011		Ending Account Value 3/31/2012		Expenses Paid During Period 10/1/2011-3/31/2012(1)
Artisan Emerging Markets Fund - Institutional Shares
Actual	$	1,000.00	$	1,180.90	$	6.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.01

See notes on page 65.

64

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2011		Ending Account Value 3/31/2012		Expenses Paid During Period 10/1/2011-3/31/2012(1)
Artisan Growth Opportunities Fund - Institutional Shares
Actual	$	1,000.00	$	1,273.90	$	6.20
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.50
Artisan International Fund - Institutional Shares
Actual	$	1,000.00	$	1,266.80	$	5.61
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.00
Artisan International Value Fund - Institutional Shares
Actual	$	1,000.00	$	1,196.40	$	5.38
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	4.95
Artisan Mid Cap Fund - Institutional Shares
Actual	$	1,000.00	$	1,279.60	$	5.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.20	$	4.85
Artisan Mid Cap Value Fund - Institutional Shares(2)
Actual	$	1,000.00	$	1,030.10	$	1.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,006.34	$	1.86
Artisan Small Cap Value Fund - Institutional Shares(2)
Actual	$	1,000.00	$	1,015.50	$	1.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,006.51	$	1.69
Artisan Value Fund - Institutional Shares
Actual	$	1,000.00	$	1,235.40	$	4.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.10	$	3.94

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2012 (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 February 1, 2012 through March 31, 2012.

Fund	Annualized Ratio of Expenses to Average Net Assets for the Six Month Period Ended March 31, 2012
Artisan Emerging Markets Fund - Institutional Shares		1.19	%
Artisan Growth Opportunities Fund - Institutional Shares		1.09	%
Artisan International Fund - Institutional Shares		0.99	%
Artisan International Value Fund - Institutional Shares		0.98	%
Artisan Mid Cap Fund - Institutional Shares		0.96	%
Artisan Mid Cap Value Fund - Institutional Shares(a)		1.13	%
Artisan Small Cap Value Fund - Institutional Shares(a)		1.02	%
Artisan Value Fund - Institutional Shares		0.78	%

^(a)  For the period from commencement of operations February 1, 2012 through March 31, 2012.

65

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“APLP”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to investment advisory agreements dated May 10, 2006 (Emerging Markets Fund); February 9, 2010 (Global Equity Fund); August 9, 2007 (Global Value Fund); December 28, 1995, as amended November 17, 2005 (International Fund); November 7, 2001 (International Small Cap Fund); August 9, 2002 (International Value Fund); April 10, 1997 (Mid Cap Fund); January 25, 2001 (Mid Cap Value Fund); May 15, 2008 (Growth Opportunities Fund); February 9, 2006, as amended December 1, 2010 (Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (together, the “Investment Advisory Agreements”). Artisan Partners UK LLP (“Artisan UK,” and together with APLP, “Artisan Partners”) is the sub-adviser to Global Equity Fund and, with APLP, manages the investment of Global Equity Fund’s assets. Artisan UK is subject to the general supervision of APLP pursuant to an investment sub-advisory agreement dated February 9, 2010 (the “Sub-advisory Agreement,” and together with the “Investment Advisory Agreements,” the “Advisory Agreements” and each, an “Advisory Agreement”).

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

The directors of Artisan Funds held a special meeting of the board on October 28, 2011 (the “Special Meeting”), at which meeting they gave preliminary consideration to information bearing on the continuation of each Advisory Agreement for the period from December 1, 2011 through November 30, 2012. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

Prior to the Special Meeting, independent counsel to the independent directors sent to Artisan Partners a request for information to be provided to the directors in connection with their consideration of the continuation of the Advisory Agreements. Artisan Partners provided materials to the directors in response to that request, other information Artisan Partners believed was useful in evaluating the continuation of the Advisory Agreements and

66

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

extensive reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to each Fund’s performance and expenses compared to the performance and expenses of a relatively small peer group and a larger peer universe of funds determined by Lipper to be comparable. Artisan Partners also provided additional reports prepared by Lipper comparing certain of the Funds’ performance and expenses to peer groups and peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification originally selected by Lipper. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Funds’ Advisory Agreements.

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

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

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

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

67

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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

• Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors bearing on comparability, such as size, account-level charges, and investment objective); the structure of the advisory fees, including the method of computing fees and the frequency of payment of fees; a comparison of the advisory fees charged by Artisan Partners to the Funds with the advisory fees charged by other advisory organizations for managing mutual funds and other accounts, especially funds and accounts having similar investment goals and providing similar service; voluntary or contractual advisory fee limitations or reductions and relationship of fees to any fee limitation; the possible cost savings by Artisan Partners, incentives to effect savings, and sharing of savings with the Funds; any economies of scale as reflected in the basic advisory fees and any sliding scale reflecting increased size; a comparison of the fees charged by Artisan Partners to the Funds with the fees charged by Artisan Partners for managing other accounts including other mutual funds to which Artisan Partners provides sub-advisory services, with similar investment goals, including an explanation of any material differences, as well as any differences attributable to variations in service levels; information regarding other expenses, including expenses incurred by each of: (a) APLP, as adviser and administrator, (b) Artisan UK, as sub-adviser, (c) Artisan Partners Distributors LLC, as the principal underwriter, and (d) the Funds; custodian, shareholder servicing and transfer agent fees; and information regarding payments to financial intermediaries;

• Potential “fall-out” benefits gained by Artisan Partners or its affiliates from its relationship with the Funds, in addition to the advisory fees, including receipt of research paid for with commissions and the benefits to Artisan Partners in attracting and retaining other clients; and the method of estimating other benefits;

• Brokerage and portfolio transactions, including: the standards and performance in seeking best execution; allocation of brokerage for research and other services (“soft dollars”); Artisan Partners’ practices in light of SEC guidance under Section 28(e) of the Securities Exchange Act of 1934; research purchased with Artisan Partners’ cash; research available for purchase by cash; the execution of portfolio transactions through brokers who sell the Funds’ shares and steps taken to comply with Rule 12b-1(h) under the 1940 Act; and portfolio turnover rates;

• Artisan Partners’ financial condition and stability and financial arrangements between Artisan Partners and its parent organization;

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

• Potential conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including: the type and

68

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented. Following the Special Meeting, the directors requested follow-up information from Artisan Partners on the Funds’ non-management expenses and descriptions of non-portfolio management services provided by Artisan Partners to (a) the Funds, (b) funds for which Artisan Partners serves as sub-adviser, and (c) Artisan Partners’ separate account clients, which Artisan Partners provided prior to the November 7 and 8, 2011 board meeting.

On November 7 and 8, 2011, the independent directors met separately in executive sessions with their independent counsel to review and discuss all relevant information, including the follow-up information, regarding the continuation of the Advisory Agreements and the information presented and discussed at the Special Meeting. At the November 8th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and during the executive sessions held on November 7th and 8th. The directors then considered whether any further discussion or review was necessary, concluding that the Special Meeting and the information reviewed by the independent directors at the November 8th meeting provided a strong basis for considering the continuation of the Advisory Agreements. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent, and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds was appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreements. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.

The investment performance of each Fund. The directors concluded that each of International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Value Fund, and Small Cap Value Fund had met its long-term performance standards by adhering to its investment strategy and outperforming its peers over long-term periods. The directors also concluded that each of Global Value Fund, Growth Opportunities Fund, and Global Equity Fund had adhered to its investment strategy and performed satisfactorily or better since inception periods. In addition, the directors concluded that Small Cap Fund had adhered to its investment strategy, that changes to the investment management team of Small Cap Fund had contributed to improved performance over the short-term, and that prospects for the performance of that Fund over the long-term appeared favorable. The directors also concluded that Emerging Markets Fund had adhered to its investment strategy and philosophy over its medium-term (four-year) operating history and noted that performance should be viewed over a long-term full market cycle.

69

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

The costs of services to be provided and profits to be realized by Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the profits realized, are reasonable in relation to the nature and quality of services provided, and in comparison to fees charged by mutual funds considered by Lipper to be in the same peer category or universe.

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

Comparisons of the services to be rendered and the amounts to be paid under the investment advisory agreement with those under other investment advisory agreements. The directors concluded that the costs of the services provided by Artisan Partners, and the profits realized, are reasonable in relation to the nature and quality of services provided and in comparison to (i) the fees charged by mutual funds considered by Lipper to be within the same peer category or universe and (ii) the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients and mutual funds for which it serves as sub-adviser.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreements and the management fees paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded there were two primary fall-out benefits: (1) the potential conversion of Fund shareholders to separate account clients, and (2) the acquisition of research products and services in return for commissions (“soft dollars”). The directors concluded that, although Artisan Partners derives or may derive those additional benefits, the Funds also could benefit from conversions of Artisan Partners’ separate account clients to Fund shareholders and from the institutional shareholders who choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients.

Following those discussions, the board approved the continuation of each Advisory Agreement through November 30, 2012 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

70

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgement may consider an issuer to be from a country other than the country designated by the securities information vendors. The Adviser currently uses MSCI Inc. as its primary source and FactSet Research Systems, Inc. (“FactSet”) as a secondary source for this information. The primary information vendor’s criteria include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser assigns securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners Limited Partnership. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The MSCI information may only be used by the reader, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or

71

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

products or any indices. The MSCI information is provided on an “as is” basis and the reader of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI Parties have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.399.1770. That information also is included in Artisan Funds’ statement of additional information, which is available without charge, upon request, by calling 800.399.1770 and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Artisan Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on Artisan 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.

72

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

SEMIANNUAL

REPORT

MARCH 31, 2012

ARTISAN EMERGING MARKETS FUND

ARTISAN FUNDS

ADVISOR SHARES

TABLE OF CONTENTS

2	SCHEDULE OF INVESTMENTS
5	STATEMENT OF ASSETS AND LIABILITIES
6	STATEMENT OF OPERATIONS
7	STATEMENT OF CHANGES IN NET ASSETS
8	FINANCIAL HIGHLIGHTS
9	NOTES TO FINANCIAL STATEMENTS
20	SHAREHOLDER EXPENSE EXAMPLE
21	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
26	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
27	PROXY VOTING POLICIES AND PROCEDURES
28	INFORMATION ABOUT PORTFOLIO SECURITIES

ARTISAN FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the unaudited financial statements contained herein are provided for the general information of the shareholders of Artisan Emerging Markets Fund. Before investing, investors should consider carefully the Fund’s investment objective, risks and charges and expenses. For a prospectus, which contains that information and more information about the Fund, please call 866.574.1770 or visit our website at www.artisanfunds.com. Read it carefully before you invest or send money.

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

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2012 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON AND PREFERRED STOCKS - 94.4%
BRAZIL - 18.2%
Anhanguera Educacional Participacoes SA		477,700	$	5,757
Banco do Brasil S.A.(1)(2)		107,980		1,535
Banco do Brasil S.A.		391,600		5,567
BM&F BOVESPA SA		1,460,830		8,995
BR Properties SA		655,717		8,420
Companhia Energetica de Minas Gerais-CEMIG, Preferred(3)		496,171		11,854
Companhia Vale do Rio Doce		1,068,662		25,115
Fibria Celulose S.A.		778,191		6,395
Hypermarcas SA		1,824,100		12,840
Julio Simoes Logistica SA		780,400		4,784
Magazine Luiza SA(4)		678,200		4,443
Magnesita Refratarios SA(4)		923,900		3,477
PDG Realty SA Empreendimentos e Participacoes		2,208,739		7,635
Petroleo Brasileiro S.A.		2,304,045		30,671
Randon SA Implementos e Participacoes, Preferred(3)		1,395,517		8,990
Tim Participacoes S.A.		1,241,467		7,923
Totvs SA		314,979		5,815
				160,216
CHILE - 0.5%
Empresa Nacional de Telecomunicaciones S.A.		234,459		4,741
CHINA - 11.7%
Ajisen (China) Holdings Limited		6,660,913		8,749
Chaoda Modern Agriculture (Holdings) Limited(2)(4)(5)		12,474,536		402
China High Precision Automation Group Ltd.(2)(5)		9,066,000		2,720
China Rongsheng Heavy Industries Group Holdings Limited		15,501,500		4,072
China Yurun Food Group Limited		3,804,000		5,418
CNOOC Limited		6,741,000		13,854
Digital China Holdings Limited		5,830,000		11,637
GOME Electrical Appliances Holdings Limited		26,221,881		5,436
Huabao International Holdings Limited		13,257,322		8,536
Huaneng Power International, Inc., H Shares		10,332,700		5,628
Mindray Medical International Limited, Class A (DR)		293,658		9,682
Noah Holdings Ltd. (DR)		445,711		3,557
CHINA (CONTINUED)
Sinopharm Group Co, H Shares		2,905,300	$	8,100
Springland International Holdings Ltd.		7,074,722		5,120
Zhuzhou CSR Times Electric Co., Ltd., H Shares		3,947,200		10,074
				102,985
COLOMBIA - 0.9%
Grupo de Inversiones Suramericana		342,897		5,979
Grupo de Inversiones Suramericana, Preferred(3)(4)		84,999		1,603
				7,582
EGYPT - 1.1%
Commercial International Bank Egypt SAE		1,319,223		5,473
Egyptian Financial Group-Hermes Holding(4)		2,006,918		4,442
				9,915
HONG KONG - 0.9%
AIA Group Ltd.		2,049,065		7,507
HUNGARY - 0.9%
MOL Hungarian Oil and Gas Nyrt., Class A(4)		93,806		7,817
INDIA - 6.0%
ICICI Bank Limited		319,462		5,562
India Cements Limited		4,065,710		8,878
Infosys Limited		210,686		11,828
Mahindra & Mahindra Ltd.		489,465		6,716
Nagarjuna Construction Company Ltd.		2,359,530		2,570
Power Finance Corporation		2,328,249		8,391
Reliance Infrastructure Ltd.		447,654		5,146
Welspun Corporation Ltd.		1,584,820		4,184
				53,275
INDONESIA - 4.6%
Indofood CBP Sukses Makmur TBK PT		8,242,000		4,912
PT Astra International Tbk		1,817,987		14,703
PT Bank Negara Indonesia Tbk		23,526,518		10,292
PT Gudang Garam Tbk		736,973		4,437
PT Telekomunikasi Indonesia Tbk		7,588,385		5,809
				40,153
ITALY - 0.7%
Tenaris S.A. (DR)		159,515		6,098
KAZAKHSTAN - 0.9%
KazMunaiGas Exploration Production (DR)		399,380		8,099

2

	Shares Held		Value
KOREA - 11.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		311,774	$	8,337
E-Mart Co., Ltd.		27,881		6,152
KB Financial Group, Inc.		293,382		10,707
LOCK&LOCK CO., LTD.		253,029		7,481
Samsung Electronics Co., Ltd.		45,860		51,605
Shinhan Financial Group Co., Ltd.		322,110		12,437
Shinsegae Co., Ltd.		17,931		3,782
				100,501
MEXICO - 5.4%
America Movil SAB de C.V., Series L		14,402,335		17,922
Grupo Financiero Banorte S.A. de C.V., O Shares		2,140,349		9,514
Grupo Televisa S.A., Series CPO		2,236,095		9,461
OHL Mexico SAB de CV(4)		4,099,425		6,473
Urbi, Desarrollos Urbanos, S.A. de C.V.(4)		3,588,368		4,303
				47,673
PANAMA - 0.5%
Copa Holdings SA, Class A(3)		59,824		4,738
PERU - 0.5%
Cementos Pacasmayo S.A.A. (DR)(4)		374,451		4,306
RUSSIA - 6.5%
Eurasia Drilling Company Ltd. (DR)		172,741		4,762
Eurasia Drilling Company Ltd., 144A (DR)		26,670		735
Globaltrans Investment PLC (DR)		529,181		9,049
LSR Group O.J.S.C. (DR)		1,758,392		10,375
LUKOIL (DR)		283,693		17,078
Magnitogorsk Iron & Steel Works (DR)(4)		958,505		5,660
Mobile TeleSystems (DR)		547,814		10,047
				57,706
SOUTH AFRICA - 6.4%
African Bank Investments Limited		1,983,879		10,309
Harmony Gold Mining Company Limited		950,302		10,331
Impala Platinum Holdings Limited		315,514		6,215
Imperial Holdings Limited		261,912		5,292
Mondi Limited		729,762		6,850
Mr. Price Group Limited		365,044		4,489
MTN Group Limited		757,082		13,326
				56,812
SWEDEN - 0.6%
Alliance Oil Company Ltd. (DR)(4)		482,389		5,323
TAIWAN - 10.5%
Chinatrust Financial Holding Company Ltd.		11,078,136		6,963
Chinatrust Financial Holding Company Ltd., Rights(2)(5)		553,533		42
E Ink Holdings Inc.		5,889,000		7,702
Far Eastern Textile Ltd.		5,493,213		6,356
TAIWAN (CONTINUED)
Hon Hai Precision Industry Co., Ltd.		5,315,921	$	20,623
HTC Corporation		535,251		10,827
MediaTek Incorporation		877,794		8,402
Taiwan Fertilizer Co., Ltd.		2,605,000		6,743
Taiwan Semiconductor Manufacturing Company Ltd.		8,841,647		25,433
				93,091
THAILAND - 1.7%
Bangkok Bank Public Company Limited (DR)		1,544,700		9,263
Bumrungrad Hospital Public Company Limited (DR)		3,347,900		5,806
				15,069
TURKEY - 3.2%
Emlak Konut Gayrimenkul Yatirim(4)		5,603,650		7,294
Ford Otomotiv Sanayi A.S.		460,000		4,336
Tekfen Holding A.S.		2,133,607		7,398
Turk Ekonomi Bankasi A.S.(4)		3,987,273		4,027
Turkiye Sinai Kalkinma Bankasi A.S.		4,252,703		5,345
				28,400
UNITED ARAB EMIRATES - 0.5%
Air Arabia(4)(5)		22,223,290		4,343
UNITED KINGDOM - 0.8%
Antofagasta plc		388,195		7,153
Total common and preferred stocks (Cost $876,446)				833,503
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/30/12, due 4/2/12, maturity value $26,480 (Cost $26,480)(6)	$	26,480	$	26,480
Total investments - 97.4% (Cost $902,926)				859,983
Other assets less liabilities - 2.6%				22,923
Total net assets - 100.0%(7)			$	882,906

3

⁽¹⁾  The shares of Banco do Brasil S.A. were acquired in a private placement and are restricted. The shares of Banco do Brasil S.A. 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	$	1,535		0.2	%

⁽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 was $4,699, or 0.5% of total net assets.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Non-income producing security.

⁽⁵⁾  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 $7,507 or 0.9% 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		3.375	%		11/15/2019	$	27,010

⁽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 - March 31, 2012 (Unaudited) Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	90,222		10.2	%
Consumer Staples		34,161		3.9
Energy		94,437		10.7
Financials		163,599		18.5
Healthcare		23,588		2.7
Industrials		77,184		8.7
Information Technology		156,592		17.7
Materials		111,324		12.6
Telecommunication Services		59,768		6.8
Utilities		22,628		2.6
Total common and preferred stocks		833,503		94.4
Short-term investments		26,480		3.0
Total investments		859,983		97.4
Other assets less liabilities		22,923		2.6
Total net assets	$	882,906		100.0	%

CURRENCY EXPOSURE - March 31, 2012 (Unaudited) Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	160,216		18.6	%
British pound		7,153		0.8
Chilean peso		4,741		0.6
Colombian peso		7,582		0.9
Egyptian pound		9,915		1.2
Hong Kong dollar		97,253		11.3
Hungarian forint		7,817		0.9
Indian rupee		53,275		6.2
Indonesian rupiah		40,153		4.7
Korean won		100,501		11.7
Mexican peso		47,673		5.5
South African rand		56,812		6.6
Swedish krona		5,323		0.6
Taiwan dollar		93,091		10.8
Thai baht		15,069		1.8
Turkish lira		28,400		3.3
U.S. dollar		120,666		14.0
United Arab Emirates dirham		4,343		0.5
Total investments	$	859,983		100.0	%

TOP TEN HOLDINGS - March 31, 2012 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.8	%
Petroleo Brasileiro S.A.	Brazil		3.5
Taiwan Semiconductor Manufacturing Company Ltd.	Taiwan		2.9
Companhia Vale do Rio Doce	Brazil		2.8
Hon Hai Precision Industry Co., Ltd.	Taiwan		2.3
America Movil SAB de C.V.	Mexico		2.0
LUKOIL	Russia		1.9
PT Astra International Tbk	Indonesia		1.7
CNOOC Limited	China		1.6
MTN Group Limited	South Africa		1.5
Total			26.0	%

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

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

4

ARTISAN FUNDS

Statement of Assets and Liabilities – March 31, 2012 (Unaudited)

Dollar values in thousands, except per share amounts

	EMERGING MARKETS
ASSETS:
Investments in securities, unaffiliated, at value	$	833,503
Short-term investments (repurchase agreements), at value		26,480
Total investments		859,983
Cash		1
Foreign currency		549
Receivable from fund shares sold		21,633
Dividends and interest receivable		2,035
Total assets		884,201
LIABILITIES:
Payable for fund shares redeemed		110
Payable for operating expenses		318
Payable for foreign taxes		867
Total liabilities		1,295
Total net assets	$	882,906
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	954,664
Net unrealized depreciation on investments and foreign currency related transactions		(43,654	)
Accumulated undistributed net investment loss		(687	)
Accumulated undistributed net realized losses on investments and foreign currency related transactions		(27,417	)
	$	882,906
SUPPLEMENTARY INFORMATION:
Net assets
Institutional Shares	$	576,259
Advisor Shares	$	306,647
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Institutional Shares		43,423,728
Advisor Shares		23,050,319
Net asset value, offering price and redemption price per share
Institutional Shares	$	13.27
Advisor Shares	$	13.30
Cost of securities of unaffiliated issuers held	$	902,926
Cost of foreign currency	$	549

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

5

ARTISAN FUNDS

Statement of Operations – For the Six Months Ended March 31, 2012 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	5,638
Interest		1
Total investment income		5,639
EXPENSES:
Advisory fees		4,226
Transfer agent fees
Institutional Shares		11
Advisor Shares		380
Shareholder communications
Institutional Shares		11
Advisor Shares		24
Custodian fees		380
Accounting fees		36
Professional fees		40
Registration fees
Institutional Shares		32
Advisor Shares		37
Directors’ fees		17
Other operating expenses		11
Total operating expenses		5,205
Net investment income		434
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(14,466	)
Foreign currency related transactions		(544	)
		(15,010	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		146,701
Foreign currency related transactions		(482	)
		146,219
Net gain on investments and foreign currency related transactions		131,209
Net increase in net assets resulting from operations	$	131,643

⁽¹⁾ Net of foreign taxes withheld of $418.

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

6

ARTISAN FUNDS

Statement of Changes in Net Assets

Dollar values in thousands

	EMERGING MARKETS
	Six Months  Ended 3/31/2012(1)			Year Ended 9/30/2011
OPERATIONS:
Net investment income	$	434		$	10,346
Net realized gain (loss) on:
Investments		(14,466	)		9,473
Foreign currency related transactions		(544	)		(2,693	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments		146,701			(255,535	)
Foreign currency related transactions		(482	)		336
Net increase (decrease) in net assets resulting from operations		131,643			(238,073	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Institutional Shares		(3,946	)		(3,345	)
Advisor Shares		(1,843	)		(1,835	)
Net realized gains on investment transactions:
Institutional Shares		(1,096	)		-
Advisor Shares		(777	)		-
Total distributions paid to shareholders		(7,662	)		(5,180	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		89,646			392,736
Total increase in net assets		213,627			149,483
Net assets, beginning of period		669,279			519,796
Net assets, end of period	$	882,906		$	669,279
Accumulated undistributed net investment income (loss)	$	(687	)	$	4,668

⁽¹⁾ Unaudited.

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

7

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 the Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions) held throughout the entire period.

		ARTISAN EMERGING MARKETS FUND
		Advisor Shares
		Year or Period Ended
		3/31/2012(1)			9/30/2011			9/30/2010			9/30/2009			9/30/2008(2)
Net Asset Value Beginning of Period		$	11.38		$	15.24		$	13.03		$	11.16		$	17.43
Net Investment Income(3)			-	(4)		0.18			0.18			0.07			0.04
Net Realized and Unrealized Gain (Loss) on Investments			2.02			(3.94	)		2.12			1.93			(6.31	)
Total Income (Loss) from Investment Operations			2.02			(3.76	)		2.30			2.00			(6.27	)
Dividends from Net Investment Income			(0.07	)		(0.10	)		(0.09	)		(0.12	)		-
Distributions from Net Realized Gains			(0.03	)		-			-			(0.01	)		-
Total Distributions			(0.10	)		(0.10	)		(0.09	)		(0.13	)		-
Net Asset Value End of Period		$	13.30		$	11.38		$	15.24		$	13.03		$	11.16
Total Return(5)			17.88	%		(24.86	)%		17.75	%		18.64	%		(35.97	)%
Net Assets End of Period (millions)		$	306.6		$	317.2		$	235.6		$	50.4		$	3.2
Ratio of Expenses to Average Net Assets(6)(7)			1.45	%		1.47	%		1.50	%		1.50	%		1.50	%
Ratio of Net Investment Income (Loss) to Average Net Assets(6)(7)	��		(0.07	)%		1.19	%		1.28	%		0.70	%		0.93	%
Portfolio Turnover Rate(5)			12.07	%		30.86	%		25.89	%		56.88	%		42.24	%

⁽¹⁾  Unaudited. For the six months ended March 31, 2012.

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

⁽³⁾  Computed based on average shares outstanding.

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

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

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

⁽⁷⁾  The ratios of expenses to average net assets and net investment income (loss) to average net assets exclude expenses waived or paid by Artisan Partners Limited Partnership (the “Adviser”) or the board of directors. Absent expenses waived or paid by the Adviser or the board of directors, the ratios of expenses to average net assets and net investment income (loss) to average net assets would have been as follows:

Year or Period Ended	Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets
9/30/2010		1.73	%		1.04	%
9/30/2009		3.00	%		(0.80	)%
9/30/2008		9.73	%		(7.30	)%

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

8

ARTISAN FUNDS

Notes to Financial Statements – March 31, 2012 (Unaudited)

(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 will continue to do business as Artisan Funds. Artisan Funds is a series comprised of twelve open-end, diversified mutual funds. Artisan Emerging Markets Fund (the “Fund”) commenced operations on June 26, 2006. The Fund’s investment objective is to seek long-term capital growth.

Emerging Markets Fund offers shares of capital stock of two classes – Institutional Shares and Advisor Shares – and began offering Advisor Shares on June 2, 2008. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored programs and institutional or other investors. All investments and exchanges are subject to approval by the Fund. The financial statements of Institutional Shares are presented in a separate report.

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

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

The Fund is managed by Artisan Partners Limited Partnership (the “Adviser” 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 the Nasdaq Stock Market, and over-the-counter securities, were 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 (each, a “principal exchange”). The closing price provided by the pricing vendor for a principal exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information,

9

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary 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.

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.

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, and the Fund may therefore have used fair value pricing, if, among other things, the valuation committee believed that the price determined did not reflect a fair value of the security or 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 (a “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 values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Funds monitored for subsequent events using several tools, including the use of a third party research service 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. 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

10

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by the third party research service.

When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from quoted or published prices for the same security. Estimates of fair values utilized by the Fund as described above may differ from the value realized on the sale of those securities and the differences may have been material to the NAV of the Fund.

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; political instability and expropriation and nationalization risks.

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. These 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.

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

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

11

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

• 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, by major security type, based on the inputs used to determine their fair values as of March 31, 2012 (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	$	26,081	$	-	$	-	$	26,081
Emerging Asia		401,910		42		3,122		405,074
Emerging Europe, Middle East & Africa		168,749		4,343		-		173,092
Latin America		229,256		-		-		229,256
Repurchase Agreements		-		26,480		-		26,480
Total	$	825,996	$	30,865	$	3,122	$	859,983

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognizes transfers between the 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 2 to Level 1 for the Fund as of March 31, 2012 were approximately $552,475,000.

As of March 31, 2012, the reconciliation of assets for which significant unobservable inputs (Level 3) were used to determine fair value is as follows (in thousands):

	Emerging Markets(1)
Balance as of September 30, 2011	$	-
Transfers into Level 3(2)		3,122
Balance as of March 31, 2012	$	3,122
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2012	$	-

⁽¹⁾  All Level 3 securities were equity securities with a regional classification of Emerging Asia.

⁽²⁾  Transferred from Level 2 to Level 3 because of lack of observable market data due to a halt in trading.

12

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(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 March 31, 2012, no provision for income tax would be required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and each state’s 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 on 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. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

The Fund may enter into (a) foreign currency spot contracts and (b) foreign currency forward contracts. Foreign currency spot 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 non-U.S. dollar denominated investment securities. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and recorded in the Statement of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statement of Operations.

13

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The Fund could be exposed to loss if the counterparties fail to perform under these contracts. For the six months ended March 31, 2012, the Fund entered only into forward currency spot contracts. Other foreign currency related transaction gains and losses may result from currency gains and losses realized from the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

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

(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 March 31, 2012 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

14

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

shares were registered on the books of the Fund. 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 six months ended March 31, 2012 (in thousands).

	Six Months Ended 3/31/12
	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Institutional Shares	$	11	$	-	$	11
Advisor Shares		34		346		380

(j) Commission recapture – The Fund had the ability to direct portfolio trades to various brokers that have agreed to rebate a portion of the commissions generated. The Fund received no such cash rebates during the six months ended March 31, 2012.

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

(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 was made for indemnification pursuant to any such agreement of the Fund.

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

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

Emerging Markets Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. The Fund

15

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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) 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 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 the Fund. Each director who was not an affiliated person of the Adviser received an annual retainer of $200,000, payable quarterly, as well as reimbursement of expenses related to his duties as a director of Artisan Funds. The amount of the annual retainer increases by $10,000 with each new series of Artisan Funds. In addition, the non-interested chair of the board of directors received an annual retainer of $60,000, payable quarterly, and each chair of a board committee who was a non-interested director received an annual retainer of $30,000, payable quarterly. 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 the Fund. 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. The 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 March 31, 2012, no 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 Fund were paid by the Adviser.

16

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(4) Line of credit arrangement:

Artisan Funds is party to a line of credit agreement with State Street Bank and Trust Company (“SSB”), which expires in August 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 Fund’s prospectus, or (d) any limitations on borrowings in any agreement with any governmental authority or regulator; provided that the aggregate borrowings by all Artisan Funds may not exceed $100 million. Artisan Funds paid a commitment fee at the annual rate of 0.10% 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 is allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the six months ended March 31, 2012, the Fund had maximum borrowings of $1,931,000.

(5) Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the six months ended March 31, 2012 were $138,524,000 and $93,658,000, 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 March 31, 2012 were as follows (in thousands):

Cost of Investments	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation on Investments
$927,789	$	76,553	$	(144,359	)	$	(67,806	)

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).

17

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the six months ended March 31, 2012 and the year ended September 30, 2011 were as follows (in thousands):

Six Months Ended 3/31/12		Year Ended 9/30/11
Ordinary Income Dividends	Long-Term Capital Gain Distributions	Ordinary Income Dividends	Long-Term Capital Gain Distributions
$5,789	$1,873	$5,180	$ -

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. 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 ended September 30, 2011, the Fund used $10,901,000 of capital loss carryovers.

18

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(7) Fund share activities:

Capital share transactions for the Fund were as follows (dollar values in thousands):

	EMERGING MARKETS
Six months ended March 31, 2012	Institutional Shares			Advisor Shares
Proceeds from shares issued	$	168,860		$	66,965
Net asset value of shares issued in reinvestment of dividends and distributions		4,973			2,064
Cost of shares redeemed(1)		(25,335	)		(127,881	)
Net increase (decrease) from fund share transactions	$	148,498		$	(58,852	)
Shares sold		13,992,456			5,351,576
Shares issued in reinvestment of dividends and distributions		440,061			182,171
Shares redeemed		(1,964,501	)		(10,354,783	)
Net increase (decrease) in capital shares		12,468,016			(4,821,036	)
	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

⁽¹⁾  Net of redemption fees of:

	3/31/2012		9/30/2011
Emerging Markets - Institutional Shares	$	19	$	29
Emerging Markets - Advisor Shares	$	13	$	26

(8) Subsequent Events

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

19

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 the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2011 to March 31, 2012.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line below the Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for the six months ended March 31, 2012 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Beginning Account Value 10/1/2011		Ending Account Value 3/31/2012		Expenses Paid During Period 10/1/2011-3/31/2012(1)
Artisan Emerging Markets Fund - Advisor Shares
Actual	$	1,000.00	$	1,178.80	$	7.90
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.31

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2012 (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 March 31, 2012
Artisan Emerging Markets Fund - Advisor Shares		1.45	%

20

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“APLP”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to investment advisory agreements dated May 10, 2006 (Emerging Markets Fund); February 9, 2010 (Global Equity Fund); August 9, 2007 (Global Value Fund); December 28, 1995, as amended November 17, 2005 (International Fund); November 7, 2001 (International Small Cap Fund); August 9, 2002 (International Value Fund); April 10, 1997 (Mid Cap Fund); January 25, 2001 (Mid Cap Value Fund); May 15, 2008 (Growth Opportunities Fund); February 9, 2006, as amended December 1, 2010 (Value Fund); March 27, 1995 (Small Cap Fund); and August 20, 1997 (Small Cap Value Fund) (together, the “Investment Advisory Agreements”). Artisan Partners UK LLP (“Artisan UK,” and together with APLP, “Artisan Partners”) is the sub-adviser to Global Equity Fund and, with APLP, manages the investment of Global Equity Fund’s assets. Artisan UK is subject to the general supervision of APLP pursuant to an investment sub-advisory agreement dated February 9, 2010 (the “Sub-advisory Agreement,” and together with the “Investment Advisory Agreements,” the “Advisory Agreements” and each, an “Advisory Agreement”).

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

The directors of Artisan Funds held a special meeting of the board on October 28, 2011 (the “Special Meeting”), at which meeting they gave preliminary consideration to information bearing on the continuation of each Advisory Agreement for the period from December 1, 2011 through November 30, 2012. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

Prior to the Special Meeting, independent counsel to the independent directors sent to Artisan Partners a request for information to be provided to the directors in connection with their consideration of the continuation of the Advisory Agreements. Artisan Partners provided materials to the directors in response to that request, other information Artisan Partners believed was useful in evaluating the continuation of the Advisory Agreements and

21

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

extensive reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to each Fund’s performance and expenses compared to the performance and expenses of a relatively small peer group and a larger peer universe of funds determined by Lipper to be comparable. Artisan Partners also provided additional reports prepared by Lipper comparing certain of the Funds’ performance and expenses to peer groups and peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification originally selected by Lipper. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Funds’ Advisory Agreements.

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

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

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

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

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

22

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

• Information regarding fee arrangements, including: a comparison of the Funds’ total expenses and total expense ratios with other mutual funds (taking into account factors bearing on comparability, such as size, account-level charges, and investment objective); the structure of the advisory fees, including the method of computing fees and the frequency of payment of fees; a comparison of the advisory fees charged by Artisan Partners to the Funds with the advisory fees charged by other advisory organizations for managing mutual funds and other accounts, especially funds and accounts having similar investment goals and providing similar service; voluntary or contractual advisory fee limitations or reductions and relationship of fees to any fee limitation; the possible cost savings by Artisan Partners, incentives to effect savings, and sharing of savings with the Funds; any economies of scale as reflected in the basic advisory fees and any sliding scale reflecting increased size; a comparison of the fees charged by Artisan Partners to the Funds with the fees charged by Artisan Partners for managing other accounts including other mutual funds to which Artisan Partners provides sub-advisory services, with similar investment goals, including an explanation of any material differences, as well as any differences attributable to variations in service levels; information regarding other expenses, including expenses incurred by each of: (a) APLP, as adviser and administrator, (b) Artisan UK, as sub-adviser, (c) Artisan Partners Distributors LLC, as the principal underwriter, and (d) the Funds; custodian, shareholder servicing and transfer agent fees; and information regarding payments to financial intermediaries;

• Potential “fall-out” benefits gained by Artisan Partners or its affiliates from its relationship with the Funds, in addition to the advisory fees, including receipt of research paid for with commissions and the benefits to Artisan Partners in attracting and retaining other clients; and the method of estimating other benefits;

• Brokerage and portfolio transactions, including: the standards and performance in seeking best execution; allocation of brokerage for research and other services (“soft dollars”); Artisan Partners’ practices in light of SEC guidance under Section 28(e) of the Securities Exchange Act of 1934; research purchased with Artisan Partners’ cash; research available for purchase by cash; the execution of portfolio transactions through brokers who sell the Funds’ shares and steps taken to comply with Rule 12b-1(h) under the 1940 Act; and portfolio turnover rates;

• Artisan Partners’ financial condition and stability and financial arrangements between Artisan Partners and its parent organization;

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

• Potential conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including: the type and number of other clients served by Artisan Partners; the basis of sharing personnel, services, research and advice among clients; the basis of decisions to buy or sell securities for the Funds and other clients where the same security might be bought or sold for a number of clients; the basis of allocating purchases and sales of the same security, including initial

23

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; Artisan Partners’ investments on its own behalf and possible conflicts with the Funds; and Artisan Partners’ code of ethics.

At the end of the Special Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented. Following the Special Meeting, the directors requested follow-up information from Artisan Partners on the Funds’ non-management expenses and descriptions of non-portfolio management services provided by Artisan Partners to (a) the Funds, (b) funds for which Artisan Partners serves as sub-adviser, and (c) Artisan Partners’ separate account clients, which Artisan Partners provided prior to the November 7 and 8, 2011 board meeting.

On November 7 and 8, 2011, the independent directors met separately in executive sessions with their independent counsel to review and discuss all relevant information, including the follow-up information, regarding the continuation of the Advisory Agreements and the information presented and discussed at the Special Meeting. At the November 8th meeting, the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and during the executive sessions held on November 7th and 8th. The directors then considered whether any further discussion or review was necessary, concluding that the Special Meeting and the information reviewed by the independent directors at the November 8th meeting provided a strong basis for considering the continuation of the Advisory Agreements. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent, and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds was appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreements. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.

The investment performance of each Fund. The directors concluded that each of International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Value Fund, and Small Cap Value Fund had met its long-term performance standards by adhering to its investment strategy and outperforming its peers over long-term periods. The directors also concluded that each of Global Value Fund, Growth Opportunities Fund, and Global Equity Fund had adhered to its investment strategy and performed satisfactorily or better since inception periods. In addition, the directors concluded that Small Cap Fund had adhered to its investment strategy, that changes to the investment management team of Small Cap Fund had contributed to improved performance over the short-term, and that prospects for the performance of that Fund over the long-term appeared favorable. The directors also concluded that Emerging Markets Fund had adhered to its investment strategy and philosophy over its medium-term (four-year) operating history and noted that performance should be viewed over a long-term full market cycle.

The costs of services to be provided and profits to be realized by Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the

24

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

profits realized, are reasonable in relation to the nature and quality of services provided, and in comparison to fees charged by mutual funds considered by Lipper to be in the same peer category or universe.

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

Comparisons of the services to be rendered and the amounts to be paid under the investment advisory agreement with those under other investment advisory agreements. The directors concluded that the costs of the services provided by Artisan Partners, and the profits realized, are reasonable in relation to the nature and quality of services provided and in comparison to (i) the fees charged by mutual funds considered by Lipper to be within the same peer category or universe and (ii) the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients and mutual funds for which it serves as sub-adviser.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreements and the management fees paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded there were two primary fall-out benefits: (1) the potential conversion of Fund shareholders to separate account clients, and (2) the acquisition of research products and services in return for commissions (“soft dollars”). The directors concluded that, although Artisan Partners derives or may derive those additional benefits, the Funds also could benefit from conversions of Artisan Partners’ separate account clients to Fund shareholders and from the institutional shareholders who choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients.

Following those discussions, the board approved the continuation of each Advisory Agreement through November 30, 2012 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

25

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgement may consider an issuer to be from a country other than the country designated by the securities information vendors. The Adviser currently uses MSCI Inc. as its primary source and FactSet Research Systems, Inc. (“FactSet”) as a secondary source for this information. The primary information vendor’s criteria include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser assigns securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as a primary source and FactSet (to the extent available) as a secondary source for this information. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Fund’s data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

26

NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners Limited Partnership. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The MSCI information may only be used by the reader, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the reader of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI Parties have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 866.574.1770. That information also is included in Artisan Funds’ statement of additional information, which is available without charge, on Artisan Funds’ 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 Artisan Funds’ website at www.artisanfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

27

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.

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ARTISAN FUNDS P.O. BOX 8412 BOSTON, MA 02266-8412   866.574.1770

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of March 31, 2012 are included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1)	Not applicable for semiannual reports
	(2)	Certifications of Eric R. Colson, Principal Executive Officer and 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:	June 5, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/S/    ERIC R. COLSON
	Eric R. Colson
	Principal Executive Officer
Date:	June 5, 2012
By:	/S/    GREGORY K. RAMIREZ
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 5, 2012